Glendale Elementary CAFR 12 - Glendale Elementary School

Transcription

GLENDALE ELEMENTARY
SCHOOL DISTRICT NO. 40
Comprehensive Annual Financial Report
Fiscal Year Ended June 30, 2012
7301 North 58th Avenue ▪Glendale, Arizona 85301
GLENDALE ELEMENTARY SCHOOL DISTRICT NO. 40
GLENDALE, ARIZONA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
Issued by:
Business and Finance Department
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal
Page
i
ASBO Certificate of Excellence
vii
GFOA Certificate of Achievement
viii
Organizational Chart
ix
List of Principal Officials
x
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT
1
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
(Required Supplementary Information)
5
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:
Statement of Net Assets
20
Statement of Activities
21
Fund Financial Statements:
Balance Sheet - Governmental Funds
24
Reconciliation of the Balance Sheet Governmental Funds to the Statement of Net Assets
27
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
28
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances - Governmental Funds to the
Statement of Activities
30
TABLE OF CONTENTS (Cont’d)
FINANCIAL SECTION (Cont’d)
Page
BASIC FINANCIAL STATEMENTS (Concl’d)
Statement of Net Assets - Proprietary Funds
31
Statement of Revenues, Expenses and Changes in Fund Net Assets Proprietary Funds
32
Statement of Cash Flows - Proprietary Funds
33
Statement of Fiduciary Assets and Liabilities
34
Notes to Financial Statements
35
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
General Fund
58
Other Federal Projects Fund
59
Note to Required Supplementary Information
60
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND
SCHEDULES
Governmental Funds:
Combining Balance Sheet - All Non-Major Governmental Funds By Fund Type
64
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - All Non-Major Governmental Funds - By Fund Type
65
Special Revenue Funds:
Combining Balance Sheet
68
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
74
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
80
FINANCIAL SECTION (Concl’d)
Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND
SCHEDULES (Concl’d)
Debt Service Fund:
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual
102
Capital Projects Funds:
Combining Balance Sheet
104
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
106
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
108
Internal Service Funds:
Combining Statement of Net Assets
116
Combining Statement of Revenues, Expenses and
Changes in Fund Net Assets
118
Combining Statement of Cash Flows
120
Agency Fund:
Statement of Changes in Fiduciary Assets and Liabilities
122
STATISTICAL SECTION
Page
Financial Trends:
Net Assets by Component
124
Expenses, Program Revenues, and Net (Expense)/Revenue
125
General Revenues and Total Changes in Net Assets
127
Fund Balances – Governmental Funds
129
Governmental Funds Revenues
131
Governmental Funds Expenditures and Debt Service Ratio
133
Other Financing Sources and Uses and Net Changes in Fund
Balances – Governmental Funds
135
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property
136
Direct and Overlapping Property Tax Rates
137
Principal Property Taxpayers
138
Property Tax Levies and Collections
139
Debt Capacity:
Outstanding Debt by Type
140
Direct and Overlapping Governmental Activities Debt
141
Legal Debt Margin Information
142
TABLE OF CONTENTS (Concl’d)
STATISTICAL SECTION (Concl’d)
Page
Demographic and Economic Information:
County-Wide Demographic and Economic Statistics
143
Principal Employers
144
Operating Information:
Full-Time Equivalent District Employees by Type
145
Operating Statistics
147
Capital Assets Information
148
INTRODUCTORY SECTION
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December 18, 2012
Citizens and Governing Board
Glendale Elementary School District No. 40
7301 North 58th Avenue
Glendale, Arizona 85301
State law mandates that school districts required to undergo an annual
single audit publish a complete set of financial statements presented in
conformity with accounting principles generally accepted in the United
States of America and audited in accordance with auditing standards
generally accepted in the United States by a certified public accounting firm
licensed in the State of Arizona. Pursuant to that requirement, we hereby
issue the comprehensive annual financial report of the Glendale Elementary
School District No. 40 (District) for the fiscal year ended June 30, 2012.
This report consists of management’s representations concerning the
finances of the District. Consequently, management assumes full
responsibility for the completeness and reliability of all of the information
presented in this report. To provide a reasonable basis for making these
representations, management of the District has established a
comprehensive internal control framework that is designed both to protect
the District’s assets from loss, theft, or misuse and to compile sufficient
reliable information for the preparation of the District’s financial statements
in conformity with accounting principles generally accepted in the United
States of America. Because the cost of internal controls should not
outweigh their benefits, the District’s comprehensive framework of internal
controls has been designed to provide reasonable rather than absolute
assurance that the financial statements will be free of material misstatement.
As management, we assert that, to the best of our knowledge and belief, this
financial report is complete and reliable in all material respects.
The District’s financial statements have been audited by Heinfeld, Meech &
Co., P.C., a certified public accounting firm. The goal of the independent
audit was to provide reasonable assurance that the financial statements of
the District for the fiscal year ended June 30, 2012, are free of material
misstatement. The independent audit involved examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements;
assessing the accounting principles used and significant estimates made by
management; and evaluating the overall financial statement presentation.
The independent auditors concluded, based upon the audit, that there was a
reasonable basis for rendering an unqualified opinion that the District’s
financial statements for the fiscal year ended June 30, 2012, are fairly
presented in conformity with accounting principles generally accepted in
the United States of America. The independent auditors’ report is presented
as the first component of the financial section of this report.
The independent audit of the financial statements of the District was part of a broader, federally
mandated Single Audit as required by the provisions of the Single Audit Act Amendments of
1996 and U.S. Office of Management and Budget Circular A-133, Audits of States, Local
Governments and Non-Profit Organizations designed to meet the special needs of federal grantor
agencies. The standards governing Single Audit engagements require the independent auditor to
report not only on the fair presentation of the financial statements, but also on the District’s
internal controls and compliance with legal requirements, with special emphasis on internal
controls and legal requirements involving the administration of federal awards. These reports are
available in a separately issued Single Audit Reporting Package.
Accounting principles generally accepted in the United States of America require that
management provide a narrative introduction, overview, and analysis to accompany the basic
financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter
of transmittal is designed to complement the MD&A and should be read in conjunction with it.
The District’s MD&A can be found immediately following the report of the independent
auditors.
PROFILE OF THE DISTRICT
The District is one of 58 public school districts located in Maricopa County, Arizona. It provides
a program of public education from preschool through grade eight, with an average daily
membership of 12,305 students. The District encompasses approximately 16 square miles and is
located primarily in the City of Glendale, Arizona (“Glendale”), which lies within the greater
Phoenix metropolitan area and about 16 miles northwest of Downtown Phoenix. The estimated
population within the District is 227,446.
The District’s Governing Board is organized under Section 15-321 of the Arizona Revised
Statutes (A.R.S.). Management of the District is independent of other state or local
governments. The County Treasurer collects taxes for the District, but exercises no control over
its expenditures/ expenses.
The membership of the Governing Board consists of five members elected by the public. Under
existing statutes, the Governing Board’s duties and powers include, but are not limited to, the
acquisition, maintenance and disposition of school property; the development and adoption of a
school program; and the establishment, organization and operation of schools. The Board also
has broad financial responsibilities, including the approval of the annual budget, and the
establishment of a system of accounting and budgetary controls.
The financial reporting entity consists of a primary government and its component units. A
component unit is a legally separate entity that must be included in the reporting entity in
conformity with generally accepted accounting principles. The District is a primary government
because it is a special-purpose government that has a separately elected governing body, is
legally separate, and is fiscally independent of other state or local governments. Furthermore,
the component unit combined with the District for financial statement purposes and the District
are not included in any other governmental entity. Consequently, the District’s financial
statements include only the funds of those organizational entities for which its elected governing
board is financially accountable. The District’s major operations include education, student
transportation, construction and maintenance of District facilities, and food services.
ii
Blended Component Units - The Glendale Elementary School District No. 40 Employee Benefit
Trust (Trust) is governed by a five-member board appointed by the District’s Governing Board.
Although legally separate from the District, the Trust is reported as an Internal Service Fund as if
it were part of the District because its sole purpose is to provide self-insurance for losses up to
certain limits and to purchase insurance for losses above the limits. Complete financial
statements of the Trust may be obtained at the District’s administrative offices.
Glendale is the fourth largest city in the State according to the 2000 Census as provided by the
Arizona Department of Economic Security, Population Statistics Unit, and is located in the
northwest portion of the greater Phoenix metropolitan area. Glendale consists of approximately
56.8 square miles and is one of the six major cities comprising the greater Phoenix metropolitan
area, which is Arizona’s economic, political, and population center.
Glendale’s demographics evidence the growth of the area. Established in 1892 and incorporated
in 1910, Glendale had a 2010 census population of 226,721.
Glendale has begun to diversify its economic base. Aerospace, communications, sports,
entertainment, chemicals, warehousing, electronics, and precision metal working and casting are
some examples of industries that are replacing Glendale’s former agricultural base.
As mentioned above, Glendale’s employer base includes both government, non-manufacturing,
and manufacturing employers. Glendale’s economy is supplemented by Luke Air Force Base.
The annual expenditure budget serves as the foundation for the District’s financial planning and
control. The objective of these budgetary controls is to ensure compliance with legal provisions
embodied in the annual expenditure budget approved by the District’s Governing Board.
The expenditure budget is prepared by fund for all Governmental Funds, and includes function
and object code detail for the General Fund and some Special Revenue and Capital Projects
Funds. The legal level of budgetary control (that is, the level at which expenditures cannot
exceed the appropriated amount) is established at the individual fund level for all funds. Funds
that are not required to legally adopt a budget may have overexpenditures of budgeted funds.
The budget for these funds is simply an estimate and does not prevent the District from
exceeding the budget as long as the necessary revenue is earned. The District is not required to
prepare an annual budget of revenue, therefore a deficit budgeted fund balance may be presented.
However, this does not affect the District’s ability to expend monies.
FACTORS AFFECTING FINANCIAL CONDITION
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the District
operates.
iii
Local Economy. The Phoenix metropolitan area and the rest of Maricopa County have enjoyed
booming growth fueled by the housing market for a number of years. The housing decline and
the current nationwide economic recession have created some unique challenges for the local
economy. Economists have indicated the bottom of the recession has been realized, however, it
appears the Phoenix metropolitan area may take a longer period of time to recover primarily due
to the housing issue.
A few of the major firms represented in the Phoenix metropolitan area include Honeywell
International, Inc., Banner Health Systems, Wal-Mart Stores, Inc., Wells Fargo Company and
Bashas’. In addition, the metropolitan area provides excellent educational and training
opportunities through seven community colleges, four private colleges and graduate schools, a
medical school, and one state university, which recently added a downtown campus.
Maricopa County is located in the south-central portion of Arizona and encompasses an area of
approximately 9,226 square miles. Its boundaries encompass the cities of Phoenix, Scottsdale,
Mesa, Tempe, Glendale, Chandler, and such towns as Gilbert, Paradise Valley and Fountain
Hills. Maricopa County is currently the nation’s fourth largest county in terms of population size
and the 14th in land area. Population growth is expected to be between 1% and 3% over the next
two years. Although the unemployment rate for Maricopa County has been higher than the
national average for several years, by the end of the 2012 fiscal year the unemployment rate has
dropped below the national average.
Service is the largest employment sector in the County, partly fueled by the $2.5 billion per year
tourist industry. The County has excellent accommodations, diverse cultural and recreational
activities, and a favorable climate attracting millions to the area annually. Wholesale and retail
trade is the second largest employment category, employing over a quarter million people.
Manufacturing consisting primarily of high technology companies is the third largest employer.
Other factors aiding economic growth include major expansions of the international airport
serving the area, a favorable business climate and the presence of a well developed and
expanding transportation infrastructure.
Long-term Financial Planning. The State of Arizona has experienced one of the worst budget
shortfalls in the nation. In order to balance the state budget during the 2011-12 fiscal year, the
state reduced the amount of capital school districts could budget. Because District officials
anticipated this action by the state, spending and hiring of staff was curtailed early in the year.
This created a reserve that allowed the District to absorb the reduction and provided additional
carryforward funds into the next year.
The District established a budget committee in the spring of 2009 comprised of parents,
community members and district staff. This committee made recommendations which included
budget reductions for the 2008-09, 2009-10, 2010-11 and 2011-12 fiscal years. It is anticipated
the state will, once again, make budget reductions during the next fiscal year to offset the low
state revenues. Based on the financial planning noted above, we believe we are well positioned
to handle future budget reductions without the loss of service to our students.
iv
The District continues to strive for excellence in educational achievements and the quality
opportunities certified, classified and administrative staff provide. The District Assessment Plan,
in coordination with State requirements, includes the administration of the AIMS (Arizona
Instrument to Measure Standards).
Students in grades 2-8 are additionally administered a norm-referenced test, the Terra Nova.
Student achievement in reading, mathematics, and writing is measured through AIMS in 3rd
through 8th and science in 4th grade. Additionally, the District utilizes formative and summative
assessments in math and reading throughout all grade levels. District benchmark assessments
measuring how well students learned curriculum scheduled to be taught during each instructional
period are administered throughout the year. Progress on all of these assessments is reported for
the entire student population, as well as for ethnic gender, language proficiency, and special
program populations. Finally, students in K-2 are assessed for reading proficiency by the use of
the DIBELS system (Dynamic Indicators of Basic Early Literacy Skills) through a sophisticated
information system.
The Curriculum and Instruction Department provides support to the following curricular areas:
Reading, Writing, Social Studies, Math, Science, Health, Substance Abuse Prevention, Art,
Music, Physical Education, and Technology. The Department also provides support to staff in
increasing instructional capacity to deliver high quality instruction that promotes student
learning. Through data driven decision making, facilitative leadership, professional learning
communities, home-school partnerships and communication, and after-school intervention
programs, the District promotes meeting the individual needs of learners. Continued training in
these areas will occur to develop administrative and grade-level team capacity. The District uses
two Achievement Advisors at every school to coach and mentor classroom teachers in a routine
and systematic manner to improve classroom instruction. Customized professional development
is provided to teachers to ensure quality in all areas.
AWARDS AND ACKNOWLEDGMENTS
Awards. The Association of School Business Officials (ASBO) awarded a Certificate of
Excellence in Financial Reporting to the District for its comprehensive annual financial report
for the fiscal year ended June 30, 2011. In addition, the Government Finance Officers
Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial
Reporting to the District for its comprehensive annual financial report for the fiscal year ended
June 30, 2011. In order to be awarded these certificates, the District published an easily readable
and efficiently organized comprehensive annual financial report. This report satisfied both
accounting principles generally accepted in the United States of America and applicable legal
requirements.
These certificates are valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the programs’ requirements and we are
submitting it to ASBO and GFOA to determine its eligibility for the fiscal year 2011-12
certificates.
v
Acknowledgments. The preparation of the comprehensive annual financial report on a timely
basis was made possible by the dedicated service of the entire staff of the business and finance
department. Each member of the department has our sincere appreciation for the contributions
made in the preparation of this report.
In closing, without the leadership and support of the Governing Board of the District, preparation
of this report would not have been possible.
Respectfully submitted,
Joseph Quintana
Superintendent
Kevin Hegarty
Deputy Superintendent for Business Services
vi
This Certificate of Excellence in Financial Reporting is presented to
For its Comprehensive Annual Financial Report (CAFR)
For the Fiscal Year Ended June 30, 2011
Upon recommendation of the Association’s Panel of Review which has judged that the Report
substantially conforms to principles and standards of ASBO’s Certificate of Excellence Program
President
Executive Director
vii
viii
ix
LIST OF PRINCIPAL OFFICIALS
GOVERNING BOARD
Steve Johnston
President
Sara Smith
Clerk
Brenda Bartels
Member
Rosemary Arthur
Member
Mary Ann Wilson
Member
ADMINISTRATIVE STAFF
Joseph Quintana
Superintendent
Kevin Hegarty
Deputy Superintendent
for Business Services
x
FINANCIAL SECTION
3033 N. Central Ave., Suite 300
Phoenix, Arizona 85012
Tel (602) 277-9449
Fax (602) 277-9297
INDEPENDENT AUDITORS’ REPORT
Governing Board
We have audited the accompanying financial statements of the governmental activities, each
major fund, and the aggregate remaining fund information of Glendale Elementary School
District No.40 (District), as of and for the year ended June 30, 2012, which collectively comprise
the District’s basic financial statements as listed in the table of contents. These financial
statements are the responsibility of the District’s management. 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 of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and the significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, each major fund, and the
aggregate remaining fund information of the Glendale Elementary School District No. 40, as of
June 30, 2012, and the respective changes in financial position and, where applicable, cash flows
thereof for the year then ended in conformity with accounting principles generally accepted in
the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
December 18, 2012, on our consideration of Glendale Elementary School District No. 40’s
internal control over financial reporting and on our tests of its compliance with certain provisions
of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the internal control
over financial reporting or on compliance. That report is an integral part of an audit performed
in accordance with Government Auditing Standards and should be considered in assessing the
results of our audit.
TUCSON • PHOENIX • FLAGSTAFF • ALBUQUERQUE
www.heinfeldmeech.com
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis on pages 5 through 15 and budgetary comparison
information on pages 58 through 60 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.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the District’s financial statements as a whole. The accompanying
supplementary information such as the introductory section, combining and individual fund
financial statements and schedules, and statistical section are presented for purposes of additional
analysis and are not a required part of the financial statements. The combining and individual
fund financial statements and schedules are the responsibility of management and were derived
from and relate directly to the underlying accounting and other records used to prepare the
financial statements. The information has been subjected to the auditing procedures applied in
the audit of the financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to
prepare the financial statements or to the financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the information is fairly stated in all material respects in relation to the
financial 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.
HEINFELD, MEECH & CO., P.C.
CPAs and Business Consultants
December 18, 2012
Page 2
Page 3
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YEAR ENDED JUNE 30, 2012
As management of the Glendale Elementary School District No. 40 (District), we offer readers of
the District’s financial statements this narrative overview and analysis of the financial activities
of the District for the fiscal year ended June 30, 2012. We encourage readers to consider the
information presented here in conjunction with additional information that we have furnished in
our letter of transmittal, which can be found in the introductory section of this report.
FINANCIAL HIGHLIGHTS

The District’s total net assets of governmental activities decreased $697,683, which
represents a 1 percent decrease from the prior fiscal year.

General revenues accounted for $72.2 million in revenue, or 76 percent of all current
fiscal year revenues. Program specific revenues in the form of charges for services and
grants and contributions accounted for $23.0 million or 24 percent of total current fiscal
year revenues.

The District had approximately $95.9 million in expenses related to governmental
activities, a decrease of 3 percent from the prior fiscal year.

