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EAST PENNSBORO AREA SCHOOL DISTRICT
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2004
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 flows - proprietary funds
Statement of net assets - fiduciary funds
NOTES TO FINANCIAL STATEMENTS
BUDGETARY COMPARtSON INFORMATION - GENERAL FUND
Page
Number
IAR - 1 to IAR - 2
MDA - 1 to MDA - 8
FS-1
FS - 2
FS - 3
FS -4
FS - 5
FS - 6
FS -7
FS - 8
FS - 9
FS -10
FS - 11 to FS - 28
BCI-1
GREENAWALT & COMPANY, P.e.
CERTIFIED PUBLIC ACCOUNTANTS
400 WEST MAIN STREET
MECHANICSBURG, PENNSYLVANIA 17055
(717)766-4763
FAX (717)766.2731
62 WEST POMFRET STREET
CARLlSLE, P A 17013
(717)24:1-4822
FAX (7171 25H.9-'72
JAlvlES E. LYONS
HOWARD R GREENAWALT
CREEDON R. HOFFMA:'-J
lOI-IN H. KLINGLER
DEBORAH J. KELLY
R. A. GREE~AWALT{l~56-198J)
A. A. REIDINGER (RETIRED)
C. EDWARD ROGERS, JR
INDEPENDENT AUDITORS' REPORT
Board of School Directors
East Pennsboro Area School District
Enola, 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 East Pennsboro Area 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 financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and 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 accompanying financial statements 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 East Pennsboro Area 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.
In accordance with Government Auditing Standards, we have also issued our report dated November 8, 2004, on our
consideration of the East Pennsboro Area School District's internal control over financial reporting and on our tests of
its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance
and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards
and should be considered in assessing the results of our audit.
IAR-1
MEMBERS - AMERICAN INSTITUTE OF CER TlFIED PUBLIC ACCOUNT ANTS -- PENNSYL V A!\:IA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Board of Directors
East Pennsboro Area School District
Management's discussion and analysis on pages MDA - 1 through MDA - 8 and budgetary comparison information on
page BCI - 1 are not a required part of the basic financial statements but are supplementary information required by
the 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.
~-HI/'~. fie.
GREENAVVAL't' & COMP~N,jPC
September 23, 2004, except for paragraph 5 as to which the date is November 8, 2004.
Mechanicsburg, Pennsylvania
IAR-2
EAST PENNSBORO AREA SCHOOL DISTRICT
ENOLA, 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, compared with fiscal year 2003. This is the second year we have reported District activities in
accordance with new governmental reporting requirements, and the first year in which we have provided year-to-year
comparisons. Please read our discussion and analysis in conjunction with the District's financial statements, which
begin on page FS-1.
FINANCIAL HIGHLIGHTS
. From fiscal year 2003 to 2004, real estate taxes were increased by 0.5 mills, resulting in increased revenue.
. 2004 was the first year that we realized the full impact from the replacement in 2003 of the 0.88%
Occupational Tax, a $5.00 Resident tax, and a $5.00 per Capita tax with a 0.60% increase to the Earned
Income Tax.
. We completed a fixed asset inventory and analysis project. This will enable us to better track our furnishings,
equipment and library books. Based on an independent appraisal, we have recorded an overall increase to
our net assets of $305,326.
. The budget for 2005 provides for revenues of $28, 11 0,500 against expenditures of $28,341 ,469.
. During the year, we issued $10.0 million in new General Obligation Bonds, referred to as Series of 2004, and
used the proceeds to payoff most of our higher cost Series of 2000 General Obligation Bonds.
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-1 and FS-2) were introduced last year to comply with new governmental reporting requirements. They
are referred to as government-wide financial statements, and provide information about the activities of the District as
a whole, presenting a longer-term view of the District's finances than Fund statements. Fund financial statements
appear on pages FS-3, FS-5 and FS-7 through FS-10. For governmental activities, these statements tell how District
services have been financed in the short run, as well as show the amounts remaining for future spending. Proprietary
fund statements provide information about non-governmental operations, in this case food services. Fiduciary funds
statements report funds held in trust by the District for programs operated and sponsored by various clubs and
organizations within the schools
The Reconciliation of the Governmental Funds Balance Sheet on page FS-4 connects the governmental fund balance
to the 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 government-wide statements present financial activities and the results of those activities in two categories,
Governmental and Business-type. Capital assets (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 Fund statements in which assets and liabilities are separated into various funds such as General and Capital
Projects.
The approach to measurement of revenue and expense in the government-wide statements is similar to that used in
the private sector and is referred to as following the accrual basis of accounting. This is discussed further in the notes
to the financial statements.
MDA-1
EAST PENNSBORO AREA SCHOOL DISTRICT
ENOLA, PENNSYLVANIA
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 the financial statements that measure revenues on the
accrual basis, the funds statements report revenues only to the extent cash has been received, or is expected to be
received in the near future.
The District as Trustee
The District acts as fiduciary for a Students Activities fund. In comparison to the Governmental Funds, the amounts
held in the fiduciary funds are small. Fund assets and liabilities at the end of 2004 are presented on page FS-10.
