2011 Certified Annual Financial Report

Transcription

COMPREHENSIVE ANNUAL FINANCIAL REPORT
WATERLOO COMMUNITY SCHOOL DISTRICT
WATERLOO, IOWA
YEAR ENDED JUNE 30, 2011
OFFICIAL ISSUING REPORT
MICHAEL COUGHLIN, CHIEF FINANCIAL OFFICER
OFFICE ISSUING REPORT
FINANCIAL SERVICES
Table of Contents
Introductory Section
Letter of Transmittal......................................................................................................................
Certificate of Achievement for Excellence in Financial Reporting ................................................
Award of Financial Reporting Achievement..................................................................................
Board of Education and School District Officials ..........................................................................
District Administration...................................................................................................................
Organization Chart .......................................................................................................................
1-4
5
6
7
8
9
Financial Section
Independent Auditor’s Report.......................................................................................................
Management's Discussion and Analysis (MD&A).........................................................................
10-11
12-21
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Assets ...........................................................................................................
Statement of Activities ..............................................................................................................
Governmental Fund Financial Statements
Balance Sheet...........................................................................................................................
Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Assets...
Statement of Revenue, Expenditures and Changes in Fund Balances ....................................
Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund
Balances - Governmental Funds to the Statements of Activities ...........................................
Proprietary Fund Financial Statements
Statement of Net Assets ...........................................................................................................
Statement of Revenue, Expenses and Changes in Net Assets................................................
Statement of Cash Flows..........................................................................................................
Fiduciary Fund Financial Statements
Statement of Fiduciary Assets and Liabilities ...........................................................................
Notes to the Financial Statements................................................................................................
31
32-49
Required Supplementary Information
Schedule of Budgetary Comparison of Revenue, Expenditures/Expenses and Changes
in Balances - Budget to Actual - All Governmental Funds and Proprietary Fund .....................
Schedule of Funding Progress for the Retiree Health Plan..........................................................
50
51
Other Supplementary Information
Nonmajor Governmental Funds
Description of Funds .................................................................................................................
Combining Balance Sheet ........................................................................................................
Combining Schedule of Revenue, Expenditures and Changes in Fund Balances ...................
Nonmajor Proprietary Funds
Description of Funds .................................................................................................................
Combining Schedule of Net Assets ..........................................................................................
Combining Schedule of Revenue, Expenses and Changes in Net Assets ...............................
Combining Schedule of Cash Flows .........................................................................................
Capital Projects Accounts
Description of Accounts ............................................................................................................
Combining Balance Sheet ........................................................................................................
Combining Schedule of Revenue, Expenditures and Changes in Fund Balances ...................
Schedule of Changes in Fiduciary Assets and Liabilities - Agency Fund.....................................
22
23
24
25
26
27
28
29
30
52
53
54
55
56
57
58
59
60
61
62
Table of Contents
Statistical Section
Statistical Section - Contents........................................................................................................
Financial Trends
Net Assets by Component ........................................................................................................
Changes in Net Assets .............................................................................................................
Fund Balances - Governmental Funds .....................................................................................
Changes in Fund Balances - Governmental Funds ..................................................................
General Fund - Other Local Revenue by Source......................................................................
Revenue Capacity
Taxable Value and Assessed Value of Taxable Property .........................................................
Direct and Overlapping Property Tax Rates Per $1,000 Assessed Valuation ..........................
Top Ten Property Taxpayers ....................................................................................................
Property Tax Levies and Collections ........................................................................................
Debt Capacity
Ratios of Outstanding Debt by Type .........................................................................................
Ratios of Net General Bonded Debt Outstanding .....................................................................
Direct and Overlapping Governmental Activities Debt..............................................................
Legal Debt Margin Information..................................................................................................
Demographic and Economic Information
Demographic and Economic Statistics .....................................................................................
Principal Employers ..................................................................................................................
Operating Information
Full-Time Equivalent District Employees ..................................................................................
Full-Time Equivalent and Salary Information for District Teachers ...........................................
Operating Statistics...................................................................................................................
School Building Information ......................................................................................................
Building and Certified Resident Student Enrollment by Grade .................................................
Miscellaneous Information ........................................................................................................
Insurance Schedule ..................................................................................................................
63
64
65-66
67
68
69
70
71-72
73
74
75
76
77
78
79
80
81
82
83
84
85
86-92
93
Introductory Section
Board of Education and School District Officials
At June 30, 2011
Name
Title
Term Expires
Board of Education
Mike Young
Bernice Richard
Sue Flynn
David Meeks
Shanlee McNally
Barb Opheim
Lyle Schmitt
President (October, 2010 - current)
Vice President (July, 2010 - September, 2010)
Vice President (October, 2010 - current)
President (July, 2010 - September, 2010)
Board Member
Board Member
Board Member
Board Member
Board Member
September, 2011
September, 2013
September, 2011
September, 2013
September, 2013
September, 2011
September, 2011
Officials
Dr. Gary Norris
Sharon Miller
Michael Coughlin
Steve Weidner
Timothy Luce
Superintendent
District Secretary
District Treasurer
Attorney
Attorney
Indefinite
2011
2011
Indefinite
Indefinite
7
District Administration
Year Ended June 30, 2011
Dr. Gary Norris
Dr. Beverly Smith
Dr. Peg Dokken-Opat
Marty Metcalf
Michael Coughlin
Dr. Jane Lindaman
Sharon R. Miller
Mary Meier
Cora Turner
Elizabeth Crowley
Melissa Steggall
Dr. Mary Jo Wagner
Loleta Montgomery
Sue Flodeen
Audrey Wallican-Green
Stephanie Mohorne
Brian Ortman
Amber Dietz
Ken Erpelding
Pam Zeigler
Andy Miehe
Deretha Fantroy
Brad Schweppe
Charlotte Coleman
Albert Wiggins
Marla Padget
John Netty
Mike Thomas
Dan Cox
Steve Gillen
Steve Thune
Dr. Willie Barney
Todd Coulter
Brian Meaney
Sharrie Phillips
Allen Pace
Kody Asmus
Dr. Gail Moon
Jeremy Langner
Byron Phillips
Tony Pappas
Amber Boyd
Brenton Shavers
Cary Wieland
Henry Shepherd
Melinda Ostergren
Superintendent of Schools
Associate Superintendent for Human Resources/Equity
Assistant Superintendent for Administrative and Student Services
Associate Superintendent for Educational Services
Chief Financial Officer/Treasurer
Executive Director of Learning & Results and Middle School Education
Executive Director of School and Community Relations and Secretary
to the Board of Education
Executive Director of Career and High School Programs
Executive Director of Student and At-Risk Services
Principal, Dr. Walter Cunningham School for Excellence
Principal, Edison Elementary
Principal, Highland Elementary
Principal, Irving Elementary
Principal, Kingsley Elementary
Principal, Kittrell Elementary
Principal, Lincoln Elementary
Principal, Lou Henry Elementary
Principal, Lowell Elementary
Principal, Orange Elementary
Principal, Poyner Elementary
Principal, Bunger Middle School
Assistant Principal, Bunger Middle School
Principal, Carver Academy
Administrative Assistant, Carver Academy
Administrative Assistant, Carver Academy
Principal, Central Middle School
Assistant Principal, Central Middle School
Assistant Principal, Central Middle School
Principal, Hoover Middle School
Assistant Principal and Athletic Director, Hoover Middle School
Assistant Principal, Hoover Middle School
Principal, East High
Assistant Principal, East High
Administrative Assistant, East High
Principal, West High
Assistant Principal, West High
Assistant Principal, West High
Administrative Assistant and Athletic Director, West High
Administrative Assistant, West High
Principal, Expo
Administrator, WEBC
Administrator, STARC
Administrator, Elk Run and Freeburg Preschool
8
Financial Section
Independent Auditor’s Report
Board of Education
Waterloo Community School District
Waterloo, Iowa
We have audited the accompanying financial statements of the governmental activities, business-type
activities, each major fund and the aggregate remaining fund information of the Waterloo Community
School District, Waterloo, Iowa, as of and for the year ended June 30, 2011, which collectively comprise
the District's basic financial statements, as listed in the Table of Contents. These financial statements are
the responsibility of the District’s management. Our responsibility is to express opinions on these financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards and provisions require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, business-type activities, each major fund and
the aggregate remaining fund information of the Waterloo Community School District at June 30, 2011,
and the respective changes in financial position and cash flows, where applicable, for the year then
ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 13,
2012 on our consideration of the Waterloo Community School District'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 those reports 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. Those reports are an
integral part of an audit performed in accordance with Government Auditing Standards and should be
read in conjunction with this report in considering the results of our audit.
200 North Adams, P.O. Box 1318, Mason City, IA 50402-1318 • (641) 423-0574 • Fax (641) 423-4163 • E-Mail [email protected]
Member of American Institute of CPAs - Iowa Society of CPAs
10
Algona •Belmond • Cedar Falls • Cedar Rapids • Clear Lake • Mason City • Waterloo
Board of Education
Waterloo Community School District
Page 2
Management's Discussion and Analysis, budgetary comparison information and schedule of funding
progress for the retiree health plan on pages 12 through 21 and 50 and 51 are not required parts of the
basic financial statements, but are supplementary information required by the Governmental Accounting
Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of
management regarding the methods of measurement and presentation of the supplementary information.
However, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Waterloo Community School District's basic financial statements. The accompanying
supplemental data on pages 52 through 62 is presented for purposes of additional analysis and is not a
required part of the financial statements of the Waterloo Community School District. Such information has
been subjected to the auditing procedures applied in the audit of the financial statements and, in our
opinion, is fairly presented in all material respects in relation to the aforementioned financial statements
taken as a whole. Information included in the statistical section (pages 63 through 93) has not been
audited by us and we express no opinion or provide any other assurance on it.
.
HOGAN - HANSEN
Mason City, Iowa
January 23, 2012
11
MANAGEMENT’S DISCUSSION AND ANALYSIS
The Waterloo Community School District provides this management’s discussion and analysis of the District’s
financial performance and provides an overall review of the District’s financial activities for the fiscal year ended
June 30, 2011. The intent of this discussion and analysis is to look at the District’s financial performance as a whole.
We encourage readers to consider the information presented here in conjunction with additional information in the
District's financial statements, which immediately follow this section.
Financial Highlights
•
The assets of the Waterloo Community School District exceeded its liabilities at the close of the most recent fiscal
year by $116,077,631 (net assets). Of this amount $13,832,134 (unrestricted net assets) may be used to meet the
government’s ongoing obligations to citizens and creditors.
•
The General Fund cash and pooled investments increased $4,102,928 and the General Fund balance increased
$3,319,057 due to an increase in state funding received.
•
The General Fund Unspent Balance Ratio which measures the percent of Authorized Budget Unspent Balance
improved from 8.39% to 11.6%. This was achieved through budget expenditure management.
•
The State of Iowa granted a 2% allowable growth rate for fiscal year 2011. The State previously granted 2%
allowable growth in fiscal year 2010 and 4% per year for fiscal years 2006-2009.
•
By 2008 State Legislative action, the Local Option Sales and Service Tax (LOSST) which had been voter approved
in every county, was changed to a state tax, Secure an Advanced Vision for Education (SAVE). The one-cent sales
tax will be in effect until 2029 and subject to review and extension. The state collections will be received by the
districts based upon enrollment times an estimated three-year average which will reduce the actual funds received
approximately 20%, but guarantees the longevity and ability for the District to bond against the proceeds for future
facility projects.
•
The District has completed remodeling projects of McKinstry Elementary to incorporate Expo Alternative High
School, Waterloo Educational Behavioral Center (WEBC) and Special Education Center (STARC) which opened
December, 2010 and Kittrell Early Childhood Center to open September, 2011. The old Expo High School was sold
and the Devonshire Special Education program operated by AEA 267 was closed to move both programs to the
new Expo Alternative Education Center. Completion of Fred Becker Elementary is planned for January, 2012
which will encompass the students of the former Black Hawk and Edison Elementary buildings.
•
Since the original LOSST/SAVE funding began in fiscal year 1999-2000, the District has constructed seven new
elementary schools, completely remodeled two elementary schools and completed other significant projects.
Walter Cunningham School of Excellence
East High School
West High School
Irving Elementary
Bunger Middle School
Lincoln Elementary
Lou Henry Elementary
Hoover Middle School
Kingsley Elementary
Lowell Elementary
Poyner Elementary
East High School
West High School
East High School
West High School
George Washington Carver Academy
Kittrell Elementary School
Highland Elementary School
Expo Alternative Education Center
Kittrell Early Childhood Center
•
2001-2002
2001-2002
2001-2002
2002-2003
2003-2004
2003-2004
2004-2005
2004-2005
2005-2006
2004-2008
2006-2007
2006-2007
2006-2007
2007-2008
2008-2009
2008-2009
2008-2009
2008-2009
2010-2011
2010-2011
New Building
Commons Area
Commons Area
New Building
Classrooms Addition
New Building
New Building
Classrooms Addition
Remodel Building
Remodel Building
New Building
Auditorium Project
Locker Room Project
Locker Room Project
Auditorium Project
New Building
New Building
New Building
Remodel Building
Remodel Building
The District property tax rate of $16.44 per thousand dollars of taxable property valuation remains below the
average for the 25 largest districts within Iowa.
12
Overview of the Financial Statements
The annual report consist of a series of financial statements and other information, as follows:
Management's discussion and analysis introduces the basic financial statements and provides an analytical overview
of the District’s financial activities.
The government-wide financial statements consist of a statement of net assets and a statement of activities. These
provide information about the activities of the Waterloo Community School District as a whole and present an
overall view of the District’s finances.
The fund financial statements tell how governmental services were financed in the short term as well as what
remains for future spending. Fund financial statements report the Waterloo Community School District’s operations
in more detail than the government-wide statements by providing information about the most significant funds. The
remaining statements provide financial information about activities for which the Waterloo Community School
District acts solely as an agent or custodian for the benefit of those outside of the District.
Notes to the financial statements provide additional information essential to a full understanding of the data provided
in the basic financial statements.
Required supplementary information further explains and supports the financial statements with a comparison of the
District's budget for the year, as well as presenting the schedule of funding progress for the retiree health plan.
Other supplementary information provides detailed information about the nonmajor governmental and proprietary
funds. In addition, the schedule of expenditures of federal awards provides details of various federal programs
benefiting the District.
Figure A-1 shows how the various parts of this annual report are arranged and relate to one another.
Figure A-1
Waterloo Community School District Annual Financial Report
Management's
Discussion
and Analysis
Basic Financial
Statements
Required
Supplementary
Information
Government-Wide
Financial
Statements
Fund
Financial
Statements
Notes to the
Financial
Statements
Summary
Detail
13
Figure A-2 summarizes the major features of the District's financial statements, including the portion of the District's
activities they cover and the types of information they contain.
Figure A-2
Major Features of the Government-Wide and Fund Financial Statements
Government-Wide
Statements
Fund Statements
Governmental
Funds
Proprietary Funds
Fiduciary Funds
Scope
Entire District
(except fiduciary
funds)
The activities of the
District that are not
proprietary or
fiduciary, such as
special education
and building
maintenance
Activities the
District operates
similar to private
businesses: food
services and internal
services
Instances in which
the District
administers
resources on behalf
of someone else,
such as scholarship
programs and
agency monies
Required financial
statements
• Statement of net
assets
• Balance sheet
• Statement of net
assets
• Statement of
fiduciary
assets and
liabilities
• Statement of
activities
• Statement of
revenue, expenditures and changes
in fund balances
• Statement of
revenue, expenses
and changes in net
assets
• Statement of cash
flows
• Schedule of
changes in
fiduciary assets
and liabilities
Accounting basis
and measurement
focus
Accrual accounting
and economic
resources focus
Modified accrual
accounting and
current financial
resources focus
Accrual accounting
and economic
resources focus
Accrual accounting
and economic
resources focus
Type of asset/
liability
information
All assets and
liabilities, both
financial and capital,
short-term and longterm
Generally assets
expected to be used
up and liabilities
that come due
during the year or
soon thereafter; no
capital assets or
long-term liabilities
included
All assets and
liabilities, both
financial and capital
and short-term and
long-term
All assets and
liabilities, both
short-term and longterm; funds do not
currently contain
capital assets,
although they can
Type of inflow/
outflow
information
All revenue and
expenses during
year, regardless of
when cash is
received or paid
Revenue for which
cash is received
during or soon after
the end of the year;
expenditures when
goods or services
have been received
and the related
liability is due
during the year or
soon thereafter
All revenue and
expenses during the
year, regardless of
when cash is
received or paid
All additions and
deductions during
the year, regardless
of when cash is
received or paid
The remainder of this overview section of the management's discussion and analysis highlights the structure and
contents of each of the statements.
14
Government-Wide Statements
The government-wide financial statements report information about the District as a whole using accounting methods
similar to those used by private-sector companies. The statement of net assets includes all of the District’s assets and
liabilities. All of the current year’s revenue and expenses are accounted for in the statement of activities, regardless of
when cash is received or paid.
The two government-wide statements report the District’s net assets and how they have changed. Net assets equal the
difference between the District’s assets and liabilities and, are one way to measure the District’s financial health or
position.
•
Over time, increases or decreases in the District’s net assets are an indicator of whether financial position is
improving or deteriorating, respectively.
•
To assess the District’s overall health, you need to consider additional nonfinancial factors, such as changes in
the District’s property tax base and the condition of school buildings and other facilities.
In the government-wide financial statements, the District’s activities are divided into two categories:
•
Governmental activities: Most of the District’s basic services are included here, such as regular and special
education, transportation and administration. Property tax and state aid finance most of these activities.
•
Business-type activities: The District charges fees to help cover the costs of certain services it provides. The
District’s school nutrition program is included here.
Fund Financial Statements
The fund financial statements provide more detailed information about the District’s funds, focusing on its most
significant or “major” funds – not the District as a whole. Funds are accounting devices the District uses to keep track
of specific sources of funding and spending on particular programs.
Some funds are required by state law and by bond covenants. The District establishes other funds to control and manage
money for particular purposes, such as accounting for student activity funds or to show that it is properly using certain
revenue such as federal grants.
The District has three kinds of funds:
Governmental funds: Most of the District’s basic services are included in governmental funds, which generally focus on
(1) how cash and other financial assets that can readily be converted to cash flow in and out and (2) the balances left at
year end that are available for spending. Consequently, the governmental fund statements provide a detailed short-term
view that helps determine whether there are more or fewer financial resources that can be spent in the near future to
finance the District’s programs.
•
The District’s governmental funds include the General Fund, Special Revenue Funds, Capital Projects Fund
and Debt Service Fund.
The required financial statements for governmental funds include a balance sheet and a statement of revenue,
expenditures and changes in fund balances.
Proprietary funds: Services for which the District charges a fee are generally reported in proprietary funds. Proprietary
funds are reported in the same way as the government-wide statements.
•
The District’s enterprise funds, one type of proprietary fund, are the same as its business-type activities, but
provide more detail and additional information, such as cash flows. The District currently has enterprise funds
for food service and day care.
15
The required financial statements for proprietary funds include a statement of net assets, a statement of revenue,
expenses and changes in net assets and a statement of cash flows.
Fiduciary Funds: The District is the trustee, or fiduciary, for assets that belong to others. These funds include one
Agency Fund.
The Agency Fund is used to account for assets held by the District as an agent for individuals, private organizations and
other governments. The Agency Fund is used to account for retiree health insurance premiums and scholarships, school
uniforms and reading materials for students within the District.
The District is responsible for ensuring that the assets reported in the fiduciary funds are used only for their intended
purposes and by those to whom the assets belong. The District excludes these activities from the government-wide
financial statements because it cannot use these assets to finance its operations.
The required financial statements for fiduciary funds include a statement of fiduciary assets and liabilities and a
schedule of changes in fiduciary assets and liabilities.
Reconciliations between the government-wide financial statements and the fund financial statements follow the fund
financial statements.
Financial Analysis of the District as a Whole
Net Assets - Figure A-3 below provides a summary of the District’s net assets for the year ended June 30, 2011
compared to June 30, 2010 (as restated - See Note 13 for details of the restatements).
Figure A-3
Condensed Statement of Net Assets
Governmental Activities
2011
2010
(as Restated)
Business-Type Activities
2011
2010
Total
Total District
Change
2011
2010 2011-10
(as Restated)
Current and other
assets
Capital assets
$ 84,060,774 $ 67,056,560 $ 306,438 $ 381,405 $ 84,367,212 $ 67,437,965
147,492,465
1,380,765
1,522,347
162,426,547
149,014,812
161,045,782
Total Assets
$ 245,106,556 $ 214,549,025 $ 1,687,203 $ 1,903,752 $ 246,793,759 $ 216,452,777
14.0
Current liabilities
Long-term liabilities
$ 60,298,939 $ 56,996,427 $
48,162,867
70,366,896
50,293 $
—
119,101 $ 60,349,232 $ 57,115,528
—
70,366,896
48,162,867
5.7
46.1
Total Liabilities
$ 130,665,835 $ 105,159,294 $
50,293 $
119,101 $ 130,716,128 $ 105,278,395
24.2
Net Assets:
Invested in capital
assets, net of
related debt
Restricted
Unrestricted
$ 91,647,934 $ 101,198,798 $ 1,380,765 $ 1,522,347 $ 93,028,699 $ 102,721,145
9,216,798
4,113,495
—
—
9,216,798
4,113,495
4,077,438
256,145
262,304
13,832,134
4,339,742
13,575,989
Total Net Assets
$ 114,440,721 $ 109,389,731 $ 1,636,910 $ 1,784,651 $ 116,077,631 $ 111,174,382
25.1%
9.0
(9.4)
124.1
218.7
4.4
The District’s combined net assets increased 4.4%, or approximately $4,903,000, from the prior year. The largest
portion of the District's net assets is invested in capital assets (e.g., land, infrastructure, buildings and equipment), less
the related debt. The debt related to the investment in capital assets is liquidated with resources other than capital assets.
The District increased their capitalization threshold from $1,000 to $5,000 and retroactively applied the change. See
Note 13 to the financial statements.
