HomeMy WebLinkAbout06-0289
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BIG SPRING SCHOOL DISTRICT
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
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TABLE OF CONTENTS
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INDEPENDENT AUDITORS' REPORT
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MANAGEMENT'S DISCUSSION AND ANALYSIS
BASIC FINANCIAL STATEMENTS
District-wide financial statements
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Statement of net assets
Statement of activities
Fund financial statements
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Balance sheet - governmental funds
Reconciliation of the governmental funds balance sheet
to the statement of net assets
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Statement of revenues, expenditures, and changes
in fund balances - governmental funds
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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
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Statement of cash flows - proprietary funds
Statement of net assets - fiduciary funds
NOTES TO FINANCIAL STATEMENTS
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BUDGETARY COMPARISON INFORMATION - GENERAL FUND
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Page
Number
IAR - 1 to IAR - 2
MDA-1toMDA-10
FS-1
FS-2
FS - 3
FS -4
FS - 5
FS -6
FS -7
FS -8
FS - 9
FS -10
FS - 11 to FS - 25
BCI-1
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GREENAWALT & COMPANY, P.C.
CERTIFIED PUBLIC ,A.CCQUNTANTS
JAMES E. LYONS
HOWARD R. GREENAWALT
CREEDON R. HOFFMAN
DEBORAH J. KELLY
R, A. GREENAWALT (1956-1983)
A. A. REIDINGER (RETIRED)
C. EDWARD ROGERS, JR
400 WEST MAIN STREET
MeCHANICSBURG, PENNSYLVANIA 17055
(711)166-4763
FAX (717) 766-2731
62 WEST POMFRET STREET
CARLISLE, PA 17013
(717)243-4822
FAX ('111) 251'>-9372
INDEPENDENT AUDITORS' REPORT
Board of School Directors
Big Spring School District
Newville, 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 Big Spring 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 October
20, 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,
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 Big Spring Schooi District, as of June 30, 2005, and the respective changes in financial
position and cash flows, where applicable, thereof 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 reports dated November 14, 2005, on
our consideration of Big Spring 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.
IAR-1
MEMBERS __ AMERTC:\N INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS -- PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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Board of Directors
Big Spring School District
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Management's discussion and analysis on pages MDA - 1 through MDA - 10 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.
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GREENAWALT & COMPANY, P,C.
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October 14, 2005, except for paragraph 4 which is dated November 14, 2005
Mechanicsburg, Pennsylvania
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IAR-2
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
This discussion and analysis provides an overview of the District's financial performance for the year ended
June 2005, This is the third year we have reported in accordance with GASB Statement No, 34, Basic
Financial Statements - and Management's Discussion and Analysis - for State and Local Governments.
Management's Discussion and Analysis (MD&A) includes comparisons of financial position at June 2005,
2004 and 2003, The MD&A also includes comparisons of current year financial activities to the previous
year. Please read our discussion and analysis in conjunction with the District's financial statements, which
begin on page FS-I, In this discussion and analysis, dollar amounts are presented in millions, to make it
easier to read,
FINANCIAL HIGHLIGHTS
General Fund revenues for 2004-2005 increased by 12,69% from 2003-2004, partly due to the ElT changes
described below. General Fund expenditures for 2004-2005 increased by 4.73% from 2003-2004.
For the 2002-2003 fiscal year, the District eliminated its occupation assessment tax and replaced it with a
1,65% earned income tax (ElT) following a successful referendum based on Act 24. Following
implementation of the new EIT, the District experienced substantial cash flow lags and revenue budget
shortfalls in the 2002-2003 and 2003-2004 fiscal years. However, the District's ElT revenue exceeded the
budgeted figure by approximately $0,1 million in 2004-2005, revealing a multi-year revenue recovery that
our District must consider when contemplating additional shifts towards ElT based revenue, This has been
instrumental in stabilizing the District's fund balance as 2004-2005 revenues were approximately $0,6
million greater than expenditures.
The District revised its delinquent personal tax revenue budget downward each year following the
implementation of the Act 24 shift away from the occupation assessment tax. The District has found that
implementation studies by governmental entities that endorsed Act 24 frequently omitted the impact of the
reduced delinquent tax revenue stream that must be a natural consequence of eliminating its source tax.
In May 2005, the District declined to opt into Act 72 which would have provided, if the program operated as
intended, gambling revenue from the Commonwealth of Pennsylvania in the form of property tax
reductions, Among other provisions, it would have required the district to submit future property tax
increases to referendum if the increase exceeded a predetermined "index" amount.
