Glendale Elementary CAFR 13 - Glendale Elementary School

Transcription

GLENDALE ELEMENTARY
SCHOOL DISTRICT NO. 40
Comprehensive Annual Financial Report
Fiscal Year Ended June 30, 2013
7301 N. 58th Avenue • Glendale, Arizona 85301
GLENDALE ELEMENTARY SCHOOL DISTRICT NO. 40
GLENDALE, ARIZONA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
Issued by:
Business and Finance Department
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal
Page
i
ASBO Certificate of Excellence
vi
GFOA Certificate of Achievement
vii
Organizational Chart
viii
List of Principal Officials
ix
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT
1
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
(Required Supplementary Information)
5
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:
Statement of Net Position
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 Position
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 Position - Proprietary Funds
31
Statement of Revenues, Expenses and Changes in Fund Net Position Proprietary Funds
32
Statement of Cash Flows - Proprietary Funds
33
Statement of Assets and Liabilities – Fiduciary Funds
34
Notes to Financial Statements
35
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
General Fund
58
Food Service 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
100
Capital Projects Funds:
Combining Balance Sheet
102
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
104
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
106
Internal Service Funds:
Combining Statement of Net Position
114
Combining Statement of Revenues, Expenses and
Changes in Fund Net Position
116
Combining Statement of Cash Flows
118
Agency Fund:
Statement of Changes in Assets and Liabilities
120
STATISTICAL SECTION
Financial Trends:
Net Position by Component
122
Expenses, Program Revenues, and Net (Expense)/Revenue
123
General Revenues and Total Changes in Net Position
125
STATISTICAL SECTION (Cont’d)
Page
Financial Trends (Concl’d):
Fund Balances – Governmental Funds
127
Governmental Funds Revenues
129
Governmental Funds Expenditures and Debt Service Ratio
131
Other Financing Sources and Uses and Net Changes in Fund
Balances – Governmental Funds
133
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property
134
Assessed Value and Estimated Actual Value of Taxable Property by Class
135
Property Tax Assessment Ratios
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
Demographic and Economic Information:
County-Wide Demographic and Economic Statistics
143
Principal Employers
144
TABLE OF CONTENTS (Concl’d)
STATISTICAL SECTION (Concl’d)
Page
Operating Information:
Full-Time Equivalent District Employees by Type
145
Operating Statistics
147
Capital Assets Information
148
INTRODUCTORY SECTION
(This page intentionally left blank)
December 20, 2013
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, 2013.
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, 2013, 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 unmodified opinion that the District’s financial statements for the fiscal year
ended June 30, 2013, are fairly presented in conformity with accounting
principles generally accepted in the United States of America. The independent
auditor’s 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 12,649 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 229,720.
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.
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 recent nationwide economic recession have created some unique challenges for the local
economy. Economists have indicated the bottom of the recession had been realized, however, it
appears the Phoenix metropolitan area may take a longer period of time to recover primarily due
to the housing issue.
iii
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. The unemployment rate for Maricopa County was lower than the national average
during the 2013 fiscal year.
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 2012-13 fiscal year, the
state did not increase funding to the base support level (BSL) and reduced capital funding to
Arizona school districts. GESD is beginning to discuss and develop a long-term financial plan
that will be sustainable and meet the various stakeholders’ needs in its Maintenance and
Operation (M&O) Fund as well as developing a comprehensive capital plan. GESD anticipates
it will continue to maintain a healthy carry forward in M&O and allocate a portion of the revenue
control limit and/or District’s additional assistance into unrestricted capital.
GESD has restructured its budget committee for fiscal year 2014 in order to develop a budget
process that fosters collaborating and is efficient and transparent while being fiscally responsible
and sustainable.
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.
iv
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, 2012. 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, 2012. 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 2012-13
certificates.
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
Mike Barragan
Executive Director
of Finance and Auxiliary Services
v
Association of School Business Officials International The Certificate of Excellence in Financial Reporting Award
is presented to
For Its Comprehensive Annual Financial Report (CAFR)
For the Fiscal Year Ended June 30, 2012
The CAFR has been reviewed and met or exceeded
ASBO International’s Certificate of Excellence standards
Ron McCulley, CPPB, RSBO
President
John D. Musso, CAE, RSBA
Executive Director
vi
vii
viii
LIST OF PRINCIPAL OFFICIALS
GOVERNING BOARD
Mary Ann Wilson
President
Jamie Aldama
Clerk
Brenda Bartels
Member
Martin Samaniego
Member
Sara Smith
Member
ADMINISTRATIVE STAFF
Joseph Quintana
Superintendent
Mike Barragan
Executive Director
of Finance and Auxiliary Services
ix
FINANCIAL SECTION
3033 N. Central Ave., Suite 300
Phoenix, Arizona 85012
Tel (602) 277-9449
Fax (602) 277-9297
INDEPENDENT AUDITOR’S REPORT
Governing Board
Report on the Financial Statements
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, 2013, and the related notes to the financial statements, which collectively comprise
the District’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the District’s preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, each major fund, and the aggregate remaining fund
information of the Glendale Elementary School District No. 40, as of June 30, 2013, 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.
Change in Accounting Principle
As described in Note 1, the District implemented the provisions of the Governmental Accounting Standards
Board (GASB) Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of
Resources, and Net Position, for the year ended June 30, 2013, which represents a change in accounting
principle. Our opinion is not modified with respect to this matter.
TUCSON • PHOENIX • FLAGSTAFF
www.heinfeldmeech.com
Other Matters
Required Supplementary Information
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.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the District’s basic financial statements. 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 basic 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 basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic financial statements and certain
additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in the
United States of America. In our opinion, the combining and individual fund financial statements and
schedules information is fairly stated in all material respects in relation to the basic financial statements as a
whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in
the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 20, 2013,
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 in considering Glendale Elementary School District No. 40’s
internal control over financial reporting and compliance.
HEINFELD, MEECH & CO., P.C.
CPAs and Business Consultants
December 20, 2013
Page 2
Page 3
Page 4
YEAR ENDED JUNE 30, 2013
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, 2013. 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 position of governmental activities decreased $3.8 million, which
represents a 3 percent decrease from the prior fiscal year.

General revenues accounted for $75.3 million in revenue, or 78 percent of all current
fiscal year revenues. Program specific revenues in the form of charges for services and
grants and contributions accounted for $21.1 million or 22 percent of total current fiscal
year revenues.

The District had approximately $100.1 million in expenses related to governmental
activities, an increase of 4 percent from the prior fiscal year.

Among major funds, the General Fund had $68.4 million in current fiscal year revenues,
which primarily consisted of state aid and property taxes, and $67.7 million in
expenditures. The General Fund’s fund balance increased from $6.7 million at the prior
fiscal year end to $8.5 million at the end of the current fiscal year primarily due to an
increase in state aid.

Net position for the Internal Service Funds decreased $118,193. Operating expenses of
$8.8 million exceeded operating revenues of $8.7 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 position presents information on all of the District’s assets, liabilities, and
deferred inflows/outflows of resources with the difference reported as net position. Over time,
increases or decreases in net position may serve as a useful indicator of whether the financial
position of the District is improving or deteriorating.
The statement of activities presents information showing how the District’s net position changed
during the most recent fiscal year. All changes in net position are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, 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, Food Service, Debt Service and Unrestricted Capital Outlay Funds, 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 non-major
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 Food Service 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 $118.4 million at the end of the current fiscal
year.
The largest portion of the District’s net position reflects its investment in capital assets (e.g., land
and improvements, buildings and improvements, vehicles, furniture and equipment, and
construction in progress), less any related outstanding debt used to acquire those assets. 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 position represents resources that are
subject to external restrictions on how they may be used. The remaining balance is unrestricted
and may be used to meet the District’s ongoing obligations to its citizens and creditors.
Page 8
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d)
The following table presents a summary of the District’s net position for the fiscal years ended
June 30, 2013 and June 30, 2012.
Current and other assets
Capital assets, net
Total assets
As of
June 30, 2013
$ 47,091,471
105,186,091
152,277,562
As of
June 30, 2012
$
41,579,782
105,443,146
147,022,928
11,871,705
21,966,554
33,838,259
2,413,721
22,391,535
24,805,256
89,626,529
13,570,969
15,241,805
$ 118,439,303
95,822,434
14,784,172
11,611,066
122,217,672
Current and other liabilities
Long-term liabilities
Total liabilities
Net position:
Net investment in capital assets
Restricted
Unrestricted
Total net position
$
At the end of the current fiscal year the District reported positive balances in all three categories
of net position. 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 Position.

The principal retirement of $1.0 million of bonds.

The addition of $5.9 million in capital assets through various school improvements and
purchases of vehicles, furniture and equipment.

The depreciation of existing assets resulting in the addition of $6.1 million in
accumulated depreciation.
Page 9
Changes in net position. The District’s total revenues for the current fiscal year were $96.4
million. The total cost of all programs and services was $100.1 million. The following table
presents a summary of the changes in net position for the fiscal years ended June 30, 2013 and
June 30, 2012.
Fiscal Year Ended Fiscal Year Ended
June 30, 2013
June 30, 2012
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
Changes in net position
Net position, beginning
Net position, ending
Page 10
$
1,852,321
18,851,127
364,873
$
17,681,566
121,740
4,970,420
52,375,773
152,899
96,370,719
$
54,248,239
12,243,142
10,088,769
11,785,046
3,672,479
7,392,236
719,177
100,149,088
(3,778,369)
122,217,672
118,439,303 $
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
Expenses
$60
Millions
$50
$40
$30
$20
$10
$0
FY2012-13
FY2011-12
The following are significant current year transactions that had an impact on the change in net
position.

Instruction expense increased $1.8 million as a result of student growth.

A decrease of $2.2 million in operating grants and contributions due to a decrease in
Education Jobs federal funding.

An increase in state aid of $4.6 million due to student growth.
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.
Page 11
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Concl’d)
Year Ended June 30, 2013
Year Ended June 30, 2012
Total
Net (Expense)/
Total
Net (Expense)/
Expenses
Revenue
Expenses
Revenue
Instruction
$ 54,248,239 $ (48,061,813) $ 52,497,853 $ (43,937,073)
12,243,142
(6,735,318)
11,834,923
(5,897,247)
10,088,769
(9,718,416)
9,778,466
(9,678,597)
11,785,046
(11,785,046)
10,969,615
(10,969,615)
3,672,479
(3,601,428)
3,360,539
(3,360,539)
7,392,236
1,540,431
7,243,818
1,186,526
719,177
(719,177)
203,941
(203,941)
$ 100,149,088 $ (79,080,767) $ 95,889,155 $ (72,860,486)
Total

The cost of all governmental activities this year was $100.1 million.

Federal and State governments and charges for services subsidized certain programs with
grants and contributions and other local revenues of $21.1 million.

