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HomeMy WebLinkAbout97-06214 } -': ~ - J . ~ ,'w q: ; 1" ~ ..~. ~' ~ R " I' " " ll. I'll.' 'Iii ,,"I l:iI( ",\ t)~. ll, '!W'; I l\rV Jl I'" 'il ",1 :--- a., '. tJ, ')00 ... '"', .,;j' " " J / j ,'I . I (/ " " ., ,( ,~ " ~ ~ I . ~ ., ~ I"'l ", -- . . . . . . . 9'1- ~;J I/./ tJ"f..J/1 "7CrLl'-l ',Jijj,-IiI~,,.,...;-.+4,....,-,.I.'-'.."'.' ,... .. .,- ,'.-, I i . I,.~, (l ~{1.(/rccIMwl'lf ~ (.'(1I1fPIfl1f/, I~ (': ~",.t0,.,1 ,'Y;,ll". ,r:v:"~Wlft(/"" .. ~ ~ .. Ji:M'l' 1'Ji:HNS>>Ql\Q /Ill~:/I 501laOJ. IHS'I'HIC'l' ENOL.A, l>EN~SYl.v/lN 1/1 JUHf: 311, 1'197 . . . . . . . ') I lit "" "" lit . .. . . .. .. .. lliD.llli Indepondent ~udlto~sl ~eport Comblnod ballHlco sheet - nLl fund tYI'OR IIIld aceollllt 1l~'OllpS . Juno 30, 1997 COlllblnod statement of revonue, e~pDndlturea and changos In fllP,d bnlnncolI ' All Govumlllontnl FUn<1 Types - yea~ endod Juno 313, 1997 OOlllbinsd sl:lItelllont of revenue, o~pondl.turos and chal1gos in fund balances - budgot ond neu~L _ Gsne~al end SpecIaL RevenUe Fundll - yea~ ended June 313, 1997 OOlllbInsd Iltlltement of revenue, oxponses nnd ch/lngos in ):otllIned eomLngs ' /Ill ~roprLetn~y Fund TYP'''I . YOnr ondod JUne 30, 1997 CombIned Rtotoillent of cash flows - /Ill r~'oprLot/l~y Fund Types. yellr ended June 30, 1997 Notos to financial Iltatoillents . JUlio 313, 1997 ~ 1 2 3 I.. 5 6 7 a 21 f'I GJtEJ!N^WA~T & COMP^l'fY, P.C. CI/lTI/II11 paUlc ~QCllaHT~Hrl po a,,, lJ 400 WI~T M~H Smm M~cf'~H":J\II'mo, f'JrHH~Mml~ 1701513 ''/11' 1~6 "61 m 1""/1 'm6 alll ..I Wf~)' ",'/ollm' ~lmT CA,UMlf, PA 1 ~"\ ,"n /11"'// fA~mnl\';l1/ 1"1 ~AM"'~I YaH~ 1~\lA ,. '1'~rHAWAII ~~fJ~ '1l1l!l/ol~H 1;y~MI'~~'f.~ ~. A. QmNA1!,~~"I~~' 1''''11 A AI 1/'I1I.'lTT/'Il) C.IlIWA I' I, t. 1"1' lI'jlml'~:~IlEN'I' Al)lll'l'llllH' lU,[l()ll'l' ~ .onrd of school Plractora fi;a~t l'onnllbo~o /I~'HI Sch"ol l)[st~lct Enoll1, l'el)nBylvnJlIII II \10 hnve IludLted the IIccolllpllnylng genornl-l'urpoSo flnllncl/ll st/ltelllents of J;:astl'ennBboro /lrell Uchool Oletr[ct 'Ie oC June 30, 1997 IInd Cor the yoll~ then ended, 'l'heeo gene~al-pll~pCJse fln/lncl.II1 Bt/ltlll/ltlntll II~O tho rtleponslblllty oC tho PIBt~lctls lIIanngolllont, aur rellponlliblllty Is to exprellll IIn ol'InICJn CJn those geno~al.purpoao financial statelllonts hased on our audIt, \11/1 conducted CJU~ audit In accordanco wIth generally accepted auditing st,andllrda, . ?:h6se ~tllndllrd/l ~o'lul~e thllt \1/1 plan IInd po~forlll tho auMt to obtnin ~oaaol1nblo auu,'allco about whethe~ thu gono~1I1-purpose flnanclal stlltolllentll are f~o'e of lIIaterlallllisat'ltelllont, /In Illldit Includes e~nmInlng, on II test baala, evldenco aUppo~tIng tho allloUnts and dlsclosllrOs In the goneral-purpose flnancLaL statementa, /In lIudit also Includos aBsoBBlng the accounting p~lhclples used and slgnUlcant estlmatoe mado by lIIanllgeilia 11 t, liB weLL aB evaluating the oVe~nl1 gene~1I1-pU~polle C~nllncial statemont preaontlltlol1' \Ie bol1eve thllt ou~ lIudIt p~ovldes II ~ellsonllblo baBI/I CO~ our ol'lnlCJIl, ,In oUr 'opInion, the nOllompanylng gonoral'pu~po/le fInancLal state'~~rtll prollent fni~ly, In all IIIl1to~lnl ,'e/lpocts, tho fLnllncial positIon oC l\aBt Vennllboro ^~Oll School Dlstdct aB oC Juno 313, 1997, the ~ollults CJf its ol'erlltlol1s and tho cash nCJWS of It" rood Servico Funr.l fo~ the YOllr thon endod, in confo~mity wIth generally IIccepted /lccoulltlng princIples, .. . . ~t'hwVl~1 p.t, Gl\l\l\N/I~l ~OHV/I'Y, (J,e, . soptomber 313, 1997 Hechanicsbu~g, Pennsylvnnlll . - I, . Mf;,~IIY.II~ - ,\,~f:III",\H IH~Tln'TF. II/ "';111'1/11'.111'1'11I.11' ,11l'llIIH'I',\H"~ . I'F.NH~\I\,\,~',\ IH~l'f'fIl)'Y, 'W "F.IITlflW 1'1:111,'" ^,''''IIIHTANTII ~:f\~'l' l'ENNUllOI\O /I~E/I S(;JIl)l)L. Dl!;TlllC'l' COHlIINJ.\ll llMANC~: ~lmE'l' . M,l. FliNn 'I'YVES Mlll /lCCQlIN'l' (Jll()1I1'~ ,/lINJ.\ ')1), 19')/ /I"suts Ca"h and ~nsh oqulvHlunts InveBtlllent", lit cont OUB ~rolll ethel' fund" /lccountn ~ece~vanlc Oel1nquent taxoB recoivable (net of allowance ~o~ uncollect~blo", $ 8/.7,689) InvuntQ~y L.and IllllldingB Equiplllent and fumIsh~ng6 food Be~vlcu equipment (net 'If Ilcculllulnted dop~o~~atlon of $ 171,739) "mount to be l'rovlded fo~ the ~eti~ement of geno~1I1 long' te~1II debt Total J..lllbILLtieB Acc~ued payroll and beneHtu /lccountll payable Oofo~rod revonuo Due to othu~ fundn Oue to student OrganI~atlonll Gene~al obLLgat ~on bondB paYllble, AccumUlatod cOlllpensllted absence" TQtal l~abIlitIos Fund equity InveBtod In gone~el fixod aSBets l\etained ellr~ings SpecIfic fund balance ~Ulle~ve" lIn~esorvod fund balances Total fUhd eqUIty TotaL l/lJVUI'nlll.\!llS.J.l.1. 1"11)" 'l'Yll.!.llL- ~pucllll rJ!uumLI. l!u.YlJlllJll ~ 3a'l,I.'Hi 1,17a,596 28,296 I\Ll,316 $ 'J,llti5 3. A6 5 ~ -a. 3,1165 3,1.1\5 3.1.65 The accompanyIng notes al'e all Intogrlll I'lIrt of those flnancial "tlltements. 328,a2~ $ 2./.53.728 9 $ 1,228,21,5 259,221. 291.,785 I., ",.2 $ 1.786,696 667,032 667.032 Q 2.'.~3.72a $ , 2 " I) l'~op~Lotll~y ...l::mlll TYIH' U fJ).!l!Lijll rv l c~ . $ I,~, ,8 16 1196 n 11.,1.1.7 o 27,081. 8/.. 843 .u $ 13,1135 ~,965 o 22.4D.Q () 62,/143 62.443 0 $ 84.843 Iti) CD ;'''''! . -a. $ 29.735 $ . . -13- 21..027.aLl -a- 30.55L $ 24.027.011 ~ l).6B5.~60 o ," <"\ f".) f!I .... ... .. u \..) ':1 1\/lH'I' IJ~:NNSllOlI() /I~I':/I SCllOlll, 1>L~'l'lllCT L:l)MlllN~:11 S'l'/I'I'I':Hf,:NT 01'- 11~:V~:NU~:, f,:XI'~:NJH'l'lIllf,;~ ^Nll ClI/lNllf,:S IN FLINI) a/ll./lNCES ' /II~'. GOV~;IINH~N'l'/ll, I'lJNl) TYIJ~:~ Y~:/Ill ~:NI)/m ,IUN~ 30, l'I'J/. Ilevonue 1.