McCRACKEN COUNTY BOARD OF EDUCATION BASIC
McCRACKEN COUNTYBOARD OF EDUCATIONBASIC FINANCIAL STATEMENTSAND SUPPLEMENTARY INFORMATIONWith Independent Auditor’s ReportsYEAR ENDED JUNE 30, 2020
TABLE OF CONTENTSINDEPENDENT AUDITOR’S REPORT .MANAGEMENT’S DISCUSSION AND ANALYSIS.BASIC FINANCIAL STATEMENTS:Government-wide Financial Statements:Statement of Net Position – Government Wide.Statement of Activities – Government Wide .Fund Financial Statements:Balance Sheet – Governmental Funds .Reconciliation of the Balance Sheet – Governmental Fundsto the Statement of Net Position .Statement of Revenues, Expenditures and Changes inFund Balances – Governmental Funds .Reconciliation of the Statement of Revenues, Expenditures and Changes inFund Balances – Governmental Funds to the Statement of Activities .Statement of Net Position – Proprietary Funds .Statement of Revenues, Expenses and Changes inNet Position – Proprietary Funds .Statement of Cash Flows –Proprietary Funds .Statement of Net Position – Fiduciary Funds .Statement of Changes in Net Position – Fiduciary Funds .Notes to Financial Statements .REQUIRED SUPPLEMENTAL INFORMATIONSchedule of Revenues, Expenditures and Changes inFund Balances – Budget to Actual – General Fund .Schedule of Revenues, Expenditures and Changes inFund Balances – Budget to Actual – Special Revenue Fund .Schedule of District’s Proportionate Share of theNet Pension Liability – Kentucky Teachers’ Retirement System .Schedule of District’s Contributions – Pension Plan – Kentucky Teachers’ Retirement System .Schedule of District’s Proportionate Share of theMedical Insurance Liability – Kentucky Teachers’ Retirement System .Schedule of District’s Contributions – Medical Insurance Fund –Kentucky Teachers’ Retirement System .Schedule of District’s Proportionate Share of theLife Insurance Liability – Kentucky Teachers’ Retirement System .Schedule of District’s Contributions – Life Insurance Fund –Kentucky Teachers’ Retirement System .Schedule of District’s Proportionate Share of theNet Pension Liability – County Employees’ Retirement System .Schedule of District’s Contributions – Pension Plan – County Employees’ Retirement System .Schedule of District’s Proportionate Share of theNet Medical Insurance Liability – County Employees’ Retirement System.Schedule of District’s Contributions – Medical Insurance Plan –County Employees’ Retirement System .OTHER SUPPLEMENTAL INFORMATIONCombining Balance Sheet – Non-major Governmental Funds.Combining Statement of Revenues, Expenditures, and Changes inFund Balances – Non-major Governmental Funds .School Activity Funds Combined Statement of Receipts, Disbursements andDue to Student Groups .McCracken County High School Activity Funds- Schedule of Receipts, Disbursementsand Due to Student Groups .Schedule of Expenditures of Federal Awards .Notes to Schedule of Expenditures of Federal Awards 758596061626364-6566-6768
OTHER SUPPLEMENTAL INFORMATIONIndependent Auditor’s Report on Internal Control OverFinancial Reporting and on Compliance and Other MattersBased on an Audit of Financial Statements Performed inAccordance with Government Auditing Standards .69-70Independent Auditor’s Report on Compliance forEach Major Program and Internal Control OverCompliance Required by the Uniform Guidance .71-72Schedule of Findings and Questioned Costs .Summary Schedule of Prior Audit Findings .7374-1-
INDEPENDENT AUDITOR’S REPORTKentucky State Committee for SchoolDistrict AuditsMembers of the Board of EducationMcCracken County Board of EducationPaducah, KentuckyReport on the Financial StatementsWe have audited the accompanying financial statements of the governmental activities, the business-type activities, each majorfund, and the aggregate remaining fund information of the McCracken County Board of Education as of and for the year endedJune 30, 2020, and the related notes to the financial statements, which collectively comprise the McCracken County Board ofEducation’s basic financial statements as listed in the table of contents.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance withaccounting principles generally accepted in the United States of America; this includes the design, implementation, andmaintenance of internal control relevant to the preparation and fair presentation of financial statements that are free frommaterial misstatement, whether due to fraud or error.Auditor’s ResponsibilityOur responsibility is to express opinions on these financial statements based on our audit. We conducted our audit inaccordance with auditing standards generally accepted in the United States of America and the standards applicable to financialaudits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the auditrequirements prescribed by the Kentucky State Committee for School District audits in Kentucky Public School Districts’ AuditContract and Requirements. Those standards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considersinternal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of significant accounting estimates made by management, as well asevaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.OpinionsIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial positionof the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information ofthe McCracken County Board of Education as of June 30, 2020, and the respective changes in financial position and, whereapplicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in theUnited States of America.100 South 4th Street Suite 300 Paducah, KY 42001Phone: (270)443-4400 Fax: (270)443-0963 kempercpa.com
