palominas elementary school district no. 49

Transcription

PALOMINAS ELEMENTARY
SCHOOL DISTRICT NO. 49
Comprehensive Annual Financial Report
Fiscal Year Ended June 30, 2012
10385 East Highway 92 – P. O. Box 38 ▪ Hereford, Arizona 85615
PALOMINAS ELEMENTARY SCHOOL DISTRICT NO. 49
HEREFORD, ARIZONA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
Issued by:
Business and Finance Department
TABLE OF CONTENTS
INTRODUCTORY SECTION
Page
Letter of Transmittal
i
Organizational Chart
v
List of Principal Officials
vi
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT
1
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
(Required Supplementary Information)
5
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:
Statement of Net Assets
18
Statement of Activities
19
Fund Financial Statements:
Balance Sheet – Governmental Funds
22
Reconciliation of the Balance Sheet –
Governmental Funds to the Statement of Net Assets
25
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds
26
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances – Governmental Funds to the
Statement of Activities
28
TABLE OF CONTENTS (Cont’d)
FINANCIAL SECTION (Cont’d)
Page
BASIC FINANCIAL STATEMENTS (Concl’d)
Statement of Fiduciary Assets and Liabilities
Notes to Financial Statements
29
30
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES – BUDGET AND ACTUAL
General Fund
46
Note to Required Supplementary Information
47
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND
SCHEDULES
Governmental Funds:
Combining Balance Sheet – All Non-Major Governmental Funds –
By Fund Type
52
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances – All Non-Major Governmental Funds – By Fund Type
53
Special Revenue Funds:
Combining Balance Sheet
56
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
62
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances – Budget and Actual
66
TABLE OF CONTENTS (Cont’d)
FINANCIAL SECTION (Concl’d)
Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND
SCHEDULES (Concl’d)
Capital Projects Funds:
Combining Balance Sheet
86
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
88
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances – Budget and Actual
90
Agency Funds:
Combining Statement of Fiduciary Assets and Liabilities
98
Combining Statement of Changes in Fiduciary Assets and Liabilities
99
STATISTICAL SECTION
Financial Trends:
Net Assets by Component
103
Expenses, Program Revenues, and Net (Expense)/Revenue
104
General Revenues and Total Changes in Net Assets
105
Fund Balances – Governmental Funds
106
Governmental Funds Revenues
107
Governmental Funds Expenditures and Debt Service Ratio
108
Other Financing Sources and Uses and Net Changes in Fund
Balances – Governmental Funds
109
TABLE OF CONTENTS (Concl’d)
STATISTICAL SECTION (Concl’d)
Page
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property
110
Direct and Overlapping Property Tax Rates
111
Principal Property Taxpayers
112
Property Tax Levies and Collections
113
Debt Capacity:
Direct and Overlapping Governmental Activities Debt
114
Legal Debt Margin Information
115
Demographic and Economic Information:
County-Wide Demographic and Economic Statistics
116
Principal Employers
117
Operating Information:
Full-Time Equivalent District Employees by Type
118
Operating Statistics
119
Capital Assets Information
120
(This page intentionally left blank)
INTRODUCTORY SECTION
Palominas School District #49
Dr. Steve Poling, Superintendent
December 17, 2012
Citizens and Governing Board
Palominas Elementary School District No. 49
P. O. Box 38
Hereford, AZ 85615
State law mandates that school districts required to undergo an annual single audit publish a
complete set of financial statements presented in conformity with accounting principles generally
accepted in the United States of America and audited in accordance with auditing standards
generally accepted in the United States by a certified public accounting firm licensed in the State
of Arizona. Pursuant to that requirement, we hereby issue the comprehensive annual financial
report of the Palominas Elementary School District No. 49 (District) for the fiscal year ended
June 30, 2012.
This report consists of management’s representations concerning the finances of the District.
Consequently, management assumes full responsibility for the completeness and reliability of all
of the information presented in this report. To provide a reasonable basis for making these
representations, management of the District has established a comprehensive internal control
framework that is designed both to protect the District’s assets from loss, theft, or misuse and to
compile sufficient reliable information for the preparation of the District’s financial statements in
conformity with accounting principles generally accepted in the United States of America.
Because the cost of internal controls should not outweigh their benefits, the District’s
comprehensive framework of internal controls has been designed to provide reasonable rather
than absolute assurance that the financial statements will be free of material misstatement. As
management, we assert that, to the best of our knowledge and belief, this financial report is
complete and reliable in all material respects.
The District’s financial statements have been audited by Heinfeld, Meech & Co., P.C., a certified
public accounting firm. The goal of the independent audit was to provide reasonable assurance
that the financial statements of the District for the fiscal year ended June 30, 2012, are free of
material misstatement. The independent audit involved examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements; assessing the accounting
principles used and significant estimates made by management; and evaluating the overall
financial statement presentation. The independent auditors concluded, based upon the audit, that
there was a reasonable basis for rendering an unqualified opinion that the District’s financial
statements for the fiscal year ended June 30, 2012, are fairly presented in conformity with
accounting principles generally accepted in the United States of America. The independent
auditors’ report is presented as the first component of the financial section of this report.
Educating the whole child with high expectations in a positive, community-based climate.
10391 East Highway 92 Hereford, Arizona 85615 (520) 366-6204 (520) 366-5717 fax
The independent audit of the financial statements of the District was part of a broader, federally
mandated Single Audit as required by the provisions of the Single Audit Act Amendments of
1996 and U.S. Office of Management and Budget Circular A-133, Audits of States, Local
Governments and Non-Profit Organizations designed to meet the special needs of federal grantor
agencies. The standards governing Single Audit engagements require the independent auditor to
report not only on the fair presentation of the financial statements, but also on the District’s
internal controls and compliance with legal requirements, with special emphasis on internal
controls and legal requirements involving the administration of federal awards. These reports are
available in a separately issued Single Audit Reporting Package.
Accounting principles generally accepted in the United States of America require that
management provide a narrative introduction, overview, and analysis to accompany the basic
financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter
of transmittal is designed to complement the MD&A and should be read in conjunction with it.
The District’s MD&A can be found immediately following the report of the independent
auditors.
PROFILE OF THE DISTRICT
The District is one of 24 public school districts located in Cochise County, Arizona. It provides
a program of public education from kindergarten through grade eight, with an estimated average
daily membership of 1,100 students.
The District’s Governing Board is organized under Section 15-321 of the Arizona Revised
Statutes (A.R.S.). Management of the District is independent of other state or local
governments. The County Treasurer collects taxes for the District, but exercises no control over
its expenditures/expenses.
The membership of the Governing Board consists of five members elected by the public. Under
existing statutes, the Governing Board’s duties and powers include, but are not limited to, the
acquisition, maintenance and disposition of school property; the development and adoption of a
school program; and the establishment, organization and operation of schools. The Board also
has broad financial responsibilities, including the approval of the annual budget, and the
establishment of a system of accounting and budgetary controls.
The financial reporting entity consists of a primary government and its component units. A
component unit is a legally separate entity that must be included in the reporting entity in
conformity with generally accepted accounting principles. The District is a primary government
because it is a special-purpose government that has a separately elected governing body, is
legally separate, and is fiscally independent of other state or local governments. Furthermore,
there are no component units combined with the District for financial statement presentation
purposes, and the District is not included in any other governmental reporting entity.
Consequently, the District’s financial statements include only the funds of those organizational
entities for which its elected governing board is financially accountable. The District’s major
operations include education, student transportation, construction and maintenance of District
facilities and food services, technology, and athletic functions.
ii
The annual expenditure budget serves as the foundation for the District’s financial planning and
control. The objective of these budgetary controls is to ensure compliance with legal provisions
embodied in the annual expenditure budget approved by the District’s Governing Board.
The expenditure budget is prepared by fund for all Governmental Funds, and includes function
and object code detail for the General Fund and some Special Revenue and Capital Projects
Funds. The legal level of budgetary control (that is, the level at which expenditures cannot
exceed the appropriated amount) is established at the individual fund level for all funds. Funds
that are not required to legally adopt a budget may have overexpenditures of budgeted funds.
The budget for these funds is simply an estimate and does not prevent the District from
exceeding the budget as long as the necessary revenue is earned. The District is not required to
prepare an annual budget of revenue; therefore, a deficit budgeted fund balance may be
presented. However, this does not affect the District’s ability to expend monies.
Palominas Elementary School District No. 49 is located about 90 miles southeast of Tucson,
Arizona in Hereford, Arizona in southwestern Cochise County. Palominas School District is a
rural school district serving the communities between Sierra Vista, Tombstone, and Bisbee. The
District encompasses 192 square miles. The District has three excellent schools to meet the
educational needs of the community. After educating students in grades pre-kindergarten through
eighth grade, Palominas School District sends students to one of three local high schools at the
choice of the family: Buena High School, Tombstone High School, or Bisbee High School. The
District has a long history of high quality education and high standards for student behavior.
Palominas is among the highest rated school districts in the State of Arizona. In 2012, the
Arizona Department of Education rated the Palominas School District as an ‘A’ school district
based on student academic performance. Palominas School District has award-winning teachers
with recent honorees being the finalist for 2012 Cochise County Teacher of the Year and 2011
winner of Cochise County Teacher of the Year.
FACTORS AFFECTING FINANCIAL CONDITION
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the District
operates.
Local Economy. Palominas School District is located in a rural area that supports the local
economies of Bisbee, Tombstone, and Sierra Vista. The District has very few businesses located
within the District boundaries and is mostly comprised of wide-open spaces, ranches, and singlefamily homes on four acre lots. The District is the major employer within the District
boundaries.
Long-term Financial Planning Palominas School District is in the process of conducting
energy audits in order to evaluate the energy needs of the District. The plan is to develop a
comprehensive energy plan and upgrade equipment in order to improve efficiencies in this area.
In August of 2012, the District completed a major project of overhauling the septic systems on
the campus of Palominas School. The District is in the process of evaluating needs and
upgrading equipment and services for Technology and Transportation departments.
iii
The District takes great care of all that is entrusted to it for educating the students. The District
follows a plan approved by the State Facilities Board for preventative maintenance in order to
keep buildings and grounds functioning for the students and staff. The District is striving to
fulfill their vision of “Educating the whole child with high expectations in a positive,
community-based climate.” The District is working toward adopted goals of increasing student
achievement, transitioning to the Common Core Standards, and increasing technology usage
with students and staff in order to prepare students for a 21st century global society. Student
attendance has remained relatively stable in recent years. The District does have some space for
student growth as well as land available to build additional classrooms and/or school sites.
ACKNOWLEDGMENT
Acknowledgments. The preparation of the comprehensive annual financial report on a timely
basis was made possible by the dedicated service of the entire staff of the business and finance
department. Each member of the department has our sincere appreciation for the contributions
made in the preparation of this report.
In closing, without the leadership and support of the Governing Board of the District, preparation
of this report would not have been possible.
Respectfully submitted,
Steve Poling, Ed.D.
Superintendent
Sharon Flores
Business Manager
iv
Organizational Chart
Fiscal year 2011-12
v
LIST OF PRINCIPAL OFFICIALS
GOVERNING BOARD
Martie Payne
President
Carolyn Calderon
Clerk
Bo Hall
Member
Vicky Pickett
Member
Sheila Ritter
Member
ADMINISTRATIVE STAFF
Steve Poling, Ed.D.
Superintendent
Sharon Flores
Business Manager
vi
FINANCIAL SECTION
3033 N. Central Ave., Suite 300
Phoenix, Arizona 85012
Tel (602) 277-9449
Fax (602) 277-9297
INDEPENDENT AUDITORS’ REPORT
Governing Board
We have audited the accompanying financial statements of the governmental activities, each
major fund, and the aggregate remaining fund information of Palominas Elementary School
District No. 49 (District), as of and for the year ended June 30, 2012, which collectively
comprise the District’s basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the District’s management. Our responsibility is to
express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and the significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, each major fund, and the
aggregate remaining fund information of the Palominas Elementary School District No. 49, as of
June 30, 2012, and the respective changes in financial position thereof for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
December 17, 2012, on our consideration of Palominas Elementary School District No. 49’s
internal control over financial reporting and on our tests of its compliance with certain provisions
of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the internal control
over financial reporting or on compliance. That report is an integral part of an audit performed
in accordance with Government Auditing Standards and should be considered in assessing the
results of our audit.
TUCSON • PHOENIX • FLAGSTAFF • ALBUQUERQUE
www.heinfeldmeech.com
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis on pages 5 through 14 and budgetary comparison
information on pages 46 and 47 be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board, who considers it to be an essential part of financial
reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of
America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management’s responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the
basic financial statements. We do not express an opinion or provide any assurance on the
information because the limited procedures do not provide us with sufficient evidence to express
an opinion or provide any assurance.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the District’s financial statements as a whole. The accompanying
supplementary information such as the introductory section, combining and individual fund
financial statements and schedules, and statistical section are presented for purposes of additional
analysis and are not a required part of the financial statements. The combining and individual
fund financial statements and schedules are the responsibility of management and were derived
from and relate directly to the underlying accounting and other records used to prepare the
financial statements. The information has been subjected to the auditing procedures applied in
the audit of the financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to
prepare the financial statements or to the financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the information is fairly stated in all material respects in relation to the
financial statements as a whole. The introductory and statistical sections have not been subjected
to the auditing procedures applied in the audit of the basic financial statements and, accordingly,
we do not express an opinion or provide any assurance on them.
HEINFELD, MEECH & CO., P.C.
CPAs and Business Consultants
December 17, 2012
Page 2
Page 3
Page 4
YEAR ENDED JUNE 30, 2012
As management of the Palominas Elementary School District No. 49 (District), we offer readers
of the District’s financial statements this narrative overview and analysis of the financial
activities of the District for the fiscal year ended June 30, 2012. We encourage readers to
consider the information presented here in conjunction with additional information that we have
furnished in our letter of transmittal, which can be found in the introductory section of this
report.
FINANCIAL HIGHLIGHTS

The District’s total net assets of governmental activities increased $441,552 which
represents a 4 percent increase from the prior fiscal year.