<lcal sourcos St/lte sourcos I"ode~al sourcos Total revenue ~llpordItu~es Inst~uctl'm Support oo~vLcos aperatlon of .nonLnstructlonal so~vlcell FacIlitIes acquIsItion, oonll.tructIon /lnd illlprovolllents Debt se~vice Total expondltures ll11collll of rovonuos ovor (unds~) oxpenditl1~ell Qthe~ fInancing 1l0U~COIl (uses) l\eceipts f~om other I.E/I's l\efundll of p~Lor yoal."e' expel1dIturoll Inte~fund trnnllferll Ln (out) Total oth~\: fInancIng sources (usos) Excoll/lof ~evonuoll and oths~ finllncing 1l0U~COS ovor (under) oxpondituroll ond other fInancing ulles Fund balnncoll, July 1, 1996 Fund blllance~, Juno 313, 1997 ~1lI)Ol'/ll $ 1'J,il71,Q36 $ 5, (1)), (,~iL 1311.53'1 Itl, 81.9,22.'5, Ll, 811" 'ill 7 ~I,050, lO2 3Q3,B20 26L,71)7 I. .1.19. 'In lH. 81.9. 9'I'J (117) 1.7,2013 61),538 (M..)n) 89,4).1 88,670 578.362 $ 61)7.032 $ Spucllll 1iII.WJ.\Ul 32, '1~18 $ ~ 12,358 7'1, Qe 7 - 7'1. QlJl (I.6.72~) 1.9.131313 1,9,01313 2,271 )',1911 3.1.65 ~__ , , The I1CcompanyLng notes ore /In Integral pa~t of those fLnnnc l<ll Iltatolllents, , 3 - Cllpltnl l't'CJJ ec tll 5,251. 5.251. 133,1371 133.071 1127,8Q) 112,323) 112,3~~) (1413, UO) 140. 1413 .13- ~':/ltiT 1'~:NN611l)lll) ^,l~:,\ 6GIlt)OI. IHW1'l1l G'l' IJl1HI\lN~:I) S'l'/I'L'I\"'~:N'I' 01" 11~:V~:NlJli. ~:Xl'~:N1HTll11~:6 ANI) qH/lNll~:S IN 1"lINIl llM.AN(:~;s - .,11I1)llWl' Mill /lllTlI/IJ, lmNl:ll/IJ. /IN/> IlI'J\O//I/. '\~:V~:NII~: 1"lJNllH YEAII I\NIl~:I) .Ilm~: 3l), l'J'JI IloVP1lI10 an,l otho~ fln'"lclnv. '1ll\l~'CUQ 1,ouaL QCJU1'COS St/lte SOU~oes l'ude~nL QOU~COS Totlll rovpnUU IInd lJtho~' f llHlno Ing Ql)UrC'l1l f,:xpendltu~us IInd othll~" flnllllc lng unos Inlltl'uctlon ~egull1r progrllllls SpecLlI 1 prog~'III11Q Vocational educatIon prav.~ulIIs athor Illstructlollill pragrulIIs /lduLt edUcatIon prog~nllls OO/lllllunity CoLLogo odllcntlon p~ogrullln total lnnt~uctll)n support servicos PupLl porsonnol Inllt~uctlonnl Iltnff /ldminllltration ~upU hOlllth llu~LnollQ apb~atIon Ilnd IIIHlntennnce of plant so~'vlcos Student t~lInsportHtIon survlcos COllt\:aL ather support nervlcos TCJtul auppart .o~YIcon - GUlJ!J.I:/J.LJ:.:llJJd V/l~' LIIII':O Fllva):lIblu nud~lIt ill:!:.lliJ.J. (I)nf/lv'1~II!J.kl $ 13,116, H6 $ L3 ,0/1 ,l)36 $ (1.5,1'80 ) 5,n'J,5t)7 ~) , (,1.3 ,65 L LQ/I, LM. - 126,1)')2 PII,539 7 I 5/17 JJl..lij'J.015 18,81,9.226 66.2LL '),862,1112 ') , 830 , 056 32,356 l, 1,% , .162 ~ ,1.86, .082 8,2813 235,998 235,995 3 39,22'3 31.,2119 11,971. 9,131313 8,096 90/, 220,1.88 220 ,1'69 19 Lt. 86 L.i~8 3 ll.llll,,%7 116,5'36 521. ,0213 519,2132 11,818 1.99, 119 1'80,639 L8,1.8a 1,1.711,715 1 ,""l',3L6 33,399 21.1,777 2.33 ,1'29 8,31.6 l7Q, LQI. l69,I,Q9 695 l,533,1.81~ 1,529,0132 1.,1.62 590,860 590,I.l6 1,/.1, 1,2, a 5 5 'J9, 8 15 3,01.13 1,8'90ll 1,6,871. _ 2.1326 ...2. 125.831. 'i .t)~\l). l02 75,732 (Contlnuod) , I, ' I 1,/ I I I i ] " ;;) -a- -0- ..0.. .. ... ... .q. .13- .13- ..a IV I \ EM'L' I'J':NNSUl)lIl) MU:/I sqlool, IHWnllll'l' (JOllllINI-:ll H'I'/I'I'f,:H~N'l' ()JIII~:V~:t'jlm, J':;{I'~:NIH'I'lIll~:n /IN I) (JII/lNll~:U IN FONt) J!/II.ANG~:U ' J!UIM:'I' /IN I) M:'l'II/11, G~:N~:II^" /IN/) sP~c 1M, 11~:V~:NlIl\ FLJNt)S (C'Jllt 'II, ) Y~:/II\ ~:N/)EI) .JIINEl!), I >)'J 1 ~xl'onditu~es nnd othllr fLlHlIIL'.illg Uses (Cullt'd,) Operation M nUlIlllstPlctlullnl sorvices Studont actIvIties OOllllllullity so~vlcu/J 'l'otal ol)Q~ati[)1I of 1I0ll' instrlJctlullnl survlcos FacilIties acqulsltloll, const~uctiun and Imp~ovelllont sorvicell I Debt sOl'vlcn Totlll oxpondltures EXcells uf revenuo over (ullde~) eXl'ondlturea athor fInancing sources (usos) l\oceIpts f~om othor ~E/I's Rofunds of p~ior year exponditu~es Inte~fund t~anllfere in (out) ~udgota~y roservo Total other financing sources (uses) ~X1l8ll11 of revonuos and otho~ financIng sOU~ces ovor (under) e~pondltu~oll and other flllancing ullea Fund blllance, July 1, (91)r, Fund ball1nco, June 313, 1997 Jlll!1l1.!!J; $ ~'i2, 'ill ~~ '(',/.5. lilt lIJlJ:lI.lJ'lI)d /1.:1:<11I1 $ ~83,751 ~l).t)r.1) ,. l~ Vn~lnllc" Fn'lol'nhle ,,, .tlllltJIvurllh ly) '. $ 9,IRO 2.60r. H 5 JIO!' 26L.alQ 1.1.19. 35~ l8. 9al. .0aR (201.. 0'13) -a- 513,1300 (59,1.813) (2a9,755) -12J:L.11'i. ) (500,30a) --2.2.W!iZ $ 22.839 31lL 820 26l.767 1.1119.337 (a. al~9, 973 (71,7) 1.7 I 2Qa 86,538 (M., 321) -a. 89.1117 8a,670 5 7a , 'J1\2 $ 667.03? lL. 786 () 113 ~8 131., p.5 q 2013.326 1.7,2013 q 36,538 15,159 289.755 388.652 588,97a 55.215 $ 6/.4.193 Tho accompanyIng notee II~O all llltogral pa~t uf these finllnclnl statemonts. 5 . '-, '"' -, f') f~) .. .. u .) SllDulal IIUVlIII\IU Flflul l\lld~ot $ 81,/f5a $ 49.131313 -a. ~ ....:.Q.:. -a. $ .~ ',. AJilllJJ.l Vllcl'lll<!lI Fllvo~lIblo !!1lJiJJ.W.mW.!I.l 7~1,()a7 ~ 2,363 1.9 Jlll.Q -0- 2,271 2,271 J . 1911 l, 1,911 3,1.65 $ 1 . '~65 '" ,., 1'\ II'! 1ft .. . . w o,J \J ~:/lS'1' P~:NNHl\llllO Ml~:,\ SIlJlOQ1. III S'I'lIlG'l' Cl)HlllN~:j) ~'I'/ln:H~:N'1' 131' In:VI\Nu~:, ~:>tl'~~NH~:H /1m) "ill/lNI1~~S IN IU:'l'/llNlm J!:/lIININOH /11,1. Pile) I'll! f,:'l'/IIIY 1"lJNll 'I'YI'~:S Yl\!Ill 1.:Nlllm .)lIN~: ~l), 1')'11 QI)Q~lIt Ins rOVO,IUO l,llcal lIoU~Coa . fuod lIu~vl ClI rllvupuu 'l'<ltlll CJl'u~'lItln!\ ~'tlv"n'I" apo~atIng lI~punsoa 'aymonts to [ood sorvIco cuptrllctu~ Pllnlltod oOllllllodlt 1011 COIIIIUIIIIHI SupptLes llol'rocLat Lop '~otal op"~lItlnlt oXpenlloll ape~atIng Incolllo (losll) Nonope~lItlng revenue (lIxl'eI18uu) Eamingll on 1l1vulltlllentll Statll IlCJU~COII Fedo~al SOU~COIl I'odo~al sou~coa ' donllted cUlIIlIIlldLtLCJs Total nonopo~lItIng ~ovonUe (oxllonsoll) Incomo (losll) bllforo trllhllfo~s Fund t~anllfo~s Nonoallh cOllt~LbutLCJnll frolll ()onoral Fund Not Income (101111) l\et,ained ell~llil1gll, July I., 1996 l\otainod earnLngs, Juno 30, 1991 The accolllpanyLng notoH II~II 1111 Llltog~lIl JIlin 'If tholle fLllilncLill stlltolllonts, . 6 . ~,"i1 f'[)lul So~vLcu $ 110/1. 