HomeMy WebLinkAbout05-0580
CAMP HILL SCHOOL DISTRICT
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2004
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TABLE OF CONTENTS
INDEPENDENT AUDITORS' REPORT
MANAGEMENT'S DISCUSSION AND ANALYSIS
BASIC FINANCIAL STATEMENTS
Government-wide financial statements
Statement of net assets
Statement of activities
Fund financial statements
Balance sheet - governmental funds
Reconciliation of the governmental funds balance sheet
to the statement of net assets
Statement of revenues, expenditures, and changes
in fund balances - governmental funds
Reconciliation of the governmental funds statement of revenues,
expenditures, and changes in fund balance to the statement of activities
Statement of net assets - proprietary funds
Statement of revenues, expenses, and changes in net assets - proprietary funds
Statement of cash fiows - proprietary funds
Statement of net assets - fiduciary funds
Statement of changes in net assets - fiduciary funds
NOTES TO FINANCIAL STATEMENTS
BUDGETARY COMPARISON INFORMATION - GENERAL FUND
Page
Number
IAR - 1 to IAR - 2
MDA - 1 to MDA - 7
FS -1
FS -2
FS-3
FS -4
FS -5
FS-6
FS -7
FS -8
FS -9
FS -10
FS -11
FS - 12 to FS - 28
BCI-1
GREENA WALT & COMPANY, P.c.
CERTIFIED PUBLIC ACCOUNTANTS
JAMES E. LYONS
HOWARD R. GREENAWALT
CREEDOl\' R. HOFFMAN
JOHN H. KLINGLER
DEBORAH J, KELLY
R. A. GREEN.'\WALT(l9S6-1983)
A. A. REIDINGER (RETIRED)
C EDWARD ROGERS, JR.
400 WEST MAIN STREEi
MECHANICSBURG, PeNNSYlVANIA 17055
(717)766-4763
FAX (717) 766.2731
62 \ii'EST l'OMFRET STREET
CARLISLE, PA 17~13
(717) 24'1.4822
FAX(?I?) 2S11.'rl72
INDEPENDENT AUDITORS' REPORT
Board of School Directors
Camp Hill School District
Camp Hill, Pennsylvania
We have audited the accompanying financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of Camp Hill School District as of and for the year
ended June 30, 2004, which collectively comprise the District's basic financial statements as listed in the table of
contents, These financial statements are the responsibility of the District's management Our responsibility is to
express an opinion on these financial statements based on our audit
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States, Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the nnancial statements are free of material misstatement An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements, An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation, We believe that our audit provides a reasonable basis for our opinion,
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial
position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining
fund information of Camp Hill School District, as of June 30, 2004, and the respective changes in financial position and
cash flows, where applicable, thereof and for the year then ended in conformity with accounting principles generally
accepted in the United States of America,
As described in the notes to the financial statements, the District has implemented a new financial reporting model, as
required by the provisions of Governmental Accounting Standards Board Statement No, 34, Basic Financial
Statements - and Management's Discussion and Analysis - for State and Local Governments, as of and for the year
ended June 30, 2004,
IAR-1
MEMBERS - AMERlCAN INsmUTE OF CERTIFIED PUBLIC ACCOUNTANTS -, PENNSYLV ANlA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Board of School Directors
Camp Hill School District
Management's discussion and analysis on pages MDA - 1 through MDA - 7 and budgetary comparison information on
page BCI - 1 are not a required part of the basic financial statements but are supplementary information required by
accounting principles generally accepted in the United States of America. We have applied certain limited procedures,
which consisted principally of inquiries of management regarding the methods of measurement and presentation of
the required supplementary information. However, we did not audit the information and express no opinion on it.
~Kf~/PC.
GREENAW~Lk & COMPtNyl>C
October 11, 2004
Mechanicsburg, Pennsylvania
IAR-2
CAMP HILL SCHOOL DISTRICT
Camp Hill, Pennsylvania
Management's Discussion and Analysis
Our discussion and analysis provides an overview of the financial performance for the District for the fiscal
year ended .June 30, 2004. This is the first year we have reported District activities in accordance with new
governmental reporting requirements. In future years, our discussion and analysis will compare current year
financial activities to those of the previous year. Please read our discussion and analysis in conjunction with
the District's financial statements.
FINANCIAL HIGHLIGHTS
)> In 2003-04, the District expenditures increased approximately 5% ($570,671) from the prior year.
Contributing factors were major increases in healthcare and retirement contribution costs.
Healthcare premium charges increased 20%, and retirement contribution costs tripled from the
previous year. Salaries increased by just over 1 %, due to staff transitions.
)> The District experienced a significant increase in outside tuition costs for students attending
approved private schools (APS), placements in facilities (PRill), and charter schools during the
2003-04 school year. Approximately $ 60,000 was paid for charter and District placements (non-
special education) and $89,000 in APS/PRRI. There were no payments made for APS/PRRl in the
prior year, and $23,000 in charter school payments.
)> The final governmental audited expenditures exceeded budgeted expenditures by $125,703. Of this,
$119,496 was due to accounting treatment of a capital lease entered into for the purposes of
purchasing technology equipment. The total capital lease purchase is reported in expenditures, as
well as the annual cash payment for the lease. The original budget contained only the annual lease
payment portion. Final audited revenues also contained the $119,496 capital lease as "proceeds
from extended term financing".
)> Revenues for 2003-04 increased approximately 5% from the prior year. Although the real estate tax
rate increased 7%, real estate collections only increased 5%. The District experienced reduced
property reassessments, most notably, the Camp Hill Mall, resulting in over $\00,000 reduction in
tax revenue.
)> The July 1, 2003 fund balance was $1,389,754. The original budget gap between revenues and
expenditures was $148,398 (i.e. utilization of fund balance). As the 2003-04 year progressed,
revised estimated ending fund balance for June 30, 2004 was estimated to be $1,199,322. Due to
issues highlighted above as well as revenue accrual changes for 2003-04, ending fund balance
utilized was $194,134, resulting in the ending fund balance of $1,195,619.
