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Home My WebLink About05-6687 t> . .. MECHANICSBURG AREA SCHOOL DISTRICT . FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2005 . . .' . . . . t)~- t,'M; 7 cu;J . TABLE OF CONTENTS . . INDEPENDENT AUDITORS' REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS BASIC FINANCIAL STATEMENTS . District-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 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 - 11 FS-1 FS -2 FS - 3 FS-4 FS -5 FS -6 FS-7 FS - 8 FS- 9 FS -10 FS -11 FS. 12 to FS - 26 BCI.1 SI-1 to SI-4 . . . . GREENAWALT & COMPANY, P.C. CERTIFIED PUBLIC ACCOUNTANTS JAMES E. LYONS HO\'l:'ARD R. GREENAWALT CREEDON R. HOFFMAN DEBORAH J. KELLY 400 WEST MAIN STREET MECHAN1CSSURG, PENNSYLVANIA 17055 (717) 766-4763 FAX (717) 766.'731 62 WEST POMFRET STREET CARLISLE, PA 17013 (717)243-4822 FAX (717) 2SH.,)372 R. /\. GREENAWALT (1956.1983) A. I\. RElDINGER (RETIRED) C. EDWARD ROGERS, JR. INDEPENDENT AUDITORS' REPORT 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, 2005, 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. The prior year summarized comparative information has been derived from the District's June 30, 2004 financial statements and, in our report dated September 17, 2004. we expressed unqualified opinions on the respective financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information. . s . . . . 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, 2005, 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 October 12, 2005, 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 __ AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS n PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOllNTANTS . Board of School Directors Mechanicsburg Area School District Mechanicsburg, Pennsylvania . Management's discussion and analysis on pages MDA - 1 through MDA - 11 and budgetary comparison information on page BCI - 1 are not a required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America, We have applied certain limited . procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. 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 Sl - 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. . ~~aJft-~~llc. GREENAWALT & COMPANY, P.C. . October 12, 2005 Mechanicsburg, Pennsylvania ~ . .. . AR-2 . . . . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 MANAGEMENT'S DISCUSSION AND ANALYSIS The management of the Mechanicsburg Area School District is pleased to present the following discussion and analysis of the District's financial position at June 30, 2005, 2004 and 2003. It also provides an overview of our financial performance for the two years between these periods, fiscal years ended June 30, 2005 and 2004, in accordance with governmental reporting requirements. 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 (GAS B) 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 2004-2005 fiscal year, the School Board adopted the general fund budget with a planned deficit of $334,977. The actual 2004-2005 fiscal year results increased fund balance by $2,953,237, mainly due to revenue received for prior years' shortfalls in earned income tax collections. However, expenditures were also under budget by $1.3 million which contributed to the fund balance increase. The ending fund balance at June 30, 2005 is $5,296,569 which is comprised of $849,937 designated for future medical insurance claims and $4,446,632 which is undesignated. This undesignated fund balance represents 11.8% of expenditures. 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 FS - 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 FS - 9 present both short-term and long-term information about the activities that the District operates similar to a business. MDA-l . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 . . The basic financial statements also include notes on pages FS - 12 through FS - 26 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 BCI - I that consists of the District's budgetary comparison and other supplementary information on pages SI - I through SI - 4 presenting combining schedules for additional analysis. 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. . MDA - 2 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 . . 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. Governmental 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. . . 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 - II. FINANCIAL ANALYSIS OF THE DISTRICT AS A WHOLE Net Assets . The District's total net assets were $11,563,967 at June 30, 2005 which includes $10,558,043 in Governmental Activities and $1,005,924 in Business-type Activities. This shows a increase of $2,596,176 from total net assets at June 30, 2004, which included a increase of $2,634,602 in Governmental Activities and an decrease of $38,426 in Business-type Activities. . . . MDA-3 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 . Statement of New Assets 2004-2005 Governmental Business-type Total Activities Activities School District . Current and other assets $ 21,558,425 $ 285,357 $ 21,843,782 Capital assets 58,594,525 742,158 59,336,683 Total assets $ 80,152,950 $ 1,027,515 $ 81,180,465 Current and other liabilities $ 4,551,725 $ 19,098 $ 4,570,823 . Long-term liabilities 65,043,182 2,493 65,045,675 Total liabilities 69,594,907 21,591 69,616,498 Capital assets (net of related debt) (5,047,107) 742,158 (4,304,949) Designated for retirement of debt 644,053 644,053 . Restricted for capital projects 9,445,494 9,445,494 Unrestricted 5,515,603 263,766 5,779,369 Total net assets 10,558,043 1,005,924 11,563,967 Total liabilities and net assets $ 80,152,950 $ 1,027,515 $ 81,180,465 . Statement of New Assets 2003-2004 Governmental Business-type Total Activities Acti vities School District Current and other assets $ 13,219,142 $ 255,163 $ 13,4 74,305 . Capital assets 51,963,068 822,054 52,785,122 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) 16,736 822,054 838,790 Designated for retirement of debt 514,212 514,212 Restricted for capital projects 4,076,117 4,076,117 . U nrestri cted 3,316,376 222,296 3,538,672 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-4 . . . . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 Statement of New Assets 2002-2003 Governmental Business-type Total Activities Activities School District Current and other assets $ 13,272,134 $ 274,444 $ 13,546,578 Capital assets 52,580,761 903,983 53,484,744 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 T otalliabilities 57,060,545 141,378 57,201,923 Capital assets (net ofrelated debt) 764,837 903,983 1,668,820 Designated for retirement of debt 341,267 341,267 Restricted for capital projects 5,476,397 5,476,397 U nrestri cted 2,209,849 133,066 2,342,915 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 2004-2005 fiscal year, the change in net assets for governmental activities was an increase of $2,634,602 and a decrease of $38,426 for business-type activities, for a net total increase of $2,596,176 as reflected in the following chart. For the 2003-2004 fiscal year, the change in net assets for governmental activities was a decrease of $868,909 and an increase 01'$7,301 for business-type activities for a net total decrease of$861,608 as reflected in the chart below: MDA - 5 . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 . Statement of Activities 2004-2005 Governmental Business-type Total Activities Activities School District Program revenues . Charges for services $ 490,306 $ 1,007,085 $ 1,497,391 Operating grants and contributions 4,517,491 413,289 4,930,780 Capital grants and contributions 551,962 551,962 General revenues Taxes 29,484,190 29,484,190 Other local revenue . State general subsidies 4,788,714 4,788,714 Investment earnings 376,009 9,020 385,029 Total revenues 40,208,672 1,429,394 41,638,066 Direct expenses 37,906,069 1,610,480 39,516,549 . Excess (deficiency) before transfers and special item 2,302,603 (181,086) 2,121,517 Transfers between activities (142,660) 142,660 Special item - change in accounting estimate 474,659 474,659 . Change in net assets $ 2,634,602 $ (38,426) $ 2,596,176 Statement of Activities 2003-2004 Governmental Business-type Total Activities Activities School 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) MDA - 6 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 . 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 2004-2005 Direct Program Net . Expenses Revenues Cost Governmental Activities Instruction $ 23,147,453 $ 3,891,839 $ 19,255,614 Instructional student support 3,768,440 284,161 3,484,279 Administrative and financial support 2,604,573 97,399 2,507,174 . Operation and maintenance of plant 3,166,487 80,449 3,086,038 Pupil transportation 1,346,441 375,456 970,985 Student activities 1,200,801 145,317 1,055,484 Community services 292,454 216,431 76,023 Interest on long-term debt 2,379,420 468,707 1,910,713 . Total governmental activities $ 37,906,069 $ 5,559,759 32,346,310 Transfers out and special items (331,999) State general subsidies revenues (4,788,714) Total needs from taxes and other local sources $ 27,225,597 . Direct Program Net Expenses Revenues Cost Business-type Activities Food services $ 1,610,480 $ 1,420,374 $ 190,106 . Transfers received, special items and investment eamings (151,680) Total needs from taxes and other local sources $ 38,426 . . MDA-7 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 . Local Sources 2003-2004 Direct Program Net Expenses Revenues Cost Governmental Activities . 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 governmental activities $ 38,256,703 $ 4,777,158 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 . Expenses Revenues Cost Business-type Activities Food services $ 1,477,538 $ 1,332,168 $ 145,370 Transfers received, special items and investment earnings (152,671) . Total needs from taxes and other local sources $ (7,301 ) The District Funds At June 30, 2005, the District governmental funds reported a combined fund balance of $15,560,521, which . is an increase of $8,473,300 from June 30, 2004. The information below compares the governmental funds fund balances for June 30, 2005, 2004 and 2003. . . MDA - 8 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 . 2003-2004 2003-2004 2004-2005 2004-2005 2003 2004 2005 g,ange %Chan!!e Change %Change General Fund - unrestricted $ 3,888,128 $ 2,343,332 $ 4,446,632 $( 1 ,544,796) -39.7% $ 2,103,300 89.8% . General Fund - designated 849,937 0.0% 849,937 100,0% Capilal Reserve Fund. unrestricted 190,348 252,456 174,256 62, J08 32.6% (78,200) -31.0% Athletic Fund - unrestricted 730 1,104 149 374 51.2% (955) -86.5% Construction Fund - restricted 5,476,397 3,976,117 9,445,494 (1,500,280) .27.4% 5,469,377 137.6% Debt Service Fund - designated 341,267 514,212 644,053 172,945 50.6% 129.841 25.3% . Total governmenlal funds $ 9,896,870 $ 7,087,221 $15,560,521 $(2,809,649) -28.3% $ 8,473,300 119.6% Total unrestricled $ 4,079,206 $ 2,596,892 $ 4,621,037 $(1,482,314) .36.3% $ 2,024,145 77.9% Total restricted/designated 5,817,664 4,490,329 10,939,484 (1,327,335) -22.8% 6,449,155 143.6% . Total governmental funds $ 9,896,870 $ 7,087,221 $15,560,521 $(2,809,649) .28.4% $ 8,473,300 1 ]9.6% Governmental Funds - Reconciliation . The General Fund Balance increase of $2,953,237 was due to collection of prior years' earned income tax and expenditures under budget by 3%. The Capital Reserve Fund decrease of $78,200 was the result of completion of capital projects. . The Construction Fund increase of $5,469,377 was due to new bond issue to fund future construction projects. The Debt Service Fund increase of$129,841 was due to favorable results 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 transportation costs required budget adjustments. . 