Fayette County Public Schools Audit Presentation · •Audit Engagement Letter & other written...

Fayette County Public SchoolsAudit Presentation

Rodney O. Jackson, MBA, C.S.F.O., GMCFinancial Accounting and Benefits $ervices

Fayette County Public Schools11/25/19

•Audit Services- 3 Audits

• District Wide

• School Activity Funds

• Federal Grants Audit

Annual External Audit

2

•Audit Engagement Letter & other written agreement

•State Committee for School District Audits (SCSDA)

•Annual Audit Contract - Due May 28th

•Audit is performed July 1 through November 15th

•Audit is due November 15th annually

Audit Engagement

3

•Goal - Minimize the risk of a substandard audit

• Assist Auditor to perform a quality audit

• Protect the revenues and expenditures of the district so that ALL students have access to resources to become college and career ready

Financial Accounting Benefits $ervices Role

4

• Review proposed adjustments & management comments with responses -ask questions

• Prepare Financial Statements & Management Discussion & Analysis (MD&A)

• Facilitate an exit conference

• Submit Audited AFR & Balance Sheet - Due Nov. 15th to KDE and post audit at www.fcps.net

• Verify Audit Report submitted by the auditor on Nov. 15th

Financial Accounting Benefits $ervices Role…….(continued)

5

http://www.fcps.net/

• The auditors presented FY 2019 audit report on November 11th

• In detail to board appointed Audit Committee• In summary to Fayette County Board of Education

Audit Committee

6

•Independent Auditor’s Report

•Management’s Discussion and Analysis (MD&A)

•Basic Financial Statements:• Government-Wide Financial Statements• Fund Financial Statements• Notes to the Financial Statements

•Required and Other Supplemental Information

Understanding the Audit Report

7

•Notes to the Financial Statements

•Required Supplementary Information

• Budget Comparison Information

• Combining Balance Sheet

• A-133 Single Audit Report - 2 CFR part 200, subpart FSchedule of Expenditures of Federal Awards (SEFA)Notes to the SEFA

Understanding the Audit Report continued

8

•Required Supplementary Information

• Schedule of Findings & Questioned Costs (if any)

• Management comments & responses • (current & prior year)

Understanding the Audit Report…….. continued

9

•Financial Statements• Fair presentation• Reasonable assurance• Materiality

•Goal - The financial statements to be free of misstatements significant enough to matter to a user or adversely affect a user’s decision-making.

Understanding the Audit Report

10

•Auditor’s Opinion • Unmodified “CLEAN”• This is the Highest Opinion possible• No material weaknesses in internal control• No material noncompliance• No defaults on bond indebtedness• Timely submission of all required reports to state KDE, IRS and the KY Revenue Cabinet• Increase in Net Position of $2.1 million• Total Cash on hand $106 Million from all funds• Unmodified “Clean” Opinion on Grants management• Governmental current total assets = $138 Million, current total liabilities = $41 Million• Fund balance increased, thus benefiting bond rating (improved credit, lower interest

rates and overall Facilities Plan)• On-Behalf increased from $124 Million by $2.6 Million to $126.6 Million

Audit Highlights

11

• THANK YOU!

• Financial Accounting & Benefits Services Team:

oBecky Riley, Associate Director Accounting/TaxoTiffany Davis Williams, Associate Director FinanceoByron Costner, Associate Director Employee Benefitso Jill Garrett, MUNIS Support AnalysisoAnthony Davis, Manager of Financial SystemsoKim Stevens, Payroll Accounting Manger oGrant Accounting and Finance Compliance teamo John White, C.F.O.oAdministrative Services TeamoEntire Financial Accounting and Benefits $ervices Family and Audit Committee Teamo Internal and External Auditors

It is not “I” it is truly “WE”

12

Auditor Comments & Questions

13

District-wide and Fund Financial Statements and Required Supplementary Information

Fayette County School District

June 30, 2019

Independent Auditors’ Report .............................................................................................................. 1

Management's Discussion and Analysis (Unaudited) ........................................................................ 4

District-wide Financial Statements

Statement of Net Position .................................................................................................................. 10

Statement of Activities ....................................................................................................................... 11

Fund Financial Statements

Balance Sheet - Governmental Funds .............................................................................................. 12

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds ..... 14

Statement of Net Position - Proprietary Funds .................................................................................. 17

Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds .................... 18

Statement of Cash Flows - Proprietary Funds .................................................................................. 19

Statement of Fiduciary Net Position .................................................................................................. 20

Statement of Changes in Fiduciary Net Position ............................................................................... 21

Notes to Financial Statements ............................................................................................................... 22

Required Supplementary Information

Budgetary Comparison Information

Schedule of Revenues and Expenditures - Budget and Actual - General Fund ........................ 60

Schedule of Revenues and Expenditures - Budget and Actual - Special Revenue Fund .......... 61

Schedule of Revenues and Expenditures – Budget and Actual - Explanation of Significant Budget Variances ........................................................................................... 62

Schedule of the District’s Proportionate Share of the Net Pension Liability – County Employees Retirement System Non-Hazardous ...................................................... 63

Schedule of the Contributions – County Employees Retirement System Non-Hazardous ......... 64

Schedule of the District’s Proportionate Share of the Net Pension Liability – Kentucky Teachers Retirement System ................................................................................ 65

Schedule of District Contributions – Kentucky Teachers Retirement System ............................. 66

Schedule of the District’s Proportionate Share of the Net OPEB Liability – County Employees Retirement System Non-Hazardous ...................................................... 67

Schedule of District Contributions - OPEB – County Employees Retirement System Non-Hazardous ...................................................... 68

Schedule of the District’s Proportionate Share of the Collective Net OPEB Liability – Kentucky Teachers Retirement System – Medical Insurance .............................................. 69

Schedule of District Contributions – OPEB – Kentucky Teachers Retirement System ............... 70

Combining Supplementary Information

Combining Balance Sheet - Nonmajor Governmental Funds ........................................................... 71

Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds ................................................................................................ 72

-2-

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the District as of June 30, 2019, and the respective changes in financial position and cash flows of its proprietary funds for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters


Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis (Unaudited) on pages 4 through 9, budgetary comparison information on pages 60 through 62 and the pension and other postemployment benefits liability and contributions information on pages 63 through 70 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The combining supplementary information on pages 71 and 72 is presented for purposes of additional analysis and is not a required part of the basic financial statements.

The combining supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining supplementary information is fairly stated in all material respects in relation to the basic financial statements as a whole.

-3-

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated November 13, 2019 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

Louisville, Kentucky November 13, 2019

Management’s Discussion and Analysis (Unaudited)

-4-

Management’s Discussion and Analysis (Unaudited)


Year Ended June 30, 2019

As management of the Fayette County School District (the “District”), we offer readers of the District’s financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2019. We encourage readers to consider the information presented here in conjunction with additional information found within the body of the audit report. This is the seventeenth year the District has prepared the annual financial report using the new financial reporting model. The reporting model is a combination of both District-Wide financial statements and fund financial statements. In June 2012, the GASB issued Statement No. 68, Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27. GASB Statement No. 68 addresses accounting and financials for pensions that are provided to employees through trusts that have defined characteristics. The District has implemented Governmental Accounting Standards Board Statement 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, which requires reporting of the Districts Other Postemployment Benefits (“OPEB”) liability on the face of the financial statements and more extensive note disclosure and required supplementary information about OPEB liabilities. Cost-sharing governmental employers, such as the District, are required to report a new OPEB liability, OPEB expense and OPEB-related assets and liabilities based on their proportionate share of the collective amounts for all governments in the plan.

FINANCIAL HIGHLIGHTS

• The ending cash balance for the District was $114 million in 2019 and $104 million in 2018.

• From 2018 to 2019, total revenue increased by 4.65%. Revenue from local sources increased 8.03%while revenue from the state increased by .40% and revenues from grant sources increased by8.27%.

Table One: Total Revenue Comparison Analysis (Governmental Activities)

2019 2018 Change

Property Taxes 241,832,958$ 218,028,948$ 23,804,010$ Motor Vehicle Taxes 14,083,760 13,546,003 537,757Utility Taxes 20,754,616 22,331,673 (1,577,057)Occupational Taxes 37,987,911 37,357,889 630,022

SEEK Program 99,567,990 100,256,747 (688,757)Other State Revenues 140,901,656 139,243,278 1,658,378

Grants 28,244,472 26,085,978 2,158,4942,263,347 672,337 1,591,0106,764,247 8,541,753 (1,777,506)

Total Revenues 592,400,957$ 566,064,606$ 26,336,351$

RevenuesLocal Sources:

State Sources:

Earnings on InvestmentsOther Sources

-5-

Management’s Discussion and Analysis (Unaudited)--Continued



Table Two Total Expenditure Analysis (Governmental Funds)

2019 2018 ChangeExpenditures

Instruction 372,248,900$ 375,626,840$ (3,377,940)$ Student support services 27,511,193 27,608,060 (96,867) Instructional staff support services 22,238,881 25,953,653 (3,714,772) District administrative support services 7,880,001 8,054,423 (174,422) School administrative support services 27,935,621 27,214,166 721,455 Business support services 26,862,297 26,590,650 271,647 Plant operations and maintenance 46,956,889 41,690,519 5,266,370 Transportation 22,875,934 23,736,846 (860,912) Community services 3,634,961 2,973,866 661,095 Interest 17,460,578 17,124,527 336,051

Total Expenditures 575,605,255$ 576,573,550$ (968,295)$

Among major funds, the General Fund had approximately $507 million in revenue in FY 2019 (including on behalf) and $483 million in revenue in FY 2018 (including on behalf), which primarily consisted of local property taxes, local occupational license taxes, utilities and motor vehicle taxes, federal programs and state funding (the SEEK Program). There were approximately $483 million in expenditures in FY 2019 and $480 million in expenditures in FY 2018, which also included on behalf figures in the General Fund.

Amazing Students

Tates Creek Elementary a 2019 National Green Ribbon School Kentucky Envirothon winner from Dunbar A top winner in the 2019 Intel International Science & Engineering Fair from Dunbar Top honors for The Learning Center at the STLP State Championship State FBLA awards for Dunbar students Two semifinalists in the 2019 Presidential Scholars Program SCAPA at Bluegrass a national first-place winner in Lexus Eco Challenge Distinguished Leader Award from the Leadership Lexington Youth Program to a Frederick

Douglass junior Best in Fair honors for Beaumont and Hayes students at state science fair Sixth consecutive state debate championship for Henry Clay State chess champions from Rosa Parks Elementary and Winburn Middle Best Actor and Best Actress honors to Lafayette (SCAPA) at Southeastern Theatre Conference Secretary of State’s Essay Contest winner from Henry Clay Grand prize in state’s Japanese Speech Contest to Lafayette State champion swimmer from Tates Creek High School Statewide “Write Stuff” contest winner from Beaumont Middle Kentucky’s “Yes I Can” Award in academics for a Lafayette freshman with special needs Best Play honors for Lafayette (SCAPA) drama students from the Kentucky Theatre Association 20th state championship for Lafayette’s marching band

-6-




51 National Merit semifinalists National Outstanding Senior in French Award to a Bryan Station student Gold medal for a Southside Technical Center student in the national SkillsUSA competition 55 rising seniors selected as 2018 Governor’s Scholars 41 juniors and seniors picked for the 2018 Governor’s School for the Arts Gold medals for Beaumont Middle from the National Family, Career and Community Leaders of

America Chapter Excellence Award for Southern Middle from the National Technology Student

Association and Adviser of the Year honors for teacher Staci Davis Service Champion Award for Edythe J. Hayes Middle School from the National Beta Club Kentucky’s Track Athlete of the Year from Henry Clay State track honors to Henry Clay and Tates Creek High State tennis champion from Paul Laurence Dunbar State baseball championship to Tates Creek High State track champions from Edythe J. Hayes Middle State track-and-field winners from Liberty Elementary

District-Wide Accolades and Staff Kudos

Emmanuel Caulk awarded Kentucky Superintendent of the Year CKEC selects Lansdowne’s Hyatt as Outstanding Educator Leestown’s Trowel named KEA’s Teacher of the Year Embassy of Spain in D.C. names Maxwell its School of the Year Two teachers selected for NASA’s Airborne Astronomy Program BSMS orchestra leader tapped as Kentucky’s Outstanding Director Kentucky Beef Council salutes Winburn for industry education 20 more teachers earn National Board Certification Beaumont boasts state’s Middle School P.E. Teacher of the Year Locust Trace AG teacher selected for national XLR8 Institute Pre-Engineering at Leestown earns Program Excellence Award Hayes teacher receives 2018 Kentucky History Award Sandersville boasts state’s Outstanding Elementary Science Teacher Dunbar’s Ballard named state’s School Psychologist of the Year American Translators Association award goes to Jessica Sanchez KWLA state-level awards go to two world language teachers Harrison’s Dunn named Kentucky’s School Social Worker of the Year KEA Award for Teaching Excellence goes to McLaughlin of Maxwell

-7-




OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. The District’s financial statements are comprised of three components: 1) District-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

District-wide Financial Statements.

The District-wide financial statements are designed to provide readers with a broad overview of the District’s finances in a manner similar to a private-sector business. The statement of net position presents information on all of the District’s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving.

The statement of activities presents information showing how the District’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods. The District-wide financial statements outline functions of the District that are principally supported by property taxes and intergovernmental revenues (governmental activities). The governmental activities of the District include instruction, support services, plant operations and maintenance, student transportation and operation of non-instructional services. Capital assets and related debt are also supported by taxes and intergovernmental revenues.

The District-wide financial statements can be found on pages 10 through 11 of this report.

Fund Financial Statements.

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. This is a state mandated uniform system and chart of accounts for all Kentucky public school districts utilizing the MUNIS administrative software. The District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds and fiduciary funds. Fiduciary funds are trust funds established by benefactors to aid in student education, welfare and teacher support. The proprietary funds include Food Services and After School Programs. All other activities of the District are included in the governmental funds.

The governmental fund financial statements can be found on pages 12 through 16 of this report. The proprietary fund financial statements can be found on pages 17 through 19 of this report.

The notes provide additional information that is essential to a full understanding of the data provided in the District-wide and fund financial statements.

The notes to the financial statements can be found on pages 22 through 59 of this report.

-8-




DISTRICT-WIDE FINANCIAL ANALYSIS

The following is a summary of the District’s Net Position:

2019 2018 2019 2018 2019 2018

132,562,407$ 120,272,785$ 8,427,722$ 8,850,245$ 140,990,129$ 129,123,030$

depreciation 610,622,367 618,807,106 5,234,065 6,094,557 615,856,432 624,901,663

Total Assets 743,184,774 739,079,891 13,661,787 14,944,802 756,846,561 754,024,693

Deferred outflows of resources 61,344,052 66,441,560 3,451,727 4,468,844 64,795,779 70,910,404

59,810,690 62,856,407 2,253,505 2,069,626 62,064,195 64,926,033 717,908,647 739,039,216 12,178,863 11,822,705 730,087,510 750,861,921

Total Liabilities 777,719,337 801,895,623 14,432,368 13,892,331 792,151,705 815,787,954

Deferred inflows of resources 25,096,636 18,708,677 2,250,531 2,138,956 27,347,167 20,847,633

Net Position

capital assets 175,071,132 160,484,185 5,234,065 6,094,557 180,305,197 166,578,742 25,863,113 31,987,343 (4,803,450) (2,712,198) 21,059,663 29,275,145

(199,221,392) (207,554,377) (199,221,392) (207,554,377)

Total Net Position 1,712,853$ (15,082,849)$ 430,615$ 3,382,359$ 2,143,468$ (11,700,490)$

Net investment in

Restricted Unrestricted

Capital assets, net of

Short-term liabilitiesOther liabilities

Current and other assets

Governmental Activities Business-Type Activities Total

The largest portion of the District’s net position reflects its investment in capital assets (e.g., land and improvements, buildings and improvements, vehicles, furniture and equipment, and construction in progress) less any related debt used to acquire those assets that are still outstanding. The District uses these capital assets to provide services to its students; consequently, these assets are not available for future spending. The District’s financial position is the product of several financial transactions including the net results of activities, the acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of capital assets.

This is the 17th year that the District is following GASB Statement No. 34 and comparing assets, liabilities and net position.

In June 2012, the GASB issued Statement No. 68, Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27. GASB Statement No. 68 addresses accounting and financials for pensions that are provided to the employees through trusts that have defined characteristics.

This Statement establishes standards for measuring and recognizing liabilities, deferred outflows/inflows of resources and expenses/expenditures. For defined benefit pensions, this Statement identifies the methods and assumptions that should be used to project benefit payments, discount projected benefit payments to their actuarial present value, and attribute that present value to the periods of employs services. In addition, this Statement details the recognition and disclosure requirements for employers with liabilities to a defined pension plan.

-9-




This pronouncement was mandatory for fiscal periods beginning after June 15, 2015. The data from the Kentucky Teachers Retirement System and the County Employees Retirement System related to this implementation will have a material effect on the District’s financial statements.

The District’s employees are provided with two pension plans, based on each position’s college degree requirement. The County Employees Retirement System covers employees whose position does not require a college degree or teaching certification. The Kentucky Teachers Retirement System covers positions requiring teaching certification or otherwise requiring a college degree.

The changes in the balances and transactions of individual funds have all been examined and explained. Changes in the final budget when compared to the original were not material.

Analysis of significant variations between original and final budget amounts and between final budget amounts and actual budget results for the general fund indicate that there were no variations which would have a significant effect on future services or liquidity. The district budgeted approximately $432 million dollars in revenue and received approximately $441 million in general fund excluding on behalf revenue. The district also budgeted approximately $432 million dollars in expenses and spent approximately $370 million in general fund excluding on behalf expenses. Our financial position remains strong and we will continue to utilize trend analysis to help predict such variances in the future.

BUDGETARY IMPLICATIONS

In Kentucky, the public school fiscal year is July 1 - June 30; other programs, i.e. some federal programs, operate on a different program calendar but are reflected in the District overall budget. By Kentucky statute, the budget must have a minimum 2% contingency. The District adopted a budget for 2019 with $33.5 million in contingency that is approximately 6.0%. The District is the second largest in the state with approximately 41,220 students and is the second largest employer in Fayette County.

This audit is posted on the District website (www.fcps.net). Questions regarding this report should be directed to Rodney Jackson, Director of Financial Accounting and Benefit Services (859)381-4141, John White, Senior Director of Administrative Services (859)381-4165, Emmanuel Caulk, Superintendent (859) 381-4104, or by mail at 1126 Russell Cave Road, Lexington, Kentucky 40505.

District-wide Financial Statements

-10-

Statement of Net Position


June 30, 2019

Governmental Business-Type Activities Activities Total

AssetsCash and cash equivalents 105,967,260$ 7,947,402$ 113,914,662$ Accounts and grants receivable from outside sources 23,954,838 138,042 24,092,880 Inventories 2,624,704 357,883 2,982,587 Internal balances 15,605 (15,605) Capital assets net of accumulated depreciation 610,622,367 5,234,065 615,856,432

Total Assets 743,184,774 13,661,787 756,846,561

Deferred Outflows of Resources

Debt refunding 5,774,844 5,774,844 Deferred outflows from other post-employment benefits 21,982,269 1,506,649 23,488,918 Deferred outflows from pension 33,586,939 1,945,078 35,532,017

Total Deferred Outflows of Resources 61,344,052 3,451,727 64,795,779

LiabilitiesAccounts payable and accrued liabilities due to outside sources 32,081,066 2,253,505 34,334,571 Interest payable 4,222,387 4,222,387 Deferred revenue 1,366,806 1,366,806 Accrued sick leave Due within one year 2,075,816 2,075,816 Due in more than one year 6,672,909 6,672,909 School building revenue bonds Due within one year 18,745,134 18,745,134 Due in more than one year 387,270,000 387,270,000 Unamortized Premium 16,197,675 16,197,675 Capital lease Due with one year 1,319,481 1,319,481 Due in more than one year 6,898,493 6,898,493 Net pension liability 130,947,136 6,824,694 137,771,830 Net other post-employment benefits liability 169,922,434 5,354,169 175,276,603

Total Liabilities 777,719,337 14,432,368 792,151,705

Deferred Inflows of Resources

Deferred inflows from other post-employment benefits 14,105,334 989,498 15,094,832

Deferred inflows from pension 10,991,302 1,261,033 12,252,335

Total Deferred Inflows of Resources 25,096,636 2,250,531 27,347,167

Net PositionNet investment in capital assets 175,071,132 5,234,065 180,305,197 Restricted 25,863,113 (4,803,450) 21,059,663 Unrestricted (Deficit) (199,221,392) (199,221,392)

Total Net Position 1,712,853$ 430,615$ 2,143,468$

See Accompanying Notes to Financial Statements

-11-

Statement of Activities



Program Revenues

Charges Operating Capital Grants Netfor Grants and and (Expenses)

Expenses Services Contributions Contributions RevenuesFunctions/ProgramsGovernmental ActivitiesInstruction 372,248,900$ 251,468$ 29,914,117$ (342,083,315)$ Support services

Student 27,511,193 (27,511,193) Instruction staff 22,238,881 (22,238,881) District administration 7,880,001 (7,880,001) School administration 27,935,621 (27,935,621) Business 26,862,297 (26,862,297) Plant operation and maintenance 46,956,889 3,259,017$ (43,697,872) Transportation 22,875,934 (22,875,934)

Community Services 3,634,961 (3,634,961) Interest on Long Term Debt 17,460,578 (17,460,578)

Total Governmental Activities 575,605,255 251,468 29,914,117 3,259,017 (542,180,653)

Business-Type ActivitiesFood service 26,524,914 3,485,634 19,045,091 833,592 (3,160,597) After school program 3,399,291 3,248,964 359,180 208,853

Total Business-Type Activities 29,924,205 6,734,598 19,404,271 833,592 (2,951,744)

Total Activities 605,529,460$ 6,986,066$ 49,318,388$ 4,092,609$ (545,132,397)$

Governmental Business-TypeActivities Activities Total

Changes in Net Position Net Expenses (542,180,653)$ (2,951,744)$ (545,132,397)$

General Revenues Taxes

Property taxes 241,832,958 241,832,958 Motor vehicle taxes 14,083,760 14,083,760 Utility taxes 20,754,616 20,754,616 Occupational license tax 37,987,911 37,987,911 State sources SEEK program 99,567,990 99,567,990 Other state revenues and grants 137,642,639 137,642,639 Earnings on investments 2,263,347 2,263,347 Local revenues 4,843,134 4,843,134

Total General Revenues 558,976,355 558,976,355

Change in Net Position 16,795,702 (2,951,744) 13,843,958

Net Position, Beginning of Year (15,082,849) 3,382,359 (11,700,490)

Net Position End of Year 1,712,853$ 430,615$ 2,143,468$


Fund Financial Statements

-12-

Balance Sheet - Governmental Funds


June 30, 2019Other Nonmajor Total

General Special Debt Construction Governmental GovernmentalFunds Revenue Service Funds Funds Funds

Assets Cash and cash equivalents 78,773,636$ 26,606,418$ 587,206$ 105,967,260$ Accounts and grants receivable from outside sources 16,236,698 7,712,467$ 5,673 23,954,838 Inventory 2,624,704 2,624,704 Interfund receivables 5,544,984 5,544,984 Due from other funds 15,605 15,605

Total Assets 103,195,627$ 7,712,467$ 26,606,418$ 592,879$ 138,107,391$

Liabilities Accounts payable and accrued liabilities

due to outside sources 29,569,555$ 946,838$ 1,501,079$ 63,594$ 32,081,066$ Accrued sick leave 2,075,816 2,075,816 Deferred Revenue 374,650 649,290 342,866 1,366,806 Interfund payables 5,544,984 5,544,984

Total Liabilities 32,020,021 7,141,112 1,501,079 406,460 41,068,672

Fund Balances Restricted 571,355 25,105,339 186,419 25,863,113 Assigned 2,450,627 2,450,627 Unassigned 68,724,979 . 68,724,979

Total Fund Balances 71,175,606 571,355 25,105,339 186,419 97,038,719

Total Liabilities and Fund Balances 103,195,627$ 7,712,467$ 26,606,418$ 592,879$ 138,107,391$


