ANNUAL FINANCIAL STATEMENTS OF THE
RALEIGH COUNTY BOARD OF EDUCATION
ON A GAAP BASIS, INCLUDING GASB STATEMENT 34
AS OF AND FOR THE FISCAL YEAR ENDED
JUNE 30, 2022
RALEIGH COUNTY BOARD OF EDUCATION
STATEMENT OF NET POSITION
FYE JUNE 30, 2022
Governmental
Activities
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Assets:
Cash and cash equivalents $90,527,325
Taxes receivable, net of allowance for uncollectible taxes 485,511
Deposit with Retirement Board 179,616
Food service receivable 924,087
Other receivables 599,746
Due from other governments:
State aid receivable 564,615
PEIA allocation receivable 1,655,836
Reimbursements receivable 6,544,902
Capital Assets:
Land 6,113,289
Buildings and improvements 214,545,290
Furniture and equipment 20,271,727
Vehicles 18,400,023
Construction in process 15,026,145
Less accumulated depreciation (95,270,745)
Total capital assets, net of depreciation 179,085,729
Right-of-Use Assets:
Equipment 460,733
Less accumulated amortization (201,910)
Total finance lease assets, net of amortization 258,823
Net other post employment benefit (OPEB) asset – Proportionate Share –
Total assets 280,826,190
Deferred outflows of resources:
Pension 3,240,377
Other post employment benefit (OPEB) 1,848,557
Total deferred outflows of resources 5,088,934
Total assets and deferred outflows of resources 285,915,124
LIABILITIES, DEFERRED OUTFLOWS OF RESOURCES, AND NET POSITION
Liabilities:
Salaries payable and related payroll liabilities $9,665,928
PEIA premiums payable 2,232,410
Compensated absences 179,595
Accounts payable 3,602,839
Due to Other Fiscal Agents 45,544
Long-term obligations:
Due within one year:
Finance lease liability 120,500
Due beyond one year:
Finance lease liability 134,018
Net pension liability – Proportionate Share 3,733,026
Net other post employment benefit (OPEB) liability – Proportionate Share 69,215
Total liabilities 19,783,075
Deferred inflows of resources:
Pension 4,620,681
Other post employment benefit (OPEB) 3,984,922
Other –
Total deferred inflows of resources 8,605,603
Total liabilities and deferred inflows of resources 28,388,678
Net Position:
Net Investment in Capital Assets 179,085,729
Restricted for:
Special projects 3,863,614
Capital projects 32,577,479
Unrestricted 41,999,624
Total net position $257,526,446
RALEIGH COUNTY BOARD OF EDUCATION
STATEMENT OF ACTIVITIES
FYE JUNE 30, 2022
Program Revenues Net (Expense),
Revenue &
Operating Capital Changes
Charges for Grants & Grants & in Net Position
Functions Expenses Services Contributions Contributions Government
Activities
Governmental activities:
Instruction $74,523,448 $712,392 $12,503,385 $4,513,620 $(56,794,051)
Supporting services:
Students 6,611,035 3,677,201 2,260,090 – (673,744)
Instructional staff 3,218,400 6,493 9,854,524 – 6,642,617
General administration 2,262,591 1,868 – – (2,260,723)
School administration 5,581,644 9,041 2,546 – (5,570,057)
Central services 1,845,966 1,524 – – (1,844,442)
Operation and maintenance
of facilities 13,168,214 29,613 11,315 – (13,127,286)
Student transportation 10,167,332 8,392 103,030 – (10,055,910)
Other support services 43,620 36 – – (43,584)
Food services 7,830,814 (864,898) 9,370,803 – 675,091
Community services 1,002,008 – – – (1,002,008)
Interest on long-term
debt/finance leases 4,343 – – – (4,343)
Total governmental activities 126,259,415 3,581,662 34,105,693 4,513,620 (84,058,440)
General revenues:
Property taxes 43,679,505
Unrestricted state aid 55,444,561
Unrestricted investment earnings 499,075
Unrestricted grants and contributions 110,314
Extraordinary item – other post employment benefits –
Gain (loss) on disposal of capital assets 1,306,191
Gain (loss) on termination of ROU assets –
Transfers in 17,596,930
Transfers (out) (17,596,930)
Total general revenues, extraordinary items and transfers 101,039,646
Change in net position 16,981,206
Net position – beginning 240,372,326
Prior period adjustments – (See Note __) 172,914
Net position – beginning, as restated 240,545,240
Net position – ending $257,526,446
RALEIGH COUNTY BOARD OF EDUCATION
BALANCE SHEET – GOVERNMENTAL FUNDS
JUNE 30, 2022
Special
Revenue Special
General Special School Revenue Permanent Capital
Current Revenue Activity ESSERF Improvement Projects Total
Expense Fund Fund Fund Fund Fund Gov.
