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CAMP HILL SCHOOL DISTRICT
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
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TABLE OF CONTENTS
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INDEPENDENT AUDITORS' REPORT
MANAGEMENT'S DISCUSSION AND ANALYSIS
. BASIC FINANCIAL STATEMENTS
District-wide financial statements
Statement of net assets
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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
Reconciliation of the governmental funds statement of revenues,
expenditures, and changes in fund balance to the statement of activities
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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
Statement of changes in net assets - fiduciary funds
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NOTES TO FINANCIAL STATEMENTS
BUDGETARY COMPARISON INFORMATION - GENERAL FUND
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Page
Number
IAR - 1 to IAR - 2
MDA - 1 to MDA - 8
FS -1
FS -2
FS - 3
FS -4
FS -5
FS-6
FS -7
FS -8
FS-9
FS -10
FS -11
FS - 12 to FS - 28
BCI-1
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GREENAWALT & COMPANY, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
JAMES E. LYONS
HOW.~D R. GREENAWALT
CREEDON R. HOFFMAN
DEBORAH J. KELLY
400 WEST MAIN STREET
MeCHANICSBURG, PENNSYLVANIA 17055
(717)766-4763
FAX (717) 766-2131
62 WEST POMFREl' STREET
CARLlSLE, PA 17013
(717)243-4822
FAX (717) 258-9372
R. A. GREENAWALT (1956-1983)
A. A. REIDINGER (RETIRED)
C EDWARD ROGERS, JR
INDEPENDENT AUDITORS' REPORT
Board of School Directors
Camp Hill School District
Camp Hill, Pennsylvania
We have audited the accompanying financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of Camp Hill School District as of and for the year
ended June 30, 2005, which coliectively 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
11, 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 principies 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 governrnental activities, the business-type activities, each major fund, and the aggregate remaining
fund information of Camp Hill 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.
IAR-1
. MEMBERS -- AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS -- PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANT~
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Board of School Directors
Camp Hill School District
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Management's discussion and analysis on pages MDA - 1 through MDA - 8 and budgetary comparison intormation 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 ot measurement and presentation of
. the required supplementary information. However, we did not audit the information and express no opinion on it.
. ~l'hJJl;~,,-C.
GREEN;:;~6 ~ cO-MIMI PC
September 29, 2005
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Mechanicsburg, Pennsylvania
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IAR-2
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CAMP HILL SCHOOL DISTRICT
CAMP HILL, PENNSYLVANIA
MANAGEMENT'S DISCUSSION AND ANALYSIS
Our discussion and analysis provides an overview of the financial performance for the District for the fiscal year ended
June 30, 2005, compared with fiscal year 2004. This is the second year we have reported District activities in
accordance with new governmental reporting requirements, and the first year in which we have provided year-to-year
comparisons. Please read our discussion and analysis in conjunction with the District's financial statements, which
begin on page FS-1.
FINANCIAL HIGHLIGHTS
Actual 2003-04 compared to 2004-05
Revenues
:>- Actual General Fund total revenues and other financing sources for 2004-05 exceeded prior year revenues by
approximately $430,000, or 3.7%. Local revenues in the General Fund for 2004-05 increased $283,500 over
the prior year. Real Estate revenues collected were $423,000 over the prior year, a result of the 0.84 millage
increase. The District experienced a loss of rental revenue of $128,000 from the prior year due to
discontinued lease of the Eisenhower building by the Capital Area Intermediate Unit.
:>- In fiscal year 2004-05, as the result of implementing Act 24, we eliminated the 165% Occupational Tax as a
source of revenue, replacing it with a 1.00% increase to our share of the Earned Income Tax. Although this is
not expected to significantly change our tax receipts over the long-term, a $563,640 lag in revenue was
anticipated and budgeted for through use of fund balance. However, actual Earned Income Tax collected
(including accrual period) was $145,500 less than prior year Occupation and EIT receipts, resulting in use of
General Fund fund balance.
:>- State funding in the General Fund for 2004-05 increased by $160,400 over the prior year, primarily due to
$112,000 in additional basic subsidy and $40,200 in accountability block grant. The accountability block grant
was a new initiative and required the grant to be spent on specific programs. The District submitted the grant
to be used for instructional materials.
Expenditures
:>- Actual General Fund Expenditures and other uses increased by $393,000 or 3.4%.
:>- General Fund salaries increased $180,900 (2.8%). General Fund medical benefit expenses increased
$234,500 over the prior year, which represents a 23% increase. In August of 2004, the District joined a self
funded trust to control future year medical benefit increases. The required PSERS retirement contribution
rate increased by 12.2%, or $33,300.
:>- Although expenses for HACC tuitions increased $40,000 from the prior year, the District experienced a
$113,300 decline in outside tuitions paid to other School Districts and charter schools for resident students.
:>- The District has implemented a long range infrastructure plan to address capital needs in the buildings.
During the 2004-05 year, $27,000 was identified and set aside for such needs. Additionally, major repairs
and contracts for maintenance of buildings increased approximately $23,000 over the prior year. Because the
District assumed maintenance and utility costs on the Eisenhower building in 2004-05 with the CAIU lease
termination, those costs exceeded the prior year by approximately $39,000.
:>- In August of 2004, the District refunded Series AA of 1998 and the Series of 2000 general obligation bonds,
realizing an economic gain of approximately $726,000 over the life of the bonds. The savings are realized
primarily in the first three years of refinancing.
:>- In 2004-05, the District spent approximately $31,000 less in non-leased technology equipment than the prior
year, due to a one-time "Teaching American History" grant that was received and spent in 2003-04.
y The District administration established changes to the cafeteria program to make the program self-sufficient,
which resulted in a decrease in General Fund support to the program of $ 37,000 from the prior year.
