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HomeMy WebLinkAbout97-06211 il " " ~ .! ~ ~. ~, ~ , , ", .~ .. ,ltt .'.~ V), ','t',' ~i !~ j, "A ' , , " ,I ,. " " II' S \>> ~ .... ,. .. .- '" 'tJ ,..1 ..... """ " ~ t ~ ,,' lit I . ", n 9t-/- (.,;,J./f (:,...i (frl4~ ,., ~ .. "-'~I"."-'I_'-Iioa4"'''''1 . . . . . . , /1 ~ ~ 11. _, (;rfC!ff'Wf,lt ~ (,'aI"Pf"'~1 ..I~_ ('~n_'.m_..m._._'_.n. V ~", (,0;'0',,1,' ,"1,,<1,., ,rV:."w";;",;,, . \ .. -- -- . lUG SI'IHNQ SCHOOl. PlS'l'RlC'l' N~WVI~~~, I'~NNSY~V^NI^ JVN~ 30, 1997 . . . . . " , .. ,.1.," w " ~, .llJ.Ill\X ~ Xndependent uudito~s' ~upu~t COlllbined balance shoet . ull ~lInd types IInd IIccount g~oups . June 30 I 1997 ~ 1 .... 2 Combined statelllent o~ ~evenuo. sxpepditu~'os and changes in ~und balilnces . All (Jovo~'nlllontlll Fund Types . yell~ ended June 30 I 1997 3 11II Statelllent o~ ~evenllo I expenditu~eo and changos in ~und balances . actlllll andbudp,ot . Cone~'al Ilnd Athletic Funds . yoa~ ended JUlio 30, 1997 4 . 5 ... Statelllent of ~evonuo, oxpellsos and changos in ~und bnlance/~otnined en~llings . ~ood Se~vice rUnd . yoa~ onded' Juno 30, 1997 Statement of cash flows . Food So~vico rund . yea~ ended JUne 30. 1997 6 " " 7 Notos to flnandul statements . June 30, 1997 a la . . . . . . GJUlJ.iNAW^~J' & COMPANY. P.C. Q~~tI"'O ~ijU'Q ~QQQijH'~H'O po, a"lO 400 WUT M~H 6'''~lT MJCH>I<ICllllij'''J, Pl:HHO\l.VN'lI" 17066 l1r111lSIlUlJJ f;.~llm7'51H1-)1 ., wr~r "IMI~~T ilJ/ll a,,"m, ^ 'IIJII ilIn " oIIIll I"kill" ''''III '" /^MIJ'I,Vij"" IllW^IIIJ~ <1."NAWAr)' ~)t)N 1tf}!lt'AH ~'r:W~,I'~~ .' A UWl'lMIIA~r 11'/10 1')111} A A. llNo" ,"nJ.'llI a ~IWA II ,OCllkl, k JIlt INIlI_PENIlEN'l' ^l)IlI'I'()(I,~' 1\~~IJ()I\'.l: ~onrd ot Sohool DLrootor" ijlg SprLng scnool IlL"trLct Nowvllle, VonnoylvanLn -- . We hove nudLted tho nccolllpllilyLng gonornl.purp<loo tLn/lndal st/lt,BIIIBntll nt ~Ig Sp)."lng ScnoolllLsr.rLot /Ill ot Juno 30, 1997 /lnd tor tho YOM' tnon onded, 'J.'neOB gel1o)."nl'purpose tLnnndal otntBlI1onts nrB tho rOHponllJ.hJ.LLty ot tho Illotrlct' 0 II1nnagBII10nt, Our l:ollpon" LbLl Lty I" tQ o:<pro'lIl1 an 'lpLnLnn I on theoo genernl.purpooo fLnancLnl ot/ltoll1enta balled an aur nudLt, We conducted oU~' audLt Ln acconlllnCL1 wIth gon~rnlly lIooopto,d /lu,lLtLng "tnndnrdo ond tho standardo nppLLcablo t.o tLn/lncLllJ. nudLto contaLnod In Government AudltLng Standordo Loouod by tho COlllptroLlor Gonol'al of tho Unltod Stnteo, 'J.'hose otandnrds recluLro thnt 1010 plnn /lnd perform tho /ludLt to llbtllln ronsonabLe aSSUl:nnoo obout whethor tho gonoral.purpose fLn/lnoL/l1 st.atomonts /lro fl:ee of mnte)."laL IIIlsstntolllont, An nudlt Lnoludos ll:<nIllLnLng, on /I te"t basL" evldel1Ce oupportLng the nll10unts and disclosures In tho gOljol:lIL'purpooo tLnandnl statements, An audit aloo IncLudes nasessLng tho occOllntLnp, prLncLpljJs uoad ond signlficent astLmotos modo by 1110nagoment. ae woLL ns evn~untlllg tho ovo~a~~ general.p'urpoae finnndol statomont proeontnt(on, \010 boLLovo thnt our audLt provL~e. . ~ea~onob~o basL" for our oplnLon, . . . In OUl: opinion, the accolllpony Lng 1\ono rnl. pUl:poao Hnnncln I a tatOl1lonta pl:uent fllll:ly, In aLL matodal ~ospects, tho tLnnndnl pooLtLon of Ilig Spring SchooL lliBtrlct as of Juno 30, 1997, tho resulto of ito operlltlona 'll1d tho casn flows of. Lto Food Serv(co Fund tor, tho yonr thon ondod In conf<H'mLty wLth gonerally accepted account Lng prlnolplos, In accol:donco with GoVernlllont Auditing Stnndnrds, WO havo also Lssuod repo)."to doted Septomber 2~. 1997 on our conoldorntlon of Illg Spdng School lHetrlct's Interna~ control ova~ fLnal1clnl ~oJlol:tlng nnd <lur tooto of Lts complLnnco with cortnln provlsLons of lawlI, rogulntLons, c<lntrnc~s and gr/lnto, . ~~~{l~,f?(2. Gl\EIWA\oIi\L:r 6 COf\lfANy.ft I', c, .. Soptombel: 25, 1997 Mechanlcoburg. Pennsylvanln liiI . I. Mr.MIlf,IlK - ~,\lf(llla'N IHKTlll'n: 'If' L'1\ltrWIW 1"'IlUl' 'lL'lIlINT,W'K - I'FNNK\I.\',INI,I IHK'rITIITf. liF L'F.IITIl'IW I~IIII,IL" ,1l'l'IIIIHTANTK I\1G 6l'lllNG 6cHoo/., PISnUCT GOMU@:P UAJ..i\Ncll SHEW!' . M.l. FUNt) 'l'Yl'~:6 ANP ACCOUNT GllOUI'6 JUN~: 30, 1997 A/lllul,/I 11'1/111 ~ '"VPlltllllllll'II, lit "'I/lt Ih/,) [' ~'"11 "tllu ,. lunou AJlII'IlInt~ plllU IVllhlp 1111 lIn'lullllt t'IKO/l rl'CPIVllhlo 01<11: o~ ~ 'HI!, 16') 1I110WIHlII0 [llr unollltoctlhloa) IIlVunt'Il'loII 11[- ~uppUoa I'\md 1101''1100 O'III!J>IIIont (JIllt "I ~ ~0~,~30 IIlllJUlllullll:pd doprPII llltlon) I.IInd, hullMn/:!~ IIno oqulplllont AIII"lInt 11'1,111,111110 In Ilobt Sll~vlco f'und '\IIIIHlnt to l1u prov [,dllO lot. e,ollurlll IUllg.turlll duht T"tll I 1,IIIhl Udo" I'IIY!:'''II IIl1d J>IJIloflta pnynhlo ~ AlllIUUllt/l p"ynl1lo Iloton-od ruvonUfl I)uo to othor ~lllldll Iluo to studont orB"nl~ntlons Ilundll OJld 110toll pnynl110 ' Cllmpllnllotod 11111101l00S Total llohilltloa ~'ulld oqulty Invoatod in invontorioll [,wlll/tod in gonornl fillod 11/11101:11 /"und holanoeal retn[nod el1rnings Itesorvod ' Untoservod 'rotal fund equity 'rotal !Jll.lIlJ.