Other MattersRequired Supplementary InformationAccounting principles generally accepted in the United States of America require that the management’s discussion andanalysis, budgetary comparison schedules, schedules of net pension and OPEB liabilities and contributions on pages 4 through8 and 49 through 60 be presented to supplement the basic financial statements. Such information, although not a part of thebasic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essentialpart of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historicalcontext. We have applied certain limited procedures to the required supplementary information in accordance with auditingstandards generally accepted in the United States of America, which consisted of inquiries of management about the methodsof preparing the information and comparing the information for consistency with management’s responses to our inquiries, thebasic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do notexpress an opinion or provide any assurance on the information because the limited procedures do not provide us withsufficient evidence to express an opinion or provide any assurance.Other InformationOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise theMcCracken County Board of Education’s basic financial statements. The combining nonmajor fund financial statements andcombining and individual school activity fund financial statements are presented for purposes of additional analysis and are nota required part of the basic financial statements. The schedule of expenditures of federal awards is presented for purposes ofadditional analysis as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements.The combining nonmajor fund financial statements, combining and individual school activity fund financial statements and theschedule of expenditures of federal awards are the responsibility of management and were derived from and relate directly tothe underlying accounting and other records used to prepare the basic financial statements. Such information has beensubjected 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 preparethe basic financial statements or to the basic financial statements themselves, and other additional procedures in accordancewith auditing standards generally accepted in the United States of America. In our opinion, the combining nonmajor fundfinancial statements, combining and individual school activity fund financial statements and the schedule of expenditures offederal awards are fairly stated in all material respects in relation to the basic financial statements as a whole.Other Reporting Required by Government Auditing StandardsIn accordance with Government Auditing Standards, we have also issued our report dated October 20, 2020 on ourconsideration of the McCracken County Board of Education’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of thatreport is to describe the scope of our testing of internal control over financial reporting and compliance and the results of thattesting, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integralpart of an audit performed in accordance with Government Auditing Standards in considering McCracken County Board ofEducation’s internal control over financial reporting and compliance.Certified Public Accountants and ConsultantsPaducah, KentuckyOctober 20, 2020-3-
McCracken County Public School District—Paducah, KentuckyManagement’s Discussion and Analysis (MD&A)Year Ended June 30, 2020As management of the McCracken County School District, we offer readers of the District’s financial statementsthis narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2020.We encourage readers to consider the information presented here in conjunction with additional information foundwithin the body of the audit.The Management Discussion and Analysis (MD&A) is an element of the reporting model adopted by theGovernmental Accounting Standards Board (GASB) in their statement No. 34 “Basic Financial Statements—andManagement’s Discussion and Analysis—for State and Local Governments” issued in June 1999.FINANCIAL HIGHLIGHTSxThe government-wide beginning cash and cash equivalents balance for the District on July 1, 2019, was 56,355,846. The government-wide ending cash and cash equivalents balance for the District on June 30,2020, was 48,128,492, which reflects the spending of bond proceeds for construction projects.xInterest income increased to a total of 1,284,054 for