ANNUAL FINANCIAL STATEMENTS OF THE
RALEIGH COUNTY BOARD OF EDUCATION ON GAAP BASIS, INCLUDING GASB STATEMENT 34
AS OF AND FOR THE FISCAL YEAR ENDED
JUNE 30, 2019
RALEIGH COUNTY BOARD OF EDUCATION
STATEMENT OF NET POSITION
JUNE 30, 2019 Governmental
Activities
ASSETS AND DEFERRED OUTFLOWS
Assets:
Cash and cash equivalents $64,890,916
Investments –
Prepaid Workers Compensation Premiums 26,316
Other Prepaids –
Deposit with Consolidated Retirement Board –
Taxes receivable, net of allowance for uncollectible taxes 2,877,391
Food services receivable 934,172
Other receivables 330,964
Deferred charges – bond issuance costs –
Due from other governments:
State aid receivable 579,047
PEIA allocation receivable 1,797,238
Reimbursements receivable 2,840,133
Capital Assets:
Land 6,142,686
Buildings and improvements 205,422,387
Land improvements –
Furniture and equipment 16,723,589
Vehicles 16,459,703
Construction in process 1,376,740
Less accumulated depreciation (79,453,157)
Total capital assets, net of depreciation 166,671,948
Total assets 240,948,125
Deferred outflows:
Pensions 3,153,006
Other post employment benefit (OPEB) 3,597,666
Total deferred outflows 6,750,672
Total assets and deferred outflows 247,698,797
LIABILITIES, DEFERRED INFLOWS AND NET POSITION
Liabilities:
Salaries payable and related payroll liabilities 9,275,064
Workers’ compensation payable –
PEIA premiums payable 2,238,202
Compensated absences 194,089
Accounts payable 2,238,383
Unearned revenue 20,649
OPEB liability –
Long-term obligations:
Due within one year:
Bonds, capital leases, and contracts 1,501,290
Accrued interest 36,924
Net pension obligation –
Due beyond one year:
Bonds, capital leases, and contracts 1,520,981
Net pension liability – Proportionate Share 5,412,027
Net other post employment benefit (OPEB) liability – Proportionate Share 7,733,146
Total liabilities 30,170,755
Deferred inflows:
Pensions 4,313,592
Other post employment benefit (OPEB) 2,317,766
Total deferred inflows 6,631,358
Total liabilities and deferred inflows 36,802,113
Net Position:
Invested in capital assets 163,649,677
Restricted for:
Debt service –
Special projects 4,720,980
Excess levy 2,203,790
Capital projects 15,676,457
Unrestricted 24,645,780
Total net position $210,896,684
See Notes to Financial Statements
RALEIGH COUNTY BOARD OF EDUCATION
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2019
Program Revenues Net (Expense),
Revenue &
Changes in
Operating Capital Net Position
Charges for Grants and Grants and Governmental
Functions Expenses Services Contributions Contributions Activities
Governmental activities:
Instruction $77,338,164 $299,651 $9,471,303 $1,929,101 $(65,638,109)
Supporting services:
Students 5,774,153 1,291,456 1,782,401 5,000 (2,695,296)
Instructional staff 3,809,376 342,622 3,441,527 – (25,227)
District administration 2,335,966 29,562 165,500 – (2,140,904)
School administration 6,355,968 – 5,693 – (6,350,275)
Business services 2,296,091 – – – (2,296,091)
Operation and maintenance of
facilities 12,868,865 12,175 8,005 10,000 (12,838,685)
Student transportation 10,834,945 – 119,096 1,036,263 (9,679,586)
Food services 7,719,754 562,494 5,653,810 – (1,503,450)
Community services 607,201 – – – (607,201)
Interest on long-term debt 59,074 – – – (59,074)
Total governmental activities
$129,999,557 $2,537,960 $20,647,335 $2,980,364 (103,833,898)
General revenues:
Property taxes 43,992,837
Unrestricted state aid 65,046,744
Unrestricted investment earnings 1,184,686
Unrestricted grants and contributions 57,051
Gain (loss) on sale of assets (1,771,380
Transfers in (10,101,585)