~JlJ. Athlotio O'1vorll"IOI)tnl ["'lilt) 'l'YpO~ Cilpltlll Cnpitnl ~eIlOtVO Prolocta ~Ol, 0/,0 1',177,529 1,.2fjO 66~ . 660 ~ 3,506 ~ 10,123 1,59,693 I~, 60/, '.69.816 $ ~7,~30 ~7, 630 1,02,18li, 1,02,166 1.69.816 $ ,,30.000 50,000 $ 6. Lt.:>. 509 $ 1~,312 $ 'rho nccompanying notos aro on integral port of those finaneinl stntements, I ,0~3, 61.6 31'l,922 1.05.3/,0 l2.60/f $ 13 I OM 1.829,912 13 ,06/, 50.000 1,,265, ill 3,226 3,228 1,,315,597 ~ 6.[1.5.509 $ 16,312 $ . 2 ~ 58,531 f $ 58.531 $ l,500 1,500 57.031 57,031 58.53t . ,.. l)~QP~ ie ta~y 1'\1ll~ ~'>'lJ08 Pebt Ii'QQd Bo~yic~ 1iJl~ G $ 9.638 $ 9,1,96 71.,672 22,1.51, l'idllda~y fund 'l'>,p08 Activity ACCLlllpt G~ollpa Gono~al Gonol'lll lm18- EJ xed Aaa~t~ _ 'rHIn lloht ,.. 132,962 G $ II 21..025 161.,371 19.000,000 . 9,1.96 5,718,17l G 9 ./~96 $ 295.160 G 13:2.962 $ 1.9.000,000 $ 5.727.673 . G $ 7,137 G $ $ 9.1,50 1,,260 . 132,962 1.,965.000 77,73fi 762,673 .0. 98,583 132,962 ..:!J..:. 5,727,6n . 19.000,000 . 9,1,96 86,635 109,91.2 9,1.96 196.577 .Il:. 19,000,000 -0. $ 9.496 $ 295.160 $ 132.962 $ 19.000.000 $ 5.727.67:1 .. Q . . IHO SI'I\lNO SCIIQQJ.. llIS'I'l\lC'1' caHIHNlm S'I'A'I'~HEN1' ai' IIEVI\NU~, Elm~NDI'I'U~ES AND CIIANGES IN ~'UNI) 1l/lJ..ANCE5 AJ..L O'lVEIINHENl'Al. FUND 'I'YV~~S YEA~ ENDED JUNE 313, 1997 . Capital Capital Oebt Oene~!ll /ltQll1~tc Illlllo~ve Prolocts Servtce l\evenue J..ocal eou~cell $ 9,1\81,5213 $ 1.9,731\ $ 31\,3116 $ 91313 $ State 1l0U~Cell 9,581.,312 . fede~e1 1l0U~Cell 282,951 Qthe~ Hnnncing 1l0U~C8ll 1.53~ 2%.211 1..965.131313 l'otn1 ~ovenue 19.5513. 3~1. 31,5. 9if 7 36.3116 9Q9 II. ?65. 131313 . f,xpel]dLtu~ell Inllt~uctloJ1 12,313,t8L SUppoJ:t lle~vLcQS 5,899,126 558,955 21',682 QpeJ:ntLon of nonLnllt~uc. . tLonal lle~vLcell 316,13913 31.8,537 Qthe~ fLnnMLng UIlOIl 652.1116 II. 9313.822 Total BxpendLtuJ:ell 19.1813.6113 31.8. 53~ 558.955 'Q~ 4.955.5Q!t . f,XCBIlIl of J:evenUe oVe~ (undB~) eXpendL tU~8Il 369,671 (2,5913) (522,6139) 91313 9,496 FUnd balnnc8Il, . July 1, 1996 3.895.92~ 5.all ---.221..795 51\.131 -13- Fund balnncee, June 313, 1997 $ IL 265.597 $ 3.228 $ 1.02. 18~ $ 57.031 $ 9.496 . The nccompanYLng J1'1tell nre an Integral pa~t of thelle flnnncLal statemonts. . . 3 . u ,It IHG SWING SllllOlll. DIS'I'I\lcT S'I'/I1'~HEN'1' Qf' IIEV~:NlI~:, ~~XL'EHllI'I'UJ\~~S AND CIIANO~:S IN l'lINJ) UM,^NC~:H . AC'I'lIAl. /lNll UlIl)@T G~:N~:IW. /11'/1) /lTlll'wl'lG FlINllS YE/III ~:Nll~:ll .IlINII 'Il) , 19'17 GOllUl'Il1 Vadllnco f,'aVI)rllh 10 /lculHl J.\.Y.!JN.!L\; (lInfoyqrHh 111) l\evenue 9,1\81',5213 /..oc II 1 SOU~C8ll $ $ 9,J()8,255 $ 313,21\5 StlltB sourcoll 9,581., 'H2 '),512,1.113 71,9132 Fedoral SOU~COII n2,'151 2a7,877 (1.,926) lIth'jr flnancLnB sources lSH .t) ~ l. 5~l 'l'otlll ~eVOIlU" 19. 550, HI. 19. l6a, 51,2 3~l.772 ExpendituJ:es Inlltructlon ~eguln~ l'~ogrllllls 9,537,ll.5 9,565,181. 28,1339 Special progrllllls 2,155,61,2 2,156,2116 606 VocationaL education prog~ama 331,21.7 31/9,051 17,813/1 athe~ InstructIonal progrHlIIs 26/,9713 288,8132 832 /ldul t educat Ion p~ogrlllllll 1.277 8.696 7,1/19 'I'CJtal Inst~uctlon 12,313.281 l2.'167.981 511 . 71313 sup~ort servIcBs upLl perSonne 1 536,176 536,195 19 InlltJ:uctional staff 6313,622 6313,960 338 Administrlltlon 1,21/1,953 1,216,568 1,6l5 PupH heAlth 181,1.66 182,168 682 lluniness 331.,51.5 31,6,1361 LL,516 ape~lItion and maIntenance of plant so~vicos 1,657,61.5 1,659,5/.8 1,703 Student transpo~tation ne~vlcen 1,289,858 1,2913,131313 1112 , I Othe~ support servIcell 53.61.1 53.61.2 1 Total BUppo~t servlcea 5.899.126 5.,)15,l.!!l 16,016 (Colltlllued) . I. . I lilt " " bth III t l~ Vlldlln~" l"'lVUrllb lu ft.OtUll~ Budlle t (Unfllynrahle) ... $ 1,9,736 $ 118,51313 $ 1,236 296,211 3Q7.QaO ([0.789) .. 31.5.9117 355.500 (9, 5~~') . .o~ .13. .0. . . .13. .13. .13. . .. IV ~ 11111 Sl'IUN<1 SClIllllJ. IllS'I'IUC'I' S'I'/I'I'l(MEN1' ell' J\~:V~:Nl)J':, EXI'f,:NJH'I'lIJll\~ /lNI) ClI/lNems IN ~'1INl> 1I/1l./lNGl(S . /lC:'l'lJ/Il. /lND 1I11/)em'l' O~:N~:J\/Il. /lNl) /I'I'IIl,Wl'lC I'lJNllS (Cont' <I, ) y~^~ BNllBll JUNB ]0, l??7 l)Olllll'lll .. VMLancll f,'llvornble /I<'tlJlll IllliINJI.t <Ullfnvorable) Exponditu~es (Contld, ) . apll~ntlQn of nonLn~t~uctIonal sorvlcoB Studont IlctlvLtlos $ 301,011 $ 380.38l $ 79,3713 CQillIII1llllty so~vLclls -JJ....91.2 l~.IQ8 29 'l'otal opo~atLolI or 1\01\' Inst~uctLonal se~vlc,o" 316.t)l)!.l '195.1189 79.399 Qtho r HllnncLnlf, unea Oobt no~vico 576,31.2 576,3/.3 1 fund transfo~s 75,81311 912,285 836,481 audgotary rooe~ve _--:.!l:. 1.3132 1,3132 'l'otal otho~ fl.lIlll1C Lllg useD 652.W .J....fJ69.930 837 , 781. 