all categories of funds. This is a 110% increase fromlast year due primarily to the investment of construction bond proceeds into an account with a favorablefixed interest rate as well as a minimum interest rate earned through the depository institution as related tothe federal funds rate for non-construction funds.xGeneral Fund revenue accounted for 62,113,172 in revenue, or 81% of all governmental revenues.Program specific revenues in the form of grants, construction, and other governmental units accounted for 14,778,275, or 19% of total governmental revenues of 76,891,447.xThe General Fund had 62.1 million in revenue, which consisted primarily of the state program (SEEK),property, utility, and motor vehicle taxes. Excluding inter-fund transfers, there were 63.3 million inGeneral Fund expenditures. On-behalf payments by the State of Kentucky for retirement and benefitstotaled over 16.8 million for employees paid from the General Fund during FY20, as well as fortechnology. The General Fund revenues net on-behalf payments were almost 45.3 million andexpenditures net of on-behalf payments were 46.5 million.xIt is important to note that this is the fourth consecutive fiscal year that General Fund expenditures haveexceeded General Fund Revenues. The excess expenditures have been one-time purchases of supplies andservices, rather than unbalanced operations as a result of recurring expenses such as personnel andoperational costs. Particularly in the spring of 2020, the district spent a relatively large amount inpurchasing supplies to adjust and prepare for the COVID-19 pandemic. Our district is eligible to seek up to75% reimbursement of many of those costs through FEMA, which we hope will allow us to end the nextfiscal year in a better financial position. Our district’s history of a strong financial position has allowed thedistrict to withstand state budget reductions and unfunded mandates without sacrificing services tostudents. However, if the district continues the trend of spending more than the revenue generated, thiscould result in a downgrade in bond rating for future bond issues. In addition, it could prove to beincreasingly difficult to provide the same level of opportunities for students in the face of continued budgetreductions and unfunded mandates and the state level without an increase in revenue.OVERVIEW OF FINANCIAL STATEMENTSThis discussion and analysis are intended to serve as an introduction to the District’s basic financial statements. TheDistrict’s basic financial statements are comprised of three components: 1) government-wide financial statements,2) fund financial statements, and 3) notes to financial statements.This report also contains other supplementary information in addition to the basic financial statements themselves.-4-
Government-wide financial statements. The government-wide financial statements are designed to providereaders 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 differencebetween the two reported as net position. Over time, increases or decreases in net position may serve as a usefulindicator of whether the financial position of the district is improving or deteriorating.The statement of activities presents information showing how the District’s net position changed during the mostrecent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the changeoccurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement forsome items that will only result in cash flows in future fiscal years.The government-wide financial statements outline functions of the District that are principally supported by propertytaxes and intergovernmental revenues (governmental activities.) The governmental activities of the District includeinstruction, support services, district and school administration, business and plant operations, student transportation,community service activities, and capital leases for vehicles. Taxes and intergovernmental revenues also supportfixed assets and related short- and long-term debt.The government-wide financial statements can be found on pages 9-10 of this report.Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resourcesthat have been segregated for specific activities or objectives. This is a state mandated accounting system includinga chart of accounts for all Kentucky public school districts. All Kentucky public school districts utilize theMunicipal Information System (MUNIS) accounting software. The District uses fund accounting to ensure anddemonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided intothree categories: 1) governmental, 2) proprietary, and 3) fiduciary funds. Proprietary funds are our food service anddaycare operations. Fiduciary funds are trust funds established by benefactors to aid in student education, welfare,and teacher support. All other activities of the district are included in the governmental funds.The basic governmental fund financial statements can be found on pages 11-19 of this report.Notes to the financial statements. The notes provide additional information essential to a full understanding of thedata provided in the government-wide and fund financial statements.The notes to the financial statements can be found on pages 20-48 of this report.GOVERNMENT-WIDE FINANCIAL ANALYSISNet position may serve over time as a useful indicator of a government’s financial position. In the case of theDistrict, government-wide assets exceeded government-wide liabilities by 25.3 million as of June 30, 2020.