Restricted net assets represent resources subject to external restrictions, constitutional provisions or enabling legislation
on how they can be used. The District's restricted net assets increased approximately $5,103,000, or 124.1%, over the
prior year. The increase was primarily a result of sinking fund and reserve fund requirements for revenue bonds issued
in the current year.
16
Unrestricted net assets - the part of net assets that can be used to finance day-to-day operations without constraints
established by debt covenants, enabling legislation or other legal requirements - increased approximately $9,492,000, or
218.7%. The increase in unrestricted net assets was primarily a result of the District's surplus of $5.1 million in
governmental activities along with decreased net assets invested in capital assets, net of related debt. The District’s debt
related to capital assets was significantly increased due to additional bonds issued in the current year.
Changes in Net Assets - Figure A-4 shows the changes in net assets for the year ended June 30, 2011 compared to the
year ended June 30, 2010.
Figure A-4
Changes in Net Assets
2011
2010
(as Restated)
2011
2010
Total District
2011
2010
(as Restated)
Total
Change
2011-10
Revenue
Program Revenue
Charges for
services
$
Operating grants,
contributions and
restricted interest
Capital grants, contributions and
restricted interest
General Revenue
Property taxes
Statewide sales,
services and use tax
Unrestricted state
grants
Unrestricted investment earnings
Total Revenue
Program Expenses
Instruction
Support services
Noninstructional
programs
Other
Total Expenses
Excess (Deficiency)
Before Transfers
Transfers
Change in Net
Assets
Net Assets Beginning of Year
Net Assets - End
of Year
3,039,488 $
2,812,987 $ 1,354,825 $ 1,378,956 $
4,394,313 $
4,191,943
4.8%
25,880,878
29,895,351
3,819,569
3,877,176
29,700,447
33,772,527
(12.1)
1,132,513
449,265
48,461
399,383
1,180,974
848,648
39.2
39,161,521
38,677,332
—
—
39,161,521
38,677,332
1.3
8,746,420
11,109,593
—
—
8,746,420
11,109,593
(21.3)
50,960,501
41,897,979
—
—
50,960,501
41,897,979
21.6
48,056
128,969,377
96,319
124,938,826
18
5,222,873
1,819
5,657,334
48,074
134,192,250
98,138
130,596,160
(51.0)
2.8
83,947,810
33,171,860
83,646,154
35,209,728
—
—
—
—
83,947,810
33,171,860
83,646,154
35,209,728
0.4
(5.8)
11,533
6,787,184
123,918,387
17,099
5,043,143
123,916,124
—
5,370,614
5,370,614
—
5,621,789
5,621,789
11,533
12,157,798
129,289,001
17,099
10,664,932
129,537,913
(32.6)
14.0
(0.2)
5,050,990
—
1,022,702
(60,000)
(147,741)
—
35,545
60,000
4,903,249
—
1,058,247
—
363.3
0.0
5,050,990
962,702
(147,741)
95,545
4,903,249
1,058,247
363.3
109,389,731
108,427,029
1,689,106
111,174,382
110,116,135
1.0
$ 114,440,721 $ 109,389,731 $ 1,636,910 $ 1,784,651 $ 116,077,631 $ 111,174,382
4.4
1,784,651
In fiscal year 2011, property taxes and unrestricted state grants accounted for 69.9% of governmental activities revenue
while charges for services and operating grants, contributions and restricted interest accounted for 99.1% of businesstype activities revenue.
17
As shown in Figure A-4, the District as a whole experienced a 2.8% increase in revenue and a 0.2% decrease in
expenses. Property taxes increased approximately $484,000 and unrestricted state grants increased approximately
$9,063,000 to fund expenses. The decrease in expenses is related to fewer costs in the operation and maintenance of
plant services functional area.
Revenue for governmental activities was $128,969,377 and expenses were $123,918,387, which amounted to an
increase in net assets of $5,050,990. The following table presents the total and net cost of the District’s major
governmental activities: instruction, support services, noninstructional programs and other expenses.
Figure A-5
Total and Net Cost of Governmental Activities
Total
Total Cost of Services
2011
2010
Instruction
Support services
Noninstructional programs
Other
$ 83,947,810
33,171,860
11,533
6,787,184
$
83,646,154
35,209,728
17,099
5,043,143
Total
$ 123,918,387
$ 123,916,124
Change
2010-11
Total
Net Cost of Services
2011
2010
(as Restated)
Change
2010-11
(0.4)%
(5.8)
(32.6)
(34.6)
$ 56,141,738
30,925,053
11,533
6,787,184
$ 51,706,250
33,992,029
17,099
5,043,143
8.6%
(9.0)
(32.6)
34.6
0.0
$ 93,865,508
$ 90,758,521
3.4
•
The total cost of all governmental activities was $123,918,387, an increase of less than 0.1% from 2009-2010.
•
The cost financed by users of the District’s programs was $3,039,488.
•
Federal and state governments and private entities subsidized certain programs with grants and contributions
totaling $27,013,391.
•
The net remaining cost of governmental activities was financed with $47,907,941 in property and other taxes,
$50,960,501 in unrestricted state grants and $48,056 in unrestricted investment earnings.
Revenue of the District's business-type activities (nutrition services and day care services) were comprised of charges for
services, federal and state reimbursements and investment earnings. (See Figure A-4).
•
Business-type activities expenses exceeded revenue by $147,741 for 2010-2011. In 2009-2010 revenue
exceeded expenses by $95,545.
•
Charges for services represent 25.9% of total revenue compared to 24.4% for 2009-2010. This represents the
amount paid by students/staff for daily food service.
•
Federal and state operating grants included reimbursement for meals, payments for free and reduced lunches,
commodities provided to the District and other miscellaneous grants totaled $3,819,569, or 73.1%, of total
revenue. This is reflective of the District's population of “free and reduced” students, which is typically over 55%
of the total.
Financial Analysis of the District’s Funds
As previously noted, the Waterloo Community School District uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements.
18
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 combined fund balances of $26,076,047 which was well above last year’s
ending fund balances of $11,022,182. The main reasons for the increase in combined fund balances at the end of fiscal
year 2011 was decreased support services spending and net proceeds from issuing bonds.
Over 11.3% of the governmental fund balance constitutes unassigned fund balance, which is available for spending at
the District's discretion. The remainder of fund balance is nonspendable, restricted, committed or assigned to indicate
that it is not available for new spending.
Governmental Fund Highlights
The General Fund is the chief operating fund of the District. At the end of the current fiscal year, unreserved fund
balance of the general fund was $2,935,563 while total fund balance increased to $10,852,933.
The fund balance of the District's general fund increased by $3,319,057, or 44.1%, during the current fiscal year. The
main reason for this increase was an increase in state funding that occurred during the fiscal year.
The Debt Service Fund balance increased to $5,486,671 at the end of fiscal year 2011. The Fund had no balance at the
end of fiscal year 2010. Current year revenue and expenditures included bond proceeds and bond principal and interest
payments. The increase in fund balance is related to bond proceeds held and restricted for future bond interest and
principal payments.
The Capital Projects Fund balance increased due to the sale of $69,159,539 of revenue bonds during fiscal year 2011.
The District ended fiscal year 2010 with a balance of $1,256,298. Fiscal year 2011 ended with a balance of $7,661,501,
consisting primarily of unexpended bond proceeds which will be expended as building and remodeling projects are
completed.
Proprietary Fund Highlights
The focus of the District's proprietary funds is to account for operations that are financed and operated in a manner
similar to private business enterprises. The intent of the entity is that the costs of providing the goods or services be
financed primarily through user charges. Proprietary fund types include the School Nutrition Fund and the Day Care
Fund.
Budgetary Highlights
The District adopts a budget in April for the following year and at the same time considers and approves a budget
amendment for expenditures for the current year. The District amended its original budget once for 2010-2011 to
increase expenditures due to the retirement of revenue bonds.
A schedule showing the original and final budget amounts compared to the District's actual financial activity is
provided in this report as required supplementary information.
The District's total revenue was $2,656,331 less than total budgeted revenue, a variance of 2%. Even though local tax
revenue increased in fiscal year 2011, the total amount received was less than originally anticipated. The District also
over budgeted for state resources and under budgeted for federal sources as they were uncertain to the source of various
funding, the net effect of the error in budgeting was immaterial.
Total expenditures were less than budgeted, due primarily to the District's budget for the governmental funds. The
District significantly over budgeted in the support services and other expenditures area. Specifically, the District over
budgeted for operation and maintenance of plant services expenditures due to the timing of the completion of various
construction and repair related projects and refunding bond payments which were later reclassified as an other financing
use.
In spite of the District's budgetary practice, the certified budget was exceeded in the instruction functional area due to
the timing of expenditures at year end without sufficient time to amend the certified budget. The District did not exceed
its total spending authority.
19
Capital Assets and Debt Administration
Capital Assets
At June 30, 2011, the District had invested $162,426,547, net of accumulated depreciation, in a broad range of capital
assets, including land, buildings, equipment and furniture and construction in progress. (See Figure A-6). Depreciation
expense was $4,252,667 for Governmental Activities and $266,930 for Business-Type Activities.
Construction in progress of $28,986,472 was for Fred Becker, Highland, Kingsley and Kittrell Elementary Schools,
East High School and the Education Service Center projects.
Figure A-6
Capital Assets, Net of Depreciation
2011
2010
2011
2010
(as Restated)
Land
$ 2,939,355 $ 1,547,685
Construction in
progress
28,986,472
43,943,469
Buildings and
improvements
117,612,880
90,320,446
Improvements other
than buildings
6,095,733
6,315,296
Furniture and
5,365,569
equipment
5,411,342
Total
$ 161,045,782 $ 147,492,465
$
—
$
—
Total District
2011
$
2,939,355
$
2010
1,547,685
Total
Change
2011-10
89.9%
—
—
28,986,472
43,943,469
(34.0)
—
—
117,612,880
90,320,446
30.2
—
—
6,095,733
6,315,296
(3.5)
1,380,765
1,522,347
6,792,107
6,887,916
(1.4)
$ 1,380,765
$ 1,522,347
$ 162,426,547
$ 149,014,812
9.0
The increase from 2009-2010 to 2010-2011 is due to the continued work and completion of several construction projects.
The amount of construction in progress decreased by $14,956,997, land increased $1,391,670 and buildings and
improvements increased by $27,292,434.
Construction in progress activities during 2010 included:
•
•
•
•
•
•
•
New construction of Kittrell Elementary
New construction of Fred Becker Elementary
New construction at Highland Elementary
New construction at Carver Middle School
New parking lot at Central Middle School
Renovation of East High School auditorium
Renovation of West High School locker rooms
Construction in progress activities during 2011 included:
•
•
•
•
•
•
New construction of Fred Becker Elementary
New construction at Highland Elementary
Renovation of Kingsley Elementary
Renovation of Education Service Center
Renovation of East High School auditorium
Renovation of Kittrell Elementary School annex
20
Long-Term Debt
At June 30, 2011, the District had $69,397,848 in total long-term debt outstanding. This represents an increase of
approximately 49.9% from last year. (See Figure A-7)
The Constitution of the State of Iowa limits the amount of debt districts can issue to 5% of the assessed value of all taxable
property within the District. The District’s outstanding debt is significantly below its constitutional debt limit of
approximately $203 million.
In April, 2011, the District issued $69,159,359 of statewide sales, services and use tax revenue bonds for various construction
projects and to retire revenue bonds issued in 2009.
Figure A-7
Outstanding Long-Term Obligations
Total District
June 30,
2011
Revenue bonds
Revenue bonds premium
Revenue bonds discount
Total
$ 69,159,539
238,309
—
$ 69,397,848
2010
$ 46,400,000
—
(106,333)
$ 46,293,667
Total Change
June 30,
2010-11
49.1%
100.0
(100.0)
49.9
More detailed information on the District's capital assets and long-term debt can be found in Notes 4 and 5 to the financial
statements.
Factors Bearing on the District’s Future
At the time these financial statements were prepared and audited, the District was aware of several existing
circumstances that could significantly affect its financial health in the future:
•
Beginning in 2008 and continuing in 2011, the United States and the world are experiencing financial upheaval
and it is affecting Iowa revenue. The Governor, in October, 2009, announced a 10% across-the-board cut
reducing the District’s budget by $5.5 million. In addition, the Iowa Legislature set the 2010-2011 budget
allowable growth at 2% which required additional staff reductions and operational efficiencies. As state budget
struggles continued, allowable growth for 2011-2012 was set at 0% and 2012-2013 was approved for 2%. A
reduction in allowable growth will not only reduce cash received, but reduce the spending authority of the
District.
•
Growth in employee wages and benefits has outpaced state funding to schools. Salary and benefits represent
approximately 74% of general fund expenditures. Salary and benefit settlements, with any employee group,
exceeding the rate of growth of state funding will have an adverse impact upon the District’s general fund
budget.
•
Budget shortfalls will certainly mean staff reductions, but retirements will allow the District to reduce the
positions vacated for 2011-2012. Overhead costs, such as heating and vehicle fuel are volatile due to the world
economic status and allows little flexibility for budget planning.
•
District enrollment declined approximately 300 students in 2007-2010 but showed a recovery by increasing
85 students in the Fall of 2011. Under Iowa’s school funding formula, District funding is highly dependent
upon District enrollments. Future enrollment stability is a critical element in maintaining a sound financial
foundation.
•
Effective July 1, 2011, an incremental increase in the employee’s and employer’s share of Iowa Public
Employees Retirement System (IPERS) contributions will go into effect.
•
By Board resolution, 5% of the unspent authorized balance was moved to committed fund balance to support
District policy to maintain a minimum fund balance of 5%. This balance cannot be budgeted or expended
unless the Board action votes to approve.
Contacting the District’s Financial Management
This financial report is designed to provide the District’s citizens, taxpayers, customers, investors and creditors with a
general overview of the District’s finances and to demonstrate the District’s accountability for the money it receives. If
you have questions about this report or need additional financial information, contact Michael L. Coughlin, Chief
Financial Officer, Waterloo Community School District, 1516 Washington Street, Waterloo, Iowa 50702.
21
Basic Financial Statements
Statement of Net Assets
At June 30, 2011
Governmental
BusinessActivities Type Activities
Assets
Cash and pooled investments .........................
Receivables, Net of Allowance for
Uncollectible Amounts
Property Taxes
Current year delinquent.........................
Succeeding year ...................................
Due from other governments .......................
Accounts ......................................................
Inventories .......................................................
Restricted cash................................................
Capital assets, net of accumulated
depreciation .................................................
Capital assets not being depreciated ..............
Total Assets ...................................................
Liabilities
Accounts payable ............................................
Salaries and benefits payable .........................
Accrued interest payable .................................
Unearned Revenue
Succeeding year property taxes ..................
Other ............................................................
Long-Term Liabilities
Portion Due Within One Year
Revenue bonds payable ..........................
Early retirement payable ..........................
Compensated absences ..........................
Portion Due After One Year
Revenue bonds payable ..........................
Early retirement payable ..........................
Net OPEB liability.....................................
Total Liabilities .................................
$ 32,159,873
$ 209,450
Total
$
32,369,323
464,457
40,049,487
4,377,913
1,296,920
225,453
5,486,671
—
—
16,906
—
80,082
—
464,457
40,049,487
4,394,819
1,296,920
305,535
5,486,671
129,119,955
31,925,827
1,380,765
—
130,500,720
31,925,827
$ 245,106,556
$ 1,687,203
$ 246,793,759
$
$
$
5,166,679
10,342,931
434,919
9,385
24,002
—
5,176,064
10,366,933
434,919
40,049,487
2,425,630
—
16,906
40,049,487
2,442,536
1,167,952
415,000
296,341
—
—
—
1,167,952
415,000
296,341
68,229,896
830,000
1,307,000
130,665,835
—
—
—
50,293
68,229,896
830,000
1,307,000
130,716,128
Net Assets
Invested in capital assets, net of related debt
Restricted for
Categorical funding ......................................
Management levy purposes.........................
Physical plant and equipment ......................
Student activities..........................................
Debt service .................................................
Unrestricted .....................................................
Total Net Assets ...............................
91,647,934
1,380,765
93,028,699
1,541,917
981,162
548,187
1,093,780
5,051,752
13,575,989
114,440,721
—
—
—
—
—
256,145
1,636,910
1,541,917
981,162
548,187
1,093,780
5,051,752
13,832,134
116,077,631
Total Liabilities and Net Assets ...................
$ 245,106,556
$ 1,687,203
$ 246,793,759
See accompanying notes to the financial statements.
22
Statement of Activities
Functions/Programs
Instruction
Regular instruction ..............................................................................................
Special instruction ...............................................................................................
Vocational instruction ..........................................................................................
Other instruction..................................................................................................
Total Instruction................................................................................................
Support Services
Student services..................................................................................................
Instructional staff services...................................................................................
General administration services..........................................................................
School administration services............................................................................
Business and central administration services .....................................................
Operation and maintenance of plant services.....................................................
Transportation services.......................................................................................
Total Support Services.....................................................................................
Expenses
$
54,887,612
26,380,484
194,178
2,485,536
83,947,810
Program Revenue
Operating Grants, Capital Grants,
Contributions
Contributions
Charges
and Restricted and Restricted
for Services
Interest
Interest
Net (Expenses), Revenue and Changes in Net Assets
$
$
376,026
457,025
—
1,656,491
2,489,542
$ 17,872,852
7,077,469
366,209
—
25,316,530
$
—
—
—
—
—
2,847,873
3,558,016
1,085,216
5,863,759
4,758,036
11,177,982
3,880,978
33,171,860
—
—
—
—
—
543,393
6,553
549,946
—
383,095
—
4,500
—
—
176,753
564,348
—
—
—
—
—
1,132,513
—
1,132,513
Noninstructional Programs ......................................................................................
11,533
—
—
Other Expenditures
Long-term debt interest and fiscal charges .........................................................
Depreciation (unallocated) ..................................................................................
Total Other Expenditures .................................................................................
3,264,406
3,522,778
6,787,184
—
—
—
Total Governmental Activities ......................................................................
123,918,387
Noninstructional Programs
Nutrition services.................................................................................................
Day care services................................................................................................
Total Business-Type Activities .....................................................................
Total ........................................................................................................................
(36,638,734)
(18,845,990)
172,031
(829,045)
(56,141,738)
$ (36,638,734)
(18,845,990)
172,031
(829,045)
(56,141,738)
(2,847,873)
(3,174,921)
(1,085,216)
(5,859,259)
(4,758,036)
(9,502,076)
(3,697,672)
(30,925,053)
—
—
—
—
—
—
—
—
(2,847,873)
(3,174,921)
(1,085,216)
(5,859,259)
(4,758,036)
(9,502,076)
(3,697,672)
(30,925,053)
—
(11,533)
—
(11,533)
—
—
—
—
—
—
(3,264,406)
(3,522,778)
(6,787,184)
—
—
—
(3,264,406)
(3,522,778)
(6,787,184)
3,039,488
25,880,878
1,132,513
(93,865,508)
—
(93,865,508)
5,362,188
8,426
5,370,614
1,354,825
—
1,354,825
3,819,124
445
3,819,569
48,461
—
48,461
$ 129,289,001
$ 4,394,313
$ 29,700,447
$ 1,180,974
—
—
—
(93,865,508)
39,161,521
8,746,420
50,960,501
48,056
98,916,498
Change in Net Assets............................................................................................
5,050,990
Net Assets - End of Year.......................................................................................
114,258,352
(4,868,621)
109,389,731
$ 114,440,721
$
Total
—
—
—
—
—
General Revenue
Property taxes, levied for general purposes ............................................................
Statewide sales, services and use tax.....................................................................
Unrestricted state grants .........................................................................................
Unrestricted investment earnings ............................................................................
Total General Revenue ..................................................................................
Net Assets - Beginning of Year, as previously reported ..........................................
Prior period adjustment (Note 13) ...........................................................................
Net Assets - Beginning of Year, as Restated ..........................................................
BusinessType
Activities
Governmental
Activities
(139,778)
(7,981)
(147,759)
(139,778)
(7,981)
(147,759)
(147,759)
(94,013,267)
—
—
—
18
18
(147,741)
1,784,651
—
1,784,651
$ 1,636,910
39,161,521
8,746,420
50,960,501
48,074
98,916,516
4,903,249
116,043,003
(4,868,621)
111,174,382
$ 116,077,631
23
Balance Sheet - Governmental Funds
At June 30, 2011
Debt
Service
Capital
Projects
All Other
Nonmajor
Total
—
$ 7,908,812
$ 2,068,535
$ 32,159,873
—
—
—
—
—
5,486,671
29,598
2,623,174
1,457,655
—
—
—
23,628
1,999,992
162
—
—
—
464,457
40,049,487
4,377,913
1,296,920
225,453
5,486,671
$ 5,486,671
$ 12,019,239
$ 4,092,317
$ 84,060,774
$
—
—
$ 1,724,868
—
$
16,226
1,157
$ 5,166,679
10,342,931
—
—
—
2,623,174
9,696
4,357,738
1,999,992
—
2,017,375
40,049,487
2,425,630
57,984,727
225,453
—
—
—
225,453
1,541,917
—
—
—
—
—
—
—
—
5,486,671
—
—
548,187
—
—
—
981,162
—
1,093,780
—
1,541,917
981,162
548,187
1,093,780
5,486,671
6,150,000
—
—
—
6,150,000
—
2,935,563
10,852,933
—
—
5,486,671
7,113,314
—
7,661,501
—
—
2,074,942
7,113,314
2,935,563
26,076,047
Total Liabilities and Fund
Balances ..................................... $ 62,462,547
$ 5,486,671
$ 12,019,239
$ 4,092,317
$ 84,060,774
General
Assets
Cash and pooled investments......... $ 22,182,526
Property Taxes
Current year delinquent.........
411,231
Succeeding year....................
35,426,321
Due from other governments .......
2,920,096
Accounts ......................................
1,296,920
Inventories.......................................
225,453
Restricted cash ...............................
—
Total Assets................................... $ 62,462,547
Liabilities and Fund Balances
Liabilities
Accounts payable............................ $ 3,425,585
Salaries and benefits payable.........