'l'otal expolldlturos 1?l.aO,61'1 213.168.5112 987,899 EXcOBB of ~ovonUe ovor (undor) oxponditu~os 369,~7L (l ,131313,131313) 1,369.671 Fund balances, July 1, 1996 3.895.926 1).1302,650 na6. 724) Fund balancos, Juno 313, 1997 $ '" 265.597 $ 3.002.650 $ 1.262.9/.7 Tho accQmpanyLng notes a~o an Intogral part of thooe flJlIll1clnl otlltemollto, . 5 . ( "" 3/18.537 155.5013 _ 6.963 .. ~ " Ath~lltllL-.. Vll~" IIlJlcll 1"IlV<l~'jlhl11 Actu111 lllliI.IU!J; (UpfIlVIH"lln ~e) '" $ 3118,537 $ 355,5013 $ 6,963 ltt .13- ..0. ..0.. 3118.537 355.5013 6.963 If (2,590) .13. (2,5913) 'I 5,818 .13. 5.818 $ 3.228 $ .0. $ 3.228 . . . . . 11II ... . . . . . . .. '" lllCl SI'lWlll HC/IQQl.. DIS1'lI,lC'I' Wl'/I'l'EHf.m' ai' IllWf:NlJE, f,Xl'~:NHEa /IN I) CII/lN()gs IN F'IJI'H) 1l/ll,^NC~:/II~T/IlNJ;;I) IWIN INGS 1'0131> Sgl\V1C~~ F'UNO YE/I~ gNDEll JUNE lQ, 1997 OporatIng rovonu" S/lloll aporllting oKpensoa SII111rlos ~nd ~agos ~mployo~ bonQrlt~ FQod and m111< Oen~~al supplIoa ~'Bplllr~ and lIIaIntenance UtIlLtlos IInd fuol DeproclatIon Total operatIng OXl'enHe~ apeJ:ating loss Nonope~lIting rovonuo S tate sOU~cos Meal Ilubsldles SQcial secu~ity and rotlrement ~ubeIdiee F'ede~al ~OUJ:cell Heal subs idLe~ Oonated COllllllodities Interost Bnrnod Total nonopo~atLng ~eVenlle Losll beroJ:o transfe~s Fund t~anllreu Gone~lIl Fund cont~ibuted servicss Net loss Fund blllence/~otalne~ enrnlngs, July 1, 1996 Fund balance/retlllnod earnLngs, June 313, 1997 l'he IIccompanying notoll are an Lnteg~al pal.t of these flnnncinl statementll, . 6 . $ ~18,5~1 297,8U9 130,633 321 ,/IL3 8,907 7,869 35,131313 21.793 U23,5Q/I (3QI/..2.!i..3.) l6,551. 25,31313 11.3,762 1.8,856 11.800 239.22.2. (65,671) 28.131313 07,671) 2311.21.8 $ 196.577 11II -- Ill(] 6l'lllN(1 6cllOlll. JHs'I'lUG'I' 6 'l'A'l'l\H EN 'I' OF C/lSII n.olis /,00l> s~:llV1C~: f'UNI> YEAR BNllEll JlINE lQ, 1'191 11II Qpe~lItlng actIvIt lea apo~atlng 1000 Mjustments to ~ecuncl Ie operatLnB looa tll not cllsh usod In uporntlnB nctLvitlea Pep~'oc lilt Illn Ilocroauo (Increase) In nssets /lacounto recolvnblo Inventonos Inc~easo (docroaso) In 1lnhllltlos Vay~'o 11 nnd beno f I t$ p"ynh 10 /lccounts pnynhle Deferred revenue Due to otho~ fundll , COlllpensnted absonceu Net cauh uuod In operatlng actlvltLes $ 0131,,9113) 2l, 793 ... (617) I, l65 7,137 (1,927) (5,815) 1.,2613 ---1J..MJ!! (271,,113) . . Non capital financl~g IIctlvltles a~ants and subsidIes State sources Federal IIO\lrCell Fund transfers (Gonernl Fund contnbuted servIces) 111,8511 192,618 28,13130 . Net callh provided by non capltal fInancing actlvlties InvelltIng IIctIvitios Purchllso of equipmont Dec~eallo In investments Into~est oarned 262.1.72 (16,817) 33,296 11.8130 . Not cllllh prOVided hy lnvontlng octivItloll 21.279 Net lncrense In cash 9,636 Cash, July 1, 1996 .0. . Callh, June 30, 1997 $ 9.638 The nccompanyLng notes a~o nn lntogral pnrt of those flnnncllll statelllents. . . 7 . I,J '", .. ~IIG Sl'lHNG SGlll)l)I, IllS'I'IHG'f NO'l'l':H TO l-'IN/lNG l/ll. S'I'/ln;MENTH Jlm~: 'Il) , l'i'l7 IIIIl ~, RopCJ~ting ontlty llIg Sl'rInll Scho')1 lllllt~Icc ls tho lovlll 'If W,'JVOnllll11nt which hall llve~IlLght rOllponllIlJll1cy /H)d cllnl;~'11 llVlIr IldlvlclllS J:lll/lco<l to l)llhl.lc IICh'llll e<lucntlllll, 'l'ho ~Opll~C ltlcLul\lI/1 sorvlclls )lr'lvI<l,,,1 hy tho IIIIICl'l'lt t,) 1'll/lIdont/l wIthin Lts boulll\o~Los I tho Cllillhel'l11nd GI)Unty '1'I)wnu1Ilps of ()'H)I<I', I",wor 1"j:llllkfl)~d, lJppo~ Ji'~n.nkfo~l\, J..CJwor MHfill1, IIp)lllr MLffllll, North Nowtlln, H'luth NllWtCJlI, l'olln anl\ WOllt l!onnsPllJ:ll, /lnd tho IlCJI'llur,h of NowvLll11, sllrvLcos JH'llVl.dlld Incllldo /I cOIIII'):ohunsLvu ')lln'lllullll11 f'lr pl'lill/lJ:Y IIn'/ uuclln<l/l~y IHlllclltl/ln 1111 wlll1 1111 sl'odul edulllltICJ/l Illld Voo/ltIlln/ll llduolltllln pl'lI!'.rllllla, Thll lll/ll:~l'lt 1',',:ulVU/I rUVllnlle frCJm 10ClIl, stllto Ilnl\ fodel'/ll SllUrC\'" /lnd IIIljllt clllIIl'ly wlth tho ~""lIlIrullllllltll llf thouo fundIng IIllU~ClllI, O~lto~III elltabLlshod In OOYOnllllollt/ll /lccountLlIg Stlllld/l~ds IlCJ/I~d St/ltolllont Numho~ 14 Wo~e uoed Ln doto~IIIInlnll tho olltLtLos to bo l/lcludod In tho repo~tIng ontity, 'rhollo crlto~III IncLudo hllllLc Ltollls 1I1!llh 1111 fLnMlcL/ll illtordopllndoncy, ooloctLo\) of govoming Iluth'lrtty, dosLW,IIi1t 1'"1 llf 1IIIII1al\olllent, IlbLL~ty co II LgnIHc/lntl,y Lnfluonco CJpo~HtIons, ncclIuntHhllLty for flllclll illllttorll, IlCOpO of puhllc se~vLoo and Ilpeclal finllncIng ~olatlonshIps. /Ill CJpo~lItlCJns of the DllltrLct lire Lncluded Ln tho ropo~tlnll ontlty, Tho~o a~'o no olllllponent ul)Ltll thllt 1II00t tho /lhCJvo c~Ltllrlll fo~ incLusLon In thIs repo~tlng elltIty, lIoWovo~, the lllstl'lct Is a pll~tiollpllnt In two joll1tly'govo~ned opoJ:ntionll, ellch of whLch ill II SO[lIIj:llte leglll ontLty thllt offore oducntiol)lI~ seJ:vicell co the OLllt~Lct and Its rllsLdonts, Each entity SIl~VOS sovoJ:al Ilchool dLst~lcte, 110 the following ontltLos lire nCJt Lncludlld Ln thLs J:eporting ontIty, Capital /lroa Into~lIIodL/lte 1I11It p~ovldos sl'ocLlll oduclltLon servlcos nnd prog~allls , Ollmbllrlnnd.Vsrry /I~na VoclltLolllll.'I'ochnLcal School prllvldoll vCJcatLollal IInd tochnIcal oducatL'JII lle~vLcos IInll progrllllls, " . . . . . 