-13-

Reconciliation of the Balance Sheet Governmental Funds to theDistrict-Wide Statement of Net Position


June 30, 2019

Total fund balance per fund financial statements 97,038,719$

Amounts reported for governmental activities in the statement of Net Position are different because:

Capital assets are not reported in the fund financial statement because they are not current financial resources but they are reported in the statement of net position 610,622,367

Certain assets are not reported in the fund financial statements because they are not available to pay current period expenditures, but they are reported in the statement of net position 5,774,844

Deferred inflows of resources-OPEB are not reported in the fund financial statements (14,105,334)

Deferred inflows of resources-Pension are not reported in the fund financial statements (10,991,302)

Deferred outflows of resources-OPEB are not reported in the fund financial statements 21,982,269

Deferred outflows of resources-Pension are not reported in the fund financial statements 33,586,939

Long-term sick leave liability is noncurrent and not reported in the fund financial statements (6,672,909)

Bond interest payable is a noncurrent liability and is not reported in the fund financial statements (4,222,387)

Bonds payable are not reported in the fund financial statements because they are not due and payable from current financial resources, but they are presented in the statement of net position (406,015,134)

Capital lease obligations are noncurrent liabilities and are not reported in the fund financial statements (8,217,974)

Unamortized premium is a noncurrent liability and is not reported in the fund financial statements (16,197,675)

Net pension liability is noncurrent and is excluded from the fund financial statements (130,947,136)

Net OPEB liability is noncurrent and is excluded from the fund financial statements (169,922,434)

Net Position of Governmental Activities 1,712,853$


-14-

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds



Other Nonmajor TotalGeneral Special Debt Construction Governmental GovernmentalFunds Revenue Service Funds Funds Funds

RevenuesFrom local sources

Property taxes 209,928,859$ 31,904,099$ 241,832,958$ Motor vehicle taxes 12,966,189 1,117,571 14,083,760 Utility taxes 20,754,616 20,754,616 Occupational license tax 37,987,911 37,987,911

State sources SEEK 95,885,629 3,682,361 99,567,990 Other state revenues 123,189,119 14,453,520$ 3,259,017$ 140,901,656

Grants (principally United States government and local agencies) 319,099 27,925,373 28,244,472

Earnings on investments 2,028,906 234,441 2,263,347Other sources 4,237,329 854,903 2,370$ 1,669,645 6,764,247

Total Revenues 507,297,657 43,233,796 3,493,458 2,370 38,373,676 592,400,957

ExpendituresInstruction 307,379,044 32,824,015 1,568,609 341,771,668Support services

Student 24,504,493 3,006,700 27,511,193 Instruction staff 19,854,196 2,207,455 95,846 22,157,497 District administration 7,901,938 7,901,938

School administration 27,765,962 169,659 27,935,621 Business 25,369,830 1,324,274 26,694,104 Plant operation & maintenance 44,496,228 276,078 44,772,306

Continued

-15-

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds--Continued


Year Ended June 30, 2019Other Nonmajor Total

General Special Debt Construction Governmental GovernmentalFunds Revenue Service Funds Funds Funds

Transportation 23,476,999 23,476,999Community service 538,514 3,091,257 5,190 3,634,961Facilities acquisition/construction 15,452,981 15,452,981Debt service 1,498,547 39,233,145 40,731,692

Total Expenditures 482,785,751 42,899,438 39,233,145 15,452,981 1,669,645 582,040,960

Revenues in Excess of (Less Than) Expenditures 24,511,906 334,358 (35,739,687) (15,450,611) 36,704,031 10,359,997

Other Financing Sources (Uses) Proceeds from sale of assets Proceeds from sale of bonds Loss from Investment of bonds 37,630 37,630 Operating transfers in 1,889,262 1,255,331 35,739,197 10,175,239 49,059,029 Operating transfers out (8,944,585) (1,821,510) (37,743,146) (48,509,241) Proceeds from capital leases 1,378,847 1,378,847

Total Other Financing Sources (Uses) (5,676,476) (566,179) 35,739,197 10,212,869 (37,743,146) 1,966,265

Net Change in Fund Balances 18,835,430 (231,821) (490) (5,237,742) (1,039,115) 12,326,262

Fund Balances, Beginning of Year 52,340,176 803,176 490 30,343,081 1,225,534 84,712,457

Fund Balances, End of Year 71,175,606$ 571,355$ 25,105,339$ 186,419$ 97,038,719$


-16-

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances

of Governmental Funds to the District-Wide Statement of Activities



Net Change in Total Fund Balances - Governmental Funds 12,326,262$

Amounts reported for governmental activities in the statement of activities are

different because:

Capital outlays are reported as expenditures in the fund financial statements because they use current

financial resources, but they are presented as capital assets in the District-wide statement of net position

and depreciated over their estimated economic lives. The difference is the amount by whichcapital outlays exceeded depreciation for the year. 8,147,212

Difference in Long Term Debt (22,771,685)

Gain and losses are not presented in this financial statement because they do not provide or use currentfinancial resources but they are presented in the District‐wide statement of activities (37,527)

Differences in pension and other post-employment benefit expenses related to GASB 68 and GASB 75 19,131,440

Change in Net Position of Governmental Activities 16,795,702$


-17-

Statement of Net Position - Proprietary Funds


June 30, 2019

Enterprise Funds

Food After School

Service Program

Fund Fund Total

Assets

Current Assets

Cash and cash equivalents 6,018,315$ 1,929,087$ 7,947,402$

Accounts receivable 124,615 13,427 138,042

Inventory 357,883 357,883

Total Current Assets 6,500,813 1,942,514 8,443,327

Noncurrent Assets

Capital assets net of

accumulated depreciation 5,234,065 5,234,065

Total Assets 11,734,878 1,942,514 13,677,392


Deferred Outflows OPEB 1,394,152 112,497 1,506,649

Deferred Outflows Pension 1,656,782 288,296 1,945,078

Total Deferred Outflows of Resources 3,050,934 400,793 3,451,727

Liabilities

Current Liabilities

Accounts payable & accrued liabilities 2,245,075 8,430 2,253,505

Due to other funds 15,605 15,605

Net Pension Liability 5,680,494 1,144,200 6,824,694

Net OPEB Liability 4,897,073 457,096 5,354,169

Total Liabilities 12,838,247 1,609,726 14,447,973

Deferred Inflow of Resources

Deferred inflows OPEB 909,859 79,639 989,498

Deferred inflows Pension 1,158,136 102,897 1,261,033

Total Deferred Inflows of Resources 2,067,995 182,536 2,250,531

Net Position

Invested in capital assets 5,234,065 5,234,065

Restricted (Deficit) (5,354,495) 551,045 (4,803,450)

Total Net Position (120,430)$ 551,045$ 430,615$


-18-

Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds



Enterprise Funds

Food After SchoolService ProgramFund Fund Total

Operating Revenues

Lunchroom sales 3,424,555$ 3,424,555$

Other operating revenues 61,079 3,248,964$ 3,310,043

Total Operating Revenues 3,485,634 3,248,964 6,734,598

Operating Expenses Salaries wages and fringe 13,241,328 3,077,765 16,319,093 Material and supplies 12,215,635 321,526 12,537,161 Depreciation 1,043,850 1,043,850

Total Operating Expenses 26,500,813 3,399,291 29,900,104

Operating Loss (23,015,179) (150,327) (23,165,506)

Non-operating Revenues Federal grants 17,553,194 17,553,194 Donated commodities 1,175,922 1,175,922 State grants 194,061 194,061 On behalf revenues 1,297,836 359,180 1,657,016 Loss on sale of capital assets (24,101) (24,101)

Total Non-operating Revenues 20,196,912 359,180 20,556,092

Transfers Operating transfers out (549,789) (549,789) Governmental fund transfers 207,459 207,459

Change in Net Position (3,160,597) 208,853 (2,951,744)

Net Position, Beginning of Year 3,040,167 342,192 3,382,359

Net Position, End of Year (120,430)$ 551,045$ 430,615$


-19-

Statement of Cash Flows - Proprietary Funds



Enterprise Funds

Food AfterService SchoolFund Program Total

Cash Flows From Operating Activities Cash received from: Lunchroom sales 3,409,712$ 3,409,712$

Other activities 61,079 3,330,733$ 3,391,812 Cash paid for

Employees (11,123,131) (2,603,885) (13,727,016) Suppliers (10,778,543) (354,142) (11,132,685)

Net Cash Provided By (Used In) Operating Activities (18,430,883) 372,706 (18,058,177)

Cash Flows From Noncapital Financing Activities Cash received for operating grants 17,747,255 17,747,255

Net Increase (Decrease) in Cash and Cash Equivalent (683,628) 372,706 (310,922)

Cash and Cash Equivalents, Beginning of Year 6,701,943 1,556,381 8,258,324

Cash and Cash Equivalents, End of Year 6,018,315$ 1,929,087$ 7,947,402$

Reconciliation of Operating Loss to Net Cash Provided By (Used In) Operating Activities

Operating loss (23,015,179)$ (150,327)$ (23,165,506)$ Adjustments to reconcile operating loss to net cash provided by (used in) operating activities

Depreciation 1,043,850 1,043,850 On-behalf revenues 1,297,836 359,180 1,657,016 Donated commodities used in operations 1,175,922 1,175,922 Change in operating assets and liabilities Accounts receivable (14,843) 81,769 66,926 Inventory 31,778 31,778 Deferred outflows 940,810 76,307 1,017,117 Accounts payable 216,495 (32,616) 183,879 Due to other funds 12,897 12,897 Net Pension Liability 877,665 73,461 951,126 Net OPEB Liability (1,096,753) (48,004) (1,144,757) Deferred inflows 98,639 12,936 111,575

Net Cash Provided By (Used In) Operating Activities (18,430,883)$ 372,706$ (18,058,177)$

Schedule of Non-Cash Financing Activities Donated commodities received from federal government 1,175,922$ 1,175,922$

Donated capital assets 207,459$ 207,459$


-20-

Statement of Fiduciary Net Position


June 30, 2019

Agency Funds

Private

Purpose Marcie Dorothy John School

Trust Thomason Smith Price Activity

Funds Fund Fund Fund Funds

Assets

Cash and cash equivalents 234,020$ 19,342$ 40,121$ 3,927,851$

Investments 1,129,395$

Accounts receivable 123,217

Inventory 33,134

Total Assets 1,129,395$ 234,020$ 19,342$ 40,121$ 4,084,202$

Liabilities

Accounts payable 149,496$

Due to student groups 234,020$ 19,342$ 40,121$ 3,934,706

Total Liabilities 234,020$ 19,342$ 40,121$ 4,084,202$

Net Position Held in Trust 1,129,395$


-21-

Statement of Changes in Fiduciary Net Position



Private Purpose

Trust Funds

Additions Contributions 55,935$

Deductions Community service activities 55,936 Losses on investments (10,116)

Total Deductions 45,820

Change in Net Position (10,117)

Net Position, Beginning of Year 1,139,512

Net Position, End of Year 1,129,395$


Notes to Financial Statements

-22-

Notes to Financial Statements


June 30, 2019

Note A--Reporting Entity

The Fayette County Board of Education (the "Board"), a five-member group, is the level of government which has oversight responsibilities over all activities related to public elementary and secondary school education within the jurisdiction of the Fayette County School District (the "District"). The District receives funding from local, state and federal government sources and must comply with the commitment requirements of these funding sources. However, the District is not a component unit of any other governmental "reporting entity". Board members are elected by the public and have decision making authority, the power to designate management, the responsibility to develop policies which may influence operations and primary accountability for fiscal matters.

The District, for financial purposes, includes all of the funds and account groups relevant to the operation of the District. The financial statements presented herein do not include funds of groups and organizations which, although associated with the District, have not originated within the District itself such as booster clubs, parent-teacher associations, etc.

The financial statements include those separately administered organizations that are controlled by or are dependent on the District. Control or dependence is determined on the basis of budget adoption, funding and appointment of members to the respective governing board.

Based on the foregoing criteria, the financial statements of the Fayette County Board of Education Finance Corporation (the “Corporation”) are included in the accompanying financial statements. On December 10, 1990, the Board authorized the establishment of the Corporation (a nonprofit, non-stock, public and charitable corporation organized under the School Bond Act and Kentucky Revised Statues (“KRS”) 273 and KRS Section 58.180) as an agency of the District for financing the costs of school building facilities. The members of the Board also comprise the Corporation's Board of Directors.

Note B--Summary of Significant Accounting Policies

Basis of Presentation--District-wide Financial Statements - The statement of net position and the statement of activities display information about the District as a whole. These statements include the financial activities of the primary government, except for fiduciary funds. The statements distinguish between those activities of the District that are governmental and those that are considered business-type activities.

The District-wide financial statements are prepared using the economic resources measurement focus. This is the same approach used in the preparation of the proprietary fund and fiduciary fund financial statements, but differs from the manner in which governmental fund financial statements are prepared. Governmental fund financial statements therefore include reconciliations with brief explanations to better identify the relationship between the District-wide financial statements and the statements for governmental funds.

Continued

-23-

Notes to Financial Statements--Continued Fayette County School District June 30, 2019 Note B--Summary of Significant Accounting Policies--Continued The District-wide statement of activities presents a comparison between direct expenses and program revenues for each segment of the business-type activities of the District and for each function or program of the District's governmental activities. Direct expenses are those that are specifically associated with a service, program or department and are therefore clearly identifiable to a particular function. Program revenues include charges paid by the recipient of the goods or services offered by the program and grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues of the District, with certain limited exceptions. The comparison of direct expenses with program revenues identifies the extent to which each business segment or governmental function is self-financing or draws from the general revenues of the District. The District allocates certain indirect costs to be included in the program expense reported for individual functions and activities in the District-wide statement of activities. Fund Financial Statements - Fund financial statements report detailed information about the District. The focus of governmental and proprietary fund financial statements is on major funds rather than reporting funds by type. Each major fund is presented in a separate column. Nonmajor funds are aggregated and presented in a single column. Fiduciary funds are reported by fund type. The accounting and reporting treatment applied to a fund is determined by its measurement focus. All governmental fund types are accounted for using a current financial resources measurement focus. The financial statements for governmental funds are a balance sheet, which generally includes only current assets and current liabilities, and a statement of revenues, expenditures and changes in fund balances, which reports on the changes in total fund balances. Proprietary funds and fiduciary funds are reported using the economic resources measurement focus. The statement of cash flows provides information about how the District finances and meets the cash flow needs of its proprietary activities. The District has the following funds: Governmental Fund Types

(1) The General Fund is the main operating fund of the District. It accounts for financial resources used for general types of operations. This is a budgeted fund, and any fund balances are considered as resources available for use. This is a major fund of the District.

(2) The Special Revenue Funds account for proceeds of specific revenue sources (other than

expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Project accounting is employed to maintain integrity for the various sources of funds. This is a major fund of the District.

(3) The Debt Service Funds are used to account for the accumulation of resources for, and the

payment of, general long-term debt principal and interest and related cost, and for the payment of interest on general obligation notes payable, as required by Kentucky Law. This is a major fund of the District.

Continued

-24-

Notes to Financial Statements--Continued


June 30, 2019

Note B--Summary of Significant Accounting Policies--Continued

(4) District Activity Funds, Fund 22-District activity funds are used to support co-curricular activities, and are not raised and expended by student groups. District activity funds accounted for in the district bank account are not subject to the Redbook and may be expended with more flexibility than school activity funds but must meet the “educational purpose” standard for all district expenditures.

(5) The Construction Fund accounts for funds from two sources. First, funds generated by sales of bond issues are used for various construction and renovation projects at educational facilities. Second, proceeds from the sale of properties and equipment owned by the District are to be used at the discretion of the Board for construction projects in future years. This is a major fund of the District.

(6) The Facility Support Program (Building Fund) of Kentucky Fund accounts for funds generated by the building tax levy and also participates in the Kentucky School Facilities Construction Commission's construction funding and state matching funds, where applicable. Funds may be used for projects identified in the District's facility plan. This is a nonmajor fund of the District. In reporting these funds, there is a requirement for fiscal years ending in an odd number for the remaining fund balance if any to be restricted. In fiscal years ending with an even number, the fund balance is to be classified as unrestricted.

(7) The Support Education Excellence in Kentucky (“SEEK”) Capital Outlay Fund receives those funds designated by the state as Capital Outlay Funds and is restricted for use in financing projects identified in the District's facility plan. This is a nonmajor fund of the District. In reporting these funds, there is a requirement for fiscal years ending in an odd number for the remaining fund balance if any to be restricted. In fiscal years ending with an even number, the fund balance is to be classified as unrestricted.

(8) Permanent Funds include the Anthony Dey Fund, Lexington Industrial School Fund and the N. Isabel Schmidt Fund. Permanent Funds are used to report resources that are legally restricted to the extent that only earnings, and not principal may be used for purposes that support the District.

Proprietary Fund Types (Enterprise Funds)

(1) The Food Service Fund is used to account for school food service activities, including the National School Lunch Program, which is conducted in cooperation with the U.S. Department of Agriculture (“USDA”). Amounts have been recorded for in-kind contribution of commodities from the USDA. This is a major fund of the District.

(2) The After School Program Fund is used to support the after school programs at the individual schools, which have their own program. These funds are used to support the resources needed to actively manage this program.

Continued

-25-



June 30, 2019


The District applies all Governmental Accounting Standards Boards (“GASB”) pronouncements to proprietary funds.

Fiduciary Fund Types (Agency and Private Purpose Funds)

(1) The Agency funds account for activities of student groups and other types of activities requiring clearing accounts. These funds are accounted for in accordance with the Kentucky Department of Education Publication Uniform Program of Accounting for School Activity Funds.

(2) The Private Purpose Trust funds are used to report trust arrangements under which principal and income benefit individuals, private organizations or other governments.

Basis of Accounting--The basis of accounting determines when transactions are recorded in the financial records and reported on the financial statements. District-wide financial statements are prepared using the accrual basis of accounting. Governmental funds use the modified accrual basis of accounting. Proprietary and fiduciary funds also use the accrual basis of accounting.

Revenues--Exchange and Non-exchange Transactions - Revenues resulting from exchange transactions, in which each party receives essentially equal value, are recorded on the accrual basis when the exchange takes place. On a modified accrual basis, revenues are recorded in the fiscal year in which the resources are measurable and available. Available means that the resources will be collected within the current fiscal year or are expected to be collected soon enough thereafter to be used to pay liabilities of the current fiscal year. For the District, available means expected to be received within sixty days of the fiscal year end.

Non-exchange transactions, in which the District receives value without directly giving equal value in return, include property taxes, occupational taxes, grants, entitlements and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Occupational tax revenues are not susceptible to accrual because generally they are not measurable until received in cash. Revenues from grants, entitlements and donations are recognized in the fiscal year in which all eligibility requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the fiscal year when use is first permitted, matching requirements, in which the District must provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are provided to the District on a reimbursement basis. On a modified accrual basis, revenue from nonexchange transactions must also be available before it can be recognized.

When both restricted and unrestricted resources are available, it is the District’s policy to use restricted resources first, then unrestricted resources, as they are needed.

Continued

-26-



June 30, 2019


Unearned Revenue--Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied. Grants and entitlements received before the eligibility requirements are met are recorded as deferred revenue.

Donated Commodities--The fair value of donated commodities received during the year is reported in the proprietary fund statement of revenues, expenses, and changes in net position as an expense and as donated commodities revenue (nonoperating revenue).

Expenses/Expenditures--On the accrual basis of accounting, expenses are recognized at the time they are incurred.

The measurement focus of governmental fund accounting is on decreases in net financial resources (expenditures rather than expenses). Expenditures are generally recognized in the accounting period in which the related fund liability is incurred, if measurable. Allocations of cost, such as depreciation, are not recognized in governmental funds.

Budgetary Process--The District prepares its budgets on the modified accrual basis of accounting, which is the same basis as used to prepare the statement of revenues, expenditures and changes in fund balances – governmental funds.

Once the budget is approved, it can be amended. Amendments are presented to the Board at their regular meetings. Such amendments made before the fact, are reflected in the official minutes of the Board, and are not made after fiscal year-end as dictated by law.

Each budget is prepared and controlled by the budget coordinator at the revenue and expenditure function/object level. All budget appropriations lapse at year-end.

The budget for the Special Revenue Fund consists of the sum of each active grant's budget. Large variances between budgeted and actual activity can occur because grants with little activity during the year will have their entire budget rolled up into the combined budget for all grants.

Cash and Cash Equivalents--The District considers demand deposits, money market funds, undeposited funds and other investments with an original maturity of 90 days or less, to be cash equivalents.

Inventories--On the District-wide financial statements inventories are stated at the lower of cost or market and are expensed when used. The Food Service Fund inventories use the specific identification method and the general fund inventories use the first-in, first-out method.

The Food Service Fund’s inventories consist of food and supplies valued at cost, and U. S. Government commodities whose value is determined by the U. S. Department of Agriculture.

Continued

-27-



June 30, 2019


In the governmental funds balance sheet, inventories in the General Fund are equally offset by a reserve which indicates they do not constitute "available spendable resources” even though they are a component of total assets.

Property and Other Taxes--Property taxes are levied each October on the assessed value listed as of the prior January 1, for all real and personal property in Fayette County. The billings are considered due upon receipt by the taxpayer; however, the actual date is based on a period ending 30 days after the tax bill mailing. Property taxes collected are recorded as revenues in the fiscal year for which they were levied. All taxes collected are initially deposited into the General Fund and then transferred to the appropriate fund.

The property tax rates assessed for the year ended June 30, 2019 were $0.81 per $100 valuation for real property and $0.76 per $100 valuation for business personal property. Motor vehicle tax was $0.592 per $100 valuation of motor vehicles.

The following is the District's property tax calendar:

Date Event

January 1, year of levy - Assessment date October 1, year of levy - Taxes levied November 30, year of levy - 2% discount allowed December 31, year of levy - 1% discount allowed January 31, following year - Gross amount due February 1, following year - Delinquent date, 1 1/2% interest added per month April 1, following year - 10% penalty added

The District levies a 3.0% utility tax on all businesses and households within Fayette County.

In addition, the District levies an occupational license tax of 0.5% on salaries, wages, commissions and other compensation to individuals for services performed or rendered within the County, and on the net profits of all businesses, professions or occupations from activities conducted within the County.

Investments--The Private Purpose Trust Funds record investments at their quoted market prices in the statement of fiduciary net assets. All realized gains and losses in fair value are recorded in the statement of changes in fiduciary net position.

The Permanent Funds record investments at their quoted market prices in the governmental funds balance sheet. All realized gains and losses in fair value are recorded in the governmental funds statement of revenue, expenditures and changes in fund balances.

Continued

-28-

Notes to Financial Statements--Continued Fayette County School District June 30, 2019 Note B--Summary of Significant Accounting Policies--Continued Capital Assets--General capital assets are those assets not specifically related to activities reported in the proprietary funds. These assets generally result from expenditures in the governmental funds. These assets are reported in the governmental activities column of the District-wide statement of net position but are not reported in the fund financial statements. Capital assets utilized by the proprietary funds are reported both in the business-type activities column of the District-wide statement of net position and in the respective funds financial statements. All capital assets are recorded at cost (or estimated historical cost) and updated for additions and retirements during the year. Donated capital assets are recorded at their fair market values as of the date received. The District maintains a capitalization threshold of $5,000 with the exception of hand held technology purchases for which the threshold is $500. This threshold was implemented on July 1 2013. Improvements are capitalized while the cost of normal maintenance and repairs that do not add to the value of the asset or materially extend an asset's life are not capitalized. Depreciation is computed in the District-wide statement of activities and in the proprietary funds statement of revenues, expense and changes in net position, using the straight-line method over the following useful lives: Description Estimated Lives Land improvements 20 years Buildings and improvements 25-50 years Technology equipment 5 years General equipment 7-15 years Interfund Balances--On fund financial statements, receivables and payables resulting from short-term interfund advances are classified as "interfund receivables/payables". These amounts are eliminated in the governmental and business-type activities columns of the statements of net position, except for the net residual amounts due between governmental and business-type activities, which are presented as internal balances. Accrued Liabilities and Long-Term Obligations--All payables, accrued liabilities and long-term obligations are reported in the District-wide financial statements, and all payables, accrued liabilities and long-term obligations payable from proprietary funds are reported on the proprietary fund financial statements. Continued

-29-



June 30, 2019


Payables and accrued liabilities that will be paid from governmental funds are reported on the governmental fund financial statements regardless of whether they will be liquidated with current resources. However, claims and judgments, capital leases, compensated absences and special termination benefits that will be paid from governmental funds are reported as a liability in the fund financial statements only to the extent that they will be paid with current, expendable, available financial resources. In general, payments made within sixty days after year-end are considered to have been made with current available financial resources. School building revenue bonds and other long-term obligations that will be paid from governmental funds are not recognized as a liability in the fund financial statements until due.