7t)~ -1J1lILlSlJl ~38,320 )13, '13tJ 2,1,32 5,()88 576,171) (17l.Ml2) 2', l1ll2 12,66/, 111. , 31,6 30, 3313 159,382 (12,,0813) 7 ,~I,/, (1.,1.36 ) 1\6.879 $ 6?./l/d . 7 ' ~'l)od SOl'vlc,IJ .....1 (\/16'1' 1'~:NN~1I01\() /I~~:/I ~C/I()QI. IHS'I'lllC'l' COHlI IN Ell S'I'/I'l'EH~:N'I' O~' G/I~" L'l.()\'/M /lJ..1. l'IIOl'llll\'1'MlY FUNJ> 'I'YI'f.H YIWI ~:NIl~:/) ,Illm': :)(), 1'197 n .,.. Gash nOl/a ~~Olll CJpfl~lItllll! 'lctIvLtlos ape~lItlng hlcolile (loss) /ldjull tillonts to ,econd lo "1>0 ~lIt 111/.\ InClllIIO (100/1) to llQt oaah I'rovIdod hy CJl'ol"lItIllg IIctlvltIos llol'~ocllltIoh I)CJnlltod CoillillodL t Ios COIIR\lillod llocl"ollae (lnc~enRu) III Invellto~y /lccOUnta .ocolvllblo Inc~ollso (doc .oIlSIl) Ln /lccounts I'IIYllblo $ (171,1162) &,088 313,330 (398) 17,11.6 .. 159,1\1313) Not cllsh \llled In ol'e.lltlng IIctIvLtles 1178.891/) .. Cllsh flows f~om noncllpItHl fInancIng octIvltles SubsidIes ~ecoived Stllte Fode~al Funq t.llnsfe.a Not cllsh provIded by 1I0ncIIl'Itlll flnllnclng actIvltLolI ' Cas~ floWIl f~om InvestIng actLvltles ~a~ningll on Lnvestlllonts I'lIyment ~o~ purcllllses o~ equlpmont Net cosh usod In LnvostIng octlVlties lJ,61/1. 111.,3/.6 7 . 61~1. . 134.6511 Net decreoae in cash 2,13112 (7.329) (5,2a7) (49,529) . . Callh and eqUIvalents, July L, 1996 Oash and equlvnlentR, Juno 313, 1997 ---.2WJij, .. $ 42.8t6 Tho accompanying noten a~o on Intogrol pnrt of theso financial statoillents, 1,." u ;1, ~, I.,:,IST l'ENNSII')l11) 1\lll':A 1i':IIO'H. DlSTllleT Nt)'I'I':S 'I'l) l"IN/lNlll/ll. li'l'/ln\H~:NTH ,/tINI': )1), l'1'17 1. Ilop'H'tlnl', olltllY ," ~:IISt 1'lIl11H1hur'l !\roil lidlllul Illlltrld III thll 10vul ur 11,)VIll'1I1110111: whl,ch hilS l)vor~Lghl l'espllnlllhlllty IInll "lInt~1I1 uvur ",:tlvltlllll 1'"ll1tl1ll tll puhllc IIchool oduclIl:LCJn, Tho rop'H'l llldudoll lIl1rvl,""1 p~lIvldud hy thu IHlltdd to ~ulll,lonts wLthln It~ bollndllrIlIs: thll ClIlllh"rlilnd ":u"llty "'"l1ll1l1l1ltloll 'It 1':lIl1t I'onllllhurll 'l'owll/lhLp IInd tho llCJrllugh oK Wost Flll1'vlllw. /jol'vlcIlII p~llvIdod Incllldo II cOlllp~ohonsIve cunlcuLtllll Ko~ prlmllry IInd IIOC1llldlll'y OdUUIII;ll1n II" wllll liS IIpecllll oduclltLon nnd vocatLonal educatioll prl)I:!I'III11II, Tho IHstl'1"t ~1I1'ulvOII rovonllu (1'011I !<IClll, Iltllte and Kedurlll IICJUI'COIl IInd IIlllst cCJlllply wIth thu ~IIII'llrolllontll ot thoso f;\mdII\/!, SoU~Cos, .... fit C~ltorLII ostilhlllJhod III llllVOrlllllontll1 IICclllllltlnl.\ Stllndll~dll 1I0llrd Stlltement Numhor 11. WOI'O 1I110d III dlltlll'lIIlllln/', thu IIl1tltll111 tCJ ho LllcLuul1" LII tho ropCJl'tIng ontIty, Those crltorIII lncllld" hlllll" ltulIIlI 1I1Iuh 1111 flnilllcLlIl Ltltol'doponduncy, selectIon oK govomll1l', 1I11thod t:y, dUlIll\nll1: lon 01: IIIl1n,IW,olllunt, 1111 II Lty to signLKlcllntly Il1fLuel1co op"rllt Lon/J, 'ICl!Ollnlllh III ty (III' flsclIl IIIllttO~II, IICOpU of publlc urvIce al1d apocLal fll1l1llcLnp, l'lIllltl11l1llhlpll, 1111 OPUl'lItlol111 of tho lHstl'1ct II~O IncLlIdod In the l'ul'or.tll1/1, ontlty, 'l'ho~o aro 110 compCJllul1t ul1Ltll thllt 1II0ot tho IIhovo crltu~111 fIll' incLlIsLon 111 this ~epol'tlng ontlty. 1I0Wl1VOl', thu IHstl'1c,t is a pll~tlcLpal1t j,n th~eo joLntly- governod ol'e~lItlol1s, ollch oK whlch la II 1l0pllrllte 10/!,1I1 entity that o(h~s educntionlll lIe~vlcos to thu lHstrl,:t IInd ltll l'osIdentll, Elich entIty servos SDVO~1I1 school dlstl:lcta, /JO tho followllIg ontItlus lI~e not included In thIs ~epo~ting entLty, .. .. CapItnl /lroll lllte~lIIuclll1to lInlt . pl'uvldus sp,'cllll odllcntIon so~vlcos IIl1d P~l)!\l'alllll, CUlllhodlll1cl.Veny M'oll V,)clltlol1l1l.Tochnlclll School. ' pl'ovldes vocationlll and tochnlclIl ocluclltLon sorvlco" IInd p~ogrHlIIs, . IIlInisburg /I~ell COllllnunlty Collogo . provLdos cOllllllunlty aollegu educntiol1 servlcos IInd progrllllls, . 2, Summllry of slgnlflcllnt IIccoul\tlll/L pCJUclos Thu accounting ~oco~ds of ElIst VOllnllhoro Aron SchCJol lllstrlct oro maintai~ed on thB bads of IIccountlng I'l'actlcull p~"scl'lbud Ill' pOl'llIl.tted by tho Hanunl of /lccountlng IInd Relntod FLlll\llcllll Pl'ocodul'oS fOI: ~lulltlsylvul\La School systems, lllsuod by the Puntlflylvatlln UeplIl'tlllOtlt Ilf ~:ducntloll In Ilccordanco with the p~ovlsLons of tho Scholll Luws CJ( VOl\l\sylvutllll, These pl"lctlcoll a~e Ln con(o~mity wIth gonerlllly nccopted IIccountln8 l'l'lllclplos liS IIppllcllble to govll~nmontal units. A Ilumlllary of the IIICJ~O slgnlfLcnnt Ilc"o'll\tlng l'oUclua follows, . , 8 ' . '"' ""1 I':,\HT 1'~:NN~>>l)JH) f\llJo:/I UtJlIOlH, lllS'nIIC'1' Nr)'n:H 'l'() l"lN^NGlM. ST/I'n:l'\~:N'l'S (Cl)l)t'd,) JlIN~: 'Jll, 11)')7 2, SUIIIIIIM'Y "l' IIlj1,lIlfLclIlIl HCCUlllIlLIlP, 1'''11.0:1011 (GCJ/lt'd,) f'und /locuulltllljI, "I l'ho IlocolllltLllg ~"CIIPJII lIt' th" llLIIl:rl"1 II~'O ll~'gHlIl~lld 1111 tho hllllls of fUlld tYl'es IllId IICCl)llIIt f,~'IIlIIHl, ~:Hch flllld tY[lll IIIHY CI)III1I,1I t I) f IIOVIl~/I' dl ffo ~"l)t fUllllll, ~lIch fund 111 H Ilolllll~<lto Illltlty wlth 110 f.hllll11ldng HCCl/Unts whI.:I1 comp~lllo Lts /lSsotll, ll/lhLlltIolI, flllld h/lll1l1co/~'otllLtllld oiH'IIInf,s, ~'OVlllI\IOII IItHl u~l'olldIturllS/DXpllnsos a~ IIpp~OprilltO, Tho fUlld typos Hlld tho HCCCJUlll gruupll utlll~od by ~:lIllt l'ol1l1s\)oro /I~ell SchooL nIat~IQt H~e 1111 fCJllowsl . Cllpitlll Projects Fund. OllpLtal V~oJectn for financial resou~cos to bll ullod const~ucllon of capItlll fllCllltloll, L'Ul1dll a~e ullcd to account for tbe acquIsitLon or ~ " QQvo rl1lne n tJ1LJ::lI11U..1~ OCJvo~l\IlIontlll Fundll II~O thollo through whIch most gllVll~'lIl1lolltHl functICJnll a~D flnllncod, Tho IIcquLllltlon, Ulle '111d hHIHncull ot. the nll1t~lct'e expendable flnHnclHl ~IlIlOU~COII IIlld tho ~olHtlld IlllbIl1tLos (exaopt thosll accounted fo~ In I'~CJl'rlot'H'Y