As a part of our multi-year construction program, by June 2005, we were completing the renovation of a
portion of our former middle school building into a fitness center and an administration office, We also
entered the final phase of renovating our old high school into a middle school. During 2005-2006 we expect
to convert the balance of the former middle school into an elementary school.
MDA-I
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
USING THESE FINANCIAL STATEMENTS
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This report contains a series of financial statements. The Statement of Net Assets and the Statement of
Activities are on pages FS-l and FS-2, These statements provide information about the District as a whole,
and present a longer-term view of District finances than fund financial statements. Fund financial statements
are on pages FS-3, FS-5 and FS-7 through FS-IO. For governmental funds, the statements show how District
services have been financed in the short term, as well as the amount remaining for future spending,
Proprietary funds statements provide information about non-governmental operations, in this case food
service. The fiduciary funds statement reports amounts held in trust by the District for student activities.
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Page FS-4 reconciles total governmental fund balances to total net assets of governmental activities. Page
FS-6 reconciles the total net change in governmental fund balances to the change in net assets of
governmental activities,
District-wide Financial Statements
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District-wide statements present financial activities and the results of those activities in two categories,
governmental and business-type. Capital assets (land, buildings, improvements, furniture and equipment)
are included with all other assets. Long-term debt is included with all other liabilities, This is distinctly
. different from the fund statements in which assets and liabilities are separated into various funds such as
General and Capital Projects,
In the district-wide statements, the approach to measurement of revenues and expenses is similar to that
used in the private sector and is referred to as the accrual basis of accounting. This is disclosed further in the
. notes to financial statements.
Fund Financial Statements
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Fund statements provide financial information about the District's funds rather than the District as a whole,
There are three types of funds, Governmental, Proprietary and Fiduciary. The use of each type of fund is
disclosed in the notes to financial statements. Unlike district-wide statements that report revenues on the
accrual basis, the fund statements report revenues only to the extent cash has been received, or is expected
to be received in the near future.
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MDA - 2
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
. THE DISTRICT AS A WHOLE
Statement of Net Assets
. Total net assets were $14,1 million at June 2005, which is an increase of$l.O million from June 2004 and a
total decrease of $0.3 million from June 2003. The following summarizes the Statement of Net Assets (page
FS-I).
Governmental Business-type
. Activities Activities Totals
2005 2004 2003 2005 2004 2003 2005 2004 2003
Current and other assets $10.8 $17.8 $20.7 $ 0.1 $ 0.1 $ 0,] $10,9 $17.9 $20.8
. Capital assets 45,5 39.0 39,0 0.7 0.5 0.6 46.2 39.5 39,6
Total assets $ 56.3 $56,8 $59,7 $ 0.8 $ 0.6 $ 0,7 $57,1 $57.4 $60.4
Current and other liabilities $ 4.0 $ 3.1 $ 3.3 $ $ $ - $ 4.0 $ 3.1 $ 3.3
Long-term liabilities 38,9 41.1 42,6 0,1 0.1 0.1 39.0 41.2 42.7
. Total liabilities 42.9 44.2 45.9 0.1 0,1 0,1 43.0 44.3 46.0
Capital assets (net of related debt) 7.7 (0,8) (1.9) 0.7 0.5 0.6 8.4 (0.3) (1.3)
Restricted for capital projects 4.6 12.2 13,5 4.6 12.2 13.5
Unrestricted 1.1 1.2 2,2 1.1 1.2 2,2
. Total net assets 13.4 12,6 13,8 0,7 0,5 0.6 ]4.1 13.1 14.4
Total liabilities and net assets $ 56.3 $56,8 $59,7 $ 0.8 $ 0.6 $ 0.7 $57.1 $57.4 $60.4
Net assets are the difference between assets and liabilities, and represent resources that can be used to pay
. for future operations and capital improvements, The majority of our 2005 net assets, $13,0 million out of
$14.1 million total, are invested in capital assets (net of related debt) or restricted for capital projects,
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MDA - 3
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
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Statement of Activities
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The following summarizes the Statement of Activities (page FS-2). It shows that total net assets increased
by $1,0 million during 2005. Net assets actually decreased by $0.3 million, prior to the impact of the special
item related to changes in the recorded value of capital assets, as more fully explained on pages FS-19 and
FS-20.