Among major funds, the General Fund had $63.0 million in current fiscal year revenues,
which primarily consisted of state aid and property taxes, and $63.6 million in
expenditures. The General Fund’s fund balance increased from $6.5 million at the prior
fiscal year end to $6.7 million at the end of the current fiscal year.

Net assets for the Internal Service Funds increased $558,867. Operating revenues of
$8.6 million exceeded operating expenses of $8.1 million at the end of the current fiscal
year.
OVERVIEW OF FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the District’s basic
financial statements. The District’s basic financial statements comprise three components: 1)
government-wide financial statements, 2) fund financial statements, and 3) notes to the financial
statements. This report also contains other supplementary information in addition to the basic
financial statements themselves.
Page 5
OVERVIEW OF FINANCIAL STATEMENTS (Cont’d)
Government-wide financial statements. The government-wide financial statements are
designed to provide readers with a broad overview of the District’s finances, in a manner similar
to a private-sector business. The accrual basis of accounting is used for the government-wide
financial statements.
The statement of net assets presents information on all of the District’s assets and liabilities, with
the difference between the two reported as net assets. Over time, increases or decreases in net
assets may serve as a useful indicator of whether the financial position of the District is
improving or deteriorating.
The statement of activities presents information showing how the District’s net assets changed
during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused compensated
absences).
The government-wide financial statements outline functions of the District that are principally
supported by property taxes and intergovernmental revenues. The governmental activities of the
District include instruction, support services, operation and maintenance of plant services,
student transportation services, operation of non-instructional services, and interest on long-term
debt.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The
District uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements. All of the funds of the District can be divided into three categories: governmental
funds, proprietary funds, and fiduciary funds.
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 use the modified accrual basis of accounting and focus on near-term inflows 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 the District’s near-term financing
requirements.
Page 6
OVERVIEW OF FINANCIAL STATEMENTS (Cont’d)
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 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
District’s near-term financing decision. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures and changes in fund balances provide
a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
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, Other Federal Projects Fund, Debt Service Fund and Bond Building Fund, all
of which are considered to be major funds. Data from the other governmental funds are
combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements and schedules.
Proprietary funds. The District maintains one type of proprietary fund. The internal
service funds are accounting devices used to accumulate and allocate costs internally among
the District’s various functions. The District uses one of its internal service funds to account
for its employee benefit trust. Because this service predominantly benefits governmental
functions, it has been included within governmental activities in the government-wide
financial statements. The employee benefit trust, although a legally separate component unit,
functions for all employees of the District, and therefore has been included as an internal
service fund. Other internal service funds include (1) the Workers’ Compensation Fund,
which accounts for transactions relating to self-insurance for work-related injuries and (2) the
Property and Casualty Insurance Fund, which accounts for transactions relating to the
purchase of property and casualty insurance and payment of deductibles. Because these
activities predominately benefit governmental functions, they have been included within
governmental activities in the government-wide financial statements.
The internal service funds are combined into a single, aggregated presentation in the
proprietary fund financial statements.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of
parties outside the District. Fiduciary funds are not reflected in the government-wide
financial statements because the resources of those funds are not available to support the
District’s own programs. Due to their custodial nature, fiduciary funds do not have a
measurement focus.
Page 7
OVERVIEW OF FINANCIAL STATEMENTS (Concl’d)
Notes to the 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.
The notes to the financial statements can be found immediately following the basic financial
statements.
Other information. In addition to the basic financial statements and accompanying notes, this
report also presents certain required supplementary information concerning the District’s budget
process. The District adopts an annual expenditure budget for all governmental funds. A
schedule of revenues, expenditures and changes in fund balances - budget and actual has been
provided for the General Fund and other Federal Projects Fund as required supplementary
information.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net assets may serve over time as a useful indicator of a government’s financial position. In the
case of the District, assets exceeded liabilities by $122.2 million at the end of the current fiscal
year.
The largest portion of the District’s net assets reflects its investment in capital assets (e.g., land
and improvements, buildings and improvements, vehicles, furniture and equipment, and
construction in progress), less any related debt used to acquire those assets that is still
outstanding. The District uses these capital assets to provide services to its students;
consequently, these assets are not available for future spending. Although the District’s
investment in its capital assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other sources, since the capital assets
themselves cannot be used to liquidate these liabilities. In addition, a portion of the District’s net
assets are restricted by statute for special purposes, debt service repayment and capital outlay
investment.
Page 8
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d)
The following table presents a summary of the District’s net assets for the fiscal years ended
June 30, 2012 and June 30, 2011.
Current and other assets
Capital assets, net
Total assets, net
Current and other liabilities
Long-term liabilities
Total liabilities
Net assets:
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total net assets
As of
June 30, 2012
$ 41,579,782
105,443,146
147,022,928
As of
June 30, 2011
$
33,386,079
109,423,421
142,809,500
2,413,721
22,391,535
24,805,256
2,820,340
17,073,805
19,894,145
95,822,434
14,784,172
11,611,066
$ 122,217,672
95,384,578
16,298,487
11,232,290
122,915,355
$
At the end of the current fiscal year the District reported positive balances in all three categories
of net assets. The same situation held true for the prior fiscal year.
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 Assets.


Page 9
The principal retirement of $4.6 million of bonds.
The addition of $2.0 million in capital assets through various school improvements and
purchases of vehicles, furniture and equipment.
Changes in net assets. The District’s total revenues for the current fiscal year were $95.2
million. The total cost of all programs and services was $95.9 million. The following table
presents a summary of the changes in net assets for the fiscal years ended June 30, 2012 and
June 30, 2011.
Fiscal Year Ended Fiscal Year Ended
June 30, 2012
June 30, 2011
Revenues:
Program revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues:
Property taxes
Investment income
Unrestricted county aid
Unrestricted state aid
Unrestricted federal aid
Total revenues
Expenses:
Instruction
Support services – students and staff
Support services – administration
Operation and maintenance of plant services
Student transportation services
Operation of non-instructional services
Interest on long-term debt
Total expenses
Change in net assets
Net assets, beginning
Net assets, ending
Page 10
$
1,692,679
21,081,644
254,346
$
19,088,475
149,095
4,994,144
47,782,348
148,741
95,191,472
$
52,497,853
11,834,923
9,778,466
10,969,615
3,360,539
7,243,818
203,941
95,889,155
(697,683)
122,915,355
122,217,672 $
1,554,895
19,154,448
2,032,192
19,082,527
231,127
4,888,635
47,013,071
846,491
94,803,386
53,768,778
12,446,219
10,154,165
11,248,879
3,164,751
7,161,374
529,198
98,473,364
(3,669,978)
126,585,333
122,915,355
Expenses
$60
Millions
$50
$40
$30
$20
$10
$0
FY2011-12
FY2010-11
The following table presents the District’s major functional activities. The table also shows each
function’s net cost (total cost less charges for services generated by the activities and
intergovernmental 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.
The following are significant current year transactions that had an impact on the change in net
assets.

An increase in state aid of $769,277 million due to an increase in student count.

A decrease of $697,750 in unrestricted federal aid due to a decrease in American and
Recovery and Reinvestment Act federal funding.
Page 11
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Concl’d)
Year Ended June 30, 2012
Year Ended June 30, 2011
Total
Net (Expense)/
Total
Net (Expense)/
Expenses
Revenue
Expenses
Revenue
Instruction
$ 52,497,853 $ (43,937,073) $ 53,768,778 $ (45,785,315)
11,834,923
(5,897,247)
12,446,219
(6,356,809)
9,778,466
(9,678,597)
10,154,165
(9,712,217)
10,969,615
(10,969,615)
11,248,879
(10,981,712)
3,360,539
(3,360,539)
3,164,751
(3,125,913)
7,243,818
1,186,526
7,161,374
759,335
203,941
(203,941)
529,198
(529,198)
$ 95,889,155 $ (72,860,486) $ 98,473,364 $ (75,731,829)
Total

The cost of all governmental activities this year was $95.9 million.

Federal and State governments and charges for services subsidized certain programs with
grants and contributions and other local revenues of $23.0 million.

Net cost of governmental activities of $72.9 million was partially financed by general
revenues, which are made up of primarily property taxes of $19.1 million, unrestricted
state aid of $47.8 million, and unrestricted county aid of $5.0 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
the District completed the year, its governmental funds reported a combined fund balance of
$30.7 million, an increase of $12.7 million due primarily to the issuance of $9.6 million in
general obligation bonds.
Page 12
FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS (Concl’d)
The General Fund comprises 22 percent of the total fund balance. Approximately $6.3 million
or 94 percent of the General Fund’s fund balance constitutes unassigned fund balance.
The General Fund is the principal operating fund of the District. The fund balance increased
from $6.5 million to $6.7 million as of fiscal year end. General Fund revenues increased $5.3
million primarily due to an increase in student count, while General Fund expenditures decreased
$1.6 million.
The fund balance in the Debt Service Fund increased $3.3 million to $3.6 million as of year end,
due to changes in bonded debt requirements. Furthermore, the fund balance in the Bond Building
Fund increased $9.5 million due to the issuance of general obligation bonds.
Proprietary Funds. Unrestricted net assets of the Internal Service Funds at the end of the fiscal
year amounted to $5.7 million, an increase of $558,867 from the prior fiscal year, which was a
result of an increase in contributions.
BUDGETARY HIGHLIGHTS
The difference between the original budget and the final amended budget was an $816,609
increase, or 1 percent.
Significant budget to actual variances for the District’s revenues were because the State of
Arizona does not require the preparation of a revenue budget. 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 required supplementary information. There were no significant
variances between actual and budgeted expenditures.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets. At year end, the District had invested $171.3 million in capital assets, including
various school improvements and purchases of vehicles, computers, and other equipment. This
amount represents a net increase prior to depreciation of $1.9 million from the prior fiscal year,
primarily due to various school improvements and purchases of vehicles, furniture, and
equipment. Total depreciation expense for the current fiscal year was $6.0 million.
Page 13
CAPITAL ASSETS AND DEBT ADMINISTRATION (Concl’d)
The following schedule presents a summary of capital asset balances for the fiscal years ended
June 30, 2012 and June 30, 2011.
Capital assets – non-depreciable
Capital assets – depreciable, net
Total
As of
As of
June 30, 2012
June 30, 2011
$
8,834,179 $
8,746,518
96,608,967
100,676,903
$ 105,443,146 $ 109,423,421
Additional information on the District’s capital assets can be found in Note 6.
Debt Administration. At year-end, the District had $19.1 million in long-term debt
outstanding, $1.0 million due within one year. This represents a net increase of $5.1 million,
primarily due to the issuance of school improvement bonds.
The District’s general obligation bonds are subject to two limits; the Constitutional debt limit
(total debt limit) on all general obligation bonds (up to 15 percent of the total secondary assessed
valuation) and the statutory debt limit on Class B bonds (the greater of 5 percent of the
secondary assessed valuation or $1,500 per student). The current total debt limitation for the
District is $46.9 million and the Class B debt limit is $18.4 million, which are more than the
District’s total outstanding general obligation and Class B debt, respectively.
Additional information on the District’s long-term debt can be found in Notes 8-10.
Page 14
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES
Many factors were considered by the District’s administration during the process of developing
the fiscal year 2012-13 budget. Among them:









Fiscal year 2011-12 budget balance carry forward (estimated $2.1 million).
District student population (estimated 13,394).
Increase in teachers for the projected increase in students.
No increase in medical insurance premiums (for the 5th consecutive year).
Continuation of reductions in funding from the state, primarily in the capital area.
Reduced teacher substitute budget.
Utilized reserves to preserve programs for students.
Implemented pilot program for three specialty schools (Montessori, STEM, and Opening
the Mind through the Arts).
Continued a bond defeasance to maintain a lower tax rate for taxpayers.
Also considered in the development of the budget is the local economy and inflation of the
surrounding area.
Budgeted expenditures in the General Fund increased 3 percent to $65.2 million in fiscal year
2012-13. An increase in student membership is the primary reason for the increase. State aid
and property taxes are expected to be the primary funding sources. Three new programs were
added to the 2012-13 budget.
CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, and investors and creditors
with a general overview of the District’s finances and to demonstrate the District’s accountability
for the resources it receives. If you have questions about this report or need additional
information, contact the Business and Finance Department, Glendale Elementary School District
No. 40, 7301 North 58th Avenue, Glendale, Arizona 85301.
Page 15
Page 16
BASIC FINANCIAL STATEMENTS
Page 17
Page 18
GOVERNMENT-WIDE FINANCIAL STATEMENTS
Page 19
STATEMENT OF NET ASSETS
JUNE 30, 2012
Governmental
Activities
ASSETS
Current assets:
Cash and investments
Property taxes receivable
Due from governmental entities
Prepaid items
Deposits
Inventory
Total current assets
$
Noncurrent assets:
Land
Land improvements
Buildings and improvements
Vehicles, furniture and equipment
Construction in progress
Accumulated depreciation
Total noncurrent assets
Total assets
8,707,919
7,312,811
136,625,690
18,504,208
126,260
(65,833,742)
105,443,146
147,022,928
LIABILITIES
Current liabilities:
Accounts payable
Construction contracts payable
Claims payable
Compensated absences payable
Accrued interest payable
Unearned revenues
Obligations under capital leases
Bonds payable
Total current liabilities
1,814,435
125,884
287,401
245,000
183,012
2,989
3,510
1,015,000
3,677,231
Noncurrent liabilities:
Non-current portion of long-term obligations
Total noncurrent liabilities
Total liabilities
NET ASSETS
Restricted for:
Federal and state projects
Food service
Other local initiatives
Debt service
Capital outlay
Unrestricted
Total net assets
15,348,725
2,051,210
22,925,415
581,210
161,433
511,789
41,579,782
21,128,025
21,128,025
24,805,256
95,822,434
$
1,137,511
3,874,066
1,161,863
3,756,757
4,853,975
11,611,066
122,217,672
The notes to the basic financial statements are an integral part of this statement.
Page 20
STATEMENT OF ACTIVITIES
Net (Expense)
Revenue and
Changes in Net
Assets
Program Revenues
Functions/Programs
Governmental activities:
Instruction
Support services - students and staff
Support services - administration
Operation and maintenance
of plant services
Total governmental activities
Charges for
Services
Expenses
$
$
52,497,853 $
11,834,923
9,778,466
10,969,615
3,360,539
7,243,818
203,941
95,889,155 $
Operating
Grants and
Contributions
472,974 $
Capital Grants
and
Contributions
7,833,460 $
5,937,676
99,869
1,119,836
1,692,679 $
Governmental
Activities
254,346 $ (43,937,073)
(5,897,247)
(9,678,597)
(10,969,615)
(3,360,539)
1,186,526
(203,941)
(72,860,486)
7,310,508
21,081,644 $
254,346
General revenues:
Taxes:
Property taxes, levied for general purposes
Property taxes, levied for debt service
Property taxes, levied for capital outlay
Investment income
Total general revenues
14,414,972
4,187,332
486,171
149,095
4,994,144
47,782,348
148,741
72,162,803
(697,683)
Changes in net assets
122,915,355
Net assets, beginning of year
Net assets, end of year
Page 21
$
122,217,672
Page 22
FUND FINANCIAL STATEMENTS
Page 23
BALANCE SHEET - GOVERNMENTAL FUNDS
JUNE 30, 2012
General
ASSETS
Due from other funds
Deposits
Inventory
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Construction contracts payable
Due to other funds
Deferred revenues
Bonds payable
Bond interest payable
Total liabilities
$
35,046
1,756,407
16,234,559
Other Federal
Projects
$
4,729,406
225,363
406,386
18,432,398
$
$
544,624
$
2,209,725
$
4,954,769
$
9,675,431
1,464,119
2,209,725
11,684,174
2,209,725
151,380
1,015,000
183,012
1,349,392
406,386
3,605,377
6,341,838
6,748,224
Total liabilities and fund balances
$
18,432,398
3,605,377
$
2,209,725
Page 24
$
2,209,725
$
Fund balances:
Nonspendable
Restricted
Unassigned
Total fund balances
Debt Service
$
4,954,769
Bond Building
Non-Major
Governmental
Funds
Total
Governmental
Funds
$
$
$
$
230,839
69,440
4,481,131
9,043,417
161,433
105,403
14,091,663
$
598,621
$
4,291,677
5,304,377
$
9,596,054
$
$
125,884
2,462,638
137,001
$
125,884
3,198,260
9,470,170
105,403
10,788,000
9,470,170
10,893,403
9,596,054
Page 25
$
14,091,663
9,286,968
2,051,210
22,925,415
14,347,794
161,433
511,789
49,284,609
1,143,245
125,884
14,347,794
1,752,500
1,015,000
183,012
18,567,435
511,789
23,863,547
6,341,838
30,717,174
$
49,284,609
Page 26
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2012
Total governmental fund balances
$
30,717,174
Amounts reported for governmental activities in the Statement of
Net Assets are different because:
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the funds.
Governmental capital assets
Less accumulated depreciation
$ 171,276,888
(65,833,742)
105,443,146
Some revenues will not be available to pay for current period
expenditures and, therefore, are deferred in the funds.
Property taxes
Intergovernmental
1,679,163
70,348
1,749,511
The Internal Service Fund is used by management to charge
the cost of insurance to the individual funds. The assets and
liabilities of the Internal Service Fund are included in the
Statement of Net Assets.
5,684,376
Long-term liabilities are not due and payable in the current
period and, therefore, are not reported in the funds.
Other postemployment benefits payable
Bonds payable
(1,510,360)
(1,790,293)
(15,882)
(18,060,000)
Net assets of governmental activities
Page 27
(21,376,535)
$
122,217,672
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
General
Revenues:
Other local
Property taxes
State aid and grants
Federal aid, grants and reimbursements
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Debt service Principal retirement
Interest and fiscal charges
Bond issuance costs
Total expenditures
$
$
67,205
4,380,198
4,447,403
2,335,587
182,363
5,577
1,015,000
376,440
Other financing sources (uses):
Transfer in
Transfer out
Capital lease agreements
Issuance of school improvement bonds
Premium on sale of bonds
Total other financing sources (uses):
63,552,282
2,523,527
1,391,440
(530,288)
61,407
3,055,963
881,755
206,782
(3,586)
Changes in fund balances
Fund balances (deficits), beginning of year
881,755
(3,586)
206,782
351,467
57,821
3,262,745
6,462,329
(57,821)
342,632
(65,572)
Increase (decrease) in reserve for inventory
$
6,748,224
$
Page 28
Debt Service
2,584,934
2,584,934
37,342,076
5,704,475
8,585,075
8,996,280
2,719,059
183,494
21,823
Excess (deficiency) of revenues over expenditures
Fund balances (deficits), end of year
5,290,249
14,858,015
42,724,989
148,741
63,021,994
Other Federal
Projects
$
3,605,377
Bond Building
Non-Major
Governmental
Funds
Total
Governmental
Funds
$
$
$
96,380
$
1,495,571
422,507
5,380,382
18,944,118
26,242,578
6,853,025
19,660,720
48,105,371
21,677,793
96,296,909
8,230,795
5,641,091
572,273
22,037
76,835
6,967,875
4,221,611
47,908,458
11,527,929
9,162,925
9,018,317
2,795,894
7,151,369
4,339,814
13,668
833
91,775
188,155
25,747,018
1,028,668
377,273
91,775
93,402,422
(188,155)
495,560
2,894,487
(206,782)
(878,169)
20,707
9,600,000
265,107
9,658,325
(857,462)
1,088,537
(1,088,537)
20,707
9,600,000
265,107
9,885,814
9,470,170
(361,902)
12,780,301
11,249,629
17,996,769
5,676
(59,896)
9,470,170
Page 29
$
10,893,403
$
30,717,174
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
Net changes in fund balances - total governmental funds
$
12,720,405
Amounts reported for governmental activities in the Statement of Activities are
different because:
Governmental funds report the portion of capital outlay for capitalized assets as expenditures.
However, in the Statement of Activities, the costs of those assets are allocated over their
estimated useful lives as depreciation expense.
Expenditures for capitalized assets
Less current year depreciation
$
2,015,217
(5,976,562)
(3,961,345)
(9,600,000)
(20,707)
(9,620,707)
(572,245)
(566,705)
(1,138,950)
Issuance of long-term debt provides current financial resources to governmental funds,
but the issuance increases long term liabilities in the Statement of Net Assets.
Some revenues in the Statement of Activities that do not provide current financial
resources are not reported as revenues in the funds.
Property taxes
Intergovernmental
Repayments of long-term debt principal are expenditures in the governmental
funds, but the repayment reduces long-term liabilities in the Statement of
Net Assets.
Capital lease principal retirement
Bond principal retirement
13,668
1,015,000
1,028,668
Some expenses reported in the Statement of Activities do not require the use of
current financial resources and, therefore, are not reported as expenditures in
governmental funds.
Other postemployment benefits payable
Loss on disposal of capital assets
Compensated absences
(282,426)
(18,930)
16,735
(284,621)
The Internal Service Fund is used by management to charge the cost of insurance
to the individual funds. The changes in net assets of the Internal Service Fund
is reported with governmental activities in the Statement of Activities.
Change in net assets in governmental activities
Page 30
558,867
$
(697,683)
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
JUNE 30, 2012
Governmental
Activities:
Internal Service
Funds
ASSETS
Current assets:
Prepaid items
Total assets
$
LIABILITIES
Accounts payable
Claims payable
Total liabilities
NET ASSETS
Unrestricted
Total net assets
6,061,757
581,210
6,642,967
6,642,967
671,190
287,401
958,591
958,591
$
5,684,376
5,684,376
Page 31
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
Governmental
Activities:
Internal Service
Funds
Operating revenues:
Contributions
Total operating revenues
$
Operating expenses:
Claims
Adjustment to the prior year claims reserve
Premiums
Administrative fees
Total operating expenses
8,637,392
8,637,392
348,603
(556,663)
7,936,123
383,975
8,112,038
525,354
Operating income (loss)
Nonoperating revenues (expenses):
Investment income
Total nonoperating revenues (expenses)
33,513
33,513
558,867
5,125,509
Total net assets, beginning of year
Total net assets, end of year
$
5,684,376
Page 32
STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS
Governmental
Activities:
Internal
Service Funds
Increase in Cash and Cash Equivalents
Cash flows from operating activities:
Cash received from contributions
Cash payments to suppliers for goods and services
Cash payments for claims
$
Net cash provided by operating activities
417,139
Cash flows from investing activities:
Investment income
33,513
Net cash provided by investing activities
33,513
Net increase in cash and cash equivalents
450,652
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
8,637,392
(7,715,477)
(504,776)
5,611,105
$
6,061,757
$
525,354
Reconciliation of Operating Income to Net Cash provided by Operating Activities
Operating income
Adjustments to reconcile operating income
to net cash provided by operating activities:
Changes in assets and liabilities:
Increase in prepaid items
Increase in accounts payable
Decrease in claims payable
(23,716)
628,337
(712,836)
Total adjustments
Net cash provided by operating activities
(108,215)
$
Page 33
417,139
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
JUNE 30, 2012
Agency
ASSETS
Total assets
$
$
67,651
67,651
LIABILITIES
Due to student groups
Total liabilities
$
$
67,651
67,651
Page 34
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Glendale Elementary School District No. 40 (District) have
been prepared in conformity with accounting principles generally accepted in the United
States of America as applied to government units. The Governmental Accounting Standards
Board (GASB) is the accepted standard-setting body for establishing governmental
accounting and financial reporting principles.
The more significant of the District’s accounting policies are described below.
A. Reporting Entity
The Governing Board is organized under Section 15-321 of the Arizona Revised Statutes
(A.R.S.). Management of the District is independent of other state or local governments. The
County Treasurer collects taxes for the District, but exercises no control over its
expenditures/expenses.
The membership of the Governing Board consists of five members elected by the public.
Under existing statutes, the Governing Board’s duties and powers include, but are not limited
to, the acquisition, maintenance and disposition of school property; the development and
adoption of a school program; and the establishment, organization and operation of schools.
The Board also has broad financial responsibilities, including the approval of the annual
budget, and the establishment of a system of accounting and budgetary controls.
The financial reporting entity consists of a primary government and its component units. A
component unit is a legally separate entity that must be included in the reporting entity in
conformity with generally accepted accounting principles. The District is a primary
government because it is a special-purpose government that has a separately elected
governing body, is legally separate, and is fiscally independent of other state or local
governments. Furthermore, the component unit combined with the District for financial
statement presentation purposes, and the District, are not included in any other governmental
reporting entity. Consequently, the District’s financial statements include only the funds of
those organizational entities for which its elected governing board is financially accountable.
The District’s major operations include education, student transportation, construction and
maintenance of District facilities, and food services.
Page 35
JUNE 30, 2012
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Blended Component Unit - Blended component units, although legally separate entities,
are, in substance, part of the District’s operations. The Glendale Elementary School District
No. 40 Employee Benefit Trust is responsible for providing health insurance for the District’s
employees. The District’s Governing Board appoints the Trust’s Board of Directors. The
Glendale Elementary School District No. 40 Employee Benefit Trust provides services
entirely to the District and therefore has been included as an Internal Service Fund in
accordance with the criteria established by GASB.
Complete financial statements for the component unit may be obtained at the Glendale
Elementary School District No. 40’s administrative offices - 7301 North 58th Avenue,
Glendale, Arizona 85301.
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the statement
of activities) present financial information about the District as a whole. The reported
information includes all of the nonfiduciary activities of the District and its component unit.
For the most part, the effect of internal activity has been removed from these statements.
These statements are to distinguish between the governmental and business-type activities of
the District. Governmental activities normally are supported by taxes and intergovernmental
revenues, and are reported separately from business-type activities, which rely to a
significant extent on fees and charges for support. The District does not have any businesstype activities.
The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenues. Direct expenses are those that are
clearly identifiable with a specific function or segment. Program revenues include 1) charges
to customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function or segment and 2) grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function or
segment. Taxes, unrestricted County, State and Federal aid, and other items not included
among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds and
fiduciary funds, even though the latter are excluded from the government-wide financial
statements. Major individual governmental funds are reported as separate columns in the
fund financial statements.
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JUNE 30, 2012
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
Government-Wide Financial Statements - The government-wide financial statements are
reported using the economic resources measurement focus and the accrual basis of
accounting. Revenues are recorded when earned and expenses are recorded when a liability
is incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the year for which they are levied. Grants and similar items are recognized as
revenue as soon as all eligibility requirements imposed by the grantor or provider have been
met. As a general rule, the effect of internal activity has been eliminated from the
government-wide financial statements; however, the effects of interfund services provided
and used between functions are reported as expenses and program revenues at amounts
approximating their external exchange value.
Fund Financial Statements - Governmental fund financial statements are reported using the
current financial resources measurement focus and the modified accrual basis of accounting.
Revenues are recognized as soon as they are both measurable and available. Revenues are
considered to be available when they are collectible within the current period or soon enough
thereafter to pay liabilities of the current period. For this purpose, the District considers
revenues to be available if they are collected within 60 days of the end of the current fiscal
period. Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service resources are provided during the current year for
payment of long-term debt principal and interest due early in the following year (not to
exceed one month) and, therefore, the expenditures and related liabilities have been
recognized. Compensated absences are recorded only when payment is due.
Property taxes, State, Federal and County aid, tuition, and investment income associated with
the current fiscal period are all considered to be susceptible to accrual and have been
recognized as revenues of the current fiscal period. Food services and miscellaneous
revenues are not susceptible to accrual because generally they are not measurable until
received in cash. Grants and similar awards are recognized as revenue as soon as all
eligibility requirements imposed by the grantor or provider have been met. Deferred
revenues arise when resources are received by the District before it has legal claim to them,
as when grant monies are received prior to meeting all eligibility requirements imposed by
the provider.
Delinquent property taxes and other receivables that will not be collected within the available