USING THESE FINANCIAL STATEMENTS
This report consists of a series of financial statements. The Statement of Net Assets and the Statement of
Activities (on pages FS-I and FS-2) are presented for the first time this year, to comply with new
governmental reporting requirements. These statements provide information about the activities of the
District as a whole, and present a longer-term view of the District's finances than Fund statements. Fund
MDA-I
CAMP HILL SCHOOL DISTRICT
Camp Hill, Pennsylvania
Management's Discussion and Analysis
financial statements are on pages FS-3, FS-5 and FS-7 through FS-Il. For governmental activities, these
statements tell how District services have been financed in the short term, as well as identify the amount
remaining for future spending. Proprietary fund statements provide information about non-governmental
operations, in our case, food services. Fiduciary funds statements report funds held in trust by the District
for such things as scholarship grants.
The Reconciliation of The Governmental Funds Balance Sheet on page FS-4 reconciles governmental funds
balance to total net assets balance from the Statement of Net Assets. The reconciliation on page FS-6 does
the same for the components of the changes in fund balances.
Reporting the District as a Whole
The new statements present financial acliVllies and the results of those actlvllies in two categories,
Governmental and Business-type. Capital assets (i.e. land, buildings, improvements, furniture and
equipment) are presented with all other assets. Long-term debt is presented with all other liabilities. This is
distinctly different from the funds statements in which assets and liabilities are separated into various funds
such as, but not limited to, General and Capital Projects.
The approach to the measurement focus of revenue and expense is similar to that used in the private sector
and is referred to as the accrual basis of accounting. This is discussed further in the notes to the financial
statements.
Reporting the District's Most Significant Funds
The funds statements provide financial information about the District's significant funds rather than the
District as a whole. There are three fund types - Governmental, Proprietary, and Fiduciary. The use of each
type of fund is described in the notes to the financial statements. Unlike financial statements that measure
revenues on the accrual basis of accounting, the funds statements report revenues only to the extent cash has
been received or expected to be received in the near future.
Reporting the District as a Trustee
The District acts as fiduciary for two funds, a Private Purpose Trust for scholarship monies and a Students'
Activities fund. In comparison to the Governmental Funds, the amounts held in the fiduciary funds are
small. Fund balances and activity for the year are presented on pages F8-1 0 & F8-11.
THE DISTRICT AS A WHOLE
The District's total net assets were $ 1,839,377 as of June 30, 2004. Table A-I summarizes the Statement of
Net Assets from page F8-1 of the financial statements.
MDA - 2
CAMP HILL SCHOOL DISTRICT
Camp Hill, Pennsylvania
Management's Discussion and Analysis
Table A-1
Net Assets
June 30, 2004
Current and other assets
Capital assets
Total assets
Curent and other Iiabilites
Long-term liabilities
Total liabilities
Invested in capital assests (net of related debt)
Restricted for capital projects
Unrestricted
Total Net Assets
T otalliabilitles and net assets
Governmental
Activities
3,179,952
9,902,569
13,082,521
1,090,062
10,300,891
11,390,953
(130,581)
284,405
1,537,744
1,691,568
13,082,521
Business-
type Activities Total
56,660 3,236,612
99,050 10,001,619
155,710 13,238,231
3,383 1,093,445
4,518 10,305,409
7,901 11,398,854
99,050 (31,531)
o 284,405
48,759 1,586,503
147,809 1,839,377
155,710 13,238,231
Net assets are the difference between total assets and total liabilities, and represent resources that can be
used to pay for future operations and capital improvements. Most of the District's net assets are
unrestricted. The restricted amount represents cash and investments that can only be used for buildings and
improvements. Any excess restricted funds are used to repay debt.
Table A-2 summarizes activity presented in the Statement of Activities (page FS-2). It shows how total net
assets decreased by $ 446,732 during the year.
Table A-2
Changes in Net Assets
Year ended June 30, 2004
Governmental
Activities
Revenues
Program Revenues
Charges for service
Operating grants and contributions
Capital grants and contributions
General Revenues
Taxes
State general subsidies
Other
Total Revenues
Direct Expenses
Transfers
Change in net assets
Business-
type Activities
Total
278,438 208,668 487,106
1,022,900 22,545 1,045,445
104,933 104,933
9,217,923 9,217,923
928,156 928,156
91,931 439 92,370
11,644,281 231,652 11,875,933
(12,032,079) (290,586) (12,322,665)
(115,788) 115,788 0
(503,586) 56,854 (446,732)
MDA-3
CAMP HILL SCHOOL DISTRICT
Camp Hill, Pennsylvania
Management's Discussion and Analysis
This decrease represents a change in reported value measuring revenue and expenses on an accrual basis. It
does not represent an increase in cash or other readily available funds. Page FS-6 of the financial statements
reconciles those two different concepts.
Governmental Activities
Table A-3, presents expense information from the Statement of Activities for governmental activities. The
total cost of services represents the actual cost of providing the services while the net cost represents the
amount of cost that is not recovered through program revenues, meaning user charges, grants and
contributions. The total net cost of services of $ 10,625,808 must be recovered through general revenue,
primarily taxes and state subsidies. Amounts not recovered will reduce funds available for future years.
Table A-3
Governmental Activities
Year ended June 30, 2004
Classroom instruction
Instructional student support
Administrative and financial support
Operation and maintenance of buildings
Pupil transportation
Student-activities
Community services
Interest on long-term debt
Total governmental activities
Less state general subsidies
Total needs from taxes and other local sources
Business-Type Activities
Total Cost of
Services
6,924,477
1,419,028
1,077,976
1,594,717
90,677
402,452
9,865
512,887
12,032,079
Less:
Program
Revenues
937,493
128,435
37,066
194,754
3,802
40,994
o
63,727
1,406,271
Net Cost of
Services
5,986,984
1,290,593
1,040,910
1,399,963
86,875
361,458
9,865
449,160
10,625,808
928,156
9,697,652
Table A-4 is similar to the previous table, except it presents business -type service costs.