General revenues accounted for $10.0 million in revenue, or 87 percent of all current
fiscal year revenues. Program specific revenue in the form of charges for services and
grants and contributions accounted for $1.4 million or 13 percent of total current fiscal
year revenues.

The District had approximately $11.0 million in expenses related to governmental
activities, an increase of less than one percent from the prior fiscal year.

Among major funds, the General Fund had $8.8 million in current fiscal year revenues,
which primarily consisted of state aid and property taxes, and $8.9 million in
expenditures. The General Fund’s fund balance decrease from $1.4 million at the prior
fiscal year end to $1.3 million at the end of the current fiscal year was primarily due to a
14 percent reduction in state equalization assistance from the prior fiscal year.

The Building Renewal Grant Fund had $398,068 in state revenue and capital outlay
expenditures as a result of construction on the District’s septic system funded by the
School Facilities Board.
OVERVIEW OF FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the District’s basic
financial statements. The District’s basic financial statements comprise three components: 1)
government-wide financial statements, 2) fund financial statements, and 3) notes to the financial
statements. This report also contains other supplementary information in addition to the basic
financial statements themselves.
Page 5
OVERVIEW OF FINANCIAL STATEMENTS (Cont’d)
Government-wide financial statements. The government-wide financial statements are
designed to provide readers with a broad overview of the District’s finances, in a manner similar
to a private-sector business. The accrual basis of accounting is used for the government-wide
financial statements.
The statement of net assets presents information on all of the District’s assets and liabilities, with
the difference between the two reported as net assets. Over time, increases or decreases in net
assets may serve as a useful indicator of whether the financial position of the District is
improving or deteriorating.
The statement of activities presents information showing how the District’s net assets changed
during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused compensated
absences).
The government-wide financial statements outline functions of the District that are principally
supported by property taxes and intergovernmental revenues. The governmental activities of the
District include instruction, support services, operation and maintenance of plant services,
student transportation services, and operation of non-instructional services.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The
District uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements. All of the funds of the District can be divided into two categories: governmental
funds and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements use the modified accrual basis of accounting and focus on near-term inflows of
spendable resources, as well as on balances of spendable resources available at the end of the
fiscal year. Such information may be useful in evaluating the District’s near-term financing
requirements.
Page 6
OVERVIEW OF FINANCIAL STATEMENTS (Concl’d)
Because the focus of governmental funds is narrower than that of the government-wide
financial statements, it is useful to compare the information presented for governmental
funds with similar information presented for governmental activities in the government-wide
financial statements. By doing so, readers may better understand the long-term impact of the
District’s near-term financing decisions. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures and changes in fund balances provide
a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
Information is presented separately in the governmental fund balance sheet and in the
governmental fund statement of revenues, expenditures and changes in fund balances for the
General, Unrestricted Capital Outlay, and Building Renewal Grant Funds, all of which are
considered to be major funds. Data from the other governmental funds are combined into a
single, aggregated presentation. Individual fund data for each of these non-major
governmental funds is provided in the form of combining statements and schedules.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of
parties outside the District. Fiduciary funds are not reflected in the government-wide
financial statements because the resources of those funds are not available to support the
District’s own programs. Due to their custodial nature, the fiduciary funds do not have a
measurement focus.
Notes to the financial statements. The notes provide additional information that is essential to
a full understanding of the data provided in the government-wide and fund financial statements.
The notes to the financial statements can be found immediately following the basic financial
statements.
Other information. In addition to the basic financial statements and accompanying notes, this
report also presents certain required supplementary information concerning the District’s budget
process. The District adopts an annual expenditure budget for all governmental funds. A
schedule of revenues, expenditures and changes in fund balances – budget and actual has been
provided for the General Fund as required supplementary information.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net assets may serve over time as a useful indicator of a government’s financial position. In the
case of the District, assets exceeded liabilities by $11.8 million at the current fiscal year end.
Page 7
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d)
The largest portion of the District’s net assets reflects its investment in capital assets (e.g., land
and improvements, buildings and improvements, and vehicles, furniture and equipment.) The
District uses these capital assets to provide services to its students; consequently, these assets are
not available for future spending. The District does not have any debt related to the acquisition
of capital assets.
The following table presents a summary of the District’s net assets for the fiscal years ended
June 30, 2012 and June 30, 2011.
Current assets
Capital assets, net
Total assets, net
Current liabilities
Long-term liabilities
Total liabilities
Net assets:
Invested in capital assets
Restricted
Unrestricted
Total net assets
As of
June 30, 2012
$ 3,802,764
8,869,477
12,672,241
As of
June 30, 2011
$
3,225,108
8,813,478
12,038,586
698,651
174,206
872,857
493,990
186,764
680,754
8,869,477
1,480,296
1,449,611
$ 11,799,384
8,813,478
1,150,811
1,393,543
11,357,832
$
At the end of the current fiscal year the District reported positive balances in all three categories
of net assets. The same situation held true for the prior fiscal year.
The District’s financial position is the product of several financial transactions including the net
result of activities, the acquisition and payment of debt, the acquisition and disposal of capital
assets, and the depreciation of capital assets. The following are significant current year
transactions that had an impact on the Statement of Net Assets.

The addition of $523,160 in capital assets through school improvements and purchases of
vehicles, furniture and equipment.

The addition of $464,106 in accumulated depreciation.

The increase of $232,247 in cash and investments was primarily due to revenues
unexpended as of year end.
Page 8
Changes in net assets. The District’s total revenues for the current fiscal year were $11.4
million. The total cost of all programs and services was $11.0 million. The following table
presents a summary of the changes in net assets for the fiscal years ended June 30, 2012 and
June 30, 2011.
Revenues:
Program revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues:
Property taxes
Investment income
Unrestricted county aid
Unrestricted state aid
Unrestricted federal aid
Total revenues
Expenses:
Instruction
Support services – students and staff
Support services – administration
Operation and maintenance of plant services
Student transportation services
Operation of non-instructional services
Total expenses
Change in net assets
Net assets, beginning
Net assets, ending
Page 9
Fiscal Year
Ended
June 30, 2012
Fiscal Year
Ended
June 30, 2011
$
$
231,355
1,122,047
91,728
3,069,801
11,215
349,435
6,481,897
37,677
11,395,155
$
$
156,378
1,016,864
11,742
3,058,169
4,489
295,710
6,820,908
157,792
11,522,052
6,890,484
6,706,912
811,637
820,270
944,308
1,001,527
1,034,670
1,047,638
889,187
1,032,257
344,295
344,999
10,953,603
10,914,581
607,471
441,552 $
11,357,832
10,750,361
11,799,384 $ 11,357,832
Expenses
$7
$6
Millions
$5
$4
$3
$2
$1
$0
FY2011-12
FY2010-11
The following are significant current year transactions that have had an impact on the change in
net assets.



The $339,011 decrease in unrestricted state aid was due to state-wide budget cuts.
The decrease of $120,115 of unrestricted federal aid was primarily due to the District no
longer receiving state Fiscal Stabilization monies under the American Recovery and
Reinvestment Act (ARRA) of 2009.
The $143,070 increase in student transportation services was due to an increase to hourly
wages for transportation workers as well as an increase in fuel prices.
Page 10
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Concl’d)
The following table presents the cost of the District’s major functional activities. The table also
shows each function’s net cost (total cost less charges for services generated by the activities and
intergovernmental aid provided for specific programs). The net cost shows the financial burden
that was placed on the State and District’s taxpayers by each of these functions.
Year Ended June 30, 2012
Total
Net (Expense)/
Expenses
Revenue
Instruction
$ 6,706,912 $ (5,816,832)
820,270
(750,011)
1,001,527
(984,184)
1,047,638
(949,499)
1,032,257
(1,032,257)
344,999
24,310
Total
$ 10,953,603 $ (9,508,473)
Year Ended June 30, 2011
Total
Net (Expense)/
Expenses
Revenue
$ 6,890,484 $ (6,204,217)
811,637
(714,554)
944,308
(933,507)
1,034,670
(972,445)
889,187
(889,187)
344,295
(15,687)
$ 10,914,581 $ (9,729,597)

The cost of all governmental activities this year was $11.0 million.

Federal and State governments and charges for services subsidized certain programs with
grants and contributions and other local revenues of $1.4 million.

Net cost of governmental activities of $9.5 million was financed by general revenues,
which are made up of primarily property taxes of $3.1 million and state and county aid of
$6.8 million.
FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS
As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental funds. The focus of the District’s governmental funds is to provide information
on near-term inflows, outflows, and balances of spendable resources. Such information is useful
in assessing the District’s financing requirements. In particular, unassigned fund balance may
serve as a useful measure of the District’s net resources available for spending at the end of the
fiscal year.
The financial performance of the District as a whole is reflected in its governmental funds. As
the District completed the year, its governmental funds reported a combined fund balance of $2.9
million, an increase of $242,361.
Page 11
FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS (Concl’d)
The General Fund comprises 45 percent of the total fund balance. Approximately $1.3 million,
or 97 percent of the General Fund’s fund balance constitutes unassigned fund balance.
The General Fund is the principal operating fund of the District. The decrease in fund balance of
$74,379 to $1.3 million as of fiscal year end was a result of a 14 percent reduction in state
equalization assistance. General Fund revenues decreased $1.1 million and General Fund
expenditures decreased $58,160.
Revenues in the Unrestricted Capital Outlay Fund increased $101,930 as a result of an increase
in the allocation of property taxes to the fund compared to the prior fiscal year.
The Building Renewal Grant Fund, a new fund, had state aid and grants and capital outlay
expenditures of $398,068 as a result of a construction project on the District's septic system
which was funded by the School Facilities Board.
BUDGETARY HIGHLIGHTS
Over the course of the year, the District revised the General Fund annual expenditure budget for
state-wide budget cuts and a reduction in student attendance. The difference between the
original budget and the final amended budget was a $76,561 decrease, or one percent.
Significant variances for the final amended budget and actual revenues resulted from the District
not being required by the State of Arizona to prepare a revenue budget. A schedule showing the
original and final budget amounts compared to the District’s actual financial activity for the
General Fund is provided in this report as required supplementary information. The unfavorable
variance of $63,377 in student transportation services was a result of an increase to hourly wages
in the transportation department.
Page 12
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets. At year end, the District had invested $16.4 million in capital assets, including
school buildings, athletic facilities, buses and other vehicles, computers, and other equipment.
This amount represents a net increase prior to depreciation of $508,302 from the prior fiscal
year. Total depreciation expense for the current fiscal year was $464,106.
The following schedule presents a summary of capital asset balances for the fiscal years ended
June 30, 2012 and June 30, 2011.
Capital assets – non-depreciable
Capital assets – depreciable, net
Total
As of
June 30, 2012
$
380,027
8,489,450
$
8,869,477
As of
June 30, 2011
$
380,027
8,433,451
$ 8,813,478
Additional information on the District’s capital assets can be found in Note 6.
Debt Administration. At year end, the District had no outstanding debt.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES
Many factors were considered by the District’s administration during the process of developing
the fiscal year 2012-13 budget. Among them:


Reduced District student population.
Cuts to the state budget.
Also considered in the development of the budget is the local economy and inflation of the
surrounding area.
Budgeted expenditures in the General Fund decreased 3 percent to $8.7 million in fiscal year
2012-13. State aid and property taxes are expected to be the primary funding sources.
Page 13
CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, and investors and creditors
with a general overview of the District’s finances and to demonstrate the District’s accountability
for the resources it receives. If you have questions about this report or need additional
information, contact the Business and Finance Department, Palominas Elementary School
District No. 49, P. O. Box 38, Hereford, Arizona 85615.
Page 14
BASIC FINANCIAL STATEMENTS
Page 15
Page 16
GOVERNMENT-WIDE FINANCIAL STATEMENTS
Page 17
STATEMENT OF NET ASSETS
JUNE 30, 2012
Governmental
Activities
ASSETS
Current assets:
Cash and investments
Property taxes receivable
Due from governmental entities
Deposits
Total current assets
$
Noncurrent assets:
Land
Land improvements
Buildings and improvements
Vehicles, furniture and equipment
Accumulated depreciation
Total noncurrent assets
Total assets
1,053,726
223,312
2,518,373
7,353
3,802,764
380,027
1,227,772
10,726,324
4,055,383
(7,520,029)
8,869,477
12,672,241
LIABILITIES
Current liabilities:
Accounts payable
Construction contracts payable
Accrued payroll and employee benefits
Compensated absences payable
Unearned revenues
Total current liabilities
50,213
287,157
298,347
50,500
62,934
749,151
Noncurrent liabilities:
Non-current portion of long-term obligations
Total noncurrent liabilities
Total liabilities
123,706
123,706
872,857
NET ASSETS
Restricted for:
Federal and state projects
Food service
Other local initiatives
Capital outlay
Unrestricted
Total net assets
8,869,477
$
338,633
149,566
175,466
816,631
1,449,611
11,799,384
The notes to the basic financial statements are an integral part of this statement.
Page 18
STATEMENT OF ACTIVITIES
Net (Expense)
Revenue and
Changes in Net
Assets
Program Revenues
Functions/Programs
Governmental activities:
Instruction
Support services - students and staff
Support services - administration
Operation and maintenance
of plant services
Total governmental activities
Charges for
Services
Expenses
$
$
6,706,912 $
820,270
1,001,527
1,047,638
1,032,257
344,999
10,953,603 $
Operating
Grants and
Contributions
66,619 $
Capital Grants
and
Contributions
731,733 $
70,259
17,343
40,130
58,009
124,606
231,355 $
244,703
1,122,047 $
Governmental
Activities
91,728 $
(949,499)
(1,032,257)
24,310
(9,508,473)
91,728
General revenues:
Taxes:
Property taxes, levied for general purposes
Property taxes, levied for capital outlay
Investment income
Total general revenues
2,981,453
88,348
11,215
349,435
6,481,897
37,677
9,950,025
441,552
Changes in net assets
11,357,832
Net assets, beginning of year
Net assets, end of year
Page 19
(5,816,832)
(750,011)
(984,184)
$
11,799,384
Page 20
FUND FINANCIAL STATEMENTS
Page 21
BALANCE SHEET - GOVERNMENTAL FUNDS
JUNE 30, 2012
General
ASSETS
Property taxes receivable
Due from other funds
Deposits
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Construction contracts payable
Due to other funds
Deferred revenues
Total liabilities
$
Unrestricted
Capital Outlay
Building
Renewal Grant
$
169,039
6,489
80,481
426,674
$
682,683
$
216,823
1,967,880
$
2,184,703
$
$
41,479
$
287,162
$
34,112
1,251,863
1,285,975
$
2,184,703
$
4,767
4,767
287,157
677,916
5
677,916
5
682,683
Page 22
287,157
287,157
426,674
266,379
164,196
898,728
Fund balances (deficits):
Restricted
Assigned
Unassigned
Total fund balances
Total liabilities and fund balances
5
$
287,162
Non-Major
Governmental
Funds
Total
Governmental
Funds
$
884,682
$
$
182,855
19,604
7,353
1,094,494
$
$
8,734
$
$
1,053,726
223,312
2,518,373
446,278
7,353
4,249,042
19,604
31,968
114,051
174,357
50,213
287,157
446,278
298,347
283,014
1,365,009
746,491
173,717
(71)
920,137
1,424,412
207,829
1,251,792
2,884,033
1,094,494
Page 23
$
4,249,042
Page 24
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2012
Total governmental fund balances
$
2,884,033
Amounts reported for governmental activities in the Statement of
Net Assets are different because:
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the funds.
Governmental capital assets
Less accumulated depreciation
$ 16,389,506
(7,520,029)
8,869,477
Some revenues will not be available to pay for current period
expenditures and, therefore, are deferred in the funds.
Property taxes
Intergovernmental
168,963
51,117
220,080
Long-term liabilities are not due and payable in the current
period and, therefore, are not reported in the funds.
Net assets of governmental activities
Page 25
(174,206)
$
11,799,384
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
General
Revenues:
Other local
Property taxes
State aid and grants
Federal aid, grants and reimbursements
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Building
Renewal Grant
$
$
12,461
83,339
230,645
Other financing sources (uses):
Transfers in
Transfers out
Total other financing sources (uses):
398,068
326,445
398,073
8,897,185
88,442
88,442
398,068
398,068
(84,591)
238,003
5
(74,379)
238,003
5
1,360,354
439,913
10,212
10,212
Changes in fund balances
Fund balances, beginning of year
$
1,285,975
$
677,916
Page 26
5
5,365,491
733,103
931,147
895,529
958,536
13,379
Excess (deficiency) of revenues over expenditures
Fund balances, end of year
359,807
2,866,628
5,535,478
50,681
8,812,594
Unrestricted
Capital Outlay
$
5
Non-Major
Governmental
Funds
Total
Governmental
Funds
$
$
261,913
429
362,034
1,103,033
1,727,409
634,186
2,950,396
6,526,225
1,153,714
11,264,521
953,745
71,864
21,159
19,253
6,075
318,004
248,365
1,638,465
6,319,236
804,967
952,306
914,782
964,611
331,383
734,875
11,022,160
88,944
242,361
10,212
(10,212)
(10,212)
(10,212)
$
Page 27
78,732
242,361
841,405
2,641,672
920,137
$
2,884,033
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
Net changes in fund balances - total governmental funds
$
242,361
Amounts reported for governmental activities in the Statement of Activities are
different because:
Governmental funds report the portion of capital outlay for capitalized assets as expenditures.
However, in the Statement of Activities, the costs of those assets are allocated over their
estimated useful lives as depreciation expense.
Expenditures for capitalized assets
Less current year depreciation
$
523,160
(464,106)
59,054
119,405
11,229
130,634
Some revenues in the Statement of Activities that do not provide current financial
resources are not reported as revenues in the funds.
Property taxes
Intergovernmental
Some expenses reported in the Statement of Activities do not require the use of
current financial resources and, therefore, are not reported as expenditures in
governmental funds.
Loss on disposal of capital assets
Compensated absences
(3,055)
12,558
Change in net assets in governmental activities
Page 28
9,503
$
441,552
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
JUNE 30, 2012
Agency
ASSETS
Total assets
LIABILITIES
Deposits held for others
Due to student groups
Total liabilities
$
$
41,226
41,226
$
26,622
14,604
41,226
$
Page 29
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Palominas Elementary School District No. 49 (District) have
been prepared in conformity with accounting principles generally accepted in the United
States of America as applied to government units. The Governmental Accounting Standards
Board (GASB) is the accepted standard-setting body for establishing governmental
accounting and financial reporting principles.
The more significant of the District’s accounting policies are described below.
A. Reporting Entity
The Governing Board is organized under Section 15-321 of the Arizona Revised Statutes
(A.R.S.). Management of the District is independent of other state or local governments.
The County Treasurer collects taxes for the District, but exercises no control over its
expenditures/expenses.
The membership of the Governing Board consists of five members elected by the public.
Under existing statutes, the Governing Board’s duties and powers include, but are not limited
to, the acquisition, maintenance and disposition of school property; the development and
adoption of a school program; and the establishment, organization and operation of schools.
The Board also has broad financial responsibilities, including the approval of the annual
budget, and the establishment of a system of accounting and budgetary controls.
The financial reporting entity consists of a primary government and its component units. A
component unit is a legally separate entity that must be included in the reporting entity in
conformity with generally accepted accounting principles. The District is a primary
government because it is a special-purpose government that has a separately elected
governing body, is legally separate, and is fiscally independent of other state or local
governments. Furthermore, there are no component units combined with the District for
financial statement presentation purposes, and the District is not included in any other
governmental reporting entity. Consequently, the District’s financial statements include only
the funds of those organizational entities for which its elected governing board is financially
accountable. The District’s major operations include education, student transportation,
construction and maintenance of District facilities and food services.
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the statement
of activities) present financial information about the District as a whole. The reported
information includes all of the nonfiduciary activities of the District. For the most part, the
effect of internal activity has been removed from these statements. These statements are to
distinguish between the governmental and business-type activities of the District.
Page 30
JUNE 30, 2012
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Governmental activities normally are supported by taxes and intergovernmental revenues,
and are reported separately from business-type activities, which rely to a significant extent on
fees and charges for support. The District does not have any business-type activities.
The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenues. Direct expenses are those that are
clearly identifiable with a specific function or segment. Program revenues include 1) charges
to customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function or segment and 2) grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function or
segment. Taxes, unrestricted Federal, State and County aid, and other items not included
among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds and fiduciary funds, even
though the latter are excluded from the government-wide financial statements. Major
individual governmental funds are reported as separate columns in the fund financial
statements.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
Government-Wide Financial Statements – The government-wide financial statements are
reported using the economic resources measurement focus and the accrual basis of
accounting. Revenues are recorded when earned and expenses are recorded when a liability
is incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the year for which they are levied. Grants and similar items are recognized as
revenue as soon as all eligibility requirements imposed by the grantor or provider have been
met. As a general rule, the effect of internal activity has been eliminated from the
government-wide financial statements; however, the effects of interfund services provided
and used between functions are reported as expenses and program revenues at amounts
approximating their external exchange value.
Fund Financial Statements – Governmental fund financial statements are reported using the
current financial resources measurement focus and the modified accrual basis of accounting.
Revenues are recognized as soon as they are both measurable and available. Revenues are
considered to be available when they are collectible within the current period or soon enough
thereafter to pay liabilities of the current period. For this purpose, the District considers
revenues to be available if they are collected within 60 days of the end of the current fiscal
period. Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service resources are provided during the current year for
payment of long-term debt principal and interest due early in the following year (not to
exceed one month) and, therefore, the expenditures and related liabilities have been
recognized. Compensated absences are recorded only when payment is due.
Page 31
JUNE 30, 2012
Property taxes, State and County aid, tuition and investment income associated with the
current fiscal period are all considered to be susceptible to accrual and have been recognized
as revenues of the current fiscal period. Food services and miscellaneous revenues are not
susceptible to accrual because generally they are not measurable until received in cash.
Grants and similar awards are recognized as revenue as soon as all eligibility requirements
imposed by the grantor or provider have been met. Deferred revenues arise when resources