period have been reported as deferred revenue on the governmental fund financial
statements.
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JUNE 30, 2012
The focus of governmental fund financial statements is on major funds rather than reporting
funds by type. Each major fund is presented in a separate column. Non-major funds are
aggregated and presented in a single column. The internal service funds are presented in a
single column on the face of the proprietary fund statements. Fiduciary funds are reported by
fund type.
The District reports the following major governmental funds:
General Fund – The General Fund is the District’s primary operating fund. It accounts
for all resources used to finance District maintenance and operation except those required
to be accounted for in other funds. It includes the District’s Maintenance and Operation
Fund as well as the Medicaid Reimbursement, School Plant, Auxiliary Operations, Gifts
and Donations, Indirect Costs, Advertisement Funds, and Soft Capital Allocation Funds.
Other Federal Projects – The Other Federal Projects Fund accounts for financial
assistance received for other supplemental federal projects.
Debt Service Fund - The Debt Service Fund accounts for the accumulation of resources
for, and the payment of, long-term debt principal, interest and related costs.
Bond Building Fund – The Bond Building Fund is used to account for proceeds from
District bond issues that are expended on the acquisition or lease of sites, construction or
renovation of school buildings, improving school grounds, or purchasing pupil
transportation vehicles.
Additionally, the District reports the following fund types:
Proprietary Funds - The Proprietary Funds are Internal Service Funds that account for
activities related to the District’s self-insurance program.
Fiduciary Fund - The Fiduciary Fund is an Agency Fund which accounts for resources
held by the District on behalf of others. This fund type includes the Student Activities
Fund which accounts for monies raised by students to finance student clubs and
organizations held by the District as an agent.
The proprietary fund financial statements are reported using the economic resources
measurement focus and accrual basis of accounting and are presented in a single column.
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JUNE 30, 2012
Proprietary funds distinguish operating revenues and expenses from nonoperating 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. The
principal operating revenues of the District’s internal service funds are charges for health and
welfare benefits and charges to District departments for goods and services. Operating
expenses for internal service funds include the cost of goods and services and administrative
expenses. All revenues and expenses not meeting this definition are reported as nonoperating
revenues and expenses.
The agency fund is custodial in nature and does not have a measurement focus and is
reported using the accrual basis of accounting. The agency fund is reported by fund type.
D. Cash and Investments
For purposes of the Statement of Cash Flows, the District considers all highly liquid
investments with a maturity of three months or less when purchased to be cash equivalents.
Cash and cash equivalents at year-end consisted of cash in bank and cash on deposit with the
county treasurer.
A.R.S. require the District to deposit certain cash with the County Treasurer. That cash is
pooled for investment purposes, except for cash of the Debt Service and Bond Building
Funds that may be invested separately. Interest earned from investments purchased with
pooled monies is allocated to each of the District’s funds based on their average balances. As
required by statute, interest earnings of the Bond Building Fund are recorded initially in that
fund, but then transferred to the Debt Service Fund. All investments are stated at fair value.
E. Investment Income
Investment income is composed of interest, dividends, and net changes in the fair value of
applicable investments. Investment income is included in other local revenue in the
governmental fund financial statements and in nonoperating revenues in the proprietary fund
F. Receivables and Payables
Activity between funds that is representative of lending/borrowing arrangements outstanding
at the end of the fiscal year is referred to as either “due to/from other funds” (i.e., the current
portion of interfund loans) or “advances to/from other funds” (i.e., the non-current portion of
interfund loans). All other outstanding balances between funds are reported as “due to/from
other funds.”
Page 39
JUNE 30, 2012
All receivables, including property taxes receivable, are shown net of an allowance for
uncollectibles.
G. Property Tax Calendar
Property tax levies are obtained by applying tax rates against either the primary assessed
valuation or the secondary assessed valuation. Primary and secondary valuation categories
are composed of the exact same properties. However, the primary category limits the
increase in property values to 10 percent from the previous year, while there is no limit to the
increase in property values for secondary valuation. Override and debt service tax rates are
applied to the secondary assessed valuation and all other tax rates are applied to the primary
assessed valuation.
The County levies real property taxes on or before the third Monday in August, which
become due and payable in two equal installments. The first installment is due on the first
day of October and becomes delinquent after the first business day of November. The
second installment is due on the first day of March of the next year and becomes delinquent
after the first business day of May. The billings are considered past due after these dates, at
which time the applicable property is subject to penalties and interest.
The County also levies various personal property taxes during the year, which are due the
second Monday of the month following receipt of the tax notice, and become delinquent 30
days thereafter.
Pursuant to A.R.S., a lien against assessed real and personal property attaches on the first day
of January preceding assessment and levy; however according to case law, an enforceable
legal claim to the asset does not arise.
H. Inventory
General Fund inventories are valued at cost using the average cost method, while food
service inventories are valued using the FIFO method. Inventories consist of expendable
supplies held for consumption. Inventories are recorded as expenses when consumed on the
government-wide financial statements and as expenditures when purchased on the fund
The United States Department of Agriculture (USDA) commodity portion of the food
services inventory consists of food donated by the USDA. It is valued at estimated market
prices paid by the USDA.
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JUNE 30, 2012
I. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in both the government-wide and fund financial statements.
Prepaid items are recorded as expenses when consumed in the government-wide and fund
J. Capital Assets
Capital assets, which include land and improvements, buildings and improvements, vehicles,
furniture, and equipment, and construction in progress, are reported in the government-wide
Capital assets are defined by the District as assets with an initial, individual cost in excess of
$5,000 and an estimated useful life of more than one year. Such assets are recorded at
historical cost, or estimated historical cost if actual historical cost is not available. Donated
capital assets are recorded at the estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend the life of the asset are not capitalized.
Capital assets are depreciated using the straight-line method over the following estimated
useful lives:
Land improvements
20 years
7 - 40 years
5 - 20 years
K. Compensated Absences
The District’s employee vacation and sick leave policies generally provide for granting
vacation and sick leave with pay. Full-time certified employees earn 10 days of sick leave
each contract year. Full-time classified employees earn sick leave at the rate of one day per
month. In the event of termination, an employee is reimbursed for accrued sick leave at
varying rates depending on years of service, age, and position of certified or classified. All
12-month classified employees earn vacation. Vacation leave vests with employees at the
employee’s regular rate of pay. The current and long-term liabilities, including related
benefits, for accumulated vacation and sick leave are reported on the government-wide
financial statements. A liability for these amounts is reported in governmental funds only if
they have matured, for example, as a result of employee leave, resignations and retirements.
Generally, resources from the General Fund are used to pay for compensated absences.
Page 41
JUNE 30, 2012
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concl’d)
L. 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 on the
statement of net assets. Bond premiums and discounts, as well as issuance costs and the
difference between the reacquisition price and the net carrying amount of the old debt, are
deferred and amortized over the life of the bonds using the straight-line method over the term
of the related debt.
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.
M. Interfund Activity
Flows of cash from one fund to another without a requirement for repayment are reported as
interfund transfers. Interfund transfers between governmental funds are eliminated in the
Statement of Activities. Interfund transfers in the fund financial statements are reported as
other financing sources/uses in governmental funds and after nonoperating revenues/
expenses in proprietary funds.
N. Estimates
The preparation of the 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 amounts reported in the financial statements and
accompanying notes. Actual results may differ from those estimates.
Page 42
JUNE 30, 2012
NOTE 2 – FUND BALANCE CLASSIFICATIONS
Fund balances of the governmental funds are reported separately within classifications based
on a hierarchy of the constraints placed on the use of those resources. The classifications are
based on the relative strength of the constraints that control how the specific amounts can be
spent. The classifications are nonspendable, restricted, and unrestricted, which includes
committed, assigned, and unassigned fund balance classifications.
Nonspendable. The nonspendable fund balance classification includes amounts that cannot
be spent because they are not in spendable form, or legally or contractually required to be
maintained intact.
Restricted. Fund balance is reported as restricted when constraints placed on the use of
resources are either externally imposed by creditors (such as through debt covenants),
grantors, contributors, or laws or regulations of other governments or is imposed by law
through constitutional provisions or enabling legislation.
Committed. The committed fund balance classification includes amounts that can be used
only for the specific purposes imposed by formal action of the Governing Board. Those
committed amounts cannot be used for any other purpose unless the Governing Board
removes or changes the specified use by taking the same type of action it employed to
previously commit those amounts. The District does not have a formal policy or procedures
for the utilization of committed fund balance, accordingly, no committed fund balance
amounts are reported.
Assigned. Amounts in the assigned fund balance classification are intended to be used by the
District for specific purposes but do not meet the criteria to be classified as restricted or
committed. In governmental funds other than the General Fund, assigned fund balance
represents the remaining amount that is not restricted or committed. In the General Fund,
assigned amounts represent intended uses established by the Governing Board or the Deputy
Superintendent for Business Services who has been delegated that authority by the formal
Governing Board action. At year end, no assignments of fund balance existed.
Unassigned. Unassigned fund balance is the residual classification for the General Fund and
includes all spendable amounts not contained in the other classifications. In other
governmental funds, the unassigned classification is used only to report a deficit balance
resulting from overspending for specific purposes for which amounts had be restricted,
committed, or assigned.
The District applies restricted resources first when expenditures are incurred for purposes for
which either restricted or unrestricted (committed, assigned, and unassigned) amounts are
available. Similarly, within unrestricted fund balance, committed amounts are reduced first
followed by assigned, and then unassigned amounts when expenditures are incurred for
purposes for which amounts in any of the unrestricted fund balance classifications could be
used.
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JUNE 30, 2012
NOTE 2 – FUND BALANCE CLASSIFICATIONS (Concl’d)
The table below provides detail of the major components of the District’s fund balance
classifications at year end.
Debt
Service
Fund
General
Fund
Fund Balances:
Nonspendable:
Inventory
Restricted:
Debt service
Capital projects
Bond building projects
Voter approved initiatives
Federal and State projects
Food service
Other purposes
Unassigned
Total fund balances
$
406,386
$
Bond
Building
Fund
$
Non-Major
Governmental
Funds
$
105,403
3,605,377
4,790,311
9,470,170
830,029
237,134
3,768,663
1,161,863
6,341,838
$ 6,748,224
$ 3,605,377
$ 9,470,170
$
10,893,403
The July 1, 2011 fund balance of the General Fund does not agree to the prior year financial
statements by $3,511,216 because the Soft Capital Fund was presented in the General fund in
fiscal year 2011-12 in accordance with GASB and state criteria. The fund balance of the nonmajor governmental funds also changed accordingly.
NOTE 3 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
Excess Expenditures Over Budget – At year end, the District had expenditures in funds that
exceeded the budgets, however this does not constitute a violation of any legal provisions.
NOTE 4 – CASH AND INVESTMENTS
A.R.S. authorize the District to invest public monies in the State Treasurer’s local government
investment pools, the County Treasurer’s investment pool, obligations of the U.S. Government
and its agencies, obligations of the State and certain local government subdivisions, interestbearing savings accounts and certificates of deposit, collateralized repurchase agreements,
certain obligations of U.S. corporations, and certain other securities. The statutes do not
include any requirements for credit risk, custodial credit risk, concentration of credit risk,
interest rate risk, or foreign currency risk for the District’s investments.
Page 44
JUNE 30, 2012
NOTE 4 – CASH AND INVESTMENTS (Concl’d)
Custodial Credit Risk – Deposits. Custodial credit risk is the risk that in the event of bank
failure the District’s deposits may not be returned to the District. The District does not have a
deposit policy for custodial credit risk. At year end, the carrying amount of the District’s
deposits was $178,175 and the bank balance was $218,324.
The State Treasurer’s pools are external investment pools, the Local Government Investment
Pool (Pool 5) and Local Government Investment Pool-Government (Pool 7), with no
regulatory oversight. The pools are not required to register (and are not registered) with the
Securities and Exchange Commission. The activity and performance of the pools are
reviewed monthly by the State Board of Investment. The fair value of each participant’s
position in the State Treasurer investment pools approximates the value of the participant’s
shares in the pool, and the participants’ shares are not identified with specific investments. No
regulatory oversight is provided for the County Treasurer’s Investment Pool and that pool’s
structure does not provide for shares.
At year end, the District’s investments consisted of the following.
County Treasurer’s investment pool
Total
Average Maturities
375 days
Fair Value
$ 15,238,201
$ 15,238,201
Interest Rate Risk. The District does not have a formal investment policy that limits
investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates.
Credit Risk. The District has no investment policy that would further limit its investment
choices. As of year end, the District’s investment in the County Treasurer’s investment pool
did not receive a credit quality rating from a national rating agency.
Custodial Credit Risk – Investments. The District’s investment in the County Treasurer’s
investment pool represents a proportionate interest in the pool’s portfolio; however, the
District’s portion is not identified with specific investments and is not subject to custodial
credit risk.
Page 45
JUNE 30, 2012
NOTE 5 – RECEIVABLES
Receivable balances, net of allowance for uncollectibles, have been disaggregated by type
and presented separately in the financial statements with the exception of due from
governmental entities. Due from governmental entities, net of allowance for uncollectibles,
as of year end for the District’s individual major funds and non-major governmental funds in
the aggregate, were as follows.
Other Federal
Projects Fund
General
Fund
Due from governmental entities:
Due from Federal government
Due from State government
Net due from governmental entities
$
24,499
16,210,060
$ 16,234,559
Non-Major
Governmental
Funds
$
2,209,725 $
$
2,209,725 $
3,349,848
1,131,283
4,481,131
Governmental funds report deferred revenue in connection with receivables for revenues that
are not considered to be available to liquidate liabilities of the current period. Governmental
funds also defer revenue recognition in connection with resources that have been received,
but not yet earned. At the end of the current fiscal year, the various components of deferred
revenue reported in the governmental funds were as follows.
Delinquent property taxes receivable (General Fund)
Delinquent property taxes receivable (Debt Service Fund)
Delinquent property taxes receivable (Non-Major
Governmental Funds)
Grant drawdowns prior to meeting all eligibility
requirements (Non-Major Governmental Funds)
Measurable but unavailable revenues (Non-Major
Governmental Funds)
Total deferred revenue for governmental funds
Page 46
Unavailable
$ 1,464,119
151,380
Unearned
$
63,664
2,989
70,348
$ 1,749,511
$
2,989
JUNE 30, 2012
NOTE 6 – CAPITAL ASSETS
A summary of capital asset activity for the current fiscal year follows.
Governmental Activities
Capital assets, not being depreciated:
Land
Construction in progress
Total capital assets, not being
depreciated
Capital assets, being depreciated:
Land improvements
Total capital assets being depreciated
Less accumulated depreciation for:
Land improvements
Total accumulated depreciation
Total capital assets, being depreciated, net
Governmental activities capital assets, net
Beginning
Balance
$
8,707,919
38,599
Increase
Ending
Balance
Decrease
$
126,260
$
38,599
8,707,919
126,260
8,746,518
126,260
38,599
8,834,179
7,240,680
135,555,678
17,816,999
160,613,357
72,131
1,070,012
785,413
1,927,556
98,204
98,204
7,312,811
136,625,690
18,504,208
162,442,709