Table A-4
Business-Type Activities
Year ended June 30, 2004
Food services
Less: Investment earnings
Total business Type activities
MDA-4
Total Cost of
Services
290,586
Less:
Program
Revenues
231,213
Net Cost of
Services
59,373
439
58,934
CAMP HILL SCHOOL DISTRICT
Camp Hill, Pennsylvania
Management's Discussion and Analysis
DISTRICT'S FUNDS
The information in Table A-5 summarizes the Governmental Funds' Balance Sheet for June 30, 2003 &
2004. It compares fund balances for the current year to the prior year for the same grouping that is used in
the Statement of Net Assets.
Capital Projects Fund
Restricted
Unrestricted
Total Capital Projects Fund
Table A-5
Comparative Fund Balances
June 30
2003 2004 Change % Change
1,389,755 1,195,620 (194,135) (13.97)
1,389,755 1,195,620 (194,135) (13.97)
719,300 308,815 (410,485) (57.07)
719,300 308,815 (410,485) (57.07)
General Fund
Restricted
Unrestricted
Total General Fund
Special Revenue Fund
Restricted
Unrestricted
Total Special Revenue Fund
48,842 49,338 496 1.02
48,842 49,338 496 1.02
719,300 308,815 (410,485) (57.07)
1,438,597 1,244,958 (193,639) (1346)
2,157,897 1,553,773 (604,124) (28.00)
All Governmental Funds
Restricted
Unrestricted
Total All Governmental Funds
As previously mentioned, the basis of measurement for fund assets and liabilities is different than that used
in the Statement of Net Assets. The differences between the total general fund balance of $ 1,553,773 and
the total net assets of $ 1,691,568 are itemized in the reconciliation presented within the financial statements
of page FS-4.
The items that caused the change in fund balance during the year are presented in the Statement of
Revenues, Expenditures and Changes in Fund Balances within the financial statements on page FS-5. The
fund balance decreased by $ 604,124 because expenditures were greater than the total revenues. This was
primarily due to current spending on capital projects (specifically the Middle School/High School
renovation project) paid for from bond financing.
MDA - 5
CAMP HILL SCHOOL DISTRICT
Camp Hill, Pennsylvania
Management's Discussion and Analysis
General Fund Budgetary Highlights
Table A-6 has been summarized from the comparative budget information presented on page BCI-l of the
financial statements.
Table A-6
Comparison of Budget to Actual
For the Year Ended June 30, 2004
Total Revenue
Total Expenditures
Revenues over (under) expenditures
Other financing sources (uses)
Net change in fund balances
Final Budget
11,501,602
11,490,462
11,140
(159,538)
(148,398)
Actual
11,462,072
11,616,165
(154,093)
(40,042)
(194,135)
Variance
(39,530)
125,703
(165,233)
119,496
(45,737)
Capital Assets
Table A-7 summarizes the Changes in Capital Assets note to the financial statements on page FS-21. The
original cost of the capital assets on the books at June 30, 2004 was $ 17,660,571. Each year, for capital
assets other than land, this amount is depreciated to reflect usage. The net balance of $ 9,902,569 is the
amount remaining after the reduction.
Table A-7
Governmental Activities Capital Assets Comparison (net of accumulated depreciation)
June 30
Land
Buildings and improvements
Funiture & Equipment
Total Capial Assets, net of accumulated depreciation
2003
384,041
9,034,944
868,551
10,287,536
2004
384,041
8,732,031
786,497
9,902,569
Debt Administration
Table A-8 summarizes the long-term liabilities note to the financial statements on page FS-23. Most of the
debt relates to general obligation bonds sold by the District to pay for capital improvements. Most
significantly, the Series 2000 bonds were used to fund addition/renovation project at the Middle
School/High School. Each year, the District pays interest to bond holders and pays down a portion of the
outstanding debt, referred to as redemption.
MDA-6
CAMP HILL SCHOOL DISTRICT
Camp Hill, Pennsylvania
Management's Discussion and Analysis
Table A-8
Governmental Activities Long-Term Liablility Comparison
June 30
General obligation debt
Capital leases
Compensated absences
Total Governmental long-term liabilities
2003
10,370,000
35,816
306,323
10,712,139
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
2004
9,955,000
78,150
322,791
10,355,941
The District's largest source of revenue is real estate taxes. As a result ofa referendum passed in 2003, we
repealed the occupational assessment tax, and replaced it with an additional earned income tax of 1 %. The
previous earned income tax rate was .5%. The occupation assessment tax bills were issued on July 1 st of the
fiscal year, and were substantially collected within the first 60 days. The earned income tax is based on
calendar year earnings, creating a significant lag in collection. It is estimated that in the first year of
transition, the District may experience a cash shortfall in collection of approximately 20% ($563,640) of the
2004-05 ElT amount. The shortfall will be paid from the existing fund balance.