Fund Balance Reserves Under GASB Statement No. 54, fund balance is separated into five categories, as follows:

Nonspendable Permanently nonspendable by decree of the donor, such as an endowment, or items which may not be used for another purpose, such as amounts used to prepay future expenses or already-purchased inventory on hand

Restricted Legally restricted under federal or state law, bond authority, or grantor contract

Committed Commitments passed by the Board

Assigned Funds assigned to management priority including issued encumbrances

Unassigned Funds available for future operations

Encumbrances are reported as an assignment of fund balance and are not reported as expenditures until incurred. Encumbrances are not liabilities and, therefore, are not recorded as expenditures until receipt of material or service. For budgetary purposes, appropriations lapse at fiscal year-end, and outstanding encumbrances at year-end are appropriated in the next year. A reservation of fund balance equal to outstanding encumbrances at year-end is provided for at June 30, 2019 in the governmental funds balance sheet.

Net Position--Net position represent the difference between assets and liabilities. Net investment in capital assets consists of capital assets, net of accumulated depreciation, and is reduced by the outstanding balances of any borrowings used for the requisition, construction or improvement of those assets. Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District, or through external restrictions imposed by creditors, grantors or laws and regulations of other governments.

Operating Revenues and Expenses--Operating revenues are those revenues that are generated directly from the primary activity of the Proprietary Funds. For the District, those revenues are primarily charges for meals provided at the various schools.

Continued

-30-



June 30, 2019


Estimates--The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the District's management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses/expenditures during the reporting period. Actual results could differ from those estimates.

Pensions--For the purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, pension expense, information about the fiduciary net position of the Kentucky Teachers Retirement System and the County Employees Retirement System and additions to/deductions from these pensions’ fiduciary net position have been determined on the same basis as they are reported by those pensions. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.

Postemployment Benefits Other than Pensions (“OPEB”)--For purpose of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Kentucky Teachers Retirement System and the County Employees Retirement System and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis as they are reported by the respective Systems. For this purpose, the Systems recognize benefit payments when due and payable, in accordance with the benefit terms. Investments are reported at fair value, except for money market investments and participating interest-earning investment contracts that have a maturity at the time of purchase of one year or less, which are reported at cost.

Note C--Cash and Cash Equivalents

Custodial credit risk for deposits is the risk that in the event of a bank failure, the District's deposits may be lost. The District's cash deposits are covered by Federal Depository Insurance up to $250,000 per financial institution, with the remainder covered by collateral agreements and collateral held at the Bank of New York Mellon in the District’s name.

-31-



June 30, 2019

Note D--Investments

During the year, the District invested excess cash into short-term repurchase agreements, collateralized by U.S. Government securities. These investments are either insured or securities are held by the pledging financial institution's trust department in the District's name.

Statutes authorize the District to invest in the following:

(1) Obligations of the United States Government and of its agencies and instrumentalities, repurchase agreements and specially approved AAA rated corporate bonds;

(2) Bonds or certificates of indebtedness of the Commonwealth of Kentucky and of its agencies and municipalities;

(3) Any savings and loan associations insured by an agency of the United States Government up to the amount insured;

(4) Interest bearing deposits in national and state banks chartered in Kentucky and insured by an agency of the United States Government up to the amount so insured, and in larger amounts providing such bank shall pledge as security obligations having a current quoted market value at least equal to any uninsured deposits.

Financial instruments which potentially subject the District to concentrations of credit risk consist principally of temporary cash investments, taxes receivable and receivables from federal and state governments.

As of June 30, 2019, the District had the following investments:WeightedAverage

Investment Moody's MaturityFund Type Type Rating in Years

Fiduciary-Private Purpose Trust Mutual Funds $ 1,129,395 A N/A

Fair Value

Continued

-32-



June 30, 2019

Note D--Investments--Continued

GASB Statement No. 40, Deposits and Investment Risk Disclosures, require the District to address the following risks related to its investments:

Credit Risk--Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. More specifically, custodial credit risk is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. All investments held by the District are insured or collateralized with securities held by the District or by the financial institution in the District's name.

Interest Rate Risk--interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. The District manages its exposure to declines in fair value by purchasing a combination of shorter and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or approaching maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations.

Concentration of Credit Risk--The District’s investment policy places no limit on the amount the District may invest in any one issuer.

Fair Value Measurement--The District’s investments are measured and reported at fair value and classified according to the following hierarchy:

Level 1 – Investments reflect prices quoted in active markets. Level 2 – Investments reflect prices that are based on a similar observable asset either directly or

indirectly, which may include inputs in markets that are not considered to be active. Level 3 – Investments reflect prices based upon unobservable sources.

Investments by Fair Value Level:

Fiduciary-Private Purpose Trust Mutual Funds $ 1,129,395 $ 1,129,395

Quoted Prices in Markets for Identical

Fair Value Assets - Level 1

-33-



June 30, 2019

Note E--Receivables

The District recognizes revenues as receivable when they are measurable and receipt is certain. Concentration of credit risk with respect to the receivables from federal and state governments is limited due to the historical stability of those institutions. While the District receives revenues from many different sources throughout the year, the accounts and grants receivable from outside sources may be grouped into the following categories:

Accounts and grants receivable

from outside sources

Accounts receivable $ 4,980,314 $ 138,042 $ 5,118,356

Taxes receivable 11,262,057 11,262,057

Grants receivable 7,712,467 7,712,467

$ 23,954,838 $ 138,042 $ 24,092,880

Funds Funds Total

Governmental Business-Type

Activities/ Activities/

Governmental Proprietary

Federal and state grants to be used or expended as specified by the grantor are recognized as revenue and recorded as receivables when qualifying expenditures are incurred.

Note F--Interfund Receivables and Payables

Each fund is a separate fiscal and accounting entity, and thus interfund transactions are recorded in each fund affected by a transaction. Interfund receivables and payables for the District arise generally from two types of transactions: 1) all funds are initially received into the General Fund, thus a payable and receivable are established in the appropriate funds; and 2) payments are made in some instances from a fund that does not have the legal liability for the expenditure, thus a payable from the fund having the legal liability is established at such time. All interfund receivables and payables have been eliminated on the District-wide statement of net position. The following transfers were made during the year:

Type From Fund To Fund Purpose Amount

Operating General Special Revenue KETS Match 773,295$ Operating General Construction Construction 8,029,705 Operating Capital Outlay Debt Service Debt Service 2,762,361 Operating Capital Outlay Construction Construction 1,755,582 Operating Building Fund Debt Service Debt Service 32,835,251 Operating Special Revenue General Fund Indirect Costs 1,889,262 Operating Special Revenue Special Revenue FFF transfer 482,036 Operating Building Fund Construction Construction 389,952 Operating General Debt Service Debt Service 141,585

-34-



June 30, 2019

Note G--Capital Assets

Capital Asset activity for the year ended June 30, 2019 consisted of the following:

Balance BalanceJuly 1, 2018 Additions Disposals June 30, 2019

Governmental Activities

Land 20,528,445$ 20,528,445$ Buildings and improvements 786,239,053 70,740,400$ 856,979,453

Technology equipment 18,366,281 241,457 (3,391,193)$ 15,216,545

Vehicles 24,891,497 1,446,153 (247,912) 26,089,738

General equipment 5,148,420 105,935 (131,299) 5,123,056

Construction in progress 73,486,874 14,032,959 (70,492,086) 17,027,747

928,660,570 86,566,904 (74,262,490) 940,964,984

Less accumulateddepreciation (309,853,464) (24,222,030) 3,732,877 (330,342,617)

Total Governmental Activities

Capital Assets, Net 618,807,106$ 62,344,874$ (70,529,613)$ 610,622,367$

Business-Type ActivitiesFood service equipment 13,363,284$ 54,199$ (146,996)$ 13,270,487$ Technology equipment 160,309 39,780 (499) 199,590Vehicles 113,480 113,480

13,523,593 207,459 (147,495) 13,583,557 Less accumulated

depreciation (7,429,036) (1,043,850) 123,394 (8,349,492)

Total Business-TypeActivities

Capital Assets, Net 6,094,557$ (836,391)$ (24,101)$ 5,234,065$

Continued

-35-



June 30, 2019

Note G--Capital Assets--Continued

Depreciation expense for the year ended June 30, 2019 for governmental activities by function is listed below:

Instructional $ 23,113,976 Student Support Services 1,887 District administration 35,395 Plant operations and maintenance 74,669 Student transportation 996,103

$ 24,222,030

Function Amount

Note H--Capital Lease Obligations

The following is a schedule by years of the future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of June 30, 2019:

Year Ending June 30 Amount

2020 1,534,710$ 2021 1,434,767 2022 1,412,250 2023 1,032,038 2024 1,033,526 2024 and thereafter 2,713,022

Total minimum lease payments 9,160,313

Less amount representing interest 942,339

Present value of net minimum lease payments 8,217,974

Capital lease obligations, due within one year 1,319,481

Capital Lease Obligations, Due After One Year 6,898,493$

Continued

-36-



June 30, 2019

Note H--Capital Lease Obligations--Continued

The following is an analysis of the assets under capital lease obligations:Net Book

Value as ofJune 30, 2019

8,326,330$

Class of Property

Buses

Note I--School Building Revenue Bonds

The various issues of school building revenue bonds are as follows:

Interest Balance

Issue Date Rates June 30, 2019

2010A 13,440,000 1.000% - 3.500% 4,405,000$

2011A 52,175,000 2.500% - 5.000% 35,920,000

2011B 16,590,000 2.000% - 2.375% 11,900,000

2012A 42,310,000 3.000% - 4.000% 35,130,000

2012B 56,730,000 2.000% - 3.250% 40,465,000

2013A 49,270,000 2.000% - 5.000% 48,310,000

2014A 30,260,000 2.000% - 5.000% 22,140,000

2014B 13,935,000 2.000% - 4,750% 13,835,000

2015A 30,230,000 5.000% 25,820,000

2015B 35,615,000 3.000% - 4.000% 34,270,000

2015C 21,425,000 4.000% - 4.000% 80,134

2015D 101,665,000 3.000% - 5.000% 100,750,000

2015E 7,935,000 5.000% 2,670,000

2018A 30,870,000 4.000% 30,320,000

School Building Revenue Bonds 406,015,134

Unamortized Bond Premium 16,197,675

422,212,809$

Original

Proceeds

Continued

-37-



June 30, 2019

Note I--School Building Revenue Bonds--Continued

The District, through the General Fund (including utility taxes and the SEEK Capital Outlay Fund), is obligated to make payments in amounts sufficient to satisfy debt service requirements on bonds issued by the Corporation to construct school facilities. The District has an option to purchase the property under lease at any time by retiring the bonds then outstanding.

The school building revenue bonds are collateralized primarily by the educational facilities constructed by the District with bond proceeds.

In connection with the school building revenue bonds issued after May 1, 1996, the District entered into "participation agreements" with the Kentucky School Facilities Construction Commission (the “Commission”). The Commission was created by the Kentucky General Assembly for the purpose of assisting local school districts in meeting school construction needs. The Commission will remit a stated amount of bond principal and interest payments annually, subject to biennial approval by the Kentucky General Assembly.

The bonds may be called prior to maturity by the District and redemption premiums are specified in each issue. Assuming no bonds are called prior to scheduled maturity, the minimum obligations of the District, including amounts to be paid by the Commission, for debt service as of June 30, 2019 (principal and interest) are as follows:

2020 $ 18,745,134 $ 16,724,346 $ 3,179,802 $ 32,289,678

2021 22,955,000 15,921,419 3,098,065 35,778,354

2022 23,885,000 15,005,544 3,098,066 35,792,478

2023 24,880,000 14,080,494 3,098,065 35,862,429

2024 24,605,000 13,105,175 3,098,066 34,612,109

2025-2029 122,135,000 49,980,344 11,608,977 160,506,367

2030-2034 112,825,000 25,132,531 6,728,643 131,228,888

2035-2039 55,985,000 4,420,378 2,460,112 57,945,266

$ 406,015,134 $ 154,370,231 $ 36,369,796 $ 524,015,569

Commission District's

Principal Interest Participation Portion

During the year ended June 30 2019, the District made principal payments of $21,772,567.

Continued

-38-



June 30, 2019

Note I--School Building Revenue Bonds--Continued

For fiscal year 2019, no new bonds were sold; however, on July 8, 2019 the Board-Approved School Building Revenue bond Series 2019, sold August 6, 2019, and delivered August 27, 2019 in the amount of $25,260,000 for the purposes of renovating 1555 Georgetown Road, Lexington, Kentucky 40511 to house the STEAM Academy and the Success Academy.

Note J--Accrued Sick Leave

In accordance with generally accepted governmental accounting principles, the District has recorded accrued sick leave as a liability in the District-wide statement of net position since the majority of these liabilities are not expected to be liquidated with expendable available financial resources. Accrued sick leave, which has no maximum accumulation, is payable upon retirement at 30% of the value of accumulated sick leave.

Sick leave benefits are accrued as a liability using the termination payment method. An accrual for earned sick leave is made to the extent that it is probable that the benefits will result in termination payments. The liability is based on the District's past experience of making termination payments.

Note K--Long-Term Liabilities

A summary of the changes in long-term liabilities during the fiscal year ended June 30, 2019 is as follows:

Governmental ActivitiesSchool building

revenue bonds $ 427,787,701 $ 21,772,567 $ 406,015,134 $ 18,745,134 Capital lease obligations 8,137,353 $ 1,378,847 1,298,226 8,217,974 1,309,481 Accrued sick leave 9,032,728 1,273,347 1,557,350 8,748,725 2,075,816

$ 444,957,782 $ 2,652,194 $ 24,628,143 $ 422,981,833 $ 22,130,431

WithinOne Year

Amounts DueBalance Balance

July 1, 2018 Additions Deductions June 30, 2019

Note L--On-Behalf Payments

For the year ended June 30, 2019, total payments of $126,601,415 were made for life insurance, health insurance, Kentucky Teachers Retirement System (“TRS”) matching and administrative fees by the Commonwealth of Kentucky on behalf of the District. These payments were recognized as on-behalf payments and recorded in the appropriate revenue and expenditure/expense accounts on the statement of activities and on the statement of revenues, expenditures and changes in fund balances. These revenues and expenditures are not budgeted by the District.

-39-



June 30, 2019

Note M--Contingencies

The District receives funding from federal, state and local government agencies and private contributions. These funds are to be used for designated purposes only. For government agency grants, if based upon the grantor's review, the funds are considered not to have been used for the intended purpose, the grantors may request a refund of monies advanced, or refuse to reimburse the District for its disbursements. The amount of such future refunds and unreimbursed disbursements, if any, is not expected to be significant. Continuation of the District's grant programs is predicated upon the grantors' satisfaction that the funds provided are being spent as intended and the grantors' intent to continue their programs.

In addition, the District operates in a heavily regulated environment. The operations of the District are subject to the administrative directives, rules and regulations of federal and state regulatory agencies, including, but not limited to, the U.S. Department of Education and the Kentucky Department of Education. Such administrative directives, rules and regulations are subject to change by an act of Congress or the Kentucky Legislature or an administrative change mandated by the Kentucky Department of Education. Such changes may occur with little or inadequate funding to pay for the related cost, including the additional administrative burden to comply with a change.

Note N--Litigation

The District is subject to various other legal actions in various stages of litigation, the outcome of which is not determinable at this time. Management of the District and its legal counsel do not anticipate that there will be any material effect on the financial statements as a result of the cases presently in progress.

Note O--Risk Management

The District is exposed to various forms of loss of assets associated with perils such as injuries to employees, fire, personal liability, theft, vehicular accidents, errors and omissions and fiduciary responsibility. Each of these risk areas is addressed through the purchase of insurance and settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. The District has purchased certain coverage which is retrospectively rated, including workers’ compensation insurance.

Starting in 1979, the District participated in Kentucky School Boards Insurance Trust (“KSBIT”), a Kentucky School Boards Association (“KSBA”) program. KSBIT was created in 1978 to provide insurance to Kentucky school districts through self-insured pools that provided workers compensation, property and liability coverage. The organization stopped offering insurance coverage in 2013 as the program had incurred an estimated $60 million deficit, on 116,000 claims and over 400 million dollars in claims expenses. All of Kentucky’s public school districts and other education related entities that participated in KSBIT are responsible for eliminating the deficit. The Kentucky Department of Insurance (“DOI”) has taken over the KSBIT insurance programs and has placed them into rehabilitation to collect money owed by former participants. An assessment plan and collection methodology has processed through Franklin Circuit Court with some modifications being made by the judge and there is additional litigation that could impact the final amount owed by all members. The rehabilitator has invoiced all former members for worker’s compensation liabilities dating to 1990 and liability liabilities dating back to 2008.

Continued

-40-



June 30, 2019

Note O--Risk Management--Continued

Fayette County’s worker’s compensation assessment is $2,537,694 and its property and liability assessment is $583,416. The District took a three-year pay back on the property and liability assessment and a seven-year pay back on the workers’ compensation assessment as there are no financing costs associated with these options. The payback plan required 40% down on property and liability and 25% down on workers’ compensation, with the workers’ compensation balance being paid in equal payments over 6 remaining years. The property and liability payback concluded in August 2016. The remaining payments on this assessment as of June 30, 2019 are as follows:

Due August 31

2019 317,212$

2020 317,212

634,424$

A settlement was reached between the Kentucky League of Cities and schools participating in the KSBIT program. On December 14, 2016, Fayette County Public Schools received a one-time payment of $63,415.73. Court orders and other information are available at www.ksbit-wc.com. The District will budget for these payments annually and pay the remaining balance on or before August 31st of each year.

Note P--Retirement Plans

Classified Employees--Classified employees (substantially all full-time District employees other than certified employees) are covered by the County Employees Retirement Systems ("CERS"), a cost-sharing multiple-employer defined benefit pension plan administered by the Kentucky Retirement System, an agency of the Commonwealth of Kentucky. CERS provides retirement, death and disability benefits to Plan members and beneficiaries. Cost of living adjustments are provided at the discretion of the State Legislature.

Under the provisions of the Kentucky Revised Statute Section 61.645, the Board of Trustees of the Kentucky Retirement System administers CERS and has the authority to establish and amend benefit provisions.

Plan members are required to contribute 5% of their annual covered compensation and the District is required to contribute at an actuarially determined rate. All new members hired after August 31, 2008 are required to contribute 6% at an actuarially determined rate. The current rate for employer match is 21.48% of the employee's total covered compensation. The contribution requirements of Plan members and the District are established and may be amended by the Kentucky Retirement System's Board of Trustees. The District's contributions to CERS for the years ended June 30, 2019, 2018, and 2017 were approximately $13,123,471, $10,790,078 and $10,348,092 respectively, equal to the required contribution for that year.

Continued

-41-



June 30, 2019

Note P--Retirement Plans--Continued

The Kentucky Retirement System issues a publicly available financial report that includes financial statements and required supplementary information for CERS. That report may be obtained by writing to Kentucky Retirement Systems, Perimeter Park West, 1260 Louisville Road, Frankfort, Kentucky 40601.

Certified Employees--Certified employees are covered by the Kentucky Teachers' Retirement System ("TRS"), a cost-sharing multiple-employer defined benefit plan. TRS provides retirement, death and disability benefits to Plan members. Cost of living increases are 1.5% annually. Any benefit amendments must be authorized by the State Legislature.

Plan members are required to contribute 12.855% of their annual covered compensation. The Commonwealth of Kentucky provides matching contributions as required by Kentucky Revised Statutes 165.540 and 161.550. The payments made by the Commonwealth of Kentucky on behalf of the District's certified employees, amounting to $71,846,318, are reflected in the accompanying financial statements as both revenues and expenses/expenditures. The Commonwealth of Kentucky requires payments for federally funded employees to be made by such federal funds; for the fiscal year ended June 30, 2019, this funding amounted to approximately $2,065,445.

TRS issues a publicly available financial report that includes financial statements and required supplementary information on the Plan. That report may be obtained by writing to Kentucky Teachers' Retirement System, 479 Versailles Road, Frankfort, Kentucky 40601.

Retirement Plan--The District makes available 401(k) and 403(b) defined contribution pension plans for all employees. Employees are allowed to contribute to the Plans up to the lnternal Revenue Code maximum allowable amount. The District does not contribute to the Plans.

Note Q--Deferred Compensation

The District offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The Plan, available to all employees, permits them to defer a portion of their salary until future years. This deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. GASB Statement No. 32, Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans, allows entities with little or no administrative involvement and who do not perform the investing function for these plans to omit plan assets and related liabilities from their financial statements. The District therefore does not show these assets and liabilities on its financial statements.

Note R--Post-Employment Health Care Benefits

Retired District employees receive some health care benefits depending on their length of service. In accordance with Kentucky Revised Statutes, these benefits are provided and advanced-funded on an actuarially determined basis through the CERS and the TRS plans.

-42-

Notes to Financial Statements--Continued Fayette County School District June 30, 2019 Note S--Commitments As of June 30, 2019, the District had outstanding commitments for construction approximating $117,785,000. Note T--COBRA Under COBRA, employers are mandated to notify terminated employees of available continuing insurance coverage. Failure to comply with this requirement may put the school district at risk for a substantial loss contingency. Note U--Leases The District has a piece of equipment under an operating lease, which expires on June 30, 2022. Rent expense for the year ended June 30, 2019 was $456,958. Note V--Pension Plans The District’s employees are provided with two pension plans, based on each position’s college degree requirement. The County Employees Retirement System covers employees whose position does not require a college degree or teaching certification. The Teachers Retirement System covers positions requiring teaching certification or otherwise requiring a college degree. General Information about the County Employees Retirement System Non-Hazardous (“CERS”) Plan description--Employees whose positions do not require a degree beyond a high school diploma are covered by the CERS, a cost-sharing multiple-employer defined benefit pension plan administered by the Kentucky Retirement System, an agency of the Commonwealth of Kentucky. Under the provisions of the Kentucky Revised Statute (“KRS”) Section 61.645, the Board of Trustees of the Kentucky Retirement System administers CERS and has the authority to establish and amend benefit provisions. The Kentucky Retirement System issues a publicly available financial report that includes financial statements and required supplementary information for CERS. That report may be obtained from http://kyret.ky.gov/. Continued

-43-



June 30, 2019

Note V--Pension Plans--Continued

Benefits provided--CERS provides retirement, health insurance, death and disability benefits to Plan employees and beneficiaries. Employees are vested in the plan after five years’ service. For retirement purposes, employees are grouped into three tiers, based on hire date:

Tier 1 Participation date Before September 1, 2008

Unreduced retirement 27 years service or 65 years old

Reduced retirement At least 5 years service and 55 years old

At least 25 years service and any age

Tier 2 Participation date September 1, 2008 - December 31, 2013

Unreduced retirement At least 5 years service and 65 years old

Or age 57+ and sum of service years plus age equal 87

Reduced retirement At least 10 years service and 60 years old

Tier 3 Participation date After December 31, 2013

Unreduced retirement At least 5 years service and 65 years old

Or age 57+ and sum of service years plus age equal 87

Reduced retirement Not available

Cost of living adjustments are provided at the discretion of the General Assembly. Retirement is based on a factor of the number of years’ service and hire date multiplied by the average of the highest five years’ earnings. Reduced benefits are based on factors of both of these components. Participating employees become eligible to receive the health insurance benefit after at least 180 months of service. Death benefits are provided for both death after retirement and death prior to retirement. Death benefits after retirement are $5,000 in lump sum. Five years’ service is required for death benefits prior to retirement and the employee must have suffered a duty-related death. The decedent’s beneficiary will receive the higher of the normal death benefit and $10,000 plus 25% of the decedent’s monthly final rate of pay and any dependent child will receive 10% of the decedent’s monthly final rate of pay up to 40% for all dependent children. Five years’ service is required for nonservice-related disability benefits.