THE DISTRICT AS A WHOLE
The District's total net assets were $3,945,915 at June 30, 2004 compared with the previous year balance of
$3,201,667. Table A-1 summarizes the Statement of Net Assets from page FS-1 of the financial statements, and
Tables A-2 and A-3 present the revenue and expense activities that caused the increase in the balance. To simplify
the analysis, in the tables we present dollar figures in thousands. This has resulted in rounding differences, and some
columns may not add within a schedule.
Table A-1
Net Assets
June 30, 2004
(Dollars in thousands)
Governmental Business-type Total Primary
Activities Activities Government
2004 2003 2004 2003 2004 2003
Current and other assets $ 6,603.0 $ 6,339.1 $ (49.5) $ 62.1 $ 6,553.5 $ 6,401.2
Capital assets 41,053.6 40,691.9 183.5 387.9 41,237.0 41,079.7
Total assets $ 47,656.5 $ 47,031.0 $ 134.0 $ 449.9 $ 47,790.5 $ 47,480.9
Current and other liabilities $ 3,301.9 $ 2,386.0 $ 41.0 $ 140.1 $ 3,342.9 $ 2,526.1
Long-term liabilities 40,501.7 41,753.2 40,501.7 41,753.2
Total liabilities 43,803.6 44,139.1 41.0 140.1 43,844.6 44,279.2
Invested in capital assets (net of (34.5) (1,163.1) 183.5 387.9 149.0 (775.3)
related debt)
Restricted for capital projects 1,372.5 2,563.7 1,372.5 2,563.7
Unrestricted 2,514.8 1,491.3 (90.5) (78.0) 2,424.4 1,413.2
Total Net Assets 3,852.9 2,891.8 93.0 309.8 3,945.9 3,201.7
Total liabilities and net assets $ 47,656.5 $ 47,031.0 $ 134.0 $ 449.9 $ 47,790.5 $ 47,480.9
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. The bulk of our assets are capital assets. These have been paid
for using borrowed money and do not add significantly to our net asset value. The restricted portion of net assets
represents cash and investments that can only be used for buildings and improvements. The remaining restricted
fund balance will be used to fund future capital maintenance projects such as new roofing.
MDA-2
EAST PENNSBORO AREA SCHOOL DISTRICT
ENOLA, PENNSYLVANIA
The cash balance as of June 30, 2004 within Business-type Activities is $146,738, but due to the elimination of
internal balances, the "Current and other assets" group is showing a negative balance of $49,470.
Table A-2 summarizes and compares activity presented in the Statement of Activities (page FS-2). It shows how total
net assets increased by $744,248 during the year.
Revenues
Program Revenues
Charges for services
Oper. grants and contributions
Capital grants and contributions
General Revenues
Taxes
State general subsidies
Other
Total Revenues
Direct Expenses
Excess (Deficiency) before
Transfers
Transfers
Special item-change in accounting
Change in Net Assets
Table A-2
Changes in Net Assets
Year ended June 30, 2004
(Dollars in thousands)
Governmental
Activities
2004
$
374.9 $
2,722.0
490.5
2003
338.8
2,318.0
580.5
17,265.1
3,745.5
209.4
24,457.4
24,364.3
93.1
(390.5)
(297.4)
Business-type
Activities
2004
$
653.2 $
262.0
2003
587.9
241.2
1.0
830.1
902.4
(72.3)
390.5
318.2
Total Primary
Government
2004
$ 1,028.1 $
2,9839
490.5
18,591.5
3,861.8
271.0
27,2268
26,787.8
438.9
$
305.3
744.2 $
2003
926.7
2,559.2
580.5
17,265.1
3,7455
210.4
25,2875
25,2667
20.8
20.8
Revenues during the year increased more than expenses, resulting in an excess of $438,922. In addition to this, we
recorded a $305,326 increase in net assets as a special accounting adjustment, related to our fixed asset inventory
project
18,591.5
3,861.8
270.0
26,310.7
25,824.6
486.0
$
(3.5)
478.6
961.1 $
1.0
916.2
963.2
(47.0)
3.5
(173.3)
$ (216.8) $
During the year, we completed a fixed asset inventory and analysis project In addition to improving our ability to track
and monitor our fixed assets, the results had a favorable impact on reported asset values. Prior to 2003, many of our
equipment and library items were not reported in our financial statements. We hired an independent appraiser to
determine the estimated historic cost of these items. Incorporating the revised amounts into our financial statements
increased our net asset balance by $305,326. This is reported in the Statement of Activities (FS-2), and in Table A-2
above, with the caption "special item-change in accounting".
MDA-3
EAST PENNSBORO AREA SCHOOL DISTRICT
ENOLA, PENNSYLVANIA
Governmental Activities
Table A-3, shown on the next page, 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 $22,237,265 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
(Dollars in thousands)
Total Cost Less: Program Net Cost
of Services Revenues of Services
2004 2003 2004 2003 2004 2003
Classroom instruction $ 15,369.7 $ 14,989.2 $ 2,441.7 $ 2,071.5 $ 12,927.9 $ 12,917.7
Instructional student support (Note 1) 2,626.8 1,777.8 137.8 117.9 2,489.0 1,660.0
Administrative and financial support 2,565.6 2,143.5 67.4 51.1 2,498.2 2,092.4
Operation and maintenance of buildi. 2,377 .4 2,210.7 60.6 38.6 2,316.8 2,1721
Student transportation 792.7 717.1 330.5 327.4 462.2 389.7
Extra-curricular student activities 551.2 521.2 58.7 65.8 492.5 455.3
Community services 31.4 14.4 31.4 14.4
Interest on long-term debt 1,509.8 1,974.6 490.5 565.0 1,019.3 1,409.6
Unallocated depreciation expense 15.7 15.7
Total governmental activities $ 25,824.6 $ 24,364.3 $ 3,587.3 $ 3,237.4 22,237.3 21,126.9
Less state general subsidies 3,861.8 3,7455
Total needs from taxes and other local sources $ 18,375.5 $ 17,381.4
Note 1: This item represents such things as the library, school psychologist, etc.
