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Home My WebLink About06-7250 . . . MECHANICSBURG AREA SCHOOL DISTRICT . FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2006 . . . . . . . ()~. 7 ;)j-zJ d;J . TABLE OF CONTENTS . . INDEPENDENT AUDITORS' REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS BASIC FINANCIAL STATEMENTS . District-wide financial staternents Statement of net assets . Statement of activities Fund financial staternents Balance sheet - governmental funds . Reconciliation of the governmental funds balance sheet to the statement of net assets Statement of revenues, expenditures, and changes in fund balances - governmental funds . Reconciliation of the governmental funds statement of revenues, expenditures, and changes in fund balance to the statement of activities Statement of net assets - proprietary funds . Statement of revenues, expenses, and changes in net assets - proprietary funds Statement of cash flows - proprietary funds . Statement of net assets - fiduciary funds Statement of changes in net assets - fiduciary funds NOTES TO FINANCIAL STATEMENTS . BUDGETARY COMPARISON INFORMATION - GENERAL FUND SUPPLEMENTARY INFORMATION . Page Number IAR - 1 to IAR - 2 MDA - 1 to MDA - 11 FS -1 FS - 2 FS - 3 FS-4 FS - 5 FS -6 FS -7 FS - 8 FS - 9 FS - 10 FS - 11 FS - 12 to FS - 27 BCI-1 SI - 1 to Sl - 4 . . . . . . . . . . GREENAWALT & COMPANY, P.C. CERTIFIED PUBLIC ACCOUNTANTS JAMES E, LYONS HOWARD R, GREENAWALT CREEDON R, HOFFMAN DEBORAH J. KELLY 400 WEST MAIN STREET MECHANICSBURG, PENNSYLVANIA 17055 (717) 766-4763 FAX (717) 766-2731 62 WEST POMFRET STREET CARLISLE, 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 Mechanicsburg Area School District Mechanicsburg, Pennsylvania We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of Mechanicsburg Area School District as of and for the year ended June 30, 2006, which collectively comprise the District's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the District's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of Mechanicsburg Area School District, as of June 30, 2006, and the respective changes in financial position and cash flows, where applicable, thereof and for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated September 28, 2006 on our consideration of Mechanicsburg Area School District's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. AR -1 . MEMBERS n AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS -- PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS . Board of School Directors Mechanicsburg Area School District Mechanicsburg, Pennsylvania . . Management's discussion and analysis on pages MDA - 1 through MDA - 11 and budgetary comparison information on page BCI - 1 are not a required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. . Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The combining schedules on pages Sl - 1 through Sl - 4 are for purposes of additional analysis and are not a required part of the financial statements of Mechanicsburg Area School District. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. . )1~~/Jf f ~/ It!, GREENAWALT & COMPANY, P.C. . September 28, 2006 Mechanicsburg, Pennsylvania . . . . AR-2 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 MANAGEMENT'S DISCUSSION AND ANALYSIS . . The management of the Mechanicsburg Area School District is pleased to present the following discussion and analysis of the District's financial position at June 30, 2006,2005, and 2004. It provides an overview of our financial performance between fiscal years ended June 30, 2006 and 2005, in accordance with governmental reporting requirements. The purpose of this discussion is to provide a narrative summary of the financial position and activities of the District in order to enhance the reader's understanding of the District's basic financial statements. . The District is required to present comparative financial information between the current year and the prior year in its Management's Discussion and Analysis (MD&A) as mandated by the Governmental Accounting Standards Board (GASB) Statement No. 34 Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. This report contains such comparative financial information. . FINANCIAL HIGHLIGHTS . For the 2005-2006 fiscal year, the School Board adopted the general fund budget with a planned deficit of $152,914. The actual 2005-2006 fiscal year results increased fund balance by $906,415, mainly due to above average collections in real estate and earned income taxes. Expenditures were under budget by $680,725; however, fund transfers were over budget due to a $1.6 million transfer to the Capital Reserve Fund for future capital projects. The ending fund balance at June 30, 2006 is $6,202,984 which is comprised of $1,105,526 designated for future medical insurance claims and $5,097,458 which is undesignated. This undesignated fund balance represents 12.1 % of expenditures and transfers out to other funds. . OVERVIEW OF THE FINANCIAL STATEMENTS These financial statements consist of three sections - Management's Discussion and Analysis (this section), . the basic financial statements, and other required supplementary information. The first two statements of the basic financial statements are government-wide financial statements. These statements on pages FS-l and FS-2 consist of the Statement of Net Assets and the Statement of Activities. The government-wide financial statements provide both short-term and long-term information about the . District's overall financial status. The remaining basic financial statements consist of fund financial statements. These statements focus on individual funds of the District and provide a more detailed presentation of the District's operations. The governmental funds statements on pages FS-3 and FS-5 present how general District services are financed . in the short-term as well as what remains for future spending. The proprietary fund statements on pages FS-7 through FS-9 present both short-term and long-term information about the activities that the District operates similar to a business. MDA - 1 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 . . The basic financial statements also include notes on pages FS-12 through FS-26 that provide a more detailed explanation of some of the information in the financial statements. Following the basic financial statements is other required supplementary information on page BCI-1 that consists of the District's budgetary comparison and other supplementary information on pages SI-1 through SI-4 presenting combining schedules for additional analysis. Government-wide Statements Report the District as a Whole . The government-wide statements report financial information about the District as a whole using accounting methods similar to the accounting used by private-sector companies. The Statement of Net Assets includes all of the District's assets and liabilities utilizing the full accrual basis of accounting. The Statement