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Program revenues
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues
Taxes
Earnings on investments
State general subsidies
Total revenues
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Direct expenses
Excess revenues (expenses)
before transfers and special item
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Transfers between activities
Special item - change in capital assets
Change in net assets
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Governmental
Activities
2005
2004
Business-type
Activities
Totals
$ 0.2 $ 0.2
5.7 5,0
1.2 0.4
15.6 14.4
0.3 0.1
7.7 7,6
30,7 27.7
30,7
28,8
2005
~!004
2005
2004
(1.1 )
(0,2)
1.0
(0.2)
$
0.7 $ 0.7
0.3 0.3
$
0.9 $ 0,9
6.0 5.3
1.2 0.4
1.0 1.0
15,6 14.4
0.3 0.1
7.7 7.6
31.7 28,7
1.3
1.2
32.0
30.0
(0.3)
(0,2)
(0.3)
(1.3)
0.2
0.3
0.2
1.3
$ 1.0 $ (1.3)
$ 0,8 $ (1.3) $ 0.2 $
The change in net assets IS the difference between revenues and expenses using the accrual basis of
accounting,
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MDA - 4
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
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The following summarizes expense information from the Statement of Activities (page FS-2). Direct
expenses represents the actual cost of providing the services while the net expense represents the amount of
cost that is not recovered through program revenues, meaning user charges, grants and contributions. The
net expense must be recovered through general revenues, primarily taxes and state general subsidies,
Amounts not recovered reduce funds available for future years.
Governmental Activities
. Direct Program Net
Expenses Revenues Expense
2005 2004 2005 2004 2005 2004
. Instruction $ 18.8 $ 17.4 $ 4.3 $ 3,5 $ 14.5 $ 13.9
Instructional student support 2J 2,2 0.2 0.2 2.1 2.0
Administrative and financial support 2.4 2J 0.1 0.1 2.3 2.2
Operation and maintenance of plant 3,2 2,9 0.1 0.1 3,1 2,8
Pupil transportation 1.8 1.7 1.3 1.2 0.5 0.5
. Student activities 0.6 0.6 0.1 0.1 0.5 0.5
Community services
Interest on long-tenn debt 1.6 1.7 1.0 0.4 0.6 1.3
$ 30,7 $ 28,8 $ 7.1 $ 5.6 23.6 23.2
. Transfers to business-type activities 0.2 0.2
Special item - change in capital assets ( 1.0)
Net expenses - governmental activities 22.8 23.4
State general subsidies revenues 7,7 7,6
Total needs from taxes and other local sources $ 15.1 $ 15,8
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Business-type Activities
Direct Program Net
Expenses Revenues Expense
2005 2004 2005 2004 2005 2004
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Food service $ 1.3 $ 1.2 $ 1.0 $ 1.0 $ OJ $ 0,2
Transfers from governmental activities and investment earnings (0,2) (0.2)
Special item - change in capital assets (0.3)
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Net expense (revenue) $ (0.2) $ (0,0)
MDA - 5
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
THE DISTRICT'S FUNDS
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Governmental Funds
Governmental fund balances
. 2004-2005 2003-2004
2005 2004 2003 Change Change
General Fund - unrestricted $ 0,6 $ 0,1 $ 2.1 $ 0,5 $ (2.0)
Capital Reserve Fund - unrestricted 0.5 0.1 (0.5) 0.4
. Athletic Fund - unrestricted
Capital Projects Fund - restricted 4,6 12,2 \3.5 (7.6) (1.3)
$ 5.2 $ 12.8 $ 15,7 $ (7,6) $ (2.9)
. Total unrestricted $ 0.6 $ 0.6 $ 2.2 $ $ (1.6)
Total restricted 4.6 12,2 \3,5 (7.6) (1.3)
$ 5,2 $ 12.8 $ 15.7 $ (7.6) $ (2.9)
. Changes from 2004 to 2005
The General Fund had budgeted a $0.2 million decrease in fund balance, The actual increase was $0.5
million. The $0,7 million difference was primarily because actual revenue exceeded budgeted revenue. This
is summarized on page BCI - 1 (budgetary comparison information).
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The Capital Reserve Fund decrease of $0.5 million was primarily the roof n:placement and sewer extension
projects at Plainfield elementary school.
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The Capital Projects Fund decrease of $7.6 million was for various phases of converting the old high school
and portions of the former middle school.
