The School District of Georgetown County

The School District

of Georgetown

CountyComprehensive Annual

Financial ReportFISCAL YEAR ENDED JUNE 30, 2019GEORGETOWN, SOUTH CAROLINA

THE SCHOOL DISTRICT OF GEORGETOWN COUNTY

GEORGETOWN, SOUTH CAROLINA

COMPREHENSIVE

ANNUAL FINANCIAL REPORT FOR THE

FISCAL YEAR ENDED JUNE 30, 2019

Issued By Business Services Department of

The School District of Georgetown County

Lisa O. Johnson, CPA Associate Superintendent for Finance and Technology

H. Randall Dozier, Ph.D.

Superintendent

THE SCHOOL DISTRICT OF GEORGETOWN COUNTY TABLE OF CONTENTS Page INTRODUCTORY SECTION

Letter of Transmittal from Administration 1-7

Organizational Chart 8

Principal Officials 9

Certificate of Achievement for Excellence in Financial Reporting 10 FINANCIAL SECTION

Independent Auditors' Report 11-12

Management's Discussion and Analysis 13-19 Basic Financial Statements Statement of Net Position 20

Statement of Activities 21

Balance Sheet - Governmental Funds 22

Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 23

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 24

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 25

Budgetary Comparison Statement - General Fund 26

Statement of Net Position - Proprietary Fund 27

Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Fund 28

Statement of Cash Flows - Proprietary Fund 29

Statement of Fiduciary Assets and Liabilities – Fiduciary Fund 30

Notes to Financial Statements 31-67 Required Supplementary Information Schedule of District’s Proportionate Share of the Net Pension Liability – SCRS & PORS 68

Schedule of District Contributions – SCRS & PORS 69

Schedule of District’s Proportionate Share of the Net OPEB Liability – SCRHITF 70

Schedule of District Contributions – SCRHITF 71

FINANCIAL SECTION (Continued) Page Combining and Individual Fund Statements and Schedules General Fund Balance Sheet 72

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual 73-79 Special Revenue Funds Balance Sheet - Special Projects 80

Combining Schedule of Revenues, Expenditures and Changes In Fund Balance - Special Projects 81-88

Summary Schedule for Designated State Restricted Grants - Special Projects 89

Balance Sheet - Education Improvement Act 90

Combining Schedule of Revenues, Expenditures and Changes In Fund Balance – Education Improvement Act 91-95

Summary Schedule by Program - Education Improvement Act 96 Debt Service Fund Balance Sheet 97

Schedule of Revenues, Expenditures and Changes in Fund Balance 98-99 Capital Projects Fund Balance Sheet 100

Schedule of Revenues, Expenditures and Changes in Fund Balance 101-102 Enterprise Fund – Food Service Balance Sheet 103

Schedule of Revenues, Expenditures and Changes in Fund Balance 104-105 Fiduciary Fund Schedule of Fiduciary Assets and Liabilities 106

Schedule of Receipts, Disbursements and Changes in Amounts Due to Pupil Activities 107-108

Schedule of Changes in Assets and Liabilities – Fiduciary Fund 109 Supplementary Schedules Detailed Schedule of Due to State Department of Education/Federal Government 110

Location Reconciliation Schedule 111-112

Special Projects - Subfund Code List 113

FINANCIAL SECTION (Continued) Page STATISTICAL SECTION (UNAUDITED) Net Position by Component 114

Changes in Net Position 115

Fund Balances, Governmental Funds 116

Changes in Fund Balances, Governmental Funds 117

Assessed Value and Estimated Actual Value of Taxable Property 118

Direct and Overlapping Property Tax Rates 119

Principal Property Taxpayers 120

Property Tax Levies and Collections 121

Ratios of Outstanding Debt 122

Ratios od General Bonded Debt Outstanding 123

Direct and Overlapping Governmental Activities Debt 124

Legal Debt Margin Information 125

Demographic and Economic Statistics 126

Principal Employers 127

Full-Time Equivalents (FTE) Employees by Type 128

Number of Students Per Teacher 129

Nutrition Services - Facts and Figures 130

Teachers Salary Ranges 131

Expenditures by Function - General Fund 132

Expenditures by Function Per Pupil - General Fund 133

Capital Asset Information - Summary 134

Capital Asset Information - Detail 135-140 SINGLE AUDIT SECTION

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 141-142

Independent Auditors' Report on Compliance on Each Major Program and on Internal Control Over Compliance Required by the Uniform Guidance 143-144

Schedule of Expenditures of Federal Awards 145-146

Notes to the Schedule of Expenditures of Federal Awards 147

Schedule of Findings and Questioned Costs 148-149

Summary Schedule of Prior Audit Findings 150

Corrective Action Plan 151

INTRODUCTORY SECTION

December 2, 2019 To the Citizens and Board of Education of The School District of Georgetown County Georgetown, South Carolina The Comprehensive Annual Financial Report (CAFR) of The School District of Georgetown County for the fiscal year ended June 30, 2019 is hereby submitted. The responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the District. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The School District is required to undergo an annual single audit. Information related to this single audit such as the auditor opinions and comments, which go beyond the standard opinions, and comments usually presented in audit reports are included in the Single Audit Section of this report. The District meets the criterion of a primary government as defined by GASB Statement 14, as amended by GASB Statements No. 39 and No. 61. The nine elected Board members have general management control and supervision of all phases of public school education throughout the District. In addition, Board members are accountable for District fiscal matters. The District is not included in any other reporting entity. The 1,335 full-time and part-time employees of the District provide comprehensive educational services for 8,925 K-12 students, 161 adults and 380 Pre-K 3 & 4 year olds. These educational services range from child development (3 and 4 year olds) to a full program of basic and continuing education for adults. The District's physical plant has 18 schools, 1 alternative school, 1 vocational center, 1 adult center, and 1 Coastal Montessori Charter school with 271 students which houses grades 1 – 8. The projected enrollment for school term 2019-20 is 8,879 including Coastal Montessori Charter School’s projection of 279 students in grades K-12. The District and its schools are fully accredited by the South Carolina Department of Education and AdvancED. Accreditation from these institutions is the highest recognition of quality for a public school district in South Carolina. The District has four distinct attendance areas: City of Georgetown, Town of Andrews, Carvers Bay and Waccamaw Neck. The county’s population for 2018 was about 62,200 with a growth rate of 0.66%. Coastal Montessori Charter School is a nonprofit operating under a charter granted by the District and is considered, under South Carolina Law, to be a public school and part of the District. It is administered and governed by its governing body as agreed to by the charter applicant and the District. The governing body is elected annually. The South Carolina Department of Education regulations require that charter schools be discretely presented in the financial statements. All accounting policies and reporting requirements applicable to the District were equally adopted at the Charter School reporting level. The Charter School receives a proportionate amount of local, state, and federal revenues through formulas set by the state. Since the Charter School is legally separate from the District, it publishes its own financial statements that are available upon request from Coastal Montessori Charter School. The District’s oldest building is a part of the Maintenance Department dated 1908 and our most recent building occupied is Waccamaw Intermediate School dated 2008. The average age of all district buildings is 42 years.

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The detailed summary of significant accounting policies for the District is included in Note 1 of the financial statements beginning on page 31. ECONOMIC CONDITION AND OUTLOOK Location and Agriculture Georgetown County is located in the southeastern coastal region of South Carolina. The County is bordered by Horry County to the north, Williamsburg County to the west, Charleston and Berkeley Counties to the south, and the Atlantic Ocean to the east. Population centers in the County include the City of Georgetown (the county seat), the Town of Andrews in the western portion of the County, and Murrells Inlet in the northern portion of the County, approximately 11 miles south of Myrtle Beach. The County ranks ninth in the State in land area. Its total area is 1,035 square miles, 79% of which is land and 21% of which is water. As of 2015, the latest date for which information is available, approximately 73% of the land in the County is forested. The delivered value of timber harvested in the County in 2015 was $57.4 million. The County ranked second in the state in 2015 for delivered value of timber. As of 2017, approximately 12% of the land area in the County is used for farming agriculture. Principal farm products produced in the County include; corn for grain, soybeans, tobacco, peanuts, cattle, and eggs. In 2018, we had a steady increase of employment from a majority of our existing industries. International Paper, SafeRack, Envirosep and Interfor Lumber led the way. With the unemployment rate at a historical low, the critical limiting factor for future growth will be workforce. Horry Georgetown Technical College broke ground on the Advanced Manufacturing Center and plans to be operational in 2019. Building permit and impact fee collection trends continue to reflect strong growth along the Waccamaw Neck area. Tourism has increased at an impressive pace and has generated fees due to the activities. Local and state data gives recent analysis every reason to think that the immediate and short-term economic outlook for Georgetown County is bright. Commerce, Tourism, and Industry Georgetown is the oldest continuously open seaport on the eastern seaboard. It is known as a shallow-draft port, with a water level of approximately 19 feet. This is a break-bulk port that imports salt, cement, wire, aluminum, forest products and limestone. The Port of Georgetown is the South Carolina State Ports Authority's dedicated break-bulk and bulk facility. In recent years tourism has become a vital contributor to the local economy. According to the South Carolina Department of Parks, Recreation, and Tourism, domestic travelers spent $371.66 million in the County in 2018. This level of tourism results in $15.2 million in local tax receipts, and $64.2 million in payroll for approximately 3,340 employees. The County contains two state parks that draw tourists: Huntington Beach State Park and Hampton Plantation State Park. The County has 35 miles of white-sand beaches and 14 golf courses. A number of upscale residential communities have been and continue to be developed around the coastal areas of the County. Wachesaw Plantation, Wilbrook Plantation, DeBordieu Colony, Pawley’s Plantation and Heritage Plantation are a few of these developments. According to S.C. Department of Employment and Workforce, the unemployment rate in Georgetown County was 2.2% in September of 2019. The South Carolina average unemployment rate was 2.9%. This is the first time ever that the unemployment rate dropped below 3% and the first time in more than 10 years that the county unemployment rate was lower than the state average. Our total employment is 25,361 compared to 24,207 in October 2016. Median household income remains higher than the state average and continues to grow at a sustainable rate. The increased employment is due to our existing employers adding positions, especially in our manufacturing and industrial sector; as well as, the growth of the Charleston Metro to our south and the Myrtle Beach Metro to our north.

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SafeRack, LLC, a leader in truck, railcar, and industrial safety completed an expansion, giving them over 200,000 square feet of manufacturing space and provides over 300 jobs to the county. SafeRack manufactures industrial safety products and provides turnkey services that improve worker safety and productivity in truck, railcar, and industrial loading applications. As of June 30, 2019, MPW Industrial Services, a company that provides a variety of industrial cleaning, water purification, facility management, and environmental management services, employed 75 employees. The original plan only included 32 new jobs for the county. Liberty Steel re-opened the Arcelor-Mittal steel mill facility in 2018 and has hired approximately 150 employees with wages averaging $90,000 per year. Plans for the future include investing an additional $25 million to refurbish and update the mill. BUDGET PROCESS The School District of Georgetown County began preparation of the 2018 - 2019 budget in September 2017. It incorporates needs expressed by parents, students, administrators, teachers, supervisors, other employees, Board members, and the Strategic Planning Team. Faculty committees, school improvement councils, and District staff reviewed identified needs. The Board's work on this budget began at a meeting in January 2018 followed by several Board Work Sessions. The budget was carefully constructed to allow continuation of necessary and successful programs and the design and implementation of new and innovative approaches to instruction. The Board adopted the budget on June 12, 2018. The General Fund budget is the only legally adopted budget for the District. MAJOR EVENTS, PROGRAMS AND INITIATIVES:

Capital Projects The District continues to invest in our comprehensive facilities improvement and equipment acquisition plan. We are excited to continue to provide our students, staff, and community at large with safe, comfortable and aesthetic facilities, while providing innovative equipment in the areas of technology and associated infrastructure. We are proud to work as a team to keep abreast of instructional and programmatic changes and to adapt to these changes with innovative methods and strategies to protect our students, staff and property. We believe these investments continue to enhance our student learning and encourage public interaction and support, ensuring the future success and sustainability of the District. The District issued its annual general obligation debt for technology and facility upgrades in the amount of $4.5 million. Technology equipment and infrastructure continue to make up a large portion of this year’s capital expenditure. The District purchased interactive technology for classrooms, teacher and administrative devices to continue the path of utilizing technology in the instructional process. Many of the large construction projects that would have normally been expended from these funds have moved into the $165 million bond referendum, therefore we were able to replace aging vehicles, classroom furniture, high mast lighting on athletic fields, gym floors, gym bleachers, and security infrastructure. Also, due to increasing demands on our General Operating Fund, the maintenance plan funding was diverted to the capital budget to fund required equipment and maintenance that would have normally been funded through the general fund. These funds include, asbestos abatement, testing and monitoring; football field remediation, athletic equipment, band equipment, security fencing along with many other upgrades to facilities.

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These are exciting times in our District. Our voters approved a $165 million dollar bond referendum in November of 2016, with a 78% approval rating, based on a Districtwide Facilities Assessment. The Facilities Assessment is a compilation of work product by M. B. Kahn, Mercom, G3 Engineering, and Pike McFarland Hall Architects. We are well past the half way point of our program as of June 30, 2019. We have completed the installation of four (4) high quality, polyurethane coated tracks at each high school; we have built five (5) new auxiliary gyms at our high schools and intermediate school; we have added classroom space at Waccamaw High and Intermediate Schools; we have also completed general renovation work at all middle, intermediate and high schools; we have expedited the schedule in order to provide a complete HVAC upgrade at Kensington, McDonald, and Waccamaw Elementary Schools, along with Rosemary Middle School; we have completed partial roof replacements at Kensington and Waccamaw Elementary Schools, Howard Adult Center, and Rosemary Middle School; we have completed Phase I of the renovations at the Howard Adult Center; we have replaced carpet with tile at several sites; and, we have hired a roofing consultant to assist us with the roofing assessment and design work for all sites throughout the District. We have begun the design process for five (5) of our elementary schools, Phase II of Howard Adult Center, Facilities, and JB Beck Administration. We anticipate design drawings during the month of December. Our goal is to bid these projects early in 2020, with a completion of the majority of the work during the Summer of 2020. The school sites will receive a general renovation, with no new space being added, with the exception of Sampit Elementary School, which will receive an indoor/outdoor expansion to its’ media center and McDonald Elementary School, which will receive a cafeteria expansion. Facilities staff will receive a new building for its’ administration and majority of its’ trades. JB Beck will receive an addition primarily for Information Technology and Accountability and Assessment (records management). We have made tremendous strides Districtwide with the monies allocated to technology. We have completed the installation of our security camera system Districtwide. We are now working through the replacement of our intrusion detection system – we anticipate completion by Summer 2020. We have purchased laptops for our 9th grade population – this is year 3 of a 4 year initiative. We have placed Chromebooks in the hands of every 3rd grader through 8th grader. We have upgraded our Board room technology and broadcast abilities. We have updated infrastructure to include servers, access points, wiring in some locations, etc. We postponed the replacement of our phone system this past year, due to all of the new construction. We will now refocus our attention on that project, in addition to, developing a situation room for emergency management, as well as, several additional technology projects. We are currently on schedule and under budget for the program as a whole, having added scope at many of the sites during construction. We have since walked all of these sites with our Superintendent, District staff relative to Facilities, and school staff, developing a secondary list of additional scope projects that are currently under review for feasibility and funding. Our public has been invited and involved in our assessment process and our scope meetings, and, from all accounts, are pleased with the progress they are seeing at our sites.

Teacher of the Year Each year, the schools select a Teacher of the Year by the faculty and staff. These teachers are chosen for their exceptional teaching skills, above and beyond the call of duty, teamwork, love of teaching, professionalism, enthusiasm, innovative ideas, and overall concern for students. Of the field of 20, the top five finalists were chosen including: Monica Weaver-Linnen, Carvers Bay Middle School; Tonya Todd, Georgetown High School; Lauren Prosser, Georgetown Middle School; Mary Ann Coker, Kensington Elementary School; Nancy Randall, Waccamaw Middle School. The five finalists undergo classroom observations and interviews conducted by an interview team consisting of business and community leaders. The teachers’ final step is to develop a portfolio in which the teachers answer questions about his/her teaching philosophy and experiences. The portfolios are judged, the scores added to those compiled by the observations and interviews, and a winner is selected. At the Teacher of the Year banquet at Litchfield Beach and Golf Resort on May 9, 2019, Georgetown County School District named Tonya Todd, a teacher at Georgetown High School, as the Georgetown County School District Teacher of the Year.

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All other District nominees for Teacher of the year were:

Andrews Elementary School Ashley Nesmith Andrews High School James B. Rowell Brown’s Ferry Elementary School Samantha Jenkins Vereen Carvers Bay High School Erica S. Smith Coastal Montessori Charter School Whitney Garner Howard Adult Center Mary Ann Owens Maryville Elementary School Kristi Rolison McDonald Elementary School Tammy Williams Plantersville Elementary School Denise Daniels Pleasant Hill Elementary School Amy Tanner Rosemary Middle School Shana M. Barrineau Sampit Elementary School Gretchen Goude Waccamaw Elementary School Louanne Jorgenson Waccamaw High School Jenna Henderson Waccamaw Intermediate School Alicia Fat

Technology Status Georgetown County School District (GCSD) consists of 19 schools and 1 administrative site. Each site is comprised of a 10Gig Local Area Network (LAN) Core. All sites are routed thru Time Warner Business Services MetroE Wide Area Network (WAN) to the District Office. The Elementary schools are connected via 100Mbps Cisco Ethernet connections with the Middle and High schools being 250Mbps. From the District Office there is a 2.5Gig connection via Spirit Communications to the South Carolina Information Network for the districtwide shared internet access. The IT Department maintains and operates the District’s Network Systems, File-Print-Application Servers and end-user devices. The District utilizes Quest’s Rapid Recovery Backup and Archiving Solution to ensure data recoveries in the event of a system failure. Microsoft’s System Center End Point (SCEP) is utilized for both server and workstation virus/malware protection. A combination of Microsoft Exchange and Office 365 is provisioned for Staff email needs. Microsoft’s Office 365 has been provisioned for the district’s student email usage. Every student has their own network login ID available to them; created automatically for the student via Microsoft’s Forefront Identity Manager (FIM) from the data entered into the district’s Student Information System (SIS) PowerSchool. The district utilizes two Meraki MX450 web security appliances for internet website content filtering and an additional layer of malware protection, as well as dual Cisco ASA 5585 Firewall’s and Cisco Umbrella for Windows device content filtering along with Lightspeed/Relay content filtering for Chromebooks. District email protection for spam, content and virus is maintained via Microsoft’s Exchange Online Protection (EOP). All GCSD staff and students have internet access made available to them and the District’s internet homepage is http://www.gcsd.k12.sc.us. The District utilizes over 250 Windows 2008 R2, 2012 R2 and 2016 physical and virtual Servers as well having over 10,000 computing devices in use throughout the district. Wireless connectivity is available in all 20 district sites and provided via @1500 Cisco/Meraki Wireless Access Points (WAP) in a high density coverage model that includes every classroom having a WAP installed overhead. The Cisco/Meraki Dashboard management system has been implemented and used daily to assist in monitoring this wireless infrastructure. Each building within the district has a LAN infrastructure comprised of Cisco gigabit POE switches connected via a backbone of fiber optic cable to the main data closet which is routed back to the district office in a star pattern. Every classroom has a minimum of 6 wired data drops available and approximately 350 switches are in use for this network infrastructure. The District implemented a Financial and Human Resource Management Software System, the Accounting+Plus Software Suite, from CSI Technology Outfitters, based in Easley, South Carolina. This system can be described as an Enterprise Resource Planning system (ERP). A widely used definition for an ERP system is as follows: a system that integrates (or attempts to integrate) all data and processes of an organization into a single unified system. A typical ERP system will use multiple components of computer software and hardware to achieve the integration. A key ingredient of most ERP systems is the use of a single, unified database to store data for the various system modules.

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Internal Control Structure Management of the District is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the District are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute assurance that these objectives are met. The concept of reasonable assurance recognizes that 1) the cost of a control should not exceed the benefits likely to be derived; and 2) the valuation of costs and benefits require estimates and judgments by management.

Single Audit As a recipient of federal and state financial assistance, the District is responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. This internal control structure is subject to periodic evaluation by management and the Business Services Department of the School District. As part of the District's single audit, tests are made to determine the adequacy of the internal control structure, including that portion related to federal financial assistance programs, as well as to determine that the District has complied with applicable laws and regulations.

Budgetary Control The District maintains budgetary controls designed to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the District's Board of Education. The General Fund is the only legally adopted budget for the District. Expenditures may not legally exceed budgeted appropriations for each fund. The Superintendent or his designee is authorized to administer the budget and may approve the transfer of appropriated funds within and between the departments/programs as necessary to achieve the goals of the budget. The District maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts lapse at year-end.

Independent Audit State statutes require an annual audit by independent certified public accountants. The auditing firm of DarverKelly, LLP, was selected to perform the audit. In addition to meeting the requirements set forth in state statutes, the audit also was designed to meet the requirements of the federal Single Audit Act of 1984, the 1996 amendments and OMB Circular A-133, revised to include Uniform Guidance. The auditor's report on the basic financial statements and combining and individual fund statements and schedules is included in the Financial Section of this report. The auditor's reports related specifically to the single audit are included in the Single Audit Section. AWARDS

Certificate of Achievement for Excellence in Financial Reporting

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to The School District of Georgetown County for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2018. The Certificate of Achievement is a prestigious national award-recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such Comprehensive Annual Financial Report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The School District of Georgetown County has received a Certificate of Achievement for the last twenty-five consecutive years. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA.

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Looking Ahead The approved 2019-20 General Fund budget totaled $91.6 million for both revenues and expenditures, a $3.9 million increase over 2018-19. Additional tax millage as allowed by state law was approved at 5.9 mills and approximately an additional $1.7 million in revenue. Restricted State Grant Allocations through the S.C. Department of Education (SDE) were projected to increase by $2.1 million and the Education Finance Act (EFA) allocations were projected to decrease by $108,785. State Revenue in Lieu of Taxes was increased by $335,198 due to the increase in Tier 3 Property Tax Relief as estimated by the S.C. Budget & Control Board. Salaries and Related Fringe Benefits expenditures increased by a net of $3.8 million to cover a step increase, years’ experience increase and a 4% increase for all eligible employees as well as the related fringe benefits. Also, the employer portion of retirement increased by 1%. Teacher salaries were mandated to be increased 4%. Property and casualty insurance premiums increased by $200,000. The board held the final public hearing for the adoption of the 2019-20 General Fund in a special board meeting on July 9, 2019. After the public hearing, the 2019-20 General Fund budget was approved in the amount of $91,560,428 by a vote of 8 – 0.

The board also approved an operations millage increase to support the approved 2019-20 General Fund budget of 5.9 mills at the meeting on July 9, 2019. The millage for operations increased to 115.6 mills from 109.7. This included increases allowed but not previously imposed and is within the allowable limits of SC Code of Laws 6-1-320. Acknowledgments The preparation of the Comprehensive Annual Financial Report was made possible by the efficient and dedicated services of the entire staff of the Business Services Department. Each member of the department, as well as members of other various departments, has our sincere appreciation for their contributions made in the preparation of this report. In closing, without the leadership and support of the Board of Education, preparation of this report would not have been possible.

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THE SCHOOL DISTRICT OF GEORGETOWN COUNTY PRINCIPAL OFFICIALS

YEAR ENDED JUNE 30, 2019

MEMBERS OF SCHOOL BOARD

Mr. Jim Dumm Chairman

Dr. Arthur Lance, Jr. Vice-Chairman

Ms. Sarah Elliott Secretary

Ms. Patricia DeLeone Parliamentarian

Ms. Randy Walker Member of School Board

Ms. Sandra Johnson Member of School Board

Mr. Richard Kerr Member of School Board

Dr. Michael Cafaro Member of School Board

Mr. Elery Little Member of School Board

ADMINISTRATIVE OFFICIALS

H. Randall Dozier, Ph.D. Superintendent

Dr. Celeste Pringle Deputy Superintendent

Lisa O. Johnson, CPA Associate Superintendent for Finance and Technology

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FINANCIAL SECTION

INDEPENDENT AUDITORS' REPORT To the Members of the Board of Education The School District of Georgetown County Georgetown, South Carolina

Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component unit, each major fund, and the aggregate remaining fund information of The School District of Georgetown County, as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise The School District of Georgetown County’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating 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.

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, the aggregate discretely presented component unit, each major fund, and the aggregate remaining fund information of The School District of Georgetown County, as of June 30, 2019, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, schedule of the district’s proportionate share of the net pension liability – SCRS and PORS, schedule of district contributions – SCRS and PORS, schedule of the district’s proportionate share of the net OPEB liability – SCRHITF and the schedule of district contributions – SCRHITF on pages 13 through 19 and 68 through 71 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 School District of Georgetown County’s basic financial statements. The combining and individual nonmajor fund financial statements and the Schedule of Expenditures of Federal Awards, as required by the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining and individual nonmajor fund financial statements and the Schedule of Expenditures of Federal Awards are the responsibility of management and were derived from and relate 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 and individual nonmajor fund financial statements and the Schedule of Expenditures of Federal Awards are fairly stated in all material respects in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 2, 2019 on our consideration of The School District of Georgetown County’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 solely 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 effectiveness of The School District of Georgetown County’s 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 School District of Georgetown County’s internal control over financial reporting and compliance.

Greenville, South Carolina December 2, 2019

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THE SCHOOL DISTRICT OF GEORGETOWN COUNTY MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)

JUNE 30, 2019 This discussion and analysis of The School District of Georgetown County’s financial performance information provides an overview of the District’s financial activities for the fiscal year ended June 30, 2019. The intent of this discussion and analysis is to look at the School District’s financial activities as a whole; readers should also review the transmittal letter, notes to the basic financial statements and financial statements to enhance their understanding of the School District’s financial performance. FINANCIAL HIGHLIGHTS: Key financial highlights for 2019 are as follows:

The District’s total net position for 2019 totaled ($63.2) million, an increase of $4.3 million over fiscal year 2018.

Total Revenues and Other Financing Sources for the District’s governmental funds totaled $183.6 million, an increase of $56.8 million over fiscal year 2018.

Total Expenditures and Other Financing Uses for the District’s governmental funds totaled $178.7 million, an increase of $42.8 million from fiscal year 2018. At the close of the current fiscal year, the District’s governmental funds reported combined fund balances of $21.9 million, an increase of $4.9 million in comparison with the prior year’s balance of $17.0 million. Approximately 48.8% of this amount, $10.7 million, is unassigned and available. Our chief operating fund, the General Fund, had $84.2 million in fiscal year 2019 revenues, which primarily consisted of property taxes and state aid. In addition, the General Fund had $3.2 million in Other Financing Sources, which consisted of transfers from the Special Revenue Fund and the Proprietary Fund in the form of indirect costs and teacher salary supplement and fringe transfers from the Special Revenue-Education Improvement Act Fund. The General Fund incurred $86.8 million in expenditures and $431,406 in Other Financing uses for a transfer to cover a shortfall in Special Revenue Funds-Medicaid. The District’s Total long-term liabilities increased by a net amount of $40.2 million during FY 2019 due primarily to the decrease in the District’s Pension and Other Post-Employment Benefits (OPEB) liability of $2.8 million, and an increase in long term bond related liabilities of $43.1 million. The District’s Total Assets at June 30, 2019 was $383.5 million. Total Liabilities were $450.2 million. Deferred Outflows of Resources totaled $21.5 million, a decrease of $4.1 million from 2018. Deferred Inflows of Resources totaled $18.0 million, an increase of $2.5 million over 2018.

OVERVIEW OF THE FINANCIAL STATEMENTS: This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements (General, Special Revenue, Debt Service, Capital Projects, Fiduciary, and Proprietary) and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. A description of these statements and some related definitions follow: Government-wide Financial Statements: The basic financial statements include two kinds of statements that present different views of the District. The first two statements are government-wide financial statements that provide a broad overview of the District’s overall financial status, in a manner similar to a private-sector enterprise. The statement of net position presents information on all of the District’s assets, deferred outflows of resources, liabilities and deferred inflows of resources, 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 or deteriorating.

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OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED): The statement of activities presents information showing how the government’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, for some items, revenues and expenses are reported in this statement that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned unused vacation leave). Both of the government-wide financial statements distinguish functions of the District that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the District include instruction, support services, community services, interest and other charges. The business-type activities of the District include a food service operation. Fund Financial Statements: The remaining basic financial statements are fund financial statements that focus on the individual parts of the District, reporting the District’s operations in more detail than government-wide 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. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds: Governmental funds are used to account for essentially the same functions reported as governmental activities in the government–wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term uses of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for the governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the governments’ near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between governmental funds and governmental activities. The District maintains five individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, special projects fund, EIA fund, debt service fund and capital projects fund, all of which are considered to be major funds. Proprietary Funds: Services for which the District charges a fee are generally reported in the proprietary funds. Proprietary fund statements are reported on the accrual basis. Fiduciary Funds: Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to support the District’s own programs. The District is the trustee, or fiduciary, for the pupil activity of the schools and accounts for this activity in an agency fund. Notes to The Basic Financial Statements: The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. GOVERNMENT-WIDE FINANCIAL ANALYSIS: The net position may serve over time as a useful indicator of the District’s financial position. Liabilities and deferred inflows of resources exceeded assets and deferred outflows of resources by $63.2 million. 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. The following are significant current year transactions that have had an impact on the statement of net position:

• Net change in position for the governmental activities increased by $4.0 million. The net position for the business-type activities increased by $262,298.

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GOVERNMENT-WIDE FINANCIAL ANALYSIS (CONTINUED):

• Current assets increased by $35.8 million from the prior year largely due to the unspent proceeds of a $100.0 million Bond Anticipation Note that closed in June 2019.

• Capital assets (net of accumulated depreciation) increased by $45.9 million as capital expenditures exceeded current year depreciation for the period.

• Long-term liabilities increased by a net amount of $40.2 million due primarily to a decrease in the net pension and OPEB Liabilities of $2.8 million and an increase of long-term debt of $43 million.

• Other liabilities increased by $31 million primarily due to the unspent proceeds of a Bond Anticipation Note that closed in June 2019.

• Deferred Outflows of Resources decreased by $4.0 million and Deferred Inflows of Resources increased by $2.5 million related to the District’s Pensions and OPEB.

The following table presents a comparative analysis of the District’s net position for the fiscal years ended June 30, 2019 and June 30, 2018:

2019 2018 2019 2018 2019 2018Assets

Current Assets 149,285,240$ 113,443,757$ 2,980,606$ 2,736,634$ 152,265,846$ 116,180,391$ Capital Assets 230,795,197 184,949,684 406,395 301,594 231,201,592 185,251,278

Total Assets 380,080,437$ 298,393,441$ 3,387,001$ 3,038,228$ 383,467,438$ 301,431,669$

Deferred Outflows of Resources 20,902,636$ 24,858,426$ 602,133$ 718,719$ 21,504,769$ 25,577,145$

LiabilitiesLong-Term Liabilities 316,047,899 275,704,843 6,350,549 6,452,757 322,398,448 282,157,600 Other Liabilities 127,782,671 96,790,560 10,522 5,717 127,793,193 96,796,277

Total Liabilities 443,830,570$ 372,495,403$ 6,361,071$ 6,458,474$ 450,191,641$ 378,953,877$

Deferred Inflows of Resources 17,519,989$ 15,128,433$ 504,691$ 437,399$ 18,024,680$ 15,565,832$

Net Investment in Capital Assets 152,052,751 134,848,585 406,395 301,594 152,459,146 135,150,179

Restricted 10,396,176 7,938,757 - - 10,396,176 7,938,757 Unrestricted (222,816,413) (207,159,311) (3,283,023) (3,440,520) (226,099,436) (210,599,831)

Total Net Position (60,367,486)$ (64,371,969)$ (2,876,628)$ (3,138,926)$ (63,244,114)$ (67,510,895)$

Net Position

TotalActivitiesBusiness-TypeGovernmental

Activities

15

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued): The District’s total revenues for the fiscal year ended June 30, 2019 were $124.4 million. The total cost of all programs and services was $120.2 million. The following table presents a comparative analysis of the change in net position for the fiscal years ended June 30, 2019 and June 30, 2018:

2019 2018 2019 2018 2019 2018Revenues

Program RevenuesCharges for Servies 95,570$ 89,027$ 325,528$ 337,116$ 421,098$ 426,143$ Operating Grants 40,753,007 40,991,938 4,614,040 4,574,152 45,367,047 45,566,090

General RevenueProperty Taxes 58,663,631 57,563,241 - - 58,663,631 57,563,241 Grants and Entitlements 18,684,103 18,219,330 - - 18,684,103 18,219,330 Other 1,301,193 1,054,593 677 - 1,301,870 1,054,593

Total Revenues 119,497,504 117,918,129 4,940,245 4,911,268 124,437,749 122,829,397

Program ExpensesInstruction 57,649,325 62,197,816 - - 57,649,325 62,197,816 Support Services 55,911,788 53,881,461 - - 55,911,788 53,881,461 Community Services 146,377 120,706 - - 146,377 120,706 Interest and Other Charges 1,971,069 817,220 - - 1,971,069 817,220 Food Service - - 4,492,409 5,045,034 4,492,409 5,045,034

Total Expenses 115,678,559 117,017,203 4,492,409 5,045,034 120,170,968 122,062,237

Excess/(Deficiency) Before Transfer 3,818,945 900,926 447,836 (133,766) 4,266,781 767,160

Transfers (Food Service) 185,538 338,055 (185,538) (338,055) - -

Increase/(Decrease) in Net Position 4,004,483$ 1,238,981$ 262,298$ (471,821)$ 4,266,781$ 767,160$

Net Position, Beginning (64,371,969) 32,455,631 (3,138,926) 168,239 (67,510,895) 32,623,870

Cumulative Effect of Changein Accounting Principle - (98,066,581) - (2,835,344) - (100,901,925)

Net Position, Beginning, As Restated (64,371,969) (65,610,950) (3,138,926) (2,667,105) (67,510,895) (68,278,055)

Net Position, Ending (60,367,486)$ (64,371,969)$ (2,876,628)$ (3,138,926)$ (63,244,114)$ (67,510,895)$

Change in Net Position

Governmental Business-TypeActivities Activities Total

16

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued): Governmental Activities: The following table presents the costs of the four major District functional activities: instruction, support services, community services, and interest on long-term debt. The table also shows each function’s net cost (total cost less charges for services generated by the activities and inter-governmental aid provided for specific programs). The net cost shows the financial burden that was placed on the State and District’s taxpayers by each of these functions.