Net cost of governmental activities of $79.1 million was partially financed by general
revenues, which are made up of primarily property taxes of $17.7 million, unrestricted
state aid of $52.4 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
$24.8 million, a decrease of $6.0 million due primarily to the decrease in Education Jobs federal
funding, additional expenditures due to student growth and utilization of bond proceeds for
capital improvements throughout the District.
Page 12
FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS (Concl’d)
The General Fund comprises 34 percent of the total fund balance. Approximately $8.1 million
or 96 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 $6.7 million to $8.5 million as of fiscal year end. General Fund revenues increased $5.3
million and expenditures increased $4.1 million primarily due to an increase in state aid and
student growth.
The fund balance in the Food Service Fund increased $623,463 primarily due to an increase in
National School Lunch Program federal funding.
The fund balance in the Debt Service Fund decreased $1.7 million to $1.9 million as of year end,
due to the District meeting the debt service requirements related to bonded debt.
Furthermore, the fund balance in the Unrestricted Capital Outlay Fund increased $289,519.
Proprietary Funds. Unrestricted net position of the Internal Service Funds at the end of the
fiscal year amounted to $5.6 million, a decrease of $118,193 from the prior fiscal year or 2
percent.
BUDGETARY HIGHLIGHTS
The difference between the original budget and the final amended budget was a $1.8 million
increase, or 3 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. Significant variances are
summarized as follows:

The favorable variance of $3.0 million in instruction expenditures was a result of
budgeting to the maximum general budget limit to maximize the budget carry forward to
provide capacity in future years for contingencies.

The unfavorable variance of $1.2 million in support services-students and staff was a
result of the District covering additional benefits not planned for after revising the
budget.
Page 13
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets. At year end, the District had invested $175.7 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 $4.4 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 $6.1 million.
The following schedule presents a summary of capital asset balances for the fiscal years ended
June 30, 2013 and June 30, 2012.
Capital assets – non-depreciable
Capital assets – depreciable, net
Total
As of
As of
June 30, 2013
June 30, 2012
$ 11,482,405 $
8,834,179
93,703,686
96,608,967
$ 105,186,091 $ 105,443,146
Additional information on the District’s capital assets can be found in Note 6.
Debt Administration. At year-end, the District had $18.3 million in long-term debt
outstanding, $3.3 million due within one year. This represents a net decrease of $777,092,
primarily due to the District meeting debt service requirements for leased and bonded debt
obligations and the issuance of $329,612 in capital lease obligations for copiers.
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 $39.2 million and the Class B debt limit is $19.0 million, both of which are greater
than the District’s outstanding debt.
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 2013-14 budget. Among them:


Fiscal year 2012-13 budget balance carry forward (estimated $2.0 million).
District student population (estimated 13,270).
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 1 percent to $67.7 million in fiscal year
2013-14. The primary reason for the increase was due to an inflationary factor of 1.8% added to
the budgetary funding formula. State aid and property taxes are expected to be the primary
funding sources. No new programs were added to the 2013-14 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 POSITION
JUNE 30, 2013
Governmental
Activities
ASSETS
Current assets:
Cash and investments
Property taxes receivable
Accounts receivable
Due from governmental entities
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
24,853,992
1,882,602
30,246
19,693,603
161,433
469,595
47,091,471
8,707,919
7,739,065
136,962,973
19,501,038
2,774,486
(70,499,390)
105,186,091
152,277,562
LIABILITIES
Current liabilities:
Accounts payable
Construction contracts payable
Credit line payable
Claims payable
Compensated absences payable
Accrued interest payable
Unearned revenues
Obligations under capital leases
Bonds payable
Total current liabilities
8,140,541
868,017
2,217,000
287,401
315,886
348,812
9,934
80,588
3,175,000
15,443,179
Noncurrent liabilities:
Non-current portion of long-term obligations
Total noncurrent liabilities
Total liabilities
18,395,080
18,395,080
33,838,259
NET POSITION
Restricted for:
Federal and state projects
Food service
Other local initiatives
Debt service
Capital outlay
Unrestricted
Total net position
89,626,529
$
1,773,136
4,497,529
948,227
1,930,280
4,421,797
15,241,805
118,439,303
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
Position
Program Revenues
Expenses
Functions/Programs
Governmental activities:
Instruction
$
54,248,239 $
Support services - students and staff
12,243,142
Support services - administration
10,088,769
11,785,046
3,672,479
7,392,236
719,177
$ 100,149,088 $
Total governmental activities
Charges for
Services
Operating
Grants and
Contributions
751,913 $
Capital Grants
and
Contributions
Governmental
Activities
106,599
5,069,640 $
5,507,824
263,754
993,809
71,051
7,938,858
1,852,321 $
18,851,127 $
364,873 $ (48,061,813)
(6,735,318)
(9,718,416)
(11,785,046)
(3,601,428)
1,540,431
(719,177)
364,873
(79,080,767)
General revenues:
Taxes:
Property taxes, levied for general purposes
Property taxes, levied for debt service
Investment income
Total general revenues
15,666,536
2,015,030
121,740
4,970,420
52,375,773
152,899
75,302,398
(3,778,369)
122,217,672
Net position, beginning of year
Net position, end of year
Page 21
$
118,439,303
Page 22
FUND FINANCIAL STATEMENTS
Page 23
BALANCE SHEET - GOVERNMENTAL FUNDS
JUNE 30, 2013
General
ASSETS
Property taxes receivable
Due from other funds
Deposits
Inventory
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Credit line payable
Due to other funds
Deferred revenues
Bonds payable
Bond interest payable
Total liabilities
$
45,533
1,791,433
17,598,063
Food Service
$
755,706
$
5,362,923
91,169
$
5,454,092
$
$
364,792
19,799,821
$
83,153
3,524,297
161,433
104,803
4,629,392
$
584,707
$
131,863
2,217,000
6,918,213
1,578,677
Fund balances:
Nonspendable
Restricted
Unassigned
Total fund balances
11,298,597
131,863
67,733
3,175,000
348,812
3,591,545
364,792
104,803
4,392,726
1,862,547
4,497,529
1,862,547
8,136,432
8,501,224
Total liabilities and fund balances
$
19,799,821
$
4,629,392
Page 24
Debt Service
$
5,454,092
Unrestricted
Capital Outlay
Non-Major
Governmental
Funds
Total
Governmental
Funds
$
$
$
348,164
4,111,009
5,945,210
1,664,223
$
4,459,173
$
7,609,433
$
$
48,706
$
453,983
868,017
$
717,093
83,420
$
48,706
2,122,513
4,410,467
5,486,920
4,410,467
5,486,920
4,459,173
Page 25
$
7,609,433
12,109,372
1,882,602
19,693,603
7,635,306
161,433
469,595
41,951,911
1,219,259
868,017
2,217,000
7,635,306
1,729,830
3,175,000
348,812
17,193,224
469,595
16,152,660
8,136,432
24,758,687
$
41,951,911
Page 26
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2013
Total governmental fund balances
$
24,758,687
Amounts reported for governmental activities in the Statement of
Net Position 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
$ 175,685,481
(70,499,390)
105,186,091
Some revenues will not be available to pay for current period
expenditures and, therefore, are deferred in the funds.
Property taxes
Intergovernmental
1,646,410
73,486
1,719,896
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 Position.
5,566,183
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
(2,016,980)
(1,635,784)
(253,790)
(14,885,000)
Net position of governmental activities
Page 27
(18,791,554)
$
118,439,303
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
Total expenditures
5,496,223
15,608,905
47,098,427
152,899
68,356,454
Food Service
$
Other financing sources (uses):
Transfer in
Transfer out
Capital lease agreements
Total other financing sources (uses):
$
7,938,858
8,530,592
39,958,470
6,408,156
8,567,980
9,718,245
2,827,431
200,466
6,207
Excess (deficiency) of revenues over expenditures
591,734
Debt Service
19,822
2,098,677
2,118,499
6,696,685
410,833
67,686,955
7,107,518
3,175,000
717,862
3,892,862
669,499
1,423,074
(1,774,363)
1,125,095
31,533
(799,011)
1,125,095
(799,011)
31,533
Changes in fund balances
1,794,594
624,063
(1,742,830)
Fund balances, beginning of year
6,748,224
3,874,066
3,605,377
(41,594)
(600)
Increase (decrease) in reserve for inventory
Fund balances, end of year
$
8,501,224
$
4,497,529
Page 28
$
1,862,547
Unrestricted
Capital Outlay
Non-Major
Governmental
Funds
Total
Governmental
Funds
$
$
$
227,489
6,449
996,836
1,230,774
650,385
288
4,635,468
10,855,900
16,142,041
6,985,653
17,714,319
52,730,731
18,947,657
96,378,360
1,177,848
8,290,023
5,267,690
770,562
879
97,612
343,642
7,895,655
48,248,493
11,675,846
9,338,542
9,719,124
2,925,043
7,240,793
9,490,543
91,704
1,315
1,270,867
22,666,063
3,266,704
719,177
102,624,265
(40,093)
(6,524,022)
(6,245,905)
329,612
329,612
(357,617)
1,156,628
(1,156,628)
329,612
329,612
289,519
(6,881,639)
(5,916,293)
4,120,948
12,368,559
30,717,174
(357,617)
(42,194)
$
4,410,467
Page 29
$
5,486,920
$
24,758,687
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
$
(5,958,487)
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
$
5,867,933
(6,103,764)
(235,831)
Issuance of an obligation under a capital lease provides current financial resources
to governmental funds, but the issuance increases long term liabilities in the
(329,612)
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
(32,753)
3,138
(29,615)
Repayments of long-term debt principal are expenditures in the governmental
funds, but the repayment reduces long-term liabilities in the Statement of
Net Position.
Capital lease principal retirement
Bond principal retirement
91,704
3,175,000
3,266,704
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
(506,620)
(21,224)
154,509
(373,335)
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 position in governmental activities
Page 30
(118,193)
$
(3,778,369)
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2013
Governmental
Activities:
Internal Service
Funds
ASSETS
Current assets:
Accounts receivable
Total assets
$
LIABILITIES
Accounts payable
Claims payable
Total liabilities
NET POSITION
Unrestricted
Total net position
12,744,620
30,246
12,774,866
12,774,866
6,921,282
287,401
7,208,683
7,208,683
$
5,566,183
5,566,183
Page 31
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2013
Governmental
Activities:
Internal Service
Funds
Operating revenues:
Contributions
Total operating revenues
$
8,702,803
8,702,803
Operating expenses:
Claims
Premiums
Administrative fees
Total operating expenses
999,704
7,478,394
364,872
8,842,970
Operating income (loss)
(140,167)
Nonoperating revenues (expenses):
Investment income
Total nonoperating revenues (expenses)
21,974
21,974
(118,193)
Total net position, beginning of year
5,684,376
Total net position, end of year
$
5,566,183
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
8,672,557
(1,011,964)
(999,704)
6,660,889
Cash flows from investing activities:
Investment income
21,974
Net cash provided by investing activities
21,974
Net increase in cash and cash equivalents
6,682,863
Cash and cash equivalents, beginning of year
6,061,757
Cash and cash equivalents, end of year
$
12,744,620
Reconciliation of Operating Loss to Net Cash provided by Operating Activities
Operating loss
$
(140,167)
Adjustments to reconcile operating loss
to net cash provided by operating activities:
Changes in assets and liabilities:
Increase in accounts receivable
Decrease in prepaid items
Increase in accounts payable
(30,246)
581,210
6,250,092
Total adjustments
6,801,056
$
Page 33
6,660,889
STATEMENT OF ASSETS AND LIABILITIES
FIDUCIARY FUNDS
JUNE 30, 2013
Agency
ASSETS
Total assets
$
$
64,321
64,321
LIABILITIES
Due to student groups
Total liabilities
$
$
64,321
64,321
Page 34
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2013
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.
During the year ended June 30, 2013, the District implemented the provisions of GASB
Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows
of Resources, and Net Position. GASB Statement No. 63 establishes reporting guidance for
certain elements of the financial statements which are distinct from assets and liabilities.
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, 2013
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 position 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
business-type 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.
Page 36
JUNE 30, 2013
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.
Page 37
JUNE 30, 2013
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, and Soft Capital Allocation Funds.
Food Service – The Food Service Fund accounts 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.
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.
Unrestricted Capital Outlay – The Unrestricted Capital Outlay Fund accounts for
transactions relating to the acquisition of capital items.
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.
Page 38
JUNE 30, 2013
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.” Interfund balances between governmental funds are eliminated on the
Page 39
JUNE 30, 2013
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.
Page 40
JUNE 30, 2013
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
financial statements and as expenditures when purchased in the fund financial statements.
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 in varying amounts. Only benefits considered vested are
recognized in the financial statements. The liability for vacation and sick leave is reported in
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, 2013
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 position. 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. Net Position Flow Assumption
In the government-wide and proprietary fund financial statements the District applies
restricted resources first when outlays are incurred for purposes for which either restricted or
unrestricted amounts are available.
O. 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, 2013
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 been 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.
Page 43
JUNE 30, 2013
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.
General
Fund
Fund Balances:
Nonspendable:
Inventory
Restricted:
Debt service
Capital projects
Bond building projects
Voter approved initiatives
Federal and State projects
Food service
Civic center
Community school
Extracurricular Activities
Fees Tax Credit
Other purposes
Unassigned
Total fund balances
$