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MDA - 6
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
Changes from 2003 to 2004
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The General Fund had budgeted a $0.4 million decrease in fund balance. The actual decrease was $2.0
million. The primary causes were actual revenue being $0.5 million less than had been budgeted, and $1.0
million not being available to the General Fund because it was needed in the Capital Projects Fund for
construction and renovation projects,
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The Capital Reserve Fund increase of $0.4 million was primarily the result of the $0.4 million transfer from
the General Fund to support future capital improvements,
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The Capital Projects Fund decrease of $1,3 million was primarily the result of $0,7 million of expenditures
to complete the new high school project, and $0.7 million of upfront costs related to upcoming building
renovation projects,
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General Fund Budget
The following summarizes the budgetary comparison information presented on page BCl-l, along with
comparisons to the previous year,
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Original Budget Actual Variance
2005 2004 2005 2004 2005 2004
Total revenues $ 29.5 $ 27.5 $ 30,7 $ 27.2 $ 1.2 $ (OJ)
. Total expenditures 30.0 27.9 29,9 28.5 (0.1) 0,6
Excess revenues (expenditures) (0.5) (0.4) 0.8 (1.3) 1.3 (0.9)
Other financing sources (uses) OJ (OJ) (0,6) (0.6) (0.6)
Net change in fund balance $ (0.2) $ (0.4) $ 0,5 $ (1.9) $ 0.7 $ (1.5)
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In 2005, actual revenues exceeded the original budgeted amount by $1.2 million. The two largest factors
were $0.5 million more for federal and state grants than originally budgeted, and $0.7 million for
unbudgeted one time subsidies related to the completion of construction projects, Actual expenditures were
. within $0.1 million of the original budgeted amount. Other financing sources (uses) resulted in a negative
budget variance of$0.6 million, Additional details are on page BCI-l (budgetary comparison information).
MDA - 7
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
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The 2004 revenue variance was primarily due to earned income tax revenue being less than budgeted.
Actual expenditures were $0.6 million, approximately two percent, below the budgeted amount. Other
financing sources (uses) resulted in a negative budget variance of$0.6 million,
CAPITAL ASSETS
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When construction projects are completed, the construction in progress balances are moved into the
respective categories, and depreciated over their estimated useful lives, The new high school was completed
and placed in service in August 2003,
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2005
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Governmental activities
Land $ 0.5
Construction in progress 7 A
Buildings and improvements 35,1
Furniture and equipment 104
Library books 0.2
Computer equipment 0.9
$ 45.5
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Business-type activities
Furniture and equipment
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0.7
Capital assets (net of depreciation)
2004-2005
2004 2003 Change
2003-2004
Change
$ 0.6 $ 0.6
0.8 28.6
34.9 9.1
1.8 0.3
0,1 0,1
0,8 0.3
$ 39,0 $ 39,0
$
(0.1) $
6,6 (27.8)
0.2 25.8
(004) 1.5
0.1
0,1 0,5
6.5 $ (0.0)
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$
0.5
$
$
0,6
0.2
$ (0.1)
Capital assets in the governmental activities were $45.5 million at June 2005, $39.0 million at June 2004
and $39.0 million at June 2003. During 2005, there was $7.5 million of capital assets purchased and $2.0
million of depreciation expense, During 2005, there was a special item-change in capital assets that
amounted to a $1.0 million increase. During 2004, the District purchased $1.6 million of capital assets and
had depreciation expense of $1.6 million,
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MDA - 8
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
LONG-TERM LIABILITIES
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The following summarizes the long-term liabilities note to financial statements (pages FS-21 and FS-22),
Most of the debt is general obligation bonds issued to pay for capital improvements, The District's ability to
raise future funds through the issuance of debt depends on how existing bonds are rated by the investment
community. Moody's Investors Service, lnc, assigned its municipal bond rating of "Aaa" to the District's
most recent series of general obligation bonds, the 2005 Series issued in August 2005.
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2005
2004
2003
2004-2005
Change
2003-2004
Change
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Governmental activities
General obligation bonds $ 38,1 $ 40.2 $ 41.7
Compensated absences 0.6 0,7 0.7
Unamortized bond costs 0.2 0.2 0.2
$ 38.9 $ 41.1 $ 42,6
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(2,1) $
(0.1)
(1.5)
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$
(2.2) $
(1.5)
Each year, the District pays interest on the bonds and a portion of the outstanding bonds, referred to as
redemption. The District made regularly scheduled bond redemptions of $2,1 million during 2005 and $1.5
. million during 2004.
NEXT YEAR'S BUDGET AND ECONOMIC FACTORS
. Budget Budget
2005-2006 2004-2005 Change
Total revenue $ 31.3 $ 29,5 $ 1.8
Total expenditures 31.6 30.0 1.6
. Excess revenues (expenditures) (0.3) (0.5) 0.2
Other financing sources (uses) (0.4) 0.3 (0,7)
Net change in fund balance $ (0.7) $ (0,2) $ (0.5)
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MDA - 9
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BIG SPRING SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2005
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The revenue budget for 2005-2006 represents a 6.10% increase. The real estate millage rate increases by
.158 mills, from 12.217 to 12.375. The earned income tax rate remains at 1.65%.
