comprehensive annual financial reportof the district over the last 5 years. fiscal year 2012-2013...
TRANSCRIPT
Comprehensive Annual Financial Report
of the
Borough of Manville Board of Education
County of Somerset
Manville, New Jersey
For the Fiscal Year Ended June 30, 2017
Prepared by
Borough of Manville, Board of Education Finance Department
INTRODUCTORY SECTION
Letter of Transmittal Roster of Officials Consultants and Advisors Organizational Chart
FINANCIAL SECTION
Independent Auditor Report
TABLE OF CONTENTS
REQUIRED SUPPLEMENTARY INFORMATION - PART I
Management's Discussion and Analysis (Unaudited)
BASIC FINANCIAL STATEMENTS
A District-Wide Financial Statements:
A-1 Statement of Net Position A-2 Statement of Activities
B. Major Fund Financial Statements:
Governmental Funds:
PAGE
1-4 5 6 7
8-10
11
12-24
25
26
27 28
29
B-1 Balance Sheet 30-31 B-2 Statement of Revenues, Expenditures, and Changes in Fund Balance 32 8-3 Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 33
Other Funds
Proprietary Funds:
8-4 Statement of Net Position B-5 Statement of Revenues, Expenses, and Changes in Fund Net Position 8-6 Statement of Cash Flows
Fiduciary Funds:
8-7 Statement of Fiduciary Net Position 8-8 Statement of Changes in Fiduciary Net Position
Notes to the Financial Statements
34
35 36 37
38 39
40-76
TABLE OF CONTENTS (CONTINUED)
REQUIRED SUPPLEMENTARY INFORMATION - PART II
C. Budgetary Comparison Schedules:
C-1 General Fund C-2 Special Revenue Fund C-3 Budget to GAAP Reconciliation
REQUIRED SUPPLEMENTARY INFORMATION - Part Ill
L. Schedules Related to Accounting and Reporting for Pension (GASB 68)
L-1
L-2
L-3
L-4
Schedule of the District's Proportionate Share of the Net Pension Liability - Public Employees Retirement System - Last Ten Years Schedule of the District's Contributions - Public Employees Retirement System - Last Ten Years Schedule of the District's Proportionate Share of the Net Pension Liability Teachers Pension and Annuity Fund - Last Ten Years Schedules Related to Accounting and Reporting for Pension (GASB 68) Note to RSI Ill for the Fiscal Year Ended June 30, 2017
OTHER SUPPLEMENTARY INFORMATION
D. School Level Schedules
E. Special Revenue Fund:
PAGE
77
78
79-85 86 87
88
89
90
91
92
93
94
NIA
95
E-1 Combining Schedule of Revenues and Expenditures - Budgetary Basis 96-97 E-2 Schedule of Preschool Education Aid - Budgetary Basis N/A
F. Capital Projects Fund
F-1 Summary Statement of Project Expenditures - Budgetary Basis F-2 Summary Schedule of Revenues, Expenditures, and Changes in
Fund Balance - Budgetary Basis F-2A Schedule of Project Revenues, Expenditures, Project Balance, and
Project Status - Budgetary Basis - Roof Replacement in West Wing of High School
F-28 Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis - Asbestos Abatement at Manville Schools
F-2C Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis - High School Sidewalk Repair
F-20 Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis - High School/ABIS Roof Repair
F-2E Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis - Asbestos Abatement at ABIS And Roosevelt School
F-2F Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis - High School Student Parking Lot
98
99
100
101
102
103
104
105
106
TABLE OF CONTENTS {CONTINUED) PAGE
G. Proprietary Funds NIA
Enterprise Fund:
G-1 Combining Statement of Net Position NIA G-2 Combining Statement of Revenues, Expenses and Changes in Fund Net
Position N/A G-3 Combining Statement of Cash Flows NIA
H. Fiduciary Fund 107
H-1 Combining Statement of Fiduciary Net Position 108 H-2 Combining Statement of Changes in Fiduciary Net Position 109 H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements 11 O H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 111
I. Long Term Debt
1-1 1-2 1-3
Schedule of Serial Bonds Schedule of Obligations Under Capital Leases Debt Service Fund Budgetary Comparison Schedule
STATISTICAL SECTION (UNAUDITED)
J-1 Net Position by Component J-2 Changes in Net Position J-3 Fund Balances - Governmental Funds J-4 Changes in Fund Balances - Governmental Funds J-5 General Fund Other Local Revenue by Source J-6 Assessed Value and Actual Value of Taxable Property J-7 Direct and Overlapping Property Tax Rates J-8 Principal Property Tax Payers - Current and Nine Years Ago J-9 Property Tax Levies and Collections J-10 Ratios of Outstanding Debt by Type J-11 Ratios of Net Bonded Debt Outstanding J-12 Direct and Overlapping Governmental Activities Debt J-13 Legal Debt Margin Information J-14 Demographic and Economic Statistics J-15 Principal Employers - Current Year and Nine Years Ago J-16 Full-Time Equivalent District Employees by Function/Program J-17 Operating Statistics J-18 School Building Information J-19 Schedule of Required Maintenance J-20 Insurance Schedule
112
113 N/A 114
115 116-117
118 119 120 121 122 123 124 125 126 127 128 129 N/A 130 131 132 133 134
TABLE OF CONTENTS (CONTINUED)
SINGLE AUDIT SECTION
K-1 Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Basic Financial
PAGE
Statements Performed in Accordance with Government Auditing Standards 135-136
K-2 Independent Auditor's Report on Compliance with Requirements Applicable to Major Federal and State Financial Assistance Programs and Internal Control Over Compliance Required by the Uniform Guidance and New Jersey OMS Circular 15-08 137-138
K-3 Schedule of Expenditures of Federal Awards, Schedule A 139
K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 140
K-5 Notes to the Schedules of Expenditures of Federal Awards and State Financial Assistance 141-142
K-6 Schedule of Findings and Questioned Costs 143-145
K-7 Schedule of Prior Year Audit Findings 146
INTRODUCTORY SECTION
MANVILLE PUBLIC SCHOOLS
Mr. Robert Beers Superintendent of Schools
Phone (908) 231-8500x8545 Fax (908) 707-3963
November 13, 2017
Honorable President and Members of the Board of Education Manville School District Somerset County, New Jersey
410 Brooks Boulevard Manville, New Jersey 08835
Dear Board Members and Constituents:
Kimberly A. Clelland Business Administrator /Board Secretary
Phone (908) 231-8500X8504 Fax (908) 704-0510
The comprehensive annual financial report of the Manville School District for the fiscal year ended June 30, 2017, is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Board of Education. To the best of our knowledge and belief, the data presented in this report is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information at June 30, 2017 and the government-wide financial statements of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included.
The comprehensive annual financial report is presented in four sections: introductory, financial, statistical and single audit. The introductory section includes this transmittal letter (designed to complement Management's Discussion and Analysis and should be read in conjunction with it), the Districts organizational chart and a list of principal officials. The financial section includes the basic financial statements and schedules, as well as the auditor's report thereon. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis and is unaudited. The District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Amendment of 1996 and the provisions of the Uniform Guidance and New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid Payments". Information related to this single audit, including the auditor's report on the internal control structure and compliance with applicable laws and regulations and findings and recommendations are included in the single audit section of this report.
1
1. REPORTING ENTITY AND ITS SERVICES: Manville School District is an independent reporting entity within the criteria adopted by the GASS. All funds and the government-wide statements of the District are included in this report. The Manville Board of Education and all its schools constitute the District's reporting entity.
The District provides a full range of educational services appropriate to grade levels K through 12. These include regular, vocational, as well as special education for handicapped youngsters. The District completed the 2016-2017 fiscal year with an enrollment of approximately 1,448 students. The following details the changes in the student enrollment of the District over the last 5 years.
Fiscal Year 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Student Enrollment 1,307 1,412 1,415 1,423 1,448
Percent Change .011% .008% .009% .009% .009%
2. ECONOMIC CONDITIONS AND OUTLOOK: Manville is a community of moderately priced single-family homes. The Manville School District is currently examining options related to continuing with a "Shared Services" agreement with the Borough of Manville, examining additional options beyond shared services due to recent cutbacks in funds and staffing by the Borough of Manville. A separate agreement with local law enforcement continues to provide security at all major events. The district has realized enrollment increases in grades kindergarten to grade three with an increase of students eligible for extended services and the free and reduced lunch program. Facilities security, student safety, and providing effective instructional programs conducive to the individual growth of the student continue to be the main goals of the district.
3. MAJOR INITIATIVES: The Manville School District has planned the following projects for the future school years:
1) To continue to assess and maintain a safe environment for all students and employees;
2) To continue to review and upgrade technological infrastructure related to instruction, building security and communications.
3) Continue to review and revise instructional programs and related professional development to maintain standards of accountability within the guidelines and mandates outlined by the New Jersey State Learning Standards.
4) To allow for continuous school improvement as evidenced by assessment data.
5) To continue to maintain and complete repairs/replacements of all facilities.
6) To seek options for expansion of facilities due to burgeoning student enrollment within the district.
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4. INTERNAL ACCOUNTING CONTROLS: Management of the District is responsible for establishing and maintaining internal control designed to ensure that the assets of the District are protected from loss, theft, or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The internal control structure is designed to provide reasonable, but not absolute, assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management.
As a recipient of federal and state financial assistance's, the District also is responsible for ensuring that adequate internal control is in place to ensure compliance with applicable laws and regulations, related to those programs. This internal control structure is also subject to periodic evaluation by the district Management.
As part of the District's single audit described earlier, tests are made to determine the adequacy of the internal control structure, including that portion related to federal and state financial assistance programs, as well as to determine that the District has complied with applicable laws and regulations.
5. BUDGETARY CONTROLS: In addition to internal accounting controls, the District maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the county office of the New Jersey Department of Education. Annual appropriated budgets are adopted for the general fund, the special revenue fund, and the debt service fund. Project-length budgets are approved for the capital improvements accounted for in the capital projects fund. The final budget amount as amended for the fiscal year is reflected in the financial section.
An encumbrance accounting system is used to record outstanding purchase commitments on a line item basis. Open encumbrances at year-end are either canceled or are included as reappropriations of fund balance in the subsequent year. Those amounts to be reappropriated are reported as reservations of fund balance at June 30, 2017.
6. ACCOUNTING SYSTEM AND REPORTS: The District's accounting records reflect generally accepted accounting principles, as promulgated by the Governmental Accounting Standards Board (GASS). The accounting system of the District is organized on the basis of funds and the government-wide statements. These funds and the government-wide statements are explained in "Notes to the Financial Statement", Note 1.
7. FINANCIAL INFORMATION AT FISCAL YEAR-END: As demonstrated by the various statements and schedules included in the financial section of this report, the District continues to meet its responsibility for sound financial management. You should review in detail the management's discussion and analysis for the fiscal year ended June 30, 2017, for Financial Summaries.
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8. DEBT ADMINISTRATION: At June 30, 2017, the District's outstanding debt included $236,000 of general obligation bonds.
9. CASH MANAGEMENT: The investment policy of the District is guided in large part by State statute as detailed in "Notes to the Financial Statement" Note 2. The District has adopted a cash management plan, which requires it to deposit public funds in public depositories protected from los under the provisions of the Governmental Unit Deposit Protection Act ("GUDPA"). GUDPA was enacted in 1970 to protect Governmental Units from a loss .of funds on deposit with a failed banking institution in New Jersey. The law requires governmental units to deposit public funds only in public depositories located in New Jersey, where the funds are secured in accordance with the Act.
10. RISK MANAGEMENT: The Board carries various forms of insurance, including but not limited to general liability, automobile liability and comprehensive collision, hazard and the insurance on property and contents, and fidelity bonds.
11. OTHER INFORMATION:
A) Independent Audit - State statutes require an annual audit by independent certified public accountants or certified municipal accountants. The accounting firm of Suplee, Clooney and Company, CPAs was selected by the Board of Education at the annual Reorganization Meeting. In addition to meeting the requirements set forth in State statutes, the audit also was designed to meet the requirements of the Single Audit Act Amendments of 1996 and the Uniform Guidance and State Treasury Circular Letter 15-08 OMB. The auditor's report on the basic financial statements and combining and individual fund statements and schedules is included in the financial section of this report. The auditor's report related specifically to the single audit is included in the single audit section of this report.
12. ACKNOWLEDGEMENTS: We would like to express our appreciation to the Members of the Manville School Board for their concern in providing fiscal accountability to the citizens and taxpayers of the school district and thereby contributing their full support to the development and maintenance of our financial operation. The preparation of this report could not have been accomplished without the efficient and dedicated services of our financial and accounting staff.
Res12ectfully submitted:
T~ Robert Beers
Superintendent Business Administrator/Board Secretary
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BOROUGH OF MANVILLE SCHOOL DISTRICT
ROSTER OF OFFICIALS
JUNE 30, 2017
Members of the Board of Education
Heidi Alles - President
Jeanne Lombardino - Vice President
Branden Agans
Jennifer Esposito
Kelly Harabin
Sharon Liszczak
Sharon Lukac
Ned Panfile
Louis Petzinger
Other Officials
Anne R. Facenda, Superintendent of Schools
Kimberly A. Clelland, Business Administrator
Lori Majeski , Treasurer of School Moneys
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Term Expires
2017
2017
2017
2019
2019
2018
2019
2018
2017
BOROUGH OF MANVILLE SCHOOL DISTRICT CONSULTANTS AND ADVISORS
JUNE 30, 2017
Audit Firm
Suplee, Clooney & Company
Attorney
David Rubin
Official Depository
TD Bank, NA
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FINANCIAL SECTION
SuPLEE, CLoONEY & COMPANY CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield, New Jersey 07090-2122
Telephone 908-789-9300 Fax 908-789-8535
E·mail [email protected]
INDEPENDENT AUDITOR REPORT
Honorable President and Members of the Board of Education Borough of Manville School District County of Somerset Manville, New Jersey 08835
Report on the Financial Statements
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 the Borough of Manville School District, County of Somerset, New Jersey (the "District") as of and for the year ended June 30, 2017, and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor Responsibility
Our responsibility is to express opinions 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, audit requirements prescribed by the Division of Finance, Department of Education, State of New Jersey, and the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and State of New Jersey OMB Circular 15-08 "Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid." Those standards and provisions require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
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SuPLEE, CLooNEY & COMPANY
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Borough of Manville School District, County of Somerset, New Jersey as of June 30, 2017, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis, budgetary comparison information in Exhibit C-1 through C-3 and the pension schedules in Exhibit L-1 through L-4 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
9
SUPLEE, CLOONEY & COMPANY
Supplementary and Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Borough of Manville School District's basic financial statements. The accompanying supplementary schedules such as the combining and individual fund financial statements, long-term debt schedules and the Schedules of Expenditures of Federal Awards and State Financial Assistance, as listed in the table of contents, as required by the Uniform Guidance, New Jersey's OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid," and the State of New Jersey, Department of Education, Division of Finance, are presented for purposes of additional analysis and are not a required part of the basic financial statements.
The accompanying supplementary information schedules such as the combining and individual fund financial statements, long-term debt schedules and the Schedules of Expenditures of Federal Awards and State Financial Assistance, as listed in the table of contents, as required by the Uniform Guidance, New Jersey's OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid," and the State of New Jersey, Department of Education, Division of Finance is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the accompanying supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
The other information, such as the introductory and statistical sections, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express on opinion or provide any assurance on it.
Other Reporting Required bv Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated November 13, 2017 on our consideration of the Borough of Manville School District's internal control over financial reporting and on 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Borough of Manville School District's internal control over financial reporting and compliance.
PUBLIC SCHOOL ACCOUNTANT NO. 948 November 13, 2017
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REQUIRED SUPPLEMENTARY INFORMATION - PART I
11
MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
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BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
This section of The Borough of Manville School District's ("The District") annual financial report presents its discussion and analysis of the District's financial performance during the fiscal year ended June 30, 2017. Please read it in conjunction with the transmittal letter at the front of this report and the District's financial statements, which immediately follow this section.
Management's Discussion and Analysis (MD&A) is Required Supplementary Information specified in the Governmental Accounting Standard Board's (GASB) Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis - for State and Local Governments. Certain comparative information between the current fiscal year and the prior year is presented in the MD&A.
Financial Highlights
• At the government-wide financial statements, revenue from governmental activities accounted for $27,999,945 or 98 percent of total school district revenue. The other 2 percent of revenue was generated by the business type activities.
Fund Level Schedules
• The fund balance in the General Fund increased by $375,354 after a decrease of $914,674 in 2015-2016.
• The Board of Education had no capital projects in 2016-2017 due to not being able to increase the capital reserve fund at the end of 2015-2016.
• The Board of Education reduced its bonds payable by 38% to a balance of $236,000.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the District's basic financial statements. The District's basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This document also contains required and supplementary information and other information in addition to the basic financial statements themselves.
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the District's finances, in a manner similar to a private-sector business.
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BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
The statement of net position presents information on all of the assets, deferred inflows and outflows and liabilities of the District, with the difference between the four reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.
The statement of activities presents information showing how the net position of the District changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., earned but unused vacation leave).
The Government-wide financial statements can be found on pages 27-28 of this report.
Fund Financial Statements
A fund is a group of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
The District maintains three funds types:
Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the governmentwide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating government's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
The District maintains four individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balance for the general fund, special revenue fund, capital projects fund and debt service fund, all of which are considered to be major funds.
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BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
The District adopts an annual appropriated budget for its general fund, special revenue fund and debt service fund. Budgetary comparison statements have been provided as required supplementary information for the general fund, special revenue fund and debt service fund to demonstrate compliance with this budget.
The basic governmental fund financial statements can be found on pages 30-33 of this report.
Proprietary funds. The District maintains one proprietary fund type. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The District uses an enterprise fund to account for the operations of its food service program. The basic proprietary fund financial statements can be found on pages 35-37 of this report.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the governmental entity. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the District's own programs.
The District utilizes trust funds to account for its unemployment compensation insurance fund and private purpose scholarship fund. The District uses agency funds to account for resources held for student activities and groups, and payroll related liabilities. The fiduciary fund financial statements can be found on pages 38-39 of this report.
Notes to the basic financial statements. The notes provide additional information that is essential for a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages 40-76 of this report.
Other information. The combining statements referred to earlier in connection with governmental funds and enterprise funds are presented immediately following the notes to the basic financial statements. Combining and individual fund statements and schedules can be found on pages 95-114 of this report.
Financial Highlights Government-wide Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the District, assets exceeded liabilities by $2,260,075 at the close of fiscal year 2016. The following table provides a summary of net position at June 30, 2017 and 2016 relating to the District's governmental and business-type activities:
Key financial Highlights for the 2016-2017 fiscal year include the following:
• The State withheld both of the June fiscal year state aid payments until July 2017. • The State aid awarded in 2016-2017 increased by 1% from 2015-2016. • The District did not use capital reserve in 2016-2017 and was able to increase capital reserve
by $271,287 in 2016-2017.
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BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
Financial Analysis of the District as a Whole
The District's statement of net position shown in Table 1 below reflects the District's net position as a whole. Table 2 reflects the changes in net position from operating results.
Table 1 Condensed Statement of Net Position
Total Governmental Activities Business-T~~e Activities Total School District Percentage
FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 Change Current and Other Assets $1,960,623 $1,683,362 $159,135 $58,080 $2,119,758 $1,741,442 22%
Capital Assets 8,618,399 8,917,973 1,474 3,296 8,619,873 8,921,269 -3%
Total Assets 10,579,022 10,601,335 160,609 61,376 10,739,631 10,662,711 1%
Deferred Outflows Related to pensions 2,396,593 1,061,365 2,396,593 1,061,365 126%
Long-Term Liabilities 8,715,332 6,856,920 8,715,332 6,856,920 27% Short-Term Liabilities 1,078,043 1,104,340 68,101 16,679 1,146,144 1,121,019 2%
Total Liabilities 9,793,375 7,961,260 68, 101 16,679 9,861,476 7,977,939 24%
Deferred Inflows Related to pensions 146,877 211,479 146,877 211,479 -31%
Net Position: Net Investment In Capital Assets 8,382,399 8,571,973 1,474 3,296 8,383,873 8,575,269 -2% Restricted 1,253,138 944,226 1,253,138 944,226 33% Unrestricted (Deficit) (6,600, 174) (6,026,238) 91,034 41,401 (6,509,140) (5,984,837) 9%
Total Net Position $3,035,363 $3,489,961 $92,508 $44,697 $3,127,871 $3,534,658 -12%
16
BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
The largest portion of the District's net position is its net investment in capital assets. Restricted net position includes those items that are subject to external restrictions (e.g. for capital projects, capital reserve and excess fund balance in the general fund).