Total Net (Expenses) Total Net (Expenses)Expenses Revenue Expenses Revenue

Instruction 57,649,325$ (43,348,462)$ 62,197,816$ (42,178,438)$ Support Services 55,911,788 (29,400,221) 53,881,461 (32,858,453) Community Services 146,377 (110,230) 120,706 (82,127) Interest and Other Charges 1,971,069 (1,971,069) 817,220 (817,220)

Total Expenses 115,678,559$ (74,829,982)$ 117,017,203$ (75,936,238)$

20182019

Governmental Activities

• The total expenses of all governmental activities this year was $115.7 million.

• The total expenses of all business type activities was $4.5 million.

• Federal and state governments and charges for services subsidized certain programs with grants and

contributions and other local revenues of $45.4 million.

• Net cost of governmental activities $74.8 million was financed by general revenues, which are comprised of primarily property taxes in the amount of $58.7 million. Unrestricted state aid was $18.7 million. Unrestricted Investment Earnings were $270,765 and Miscellaneous was $1.0 million.

FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS: As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds: The focus of the District’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of the District’s net resources available for spending at the end of the fiscal year. The financial performance of the District as a whole is reflected in its governmental funds. As of the fiscal year end, the District’s governmental funds reported a combined fund balance of $21.9 million, an increase of $4.9 million. Approximately $10.7 million or 48.8% of the $21.9 million fund balance constitutes unassigned fund balance, which is available for spending at the District’s discretion. The remaining fund balance is non-spendable, restricted or committed to indicate that it is not available for spending because it has already been restricted:

• $7.6 million to pay debt service • $3.4 million for capital projects from the 2016 Bond Referendum started and in process at year end.

The General Fund is the principal operating fund of the District. The unassigned fund balance at June 30, 2019 for the General Fund was $10.7 million. General Fund fund balance included a non-spendable amount of $10,549 which represented Prepaid Items and a committed amount approved by the Board in a previous fiscal year of $150,000 that has not been de-committed to date.

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FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS (Continued): The Special Revenue Funds account for proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The District’s Special Projects Fund consists of all federal, state and local projects and grants except for those in EIA. The Education Improvement Act (EIA) Fund was passed in 1984 into state law. This fund accounts for the proceeds of an additional one percent sales and use tax restricted to expenditures for the EIA standards. The Special Revenue Funds, both the Special Projects Fund and the Education Improvement Act Fund have a zero fund balance. The Debt Service fund balance of $7.6 million is $1.0 million less than last year’s balance of $8.6 million. Capital Projects fund balance at June 30, 2019 was $3.4 million which represents an increase over June 30, 2018 of $5.3 million. The District has used Bond Anticipation Notes for the last three years to fund the 2016 Referendum projects. The District issued $55.0 million in GO Bonds in fiscal year 2018-19. Of the $55.0 million in GO Bonds issued, $50.0 million was for the $165.0 million bond referendum. GENERAL FUND BUDGETARY HIGHLIGHTS: A schedule showing the original and final budget amounts compared to the District’s actual financial activity for the General Fund is provided in this report as a part of the “basic financial statements.” The Board adopted the 2018-19 General Fund budget on June 12, 2018 based on state funding projections available at that time. Original and Final budgeted revenues are exactly the same. Local revenues were $177,557 more than budgeted which was a result of higher than expected tax collection. State revenues were $402,518 less than budgeted due to a decrease in EFA funding primarily a reduction of Pupils in Poverty Funding. Intergovernmental revenues were not budgeted but the District received reimbursement from its component unit Coastal Montessori Charter School for services provided in the amount of $28,275. Instruction expenditures were under the final budget by $330,706. Support Services expenditures were under the final budget by $205,324. Community Services expenditures exceeded budget by $112,685. The expenditures in excess of appropriations were deemed necessary in order to support the objectives of the District. The differences in the original and final budgeted expenditures are negligible other than those listed above. CAPITAL ASSETS AND DEBT ADMINISTRATION: Capital Assets: As of June 30, 2019, the District had invested $231.2 million in capital assets, net of depreciation, including school buildings, athletic facilities, buses and other vehicles, computers, and other equipment. The total depreciation expense for the year was $5.5 million for governmental activities and $66,701 for the Business type activities. Accumulated depreciation at June 30, 2019 is $88.1 million for Governmental Funds and $1.6 million for the Proprietary Fund. Additional information on the District’s capital assets can be found in Note 4 of this report. The following schedule presents a comparative analysis of the changes in capital assets balances net of depreciation for the fiscal years ended June 30, 2019 and June 30, 2018:

2019 2018 2019 2018 2019 2018

Land 5,258,251$ 5,253,251$ -$ -$ 5,258,251$ 5,253,251$ Building and

Building Improvements 166,785,920 166,921,656 - - 166,785,920 166,921,656 Equipment 4,018,831 3,862,630 406,395 301,594 4,425,226 4,164,224 Construction in Progress 54,732,195 8,912,147 - - 54,732,195 8,912,147

Total 230,795,197$ 184,949,684$ 406,395$ 301,594$ 231,201,592$ 185,251,278$

Capital Assets Balances, Net of Depreciation

Governmental Business-TypeActivities Activities Total

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CAPITAL ASSETS AND DEBT ADMINISTRATION (Continued): Debt Administration: At year-end, the District had $89.4 million in general obligation bonds outstanding, of which $11 million in principal payments are due within one year. The following table presents a summary of the District’s outstanding long-term general obligation debt for the fiscal years ended June 30, 2019 and June 30, 2018.

2019 2018

Referendum General Obligation Debt 56,005,000$ 11,555,000$ Eight Percent General Obligation Debt 33,380,000 36,875,000

Total 89,385,000$ 48,430,000$

Outstanding Debt

Moody’s Investors Services assigned an underlying rating of Aa3 to the District’s GO Bonds, Series 2019. State statutes currently limit the amount of general obligation debt a district may issue to 8 percent of its total assessed valuation. The current debt limitation for the District is $46.9 million. The legal debt margin is $13.6 million. Additional information concerning the District’s long-term debt can be found in Note 7 of this report. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET, SUBSEQUENT EVENTS AND OTHER MATTERS: The approved 2019-20 General Fund budget totaled $91.6 million for both revenues and expenditures, a $3.9 million increase over 2018-19. Additional tax millage as allowed by state law was approved at 5.9 mills and approximately an additional $1.7 million in revenue. Restricted State Grant Allocations through the S.C. Department of Education (SDE) were projected to increase by $2.1 million and the Education Finance Act (EFA) allocations were projected to decrease by $108,785. State Revenue in Lieu of Taxes was increased by $335,198 due to the increase in Tier 3 Property Tax Relief as estimated by the S.C. Budget & Control Board. Salaries and Related Fringe Benefits expenditures increased by a net of $3.8 million to cover a step increase, years’ experience increase and a 4% increase for all eligible employees as well as the related fringe benefits. Also, the employer portion of retirement increased by 1%. Teacher salaries were mandated to be increased 4%. Property and casualty insurance premiums increased by $200,000. The board held the final public hearing for the adoption of the 2019-20 General Fund in a special board meeting on July 9, 2019. After the public hearing, the 2019-20 General Fund budget was approved in the amount of $91,560,428 by a vote of 8 – 0. The board also approved an operations millage increase to support the approved 2019-20 General Fund budget of 5.9 mills at the meeting on July 9, 2019. The millage for operations increased to 115.6 mills from 109.7. This included increases allowed but not previously imposed and is within the allowable limits of SC Code of Laws 6-1-320. REQUEST FOR INFORMATION: This financial report is designed to provide those interested with a general overview of the District’s finances and to show the District’s accountability for the money it receives. If you have questions about this report or need additional financial information, contact the Business Services Department, Associate Superintendent for Finance & Technology at Georgetown County School District located at 2018 Church Street, Georgetown, SC 29440.

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BASIC FINANCIAL

STATEMENTS

The basic financial statements provide a summary overview of the financial position of all funds and account groups and of the operating results of all funds. They also serve as an introduction to the more detailed statements and schedules that follow.

Governmental Business-Type ComponentActivities Activities Total Unit

Assets

Cash & Cash Equivalents 130,516,660$ 2,860,151$ 133,376,811$ 683,434$ Restricted Cash - - - 269,604 Investments 6,498,219 - 6,498,219 935,478 Property Tax Receivable 1,747,370 - 1,747,370 - Due From County Government 7,732,920 - 7,732,920 - Due From State Government 103,818 - 103,818 - Due From Federal Government 1,760,974 53,616 1,814,590 - Prepaid Items 10,549 - 10,549 1,500 Inventories - Supplies & Materials - 65,428 65,428 - Other Receivables 914,730 1,411 916,141 - Other Assets - - - 1,200 Capital Assets (Net of Accumulated Depreciation)

Land 5,258,251 - 5,258,251 705,094 Buildings & Improvements 166,785,920 - 166,785,920 5,069,741 Equipment 4,018,831 406,395 4,425,226 109,342 Construction in Progress 54,732,195 - 54,732,195 4,695

Total Assets 380,080,437$ 3,387,001$ 383,467,438$ 7,780,088$

Deferred Outflows of Resources

Net Pension Deferred Outflows 7,420,441 213,758 7,634,199 - Net OPEB Deferred Outflows 1,823,174 52,519 1,875,693 - Employer Contributions Subsequent to Measurement Date 11,659,021 335,856 11,994,877 -

Total Deferred Outflows of Resources 20,902,636$ 602,133$ 21,504,769$ -$

Liabilities

Accounts Payable 13,647,390$ 10,522$ 13,657,912$ 5,208$ Accrued Salaries 5,418,996 - 5,418,996 - Accrued Payroll Related Liabilities 4,964,337 - 4,964,337 - Due To State Government 10,351 - 10,351 - Bond Anticipation Notes Payable 100,000,000 - 100,000,000 - Retainage Payable 1,567,740 - 1,567,740 - Unearned Revenue 1,496,076 - 1,496,076 - Other Liabilities 1,088 - 1,088 12,860 Accrued Interest Payable 676,693 - 676,693 - Noncurrent Liabilities:

Net Pension Liability 124,107,616 3,575,116 127,682,732 - Net OPEB Liability 96,347,179 2,775,433 99,122,612 - Due Within One Year 12,776,530 - 12,776,530 118,013 Due in More Than One Year 82,816,574 - 82,816,574 6,315,800

Total Liabilities 443,830,570$ 6,361,071$ 450,191,641$ 6,451,881$

Deferred Inflows of Resources

Net Pension Deferred Inflows 7,078,134 203,897 7,282,031 - Net OPEB Deferred Inflows 10,441,855 300,794 10,742,649 -

Total Deferred Inflows of Resources 17,519,989$ 504,691$ 18,024,680$ -$

Net Position

Net Investment in Capital Assets 152,052,751 406,395 152,459,146 (544,941) Restricted For:

Debt Service Program 6,959,748 - 6,959,748 269,604 Capital Projects 3,436,428 - 3,436,428 -

Net Position - Unrestricted (222,816,413) (3,283,023) (226,099,436) 1,603,544

Total Net Position (60,367,486)$ (2,876,628)$ (63,244,114)$ 1,328,207$

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYSTATEMENT OF NET POSITION

JUNE 30, 2019

The notes to the basic financial statements are an integral part of this statement.

20

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Total Governmental Fund Balances 21,931,019$

Cost of Assets $ 318,874,725 Accumulated Depreciation (88,079,528) 230,795,197

3,382,647

248,243

Long Term Debt (89,385,000)Net Pension Liability (124,107,616)Net OPEB Liability (96,347,179)Bond Premiums, Net of Amortization (5,179,136)Compensated Absences (1,028,968)Accrued Interest Payable (676,693) (316,724,592)

Net Position of Governmental Activities: (60,367,486)$


Certain liabilities are not due and payable in the current period and, therefore, are not reported in the funds.

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. This is the amount that the cost of the assets exceeds the accumulated depreciation.

Certain unearned revenues reported in the governmental funds are recognized subject to a reserve for uncollectible amounts in the statement of activities. This is the additional amount of taxes receivable recognized under the accrual basis.

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYRECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF NET POSITIONFOR THE YEAR ENDED JUNE 30, 2019

Amounts reported for Governmental Activities in the Statement of Net Position are different because:

Deferred Outflows (Inflows) resulting from the recognition of the employer's share of the state's net pension and OPEB liabilities are not current financial resources and, therefore, are not reported in the funds.

23

Education TotalSpecial Improvement Debt Capital Governmental

General Projects Act Service Projects Funds

RevenuesTaxes Levied/Assessed by the LEA 41,220,561$ -$ -$ 15,431,468$ -$ 56,652,029$ Revenue From Local Governmental Units Other Than LEAs 1,718,774 - - 386,156 - 2,104,930 Tuition 95,570 - - - - 95,570 Earnings on Investments 12,859 - - 190,855 67,051 270,765 Other Revenue from Local Sources 546,437 1,249,006 - - 399,201 2,194,644

Total Local 43,594,201 1,249,006 - 16,008,479 466,252 61,317,938

Intergovernmental 28,275 16,194 - - - 44,469 State Sources 40,592,443 1,647,280 7,294,358 803,248 - 50,337,329 Federal Sources - 7,053,882 - 837,215 - 7,891,097

Total Revenues 84,214,919$ 9,966,362$ 7,294,358$ 17,648,942$ 466,252$ 119,590,833$

ExpendituresCurrent:

Instruction 45,894,425 4,768,557 2,741,857 - - 53,404,839 Support Services 38,244,582 4,393,357 1,588,373 - 1,843,424 46,069,736 Community Services 118,243 17,471 - - - 135,714 Intergovernmental 2,521,596 229,193 78,850 - 55,936 2,885,575

Debt Service: - Legal Services - - - 131,500 - 131,500 Other Professional and Technical Services - - - 200,019 - 200,019 Redemption of Principal - - - 14,045,000 - 14,045,000 Interest - - - 4,609,160 - 4,609,160 Other Objects - - - 7,515 - 7,515

Capital Outlay - 239,857 282,666 - 52,880,463 53,402,986

Total Expenditures 86,778,846$ 9,648,435$ 4,691,746$ 18,993,194$ 54,779,823$ 174,892,044$

Excess of Revenues Over(Under) Expenditures (2,563,927) 317,927 2,602,612 (1,344,252) (54,313,571) (55,301,211)

Other Financing Sources (Uses)Premiums on Bonds Sold - - - - 4,986,478 4,986,478 Issuance of Debt - - - - 55,000,000 55,000,000 Sale of Capital Assets - - - - 38,170 38,170 Transfers In 3,204,507 431,406 - 331,519 - 3,967,432 Transfers Out (431,406) (317,927) (2,602,612) - (429,949) (3,781,894)

Total Other Financing Sources (Uses) 2,773,101 113,479 (2,602,612) 331,519 59,594,699 60,210,186

Net Change in Fund Balances 209,174$ 431,406$ -$ (1,012,733)$ 5,281,128$ 4,908,975$

Fund Balance, Beginning of Year 10,648,976 (431,406) - 8,649,174 (1,844,700) 17,022,044

Fund Balance, Ending of Year 10,858,150$ -$ -$ 7,636,441$ 3,436,428$ 21,931,019$


Special Revenue

FOR THE YEAR ENDED JUNE 30, 2019

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYGOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE

24

Net Change in Fund Balances - Total Governmental Funds 4,908,975$

Depreciation Expense (5,537,008)$ Capital Outlay 51,401,186 45,864,178

Redemption of Principal 14,045,000 Proceeds from Long-Term Debt (55,000,000) (40,955,000)

Change in Amortization of Bond Premiums (1,530,751)Change in Amortization of Bond Discounts (512,326) (2,043,077)

(18,665)

(93,328)

Compensated Absences - End of Current Year (1,028,968)Compensated Absences - End of Prior Year 956,062 (72,906)

District's Proportionate Share of Total Pension Expense (10,634,963)District's Proportionate Share of Total OPEB Expense (4,643,476)Current Contributions to Systems 11,659,021 (3,619,418)

Accrued Interest - End of Current Year (676,693)Accrued Interest - End of Prior Year 710,417 33,724

Change in Net Position of Governmental Activities 4,004,483$

The change in compensated absences reported in the statement of activities does not require the use of current financial resources, and therefore, is not reported as an expenditure/revenue in the governmental funds. This is the amount that compensated absences at the end of the prior year exceeded the compensated absences at the end of the current year.

Governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. This is the change in bond premium and discount amortization.

The issuance of long-term debt (e.g. bonds) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. This is the amount that principal repaid during the year exceeds the amount of debt issued during the year.


THE SCHOOL DISTRICT OF GEORGETOWN COUNTYRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES

IN FUND BALANCE OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIESFOR THE YEAR ENDED JUNE 30, 2019

Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of these assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which depreciation expense exceeded capital outlays in the current period.

In the statement of activities, the gain/(loss) on the sale or disposal of capital assets is reported, whereas in the governmental funds, the proceeds from the sale increases financial resources. Thus the change in net position differs from the change in fund balance by the cost of capital assets disposed or sold.

Certain unavailable tax revenues reported in the governmental funds are recognized in the statement of activities, net of a reserve for uncollectible amounts. This is the change in the amount of taxes receivable recognized under the accrual basis.

Amounts reported for the Governmental Activities in the Statement of Activities are different because:

Interest on long-term debt in the statement of activities differs from the amount reported in the governmental funds because interest is recognized as an expenditure in the funds when it is due, and thus requires the use of current financial resources. In the statement of activities, however, interest expense is recognized as the interest accrues, regardless of when it is due. This is the amount that accrued interest on bonds at the end of the prior year exceeded the accrued interest on bonds at the end of the current year.

Retirement expense in the statement of activities is measured by the District's proportionate share of the PEBA total pension and OPEB liability expense. In the governmental funds, however, the expenditure is measured by the current contributions to the retirement system. This is the amount Current Contributions exceed the District's proportionate share.

25

Actual Variance withOriginal Final Amounts Final Budget

RevenuesLocal 43,416,644$ 43,416,644$ 43,594,201$ 177,557$ State 40,994,961 40,994,961 40,592,443 (402,518) Intergovernmental - 28,275 28,275

Total Revenues 84,411,605$ 84,411,605$ 84,214,919$ (196,686)$

ExpendituresCurrent:

Instruction 46,222,084 46,225,131 45,894,425 330,706 Support Services 38,452,953 38,449,906 38,244,582 205,324 Community Services 5,558 5,558 118,243 (112,685) Intergovernmental 2,521,596 2,521,596 2,521,596 -

Total Expenditures 87,202,191$ 87,202,191$ 86,778,846$ 423,345$

Excess Revenues Over (Under) Expenditures (2,790,586) (2,790,586) (2,563,927) 226,659

Other Financing Sources (Uses)Transfers from Other Funds 2,790,586 2,790,586 2,773,101 (17,485)

Total Other Financing Sources (Uses) 2,790,586 2,790,586 2,773,101 (17,485)

Excess Revenues and Other SourcesOver (Under) Expenditures and Other Uses -$ -$ 209,174$ 209,174$

Fund Balance, Beginning of Year 10,648,976

Fund Balance, End of Year 10,858,150$


Budget AmountsGeneral Fund

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYGENERAL FUND

BUDGETARY COMPARISON STATEMENTFOR THE YEAR ENDED JUNE 30, 2019

26

Assets

Current AssetsCash & Cash Equivalents 2,860,151$ Due From Federal Government 53,616 Inventories - Supplies & Materials 65,428 Other Receivables 1,411

Total Current Assets 2,980,606

Property, Plant and Equipment, Net 406,395

Total Assets 3,387,001$


Net Pension Deferred Outflows 213,758Net OPEB Deferred Outflows 52,519Employer Contributions Subsequent to Measurement Date 335,856

Total Deferred Outflows of Resources 602,133$

Liabilities

Current LiabilitiesAccounts Payable 10,522

Total Current Liabilities 10,522

Long Term LiabitiesNet Pension Liability 3,575,116Net OPEB Liability 2,775,433

Total Long Term Liabilities 6,350,549

Total Liabilities 6,361,071$


Net Pension Deferred Inflows 203,897Net OPEB Deferred Inflows 300,794

Total Deferred Inflows of Resources 504,691$

Net Position

Investment in Capital Assets 406,395 Unrestricted (3,283,023)

Total Net Position (2,876,628)$

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYPROPRIETARY FUND - FOOD SERVICE

STATEMENT OF NET POSITIONJUNE 30, 2019


27

Business-TypeActivities

Enterprise Fund -Food Service

Operating RevenuesProceeds from Sales of Meals 325,528$

Total Operating Revenues 325,528

Operating ExpensesFood Costs 2,010,642 Salaries & Employee Benefits 2,131,403 Supplies & Materials 163,173 Depreciation 66,701 Other Operating Costs 120,490

Total Operating Expenses 4,492,409

Operating Income (Loss) (4,166,881)

Non-Operating Revenues (Expenses)USDA Reimbursements 3,990,036 Commodities Received from USDA 314,759 Other Federal & State Aid 306,489 Interest Income 2,756 Gain on Disposal of Capital Assets 677

Total Non-Operating Revenues 4,614,717

Net Income Before Transfers 447,836

Transfers In 98,430 Transfers (Out) (283,968)

Change in Net Position 262,298

Net Position, Beginning of Year (3,138,926)

Net Position, End of Year (2,876,628)$



STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITIONFOR THE YEAR ENDED JUNE 30, 2019

28

Enterprise Fund -Food Service

Cash Flows from Operating ActivitiesCash Received from Patrons 324,487$ Cash Payments to Suppliers for Goods and Services (2,287,869) Cash Payments to Employees for Services (2,049,733)

Net Cash Used in Operating Activities (4,013,115)

Cash Flows from Noncapital Financing ActivitiesOperating Grants Received 4,617,819 Transfers From Other Funds 98,430 Transfers (To) Other Funds (283,968)

Net Cash Provided by Noncapital Financing Activities 4,432,281

Cash Flows from Capital and Related Financing ActivitiesNet Acquisition of Capital Assets (170,825)

Net Cash Used in Capital and Related Financing Activities (170,825)

Cash Flows from Investing ActivitiesInterest Revenues 2,756

Net Cash Used in Capital and Related Financing Activities 2,756

Net Increase in Cash and Cash Equivalents 251,097

Cash and Cash Equivalents at Beginning of Year 2,609,054

Cash and Cash Equivalents at End of Year 2,860,151$

Operating Income (Loss) (4,166,881) Adjustments to Reconcile Operating Income (Loss) To

Net Cash (Used) by Operating Activities:Depreciation 66,701 Change in Assets and Liabilities:

Increase in Accounts Receivable (1,041) (Decrease) in Inventory 1,632 Increase in Net Pension Liability 81,670 Increase in Accounts Payable 4,804

Net Cash Used in Operating Activities (4,013,115)$

Supplemental Information:

Non-Cash Commodities Received 314,759$



STATEMENT OF CASH FLOWSFOR THE YEAR ENDED JUNE 30, 2019

29

Agency FundPupil

Activity

Assets

Cash & Cash Equivalents 736,850$ Other Receivables 9,945

Total Assets 746,795$

Liabilities

Due to Pupil Activities 746,795

Total Liabilities 746,795$

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYFIDUCIARY FUND - PUPIL ACTIVITY FUND

STATEMENT OF FIDUCIARY ASSETS AND LIABILITIESJUNE 30, 2019


30

THE SCHOOL DISTRICT OF GEORGETOWN COUNTY NOTES TO FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies The accounting policies of The School District of Georgetown County conform to accounting principles generally accepted in the United States of America as applicable to governments. The following is a summary of the more significant accounting policies.

Reporting Entity The School District of Georgetown County (the District) is a Local Education Agency empowered by State law with the responsibility to oversee and control all activities related to public school education in Georgetown County, South Carolina. The Board receives state, local and federal government funding and must adhere to the legal requirements of each funding entity. The District operates under the direction of an elected nine member Board of Trustees, with a superintendent serving as the chief administrative officer, and provides education services to approximately 9,400 students. The financial reporting entity consists of the primary government, organizations for which the primary government is financially accountable and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion could cause the financial statements to be misleading or incomplete. Based on the following criteria, the District has determined it has one component unit and it is not a component unit of any other organization. Therefore, the District reports as a primary entity. The primary entity is financially accountable if it appoints a voting majority of the organization's governing body including situations in which the voting majority consists of the primary entity's officials serving as required by law and (1) it is able to impose its will on that organization or (2) there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the primary entity. The primary entity also may be financially accountable if an organization is fiscally dependent on it even if it does not appoint a voting majority of the board. An organization is fiscally dependent on the primary entity that holds one or more of the following powers: determine its budget without another government's having the authority to approve and modify that budget, levy taxes or set rates or charges without approval by another government, and issue bonded debt without approval by another government.

Discretely Presented Component Unit The component unit column in the basic financial statements includes the financial data of the District’s component unit, the Coastal Montessori Charter School (the “Charter School”). This unit is reported in a separate column to emphasize that it is legally separate from the District. The Charter School operates under a charter granted by the District and is considered, under South Carolina Law, to be a public school and part of the District. It is administered and governed by its governing body as agreed to by the charter applicant and the District. The governing body is elected annually. The South Carolina Department of Education regulations require that charter schools be discretely presented in the financial statements. All accounting policies and reporting requirements applicable to the District were equally adopted at the Charter School reporting level. The Charter School does issue separate financial statements which are available on request from The Charter School.

Basis of Presentation The financial statement presentation provides a comprehensive, entity-wide perspective of the District's net position, revenues, expenses and changes in net position and cash flows that replaces the fund-group perspective previously required.

31

1. Summary of Significant Accounting Policies (Continued)

Basis of Presentation (Continued) Government-Wide Statements

The statement of net position and the statement of activities display information about the District. These statements include the financial activities of the overall government, except for fiduciary activities. The effect of interfund activity has been removed from these statements except for interfund services provided and used. These statements distinguish between the governmental and business-type activities of the District. Governmental activities generally are financed through intergovernmental revenues, and other non-exchange transactions. Business-type activities are financed in whole or in part by fees charged to external parties. The statement of activities presents a comparison between direct expenses and program revenues for the different business-type activities of the District and each function of the District's governmental activities. Direct expenses are those that are specifically associated with a program or function, and, therefore, are clearly identifiable to a particular function. Indirect expense allocations that have been made in the funds have been eliminated for the statement of activities. Program revenues include (a) fees and charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not program revenues are presented as general revenues.

Fund Financial Statements The fund financial statements provide information about the District's funds. Separate statements for each fund category - governmental, proprietary, and fiduciary - are presented. The emphasis of fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. All of the District's governmental and enterprise funds are reported as major funds. The fiduciary funds are presented separately. Proprietary fund operating revenues, such as charges for services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Non-operating revenues, such as subsidies and investment earnings, result from non-exchange transactions or ancillary activities.

Governmental Funds

General Fund The General Fund is the general operating fund of the District. The General Fund accounts for all financial resources except those that are required to be accounted for in another fund. All property taxes, intergovernmental revenues, charges for services, education finance act revenues, and miscellaneous revenues are recorded in this fund except amounts which are specifically collected to service debt or for which the District collects in a fiduciary capacity. Operational expenditures for general instruction, support services, general administration and other departments of the District are paid through the General Fund.

Special Revenue Fund - Special Projects Fund The Special Projects Fund accounts for the financial transactions of the various special projects in which the District participates. All special projects supported in whole or in part with federal, state and local resources (other than expendable trusts, Education Improvement Act proceeds or major capital projects) are accounted for in this fund.

Special Revenue Fund - Education Improvement Act Fund The Education Improvement Act (EIA) fund accounts for the proceeds of the additional one percent sales and use tax that are restricted to expenditures of the Education Improvement Act strategies. The purpose of the EIA, in general, is to provide additional funding to local school districts for the purpose of raising academic standards by providing for, among other purposes, basic skills remediation, teacher salary increases and the modernization of equipment and instructional facilities.

32


Basis of Presentation (Continued) Governmental Funds (Continued)

Debt Service Fund

The Debt Service Fund accounts for the accumulation of resources for and the payment of general long-term debt, principal and interest. The primary financing source for the fund is County property taxes.

Capital Projects Fund The Capital Projects Fund accounts for financial resources to be used for the acquisition and construction of major capital facilities, other than those financed by proprietary funds and trust funds. Capital projects are funded by proceeds of bonds issued for public school construction and from certain State assistance and grants.

Enterprise Fund

Food Service Fund The Food Service Fund is used to account for operations of the school lunch and breakfast programs, which are financed and operated in a manner similar to private business enterprises, where the intent of the Board is that the costs of providing the services be recovered primarily through user charges, even though the activity is subsidized from other governmental resources.

Fiduciary Fund

Pupil Activity Fund This fund is used to report resources held by the District in a custodial capacity for student organizations and activities. Those funds generally belong to the individual schools of their student bodies and are not available for general use by the District.

Measurement Focus and Basis of Accounting

Government-Wide, Proprietary, and Fiduciary Fund Financial Statements The government-wide and proprietary funds are reported using the economic resources measurement focus. The government-wide, proprietary and fiduciary fund financial statements are reported on the accrual basis, revenues are recognized when earned, and expenses are recorded when an obligation has been incurred, regardless of when the related cash flows take place. Non-exchange transactions, in which the District gives (or receives) value without directly receiving (or giving) equal value in exchange, include grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.

Proprietary Funds Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.

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Measurement Focus and Basis of Accounting (Continued)

Governmental Fund Financial Statements Governmental funds are reported using the current financial resources measurement focus and modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The District considers all revenues reported in governmental funds to be available if the revenues are collected within sixty days after year-end. These include federal and state grants, some charges for services, and ad-valorem property taxes. Expenditures are recorded when the related fund liability is incurred, except for claims and judgments and compensated absences, which are recognized as expenditures to the extent they have matured. General capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term debt and acquisitions under capital leases are reported as other financing sources. Funds received but not yet earned are reflected as deferred revenues. Fiduciary funds are reported using the accrual basis of accounting; revenues are recognized when earned, and expenses are recorded when an obligation has been incurred, regardless of when the related cash flows take place. Under the terms of grant agreements, the District funds certain programs by a combination of specific cost-reimbursement grants and general revenues. Thus when program expenses are incurred, there are both restricted and unrestricted net position available to finance the program. It is the District's policy to first apply cost-reimbursement grant resources to such programs and then general revenues.

Use of Resources When both restricted and unrestricted resources are available for use, it is the District's policy to use restricted resources first, and then unrestricted resources as needed.

Budgets and Budgetary Accounting The District adopts an annual budget for the general fund prior to the beginning of each fiscal year. The adopted budget specifies total expenditure limits. The special revenue funds do not have legally adopted budgets. Supplemental budget appropriations are made by the School Board for any expenditures exceeding total appropriations. Special revenue fund budgets are developed and controlled in conformity with the specific requirements for those funds. Unexpended appropriations lapse at fiscal year-end. Budget amounts reflected in the accompanying financial statements represent the adopted budget and any revisions during the fiscal year. All line item transfers are approved by the Associate Superintendent for Finance and Technology. No supplemental appropriations were necessary during the year. The budgets are prepared on a basis consistent with accounting principles generally accepted in the United States of America and consistent with actual financial statement presentation to provide meaningful comparisons. The following procedures are used in establishing the general fund budget: 1. Prior to the June meeting of the Georgetown County Board of Education, the Board prepares a budget for the

operation of the entire school system of the School District. This budget, at the discretion of the Board, is based upon proposed budgets submitted by the administrators and advisory board of the various schools of the School District.

2. A public hearing is held before the 25th day of June to obtain taxpayer comments. 3. Following the public hearing and before July 1st of each year the Board takes final action on the budget. 4. Upon final action by the Board on the budget, the Chairman of the Board notifies the auditor and treasurer of

the County of the amount of money required for the operation of the District during the next fiscal year. Upon receipt of this notice, the auditor levies taxes on all the taxable property of the County.

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1. Summary of Significant Accounting Policies (Continued) Budgets and Budgetary Accounting (Continued)

5. Formal budgetary integration is employed as a management control device during the year. Encumbrances

are recorded at the time a good or service is ordered and the remaining budget appropriation is reduced by the same amount. When the good or service is received, the encumbrance is reversed in the budgetary accounts and an expenditure is recorded in the general ledger accounts. Encumbered appropriations lapse at year-end and all outstanding encumbrances are canceled.