Table A-9
Comparison of Budgets
For the Years Ended June 30th, 2003 and 2004
Total Revenues
Total Expenditures
Revenues over (under) expenditures
Other financing sources (uses)
Net change in fund balances
2003
11,027,261
10,852,430
174,831
(174,831)
o
2004
11,501,602
11,432,120
69,482
(217,880)
(148,398)
MDA - 7
Change
474,341
579,690
(105,349)
(43,049)
(148,398)
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CAMP HILL SCHOOL DISTRICT
BALANCE SHEET - GOVERNMENTAL FUNDS
JUNE 30, 2004
Capital Special
General Projects Revenue Total
Assets
Cash and cash equivalents $ 1,800,988 $ 64,352 $ 51,049 $ 1,916,389
Investments 220,053 220,053
Taxes receivable (net) 288,675 288,675
Due from other funds 24,410 24,410
Due from other governments 266,325 266,325
Other receivables 85,837 85,837
Total assets $ 2,441,825 $ 308,815 $ 51,049 $ 2,801,689
Liabilities and fund balances
Due to other funds $ 24,410 $ $ $ 24,410
Accounts payable 211,968 1,711 213,679
Payroll and benefits payable 769,860 769,860
Deferred revenues 227,961 227,961
Other liabilities 12,006 12,006
Total liabilities 1,246,205 1,711 1,247,916
Restricted for capital projects 308,815 308,815
Unrestricted - undesignated 1,195,620 49,338 1,244,958
Total fund balances 1,195,620 308,815 49,338 1,553,773
Total liabilities
and fund balances $ 2,441,825 $ 308,815 $ 51,049 $ 2,801,689
The accompanying notes are an integral part of these financial statements.
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CAMP HILL SCHOOL DISTRICT
STATEMENT OF NET ASSETS - PROPRIETARY FUNDS
JUNE 30, 2004
Food Service
Assets
Cash and cash equivalents
Due from other governments
Other receivables
Inventories
$
50,582
2,040
1,724
2,314
Total current assets
56,660
Furniture and equipment (net of accumulated depreciation)
99,050
Total assets
$ 155,710
Liabilities
Accounts payable
Deferred reven ue
Current portion of compensated absences
$ 42
3,341
1,000
4,383
3,518
7,901
99,050
48,759
147,809
$ 155,710
Total current liabilities
Long term portion of compensated absences
Net assets
Invested in capital assets (net of related debt)
Unrestricted
Total net assets
Total liabilities and net assets
The accompanying notes are an integral part of these financial statements.
FS-7
CAMP HILL SCHOOL DISTRICT
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2004
Food Service
Operating revenues - Food service revenue $ 208,668
Operating expenses
Salaries 98,617
Employee benefits 50,336
Purchased property service 1,554
Other purchased services 737
Food and milk 124,956
Other supplies 3,725
Depreciation 9,635
Other operating expenses 1,026
Total operating expenses 290,586
Operating loss (81,918)
Nonoperating revenues
Earnings on investments 439
State sources - social security and retirement subsidies 5,277
State sources - meal subsidies 3,845
Federal sources - meal subsidies 13,423
Total nonoperating revenues 22,984
Income (loss) before contributions and transfers (58,934)
Contributions and transfers
Capital contributions from capital projects 64,160
Transfers from General Fund 51,628
Total contributions and transfers 115,788
Change in net assets 56,854
Net assets - beginning (deficit) 90,955
Net assets - ending (deficit) $ 147,809
The accompanying notes are an integral part of these financial statements.
FS-8
CAMP HILL SCHOOL DISTRICT
STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2004
Net decrease in cash and cash equivalents
Food Service
$ 209,069
(94,099)
(124,580)
(57,377)
(66,987)
8,855
12,243
51,628
72,726
439
439
6,178
44,404
$ 50,582
Operating activities
Cash received from users
Cash payments to employees for services
Cash payments to suppliers for goods and services
Cash payments for other operating expenses
Net cash used for operating activities
Non-capital financing activities
State sources
Federal sources
General Fund contributed services
Net cash provided by non-capital financing activities
Investing activities
Earnings on investments
Net cash provided by investing activities
Cash and cash equivaients - beginning
Cash and cash equivalents - ending
Reconciliation of operating loss to net cash used for operating activities
Operating loss
Adjustments to reconcile operating loss to net cash used for operating activities
Depreciation
Net change in other assets and other liabilities
Accounts receivable
Deferred revenue
Inventories
Accounts payabie
Compensated absences
Totai adjustments
$
(81,918)
9,635
(1,724)
2,126
654
(278)
4,518
14,931
Net cash used for operating activities
$
(66,987)
The accompanying notes are an integrai part of these financial statements.
FS-9
CAMP HILL SCHOOL DISTRICT
STATEMENT OF NET ASSETS - FIDUCIARY FUNDS
JUNE 30, 2004
Private
Purpose Student
Trust Activities Total
Assets
Cash and cash equivaients $ 143,638 $ 96,106 $ 239,744
Accounts receivable 495 495
Total assets $ 143,638 $ 96,601 $ 240,239
Liabilities
Accounts payable $ $ 4,382 $ 4,382
Due to student groups 92,219 92,219
Total liabilities 96,601 96,601
Net assets - restricted 143,638 143,638
Total liabilities and net assets $ 143,638 $ 96,601 $ 240,239
The accompanying notes are an integral part of these financial statements.
FS-10
Additions
Gifts and contributions
Interest income
Total additions
CAMP HILL SCHOOL DISTRICT
STATEMENT OF CHANGES IN NET ASSETS - FIDUCIARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2004
Deductions
Scholarships, awards and other expenditures
Change in net assets
Net assets - beginning
Net assets - ending
The accompanying notes are an integral part of these financial statements.
FS -11
Private
Purpose
Trust
$ 514
1,513
2,027
7,109
(5,082)
148,720
$ 143,638
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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, Cumberland County, Pennsylvania. Services provided include a
comprehensive curriculum for primary and secondary education as well as special education and vocational
education programs. The District receives revenue from local, state and federal sources and must comply with the
requirements of these funding sources.
The financial statements of Camp Hill School District have been prepared in accordance with generally accepted
accounting principles as applied to governmental units. The Governmental Accounting Standards Board is the
authoritative standard-setting body for the establishment of governmental accounting and financial reporting
principles. The more significant of these accounting policies are as follows:
Reporting entity
Governmental Accounting Standards Board Statement No. 39 "Determining Whether Certain Organizations are
Component Units" (an amendment of Statement No. 14), established the criteria for determining the activities,
organizations and functions of government to be included in the financial statement of the reporting entity. In
evaluating the District as a reporting entity, management has addressed all potential component units which may
or may not fall within the school's financial accountability. The criteria used to evaluate component units for
possible inclusion as part of the District's reporting entity are:
. Economic resources received or held by the separate organization are entirely for the_direct benefit of the
District or its constituents.