Transfers (out) 10,101,585
Total general revenues, other items, and transfers 108,509,938
Change in net position 4,676,040
Net position – beginning 206,220,644
Restatement – GASB 75
Net position – ending $210,896,684
See Notes to Financial Statements
RALEIGH COUNTY BOARD OF EDUCATION
BALANCE SHEET – GOVERNMENTAL FUNDS
JUNE 30, 2019
General Special Permanent Capital
Current Revenue Improvement Projects Total
Expense Fund Fund Fund Governmental
ASSETS AND DEFERRED OUTFLOWS
Assets:
Cash and cash equivalents $44,576,313 $3,948,708 $14,873,053 $1,492,842 $64,890,916
Prepaid Workers Compensation
Premiums 26,316 – – – 26,316
Other Prepaid Items – – – – –
Investments – – – – –
Deposit with Consolidated
Retirement Board – – – – –
Taxes receivable, net 2,877,391 – – – 2,877,391
Food service receivable, net – 934,172 – – 934,172
Other receivables 330,964 – – – 330,964
Due from other governments:
State aid receivable 579,047 – – – 579,047
PEIA allocation receivable 1,797,238 – – – 1,797,238
Reimbursements receivable 205,295 2,601,098 2,850 30,890 2,840,133
Due from other funds – – – – –
Deferred outflows:
Deferred outflows – – – – –
Total assets and deferred outflows
$50,392,564 $7,483,978 $14,875,903 $1,523,732 $74,276,177
LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
Liabilities:
Salaries payable and related payroll
liabilities $8,139,711 $1,135,353 $- $- $9,275,064
Workers’ compensation payable – – – – –
PEIA premiums payable 1,945,011 293,191 – – 2,238,202
Accounts payable 1,151,654 363,551 46,052 677,126 2,238,383
OPEB liability – – – – –
Due to other funds – – – – –
Unearned Revenue 20,649 20,649
Deferred inflows:
Deferred inflows 2,230,485 950,254 – – 3,180,739
Total liabilities and deferred inflows
13,466,861 2,762,998 46,052 677,126 16,953,037
Fund Balances:
Nonspendable 26,316 – – – 26,316
Restricted 2,203,790 4,720,980 14,829,851 846,606 22,601,227
Committed – – – – –
Assigned 5,420,302 – – – 5,420,302
Unassigned 29,275,295 0 – – 29,275,295
Total fund balances 36,925,703 4,720,980 14,829,851 846,606 57,323,140
TOTAL LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
$50,392,564 $7,483,978 $14,875,903 $1,523,732 $74,276,177
See Notes to Financial Statements
RALEIGH COUNTY BOARD OF EDUCATION
RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL
FUNDS TO THE STATEMENT OF NET POSITION
JUNE 30, 2019
Total governmental fund balance $57,323,140
Amounts reported for governmental activities in the statement of net position differ due to:
Capital asssets used in governmental activities are not financial resources and, therefore, are not
reported in the fund balance sheet 166,671,948
Deferred charges are not reported in the funds
Property taxes receivable, food service billings receivable, and medicaid receivables will be
collected this year but are not available soon enough to pay for the current period’s expenditures,
and are therefore deferred in the fund balance sheet. 3,180,739
Deferred outflows and inflows of resources related to pensions are applicalbe to future periods and,
therefore, are not reported in the funds.
Deferred outflows of resources related to pensions 3,153,006
Deferred inflows of resources related to pensions (4,313,592)
Deferred outflows of resources related to OPEB 3,597,666
Deferred inflows of resources related to OPEB (2,317,766)
Deferred bond issue charges are recorded as assets on the district widee financial statements and
are amortized over the life of the bond. –
Long-term liabilities, including bonds payable, are not due and payeble in the current period and,
therefore, are not reported in the funds.