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. MDA-9 . . . . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 June 30, 2005 Budget Actual Variance Total revenues $ 38,804,888 $ 40,669,884 $ 1,864,996 Total expenditures 34,588,630 33,225,067 (1,363,563) Excess revenues (expenditures) 4,216,258 7,444,817 3,228,559 Other financing sources (uses) (4,536,580) (4,491,580) 45,000 Net change in fund balance $ (320,322) $ 2,953,237 $ 3,273,559 June 30,2004 Budget Actual Variance Total revenues $ 35,715,563 $ 34,976,560 $ (739,003) Total expenditures 32,853,617 32,834,805 (18,812) Excess revenues (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 30, 2005, the District had $58,594,525 in Governmental activities capital assets, which represents an increase of $6,631 ,457. 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 30, 2005 is for the renovation of the former Middle School which will be converted to Elmwood Elementary School. The increase in Construction in Progress is due to the beginning of renovations to the elementary schools. Capital assets (net of depreciation) 2003-2004 2004.2005 2003 2004 2005 Change Change Governmental activities Land $ 605,983 $ 605,983 $ 605,983 $ $ Construction in progress 232,262 1,248,961 9,676,984 1,016,699 8,428,023 Land improvements 2,798,772 2,727,055 2,656,528 (71,717) (70,527) Buildings and improvements 46,196,141 45,308,585 44,115,371 (887,556) (1,193,214) Furniture and equipment 1,781,259 1,434,416 1,267,048 (346,843) (167,368) Library Books 966,344 638,068 272,611 (328,276) (365,457) Total governmental capital assets $ 52,580,761 $ 51,963,068 $ 58,594,525 $ (617,693) $ 6,631,457 Business-type activities Furniture and equipment $ 903,983 $ 822,054 $ 742,158 $ (81,929) $ (79,896) MDA -10 . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2005 . LONG-TERM LIABILITIES Bonds payable at June 30, 2003, 2004 and 2005 were $53,781,880, and $52,584,088 and $64,420,330, . respectively. Scheduled payments of principal made during the year to the bondholders were $2,008,758. The amount of bond principal due within one year is $2,385,330. Standard and Poor's Corporation has assigned its municipal bond rating of "Aaa" to a new series of bonds issued in April 2005. Compensated absences decreased during the year from an entity.-wide perspective from $748,480 to . $699,730 at June 30, 2005. Compensated absences increased from June 30, 2003 to June 30, 2004 from an entity-wide perspective from $424,785 to $748,480. NEXT YEAR'S BUDGET AND ECONOMIC FACTORS . Budget Budget 2005-2006 2004-2005 Change Total revenue $ 38,804,888 $ 40,948,586 $ 2,143,698 Total expenditures 39,125,210 41,101,500 1,976,290 Excess revenues (expenditures) (320,322) (152,914) 167,408 Net change in fund balance $ (320,322) $ (152,914) $ 167,408 . . The new budget for 2005-2006 represents an increase in total expenditures of 5.1 %. This increase is largely due to the increase in the retirement rate from 4.23% to 4.69%, increase in medical insurance costs, new curriculum initiatives, new facility operational costs, and increase in debt service payments. The 2005-2006 budgeted revenues include a property tax decrease of .58 mills due to a county-wide reassessment. 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 2005-2006 budget. CONTACTING 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, 100 East Elmwood Avenue, Mechanicsburg, PA 17055, (717) 691-4500. 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'0 '" '" '" .... .- f/) '" '" '" ~ '" '" co c U 1ii ~ c ~ ~ ~ -",.0 .!:: :5 ~ 'OcJj~ f/) .~ f/) C .--:= "0 Q,) .::: c E t5 0 ,.,,,,.0 '" _ c 0.. 0 0 N o v, '" o ~ " " E '" ~~ Q,):.c :5~ .E '" "" "'f- '0 5 crj - '" ,., '" ,; ro " '" E 0> c.!:: W :J >'0 o '" 0>", '" '" "" ,., - 0 .!:: 0.. on E '" '" 2 >. :.c..c c'O ~~ x ~ Q,) m .....: rJ em " ,., ~ 0 Q.) tE:5 ~~Q) Q,)..c: .s: ~;":J ro..c"'C '0'0 ~ ~ ~ " " '" c '" '" m m b ~E~ "0 .~ ~ '" '" 0 m f/) c: '" C '" C '" '" '" 0..0 0. X '" E '" '0 o '" '" U:5m '0 f/) ~ "' '" " c :.;::; Q. Q,) .S" E E t5 0 ,.,,,," 6::'0.2 '" <0 N to v N o lD .." 0') lD N Y> CD (f) LL <I) c w E w ro Ui ro o c ro c .;= w '" w ,s '0 on '" .. :~ 13 '" ro " '" E c :;; > o ~ ~ ro 0. ro ~ Ol W C on 1i) '" '" '" 1i) c ,S " on c '" "" u c ro ~ t1l <I) W o c Ol c >- c '" 0. E o " " ro w "" f- . MECHANICSBURG AREA SCHOOL DISTRICT STATEMENT OF NET ASSETS - PROPRIETARY FUNDS JUNE 30, 2005 (With Summarized Financial Information for June 30, 2004) . Food Service 2005 2004 . Assets Cash and cash equivalents $ 405,947 $ 853,871 Other receivables 583 Inventories 16,953 29,796 Total current assets 422,900 884,250 . Furniture and equipment (net of accumulated depreciation) 742,158 822,054 Total assets $ 1,165,058 $ 1,706,304 . Liabilities Current liabilities Due to other funds $ 137.543 $ 629,087 Deferred revenues 19,098 15,490 Accounts payable 12,393 . Compensated absences 2,493 4,984 Total current liabilities 159,134 661,954 Total liabilities 159,134 661,954 . Net assets Invested in capital assets (net of related debt) 742,158 822,054 Unrestricted 263,766 222,296 Total net assets 1,005,924 1,044.350 . Total liabilities and net assets $ 1,165,058 $ 1,706,304 . . 