are received by the District before it has legal claim to them, as when grant monies are
received prior to meeting all eligibility requirements imposed by the provider.
Delinquent property taxes and other receivables that will not be collected within the available
period have been reported as deferred revenue on the governmental fund financial
statements.
The focus of governmental fund financial statements is on major funds rather than reporting
funds by type. Each major fund is presented in a separate column. Non-major funds are
aggregated and presented in a single column. Fiduciary funds are reported by fund type.
The District reports the following major governmental funds:
General Fund – The General Fund is the District’s primary operating fund. It accounts
for all resources used to finance District maintenance and operation except those required
to be accounted for in other funds. The General Fund includes the District’s Maintenance
and Operation Fund as well as the Medicaid Reimbursement, National Forest Fees,
Taylor Grazing Fees, Impact Aid, School Plant, Auxiliary Operations, and Indirect Costs
Funds. These funds are maintained as separate funds for accounting and budgetary
purposes but do not meet the criteria for separate reporting in the financial statements.
Unrestricted Capital Outlay Fund – The Unrestricted Capital Outlay Fund accounts for
transactions relating to the acquisition of capital items.
Building Renewal Grant Fund – The Building Renewal Grant Fund accounts for building
renewal grant monies that districts may request from the School Facilities Board.
Page 32
JUNE 30, 2012
Additionally, the District reports the following fund type:
Fiduciary Funds – The Fiduciary Funds are Agency Funds which account for resources
held by the District on behalf of others. This fund type includes the Student Activities
Fund, which accounts for monies raised by students to finance student clubs and
organizations held by the District as an agent. In addition, funds that account for
employee withholdings before the monies are remitted to the appropriate entities are
included in the Agency Funds.
The agency funds are custodial in nature and do not have a measurement focus and are
reported on the accrual basis of accounting. The agency funds are reported by fund type.
D. Cash and Investments
A.R.S. require the District to deposit certain cash with the County Treasurer. That cash is
pooled for investment purposes, except for cash of the Debt Service and Bond Building
Funds that may be invested separately. Interest earned from investments purchased with
pooled monies is allocated to each of the District’s funds based on their average balances.
All investments are stated at fair value.
E. Investment Income
Investment income is composed of interest, dividends, and net changes in the fair value of
applicable investments. Investment income is included in other local revenue in the fund
financial statements.
F. Receivables and Payables
Activity between funds that is representative of lending/borrowing arrangements outstanding
at the end of the fiscal year is referred to as either “due to/from other funds” (i.e., the current
portion of interfund loans) or “advances to/from other funds” (i.e., the non-current portion of
interfund loans). All other outstanding balances between funds are reported as “due to/from
other funds.”
All receivables, including property taxes receivable, are shown net of an allowance for
uncollectibles.
Page 33
JUNE 30, 2012
G. Property Tax Calendar
Property tax levies are obtained by applying tax rates against either the primary assessed
valuation or the secondary assessed valuation. Primary and secondary valuation categories
are composed of the exact same properties. However, the primary category limits the
increase in property values to 10% from the previous year, while there is no limit to the
increase in property values for secondary valuation. Override and debt service tax rates are
applied to the secondary assessed valuation and all other tax rates are applied to the primary
assessed valuation.
The County levies real property taxes on or before the third Monday in August, which
become due and payable in two equal installments. The first installment is due on the first
day of October and becomes delinquent after the first business day of November. The
second installment is due on the first day of March of the next year and becomes delinquent
after the first business day of May. The billings are considered past due after these dates, at
which time the applicable property is subject to penalties and interest.
The County also levies various personal property taxes during the year, which are due the
second Monday of the month following receipt of the tax notice, and become delinquent 30
days thereafter.
Pursuant to A.R.S., a lien against assessed real and personal property attaches on the first day
of January preceding assessment and levy; however according to case law, an enforceable
legal claim to the asset does not arise.
H. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in both the government-wide and fund financial statements.
Prepaid items are recorded as expenses when consumed in the government-wide financial
statements and as expenditures when purchased in the fund financial statements.
I. Capital Assets
Capital assets, which include land and improvements, buildings and improvements; and
vehicles, furniture, and equipment, are reported in the government-wide financial statements.
Page 34
JUNE 30, 2012
Capital assets are defined by the District as assets with an initial, individual cost in excess of
$5,000 and an estimated useful life of more than one year. Such assets are recorded at
historical cost, or estimated historical cost if actual historical cost is not available. Donated
capital assets are recorded at the estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend the life of the asset are not capitalized.
Capital assets are depreciated using the straight-line method over the following estimated
useful lives:
Land improvements
10 – 50 years
10 – 50 years
5 – 20 years
J. Compensated Absences
The District’s employee vacation and sick leave policies generally provide for granting
vacation and sick leave with pay. Full-time certified employees earn twelve days of sick
leave each contract year. Full-time classified employees earn sick leave at the rate of one
day per month. In the event of termination, an employee is reimbursed for accrued sick leave
at varying rates depending on position of classified or certified and the number of sick days
accumulated. All twelve-month classified employees earn vacation; however, accumulated
vacation as of June 30 reverts to sick leave on July 1. The current and long-term liabilities,
including related benefits, for accumulated vacation and sick leave are reported on the
government-wide financial statements. A liability for these amounts is reported in
governmental funds only if they have matured, for example, as a result of employee leave,
resignations and retirements. Generally, resources from the General Fund are used to pay for
compensated absences.
K. Long-term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations
are reported as liabilities on the statement of net assets. Bond premiums and discounts, as
well as issuance costs and the difference between the reacquisition price and the net carrying
amount of the old debt, are deferred and amortized over the life of the bonds using the
straight-line method over the term of the related debt.
Page 35
JUNE 30, 2012
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concl’d)
L. Interfund Activity
Flows of cash from one fund to another without a requirement for repayment are reported as
interfund transfers. Interfund transfers between governmental funds are eliminated in the
Statement of Activities. Interfund transfers in the fund financial statements are reported as
other financing sources/uses in governmental funds.
M. Estimates
The preparation of the financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results may differ from those estimates.
NOTE 2 – FUND BALANCE CLASSIFICATIONS
Fund balances of the governmental funds are reported separately within classifications based
on a hierarchy of the constraints placed on the use of those resources. The classifications are
based on the relative strength of the constraints that control how the specific amounts can be
spent. The classifications are nonspendable, restricted, and unrestricted, which includes
committed, assigned, and unassigned fund balance classifications.
Nonspendable. The nonspendable fund balance classification includes amounts that cannot
be spent because they are not in spendable form, or legally or contractually required to be
maintained intact.
Restricted. Fund balance is reported as restricted when constraints placed on the use of
resources are either externally imposed by creditors (such as through debt covenants),
grantors, contributors, or laws or regulations of other governments or is imposed by law
through constitutional provisions or enabling legislation.
Committed. The committed fund balance classification includes amounts that can be used
only for the specific purposes imposed by formal action of the Governing Board. Those
committed amounts cannot be used for any other purpose unless the Governing Board
removes or changes the specified use by taking the same type of action it employed to
previously commit those amounts. The District does not have a formal policy or procedures
for the utilization of committed fund balance, accordingly, no committed fund balance
amounts are reported.
Page 36
JUNE 30, 2012
NOTE 2 – FUND BALANCE CLASSIFICATIONS (Concl’d)
Assigned. Amounts in the assigned fund balance classification are intended to be used by the
District for specific purposes but do not meet the criteria to be classified as restricted or
committed. In governmental funds other than the General Fund, assigned fund balance
represents the remaining amount that is not restricted or committed. In the General Fund,
assigned amounts represent intended uses established by the Governing Board or the
Business Manager, who has been delegated that authority by the formal Governing Board
action.
Unassigned. Unassigned fund balance is the residual classification for the General Fund and
includes all spendable amounts not contained in the other classifications. In other
governmental funds, the unassigned classification is used only to report a deficit balance
resulting from overspending for specific purposes for which amounts had been restricted,
committed, or assigned.
The District applies restricted resources first when expenditures are incurred for purposes for
which either restricted or unrestricted (committed, assigned, and unassigned) amounts are
available. Similarly, within unrestricted fund balance, committed amounts are reduced first
followed by assigned, and then unassigned amounts when expenditures are incurred for
purposes for which amounts in any of the unrestricted fund balance classifications could be
used.
The table below provides detail of the major components of the District’s fund balance
classifications at year end.
General
Fund
Fund Balances:
Restricted:
Capital projects
Voter approved initiatives
Federal and State projects
Food service
Other purposes
Assigned
Capital projects
Other purposes
Unassigned
Total fund balances
Page 37
$
Unrestricted
Capital Outlay
Fund
$
Building
Renewal Grant
Fund
677,916 $
Non-Major
Governmental
Funds
5 $
133,943
287,460
56
149,566
175,466
173,717
34,112
1,251,863
$ 1,285,975 $
677,916 $
5 $
(71)
920,137
JUNE 30, 2012
NOTE 3 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
Individual Deficit Fund Balance – At year end, the Fingerprint Fund, a non-major
governmental fund, reported a deficit of $71 in fund balance.
The deficit arose because of operations during the year. Additional revenues received in
fiscal year 2012-13 are expected to eliminate the deficit.
Excess Expenditures Over Budget – At year end, the District had expenditures in a fund
that exceeded the budget, however, this does not constitute a violation of any legal
provisions.
NOTE 4 – CASH AND INVESTMENTS
A.R.S. authorize the District to invest public monies in the State Treasurer’s local
government investment pools, the County Treasurer’s investment pool, obligations of the
U.S. Government and its agencies, obligations of the State and certain local government
subdivisions, interest-bearing savings accounts and certificates of deposit, collateralized
repurchase agreements, certain obligations of U.S. corporations, and certain other securities.
The statutes do not include any requirements for credit risk, custodial credit risk,
concentration of credit risk, interest rate risk, or foreign currency risk for the District’s
investments.
Custodial Credit Risk – Deposits. Custodial credit risk is the risk that in the event of bank
failure the District’s deposits may not be returned to the District. The District does not have
a deposit policy for custodial credit risk. At year end, the carrying amount of the District’s
deposits was $44,226 and the bank balance was $48,786.
Page 38
JUNE 30, 2012
NOTE 4 – CASH AND INVESTMENTS (Concl’d)
The State Treasurer’s pools are external investment pools, the Local Government Investment