Current and other assets increased in fiscal year 2017 as less cash and cash equivalents were spent for operations and capital projects than in the prior fiscal year 2016. Net investment in capital assets decreased mainly due to no capital asset purchases in 2016~2017 to offset the depreciation expense.
Restricted net position increased due to the replenishing of the capital reserve funds. The unrestricted net position deficit continues to grow due to the increased pension liability resulting from the implementation of GASB 68 in fiscal year 2015.
Table 2 Changes in Net Position
Governmental Business-Type Total School Activities Activities District
FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016
Revenue: Program Revenue:
Charges for Services $237,581 $231,921 $237,581 $231,921 Operating Grants and
Contributions $7,183,722 $5,558,275 412,262 384,288 7,595,984 5,942,563
General Revenue: Property Taxes 15,141,795 14,263,625 15,141,795 14,263,625 Federal and State Aid
not restricted 5,532,493 5,401,152 5,532,493 5,401,152 Other 141,935 147,114 81 104 142,016 147,218
Total Revenue 27,999,945 25,370,166 649,924 616,313 28,649,869 25,986,479
Expenses: Instruction 16,922,833 16,006,821 16,922,833 16,006,821 Student & Instructional
Support Services 4,677,502 4,116,044 4,677,502 4,116,044 Administrative and
Business 2,947,414 2,594,869 2,947,414 2,594,869 Maintenance &
Operations 3,030,518 2,904,432 3,030,518 2,904,432 Transportation 544,254 503,227 544,254 503,227 Other 270,228 275,756 602,113 588,884 872,341 864,640
Total Expenses 28,392,749 26,401,149 602,113 588,884 28,994,862 26,990,033
Canceled Receivable {61,794} {61,794}
Change in net position {$454,598} {$1,030,983} $47,811 $27,429 {$406,787} {$1,003,554)
17
Sources of Revenue
BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
The District's total government-wide revenue for the 2016-2017 school year was $28,649,869 as reflected in Table 3. Property taxes and state formula aid accounted for 71 percent of the total revenue with the other 29 percent consisting of other state and federal aid including pension liabilities, federal and state grants, charges for services, and miscellaneous sources.
Table 3 Sources of Revenue
Sources of Revenue Amount Percentage Amount Percentage
Property Taxes $15, 141,795 53% $14,263,625 55% State Formula Aid 5,312,769 19% 5,257,866 20% Other State and Federal Aid 7,087,751 24% 5,304,417 20% Federal and State Grants 722,932 2% 775,253 3% Charges for Services 237,581 1% 231,921 1% Other 147,041 1% 153,397 1%
$28,649,869 100% $25,986,479 100%
The increase in property taxes of $878, 170 is mainly attributable to the use of bank cap allowed under current state regulations.
The increase of $1,783,334 in other state and federal aid is mainly due to an increase in the State on behalf pension and post-retirement benefits paid by the State on behalf of the District and an increase in the actuarial pension as per the implementation of GASB 68 in 2014-2015.
All other sources of revenue remained at a constant level from 2016-2016 to 2016-2017.
18
BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
Expenses for the Fiscal Year 2017 and 2016
The total expenses for the 2016-2017 fiscal year for all programs and services were $28,994,861. Table 4 below summarizes these costs. The District's expenses are predominantly related to instructing, providing services and transporting students, grades kindergarten through twelve, which accounts for 76 percent of the total District costs. Administrative and business expenses account for the costs of the Office of the Superintendent of Schools, the Business Office, and the Principal's Offices in all four school buildings. Maintenance and operations account for the costs of keeping the school buildings and grounds safe, clean and in good operating condition, and includes all the utility costs related to the school facilities. Other costs include interest on long-term debt, depreciation expense and the costs of the business-type activities of the proprietary fund. It is important to note that depreciation expense on capital assets is included in expenses for the year; expenses therefore include $301,396 for depreciation.
Table 4 Expenses for Fiscal Year 2017 and 2016
FY 2017 FY 2016 Expense Category Amount Percentage Amount Percentage
Instruction 16,922,833 59% 16,006,821 59% Student & Instruction Services 4,677,502 16% 4,116,044 15% Administrative and Business 2,947,414 10% 2,594,869 10% Maintenance & Operations 3,030,518 10% 2,904,432 11% Transportation 544,254 2% 503,227 2% Food service operations 602,113 2% 588,884 2% Other 270,227 1% 275,756 1%
$28,994,861 100% $26,990,033 100%
19
Governmental Activities
BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
Table 5 presents the net cost (total cost less fees generated by the activities and intergovernmental aid provided for specific programs) of seven major District activities: instruction, tuition, student and instructional services, administration and business, maintenance and operations, transportation, and other. The net cost shows the financial burden placed on the District's taxpayers and the state by each of these functions.
Table 5 Net Cost of Governmental Activities
Expenditure Category
Instruction Student & Instruction Services Administrative and Business Maintenance & Operations Transportation Other
FY 2017 Amount Percentage
$11,797,830 56% 3,129,570 15% 2,451,561 12% 3,030,518 14%
529,320 2% 222,498 1%
$21, 161,297 100%
Financial Analysis of the District's Funds
FY 2016 Amount Percentage
$12,048,416 58% 2,873,248 14% 2,250,199 11% 2,904,432 14%
490,823 2% 248,431 1%
$20,815,549 100%
As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with financerelated legal requirements.
Governmental funds. The focus of the District's governmental funds is to provide information on nearterm inflows, outflows and balances of spendable resources. Such information is useful in assessing the District's financing requirements.
General Fund. The general fund is the main operating fund of the District. At the end of the current fiscal year, restricted fund balance was $637 ,273 and assigned fund balance was $330,249. The net change in total fund balance for the General Fund was an increase of $375,354 after a decrease in the prior year.
20
BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
Special Revenue Fund. The special revenue fund is used to tract the proceeds of specific revenue sources that are restricted or committed to expenditures for specific purposes, other than debt service or capital projects. Revenue and expenditures for the current fiscal year were comparable to the prior fiscal year, with a decrease in federal grants of $51,909. There were no non-public state grants in the current fiscal year with the closing of the non-public school in the Borough. IDEA Basic and Title I continue to be the largest grants in the special revenue fund with expenditures in the current fiscal year of $331, 185 and $311,000 respectively.
Capital Projects Fund. The capital projects fund is used to account for and report financial resources that are restricted, committed or assigned to an expenditure for capital outlays, including the acquisition or construction of major capital facilities and other assets (other than those financed by the proprietary funds). There were no expenditures in the current fiscal year. There were no new capital state grants awarded in the 2016-2017 year.
Debt Service Fund. The debt service fund accounts for resources accumulated and payments made for principal and interest on long-term general obligation debt of governmental funds. The fund balance in the debt service fund is $1, 795, which is attributable to interest earned in the capital projects fund during the current fiscal year and prior fiscal years as well as unused funds in prior years.
General Fund Budgeting Highlights
The District's budget is prepared according to New Jersey Statutes and is based on accounting for certain transactions on a basis of modified accrual and encumbrance accounting. The most significant budgeted fund is the general fund. During the fiscal year there were differences between the original budget and the final amended budget as a result of transfers being applied to certain line items. These transfers were made between line items as part of the normal process as permitted by State guidelines. Readers should refer to Section C of the financial report for comparisons between actual and budgeted amounts.
Described below are explanations for variations in revenues and expenditures for certain lines where the modified budgeted amounts differ from the original budget by significant amounts. All other fluctuations were considered immaterial and no explanations were deemed required.
Expenditures
The modified budget for general administration increased from the original budget by $75,050 as a result of an increase in architectural and engineering costs as well as other purchased professional services.
The modified budget for other operations and maintenance of plant decreased from the original budget by $75, 100 as a result of a decrease in salaries and insurance costs.
21
BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
There was a decrease in unemployment costs and while health benefit costs increased, the increase wasn't was large as in the prior year due to employee offsets.
While undistributed expenditures remained relatively the same from the prior, there was a small increase in the on-behalf pension and post retirement contributions made by the state offset by a small decrease in reimbursed social security contributions.
Revenues
Extraordinary aid was at $107, 170 as a result of the fact that the final award amount is calculated by the State of New Jersey. This was nearly double of the amount in the prior year.
Unrestricted miscellaneous revenue was in excess of the modified budget by $41, 145 mainly due to an increase in incoming tuition and cancellation of various reserves.
Capital Assets
During the fiscal year 2016-2017, there were no capital acquisitions by the District to offset the depreciation expense. Table 6 reflects the comparative balances of capital assets net of depreciation as of June 30, 2017 and 2016, respectively. The detail of the changes in capital assets is reflected in Note 3 to the financial statements.
Table 6 Capital Assets (Net of Depreciation)
Total Governmental Activities Business-Type Activities Total School District Percentage
FY 2017 FY 2016 FY 2017 FY2016 FY2017 FY 2016 Change
Land and Site Improvements $5,360,200 $5,360,200 $5,360,200 $5,360,200 0% Building and Building Improvements 3,186,978 3,478,490 3,186,978 3,478,490 -8% Machinery and Equipment 71,221 79,283 $1,474 $3,296 72,695 82,579 -12%
Total Assets $8,618,399 $8,917,974 $1,474 $3,296 $8,619,873 $8,921,270 3%
22
Debt Administration
BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
At June 30, 2017 the District had $8,830,332 of outstanding long-term liabilities, consisting of bonds payable, compensated absences and net pension liability. The District will continue to pay down its debt and liabilities, as the obligations are due. Table 7 reflects the comparison of outstanding long-term liabilities for the past two fiscal years. More information of the District's long-term liabilities is presented in Note 4 to the financial statements.
Table 7 Outstanding Long-term Liabilities
Compensated Absences Payable Net Pension Liability Payable Bonds Payable
The District's Future
Total School Debt FY 2017 FY 2016
$480,494 8, 113,838
236,000
$8,830,332
$393,587 6,232,333
346,000
$6,971,920
Total Percentage Change
22% 30%
-32%
26%
The District is presently in stable financial position. Prior to the new state senate bill requiring New Jersey School Districts to reduce fund balance to 2% of their operating expenditures the District had planned to maintain a fund balance of at least 3% of budgeted expenditures. This state requirement has forced the District to reconsider future planning, as more stringent state approvals have been forced on the District.
A major concern for the community is that state aid is being held at the same level or minimally increased; therefore, the burden of the rising cost of education is focused on taxpayers to support their local schools. The District has settled with the teachers union and has made all retro payments due as per the settled contract. The District will begin new negotiations with the teachers union.
Despite these concerns, the Manville Borough Board of Education is committed to maintaining fiscal responsibility as well as achieving educational excellence for all of the students of the District.
23
BOROUGH OF MANVILLE SCHOOL DISTRICT MANVILLE, NEW JERSEY
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2017
UNAUDITED
Contacting the District's Financial Management
This financial report is designed to provide the District's citizens, taxpayers, customers and investors and creditors with a general overview of the District's finances and to demonstrate the District's accountability for the money it receives. If you have questions about this report or need additional financial information, contact Mrs. Kimberly A. Clelland, School Business Administrator/Board Secretary at the Manville Board of Education, 410 Brooks Blvd., Manville, New Jersey 08835. Please visit our website at www.manvilleschools.org.
24
BASIC FINANCIAL STATEMENTS
The basic financial statements provide a financial overview of the District's operations. These financial statements present the financial position and
operating results of all funds as of June 30, 2017.
25
DISTRICT-WIDE FINANCIAL STATEMENTS
The statement of net position and the statement of activities display information about the District. These statements include the financial activities of the overall district, except for fiduciary activities. Eliminations have been made to minimize the double counting
of internal activities. These statements distinguish between the governmental and business~type activities of the District.
26
BOROUGH OF MANVILLE SCHOOL DISTRICT STATEMENT OF NET POSITION
ASSETS:
Cash and cash equivalents Internal balances Receivables, net Inventory Restricted assets:
Restricted cash and cash equivalents Capital assets:
Non-depreciable Depreciable
Total assets
DEFERRED OUTFLOWS: Related to pensions Total Deferred Outflows
LIABILITIES:
Accounts payable Payable to state government Unearned revenue Accrued interest payable Noncurrent liabilities:
Due within one year Due beyond one year:
Net Pension Liability Compensated absences payable Bonds and capital leases payable Total liabilities
DEFERRED INFLOWS: Related to pensions Total Deferred Outflows
NET POSITION:
Net investment in capital assets Restricted for:
Capital projects fund Debt service fund (Deficit) Other purposes
Unrestricted (Deficit)
JUNE 30. 2017
GOVERNMENTAL BUSINESS-TYPE ACTIVITIES ACTIVITIES
$714,392 (94,009) 702,967
637,273
5,360,200 3,258,199
10,579,022
2,396,593 2,396,593
875,761 11,731 70,844 4,707
115,000
8,113,838 480,494 121,000
9,793,375
146,877 146,877
8,382,399
288,528 (2,912)
967,522 (6,600,174)
$3,035,363
$19,379 94,009 30,765 14,982
1,474 160,609
68,101
68,101
1,474
91,034
$92,508
EXHJBIT "A-1"
$733,771
733,732 14,982
637,273
5,360,200 3,259,673
10,739,631
2,396,593 2,396,593
943,862 11,731 70,844 4,707
115,000
8,113,838 480,494 121,000
9,861,476
146,877 146,877
8,383,873
288,528 (2,912)
967,522 (6,509, 140)
$3,127,871
The accompanying notes to the financial statements are an integral part of this statement.
27
FU
NC
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NS
/PR
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E
XP
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Gov
ernm
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Inst
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R
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589,
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814,
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Stu
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and
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2,83
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499,
786
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864,
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2,
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299,
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10,4
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28
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60
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$28,
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$4,3
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$237
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23
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412,
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412,
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$7,5
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Gen
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Tax
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Pro
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F
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Mis
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com
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otal
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Can
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Th
e a
ccom
pany
ing
note
s to
the
fin
anci
al s
tate
men
ts a
re a
n in
tegr
al p
art o
f thi
s st
atem
ent.
MAJOR FUND FINANCIAL STATEMENTS
The Individual fund financial statements and schedules present more detailed information for the individual fund in a format that segregates information by fund type.
29
EXHIBIT "B-1" SHEET#1
BQBOUGH OF MANVILLE SCHOQL Dl§TRICT BALA!:::!CE SHEET
GOVERNMENTAL FUNDS JUNE 30. 2017
SPECIAL CAPITAL DEBT TOTAL GENERAL REVENUE PROJECTS SERVICE GOVERNMENTAL
ASSETS AND OTHER DEBITS: FUND FUND FUND FUND FUNDS
Assets: Cash and cash equivalents $627,704 $84,893 $1,795 $714,392
Capital reserve account 637,273 637,273
Accounts receivable: Federal $299,139 299,139
State 138,399 265,429 403,828
lnterfund 174,113 174,113
Total assets $1,577,489 $299,139 $350,322 $1,795 $2,228,745
LIABILITIES AND FUND BALANCES:
Liabilities: Accounts payable $515,958 $104,245 $620,203
Intergovernmental payable: State 11,731 11,731
lnterfunds payable 94,009 174,113 268, 122
Unearned revenue 9,050 61,794 70,844
Total liabilities 609,967 299,139 61,794 970,900
Fund balances: Restricted for: Capital reserve account 637,273 637,273 Capital projects fund 288,528 288,528 Debt service fund 1,795 1,795
Assigned for: Year end encumbrances 56,648 56,648 Designated for subsequent years expenditures 273,601 273,601
Total fund balances 967,522 288,528 1,795 1,257,845
Total liabilities and fund balances $1,577,489 $299,139 $350,322 $1,795
The accompanying notes to the financial statements are an integral part of this statement.
30
Total Fund Balances (Brought Forward)
BOROUGH OF MANVILLE SCHOOL DISTRICT
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2017
Amounts Reported for Governmental Activities in the Statement
of Net Position (A-1) are different because:
Capital assets used in governmental activities are not financial
resources and therefore are not reported in the funds,
Cost of Assets
Accumulated Depreciation
Long term liabilities, including bonds payable, and other related
amounts that are not due and payable in the current period
and therefore are not reported as liabilities in the funds.
Net pension liability
Serial bonds payable
Compensated absences payable
Deferred Outflows and Inflows of resources are applicable to future periods and therefore are not reported in the funds.
Pensions: Deferred Outflows
Pension related
Deferred Inflows: Pension related
Certain liabilities are not due and payable in the current period
and therefore, are not reported in the governmental funds.
Accounts Payable - Pension Related
Accrued Interest Payable
Net Position of Governmental Activities
$38,032,574
(29,414, 175)
(8, 113,838)
(236,000)
(480,494)
(255,558)
(4,707)
The accompanying Notes to the Financial Statements are an integral part of this statement.
31
EXHIBIT "B-1"
SHEET#2
$1,257,845
8,618,399
(8,830,332)
2,396,593
(146,877)
(260,265)
$3,035,363
EXHIBIT "B-2"
BORO\,!QH OF MANVILLE SCHOOL DISTRICT STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2017
SPECIAL CAPITAL DEBT TOTAL GENERAL REVENUE PROJECTS SERVICE GOVERNMENTAL
FUND FUND FUND FUND FUNDS REVENUES: Local sources:
Local tax levy $15,019,215 $122,580 $15,141,795 Interest earned on capital reserve funds 732 732 Miscellaneous 141,145 $5,025 $58 146,228
Total revenues-local sources 15,161,092 5,025 58 122,580 15,288,755
State sources 7,698,893 7,698,893 Federal sources 134,493 722,932 857,425
Total revenues 22,994,478 727,957 58 122,580 23,845,073
EXPENDITURES: Current expense:
Instruction: Regular 5,126,654 307,232 5,433,886 Special education 2,391,828 104,650 2,496,478 Other instruction 785,813 785,813
Support services: Tuition 1,167,177 1,167,177 Student and instruction related services 2,517,791 316,075 2,833,866 General administrative services 499,786 499,786 School administrative services 864,340 864,340 Central services 371,716 371,716 Administrative technology 129,727 129,727 Plant operations and maintenance 2,345,080 2,345,080 Student transportation services 544,254 544,254 Employee benefits 5,863,387 5,863,387
Capital outlay - debt assessment 11,571 11,571 Debt service:
Principal 110,000 110,000 Interest 12,579 12,579
Total expenditures 22,619,124 727,957 122,579 23,469,660
Excess (deficiency) of revenues over (under) expenditures 375,354 58 375,413
Other financing sources (uses): Canceled receivable (61,794) (61,794) Transfers in 58 58 Transfers out (58) (581
Total financing sources (uses): (61,852) 58 (61,794)
Net change in fund balances 375,354 (61,794) 59 313,619
Fund balances, July 1, 2016 592,168 350,322 1,736 944,226
Fund balances, June 30, 2017 $967,522 $288,528 $1,795 $1,257,845
The accompanying notes to the financial statements are an integral part of this statement.
32
BOROUGH OF MANVILLE SCHOOL DISTRICT RECONCILIATION OF THE STATEMENT OF REVENUES. EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30. 2017
Total net change in fund balances - governmental funds (from B-2)
Amounts reported for governmental activities in the statement of activities (A-2) are different because:
Capital outlays are reported in governmental funds as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which depreciation exceeded capital outlays in the period.
Depreciation expense Capital outlays Capital outlays not capitalized
($299,574) 11,571
(11,571)
Repayment of bond principal is an expenditure in the governmental funds, but repayment reduces long-term liabilities in the statement of net position and is not reported in the statements of activities.
Payment of bonds
In the statement of activities, interest on long-term debt is accrued, regardless of when due. In governmental funds, interest is reported when due. The accrued interest is an addition in the reconciliation.
District pension contributions are reported as expenditures in the governmental funds when made.
However, they are reported as deferred outflows of resources in the Statement of Net Position because
the reported net pension liability is measured a year before the District's report date. Pension expense,
which is the change in the net pension liability adjusted for changes in deferred outflows and inflows of
resources related to pensions, is reported in the Statement of Activities.
District pension contributions
Less: Pension expense
In the statement of activities, certain expenses, e.g., compensated absences (vacations) are measured by the amounts earned during the year. In governmental funds, however, expenditures for these items are reported in the amount of financial resources used (paid). When the earned amount exceeds the paid amount, the difference is a reduction in the reconciliation(-); when the paid amount exceeds the earned amount the difference is an addition to the reconciliation (+).
Change in net position of governmental activities
243,380
(737,233)
The accompanying notes to the financial statements are an integral part of this statement.