Contributions--Required contributions by the employee are based on the tier:

Required Contribution

Tier 1 5%

Tier 2 5% + 1% for insurance

Tier 3 5% + 1% for insurance

Continued

-44-



June 30, 2019


General Information About the Teachers’ Retirement System of the State of Kentucky (“TRS”)

Plan description--Teaching certified employees of the District and other employees whose positions require at least a college degree are provided pensions through the Teachers’ Retirement System of the State of Kentucky (TRS)—a cost-sharing multiple-employer defined benefit pension plan with a special funding situation established to provide retirement annuity plan coverage for local school districts and other public educational agencies in the Commonwealth. TRS was created by the 1938 General Assembly and is governed by Chapter 161 Section 220 through Chapter 161 Section 990 of the KRS. TRS is a blended component unit of the Commonwealth of Kentucky and therefore is included in the Commonwealth’s financial statements. TRS issues a publicly available financial report that can be obtained at https://trs.KY.gov/employers/information/gasb-65-67/.

Benefits provided--For employees who have established an account in a retirement system administered by the Commonwealth prior to July 1, 2008, employees become vested when they complete five (5) years of credited service. To qualify for monthly retirement benefits, payable for life, employees must either:

1.) Attain age fifty-five (55) and complete five (5) years of Kentucky service, or 2.) Complete 27 years of Kentucky service.

Employees that retire before age 60 with less than 27 years of service receive reduced retirement benefits. Employees with an account established prior to July 1, 2002 receive monthly payments equal to 2% (service prior to July 1, 1983) and 2.5% (service after July 1, 1983) of their final average salaries for each year of credited service. New employees (including second retirement accounts) after July 1, 2002 will receive monthly benefits equal to 2% of their final average salary for each year of service if, upon retirement, their total service less than ten years. New employees after July 1, 2002 who retire with ten or more years of total service will receive monthly benefits equal to 2.5% of their final average salary for each year of service, including the first ten years. In addition, employees who retire July 1, 2004 and later with more than 30 years of service will have their multiplier increased for all years over 30 from 2.5% to 3.0% to be used in their benefit calculation. Employees hired on or after July 1, 2008, will receive monthly benefits equal to the average of their top three salary years multiplied by a sliding scale rate from 1.7% up to 2.5% based on years of service up to 30 years, Beyond 30 years of service, the rate increases to 3.0% Effective July 1, 2008, the System has been amended to change the benefit structure for employees hired on or after that date.

Final average salary is defined as the member’s five (5) highest annual salaries for those with less than 27 years of service. Employees at least age 55 with 27 or more years of service may use their three (3) highest annual salaries to compute the final average salary. TRS also provides disability benefits for vested employees at the rate of sixty (60) percent of the final average salary. A life insurance benefit, payable upon the death of a member, is $2,000 for active contributing employees and $5,000 for retired or disabled employees.

Cost of living increases are 1.5% annually. Additional ad hoc increases and any other benefit amendments must be authorized by the General Assembly.

Contributions--Contribution rates are established by Kentucky Revised Statutes (“KRS”). Non-university employees are required to contribute 12.855% of their salaries to the System.

Continued

-45-



June 30, 2019


The Commonwealth, as a non-employer contributing entity, pays matching contributions at the rate of 13.105% of salaries for local school district and regional cooperative employees hired before July 1, 2008 and 14.105% for those hired after July 1, 2008. For local school district and regional cooperative employees whose salaries are federally funded, the employer contributes 16.105% of salaries. If an employee leaves covered employment before accumulating five (5) years of credited service, accumulated employee pension contributions plus interest are refunded to the employee upon the member’s request.

Medical Insurance Plan

The Commonwealth of Kentucky, as a non-employer contributing entity, pays matching contributions at the rate of 13.105% of salaries for local school district and regional cooperative employees hired before July 1, 2008 and 14.105% for those hired after July 1, 2008. For local school district and regional cooperative employees whose salaries are federally funded, the employer contributes 16.105% of salaries. If an employee leaves covered employment before accumulating five (5) years of credited service, accumulated employee pension contributions plus interest are refunded to the employee upon request.

Plan description--In addition to the pension benefits described above, KRS 161.675 requires TRS to provide post-employment healthcare benefits to eligible employees and dependents. The TRS Medical Insurance Fund is a cost-sharing multiple employer defined benefit plan. Changes made to the medical plan may be made by the TRS Board of Trustees, the Kentucky Department of Employee Insurance and the General Assembly.

To be eligible for medical benefits, the member must have retired either for service or disability. The TRS Medical Insurance Fund offers coverage to employees under the age of 65 through the Kentucky Employees Health Plan administered by the Kentucky Department of Employee Insurance. Once retired employees and eligible spouses attain age 65 and are Medicare eligible, coverage is obtained through the TRS Medicare Eligible Health Plan.

Funding policy--In order to fund the post-retirement healthcare benefit, 6% of the gross annual payroll of employees before July 1, 2008 is contributed. 3% is paid by member contributions and .75% from Commonwealth appropriation and 2.25% from the employer. Also, the premiums collected from retirees as described in the plan description and investment interest help meet the medical expenses of the plan.

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions

At June 30, 2019, the District reported a liability for its proportionate share of the net pension liability for CERS. The District did not report a liability for the District’s proportionate share of the net pension liability for TRS because the Commonwealth of Kentucky provides the pension support directly to TRS on behalf of the District. The amount recognized by the District as its proportionate share of the net pension liability, the related Commonwealth support, and the total portion of the net pension liability that was associated with the District were as follows:

Continued

-46-



June 30, 2019


District's proportionate share of the CERS net pension liability 137,771,830$

Commonwealth’s proportionate share of the TRS net

pension liability associated with the District 991,563,128

1,129,334,958$

The net pension liability for each plan was measured as of June 30, 2018, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.

The District’s proportion of the net pension liability for CERS was based on the actual liability of the employees and former employees relative to the total liability of the System as determined by the actuary. At June 30, 2018, the District’s proportion was 2.262% percent.

For the year ended June 30, 2019, the District recognized pension expense of $10,103,864 related to CERS and $119,795,018 related to TRS, of which $71,846,318 was recognized on the fund financial statements as it represented amounts paid on the District’s behalf during the year. The District also recognized revenue of $119,795,018 (TRS Sched B) for TRS support provided by the Commonwealth.

At June 30, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred Outflows Deferred Inflows

of Resources of Resources

Difference between expected and actual experience 4,493,732$ 2,016,689$

Changes of assumptions 13,464,315

Net difference between projected and actual

earnings on pension plan investments 6,406,492 8,058,454

Changes in proportion and differences between District

contributions and proportionate share of contributions 1,223,542 2,177,192

District contributions subsequent to the

measurement date 9,943,936

Total 35,532,017$ 12,252,335$

$9,943,936 reported as deferred outflows of resources related to pensions resulting from District contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2019. Other amounts reported as deferred outflows of resources and deferred inflows related to pensions will be recognized in pension expense as follows:

Continued

-47-

Notes to Financial Statements--Continued Fayette County School District June 30, 2019 Note V--Pension Plans--Continued

2019 10,070,448$

2020 5,375,330

2021 (1,370,586)

2022 (739,447)

Year Ending June 30:

Actuarial assumptions--The total pension liability in the June 30, 2018 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:

CERS KTRS

Inflation 3.25% 3.00% Projected salary increases 4.00% 3.50-7.30% Investment rate of return, net of investment expense and inflation 7.50% 7.50% For CERS, the mortality table used for active members is RP-2000 Combined Mortality Table projected with Scale BB to 2013 (multiplied by 50% for males and 30% for females). For healthy retired members and beneficiaries, the mortality table used is the RP-2000 Combined Mortality Table projected with Scale BB to 2013 (set back one year for females). For disabled members, the RP-2000 Combined Disabled Mortality Table projected with Scale BB to 2013 (set back four years for males) is used for the period after disability retirement. For TRS, Mortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on a projection of Scale BB to 2025 with a setback of 2 years for males and 1 year for females. For CERS, the long-term expected return on plan assets is reviewed as part of the regular experience studies prepared every five years. The most recent analysis, performed for the period covering fiscal years 2010 through 2015, is outlined in a report dated August 30, 2014. Several factors are considered in evaluating the long-term rate of return assumption including long-term historical data, estimates inherent in current market data, and a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected return, net of investment expense and inflation) were developed by the investment consultant for each major asset class. These ranges were combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and then adding expected inflation. The capital market assumptions developed by the investment consultant are intended for use over a 10-year horizon and may not be useful in setting the long-term rate of return for funding pension plans which covers a longer timeframe. The assumption is intended to be a long-term assumption and is not expected to change absent a significant change in the asset allocation, a change in the inflation assumption, or a fundamental change in the market that alters expected returns in future years. Continued

-48-



June 30, 2019


For TRS, the long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class, as provided by TRS’s investment consultant, are summarized in the following table:

Long-Term Expected

Asset Class Target Allocation Real Rate of Return

U.S. Equity 40% 4.2%

International Equity 22% 5.2%

Fixed Income 15% 1.2%

Additional Categories 8% 3.3%

Real Estate 6% 3.8%

Private Equity 7% 6.3%

Cash 2% 0.9%

Total 100%

Discount rate--For CERS, the discount rate used to measure the total pension liability was 6.25%. The projection of cash flows used to determine the discount rate assumed that contributions from plan employees and employers will be made at statutory contribution rates. Projected inflows from investment earnings were calculated using the long-term assumed investment return of 7.5%. The long-term investment rate of return was applied to all periods of projected benefit payments to determine the total pension liability.

For TRS, the discount rate used to measure the total pension liability was 7.50%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rates and the employer contributions will be made at statutorily required rates. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan employees until the 2038 plan year. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments through 2035 and a municipal bond index rate of 3.89% was applied to all periods of projected benefit payments after 2035. The Single Equivalent Interest Rate (“SEIR”) that discounts the entire projected benefit stream to the same amount as the sum of the present values of the two separate benefit payments streams was used to determine the total pension liability.

Continued

-49-

Notes to Financial Statements--Continued Fayette County School District June 30, 2019 Note V--Pension Plans--Continued Sensitivity of CERS and TRS proportionate share of net pension liability to changes in the discount rate--The following table presents the net pension liability of the District, calculated using the discount rates selected by each pension system, as well as what the District’s net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower or 1-percentage-point higher than the current rate:

Current1% Decrease Discount Rate 1% Increase

CERS 5.25% 6.25% 7.25%

District's proportionate shareof net pension liability 107,887,760$ 137,771,830$ 173,440,465$

TRS 6.50% 7.50% 8.50%

District's proportionate shareof net pension liability -$ -$ -$

Pension plan fiduciary net position--Detailed information about the pension plan’s fiduciary net position is available in the separately issued financial reports of both CERS and TRS. Note W--Other Post-Employment Benefits (“OPEB”) General Information about the OPEB Plans Plan description--Teaching-certified employees of the Kentucky School District are provided OPEBs through the Teachers’ Retirement System of the State of Kentucky (“TRS”)—a cost-sharing multiple-employer defined benefit OPEB plan with a special funding situation established to provide retirement annuity plan coverage for local school districts and other public educational agencies in the state. TRS was created by the 1938 General Assembly and is governed by Chapter 161 Section 220 through Chapter 161 Section 990 of the Kentucky Revised Statutes (“KRS”). TRS is a blended component unit of the Commonwealth of Kentucky and therefore is included in the Commonwealth’s financial statements. TRS issues a publicly available financial report that can be obtained at https://trs.ky.gov/financial-reports-information. The State reports a liability, deferred outflows of resources and deferred inflows of resources, and expense as a result of its statutory requirement to contribute to the TRS Medical Insurance and Life Insurance Plans. The following information is about the TRS plans: Continued

-50-



June 30, 2019

Note W--Other Post-Employment Benefits (“OPEB”)--Continued

Medical Insurance Plan

Plan description--In addition to the OPEB benefits described above, Kentucky Revised Statute 161.675 requires TRS to provide post-employment healthcare benefits to eligible members and dependents. The TRS Medical Insurance benefit is a cost-sharing multiple employer defined benefit plan with a special funding situation. Changes made to the medical plan may be made by the TRS Board of Trustees, the Kentucky Department of Employee Insurance and the General Assembly.

Benefits provided--To be eligible for medical benefits, the member must have retired either for service or disability. The TRS Medical Insurance Fund offers coverage to members under the age of 65 through the Kentucky Employees Health Plan administered by the Kentucky Department of Employee Insurance. TRS retired members are given a supplement to be used for payment of their health insurance premium. The amount of the member’s supplement is based on a contribution supplement table approved by the TRS Board of Trustees. The retired member pays premiums in excess of the monthly supplement. Once retired members and eligible spouses attain age 65 and are Medicare eligible, coverage is obtained through the TRS Medicare Eligible Health Plan.

Contributions--In order to fund the post-retirement healthcare benefit, 7.50% of the gross annual payroll of members is contributed. 3.75% is paid by member contributions and .75% from State appropriation and 3.00% from the employer. The State contributes the net cost of health insurance premiums for members who retired on or after July 1, 2010 who are in the non-Medicare eligible group. Also, the premiums collected from retirees as described in the plan description and investment interest help meet the medical expenses of the plan.

The CERS Non-hazardous Insurance Fund is a cost-sharing multiple-employer defined benefit Other Postemployment Benefits (“OPEB”) plan for members that cover all regular full-time members employed in non-hazardous duty positions of any State department, board, agency, county, city, school board, and any additional eligible local agencies electing to participate. The plan provides for health insurance benefits to plan members. OPEB may be extended to beneficiaries of plan members under certain circumstances.

OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEBs

At June 30, 2019, the District reported a liability of $175,276,603 for its proportionate share of the collective net OPEB liability that reflected a reduction for state OPEB support provided to the District. The collective net OPEB liability was measured as of June 30, 2018, and the total OPEB liability used to calculate the collective net OPEB liability was based on a projection of the District’s long-term share of contributions to the OPEB plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2018, the District’s proportion was 2.262%.

Continued

-51-



June 30, 2019


The amount recognized by the District as its proportionate share of the OPEB liability is as follows:

District's proportionate share of the CERS OPEB liability $ 40,162,603

District's proportionate share of the TRS OPEB liability 135,114,000

$ 175,276,603

For the year ended June 30, 2019, the District recognized OPEB expense of $1,498,493. At June 30, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to OPEBs from the following sources:

Differences between expected and actual experience $ 5,230,418

Changes of assumptions $ 8,021,067 92,793

Net difference between projected and actual

earnings on pension plan investments 1,857,000 9,687,415

Change in proportion and differences

between District contributions and proportionate

share of contributions 1,218,902 84,206

District contributions subsequent to the

measurement date 12,391,949

Total $ 23,488,918 $ 15,094,832


Deferred Inflows of Resources

Continued

-52-



June 30, 2019


Of the total amount reported as deferred outflows of resources related to OPEB, $12,391,949 resulting from District contributions subsequent to the measurement date and before the end of the fiscal year will be included as a reduction of the collective net OPEB liability in the year ended June 30, 2019. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in the District’s OPEB expense as follows:

2019 (781,784)$

2020 (781,784)

2021 (781,784)

2022 1,501

2023 (1,074,809)

Thereafter (579,203)

Year Ending June 30:

Actuarial assumptions--The total OPEB liability in the June 30, 2018 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:

CERS TRS

Inflation 3.25% 3.00%

Projected Salary increases 4.00% 3.50 - 7.20%

Investment rate of return 7.50% 8.00%

Real Wage Growth 2.00% 0.50%

Wage Inflation 3.50%

Healthcare trend rates

Under 65

7.50% at 1/1/19 decreasing to an ultimate rate of 5.00% by FY 2024

7.75% for FY 2018 to an ultimate rate of 5.00% by FY 2024

Ages 65 and Older

5.50% at 1/1/19 decreasing to an ultimate rate of 5.00% by FY 2021

5.75% for FY 2018 decreasing to an ultimate rate of 5.00% by FY 2021

Medicare Part B Premiums

0.00% for FY 2018 with an ultimate rate of 5.00% by 2030

Municipal Bond Index Rate 3.62% 3.89%

Discount Rate 5.85% 8.00%

Single Equivalent Interest Rate

8.00%, net of OPEB plan investment expense, including inflation.

Continued

-53-



June 30, 2019


TRS mortality rates were based on the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB and set forward two years for males and one year for females is used for the period after service retirement and for dependent beneficiaries. The RP-2000 Disabled Mortality Table set forward two years for males and seven years for females is used for the period after disability retirement. The remaining actuarial assumptions (e.g. initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2017 valuation were based on a review of recent plan experience done concurrently with the June 30, 2017 valuation.

CERS mortality rates for active members were based on the RP-2000 Combined Mortality Table projected to 2013 with projection scale BB (multiplied by 50% for males and 30% for females). For healthy retired members and beneficiaries, the RP-2000 Combined Mortality Table projected with Scale BB to 2013 set back for one year for females was used. For disabled members, the RP-2000 Combined Disabled Mortality Table projected with Scale BB to 2013 (set back four years for males) is used for the period after disability retirement.

The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expenses and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

The target allocation and best estimates of arithmetic real rates of return for each major asset class, as provided by TRS’s investment consultant, are summarized in the following table:

Asset Class

Global Equity 58.00% 4.60%

Fixed Income 9.00% 1.20%

Real Estate 5.50% 3.80%

Private Equity 6.50% 6.30%

Additional Categories 20.00% 3.30%

Cash 1.00% 0.90%

Total 100.00%

Long-Term Expected Real Rate

of ReturnTarget

Allocation

Continued

-54-



June 30, 2019


The target allocation and best estimates of arithmetic real rates of return for each major asset class, as provided by CERS’s investment consultant, are summarized in the following table:

Asset Class

US Equity 17.50% 5.97%

International Equity 17.50% 7.85%

Global Bonds 4.00% 2.63%

Global Credit 2.00% 3.63%

High Yield 7.00% 5.75%

Emerging Market Debt 5.00% 5.50%

Private Credit 10.00% 8.75%


Absolute Return 10.00% 5.63%

Real Return 10.00% 6.13%


Cash 2.00% 1.88%

Total 100.00%

Target Allocation

Long-Term Expected Real Rate

of Return

Discount rate--For CERS, the discount rate used to measure the total OPEB liability was 5.85%. The projection of cash flows used to determine the discount rate assumed that contributions from plan employees and employers will be made at statutory contribution rates. Projected inflows from investment earnings were calculated using the long-term assumed investment return of 7.50%. The long-term investment rate of return was applied to all periods of projected benefit payments to determine the total OPEB liability.

Continued

-55-

Notes to Financial Statements--Continued Fayette County School District June 30, 2019 Note W--Other Post-Employment Benefits (“OPEB”)--Continued Sensitivity of CERS and TRS proportionate share of net OPEB liability to changes in the discount rate—The following table presents the District’s proportionate share of the collective net OPEB liability, calculated using the discount rates selected by each pension system, as well as what the District’s net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower or 1-percentage-point higher than the current rate:

1% DecreaseCurrent Discount

Rate 1% Increase

CERS 4.84% 5.85% 6.84%

District's proportionate share

of net OPEB liability 33,228,547$ 40,162,603$ 46,959,351$

TRS 7.00% 8.00% 9.00%


of net OPEB liability 118,224,750$ 135,114,000$ 152,003,250$ Sensitivity of the District’s proportionate share of the collective net OPEB liability to changes in the healthcare cost trend rates--The following presents the District’s proportionate share of the collective net OPEB liability, as well as what the District’s proportionate share of the collective net OPEB liability would be if it were calculated using healthcare cost trend rates that were 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates:

CERS 6.25% 7.25% 8.25%


of net OPEB liability $ 34,622,934 $ 40,162,603 $ 45,702,272

TRS 6.75% 7.75% 8.75%


of net OPEB liability $ 117,679,935 $ 135,114,000 $ 152,548,065

1% DecreaseCurrent Trend

Rate 1% Increase

OPEB plan fiduciary net position--Detailed information about the OPEB plan’s fiduciary net position is available in the separately issued TRS financial report. Continued

-56-



June 30, 2019


TRS Life Insurance Plan

As provided by Kentucky Revised Statute 161.655, TRS administers the Life Insurance Plan for eligible active and retired members. The TRS Life Insurance Plan is a cost-sharing multiple employer defined benefit plan with a special funding situation. Changes to the Plan may be made by the TRS Board of Trustees and the General Assembly.

Benefit provided--The TRS Life Insurance Plan provides a life insurance benefit of $5,000 payable for members who retire based on service or disability. Active members may receive a $2,000 lump sum payable. The benefit is payable to the member’s estate or to a party designated by the member.

Contributions--In order to fund the post-retirement life insurance benefit, three hundredths of one percent (.03%) of the gross payroll of members is contributed by the state.

At June 30, 2019, the District did not report a liability for its proportionate share of the collective net OPEB liability for life insurance benefits because the State of Kentucky provides the OPEB support directly to TRS on behalf of the District. The amount recognized by the District as its proportionate share of the OPEB liability, the related State support, and the total portion of the net OPEB liability that was associated with the District were as follows:

State's proportionate share of the KTRS net OPEB liability $ 1,998,000

District's proportionate share of the KTRS OPEB liability -

$ 1,998,000

For the year ended June 30, 2019, the District recognized revenue of $341,000 for support provided by the State. At June 30, 2019, the District did not have any deferred outflows of resources or deferred inflows of resources related to the collective net OPEB liability for life insurance benefits.

Continued

-57-



June 30, 2019


Actuarial assumptions--The total OPEB liability in the June 30, 2018 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:

Investment Rate of Return7.50%, net of OPEB Plan Investment Expense, including inflation

Projected Salary Increases 4.00 - 8.10%, including inflation

Inflation Rate 3.50%

Real wage growth 0.50%

Wage Inflation 4.00%

Municipal Bond Index Rate 3.89%

Discount Rate 7.50%

Single Equivalent Interest Rate7.50%, net of OPEB Plan Investment Expense, including inflation

Mortality rates were based on the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB and set forward two years for males and one year for females is used for the period after service retirement and for dependent beneficiaries. The RP-2000 Disabled Mortality Table set forward two years for males and seven years for females is used for the period after disability retirement.

The remaining actuarial assumptions (e.g. initial per capita costs, rate of plan participation, rates of plan election, etc.) used in the June 30, 2018 valuation were based on a review of recent plan experience done concurrently with the June 30, 2018 valuation.

The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

Continued

-58-



June 30, 2019


The target allocation and best estimates of arithmetic real rates of return for each major asset class, as provided by TRS’ investment consultant, are summarized in the following table:

Asset ClassTarget

Allocation

Long-Term Expected Real Rate of Return

U.S. Equity 40.00% 4.20%

International Equity 23.00% 5.20%

Fixed Income 18.00% 1.20%



Other Additional Categories** 6.00% 3.30%

Cash (LIBOR) 2.00% 0.90%

Total 100.0%

** Modeled as 50% High Yield and 50% Bank Loans.

Discount rate--The discount rate used to measure the State’s total OPEB liability for life insurance was 8.0%. The projection of cash flows used to determine the discount rate assumed that the employer contributions will be made at statutorily required rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

OPEB plan fiduciary net position--Detailed information about the OPEB plan’s fiduciary net position is available in the separately issued TRS financial report.

-59-



June 30, 2019

Note X--Recent GASB Pronouncements

Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements, the objective of this Statement is to improve the information that is disclosed in the notes to the financial statements related to debt. This statement was adopted during the current year. It did not have a significant impact on the financial statements.

The GASB has issued several reporting standards that will become effective for fiscal year 2020 and later years’ financial statements.