(2,726,457)
(46,653,415)
(10,556,582)
(59,936,454)
(289,755)
(4,242,877)
(1,443,930)
(5,976,562)
(79,274)
(79,274)
(3,016,212)
(50,896,292)
(11,921,238)
(65,833,742)
100,676,903
(4,049,006)
$ 109,423,421 $ (3,922,746) $
$
18,930
96,608,967
57,529 $ 105,443,146
Depreciation expense was charged to governmental functions as follows.
Instruction
Total depreciation expense – governmental activities
$
$
3,184,826
102,940
410,101
1,843,958
347,140
87,597
5,976,562
Construction Commitments – At year end, the District had contractual commitments
related to various improvement projects. At year end the District had spent $126,260 on the
projects and had estimated remaining contractual commitments of $2,674,001. These
projects are being funded with Unrestricted Capital Outlay and Bond Building monies.
Page 47
JUNE 30, 2012
NOTE 7 – SHORT TERM DEBT – REVOLVING LINE OF CREDIT
The District has a revolving line of credit to provide cash flow during the year to mitigate the
impact of timing differences of expenditures and the receipt of state aid and property tax
revenues. General Fund revenues were used to repay the line of credit throughout the year.
Short-term debt activity for the current fiscal year was as follows.
Beginning
Balance
Revolving line of credit
$
Issued
$ 19,125,000
Redeemed
$ 19,125,000
Ending
Balance
$
NOTE 8 – OBLIGATIONS UNDER CAPITAL LEASES
The District has acquired copy machines under the provisions of long-term lease agreements
classified as capital leases. These lease agreements qualify as capital leases for accounting
purposes and, therefore, have been recorded at the present value of their future minimum
lease payments as of the inception date. Revenues from the Unrestricted Capital Outlay
Fund, a non-major governmental fund, are used to pay the capital lease obligations.
The assets acquired through capital leases that meet the District’s capitalization threshold are
as follows.
Governmental
Activities
Asset:
Less: Accumulated depreciation
Total
Page 48
$
$
640,855
601,500
39,355
JUNE 30, 2012
NOTE 8 – OBLIGATIONS UNDER CAPITAL LEASES (Concl’d)
The future minimum lease obligations and the net present value of these minimum lease
payments as of year end were as follows.
Governmental
Activities
$
4,825
4,825
4,825
4,825
19,300
Year Ending June 30:
2013
2014
2015
2016
Total minimum lease payments
Less: amount representing interest
3,418
Present value of minimum lease payments
$
15,882
Due within one year
$
3,510
NOTE 9 – GENERAL OBLIGATION BONDS PAYABLE
Bonds payable at year end, consisted of the following outstanding general obligation bonds.
Of the total amount originally authorized, $18,685,000 remains unissued. The bonds are
both callable and noncallable with interest payable semiannually. Property taxes from the
Debt Service Fund are used to pay bonded debt.
Purpose
School Improvement Bonds,
Project of 2003, Series A (2004)
Project of 2003, Series B (2006)
Project of 2011, Series A (2012)
Project of 2011, Series B (2012)
Total
Page 49
Original
Amount
Issued
Interest
Rates
Remaining
Maturities
Outstanding
Principal
June 30, 2012
$ 18,390,000
3.0-3.4%
7/1/12-14
$
6,335,000
4.0-5.0%
7/1/15-19
6,335,000
5,220,000 3.375-5.0%
7/1/27-31
5,220,000
4,380,000
7/1/13-14
3.74%
$
Due Within
One Year
3,140,000 $ 1,015,000
4,380,000
19,075,000 $ 1,015,000
JUNE 30, 2012
NOTE 9 – GENERAL OBLIGATION BONDS PAYABLE (Concl’d)
Annual debt service requirements to maturity on general obligation bonds at year end are
summarized as follows.
Year ending June 30:
2013
2014
2015
2016
2017
2018-22
2023-27
2028-32
Total
Governmental Activities
Principal
Interest
$ 1,015,000 $
548,922
3,175,000
541,706
3,330,000
523,581
1,150,000
434,388
1,210,000
381,438
3,975,000
1,233,690
991,190
5,220,000
548,139
$ 19,075,000 $ 5,203,054
NOTE 10 – CHANGES IN LONG-TERM LIABILITIES
Long-term liability activity for the current fiscal year was as follows.
Beginning
Balance
Bonds payable
Other post employment benefits
Governmental activity long-term
liabilities
Page 50
Additions
Reductions
Ending
Balance
Due Within
One Year
$
14,030,000 $ 9,600,000 $ 4,555,000 $
8,843
20,707
13,668
1,807,028
1,549,502
1,566,237
1,227,934
940,679
658,253
19,075,000 $
15,882
1,790,293
1,510,360
1,015,000
3,510
245,000
$
17,073,805 $ 12,110,888 $
22,391,535 $
1,263,510
6,793,158 $
JUNE 30, 2012
NOTE 11 – INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS
At year end, interfund balances were as follows.
Due to/from other funds:
Due to
General Fund
Other Federal Projects Fund
Non-Major Governmental Funds
Total
Due from
Non-Major
Bond
Building
Governmental
Fund
Funds
$ 5,304,377 $
4,371,054 $
2,209,725
2,462,638
$ 5,304,377 $ 9,043,417 $
Total
9,675,431
2,209,725
2,462,638
14,347,794
At year end, several funds had negative cash balances in the Treasurer’s pooled cash
accounts. Negative cash on deposit with County Treasurer was reduced by interfund
borrowing with other funds. All interfund balances are expected to be paid within one year.
Interfund transfers:
Transfers out
Other Federal Projects
Bond Building Fund
Non-Major Governmental Funds
Total
Transfers in
General
Debt
Fund
Service Fund
$
3,586 $
206,782
878,169
$
881,755 $ 206,782
Total
$
3,586
206,782
878,169
$ 1,088,537
Transfers between funds are used to (1) move premium earned in the Bond Building Fund
that is required by statute to be expended in the Debt Service Fund and (2) move Federal
grant funds restricted for indirect costs.
NOTE 12 – CONTINGENT LIABILITIES
Compliance - Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed claims,
including amounts already collected, may constitute a liability of the applicable funds. The
amount, if any, of expenditures/expenses that may be disallowed by the grantor cannot be
determined at this time, although the District expects such amounts, if any, to be immaterial.
Page 51
JUNE 30, 2012
NOTE 13 – RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and natural disasters. The
District was unable to obtain insurance at a cost it considered to be economically justifiable.
Therefore, the District established the following self-insurance funds.
The District has established a Property and Casualty Fund (an Internal Service Fund) to
account for and finance its uninsured risks of loss related to property and liability claims.
Under this program, the Property and Casualty Fund provides coverage for up to a maximum
of $50,000 for each property claim and $25,000 for each general liability claim. The District
is also a member of the Arizona School Risk Retention Trust, Inc. (ASRRT). ASRRT is a
public entity risk pool currently operating as a common risk management and insurance
program for school districts and community colleges in the State. The District pays an annual
premium to ASRRT for its general insurance coverage for claims exceeding $10,000. The
agreement provides that ASRRT will be self-sustaining through member premiums and will
reinsure through commercial companies for claims in excess of specified amounts.
The District has established a Workers’ Compensation Fund (an Internal Service Fund) to
account for and finance its uninsured risks of loss related to claims for on-the-job injuries to
employees. Under this program, the Workers’ Compensation Fund provides coverage for up
to a maximum of $250,000 for each claim.
The District has established an Employee Benefits Fund (an Internal Service Fund) to
account for and finance its uninsured risks of loss related to claims for employee health and
accidents, vision, and dental. Under this program, the Employee Benefits Fund collects
contributions and pays premiums on insurance. Further, the District joined the Valley
Schools Employee Benefit Trust (VSEBT) together with other districts in the state for the
risks of loss related to employee health claims. VSEBT is a public entity risk pool currently
operating as a common risk management and insurance program for member school districts.
The District, through the EBT Fund, pays a lump-sum annual premium to VSEBT for health
insurance coverage. The agreement provides that VSEBT will be self-sustaining through
members’ premiums and will reinsure through commercial companies for claims in excess of
specified amounts for each insured event.
Page 52
JUNE 30, 2012
NOTE 13 – RISK MANAGEMENT (Concl’d)
Changes in the balances of claims liabilities during the past two years are as follows.
Workers’ Compensation
2011-12
2010-11
Property and Casualty
2011-12
2010-11
Total
2011-12
2010-11
Claims
Payable
Beginning of
Year
Current Year
Claims and Changes
in Estimates
$
443,574
321,936
$
206,440
588,373
$
362,613
466,735
$
$
556,663
117,257
$
(414,500)
525,205
$
142,163
85,799
$
1,000,237
439,193
$
(208,060)
1,113,578
$
504,776
552,534
$
$
Claim
Payments
Claims
Payable at
End of Year
287,401
443,574
556,663
287,401
1,000,237
NOTE 14 – PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
The District contributes to the Arizona State Retirement System (ASRS). The ASRS
administers a cost-sharing, multiple-employer defined benefit pension plan; a cost-sharing,
multiple-employer defined health insurance premium plan; and a cost-sharing, multipleemployer defined benefit long-term disability plan that covers employees of the State of
Arizona and employees of participating political subdivisions and school districts. The
ASRS is governed by the Arizona State Retirement System Board according to the
provisions of A.R.S. Title 38, Chapter 5, Article 2.
Plan Description – Benefits are established by state statute and the plan generally provides
retirement, long-term disability, and health insurance premium benefits, including death and
survivor benefits. The retirement benefits are generally paid at a percentage, based on years
of service, of the retirees’ average compensation. Long-term disability benefits vary by
circumstance, but generally pay a percentage of the employee’s monthly compensation.
Health insurance premium benefits are paid as a fixed dollar amount per month towards the
retiree’s healthcare insurance premiums, in amounts based on whether the benefit is for the
retiree or for the retiree and his or her dependents.
The ASRS issues a comprehensive annual financial report that includes financial statements
and required supplementary information. The most recent report may be obtained by writing
the ASRS, 3300 North Central Avenue, P.O. Box 33910, Phoenix, Arizona 85067-3910 or by
calling (602) 240-2000 or (800) 621-3778. The report is also available on the ASRS’ website
at www.azasrs.gov.
Page 53
JUNE 30, 2012
NOTE 14 – PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS (Concl’d)
Funding Policy – The Arizona State Legislature establishes and may amend active plan
members’ and the District’s contribution rates. For the current fiscal year, active ASRS
members were required by statute to contribute at the actuarially determined rate of 10.74
percent (10.5 percent for retirement and 0.24 percent for long-term disability) of the
members’ annual covered payroll and the District was required by statute to contribute at the
actuarially determined rate of 10.74 percent (9.87 percent for retirement, 0.63 percent for
health insurance premium, and 0.24 percent for long-term disability) of the members’ annual
covered payroll.
The District’s contributions for the current and two preceding years, all of which were equal
to the required contributions, were as follows.
Retirement
Fund
Years ended June 30,
2012
2011
2010
$
5,106,996
4,554,696
4,346,513
Health Benefit
Supplement Fund
Long-Term
Disability Fund
$
$
325,978
298,254
343,969
124,182
126,379
208,466
NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS – SINGLE EMPLOYER PLAN
Plan Description – Under the authority of the Governing Board the District provides post
retirement insurance (medical, dental and life) benefits for certain retirees and their
dependents in accordance with the District’s Early Retirement Program. An employee is
eligible if he/she has served 15 consecutive years and has either reached the age of 55, or the
employee qualifies for full retirement under the State of Arizona’s retirement plan. The plan
is a single-employer defined benefit plan administered by the District. For the current fiscal
year, the District contributed $658,253 for these benefits. The District’s regular insurance
providers underwrite the retiree policies. Retirees may not convert the benefit into an in-lieu
payment to secure coverage under independent plans. A separate financial report is not
issued for the plan. The number of participants as of year end, the effective date of the
biannual OPEB valuation, follows.
Participants
Active employees
1,212
Retired employees
121
Total
1,333
Funding Policy – The District currently pays for postemployment benefits on a pay-as-yougo basis. Although the District is studying the establishment of a trust that would be used to
accumulate and invest assets necessary to pay for the accumulated liability, it is also
evaluating a possible phase out of the program; however, these financial statements assume
that pay-as-you-go funding will continue. Generally, resources from the General Fund are
used to pay for postemployment benefits.
Page 54
JUNE 30, 2012
(Cont’d)
Annual OPEB Cost and Net OPEB Obligation – The District’s annual OPEB cost is
calculated based on the annual required contribution (ARC) of the District, an amount
actuarially determined in accordance with the parameters of GASB Statement No. 45. The
ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover
normal costs each year and amortize any unfunded actuarial liabilities (or funding excess)
over a period not to exceed 30 years. The amortization period is closed. The following table
shows the components of the District’s annual OPEB cost for the year, the amount actually
contributed to the plan, and changes in the District’s net OPEB obligation.
Annual required contribution
Interest on net OPEB obligation
Adjustment to annual required contribution
Annual OPEB cost (expense)
Contributions made
Increase in net OPEB obligation
Net OPEB obligation – beginning of year
Net OPEB obligation – end of year
$
965,318
61,084
(85,723)
940,679
(658,253)
282,426
1,227,934
$ 1,510,360
The District’s annual OPEB cost, the percentage of annual OPEB cost contributed to the
plan, and the net OPEB obligation for fiscal year ended June 30, 2012 and the preceding two
years is as follows.
Fiscal Year
Ended
June 30, 2012
June 30, 2011
June 30, 2010
Annual OPEB
Cost
$
940,679
953,484
855,403
Annual OPEB
Cost Contributed
$
658,253
518,078
478,161
Percentage of
Annual OPEB
Cost Contributed
70.0%
54.3%
55.9%
Net OPEB
Obligation
$ 1,510,360
1,227,934
786,277
Actuarial Methods and Assumptions – Projections of benefits for financial reporting
purposes are based on the substantive plan (the plan as understood by the employer and the
plan members) and include the types of benefits provided at the time of each valuation and the
historical pattern of sharing of benefit cost between the employer and plan members to that
point. The actuarial methods and assumptions used include techniques that are designed to
reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value
of assets, consistent with the long-term perspective of the calculations. Actuarial valuations
involve estimates of the value of reported amounts and assumptions about the probability of
events for into the future. Actuarially determined amounts are subject to continued revision as
results are compared to past expectations and new estimates are made about the future.
Page 55
JUNE 30, 2012
(Concl’d)
In the July 1, 2010 actuarial valuation, the liabilities were computed using the projected unit
credit cost method. The actuarial assumptions utilized a 5.0% discount rate. Because the plan
is unfunded, reference to the District’s general operational assets, which are short-term in
nature, was considered in the selection of the 20% rate. The valuation assumes a 8%
healthcare cost trend increase for fiscal year 2009-10, reduced by decrements to a rate of 5%
after 3 years. The projection of benefits for financial reporting purposes does not explicitly
incorporate the potential effects of legal or contractual funding limitations.
Schedule of Funding Progress – The following schedule of funding progress presents
multiyear trend information about whether the actuarial value of plan assets is increasing or
decreasing over time relative to the actuarial accrued liability for benefits. The District
receives an actuarial valuation biennially; therefore only the original valuation year data plus
the next valuation is included in the schedule.
Actuarial
Actuarial
Accrued
Unfunded
Actuarial Value of
Liability
AAL
Funded
Covered
Valuation
Assets
(AAL)
(UAAL)
Ratio
Payroll
Date
(a)
(b)
(b-a)
(a/b)
(c)
July 1, 2010
-0$ 7,237,363 $ 7,237,363
-0$ 45,341,668
July 1, 2008
-06,203,477
6,203,477
-048,625,517
Page 56
UAAL as a
Percentage
of Covered
Payroll
((b-a)/c)
16.0%
12.8%
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
Page 57
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL
Budgeted Amounts
Original
Revenues:
Other local
Property taxes
Total revenues
$
5,000,000
14,500,000
39,000,000
58,500,000
Non-GAAP
Actual
Final
$
5,000,000
14,500,000
39,000,000
58,500,000
$
5,024,274
14,857,687
40,790,187
60,672,148
Variance with
Final Budget
Positive
(Negative)
$
24,274
357,687
1,790,187
2,172,148
Expenditures:
Current Instruction
Total expenditures
37,669,086
5,150,713
8,321,769
9,231,331
2,384,228
26,703
62,783,830
38,734,644
4,654,463
7,842,230
9,352,325
2,868,677
148,100
63,600,439
37,161,937
5,461,391
7,301,839
8,989,882
2,688,252
175,236
61,778,537
1,572,707
(806,928)
540,391
362,443
180,425
(27,136)
1,821,902
(4,283,830)
(5,100,439)
(1,106,389)
3,994,050
(322,437)
(322,437)
(322,437)
(65,572)
$
(4,606,267)
$
(5,422,876)
See accompanying notes to this schedule.
Page 58
$
(1,494,398)
(65,572)
$
3,928,478
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
OTHER FEDERAL PROJECTS
Budgeted
Amounts
Original & Final
Revenues:
Total revenues
$
Expenditures:
Current Instruction
Total expenditures
2,233,371
2,233,371
Actual
$
2,233,371
2,584,934
2,584,934
Variance with
Final Budget
Positive
(Negative)
$
351,563
351,563
2,335,587
182,363
5,577
2,523,527
(102,216)
(182,363)
(5,577)
(290,156)
61,407
61,407
Transfer out
(3,586)
(3,586)
(3,586)
(3,586)
57,821
57,821
(57,821)
(57,821)
2,233,371
Fund balances, end of year
$
$
See accompanying notes to this schedule.
Page 59
$
NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2012
NOTE 1 – BUDGETARY BASIS OF ACCOUNTING
The adopted budget of the District is prepared on a basis consistent with accounting
principles generally accepted in the United States of America with the following exception:
a portion of the General Fund activity is budgeted for separately as special revenue funds and
capital project funds. Consequently, the following adjustments were necessary to present
actual activity on a budgetary basis in order to provide a meaningful comparison.
Total
Expenditures
Fund Balance,
June 30, 2012
Fund Balance,
July 1, 2011
Statement of Revenues, Expenditures
and Changes in Fund Balances –
Governmental Funds
$ 63,552,282 $ 6,748,224 $ 6,462,329
Fiscal year 2011-12 activity budgeted
as special revenue funds
(1,768,080)
(2,773,152)
(3,273,550)
Fiscal year 2011-12 activity budgeted
as capital projects funds