33
EXHIBIT "B-3"
$313,619
(299,574)
110,000
2,117
(493,853)
(86,907)
($454,598)
OTHER FUNDS
34
ASSETS:
Current assets:
Cash and cash equivalents
Accounts receivable:
State
Federal
lnterfund
Inventory
Total current assets
Noncurrent assets:
BOROUGH OF MANVILLE SCHOOL DISTRICT
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30. 2017
Furniture, machinery & equipment
Less accumulated depreciation
Total noncurrent assets
Total assets
LIABILITIES:
Current liabilities:
Accounts payable
Total current liabilities
NET POSITION:
Net investment in capital assets
Unrestricted
Total net position
EXHIBIT "B-4"
BUSINESS-TYPE ACTIVITIES
ENTERPRISE FUND
FOOD SERVICE FUND
(MAJOR)
$19,379
598
30,167
94,009
14,982
159, 135
107,727
(106,253)
1,474
160,609
68, 101
68,101
1,474
91,034
$92,508
The accompanying notes to the financial statements are an integral part of this statement.
35
EXHIBIT "B-5"
BOROUGH OF MANVILLE SCHOOL DISTRICT
STATEMENT OF REVENUES. EXPENSES AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
OPERATING REVENUES:
Local sources:
Daily sales-reimbursable programs:
School lunch program
Daily sales non-reimbursable programs
Total operating revenue
OPERATING EXPENSES:
Salaries
Employee benefits
Management fee
Repairs and other
Depreciation
Cost of sales- reimbursable programs
Cost of sales- non-reimbursable programs
Total operating expenses
Operating (loss)
Nonoperating revenues:
State sources:
State school lunch program
Federal sources:
National school lunch program
National school breakfast program
Food distribution program
Interest revenue
Total nonoperating revenues
Change in net position
Total net position - beginning
Total net position - ending
FOR THE YEAR ENDED JUNE 30. 2017
BUSINESS-TYPE ACTIVITIES
ENTERPRISE FUND
FOOD SERVICE FUND (MAJOR)
$149,602
87,979
237,581
187,320
48,623
35,314
107,046
1,822
200,785
21,203
602,113
(364,532)
7,231
317,083
50,560
37,388
81
412,343
47,811
44,697
$92 508
The accompanying notes to the financial statements are an integral part of this statement.
36
BOROUGH OF MANVILLE SCHOOL DISTRICT
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30. 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers
Payments to employees
Payments to employee benefits
Payment to suppliers
Net cash (used for) operating activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
State sources
Federal sources
Net cash provided by noncapital financing activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest on investments
Net cash provided by investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents- July 1
Cash and cash equivalents- June 30
Operating (loss)
Adjustments to reconcile operating (loss)
to cash provided (used for) by operating activities:
Depreciation
Change in assets and liabilities:
Increase in inventory
Increase in receivable
Increase in accounts payable
Net cash (used for) operating activities
EXHIBIT "B-6"
BUSINESS-TYPE ACTIVITIES
ENTERPRISE FUND
FOOD SERVICE FUND
(MAJOR)
$237,581
(187,320)
(48,623)
(394,357)
(392,719)
7,092
398,125
405,217
81
81
12,579
6,800
19379
(364,532)
1,822
(9,289)
(72,142)
51,422
($392,719)
The accompanying notes to the financial statements are an integral part of this statement.
37
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ADDITIONS:
Contributions:
Donations
Payroll deductions
Interest earned
Total additions
DEDUCTIONS:
Unemployment claims
Scholarships awarded
Total deductions
Change in net position
Net position - July 1
Net position - June 30
BOROUGH OF MANVILLE SCHOOL DISTRICT
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
FOR THE YEAR ENDED JUNE 30. 2017
STATE
UNEMPLOYMENT
INSURANCE
FUND
$37,509
44
37,553
25,582
25,582
11,971
28,677
$40,648
PRIVATE
PURPOSE
SCHOLARSHIP
FUND
$19,606
75
19,681
24,424
24,424
(4,743)
57,048
$52,305
The accompanying notes to the financial statements are an integral part of this statement.
39
EXHIBIT "8-8"
$19,606
37,509
119
57,234
25,582
24,424
50,006
7,228
85,725
$92,953
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Borough of Manville School District have been prepared in conformity with U.S. generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASS) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Board's accounting policies are described below.
Reporting Entity
The Manville School District is a Type II District located in Somerset County, New Jersey. The School District is an instrumentality of the State of New Jersey, established to function as an educational institution. The District is governed by a 9 member board elected to three-year terms and is responsible for the fiscal control of the District. A Superintendent is appointed by the Board and is responsible for the administrative control of the District.
The primary criterion for including activities within the District's reporting entity, are set forth in Statement No. 39 of the Governmental Accounting Standards Board entitled "Determining Whether Certain Organizations are Component Units" (GASB 39) as codified in Section 2100 of the GASS Codification of Governmental Accounting and Financial Reporting Standards.
Organizations that are legally separate, tax-exempt entities and that meet all of the following criteria should be discretely presented as component units. These criteria are:
1. The economic resources received or held by the separate organization are entirely or almost entirely for the direct benefit of the primary government.
2. The primary government, or its component units, is entitled to, or has the ability to otherwise access, a majority of the economic resources of the organization.
3. The economic resources received or held by an individual organization that the specific primary government, or its component units, is entitled to, or has the ability to otherwise access, are significant to that primary government.
The combined financial statements include all funds of the District over which the Board exercises operating control. The operations of the District include elementary, middle and high schools located in the Borough of Manville. There were no additional entities required to be included in the reporting entity under the criteria as described above, in the current fiscal year. Furthermore, the District is not includable in any other reporting entity on the basis of such criteria.
40
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30. 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basis of Presentation
The District's basic financial statements consist of District-wide statements, including a statement of net position and a statement of activities, and fund financial statements which provide a more detailed level of financial information.
District-Wide Statements: The statement of net position and the statement of activities display information about the District as a whole. These statements include the financial activities of the overall District, except for fiduciary activities. Eliminations have been made to minimize the double-counting of internal activities. These statements distinguish generally between the governmental and business-type activity of the District. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. Business-type activities are financed in whole or in part by fees charged to external parties.
The statement of net position presents the financial condition of the governmental and business-type activity of the District at fiscal year end. The statement of activities presents a comparison between direct expenses and program revenues for the business-type activity of the District and for each function of the District's governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Program revenues include (a) fees and charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirement of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. The comparison of direct expenses with program revenues identifies the extent to which each governmental function or business segment is self-financing or draws from the general revenues of the District.
Fund Financial Statements: The District segregates transactions related to certain District functions or activities in separate funds in order to aid financial management and to demonstrate legal compliance. The fund financial statements provide information about the District's funds, including its fiduciary funds. Separate statements for each fund category - governmental, proprietary, and fiduciary - are presented. The New Jersey Department of Education (NJDOE) has elected to require New Jersey districts to treat each governmental fund as a major fund in accordance with the option noted in GASB No. 34, paragraph 76. The NJDOE believes that the presentation of all funds as major is important for public interest and to promote consistency among district financial reporting models.
41
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Governmental Fund Tvpes
General Fund - The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or noninstructional equipment which are classified in the capital outlay subfund.
As required by the New Jersey State Department of Education, the District includes budgeted Capital outlay in this fund. Generally accepted accounting principles as they pertain to governmental entities state that general fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues. Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, district taxes and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to fixed assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to current expense by board resolution.
Special Revenue Fund - The District accounts for the proceeds of specific revenue sources from State and Federal Governments (other than major capital projects or the enterprise funds) and local appropriations that are restricted or committed to expenditures for specified purposes, other than debt service or capital projects.
Capital Projects Fund - The capital projects fund is used to account for and report all financial resources that are restricted, committed, or assigned to an expenditure for capital outlay, including the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds). The financial resources are derived from temporary notes or serial bonds and state grants that are specifically authorized by the voters as a separate question on the ballot either during the annual election or at a special election.
Debt Service Fund - The debt service fund accounts for the accumulation of resources for, and the payment of principal and interest on bonds issued to finance major property acquisition, construction and improvement programs.
42
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Proprietary Fund
Enterprise Fund - The enterprise fund accounts for all revenues and expenses pertaining to cafeteria operations. The food service fund is utilized to account for operations that are financed and operated in a manner similar to private business enterprises. The stated intent is that the cost (i.e. expenses including depreciation and indirect costs) of providing goods or services to the students on a continuing basis are financed or recovered primarily through user charges.
Fiduciary Fund Types
Agency Funds - The agency funds are used to account for assets held by the district on behalf of others and are custodial in nature. The agency funds included in this category are as follows:
Unemployment Compensation Insurance Trust Fund - A trust fund used to account for assets to finance the costs of unemployment benefits. Since the Board has adopted the direct reimbursement method, the District is under obligation to appropriate sufficient funds out of its general fund and hold them in trust for this purpose.
Payroll and Student Activities Funds (Agency) - These are agency funds used to account for the assets that the District holds on behalf of others as their agent. Agency funds are custodial in nature and do not involve measurement of results of operations.
Private Purpose Scholarship Funds - A trust fund used to account for assets donated by individuals that will provide for the payment of awards to district students.
43
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basis of Accounting - Measurement Focus
Basis of accounting determines when transactions are recorded in the financial records and reported on the financial statements.
District-Wide, Proprietary, and Fiduciary Fund Financial Statements: The District-wide financial statements are prepared using the accrual basis of accounting. Governmental funds use the modified accrual basis of accounting. Differences in the accrual and modified accrual basis of accounting arise in the recognition of revenue, the recording of unearned revenue, and in the presentation of expenses versus expenditures. Ad Valorem (Property) Taxes are susceptible to accrual as under New Jersey State Statute a municipality is required to remit to its school district the entire balance of taxes in the amount voted upon or certified, prior to the end of the school year. The District records the entire approved tax levy as revenue (accrued) at the start of the fiscal year, since the revenue is both measurable and available. The District is entitled to receive monies under the established payment schedule and the unpaid amount is considered to be an "accounts receivable". Revenue from grants, entitlements, and donations are recognized in the fiscal year in which all eligibility requirements have been satisfied.
Governmental Fund Financial Statements: Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. "Measurable" means the amount of the transactions can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. General capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term debt and acquisitions under capital leases are reported as other financing sources.
As a general rule the effect of interfund activity has been eliminated from the district-wide financial statements.
The County Board of Taxation is responsible for the assessment of properties, and the Township Tax Collector is responsible for collection of taxes. Assessments are certified and taxes are levied on January 1; taxes are due February 1, May 1, August 1 and November 1. Unpaid taxes are considered delinquent the following January 1 and are then subject to lien.
44
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Budgets/Budgetary Control
Annual appropriated budgets are prepared in the spring of each year for the general, special revenue, and debt service funds. The budgets are submitted to the county office for approval. In accordance with P.L. 2011, c. 202, which became effective January 17, 2012, the District elected to move the April 2013 school Board election to the date of the November general election thereby eliminating the vote on the annual base budget. Budgets are prepared using the modified accrual basis of accounting. The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C. 6A:23. All budget amendments and transfers must be approved by School Board resolution. The over-expenditures related to on-behalf payments in the general fund are due to the inclusion of the non-budgeted on-behalf payments made by the State of New Jersey as District expenditures. These amounts are offset by related revenues and as such do not represent budgetary over-expenditures.
All budget amounts presented in the accompanying supplementary information reflect the original budget and the amended budget (which have been adjusted for legally authorized revisions of the annual budgets during the year).
Appropriations, except remaining project appropriations, encumbrances, and unexpended grant appropriations, lapse at the end of each fiscal year. The capital projects fund presents the remaining project appropriations compared to current year expenditures. Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandated recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year end.
The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial records.
45
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Encumbrance Accounting
Under encumbrance accounting, purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as assigned fund balances at fiscal year end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services.
Open encumbrances in the special revenue fund for which the District has received advances are reflected in the balance sheet as unearned revenues at fiscal year end.
The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year end.
lnterfunds
lnterfund receivables and payables arise from transactions between particular funds and are considered short term in duration. The lnterfund transactions are recorded by all funds affected in the period in which the transactions are executed and are part of the district's available spendable resources.
Inventories
Inventories of materials and supplies held for consumption in the governmental funds are recorded as expenditures at the time of purchase and year end balances are not reported in the financial statements.
Inventories of food and/or supplies in the food service fund are recorded at cost on a first-in, first-out basis or, in the case of Food Donation Commodities, at stated value which approximates market.
46
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Capital Assets
The District has an established formal system of accounting for its capital assets. Purchased or constructed capital assets are reported at cost. Donated capital assets are valued at their estimated fair market value on the date received. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend assets' lives are not capitalized. 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 two years. Such assets are recorded at historical cost or through estimation procedures performed by an independent appraisal company. Donated capital assets are valued at their acquisition value on the date of donation.
Capital assets are depreciated in the government-wide statements using the straight-line method over the following estimated useful lives:
Asset Class
School Buildings Building Improvements Electrical/Plumbing Vehicles Office & Computer Equipment Instructional Equipment Grounds Equipment
Compensated Absences
Estimated Useful Lives
50 20 30 8
5-10 10 15
The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), "Accounting for Compensated Absences." A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits.
47
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Compensated Absences (continued)
District employees are granted varying amounts of vacation and sick leave in accordance with the District's personnel policy. Upon termination, employees are paid for accrued vacation. The District's policy permits employees to accumulate unused sick leave and carry forward the full amount to subsequent years. Upon retirement, employees shall be paid by the District for the unused sick leave in accordance with the District's agreements with the various employee unions and contracts.
The liability for compensated absences was accrued using the termination payment method, whereby the liability is calculated based on the amount of sick leave that is expected to become eligible for payment upon termination. The District estimates its accrued compensated absences liability based on the accumulated sick and vacation days at the balance sheet date by those employees who are currently eligible to receive termination payments.
For the District-wide statements, the current portion is the amount estimated to be used in the following year. In accordance with GMP, for the governmental funds, in the fund financial statements, all of the compensated absences are considered long-term and therefore, are not a fund liability and represents a reconciling item between the fund level and District-wide presentations.
Fund Balance and Net Position
Fund balance restrictions are used to indicate that portion of the fund balance that is not available for expenditures or is legally segregated for a specific future use. Designation of portions of the fund balances are established to indicate tentative plans for financial utilization in a future period. The unassigned fund balances represent the amount available for future budgetary operations.
Unassigned net position represents the remains of the District's equity in the cumulative earnings of the proprietary fund.
Unearned Revenue
Unearned revenue in the special revenue and capital projects funds represents funds which have been received but not yet earned. A corresponding accounts receivable has also been established for any open encumbrances at year end which is allowable under generally accepted accounting principles.
48
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Accrued Liabilities and Long-Term Obligations
All payables, accrued liabilities, and long-term obligations are reported on the Government-wide financial statements. In general, governmental fund payables and accrued liabilities that, once incurred, are paid in a timely manner and in full from current financial resources, are reported as obligations of the funds. However, contractually required pension contributions and compensated absences that are paid from governmental funds are reported as liabilities on the fund financial statements only to the extent that they are due for payment during the current year. Bonds are recognized as a liability on the fund financial statements when due.
Net Position
GASB 63 provides guidance for reporting net position in the statement of financial position and related disclosures. Net Position represents the difference between assets and liabilities. Net investment in capital assets consists of capital assets, net of accumulated depreciation, reduced by the outstanding balance of any borrowing used for the acquisition, construction, or improvement of those assets. Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, granters, or laws or regulations of other governments. The District's policy is to first apply restricted resources when an expense is incurred for purposes for which both restricted and unrestricted net positions are available.
Fund Balances
Under GASB 54, in the fund financial statements, governmental funds report the following classifications of fund balance:
Nonspendable - includes amounts that cannot be spent because they are either not spendable in form or are legally or contractually required to be maintained intact.
Restricted - includes amounts restricted by external sources (creditors, laws of other governments, etc.) or by constitutional provision or enabling legislation. The District reports the Capital Reserve, Emergency Reserve, Maintenance Reserve and Excess Surplus as Restricted Fund Balance.
49
NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Fund Balances (Continued)
Committed - includes amounts that can only be used for specific purposes. Committed fund balance is reported pursuant to resolutions passed by the Board of Education, the District's highest level of decision making authority. Commitments may be modified or rescinded only through resolutions approved by the Board of Education.
Assigned - includes amounts that the District intends to use for a specific purpose, but do not meet the definition of restricted or committed fund balance. Under the District's policy, amounts may be assigned by the Business Administrator. The District reports Year End Encumbrances as Assigned Fund Balance. The District also reports amounts Designated for Subsequent Year's Expenditures as Assigned Fund Balance.
Unassigned -is the residual classification for the general fund. This classification represents fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the general fund. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, if expenditures incurred for specific purposes exceeded the amounts restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance.
When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the District considers restricted funds to have been spent first. When an expenditure is incurred for which committed, assigned, or unassigned fund balance are available, the District considers amounts to have been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed.
Revenues - Exchange and Non-Exchange Transactions
Revenue resulting from exchange transactions, in which each party gives and receives essentially equal value, is recorded on the accrual basis when the exchange takes place. On the modified accrual basis, revenue is recorded in the fiscal year in which the resources are measurable and become available. Available means the resources will be collected within the current fiscal year or are expected to be collected soon enough thereafter to be used to pay liabilities of the current fiscal year. For the District, available means within sixty days of the fiscal year end.
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NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenues - Exchange and Non-Exchange Transactions (Continued)
Non-exchange transactions, in which the District receives value without directly giving equal value in return, include property taxes, grants, entitlements, and donations. On the accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from property taxes is recognized in the period in which the revenue is earned. Revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the fiscal year when use is first permitted; matching requirements, in which the District must provide local resources to be used for a specific purpose; and expenditure requirements, in which the resources are provided to the District on a reimbursement basis. On the modified accrual basis, revenue from nonexchange transactions must also be available before it can be recognized.
Under the modified accrual basis, the following revenue sources are considered both measurable and available at fiscal year end: property taxes available as an advance, interest, and tuition.
Operating Revenues and Expenses
Operating revenues are those revenues that are generated directly from the primary activity of the enterprise fund. For the District, these revenues are sales in the Enterprise Funds. Operating expenses are necessary costs incurred to provide the service that is the primary activity of the enterprise fund.
Allocation of Indirect Expenses
The District reports all direct expenses by function in the Statement of Activities. Direct expenses are those that are clearly identifiable with a function. Indirect expenses are allocated to functions but are reported separately in the Statement of Activities. Employee benefits, including the employer's share of social security, workers compensation, and medical and dental benefits, were allocated based on salaries of the program. Depreciation expense, where practicable, is specifically identified by function and is included in the indirect expense column of the Statement of Activities. Depreciation expense that could not be attributed to a specific function is considered an indirect expense and is reported separately on the Statement of Activities.
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NOTE 1:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Extraordinary and Special Items
Extraordinary items are transactions or events that are unusual in nature and infrequent of occurrence. Special items are transactions or events that are within control of management and are either unusual in nature or infrequent in occurrence. Neither of these types of transactions occurred during the fiscal year.
Management Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates.
Accounting and Financial Reporting for Pensions
In the district-wide financial statements for purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the District's proportionate share of the New Jersey Public Employees Retirement System ("PERS") and the Teachers' Pension and Annuity Fund ("TPAF") and the additions to/deductions from these retirement systems' fiduciary net position have been determined on the same basis as they were reported by PERS and TPAF. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
In the governmental fund financial statements the year end pension liability is not required to be reflected. Pension related revenues and expenditures are reflected based on amounts that are normally expected to be liquidated with available financial resources for required pension contributions. Expenditures for PERS are recognized based upon billings made by the State of New Jersey due April pt of each fiscal year. TPAF contributions are paid on the District's behalf by the State of New Jersey. The governmental fund financial statements reflect both a revenue and expense for this pension contribution.
52
NOTE 1:
NOTE 2:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {CONTINUED)
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. Currently, the District has only on item that qualifies for reporting in this category, deferred amounts related to pensions.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue} until that time. Currently, the District has one item that qualifies in this category, deferred amounts related to pension.
CASH AND CASH EQUIVALENTS AND INVESTMENTS
The Board considers petty cash, change funds, cash in banks, deposits in the government money market account, and short-term investments with original maturities of three months or less as cash and cash equivalents. Investments are stated at cost, which approximates market.