fundll) M'O /lccoulltod fo~' through goycrnlllontHl funds, Tho 1II0HSU~elllont fOCUII Ls \lpOIl dotorllllnatLon of oh/lngoa III fln/lncllll ~oso\ltces, ~Htho~ thlln upon not incolllc dotorlllInlltLolI, Tho funds of the l>Latrlct lncludod Ln thIs catego~y arCI '" Oene~al Fund ' Tho GenerllL Fund In usod to acoount fQ~ aH Unancial tL'lItlllllctICJnll not ,Icclluntod fo~ Ln another fund, l\ev~nuos' II~O p~llllllrLLy derived frolll loclll p~opc~ty, peL- cllpita IInd occUpatIolI tllxes, and Stllto IIIld l'ode~lI.l dIstributIons, Mllny of tho 1II0~e IlIIpo~tllnt actLvltlell of tho School OIlIlL'Ict, includIng Instructlon, IIdlllLnllltrlltlon of tho School OLlln'lct IInd ce~tllIn nonInllt~uctlonlll 1l0~vIl)oS 11\'0 accoulltod fo~ In thIs fund, till SpooLa 1 Revenue Fund . Upodlll llovonue l,'undn a~e usod to lIocount fo~ tho p~oceods of specltLc ~eVonuss th/lt II~O rellt~Lcted to oxpondltu~oll for IIpecifIod pUrpOIlOS, Proprletllrv Fund Ty~ ill! P~op~Lota~y FUllds account fIn' CJp.rlltlonll that /I~O fLnllilced IInd ope~ated Ln a IIIl1nno~ IIllnLlar to p~lvllto buslnosn ente~p~lsesl Food ServIce fUlld . l'he FOCJd SorvLco Fund Ln used to IICcount for tho HnancLlIl trlll\llllctLons IIssodlltl1d wLth tho opo~lItlol1s of tho cafoto~llln" w , ') , w " ~~ ~:,\HT I'ENNHII01H> i\lU:i\ HQI(j\Jl. IHH'L'I(JL:'I' NC)n:~ 'I'l) FLN/lNCl/ll, H'I'i\'n:M~:N'r~ (llllllt' d, ) ,IUN~: 3ll, 1'/117 2, Summary o~ sLgnit'Lcllllt IIC~IIUlltLII8 pllllclulI (llOIlC'U,) I"ulld /ICCllUIlCIlIg (lllllIC'd,) q fLdlldllL'y I':w& :.r.Y!l.\!J! "'. FLduclllL'Y FUlId" ('I'L'lISt Mid /I~,"""y FUlIdu) IIru IISllll t'l IICC"ullt fQL' Ilssutn huLd III n q'ullcuO 'lIlpuclr:y UL' ua IILI Illlullt l'l~ Qthur funds OL' ontltlua, /lllollcy FUII,I" 11~1I custlldlnl In nlltu~u IIl1d dll not IlIvulvo IIlllllnUrolllollt o~ thu rusuits CJf (Jpu~,ltLolln I 'l'rust IInd /lgoncy /lccount . /lccoulIts 10L' l'r.,llcoods fr.,OIll octLvLtlen oplln to thu untlL'o studellt bCJdy and loculty, /lllollcy lUll us IIlso LJlclude n 11ont~lIl plly~olL fund, 'rhu pOY~llll ~llnd IIccounts ~O~ nllll1rL'i''' oorntld by llistrl.ct olllployouu, It hOlldlus tho dIsbuL'slng of such ilm'lllllts tll tho olllployotla Illlll to to:dnll olld CJtho~ ogollc[on all thCJ L~ boholf, II /lctlvity Fund ' /lccollntn fll~ p~llgrlllns CJperlltod nnd sl'ollnCJred by vlI~Lqus clubn olld (H'gonl2l1tLonH wlthln the Hchooln. /lctIvlty funds 1\1.',) /lgency ~'llndn whIch lire nopnrotuly IIccountod for beeauno of legal ~e'luIrlllllontlS, . /lceount GrouoH . , /lccount groupn aro not fundn, '1'hoy II~O only crll'lcomod wIth the IIIllasurement CJf flnancLlll pOISItlon nnd 11L'e not ll1volvod with tbe moasU~olllent of r.esulta of opurlltLonH, Genoral n~od /Insets - Geno~lIl l'l~ed /lnsots account for tbo DIst~ict' s Invclltment In flxod Ilnsets exclulllvo of tholle Includod ill the Food sorvlee Fllnd, No dop~eclatLon hlln been provIded on genoral fIxed allsotlS. Intorest cCJstn incur~ed to pu~chllnu O~ fLnance ~IXed annets is not capLtallzod an part of fixed IIsnots, . . Genoral Long-Term Oebt - Long'te~1II LLabLllties expected to be Hnnncod f~om govemmental fundn n~o nccounted fo~ in the Genoral J..ong-Terll\ Debt /lccount Group, All 10ng.-torlll debt is offnot by dofe~rcd ehn~geu to future caxntlon. Interest on long-te~m dubt Ls recordod CJn the dllte sueh Illt"~oat l.s dUll tCJ he paId, ~anIs of accounting The accounting and fLnnllcl.1I1 ~epoL'tillg trontmcl1t applied by the differont. fund tYPOIl Is baned all tholr mllasu~ement fCJcun, whIch dotorlllLnlln when rovenuuu and expenditu~oe aro recognl2ed, . - 10 ' . f"l l,;,\H'I' I'l':/'lNHill)/ll) Mll':/I HI:I/I)!)I, Illli'l'IllI:'I' /'l1)'mH '1'1) I'IN/I/'lt:IM, H'I'i\'l'I':fHWl'ti (1:0111 'd,) .)tINI': Ill, l'I'l! ., 2, U1lllllnlll'Y <If IIlIlIlHI~IlIII' II~~'I'IIII'IIIV, p,I1Io,lulI (1;'IIII'd,) IIIIIItll <If '1C~l)lllltl,IIV, (Collt'd,) (lovu l'IlIlIllJjJ;JlLfllU,lLl.l'llJW, r In 'fhullo flllldll 11)'11 II~O'Hllltod 1'<1)' '1111111', II "elln'ollt Hlllllld,1I1 )'1l1l01lI'CUII" IIIOlIlIll)'lllllUJlt C'ICllIl (II III'IdIHIl.1 Ilc"I'lIl1l lllllll/l 'If 1I"C'IIIIII:lIIII), llUVOllllOII M'Il l'oc'II'.llId wh"lI Illill""I)I'III\'1 tll licei'll/II (blll"l 1II"lIIllil'lIhlo ond IIVllllllhlo), /lvllllllhlo' 111011111I ~'Illuetud wlthlll thu ell)')',,"t pOI'I"d 01' 11'1'111 1l1l"'ll'.h thU)'O'I/'tllt tll PIlY elil;I;ollt IIIIblll,tl'HI, ,., ~~IlUlldltlitulI /1)'0 I\"llutlllly l'oC'IIlIlIv,od wh~1I tho tollltod f'lIl1d llllblllty l~ Lncutt"d, ~~~eu)ltlollll to thlll l\"1l1I'1I1 tlllo lndlldll PtlllCI.plIl 11l1d Intotout Ull V,"IlO I'll I 101ll\"Otlll dllht whlch 1/1 tO~llBlllv.od wholl ,hl~, Pl~hllt/lOmollt,~ COI; lI1VOilt'>l'.Y typu ltolll/l IIl1d ptllllllld O~pllll~U~ /11'0 cOll~ldotud "~pulld1t.lIl'oll I.lt th" tll110 of p'Jl'ch"'IU, '" PtoPl;lotlll'Y FlIll.IL~JI. 'fhu J'ood Uutvlco FlIlld 11110/1 thll "flow 'If oC"lIollll.c tU/I'IUteO/l" lIIelllllltQlllollt foellll, whlch 1/1 II 11",dlftQd lIeel'lllll 1II0thod of Ilceountlnl\, .. ponlltod eOllllllodltloll 111'11 ll1vlllltotlod lit 'Ill O/ltlllllltod Cllllt vlllull wlllll1 tllcelvod, 1l1vol1totlell (VIIIlIod Oil tho fltllt'lll, flt/lt'ollt lIIothod) AtO tocotded lie /Hl 1I~llot, and tho POl'tlon toptollontod by dOl1atod commodltles III tocotdod as do~otJ;ud toVOI1UO, .. J'ood ~otvlco oqulpment ls Clip 1 to llv.ed, w 1 th deptecltlt lOll (compUted 011 tho st~'llll:',ht-llIlO method 11llll1l\ on oetll11l1ted llsoful IUo o~ 12 yoo~~) toco~ded 1111 IIn opoto1tlllll oxponso, Tho equlpment (l1ot of ACCllmullltod dop~oclotlon) ls Ilffllot by 01 ~llaotvQd po~tlon o~ totoll1od eatnlnlls, Flduo 111~'1 Flllld Typos .. 