Once the budget has been approved, the Associate Superintendent for Finance and Technology can approve any line item transfers without Board approval. Board approval is needed for any budget adjustment to total expenditures or interfund transfers. For the year ended June 30, 2019, there were no budget amendments requiring board approval. The legal level of budgetary control is at the fund level. Line item transfers were amended. Excess Expenditures over Appropriations The legal level of budgetary control is at the total expenditure level. This is the level at which expenditures should not exceed appropriations. For the fiscal year ended June 30, 2019, the District had no expenditures over appropriations at the total expenditure level. At the function level, for the fiscal year ended June 30, 2019, the District had $112,685 in excess expenditures over appropriations for community services functions. These expenditures were deemed necessary in order to support the objectives of the District.

Cash and Cash Equivalents For purposes of the statement of cash flows, the District considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Investments The fair value measurement and disclosure framework provides for a three-tier fair value hierarchy that gives highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

- Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the School District can access at the measurement date.

- Level 2 – Inputs to the valuation methodology, other than quoted prices included in Level 1, that are observable for an asset or liability either directly or indirectly and include:

o Quoted prices for similar assets and liabilities in active markets. o Quoted prices for identical or similar assets or liabilities in inactive markets. o Inputs other than quoted market prices that are observable for the asset or liability. o Inputs that are derived principally from or corroborated by observable market data by correlation

or other means. - Level 3 – Inputs to the valuation methodology that are unobservable for an asset or liability and include:

o Fair value is often based on developed models in which there are few, if any, observable inputs. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable values or reflective of future fair values. The District believes that the valuation methods used are appropriate and consistent with GAAP. The use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no significant changes from the prior year in the methodologies used to measure fair value. The District accounts for its investments at fair value in accordance with Generally Accepted Accounting Principles. Changes in unrealized gain or loss on the carrying value of investments are reported as a component of investment income in the statement of revenues, expenditures, and changes in fund balances. The District’s sole investment is a non-marketable security held as a Sinking-Fund Deposit Account.

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1. Summary of Significant Accounting Policies (Continued) Accounts Receivable

Accounts receivable consists of amounts due from the Federal government, state and local governments or private sources, in connection with reimbursement of allowable expenditures made pursuant to the District's grants and contracts. Accounts receivable are recorded net of estimated uncollectible amounts.

Allowance for Doubtful Accounts All receivables that historically experience uncollectible amounts are shown net of an allowance for doubtful accounts. This amount is determined by analyzing the percentage of receivables that were not collected in prior years.

Inventories and Prepaids All inventories are valued at cost using the first-in/first-out (FIFO) method. Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased. The Proprietary Fund inventory includes purchased food, food supplies, and commodities donated by the federal government. Purchased foods and food supplies are priced at latest invoice cost, which approximates a first-in, first-out cost method and a lower of cost or market basis. USDA food commodities that have not been consumed as of June 30, 2019, are recorded at fair market value at time of receipt. The value of commodities is recorded as both expense and revenue at the time of use. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items proportionately over the periods that service is provided in both government-wide and fund financial statements.

Capital Assets

Capital assets, whether acquired or donated, are recorded at cost at the date of acquisition or at the date of donation in the case of gifts (acquisition value). Where cost could not be determined from the available records, estimated historical cost was used to record the estimated value of the assets. All land is capitalized, regardless of cost. Qualifying improvements that rest in or on the land itself are recorded as depreciable land improvements. Qualifying improvements include major additions and renovations; improvements that add to the usable space; or improvements that extend the useful life of an existing building are capitalized. The District capitalized moveable personal property with a unit value in excess of $5,000 and a useful life in excess of one year. Routine repairs and maintenance are charged to expenses in the year in which the expense was incurred. Depreciation is computed using the straight-line method over the estimated lives of the assets, generally 15 to 50 years for buildings and improvements and 5 to 12 years for machinery, equipment and vehicles. Salvage value is calculated based on a percentage of original cost, generally 20.00% for buildings and improvements, 1.00% for equipment and 10.00% for vehicles. A full year of depreciation is taken in the year that the asset is placed in service and in the year of disposition. The District allocates depreciation expense to programs/functions based on the ratio of program/functional expenses to total expenses with certain modifications.

Unearned Revenues Unearned revenues in the governmental funds include amounts received from grant and contract sponsors that have not yet been earned. Unearned revenues in the enterprise fund represent USDA commodities included in inventory at year-end but not reflected as revenue until the commodities are consumed.

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Long-Term Obligations In the government-wide financial statements and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed in the period in which they are incurred. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received are reported as debt service expenditures.

Compensated Absences The majority of School District employees are employed under 190-day contracts. Therefore, these employees do not earn vacation as part of their benefit package. Administrative and other personnel employed for twelve months are granted twelve days of annual leave per year cumulative to thirty days. Compensated absences for vacation leave and other salary related payments are recorded as a liability when earned by administrative employees if the following conditions are met: 1. The compensated absence is earned on the basis of services already performed by the employee. 2. It is probable that the compensated absence will be paid in a future period. No accrual is made for compensated absences that are dependent upon the occurrence of specific future events that are outside the control of the employer or the employee. Due to the need for a specific future event (sickness), sick leave benefits have not been recorded by the School District. For governmental fund financial statements, the current portion of unpaid compensated absences is the amount which has matured and is expected to be paid using expendable available resources. These amounts, historically and currently, are recorded in the account "compensated absences payable" in the fund from which the employees who have accumulated unpaid leave are paid. Because of the immateriality of accrued vacation and other salary related payments in the proprietary fund type, compensated absences are not reflected in the food service fund.

Pensions The disclosure requirements applicable to employers participating in the South Carolina Retirement System or the Police Officers Retirement System are prescribed in paragraphs 48 through 82 of GASB 68. For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the South Carolina Retirement System and additions to/deductions from the South Carolina Retirement System's fiduciary net position have been determined on the same basis as they are reported by the South Carolina Retirement System. 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. These liabilities, historically and currently, are recorded through contributions in the fund from which the employees who have earned wages are paid. See Note 5 for more information regarding the District’s Pensions Liability.

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1. Summary of Significant Accounting Policies (Continued) Other Post Employment Benefits

The disclosure requirements applicable to employers participating in the South Carolina Retiree Health Care Plan or the South Carolina Basic Long-Term Disability Plan are prescribed in paragraphs 89 through 98 of GASB 75. For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEBs, and OPEB expense, information about the fiduciary net position of the OPEB Trusts and additions to/deductions from the OPEB Trust's fiduciary net position have been determined on the same basis as they are reported by the OPEB Trust of PEBA. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. These liabilities, historically and currently, are recorded through contributions in the fund from which the employees who have earned wages are paid. See Note 6 for more information regarding the District’s OPEB Liability.

Non-Exchange Transactions

The District generally has two types of non-exchange transactions, government-mandated non-exchange transactions (which occur when a government at one level provides resources to a government at another level and requires the recipient to use the resources for a specific purpose) and voluntary non-exchange transactions (which result from legislative or contractual agreements other than exchanges, entered into willingly by the parties to the agreement). The District recognized non-exchange transactions when they are both measurable and probable for collection. For government-mandated non-exchange transactions and voluntary non-exchange transactions, the District recognized assets when all applicable eligibility requirements are met or resources are received, whichever is first, and revenue when all applicable eligibility requirements are met.

Fund Balances and Net Position Fund balances, net position, and other credits are classified to reflect the limitations and restrictions placed on the respective funds. Net position represents the difference between assets and liabilities. Net investment in capital assets consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowings attributable to the acquisition, 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 School District or through external restrictions imposed by creditors, grantors, or laws or regulations of other governments.

Fund Balance Flow Assumptions Sometimes the District will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the District’s policy to consider restricted fund balance to have been depleted before using any components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.

Classification of Revenues The District has classified its revenues as either operating or non-operating revenues according to the following criteria:

Operating Revenues Operating revenues generally result from exchange transactions related to the District's principal ongoing operations. These revenues include (1) student tuition and fees received in exchange for providing educational services or (2) grants and contracts that are essentially the same as contracts for services that finance programs the District would not otherwise undertake.

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1. Summary of Significant Accounting Policies (Continued) Classification of Revenues (Continued)

Non-operating Revenues

Non-operating revenues include activities that have the characteristics of non-exchange transactions. These revenues include gifts and contributions, investment income, and any grants or contracts that are not classified as operating revenue or restricted by the grantor to be used exclusively for capital purposes.

Use of Estimates

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

Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position In addition to assets, the financial statements will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position or fund balance that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until that time. For information regarding the District’s proportionate share of the South Carolina Retirement System and OPEB Trust’s net pension and OPEB liabilities, see Notes 5 and 6 for Retirement, Pension and OPEB Plans. In addition to liabilities, the financial statements will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position or fund balance that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. For information regarding the District’s proportionate share of the South Carolina Retirement System and OPEB Trust’s net pension and OPEB liabilities, see Notes 5 and 6 for Retirement, Pension and OPEB Plans. 2. Deposits and Investments All cash and investments are stated at fair value with accrued interest shown on the statement of net position. The District is authorized to invest funds received from the County Treasurer which are not needed for immediate disbursement by the District, in interest bearing accounts or certificates of deposit issued by banking institutions or savings and loan associations licensed to do business in this state or in securities issued by the United States Government. At year end, the carrying amount of the District’s deposits was $103,917,503 and the bank balance was $105,715,846. Of the bank balance, $514,325 was covered by FDIC insurance and $105,201,521 was uninsured and collateralized with securities held by the pledging institution’s trust department, but not in the District’s name. The District did not hold deposits in excess of collateral at year end. At June 30, 2019, the District had the following investments and maturities:

Fair Value Credit FairInvestment Type Level Rating Value Maturity

CitiGroup Guaranteed Investment Contract Level 3 BBB+, Baa1 6,498,219$ > 5 Years

Note that the credit ratings above are for Standard & Poor’s and Moody’s Investor Service, respectively. The District’s sole investment is a non-marketable security held as a Sinking-Fund Deposit Account which is a guaranteed investment contract.

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2. Deposits and Investments (Continued)

Interest Rate Risk In accordance with its investment policy, the District manages its exposure to declines in fair values by limiting the weighted average maturity of its investment portfolio to less than twelve months. The guaranteed investment contract shown above is exempt from this policy as the returns are guaranteed.

Credit Risk

The District adheres to the State of South Carolina's investment policy, and invests in primarily Certificates of Deposit and U. S. government-backed obligations. There are no investments in commercial paper or corporate bonds and equities.

Concentration of Credit Risk

The District's investment policy does not allow for an investment in any one issuer that is in excess of 5 percent (5%) of the total investments. Most investments are U. S. governmental obligations. Investments issued by or explicitly guaranteed by the U.S. Government and investments in mutual funds, external investment pools and other pooled investments are exempt from concentration of credit risk disclosures.

Foreign Currency Risk The District has no foreign currency transactions.

Custodial Credit Risk

This is the risk that the District will not be able to recover the value of investment or collateral securities that are in the possession of an outside party if the counter party to the investment transaction fails. There are no uninsured investments. The District is exposed to custodial credit risk as previously described. 3. Receivables Property taxes are levied by Georgetown County (the County) on the assessed value for all real and personal property (except vehicles) owned on the preceding December 31st. Liens are attached to the property at the time the taxes are levied, which usually occurs in November of each year. These taxes are due without penalty through January 15th. Penalties are added to taxes depending upon the date paid as follows:

January 16th - February 1st 3% of taxFebruary 2nd - March 16th 10% of taxMarch 17th - Collection Date 15% of tax plus collection costs

Taxes on vehicles are levied by the County in the month prior to the renewal of annual vehicle registration through the State Highway Department. These taxes are due by the last day of the same month. Taxes receivable as reported in the statement of net position are net of the following allowance for uncollectible amounts:

Delinquent Taxes Receivable 2,697,016$ Less: Allowance for Uncollectible (949,646)

Taxes Receivable 1,747,370$

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4. Capital Assets Capital asset activity for the year ended June 30, 2019, was as follows:

Beginning EndingBalance Increases Decreases Balance

Governmental Activities:

Capital Assets, Not Being DepreciatedLand 5,253,251$ 5,000$ -$ 5,258,251$ Construction in Progress 8,912,147 48,462,575 2,642,527 54,732,195

Total Capital Assets, Not Being Depreciated 14,165,398 48,467,575 2,642,527 59,990,446

Capital Assets, Being DepreciatedBuildings 228,855,506 1,275,637 - 230,131,143 Improvements 8,708,022 2,703,410 - 11,411,432 Equipment 3,510,733 235,524 56,583 3,689,674 Technology 10,754,733 1,297,239 1,130,986 10,920,986 Vehicles 2,666,716 64,328 - 2,731,044

Total Capital Assets, Being Depreciated 254,495,710 5,576,138 1,187,569 258,884,279

Less: Accumulated Depreciation For:Buildings (66,193,404) (3,661,622) - (69,855,026) Improvements (4,448,468) (453,161) - (4,901,629) Equipment (2,584,914) (150,068) 49,088 (2,685,894) Technology (8,786,487) (1,068,471) 1,119,816 (8,735,142) Vehicles (1,698,151) (203,686) - (1,901,837)

Total Accumulated Depreciation (83,711,424) (5,537,008) 1,168,904 (88,079,528)

Total Capital Assets, Being Depreciated, Net 170,784,286 39,130 18,665 170,804,751

Governmental Activities, Capital Assets, Net 184,949,684$ 48,506,705$ 2,661,192$ 230,795,197$

Business-Type Activities:

Capital Assets, Being DepreciatedMachinery and Equipment 1,798,900$ 171,502$ 5,513$ 1,964,889$

Total Capital Assets, Being Depreciated 1,798,900 171,502 5,513 1,964,889

Less: Accumulated Depreciation For:Machinery and Equipment (1,497,306) (66,701) 5,513 (1,558,494)

Total Accumulated Depreciation (1,497,306) (66,701) 5,513 (1,558,494)

Business-Type Activities, Capital Assets, Net 301,594$ 104,801$ -$ 406,395$

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4. Capital Assets (Continued) Depreciation expense was charged to functions/programs of the primary government as follows:

Government Activites:Instruction 1,943,022$ Support 3,589,075 Community Services 4,911

Total Depreciation - Governmental Activities 5,537,008$

Business-Type Activities:Food Service 66,701$

Total Depreciation - Business-Type Activities 66,701$

Construction Commitments

The District has several ongoing construction projects as of June 30, 2019. The projects include renovations and major repairs of existing schools, construction of new schools and technology upgrades. The District has total outstanding construction commitments at June 30, 2019, of $30,749,332. 5. Retirement Plan

Description of the Entity The South Carolina Public Employee Benefit Authority (PEBA), created July 1, 2012 and governed by an 11-member Board, is the state agency responsible for the administration and management of the various Retirement Systems and retirement programs of the state of South Carolina, including the State Optional Retirement Program and the S.C. Deferred Compensation Program, as well as the state's employee insurance programs. As such, PEBA is responsible for administering the South Carolina Retirement Systems' five defined benefit pension plans. The Retirement Funding and Administration Act of 2017, which became effective July 1, 2017, increased the employer and employee contribution rates, established a ceiling on the SCRS and PORS employee contribution rates, lowered the assumed rate of return, required a scheduled reduction of the funding periods, and addressed various governance issues including the assignment of the PEBA Board as custodian of the retirement trust funds and assignment of the RSIC and PEBA as cotrustees of the assets of the retirement trust funds. By law, the State Fiscal Accountability Authority (SFAA), which consists of five elected officials, also reviews certain PEBA Board decisions regarding the actuary of the Systems. For purposes of measuring the net pension liability, deferred outflows and inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Systems and additions to/deductions from the Systems fiduciary net position have been determined on the accrual basis of accounting as they are reported by the Systems in accordance with generally accepted accounting principles (GAAP). For this purpose, revenues are recognized when earned and expenses are recognized when incurred. Benefit and refund expenses are recognized when due and payable in accordance with the terms of the plan. Investments are reported at fair value. PEBA issues a Comprehensive Annual Financial Report (CAFR) containing financial statements and required supplementary information for the Systems' Pension Trust Funds. The CAFR is publicly available through the Retirement Benefits' link on PEBA's website at www.peba.sc.gov, or a copy may be obtained by submitting a request to PEBA, 202 Arbor Lake Drive, Columbia, SC 29223. PEBA is considered a division of the primary government of the state of South Carolina and therefore, retirement trust fund financial information is also included in the comprehensive annual financial report of the state.

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5. Retirement Plan (Continued) Plan Descriptions

The South Carolina Retirement System (SCRS), a cost-sharing multiple-employer defined benefit pension plan, was established July 1, 1945, pursuant to the provisions of Section 9-1-20 of the South Carolina Code of Laws for the purpose of providing retirement and other benefits for teachers and employees of the state and its political subdivisions. SCRS covers employees of state agencies, public school districts, higher education institutions, other participating local subdivisions of government and individuals newly elected to the South Carolina General Assembly at or after the 2012 general election. The State Optional Retirement Program (State ORP) is a defined contribution plan that is offered as an alternative to SCRS to certain newly hired employees of state agencies, institutions of higher education, public school districts and individuals first elected to the General Assembly at or after the general election in November 2012. State ORP participants direct the investment of their funds into an account administered by one of four third party record keepers. The South Carolina Police Officers Retirement System (PORS), a cost-sharing multiple-employer defined benefit pension plan, was established July 1, 1962, pursuant to the provisions of Section 9-11-20 of the South Carolina Code of Laws for the purpose of providing retirement and other benefits to police officers and firefighters. PORS also covers peace officers, coroners, probate judges and magistrates. In addition to the plans described above, PEBA also administers three single-employer defined benefit pension plans, which are not covered in this report. They are the Retirement System for Members of the General Assembly of the State of South Carolina (GARS), the Retirement System for Judges and Solicitors of the State of South Carolina (JSRS), and the South Carolina National Guard Supplemental Retirement Plan (SCNG).

Membership Membership requirements are prescribed in Title 9 of the South Carolina Code of Laws. A brief summary of the requirements under each system is presented below.

SCRS

Generally, all employees of covered employers are required to participate in and contribute to the system as a condition of employment. This plan covers general employees and teachers and individuals newly elected to the South Carolina General Assembly beginning with the November 2012 general election. An employee member of the system with an effective date of membership prior to July 1, 2012, is a Class Two member. An employee member of the system with an effective date of membership on or after July 1, 2012, is a Class Three member.

State ORP As an alternative to membership in SCRS, newly hired state, public school, and higher education employees and individuals newly elected to the S.C. General Assembly beginning with the November 2012 general election have the option to participate in the State ORP. PEBA assumes no liability for State ORP benefits. Rather, the benefits are the liability of the four third party record keepers. For this reason, State ORP assets are not part of the retirement systems' trust funds for financial statement purposes. Contributions to the State ORP are at the same rates as SCRS. A direct remittance is required from the employer to the member's account with the ORP vendor for the employee contribution and a portion of the employer contribution (5 percent). A direct remittance is also required to SCRS for the remaining portion of the employer contribution and an incidental death benefit contribution, if applicable, which is retained by SCRS.

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5. Retirement Plan (Continued) Membership (Continued)

PORS

To be eligible for PORS membership, an employee must be required by the terms of his employment, by election or appointment, to preserve public order, protect life and property, and detect crimes in the state; to prevent and control property destruction by fire; or to serve as a peace officer employed by the Department of Corrections, the Department of Juvenile Justice, or the Department of Mental Health. Probate judges and coroners may elect membership in PORS. Magistrates are required to participate in PORS for service as a magistrate. PORS members, other than magistrates and probate judges, must also earn at least $2,000 per year and devote at least 1,600 hours per year to this work, unless exempted by statute. An employee member of the system with an effective date of membership prior to July 1, 2012, is a Class Two member. An employee member of the system with an effective date of membership on or after July 1, 2012, is a Class Three member.

Benefits

Benefit terms are prescribed in Title 9 of the South Carolina Code of Laws. PEBA does not have the authority to establish or amend benefit terms without a legislative change in the code of laws. Key elements of the benefit calculation include the benefit multiplier, years of service, and average final compensation/current annual salary. A brief summary of the benefit terms for each system is presented below.

SCRS Class Two member who has separated from service with at least five or more years of earned service is eligible for a monthly pension at age 65 or with 28 years credited service regardless of age. A member may elect early retirement with reduced pension benefits payable at age 55 with 25 years of service credit. A Class Three member who has separated from service with at least eight or more years of earned service is eligible for a monthly pension upon satisfying the Rule of 90 requirement that the total of the member's age and the member's creditable service equals at least 90 years. Both Class Two and Class Three members are eligible to receive a reduced deferred annuity at age 60 if they satisfy the five- or eight-year earned service requirement, respectively. An incidental death benefit is also available to beneficiaries of active and retired members of employers who participate in the death benefit program. The annual retirement allowance of eligible retirees or their surviving annuitants is increased by the lesser of one percent or five hundred dollars every July 1. Only those annuitants in receipt of a benefit on July 1 of the preceding year are eligible to receive the increase. Members who retire under the early retirement provisions at age 55 with 25 years of service are not eligible for the benefit adjustment until the second July 1 after reaching age 60 or the second July 1 after the date they would have had 28 years of service credit had they not retired.

PORS A Class Two member who has separated from service with at least five or more years of earned service is eligible for a monthly pension at age 55 or with 25 years of service regardless of age. A Class Three member who has separated from service with at least eight or more years of earned service is eligible for a monthly pension at age 55 or with 27 years of service regardless of age. Both Class Two and Class Three members are eligible to receive a deferred annuity at age 55 with five or eight years of earned service, respectively. An incidental death benefit is also available to beneficiaries of active and retired members of employers who participate in the death benefit program. Accidental death benefits are also provided upon the death of an active member working for a covered employer whose death was a natural and proximate result of an injury incurred while in the performance of duty. The retirement allowance of eligible retirees or their surviving annuitants is increased by the lesser of one percent or five hundred dollars every July 1. Only those annuitants in receipt of a benefit on July 1 of the preceding year are eligible to receive the increase.

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5. Retirement Plan (Continued) Contributions (Continued)

Contributions are prescribed in Title 9 of the South Carolina Code of Laws. The PEBA board may increase the percentage rate in SCRS and PORS employer and employee contribution rates on the basis of the actuarial valuations, but any such increase may not result in a differential between the employee and total employer contribution rate that exceeds 2.9 percent of earnable compensation for SCRS and 5 percent for PORS. An increase in the contribution rates adopted by the board may not provide for an increase of more than one-half of one percent in any one year. If the scheduled employee and employer contributions provided in statute or the rates last adopted by the board are insufficient to maintain a thirty year amortization schedule of the unfunded liabilities of the plans, the board shall increase the contribution rates in equal percentage amounts for the employer and employee as necessary to maintain the thirty-year amortization period; this increase is not limited to one-half of one percent per year. Contributions are prescribed in Title 9 of the South Carolina Code of Laws. If the scheduled employee and employer contributions provided in statute, or the rates last adopted by the board, are insufficient to maintain the amortization period set in statute, the board shall increase employer contribution rates as necessary. After June 30, 2027, if the most recent annual actuarial valuation of the Systems for funding purposes shows a ratio of the actuarial value of system assets to the actuarial accrued liability of the system (the funded ratio) that is equal to or greater than eighty-five percent, then the board, effective on the following July first, may decrease the then current contribution rates upon making a finding that the decrease will not result in a funded ratio of less than eighty-five percent. If contribution rates are decreased pursuant to this provision, and the most recent annual actuarial valuation of the system shows a funded ratio of less than eighty-five percent, then effective on the following July first, and annually thereafter as necessary, the board shall increase the then current contribution rates until a subsequent annual actuarial valuation of the system shows a funded ratio that is equal to or greater than eighty-five percent. The Retirement System Funding and Administration Act establishes a ceiling on employee contribution rates at 9 percent and 9. 75 percent for SCRS and PORS respectively. The employer contribution rates will continue to increase annually by 1 percent through July 1, 2022. The legislation's ultimate scheduled employer rate is 18.56 percent for SCRS and 21.24 percent for PORS. The amortization period is scheduled to be reduced one year for each of the next 10 years to a twenty year amortization period. Required employee contribution rates are as follows:

SCRSEmployee Class Two 9.00% of earnable compensationEmployee Class Three 9.00% of earnable compensation

State ORP Employee 9.00% of earnable compensationPORS

Employee Class Two 9.75% of earnable compensationEmployee Class Three 9.75% of earnable compensation

45

5. Retirement Plan (Continued) Contributions (Continued)

Required employer contribution rates are as follows:

SCRSEmployer Class Two 14.41% of earnable compensationEmployer Class Three 14.41% of earnable compensationEmployer Incidental Death Benefit 0.15% of earnable compensation

State ORPEmployer Contribution 14.41% of earnable compensationEmployer Incidental Death Benefit 0.15% of earnable compensation

PORSEmployer Class Two 16.84% of earnable compensationEmployer Class Three 16.84% of earnable compensationEmployer Incidental Death Benefit 0.20% of earnable compensationEmployer Accidental Death Program 0.20% of earnable compensation

**Of this employer contribution, 5% of earnable compensation must be remitted by the employer directly to the ORP vendor to be allocated to the member's account with the remainder of the employer contribution remitted to the SCRS.

Actuarial Assumptions and Methods

Actuarial valuations of the plan involve estimates of the reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and future salary increases. Amounts determined regarding the net pension liability are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. South Carolina state statute requires that an actuarial experience study be completed at least once in each five-year period. An experience report on the Systems was most recently issued for the period ending June 30, 2015. The June 30, 2018, total pension liability (TPL), net pension liability (NPL), and sensitivity information shown in this report were determined by our consulting actuary, Gabriel, Roeder, Smith and Company (GRS) and are based on an actuarial valuation performed as of July 1, 2017. The total pension liability was rolled-forward from the valuation date to the plans' fiscal year end, June 30, 2018, using generally accepted actuarial principles. The following table provides a summary of the actuarial assumptions and methods used to calculate the TPL as of June 30, 2018.

SCRS PORS

Actuarial Cost Method Entry Age Entry AgeActuarial Assumptions:

Investment Rate of Return 7.25% 7.25%Projected Salary Increases 3.0% - 12.5% 3.5% - 9.5%Includes Inflation at 2.25% 2.25%Benefits Adjustments lesser of 1% or $500 annually lesser of 1% or $500 annually

The post-retiree mortality assumption is dependent upon the member's job category and gender. The base mortality assumptions, the 2016 Public Retirees of South Carolina Mortality table (2016 PRSC), was developed using the Systems' mortality experience. These base rates are adjusted for future improvement in mortality using published Scale AA projected from the year 2016.

46

5. Retirement Plan (Continued) Actuarial Assumptions and Methods (Continued)

Assumptions used in the determination of the June 30, 2017, TPL are as follows.

Former Job Class Males Females

Public Safety and Firefighters 2016 PRSC Males multiplies by 125% 2016 PRSC Females multiplies by 111%

Educators 2016 PRSC Males multiplies by 92% 2016 PRSC Females multiplies by 98%

General Employees and Members of the General Assembly

2016 PRSC Males multiplies by 100% 2016 PRSC Females multiplies by 111%

Net Pension Liability The NPL is calculated separately for each system and represents that particular system's TPL determined in accordance with GASB No. 67 less that System's fiduciary net position. NPL totals, as of June 30, 2018, for SCRS and PORS are presented below.

Plan FiduciaryNet Position

Total Plan Employers' as a PercentagePension Fiduciary Net Net Pension of the Total Pension

System Liability Position Liability (Asset) Liability

SCRS 48,821,730,067$ 26,414,916,370$ 22,406,813,697$ 54.1%PORS 7,403,972,673 4,570,430,247 2,833,542,426 61.7%

The TPL is calculated by the Systems' actuary, and each plan's fiduciary net position is reported in the Systems' financial statements. The NPL is disclosed in accordance with the requirements of GASB 67 in the Systems' notes to the financial statements and required supplementary information. Liability calculations performed by the Systems' actuary for the purpose of satisfying the requirements of GASB Nos. 67 and 68 are not applicable for other purposes, such as determining the plans' funding requirements.

Long-term Expected Rate of Return The long-term expected rate of return on pension plan investments is based upon 30 year capital market assumptions. The long-term expected rate of returns represent assumptions developed using an arithmetic building block approach primarily based on consensus expectations and market based inputs. Expected returns are net of investment fees.

47

5. Retirement Plan (Continued) Long-Term Expected Rate of Return (Continued)

The expected returns, along with the expected inflation rate, form the basis for the target asset allocation adopted at the beginning of the 2018 fiscal year. The long-term expected rate of return is produced by weighting the expected future real rates of return by the target allocation percentage and adding expected inflation and is summarized in the table on the following page. For actuarial purposes, the 7.25 percent assumed annual investment rate of return used in the calculation of the TPL includes a 5.00 percent real rate of return and a 2.25 percent inflation component.

Long TermExpected Expected

Target Asset Arithmetic Real Portfolio RealAsset Class Allocation Rate of Return Rate of Return

Global Equity 47.0%Global Public Entity 33.0% 6.99% 2.31%Private Equity 9.0% 8.73% 0.79%Equity Options Strategies 5.0% 5.52% 0.28%

Real Assets 10.0%Real Estate (Private) 6.0% 3.54% 0.21%Real Estate (REITs) 2.0% 5.46% 0.11%Infrastructure 2.0% 5.09% 0.10%

Opportunistic 13.0%GTAA/Risk Parity 8.0% 3.75% 0.30%Hedge Funds (Low Beta) 2.0% 3.45% 0.07%Other Opportunistic Strategies 3.0% 3.75% 0.11%

Diversified Credit 18.0%Mixed credit 6.0% 3.05% 0.18%Emerging Markets Debt 5.0% 3.94% 0.20%Private Debt 7.0% 3.89% 0.27%

Conservative Fixed Income 12.0%Core Fixed Income 10.0% 0.94% 0.09%Cash and Short Duration (Net) 2.0% 0.34% 0.01%

Total Expected Real Return 100.0% 5.03%Inflation for Actuarial Purposes 2.25%Total Expected Nominal Return 7.28%

Discount Rate

The discount rate used to measure the TPL was 7.25 percent. The projection of cash flows used to determine the discount rate assumed that contributions from participating employers in SCRS and PORS will be made based on the actuarially determined rates based on provisions in the South Carolina Code of Laws. Based on those assumptions, the System's fiduciary net position was projected to be available to make all the projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the TPL.

48

5. Retirement Plan (Continued) Sensitivity Analysis

The following table presents the collective NPL of the participating employers calculated using the discount rate of 7.25 percent, as well as what the employers' NPL would be if it were calculated using a discount rate that is 1.00 percent lower (6.25 percent) or 1.00 percent higher (8.25 percent) than the current rate.

Current1.00% Decrease Discount Rate 1.00% Decrease

System (6.25%) (7.25%) (8.25%)

SCRS 162,861,957$ 127,453,541$ 102,139,915$ PORS 308,978 229,191 163,839

Sensitivity of the Net Pension Liability to Changes in the Discount Rate

Pension Expense

Components of collective pension expense reported in the Schedules of Pension Amounts by Employer for the fiscal year ended June 30, 2018, are presented below.

Description SCRS PORS

Service Cost 5,181,037$ 14,929$ Interest on the Total Pension Liability 19,348,779 40,504 Plan Administrative Costs 83,372 194 Plan Member Contributions (4,941,196) (11,215) Expected Return on Plan Assets (10,342,946) (24,961) Recognition of Current Year Amortization - Difference Between

Expected and Actual Experience & Assumption Changes 2,478,821 9,155 Recognition of Current Year Amortization - Difference Between

Projected and Actual Investment Earnings 590,811 1,458 Other 8,725 (124)

Total Aggregate OPEB Expense 12,407,403$ 29,940$

Additional items included in Total Employer Pension Expense in the Schedules of Pension Amounts by Employer are the current period amortized portions of deferred outflows and/or inflows of resources related to changes in employers' proportionate share of the collective NPL and differences between actual employer contributions and proportionate share of total plan employer contributions. These two deferrals are specific to cost-sharing multiple-employer defined benefit pension plans as discussed in paragraphs 54 and 55 of GASB 68.

49

5. Retirement Plan (Continued) Deferred Outflows of Resources and Deferred Inflows of Resources

At June 30, 2018, the District reported deferred outflows of resources and deferred inflows of resources related to the pension from the following sources.

Total Net DeferredDeferred Outflows Deferred Inflows Deferred Outflows Deferred Inflows Outflows/ (Inflows)

of Resources of Resources of Resources of Resources of Resources

Difference Between Expectedand Actual Experience 230,069$ 750,029$ 7,062$ -$ (512,898)$

Net Difference Between Projected and Actual Investment Earnings 2,024,602 - 4,583 - 2,029,185

Assumption Changes 5,056,644 - 15,112 - 5,071,756 Deferred Amounts from Changes in

Proportionate Share and Differences Between Employer Contributions and Proportionate Share

of Employer Contributions 280,382 6,527,223 15,745 4,779 (6,235,875)

7,591,697$ 7,277,252$ 42,502$ 4,779$ 352,168$

SCRS PORS

Deferred outflows of resources of $8,379,577 related to pensions resulted from District contributions subsequent to the measurement date and will be recognized as a reduction of the net pension liability in the year ended June 30, 2019. Any other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year Ended AggregateJune 30, SCRS PORS Totals

2020 (2,048,519)$ (22,803)$ (2,071,322)$ 2021 (915,240) (11,590) (926,830) 2022 2,370,084 (3,256) 2,366,828 2023 279,230 (74) 279,156

(314,445)$ (37,723)$ (352,168)$

As discussed in paragraph 71b of GASB 68, collective deferred outflows of resources and deferred inflows of resources arising from differences between projected and actual pension plan investment earnings in different measurement periods should be aggregated and included as a net collective deferred outflow of resources related to pensions or a net collective deferred inflow of resources related to pensions. Accordingly, the Outstanding Balance of Deferred Outflows of Resources in the Schedules of Pension Amounts by Employer reflects the current net difference between projected and actual pension plan investment earnings. Additional items reported within the Outstanding Balance of Deferred Outflows and Inflows of Resources in the Schedules of Pension Amounts by Employer result from the two cost-sharing multiple-employer defined benefit pension plan-specific deferrals previously discussed.