MDA-1
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CAMP HILL SCHOOL DISTRICT
CAMP HILL, PENNSYLVANIA
USING THESE FINANCIAL STATEMENTS
This report consists of a series of financial statements. The Statement of Net Assets and the Statement of Activities
(on pages FS-1 and FS-2) provide information about the activities of the District as a whole, and present a longer-term
view of the District's finances than Fund statements. Fund financial statements are on pages FS-3, FS-5 and FS-7
through FS-11. For governmental activities, these statements teil how District services have been financed in the
short term, as well as show the amount remaining for future spending. Proprietary fund statements provide
information about non-governmental operations, in our case, food services. Fiduciary funds statements report funds
held in trust by the District for such things as scholarships and student activity funds.
The Reconciliation of the Governmental Funds Balance Sheet on page FS-4 reconciles governmental fund balance to
the total net assets balance from the Statement of Net Assets. The reconciliation on page FS-6 does the same for the
components of the changes in fund balances.
Reporting the District as a Whole
The statements present financial activities and the results of those activities in two categories, Governmental and
Business-type. Capital assets (land, buildings, improvements, furniture and equipment) are presented with all other
assets. long-term debt is presented with all other liabilities. This is distinctly different from the Fund statements in
which assets and iiabilities are separated into various funds such as General and Capital Projects.
The approach to measurement of revenue and expense is similar to that used in the private sector and is referred to
as foilowing the accrual basis of accounting. This is discussed further in the notes to the financial statements.
Reporting the District's Most Significant Funds
The funds statements provide financial information about the District's significant funds rather than the District as a
whole. There are three fund types - Governmental, Proprietary and Fiduciary. The use of each type of fund is
described in the notes to the financial statements. Unlike the financial statements that measure revenues on the
accrual basis, the funds statements report revenues only to the extent cash has been received, or is expected to be
received in the near future.
The District as Trustee
The District acts as fiduciary for two funds a Private Purpose Trust for scholarship monies and a Student Activities
fund. In comparison to the Governmental Funds, the amounts held in the fiduciary funds are small. Fund balances
and activity for the year are presented on pages FS-10 and FS-11.
THE DISTRICT AS A WHOLE
The District's total net assets were $2,283,084 at June 30, 2005, representing an increase of $443,707 from the end
of the previous year. Table A-1 on the next page summarizes and compares the Statement of Net Assets from page
FS-1 of the financial statements.
MDA-2
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CAMP HILL SCHOOL DISTRICT
CAMP HILL, PENNSYLVANIA
. Table A-1
Net Assets
June 30, 2005
(in thousands)
Governmental 8u5iness~type Total Primary
Activities Activities Government
2005 2004 2005 2004 2005 2004
. Current and other assets $ 3,859.8 $ 3,180.0 $ 45.9 $ 56.7 $ 3,905.7 $ 3,236.7
Capital assets 9,656.5 9,902.5 89.0 99.0 9,745.5 10,001.5
Total assets $13,516.3 $ 13,082.5 $ 134.9 $ 155.7 $13,651.2 $13,238.2
Current and other liabilities $ 1,277.7 $ 1,090.1 $ 2.9 $ 3.4 $ 1,280.5 $ 1.093.5
Long-term liabilities 10,083.2 10,300.9 4.5 4.5 10,087.6 10,305.4
Total liabilities 11,360.8 11,391.0 7.3 7.9 11,368.2 11,398.9
. Invested in capital assets (net of related debt) 3.2 (130.6) 89.0 99.1 92.2 (31.6)
Restricted for capital projects 440.1 284.4 440.1 284.4
Unrestricted 1,712.1 1,537.7 38.6 48.8 1,750.7 1,586.5
Total net assets 2,155.5 1,691.5 127.6 147.8 2,283.1 1,839.4
Total liabilities and net assets $13,516.3 $ 13,082.5 $ 134.9 $ 155.7 $13,651.2 $13,238.3
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Net assets are the difference between total assets and total liabilities, and represent resources that can be used to
pay for future operations and capital improvements. Most of the District's net assets are unrestricted. The restricted
portion of net assets represents cash and investments that can only be used for capital projects.
There were no significant changes between total assets for the two years. The small (3%) increase in total assets
was primarily the result of a change in the Earned Income Tax collection and recognition as described in the financial
highlights section.
Table A-2 summarizes and compares activity presented in the Statement of Activities (page FS-2). It shows the items
that made up the $443.7 thousand increase in totai net assets. This increase represents a change in reported value
measuring revenue and expenses on an accrual basis. It does not represent an increase in cash or other readily
available funds. For example, in fiscal year 2004-05, with implementation of Act 24 Earned Income Tax, we reported
as revenue more in taxes than coilected. The result is a more accurate measurement of the taxes earned, and
expenses incurred, for each year. Page FS-6 of the financial statements reconciles those two different concepts.
Table A-2
Changes in Net Assets
June 30, 2005
(in thousands)
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Governmental
Activities
2005 2004
Business-type
Activities
2005 2004
Total Primary
Government
2005 2004
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Revenues
Program Revenues
Charges for service
Operating grants & contributions
Capital grants & contributions
General Revenues
Taxes
State general subsidies
Other
Total Revenues
Direct Expenses
Transfers
Change in net assets
$ 200.2 $
1,051.4
55.2
278.4
1,022.9
104.9
$ 230.4 $ 208.7
26.2 22.5
$
430.6 $
1,077.6
55.2
487.1
1,045.4
104.9
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9,868.4
1,008.3
146.7
12,330.2
(11,851.6)
(14.7)
$ 463.9 $
9,217.9
928.2
91.9
11,644.2
(12.032.0)
(115.8)
(503.6)
1.0 0.5
257.6 231.7
(292.5) (29D.6)
14.7 115.8
$ (20.2) $ 56.9
9,868.4
1,008.3
147.7
12,587.8
(12,144.1)
9,217.9
928.2
92.4
11,875.9
(12,322.6)
$ 443.7 $ (446.7)
MDA-3
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. CAMP HILL SCHOOL DISTRICT
CAMP HILL, PENNSYLVANIA
. Governmental Activities
Table A-3, shown below, presents expense information from the Statement of Activities for governmental activities.