of Activities accounts for all of the District's revenues and expenses, regardless of when cash is received or paid. . . These two government-wide statements report the District's net assets and changes in them. The District's net assets represent the difference between the District's assets and liabilities. The District's net assets are one way to measure the District's financial position, or financial health, over time. Increases or decreases in the District's net assets are one indicator of whether its financial health is improving or deteriorating, respectively. To assess the overall health of the District, non-financial factors must also be considered, such as changes in the District's property tax base and the performance of the students. The government-wide financial statements of the District are divided into two categories: . . Governmental activities - All of the District's basic services are included here, such as instruction, administration and community services. Real estate and earned income taxes, and state and federal subsidies and grants finance most of these activities. . . Business-type activities - The District operates a food service operation and charges fees to staff, students and visitors to help it cover the costs of the food service operation. Fund Financial Statements . The District's fund financial statements provide detailed information about the most significant funds, or major funds - not the District as a whole. Some funds are required to be reported as major funds. . MDA - 2 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 . . . Governmental funds - Most of the District's activities are reported in governmental funds, and focus on changes in financial resources, rather than upon net income determination. These funds are reported using the modified accrual basis of accounting, which measures cash and all financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the District's operations and the services it provides. Governmental fund information helps the reader determine whether there are more or fewer financial resources that can be spent in the near future to finance the District's programs. The relationship (or differences) between governmental activities (reported in the Statements of Net Assets and the Statement of Activities) and governmental funds is reconciled in the financial statements on pages FS-4 and FS-6. . . . Proprietary funds - These funds are used to account for the District activities that are similar to business' operations in the private sector. When the District charges customers for services it provides, these services are generally reported in proprietary funds. The Food Service Fund is the District's proprietary fund and is the same as the business-type activities reported in the government-wide statements. . . Fiduciary funds - The District is the trustee or agent for individuals, private organizations and/or governmental units as shown on pages FS-l 0 and FS-ll. FINANCIAL ANALYSIS OF THE DISTRICT AS A WHOLE . Net Assets . The District's total net assets were $14,188,568 at June 30, 2006 which includes $13,162,752 in Governmental Activities and $1,025,816 in Business-type Activities. This shows an increase of $2,624,601 from total net assets at June 30, 2005, which included an increase of $2,604,709 in Governmental Activities and an increase of$19,892 in Business-type Activities. . . MDA - 3 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 . Statement of Net Assets 2005-2006 Governmental Business-type Total Activities Activities School District . Current and other assets $ 12,622,505 $ 403,635 $ 13,026,140 Capital assets 71,983,220 664,084 72,647,304 Total assets $ 84,605,725 $ 1,067,719 $ 85,673,444 . Current and other liabilities $ 4,632,032 $ 41,903 $ 4,673,935 Long-term liabilities 66,810,941 66,810,941 Total liabilities 71,442,973 41,903 71,484,876 Capital assets (net of related debt) (2,186,507) 664,084 (1,522,423) . Restricted for capital projects 7,184,754 7,184,754 Unrestricted 8,164,505 361,732 8,526,237 Total net assets 13,162,752 1,025,816 14,188,568 Total liabilities and net assets $ 84,605,725 $ 1,067,719 $ 85,673,444 . Statement of Net Assets 2004-2005 Current and other assets $ 21,558,425 $ 285,357 $ 21,843,782 Capital assets 58,594,525 742,158 59,336,683 . Total assets $ 80,152,950 $ 1,027,515 $ 81,180,465 Current and other liabilities $ 4,551,725 $ 19,098 $ 4,570,823 Long-term liabilities 65,043,182 2,493 65,045,675 Total liabilities 69,594,907 21,591 69,616,498 . Capital assets (net of related debt) (5,047,107) 742,158 (4,304,949) Restricted for capital projects 9,445,494 9,445,494 Unrestricted 6,159,656 263,766 6,423,422 . Total net assets 10,558,043 1,005,924 11,563,967 Total liabilities and net assets $ 80,152,950 $ 1,027,515 $ 81,180,465 . MDA - 4 . . . . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 Statement of Net Assets 2003-2004 Governmental Business-type Total Activities Activities School District Current and other assets $ 13,219,142 $ 255,163 $ 13,474,305 Capital assets 51,963,068 822,054 52,785,122 Total assets $ 65,182,210 $ 1,077,217 $ 66,259,427 Current and other liabilities $ 3,888,781 $ 32,867 $ 3,921,648 Long-term liabilities 53,369,988 53,369,988 Total liabilities 57,258,769 32,867 57,291,636 Capital assets (net of related debt) 16,736 822,054 838,790 Restricted for capital projects 4,076,117 4,076,117 Unrestricted 3,830,588 222,296 4,052,884 Total net assets 7,923,441 1,044,350 8,967,791 Total liabilities and net assets $ 65,182,210 $ 1,077,217 $ 66,259,427 Statement of Activities The results of this year's operations as a whole are reported in the Statement of Activities. Direct expenses are listed by programs, then offset by program revenues to determine net (expense) revenue and changes in net assets. General revenues, such as taxes, state general subsidies, and investment earnings are then applied prior to transfers, and special items, to determine the change in net assets. For the 2005-2006 fiscal year, the change in net assets for governmental activities was an increase of $2,604,709 and an increase of $19,892 for business-type activities, for a net total increase of $2,624,601 as reflected in the following chart. For the 2004-2005 fiscal year, the change in net assets for governmental activities was an increase of $2,634,602 and a decrease of $38,426 for business-type activities for a net total increase of $2,596,176 as reflected in the chart below: MDA - 5 . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 . Statement of Activities 2005-2006 Governmental Business-type Total Activities Activities School District Program revenues . Charges for services $ 526,358 $ 1,031,142 $ 1,557,500 Operating grants and contributions 4,436,804 458,463 4,895,267 Capital grants and contributions 635,358 635,358 General revenues Taxes 31,222,456 31,222,456 Other local revenue (4,473) (4,473) . State general subsidies 4,895,525 4,895,525 Investment earnings 937,982 21,834 959,816 Total revenues 42,654,483 1,506,966 44,161,449 Direct expenses 39,881,210 1,655,638 41,536,848 . Excess (deficiency) before transfers and special item 2,773,273 (148,672) 2,624,60 I Transfers between activities (168,564) 168,564 Change in net assets $ 2,604,709 $ 19,892 $ 2,624,601 . Statement of Activities 2004-2005 Program revenues Charges for services $ 490,306 $ 1,007,085 $ 1,497,391 . Operating grants and contributions 4,517,491 413,289 4,930,780 Capital grants and contributions 551,962 551,962 General revenues Taxes 29,484,190 29,484,190 State general subsidies 4,788,714 4,788,714 . Investment earnings 376,009 9,020 385,029 Total revenues 40,208,672 1,429,394 41,638,066 Direct expenses 37,906,069 1,610,480 39,516,549 Excess (deficiency) before transfers . and special item 2,302,603 (181,086) 2,121,517 Transfers between activities (142,660) 142,660 Special item - change in accounting estimate 474,659 474,659 Change in net assets $ 2,634,602 $ (38,426) $ 2,596,176 . MDA - 6 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 . Local Sources Direct expenses represent the actual cost of providing the services while the net cost represents the amount . of cost that is not recovered through program revenues, meaning user charges, grants and contributions. The net cost of services must be recovered through general revenue, primarily taxes and state subsidies. Amounts not recovered will reduce funds available for future years. Local Sources 2005-2006 . Direct Program Net Expenses Revenues Cost Governmental Activities Instruction $ 24,040,984 $ 3,689,774 $ 20,351,210 Instructional student support 3,349,816 267,812 3,082,004 . Administrative and financial support 2,603,426 101,963 2,501,463 Operation and maintenance of plant 4,263,712 84,273 4,179,439 Pupil transportation 1,685,067 358,680 1,326,387 Student activities 923,539 111 ,589 811,950 Community services 445,137 349,071 96,066 Interest on long-term debt 2,569,529 635,358 1,934,171 . Total governmental activities $ 39,881,210 $ 5,598,520 34,282,690 Transfers out and special items (168,564) State general subsidies revenues (4,895,525) Total needs from taxes and other local sources $ 29,218,601 . Direct Program Net Expenses Revenues Cost Business-type Activities . Food services $ 1,655,638 $ 1,489,605 $ 166,033 Transfers received, special items and investment earnings (185,925) Total needs from taxes and other local sources $ (19,892) . . MDA - 7 . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 . Local Sources 2004-2005 Direct Program Net Expenses Revenues Cost Governmental Activities . Instruction $ 23,147,453 $ 3,891,839 $ 19,255,614 Instructional student support 3,768,440 284,161 3,484,279 Administrative and financial support 2,604,573 97,399 2,507,174 Operation and maintenance of plant 3,166,487 80,449 3,086,038 Pupil transportation 1,346,441 375,456 970,985 . Student activities 1,200,801 145,317 1,055,484 Community services 292,454 216,431 76,023 Interest on long-term debt 2,379,420 468,707 1,910,713 Total governmental activities $ 37,906,069 $ 5,559,759 32,346,310 . Transfers out and special items (331,999) State general subsidies revenues (4,788,714) Total needs from taxes and other local sources $ 27,225,597 . Direct Program Net Expenses Revenues Cost Business-type Activities Food services $ 1,610,480 $ 1,420,374 $ 190,106 Transfers received, special items and investment earnings (151,680) . Total needs from taxes and other local sources $ 38,426 The District Funds . At June 30, 2006, the District governmental funds reported a combined fund balance of$15,703,242, which is an increase of$142,721 from June 30, 2005. The information below compares the governmental funds fund balances for June 30, 2006, 2005 and 2004. . . MDA - 8 . . . . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 2004-2005 2004-2005 2005-2006 2005-2006 2004 2005 2006 Change %Change Change %Change General Fund - unrestricted $ 2,343,332 $ 4,446,632 $ 5,097,458 $ 2,103,300 89.8% $ 650,826 14.6% General Fund - designated 849,937 1,105,526 849,937 100.0% 255,589 30.1% Capital Reserve Fund - unrestricted 252,456 174,256 1,692,580 (78,200) -31.0% 1,518,324 871.3% Athletic Fund - unrestricted 1,104 149 451 (955) -86.5% 302 202.7% Construction Fund - restricted 3,976,117 9,445,494 7,184,754 5,469,377 137.6% (2,260,740) -23.9% Debt Service Fund - designated 514,212 644,053 622,473 129,841 25.3% (21,580) -3.4% Total governmental funds $ 7,087,221 $ 15,560,521 $ 15,703,242 $ 8,473,300 119.6% $ 142,721 0,92% Total unrestricted $ 2,596,892 $ 4,621,037 $ 6,790,489 $ 2,024,145 77.9% $ 2,169,452 46.9% Total restricted/designated 4,490,329 10,939,484 8,912,753 6,449,155 143.6% (2,026,731 ) -18.5% Total governmental funds $ 7,087,221 $ 15,560,521 $ 15,703,242 $ 8,473,300 119.6% $ 142,721 0.92% Governmental Funds - Reconciliation The General Fund Balance increase of $906,415 was due to above average collections in real estate and earned income taxes. The Capital Reserve Fund increase of $1,518,324 was due to a transfer of $1.6 million from the general fund to be used for future capital projects. The Construction Fund decrease of $2,260,740 was due to the completion of construction projects. The Debt Service Fund decrease of$21,580 was due to increased interest rates on a variable rate bond issue. General Fund Budget A General Fund budget is adopted each year in accordance with the Pennsylvania School Code. The revised budget reflects budget transfers as approved by the Board. Contracted educational services and increased transportation costs required budget adjustments. The District applies for State and Federal grants each year. Certain grants may not be anticipated during the budgeting process and must be added to the budget during the fiscal year. In addition, the grants that are anticipated during the budgeting process are based on estimates. The budget must then be modified based on the actual grant award. MDA-9 . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 . June 30, 2006 Budget Total revenues Total expenditures $ 40,948,586 35,804,138 5,144,448 . Excess revenues (expenditures) Other financing sources (uses) Net change in fund balance (5,297,362) $ (152,914) . June 30, 2005 Total revenues Total expenditures $ 38,804,888 34,588,630 . Excess revenues (expenditures) 4,216,258 Other financing sources ( uses) Net change in fund balance (4,536,580) $ (320,322) . CAPITAL ASSETS Actual $ 42,937,780 35,123,413 7,814,367 (6,907,952) $ 906,415 $ 40,669,884 33,225,067 7,444,817 (4,491,580) $ 2,953,237 Variance $ 1,989,194 680,725 2,669,919 (1,610,590) $ 1,059,329 $ 1,864,996 1,363,563 3,228,559 45,000 $ 3,273,559 At June 30, 2006, the District had $63,375,426 in Governmental activities capital assets, which represents an increase of $4,780,901. The District has made substantial capital improvements over the past two years, . including major renovation to the Senior High School and construction of a new Middle School. Construction in progress at June 30, 2006 is for the renovation of the former middle school which was converted to an elementary school but was not completed as of June 2006. The school district has begun renovations to the other elementary schools. . Capital assets (net of depreciation) 2004 2005 . Governmental activities Land Construction in progress Land improvements Buildings and improvements Furniture and equipment Library Books $ 605,983 $ 1,248,961 2,727,055 45,308,585 1,434,416 638,068 605,983 9,676,984 2,656,528 44,115,371 1,267,048 272,611 2006 $ 605,983 $ 15,794,500 3,045,577 42,666,303 1,208,145 54,918 Total governmental capital assets $ 51,963,068 $ 58,594,525 $ 63,375,426 $ . Business-type activities Furniture and equipment $ 822,054 $ 742,158 $ 664,084 $ (79,896) $ (78,074) MDA-10 . 