364,792 $
Food
Service
Fund
Debt
Service
Fund
104,803 $
Unrestricted
Capital
Outlay
Fund
$
Non-Major
Governmental
Funds
$
1,862,547
4,410,467
11,330
2,754,227
1,320,236
379,414
4,392,726
226,714
227,239
196,998
370,762
8,136,432
$ 8,501,224 $ 4,497,529 $ 1,862,547 $
4,410,467 $
5,486,920
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, 2013
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 $2,745,894 and the bank balance was $3,188,046. At year end, $2,907,568 of
the District’s deposits were covered by collateral held by the pledging financial institution in
the District’s name.
The County Treasurer’s pool is an external investment pool with no regulatory oversight.
The pool is not required to register (and is not registered) with the Securities and Exchange
Commission. The fair value of each participant’s position in the County Treasurer
investment pool approximates the value of the participant’s shares in the pool and the
participants’ shares are not identified with specific investments.
At year end, the District’s investments consisted of the following.
County Treasurer’s investment pool
Total
Average Maturities
491 days
Fair Value
$ 22,172,419
$ 22,172,419
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, 2013
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.
General
Fund
Food Service
Fund
Due from governmental entities:
Due from Federal government
$
18,429 $
Due from State government
17,579,634
Net due from governmental entities $ 17,598,063 $
Unrestricted
Non-Major
Capital
Governmental
Outlay Fund
Funds
83,153 $
83,153
$
$
348,164
348,164 $
1,178,939
485,284
1,664,223
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)
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
$ 1,578,677
67,733
Unearned
$
9,934
73,486
$ 1,719,896
$
9,934
JUNE 30, 2013
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
$
Increase
Ending
Balance
Decrease
8,707,919 $
$
126,260
3,517,702
869,476
8,707,919
2,774,486
8,834,179
3,517,702
869,476
11,482,405
7,312,811
136,625,690
18,504,208
162,442,709
426,254
337,283
2,456,170
3,219,707
1,459,340
1,459,340
7,739,065
136,962,973
19,501,038
164,203,076
(327,521)
(4,284,717)
(1,491,526) (1,438,116)
(6,103,764) (1,438,116)
(3,343,733)
(55,181,009)
(11,974,648)
(70,499,390)
(3,016,212)
(50,896,292)
(11,921,238)
(65,833,742)
$
96,608,967
(2,884,057)
$ 105,443,146 $ 633,645 $
21,224
93,703,686
890,700 $ 105,186,091
Depreciation expense was charged to governmental functions as follows.
Instruction
Total depreciation expense – governmental activities
$
$
3,248,173
99,353
313,783
1,926,016
419,856
96,583
6,103,764
Construction Commitments – At year end, the District had contractual commitments
related to various improvement projects. At year end the District had spent $2,774,486 on
the projects and had estimated remaining contractual commitments of $1,150,265. The
majority of these projects are being funded with Bond Building monies.
Page 47
JUNE 30, 2013
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
$ 13,244,000
Redeemed
$ 11,027,000
Ending
Balance
$
2,217,000
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 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
$
$
380,661
60,589
320,072
JUNE 30, 2013
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
$
93,019
93,019
93,020
279,058
Year Ending June 30:
2014
2015
2016
Total minimum lease payments
Less: amount representing interest
25,268
Present value of minimum lease payments
253,790
Due within one year
$
80,588
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
Outstanding
Principal
June 30, 2013
Interest
Rates
Remaining
Maturities
$ 18,390,000
3.0-3.4%
7/1/13-14
6,335,000
4.0-5.0%
7/1/15-19
6,335,000
5,220,000
4.0-5.0%
7/1/27-31
5,220,000
4,380,000
3.74%
7/1/13-14
4,380,000
$ 18,060,000
$
2,125,000
Due Within
One Year
$ 1,050,000
2,125,000
$ 3,175,000
JUNE 30, 2013
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:
2014
2015
2016
2017
2018
2019-23
2024-28
2029-32
Total
Governmental Activities
Principal
Interest
$ 3,175,000 $
640,825
3,330,000
523,581
1,150,000
434,388
1,210,000
381,438
1,275,000
331,738
2,700,000
1,100,190
375,000
981,815
4,845,000
357,620
$ 18,060,000 $ 4,751,595
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
$ 19,075,000 $
15,882
1,790,293
1,510,360
329,612
453,396
1,202,393
$
1,985,401 $
22,391,535 $
Ending
Balance
$ 1,015,000 $ 18,060,000 $
91,704
253,790
607,905
1,635,784
695,773
2,016,980
2,410,382 $
21,966,554 $
Due Within
One Year
3,175,000
80,588
315,886
3,571,474
JUNE 30, 2013
NOTE 11 – INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS
At year end, interfund balances were as follows.
Due to/from other funds:
Due to
General Fund
Non-Major Governmental Funds
Total
Food Service
Fund
$
2,807,204
717,093
$
3,524,297
Due from
Unrestricted
Capital
Outlay
Fund
$ 4,111,009
$
$ 4,111,009
$
Total
6,918,213
717,093
7,635,306
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
Food Service Fund
Non-Major Governmental Funds
Total
Transfers in
General
Debt
Fund
Service Fund
$
799,011 $
326,084
31,533
$
1,125,095 $
31,533
Total
799,011
357,617
$ 1,156,628
$
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.
Lawsuits – The District is a party to a number of various types of lawsuits, many of which
normally occur in governmental operations. The ultimate outcome of the actions is not
determinable, however, District management believes that the outcome of these proceedings,
either individually or in the aggregate, will not have a materially adverse effect on the
accompanying financial statements.
Page 51
JUNE 30, 2013
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 Insurance 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 Insurance 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 $350,000 for each claim, not to exceed an annual aggregate of $1 million.
The Fund purchases commercial insurance for claims in excess of this coverage.
The District has established an Employee Benefit Trust Fund (an Internal Service Fund) to
account for and finance its uninsured risks of loss related to claims for employee dental.
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. Under this program, the Employee Benefit Trust Fund collects contributions and pays
premiums on insurance.
Page 52
JUNE 30, 2013
NOTE 13 – RISK MANAGEMENT (Concl’d)
Liabilities of the fund are reported when it is probable that a loss has occurred and the
amount of the loss can be reasonably estimated. Liabilities include an amount for claims that
have been incurred but not reported (IBNRs). The result of the process to estimate the claims
liability is not an exact amount as it depends on many complex factors, such as inflation,
changes in legal doctrines, and damage awards. Accordingly, claims are reevaluated
periodically to consider the effects of inflation, recent claim settlement trends (including
frequency and amount of pay-outs), and other economic and social factors. The estimate of
the claims liability also includes amounts for a list of claims provided by the District’s third
party administrator that have yet to be incurred in the District’s financial statements.
Changes in the balances of claims liabilities during the past two years are as follows.
Employee Benefits
2012-13
Workers’ Compensation
2012-13
2011-12
Property and Casualty
2012-13
2011-12
Total
2012-13
2011-12
Claims
Payable
Beginning of
Year
Current Year
Claims and Changes
in Estimates
$
$
-0-
438,787
Claim
Payments
$
438,787
Claims
Payable at
End of Year
$
-0-
287,401
443,574
266,992
206,440
266,992
362,613
287,401
287,401
-0556,663
293,925
(414,500)
293,925
142,163
-0-0-
287,401
1,000,237
999,704
(208,060)
843,674
504,776
443,431
287,401
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.
Page 53
JUNE 30, 2013
NOTE 14 – PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS (Concl’d)
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.
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 11.14
percent (10.90 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 11.14 percent (10.25 percent for retirement, 0.65 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,
2013
2012
2011
Page 54
$
5,569,709
5,106,996
4,554,696
Health Benefit
Supplement Fund
Long-Term
Disability Fund
$
$
353,201
325,978
298,254
130,413
124,182
126,379
JUNE 30, 2013
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 $695,773 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
985
Retired employees
125
Total
1,110
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.
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 open. 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
Page 55
$ 1,229,323
60,414
(87,344)
1,202,393
(695,773)
506,620
1,510,360
$ 2,016,980
JUNE 30, 2013
NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS – SINGLE EMPLOYER PLAN
(Concl’d)
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, 2013
June 30, 2012
June 30, 2011
Annual OPEB
Cost
$
1,202,393
940,679
953,484
Annual OPEB
Cost Contributed
$
695,773
658,253
518,078
Percentage of
Annual OPEB
Cost Contributed
57.9%
70.0%
54.3%
Net OPEB
Obligation
$ 2,016,980
1,510,360
1,227,934
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 far 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.
In the July 1, 2012 actuarial valuation, the liabilities were computed using the projected unit
credit cost method. The amortization method used was level percentage of payroll and the
amortization period is open with a remaining amortization period of 30 years. The actuarial
assumptions utilized a 4.0% inflation and investment return rate. The valuation assumes an 8%
healthcare cost trend increase for fiscal year 2012-13, 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.
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, 2012
-0$ 9,701,059 $ 9,701,059
-0$ 45,385,828
July 1, 2010
-07,237,363
7,237,363
-045,341,668
July 1, 2008
-06,203,477
6,203,477
-048,625,517
Page 56
UAAL as a
Percentage
of Covered
Payroll
((b-a)/c)
21.4%
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
$
Expenditures:
Current Instruction
Total expenditures
Non-GAAP
Actual
Final
$
$
4,845,187
15,608,741
46,555,875
67,009,803
42,438,075
4,680,838
7,849,679
8,998,506
2,863,737
148,100
66,978,935
39,410,151
5,878,191
7,312,026
9,654,855
2,814,445
194,177
65,263,845
3,027,924
(1,197,353)
537,653
(656,349)
49,292
(46,077)
1,715,090
(65,186,315)
(66,978,935)
1,745,958
68,724,893
(1,494,398)
(1,494,398)
(41,594)
(41,594)
$ (65,186,315)
$ (66,978,935)
See accompanying notes to this schedule.
Page 58
$
40,645,455
4,680,838
7,849,679
8,998,506
2,863,737
148,100
65,186,315
Fund balances (deficits), beginning of year
Fund balances (deficits), end of year
4,845,187
15,608,741
46,555,875
67,009,803
Variance with
Final Budget
Positive
(Negative)
$
209,966
$
67,188,901
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOOD SERVICE
Budgeted Amounts
Original
Revenues:
Other local
Total revenues
$
Expenditures:
Current Operation of non-instructional services
Capital outlay
Total expenditures
Final
$
Actual
$
7,508,476
8,901,575
7,508,476
(7,508,476)
(7,508,476)
8,901,575
(8,901,575)
1,423,074
10,324,649
(799,011)
(799,011)
(799,011)
(799,011)
624,063
9,525,638
3,874,066
3,874,066
(600)
(600)
(8,901,575)
$
(7,508,476)
$
(8,901,575)
See accompanying notes to this schedule.
Page 59
591,734
7,938,858
8,530,592
2,204,890
(410,833)
1,794,057
$
6,696,685
410,833
7,107,518
Transfer out
591,734
7,938,858
8,530,592
Variance with
Final Budget
Positive
(Negative)
$
4,497,529
$
13,399,104
NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2013
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 and
capital projects funds. Consequently, the following adjustments were necessary to present