The total cost of services represents the actual cost of providing the services, while the net cost represents the
amount of cost not recovered through program revenues, meaning user charges, grants and contributions. The total
net cost of services of $10,544,786 must be recovered through general revenue, primarily taxes and state subsidies.
Amounts not recovered will reduce funds available for future years.
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Classroom Instruction
Instructional student support
Administrative and financial support
Operation and maintenance of plant
Pupil Transportation
Student activities
Community services
Interest on Long-term debt
Total governmental activities
Less state general subsidies
Total needs from taxes and other local sources
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Table A-3
Governmental Activities
June 30, 2005
(in thousands)
Total Cost of
Services
2005 2004
$ 7,211.6 $
1,257.1
1,175.5
1,344.7
83.0
443.8
18.9
317.0
$11,851.6
6,924.4
1,419.0
1,078.0
1,594.7
90.7
402.5
9.9
512.9
$ 12,032.1
Less: Program Net Cost of
Revenues Services
2005 2004 2005 2004
$ 997.1 $ 937.5 $ 6,214.5 $ 5,986.9
124.1 128.4 1,133.0 1,290.6
40.1 37.1 1,135.4 1,040.9
31.1 194.8 1,313.6 1,399.9
3.2 3.8 79.8 86.9
60.3 41.0 383.5 361.5
0.8 18.1 9.9
50.1 63.7 266.9 449.2
$ 1,306.8 $ 1,406.3 10,544.8 10,625.8
1,008.2 928.2
$ 9,536.6 $ 9,697.6
The cost of governmental activities was about 1 percent lower in fiscal year 2004-05 compared with 2003-04. This
decrease was offset by an 8% increase in state subsidies, resulting in 2% less being required from taxes and other
local sources.
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Business-Type Activities
Table A-4 is similar to the previous table, except it presents business-type service costs. Price increases in the
program resulted in significantly higher program revenues to offset the net cost of services.
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Food services
Less: Investment earnings
Total business type activities
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Table A-4
Business-Type Activities
June 30, 2005
(in thousands)
Total Cost of
Services
2005 2004
$ 292.5 $
290.6
MDA-4
Less: Program
Revenues
2005 2004
$ 256.6 $ 231.2
Net Cost of
Services
2005 2004
$ 35.9 $ 59.4
0.9 0.5
$ 35.0 $ 58.9
. CAMP HILL SCHOOL DISTRICT
CAMP HILL, PENNSYLVANIA
. DISTRICT'S FUNDS
The information in Table A-5 summarizes and compares the Governmental Funds' Balance Sheet for June 30, 2004
and 2005. The groupings are the same as those used in the Statement of Net Assets.
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Table A-5
Comparative Fund Balances
June 30
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2004 2005 $ change % change
General Fund
R estricted $ $ $ N/A
Unrestricted 1,195,620 1,038,508 (157,112) -13.14%
Total General Fund 1,195,620 1.038,508 (157,112) -13.14%
Capital Projects Fund
Restricted 308,815 440,123 131,308 42.52%
Unrestricted N/A
Total Capital Projects Fund 308,815 440,123 131,308 42.52%
Spedal Revenue Fund
Restricted N/A
Unrestricted 49,338 47,651 (1,687) -342%
Total Spedal Revenue Fund 49,338 47,651 (1,687) -342%
All Governmental Funds
Restricted 308,815 440,123 131,308 42.52%
Unrestricted 1,244,958 1,086,159 (158,799) -12.76%
Total All Governmental Funds $ 1,553,773 $ 1,526,282 $ (27,491) -1.77%
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As previously mentioned, the basis of measurement for fund assets and liabilities is different than that used in the
Statement of Net Assets. The differences between the total governmental fund balances of $1,526,282 and the total
net assets of $2,155,486 are itemized in the reconciliation presented within the financial statements on page FS-4.
Primarily, the difference relates to inclusion of capital assets and related debt, inclusion of unamortized bond related
costs, and taxes receivable in the Statement of Net Assets.
The items that caused the change in fund balance during the year are presented in the Statement of Revenues,
Expenditures and Changes in Fund Balances within the financial statements on page FS-5. Although all
Governmental Funds fund balance decreased by only $27,491, or less than 2%, this is a combination of general fund
decreasing by $157,112 (primarily due to implementation of Act 24) and the Capital Projects funds increasing by
$131,308.
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MDA-5
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. CAMP HILL SCHOOL DISTRICT
CAMP HILL, PENNSYLVANIA
. General Fund Budgetary Highlights
Table A-6 has been summarized from the comparative budget information presented on page BCI-1 of the required
supplemental information.
Table A-6
Comparison of Budget to Actual
For the Year Ended June 30
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Final Budaet
2005 2004
Actual
2005 2004
Favorable (Unfavorable)
Variance
2005 2004
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Total Revenue
Total Expenditures
Revenues overJ(under) expenditures
Other financing sources (uses)
Net change in fund balances
$11,726,457
11,941,220
(214,763)
(348,878)
$ (563,641)
$11,501,602
11,490,462
11,140
(159,538)
$ ( 148,398)
$11,871,297
11,840,813
30,684
(187,796)
$ (157,112)
$11,462,072
11,616,165
(154,093)
(40,042)
$ (194,135)
$ 144,840
100,607
245,447
161.082
$ 406,529
$ (39,530)
(125,703)
(165,233)
119,496
$ (45,737)
. The variance between actual and budget for fiscal year 2005 was favorable by $406,529. As noted in the highlights
section, we anticipated a $563,640 lag in collection of Earned Income Tax in the original budget, but with full revenue
accrual, only $145,500 was not recognized in the 2004-05 year. Therefore, approximately $418,000 of the variance is
attributable to the new tax implementation.