2, Summa~y of sLgniflcant IIccollntLng poLLclos Tho accounting ~ecllrdo of ~ig SprIng SchoCJl Oillt~Lct o~e mnLntllLnod on tho basLs of accounting p~acticos prosc~ibed o~ permLttod by the Monual of /lccountIng IInd Related FlnancLal V~oceduJ:es for Vonnoylval1LII School Systollls, Lllsuod by the Pennsylvania Deportlllont of Ed4cotLon In IIcco~d/l)1co with tho l'~ovLoLons of tho School LnWIl oF. Ponneylvllnla, Thoso p~actLcos II~'O Ln confo~mLty with gene~nLly acceptod accollnt Lng p~LncLp lSIl as IIpp Hcab le to govornmontllL llnl ts, /I summary of the mo~e IlLgnlfIcant IIccountlng polLcloll Ls Oil folLownl .. Fund account Lng The account Lng ~ocCJ~ds of the DIstrIct a~a orllnnl20d on tho hanill of fund typos and account groupll, ~och fund tyrO lIIny cons ls t of sevo ~aL dl ffe rOllt funds, Elich fund is n sapa~ate entLty with so f.bnll1ncLng IIccollnts whLch comprise Lts nssats, lLabilLtIes, fund bllll1nce/retalnod eo~nlnl\s, ~ovenllos and expendltu~es/expanso~ as apP~oprIato, The fund typos and account lI~oupS utlLL20d by Blg SprIng SchooL OLet~lct a~o as followsl . . 6 . u . 9 " . IlIll Sl'llll'/li HllJlll()1. llIS'l'IW':'1' Nll'n:S 'l'0 l'lN/lNGl/ll. H'l'/l'n:MEN'l'H (llllllt' d,) Jl1NI': )l), 19'17 .. " 2, 8UIIIIII,H'y CJf nlBlIlflcllllt Il~Clluntllll:\ lU)lIllIun (Gllllt'd.) Fund llClll)Ulltll1g (erHlt'll.) !l.!I.YJlJ>!JJJJil.lltilLBln!l....l'..YJJ.lUI " 'l'11Il/l1l ll~ll l:hll fundn thn)ll~.h whIch 1II0nt ~1)Vlll.III1111lltlll fllJllItl<ms llrn prllvldlld, 'l'hu 1l1~'lulHltlr)lI, UHll alld blll1l1l1l0/1 of thll 1>L'lt~lct'a ,IXP"llllllhlu nlllllluLlll ~USr)II~CllH lllld tell1tlld 11olJ1Lltllln (llx"npt th')/ln llCCUIIIIl:uJ fCJl' III l'n'pd"t,'~y Flllld/l) litO accountlld fll~ thl'llugh GOVlltnlllllntn 1 FUlldH, . 'l'hll Gllne~,ll FUlld IICCOllnts flH' II 1), nnllllC 1111 ~oaOUtl1nn IlXCllpt thone ~Il'IUItod to be llCCllUntlld frn' In litho t funds, '1'1111 IIII1J Ot 1 ty Ilf Piatrlct IIctIvitIes, incLudlnB InstructlCJn, ndlllInistl'ntlon nnd CJthor eotvlcos aro IIccalIHtod far In thIa fund, . 'rhe /lthl11tlc Vund ls II spoclnl l'OVOIIUe fund tlHlt IICC,)Unta for tho reVOnUO') IInd expondI tUl"IlS frH' 11th 10 t Ie fHlrpllalls, The Cnpltlll Ilosorvo l"und p~ovldes flit unspeclfled futu~e const~uctlon o~ equlplllont nlllldn, . '1'11/1 Cllpltlll l'roJects Fund IIccountn ~or bond proclloda /lnd tho expendIture of thosll funds tCJ conlltruct /In elolllentll~y school, l\lllllaining fundawlll bo IIvalll1hle for renovatlol1a, IlIIpro'/elllenta and oqulpment /IcqUls1tillna, . 'l'ho Debt 80tvlce f,'und /IcCCJunts fo~ procoodll of gel1o~al obligation bonda and notos, thllt wore Lsauod to refund p~lo~ bonds lIl)d notea, /lny ~elll/llnln[l, l'~ocoedll IIro used to reduce the InItial debt servlco paymont on the now sorioll of bonds o~ nlltoa, l'ropr~etary FUlld TYPOH ' Theae funds Ilccount for ope~/ltlona thllt aJ:e finllnced and operllted In a 1II1l1\J1el" slIJlLlII~ to prlvllte bUalnoas onto.p~isos, . The Food Ser,vice Fund IIcCountll f.o~ the f.inllncilll t~anllllctlons oSlloclated with the operotlons of the cafote~ias, . flduciarv F'und Tvpes iTruat IInd ~.,oncv Funds) . Thoso fUllde IIccQunt fo~ assets held In a trUstell c/lpllclty or liS IIn agent for othe~ funds or entitlos, The /lctIvlty Fund /lCCOllHts fCJ~ programs CJl'erllted and sl'onso~od by varIous clubs and o~gaIlI~Htlons wlthln the schoola, IW Account ClroulU! . Theile accoullt I:\roup'J lire not fund II , They are only 'concerned WIth thu measurement of fll1llncilll pOHitlon and lire l\ot ltwolved wIth the meaIlU~em~nt of reaults of oporatllln, \oJ . -- IIIG Hl'lllNll Sl;Jll)OJ.. IHS'l'lllG'1' NOn:s '1'0 nN/lNCI/lI. HT/I'n:ti~:N'I' (Conc'd,) .j lJN~: 'J[J, l ~9 7 2, Sumlllll~y u~ s~l\nIfLollnt IIc<ll,untln~1 p'/lldus (C<lIltl<l,) lIII Fun<l IIcllountlnl\ (C'Hll:'<I,) ()ono~nl l"lxu<l MlllutllllcoCJunclI f'H' 111I1<1, bull<llngllllnd o(lulpmollt. Gone~lll l.unl\"I'CJ~IIIl>oht IH1C<lUnt,) r'l/,' blJllllIJ, 1I,/tUII IIn<l compunsnto<l IIhsollcell p"ynblu 111 rlltu~'L' ye,,~'". . 1I11111s of p~OllolltlltIon 'l'he acuountIng IInd fLnondnl p~ellelltlltlOJ\ 1Il0thuds of tho dlffe~ent fun" types lI~e balled on theIr moasu~olllent ~oous, ~hlch dete~lIIillqll ~hon rovellUOII IIIld oxpunditu~os are recognized, . !