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, 2005 (IMth Summarized Financial Information for the Year Ended June 30, 2004) Food Service 2005 2004 . Operating revenues Food service revenue $ 986,074 $ 935,860 Charges for services 19,826 24,860 Other operating revenues 1,185 12,665 Total operating revenues 1,007,085 973,385 . Operating expenses Salaries 490,896 444,665 Employee benefits 169,747 152,223 Purchased property service 102,083 80,627 . Other purchased service 868 942 Food and milk 682,070 612,853 Other supplies 84,920 104,299 Depreciation 79,896 81,929 Total operating expenses 1,610,480 1,477,538 . Operating loss (603,395) (504,153) Nonoperating revenues Earnings on investments 9,020 4,439 State sources - commodities 60,435 57,921 State sources - social security and retirement subsidies 27,699 25,668 . State sources, meal subsidies 52,645 45,354 Federal sources - meal subsidies 272,510 229,840 Total nonoperating revenues 422,309 363,222 Loss before transfers (181,086) (140,931) . Transfers from other funds 142,660 148,232 Change in net assets (38,426) 7,301 Net assets - beginning 1,044,350 1,037,049 . Net assets - ending $ 1,005,924 $ 1,044,350 . The accompanying notes are an integral part of these financial statements, FS - 8 . . MECHANICSBURG AREA SCHOOL DISTRICT STATEMENT OF CASH FLOWS, PROPRIETI,RY FUNDS FOR THE YEAR ENDED JUNE 30, 2005 (With Summarized Financial Information for the Year Ended June 30, 2004) . Food Service 2005 2004 Operating activities . Cash received from users $ 1,011,178 $ 976,051 Cash payments to employees for services (1,098,299) (15,427) Cash payments to suppliers for goods and services (721,755) (649,929) Cash payments for other operating expenses (922) (888) Net cash provided by (used for) operating activities (809,798) 309,807 . Non-capital financing activities State sources 80,344 71,022 Federal sources 272,510 229,840 General fund contributed services Net cash provided by (used for) non-capital financing activities 352,854 300,862 . Capital and related financing activities Cash payments for equipment Net cash provided by (used for) capital and related financing activities Investing activities Earnings on investments 9,020 4,439 Net cash provided by (used for) investing activities 9,020 4,439 . Net decrease in cash and cash equivalents (447,924) 615.108 Cash and cash equivalents' beginning 853,871 238,763 Cash and cash equivalents - ending $ 405,947 $ 853,871 . Reconciliation of operating income (loss) to net cash used in operating activities Operating income (loss) $ (603,395) $ (504,153) Adjustments to reconcile operating income (loss) to net cash used in operating activities . Depreciation 79,896 81,929 Donated commodities 60,435 57,921 Contribution of General Fund 142,660 148.232 Net change in other assets and other liabilities Accounts receivable 583 (78) Inventories 12,843 (5,937) . Due to'from other funds (491,544) 525,674 Deferred revenue 3,608 2,646 Other current liabilities (12,393) 3,054 Compensated absences (2,491) 519 Total adjustments (206,403) 813,960 . Net cash provided by (used in) operating activities $ (809,798) $ 309.807 The accompanying notes are an integral part of these financial statements. FS - 9 . . . . . . I- :;;:- UUl 0 0:: D ~ 1-2 en ii: g C>- '" ...J ~ 5 o ~ ~ 0::) .2 J: D .~ t)LLlOm enUl8E <(I--"'~ ~~g~ <(Ulwro <{ 2 '13 ~~~~ => lJ.. i.i: m 0 '0 en I-- ~ U 2 'Iii z w E <(ilj E J: I-- cil U~ .c ~ Ul ~ . . . . . . ~ ro o I-- Q.l ~ (() roO...... > a.!!? ~ - ~ct':: ..,. o o '" '" oo ..,.'" oo oo "'~ o ..,. L() o o '" "'oo ~ '" CD~ ro~ CD ~ ..,. 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MECHANICSBURG AREA SCHOOL DISTRICT STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS - FIDUCIARY FUNDS JUNE 30, 2005 (With Summarized Financial Information for the Year Ended June 30, 2004) .. Private Purpose Trust 2005 2004 . Additions Investment earnings $ 1,531 $ 556 Gifts and contributions 22,447 6,297 Total additions 23,978 6,853 . Deductions Scholarships awarded 24,031 3.530 Change in net assets (53) 3,323 . Net assets, beginning 88,835 85,512 Net assets, ending $ 88,782 $ 88,835 . . . . . The accompanying notes are an integral part of these financial statements, FS ,11 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 . 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 fund ing 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-setting body for the establishment of governmental accounting and financial reporting principles. The more significant of these accounting policies are as follows: . Reporting entity . Governmental Accounting Standards Board Statement No. 39 "Determining Whether Certain Organizations are Component Units" (an amendment of Statement No. 14), established the criteria for determining the activities, organizations and functions of government to be included in the financial statement of the reporting entity. In evaluating the District as a reporting entity, management has addressed all potential component units which may or may not fall within the school's financial accountability. The criteria used to evaluate component units for possible inclusion as part of the District's reporting entity are: .; . Economic resources received or held by the separate organization are entirely for the direct benefit of the District or its constituents. . The District is entitled to, or has the ability to access a majority of the economic resources received or held by the separate organization, . The economic resources received or held