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CAPITAL ASSETS
Table A-7 summarizes and compares the Changes in Capital Assets note to the financial statements on page FS-20.
The original cost of the capital assets on the books at June 30, 2005 was $18,104,099. Each year, capital assets
other than land are depreciated (reduced in value) to reflect usage. The net balance of $9,656,509 is the amount
remaining after this reduction.
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Table A-7
Governmental Activities Capital Assets Comparison
net of accumulated depreciation
June 30
2004 2005
. land $ 384,041 $ 384,041
Buildings & improvements 8,732,031 8,439,749
Furniture & equipment 786,497 832,719
Total Capital Assets, net of
accumuiated depreciation $ 9,902,569 $ 9,656,509
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During fiscal year 2004-05, the District added $176,466 in Capital Assets, and disposed of $116,979 in Capital
Assets. The remaining decrease in net value is due to depreciation.
MDA-6
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. CAMP HILL SCHOOL DISTRICT
CAMP HILL, PENNSYLVANIA
. DEBT ADMINISTRATION
Table A-8 summarizes the Long-Term Liabilities note to the financial statements on pages FS-22 to FS-25. Most of
the debt relates to the Series of 2004 general obligation bonds which refunded the Series AA of 1998 and the Series
of 2000 bonds sold by the District to pay for the MS/HS renovation and other capital improvements. The refunding is
further described on page FS-23 in the notes to financial statements.
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Table A-8
Governmentai Activities Long-Term Liability Comparison
June 30
2004
2005
General obligation debt
Capital leases
Compensated absences
Total Governmental Activities
long-term liabilities
$ 9,955,000
78,150
322,791
$ 10,095,000
110,370
327,438
$ 10,355,941
$ 10,532,808
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
Taxes
Our largest source of revenue comes from taxes. Because the District is landlocked within the Borough, assessment
changes are only realized when there is a County-wide reassessment, as was the case with the 2005-06 year.
Because Districts are prohibited from realizing a windfall from reassessments, we were required to restate the 2004-
05 tax rate from 12.76 to 11.3 mills via a resolution. A 0.73 mill increase was approved by the Board to balance the
2005-06 budget, resulting in a final Real Estate Tax rate of 12.03 mills.
As a result of full implementation of Act 24, approved by referendum in 2003, the Earned Income Tax was increased
in 2004-05 as described in the financial highlights section. This shift in taxation will not result in significant changes in
revenue, however the lag in collection of the tax will result in cash flow variances, as the Occupation assessment tax
was primarily received within the first 60 days of the budget year.
General Fund Budget
Table A-9 compares the revised budget for 2004-05 to the 2005-06 budget.
MDA-7
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CAMP HILL SCHOOL DISTRICT
CAMP HILL, PENNSYLVANIA
Table A-9
Comparison of Budgets
For the Years Ended June 30
Budget to Budget to
Budget Budget budget$$ budget %
2004-05 2005-06 incr/(decr) incr/( decr)
Budgeted Revenues:
Local $ 9,530,081 $ 10,595,727 $ 1,065,646 11.18%
State 2,056,114 2,050,757 (5,357) -0.26%
Federal/other 140,262 249,966 109,704 78.21%
Total 11,726,457 12,896,450 1,169,993 9.98%
Budgeted Expenditures:
Salaries 6,775,529 6,759,691 (15,838) -0.23%
Benefits 2,264,995 2,444,755 179,760 7.94%
Purchased professional services 385,821 502,578 116,757 30.26%
Purchased property services 562,326 577,052 14,727 2.62%
Other svcs 707,509 765,418 57,909 8.18%
Supplies/materials/texts 348,042 333,130 (14,912) -4.28%
Equipment 104,801 307,803 203,002 193.70%
Other 583,487 494,891 (88,596) -15.18%
Transfers 557,590 711,133 153,543 27.54%
Total 12,290,098 12,896,450 606,352 4.93%
Budgeted change in Fund Balance $ (563,641 ) $ $ 563,641
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2005-2006 Budget Highlights
'" The new 2005-06 budget presents an increase in total expenditures of 4.9%. Of the $606,352 increase,
approximately $180,000 is due to employment taxes & benefits, including a 12% health insurance increase
($123,100) and a 10% increase in mandatory retirement expenses ($30,100). The salary budget decreased
by approximately $16,000 due to professional staff retirements and non-replacement of several professional
and classified positions, and contracting for the athletic trainer position.
'" Accounting treatment of a technology lease program resulted in approximately $165,700 of the increase
(increased revenue $123,000 offsets this expense). Based on the curriculum update needs, an additional
$32,700 in equipment needs was budgeted in 2005-06 over 2004-05.
'" Special education services, transportation and HACC and other tuitions account for approximately $120,000
of the increase in expenditure budget.
'" The State provided $40,196 in accountability grant funds, which require specific supplemental expenditure to
support the initiative.
'" Another major increase in the expense budget is an $85,000 additional contingency if staffing is needed for
enrollment changes.
'" The expenditure budget is offset by a 10% increase in revenues over the 2004-05 revenues. Of the
$1,170,000 increase in revenues, $563,600 is attributable to the full Earned Income Tax implementation from
Act 24. A real estate tax revenue increase of $487,000 is generated from a 0.73 mill tax rate increase
combined with assessment increases from commercial building.
y The $123,000 technology lease revenues noted above makes up the remaining revenue increase.
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MDA - 8
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.
CAMP HILL 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 $ 46,051 $ 50,582
Due from other governments 2,739 2,040
Other receivables 1,724
Inventories 2,766 2,314
. Total current assets 51,556 56,660
Furniture and equipment (net of accumuiated depreciation) 89,041 99,050
Total assets $ 140,597 $ 155,710
.