actual expenditures, fund balance at July 1, 2012, and fund balance at June 30, 2013 on a
budgetary basis in order to provide a meaningful comparison.
Total
Expenditures
Fund
Balance,
Fund Balance,
June 30, 2013 July 1, 2012
Statement of Revenues, Expenditures and
Changes in Fund Balances –
Governmental Funds
$ 67,686,955 $ 8,501,224 $ 6,748,224
Fiscal year 2012-13 activity budgeted as
special revenue funds
(2,222,215)
(2,412,568)
(2,773,152)
Fiscal year 2012-13 activity budgeted as
capital projects funds
(200,895)
(5,878,690)
(5,469,470)
Schedule of Revenues, Expenditures and
Changes in Fund Balances – Budget and
Actual – General Fund
$ 65,263,845 $
209,966 $ (1,494,398)
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, 2013
ASSETS
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
Special Revenue
Capital Projects
Total NonMajor
Governmental
Fund
$
$
3,633,574
$
$
2,311,636
1,664,223
3,975,859
$
3,633,574
$
$
453,983
$
Page 64
717,093
83,420
1,254,496
868,017
453,983
868,017
717,093
83,420
2,122,513
2,721,363
2,721,363
2,765,557
2,765,557
5,486,920
5,486,920
868,017
Fund balances:
Restricted
Total fund balances
$
$
5,945,210
1,664,223
7,609,433
3,975,859
$
3,633,574
$
7,609,433
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
$
$
$
Transfer out
Page 65
62,317
650,385
288
4,635,468
10,855,900
16,142,041
8,290,023
5,267,690
770,562
879
97,612
343,642
490,895
15,261,303
7,404,760
7,404,760
8,290,023
5,267,690
770,562
879
97,612
343,642
7,895,655
22,666,063
818,421
(7,342,443)
(6,524,022)
(326,084)
(326,084)
(31,533)
(31,533)
(357,617)
(357,617)
492,337
(7,373,976)
(6,881,639)
2,229,026
10,139,533
12,368,559
4,606,267
10,855,900
16,079,724
Expenditures:
Current Instruction
Capital outlay
Total expenditures
617,557
$
2,721,363
$
32,828
288
29,201
2,765,557
$
5,486,920
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.
Structured English Immersion - to account for monies received to provide for the incremental
cost of instruction to English language learners.
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 and 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
Other Federal Projects - to account for financial assistance received for other supplemental
federal projects.
Early Childhood Block Grant - to account for financial assistance received for preschool
education.
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.
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 received 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, 2013
Classroom Site
ASSETS
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
$
$
$
Fund balances:
Restricted
Total fund balances
Page 68
708,407
269,161
977,568
Instructional
Improvement
$
$
$
977,568
977,568
$
126,545
216,123
342,668
977,568
County, City,
and Town
Grants
$
17,327
$
17,327
$
342,668
342,668
$
342,668
17,327
17,327
$
17,327
Structured
English
Immersion
$
$
7,215
7,215
$
Compensatory
Instruction
$
$
7
$
7,215
7,215
$
7
7,215
$
$
$
7
Title IV Grants
Promote
Informed Parent
Choice
12,500
655,899
668,399
$
$
$
6
$
6
356,997
311,402
$
Title I Grants
7
7
$
Professional
Development
and Technology
Grants
$
668,399
$
668,399
66,016
66,016
16,694
49,322
$
$
66,016
$
32,525
66,016
$
32,525
32,525
6
6
32,525
$
32,525
$
(Continued)
Page 69
6
JUNE 30, 2013
Special
Education
Grants
Limited English
& Immigrant
Students
ASSETS
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
$
$
$
136,798
136,798
$
$
$
Homeless
Education
$
187,408
187,408
136,798
27,169
160,239
136,798
187,408
$
6,611
6,611
$
6,611
6,611
Fund balances:
Restricted
Total fund balances
Page 70
$
136,798
$
187,408
$
6,611
E-Rate
$
Other Federal
Projects
$
$
432,537
73,486
506,023
$
53,123
$
$
20,196
20,196
Early Childhood
Block Grant
Other State
Projects
Community
School
Civic Center
$
2,098
$
608
$
226,714
$
227,239
$
2,098
$
608
$
226,714
$
227,239
$
$
$
$
20,196
73,486
126,609
2,098
2,098
20,196
608
608
379,414
379,414
$
506,023
226,714
226,714
$
20,196
$
2,098
$
608
$
226,714
227,239
227,239
$
227,239
(Continued)
Page 71
JUNE 30, 2013
Extracurricular
Activities Fees
Tax Credit
ASSETS
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
$
196,998
$
13,230
$
93,192
$
196,998
$
13,230
$
93,192
$
Fund balances:
Restricted
Total fund balances
Page 72
Insurance
Proceeds
Fingerprint
$
196,998
196,998
$
196,998
$
13,230
13,230
$
13,230
93,192
93,192
$
93,192
Litigation
Recovery
Textbooks
Totals
$
18,560
$
228,453
$
$
18,560
$
228,453
$
$
$
18,560
18,560
$
Page 73
18,560
$
228,453
228,453
$
228,453
2,311,636
1,664,223
3,975,859
453,983
717,093
83,420
1,254,496
2,721,363
2,721,363
$
3,975,859
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NON-MAJOR SPECIAL REVENUE FUNDS
Classroom Site
Revenues:
Other local
Total revenues
$
129
3,542,885
Instructional
Improvement
$
1,887
708,424
County, City,
and Town
Grants
$
13,275
3,543,014
710,311
13,275
2,853,890
106,233
796,011
6,984
12,502
2,960,123
802,995
12,502
582,891
(92,684)
773
582,891
(92,684)
773
394,677
435,352
16,554
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Transfer out
Page 74
$
977,568
$
342,668
$
17,327
Structured
English
Immersion
$
Compensatory
Instruction
$
$
354,688
270
354,688
270
331,374
23,314
270
354,688
$
Title I Grants
Title IV Grants
Limited English
& Immigrant
Students
$
$
$
5,851,460
5,851,460
588,707
588,707
2,385,709
2,752,349
245,379
879
28,675
270
$
Professional
Development
and Technology
Grants
$
416,361
151,560
262,000
262,000
736,464
736,464
144,011
82,106
84,752
630,274
4,470
246,585
5,659,576
567,921
23,035
253,622
242
715,268
191,884
20,786
8,378
21,196
(191,884)
(191,884)
(20,786)
(20,786)
(8,378)
(8,378)
(21,196)
(21,196)
$
$
$
(Continued)
Page 75
Special
Education
Grants
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Homeless
Education
$
E-Rate
$
2,351,038
2,351,038
71,474
71,474
1,234,136
980,685
7,885
8,724
19,863
188
468,494
468,682
106,182
172,637
39,961
Transfer out
47,005
2,269,711
423
68,971
47,583
326,402
81,327
2,503
142,280
(81,327)
(81,327)
(2,503)
(2,503)
142,280
237,134
Page 76
$
$
$
379,414
Other Federal
Projects
$
Community
School
Civic Center
$
107,459
526,263
526,263
107,459
402,306
100,199
23,748
3,672
30,910
74,640
$
418,069
Extracurricular
Activities Fees
Tax Credit
$
418,069
50,829
Insurance
Proceeds
Fingerprint
$
50,829
3,836
$
15,038
3,836
15,038
32,465
5,950
17,904
652
343,642
526,253
1,622
116,794
344,294
4,003
54,372
10
(9,335)
73,775
(3,543)
3,836
15,038
(9,335)
73,775
(3,543)
3,836
15,038
236,049
153,464
200,541
9,394
78,154
(10)
(10)
$
$
226,714
$
227,239
$
196,998
$
13,230
$
93,192
(Continued)
Page 77
Litigation
Recovery
Textbooks
Revenues:
Other local
Total revenues
$
5,339
$
5,339
Expenditures:
Current Instruction
Capital outlay
Total expenditures
1,508
Totals
$
1,508
201
12,230
120,397
215,311
8,290,023
5,267,690
770,562
879
97,612
343,642
490,895
15,261,303
(6,891)
(213,803)
818,421
12,230
94,713
617,557
4,606,267
10,855,900
16,079,724
Transfer out
(326,084)
(326,084)
(6,891)
(213,803)
492,337
25,451
442,256
2,229,026
Page 78
$
18,560
$
228,453
$
2,721,363
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
$
129
3,542,885
$
129
3,542,885
3,543,014
3,543,014
4,515,610
2,853,890
106,233
1,661,720
(106,233)
4,515,610
2,960,123
1,555,487
(4,515,610)
582,891
5,098,501
(4,515,610)
582,891
5,098,501
394,677
394,677
Transfer in
Transfer out
Page 80
$
(4,515,610)
$
977,568
$
5,493,178
Instructional Improvement
Budget
$
$
County, City, and Town Grants
Variance Positive
(Negative)
Actual
$
1,887
708,424
$
1,887
708,424
710,311
710,311
899,481
796,011
6,984
103,470
(6,984)
899,481
802,995
(899,481)
(899,481)
(899,481)
$
Budget
$
Variance Positive
(Negative)
Actual
$
13,275
$
13,275
13,275
13,275
16,554
12,502
4,052
96,486
16,554
12,502
4,052
(92,684)
806,797
(16,554)
773
17,327
(92,684)
806,797
(16,554)
773
17,327
435,352
435,352
16,554
16,554
342,668
$
1,242,149
$
(16,554)
$
17,327
$
33,881
(Continued)
Page 81
Structured English Immersion
Budget
Revenues:
Other local
Total revenues
$
Variance Positive
(Negative)
Actual
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
$
354,688
354,688
354,688
354,688
331,374
23,314
(331,374)
(23,314)
354,688
(354,688)
Transfer in
Transfer out
Page 82
$
$
$
Compensatory Instruction
Budget
$
Title I Grants
Variance Positive
(Negative)
Actual
$
$
$
270
270
270
11,302
270
11,032
3,430,673
3,902,379
11,302
270
11,032
11,302
(11,302)
(11,302)
11,302
$
$
11,302
Actual
$
270
(11,302)
$
Budget
Variance Positive
(Negative)
$
5,851,460
5,851,460
5,851,460
5,851,460
2,385,709
2,752,349
245,379
879
28,675
1,044,964
1,150,030
(245,379)
(879)
(28,675)
7,333,052
246,585
5,659,576
(246,585)
1,673,476
(7,333,052)
191,884
7,524,936
(191,884)
(191,884)
(191,884)
(191,884)
(7,333,052)
$
(7,333,052)
7,333,052
$
$
7,333,052
(Continued)
Page 83
Professional Development and Technology Grants
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
$
588,707
588,707
588,707
588,707
779,697
416,361
151,560
363,336
(151,560)
779,697
567,921
211,776
(779,697)
20,786
800,483
(20,786)
(20,786)
(20,786)
(20,786)
Transfer in
Transfer out
(779,697)
779,697
Page 84
$
(779,697)
$
$
779,697
Title IV Grants
Budget
$
Limited English & Immigrant Students
Variance Positive
(Negative)
Actual
$
$
262,000
262,000
144,011
82,106
(144,011)
315,250
4,470
(4,470)
397,356
23,035
253,622
(397,356)
(397,356)
$
$
736,464
736,464
1,201,712
84,752
630,274
(84,752)
571,438
(23,035)
143,734
1,201,712
242
715,268
(242)
486,444
8,378
405,734
(1,201,712)
21,196
1,222,908
(8,378)
(8,378)
(8,378)
(8,378)
(21,196)
(21,196)
(21,196)
(21,196)
397,356
$
Actual
736,464
736,464
(397,356)
$
$
262,000
262,000
397,356
Budget
Variance Positive
(Negative)
$
397,356
(1,201,712)
$
(1,201,712)
1,201,712
$
$
1,201,712
(Continued)
Page 85
Special Education Grants
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Actual
$
$
2,351,038
2,351,038
2,351,038
2,351,038
1,234,136
980,685
7,885
1,384,701
(980,685)
(7,885)
2,618,837
47,005
2,269,711
(47,005)
349,126
(2,618,837)
81,327
2,700,164
(81,327)
(81,327)
(81,327)
(81,327)
2,618,837
Variance Positive
(Negative)
Transfer in
Transfer out
(2,618,837)
2,618,837
Page 86
$
(2,618,837)
$
$
2,618,837
Homeless Education
Budget
$
Medicaid Reimbursement
Variance Positive
(Negative)
Actual
$
$
$
$
71,474
71,474
71,474
71,474
152,899
152,899
152,899
152,899
8,724
19,863
(8,724)
(19,863)
446,634
60,382
117,396
197,806
(60,382)
(117,396)
248,828
80,000
39,961
40,039
80,000
423
68,971
(423)
11,029
446,634
375,584
71,050
(80,000)
2,503
82,503
(446,634)
(222,685)
223,949
(2,503)
(2,503)
(2,503)
(2,503)
(446,634)
(222,685)
223,949
553,346
553,346
(80,000)
$
Budget
$
Variance Positive
(Negative)
Non-GAAP
Actual
(80,000)
80,000
$
$
80,000
$
(446,634)
$
330,661
$
777,295
(Continued)
Page 87
E-Rate
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
188
$
188
468,494
468,682
468,494
468,682
700,000
106,182
172,637
(106,182)
527,363
700,000
47,583
326,402
(47,583)
373,598
(700,000)
142,280
842,280
(700,000)
142,280
842,280
237,134
237,134
Transfer in
Transfer out
Page 88
$
(700,000)
$
379,414
$
1,079,414
Other Federal Projects
Budget
$
Environmental Special Plate
Variance Positive
(Negative)
Actual
$
$
$
Actual
$
$
526,263
526,263
526,263
526,263
127,840
402,306
100,199
23,748
(274,466)
(100,199)
(23,748)
320,400
320,400
127,840
526,253
(398,413)
320,400
320,400
(127,840)
10
127,850
(320,400)
320,400
(10)
(10)
(10)
(10)
(320,400)
320,400
(127,840)
$
Budget
Variance Positive
(Negative)
(127,840)
127,840
$
$
127,840
$
(320,400)
$
$
320,400
(Continued)
Page 89
School Plant
Budget
Revenues:
Other local
Total revenues
$
Variance Positive
(Negative)
Non-GAAP
Actual
$
34,489
$
34,489
Expenditures:
Current Instruction