The expenditure budget for 2005-2006 represents a 5.33% increase. Rate increases for health insurance and
retirement are contributing factors to the increased expenditures.
I. The other financing sources (uses) budget for 2005-2006 includes transfers to the Food Service Fund and
Athletic Fund.
CONTACTING THE DISTRICT FINANCIAL MANAGEMENT
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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 money it receives. If you have questions about this
report or wish to request additional financial information, please contact the district office of Big Spring
School District, 45 Mount Rock Road, Newville, PA 17241, (717) 776-2000,
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MDA-l0
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BIG SPRING 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 $ 64,556 $ 43,696
Due from other governments 6,399 7,134
Other receivables 3,564 100
Inventories 39,541 26,451
. Total current assets 114,060 77,381
Furniture and equipment (net of accumulated depreciation) 717,862 528,974
Total assets $ 831,922 $ 606,355
.
Liabilities
Accounts payable $ 6,037 $ 861
Payroll and benefits payable 4,655 3,981
Deferred revenues 3,465 3,721
Current portion of compensated absences 7,000 7,000
.
Total cu~rent liabilities 21,157 15,563
Long-term portion of compensated absences 55,706 55,894
T otalliabilities 76,863 71,457
.
Net assets
Invested in capital assets (net of related debt) 717,862 528,974
Unrestricted 37,197 5,924
. Total net assets 755,059 534,898
T otalliabilities and net assets $ 831,922 $ 606,355
.
.
The accompanying notes are an integral part of these financial statements,
FS -7
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.
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BIG SPRING SCHOOL DISTRICT
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
(With Summarized Financial Information for the Year Ended June 30, 2004)
Food Service
2005 2004
. Operating revenues - Food service revenue $ 702,808 $ 690,199
Operating expenses
Salaries 415,133 419,086
Employee benefits 170,100 130,369
. Purchased property service 61,298 67,339
Food and milk 511,388 533,159
Other supplies 5,272 10,792
Depreciation 86,047 43,000
Dues and fees 822 664
Total operating expenses 1,250,060 1,204,409
.
Operating income (loss) (547,252) (514,210)
Nonoperating revenues
Earnings on investments 850 722
State sources - social security and retirement subsidies 24,455 23,612
. State sources - meal subsidies 26,441 28,525
Federal sources - meal subsidies 169,872 177,353
Federal sources - donated commodities 84,681 54,593
Total nonoperating revenues 306,299 284,805
. Income (loss) before transfers (240,953) (229,405)
Transfers from other funds 194,000 180,175
Special item - change in capital assets 267,114
Change in net assets 220,161 (49,230)
. Net assets - beginning 534,898 584,128
Net assets - ending $ 755,059 $ 534,898
.
.
The accompanying notes are an integral part of these financial statements.
FS -8
.
~
BIG SPRING SCHOOL DISTRICT
STATEMENT OF CASH FLOWS - PROPRIETARY 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 $ 699,Q88 $ 693,307
Cash payments to empioyees for services (584,747) (554,867)
Cash payments to suppliers for goods and services (502,013) (563,101)
Net cash provided by (used for) operating activities (387,672) (424,661 )
Non-capital financing activities
. State sources 51,040 51.719
Federal sources 170,463 174,982
General fund contributed services 194,000 180,175
Generai fund advances were repaid (113,650)
Net cash provided by (used for) non-capital financing activities 415,503 293,226
. Capital and related financing activities
Cash payments for equipment (7,821) (4,775)
Net cash provided by (used for) capital and related financing activities (7,821) (4,775)
Investing activities
Earnings on investments 850 722
. Net cash provided by (used for) investing activities 850 722
Net decrease in cash and cash equivalents 20,860 (135,488)
Cash and cash equivalents - beginning 43,696 179,184
. Cash and cash equivalents - ending $ 64,556 $ 43,696
Reconciliation of operating income (loss) to net cash used foroperating activities
Operating Income (loss) $ (547,252) $ (514,210)
Adjustments to reconcile operating income (loss) to net cash
. used for operating activities
Depreciation 86,047 43,000
Donated commodities 84,681 54,593
Net change in other assets and other liabiiities
Accounts receivable (3,464) (100)
Inventories (13,090) (6,283)
. Accounts payable 5,176 543
Payroll and benefits payabie 674 3,981
Deferred revenues (256) 3,208
Compensated absences (188) (9,393)
Total adjustments 159,580 89,549
.. Net cash provided by (used for) operating activities $ (387,672) $ (424,661 )
The accompanyin9 notes are an integral part of these financial statements.
FS-9
.
.
.
eo
Assets
Cash and cash equivalents
Accounts receivable
Total assets
.