/ovorll/nental FUlld 'l'yoea . l'he/lo ~undll U/lO tho "cu~~ent fillllllulal reIlOU~CeS" 1I1eallurelllullt fOCUII, ~hlch La a modltled accrual mothod, ~evonuell aFe reco~ded ~hon ausceptlble to ncc~uaL (both measurabLo and avnLlablo), /lvallnble meanll collocted ~Ithln the ou~'rent pe~ICJd or liGOn enough theroafter tu PIlY cur~ont 11nhlllcies, . 113 . . ~Kpenditurell a~o gellll~ally recoglllzud IIhen the reLated fUnd LLaplLLty 111 Incurrod, Exceptlonll to thIIl general rule Include p~inclpal and ~nterust on genernL 10111\' te~m debt whIch La ~ecognlzed when due. Dillbu~selllents ~o~ Invento~y type itellla and prepaId eXl'onoes au conside~ed oxpendltures at the tlmll of purohnno, VroD~leta~y Fund Typell . The Food ServIce FUlld Uses the "flow of economic ~elloUrcoe'l lIIeallurement fCJCUIl, ~hich III a fuUaccrual method, . ,. ponated commo<J.ltles aro In'/ento~Led at I\n entimated vnLue ~hen receIved, Invento~ies (valued 011 the fl~lIt.ln, fl~st'out lIIethod) are ~eco~ded I\S IIn asset, and the po~tion rop~esontad by donated CQlnmoditles ia ~eco~ded as dehned revenue, . Food se~vice equipment Is capitl\Lized, ~Ith deprecIation (colllputed on the Iltralghc.LLne lIIethod ulllng IIn eetimllted \lllefuL life of L~ yea~ll) recorded aa an operatIng expsnse, The equIpment (neC of accumuLated depredatloll) Is oHaet by a reserved l'ortion of retained ea~nlngs, w Gompensated absences IIro rocoglll~ed aa operatIng expllnsea and the cumulative amount Is ~eco~'ded as a llablLLty ~.lthin the fund, The lUbLlity Is oHnot by II reductlul1 III the reservo<l po~'tLon of rotained earninga. v I , \ , \ , - . lllll SI'~INl) S(;Jll1l)J. lllWl'IlICl' Nan:s 'I'll i"IN/lNC IA'. ST/I'I'EH~:Nl' (Gollt' d, ) JUN~:)l), 1997 "" 2, S\lIII"I/I~y ,)f S Ij,\1I1 fLc/lllt /lCCllllllt lllj,\ po lie lUll (llullt' .I, ) 6/1sIIl "f 1'I'll/lllllt/ll:IOII (Cullt '.I,) nllllll ~Ilry f\IIlll 'l'YllQ(I (,1'~1I111: .JUl.Il..A~ Flllllln) . 'l'hllllO flllldll USll a 1II0dlfllld /Icorll/ll 11I11 thud , l'hllY arn CUlltllllLlll In lI11tu~e (1Illsetll lllJual lLllhIUtIull), /llId /ll'll n"t lnvlllvlld with thll 1II11IlSliPIIIIIlIII: llf l'IlIlUll:/I of OpOI'/Itl<lIls (rovellullo IIIld explln,lltlll'Il/I), ~llJl . 1.lllld, huLldln~a /llId Il'llllplllllnl: 1I~1l 11l'Ilselltlld lit COllt, llepreclatl11l\ III nllt "CJlllplltud un thllllu IIIISlltS, /lddltlons IInd dlllp'l/1/I1s havo heell IlSt:lllllltod lIinoo tlw IIIIHlt. I'ooont Olll:lIlde Vllllllltlon repol't, whIch Wall po~forlJled In July 1'l'l2, III /lullu/lt 19'JI, the lllstl'lct Iltll~ted the procosa t" obtllln II Cllnollt V/lllllltlon I'epll~t whIch w111 then he updatod IInnll/ll ly, J..ong.torlll dobt ill offset hy IIn IllIICJunt to be p~ovIded by future taxatloll 01' othfl~ ~evenuo SOUI'OOS, Oene~al obllg/ltlen honds and notell payahle In futuro yeal's /lro ~Il,,[)~dod as DIstrict dobt, Interellt on these bonds Is recognl~ed whon sllch Interest III due, -- . . . COlllponllatod nl:isencell (tholle fOl' whIch elJlployees receive pny) ara prellented III1Ing tho terllllnntLCJn I'/lYlllont lIIethod, /I lillblLlty III COlllputed uulng elltIlIllltall which IIpl'ly hll1torlcal dntll to current fncto~II, The IlIst~lct IIInlntnlnll ~ocorda CJf unuslld leavo IInd appllell the contrncted rnte for employees oUglble for terll1lnntlon paYlllonts, The DistrIct 0110wll only ~ellt~lctsd snbbatlcHl luave IInd the~efo~e doell not present any liabILity In advance of the Ilahbatic~l, . Iludge tll The llillt~Ict adopts, pdo~ to the boglnnlng of oach fLllcal year, nn IInl')ual bu<lgot for the Gene~nl Fund /lnd /lthlotlc Fund, /I p/lrt of thlll budget p~ocellS Is the IIdoptIon of local tax rates, subject to vnrloull legal relltrlctlons, The Illllt~lct approves lIubsequent budget rBvisIons (p~lmarlly transfe~s between exponditu~e categorlell) as necesllnry, Unulled /lpp~op~latlone oXl'lre at the end of each yell~, . ReVenue . Local 1l0llrCell Real estllte, occupation, rOIlIdence /lnd per c/lplta taxell a~e levied all of July 1 with a hgal, enforceable clnlm /1g/llnllt tho tllxpayer and/or prope~ty, Then tnxell a~o recognIzed ns ~evenue when ~sceIvod during the fiscal yen~ IIfld aho elltlmated to be recelved withIn slxty days nfte~ the end of the flscnt yea~" Amountll estlmllted to be recelved botwoen sixty dllYII llnd one yea~ after tlle end of the flsclll yoal' a~e ~ocorded a/l doferred revenue, An a Llowallce fo~ uncol1ectibles Is rllco~ded fo~ taxes elltllllatod not to be collectible wIthin one yell~ afte~ tho end of the flsclll year, Other tnx revenllee, IncludLng t/lxPllyol"nllSflllaed revenues sllch all ea~ned Income taxes, /I~e recognL~ed /III ~ovenue when rocolved du~Lng tho fiscal yea~ o~ aoon onough tho~eafter to be susceptibLe tCJ accrunl. . LL . u ." . ~ llW Sl'llllill ~GIIl)l)l, ll/.HT1\ICT r/C)n:~ TO l'IN/lNC;l/ll. S'l'ATnmN'I'H (r.lont'd,) ,/lJN~: ')I), 1'197 ,. li'odorlll l'~'ugrlllll funds "l'pLLcllhlo tCJ llXpolldltul'ell III tho