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Home My WebLink About05-1464 ~ or - J'-t/"'l( MECHANICSBURG AREA SCHOOL DISTRICT t FINANCIAL STATEMENTS YEAR ENDED JUNE 3D, 2004 . . . . . . . (} ['---r- \.:.1 u; IVL.'[ TABLE OF CONTENTS . f 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 SUPPLEMENTARY INFORMATION . Page Number IAR - 1 to IAR - 2 MDA-1 to MDA-10 FS -1 FS-2 FS - 3 FS -4 FS - 5 FS -6 FS-7 FS-B FS-9 FS -10 F5 -11 F5-12toFS-27 BCI-1 SI - 1 to 51 - 4 GREENAWALT & COMPANY, P.c. CERTIFIED PUBLIC ACCOUNTANTS . JA11ES E. LYONS HOWARD R. GREEN'AWALT CREEDON R. HOFFMAN JOHN H. KLINGLER DEBORAH J ' KELLY R. A. GREENAWALT (1956-1983) A. A. REIDINGER (RETIRED) C. EDWARD ROGERS, JR. 400 WEST MAIN STREET MECHANICSBURG, PENNSYlVANIA 17055 (7171766.4763 FAX (717) 766.2731 62 WEST POMFRET STREET CARUSLE,PA 17013 (717) 243-4821 FAX (717) 258-9372 INDEPENDENT AUDITORS' REPORT t Board of School Directors Mechanicsburg Area School District Mechanicsburg, 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 Mechanicsburg 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 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 Mechanicsburg 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 September 17, 2004, on our consideration of Mechanicsburg Area School District's internal control over financial reporting and 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 . AR-1 . MEMBERS-AMERlCAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS-PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS - t . . . . . . . . . Board of School Directors Mechanicsburg Area School District Mechanicsburg, Pennsylvania Management's discussion and analysis on pages MDA - 1 through MDA - 10 and budgetary comparison information on page Bel - 1 are not a required part of the basic financial statements but are supplementary information required by accounting principies 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. Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole, The combining schedules on pages SI - 1 through SI - 4 are for purposes of additional analysis and are not a required part of the financial statements of Mechanicsburg Area School District. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. September 17, 2004 Mechanicsburg, Pennsylvania AR-2 /tal't4I{~ I! -:.r1!J/t EENAWALT & to=,!JC. - . . . MECHANICSBURG AREA SCHOOL DISTRICT MANAGEMENTS DISCUSSION AND ANALYSIS JUNE 30, 2004 The management of the Mechanicsburg Area School District is pleased to present the following discussion and analysis of the District's financial activities for the fiscal year ending June 30, 2004. The purpose of this discussion is to provide a narrative summary of the financial position and activities of the District in order to enhance the reader's understanding of the District's basic financial statements. The District is required to present comparative financial information between the current year and the prior year in its Management's Discussion and Analysis (MD&A) as mandated by the Governmental Accounting Standards Board (GASB) Statement No. 34 Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. This report contains such comparative financial Information. FINANCIAL HIGHLIGHTS For the 2003-2004 fiscal year, the School Board adopted the general fund budget with a planned deficit of $875,140. The actual fund balance reduction was $1,544,796, due to revenue shortfalls in earned income tax collections and . interest income; and increased expenditures in utilities and contracted services for new facilities. The ending fund balance at June 30, 2004 is $2,343,332 which represents 6.4% of expenditures and in line with the 8% standard outlined in Act 48 of 2003. . . . . . . OVERVIEW OF THE FINANCIAL STATEMENTS These financial statements consist of three sections - Management's Discussion and Analysis (this section), the basic financial statements, and other required supplementary information. The first two statements of the basic financial statements are government-wide financial statements. These statements on pages FS - 1 and FS - 2 consist of the Statement of Net Assets and the Statement of Activities. The government-wide financial statements provide both short-term and long-term information about the District's overall financial status. The remaining basic financial statements consist of fund financial statements. These statements focus on individual funds of the District and provide a more detailed presentation of the District's operations. The governmental funds statements on pages FS - 3 and F5 - 5 present how general District services are financed in the short-term as well as what remains for future spending. The proprietary fund statements on pages FS - 7 through F5 - 9 present both short-term and long-term information about the activities that the District operates similar to a business. The basic financial statements also include notes on pages FS - 12 through FS - 27 that provide a more detailed explanation of some of the information in the financial statements, Following the basic financial statements is other required supplementary information on page Bel - 1 that consists of the District's budgetary comparison and other supplementary information on pages 51 - 1 through SI - 4 presenting combining schedules for additional analysis. MDA-1 MECHANICSBURG AREA SCHOOL DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS JUNE 30, 2004 t Government-wide Statements Report the District as a Whole . The government-wide statements report financial information about the District as a whole using accounting methods similar to the accounting used by private-sector companies. The Statement of Net Assets includes all of