Employer Contributions Employers' proportionate shares were calculated on the basis of employer contributions remitted to the plan by employers and nonemployer contributions appropriated in the State's budget. In an effort to help offset a portion of the burden of the increased contribution requirement for employers, the General Assembly funded 1 percent of the SCRS and PORS contribution increases for fiscal year 2018. The State's budget appropriated these funds directly to PEBA for the South Carolina Retirement System Trust Fund and the Police Officers Retirement System Trust Fund. The amount of nonemployer funds appropriated for fiscal year 2018 totaled $105 million and $13.1 million for SCRS and PORS respectively.

50

5. Retirement Plan (Continued) Employer Contributions (Continued)

Employer contributions recognized by the Systems that are not representative of future contribution effort are excluded in the determination of employers' proportionate shares. Examples of employer contributions not representative of future contribution effort are contributions towards the purchase of employee service purchases and employer contributions paid by employees. The District’s contributions to the SCRS and PORS for the last three fiscal years were as follows:

2019 2018 2017SCRS

Employee Contributions 4,906,271$ 5,073,704$ 4,915,375$ Employer Contributions 8,359,350 7,891,412 6,738,260 Employer Group Life Contributions 88,394 90,303 90,914

Total 13,354,015$ 13,055,419$ 11,744,549$

PORSEmployee Contributions 11,440$ 10,632$ 10,201$ Employer Contributions 20,227 17,273 15,279 Employer Group Life Contributions 469 436 442

Total 32,136$ 28,341$ 25,922$

Additional Financial and Actuarial Information

Information contained in these Notes to the Schedules of Employer and Nonemployer Allocations and Schedules of Pension Amounts by Employer (Schedules) was compiled from the Systems' audited financial statements for the fiscal year ended June 30, 2018, and the accounting and financial reporting actuarial valuation as of June 30, 2018. Additional financial information supporting the preparation of the Schedules (including the unmodified audit opinion on the financial statements and required supplementary information) is available in the Systems' CAFR. 6. Other Post Employment Benefits

Description of the Entity and Summary of Significant Accounting Policies The South Carolina Public Employee Benefit Authority (PEBA) was created by the South Carolina General Assembly as part of Act No. 278 effective July 1, 2012. PEBA – Insurance Benefits is a state agency responsible for the administration and management of the state’s employee insurance programs, other post-employment benefits trusts and retirement systems and is part of the State of South Carolina primary government. The governing board of PEBA is a board of 11 members. The membership composition is three members appointed by the Governor, two members appointed by the President Pro Tempore of the Senate, two members appointed by the Chairman of the Senate Finance Committee, two members appointed by the Speaker of the House of Representatives and two members appointed by the Chairman of the House Ways and Means Committee. Individuals appointed to the PEBA board must possess certain qualifications. Members of the PEBA board serve for terms of two years and until their successors are appointed and qualify. Terms commence on July first of even numbered years. The PEBA board appoints the Executive Director. The laws of the State and the policies and procedures specified by the State for State agencies are applicable to all activities of PEBA. By law, the State Fiscal Accountability Authority (SFFA), which consists of five elected officials, also reviews certain PEBA Board decisions in administering the State Health Plan and other post-employment benefits (OPEB)

51

6. Other Post Employment Benefits (Continued) Description of the Entity and Summary of Significant Accounting Policies (Continued)

Plan Descriptions

The Other Post-Employment Benefits Trust Funds (OPEB Trusts), collectively refers to the South Carolina Retiree Health Insurance Trust Fund (SCRHITF) and the South Carolina Long-Term Disability Insurance Trust Fund (SCLTDITF), were established by the State of South Carolina as Act 195, which became effective in May, 2008. The SCRHITF was created to fund and account for the employer costs of the State’s retiree health and dental plans. The SCLTDITF was created to fund and account for the employer costs of the State’s Basic Long-Term Disability Income Benefit Plan. In accordance with Act 195, the OPEB Trusts are administered by the PEBA – Insurance Benefits and the State Treasurer is the custodian of the funds held in trust. The Board of Directors of PEBA has been designated as the Trustee. The OPEB Trusts are cost-sharing multiple-employer defined benefit OPEB plans. Article 5 of the State Code of Laws defines the two plans and authorizes the Trustee to at any time adjust the plans, including its benefits and contributions, as necessary to insure the fiscal stability of the plans. In accordance with the South Carolina Code of Laws and the annual Appropriations Act, the State provides post-employment health and dental and long-term disability benefits to retired State and school district employees and their covered dependents.

Benefits

The SCRHITF is a healthcare plan that covers retired employees of the State of South Carolina, including all agencies, and public school districts. The SCRHITF provides health and dental insurance benefits to eligible retirees. Generally, retirees are eligible for the health and dental benefits if they have established at least ten years of retirement service credit. For new hires beginning employment May 2, 2008 and after, retirees are eligible for benefits if they have established 25 years of service for 100% employer funding and 15-24 years of service for 50% employer funding. The SCLTDITF is a long-term disability plan that covers employees of the State of South Carolina, including all agencies and public school districts and all participating local governmental entities. The SCLTDITF provides disability payments to eligible employees that have been approved for disability.

Contributions and Funding Policies Section 1-11-710 of the South Carolina Code of Laws of 1976, as amended, requires the postemployment and long-term disability benefits to be funded through non-employer and employer contributions for active employees and retirees to the PEBA – Insurance Benefits. Non-employer contributions consist of an annual appropriation by the General Assembly and the statutorily required transfer from PEBA – Insurance Benefits reserves. The SCRHITF is funded through participating employers that are mandated by State statute to contribute at a rate assessed each year by the Department of Administration Executive Budget Office on active employee covered payroll. The covered payroll surcharge for the year ended June 30, 2018 was 5.50 percent. The South Carolina Retirement System collects the monthly covered payroll surcharge for all participating employers and remits it directly to the SCRHITF. Other sources of funding for the SCRHITF also include the implicit subsidy, or age-related subsidy inherent in the healthcare premiums structure. The implicit subsidy represents a portion of the health care expenditures paid on behalf of the employer’s active employees. For purposes of GASB Statement No. 75, this expenditure on behalf of the active employee is reclassified as a retiree health care expenditure so that the employer’s contributions towards the plan reflect the underlying age-adjusted, retiree benefit costs. Non-employer contributions include the mandatory transfer of accumulated PEBA – Insurance Benefits’ reserves and the annual appropriation budgeted by the General Assembly. It is also funded through investment income. The SCLTDITF is funded through employer contributions for active employees that elect health insurance coverage. For this group of active employees, PEBA – Insurance Benefits bills and collects premiums charged to State agencies, public school districts and other participating local governments. The monthly premium per active employee was $3.22 for the fiscal year ended June 30, 2018. The SCLTDITF premium is billed monthly by PEBA – Insurance Benefits and transferred monthly to the SCLTDITF. It is also funded through investment income.

52

6. Other Post Employment Benefits (Continued) Description of the Entity and Summary of Significant Accounting Policies (Continued)

Contributions and Funding Policies (Continued)

The allocation percentage of the OPEB amounts are calculated differently for each OPEB Trust. For the SCRHITF, the allocation percentage is based on the covered payroll surcharge contribution for each employer. Please note that actual covered payroll contributions received from SCRS for the fiscal year 2018 totaled $474,304,318. However, the covered payroll contributions total includes prior year covered payroll contribution adjustments and true-ups that net to a total of negative $511,143. In accordance with part (b) of paragraph 69 of GASB Statement No. 75, participating employers should recognize revenue in an amount equal to the employer’s proportionate share of the change in the collective net OPEB liability arising from contributions to the OPEB plan during the measurement period from non-employer contributing entities for purposes other than the separate financing of specific liabilities to the OPEB plan. Therefore, employers should classify this revenue in the same manner as it classifies grants from other entities. For purposes of measuring the net OPEB liability, deferred outflows and inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the OPEB Trusts, and additions to and deductions from the OPEB Trusts fiduciary net position have been determined on the same basis as they were reported by the OPEB Trusts. For this purpose, revenues are recognized when earned and expenses are recognized when incurred. Therefore, benefit and administrative expenses are recognized when due and payable. Investments are reported at fair value. PEBA – Insurance Benefits issues audited financial statements and required supplementary information for the OPEB Trust Funds. This information is publicly available through the PEBA – Insurance Benefits’ link on PEBA’s website at www.peba.sc.gov or a copy may be obtained by submitting a request to PEBA – Insurance Benefits, 202 Arbor Lake Drive, Columbia, SC 29223. PEBA is considered a division of the primary government of the state of South Carolina and therefore, OPEB Trust fund financial information is also included in the comprehensive annual financial report of the state.

Actuarial Assumptions and Methods Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Actuarially determined amounts are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. Projections of benefits for financial reporting purposes are based on the substantive plans (as understood by the employer and plan participants) and include the types of benefits provided at the time the valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point.

53

6. Other Post Employment Benefits (Continued) Actuarial Assumptions and Methods (Continued)

Additional information as of the latest actuarial valuation for SCRHITF:

Valuation Date: June 30, 2017Actuarial Cost Method: Entry Age NormalInflation: 2.25%Investment Rate of Return: 4.00, net of OPEB Plan investment expense;

including inflationSingle Discount Rate: 3.62% as of June 30, 2018Demographic Assumptions: Based on the experience study performed for the South

Carolina Retirement Systems for the 5-year period ending June 30, 2015

Mortality: For healthy retirees, the 2016 Public Retirees of South Carolina Mortality Table for Males and the 2016 Public Retirees of South Carolina Mortality Table for Females are used with fully generational mortality projections based on Scale AA from the year 2016. Multipliers are applied to the base tables based on gender and employment type.

Health Care Trend Rate: Initial trend starting at 6.75% and gradually decreasing to an ultimate trend rate of 4.15% over a period of 14 years

Aging Factors: Based on plan specific experienceRetiree Participation: 79% for retirees who are eligible for funded premiums

59% participation for retirees who are eligible for Partial-Funded Premiums20% participation for retirees who are eligible for Non-Funded Premiums

Notes: There were no benefit changes during the year;the discount rate changed from 3.56% as of June 30, 2017 to 3.62% as of June 30, 2018

54

6. Other Post Employment Benefits (Continued) Actuarial Assumptions and Methods (Continued)

Additional information as of the latest actuarial valuation for SCLTDITF:

Valuation Date: June 30, 2017Actuarial Cost Method: Entry Age NormalInflation: 2.25%Investment Rate of Return: 4.00, net of OPEB Plan investment expense;

including inflationSingle Discount Rate: 3.91% as of June 30, 2018Salary, Termination, and Retirement Rates:

Based on the experience study performed for the South Carolina Retirement Systems for the 5-year period ending June 30, 2015

Disability Incidence: The rates used in the valuation are based on the rates developed for the South Carolina Retirement Systems pension plans

Disability Recovery:For participants in payment, 1987 CGDT Group Disability; for active employees, 60% were assumed to recover after the first year and 92% were assumed to recover after the first two years

Offsets: 40% are assumed to be eligible for Social Security benefits; assumed percentage who will be eligible for a pension plan offset varies based on employee group

Expenses: Third party administrative expenses were included in the benefit projections

Notes: The discount rate changed from 3.87% as of June 30, 2017 to 3.91% as of June 30, 2018

Roll Forward Disclosure

The actuarial valuation were performed as of June 30, 2017. Update procedures were used to roll forward the total OPEB liability to June 30, 2018.

Net OPEB Liability

The Net OPEB Liability (NOL) is calculated separately for each OPEB Trust Fund and represents that particular Trust’s Total OPEB Liability (TOL) determined in accordance with GASB No. 74 less that Trust’s fiduciary net position. The allocation of each employer’s proportionate share of the collective Net OPEB Liability and collective OPEB Expense was determined using the employer’s payroll-related contributions over the measurement period. This method is expected to be reflective of the employer’s long-term contribution effort as well as be transparent to individual employers and their external auditors. The following table represents the components of the net OPEB liability as of June 30, 2017:

Plan FiduciaryNet Position

Total Plan Employers' as a PercentagePension Fiduciary Net Net Pension of the Total Pension

OPEB Trust Liability Position Liability (Asset) Liability

SCRHITF 15,387,115,010$ 1,216,530,062$ 14,170,584,948$ 7.91%SCLTDITF 39,261,091 36,199,863 3,061,228 92.20%

55

6. Other Post Employment Benefits (Continued) Net OPEB Liability (Continued)

The TOL is calculated by the Trusts’ actuary, and each Trust’s fiduciary net position is reported in the Trust’s financial statements. The NOL is disclosed in accordance with the requirements of GASB No. 74 in the Trusts’ notes to the financial statements and required supplementary information. Liability calculations performed by the Trusts’ actuary for the purpose of satisfying the requirements of GASB Nos. 74 and 75 and are not applicable for other purposes, such as determining the Trusts’ funding requirements.

Single Discount Rate

The Single Discount Rate of 3.62% was used to measure the total OPEB liability for the SCRHITF. The accounting policy for this plan is to set the Single Discount Rate equal to the prevailing municipal bond rate as identified by PEBA. Due to the plan’s investment and funding policies, the difference between a blended discount rate and the municipal bond rate would be less than several basis points (several hundredths of one percent). A Single Discount Rate of 3.91% was used to measure the total OPEB liability for the SCLTDITF. This Single Discount Rate was based on an expected rate of return on plan investments of 4.00% and a municipal bond rate of 3.62%. The projection of cash flows to determine this Single Discount Rate assumed that employer contributions will remain at $38.64 per year for each covered active employee. Based on these assumptions, the plan’s Fiduciary Net Position and future contributions were sufficient to finance the benefit payments through the year 2037. As a result, the long-term expected rate of return on plan investments was applied to project benefit payments through the year 2037, and the municipal bond rate was applied to all benefit payments after that date.

Long-term Expected Rate of Return The long-term expected rate of return represents assumptions developed using an arithmetic building block approach primarily based on consensus expectations and market based inputs. The expected returns, along with the expected inflation rate, form the basis for the target asset allocation adopted at the beginning of the 2017 fiscal year. The long-term expected rate of return is produced by weighting the expected future real rates of return by the target allocation percentage and adding expected inflation. This information is summarized in the following table:

Allocation-Expected Weighted Long-

Target Asset Arithmetic Real Term Expected RealAsset Class Allocation Rate of Return Rate of Return

U.S. Domestic Fixed Income 80.00% 2.09% 1.67%Cash Equivalents 20.00% 0.84% 0.17%

Total 100.00% 1.84%Expected Inflation 2.25%

Total Return 4.09%

Investment Return Assumption 4.00%

The following table presents the SCRHITF’s net OPEB liability calculated using a Single Discount Rate of 3.62%, as well as what the plan’s net OPEB liability would be if it were calculated using a Single Discount Rate that is one percent lower or one percent higher:


(2.62%) (3.62%) (4.62%)

SCRHITF Net OPEB Liability 116,753,496$ 99,103,545$ 84,876,287$

56

6. Other Post Employment Benefits (Continued) Net OPEB Liability (Continued) Long-Term Expected Rate of Return (Continued)

Regarding the sensitivity of the SCRHITF’s net OPEB liability to changes in the healthcare cost trend rates, the following table presents the plan’s net OPEB liability, calculated using the assumed trend rates as well as what the plan’s net OPEB liability would be if were calculated using a trend rate that is one percent lower or one percent higher:

Current Healthcare1.00% Decrease Cost Trend Rate 1.00% Decrease

SCRHITF Net OPEB Liability 81,546,217$ 99,103,545$ 121,801,918$

The following table presents the SCLTDITF’s net OPEB liability calculated using a Single Discount Rate of 3.91%, as well as what the plan’s net OPEB liability would be if it were calculated using a Single Discount Rate that is one percent lower or one percent higher:


(2.91%) (3.91%) (4.91%)

SCLTDITF Net OPEB Liability 28,496$ 19,067$ 9,865$

OPEB Expense Components of collective OPEB expense reported in the Schedule of OPEB Amounts by Employer for the fiscal year ended June 30, 2018 are presented below.

Description SCRHITF SCLTDITF

Service Cost 3,644,877$ 47,061$ Interest on the Total OPEB Liability 3,656,693 9,227 Projected Earnings on Plan Investments (326,013) (9,074) OPEB Plan Administrative Expense 455 62 Recognition of Outflow (Inflow) of Resources

due to Liabilities (1,288,397) (274) Recognition of Outflow (Inflow) of Resources

due to Assets 105,173 3,109

Total Aggregate OPEB Expense 5,792,788$ 50,111$

Additional items included in Total Employer OPEB Expense are the current period amortized portions of deferred outflows and/or inflows of resources related to changes in employers’ proportionate share of the collective NOL and differences between actual employer contributions and proportionate share of total plan employer contributions.

Deferred Outflows and Inflows of Resources As discussed in paragraph 86 of GASB Statement No. 75, differences between expected and actual experience and changes in assumptions are recognized in OPEB expense using a systematic and rational method over a closed period equal to the average of the expected remaining service lives of all employees that are provided OPEB through the OPEB plan (active and inactive members) determined as of the beginning of the measurement period.

57

6. Other Post Employment Benefits (Continued) Deferred Outflows and Inflows of Resources (Continued)

Additionally, differences between projected and actual earnings on OPEB plan investments should be recognized in OPEB expense using a systematic and rational method over a closed five-year period. For this purpose, the deferred outflows and inflows of resources are recognized in the OPEB expense as a level dollar amount over the closed period identified above. At June 30, 2018, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Total Net DeferredDeferred Outflows Deferred Inflows Deferred Outflows Deferred Inflows Outflows/ (Inflows)

of Resources of Resources of Resources of Resources of Resources

Net Difference Between Expectedand Actual Experience 1,484,616$ 34,530$ -$ -$ 1,450,086$

Net Difference Between Projected and Actual Investment Experience 380,001 - 11,076 1,166 389,911

Assumption Changes - 8,070,018 - 1,242 (8,071,260) Deferred Amounts from Changes in

Proportionate Share and Differences Between Employer Contributions and Proportionate Share

of Employer Contributions - 2,634,167 - 1,526 (2,635,693)

1,864,617$ 10,738,715$ 11,076$ 3,934$ (8,866,956)$

SCRHITF SCLTDITF

Deferred outflows of resources of $3,615,300 related to OPEB resulted from District contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2020. Any other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in pension expense as follows:

Year Ended AggregateJune 30, SCRHITF SCLTDITF Totals

2020 1,607,919$ (2,668)$ 1,605,251$ 2021 1,607,919 (2,668) 1,605,251 2022 1,607,919 (2,668) 1,605,251 2023 1,648,611 (1,308) 1,647,303 2024 1,713,093 441 1,713,534

Thereafter 688,637 1,729 690,366

8,874,098$ (7,142)$ 8,866,956$

Additional Financial and Actuarial Information

Information contained in these Notes to the Schedules of OPEB Amounts by Employer (the Schedules) were compiled from the OPEB Trust Funds audited financial statements for the fiscal year ended June 30, 2018, and the accounting and financial reporting actuarial valuations as of June 30, 2018. Additional financial information supporting the preparation of the Schedules (including the unmodified audit opinion on the financial statements and required supplementary information) is available in the OPEB Trust Funds audited financial statements. Employers are encouraged to review Illustration II in Appendix C of GASB Statement No. 75, which provides a sample footnote disclosure and required supplementary information for a cost-sharing multiple-employer defined benefit OPEB plan.

58

7. Long-Term Obligations On March 31, 2009, the District issued $1,625,000 in General Obligation Bonds with interest rates ranging from 3.00% to 4.00% payable on March 1, 2019. Payments on March 1 and September 1 of each year are due pursuant to the bond agreement. Proceeds were used to fund various capital improvements as well as school technology and equipment needs. This bond was paid in full during the year ended June 30, 2019. On August 4, 2010, the District issued $17,000,000 in Qualified School Construction Bonds (“QSCB”) in for the purpose of providing funds to pay the cost of several planned projects to include existing facility refurbishment, and replacement as well as the costs of some new construction and to pay the costs of issuance of the QSCBs. The balance of $16,900,000 in principal on this QSCB is due on March 1, 2025. The District entered into an Escrow and Paying Agent Agreement with Regions Bank in August 2010 for the purpose of establishing a sinking fund to accumulate assets to be used for the retirement of this debt at maturity. In accordance with the terms of this agreement, the District will make annual deposits to Regions Bank to be held by them in a sinking fund until maturity. The funds on deposit have been invested with Citigroup Global Markets Inc. (“Citi”) pursuant to a Master Repurchase Agreement between Regions Bank and Citi, with the Bank of New York Mellon as custodian. The first deposit of $100,000 was made in March 2011 and the District began making annual deposits of $100,000 for a period of three (3) years through 2013, followed by a deposit of $200,000 in 2014, $500,000 in 2015, $1,000,000 in 2016, then 9 annual payments of $1,344,427 in 2017 through 2025. The District anticipates that amounts on deposit plus the expected yield (investment earnings) of these funds on deposit will produce an amount equal to the required principal payment due in March 2025 of $16,900,000. The balance in the escrow sinking fund account at June 30, 2019 was approximately $6,498,219 and is included in with the District’s Investments in the Financial Statements. On October 12, 2010, the District issued $4,100,000 in General Obligation Bonds with interest rates ranging from 2.00% to 3.00% payable on March 1, 2020. Payments on March 1 and September 1 of each year are due pursuant to the bond agreement. Proceeds were used to fund various capital improvements as well as school technology and equipment needs. On October 17, 2012, the District issued $5,200,000 in General Obligation Bonds with interest rates ranging from 1.00% to 1.55% payable on March 1, 2022. Payments on March 1 and September 1 of each year are due pursuant to the bond agreement. Proceeds were used to fund various capital improvements as well as school technology and equipment needs. On March 5, 2015, the District issued $4,350,000 in General Obligation Bonds with an interest rate of 5.00% payable on March 1, 2019. Payments on March 1 and September 1 of each year are due pursuant to the bond agreement. Proceeds were used to fund various capital improvements as well as school technology and equipment needs. This bond was paid in full during the year ended June 30, 2019. On July 8, 2015, the District issued $4,400,000 in General Obligation Bonds with an interest rate of 2.00% payable on March 1, 2020. Payments on March 1 and September 1 of each year are due pursuant to the bond agreement. Proceeds were used to fund various capital improvements as well as school technology and equipment needs. On September 1, 2016, the District issued $4,500,000 in General Obligation Bonds with an interest rate of 5.00% payable on March 1, 2019. Payments on March 1 and September 1 of each year are due pursuant to the bond agreement. Proceeds were used to fund various capital improvements as well as school technology and equipment needs. This bond was paid in full during the year ended June 30, 2019. On May 31, 2017, the District issued $4,500,000 in General Obligation Bonds with interest rates ranging from 4.00% to 5.00% payable on March 1, 2022. Payments on March 1 and September 1 of each year are due pursuant to the bond agreement. Proceeds were used to fund various capital improvements as well as school technology and equipment needs. On June 7, 2018, the District issued $4,500,000 in General Obligation Bonds with an interest rate of 5.00% payable on March 1, 2023. Payments on March 1 and September 1 of each year are due pursuant to the bond agreement. Proceeds were used to fund various capital improvements as well as school technology and equipment needs.

59

7. Long-Term Obligations (Continued) On June 4, 2019 the District issued $5,000,000 in General Obligation Bonds with an interest rate of 5.00% payable on March 1, 2023. Payments on March 1 and September 1 of each year are due pursuant to the bond agreement. Proceeds were used to fund various capital improvements as well as school technology and equipment needs. On June 4, 2019 the District issued $50,000,000 in General Obligation Bonds with interest rates ranging from 3.00% to 5.00% payable on March 1, 2044. Interest only payments are due on on March 1 and September 1 of each year until March 1, 2023, followed by payments of principal and interest pursuant to the bond agreement. This issuance is part of the November 8, 2016 bond referendum approved by Georgetown County voters authorizing the Board to issue general obligation bonds in a principal not to exceed $165,000,000. The bond proceeds will be used to fund renovations and/or additions at schools and support facilities. On December 13, 2011 the District issued $56,600,000 Advanced Refunding General Obligation Bonds, Series 2011 to refinance the existing 2004 Bonds. This advance refunding established a purchase escrow trust fund where the proceeds from the refunding debt were placed pending the maturity of the redemption of the existing debt in 2015. This advance refunding resulted in a defeasance of the old debt, where the debt is treated as though it had, in fact, been redeemed. The debt defeased through this issuance was $61,000,000. The economic gain resulting from the transaction is considered to be fully amortized as of June 30, 2019. General Obligation Bonds and Advance Refunding Obligation Bonds consist of the following at June 30, 2019:

OutstandingDate of Issue Interest Rates Maturity Original Issue June 30, 2019

March 31, 2009 3.00% - 4.00% 2019 1,625,000$ -$ August 4, 2010 1.00% - 5.38% 2025 17,000,000 16,900,000 October 12, 2010 2.00% - 3.00% 2020 4,100,000 1,495,000 October 17, 2012 1.00% - 1.55% 2022 5,200,000 2,210,000 March 5, 2015 5.00% 2019 4,350,000 - July 8, 2015 2.00% 2020 4,400,000 845,000 September 1, 2016 5.00% 2019 4,500,000 - May 31, 2017 4.00% - 5.00% 2022 4,500,000 3,290,000 June 7, 2018 5.00% 2023 4,500,000 3,640,000 June 4, 2019 3.00% - 5.00% 2044 50,000,000 50,000,000 June 4, 2019 5.00% 2023 5,000,000 5,000,000 December 13, 2011 2.00% - 5.00% 2020 56,600,000 6,005,000

Totals 161,775,000$ 89,385,000$

The annual requirements to amortize all bonds outstanding as of June 30, 2019, are as follows:

Year EndedJune 30, Principal Interest Total

2020 10,950,000 3,178,388$ 14,128,388$ 2021 5,435,000 3,236,795 8,671,795 2022 4,585,000 2,998,345 7,583,345 2023 3,740,000 2,815,625 6,555,625 2024 2,885,000 2,628,625 5,513,625

2025 - 2029 27,450,000 7,613,375 35,063,375 2030 - 2034 9,770,000 4,601,400 14,371,400 2035 - 2039 11,365,000 3,023,850 14,388,850 2040 - 2044 13,205,000 1,212,150 14,417,150

89,385,000$ 31,308,553$ 120,693,553$

60

7. Long-Term Obligations (Continued) Long-term liability activity for the year ended June 30, 2019, was as follows:

Beginning Ending Due WithinBalance Additions Reductions Balance One Year

Governmental ActivitiesBonds Payable:

Issued March 31, 2009 240,000$ -$ 240,000$ -$ -$ Issued August 4, 2010 16,900,000 - - 16,900,000 - Issued October 12, 2010 2,870,000 - 1,375,000 1,495,000 1,495,000 Issued October 17, 2012 2,545,000 - 335,000 2,210,000 345,000 Issued March 5, 2015 1,990,000 - 1,990,000 - - Issued July 8, 2015 1,675,000 - 830,000 845,000 845,000 Issued September 1, 2016 2,165,000 - 2,165,000 - - Issued May 31, 2017 3,990,000 - 700,000 3,290,000 535,000 Issued June 7, 2018 4,500,000 - 860,000 3,640,000 845,000 Issued June 4, 2019 - 50,000,000 - 50,000,000 - Issued June 4, 2019 - 5,000,000 - 5,000,000 880,000

Advanced Refunding General Obligation Bonds:Issued December 13, 2011 11,555,000 - 5,550,000 6,005,000 6,005,000

Total Bonds Payable 48,430,000 55,000,000 14,045,000 89,385,000 10,950,000

Plus/(Less) Deferred AmountsFor Premiums 3,648,385 3,410,478 1,879,727 5,179,136 1,371,726 For Discounts (512,326) - (512,326) - -

Total Bonds Related Liabilities 51,566,059 58,410,478 15,412,401 94,564,136 12,321,726

Compensated Absences 956,062 495,487 422,581 1,028,968 454,804

Government Activity Long-Term Liabilities 52,522,121$ 58,905,965$ 15,834,982$ 95,593,104$ 12,776,530$

8. Short Term Obligations

Short-Term Obligations June 30, 2018 Additions Reductions June 30, 2019

Governmental Activities:Bond Anticipation Notes 80,000,000$ 100,000,000$ 80,000,000$ 100,000,000$

Total Governmental Activities 80,000,000$ 100,000,000$ 80,000,000$ 100,000,000$

On June 20, 2018, the District issued $80,000,000 in a General Obligation Bond Anticipation Note with an interest rate of 3.00% payable on June 20, 2019. This issuance is part of the November 8, 2016, bond referendum approved by Georgetown County voters authorizing the Board of the Georgetown County School District to issue general obligation bonds in a principal amount not to exceed $165 million. The bond proceeds were be used to fund renovations and/or additions at all schools and support facilities. On June 19, 2019, the District issued $100,000,000 in a General Obligation Bond Anticipation Note with an interest rate of 3.00% payable on June 19, 2020. This issuance is part of the November 8, 2016, bond referendum approved by Georgetown County voters authorizing the Board of the Georgetown County School District to issue general obligation bonds in a principal amount not to exceed $165 million. The bond proceeds will be used to fund renovations and/or additions at all schools and support facilities.

61

9. Unearned Revenue Revenue received in advance (those where asset recognition criteria have been met, but for which revenue recognition criteria have not been met) consist of the following:

Special Projects EIAFund Fund Total

Unexpended Carryover Amounts 134,210$ 1,361,866$ 1,496,076$

10. Transfers In and Out The transfers during the year ended June 30, 2019, consisted of the following:

Special Debt FoodTransfer From General Projects Service Service Total

General Fund -$ 431,406$ -$ -$ 431,406$ Special Projects 317,927 - - - 317,927 Special Revenue - EIA 2,602,612 - - - 2,602,612 Capital Projects - - 331,519 98,430 429,949 Food Service 283,968 - - - 283,968

Totals 3,204,507$ 431,406$ 331,519$ 98,430$ 4,065,862$

Transfer To

The transfers during the year were made for the following purposes:

General Fund to Special Projects To transfer funds to pay for excess costs of programs.

Special Projects to General Fund

To transfer allowable indirect costs.

Special Revenue-EIA to General Fund To transfer EIA Teacher Salary Increase and Fringe Benefits Strategies to the general fund where expenditures are recorded.

Capital Projects to Debt Service Fund To transfer amounts to pay for cost of issuance of General Obligation Bonds.

Capital Projects to Food Service

To transfer amounts to pay for Food Service equipment.

Food Service to General Fund

To transfer allowable indirect costs.

62

11. Interfund Receivables and Payables Interfund balances are comprised of expenditures and expenses paid on behalf of one fund by another and are to be repaid. All cash activities are recorded in the general fund, and as a result, receivables and payables exist at year end that are either due to or due from the general fund to/from other funds. Various differences include special revenue fund expenditures not reimbursed from the State Department of Education until after the fiscal year end, fringe amounts paid by the general fund for food service, taxes receivable for debt service, and building project costs. As of June 30, 2019, amounts due from/to other funds related to the School District’s pooled cash are as follows:

Interfund InterfundReceivables Payables

General Fund 1,707,876$ -$ Special Revenue Fund - Special Projects - 1,707,876

Total for Primary Government 1,707,876$ 1,707,876$

12. Operating Leases The School District is obligated to account for certain leases as operating leases. Operating leases do not give rise to property rights or lease obligations and, therefore, the results of the lease agreements are not reflected in the School District's liabilities. Current rental expenditures for the year ended June 30, 2019, were $165,731. The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2019:

Fiscal Year EndedJune 30, Total

2020 169,874$ 2021 174,121 2022 178,474 2023 182,936 2024 187,510

Total Rent Payments 892,915$

63

13. Verification of Maintenance of Fiscal Effort The South Carolina Department of Education guidelines require Districts to maintain local fiscal effort in complying with certain state and federal grant programs. The combined fiscal effort per student or aggregate expenditures from state and local funds for free public education for the preceding year must be at least 90% of the combined fiscal effort for the second preceding year, unless specifically waived by the State. The following tabulation of per pupil expenditures indicates that local effort has been maintained.