Pool (Pool 5) and Local Government Investment Pool-Government (Pool 7), with no
regulatory oversight. The pools are not required to register (and are not registered) with the
Securities and Exchange Commission. The activity and performance of the pools are
reviewed monthly by the State Board of Investment. The fair value of each participant’s
position in the State Treasurer investment pools approximates the value of the participant’s
shares in the pool and the participants’ shares are not identified with specific investments.
No regulatory oversight is provided for the County Treasurer’s investment pool and that
pool’s structure does not provide for shares.
At year end, the District’s investments consisted of the following.
County Treasurer’s investment pool
Total
Average Maturities
2.6 years
Fair Value
$ 1,050,726
$ 1,050,726
Interest Rate Risk. The District does not have a formal investment policy that limits
investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates.
Credit Risk. The District has no investment policy that would further limit its investment
choices. As of year end, the District’s investment in the County Treasurer’s investment pool
did not receive a credit quality rating from a national rating agency.
Custodial Credit Risk - Investments. The District’s investment in the County Treasurer’s
investment pool represents a proportionate interest in the pool’s portfolio; however, the
District’s portion is not identified with specific investments and is not subject to custodial
credit risk.
Page 39
JUNE 30, 2012
NOTE 5 – RECEIVABLES
Receivable balances, net of allowance for uncollectibles, have been disaggregated by type
and presented separately in the financial statements with the exception of due from
governmental entities. Due from governmental entities, net of allowance for uncollectibles,
as of year end for the District’s individual major funds and non-major governmental funds in
the aggregate, were as follows.
General
Fund
Due from other governmental entities:
Due from Federal government
Due from State government
Net due from governmental entities
Unrestricted
Capital
Outlay Fund
$
26,124 $
1,941,756
$1,967,880 $
Building
Renewal
Grant Fund
Non-Major
Governmental
Funds
$
$
80,481
287,157
80,481 $ 287,157 $
120,713
62,142
182,855
Governmental funds report deferred revenue in connection with receivables for revenues that
are not considered to be available to liquidate liabilities of the current period. Governmental
funds also defer revenue recognition in connection with resources that have been received,
but not yet earned. At the end of the current fiscal year, the various components of deferred
revenue reported in the governmental funds were as follows.
Delinquent property taxes receivable (General Fund)
Delinquent property taxes receivable (Unrestricted
Capital Outlay Fund)
Grant drawdowns prior to meeting all eligibility
requirements (Non-Major Governmental Funds)
Measurable but unavailable revenues (Non-Major
Governmental Funds)
Total deferred revenue for governmental funds
Page 40
Unavailable
$
164,196
Unearned
$
4,767
62,934
$
51,117
220,080
$
62,934
JUNE 30, 2012
NOTE 6 – CAPITAL ASSETS
A summary of capital asset activity for the current fiscal year follows.
Governmental Activities
Capital assets, not being depreciated:
Land
Total capital assets, not being depreciated
Capital assets, being depreciated:
Land improvements
Total capital assets being depreciated
Less accumulated depreciation for:
Land improvements
Total accumulated depreciation
Total capital assets, being depreciated, net
Governmental activities capital assets, net
Beginning
Balance
$
380,027
380,027
Increase
$
$
829,704
10,720,628
3,950,845
15,501,177
398,068
5,696
119,396
523,160
(431,793)
(3,664,423)
(2,971,510)
(7,067,726)
8,433,451
$ 8,813,478
$
380,027
380,027
14,858
14,858
1,227,772
10,726,324
4,055,383
16,009,479
(27,059)
(251,955)
(185,092)
(464,106)
(11,803)
(11,803)
(458,852)
(3,916,378)
(3,144,799)
(7,520,029)
59,054
$ 59,054
3,055
$ 3,055
8,489,450
$ 8,869,477
Depreciation expense was charged to governmental functions as follows.
Instruction
Total depreciation expense – governmental activities
Page 41
Ending
Balance
Decrease
$ 260,553
1,779
14,392
122,256
56,378
8,748
$ 464,106
JUNE 30, 2012
NOTE 7 – SHORT TERM DEBT – REVOLVING LINE OF CREDIT
The District has a revolving line of credit to provide cash flow during the year to mitigate the
impact of timing differences of expenditures and the receipt of state aid and property tax
revenues. Short-term debt activity for the current fiscal year was as follows.
Revolving line of credit
Beginning
Balance
$
Redeemed
$
92,010
Issued
$
92,010
Ending
Balance
$
NOTE 8 – CHANGES IN LONG-TERM LIABILITIES
Long-term liability activity for the current fiscal year was as follows.
Beginning
Balance
Governmental activities:
Governmental activity long-term
liabilities
Additions
Reductions
Ending
Balance
Due Within
One Year
$
186,764 $
82,008 $
94,566 $
174,206 $
50,500
$
186,764 $
82,008 $
94,566 $
174,206 $
50,500
NOTE 9 – INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS
At year end, interfund balances were as follows.
Due to/from other funds:
Due to
Unrestricted Capital Outlay Fund
Non-Major Governmental Funds
Total
General
Fund
$ 426,674
$
426,674
Due from
Non-Major
Governmental
Funds
$
19,604
$
19,604
Total
426,674
19,604
$ 446,278
$
At year end, several funds had negative cash balances in the Treasurer’s pooled cash
accounts. Negative cash on deposit with the County Treasurer was reduced by interfund
borrowing with other funds. All interfund balances are expected to be paid within one year.
Interfund transfers – Transfers between funds of $10,212 were used to move Federal grant
funds restricted for indirect costs and to move cash balances remaining in discontinued funds.
Page 42
JUNE 30, 2012
NOTE 10 – CONTINGENT LIABILITIES
Compliance – Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed claims,
including amounts already collected, may constitute a liability of the applicable funds. The
amount, if any, of expenditures/expenses that may be disallowed by the grantor cannot be
determined at this time, although the District expects such amounts, if any, to be immaterial.
Lease-To-Own Agreement– The Arizona schools Facilities Board (SFB) entered into a
lease in May 2004 to finance costs of the District’s new school facilities pursuant to A.R.S.
15-2004, 15-2005, and 15-2006. The SFB is required to make all lease payments; however,
if the SFB does not make the lease payments, the District has the option to make the
payments on behalf of the SFB to ensure the facilities do not revert back to the lessor.
NOTE 11 – RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and natural disasters.
The District was unable to obtain general property and liability insurance at a cost it
considered to be economically justifiable. Therefore, the District joined the Arizona School
Risk Retention Trust, Inc. (ASRRT). ASRRT is a public entity risk pool currently operating
as a common risk management and insurance program for school districts and community
colleges in the State. The District pays an annual premium to ASRRT for its general
insurance coverage. The agreement provides that ASRRT will be self-sustaining through
member premiums and will reinsure through commercial companies for claims in excess of
specified amounts.
The District’s employees have health and accident insurance coverage with the Arizona
School Board Association Insurance Trust (ASBAIT). ASBAIT is a public entity risk pool
currently operating as a common risk management and insurance program for school districts
in the State. The District pays a monthly premium to ASBAIT for employees’ health and
accident insurance coverage. The agreement provides that ASBAIT will be self-sustaining
through member premiums and will reinsure through commercial companies for claims in
excess of specified amounts.
The District joined the Arizona School Alliance for Workers’ Compensation, Inc. (Alliance)
together with other school districts in the state for risks of loss related to workers’
compensation claims. The Alliance is a public entity risk pool currently operating as a
common risk management and insurance program for school districts in the State. The
District pays quarterly premiums to the Alliance for its employee workers’ compensation
coverage. The agreement provides that the Alliance will be self-sustaining through
members’ premiums and will reinsure through commercial companies for claims in excess of
specified amounts for each insured event.
Page 43
JUNE 30, 2012
NOTE 12 – PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
The District contributes to the Arizona State Retirement System (ASRS). The ASRS
administers a cost-sharing, multiple-employer defined benefit pension plan; a cost-sharing,
multiple-employer defined health insurance premium plan; and a cost-sharing, multipleemployer defined benefit long-term disability plan that covers employees of the State of
Arizona and employees of participating political subdivisions and school districts. The
ASRS is governed by the Arizona State Retirement System Board according to the
provisions of A.R.S. Title 38, Chapter 5, Article 2.
Plan Description – Benefits are established by state statute and the plan generally provides
retirement, long-term disability, and health insurance premium benefits, including death and
survivor benefits. The retirement benefits are generally paid at a percentage, based on years
of service, of the retirees’ average compensation. Long-term disability benefits vary by
circumstance, but generally pay a percentage of the employee’s monthly compensation.
Health insurance premium benefits are paid as a fixed dollar amount per month towards the
retiree’s healthcare insurance premiums, in amounts based on whether the benefit is for the
retiree or for the retiree and his or her dependents.
The ASRS issues a comprehensive annual financial report that includes financial statements
and required supplementary information. The most recent report may be obtained by writing
the ASRS, 3300 North Central Avenue, P.O. Box 33910, Phoenix, Arizona 85067-3910 or by
calling (602) 240-2000 or (800) 621-3778. The report is also available on the ASRS’ website
at www.azasrs.gov.
Funding Policy – The Arizona State Legislature establishes and may amend active plan
members’ and the District’s contribution rates. For the current fiscal year, active ASRS
members were required by statute to contribute at the actuarially determined rate of 10.74
percent (10.50 percent for retirement and 0.24 percent for long-term disability) of the
members’ annual covered payroll and the District was required by statute to contribute at the
actuarially determined rate of 10.74 percent (9.87 percent for retirement, 0.63 percent for
health insurance premium, and 0.24 percent for long-term disability) of the members’ annual
covered payroll.
The District’s contributions for the current and two preceding years, all of which were equal
to the required contributions, were as follows.
Health
LongBenefit
Term
Retirement Supplement Disability
Fund
Fund
Fund
Year ending June 30:
2012
2011
2010
Page 44
$ 439,809
397,933
372,041
$
28,800
26,058
29,442
$ 12,203
11,041
17,844
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – BUDGET AND ACTUAL
Page 45
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL
Budgeted Amounts
Original
Revenues:
Other local
Property taxes
Total revenues
$
Expenditures:
Current Instruction
Total expenditures
Non-GAAP
Actual
Final
$
$
347,076
2,866,628
5,535,478
8,749,182
Variance with
Final Budget
Positive
(Negative)
$
347,076
2,866,628
5,535,478
8,749,182
5,618,674
738,611
919,659
897,374
864,493
14,750
9,053,561
5,459,937
763,279
927,295
927,602
885,772
13,115
8,977,000
5,233,039
704,530
898,703
881,787
949,149
13,379
8,680,587
226,898
58,749
28,592
45,815
(63,377)
(264)
296,413
(9,053,561)
(8,977,000)
68,595
9,045,595
5,000
5,000
5,000
5,000
73,595
9,050,595
910,847
910,847
Increase (decrease) in reserve for prepaid items
105,266
105,266
Transfers in
(9,053,561)
Fund balances (deficits), end of year
$
(9,053,561)
(8,977,000)
$
(8,977,000)
See accompanying notes to this schedule.
Page 46
$
1,089,708
$
10,066,708
NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2012
NOTE 1 – BUDGETARY BASIS OF ACCOUNTING
The adopted budget of the District is prepared on a basis consistent with accounting
principles generally accepted in the United States of America with the following exceptions:
1) a portion of the General Fund activity is budgeted for separately as special revenue funds,
2) a portion of fiscal year 2012-13 insurance payments were charged against the fiscal year
2011-12 budget, and 3) a portion of the fiscal year 2011-12 insurance payments were
budgeted for in fiscal year 2010-11. Consequently, the following adjustments were
necessary to present actual expenditures, increase for prepaid items, fund balance at
July 1, 2011, and fund balance at June 30, 2012 on a budgetary basis in order to provide a
meaningful comparison.
Total
Expenditures
Statement of Revenues, Expenditures
and Changes in Fund Balances –
Governmental Funds
Fiscal year 2011-12 activity budgeted
as special revenue funds
Fiscal year 2012-13 insurance
payments charged against fiscal