10,341,774
Deferred Revenue
Succeeding year property taxes
35,426,321
Other ............................................
2,415,934
Total Liabilities .................
51,609,614
Fund Balances
Nonspendable
Inventory ......................................
Restricted for
Categorical funding......................
Management levy purposes.........
Physical plant and equipment......
Student activities..........................
Debt service .................................
Committed to
Future general fund expenditures
Assigned to
School infrastructure....................
Unassigned .....................................
Total Fund Balances........
$
24
Reconciliation of the Balance Sheet - Governmental Funds to the
Statement of Net Assets
At June 30, 2011
Total Fund Balances for Governmental Funds (Page 24).....
Amounts reported for governmental activities in the
statement of net assets are different because:
$
Capital assets used in governmental activities are not
financial resources and, therefore, are not reported as
assets in the governmental funds. .........................................
26,076,047
161,045,782
Accrued interest payable on long-term liabilities is not due
and payable in the current year and, therefore, is not
reported as a liability in the governmental funds....................
(434,919)
Long-term liabilities, including revenue bonds payable, early
retirement payable, compensated absences and other postemployment benefits, are not due and payable in the
current year and, therefore, are not reported as liabilities in
the governmental funds.
Revenue bonds payable .....................................................
Unamortized bond premium................................................
Other postemployment benefits ..........................................
Compensated absences .....................................................
Early retirement payable .....................................................
Net Assets of Governmental Activities (Page 22) .................
$ 69,159,539
238,309
1,307,000
296,341
1,245,000
(72,246,189)
$ 114,440,721
25
Statement of Revenue, Expenditures and Changes in Fund Balances Governmental Funds
Debt
Service
Capital
Projects
All Other
Nonmajor
Total
—
—
117
—
—
117
$ 11,262,681
—
170,004
1,928
244,464
11,679,077
$ 1,991,149
—
1,660,905
1,581
—
3,653,635
$ 47,907,941
724,552
3,609,854
64,173,910
12,553,120
128,969,377
52,930,622
21,249,843
161,738
801,753
75,143,956
—
—
—
—
—
—
—
—
—
—
1,403,980
48,543
—
1,611,463
3,063,986
54,334,602
21,298,386
161,738
2,413,216
78,207,942
2,834,555
3,531,425
1,059,036
5,615,595
—
—
—
—
—
—
8,271
—
19,000
33,522
19,697
263,657
2,853,555
3,564,947
1,087,004
5,879,252
4,631,444
—
30,317
22,021
4,683,782
8,879,168
3,430,215
29,981,438
—
—
—
—
—
423,874
350,000
812,462
—
335,930
100,810
794,637
11,533
9,638,972
3,881,025
31,588,537
11,533
—
5,132,642
5,132,642
1,740,450
—
1,740,450
1,274,851
—
1,274,851
—
—
—
3,015,301
5,132,642
8,147,943
Facilities Acquisition and
Construction............................
—
—
18,959,552
—
18,959,552
Total Expenditures......
110,258,036
1,740,450
21,046,865
3,870,156
136,915,507
Revenue Over (Under)
Expenditures .........................
3,378,512
(1,740,333)
(9,367,788)
(216,521)
(7,946,130)
—
—
—
—
(59,455)
—
—
(46,400,000)
53,627,004
—
69,159,539
240,456
—
—
(53,627,004)
—
—
—
59,455
—
69,159,539
240,456
(46,400,000)
53,686,459
(53,686,459)
(59,455)
7,227,004
15,772,991
59,455
22,999,995
3,319,057
5,486,671
6,405,203
(157,066)
15,053,865
7,325,715
208,161
—
—
1,256,298
—
2,232,008
—
10,814,021
208,161
7,533,876
—
1,256,298
2,232,008
11,022,182
$ 10,852,933
$ 5,486,671
$ 7,661,501
$ 2,074,942
$ 26,076,047
General
Revenue
Local Sources
Local taxes..............................
Tuition .....................................
Other .......................................
State sources .............................
Federal sources .........................
Total Revenue..............
$ 34,654,111
724,552
1,778,828
64,170,401
12,308,656
113,636,548
Expenditures
Current
Instruction
Regular instruction...............
Special instruction ...............
Vocational instruction ..........
Other instruction ..................
Total Instruction.............
Support Services
Student services ..................
Instructional staff services ...
General administration services
School administration services
Business and central
administration services.....
Operation and maintenance
of plant services ...............
Transportation services .......
Total Support Services..
Noninstructional Programs .....
Other Expenditures
Long-Term Debt
Interest and fiscal charges
AEA flowthrough..................
Total Other Expenditures
Other Financing Sources (Uses)
Refunding bonds issued ............
Premium on sale of revenue bonds
Refunding bond principal payments
Transfers in ................................
Transfers out ..............................
Total Other Financing
Sources (Uses) .........
Net Change in Fund Balances
Fund Balance - Beginning of
Year, as previously reported...
Prior period adjustment (Note 13)
Fund Balance - Beginning of
Year, as Restated ...................
Fund Balance - End of Year ....
$
26
Reconciliation of the Statement of Revenue, Expenditures and Changes in
Fund Balances - Governmental Funds to the Statement of Activities
Change in Fund Balances - Total Governmental Funds (Page 26)
$ 15,053,865
Amounts reported for governmental activities in the
statement of activities are different because:
Capital outlays to purchase or build capital assets are
reported in the governmental funds as expenditures.
However, those costs are reported in the statement of net
assets and are allocated over their estimated useful lives as
depreciation expense in the statement of activities. The
amounts of capital outlays and depreciation expense for the
year are as follows:
Capital outlays.....................................................................
Depreciation expense .........................................................
$ 17,908,756
(4,252,667)
13,656,089
The net book value of the capital assets disposed of during
the year. .................................................................................
Proceeds from issuing long-term liabilities provide current
financial resources to governmental funds, but issuing debt
increases long-term liabilities in the statement of net assets.
Repayment of long-term liabilities is an expenditure in the
governmental funds, but the repayment reduces long-term
liabilities in the statement of net assets. Current year issues
exceeded repayments, as follows:
Revenue bonds issued........................................................
Revenue bonds premium ....................................................
Revenue bonds repaid ........................................................
(102,772)
$ (69,159,539)
(240,456)
46,400,000
(22,999,995)
Interest on long-term debt in the statement of activities
differs from the amount reported in the governmental funds
because interest is recorded as an expenditure in the
governmental funds when due. In the statement of
activities, interest expense is recognized as the interest
accrues, regardless of when it is due.....................................
(144,919)
Amortization of premiums on bonds payable issued in the
current year decreases current financial resources to
governmental funds but it decreases liabilities in the
statement of net assets. .........................................................
2,147
Amortization of discount on bonds payable issued in prior
years increases current financial resources to governmental
funds but it increases liabilities in the statement of net
assets.....................................................................................
(106,333)
Payments on early retirement packages approved in the
prior year are an expenditure in the governmental funds, but
the payments reduce long-term liabilities in the statement of
net assets...............................................................................
415,000
Some expenses reported in the statements of activities do
not require the use of current financial resources and,
therefore, are not reported as expenditures in the
governmental funds:
Compensated absences .....................................................
Other postemployment benefits ..........................................
Change in Net Assets of Governmental Activities (Page 23)
$
(39,292)
(682,800)
(722,092)
$
5,050,990
27
Statement of Net Assets - Proprietary Funds
At June 30, 2011
Total Nonmajor
Enterprise Funds
Assets
Current Assets
Cash and cash equivalents .....................................................................................
Receivables, Net of Allowance for Uncollectible Amounts
Intergovernmental ................................................................................................
Inventories ...............................................................................................................
Total Current Assets......................................................................................
$
209,450
16,906
80,082
306,438
Noncurrent Assets
Capital assets, net of accumulated depreciation .....................................................
1,380,765
Total Assets ...........................................................................................................
$ 1,687,203
Liabilities and Net Assets
Current Liabilities
Accounts payable ....................................................................................................
Salaries and benefits payable .................................................................................
Unearned revenue...................................................................................................
Total Current Liabilities .................................................................................
$
9,385
24,002
16,906
50,293
Net Assets
Invested in capital assets ........................................................................................
Unrestricted .............................................................................................................
Total Net Assets .............................................................................................
1,380,765
256,145
1,636,910
Total Liabilities and Net Assets ...........................................................................
$ 1,687,203
28
Statement of Revenue, Expenses and Changes in Net Assets Proprietary Funds
Total Nonmajor
Enterprise Funds
Revenue
Local Sources
Charges for service..............................................................................................
Other receipts ......................................................................................................
Total Operating Revenue...............................................................................
$ 1,299,257
55,568
1,354,825
Operating Expenses
Salaries ................................................................................................................
Benefits ................................................................................................................
Purchased services..............................................................................................
Supplies ...............................................................................................................
Other ....................................................................................................................
Depreciation.........................................................................................................
Total Operating Expenses.............................................................................
1,629,527
703,859
91,646
2,669,253
9,399
266,930
5,370,614
Loss From Operations ..........................................................................................
(4,015,789)
Nonoperating Revenue
State sources...........................................................................................................
Federal sources.......................................................................................................
Interest on investments ...........................................................................................
Capital contributions ................................................................................................
Total Nonoperating Revenue ........................................................................
45,428
3,774,141
18
48,461
3,868,048
Decrease in Net Assets.........................................................................................
(147,741)
Net Assets - Beginning of Year ...............................................................................
1,784,651
Net Assets - End of Year.......................................................................................
$ 1,636,910
29
Statement of Cash Flows - Proprietary Funds
Total Nonmajor
Enterprise Funds
Cash Flows Used in Operating Activities
Cash received from sale of lunches and breakfasts................................................
Cash received from other ........................................................................................
Cash paid to employees for services.......................................................................
Cash paid to suppliers for goods and services........................................................
Net Cash Used in Operating Activities .......................................................
$
Cash Flows Provided by Noncapital Financing Activities
State grants received...............................................................................................
Federal grants received...........................................................................................
Net Cash Provided by Noncapital Financing Activities ............................
45,428
3,503,537
3,548,965
Cash Flows Used in Capital and Related Financing Activities
Acquisition of capital assets ....................................................................................
(76,887)
Cash Flows From Investing Activities
Interest on investments ...........................................................................................
18
Net Decrease in Cash and Cash Equivalents .....................................................
Cash and Cash Equivalents - Beginning of Year ....................................................
Cash and Cash Equivalents - End of Year ..........................................................
Reconciliation of Loss From Operations to Net Cash Used in
Operating Activities
Loss from operations ............................................................................................
Adjustments to Reconcile Loss From Operations to Net Cash
Used in Operating Activities
Commodities used.............................................................................................
Depreciation ......................................................................................................
Changes in Assets and Liabilities
Increase in inventories .....................................................................................
Decrease in accounts payable .........................................................................
Decrease in salaries and benefits payable ......................................................
Net Cash Used in Operating Activities ................................................................
1,299,257
55,568
(2,392,341)
(2,485,623)
(3,523,139)
(51,043)
260,493
$
209,450
$ (4,015,789)
321,346
266,930
(9,912)
(26,759)
(58,955)
$ (3,523,139)
Noncash Investing, Capital and Financing Activities
During the year ended June 30, 2011, the District received $278,336 of federal commodities.
The District purchased $48,461 of equipment from the capital projects fund, resulting in total cash paid for
equipment of $76,887 for the year ended June 30, 2011.
30
Statement of Fiduciary Assets and Liabilities
At June 30, 2011
Agency
Assets
Cash and Pooled Investments ................................................................................
$ 167,732
Liabilities
Due to Other Governments......................................................................................
$ 167,732
31
Notes to the Financial Statements
(1) Summary of Significant Accounting Policies
The Waterloo Community School District is a political subdivision of the State of Iowa and operates public
schools for children in grades pre-kindergarten through twelve. The District also either operates or
sponsors various adult education programs. These courses include remedial education as well as
vocational and recreation courses. The geographic area served includes the cities of Waterloo,
Evansdale, Elk Run Heights, Raymond, Gilbertville and a portion of Cedar Falls, Iowa, and the
surrounding predominate agricultural territory in Black Hawk County. The District is governed by a Board
of Education whose members are elected on a nonpartisan basis.
The District's financial statements are prepared in conformity with U.S. generally accepted accounting
principles as prescribed by the Governmental Accounting Standards Board.
Reporting Entity
For financial reporting purposes, the Waterloo Community School District has included all funds,
organizations, agencies, boards, commissions and authorities. The District has also considered all
potential component units for which it is financially accountable, and other organizations for which the
nature and significance of their relationship with the District are such that exclusion would cause the
District's financial statements to be misleading or incomplete. The Governmental Accounting Standards
Board has set forth criteria to be considered in determining financial accountability. These criteria include
appointing a voting majority of an organization's governing body, and (1) the ability of the District to
impose its will on that organization or (2) the potential for the organization to provide specific benefits to,
or impose specific financial burdens on the District. The Waterloo Community School District has no
component units which meet the Governmental Accounting Standards Board criteria.
Jointly Governed Organizations
The District participates in a jointly governed organization that provides services to the District but does
not meet the criteria of a joint venture since there is no ongoing financial interest or responsibility by the
participating governments. The District is a member of the Black Hawk County Assessor’s Conference
Board.
Basis of Presentation
Government-Wide Financial Statements
The statement of net assets and the statement of activities report information on all the nonfiduciary
activities of the District. For the most part, the effect of interfund activity has been removed from these
statements. Governmental activities, which normally are supported by tax and intergovernmental
revenue, are reported separately from business-type activities, which rely to a significant extent on
fees and charges for service.
The statement of net assets presents the District's nonfiduciary assets and liabilities, with the
difference reported as net assets. Net assets are reported in three categories:
Invested in capital assets, net of related debt consists of capital assets, net of accumulated
depreciation and reduced by outstanding balances for bonds, notes and other debt that are
attributed to the acquisition, construction or improvement of those assets.
32
Restricted net assets result when constraints placed on net asset use are either externally imposed
or imposed by law through constitutional provisions or enabling legislation.
Unrestricted net assets consist of net assets that do not meet the definition of the two preceding
categories. Unrestricted net assets often have constraints on resources that are imposed by
management which can be removed or modified.
The statement of activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenue. Direct expenses are those that are clearly identifiable with a
specific function. Program revenue includes: (1) charges to customers or applicants who purchase, use or
directly benefit from goods, services or privileges provided by a given function and (2) grants,
contributions and interest that are restricted to meeting the operational or capital requirements of a
particular function. Property tax and other items not properly included among program revenue are
reported instead as general revenue.
Fund Financial Statements
Separate financial statements are provided for governmental, proprietary 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. All remaining
governmental funds are aggregated and reported as other nonmajor governmental funds. Combining
schedules are also provided for the capital projects fund accounts.
The District had the following major governmental funds:
The General Fund is the general operating fund of the District. All general tax revenue and other
receipts that are not allocated by law or contractual agreement to some other fund are accounted for
in this fund. From the fund are paid the general operating expenses, including instructional, support
and other costs.
The Debt Service Fund is utilized to account for tax and other revenue to be used for the payment of
interest and principal on the District’s long-term debt.
The Capital Projects Fund is used to account for all resources used in the acquisition and
construction of capital facilities and other capital assets.
The District's proprietary funds are the Enterprise - School Nutrition Fund and the Enterprise - Day
Care Fund. The School Nutrition Fund is used to account for the food service operations of the District,
and the Day Care Fund is used to account for the day care operations of the District. The day care
operations of the District have been terminated.
33
The District also reports fiduciary funds which focus on net assets and changes in net assets. The
District's fiduciary funds include the following:
The Agency Fund is used to account for assets held by the District as an agent for individuals,
private organizations and other governments. The Agency Fund is used to account for retiree health
insurance premiums and scholarships, school uniforms and reading materials for students within the
District. The Agency Fund is custodial in nature, assets equal liabilities and does not involve
measurement of results of operations.
Measurement Focus and Basis of Accounting
The government-wide financial statements and the proprietary financial statements are reported using the
“economic resources measurement focus” and the accrual basis of accounting. Revenue is recorded
when earned and expenses are recorded when a liability is incurred, regardless of the timing of related
cash flows. Property tax is recognized as revenue in the year for which it is levied. Grants and similar
items are recognized as revenue as soon as all eligibility requirements imposed by the provider have
been satisfied. The agency fund is custodial in nature and has no measurement focus; however, it uses
the accrual basis of accounting.
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenue is recognized as soon as it is both
measurable and available. Revenue is considered to be available when it is collectible within the current
period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government
considers revenue to be available if it is collected within 60 days after year end.
Property tax, intergovernmental revenue (shared revenue, grants and reimbursements from other
governments) and interest associated with the current fiscal period are all considered to be susceptible to
accrual. All other revenue items are considered to be measurable and available only when cash is
received by the District.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However,
principal and interest on long-term debt, claims and judgments and compensated absences are
recognized as expenditures only when payment is due. Capital asset acquisitions are reported as
expenditures in governmental funds. Proceeds of general long-term debt and acquisitions under capital
leases are reported as other financing sources.
Under terms of grant agreements, the District funds certain programs by a combination of specific costreimbursement grants and general revenue. Thus, when program expenses are incurred, there are both
restricted and unrestricted net assets available to finance the program. It is the District's policy to first
apply cost-reimbursement grant resources to such programs, and then general revenue.
When an expenditure is incurred in governmental funds which can be paid using either restricted or
unrestricted resources, the District’s policy is generally to first apply the expenditure toward restricted fund
balance and then to less-restrictive classifications -- committed, assigned and then unassigned fund
balances.
34
The proprietary funds of the District apply all applicable GASB pronouncements as well as the following
pronouncements issued on or before November 30, 1989, unless these pronouncements conflict with or
contradict GASB pronouncements: Financial Accounting Standards Board Statements and
Interpretations, Accounting Principles Board Opinions and Accounting Research Bulletins of the
Committee on Accounting Procedure.
Proprietary funds distinguish operating revenue and expenses from nonoperating items. Operating
revenue 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 revenue of the
District's enterprise fund is charges to customers for sales and services. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses and depreciation on
capital assets. All revenue and expenses not meeting this definition are reported as nonoperating
revenue and expenses.
Assets, Liabilities and Fund Equity
The following accounting policies are followed in preparing the financial statements:
Cash, Pooled Investments and Cash Equivalents
The cash balances of most District funds are pooled and invested. Investments are stated at fair value
except for the investment in the Iowa Schools Joint Investment Trust which is valued at amortized cost
and nonnegotiable certificates of deposit which are stated at cost.
For purposes of the statement of cash flows, all short-term capital investments that are highly liquid are
considered to be cash equivalents. Cash equivalents are readily convertible to known amounts of cash
and, at the day of purchase, they have a maturity date no longer than three months.
Property Taxes Receivable
Property taxes in the governmental funds are accounted for using the modified accrual basis of
accounting.
Property taxes receivable are recognized in these funds on the levy or lien date, which is the date the
tax asking is certified by the Board of Education. Delinquent property taxes receivable represent
unpaid taxes for the current and prior years. The succeeding year property taxes receivable represents
taxes certified by the Board of Education to be collected in the next fiscal year for the purposes set out
in the budget for the next fiscal year. By statute, the District is required to certify its budget in April of
each year for the subsequent fiscal year. However, by statute, the tax asking and budget certification
for the following fiscal year becomes effective on the first day of that year. Although the succeeding
year property taxes receivable have been recorded, the related revenue is deferred in both the
government-wide and fund financial statements and will not be recognized as revenue until the year for
which it is levied.
35
Property tax revenue recognized in these funds becomes due and collectible in September and March
of the fiscal year with a 1-1/2% monthly penalty for delinquent payments; is based on January 1, 2009
assessed property valuations; is for the tax accrual period July 1, 2010 through June 30, 2011; and
reflects the tax asking contained in the budget certified to the County Board of Supervisors in May,
2010.
Due From Other Governments
Due from other governments represents amounts due from the State of Iowa, various shared revenue,
grants and reimbursements from other governments.
Food and Supplies Inventories
Inventories are valued at cost using the first-in, first-out (FIFO) method for purchased items and
contributed value for government commodities. At June 30, 2011, food and supplies inventory valued
at $80,082 were on hand. General fund supplies inventory is accounted for under the consumption
method. Expenses are recognized when consumed on the government-wide financial statements and
as expenditures when purchased on the fund financial statements.
Capital Assets
Capital assets, which include property, furniture and equipment and intangibles, are reported in the
applicable governmental or business-type activities columns in the government-wide statement of net
assets. Capital assets are recorded at historical cost. Donated capital assets are recorded at estimated
fair value at the date of donation. The cost of normal maintenance and repairs that do not add to the
value of the asset or materially extend asset useful lives are not capitalized. Capital assets are defined
by the District as assets with an initial, individual cost in excess of the following thresholds and
estimated useful lives in excess of two years.
Land ..........................................................................................................................
Buildings and improvements .....................................................................................
Improvements other than buildings ...........................................................................
Intangibles.................................................................................................................
Furniture and Equipment
School Nutrition Fund equipment...........................................................................
Day Care Fund equipment .....................................................................................
Other furniture and equipment ...............................................................................
$
5,000
5,000
5,000
200,000
500
1,000
5,000
Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings and improvements .....................................................................................
Improvements other than buildings ...........................................................................
Intangibles.................................................................................................................
Furniture and equipment ...........................................................................................
7 - 50 Years
20 - 30 Years
2 - 10 Years
5 - 25 Years
Salaries and Benefits Payable
Payroll and related expenditures for employees with annual contracts corresponding to the current
school year, which are payable in July and August have been accrued as liabilities.
36
Deferred Revenue
Although certain revenue is measurable, it is not available. Available means collected within the
current year or expected to be collected soon enough thereafter to be used to pay liabilities of the
current year. Deferred revenue in the governmental fund financial statements represents the amount of
assets that have been recognized, but the related revenue has not been recognized since the assets
are not collected within the current year or expected to be collected soon enough thereafter to be used
to pay liabilities of the current year. Deferred revenue consists of unspent grant proceeds as well as
property taxes receivable and other receivables not collected within 60 days after year end.