Clll'rllnt flllclIL YUill' expected to bo ~ocuiVod In tho next flsclll YOlll' Il~ll rocoanlzod ao rovonuo In CUl'rent fiscal yoar, hut tho 2, BUlllmary of slgnlnclIIlt'llc,,,)untlllp, Jl'llluloll (Gunt'd.) ~ovonuo StlltO IIl)llrCOII 11II ~tllto SUbllIdl,oll duo thu IHlltl'Ll)t Ila cll~'~ont flllclll YOllr ontltlolllonts aro ~'elloBnIzell all ruvonlhl In tho cunont f tllll/II yOIl r. I\evonuo ' l'odo~lll IIOll~'COS Inte~'fund t~Hnsactlons . ~xpondltu~os by tho OOlleral Fund for tho helleflt of other fundo Ilro ~ofluctud in tho l'ospectlvo etatolllonts of revenuo and expondituroll/expel1I101l, based on managelllol1t' a estImates, The lllstrlct does not attolllpt to ll11ucato 1I11 costs whIch bonefIt the other' funds dUll to tho difflcultioll assoclatod with the lIIollsuremont 0 f such hono fIts, . hns ion p Inn . SublltantlaLLy all fuLL.tllllo /lIld pan,tllllo ollll'loyees of the llist~lct partlcll'ate In a cost.shadng multll'lc omployor de fIlled bonllflt l'onslon plan, l'he lHstrict implementod 13MB Btlltolllent No, 27, /lccountlng for Vonelonll by State IInd l.ocnl Govo~rnllental. Employe~s, in the year ended .Juno 313, 1997, That Statemunt ~equl~os an olllployo~ that partLcLl'lltos In such II plnn to recognize annual penBlol1 exponditu~ell o~ oxponees equal to Its cont~actulllly.~oquired cont~ibutionll, subJoc~ to the modIfied accrual basis CJf llccountlna In govo~nmontal funds, 3, ClIllh IInd investments . ClIllh (otho~ than' 813 cnsh on hllnd) conslsts of chockinB accCJuntll in financial InstitutIons and pooled funds In whIch tho lllstrlct owns II p~orata Ilhal'e of tho fund assetll and III catogorlzod as follows: Ca~'~ylnB Vnluo Bank 11lllsnce . Inllured (FDIC) Collato~al held In the DIlltrlct's nlllllo Collate~al not held In the Dllltl'lct'a nlllllO $ 1(,8,6511 .13. 36.11713 205, 121. nll).~9A $ 268,704 .13. 78.139 347,13113 1,245,895 Vooled funds lit $ HL~.122 $ 1. 592.938 . 12 . 1o?i iL.l!l.5...ll!1 . . /Jill SVIIING sClloar. DIS'l'J\IC'I' No'r'ES '1'0 fINi\NCIM. S'1'/I'I'l\M~:N'I'S (G')/It' d, ) ,llINE 30, l')97 . 3, Oll~h an<J lnvustlllunts (Collt' <I,) For PU~PO~Qij of qlO rill)" Su~'vl~u l-'ulld stlltolllUllt of clIsh t'LllI/S, clIsh con~l~tij Q~ II ~hllckIlIg 1I~~QUllt IIlId PQO Lod t'ulldN, Involltlllunt~ H~U liS ~ol1QI/UI . Oortlflcllte of depuNlt l'~uut dllpllrtlllont of II fLtlllllcLlll LllstltutIulI /.'onn~yLvalllll J..ocal OovonUllollt Investmllnt 'L'rullt $ ~,'Ji,/, 9,1,96 ~ ~,12L.'l90 . l'ho ~nventlllents, I/hoso IIIllrl<ot vulljo ll11proxllllatou cost duo to tho shQ~t tll~lIIl1lltU~1l o~ thll Investmontu, aro catego~l~od 1111 fol1ol/~1 Inuured (FDIC) Col1ato~al hold In tho llistrlct'a nlllllO Collateral not hold In tho DLstrIct's n~lIIe . Vooled investlllent~ $ 5,9"" ,0- -0. 5,9111. I,. 715 .M16 ~ I~, 72L. 390 . 'l'ho type~ of authorL~od lnvestlllol1tij Ilro LLlIIltod by stato rogulatLons, Invostmont policios ~ollowed <lu~lng tho yonr dId not elgnIflcantly altor tho catogo~l~atlon of investmonte shown above, 4, ^ccountll ~ecoLvablo Accounts roceivable are as fol10l/uI . Food SorvLce Gonel'1l1 Fund Fund u . . IHO ~VllINCl sclloal, lHS'I'IUC'~ NO'n:S '['C) l'l N/lNc:I/Il. R'l'/I'I'EH~N'I'B (Clint' d , ) JlIN~~ 313, 1 ')'17 5, Dellnquont taxos recolvnblo '. Dellnquont taxes ~ecolvnblo III1J thu rolntud dofor~eJ ~'uVuIIUu are liS fopol/s I ~eal sstate taxoH $ ~89,383 Occupllthm, ~eaidollce IIl1d po~ cllpltll tll;<OU -1:i1I.Jl.9.6. DoLLnquunt taxos rOI~olvllblo 71,8, l89 . Allol/ance fa~ taxos oatlllmted not tQ ho colloctlble within ono yea~ 318.1!J..2. ~stImated tll be cQILoctlblo withIn ono yoar 1130,0013 ~Iltlmatod to be colloctlblo wlthln aLxty dllya 30,QOQ DQfu~~ed ~evonuo, de Lln'lllollt tllXOIl $ 1.00.000 . 6. Land, buildIngs and equIpment Changea In land, bu1Ldlngs and o'lulpment I/ore liS followa I . J..and and bulldings ~quipmont ~llLy 1. 1996 $ 12, 11013 , 0130 6.300.qOO /lddltlo()~, lHspOHlI~~ June 313, 1996 $ 1013,0130 $ 2130.131313 $ 12,5130,01313 6.51313,13130 Gono~al fIxed lIaaota , ~ 18.700.000 . Food Ilorvlce aqulplllQl1t ~ 7, 8Qndll and notea payable 352,78/. $ $ 300,13013 $ l6,Il17 $ -0. $ 19.000.000 $ 369.601 .0.. . Chllngoll Ln banda and notes payab 10 wero liS foLLows: 1997 Scheduled Description Julv 1. 1m ISSUlll1Ce Redolllp~!9.nl June 313. 1997 Oeno~al oblIglltlon bondll, 1992 SorLes $ 5,135,0013 $ (1.,81,5 I 131313) $ (2913,13130) $ .13. Geno~al oblLglltlon notes, 1997 So r 1 os 1..965,01313 4.965,01313' $ 5.135.000 $ 120.000 $ l290.000) $ a.96!LOOO . .. . 11. ' ..I I \ \ '-."', . $ 1..965.000 . -- 11113 Sl'lUNG S<JIIOOJ. lllS'I'IUC'l' Na'l'l\R '1'0 Jo'lN/lNG1t\l, S'I'/ln:M~N'1'1l (Guilt I d, ) ,/lINJ.': 30, 1997 -- '" 1IllndB /llld notoll paYllblo (Cont'd.) 