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 0 - POSTEMPLOYMENT BENEFITS- continued The School System's combined active and retiree contributions to the health insurance plans, which equaled the required contribution, for d1e fiscal years ended June 30, 2011, 2010 and 2009 was approximately $18,973,647, $16,190,927, and $13,540,917 and respectively. Additionally, the School System paid supplemental amount towards the employee portion of coverage of approximately $2,034,319,$2,090,591 and $2,221,648 for the years ended June 30,2011,2010 and 2009, respectively. See Note M for discussion of on-behalf payments. NOTE P- NON-MONETARY TRANSACTIONS The School System received from the United States Department of Agriculture through d1e Georgia Department of Education approximately $419,000 in donated food commodities for its lunchroom programs. The federally assigned value of these commodities is reflected as revenues when received and as expenditures when used. NOTE Q - COMMITMENTS AND CONTINGENCIES Contracts The School System has entered into various construction and renovation contracts that are in progress at year end. At year end, approximately $534,000 remains to be paid on d1ese contracts. Grant Programs The School System participates in numerous State and Federal grant programs, which are governed by various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and adjustment by the grantor agencies; therefore, to the extent that the School System has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectibility of any related receivable may be impaired. In the opinion of the School System, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; therefore, no provision has been recorded in the accompanying financial statements for such contingencies. Litigation The School System is engaged in other various lawsuits arising in the ordinary course of business. These lawsuits are in various stages of the litigation process, and their ultimate outcome cannot be determined currendy. Management does not believe the ultimate outcome of these lawsuits will have a material impact on the School System's financial statements. 70
Fayette County Board of Education NOTES TO FINANCIAL STATEMENTS- CONTINUED June 30, 2011 NOTE R- ACCOUNTING CHANGE- RESTATEMENTS The School System had determined that restatements of beginning fund balance in the General Fund and the Project T.E.A.M. Fund are required to reflect implementation of GASB Statement No. 54, l:'und Balance Reporting and Governmental Fund Type Definitiom, which establishes fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds. The restatements are as follows: Fund balance at June 30, 2010, as previously reported Change in fund type classification for Implementation of GASB Statement No. 54 Fund balance at July 1, 2010, as restated 71 $ $ General Fund 17,288,019 2,937 17,290,956 Non-Major Special Revenue Project T.E.A.M. $ 2,937 $ (2,937)
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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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Purchasing Agent Co ordinator I nte
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Fayette County Board of Education L
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Accounting principles generally acc
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Fayette County Board of Education M
Page 26 and 27: 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 75: 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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