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 relatedoutstanding debt used to acquire those assets. The District uses these capital assets to provide services to itsstudents; consequently, these assets are not available for future spending.Although the District’s investment in its capital assets is reported net of related debt, it should be noted the resourcesneeded to repay the debt must be provided from other sources, since the capital assets themselves cannot be used toliquidate these liabilities.The District’s financial position is the product of several financial transactions including the net result of activities,the acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of capitalassets.-5-
Summary of District's net position (in thousands of dollars):GovernmentalActivitiesBusiness-Type Activities201920202019 56,809 47,565 1,606Noncurrent Assets101,750111,799Total Assets158,559Deferred Outflowsof ResourcesCurrent LiabilitiesCurrent Assets202020192,364 iabilitiesTotal LiabilitiesDeferred Inflows ofResources RestrictedUnrestrictedTotal Net Position(Deficit)2020 498112%--Net PositionInvestment in capitalassets, net of )(1,844)(25,188)(25,026)-1% 26,984 (1,637)(1,639) 25,74925,345-1.6% 27,387 The district’s total net position decreased slightly from 27.3 million at the end of the prior fiscal year to 26.9million, primarily due to an increase in current bond obligations and due to the recording of other post-employmentbenefits (OPEB) as required by the GASB 75, which was first implemented on the financial statements for the fiscalyear ended June 30, 2018. The OPEB are in addition to employee pensions recorded in the financial statements arebased on the liabilities associated with the state retirement system.-6-
Summary of District's change in net position (in thousands of dollars):GovernmentalActivitiesBusiness-Type Activities2019RevenuesProgram Revenues:Charges for ServicesOperating grants andcontributionsCapital grants andcontributionsGeneral Revenues:Property taxesVehicle taxesOther taxesState sourcesTransfers and Other 20192020 2019111 7080,9605,449School operationsSchool food servicesSchool daycareInterest on debt80,6401,98078,4702,892Total Expenses82,61981,363(50) (402)Total Revenues1052020677%ChangeTotal ge in NetPosition (250) (2) (300) The decrease in revenues in governmental funds is primarily due to a continuing decrease in state funding sources.Approximately 1/4 of the state funding decreases were offset by an increase in revenue generated from propertytaxes.COMMENTS ON BUDGET COMPARISONSxThe District’s total General Fund revenues for the fiscal year ended June 30, 2020, were 62.1 millioncompared with budgeted revenues of 44.9 million (net of beginning balance and fund transfers.)xGeneral Fund final budget compared to actual revenue varied from line item to line item with the endingactual balance being over 17.2 million more than budget (favorable) primarily due to the recording of 16.8 million in actual on-behalf payments from the state, which were not budgeted due to KentuckyDepartment of Education recommendations. Additionally, utility tax revenue, which is budgeted based onhistorical amounts, accounted for 126,482 in unexpected revenue, as well as about 300,881 in other taxrevenue, due to an ongoing review by the local PVA office of omitted and underassessed properties.xThe total cost of all programs and services to the General Fund was almost 63.3 million including capitalleases for the bus fleet, compared with budgeted expenses of 59.3 million (net of fund transfers.) GeneralFund budget expenditures compared to actual expenditures varied by 3.9 million (unfavorable), which wasprimarily due to not budgeting for 16.8 million in on-behalf expenditures that are recorded as adjustingjournal entries after the fiscal year end. The net of the variance after excluding the on-behalf expendituresresults in 12.9 million less in expenditures than what was budgeted. This is due to not spending anycontingency or reserve funds set aside in various areas of the budget.xOn-behalf payments include payments made by the Commonwealth of Kentucky for teacher retirementsand health and life insurance benefits. In fiscal year ending June 30, 2020, these amounts for the General-7-