Capital outlay
Total expenditures
34,489
34,489
69,821
69,821
69,821
69,821
(69,821)
34,489
104,310
(69,821)
34,489
104,310
99,209
99,209
Transfer in
Transfer out
Page 90
$
(69,821)
$
133,698
$
203,519
Civic Center
Budget
$
Actual
$
249,238
$
Community School
Variance Positive
(Negative)
107,459
$
107,459
107,459
107,459
3,672
30,910
74,640
(3,672)
(30,910)
174,598
5,950
(5,950)
Budget
$
Variance Positive
(Negative)
Actual
$
418,069
$
418,069
418,069
418,069
16,930
652
343,642
(652)
(326,712)
249,238
1,622
116,794
(1,622)
132,444
16,930
344,294
(327,364)
(249,238)
(9,335)
239,903
(16,930)
73,775
90,705
(249,238)
(9,335)
239,903
(16,930)
73,775
90,705
236,049
236,049
153,464
153,464
(249,238)
$
226,714
$
475,952
$
(16,930)
$
227,239
$
244,169
(Continued)
Page 91
Auxiliary Operations
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Non-GAAP
Actual
$
25,927
$
25,927
25,927
25,927
5,847
4,549
961
(5,847)
(4,549)
(961)
45,975
1,898
6,289
(1,898)
39,686
45,975
19,544
26,431
(45,975)
6,383
52,358
(45,975)
6,383
52,358
16,080
16,080
Transfer in
Transfer out
Page 92
$
(45,975)
$
22,463
$
68,438
Extracurricular Activities Fees Tax Credit
Budget
$
Actual
$
$
50,829
50,829
50,829
32,465
174,190
17,904
(17,904)
206,655
4,003
54,372
(4,003)
152,283
(206,655)
(3,543)
(206,655)
206,655
$
50,829
Gifts and Donations
Variance Positive
(Negative)
(206,655)
$
Budget
$
Variance Positive
(Negative)
Non-GAAP
Actual
$
517,529
$
517,529
517,529
517,529
288,328
224,395
6,672
(52,229)
(224,395)
(6,672)
11,088
(11,088)
236,099
6,207
536,690
(6,207)
(300,591)
203,112
(236,099)
(19,161)
216,938
(3,543)
203,112
(236,099)
(19,161)
216,938
200,541
200,541
265,901
265,901
196,998
$
403,653
236,099
$
(236,099)
$
246,740
$
482,839
(Continued)
Page 93
Fingerprint
Budget
Revenues:
Other local
Total revenues
$
Variance Positive
(Negative)
Actual
$
3,836
$
3,836
Expenditures:
Current Instruction
Capital outlay
Total expenditures
3,836
3,836
3,943
3,943
3,943
3,943
(3,943)
3,836
7,779
(3,943)
3,836
7,779
9,394
9,394
Transfer in
Transfer out
Page 94
$
(3,943)
$
13,230
$
17,173
Insurance Proceeds
Budget
$
Textbooks
Variance Positive
(Negative)
Actual
$
15,038
$
15,038
$
Actual
$
15,038
58,061
5,339
$
5,339
5,339
5,339
25,451
12,230
13,221
58,061
25,451
12,230
13,221
58,061
58,061
$
15,038
Budget
Variance Positive
(Negative)
(58,061)
15,038
73,099
(25,451)
(6,891)
18,560
(58,061)
15,038
73,099
(25,451)
(6,891)
18,560
78,154
78,154
25,451
25,451
(58,061)
$
93,192
$
151,253
$
(25,451)
$
18,560
$
44,011
(Continued)
Page 95
Litigation Recovery
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
1,508
$
1,508
1,508
1,508
201
(201)
94,713
(94,713)
367,061
367,061
120,397
215,311
246,664
151,750
(367,061)
(213,803)
153,258
(367,061)
(213,803)
153,258
442,256
442,256
Transfer in
Transfer out
Page 96
$
(367,061)
$
228,453
$
595,514
Indirect Costs
Non-GAAP
Actual
Budget
$
$
1,772,507
5,672
$
5,672
5,672
5,672
176,492
1,050,515
63,390
(176,492)
721,992
(63,390)
Budget
$
Variance Positive
(Negative)
Non-GAAP
Actual
$
20
$
20
20
20
10,317
10,317
10,317
1,772,507
1,290,397
482,110
10,317
(1,772,507)
(1,284,725)
487,782
(10,317)
20
10,337
1,125,095
1,125,095
1,125,095
1,125,095
(159,630)
1,612,877
(10,317)
20
10,337
1,833,915
1,833,915
4,701
4,701
(1,772,507)
$
Advertisement
Variance Positive
(Negative)
(1,772,507)
$
1,674,285
$
3,446,792
$
(10,317)
$
4,721
$
15,038
(Continued)
Page 97
Totals
Budget
Revenues:
Other local
Total revenues
Expenditures:
Current Instruction
Capital outlay
Total expenditures
$
$
12,445,455
6,306,595
3,168,379
Page 98
$
1,201,194
4,606,267
11,008,799
16,816,260
80,000
143,043
367,061
22,510,533
3,800,875
516,073
1,141,863
(64,269)
(30,598)
(206,888)
(130,041)
5,027,015
(22,510,533)
(667,258)
21,843,275
1,125,095
(326,084)
799,011
1,125,095
(326,084)
799,011
131,753
22,642,286
5,002,178
5,002,178
(22,510,533)
1,201,194
4,606,267
11,008,799
16,816,260
8,644,580
5,790,522
2,026,516
64,269
110,598
349,931
497,102
17,483,518
Transfer in
Transfer out
Variance Positive
(Negative)
Non-GAAP
Actual
$ (22,510,533)
$
5,133,931
$
27,644,464
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 99
ALL DEBT SERVICE FUNDS
Debt Service
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Expenditures:
Total expenditures
Actual
$
Page 100
19,822
2,098,677
2,118,499
1,107,138
1,107,138
(5,000,000)
(1,774,363)
3,225,637
31,533
31,533
31,533
31,533
(1,742,830)
3,257,170
3,605,377
3,605,377
(5,000,000)
$
$
3,175,000
717,862
3,892,862
19,822
2,098,677
2,118,499
3,175,000
1,825,000
5,000,000
Transfer in
Variance Positive
(Negative)
(5,000,000)
$
1,862,547
$
6,862,547
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 101
COMBINING BALANCE SHEET - NON-MAJOR CAPITAL PROJECTS FUNDS
JUNE 30, 2013
ASSETS
Total assets
Liabilities:
Total liabilities
Adjacent Ways
Bond Building
Condemnation
$
$
$
$
3,622,244
3,622,244
$
$
$
868,017
868,017
$
$
Fund balances:
Restricted
Total fund balances
Page 102
2,985
2,985
2,985
2,985
$
2,985
2,754,227
2,754,227
$
3,622,244
6,092
6,092
6,092
6,092
$
6,092
Building
Renewal
$
$
2,253
2,253
$
Totals
$
$
3,633,574
3,633,574
$
868,017
868,017
2,253
2,253
$
Page 103
2,253
2,765,557
2,765,557
$
3,633,574
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NON-MAJOR CAPITAL PROJECTS FUNDS
Revenues:
Other local
Property taxes
Total revenues
Adjacent Ways
Bond Building
Condemnation
$
$
$
Expenditures:
Capital outlay
Total expenditures
1,077
288
31,550
185
580,764
580,764
6,715,960
6,715,960
63,385
63,385
(579,399)
(6,684,410)
(63,200)
(31,533)
(31,533)
Page 104
185
1,365
Transfer out
31,550
$
(579,399)
(6,715,943)
(63,200)
582,384
9,470,170
69,292
2,985
$
2,754,227
$
6,092
Building
Renewal
$
Totals
16
$
29,201
29,217
32,828
288
29,201
62,317
44,651
44,651
7,404,760
7,404,760
(15,434)
(7,342,443)
(31,533)
(31,533)
(15,434)
(7,373,976)
17,687
10,139,533
$
Page 105
2,253
$
2,765,557
ALL CAPITAL PROJECTS FUNDS
Unrestricted Capital Outlay
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Non-GAAP
Actual
$
227,489
6,449
996,836
1,230,774
$
227,489
6,449
996,836
1,230,774
2,296,959
848,236
1,448,723
91,704
1,315
2,389,978
91,704
1,315
941,255
1,448,723
(2,389,978)
289,519
2,679,497
(2,389,978)
289,519
2,679,497
4,120,948
4,120,948
Transfer out
Page 106
$
(2,389,978)
$
4,410,467
$
6,800,445
Adjacent Ways
Budget
$
Soft Capital Allocation
Variance Positive
(Negative)
Actual
$
1,077
288
$
1,365
$
1,077
288
Budget
$
Variance Positive
(Negative)
Non-GAAP
Actual
$
1,365
67,399
164
542,552
610,115
$
67,399
164
542,552
610,115
721,915
100,000
193,762
7,133
528,153
92,867
582,800
580,764
2,036
582,800
580,764
2,036
821,915
200,895
621,020
(582,800)
(579,399)
3,401
(821,915)
409,220
1,231,135
(582,800)
(579,399)
3,401
(821,915)
409,220
1,231,135
582,384
582,384
5,469,470
5,469,470
(582,800)
$
2,985
$
585,785
$
(821,915)
$
5,878,690
$
6,700,605
(Continued)
Page 107
Bond Building
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Actual
$
Page 108
31,550
9,488,179
6,715,960
2,772,219
9,488,179
6,715,960
2,772,219
(9,488,179)
(6,684,410)
2,803,769
(31,533)
(31,533)
(31,533)
(31,533)
(6,715,943)
2,772,236
9,470,170
9,470,170
(9,488,179)
$
$
31,550
31,550
31,550
Transfer out
Variance Positive
(Negative)
(9,488,179)
$
2,754,227
$
12,242,406
School Plant - Special Construction
Budget
$
$
Actual
$
Gifts and Donations - Capital
Variance Positive
(Negative)
$
Budget
$
Variance Positive
(Negative)
Actual
$
$
2,300
2,300
100,000
100,000
2,300
2,300
100,000
100,000
(2,300)
2,300
(100,000)
100,000
(2,300)
2,300
(100,000)
100,000
(2,300)
$
$
2,300
$
(100,000)
$
$
100,000
(Continued)
Page 109
Condemnation
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
185
$
185
185
185
69,180
63,385
5,795
69,180
63,385
5,795
(69,180)
(63,200)
5,980
(69,180)
(63,200)
5,980
69,292
69,292
Transfer out
Page 110
$
(69,180)
$
6,092
$
75,272
Building Renewal
Budget
$
Totals
Variance Positive
(Negative)
Actual
$
16
$
29,201
29,217
17,688
$
$
29,201
29,217
44,651
(26,963)
91,704
1,315
8,546,910
4,925,130
(6,643,704)
6,828,336
(31,533)
(31,533)
(31,533)
(31,533)
(6,675,237)
6,796,803
19,729,951
19,729,951
(26,963)
(17,688)
(15,434)
2,254
(13,472,040)
Page 111
(15,434)
2,254
17,687
17,687
2,253
$
327,716
6,901
1,568,589
1,903,206
528,153
92,867
4,304,110
44,651
$
$
193,762
7,133
8,252,996
17,688
(17,688)
327,716
6,901
1,568,589
1,903,206
721,915
100,000
12,557,106
91,704
1,315
13,472,040
(17,688)
$
Budget
16
Variance Positive
(Negative)
Non-GAAP
Actual
19,941
(13,472,040)
$ (13,472,040)
$
13,054,714
$
26,526,754
Page 112
INTERNAL SERVICE FUNDS
Employee Benefit Trust - to account for the financial activity associated with the District’s selfinsurance program for employee health benefits.
Property and Casualty Insurance - to account for the financial activity associated with the
District’s self-insurance program for property and casualty losses.
Workers’ Compensation - to account for the financial activity associated with the District’s
self-insurance program for employee workers’ compensation.
Page 113
COMBINING STATEMENT OF NET POSITION ALL INTERNAL SERVICE FUNDS
JUNE 30, 2013
Property and
Casualty
Insurance
Employee
Benefit Trust
ASSETS
Current assets:
Accounts receivable
Total assets
$
LIABILITIES
Accounts payable
Claims payable
Total liabilities
NET POSITION
Unrestricted
Total net position
Page 114
$
9,245,856
$
1,509,805
9,245,856
9,245,856
1,509,805
1,509,805
6,733,113
156,030
6,733,113
6,733,113
156,030
156,030
2,512,743
2,512,743
$
1,353,775
1,353,775
Workers'
Compensation
$
1,988,959
30,246
2,019,205
2,019,205
32,139
287,401
319,540
319,540
$
1,699,665
1,699,665
Totals
$
12,744,620
30,246
12,774,866
12,774,866
6,921,282
287,401
7,208,683
7,208,683
$
5,566,183
5,566,183
Page 115
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION ALL INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2013
Property and
Casualty
Insurance
Employee
Benefit Trust
Operating revenues:
Contributions
Total operating revenues
$
7,158,139
7,158,139
$
725,000
725,000
Workers'
Compensation
$
819,664
819,664
Operating expenses:
Claims
Premiums
Administrative fees
Total operating expenses
438,787
6,867,579
166,838
7,473,204
293,925
511,372
29,122
834,419
266,992
99,443
168,912
535,347
Operating income (loss)
(315,065)
(109,419)
284,317
12,101
12,101
3,759
3,759
6,114
6,114
(302,964)
(105,660)
290,431
Total net postion, beginning of year
2,815,707
1,459,435
1,409,234
Nonoperating revenues (expenses):
Investment income
Total nonoperating revenues (expenses)
Total net position, end of year
Page 116
$
2,512,743
$
1,353,775
$
1,699,665
Totals
$
8,702,803
8,702,803
999,704
7,478,394
364,872
8,842,970
(140,167)
21,974
21,974
(118,193)
5,684,376
$
5,566,183
Page 117
COMBINING STATEMENT OF CASH FLOWS - ALL INTERNAL SERVICE FUNDS
Property
and Casualty
Insurance
Employee
Benefit Trust
Workers'
Compensation
Totals
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
$
7,158,139 $
(936,664)
(438,787)
5,782,688
725,000 $
126,908
(293,925)
557,983
789,418 $
(202,208)
(266,992)
320,218
12,101
12,101
3,759
3,759
6,114
6,114
21,974
21,974
Net increase in cash and cash equivalents
5,794,789
561,742
326,332
6,682,863
Cash and cash equivalents, beginning of year
3,451,067
948,063
1,662,627
6,061,757
Cash flows from investing activities:
Investment income
Net cash provided by investing activities
Cash and cash equivalents, end of year
$
9,245,856
$
1,509,805
$
1,988,959
$
$
284,317
$
8,672,557
(1,011,964)
(999,704)
6,660,889
12,744,620
Reconciliation of Operating Income (Loss) to
Net Cash Provided by Operating Activities
Operating income income (loss)
$
(315,065) $
(109,419)
(140,167)
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Changes in assets and liabilities:
Increase in accounts receivable
Decrease in prepaid items
Increase (Decrease) in accounts payable
Total adjustments
Page 118
$
6,097,753
511,372
156,030
(30,246)
69,838
(3,691)
(30,246)
581,210
6,250,092
6,097,753
667,402
35,901
6,801,056
5,782,688
$
557,983
$
320,218
$
6,660,889
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 119
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND
Beginning
Balance
STUDENT ACTIVITIES
Assets
Total assets
Page 120
Ending
Balance
Deductions
$
67,651
$
101,658
$
104,988
$
64,321
$
67,651
$
101,658
$
104,988
$
64,321
Liabilities
Due to student groups
Total liabilities
Additions
67,651
$
67,651
101,658
$
101,658
104,988
$
104,988
64,321
$
64,321
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 121
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
(Accrual basis of accounting)
2013
Net Position:
Restricted
Unrestricted
Total net position
$
$
89,626,529
13,570,969
15,241,805
118,439,303
2012
$
$
$
$
89,927,512
5,322,014
24,405,608
119,655,134
Source: The source of this information is the District's financial records.
Page 122
95,822,434
14,784,172
11,611,066
122,217,672
$
$
2007
2008
Net Position:
Restricted
Unrestricted
Total net position
Fiscal Year Ended June 30
2011
$
$
79,885,361
5,008,810
24,639,611
109,533,782
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
2010
93,415,178
6,243,781
26,926,374
126,585,333
2009
$
$
2005
$
$
63,918,590
20,418,049
6,896,431
91,233,070
92,774,229
2,226,679
22,461,097
117,462,005
2004
$
$
59,145,528
24,386,985
(4,307,891)
79,224,622
EXPENSES, PROGRAM REVENUES, AND NET (EXPENSE)/REVENUE
2013
Expenses
Instruction
Total expenses
$
Program Revenues
Charges for services:
Instruction
Other activities
Total program revenues
Net (Expense)/Revenue
54,248,239
12,243,142
10,088,769
11,785,046
3,672,479
7,392,236
719,177
100,149,088
2012
$
751,913
993,809
106,599
18,851,127
364,873
21,068,321
$
(79,080,767)
2011
52,497,853
11,834,923
9,778,466
10,969,615
3,360,539
7,243,818
203,941
95,889,155
$
472,974
1,119,836
99,869
21,081,644
254,346
23,028,669
$
(72,860,486)
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)
2010
51,085,678
11,644,676
9,860,190
10,751,253
2,918,831
7,333,841
692,885
94,287,354
2009
$
897,051
716,569
89,820
19,409,605
1,664,651
22,777,696
$
(71,509,658)
58,834,949
12,645,766
10,453,239
11,596,830
3,202,846
7,510,550
845,392
105,089,572
1,326,607
917,338
102,017
17,033,756
2,141,388
21,521,106
$
(83,568,466)
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.
Page 123
(Continued)
EXPENSES, PROGRAM REVENUES, AND NET (EXPENSE)/REVENUE
2008
Expenses
Instruction
Total expenses
$
Program Revenues
Charges for services:
Instruction
Other activities
Total program revenues
60,258,999
12,466,142
11,171,421
11,231,392
3,491,612
7,538,113
1,007,316
107,164,995
2007
$
1,954,418
980,429
77,833
17,391,497
1,252,518
21,656,695
$
(85,508,300)
2006
55,350,300
11,389,534
10,772,849
9,155,145
3,010,808
6,908,003
1,212,160
97,798,799
$
1,665,708
983,342
237,547
14,960,812
1,339,311
19,186,720
$
(78,612,079)
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)
2005
45,875,626
12,757,148
10,322,533
9,451,621
3,154,813
5,703,455
2,957,163
90,222,359
2004
$
476,941
1,772,673
7,319,077
15,907,925
2,864,441
28,341,057
$
(61,881,302)
54,969,181
9,030,492
7,307,084
6,690,585
2,233,219
5,202,525
3,191,682
88,624,768
6,392,126
2,269,953
14,179,412
2,599,187
25,440,678
$
(63,184,090)
Page 124
(Concluded)
GENERAL REVENUES AND TOTAL CHANGES IN NET POSITION
2013
$
General Revenues:
Taxes:
Property taxes, levied for capital outlay
Investment income
Changes in Net Position
(79,080,767)
2012
$
15,666,536
2,015,030
(3,778,369)
(72,860,486)
$
14,414,972
4,187,332
486,171
149,095
4,994,144
47,782,348
148,741
72,162,803
121,740
4,970,420
52,375,773
152,899
75,302,398
$
2011
$
(697,683)
(75,731,829)
2010
$
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
$ (83,568,466)
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
15,829,828
4,776,408
628,983
737,281
59,402,837
81,375,337
$
(2,193,129)
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.
Page 125
(Continued)
GENERAL REVENUES AND TOTAL CHANGES IN NET POSITION
2008
$
General Revenues:
Taxes:
Property taxes, levied for capital outlay
Investment income
Changes in Net Position
(85,508,300)
2007
$
14,755,085
5,604,536
2,429,743
1,245,672
$
2006
(78,612,079)
$
(75,089,112)
2005
$
(61,881,302)
2004
$ (63,184,090)
71,594,616
15,210,438
6,805,642
267,216
885,534
50,053
63,933,620
12,282,865
8,124,308
1,505,514
792,885
4,221,061
57,922,767
8,987,733
10,213,333
1,225,600
838,358
4,057,878
48,566,848
8,940,862
7,298,663
2,007,133
274,026
3,711,897
46,889,613
95,629,652
87,152,503
84,849,400
73,889,750
69,122,194
10,121,352
$
8,540,424
$
9,760,288
$
12,008,448
$
5,938,104
Notes: The Arizona State Legislature suspended county equalization payments to school districts for fiscal years 2006-07 through 2008-09.
Page 126
(Concluded)
FUND BALANCES - GOVERNMENTAL FUNDS
(Modified accrual basis of accounting)
2013
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 127
$
364,792
8,136,432
2012
$
2011
406,386
6,341,838
$
471,958
2,479,155
$
$
8,501,224
$
6,748,224
$
2,951,113
$
$
104,803
16,152,660
$
105,403
23,863,547
$
99,727
11,434,713
3,511,216
$
$
16,257,463
$
23,968,950
$
15,045,656
2010
$
2009
$
383,966
5,939,138
6,323,104
$
304,502
4,771,800
5,076,302
$
141,395
87,452
8,011,756
5,379,353
164,194
13,696,698
6,867,912
3,236,491
291,785
10,483,640
$
(Continued)
FUND BALANCES - GOVERNMENTAL FUNDS
2008
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
$
$
$
342,936
4,335,573
4,678,509
$
$
2007
$
2006
$
333,022
3,340,179
3,673,201
$
$
2005
$
372,889
1,854,648
2,227,537
$
$
2004
$
432,667
1,353,180
1,785,847
$
$
670,797
1,907,793
2,578,590
$
70,078
60,128
60,078
53,236
54,250
9,103,977
6,196,436
981,918
16,352,409
8,898,787
10,488,813
750,471
20,198,199
8,823,806
11,603,647
825,389
21,312,920
7,705,688
15,978,578
780,555
24,518,057
5,029,788
24,184,114
513,334
29,781,486
$
$
$
$
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 128
(Concluded)
GOVERNMENTAL FUNDS REVENUES
2013
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
$
11,008,799
2012
$
12,163,741
$
13,980,690
574,080
2010
$
13,301,681
6,655,728
2009
$
11,803,331
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
48,095,263
354,958
29,201
4,251,309
52,730,731
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
17,714,319
4,983,625
576,280
99,766
1,325,982
24,699,972
96,378,360
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
7,938,858
18,947,657
$
2011
$
$
$
$
917,338
519,298
1,614,641
23,925,100
102,403,370
(Continued)
Page 129
GOVERNMENTAL FUNDS REVENUES
2008
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
$
$
11,857,062
5,706,762
17,563,824
2007
$
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
60,434,075
660,649
4,324,500
6,839,548
72,258,772
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
22,402,214
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
980,429
1,000,691
2,026,589
26,409,923
116,232,519
$
$
$
$
Note: The Arizona State Legislature suspended county equalization payments to school districts for fiscal years 2006-07 through 2008-09.
(Concluded)
Page 130
GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO
2013
Expenditures:
Current Instruction
Capital outlay
Debt service Judments against the district
Principal retirement
Payment to refunded bond escrow agent
Bond issuance costs
Total expenditures
Debt service as a percentage of
noncapital expenditures
$
2012
48,248,493
11,675,846
9,338,542
9,719,124
2,925,043
7,240,793
9,490,543
$
719,177
3,266,704
2011
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
47,019,180
11,694,235
9,172,055
9,117,666
2,459,300
6,776,614
5,139,856
2010
$
529,198
4,695,267
2009
47,333,380
11,394,582
9,422,159
9,008,396
2,318,368
7,297,444
5,711,924
$
51,595,524
12,311,580
9,452,746
9,519,383
2,641,112
7,341,349
8,882,286
347,220
845,392
4,993,878
692,885
5,134,047
$
102,624,265
$
91,775
93,402,422
$
96,603,371
$
98,313,185
$
107,930,470
$
5,867,933
$
2,015,217
$
2,922,527
$
3,538,575
$
3,966,285
4%
2%
6%
6%
6%
Notes:
Page 131
(Continued)
GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO
2008
2007
2006
2005
2004
Expenditures:
Current Instruction
Capital outlay
Debt service Judments against the district
Principal retirement
Bond issuance costs
Total expenditures
$
119,092,865
$
107,135,247
$
152,983
113,873,876
$
101,772,423
$
88,192,772
$
12,824,564
$
5,969,889
$
14,685,856
$
13,449,185
$
4,348,956
Debt service as a percentage of
noncapital expenditures
$
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%
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%
Page 132
(Concluded)
OTHER FINANCING SOURCES AND USES AND NET CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
2013
Excess (deficiency) of
revenues over expenditures
$
General obligation bonds issued
Premium on sale of bonds
Proceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
(6,245,905)
2012
$
1,156,628
(1,156,628)
329,612
(5,916,293)
$
General obligation bonds issued
Refunding bonds issued
Premium on sale of bonds
Proceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
(2,860,346)
$
(2,069,357)
$
12,780,301
1,351,717
(1,351,717)
$
2007
$
4,326,453
2009
$
(176,803)
(2,069,357)
$
2006
$
(9,257,808)
4,326,453
$
2005
$
(6,013,350)
547,563
904,153
(904,153)
516,995
(516,995)
$
(2,860,346)
$
370,760
$
(2,700,687)
(556,595)
18,390,000
5,195,000
42,241
405,441
(405,441)
(6,872,281)
6,557,121
547,563
(5,449,916)
2004
6,130
$
(5,527,100)
77,184
572,366
(572,366)
77,184
699,410
(699,410)
6,335,000
6,630,000
422,161
Page 133
$
1,088,537
(1,088,537)
9,885,814
2008
Excess (deficiency) of
revenues over expenditures
2,894,487
2010
9,600,000
265,107
20,707
329,612
$
2011
16,640
169,076
495,576
(495,576)
(5,195,000)
18,575,716
1,179,524
(1,179,524)
6,130
$
(6,007,220)
$
18,019,121
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Fiscal
Year
Ended
June 30
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
Real Property
Residential
Commercial
Property
Property
$ 163,285,165
189,877,476
270,532,874
407,820,809
$ 167,304,191
196,149,280
258,015,380
264,803,783
Personal
Property
$
25,334,811
26,291,710
29,572,112
33,318,908
Less:
Tax Exempt
Real Property
Total Taxable
Assessed
Valuation
Total
Direct
Rate
Estimated
Actual Value
Ratio of
Net Assessed
to Estimated
Actual Value
$
$ 261,010,528
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
6.94
6.41
4.78
3.99
4.31
5.38
6.50
6.62
6.70
6.50
$2,708,959,264
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
9.64
9.97
10.36
10.47
10.54
10.73
11.02
11.01
12.43
12.29
94,913,639
99,397,849
117,184,129
115,103,262
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 134
%
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY BY CLASS
Fiscal Year
Class
2013
1 Commercial, Industrial, Utilities and Mining
2 Agricultural and Vacant
3 Residential (Owner Occupied)
4 Residential (Rental)
5 Railroad, Private Cars and Airlines
06, 07, 08 Historical Property
Total
$
2012
2011
2010
2009
94,017,472
$ 111,314,908
$ 153,504,991
$ 163,409,579
$ 150,930,132
8,105,545
12,460,286
22,156,675
22,944,129
21,348,289
105,844,638
123,976,619
182,216,745
297,814,840
339,607,837
51,175,139
63,436,996
81,238,979
104,694,753
99,963,602
1,596,052
1,537,638
1,617,320
1,693,483
1,899,924
271,682
194,170
201,527
283,454
187,844
$ 261,010,528
$ 312,920,617
$ 440,936,237
$ 590,840,238
$ 613,937,628
Fiscal Year
Class
2008
1 Commercial, Industrial, Utilities and Mining
2 Agricultural and Vacant
3 Residential (Owner Occupied)
4 Residential (Rental)
5 Railroad, Private Cars and Airlines
06, 07, 08 Historical Property
Total