2004-2005 Change 2005-2006 Change - $ 8,428,023 (70,527) (1,193,214) (167,368) (365,457) 6,631,457 6,117,516 389,049 (1,449,068) (58,903) (217,693) $ 4,780,901 . . . . . . . . . . . MECHANICSBURG AREA SCHOOL DISTRICT JUNE 30, 2006 LONG-TERM LIABILITIES Bonds payable at June 30, 2004, 2005 and 2006 were $52,584,088, $64,420,330, and $66,460,000 respectively. Scheduled payments of principal made during the year to the bondholders were $2,385,330. The amount of bond principal due within one year is $2,805,000. Standard and Poor's Corporation has assigned its municipal bond rating of "Aaa" to a new series of bonds issued in May 2006. Compensated absences decreased during the year from an entity-wide perspective from $697,237 to $692,517 at June 30, 2006. Compensated absences decreased from June 30, 2004 to June 30, 2005 from an entity-wide perspective from $748,480 to $697,237. NEXT YEAR'S BUDGET AND ECONOMIC FACTORS Budget Budget 2006-2007 2005-2006 Change Total revenue $ 42,866,296 $ 40,948,586 $ (1,917,710) Total expenditures 43,354,080 41,101,500 (2,252,580) Excess revenues (expenditures) (487,784) (152,914) 334,870 Net change in fund balance $ (487,784) $ (152,914) $ 334,870 The new budget for 2006-2007 represents an increase in total expenditures of 5.5%. This increase is largely due to the increase in the retirement rate from 4.69% to 6.46%, contracted salary increases, contracted education services, new facility operational costs, and increase in debt service payments. The 2006-2007 budget maintains the real estate tax rate at 12.83 mills. The District plans to reduce its fund balance by $487,784 to offset the planned budget deficit. There are no changes to economic factors that are expected to have a significant impact on our 2006-2007 budget. CONTACTING THE DISTRICT FINANCIAL MANAGEMENT The District's financial report is intended to provide the readers with a general overview of the District's finances and to show the Board's accountability for the funds it receives. If you have questions about this report or wish to request additional financial information, please contact the district office of Mechanicsburg School District, 100 East Elmwood Avenue, Mechanicsburg, PA 17055, (717) 691-4500. MDA-ll . . . . . .... o ii: .... en is ..J(/) 01- o~ ::I:(/) O<(<D entu8 <CZN WLLO 0::: OM <CI-W C)~3 O:::~...., ::)W m!;{ en I- O(/) Z <C ::I: o W :E . . . . . . - c G.l c_ o'- o.C E::::> o <..> - c G.l ~~ lD~l6 >Ul:;::; o Ul':; <.')G.l:;::; .5 CJ Ul<( m::J Ea::l "i:: a. T"" oq- 0') ...... ~ 1 00') I ......oq- N_ oq-. T"" T"" N I 0') , <D oq- o T"" N fA- ro - o I- ......M' T""O') T"" 10 ai~ <D<D O')T"" aiN' ..-'T""COoq- <D 0<D1O ...... 0')............ LD oq-. T""- ai oq- NNO') co 10 ...... 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E Q) tll a..w ....... .q- o 0) ICi ..- I'- ........ - V> e:"O Q) e: E 0 Q)oO iii e: ii) 0 Q)ii) = Q) .5~ ai .5 :J"O "0 ~ .~ C3 e: (J Q) tll [.E ~~ Q):O ..c: tll ...:.= e: Q) Q)..c: ..c:1- ~ V> "0 e: .2 ..: tll Q) >- Q) ro= COl Q) e: E 'i:: e: :J ..."0 Q)"O ~ Q) Ol2 Q) (J = 16 .5 C V> :J Q) 0 ... E 2 tll '6 Q) e:..c: Q)- a.>- x.o Q)"O V> Q) co L... ...: "0 :J tll Q) V> Q) 1::: m >- 8.E~ Q)V>- ... .- Ol l!! ~ "2 tll e: :J -Q)"O V> a. "0 Q) X Q) ~ Q) V> .5 ~ m - ... (,) Q) "0 Q) :0 tll >- tll a. - o vi J!2~ e: Q)~ E (J >-tll ~'O .q- 0) I'- ai' '0 C Q) E Q) iii '- 7ii~ Q)~ =:0 e:,m lIi Q) "O..c: e:1- .2 ..: ~ m e: >- Q) Q) E..c: e:- ... Cl ~ .5 o ... Ol-5 Q) V> = al .5 ~ V>c.. l!! ~ ~ "0 >- e:.o Q)"O a.Q) ~ E V> tll tll Q) ..: "O-tll Q) e: Q) 1::: 5 >- 8.EQ) Q) tll = '- Q) Ol l!? =.5 tll >- :s v>.o"O Q)"O"O (,) Q) Q) e: '- V> Q) :J tll ~ l{ll!! tll Q) (,) ~E~ iii .~ V> V> Q) ~ e: V> e: Q) e: Q) a. Q) V> E a..o 8 ~ tll _Q)"O o..c:$ ~....... m e: V> e: Q) .~ Q) E ;<.: a. >-.~ E tll ti 0 a.. m (,) C\I C\I (') <6 (') C\I (J) o I'- ..j o co_ C\I ~ <0 (J) LL. V> ~ 'S; n tll ro - e: Q) E e: '- Q) > o C> lIi - c: Q) E Q) - lU - CIl m 'u c: lU c: li= Q) CIl Q) ..c: - ..... o t lU 0- m ... Cl 2 .!: c: lU Q) ... lU CIl Q) - o c: Cl c: '>. c: lU a. E o (J (J lU Q) ..c: I- V> (j) V> V> m - Q) e: .5 Q) Ol e: tll ..c: () . MECHANICSBURG AREA SCHOOL DISTRICT STATEMENT OF NET ASSETS - PROPRIETARY FUNDS JUNE 30, 2006 . Food Service . Assets Cash and cash equivalents $ 529,185 Due from other governments 8,686 Inventories 21,768 Total current assets 559,639 . Furniture and equipment (net of accumulated depreciation) 664,084 Total assets $ 1,223,723 . Liabilities Current liabilities Due to other funds $ 156,004 Deferred revenues 20,902 Accounts payable 15,319 . Compensated absences 5,682 Total current liabilities 197,907 Total liabilities 197,907 . Net assets Invested in capital assets (net of related debt) 664,084 Unrestricted 361,732 Total net assets 1,025,816 . Total liabilities and net assets $ 1,223,723 . . The accompanying notes are an integral part of these financial statements. FS -7 . . MECHANICSBURG AREA SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2006 . Food Service . Operating revenues Food service revenue $ 1,014,944 Charges for services 10,136 Other operating revenues 6,062 Total operating revenues 1,031,142 . Operating expenses Salaries 485,417 Employee benefits 189,588 Purchased property service 129,189 Other purchased service 637 '. Food and milk 684,175 Other supplies 88,732 Depreciation 77,900 Total operating expenses 1,655,638 . Operating loss (624,496) Nonoperating revenues (expenses) Earnings on investments 21,834 Loss on sale of fixed assets (4,473) State sources - commodities 66,439 . State sources - social security and retirement subsidies 29,712 State sources - meal subsidies 55,351 Federal sources - meal subsidies 306,961 Total nonoperating revenues 475,824 Loss before transfers (148,672) . Transfers from other funds 168,564 Change in net assets 19,892 Net assets - beginning 1,005,924 . Net assets - ending $ 1,025,816 . The accompanying notes are an integral part of these financial statements. FS - 8 . . MECHANICSBURG AREA SCHOOL DISTRICT STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2006 . Food Service Operating activities Cash received from users $ 1,032,947 . Cash payments to employees for services (595,973) Cash payments to suppliers for goods and services (713,972) Cash payments