the District's assets and liabilities utilizing the full accrual basis of accounting. The Statement of Activities accounts for all of the District's revenues and expenses, regardless of when cash is received or paid. . These two government-wide statements report the District's net assets and changes in them. The District's net assets represent the difference between the District's assets and liabilities. The District's net assets are one way to measure the District's financial position, or financial health, over time. Increases or decreases in the District's net assets are one indicator of whether its financial health is improving or deteriorating, respectively. To assess the overall health of the District, non-financial factors must also be considered, such as changes in the District's property tax base and the performance of the students, . The government-wide financial statements of the District are divided into two categories: . Governmental activities - All of the District's basic services are included here, such as instruction, administration and community services, Real estate and earned income taxes, and state and federal subsidies and grants finance most of these activities. Business-type activities - The District operates a food service operation and charges fees to staff, students and visitors to help it cover the costs of the food service operation, Fund Financial Statements . The District's fund financial statements provide detailed information about the most significant funds, or major funds _ not the District as a whole. Some funds are required to be reported as major funds. . Governmental funds - Most of the District's activities are reported in governmental funds, and focus on changes in financial resources, rather than upon net income determination. These funds are reported using the modified accrual basis of accounting, which measures cash and all financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the District's operations and the services it provides, Govemmental fund information helps the reader determine whether there are more or fewer financial resources that can be spent in the near future to finance the District's programs. The relationship (or differences) between governmental activities (reported in the Statements of Net Assets and the Statement of Activities) and governmental funds is reconciled in the financial statements on pages FS - 4 and FS - 6. . . MDA - 2 . . . . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS JUNE 30, 2004 Proprietary funds - These funds are used to account for the District activities that are similar to business operations in the private sector. When the District charges customers for services it provides, these services are generally reported in proprietary funds. The Food Service Fund is the District's proprietary fund and is the same as the business-type activities reported in the government-wide statements. Fiduciary funds - The District is the trustee or agent for individuals, private organizations and/or governmental units as shown on pages FS - 10 and FS - 11. FINANCIAL ANALYSIS OF THE DISTRICT AS A WHOLE Net Assets The District's total net assets were $8,967,791 at June 30, 2004 which includes $7,923,441 in Governmental Activities and $1,044,350 in Business-type Activities. This shows a decrease of $861,608 from total net assets at June 30, 2003, which included a decrease of $868,909 in Governmental Activities and an increase of $7,301 in Business-type Activities. Statement of Net Assets 2003.2004 Governmental Business-type Total School Activities Activities District Current and other assets $ 12,538,982 $ 255,163 $ 12,794,145 Capital assets 52,643,228 822,054 53,465,282 Total assets $ 65,182,210 $ 1,077,217 $ 66,259,427 Current and other liabilities $ 3,888,781 $ 32,867 $ 3,921,648 Long-term liabilities 53,369,988 53,369.988 Total liabilities 57,258,769 32,867 57,291,636 Capital assets (net of related debt) (663,424) 822,054 158,630 Restricted for Retirement of debt 514,212 514,212 Restricted for capital projects 4,076,117 4,076,117 Unrestricted 3,996,536 222,296 4,218,832 Total net assets 7,923,441 1,044,350 8,967,791 Total liabilities and net assets $ 65,182,210 $ 1,077,217 $ 66,259,427 MDA - 3 . MECHANICSBURG AREA SCHOOL DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS JUNE 30, 2004 . Statement of Net Assets 2002-2003 Governmental Business-type Total School Activities Activities District . Current and other assets $ 12,527,221 $ 274,444 $ 12,801,665 Capital assets 53,325,674 903,983 54,229,657 Total assets $ 65,852,895 $ 1,178,427 $ 67,031,322 . Current and other liabilities $ 3,219,788 $ - $ 3,219,788 Long-term liabilities 53,840,757 141,378 53,982,135 Total liabilities 57,060,545 141,378 57,201,923 . Capital assets (net of reiated debt) 903,983 903,983 Restricted for Retirement of debt 341,267 341,267 Restricted for capital projects 5,476,397 5,476,397 Unrestricted 2,974,686 133,066 3,107,752 Total net assets 8,792,350 1,037,049 9,829,399 Total liabilities and net assets $ 65,852,895 $ 1,178,427 $ 67,031,322 . Statement of Activities . The results of this year's operations as a whole are reported in the Statement of Activities. Direct expenses are listed by programs, then offset by program revenues to determine net (expense) revenue and changes in net assets. General revenues, such as taxes, state subsidies, and investment earnings are then applied prior to transfers, and special items, to determine the change in net assets. For the 2003-2004 fiscal year, the change in net assets for governmental activities was a decrease of $868,909 and an increase of $7,301 for business-type activities, for a net total decrease of $861 ,608 as reflected in the following chart. For the 2002-2003 fiscal year, the change in net assets for governmental activities was a decrease of $2,375,147 and an increase of 812,733 for business-type activities for a net total decrease of $1 ,562,414 as reflected in the chart below: . . . MDA-4 . . MECHANICSBURG AREA SCHOOL DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS JUNE 30, 2004 . Statement of Activities 2003-2004 Governmental Business-type Total School Activities Activities District Program revenues . Charges for services $ 357,602 $ 973,385 $ 1,330,987 Operating grants and contributions 4,123,872 358,783 4,482,655 Capital grants and contributions 295,684 295,684 General revenues Taxes 26,590,760 26,590,760 . Other local revenue 41,106 41,106 State general subsidies 4,691,671 4,691,671 Investment earnings 153,720 4,439 158,159 Total revenues 36,254,415 1,336,607 37,591,022 . Direct expenses 38,256,703 1,477,538 39,734,241 Excess (deficiency) before transfers and special item (2,002,288) (140,931) (2,143,219) Transfers between activities (148,232) 148,232 Special item - change in accounting estimate 1,281,611 1,281,611 . Change in net assets $ (868,909) $ 7,301 $ (861,608) Statement of Activities 2002-2003 Governmental Business-type Total School Activities Activities District . Program revenues Charges for services $ 289,333 $ 860,133 $ 1,149,466 Operating grants and contributions 3,882,537 315,732 4,198,269 Capital grants and contributions General reven ues . Taxes 24,613,103 24,613,103 Other local revenue 33,923 33,923 State general subsidies 4,563,628 4,563,628 Investment earnings 292,580 4,208 296,788 Total revenues 33,675,104 1,180,073 34,855,177 . Direct expenses 35,098,021 1,319,570 36,417,591 Excess (deficiency) before transfers and special item (1,422,917) (139,497) (1,562,414) Transfers between activities (952,230) 952,230 . Special item - change in accounting estimate Change in net assets $ (2,375,147) $ 812,733 $ (1,562,414t MDA-5 . MECHANICSBURG AREA SCHOOL DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS JUNE 30, 2004 . Local Sources Direct expenses represent 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 net cost of . services must be recovered through general revenue, primarily taxes and state subsidies, Amounts not recovered will reduce funds available for future years. Local Sources 2003-2004 . Direct Program Net Governmental Activities Expenses Revenues Cost Instruction $ 23,423,342 $ 3,342,652 $ 20,080,690 Instructional student support 3,919,928 292,733 3,627,195 . Administrative and financial support 2,669,582 97,878 2,571,704 Operation and maintenance of plant 3,202,577 83,033 3,119,544 Pupil transportation 1,265,716 384,810 880,906 Student activities 828,952 123,399 705,553 Community Services 254,736 156,969 97,767 . Interest on long-term debt 2,691,870 295,684 2,396,186 Total government activities $ 38,256,703 $ 4,717,158 33,479,545 Transfers out and special items (1,133,379) . State General subsidies revenues (4,691,671) Total needs from taxes and other local sources $ 27,654,495 Direct Program Net . Business-type Activities Expenses Revenues Cost Food Services $ 1,477,538 $ 1,332,168 $ 145,370 . Transfers received, special items and investment earnings (152,671) Total business-type activities $ (7,301) MDA - 6 . -~ -~- . MECHANICSBURG AREA SCHOOL DISTRICT MANAGEMENTS DISCUSSION AND ANALYSIS JUNE 30, 2004 . Local Sources 2002-2003 Direct Program Net . Governmental Activities Expenses Revenues Cost Instruction $ 21,534,334 $ 2,949,258 $ 18,585,076 Instructional student support 3,617,565 240,849 3,376,716 Administrative and financial support 2,521,326 75,503 2,445,823 . Operation and maintenance of plant 3,040,498 43,772 2,996,726 Pupil transportation 1,071,592 325,516 746,076 Student activities 812,073 116,636 695,437 Community Services 247,091 154,115 92,976 . Interest on long-term debt 2,253,542 266,221 1,987,321 Total government activities $ 35,098,021 $ 4,171,870 30,926,151 Transfers and special items (952,230) State General subsidies revenues (4,563,628) Total needs from taxes and other local sources $ 25,410,293 Direct Program Net Business-type Activities Expenses Revenues Cost Food Services $ 1,319,570 $ 1,175,865 $ 143,705 Transfers received, special items and investment earnings (956,438) Total business-type activities $ (812,733) MDA - 7 . MECHANICSBURG AREA SCHOOL DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS JUNE 30, 2004 . The District Funds At June 30, 2004, the District governmental funds reported a combined fund balance of $7,087,221, which is a . decrease of $2,809,649 from June 30, 2003. . 2003 2004 Change % Change General fund - unrestricted $ 3,888,128 $ 2,343,332 $ (1,544,796) -39,7% Capital reserve fund - unrestricted 190,348 252,456 62,108 32.6% Athletic fund - unrestricted 730 1,104 374 51.2% Construction fund - restricted 5,476,397 3,976,117 (1,500,280) -27.4% Debt Service Fund - restricted 341,267 514,212 172,945 50.6% Total governmental funds $ 9,896,870 $ 7,087,221 $ (2,809,649) -28.3% Total unrestricted $ 4,079,206 $ 2,596,892 $ (1,482,314) -36.3% Total restricted 5,817,664 4,490,329 (1,327,335) -22,8% Total governmental funds $ 9,896,870 $ 7,087,221 $ (2,809,649) -28.4% . . Governmental Funds. Reconciliation The General Fund had a budgeted deficit of $875,140. Revenue shortfalls in interest income and earned income tax . resulted in the fund balance reduction. The Capital Reserve Fund increase of $62,108 was the result of a reimbursement to the fund for a prior expenditure related to capital improvements. . The Construction Fund decrease of $1 ,500,280 was a result of construction projects coming to a close, and payments