Statement No. 84, Fiduciary Activities, establishes criteria for identifying fiduciary activities of all state and local governments.

Statement No. 85, Omnibus 2017, addresses practice issues that have been identified during implementation and application of certain GASB statements.

Statement No. 87, Leases, the objective of which is to better meet the information needs financial statement users by improving accounting and financial reporting for leases by governments.

Statement No. 89, Accounting for Interest Incurred before the End of a Construction Period, this Statement requires that interest cost incurred before the end of a construction period be recognized as an expense in the period in which the cost is incurred for financial statements prepared using the economic resources management focus. Thus, interest cost incurred before the end of a construction period will not be included in the historical cost of a capital asset reported in a business-type activity or enterprise fund.

Statement No. 90, Majority Equity Interests-an amendment of GASB Statements No. 14 and No. 61, the primary objective of this statement is to improve the consistency and comparability of reporting a government’s majority equity interest in a legally separate organization and to improve the relevance of financial statement information for certain component units.

Statement No. 91, Conduit Debt Obligations, the primary objectives of this Statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures.

The District is currently evaluating the impact that will result from adopting these GASB standards and is therefore unable to disclose the impact that adopting these standards will have on the District’s financial position and the results of its operations when the standards are adopted.

Note Y--Subsequent Events

In preparing these financial statements, management of the District has evaluated events and transactions for potential recognition or disclosure through November 13, 2019, the date the financial statements were available to be issued. On July 8, 2019 the Board-Approved School Building Revenue bond Series 2019, sold August 6, 2019, and delivered August 27, 2019 in the amount of $25,260,000 for the purposes of renovating 1555 Georgetown Road Lexington, Kentucky 40511 to house the STEAM Academy and the Success Academy.

Budgetary Comparison Information

-60-

Statement of Revenues and Expenditures - Budget and Actual

General Fund


June 30, 2019

Variance with

Budgeted Amounts Final Budget

Favorable

Original Final Actual (Unfavorable)

Revenues

From local sources

Property taxes 207,229,059$ 207,229,059$ 209,928,859$ 2,699,800$

Motor vehicle taxes 12,035,443 12,035,443 12,966,189 930,746

Utility taxes 22,330,000 22,330,000 20,754,616 (1,575,384)

Occupational license tax 37,800,000 37,800,000 37,987,911 187,911

Earnings on investments 750,000 750,000 2,028,906 1,278,906

Other sources 3,601,156 4,556,428 4,556,428

State sources

SEEK 91,101,733 91,101,733 95,885,629 4,783,896

Other state revenues 83,304,063 69,507,557 123,189,119 53,681,562

Total Revenues 458,151,454 440,753,792 507,297,657 66,543,865

Expenditures

Instruction 288,400,919 329,443,048 307,379,044 22,064,004

Support services

Student 27,907,226 24,648,773 24,504,493 144,280

Instruction staff 17,497,559 21,084,703 19,854,196 1,230,507

District administration 7,388,139 8,363,280 7,901,938 461,342

School administration 28,996,440 28,477,317 27,765,962 711,355

Business 27,215,723 28,045,241 25,369,830 2,675,411

Plant operation & maintenance 53,560,342 47,125,201 44,496,228 2,628,973

Student transportation 22,365,166 24,381,695 23,476,999 904,696

Community service 541,770 551,044 538,514 12,530

Debt service 1,501,941 1,501,941 1,498,547 3,394

Total Expenditures 475,375,225 513,622,243 482,785,751 30,836,492

Revenues in Excess of

(Less Than) Expenditures (17,223,771) (72,868,451) 24,511,906 97,380,357

Other Financing Sources (Uses)

Operating transfer in 1,817,912 1,817,912 1,889,262 71,350

Operating transfers out (3,094,141) (9,983,306) (8,944,585) 1,038,721

Capital Lease Proceeds 1,964,029 1,378,847 (585,182)

Contingency (33,500,000) (33,500,000) 33,500,000

Total Other Financing Sources (Uses) (34,776,229) (39,701,365) (5,676,476) 34,024,889

Revenues in Excess of

(Less Than) Expenditures (52,000,000) (112,569,816) 18,835,430 131,405,246$

Fund Balance, July 1, 2018 - - 52,340,176

Fund Balance, June 30, 2019 (52,000,000)$ (112,569,816)$ 71,175,606$

See Accompanying Independent Auditors' Report

-61-

Statement of Revenues and Expenditures-Budget and ActualSpecial Revenue Fund


June 30, 2019

Variance with Final Budget

Favorable Original Final Actual (Unfavorable)

Revenues State sources-Other state revenue 15,158,286$ 14,096,537$ 14,453,520$ 356,983$ Governmental grants 21,446,845 28,693,296 27,925,373 (767,923) Other sources 496,402 643,200 854,903 211,703

Total Revenues 37,101,533 43,433,033 43,233,796 (199,237)

ExpendituresInstruction 26,171,298 32,911,873 32,824,015 87,858 Support services Student 2,865,960 2,930,365 3,006,700 (76,335) Instruction staff 2,553,451 1,986,968 2,207,455 (220,487) School administration 381,969 178,343 169,659 8,684 Business 427,549 1,546,590 1,324,274 222,316 Plant operation & maintenance 102,567 113,415 276,078 (162,663) Community service activities 2,703,268 3,163,563 3,091,257 72,306

Total Expenditures 35,206,062 42,831,117 42,899,438 (68,321)

Revenues in Excess of (Less Than) Expenditures 1,895,471 601,916 334,358 (267,558)

Other Financing Sources (Uses) Operating transfers in - 1,298,730 1,255,331 (43,399) Operating transfer out (1,895,471) (1,876,853) (1,821,510) 55,343

Total Other Financing Sources (Uses) (1,895,471) (578,123) (566,179) 11,944

Revenues in Excess of (Less Than) Expenditures - 23,793 (231,821) (255,614)$

Fund Balance, July 1, 2018 - - 803,176

Fund Balance, June 30, 2019 -$ 23,793$ 571,355$


Budgeted Amounts

-62-

Schedule of Revenues and Expenditures – Budget and Actual



Explanation of Significant Budget Variances

General Fund

The Commonwealth of Kentucky pays certain employee benefit expenses, including health insurance and the employer match for the Kentucky Teachers Retirement Systems, on-behalf of its districts. Districts have the option to budget these expenses for financial statement presentation. For the 2018-2019 fiscal years, these expenses were budgeted and totaled $125 million. On the expenditure side, beyond the effects of on-behalf payments, expenditures that increased include Instruction, Student support, School Administration Support, Business Support Services, Plant Operations, Student Transportation and Community Services.

Special Revenue Fund

Most budget variances in this fund occur as a result of the difficulties in preparing an annual budget for grants that may cover periods of twenty-four months or longer, where the budget may have been recognized in one year and expenditures continue into future years. This is most noticeable in governmental grants revenues and instruction expenditures. In these categories, the District had multiple-year grants that were significantly reduced for current year funding. For these grants, the District continues to spend the existing grant, which was budgeted in the annual budget in a previous year, with no or a reduced budget to compare to in the current year. The District utilizes month to date project reports to review and analyze the true effect of the Special Revenue Fund related to the multi-year grant project effect.

See Accompanying Independent Auditors’ Report

-63-

Schedule of the District's Proportionate Share of the Net Pension Liability - County Employees Retirement System Non-Hazardous


Years Ended June 30

2019 2018 2017 2016 2015Total Net Pension Liability for County Employees Retirement Systems 8,118,518$ 5,853,307,463$ 4,923,618,237$ 4,299,525,565$ 3,244,377,000$

District's Proportion (Percentage) of Net Pension Liability 2.26% 2.23% 2.33% 2.39% 2.52%

District's Proportion (Amount) of Net Pension Liability 137,771,830$ 130,354,035$ 115,180,974$ 102,690,080$ 81,724,304$

District's Covered-Employer payroll 61,078,268$ 57,370,409$ 54,180,981$ 56,036,975$ 79,796,735$

District's Proportionate Share (Amount) of the Net Pension Liability As a Percentage of District's Covered-Employer Payroll 225.57% 227.21% 212.59% 183.25% 102.42%

**Schedule is intended to show information for ten years. Additional years will be displayed as they become available.


-64-

Schedule of the Contributions - County Employees Retirement System Non-Hazardous


2019 2018 2017 2016 2015

Actuarially determined contribution 8,118,518$ 7,564,024$ 6,646,241$ 6,802,888$ 6,671,804$

Contributions in relation to the actuarially determined contribution 8,118,518 7,564,024 6,646,241 6,802,888 6,671,804

Contribution deficiency (excess) -$ -$ -$ -$ -$

Covered-employee payroll 61,078,268$ 57,370,409$ 54,180,981$ 56,036,975$ 79,796,735$

Contributions as a percentage covered- employee payroll 13.2920% 13.1845% 12.2667% 12.1400% 8.3610%

** Schedule is intended to show information for ten years. Additional years will be displayed as they become available.


Years Ended June 30

-65-

Schedule of the District's Proportionate Share of the Net Pension Liability- Kentucky Teachers Retirement System


Years Ended June 30

2019 2018 2017 2016 2015

District's proportion of the net pension liability 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

District's proportionate share of the net pension liability -$ -$ -$ -$ -$

Commonwealth's proportion of the net pension liabilityassociated with the District 7.5726% 7.3505% 7.1970% 7.0862% 7.0004%

Commonwealth's proportionate share of the net pension liability associated with the District 991,563,128 1,983,376,595 2,123,121,587 1,648,984,314 1,438,529,901

Total 991,563,128$ 1,983,376,595$ 2,123,121,587$ 1,648,984,314$ 1,438,529,901$

District's covered-employee payroll 245,685,825$ 243,479,128$ 233,911,879$ 225,602,190$ 217,587,702$

**Schedule is intended to show information for ten years. Additional yearswill be displayed as they become available.


-66-

Schedule of District Contributions- Kentucky Teachers Retirement System


Years Ended June 30

2019 2018 2017 2016 2015

Contractually required contribution 71,846,318$ 70,468,176$ 34,934,106$ 34,103,241$ 6,305,145$

Contributions in relation to the contractually required contribution 71,846,318 70,468,176 34,934,106 34,103,241 6,305,145

Contribution deficiency (excess) -$ -$ -$ -$ -$

Districts' covered payroll 245,685,825$ 243,479,128$ 233,638,752$ 225,602,190$ 217,587,702$

Contributions as a percentage of 29.2432% 28.9422% 14.9522% 15.1165% 2.8977%covered-employee payroll

**Schedule is intended to show information for ten years. Additional yearswill be displayed as they become available.


-67-

Schedule of the District's Proportionate Share of the Net OPEB Liability - County Employees Retirement System Non-Hazardous


Years Ended June 30

2019 2018 2017

District's Proportion (Percentage) of Net OPEB Liability 2.262% 2.227% N/A

District's Proportion (Amount) of Net OPEB Liability 40,162,603$ 44,770,619$ 32,271,102$

District's Covered-Employer payroll 61,078,268$ 57,370,409$ 54,180,981$

District's Proportionate Share (Amount) of the Net Pension Liability As a Percentage of District's Covered-Employer Payroll 65.76% 78.04% 59.56%



-68-

Schedule of the Contributions - OPEB - County Employees Retirement System Non-Hazardous


Years Ended June 30

2019 2018 2017

Actuarially determined contribution 5,168,083$ 5,101,778$ 6,646,241$

Contributions in relation to the actuarially determined contribution 5,168,083 5,101,778 6,646,241

Contribution deficiency (excess) -$ -$ -$

Covered-employee payroll 61,078,268$ 57,370,409$ 54,180,981$

Contributions as a percentage covered- employee payroll 8.4614% 8.8927% 12.2667%

** Schedule is intended to show information for ten years. Additional years will be displayed as they become available.


-69-

Schedule of the District's Proportionate Share of the Collective Net OPEB Liability- Kentucky Teachers Retirement System - Medical Insurance


Years Ended June 30

2019 2018

District's proportion of the net OPEB liability 3.894% 3.865%

District's proportionate share of the net OPEB liability 135,114,000$ 137,820,000$

Commonwealth's proportion of the net OPEB liabilityassociated with the District 3.356% 3.157%

Commonwealth's proportionate share of the net OPEBliability associated with the District 116,441,000 112,579,000

Total 251,555,000$ 250,399,000$

District's covered-employee payroll 245,685,825$ 243,479,128$

District's proportionate share of the net OPEB liability 54.9946% 56.6044%as a percentage of its covered-employee payroll



-70-

Schedule of the Contributions - OPEB- Kentucky Teachers Retirement System


2019 2018

Actuarially determined contribution 6,936,623$ 6,621,930$

Contributions in relation to the actuarially determined contribution 6,936,623 6,621,930

Contribution deficiency (excess) -$ -$

Covered-employee payroll 245,685,825$ 243,479,128$

Contributions as a percentage covered- employee payroll 2.8234% 2.7197%

** Schedule is intended to show information for ten years. Additional years

will be displayed as they become available.


Years Ended June 30

Combining Supplementary Information

-71-

Combining Balance Sheet - Nonmajor Governmental Funds


June 30, 2019

SEEK Lexington TotalCapital District Industrial Nonmajor

Building Outlay Activity School GovernmentalFund Fund Fund Fund Funds

Assets Cash and cash equivalents 186,419$ 400,787$ 587,206$ Accounts receivable-taxes 5,673 5,673

Total Assets 186,419$ - 406,460$ - 592,879$

LiabilitiesAccounts Payable 63,594$ 63,594$ Deferred Revenue 342,866 342,866

Total Liabilities 406,460 406,460

Fund Balances Restricted 186,419$ 186,419

Total Liabilitiesand Fund Balances 186,419$ - 406,460$ - 592,879$


Permanent Funds

-72-

Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds


June 30, 2019

Permanent Funds

SEEK Lexington TotalCapital District Anthony Industrial N.Isabel Nonmajor

Building Outlay Activity Dey School Schmidt Governmental Fund Fund Fund Fund Fund Fund Funds

RevenuesLocal sources Property taxes 31,904,099$ 31,904,099$ Motor vehicle taxes 1,117,571 1,117,571 State Sources SEEK program 3,682,361$ 3,682,361 Earnings on investmentsOther sources 1,664,455$ 5,190$ 1,669,645

Total Revenues 33,021,670 3,682,361 1,664,455 5,190 38,373,676 ExpendituresInstruction 1,568,609 1,568,609 Support services Instruction staff 95,846 95,846 Community service activities 5,190 5,190 Total Expenditures 1,664,455 5,190 1,669,645

Revenue in Excess of (Less Than) Expenditures 33,021,670 3,682,361 36,704,031

Other Financing Sources (Uses) Operating transfers out (33,225,203) (4,517,943) (37,743,146)

Net Change in Fund Balances (203,533) (835,582) (1,039,115)

Fund Balances Beginning of Year 389,952 835,582 1,225,534 Fund Balance End of Year 186,419$ -$ -$ -$ -$ -$ 186,419$ See Accompanying Independent Auditors' Report.

Financial Statements and Related Information

Fayette County School District School Activity Funds

June 30, 2019

Independent Auditors' Report .................................................................................................................... 1

Management’s Discussion and Analysis .................................................................................................. 3

Financial Statement

Combined Statement of Fiduciary Net Position ........................................................................................ 5

Notes to Combined Statement of Fiduciary Net Position ......................................................................... 6

Combining Information

Combined Statement of Receipts, Disbursements and Fund Balances ................................................. 8

Supplementary Schedules of Receipts, Disbursements and Fund Balances By School and Activity

High Schools

Bryan Station ......................................................................................................................................... 9

Eastside Center for Applied Technology .............................................................................................. 12

Frederick Douglass ............................................................................................................................... 13

Henry Clay ............................................................................................................................................. 16

Lafayette ................................................................................................................................................ 20

Learning Center at Linlee ...................................................................................................................... 25

Martin Luther King Academy ................................................................................................................ 26

Paul Laurence Dunbar .......................................................................................................................... 27

Southside Center for Applied Technology ........................................................................................... 30

Success Academy ................................................................................................................................ 31

Tates Creek ........................................................................................................................................... 32

Middle Schools

Beaumont .............................................................................................................................................. 35

Bryan Station ......................................................................................................................................... 36

Carter G. Woodson Academy ............................................................................................................... 37

Crawford ................................................................................................................................................ 38

Edythe J. Hayes .................................................................................................................................... 39

Jessie M. Clark ...................................................................................................................................... 40

Leestown ............................................................................................................................................... 41

Lexington Traditional Magnet ............................................................................................................... 42

Morton ................................................................................................................................................... 43

School for Creative and Performing Arts at Bluegrass ........................................................................ 44

Southern ................................................................................................................................................ 45

Tates Creek ........................................................................................................................................... 46

Winburn ................................................................................................................................................. 47

Elementary Schools

Academy for Leadership at Millcreek Elementary ................................................................................ 48

Arlington ................................................................................................................................................ 49

Ashland .................................................................................................................................................. 50

Athens-Chilesburg ................................................................................................................................ 51

Booker T. Washington Academy .......................................................................................................... 52

Breckinridge .......................................................................................................................................... 53

Cardinal Valley ...................................................................................................................................... 54

Cassidy .................................................................................................................................................. 55

Clays Mill ............................................................................................................................................... 56

Coventry Oak ........................................................................................................................................ 57

Deep Springs ........................................................................................................................................ 58

Dixie Magnet ......................................................................................................................................... 59

Garden Springs ..................................................................................................................................... 60

Garrett Morgan ....................................................................................................................................... 61

Glendover .............................................................................................................................................. 62

Harrison ................................................................................................................................................. 63

James Lane Allen ................................................................................................................................. 64

Julius Marks .......................................................................................................................................... 65

Lansdowne ............................................................................................................................................ 66

Liberty .................................................................................................................................................... 67

Locust Trace AgriScience Farm ........................................................................................................... 68

Mary Todd ............................................................................................................................................. 69

Maxwell .................................................................................................................................................. 70

Meadowthorpe ...................................................................................................................................... 71

Northern ................................................................................................................................................. 72

Picadome .............................................................................................................................................. 73

Rosa Parks ............................................................................................................................................ 74

Russell Cave ......................................................................................................................................... 75

Sandersville ........................................................................................................................................... 76

Southern ................................................................................................................................................ 77

Squires .................................................................................................................................................. 78

STEAM Academy .................................................................................................................................. 79

Stonewall ............................................................................................................................................... 80

Tates Creek ........................................................................................................................................... 81

Veterans Park ....................................................................................................................................... 82

Wellington .............................................................................................................................................. 83

William Wells Brown ............................................................................................................................. 84

Yates ..................................................................................................................................................... 85

Report Required by Government Auditing Standards

Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed In Accordance with Government Auditing Standards ......................................................................... 86

-2-

Opinion

In our opinion, the combined statement of fiduciary net position referred to above presents fairly, in all material respects, the financial position of the Activity Funds of the District as of June 30, 2019 in accordance with accounting principles generally accepted in the United States of America.

Other Matters


Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis (Unaudited) on pages 3 and 4 be presented to supplement the combined statement of fiduciary net position. Such information, although not a part of this financial statement, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the financial statement in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the Management's Discussion and Analysis (Unaudited) in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the financial statement, and other knowledge we obtained during our audit of the financial statement. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming an opinion on the combined statement of fiduciary net position taken as a whole. The combining information listed in the preceding table of contents on pages 8 through 85 is presented for purposes of additional analysis and is not a required part of the financial statement of the Activity Funds of the District.

This information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statement. Such information has been subjected to the auditing procedures applied in our audit of the financial statement and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statement or to the financial statement itself, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statement taken as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated November 13, 2019 on our consideration of the District's internal control over financial reporting of the Activity Funds and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of this report is to describe the scope of our testing of internal control over effectiveness of the District’s compliance and the results of that testing, and not to provide an opinion on the internal control or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance related to the Activity Funds.


-3-

Management’s Discussion and Analysis


June 30, 2019

The management team of the Fayette County School District (the “District”) presents this Management Discussion and Analysis of the School Activity Funds for the fiscal year ended June 30, 2019. Please read it in conjunction with the Activity Funds’ combined statement of fiduciary net position which is on page 5.

Government Structure

The sixty-two schools sponsor programs to supplement the activities provided by the District. These supplemental activities are accounted for in various funds categorized by the particular activity or group involved. The District prescribes policies for the supervision and administration of the Activity Funds, and generally has custodial responsibility over these funds. Such custodial responsibility is mandated by the Kentucky Department of Education.

Basic Financial Statements

This financial report includes the combined statement of fiduciary net position, combined statement of receipts, disbursements and fund balances, and the supplemental schedules of receipts, disbursements and fund balances by school and activity for all sixty-two schools. The Independent Auditors’ Report on this information precedes this Management’s Discussion and Analysis.

The Activity Funds of the Fayette County School District are being presented as agency funds in accordance with Governmental Accounting Standards Board Opinion No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments, and related standards.

Financial Highlights

Total assets of all Activity Funds amounted to $4,084,202 at June 30, 2019, compared to $3,916,219 of total assets in the prior year, which reflects an increase of $167,983. At June 30, 2019, total assets consist of primarily of cash totaling $3,927,851, compared to June 30, 2018 which reflected cash and temporary cash investments of $3,767,846. This increase in cash and temporary cash investments was primarily due to the excess of cash receipts over cash disbursements by approximately $160,005 during the fiscal year ended June 30, 2019. Total liabilities of all Activity Funds amounted to $4,084,202 at June 30, 2019, compared to total liabilities of $3,916,219 in the prior year.

The schools generate receipts for the Activity Funds primarily from athletic event admissions, fund raising projects and donations, and allocations from the District. Cash receipts of the Activity Funds amounted to $12,894,795 during the fiscal year ended June 30, 2019 compared to $12,711,615 of cash receipts in the prior year, which reflects an increase of $183,180. Disbursements by the Activity Funds amounted to $12,681,561 and $12,314,967 during the fiscal years ended June 30, 2019 and 2018, respectively.

Funding for the Activity Funds is generally dependent upon the fund raising ability of the students, parents and others in the schools, and the success of other programs. Continuation of the various activities in each school is predicated upon the students, parents and others to raise funds, upon the students’ intent to continue their activities, and upon the District’s continued support of these activities.

-4-

Management’s Discussion and Analysis--Continued


June 30, 2019

Contacting the Fayette County School District Financial Management

This financial report is designed to provide a general overview of the finances of the Fayette County School District School Activity Funds and to show management’s accountability for these funds. If you have questions about this report or need additional information, contact Rodney Jackson, Director of Financial Services (859) 381-4141, John White, Senior Director of Administrative Services (859) 381-4165 or by mail at 1126 Russell Cave Road, Lexington, Kentucky 40505.

-5-

Combined Statement of Fiduciary Net Position

Fayette County School DistrictSchool Activity Funds

AssetsCash $ 3,927,851Accounts receivable 123,217Inventory 33,134

Total Assets $ 4,084,202

Liabilities Accounts payable $ 149,496Due to student groups 3,934,706

Total Liabilities $ 4,084,202

See Notes to the Combined Statement of Fiduciary Net Position

June 30, 2019

-6-

Notes to Combined Statement of Fiduciary Net Position


June 30, 2019

Note A--Fund Structure and Summary of Significant Accounting Policies

Fund Structure--The Fayette County School District (the “District”) School Activity Funds (the “Activity Funds”) provide funding for the programs in eleven high schools and technical centers, thirteen middle schools and thirty-eight elementary schools for District sponsored programs and to supplement the activities provided by the District. The District prescribes policies for the supervision and administration of the Activity Funds in accordance with the requirements of the Kentucky Department of Education as set forth in its publication, A Uniform Program of Accounting for School Activity Funds. Salaries for the treasurers of Activity Funds and other administrative support are paid by the District and recorded in the District's General Fund.

Schools generate revenue for the Activity Funds primarily from allocations from the District, athletic event admissions, fund raising projects and donations.

Basis of Accounting--The combined statement of fiduciary net position of the Activity Funds has been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (“GASB”) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.

The combined statement of fiduciary net position was prepared in accordance with GASB Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments, and related standards.