Compensated Absences
District employees accumulate a limited amount of earned but unused vacation for subsequent use or
for payment upon termination, death or retirement. A liability is recorded when incurred in the
government-wide financial statements. A liability for these amounts is reported in governmental funds
only for employees that have resigned or retired. The compensated absences liability has been
computed based on rates of pay in effect at June 30, 2011. The compensated absences liability
attributable to the governmental activities will be paid primarily by the General Fund.
Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are
reported as liabilities in the governmental activities column in the statement of net assets.
Fund Balances
In the governmental fund financial statements, fund balances are classified as follows:
Restricted - Amounts restricted to specific purposes when constraints placed on the use of the
resources are either externally imposed by creditors, grantors or state or federal laws or imposed by
law through constitutional provisions or enabling legislation.
Committed - Amounts which can be used only for specified purposes determined pursuant to
constraints formally imposed by the Board of Education through resolution approved prior to year
end. Those committed amounts cannot be used for any other purpose unless the Board of
Education removes or changes the specified use by taking the same action it employed to commit
those amounts.
Assigned - Amounts the Board of Education intends to use for specific purposes.
Unassigned - All amounts not included in other spendable classifications.
Restricted Net Assets
In the government-wide statement of net assets, net assets are reported as restricted when constraints
placed on net asset use are either externally imposed by creditors, grantors, contributors or laws and
regulations of other governments or are imposed by law through constitutional provisions or enabling
legislation.
37
Net assets restricted through enabling legislation as of June 30, 2011 consist of categorical funding
$1,541,917, management levy purposes $981,162, physical plant and equipment $548,187 and student
activities $1,093,780.
Budgeting and Budgetary Control
The budgetary comparison and related disclosures are reported as Required Supplementary Information.
During the year ended June 30, 2011, expenditures in the instruction functional area exceeded the
amount budgeted.
Estimates and Assumptions
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses during the reporting period.
Actual results could differ from those estimates.
(2) Cash and Investments
The District is authorized by statute to invest public funds in obligations of the United States Government,
its agencies and instrumentalities; certificates of deposit or other evidences of deposit at federally insured
depository institutions approved by the Board of Education; prime eligible bankers acceptances; certain
high-rated commercial paper; perfected repurchase agreements; certain registered open-end
management investment companies; certain joint investment trusts; and warrants or improvements
certificates of a drainage district.
At June 30, 2011, the District had investments in the Iowa Schools Joint Investment Trust Diversified
Portfolio of $31,225,048. The investments are valued at amortized cost pursuant to Rule 2a-7 under the
Investment Company Act of 1940. The value of the investment is the same as the value of the pool
shares. The Iowa Schools Joint Investment Trust is registered with and regulated by the Securities and
Exchange Commission.
Interest Rate Risk
The District’s investment policy limits the investment of operating funds (funds expected to be expended
in the current budget year or within 15 months of receipt) in instruments that mature within 397 days.
Funds not identified as operating funds may be invested in investments with maturities longer than
397 days but the maturities shall be consistent with the needs and use of the District. The District did not
own any investments as of June 30, 2011 other than deposits held in the Iowa Schools Joint Investment
Trust.
38
(2) Cash and Investments
Credit Risk
The Board authorizes the District to invest funds in excess of current needs in interest-bearing savings,
money market and checking accounts in the District’s authorized depositories; the Iowa Schools Joint
Investment Trust Program; obligations of the United States governments, its agencies and
instrumentalities; and certificates of deposit and other evidences of deposit at federally insured Iowa
depository institutions. The Iowa Schools Joint Investment Trust was rated Aaa by Moody’s Investor
Services. The District’s policy does not further limit the District’s investments in relation to credit risk.
Concentration of Credit Risk
The District’s general investment policy is to apply the prudent-person rule: In making investments, the
District shall exercise the care, skill, prudence and diligence under the circumstances then prevailing that
a prudent person acting in a like capacity and familiar with such matters would use to meet the goals of
the investment program.
The investment in the Iowa Schools Joint Investment Trust is not subject to concentration of credit risk.
Custodial Credit Risk
For deposits, custodial credit risk is the risk that in an event of a bank failure, the government’s deposits
may not be returned to it. For an investment, custodial credit risk is the risk that in the event of the failure
of the counterparty, the District will not be able to recover the value of its investments or collateral
securities that are in the possession of an outside party.
The District’s deposits in banks at June 30, 2011 were entirely covered by federal depository insurance or
by the State Sinking Fund in accordance with Chapter 12C of the Code of Iowa. This chapter provides for
additional assessments against the depositories to insure there will be no loss of public funds.
(3) Interfund Transfers
The detail of the interfund transfers for the year ended June 30, 2011 is as follows:
Transfer to
Transfer From
Amount
Debt Service
Student Activity Fund
Total
Capital Projects
General
$ 53,627,004
59,455
$ 53,686,459
Transfers generally move revenue from the fund statutorily required to collect the resources to the fund
statutorily required to expend the resources.
39
(4) Capital Assets
Capital assets activity for the year ended June 30, 2011 was as follows:
Balance Beginning of
Year, as
Restated
(Note 13)
Capital Assets Not Being Depreciated
Land .......................................... $
Construction in progress ...........
Total Capital Assets Not
Being Depreciated...............
Capital Assets Being Depreciated
Buildings and improvements .....
Improvements other than
buildings .................................
Furniture and equipment ...........
Total Capital Assets
Being Depreciated...............
1,547,685
43,943,469
Increases
$
1,423,668
17,441,198
Decreases
$
Balance End of Year
31,998 $
2,939,355
32,398,195
28,986,472
45,491,154
18,864,866
32,430,193
31,925,827
127,152,297
30,431,865
2,049,687
155,534,475
7,731,375
11,696,042
137,282
872,938
53,464
13,652
7,815,193
12,555,328
146,579,714
31,442,085
2,116,803
175,904,996
36,831,851
3,093,515
2,003,771
37,921,595
Less Accumulated Depreciation for
Buildings and improvements .....
Improvements other than
buildings .................................
Furniture and equipment ...........
Total Accumulated
Depreciation ........................
1,416,079
6,330,473
337,890
821,262
34,509
7,749
1,719,460
7,143,986
44,578,403
4,252,667
2,046,029
46,785,041
Net Total Capital Assets Being
Depreciated...............................
102,001,311
27,189,418
70,774
129,119,955
Net Governmental Activities
Capital Assets...........................
$ 147,492,465
$ 46,054,284
$ 32,500,967 $ 161,045,782
$
3,391,296
1,868,949
$
125,348
266,930
$
— $
—
3,516,644
2,135,879
$
1,522,347
$
(141,582)
$
— $
1,380,765
Furniture, equipment, vehicles ......
Less accumulated depreciation .....
Net Business-Type Activities
Capital Assets .........................
40
(4) Capital Assets
The changes in capital assets used in the operation of governmental funds by function and activity as of
June 30, 2011 are as follows:
Function and Activity
Education....................................
Transportation ............................
Maintenance ...............................
Administration.............................
Balance Beginning
of Year, as
Restated
(Note 13)
$ 185,984,170
241,625
3,142,687
2,702,386
$ 192,070,868
Decreases
Balance End of Year
$ 50,152,249 $ 34,533,344
—
—
154,702
—
—
13,652
$ 50,306,951 $ 34,546,996
$ 201,603,075
241,625
3,297,389
2,688,734
$ 207,830,823
Increases
The capital assets used in the operation of governmental funds by function and activity as of June 30,
2011 are as follows:
Function
and Activity
Construction
in Progress
Education.............
Transportation .....
Maintenance ........
Administration......
$ 28,986,472
—
—
—
$ 28,986,472
Land and Site
Improvements
Machinery
and
Equipment
Total
$ 10,230,732 $ 154,613,390 $
7,772,481
7,000
52,000
182,625
458,636
516,364
2,322,389
58,180
352,721
2,277,833
$ 10,754,548 $ 155,534,475 $ 12,555,328
$ 201,603,075
241,625
3,297,389
2,688,734
$ 207,830,823
Buildings
Depreciation expense was charged as follows:
Instruction
Regular................................................................................................................
Vocational ...........................................................................................................
Other ...................................................................................................................
Support Services
Student................................................................................................................
Instructional staff .................................................................................................
General administration ........................................................................................
School administration..........................................................................................
Business and central administration ...................................................................
Operation and maintenance of plant ...................................................................
Unallocated depreciation........................................................................................
Total Governmental Activities Depreciation Expense ..........................................
School Nutrition......................................................................................................
Day Care ................................................................................................................
Total Business-Type Activities Depreciation Expense.........................................
$
52,101
32,816
74,368
295
2,176
424
884
205,299
361,526
3,522,778
$ 4,252,667
$
$
260,633
6,297
266,930
41
(5) Long-Term Liabilities
A summary of changes in long-term liabilities for the year ended June 30, 2011 is as follows:
Revenue bonds ......
Revenue bonds
discount...............
Revenue bonds
premium ..............
Compensated
absences.............
Early retirement
benefit .................
Net OPEB liability ...
Total .......................
Balance Beginning
of Year
Additions
Reductions
Balance End of Year
Due
Within
One Year
$ 46,400,000
$ 69,159,539
$ 46,400,000
$ 69,159,539
$ 1,155,070
—
—
(106,333)
—
(106,333)
—
240,456
2,147
238,309
12,882
257,049
296,341
257,049
296,341
296,341
1,660,000
624,200
$ 48,834,916
—
682,800
$ 70,379,136
415,000
—
$ 46,967,863
1,245,000
1,307,000
$ 72,246,189
415,000
—
$ 1,879,293
Compensated Absences
Compensated absences are generally liquidated by the General Fund. The District's compensated
absences are generally liquidated within one year. District employees are allowed to carryover paid time
off from prior years, but based on previous activity, employees do not carry over material amounts of paid
time off.
Revenue Bonds Payable
Details of the District’s June 30, 2011 school infrastructure (statewide) sales, services and use tax
revenue and refunding bonded indebtedness are as follows:
Year Ending June 30,
Interest Rate
2012 ............................................
2013 ............................................
2014 ............................................
2015 ............................................
2016 ............................................
2017-2021 ...................................
2022-2026 ...................................
2027-2030 ...................................
Total............................................
4.00%
4.00
4.00
4.00
4.00
4.00
5.00
5.00% - 5.25
Bond Issue of April 26, 2011 - Series A
Principal
$
—
1,350,000
1,700,000
1,700,000
1,800,000
10,000,000
12,450,000
23,780,000
$ 52,780,000
$
1,689,513
2,455,550
2,394,550
2,326,550
2,256,550
10,126,750
7,676,500
2,880,700
$ 31,806,663
Bond Issue April 26, 2011 - Series B
Year Ending Interest
June 30,
Rate
2012 ............
2013 ............
2014 ............
2015 ............
2016 ............
2017-2021 ...
2022-2026 ...
2027-2030 ...
Total............
Principal
Interest
Interest
Interest Net
Credit
of Credit
Principal
Total
Interest Net
of Credit
5.85% $
— $
652,110 $
(601,948) $
50,162 $
— $
5.85
—
958,203
(884,495)
73,708
1,350,000
5.85
—
958,203
(884,495)
73,708
1,700,000
5.85
—
958,203
(884,495)
73,708
1,700,000
5.85
—
958,203
(884,495)
73,708
1,800,000
5.85
—
4,791,015
(4,422,475)
368,540 10,000,000
5.85
16,379,539
4,311,914
(3,980,228)
331,686 28,829,539
—
—
—
23,780,000
5.85
—
$ 16,379,539 $ 13,587,851 $ (12,542,631) $ 1,045,220 $ 69,159,539 $
Total
1,739,675 $
1,739,675
2,529,258
3,879,258
2,468,258
4,168,258
2,400,258
4,100,258
2,330,258
4,130,258
10,495,290
20,495,290
8,008,186
36,837,725
2,880,700
26,660,700
32,851,883 $ 102,011,422
42
The District has pledged future school infrastructure (statewide) sales, services and use tax revenue to
repay the $52,780,000 of bonds, Series A issued in April, 2011. The bonds were issued for the purpose of
financing a portion of the costs associated with site acquisition, construction, reconstruction, remodeling
and refurbishing certain District facilities, refunding the District’s outstanding school infrastructure
(statewide) sales, services and use tax revenue bonds, series 2009 and paying the costs of issuing the
bonds. The bonds are payable from proceeds of any school infrastructure (statewide) sales, services and
use tax revenue received by the District and mature January 1, 2030. The bonds are not a general
obligation of the District. However, the debt is subject to the constitutional debt limitation of the District.
Total principal and interest remaining to be paid on the bonds is $84,586,663. For the current year, no
principal or interest was paid on the 2011 Series A bonds. A principal payment of $46,400,000 and
interest payment of $1,740,450 was paid and retired 2009 series bonds in the current year.
The District has also pledged future school infrastructure (statewide) sales, services and use tax revenue
to repay the $16,379,539 of qualified school construction bonds Series B (direct pay) issued in April,
2011. The bonds were issued for the purpose of financing a portion of the costs associated with site
acquisition and construction of a new elementary school. The bonds are payable from proceeds of any
school infrastructure (statewide) sales, services and use tax revenue received by the District and mature
July 1, 2025. The bonds have an interest rate of 5.85% but the District is entitled to a credit from the
federal government at a rate of 5.4% (Build America Bonds). The District must remit interest net of any
credits received to the bondholder semi-annually. The bonds are not a general obligation of the District.
However, the debt is subject to the constitutional debt limitation of the District. Total principal and interest
net of credits remaining to be paid on the bonds is $17,424,759. For the current year, no principal or
interest was paid on the 2011 Series B bonds.
For the current year, total statewide sales and services tax revenue was $8,746,420.
The resolution providing for the issuance of the school infrastructure (statewide), sales, services and use
tax revenue and refunding bonds include the following provisions:
a. A portion of the proceeds from the issuance of the bonds be used to pay off any remaining principal
and interest due on the 2009 series bonds.
b. All proceeds from the statewide sales, services and use tax shall be placed in a revenue account
except for the reserve fund noted below.
c. Monies in the revenue account shall be disbursed to make deposits into a sinking account to pay the
principal and interest requirements of the revenue bonds for the fiscal year. There were no required
payments for the year ended June 30, 2011.
d. Any monies remaining in the revenue account after the required transfer to the sinking account may
be transferred to the project account to be used for any lawful purpose.
e. A reserve fund of 10% of the net proceeds must be established (for 2011 Series A only).
The District did comply with all of the revenue bond provisions during the year ended June 30, 2011.
43
The District did not exceed its legal debt margin at June 30, 2011, as follows:
Total Assessed Valuation .....................................................................................
$ 4,076,631,323
Debt limit, 5% of total assessed valuation ...............................................................
Amount of debt applicable to debt limit, total bonded debt......................................
Excess of Debt Limit Over Bonded Debt Outstanding, Legal Debt Margin .....
$
$
203,831,566
69,159,539
134,672,027
(6) Pension and Retirement Benefits
The District contributes to the Iowa Public Employees Retirement System (IPERS) which is a cost-sharing
multiple-employer defined benefit pension plan administered by the State of Iowa. IPERS provides
retirement and death benefits which are established by state statute to plan members and beneficiaries.
IPERS issues a publicly available financial report that includes financial statements and required
supplementary information. The report may be obtained by writing to IPERS, P.O. Box 9117, Des Moines,
Iowa 50306-9117.
Plan members are required to contribute 4.5% (2011), 4.3% (2010) and 4.1% (2009) of their annual
covered salary and the District is required to contribute 6.95% (2011), 6.65% (2010) and 6.35% (2009) of
annual covered salary for the years ended June 30, 2011, 2010 and 2009. Contribution requirements are
established by state statute. The District's contributions to IPERS for the years ended June 30, 2011,
2010, and 2009 were $4,461,095, $4,110,440 and $3,717,336, respectively, equal to the required
contributions for each year.
(7) Contingent Liability for Sick Leave Time
District employees accumulate sick leave hours for subsequent use. These accumulations do not vest
and therefore are not recognized as liabilities of the District until used by employees. The District’s
contingent liability for employee sick leave at June 30, 2011 was approximately $10,500,000.
(8) Risk Management
The Waterloo Community School District is exposed to various risks of loss related to torts; theft; damage
to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. These
risks are covered by the purchase of commercial insurance. The District assumes liability for any
deductibles and claims in excess of coverage limitations. Settled claims from these risks have not
exceeded commercial insurance coverage in any of the past three fiscal years.
(9) Area Education Agency Support
The District is required by the Code of Iowa to budget for its share of special education support, media
and educational services provided through the Area Education Agency. The District's actual amount for
this purpose totaled $5,132,642 for the year ended June 30, 2011, and is recorded in the General Fund
by making a memorandum adjusting entry to the financial statements.
44
(10) Early Retirement Plan
The District offers a voluntary early retirement plan to its teachers and administrators. Eligible employees
must have completed at least 15 years of full-time service to the District and must have reached the age
of 55 on or before June 30 in the calendar year in which early retirement commences. The application for
early retirement is subject to approval by the Board of Education.
The District provides a supplemental benefit for administrators. To be eligible for the benefit, the
administrator must have attained age 55 by August 1, have completed 15 years of service with the District
in which 10 of those years were served as an administrator and have submitted application for retirement
by March 31. Benefits are computed as a percent of the salary based on age at retirement. The
administrators are also eligible to continue participation in the District’s group health insurance program to
age 65, as described in Note 11.
The District adopted a one-time temporary supplemental early retirement incentive for teachers who
applied for early retirement no later than February 1, 2010. The benefit amount was $25,000 per teacher
and final payment is due in July, 2014.
At June 30, 2011, 86 employees had requested early retirement and the District’s remaining obligation
was $1,245,000.
(11) Other Postemployment Benefits (OPEB)
Plan Description
The District operates a single-employer retiree benefit plan which provides medical/prescription drug and
dental benefits for retirees and their spouses. There are 1,569 active and 56 retired members in the plan.
Participants must be age 55 or older at retirement. The plan does not issue a stand-alone financial report.
The medical/prescription drug benefits are provided through a fully insured plan with Wellmark. The
dental benefit is administered by Delta Dental of Iowa. Retirees under age 65 pay the same premium for
the medical/prescription drug benefit as active employees, which results in an implicit subsidy rate and an
OPEB liability. There is no subsidy or OPEB liability associated with the dental benefit.
Funding Policy
The contribution requirements of plan members are established and may be amended by the District. The
District currently finances the retiree benefit plan on a pay-as-you-go basis.
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 GASB Statement No. 45. The ARC
represents a level of funding which, if paid on an ongoing basis, is projected to cover normal cost each
year and amortize any unfunded actuarial liabilities over a period not to exceed 30 years.
45
The following table shows the components of the District’s annual OPEB cost for the year ended June 30,
2011, 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 ....................................................................................................
Contributions made .......................................................................................................
Increase in Net OPEB Obligation...............................................................................
Net OPEB Obligation - Beginning of Year .....................................................................
Net OPEB Obligation - End of Year...............................................................................
$
902,000
28,000
(24,200)
905,800
(223,000)
682,800
624,200
$ 1,307,000
For calculation of the net OPEB obligation, the actuary has set the transition day as July 1, 2008. The
end-of-year net OPEB obligation was calculated by the actuary as the cumulative difference between the
actuarially determined funding requirements and the actual contributions for the year ended June 30,
2011.
For the year ended 2011, the District contributed $223,000 to the medical plan.
The District’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net
OPEB obligation as of June 30, 2011 are summarized as follows:
Year Ended
June 30, 2009
June 30, 2010
June 30, 2011
Annual
OPEB Cost
$ 1,094,000
1,098,200
905,800
Percentage of
Annual OPEB
Cost Contributed
68.1%
74.9
24.6
Net OPEB
Obligation
$
349,000
624,200
1,307,000
Funded Status and Funding Progress
As of July 1, 2010, the most recent actuarial valuation date for the period of July 1, 2010 through June 30,
2011, the actuarial accrued liability was $7.325 million, with no actuarial value of assets, resulting in an
unfunded actuarial accrued liability (UAAL) of $7.325 million. The covered payroll (annual payroll of active
employees covered by the plan) was $60.240 million and the ratio of the UAAL to covered payroll was
12.2%. As of June 30, 2011, there were no trust fund assets.
Actuarial Methods and Assumptions
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality and the healthcare cost trend. Actuarially determined
amounts are subject to continual revision as actual results are compared with past expectations and new
estimates are made about the future. The schedule of funding progress, presented as required
supplementary information in the section following the notes to the financial statements, presents
multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing
over time relative to the actuarial accrued liabilities for benefits.
46
Projections of benefits for financial reporting purposes are based on 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 costs between the employer and plan members to that
point. The actuarial methods and assumptions used include techniques 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.
As of the July 1, 2010 actuarial valuation date, the projected unit credit actuarial cost method was used.
The actuarial assumptions include a 4.5% discount rate based on the District funding policy. The
projected annual medical trend rate is 10%. The ultimate medical trend rate is 5%. The medical trend rate
is reduced by 0.5% each year until reaching the 5% ultimate trend rate.
Mortality rates are from the RP2000 Group Annuity Mortality Table, applied on a gender-specific basis.
Annual retirement and termination probabilities were developed from the retirement probabilities from the
IPERS Actuarial Report as of June 30, 2010 and applying the termination factors used in IPERS Actuarial
Report as of June 30, 2010.
Projected claim costs of the medical plan are $683 per month for retirees age 60. The salary increase
rate was assumed to be 3.5% per year. The UAAL is being amortized as a level percentage of projected
payroll expense on an open basis over 30 years.
(12) Categorical Funding
The District's reserved fund balance for categorical funding at June 30, 2011 is comprised of the following
programs:
At-risk formula supplementary weighting ......................................................................
Beginning administrator and induction ..........................................................................
Beginning teacher mentoring and induction .................................................................
Educator quality, basic salary .......................................................................................
Educator quality, core curriculum .................................................................................
Educator quality, professional development .................................................................
Gifted and talented program .........................................................................................
Home school assistance program .................................................................................