. The District is entitled to, or has the ability to access a majority of the economic resources received or held
by the separate organization.
. The economic resources received or held by an individual organization that the District is entitled to (or
has the ability to) access is significant to the District.
There are no component units that the District feels meets the above criteria for inclusion in this reporting entity.
FS -12
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Jointly-governed organizations
The District is a participant in four jointly-governed organizations, each of which is a separate legal entity that
offers educational services to the District and its residents. Each of these entities serves several school districts
and/or municipalities and therefore are not included in this reporting entity. These entities do not have taxing
power, but are required to adopt an annual budget, which is funded primarily by its member Districts or others that
use its services. Complete financial statements for these entities can be obtained from the respective entity's
administrative office.
West Shore Tax Bureau provides earned income tax collection services.
Capital Area Intermediate Unit provides special education services and programs.
Cumberland Perry Area Vocational Technical School provides vocational and technical education
services and programs.
Harrisburg Area Community College provides community college education services and programs.
Fund accounting
The accounts of the District are organized on the basis of funds, each of which is considered a separate
accounting entity. The operations of each fund are accounted for by providing a separate set of self-balancing
accounts which comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as
appropriate. Resources are allocated to and accounted for in individual funds based upon the purposes for which
they are to be spent.
When both restricted and unrestricted resources are available for use, it is the District's general policy to use the
restricted (primarily operating grants) resources first, then unrestricted resources as they are needed.
The District has the following major types of funds:
Governmental Funds - These funds account for the activities through which most of the District's operations
are provided.
Proprietary Funds - These funds account for the operations of the District that are financed and operated in a
manner simiiar to private business enterprises.
Fiduciary Funds - These funds account for the assets held by the District as a trustee or agent for individuals,
private organizations and/or governmental units and are therefore not available to support the District's own
programs.
FS-13
CAMP Hill SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Basis of presentation
Government-wide financial statements (Le., the statement of net assets and the statement of activities) report
information on all of the nonfiduciary activities of the District. As a general rule the effect of interfund activity has
been eliminated from these statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities which rely, to a significant
extent, on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of given functions or programs
are offset by program revenues. Direct expenses are those that are clearly identifiable within a specific function or
program. Program revenues include charges to customers who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function or program. In addition, program revenues include grants and
contributions that are restricted to meeting the operational or capital requirements of a particular function or
program. Taxes and other items not properly included among program revenues are reported as generai
revenues.
Fund financial statements are also provided for all governmental funds, proprietary funds, and fiduciary funds of
the District. Major individual governmental funds and major individual proprietary funds are reported as separate
columns in the fund financial statements. Nonmajor funds, if any, are aggregated and presented in a single
column. Fiduciary funds are reported by fund.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with the
fund's principal ongoing operations. Operating expenses for the District's proprietary fund include food production
costs, supplies, administrative costs, and depreciation on capital assets. All revenues or expenses not meeting
this definition are reported as nonoperating revenues and expenses.
The District reports the following major governmental funds:
The General Fund is the primary operating fund. It accounts for all financial resources except those required to
be accounted for in another fund.
The Capital Project Fund accounts for bonds proceeds and the expenditure of those funds.
The Special Revenue Fund accounts for the proceeds of specific revenue sources that are restricted to
expenditures for specified purposes. This fund includes the Athletic Fund and the Band Uniform Fund.
FS-14
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Basis of presentation (Cont'd.)
The District reports the following Proprietary Fund:
The Food Service Fund accounts for the operations of the cafeteria.
The District reports the following fiduciary funds:
The Private Purpose Trust Fund accounts for assets held by the District in a trustee capacity which are
used for various scholarship and award programs for students.
The Student Activities Fund accounts for programs operated and sponsored by various clubs and
organizations within the schools.
Measurement focus and basis of accounting
The government-wide financial statements are reported using the economic resources measurement focus and
the accrual basis of accounting as are the proprietary fund and the fiduciary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of
related cash flows. Real estate and personal taxes are recognized as revenues in the year for which they are
levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the
provider have been met. Net assets (total assets less total liabilities) are used as a practical measure of economic
resources and the operating statement includes all transactions and events that increased or decreased net
assets. Depreciation and amortization are charged as an expense against current operations. Accumulated
depreciation and unamortized costs are reported in the statement of net assets.
The governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both
measurable and available. Revenues are considered to be available when they are collectible within the current
period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government generally
considers tax revenue to be available if collected within 60 days of .the end of the fiscal period. Revenue from
federal, state and other grants designated for payment of specific expenditures is recognized when the related
expenditures are incurred; accordingly, when such funds are received, they are recorded as deferred revenues
until earned. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
However, debt service expenditures, as well as expenditures related to compensated absences and claims and
judgments, are recorded only when payment is due.
FS -15
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Budgets and budgetary accounting
An operating budget is adopted prior to the beginning of each year for the Generai Fund on a modified accrual
basis of accounting. The General Fund is the only fund for which a budget is legally required.
The Pennsylvania School Code dictates specific procedures relative to adoption of the District's budget and
reporting of its financial statements. The District, before levying annual school taxes, is required to prepare an
operating budget for the succeeding fiscal year. This process includes the publishing of notices by advertisement
that the proposed budget has been prepared and is available for public inspection at the administrative office of
the District, and that public hearings are held on the proposed operating budget which are required to be
scheduled at least ten days prior to when final action on adoption is taken by the Board.
Legal budgetary control is maintained at the sub-functionlmajor object level. The Board may approve transfers of
funds appropriated to any particular item of expenditure in accordance with the Pennsylvania School Code. It is
the District's policy that all budget transfers are presented to and approved by the Board.