The Activity Funds are fiduciary/agency funds of the District. For financial purposes, the accounting treatment applied to a fund is determined by its measurement focus. All fiduciary/agency funds are accounted for by using the economic resources measurement focus and the accrual method of accounting.

Inventory--Inventory, consisting primarily of bookstore supplies and vending machine supplies, is stated at the lower of cost (using first-in, first-out method) or market.

Use of Estimates--The preparation of the combined statement of fiduciary net position requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of this financial statement. Actual results could differ from those estimates.

Subsequent Events--In preparing this financial statement, management of the District has evaluated events and transactions for potential recognition or disclosure through November 13, 2019, the date the financial statement was available to be issued.

-7-

Notes to Combined Statement of Fiduciary Net Position--Continued


June 30, 2019

Note B--Cash and Temporary Cash Investments

The Activity Funds have adopted GASB Statement No. 40, Deposits and Investment Risk Disclosures. GASB Statement No. 40 addresses custodial credit risk, interest rate risk, credit risk, and concentration of credit risk.

Statutes authorize the Activity Funds to invest in the following:

(1) Obligations of the United States and of its agencies and instrumentalities, repurchase agreements, and specially approved AAA rated corporate bonds;

(2) Bonds or certificates of indebtedness of the Commonwealth of Kentucky and of its agencies and municipalities;

(3) Any savings and loan associations insured by an agency of the United States up to the amount insured;

(4) Interest bearing deposits in national and state banks chartered in Kentucky and insured by an agency of the United States up to the amount so insured, and in larger amounts providing such bank shall pledge securities having a current quoted market value at least equal to any uninsured deposits.

Custodial credit risk for deposits is the risk that in the event of a bank failure, the Activity Funds’ deposits may not be returned to it. All cash deposits of the Activity Funds are covered by depositor insurance provided by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor. Any amounts in excess of FDIC insurance are covered by pledged securities at the various financial institutions in the District's name.

Note C--Due From/To Fayette County School District

Amounts due from the District consist primarily of reimbursements of costs and expenses incurred by certain schools’ Activity Funds. These amounts are usually repaid by the District promptly.

Amounts due to the District consist primarily of tuition and scholarship costs owed to the District and expenses paid by the District on behalf of certain schools’ Activity Funds.

Note D--Future Funding

Funding for the Activity Funds is generally dependent upon the fund raising ability of the students, parents and others in the schools and the success of other programs. Continuation of the various activities in each school is predicated upon the ability of students, parents and others to raise funds, upon the students’ intent to continue their activities and upon the District’s continued support of these activities.

Combining Information

Combined Statement of Receipts, Disbursements and Fund Balances

Fayette County School DistrictSchool Activity Funds


Cash Cash Accounts Accounts Fund Balances Balances Receivable Payable Balances

July 1, 2018 Receipts Disbursements To From June 30, 2019 June 30, 2019 June 30, 2019 June 30, 2019Accounts:

General 822,482$ 1,511,152$ 981,429$ 85,095$ 516,516$ 920,784$ 52,348$ 11,793$ 961,339$

Instruction 1,187,690 3,094,918 3,153,645 288,533 250,292 1,167,204 25,905 47,027 1,146,082

Accommodation 623,952 1,605,063 1,614,729 120,855 120,786 614,355 22,316 17,249 619,422

Special Events 256,960 1,257,556 1,136,091 17,267 130,676 265,016 5,718 9,817 260,917

Athletics 584,416 2,160,514 1,881,933 170,932 364,535 669,394 4,090 61,769 611,715

Non-profit (1,753) 2,812,363 3,549,792 895,878 146,894 9,802 11,544 1,841 19,505

Miscellaneous 294,099 453,229 363,942 22,561 124,651 281,296 1,296 - 282,592

Total 3,767,846$ 12,894,795$ 12,681,561$ 1,601,121$ 1,654,350$ 3,927,851$ 123,217$ 149,496$ 3,901,572$

See Independent Auditors' Report

(Interfund Transfers)

-8-

Supplementary Schedules of Receipts, Disbursements and Fund Balances

By School and Activity

Schedule of Receipts, Disbursements and Fund Balances



Bryan Station High School

Cash Cash Accounts Accounts FundBalances Balances Receivable Payable Balances


General:General 13,325$ 34,965$ 30,666$ 4,291$ 13,333$ 47$ 13,286$ Parking Fees 160 160 160 Interest 3,814 3,814 3,814 Energy Award/e=Use2 1,056 1,800 1,010 1,846 1,846 Locker Fees 70 70 70 Spanish IMM HS 12-13 4,570 2,893 2,123 5,340 1,655 3,685

18,951 43,702 33,799 4,291 24,563 1,702 22,861

Instruction:VPA 1,063 2,711 6,048 2,712$ 438 438 Academic Team 382 500 118 IT Academy 620 25 560 85 85 Station Arts 518 994 1,164 348 157 191 STLP 1,639 1,328 1,176 1,791 1,791 Technology Dept. 1,251 106 202 943 350 593 Dance Class 170 170 170 Counseling 7,078 22,901 22,359 7,620 7,620 School Pic/Yearbook 1,353 260 1,470 117 260 260 Drama 7,768 23,059 19,871 665 10,291 10,291 English 1 268 269 269 Educator's Rising 635 10,561 10,284 912 230$ 1,142 Allied Medical Academy 603 497 106 106 HOSA-Health Occupation 3,597 8,546 11,608 500 35 35 Art McGill 578 4,667 694 1,825 2,726 2,726 Picture Fundraiser 150 150 150 Library 2,882 3 563 2,322 2,322 Piano/Keyboarding 1,114 500 358 1,256 1,256 FCS/Life Skills-Baker 1,111 740 675 1,176 1,176 Art - A.Davis 335 641 281 314 381 381 Art - Brice 496 1,388 1,789 95 95 Band 411 2,168 1,997 582 582 Chorus 1,311 1,825 1,192 1,944 1,944 Culinary Arts Fuqua 387 366 2,335 2,500 918 918 Orchestra 1,884 3,914 4,802 996 996 Technology Student Asso 888 3,560 2,921 1,527 1,527 Music - Guitar 594 1,325 1,345 574 574 Schentrup - Art 1,874 380 1,317 937 937 Station Studios 1,118 1,500 3,106 500 12 12 Health & PE 55 35 20 20 YClub/KUNA 127 1,664 1,630 161 161 Defender Café-Fuqua 1,085 2,591 2,722 954 954

Continued


-9-

Schedule of Receipts, Disbursements and Fund Balances--Continued





July 1, 2018 Receipts Disbursements To From June 30, 2019 June 30, 2019 June 30, 2019 June 30, 2019

FCCLA 1,988 25 1,963 1,963 Science 2,109 691 605 2,195 2,195 Social Studies 2,926 120 2,806 2,806 Spanish 203 690 660 233 233 Spec.Educ. 82 409 358 133 133 Beta Club 91 600 525 166 166 FBLA Club 1,127 2,641 3,723 42 3 153 (150) National Honor Society 569 577 560 94 680 680 National Art Honor Society 171 95 76 76 Menc Tri-M 69 70 137 2 2 Coffee Cart 339 1,526 1,276 589 589

51,999 105,842 111,369 6,041 3,668 48,845 230 660 48,415

Accommodation:Building/Memorials 483 206 100 177 177 Latin Dance Club 215 300 497 18 18 YSC 860 500 947 285 128 128 Intervention 1,115 1,115 1,115 G & G Diva Dance Club 1,097 1,097 Dance Blue 1,098 650 448 448 JAG 1,182 591 591 591 Junior Class 6,518 15,111 18,023 284 3,890 3,890 Student Rewards 1,314 1,314 1,314 Project Transition 6,034 1 275 390 5,370 5,370 R.O.T.C. 18,660 24,152 26,374 2,200 14,238 14,238 Senior Dinner Dance 423 425 2 Spanish Honor Society 823 625 257 1,191 1,191 Student Council 700 326 374 374 Black Lives Matter 186 186 186 Anime Club 117 117 117 Debate Team 34 34 34 ACT Club 34 457 441 50 50 Food & Nutrition 60 60 Medical Academy 50 43 7 7 Freshman Academy 20 2,415 2,101 334 334 Engineering Academy 90 576 591 105 105 Leadership Academy 154 539 378 315 315

37,750 47,617 52,676 877 3,566 30,002 30,002

Continued


-10-







Special Events:Pepsi-Students 37 160 197 197 Pepsi-Staff 652 1,664 2,198 100 218 80 298

689 1,824 2,198 100 415 80 495

Athletics:Athletic Fund 2,193 5,935 7,475 3,850 4,503 4,503 Start Up Cash 1,500 1,500 Insurance/Drug Testing 2,025 10,750 8,725 Baseball 6,398 6,298 225 325 325 Boys' Basketball 4,965 14,905 18,933 864 73 73 Girls' Basketball 12,405 11,807 162 436 436 Cheer Squad 83 2,634 4,404 1,687 Dance Team 1,833 777 2,364 784 1,030 1,030 Cross Country 3,975 496 3,092 575 804 804 La Crosse 1,259 525 1,769 15 15 Football 21,798 19,873 1,596 329 250 579 Golf 280 1,665 1,721 100 324 324 Bowling 4,245 2,064 3,450 1,325 4,184 630 3,554 Boys' Soccer 7,858 6,242 1,075 541 541 Girls' Soccer 4,315 4,678 4,072 832 5,753 5,753 Softball 4,201 4,151 5,393 1,853 4,812 4,812 Swim/Dive Teams 257 6,876 8,386 2,875 1,622 1,622 Tennis 276 124 2,221 2,000 179 179 Track 8,588 31,148 36,027 850 2,859 2,859 Bass Club 1,411 2,333 3,010 25 709 709 District Tournament 1 1 Volleyball 9,134 23,565 21,551 283 11,431 181 11,250 Wrestling 10,010 8,905 25 1,080 1,080 Archery 4,205 6,119 5,274 250 4,800 4,800 Sp. Olympics Team 600 600 600 Sports Medicine 421 100 5,140 5,000 381 381

52,242 170,089 199,658 29,539 5,422 46,790 250 1,136 45,904

Non-profit:Instructional Fees 20,527 4,993 15,534 Sweep Boe 3,000 18,924 15,924 FCPS Athletics 20,000 20,000

43,527 23,917 15,924 35,534

Total 161,631$ 412,601$ 423,617$ 52,481$ 52,481$ 150,615$ 560$ 3,498$ 147,677$



-11-




Eastside Center for Applied Technology



General 37,732$ 23,682$ 6,170$ 14,451$ 40,793$ 379$ 41,172$

Accommodation 17,633 49,767 36,251 8,643$ 39,792 1,033 40,825

Miscellaneous 5,808 5,808

Total 55,365$ 73,449$ 48,229$ 14,451$ 14,451$ 80,585$ 1,412$ -$ 81,997$



-12-




Frederick Douglass High School



General:General 5,276$ 4,201$ 42,861$ 44,803$ 11,419$ 504$ 10,915$ Cash Banks 2,400 2,500 100 Locker Fees 136 105 241$ Parking Passes 560 1,865 2,385 40 40 Student ID Badges 281 2,462 287 2,245 211 211 Cabinet Checks 225 225 225 Chromebook Damage Fees 175 530 525 180 180 Chromebook Purchases 36,198 425 33,556 2,217 2,217 Lost Keys 80 80 Interest Income 122 3,179 3,301 3,301 Freshman Academy 1,365 40 561 548 1,392 1,392 Professional Academy 1,350 29 1,379 Health Academy 30 2,203 885 985 363 363 Technology Academy 40 50 88 1,064 1,066 1,066 Ride Aid Wearables 53 69 53 69 Staff Vending 117 1,813 1,817 55 168 168 Student Vending 138 200 240 88 10 10 E=USE 953 1,340 690 1,603 1,302 301 AdvanceKY 9,870 6,271 3,599 3,599 School Store 398 228 288 458 458

10,821 66,952 58,365 46,938 40,094 26,252 1,806 24,446

Instruction:Library 475 806 198 1,083 94 989 Bio Med 130 510 566 74 74 Art 3,463 1,889 6,005 3,977 3,324 3,324 Facon 210 30 69 120 291 291 Math 200 110 8 225 527 527 Science 1,924 597 699 669 2,491 2,491 Chorus 554 4,672 5,147 487 566 566 Drama 1,097 14,746 15,238 605 14 591 PE/Health 444 896 1,340 1,340 Social Studies 1,200 1,620 2,820 2,820 English 360 420 750 1,620 1,650 1,650 EBCE 60 30 90 90 Band 3,471 1,380 2,896 213 2,168 855 1,313 Orchestra 2,777 6,086 7,910 159 1,112 1,112 YSC 337 425 500 300 562 150 412 Business 75 100 175 175 World Languages 1,830 20 1,918 1,560 1,492 1,492 Pearl Girls 330 1,165 1,076 419 150 269

Continued


-13-







KYA/KUNA 568 5,740 856 5,452 4,970 482 JAG 1,198 5,799 5,309 118 1,806 1,806 Key Club 717 1,566 1,870 413 413 International Club 4 30 34 Technology / Textbook Fee 12,142 189 11,953 Technology Classes 530 54 385 861 861 Counseling 919 21,952 20,951 53 1,973 305 1,668 PSAT 138 138 Sophomore Class 203 126 77 77 Junior Class 4,919 12,328 10,886 1,000 7,361 7,361 Senior Class 30 1,890 1,688 232 232 Technology Club 200 25 225 Auditorium Seats 414 150 564 564 Dance Blue 93 3,732 3,825 Spanish Honor Society 47 625 300 34 406 406 Music Dept Trips 412 515 103 Special Ed 6 486 326 65 231 231 CPR 230 181 49 49 National Honor Society 789 696 93 93 Black Student Union 494 244 250 250 Academic Team 700 975 275 Tri-M 175 100 75 75 cBI 437 481 70 26 26 Steppers 1,000 1,033 33 BETA 4,750 90 4,660 4,660 FBLA 320 80 240 240 ED Rising 150 150

28,923 108,778 93,905 14,112 12,350 45,558 6,538 39,020

Special Events:TSA 145 25 170 170 Yearbook 1,472 1,780 1,278 186 1,788 1,788 Student Council 792 4,026 4,016 802 802

2,264 5,951 5,294 25 186 2,760 2,760

Athletics:Athletics 14,710 55,716 20,772 20,241 29,413 3,000$ 3,158 29,255 Cheerleading 840 1,852 1,724 800 1,768 1,762 6 Dance 1,339 9,359 9,460 455 783 783 Football 728 68,240 39,915 27,016 2,037 208 1,829 Baseball 3,272 6,801 10,650 903 326 326 Softball 402 3,330 3,429 577 880 880 Lacrosse - Girls 2,723 7,322 8,963 4,297 5,379 825 4,554

Continued


-14-







Bass Fishing 374 1,260 1,154 141 339 339 Lacrosse - Boys 1,930 5,272 8,611 2,542 1,133 1,133 Boys Basketball 2,011 10,248 12,259 Boys Soccer 1,141 9,373 7,200 1,650 1,664 1,789 (125) Girls Soccer 910 10,246 8,611 978 1,567 1,567 Girls Basketball 1,185 13,341 10,298 1,040 3,188 731 2,457 Golf 2,407 2,274 133 Track 4,233 17,997 13,341 10 8,879 1,675 7,204 Volleyball 470 4,585 2,200 835 2,020 2,020 Cross Country 586 1,174 1,130 468 162 162 Wrestling 560 1,396 2,542 712 126 126 Archery 1,285 17,148 16,499 100 1,834 1,102 732 Swimming/Diving 1,832 1,792 40 Tennis 1,488 105 1,443 30 120 120 Girls Lacrosse Tournament 4,661 1,290 3,071 300 300 Boys Lacrosse Tournament 3,003 (755) 3,003 755 755 Athletic Trainer 782 1,036 254 60 194 Title X District Funds 25 5,000 5,025 5,025 Athletic Drug Testing 775 4,143 1,525 3,393 3,393 Athletic Insurance 5,830 7,743 9,448 4,125 4,125

49,820 270,551 196,557 10,867 59,211 75,470 3,000 11,310 67,160

Non-profit:Fees 16,674 317 16,357 Fee Waiver Funds 8,745 8,745 Sweep BOE 16,610 81,611 65,001

42,029 81,928 65,001 25,102

Total 91,828$ 494,261$ 436,049$ 136,943$ 136,943$ 150,040$ 3,000$ 19,654$ 133,386$



-15-




Henry Clay High School



General:General 4,815$ 1,458$ 3,531$ 1,000$ 1,742$ 189$ 1,553$ Interest 558 8,120 8,678 8,678 T Duke Scholarship 210 1,500 1,500 210 210 Pepsi Comm-Students 376 93 179 140 150 150 Pepsi Comm-Faculty 117 3,625 3,742 414$ 4,156 Student Vending 33 33 33 Parking 4,860 5,535 5,497 4,898 4,898 Contingency 564 330 81 27 786 225 1,011

11,533 20,661 10,788 1,167 20,239 639 189 20,689

Instruction:Art 79 79 79 Art KJ 4,051 2,867 2,949 1,221 2,748 2,748 Art EB 323 1,484 748 1,059 305 754 Art AC 3,505 2,183 1,322 1,322 A P History 54 54 54 Band 87 87 40 47 Business 239 165 191 213 213 Graphics Comm 750 717 300$ 333 333 Guidance 2,071 930 300 841 841 English 698 185 883 45 838 Chorus 395 4,000 3,805 590 265 325 FCS-DW 12,043 350 1,625 593 10,175 405 9,770 FCS-R 2,130 4,667 1,887 515 4,395 4,395 Orch Inst 507 1,308 743 1,072 1,072 Science Electives 2,575 330 299 2,606 44 2,562 Special Education 1,132 540 388 1,284 1,284 P E Instructions 4,933 2,885 1,947 5,871 2,088 3,783 Get Kids Fit 1,591 11,336 10,021 640 3,546 601 2,945 Drama 3,402 3,658 5,333 1,727 1,727 Math Department 433 435 879 11 Chemistry 1,610 1,349 639 2,320 2,320 Digital Photography-KJ 1,019 420 1,439 1,439 Lost Damage Books 607 669 50 1,226 1,226 PSAT 2,844 3,053 2,541 3,356 3,356 FCS- MW 1,512 2,013 330 745 2,450 2,450 AP WL 559 720 389 890 389 501 Anatomy 1,665 100 553 1,212 1,212 AP-English 2,305 2,305 2,305 A P Funds 11,453 113,765 104,274 5,172 15,772 7,575 8,197 Art-C Riley 3,045 3,335 3,592 2,788 2,074 714

Continued


-16-







MSD 509 70 439 439 Guitar 811 403 823 391 132 259 Art-KS 1,768 1,200 1,186 1,782 555 1,227 AP Art History 2,480 16,435 15,865 3,050 2,599 451 Library 1,580 224 90 1,714 1,714 FCEA 126 126 126 Biology 162 1,125 388 899 899 PBIS 66 1,157 2,446 1,355 1,355 Physics 1,604 710 300 2,014 2,014 Radio/TV Prod 70 70 70 Speech 14 14 14 Robotics 258 258 258 Technology 1,094 1,094 1,094 AAPPL Testing 100 940 1,180 140 Student Badges 599 599 599 Yearbook 27,494 2,930 2,514 27,910 27,910

102,248 187,705 170,586 3,537 8,546 114,358 17,117 97,241

Accommodation:Advocate 13 400 387 Academic Team 124 1,260 1,340 180 224 224 Beta Club 1,064 1,620 839 1,845 1,845 Art Club 10 10 10 Coed-Y 1,263 14,985 15,265 983 1,963 (980) College Night Affair 2,661 7,310 7,370 2,601 2,601 Dance Blue 1,002 8,323 8,211 1,114 1,114 Dance Team 249 430 280 399 399 Debate 1,856 35,226 34,018 530 3,594 1,128 2,466 E=USE 3,071 100 645 382 2,144 150 640 1,654 FBLA Club 269 80 170 179 179 FCCLA 945 945 945 French Honor Society 40 40 40 French Club 1 315 314 2 2 Freshman Civics 2,018 6,150 7,124 1,044 480 564 Future Ed of Amer 32 32 32 Academy 2,172 1,395 1,022 2,545 133 2,412 Go Green 2,086 150 250 1,686 1,686 Hall of Fame 3 3 3 Harambee 2,494 2,345 1,677 3,162 500 2,662 Henry Clay Club 695 695 History Club 561 60 501 501 Inter Club 397 397 397 HCHS b Lacrosse Club 1,074 2,143 1,540 293 1,384 565 819 Junior Class 112 112 112

Continued


-17-







Junior Classical Lea 236 236 236 HCHS g Lacrosse Club 1,651 1,480 848 293 2,576 2,576 Key Club 262 2,468 2,556 300 474 35 509 Latino Club 15 15 15 Literary Club 2,451 2,451 Marcie Thomason

Scholarship 1,996 16,914 15,314 3,596 3,596 Model UN 9,977 43,614 42,278 11,313 1,535 9,778 Nat Honor Soc 1,296 1,730 3,044 500 482 482 Outdoor Club 224 224 224 Psychology Club 358 358 358 Robotics Club 350 300 650 650 Science Club 66 180 180 66 66 Scholarship-A D Blac 777 5,000 500 5,277 5,277 Scholarships 16,029 500 100 15,429 15,429 Senior Class 7,504 30,550 28,587 250 9,217 118 9,099 Spirit Club 345 345 345 Spanish Club 278 139 417 417 S.T.A.M.P. 743 387 356 356 Student Council 1,183 4,365 1,303 300 3,945 3,945 TSA 15 15 15 Special Olympics 24 24 24 ST.Youth SVC 277 750 593 434 387 47 Blue Diamonds 419 100 282 237 237 World Club 239 545 568 216 216

70,927 189,817 177,600 2,190 4,486 80,848 185 7,449 73,584

Athletics:Athletics 13,734 15 1,820 7,600 19,529 19,529 Archery 3,932 21,076 20,855 1,633 5,786 5,786 Athletic Wall of Fame 639 639 639 Bass Fishing 287 1,255 968 Bowling 922 448 1,157 521 734 95 639 B Basketball 801 21,488 23,240 7,937 6,986 201 6,785 G Basketball 3,283 6,776 10,063 2,593 2,589 177 2,412 Baseball 574 19,711 19,790 2,167 2,662 7 2,655 Cheerleading 572 150 722 722 Cross Country 1,968 11,226 6,725 3,188 3,281 509 2,772 Football 1,721 27,671 11,362 10,329 7,701 6,101 1,600 Gate Receipts 21,411 45,625 13,840 30,430 22,766 250 22,516 B Golf 439 1,124 600 698 265 579 (314) G Golf 259 40 59 160 160 Drug Testing/Insurance 5,859 24,605 26,856 1,800 5,408 5,408

Continued


-18-







Intramurals 614 37 126 525 525 B Soccer 3,441 17,925 3,359 10,266 7,741 7,846 (105) G Soccer 1,493 12,346 5,548 6,543 1,748 1,748 Softball 168 10,969 13,094 2,650 693 380 313 Swimming 1,627 1,792 1,026 861 861 B Tennis 815 1,600 1,468 150 1,097 1,097 G Tennis 820 1,625 1,524 150 1,071 1,071 Middle School Track 5,450 484 4,742 1,192 1,192 Track 2,514 28,565 25,130 390 6,339 5,995 344 Athletic Trips 457 457 457 Tournament 3,745 61,264 37,078 17,733 10,198 1,233 8,965 Volleyball 7 8,349 2,934 5,422 Wrestling 150 4,271 3,717 263 967 967 Athletic Training 2,114 12 4,135 4,913 2,904 943 1,961 Title IX 10,169 5,522 5,000 9,647 9,647

89,985 327,212 247,772 39,911 84,668 124,668 24,316 100,352

Non-profit:Non Profit 624 624 Instructional Fees 40 36,928 37,592 624 Sweep BOE 217 217 FCPS Athletics 2,500 2,500 2,500