1'tU~t and Al\Qney IICCollnts II~U cllstodllll Ln notlltll (a~sots equal Uabllltloll), IIl1d do l]ot lnvolve 1II0/lolll'el11ont o~ tOlllllts of. opotlltlons, l'haso ~llnds litO IIccollntod f.ol' ln ollllol1tllllly tho SIlI110 IMnnOt AB aovo~nmentlll l'lInde, .. ^CCO\ll\~ \lPllllllI Land, bulldlnl\B and o'llllpl11ont 111'0 recordod lit hlstotlclIl cost O~ at GBtLmlltQd hl~todcnl Co~t l~ ilctlllll hlsto~lelll coet III not IIvnllnblo,' PoprQc1atlon ls not compUted on l\onoral flxod /Issots, v I.ong-tetm dobt Is offsot by /111 /11II'lllnc to hu ptovlded by futuro taxatlol1 oL' othQ~ ruvollllO SOUI'CUII, lIonds pnynb~e In fUtllto Yoats lite tecotded ae PLsttLct dobt, IntQtoBt on bondo ls l'ucotded when ~uch lntoroet III Jus, v , II ' I" i ~:MiT I'/o:NNtilllllll) /1111':/\ Sl:lll)I)!. 1)/ tiTll 1 ':'1' Nl)'I'I,:ti TI) 1'1 N/lNI:lM, HTA'l'l':H~:N'I'S (l;llIlt' d, ) ,'1/1'11'; Il), l'l'.1/ l, HUllllllllty of IIlp,lIlfl'''"1l 11""'''11I11111',1'.111''',,,, ((:'Hlt'd.) ~'l/llll of IICC'IUlltlll/\ (Gollt'.\.) A\;.l:ulJl)C OrlllllllL1!J!UI!.!..\J.,J, I I , I ! I I , 1"1 , (;'II1\PUllllllt",1 /IIHI""""" (lh'HI" 1'01' wlll"h IIl11plllYUIIU 1'lI~ulvlI PIlY) IIru l'oc'Il'dud IHlIII~, thll lUtllllllllllll1l I'll YIIIII II t IIhlth<ld, A lllllil,llty III l'ooordulI thl.'lllIjI,11 thll UIIII II" IIl1t 1111111'.1111 which IIpply hlutllt1clIl dlltll l:tl oun'ont flletllr/l, 'l'hll Dllltl'l",' IIIIIIIIL'IIIIII tucoI'lIu "t uIIUII,"1 10llvu IIl1d IIppllou thll ':'lIItl'lIctod 1'111'.11 fill' IIl11plll.Yllou ullp,lhlll f'lr tOtlllll1l1tl'lll paYillullt/l, Tho IH,ltl'l.,t 1I11'IWU llllly l'ulltl'lctod 1I,lhlilltl<'lIl IlIlIvo 111101 thlltufol'o hllll "'1 toeotdlld llllhlllly 111 /\lIVIIIICO <If thll IIl1hhlltlclIl. CII~h and ca~h oqulvlllulltu ". t'ho Pl~tdet 1'0<1111 ellllh l'OIlOUI'CUU <If 'Jllttlllll fUlldl1 III Ill'dot t<l fllu111tato tho lIIanagolllQl1t of Cllllh, All plln IIf thlll cllllh 1I111111ll\UIII""t ptPlItll1ll upol1sorod by tho Plstdc t' II d"polII tlll'Y ll1l1 t I tllt lOll, <lVO mlght toPU)'ullIllIlI lIl\tOolllollts 111'0 bought IInd 1I0ld 1111 II togullIl' blllllll to lIlC"'WIIII ll1tlll'lI/lt 'WI'til.IIl\U, Gllllh IInd clI~h oqUlVlllol1tll IIppllcllhlo to a Pllttl'llllllt flllld 111'0 l'uu,l1ly ldlllltlflllblo: t'bo blllllllcolI III the pOlllod ""l1h 11I1111 II gOlllo11 (, lIecoulltll 111'11 IIVIIllllhlo to 1II00t CllttOllt opotlltloll roqull'olllul1tll. J'ot pUl'pOIlOIl IIf tho [-'0011 Sotvlco' Fund IItlltelllol1t of cilllh flowlI tho Pllltl'let constdore IIU dopolllts purchll/llld with IHI ol'll\lllll! IIl1ltlldty of tfltQO 1II0nthll 01' le~s to bo ca~h 01' ca~h oqulvalulltll, '" ... nudgo te The Pl~ttlct udoptll, prlot to tho hUl\ll1nlllg of ollch flllelll yuat, an al1l1uII budgQt fot the Genol'1I1 [-'und IIl1d Athlotlc [-'Ul1d, /I part of thlll budl\ot PtOCO~s ls the odoptlon of local tux l'utUII, llubJuct to VlltlOllS leglll tUllttlct~0I111, The Plntrlet apptove~ subsequont budget tovlslonll (ptlllllltlly ttlll1sfutll bQtWeQn expolldltute cntegotto~) as necossllty, Unusod llppropl'llltlonu oxplrc at tho el1d of euch YOQr, ... Rovenue . Locol soutce~ "" Real estote, occuplltlOI1 IIl1d pet cllpltn tll~QS IItu loyled lIS of July I wlth 0 Ie gill , enfotceoble clallll IIgo,lnst the tllxpnYlll' IInd/ol' propol'ty. The~e tn~os lire rocognlzod as revenuo when tOCQlyod durlng the flllclIl YOllt IInd also ostllllatQd to bo rOCQlved wlthln elxty dayu nftor tho ond of the flsolll YUill', /llIIount~ oet~lIIlIted to be recelvod botwoen IIl~ty dllYs and one yeaI' nftor thQ end of the fl~cal'year ato recordod as defO)'L'od tovunUQ, /III lI110wllnce fot 1I11collootlhlQe le ~'ecorded fat taxes eetlllllltod not to bQ coUoctlhlQ wlthll1 ono YOII~' nftol' thQ elld of the fl~col YQIII' , '-I Othor tllX I'uvenuos, ll1c Iudlng tllxpnYllr'I\!IRO'IIlQd rOVOIIUIlH /lllch ns elltnod 11100me tIlXO~, IIro I'ecognl~od .'\s nW0I1110 whQt\ tocolvod dlldlle the flsolll yeuL' 01' aoOI1 Qnough thel'euftet to bo auacQptlblo to IIccrlllll, . 12 ' v CIl~h and clI~h Qquivlllenl;Ji Can'yll1g VIIJ.UO $ 500 100,000 309,120 $ 1.09.620 lIank Balanco $ 100,000 98l, 19~ $ 1.081.196 ',~ ,_.. f"l l';/Iti'l' l'~:NNHl\l)lll) /lllJo;/I til;I/()Il!, lHtiTlllC'l' Nl)'l'l-:til'l) F I /'I/lNC 111I, ti'l'I\'mHI';Wl'ti ((;"111:' <I. ) ,ILJ/'Il'; Jl), 1')'1/ 2, HllllIlII/H'Y Il~ IIIl\nl~I~III1t: ""'''111I11:lnV, I'"lld"" (C""t:'d.) llUVenllU . 8tlltu illlUrCU/I '--'1 8 tllte lIuhll1<llulI dllo ehu IHu Cd" I: 11/1 l'lIl'tont fllI')!11 YOilt unt 1 t 101ll011t~ I,ru recol\nl~od /111 tOVl'lIl1u III t:hu ellrtUllt: OllclII YO/It, .0VOIlUQ . ,odotlll IIl11lreu" " Fudutal ~I'()l\rlllll flll1dll IIppl1cllblo e" UI(I'OlldltuI'/l1I ","' thu 1I/lillO ptolltalll ll1 tho cUttOl1t tlucal yuur hllt ex~uceod tu ho toculvod In thu I1UXt: fluc,.1 yoat aro ncctued on ClIttOllt: rUVOIII~. lit "'on~lon plan Sub~tantlillly 1111 full.tllllo IInd pllrt.tll11o QII~loyooII o~ tho Plsttlct purtlctpato in u cont.ehlldl1l\ I1lu\tlplo employor dQfll10d bQnet'lt pl'111110n plal1, Tho Plstt1ct llllplemonted o/lS/\ StlltolllUl1t No. 27, /lccountlllg for 1'0l1nlol111 by Stoto und ~ocul Oovetl1l11ontal ~lIIployetll, 111 tho YCllr Qndod JUl10 30, 199", 'l'hllt Statolllent toqulroll an employot thllt ~artldpatos ll1 lIuch II plan to rocol\l1l~o ,lnl1ulIl penlllon oxponditutell Ill' e~~o,nSQS oqulll to ltll conttllctulllly,roqulted conttlbutlOI1I1, ~ubJect to thu lJIoJUlQd IIcctual bllsla of IIccountll1g ll1 govOtlllllcntll1 fund~. Jntot.fund ttallullctlol1u II' . ~xpendltuto~ by the GOl1otal FUl1d fot tho bOl1oflt of othet fUl1ds ate reflected in the to~poctivo ~tatcmonts of tOVQI1UO and o~pondHutos/e~pen~u~, ba~od on manuj1;ementl s uotllllatoo, Tho Pl~trlct dOOIl not attompt to allocato an co~t~ which benofit tho othot fUl1do duo to tho dlftlcultlo~ ao~ocillted with the meauuremQnt of lIuch bQl1oflt~. 