Business-Type Activities
Table A-4 is similar to the previous table, except it presents business-type service costs. Note that almost all of the
cost of food services is paid by program revenues.
MDA-4
EAST PENNSBORO AREA SCHOOL DISTRICT
ENOLA, PENNSYLVANIA
Table A-4
Business-Type Activities
Fiscal Vear ended June 30, 2004
(Dollars in thousands)
Food services
Less: Investment earnings
Total Cost Less: Program Net Cost
of Services Revenues of Services
2004 2003 2004 2003 2004 2003
$ 963.2 $ 902,4 $ 915.2 $ 829.1 $ 48.0 $ 73.3
1.0 1.0
$ 47.0 $ 72.3
Total business Type activities
DISTRICT'S FUNDS
The information in Table A-5 summarizes the Governmental Funds' Balance Sheet for June 30, 2003 and 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.
Table A-5
Comparative Fund Balances
(Dollars in thousands)
June 30
2004 2003 Change % Change
General Fund
Restricted $ $ $
Unrestricted 1,211,4 768.1 443.3 57.7%
Total General Fund 1,211,4 768.1 443.3 57.7%
Capital Projects Fund
Restricted 1,003.6 2,379.3 (1,375.7) -57.8%
Unrestricted
Total Capital Projects Fund 1,003.6 2,379.3 (1,375.7) -57.8%
Special Revenue Fund
Restricted
Unrestricted 10.2 34.7 (24,4) -70.5%
Total Special Revenue Fund 10.2 34.7 (24,4) -70.5%
All Governmental Funds
Restricted 1,003.6 2,379.3 (1,375.7) -57.8%
Unrestricted 1,221.6 802.7 418.9 52.2%
Total All Governmental Funds $ 2,225.2 $ 3,182.0 $ (956.8) -30.1%
MDA-5
EAST PENNSBORO AREA SCHOOL DISTRICT
ENOLA, PENNSYLVANIA
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 governmental fund balance of $2,225,236 and the total
net assets of $3,852,916 are itemized in the reconciliation presented within the financial statements on 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 $956,802 because the total fund expenditures were greater than the total fund revenues.
Within the General Fund balance of $1,211,375 for 2004 is $310,000 that we have designated as an amount to be
reserved for future capital equipment needs.
General Fund Budgetary Highlights
Table A-6 has been summarized from the comparative budget information presented on page BCI-1 of the required
supplemental information. The total variance shows that actual results were close to the planned results. A
budgetary reserve of $510,000 was not used.
T otai revenues
Table A-6
Comparison of Budget to Actual
For the Year Ended June 30, 2005 and 2004
(Dollars in thousands)
Budget Actual
2004 2003 2004 2003
$ 25,992.6 $ 24,597.0 $ 25,772.5 $ 24,148.3
25,714.0 24,945.2 25,415.9 24,385.8
278.5 (348.2) 356.6 (2375)
(553.5) (334.4) 86.7 (123.4)
$ (275.0) $ (682.6) $ 443.3 $ (380.9)
Variance
2004 2003
$ (220.1) $ (448.6)
298.2 559.3
78.1 110.7
640.2 211.1
$ 718.3 $ 321.8
T etal expenditures
Revenues over (under) expenditures
Other financing sources (uses)
Net change in fund balances
CAPITAL ASSETS
Table A-7 summarizes the Changes in Capital Assets note to the financial statements on pages FS-20. The original
cost of the capital assets on the books at June 30, 2004 was $58,149,334. Each year, for capital assets other than
land and construction in progress, this amount is depreciated (reduced in value) to reflect usage. The net balance of
$41,053,565 is the amount remaining after this reduction
As construction projects are completed, related construction in progress balances are moved into the buildings and
improvements cate90ry, and depreciated over the estimated useful life of the improvement.
MDA-6
EAST PENNSBORO AREA SCHOOL DISTRICT
ENOLA, PENNSYLVANIA
Table A-7
Governmental Activities Capital Assets Comparison (net of accumulated depreciation)
(Dollars in thousands)
June 30
Land
Site improvements
Buildings and improvements
Furniture, fixtures, equipment and library books
Total Capital Assets, net of accumulated depreciation
2004
$ 325.8
668.3
37,169.5
2,890.0
$ 41,053.6
2003
$ 325.8
706.1
37,131.8
2,528.1
$ 40,691.9
DEBT ADMINISTRATION
Table A-8, shown on the next page, summarizes the Long-Term Liabilities note to the financial statements on pages
FS-22 to FS-25. Most of the debt relates to general obligation bonds issued by the District to pay for capital
improvements. Our ability to raise future funds through the issuance of debt depends on how well our existing bonds
are rated by the investment community. Currently, the District is rated by Standard and Poor's as AAA.