Fiscal Total Pupil Per PupilYear Expenditures A.D.M. Expenditures

2009 - 2010 71,057,760$ 9,448 7,521$ 2010 - 2011 67,759,884 9,369 7,232 2011 - 2012 71,494,542 9,256 7,724 2012 - 2013 75,308,533 9,148 8,232 2013 - 2014 77,668,509 9,273 8,376 2014 - 2015 78,465,866 9,105 8,618 2015 - 2016 79,677,289 9,044 8,810 2016 - 2017 80,874,213 9,407 8,597 2017 - 2018 82,903,832 9,369 8,849 2018 - 2019 84,139,007 8,925 9,427

14. Pupil Activity Fund The South Carolina Department of Education requires a Schedule of Receipts, Disbursements, and Changes in Amounts Due to Pupil Activities for the Pupil Activity Fund, although the Pupil Activity Fund is a Fiduciary Fund which does not report results of operations. Accordingly, this schedule has been included in the combining fund statements and schedules in an effort to satisfy this requirement and accounting principles generally accepted in the United States of America. 15. Risk Management The District is exposed to various risks of loss related to torts; thefts of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The District pays an annual premium to the South Carolina Budget and Control Board Office of Insurance Reserve Fund for its general insurance. The South Carolina Budget and Control Board Office of Insurance Reserve Fund reinsures through commercial companies. The District acquires insurance from the South Carolina School Board Insurance Trust for job related injury and illness (workers' compensation) for its employees. Workers' compensation is insured under a retrospectively rated policy where premiums are estimated throughout the year and adjusted subsequent to the policy period based on actual experience. General blanket fidelity bond insurance from a private insurer was also maintained for the District's employees as well as athletic catastrophic insurance. There were no significant reductions in insurance coverage from the previous year and no settlements have exceeded insurance coverage for the past three years ended June 30, 2019, 2018 and 2017.

64

16. Fund Balances The District follows GAAP reporting requirements which provides clearly defined fund balance categories to make the nature and extent of the constraints placed on a government’s fund balance transparent. The following classifications describe the relative strength of the spending constraints placed on the purposes for which resources can be used:

Government Fund Financial Statements

Nonspendable Fund Balance Amounts that are not in a spendable form or are required to be maintained in tact;

Restricted Fund Balance Amounts constrained to specific purposes by their providers (such as grants, bondholders and higher levels of government) through constitutional provisions of enabling legislation;

Committed Fund Balance Amounts constrained to specific purposes by a government itself, using its highest level of decision-making authority, through approval by the Board of Education. These amounts are to be reported as committed and cannot be used for any other purpose unless the government takes the same highest level action by approval of the Board of Education to remove or change the constraint;

Assigned Fund Balance Amounts a government intends to use for a specific purpose; intent can be expressed by the Board of Education or by the Superintendent to which the Board of Education has delegated the authority.

Unassigned Fund Balance Amounts that are available for any purpose; positive amounts are reported only in the general fund. When committed, assigned or unassigned resources or available for use, it is the District’s policy to use committed, assigned and unassigned resources, respectively.

65

16. Fund Balances (Continued) The Fund Balances of the Governmental Funds are as follows as of June 30, 2019:

Debt CapitalGeneral Service Projects

Fund Fund Fund TotalFund Balances

Non-SpendablePrepaid Items 10,549$ -$ -$ 10,549$

Total Non-Spendable 10,549 - - 10,549

Restricted For:Debt Service - 7,636,441 - 7,636,441 Capital Projects - - 3,436,428 3,436,428

Total Restricted - 7,636,441 3,436,428 11,072,869

Committed For:Special Programs 150,000 - - 150,000

Unassigned 10,697,601 - - 10,697,601

Total Fund Balances 10,858,150$ 7,636,441$ 3,436,428$ 21,931,019$

Government-Wide and Proprietary Fund Financial Statements

Net Investment in Capital Assets

Represents the capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowings attributable to the acquisition, construction, or improvement of those assets.

Restricted Net Position Represents net position restricted externally by creditors, grantors, contributors or laws and regulations of other governments; or restrictions imposed by law through constitutional provisions or enabling legislation.

Unrestricted Represents the remainder of the School District's net position in government-wide and business-type activities. 17. Contingencies Lawsuits have been brought against the District for which a prediction regarding the outcome or amount of recovery cannot be made at this time. If the plaintiffs were to prevail in these suits, it is believed that monetary damages should not exceed the limits of the District's insurance coverage and the School Board Insurance Trust would be responsible for payment. The only anticipated costs to the District are believed to be the expenses associated with defending the suits.

66

18. Reconciliation of Certain Functional Expenditures to Functional Expenses The following is a reconciliation of certain functional expenses from the Statement of Revenues, Expenditures and Changes in Fund Balance to the Government-Wide Statement of Activities. The District allocated capital outlay expenditures that were in excess of amounts capitalized as part of capital assets additions based upon actual outlay expenditures recorded in the governmental fund statements under each function.

CommunityInstruction Support Service Intergovernmental

From Statement of Revenues, Expendituresand Changes in Fund Balance 53,404,839$ 46,069,736$ 135,714$ 2,885,575$

Reconciling Items:Depreciation Expense 1,943,022 3,589,075 4,911 - Loss on Sale of Capital Assets (6,845) (12,643) (17) - Compensated Absences 25,607 47,299 - - Pension & OPEB Liability Contributions 1,270,109 2,346,099 3,210 - Allocation of Capital Outlay - 2,001,800 - - Allocation of Intergovernmental Activity 1,012,593 1,870,422 2,559 (2,885,575)

From Statement of Activities 57,649,325$ 55,911,788$ 146,377$ -$

19. Tax Abatements The District’s property tax revenues were reduced by $1,849,010 for the fiscal year ended June 30, 2019 under agreements entered into by Georgetown County. These agreements are considered fee-in-lieu of tax and special source revenue credit programs related to economic development programs. 20. Subsequent Events The board held the final public hearing for the adoption of the 2019-20 General Fund in a special board meeting on July 9, 2019. After the public hearing, the 2019-20 General Fund budget was approved in the amount of $91,560,428 by a vote of 8–0. The board also approved an operations millage increase to support the approved 2019-20 General Fund budget of 5.9 mills at the meeting on July 9, 2019. The millage for operations increased to 115.6 mills from 109.7. This included increases allowed but not previously imposed and is within the allowable limits of SC Code of Laws 6-1-320. Management has evaluated the effects subsequent events would have on the financial statements through the date of the auditor’s report, which is the date the financial statements were available for issuance.

67

REQUIRED SUPPLEMENTARY INFORMATION

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71

COMBINING AND INDIVIDUAL

FUND STATEMENTS AND SCHEDULES

GENERAL FUND

The General Fund is the general operating fund of the School District. It is used to account for all financial resources except for those required to be accounted for in another fund. All property taxes, intergovernmental revenues, and miscellaneous revenues are recorded in this fund except amounts which are specifically collected to service debt or capacity. Operational expenditures for general education, support services and other departments of the District are paid through the General Fund. The following Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual for the General Fund has been prepared in the format mandated by the South Carolina Department of Education. The account numbers shown on the schedule are also mandated by the South Carolina Department of Education.

Assets

Cash & Cash Equivalents 5,737,983$ Investments 6,498,219 Property Tax Receivable 1,439,568 Due From Other Funds 1,707,876 Due From County Government 5,732,920 Prepaid Items 10,549 Other Receivables 842,506


Liabilities, Deferred Inflows of Resources & Fund Balances

Liabilities

Accounts Payable 727,559 Accrued Salaries 5,418,996 Accrued Payroll Related Liabilities 4,964,337 Other Liabilities 579

Total Liabilities 11,111,471

Fund Balances

Non-Spendable 10,549 Committed 150,000 Unassigned 10,697,601

Total Fund Balances 10,858,150

Total Liabilities, Deferred Inflows of Resources & Fund Balances 21,969,621$

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYGENERAL FUNDBALANCE SHEET

JUNE 30, 2019

72

VarianceFinal Favorable

Budget Actual (Unfavorable)

Revenues

1000 Revenue from Local Sources

1100 Taxes Levied/Assessed by the LEA:1110 Ad Valorem Taxes-Including Delinquent (Independent) 41,905,505$ 40,974,015$ (931,490)$ 1140 Penalties & Interest on Taxes (Independent) 295,412 246,546 (48,866)

1200 Revenue From Local Governmental Units Other Than LEAs1280 Revenue in Lieu of Taxes (Independent and Dependent) 1,031,327 1,718,774 687,447

1300 Tuition1310 From Patrons for Regular Day School 15,000 95,570 80,570

1500 Earnings on Investments:1510 Interest on Investments - 12,859 12,859

1900 Other Revenue from Local Sources:1910 Rentals 60,000 46,247 (13,753) 1950 Refund of Prior Year's Expenditures - 1,988 1,988

1990 Miscellaneous Local Revenue:1993 Receipt of Insurance Proceeds - 3,475 3,475 1994 Receipt of Legal Settlements - 20 20 1999 Revenue from Other Local Sources 109,400 494,707 385,307

Total Local Sources 43,416,644 43,594,201 177,557

2000 Intergovernmental Revenue:

2200 Payments from Public Charter School - 28,275 28,275

Total Intergovernmental Revenues - 28,275 28,275

3000 Revenue from State Sources

3100 Restricted State Funding:3130 Special Programs:

3131 Handicapped Transportation - 1,283 1,283 3160 School Bus Driver Salary (Includes Hazardous Condition Transportation) 684,848 786,563 101,715 3162 Transportation Workers' Compensation 47,863 49,574 1,711 3180 Fringe Benefits Employer Contributions (No Carryover Provision) 5,878,280 5,748,134 (130,146) 3181 Retiree Insurance (No Carryover Provision) 2,355,744 2,603,762 248,018

3300 Education Finance Act:3310 Full-Time Programs:

3311 Kindergarten 627,312 580,621 (46,691) 3312 Primary 1,847,308 1,763,655 (83,653) 3313 Elementary 3,250,250 3,063,648 (186,602) 3314 High School 1,397,358 1,167,074 (230,284) 3315 Trainable Mentally Handicapped 33,535 29,206 (4,329) 3316 Speech Handicapped (Part-Time Program) 551,390 488,852 (62,538) 3317 Homebound 2,229 3,262 1,033

3320 Part-Time Programs:3321 Emotionally Handicapped 95,347 96,837 1,490 3322 Educable Mentally Handicapped 56,671 52,558 (4,113) 3323 Learning Disabilities 1,576,613 1,580,945 4,332 3324 Hearing Handicapped 65,577 54,417 (11,160) 3325 Visually Handicapped 30,592 32,685 2,093 3326 Orthopedically Handicapped 23,623 22,496 (1,127) 3327 Vocational 1,615,278 1,597,679 (17,599)

3330 Miscellaneous EFA Programs:3331 Autism 231,165 255,369 24,204 3332 High Achieving Students 229,023 211,153 (17,870) 3334 Limited English Proficiency 77,134 73,805 (3,329) 3351 Academic Assistance 543,328 515,281 (28,047) 3352 Pupils in Poverty 1,484,903 1,258,945 (225,958) 3353 Dual Credit Enrollment 24,456 20,802 (3,654) 3392 NBC Excess EFA Formula - 22,973 22,973


SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEBUDGET AND ACTUAL


73






3800 State Revenue in Lieu of Taxes:3810 Reimbursement for Local Residential Property Tax Relief (Tier 1) 4,615,362 4,615,362 - 3820 Homestead Exemption (Tier 2) 914,016 914,016 - 3825 Reimbursement for Property Tax Relief (Tier 3) 10,876,801 10,861,792 (15,009) 3830 Merchant's Inventory Tax 213,652 213,652 - 3840 Manufacturers Depreciation Reimbursement 891,337 955,398 64,061 3890 Other State Property Tax Revenues (Includes Motor Carrier Vehicle Tax) 131,841 320,469 188,628

3900 Other State Revenue:3992 State Forest Commission Revenues - 166 166 3993 Library Allocation 622,125 622,125 - 3999 Revenue From Other State Sources - 7,884 7,884

Total State Sources 40,994,961 40,592,443 (402,518)

Total Revenues All Sources 84,411,605$ 84,214,919$ (196,686)$

Expenditures

100 Instruction

110 General Instruction

111 Kindergarten Programs:100 Salaries 1,984,955 1,947,132 37,823 200 Employee Benefits 973,625 931,668 41,957 300 Purchased Services 150,546 145,357 5,189 400 Supplies and Materials 29,510 22,809 6,701 600 Other Objects 5,278 5,273 5

112 Primary Programs:100 Salaries 5,525,121 5,414,379 110,742 200 Employee Benefits 2,354,188 2,341,693 12,495 300 Purchased Services 315,430 307,008 8,422 400 Supplies and Materials 50,874 43,941 6,933 600 Other Objects 9,950 9,946 4

113 Elementary Programs:100 Salaries 8,252,568 8,208,512 44,056 200 Employee Benefits 3,484,443 3,484,416 27 300 Purchased Services 407,053 397,126 9,927 400 Supplies and Materials 116,967 93,350 23,617 600 Other Objects 14,962 14,959 3

114 High School Programs:100 Salaries 5,657,573 5,657,568 5

140 Terminal Leave 18,147 18,139 8 200 Employee Benefits 2,222,742 2,188,275 34,467 300 Purchased Services 616,692 461,650 155,042 400 Supplies and Materials 127,405 118,386 9,019 600 Other Objects 10,564 10,562 2

115 Career and Technology Education Programs:100 Salaries 936,580 936,579 1 200 Employee Benefits 422,642 422,633 9 300 Purchased Services - Other Than Tuition 55,277 47,220 8,057

370 Tuition (Purchased Services) 1,124 1,124 - 400 Supplies and Materials 50,349 43,167 7,182 600 Other Objects 1,705 1,704 1

116 Career and Technology Education (Vocational) Programs - Middle School:100 Salaries 208,676 208,676 - 200 Employee Benefits 85,732 85,732 - 300 Purchased Services 7,863 7,861 2 600 Other Objects 419 418 1

117 Driver Education Program:100 Salaries 93,680 93,680 - 200 Employee Benefits 38,746 38,740 6 300 Purchased Services 10,154 10,153 1 600 Other Objects 169 168 1

74






120 Exceptional Programs

121 Educable Mentally Handicapped:100 Salaries 266,005 258,671 7,334 200 Employee Benefits 98,971 98,953 18 300 Purchased Services 11,866 11,865 1 400 Supplies and Materials 1,340 343 997 600 Other Objects 298 297 1

122 Trainable Mentally Handicapped:100 Salaries 107,461 107,458 3 200 Employee Benefits 54,171 54,162 9 300 Purchased Services 31,182 31,028 154 400 Supplies and Materials 820 193 627 600 Other Objects 744 743 1

123 Orthopedically Handicapped:100 Salaries 49,333 49,328 5 200 Employee Benefits 11,284 11,229 55 400 Supplies and Materials 3,582 1,338 2,244

124 Visually Handicapped:100 Salaries 106,700 106,696 4 200 Employee Benefits 40,756 40,504 252 300 Purchased Services 233 232 1 400 Supplies and Materials 748 239 509 600 Other Objects 116 112 4

125 Hearing Handicapped:100 Salaries 224,418 224,410 8 200 Employee Benefits 99,731 99,686 45 300 Purchased Services 1,171 1,064 107 400 Supplies and Materials 1,433 747 686 600 Other Objects 440 434 6

126 Speech Handicapped:100 Salaries 471,181 471,172 9 200 Employee Benefits 191,405 191,318 87 300 Purchased Services 89,016 89,016 - 600 Other Objects 702 713 (11)

127 Learning Disabilities:100 Salaries 2,264,823 2,264,384 439 200 Employee Benefits 961,428 961,086 342 300 Purchased Services 136,469 132,825 3,644 400 Supplies and Materials 34,749 28,914 5,835 600 Other Objects 4,899 4,895 4

128 Emotionally Handicapped:100 Salaries 215,942 215,954 (12) 200 Employee Benefits 86,453 86,436 17 300 Purchased Services 21,003 20,489 514 400 Supplies and Materials 2,799 2,101 698 600 Other Objects 550 549 1

130 Pre-School Programs

133 Pre-School Handicapped-Self-Contained (5 year olds):100 Salaries 59,416 59,414 2 200 Employee Benefits 17,054 17,047 7

137 Pre-School Handicapped-Self-Contained (3 & 4 year olds):100 Salaries 145,404 145,399 5 200 Employee Benefits 67,887 67,822 65 300 Purchased Services 15,690 15,686 4 600 Other Objects 592 591 1

139 Early Childhood Programs:300 Purchased Services 30,176 30,174 2

140 Special Programs

141 Gifted and Talented - Academic:100 Salaries 2,114,834 2,114,824 10 200 Employee Benefits 874,357 874,328 29 300 Purchased Services 40,722 40,420 302 400 Supplies and Materials 21,691 21,688 3 600 Other Objects 3,663 3,652 11

75






143 Advanced Placement:100 Salaries 275,098 275,096 2 200 Employee Benefits 136,726 120,031 16,695 300 Purchased Services 7,364 7,362 2 600 Other Objects 490 489 1

145 Homebound:100 Salaries 77,078 77,075 3 200 Employee Benefits 22,344 22,323 21 300 Purchased Services 15,665 15,663 2

147 CDEP:100 Salaries 196,880 196,879 1 200 Employee Benefits 97,870 97,853 17 300 Purchased Services 45,384 45,263 121 400 Supplies and Materials 1,010 1,009 1 600 Other Objects 505 504 1

160 Other Exceptional Programs

161 Autism:100 Salaries 529,680 529,800 (120) 200 Employee Benefits 175,794 175,771 23 300 Purchased Services 88,029 95,431 (7,402) 400 Supplies and Materials 5,376 3,706 1,670 600 Other Objects 626 619 7

162 Limited English Proficiency:100 Salaries 400,973 400,967 6 200 Employee Benefits 156,398 154,911 1,487 600 Other Objects 553 533 20

170 Summer School Program

174 Gifted and Talented Summer School:100 Salaries 17,200 17,200 - 200 Employee Benefits 5,019 5,016 3 300 Purchased Services 18,600 18,600 - 400 Supplies and Materials 3,424 3,423 1

175 Instructional Programs Beyond Regular School Day:100 Salaries - 186,306 (186,306) 200 Employee Benefits - 42,375 (42,375) 400 Supplies and Materials 275 275 -

180 Adult/Continuing Educational Programs

181 Adult Basic Education Programs:100 Salaries 76,615 76,614 1 200 Employee Benefits 29,583 29,582 1 300 Purchased Services 2,247 2,245 2 400 Supplies and Materials 825 825 - 600 Other Objects 134 133 1

182 Adult Secondary Education Programs:100 Salaries 85,593 85,593 - 200 Employee Benefits 35,693 35,691 2 600 Other Objects 135 135 -

190 Instructional Pupil Activity:100 Salaries (optional) 363,043 363,040 3 200 Employee Benefits (optional) 110,024 110,000 24 300 Purchased Services (optional) 2,386 2,385 1 400 Supplies and Materials (optional) 13,026 13,021 5 600 Other Objects 49 48 1

Total Instruction 46,225,131 45,894,425 330,706

76






200 Support Services

210 Pupil Services

211 Attendance and Social Work Services:100 Salaries 25,822 25,822 - 200 Employee Benefits 11,323 11,318 5 600 Other Objects 73 72 1

212 Guidance Services:100 Salaries 1,620,209 1,620,205 4 200 Employee Benefits 701,448 700,503 945 300 Purchased Services 9,475 9,278 197 400 Supplies and Materials 7,610 5,223 2,387 600 Other Objects 2,779 2,777 2

213 Health Services:100 Salaries 614,513 613,258 1,255 200 Employee Benefits 277,840 277,581 259 300 Purchased Services 34,076 33,922 154 400 Supplies and Materials 8,016 7,058 958 600 Other Objects 1,332 1,330 2

214 Psychological Services:100 Salaries 300,651 300,645 6 200 Employee Benefits 112,628 112,555 73 300 Purchased Services 41,312 41,011 301 400 Supplies and Materials 1,149 363 786 600 Other Objects 425 419 6

216 Vocational Placement Services:300 Purchased Services 5,800 5,626 174

217 Career Specialist Services:100 Salaries 47,578 47,577 1 200 Employee Benefits 19,620 19,615 5 600 Other Objects 153 152 1

220 Instructional Staff Services

221 Improvement of Instruction Curriculum Development:100 Salaries 427,052 426,948 104 200 Employee Benefits 148,004 147,807 197 300 Purchased Services 20,728 20,680 48 400 Supplies and Materials 13,214 13,190 24 600 Other Objects 17,993 18,891 (898)

222 Library and Media Services:100 Salaries 1,462,243 1,457,164 5,079 200 Employee Benefits 667,568 666,281 1,287 300 Purchased Services 26,280 25,717 563 400 Supplies and Materials 174,078 162,877 11,201 600 Other Objects 3,216 3,195 21

223 Supervision of Special Programs:100 Salaries 286,898 339,066 (52,168) 200 Employee Benefits 115,610 120,112 (4,502) 300 Purchased Services 43,213 43,185 28 400 Supplies and Materials 3,883 4,484 (601) 600 Other Objects 1,603 1,600 3

224 Improvement of Instruction Inservice and Staff Training:100 Salaries 36,821 36,817 4 200 Employee Benefits 110,694 22,750 87,944 300 Purchased Services 47,685 37,683 10,002 400 Supplies and Materials 12,805 12,804 1

230 General Administration Services

231 Board of Education:100 Salaries 108,064 108,063 1 200 Employee Benefits 85,179 70,441 14,738 300 Purchased Services 152,172 74,944 77,228

318 Audit Services 39,450 39,450 - 400 Supplies and Materials 2,500 2,425 75 600 Other Objects 54,465 54,464 1

232 Office of the Superintendent:77






100 Salaries 444,830 444,826 4 200 Employee Benefits 166,894 166,887 7 300 Purchased Services 51,409 51,394 15 400 Supplies and Materials 28,334 28,253 81 600 Other Objects 10,872 10,737 135

233 School Administration:100 Salaries 5,411,774 5,411,128 646

140 Terminal Leave 8,985 8,984 1 200 Employee Benefits 2,234,657 2,234,591 66 300 Purchased Services 167,831 143,172 24,659 400 Supplies and Materials 41,697 29,286 12,411 600 Other Objects 16,316 16,301 15

250 Finance and Operations Services

251 Student Transportation (Federal/District Mandated):100 Salaries 763 762 1 200 Employee Benefits 256 253 3 300 Purchased Services 1,987 1,986 1

252 Fiscal Services:100 Salaries 1,111,574 1,111,314 260

140 Terminal Leave 3,180 3,179 1 200 Employee Benefits 435,870 435,830 40 300 Purchased Services 227,979 223,667 4,312 400 Supplies and Materials 33,594 34,778 (1,184) 600 Other Objects 5,434 5,433 1

254 Operation and Maintenance of Plant:100 Salaries 3,573,947 3,581,084 (7,137)

140 Terminal Leave 32,264 31,014 1,250 200 Employee Benefits 1,671,781 1,672,605 (824) 300 Purchased Services 1,418,070 1,403,730 14,340

321 Public Utilities (Excludes gas, oil, elec. & other heating fuels) 241,397 241,385 12 400 Supplies and Materials 602,780 608,019 (5,239)

470 Energy (Include gas, oil, elec. & other heating fuels) 2,626,864 2,616,797 10,067 600 Other Objects 11,014 11,001 13

255 Student Transportation (State Mandated):100 Salaries 1,621,415 1,621,410 5 200 Employee Benefits 755,565 755,550 15 300 Purchased Services 71,653 71,645 8 400 Supplies and Materials 8,585 8,582 3 600 Other Objects 4,700 4,698 2

256 Food Service:100 Salaries 50 50 - 200 Employee Benefits 633,574 633,549 25 600 Other Objects 8,544 8,538 6

258 Security:100 Salaries 638,956 638,937 19 200 Employee Benefits 175,452 175,378 74 300 Purchased Services 773,842 772,485 1,357 400 Supplies and Materials 43,170 43,646 (476) 600 Other Objects 885 882 3

260 Central Support Services

262 Planning, Research, Development & Evaluation:100 Salaries 160,198 160,198 - 200 Employee Benefits 59,364 59,364 - 300 Purchased Services 26,722 26,718 4 400 Supplies and Materials 915 914 1 600 Other Objects 268 267 1

263 Information Services:100 Salaries 105,669 105,669 - 200 Employee Benefits 38,943 38,940 3 300 Purchased Services 64,395 64,396 (1) 400 Supplies and Materials 15,483 15,483 - 600 Other Objects 217 216 1

78






264 Staff Services:100 Salaries 602,421 602,420 1 200 Employee Benefits 233,649 233,644 5 300 Purchased Services 150,885 150,877 8 400 Supplies and Materials 7,780 7,780 - 600 Other Objects 1,580 1,578 2

266 Technology and Data Processing Services:100 Salaries 830,804 830,799 5

140 Terminal Leave 16,479 16,478 1 200 Employee Benefits 326,029 326,008 21 300 Purchased Services 1,033,897 1,016,857 17,040 400 Supplies and Materials 13,981 14,164 (183) 600 Other Objects 1,318 1,316 2

270 Support Services Pupil Activity

271 Pupil Services Activities:100 Salaries (optional) 781,578 788,795 (7,217) 200 Employee Benefits (optional) 231,188 233,476 (2,288) 300 Purchased Services (optional) 375,426 390,415 (14,989) 400 Supplies and Materials (optional) 146,658 146,653 5 600 Other Objects (optional) 65 63 2

Total Support Services 38,449,906 38,244,582 205,324

300 Community Services

390 Other Community Services:100 Salaries 4,241 66,272 (62,031) 200 Employee Benefits 1,317 17,683 (16,366) 300 Purchased Services - 34,288 (34,288)

Total Community Services 5,558 118,243 (112,685)

400 Other Charges:

410 Intergovernmental Expenditures

416 LEA Payments to Public Charter Schools720 Transits 2,506,596 2,506,596 -

417 Payments to Nonprofit Entities (other than for First Steps)720 Transits 15,000 15,000 -

Total Intergovernmental Expenditures 2,521,596 2,521,596 -

Total Expenditures 87,202,191$ 86,778,846$ 423,345$

Other Financing Sources (Uses)

Interfund Transfers, From (To) Other Funds:

5230 Transfer from Special Revenue EIA Fund 2,778,566 2,602,612 (175,954) 5280 Transfer from Other Funds Indirect Costs 443,426 601,895 158,469 421-710 Transfer to Special Revenue Fund (431,406) (431,406) -

Total Other Financing Sources (Uses) 2,790,586 2,773,101 (17,485)

Excess/(Deficiency) of Revenues over Expenditures -$ 209,174$ 209,174$



79

SPECIAL REVENUE FUNDS

The Special Revenue Funds account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. The School District has the following Special Revenue Funds. 1. The Special Projects Fund consists of multiple special revenue subfunds used to account for all federal, state

and local projects and grants except for those subject to EIA. 2. The Education Improvement Act (EIA) Fund was passed in 1984 by the South Carolina State Legislature to

upgrade the quality of education in South Carolina. The fund accounts for the proceeds of the additional one percent Sales and Use Tax which is restricted to expenditures for the Education Improvement Act standards. Because of the categorical nature of the funding, the state requires that revenues and expenditures be accounted for in a separate fund. Accordingly, the EIA Fund is reported as a Special Revenue Fund.

The following schedules for the Special Revenue Funds have been prepared in the format mandated by the South Carolina Department of Education. The account numbers shown on the schedules are also mandated by the South Carolina Department of Education.

Assets

Due From State Government 93,500$ Due From Federal Government 1,760,974 Other Receivables 71,837


Liabilities & Fund Balances

Liabilities

Accounts Payable 83,387 Due To Other Funds 1,707,876 Due To State Government 329 Unearned Revenue 134,210 Other Liabilities 509


Fund Balances

Restricted -

Total Fund Balances -

Total Liabilities & Fund Balances 1,926,311$

JUNE 30, 2019BALANCE SHEET

SPECIAL REVENUE FUND - SPECIAL PROJECTSTHE SCHOOL DISTRICT OF GEORGETOWN COUNTY

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100

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100

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Supp

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210

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100

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100

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221

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100

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40

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402

222

Libr

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and

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400

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and

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96

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14

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30

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100

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100

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100

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Empl

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3,

296

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6

300

Purc

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100

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Empl

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7,

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7,94

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89

Assets

Cash & Cash Equivalents 1,378,605$ Due From State Government 10,318 Other Receivables 200



Liabilities

Accounts Payable 17,235 Due To State Government 10,022 Unearned Revenue 1,361,866


Fund Balances

Restricted -

Total Fund Balances -


THE SCHOOL DISTRICT OF GEORGETOWN COUNTYSPECIAL REVENUE FUND - EDUCATION IMPROVEMENT ACT

BALANCE SHEETJUNE 30, 2019

90

Revenues


3500 Education Improvement Act:3502 ADEPT 9,139$ 3507 Aid to Districts - Technology 130,473 3511 Professional Development 146,430 3518 Formative Assessment 86,764 3519 Grade 10 Assessment 28,221 3526 Refurbishment of K-8 Science Kits 37,773 3528 Industry Certifications & Credentials 24,344 3529 Career & Technology Education 298,058 3532 National Board Salary Supplement (No Carryover Provision) 690,598 3533 Teacher of the Year Awards 1,077 3538 Students At Risk of School Failure 1,183,371 3541 Child Development Education Pilot Program (CDEP) 1,422,487 3550 Teacher Salary Increase (No Carryover Provision) 2,202,245 3555 Teacher Salary Fringe (No Carryover Provision) 451,769 3556 Adult Education 191,963 3557 Summer Reading Program 75,956 3558 Reading 2,947 3571 Technical Assistance - State Priority Schools 36,462 3577 Teacher Supplies (No Carryover Provision) 184,250 3589 Maintenance of State Financial Support Tier II 87,000 3595 EEDA - Supplies and Materials 1,588 3597 Aid to Districts 1,443

Total State Sources 7,294,358

Total Revenues All Sources 7,294,358$

Expenditures

100 Instruction

110 General Instruction

111 Kindergarten Programs:100 Salaries 22,500 200 Employee Benefits 6,269 300 Purchased Services 10,847 400 Supplies and Materials 2,230

112 Primary Programs:100 Salaries 119,807 200 Employee Benefits 33,184 300 Purchased Services 44,970 400 Supplies and Materials 47,172

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYSPECIAL REVENUE - EDUCATION IMPROVEMENT ACT

COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEFOR THE YEAR ENDED JUNE 30, 2019

91



113 Elementary Programs:100 Salaries 131,986 200 Employee Benefits 37,191 300 Purchased Services 111,862 400 Supplies and Materials 186,778 600 Other Objects 800

114 High School Programs:100 Salaries 104,548 200 Employee Benefits 29,134 300 Purchased Services 36,019 400 Supplies and Materials 110,207 500 Capital Outlay 524 600 Other Objects 800

115 Career and Technology Education Programs:100 Salaries 15,000 200 Employee Benefits 4,223 300 Purchased Services - Other Than Tuition 22,211 400 Supplies and Materials 1,181 500 Capital Outlay 152,824

120 Exceptional Programs

121 Educable Mentally Handicapped:300 Purchased Services 51

122 Trainable Mentally Handicapped:300 Purchased Services 535

124 Visually Handicapped:400 Supplies and Materials 275

125 Hearing Handicapped:100 Salaries 7,500 200 Employee Benefits 2,108 400 Supplies and Materials 550

127 Learning Disabilities:100 Salaries 36,457 200 Employee Benefits 10,196 300 Purchased Services 73,758 400 Supplies and Materials 275

128 Emotionally Handicapped:300 Purchased Services 374

130 Pre-School Prgrams

137 Pre-School Handicapped-Self-Contained (3 & 4 year olds):300 Purchased Services 211

92



140 Special Programs

147 CDEP:100 Salaries 947,887 200 Employee Benefits 454,730 300 Purchased Services 19,871

160 Other Exceptional Programs

161 Autism:400 Supplies and Materials 275

162 Limited English Proficiency:100 Salaries 7,500 200 Employee Benefits 2,120 400 Supplies and Materials 1,375

170 Summer School Program

171 Primary Summer School:100 Salaries 40,025 200 Employee Benefits 11,942 400 Supplies and Materials 5,502

175 Instructional Programs Beyond Regular School Day:100 Salaries 7,825 200 Employee Benefits 2,288

180 Adult/Continuing Educational Programs

181 Adult Basic Education Programs:100 Salaries 15,209 200 Employee Benefits 4,446 300 Purchased Services 1,206 400 Supplies and Materials 296

182 Adult Secondary Education Programs:100 Salaries 3,900 200 Employee Benefits 1,146 300 Purchased Services 3,105

Total Instruction 2,895,205


210 Pupil Services

212 Guidance Services:100 Salaries 67,900 200 Employee Benefits 24,154 400 Supplies and Materials 1,588

93



213 Health Services:100 Salaries 4,923 200 Employee Benefits 1,477

216 Vocational Placement Services:300 Purchased Services 1,243

220 Instructional Staff Services

221 Improvement of Instruction Curriculum Development:100 Salaries 638,374 200 Employee Benefits 243,111 400 Supplies and Materials 13,503 600 Other Objects 794

222 Library and Media Services:100 Salaries 22,500 200 Employee Benefits 6,271

223 Supervision of Special Programs:100 Salaries 247,762 200 Employee Benefits 90,150 300 Purchased Services 7,570 400 Supplies and Materials 1,587 600 Other Objects 91

224 Improvement of Instruction Inservice and Staff Training:100 Salaries 16,121 200 Employee Benefits 4,647 300 Purchased Services 101,302 400 Supplies and Materials 12,795

230 General Administration Services

233 School Administration:300 Purchased Services 66,667


255 Student Transportation (State Mandated):100 Salaries 5,467 200 Employee Benefits 1,633 300 Purchased Services 894

260 Central Support Services

266 Technology and Data Processing Services:500 Capital Outlay 129,318

94




271 Pupil Services Activities:100 Salaries (optional) 3,301 200 Employee Benefits (optional) 1,153 300 Purchased Services (optional) 1,395

Total Support Services 1,717,691

400 Other Charges:


416 LEA Payments to Public Charter Schools720 Transits 78,850

Total Intergovernmental Expenditures 78,850

Total Expenditures 4,691,746$



420-710 Transfer to General Fund (Exclude Indirect Costs) (2,602,612)

Total Other Financing Sources (Uses) (2,602,612)

Excess/Deficiency of Revenues over Expenditures -$

Fund Balance, Beginning of Year -

Fund Balance, End of Year -$

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96

DEBT SERVICE FUND

The Debt Service Fund accounts for the accumulation of resources for, and the payment of the District's general long-term debt principal and interest. The resources of this fund are generated by a tax levy based upon property values. The following individual fund statements and schedules have been prepared in the format mandated by the South Carolina Department of Education. The account numbers shown on various statements are also mandated by the South Carolina Department of Education.

