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Home My WebLink About99-00099 ! ~I / /. I ! " ! I ~I I" ! ~I :~_i " ... . .. ~l Q-. I; ,~ .C:)O n .\ ,,' Propriotary Funq ~l!._ Debt Food Servioe Service $ 370 $ 5,699 $ Fiduciarv Fund TVD~d Agency 1'.nI.IS. ~ vi tie, l 40.,300 $ 04,729. $ 1,~70 Aocount Oenerd lJ,xed Asset. . QrOUD8 Genenl Lana-Term Debt' $ CAMP HILL SCHOOL DISTRICT COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND AND ATIILETIC FUND YEAR ENDED JUN~ 30, 1998 Total revenue ~era1 Fund -- Variance Favorable Budoet litl.!M! 1 (Unfavorable) $ 7,849,375 $ 8,096,033 $ 246,658 1,312,812 1,347,468 34, 656 75.066 77,274 2.208 9,237.263 9,520,775 283,522 RevElnue Local sources State souroes Fedlu'al souroes Expendi tures Instruotion Regular programs Special programs Vocational education programs Other instructional programs Community College education programs Total instruction 4,591,0'14 4,551,166 39,878 810,239 749,125 61,114 47,951 47,698 253 72,438 70,484 1,954 98,000 --2.L.lli 6,916 5,619,672 5,509,557 -1lQ,,115 476,535 457,429 19,106 336,083 295,311 40,772 716,298 702,284 14,014 lJ.1,648 109,793 1,855 208,225 199,322 8,903 747,358 740,358 7,000 43,822 46,667 3,155 6,100 4,459 1,641 21.086 ~0.6~ __ill 2,673,155 2,576,281 -..J~1i Support services Pupil personnel Instructional staff .I\dministration Pupil health Bus iness Operation and maintenance of plant servicl!!s Student transportation services Central Ot.her Total support services {Continuedl - 4 " Athletic Fund Variance Favorable Budaet flctual !Unfavorable) $ 10,000 $ 14,069 $ 4,069 - - 1.0,000 14,069 4.069 -0- -Q- -0- -0- -0- -0- 'h. '0'""""" '0',. 'no " "'''''' p", 0' 'h.., ""0"" .",..."., CAMp HILL SCHOOL DISTRICl' -,,,,,, "'- """"", '''''''''",,, "" :IUlNGES IN FlJND BALANCES - BUDGET /\No AClllAL GENERAL FUND ANn ATHLETIC Ff1ND (Cont' d.) YEAR EWOED .TUNE 30, 1998 Expenditures (COnt'd.) Operation Of noninstrUctional services Student actiVities CommUnity sOn'ices ~ Gen'ttu Flln~~ Variance 4 .(y~aV~::~I~ Al<tY!1 av Ie.!. $ 234,599 _21.7tQ Total operation Of non. instrUctional services $ 220,671 _15,3:tZ $ 13,928 -- 6, 4,l,i . Facilities acqUiSition, constZ'Uction and improvement services - 256,3~ ~5,9~ - 20, 321 Debt service 9, 8QQ 9.3.u Total expenditures ~..Q.~ ~~92,lQl --.i.Z2 --L..3Q.i Excess of revenue oVer (under) eXpendi tures i.., 152, 62l ~~ - 229,41-1 Other finanCing sources (Uses) Interfund tranSfers in Refunds of Prior years' expenditures Net prOceeds from the issuance of long-term debt Interf.und transfers OUt - 84. s~ ~ -- 512. 93-a 3,429 162,474 180,699 3,429 Total other finanCing sources (uses) 18,225 -(150 .1l!.1) 8,382 _(569,5~) 8,382 _(419,3'?!.!i Excess of revenues and other finanCing sources oVer (under) expenditures and other finanCing USes - 12,2~ _(377.0~) -Jl.~) FUnd balances, JUly 1, 1997 96,874 FUnd balances, June 30, 1998 220,471 123,597 - 565,1~ -21.~ -iQ.~ $ - 662,0~ $ JJ192,0~ $ - 530, o~ - 5 _ . . $ Athletic Fund Budoet Variance Favorable (Unfavorable) Actu'l! $ 105,171 $ 89,027 $ 16,144 105.171 89.027 16 ,144 -0- --=.2.:. -0- -0- _---.:.1l..: -0- 105,171 89,027 16.1~ (~5.171) (74, 95~J 20.213 95,171 75,000 (20,171) 95,171 75,000 (20,171) -0- 42 42 -0- _~...lli 15.3 96 -0- $ 15,'38 $ lS; 438 CAMP HILL SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS JUNEJO, 1998 1, Reporting entity Camp Hill School District is the level of government which has oversight responsibility and control over activities related to public school education. The report includes services provided by the District to residents within the boundaries of the Borough of Camp Hill. Sel:vices provided include a comprehensive curriculum for primary and secondary education as well as special eduoation and vocational education programs, The District receives revemte from local, st.ate and federal sources and must corr,ply with the requirements of these fundin~ sources. Criteria established in Governmental Accounting Standards Board Statement Numher 14 were used in determining the entities to be included in the reporting entity. These criteria include basic items such as financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations, accountability for fiscal matt.ers, scope of public service and special financing relationships. Based on the foregoing cri.teria, the reporting entity has been defined to include all the fund types and account groups for which the School District is financiillly accountable or for which there is a significant relatiollship. The audit reports of the component unit and joint venture are available for public illspection in the School District's administrative office. Blended Component Units Some component units, despi te being legally separate from the primary government, are so intertwined with the primary government that they are reported as part of the primary government. The component units reported in this way are as follows: Camp Hill Borough Authority The Camp Hill Borough Authority (Authority) was creat.ed to administer bond ,issues which provided funds for the construction of the Camp Hill Junior-Senior High School and for subsequent improvements thereto. The Authority became inactive in November, 1997 upon the transfer of its remaining cash balance to the District. Based upon these factors, t.he Authority is included in the sohool District.'s reporting entity as part of its Debt Service Fund. The District is also a participant in three other joint.ly-governed operationa, each of which is a separat.e legal enti ty that offers educational services to the District and its residents. Each of these entities serves many school distriot.s and are therefore not included as part of Camp Hill School District's reporting entity. These other entities are as follows: - 8 - CAMP HILL SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 3D, 199H 2. Summary of significant accounting policies (Cant' d.) P~nsion plan Substant.ially all full- time and part. - time employees of the District participate in a cost-shaX'ing multiple employer defined benefit pension plan. 'rhe District recognizes expenditures or expenoes equal to its contractually-required contributions, subject to the modified accrual basis o.e accounting in governmental funds. Inter.fund transactions Expenditures by the GeneI'al Fund for the benefit of other funds are reflected in the respective statements of revenue and expenditurea/expenses, based on management's estimates. The District does not attempt to allocate all costs which bsnefit the other funds due to the difficulties assodat.ed with thl! measurement of such benefits. 3. Cash and investments The District's cash and cash equi valent. consist of cash balances deposited in financial institutions and repurchase agreements purchased by the District from the financial institutions as part. of a cash management account. In addition, the Dist.rict has pooled liquid investment accounts which are invested in qualified securit.ies through t.he Pennsylvania Treasury INVEST Program and t.he Trust Department of local financial institut.ions. The cash and cash equivalents at June 30, 1998 are categorized as follows, Total Carrying Bank - Value Balance $ 455 $ 104,823 104,823 350,002 428,821 40 , B65 --i!L..ill $ 496.165 $ 574.'529 Change funds Insured (FDICI COllateral held in the District's name Collateral not held in the District's name Pooled liquid accounts Investments at June 30, 1998 are as follows: Pennsylvania Treasurer's INVEST Program for Local Governments $ 2.021.366 - 14 - CAMP HlLL SCHOOL DISTRICT NOTI!;S 1'0 F'WIINClAL STIITENENTS (Cont'd.) ,nINE 30, 1998 5. Loans receivable - related parties (Cont'd.1 In 1996, the District purchased a truck for use by the Camp Hi 11 Band Boosbet's at a cost of $ 16,500, and has agreed to advsnce up to $ 2,000 in additional funds for improvements to the truck, The Band Boosters are to repay at least 15' of the total advance annually until thb int.erest-free loan is repaid, A payment of $ 2,475 was received during 1997-98. 6. Land, buildings, furnishings and equipment 11 summary of t.he changes in land, buildings, furnishings and equipment for the year ended June 30, 1998 is as follows, Totals Beginning End of Year l..Qg~M Decreases of Year $ 4,959,772 $ 56,284 $ 181,950 $ 4,834,106 2,749,952. W60,455 105,707 3,804,7.Q..Q. $ 7,709,724 $ lJ216.739 $ . 