Liabilities
Accounts payable $ 36 $ 42
Due to other funds 5,661
Deferred revenue 2,851 3,341
. Current portion of compensated absences 1,000 1,000
Total current liabilities 9,548 4,383
Long term portion of compensated absences 3,451 3,518
. 12,999 7,901
Net assets
invested in capital assets (net of related debt) 89,041 99,050
Unrestricted 38,557 48,759
. Total net assets 127,598 147,809
Total liabilities and net assets $ 140,597 $ 155,710
.
.
The accompanying notes are an integral part of these financial statements.
FS -7
.
.
CAMP HILL SCHOOL DISTRICT
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
(With Summarized Financial Information tor the Year Ended June 30, 2004)
.
Food Service
2005 2004
. Operating revenues - Food service revenue $ 230,438 $ 208,668
Operating expenses
Salaries 98,495 98,617
Employee benefits 56,574 50,336
Purchased property service 1,361 1,554
. Other purchased services 266 737
Food and milk 122,822 124,956
Other supplies 2,838 3,725
Depreciation 10,009 9,635
Other operating expenses 110 1,026
. Total operating expenses 292,475 290,586
Operating loss (62,037) (81,918)
Nonoperating revenues
. Earnings on investments 949 439
State sources - social security and retirement subsidies 5,609 5,277
State sources - meal subsidies 4,674 3,845
Federal sources - meal subsidies 15,875 13,423
Total nonoperating revenues 27,107 22,984
. Income (loss) before contributions and transfers (34,930) (58,934)
Contributions and transfers
Capitai contributions from capital projects 64,160
Transfers from General Fund 14,719 51,628
. Total contributions and transfers
14,719 115,788
Change in net assets (20,211) 56,854
Net assets - beginning 147,809 90,955
.
Net assets - ending $ 127,598 $ 147,809
.
The accompanying notes are an integral part of these financial statements.
FS-8
.
.
CAMP HILL SCHOOL DISTRICT
STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
(With Summarized Financial Information for the Year Ended June 30, 2004)
.
Food Service
2005 2004
. Operating activities
Cash received from users $ 231,673 $ 209,069
Cash payments to employees for services (155,136) (144,435)
Cash payments to suppliers for goods and services (123,281) (124,580)
Cash payments for other operating expenses (4,575) (7,041)
. Net cash used for operating activities (51,319) (66,987)
Non-capital financing activities
State sources 10,096 8,855
Federal sources 15,363 12,243
General Fund contributed services 20,380 51,628
. Net cash provided by non-capital financing activities 45,839 72,726
Investing activities
Earnings on investments 949 439
Net cash provided by investing activities 949 439
. Net increase (decrease) in cash and cash equivalents (4,531) 6,178
Cash and cash equivalents - beginning 50,582 44,404
Cash and cash equivalents - ending $ 46,051 $ 50,582
.
Reconciliation of operating loss to net cash
used for operating activities
Operating loss $ (62,037) $ (81,918)
Adjustments to reconcile operating loss to net cash
. used for operating activities
Depreciation 10,009 9,635
Net change in other assets and other liabilities
Accounts receivable 1,724 (1,724)
Deferred revenue (490) 2,126
Inventories (452) 654
. Accounts payable (6) (278)
Compensated absences (67) 4,518
Total adjustments 10,718 14,931
Net cash used for operating activities $ (51,319) $ (66,987)
.
The accompanying notes are an integral part of these financial statements.
FS - 9
.
.
CAMP HILL SCHOOL DISTRICT
STATEMENT OF NET ASSETS - FIDUCIARY FUNDS
JUNE 30, 2005
(With Summarized Financial Information for June 30, 2004)
.
Private
Purpose Student Totals
Trust Activities 2005 2004
.
Assets
Cash and cash equivalents $ 145,275 $ 71,525 $ 216,800 $ 239,744
Accounts receivable 495
Total assets $ 145,275 $ 71,525 $ 216,800 $ 240,239
.
Liabilities
Accounts payable $ $ $ $ 4,382
Due to student groups 71,525 71,525 92,219
. T otalliabilities 71,525 71,525 96,601
Net assets - restricted 145,275 145,275 143,638
Total liabilities and
. net assets $ 145,275 $ 71,525 $ 216,800 $ 240,239
.'
.
.
.
The accompanying notes are an integral part of these financial statements.
FS -10
.
.
CAMP HILL SCHOOL DISTRICT
STATEMENT OF CHANGES IN NET ASSETS - FIDUCIARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
(With Summarized Financial Information for the Year Ended June 30, 2004)
.
Private Purpose Trust
2005 2004
. Additions
Gifts and contributions $ 9,275 $ 514
Interest income 2,866 1,513
Total additions 12,141 2,027
. Deductions
Scholarships, awards and other expenditures 10,504 7,109
Change in net assets 1,637 (5,082)
. Net assets - beginning 143,638 148,720
Net assets - ending $ 145,275 $ 143,638
.
.
.
.
.
The accompanying notes are an integral part of these financial statements.
FS -11
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2005
.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
.
Camp Hill School District is the level of government which has oversight responsibility and control over activities
related to public school education. The report includes services provided by the District to residents within the
boundaries of the Borough of Camp Hill, Cumberland County, Pennsylvania. Services provided inciude a
comprehensive curriculum for primary and secondary education as well as special education and vocational
education programs. The District receives revenue from local, state and federal sources and must comply with the
requirements of these funding sources.
.
The financial statements of Camp Hill School District have been prepared in accordance with generally accepted
accounting principles as applied to governmental units. The Governmental Accounting Standards Board is the
authoritative standard-setting body for the establishment of governmental accounting and financial reporting
principles. The more significant of these accounting policies are as follows:
.