Assets

Cash & Cash Equivalents 7,578,382$ Property Tax Receivable, Net 398,251


Liabilities, Deferred Inflows of Resources & Fund Balances

Liabilities

Accounts Payable 1,500

Total Liabilities 1,500


Unavailable Tax Revenues 338,692

Total Deferred Inflows of Resources 338,692

Fund Balances

Restricted For Debt Service 7,636,441


Total Liabilities, Deferred Inflows of Resources & Fund Balances 7,976,633$

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYDEBT SERVICE FUND


97

Revenues


1100 Taxes Levied/Assessed by the LEA:1110 Ad Valorem Taxes-Including Delinquent (Independent) 15,334,197$ 1140 Penalties & Interest on Taxes (Independent) 97,271

1200 Revenue From Local Governmental Units Other Than LEAs1280 Revenue in Lieu of Taxes (Independent and Dependent) 386,156

1500 Earnings on Investments:1510 Interest on Investments 190,855

Total Local Sources 16,008,479


3800 State Revenue in Lieu of Taxes:3820 Homestead Exemption (Tier 2) 416,378 3830 Merchant's Inventory Tax 53,975 3840 Manufacturers Depreciation Reimbursement 248,212 3890 Other State Property Tax Revenues (Includes Motor Carrier Vehicle Tax) 84,683

Total State Sources 803,248

4000 Revenue from Federal Sources

4900 Other Federal Sources:4990 Other Federal Revenue:

4999 Revenue from Other Federal Sources 837,215

Total Federal Sources 837,215


Expenditures

500 Debt Service

319 Legal Services 131,500 395 Other Professional and Technical Services 200,019 610 Redemption of Principal 14,045,000 620 Interest 4,609,160 690 Other Objects (Includes Fees For Servicing Bonds) 7,515

Total Debt Service 18,993,194



SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEFOR THE YEAR ENDED JUNE 30, 2019

98





5250 Transfer from School Building Fund Capital Projects Fund 331,519

Total Other Financing Sources (Uses) 331,519

Excess/Deficiency of Revenues over Expenditures (1,012,733)$



99

CAPITAL PROJECTS FUND

The Capital Projects Fund accounts, also referred to as the "School Building Fund", is used to record proceeds from the sale of long-term general obligation bonds and other revenues used to acquire or construct major capital facilities (other than those of proprietary and trust funds). The following individual fund statements and schedules have been prepared in the format mandated by the South Carolina Department of Education. The account numbers shown on various statements are also mandated by the South Carolina Department of Education.

Assets

Cash & Cash Equivalents 115,821,690$ Due From County Government 2,000,000 Other Receivables 187



Liabilities

Accounts Payable 12,817,709 Bonds Payable 100,000,000 Retainage Payable 1,567,740


Fund Balances

Restricted For Capital Projects 3,436,428



THE SCHOOL DISTRICT OF GEORGETOWN COUNTYCAPITAL PROJECTS FUND


100

Revenues


1500 Earnings on Investments:1510 Interest on Investments 67,051$

1900 Other Revenue from Local Sources:1920 Contributions & Donations Private Sources 13,824

1990 Miscellaneous Local Revenue:1993 Receipt of Insurance Proceeds 383,355 1999 Revenue from Other Local Sources 2,022

Total Local Sources 466,252

Total Revenues All Sources 466,252$

Expenditures



253 Facilities Acquisition and Construction:100 Salaries 202,867 200 Employee Benefits 75,391 300 Purchased Services 1,539,015 400 Supplies and Materials 25,861 500 Capital Outlay

510 Land 5,000 520 Construction Services 47,195,341 530 Improvements Other Than Buildings 591,787 540 Equipment 361,498 545 Technology Equipment and Software 4,659,938 550 Vehicles 66,899

600 Other Objects 290


400 Other Charges:


416 LEA Payments to Public Charter Schools720 Transits 55,936

Total Intergovernmental Expenditures 55,936




101




5110 Premium on Bonds Sold 4,986,478 5120 Proceeds of General Obligation Bonds 55,000,000 5300 Sale of Capital Assets 38,170


423-710 Transfer to Debt Service Fund (331,519) 425-710 Transfer to Food Service Fund (98,430)

Total Other Financing Sources (Uses) 59,594,699

Excess/Deficiency of Revenues over Expenditures 5,281,128$

Fund Balance, Beginning of Year (1,844,700)


102

ENTERPRISE FUND

The Enterprise Fund accounts for operations that are financed and operated in a manner similar to private business enterprises where the stated intent is that the costs (expenses, depreciation and indirect costs) of providing goods or services to the students or general public on a continuing basis are financed or recovered through user fees. School Food Services is the District's only Enterprise Fund and its purpose is to provide balanced nutritious meals to the School District's students, some of which are free and reduced meals under the United States Department of Agriculture (USDA) school breakfast and lunch programs. The following individual fund statements and schedules have been prepared in the format mandated by the South Carolina Department of Education. The account numbers shown on various statements are also mandated by the South Carolina Department of Education.

Assets

Cash & Cash Equivalents 2,860,151$ Due From Federal Government 53,616 Inventories - Supplies & Materials 65,428 Other Receivables 1,411 Property, Plant and Equipment, Net 406,395



Net Pension Deferred Outflows 213,758Net OPEB Deferred Outflows 52,519Employer Contributions Subsequent to Measurement Date 335,856

Total Deferred Outflows of Resources 602,133$

Liabilities

Accounts Payable 10,522 Net Pension Liability 3,575,116Net OPEB Liability 2,775,433

Total Liabilities 6,361,071$


Net Pension Deferred Inflows 203,897Net OPEB Deferred Inflows 300,794

Total Deferred Inflows of Resources 504,691$

Fund Balances

Net Investment in Capital Assets 406,395 Unrestricted (3,283,023)

Total Fund Balances (2,876,628)$



103

Revenues


1500 Earnings on Investments:1510 Interest on Investments 2,756$

1600 Food Service:1610 Lunch Sales to Pupils 177,981 1620 Breakfast Sales to Pupils 8,868 1630 Special Sales to Pupils 33,010 1640 Lunch Sales to Adults 79,229 1650 Breakfast Sales to Adults 3,093 1660 Special Sales to Adults 23,347

Total Local Sources 328,284

4000 Revenue from Federal Sources

4800 USDA Reimbursement:4810 School Lunch and After School Snacks Program 2,750,914 4830 School Breakfast Program 1,239,122 4860 Fresh Fruit & Vegetable Program (FFVP) (Carryover Provision) 142,212 4870 School Food Service (Equipment) 76,625 4880 Summer Food Program 87,652

4900 Other Federal Sources:4990 Other Federal Revenue:

4991 USDA Commodities (Food Distribution Program) (Carryover Provision) 314,759

Total Federal Sources 4,611,284


Expenditures



256 Food Service:100 Salaries 1,699,942 200 Employee Benefits 431,461 300 Purchased Services (Excludes gas, oil, electricity, and other heating fuels.) 51,831 400 Supplies and Materials (Includes gas, oil, electricity, and other heating fuels.) 2,173,815 500 Capital Outlay 127,249 600 Other Objects 8,111



THE SCHOOL DISTRICT OF GEORGETOWN COUNTYPROPRIETARY FUND - FOOD SERVICE FUND


104

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYPROPRIETARY FUND - FOOD SERVICE FUND



5300 Sale of Capital Assets 677


5250 Transfer from School Building Fund Capital Projects Fund 98,430 432-791 Food Service Fund Indirect Costs (283,968)

Total Other Financing Sources (Uses) (184,861)

Excess/Deficiency of Revenues over Expenditures 262,298$

Fund Balance, Beginning of Year, As Restated (3,138,926)

Fund Balance, End of Year (2,876,628)$

105

FIDUCIARY FUND

The Fiduciary Fund accounts for assets held by the District in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds. Fiduciary agency funds are purely custodial and do not involve measurement of results and operations. The Pupil Activity Fund is used to record the receipts and disbursements of monies from various student activities organizations. These organizations exist with the explicit approval of the Board of Education. The approval may be revoked. The fund accounting reflects the School District's agency relationship with student activities organizations. The following individual fund statements and schedules have been prepared in the format mandated by the South Carolina Department of Education. The account numbers shown on various statements are also mandated by the South Carolina Department of Education.

PUPILACTIVITY

Assets

Cash & Cash Equivalents 736,850$ Other Receivables 9,945

Total Assets 746,795$

Liabilities

Due to Pupil Activities 746,795

Total Liabilities 746,795$

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYFIDUCIARY FUND - PUPIL ACTIVITY AGENCY FUND

SCHEDULE OF FIDUCIARY ASSETS AND LIABILITIESJUNE 30, 2019

106

Receipts

1000 Receipts from Local Sources

1700 Pupil Activities:1710 Admissions 325,728$ 1720 Bookstore Sales 9,815 1730 Pupil Organization Membership Dues and Fees 8,139 1740 Student Fees 20,997 1790 Other Pupil Activity Income 1,052,855

1900 Other Receipts from Local Sources:1920 Contributions & Donations Private Sources 101,029

Total Local Sources 1,518,563

Total Receipts All Sources 1,518,563$

Disbursements

100 Instruction

190 Instructional Pupil Activity:100 Salaries (optional) 64 300 Purchased Services (optional) 42,594 400 Supplies and Materials (optional) 99,750 500 Capital Outlay (optional) 7,991 600 Other Objects 1,763

660 Instructional Pupil Activity 1,250

Total Instruction 153,412



271 Pupil Services Activities:100 Salaries (optional) 48,336 300 Purchased Services (optional) 422,762 400 Supplies and Materials (optional) 267,066 500 Capital Outlay (optional) 6,953 600 Other Objects (optional) 9,216

660 Pupil Activity 17,942 272 Enterprise Activities

400 Supplies and Materials (optional) 15,002


SCHEDULE OF RECEIPTS, DISBURSEMENTS AND CHANGES IN AMOUNTS DUE TO PUPIL ACTIVITIESFOR THE YEAR ENDED JUNE 30, 2019

107


SCHEDULE OF RECEIPTS, DISBURSEMENTS AND CHANGES IN AMOUNTS DUE TO PUPIL ACTIVITIESFOR THE YEAR ENDED JUNE 30, 2019

273 Trust and Agency Activities 100 Salaries (optional) 838 300 Purchased Services (optional) 121,403 400 Supplies and Materials (optional) 330,489 500 Capital Outlay (optional) 13,404 600 Other Objects (optional) 15,171

660 Pupil Activity 41,691


Total Disbursements 1,463,685$



5270 Transfer from Pupil Activity Fund 104,881 426-710 Transfer to Pupil Activity Fund (104,881)

Total Other Financing Sources (Uses) -

Excess/Deficiency of Receipts over Disbursements 54,878$

Fund Balance, Beginning of Year 691,917

Fund Balance, End of Year 746,795$

108

Balance BalanceJune 30, 2018 Additions Reductions June 30, 2019

Assets

Cash & Cash Equivalents 683,836$ 1,516,699$ 1,463,685$ 736,850$ Other Receivables 8,081 1,864 - 9,945

Total Assets 691,917$ 1,518,563$ 1,463,685$ 746,795$

Liabilities

Due to Pupil Activities 691,917 1,518,563 1,463,685 746,795

Total Liabilities 691,917$ 1,518,563$ 1,463,685$ 746,795$

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYFIDUCIARY FUND - PUPIL ACTIVITY FUND

SCHEDULE OF CHANGES IN ASSETS AND LIABILITIESJUNE 30, 2019

109

SUPPLEMENTARY SCHEDULES

REQUIRED BY THE SOUTH CAROLINA STATE

DEPARTMENT OF EDUCATION

Amou

nt D

ueSt

atus

of

Rev

enue

&to

SD

E or

Amou

nts

Proj

ect/G

rant

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und

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over

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rant

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Nat

iona

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(NBC

) Sal

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Che

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110

Location Location Education Cost TotalID Description Level Type Expenditures

001 Andrews High High School School 13,956,955$ 004 Georgetown High High School School 19,443,165 008 Andrews Elementary Elementary School School 7,536,029 009 Brown's Ferry Elementary Elementary School School 2,685,541 012 Pleasant Hill Elementary Elementary School School 4,213,017 013 Georgetown Middle Middle School School 9,060,765 014 Kensington Elementary Elementary School School 7,022,058 015 Maryville Elementary Elementary School School 5,663,558 016 McDonald Elementary Elementary School School 5,870,690 020 Plantersville Elementary Elementary School School 2,254,912 022 Rosemary Middle Middle School School 6,533,152 023 Sampit Elementary Elementary School School 3,985,112 024 Waccamaw Elementary Elementary School School 6,958,560 025 Waccamaw High High School School 16,142,724 026 Carvers Bay High High School School 12,593,807 027 Carvers Bay Middle Middle School School 5,461,416 028 Waccamaw Middle Middle School School 4,547,767 029 Waccamaw Intermediate Intermediate School School 7,503,615 030 Superintendent's Office Non-School Central 531,070 031 Business Services Non-School Central 23,827,753 033 Operations and Maintenance Non-School Central 1,199,152 034 Human Resources Non-School Central 699,332 035 Gifted & Talented Non-School Central 61,032 038 Adult and Community Education Non-School Central 2,793,956 039 Optional Education Program Other School School 301,895 040 Fringe Benefits Non-School Central 48,308 041 Tara Hall Other School School 45,325 044 Board of Education Non-School Central 316,479 046 Pupil Transportation Non-School Central 789,535 048 Special Services Non-School Central 1,219,877 049 Information Technology Non-School Central 745,354 052 Public Information Office Non-School Central 237,044 053 Testing and Measurement Non-School Central 243,761 057 Career & Technology Education Non-School Central 144,823 058 Food Service Administration Non-School Central 407,642 059 Assistant Superintendent for Administration Non-School Central 324,900 060 Adept Non-School Central 378,467 061 Student Performance/Federal Programs Non-School Central 1,014,464 063 Curriculum & Instruction Non-School Central 140,238 064 Beck Administration Building Non-School Central 413,135 067 Satety/Risk Management Non-School Central 574,893 068 After School Programs Elementary School School 101,589 601 Coastal Montessori Charter School Charter School School 2,855,271

180,848,138$

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYLOCATION RECONCILIATION SCHEDULE


Total Expenditures/Disbursements for All Funds

111

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYLOCATION RECONCILIATION SCHEDULE


86,778,846$ 9,648,4354,691,746

18,993,19454,779,823

4,492,4091,463,685

180,848,138$ Total Expenditures/Disbursements for All Funds

Above expenditures are reconciled to the District's Audit statements as follows:

General Fund (Subfund 100s)

Agency Fund - Pupil Activity (Subfund 700s)Enterprise Fund - Food Service (Subfund 600s)Capital Projects Fund (Subfund 500s)Debt Service Fund (Subfund 400s)Special Revenue Fund - EIA Fund (Subfund 300s)Special Revenue Fund - Special Projects (Subfund 200s, 800s, 900s)

112

District Other District OtherSubfund Special Revenue Programs Subfund Special Revenue Programs

Code Program Name Code Program Name

2090 SSIP Tier III 8390 FEMA2100 Title IV - SSAE 8400 PMD/Extended School Year - State2120 Extended School Year Handicap - Federal 8420 First Robotics - WHS2210 Title I, N & D 8430 Lowe's Toolkit - MCDES2340 School Improvement 8440 Special Olympics Unified2380 Title I Support 8450 Red Cross Shelters2400 Title I, Direct Student Services 8460 Santee Cooper Grant - SES2640 Title III 8470 MI Elks Lodge2670 Title II 8500 Rebecca Parson Grant2680 Medicaid 8510 Santee Cooper Grant - WMS2810 NJROTC - AHS 8520 Duke Energy Foundation2830 NJROTC - GHS 8580 Santee Cooper Grant - District2880 MJROTC - CBHS 8590 Risk Control Grant8010 AHS Grants 8630 Foundation for the Carolinas - CBHS8020 Facilities Rental 8640 CBHS Robotics8030 NASA Robotics - CBHS 8670 Capturing Kids Hearts8040 GHS Grants 8700 12 Month Agriculture Program8050 IP Robotics Grant - AHS 8740 SC Department of Commerce8070 Cummings Grant 8750 IP Foundation - WHS8130 GMS Grants 8810 Technology Fair8140 KES Grants 8850 Woodruff Family Foundation8150 MES Grants 8930 Medicaid8160 McDES Grants 8940 Community Education8170 Special Services 8950 Nurse Fund - WES8210 Jefferson Award - AHS8220 RMS Grants8230 SES Grants Adult Education8240 WES Grants 2430 Adult Education - Federal8250 WHS Grants8260 CBHS Grants8270 CBMS Grants Other8280 WMS Grants Restricted State Grants8300 Clemson University Duke Energy 9190 Education License Plate8310 PLTW 9280 EEDA Career Specialist8330 After School Extended Care 9350 Reading Coaches8350 Adult Education 9360 Student Health & Fitness - Elementary Nurse8360 SC International Reading Association 9370 Student Health & Fitness - Physical Education (K-5)8370 Santee Cooper - WHS 9560 Adult Education8380 Andrew Collins Grant 9700 School Safety - Facility & Infrastructure Safety Upgrades

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYSPECIAL REVENUE - SPECIAL PROJECTS

SUBFUND CODE LISTFOR THE YEAR ENDED JUNE 30, 2019

113

STATISTICAL SECTION (Unaudited)

The following statistical tables reflect social and economic data, financial trends, and the capacity of the school district.

III. STATISTICAL SECTION (Unaudited) This part of the District’s comprehensive annual financial report presents information as a context for understanding what the information in the financial statements, not disclosures, and required supplementary information says about the District’s overall financial health. Contents Page Financial Trends These schedules contain trend information to help the reader understand how

the District's financial performance and well-being have changed over time. 114-117 Revenue Capacity These schedules contain information to help the reader assess the District's most

significant local revenue source, the property tax. 118-121 Debt Capacity These schedules present information to help the reader assess the affordability

of the District's current levels of outstanding debt and the District's ability to issue additional debt in the future. 122-125

Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader

understand the environment within which the District's financial activities take place. 126-127

Operating Information These schedules contain service and infrastructure data to help the reader

understand how the information in the District's financial report relates to the services the District provides and the activities it performs. 128-140

Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year.

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Gov

ernm

enta

l act

iviti

esN

et In

vest

men

t in

capi

tal a

sset

s78

,320

,292

$

68,0

59,0

87$

72

,944

,198

$

96,0

25,2

16$

98

,481

,800

$

104,

609,

453

$

114,

233,

169

$

116,

767,

801

$

134,

848,

585

$

152,

052,

751

$

Res

trict

ed10

,082

,170

25,3

51,4

08

26

,013

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12,0

37,7

08

10

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9,82

4,00

1

9,36

2,83

3

16,0

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7,

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10

,396

,176

Unr

estri

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8,51

7,29

7

10,8

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06

11

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4,59

8,59

4

8,92

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(90,

985,

304)

(95,

414,

263)

(100

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)

(207

,159

,311

)

(222

,816

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)

Tota

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et p

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$

104,

211,

701

$

110,

645,

810

$

112,

661,

518

$

117,

650,

856

$

23,4

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28

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$

32,4

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(6

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1,96

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7,48

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Bus

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Net

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822,

877

711,

855

543,

974

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124

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111

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309,

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289,

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301,

594

406,

395

Unr

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2,26

7,86

0

2,51

1,91

3

2,75

3,05

1

3,00

2,63

6

3,15

2,64

9

1,28

4,33

3

(37,

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(121

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)

(3

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tal b

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et p

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$

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$

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$

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$

3,

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760

$

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546,

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$

27

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16

8,23

9$

(3

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)$

(2,8

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Prim

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Net

Inve

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79,1

43,1

69

68

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73,4

88,1

72

96

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98,7

71,9

11

10

4,87

1,80

7

11

4,54

2,38

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7,05

7,40

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13

5,15

0,17

9

15

2,45

9,14

6

R

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10,0

82,1

70

25

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26,0

13,4

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12

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10,2

43,6

74

9,

824,

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362,

833

16

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7,93

8,75

7

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U

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13,3

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19

14

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7,60

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31

(8

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1,35

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(2

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99,4

36)

To

tal p

rimar

y go

vern

men

t net

pos

ition

100,

010,

496

$

107,

435,

469

$

113,

942,

835

$

116,

104,

278

$

121,

093,

616

$

24,9

94,8

37$

28

,453

,867

$

32,6

23,8

70$

(6

7,51

0,89

5)$

(6

3,24

4,11

4)$

Sour

ce:

The

Scho

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f Geo

rget

own

Cou

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finan

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reco

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LAST

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NEN

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DIS

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T O

F G

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GET

OW

N C

OU

NTY

114

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Expe

nses

:G

over

nmen

tal A

ctiv

ities

:In

stru

ctio

nal S

ervi

ces

52,8

73,5

89$

53

,503

,960

$

53,0

92,6

47$

56

,603

,104

$

57,3

21,4

29$

57

,426

,372

$

58,7

69,8

15$

61

,481

,185

$

62,1

97,8

16$

57

,649

,325

$

Supp

ortin

g Se

rvic

es43

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,174

40,4

62,5

30

41

,959

,383

47,2

02,7

94

45

,233

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47,1

82,1

18

46

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48,3

08,0

17

53

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55,9

11,7

88

C

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Ser

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s17

9,76

4

15

1,96

0

13

0,97

3

12

9,87

5

19

2,67

7

44

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60

,557

49

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12

0,70

6

14

6,37

7

In

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st &

Oth

er C

harg

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166

5,

406,

508

7,

809,

612

3,

010,

403

3,

820,

774

2,

584,

201

2,

124,

056

1,

406,

649

81

7,22

0

1,

971,

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(L

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66,7

66

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Tota

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101,

738,

693

99,5

24,9

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10

2,99

2,61

5

10

6,95

1,84

9

10

6,56

8,60

4

10

7,23

7,27

6

10

7,87

2,00

9

11

1,24

5,53

6

11

7,01

7,20

3

11

5,67

8,55

9

Busi

ness

-Typ

e Ac

tiviti

es:

Food

ser

vice

4,46

1,11

0

4,47

6,97

8

4,50

3,01

9

4,41

0,20

2

4,21

3,63

5

4,56

5,75

4

5,97

9,64

0

4,50

8,34

2

5,04

5,03

4

4,49

2,40

9

Tota

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4,47

6,97

8

4,50

3,01

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2

4,21

3,63

5

4,56

5,75

4

5,97

9,64

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8,34

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5,04

5,03

4

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9

Tota

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106,

199,

803

$

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936

$

107,

495,

634

$

111,

362,

051

$

110,

782,

239

$

111,

803,

030

$

113,

851,

649

$

115,

753,

878

$

122,

062,

237

$

120,

170,

968

$

Prog

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over

nmen

tal A

ctiv

ities

:C

harg

es fo

r Ser

vice

sIn

stru

ctio

n85

0,96

0$

76

,997

$

95

,318

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

Su

ppor

t Ser

vice

s80

,522

80

7,19

8

73

2,08

7

14

,552

15

,524

56

,365

63

,805

63

,093

89

,027

95

,570

O

pera

ting

Gra

nts

and

Con

tribu

tions

32,4

33,8

51

33

,886

,734

33,4

04,8

12

35

,877

,423

36,6

65,8

40

37

,243

,014

38,2

59,9

64

38

,947

,142

40,9

91,9

38

40

,753

,007

Cap

ital G

rant

s an

d C

ontri

butio

ns20

,214

36

,900

2,

926,

735

-

-

-

-

-

-

-

To

tal G

over

nmen

tal A

ctiv

ities

Rev

enue

s33

,385

,547

34,8

07,8

29

37

,158

,952

35,8

91,9

75

36

,681

,364

37,2

99,3

79

38

,323

,769

39,0

10,2

35

41

,080

,965

40,8

48,5

77

Busi

ness

-Typ

e Ac

tiviti

es:

Cha

rges

for S

ervi

ces

855,

930

828,

170

779,

679

666,

243

617,

124

367,

973

337,

805

329,

744

337,

116

325,

528

Ope

ratin

g G

rant

s an

d C

ontri

butio

ns3,

973,

688

4,

041,

504

4,

138,

748

4,

139,

700

3,

947,

813

4,

426,

906

4,

577,

152

4,

608,

829

4,

574,

152

4,

614,

040

To

tal B

usin

ess-

Type

Act

iviti

es R

even

ues

4,82

9,61

8

4,86

9,67

4

4,91

8,42

7

4,80

5,94

3

4,56

4,93

7

4,79

4,87

9

4,91

4,95

7

4,93

8,57

3

4,91

1,26

8

4,93

9,56

8

Tota

l Prim

ary

Gov

ernm

ent R

even

ues:

38,2

15,1

65

39

,677

,503

42,0

77,3

79

40

,697

,918

41,2

46,3

01

42

,094

,258

43,2

38,7

26

43

,948

,808

45,9

92,2

33

45

,788

,145

Net

(Exp

ense

) Rev

enue

Gov

ernm

enta

l Act

iviti

es(6

8,35

3,14

6)

(6

4,71

7,12

9)

(6

5,83

3,66

3)

(7

1,05

9,87

4)

(6

9,88

7,24

0)

(6

9,93

7,89

7)

(6

9,54

8,24

0)

(7

2,23

5,30

1)

(7

5,93

6,23

8)

(7

4,82

9,98

2)

Bu

sine

ss-T

ype

Activ

ities

368,

508

392,

696

415,

408

395,

741

351,

302

229,

125

(1,0

64,6

83)

43

0,23

1

(1

33,7

66)

447,

159

Tota

l Prim

ary

Gov

ernm

ent N

et (E

xpen

se) R

even

ue(6

7,98

4,63

8)$

(6

4,32

4,43

3)$

(6

5,41

8,25

5)$

(7

0,66

4,13

3)$

(6

9,53

5,93

8)$

(6

9,70

8,77

2)$

(7

0,61

2,92

3)$

(7

1,80

5,07

0)$

(7

6,07

0,00

4)$

(7

4,38

2,82

3)$

Gen

eral

Rev

enue

s an

d Tr

ansf

ers:

Gov

ernm

enta

l Act

iviti

es72

,648

,252

72,0

09,0

71

72

,267

,772

73,0

75,5

82

74

,876

,578

75,4

88,2

03

74

,281

,829

76,5

09,1

93

77

,175

,219

78,8

34,4

65

Bu

sine

ss-T

ype

Activ

ities

(293

,886

)

(2

59,6

65)

(342

,151

)

(2

50,0

06)

(252

,282

)

(3

62,3

68)

(209

,876

)

(5

34,1

20)

(338

,055

)

(1

84,8

61)

Tota

l Prim

ary

Gov

ernm

ent

Gen

eral

Rev

enue

s an

d Tr

ansf

ers:

72,3

54,3

66

71

,749

,406

71,9

25,6

21

72

,825

,576

74,6

24,2

96

75

,125

,835

74,0

71,9

53

75

,975

,073

76,8

37,1

64

78

,649

,604

Cha

nge

in N

et P

ositi

onG

over

nmen

tal A

ctiv

ities

4,29

5,10

6

7,29

1,94

2

6,43

4,10

9

2,01

5,70

8

4,98

9,33

8

5,55

0,30

6

4,73

3,58

9

4,27

3,89

2

1,23

8,98

1

4,00

4,48

3

Busi

ness

-Typ

e Ac

tiviti

es74

,622

13

3,03

1

73

,257

14

5,73

5

99

,020

(1

33,2

43)

(1,2

74,5

59)

(1

03,8

89)

(471

,821

)

26

2,29

8

To

tal P

rimar

y G

over

nmen

t Cha

nge

in N

et P

ositi

on4,

369,

728

$

7,

424,

973

$

6,

507,

366

$

2,

161,

443

$

5,

088,

358

$

5,

417,

063

$

3,

459,

030

$

4,

170,

003

$

76

7,16

0$

4,

266,

781

$

Net

Pos

ition

, Beg

inni

ngG

over

nmen

tal A

ctiv

ities

92,6

24,6

53

96

,919

,759

104,

211,

701

110,

645,

810

112,

661,

518

17,8

97,8

44

23

,448

,150

28,1

81,7

39

(6

5,61

0,95

0)

(6

4,37

1,96

9)

Bu

sine

ss-T

ype

Activ

ities

3,01

6,11

5

3,09

0,73

7

3,22

3,76

8

3,29

7,02

5

3,34

3,74

0

1,67

9,93

0

1,54

6,68

7

272,

128

(2,6

67,1

05)

(3

,138

,926

)

Tota

l Prim

ary

Gov

ernm

ent N

et P

ositi

on, B

egin

ning

95,6

40,7

68

10

0,01

0,49

6

10

7,43

5,46

9

11

3,94

2,83

5

11

6,00

5,25

8

19

,577

,774

24,9

94,8

37

28

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(68,

278,

055)

(67,

510,

895)

Net

Pos

ition

, End

ing

Gov

ernm

enta

l Act

iviti

es96

,919

,759

104,

211,

701

110,

645,

810

112,

661,

518

117,

650,

856

23,4

48,1

50

28

,181

,739

32,4

55,6

31

(6

4,37

1,96

9)

(6

0,36

7,48

6)

Bu

sine

ss-T

ype

Activ

ities

3,09

0,73

7

3,22

3,76

8

3,29

7,02

5

3,44

2,76

0

3,44

2,76

0

1,54

6,68

7

272,

128

168,

239

(3,1

38,9

26)

(2

,876

,628

)

Tota

l Prim

ary

Gov

ernm

ent N

et P

ositi

on, E

ndin

g10

0,01

0,49

6$

10

7,43

5,46

9$

11

3,94

2,83

5$

11

6,10

4,27

8$

12

1,09

3,61

6$

24

,994

,837

$

28,4

53,8

67$

32

,623

,870

$

(67,

510,

895)

$

(63,

244,

114)

$

Sour

ce:

The

Scho

ol D

istri

ct o

f Geo

rget

own

Cou

nty

Fina

ncia

l Rec

ords

.

THE

SCH

OO

L D

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ICT

OF

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RG

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IN N

ET P

OSI

TIO

NJU

NE

30, 2

019

(acc

rual

bas

is o

f acc

ount

ing)

115

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Gen

eral

Fun

dR

eser

ved

-$

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Unr

eser

ved

Des

igna

ted

-

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Und

esig

nate

d7,

864,

035

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Tota

l Gen

eral

Fun

d7,

864,

035

-

-

-

-

-

-

-

-

-

Gen

eral

Fun

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Non

spen

dabl

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ms

N/A

559,

833

$

5,

793

$

47,0

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6,47

1$

1,

781

$

24,8

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27,4

60$

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72$

10,5

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Com

mitt

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0,00

0

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0

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0,00

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Una

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N/A

9,40

8,75

1

11

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11

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10

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10

,423

,457

9,

862,

024

10,2

93,6

43

10,4

63,8

04

10,6

97,6

01

Tota

l Gen

eral

Fun

d-

10

,118

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11

,316

,345

11

,323

,411

10

,735

,776

10

,575

,238

10

,036

,837

10

,471

,103

10

,648

,976

10

,858

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All O

ther

Gov

ernm

enta

l Fun

dsR

eser

ved

for:

Spec

ial R

even

ue16

,638

N

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AD

ebt S

ervi

ce3,

477,

573

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Cap

ital P

roje

cts

6,60

4,59

7

N

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/ATo

tal A

ll O

ther

Gov

ernm

enta

l Fun

ds10

,098

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-

-

-

-

-

-

-

-

-

All O

ther

Gov

ernm

enta

l Fun

ds**

Non

spen

dabl

e:In

vent

orie

sN

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$

-

$

21

,722

$

16

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$

-

$

-

$

-

$

-

$

-

$

R

estri

cted

for:

Sum

mer

Fee

ding

N/A

16,6

38

12,1

64

-

-

-

-

-

-

-

Deb

t Ser

vice

N/A

7,06

9,69

4

6,

669,

777

6,52

0,10

9

6,

387,

272

6,98

2,02

8

6,

901,

829

7,99

2,09

7

8,

649,

174

7,63

6,44

1

C

apita

l Pro

ject

sN

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,714

9,

147,

886

5,52

2,75

4

3,

856,

402

2,84

1,97

3

2,

461,

004

8,09

4,31

0

-

3,

436,

428

Una

ssig

ned

N/A

-

-

(5,1

55)

(8,7

78)

(108

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)

(4

51,8

12)

(431

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)

(2

,276

,106

)

-

Tota

l All

Oth

er G

over

nmen

tal F

unds

-

25,3

68,0

46

15,8

29,8

27

12,0

59,4

30

10,2

50,9

71

9,71

5,42

6

8,

911,

021

15,6

55,0

01

6,37

3,06

8

11

,072

,869

Sour

ce:

The

Scho

ol D

istri

ct o

f Geo

rget

own

Cou

nty

finan

cial

reco

rds.