year 2011-12 budget
Fiscal year 2011-12 insurance
payments budgeted in 2010-11
Schedule of Revenues, Expenditures
and Changes in Fund Balances –
Budget and Actual – General Fund
Page 47
$ 8,897,185
Increase for
Prepaid Items
$
Fund Balance,
June 30, 2012
Fund Balance,
July 1, 2011
$
1,285,975
$ 1,360,354
(196,267)
(217,465)
(89,822)
105,266
105,266
(232,042)
$ 8,680,587
(232,042)
$
105,266 $
1,089,708
$
910,847
Page 48
COMBINING AND INDIVIDUAL
FUND FINANCIAL STATEMENTS
AND SCHEDULES
Page 49
Page 50
GOVERNMENTAL FUNDS
Page 51
COMBINING BALANCE SHEET - ALL NON-MAJOR GOVERNMENTAL FUNDS - BY FUND TYPE
JUNE 30, 2012
ASSETS
Deposits
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
Special Revenue
Capital Projects
Total NonMajor
Governmental
Fund
$
578,962
180,915
19,604
7,353
786,834
$
305,720
1,940
$
$
307,660
$
8,734
19,604
31,968
114,051
174,357
$
$
$
Restricted
Assigned
Unassigned
Total fund balances
Page 52
612,548
133,943
173,717
(71)
612,477
$
786,834
$
307,660
8,734
19,604
31,968
114,051
174,357
746,491
173,717
(71)
920,137
307,660
$
884,682
182,855
19,604
7,353
1,094,494
$
1,094,494
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL NON-MAJOR GOVERNMENTAL FUNDS - BY FUND TYPE
Revenues:
Other local
Property taxes
Total revenues
Special Revenue
Capital Projects
Total NonMajor
Governmental
Funds
$
$
$
237,311
362,034
1,103,033
1,702,378
Expenditures:
Current Instruction
Capital outlay
Total expenditures
24,602
429
25,031
951,817
71,823
21,159
19,253
1,462
318,004
120,795
1,504,313
127,570
134,152
953,745
71,864
21,159
19,253
6,075
318,004
248,365
1,638,465
198,065
(109,121)
88,944
Transfers out
(10,212)
(10,212)
187,853
(109,121)
78,732
424,624
416,781
841,405
Page 53
$
612,477
1,928
41
261,913
429
362,034
1,103,033
1,727,409
4,613
(10,212)
(10,212)
$
307,660
$
920,137
SPECIAL REVENUE FUNDS
Classroom Site - to account for the financial activity for the portion of state sales tax collections
and permanent state school fund earnings as approved by the voters in 2000.
Instructional Improvement - to account for the activity of monies received from gaming
revenue.
County, City and Town Grants - to account for monies received from county, city and town
grants.
Structured English Immersion - to account for monies received to provide for the incremental
cost of instruction to English language learners.
Compensatory Instruction - to account for monies received for programs in addition to normal
classroom instruction to improve the English proficiency of current English language learners.
Title I Grants - to account for financial assistance received for the purpose of improving the
teaching and learning of children failing, or most at-risk of failing, to meet challenging State
academic standards.
Professional Development and Technology Grants - to account for financial assistance
received to increase student academic achievement through improving teacher quality.
Special Education Grants - to account for supplemental financial assistance received to provide
a free, appropriate public education to disabled children.
Medicaid Reimbursement - to account for reimbursements related to specific health services
provided to eligible students.
Homeless Education - to account for financial assistance received for the needs of homeless
children.
National Forest Fees - to account for financial assistance from the National Forests with the
states in which the National Forests are situated.
Taylor Grazing - to account for financial assistance received for the purpose of protecting
public lands by preventing over-grazing and soil deterioration and to provide for orderly use,
improvement and development, and stabilization of the livestock industry.
E-Rate - to account for
telecommunication costs.
financial
assistance
received
for
broadband
internet
and
Impact Aid - to account for financial assistance to local educational agencies that are financially
burdened by federal activities.
Other Federal Projects - to account for financial assistance received for other supplemental
federal projects.
Page 54
Early Childhood Block Grant - to account for financial assistance received for preschool
education.
Chemical Abuse Prevention Programs - to account for financial assistance received for
chemical abuse awareness programs.
Academic Contests - to account for financial assistance received for participation in academic
contests.
Gifted - to account for financial assistance received for programs for gifted students.
Other State Projects - to account for financial assistance received for other State projects.
School Plant - to account for proceeds from the sale or lease of school property.
Food Service - to account for the financial activity of school activities that have as their purpose
the preparation and serving of regular and incidental meals and snacks in connection with school
functions.
Civic Center - to account for monies received from the rental of school facilities for civic
activities.
Community School - to account for activity related to academic and skill development for all
citizens.
Auxiliary Operations - to account for activity arising from bookstore, athletic and
miscellaneous District related operations.
Extracurricular Activities Fees Tax Credit - to account for activity related to monies collected
in support of extracurricular activities to be taken as a tax credit by the tax payer in accordance
with A.R.S. §43-1089.01.
Gifts and Donations - to account for activity related to gifts, donations, bequests and private
grants made to the District.
Fingerprint - to account for activity of fingerprinting employees as mandated by the State.
Textbooks - to account for monies received from students to replace or repair lost or damaged
textbooks.
Indirect Costs - to account for monies transferred from Federal projects for administrative costs.
Page 55
COMBINING BALANCE SHEET - NON-MAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
Classroom Site
ASSETS
Deposits
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
$
16,260
42,701
$
219,851
17,501
$
12,216
$
58,961
$
237,352
$
12,216
$
Restricted
Unassigned
Total fund balances
Page 56
Structured
English
Immersion
Instructional
Improvement
$
$
$
853
8,000
853
8,000
58,108
229,352
58,108
229,352
58,961
$
237,352
3,219
8,997
12,216
$
12,216
Compensatory
Instruction
$
456
Title I Grants
$
Professional
Development
and Technology
Grants
$
32,469
$
456
$
Special
Education
Grants
E-Rate
$
39,986
$
191
$
56
51,117
39,986
$
191
$
51,173
10,513
$
32,469
$
10,513
$
$
4,645
13,438
14,386
$
2,000
6,095
2,418
$
456
456
Homeless
Education
32,469
$
1,543
38,443
39,986
10,513
$
191
191
51,117
51,117
56
56
$
456
$
32,469
$
10,513
$
39,986
$
191
$
(Continued)
Page 57
51,173
JUNE 30, 2012
ASSETS
Deposits
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
Early Childhood
Block Grant
Chemical Abuse
Prevention
Programs
$
2,002
$
1,139
$
695
$
2,002
$
1,139
$
695
$
$
2,002
2,002
Academic
Contests
$
1,139
1,139
695
695
Restricted
Unassigned
Total fund balances
Page 58
$
2,002
$
1,139
$
695
Other State
Projects
Gifted
Food Service
$
50
$
10,961
$
$
50
$
10,961
$
$
Community
School
Civic Center
Extracurricular
Activities Fees
Tax Credit
$
44,651
$
53,712
$
47,535
$
99,633
26,614
19,604
7,353
153,204
$
44,651
$
53,712
$
47,535
$
2,089
$
$
$
1,549
50
50
$
50
10,961
10,961
$
10,961
3,638
$
149,566
44,651
53,712
47,535
149,566
44,651
53,712
47,535
153,204
$
44,651
$
53,712
$
(Continued)
Page 59
47,535
JUNE 30, 2012
Gifts and
Donations
ASSETS
Deposits
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
Page 60
Textbooks
$
27,432
$
$
2,136
$
27,432
$
$
2,136
$
$
$
71
71
Restricted
Unassigned
Total fund balances
Fingerprint
27,432
2,136
(71)
(71)
27,432
$
27,432
$
2,136
$
2,136
Totals
$
$
$
578,962
180,915
19,604
7,353
786,834
8,734
19,604
31,968
114,051
174,357
612,548
(71)
612,477
$
786,834
Page 61
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NON-MAJOR SPECIAL REVENUE FUNDS
Classroom Site
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
103
277,496
Instructional
Improvement
$
1,412
40,210
277,599
41,622
115,913
6,857
53,498
6,202
3,232
122,770
62,932
154,829
(21,310)
County, City,
and Town
Grants
$
63
63
63
Transfers out
(10,209)
(10,209)
154,829
(21,310)
(10,146)
Fund balances (deficits), beginning of year
(96,721)
250,662
10,146
Page 62
$
58,108
$
229,352
$
Structured
English
Immersion
$
Compensatory
Instruction
$
Title I Grants
$
41,446
2,882
41,446
2,882
37,986
1,982
1,478
2,882
Professional
Development
and Technology
Grants
$
Special
Education
Grants
$
E-Rate
$
102
234,411
234,411
37,670
37,670
375,521
375,521
46,780
46,882
197,536
26,773
4,896
124
26,574
10,969
287,073
1,926
41,566
6,892
41,446
5,206
234,411
2,882
86,522
375,521
37,667
48,458
3
(1,576)
(3)
(3)
(1,576)
1,632
$
$
$
$
$
$
56
(Continued)
Page 63
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NON-MAJOR SPECIAL REVENUE FUNDS
Other Federal
Projects
Revenues:
Other local
Total revenues
$
Food Service
$
163,948
163,948
Expenditures:
Current Instruction
Capital outlay
Total expenditures
114,674
Civic Center
$
244,703
359,377
39,344
39,344
163,948
180
11,458
1,060
316,063
163,948
316,063
4,113
16,811
43,314
22,533
43,314
22,533
106,252
22,118
Transfers out
Page 64
$
$
149,566
$
44,651
Community
School
$
38,218
Extracurricular
Activities Fees
Tax Credit
$
19,982
Gifts and
Donations
$
22,760
38,218
19,982
22,760
25,043
135
23,301
81
2,947
1,284
Fingerprint
$
Textbooks
282
$
282
Totals
371
$
371
237,311
362,034
1,103,033
1,702,378
27,119
16,646
41,333
8,308
12,539
404
9
951,817
71,823
21,159
19,253
1,462
318,004
120,795
1,504,313
11,099
(21,351)
10,221
(122)
362
198,065
9
404
903
402
1,941
(10,212)
(10,212)
$
Page 65
11,099
(21,351)
10,221
(122)
362
187,853
42,613
68,886
17,211
51
1,774
424,624
53,712
$
47,535
$
27,432
$
(71)
$
2,136
$
612,477
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL
NON-MAJOR SPECIAL REVENUE FUNDS
Classroom Site
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
103
277,496
$
103
277,496
277,599
277,599
218,098
9,813
115,913
6,857
102,185
2,956
227,911
122,770
105,141
(227,911)
154,829
382,740
(227,911)
154,829
382,740
(96,721)
(96,721)
Transfers in
Transfers out
Page 66
$
(227,911)
$
58,108
$
286,019
Instructional Improvement
Budget
$
Actual
$
1,412
40,210
$
1,412
40,210
41,622
41,622
293,740
53,498
6,202
3,232
240,242
(6,202)
(3,232)
293,740
62,932
230,808
(293,740)
(21,310)
272,430
(293,740)
$
County, City, and Town Grants
Variance Positive
(Negative)
(293,740)
$
(21,310)
272,430
250,662
250,662
229,352
$
523,092
Budget
$
$
Variance Positive
(Negative)
Actual
$
63
$
63
63
63
63
63
(12,300)
(12,300)
(10,209)
(10,209)
2,091
2,091
(12,300)
(10,146)
2,154
10,146
10,146
(12,300)
$
$
12,300
(Continued)
Page 67
Structured English Immersion
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
$
41,446
41,446
41,446
41,446
44,329
37,986
1,982
1,478
6,343
(1,982)
(1,478)
44,329
41,446
2,883
(44,329)
44,329
(44,329)
44,329
Transfers in
Transfers out
Page 68
$
(44,329)
$
$
44,329
Compensatory Instruction
Budget
$
$
Title I Grants
Variance Positive
(Negative)
Actual
$
$
Budget
$
Variance Positive
(Negative)
Actual
$
$
2,882
2,882
2,882
2,882
3,320
2,882
438
241,569
3,320
2,882
438
241,569
(3,320)
3,320
(241,569)
241,569
(3,320)
3,320
(241,569)
241,569
(3,320)
$
$
3,320
$
(241,569)
$
234,411
234,411
234,411
234,411
197,536
26,773
4,896
44,033
(26,773)
(4,896)
5,206
234,411
(5,206)
7,158
$
241,569
(Continued)
Page 69
Professional Development and Technology Grants
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
$
37,670
37,670
37,670
37,670
42,560
124
26,574
10,969
(124)
15,986
(10,969)
42,560
37,667
4,893
(42,560)
3
42,563
(3)
(3)
(3)
(3)
Transfers in
Transfers out
(42,560)
42,560
Page 70
$
(42,560)
$
$
42,560
Special Education Grants
Budget
$
Actual
$
$
375,521
375,521
287,073
1,926
111,137
(1,926)
86,522
375,521
(86,522)
22,689
(398,210)
(398,210)
398,210
(398,210)
$
$
Variance Positive
(Negative)
Non-GAAP
Actual
Budget
$
375,521
375,521
398,210
$
Medicaid Reimbursement
Variance Positive
(Negative)
$
444
$
444
13,004
13,448
13,004
13,448
28,395
20,279
82,310
(20,279)
110,705
7,864
56,538
(7,864)
54,167
398,210
(110,705)
(43,090)
67,615
398,210
(110,705)
(43,090)
67,615
76,881
76,881
398,210
110,705
$
(110,705)
$
33,791
$
144,496
(Continued)
Page 71
National Forest Fees
Budget
Revenues:
Other local
Total revenues
$
Variance Positive
(Negative)
Non-GAAP
Actual
$
288
$
288
5,328
5,616
5,328
5,616
4,956
(4,956)
1,898
6,854
(1,898)
(6,854)
(1,238)
(1,238)
5,151
5,151
5,151
5,151
3,913
3,913
4,766
4,766
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Transfers in
Transfers out
Page 72
$
$
8,679
$
8,679
Taylor Grazing Fees
Non-GAAP
Actual
Budget
$
E-Rate
Variance Positive
(Negative)
$
Budget
$
61
61
$
Actual
$
61
61
$
$
61
58
58
58
58
119
119
119
$
119
$
102
$
102
46,780
46,882
46,780
46,882
41,566
39,021
6,892
(6,892)
80,587
48,458
32,129
(80,587)
(1,576)
79,011
(80,587)
(1,576)
79,011
1,632
1,632
80,587
61
Variance Positive
(Negative)
(80,587)
$
56
$
80,643
(Continued)
Page 73
Impact Aid
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Non-GAAP
Actual
$
180
$
180
32,288
32,468
32,288
32,468
90,361
7,198
83,163
90,361
1,308
8,506
(1,308)
81,855
(90,361)
23,962
114,323
(90,361)
23,962
114,323
78,863
78,863
Transfers in
Transfers out
Page 74
$
(90,361)
$
102,825
$
193,186