Table A-8
Governmental Activities Long-Term Liability Comparison
(Dollars in thousands)
June 30
General obligation debt $
Capital leases
Compensated absences
Unamortized bond premiums, discounts and refunding
Total Governmental long-term liabilities $
2004 2003
40,985.0 $ 41,855.0
103.0
214.7 204.3
(801.1 ) (306.2)
40,501.7 $ 41,753.2
Each year, the District pays interest to bond holders and pays down a portion of the outstanding debt, referred to as
redemption. During 2004, in addition to the scheduied redemptions, we repiaced $9,355,000 of bonds referred to as
Series of 2000 with $10,000,000 of bonds referred to as Series of 2004. This action resulted in an economic gain of
$750,000 that will be realized during the years ending June 30, 2005 through June 30, 2013. This is discussed on
page FS-23 of the footnotes to the financial statements.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
Taxes
Our largest source of revenue comes from taxes. As the result of a referendum in November 2001, beginning in fiscal
year 2003, we replaced three taxes, a 0.88% Occupational Tax, a $5.00 Resident tax, and a $5.00 per Capita tax with
a 0.60% increase to the Earned Income Tax. Our previous share of the Earned Income Tax of 0.50% increased to
1.10%. Fiscal year 2004 was the first year that we realized the full impact of this new tax structure. Total tax
collections should not be affected by this change.
MDA-7
EAST PENNSBORO AREA SCHOOL DISTRICT
ENOLA, PENNSYLVANIA
The Occupational Tax was assessed and paid on a current basis. The Earned Income Tax is based on calendar year
earnings, and a portion of the tax will not be collected in the current period. In the fund statements, this deferred
portion is not counted as revenue. In the Statement of Net Assets, the amount due is shown as Taxes Receivable,
and counted as revenue in the Statement of Activities.
For fiscal years 2003 to 2004, real estate tax rates were raised to from 11.58 mills to 12.08 mills. The 2005 budget
refiects an approved rate of 12.82 mills.
Budget
Table A-9 compares the revised budget for 2004 to the 2005 budget that was approved on June 10, 2004.
Total revenues
Total expenditures
Table A-9
Comparison of Budgets
For the Years Ended June 30th, 2005 and 2004
(Dollars in thousands)
2005 2004
$ 28,110.5 $ 25,992.6
Revenues over (under) expenditurE (231.0)
Other financing sources (uses) (560.0)
Net change in fund balances $ (791.0) $
278.5
(553.5)
(275.0)
Change
$ 2,117.9
2,627.4
(509.5)
(6.5)
$ (516.0)
28,341.5
25,714.0
Included in the "Other financing sources (uses)" amount of $560,000 is $310,000 that is earmarked for long-range
capital expenditures related to the replacement of major equipment items.
MDA-8
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,
EAST PENNSBORO AREA SCHOOL DISTRICT
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2004
Total fund balances - Governmental funds
Amounts reported for governmental activities in the statement
of net assets are different because:
Capital assets are not financial resources and therefore are not reported
as assets in the governmental funds. At year end, the cost of capital
assets is $ 58,149,334, and the accumulated depreciation
is $ 17,095,769.
Taxes receivable will be collected, but are not available soon enough to
pay for the current year's expenditures, and therefore are deferred in the
governmental funds. At year end, these taxes receivable consist of:
Real estate taxes
Personal taxes
Earned income taxes
Certain liabilities are not due and payable in the current year, and therefore
are not reported as liabilities in the governmental funds. At the year end,
these liabilities consist of:
Bonds payable
Capital lease obligations
Compensated absences
Long-term liabilities
Accrued interest on bonds payable
Costs related to the issuance of bonds are reported as expenditures
in the governmental funds. At year end, the remaining unamortized
bond related costs consist of:
Bond issuance costs
Bond discounts (premiums)
Refunding costs
Total net assets - Governmental activities
The accompanying notes are an integral part of these financial statements.
FS-4
$ 181,035
98,932
1,070,435
(40,985,000)
(103,035)
(214,704)
(41,302,739)
(447,035)
172,437
(21,722)
822,772
$ 2,225,236
41,053,565
1,350,402
(41,749,774)
973,487
$ 3,852,916
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EAST PENNSBORO AREA SCHOOL DISTRICT
STATEMENT OF NET ASSETS - PROPRIETARY FUNDS
JUNE 30, 2004
Food Service
2004 2003
Assets
Cash and cash equivalents $ 146,738 $ 245,747
Due from other governments 8,185
Inventories 13,792 18,156
Total current assets 160,530 272,088
Furniture and equipment (net of accumulated depreciation) 183,457 387,850
Total assets $ 343,987 $ 659,938
Liabilities
Due to other funds $ 210,000 $ 210,000
Accounts payable 35,274 134,209
Deferred revenues 5,714 5,906
Total current liabilities 250,988 350,115
Net assets
Invested in capital assets (net of related debt) 183,457 387,850
Unrestricted (90,458) (78,027)
Total net assets 92,999 309,823
Total liabilities and net assets $ 343,987 $ 659,938
The accompanyin9 notes are an integral part of these financial statements.