Deposits
New Jersey statutes permit the deposit of public funds in public depositories which are located in New Jersey and which meet the requirements of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA requires a bank that accepts public funds to be a public depository. A public depository is defined as a state bank, a national bank, or a savings bank, which is located in the State of New Jersey, the deposits of which are insured by the Federal Deposit Insurance Corporation. The statutes also require public depositories to maintain collateral for deposits of public funds that exceed certain insurance limits. All collateral must be deposited with the Federal Reserve Bank or a Banking Institution that is a member of the Federal Reserve System, and has capital funds of not less than $25,000,000. Under (GUDPA), if a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of the deposits to the governmental unit.
53
NOTE 2:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
CASH AND CASH EQUIVALENTS AND INVESTMENTS (CONTINUED)
Deposits (Continued)
The Borough of Manville School District had the following cash and cash equivalents at June 30, 2017.
Cashin Reconciled Bank Deletions Balance
Governmental Funds $1,555,656 $203,991 $1,351,665 Proprietary Fund 19,434 55 19,379 Fiduciary Fund 624,645 31,385 593,259
$2, 199,734 $235,431 $1,964,303
Custodial Credit Risk - Deposits - Custodial credit risk is the risk that in the event of a bank failure, the deposits may not be returned. The District does not have a specific deposit policy for custodial credit risk other than those policies that adhere to the requirements of statute. As of June 30, 2017, based upon the coverage provided by FDIC and NJGUDPA, no amount of the bank balance was exposed to custodial credit risk. Of the cash on balance in the bank, $250,000 was covered by Federal Depository Insurance and $1,937,269 was covered by NJGUDPA. The New Jersey Asset and Rebate Management (NJARM) Fund is an investment pool and is not insured by either FDIC or GUDPA. The amount in NJARM is $12,465.
Investments
The purchase of investments by the Board is strictly limited by the express authority of the N.J.S.A. 18A:20-37 Education, Administration of School Districts. Permitted investments include any of the following type of securities:
1. Bonds or other obligations of the United States of America or obligations guaranteed by the United States of America;
2. Government money market mutual funds which are purchased from an investment company or investment trust which is registered with the Securities and Exchange Commission under the "Investment Company Act of 1940," 15 U.S.C. 80a-1 et seq., and operated in accordance with 17 C.F.R. § 270.2a-7 and which portfolio is limited to U.S. Government securities that meet the definition of an eligible security pursuant to 17 C.F.R. § 270.2a-7 and repurchase agreements that are collateralized by such U.S. Government securities in which direct investment may be made pursuant to paragraphs (1) and (3) of N.J.S.A. 18A:20-37. These funds are also required to be rated by a nationally recognized statistical rating organization.
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NOTE 2:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
CASH AND CASH EQUIVALENTS AND INVESTMENTS (CONTINUED)
Investments (Continued)
3. Any obligation that a federal agency or a federal instrumentality has issued in accordance with an act of Congress, which security has a maturity date not greater than 397 days from the date of purchase, provided that such obligation bears a fixed rate of interest not dependent on any index or other external factor.
4. Bonds or other obligations of the Local Unit or bonds or other obligations of school districts of which the Local Unit is a part or within which the school district is located.
5. Bonds or other obligations, having a maturity date not more than 397 days from date of purchase, approved by the Division of Investment of the Department of Treasury for investment by School Districts.
6. Local government investment pools that are fully invested in U.S. Government securities that meet the definition of eligible security pursuant to 17 C.F.R. § 270a-7 and repurchase agreements that are collateralized by such U.S. Government securities in which direct investment may be made pursuant to paragraphs (1) and (3) of N.J.S.A. 18A:20-37. This type of investment is also required to be rated in the highest category by a nationally recognized statistical rating organization.
7. Deposits with the State of New Jersey Cash Management Fund established pursuant to section 1 of P.L. 1977, c.281 (C. 52:18A-90.4); or
8. Agreements for the repurchase of fully collateralized securities if:
a. the underlying securities are permitted investments pursuant to paragraphs (1) and {3) of this subsection;
b. the custody of collateral is transferred to a third party; c. the maturity of the agreement is not more than 30 days; d. the underlying securities are purchased through a public depository as
defined in section 1 of P.L. 1970, c.236 (C. 17:19-41); and; e. a master repurchase agreement providing for the custody and security
of collateral is executed.
As of June 30, 2017, the Board had $12,465 on deposit with the NJARM. Based upon the limitations set forth by New Jersey Statutes 40A:5-15.1 and existing investment practices, the District is generally not exposed to credit risks and interest rate risks for its investments, nor is it exposed to foreign currency risk for its deposits and investments.
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NOTE 3:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
CHANGE IN CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2017 was as follows;
Beginning Balance Additions Deletions
Governmental activities: Capital assets that are not depreciated:
Land and Improvements $5,360,200 Total capital assets that are not
depreciated 5,360,200
Capital assets being depreciated: Building and building improvements 30,890,392 (912) Machinery and equipment 1,782,893 Total capital assets being depreciated 32,673,285 (912)
Total capital assets 38,033,485 (912)
Less: accumulated depreciation for: Building and building improvements (27,411,902) (291,513) 912 Machinery and equipment p,703,610} {8,062)
(29, 115,512) (299,574) 912
Governmental activities capital assets, net 8,917,974 (299,574)
Business type activities: Machinery and equipment 107,727 Less: accumulated depreciation (104,431) (1,822)
Business type activities capital assets, net $3,296 {$1,822}
Depreciation Expense was charged to governmental expenses as follows:
Instruction: Regular Special Other
Support Services: Student and instruction related services General administration School administration Central services Administration Info Technology Plant operations and maintainance
Direct Expense of Various Functions
56
($12,738) (5,971) (1,990)
{9, 156) (1,194) (1,990)
(796) (398)
(5,573) {259,767)
($299,574)
Ending Balance
$5,360,200
5,360,200
30,889,480 1,782,893
32,672,373
38,032,573
(27,702,502) (1,711,672)
{29,414, 174)
8,618,399
107,727 (106,253)
$1,474
NOTE 4:
Borough of Manville School District Notes to the Financial Statements
June 30. 2017
LONG-TERM LIABILITIES
Bonds are issued by the District pursuant to the prov1s1ons of Title 18A, Education, of the New Jersey Statutes and are required to be approved by the voters of the municipality through referendum. The proceeds of bonds are recorded in the Capital Projects Fund and are restricted to the use for which they were approved in the bond referendum. All bonds are retired in annual installments within the statutory period of usefulness.
School Bonds issued by the District are entitled to and benefit from the provision of the New Jersey School Board Reserve Act P.L. 1980 c.72. Basically, funds are held by the State of New Jersey within its State Fund for the Support of Free Public Schools as a school bond reserve pledged by law to secure payment of principal and interest due on such bonds in the event of the inability of the issuer to make payments.
At June 30, 2017, the District had no bonds or notes authorized but not issued.
The following is a summary of changes in governmental activities long-term liabilities that effect other long-term obligations for the year ended June 30, 2017.
Net Pension Bonds Compensated Liability Payable Absences Payable Total
Balance, July 1, 2016 $6,232,333 $346,000 $393,587 $6,971,920
Additions/Issued 1,881,505.00 91,931 1,973,436
Reductions 110,000 5,024 115,024
Balance, June 30, 2017 $8, 113,838 $236,000 $480,494 $8,830,332
Amounts Due Within One Year $115,000 $115,000
Compensated absences are liquidated by expenditures charged to the general fund. Bonds payable are liquidated by expenditures charged to the debt service fund.
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NOTE 4:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
LONG-TERM LIABILITIES (CONTINUED)
Bonds Payable
The annual requirements to amortize all debt outstanding as of June 30, 2017, with interest payments on issued debt, are as follows:
Year Ending June 30 Principal Interest Total
2018 $115,000 $7,797 $122,797 2019 121,000 2,662 123,662
$236,000 $10,459 $246,459
Under New Jersey Statutes, the District may incur debt in an amount not to exceed 4% of the averaged equalized valuation basis of real property. For the calendar year ended December 31, 2016, the District's borrowing capacity under N.J.S. 18A:24-19 would be as follows:
2016 2015 2014
Average equalized valuation of property
School borrowing margin (4% of average equalized valuation of property)
Net bonded school debt as of December 31, 2016
School borrowing power available
58
Equalized Valuation of Real Property
$891,269, 141 890,447,497 871,267,467
2,652,984,105
884,328,035
35,373,121
236,000
$35,137,121
NOTE 5:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
PENSION PLANS
Description of Plans - All required employees of the District are covered by either the Public Employees' Retirement System or the Teachers' Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both Systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers' Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, PO Box 295, Trenton, New Jersey, 08625.
Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established as of January 1, 1955, under the provisions of N.J.S.A 18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers' Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system's other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners, and employees of the Department of Education who have titles that are unclassified, professional and certified.
Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established as of January 1, 1955 under the provision of N.J.S.A 43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees' Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction.
Defined Contribution Retirement Program (DCRP) - The Defined Contribution Retirement Program (DCRP) was established under the provision of Chapter 92, P.L. 2007 and Chapter 103, P.L. 2007 to provide coverage to elected and certain appointed officials, effective July 1, 2007. Membership is mandatory for such individuals with vesting occurring after one year of membership.
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NOTE 5:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
PENSION PLANS (CONTINUED)
Significant Legislation
Effective June 28, 2011, P.L. 2011, c. 78 enacted certain changes in the operations and benefit provisions of the TPAF and the PERS systems.
Pension Plan Design Changes
Effective June 28, 2011, P.L. 2011, c. 78, new members of TPAF and PERS, hired on or after June 28, 2011, will need 30 years of creditable service and have attained the age of 65 for receipt of the early retirement benefit without a reduction of 1/4 of 1% for each month that the member is under age 65. New members will be eligible for a service retirement benefit at age 65.
Funding Changes
Under the new legislation, the methodology for calculating the unfunded accrued liability payment portion of the employer's annual pension contribution to the PERS, and TPAF. The unfunded actuarial accrued liability (UAAL) will be amortized for each plan over an open-ended 30 year period and paid in level dollars. Beginning with the July 1, 2019 actuarial valuation (July 1, 2018 for PFRS), the UAAL will be amortized over a closed 30 year period until the remaining period reaches 20, when the amortization period will revert to an openended 20 year period.
COLA Suspension
The payment of automatic cost-of-living adjustment to current and future retirees and beneficiaries are suspended until reactivated as permitted by this law.
Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A. 43:15A and 43.38, and N.J.S.A. 18A:6C for TPAF. All benefits vest after ten years of service, except for post-retirement healthcare benefits that vest after 25 years of service.
Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members' beneficiaries are entitled to full interest credited to the members' accounts.
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NOTE 5:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
PENSION PLANS (CONTINUED)
Contribution Requirements - The contribution policy is set by N.J.S.A. 43:15A and N.J.S.A. 18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation.
Effective June 28, 2011, P. L. 2011, c. 78 provides for increases in the employee contribution rates: from 5.5% to 6.5% plus an additional 1 % phased-in over 7 years beginning in the first year, meaning after 12 months, after the law's effective date for TPAF and PERS.
Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for cost-of-living adjustments, noncontributory death benefits, and post-retirement medical premiums. Under current statute the District is a non-contributing employer of TPAF (i.e. the State of New Jersey makes the employer contribution on behalf of public school districts.
PERS Contribution Requirements
Funding
6/30/2017 6/30/2016 6/30/2015
Cost (APC)
$243,380 238,691 231,773
APC Contributed
100% 100% 100%
Obligation
$243,380 238,691 231,773
Three-Year Trend Information for TPAF (Paid On-Behalf of the District)
During the fiscal years ended June 30, 2017, 2016 and 2015, the State of New Jersey contributed $897,903, $684,430 and $458,483 respectively to the TPAF pension system on behalf of the District.
Also, in accordance with N.J.S.A. 18A:66-66, during the years ended June 30, 2017, 2016 and 2015, the State of New Jersey reimbursed the District $637,393, $677, 125 and $596,978, respectively for the employer's share of social security contributions for TPAF members, as calculated on their base salaries.
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NOTE 6:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68
Public Employees Retirement System (PERS)
At June 30, 2017, the District reported a liability of $8, 113,838 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2016, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2015 which was rolled forward to June 30, 2016. The District's proportion of the net pension liability was based on a projection of the District's long-term share of contributions to the pension plan relative to the projected contributions of all participating members, actuarially determined. At June 30, 2016, the District's proportion was 0.0273957579 percent, which was a decrease of 0.0003676677 percent from its proportion measured as of June 30, 2015.
For the year ended June 30, 2017, the District recognized pension expense of $493,853 in the government-wide financial statements. This pension expense was based on the pension plans June 30, 2016 measurement date.
At June 30, 2017, the District reported deferred outflows of resources and deferred inflows of resources related to PERS from the following sources:
Deferred Deferred Inflow of Outflow of
Resources Resources Differences between expected and actual experience
Changes of assumptions
$153,893
$1,680,754
Net difference between projected and actual earnings on pension plan investments
Changes in proportion and differences between District contributions and proportionate share of contributions
District contributions subsequent to the measurement date
62
$309,388
$146,877
$255,558
$146,877 $2,396,593
NOTE 6:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
The $244,597 reported as deferred outflows of resources related to pensions resulting from school district contributions subsequent to the measurement date (i.e. for the school year ending June 30, 2017, the plan measurement date is June 30, 2016) will be recognized as a reduction of the net pension liability in the year ended June 30, 2018. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:
Year Ended June 30 Amount
2018 $444,380 2019 $444,380 2020 $522,804 2021 $441,796 2022 $140,798
Actuarial Assumptions
The total pension liability for the June 30, 2016 measurement date was determined by an actuarial valuation as of July 1, 2015, which rolled forward to June 30, 2016. This actuarial valuation used the following assumptions, applied to all periods in the measurement.
Inflation Salary Increases
Through 2026 Thereafter
Investment Rate of Return
3.08 Percent
1.65-4.15 Percent (based on age) 2.65-5.15 Percent (based on age)
7.65 Percent
The actuarial assumptions used in the June 30, 2015 valuation were based on the results of an actuarial experience study for the period July 1, 2011 to June 30, 2014. To the extent that actual experience deviates from these assumptions, the emerging liabilities may be higher or lower than anticipated. The more the experience deviates, the larger the impact on future financial statements.
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NOTE 6:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68 (CONTINUED)
Public Employees Retirement System (PERS) (Continued)
Mortality Rates
Pre-retirement mortality rates were based on the RP-2000 Employee Preretirement Mortality Table for male and female active participants. For State employees, mortality tables are set back 4 years for males and females. For local employees, mortality tables are set back 2 years for males and 7 years for females. In addition, the tables provide for future improvements in mortality from the base year of 2013 using a generational approach based on the plan actuary's modified MP-2014 projection scale. Post-retirement mortality rates were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (set back 1 year for males and females) for service retirements and beneficiaries of former members and a one-year static projection based on mortality improvement Scale AA. In addition, the tables for service retirements and beneficiaries of former members provide for future improvements in mortality from the base year of 2013 using a generational approach based on the plan actuary's modified MP-2014 projection scale. Disability retirement rates used to value disabled retirees were based on the RP-2000 Disabled Mortality Table (set back 3 years for males and set forward 1 year for females).
Long-Term Rate of Return
In accordance with State statute, the long-term expected rate of return on plan investments (7.65% at June 30, 2016 and 7.90% at June 30, 2015) is determined by the State Treasurer, after consultation with the Directors of the Division of Investment and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.
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NOTE 6:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68 (CONTINUED)
Public Employees Retirement System (PERS) (Continued)
Long-Term Rate of Return (Continued)
Best estimates of arithmetic rates of return for each major asset class included in PERS's target asset allocation as of June 30, 2016 are summarized in the following table:
June 30, 2016 Long-Term
Target Expected Real Asset Class Allocation Rate of Return
Cash 5.00% 0.87% U.S. Treasuries 1.50% 1.74% Investment Grade Credit 8.00% 1.79% Mortgages 2.00% 1.67% High Yield Bonds 2.00% 4.56% Inflation Indexed Bonds 1.50% 3.44% Broad U.S. Equities 26.00% 8.53% Developed Foreign Markets 13.25% 6.83% Emerging Market Equities 6.50% 9.95% Private Equity 9.00% 12.40% Hedge Funds/Absolute Returns 12.50% 4.68% Real Estate (Property) 2.00% 6.91% Commodities 0.50% 5.45% Global Debt ex US 5.00% (0.25%) REIT 5.25% 5.63%
100.00%
Discount Rate
The discount rate used to measure the total pension liability was 3.98% and 4.90% as of June 30, 2016 and 2015, respectively. This single blended discount rate was based on the long-term expected rate of return on pension plan investments of 7.65% and 7.90%, and a municipal bond rate of 2.85% and 3.80% as of June 30, 2016 and 2015, respectively, based on the Bond Buyer Go 20-Bond Municipal Bond Index which includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher.
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NOTE 6:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
ACCOUNTING ANO FINANCIAL REPORTING FOR PENSION - GASB 68 (CONTINUED)
Public Employees Retirement System (PERS) (Continued)
Discount Rate (Continued)
The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made based on the contribution rate in the most recent fiscal year. The State employer contributed 30% of the actuarially determined contributions and the local employer contributed 100% of their actuarially determined contributions. Based on those assumptions, the plan's fiduciary net position was projected to be available to make projected future benefit payments of current plan members through 2034. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through 2034, and the municipal bond rate was applied to projected benefit payments after that date in determining the total pension liability.
Sensitivity of the Collective Net Pension Liability to Changes in the Discount Rate
The following presents the collective net pension liability of the participating employers as of June 30, 2016 respectively, calculated using the discount rate as disclosed above as well as what the collective net pension liability would be if it was calculated using a discount rate that is 1 -percentage point lower or 1-percentage-point higher than the current rate:
1% At Current 1% Decrease Discount Rate Increase
2.98% 3.98% 4.98% District's proportionate share
of the pension liability $9,942,561 $8, 113,838 $6,604,068
Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately issued Financial Report for the State of New Jersey Public Employees Retirement System (PERS). The report may be obtained at State of New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New Jersey 08625-0295 http://www.state. nj. us/treasury/pensions.
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NOTE 6:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68 (CONTINUED)
Teachers Pensions and Annuity Fund (TPAF)
The employer contributions for local participating employers are legally required to be funded by the State in accordance with N.J.S.A 18:66-33. Therefore, these local participating employers are considered to be in a special funding situation as defined by GASS Statement No. 68 and the State is treated as a nonemployer contributing entity. Since the local participating employers do not contribute directly to the plan (except for employer specific financed amounts), there is no net pension liability or deferred outflows or inflows to report in the financial statements of the local participating employers. However, the notes to the financial statements of the local participating employers must disclose the portion of the nonemployer contributing entities' total proportionate share of the net pension liability that is associated with the local participating employer.
The portion of the TPAF Net Pension Liability that was associated with the District recognized at June 30, 2017 was as follows:
Net Pension Liability: Districts proportionate share State's proportionate share
associated with the District
-0-
$67,248,314
$67,248,314
The net pension liability was measured as of June 30, 2016, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2015. The net pension liability associated with the District was based on a projection of the District's long-term share of contributions to the pension plan relative to the projected contributions of all participating school districts and the State, actuarially determined. At June 30, 2016, the proportion of the TPAF net pension liability associated with the District was .0854854702% which was an increase of .0006811859 percent from its proportion measured as of June 30, 2015.
For the year ended June 30, 2017, the District recognized on-behalf pension expense and revenue of $5,052,775 for contributions provided by the State. This pension expense and revenue was based on the pension plan's June 30, 2016 measurement date.
67
NOTE 6:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASS 68 (CONTINUED)
Teachers Pensions and Annuity Fund (TPAF) (continued)
Actuarial Assumptions
The total pension liability for the June 30, 2016 measurement date was determined by an actuarial valuation as of July 1, 2015, which was rolled forward to June 30, 2016. This actuarial valuation used the following actuarial assumptions, applied to all periods in the measurement:
Inflation rate Salary increases:
2012-2021 Thereafter
Investment rate of return
Mortality rates
2.50%
Varies based on experience Varies based on experience 7.65%
Pre-retirement, post-retirement and disabled mortality rates were based on the experience of TPAF members reflecting mortality improvement on a generational basis based on a 60-year average of Social Security data from 1953 to 2013.
The actuarial assumptions used in the July 1, 2015 valuation were based on the results of an actuarial experience study for the period July 1, 2012 to June 30, 2015.
Long-Term Expected Rate of Return
In accordance with State statute, the long-term expected rate of return on plan investments (7.65% at June 30, 2016) is determined by the State Treasurer, after consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.