being made to contractors, The Debt Service Fund increase of $172,945 was due to favorable resu~s on a variable rate bond issue. . General Fund Budget A General Fund budget is adopted each year in accordance with the Pennsylvania School Code, The revised budget reflects budget transfers as approved by the Board. Contracted educational services and increased maintenance and utility costs required budget adjustments. MDA-8 . . MECHANICSBURG AREA SCHOOL DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS JUNE 30, 2004 . . The District applies for State and Federal grants each year, Certain grants may not be anticipated during the budgeting process and must be added to the budget during the fiscal year. In addition, the grants that are anticipated during the budgeting process are based on estimates, The budget must then be modified based on the actual grant award. . Budget Actual Variance Total revenues $ 35,715,563 $ 34,976,560 $ (739,003) Total expenditures 32,853,617 32,834,805 18,812 Revenues over (under) expenditures 2,861,946 2,141,755 (720,191) Other financing sources (uses) (3,737,086) (3,686,551 ) 50,535 Net change in fund balance $ (875,140) $ (1,544,796) $ (669,656) , CAPITAL ASSETS . At June 3D, 2004, the District had $51,963,068 in Governmental activities capital assets, which represents a decrease . of $617,693. The District has made substantial capital improvements over the past two years. A major renovation was completed to the Senior High School and a new Middle School was completed in November 2002. Construction in progress at June 3D, 2004 is for the renovation of the former Middle School which will be converted to an elementary school. The increase in Construction in Progress is due to the beginning of renovations to the elementary schools, . Capital assets (net of depreciation) . Total governmental capital assets 2003 2004 Change $ 605,983 $ 605,983 $ 232,262 1,248,961 1,016,699 2,798,772 2,727,055 (71,717) 46,196,141 45,308,585 (887,556) 1,781,259 1,434,416 (346,843) 966,344 638,068 (328,276) $ 52,580,761 $ 51,963,068 $ (617,693) Governmental activities Land Construction in progress . Land improvements Buildings and improvements Furniture and equipment Library books Business-type activities Furniture and equipment $ 903,983 $ 822,054 $ (81,929) . MDA-9 . MECHANICS BURG AREA SCHOOL DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS JUNE 30, 2004 . LONG-TERM LIABILITIES . Bonds payable at June 30, 2003 were $53,781,880, and $52,684,088 at June 30, 2004. Scheduled payments of principal made during the year to the bondholders were $1,197,792. The amount of bond principal due within one year is $2,013,757. Standard and Poor's Corporation has assigned its municipal bond rating of "Aaa" to a new series of bonds issued in July, 2004. . Compensated absences increased during the year from an entity-wide perspective from $424,785 to $748,296 at June 30, 2004. . NEXT YEAR'S BUDGET AND ECONOMIC FACTORS Final Budget Budget 2003-2004 2004-2005 Change Total revenues $ 35,715,563 $ 38,733,198 $ 3,017,635 Total expenditures 36,590,703 39,068,175 2,477,472 Revenues over (under) expenditures (875,140) (334,977) 540,163 Net change in fund balance $ (875,140) $ (334,977) $ 540,163 . The new budget for 2004-2005 represents an increase in total expenditures of 6,77%. This increase is largely due to the increase in the retirement rate from 3.77% to 4.23%, increase in medical insurance costs, new curriculum . initiatives, new facility operational costs, and increase in debt service payments. The 2004-2005 budgeted revenues include a property tax increase of 1.36 mills. The District plans to reduce its fund balance to offset the planned budget deficit. There are no changes to economic factors that are expected to have a significant impact on our 2004-2005 budget. . CO NT ACTING THE DISTRICT FINANCIAL MANAGEMENT . The District's financial report is intended to provide the readers with a general overview of the District's finances and to show the Board's accountability for the funds it receives. If you have questions about this report or wish to request additional financial information, please contact the district office of Mechanicsburg School District, 500 S. Broad Street, Mechanicsburg, PA 17055, (717) 691-4500. . MDA-10 . . . . . . . . . . . . I- (J ii: I- UJ o ....IlJ) Of- Ow :I:lJ) (J~ UJ~~ <(W~ Wz u..o 0::0"" <(f-W C)Zs o::W..., ::lal III!;;: UJf- (JlJ) Z <( :I: (J w :i: "" o o N <0...."" "'",N "'...... 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'u c 'a ~ I- J> ~ 2- to 'C ~ E Q) r; '" Q) -s . c J!J .- " oJ> \'A e '" :a- ~~ i>o ~- <ll fu ~~ 'O~ ~ " g,2?, '" - - c '" .- (t.~ ~~ .g..~ 'a 0. 'C " p.~ ~z, z'o 0'";. "'" '"C$ ~,g ~~ 0..- . <D (/) u.. !ti % ~ 2> '" to '0 '& c: .:- 'IJ, <ll ,; "5 ~ 0- ro 0> .2) s '& ~ ( \ 'C " 'ij; ~ '" '6 ~ '~ "'" ~ "0 ~ ~ 1< u; '" -s .S '& .", .;; .{) " to 'C ~ ~ g, :s "<l ~ <5- e ':\ .