Liabilities
Due to student groups
.
T otalliabilities
Net assets
BIG SPRING SCHOOL DISTRICT
STATEMENT OF NET ASSETS - FIDUCIARY FUNDS
JUNE 30, 2005
(With Summarized Financial Information for June 30, 2004)
Student Activities
2005 2004
$ 166,581
$ 166,581
$ 166,581
166,581
$ 166,581
Total liabilities and net assets
.
.
.
.
.
The accompanying notes are an integral part of these financial statements,
FS -10
.
$ 132,679
5,989
$ 138,668
$ 138,668
138,668
$ 138,668
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2005
.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
.
Big Spring 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 its
boundaries: the Cumberland County Townships of Cooke, Lower Frankford, Upper Frankford, Lower Mifflin,
Upper Mifflin, North Newton, South Newton, Penn and West Pennsboro and the Borough of Newville. 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 Big Spring 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
.
The Governmental Accounting Standards Board establishes criteria for determining the activities, organizations
and functions of government to be included in the financial statements of the reporting entity, In evaluating the
District as a reporting entity, management has addressed all potential component units which mayor may not fall
within the established criteria, The criteria used to evaluate component units for possible inclusion as part of the
District's reporting entity are:
.
The 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 the separate organization that the District is entitled to (or has
the ability to) access is significant to the District.
There are no component units that meet all of the above criteria for inclusion in this reporting entity.
.
Jointly-governed organizations
.
The District is a participant in three jointly-governed organizations, each of which is a separate legal entity that
offers services to the District and its residents. Each entity serves several school districts, and therefore are not
included in this reporting entity, The entities do not have taxing power, but each is 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 their administrative offices,
FS -11
I-
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'do)
.
Jointly-governed organizations (Cont'd.)
Capital Area Intermediate Unit provides special education services and programs,
Cumberland Perry Area Vocational Technical School provides vocational and technical education services
and programs,
.
Capital Tax Collection Bureau provides earned income tax collection services.
Basis of presentation - District-wide financial statements
.
District-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 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
reiated 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 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 identifiabie 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 particuiar 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, are aggregated and presented in a single
column, Fiduciary funds are reported by fund,
FS -12
.
.
BIG SPRING 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 60 days of the end of the fiscal period. Revenue from federal, state and other grants
designated for payment of specific expenditures is recognized when the related expenditures are incurred;
accordingly, when such funds are received, they are recognized as deferred 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 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.
.
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.
FS -13
.
.
BIG SPRING 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.)
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,
.
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, During the year these programs increased both revenues and expenditures of the original
budget by $ 482, 764,
FS -14
.
.
BIG SPRING 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 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,
The Capital Projects Fund accounts for bond proceeds and the expenditure of those funds,
.
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:
.
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 -15
.
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'do)
.
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.g., 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 $ 1,500 and an estimated usefui life in excess of one year, Management has elected to include certain
homogeneous groups with individual costs of less than $ 1,500 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
Audio visual equipment
Computer equipment
50
25
15 to 20
15
10 to 15
7
6
5
15
15
.
5
FS -16
.
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'do)
.
Long-term liabilities
.
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:
.
Deposit balances with two banks in the amount of $ 340,039, of which $ 200,000 was insured and $ 140,039
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.
FS -17
.
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
CASH AND CASH EQUIVALENTS AND INVESTMENTS (Cont'd.)
.
Cash equivalents with Pennsylvania Local Government Investment Trust (PLGIT) and Pennsylvania School
District Liquid Asset Fund (PSDLAF) in the amount of $ 2,746,505. These deposits are invested by PLGIT
and PSDLAF directly in portfolios of securities which are held by a third party custodian Since PLGIT and
PSDLAF 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.
.
Cash equivalents with M&T Investment Group (M&T Group) and JPMorgan in the amount of $ 872,545, The
District is exposed to custodial credit risk because the collateral securities held by M& T Group and JPMorgan,
in a fiduciary capacity for the District, are not in the District's name.
.
US Agencies securities with PNC Advisors in the amount of $ 3,939,260, The District is exposed to custodial
credit risk because the securities held by PNC Advisors, in a fiduciary capacity for the District, are not 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 $ 601,056 $ (1,056) $ 600,000 $ 350,000
Earned income taxes 1,185,000 1,185,000 1,185,000
. Personal taxes 9,592 (4,592) 5,000 5,000
General Fund 1,795,648 (5,648) 1,790,000 1,540,000
Full accrual adjustment (1,540,000)
Governmental activities $ 1 795 648 $ (5648) $ 1 790 000 $
.