Market factor pay ..........................................................................................................
Nonpublic textbook services .........................................................................................
Reading recovery ..........................................................................................................
Returning dropout and dropout prevention program ....................................................
Statewide voluntary four-year-old preschool program ..................................................
Vocational aid ................................................................................................................
Total ..............................................................................................................................
$
50,381
4,500
10,429
304,651
339,911
54,025
220,008
33,419
12,839
35,338
10,000
383,621
77,989
4,806
$ 1,541,917
47
(13) Prior Period Adjustment
During the current fiscal year, the District’s management discovered $208,161 of June 30, 2010 general
education expenditures should have been allocated to the special education function. Due to the
reallocation of expenditures, the District was eligible to recognize grant funding received in the prior year
of $208,161 which was previously reported as deferred revenue.
The District also elected to increase their capitalization policy for land; buildings and improvements;
improvements other than buildings; and furniture and equipment from $1,000 to $5,000. The increase
was applied retroactively to all assets acquired prior to July 1, 2010. The increase in the capitalization
policy resulted in a decrease of $16,507,725 in fixed assets, $11,430,943 in accumulated depreciation
resulting in a net decrease of $5,076,782 in net assets.
Beginning buildings and improvements; improvements other than buildings; furniture and equipment; and
related accumulated depreciation balances were restated as follows:
Buildings and improvements ............
Improvements other than buildings ..
Furniture and equipment ..................
Buildings and improvements accumulated depreciation ............
Improvements other than buildings accumulated depreciation ............
Furniture and equipment accumulated depreciation ............
Balance June 30, 2010,
as Previously
Reported
Decrease
for Change in
Capitalization
Policy
$ 127,694,247
8,016,824
27,376,368
$ 163,087,439
$
(541,950)
(285,449)
(15,680,326)
$ (16,507,725)
$ 127,152,297
7,731,375
11,696,042
$ 146,579,714
$
$
$
$
37,017,686
(185,835)
1,522,635
(106,556)
17,469,025
56,009,346
(11,138,552)
$ (11,430,943)
Balance July 1, 2010,
as Restated
36,831,851
1,416,079
$
6,330,473
44,578,403
The effect of the restatements on the District’s beginning fund balances/net assets were as follows:
General Fund
Fund Balance/Net Assets - Beginning of Year,
as previously reported.......................................................
Reallocation of expenditures .................................................
Increase in capitalization scope.............................................
Fund Balance/Net Assets - Beginning of Year,
as Restated ......................................................................
Governmental
Activities
$ 7,325,715
208,161
—
$ 114,258,352
208,161
(5,076,782)
$ 7,533,876
$ 109,389,731
48
(14) Commitments
The District has entered into agreements with various companies for nursing, management of the
District’s food service operations and operation of the District’s student transportation services. Terms of
the agreements range from one to five years, and all agreements contain provisions for renewal.
The District has entered into various contracts for several major projects which are primarily being funded
by the statewide sales, services and use tax. The building projects include Fred Becker Elementary
School, Kittrell Elementary School and West Elementary School. At June 30, 2011, the remaining
commitment on these contracts was approximately $5,200,000.
(15) Subsequent Events
Subsequent to June 30, 2011, the Districted entered into contracts for the construction of Orange
Elementary totaling approximately $16.2 million.
Subsequent to June 30, 2011, the District sold the assets of the Day Care Fund and transferred the
remaining proceeds to the General Fund.
49
Required Supplementary Information
Schedule of Budgetary Comparison of Revenue, Expenditures/Expenses
and Changes in Balances - Budget to Actual - All Governmental Funds
and Proprietary Fund
Actual
Governmental Proprietary
Fund
Fund
Types Type Actual
Actual
Original
Budget
Final
Budget
Over
(Under)
Budget
Total
Revenue
Local sources ................ $ 52,242,347 $ 1,403,304 $ 53,645,651 $ 55,789,290 $ 55,789,290 $ (2,143,639)
Intermediate sources ....
—
—
—
500,000
500,000
(500,000)
State sources ................
64,173,910
45,428 64,219,338
70,624,291
70,624,291
(6,404,953)
9,935,000
9,935,000
6,392,261
Federal sources ............
12,553,120 3,774,141 16,327,261
136,848,581 136,848,581
(2,656,331)
Total Revenue ..........
128,969,377 5,222,873 134,192,250
Expenditures/Expenses
Instruction......................
78,207,942
Support services ...........
31,588,537
Noninstructional programs
11,533
Other expenditures........
27,107,495
Total Expenditures/
Expenses ...............
136,915,507
Revenue Over (Under)
Expenditures/Expenses
(7,946,130)
Other Financing
Sources (Net)............
22,999,995
Revenue and Other
Financing Sources
Over (Under) Expenditures/Expenses and
Other Financing Uses
15,053,865
Balance - Beginning
of Year, as Restated
(Note 13) ....................
11,022,182
—
—
5,370,614
—
78,207,942
31,588,537
5,382,147
27,107,495
78,100,000
33,590,000
6,140,000
17,942,815
78,100,000
107,942
33,590,000
(2,001,463)
6,140,000
(757,853)
70,992,815 (43,885,320)
5,370,614 142,286,121
135,772,815
188,822,815 (46,536,694)
(147,741)
(8,093,871)
1,075,766
22,999,995
1,750,000
(147,741) 14,906,124
2,825,766
—
1,784,651
12,806,833
Balance - End of Year . $ 26,076,047 $ 1,636,910 $ 27,712,957 $
11,615,797
(51,974,234) 43,880,363
1,750,000
21,249,995
(50,224,234) $ 65,130,358
11,615,797
14,441,563 $ (38,608,437)
This budgetary comparison is presented as required supplementary information in accordance with Governmental
Accounting Standards Board Statement No. 41 for governments with significant budgetary perspective differences
resulting from not being able to present budgetary comparisons for the General Fund and each major Special
Revenue Fund.
In accordance with the Code of Iowa, the Board of Education annually adopts a budget following required public
notice and hearing for all funds, except private-purpose trust and agency funds. The budget may be amended during
the year utilizing similar and statutorily prescribed procedures. The District's budget is prepared on the modified
accrual basis.
Formal and legal budgetary control for the certified budget is based upon four major classes of expenditures known
as functional areas, not by fund or fund type. These four functional areas are instruction, support services,
noninstructional programs and other expenditures. Although the budget document presents functional area
expenditures or expenses by fund, the legal level of control is at the aggregated functional level, not at the fund or
fund type level. The Code of Iowa also provides that District expenditures in the General Fund may not exceed the
amount authorized by the school finance formula. During the year, the District adopted one budget amendment,
increasing budgeted expenditures by $53,050,000.
During the year ended June 30, 2011, expenditures in the instruction functional area exceeded the amount
budgeted.
50
Schedule of Funding Progress for the Retiree Health Plan
Actuarial
Year
Actuarial Value of
Ended Valuation
Assets
June 30,
Date
(a)
2009
2010
2011
7-1-08
7-1-08
7-1-10
Actuarial
Accrued
Liability
(AAL)
(b)
$ — $ 10,796,000
—
10,796,000
—
7,325,000
Unfunded
AAL Funded
(UAAL)
Ratio
(b-a)
(a/b)
$ 10,796,000
10,796,000
7,325,000
0%
0
0
Covered
Payroll
(c)
$ 50,106,000
50,106,000
60,240,000
UAAL as a
Percentage
of Covered
Payroll
[(b-a)/c]
21.5%
21.5
12.2
See Note 11 in the accompanying notes to the financial statements for the plan description, funding
policy, annual OPEB cost and net OPEB obligation, funded status and funding progress.
51
Other Supplementary Information
Nonmajor Governmental Funds - Description of Funds
Special Revenue Funds
Special revenue funds are used to account for specific revenue that is legally restricted to expenditures
for particular purposes.
Management Account Fund
This fund accounts for the resources accumulated and payments made
for property insurance, fidelity bonds, worker compensation, liability
insurance premiums, unemployment insurance claims and early
retirement incentives.
Student Activity Fund
This fund accounts for the funds raised by student groups. Under state
law, the Board retains responsibility for the Student Activity Fund's
ultimate disposition.
52
Combining Balance Sheet - Nonmajor Governmental Funds
At June 30, 2011
Special Revenue
Management
Student
Levy
Activity
Assets
Cash and pooled investments ............................
Property Taxes
Current year delinquent .............................
Succeeding year ........................................
Due from other governments ........................
Total Assets ......................................................
Liabilities
Accounts payable ...............................................
Salaries and benefits payable ............................
Deferred Revenue
Succeeding year property taxes ......................
Total Liabilities......................................
$
Total
Nonmajor
Governmental
Funds
966,241
$ 1,102,294
$ 2,068,535
23,628
1,999,992
162
—
—
—
23,628
1,999,992
162
$ 2,990,023
$ 1,102,294
$ 4,092,317
$
$
$
8,869
—
7,357
1,157
16,226
1,157
1,999,992
2,008,861
—
8,514
1,999,992
2,017,375
Fund Balances
Restricted for
Management levy purposes ............................
Student activities .............................................
Total Fund Balances ...............................
981,162
—
981,162
—
1,093,780
1,093,780
981,162
1,093,780
2,074,942
Total Liabilities and Fund Balances ...............
$ 2,990,023
$ 1,102,294
$ 4,092,317
53
Combining Schedule of Revenue, Expenditures and Changes in Fund
Balances - Nonmajor Governmental Funds
Special Revenue
Management
Student
Levy
Activity
Revenue
Local Sources
Local taxes ......................................................
Other................................................................
State sources......................................................
Total Revenue ..........................................
$ 1,991,149
168
1,581
1,992,898
Expenditures
Current
Instruction
Regular instruction........................................
Special instruction ........................................
Other instruction ...........................................
Total Instruction .........................................
—
1,660,737
—
1,660,737
$ 1,991,149
1,660,905
1,581
3,653,635
1,403,980
48,543
—
1,452,523
—
—
1,611,463
1,611,463
1,403,980
48,543
1,611,463
3,063,986
Support Services
Student services ..............................................
Instructional staff services ...............................
General administration services ......................
School administration services ........................
Business and central administration services
Operation and maintenance of plant services
Transportation services ...................................
Total Support Services ..............................
19,000
33,522
19,697
263,657
20,529
335,930
100,810
793,145
—
—
—
—
1,492
—
—
1,492
19,000
33,522
19,697
263,657
22,021
335,930
100,810
794,637
Noninstructional Programs .................................
11,533
—
11,533
Total Expenditures ..................................
2,257,201
1,612,955
3,870,156
Revenue Over (Under) Expenditures..............
(264,303)
Other Financing Sources
Transfers in.........................................................
—
Net Change in Fund Balances.........................
(264,303)
Fund Balance - Beginning of Year......................
Fund Balance - End of Year.............................
$
$
Total
Nonmajor
Governmental
Funds
47,782
(216,521)
59,455
59,455
107,237
(157,066)
1,245,465
986,543
2,232,008
981,162
$ 1,093,780
$ 2,074,942
54
Nonmajor Proprietary Funds - Description of Funds
Proprietary funds are used to account for activities similar to those found in private industry, where the
determination of net income is necessary or useful to provide sound financial administration.
School Nutrition Fund
This fund accounts for the food service operations of the District.
Day Care Fund
This fund accounts for the day care operations of the District.
55
Combining Schedule of Net Assets - Nonmajor Proprietary Funds
At June 30, 2011
Total
Nonmajor
Enterprise
Funds
School
Nutrition
Day Care
76,041
$ 133,409
16,906
80,082
173,029
—
—
133,409
16,906
80,082
306,438
Noncurrent Assets
Capital assets, net of accumulated
depreciation ..................................................
1,251,041
129,724
1,380,765
Total Assets ...................................................
$ 1,424,070
$ 263,133
$ 1,687,203
$
$
$
Assets
Current Assets
Cash and cash equivalents .............................
Intergovernmental......................................
Inventories .......................................................
Total Current Assets ............................
Liabilities and Net Assets
Current Liabilities
Salaries and benefits payable .........................
Unearned revenue...........................................
Total Current Liabilities........................
$
9,385
24,002
16,906
50,293
—
—
—
—
$
209,450
9,385
24,002
16,906
50,293
Net Assets
Invested in capital assets ................................
Unrestricted .....................................................
Total Net Assets....................................
1,251,041
122,736
1,373,777
129,724
133,409
263,133
1,380,765
256,145
1,636,910
Total Liabilities and Net Assets ...................
$ 1,424,070
$ 263,133
$ 1,687,203
56
Combining Schedule of Revenue, Expenses and Changes in Net Assets Nonmajor Proprietary Funds
School
Nutrition
Day Care
Total
Nonmajor
Enterprise
Funds
—
—
—
$ 1,299,257
55,568
1,354,825
Revenue
Local Sources
Charges for service ......................................
Other receipts ...............................................
Total Operating Revenue ........................
$ 1,299,257
55,568
1,354,825
Operating Expenses
Salaries.........................................................
Benefits.........................................................
Purchased services ......................................
Supplies........................................................
Other.............................................................
Depreciation .................................................
Total Operating Expenses ......................
1,629,527
703,859
90,738
2,668,032
9,399
260,633
5,362,188
—
—
908
1,221
—
6,297
8,426
1,629,527
703,859
91,646
2,669,253
9,399
266,930
5,370,614
Loss From Operations ..................................
(4,007,363)
(8,426)
(4,015,789)
Nonoperating Revenue
State sources...................................................
Federal sources...............................................
Interest on investments ...................................
Capital contributions ........................................
Total Nonoperating Revenue..................
45,124
3,774,000
18
48,461
3,867,603
Decrease in Net Assets.................................
(139,760)
$
304
141
—
—
445
(7,981)
45,428
3,774,141
18
48,461
3,868,048
(147,741)
Net Assets - Beginning of Year .......................
1,513,537
271,114
1,784,651
Net Assets - End of Year...............................
$ 1,373,777
$ 263,133
$ 1,636,910
57
Combining Schedule of Cash Flows - Nonmajor Proprietary Funds
School
Nutrition
Cash Flows Used in Operating Activities
Cash received from sale of lunches and breakfasts....
Cash received from other ............................................
Cash paid to employees for services...........................
Cash paid to suppliers for goods and services............
Net Cash Used in Operating Activities ...........
$
Cash Flows Provided by Noncapital Financing
Activities
State grants received................................................
Federal grants received............................................
Net Cash Provided by Noncapital
Financing Activities.......................................
Cash Flows Used in Capital and Related
Financing Activities
Acquisition of capital assets .....................................
Net Cash Used in Operating Activities ....................
$
$
1,299,257
55,568
(2,392,341)
(2,485,623)
(3,523,139)
304
141
45,428
3,503,537
3,548,520
445
3,548,965
—
76,041
$ (4,007,363)
(76,887)
—
(5,251)
81,292
$
—
—
(44,053)
(2,184)
(46,237)
45,124
3,503,396
18
Net Decrease in Cash and Cash Equivalents .........
Cash and Cash Equivalents - Beginning of Year ........
Reconciliation of Loss From Operations
to Net Cash Used in Operating Activities
Loss from operations ................................................
Adjustments to Reconcile Loss From Operations
to Net Cash Used in Operating Activities
Commodities used.................................................
Depreciation ..........................................................
Changes in Assets and Liabilities
Increase in inventories .........................................
Decrease in accounts payable .............................
Decrease in salaries and benefits payable ..........
Day Care
(76,887)
Cash Flows From Investing Activities
Interest on investments ...............................................
Cash and Cash Equivalents - End of Year ..............
1,299,257
55,568
(2,348,288)
(2,483,439)
(3,476,902)
Total
Nonmajor
Enterprise
Funds
18
(45,792)
179,201
(51,043)
260,493
$ 133,409
$
$
$ (4,015,789)
(8,426)
209,450
321,346
260,633
—
6,297
321,346
266,930
(9,912)
(26,704)
(14,902)
—
(55)
(44,053)
(9,912)
(26,759)
(58,955)
$ (3,476,902)
$ (46,237)
$ (3,523,139)
58
Capital Projects Accounts - Description of Accounts
The Capital projects fund is used to account for specific resources that are restricted to expenditures for
capital outlays. The fund has two sets of accounts, as follows:
Statewide Sales, Services and Use Tax
This set of accounts is used to account for all resources used
in the acquisition and construction of capital facilities and the
payment of fees related to the issuance of bonds.
Physical Plant and Equipment Levy
This set of accounts is used to account for resources
accumulated and payments made for the purchase and
improvement of grounds; purchase of buildings; major
repairs, remodeling, reconstructing, improving or expanding
the schools or buildings; and for equipment purchases.
59
Combining Balance Sheet - Capital Projects Accounts
At June 30, 2011
Statewide
Sales,
Services
and Use Tax
Assets
Cash and pooled investments .........................
Property Taxes
Current year delinquent ..........................
Succeeding year .....................................
Due from other governments...........................
Total Assets ...................................................
Liabilities
Deferred Revenue
Succeeding year property taxes ...................
Other.............................................................
Total Liabilities ........................................
$ 7,082,215
Capital Projects
Physical
Plant and
Equipment
Levy
$
826,597
Total
$
7,908,812
—
—
1,442,461
29,598
2,623,174
15,194
29,598
2,623,174
1,457,655
$ 8,524,676
$ 3,494,563
$ 12,019,239
$ 1,411,362
$
$
313,506
1,724,868
—
—
1,411,362
2,623,174
9,696
2,946,376
2,623,174
9,696
4,357,738
Fund Balances
Restricted for
Physical plant and equipment.......................
Assigned to
School infrastructure.....................................
Total Fund Balances ...............................
—
548,187
548,187
7,113,314
7,113,314
—
548,187
7,113,314
7,661,501
Total Liabilities and Fund Balances ............
$ 8,524,676
$ 3,494,563
$ 12,019,239
60
Combining Schedule of Revenue, Expenditures and Changes in Fund
Balances - Capital Projects Accounts
Statewide
Sales,
Services
and Use Tax
Revenue
Local Sources
Local taxes ...................................................
Other.............................................................
State sources...................................................
Federal sources...............................................
Total Revenue ....................................
$
Capital Projects
Physical
Plant and
Equipment
Levy
Total
8,746,420
861
—
—
8,747,281
$ 2,516,261
169,143
1,928
244,464
2,931,796
$ 11,262,681
170,004
1,928
244,464
11,679,077
—
8,271
8,271
30,317
—
30,317
Expenditures
Current
Support Services
General administration services ................
Business and central administration
services...................................................
Operation and maintenance of plant
services...................................................
Transportation services .............................
Total Support Services ........................
Other Expenditures
Long-Term Debt
Interest and fiscal charges......................
Facilities Acquisition and Construction ............
Total Expenditures ............................
2,600
—
32,917
421,274
350,000
779,545
423,874
350,000
812,462
1,274,851
17,196,155
18,503,923
—
1,763,397
2,542,942
1,274,851
18,959,552
21,046,865
Revenue Over (Under) Expenditures...........
(9,756,642)
388,854
(9,367,788)
69,159,539
240,456
(53,627,004)
—
—
—
69,159,539
240,456
(53,627,004)
15,772,991
—
15,772,991
6,016,349
1,096,965
388,854
159,333
6,405,203
1,256,298
Revenue bonds issued ....................................
Premium on sale of revenue bonds.................
Transfers out ...................................................
Total Other Financing Sources
(Uses)...............................................
Net Change in Fund Balances......................
Fund Balance - Beginning of Year...................
Fund Balance - End of Year..........................
$
7,113,314
$
548,187
$
7,661,501
61
Schedule of Changes in Fiduciary Assets and Liabilities - Agency Fund
Balance Beginning
of Year
Additions
Deductions
Balance End
of Year
Assets
Cash...................................................
$ 91,080
$ 167,732
$ 91,080
$ 167,732
Liabilities
Due to Other Governments..............
$ 91,080
$ 167,732
$ 91,080
$ 167,732
62
Statistical Section
Statistical Section
This part of the Waterloo Community School District’s Comprehensive Annual Financial Report (CAFR)
presents detailed information as a context for understanding what the information in the financial
statements, note disclosures and required supplementary information says about the District’s overall
financial health.
Contents
Page
Financial Trends
These schedules contain trend information to help the reader understand how the
District’s financial performance and well being have changed over time ..........................
64-69
Revenue Capacity
These schedules contain information to help the reader assess property taxes which
are the District’s most significant local revenue source.....................................................
70-74
Debt Capacity
These schedules present information to help the reader assess the affordability of the
District’s current levels of outstanding debt and the District’s ability to issue additional
debt in the future................................................................................................................
75-78
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the District’s financial activities take place ......
79-80
Operating Information
These schedules contain service and infrastructure data to help the reader understand
how the information in the District’s financial report relates to the services the District
provides and the activities it performs ...............................................................................
81-93
Sources: Unless otherwise noted, the information in these schedules is derived from the CAFR for the
relevant year. The District implemented Governmental Accounting Standards Board (GASB) Statement 34
in the fiscal year ended June 30, 2003; schedules presenting government-wide information include
information beginning in that year.
63
Net Assets by Component
Last Nine Fiscal Years
2004
Invested in capital assets, net of related debt ..........
Restricted .................................................................
Unrestricted ..............................................................
$ 45,173,345
1,444,338
6,809,394
$ 56,181,209
1,560,226
3,701,112
$ 68,196,351
2,783,333
(710,523)
$ 74,738,858
4,146,371
525,442
$ 83,628,549
2,510,660
3,174,906
$
Total Governmental Activities Net Assets ...........
$ 53,427,077
$ 61,442,547
$ 70,269,161
$ 79,410,671
$ 89,314,115
$
1,642,611
867,869
$
1,735,700
878,762
$
1,688,334
1,238,784
$
1,733,714
1,145,030
$
Total Business-Type Activities Net Assets..........
$
2,510,480
$
2,614,462
$
2,927,118
$
2,878,744
$
Government-Wide
Invested in capital assets, net of related debt ..........
Restricted .................................................................
Unrestricted ..............................................................
$ 46,815,956
1,444,338
7,677,263
$ 57,916,909
1,560,226
4,579,874
$ 69,884,685
2,783,333
528,261
Total District Net Assets ........................................