(5,665)
(5,469,470)
(3,511,216)
Schedule of Revenues, Expenditures
and Changes in Fund Balances –
Budget and Actual – General Fund $ 61,778,537 $ (1,494,398) $
(322,437)
Page 60
COMBINING AND INDIVIDUAL
FUND FINANCIAL STATEMENTS
AND SCHEDULES
Page 61
Page 62
GOVERNMENTAL FUNDS
Page 63
COMBINING BALANCE SHEET - ALL NON-MAJOR GOVERNMENTAL FUNDS - BY FUND TYPE
JUNE 30, 2012
ASSETS
Deposits
Inventory
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
Special Revenue
Capital Projects
Total NonMajor
Governmental
Fund
$
143,860
$
$
$
3,863,090
4,651,812
161,433
105,403
8,925,598
86,979
69,440
618,041
4,391,605
$
5,166,065
$
$
312,090
$
$
Fund balances:
Nonspendable
Restricted
Total fund balances
Page 64
286,531
2,462,638
73,337
2,822,506
105,403
5,997,689
6,103,092
$
8,925,598
$
230,839
69,440
4,481,131
9,043,417
161,433
105,403
14,091,663
63,664
375,754
598,621
2,462,638
137,001
3,198,260
4,790,311
4,790,311
105,403
10,788,000
10,893,403
5,166,065
$
14,091,663
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL NON-MAJOR GOVERNMENTAL FUNDS - BY FUND TYPE
Revenues:
Other local
Property taxes
Total revenues
Special Revenue
Capital Projects
Total NonMajor
Governmental
Funds
$
$
$
2,351,330
1,495,571
422,507
5,380,382
18,944,118
26,242,578
8,230,795
5,641,091
572,273
22,037
76,835
6,967,875
1,792,799
2,428,812
8,230,795
5,641,091
572,273
22,037
76,835
6,967,875
4,221,611
23,303,705
13,668
833
2,443,313
13,668
833
25,747,018
587,543
(91,983)
495,560
(878,169)
20,707
20,707
(878,169)
20,707
(857,462)
(290,626)
(71,276)
(361,902)
Fund balances, beginning of year
6,388,042
4,861,587
11,249,629
3,641,205
18,944,118
23,891,248
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Transfer out
Page 65
189,646
422,507
1,739,177
(878,169)
5,676
1,305,925
$
6,103,092
5,676
$
4,790,311
$
10,893,403
SPECIAL REVENUE FUNDS
Classroom Site - to account for the financial activity for the portion of state sales tax collections
and permanent state school fund earnings as approved by the voters in 2000.
Instructional Improvement - to account for the activity of monies received from gaming
revenue.
County, City and Town Grants - to account for monies received from county, city and town
grants.
Compensatory Instruction - to account for monies received for programs in addition to normal
classroom instruction to improve the English proficiency of current English language learners.
Title I Grants - to account for financial assistance received for the purpose of improving the
teaching and learning of children failing, or most at-risk of failing, to meet challenging State
academic standards.
Professional Development and Technology Grants - to account for financial assistance
received to increase student academic achievement through improving teacher quality.
Title IV Grants - to account for financial assistance received for chemical abuse awareness
programs and expanding projects that benefit educational and health needs of the communities.
Promote Informed Parent Choice - to account for financial assistance received to promote
parent choices in the education of their students.
Limited English & Immigrant Students - to account for financial assistance received for
educational services and costs for limited English and immigrant children.
Special Education Grants - to account for supplemental financial assistance received to provide
a free, appropriate public education to disabled children.
Homeless Education - to account for financial assistance received for the education of homeless
students.
Medicaid Reimbursement - to account for reimbursements related to specific health services
provided to eligible students.
E-rate - To account for financial assistance received for broadband internet and
telecommunication costs.
Page 66
Early Childhood Block Grant - to account for financial assistance received for preschool
education.
Gifted - to account for financial assistance received for programs for gifted students.
Environmental Special Plate - to account for the proceeds received from the sale of
environmental license plates.
Other State Projects - to account for financial assistance received for other State projects.
School Plant - to account for proceeds from the sale or lease of school property.
Food Service - to account for the financial activity of school activities that have as their purpose
the preparation and serving of regular and incidental meals and snacks in connection with school
functions.
Civic Center - to account for monies received from the rental of school facilities for civic
activities.
Community School - to account for activity related to academic and skill development for all
citizens.
Auxiliary Operations - to account for activity arising from bookstore, athletic and
miscellaneous District related operations.
Extracurricular Activities Fees Tax Credit - to account for activity related to monies collected
in support of extracurricular activities to be taken as a tax credit by the tax payer in accordance
with A.R.S. §43-1089.01.
Gifts and Donations - to account for activity related to gifts, donations, bequests and private
grants made to the District.
Fingerprint - to account for activity of fingerprinting employees as mandated by the State.
Insurance Proceeds - to account for the monies received from insurance claims.
Textbooks - to account for monies received from students to replace or repair lost or damaged
textbooks.
Litigation Recovery - to account for monies received for and derived from litigation.
Indirect Costs - to account for monies transferred from Federal projects for administrative costs.
Advertisement - to account for monies received from the sale of advertising.
Page 67
COMBINING BALANCE SHEET - NON-MAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
Classroom Site
ASSETS
Deposits
Inventory
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
$
Page 68
$
County, City,
and Town
Grants
$
16,554
$
16,554
513,242
435,352
$
513,242
$
$
435,352
$
$
118,565
118,565
Fund balances:
Nonspendable
Restricted
Total fund balances
Instructional
Improvement
394,677
394,677
$
513,242
435,352
435,352
$
435,352
16,554
16,554
$
16,554
Compensatory
Instruction
$
$
277
277
$
Professional
Development
and Technology
Grants
234
1,081,068
$
$
1,081,302
$
$
180,966
900,336
$
Title I Grants
$
277
277
$
277
1,081,302
Limited English
& Immigrant
Students
$
$
$
125,007
125,007
$
99,826
$
125,007
686,466
$
6
$
$
686,466
6
6
99,826
$
99,826
686,466
$
99,826
125,007
$
6
99,826
125,007
1,081,302
$
Title IV Grants
Promote
Informed Parent
Choice
$
6
686,466
$
686,466
(Continued)
Page 69
JUNE 30, 2012
Special
Education
Grants
ASSETS
Deposits
Inventory
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
$
Homeless
Education
$
516,017
$
516,017
$
E-Rate
$
16,421
$
16,421
$
516,017
16,421
516,017
16,421
109,252
249,284
$
358,536
$
51,054
70,348
121,402
Fund balances:
Nonspendable
Restricted
Total fund balances
Page 70
237,134
237,134
$
516,017
$
16,421
$
358,536
Early Childhood
Block Grant
$
$
2,098
2,098
$
Other State
Projects
$
$
608
608
$
2,098
2,098
Food Service
$
Civic Center
$
$
915
715,791
2,945,035
161,433
105,403
3,928,577
$
54,511
$
608
608
2,098
$
608
8,788
$
227,261
$
236,049
1,361
Extracurricular
Activities Fees
Tax Credit
$
152,103
$
153,464
$
20
200,521
$
200,541
$
54,511
105,403
3,768,663
3,874,066
$
Community
School
$
3,928,577
236,049
236,049
$
236,049
153,464
153,464
$
153,464
200,541
200,541
$
200,541
(Continued)
Page 71
JUNE 30, 2012
Insurance
Proceeds
Fingerprint
ASSETS
Deposits
Inventory
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
$
9,394
$
78,154
$
25,451
$
9,394
$
78,154
$
25,451
$
Fund balances:
Nonspendable
Restricted
Total fund balances
Page 72
Textbooks
$
9,394
9,394
$
9,394
$
78,154
78,154
$
78,154
25,451
25,451
$
25,451
Litigation
Recovery
$
Totals
$
442,256
$
442,256
$
$
$
442,256
Page 73
286,531
2,462,638
73,337
2,822,506
105,403
5,997,689
6,103,092
442,256
442,256
$
143,860
3,863,090
4,651,812
161,433
105,403
8,925,598
$
8,925,598
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NON-MAJOR SPECIAL REVENUE FUNDS
Classroom Site
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Instructional
Improvement
$
County, City,
and Town
Grants
3,048,614
2,573
269,568
$
86
3,048,614
272,141
2,736,623
17,003
609,483
2,753,626
609,483
294,988
(337,342)
86
294,988
(337,342)
86
99,689
772,694
16,468
86
Transfer out
Page 74
$
394,677
$
435,352
$
16,554
Compensatory
Instruction
$
Title I Grants
$
Professional
Development
and Technology
Grants
Title IV Grants
Limited English
& Immigrant
Students
$
$
$
Special
Education
Grants
$
11,023
11,023
11,023
11,023
$
$
6,352,919
6,352,919
685,248
685,248
351,740
351,740
787,146
787,146
2,949,097
2,949,097
2,902,806
2,759,370
104,872
879
35,483
1,047
483,261
168,181
216,513
110,242
1,500
60,926
702,186
1,388,844
1,293,911
218,555
6,021,965
1,158
653,647
900
332,789
763,112
132,240
2,814,995
330,954
31,601
18,951
24,034
134,102
(330,954)
(330,954)
(31,601)
(31,601)
(18,951)
(18,951)
(24,034)
(24,034)
(134,102)
(134,102)
3,634
$
$
$
$
(Continued)
Page 75
Homeless
Education
Revenues:
Other local
Total revenues
$
Other State
Projects
E-Rate
$
$
312,000
Expenditures:
Current Instruction
Capital outlay
Total expenditures
39,262
39,262
468,198
468,198
863
20,552
15,461
31,544
186,109
312,000
255,065
56,935
15,726
Transfer out
37,141
598,234
831,348
2,121
(363,150)
312,000
(2,121)
(2,121)
(363,150)
600,284
Page 76
$
$
237,134
$
Food Service
$
639,366
Community
School
Civic Center
$
101,102
7,310,508
7,949,874
101,102
6,529,621
798,354
7,327,975
1,866
47,154
101,497
21,158
7,734
430
14,453
194,292
621,899
(93,190)
$
497,788
Extracurricular
Activities Fees
Tax Credit
$
497,788
51,687
Insurance
Proceeds
Fingerprint
$
51,687
5,418
$
5,418
406
406
30,275
115,855
400
(334,698)
(334,698)
128
773
437,824
3,524
558,376
13,485
(60,588)
3,867
5,418
(98)
4,060
47,820
376
504
(1,708)
(1,708)
287,201
(93,190)
(62,296)
3,867
5,418
(98)
3,581,189
329,239
215,760
196,674
3,976
78,252
5,676
$
3,874,066
$
236,049
$
153,464
$
200,541
$
9,394
$
78,154
(Continued)
Page 77
Litigation
Recovery
Textbooks
Revenues:
Other local
Total revenues
$
5,107
$
5,107
Expenditures:
Current Instruction
Capital outlay
Total expenditures
2,392
Totals
$
2,392
2,950
20,945
30,659
8,230,795
5,641,091
572,273
22,037
76,835
6,967,875
1,792,799
23,303,705
2,157
(28,267)
587,543
2,950
9,714
Transfer out
(878,169)
(878,169)
2,157
(28,267)
(290,626)
23,294
470,523
6,388,042
5,676
Page 78
1,305,925
3,641,205
18,944,118
23,891,248
$
25,451
$
442,256
$
6,103,092
Page 79
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL
NON-MAJOR SPECIAL REVENUE FUNDS
Classroom Site
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
$
3,000,000
3,048,614
48,614
3,000,000
3,048,614
48,614
3,467,442
2,736,623
17,003
730,819
(17,003)
3,467,442
2,753,626
713,816
(467,442)
294,988
762,430
(467,442)
294,988
762,430
99,689
99,689
Transfer in
Transfer out
Page 80
$
(367,753)
$
394,677
$
762,430
Instructional Improvement
Budget
$
$
3,000
270,000
County, City, and Town Grants
Variance Positive
(Negative)
Actual
$
2,573
269,568
$
(427)
(432)
273,000
272,141
(859)
899,237
609,483
289,754
899,237
609,483
289,754
(626,237)
(337,342)
(626,237)
(337,342)
772,694
772,694
146,457
$
435,352
$
Budget
$
Variance Positive
(Negative)
Actual
$
86
$
86
86
86
288,895
86
86
288,895
86
86
16,468
16,468
288,895
$
$
16,554
$
16,554
(Continued)
Page 81
Compensatory Instruction
Budget
Revenues:
Other local
Total revenues
$
Variance Positive
(Negative)
Actual
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
$
11,023
11,023
11,023
11,023
11,023
(11,023)
11,023
(11,023)
Transfer in
Transfer out
Page 82
$
$
$
Title I Grants
Budget
$
Professional Development and Technology Grants
Variance Positive
(Negative)
Actual
$
$
$
8,257,112
8,257,112
6,352,919
6,352,919
(1,904,193)
(1,904,193)
8,257,112
2,902,806
2,759,370
104,872
879
35,483
5,354,306
(2,759,370)
(104,872)
(879)
(35,483)
218,555
6,021,965
(218,555)
2,235,147
330,954
(330,954)
(330,954)
8,257,112
$
$
$
Budget
Variance Positive
(Negative)
Actual
$
$
1,112,358
1,112,358
685,248
685,248
(427,110)
(427,110)
1,112,358
1,047
483,261
168,181
(1,047)
629,097
(168,181)
1,158
653,647
(1,158)
458,711
330,954
31,601
31,601
(330,954)
(330,954)
(31,601)
(31,601)
(31,601)
(31,601)
1,112,358
$
$
$
(Continued)
Page 83
Title IV Grants
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
$
508,009
508,009
351,740
351,740
(156,269)
(156,269)
508,009
216,513
110,242
1,500
291,496
(110,242)
(1,500)
3,634
(3,634)
900
332,789
(900)
175,220
18,951
18,951
(18,951)
(18,951)
(18,951)
(18,951)
508,009
Transfer in
Transfer out
Page 84
$
$
$
Limited English & Immigrant Students
Budget
$
Actual
$
Special Education Grants
Variance Positive
(Negative)
$
Budget
$
Variance Positive
(Negative)
Actual
$
$
1,128,025
1,128,025
787,146
787,146
(340,879)
(340,879)
4,443,961
4,443,961
2,949,097
2,949,097
(1,494,864)
(1,494,864)
60,926
702,186
(60,926)
425,839
4,443,961
1,128,025
1,388,844
1,293,911
3,055,117
(1,293,911)
1,128,025
763,112
364,913
4,443,961
132,240
2,814,995
(132,240)
1,628,966
24,034
24,034
134,102
134,102
(24,034)
(24,034)
(24,034)
(24,034)
(134,102)
(134,102)
(134,102)
(134,102)
$
$
$
$
$
$
(Continued)
Page 85
Homeless Education
Budget
Revenues:
Other local
Total revenues
$
Actual
$
2,552
2,552
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
$
39,262
39,262
36,710
36,710
863
20,552
(863)
(20,552)
2,552
15,726
(13,174)
2,552
37,141
(34,589)
2,121
2,121
(2,121)
(2,121)
(2,121)
(2,121)
Transfer in
Transfer out
Page 86
$
$
$
Medicaid Reimbursement
Non-GAAP
Actual
Budget
$
E-Rate
Variance Positive
(Negative)
$
$
$
446,634
446,634
148,741
148,741
(297,893)
(297,893)
446,634
62,631
69,515
232,919
(62,631)
(69,515)
213,715
11,490
(11,490)
531
377,086
(531)
69,548
(228,345)
446,634
$
$
Budget
Variance Positive
(Negative)
Actual
$
468,198
468,198
(231,802)
(231,802)
15,461
31,544
186,109
(15,461)
(31,544)
(186,109)
598,234
831,348
101,766
(131,348)
(228,345)
(363,150)
(363,150)
(228,345)
(228,345)
(363,150)
(363,150)
781,691
781,691
600,284
600,284
553,346
$
553,346
700,000
700,000
$
700,000
700,000
$
$
237,134
$
237,134
(Continued)
Page 87
Gifted
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
$
4,477
(4,477)
4,477
(4,477)
4,477
4,477
4,477
4,477
Transfer in
Transfer out
Page 88
$
$
$
Environmental Special Plate
Budget
$
Other State Projects
Variance Positive
(Negative)
Actual
$
$
Budget
$
Variance Positive
(Negative)
Actual
$
$
347,029
(347,029)
79,846
312,000
232,154
347,029
(347,029)
79,846
312,000
232,154
347,029
347,029
79,846
255,065
56,935
(175,219)
(56,935)
347,029
347,029
79,846
312,000
(232,154)
$
$
$
$
$
$
(Continued)
Page 89
School Plant
Budget
Revenues:
Other local
Total revenues
$
30,000
$
30,000
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Non-GAAP
Actual
29,048
$
29,048
(952)
(952)
49,521
49,521
49,521
49,521
(19,521)
29,048
48,569
(19,521)
29,048
48,569
70,161
70,161
Transfer in
Transfer out
Page 90
$
50,640
$
99,209
$
48,569
Food Service
Budget
$
650,000
Civic Center
Variance Positive
(Negative)
Actual
$
7,000,000
7,650,000
639,366
$
7,310,508
7,949,874
(10,634)
Budget
$
310,508
299,874
100,000
Actual
$
100,000
101,102
$
1,102
101,102
1,102
(1,866)
(47,154)
147,741
(21,158)
(7,734)
(430)
(14,453)
54,946
7,508,476
6,529,621
798,354
7,327,975
978,855
(798,354)
180,501
249,238
1,866
47,154
101,497
21,158
7,734
430
14,453
194,292
141,524
621,899
480,375
(149,238)
(93,190)
56,048
(334,698)
(334,698)
(334,698)
(334,698)
141,524
287,201
145,677
(149,238)
(93,190)
56,048
3,581,189
3,581,189
329,239
329,239
249,238
7,508,476
5,676
5,676
$
Variance Positive
(Negative)
3,722,713
$
3,874,066
$
151,353
$
180,001
$
236,049
$
56,048
(Continued)
Page 91
Community School
Budget
Revenues:
Other local
Total revenues
$
500,000
Actual
$
500,000
Expenditures:
Current Instruction
Capital outlay
Total expenditures
497,788
$
(2,212)
497,788
(2,212)
115,855
400
(115,855)
(400)
16,930
773
437,824
3,524
558,376
(773)
(420,894)
(3,524)
(541,446)
483,070
(60,588)
(543,658)
(1,708)
(1,708)
(1,708)
(1,708)
16,930
Variance Positive
(Negative)
Transfer in
Transfer out
483,070
(62,296)
(545,366)
157,939
215,760
57,821
Page 92
$
641,009
$
153,464
$
(487,545)
Auxiliary Operations
Non-GAAP
Actual
Budget
$
35,000
Extracurricular Activities Fees Tax Credit
Variance Positive
(Negative)
$
35,000
33,819
$
(1,181)
Budget
$
53,000
Variance Positive
(Negative)
Actual
$
51,687
$
(1,313)
33,819
(1,181)
53,000
51,687
(1,313)
8,143
3,167
1,682
(8,143)
(3,167)
(1,682)
206,655
30,275
176,380
5,290
8,258
(5,290)
37,717
13,485
(13,485)
45,975
45,975
26,540
19,435
206,655
4,060
47,820
(4,060)
158,835
(10,975)
7,279
18,254
(153,655)
3,867
157,522
(10,975)
7,279
18,254
(153,655)
3,867
157,522
8,801
8,801
196,674
196,674
$
(2,174)
$
16,080
$
18,254
$
43,019
$
200,541
$
157,522
(Continued)
Page 93
Gifts and Donations
Budget
Revenues:
Other local
Total revenues
$
200,000
Variance Positive
(Negative)
Non-GAAP
Actual
$
164,859
$
(35,141)
200,000
164,859
(35,141)
236,099
103,700
41,420
5,106
6,398
14,027
132,399
(41,420)
(5,106)
(6,398)
(14,027)
236,099
20,385
191,036
(20,385)
45,063
(36,099)
(26,177)
9,922
(36,099)
(26,177)
9,922
292,078
292,078
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Transfer in
Transfer out
Page 94
$
255,979
$
265,901
$
9,922
Fingerprint
Budget
$
5,000
Insurance Proceeds
Variance Positive
(Negative)
Actual
$
5,000
5,418
$
5,418
$
418
3,943
Actual
500
$
500
406
$
(94)
406
(94)
128
(128)
3,943
3,943
$
418
Budget
Variance Positive
(Negative)
3,943
58,061
58,061
376
504
57,685
57,557
1,057
5,418
4,361
(57,561)
(98)
57,463
1,057
5,418
4,361
(57,561)
(98)
57,463
3,976
3,976
78,252
78,252
5,033
$
9,394
$
4,361
$
20,691
$
78,154
$
57,463
(Continued)
Page 95
Textbooks
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
5,000
Variance Positive
(Negative)
Actual
$
5,107
$
107
5,000
5,107
107
22,399
2,950
19,449
22,399
2,950
19,449
(17,399)
2,157
19,556
(17,399)
2,157
19,556
23,294
23,294
Transfer in
Transfer out
Page 96
$
5,895
$
25,451
$
19,556
Litigation Recovery
Budget
$
3,000
Actual
$
3,000
$
Indirect Costs
Variance Positive
(Negative)
2,392
$
(608)
Budget
$
10,000
Variance Positive
(Negative)
Non-GAAP
Actual
$
9,433
$
(567)
2,392
(608)
10,000
9,433
(567)
9,714
(9,714)
1,111,620
128,982
1,043,529
(128,982)
68,091
367,061
367,061
20,945
30,659
346,116
336,402
1,111,620
1,172,511
(60,891)
(364,061)
(28,267)
335,794
(1,101,620)
(1,163,078)
(61,458)
900,000
881,755
(18,245)
900,000
881,755
(18,245)
(201,620)
(281,323)
(79,703)
2,115,238
2,115,238
(364,061)
(28,267)
470,523
470,523
106,462
$
442,256
335,794
$
335,794
$
1,913,618
$
1,833,915
$
(79,703)
(Continued)
Page 97
Advertisement
Budget
Revenues:
Other local
Total revenues
$
Variance Positive
(Negative)
Non-GAAP
Actual
100
$
27
$
(73)
100
27
(73)
Expenditures:
Current Instruction
Capital outlay
Total expenditures
10,000
10,000
907
907
9,093
9,093
(9,900)
(880)
9,020
(9,900)
(880)
9,020
5,581
5,581
Transfer in
Transfer out
Page 98
$
(4,319)
$
4,701
$
9,020
Totals
Budget
$
1,594,600
3,701,352
23,598,651
28,894,603
$
18,449,333
2,267,259
1,807,492
$
Variance Positive
(Negative)
Non-GAAP
Actual
1,543,111
3,641,205
19,092,859
24,277,175
$
(51,489)
(60,147)
(4,505,792)
(4,617,428)
2,552
7,620,902
1,135,122
31,282,660
8,405,269
5,884,175
1,855,509
28,435
107,642
6,976,133
1,814,622
25,071,785
10,044,064