THE

SCHO

OL

DIST

RICT

OF

GEO

RGET

OW

N CO

UNTY

FUND

BAL

ANCE

S, G

OVE

RNM

ENTA

L FU

NDS

JUNE

30,

201

9(m

odifi

ed a

ccru

al b

asis

of a

ccou

ntin

g)

Not

es: *

*The

201

1 fu

nd b

alan

ces

for t

he G

ener

al F

und

and

all o

ther

Gov

ernm

enta

l Fun

ds a

re re

porte

d ba

sed

on th

e ne

w re

quire

men

ts u

nder

GAS

BS 5

4. T

he fu

nd b

alan

ces

for y

ears

end

ed 2

008-

2010

are

no

t rep

orte

d un

der G

ASBS

54.

116

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Reve

nues

:Ta

xes

Levi

ed/A

sses

sed

by th

e LE

A55

,432

,984

$

55,4

12,6

22$

55,6

30,0

17$

56,2

24,7

56$

55,5

84,0

88$

55

,936

,681

$ 55

,574

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$ 56

,022

,802

$

55,5

10,2

74$

56

,652

,029

$ Tu

ition

& F

ees

14,0

34

7,

716

26,9

99

14

,552

15,5

25

56

,365

63,8

06

63

,093

89,0

27

95

,570

Rev

enue

from

Loc

al G

over

nmen

tal U

nits

Oth

er T

han

LEAs

-

-

-

-

1,28

2,96

2

1,

338,

872

1,27

6,34

4

1,

125,

673

1,82

9,91

9

2,

104,

930

Con

tribu

tions

& D

onat

ions

257,

596

43

1,09

2

3,45

1,58

8

11

2,56

0

-

-

-

-

-

-

Inve

stm

ent E

arni

ngs

62,6

45

34

,864

8,33

5

8,

189

11,7

14

19

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38,0

96

76

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163,

133

27

0,76

5

Oth

er L

ocal

1,54

1,38

9

1,

363,

168

1,42

8,27

8

1,

760,

005

1,71

5,65

2

2,

064,

653

2,71

5,29

0

1,

753,

868

2,01

4,24

3

2,

194,

644

Inte

rgov

ernm

enta

l4,

926

3,

530

3,65

3

3,

651

3,65

4

28,2

32

20

,709

25,5

44

37

,710

44,4

69

St

ate

Sour

ces

36,6

35,3

75

34

,991

,869

39

,019

,412

43

,557

,819

44

,321

,020

45,2

33,4

06

46,2

39,4

81

47,6

37,9

68

50

,153

,112

50,3

37,3

29

Fede

ral S

ourc

es11

,749

,834

14,1

69,7

20

9,62

7,85

7

7,

943,

971

8,28

1,06

1

7,

806,

494

7,57

3,64

0

8,

271,

262

7,89

7,66

3

7,

891,

097

Tota

l Rev

enue

105,

698,

783

10

6,41

4,58

1

109,

196,

139

10

9,62

5,50

3

111,

215,

676

11

2,48

3,85

0

113,

502,

305

11

4,97

7,19

9

117,

695,

081

11

9,59

0,83

3

Expe

nditu

res:

Cur

rent

Inst

ruct

iona

l Ser

vice

s52

,720

,223

52,1

33,6

38

51,5

54,5

49

53,1

02,6

50

53,6

24,7

35

53

,359

,453

53

,535

,782

54

,381

,937

55,3

82,4

65

53

,404

,839

Su

ppor

t Ser

vice

s36

,900

,732

35,2

18,6

34

35,7

14,4

11

38,8

72,9

54

40,0

95,1

99

40

,742

,894

40

,786

,271

41

,307

,612

44,2

37,1

30

46

,069

,736

C

omm

unity

Ser

vice

s17

7,63

8

149,

836

12

8,84

9

121,

449

18

0,43

2

41,4

54

55

,301

43,9

68

10

7,33

3

135,

714

In

terg

over

nmen

tal

160,

780

11

4,98

5

284,

875

1,

445,

688

1,66

6,47

5

1,

751,

373

1,81

8,46

2

2,

154,

829

2,20

0,31

4

2,

885,

575

Deb

t ser

vice

Lega

l Ser

vice

s19

,182

299,

100

27

2,38

9

68,0

03

50

,491

57,9

62

20

,975

106,

200

11

0,00

0

131,

500

O

ther

Pro

fess

iona

l and

Tec

hnic

al S

ervi

ces

-

-

-

-

-

-

-

11

4,40

2

92,6

38

20

0,01

9

Prin

cipa

l Ret

irem

ent

10,3

54,3

41

10

,739

,341

12

,912

,340

12

,698

,606

12

,969

,544

12,8

29,4

81

13,6

65,0

00

13,1

50,0

00

13

,480

,000

14,0

45,0

00

Inte

rest

and

Fis

cal C

harg

es4,

940,

047

5,09

3,33

8

4,

247,

240

4,38

5,37

1

4,

112,

536

3,67

8,96

2

3,

411,

474

2,95

5,43

5

3,

220,

333

4,60

9,16

0

C

apita

l Out

lay

4,08

9

9,01

0,44

1

16

,033

,079

8,

978,

809

5,72

0,73

5

5,

896,

644

6,22

0,99

3

4,

382,

924

14,3

24,4

84

53

,402

,986

O

ther

Obj

ects

5,52

5,04

9

7,

814

159,

079

3,

100

5,00

6

4,70

5

7,

061

7,91

1

7,47

5

7,51

5

To

tal E

xpen

ditu

res

110,

802,

081

11

2,76

7,12

7

121,

306,

811

11

9,67

6,63

0

118,

425,

153

11

8,36

2,92

8

119,

521,

319

11

8,60

5,21

8

133,

162,

172

17

4,89

2,04

4

Exce

ss (d

efic

ienc

y) o

f Rev

enue

s O

ver (

Und

er) E

xpen

ditu

res

(5,1

03,2

98)

(6,3

52,5

46)

(12,

110,

672)

(1

0,05

1,12

7)

(7,2

09,4

77)

(5,8

79,0

78)

(6,0

19,0

14)

(3,6

28,0

19)

(15,

467,

091)

(5

5,30

1,21

1)

Oth

er F

inan

cing

Sou

rces

(Use

s):

Sale

of C

apita

l Ass

ets

54,2

19

13

,527

27,3

96

30

,556

-

45

,401

20,1

63

66

,715

50,7

76

38

,170

Prem

ium

on

Bond

s So

ld19

,182

203,

564

8,

246,

605

7,23

4

13

5,81

8

425,

685

76

,844

1,20

5,39

1

1,

474,

200

4,98

6,47

8

Pr

ocee

ds fr

om R

efun

ding

Deb

t-

-

56

,600

,000

-

-

-

-

-

-

-

Issu

ance

of G

ener

al O

blig

atio

n Bo

nds

2,10

0,00

0

23

,400

,000

3,

000,

000

6,00

0,00

0

4,

350,

000

4,35

0,00

0

4,

400,

000

9,00

0,00

0

4,

500,

000

55,0

00,0

00

Paym

ent t

o R

efun

ded

Deb

t Esc

row

Age

nts

-

-

(64,

444,

450)

-

-

-

-

-

-

-

Proc

eeds

from

Lon

g-Te

rm N

otes

21,0

55

-

-

-

-

-

-

-

-

-

Tran

sfer

s In

2,10

4,95

8

2,

341,

542

2,10

0,54

6

1,

932,

124

2,51

0,66

0

2,

560,

854

2,50

6,65

7

3,

286,

439

3,07

3,98

9

3,

967,

432

Tran

sfer

s O

ut(1

,801

,533

)

(2

,082

,300

)

(1

,759

,883

)

(1

,682

,118

)

(2

,258

,378

)

(2

,198

,945

)

(2

,296

,781

)

(2

,752

,280

)

(2

,735

,934

)

(3

,781

,894

)

To

tal O

ther

Fin

anci

ng S

ourc

es (U

ses)

2,49

7,88

1

23

,876

,333

3,

770,

214

6,28

7,79

6

4,

738,

100

5,18

2,99

5

4,

706,

883

10,8

06,2

65

6,

363,

031

60,2

10,1

86

Net

Cha

nge

in F

und

Bala

nces

(2,6

05,4

17)

$

17,5

23,7

87$

(8,3

40,4

58)

$

(3,7

63,3

31)

$

(2,4

71,3

77)

$

(696

,083

)$

(1,3

12,1

31)

$

7,17

8,24

6$

(9

,104

,060

)$

4,

908,

975

$

Deb

t ser

vice

as

a Pe

rcen

tage

of

Non

capi

tal E

xpen

ditu

res

13.8

0%15

.26%

16.3

0%15

.43%

15.1

6%14

.68%

15.0

7%14

.10%

14.0

5%15

.35%

Sour

ce:

The

Scho

ol D

istri

ct o

f Geo

rget

own

Cou

nty

finan

cial

reco

rds.

THE

SCHO

OL

DIST

RICT

OF

GEO

RGET

OW

N CO

UNTY

CHAN

GES

IN F

UND

BALA

NCES

, GO

VERN

MEN

TAL

FUND

SJU

NE 3

0, 2

019

(mod

ified

acc

rual

bas

is o

f acc

ount

ing)

117

Estimated AssessedTotal Taxable Total Actual Value as a

Tax Real Assessed Direct Taxable Percentage ofYear Property Personal Manufacturers Value Tax Rate Value Actual Value

2009 487,149,455 36,816,762 50,862,650 574,828,867 125.9 10,584,909,890 5.43%

2010 466,127,581 34,821,290 58,184,900 559,133,771 133.4 10,316,908,148 5.42%

2011 462,670,610 37,705,136 57,766,820 558,142,566 133.4 10,287,255,235 5.43%

2012 463,288,210 39,378,780 61,030,790 563,697,780 133.4 10,328,040,831 5.46%

2013 459,150,017 90,243,488 17,746,430 567,139,935 133.4 10,372,711,571 5.47%

2014 466,505,110 80,201,380 25,538,060 572,244,550 133.4 10,484,548,241 5.46%

2015 460,347,878 83,295,800 25,721,930 569,365,608 135.5 10,455,487,766 5.45%

2016 464,786,321 87,818,517 26,754,020 579,358,858 135.5 10,643,511,566 5.44%

2017 470,291,210 88,051,940 24,316,900 582,660,050 135.5 10,769,413,430 5.41%

2018 476,724,387 87,123,410 22,999,500 586,847,297 138.2 10,888,364,923 5.39%

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTYLAST TEN YEARS

Source: Georgetown County Auditor's Office

118

School Districtof Georgetown

Georgetown Georgetown Town of City of CountyFiscal Year Tax Year County County Andrews Georgetown Fire Districts

2010 2009 49.2 121.7 130.5 99.0 25.7

2011 2010 49.2 125.9 130.5 98.5 25.7

2012 2011 52.9 133.4 130.5 87.0 26.2

2013 2012 52.9 133.4 130.5 57.0 26.2

2014 2013 53.9 133.4 130.5 87.0 28.1

2015 2014 54.9 133.4 130.5 87.0 28.7

2016 2015 57.4 133.4 133.3 93.0 29.4

2017 2016 58.0 135.5 137.0 97.0 29.8

2018 2017 59.0 135.5 137.0 99.0 29.8

2019 2018 62.1 138.2 137.0 99.0 31.1

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYDIRECT AND OVERLAPPING PROPERTY TAX RATESLAST TEN TAX YEARS(rate per $1 of assessed value)


119

Percent of Percent ofTaxable District's Total Taxable District's Total

Assessed Taxable Assessed TaxableTaxpayer Value Value Value Value

International Paper Company 10,073,148$ 1.72% 15,414,794$ 2.68%

Santee Electric Co-Op., Inc. 4,345,390 0.74% 3,412,610 0.59%

NHI-REIT of Seaside LLC 1,453,284 0.25% - -

Interfor US Inc. 1,139,080 0.19% - -

Carmel Development 1,045,808 0.18% - -

Time Warner Cable Southeast LLC 1,032,310 0.18% - -

Liberty Steel Georgetown, Inc. 993,550 0.17% - -

Frontier Communications (Verizon) 865,990 0.15% 2,762,520 0.48%

Red Mountain Timber Co III LLC 831,458 0.14% 1,061,504 0.18%

Ponderosa, Inc. 826,732 0.14% 875,502 0.15%

Mittal Steel USA - - 1,894,880 0.33%

Health Care REIT Inc. - - 943,014 0.16%

3V Chemical Corp. - - 897,360 0.16%

Myrtle Beach National Golf, Inc. - - 881,118 0.15%

Meadwestvaco Forestry - - 641,179 0.11%

22,606,750$ 3.86% 28,784,481$ 4.99%


THE SCHOOL DISTRICT OF GEORGETOWN COUNTYPRINCIPAL PROPERTY TAXPAYERSCURRENT YEAR AND NINE YEARS AGO

December 31, December 31,2018 2009

120

Fiscal Total Tax Levy CollectionsYear Ended Tax for the Fiscal Percentage in Subsequent Percentage

June 30, Year Year (1) Amount of Levy Years Amount of Levy

2010 2009 72,505,705$ 69,767,217$ 96.22% 1,607,885$ 71,365,502$ 98.43%

2011 2010 72,313,851 70,223,107 97.11% 1,382,679 71,597,541 99.01%

2012 2011 71,534,514 69,250,186 96.81% 1,406,863 70,657,049 98.77%

2013 2012 72,842,519 71,107,888 97.62% 1,042,647 72,150,535 99.05%

2014 2013 73,663,808 72,070,594 97.84% 990,480 73,061,074 99.18%

2015 2014 74,284,334 73,271,666 98.64% 1,009,472 74,281,138 100.00%

2016 2015 73,421,308 72,486,320 98.73% 697,874 73,184,194 99.68%

2017 2016 75,067,825 65,130,056 86.76% 809,647 65,939,703 87.84%

2018 2017 75,634,827 73,457,096 97.12% 1,690,724 75,147,820 99.36%

2019 2018 51,775,822 50,784,350 98.09% - 50,784,350 98.09%

Source: (1) Georgetown County Auditor's Office; (2) Georgetown County Treasurer's Office

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYPROPERTY TAX LEVIES AND COLLECTIONSLAST TEN FISCAL YEARS

Net Tax Collections (2) Total Collections to Date

121

Out

stan

ding

Gen

eral

Deb

t As

Fisc

alG

ener

alB

onde

d D

ebt a

sB

onde

dB

onde

dPe

rcen

tage

Deb

tPe

rcen

tage

Deb

tYe

ar E

nded

Obl

igat

ion

Perc

enta

ge o

fD

ebt P

erD

ebt P

erTo

tal

of T

axab

lePe

rof

Per

sona

lPe

rJu

ne 3

0,B

onds

Taxa

ble

Valu

eC

apita

Stud

ent

Deb

tVa

lue

Cap

itaIn

com

eSt

uden

t

2010

97,2

67,6

64$

16

.92%

1,60

2$

10

,295

$ 97

,267

,664

$

16.9

2%1,

602

$ N

ot a

vaila

ble

10,2

95$

2011

109,

803,

032

19.6

4%1,

825

11,7

20

109,

803,

032

19.6

4%1,

825

N

ot a

vaila

ble

11,7

20

2012

102,

959,

307

18.4

5%1,

709

11,1

24

102,

959,

307

18.4

5%1,

709

N

ot a

vaila

ble

11,1

24

2013

95,2

30,7

93

16

.89%

1,58

2

10

,410

95

,230

,793

16.8

9%1,

582

N

ot a

vaila

ble

10,4

10

2014

85,6

75,0

82

15

.11%

1,41

8

9,

239

85,6

75,0

82

15

.11%

1,41

8

Not

ava

ilabl

e9,

239

2015

76,5

37,7

64

13

.38%

1,25

9

8,

406

76,5

37,7

64

13

.38%

1,25

9

Not

ava

ilabl

e8,

406

2016

66,1

77,6

63

11

.62%

1,08

0

7,

317

66,1

77,6

63

11

.62%

1,08

0

Not

ava

ilabl

e7,

317

2017

61,5

64,2

41

10

.63%

1,00

3

6,

545

61,5

64,2

41

10

.63%

1,00

3

Not

ava

ilabl

e6,

545

2018

51,5

66,0

59

8.

85%

837

5,

504

51,5

66,0

59

8.

85%

837

Not

ava

ilabl

e5,

504

2019

94,5

64,1

36

16

.11%

1,51

9

10

,595

94

,564

,136

16.1

1%1,

519

N

ot a

vaila

ble

10,5

95

THE

SCH

OO

L D

ISTR

ICT

OF

GEO

RG

ETO

WN

CO

UN

TYR

ATIO

S O

F O

UTS

TAN

DIN

G D

EBT

LAST

TEN

FIS

CAL

YEA

RS

Not

e: D

etai

l reg

ardi

ng th

e D

istri

ct's

out

stan

ding

deb

t can

be

foun

d in

the

note

s to

the

finan

cial

sta

tem

ents

.

Sour

ce:

The

Scho

ol D

istri

ct o

f Geo

rget

own

Cou

nty

finan

cial

reco

rds.

122

Out

stan

ding

Perc

enta

ge o

fFi

scal

Gen

eral

Less

Net

Estim

ated

Act

ual

Year

End

edO

blig

atio

nD

ebt

Gen

eral

Taxa

ble

Valu

ePe

rJu

ne 3

0,B

onds

Tota

lSe

rvic

eB

onde

d D

ebt

of P

rope

rty

Cap

ita

2010

97,2

67,6

64$

97

,267

,664

$

6,60

4,59

7$

90

,663

,067

$

0.86

%1,

494

$

2011

109,

803,

032

109,

803,

032

7,

069,

694

102,

733,

338

1.

00%

1,70

8

2012

102,

959,

307

102,

959,

307

6,

669,

777

96,2

89,5

30

0.

94%

1,59

9

2013

95,2

30,7

93

95

,230

,793

6,52

0,10

9

88

,710

,684

0.86

%1,

474

2014

85,6

75,0

82

85

,675

,082

6,38

7,27

2

79

,287

,810

0.76

%1,

312

2015

76,5

37,7

64

76

,537

,764

6,98

2,03

0

69

,555

,734

0.66

%1,

145

2016

66,1

77,6

63

66

,177

,663

6,90

1,82

9

59

,275

,834

0.57

%96

7

2017

61,5

64,2

41

61

,564

,241

7,99

2,09

7

53

,572

,144

0.50

%87

3

2018

51,5

66,0

59

51

,566

,059

8,64

9,17

4

42

,916

,885

0.40

%69

7

2019

94,5

64,1

36

94

,564

,136

7,97

6,63

3

86

,587

,503

0.80

%1,

391

THE

SCH

OO

L D

ISTR

ICT

OF

GEO

RG

ETO

WN

CO

UN

TYR

ATIO

S O

F G

ENER

AL B

ON

DED

DEB

T O

UTS

TAN

DIN

GLA

ST T

EN F

ISC

AL Y

EAR

S

Not

e: D

etai

l reg

ardi

ng th

e D

istri

ct's

out

stan

ding

deb

t can

be

foun

d in

the

note

s to

the

finan

cial

sta

tem

ents

.

Sour

ce:

The

Scho

ol D

istri

ct o

f Geo

rget

own

Cou

nty

finan

cial

reco

rds.

123

Estimated Share of

Estimated Direct andDebt Percentage Overlapping

Outstanding Applicable Debt

Georgetown County (1) 73,596,168$ 100.0% 73,596,168$

Town of Andrews (2) 3,546,131 100.0% 3,546,131$

Subtotal, Overlapping Debt 77,142,299

District Direct Debt (3) 89,385,000

Total Direct and Overlapping Debt 166,527,299$

Method used to determine the overlap is that 100% of residents overlap with the other districts depicted.

3-Debt Service Records maintained by the District Business Services Office

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYDIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBTAS OF JUNE 30, 2019

Sources:1-Georgetown County Treasurer's Office2-Town of Andrews

124

Tota

l Ass

esse

d Va

lue

at J

une

30, 2

019

586,

847,

297

$

Deb

t lim

it - 8

% o

f ass

esse

d va

lue

46,9

47,7

84

Tota

l am

ount

of d

ebt a

pplic

able

to d

ebt l

imit

33,3

80,0

00

Lega

l deb

t mar

gin

13,5

67,7

84

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Deb

t Lim

it45

,986

,309

$

44,7

30,7

02$

44,6

51,4

05$

45,0

95,8

22$

45,3

71,1

95$

45,7

79,5

64$

45,5

49,2

49$

46,3

48,7

09$

46,6

12,8

04$

46,9

47,7

84$

Tota

l net

deb

t app

licab

le to

lim

it23

,592

,664

41,8

68,0

32

37,9

32,0

00

37,9

31,0

00

36,1

15,0

00

34,3

55,0

00

32,3

35,0

00

36,3

80,0

00

36,8

75,0

00

33,3

80,0

00

Lega

l deb

t mar

gin

22,3

93,6

45

2,

862,

670

6,71

9,40

5

7,

164,

822

9,25

6,19

5

11

,424

,564

13

,214

,249

9,

968,

709

9,73

7,80

4

13

,567

,784

Tota

l net

deb

t app

licab

le to

the

lim

it as

a p

erce

ntag

e of

deb

t lim

it51

.30%

93.6

0%84

.95%

84.1

1%79

.60%

75.0

4%70

.99%

78.4

9%79

.11%

71.1

0%

A. D

ebt L

imit

Sour

ce:

Geo

rget

own

Cou

nty

Audi

tor's

Offi

ce

THE

SCHO

OL

DIST

RICT

OF

GEO

RGET

OW

N CO

UNTY

LEG

AL D

EBT

MAR

GIN

INFO

RMAT

ION

LAST

TEN

FIS

CAL

YEAR

S

Fisc

al Y

ear

Artic

le X

, Sec

tion

15 o

f the

Con

stitu

tion

of th

e St

ate

of S

outh

Car

olin

a, 1

985,

em

pow

ers

each

sch

ool d

istri

ct o

f the

Sta

te to

incu

r gen

eral

obl

igat

ion

debt

in s

uch

a m

anne

r and

upo

n su

ch te

rms

and

cond

ition

s as

the

Gen

eral

Ass

embl

y sh

all p

resc

ribe

by la

w. A

fter N

ovem

ber 3

0, 1

982,

eac

h sc

hool

dis

trict

may

incu

r gen

eral

obl

igat

ion

debt

, with

out a

n el

ectio

n an

d up

on s

uch

term

s an

d co

nditi

ons

as th

e G

ener

al A

ssem

bly

may

pr

escr

ibe,

in a

n am

ount

not

exc

eedi

ng 8

per

cent

of t

he a

sses

sed

valu

e of

all

taxa

ble

prop

erty

of s

uch

scho

ol d

istri

ct.

Bond

ed in

debt

edne

ss e

xist

ing

on N

ovem

ber 3

0, 1

982,

and

bon

ded

inde

bted

ness

aut

horiz

ed b

y a

maj

ority

vot

e of

the

qual

ified

ele

ctor

s of

the

Scho

ol D

istri

ct v

otin

g in

a re

fere

ndum

will

not b

e co

nsid

ered

in th

e co

mpu

tatio

n of

the

8 pe

rcen

t lim

itatio

n.

125

EstimatedGeorgetown Georgetown Georgetown Georgetown Construction

Year Tax County County County County WithinEnded Year Estimated Total Personal Per Capita Unemployment Georgetown School

June 30, Dec. 31, Population (1) Income (1) Income (2) Rate (3) County (4) Enrollment (5)

2010 2009 60,703 2,230,074,000$ 36,738$ 12.3% 2,713,168$ 9,448

2011 2010 60,158 2,245,630,000 37,328 11.3% 3,831,588 9,369

2012 2011 60,236 2,303,848,000 38,403 8.2% 4,763,102 9,256

2013 2012 60,189 2,341,605,000 38,904 8.1% 4,609,778 9,148

2014 2013 60,440 2,418,012,000 39,788 8.2% 5,790,417 9,273

2015 2014 60,773 2,445,064,000 39,988 7.9% 5,191,553 9,105

2016 2015 61,298 2,590,733,000 42,195 8.4% 6,338,604 9,044

2017 2016 61,399 Not Available 44,310 5.1% 7,975,338 9,407

2018 2017 61,607 Not Available Not Available 5.5% 6,783,439 9,369

2019 2018 62,249 Not Available Not Available 5.2% 8,241,289 8,925

(3) USDA Economic Research Service(4) Georgetown County Auditor's Office(5) Georgetown County School District's Records

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYDEMOGRAPHIC AND ECONOMIC STATISTICSLAST TEN FISCAL YEARS

Sources:(1) U.S. Census Bureau(2) Bureau of Economic Analysis, U.S. Department of Commerce

126

Percent of Percent ofApproximate District's Total Approximate District's TotalNumbers of Estimated Numbers of Estimated

Employer Employees Population Employees Population

Georgetown Hospital System 1,790 2.87% 1,600 2.64%

Georgetown County School District 1,335 2.17% 1,450 2.39%

International Paper 850 1.36% 830 1.37%

Georgetown County 611 0.97% 582 0.96%

SafeRack 325 0.40% Not Available Not Available

Wal-Mart 290 0.46% Not Available Not Available

3V 250 0.29% 183 0.30%

Argu-America 240 0.52% 100 0.16%

Santee Cooper 180 0.39% Not Available Not Available

City of Georgetown 177 0.28% 191 0.31%

Screen Tight Not Available Not Available 140 0.23%

Sid Harvey Not Available Not Available 98 0.16%

American Gypsum Not Available Not Available 84 0.14%

Totals 6,048 9.71% 5,258 8.66%

Source: Georgetown County Economic Development and each employer.

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYPRINCIPAL EMPLOYERSCURRENT YEAR AND NINE YEARS AGO

JUNE 30, 2019 JUNE 30, 2010

127

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

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Sour

ce: G

eorg

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n C

ount

y Sc

hool

Dis

trict

Rec

ords

128

Grade 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Kindergarten 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00

1 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 18.00 18.00

2 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00

3 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00

4 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00

5 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00 21.00

6 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 21.00 21.00

7 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 21.00 21.00

8 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 21.00 21.00

9 * 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00

10 * 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00

11 * 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00

12 * 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00

* 9 - 12 grades: greater than 600 students - 18:1

average - 17:1

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYNUMBER OF STUDENTS PER TEACHERLAST TEN SCHOOL YEARS

Source: Georgetown County School District RecordsNote: The amounts above represent budgeted ratios for the general fund.

less than 600 students - 16:1

129

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Number of schools participating in:Lunch - regular schedule 18 18 18 18 18 18 18 18 18 18 Lunch - year round 18 18 18 18 18 18 18 18 18 18 Breakfast program 18 18 18 18 18 18 18 18 18 18

Student lunches served:Free 837,516 849,770 836,491 803,546 743,834 888,289 879,622 841,143 818,142 779,145 Reduced 89,600 68,694 80,320 73,357 65,763 11,409 9,051 8,039 8,411 8,757 Fully paid 327,504 302,458 261,109 204,609 192,600 147,859 130,634 127,113 124,854 124,852

Total 1,254,620 1,220,922 1,177,920 1,081,512 1,002,197 1,047,557 1,019,307 976,295 951,407 912,754

Adult lunches served 37,203 30,178 31,688 31,024 26,082 26,884 25,098 21,838 23,098 20,441

Student breakfasts served:Free 579,540 591,012 592,602 602,266 548,954 583,860 568,608 566,289 557,232 566,332 Reduced 47,550 40,518 46,480 46,167 40,693 3,412 3,642 2,888 2,511 4,202 Fully paid 98,727 104,424 85,562 83,580 82,333 68,179 59,588 60,703 59,904 61,853

Total 725,817 735,954 724,644 732,013 671,980 655,451 631,838 629,880 619,647 632,387

Adult breakfast served 954 1,479 1,609

Number of serving days:Regular schedule 178 178 178 177 173 177 178 173 172 172 Year-round schedule* 175 180 180 174 172 172 Weighted average 178.00 178.00 178.00 177.00 173.00 177.00 177.00 177.00 172.00 172.00

Average daily participation:Student lunch 7,048 6,859 6,618 6,110 5,793 5,975 5,726 5,557 5,350 5,289 Adult lunch 209 470 178 175 151 152 141 126 134 119 Student breakfast 4,032 4,089 4,027 4,067 3,884 3,641 3,510 3,581 3,477 3,639

135 Day Enrollment 9,448 9,369 9,256 9,148 9,273 9,105 9,044 9,407 9,369 8,925

Percentage of students dailyeating school lunch 74.60% 73.21% 71.50% 66.79% 62.47% 65.62% 63.31% 59.07% 57.10% 59.26%

Percentage of students dailyeating school lunch based on attendance 68.85% 66.08% 64.10%

October 1 count of benefits:Students on free lunch 5,926 5,921 5,885 5,938 5,450 4,376 4,013 3,793 3,986 3,424 Students on reduced lunch 701 481 645 684 571 78 93 82 90 77

Percentage of students on: Free lunch 62.72% 63.20% 63.58% 60.75% 59.90% 48.00% 44.37% 40.32% 42.54% 38.36%Reduced lunch 7.42% 5.13% 6.97% 7.00% 6.00% 1.00% 1.03% 0.87% 0.96% 0.86%

Total 70.14% 68.33% 70.55% 67.75% 65.90% 49.00% 45.40% 41.19% 43.50% 39.22%

Notes:*Year-Round Schedule is for breakfast

(2013-14) Four weather days missed; 2 hr delay, breakfast not served 1st 2 hr delay.(2014-15) One two hour delay.

First Year of 14 schools using Community Eligibility Provision (CEP)(no reduced eligible students at the 14 schools)

(2015-16) 7 days missed due to flood, 3 days forgiven(only 3 direct certification matches for the year)

(2016-17) .5 day early dismissal due to hurricane - no lunch served8 days missed due to hurricane - 5 days forgiven

(2017-18) 0.5 day early dismissal due to hurricane - no lunch served0.5 day early dismissal on October 27th - no lunch served2x 2 hour delay starting, no breakfast served7 days missed due to hurricane and snow

(2018-19) Missed 11 days due to Hurricane Florence and potential flooding issues. Made up 4 days in the schedule with abreveated schedules affecting participation and revenue.

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYNUTRITION SERVICES - FACTS AND FIGURESLAST TEN FISCAL YEARS

Source: Georgetown County School District Records

130

Number of AverageEducation Salary Ranges Teachers Salary

Bachelor's Degree $34,432 - $60,751 168 40,854$

Bachelor's Degree Plus 18 Hrs $35,969 - $62,681 48 48,261

Master's Degree $39,401 - $68,218 280 51,834

Master's Degree Plus 30 Hrs $42,643 - $72,279 110 60,011

Doctor's Degree $46,484 - $82,582 17 73,626

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYTEACHERS SALARY RANGESJUNE 30, 2019

Source: The School District of Georgetown County financial records.

131

Func

tion

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Inst

ruct

ion

40,8

08,7

24$

38,4

89,6

81$

40,7

54,4

68$

43,4

07,1

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46,3

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57.0

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56.4

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Supp

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2,

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$ 67

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135

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.

Sour

ce:

The

Scho

ol D

istri

ct o

f Geo

rget

own

Cou

nty

finan

cial

reco

rds.

132

Func

tion

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Inst

ruct

ion

4,57

2$

4,31

3$

4,56

6$

4,86

4$

4,96

3$

4,95

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5,04

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5,18

8$

5,24

8$

5,14

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48.4

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52.6

5%52

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53.5

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55.6

6%54

.55%

Supp

ort S

ervi

ces:

Stud

ents

333

317

316

336

367

379

388

401

418

430

3.54

%3.

37%

3.35

%3.

56%

3.90

%4.

02%

4.12

%4.

26%

4.43

%4.

56%

Inst

ruct

iona

l sta

ff39

234

237

738

842

242

844

240

941

039

94.

16%

3.63

%4.

00%

4.12

%4.

48%

4.54

%4.

68%

4.34

%4.

35%

4.23

%

Gen

eral

dis

trict

adm

inis

tratio

n89

8583

7788

108

104

119

129

118

0.95

%0.

90%

0.88

%0.

82%

0.93

%1.

14%

1.10

%1.

26%

1.37

%1.

25%

Scho

ol a

dmin

istra

tion

715

713

757

788

801

801

847

838

856

879

7.59

%7.

57%

8.03

%8.

36%

8.50

%8.

50%

8.98

%8.

89%

9.08

%9.

32%

Busi

ness

152

153

162

165

161

165

172

169

182

203

1.61

%1.

62%

1.72

%1.

75%

1.70

%1.

75%

1.82

%1.

79%

1.93

%2.

16%

Ope

ratio

n an

d m

aint

enan

ceof

bui

ldin

gs99

099

21,

019

1,05

51,

091

1,12

41,

080

1,07

61,

117

1,13

910

.50%

10.5

2%10

.81%

11.1

9%11

.57%

11.9

3%11

.45%

11.4

2%11

.85%

12.0

8%

Tran

spor

tatio

n28

525

725

226

026

124

824

423

923

427

63.