for other operating expenses (637) Net cash provided by (used for) operating activities (277,635) Non-capital financing activities . State sources 83,794 Federal sources 299,545 General fund contributed services Net cash provided by (used for) non-capital financing activities 383,339 . Capital and related financing activities Cash payments for equipment (4,300) Net cash provided by (used for) capital and related financing activities (4,300) Investing activities Earnings on investments 21,834 . Net cash provided by (used for) investing activities 21,834 Net increase (decrease) in cash and cash equivalents 123,238 Cash and cash equivalents - beginning 405,947 I- Cash and cash equivalents - ending $ 529,185 Reconciliation of operating income (loss) to net cash used in operating activities Operating income (loss) $ (624,496) Adjustments to reconcile operating income (loss) to net cash . provided by (used for) operating activities Depreciation 77,900 Donated commodities 66,439 Contribution of General Fund 168,564 Net change in other assets and other liabilities Inventories (4,815) . Due to/from other funds 18,461 Deferred revenue 1,804 Accounts payable 15,319 Compensated absences 3,189 Total adjustments 346,861 . Net cash provided by (used for) operating activities $ (277,635) The accompanying notes are an integral part of these financial statements. FS - 9 . . oo:t I oo:t 0) 0) to oo:t I'- I'- 0 0 CO I'- CO CO 0) 0) 0) CO :s oo:t ~ 0 0 C") ~ oo:t oo:t to to 0) oo:t 0 oo:t oo:t C") C") oo:t l- . ~ ~ ~ ~ CO I CO CO CO CO C") C") C") C") C") l/) C\I C\I C\I C\I.. C\I Q) 0 0 0 0 0 . .. C\I C\I C\I C\I C\I 'S; ~ ~ ~ ~ ~ .. ~ ~ ~ ~ ~ C") . C") C") C") (") . I'- I'- I'- I'- I'- co co co_ co_ co (,) 0 0 0 0 0 ~ c C") C") C") C") C"') Q) C\I C\I C\I C\I C\I 0 en <( ii: 0 z ~ ::> ~ ~ ~ ~ en LL ->- :. Co:: ..J<{ to 1 to to to 0<3 CO CO CO CO 0::> Q) 0) 0) 0) 0) J:Q .$ l/) l/) C") M M M ro 0- 0) 0) 0) 0) OLLCO > c.l/) 'C ..... ::l en '0 ::l ..... <t~~ (1- (1-1- 0 . WWO ~ ~ ~ ~ ~ a::enC") I <tenW en <(z .LL C)I-::> l/) - a::~"'" c Q) :::JLL E 030 Q) ..... en I- ro ..... . Oz l/) -w ro Z~ '0 <tw c: ro J:~ c OI- l+:: Q) Wen l/) :E Q) .t:: ..... . - 0 t:: ro c. l/) ~ - Cl Q) l/) Q) l/) - ro .!: l/) - c: . - Q) ro c: c Q) Q) 10 l/) -C ..... > l/) Q) C ro .- -C ~ ro l/) ::l C l/) l/) Q) g.2 :0 Q) Q) - 2 0 .t:: ..... Q) .~ ~ ~ c: l/) Q) l/) - :0 :0 Cl ro.t:: l/) c ,m .~ C (,)0 ro Q) 's;.. ..... -C . -C E co ..... co co c c - ::l - .$ - ro ro e 0 (,) 0 l/) .2 0 c. .t::- I- ..... l- I- E l/) Q) l/) Q) 'Q).b 0 l/) ro ::l Q).t:: l/) l/) (,) .- - l/) Q) ~O (,) (j)()O roo:: ro l/) :0 ..... Q) ~ co Q) ::i Z .t:: l- e . MECHANICSBURG AREA SCHOOL DISTRICT STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS - FIDUCIARY FUNDS JUNE 30, 2006 . Private Purpose . Trust Additions Investment earnings $ 3,413 Gifts and contributions 13,498 . Total additions 16,911 Deductions Scholarships awarded 11,728 . Change in net assets 5,183 Net assets, beginning 88,782 Net assets, ending $ 93,965 . . . . . The accompanying notes are an integral part of these financial statements. FS - 11 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2006 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES . Mechanicsburg Area School District is the level of government which has oversight responsibility and control over activities related to public school education. The report includes services provided by the District to residents within the boundaries of the Cumberland County municipalities of Upper Allen Township, Shiremanstown and Mechanicsburg Boroughs. Services provided include a comprehensive curriculum for primary and secondary education as well as special education and vocational education programs. The District receives revenue from local, state and federal sources and must comply with the requirements of these funding sources. . The financial statements of Mechanicsburg Area School District have been prepared in accordance with generally accepted accounting principles as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the authoritative standard-setting body for the establishment of governmental accounting and financial reporting principles. Accounting guidance is also provided through the Comptroller's office for Pennsylvania Department of Education. 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. . The District has included The Wildcat Foundation (the Foundation) as a discretely presented component unit. The financial data of the Foundation is reported in the component unit column in the basic financial statements. This separate column is used to emphasize that the Foundation is legally separate from the District. The Foundation was formed for the purpose of supporting projects related to educational programs and to create opportunities for development for the students, staff and community within the Mechanicsburg Area School District. The separate financial statements for the Foundation are available by contacting the District office. . FS - 12 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 3D, 2006 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) Jointly-governed organizations . .' The District is a participant in four jointly-governed organizations, each of which is a separate legal entity that offers educational services to the District and its residents. Each of these entities serves several school districts and/or municipalities and therefore are not included in this reporting entity. These entities do not have taxing power, but are required to adopt an annual budget, which is funded primarily by its member Districts or others that use its services. Complete financial statements for these entities can be obtained from the respective entity's administrative office. . Capital Area Intermediate Unit provides special education services and programs. Cumberland Perry Area Vocational Technical School provides vocational and technical education services and programs. West Shore Tax Bureau provides earned income tax collection services. Harrisburg Area Community College provides community college education services and programs. Basis of presentation - District-wide financial statements . District-wide financial statements (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 related cash flows. Real estate and personal taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Net assets (total assets less total liabilities) are used as a practical measure of economic resources and the operating statement includes all transactions and events that increased or decreased net assets. Depreciation and amortization are charged as an expense against current operations. Accumulated depreciation and unamortized costs are reported in the statement of net assets. . The statement of activities demonstrates the degree to which the direct expenses of given functions or programs are offset by program revenues. Direct expenses are those that are clearly identifiable within a specific function or program. Program revenues include charges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or program. In addition, program revenues include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or program. Taxes and other items not properly included among program revenues are reported as general revenues. . FS - 13 e . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) 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. . . The governmental funds are presented using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are received within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers tax revenue to be available if received within 90 days of the end of the fiscal period. Revenue from federal, state and other grants designated for payment of specific expenditures is recognized when the related expenditures are incurred; accordingly, when such funds are received, they are recognized as 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 - 14 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . 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. The Capital Reserve Fund accounts for transfers from other funds and related investment earnings for capital outlays not accounted for in another fund. FS - 15 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) Basis of presentation - Fund financial statements (Cont'd.) . Fund accounting (Cont'd.) The Athletic Fund accounts for athletic revenues and expenditures of those funds for athletic purposes. The Construction Funds accounts for bond proceeds and the expenditure of those funds. . The Debt Service Fund accounts for bond refinancing and related costs. The District presents the following proprietary fund: . The Food Service Fund accounts for the operations of the cafeterias. The District presents the following fiduciary funds: Expendable and Non-expendable Trusts account for contributions to and interest earnings on scholarship funds donated to the District, and for payments of scholarship funds to selected students. . The District Agency Fund accounts for programs operated and sponsored by non-school organizations, These funds are separated from student activity funds. . The Student Activities Fund accounts for programs operated and sponsored by various clubs and organizations within the schools. Cash and cash equivalents and investments . The District's cash and cash equivalents are considered to be cash on hand, demand deposits (including pooled investments), and short-term investments with original maturities of three months or less from the date of acquisition. The types of authorized investments are limited by State regulations. Pooled investment funds are required to be operated in accordance with State regulations. . Investments, including pooled investments, are reported at fair value. Taxes and taxes receivable . Real estate and personal taxes are levied as of July 1 with a legal, enforceable claim against the property and/or taxpayer. Amounts not collected within six months (December 31) are considered delinquent and submitted to outside agencies/entities for collection actions. FS - 16 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) Receivables and payables between funds . Activity between funds that represent lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as "due to/from other funds". Any residual balances outstanding between the governmental activities and business-type activities are reported in the district-wide financial statements as "internal balances". Any balances between funds are short term items pending periodic repayments. . Inventories Inventories are presented at the lower of cost or market on a first-in, first-out basis, and are expended when used. Donated commodities are recognized as revenue and are inventoried at an estimated cost value. . Capital assets . Capital assets, which include property, plant, equipment, and infrastructure assets (e.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 $ 5,000 and an estimated useful life in excess of one year. Management has elected to include certain homogeneous groups with individual costs of less than $ 5,000 as capital assets for financial presentation purposes. In addition, capital assets purchased with long-term debt may be capitalized regardless of the thresholds established. Such assets are presented at historical cost or estimated historical cost if purchased or constructed. . Major outlays for capital assets and improvements are capitalized as projects are constructed. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. . Capital assets are depreciated using the straight-line method over the following estimated useful lives: Assets Governmental Activities Business-type Activities . Buildings Interior renovations Site improvements Furniture Machinery and equipment Library books Computer equipment Vehicles 50 25 20 20 1 0 to 15 5 5 8 20 15 . 5 FS - 17 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) 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 premiums and 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. CASH AND CASH EQUIVALENTS AND INVESTMENTS .. Pennsylvania statutes provide for investment of governmental funds into certain authorized investment types including U.S. Treasury bills, other short-term U.S. and Pennsylvania government obligations, and insured or collateralized time deposits and certificates of deposit. The statutes do not prescribe regulations related to demand deposits; however, they do allow the pooling of governmental funds for investment purposes. . The deposit and investment policy of the District adheres to state statutes and prudent business practice. . Custodial credit risk is the risk that in the event of a bank failure, the government's deposits may not be returned to it. The District's policy requires that all deposits in excess of FDIC insurance coverage be collateralized with approved collateral as provided by law. At June 30, 2006, the District's bank deposits totaled $ 18,013,745 and the bank balances totaled $ 18,278,529. Of the bank balances, $ 100,000 was covered by federal depository insurance and $ 1,455,111 was collateralized under Act No. 72 of the 1971 Session of the Pennsylvania General Assembly, in which financial institutions were granted the authority to secure deposits of public bodies by pledging a pool of assets, as defined in the Act, to cover all public funds deposited in excess of Federal Depository Insurance limits. The remaining bank balances of $ 16,723,418 are collateralized by an external investment pool with the Pennsylvania Local Government Investment Trust, Pennsylvania School District Liquid Asset Fund (PSDLAF) and Pennsylvania Treasurer's INVEST Program for Local Governments (PA INVEST). . FS - 18 . . MECHANCISBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . CASH AND CASH EQUIVALENTS AND INVESTMENTS (Cont'd.) Cash and cash equivalents at June 30, 2006 are as follows: . Governmental activities $ 17,039,686 Business-type activities 529,185 Fiduciary funds 