68
NOTE 6:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASS 68 (CONTINUED)
Teachers Pensions and Annuity Fund (TPAF) (continued)
Long-Term Expected Rate of Return
Best estimates of arithmetic real rates of return for each major asset class included in TPAF's target asset allocation as of June 30, 2016 are summarized in the following table:
Long-Term Target Expected Real
Asset Class Allocation Rate of Return
US Cash 5.00% 0.39%
US Government Bonds 1.50% 1.28%
US Credit Bonds 13.00% 2.76%
US Mortgages 2.00% 2.38%
US Inflation-Indexed Bonds 1.50% 1.41%
High Yield Bonds 2.00% 4.70%
US Equities Markets 26.00% 5.14%
Foreign-Developed Equity 13.25% 5.91%
Emerging Market Equities 6.50% 8.16% Private Real Estate Property 5.25% 3.64% Timber 1.00% 3.86% Farmlands 1.00% 4.39% Private Equity 9.00% 8.97% Commodities 0.50% 2.87% Hedge Funds - Multi Strategy 5.00% 3.70% Hedge Funds - Equity Hedge 3.75% 4.72% Hedge Funds - Distressed 3.75% 3.49% ----
100.00%
69
NOTE 6:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68 (CONTINUED)
Teachers Pensions and Annuity Fund (TPAF) (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 3.22% and 4.13% as of June 30, 2016 and 2015, respectively. This single blended discount rate was based on the long-term expected rate of return on pension plan investments of 7.65% and 7.90, and a municipal bond rate of 2.85% and 3.80% as of June 30, 2016 and 2015, respectively, based on the Bond Buyer Go 20-Bond Municipal Bond Index which includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made based on the contribution rate in the most recent fiscal year. The State contributed 30% of the actuarially determined contributions. Based on those assumptions, the plan's fiduciary net position was projected to be available to make projected future benefit payments of current plan members through 2029. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through 2029, and the municipal bond rate was applied to projected benefit payments after that date in determining the total pension liability.
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
Because the District's proportionate share of the net pension liability is zero, consideration of potential changes in the discount rate is not applicable to the District.
Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately issued Financial Report for the State of New Jersey Teachers Public and Annuity Fund (TPAF). The report may be obtained at State of New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New Jersey 08625-0295 http://www.state.nj.us/treasury/pensions.
70
NOTE 7:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
OTHER POST-RETIREMENT BENEFITS
For eligible retired employees, the School District participates in the State Health Benefits Program (SHBP), a cost-sharing, multiple-employer defined benefit post-employment healthcare plan administered by the State of New Jersey Division of Pensions and Benefits. SHBP was established in 1961 under N.J.S.A. 52:14-17.25 et seq., to provide health benefits to State employees, retirees, and their dependents. Rules governing the operation and administration of the program are found in Title 17, Chapter 9 of the New Jersey Administrative Code. SHBP provides medical, prescription drugs, mental health/substance abuse, and Medicare Part B reimbursement to retirees and their covered dependents.
The State Health Benefits Commission is the executive body established by statute to be responsible for the operation of the SHBP. The State of New Jersey Division of Pensions and Benefits issues a publicly available financial report that includes financial statements and required supplementary information for the SHBP. That report may be obtained by writing to: State of New Jersey Division of Pensions and Benefits, P.O. Box 295, Trenton, NJ 08625-0295.
Chapter 384 of Public Laws 1987 and Chapter 6 of Public Laws 1990 required Teachers' Pensions and Annuity Fund (TPAF) and the Public Employees' Retirement System (PERS), respectively, to fund post-retirement medical benefits for those State employees who retire after accumulating 25 years of credited service or on state disability retirement. P.L. 2007, Chapter 103 amended the law to eliminate the funding of post-retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for the funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2016, there were 110,512 retirees eligible for post-retirement medical benefits, and the State contributed $1.37 billion on their behalf. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical benefits changed from a pre-funding basis to a pay-asyou-go basis beginning in Fiscal Year 1994.
The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides employer paid health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $231.2 million toward Chapter 126 benefits for 20,045 eligible retired members in Fiscal Year 2016.
71
NOTE 7:
NOTE 8:
NOTE 9:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
OTHER POST-RETIREMENT BENEFITS (CONTINUED)
The State will set the contribution rate based on the annual required contribution of the employers (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) of the plan over a period not to exceed thirty years. The State's contributions to the State Health Benefits Program Fund for TPAF retirees' post-retirement benefits on behalf of the School District for the years ended June 30, 2017, 2016, and 2015 were $748, 157, $814,968 and $727,842, respectively, which equaled the required contributions for each year. The State's contributions to the State Health Benefits Program Fund for PERS retirees' post-retirement benefits on behalf of the School District was not determined or made available by the State of New Jersey.
LITIGATION
The Board attorney's letter advises that there is no litigation, pending litigation, claims, contingent liabilities, unasserted claims or assessments or statutory violations which involve the Board of Education and which might materially affect the Board's financial position.
CONTINGENCIES
The District receives financial assistance from the State of New Jersey and the U.S. Government in the form of grants. Entitlement to the funds is generally conditional upon compliance with terms and conditions of the grant agreements and applicable regulations, including the expenditure of the funds for eligible purposes. The State and Federal grants received and expended in the 2016-2017 fiscal year were subject to the Uniform Guidance and New Jersey OMB Circular 15-08 which mandates that grant revenues and expenditures be audited in conjunction with the District's annual audit if expenditures for federal or state programs exceed $750,000. Findings and questioned costs, if any, relative to federal and state financial assistance programs are discussed in the Single Audit Section, Schedule of Findings and Questioned Costs. In addition, all grants and cost reimbursements are subject to financial and compliance audits by the granters. The District's management does not believe any such audit would result in material amounts of disallowed costs.
72
NOTE 10:
NOTE 11:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. There have been no significant reductions in insurance coverage from the prior year and no settlements have exceeded insurance coverage over the past three years.
Property and Liability Insurance - The District maintains commercial insurance coverage for property, liability, and student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report.
New Jersey Unemployment Compensation Insurance - The District has elected to fund its New Jersey Unemployment Compensation Insurance under the "Benefit Reimbursement Method". Under this plan, the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for amounts due to the State. The table below is a summary of District contributions, employee contributions, reimbursements to the State for benefits paid, and the ending balance of the District's expendable trust fund for the current and previous two years:
Interest and Amount Ending Fiscal Year Contributions Reimbursed Balance
2016-2017 $37,553 $25,582 $40,648 2015-2016 39, 136 29,754 28,677 2014-2015 36,688 53,380 19,295
INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances remained on the balance sheet at June 30, 2017:
lnterfund lnterfund Fund Receivable Pa)lable
General Fund $174,113 $94,009 Special Revenue Fund 174,113 Enterprise Fund 94,009
$268, 122 $268, 122
All balances resulted from the time lag between the dates that short-term loans were disbursed and payments between funds were made.
All interfunds are expected to be repaid within one year.
73
NOTE 12:
NOTE 13:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
FUND BALANCE APPROPRIATED
General Fund - Of the $967,522 General Fund fund balance at June 30, 2017, $68, 782 is assigned for year-end encumbrances however only $56,648 is reflected on the balance sheet as assigned since the unassigned balance would be negative; $637,273 has been restricted in the Capital Reserve Account; and $273,601 is unassigned fund balance designated for subsequent year's expenditures.
CALCULATION OF EXCESS SURPLUS
In accordance with N.J.S.A.18A:7F-7, as amended by P.L. 2004,c.73 (S1701), the Restricted Fund Balance - Excess Surplus is a required calculation pursuant to the New Jersey Comprehensive Educational Improvement and Financing Act of 1996 (CEIFA). New Jersey school districts are required to reserve General Fund fund balance at the fiscal year end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years' budget. Based on this calculation, the Manville School District has $-0- excess fund balance resulting from the year ended June 30, 2017.
General Fund Expenditures Fiscal Year Ended June 30, 2017
Less: On-Behalf TPAF Pension and Social Security Reimbursement
Adjusted General Fund Expenditures
Excess Surplus Percentage 2% of Adjusted 2016-17 General Fund Expenditures
Greater of Line Above of $250,000.00
Add: Allowable Adjustments
Maximum Unreserved/Undesignated Fund Balance
Actual Unreserved/Undesignated Fund Balance
Excess Surplus
74
$22,619, 123
2,285,959
20,333,164
2% 406,663
406,663
107,170
513,833
513,833
NOTE 14:
NOTE 15:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
CAPITAL RESERVE ACCOUNT
A capital reserve account was established by the Borough of Manville Board of Education by the inclusion of $540,510 in the 2000-2001 school year for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget.
Funds placed in the capital reserve account are restricted to capital projects in the district's approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by board resolution at year end (June 1 to June 30) of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriate additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A. 19:60-2. Pursuant to N.J.A.C. 6:23A-14.1(g), the balance in the account cannot at any time exceed the local costs of uncompleted capital projects in its approved LRFP.
The activity of the capital reserve for the year ending June 30, 2017 year is as follows:
The activity of the capital reserve for the year ending June 30, 2017 year is as follows:
Beginning balance, July 1, 2016 Add: Interest earnings Add: Transfer per Board Resolution Ending balance, June 30, 2017
There were no withdrawals from the capital reserve in 2016-2017.
DEFERRED COMPENSATION
$365,254 732
271,287 $637,273
The District offers its employees a choice of the deferred compensation plans created in accordance with Internal Revenue Code Section 403(b) and 457. The plans permit participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death, or unforeseeable emergency. Since the District does not have any property or rights to the plan assets and no fiduciary relationship exists between the District and the deferred compensation plan, the plan assets are not included in the District's financial statements as of June 30, 2017.
75
NOTE 16:
NOTE 17:
NOTE 18:
Borough of Manville School District Notes to the Financial Statements
June 30, 2017
INVENTORY
Inventory in the Food Service Fund at June 30, 2017 consisted of the following:
Food and Supplies $14.982
The value of Federal donated commodities as reflected on Schedule A (required by the Single Audit Act Amendments of 1996) is the difference between market value and cost of the commodities at the date of purchase and has been included as an item of non-operating revenue in the financial statements.
RESTRICTED ASSETS
The funds set aside for the capital reserve are classified as restricted assets (cash and cash equivalents) as they are restricted for use for future capital requirements.
SUBSEQUENT EVENTS
The Board of Education has evaluated subsequent events occurring after the financial statement date through November 13, 2017 which is the date the financial statements were available to be issued. No items were noted for disclosure or adjustment.
76
REQUIRED SUPPLEMENTARY INFORMATION - PART II
77
BUDGETARY COMPARISON SCHEDULES
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104,
016
79,6
17
73,2
55
152,
872
2,43
4,66
9
25,8
53
2,00
0 $2
7,85
3
FIN
AL
BU
DG
ET
A
CT
UA
L
$112
,138
$1
02,9
94
119,
181
119,
089
231,
319
222,
083
60
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7
60,5
17
49
,55
4
48,2
81
110,
071
108,
798
263,
728
263,
716
241,
314
240,
589
505
042
504,
305
1,06
8,53
7 1,
068,
536
262,
812
237,
421
1,33
1,34
9 1,
305,
957
54,4
62
48
,73
9
49
,55
4
49,4
72
10
4,0
16
98
,211
79,6
17
79,6
17
73,2
55
72,8
57
152,
872
152,
474
2,43
4,66
9 2,
391,
828
25,8
53
25,8
53
2,00
0 2,
000
$27,
853
$2
7,8
53
EX
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HE
ET
#2
VA
RIA
NC
E
FIN
AL
TO
AC
TU
AL
$9,1
44
92
9,23
6
1,27
3 1,
273 12
725
737 1
25,3
91
25,3
92
5,72
3 8
2
5,80
5
39
8
39
8
42,8
41
EX
HIB
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C-1
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HE
ET
#3
B
OR
OU
GH
OF
MA
NV
ILLE
SC
HO
OL
DIS
TR
ICT
B
UD
GE
TA
RY
CO
MP
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ISO
N S
CH
ED
UL
E
GE
NE
RA
L F
UN
D
FIS
CA
L Y
EA
R E
ND
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JU
NE
30,
201
7
OR
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BU
DG
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TR
AN
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S/
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VA
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BU
DG
ET
A
ME
ND
ME
NT
S
BU
DG
ET
A
CT
UA
L
FIN
AL
TO
AC
TU
AL
Bili
ngua
l edu
catio
n:
Sal
arie
s o
f tea
cher
s $1
79,0
41
$179
,041
$1
78,9
77
$64
Gen
eral
sup
plie
s 1,
000
1,0
00
95
3 47
T
extb
ooks
50
0 5
00
23
0 27
0 T
otal
bili
ngua
l edu
catio
n 18
0,54
1 18
0,54
1 18
0,16
0 38
1
Sch
ool s
po
nso
red
coc
urrie
ular
act
iviti
es:
Sal
arie
s 11
0,20
8 1
10
,20
8
108,
880
1,32
8 O
the
r pu
rcha
sed
serv
ices
19
,900
1
9,9
00
1
9,2
10
69
0 S
uppl
ies
and
mat
eria
ls
17
,20
0
17
,20
0
15
,63
7
1,56
3 O
the
r o
bje
cts
12,8
00
12
,80
0
10,2
73
2.52
7 T
otal
sch
ool s
pons
ored
coc
urric
ular
act
iviti
es
16
0,1
08
1
60
.10
8
154,
000
6,10
8
Sch
ool s
po
nso
red
ath
letic
s:
Sal
arie
s 27
9,12
5 2
79
,12
5
278,
178
947
Oth
er
purc
hase
d se
rvic
es
81,9
45
81
,94
5
81,1
00
845
Sup
plie
s a
nd
Mat
eria
ls
50
,00
0
(650
) 4
9,3
50
4
9,3
09
41
O
the
r ob
ject
s 1
5,3
10
1
5,3
10
15
,213
97
co
_,
, T
otal
sch
ool s
pons
ored
ath
letic
s 4
26
,38
0
(650
) 4
25
,73
0
423.
800
1,93
0
Tot
al o
ther
inst
ruct
iona
l pro
gram
s 79
4,88
2 (6
50)
79
4,2
32
78
5,81
3 B
.419
Tot
al -
inst
ruct
ion
8,40
6.47
1 36
,854
8
.44
3,3
25
8,
304,
295
13
9,0
30
Und
istr
ibut
ed e
xpen
ditu
res:
In
stru
ctio
n:
Tui
tion
to o
the
r LE
As
with
in th
e st
ate-
spec
ial
450,
000
(21.
461)
4
28
,53
9
426,
714
1,82
5 T
uitio
n to
cou
nty
voca
tiona
l sch
ool d
istr
ict-
regu
lar
23,7
50
21
,12
5
44
,87
5
44,8
75
Tui
tion
to c
ount
y vo
catio
nal s
choo
l dis
tric
t-sp
ecia
l 9,
375
(9,3
75)
Tui
tion
for
priv
ate
scho
ols
for
hand
icap
ped
with
in th
e s
tate
67
5,01
0 (8
,318
) 6
66
,69
2
666,
692
Tui
tion
for
priv
ate
scho
ols
for h
andi
capp
ed o
ther
80
0 8
00
57
8 22
2 T
uitio
n -
othe
r 20
,000
8,
318
28,3
18
28,3
18
To
tal
inst
ruct
ion
-tu
ition
1,
178,
135
(8,9
11)
1,1
69
,22
4
1,16
7,17
7 2,
047
Hea
lth s
ervi
ces:
S
alar
ies
244,
018
500
24
4.5
18
24
4.46
9 4
9
Pu
rch
ase
d p
rofe
ssio
nal &
tec
hnic
al s
ervi
ces
75,0
00
18,3
11
93,3
11
g1,0
89
2,22
2 O
the
r pur
chas
ed s
ervi
ces
1,00
0 1
,00
0
640
360
Sup
plie
s an
d m
ater
ials
3,
000
(2,7
00)
30
0
260
40
O
the
r ex
pens
es
13
,44
0
16
,20
0
29.6
40
29,6
40
Tot
al -
heal
th s
ervi
ces
33
6,4
58
32
,311
3
68
,76
9
366,
098
2,67
1
Spe
ech,
at.p
t and
rel
ated
ser
vice
s:
Sal
arie
s 21
9,13
1 13
,550
23
2,68
1 23
2,68
1 P
urch
ased
pro
fess
ion
& e
duca
tiona
l ser
vice
s 3,
000
6,2
00
9,
200
8,30
0 90
0 S
uppl
ies
and
mat
eria
ls
20
0
200
150
50
Tot
al s
peec
h. o
t,pt a
nd r
elat
ed s
ervi
ces
$222
,331
$1
9,75
0 $2
42,0
81
$241
,131
$9
50
EX
HIB
IT"C
-1"
SH
EE
T#
4
BO
RO
UG
H O
F M
AN
VIL
LE
SC
HO
OL
DIS
TR
ICT
B
UD
GE
TA
RY
CO
MP
AR
ISO
N S
CH
ED
UL
E
GE
NE
RA
L F
UN
D
FIS
CA
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ND
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JU
NE
30,
201
7
OR
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BU
DG
ET
TR
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SF
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S/
FIN
AL
VA
RIA
NC
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BU
DG
ET
A
ME
ND
ME
NT
S
BU
DG
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CT
UA
L
FIN
AL
TO
AC
TU
AL
Gui
danc
e:
Sal
arie
s o
f oth
er
prof
essi
onal
sta
ff
$289
,215
$2
89,2
15
$288
,314
$9
01
Sal
arie
s o
f sec
reta
rial
and
cle
rica
l ass
ista
nts
55,5
34
55,5
34
52,5
35
2,99
9 P
urch
ased
pro
fess
iona
l edu
catio
nal
serv
ices
5
,00
0
($5,
000)
O
the
r pu
rcha
sed
prof
essi
onal
and
tec
hnic
al s
ervi
ces
5,00
0 1,
900
6,90
0 6,
744
156
Oth
er
purc
hase
d se
rvic
es
1,2
00
1.