'l'ho notoll, which bOllr Into~'ast llt tho ((xod rllta of 5,075%, lI,re not subject to prepaYlllqpt prLo~ to tbo stlltod 1II"lldllto~y IIl1lt\H'ity d"toll. . sc~oduled debt servIco r"qlll~oments '1~0 "a fo Uowe I Year Ending June 313 Vl'lncllllll, Ip~o~est ~ 1998 $ 385,01313 $ 178,"81 $ 563,1.81 1999 195,131313 232,1.35 1.27, 1,35 213130 3513,13013 222,539 572,539 213131 365,131313 21311,776 569,776 213132 365,01313 186,253 571,253 213133 20137 2,225,0130 618,6/12 2,8113,61.2 21308 . 21309 1. 13613,13013 81.11511 1. 11.1. 11511 $ I. . 965 .000 $ 1 . 72'. . 580 $ 6.689.580. .. . In ,JUM 199', the Dist~lct luued tho 1997 series of general obligation notOll fo~ tne ~efunding of the 1992 nerlea of !\eno~1I1 ohLigntion bonds, '['hia ~efunding mot the requiroments of an in,substanco debt,dofeasance llnd thB funded hondll wo~e ,,"omoved f~om the OilltrLct'e Goneral l.ong'Term Debt Account Group, The refundIng reduced future debt se rvice roquI ~emonts by $ 186,1128, which ~ollul ted in an economIc gain to the Dist~Ict of llpproxilllatoly $ 169,415. Vroceedll of the 1997 Ilorlos wero aa followsl . Note iSlluance costs ~scrowod fo~ 1992 serios i\vIlUablo in [;obt Service Fund $ 21.,682 1.,930,822 9.1.96 All activity of the legally dofonsed 1992 se~ios Is undor tho control of the t~ust depa~tment of. a financial lnlltLtutIon, /It June 313, 1997, $ 1.,8115,131313 of theso bonds We~e outstandIng, whIch wore call11ble on or after Soptembor 1, 1997, . ... , 15 . ,1101 . . llICI SVIUNG SCIIOO~. DlS'I'IUG'I' NO'I'ES '1'13 ntiANCI/If. S'1'/I'r~M~N'I'S (CCJr!t1d,) JUN~: 313, 1997 .. 6, CompllHsated IIbllonclIs Changllll In 1I01ll)1onslltlld IIhllenllos We~e 1111 ~o11CJwsl J..W.Y...L..J.lli Not Cl),lfWL ,Iune 313. 1997 . Oeno~al J..ong-'l'erm llobt Te/lche ~s OUlltodIans SllC~otll~IolI /lIdos /ldminist~ators $ 632,7131 $ 78, U 511 66,8211 16,369 55,33~ (76,1.73) $ (7,536) 3,795 (700) ((,.513) 556,2~8 71,31B 713,619 15,689 110, a19 Food Se~vlllo f,'und $ $ IlS0.10Q $ 72,11.24 $ (87,1)27) $ II , aM. $ 762.673 . 77 . 736 . J.'aYlllente to~ compenllllted absence II ~ecordod in General J..ong-Term Debt are made through Geno~al l'und expenditu~es in the YOllr the abeeHCO III taken or the omployes ~etires, /It ~etlrement or death, whLlo In School District llervIce, ellll'~oyeOll (with lit 10allt 10 yea~s servlclI in the School DistJ:lct) o~ thoir benoflcL/.I~IOIl Ilhllll choOlle on~ ot the following o)1tionll (subje~t to a lIIaxllllUm of $ 12,13013 for adlllinistratorll and $ 6,51313 to~ all othe~ olllployues)I 1. /lccuJ1lulatad IInUlIlId sIck leavo dllYII tImes $ 50 per dllY 2, Numbo~ of full yea~1I at Ilervlco III the District tllllell $ 150 per yoa~ '), Pension plan Tho District cont~ibutes to f1 governmental cost-shadng multIple-employer dofLnlld benefit. pons ion plan IIdminlsterod by PSEl\S. aonofLt p~ovislons of the pll1n are establhhod undo~ tho p~ovIlIlons of the PS~l\S Code (the Code) and IIII1Y be alJlol)ded by an act of the Pennllylvanla State J..eglslatu~e, The plan prOVides ~otl~ement, dLsabUity IInd death benefLtll, ),eglslntlvol)1 m/lndated ad hoc cOllt-of-LLvIng adjustments, and healthcare Insurance prellllum IIssistance to quaLLfylng plan membors and beneficIarlos, It alsr) provIdes for ~efunds of alllelllbe~'s accumUlated cont~Ibutlon upon te~IIIInatIon of n lIIelllbo~'e omployment In the publIc school soctor, VSE~S Issuos a publlcly IIvallable flnancLal ~'oport that includes financIlll statemcntll for tho plan, That ~eport may be obtaIned by writIng tCJ /?SERS, p,a, Box 125, lIarrlllbu~g, V/I 171138-13125, . . . .. . l6 - .. . ~ " 'II I . .. . . ,lit w lit BIG SI/IUNG HClIllOI. lllHTllI()T NO'l'l':H Tt) VINMW1/ll. ST/ln:H~N'l'H ([lollt'd.) JUN~: 'It), 1')IJl 9, l'on#Ion 1'11111 (Gl)Ilt'<l,) l'ho ~ontrIbutbH\ poLl~y III sot hy thu GIltlu 1111<1 rO'lulpJIl uUlltrIbutL<Hls hy /lctIve emllloyeus /lnd by pllrtIclplltIIl/!. olllpll1yurll, l'llll) IIlulllhorll /lru rO'lulrud tll ~lmtrLhuto 5,25 percent Il~ t.hulr Clllllllt>lllllltllHl it' thuy ,I,d.nod tlm pllln hU~CJro July 22, 19/H, nlld 6,25 llo~'~ullt If thuy jlllno<l 'HI Ill' IIft.,,,: thllt dllto, 'I'hu clH\trlbutlonll ~eIIIII~od o~ llllrt.lcLplltln/! OlllplCJYlll'lS 1~ 11IIIIlld lIn 1111 nctulIL"llll vllllllltl'Hl IInd 111 oxproasud liS /1 lle~celltago CJf IIlllluul cCJvllrod pnyroll durIn/! tho podLld ~ll~ whlch tho illlIllllnt lo dotorlllInod, Boforo July 1, 1')'/5, IIll1t~lctll /\1 III tho C)lIlIIlIIllllweillth shilre<l tho omployo~ eontrIbutll)ll ~lIto o'lulILLy, Slnc'l July 1, 1')'J~, <lIlItrIotll a~'u rOlluI~od to pay tho entLre olllployer eollt~'Ibut.Lull rnto IIIld 11~O ~uLlllbu~sud by tho Oo',lmonwolllth In all /llIIount OllU/ll to tho GO/ll/llonwo/llth'lI IIhllro /IS dotor/llInod hy tho hlCQllIU IIId ~lItIo (/IS donnod In /let 29 uf 19%), which Is lit lollse ono'hlll~ o~ tho total elllploYo~ r/lto, Tho Ollltr1ct' s contdhllt.Iolls to I'Sl\IIS fQ~ tho yea~/1 