~ '~ ~ to 'C ~ c -;; r; '-' " ~ 2- 0; 'C ~ c 'ij; r; '-' oJ> ~ ~ ~ .S 1? ~ \ to ~ '0 % ,S '" ~ -'is a; c to -0 I- J!J 3 ~ Liabilities Current liabilities Due to other funds $ 629,087 $ 114,730 Deferred revenues 15,490 12,844 Accounts payable 12,393 9,339 Compensated absences 4,984 4,465 Total current liabilities 661,954 141,378 T otalliabilities 661,954 141,378 Net assets . Invested in capital assets (net of reiated debt) 822,054 903,983 Unrestricted 222,296 133,066 Total net assets 1,044,350 1,037,049 Total liabilities and net assets $ 1,706,304 $ 1,178,427 . . . . MECHANICS BURG AREA SCHOOL DISTRICT STATEMENT OF NET ASSETS - PROPRIETARY FUNDS JUNE 30, 2004 Assets Cash and cash equivalents Investments Due from other governments Other receivables Inventories Food Service 2004 2003 $ 625,877 $ 3,005 227,994 235,758 11,317 583 505 29,796 23,859 884,250 274,444 822,054 903,983 $ 1,706,304 $ 1,178,427 Total current assets Furniture and equipment (net of accumulated depreciation) Total assets The accompanying notes are an integral part of these financial statements, FS -7 . . . . . . MECHANICSBURG 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 $ 935,860 $ 832,297 24,860 17,960 12,665 9,876 973,385 860,133 444,665 407,074 152,223 138,764 80,627 51,345 942 868 612,853 554,066 104,299 104,668 81,929 62,785 1,477,538 1,319,570 (504,153) (459,437) 4,439 4,208 57,921 49,731 25,668 19,566 45,354 41,263 229,840 205,171 363,222 319,939 (140,931) (139,498) 148,232 952,231 7,301 812,733 1,037,049 224,316 $ 1,044,350 $ 1,037,049 Operating revenues Food service revenue Charges for services Other operating revenues Total operating revenues Operating expenses Salaries Employee benefits Purchased property service Other purchased service Food and milk Other supplies Depreciation Total operating expenses Operating loss Nonoperating revenues Earnings on investments State sources - commodities State sources - social security and retirement subsidies State sources. meal subsidies Federal sources - meal subsidies Total nonoperating revenues Loss before transfers Transfers from other funds Change in net assets Net assets - beginning Net assets - ending The accompanying notes are an integral part of these financial statements. FS.8 MECHANICS BURG 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 $ 976,051 $ 863,815 Cash payments to employees for services (15,427) (491,285) Cash payments to suppliers for goods and services (649,929) (568,754) Cash payments for other operating expenses (888) (868) Net cash provided by (used for) operating activities 309,807 (197,092) Non-capital financing activities State sources 71,022 59,035 . Federal sources 229,840 195,648 General fund contributed services Net cash provided by (used for) non-capital financing activities 300,862 254,683 Capital and related financing activities Cash payments for equipment (24,746) . Net cash provided by (used for) capital and related financing activities (24,746) Investing activities Earnings on investments 4,439 4,208 Net decrease (increase) in investments 7,764 (152,027) Net cash provided by (used for) investing activities 12,203 (147,819) . Net decrease in cash and cash equivalents 622,872 (114,974) Cash and cash equivalents - beginning 3,005 117,979 . Cash and cash equivalents - ending $ 625,877 $ 3,005 Reconciliation of operating income (loss) to net cash used in operating activities Operating income (loss) $ (504,153) $ (459,437) Adjustments to reconcile operating income (loss) to net cash used in operating activities . Depreciation 81,929 62,785 Donated commodities 57,921 49,731 Contribution of General Fund 148,232 140,381 Net change in other assets and other liabilities Accounts receivable (78) (137) Inventories (5,937) (3,340) . Due to/from other funds 525,674 22,185 Deferred revenue 2,646 3,820 Other current liabilities 3,054 9,339 Compensated absences 519 (22,419) Total adjustments 813,960 262,345 . Net cash provided by (used for) operating activities $ 309,807 $ (197,092) The accompanying notes are an integral part of these financial statements, FS- 9 . . . . . . . . . I- O(f) 0;:0 I-Z (/)~ 0>- ..JO:: o~ o~ :t:O Ou....,. cn~g <l:f-N WWO" ~~~ ....<(Z C)f-::l o;:W-' ~Z llJu.. (/)0 o!z -W Z:2 <l:w :t:f- O~ W(f) :iE "' ro 15 f- 2~2 '" 0 "' .~ e- 2 ~ " ,- a.(l.~ <') o o N ON "'~ ~'" ~1f'i COo:> N <h ..,. o o N <')CO ..,.'" 0:> CO O>-~ o ..,. <h "' ~ 'S: " <( 0' <!> 0:> <!i '" ~ <h () C '" CO' ..,. ~ -.i <!> ~ <( <h "'CO <')'" COCO a5~ CO <h "' "E '" Iii > "' .5 -g g.a ~ a; ro.e "15 "0 E Co '" ~ .e- "' '" "' "''' mUo "' "' <( N o 1"- ei <!> <') <h ~ ..,. 1"-_ ~ ~ ..,. <h o <!> CO <!> '" ~ <h CO ..,. ~ -.i <!> ~ <h <') <') 1"- 0" '" <h "' w "' "' '" ro 15 f- - C ~ ~ " () ~ "' '" ",.c ~5 :0 '" :::i o '" ~ ..,.- CO N <h <D o '" N N <') <h o <!> 0:> <!i '" ~ <h CO ..,. ~ ..,. <D ~ <h CO '" CO ~ <h "' '" ~ :0 ~ o '" ~ -.i CO N <D o '" N N <') o <D 0:> <!i '" ~ CO ..,. ~ ..,. <!> ~ 0:> '" ~ ~ "' '" ~ :0 ~ ro (5 f- "0 J!l () (/) "t: a; 1;) "' '" l(lo:: - '" Z N ~ "'- '" CO N o 1"-_ '" <!> <') <h '" <') CO a:i CO ~ ..,. 1"- ~ ~ ..,. <h o <!> 0:> cD '" ~ <h CO ..,. ~ ..,.- <!> ~ <h o ~ , '" <') CO '" '" <') <') 1"- 0" '" (f) u.. J'i C '" E '" ro en ro ti C '" C '" <h .l!l '" "' "' '" w C "0 C '" "' '" ~ :0 ~ ro - o f- '" "' '" -E - o t:: '" Q. ~ Ol '" .5 C '" '" ~ '" "' '" 15 C Ol C '>. C '" Q. E o " " '" '" .e f- MECHANICSBURG AREA SCHOOL DISTRICT STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS - FIDUCIARY FUNDS JUNE 30, 2004 . Private Purpose Trust Funds 2004 2003 . Additions Investment earnings $ 556 $ 934 Gifts and contributions 6,297 9,009 Total additions 6,853 9,943 . Deductions Scholarships awarded 3,530 8,248 Change in net assets 3,323 1,695 Net assets, beginning 85,512 83,817 . Net assets, ending $ 88,835 $ 85,512 . . . . . The accompanying notes are an integral part of these financiai statements. FS -11 . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2004 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Mechanicsburg 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 municipalities of Upper Allen Township, Shiremanstown and Mechanicsburg Boroughs. 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 Mechanicsburg 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-selling 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. 