In order to preserve a portion of an appropriation for which an expenditure has been committed by a purchase
order, contract or other form of commitment, an encumbrance is recorded. Unused encumbrances expire at the
end of each year.
Included in the General Fund budget are program budgets as prescribed by the federal and state agencies funding
the program. These budgets are approved on a program by program basis by the federal and state funding
agencies.
Taxes and taxes receivable
Real estate and personal taxes are levied as of July 1 with a legal, enforceable claim against the property andlor
taxpayer. Amounts not collected within six months (December 31) are considered delinquent and submitted to
outside agencieslentities for collection actions.
Receivables and payables between funds
Activity between funds that represent lendinglborrowing arrangements outstanding at the end of the fiscal year are
referred to as "due tolfrom other funds". Any residual balances outstanding between the governmental activities
and business-type activities are reported in the government-wide financial statements as "internal balances".
Balances between funds are considered to be short-term items pending periodic repayments.
FS -16
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Conl'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Inventories
Inventories are presented at the lower of cost or market on a first-in, first-out basis, and are expended when used.
Donated commodities are recognized as revenue and are inventoried at an estimated cost vaiue.
Capital assets
Capital assets, which include property, plant, equipment, and infrastructure assets: e.g., roads, sidewalks, and
similar items), are reported in the applicable governmental or business-type activities columns in the government-
wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost of more
than $ 2,000 and an estimated useful life in excess of one year. Management has elected to include certain
homogeneous groups with individual costs of less than $ 2,000 as capital assets for financial reporting purposes.
In addition, capital assets purchased with long-term debt may be capitalized regardless of the thresholds
established. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed.
Major outlays for capital assets and improvements are capitalized as projects are constructed. The costs of
normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not
capitalized.
All reported capital assets are depreciated using the straight-line method over the following estimated useful lives:
Assets
Years
Buildings
Building improvements
Site improvements
Technology equipment
Furniture, fixtures and equipment
Library books
40
20 to 40
15 to 20
5
7 to 15
7
Proprietary fund equipment purchases are capitalized at cost and depreciated on a straight-line basis over useful
lives of 5 to 20 years.
FS -17
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Long.term liabilities
In the government-wide financial statement, and in the proprietary fund types in the fund financial statements,
long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities
or proprietary fund statement of net assets. Refunding costs and bond discounts are amortized over the life of the
bonds using the effective interest method. Bond issuance costs are reported as deferred charges and amortized
over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as
bond issuance and refunding costs, as current period expenditures. The face amount of debt issued is reported as
other financing sources while discounts and refunding costs on debt issuances are reported as debt service.
Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as support service
expenditures.
Estimates
The preparation of financial statements in conformity with generally accepted accounting principies requires
management to make estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
Financial accounting standards for proprietary funds
Standards for accounting and financial reporting for private business enterprises generally are followed for
proprietary fund financial statements to the extent that those standards do not conflict with or contradict guidance
of the Governmental Accounting Standards Board.
Changes in accounting principles
For the year ended June 30, 2004 the District has implemented GASB Statement No. 34, Basic Financial
Statements - and Management's Discussion and Analysis - for State and Local Governments. GASB 34 creates
new basic financial statements for reporting on the Districfs financial activities. The financial statements now
include government-wide financial statements prepared on an accrual basis of accounting and fund financial
statements which present information for individual major funds rather than by fund type. Nonmajor funds, if any,
are presented in total in one column. The government-wide financial statements split the District's programs
between governmental and business-type activities. The beginning net asset amounts reflect the changes in fund
balance at June 30, 2003, caused by the conversion to the accrual basis of accounting.
FS -18
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Restatement of fund balances
The transition from fund balances of governmental funds to net assets of governmental activities is as foliows:
Total fund balances of governmental funds - June 30, 2003
$ 2,157,897
GASB 34 adjustments:
Capital assets, net of accumulated depreciation
Long-term liabilities
Bond discount and issuance costs
Accrued interest on bonds payable
Taxes receivable, net of aliowance for uncoliectibles
10,287,536
(10,712,139)
97,155
(101,528)
466.233
Total net assets of governmental activities - June 30, 2003
$ 2195154
CASH AND CASH EQUIVALENTS AND INVESTMENTS
The District's cash and cash equivalents and investments have been categorized to indicate the level of risk
assumed by the District. Category 1 includes cash and cash equivalents and investments that are insured or
registered, or securities held by the District or by its agent in the District's name. Category 2 includes uninsured or
unregistered, with securities held by the counterpart's trust department or agent in the District's name. Category 3
includes uninsured and unregistered, with securities held by the counterparty or by its trust department or agent
but not in the District's name, including public funds coliateralized as permitted by Act 72 of the Commonwealth of
Pennsylvania.
Cateoorv
2
3
Total
Carrying Amount! Bank
Market Value Balance
$ 110,021 $ 186,686 $
243.700 243.700
353,721 430,386 $
220,053 220,053
1,852,452 1,852,303
251 251
$ 2426477 $ 2 502 993
1
Demand deposits
Repurchase agreements
100,000 $
$
86,686
243.700
100000 $
$
330 386
Pooled investments
PLGIT
PA Treasurer's INVEST
PSDLAF
FS -19
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
CASH AND CASH EQUIVALENTS AND INVESTMENTS (Cont'd.)
Cash and cash equivalents, in the proprietary funds statement of cash flows, consists of demand deposit accounts
and a pooled account with PA Treasurer's INVEST.
The types of authorized investments are limited by State regulations. Investment policies followed during the year
did not significantly alter the categorizations shown above.
The pooled investments funds are required to be operated in accordance with state iaws and regulations.