by an individual organization that the District is entitled to (or has the ability to) access is significant to the District . There are no component units that the District feels meets the above criteria for inclusion in this reporting entity, 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. . Capital Area Intermediate Unit provides special education services and programs, FS - 12 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd,) JUNE 30, 2005 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) Jointly-governed organizations (Cont'd.) . Cumberland Perry Area Vocational Technical School provides vocational and technical education services and programs. West Shore Tax Bureau provides earned income tax collection services, Harrisburg Area Community College provides community college education services and programs. . Basis of presentation - District-wide financial statements . District-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 intergovernmental revenues, are presented separately from business-type activities which rely to a significant extent, on fees and charges for support. . The district-wide financial statements are presented 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 recognized when earned and expenses are recognized 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 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. . Basis of presentation - Fund financial statements . 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, me aggregated and presented in a single column. Fiduciary funds are reported by fund. FS,13 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd,) JUNE 30, 2005 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) Basis of presentation - Fund financial statements (Cont'd.) . . The governmental funds are presented 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 received within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers tax revenue to be available if received 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 recognized as delerred revenues until earned, Expenditures generally are recognized 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 recognized only when payment is due. . Proprietary funds generally follow standards for accounting and financial presentation for private business enterprises to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. . Proprietary funds distinguish operating revenues and expenses from nonoperating items, Operating revenues and expenses generally result from providing services and producing aml 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. . Fund accounting . The accounts of the District are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self,balancing accounts which comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent. When both restricted and unrestricted resources are available for use, it is the District's general policy to use the restricted (primarily operating grants) resources first, then unrestricted resources as they are needed. . The District has the following major types of funds: Governmental Funds - These funds account for the activities through which most of the District's operations are provided, . Proprietary Funds - These funds account for the operations of the District that are financed and operated in a manner similar to private business enterprises, FS ,14 .. . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2005 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Conl'd.) Basis of presentation - Fund financial statements (Cont'd.) .. Fund accounting (Cont'd.) 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. . The District presents 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. . An operating budget is adopted prior to the beginning of each year 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 budget and presenting of its financial statements, The District, before levying annual school taxes, is required to prepare an operating budget for the succeeding fiscal year.. This process includes the publishing of notices by advertisement, that the proposed budget has been prepared and is available for public inspection at the administrative office of the District, and that public hearings are held on the proposed operating budget which are required to be scheduled at least ten days prior to when final action on adoption is taken by the Board. . . Legal budgetary control is maintained at the sub-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, 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 recognized. Unused encumbrances expire at the end of each year. . Included in the 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. . 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 athletic revenues and expenditures of those funds for athletic purposes, FS -15 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2005 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) Basis of presentation - Fund financial statements (Cont'd.) . Fund accounting (Cont'd.) The Construction Funds accounts for bond proceeds and the expenditure of those funds. The Debt Service Fund accounts for bond refinancing and related costs, . The District presents the following proprietary fund: The Food Service Fund accounts for the operations of the cafeterias. . The District presents 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. . Cash and cash equivalents and investments . The District's cash and cash equivalents are considered to be cash on hand, demand deposits (including pooled investments), and short-term investments with original maturities of three months or less .from the date of acquisition. The types of authorized investments are limited by State regulations. Pooled investment funds are required to be operated in accordance with State regulations. . Investments, including pooled investments, are reported at fair value. 