FS-7
EAST PENNSBORO AREA SCHOOL DISTRICT
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2004
Food Service
2004 2003
Operating revenues - Food service revenue $ 653,230 $ 587,933
Operating expenses
Other purchased service 868,825 814,412
Food and milk 37,792 39,419
Other supplies 25,513 16,620
Depreciation 31,105 31,966
Total operating expenses 963,235 902,4 17
Operating income (loss) (310,005) (314,484)
Nonoperating revenues
Earnings on investments 1,002 1,022
State sources - commodities 37,792 39,419
State sources - meal subsidies 34,776 32,912
Federal sources - meal subsidies 189,404 168,847
Total nonoperating revenues 262,974 242,200
Income (loss) before transfers and special items (47,031) (72,284)
Transfers from other funds 3,495 390,454
Special item - change in accounting (173,288)
Change in net assets (216,824) 318,170
Net assets - beginning 309,823 (8,347)
Net assets - ending $ 92,999 $ 309,823
The accompanying notes are an integral part of these financial statements.
FS - 8
EAST PENNSBORO AREA SCHOOL DISTRICT
STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2004
Food Service
2004 2003
Operating activities
Cash received from users $ 653,037 $ 588,911
Cash payments to suppliers for goods and services (967,759) (868,431 )
Cash payments for other operating expenses (21,148) (21,306)
Net cash provided by (used for) operating activities (335,870) (300,826)
Non-capital financing activities
State sources 36,056 32,032
Federal sources 196,308 164,266
Notes and loans received (repaid) 200,000
General fund contributed services 3,495 3,352
Net cash provided by (used for) non-capital financing activities 235,859 399,650
Investing activities
Earnings on investments 1,002 1,022
Net cash provided by (used for) investing activities 1,002 1,022
Net increase (decrease) in cash and cash equivalents (99,009) 99,846
Cash and cash equivalents - beginning 245,747 145,901
Cash and cash equivalents - ending $ 146,738 $ 245,747
Reconciliation of operating income (loss) to net cash used in operating activities
Operating income (loss)
Adjustments to reconcile operating income (loss) to net
cash used in operating activities
Depreciation
Donated commodities
Net change in other assets and other liabilities
Inventories
Accounts payable
Deferred reven ue
Total adjustments
Net cash provided by (used for) operating activities
The accompanying notes are an integral part of these financial statements.
FS -9
$ (310,005) $ (314,484)
31,105 31,966
37,792 39,419
4,365 (4,686)
(98,935) (54,019)
(192) 978
(25,865) 13,658
$ (335,870) $ (300,826)
EAST PENNSBORO AREA SCHOOL DISTRICT
STATEMENT OF NET ASSETS - FIDUCIARY FUNDS
JUNE 30, 2004
Student Activities Fund
2004 2003
Assets
Cash and cash equivalents $ 89,663 $ 77,707
Total assets $ 89,663 $ 77 ,707
Liabilities
Due to student groups $ 89,663 $ 77,707
T otalliabilities 89,663 77 ,707
Net assets
Total liabilities and net assets $ 89,663 $ 77,707
The accompanying notes are an integral part of these financial statements.
FS -10
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
East Pennsboro Area 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 Cumberland County Municipality of East Pennsboro Township. 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 East Pennsboro Area 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 meet all the above criteria for inclusion in this reporting entity.
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.
FS -11
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Jointly-governed organizations (Cont'd.)
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 individuai 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 similar 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.
Basis of presentation
Government-wide financial statements (i.e., 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
intergovernmentai revenues, are reported separately from bus.lness-type activaies which rely, to a significant
extent, on fees and charges for support.
FS -12
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Basis of presentation (Cont'd.)
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 general
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 Athletic Fund accounts for the proceeds of specific revenue sources that are restricted to expenditures
for specified purposes, primarily athletics.
The District reports the following Proprietary Fund:
The Food Service Fund accounts for the operations of the cafeteria.
The District reports the following fiduciary fund:
The Student Activities Fund accounts for programs operated and sponsored by various clubs and
organizations within the schools.
FS -13
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
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, except
for earned income taxes which the government considers to be available if collected within 90 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.
Budgets and budgetary accounting
An operating budget is adopted prior to the beginning of each year for the General 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.
FS -14
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Budgets and budgetary accounting (Cont'd.)
Legal budgetary control is maintained at the sub-function/major 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 taxes are levied as of July 1 with a legal, enforceable claim against the property and/or taxpayer.
Amounts not collected within six months (December 31) are considered delinquent and submitted to outside
agencies/entities for collection actions.
Receivables and payables between funds
Activity between funds that represent lending/borrowing arrangements outstanding at the end of the fiscal year
are referred to as "due to/from 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.
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 value.
FS -15
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Conl'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cant'd.)
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 $ 1,000 and an estimated useful life in excess of one year. Management has elected to include certain
homogeneous groups with individual costs of less than $ 1,000 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
Furniture, fixtures and equipment
Library books
40
15 to 40
20
5 to 15
7
Proprietary fund equipment purchases are capitalized at cost and depreciated on a straight-line basis over useful
lives of 5 to 12 years.