3, Oa~h Ilnd lnVQstlllQntll ... The Pl~ttlct'll clloh and cu~h oqulvlIlQnts col1olllt of cllllh bulqnces depo~lted in finuncial ll1stltutione and topurchll~o ngroolllollto pUtchnsod by tho Pl~ttlct ftom the flnanclnl lnetltutlon~ 110 part of Il c/l~h lII/lnlll\Olllont /lCCOUl1t, Cllllh Ilt Juno 30, 1997 le clltol\otl~ed 110 followol \011 ChungQ fUnds lnsuted (FDIC) Colllltetnl hQld In thQ Plettlet's 1I111110 Collatetlll not hold In tho P~lItrlct's nlllllo v Total , 13 ' t,J , ') ,', I" l(.l 1\;1 I'" "'" I._I ( \oJ MWl' 1'~;N/'I$IIl)IIl) Mil':" $ClIUl)I, III U'nl1 ()'l' Nl)'l'~:U 'I'll [o'lN/lNG 1M, U'l'A'l'/!:fmN'l'H (G'lIlt' d) ,)lJN1'; ')(), 1')?7 'l, Cllllh IInd lnVulltllll,lntH (C'"lt'd,) 'l'ho typon of 1I11th"tlv.ud 11\Vuutlllol\tll II~O lllllltod hy IItlltu tOl\llllltlonll, 'l'ho Pl~ttlct'" II\Volltlllontll COlllllllt of dOJl1lllltll In tho l'ollllllylvlIl\lll 1,llijlll QoVOl'nlJlOl)t lnvontlllont ~'~lIl1t, 'fhllllO lnvelltlllllntlllltll Cllttl11d lit cOllt whlch IIPJl~II~llIlIltOIl mlltkot vullle, /It Jlll\O 30, 191)7, Illl Involltllllll\tll [If thll 'l'tllijt WOtll lIlthol' ohl1glltlol)lI lIf tho O,S, QoVllI'I\1II01lt Ill' ltll llf\llIlClol1 Ill' lnllt:l'lIIJ10I\tlll1tlllll, 1/)' dOJlOllltn 11)~lIted by J'Pld, llnd ll~o ClltOl\lItlt\od IIn fllllowlI:' Glltrylnl\ HII~kot lllvlIHtlllolltll -""lll11 VnlllO 11lnUtod (lo'JllC) G G Collntotnl hold ll\ tho Pllltdc t' s 1111111" Collntutlll not hold In tho Plllttlet'lI nlllJlO ,0. .0. pooled inve~tlllentll (I'LGI'l') 1.17>>,5% l.l76,59~ 'fotlll G l.lrv., 5% G t.178.596 lnve~tlllent poHcle~ follOWed durll\l\ tho YOllt ondlld JUl\o 30, 1?97 dld 110t ~lgniflcllntly IIltet tho cutegotlv.atlQII of lnvolltlllontll shown IIbovo, 4, /lecollnt~ tecolvablo Account~ tecelvablo lit Juno 30, 1??7 cOlin lilt of tho foLlowlngl Gonot/II J::illJ.!l_ J'edetul ~ub~ldloe G 25,?1l G State Sllbsldles 2111,952 pUe Eto," otho~ govQtnlllentnl unlts 211,1.13 Pue ftolll EI'l'/OI''l' coLLoctor 306,600 Othor rocolvnbLoo L2,21.0 G 6lL. 316 G Food Servlce Fund " 1196 496 ~; OoLlnquent taxo~ roceivnbLo As ol>lpLnlned In NotQ 2, tllxes nro tocotded lIS tOVOl1l1l1 ol\Ly whol\ rooD 1 'led, or, In tho cnae of doHn'luQnt ~elll Olltllto tllxe~, llvnllllhlo wlthl.ll elxty dnys, 'l'he tamlllning balance of do Hn'lUQlIt taxon reeolvllbLo lito toelltr.lod n~ dQfened tevenue In accordnnce wl tll 1I01l00 L neeount Ing po Ilo LOR, Do fe rrod tll:' toVOnuo alllollntQd to G 291.,765 at Juno 30, 1997, PeHn'lulll1t tllXOR tllcolVllblo 1111 roflocted on tho June 30, L997 bnlnncil ~hoot conlllRt of tho foLlowlng: ' , III . f"l n ,., III!I !"t ... .. w \oJ IIojj \ , \, ~\M'I' 1'~:NNIlII'lllO /1111':/1 til;I/OOI. IHB'I'IIIG'I' I'Wn:ti'l'l) l"lNA/'lG1AI. ti'l'/I'I'Hll\N'I'1l ((;ollt'oI,) ,)UN~: 30, 1'1'lI 5, pe Hn'luol1t tl1:<OtJ I'ocolvllhlo (Gllllt 'd, ) 1111111 1J.!W LlJI.1JlJ;.u 1'01'/1 Ul)Al. l'l9L u\ld prlo~' YOllnl Q ~03, ~'JO Q ~ ~O'l, 5lJlJ 1992.93 07,71,7 IJ,OIH 77,91'h 191)3.911 lllJ,MIII 1,001 to'J,H3 1991..95 133,062 ~, O'll 26,7'!l 1995-% 211,66(1 611,655 ~115,031 19%,97 --!if H . 'WI 15) .OI21i. ~7(,,759 1,175, Ill.. ~311, HI. 91.l,500 1.0~1I1 /Illowunco fOl' uncolll1ctlhlos HI, '1 , 61l.2 66,~l5 '/59,11111 'fotlll ~ 1?tLO~5 ~ U.S.939 Q 182.086 6, Oonutlll l"lxod /lsootll As explQlnod In Noto 2, hulldll1BII IIlld l1<julplllellt 111'0 l'ef~Qcted on tho bulllnco ~heet undet tho OunQI'II1 l'lxod /lS80ts G)'oup of Accounts IItlltod lit hlstotlCUl co~t or estlllloted hl~totlclIl Cllot !,f octlllll hlstotlclIl eOllte Rl'o not IIvelluble, A summuty of ChOIlBo~ III flxed IIs~otll Eo)' tho yoot ondod Juno 30, 1997 lo /l~ fo llows I 'I'rllllllfel'~ Bugl.nnil1B ond llnd of YOllr /lddltlolls IHIJpORlIls of Year, Oenetul flxod osoots Land and l)llproVQments Q 325,65h Q ~ Q 325,856 BUildings and ,improvolllonts 20,717,610 387,830 2l,105,MI0 f'urnitute and e'lulplllont 2,269.Jt!l.Q '126,~35 2,595.71.5 Q 23.3l2.9/~6 Q 7U..065 Q -0- $ :2I.,027.01L I ~l ' f"l ,..., ~:/I~"l' 1'~:N/'l~IIt)ll() All~:f\ ~C"QOJ. 1)l~'mIC'I' NQ'rF.~ '1'0 Jo'lI'//lNClIM, U'l'f\'n:f\/.\N'rti (Cont'd,) ,)tINF. )'), 1991 (n) ROptellont6 ncccatQd lhtocost on Gllplt/II /lpptadntlon Bonds, .. \oil , 16 . .. " ~flS'I' 1'~:/'l/'lUIIOIIO flV,~:/\ ScHOOl. PlWl'IIlG'I' No'mU TO 1"lNflNCJM. STfln:N~:/'l'I'U (Clint '.1. ) JlJ/'l~; 30, 1')97 " . 17 . ,') 7, Oellutlll obll~lItloll bonds p"ynhlu (Guilt 'd,) l'utlll'" III/ltUI: 1 I.. lUll /llId duht: IIO\'VICO I'o'llll,\'olllontu /11'0 1111 b'll'lWSI 50\'l"s 50\'L611 of 19'1~ of 198? Cllpj,t/ll flP~~~~~lItlon :i!lli.I: 1'.IWl1 I'l'IJ)dlllll ~ - llL 1997.9U $ 1,1,07,630 $ 165,000 $ 1>')2,630 $ 610,000 1998.99 1,1,05,090 170,000 1,25,090 610,000 1999,2000 1,1,01,71,0 185,01)0 "'6,71,0 600,000 2000,201)1 1,396,910 220,000 1,06,910 770,000 200I'~00~ 1,390,586 235,000 H5,566 760,01)0 2002.2012 12,735.828 6,R8Q.J2ilil 2,5')5,62Jl. 3,3211.000 Totola $ 19.737.76/. $ 7.855.000 $ 1~.6L2.7A!J. $ 7.270.000 (L) lleflocte Hlllll IIIlltllt1 ty vlllllo of Cnpltlll /lpptQclntlon lIondll, 6, COlllp~n~lIt.d ob~ol1colI (1 "., q .. At June 30. 