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, FS,16 . . MECHANICS BURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2005 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) 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 district-wide financial statements as "internal balances". Any balances between funds are 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, . Capital assets . Capital assets, which include property, plant, equipment, and infrastructure assets (e.9" roads, sidewalks, and similar items), are presented in the applicable governmental or business-type activities columns in the district- 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 capital assets for financial presentation purposes. In addition, capital assets purchased with long-term debt may be capitalized regardless of the thresholds established. Such assets are presented 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. . Capital assets are depreciated using the straight-line method over the following estimated useful lives: Assets Governmental Activities Business-type Activities . Buildings Interior renovations Site improvements Furniture Machinery and equipment Library books Computer equipment Vehicles 50 25 20 20 10 to 15 5 5 8 20 15 . 5 FS -17 . - MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2005 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Conl'd.) Long-term liabilities . I- In the district-wide financial statement, and proprietary fund types in the fund financial statements, bonds payable and compensated absences are presented 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 presented 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 presented as other financing sources while discounts and refunding costs on debt issuances are presented as debt service expenditures, Issuance costs, whether or not withheld from the actual debt proceeds received. are presented 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 presented amounts and disclosures, Accordingly, actual results could differ from those estimates. Comparative information - Comparative totals for the prior year have been presented in the accompanying financial statements 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 in order to be consistent with current year's presentation. However, presentations of prior year totals by fund and activity type have not been presented in each of the statements since their inclusion would make the statements unduly complex and difficult to read, Summarized comparative information should be read in conjunction with the District's financial statements for the year ended June 30, 2004, from which the summarized information was derived. . CASH AND CASH EQUIVALENTS AND INVESTMENTS . All of the District's cash deposits are either insured or collateralized. Custodial credit risk is the risk that the District's deposits may not be recoverable to it in the event of a depository institution failure. The District does not have a formal policy regarding custodial credit risk for deposits, However, the District requires all deposits in excess of FDIC insurance coverage to be collateralized by the depository institution with approved collateral as provided by law, As of June 2005 the District has the following: . FS ,18 . . MECHANCISBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Conl'd.) JUNE 30, 2005 . CASH AND CASH EQUIVALENTS AND INVESTMENTS (Cont'd.) . Deposit baiances with a iocal bank in the amount of $ 1,925,151, of which $ 100,000 was insured and $ 1,825,151 was collateralized with securities held by the bank's. agent in a collateral pool. The District is exposed to custodial credit risk because the collateral securities held by the bank's agent are not in the District's name. . Cash equivalents with Pennsylvania Local Government Investment Trust (PLGIT), Pennsylvania School District Liquid Asset Fund (PSDLAF) and Pennsylvania Treasurer's INVEST Program for Local Governments (PA INVEST) in the amount of $ 14,193,211. These deposits are invested by PLGIT, PSDLAF and PA INVEST directly in portfolios of securities which are held by a third party custodian Since PLGIT, PSDLAF and PA INVEST are acting in a fiduciary capacity for the District and recognize the District as the pledgee of the collateral securities, these deposits are considered to be held by the agent in the District's name, . TAXES RECEIVABLE Taxes receivable are as follows: Taxes Taxes . Receivable Allowance for Receivable Deferred (Gross) Uncollectibles (Net) Tax Revenue Real estate taxes $ 372,502 $ 18,625 $ 353,877 $ 257,332 Earned income taxes 4,849,520 4,849.520 1,195,411 Personal taxes 24.670 6.784 17.886 13.706 . General Fund 5,246,692 25,409 5,221,283 1 ,466,449 Full accrual adjustment (1 ,466.449) Governmental activities $ 5 246 692 $ 25 409 $ 5221 283 $ . DUE FROM OTHER GOVERNMENTS Due from other governments are as follows: Governmentai Business-type Activities Activities . Local sources - other taxes $ 214,126 $ Local sources - other items 119.496 State sources 284,708 Federal sources 363.985 . $ 982 315 $ FS -19 . . MECHANICS BURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd,) JUNE 30, 2005 . CHANGES IN CAPITAL ASSETS Capital asset activity for the year was as follows', . Beginning Special Current Year Activitv Ending Balance Item Increases