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.
FS -16
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
Comparative data
Comparative totals for the prior year are presented in order to provide an understanding of changes in the
District's financial position and operations. Certain amounts presented in the prior year have been reclassified to
be consistent with the current year's presentation. However, presentation of prior year totals by fund and activity
type have not been presented in each of the statements since their inclusion would cause the statements to be
unduly complex and difficult to read.
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
During 2004, the District completed its fixed asset inventory and analysis project designed to enhance the
District's tracking and monitoring of its furnishings, equipment and library books and the accumulated depreciation
thereon This project included the hiring of an independent appraisal company who completed the District's fixed
asset inventory and issued its preliminary report in late fall of 2003. As a result of this project, the District has
recorded an increase in the July 1, 2003 historical cost of its fixed assets of $ 107,454, and a decrease in
accumulated depreciation of $ 197,872, resulting in an increase in the net assets of the governmental activities of
$ 478,614 and a decrease in the net assets of the business-type activities of $ 173,288. The cumulative effect of
these changes is reflected on the Statement of Activity (page FS-2) and the Statement of Revenues, Expenses
and Changes in Net Assets - Proprietary Funds (page FS-8) as a "Special item - change in accounting."
FS -17
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Conl'd.)
JUNE 30, 2004
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 collateralized as permitted by Act 72 of the Commonwealth of
Pennsylvania.
Total
Carrying AmounU Bank
Market Value Balance
$ 857,207 $ 1,017,194 $
500
$
2.609,053 2.609.053
$ 3 466 760 $ 3626247
1
Cateqorv
2
3
Demand deposits
Change fund
135,682 $
$
881,512
135682 $
$
881 512
Pooled investments
PLGiT
Cash and cash equivalents, in the proprietary funds statement of cash flows, consists of demand deposit
accounts.
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 laws and regulations.
FS-18
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
TAXES RECEIVABLE
Taxes receivable are as follows:
Taxes Taxes
Receivable Allowance for Receivable Deferred
(Gross) U ncollectibles (Net) Tax Revenue
Real estate taxes $ 434,562 $ 120,721 $ 313,841 $ 187,231
Personal taxes 1.016.755 968.358 48.397 48.397
General Fund 1,451,317 1,089,079 362,238 235.628
Full accrual adjustment (44.339) 44,339 (235,628)
Total $ 1 451 317 $ 1 044740 $ 406 577 $
The deferred revenue balance in the General Fund of $ 265,997 consists of deferred taxes of $ 235,628 and
deferred revenue for federal grants of $ 30,369.
DUE FROM OTHER GOVERNMENTS
Due from other governments are as follows:
Governmental
Activities
Business-type
Activities
Total
Local sources - taxes
State sou rces
Federal sources
$
45,293 $
198,555
231.668
$
45,293
198,555
231.668
$
475516 $
$
475516
OTHER RECEIVABLES
Other receivables are as follows:
Governmental
Activities
Business-type
Activities
$ 2108085 $
Total
$ 1,027.648
10,002
1,037,650
1,070435
$ 2108085
Earned income taxes receivable
Other revenues receivable
General fund
Full accrual adjustment - earned income taxes
$ 1,027,648 $
10,002
1,037,650
1 070.435
FS -19
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd,)
JUNE 30, 2004
CHANGES IN CAPITAL ASSETS
Capital asset activity for the year was as follows:
Effect of
Beginning Accounting Ending
Balance Chanoes Increases Decreases Balance
Governmental activities
Capital assets not
being depreciated
Land $ 325 826 $ $ $ $ 325,826
Capital assets
being depreciated
Site improvements 756,653 756,653
Buildings
and improvements 49,973,863 1,243,609 51,217,472
Furniture, fixtures
and equipment 4,365,979 301,402 517,367 181,021 5,003,727
Library books 815,904 29,752 845,656
55,912,399 301 ,402 1.790 ,72 8 181,021 57,823,508
Less accumulated
depreciation for:
Site improvements 50,552 37,834 88,386
Buildings
and improvements 12,842,030 1,205,933 14,047,963
Furniture, fixtures
and equiprnent 2,145,835 68,981 543,066 181,021 2,576,861
Library books 507,944 (246,193) 120,808 382,559
15,546,361 (177.212) 1,907,641 181,021 17,095,769
Total capital assets being
depreciated, net 40 366,038 478,614 (116913) 40,727,739
Governmental activities
capital assets, net $ 40691 864 $ 478 614 $ (116913) $ $ 41 053565
FS - 20
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd)
JUNE 30, 2004
CHANGES IN CAPITAL ASSETS (Cont'd.)
Effect of
Beginning Accounting Ending
Balance Chanqes Increases Decreases Balance
Business-type activities
Capital assets
being depreciated
Equipment $ 614,538 $ (193,948) $ - $ - $ 420,590
Less accumulated
depreciation for'.