200
171
1,02
9 S
uppl
ies
and
ma
teri
als
2,
200
2,20
0 64
2 1,
558
Oth
er O
bjec
ts
15
,53
0
(9,0
00)
6,53
0 5,
860
670
Tot
al g
uid
an
ce
37
3,6
79
(1
2,10
0)
36
1,5
79
3
54
,26
6
7,31
3
Chi
ld s
tudy
team
: S
alar
ies
of o
the
r pr
ofes
sion
al s
taff
64
8,77
6 (3
2,56
2)
61
6,2
14
6
15
,22
8
986
Sal
arie
s o
f sec
reta
rial
and
cle
rica
l ass
ista
nts
55
,83
5
55,8
35
55,8
34
Oth
er
purc
hase
d pr
ofes
sion
al a
nd te
chni
cal s
ervi
ces
2,13
2 2,
132
2,13
2 O
the
r pu
rcha
sed
serv
ices
5,
038
5,03
8 5,
038
Tot
al c
hild
stu
dy t
eam
71
1,78
1 (3
2,56
2)
67
9,2
19
67
8,23
2 98
7 CX
l N
Im
pro
vem
en
t of i
nstr
uctio
nal s
ervi
ces:
S
alar
ies
of s
up
erv
iso
rs o
f ins
truc
tion
238,
859
238,
859
238,
859
Sal
arie
s o
f sec
reta
rial
and
cle
rica
l ass
ista
nts
55,8
35
55,8
35
55,8
34
1 O
the
r pu
rch
ase
d p
rofe
ssio
nal a
nd t
echn
ical
ser
vice
s 1
0,0
00
2,
000
12,0
00
11,1
16
884
Oth
er
Obj
ects
1
0,0
00
1
0,0
00
9,
337
66
3
Tot
al im
pro
vem
en
t of i
nstr
uctio
nal s
ervi
ces
314,
694
2,00
0 31
6,69
4 31
5,14
6 1,
548
Edu
catio
nal m
edia
/sch
ool l
ibra
ry:
Sal
arie
s 25
6,56
6 3
5
256,
601
254,
388
2.21
3 P
urch
ased
pro
fess
iona
l and
tech
nica
l ser
vice
s 10
6,00
0 5,
269
111,
269
111,
242
27
Sup
plie
s an
d m
ater
ials
21
,279
(2
,169
) 1
9,1
10
18
,857
25
3 M
isce
llane
ous
exp
en
ditu
res
94,5
00
(8,0
00)
86,5
00
77,6
86
8,81
4
Tot
al e
duca
tiona
l me
dia
/sch
oo
l lib
rary
47
8,34
5 (4
,865
) 47
3,48
0 46
2,17
3 11
,307
lnst
rucl
iona
l sta
ff tr
aini
ng s
erv
ice
s:
Pur
chas
ed P
rofe
ssio
nal -
Edu
catio
nal S
ervi
ces
99
,42
0
(3,3
50)
96,0
70
92,5
25
3,54
5 O
the
r pu
rcha
sed
serv
ices
4
,02
3
(876
) 3,
147
1,22
0 1,
927
Oth
er o
bjec
ts
8,00
0 8
,00
0
7,00
0 1,
000
Tot
al I
nstr
uctio
nal s
taff
trai
ning
ser
vice
s $
11
1,4
43
($
4,22
6)
$107
,217
$1
00,7
45
$6,4
72
EX
HIB
IT "
C-1
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~
BO
RO
UG
H O
F M
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LE S
CH
OO
L D
IST
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BU
DG
ET
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OM
PA
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ON
SC
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DU
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G
EN
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FU
ND
F
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AL
YE
AR
EN
DE
D J
UN
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0, 2
01
7
OR
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AL
BU
DG
ET
TR
AN
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ER
S/
FIN
AL
VA
RIA
NC
E
BU
DG
ET
A
ME
ND
ME
NT
S
BU
DG
ET
A
CT
UA
L
FIN
AL
TO
AC
TU
AL
Sup
port
ser
vice
s ge
nera
l adm
inis
trat
ion:
S
alar
ies
$222
,339
$5
,000
$2
27,3
39
$225
,259
$2
,080
Le
gal s
ervi
ces
25,0
00
25,0
00
25,0
00
Aud
it fe
es
30,5
00
30,5
00
30,5
00
Arc
hite
ctur
al I
engi
neer
ing
serv
ices
8,
000
18
,35
0
26
,35
0
26,3
50
Oth
er p
urch
ased
pro
fess
iona
l ser
vice
s 1
0,0
00
35
,000
4
5,0
00
4
5,0
00
P
urch
ased
tec
hnic
al s
ervi
ces
15
,40
0
15,4
00
15
,02
6
37
4
Com
mun
icat
ions
/tel
epho
ne
55
,00
0
15,0
00
70,0
00
60,2
08
9,79
2 B
OE
Oth
er
Pur
chas
ed S
erv
ice
s 4,
000
4,0
00
1
,31
5
2,68
5 O
the
r pu
rcha
sed
serv
ice
s 1
9,0
00
(6
.00
0)
13
,00
0
12
,76
9
231
Gen
eral
sup
plie
s 1
0,0
00
1
0,0
00
7
,82
0
2,18
0 Ju
dgem
ents
Ag
ain
st D
istr
ict
38,2
85
(8,3
00)
29,9
85
25,1
91
4,79
4 M
isce
llane
ous
expe
nditu
res
25,0
00
600
25
,60
0
25
,34
8
252
Tot
al s
uppo
rt s
ervi
ces
gene
ral a
dmin
istr
atio
n 44
7,12
4 75
,050
52
2,17
4 49
9,78
6 22
,388
Sup
port
ser
vice
s sc
hool
adm
inis
trat
ion:
S
alar
ies
of p
rinc
ipal
s/as
sist
ant p
rinc
ipal
s 55
5,02
8 (4
00)
554,
628
552,
703
1,92
5 ()
) S
alar
ies
of o
the
r pro
fess
ion
al s
taff
3,
000
3,00
0 2,
924
76
V
J S
alar
ies
of s
ecre
tari
al a
nd c
leri
cal a
ssis
tant
s 26
7,63
7 (2
.000
) 26
5,63
7 26
4,77
6 86
1 O
ther
pur
chas
ed s
ervi
ces
900
900
32
8
68
S
uppl
ies
and
mat
eria
ls
47,5
97
(7,2
34)
40
,36
3
38,9
51
1,41
2 O
ther
obj
ects
1
0,2
66
(1
.650
) 8,
616
4,95
4 3,
662
Tot
al s
uppo
rt s
ervi
ces
sch
oo
l adm
inis
trat
ion
88
1,4
28
(8
,284
) 87
3,14
4 8
64
,34
0
8,80
4
Cen
tral
ser
vice
s:
Sal
arie
s 3
16
,22
0
316,
220
316,
192
28
Pur
chas
ed p
rofe
ssio
nal s
ervi
ces
30,0
00
(7,0
00)
23,0
00
22,8
50
15
0
Pur
chas
ed te
chni
cal s
ervi
ces
13
,50
0
5,00
0 1
8,5
00
11
,123
7,
377
Mis
c pu
rcha
sed
serv
ices
1
0,0
00
10
,000
1
0,0
00
S
uppl
ies
and
mat
eria
ls
10
,00
0
(500
) 9
,50
0
9,47
4 2
6
Mis
cell
aneo
us
exp
end
itu
res
4,00
5 2,
220
6,22
5 2
,07
7
4,14
8
Tot
al c
entr
al s
erv
ice
s 3
83
,72
5
(280
) 38
3,44
5 3
71
,71
6
11,7
29
Adm
inis
trat
ion
info
rmat
ion
tech
nolo
gy:
Sal
arie
s 43
,064
43
,064
43
,064
P
urch
ased
pro
fess
iona
l se
rvic
es
3.50
0 4,
207
7,70
7 7,
707
Pur
chas
ed t
echn
ical
ser
vice
s 4
6,0
00
(4
,207
} 41
,793
41
,793
S
uppl
ies
and
mat
eria
ls
30
,04
9
19,1
01
49,1
50
37,1
63
11,9
87
Oth
er
obje
cts
50
0
500
500
Tot
al a
dmin
istr
atio
n in
form
atio
n te
chno
logy
$1
23,1
13
$19,
101
$142
.214
$1
29,7
27
$12,
487
EX
HIB
IT "
C-1
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HE
ET
#6
B
OR
OU
GH
OF
MA
NV
ILL
E S
CH
OO
L D
IST
RIC
T
BU
DG
ET
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Y C
OM
PA
RIS
ON
SC
HE
DU
LE
G
EN
ER
AL
FU
ND
F
ISC
AL
YE
AR
EN
DE
D J
UN
E 3
0. 2
017
OR
IGIN
AL
BU
DG
ET
TR
AN
SF
ER
S/
FIN
AL
VA
RIA
NC
E
BU
DG
ET
A
ME
ND
ME
NT
S
BU
DG
ET
A
CT
UA
L
FIN
AL
TO
AC
TU
AL
Req
uire
d m
aint
enan
ce f
or
scho
ol fa
cilit
ies:
S
alar
ies
$3
05
,43
5
$8,4
00
$313
,835
$3
12,9
57
$878
C
lean
ing,
rep
air,
and
mai
nten
ance
ser
vice
s 55
1,59
9 (2
1,40
0)
530,
199
49
2,1
10
38
,089
G
ener
al s
uppl
ies
65,2
27
(1)
65,2
26
65,2
26
Oth
er
obje
cts
2,00
0 2,
000
1,19
1 80
9
Tot
al r
equi
red
mai
nten
ance
fo
r sc
hool
fac
ilitie
s 92
4,26
1 (1
3.00
1)
91
1,2
60
8
71
,48
4
39,7
76
Oth
er
oper
atio
ns &
mai
nten
ance
of p
lant
: S
alar
ies
88
7,3
25
(3
5,10
0)
85
2,2
25
8
29
,55
3
22,6
72
Oth
er
purc
hase
d pr
oper
ty s
ervi
ces
42
,00
0
42,0
00
41,5
06
494
Insu
ranc
e 24
0,00
0 (3
9,90
0)
200,
100
200,
038
62
G
ener
al s
uppl
ies
62,7
50
(200
) 62
,550
55
,444
7,
106
En
erg
y (e
lect
ricity
) 3
25
,00
0
(100
) 32
4,90
0 3
00
,22
0
24,6
80
Oth
er
obje
cts
2,00
0 20
0 2,
200
2,19
7 3
Tot
al o
the
r op
erat
ions
& m
aint
enan
ce o
f pla
nt
1,55
9,07
5 (7
5,10
0)
1,48
3,97
5 1
,42
8,9
58
55
,017
CX>
Sec
urity
: ~
Sal
arie
s 9,
638
9,63
8 9,
638
Pur
chas
ed p
rofe
ssio
nal a
nd t
echn
ical
se
rvic
es
35,0
00
35,0
00
35,0
00
Tot
al s
ecur
ity
44
,63
8
44,6
38
44,6
38
Tot
al o
pera
tions
& m
aint
enan
ce o
f pla
nt s
ervi
ces
2,52
7,97
4 (8
8,10
1)
2,4
39
,87
3
2,3
45
,08
0
94,7
93
Stu
de
nt t
rans
port
atio
n se
rvic
es:
Con
trac
ted
serv
ices
(ot
her
than
be
twe
en
ho
me
and
sch
ool)
-ve
ndor
s 83
,500
4,
050
87,5
50
80,6
01
6,94
9 C
ontr
acte
d se
rvic
es (
spec
ial e
duca
tion
stud
ents
) -
ES
Cs
& C
TS
As
450,
000
14,5
00
464,
500
463,
653
847
Tot
al s
tude
nt t
rans
port
atio
n se
rvic
es
533,
500
18,5
50
552,
050
544,
254
7,79
6
Una
lloca
ted
bene
fits:
S
ocia
l sec
urity
con
trib
utio
ns
260,
000
260,
000
259,
933
67
O
the
r re
tirem
ent
cont
ribut
ions
-P
ER
S
270,
000
1,69
0 27
1,69
0 27
0,81
4 87
6 U
ne
mp
loym
en
t Com
pens
atio
n 10
0,00
0 (6
7,30
0)
32
,70
0
31,5
73
1,12
7 W
ork
me
n's
com
pens
atio
n 16
5,00
0 16
5,00
0 16
4,92
7 73
H
ealth
ben
efits
2,
856,
840
(63,
010)
2,
793,
830
2,70
9,59
8 84
,232
T
uitio
n R
eim
burs
emen
t 4
0,0
00
1
5,5
00
55
,500
35
,307
20
.193
O
the
r em
ploy
ee b
enef
its
50
,00
0
58,1
11
108,
111
105,
276
2,83
5
Tot
al u
nallo
cate
d be
nefit
s 3,
741,
840
(55,
009)
3,
686,
831
3,57
7,42
8 10
9,40
3
On
-be
ha
lf T
PA
F p
ensi
on -
post
ret
irem
ent
med
ical
(no
n bu
dget
ed)
748,
157
(748
,157
) O
n-b
eh
alf
TP
AF
pen
sion
-no
n co
ntri
buto
ry in
sura
nce
(non
bud
gete
d)
31,3
96
(31,
396)
O
n-b
eh
alf
TP
AF
pen
sion
con
trib
utio
n (n
on-b
udge
ted)
86
6,50
7 (8
66,5
07)
On
-be
ha
lfT
PA
F to
ng t
erm
dis
abili
ty in
sura
nce
(non
-bud
gete
d)
2,50
6 (2
,506
) R
eim
burs
ed T
PA
F s
ocia
l sec
urity
con
trib
utio
ns (
non-
budg
eted
) 8
37
,39
3
(637
,393
)
Tot
al o
n-be
half
cont
ribut
ions
2,
285,
959
(2,2
85,9
59)
Tot
al u
ndis
trib
uted
exp
endi
ture
s 12
,365
,568
(4
7,57
4)
12,3
17,9
94
14,3
03,2
58
(1,9
85,2
64)
TO
TA
L E
XP
EN
DIT
UR
ES
-C
UR
RE
NT
EX
PE
NS
E
$20,
772,
039
(10,
720)
$2
0,76
1,31
9 $2
2,60
7 ,5
53
($1,
846,
234)
())
01
CA
PIT
AL
OU
TLA
Y:
Inte
rest
de
po
sit t
o ca
pita
l res
erve
Fac
ilitie
s A
cqui
sitio
n an
d C
onst
ruct
ion
Ser
vice
s:
Ass
ess
me
nt f
or
de
bt s
ervi
ce o
n S
OA
fund
ing
Equ
ipm
ent
Inst
ruct
ion
-G
rad
es
1-5
TO
TA
L C
AP
ITA
L O
UT
LAY
:
SP
EC
IAL
SC
HO
OL
S:
Sal
arie
s o
f Te
ach
ers
G
en
era
l sup
plie
s
TO
TA
L S
PE
CIA
L S
CH
OO
LS
:
GE
NE
RA
L F
UN
D G
RA
NO
TO
TA
L
Exc
ess
(de
ficie
ncy)
of r
even
ues
ove
r (u
nder
) ex
pend
iture
s
Fu
nd
bal
ance
s, J
uly
1
Fun
d ba
lanc
es,
June
30
Rec
apitu
latio
n:
Res
tric
ted
for:
C
apita
l res
erve
A
ssig
ned
for:
D
esig
nate
d fo
r su
bseq
uent
yea
r's e
xpen
ditu
res
Ye
ar
end
encu
mbr
ance
s U
nass
igne
d fu
nd b
alan
ce
Rec
onci
liatio
n to
Go
vern
me
nt F
und
Sta
tem
ents
La
st S
tate
Aid
pa
yme
nt n
ot r
ecog
nize
d on
GA
AP
bas
is
Fun
d B
alan
ce p
er
Gov
ernm
enta
l Fun
ds (
GA
AP
)
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
BU
DG
ET
AR
Y C
OM
PA
RIS
ON
SC
HE
DU
LE
G
EN
ER
AL
FU
ND
F
ISC
AL
YE
AR
EN
DE
D J
UN
E 3
0 2
017
OR
IGIN
AL
BU
DG
ET
B
UD
GE
T T
RA
NS
FE
RS
/ A
ME
ND
ME
NT
S
$3,0
00
11,5
71
14,5
71
2,50
0
2,50
0
20
,78
9,1
10
(307
,647
)
1,11
1,13
1
$8
03
,48
4
($3,
000)
$1
3,7
20
10
,72
0
(500
) 5
00
FIN
AL
BU
DG
ET
11,5
71
13,7
20
25,2
91
2,00
0 50
0
2,50
0
20,7
89,1
10
(307
,647
)
1,11
1,13
1
$803
,484
8Q
lli8
b $1
1,57
1
11,5
71
22,6
19,1
24
38
2,3
59
1,11
1,13
1
$1,4
93,4
90
$637
,273
273,
601
68,7
82
513,
834
$1,4
93,4
90
(525
,968
) $
96
7,5
22
EX
HIB
IT "
C-1
" S
HE
ET
#?
VA
RIA
NC
E
FIN
AL
TO
AC
TU
AL
13
,72
0
13
,72
0
2,00
0 50
0
2,50
0
(1,8
30,0
14)
69
0,0
06
$690
,006
EX
HIB
IT "
C-2
"
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
BU
DG
ET
AR
Y C
OM
PA
RIS
ON
SC
HE
DU
LE
SP
EC
IAL
RE
VE
NU
E F
UN
D
FO
R F
ISC
AL
YE
AR
S E
ND
ED
JU
NE
30.
201
7
OR
IGIN
AL
BU
DG
ET
TR
AN
SF
ER
S/
FIN
AL
V
AR
IAN
CE
B
UD
GE
T
AM
EN
DM
EN
TS
B
UD
GE
T
AC
TU
AL
F
INA
L T
O A
CT
UA
L
RE
VE
NU
ES
: F
eder
al s
ou
rce
s $6
05,0
00
$229
,640
$8
34,6
40
$729
,874
($
104,
766)
O
the
r so
urce
s 10
,366
10
,366
5,
025
(5,3
41)
Tot
al r
even
ues
605
000
240
006
845
006
734
89
9
(110
,107
)
EX
PE
ND
ITU
RE
S:
Inst
ruct
ion:
S
alar
ies
of t
each
ers
208,
302
61,0
53
269,
355
254,
151
15,2
04
Tui
tion
105,
000
(15,
000)
90
,000
90
,000
<X
> G
ener
al s
uppl
ies
113,
498
113,
498
59,9
34
53,5
64
(j)
To
tal i
nstr
uctio
n 31
3,30
2 15
9,55
1 47
2,85
3 4
04
,08
5
68,7
68
Sup
port
ser
vice
s:
Oth
er
sala
ries
35
,000
(2
2,00
0)
13,0
00
13,0
00
Per
sona
l se
rvic
es
-em
ploy
ee b
enef
its
49,6
76
13,2
26
62,9
02
57,6
54
5,24
8 P
urch
ased
pro
fess
iona
l se
rvic
es
207,
022
41,9
78
249,
000
228,
700
20,3
00
Oth
er
purc
hase
d se
rvic
es
8,77
9 8,
779
3,0
00
5,
779
Sup
plie
s an
d m
ater
ials
36
,472
36
,472
26
,843
9,
629
Mis
cella
neou
s ex
pend
iture
s 2,
000
2,00
0 1,
617
383
Tot
al s
up
po
rt s
ervi
ces
291,
698
80,4
55
372,
153
33
0,81
4 41
,339
Tot
al e
xpen
ditu
res
$605
,000
$2
40,0
06
$845
,006
$7
34,8
99
$110
,107
BOROUGH OF MANVILLE SCHOOL DISTRICT BUDGETARY COMPARISON SCHEDULE
BUDGET TO GAAP RECONCILIATION NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED JUNE 30. 2017
Sources/inflows of resources
Actual amounts (budgetary) "revenues" from the budgetary comparison schedules
Difference - budget to GAAP Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and related revenue is recognized.
State aid payment recognized for GAAP statements in the current year, previously recognized for budgetary purposes.
State aid payment recognized for budgetary purposes, not recognized for GAAP statements until the subsequent year.
Total revenues as reported on the statement of revenues, expenditures and changes in fund balances - governmental funds.
Uses/outflows of resources
Actual amounts (budgetary basis) "total outflows" from the budgetary comparison schedules
Difference - budget to GAAP Encumbrances for supplies and equipment ordered but not received are reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial purposes
Total expenditures as reported on the statement of revenues. expenditures and changes in fund balances - governmental funds.
87
GENERAL FUND
$23,001,483
518,963
(525,968)
22,994,478
22,619,124
$22,619,124
EXHIBIT "C-3"
SPECIAL REVENUE
FUND
$734,899
(6,942)
727,957
734,899
(6,942)
$727,957
REQUIRED SUPPLEMENTARY INFORMATION - PART Ill
88
SCHEDULES RELATED TO ACCOUNTING AND REPORTING FOR PENSION (GASB 68)
89
<D
0
Me
asu
rem
en
t D
ate
End
ing
June
30.
20
13
20
14
2015
20
16
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
SC
HE
DU
LE O
F T
HE
DIS
TR
ICT
'S P
RO
PO
RT
ION
AT
E S
HA
RE
OF
TH
E N
ET
PE
NS
ION
LIA
BIL
ITY
P
UB
LIC
EM
PLO
YE
ES
RE
TIR
EM
EN
T S
YS
TE
M
LAS
T T
EN
YE
AR
S
Dis
tric
t's
Pro
port
ion
Dis
tric
t's
of t
he N
et P
ensi
on
Dis
tric
t's
Pro
port
iona
te
Liab
ility
(A
sset
) P
ropo
rtio
n S
hare
of
Dis
tric
t's
as a
per
cent
age
of t
he N
et P
ensi
on
the
Net
Pen
sion
C
over
ed-E
mpl
oyee
o
f it's
Cov
ered
-Li
abili
ty (
Ass
et)
Liab
ility
(A
sset
) P
ayro
ll E
mpl
oyee
Pay
roll
0. 0
2853
57 43
7%
$ 5,
453,
748
$ 2,
022,
018
269.
72%
0.
0281
1463
55%
5,
263,
829
1,89
9,63
6 27
7.10
%
0.02
7763
4256
%
6,23
2,33
3 1,
893,
091
329.
21%
0.
027
3957
579%
8,
113
,838
1,
896,
924
427.
74%
Not
e: S
ched
ule
is in
tend
ed t
o sh
ow te
n ye
ar tr
end.
Add
ition
al y
ears
will
be
repo
rted
as
they
bec
ome
avai
labl
e.