Bonds payable –
Bond premium –
Accrued interest on bonds (36,924)
Net pension obligation –
Capital lease payable (3,022,271)
Compensated absences (194,089)
Net pension liability – Proportionate Share (5,412,027)
Net OPEB liability – Proportionate Share (7,733,146)
Net position of governmental activities $210,896,684
See Notes to Financial Statements
RALEIGH COUNTY BOARD OF EDUCATION
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2019
General Special Permanent Capital
Current Revenue Improvement Projects Total
Expense Fund Fund Fund Governmental
Revenues:
Property taxes $44,309,483 $- $- $- $44,309,483
Other Local sources 2,058,000 772,427 14,846 – 2,845,273
State sources 80,391,026 6,409,282 – 1,903,803 88,704,111
Federal sources 1,184,682 15,246,087 – – 16,430,769
Miscellaneous sources 97,681 – – – 97,681
Total revenues 128,040,872 22,427,796 14,846 1,903,803 152,387,317
Expenditures:
Instruction (X1X) 69,559,669 9,551,243 – – 79,110,912
Supporting services:
Students (X21) 6,676,463 842,283 – – 7,518,746
Instructional staff (X22) 2,158,540 1,955,389 – – 4,113,929
Central administration (X23) 2,397,076 284,937 – – 2,682,013
School administration (X24) 6,946,881 179,455 – – 7,126,336
Business (X25) 2,258,118 253,327 – – 2,511,445
Operation and maintenance of
facilities (X26) 13,852,399 166,896 – – 14,019,295
Student transportation (X27) 11,017,222 1,062,621 – – 12,079,843
Other support services – – – – –
Food services (x31) 602,028 8,141,796 – – 8,743,824
Community services (8XX) 586,701 20,500 – – 607,201
Capital outlay (X4XX) 1,521,968 8,005 511,638 3,292,207 5,333,818
Debt service:
Principal retirement 407,986 1,073,869 – – 1,481,855
Interest and fiscal charges 16,264 42,810 – – 59,074
Total expenditures 118,001,315 23,583,131 511,638 3,292,207 145,388,291
Excess (deficiency) of revenues over
expenditures 10,039,557 (1,155,335) (496,792) (1,388,404) 6,999,026
Other financing sources (uses):
Transfers in 241,782 1,759,803 8,100,000 – 10,101,585
Capital lease proceeds – – – – –
Transfers (out) (9,859,803) (241,782) – – (10,101,585)
Total other financing sources (uses)
(9,618,021) 1,518,021 8,100,000 – –
Net change in fund balances 421,536 362,686 7,603,208 (1,388,404) 6,999,026
Fund balances – beginning 36,504,167 4,358,294 7,226,643 2,235,010 50,324,114
Fund balances – beginning, as restated
36,504,167 4,358,294 7,226,643 2,235,010 50,324,114
Fund balances – ending $36,925,703 $4,720,980 $14,829,851 $846,606 $57,323,140
See Notes to Financial Statements
RALEIGH COUNTY BOARD OF EDUCATION
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2019
Amounts reported for governmental activities in the statement of activites are different due to:
Net change in fund balances – total governmental funds $6,999,026
Governmental funds report capital outlays as expenditures. However, in the statement of net
position, the cost of those assets is allocated over their estimated useful lives and reported as
depreciation expense. The effect on net position is the amount by which capital outlays
exceed depreciation in the current period.
Depreciation expense (7,707,175)
Capital outlays 8,414,823
Revenues in the Statement of Activities that do not provide current financial resources are not
reported as revenues in the funds, rather they are reported as deferred revenue. (221,470)
The repayment of the principal of long-term debt (e.g., bonds, leases) consumes the current financial
resources of governmental funds. However, such repayment has no effect on net position.