Equipment 226,688 120.660) 31,105 237.133
T ota\ capital assets
being depreciated, net 387.850 1173,288) 131.105) 183 457
Business-type activities
capital assets, net $ 387 850 $ (173288) $ 131 105) $ $ 183 457
Depreciation expense was charged to functions/programs as follows:
Governmental activities
Instruction
I nstructional student support
Administrative and financial support
Operation and maintenance of plant
Pupil transportation
Student activities
Total depreciation expenses - Governmental activities
$ 962,752
657,151
176,939
77,481
3,457
29.861
$ 1 907641
Business-type activities
Food service
$
31105
FS -21
EAST PENNSBORO AREA 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 $ 41,855,000 $ 10,000,000 $ (10,870,000) $ 40,985,000 $ 2,175,000
Capital leases 130,200 (27,165) 103,035 42,597
Compensated absences 204,323 46,826 (36.445) 214,704 55,000
Governmental activity
long-term liabilities $ 42 059 323 $ 10177 026 $ 110 933 610) $ 41 302739 $ 2 272 59i'
A. General obligation notes and bonds payable
Changes in general obligation notes and bonds payable were as follows:
Beginning Scheduled Ending
Balance New Issue RefundinQ Redemptions Balance
General Obligation Bonds:
Series of 2000 $ 9,985,000 $ - $ (9,355,000) $ (10,000) $ 620,000
Series of 2001 2,995,000 (105,000) 2,890,000
Series A of 2001 7,355,000 (390,000) 6,965,000
Series of 2003 9,600,000 (165,000) 9,435,000
Series A of 2003 5,270,000 5,270,000
Series AA of 2003 2,395,000 (640,000) 1,755,000
Series of 2004 10,000,000 10,000000
37,600,000 645,000 (1,310,000) 36,935,000
General Obligation Notes:
Series of 1999 4,255,000 (205,000) 4,050000
$ 41855000 $ - $ 645 000 $ Ii 515 000) $ 40 985 000
FS -22
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
LONG-TERM LIABILITIES (Cont'd.)
A. General obligation notes and bonds payable (Conl'd.)
Amounts
Due Within
Interest Rates Maturitv Date Callable Date One Year
GOB Series of 2000 5.10% to 5.70% August 2018 February 2005 $ 10,000
GOB Series of 2001 3.60% to 5.00% August 2021 August 2006 110,000
GOB Series A of 2001 1.95% to 3.80% September 2011 September 2006 405,000
GOB Series of 2003 2.75% to 3.75% February 2015 August 2008 580,000
GOB Series A of 2003 2.00% to 3.90% August 2020 August 2008 125,000
GOB Series AA of 2003 2.00% August 2006 Not callable 730,000
GOB Series of 2004 3.00% to 4.00% August 2018 February 2009
GON Series of 1999 Variable February 2018 Not callable 215000
$ 2 175 000
Scheduled debt service requirements, payable by the General Fund, are as follows:
Year Endino June 30 Principal Interest Total
2005 2,175,000 1,310,673 3,485,673
2006 2,370,000 1,285,096 3,655,096
2007 2,345,000 1,223,592 3,568,592
2008 2,375,000 1,155,633 3,530,633
2009 2,450,000 1,083,239 3,533,239
2010-2014 13,560,000 4,168,630 17,728,630
2015-2019 14,240,000 1,580,395 15,820,395
2020-2024 1,470.000 82.615 1,552.615
$ 40 985 000 $ 11 889873 $ 52 874 873
In March 2004, the District issued its General Obligation Bonds, Series of 2004 in the amount of $ 10,000,000
for the advance refunding of a portion of the 2000 Series. After discounts and issuance costs of $ 223,365,
the net proceeds of $ 9,776,365 were deposited in an irrevocable trust fund. The investments and fixed
earnings of that trust are sufficient to service $ 9,355,000 of the 2000 Series until they mature. This advance
refunding reduced future debt service, resulting in an economic gain of approximately $ 750,000 which will be
realized primarily during the years ending June 30,2005 through June 30, 2013.
FS - 23
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
LONG-TERM LIABILITIES (Cont'd.)
B. Capital lease obligations
Changes in capital lease obligations were as follows:
Beginning
Balance
Additions
Pavments
Ending
Balance
H P Financial Services
$
$
130200 $
27 165 $
103 035
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
2006-07
Total minimum lease payment
Less: amounts representing interest
$
47,059
47,059
15,687
109,805
(6,770)
Present value of minimum lease payments
$
103,035
C. Compensated absences
Changes in compensated absences were as follows:
Beginning Ending
Balance Net ChanQe Balance
Governmental activities
Severance payments $ 164,005 $ 8,747 $ 172,752
Vacation leave 40,318 1,634 41952
$ 204 323 $ 10381 $ 214704
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:
FS - 24
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd)
JUNE 30, 2004
LONG-TERM LIABILITIES (Cont'd.)
C. Compensated absences (Cont'd.)
Vacation (administrative personnel only) - unused vacation days (not to exceed 5 days) are paid at the
time of separation.