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 andlor 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 -12 . . . . . . . . . . . MECHANICSBURG 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 vocationai 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 seif-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 avaiiable 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 (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. FS-13 - . . . . . . . . . . . MECHANICS BURG 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 reven ues, Fund financial statements are also provided for all govemmental 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 coiumn. 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 Reserve Fund accounts for transfers from other funds and related investment earnings for capital outlays not accounted for in another fund. The Athletic Fund accounts for the revenues and expenditures for athletic purposes. The Construction Funds account for bond proceeds and the expenditure of those funds. The Debt Service Fund accounts for bond refinancing and related costs. The District reports the following proprietary fund: The Food Service Fund accounts for the operations of the cafeterias. FS -14 - . . . . . . . . . . . MECHANICSBURG 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 District reports the following fiduciary funds: Expendable and Non-expendable Trusts account for contributions to and interest earnings on scholarship funds donated to the District, and for payments of scholarship funds to selected students. The District Agency Fund accounts for programs operated and sponsored by non-school organizations. These funds are separated from student activity funds, 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 fiows. 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 considers tax revenue 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. FS -15 - . . . . . . . . . . . MECHANCISBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Conl'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 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. Legai 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 Pennsyivania School Code. Management may amend the budget at the sub-function/sub-object level without Board approval, provided it is not at a higher level than the Board adopted budget. 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 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 tolfrom other funds", Any residual balances outstanding between the govemmental activities and business-type activities are reported in the government-wide financial statements as "internal balances". FS -16 - . .. . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'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 value. 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 $ 5,000 and an estimated useful life in excess of one year. Management has elected to include certain homogeneous groups with individual costs of less than $ 5,000 as composite groups 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 Governmental Activities Business-type Activities Buildings Interior renovations Land improvements Furniture Machinery and equipment Vehicles Computer equipment Library books 50 25 20 20 10to 15 8 5 5 20 15 5 FS -17 - . . . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2004 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cant'd.) Long-term liabilities In the government-wide financial statement and 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, governmentai fund types recognize bond premiums and discounts, as weli 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 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 wouid 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 generaliy are foliowed for proprietary fund financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. Change in accounting estimate The District changed its method of estimating earned income taxes receivable during 2004. This change will more accurately reflect earned income tax revenue and the corresponding receivable. As a result of this change, the District increased its July 1, 2003 accounts receivable for earned income taxes and revenues by $ 1,281,611. The effect of this change is reflected on the Statement of Activity (page FS-2) as a "Special item - change in accounting estimate." FS -18 - . . . . . . . . . . . MECHANICS BURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'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 cash and cash equivalents and investments uninsured or unregistered, with securities held by the counterpart's trust department or agent in the District's name, Category 3 includes cash and cash equivalents and investments 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, Cash and cash equivalents, in the proprietary funds statement of cash flows, consists of a demand deposit account. The types of authorized investments are limited by State reguiations, Investment policies fol/owed 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 -19 MECHANICS BURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2004 TAXES RECEIVABLE Taxes receivable are as follows: Taxes Taxes Tax Receivable Allowance for Receivable Revenue Deferred (Gross) Uncollectibles (Net) Recoanized Tax Revenue Real estate taxes $ 293,771 14,689 279,082 63,836 215,246 Personal taxes 44.340 8.471 35.869 2,253 33,616 338,111 23,160 314.951 66,089 248,862 Earned income taxes 1,433,298 1,433,298 1,433,298 Occupational privilege taxes 6.017 6,017 6.017 1.777.426 23,160 1 ,754.266 1.505.404 248 .862 Full accrual adjustment Real estate taxes 215,246 (215,246) Personal taxes 33,616 (33,616) Earned income taxes 1.979.069 1.979,069 1 ,979,069 1.979,069 1.979.069 2.227 .931 (248.862 . General Fund $ 3756495 $ 23160 $ 3 733 335 $ 3 733 335 $ . . . .. . The deferred revenue balance in the General Fund of $ 79,172 consists of medical premium reimbursements received in advance of premium payment of $ 77,552 and deferred federal grant revenue of $ 1,620. DUE FROM OTHER GOVERNMENTS Due from other governments are as follows: Governmental Business-type Activities Activities Total 2004 Local sources - taxes Local sources - other State sources Federal sources Other items $ 154,531 $ 25,399 278,566 238,457 114.901 $ 154,531 25,399 279,149 238.457 114,901 583 $ 583 $ 812 437 811854 $ FS -20 . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2004 . CHANGES IN CAP IT AL ASSETS Capital asset activity for the year was as follows: . Beginning Ending Balance Increases Decreases Balance Governmental activities Capital assets not being depreciated Land $ 605,983 $ $ $ 605,983 . Construction In progress 232 , 262 1.016.699 1 ,248,961 838,245 1.016.699 1.854.944 Capital assets being depreciated Land improvements 3,191,333 47,609 3,238,942 . Buildings and improvements 55,170,682 548,740 55,719,422 Furniture and equipment 2,448,981 20,410 11,210 2,458,181 Library books 1.641 ,380 1.641.380 62.452,376 616,759 11.210 63,057.925 . Accumulated depreciation for: Land improvements 392,561 119,326 511,887 Buildings and improvements 8,974,541 1,436,296 10,410,837 Furniture and equipment 667,722 356,043 1,023,765 Library books 675.036 328.276 1 ,003,312 10,709.860 2.239.941 12.949,801 . Total capital assets being depreciated, net 51.742.516 (1.623.182) 11.210 50.108.124 Governmental activities capital assets, net $ 52 580 761 $ (606483) $ 11210 $ 51 963068 . Business-type activities Capital assets being depreciated Equipment $ 1,122,783 $ - $ 23,567 $ 1,099,216 Accumulated depreciation for: . Equipment 218.800 58.362 277.162 Total capital assets being depreciated, net 903.983 (58.362) 23,567 822.054 Business-type activities capital assets, net $ 903 983 $ 158 362) $ 23 567 $ 822 054 . FS-21 . . . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Conl'd.) JUNE 30, 2004 CHANGES IN CAPITAL ASSETS (Cont'd.) 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 Business-type activities - Food service LONG-TERM LIABILITIES $ 1,777,342 411,589 5,416 38,863 6.731 $ 2239941 $ 81929 Changes in bonds payable during the fiscal year ended June 30, 2004 were as follows: Beginning Bond Scheduled Ending Balance Proceeds Redemptions Balance 1992 Series $ 2,756,880 $ $ 877,792 $ 1,879,088 2000 Series 4,985,000 5,000 4,980,000 2000 Series C 4,990,000 5,000 4,985,000 2001 Series 9,995,000 5,000 9,990,000 2002 Series 10,000,000 100,000 9,900,000 2002 Series A 11,300,000 205,000 11,095,000 2003 Series 9,755,000 9,755,000 2004 Series 100,000 100.000 $ 53 781 880 $ 100000 $ 1 197792 $ 52 684 088 FS-22 . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2004 LONG-TERM LIABILITIES (Cont'd.) Amounts Due Interest Rates Maturitv Date Callable Date Within One Year 1 992 Series 6.277% September 2005 Not Callable $ 933,757 2000 Series 5.30% to 5.55% August 2016 February 2005 5,000 2000 Series C Variable rate stabilized at 4,50% October 2016 Currently 5,000 2001 Series 3,95% to 5,00% August 2019 August 2006 5,000 2002 Series 2,00% to 5,00% August 2022 February 2007 355,000 2002 Series A 1.40% to 4.80% August 2022 February 2010 705,000 2003 Series 1.60% to 3.60% February 2013 August 2008 5,000 2004 Series Good faith deposit 2,013,757 Compensated absences due within one year 231 ,778 $ 2 245 535 The District issued $ 10 million, General Obligation Bonds, Series of 2004 during July 2004. A good faith deposit of $ 100,000 was received pending settlement and is recorded as a current liability in the fund financial statements, Scheduled debt service requirements, payable by the General Fund, are as follows: Year Endinq June 30 Principal Interest Total 2005 $ 2,013,758 $ 2,196,280 $ 4,210,038 2006 2,055,330 2,106,108 4,161,438 2007 2,385,000 2,045,587 4,430,587 2008 2,500,000 1,977,197 4,477,197 2009 2,575,000 1,902,154 4,477,154 2010-2014 14,415,000 8,043,230 22,458,230 2015-2019 18,360,000 4,281,425 22,641,425 2020-2023 8.380.000 602,740 8.982.740 $ 52 684 088 $ 23154721 $ 75 838 809 The District advance refunded the 1998 Series of general obligation bonds, by creating a separate irrevocable trust fund, The investments and fixed earnings from the investments are sufficient to fully service the bonds until they are called or mature, For financial reporting purposes these bonds are considered defeased and therefore not included as a liability in the statement of net assets. The defeased bonds were repaid in full at June 30, 2004. FS-23 . . . . . MECHANICS BURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2004 LONG-TERM LIABILITIES (Cant'd.) Changes in compensated absences were as follows: Beginning Ending Balance Net Chanoe Balance Governmental activities $ 420 320 $ 323 176 $ 743 496 Business-type activities $ 4465 $ 335 $ 4800 The estimated amounts due within one year on these items are $ 231,778 and $ -0- for the governmental and business-type activities, respectively. Compensated absences (those for which employees receive 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: Unused sick leave will be paid at the following rates: Number of Years Percentage of Accumuiated Davs Less than ten 10 through 14 15 or more 20% 35% 50% For teachers and administrators, any unused sick leave shall be paid at the daily substitute rate. For support staff and Food Service Fund employees, unused sick leave will be paid at the lowest hourly rate for support employees. Under the District's negotiated agreement with Mechanicsburg Education Association, professional employees of the District who become eligible for retirement after 15 