Reporting entity
.
Governmental Accounting Standards Board Statement No. 39 "Determining Whether Certain Organizations are
Component Units" (an amendment of Statement No. 14), established the criteria for determining the activities,
organizations and functions of government to be included in the financial statement of the reporting entity. In
evaluating the District as a reporting entity, management has addressed all potential component units which may
or may not fall within the school's financial accountability. The criteria used to evaluate component units for
possible inclusion as part of the District's reporting entity are:
.
. Economic resources received or held by the separate organization are entirely for the direct benefit of the
District or its constituents.
. The District is entitled to, or has the ability to access a majority of the economic resources received or held
by the separate organization.
. The economic resources received or held by an individual organization that the District is entitled to (or
has the ability to) access is significant to the District.
.
There are no component units that the District feels meets the significance criteria for inclusion in this reporting
entity.
.
Jointly-governed organizations
.
The District is a participant in four jointly-governed organizations, each of which is a separate legal entity that
offers educational services to the District and its residents. Each of these entities serves several school districts
and/or municipalities and therefore are not included in this reporting entity. These entities do not have taxing
power, but are required to adopt an annual budget, which is funded primarily by its member Districts or others that
use its services. Complete financial statements for these entities can be obtained from the respective entity's
administrative office.
FS -12
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Jointly-governed organizations (Cont'd.)
.
.
West Shore Tax Bureau provides earned income tax collection services.
Capital Area Intermediate Unit provides special education services and programs.
Cumberiand Perry Area Vocational Technical School provides vocational and technical education
services and programs.
Harrisburg Area Community College provides community co liege 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 normaliy 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 presented 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 presented 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 presented as separate
columns in the fund financial statements. Nonmajor funds, if any, are aggregated and presented in a single
column. Fiduciary funds are presented by fund.
FS -13
.
.'
CAMP HILL 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, except for earned income tax revenue which may be
considered available if received within 60 to 90 days of the end of the fiscal year, depending upon the frequency of
payments from the District's collection bureau. 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 presented 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 avaiiable tor 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 -14
.
.
CAMP HILL 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 avaiiable 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 avaiiable 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.
FS -15
.
.
CAMP HILL 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 Projects Fund accounts for bond proceeds and the expenditure of those funds.
.
The Special Revenue Fund accounts for the proceeds of specific revenue sources that are restricted to
expenditures for specified purposes. This fund inciudes the Athletic Fund and the Band Uniform Fund.
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 Private Purpose Trust Fund accounts for assets held by the District in a trustee capacity which are used
for various schoiarship and award programs for students.
.
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 presented 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
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cant'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 presented in the government-wide financial statements as "internal balances".
Baiances between funds are considered to be short-term items pending periodic repayments.
.
Inventories
Inventories are presented at the lower of cost or market on a first-in, first-out basis, and are expended when used.
Donated commodities are recognized as revenue and are inventoried at an estimated cost value.
.
Capital assets
.
Capital assets, which inciude 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
$ 2,000 and an estimated useful life in excess of one year. Management has elected to include certain
homogeneous groups with individual costs of less than $ 2,000 as capital assets for financial reporting purposes.
In addition, capital assets purchased with long-term debt may be capitalized regardless of the threshoids
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
Years
.
Buildings
Building improvements
Site improvements
Technology equipment
Furniture, fixtures and equipment
Library books
40
20 to 40
15 to 20
5
7 to 15
7
.
Proprietary fund equipment purchases are capitalized at cost and depreciated on a straight-line basis over useful
lives of 5 to 20 years.
FS -17
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Long-term liabilities
.
.
In the district-wide financial statement, and in the proprietary fund types in the fund financiai statements, long-term
debt and other long-term obligations are presented as liabilities in the applicable governmental activities or
proprietary fund statement of net assets. Refunding costs and bond premiums and discounts are amortized over
the life of the bonds using the effective interest method and the straight-line 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 resuits 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
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
CASH AND CASH EQUIVALENTS AND INVESTMENTS (Cont'd.)
.
Deposit balances with a single bank in the amount of $ 483,768, of which $ 100,000 was insured and
$ 383,768 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 Treasurer's Invest Program (INVEST) in the amount of $ 1,021,155.
These deposits are invested by INVEST directly in a portfolio of securities which is heid by a third party
custodian. Since INVEST is acting in a fiduciary capacity for the District and recognizes 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 Pennsylvania Local Government Investment Trust (PLGIT) in the amount of $ 155,826.
These deposits are invested by PLGIT directly in a portfolio of securities which is held by a third party
custodian. Since PLGIT is acting in a fiduciary capacity for the District and recognizes 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
Receivable
(Gross)
Allowance for
Uncollectibles
Taxes
Receivable
(Net)
Deferred
Tax Revenue
.
Real estate taxes
Personal taxes
Earned income taxes
General Fund
Full accruai adjustment
$ 184,275 $ 1,377
637,361 505,595
1 ,789,700
2,611,336 506,972
Total
$ 2611 336 $
506 972
.
.
FS -19
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
DUE FROM OTHER GOVERNMENTS
Due from other governments are as follows:
. Governmental Business-type
Activities Activities Total
Local sources - taxes $ 22,314 $ $ 22,314
State sou ;ces 111,430 613 112,043
. Federal sources 46 802 2.126 48.928
$ 180 546 $ 2739 $ 183 285
CHANGES IN CAPITAL ASSETS
. Capital asset activity for the year was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental activities
. Capital assets not being depreciated
Land $ 384.041 $ $ $ 384.041
Capital assets being depreciated
Site improvements 597,150 11,938 609,088
. Buildings and improvements 12,969,267 12,969,267
Furniture, fixtures and equipment 1,287,714 35,586 87,020 1,236,280
Library books 890,409 13,394 4,912 898,891
Technology equipment 1.916.031 115.548 25.047 2.006.532
17.660.571 176.466 116.979 17.720.058
. Less accumulated depreciation for:
Site improvements 248,526 29,318 277,844
Buildings and improvements 4,585,860 274,902 4,860,762
Furniture, fixtures and equipment 620,503 55,193 45,218 630,478
Library books 788,737 3,723 4,912 787,548
Technology equipment 1 898.417 17.588 25.047 1.890.958
. 8 142043 380.724 75.177 8447.590
Total capital assets being depreciated, net 9.518.528 (204.258) 41.802 9.272 468
Governmental activities capital assets, net $ 9 902 569 $ 1204 258) $ 41 802 $ 9 656 509
.
