Comprehensive Annual Financial Report Ending June 2011

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Fayette County Board of Education NOTES TO FINANCIAL STATEMENTS- CONTINUED NOTE N- RETIREMENT PLANS- continued June 30, 2011 Fayette County School System Supplemental Retirement Plan Plan Description The Fayette County School System Supplemental Retirement Plan (the "Plan") is a single employer defined contribution plan established and administered by the Fayette County Board of Education for those employees covered by PSERS who did not elect coverage under Social Security in 2002. The Plan provides retirement benefits to plan participants and beneficiaries. Plan provisions and contribution requirements are established and may be amended by the Board. At June 30, 2011, there were 3,183 plan participants. Funding Policy Under the Plan, the School System contributes 7.5% of each participant's base compensation. Participants may not make contributions to the Plan. For the fiscal year ending June 30, 2011, the School System's contribution to the Plan was approximately $192,000. NOTE 0- POSTEMPLOYMENT BENEFITS Plan Description The Georgia School Personnel Post-employment Health Benefit Fund ("School OPEB Fund") is a costsharing multiple-employer defined benefit postemployment healthcare plan that covers eligible former employees of public school systems, libraries and regional educational service agencies. The School OPEB Fund provides health insurance benefits to eligible former employees and their qualified beneficialries through the State Employees Health Insurance Plan administered by the Department of Community Health. The Official Code of Georgia Annotated ("O.C.G.A.") assigns the authority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health. 68
Fayette County Board of Education NOTES TO FINANCIAL STATEMENTS- CONTINUED June 30, 2011 · NOTE 0 - POSTEMPLOYMENT BENEFITS- continued Funding Policy The contribution requirements of plan members and participating employers are established and may be amended by the Board of Community Health. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. On average, plan members pay approximately twenty-five percent (25%) of the cost of health insurance coverage. Participating employers are statutorily required to contribute in accordance with the employer contribution rate established by the Board of Community Health. The contribution rates are established to fund all benefits under the halth insurance plans for both the active and retired employees based on projected pay-as-you-go financing requirements. Contributions are not based on the actuarially calculated annual required contribution ("ARC") which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The combined active and retiree contribution rates established by the Board of Community Health for employers participating in the School OPEB Fund are as follows for the fiscal year ended June 30, 2011: Certificated employees (teachers): Period July 2010 -April2011 May 2011-June 2011 Non-certificated employees: Period July 2010- November 2010 December 2010- April 2011 May 2011-June 2011 Percentage of Covered Payroll (State Base Salary) 21.955 % for August- May coverage 1.429% for June-July coverage Rate per Employee $162.72 per month for August- December coverage $218.20 per month for January- May coverage $246.20 per month for June- July coverage plus $335,444 of annual on-behalf contributions No additional contribution was required by the Board of Community Health for fiscal year 2011 nor contributed to the School OPEB Fund to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board of Community Health in accordance with the State plan for other postemployment benefits are are subject to appropriation. 69
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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
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As with most of Georgia and the nat
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(fhis page intentionally left blank
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Purchasing Agent Co ordinator I nte
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Fayette County Board of Education L
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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 73: Fayette County Board of Education N
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
Page 113 and 114: Fayette County Board of Education A
Page 115 and 116: ADDITIONAL FINANCIAL INFORMATION 10
Page 117 and 118: Expenditures Operating costs Salari
Page 119 and 120: STATISTICAL SECTION This part of th
Page 121 and 122: 2007 2006 2005 2004 2003 $ 141,200,
Page 123 and 124: 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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