Decreases Balance Governmental activities Capital assets not being depreciated I. Land $ 605,983 $ $ $ $ 605,983 Construction in progress 1.248.961 474.659 8.185.626 232.262 9.676.984 1.854.944 474.659 8.185.626 232.262 10.282.967 Capital assets being depreciated Land improvements 3,238,942 50,087 3,289,029 . Buildings and improvements 55,719,422 263,393 55,982,815 Furniture and equipment 2,458,181 131,379 6,210 2,583,350 Library books 1.641 ,380 33.831 30.716 1.644.495 63.057.925 478.690 36.926 63.499.689 . Accumulated depreciation Land improvements (511,887) (120,614) (632,501) Buildings and improvements (10,410.837) (1,456,607) (11,867,444) Furniture and equipment (1,023,765) (292,537) (1,316,302) Library books (1.003.312) (368.572) (1.371.884) (12.949.801) (2.238.330) (15.188.131) . Capital assets being depreciated, net 50.108.124 (1.759.640) 36.926 48.311.558 Governmental activities capital assets, net $51 963 068 $ 474659 $ 6 425 986 $ 269188 $58 594.525 . Business-type activities Capital assets being depreciated Equipment $ 1,099,216 $ $ - $ $ 1,099,216 Accumulated depreciation Equipment (277.162) (79.896) (357.058) . Capital assets being depreciated, net 822.054 (79.896) 742.158 Business-type activities capital assets, net $ 822 054 $ $ (79 896) $ $ 742 158 . FS -20 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd) JUNE 30, 2005 . CHANGES IN CAPITAL ASSETS (Cont'd.) Depreciation expense was charged to functions/programs as follows: . I. Governmental activities Instruction Instructional student support Administrative and financial support Operation and maintenance of plant Student activities Business-type activities - Food service $ 1,801,493 382,177 6,630 40,377 7.653 $ 2 238 330 $ 7~ . A change in the recorded values of estimated historical cost of construction projects in process, which are not included in the District's capital asset inventory system, are presented during the year ended June 2005 under the caption 'Special item - change in construction in progress, . DEFERRED REVENUES . Governmental funds present deferred revenue in connection with receivables for revenues that are not considered to be available to pay liabilities of the current period, Governmental funds also defer revenue recognition with resources that have been received, but not yet earned. Deferred revenues in the General Fund of $ 1,657,530 consists of $ 1,466,449 of taxes receivable not received within 90 days of the end ofthe fiscal period, and $ 191,081 of resources that have been received but not yet earned. Deferred revenue in the proprietary funds and the district-wide financ:ial statements represents resources that have been received but not yet earned, . LONG-TERM LIABILITIES Changes in all long-term liabilities were as follows: . Beginning Balance Increases De creases Ending Balance Due Within One Year . Governmental activities Bonds payable $ 52,584,088 $ 18.825,000 $ (E\,988,758) $ 64,420,330 $ 2,385,330 Compensated absences 743,496 348 854 (395.113) 697.237 253.000 $ 53 327 584 $ 19173854 ;Ljl383 871) $ 65 117 567 $ 2 638 330 FS -21 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2005 . LONG-TERM LIABILITIES (Cont'd.) I Beginning Ending Due Within I. Balance Increases Decreases Balance One Year Business-type activities Compensated absences $ 4 984 $ - L (2491) $ 2493 $ 2493 . Changes in bonds payable were as follows: Beg'lnning New Scheduled Ending Balance Issue RefundinQ Redemptions Balance . 1992 Series $ 1,879,088 $ $ $ 933,758 $ 945,330 2000 Series 4.980,000 (4,980,000) 2000 Series C 4,985,000 5,000 4,980,000 2001 Series 9,990,000 5,000 9,985.000 2002 Series 9,900,000 355,000 9,545,000 2002 Series A 11,095,000 705,000 10,390,000 . 2003 Series 9,755,000 5,000 9,750,000 2004 Series 5,020,000 4,980,000 10,000,000 2005 Series 8.825.000 8.825.000 $ 52 584 088 $ 13845000 L- $ 2008 758 $ 64420.330 . Amounts Due I nterest Rates Maturitv Date Callable Date Within One Year 1992 Series 6.277% September 2005 Not Callable $ 945,330 . 2000 Series C Variable rate stabilized at 450% 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 370,000 2002 Series A 1.40% to 4.80% August 2022 February 2010 720,000 . 2003 Series 1.60% to 3.60% February 2013 August 2008 5,000 2004 Series 3.20% to 4.60% August 2021 February 2009 10,000 2005 Series 3.00% to 4.50% August 2026 February 2010 325.000 $ 2 385 330 . FS -22 . I . I MECHANICSBURG AREA SCHOOL. DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd,) JUNE 30, 2005 . . LONG-TERM LIABILITIES (Cont'd.) Year EndinQ June 30 Princ~ Interest Total 2006 $ 2,385,330 $ 2,542,883 $ 4,928,213 2007 2,665,000 2,529,798 5.194,798 2008 2,790,000 2,452,953 5,242,953 2009 2.875,000 2,369,155 5,244,155 2010 2,985,000 2,279,330 5,264,330 2011-2015 17,035,000 9,549,280 26,584,280 2016-2020 21,3i'5,000 5,418,028 26,793,028 2021 and later 12.3'10.000 1 ,081.024 13.391 ,024 $ 64 4;'0 330 $ 28.222451 $ 92642781 . . . In July 2004, the District issued its General Obligation Bonds, Series of 2004 in the amount of $ 10,000,000 for the addition and renovation of District facilities and the advance refunding of the 2000 Series, After discounts and issuance costs of $ 146,323, net proceed of $ 5,201,875 were deposited in an irrevocable trust fund to refund the 2000 Series with the remaining proceeds of $ 4,651,802 deposited into the District's construction fund, The investments and fixed earnings of the trust fund are sufficient to service the remaining $ 4,980,000 of the 2000 Series until they mature or called, This advance refunding reduced future debt service, resulting in an economic gain of approximately $ 367,000 which will be realized primarily durin!) the years ended June 30, 2006 through June 30, 2010. . In April 2005, the District issued its General Obligation Bonds, Series of 2005 in the amount of $8,825,000, Proceeds of the bonds will be used towards additions and renovations of District facilities. . 