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Assets:
Cash and cash
equivalents $50,426,014 $2,921,535 $4,488,918 $- $8,760,501 $23,930,357 $90,527,325
Investments – – – – – – –
Inventory – – – – – – –
Taxes receivable, net 485,511 – – – – – 485,511
Deposit with
Retirement Board 179,616 – – – – – 179,616
Prepaid Workers’ Comp – – – – – – –
Food service
receivable, net – 924,087 – – – – 924,087
Lease Receivable – – – – – – –
Other receivables 599,746 – – – – – 599,746
Other prepaid expenses – – – – – – –
Due from other governments:
State aid receivable 564,615 – – – – – 564,615
PEIA allocation
receivable 1,655,836 – – – – – 1,655,836
Reimbursements
receivable 299,692 2,529,307 – 1,712,084 – 2,003,819 6,544,902
Due from other funds 960,937 – – – – – 960,937
Total assets 55,171,967 6,374,929 4,488,918 1,712,084 8,760,501 25,934,176 102,442,575
Deferred outflows of resources – – – – – – –
Total deferred outflows of resources – – – – – – –
TOTAL ASSETS PLUS DEFERRED OUTFLOWS
OF RESOURCES $55,171,967 $6,374,929 $4,488,918 $1,712,084 $8,760,501 $25,934,176 102,442,575
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities:
Salaries payable
and related payroll
liabilities $8,384,414 $1,144,194 $- $137,320 $- $- $9,665,928
Other post
employment benefits
payable – – – – – – –
PEIA premiums
payable 1,907,442 289,723 – 35,245 – – 2,232,410
Accounts payable
& Payable to others 805,829 127,907 – 578,582 122,463 1,968,058 3,602,839
Unearned Revenue – 30,104 15,440 – – – 45,544
Due to other funds – – – 960,937 – – 960,937
Total liabilities 11,097,685 1,591,928 15,440 1,712,084 122,463 1,968,058 16,507,658
Deferred inflows of
resources 365,854 919,387 – 11,364 – 26,677 1,323,282
Total deferred inflows
of resources 365,854 919,387 – 11,364 – 26,677 1,323,282
Fund Balances:
Nonspendable 179,616 – – – – – 179,616
Restricted 10,054,142 3,863,614 4,473,478 – 8,638,038 23,939,441 50,968,713
Committed – – – – – – –
Assigned 11,757,786 – – – – – 11,757,786
Unassigned 21,716,884 (0) – (11,364) – – 21,705,520
Total fund balances 43,708,428 3,863,614 4,473,478 (11,364) 8,638,038 23,939,441 84,611,635
TOTAL LIABILITIES,
DEFERRED INFLOWS
OF RESOURCES
AND FUND
BALANCES $55,171,967 $6,374,929 $4,488,918 $1,712,084 $8,760,50 25,934,176 102,442,575
Amounts reported for governmental activities in the statement of net position differ due to:
Capital assets used in governmental activities are not financial resources and, therefore,
are not reported in the funds 179,085,729
Finance lease assets used in governmental activities are not financial resources and, therefore,
are not reported in the funds 258,823
Other deferred charges are not reported in the funds 429,508
Property taxes receivable and food service billings receivable 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 funds 893,774
Net OPEB asset – proportionate share –
Deferred outflows and inflows of resources related to pensions and OPEB are applicable to
future periods and, therefore, are not reported in the funds
Deferred outflows of resources related to pensions 3,240,377
Deferred inflows of resources related to pensions 4,620,681)
Deferred outflows of resources related to OPEB 1,848,557
Deferred inflows of resources related to OPEB 3,984,922)
Some liabilities, including net pension and OPEB obligations, are not due and payable in the
current period and, therefore, are not reported in the funds Bonds payable, due within one year –
Bonds payable, due beyond one year –
Unamortized bond premium –
Accrued interest on bonds –