2,757 37,552 37,809 624 624 2,500 2,500

Total 277,450$ 762,947$ 644,555$ 46,262$ 99,491$ 342,613$ 824$ 49,071$ 294,366$



-19-




Lafayette High School



General:General - Main Acct 10,289$ 7,646$ 7,185$ 24$ 10,774$ 266$ 448$ 10,592$ General - Vending Faculty 736 166 570 120 690 General - Interest 415 5,889 5,847$ 457 457 General - Cash Banks 5,200 5,200 Fees-Fees 528 212,179 1,636 211,071 Energy Award 4,291 1,400 1,792 2,346 1,553 1,553 Fees-Reserve for Refund 1,979 9,175 7,196 7,196 General - Student ID's 5,398 223 5,175 General - Parking 3,170 3,170

15,523 241,618 18,181 9,199 227,609 20,550 386 448 20,488

Instruction:Art - Bryant 1,526 3,166 1,975 335 335 AP Art History 701 696 364 369 369 Art - Jones 319 2,958 3,973 1,334 1,334 English 1,016 688 3,056 2,469 1,117 1,117 Graphics-Nolan 3,022 740 6,291 2,597 68 68 Art & Humanities 910 593 318 635 635 PE 2,581 900 8,333 5,153 301 301 Art - Baker 825 9,958 9,133 STLP 17 17 17 Art - Drake 923 923 Art - Digital Imaging 81 81 TSA 100 2,865 3,005 107 67 67 Art - Digital Media 5,779 1,091 4,623 65 65 Facon-Mullins 125 125 Facon-Early Childhood 1,300 5,534 7,091 2,857 40 2,817 Art Special Fund Acct 1,588 450 1,138 1,138 Art - Ind Study 383 383 SCAPA Vocal Music 199 199 199 Technology 88 225 101 212 212 Art - Pottery 4,073 882 2,862 329 329 Art-Computer Asst. 200 200 Creative Writing 4,980 3,428 726 826 826 Art - Drawing I 393 393 393 Art-Detraz 698 4,226 4,080 552 552 Art-Trip Acct - Page 12,336 12,336 Art - Art 1 2,446 2,151 295 295 Art-Page 1,840 7,319 6,110 631 631 SCAPA Dance 441 824 1,265 1,265 Facon - Child Care Services 241 200 195 46 200 200

Continued


-20-







Social Studies 4,091 16,681 25,949 7,570 2,393 2,393 Art - Stofer 1,092 529 9,006 8,169 784 784 ECBE/Community Serv 960 1,470 510 510 Science 13,973 660 17,841 5,710 2,502 2,245 257 Multi-cultural Fair Fund 2,119 583 888 20 1,794 1,794 Fees-Lost Textbooks 13 127 114 Facon-Culinary 6,323 13 6,926 2,263 1,673 1,673 PE - Controlling Street 639 120 1,115 395 39 39 Facon-Housing/Fashion 474 29 551 335 287 287

58,765 43,673 137,062 69,870 12,059 23,187 2,285 20,902

Accommodation:Freshman Orientation 100 100 Class of 61 245 58 187 187 Chase Whatley Scholarship 1,000 1,000 Academic Team 239 270 435 74 74 Band 7,643 40,322 34,509 5,314 8,142 8,142 Band Instrument Fees 53 53 GSA 422 176 246 246 Beta Club 8,969 7,379 16,131 217 217 The Green Team 504 145 359 359 Counseling 2,772 3,675 2,757 3,690 3,690 Class of 79 400 400 400 School Store 6,906 10,178 9,034 1,110 6,940 6,940 Retail Co-op 632 330 962 962 Business Dept. 4,697 31 469 1,744 2,515 2,515 Deca Club 1,593 1,593 Theatre 14,856 34,202 40,062 3,847 12,843 12,843 Random Acts of Kindness 3 628 616 128 143 143 Medical Relief Club 901 475 426 426 FBLA 217 217 FCA 76 76 French Club 1,358 2,192 1,990 95 1,655 1,655 Y-Club 76 28,297 25,083 95 3,385 3,385 National Honor Society 3,383 3,065 1,535 4,913 4,913 AP Testing Acct 19,221 72,769 70,015 9,421 12,554 12,554 World Languages 511 7,187 6,856 180 180 Girls Lacross 1,083 8,581 7,951 544 1,169 1,169 Key Club 732 732 Outdoors Club 288 90 71 24 283 283 Ultimate Frisbee 35 35 Laurel 3 3 Library 1,253 1,419 80 130 2,462 2,462

Continued


-21-







Coach V Group Acct 8 8 Math - AP 1,048 1,375 3,361 1,447 509 509 Mu Alpha Theta 4,313 4,652 5,684 2,000 1,281 73 1,354 Orchestra 5,313 1,187 4,126 Tri-M 495 330 475 350 350 General - Transcripts 385 385 Facon-Ed Rising 8,918 9,022 125 21 21 Pre Engineering 534 2,145 4,105 2,494 2,494 Geo Club 5 5 Social Fund 18 18 Art - NAHS - Detraz 1,332 747 23 608 608 Pottery Club 25 25 Special Ed 1,305 480 550 1,235 1,235 Facon-Co-Op 815 699 135 251 251 Speech 1,461 2,694 4,084 146 217 217 E-sports 128 468 340 Action For Africa 3 3 Student Council 1,559 52,932 54,171 320 Vocal Music 1,000 4,510 4,070 1,296 144 144 Lifestream Club 60 60 ESL 4,524 1,065 276 1,393 3,920 3,920 Musicianship 1 2,037 52 1,944 41 41 Facon-FCCLA 2,058 5,180 5,806 1,124 308 308 Musicianship 2 848 498 1,346 1,346 YSC Teen Board 6,278 2,688 4,806 1,070 5,230 506 5,736 Musicianship 3 1,160 280 545 1,425 1,425 Senior Class 270 2,601 2,844 1,000 1,027 300 727 Rising Republicans 24 24 Harambee 75 75 Junior Class 27,596 26,685 34,389 3,000 16,892 16,892 Speech McDonnell Scholars 224 224 224 Speech Beeler Scholarship 3,779 2,000 1,779 1,779 Freshman Class 574 2,581 1,847 735 2,043 2,043 Speech Robey Scholarship 13 13 Facon-Parenting 1,099 579 48 568 568 Facon-Child Dev 4,628 38 4,590 Facon-Life Skills 921 562 1,945 2,304 2,304 Facon-Money Skills 8 1,100 1,240 148 148 Sophomore Class 2,133 424 289 1,000 3,268 3,268 Young Democrats Club 60 60 Spanish Honor Society 24 65 24 65 65 Spanish Club 6 6 Bates, David 127 71 106 92 92 Japanese Grant 978 978

Continued


-22-







Japanese 191 66 125 125 Fees-Text/Tech Fees 1,947 60,874 58,927

152,967 338,942 422,356 84,680 42,573 111,660 579 300 111,939 Special Events:Newspaper 2,337 1,627 3,220 396 1,140 1,140 Yearbook 18,004 1,365 13,990 540 4,839 4,839

20,341 2,992 17,210 396 540 5,979 5,979

Athletics:Athletic-General 337 21,908 5,056 15,871 1,318 50 1,268 Archery 1,554 22,407 16,452 1,041 6,468 174 72 6,570 Baseball 25,317 26,060 1,434 691 691 Boys Basketball 12,992 11,727 1,136 129 129 Girls Basketball 8,142 8,662 520 Bass Fishing 924 3,812 2,301 80 2,515 2,515 Cheerleading 2,037 1,251 786 Dance 1,111 408 1,044 475 Football Tournament 1,091 1,091 Intramurals 755 65 690 Football 62,155 43,257 18,898 General - Reserve Acct 10,000 10,000 Boys Golf 3 765 854 86 Boys Soccer 565 15,699 3,315 8,907 4,042 4,042 Girls Soccer 4,778 13,316 12,543 1,071 4,480 4,480 Swimming 3,602 5,177 1,575 Softball 575 7,532 8,207 100 Tennis 7 1,241 725 454 69 69 Cross Country 2,891 1,907 984 Girls Golf 439 8,456 7,255 189 1,451 42 1,493 Wrestling Tournament 4,510 2,310 2,200 Wrestling 5,392 5,763 6,599 2,121 6,677 6,677 Bowling 4,478 175 1,592 250 2,811 2,811 Athletic - Title IX Funds 5,185 7,072 2,000 113 113 Baseball Tournament Acct 5,902 3,858 2,044 Boys Tennis 111 100 211 Volleyball 1,036 27,290 21,170 3,700 3,456 3,456 Athletic - Mau Jack Schol 371 120 251 251Athletics-Trainer 1,539 5,261 5,175 1,453 990 463Track 742 31,251 25,714 646 5,633 2,140 3,493 Athletic - Insurance 1,225 14,675 13,450

40,993 288,896 244,229 26,541 70,644 41,557 216 3,252 38,521

Continued


-23-







Non-profit:SAF/DAF Sweep 162,739 162,739

162,739 162,739

Total 288,589$ 916,121$ 1,001,777$ 353,425$ 353,425$ 202,933$ 1,181$ 6,285$ 197,829$



-24-




Learning Center at Linlee



General 559$ 1,687$ 1,682$ 200$ 364$ 364$

Instruction 1,397 328 1,500 225 225

Accommodation 4,748 29,895 22,759 200$ 12,084 12,084

Total 6,704$ 31,910$ 25,941$ 200$ 200$ 12,673$ -$ -$ 12,673$



-25-




Martin Luther King Academy

Cash (Interfund Transfers) Cash Accounts Accounts Fund Balances Balances Receivable Payable Balances


General 8,749$ 15,561$ 10,215$ 14,095$ 611$ 1,057$ 13,649$

Instruction 100 100 100

Accommodation 720 720 720

Special Events 92 92 92

Miscellaneous 282,992 102,925 655 119,344$ 265,918 265,918

Non-profit 119,344 119,344$

Total 292,653$ 118,486$ 130,214$ 119,344$ 119,344$ 280,925$ 611$ 1,057$ 280,479$


-26-




Paul Laurence Dunbar High School



General:Guidance 6,659$ 98,129$ 98,020$ 2,103$ 4,665$ 2,682$ 7,347$ Booktique 2,139 4,784 5,548 438$ 1,813 1,813 School Locks 675 620 1,295 1,295 Repair Replace Book Funds 40,540 393 40,933 40,933 PLD-Office 13,124 11,734 6,255 1,016 17,587 12,943 30,530 Parking Sticker Fees 10,664 10,127 392 20,399 20,399

73,801 125,787 110,215 438 3,119 86,692 15,625 102,317

Instruction:Art-Pawley 5,999 5,905 6,010 6,104 6,104 Art Classes-Banks 3,906 4,453 5,523 4,976 4,976

Art Projects-ET 2 345 2,218 2,903 1,032 1,032 Art Projects-Eller 1,275 130 6,358 5,987 1,034 1,034 Band 14,312 23,587 20,216 610 17,073 17,073 Business 6,643 3,152 9,795 9,795 Chorus 2,697 4,429 6,626 2,471 2,971 551$ 2,420 EBCE 1,412 1,071 1,477 1,818 1,818 Marketing 1,090 1,090 1,090 Dual Credit 5,292 3,893 4,359 5,758 5,758 AP Sr English 1,180 510 2,634 2,240 1,296 1,296 Foreign Language 7,782 1,910 6,100 11,972 414 11,558 Family & Consumer 2,427 1,971 2,594 3,050 3,050 Junior AP Composition 5,081 38 2,580 7,623 256 7,367 Library 1,183 2,017 1,096 2,104 2,104 Life Skills/PBIS 2,067 987 1,359 1,000 2,695 2,695 MSTC 6,627 9,631 10,398 7,814 13,674 1,025 12,649 PE 3,461 994 1,365 3,832 942 2,890 Math 12,498 560 837 4,152 16,373 16,373 Orchestra 6,780 11,856 12,434 768 6,970 700 6,270 Science 5,612 2,800 8,910 4,776 4,278 100 4,178 Social Studies 13,905 551 3,668 6,060 16,848 935 15,913 Speech Team 1 10,732 13,370 2,640 3 3 STLP 1,245 100 282 1,063 1,063 Tech Ed 4,824 10 1,429 2,685 6,090 780 230 6,640 TV Production 929 929 929 Technology 18,246 7,864 26,110 26,110 Tech/Text 434 157,186 50 157,570 Graphic Arts 892 3,070 3,933 1,755 170 1,585 Yearbook 7,055 4,790 6,066 679 5,100 5,100 Incriminating Inc Magazine 1,973 280 294 1,959 1,959 TP-Lim-Scholarship 4 400 404 404

Continued


-27-







Lamplighter Newspaper 2,532 29,118 28,575 1,577 4,652 381 5,033

149,366 260,019 150,125 90,030 158,859 190,431 1,161 5,323 186,269

Accommodation:Beta Club 2,273 2,320 1,276 602 2,715 2,715 AAH African Am History 16 16 Boys to Men 131 115 195 51 51 Community Service Club 401 50 451 451 Cultural Society 953 730 1,048 212 423 423 E=USE2 7,513 1,239 2,123 8,397 8,397 FBLA 10 4,262 3,633 639 639 Fishing Club 51 50 1 1 Faculty Vending 87 568 710 100 45 150 195 Freshman Class 2,761 43 2,718 2,718 Field Trip Funds 2,552 500 607 316 2,129 2,129 Drama Club 8,853 24,474 29,222 1,794 2,311 2,311 Dunbar Sci Olympiad Team 395 88 200 111 172 172 FCA 105 220 248 77 77 French NH Society 924 375 617 682 682

French Club 775 390 755 410 410 GSA 11 707 438 280 280 German Club/Honor Society 423 1,051 564 910 910 FCCLA 1,668 5,497 7,189 30 6 6 Junior Class 26,670 32,790 37,028 672 21,760 21,760 Leaders in the Making 12 15,926 17,234 1,300 4 4 National Honor Society 702 2,840 2,806 736 736 Medical Club 73 73 73 Magic Closet 3,683 (60) 4,526 1,600 697 697 Academic Team 442 10,965 11,384 253 276 276 Ping Pong Club 809 476 1,116 169 169 Pearl Girls 340 1,842 1,516 14 14 Robotics 2,328 14,474 4,887 3,956 7,959 680 7,279 Science NHS 2,008 660 1,348 1,348 Senior Class 702 78,479 75,629 3,516 36 1,250 1,286 SHPE 1,215 9,266 6,978 451 3,052 3,052 Social Committee 7 1,942 1,411 538 538 Spanish Ntl Honor Soc 2,628 1,396 1,552 2,472 199 2,273 STEM 20 111 131 131 Student Council 4,444 13,660 4,319 10,526 3,259 3,259 Student Vending 848 1,745 763 1,830 150 1,980 Technology Club 1,524 5,475 4,691 2,308 1,441 867 TLC 1,375 850 444 1,781 1,781

Continued


-28-







Youth in Government 4 16,675 15,440 946 293 293

79,376 248,606 240,694 7,033 23,168 71,153 1,550 2,320 70,383

Athletics:Archery 1,999 8,929 6,916 646 3,366 1,390 1,976 Baseball 17 29,946 4,460 22,684 2,819 2,819 Dance Team 23 24,147 18,040 6,046 84 84 Bowling 786 319 2,779 5,592 3,918 1,100 2,818 Boys' Basketball 407 26,825 15,431 4,560 7,241 950 6,291 Cheerleaders 683 16,477 13,606 374 3,928 1,350 2,578 Cross Country 4,567 3,098 3,663 3,148 854 854 Football 379 38,550 40,067 1,146 8 8 Girls' Basketball 5,044 14,427 11,302 1,266 6,903 30 6,873 Boys Golf 109 109 109 Girls Golf 2,892 1,481 1,411 Boys' Soccer 7,069 11,675 6,487 6,666 5,591 5,591 Girls' Soccer 1,565 18,424 9,080 4,302 6,607 6,607 Fastpitch/Softball 3,520 6,216 3,910 3,411 2,415 2,415 Swimming 3,789 5,826 7,693 656 2,578 2,578 Tennis 5,712 3,480 3,167 896 5,129 2,075 3,054 Track 7,839 11,578 14,287 3,130 8,260 1,355 6,905 Volleyball 9,882 28,563 24,969 9,223 4,253 900 3,353 Wrestling 1,540 3,189 2,479 2,250 1,168 1,082 Athletic Trainers 3 164 3,339 3,673 501 501 Athletic Reserves 1,850 33,965 22,545 11,004 2,266 2,266 Athletic Insurance 3,100 19,735 20,050 2,475 310 310 General Athletics 14,172 28,561 20,136 15,879 6,718 400 550 6,568

74,055 336,986 255,887 14,571 93,617 76,108 400 10,868 65,640

Non-profit:Athletics-FCPS 44,470 44,470 BOE/Sweep 122,221 122,221

166,691 166,691

Total 376,598$ 971,398$ 923,612$ 278,763$ 278,763$ 424,384$ 18,736$ 18,511$ 424,609$



-29-




Southside Center for Applied Technology



General 4,211$ 31,010$ 30,698$ 150$ 4,373$ 4,373$

Instruction 2,766 540 424 2,882 200$ 3,082

Accommodation 9,382 19,510 24,352 150$ 4,690 11,856 16,546

Special Events 1,509 1,573 2,335 747 747

Total 17,868$ 52,633$ 57,809$ 150$ 150$ 12,692$ 12,056$ -$ 24,748$



-30-




Success Academy



General 3,042$ 1,912$ 15$ 1,145$ 50$ 1,195$

Non-profit 15 15$

Total -$ 3,057$ 1,912$ 15$ 15$ 1,145$ 50$ -$ 1,195$



-31-




Tates Creek High School



General:General 2,482$ 3,208$ 4,667$ 711$ 1,734$ 184$ 1,550$ ID Badges 100 100 PBIS 95 679 1,166 450 58 58 CD Investment 6,982 4,000 3,423 4,250 11,809 2,500$ 14,309 Energy Award 2,978 1,170 4,148 4,148 Transcripts 766 712 1,478 1,478 Interest 711 5,924 4,723 711$ 1,201 1,201 Underclassmen Pict 1,447 1,447 1,447 Monk Scholarship 290 290 290 Gardner Scholarship 460 100 360 360 Cathy Coop Memorial 500 500 Sam Meaux Jr Award 150 100 50 50 Boyd Memorial Fund 300 300 300 Tandy Memorial Fund 994 100 894 894 Brewer Memorial 50 50 50

Parking Permits 25 1,050 566 509 509 Locks 823 50 873 873 AP Exams 1,684 1,316 1,275 1,725 1,725

PSAT 789 856 904 741 741 Pepsi Comm. -Student 1,450 847 671 1,626 1,626 Pepsi Comm.- Faculty 272 655 449 478 478

21,301 22,514 18,744 5,411 711 29,771 2,500 184 32,087

Instruction:Culinary 1,278 1,278 1,278 Commodore Corner 2,286 1,228 1,872 419 2,061 2,061 Principles of Hospitality 80 38 150 192 192 IB 62,944 61,414 92,431 50 31,877 14,825 46,702 Art 1,953 4,185 9,432 4,557 1,263 153 1,110 CAS 435 435 435 Chorus 161 3,404 3,536 29 29 Child Development 534 160 1,850 2,076 920 920 Band 9 11,721 11,721 9 9 Fashion & Int. Design 2,019 703 591 575 2,706 2,706 Humanities Class 823 254 (90) 1,167 1,167 Drama 21,521 20,765 26,775 10 15,501 15,501 World Language 1,757 300 1,457 1,457 Life Skills 2,790 480 2,308 2,736 3,698 3,698 English 415 415 415 Tech. Ed. 3,230 2,031 4,868 3,896 4,289 4,289 Orchestra 5,178 860 5,810 228 228

Continued


-32-







Library 69 165 18 216 216

107,402 107,450 161,460 14,409 60 67,741 14,825 153 82,413

Accommodation:Academic Team 1,564 120 350 1,334 1,334 Junior Classical League 159 1,110 1,196 73 73 Pass 100 100 100 Beta Club 2,376 1,500 876 876 Deca 457 457 457 Compass 7,339 2,830 3,819 40 6,390 6,390 Key Club 452 452 452 Senior Trip 6,440 112,881 104,738 60 14,523 14,523 FBLA 3,910 2,362 2,833 50 3,389 3,389 FCCLA 249 8,775 9,070 797 751 751 International Club 261 261 261 Hope 145 145 145 Playschool 50 500 426 124 124 Senior Class 37 7,123 7,220 60 National Honor Society 1,176 814 1,123 867 867 Y-Club 85 1,672 1,757 Young Democrats 152 19 133 133 Young Republicans 130 130 130 Science Club 4,856 725 5,581 Outdoor Club 587 587 587 Spanish Honor Society 84 315 103 296 296 Step Team 4 4 4 Speech Team 84 84 84 TSA 17 3,050 2,767 80 380 380 Student Council 316 11,820 9,804 1,318 1,014 1,014 IB Grad Award 3,296 500 2,796 2,796 YSC 625 1,413 1,221 613 204 913 1,117 Tatu 1,285 3,100 2,594 1,791 1,791

36,136 158,710 151,040 977 7,622 37,161 913 38,074

Special Events:Prom 5,543 18,702 17,972 200 6,473 6,473

5,543 18,702 17,972 200 6,473 6,473

Athletics:Athletics 5,179 4,507 11,311 5,602 3,977 3,977 Insurance 2,886 350 11,400 12,400 4,236 4,236

Continued

-33-







Drug Testing 5,696 350 12,715 13,475 6,806 6,806 43rd Regional Baseball 2,926 1,951 975 Baseball 22,051 19,138 2,913 Bowling 430 2,226 2,927 1,746 1,475 1,475 Athletic Training 647 5,057 5,000 590 590 Archery 7,491 19,451 13,529 2,290 11,123 11,123 Dance Team 123 1,263 459 127 800 800 Boys Basketball 2,030 12,389 10,459 610 3,350 3,350 Region 7 Bowling Tourney 4,979 4,803 176 Girls Basketball 986 9,463 7,586 616 2,247 2,247 Cheerleaders 1,048 1,008 40 40 Girls Lacrosse 145 145 145 Fishing 501 293 465 27 302 302 Boys Lacrosse 5,194 5,194 Track 3,231 23,985 21,811 1,610 3,795 3,795 Cross Country 5,678 11,408 9,395 4,067 3,624 3,624 Football 236 31,237 24,522 5,020 1,931 699 1,232 Adidas Kickoff Classic 1 1 1 Golf 2,447 1,825 2,738 359 1,175 1,175 Intramurals 1,130 365 472 1,023 1,023 Boys Soccer 5,621 11,626 6,674 7,281 3,292 3,292 Girls Soccer 10,469 13,490 8,768 8,796 6,395 437 5,958 Softball 1,419 6,291 6,840 684 186 186 11th Region Softball 6,698 5,852 846 43rd District Softball 2,220 2,163 57 Swim Team 327 2,972 1,245 774 2,828 2,828 Tennis 1,710 1,638 123 195 195 Unified Sports 783 423 360 360 Volleyball 8,283 18,002 13,352 5,608 7,325 7,325 Wrestling 1,665 8,606 8,741 1,480 50 50

70,330 223,999 221,205 39,120 44,973 67,271 1,136 66,135

Non-profit:Course Fees 17,717 17,717 Replacement Books 934 934 Fee Waiver 14,070 14,070 Sweep BOE 27,319 27,319 FCPS Athletics 20,000 20,000

52,721 45,970 27,319 34,070

Total 240,712$ 584,096$ 616,391$ 87,436$ 87,436$ 208,417$ 18,238$ 1,473$ 225,182$