EX
HIB
IT "
L-1"
Pla
n F
iduc
iary
N
et P
ositi
on
as a
per
cent
age
of t
he t
otal
P
ensi
on L
iabi
lity
48.7
2%
52.0
8%
47.9
2%
40.1
4%
<O ~
Fis
cal Y
ea
r C
ontr
actu
ally
E
ndin
g R
equi
red
Jun
e 3
0,
Con
trib
utio
n
2014
$
215,
011
$ 20
15
231,
773
2016
23
8,69
1 20
17
24
3,3
80
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
SC
HE
DU
LE O
F T
HE
DIS
TR
ICT
'S C
ON
TR
IBU
TIO
NS
P
UB
LIC
EM
PLO
YE
ES
RE
TIR
EM
EN
T S
YS
TE
M
LAS
T T
EN
YE
AR
S
Con
trib
utio
ns in
R
elat
ion
to t
he
Con
trac
tual
ly
Con
trib
utio
n R
equi
red
Def
icie
ncy
Con
trib
utio
ns
(Exc
ess)
215,
011
$ -0
-$
231,
773
-0-
238,
691
-0-
243,
380
-0-
Dis
tric
t's
Cov
ered
E
mpl
oyee
P
ayro
ll
1,89
9,63
6 $
1,89
3,09
1 1,
896,
924
1,88
1,08
6
Not
e: S
ched
ule
is in
tend
ed t
o sh
ow
ten
year
tren
d. A
dditi
onal
yea
rs w
ill b
e re
port
ed a
s th
ey b
ecom
e av
aila
ble.
EX
HIB
IT "
L-2"
Con
trib
utio
ns a
s a
Per
cent
age
of
Cov
ered
E
mpl
oyee
P
ayro
ll
11.3
2%
12.2
4%
12.5
8%
12.9
4%
<O
N
Me
asu
rem
en
t D
ate
End
ing
Jun
e 3
0.
20
13
20
14
2015
20
16
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
SC
HE
DU
LE O
F T
HE
DIS
TR
ICT
'S P
RO
PO
RT
ION
AT
E S
HA
RE
OF
TH
E N
ET
PE
NS
ION
LIA
BIL
ITY
T
EA
CH
ER
S P
EN
SIO
N A
ND
AN
NU
ITY
FU
ND
LA
ST
TE
N Y
EA
RS
Dis
tric
t's
Pro
port
ion
Dis
tric
t's
of t
he N
et P
ensi
on
Dis
tric
t's
Pro
port
iona
te
Liab
ility
(A
sset
) P
ropo
rtio
n S
hare
of
Dis
tric
t's
as a
per
cent
age
of t
he N
et P
ensi
on
the
Net
Pen
sion
C
over
ed-E
mpl
oyee
o
f it'
s C
over
ed-
Liab
ility
(A
sset
) Li
abili
ty (
Ass
et)
Pay
roll
Em
ploy
ee P
ayro
ll
0.07
9812
4559
%
$ -0
-$
8,03
9,27
5 -0
-0.
0809
1906
24%
-0
-8,
335,
361
-0-
0.08
4804
2843
%
-0-
8,08
3,86
6 -0
-0.
0854
8547
02%
-0
-8,
498,
351
-0-
Not
e: S
che
du
le is
int
ende
d to
sh
ow
ten
yea
r tr
end.
Add
ition
al y
ears
will
be
repo
rted
as
they
be
com
e a
vaila
ble.
EX
HIB
IT "
L-3"
Pla
n F
iduc
iary
N
et P
ositi
on
as a
per
cent
age
of t
he t
otal
P
ensi
on L
iabi
lity
33.7
6%
33.6
4%
28.7
1%
22.3
3%
EXHIBIT "L-4"
BOROUGH OF MANVILLE SCHOOL DISTRICT
SCHEDULES RELATED TO ACCOUNTING AND REPORTING FOR PENSION {GASS 68)
NOTE TO RSI Ill
FOR THE FISCAL YEAR ENDED JUNE 30. 2017
PUBLIC EMPLOYEES RETIREMENT SYSTEM (PERS}
Change in benefit terms
None
Change in assumptions
The discount rate changed from 4.90% to 3.98% as of June 30, 2016.
TEACHERS PENSION AND ANNUITY FUND <TPAF)
Change in benefit terms
None
Change in assumptions
The discount rate changed from 4. 13% to 3.22% as of June 30, 2016.
93
OTHER SUPPLEMENTARY INFORMATION
94
SPECIAL REVENUE FUND DETAIL STATEMENTS
Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specific purposes other than debt
service or capital projects.
95
RE
VE
NU
ES
Fed
eral
sou
rces
Oth
er
sour
ces
Tot
al r
even
ues
EX
PE
ND
ITU
RE
S
Inst
ruct
ion:
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arie
s o
f tea
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Tui
tion
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Gen
eral
sup
plie
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m
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al i
nstr
uctio
n
Su
pp
ort
ser
vice
s:
Oth
er
sala
ries
Per
sona
l se
rvic
es -
empl
oyee
ben
efits
Pur
chas
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rofe
ssio
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er
purc
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d se
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Sup
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ater
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Tot
al s
uppo
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ervi
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Tot
al e
xpen
ditu
res
BO
RO
UG
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F M
AN
VIL
LE S
CH
OO
L D
IST
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T
SP
EC
IAL
RE
VE
NU
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UN
D
CO
MB
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ED
ULE
OF
RE
VE
NU
ES
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EN
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UR
ES
BU
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ET
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IS
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TH
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ISC
AL
YE
AR
EN
DE
D J
UN
E 3
0 20
17
TIT
LE I
I
TIT
LE I
P
AR
T A
$304
,555
$4
5,73
5
304,
555
45,7
35
229,
406
15,7
95
22,3
79
251,
785
15,7
95
13,0
00
51,6
53
6,00
1
2,20
0
1,00
0
8,73
9
117
52,7
70
29,9
40
$304
,555
$4
5,73
5
TIT
LE I
ll $17,
971
17,9
71
8,95
0
9,02
1
17,9
71
$17,
971
EX
HIB
IT "
E-1
"
SH
EE
T #
1
TIT
LE I
ll -
IMM
IGR
AN
T
$5,4
36
5,43
6
5,43
6
5,43
6
$5,4
36
RE
VE
NU
ES
:
Fed
eral
sou
rces
Oth
er
sour
ces
Tot
al r
even
ues
EX
PE
ND
ITU
RE
S:
Inst
ruct
ion:
Sal
arie
s o
f tea
cher
s
Tui
tion
<O
Gen
eral
sup
plie
s -...
.J
Tot
al i
nstr
uctio
n
Su
pp
ort
ser
vice
s:
Oth
er
sala
ries
Per
sona
l se
rvic
es
-em
ploy
ee b
enef
its
Pur
chas
ed p
rofe
ssio
nal s
ervi
ces
Oth
er
purc
hase
d se
rvic
es
Sup
plie
s an
d m
ater
ials
Mis
cella
neou
s e
xpe
nd
iture
s
Tot
al s
uppo
rt s
ervi
ces
Tot
al e
xpe
nd
iture
s
BO
RO
UG
H O
F M
AM
VIL
LE S
CH
OO
L D
IST
RIC
T
SP
EC
IAL
RE
VE
NU
E F
UN
D
CO
MB
ININ
G S
CH
ED
ULE
OF
RE
VE
NU
ES
AN
D E
XP
EN
DIT
UR
ES
BU
DG
ET
AR
Y B
AS
IS
FO
R T
HE
FIS
CA
L Y
EA
R E
ND
ED
JU
NE
30,
201
7
IDE
A P
AR
T B
ID
EA
PA
RT
B
BA
SIC
P
RE
SC
HO
OL
$343
,604
$1
2,57
3
343,
604
12,5
73
90,0
00
17,0
00
1,07
3
107,
000
1,07
3
215,
000
11,5
00
2,00
0
18,1
04
1,50
0
236,
604
11,5
00
$343
,604
$1
2,57
3
LOC
AL
PR
OG
RA
MS
$5,0
25
5,02
5
5,02
5
5,02
5
$5,0
25
EX
HIB
IT "
E-1
"
SH
EE
T#
2
TO
TA
L
2017
$729
,874
5,02
5
734,
899
254,
151
90,0
00
59,9
34
404,
085
13,0
00
57,6
54
228,
700
3,00
0
26,8
43
1,61
7
330,
814
$734
,899
CAPITAL PROJECTS FUND DETAIL STATEMENTS
98
ISS
UE
I P
RO
JEC
T T
ITL
E
Ro
of R
ep
lace
me
nt i
n W
est
Win
g o
f Hig
h S
cho
ol
Asb
est
os
Ab
ate
me
nt-
Man
ville
Sch
oo
ls
Sid
ewal
k R
ep
air
-A
ll S
cho
ols
Hig
h S
cho
ol a
nd
AB
IS R
oo
f Re
pa
ir
Asb
est
os
Ab
ate
me
nt-
AB
IS &
Ro
ose
velt
Sch
oo
l
Hig
h S
cho,
ol P
arki
ng L
ot
co
co
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
CA
PIT
AL
PR
OJE
CT
S F
UN
D
SU
MM
AR
Y S
TA
TE
ME
NT
OF
PR
OJE
CT
EX
PE
ND
ITU
RE
S -
BU
DG
ET
AR
Y B
AS
IS
FO
R T
HE
FIS
CA
L Y
EA
R E
ND
ED
JU
NE
30.
20
17
OR
IGIN
AL
C
AN
CE
LE
D/
EX
PE
ND
ITU
RE
S T
O D
AT
E
DA
TE
A
PP
RO
PR
IAT
ION
A
DJU
ST
ME
NT
S
PR
IOR
Y'_
EAR
S C
UR
RE
NT
YE
AR
03
/28
/14
$1
,071
,686
($
30
6,2
57
) $
58
7,2
32
On
Go
ing
1
83
,72
9
17
,67
5
14
0,2
15
On
Goi
ng
10
0,0
00
2
7,8
05
04
/01
/15
4
81
,60
0
457,
12
5
On
Goi
ng
20
,00
0
(17,
675)
2
,32
5
On
Goi
ng
45
,00
0
30
,73
4
$1,9
02,0
15
($3
06
,25
7)
$1
,24
5,4
36
EX
HIB
IT "
F-1
"
UN
EX
PE
ND
ED
B
AL
AN
CE
JU
NE
30.
20
17
$1
78
,19
7
61
,18
9
72
,19
5
24
,47
5
14
,26
6
$3
50
,32
2
if
BOROUGH OF MANVILLE SCHOOL DISTRICT CAPITAL PROJECTS FUND
SUMMARY SCHEDULE OF REVENUES. EXPENDITURES. AND CHANGES IN FUND BALANCE-BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30. 2017
REVENUES AND OTHER FINANCING SOURCES: Tra11sre1 fmffl::eapital-r:eserve Interest earned
Total revenues and other financing sources
EXPENDITURES AND OTHER FINANCING USES: Canceled Receivable Transfer out - debt service fund
Total expenditures and other financing uses
Excess of revenues and other financing sources over expenditures and other financing uses
Fund balance - July 1
Fund balance - June 30
Reconciliation to GAAP Basis:
Fund Balance June 30 - Budgetary Basis (Exhibit F-2)
AdG;~wmar~s-" c• 11:cent ~r Less: Unrealized revenue SDA grant
Fund Balance June 30 - GAAP Basis (Exhibit B-2)
100
EXHIBIT "F-2"
$58
58
$306,257 58
306,315
(306,257)
656,579
$350,322
350,322
(61,794)
$288,528
BOROUGH OF MANVILLE SCHOOL DISTRICT CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE, AND PROJECT STATUS BUDGETARY BASIS - ROOF REPLACEMENT IN WEST WING OF HIGH SCHOOL
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2017
REVENUES AND OTHER FINANCING SOURCES: State sources - SDA grant Transfer from capital reserve
Total revenues and other financing sources
EXPENDITURES AND OTHER FINANCING USES: Purchased professional and technical services Construction services
Total expenditures and other financing uses
Excess (deficiency) ofrevenues over (under) expenditures
ADDITIONAL PROJECT INFORMATION: Project number Grant date Bond authorization date Bonds authorized Bonds issued Original authorized cost Additional authorized cost Revised authorized cost Percentage increase over original authorized cost
Percentage completion Original target completion date Completion date
PRIOR PERIODS
$571,686 500,000
1,071,686
49,632 537,600
587,232
$484,454
3000-050-14-1003 3128/14
NIA NIA NIA
$1,264,453 ($499,024) $765,429
NIA 75%
6130116 NIA
101
CURRENT YEAR TOTALS
($306,257) $265,429 500,000
(306,257) 765,429
49,632 537,600
587,232
($306,257) $178,197
EXHIBIT "F-2A"
REVISED AUTHORIZED
COST
$265,429 500,000
765,429
153,000 612,429
765,429
BOROUGH OF MANVILLE SCHOOL DISTRICT CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES. EXPENDITURES. PROJECT BALANCE. AND PROJECT STATUS BUDGETARY BASIS -ASBESTOS ABATEMENT AT MANVILLE SCHOOLS
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2017
REVENUES AND OTHER FINANCING SOURCES: Transfer from capital reserve Transfer to other capital project
Total revenues and other financing sources
EXPENDITURES AND OTHER FINANCING USES: Purchased professional and technical services Construction services
Total expenditures and other financing uses
Excess (deficiency) of revenues over (under) expenditures
ADDITIONAL PROJECT INFORMATION: Project number Grant date Bond authorization date Bonds authorized Bonds issued Original authorized cost Additional authorized cost Revised authorized cost Percentage increase over original
authorized cost Percentage completion Original target completion date Revised target completion date
PRIOR PERIODS
$192,998 (9,270)
183,728
41,566 98,648
140,214
$43,514
3000-090-10-1001 N/A N/A N/A NIA
$119,400 82,003
$201,403
69% 70%
7/1/14 on going
102
CURRENT YEAR TOTALS
$192,998 17,675 8,405
17,675 201,403
41,566 98,648
140,214
$17,675 $61,189
EXHIBIT "F-2B"
REVISED AUTHORIZED
COST
$192,998 8,405
201,403
85,000 116,403
201,403
BOROUGH OF MANVILLE SCHOOL DISTRICT CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE, AND PROJECT STATUS BUDGETARY BASIS- HIGH SCHOOL SIDEWALK REPAIR
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2017
REVENUES AND OTHER FINANCING SOURCES: Transfer from capital reserve
Total revenues and other financing sources
EXPENDITURES AND OTHER FINANCING USES: Construction services
Total expenditures and other financing uses
Excess (deficiency) of revenues over (under) expenditures
ADDITIONAL PROJECT INFORMATION: Project number Grant date Bond authorization date Bonds authorized Bonds issued Original authorized cost Additional authorized cost Revised authorized cost Percentage increase over original authorized cost
Percentage completion Original target completion date Revised target completion date
PRIOR PERIODS
$100,000
100,000
27,805
27,805
$72,195
NIA NIA NIA NIA NIA
$100,000
$100,000
NIA
6130113 6130117
103
CURRENT YEAR TOTALS
$100,000
100,000
27,805
27,805
$72,195
EXHIBIT "F-2C"
REVISED AUTHORIZED
COST
$100,000
100,000
100,000
100,000
BOROUGH OF MANVILLE SCHOOL DISTRICT CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE, AND PROJECT STATUS BUDGETARY BASIS - HIGH SCHOOU ABIS ROOF REPAIR
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2017
REVENUES AND OTHER FINANCING SOURCES: Transfer from capital reserve Transfer to other capital project
Total revenues and other financing sources
EXPENDITURES AND OTHER FINANCING USES: Purchased professional and technical services Construction services
Total expenditures and other financing uses
Excess (deficiency) of revenues over (under) expenditures
ADDITIONAL PROJECT INFORMATION: Project number Grant date Bond authorization date Bonds authorized Bonds issued Original authorized cost Additional authorized cost Revised authorized cost Percentage increase over original
authorized cost Percentage completion Original target completion date Revised target completion date
PRIOR PERIODS
$450,000 31,600
481,600
31,600 425,525
457,125
$24,475
3000-65-15-1000 N/A N/A N/A N/A
$450,000 31,600
$481,600
7% 95%
9/1/16 N/A
104
CURRENT YEAR TOTALS
$450,000 31,600
481,600
31,600 425,525
457,125
$24,475
EXHIBIT "F-D"
REVISED AUTHORIZED
COST
$450,000 31,600
481,600
31,600 450,000
481,600
BOROUGH OF MANVILLE SCHOOL DISTRICT CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES. EXPENDITURES. PROJECT BALANCE. AND PROJECT STATUS BUDGETARY BASIS ·ASBESTOS ABATEMENT AT ABIS AND ROOSEVELT SCHOOL
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30. 2017
REVENUES AND OTHER FINANCING SOURCES: Transfer from capital reserve Transfer to other capital project
Total revenues and other financing sources
EXPENDITURES AND OTHER FINANCING USES: Purchased professional and technical services
Total expenditures and other financing uses
Excess (deficiency) of revenues over (under) expenditures
ADDITIONAL PROJECT INFORMATION: Project number Grant date Bond authorization date Bonds authorized Bonds issued Original authorized cost Additional authorized cost Revised authorized cost Percentage increase over original
authorized cost Percentage completion Original target completion date Revised target completion date
PRIOR PERIODS
$20,000
20,000
2,325
2,325
$17,675
N/A NIA N/A N/A NIA
$20,000
$20,000
12% on going
N/A
105
CURRENT YEAR TOTALS
$20,000 (17,675) (17,675)
(17,675) 2,325
2,325
2,325
($17,675)
EXHIBIT "F-2E"
REVISED AUTHORIZED
COST
$20,000 (17,675)
2,325
2,325
2,325
BOROUGH OF MANVILLE SCHOOL DISTRICT CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES. EXPENDITURES. PROJECT BALANCE, AND PROJECT STATUS BUDGETARY BASIS· HIGH SCHOOL PARKING LOT
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30. 2017
REVENUES AND OTHER FINANCING SOURCES: Transfer from capital reserve
Total revenues and other financing sources
EXPENDITURES AND OTHER FINANCING USES: Construction services
Total expenditures and other financing uses
Excess (deficiency) of revenues over (under) expenditures
ADDITIONAL PROJECT INFORMATION: Project number Grant date Bond authorization date Bonds authorized Bonds issued Original authorized cost Additional authorized cost Revised authorized cost Percentage increase over original
authorized cost Percentage completion Original target completion date Revised target completion date
PRIOR PERIODS
$45,000
45,000
30,734
30,734
$14,266
N/A N/A N/A NIA N/A
$45,000
$45,000
100% 7/1/17
N/A
106
CURRENT YEAR TOTALS
$45,000
45,000
30,734
30,734
$14,266
EXHIBIT "F·2F"
REVISED AUTHORIZED
COST
$45,000
45,000
45,000
45,000
FIDUCIARY FUND DETAIL STATEMENTS
Fiduciary funds are used to account for assets when a school district is functioning either as a trustee or as an agent for another party.
Unemployment Compensation Insurance Trust Fund:
Scholarship Trust Fund:
Student Activity Fund:
Payroll Agency Fund:
This trust fund is used to account for board contributions which are utilized to pay unemployment compensation claims as they arise.
This trust fund is used to account for assets held by the district for grants to students where there are no restrictions regarding the use of principal and interest.
This agency fund is used to account for student funds held at the schools.
This agency fund is used to account for the payroll transactions of the school district.
107
AS
SE
TS
:
Cas
h an
d ca
sh e
quiv
alen
ts
Tot
al a
sset
s
__,,
LIA
BIL
ITIE
S:
0 ())
Pay
roll
de
du
ctio
ns
and
with
hold
ings
Due
to
stu
de
nt g
roup
s
Tot
al li
abili
ties
NE
T P
OS
ITIO
N:
He
ld in
tru
st f
or
stat
e un
empl
oym
ent
Hel
d in
tru
st fo
r sc
hola
rshi
ps
To
tal n
et p
ositi
on
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
FID
UC
IAR
Y F
UN
D
CO
MB
ININ
G S
TA
TE
ME
NT
OF
FID
UC
IAR
Y N
ET
PO
SIT
ION
JUN
E 3
0. 2
017
TR
US
T F
UN
DS
ST
AT
E
PR
IVA
TE
UN
EM
PL
OY
ME
NT
P
UR
PO
SE
T
OT
AL
INS
UR
AN
CE
S
CH
OL
AR
SH
IP
TR
US
T F
UN
D
$40,
648
$52,
305
$92,
953
40,6
48
52,3
05
92,9
53
40,6
48
40,6
48
52,3
05
52,3
05
$40,
648
$52,
305
$92,
953
EX
HIB
IT"H
-1"
AG
EN
CY
FU
ND
T
OT
AL
ST
UD
EN
T A
CT
IVIT
IES
P
AY
RO
LL
AG
EN
CY
FU
ND
$78,
753
$421
,553
$5
00,3
06
78,7
53
421,
553
500,
306
42
1,5
53
42
1,55
3
78,7
53
78,7
53
$78,
753
$421
,553
$5
00,3
06
ADDITIONS:
Donations
Payroll deductions
Interest earned
Total additions
DEDUCTIONS:
Unemployment Claims
Scholarships awarded
Total deductions
Change in net position
Net position - July 1
Net position - June 30
BOROUGH OF MANVILLE SCHOOL DISTRICT
FIDUCIARY FUND
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED JUNE 30. 2017
STATE
UNEMPLOYMENT
INSURANCE
TRUST FUND
109
$37,509
44
37,553
25,582
25,582
11,971
28,677
$40,648
PRIVATE
PURPOSE
SCHOLARSHIP
TRUST FUND
$19,606
75
19,681
24,424
24,424
(4,743)
57,048
$52,305
EXHIBIT "H-2"
TOTAL
$19,606
37,509
119
57,234
25,582
24,424
50,006
7,228
85,725
$92,953
AS
SE
TS
:
Cas
h an
d ca
sh e
quiv
alen
ts
__,.
_,.