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 Accumulated Davs . Less than ten 10 through 14 15 or more 20 % 35 % 50 % FS - 23 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2005 . LONG-TERM LIABILITIES (Cont'd.) I. I I 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. OPERATING LEASES . The District is obligated under various equipment, vehicle. and modular classroom lease agreements at June 30, 2005, The following is a schedule of future minimum rental payments required under the operating lease agreements, Year Ending June 30 . 2006 2007 2008 $ 117,984 75,166 32.793 . Total minimum payments required $ 225 943 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. . FS - 24 . I I. I I I. MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2005 PENSION PLAN (Cont'd.) . The contribution policy is established in the Code and requires contributions by active members and employers, Contribution rates for active members are set by law and are dependent upon members' class. In most cases, the contribution rates based on qualified member compensation are as follows: . Membership Class T-C Membership Class T -C Membership Class T-D Membership Class T-D Active members hired before July 22, 1983 Active members hired on or after _Iuly 22, 1983 Active members hired before July 22, 1983 Active members hired on or after July 22, 1983 5.25% 6.25% 6,50% 7.50% Active members newly hired after July 1, 2001 are automatically Class T-D. The contribution rates for all members in Membership Class T-D were effective January 1,2002. . Contributions required of employers are based upon an actuarial valuation, For the fiscal year ended June 30, 2005 the employer contribution rate was 4.23 percent of covered payroll, composed of 4,00 percent for pension benefits and ,23 percent for healthcare insurance premium assistance. The District's contributions to PSERS for the years ending June 30, 2005, 2004 and 2003 were $ 797,476, $ 735,916, and $ 245,097, 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 believes such coverage Is sufficient to preclude any significant uninsured losses to the District. Settled claims have not exceeded this commercial coverage in any of the past three fiscal years, . For State unemployment compensation laws, the District is self-insured, which is a common practice for local governmental units. Any unemployment claims are paid by the District on a quarterly basis as incurred, For workers' compensation insurance, approximately 80 Districts participate in a public entity risk sharing pool (School Districts Insurance Consortium) for processing claims and obtaining reinsurance through commercial insurance carriers, Under this plan, the District's annual cost should not exceed standard commercial insurance rates. . . FS -25 . . MECHANICS BURG AREA SCHOOL. DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2005 . COMMITMENTS AND CONTINGENCIES Other commitments and contingencies . The District's collective bargaining agreement with its teaching staff expired June 30, 2005. As of our report date the District was in negotiations with the teachers' union with a tentative settlement expected in the near-term, . 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 participates in state and federal grant programs which are governed by various rules and regulations, Expenditures charged to these grant programs are subject to program compliance audits and reviews by the grantor agencies. The District is potentially liable for any expenditures which may be disallowed by the rules of these grant programs, The District does not anticipate any material disallowance of program expenditures, . SUBSEQUENT EVENTS In August 2005, as part of their ongoing capital construction project, the District signed constructions contracts totaling approximately $ 3,700,000 for renovations to the Upper Allen Elementary School. . . . . FS,26 I e I I I I. I I Ie I I I. I I I Ie W U Z <( ...J <( en o f-Z u::> u.. irz f- 00 t3 0 "' - Zo O(!)::>o 5~~~ o 5~(') J:OWW UZzZ oo<(w;; C/J(!) <( W .0 W O::...J~ a::::><(Z <(!::~W ,n 0 () 0:: ,-,Z<(<( a:: WOW :J~Z>- lDG'l<(w 00 'f-I U C/J w f- _ W (!) lY z::> 0 0 <(Z::>u.. J:~ell UW wO:: ~i) f- Z W :;,; W ~ f- C/J e . e . . . " ?ID~ 5> 0>'" >'00> '" " '" O",Z c - co ro (I) ";:: c: ~ lUiJ:.-<;:' > '" o 0.. 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('oJ 6 ('oJ '" .?:- '3 0' <IJ '0 C :J - '0 C II> V) Q) ;E :c Jg ro - o f- I. I MECHANICS BURG AREA SCHOOL DISTRICT I COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ALL TRUST FUNDS FOR THE YEAR ENDED JUNE 30, 2005 . Expendable Non-expendable Totals Trust Trust 2005 2004 . Revenue and other financing sources Investment income $ 1,330 $ 201 $ 1,531 $ 556 Contributions 15,501 6,946 22,447 6,297 Total operating revenues 16,831 7,'\47 23,978 6.853 . Operating expenses Scholarship awards 17,057 6,974 24,031 3,530 Total operating expenses 17,057 6,(174 24,031 3,530 Operating income (loss) (226) 173 (53) 3,323 . Transfers to (from) trust accounts 1,071 (1,071) Net income (loss) 845 (898) (53) 3.323 . Reserved fund balance, July 1, 2004 19,428 69,407 88,835 85,512 Reserved fund balance, June 30, 2005 $ 20,273 $ 68,509 $ 88,782 $ 88.835 . . . . SI-4 . >- C7' a; u~~ 0 UJ <;:~ cO') C)~:,- ;C ~(\ \.L-.~ W- '.l. -~. 6~;) u:::. 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