DUE FROM OTHER GOVERNMENTS
Due from other governments are as follows:
Governmental Business-type
. Activities Activities
Local sources - earned income taxes $ 729,561 $
Local sources - other taxes 48,314
Local sources - other items 347,901
. State sources 236,494 828
Federal sources 170.387 5.571
$ 1 532 657 $ 6 399
FS -18
.
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Conl'd,)
JUNE 30, 2005
.
CHANGES IN CAPITAL ASSETS
.
Changes in capital assets were as follows:
Beginning
Balance
Special
Item
Current Year Activitv
Increases Decreases
.
Governmental activities
Capital assets not being depreciated
Land $ 610,000 $ (108,176) $ $
Construction in progress 807.992 6,607.951
1417,992 (108,176) ~7,951
Capital assets being depreciated
Buildings and improvements 50,370,006 (5,590,776) 537,382
Furniture and equipment 3,032,774 (66,286) 69,495
Library books 788,762 1,324,505 54,193
Computer equipment 2,667.806 1,577.543 249,766
56,859,348 (2,755 014) __~JO,836
Accumulated depreciation
Buildings and improvements (15,466,107) 6,271,711 (1,025,478)
Furniture and equipment (1,238,174) (215,947) (228,075)
Library books (685,922) (1,284,196) (35,982)
Computer equipment (1.885.436) (892,010) ---11.72.854)
(19.275.639) 3,879.558 ..R.Q.62,389)
Capital assets being depreciated, net 37.583,709 1.124.544 -.11.151.553)
Governmental activities capital assets, net $39 001 701 $ 1 016 368 1M~ $
.
.
.
.
.
Business-type activities
Capital assets being depreciated
Furniture and equipment
Accumulated depreciation
Furniture and equipment
(341,716)
(115,347) --<86,047)
$ 870,690 $ 382,461 $
7,821 $
Capital assets being depreciated, net
528,974
267.114 --<78,226)
.
Business-type activities capital assets, net $ 528974 $ 267 114 ~~) $
FS -19
.
Ending
Balance
$ 501,824
7.415,943
7917,767
45,316,612
3,035,983
2,167,460
4.495 115
55015,170
(10,219,874)
(1,682,196)
(2,006,100)
(3,550300)
(17.458.470)
37.556.700
$45474467
(11,738) $ 1,249,234
11,738
(531 372)
717,862
$ 717862
.
BIG SPRING 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:
.
Governmental activities
Instruction
Instructional student support
Administrative and financial support
Operation and maintenance of plant
Student activities
.
Business-type activities - Food service'
$ 1,825,123
121,673
40,559
40,559
34475
$ 2 062 389
$ 86047
.
An independent appraisal company has completed a capital asset inventory project to enhance the tracking and
monitoring of capital assets and the accumulated depreciation thereon. This capital asset system is designed to
improve and simplify the reporting requirements under GASB Statement No, 34. The changes in recorded values
of estimated historical costs and accumulated depreciation which resulted from this project are presented during
the year ended June 2005 under the caption 'Special item - change in capital assets'.
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
$ 1,545,175 consists of $ 1,540,000 of taxes receivable not received within 60 days of the end of the fiscal period,
and $ 5,175 of resources that have been received but not yet earned.
.
Deferred revenue in the proprietary funds and the district-wide financial statements represents resources that
have been received but not yet earned,
.
.
FS - 20
.
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
.
LONG-TERM LIABILITIES
Changes in all long-term liabilities were as follows:
Beginning Ending Due Within
Balance Increases Decreases Balance One Year
Governmental activities
Bonds payable $ 40,190,000 $ $ (2,135,000) $ 38,055,000 $ 2,200,000
Compensated absences 693,520 232,333 (245 543) 680,310 300.000
$ 40 883 520 $ 232 333 $ (2 380 5-13) $ 38735310 $ 2 500 000
Business-type activities
Compensated absences $ 62 894 $ 5275 $ (5 46.3) $ 62 706 $ 7000
Changes in bonds payable were as follows:
.
.
.
Beginning
Balance
Scheduled
Redemptions
Ending
Balance
1997 Series
2001 Series
2003 Series
1999 Series
$ 2,460,000 $ (445,000) $ 2,015,000
14,390,000 (585,000) 13,805,000
19,170,000 (885,000) 18,285,000
4,170,000 (220.000) 3,950000
$ 40190000 $ (2135000) $ 38 055 000
.
1997 Series
1999 Series
2001 Series
2003 Series
Amounts Due
Interest Rates Maturitv Date Callable Date With in One Year
5,075% March 2009 Not callable $ 465,000
(1) December 2017 45 days notice 230,000
3.80% to 5.10% February 2021 August 2011 610,000
2.15% to 4.40% April 2023 April 2013 895.000
$ 2 200 000
.