444.874 . Total cash and cash equivalents $ 18013.745 TAXES RECEIVABLE Taxes receivable are as follows: . Taxes Taxes Receivable Allowance for Receivable Deferred (Gross) Uncollectibles (Net) Tax Revenue Real estate taxes $ 414,019 $ 20,701 $ 393,318 $ 218,531 Earned income taxes 1,756,598 1,756,598 519,677 . Personal taxes 18,190 3,513 14.677 12,337 General Fund 2,188,807 24,214 2,164,593 750,545 Full accrual adjustment (750,545) Governmental activities $ 2188.807 $ 24214 $ 2 164.593 $ . DUE FROM OTHER GOVERNMENTS Due from other governments are as follows: Governmental Business-type . Activities Activities Local sources - other taxes $ 121,987 $ Local sources - other items 131,232 State sources 285,243 1,270 . Federal sources 298.613 7.416 $ 837 075 $ 8686 . FS - 19 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . CHANGES IN CAPITAL ASSETS Capital asset activity for the year was as follows: . Beginning Current Year Activity Ending Balance Increases Decreases Balance Governrnental activities Capital assets not being depreciated Land $ 605,983 $ - $ - $ 605,983 . Construction in progress 9.676,984 6.566,257 (448,741) 15,794,500 10.282.967 6,566,257 (448.741) 16.400.483 Capital assets being depreciated Land improvements 3,289,029 535,736 3,824,765 . Buildings and improvements 55,982,815 9,191 (11,290) 55,980,716 Furniture and equipment 2,583,350 392,648 (43,845) 2,932,153 Library books 1,644.495 33.461 (47.483) 1,630.473 63.499,689 971.036 (102.618) 64,368.107 . Accumulated depreciation Land improvements (632,501 ) (146,687) (779,188) Buildings and improvements (11,867,444) (1,446,969) (13,314,413) Furniture and equipment (1,316,302) (407,706) (1,724,008) Library books (1.371.884) (203.671 ) (1.575.555) (15,188,131) (2,205,033) (17,393,164) . Capital assets being depreciated, net 48,311,558 (1,233,997) (102.618) 46.974,943 Governmental activities capital assets, net $ 58.594.525 $ 5.332.260 $ (551.359) $ 63.375.426 . Business-type activities Capital assets being depreciated Equipment $ 1,099,216 $ 4,300 $ (24,230) $ 1,079,286 Accumulated depreciation Equipment (357.058) (77.900) 19.756 (415,202) . Capital assets being depreciated, net 742.158 (73.600) (4.474) 664,084 Business-type activities capital assets, net $ 742.158 $ (73.600) $ (4.474) $ 664.084 . FS - 20 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . 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 $ 1,820,382 333,672 10,073 33,420 7 .486 $ 2.205.033 $ 77 900 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 $ 925,080 consists of $ 750,545 of taxes receivable not received within 90 days of the end of the fiscal period, and $ 174,535 of resources that have been received but not yet earned. Ie Deferred revenue in the proprietary funds and the district-wide financial statements represents resources that have been received but not yet earned. LONG-TERM LIABILITIES Changes in all long-term liabilities were as follows: . Beginning Balance Increases Decreases Ending Balance Due Within One Year . Governmental activities Bonds payable $ 64,420,330 $ 14,095,000 $ (12,055,330) $ 66,460,000 $ 2,805,000 Compensated absences 697.237 248.280 (253,000) 692.517 248,000 $ 65.117.567 $ 14343280 $ (12.308 330) $ 67152517 $ 3 053.000 . FS - 21 . . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 LONG-TERM LIABILITIES (Cont'd.) . Business-type activities Compensated absences Beginning Balance $ 2.493 $ . Changes in bonds payable were as follows: . 1992 Series 2000 Series C 2001 Series 2002 Series 2002 Series A 2003 Series 2004 Series 2005 Series 2006 Series 2006 Series A . . . 1992 Series 2000 Series C . 2001 Series 2002 Series 2002 Series A 2003 Series 2004 Series 2005 Series 2006 Series 2006 Series A . . Beginning Balance $ 945,330 $ 4,980,000 9,985,000 9,545,000 10,390,000 9,750,000 10,000,000 8,825,000 Increases Decreases 3.189 $ New Issue Refundina Ending Balance - $ 5 682 $ Scheduled Redemptions 945,330 $ 5,000 5,000 370,000 720,000 5,000 10,000 325,000 - $ - $ (9,670,000) 4,100,000 9,995,000 Due Within One Year 5682 Ending Balance 4,975,000 310,000 9,175,000 9,670,000 9,745,000 9,990,000 8,500,000 4,100,000 9,995,000 $ 64.420 330 $ 4.100 000 $ 325.000 $ 2385330 $ 66460000 Interest Rates 6.277% Variable rate stabilized at 4.50% 3.95% to 5.00% 2.00% to 5.00% 1.40% to 4.80% 1.60% to 3.60% 3.20% to 4.60% 3.00% to 4.50% 3.40% to 4.20% 3.625% to 4.125% FS - 22 Maturitv Date September 2005 October 2016 August 2019 August 2022 August 2022 February 2013 August 2021 August 2026 August 2026 August 2019 Callable Date Not Callable Currently August 2006 February 2007 February 2010 August 2008 February 2009 February 2010 February 2011 February 2011 Amounts Due Within One Year $ 5,000 30,000 380,000 730,000 1,235,000 10,000 275,000 140,000 $ 2805.000 . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . . LONG-TERM LIABILITIES (Cont'd.) Year Endino June 30 Principal Interest Total 2007 $ 2,805,000 $ 2,852,825 $ 5,657,825 2008 2,940,000 3,010,190 5,950,190 2009 3,030,000 2,921,226 5,951,226 2010 3,145,000 2,826,057 5,971,057 2011 3,300,000 2,722,016 6,022,016 2012-2016 18,830,000 11,418,135 30,248,135 2017 -2021 23,200,000 4,647,330 27,847,330 2022 and later 9,210,000 1 ,056.497 10,266.497 $ 66.460.000 $ 31.454 276 $ 97.914.276 . . In February 2006, the District issued its General Obligation Bonds, Series of 2006 in the amount of $ 4,100,000. Proceeds of the bonds will be used towards renovation projects at several of the District's elementary schools and other District facilities. . In May 2006, the District issued its General Obligation Bonds, Series A of 2006 in the amount of $ 9,995,000. After discounts and issuance costs of $ 189,539, net proceeds of $ 9,795,726 were deposited into an irrevocable trust fund to refund a portion ($ 9,670,000) of the 2001 Series of bonds with the remaining proceeds of $ 9,735 deposited into the District's 2006 A sinking fund. This refunding reduced future debt service, resulting in an economic gain of approximately $ 523,000 which will be realized over the term of the new 2006 A Series. . . Compensated absences (those for which employees receive pay) are presented using the termination payment method. A liability is computed using estimates which apply historical data to current factors. The District maintains records of unused leave and applies the contracted rate for employees eligible for termination payments. The District allows only restricted sabbatical leave and therefore does not present any liability in advance of the sabbatical. Payments for compensated absences are made in the year the absence is taken or the employee retires. When an employee retires, the payout is as follows: Unused sick leave will be paid at the following rates: . Number of Years Percentage of Accumulated Davs Less than ten 10 through 14 15 or more 20% 35% 50% . FS - 23 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 3D, 2006 . LONG-TERM LIABILITIES (Cont'd.) For teachers and administrators, any unused sick leave shall be paid at the daily substitute rate. . For support staff and Food Service Fund employees, unused sick leave will be paid at the lowest hourly rate for support employees. . Under the District's negotiated agreement with Mechanicsburg Education Association, professional employees of the District who become eligible for retirement after 20 years service to the District, and elect to retire in that year, will receive a retirement payment of $ 10,000. OPERATING LEASES . The District is obligated under various equipment, vehicle, and modular classroom lease agreements at June 30, 2006. The following is a schedule of future minimum rental payments required under the operating lease agreements. Year Ending June 30 . 