FS - 20
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
CHANGES IN CAPITAL ASSETS (Cont'd.)
Beginning
Balance
Increases
Decreases
Ending
Balance
.
Business-type activities
Capital assets being depreciated
Equipment
$
126,625 $
- $
- $
126,625
.
Less accumulated depreciation for:
Equipment
27.575
10.009
37.584
Total capital assets being depreciated, net
99.050
(10,009)
89.041
.
Business-type activities capital assets, net
$
99 050 $
(10009) $
$
89041
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
$
260,404
49,394
25,969
25,910
19.047
.
Total depreciation expenses - Governmental activities
$
380 724
Business-type activities
Food service
$
10009
. 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 $ 1,002,946
. consists of $ 999,497 taxes receivable not received within 60 to 90 days of the end of the fiscal period, and
$ 3,449 of deferred federal grants.
Deferred revenue in the proprietary funds and the district-wide financial statements represents resources that have
been received but not yet earned.
.
FS - 21
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
-
LONG-TERM LIABILITIES
.
A summary of the changes in all long-term liabilities tor the year ended June 30, 2005 is as follows:
.
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental Activities
General obligation debt $ 9,955,000 $ 9,910,000 $ (9,770,000) $ 10,095,000 $ 190,000
Capital leases 78,150 107,575 (75,355) 110,370 74,524
Compensated absences 322.791 14.430 (9.783) 327 .438 65 .487
Governmental activity
long-term iiabilities $ 10355941 $ 10032 005 $ (9855138) $ 10532 808 $ 330011
A. General obligation notes and bonds payable
-
Changes in general obligation notes and bonds payable were as follows:
.
Beginning
Balance
New Issue
Refundinq
Scheduled
Redemptions
Ending
Balance
-
General Obligation Notes
Series A of 1998
Series AA of 1998
$ 580,000 $
2,320,000
$ $ (395,000) $
(2,320,000)
185,000
I-
I
General Obligation Bonds
Series of 2000
Series of 2004
7,055,000
(7,055,000)
9.910.000 9.910.000
$ 9 955 000 $
$ 535 000 $ 1395 000) $ 10 095 000
Interest Rates
Maturity Date
Callable Date
Amounts
Due Within
One Year
-
Series A of 1998
Series of 2004
4.45%
1.30% to 4.00%
March 2006
May 2019
Not callable $
May 2009
185,000
5000
-
$
190 000
FS - 22
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
LONG-TERM LIABILITIES (Cont'd.)
A. General obligation notes and bonds payable (Cont'd.)
.
Scheduled debt service requirements, payable by the General Fund, are as follows:
.
Year EndinQ June 30 Principal Interest Total
2006 $ 190,000 $ 328,398 $ 518,398
2007 545,000 315,636 860,636
2008 685,000 304,290 989,290
2009 695,000 289,100 984,100
2010 715,000 271,108 986,108
2011-2015 3,965,000 983,635 4,948,635
2016-2019 3 300.000 236.217 3.536.217
$ 10095000 $ 2 728 384 $ 12823384
.
.
In September, 2004 the District issued General Obligation Bonds, Series of 2004 in the amount of
$ 9,910,000. The proceeds of $ 9,779,708, alter bond discounts and issuance costs, were used to currentiy
refund the General Obligation Notes, Series M of 1998, and to advance refund the General Obligation Bonds,
Series of 2000. $ 2,354,465 was deposited with the Trustee to pay all debt service requirements of the Series
M of 1998 notes. The remaining $ 7,425,243 was deposited into an irrevocable trust account for the purpose
of generating resources sufficient to pay all future debt service requirements of the $ 7,055,000 of General
Obligation Bonds, Series of 2000. As a result, the refunded Series of 2000 bonds are considered to be
defeased and the liability has been removed from the governmental activities column of the statement of net
assets. The reacquisition price exceeded the net carrying amount of the old debt by $ 458,704. This amount
has been netted against the new debt and is being amortized over the remaining life of the refunded debt,
which is shorter than the life of the new debt. Total debt service payments on the new debt are less than those
on the old debt by approximately $ 532,200, resulting in an economic gain on the refunding of $ 726,361,
realized primarily in the 2005 through 2007 fiscal years.
.
.
.
.
FS - 23
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30,2005
.
LONG-TERM LIABILITIES (Cont'd.)
B. Capital lease obligations
.
Changes in capital lease obligations were as follows:
Ending
Additions Pavments Balance
$ (38,337) $ 39,813
107.575 (37.018) 70.557
107575 $ (75 355) $ 110370
Beginning
Balance
.
PA State Bank Leasing
PA State Bank Leasing
$
78,150 $
$ 78150 $
.
The future minimum lease obligations and the net present value of these lease payments at June 30, 2005
were as follows (aU governmental activities):
.
2005-05
2005-06
Total minimum lease payment
Less: amounts representing interest
$
78,364
37,018
115,382
(5.012)
Present value of minimum lease payments
$
110370
.
C. Compensated absences
Changes in compensated absences were as follows:
Beginning Ending
. Baiance Net ChanQe Balance
Governmental activities
Sick leave $ 270,791 $ (4,583) $ 266,208
Early retirement 52,000 9.230 61.230
. $ 322 791 $ 4 647 $ 327 438
Business-type activities
Sick leave $ 4518 $ (67) $ 4451
.