TAXES RECEIVABLE
Taxes receivable are as follows:
FS-20
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
OTHER RECEIVABLES
Other receivables are as follows:
Governmental Business-type
Activities Activities Total
Earned income taxes receivable $ 54,737 $ $ 54,737
Other revenues receivable 31.100 1.724 32.824
Total- fund statements 85,837 1,724 87,561
Full accrual adjustment - earned income taxes 369.263 369.263
Total- entity wide statements $ 455 1 00 $ 1724 $ 456 824
CHANGES IN CAPITAL ASSETS
Capital asset activity for the year was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental activities
Capital assets not being depreciated
Land $ 384.041 $ - $ $ 384.041
Capital assets being depreciated
Site improvements 597,150 597,150
Buildings and improvements 12,969,267 12,969,267
Furniture, fixtures and equipment 1,287,714 1,287,714
Library books 873,727 16,682 890,409
Technology equipment 1.905.763 10.268 1.916.031
17 .633.621 26.950 17.660.571
Less accumulated depreciation for:
Site improvements 220,409 28,117 248,526
Buildings and improvements 4,311,064 274,796 4,585,860
Furniture, fixtures and equipment 543,158 77,345 620,503
Library books 786,354 2,383 788,737
Technology equipment 1.869.141 29.276 1.898.417
7.730.126 411.917 8,142.043
Total capital assets being depreciated, net 9.903.495 384.967 9,518,528
Governmental activities capital assets, net $ 10287536 $ 384 967 $ $ 9 902 569
FS - 21
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
CHANGES IN CAPITAL ASSETS (Cont'd.)
Beginning
Balance
Decreases
Ending
Balance
Increases
Business-type activities
Capital assets being depreciated
Equipment $ 62,465 $ 64,160 $ - $ 126,625
Less accumulated depreciation for:
Equipment 17.940 9.635 27.575
Total capital assets being depreciated, net 44.525 54.525 99.050
Business-type activities capital assets, net $ 44 525 $ 54 525 $ $ 99 050
Depreciation expense was charged to functions/programs as follows:
Governmental activities
Instruction
Instructional student support
Administrative and financial support
Operation and maintenance of plant
Student activities
$
269,867
59,968
28,259
34,692
19.131
Total depreciation expenses - Governmental activities
$
411917
Business-type activities
Food service
$
9635
FS -22
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
LONG-TERM LIABILITIES
A summary of the changes in all long-term liabilities for the year ended June 30, 2004 is as follows:
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental Activities
General obligation debt $ 10,370,000 $ $ (415,000) $ 9,955,000 $ 435,000
Capital leases 35,816 119,496 (77,162) 78,150 38,337
Compensated absences 306.323 16.468 322,791 64,558
Governmental activity
long-term liabilities $ 10712139 $ 135964 $ (492162) $ 10355941 $ 537 895
A. General obligation notes and bonds payable
Changes in general obligation notes and bonds payable were as follows:
Beginning
Balance
Scheduled
New Issue Redemptions
Ending
Balance
General Obligation Notes
Series A of 1998
Series M of 1998
$ 955,000 $
2,355,000
- $
375,000 $
35,000
580,000
2,320,000
General Obligation Bonds
Series of 2000
7.060,000
5.000
7,055,000
$ 10 370 000 $
- $
415000 $ 9955000
I nterest Rates
Maturity Date
Callable Date
Amounts
Due Within
One Year
Series A of 1998
Series M of 1998
Series of 2000
4.45%
4.60%
4,30% to 5.35%
March 2006
February 2010
November 2018
Not callable
February 2004
November 2005
$
395,000
35,000
5,000
$ 435 000
FS-23
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
LONG-TERM LIABILITIES (Cont'd.)
Scheduled debt service requirements, payabie by the General Fund, are as follows:
Year Endina June 30 Principal Interest Total
2005 $ 435,000 $ 496,215 $ 931,215
2006 455,000 476,805 931,805
2007 475,000 456,157 931,157
2008 500,000 434,312 934,312
2009 520,000 411,317 931,317
2010-2014 3,440,000 1,635,850 5,075,850
2014-2019 4.130.000 636 .454 4.766 .454
$ 9 955 000 $ 4547110 $ 14502110
B. Capital lease obligations
Changes in capital lease obligations were as follows:
Beginning Ending
Balance Additions Pavments Balance
PA State Bank Leasing $ 35,816 $ - $ 35,816 $
PA State Bank Leasing 119.496 41.346 78.150
$ 35816 $ 119496 $ 77162 $ 78150
The future minimum lease obligations and the net present value of these lease payments at June 30, 2004
were as follows (all governmental activities):
2004-05
2005-06
Total minimum lease payment
Less: amounts representing interest
$
41,346
41.346
82,692
(4.542)
Present value of minimum lease payments
$
78150
FS -24
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
LONG-TERM LIABILITIES (Cont'd.)
C. Compensated absences
Changes in compensated absences were as follows:
Business-type activities
Sick leave
Beginning Ending
Balance Net Chanoe Balance
$ 258,323 $ 12,468 $ 270,791
48.000 4,000 52,000
$ 306 323 $ 16468 $ 322 791
$ 3661 $ 857 $ 4518
Governmental activities
Sick ieave
Early retirement
Compensated absences (those for which employees received pay) are presented using the termination
payment method. A liability is computed using estimates which apply historical data to current factors. The
District maintains records of unused leave and applies the contracted rate for employees eligible for
termination payments. The District allows only restricted sabbatical leave and therefore does not present any
liability in advance of the sabbatical. Payments for compensated absences are made in the year the absence
is taken or the employee retires. When an employee retires, the payout is as follows:
Sickness - a retiring employee receives payment for unused accumulated sick days determined as a
percent of substitute teachers' per diem rate for professional staff and a percent of per diem saiary rate for
support staff, both based on the number of years of service 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 between 30 years and 35
years of experience, including at least 15 years of continuous full-time employment with the District, are
entitled to a retirement incentive payment of between $ 5,000 and $ 10,000 depending on total years of
experience.