years service to the District, and elect to retire in that year, will receive a retirement payment of $ 10,000. FS - 24 . . . . MECHANICS BURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2004 OPERATING LEASES The District is obligated under various equipment, vehicle, and modular classroom lease agreements at June 30, 2004. The following is a schedule of future minimum rental payments required under the operating lease agreements. Year Ending June 30 2005 2006 2007 2008 88,440 85,044 75,166 32.793 Total minimum payments required $ 281 443 PENSION PLAN Substantially all full-time and part-time employees of the District participate in a cost-sharing multiple employer defined benefit 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 by 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, 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 begin with service rendered on or after January 1, 2002. FS - 25 . . . . . . . . . . . MECHANICS BURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2004 PENSION PLAN (Cont'd.) 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 pay roil, 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 $ 735,916, $ 245,097 and $ 194,687, respectively. Those amounts are equal to the required contributions for each year. 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; injuries to employees; and natural disasters. The District maintains commercial insurance coverage covering each of those risks of loss. Management beiieves such coverage is sufficient to preclude any significant uninsured losses to the District. Settled ciaims 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. SUBSEQUENT EVENTS The District received a $ 100,000 good faith deposit for the issuance of General Obligation Bonds, Series 2004 prior to June 30, 2004. Settlement of the $ 10 million Bond issue occurred on July 27, 2004. Proceeds will be used for school renovation projects in the amount of $ 4,645,449, refund the outstanding $ 5,201,875 balance of the Series 2000 bond issue and to pay bond issuance costs of $ 152,676. COMMITMENTS AND CONTINGENCIES The District's coilective bargaining agreement with its teaching staff is scheduled to expire in June 2005. The District is in the final stages of a multi-year capital construction project involving ail of its buildings, As of June 30, 2004 approximately $ 540,277 of construction contracts remain to complete the High School and Middle School projects. The District has issued general obiigation bonds to fund these projects as more fuily described in the Long-term Iiabiiities note. In addition, in connection with construction of the Middle School, the District was required by the local municipaiity to obtain several letters-of-credit to ensure completion of required roadwork and traffic signal instailation. One letter was still outstanding at June 30, 2004 totaiing $ 338,638. FS-26 . . . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2004 COMMITMENTS AND CONTINGENCIES (Cont'd.) In the normal course of business, the District is subject to legal disputes and claims. The District does not anticipate any material losses from any pending or threatened litigation. In the normal course of preparing for the subsequent school year, the District has awarded bids for various supplies, fuel contracts, etc. No major commitments in excess of routine requirements have been made by the District. The District is also audited by the State's Department of the Auditor General. Findings, if any, from these audits could resuit in the repayment of funds, or the receipt of additional funds. The District is contesting an assessment by the Auditor General for certain certification issues in the amount of $ 83,053. The eventual outcome of this action is uncertain at the date of these financial statements, therefore no amount has been recorded in these financial statements, 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. FS - 27 . . . . . . . . . . w o Z :5 <( (lJ o I-Z (,)[2 O::Z l- ll) ffJ 0 ... - Zo CCJ::::lo ....I~~N OI<(g OOocW :I:OWz (,)Zd]::::l lI)<(CJ-' ..... Ul , 0 .... 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CO N <F> <F> ~ ... r-. ~ ~ ... coco 0>0 co_q ~ ~ N '" <F> <F> 'co ... ~ <F> co 0> CO ~ <F> co 0> CO ~ <F> <F> rn c: o ~ .!>! rn c: "0 III c: Cl .2 (; ~ ~ '" '" .c: .c: aD .8.8 rn '" '" '" ::> ::> ~OO :0 III ~ o <0 co cO LO ~ ... <0 ~ CO co o cO co N <0 o 0> N N '" o <0 co cO LO ~ CO ... ~ ...- <0 ~ CO 0> co ~ CO 0> co ~ rn '" ~ :0 ~ m o t-- rn '" " c: III m .c "0 c: ::> - "0 '" ~1': '5 3:l 0-", "'0:: "0 c: ::> "- N ~ LO LO co o o <0 ~ r- '" <F> LO '" co o:i co ~ ... r- ~ ~ ... <F> o <0 co cO LO ~ <F> co ... ~ ...- <0 ~ <F> LO '" '" '" co r- eO ci co 0> '" <F> Ci5 r- LO o 0 ... '" cri <0 r- <F> co co N N "'- ... 0> cri ~ ~ <F> ~ .5 0- '" "0 c: ::> - "0 c: III rn '" ;g :0 g] m o t-- MECHANICSBURG AREA SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ALL TRUST FUNDS FOR THE YEAR ENDED JUNE 30, 2004 Expendable Non-expendable Totals Trust Trust 2004 2003 Revenue and other financing sources . Investment income $ 125 $ 431 $ 556 $ 934 Contributions 4,180 2,117 6,297 9,009 Total operating revenues 4,305 2,548 6,853 9,943 Operating expenses . Scholarship awards 2,150 1,380 3,530 8,248 Total operating expenses 2,150 1,380 3,530 8,248 Operating income (loss) 2,155 1,168 3,323 1,695 . Transfers to (from) trust accounts (457) 457 Net income (loss) 1,698 1,625 3,323 1,695 Reserved fund balance, July 1, 2003 17,730 67,782 85,512 83,817 . Reserved fund balance, June 30, 2004 $ 19,428 $ 69,407 $ 88,835 $ 85,512 . . . . SI-4 . -----/ "'1 c:i5 ~ (:~) ~ Ct- .. . ~ .. - -- , -J --.. (,,") \J (j ~ ('--:: \"( " . ~_. p^' .~ --.... 1.1_ '-...-. , ~ ( ) ~"...J