FS-24
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
LONG-TERM LIABILITIES (Cont'd.)
C. Compensated absences (Cont'd.)
.
.
Compensated absences (those for which employees received pay) are presented using the termination
payment method. A liability is computed using estimates which appiy historical data to current factors. The
District maintains records of unused leave and appiies the contracted rate for employees eligible for
termination payments. The District allows only restricted sabbatical leave and therefore does not present any
liability in advance of the sabbatical. Payments for compensated absences are made in the year the absence
is taken or the employee retires. When an employee retires, the payout is as follows:
.
Sickness - a retiring employee receives payment for unused accumulated sick days determined as a
percent of substitute teachers' per diem rate for professional staff and a percent of per diem salary rate for
support staff, both based on the number of years of service to the District up to a maximum of 270 days
and 55% of the per diem amount.
.
Retirement with 15 or more years of service - retiring professional employees between 30 years and 35
years of experience, including at least 15 years of continuous fuli-time employment with the District, are
entitled to a retirement incentive payment of between $ 5,000 and $ 10,000 depending on total years of
experience.
OPERATING LEASES
.
The District has entered into several operating lease agreements in which it has agreed to lease certain pieces of
equipment (predominantly copy machines) over various time periods. The agreements contain termination and
"lease-up" trade-in provisions which could allow the District to effectively change the terms of the agreements.
Total operating lease payments included in General Fund expenditures for the year ended June 30, 2005
amounted to $ 52,291 Minimum lease rental payments for future years, assuming no voluntary terminations, are
expected to be as follows:
.
.
2005-06
2006-07
2007 -08
2008-09
2009-10
$
46,157
46,157
46,157
29,213
20,741
Total
$
188 425
.
FS - 25
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
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 atwww.psers.state.pa.us.
.
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 automatically Class T-D. The contribution rates for all members
in Membership Class T -D were effective January 1, 2002.
.
Contributions required of empioyers 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 ot 4.00 percent tor pension
benefits and 0.23 percent for healthcare insurance premium assistance. The District's contributions to PSERS for
the years ending June 30, 2005, 2004 and 2003 were $ 278,786, $ 244,318, and $ 72,804, respectively. Those
amounts are equal to the required contributions for each year.
POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS
.
The District's contract with the Camp Hill Education Association and its compensation plan for administrators
provide for postemployment heaith and hospitalization benefits for full-time teachers and administrators who have
25 or more years of service with the District. The benefit is paid by the District toward the retirees' health insurance
premium ranging from $ 750 to $ 1,000 per year per retiree for a period of 2 to 7 years. Both the contribution
amount and the number of years of payment depend on the retirees' years of service. The benefit is paid only until
the year in which the retiree is eligible for full social security benefits.
.
The District finances this benefit on a pay-as-you-go basis. For the year ended June 30, 2005, there were tour
retirees receiving this benefit at a total cost to the District of $ 3,900.
FS - 26
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
RISK MANAGEMENT
.
The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; and natural disasters. The District maintains commercial insurance coverage covering each
of those risks of loss. Management believes such coverage is sufficient to preclude any significant uninsured
losses to the District. Settled claims have not exceeded this commercial coverage in any of the past three fiscal
years.
.
For State unemployment compensation laws, the District is self-insured, which is a common practice for local
governmental units. Any unemployment claims are paid by the District on a quarterly basis as incurred.
.
The District is a member of a group of School Districts who have joined together to self-insure their workers'
compensation exposure. The District pays annual contributions to the group based on a formula utilizing the
District's own claim experience and annual payroll. Claims in excess of the District's retention experience are paid
by a Central Fund within the group and, if necessary, by an insurance company carrying excess liability coverage.
.
Effective July 2004 the District joined several other local school districts for health insurance coverage through
South Central Trust. The Trust processes ciaims and obtains reinsurance through commercial insurance carriers.
The District has joined four of the other districts to form a risk sharing pool. The pool has reinsurance for claims in
excess of $ 75,000 specific (per person). The District has a maximum lifetime benefit of $ 5,000,000 per person.
District transactions with the trust were as follows:
Amount available for accrued costs, beginning $ 124,027
.
Payments to the trust $ 1,385,797
Increase in estimated accrual to the trust 108.312
1,494,109
. Claims paid by the trust (996,270)
Administrative and other fees (91,456)
Stop loss premiums (108.889)
11.196.615)
. Amount available for accrued costs, ending $ 421521
The amount available for accrued costs was as follows:
Claims incurred and paid through September 5 $ 274,726
Estimated additional claims incurred 22,772
. Accrual for health insurance coverage on payroll payable 124.023
$ 421521
FS -27
.
.
CAMP HILL SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
JUNE 30, 2005
.
COMMITMENTS AND CONTINGENCIES
The District's contract with its teaching staff is scheduled to expire on June 30, 2008.
.
In the normal course of preparing for the subsequent school year, the District has awarded bids for various
supplies, fuel contracts, etc. No major commitments in excess of routine requirements have been made by the
District.
.
The District participates in numerous state and federal grant programs which are governed by various rules and
reguiations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and
review by the grantor agencies; therefore, any findings or adjustments by the grantor agencies could have an
effect on the recorded grants receivable and/or deferred grant revenues, and on the related grant revenues and
expenditures.
.
The District is named as a defendant in various lawsuits, all in the ordinary course of business. The District intends
to vigorously defend itself against these actions. Legal counsel for the District has advised that they cannot offer
an opinion as to the probable outcome of all such actions. In the opinion of management, the ultimate liabilities, if
any, resulting from these claims will not have a material adverse effect on the financial position of the District.
.
.
.
.
.
FS - 28
.
.
.
.
.
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