1997, tho COllotlll l..on~.TQI'1II Debt Croup of ACcountll lnctudoa 0 llllbillty ~o\' cOlllpon~lIted nbllQllcos of $ 1,95,630, PllYlllel1t~ fot compen~oted Ilbsollcee ore IIIl1de thtou~h Cenel'lIl Fund oKpoqdltul'oS in the yelll' tho obeenee is u~od 01' tho 1l1ll1?Ioyoe l'otltoa, Whon Illl olllployeo l'otltos wlth ullu~od compenQllted obsoncos, tho Dlstl'lct'e PIlY~llt pollcy ls liS folloWsl III Elllotgency nnd pel'eolllll . no pllyout tequlred VIlCntloll (edllllnietl'lItlvo p~~aonnol ollly) , ullusud VIlClltloll dllYs (not to oKcoed 5 doya) ore pllld Ilt tho t~lIo of seplltlltion 5ickno~s . no pnyout l'oqulted \oit PUtsonll1 dllYll . unuaed pel'lIonnl dllya (not to oKccod 5 doys) 111'0 pllld lit ~ rate equlIl to tho IIvetngo tilt" p/lld to Rubsticuto tellchota ..../ \;J ,'" /i:/ltiT l'~:NNtiIlOllO /111M lilalOOl, IHWI'IIIG'l' Non:s TO f'IN/lNe l/ll. HTA'l'l':M/i:Wl'6 (Ctlllt' ,I, ) ,IU/'l~: 'Ill, l'i'!! I I 6, Componnlltou IlhllulIl:OII (Cunt' tl, ) ,') Itotll'OIll'illt wl.th lit IUllllt IIIlVOI! Y'l/ltH of u,,,'vlell . totldlll\ p~ofulllllonlll ulllpl'IYIlIlII wlth lit IUllllt /Ill VII II eUIIII"elltlvu YOllro 1I~ Pllltl'let lllllplllYIIIUIll 11I11II"dllltuly ptlut tu rutll'ulllullt lito llllgl,hlo to l'uIlI>1vo II IIUVol'IIIIeo PIIYllluIlt O'I'IIII to ~ 1511 tll11ol1 tho nlllllbot tJ~ cOlltl111101l11 YUIII'1I ul' /lutvl"u tu thu IHllttler. lip to II IIIMdllllllll II111QlIIlt o~ ~ 3,000 (~O YOIII'II) ,.. .. Rotll'olllont wlth 30 O~ mtJl'o YOlltll o~ eorvlco ' ~"tltlng ~ull elmu ptofonulolllll umployuu!! with lit 101lllt 3!) YOII~II of oxpotlunco, lllcllldllll\ lit 101lllt 15 YOlltll wlth tho 1J1l1tdct, muy ho untltlod to II totltumollt 11lll'IIltlvu bOllllU of b"twoull $ 1 ,000 IInd ~ 10,000 dell"lldln8 tJll IIge IIno! tutlll YOIlI:!! uf llxplltl"nce Chongo~ 111 eOlllpOlllllltod IIhllolleulI WUl'U 1111 follows: 81111111co ,11I1.y I. 1996 No t nle 1'011110 ....( Decrollse) Bulunce Juno 30, 1997 tit Vllcutlon PIlY Sovotonco pllYlllents RotltUlllollt lneentlvolI ~ 10,102 3611,9311 101, ,1120 $ (Sll) $ 1,6111 15,Oll 9,S91 366, SI16 119,1191 'fotnls $ 1~79.1.56 $ 10.17/. $ 49!L 630 .,. 9. J,.oose commitments . At JUno 30, 1997, tho Plsttlce WII/l 10llsllll\ tJllO vehlclo Ilnd foul.' photocopylng IIIlIchlnos pUtsullnt to vutlolle 10llso IIgroolllontll whlch IIro bolng IIccountod for liS opetutlng lellee~, Totlll 10llse ~ontlll pllYlllont~ dUtlng tho yellr ended June 30, 1997 wero $ 58,228. Minimum Ilot lellSo tontlll paymollts ~Ot ~lItu~e pe~lod~ lito expected to bo liS fol10w~: 1997,96 ~ S8,~28 1998,99 53,1110 1999,2000 25,803 2000.2001 6,085 .. 2001.2002 2,028 \oj . 18 . ~ , 19 " .., " ~;^~T 1'~:/'lNHII01H) /111M ~Clll)Ol, 1)I~'l'I\lC'l' NO'l"IlS TO FlNANlllAl. 5TA'n:Mml'S (Cont' d, ) ,IU/'l1l )l), 1'1')7 la, Ponslon plllll r, 'fhu Pllltdct cllntdhlltoll tll II ~,Il'lIlI'llm"ntnl cOllt"lIhn~lnl!. IIIlllt1plo"olllrjloyo~ doflned hOllent ponsllll1 plnn ndmlnlllt"~'od by tho l'ollnllylvlIlIln scholll ~:lIIploYOOIl llotlrolllent System (l'SERS), lIollunt ptoVlllloll1l ,jf tho pL1I1I UtO olltuhllllhod lindoI' t~e ptovl~lons of tho I'S~:I\S Codo (tho CllIlo) IlIld IIIny ho ulllondod by nn lint of the l'eml~ylvunln Stnto l.ogllllntllro, Tho plnn p~ovldos rotltolllont, dl.snhll1ty and death bonofl.tll, loglllllltlvoly 1IIIIIIuatod ad hoc cost-of-Uvlnl\ udjustlllont~, und heslthcu~'ll lnllllrl1l}CO ptollllllm IllIslstnnco to qusl1fylllg plnn melllbo~~ snd bononclstl.lls, It nlso pt(lvldoll fot toflll1dll of /I mombet's ucculIIUluted cOl1t~lbutlon upon tOl"llIllliltl<ln of n mombor's 'lIlplllYlllont In tho Pllbllc echooL ~uctot, ,PSELIS lSSllOS II' puhl1cly IIvllllnblo flllilndlll tllplll't thnt lncludos nnnnelnl stntemonts fot tho plllll, Tbilt ~epo~t '1IllY ho llbtnlnod by Wrltlng to 1'Sli:J\S, 1',0, lIox l25, HIln'lahutl\, l'/I lI108,0125, I ",., lit "" The conttlbutloll pollcy III sot by tho Code nnd tequl~oll cellt~lbutlone by uctlvo elllployeo~ nnd by pil~tlclpiltl.n~ olllpleyots, 1'1IIn mombots il~O ~oqultod to conttlbuto 5,25 petcent of tholt cOlllponsatlol1 If thoy jolnod tho plnn hofore July 22, 1953, und ~,25 petcont If thoy jolnod on or nCte~ thnt dllto, Tho conttlbutl.ons roqulte~ of pnttl.clpntln8 elllployors l~ bll~od on nn nctuutlal vnllliltlon IInd ls cxpl'eued u~ n potcontago of nnnual covol'ed payroll durlng tho pedod fot which tho olllount ls dotetllllnod, 80foto Jllly I, 1995, dlstl'icts ilnd tho COl1lmonwenlth ~hurod tho olllployot contrlbutlon ~oto oqually, Slnco July I, 1995, dlet~lcts ate tequlred to puy tho entll'o olllploye~ col1tl'lbutlon tllto IInd ate rolmbul'sed by tho COllllllonwelllth In an amOUl1t oqunl to tho COllllllonwoalth'lI shoro as detetllllned by the lncome uld tlltlo (u~ dofined In /lct 29 of 19%), whlch La nt leust one-hulf of the totil olllployot tnto, Thu Pllltrlct's conttlbutlons to PSERS fot the yoats endlng Juno 30, 1997, 1996 und 1995 WOtll $ l,075,186, $ l,ll.2,616 and $ 511,5711, te~poctlvely, Those alllounts nre equlII to tho te'lultsd conttlbutlon fol' oach year, . . The Pl.~ttl.ct detetmlnod thut undot G/lSB Statomont No, 27, /lccountlng fOt 1'en~l.on~ by Stnto nnd Locnl Covernmontul Employuts, thoro Wae no pOl)slon llnbl.ll.ty (a~set) ut ttnnsltlon, Thore nl~o wnn no penslon Ilablllty (ossot) boforo tl'nl)~l.tlon to OA5B B.tntomcnt No, 27, ll, Munngelllnnt ~etvlcos III Tho cnfetel'l.n fllellltlos of tho Plattlct wote opotlltod by II thltd pnrty vendot, Unde~ the tOtlllO of the eontrLlct, tho vondor p~ovidoa fot I:ho opotntlon and IIInlntennnce of food sotvleoll as rOqUltod by lllW, with tho pollcl.oe subject to the npptovnl of the Plstrlet, Opotlltlnl\ coots, IIIl1nlll\elllont foos nnd ndmlnl~ttntl.ve coste nre bl.llod lIIonthly to che Plllttlct, v ( \J 1''\ E,\:iT Pl,:NNHIIllllll ,\In:/I til;l/llIH, IHH'I'11I CT Nlln:ti TI) FIN/lNl: 1M, tiTA'I'~:Hl;;NTti ((lilliI" ll, ) Jl1,N~:ll), 1')'17 I I I I 11 n 12, Oth~t pOllt-ol11ploYl110llt tOtltlllllllllt hllllunc/J l'ho Pl~ttlct 1)"~Otll Ollll /lI,lIt,ol11plllYl11uIIC hUlloftt tl) l'utlrud Jlrllfolllllllllill ol11playoolI other thllll punlllllll hOlluntll 1111 dl/J'!lII1HllIl In Notu I), l''<ll' lllllpll,yoon wlth twonty 01' 1110te YOllto o~ 1I01'vLc" to tllO PlHtrLet, tho Plllttl,et \llll PllY tho blllllo modloul hl~llrllllee prolllllll11l1 ~ol' flvu YllilrH (O~dllllLlIl\ C'II1111y "I)VUrlll\ll) folloWllIg totltol11ent, Thill bOlloflt Il/lIUlllltod to IIpptl)~LIII'ltol,y ~ 35,OOQ dlltlnl\ tho ye~t ol1dou Jlllle 30, 19')7 IIl1d c'lvul'od 20 ullp"lblo l'otlrod ol11ployuon, Tho Plllttlct <10011 llllow othot olllploYUUH 1I0t ullglltlo 1'1))' thl.n bOlluflt to 1'0111/1111 III lto llrllup 1II0dlolll LnoUtllllCU pl1111 lip 011 P"YI110IlU hy tho l'otLI:ud olllployoo Ill' tho oont o~ lIuch oovorllgo, I .. 