.
(1) The 1999 series pays interest at a variable rate of ,55% above the "weekly rate", not to exceed 25,00%.
At June 2005 the "weekly rate" was 2.29%.
.
FS" 21
.
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Conl'd.)
JUNE 30, 2005
.
LONG-TERM LIABILITIES (Cont'd.)
.
Scheduled debt service requirements, payable by the General Fund, are as follows:
Year Endino June Principal Interest Total
2006 $ 2,200,000 $ 1,592,301 $ 3,792,301
2007 2,290,000 1,512,140 3,802,140
2008 2,370,000 1,435,262 3,805,262
2009 2,475,000 1,337,166 3,812,166
2010 2,015,000 1,234,011 3,249,011
2011-2015 11,425,000 4,871,364 16,296,364
2016-2020 11,770,000 2,279,419 14,049,419
2021-2023 3,510,000 265,650 3.775.650
U8 055 000 $ 14 527 313 $ 52 582 313
.
.
.
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, At retirement or death, while in District service, employees (with at least 10 years service in the
District) or their beneficiaries shall choose one of the following options (subject to a maximum of $ 12,000 for
administrators and $ 9,000 for all other employees):
.
1, Accumulated unused sick leave days times $ 50 per day
2, Number of full years of service in the District times $ 160 per year
.
PENSION PLAN
.
Substantially all full-time and part-time employees of the District participate in the 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.paus,
FS - 22
.
.
BIG SPRING 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 July 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 automaticaliy 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 actuariai valuation. For the fiscal year ended June 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 the system
for the years ended June 2005, 2004 and 2003 were $ 648,394, $ 551,878, and $ 163,975, respectively Those
amounts are equal to the required contributions for each year,
POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
.
Under the negotiations agreement with Big Spring Education Association, the District shall provide for
continuance of health care insurance after retirement until age 65. The retiree will pay the monthly premiums,
except that employees who retire after thirty or more years with the District, shall have up to five years of health
care insurance benefits provided on the basis of the retiree paying 50% of the monthly premiums,
.
The District finances this benefit on a pay-as-you-go basis. For the year ended June 2005, the estimated net cost
to the District was $ 200,000 ($ 600,000 estimated plan costs paid for the retirees less $ 400,000 estimated
premiums paid by the retirees),
RISK MANAGEMENT
Health insurance
.
.
The District's health insurance plan allows each participant to choose one of the three coverage options available
through South Central Trust. South Central Trust is not a risk sharing pool. The Trust was established for
processing claims and obtaining reinsurance through commercial insurance carriers. The Trust has reinsurance
for claims in excess of $ 100,000 specific (per person) and 125% aggregate (estimated District annual cost),
District transactions with the Trust were as follows:
FS - 23
.
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd,)
JUNE 30, 2005
.
RISK MANAGEMENT (Cont'do)
Amount available for accrued costs, beginning $ 1,014,197
.
Payments to the trust 3,035,492
Claims paid by the trust $ (2,907,611)
Administrative and other fees (146,552)
. Stop loss premiums (174,126)
(3.228,289)
Amount available for accrued costs, ending $ 821 400
. The amount available for accrued costs was as follows:
Estimated additional claims incurred $ 444,639
Accrual for administrative and other fees 24,425
Accrual for health insurance coverage on payroll payable 352,336
.
$ 821 400
Other insurance
.
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 - 24
.
.
BIG SPRING SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
COMMITMENTS AND CONTINGENCIES
.
Current construction project
The District is in the process of converting the former high school to a middle school. This project also involves
converting the former annex to District administrative offices and a fitness center, At June 2005 the Capital
Projects Fund has approximately $ 3,700,000 available for this project Approximately $ 900,000 of additional
funds will be needed to complete this project
.
Proposed construction project
.
The former middle school will be converted to an elementary school. The District is in the process of determining
its elementary grade configuration which will impact this construction project Recent architectural cost estimates
for this project are in the range of $ 4,000,000 to $ 5,000,000.
Other commitments and contingencies
The District's contract with its teaching staff expires in June 2007.
.
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 disallowanc:e of program expenditures.
SUBSEQUENT EVENT
.
In August 2005, the District issued its 2005 Series general obligation bonds in the amount of $ 4,500,000, After
discounts and issuance costs of $ 89,287, the District received $ 4,410,713, Approximately $ 900,000 will be used
to complete the current construction project The remaining amount will be used toward the conversion of the
former middle school to an elementary school.
.
FS - 25
.
.
.
.
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