(3,616,916)
(48,017)
(28,435)
(105,090)
644,769
(679,500)
6,210,875
(2,388,057)
(794,610)
1,593,447
900,000
900,000
881,755
(878,169)
3,586
(18,245)
(878,169)
(896,414)
(1,488,057)
(791,024)
697,033
8,205,328
9,661,592
1,456,264
5,676
5,676
6,717,271
Page 99
$
8,876,244
$
2,158,973
Page 100
DEBT SERVICE FUND
Debt Service - to account for the accumulation of resources for, and the payment of, long-term
debt principal, interest and related costs.
Page 101
ALL DEBT SERVICE FUNDS
Debt Service
Budget
Revenues:
Other local
Property taxes
Total revenues
$
16,000
4,500,000
4,516,000
Variance Positive
(Negative)
Actual
$
67,205
4,380,198
4,447,403
$
51,205
(119,802)
(68,597)
Expenditures:
Total expenditures
1,015,000
3,985,000
5,000,000
1,015,000
376,440
1,391,440
3,608,560
3,608,560
(484,000)
3,055,963
3,539,963
206,782
206,782
206,782
206,782
(484,000)
3,262,745
3,746,745
342,632
342,632
Transfer in
Page 102
$
(141,368)
$
3,605,377
$
3,746,745
CAPITAL PROJECTS FUNDS
Unrestricted Capital Outlay - to account for transactions relating to the acquisition of capital
items.
Adjacent Ways - to account for monies received to finance improvements of public ways
adjacent to school property.
Soft Capital Allocation - to account for transactions relating to the acquisition of short-term
capital items required to meet academic adequacy standards.
Bond Building - to account for proceeds from District bond issues that are expended on the
acquisition or lease of sites, construction or renovation of school buildings, improving school
grounds, or purchasing pupil transportation vehicles.
School Plant - Special Construction - to account for proceeds from sale or lease of school
property.
Gifts and Donations - Capital - to account for gifts and donations to be expended for capital
acquisitions.
Condemnation - to account for proceeds from right-of-way settlements and sales by
condemnation or threat of condemnation.
Building Renewal - to account for monies received from the School Facilities Board that are
used for infrastructure or for major upgrades, repairs, or renovations to areas, systems or
buildings that will maintain or extend their useful life.
Page 103
COMBINING BALANCE SHEET - NON-MAJOR CAPITAL PROJECTS FUNDS
JUNE 30, 2012
ASSETS
Total assets
Liabilities:
Accounts payable
Deferred revenues
Total liabilities
Unrestricted
Capital Outlay
Adjacent Ways
Condemnation
$
$
$
69,292
$
69,292
$
$
Fund balances:
Restricted
Total fund balances
Page 104
69,440
618,041
3,809,221
4,496,702
312,090
63,664
375,754
$
$
4,120,948
4,120,948
$
4,496,702
582,384
582,384
$
582,384
582,384
$
582,384
69,292
69,292
$
69,292
Building
Renewal
Totals
$
17,687
$
$
17,687
$
$
$
17,687
17,687
$
Page 105
17,687
86,979
69,440
618,041
4,391,605
5,166,065
312,090
63,664
375,754
4,790,311
4,790,311
$
5,166,065
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NON-MAJOR CAPITAL PROJECTS FUNDS
Revenues:
Other local
Property taxes
Total revenues
Unrestricted
Capital Outlay
Adjacent Ways
$
$
Expenditures:
Capital outlay
Total expenditures
Page 106
4,504
8,084
$
1,046
12,588
1,046
1,706,220
233,998
458,907
13,668
833
1,720,721
233,998
458,907
547,468
(221,410)
(457,861)
568,175
(221,410)
(457,861)
3,552,773
803,794
457,861
20,707
20,707
114,589
414,423
1,739,177
2,268,189
Gifts and
Donations Capital
$
4,120,948
$
582,384
$
Building
Renewal
Condemnation
$
69,292
$
69,292
69,292
Totals
215
$
215
189,646
422,507
1,739,177
2,351,330
29,687
2,428,812
29,687
13,668
833
2,443,313
(29,472)
(91,983)
20,707
20,707
69,292
$
Page 107
69,292
$
(29,472)
(71,276)
47,159
4,861,587
17,687
$
4,790,311
ALL CAPITAL PROJECTS FUNDS
Unrestricted Capital Outlay
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Bond issuance costs
Total expenditures
115,000
500,000
1,700,000
2,315,000
Variance Positive
(Negative)
Non-GAAP
Actual
$
114,589
414,423
1,739,177
2,268,189
$
(411)
(85,577)
39,177
(46,811)
2,858,647
1,685,513
13,668
833
13,668
833
2,873,148
1,700,014
1,173,134
(558,148)
568,175
1,126,323
(558,148)
568,175
1,126,323
3,552,773
3,552,773
1,173,134
Transfer out
Page 108
$
2,994,625
$
4,120,948
$
1,126,323
Adjacent Ways
Budget
$
$
5,000
8,000
Soft Capital Allocation
Variance Positive
(Negative)
Actual
$
4,504
8,084
$
(496)
84
13,000
12,588
(412)
582,800
233,998
348,802
582,800
233,998
(569,800)
Budget
$
30,000
500
1,900,000
1,930,500
Variance Positive
(Negative)
Non-GAAP
Actual
$
28,789
328
1,934,802
1,963,919
$
(1,211)
(172)
34,802
33,419
335,180
5,665
329,515
348,802
335,180
5,665
329,515
(221,410)
348,390
1,595,320
1,958,254
362,934
(569,800)
(221,410)
348,390
1,595,320
1,958,254
362,934
803,794
803,794
3,511,216
3,511,216
233,994
$
582,384
$
348,390
$
5,106,536
$
5,469,470
$
362,934
(Continued)
Page 109
Bond Building
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Variance Positive
(Negative)
Actual
$
Expenditures:
Current Instruction
Capital outlay
Bond issuance costs
Total expenditures
$
96,380
(96,380)
91,775
188,155
(91,775)
(188,155)
(188,155)
(188,155)
Transfer out
(206,782)
9,600,000
265,107
9,658,325
(206,782)
9,600,000
265,107
9,658,325
9,470,170
9,470,170
Page 110
$
$
9,470,170
$
9,470,170
School Plant - Special Construction
Budget
$
$
Actual
$
Gifts and Donations - Capital
Variance Positive
(Negative)
$
Budget
$
1,000
Variance Positive
(Negative)
Actual
$
1,046
$
46
1,000
1,046
46
2,300
2,300
355,000
458,907
(103,907)
2,300
2,300
355,000
458,907
(103,907)
(2,300)
2,300
(354,000)
(457,861)
(103,861)
(2,300)
2,300
(354,000)
(457,861)
(103,861)
457,861
457,861
(2,300)
$
$
2,300
$
103,861
$
$
(103,861)
(Continued)
Page 111
Condemnation
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Variance Positive
(Negative)
Actual
$
69,292
$
69,292
69,292
69,292
69,292
69,292
69,292
69,292
Expenditures:
Current Instruction
Capital outlay
Bond issuance costs
Total expenditures
Transfer out
Page 112
$
$
69,292
$
69,292
Building Renewal
Budget
$
Totals
Variance Positive
(Negative)
Actual
200
$
215
$
Budget
15
$
Variance Positive
(Negative)
Non-GAAP
Actual
200
215
15
151,200
508,500
3,600,000
4,259,700
$
218,435
422,835
3,673,979
4,315,249
$
67,235
(85,665)
73,979
55,549
47,053
29,687
17,366
335,180
3,845,800
5,665
2,504,485
329,515
1,341,315
13,668
833
(91,775)
1,579,055
47,053
29,687
17,366
4,195,481
13,668
833
91,775
2,616,426
(46,853)
(29,472)
17,381
64,219
1,698,823
1,634,604
(206,782)
9,600,000
265,107
9,658,325
(206,782)
9,600,000
265,107
9,658,325
(46,853)
(29,472)
17,381
64,219
11,357,148
11,292,929
47,519
47,159
(360)
8,373,163
8,372,803
(360)
$
Page 113
666
$
17,687
$
17,021
$
8,437,382
$
19,729,951
$
11,292,569
Page 114
INTERNAL SERVICE FUNDS
Employee Benefit Trust - to account for the financial activity associated with the District’s selfinsurance program for employee health benefits.
Workers’ Compensation - to account for the financial activity associated with the District’s
self-insurance program for employee workers’ compensation.
Property and Casualty Insurance - to account for the financial activity associated with the
District’s self-insurance program for property and casualty losses.
Page 115
COMBINING STATEMENT OF NET ASSETS ALL INTERNAL SERVICE FUNDS
JUNE 30, 2012
Property and
Casualty
Insurance
Employee
Benefit Trust
ASSETS
Current assets:
Prepaid items
Total assets
$
Page 116
$
3,451,067
3,451,067
LIABILITIES
Accounts payable
Claims payable
Total liabilities
NET ASSETS
Unrestricted
Total net assets
3,451,067
948,063
511,372
1,459,435
1,459,435
Workers'
Compensation
$
635,360
35,830
287,401
323,231
323,231
635,360
635,360
$
2,815,707
2,815,707
1,662,627
69,838
1,732,465
1,732,465
$
1,459,435
1,459,435
$
1,409,234
1,409,234
Totals
$
6,061,757
581,210
6,642,967
6,642,967
671,190
287,401
958,591
958,591
$
5,684,376
5,684,376
Page 117
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS ALL INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
Property and
Casualty
Insurance
Employee
Benefit Trust
Operating revenues:
Contributions
Total operating revenues
Operating expenses:
Claims
Adjustment to the prior year claims reserve
Premiums
Administrative fees
Total operating expenses
Operating income (loss)
$
7,378,304
7,378,304
$
566,840
566,840
Workers'
Compensation
$
692,248
692,248
206,440
7,382,104
148,034
7,530,138
142,163
(556,663)
469,637
77,823
132,960
(151,834)
433,880
243,308
20,985
20,985
5,454
5,454
7,074
7,074
(130,849)
439,334
250,382
Total net assets, beginning of year
2,946,556
1,020,101
1,158,852
Nonoperating revenues (expenses):
Investment income
Total nonoperating revenues (expenses)
Total net assets, end of year
Page 118
$
2,815,707
$
1,459,435
84,382
158,118
448,940
$
1,409,234
Totals
$
8,637,392
8,637,392
348,603
(556,663)
7,936,123
383,975
8,112,038
525,354
33,513
33,513
558,867
5,125,509
$
5,684,376
Page 119
COMBINING STATEMENT OF CASH FLOWS - ALL INTERNAL SERVICE FUNDS
Property
and Casualty
Insurance
Employee
Benefit Trust
Workers'
Compensation
Totals
Increase (Decrease) in Cash and Cash Equivalents
Cash flows from operating activities:
Cash received from contributions
Cash payments to suppliers for goods and services
Cash payments for claims
Net cash provided by (used for) operating activities
$
Cash flows from investing activities:
Investment income
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
476,248
566,840 $
(572,011)
(142,163)
(147,334)
692,248 $
(241,410)
(362,613)
88,225
20,985
20,985
5,454
5,454
7,074
7,074
33,513
33,513
95,299
450,652
1,567,328
5,611,105
497,233
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
7,378,304 $
(6,902,056)
(141,880)
2,953,834
$
3,451,067
1,089,943
8,637,392
(7,715,477)
(504,776)
417,139
$
948,063
$
1,662,627
$
6,061,757
(151,834) $
433,880
$
243,308
$
525,354
Reconciliation of Operating Income (Loss) to
Net Cash Provided by (Used for) Operating Activities
Operating income income (loss)
$
Adjustments to reconcile operating loss
to net cash provided by (used for) operating activities:
Changes in assets and liabilities:
Increase in prepaid items
Increase (Decrease) in accounts payable
Decrease in claims payable
Total adjustments
Net cash provided by (used for) operating activities
Page 120
$
628,082
(16,668)
(7,883)
(556,663)
(7,048)
8,138
(156,173)
(23,716)
628,337
(712,836)
628,082
(581,214)
(155,083)
(108,215)
476,248
$
(147,334)
$
88,225
$
417,139
AGENCY FUND
Student Activities - to account for monies raised by students to finance student clubs and
organizations but held by the District as an agent.
Page 121
STATEMENT OF CHANGES IN FIDUCIARY ASSETS AND LIABILITIES - AGENCY FUND
Beginning
Balance
STUDENT ACTIVITIES
Assets
Total assets
Page 122
Ending
Balance
Deductions
$
68,523
$
122,538
$
123,410
$
67,651
$
68,523
$
122,538
$
123,410
$
67,651
Liabilities
Due to student groups
Total liabilities
Additions
68,523
$
68,523
122,538
$
122,538
123,410
$
123,410
67,651
$
67,651
STATISTICAL SECTION
The statistical section presents financial statement trends as well as detailed financial and
operational information not available elsewhere in the report. The statistical section is intended
to enhance the reader’s understanding of the information presented in the financial statements,
notes to the financial statements, and other supplementary information presented in this report.
The statistical section is comprised of the five categories of statistical information presented
below.
Financial Trends
These schedules contain information on financial trends to help the reader understand how
the District’s financial position and financial activities have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the factors affecting the
District’s ability to generate revenue.
Debt Capacity
These schedules present information to help the reader evaluate the District’s current levels
of outstanding debt as well as assess the District’s ability to make debt payments and/or
issue additional debt in the future.
Demographic and Economic Information
These schedules present various demographic and economic indicators to help the reader
understand the environment in which the District’s financial activities take place and to
help make comparisons with other school districts.
Operating Information
These schedules contain information about the District’s operations and various resources
to help the reader draw conclusions as to how the District’s financial information relates to
the services provided by the District.
Page 123
NET ASSETS BY COMPONENT
LAST TEN FISCAL YEARS
(Accrual basis of accounting)
2012
Net Assets:
Restricted
Unrestricted
Total net assets
$
$
95,822,434
14,784,172
11,611,066
122,217,672
2011
$
$
2007
Net Assets:
Restricted
Unrestricted
Total net assets
$
$
79,885,361
5,008,810
24,639,611
109,533,782
Source: The source of this information is the District's financial records.
Page 124
Fiscal Year Ended June 30
2010
95,384,578
16,298,487
11,232,290
122,915,355
$
$
2006
$
$
74,068,000
6,010,368
20,914,990
100,993,358
93,415,178
6,243,781
26,926,374
126,585,333
$
$
2005
$
$
63,918,590
20,418,049
6,896,431
91,233,070
2009
92,774,229
2,226,679
22,461,097
117,462,005
2008
$
$
2004
$
$
59,145,528
24,386,985
(4,307,891)
79,224,622
89,927,512
5,322,014
24,405,608
119,655,134
2003
$
$
64,452,775
6,381,825
11,942,914
82,777,514
EXPENSES, PROGRAM REVENUES, AND NET (EXPENSE)/REVENUE
2012
Expenses
Instruction
Total expenses
$
Program Revenues
Charges for services:
Instruction
Other activities
Total program revenues
Net (Expense)/Revenue
52,497,853
11,834,923
9,778,466
10,969,615
3,360,539
7,243,818
203,941
95,889,155
2011
$
472,974
1,119,836
99,869
21,081,644
254,346
23,028,669
$
(72,860,486)
2010
53,768,778
12,446,219
10,154,165
11,248,879
3,164,751
7,161,374
529,198
98,473,364
$
336,213
1,084,788
133,894
19,154,448
2,032,192
22,741,535
$
(75,731,829)
51,085,678
11,644,676
9,860,190
10,751,253
2,918,831
7,333,841
692,885
94,287,354
$
897,051
716,569
89,820
19,409,605
1,664,651
22,777,696
$
(71,509,658)
2009
58,834,949
12,645,766
10,453,239
11,596,830
3,202,846
7,510,550
845,392
105,089,572
2008
$
1,326,607
917,338
102,017
17,033,756
2,141,388
21,521,106
$
(83,568,466)
60,258,999
12,466,142
11,171,421
11,231,392
3,491,612
7,538,113
1,007,316
107,164,995
1,954,418
980,429
77,833
17,391,497
1,252,518
21,656,695
$
(85,508,300)
Note: The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 34 were adopted in fiscal year 2001 therefore
only six years are shown.
(Continued)
Page 125
EXPENSES, PROGRAM REVENUES, AND NET (EXPENSE)/REVENUE
2007
Expenses
Instruction
Total expenses
$
Program Revenues
Charges for services:
Instruction
Other activities
Total program revenues
55,350,300
11,389,534
10,772,849
9,155,145
3,010,808
6,908,003
1,212,160
97,798,799
2006
$
1,665,708
983,342
237,547
14,960,812
1,339,311
19,186,720
$
(78,612,079)
2005
55,258,504
11,664,103
9,438,088
8,641,796
2,884,505
6,041,512
2,812,489
96,740,997
$
111,782
1,735,329
379,369
15,003,690
4,421,715
21,651,885
$
(75,089,112)
45,875,626
12,757,148
10,322,533
9,451,621
3,154,813
5,703,455
2,957,163
90,222,358
$
476,941
1,772,673
7,319,077
15,907,925
2,864,441
28,341,057
$
(61,881,301)
$
2004
54,969,181
9,030,492
7,307,084
6,690,585
2,233,219
5,202,525
3,191,682
88,624,768
2003
$
51,281,288
8,067,519
6,527,888
5,977,129
1,995,078
3,978,782
2,882,792
80,710,476
6,392,126
2,269,953
6,003,969
2,075,756
14,179,412
2,599,187
25,440,678
16,554,794
12,474,361
37,108,880
(63,184,090)
$
(43,601,596)
(Concluded)
Page 126
GENERAL REVENUES AND TOTAL CHANGES IN NET ASSETS
2012
$
General Revenues:
Taxes:
Investment income
Changes in Net Assets
(72,860,486)
2011
$
14,414,972
4,187,332
486,171
149,095
4,994,144
47,782,348
148,741
72,162,803
$
(697,683)
2010
(75,731,829)
$
12,253,977
5,302,064
1,526,486
231,127
4,888,635
47,013,071
846,491
72,061,851
$
(3,669,978)
(71,509,658)
2009
$
13,257,363
5,554,966
2,122,728
227,801
4,805,714
48,008,686
6,655,728
80,632,986
$
9,123,328
$
(83,568,466)
2008
$
(85,508,300)
15,829,828
4,776,408
628,983
737,281
14,755,085
5,604,536
2,429,743
1,245,672
59,402,837
71,594,616
81,375,337
95,629,652
(2,193,129)
$
10,121,352
Note: The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 34 were adopted in fiscal year 2001 therefore
only six years are shown.
(Continued)
Page 127
GENERAL REVENUES AND TOTAL CHANGES IN NET ASSETS
2007
$
General Revenues:
Taxes:
Investment income
Changes in Net Assets
(78,612,079)
2006
$
15,210,438
6,805,642
267,216
885,534
50,053
63,933,620
87,152,503
$
8,540,424
2005
(75,089,112)
$
12,282,865
8,124,308
1,505,514
792,885
4,221,061
57,922,767
84,849,400
$
9,760,288
(61,881,301)
2004
$
8,987,733
10,213,333
1,225,600
838,358
4,057,878
48,566,848
73,889,750
$
12,008,449
(63,184,090)
2003
$
8,940,862
7,298,663
2,007,133
274,026
3,711,897
46,889,613
69,122,194
$
5,938,104
(43,601,596)
8,308,198
6,782,202
1,865,106
396,049
3,707,035
41,857,677
62,916,267
$
19,314,671
Notes:
The Arizona State Legislature suspended county equalization payments to school districts for fiscal years 2006-07 through 2008-09.
(Concluded)
Page 128
FUND BALANCES - GOVERNMENTAL FUNDS
(Modified accrual basis of accounting)
2012
General Fund:
Nonspendable
Unassigned
Reserved
Unreserved
Total General Fund
All Other Governmental Funds:
Nonspendable
Restricted
Assigned
Reserved
Unreserved, reported in:
Special revenue funds
Capital projects funds
Debt service fund
Total all other governmental funds
Page 129
$
406,386
6,341,838
2011
$
2010
$
6,748,224
$
2,951,113
$
105,403
23,863,547
$
99,727
11,434,713
3,511,216
23,968,950
$
2008
471,958
2,479,155
$
$
2009
15,045,656
$
$
383,966
5,939,138
6,323,104
$
$
304,502
4,771,800
5,076,302
$
342,936
4,335,573
4,678,509
$
141,395
$
87,452
$
70,078
$
8,011,756
5,379,353
164,194
13,696,698
$
6,867,912
3,236,491
291,785
10,483,640
$
9,103,977
6,196,436
981,918
16,352,409
(Continued)
FUND BALANCES - GOVERNMENTAL FUNDS
2007
General Fund:
Reserved
Unreserved
Total General Fund
All Other Governmental Funds:
Reserved
Unreserved, reported in:
Special revenue funds
Capital projects funds
Debt service fund
Total all other governmental funds
$
$
333,022
3,340,179
3,673,201
$
60,128
$
8,898,787
10,488,813
750,471
20,198,199
2006
$
$
372,889
1,854,648
2,227,537
$
60,078
$
8,823,806
11,603,647
825,389
21,312,920
2005
$
$
432,667
1,353,180
1,785,847
$
53,236
$
7,705,688
15,978,578
780,555
24,518,057
2004
$
2003
$
670,797
1,907,793
2,578,590
$
$
834,424
3,031,802
3,866,226
$
54,250
$
29,994
$
5,029,788
24,184,114
513,334
29,781,486
$
4,884,620
5,492,172
232,059
10,638,845
Note: The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 54 were adopted in fiscal year 2011. The
standard replaces the previous reserved and unreserved fund balance categories with the following five fund balance classifications:
nonspendable, restricted, committed, assigned, and unassigned fund balance.
Page 130
(Concluded)
GOVERNMENTAL FUNDS REVENUES
2012
Federal sources:
Federal grants
State Fiscal Stabilization (ARRA)
Education Jobs
National School Lunch Program
Total federal sources
State sources:
State equalization assistance
State grants
School Facilities Board
Other revenues
Total state sources
Local sources:
Property taxes
County aid
Food service sales
Investment income
Other revenues
Total local sources
Total revenues
$
$
12,163,741
2011
$
2010
13,980,690
574,080
$
13,301,681
6,655,728
2009
$
11,803,331
2008
$
11,857,062
2,203,544
7,310,508
21,677,793
6,835,921
21,390,691
6,889,942
26,847,351
6,152,144
17,955,475
5,706,762
17,563,824
44,464,166
312,000
43,871,512