FS - 25
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
OPERATING LEASES
The District has entered into several operating lease agreements in which it has agreed to lease certain pieces of
equipment (predominantly copy machines) over various time periods. The agreements contain termination and
"lease-up" trade-in provisions which could allow the District to effectively change the terms of the agreements.
Total operating lease payments included in General Fund expenditures for the year ended June 30, 2004
amounted to $ 48,382. Minimum lease rental payments for future years, assuming no voluntary terminations, are
expected to be as follows:
2004-05
2005-06
2006-07
$
40,865
23,802
8.662
Total
$
73 329
PENSION PLAN
Substantially all full-time and part-time employees of the District participate in the pension plan. The District
recognizes expenditures or expenses equal to its contractually-required contributions, subject to the modified
accnual basis of accounting in governmental funds.
The District contributes to The Public School Employees' Retirement System (the System), a governmental cost
sharing multiple-employer defined benefit plan. The plan is under the authority of the Public School Employees'
Retirement Code (the Code), as amended. The plan provides retirement and disability, legislatively mandated ad
hoc cost-of-living adjustments, and healthcare insurance premium assistance to qualifying annuitants. The System
issues a comprehensive annual financial report that includes financial statements and required supplementary
information for the plan. A copy of the report may be obtained by writing to the System at PO Box 125, Harrisburg.
PA 17108-0125. or by accessing the System's website atwww.osers.state.oa.us.
The contribution policy is established in the Code and requires contributions by active members, employers and
the Commonwealth. Active members are required to contribute as follows:
Active members who joined the System prior to July 22, 1983. contribute at 5.25 percent (Ciass TC) or at 6.50
percent (Class TO) of the member's qualifying compensation.
Members who joined the System on or before July 22, 1983, and who were active or inactive as of July 1,
2001, contribute at 6.25 percent (Class TC) or at 7.50 percent (Class TO) of the member's qualifying
compensation.
FS - 26
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
PENSION PLAN (Cont'd.)
Members who joined the System after June 30, 2001, contribute at 7.50 percent (automatic Class TD). For all
new hires and for members who elected Class TD membership, the higher contribution rates began with
service rendered on or after January 1, 2002.
Contributions required of employers are based upon an actuarial valuation. For the fiscal year ended June 30,
2004, the employer contribution rate was 3.77 percent of covered payroll, composed of 2.98 percent for pension
benefits and 0.79 percent for healthcare insurance premium assistance. The District's contributions to PSERS for
the years ending June 30, 2004, 2003 and 2002 were $ 244,318, $ 72,804 and $ 70,027, respectively. Those
amounts are equal to the required contributions for each year.
POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS
The District's contract with the Camp Hill Education Association and its compensation plan for administrators
provide for postemployment health and hospitalization benefits for full-time teachers and administrators who have
25 or more years of service with the 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 depend on the retirees' years of service. 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, 2004, there were five
retirees receiving this benefit at a total cost to the District of $ 4,890.
RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; and natural disasters. The District maintains commercial insurance coverage covering each
of those risks of loss. Management believes such coverage is sufficient to preclude any significant uninsured
losses to the District. Settled claims have not exceeded this commercial coverage in any of the past three fiscal
years.
For State unemployment compensation laws, the District is self-insured, which is a common practice for local
governmental units. Any unemployment claims are paid by the District on a quarterly basis as incurred.
The District is a member of a group of School Districts who have joined together to self-insure their workers'
compensation exposure. The District pays annual contributions to the group based on a formula utilizing the
District's own claim experience and annual payroll. Claims in excess of the District's retention experience are paid
by a Central Fund within the group and, if necessary, by an insurance company carrying excess liability coverage.
FS -27
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
COMMITMENTS AND CONTINGENCIES
The District's contract with its teaching staff is scheduled to expire on June 30, 2008.
In the normal course of preparing for the subsequent school year, the District has awarded bids for various
supplies, fuei contracts, etc. No major commitments in excess of routine requirements have been made by the
District.
The District participates in numerous state and federal grant programs which are governed by various rules and
regulations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and
review by the grantor agencies: therefore, any findings or adjustments by the grantor agencies could have an
effect on the recorded grants receivable and/or deferred grant revenues, and on the related grant revenues and
expenditures.
The District is named as a defendant in various lawsuits, all in the ordinary course of business. The District intends
to vigorously defend itself against these actions. Legal counsel for the District has advised that they cannot offer
an opinion as to the probable outcome of all such actions. In the opinion of management, the ultimate liabilities, if
any, resulting from these claims will not have a material adverse effect on the financial position of the District.
SUBSEQUENT EVENTS
Subsequent to the balance sheet date, the District issued General Obligation Bonds, Series of 2004 in the amount
of $ 9,910,000 dated September 15, 2004. Interest on the bonds is payable on November 15, 2004 and thereafter
semiannually on May 15 and November 15 of each year until the maturity date, or the redemption date. Interest
rates range from 1.30% to 4.00%. The bonds have various callable dates beginning May 15, 2009 or on any date
thereafter. Proceeds of the bonds will be used towards: (1) the current refunding of the outstanding General
Obligation Note, Series AA of 1998; (2) the advance refunding of General Obligation Bonds, Series of 2000; and
(3) paying the costs of issuing and insuring the Bonds.
FS-28
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AUDITOR'S REPORT
CAMP HILL SCHOOL DISTRICT
FOR THE SCHOOL YEAR ENDED JUNE 30, 2004
The complete report of the audit of the School District's accounts is on file in the administrative
office of the District. The auditors have compieted their audit of the District's funds for the school year
ended June 30, 2004 and in accordance with the provisions of Act 237 of December 1980 give notice that
said report was filed in the office of the Prothonotary of the Court of Common Pleas of Cumberland
County and that said report will be confirmed absolutely unless an appeai is taken therefrom within thirty
days after filing thereof.