-34-




Beaumont Middle School



General 14,522$ 22,916$ 11,902$ 16,150$ 9,386$ 175$ 9,561$

Instruction 33,480 112,451 113,342 5,504 27,085 59 27,144

Special Events 57,723 188,563 186,476 10,728 49,082 339 60$ 49,361

Non-profit 5 9,947 42,334 32,382$

Total 105,730$ 333,877$ 354,054$ 32,382$ 32,382$ 85,553$ 573$ 60$ 86,066$



-35-




Bryan Station Middle School



General 4,624$ 2,899$ 2,660$ 471$ 4,392$ 150$ 4,542$

Instruction 24,350 65,048 59,310 30,088 844$ 29,244

Accommodation 12,852 7,011 6,804 471$ 13,530 150 13,680

Athletics 11,575 38,393 32,035 17,933 17,933

Non-profit 7,984 7,984

Total 53,401$ 121,335$ 108,793$ 471$ 471$ 65,943$ 300$ 844$ 65,399$



-36-




Carter G. Woodson Academy



General 3,061$ 564$ 1,035$ 950$ 1,640$ 1,640$

Instruction 2,415 10,755 6,139 4,259 2,772 2,772

Accommodation 1,868 5,775 5,755 1,031$ 2,919 2,919

Special Events 3,256 10,692 10,667 731 2,550 2,550


Total 10,600$ 27,786$ 28,505$ 5,940$ 5,940$ 9,881$ -$ -$ 9,881$



-37-




Crawford Middle School



General 14,895$ 13,575$ 10,773$ 2,921$ 14,776$ 100$ 14,876$

Instruction 10,719 35,985 37,563 8,714$ 17,855 17,855

Accommodation 9,791 10,449 10,740 17 9,517 9,517

Athletics 16,991 28,832 29,417 1 16,405 16,405

Non-profit 8,128 2,319 5,809

Total 52,396$ 96,969$ 90,812$ 8,731$ 8,731$ 58,553$ 100$ -$ 58,653$



-38-




Edythe J. Hayes Middle School



General 28,630$ 60,859$ 61,753$ 10,573$ 17,163$ 17,163$

Instruction 32,930 183,203 163,248 7,888 44,997 1,194$ 43,803

Athletics 49,887 113,340 111,081 1,090$ 53,236 224$ 8,485 44,975

Non-profit 19,122 36,493 17,371

Total 111,447$ 376,524$ 372,575$ 18,461$ 18,461$ 115,396$ 224$ 9,679$ 105,941$


-39-




Jessie M. Clark Middle School



General 10,662$ 5,589$ 4,393$ 510$ 11,348$ 62$ 330$ 11,080$

Instruction 37,122 137,193 141,044 649$ 33,920 223 33,697

Accommodation 3,360 4,193 2,808 816 5,561 5,561

Special Events 12,411 10,851 10,458 2,636 10,168 10,168

Athletics 26,866 97,134 83,997 4,114 35,889 35,889

Non-profit 8,602 14,397 5,795 1,426 1,426

Total 90,421$ 263,562$ 257,097$ 7,260$ 7,260$ 96,886$ 1,488$ 553$ 97,821$



-40-




Leestown Middle School



General 11,751$ 14,540$ 20,495$ 3,381$ 9,177$ 64$ 9,241$

Accommodation 22,172 148,433 119,964 21,755$ 28,886 4,240 150$ 32,976

Athletics 10,390 46,144 40,545 1,792 14,197 128 14,069

Non-profit 1,769 15,124 33,431 20,166 3,628 3,628

Total 46,082$ 224,241$ 214,435$ 23,547$ 23,547$ 55,888$ 4,304$ 278$ 59,914$



-41-




Lexington Traditional Magnet School



General 3,456$ 5,651$ 6,164$ 1,007$ 1,936$ 1,936$

Accommodation 13,386 22,074 22,281 2,203$ 15,382 15,382

Special Events 2,185 47,396 40,805 5,191 3,585 3,585

Athletics 7,998 28,244 22,081 38 14,123 14,123


Total 27,025$ 103,365$ 95,364$ 6,236$ 6,236$ 35,026$ -$ -$ 35,026$



-42-




Morton Middle School



General 37,959$ 33,515$ 35,601$ 1,639$ 37,512$ 104$ 30$ 37,586$

Instruction 14,295 75,365 74,158 1,688$ 13,814 2,000 15,814

Accommodation 10,975 48,490 47,687 2,689 14,467 14,467

Special Events 4,273 4,408 3,967 32 4,746 4,746

Athletics 9,677 56,501 49,662 16,516 16,516

Non-profit 8,798 6,126 2,672

Total 77,179$ 227,077$ 217,201$ 4,360$ 4,360$ 87,055$ 2,104$ 30$ 89,129$



-43-




School for the Creative and Performing Arts at Bluegrass



General 4,949$ 1,996$ 1,173$ 95$ 5,677$ 5,677$

Instruction 19,960 123,663 121,930 2,604 19,089 19,089

Accommodation 231 83 314 314

Special Events 24,719 239,726 197,724 9,440 57,281 57,281

Non-profit 1,422 13,561 12,139$

Total 49,859$ 366,890$ 334,388$ 12,139$ 12,139$ 82,361$ -$ -$ 82,361$



-44-




Southern Middle School



General 21,334$ 9,108$ 7,084$ 3,498$ 26,856$ 26,856$

Instruction 49,383 119,504 112,137 861$ 55,889 35$ 55,854

Accommodation 11,670 49,293 50,476 55 10,542 2,105 8,437

Special Events 1,681 31,020 18,230 13,765 706 706

Athletics 55,257 69,848 78,981 55 46,069 1,138 44,931

Non-profit 9,576 20,704 11,128

Total 139,325$ 288,349$ 287,612$ 14,681$ 14,681$ 140,062$ -$ 3,278$ 136,784$



-45-




Tates Creek Middle School



General 13,863$ 3,024$ 13,244$ 653$ 4,296$ 4,296$

Instruction 24,935 96,593 103,379 1,118$ 17,031 1,500$ 15,531

Accommodation 12,664 25,313 26,137 2,332 9,508 9,508

Special Events 789 150 639

Athletics 14,049 50,846 50,658 2,613 16,850 16,850

Non-profit 27,318 28,141 823

Total 65,511$ 203,883$ 221,709$ 4,089$ 4,089$ 47,685$ -$ 1,500$ 46,185$



-46-




Winburn Middle School



General 4,513$ 4,757$ 2,538$ 265$ 6,997$ 296$ 7,293$

Instruction 20,562 110,115 116,778 5,196 19,095 1 19,096

Accommodation 424 19,170 17,023 190 2,761 764$ 1,997

Athletics 4,301 13,499 18,168 6,680 6,312 6,312

Non-profit 12,331 12,331$ 7,290 7,290

Total 29,800$ 159,872$ 154,507$ 12,331$ 12,331$ 35,165$ 7,587$ 764$ 41,988$



-47-




Academy for Leadership at Millcreek Elementary



General 6,520$ 12,542$ 10,934$ 615$ 7,513$ 1,853$ 216$ 9,150$

Instruction 9,189 48,643 48,551 1,924 7,357 110 215 7,252

Miscellaneous 2,539 2,539$

Total 15,709$ 61,185$ 62,024$ 2,539$ 2,539$ 14,870$ 1,963$ 431$ 16,402$



-48-




Arlington Elementary School



General 7,700$ 5,185$ 3,324$ 784$ 8,777$ 83$ 8,860$

Instruction 14,638 16,014 17,255 136$ 13,533 609$ 12,924

Accommodation 3,734 779 3,499 552 462 462

Special Events 2,514 2,761 1,168 4,107 4,107


Total 28,586$ 24,739$ 26,446$ 1,336$ 1,336$ 26,879$ 83$ 609$ 26,353$



-49-




Ashland Elementary School



General 9,754$ 18,273$ 4,679$ 11,723$ 11,625$ 11,625$

Instruction 7,486 13,615 14,118 27$ 7,010 201$ 7,211

Accommodation 1,744 6,900 6,779 222 1,643 1,643

Special Events 983 4,450 4,393 319 721 721

Non-profit 103,204 115,441 12,237

Total 19,967$ 146,442$ 145,410$ 12,264$ 12,264$ 20,999$ 201$ -$ 21,200$



-50-




Athens-Chilesburg Elementary School



General 60,230$ 88,572$ 20,202$ 63,590$ 65,010$ 50$ 31$ 65,029$

Instruction 29,034 44,365 43,742 4,214$ 33,871 1,463 32,408

Accommodation 6,486 624 2,038 2,084 7,156 7,156

Special Events 2,522 3,615 899 2,770 2,468 2,468

Non-profit 2,650 62,712 60,062

Total 98,272$ 139,826$ 129,593$ 66,360$ 66,360$ 108,505$ 50$ 1,494$ 107,061$



-51-




Booker T. Washington Academy



General 608$ 4,601$ 5,518$ 672$ 363$ 6,328$ 6,691$

Instruction 1,433 6,051 11,498 7,004 2,990 1,123$ 1,867

Accommodation 1,403 3,152 4,953 403 5 5

Special Events 6,698 12,679 8,344 4,203$ 6,830 6,830

Non-profit 3,976 100 3,876

Total 10,142$ 30,459$ 30,413$ 8,079$ 8,079$ 10,188$ 6,328$ 1,123$ 15,393$



-52-




Breckinridge Elementary School



General 1,786$ 14,251$ 10,277$ 730$ 6,490$ 606$ 7,096$

Instruction 429 734 87$ 1,076 1,076

Accommodation 8,344 16,018 17,114 2,182 9,430 9,430

Special Events 993 1,373 1,163 305 1,508 1,508

Non-profit 83,339 80,209 3,130

Total 11,552$ 115,715$ 108,763$ 3,217$ 3,217$ 18,504$ 606$ -$ 19,110$



-53-




Cardinal Valley Elementary School



General 988$ 7,448$ 1,369$ 1,300$ 5,767$ 160$ 300$ 5,627$

Instruction 14,174 26,228 33,005 8,882$ 16,279 16,279

Accommodation 3,200 2,644 3,040 1,496 4,300 4,300

Special Events 12,290 4,608 505 7,258 9,135 1,938 7,197

Non-profit 31 7,878 6,089 1,820

Total 30,683$ 48,806$ 44,008$ 10,378$ 10,378$ 35,481$ 160$ 2,238$ 33,403$



-54-




Cassidy Elementary School



General 4,276$ 3,113$ 1,848$ 1,359$ 6,900$ 6,900$

Instruction 6,287 3,335 4,029 735$ 4,858 4,858

Accommodation 10,690 40,127 35,239 797 14,781 14,781

Special Events 9,124 46,604 8,319 38,908 8,501 8,501

Non-profit 150 210,347 249,578 39,081

Total 30,527$ 303,526$ 299,013$ 40,440$ 40,440$ 35,040$ -$ -$ 35,040$



-55-




Clays Mill Elementary School



General 18,449$ 8,908$ 4,909$ 2,880$ 25,328$ 82$ 25,410$

Instruction 4,546 44,635 52,087 9,020 6,114 6,114

Accommodation 1,551 1,679 2,359 871 871

Special Events 18,021 12,650 1,811 11,448$ 17,412 3,274 20,686

Non-profit 294 238,188 238,030 452

Total 42,861$ 306,060$ 299,196$ 11,900$ 11,900$ 49,725$ 3,356$ -$ 53,081$



-56-




Coventry Oak Elementary School



General 6,225$ 3,577$ 7,368$ 932$ 3,366$ 3,366$

Instruction 10,709 25,618 32,101 6,671 10,897 27$ 10,924

Special Events 5,623 16,216 18,006 3,833 3,833

Non-profit 7,603 7,603$

Total 22,557$ 53,014$ 57,475$ 7,603$ 7,603$ 18,096$ 27$ -$ 18,123$



-57-




Deep Springs Elementary School



General 4,157$ 6,317$ 7,045$ 400$ 3,029$ 109$ 3,138$

Instruction 4,156 22,707 24,224 420$ 3,059 461 3,520

Accommodation 7,068 9,191 13,993 20 2,246 2,246

Miscellaneous 2,562 3,765 4,144 2,183 3 2,186

Non-profit 380 38,062 37,824 618 618$

Total 18,323$ 80,042$ 87,230$ 420$ 420$ 11,135$ 573$ 618$ 11,090$



-58-




Dixie Magnet



General 25,531$ 43,852$ 47,846$ 2,575$ 18,962$ 58$ 19,020$

Instruction 5,756 214,155 211,294 5,075 3,542 3,542

Non-profit 7,651 7,651$

Miscellaneous 127 4,045 928 1 3,243 3,243

Total 31,414$ 262,052$ 267,719$ 7,651$ 7,651$ 25,747$ 58$ -$ 25,805$



-59-




Garden Springs Elementary School



General 6,329$ 6,002$ 2,801$ 34$ 9,564$ 180$ 9,744$

Instruction 15,194 92,838 99,416 21$ 8,595 1,910$ 6,685

Accommodation 1,277 8,667 7,851 2,093 2,093

Special Events 498 296 175 13 606 606

Non-profit 697 299 2 994 994

Miscellaneous 560 121,245 121,428 377 377

Total 24,555$ 229,347$ 231,673$ 34$ 34$ 22,229$ 180$ 1,910$ 20,499$



-60-




Garrett Morgan Elementary School



General 11,637$ 5,169$ 2,434$ 500$ 13,872$ 91$ 13,963$

Instruction 22,166 48,511 41,216 205 29,256 29,256

Accommodation 4,372 2,280 205$ 2,297 2,297

Special Events 15,402 22,025 12,012 500 25,915 7,603$ 18,312

Total 49,205$ 80,077$ 57,942$ 705$ 705$ 71,340$ 91$ 7,603$ 63,828$



-61-




Glendover Elementary School



General 16,749$ 3,715$ 1,022$ 902$ 20,344$ 93$ 20,437$

Instruction 2,992 9,609 13,917 3,379 2,063 2,063

Accommodation 6,445 1,675 2,010 1,025 7,135 1,173$ 5,962

Miscellaneous 5,306 5,306$ 155 155

Total 26,186$ 20,305$ 16,949$ 5,306$ 5,306$ 29,542$ 248$ 1,173$ 28,617$



-62-




Harrison Elementary School



General 1,871$ $ 13,134 $ 9,016 1,363$ 4,626$ 50$ 4,676$

Instruction 9,298 8,500 943 11,100 5,755 5,755

Accommodation 3,529 3,620 3,750 870$ 4,269 4,269

Special Events 2,209 2,141 2,513 1,000 2,837 2,837

Miscellaneous 7,858 7,839 16,715 10,593 9,575 1,138 10,713

Total 24,765$ 35,234$ 32,937$ 12,463$ 12,463$ 27,062$ 1,188$ -$ 28,250$



-63-




James Lane Allen Elementary School



General 3,550$ 6,518$ 7,756$ 600$ 2,912$ 87$ 533$ 2,466$

Instruction 14,329 16,299 21,351 5,930 15,207 15,207

Accommodation 5,371 3,220 5,922 65 2,734 2,734

Special Events 1,410 1,642 1,462 670$ 920 920


Total 24,660$ 33,604$ 36,491$ 6,595$ 6,595$ 21,773$ 87$ 533$ 21,327$



-64-




Julius Marks Elementary School



General 12,254$ 22,799$ 12,482$ 6,338$ 16,233$ 90$ 16,323$

Instruction 13,932 19,156 20,444 2,774$ 15,418 15,418

Accommodation 717 8,034 8,648 103 1,310 1,413

Special Events 3,436 28 3,408 2,025 5,433

Non-profit (1,861) 4,397 6,100 3,564

Total 28,478$ 54,386$ 47,702$ 6,338$ 6,338$ 35,162$ 3,425$ -$ 38,587$



-65-




Lansdowne Elementary School



General 18,986$ 28,726$ 27,005$ 1,184$ 19,523$ 1,918$ 21,441$

Instruction 3,584 20,008 21,279 1,184$ 3,497 780 4,277

Miscellaneous 208,104 208,104

Total 22,570$ 256,838$ 256,388$ 1,184$ 1,184$ 23,020$ 2,698$ -$ 25,718$



-66-




Liberty Elementary School



General 23,446$ 41,406$ 23,289$ 14,993$ 26,570$ 26,570$

Instruction 10,482 23,410 20,990 284$ 13,186 13,186

Accommodation 1,741 1,741 1,741

Special Events 18 268,540 283,249 14,709 18 18

Total 35,687$ 333,356$ 327,528$ 14,993$ 14,993$ 41,515$ -$ -$ 41,515$



-67-




Locust Trace AgriScience Farm



General 7,792$ 16,613$ 13,002$ 2,799$ 8,604$ 300$ 8,904$

Instruction 45,976 81,378 67,959 822 58,573 3,996$ 54,577

Miscellaneous 3,621 3,621$

Total 53,768$ 97,991$ 84,582$ 3,621$ 3,621$ 67,177$ 300$ 3,996$ 63,481$



-68-




Mary Todd Elementary School



General 2,002$ 3,770$ 4,815$ 957$ 6,127$ 7,084$

Instruction 30,736 12,811 35,206 2,205$ 6,136 6,136

Special Events 4,550 12,106 14,541 2,115 216$ 1,899

Non-profit (7,729) 13,253 7,370 2,205$ 359 359

Total 29,559$ 41,940$ 61,932$ 2,205$ 2,205$ 9,567$ 6,127$ 216$ 15,478$



-69-




Maxwell Elementary School



General 37,274$ 28,563$ 27,879$ 3,851$ 34,107$ 1,920$ 40$ 35,987$

Instruction 7,371 35,374 32,382 1,687 8,676 8,676

Special Events 4,102 1,667 140 4,103 1,526 1,526

Non-profit 9,641 9,641$

Total 48,747$ 65,604$ 70,042$ 9,641$ 9,641$ 44,309$ 1,920$ 40$ 46,189$



-70-




Meadowthorpe Elementary School



General 4,711$ 3,442$ 2,610$ 1,056$ 6,599$ 193$ 6,792$

Instruction 5,818 61,314 60,456 4,803 11,479 120 11,599

Special Events 19,128 37,269 35,475 5,250$ 15,672 15,672

Non-profit 179,090 178,481 609 204 204

Total 29,657$ 281,115$ 277,022$ 5,859$ 5,859$ 33,750$ 517$ -$ 34,267$



-71-




Northern Elementary School



General 7,210$ 6,867$ 9,262$ 3,646$ 8,461$ 3,126$ 11,587$

Instruction 4,373 11,006 10,845 861 5,395 50 5,445

Accommodation 1,407 5,300 5,304 200$ 1,203 1,203

Special Events 5,892 17,053 18,899 4,046 4,046

Non-profit (2,641) 7,777 829 4,307

Total 16,241$ 48,003$ 45,139$ 4,507$ 4,507$ 19,105$ 3,176$ -$ 22,281$



-72-




Picadome Elementary School



General 10,516$ 2,119$ 2,827$ 550$ 10,358$ 367$ 10,725$

Instruction 4,252 21,537 26,675 4,405 3,519 688 4,207

Special Events 2,613 4,643 3,256 1,940$ 2,060 2,060

Non-profit 592 167,584 164,884 3,015 277 789 1,066

Total 17,973$ 195,883$ 197,642$ 4,955$ 4,955$ 16,214$ 1,844$ -$ 18,058$



-73-




Rosa Parks Elementary School



General 398$ 2,122$ 526$ 1,994$ 1,994$

Instruction 11,387 85,100 87,722 2,828$ 11,593 1,600$ 9,993

Non-profit 287,020 287,210 190

Special Events 189,813 186,795 3,018$

Total 11,785$ 564,055$ 562,253$ 3,018$ 3,018$ 13,587$ -$ 1,600$ 11,987$



-74-




Russell Cave Elementary School



General 300$ 4,554$ 854$ 297$ 4,297$ 4,297$

Instruction 5,370 6,443 7,413 252$ 4,148 4,148

Special Events 742 7,791 4,896 1,258 2,379 2,379

Non-profit 2,970 4,183 1,213

Total 6,412$ 21,758$ 17,346$ 1,510$ 1,510$ 10,824$ -$ -$ 10,824$



-75-




Sandersville Elementary School



General 4,954$ 15,678$ 5,138$ 2,657$ 12,837$ 349$ 13,186$

Instruction 13,336 46,792 46,111 2,629$ 16,646 563 17,209

Special Events 53 9,788 4,126 5,662 53 53

Non-profit 178 207,856 213,545 5,690 179 179

Total 18,521$ 280,114$ 268,920$ 8,319$ 8,319$ 29,715$ 912$ -$ 30,627$



-76-




Southern Elementary School



General 7,926$ 16,622$ 3,687$ 11,320$ 9,541$ 9,541$

Instruction 7,177 24,489 30,580 5,037$ 6,123 6,123

Accommodation 3 3

Special Events 815 12,895 9,503 4,207 4,207

Non-profit 135,969 142,255 6,286

Total 15,921$ 189,975$ 186,025$ 11,323$ 11,323$ 19,871$ -$ -$ 19,871$



-77-




Squires Elementary School



General 21,458$ 26,927$ 16,891$ 52$ 31,442$ 448$ 31,890$

Instruction 21,262 19,778 17,478 6,715 16,847 592 17,439

Non-profit 3,611 140,579 149,734 6,767$ 1,223 1,223$

Total 46,331$ 187,284$ 184,103$ 6,767$ 6,767$ 49,512$ 1,040$ 1,223$ 49,329$



-78-




STEAM Academy



General 19,923$ 50,651$ 39,448$ 11,127$ 19,999$ 3$ 19,996$

Instruction 8,151 5,765 9,731 1,902$ 6,087 218 5,869

Accommodation 2,072 17,429 17,566 698 1,237 18 1,219

Non-profit 5,604 15,517 9,923 10 1,835$ 1,845

Total 30,146$ 79,449$ 82,262$ 11,825$ 11,825$ 27,333$ 1,835$ 239$ 28,929$


-79-




Stonewall Elementary School



General 37,235$ 28,467$ 2,948$ 30,784$ 31,970$ 31,970$

Instruction 652 20,420 20,319 43$ 796 796

Accommodation 32,640 37,591 28,105 12,792 29,334 29,334

Non-profit 43,533 43,533

Total 70,527$ 86,478$ 94,905$ 43,576$ 43,576$ 62,100$ -$ -$ 62,100$



-80-




Tates Creek Elementary School



General 8,386$ 13,711$ 9,481$ 3,840$ 8,776$ 1,704$ 897$ 9,583$

Instruction 3,712 16,684 17,738 1,412$ 4,070 947 5,017

Accommodation 910 294 731 473 473

Non-profit 106,412 108,840 2,428

Total 13,008$ 137,101$ 136,790$ 3,840$ 3,840$ 13,319$ 2,651$ 897$ 15,073$



-81-




Veterans Park Elementary School



General 8,882$ 12,104$ 7,797$ 13,189$ 4,460$ 2,499$ 15,150$

Instruction 19,169 34,397 44,915 8,651 8,651

Non-profit 303,303 303,303

Total 28,051$ 349,804$ 356,015$ -$ -$ 21,840$ 4,460$ 2,499$ 23,801$



-82-




Wellington Elementary School



General 2,620$ 146,302$ 131,501$ 12,955$ 4,466$ 75$ 1,528$ 3,013$

Instruction 13,954 9,131 16,487 143$ 6,741 6,741

Accommodation 4,107 2,186 520 5,773 5,773

Non-profit 244,882 257,694 12,812

Total 20,681$ 402,501$ 406,202$ 12,955$ 12,955$ 16,980$ 75$ 1,528$ 15,527$



-83-




William Wells Brown Elementary School



General 17,052$ 3,004$ 5,116$ 7,297$ 7,643$ 160$ 7,803$

Instruction 2,463 2,180 4,525 1,987$ 2,105 2,890 4,995

Accommodation 4,989 3,281 886 303 7,687 2,970$ 4,717

Non-profit 14 5,007 5,007 14 14

Special Events 638 444 927 155 155

Total 25,156$ 8,909$ 16,461$ 7,297$ 7,297$ 17,604$ 3,050$ 2,970$ 17,684$



-84-




Yates Elementary School



General 5,397$ 10,319$ 6,939$ 8,777$ 140$ 8,917$

Instruction 9,600 11,678 10,184 11,094 21$ 11,073

Accommodation 5,492 5,132 4,739 5,885 500 6,385

Total 20,489$ 27,129$ 21,862$ -$ -$ 25,756$ 640$ 21$ 26,375$



-85-

Report Required by Government Auditing Standards

Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed

in Accordance with Government Auditing Standards

-87-

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the financial statement is free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.


Fayette County Public Schools Audit Presentation · •Audit Engagement Letter & other written...

Documents

Transcript of Fayette County Public Schools Audit Presentation · •Audit Engagement Letter & other written...