Other Federal Projects
Budget
$
$
Chemical Abuse Prevention Programs
Variance Positive
(Negative)
Actual
$
Budget
$
$
Variance Positive
(Negative)
Actual
$
$
163,948
163,948
163,948
163,948
163,950
163,948
2
2,000
2,000
163,950
163,948
2
2,000
2,000
(163,950)
163,950
(2,000)
2,000
(163,950)
163,950
(2,000)
2,000
(163,950)
$
$
163,950
$
(2,000)
$
$
2,000
(Continued)
Page 75
Academic Contests
Budget
Revenues:
Other local
Total revenues
Actual
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
$
$
750
750
750
750
(750)
750
(750)
750
Transfers in
Transfers out
Page 76
$
(750)
$
$
750
Other State Projects
Budget
$
School Plant
Variance Positive
(Negative)
Actual
$
$
Budget
$
Variance Positive
(Negative)
Non-GAAP
Actual
$
1,207
$
1,207
9,200
$
1,207
1,207
9,200
37,452
37,452
37,452
9,200
9,200
37,452
(9,200)
9,200
(37,452)
1,207
38,659
(9,200)
9,200
(37,452)
1,207
38,659
32,905
32,905
(9,200)
$
$
9,200
$
(37,452)
$
34,112
$
71,564
(Continued)
Page 77
Food Service
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
114,674
$
114,674
244,703
359,377
244,703
359,377
445,873
316,063
129,810
445,873
316,063
129,810
(445,873)
43,314
489,187
(445,873)
43,314
489,187
106,252
106,252
Transfers in
Transfers out
Page 78
$
(445,873)
$
149,566
$
595,439
Civic Center
Budget
$
Community School
Variance Positive
(Negative)
Actual
$
39,344
$
39,344
39,344
Budget
$
Actual
$
39,344
45,500
38,218
$
38,218
38,218
38,218
25,043
135
20,457
(135)
1,941
(1,941)
180
11,458
1,060
(180)
25,792
(1,060)
37,250
4,113
16,811
(4,113)
20,439
45,500
27,119
18,381
(37,250)
22,533
59,783
(45,500)
11,099
56,599
(37,250)
22,533
59,783
(45,500)
11,099
56,599
22,118
22,118
42,613
42,613
37,250
$
Variance Positive
(Negative)
(37,250)
$
44,651
$
81,901
$
(45,500)
$
53,712
$
99,212
(Continued)
Page 79
Auxiliary Operations
Budget
Revenues:
Other local
Total revenues
$
Variance Positive
(Negative)
Non-GAAP
Actual
$
10,475
$
10,475
10,475
10,475
10,475
10,475
10,475
10,475
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Transfers in
Transfers out
Page 80
$
$
10,475
$
10,475
Extracurricular Activities Fees Tax Credit
Budget
$
Actual
$
19,982
$
19,982
19,982
19,982
23,301
81
58,799
(81)
903
402
(903)
(402)
82,100
16,646
41,333
(16,646)
40,767
(82,100)
(21,351)
(82,100)
82,100
$
Gifts and Donations
Variance Positive
(Negative)
(82,100)
$
Budget
$
Variance Positive
(Negative)
Actual
$
22,760
$
22,760
22,760
22,760
2,947
1,284
37,313
(1,284)
40,260
8,308
12,539
(8,308)
27,721
60,749
(40,260)
10,221
50,481
(21,351)
60,749
(40,260)
10,221
50,481
68,886
68,886
17,211
17,211
47,535
$
129,635
40,260
$
(40,260)
$
27,432
$
67,692
(Continued)
Page 81
Fingerprint
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
282
$
282
282
282
3,500
404
3,096
3,500
404
3,096
(3,500)
(122)
3,378
(3,500)
(122)
3,378
51
51
Transfers in
Transfers out
Page 82
$
(3,500)
$
(71)
$
3,429
Textbooks
Budget
$
Actual
$
3,100
371
$
371
371
371
9
3,091
Budget
$
Variance Positive
(Negative)
Non-GAAP
Actual
$
137
$
137
137
137
28,600
993
16,799
132
(993)
11,801
(132)
3,100
9
3,091
28,600
17,924
10,676
(3,100)
362
3,462
(28,600)
(17,787)
10,813
3
3
3
3
(17,784)
10,816
24,050
24,050
(3,100)
$
Indirect Costs
Variance Positive
(Negative)
(3,100)
$
362
3,462
1,774
1,774
2,136
$
5,236
(28,600)
$
(28,600)
$
6,266
$
34,866
(Continued)
Page 83
Totals
Budget
Revenues:
Other local
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
$
1,824,679
55,473
32,100
37,250
Transfers in
Transfers out
Page 84
$
$
250,042
362,034
1,153,714
1,765,790
2,432,827
832,313
(37,622)
(5,858)
17,865
(1,462)
165,321
(131,865)
838,692
(2,432,827)
171,655
2,604,482
(12,300)
(12,300)
5,212
(10,212)
(5,000)
5,212
2,088
7,300
(2,445,127)
166,655
2,611,782
642,089
642,089
250,042
362,034
1,153,714
1,765,790
992,366
93,095
37,958
19,385
1,462
318,004
131,865
1,594,135
483,325
Variance Positive
(Negative)
Non-GAAP
Actual
(2,445,127)
$
808,744
$
3,253,871
CAPITAL PROJECTS FUNDS
Insurance Proceeds - to account for the monies received from insurance claims.
Litigation Recovery - to account for monies received for and derived from litigation.
Adjacent Ways - to account for monies received to finance improvements of public ways
adjacent to school property.
Unrestricted Capital Outlay - to account for transactions relating to the acquisition of capital
items.
Soft Capital Allocation - to account for transactions relating to the acquisition of short-term
capital items required to meet academic adequacy standards.
Building Renewal - to account for monies received from the School Facilities Board that are
used for infrastructure or for major upgrades, repairs, or renovations to areas, systems or
buildings that will maintain or extend their useful life.
Building Renewal Grant - to account for building renewal grant monies that districts may
request from the School Facilities Board.
Page 85
COMBINING BALANCE SHEET - NON-MAJOR CAPITAL PROJECTS FUNDS
JUNE 30, 2012
Litigation
Recovery
Insurance
Proceeds
ASSETS
Total assets
Adjacent Ways
$
50,303
$
65,262
$
18,378
$
50,303
$
65,262
$
18,378
Fund balances:
Restricted
Assigned
Total fund balances
$
50,303
$
65,262
$
18,378
$
Page 86
50,303
50,303
65,262
$
65,262
18,378
$
18,378
Soft Capital
Allocation
$
$
171,777
1,940
173,717
$
Totals
$
$
$
133,943
173,717
307,660
$
307,660
173,717
173,717
$
173,717
Page 87
305,720
1,940
307,660
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NON-MAJOR CAPITAL PROJECTS FUNDS
Insurance
Proceeds
Revenues:
Other local
Property taxes
Total revenues
$
403
Adjacent Ways
$
403
114
2
116
3,758
403
116
46,545
64,859
18,262
4,613
4,613
Page 88
$
8,371
Expenditures:
Current Instruction
Capital outlay
Total expenditures
8,371
Litigation
Recovery
$
50,303
$
65,262
$
18,378
Soft Capital
Allocation
$
15,714
427
16,141
Totals
$
1,928
41
$
24,602
429
25,031
127,570
129,539
1,928
41
4,613
127,570
134,152
(113,398)
(109,121)
287,115
416,781
173,717
Page 89
$
307,660
ALL CAPITAL PROJECTS FUNDS
Insurance Proceeds
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Actual
$
Page 90
$
8,371
$
8,371
8,371
8,371
45,600
4,613
40,987
45,600
4,613
40,987
(45,600)
3,758
49,358
46,545
46,545
Variance Positive
(Negative)
(45,600)
$
50,303
$
95,903
Litigation Recovery
Budget
$
Unrestricted Capital Outlay
Variance Positive
(Negative)
Actual
$
403
$
403
$
Actual
$
403
12,461
83,339
230,645
326,445
$
12,461
83,339
230,645
326,445
72,200
72,200
72,200
72,200
654,615
654,615
88,442
88,442
566,173
566,173
403
72,603
(654,615)
238,003
892,618
64,859
64,859
439,913
439,913
(72,200)
$
403
Budget
Variance Positive
(Negative)
(72,200)
$
65,262
$
137,462
$
(654,615)
$
677,916
$
1,332,531
(Continued)
Page 91
Adjacent Ways
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Actual
$
$
19,520
19,520
(19,520)
$
(19,520)
114
2
116
19,520
19,520
Page 92
114
2
116
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
$
116
19,636
18,262
18,262
18,378
$
37,898
Soft Capital Allocation
Budget
$
$
Building Renewal
Variance Positive
(Negative)
Actual
$
15,714
427
$
15,714
427
Budget
$
Variance Positive
(Negative)
Actual
$
$
16,141
16,141
1,928
41
(1,928)
(41)
387,413
387,413
127,570
129,539
259,843
257,874
29,000
29,000
29,000
29,000
(387,413)
(113,398)
274,015
(29,000)
29,000
287,115
287,115
(387,413)
$
173,717
$
561,130
$
(29,000)
$
$
29,000
(Continued)
Page 93
Building Renewal Grant
Budget
Revenues:
Other local
Property taxes
Total revenues
$
Expenditures:
Current Instruction
Capital outlay
Total expenditures
Variance Positive
(Negative)
Actual
$
5
$
5
398,068
398,073
398,068
398,073
653,200
653,200
398,068
398,068
255,132
255,132
(653,200)
5
653,205
Page 94
$
(653,200)
$
5
$
653,205
Totals
Budget
$
Actual
$
72,200
$
Variance Positive
(Negative)
37,068
83,768
628,713
749,549
$
37,068
83,768
628,713
749,549
45,600
1,743,748
1,861,548
1,928
41
4,613
614,080
620,662
70,272
(41)
40,987
1,129,668
1,240,886
(1,861,548)
128,887
1,990,435
856,694
856,694
(1,861,548)
Page 95
$
985,581
$
2,847,129
Page 96
AGENCY FUNDS
Student Activities - to account for monies raised by students to finance student clubs and
organizations but held by the District as an agent.
Employee Withholding - to account for voluntary deductions temporarily held by the District as
an agent.
Page 97
COMBINING STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
AGENCY FUNDS
JUNE 30, 2012
Student
Activities
ASSETS
Total assets
LIABILITIES
Total liabilities
Page 98
$
$
14,604
14,604
$
$
14,604
14,604
Employee
Insurance
Totals
$
$
26,622
26,622
$
$
41,226
41,226
$
26,622
$
$
26,622
$
26,622
14,604
41,226
COMBINING STATEMENT OF CHANGES IN FIDUCIARY ASSETS AND LIABILITIES - AGENCY FUNDS
Beginning
Balance
Additions
Ending
Balance
Deductions
STUDENT ACTIVITIES FUND
Assets
Total assets
Liabilities
Total liabilities
$
17,785
$
21,298
$
24,479
$
14,604
$
17,785
$
21,298
$
24,479
$
14,604
$
17,785
$
21,298
$
24,479
$
14,604
$
17,785
$
21,298
$
24,479
$
14,604
$
35,960
$
2,127,200
$
2,136,538
$
26,622
$
35,960
$
2,127,200
$
2,136,538
$
26,622
$
35,960
$
2,127,200
$
2,136,538
$
26,622
$
35,960
$
2,127,200
$
2,136,538
$
26,622
$
53,745
$
2,148,498
$
2,161,017
$
41,226
$
53,745
$
2,148,498
$
2,161,017
$
41,226
$
35,960
17,785
$
2,127,200
21,298
$
2,136,538
24,479
$
26,622
14,604
$
53,745
$
2,148,498
$
2,161,017
$
41,226
EMPLOYEE WITHHOLDING FUND
Assets
Total assets
Liabilities
Total liabilities
TOTAL AGENCY FUNDS
Assets
Total assets
Liabilities
Total liabilities
Page 99
Page 100
STATISTICAL SECTION
The statistical section presents financial statement trends as well as detailed financial and
operational information not available elsewhere in the report. The statistical section is intended
to enhance the reader’s understanding of the information presented in the financial statements,
notes to the financial statements, and other supplementary information presented in this report.
The statistical section is comprised of the five categories of statistical information presented
below.
Financial Trends
These schedules contain information on financial trends to help the reader understand how
the District’s financial position and financial activities have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the factors affecting the
District’s ability to generate revenue.
Debt Capacity
These schedules present information to help the reader evaluate the District’s current levels
of outstanding debt as well as assess the District’s ability to make debt payments and/or
issue additional debt in the future.
Demographic and Economic Information
These schedules present various demographic and economic indicators to help the reader
understand the environment in which the District’s financial activities take place and to
help make comparisons with other school districts.
Operating Information
These schedules contain information about the District’s operations and various resources
to help the reader draw conclusions as to how the District’s financial information relates to
the services provided by the District.
Due to cost considerations for the accumulation of data, the District has elected to present less
than ten years of data, or data from less than nine years prior, for certain statistical schedules.
This information will be accumulated and reported each year until the complete ten years of data
is presented.
Page 101
Page 102
NET ASSETS BY COMPONENT
LAST FIVE FISCAL YEARS
(Accrual basis of accounting)
2012
Net Assets:
Restricted
Unrestricted
Total net assets
$
$
8,869,477
1,480,296
1,449,611
11,799,384
2011
$
$
Fiscal Year Ended June 30
2010
8,813,478
1,150,811
1,393,543
11,357,832
Source: The source of this information is the District's financial records.
Page 103
$
$
9,161,813
1,547,075
41,473
10,750,361
$
$
2009
9,500,927
1,598,714
173,140
11,272,781
2008
$
$
9,888,194
2,049,465
38,089
11,975,748
EXPENSES, PROGRAM REVENUES, AND NET (EXPENSE)/REVENUE
2012
Expenses
Instruction
Total expenses
$
Program Revenues
Charges for services:
Instruction
Other activities
Operating grants and contributions
Capital grants and contributions
Total program revenues
Net (Expense)/Revenue
6,706,912
820,270
1,001,527
1,047,638
1,032,257
344,999
10,953,603
$
66,619
124,606
40,130
1,122,047
91,728
1,445,130
$
(9,508,473)
Page 104
2011
2010
6,890,484
811,637
944,308
1,034,670
889,187
344,295
10,914,581
$
47,624
92,597
16,157
1,016,864
11,742
1,184,984
$
(9,729,597)
7,222,649
775,391
1,099,264
1,135,567
811,575
370,056
11,414,502
$
77,552
150,786
26,310
1,081,098
10,042
1,345,788
$
(10,068,714)
2009
7,299,478
783,051
964,500
1,102,846
868,135
389,290
11,407,300
2008
$
47,195
91,762
16,011
1,092,342
14,892
133,616
14,800
1,177,211
76,431
1,416,950
1,247,310
$
(10,159,990)
7,909,746
689,179
893,607
1,248,044
1,021,072
345,356
12,107,004
$
(10,690,054)
GENERAL REVENUES AND TOTAL CHANGES IN NET ASSETS
2012
Net (Expense)/Revenue
$
General Revenues:
Taxes:
Property taxes, levied for general purposes
Property taxes, levied for capital outlay
Investment income
Total general revenues
Changes in Net Assets
(9,508,473)
$
2,981,453
88,348
11,215
349,435
6,481,897
37,677
9,950,025
$
441,552
Page 105
2011
2010
(9,729,597)
$
3,044,894
13,275
4,489
295,710
6,820,908
157,792
10,337,068
$
607,471
(10,068,714)
2009
$
2,478,873
10,807
22,442
254,442
5,760,199
1,019,531
9,546,294
$
(522,420)
(10,159,990)
2008
$
2,227,210
9,710
36,274
251,274
5,688,473
1,006,836
9,219,777
$
(940,213)
(10,690,054)
1,865,709
8,134