458,083
44,460,656
549,871
55,165,988
1,019,670
3,329,205
48,105,371
3,195,210
47,524,805
3,494,379
48,504,906
4,337,137
60,522,795
60,434,075
660,649
4,324,500
6,839,548
72,258,772
19,660,720
4,994,144
622,922
115,582
1,120,377
26,513,745
96,296,909
18,963,803
4,888,635
683,223
158,667
924,190
25,618,518
94,534,014
20,423,367
4,805,714
708,830
199,201
1,150,269
27,287,381
102,639,638
20,873,823
22,402,214
917,338
519,298
1,614,641
23,925,100
102,403,370
980,429
1,000,691
2,026,589
26,409,923
116,232,519
$
$
$
$
(Continued)
Page 131
GOVERNMENTAL FUNDS REVENUES
2007
Federal sources:
Federal grants
National School Lunch Program
Total federal sources
State sources:
State equalization assistance
State grants
School Facilities Board
Other revenues
Total state sources
Local sources:
Property taxes
County aid
Food service sales
Investment income
Other revenues
Total local sources
Total revenues
$
$
10,763,727
5,342,585
16,106,312
2006
$
12,282,051
4,958,860
17,240,911
2005
$
10,430,816
4,313,117
14,743,933
2004
$
9,295,790
3,749,362
13,045,152
2003
$
8,919,466
3,414,824
12,334,290
56,597,014
764,406
1,757,700
5,578,906
64,698,026
47,225,791
761,945
3,393,723
7,303,253
58,684,712
44,289,168
1,261,057
2,686,910
4,550,065
52,787,200
43,404,443
1,134,260
2,054,149
3,212,785
49,805,637
41,857,677
902,699
8,940,693
3,317,805
55,018,874
22,414,715
50,053
980,322
885,534
1,823,482
26,154,106
106,958,444
21,616,835
4,221,061
1,148,287
792,885
911,377
28,690,445
104,616,068
20,377,580
4,057,878
1,139,421
838,358
1,814,703
28,227,940
95,759,073
18,210,725
3,711,897
1,135,994
609,453
1,117,319
24,785,388
87,636,177
17,529,526
3,707,035
1,094,898
322,607
980,858
23,634,924
90,988,088
$
$
$
$
Note: The Arizona State Legislature suspended county equalization payments to school districts for fiscal years 2006-07 through 2008-09.
(Concluded)
Page 132
GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO
2012
2011
2010
2009
2008
Expenditures:
Current Instruction
Capital outlay
Debt service Judgments against the district
Interest, premium and fiscal charges
Principal retirement
Payment to refunded bond escrow agent
Bond issuance costs
Total expenditures
$
91,775
93,402,422
$
96,603,371
$
98,313,185
$
107,930,470
$
119,092,865
$
2,015,217
$
2,922,527
$
3,538,575
$
3,966,285
$
12,824,564
Debt service as a percentage of
noncapital expenditures
$
47,908,458
11,527,929
9,162,925
9,018,317
2,795,894
7,151,369
4,339,814
$
377,273
1,028,668
2%
47,019,180
11,694,235
9,172,055
9,117,666
2,459,300
6,776,614
5,139,856
$
529,198
4,695,267
6%
47,333,380
11,394,582
9,422,159
9,008,396
2,318,368
7,297,444
5,711,924
$
$
347,220
845,392
4,993,878
692,885
5,134,047
6%
51,595,524
12,311,580
9,452,746
9,519,383
2,641,112
7,341,349
8,882,286
6%
52,590,659
12,300,704
10,512,890
9,391,567
2,942,820
7,377,247
18,140,055
1,007,316
4,829,607
5%
Notes:
Page 133
(Continued)
GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO
2007
2006
2005
2004
2003
Expenditures:
Current Instruction
Capital outlay
Debt service Judgments against the district
Interest, premium and fiscal charges
Principal retirement
Bond issuance costs
Total expenditures
$
107,135,247
$
152,983
113,873,876
$
101,772,423
$
88,192,772
$
89,639,228
$
5,969,889
$
14,685,856
$
13,449,185
$
4,348,956
$
15,959,840
Debt service as a percentage of
noncapital expenditures
$
49,394,212
11,266,456
10,194,681
9,104,390
2,643,252
6,732,728
10,129,722
$
1,277,797
6,392,009
8%
45,456,819
11,474,612
9,093,896
8,234,931
2,207,540
5,830,957
22,869,398
$
4,215,300
4,337,440
9%
41,274,103
10,618,447
8,415,366
7,620,491
2,042,827
5,541,499
15,730,248
$
2,957,163
7,572,279
12%
42,426,531
9,594,274
7,603,683
6,885,476
1,845,791
5,330,652
6,672,230
$
3,188,600
4,642,453
3,082
9%
40,801,718
8,637,353
6,845,304
6,198,730
1,661,695
4,143,797
14,125,290
2,882,792
4,342,549
10%
Page 134
(Concluded)
OTHER FINANCING SOURCES AND USES AND NET CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
2012
Excess (deficiency) of
revenues over expenditures
$
General obligation bonds issued
Refunding bonds issued
Proceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
2,894,487
2011
$
1,088,537
(1,088,537)
9,885,814
$
12,780,301
1,351,717
(1,351,717)
$
4,326,453
$
(5,527,100)
$
$
(176,803)
(2,069,357)
$
(9,257,808)
77,184
572,366
(572,366)
77,184
699,410
(699,410)
$
2006
4,326,453
$
2005
(2,860,346)
$
(6,013,350)
$
42,241
405,441
(405,441)
(6,872,281)
6,557,121
547,563
$
370,760
$
(2,700,687)
$
(556,595)
$
6,130
$
(6,007,220)
$
18,019,121
1,348,860
7,747,584
16,640
169,076
495,576
(495,576)
(5,195,000)
18,575,716
1,179,524
(1,179,524)
(2,860,346)
2003
18,390,000
5,195,000
6,130
547,563
904,153
(904,153)
(5,449,916)
516,995
(516,995)
2004
6,335,000
6,630,000
422,161
Page 135
$
2008
265,107
20,707
General obligation bonds issued
Refunding bonds issued
Proceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
(2,069,357)
2009
9,600,000
2006
Excess (deficiency) of
revenues over expenditures
2010
6,596
633,795
(633,795)
(7,747,584)
6,596
$
1,355,456
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Fiscal
Year
Ended
June 30
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Real Property
Residential
Commercial
Property
Property
$
189,877,476
270,532,874
407,820,809
$
196,149,280
258,015,380
264,803,783
Less:
Tax Exempt
Real Property
Personal
Property
$
26,291,710
29,572,112
33,318,908
$
99,397,849
117,184,129
115,103,262
Total Taxable
Assessed
Valuation
$
312,920,617
440,936,237
590,840,238
613,937,628
497,227,059
380,060,625
353,583,722
321,652,277
300,649,439
271,267,622
Source: The source of this information is the State and County Abstract of the Assessment Roll, Arizona Department of Revenue.
Note: Total taxable assessed valuation is displayed by major component beginning with fiscal year ended June 30, 2010.
Page 136
Total
Direct
Rate
6.41
4.77
3.99
4.31
5.38
6.50
6.62
6.70
6.50
6.87
Estimated
Actual
Value
$
3,139,025,381
4,258,014,849
5,642,139,613
5,823,363,514
4,634,143,387
3,449,524,530
3,212,082,593
2,588,366,664
2,446,179,371
2,166,312,106
Ratio of
Net Assessed
to Estimated
Actual Value
9.97
10.36
10.5
10.5
10.7
11.0
11.0
12.4
12.3
12.5
%
DIRECT AND OVERLAPPING PROPERTY TAX RATES
Overlapping Rates
Fiscal
Year
Ended
State
June 30 Equalization
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
0.43
0.36
County
1.24
1.05
0.99
1.03
1.10
1.18
1.20
1.47
1.55
1.54
Community
College
District
1.21
0.97
0.72
0.78
0.98
1.06
1.03
1.04
1.08
1.11
City
of
Glendale
City
of
Phoenix
1.60
1.60
1.60
1.60
1.62
1.72
1.72
1.72
1.72
1.72
1.82
1.82
1.82
1.82
1.82
1.82
1.82
1.82
1.82
1.82
Glendale Union
High School
District No. 205
3.53
2.73
2.60
2.73
3.03
3.33
3.46
3.37
3.35
3.63
District Direct Rates
Primary
Secondary
2.46
1.68
1.54
2.39
2.50
2.55
2.26
2.11
2.64
2.78
3.95
3.10
2.45
1.92
2.88
3.95
4.36
4.59
3.86
4.09
Source: The source of this information is the Property Tax Rates and Assessed Values, Arizona Tax Research Foundation.
Page 137
Total
6.41
4.77
3.99
4.31
5.38
6.50
6.62
6.70
6.50
6.87
PRINCIPAL PROPERTY TAXPAYERS
CURRENT FISCAL YEAR AND FISCAL YEAR NINE YEARS PRIOR
2012
Secondary
Assessed
Valuation
Taxpayer
Qwest Corporation
Wal-Mart Stores, Inc.
Arizona Public Service Company
4425 W Olive Avenue Holdings LLC
FSC Olive Tree Associates LLC
Lowes HIW Inc.
San Martin Apartments LP
Northern Crossing LLC
BNSF Railway Company
GA Northern Green LLC
Sanderson Ford, Inc.
Southwest Gas
Cox Arizona Telecom LLC
Fiegalolire Tree LP
Brookwood Olive Square Investment
Larry H. Miller
Wasatch Pool Holding III LLC
Schuck & Sons Construction
Total
$
$
2003
Percentage of
District's Net
Assessed
Valuation
4,799,349
3,624,751
3,531,469
2,587,315
2,536,000
1,914,740
1,902,550
1,806,146
1,537,638
1,470,001
-
1.53
1.16
1.13
0.83
0.81
0.61
0.61
0.58
0.49
0.47
25,709,959
8.22
%
%
Source: The source of this information is the Maricopa County Assessor's records.
Page 138
Secondary
Assessed
Valuation
$
$
Percentage of
District's Net
Assessed
Valuation
9,780,261
3.23 %
2,946,770
0.97
2,640,851
2,309,430
2,011,728
1,936,955
1,668,548
1,549,263
1,433,765
1,414,409
27,691,980
$
0.87
0.76
0.66
0.64
0.59
0.51
0.47
0.46
9.16 %
PROPERTY TAX LEVIES AND COLLECTIONS
Collected within the
Fiscal Year of the Levy
Fiscal
Year
Ended
June 30
Taxes Levied
for the
Fiscal Year
Amount
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
$ 19,689,549
20,367,146
22,092,950
22,704,406
24,437,093
24,127,231
23,141,226
21,233,648
19,026,226
18,404,774
$ 18,563,747
18,921,189
20,022,194
20,855,807
23,259,261
23,068,476
22,021,128
20,311,493
18,154,072
17,545,320
Percentage
of Levy
94.28 %
92.90
90.63
91.86
95.18
95.61
95.16
95.66
95.42
95.33
Collected to the End
of the Current Fiscal Year
Collections in
Subsequent
Fiscal Years
$
1,408,551
1,421,284
1,635,815
1,163,905
1,048,736
1,112,460
893,492
870,301
856,373
Amount
$ 18,563,747
19,241,344
22,055,544
22,080,538
24,230,694
24,119,045
23,132,166
21,226,428
18,997,891
18,402,921
Source: The source of this information is the Maricopa County Treasurer's records.
Notes: 1) Amounts collected are on a cash basis.
2) Unsecured personal property taxes are not included in this schedule because the dates of the monthly rolls
vary each year. On the average, 90% of unsecured property taxes are collected within 90 days after the
due date.
Page 139
Percentage
of Levy
94.28 %
94.47
99.83
97.25
99.16
99.97
99.96
99.97
99.85
99.99
OUTSTANDING DEBT BY TYPE
Fiscal
Year
Ended
June 30
General
Obligation
Bonds
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
$ 19,075,000
9,475,000
19,020,000
23,865,000
28,560,000
34,730,637
40,266,551
41,342,767
45,740,455
30,985,911
$ 3,605,377
342,632
4,990,000
4,845,000
4,695,000
6,170,637
5,535,914
7,411,216
4,397,688
3,983,478
$ 15,469,623
9,132,368
14,030,000
19,020,000
23,865,000
28,560,000
34,730,637
33,931,551
41,342,767
27,002,433
0.49 %
0.21
0.25
0.33
0.51
0.83
1.08
1.31
1.69
1.25
Page 140
Total Outstanding Debt
General Obligation Bonds
Less:
Amounts
Percentage of
Restricted for
Estimated
Principal
Total
Actual Value
Per
Capita
$
84
42
76
95
113
143
171
182
203
139
Capital
Leases
$
15,882
8,843
149,110
293,159
364,853
499,460
238,906
374,105
535,168
610,857
Total
$ 19,090,882
9,141,211
14,179,110
19,313,159
24,229,853
29,059,460
34,969,543
34,305,656
41,877,935
27,613,290
Percentage of
Estimated
Actual Value
0.61 %
0.21
0.25
0.33
0.52
0.84
1.09
1.33
1.71
1.27
Per
Capita
84
42
77
96
115
145
172
183
205
142
Percentage of
Personal
Income
0.000134 %
0.000064
0.000096
0.000138
0.000183
0.000241
0.000315
0.000335
0.000432
0.000295
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
JUNE 30, 2012
Debt
Outstanding
Governmental Unit
Community College District
City of Glendale
Glendale Union High School District No. 205
Subtotal, Overlapping Debt
$
671,250,000
201,680,000
99,365,000
Estimated
Percentage
Applicable to
School District
Estimated
Amount
Applicable to
School District
0.81 % $
23.59
19.10
5,437,125
47,576,312
18,978,715
71,992,152
Direct:
Total Direct and Overlapping Debt
19,090,882
$
91,083,034
Source: The source of this information is the District's records and the State and County Abstract of the Assessment Roll,
Arizona Department of Revenue and the applicable governmental unit.
Notes: 1) Estimated percentage of debt outstanding applicable to the District is calculated based on the District's
secondary assessed valuation as a percentage of the secondary assessed valuation of the overlapping
jurisdiction.
2) Outstanding debt as of June 30, 2011 is presented for the overlapping governments as this is the most recent
available information.
Page 141
LEGAL DEBT MARGIN INFORMATION
Class B Bond Legal Debt Margin Calculation for Fiscal Year 2012:
Secondary assessed valuation
$ 312,920,617
Debt limit (5% of assessed value)
18,417,000
Debt applicable to limit
18,060,000
Legal debt margin
$
357,000
Total Debt limit
Total net debt applicable to limit
Legal debt margin
Total net debt applicable to limit
Legal debt margin
Total net debt applicable to the limit
as a percentage of debt limit
Page 142
2010
2012
2011
$ 46,938,093
$ 66,140,436
19,075,000
$ 27,863,093
Total net debt applicable to the limit
as a percentage of debt limit
Debt limit
Total Legal Debt Margin Calculation for Fiscal Year 2012:
Secondary assessed valuation
$ 312,920,617
Debt limit (15% of assessed value)
46,938,093
Debt applicable to limit
19,075,000
Legal debt margin
$ 27,863,093
2009
2008
$ 88,626,036
$ 92,090,644
$ 74,584,059
9,132,368
14,030,000
19,020,000
23,865,000
$ 57,008,068
$ 74,596,036
$ 73,070,644
$ 50,719,059
41%
14%
16%
21%
32%
2007
2006
2005
2004
2003
$ 57,009,094
$ 53,037,558
$ 48,247,842
$ 45,097,416
$ 40,690,143
28,560,000
34,730,637
33,931,551
41,342,767
27,002,433
$ 28,449,094
$ 18,306,921
$ 14,316,291
3,754,649
$ 13,687,710
50%
65%
70%
$
92%
66%
Notes: 1) The District’s general obligation bonds are subject to two limits; the Constitutional debt limit (total debt limit) on all general obligation
bonds and the statutory debt limit on Class B bonds. The calculations of the debt margins are presented in detail for the current fiscal
year only.
2) Bond premium is not subject to the statutory debt limit.
COUNTY-WIDE DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN CALENDAR YEARS
Year
Population
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
3,843,370
3,817,117
4,023,331
3,987,942
3,907,492
3,768,123
3,895,205
3,742,460
3,598,440
3,296,300
Personal
Income
(thousands)
$
142,864,275
142,091,618
147,122,078
139,665,253
132,423,154
120,716,738
111,103,576
102,277,852
96,998,974
93,544,549
Per Capita
Income
$
37,352
35,319
37,168
36,135
35,046
33,178
31,757
30,160
29,020
29,117
Unemployment
Rate
8.1
8.5
8.3
5.1
3.2
3.5
4.4
4.6
5.0
5.3
%
Estimated
District
Population
227,446
226,721
249,007
251,522
252,618
243,540
236,125
227,697
225,442
223,210
Sources: The source of the "Personal Income" and "Per Capita" information is the Bureau of Economic Analysis.
The source of the "Population" and "Unemployment Rate" information is University of Arizona, Eller College of
Management, Economic and Business Research Center.
Page 143
PRINCIPAL EMPLOYERS
CURRENT FISCAL YEAR AND FISCAL YEAR NINE YEARS PRIOR
2012
Employer
State of Arizona
Wal-Mart Stores Inc.
Banner Health Systems
City of Phoenix
Wells Fargo Company
Bank of America
Maricopa County
Arizona State University
Apollo Group Inc.
JP Morgan Chase & Co
Intel Corp.
US Airways
Mesa Public Schools
U.S. Postal Service
Honeywell
The Kroger Co.
Motorola
America West Holdings Corp.
Safeway Inc.
Target Corp.
Luke Air Force Base
Qwest Communications Inc.
Banc One Corp.
American Express Co.
Total
Total employment
Employees
49,800
30,635
25,825
15,100
13,310
13,300
12,790
11,185
11,000
10,600
10,300
9,090
8,380
8,020
229,335
1,692,300
2003
Percentage
of Total
Employment
Employees
2.94 %
1.81
1.53
0.89
0.79
0.79
0.76
0.66
0.65
0.63
0.61
0.54
0.50
0.47
13.57
%
Percentage
of Total
Employment
49,850
15,895
15,520
13,155
8,800
2.93 %
0.93
0.91
0.77
0.52
15,525
9,110
0.91
0.53
10,000
0.59
11,405
15,000
13,500
10,600
9,300
9,100
8,070
8,000
7,700
7,600
7,225
245,355
0.67
0.88
0.79
0.62
0.55
0.53
0.47
0.47
0.45
0.45
0.42
14.39 %
1,704,221
Source: The Business Journal Book of Lists
Notes: 1) The principal employers were not available for the District alone, therefore the principal employers for
1) Maricopa County are presented.
Page 144
FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY TYPE
Full-time Equivalent Employees as of June 30
2011
2010
2009
2012
Supervisory
Consultants/supervisors of instruction
Principals
Assistant principals
Total supervisory
Instruction
Teachers
Other teachers (adult)
Other professionals (instructional)
Aides
Total instruction
Student Services
Librarians
Technicians
Total student services
Support and Administration
Service workers
Unskilled laborers
Total support and administration
Total
2008
57
17
16
90
54
17
17
88
59
17
17
93
63
17
17
97
64
17
17
98
695
57
117
869
682
56
120
858
674
26
120
820
698
34
97
829
708
40
96
844
1
32
33
6
27
33
7
28
35
16
21
37
16
19
35
334
85
419
303
117
420
352
75
427
369
76
445
387
119
506
1,411
1,399
1,375
1,408
1,483
(Continued)
Page 145
FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY TYPE
2007
Supervisory
Consultants/supervisors of instruction
Principals
Assistant principals
Total supervisory
Instruction
Teachers
Other teachers (adult)
Other professionals (instructional)
Aides
Total instruction
Student Services
Librarians
Technicians
Total student services
Support and Administration
Service workers
Unskilled laborers
Total support and administration
Total
2006
2005
2004
2003
51
20
17
88
52
19
18
89
45
17
16
78
52
17
14
83
51
15
16
82
749
30
122
901
718
22
26
135
901
659
22
23
161
865
625
22
26
189
862
641
20
21
237
919
17
15
32
17
14
31
16
15
31
16
17
33
15
22
37
435
124
559
361
115
476
360
108
468
361
102
463
350
90
440
1,580
1,497
1,442
1,441
1,478
Source: The source of this information is District personnel records.
(Concluded)
Page 146
OPERATING STATISTICS
Fiscal
Year
Ended
June 30
Average
Daily
Membership
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
12,305
12,004
12,334
12,619
12,997
13,080
12,815
12,627
12,452
12,261
Cost
per
Pupil
Operating
Expenditures
$
87,564,892
86,239,050
86,774,329
92,861,694
95,115,887
89,335,719
82,298,755
75,512,733
73,686,407
68,288,597
$
7,116
7,184
7,035
7,359
7,318
6,830
6,422
5,980
5,918
5,570
Percentage
Change
(0.95) %
2.12
(4.40)
0.55
7.15
6.35
7.39
1.06
6.25
(20.57)
Cost
per
Pupil
Expenses
$
95,889,155
98,473,364
94,287,354
105,089,572
107,164,995
97,798,799
96,740,997
90,222,358
88,624,768
80,710,476
$
7,793
8,203
7,645
8,328
8,245
7,477
7,549
7,145
7,117
6,583
Notes: 1) Operating expenditures are total expenditures less debt service and capital outlay.
2) N/A indicates that the information is not available due to the provisions of Governmental Accounting
Standards Board (GASB) Statement No. 34 not being adopted until fiscal year 2003 .
Page 147
Percentage
Change
(5.01) %
7.31
(8.21)
1.00
10.28
(0.95)
5.65
0.39
8.12
N/A
Teaching
Staff
PupilTeacher
Ratio
695
682
674
698
708
749
718
659
625
641
17.7
17.6
18.3
18.1
18.4
17.5
17.8
19.2
19.9
19.1
Percentage of
Free/Reduced
Students
90.6
87.9
89.0
84.5
81.7
81.2
79.9
79.4
75.7
70.2
%
CAPITAL ASSETS INFORMATION
2012
Schools
Elementary
Buildings
Square feet
Capacity
Enrollment
Middle
Buildings
Square feet
Capacity
Enrollment
2011
175
1,401,972
17,524
13,318
2010
175
1,401,972
17,524
13,023
2008
2007
2009
2006
2005
2004
2003
161
1,149,389
14,367
11,983
161
1,149,389
14,367
12,176
160
1,118,505
14,260
12,309
159
1,088,213
13,603
12,265
159
1,088,213
13,603
12,058
145
958,948
11,987
11,414
145
958,948
11,987
11,247
141
865,940
10,824
11,007
14
252,583
3,157
1,501
14
252,583
3,157
1,454
14
252,583
3,157
1,454
14
252,583
3,157
1,634
14
252,583
3,157
1,810
14
252,583
3,157
2,097
14
252,583
3,157
2,033
14
252,583
3,157
1,948
Administrative
Buildings
Square feet
9
133,135
9
133,135
9
133,135
9
133,135
9
133,135
9
133,135
9
133,135
8
126,735
7
120,335
7
120,335
Transportation
Garages
Buses
1
48
1
48
1
48
1
49
1
50
1
55
1
48
1
45
1
48
1
48
Source: The source of this information is the District's facilities records.
Note: During fiscal year 2010-11, the District's schools were reorganized and are all reported as elementary schools.
Page 148

Glendale Elementary CAFR 12 - Glendale Elementary School

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