Fund totaled 16,706,580. Payments by the Kentucky Department of Education (KDE) for technologynetwork support on behalf of the district were 113,499. These amounts were reflected as both actual fundrevenues and actual fund expenditures, but not budgeted as fund revenues and expenditures, asrecommended by KDE.CAPITAL ASSETS AND DEBT ADMINISTRATIONInvestment in capital assets, net of related debt, increased by 10,029,849 or 9.8%, due primarily to the recording ofconstruction projects in process for a new transportation/bus garage and a new Lone Oak Middle School exceedingdepreciation expense.COMMITMENT AND RESTRICTION OF FUND BALANCESWith the implementation of GASB Statement No. 54 standards, the District is allowed to restrict a portion of thefund balance within the General Fund as legislation permits or to commit funds for a future purpose through Boardaction. These funds cannot be reclassified as unassigned without further Board action.xPursuant to Kentucky Revised Statute 161.155, up to 50% of the District’s total sick leave liability for thecurrent year may be escrowed to maintain funds necessary to pay employees who qualify for receipt of thebenefit. The District restricted 435,388 as of June 30, 2020, for this purpose.xOn May 12, 2020, the Board approved preliminary estimates for a roof replacement on the ReidlandMiddle/Intermediate School Band and Choir Building at the cost of 123,050. This amount was assignedto the General Fund balance for this purpose. The project is not part of the District Facility Plan, so theBuilding Fund and Capital Outlay Fund cannot be used. Instead, a Capital Funds Request was approved byKDE to allow the district to use 123,050 of Capital Outlay Funds to pay for property insurance in the yearended June 30, 2020, that would normally be paid by the General Fund. This flexibility is permittedthrough the Kentucky General Assembly.xOn June 18, 2020, the Board voted to allow Site Based Decision Making Councils to carry forwardremaining funds from the FY20 allocation into FY21. This amount was 324,506.xOn June 18, 2015, the Board voted to commit 10,000 of the General Fund balance to future constructionand related expenses. This commitment remains unchanged.BUDGETARY IMPLICATIONSIn Kentucky, the public school fiscal year is July 1 through June 30; other programs (i.e. federal dollars) operate ona different fiscal calendar, but they are reflected in the district overall budget. By law, the working budget musthave a minimum 2% contingency. The District adopted this budget with a contingency that exceeded the minimumstate requirement.Questions regarding this report should be directed to:Johnna Lee DeJarnettAssistant SuperintendentMcCracken County Public Schools5347 Benton RoadPaducah, KY ols.us-8-
MCCRACKEN COUNTY BOARD OF EDUCATIONSTATEMENT OF NET POSITIONGOVERNMENT WIDEAs of June 30, 2020GovernmentalActivitiesASSETSCurrent AssetsCash and cash equivalentsReceivablesInventoryPrepaid expensesTotal current assets Noncurrent AssetsCapital assetsNondepreciableDepreciable, net of accumulated depreciationTotal noncurrent assetsTotal assetsDEFERRED OUTFLOWS OF RESOURCESDeferred pension related ouflowsDeferred other post employment benefits outflowsDeferred charge on refundingTotal deferred outflows of eActivities 2,009,020225,658129,3232,364,001Total S
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.
the county seat of McCracken County. It is a regional commercial hub for shopping and medical care. McCracken County is located in the western part of Kentucky, originally part of the Jackson Purchase. The location of Paducah relative to the surrounding counties of the state can be seen in Figure I-1. Figure I-1. Project Location
Chatham County Chattahoochee County Chattooga County Cherokee County Clarke County Clay County Clayton County Cobb County Coffee County Colquitt County Columbia County Cook County Coweta County Crisp County 320 6 2 1 2 4 1 10 12 6 4 43 1 1 3 2 4 11 4 1 5 6 6 5 60 1 1 7 22 1 58 51 7 3 8 4 6 5 19.80% .37% .12% .06% .12% .25% .06% .62% .74% .37% .
Through our dedicated and certified volunteer coaches, we are able to offer the following disciplines: Rifle (.22, air, bb) Pistol (.22, air) Trap Archery . McCracken County 4-H Hot Shots Shooting Sports Team 202. 2. Safety Test . To be completed by participant. This serves as a pre-assessment of the level of
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Charlotte County Board Of County Commissioners Board Of County Commissioners - 941-743-1300 Last Name First Name Title Phone Constance Chris County Commissioner, District 2 941-743-1300 Cook Morgan Executive Assistant to BCC 941-743-1446 Deutsch Stephen County Commissioner, District 4 941-743-1300 Doherty Ken County Commissioner, District 1 941 .File Size: 511KBPage Count: 40Explore furtherEmployment Charlotte County, FLwww.charlottecountyfl.govSarasota County, FL - Career, Internship & Volunteer .www.scgov.netHuman Resources / Search and Apply For Jobswww.sarasotacountyschools.netRecommended to you b
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November 21, 1964—Thank-you card from Mamie to Dr. and Mrs. McCracken from Gettysburg, PA. 1-6: Letters sent—March 9, 1965-October 21, 1965 March 9, 1965—Postcard from Mamie to Mrs. McCracken from Scottsdale, AZ. April 9, 1965—Letter from Mamie to Mrs. McC