Accrued sick leave payable –
Compensated absences (179,595)
Net pension liability – proportionate share (3,733,026)
Net OPEB liability – proportionate share (69,215)
Asset Retirement Obligation (ARO) Liability –
Finance lease liability, due within one year (120,500)
Finance lease liability, due beyond one year (134,018)
Net position of governmental activities $257,526,446
RALEIGH COUNTY BOARD OF EDUCATION
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS
FYE JUNE 30, 2022
Special
Revenue Special
General Special School Revenue Permanent Capital
Current Revenue Activity ESSERF Improvement Projects Total
Expense Fund Fund Fund Fund Fund Gov.
Revenues:
Property taxes $45,039,683 $- $- $- $- $- $45,039,683
Other Local sources 1,452,352 31,637 2,655,085 – 117,128 4,256,202
State sources 80,261,857 3,450,936 189,577 – 4,366,453 88,268,823
Federal sources 1,270,906 18,298,596 863,525 9,854,587 – – 30,287,614
Miscellaneous
sources 1,337,506 – – – – – 1,337,506
Total revenues 129,362,304 21,781,169 3,708,187 9,854,587 – 4,483,581 169,189,828
Expenditures:
Instruction (X1X) 68,926,544 9,526,713 3,846,170 6,667,033 – – 88,966,460
Supporting services:
Students (X21) 7,090,071 1,216,322 – 158,588 – – 8,464,981
Instructional staff (X22) 1,945,911 1,508,418 – 316,983 – – 3,771,312
General
administration (X23) 2,206,029 389,285 – 5,182 6,700 – 2,607,196
School
administration (X24) 6,719,478 200,585 – 114,639 – – 7,034,702
Business (X25) 2,213,063 11,468 – – – – 2,224,531
Operation and
maintenance of
facilities (X26) 14,534,240 252,222 – 39,158 – – 14,825,620
Student transportation
(X27) 11,207,644 7,286 – 59,020 – – 11,273,950
Other support
services (X29) 46,479 – – – – – 46,479
Food services (x31) 469,880 8,029,769 – 287,866 – – 8,787,515
Community services
(8XX) 680,963 253,764 – 166,788 – – 1,101,515
Capital outlay (X4XX) 413,656 – – 2,052,935 3,035,928 9,794,410 15,296,929
Debt service:
Principal retirement – – – – – – –
Interest and fiscal charges – – – – – – –
Finance Leases:
Principal payment
expense 139,058 3,861 – – – – 142,919
Interest Expense 4,232 111 – – – – 4,343
Total expenditures 116,597,248 21,399,804 3,846,170 9,868,192 3,042,628 9,794,410 164,548,452
Excess (deficiency) of revenues over expenditures
12,765,056 381,365 (137,983) (13,605) (3,042,628) (5,310,829) 4,641,376
Other financing sources (uses):
Proceeds from disposal
of real or personal property – – – – – – –
Proceeds from the sale of bonds – – – – – – –
Premium on sale of bonds – – – – – – –
Proceeds from
finance lease 214,235 6,540 – – – – 220,775
Transfers in 461,704 700,296 989,513 – 5,580,417 9,865,000 17,596,930
Transfers (out) (13,319,702) (959,211) (336,102) (116,915) (2,865,000) – (17,596,930)
Total other financing
sources (uses) (12,643,763) (252,375) 653,411 (116,915) 2,715,417 9,865,000 220,775
Extraordinary Item:
Other post employment benefits – – – – – – –
Net change in
fund balances 121,293 128,990 515,428 (130,520) (327,211) 4,554,171 4,862,151
Fund balances –
beginning 43,716,964 3,734,624 3,958,050 (10,673) 8,965,249 19,385,270 79,749,484
Prior period
adjustments –
(See Note 19) (129,829) – – 129,829 – – –
Fund balances –
beginning, as
restated 43,587,135 3,734,624 3,958,050 119,156 8,965,249 19,385,270 79,749,484
Fund balances –
ending $43,708,428 $3,863,614 $4,473,478 $(11,364) $8,638,038 $23,939,441 $84,611,635
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
FYE JUNE 30, 2022
Net change in fund balances – total governmental funds $4,862,151