287,657 $ 8.638.806 General fixed assets Land and buildings Furnishings and equipment Food Service Fund fixed assets Furnishings and equipment Accumulated depreciation $ 26,502 $ $ $ 26,50~ ~,531) _~) (25.381) Totals $ - 1.971 $ (850) $ Ilo. -0- $ 1.121 " 16 ' CAMP HILL. SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 1998 7. General obligation notes payable A summary of changeo in general obligation notes payable for. the year ended June 30, 1998 is as follows: Payments Beginning and other End -~ l\9ditions Q~creases 2.LXW: qeneral Obligation Bonds Series of 1993, interest rates 3.a to S.H $ 2,820,000 $ $ 2,820,000 $ Series of 1996, interest rates 4.a to 5.55' 2,375,000 2,375,000 - General Obligation Notes Series A of 1998, interest rate of 4,45' 2,570,000 2,570,006 Series M of 1998, interest rate of 4.6' ~,450,000 l....450, 000 Total $ S. .t 95,000 $ 5,020,000 $ 5.195.000 $ 5.020.000 Effectivs March 23, 1998, the District issued General Obligation Notes, Series A of 1998 and Series AA of 1998 totaling $ 5,020,000. The proceeds of the Series A Note .,ere used to redeem the General Obligation Bonds, Series A of 1993 and to pay note issuance costs. The note is payable in various annual installments from March 1, 1999 to 2006 at an annual interest rate of 4.45'. The n~t proceeds of the Series AA Note were deposited into an e~crow account at Dauphin Deposit Bank and Trust Company to be used to pay upon scheduled maturity the Series of 1996 General Obligation Bonds and the semi-annual interest due and payable thereon. The note is payable in various annual installments from February 15,. 1999 to 2010 at an annual interest rate of 4.6'. . 17 - CAMP HI[,L SCHOOL DISTRICT NOTES TO FINANC IAL Sl'ATEMENTS (Cont' d. ) JUNE 30, 1998 7. General obligaLion notes payable (Cant 'd, 1 SCheduled debt service requirements are as followsl --- Series A Series AA ~ M.!1 Principal lllUD',ll Principal l!l.!;UW 1998 1999 $ 463,180 $ 250,000 $ 107,376 $ 5,000 $ 100,804 1999 - 2000 550,710 320,000 103,240 15,000 112,470 2000 2001 560,780 335,000 89,000 25,000 111,780 2001 2002 554,722 345,000 74,092 25,000 110,630 2002 2003 558,220 365,000 58,740 ~5, 000 109,480 200.1 to 2008 2,815,921 955,000 76,541 1,300,000 484,380 2008 to 2010 1.128,370 - 1. 055, OO.Q 73,371l --- $ 6,631.903 $ 2,570.000 $ 508,98!t $ 2,450.000 $ 1.102.914 8, Capital lease obligat ions The District has entered into two capital lease agreements for the financing of certain pieces of equipment. A summary of these agreements and the minimum lease payments thereon "t June 30, 1998 is as follows: XJW: Miniw.m lease Lease # 1 (Photocopier) oavments Lease #2 (ComDuters ) I2t.!l Minimum lease payments 1998-99 Less: Amounts representing in~,erest Present value of minimum lease payments $ 203 $ 22,952 $ 23,155 1 2,243 2.244 $ 202 $ 20.722 $ 20,911 9. Operating leases The District has entered into several operating lease agreements in which it has agreed to lease certain small pieces of equipment for various lengths of time. The agreement.s contain various t.ermination and "lease-up" trade-in provisions which could allow the District to effectively change the terms of the agreements. Total operat.ing lease payments included in General Fund expenditures for the year ended June 30, 1998 amounted to $ 23,667. Minimum lease commitments for future years, assuming no voluntary terminations, are as follows at June 30, 199B: 1!l98-99 1999-2000 2000-2001 2001-2002 $ 20,756 22,211 15,401 7.344 Total $ 6S.712 ,- l.8 - CAMP HILL SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 1~98 10. Compensated absences At June 30, 1998, the General Long-Term Debt Group of Accounts includes a liability for compensated absences of $ 271,786. Payments for compensated absences are made through General Fund exp~nditures in t.he year the absence is used or the employee retires, When an employee retires, the District's pay\,ut policy with regard to each t.ype of unused compensated absence is as follows: Emergency and personal - no payout required. Vacation (administrative personnel. only) - unu.ed