03%

2.72

%2.

67%

2.76

%2.

77%

2.64

%2.

59%

2.54

%2.

49%

2.93

%

Cen

tral

235

219

272

237

240

254

270

299

360

412

2.49

%2.

32%

2.88

%2.

51%

2.54

%2.

69%

2.87

%3.

17%

3.82

%4.

37%

Oth

er s

uppo

rt se

rvic

es19

8

20

1

20

6

26

8

30

8

32

6

33

6

32

4

33

6

42

9

2.

10%

2.13

%2.

19%

2.84

%3.

27%

3.45

%3.

57%

3.43

%3.

57%

4.56

%

Tota

l7,

962

$ 7,

592

$ 8,

011

$ 8,

438

$ 8,

702

$ 8,

792

$ 8,

927

$ 9,

062

$ 9,

289

$ 9,

427

$

135

Day

Enr

ollm

ent

9,44

8

9,36

9

9,25

6

9,14

8

9,27

3

9,10

5

9,04

4

9,40

7

9,36

9

8,92

5

Sour

ce: T

he S

choo

l Dis

trict

of G

eorg

etow

n C

ount

y fin

anci

al re

cord

s.

THE

SCH

OO

L D

ISTR

ICT

OF

GEO

RG

ETO

WN

CO

UN

TYEX

PEN

DIT

UR

ES B

Y FU

NC

TIO

N P

ER P

UPI

L - G

ENER

AL F

UN

DLA

ST T

EN F

ISC

AL Y

EAR

S

Not

e: T

he to

tals

on

perc

enta

ges

may

not

equ

al a

n ev

en 1

00.0

0% d

ue to

roun

ding

.

133

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

Build

ings

:

Elem

enta

ry S

choo

lsN

umbe

r9

9

9

9

9

9

9

9

9

9

Sq

uare

feet

740,

874

751,

246

760,

912

760,

912

760,

912

731,

169

731,

169

731,

169

731,

169

731,

169

Cap

acity

21,1

68

21

,168

21,1

68

21

,168

21,1

68

20

,318

20,3

18

20

,318

20,3

18

20

,318

Enro

llmen

t4,

118

4,

060

3,

885

3,

834

3,

844

3,

815

3,

727

3,

898

3,

937

3,

945

Inte

rmed

iate

Sch

ools

Num

ber

1

1

1

1

1

1

1

1

1

1

Squa

re fe

et82

,000

82,0

00

82

,000

82,0

00

82

,000

82,0

00

82

,000

82,0

00

82

,000

82,0

00

C

apac

ity1,

768

1,

768

1,

768

1,

768

1,

768

1,

768

1,

768

1,

768

1,

768

1,

768

En

rollm

ent

560

576

614

559

560

519

539

540

512

480

Mid

dle

Scho

ols

Num

ber

4

4

4

4

4

4

4

4

4

4

Squa

re fe

et58

4,02

6

58

4,02

6

58

4,02

6

58

4,02

6

58

4,02

6

41

1,82

6

41

1,82

6

41

1,82

6

41

1,82

6

41

1,82

6

C

apac

ity16

,686

16,6

86

16

,686

16,6

86

16

,686

11,7

67

11

,767

11,7

67

11

,767

11,7

67

En

rollm

ent

1,97

5

1,97

2

2,09

3

2,14

1

2,07

2

2,02

7

1,97

2

1,91

3

1,88

9

1,89

2

High

Sch

ools

Num

ber

4

4

4

4

4

4

4

4

4

4

Squa

re fe

et83

6,79

4

83

6,79

4

84

9,62

9

84

9,62

9

84

9,62

9

69

3,47

3

69

3,47

3

69

3,47

3

69

3,47

3

69

3,47

3

C

apac

ity23

,908

23,9

08

24

,275

24,2

75

24

,275

19,8

14

19

,814

19,8

14

19

,814

19,8

14

En

rollm

ent

2,79

6

2,76

1

2,66

1

2,61

4

2,63

6

2,74

4

2,80

6

2,83

8

2,79

1

2,69

5

Spec

ial S

choo

lsN

umbe

r2

2

2

2

2

2

2

2

2

2

Sq

uare

feet

83,5

00

83

,500

83,5

00

83

,500

83,5

00

83

,500

83,5

00

83

,500

83,5

00

83

,500

Cap

acity

2,38

6

2,38

6

2,38

6

2,38

6

2,38

6

2,38

6

2,38

6

2,38

6

2,38

6

2,38

6

Enro

llmen

t54

8

63

0

44

9

49

1

43

1

46

4

30

5

28

3

16

2

16

1

Oth

er B

uild

ings

Num

ber

2

2

2

2

2

2

2

2

2

2

Squa

re fe

et13

2,29

1

13

2,29

1

13

2,29

1

13

2,29

1

13

2,29

1

13

2,29

1

13

2,29

1

13

2,29

1

13

2,29

1

13

2,29

1

C

apac

ity3,

780

3,

780

3,

780

3,

780

3,

780

3,

780

3,

780

3,

780

3,

780

3,

780

En

rollm

ent

-

-

-

-

-

-

-

-

-

-

Tota

l Bui

ldin

gsN

umbe

r22

22

22

22

22

22

22

22

22

22

Sq

uare

feet

2,45

9,48

5

2,46

9,85

7

2,49

2,35

8

2,49

2,35

8

2,49

2,35

8

2,13

4,25

9

2,13

4,25

9

2,13

4,25

9

2,13

4,25

9

2,13

4,25

9

Cap

acity

69,6

96

69

,696

70,0

63

70

,063

70,0

63

59

,833

59,8

33

59

,833

59,8

33

59

,833

Enro

llmen

t9,

997

9,

999

9,

702

9,

639

9,

543

9,

569

9,

349

9,

472

9,

291

9,

173

Num

ber o

f Por

tabl

es14

14

14

14

14

14

14

13

13

13

Acre

s of

Lan

d71

0.30

696.

14

69

9.38

699.

38

69

9.38

700.

27

70

0.27

700.

09

70

0.09

700.

09

Num

ber o

f Veh

icle

s75

75

76

76

72

66

66

75

75

75

Sour

ce:

The

Scho

ol D

istri

ct o

f Geo

rget

own

Cou

nty

finan

cial

reco

rds.

THE

SCHO

OL

DIST

RICT

OF

GEO

RGET

OW

N CO

UNTY

CAPI

TAL

ASSE

T IN

FORM

ATIO

N - S

UMM

ARY

LAST

TEN

FIS

CAL

YEAR

S

(1) 1

35 D

ay E

nrol

lmen

t plu

s H

owar

d Ad

ult E

duca

tion

Cen

ter e

nrol

lmen

t

134

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

Bui

ldin

gs:

Elem

enta

ry S

choo

lsAn

drew

s (1

983)

Squa

re fe

et11

7,34

3

117,

343

11

7,34

3

117,

343

11

7,34

3

117,

343

11

7,34

3

117,

343

11

7,34

3

117,

343

C

apac

ity3,

353

3,35

3

3,

353

3,35

3

3,

353

3,35

3

3,

353

3,35

3

3,

353

3,35

3

En

rollm

ent

769

74

6

728

74

1

754

72

0

708

77

3

813

80

1

Brow

n's

Ferry

(195

6)Sq

uare

feet

51,5

65

51,5

65

51,5

65

51,5

65

51,5

65

51,5

65

51,5

65

51,5

65

51,5

65

51,5

65

Cap

acity

1,47

3

1,

473

1,47

3

1,

473

1,47

3

1,

473

1,47

3

1,

473

1,47

3

1,

473

Enro

llmen

t16

1

174

15

7

154

15

6

159

15

4

168

17

2

173

D

eep

Cre

ek (1

956)

Squa

re fe

et33

,112

33

,112

33

,112

33

,112

33

,112

-

-

-

-

-

C

apac

ity94

6

946

94

6

946

94

6

-

-

-

-

-

Enro

llmen

tN

ote

1N

ote

1N

ote

1N

ote

1N

ote

1-

-

-

-

-

Ke

nsin

gton

(195

7)Sq

uare

feet

76,2

67

86,6

39

86,6

39

86,6

39

86,6

39

86,6

39

86,6

39

86,6

39

86,6

39

86,6

39

Cap

acity

2,17

9

2,

179

2,17

9

2,

179

2,17

9

2,

179

2,17

9

2,

179

2,17

9

2,

179

Enro

llmen

t72

6

704

67

5

659

62

8

632

59

2

652

62

8

613

M

aryv

ille (1

951)

Squa

re fe

et69

,959

69

,959

74

,919

74

,919

74

,919

74

,919

74

,919

74

,919

74

,919

74

,919

C

apac

ity1,

999

1,99

9

1,

999

1,99

9

1,

999

1,99

9

1,

999

1,99

9

1,

999

1,99

9

En

rollm

ent

557

51

7

508

49

7

476

47

6

500

52

9

525

53

5

McD

onal

d (1

954)

Squa

re fe

et77

,298

77

,298

82

,004

82

,004

82

,004

82

,004

82

,004

82

,004

82

,004

82

,004

C

apac

ity2,

209

2,20

9

2,

209

2,20

9

2,

209

2,20

9

2,

209

2,20

9

2,

209

2,20

9

En

rollm

ent

480

48

4

450

45

5

460

45

4

449

45

8

467

48

3

Plan

ters

ville

(195

0)Sq

uare

feet

39,9

46

39,9

46

39,9

46

39,9

46

39,9

46

39,9

46

39,9

46

39,9

46

39,9

46

39,9

46

Cap

acity

1,14

1

1,

141

1,14

1

1,

141

1,14

1

1,

141

1,14

1

1,

141

1,14

1

1,

141

Enro

llmen

t12

1

97

81

87

88

90

95

92

10

1

87

THE

SCH

OO

L D

ISTR

ICT

OF

GEO

RG

ETO

WN

CO

UN

TYC

APIT

AL A

SSET

INFO

RM

ATIO

N -

DET

AIL

LAST

TEN

FIS

CAL

YEA

RS

135

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

THE

SCH

OO

L D

ISTR

ICT

OF

GEO

RG

ETO

WN

CO

UN

TYC

APIT

AL A

SSET

INFO

RM

ATIO

N -

DET

AIL

LAST

TEN

FIS

CAL

YEA

RS

Plea

sant

Hill

(198

5)Sq

uare

feet

102,

827

10

2,82

7

102,

827

10

2,82

7

102,

827

10

2,82

7

102,

827

10

2,82

7

102,

827

10

2,82

7

Cap

acity

2,93

8

2,

938

2,93

8

2,

938

2,93

8

2,

938

2,93

8

2,

938

2,93

8

2,

938

Enro

llmen

t33

3

328

31

5

310

32

3

316

32

1

375

37

2

362

Sa

mpi

t (20

00)

Squa

re fe

et75

,048

75

,048

75

,048

75

,048

75

,048

75

,048

75

,048

75

,048

75

,048

75

,048

C

apac

ity2,

144

2,14

4

2,

144

2,14

4

2,

144

2,14

4

2,

144

2,14

4

2,

144

2,14

4

En

rollm

ent

337

33

8

335

31

1

333

33

7

316

35

4

323

32

6

Old

Sam

pit (

1956

)Sq

uare

feet

29,7

43

29,7

43

29,7

43

29,7

43

29,7

43

-

-

-

-

-

Cap

acity

850

85

0

850

85

0

850

-

-

-

-

-

En

rollm

ent

Not

e 2

Not

e 2

Not

e 2

Not

e 2

Not

e 2

-

-

-

-

-

Wac

cam

aw (1

975)

Squa

re fe

et10

0,87

8

100,

878

10

0,87

8

100,

878

10

0,87

8

100,

878

10

0,87

8

100,

878

10

0,87

8

100,

878

C

apac

ity2,

882

2,88

2

2,

882

2,88

2

2,

882

2,88

2

2,

882

2,88

2

2,

882

2,88

2

En

rollm

ent

634

67

2

636

62

0

626

63

1

592

49

7

536

56

5

Squa

re fe

et74

0,87

4

751,

246

76

0,91

2

760,

912

76

0,91

2

731,

169

73

1,16

9

731,

169

73

1,16

9

731,

169

C

apac

ity21

,168

21

,168

21

,168

21

,168

21

,168

20

,318

20

,318

20

,318

20

,318

20

,318

En

rollm

ent

4,11

8

4,

060

3,88

5

3,

834

3,84

4

3,

815

3,72

7

3,

898

3,93

7

3,

945

Inte

rmed

iate

Sch

ool

Wac

cam

aw (2

008)

Squa

re fe

et82

,000

82

,000

82

,000

82

,000

82

,000

82

,000

82

,000

82

,000

82

,000

82

,000

C

apac

ity1,

768

1,76

8

1,

768

1,76

8

1,

768

1,76

8

1,

768

1,76

8

1,

768

1,76

8

En

rollm

ent

560

57

6

614

55

9

560

51

9

539

54

0

512

48

0

Mid

dle

Scho

ols

Car

vers

Bay

(200

0)Sq

uare

feet

101,

893

10

1,89

3

101,

893

10

1,89

3

101,

893

10

1,89

3

101,

893

10

1,89

3

101,

893

10

1,89

3

Cap

acity

2,91

1

2,

911

2,91

1

2,

911

2,91

1

2,

911

2,91

1

2,

911

2,91

1

2,

911

Enro

llmen

t33

8

341

34

1

321

30

9

282

28

2

277

27

6

308

Subt

otal

s fo

r Ele

men

tary

Sch

ools

136

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

THE

SCH

OO

L D

ISTR

ICT

OF

GEO

RG

ETO

WN

CO

UN

TYC

APIT

AL A

SSET

INFO

RM

ATIO

N -

DET

AIL

LAST

TEN

FIS

CAL

YEA

RS

Cho

ppee

(195

6)Sq

uare

feet

49,0

13

49,0

13

49,0

13

49,0

13

49,0

13

-

-

-

-

-

Cap

acity

1,40

0

1,

400

1,40

0

1,

400

1,40

0

-

-

-

-

-

En

rollm

ent

Not

e 4

Not

e 4

Not

e 4

Not

e 4

Not

e 4

-

-

-

-

-

Geo

rget

own

(200

1)Sq

uare

feet

128,

060

12

8,06

0

128,

060

12

8,06

0

128,

060

12

8,06

0

128,

060

12

8,06

0

128,

060

12

8,06

0

Cap

acity

3,65

9

3,

659

3,65

9

3,

659

3,65

9

3,

659

3,65

9

3,

659

3,65

9

3,

659

Enro

llmen

t78

1

787

86

2

887

83

8

817

79

7

790

77

3

757

Pl

easa

nt H

ill (1

937)

Squa

re fe

et52

,375

52

,375

52

,375

52

,375

52

,375

-

-

-

-

-

C

apac

ity1,

496

1,49

6

1,

496

1,49

6

1,

496

-

-

-

-

-

Enro

llmen

t-

-

-

-

-

-

-

-

-

-

R

osem

ary

(200

0)Sq

uare

feet

100,

898

10

0,89

8

100,

898

10

0,89

8

100,

898

10

0,89

8

100,

898

10

0,89

8

100,

898

10

0,89

8

Cap

acity

2,88

3

2,

883

2,88

3

2,

883

2,88

3

2,

883

2,88

3

2,

883

2,88

3

2,

883

Enro

llmen

t46

2

429

47

7

491

48

4

483

44

5

442

42

7

418

O

ld R

osem

ary

(195

5)Sq

uare

feet

70,8

12

70,8

12

70,8

12

70,8

12

70,8

12

-

-

-

-

-

Cap

acity

2,02

3

2,

023

2,02

3

2,

023

2,02

3

-

-

-

-

-

En

rollm

ent

Not

e 5

Not

e 5

Not

e 5

Not

e 5

Not

e 5

-

-

-

-

-

Wac

cam

aw (2

001)

Squa

re fe

et80

,975

80

,975

80

,975

80

,975

80

,975

80

,975

80

,975

80

,975

80

,975

80

,975

C

apac

ity2,

314

2,31

4

2,

314

2,31

4

2,

314

2,31

4

2,

314

2,31

4

2,

314

2,31

4

En

rollm

ent

394

41

5

413

44

2

441

44

5

448

40

4

413

40

9

Squa

re fe

et58

4,02

6

584,

026

58

4,02

6

584,

026

58

4,02

6

411,

826

41

1,82

6

411,

826

41

1,82

6

411,

826

C

apac

ity16

,686

16

,686

16

,686

16

,686

16

,686

11

,767

11

,767

11

,767

11

,767

11

,767

En

rollm

ent

1,97

5

1,

972

2,09

3

2,

141

2,07

2

2,

027

1,97

2

1,

913

1,88

9

1,

892

Subt

otal

s fo

r Mid

dle

Scho

ols

137

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

THE

SCH

OO

L D

ISTR

ICT

OF

GEO

RG

ETO

WN

CO

UN

TYC

APIT

AL A

SSET

INFO

RM

ATIO

N -

DET

AIL

LAST

TEN

FIS

CAL

YEA

RS

Hig

h Sc

hool

sAn

drew

s (2

001)

Squa

re fe

et16

3,20

3

163,

203

16

3,20

3

163,

203

16

3,20

3

163,

203

16

3,20

3

163,

203

16

3,20

3

163,

203

C

apac

ity4,

663

4,66

3

4,

663

4,66

3

4,

663

4,66

3

4,

663

4,66

3

4,

663

4,66

3

En

rollm

ent

640

58

9

544

53

9

506

54

0

601

58

3

598

55

7

Old

And

rew

s (1

956)

Squa

re fe

et91

,187

91

,187

91

,187

91

,187

91

,187

-

-

-

-

-

C

apac

ity2,

605

2,60

5

2,

605

2,60

5

2,

605

-

-

-

-

-

Enro

llmen

tN

ote

7N

ote

7N

ote

7N

ote

7N

ote

7-

-

-

-

-

C

arve

rs B

ay (2

000)

Squa

re fe

et16

6,63

9

166,

639

16

6,63

9

166,

639

16

6,63

9

166,

639

16

6,63

9

166,

639

16

6,63

9

166,

639

C

apac

ity4,

761

4,76

1

4,

761

4,76

1

4,

761

4,76

1

4,

761

4,76

1

4,

761

4,76

1

En

rollm

ent

431

41

2

391

38

9

391

39

9

395

38

5

369

36

0

Cho

ppee

(195

6)Sq

uare

feet

64,9

69

64,9

69

64,9

69

64,9

69

64,9

69

-

-

-

-

-

Cap

acity

1,85

6

1,

856

1,85

6

1,

856

1,85

6

-

-

-

-

-

En

rollm

ent

Not

e 8

Not

e 8

Not

e 8

Not

e 8

Not

e 8

-

-

-

-

-

Geo

rget

own

(198

5)Sq

uare

feet

222,

165

22

2,16

5

222,

165

22

2,16

5

222,

165

22

2,16

5

222,

165

22

2,16

5

222,

165

22

2,16

5

Cap

acity

6,34

8

6,

348

6,34

8

6,

348

6,34

8

6,

348

6,34

8

6,

348

6,34

8

6,

348

Enro

llmen

t95

1

970

95

9

933

93

6

960

99

0

1,01

7

98

6

924

W

acca

maw

(199

0)Sq

uare

feet

128,

631

12

8,63

1

141,

466

14

1,46

6

141,

466

14

1,46

6

141,

466

14

1,46

6

141,

466

14

1,46

6

Cap

acity

3,67

5

3,

675

4,04

2

4,

042

4,04

2

4,

042

4,04

2

4,

042

4,04

2

4,

042

Enro

llmen

t77

4

790

76

7

753

80

3

845

82

0

853

83

8

854

Squa

re fe

et83

6,79

4

836,

794

84

9,62

9

849,

629

84

9,62

9

693,

473

69

3,47

3

693,

473

69

3,47

3

693,

473

C

apac

ity23

,908

23

,908

24

,275

24

,275

24

,275

19

,814

19

,814

19

,814

19

,814

19

,814

En

rollm

ent

2,79

6

2,

761

2,66

1

2,

614

2,63

6

2,

744

2,80

6

2,

838

2,79

1

2,

695

Subt

otal

s fo

r Hig

h Sc

hool

s

138

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

THE

SCH

OO

L D

ISTR

ICT

OF

GEO

RG

ETO

WN

CO

UN

TYC

APIT

AL A

SSET

INFO

RM

ATIO

N -

DET

AIL

LAST

TEN

FIS

CAL

YEA

RS

Spec

ial S

choo

lsC

aree

r Cen

ter (

1980

)Sq

uare

feet

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

Cap

acity

1,19

3

1,

193

1,19

3

1,

193

1,19

3

1,

193

1,19

3

1,

193

1,19

3

1,

193

Enro

llmen

t-

-

-

-

-

-

-

-

-

-

H

owar

d Ad

ult (

1966

)Sq

uare

feet

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

41,7

50

Cap

acity

1,19

3

1,

193

1,19

3

1,

193

1,19

3

1,

193

1,19

3

1,

193

1,19

3

1,

193

Enro

llmen

t54

8

630

44

9

491

43

1

464

30

5

283

16

2

161

Squa

re fe

et83

,500

83

,500

83

,500

83

,500

83

,500

83

,500

83

,500

83

,500

83

,500

83

,500

C

apac

ity2,

386

2,38

6

2,

386

2,38

6

2,

386

2,38

6

2,

386

2,38

6

2,

386

2,38

6

En

rollm

ent

548

63

0

449

49

1

431

46

4

305

28

3

162

16

1

Oth

er B

uild

ings

JB B

eck

Adm

in (1

954)

Squa

re fe

et96

,044

96

,044

96

,044

96

,044

96

,044

96

,044

96

,044

96

,044

96

,044

96

,044

C

apac

ity2,

744

2,74

4

2,

744

2,74

4

2,

744

2,74

4

2,

744

2,74

4

2,

744

2,74

4

En

rollm

ent

-

-

-

-

-

-

-

-

-

-

Ope

ratio

ns (1

908,

196

6)Sq

uare

feet

36,2

47

36,2

47

36,2

47

36,2

47

36,2

47

36,2

47

36,2

47

36,2

47

36,2

47

36,2

47

Cap

acity

1,03

6

1,

036

1,03

6

1,

036

1,03

6

1,

036

1,03

6

1,

036

1,03

6

1,

036

Enro

llmen

t-

-

-

-

-

-

-

-

-

-

Squa

re fe

et13

2,29

1

132,

291

13

2,29

1

132,

291

13

2,29

1

132,

291

13

2,29

1

132,

291

13

2,29

1

132,

291

C

apac

ity3,

780

3,78

0

3,

780

3,78

0

3,

780

3,78

0

3,

780

3,78

0

3,

780

3,78

0

En

rollm

ent

-

-

-

-

-

-

-

-

-

-

Not

e 2

Sam

pit E

lem

enta

ry S

choo

l ope

ned

in 1

999-

2000

whe

n O

ld S

ampi

t Ele

men

tary

Sch

ool c

lose

d.

Subt

otal

s fo

r Spe

cial

Sch

ools

Subt

otal

s fo

r Oth

er B

uild

ings

Not

e 1

Ple

asan

t Hill

Elem

enta

ry S

choo

l ope

ned

in 2

001-

2002

whe

n D

eep

Cre

ek E

lem

enta

ry S

choo

l clo

sed.

Not

e 3

Geo

rget

own

Mid

dle

Scho

ol o

pene

d in

200

1-20

02 w

hen

Beck

Mid

dle

Scho

ol c

lose

d.N

ote

4 C

arve

rs B

ay M

iddl

e Sc

hool

ope

ned

in 2

000-

2001

whe

n C

hopp

e M

iddl

e Sc

hool

clo

sed.

139

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

THE

SCH

OO

L D

ISTR

ICT

OF

GEO

RG

ETO

WN

CO

UN

TYC

APIT

AL A

SSET

INFO

RM

ATIO

N -

DET

AIL

LAST

TEN

FIS

CAL

YEA

RS

Not

e 9

Wac

cam

aw In

term

edia

te S

choo

l (G

rade

s 4-

6) o

pene

d in

200

8-20

09.

Sour

ce:

The

Scho

ol D

istri

ct o

f Geo

rget

own

Cou

nty

finan

cial

reco

rds.

Not

e 5

Ros

emar

y M

iddl

e Sc

hool

ope

ned

in 1

999-

2000

whe

n O

ld R

osem

ary

Mid

dle

Scho

ol c

lose

d.N

ote

6 W

acca

maw

Mid

dle

Scho

ol o

pene

d in

200

1-20

02.

The

mid

dle

scho

ol u

sed

to b

e ho

used

with

in W

acca

maw

Hig

h Sc

hool

.N

ote

7 A

ndre

w H

igh

Scho

ol o

pene

d in

200

0-20

01 w

hen

Old

And

rew

s H

igh

Scho

ol c

lose

d.N

ote

8 C

arve

rs B

ay H

igh

Scho

ol o

pene

d in

200

0-20

01 w

hen

Cho

ppe

Hig

h Sc

hool

and

Ple

asan

t Hill

Hig

h Sc

hool

clo

sed.

140

SINGLE AUDIT SECTION

The following information is related to the annual single audit including the schedule of expenditures of federal awards, findings and recommendations, and auditors' reports on internal control and compliance with applicable laws and regulations.

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

To the Members of the Board of Education The School District of Georgetown County Georgetown, South Carolina

We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component unit, each major fund, and the aggregate remaining fund information of The School District of Georgetown County as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise The School District of Georgetown County’s basic financial statements, and have issued our report thereon dated December 2, 2019.

Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered The School District of Georgetown County’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of The School District of Georgetown County’s internal control. Accordingly, we do not express an opinion on the effectiveness of The School District of Georgetown County’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether The School District of Georgetown County’s financial statements are free from 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.

141

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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.


142

INDEPENDENT AUDITORS' REPORT ON COMPLIANCE ON EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE

To the Members of the Board of Education The School District of Georgetown County Georgetown, South Carolina

Report on Compliance for Each Major Federal Program We have audited The School District of Georgetown County’s compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of The School District of Georgetown County’s major federal programs for the year ended June 30, 2019. The School District of Georgetown County’s major federal programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.

Management’s Responsibility

Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of The School District of Georgetown County’s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about The School District of Georgetown County’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of The School District of Georgetown County’s compliance.

Opinion on Each Major Federal Program In our opinion, The School District of Georgetown County complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2019.

143

Report on Internal Control over Compliance Management of The School District of Georgetown County is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered The School District of Georgetown County’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of The School District of Georgetown County’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.


144

Pass-LEA Federal Grantor Federal Through

Subfund Pass-Through Grantor CFDA Grantor's TotalCode Program Title Number Number Expenditures

2010 Title I Grants to Local Educational Agencies 84.010 19 Title I 2,416,385$ 2010 Title I Grants to Local Educational Agencies 84.010 18 Title I 545,976 2010 Title I Grants to Local Educational Agencies 84.010 N/A 2,839 2210 Title I Grants to Local Educational Agencies 84.010 19 Title I N & D (LEA) 46,670 2210 Title I Grants to Local Educational Agencies 84.010 19 Title I N & D Mini 47 2380 Title I Grants to Local Educational Agencies 84.010 19 Title I School Improvement Mini 78,588 2400 Title I Grants to Local Educational Agencies 84.010 18 Title I Direct Student Services 91,983

3,182,488

2030 * Special Education - Grants to States 84.027 19 IDEA 2,199,507 2030 * Special Education - Grants to States 84.027 FY18 IDEA 207,514 2120 * Special Education - Grants to States 84.027 N/A 5,586 2090 * Special Education - Grants to States 84.027 N/A 186,457 2050 * Special Education - Preschool Grants 84.173 19 Preschool 64,051

2,663,115

2070 Career and Technical Education - Basic Grants to States 84.048 19 CATE 163,992 2100 Student Support & Academic Enrichment Program 84.424 19 Title IV SSAE 10,694 2100 Student Support & Academic Enrichment Program 84.424 18 Title IV SSAE 82,651 2340 School Improvement Grants 84.377 19 School Improvement 147,069 2340 School Improvement Grants 84.377 18 School Improvement 43,948 2430 Adult Education - Basic Grants to States 84.002 19 Adult Education 87,383 2430 Adult Education - Basic Grants to States 84.002 2017-18 Adult Education Federal 27,922 2430 Adult Education - Basic Grants to States 84.002 2017 Adult Education Reverted 2,289 2430 Adult Education - Basic Grants to States 84.002 18 Adult Education Reverted (243) 4,682 2640 English Language Acquisition State Grants 84.365 2019 Title III 14,886 2640 English Language Acquisition State Grants 84.365 2018 Title III 20,637 2670 Supporting Effective Instruction State Grants 84.367 9 Title II Supporting Effective Instructio 314,666 2670 Supporting Effective Instruction State Grants 84.367 Improving Teacher Quality 68,941

6,835,363

6,835,363

6000 Commodity Supplemental Food Program 10.555 N/A 314,759

6000 School Breakfast Program 10.553 N/A 1,239,122 6000 School Lunch Program 10.555 N/A 2,750,914 6000 Summer Food Service Program for Children 10.559 N/A 87,652

4,392,447

8840 Child Nutrition Discretionary Grants 10.579 18NSLE 76,625 6000 Fresh Fruit and Vegetable Program 10.582 18FFVP 142,212

4,611,284

Total Child Nutrition Cluster

Total U.S. Department of Agriculture - Food and Nutrition Services

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS


Total U.S. Department of Education

Total Pass-Through S.C. Department of Education

Pass-Through S.C. Department of EducationU.S. Department of Education

Title I Program:

Total Title I Program

Special Education Cluster (IDEA):

Total Special Education Cluster (IDEA)

Pass-Through S.C. Department of EducationU.S. Department of Agriculture - Food and Nutrition Services

Cash Assistance:

Non-Cash Assistance (Commodities):Child Nutrition Cluster:

145

Pass-LEA Federal Grantor Federal Through

Subfund Pass-Through Grantor CFDA Grantor's TotalCode Program Title Number Number Expenditures

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS


2810 NJROTC - AHS 12.000 N/A 41,942 2830 NJROTC - GHS 12.000 N/A 68,844 2880 MJROTC - CBHS 12.000 N/A 29,033

139,819

National Institute of Justice Research, Evaluation,8670 and Development Project Grants 16.560 N/A 55,538

55,538

8390 Disaster Grants - Public Assistance (Presidentially Declared Disasters) 97.036 N/A 23,162

23,162

11,665,166$

*Denotes Major Program

Total Federal Awards Expended

U.S. Department of Homeland SecurityPass-Through South Carolina Emergency Management Division

Total U.S. Department of Homeland Security

U.S. Department of DefenseDirect Program

Total U.S. Department of Defense

U.S. Department of JusticePass-Through S.C. Department of Education

Total U.S. Department of Justice

146

THE SCHOOL DISTRICT OF GEORGETOWN COUNTY NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

FOR FISCAL YEAR ENDED JUNE 30, 2019

1. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of The School District of Georgetown County and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirement, Cost Principles, and audit requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. The District has elected not to use the de minimis indirect cost rate of ten percent. 2. INTEREST SUBSIDY During the year ended June 30, 2019 the District expended federal interest subsidies in the amount of $837,215. These amounts, while included as federal revenue on the governmental fund statements, are not included in the schedule of expenditures of federal awards.

147

Part I Summary of Auditors' Results:

Financial Statements

Type of Auditors' Report Issued:

Internal Control Over Financial Reporting:

Material Weakness(es) Identified? Yes X None Reported

Significant Deficiencies Identified That Are Not Considered To Be Material Weaknesses Yes X None Reported

Noncompliance Material to Financial Statements Noted Yes X None Reported

Federal Awards

Internal Control Over Major Federal Programs:

Material Weakness(es) Identified? Yes X None Reported

Significant Deficiencies Identified That Are NotConsidered To Be Material Weaknesses Yes X None Reported

Type of Auditors' Report Issued on Compliance for MajorFederal Programs:

Programs Tested as Major Programs:Program:

Special Education Cluster (IDEA):Special Education - Grants to StatesSpecial Education - Preschool Grants

Dollar Threshold used to Distinguish BetweenType A and Type B Programs:

Auditee Qualify as Low-Risk Auditee? X Yes No

Any Audit Findings Disclosed That are Required To BeReported in Accordance With Government Auditing Standards2 CFR 200.516(a) Yes X No

$750,000

THE SCHOOL DISTRICT OF GEORGETOWN COUNTYSCHEDULE OF FINDINGS AND QUESTIONED COSTS


Unmodified

Unmodified

CFDA #:

84.02784.173

148

THE SCHOOL DISTRICT OF GEORGETOWN COUNTY SCHEDULE OF FINDINGS AND QUESTIONED COSTS

FOR FISCAL YEAR ENDED JUNE 30, 2019 Part II Findings Related to the Financial Statements None Part III Findings Related to Federal Awards None

149

THE SCHOOL DISTRICT OF GEORGETOWN COUNTY SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS

FOR FISCAL YEAR ENDED JUNE 30, 2019

SUBMITTED BY THE SCHOOL DISTRICT OF GEORGETOWN COUNTY: None Reported

150

THE SCHOOL DISTRICT OF GEORGETOWN COUNTY CORRECTIVE ACTION PLAN

FOR FISCAL YEAR ENDED JUNE 30, 2019 None Reported

151

Documents

The School District of Georgetown County