Amounts reported for governmental activities in the statement of activities are different due to:
Governmental funds report capital outlays as expenditures. However, in the statement of net
position, the cost of capital 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 (8,516,970)
Capital outlays 25,352,239
Governmental funds report capital outlays as expenditures. However, in the statement of net
position, the cost of lease assets is allocated over their estimated useful lives and reported
as amortization expense. The effect on net position is the amount by which capital outlays exceed
amortization in the current period.
Amortization expense (311,529)
Capital outlays 220,775
Certain receivables will be collected this year but are not available soon enough to pay for the
current period’s expenditures. This is the amount by which such receivables increased (decreased).
Property taxes receivable (1,360,386)
Operating Grants and Contributions 87,369
A portion of the change in fund balances is the proceeds from finance leases.
Those proceeds are not considered revenue items for the purpose of this statement. (220,775)
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 (12,363,353)
Accumulated depreciation of assets disposed 6,557,388
Differences in the ROU asset and accumulated amortization on ROU asset terminated agreements
are reported as a loss and reduction in net position in the statement of activities. Right-of-Use assets terminated (109,619)
Accumulated amortization of assets terminated 109,619
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 15,862
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 977,155
Cost of benefits earned net of employee contributions (67,338)
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 269,590
Cost of benefits earned net of employee contributions 1,336,108
Finance Lease payables 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
finance lease payables decreased. 142,920
Change in net position of governmental activities $16,981,206
RALEIGH COUNTY BOARD OF EDUCATION
SUPPLEMENTAL SCHEDULE OF EXPENDITURES FOR REVIEW
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Total Vendor Payments Listed By Fund:
Aggregate % Total %
Fund Published Less than $250 Total of Salary All of Total
11 General Current Expense 28,349,051 32,618 28,381,669
41 Permanent Improvement 3,542,293 – 3,542,293
51 Capital Projects 9,029,070 – 9,029,070
61 Special Revenue Accounts 12,165,626 9,583 12,175,209
71 Special Rev Accounts –
Fed Stimulus & Stabilization 6,650,478 1,158 6,651,637
Less Payroll Clearing Accounts & Direct Deposit (13,507,748)
Net Vendor Payments 46,272,129 28.79%
59,736,518 43,359
Published Salaries – Board Officials:
Board Members:
Ford, Larry 6,080
Hamrick, Marie 7,040
Hutchens, Charlotte 6,400
Roop, Gordie 5,440
Snuffer, Rick 6,400
Total Board Members Salaries 31,360 0.04%
Superintendent:
Charles D. Price 147,282
Total Superintendent’s Salary 147,282 0.19%
Sub-total Published Salaries 178,642
Non-Published Salaries:
Salaries Paid to Other Professional 57,812,886 75.08%
Salaries Paid to Service Personnel 19,008,465 24.69%
Sub-total Non-Published Salaries Expenditures 76,821,351 100.00%
Total Salary Expenditures FY 21-22 76,999,993
Total Benefits Paid (Including Other Post Employment Benefits) 37,430,160
Total Salary & Benefits FY 21-22 114,430,153 71.21%
Total Expenditures Paid FY 21-22 160,702,282 100.00%
Notes:
1. The Financial statements presented are the unaudited reports for FY 2021-22
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.