Sickness - no payout required except to retirees who meet the requirements below for severance
payments
Personal days - unused personal days (not to exceed 5 days) may be carried over but no payment is
required upon termination
Retirement severance payments - retiring employees with at least seven consecutive years of District
employment immediately prior to retirement, at least twenty years of service to the District, and at least
thirty years of total school service credited under the State Retirement System are eligible for severance
payments based on years of service and accumulated sick leave days. The retirement payment amount is
equal to $ 300 times the number of years of continuous District service to a maximum of $ 9,000 for thirty
years. In addition, eligible retirees are reimbursed for accumulated unused sick leave in excess of one
hundred days to a maximum of three hundred days at a rate of $ 50 per day for a maximum payment of
$ 10,000 for accumulated sick leave. Total maximum severance payments to each eligible retiree under
the new collective bargaining agreement in effect through August 31,2005 is $ 19,000
OPERATING LEASES
The District leases photocopying machines pursuant to various lease agreements which are being accounted for
as operating leases. Total lease rental payments during the year ended June 30, 2004 were $ 114,112. Minimum
net lease rental payments for future periods are expected to be as follows:
2004-2005
2005-2006
2006-2007
2007-2008
2008-2009
$
123,676
123,796
52,124
12,930
6,069
MANAGEMENT SERVICES
The cafeteria facilities of the District were operated by a third party vendor. Under the terms of the contract, the
vendor provides for the operation and maintenance of food services as required by law, with the policies subject
to the approval of the District. Operating costs, management fees and administrative costs are billed monthly to
the District.
FS - 25
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd)
JUNE 30, 2004
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
accrual 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 at www.psers.state.pa.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 (Class TC) or at
6.50 percent (Class TO) of the member's qualifying compensation.
Members who joined the System on or after 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.
Members who joined the System after June 30, 2001, contribute at 7.50 percent (automatic Class TO).
For all new hires and for members who elected Class TO 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 $ 504,105, $ 144,840 and $ 130,180, respectively. Those
amounts are equal to the required contributions for each year.
OTHER POST-EMPLOYMENT RETIREMENT BENEFITS
The District offers one post-employment benefit to retired professional employees other than pension benefits as
discussed in the previous note. For employees with twenty or more years of service to the District, the District will
pay the basic medical insurance premiums for five years (excluding family coverage) following retirement The
District finances this benefit on a pay-as-you-go basis. The cost of this benefit amounted to approximately
$ 47,000 during the year ended June 30, 2004 and covered 24 eligible retired employees. The District does allow
other employees not eligible for this benefit to remain in its group medical insurance plan upon payment by the
retired employee of the cost of such coverage.
FS - 26
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2004
RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to, and destructiDn Df assets;
errors and DmissiDns; and natural disasters. The District maintains cDmmercial insurance cDverage cDvering each
Df thDse risks Df IDss. Management believes such cDverage is sufficient tD preclude any significant uninsured
losses tD the District. Settled claims have not exceeded this commercial cDverage in any Df the past three fiscal
years.
FDr State unemplDyment cDmpensatiDn laws, the D'lstrict is self-insured, which is a CDmmDn practice fDr IDcal
gDvernmental units. Any unemployment claims are paid by the District Dn a quarterly basis as incurred.
The District is a member of a group Df SChDDi Districts who have jDined tDgether tD self-insure their wDrkers'
cDmpensatiDn expDsure. The District pays annual cDntributiDns to the group based Dn a formula utilizing the
District's Dwn claim experience and annual payroll. Claims in excess Df the District's retentiDn experience are paid
by a Central Fund within the group and, if necessary, by an insurance cDmpany carrying excess liability cDverage.
COMMITMENTS AND CONTINGENCIES
The District's cDntract with its teaching staff is scheduled to expire August 31, 2005.
In the normal course of preparing for the subsequent SChDDI year, the District has awarded bids for variDus
supplies, fuel cDntracts, etc. ND majDr cDmmitments in excess of routine requirements have been made by the
District.
The District participates in numerous state and federal grant prDgrams which are gDverned by variDus rules and
regulatiDns Df the grantor agencies. Costs charged tD the respective grant prDgrams are subject tD audit and
review by the grantor agencies; therefore, any findings Dr adjustments by the grantDr agencies cDuld have an
effect Dn the recDrded grants receivable and/Dr deferred grant revenues, and Dn the related grant revenues and
expenditures.
As part Df its Dngoing capital projects, the District has entered into contract cDmmitments totaling approximately
$ 1,000,000 fDr variDus cDnstructiDn and improvement projects at June 30, 2004, including amounts due on
disputed contracts waiting for final settlement.
The District is named as a defendant in variDus lawsuits, all in the Drdinary CDurse Df business. The District
intends tD vigorously defend itself against these actiDns. Legal counsel for the District has advised that they
cannot Dffer an DpiniDn as tD the probable DutcDme Df all such actiDns. In the DpiniDn of management, the ultimate
liabilities, if any, resulting from these claims will nDt have a material adverse effect Dn the financial pDsition Df the
District.
FS - 27
EAST PENNSBORO AREA SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd)
JUNE 30, 2004
SUBSEQUENT EVENTS
In July 2004, the District issued a Tax and Revenue Anticipation Note, Series of 2004/2005 in the amount of
$ 5,000,000. The note matures on June 30, 2005 with monthly interest due at the fixed annual rate of 2.74%. The
District granted a security interest to Community Banks, the holder of the Note, in all tax and other revenues of
the District during the period the Note is outstanding.
In September 2004, the District issued General Obligation Bonds, Series A of 2004 in the aggregate amount of
$ 3,500,000. The proceeds from this issue will be used to finance construction, alterations and improvements to
various District buildings and to acquire other furnishings and equipment for the District.
FS -28
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