1,481,854
Differences in the cost and accumulated depreciation on disposed capital assets are reported as a loss and reduction in net position in the statement of activities.
Cost of assets disposed (4,878,498)
Accumulated depreciation of assets disposed 3,009,437
Compensated absences are reported as liabilities in the statement of net position, but are only
reported in government funds to the extent they have matured. This is the amount by which
compensated absences (increased)/decreased.
Accrued vacation payable (20,942)
Capital lease proceeds are reported as liabilities in the statement of net position instead of as
financing transfers in the governmental activities. –
Additional deferred credits and deferred charges such as bond issue costs, bond premiums, etc.
are reported as assets and liabilities in the statement of net position, but are only reported in
government funds to the extent they have matured. –
Decrease (increase) in the estimated net pension obligation during the year. –
Accrued interest is required to be reported as a liability in the statement of net position of the
district wide financial statements. The following represents the change in accrued interest
payable for the year. 18,105
Governmental funds report district OPEB contributions as expenditures. However, in the Statement
of Activities, the cost of OPEB benefits earned net of employee contributions is reported as OPEB
expense
District OPEB contributions 384,891
Cost of benefits earned net of employee contributions (2,057,259)
Governmental funds report district pension contributions as expenditures. However, in the
Statement of Activities, the cost of pension benefits earned net of employee contributions is
reported as pension expense.
District pension contributions 710,802
Cost of benefits earned net of employee contributions (1,457,554)
Change in net position of governmental activities $4,676,040
See Notes to Financial Statements
RALEIGH COUNTY BOARD OF EDUCATION
STATEMENT OF FIDUCIARY NET POSITION – FIDUCIARY FUNDS
JUNE 30, 2019
Agency Funds
School Activity
Funds
ASSETS
Cash and cash equivalents $3,383,211
Receivables –
Due from other funds –
Total assets $3,383,211
LIABILITIES
Accounts payable and accrued liabilities
Due to other funds $3,383,211
Total liabilities $3,383,211
RALEIGH COUNTY BOARD OF EDUCATION
SUPPLEMENTAL SCHEDULE OF EXPENDITURES FOR REVIEW
FOR THE FISCAL YEAR ENDED JUNE 30, 2019
Total Vendor Payments Listed By Fund:
Aggregate Less {4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c} {4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
Fund Published than $250 Total of Salary Total All of Total
11 General Current Expense 30,786,210 38,476 30,824,687
41 Permanent Improvement 461,885 – 461,885
51 Capital Projects 5,671,784 – 5,671,784
61 Special Revenue Accounts 11,251,111 15,820 11,266,931
71 Special Revenue Accounts – AARA – – –
Less Payroll Clearing Accounts & Direct Deposit (16,084,537)
Net Vendor Payments 32,140,750 22.11{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
48,170,991 54,296
Published Salaries – Board Officials:
Board Members:
Ford, Larry 7,200
Hamrick, Marie 7,360
Hutchens, Charlotte 6,880
Roop, Gordie 6,720
Smith, Marsha 7,520
Total Board Members Salaries 35,680 0.05{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
Superintendent:
Charles D. Price 143,841
Total Superintendent’s Salary 143,841 0.19{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
Sub-total Published Salaries 179,521
Non-Published Salaries:
Salaries Paid to Other Professional 55,106,478 74.56{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
Salaries Paid to Service Personnel 18,618,243 25.19{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
Sub-total Non-Published Salaries Expenditures 73,724,721 100.00{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
Total Salary Expenditures FY 18-19 73,904,242
Total Benefits Paid (Including Other Post Employment Benefits)
39,343,299
Total Salary & Benefits FY 18-19 113,247,541 77.89{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
Total Expenditures Paid FY 18-19 145,388,291 100.00{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
Notes:
1. The Financial statements presented are the unaudited reports for FY 2018-19
2. The notes are an integral part of the financial statements, however, to conserve space,
they are not included in the publication but are available for review at the board office.
ID: 306066