141,455
169,637
8,349,600
51,884
10,586,419
$
(103,635)
FUND BALANCES - GOVERNMENTAL FUNDS
(Modified accrual basis of accounting)
2012
General Fund:
Assigned
Unassigned
Reserved
Unreserved
Total General Fund
All Other Governmental Funds:
Restricted
Assigned
Unassigned
Unreserved, reported in:
Special revenue funds
Capital projects funds
Total all other governmental funds
$
$
34,112
1,251,863
1,285,975
2011
$
$
1,424,412
173,717
(71)
$
1,598,058
2010
32,905
1,327,449
1,360,354
$
2009
$
$
46,487
329,140
375,627
$
784,026
751,855
1,535,881
2008
$
$
19,468
242,207
261,675
$
502,888
876,685
1,379,573
$
141,191
104,873
246,064
$
430,279
1,387,105
1,817,384
1,090,924
287,115
(96,721)
$
1,281,318
Note: The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 54 were adopted in fiscal year 2011. The
standard replaces the previous reserved and unreserved fund balance categories with the following five fund balance classifications:
nonspendable, restricted, committed, assigned, and unassigned fund balance.
Page 106
GOVERNMENTAL FUNDS REVENUES
2012
Federal sources:
Federal grants
State Fiscal Stabilization (ARRA)
Education Jobs
National School Lunch Program
Total federal sources
State sources:
State equalization assistance
State grants
School Facilities Board
Other revenues
Total state sources
Local sources:
Property taxes
County aid
Food service sales
Investment income
Other revenues
Total local sources
Total revenues
$
745,063
2011
$
593,385
72,706
160,000
236,011
1,062,102
163,948
244,703
1,153,714
$
$
544,715
971,723
2009
$
546,378
2008
$
656,857
234,780
1,751,218
241,965
788,343
155,622
812,480
5,766,123
44,141
398,068
317,893
6,526,225
6,587,198
2,117
5,976,939
1,921
6,688,607
1,927
8,201,597
2,316
305,757
6,895,072
277,431
6,256,291
301,810
6,992,344
470,013
8,673,926
2,950,396
349,435
114,674
11,215
158,862
3,584,582
11,264,521
3,106,631
295,710
93,029
3,830
106,965
3,606,165
11,563,339
2,489,680
254,442
135,404
22,442
97,055
2,999,023
11,006,532
2,236,945
251,274
138,838
36,274
122,879
2,786,210
10,566,897
1,858,680
169,637
133,312
141,455
198,716
2,501,800
11,988,206
$
Page 107
2010
$
$
$
GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO
2012
Expenditures:
Current Instruction
Capital outlay
Debt service Interest and fiscal charges
Total expenditures
Expenditures for capitalized assets
Debt service as a percentage of
noncapital expenditures
2011
$
6,319,236
804,967
952,306
914,782
964,611
331,383
734,875
$
$
11,022,160
$
523,160
0%
Notes:
Page 108
2010
6,385,528
790,188
933,523
909,483
801,426
332,990
269,557
1,745
10,424,440
111,189
0%
2009
2008
$
6,972,424
764,657
1,072,620
1,009,106
732,850
356,514
100,296
$
7,082,530
779,352
954,896
978,300
733,691
380,821
67,511
$
7,837,251
688,310
890,231
1,178,681
1,130,754
343,427
46,434
$
11,008,467
$
10,977,101
$
12,115,088
139,297
0%
172,679
0%
479,408
0%
OTHER FINANCING SOURCES AND USES AND NET CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
2012
Excess (deficiency) of
revenues over expenditures
$
Transfers in
Transfers out
Total other financing sources (uses)
242,361
2011
$
10,212
(10,212)
$
242,361
1,138,899
$
9,362
(9,362)
$
Page 109
2010
1,138,899
(1,935)
2009
$
185,395
(185,395)
$
(1,935)
(410,204)
2008
$
419,115
(419,115)
$
(410,204)
(126,882)
1,233
(1,233)
$
(126,882)
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Fiscal
Year
Ended
June 30
2012
2011
2010
2009
2008
Real Property
Residential
Commercial
Property
Property
$
66,711,660
67,293,748
64,810,127
$
30,294,114
31,605,789
26,197,480
Less:
Tax Exempt
Real Property
Personal
Property
$
3,426,001
3,760,133
3,710,323
$
7,041,814
7,002,561
8,432,265
Total Taxable
Assessed
Valuation
$
93,389,961
95,657,109
86,285,665
89,123,377
68,824,013
Source: The source of this information is the State and County Abstract of the Assessment Roll, Arizona Department of Revenue.
Note: Total taxable assessed valuation is displayed by major component beginning with fiscal year ended June 30, 2010.
Page 110
Total
Direct
Rate
4.33
4.66
4.16
4.10
4.10
Estimated
Actual
Value
$
871,039,233
885,543,742
825,999,690
821,376,146
642,466,013
Ratio of
Net Assessed
to Estimated
Actual Value
10.72
10.80
10.45
10.85
10.71
%
DIRECT AND OVERLAPPING PROPERTY TAX RATES
Overlapping Rates
Fiscal
Year
Ended
State
June 30 Equalization
2012
2011
2010
2009
2008
0.43
0.36
0.33
County
2.63
2.63
2.64
2.68
2.87
County
Free
Library
Flood
Control
District
0.15
0.15
0.15
0.16
0.16
0.26
0.26
0.26
0.26
0.26
Community
Fire
College
District
District
Assistance
1.67
1.60
1.61
1.66
1.74
0.08
0.08
0.09
0.08
0.09
Palominas
Fire
District
1.83
2.20
2.31
2.15
2.46
Fry
Fire
District
Primary
2.68
2.66
2.66
2.67
2.81
4.33
4.66
4.16
4.10
4.10
Source: The source of this information is the Property Tax Rates and Assessed Values, Arizona Tax Research Foundation.
Page 111
District Direct Rates
Secondary
Total
4.33
4.66
4.16
4.10
4.10
PRINCIPAL PROPERTY TAXPAYERS
CURRENT FISCAL YEAR AND SEVEN YEARS AGO
2012
Secondary
Assessed
Valuation
Taxpayer
Arizona Public Service Company
Sulphur Springs Valley Electric Co-op, Inc.
Pioneer Title Agency Inc. TR# 321365
Pioneer Title Agency Inc. TR# 319061
Arizona Valuations LLC
Qwest Corporation
Canyon Vista Land LLC
Chera Brothers LTD
JRL Development LLC
La Pradera Estates LLC
Southwest Gas Corporation
Preserve Petrified Forest Land Inv LLC
John N and Sherrie F Herrod
Zona Investments
Cerutti-Finch Living Trust
James H Jr. and Deeon M Devore
McGee Revocable Living Trust
Total
$
$
1,424,579
1,297,197
715,162
670,080
355,828
284,630
244,800
232,101
219,194
201,600
5,645,171
2006
Percentage of
District's Net
Assessed
Valuation
1.53
1.39
0.77
0.72
0.38
0.30
0.26
0.25
0.23
0.22
6.05
%
$
709,898
1,265,695
79,990
%
Source: The source of this information is the Cochise County Assessor's records.
Page 112
Secondary
Assessed
Valuation
$
101,328
91,583
79,270
78,433
77,195
72,430
69,600
2,625,422
Percentage of
District's Net
Assessed
Valuation
1.27 %
2.26
0.14
0.18
0.16
0.14
0.14
0.14
0.13
0.12
4.68 %
PROPERTY TAX LEVIES AND COLLECTIONS
Fiscal
Year
Ended
June 30
2012
2011
2010
2009
2008
Collected within the
Fiscal Year of the Levy
Taxes Levied
for the
Fiscal Year
$
2,959,965
3,127,425
2,455,313
2,238,140
1,840,598
Amount
$
2,945,805
3,029,557
2,348,314
2,111,237
1,754,084
Percentage
of Levy
99.52 %
96.87
95.64
94.33
95.30
Collected to the End
of the Current Fiscal Year
Collections in
Subsequent
Fiscal Years
$
Amount
$
64,094
89,505
121,406
85,491
2,945,805
3,093,651
2,437,819
2,232,643
1,839,575
Source: The source of this information is the Cochise County Treasurer's records.
Notes: 1) Amounts collected are on a cash basis.
2) Unsecured personal property taxes are not included in this schedule because the dates of the monthly rolls
vary each year. On the average, 90% of unsecured property taxes are collected within 90 days after the
due date.
Page 113
Percentage
of Levy
99.52 %
98.92
99.29
99.75
99.94
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
JUNE 30, 2012
Governmental Unit
Overlapping:
Cochise County
Total Direct and Overlapping Debt
Debt
Outstanding
5,200,000
Estimated
Percentage
Applicable to
School District
8.55 %
Estimated
Amount
Applicable to
School District
$
$
444,600
444,600
Source: The source of this information is the District's records and the State and County Abstract of the
Assessment Roll, Arizona Department of Revenue and the applicable governmental unit.
Notes: 1) Estimated percentage of debt outstanding applicable to the District is calculated based on the
District's secondary assessed valuation as a percentage of the secondary assessed valuation of the
overlapping jurisdiction.
2) Outstanding debt as of June 30, 2011 is presented for the overlapping governments as this is the most
recent available information.
Page 114
LEGAL DEBT MARGIN INFORMATION
Class B Bond Legal Debt Margin Calculation for Fiscal Year 2012:
Secondary assessed valuation
$ 93,389,961
Debt limit (5% of assessed value)
4,669,498
Debt applicable to limit
NONE
Legal debt margin
$ 4,669,498
Total Legal Debt Margin Calculation for Fiscal Year 2011:
Secondary assessed valuation
$ 93,389,961
Debt limit (15% of assessed value)
14,008,494
Debt applicable to limit
NONE
Legal debt margin
$ 14,008,494
2010
2012
2011
Total Debt limit
$ 14,008,494
$ 28,697,133
Total net debt applicable to limit
NONE
Legal debt margin
$ 14,008,494
Total net debt applicable to the limit
as a percentage of debt limit
0%
2009
2008
$ 25,885,700
$ 26,737,013
$ 20,647,204
NONE
NONE
NONE
NONE
$ 28,697,133
$ 25,885,700
$ 26,737,013
$ 20,647,204
0%
0%
0%
0%
Notes: 1) The District’s general obligation bonds are subject to two limits; the Constitutional debt limit (total debt limit) on all general
obligation bonds and the statutory debt limit on Class B bonds. The calculations of the debt margins are presented in detail for the
current fiscal year only.
2) Bond premium is not subject to the statutory debt limit.
Page 115
COUNTY-WIDE DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN CALENDAR YEARS
Year
Population
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
130,537
131,436
130,296
130,567
129,522
128,623
126,459
124,805
121,871
121,502
Personal
Income
(thousands)
$
N/A
4,688,309
4,435,021
1,271,255
3,823,812
3,570,455
3,383,842
3,097,128
2,794,617
2,658,448
Per Capita
Income
$
N/A
35,592
34,243
33,259
29,890
28,166
26,958
25,097
23,045
22,186
Unemployment
Rate
8.8 %
8.8
7.9
5.7
3.9
4.4
4.8
4.9
5.6
5.8
Estimated
District
Population
10,500
10,500
10,300
10,300
10,300
10,300
10,300
10,290
10,290
10,290
Sources: The source of the "Personal Income" and "Per Capita" information is the Bureau of Economic Analysis.
The source of the "Population" and "Unemployment Rate" information is University of Arizona, Eller College of
Management, Economic and Business Research Center.
Note: N/A indicates that the information is not available.
Page 116
PRINCIPAL EMPLOYERS
CURRENT FISCAL YEAR AND FISCAL YEAR NINE YEARS PRIOR
2003
2012
Employer
U.S. Army Fort Huachuca
General Dynamics Information Tech
Cochise County
Eurofresh, Inc.
Wal-Mart
Sierra Vista Public Schools
Arizona State Prison
Sierra Vista Regional Health Center
ManTech International Corporation
Douglas Unified School District
Cochise College
Aegis Communications
City of Sierra Vista
Total
Total employment
Employees
9,039
950
922
871
860
700
663
641
493
469
446
408
398
16,860
Percentage
of Total
Employment
37.02
3.89
3.78
3.57
3.52
2.87
2.72
2.63
2.02
1.92
1.83
1.67
1.63
69.07
Employees
%
%
24,419
Source: The source of this information is the Cochise College Center for Economic Research.
Note: The information presented is for Cochise County.
Page 117
11,097
Percentage
of Total
Employment
44.08 %
975
3.87
488
748
663
610
1.94
2.97
2.63
2.42
511
547
577
367
16,583
25,175
2.03
2.17
2.29
1.46
65.86 %
FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY TYPE
Full-time Equivalent Employees as of June 30
2011
2010
2009
2012
Supervisory
Superintendent
Principals
Total supervisory
Instruction
Teachers
Other professionals (instructional)
Aides
Total instruction
Student Services
Nurses
Counselors/Advisors
Librarians
Total student services
Support and Administration
Clerical workers
Maintenance workers
Bus Drivers
Food Service workers
Other classified
Total support and administration
Total
Source: The source of this information is District records.
Page 118
2008
1
3
4
1
3
4
1
3
4
1
3
4
1
3
4
66
4
40
110
67
6
40
113
67
6
50
123
67
6
50
123
65
4
45
114
3
3
3
9
3
3
3
9
3
3
3
9
3
3
3
9
3
3
3
9
12
4
18
8
4
46
13
4
17
8
5
47
13
4
20
9
5
51
13
4
20
9
5
51
13
4
17
7
5
46
169
173
187
187
173
OPERATING STATISTICS
Fiscal
Year
Ended
June 30
Average
Daily
Membership
2012
2011
2010
2009
2008
1,015
1,018
1,025
1,018
1,009
Operating
Expenditures
$
10,287,285
10,153,138
10,908,171
10,909,590
12,068,654
Cost
per
Pupil
$ 10,135
9,974
10,642
10,717
11,961
Percentage
Change
1.62 %
(6.28)
(0.70)
(10.40)
N/A
Expenses
$
10,953,603
10,914,581
11,414,502
11,407,300
12,107,004
Notes: 1) Operating expenditures are total expenditures less debt service and capital outlay.
2) N/A indicates that the information is not available.
Page 119
Cost
per
Pupil
$ 10,792
10,722
11,136
11,206
11,999
Percentage
Change
0.65 %
(3.72)
(0.62)
(6.61)
N/A
Teaching
Staff
PupilTeacher
Ratio
110
113
123
123
114
9.2
9.0
8.3
8.3
8.9
Percentage of
Free/Reduced
Students
51.0
48.2
49.6
46.9
43.6
%
CAPITAL ASSETS INFORMATION
2012
Schools
Buildings
Square feet
Capacity
Enrollment
2011
2010
2009
13
116,473
1,306
1,094
13
116,473
1,306
1,084
13
116,473
1,306
1,105
13
116,473
1,306
1,076
13
116,473
1,306
1,077
Administrative
Buildings
Square feet
1
2,160
1
2,160
1
2,160
1
2,160
1
2,160
Transportation
Garages
Buses
1
26
1
26
1
26
1
26
1
24
3
3
3
2
3
3
2
3
3
2
3
3
2
3
3
Athletics
Running tracks
Baseball/softball
Playgrounds
Source: The source of this information is the District's facilities records.
Page 120
2008

palominas elementary school district no. 49

Transcription

Similar documents

Directions from NCTAMS to Helemano Elementary School

Castori Elementary School - Twin Rivers Unified School District

Investors Presentation

walton-verona independent school district annual financial report for

The best way to predict the future is to create it.

11-13-15 - Easton Valley CSD

Financial Report Year Ended June 30, 2012

pinon unified school district no.4 pinon, arizona comprehensive