2007
2006
2005
$
97,352,682
2004
$ 131,631,000
$ 118,142,429
$ 101,699,544
$
86,690,463
15,477,603
14,173,166
9,418,886
9,118,811
9,003,221
267,865,953
186,398,086
185,980,276
165,785,689
157,292,730
80,177,467
59,500,364
54,777,397
47,728,783
46,234,289
1,970,730
1,786,403
1,646,767
1,617,157
1,379,786
104,306
60,177
60,852
49,155
48,950
$ 497,227,059
$ 380,060,625
$ 353,583,722
$ 321,652,277
$ 300,649,439
Page 135
PROPERTY TAX ASSESSMENT RATIOS
Fiscal Year
Class
2013
2012
2011
2010
2009
Commercial, Industrial, Utilities and Mining
20 %
20 %
21 %
22 %
23 %
Agricultural and Vacant
16
16
16
16
16
Residential (Owner Occupied)
10
10
10
10
10
Residential (Rental)
10
10
10
10
10
Railroad, Private Cars and Airlines
15
15
17
18
20
Fiscal Year
Class
2008
2007
2006
2005
2004
Commercial, Industrial, Utilities and Mining
24 %
25 %
25 %
25 %
25 %
Agricultural and Vacant
16
16
16
16
16
Residential (Owner Occupied)
10
10
10
10
10
Residential (Rental)
10
10
10
10
10
Railroad, Private Cars and Airlines
21
22
21
21
20
Note: Additional classes of property exist, but do not amount to a significant portion of the District's total valuation, therefore they are not
included on this schedule.
Page 136
DIRECT AND OVERLAPPING PROPERTY TAX RATES
Overlapping Rates
Fiscal
Year
Ended
State
June 30 Equalization
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
0.47
0.43
0.36
N/A
N/A
N/A
N/A
N/A
N/A
N/A
County
1.24
1.24
1.05
0.99
1.03
1.10
1.18
1.20
1.47
1.55
Community
College
District
1.38
1.21
0.97
0.72
0.78
0.98
1.06
1.03
1.04
1.08
City of
Glendale
1.90
1.60
1.60
1.60
1.60
1.62
1.72
1.72
1.72
1.72
City of
Phoenix
1.82
1.82
1.82
1.82
1.82
1.82
1.82
1.82
1.82
1.82
District Direct Rates
Glendale Union
High School
District No. 205
Primary
Secondary
4.10
3.53
2.73
2.60
2.73
3.03
3.33
3.46
3.37
3.35
2.94
2.46
1.68
1.54
2.39
2.50
2.55
2.26
2.11
2.64
4.00
3.95
3.10
2.45
1.92
2.88
3.95
4.36
4.59
3.86
Source: The source of this information is the Property Tax Rates and Assessed Values, Arizona Tax Research Foundation.
Note: N/A indicates the information is not available.
Page 137
Total
6.94
6.41
4.78
3.99
4.31
5.38
6.50
6.62
6.70
6.50
PRINCIPAL PROPERTY TAXPAYERS
CURRENT FISCAL YEAR AND FISCAL YEAR NINE YEARS PRIOR
2013
Secondary
Assessed
Valuation
Taxpayer
VHS Acquisition Corporation
Wal-mart Stores Inc.
Desert Sky Mall LLC
Abraxis Bioscience Inc.
Qwest Corporation
River Oaks Apartments
Del Mar Terrace Apartments
Vintage Apts LP
Desert Sky Esplanade LLC
Red Mountain Asset Fund I LLC
Westpen Associates
John F. Long
Southwest Gas Corporation
C-Acquisition Co. Inc.
Total
$
$
5,726,891
5,077,357
4,653,510
4,612,766
3,304,302
3,292,600
2,482,587
1,985,780
1,932,945
1,853,247
34,921,985
2004
Secondary
Assessed
Valuation
Percentage of
District's Net
Assessed
2.19
1.95
1.78
1.77
1.27
1.26
0.95
0.76
0.74
0.71
13.38
%
%
$
2,503,050
2,661,470
0.83 %
0.89
6,780,413
3,200,101
2,788,207
2,281,260
2.26
1.06
0.93
0.76
5,576,414
3,960,521
2,819,891
2,344,629
34,915,956
Source: The source of this information is the Maricopa County Assessor's records.
Page 138
Percentage of
District's Net
Assessed
1.85
1.32
0.94
0.78
11.62 %
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
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
$ 18,154,808
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
$ 17,175,781
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
Percentage
of Levy
94.61 %
94.28
92.90
90.63
91.86
95.18
95.61
95.16
95.66
95.42
Collected to the End
of the Current Fiscal Year
Collections in
Subsequent
Fiscal Years
$
287,769
1,295,894
2,043,106
1,236,090
975,174
1,051,913
1,112,086
915,152
844,127
Amount(2)
$ 17,175,781
18,851,516
20,217,083
22,065,300
22,091,897
24,234,435
24,120,389
23,133,214
21,226,645
18,998,199
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
94.61 %
95.74
99.26
99.87
97.30
99.17
99.97
99.97
99.97
99.85
OUTSTANDING DEBT BY TYPE
Fiscal
Year
Ended
June 30
General
Obligation
Bonds
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
$ 18,060,000
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
General Obligation Bonds
Less:
Amounts
Percentage of
Restricted
Estimated
for Principal
Total
Actual Value
$ 4,497,529
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
$ 13,562,471
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
0.50 %
0.49
0.21
0.25
0.33
0.51
0.83
1.08
1.31
1.69
Page 140
Total Outstanding Debt
Capital
Leases
Per
Capita
$
79
84
42
76
95
113
143
171
182
203
$
253,790
15,882
8,843
149,110
293,159
364,853
499,460
238,906
374,105
535,168
Total
$ 18,313,790
19,090,882
9,483,843
19,169,110
24,158,159
28,924,853
35,230,097
40,505,457
41,716,872
46,275,623
Percentage of
Estimated
Actual Value
0.68 %
0.61
0.22
0.34
0.41
0.62
1.02
1.26
1.61
1.89
Per
Capita
$
80
84
42
77
96
115
145
172
183
205
Percentage of
Personal
Income
0.0124 %
0.0134
0.0067
0.0130
0.0173
0.0218
0.0292
0.0365
0.0408
0.0477
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
JUNE 30, 2013
Debt
Outstanding
Governmental Unit
Overlapping:
Community College District
City of Glendale
Glendale Union High School District No. 205
Subtotal, Overlapping Debt
$
671,250,000
232,183,000
104,819,111
Estimated
Percentage
Applicable to
School District
0.81 %
23.59
19.10
Estimated
Amount
Applicable to
School District
$
Direct:
Total Direct and Overlapping Debt
5,437,125
54,771,970
20,020,450
80,229,545
18,313,790
$
98,543,335
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, 2012 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 2013:
100th day average daily membership
12,649
Debt limit ($1,500 * average daily membership)
18,973,500
Debt applicable to limit
18,060,000
$
913,500
Legal debt margin
Total Legal Debt Margin Calculation for Fiscal Year 2013:
$ 261,010,528
Secondary assessed valuation
Debt limit (15% of assessed value)
39,151,579
Debt applicable to limit
18,060,000
Legal debt margin
$
21,091,579
2013
Debt Limit
$
Total net debt applicable to limit
Legal debt margin
39,151,579
$
18,060,000
$
21,091,579
Total net debt applicable to the limit
as a percentage of debt limit
$
Total net debt applicable to the limit
as a percentage of debt limit
27,863,093
46%
$
Total net debt applicable to limit
Legal debt margin
46,938,093
$
50,719,059
$
32%
57,008,068
$
28,449,094
$
50%
88,626,036
$
74,596,036
19,020,000
$
18,306,921
65%
73,070,644
21%
2005
53,037,558
92,090,644
16%
$
34,730,637
$
2009
14,030,000
2006
57,009,094
2010
14%
28,560,000
$
$
9,132,368
2007
74,584,059
66,140,436
41%
23,865,000
$
$
19,075,000
2008
Debt Limit
2011
2012
2004
48,247,842
$
33,931,551
$
14,316,291
70%
45,097,416
41,342,767
$
3,754,649
92%
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.
Page 142
COUNTY-WIDE DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST 10 CALENDAR YEARS
Year
Population
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
3,824,058
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
Personal
Income
(thousands)
$
147,374,500
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
Per Capita
Income
$
38,538
37,352
35,319
37,168
36,135
35,046
33,178
31,757
30,160
29,020
Unemployment
Rate
9.1
8.1
8.5
8.3
5.1
3.2
3.5
4.4
4.6
5.0
%
Estimated
District
Population
229,720
227,446
226,721
249,007
251,522
252,618
243,540
236,125
227,697
225,442
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 from 2003 through 2010 is the
University of Arizona, Eller College of Management, Economic and Business Research Center. For 2011 and
2012, the source of the information is the Arizona Office of Employment and Population Statistics.
Note: N/A indicates that the information is not available.
Page 143
PRINCIPAL EMPLOYERS
CURRENT FISCAL YEAR AND FISCAL YEAR NINE YEARS PRIOR
2013
Employer
State of Arizona
Wal-Mart Stores Inc.
Banner Health Systems
City of Phoenix
Wells Fargo Company
Maricopa County
Apollo Group Inc.
Arizona State University
Raytheon Co.
Bank of America
Honeywell
Intel Corp.
JP Morgan Chase & Co
Mesa Public Schools
U.S. Postal Service
US Airways
Albertson's
Bashas' Inc.
Safeway Stores
Fry's Food and Drug
Total
Total employment
Employees
2004
Percentage
of Total
Employment
52,076
31,837
25,126
14,983
13,679
13,308
10,000
12,222
12,500
11,000
11,407
8,400
8,150
9,237
233,925
1,710,000
Source: The source of this information is the Business Journal Book of Lists.
Note: The information presented above is County-wide.
Page 144
3.05
1.86
1.47
0.88
0.80
0.78
0.58
0.71
0.73
0.64
0.67
0.49
0.48
0.54
13.68
Employees
%
50,363
18,677
13,756
13,095
13,482
10,005
10,200
12,000
9,500
11,406
%
9,500
9,374
9,100
9,053
199,511
1,686,000
Percentage
of Total
Employment
2.99 %
1.11
0.82
0.78
0.80
0.59
0.60
0.71
0.56
0.68
0.56
0.56
0.54
0.54
11.84 %
FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY TYPE
Full-time Equivalent Employees as of June 30
2012
2011
2010
2013
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
2009
56
19
16
91
57
17
16
90
54
17
17
88
59
17
17
93
63
17
17
97
720
695
682
674
698
22
140
882
57
117
869
56
120
858
26
120
820
34
97
829
1
83
84
1
32
33
6
27
33
7
28
35
16
21
37
382
131
513
334
85
419
303
117
420
352
75
427
369
76
445
1,570
1,411
1,399
1,375
1,408
(Continued)
Page 145
FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY TYPE
2008
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
2007
2006
2005
2004
64
17
17
98
51
20
17
88
52
19
18
89
45
17
16
78
52
17
14
83
708
749
40
96
844
30
122
901
718
22
26
135
901
659
22
23
161
865
625
22
26
189
862
16
19
35
17
15
32
17
14
31
16
15
31
16
17
33
387
119
506
435
124
559
361
115
476
360
108
468
361
102
463
1,483
1,580
1,497
1,442
1,441
Source: The source of this information is District personnel records.
Page 146
(Concluded)
OPERATING STATISTICS
Fiscal
Year
Ended
June 30
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Average
Daily
Membership
12,649
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
$
89,147,841
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
$
7,048
7,116
7,184
7,035
7,359
7,318
6,830
6,422
5,980
5,918
5,570
Percentage
Change
(0.96) %
(0.95)
2.12
(4.40)
0.55
7.15
6.35
7.39
1.06
6.25
#DIV/0!
Expenses
$
100,149,088
95,889,155
98,473,364
94,287,354
105,089,572
107,164,995
97,798,799
96,740,997
90,222,359
88,624,768
80,710,476
Notes: Operating expenditures are total expenditures less debt service and capital outlay.
Page 147
Cost
per
Pupil
$
7,918
7,793
8,203
7,645
8,328
8,245
7,477
7,549
7,145
7,117
6,583
Percentage
Change
1.60 %
(5.01)
7.31
(8.21)
1.00
10.28
(0.95)
5.65
0.39
8.12
#DIV/0!
Teaching
Staff
PupilTeacher
Ratio
720
695
682
674
698
708
749
718
659
625
17.6
17.7
17.6
18.3
18.1
18.4
17.5
17.8
19.2
19.9
Percentage of
Free/Reduced
Students
90.1
90.6
87.9
89.0
84.5
81.7
81.2
79.9
79.4
75.7
%
CAPITAL ASSETS INFORMATION
2013
Schools
Elementary
Buildings
Square feet
Capacity
Enrollment
Middle
Buildings
Square feet
Capacity
Enrollment
2012
178
1,401,972
17,524
13,760
2011
175
1,401,972
17,524
13,318
2009
2008
2010
175
1,401,972
17,524
13,023
2007
2006
2005
2004
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
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
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
9
133,135
8
126,735
7
120,335
Transportation
Garages
Buses
1
48
1
48
1
48
1
48
1
49
1
50
1
55
1
48
1
45
1
48
Source: The source of this information is the District's facilities records.
Page 148

Glendale Elementary CAFR 13 - Glendale Elementary School

Transcription

Similar documents

Festival for the Ages!

program - Metro Loma - Southern California Association of Nonprofit

Castori Elementary School - Twin Rivers Unified School District

Debt Service - Rocky Point High School

GAAPALETTE - Glendale Art Association

Investors Presentation

11-13-15 - Easton Valley CSD

the newsletter