ondIpg ,Juno 30, 1997, 19% /lnd l<)95 woru $ 1,175,59/., $ 1,196,6/.7 and $ 571,959, rQep~etIvoly, 'l'hCJ/lO 1lI110untn IIru o'luill tll the re'l"ll:o,l cllntdbutIQIl ~o~ Dach yoar, Tho DInt~Iet doto~1II1ned thllt under G^SB Statolllent NCJ, 27, /lc~QuntLng fQ~ Penelons by Stato /lnd l,oelll C;ovornlnolltlll ~:/IIployurll, tho~1I WIIS Illl ponaICJn LLllbllLty (aIlSDt) at trallllItIoll, Tho~o IIlllCJ Willi 1111 pUlllIILln llllblLLty (IISIlUt.) hofo/:e t~apsLtIop to G/lS8 Statoment No, 27. lC), pootollll'loYlllent bonofitll CJthu~ thllll pOllalo11 bonofItll lInde~ tho negotI/ltIolls IIg~oolllollt wIth 81gSpr in/!. EducatIon /llIlloeLatLon, the Oiot~Lct ohall proVldo fo~ contIlluilnco o~ hOlllth Cilro 111llu~'allce a~ter ~otI~emont untH age 65. l'hLs he/11th CII~O lnllu~/lnee IIhllLl bo at the rotiroo's DXpenSO, oxcept that slllployeoll who ~otIro llftu~ thL~'ty CJr lIIorc yoarll with the OLllt~Lct, Ilhall havo up to fIvu YO/l~n of hOlllth c/lro lnsurHnco beno~Lts p~ovldod on the baoIs of the DIstrict p/lyIng 513\ of the cost IInd tho retLroe l'aYlng 50\ of the ,coot, Tho DIst~Ict Hnallcos thIn bonefit on a pIlY'IIS-YOll'I.\O bnsLs, li'o~ the yoar endod June 30, 1997 tho OIlIt~'Lct Lncul'~ud II tot/ll CCJst of $ l7,029 to p~ovldo thlo bonofit to 12 particIpants, 11, Intor,~und trllnsllctLons Gene~al Fund eKpopdLturos Lncludes cCJnt~lbuted lIurvicUII IInd fUlld tranllfo~1l ao foLloWll1 StudDnt actIvLtLes /lthlet.lc Fund /lctlvlty ~'und Fund t~annfora f"lod SorvL~c FlInd ^thlctLe FlInd ~ 21. a ,1.137 52 ,601. 28,0130 1,7,8011 . 17 ' .. . . .. . . . . . lIlI ( .. IIll) Hl'JllNlj HGJlllOl. ~1S'I'IUr;'I' Non:H 'l'l) l"lN/lNr:IM, H'l'/I'n:M~:N'rS (Gl)lIt'.),) ,JUNJ': 31), 1'}'1I l~. IUsk 1II/11)/lgolllont 'I'hll Dlllt~l~t III /IxpPllod tll V/l~I,lI'ln dukll I)f 111sl) ~'ol/1tod tt) tt)rts I theft of, 1lllli1aBo tCJ, IInd dllntructlulII)f lI/1notnl nn"IIl"'/1Il11 ollllsnlCJnsl IlIjurlo/l tlJ OlllployoolIJ /lnd natu~'/I1 dls/lsto~H, 'l'he Ill/lt~'~~t "'/llntlllna cOllllllor~I/11 Illnu~'ance oove,..age covlldnll o/tch lIf thCJSo ~'Isl," uf blUlI. HIHI/I~,olllont bolloVlllI lIu~h c')ve~/I/l1o III SUffLolont to preoLudo IUIY aIgnlflllllllt UIIIIIIIU~od 1')SIlOb tl) tho IHlltrIct, Sottlod cl/lIIIIS hllve 1I0t ox~oodod thlll cOllllllllrdll1 "CJvor/l~,1l III Ilny lIf tho pllSt throe fLnc/lI YOII~"II, f'o~ State unomplllYlllent cOlllpenllatlQl) 1/1\o1s, tho PIstrict III HIlIf.Illsuredl which III a !',ommon p~actico fO~ loc/ll l\OVerlllllont/ll unIts, /lny unslllpl<lYlllont clalm/l /lro paid I by tho Dlutrict on II qUarto~ly 1.1Ilnlll liS Incunod, For I%rkors' oompol)uatlCJn IlInl.l~III1CO, apprlJKlllllltoly aa llIstrlots pa~ticlpatll In 11 pubUo entIty ~i/ll( shllrlng pool (ScholJl llIntrlots (nllunmOQ COI)uo~tIum) for p~ooolllllng olalllls /lnd outllInlng rolnnurllnco th~O\lgh oOlJllllorcLlIl inuurllnce o/l~rie~ll, lJndor thlll plan, tho OIlItl:lct' n IInnll/ll coot shCJuld not oxcood Iltllnda~d cOIJIIlle~cltil Insu~ance rlltllS, In, Ma~ch 1997, thll DIatrlct ch/lllllod Itn hlllllth InllUrllnCIl r1an frolll /l traditional (prellliulII <lnly) plan to U COllt plus (cl/111ll0 pllld plus ad, niot~atlvo foell) plan, The Plutrlct 10 roquIred to puy tho fIrst $ 75,0130 of 0111111I11 por pll~tlclpllnt per ye/l~, ul.lbjoot to oach pa~tldl'ant's LLfolltllllo 1I1111t fo~' lII/1jor 1II0dlclll COVor/lge of $ 1,131313,0130, J;:xisting ~oservell frolll tho t~/IdLtI11l1111 plan a~e Q<lnnido~ed ade~Ullte to p~ov~do fo~ any incunod but uppllld oL/lIIIIS, 'rho IlvallabLlity of thou rUIl/lVOII will be dotll~lIIinod when tho lll/ltrlct fln/lll~os Itll futuro plann f<l~ prOVidIng hO/llth inuu~anco bllnefitll, 13, CommItments IInd contlngoncies Tho OLst~iqt'll cont~act with Ita tOllchIng staff oxpl~ed In Juno 1997, /Is of the dato of thIs rspo~t, the partleo hllvo not reAched /In agroolllont on termll for a now contract, In the normal COU~se of bUlllnoulI, the Diot~lct Is Ilubject to leg/ll disputoll and chi/nil. The Olst~Ict doos not antldp/lte anY lII/1torLal 10SS0R from any pendIng o~ th~e/ltoned Iltlg/ltlon, In tho nO~lrtnl oourse of p~llpllr Lng f<lr the Rubnll'luent schoo 1 yoa~, tho DIlltrLot has aWII~ded bldll fo~ varloUR supplloR, fuol CCJlltrllcto, otc, No lIIajor cOl11mltmol]tll In eXOIlS/l of ~outLne ~o'lulrolllonts hllve boon mude by tho PIst~lct, 'l'he PlotrIct 111 11100 /Iudttod by tho Htnto's llopllrtlllent of the /ludlto~ Oone~aL Flndingol If any, fr<llll chone lIudltn could reoult In tho ~epnymont of funds I or th~ ~ocetpt of addltlonlll fUllds. - la . ,-:.. r.ll :-,. I.. ll,. .. ~, ,~ (~ .. , .'1: III I ) ,. , ~.., " ..-, C. ., If' , ; ": L.., , I ; ~ 11'; , ,~ I hI ... , " " -, (' I I .. , I I , , I. "1. I ~. r. ., ,.. l l.I ." '-' '1t ill ~ ~ J~~ rF. ~ ~ \) ~ ~~i\ ~ ~ r.i. " () I () <] () !II , , I Q o 0, Cl;I' \1 I'!j j\\11