$ 55,937,557
$ 64,057,009
$ 73,196,279
Invested in capital assets, net of related debt
(as applicable)......................................................
Unrestricted ..............................................................
2005
2006
Fiscal Year Ended June 30,
2007
2003
2008
2009
2010
94,832,843
3,317,761
15,353,207
$ 106,275,580
4,113,495
3,869,277
$
$ 103,632,616
$ 113,503,811
$ 114,258,352
$ 114,440,721
1,568,822
726,588
$
1,480,099
525,088
$
1,271,169
417,937
$
1,522,347
262,304
$
1,380,765
256,145
2,295,410
$
2,005,187
$
1,689,106
$
1,784,651
$
1,636,910
$ 76,472,572
4,146,371
1,670,472
$ 85,197,371
2,510,660
3,901,494
$
72,304,876
6,912,010
26,420,917
$
96,104,012
3,317,761
15,771,144
$ 107,797,927
4,113,495
4,131,581
$
93,028,699
9,216,798
13,832,134
$ 82,289,415
$ 91,609,525
$ 105,637,803
$ 115,192,917
$ 116,043,003
$ 116,077,631
70,824,777
6,912,010
25,895,829
$
2011
91,647,934
9,216,798
13,575,989
Note: Fiscal year 2003 was the first year of government-wide financial statements
Source: District financial records
64
Expenses
Instruction
Regular instruction ............................................
Special instruction .............................................
Vocational instruction ........................................
Other instruction................................................
Support Services
Student services................................................
Instructional staff services.................................
General administration services........................
School administration services..........................
Business and central administration services ...
Operation and maintenance of plant services...
Transportation services.....................................
Other .................................................................
AEA flowthrough ..................................................
Depreciation (unallocated) ...................................
Long-term debt interest and fiscal changes .........
Noninstructional programs ...................................
Total Governmental Activities Expenses........
2007
2003
2004
2005
2006
$ 35,459,496
18,354,987
1,284,126
3,300,305
$ 37,748,340
18,313,766
1,200,357
2,718,892
$ 36,607,231
20,491,741
1,120,479
3,221,816
$ 36,658,571
23,973,626
1,387,865
2,738,381
$ 40,428,819
17,836,512
1,177,448
7,237,663
$
2008
47,240,543
17,730,513
198,980
2,610,109
2009
$
49,870,003
19,229,161
205,505
2,598,145
2010
$
53,485,505
22,451,727
189,556
2,553,270
2011
$
54,887,612
21,247,842
194,178
2,485,536
2,373,602
2,307,934
986,654
4,522,252
1,673,835
7,679,995
2,380,810
104,622
3,521,789
1,001,829
465,508
153,553
85,571,297
2,934,627
2,206,134
968,569
4,732,969
2,316,429
8,883,758
2,636,473
(26,339)
3,360,178
1,196,916
—
127,601
89,318,670
2,954,867
2,710,609
922,798
4,857,943
2,737,621
7,732,649
2,744,789
1,318,931
3,388,142
1,253,208
—
96,508
92,159,332
2,999,077
1,821,171
1,084,556
5,666,179
3,234,427
7,892,223
3,236,660
1,140,406
3,558,701
1,540,391
121,647
5,264
97,059,145
2,832,921
2,834,961
811,590
5,932,682
2,756,267
9,948,569
3,323,520
333,366
3,790,584
1,657,244
1,459,784
13,407
102,375,337
2,481,700
3,195,634
1,168,855
5,717,386
2,908,514
9,648,700
2,983,845
—
4,047,085
2,192,747
1,461,175
27,082
103,612,868
3,135,528
3,409,028
1,070,949
5,486,172
4,753,810
11,812,523
2,175,404
—
4,221,658
2,428,227
1,638,402
14,950
112,049,465
2,610,177
4,463,463
1,182,294
5,877,930
3,839,141
13,996,548
3,240,175
—
4,966,096
3,244,743
1,798,400
17,099
123,916,124
2,847,873
3,558,016
1,085,216
5,863,759
4,758,036
11,177,982
3,880,978
—
5,132,642
3,522,778
3,264,406
11,533
123,918,387
Nutrition services..................................................
Day care services.................................................
Total Business-Type Activities Expenses.......
3,806,619
299,570
4,106,189
4,100,189
285,532
4,385,721
4,314,460
287,899
4,602,359
4,527,268
323,648
4,850,916
5,096,978
267,230
5,364,208
4,854,338
252,964
5,107,302
5,004,982
328,867
5,333,849
5,430,231
191,558
5,621,789
5,362,188
8,426
5,370,614
Total Expenses .......................................................
$ 89,677,486
$ 93,704,391
$ 96,761,691
$ 101,910,061
$ 107,739,545
$ 108,720,170
$ 117,383,314
$ 129,537,913
$ 129,289,001
$
$
$
$
$
$
$
$
$
Program Revenue
Charges for Services
Instruction..........................................................
Operation and maintenance of plant services...
Transportation services.....................................
Operating grants, contributions and
restricted interest...............................................
Capital grants, contributions and restricted
interest ..............................................................
Total Governmental Activities Program
Revenue......................................................
2,667,760
156,217
4,528
2,485,163
143,289
4,775
2,825,137
143,504
—
2,757,562
165,499
—
3,128,307
138,564
—
2,290,086
313,505
5,728
2,452,555
402,371
3,287
2,336,314
470,861
5,812
2,489,542
543,393
6,553
13,629,261
13,772,081
17,144,049
17,652,337
18,273,695
17,304,704
20,595,945
29,687,190
25,880,878
1,452,431
405,793
600,304
510,812
813,510
—
207,302
449,265
1,132,513
17,910,197
16,811,101
20,712,994
21,086,210
22,354,076
19,914,023
23,661,460
32,949,442
30,052,879
65
2003
Program Revenue
Charges for Services
Nutrition services...............................................
Day care............................................................
Operating grants, contributions and restricted
interest ..............................................................
Capital grants, contributions and restricted
interest ..............................................................
Total Business-Type Activities Program
Revenue......................................................
$
1,547,680
2,578
2004
$
1,531,308
7,664
2005
$
1,662,453
—
2006
$
2007
1,417,446
2,985
$
1,527,440
—
$
2008
1,378,972
13,573
2009
$
1,458,552
16,587
2010
$
1,367,271
11,685
2011
$
1,354,825
—
2,577,547
2,642,508
2,983,717
3,127,122
3,065,463
3,221,701
3,481,263
3,877,176
3,819,569
—
—
—
—
—
73,164
—
399,383
48,461
4,127,805
4,181,480
4,646,170
4,547,553
4,592,903
4,687,410
4,956,402
5,655,515
5,222,855
Total Program Revenue .........................................
$ 22,038,002
$ 20,992,581
$ 25,359,164
$ 25,633,763
$ 26,946,979
$
24,601,433
$
28,617,862
$
38,604,957
$
35,275,734
Net (Expense) Revenue
Governmental Activities............................................
Business-Type Activities...........................................
$ (67,661,100)
21,616
$ (72,507,569)
(204,241)
$ (71,446,338)
43,811
$ (75,972,935)
(303,363)
$ (80,021,261)
(771,305)
$
(83,698,845)
(419,892)
$
(88,388,005)
(377,447)
$
(90,966,682)
33,726
$
(93,865,508)
(147,759)
Total Government-Wide Net Expense ..................
$ (67,639,484)
$ (72,711,810)
$ (71,402,527)
$ (76,276,298)
$ (80,792,566)
$
(84,118,737)
$
(88,765,452)
$
(90,932,956)
$
(94,013,267)
$ 28,226,367
8,810,239
41,214,793
823,780
202,871
(228,861)
79,049,189
$ 29,043,224
9,413,025
42,037,875
112,191
213,729
(297,005)
80,523,039
$ 30,925,642
9,674,188
39,471,036
232,889
227,168
(257,971)
80,272,952
$ 31,723,960
10,582,746
42,132,723
579,058
312,860
(216,902)
85,114,445
$ 33,929,877
9,896,764
43,715,535
2,359,762
165,484
(142,717)
89,924,705
$
35,029,885
11,182,161
50,099,117
1,835,942
(14,759)
(115,000)
98,017,346
$
37,544,209
11,210,010
48,792,965
774,649
(2,633)
(60,000)
98,259,200
$
38,677,332
11,109,593
41,897,979
96,319
—
(60,000)
91,721,223
$
39,161,521
8,746,420
50,960,501
48,056
—
—
98,916,498
General Revenue and Other Changes in Net Assets
Property taxes, levied for general purposes......
Statewide sales, services and use tax ..............
Unrestricted state grants ...................................
Unrestricted investment earnings......................
Other .................................................................
Transfers ...........................................................
Total Governmental Activities ........................
Investment earnings..........................................
Transfers ...........................................................
Total Business-Type Activities .......................
7,598
228,861
236,459
11,218
297,005
308,223
10,874
257,971
268,845
38,087
216,902
254,989
45,254
142,717
187,971
14,669
115,000
129,669
1,366
60,000
61,366
Total Government-Wide .........................................
$ 79,285,648
$ 80,831,262
$ 80,541,797
$ 85,369,434
$ 90,112,676
$
98,147,015
$
Change in Net Assets
Governmental Activities............................................
Business-Type Activities...........................................
$ 11,388,089
258,075
$
8,015,470
103,982
$
8,826,614
312,656
$
9,141,510
(48,374)
$
9,903,444
(583,334)
$
14,318,501
(290,223)
$
Total .........................................................................
$ 11,646,164
$
8,119,452
$
9,139,270
$
9,093,136
$
9,320,110
$
14,028,278
$
98,320,566
1,819
60,000
61,819
18
—
18
$
91,783,042
$
98,916,516
9,871,195
(316,081)
$
754,541
95,545
$
5,050,990
(147,741)
9,555,114
$
850,086
$
4,903,249
Note: Fiscal year 2003 was the first year of government-wide financial statements
66
Fund Balances - Governmental Funds
Last Ten Fiscal Years
2002
General Fund
Nonspendable ....................................................
Restricted ...........................................................
Committed ..........................................................
Unassigned.........................................................
Reserved ............................................................
Unreserved, designated .....................................
Unreserved .........................................................
Total General Fund...........................................
All Other Governmental Funds
Restricted ...........................................................
Assigned.............................................................
Reserved ............................................................
Unreserved, designated .....................................
Unreserved, Reported in
Special Revenue Fund...................................
Capital Projects Fund.....................................
Total All Other Governmental Funds..............
2003
2004
$
—
—
—
—
1,442,358
621,500
2,786,182
$
—
—
—
—
1,058,952
621,500
2,983,222
$
$
4,850,040
$
4,663,674
$
—
—
10,036
11,240,867
$
—
—
11,182
—
—
—
$ 11,250,903
$
—
—
—
—
664,371
621,500
2,023,867
2005
—
—
—
—
758,949
621,500
328,085
$
$ 3,309,738
$ 1,708,534
$
680,010
$
$
$
—
—
8,293
—
—
—
3,011
—
1,238,068
1,982,325
1,560,226
656,552
3,231,575
$ 2,219,789
$
2006
—
—
1,057
—
2,783,333
(2,196,861)
$
587,529
2007
— $
—
—
—
803,932
—
(123,922)
2008
2009
2010
2011
—
—
—
—
416,779
621,500
1,305,451
$
—
—
—
—
555,741
621,500
5,482,336
$
—
—
—
—
1,123,761
—
8,232,546
$
—
—
—
—
1,722,154
—
5,603,561
$
$
2,343,730
$
6,659,577
$
9,356,307
$
7,325,715
$ 10,852,933
$
—
—
8,666
—
$
—
—
12,464
—
$
—
—
—
—
$
—
—
—
—
4,139,445
34,723,892
4,591,180
23,924,895
7,294,261
19,569,438
3,317,761
6,879,321
$ 38,871,630
$ 28,524,741
$ 26,876,163
$ 10,197,082
$
$
225,453
1,541,917
6,150,000
2,935,563
—
—
—
8,109,800
7,113,314
—
—
2,391,341
1,096,965
—
—
3,488,306
$ 15,223,114
Note: GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, was implemented in fiscal year 2011.
67
Changes in Fund Balances - Governmental Funds
2002*
Revenue
Local taxes .........................................................
Other local sources.............................................
Intermediate sources ..........................................
State sources......................................................
Federal sources..................................................
Total Revenue............................................
2003*
2004
2005
2006
2007
2008
2009
2010
2011
$ 23,245,126
1,463,218
—
47,093,368
6,233,224
78,034,936
$ 24,653,917
1,434,414
—
48,210,306
6,529,886
80,828,523
$ 38,456,247
2,876,064
138,278
48,722,481
7,048,560
97,241,630
$ 40,599,831
3,374,140
131,022
49,774,462
7,724,946
101,604,401
$ 42,087,405
4,545,891
2,725
52,891,722
7,133,501
106,661,244
$ 43,826,641
5,803,902
2,215
55,888,686
6,968,832
112,490,276
$ 46,212,046
5,363,665
10,330
60,639,195
5,910,793
118,136,029
$ 48,754,219
3,997,924
—
61,072,325
8,158,825
121,983,293
$ 49,786,925
4,473,722
—
54,520,646
15,949,372
124,730,665
$ 47,907,941
4,334,406
—
64,173,910
12,553,120
128,969,377
34,182,643
16,602,654
1,325,476
1,099,195
35,065,667
18,307,605
1,337,424
1,081,610
36,547,236
18,270,906
1,281,012
2,531,422
36,885,149
20,432,358
1,225,442
3,065,679
36,854,924
23,909,417
1,441,783
2,610,481
39,294,245
17,764,190
1,238,916
7,171,142
47,238,480
17,777,102
225,193
2,725,126
49,745,136
19,210,024
185,276
2,672,282
53,410,072
22,045,710
197,814
2,478,531
54,334,602
21,298,386
161,738
2,413,216
Expenditures
Instruction
Regular instruction .........................................
Special instruction ..........................................
Vocational instruction .....................................
Other instruction.............................................
Support Services
Student services.............................................
Instructional staff services..............................
General administration services.....................
School administration services.......................
Business and central administration services
Operation and maintenance of plant services
Transportation services..................................
Other ..............................................................
Noninstructional programs..................................
Facilities acquisition and construction ................
Long-Term Debt
Principal .........................................................
Interest and fiscal charges .............................
AEA flowthrough.................................................
Total Expenditures....................................
2,619,239
2,437,537
846,567
4,148,148
1,739,060
6,204,350
2,216,059
—
89,362
—
2,345,820
2,339,318
968,430
4,407,187
1,741,049
7,418,593
2,378,933
—
145,682
—
2,932,722
2,175,810
972,748
4,728,914
2,303,284
10,269,848
2,634,361
—
169,691
11,132,215
2,950,960
2,650,565
910,675
4,851,254
2,801,451
9,447,732
2,742,655
—
99,458
13,136,293
2,995,164
1,744,630
1,067,712
5,656,379
3,308,954
8,244,959
3,234,530
—
5,264
10,164,017
2,828,831
2,776,296
803,132
5,915,315
2,663,198
9,769,436
3,333,897
17,500
13,407
22,003,212
2,487,719
3,173,912
1,161,352
5,720,145
2,766,553
9,286,639
2,994,845
—
27,082
14,066,142
3,133,821
3,390,257
1,072,601
5,471,176
5,325,264
9,919,474
2,182,716
—
14,950
38,925,059
2,559,696
4,373,003
1,161,982
5,758,327
3,909,258
9,850,642
3,191,138
—
17,099
17,750,265
2,853,555
3,564,947
1,087,004
5,879,252
4,683,782
9,638,972
3,881,025
—
11,533
18,959,552
—
—
3,689,331
77,199,621
—
—
3,521,789
81,059,107
—
—
3,360,178
99,310,347
—
—
3,388,142
104,587,813
—
—
3,558,701
104,796,915
—
1,662,500
3,790,584
121,045,801
—
1,663,891
4,047,085
115,361,266
35,000,000
1,663,100
4,221,658
182,132,794
—
1,740,400
4,966,096
133,410,033
—
3,015,301
5,132,642
136,915,507
Revenue Over (Under) Expenditures..............
835,315
(230,584)
(2,068,717)
(2,983,412)
Proceeds from sale of capital assets..................
Transfers in.........................................................
Transfers out ......................................................
Revenue bonds issued .......................................
Premium (discount) on sale of revenue bonds ...
Revenue bonds repaid .......................................
Total Other Financing Sources (Uses)....
18,612
—
(90,883)
—
—
—
(72,271)
29,761
—
(60,000)
—
—
—
(30,239)
—
—
(297,005)
—
—
—
(297,005)
7,919
—
(257,971)
—
—
—
(250,052)
(260,823)
$ (2,365,722)
$ (3,233,464)
Net Change in Fund Balances.........................
$
Debt Service as a Percentage of
Noncapital Expenditures .............................
763,044
0.00%
$
0.00%
0.00%
0.00%
1,864,329
(8,555,525)
2,774,763
(60,149,501)
(8,679,368)
(7,946,130)
—
—
(216,902)
35,000,000
608,150
—
35,391,248
15,073
1,662,500
(1,805,217)
—
—
—
(127,644)
7,506
1,662,900
(1,777,900)
—
—
—
(107,494)
1,150
36,704,921
(36,764,921)
46,400,000
(174,000)
—
46,167,150
—
1,784,555
(1,844,555)
—
—
—
(60,000)
—
53,686,459
(53,686,459)
69,159,539
240,456
(46,400,000)
22,999,995
$ 37,255,577
0.00%
$ (8,683,169)
1.68%
$
2,667,269
1.65%
$ (13,982,351)
25.54%
$
(8,739,368)
1.48%
$ 15,053,865
29.88%
* Includes only General Fund, as this is the only available data.
68
General Fund - Other Local Revenue by Source
Year Ended
June 30,
Tuition
2002............
2003............
2004............
2005............
2006............
2007............
2008............
2009............
2010............
2011............