vacation days (not to exceed 5 days) are paid at the time of separation. Sickness - a retiring employee receives payment for unused accumulated sick days determined as a perceilt of substitute teachers' per diem rate for professional staff and a percent of per diem salary rat.e for support staff, both based on the numbsI' of. years of se!,vice to the District up to a maximum of 270 days and 55~ of the per diem amount. Retirement with 15 or more years of service retiring professional employees wIth at least 30 years of experience including at least 15 years of continuous full-time employnlent with the Diutrict. are entitled to a retirement incentive payment of between $ 5,000 and $ 10,000 depending on total years of experience. Changes in compensated absence. were as follows: Julv 1. 1997 Net Chanqta June 30, 1998 Vacation $ 7,944 Retirement bonuses 24,000 Sick leave 230,331 $ 262,275 $ (1,052) $ 18,000 (7,il.V 6,892 42,000 222,894 $ 9.511 $ 271.786 - 19 - CAMP HILL SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.1 JI)NE 30, 1998 11. Pen. ion plan 1'he District. contribut.es to a governmental cost-sharing multiple-employer defined benefit pen.ion plan adminiHtered by the Pennsylvania School Employees Retirement System (PSERS). Benefit Pl'ov18ions of the plan are established under the proviaiono of the PSERS Code (the Codel and m..y be amended by an act of t.he Pennsylvania State Legislat.ure. The plan provide. retirement, disability and death benefits, legislatively mandat.ed ad hoc cODt-of-living adjustments, and healt.hcare insurance premium a.Distance to qualifying plan members and beneficiaries. It. also provides for refunds of a membf!r's accumulated contribution upon termination of a member's employment in the public ochool sector.. PSERS issues a publicly availabl.e financial report that includes. financial statements for the plan. That report may be obtained by writing to PSERS, P.O. Box 125, Harrisburg, PlI 17103-0125. The contribution policy is set. by the Code and requires contributions by active employees and by parti~ipating employers. Plan members are required to contribute 5.25 percent of their compensation if they joined the plan before July 22, 1983, and 6.25 percent if they joined on or after that date. The contributions required of participating employers is based on an actuarial valuation and is expressed as ~. percentage of annual covered payroll during tl)e period for which the amount is determined. Districts pay the entire employer contribUtion rate and are reimbursed by the Commonwealth in an amount equal to the Commonwealth's shar.e as determined by the income aid ratio (as defined in Act. 29 of 1994), which is at least one-half of the total employer rate. The District's contributions to PSERS fOl' the years ending June 30, 1998, 1997 and 1996."ere $ 462,370, $ 531,216 and $ 568,196, respectively. Those amc>unts are equal to t.he required contdbution for each year. 12. Postemployment benefits other than pensions The District's contract with the Camp Hill Education Association and' its compensation plan for administrators provide for post employment health and hOBpitalizat.ion benefHs for full-time teachers and administrators who have 25 or more years of service with t.he District. The benefit is paid by the District toward the retirees' health insurance premium ranging from $ 750 to $ 1,000 per year per retiree for a period of 2 to 7 years. Both the contribution amount and the number of years of payment depends on the retirees' years of ser.vice. The benefit is paid only until the year in which the retiree is eligible for full social security benefits. The District finances this benefit on a pay-as-you-go basis. For the year ended June 30, 1998, there were ten retirees receiving this benefit at a total cost to the District of $ 9,340, .. 20 - ......;. If> ,. r-r~ .:J I;; r~ 0' ~,-) ,- 'u_,C! '-' , , '. ('it' ~- ) . 01'" , '. f' ,'." Lt:"': :!<.b' \ ;.~'I ''') )-~ '.c, c-' (-. . !it) DL. I ');= lLIL. I" 0' I.' l:j'!(O "' " ., '. '-' CL r - I 1.1" m i.~~) CJ CJ'\ (J .. '1. OU fld (;.( eel'lo..\.ua.9A ~.u.+I \~91.D'1 t< tI ,.., 53'3~ ~ U:.. .p,C.. ,