13, ~l~k IIIl1nllgulllollt l'he Plsttlct III o~pollod to Vllt1<lufl tlHI(1I of 10/ln tul'ltod to tOl'tll1 thoj:t of, dllmullo to, i1nd do~ttuctlllll of III1Hlltll1 OttOl"'1I IlIld '111I111111011111 llljul"loll to OlllPloyeoll1 and natutlll dlHnstorll, Tho IHllttlet IIIlIllltnlnH eOllllllllrdllI IIIHlll'/lIlcO ooVOtllgo coVotll)g onch o~ thollo tlllkll of loall, HIIIIIIV,Olllllllt holl.ovolI such covotage L~ suffldertt to ptodudo IIny all\111fleo1llt UlIllIslltlld 1011110/1 to tho Pll1ttlct, Sottled cllllllle hovo not o~coudod thlll ell/lllllorelnl COVutll~,u III nllY 0" thu pll~t thtoe flscul y~/Itll, Fot 'putpoeoe of Stllte unol11ploymont COlllpol1~lItloll lllWIl, tho Plsttlct h~~ oloctod not to be covetod by tho Ponl1sylvnnia Unolll)lloYlllont COIllP'1l1~u,lon Fund, Any unomploYlllent clllilll~ 111'0 pald by t~o Plllttlct on /I qUllttotly hll~ls uo incuttod, l'ho Plottict l~ n 1I10l11hoL' o~ II gl'oup of tichool IHntdcts who havo jolned togotheL' to ~olf-ll)suto tholt wOl'kota' COlllpOllslltloll O~pOSUto, Tho Plsttlct pay~ annual conttlbutiollll to tho l\toUP basud 011 II fotllllllll utlll~ll1l\ the PlllttLct's owrt clalm expo t lenco nnd IIl1nunl PllYl'o II , C IlIlmll In o~coss 0 f the P I,ll t I' lc t' ~ )'0 tent Lon expeL'lence ate pllld hy n COllttlll FlIlld wlthln tho l\tOUP lind, H nece~Hury, by nn ln~utunco compnny cllnylng o~coas lLllb1l1ty eovotngo, 11" Commitlllont~ and contingondoe . 21) . M . . The colloctlVo hargalnlng agtoelllont hotwoon thu Plllttlct IInd tho toachlng staff expltes on AuguHt 31, 2000, lit In the notlllal COUtso p~ ptllpating for the IlUbllOquollt school yeut, the Pi~ttlct hu~ ewatded blds fot vatlous lIuppllos, fuol contL'nets, otc, No mnjor commltmel1t~ Ln ~xce~s of routlno rOqultolllonts hove boen IImde by tho Pl~ttlct, Tho Pi~trLct pnttldpntes In 1I1l/nCl'Ollll stato alld f.ederal gtnnt ptOgtlll11S whlch ate governed by Vill'lous tulos IInd rog1llatlons of tho gL'lIl1t<ll"' IIgendoe, Co~te chntged to tho tospoctlve gtllnt ptogtilllls nto llubjoct to lIudlt illld tovlow by the grantot ugendes I thetefoto, any fLndings 01' IIdj IIstmonts by tho grntltot ngenelo~ could have an effect on tho recor~ed grante tecolvnble IIlId/or deforred grant tovenuo~, and on tho tolated gtant tOVOl1UOS llnd oxpondltlltos, v 1'-' ,..., 1'1 I I '-I n .. . . ., .. \" \oJ 1':/lWI' 1'1,:NNtiUl)/lI) MII':/\ ~Clll)lli, IHti'l'I11C'l' /'l()'I'V.~ 'l'q '" NA/'lC: l^" ~TAT';:M~:N'l'~ ((;'111 t 'd , ) ,!lINI'; 'II), 1')'17 III, Collllllltlllontll IllId ellntLnp"UlldulI (I:IIlIt'd,) 'I'hu 'Huttlet lo elllltlnp"ulltly Illlhlo fell' tUPIIYilll)l)t IlL 1':lIl1t 1"HH\IIlmro ~chuol Pl~tl'lct AlIthotlty Il"V""l1u UI/ndu, ti")'(UII uL 1%5, 1'/611 unci 1973, 'l'hllllo lllUl101I 1/01'0 tofundod by tho dUI"lult II" fllllolll IntI) 1111 Il'tllVIICllhlo OIlCt')W lIeCIIllilt In umountll lI11ffle 10'It tl) l'u!:ll.'O tho bllndll IInd LlltOtollt 'dhon' duo, lloellllllo l,)f the l'ofundlng, thullo bl/ndll II)'" nut lndlldod 'III gOllotll1 Ilbl1l\lItlon dubt 'HI the IHuttlct'~ bllll1nco IIhuut, /It ,Iuno ')0, 191J1, tho IIl1lQ1llit lie /luthorlty /loHdll Iltlll out~tundlnl\ totlllod , 2,255,000, Tho Pllltdct, during thll nll)'mul eUlll'Uo of blllllllulIlI, 111 lI11hJuct to nllmOI'OUu dl~plltell IIlId dulmll, /It ,111110 30, 1997, tho IHuttlet LII namod Ull II putty In uctlon~ fot whlch tho pl)tentlill 11l1blllt.y ClltlllOt ptollontly bo detel'mlnod, Pl~ttlct lIIanll/!,olllont. foolll thllt tho lI.tlono ato /!,ollOtllllY wlthout 1II0tlt and thay lntend to Vlglll'Ollllly euntust t;ho .),IIIII1S, It Ls lIIanIlW,olllont'lI oplnlon thilt thu ultlllhlto OlltcolllO of tho lIetlollll wlll IIl1t hllvo II IIll1tlll'l111 IIff".r; on tho PlsttLct'u fil1anclul pOllltloll, ' 15, Bllbuoquont evolltll Oil Jllly 21, 1997, tho lloatd of School Pltoctotll lIuthotizod the lusuance of , 8,220,000 Gonotlll Obllgatloll /londs, 50rlos /I of 1997 and' l,ll5,OOO Generul Obligation 1l0l1de, Betle~ A/I of 1997, Tho ptocoodll of tho BOl'lell A llond~ wlll be u~ed to ):'ofllnd the Dlllttlet'u Gonotlll Obl1l\iltloll Bonde, 501' lOll of 1992 und to pay fot thu cOlltll of llluulng tho Bodoll 1\ BI/I)du, l'toeeod'l of tho AA Bonde wlll be used tOl/ntd the pUtehll~e IInd lnstlllllltlon of COlllputU)'~ IInd ll1ftalltrllctUre to imploment tho Pl~tI'Lct' s tochllology pllln ilnd to PIlY fot the cOlltS of luulng the 5etlo~ M Bondu, Tho Botios It llondu ,wlll IIIl1tUl'O In VlltlollS amounts frolll 1998 through 20ll and wlll boat lntel'ost at IInnuul ('lItell l'anglng ftolll 11,10\ to 5,00\, Tho Betie~ M Bond wlll maturo In VIIl'lollS II1110Ullts ftOIll 1999 thtough 200l and will bear llltere~t at annual tlltOIl tllnglng ftolll 1,,10\ to 1,,20\. Bond ptocood~ lite expected to bo tucoived on 01' about Auguot 28, 1997, Additlol)ully, on July 21, 1997, the Board iluthodzed the borrowlng of' lO,OOO,OOO from the EmmllUB Gonotal Authodty, I'tocoods of tho J10lldu wlll bo U~ed fot and town I'd the plllnnlng, deslgnlng, conotl'llctlng nnd oqulPplng of olemontary "chool projects 01' nltetlltLolI1l and tOllovlltlol1ll to e~lstlng ftldl1tle~1 cnpltallzlng the inteto~t 011 tho Authol'lty Not" IInd fot PLlYlllollt of l'OIll/lI'kotlng co~t~ fot tho Bubeorles Bonds, .. 21 ' ~ ~ .-1 !} C') ~ J ~ ~ . '.. ~, '.. ~ I:', I ,'.. ~ lJ; . " ,'. I.(j .,,, '. . ,.', '" {" I_I, " ~ >1, r ,\ ~ . r- ' ,I ' ,I) ~ ' I,,; .1 I r , ~ r.i. Ii,. , , . . " . ' ,\~ .. 69- I') ,-, (,' lj , ~ . I . '. . 1'1 I .. v