$ 456,628
626,593
548,449
692,426
585,729
571,202
493,019
531,310
—
—
Contributions
Investment
Earnings
Other
Total
3,240
38,017
7,166
18,118
113,836
14,148
14,021
29,580
446,225
1,227,470
$ 493,825
108,802
80,964
172,014
296,680
585,322
655,432
340,950
58,701
42,832
$ 422,419
504,785
491,984
609,163
818,952
730,134
877,890
676,740
1,416,367
397,251
$ 1,463,218
1,434,414
1,271,852
1,635,225
1,980,696
2,039,370
2,190,103
1,707,583
2,080,233
1,778,828
Rentals
$
87,106
156,217
143,289
143,504
165,499
138,564
149,741
129,003
158,940
111,275
$
69
Taxable Value and Assessed Value of Taxable Property
Levy
Year
Collection
Year
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
2010-11
2009-10
2008-09
2007-08
2006-07
2005-06
2004-05
2003-04
2002-03
2001-02
Real Property
Taxable
100% Assessed
Value
Value
$ 1,987,590,681
2,207,788,198
2,114,162,830
1,986,463,929
1,975,975,812
1,892,469,659
1,752,836,941
1,692,885,759
1,665,505,961
1,592,563,018
$ 4,076,631,323
4,025,721,095
3,916,160,139
3,338,386,589
3,296,533,615
3,005,231,796
2,511,227,209
2,370,988,458
2,352,409,549
2,274,312,832
Personal Property
Taxable 100% Assessed
Value
Value
$
—
—
—
—
—
—
—
—
15,807,050
38,111,760
$
—
—
—
—
—
—
—
—
15,807,050
38,111,760
Utilities
Taxable
100% Assessed
Value
Value
$ 40,134,191
36,331,384
33,585,081
31,454,929
37,309,616
35,447,735
35,447,735
38,541,256
36,925,233
35,817,158
$
40,134,191
36,331,384
33,585,081
31,454,929
37,309,616
35,447,735
35,447,735
38,541,256
36,925,233
35,817,158
Taxable
Value
Total
100% Assessed
Value
Ratio of
Taxable
Value
to 100%
Assessed
Value
$ 2,027,724,872
2,244,119,582
2,147,747,911
2,017,918,858
2,013,285,428
1,927,917,394
1,788,284,676
1,731,427,015
1,718,238,244
1,666,491,936
$ 4,116,765,514
4,062,052,479
3,949,745,220
3,369,841,518
3,333,843,231
3,040,679,531
2,546,674,944
2,409,529,714
2,405,141,832
2,348,241,750
49.3%
55.2
54.4
59.9
60.4
63.4
70.2
71.9
71.4
71.0
Total
District
Levy Rate
$ 16.43697
16.45746
16.65725
16.74972
16.33395
15.99110
15.62496
15.85083
15.52456
15.15557
Source: Black Hawk County Auditor’s Office
70
Direct and Overlapping Property Tax Rates Per $1,000 Assessed Valuation
Overlapping Rates
State
Area VII
Community
College
Ag
Extension
2011-12
2010-11
2009-10
2008-09
2007-08
2006-07
2005-06
2004-05
2003-04
2002-03
$ 0.003200
0.003400
0.003000
0.003500
0.003500
0.004000
0.004000
0.004000
0.004000
0.004000
$ 0.961150
0.996600
0.931530
1.001300
0.827880
1.040320
1.066910
0.995350
0.745600
0.784180
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2011-12
2010-11
2009-10
2008-09
2007-08
2006-07
2005-06
2004-05
2003-04
2002-03
0.003200
0.003400
0.003000
0.003500
0.003500
0.004000
0.004000
0.004000
0.004000
0.004000
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2011-12
2010-11
2009-10
2008-09
2007-08
2006-07
2005-06
2004-05
2003-04
2002-03
0.003200
0.003400
0.003000
0.003500
0.003500
0.004000
0.004000
0.004000
0.004000
0.004000
Levy
Year
Collection
Year
Waterloo
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
Cedar Falls
Elk Run Heights
City
District Direct Rates
Management
Account
PPEL
Fund
Fund
Total
District
Ratio of
Waterloo
Community
School
District
Total
to Total
Assessor
Black Hawk
County
City
General
Fund
$ 0.086490
0.078290
0.080060
0.078620
0.083220
0.040850
0.042880
0.043170
0.046040
0.046690
$ 0.230250
0.309650
0.322620
0.280800
0.269450
0.258750
0.308180
0.324910
0.343120
0.344420
$ 6.597370
6.671840
6.705200
6.935910
7.410200
7.389660
7.608320
7.493270
7.746210
7.618970
$ 18.533350
18.264060
18.306890
18.366870
18.766690
18.845800
19.155660
18.789990
18.909140
18.371620
$ 14.464800
14.598190
14.605440
14.768190
14.910800
14.198900
13.856070
13.440850
13.571440
13.564380
$ 0.816610
0.838780
0.852020
0.889060
0.838920
1.135050
1.135030
1.184110
1.279390
0.960180
$ 1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
$ 16.281410
16.436970
16.457460
16.657250
16.749720
16.333950
15.991100
15.624960
15.850830
15.524560
$ 42.693220
42.760810
42.806760
43.324250
44.110660
43.913330
44.177050
43.275650
43.644940
42.694440
0.961150
0.996600
0.931530
1.001300
0.827880
1.040320
1.066910
0.995350
0.745600
0.784180
0.086490
0.078290
0.080060
0.078620
0.083220
0.040850
0.042880
0.043170
0.046040
0.046690
0.230250
0.309650
0.322620
0.280800
0.269450
0.258750
0.308180
0.324910
0.343120
0.344420
6.597370
6.671840
6.705200
6.935910
7.410200
7.389660
7.608320
7.493270
7.746210
7.618970
12.863690
12.992520
13.021100
13.263270
13.607930
13.844200
14.050840
13.653250
14.104100
13.650690
14.464800
14.598190
14.605440
14.768190
14.910800
14.198900
13.856070
13.440850
13.571440
13.564380
0.816610
0.838780
0.852020
0.889060
0.838920
1.135050
1.135030
1.184110
1.279390
0.960180
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
16.281410
16.436970
16.457460
16.657250
16.749720
16.333950
15.991100
15.624960
15.850830
15.524560
37.023560
37.489270
37.520970
38.220650
38.951900
38.911730
39.072230
38.138910
38.839900
37.973510
43.98
43.84
43.86
43.58
43.00
41.98
40.93
40.97
40.81
40.88
0.961150
0.996600
0.931530
1.001300
0.827880
1.040320
1.066910
0.995350
0.745600
0.784180
0.086490
0.078290
0.080060
0.078620
0.083220
0.040850
0.042880
0.043170
0.046040
0.046690
0.230250
0.309650
0.322620
0.280800
0.269450
0.258750
0.308180
0.324910
0.343120
0.344420
6.597370
6.671840
6.705200
6.935910
7.410200
7.389660
7.608320
7.493270
7.746210
7.618970
6.014040
6.014070
6.000420
6.000400
6.000400
6.000400
6.299990
6.399700
6.399990
6.499970
14.464800
14.598190
14.605440
14.768190
14.910800
14.198900
13.856070
13.440850
13.571440
13.564380
0.816610
0.838780
0.852020
0.889060
0.838920
1.135050
1.135030
1.184110
1.279390
0.960180
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
16.281410
16.436970
16.457460
16.657250
16.749720
16.333950
15.991100
15.624960
15.850830
15.524560
30.173910
30.510820
30.500290
30.957780
31.344370
31.067930
31.321380
30.885360
31.135790
30.822790
53.96
53.87
53.96
53.81
53.44
52.57
51.05
50.59
50.91
50.37
38.14%
38.44
38.45
38.45
37.97
37.20
36.20
36.11
36.32
36.36
71
Direct and Overlapping Property Tax Rates Per $1,000 Assessed Valuation
Overlapping Rates
State
Area VII
Community
College
Ag
Extension
2011-12
2010-11
2009-10
2008-09
2007-08
2006-07
2005-06
2004-05
2003-04
2002-03
$ 0.003200
0.003400
0.003000
0.003500
0.003500
0.004000
0.004000
0.004000
0.004000
0.004000
$ 0.961150
0.996600
0.931530
1.001300
0.827880
1.040320
1.066910
0.995350
0.745600
0.784180
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2011-12
2010-11
2009-10
2008-09
2007-08
2006-07
2005-06
2004-05
2003-04
2002-03
0.003200
0.003400
0.003000
0.003500
0.003500
0.004000
0.004000
0.004000
0.004000
0.004000
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2011-12
2010-11
2009-10
2008-09
2007-08
2006-07
2005-06
2004-05
2003-04
2002-03
0.003200
0.003400
0.003000
0.003500
0.003500
0.004000
0.004000
0.004000
0.004000
0.004000
Levy
Year
Collection
Year
Evansdale
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
Gilbertville
Raymond
City
District Direct Rates
Management
Account
PPEL
Fund
Fund
Total
District
Ratio of
Waterloo
Community
School
District
Total
to Total
Assessor
Black Hawk
County
City
General
Fund
$ 0.086490
0.078290
0.080060
0.078620
0.083220
0.040850
0.042880
0.043170
0.046040
0.046690
$ 0.230250
0.309650
0.322620
0.280800
0.269450
0.258750
0.308180
0.324910
0.343120
0.344420
$ 6.597370
6.671840
6.705200
6.935910
7.410200
7.389660
7.608320
7.492370
7.746210
7.618970
$ 6.879780
6.879780
6.747280
6.744110
6.749170
6.830630
7.500440
7.500060
7.258150
7.308440
$ 14.464800
14.598190
14.605440
14.768190
14.910800
14.198900
13.856070
13.440850
13.571440
13.564380
$ 0.816610
0.838780
0.852020
0.889060
0.838920
1.135050
1.135030
1.184110
1.279390
0.960180
$ 1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
$ 16.281410
16.436970
16.457460
16.657250
16.749720
16.333950
15.991100
15.624960
15.850830
15.524560
$ 31.039650
31.376530
31.247150
31.701490
32.093140
31.898160
32.521830
31.984820
31.993950
31.631260
0.961150
0.996600
0.931530
1.001300
0.827880
1.040320
1.066910
0.995350
0.745600
0.784180
0.086490
0.078290
0.080060
0.078620
0.083220
0.040850
0.042880
0.043170
0.046040
0.046690
0.230250
0.309650
0.322620
0.280800
0.269450
0.258750
0.308180
0.324910
0.343120
0.344420
6.597370
6.671840
6.705200
6.935910
7.410200
7.389660
7.608320
7.492370
7.746210
7.618970
11.085660
12.268790
11.248330
11.540980
12.462300
11.862690
11.326300
9.768850
8.100000
8.100000
14.464800
14.598190
14.605440
14.768190
14.910800
14.198900
13.856070
13.440850
13.571440
13.564380
0.816610
0.838780
0.852020
0.889060
0.838920
1.135050
1.135030
1.184110
1.279390
0.960180
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
16.281410
16.436970
16.457460
16.657250
16.749720
16.333950
15.991100
15.624960
15.850830
15.524560
35.245530
36.765540
35.748200
36.498360
37.806270
36.930220
36.347690
34.253610
32.835800
32.422820
46.19
44.71
46.04
45.64
44.30
44.23
43.99
45.62
48.27
47.88
0.961150
0.996600
0.931530
1.001300
0.827880
1.040320
1.066910
0.995350
0.745600
0.784180
0.086490
0.078290
0.080060
0.078620
0.083220
0.040850
0.042880
0.043170
0.046040
0.046690
0.230250
0.309650
0.322620
0.280800
0.269450
0.258750
0.308180
0.324910
0.343120
0.344420
6.597370
6.671840
6.705200
6.935910
7.410200
7.389660
7.608320
7.492370
7.746210
7.618970
6.917570
6.902840
6.902840
6.902820
6.902850
6.902840
6.699640
6.699970
6.418850
6.419190
14.464800
14.598190
14.605440
14.768190
14.910800
14.198900
13.856070
13.440850
13.571440
13.564380
0.816610
0.838780
0.852020
0.889060
0.838920
1.135050
1.135030
1.184110
1.279390
0.960180
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
1.000000
16.281410
16.436970
16.457460
16.657250
16.749720
16.333950
15.991100
15.624960
15.850830
15.524560
31.077440
31.399590
31.402710
31.860200
32.246820
31.970370
31.721030
31.184730
31.154650
30.742010
52.39
52.35
52.41
52.28
51.94
51.09
50.41
50.10
50.88
50.50
52.45%
52.39
52.67
52.54
52.19
51.21
49.17
48.85
49.54
49.08
Source: Black Hawk County Auditor’s Office
72
Top Ten Property Taxpayers
Current Year and Nine Years Ago
Taxpayers
IOC (Isle of Capri
Casino)
G G & A Crossroads
Center
Deere & Company
Ferguson Enterprises,
Inc.
IBP, Inc.
Northern Natural
Gas Co.
Con Agra
Qwest Corporation
Bertch Cabinet
Mfg., Inc.
Howard L. Allen
Investments, Inc.
MidAmerican Energy
Equitable Life
Insurance
LXPI
Gerald Schoenfelder
2010
Type of Business Taxable Value
Casino
$ 73,670,230
Percent- Percentage of
age of
2010 Total
Total
Taxable Taxable
Valuation*
Value
Percent- Percentage of
age of
2001 Total
Total
2001
Taxable Taxable
Taxable Value Valuation Value
1.91%
27.60% $
—
0.00%
0.00%
Retail
Manufacturing
40,083,710
24,769,596
1.05
0.65
15.02
9.28
—
126,025,970
0.00
7.56
0.00
33.01
Manufacturing
Meat Processing
24,732,360
21,927,734
0.65
0.57
9.27
8.22
—
37,381,155
0.00
2.24
0.00
9.79
Utilities
Food Processing
Communications
21,061,938
20,081,730
17,251,365
0.55
0.52
0.45
7.89
7.52
6.46
14,236,785
16,570,685
19,003,738
0.86
0.99
1.14
3.73
4.34
4.98
Manufacturing
14,905,610
0.39
5.59
14,750,454
0.89
3.86
8,400,933
—
0.22
0.00
3.15
0.00
—
106,112,558
0.00
6.37
0.00
27.80
—
—
—
0.00
0.00
0.00
0.00
0.00
0.00
28,162,143
10,305,229
9,207,992
1.69
0.62
0.55
7.38
2.70
2.41
22.91%
100.00%
Investing
Utilities
Insurance
Warehouse
Retail
Totals
$ 266,885,206
6.96%
100.00% $ 381,756,709
* 2010 total gross valuation of $3,833,210,820 (without gas and electric utility value)
Source: Black Hawk County Auditor
73
Property Tax Levies and Collections
Collected within the
Fiscal Year of the Levy
Levy
Year
Fiscal
Year
Taxes Levied
for the
Fiscal Year
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
2010-11
2009-10
2008-09
2007-08
2006-07
2005-06
2004-05
2003-04
2002-03
2001-02
$ 39,356,391
38,786,687
37,614,548
35,053,829
33,990,622
31,775,409
31,086,113
29,172,621
28,348,309
26,735,648
Total Collections to Date
Collections in
Percentage Subsequent
Amount
of Levy
Years
$ 39,192,548
38,786,687
37,019,196
35,029,885
33,929,877
31,504,659
30,925,643
28,969,908
28,175,955
26,474,351
99.58%
100.00
98.42
99.93
99.82
99.15
99.48
99.31
99.39
99.02
$
—
—
415,658
—
—
—
—
—
—
—
Amount
$ 39,192,548
38,786,687
37,434,854
35,029,885
33,929,877
31,504,659
30,925,643
28,969,908
28,175,955
26,474,351
Percentage
of Levy
99.58%
100.00
99.52
99.93
99.82
99.15
99.48
99.31
99.39
99.02
74
Ratios of Outstanding Debt by Type
Year Ended
June 30,
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Governmental
Activities
Revenue
Bonds
$ 10,150,000
—
—
—
35,591,257
35,388,541
35,185,825
46,400,000
46,400,000
69,159,539
Total Debt
Per Capita*
$ 79
—
—
—
278
276
282
364
359
528
Personal Income*
$ 3,630,676,344
3,630,676,344
3,979,765,068
3,979,765,068
3,899,629,556
3,821,542,236
3,989,000,000
3,941,267,550
4,014,054,000
4,096,562,500
Ratio of
Outstanding
Debt to
Personal
Income
0.0028
0.0000
0.0000
0.0000
0.0091
0.0093
0.0088
0.0118
0.0116
0.0169
* Personal income and population data can be found in the Schedule of Demographic and Economic
Statistics.
75
Ratios of Net General Bonded Debt Outstanding
Year Ended
June 30,
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Governmental
Activities
Revenue Bonds
$ 10,150,000
—
—
—
35,591,257
35,388,541
35,185,825
46,400,000
46,400,000
69,159,539
Percentage of Actual
Assessed Value
of Property
0.45%
0.00
0.00
0.00
1.18
1.07
1.05
1.18
1.15
1.70
76
Direct and Overlapping Governmental Activities Debt
June 30, 2011
Name of
Governmental Unit
Black Hawk County
City of Cedar Falls
City of Evansdale
City of Waterloo
Hawkeye Community
College
Waterloo Community
School District
Total
Percentage
Applicable
to Waterloo
Community
School
District
Direct Debt
Total
Direct and
Overlapping
Debt
53.65% $ 23,506,748 $
0.30
79,095
4.55
128,993
86.21
73,787,139
—
—
—
—
$ 23,506,748
79,095
128,993
73,787,139
10,035,000
31.54
3,165,039
—
3,165,039
69,159,539
100.00
—
69,159,539
69,159,539
$ 100,667,014 $ 69,159,539
$ 169,826,553
Total
Gross Debt
Outstanding
$ 43,815,000
26,365,000
2,835,000
85,590,000
Overlapping
Debt*
Source: Black Hawk County Auditor’s office and District financial records
Notes: Overlapping governments are those that coincide, at least in part, with the geographic boundaries
of the District. This schedule estimates the portion of the outstanding debt of those overlapping
governments that is borne by the residents and businesses of the District. This process recognizes that,
when considering the District's ability to issue and repay long-term debt, the entire debt burden borne by
the residents and businesses should be taken into account. However, this does not imply that every
taxpayer is a resident and, therefore, responsible for repaying the debt of each overlapping government.
* The percentage of overlapping debt applicable is estimated using taxable property values. Applicable
percentages were estimated by determining the portion of another governmental unit's taxable value
that is within the District's boundaries and dividing it by each unit's total taxable value.
77
Legal Debt Margin Information
Total Assessed Valuation ............
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$ 2,274,312,832
$ 2,352,409,549
$ 2,370,988,458
$ 2,511,227,209
$ 3,005,231,796
$ 3,296,533,615
$ 3,338,386,589
$ 3,916,160,139
$ 4,025,721,095
$ 4,076,631,323
$
$
$
$
$
$
$
$
$
Debt limit 5% of total assessed value $
Amount of debt applicable to debt
limit, total general obligation
bonded debt...................................
Excess of Debt Limit Over
Bonded Debt Outstanding,
Legal Debt Margin .......................
Amount of Debt Applicable
to Debt Limit as a Percentage
of Debt Limit.................................
113,715,642
—
10,150,000
$
103,565,642
8.93%
117,620,477
$
117,620,477
0.00%
118,549,423
—
$
118,549,423
0.00%
125,561,360
—
$
125,561,360
0.00%
150,261,590
35,000,000
$
115,261,590
23.29%
164,826,681
35,000,000
$
129,826,681
21.23%
166,919,329
35,000,000
$
131,919,329
20.97%
195,808,007
46,400,000
$
149,408,007
23.70%
201,286,055
46,400,000
$
154,886,055
23.05%
203,831,566
69,159,539
$
134,672,027
33.93%
Source: Black Hawk County Auditor’s Office and District financial records
78
Demographic and Economic Statistics
Year Ended
June 30,
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Population*
128,012
128,012
128,012
128,012
128,012
128,012
124,650
127,446
129,110
131,090
Personal
Income
Per Capita
Personal
Income
$3,630,676,344
3,630,676,344
3,979,765,068
3,979,765,068
3,899,629,556
3,821,542,236
3,989,000,000
3,941,267,550
4,014,054,000
4,096,562,500
$28,362
28,362
31,089
31,089
30,463
29,853
32,002
30,925
31,090
31,250
Unemployment Rate
3.1%
4.7
4.5
5.0
3.6
3.3
3.9
5.0
5.4
6.0
* Population for Black Hawk County
Source: U.S. Bureau of Economic Analysis, U.S. Census Bureau and Waterloo-Cedar Falls, Iowa
Community Fact Sheet, 2010-2011 Edition
79
Principal Employers
Current Year and Nine Years Ago
2011
Name
Product/Service
Deere & Company
Wheaton Franciscan Healthcare
Tyson Fresh Meats
Allen Memorial Hospital
University of Northern Iowa
Waterloo Community Schools
Area Education Agency 267
Hy-Vee Food Stores
Target Distribution
Bertch Cabinet Manufacturing
Omega Cabinet, Ltd.
GMAC Mortgage Corporation
Agricultural equipment
Health care
Pork processing
Health care
Higher education
Education
Educational support
Grocery
Food and dry goods
Bath and kitchen cabinets
Bath and kitchen cabinets
Mortgage service center
2002
Employees
Rank
Percentage
of Total
Employment*
5,300
2,682
2,300
2,080
1,846
1,562
1,150
1,127
850
822
—
—
1
2
3
4
5
6
7
8
9
10
—
—
26.88%
13.60
11.66
10.55
9.36
7.92
5.83
5.72
4.31
4.17
0.00
0.00
Employees Rank
19,719
4,748
2,854
2,300
1,322
2,134
1,562
—
851
—
1,200
923
671
1
2
3
6
4
5
—
9
—
7
8
10
Percentage
of Total
Employment*
25.60%
15.37
12.39
7.12
11.49
8.41
0.00
4.58
0.00
6.46
4.97
3.61
18,565
* Total encompasses principal employers
Source: Waterloo-Cedar Falls, Iowa, Community Fact Sheet, 2010-2011 Edition
80
Full-Time Equivalent District Employees
Administration
Superintendent...........
Assistant superintendent
Principals....................
Assistant principals ....
Other administrators...
Total Administration
Instruction
Teachers ....................
Counselors .................
Librarians ...................
Other ..........................
Total Instruction .....
Other
Nurses........................
Clerical-Teacher
Associates ................
Crafts/Trades .............
Other support .............
Total Support ..........
Total* .........................