2007 2008 $ 108,106 32,793 Total minimum payments required $ 140 899 . PENSION PLAN Substantially all full-time and part-time employees of the District participate in the pension plan. The District recognizes expenditures or expenses equal to its contractually-required contributions, subject to the modified accrual basis of accounting in governmental funds. . . The District contributes to The Public School Employees' Retirement System (the System), a governmental cost sharing multiple-employer defined benefit plan. The plan is under the authority of the Public School Employees' Retirement Code (the Code), as amended. The plan provides retirement and disability, legislatively mandated ad hoc cost-of-living adjustments, and healthcare insurance premium assistance to qualifying annuitants. The System issues a comprehensive annual financial report that includes financial statements and required supplementary information for the plan. A copy of the report may be obtained by writing to the System at PO Box 125, Harrisburg, PA 17108-0125, or by accessing the System's website at www.osers.state.oa.us. . FS - 24 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . 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 automatically Class T-D. The contribution rates for all members in Membership Class T -D were effective January 1, 2002. . . Contributions required of employers are based upon an actuarial valuation. For the fiscal year ended June 30, 2006 the employer contribution rate was 4.69 percent of covered payroll, composed of 4.00 percent for pension benefits and .69 percent for healthcare insurance premium assistance. The District's contributions to PSERS for the years ending June 30, 2006, 2005 and 2004 were $ 942,270, $ 797,476, $ 735,916, respectively. Those amounts are equal to the required contributions for each year. POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS . Under the Collective Bargaining Agreement (expires June 30, 2009) with Mechanicsburg Education Association, the District provides health insurance up to a maximum of $ 15,000 in premiums for any individual who retired with 20 years of service to the District. This coverage commences when the retiree reaches age 62 and continues until age 65. All other retired employees are required to pay the entire premiums. During the year ended June 2006, there were a total of 46 retirees covered for health insLlrance. . The District finances this benefit on a pay-as-you-go basis. For the year ended June 2006, the estimated net cost to the District was approximately $ 53,000 ($ 315,500 plan costs paid for the retirees less $ 262,500 premiums paid by the retirees). RISK MANAGEMENT . Health insurance . In September, 2005, the District became a member of South Central Trust for processing claims and obtaining reinsurance through commercial insurance carriers. The District has reinsurance for claims in excess of $ 125,000 specific (per person). The District has a maximum lifetime benefit of $ 5,000,000 per person. District transactions with the trust were as follows: FS - 25 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . RISK MANAGEMENT (Cont'd.) Payments to the trust Increase in accrual to the trust $ $ 3,135,348 3,135,348 (2,514,926) (124,558) (6.539) (2,646.023) $ 489 325 Amount available for accrued costs, beginning . . Claims paid by the trust Stop loss premiums Administrative fees . Amount available for accrued costs, ending Consultants of the Trust provide estimated amounts, based on various methodologies, for use in estimating claims that have been incurred but not reported (IBNR). District management believes this methodology provides an adequate amount for accrued costs, based on approximately 60-75 days of paid claims. . 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 - 26 . . MECHANICSBURG AREA SCHOOL DISTRICT NOTES TO FINANCIAL STATEMENTS (Cont'd.) JUNE 30, 2006 . COMMITMENTS AND CONTINGENCIES Other commitments and contingencies . The District's collective bargaining agreement with its teaching staff expires June 30,2009. 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. . As part of its ongoing Capital Projects, the District has entered into contract commitments totaling approximately $ 1,443,000 for various construction and improvement projects at June 30, 2006. . The District participates in state and federal grant programs which are governed by various rules and regulations. Expenditures charged to these grant programs are subject to program compliance audits and reviews by the grantor agencies. The District is potentially liable for any expenditures which may be disallowed by the rules of these grant programs. The District does not anticipate any material disallowance of program expenditures. . . . . FS - 27 . . . . . 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CO o (<) N ~ ~ ~ ~ lI) C o :;:; C'll N lI) '2 "0 C'll C ~ .2 0 .... .... Q) Q) .e .e - - o 0 o 0 lI)-- Q) ~ ~ ~ClCl :c C'll ::i 0) o 0) o 1.0 (<) CO (<) N.- o N ..... (<) I'- CO o (<) N lI) Q) :2 :c .!l:! co - o I- lI) Q) u C C'll co .c "0 C =' - "0 Q) ~C: '5 ~ C"Q) Q)r::r: "0 C =' U- 1.0 CO 0) (<) 0) ..qo I'- 00 ..qo ..qo ..qo ~ <0 (<) N.- o N ..... ~ (") I'- <0 o (<) N ~ 1.0 CO 0) (<) 0) 1.0 CO 0) (<) 0) ~ ('I) I'- o N I'- (<) I'- o N I'- (<) Cf) ~ N 0) 00 N 0) 00 ..... N ..... N ~ >. - '5 C" Q) "0 C =' - "0 C C'll lI) Q) :2 :c ~ co - o I- . MECHANICSBURG AREA SCHOOL DISTRICT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ALL TRUST FUNDS FOR THE YEAR ENDED JUNE 30, 2006 . Expendable Non-expendable Trust Trust Totals . Revenue and other financing sources Investment income $ 1,337 $ 2,076 $ 3,413 Contributions 10,789 2,709 13,498 Total operating revenues 12,126 4,785 16,911 . Operating expenses Scholarship awards 8,609 3,119 11 ,728 Total operating expenses 8,609 3,119 11,728 . Operating income (loss) 3,517 1,666 5,183 Transfers to (from) trust accounts (1,898) 1,898 Net income (loss) 1,619 3,564 5,183 . Reserved fund balance, July 1, 2005 20,273 68,509 88,782 Reserved fund balance, June 30, 2006 $ 21,892 $ 72,073 $ 93,965 . . . . SI- 4 . >- ~ 1-:.:0 ,.-..." !~t (?C:. or,- LL1 r~ --l -- a:U.1 IE LL o \...!.:) ;c?' N 0") ('j N ''':,~ 0:: N (-, LtJ a :~) o ~ '} ... ~ t;; ..-::.) 'X ~ ~ ~ '{ ~ \)c:) ~~ ~~ ,4'! .,