2002
2003
2004
Year Ended June 30,
2005 2006
2007
2008
2009
2010
2011
1.0
2.0
21.0
10.0
9.0
43.0
1.0
2.0
21.0
10.0
9.0
43.0
1.0
2.0
21.0
10.0
9.0
43.0
1.0
3.0
21.0
10.0
8.0
43.0
1.0
2.0
19.8
8.0
46.5
77.3
1.0
2.0
23.8
10.0
46.3
83.1
1.0
2.0
23.0
7.0
14.8
47.8
1.0
2.0
23.0
7.0
16.8
49.8
1.0
2.0
23.0
8.0
19.8
53.8
1.0
1.8
23.0
13.0
20.0
58.8
747.0
30.2
6.0
0.0
783.2
736.5
30.2
6.0
0.0
772.7
748.7
30.2
6.0
0.0
784.9
754.1
32.0
6.0
0.0
792.1
748.7
35.0
6.0
3.0
792.7
779.2
25.5
6.0
1.0
811.7
766.3
25.5
6.0
1.0
798.8
773.6
25.5
5.0
1.0
805.1
790.0
25.5
2.0
0.0
817.5
806.1
25.5
2.0
0.0
833.6
0.0
0.0
0.0
0.0
0.5
0.0
0.0
0.0
0.0
0.0
319.4
24.5
88.8
432.7
292.0
24.5
87.9
404.4
275.1
24.5
87.9
387.5
297.4
25.0
87.9
410.3
273.8
19.0
152.8
446.1
288.5
25.0
84.3
397.8
326.6
26.0
88.9
441.5
318.6
26.0
88.9
433.5
332.5
26.0
88.4
446.9
316.2
26.0
233.8
576.0
1,258.9 1,220.1 1,215.4 1,245.4 1,316.1 1,292.6 1,288.1 1,288.4 1,318.2 1,468.4
* FTE (full-time equivalent)
Note: District FTE by function/program was not available
Source: District records
81
Full-Time Equivalent and Salary Information for District Teachers
June, 2011
Degree
Step 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
FTE
BA
FTE - Salary
BA+15
FTE - Salary
0.0 $ 31,130 0.0 $ 32,687
0.0
32,375 0.0
33,932
95.9
33,620 0.0
35,177
40.0
34,866 2.0
36,422
23.5
36,111 4.0
37,667
23.0
37,356 7.0
39,224
39.9
38,913 10.0
40,780
10.5
40,469 3.0
42,337
9.0
42,026 4.0
43,893
10.8
43,582 6.0
45,450
9.0
45,139 9.0
47,006
13.9
46,072 6.0
48,563
2.0
47,006 11.0
49,808
0.0
47,318 5.0
50,119
1.0
47,940 2.0
50,742
3.0
48,252 3.0
51,053
1.0
48,563 1.0
51,365
0.0
48,874 2.0
51,676
0.0
49,185 0.0
51,987
1.0
49,497 3.0
52,298
7.8
49,808 13.8
52,610
291.3
91.8
BA+30
FTE - Salary
0.0 $
0.0
1.0
1.0
1.0
3.0
4.0
4.0
3.0
7.0
4.0
12.4
4.0
1.0
1.0
2.0
0.0
6.0
0.0
4.0
62.3
34,243
35,488
36,733
37,979
39,535
41,092
42,648
44,205
45,761
47,318
48,874
50,431
51,987
52,610
53,232
53,544
54,166
54,789
55,100
55,723
56,345
120.7
MA
FTE - Salary
0.0 $
0.0
5.0
2.7
4.0
13.0
9.0
10.0
14.0
14.0
6.0
16.5
16.0
3.0
6.8
1.5
1.0
7.0
5.0
3.0
34.0
MA+15
FTE - Salary
MA+30
FTE - Salary
MA+45
FTE - Salary
35,800 0.0 $ 37,356 0.0 $ 38,913 0.0 $
37,045 0.0
38,601 0.0
40,469 0.0
38,290 0.0
40,158 0.0
42,026 0.0
39,846 1.0
41,714 0.0
43,582 0.0
41,403 0.0
43,271 0.0
45,139 0.0
42,959 0.0
44,827 0.0
46,695 0.0
44,516 0.0
46,384 2.0
48,252 1.0
46,072 0.0
47,940 1.0
49,808 0.0
47,629 1.0
49,497 0.0
51,365 3.0
49,185 0.0
51,053 1.0
52,921 1.0
50,742 0.0
52,610 1.0
54,478 0.0
52,298 5.0
54,166 3.0
56,034 3.0
53,855 8.0
55,723 1.0
57,591 2.0
54,789 3.0
56,657 1.0
58,524 0.0
55,411 1.0
57,591 0.0
59,770 1.0
56,034 2.0
58,524 0.0
60,704 1.0
56,657 2.0
59,458 2.0
61,949 6.0
57,279 8.0
60,392 1.0
62,883 2.0
57,902 1.6
61,015 0.0
63,817 1.0
58,524 1.0
61,949 2.0
64,750 2.0
59,147 25.0
62,883 17.9
65,684 42.0
171.5
58.6
32.9
65.0
Total Employees
Degree
BA
FTE x Salary
Step 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
$
—
—
3,224,158
1,394,640
848,609
859,188
1,552,629
424,925
378,234
470,686
406,251
640,401
94,012
—
47,940
144,756
48,563
—
—
49,497
388,502
Totals
$ 10,972,991
Average Salary
40,469
42,026
43,582
45,139
46,695
48,252
49,808
51,365
52,921
54,478
56,034
57,591
59,147
60,704
62,260
63,194
64,128
65,373
66,307
67,241
68,175
831.8
BA+15
FTE x Salary
BA+30
FTE x Salary
MA
FTE x Salary
MA+15
FTE x Salary
MA+30
MA+45
FTE x Salary FTE x Salary
$
$
$
$
$
—
—
—
72,844
150,668
274,568
407,800
127,011
175,572
272,700
423,054
291,378
547,888
250,595
101,484
153,159
51,365
103,352
—
156,894
726,018
$ 4,286,350
—
—
36,733
37,979
39,535
123,276
170,592
176,820
137,283
331,226
195,496
625,344
207,948
52,610
53,232
107,088
—
328,734
—
222,892
3,510,294
$ 6,357,082
$
48,352
—
—
191,450
107,584
165,612
558,467
400,644
460,720
666,806
688,590
304,452
862,917
861,680
164,367
376,795
84,051
56,657
400,953
289,510
175,572
2,010,998
$ 8,827,825
—
—
—
41,714
—
—
—
—
49,497
—
—
270,830
445,784
169,971
57,591
117,048
118,916
483,136
97,624
61,949
1,572,075
$ 3,486,135
Total Salaries
—
—
—
—
—
—
96,504
49,808
—
52,921
54,478
168,102
57,591
58,524
—
—
123,898
62,883
—
129,500
1,175,744
$ 2,029,953
$
—
—
—
—
—
—
49,808
—
158,763
54,478
—
172,773
118,294
—
62,260
63,194
384,768
130,746
66,307
134,482
2,863,350
$ 4,259,223
$ 40,219,559
82
Operating Statistics
Year
Operating
Expenditures*
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$ 77,474,994
81,059,107
82,560,922
86,490,041
89,865,025
91,762,596
95,420,162
101,169,028
109,318,391
110,258,036
Daily
Average
Attendance
10,312
10,373
10,388
10,472
10,081
9,264
8,798
9,224
9,353
9,350
Operating
Cost Per
Student
$
7,513
7,814
7,948
8,259
8,914
9,905
10,846
10,968
11,688
11,792
Pupil/Teacher Ratio
Elementary
Middle
High School
11.70
12.00
12.00
10.10
11.50
11.40
11.61
11.80
11.80
11.80
12.80
13.30
13.30
14.10
12.60
13.10
13.53
12.40
12.50
12.00
15.20
16.00
15.60
15.60
13.90
15.60
15.64
15.60
14.10
13.40
* Includes only General Fund expenditures, including AEA flowthrough
83
School Building Information
June 30, 2011
Building and
Certified
Enrollment,
Third Friday in
September,
2010
Number of
Classrooms
K-5
K-5
Pre-K
K-5
K-5
K-5
K-5
K-5
K-5
K-5
K-5
K-5
403
469
122
468
405
425
401
418
527
377
412
455
4,882
29
43
4
32
30
24
33
29
30
22
31
49
356
6-8
6-8
6-8
6-8
447
485
491
830
2,253
45
36
67
54
202
1916, 1939, 1954, 1955, 1956, 1962, 1975,
1986, 1988, 2002, 2004, 2009
1955, 1962, 1980, 2002, 2009
9-12
9-12
1,073
1,594
74
82
1952,1961, 2000
9-12
340
3,007
47
203
Subtotal
Open enrollment/tuition in
Resident students attending outside the district
10,142
(63)
543
761
—
—
Totals
10,622
761
Name of School
Dates Constructed
Preschool/Elementary Schools
Cunningham
Edison
Elk Run
Highland
Irving
Kingsley
Kittrell
Lincoln
Lou Henry
Lowell
Orange
Poyner
2002
1914, 1936, 1949
1952, 1954, 1956
2010
2003
1919, 1952, 1958, 2006
1950, 1955, 1960, 1962, 2009
2004
2005
1931, 2005, 2007, 2009
1915, 1951, 1954
2007
Middle Schools
Bunger
Carver
Central
Hoover
1964, 2004
2009
1972, 1980, 1991, 1994, 2006, 2008
1967, 2004, 2008
High Schools
East
West
Alternative High School
Expo
Grades
Served
With
Special
Education
Other Facilities - Nonstudent Occupancy
Educational Service Center
1964
Maintenance, Transportation 1964, 1970, 1979
Stadium
1994
Leased or Nonoccupied Facilities
Castle Hill
1955, 1957, 1958
Devonshire
1959
Freeburg
1962
Logan
1953, 1960
Longfellow
1959, 1960, 1988
Maywood
1950, 1952
Westridge
1966
84
Building and Certified Resident Student Enrollment by Grade
Grade
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
Pre-K ......................
122
112
70
Kindergarten...........
864
912
839
1 .............................
867
837
785
2 .............................
804
769
731
3 .............................
751
757
764
4 .............................
727
769
759
5 .............................
747
746
772
6 .............................
726
782
829
7 .............................
759
802
740
8 .............................
797
713
674
9 .............................
873
814
990
10 ...........................
724
810
743
11 ...........................
701
634
681
12 ...........................
680
725
770
*
*
Special education...
*
Subtotal ................ 10,142 10,182 10,147
Open enrollment in
(63)
(63)
(71)
765
654
Open enrollment out
543
—
800
736
753
752
782
797
753
680
731
982
750
754
768
*
10,038
(74)
776
—
—
—
—
—
—
755
830
823
814
848
810
794
805
799
839
795
748
787
797
822
764
728
766
782
796
774
709
781
827
797
768
709
778
814
796
758
695
758
812
782
805
680
766
826
806
816
822
757
795
822
808
824
771
769
812
799
812
784
817
1,005
1,018
1,023
1,017
1,045
1,011
840
831
849
863
839
822
705
729
752
732
702
691
763
749
716
664
644
625
*
*
*
*
*
*
10,192 10,391 10,472 10,418 10,402 10,311
(75)
(73)
(90)
(64)
(64)
(58)
763
638
674
675
668
694
Totals..................... 10,622 10,884 10,730
10,740
10,880 10,956 11,056 11,029 11,006 10,947
* The District has adopted an inclusionary philosophy regarding special education students so they are
included in the appropriate grade.
85
Miscellaneous Information
The Waterloo Community School District includes the cities of Waterloo, Evansdale, Elk Run Heights,
Gilbertville and Raymond, part of the City of Cedar Falls and certain unincorporated areas in Black Hawk
County, including Mt. Vernon, Bennington, East Waterloo, Poyner, Cedar and Orange Townships,
encompassing a total of 150 square miles. Black Hawk County is located in northeast Iowa and was
named for the famous Native American leader Black Hawk (1767-1838), the principal figure in the
Black Hawk War of 1832. The first permanent residents of Black Hawk County were the Sturgis and
Adams families who settled here in 1845. In 1850, the population of Black Hawk County was 135;
Cedar Falls was the largest town. Population increased in Waterloo and in 1855, the county seat was
moved from Cedar Falls to Waterloo. By 1868, 23,000 acres of land were under cultivation in Black Hawk
County. In 1990, the county was the fourth largest in the state, with a population of 123,798.
The Districted operated 20 schools plus an early childhood education building, an administration building,
a maintenance building, warehouse and a bus garage in 2010-11. The following data provides the
number of buildings per grade level:
10-11 09-10 08-09 07-08 06-07 05-06 04-05 03-04 02-03 01-02 00-01
Elementary - K-5
Intermediate - 6-8
High School - 9-12*
11
4
4
12
4
4
12
4
4
13
4
4
13
4
4
13
4
4
13
4
4
14
4
4
14
4
4
14
4
4
14
4
4
* This line includes the Educational Discipline Center which serves grades 6-12.
The District contracts with First Student to provide student transportation. Approximately 5,000 students
are transported daily. On July 1, 2007, school meals were brought in-house serving approximately
2,000,000 meals for the year. Nursing services are provided by Black Hawk County.
The Board of Education meets on the second and fourth Mondays of each month.
The U.S. Census Bureau reports the population characteristics of Black Hawk County as follows:
Population Characteristics
Total Population
Persons by Gender
Male
Female
Persons by Race
White
Black
Other
1990
Number
Percent
2000
Number
Percent
2010
Number
Percent
123,798
100.00
128,012
100.00
131,090
100.00
58,910
64,888
47.59
52.41
61,458
66,554
48.01
51.99
63,710
67,380
48.60
51.40
113,656
8,514
1,628
91.80
6.88
1.32
113,194
10,179
4,639
88.43
7.95
3.62
112,213
11,667
7,210
85.60
8.90
5.50
86
1990
Number
Percent
Persons by Age
Under 10
10-19
20-29
30-39
40-49
50-59
60-69
70-79
80 and over
17,363
19,148
20,154
18,944
14,914
10,852
10,792
7,550
4,081
Median Age of Population
14.02
15.46
16.28
15.30
12.05
8.77
8.72
6.10
3.30
2000
Number
Percent
15,941
19,401
22,140
15,527
18,421
13,730
9,241
8,242
5,369
12.45
15.16
17.29
12.13
14.39
10.73
7.22
6.44
4.19
2010
Number
Percent
16,281
17,689
24,354
14,919
15,065
17,579
12,022
7,264
5,917
32.9
34.4
34.4
46,932
49,683
51,366
2.51
2.45
2.36
Median Household Effective
Buying Income
Not available
$33,088
$42,753
Total Households
Persons Per Household
12.43
13.49
18.58
11.38
11.49
13.41
9.17
5.54
4.51
Work Force
Waterloo/Cedar Falls, Iowa, labor force from Iowa Workforce Development - 2009 Annual Average:
Total Labor Force
Total Unemployment
Unemployment Rate
94,800
5,300
5.4%
Statistical Review
Location - accessible by U.S. Highways 20, 63 and 218, as well as State Highways 21, 57, 58 and 281.
Interstate 380 links the area with Interstate 80, a major east-west corridor. The community is located on
the “Avenue of the Saints,” an interstate that connects St. Paul, Minnesota, and St. Louis, Missouri.
Distance in highway miles from the Cedar Valley area:
Atlanta, Georgia
Boston, Massachusetts
Chicago, Illinois
Cleveland, Ohio
Dallas, Texas
960
1,300
265
650
845
Denver, Colorado
Kansas City, Missouri
Los Angeles, California
Minneapolis, Minnesota
St. Louis, Missouri
790
295
1,855
180
345
87
Climate
Summer
Winter
71.6
83.2
59.9
4.1
20.1
29.5
10.7
2.0
Average Temperature
Average High Temperature
Average Low Temperature
Average Precipitation (Inches)
Transportation
Motor Carriers
17
Rail Service
Canadian National/Illinois Central
Iowa Northern Railway
Union Pacific Railroad
Airport
Waterloo Regional Airport
Commercial Carriers
Delta Airlines
Business Services
Hotels and Motels
Rooms
Largest Banquet Capacity
Media
Newspapers
Radio Stations
Television Channels Received
Cable Television Providers
Telecommunications
Local Operating Companies
Points of Presence (local)
Local Internet Service Providers
Mediacom/Qwest
MCI and AT&T
6
Public Parks
Municipal Golf Courses
Country Clubs/Privately Owned
Golf Courses
Softball/Baseball Diamonds
190
7
Recreation and Sporting Activities
Household Income and Expenditures*
Average Household Income Waterloo/Cedar Falls
Household Consumer Expenditures
Waterloo/Cedar Falls
2,209
1,000
1 daily, 3 weekly
13
6
10
23
60
$59,347
$47,205
* As forecasted for 2011 by Claritas Market Place per the Waterloo-Cedar Falls, Iowa, Community Fact
Sheet, 2010-2011 Edition.
88
Cost of Living Comparisons
Chicago, IL
Kansas City, MO
Omaha, NE
Ames, IA
Davenport - Moline, IA/IL
Waterloo/Cedar Falls, IA
Housing
Utilities
Transportation
130.1
90.1
78.7
102.9
97.0
90.4
127.5
98.8
85.2
77.9
82.7
93.5
117.4
99.6
99.5
96.5
101.0
99.8
Source: ACCRA Cost of Living Index, 2011 2nd Quarter from the Waterloo-Cedar Falls, Iowa,
Community Fact Sheet, 2011-2012 Edition. The index is based on an average of 100.
Community and Economic Development
The Iowa Northland Regional Council of Governments was formed in 1973 and is organized pursuant to
Chapter 28E, State Code of Iowa. Their service area is a six-county area, including Black Hawk County.
Their major functions are:
•
To increase the coordination of programs between the local governments.
•
To promote regional and metropolitan long-range planning.
•
To provide a forum for the discussion of common interests, problems and concerns of the local
governments.
•
To provide mechanism for legally reviewing federal and state grant and aid programs for the cities and
counties in the region.
The Cedar Valley Economic Development Corporation provides leadership in Black Hawk County for
creating jobs through expansion of existing businesses and industries, new business formation and
relocation of companies. It is governed by a Board of Directors, representing a wide geographical
representation.
After surviving the downturn in the Iowa farm economy in the mid-80’s that included the closing of Rath
Packing Company and the loss of 8,000 jobs at Deere & Company, the local economy has rebounded.
This is evidenced by increases in construction activity and growth in the Crossroads Shopping area.
Deere & Company continues to be a dominant player in the local economy, employing approximately
5,300 people, on four sites totaling 2,700 acres of land.
In August of 2001, Target picked twin city, Cedar Falls, for a mammoth 900 employee, 1.35 million square
foot distribution center. Work began on the site in September, 2001. It was the biggest industrial or
commercial construction project in the Waterloo-Cedar Falls metro area in 20 years. A cold storage
addition was completed in 2008.
89
Special Attractions/Activities
The National Park Service has designated a large part of northeast Iowa, including the Cedar Valley area,
as a national heritage park area. This designation is for the express purpose of telling the story of
America’s agricultural and industrial revolution, resulting in significant tourism. Silos and Smokestacks is a
private, nonprofit organization, funded by city, state and federal funds and private contributions. Work is
underway to utilize existing agricultural sites (National Cattle Congress, Rath facility, farms, etc.) as tourist
attractions.
The county boasts of 5,000 park acres in 190 parks including Black Hawk Park, Hickory Hills Park,
McFarlane Park, Paw Park, Hartman Reserve Nature Center, George Wyth State Park, Sturgis Park,
Sullivan Park and Cedar Valley Nature Trail. The 52-mile Cedar Valley Nature Trail winds along the
Cedar River bottomlands between Waterloo and Cedar Rapids. The Cedar Valley Lakes and Trails
project is a cooperative venture which resulted in the creation of an 800-acre “Chain of Lakes” along a
ten-mile Cedar River corridor in the Waterloo/Cedar Falls area.
The area also features a variety of performing arts centers including the Oster Regent Theatre, Waterloo
Community Playhouse, Black Hawk Children’s Theatre, Strayer-Wood Theatre at the University of
Northern Iowa, Waterloo/Cedar Falls Symphony Orchestra and the UNI School of Music.
The University of Northern Iowa is home to the 115,000 square foot Gallagher-Bluedorn Performing Arts
Center. The main auditorium can accommodate 1,600 concertgoers, with each seat less than 100 feet
from the stage and no more than 30 degrees off center.
The Isle of Capri Casino and Hotel is a tropical paradise offering 1,110 slots, including more than
80 video poker machines, 35 table games, 4 restaurants, a feature bar, resort pool, spa and a 600-seat
entertainment venue. The hotel has 195 rooms and 27 suites.
New to the Cedar Valley in 2008 was the Phelps Youth Pavilion. The Youth Pavilion is a 39,000 square
foot children’s museum filled with creative, hands-on experiences for children of all ages.
Other Attractions
Antique Acres
Behrens-Rapp Visitor Information Station
Black Hawk Tennis Club
Bluedorn Science Imaginarium
Cedar Valley Arboretum and Botanic Gardens
Cedar Valley Derby Divas
Dan Gable International Institute and Wrestling Museum
Farmers Markets
Five Sullivan Brothers Convention Center
Galleria De Paco
George Wyth House and Viking Pump Museum
Grout Museum of History and Science
Hansen’s Farm Fresh Dairy
Hawkeye Community College
Hearst Center for the Arts
Heritage Farm
90
Other Attractions (Continued)
Ice House Museum
John Deere Operations
John Livingston Display
Little Red School House Museum
Lost Island Adventure Park (water park)
Marshall Center One-Room School
McLeod Center
Metropolitan Chorale
National Cattle Congress
Park Place Event Centre at Pipac Centre on the Lake
Rensselaer Russell House Museum
River Front Stadium
Silos and Smokestacks National Heritage Area
Sullivan Brothers Iowa Veterans Museum
Sunrise Exchange Club Children’s Petting Zoo
Tallgrass Prairie Center
The Falls Aquatic Center
UNI-Dome
UNI Gallery of Art
UNI Wellness and Human Performance Center
University Museum
Young Arena
Victorian Home and Carriage House Museum
Waterhawks Ski Team
Waterloo Black Hawks Hockey Team
Waterloo Bucks Baseball Team
Waterloo Center for the Arts
Waterloo Municipal Band Concerts
Special Events
June
Cedar Valley Soccer Moonlight Classic
My Waterloo Days Festival
Sturgis Falls Celebration/Cedar Basin Jazz Festival
Two Cylinder Tractor Expo
July
BBQ’LOO & Blues Too
Cedar Falls Bible Conference
Cedar Falls Fireworks Festival
Cedar Falls Garden Tour
College Hill Arts Festival
Iowa State Trap Shoot
Jaycee’s Greater Waterloo Open Golf Tournament
Rooftop Jazz & Blues
Singing in the Cedar Valley
Waterloo Fireworks Festival
91
Special Events (Continued)
August
Cedar Valley Trails Festival
Iowa Irish Fest
Old Time Power Show
September
Artapalooza on Main
Black Hawks Hockey season begins
Brewfest
Fall Harvest Festival and Scarecrow Contest
National Cattle Congress Fair
Park to Park Half-Marathon
Peregrine Charities Triathlon
October
Northeast Iowa Steel Guitar Show
Strolling with the Spirits
Waterloo/Cedar Falls Symphony Orchestra season beings
Waverly Horse Sale
November
Five Sullivan Brothers Memorial 10K and 5K Run
Holiday Arts and Crafts Sales
Holiday Hoopla
Iowa High School Football Playoffs
December
Breakfast with Santa
Cedar Falls Historical Society Christmas Walk
Downtown Lights the Night and Downtown Unwrapped
January
Iowa Boat Show
Martin Luther King, Jr. Banquet
National Wrestling Coaches Association Duals
Wedding Extravaganza
February
Beers to You
Eastern Iowa Home Improvement and Landscaping Show
Expo in the UNI-Dome
WOW Weekend
March
Antique and Collectibles Show
Eastern Iowa Sports, Boat Travel and Vacation Show
Hawkeye Farm Show
Maple Syrup Festival
USA Kids and Cadets Folk Style Wresting Tournament
Waverly Horse Sale
April
Bunny Brunch
Child and Baby Expo of Iowa
May
Cinco de Mayo
Cool 105.7 4th Street Cruise
KUNI Wine and Tulips
Mud Run
92
Insurance Schedule
June 30, 2011
Coverage
Deductible
School Package Policy, EMC Insurance Companies
Building and contents, all locations ..........................................
General automobile liability (hired - nonowned).......................
Errors and omissions liability....................................................
Workers’ compensation............................................................
General liability (per claim).......................................................
Personal injury liability..............................................................
Theft .........................................................................................
Computer fraud (crime) ............................................................
Valuable papers .......................................................................
Employee benefit liability (per claim)........................................
Pollution liability (per claim)......................................................
Umbrella liability .......................................................................
Employee dishonesty ...............................................................
$ 329,076,382
1,000,000
1,000,000
500,000
1,000,000
1,000,000
10,000
50,000
3,493,179
1,000,000
500,000
10,000,000
100,000
$ 10,000
—
3,000
—
—
—
—
1,000
500
1,000
250
10,000
5,000
Owned Automobile Policy, Travelers
Liability (each accident)............................................................
Automobile medical payments (each person) ..........................
Uninsured motorists bodily injury (each person) ......................
Underinsured motorists (each person).....................................
Comprehensive ........................................................................
Collision....................................................................................
Garage keepers .......................................................................
1,000,000
2,000
1,000,000
1,000,000
—
—
37,500
500
—
—
—
100
500
500
93

2011 Certified Annual Financial Report

Transcription

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