0 T
otal
ass
ets
LIA
BIL
ITIE
S:
Due
Stu
dent
Gro
ups
Stu
dent
act
iviti
es
Ath
letic
act
iviti
es
Tot
al a
sset
s
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
FID
UC
IAR
Y F
UN
D
ST
UD
EN
T A
CT
IVIT
Y
FU
ND
SC
HE
DU
LE O
F R
EC
EIP
TS
AN
D D
ISB
UR
SE
ME
NT
S
FO
R T
HE
FIS
CA
L Y
EA
R E
ND
ED
JU
NE
30,
201
7
BA
LAN
CE
JUN
E 3
0, 2
016
AD
DIT
ION
S
DE
LET
ION
S
$93,
730
$221
,611
$2
36,5
88
93,7
30
221,
611
236,
588
93,6
59
175,
560
191,
002
71
46,0
51
45,5
86
$93,
730
$221
,611
$2
36,5
88
EX
HIB
IT "
H-3
"
BA
LAN
CE
JUN
E 3
0, 2
017
$78,
753
78,7
53
78,2
17
536
$78,
753
AS
SE
TS
:
Cas
h a
nd
ca
sh e
quiv
alen
ts
->.
->.
->.
Tot
al a
sset
s
LIA
BIL
ITIE
S:
Pay
roll
dedu
ctio
ns a
nd w
ithho
ldin
gs
Tot
al li
abili
ties
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
FID
UC
IAR
Y F
UN
D
PA
YR
OLL
AG
EN
CY
FU
ND
SC
HE
DU
LE
OF
RE
CE
IPT
S A
ND
DIS
BU
RS
EM
EN
TS
FO
R T
HE
FIS
CA
L Y
EA
R E
ND
ED
JU
NE
30.
201
7
BA
LAN
CE
JUN
E 3
0. 2
016
AD
DIT
ION
S
DE
LE
TIO
NS
$537
,969
$6
,589
,505
$6
,705
,921
537,
969
6,58
9,50
5 6,
705,
921
537,
969
6,58
9,50
5 6,
705,
921
$537
,969
$6
,589
,505
$6
,705
,921
EX
HIB
IT "
H-4
"
BA
LA
NC
E
JUN
E 3
0. 2
01
7
$421
,553
421,
553
42
1,5
53
$421
,553
LONG-TERM DEBT SCHEDULES
The Long-Term Debt schedules are used to reflect the outstanding principal balances of the long-term liabilities of the District. This includes obligations under Serial Bonds.
112
......
......
VJ
ISS
UE
Ca
pita
l im
pro
vem
en
ts
DA
TE
OF
IS
SU
E
07/0
1/02
AM
OU
NT
OF
IS
SU
E
$1,3
71,0
00
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
LO
NG
-TE
RM
DE
BT
S
CH
ED
ULE
OF
SE
RIA
L B
ON
DS
JU
NE
30.
201
7
AN
NU
AL
MA
TU
RIT
IES
D
AT
E
AM
OU
NT
07/1
5/17
07
/151
18
115,
000
121,
000
INT
ER
ES
T
RA
TE
4.30
%
4.40
%
BA
LAN
CE
JU
NE
30,
201
6
$346
,000
$346
,000
RE
TIR
ED
$110
,000
$110
,000
EX
HIB
IT "
l-1
"
BA
LAN
CE
JU
NE
30,
201
7
$236
,000
$236
,000
REVENUES: Local sources:
Local tax levy
Total regular debt service-revenues
EXPENDITURES: Regular debt service:
Interest Redemption of principal
Total regular debt service-expenditures
Excess of revenues over expenditures
Other financing sources: Transfers in
Excess of revenues & other financing sources over expenditures
Fund balance, July 1
Fund balance, June 30
BOROUGH OF MANVILLE SCHOOL DISTRICT DEBT SERVICE FUND
BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEAR ENDED JUNE 30. 2017
ORIGINAL BUDGET ACTUAL
$122,580 $122,580
122,580 122,580
12,580 12,579 110,000 110,000
122,580 122,579
58
59
1,736
$1 795
114
EXHIBIT "1-3"
VARIANCE
$1
1
1
58
59
1,736
$1 795
STATISTICAL SECTION (UNAUDITED)
Contents
Financial Trends:
BOROUGH OF MANVILLE SCHOOL DISTRICT STATISTICAL SECTION
These schedules contain trend information to help the reader understand how the district's financial performance and well being have changed over time.
Revenue Capacity:
These schedules contain information to help the reader assess the district's most significant local revenue source, the property tax.
Debt Capacity:
These schedules present information to help the reader assess the affordability of the district's current levels of outstanding debt and the district's ability to issue additional debt in the future.
Demographic and Economic Information:
These schedules offer demographic and economic indicators to help the reader understand the environment within which the district's financial activities take place.
Operating Information:
These schedules contain service and infrastructure data to help the reader understand
provides and the activities it performs.
Sources
J-1 to J-4
J-5 to J-9
J-10toJ-13
J-14 to J-15
J-16 to J-20
Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports (CAFR) for the relevant year.
EX
HIB
IT"J
-1"
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
ISTR
ICT
NE
T E
O§I
TIQ
N B
Y !,
;;OM
PO
NE
NT
UN
AU
DIT
ED
2017
20
16
ZQ.1.
§ ~
W1
20
12
2011
20
10
2009
~
Gov
ernm
enta
l act
iviti
es
Net
inve
stm
ent i
n ca
pita
l ass
ets
$8,3
82,3
99
$8,5
71,9
73
$8,3
08,5
88
$7,9
09,8
24
$7,1
51,6
34
$7,1
72,1
78
$7,0
05,7
97
$6,5
64,7
04
$8,8
06,0
53
$6,8
93,1
05
Res
trict
ed
1,25
3,13
8 94
4,22
6 1,
526,
474
1,82
4,51
2 2,
517,
933
2,37
2,11
4 1,
899,
909
2,03
8,16
0 1,
600,
674
685,
126
Unr
estri
cted
(Def
icit)
(6
,600
,174
) (6
,026
,238
) (5
,314
, 118
) (1
14,8
10)
(119
,593
) 21
,463
42
2,18
2 (3
51,0
80)
(120
,555
) 15
,266
To
tal g
over
nmen
tal a
ctiv
ities
net
pos
ition
3,
035,
363
3,48
9,96
1 4,
520,
945
9,61
9,52
5 9,
549,
974
9,56
5,75
5 9,
327,
888
8,25
1,78
4 8,
286,
172
7,59
3,49
6
Bus
ines
s-ty
pe a
ctiv
ities
N
et in
vest
men
t in
capi
tal e
sset
s 1,
474
3,29
6 5,
909
8,73
5 20
,436
27
,619
35
,661
32
,519
28
,045
33
,151
U
nres
trict
ed
91,0
34
41,4
01
11,3
59
23,8
89
(4,4
10)
(4,4
31)
1905
1 9,
160
36,4
13
22,3
97
Tot
al b
usin
ess-
type
act
iviti
es n
et p
ositi
on
92,5
08
44,6
97
17,2
68
32,6
24
16,0
26
23,1
88
54,7
12
41,6
79
64,4
58
55,5
48
Gov
ernm
ent-w
ide
Net
inve
stm
ent i
n ca
pita
l ass
ets
8,38
3,87
3 8,
575,
269
8,31
4,49
7 7,
918,
558
7,17
2,07
0 7,
199,
797
7,04
1,45
9 6,
597,
223
6,83
4,09
8 6,
926,
256
Res
trict
ed
1,25
3,13
8 94
4,22
6 1,
526,
474
1,82
4,51
2 2,
517,
933
2,37
2,11
4 1,
899,
909
2,03
8,16
0 1,
600,
674
685,
126
Unr
estri
cted
(Def
icit)
(6
,509
, 140
) (5
,984
,837
) (5
,302
, 759
) (9
0,92
1)
(124
,004
) 17
,032
44
1,23
2 (3
41,9
20)
(84,
142)
37
,663
T
otal
net
pos
ition
$3
,127
,871
$3
,534
,658
$4
,538
,212
$9
,652
,149
$9
,566
,000
$9
,588
,943
$9
,382
,600
$8
,293
,463
$8
,350
,630
$7
,649
,044
-->
. --
>.
01
S
ourc
e:
CA
FR S
ched
ule
A-1
EXH
IBIT
"J-
2"
SH
EE
T#1
!lQR
QU
!;iH
QE
Me,
NV
lbbf
; l:!Q
HQ
Q!,
Q!§
!R!Q
T
QH
AN
!;i!i§
l~
NE
T E
Ql:l
lTIO
N
UN
AU
DIT
ED
~
~
W§
~
~
~
W1
20
10
~
2008
~
Gov
ernm
enta
l act
iviti
es
Inst
ruct
ion:
R
egul
ar
$9,8
24,7
09
$9,5
44,6
75
$8,7
88,5
81
$7,6
23,7
01
$7,7
56,2
96
$7,4
02,2
06
$8,6
52,0
14
$8,0
91,5
24
$7,7
70,0
13
$8,2
73,7
71
Spe
cial
edu
cati
on
5,74
8,69
0 5,
171,
776
4,13
8,79
7 3,
664,
974
3,47
7,88
0 3,
288,
457
3,21
4,14
7 3,
123,
250
2,37
3,09
7 2,
200,
249
Oth
er in
stru
ctio
n 1.
349,
444
1,29
0,37
0 1,
052,
997
930,
224
856,
080
937,
155
886,
974
820,
493
706,
350
776,
140
Sup
port
Ser
vice
s:
Stu
dent
& in
stru
ctio
n re
late
d se
rvic
es
4,67
7,50
2 4,
116,
044
3,89
6,26
9 3,
455,
683
3,39
4,73
4 3,
372,
142
2,95
8,24
8 2,
285,
838
2,26
5,86
6 2,
402,
939
Gen
eral
adm
inis
trat
ive
serv
ices
63
1,64
0 58
1,93
7 68
4,66
0 60
4,44
4 53
0,38
8 55
5,08
1 53
1,33
7 42
3,85
1 48
6,69
3 49
6,19
9 S
choo
l ad
min
istr
ativ
e se
rvic
es
1,60
4,75
4 1,
399,
656
1,34
1,32
7 1,
147,
879
1,05
7,92
5 1,
086,
838
943,
712
1,16
0,42
8 1,
169,
808
1,17
3,99
6 C
entr
al s
ervi
ces
555,
916
478,
077
465,
312
495,
156
478,
103
479,
241
428,
084
419,
524
434,
964
500,
156
Adm
inis
trat
ion
info
rmat
ion
tech
nolo
gy
155,
104
137,
199
142,
388
111,
550
96,2
75
43,4
68
42,4
54
43,9
85
131,
803
Pla
nt o
pera
tions
and
mai
nten
ance
3,
030,
518
2,90
4,43
2 2,
620,
204
2,78
4,75
5 3,
055,
790
2,53
7,13
3 2,
404.
712
2,81
2.47
2 2,
428,
494
2,48
4,93
7 S
tude
nt tr
ansp
orta
tion
ser
vice
s 54
4.25
4 50
3,22
7 51
1,40
4 41
8,25
7 43
2,35
8 48
1,02
6 31
6,95
0 30
4,77
0 45
2,48
5 36
2,60
5 In
tere
st o
n lo
ng-t
erm
deb
t 10
,461
15
,076
19
,574
23
,766
31
,332
39
,506
47
,538
55
,249
53
,588
68
,477
U
nallo
cate
d de
prec
iati
on
25
97
67
2
60
69
0
23
69
11
20
7,59
5 16
6 38
3 19
9 72
7 1
26
21
9
26
66
40
29
7,75
2 2
89
16
4
Tot
al g
over
nmen
tal
activ
iti11
s ex
pens
es
28,3
92,7
48
26,4
01,1
49
23,8
98,4
24
21,4
67,9
64
21,3
33,5
43
20.4
19,9
80
18,7
52.3
88
19,8
30,0
23
18,5
70,9
10
19,0
28,8
33
Bus
ines
s-ty
pe a
ctiv
ities
: Fo
od S
ervi
ce
60
21
13
58
8 88
4 5
72
91
8
514
889
45
80
46
46
8091
4
42
86
4
48
00
58
4
48
93
8
45
91
83
T
otal
bus
ines
s-ty
pe a
ctiv
ities
exp
ense
6
02
11
3
588
864
57
29
18
5
14
88
9
45
80
46
46
8 09
1 44
2 86
4 4
80
05
8
44
89
38
4
59
16
3
-"
Tot
al d
istr
ict e
xpen
ses
28,9
94,!l
l51_
_ 26
,!19(
),()3
3 .
24.4
71,3
41
21,9
82,8
72
21,7
91,5
89
20,8
88,0
71
19,1
95,2
72
20,3
10,0
81
19,0
19,8
48
19.4
87,9
96
......
m
PRQ
GR
AM
RE
VE
NU
§
Gov
ernm
enta
l act
iviti
es:
Ope
rati
ng g
rant
s an
d co
ntri
butio
ns
71
83
722
5,
558,
275
44
35
82
9
24
47
71
6
25
14
38
8
2,29
8,32
6 2
04
93
17
2,
261,
002
19
38
52
3
29
58
42
1
Tot
al g
over
nmen
tal a
ctiv
ities
pro
gram
rev
enue
s 7,
183,
722
5,55
8,27
5 4,
435,
829
2,44
7,71
6 2,
514,
368
2.29
8.32
6 2.
049,
317
2,26
1,00
2 1,
938,
523
2,95
8,42
1
Bus
ines
s-ty
pe a
ctiv
ities
: C
harg
es fo
r se
rvic
es
Food
Ser
vice
23
7,58
1 23
1,92
1 22
0,57
4 21
6.41
8 20
3,80
5 19
6,93
4 22
6,09
6 24
3,81
9 25
8,44
4 27
2,14
1 O
pera
ting
gra
nts
and
cont
ribu
tions
4
12
26
2
36
42
88
3
36
92
7
31
50
12
2
47
23
3
23
66
40
22
8 76
6 21
3 34
9 1
99
09
9
17
92
43
T
otal
bus
ines
s ty
pe a
ctiV
ities
pro
gram
rev
enue
s 6
49
64
3
81
62
09
55
7 50
1 5
31
43
0
45
08
38
43
3 77
4 4
54
66
2
45
71
68
45
7 54
3 45
1 36
4
Tot
al d
istr
ict p
rogr
am r
even
ues
7,83
3,56
5 6,
174,
484
4,99
3,33
0 2,
979,
146
2,96
5,20
8 2,
732,
100
2,50
4,17
9 2,
718,
171
2,39
6,06
6 3,
409,
605
~!iI(~PE~SE}/R!;llENUE
Gov
ernm
enta
l act
iviti
es
(21.
209,
027)
(2
0,84
2,87
4)
(19,
462,
595)
(1
9,02
0,26
8)
(18,
819,
175
) (1
8, 1
21,6
54)
(16,
703,
071)
(1
7,56
9,02
0)
(16,
632,
387)
(1
8,07
0,41
2)
Bus
ines
s-ty
pe a
ctiv
ities
4
77
30
2
73
25
!1
5,41
Zl
16 5
42
(l,2
08)
(34,
317)
1
19
77
!2
2,89
0)
86
05
(l
,779
)
Tot
al d
istr
ict-
wid
e ne
t exp
ense
($
21, 1
61,2
97J
($20
,815
,549
) ($
19,4
78,0
12)
($19
,003
,726
) ($
18,8
26,3
82)
($18
, 155
,971
) ($
16,6
91,0
93)
($17
,591
,910
) ($
16,6
23,7
82)
($16
,078
,190
)
EX
HIB
IT "
J-2"
S
HE
ET
#2
!lQR
QU
GH
QF
MA
!jVIL
LE fi
l<l::
b Q
l§TR
IQT
QH
AN
GE
§ IN
!jf
il P
Qlll
!JQ
N
UN
AU
DIT
ED
~
W§
W
§
~
Wl
~
W1
20
10
~
2008
~!;NE;Mb f!
EV
E;!j
J.!i;
;§ A
ND
QTH
ER
C!Q
,NG
E§
IN N
ET
PO
SIT
ION
G
over
nmen
tal a
ctiv
ities
: P
rope
rty ta
xes
levi
ed fo
r gen
eral
pur
pose
s, n
et
$15,
019,
215
$14,
136
,481
$1
3,85
9,29
5 $1
3,58
7,54
3 $1
3,32
1, 12
1 $1
3,05
9,92
3 $1
2,80
3,84
6 $1
2,48
4,46
7 $1
2, 1
48,4
55
$11,
818,
947
Taxe
s le
vied
for d
el>t
ser
vice
12
2,58
0 12
7,14
4 12
6,50
0 54
,352
19
3,23
5 19
7,28
2 19
9,45
6 19
5,01
1 20
1,09
2 20
2,51
8 U
nres
trict
ed g
rant
s an
d co
ntrib
utio
ns
5,53
2,49
3 5,
401,
152
5,
608,
468
5,25
5,85
1 5,
156,
042
5,05
4,89
6 4,
820,
647
4,81
4,40
9 4,
721,
309
3,82
9,33
4 M
isce
llane
ous
inco
me
141,
935
147,
114
223,
499
192,
273
132,
996
47,4
20
155,
225
40,7
45
254,
206
96,5
31
Tre
nsfe
r (5
,000
) C
ance
led
rece
ivab
le
(61,
794!
To
tal g
over
nmen
tal a
ctiv
ities
20
,754
,429
19
,811
,891
19
,817
,762
19
,089
,819
18
,803
,393
18
,359
,521
17
,779
,175
17
,534
,633
17
,325
,083
15
,940
,330
Bus
ines
s-ty
pe a
ctiv
ities
: M
isce
llane
ous
Inco
me
81
104
61
57
45
2,79
3 1,
055
111
305
1,13
9 T
rans
fer
50
00
To
tal b
usin
ess-
type
act
iviti
es
81
104
61
57
45
2
79
3
10
55
11
1 30
5 6
13
9
Tota
l gov
ernm
ent-w
ide
20,7
54,5
10
19,8
11,9
95
19,8
17,8
23
19,0
89,8
76
18,8
03,4
39
18,3
62,3
15
17,7
80,2
30
17,5
34,7
44
17,3
25,3
67
15,9
46,4
69
QH
Af'.!!
GE
l!j N
fil P
Qfil
[IQ
N
Gov
ernm
enta
l act
iviti
es
(454
,598
) (1
,030
,983
) 35
5,16
7 69
,551
(1
5,78
1)
237,
867
1,07
6,10
4 (3
4,38
8)
692,
675
(130
,082
) B
usin
ess-
type
act
iviti
es
4781
1 2
74
29
!1
5,35
6)
16
59
8
Q'.,1
6g,j
(31,
524l
1
30
33
~778)
89
10
l1
,640
l To
tal c
hang
e in
net
pos
ition
($
406,
787)
($
1,00
3,55
4)
$339
,811
$8
6,15
0 ($
22,9
43)
$206
,343
$1
,089
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($
57,1
66)
$701
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($
131,
722)
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37,2
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$365
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$7
32,0
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$1,2
08,5
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$1,8
43.4
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$1,6
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$1,0
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d 33
0,24
9 22
6,91
4 77
4,79
6 47
2,71
2 42
6,54
9 49
9,11
4 88
6,32
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$1,9
96,4
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$1.7
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al g
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967,
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592,
168
1,50
6,84
2 1,
681,
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2,27
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6 2,
103,
573
1,95
9,05
2 1,
908,
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1,69
4,61
0 85
1,64
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All
Oth
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l F
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R
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d 29
0,32
3 35
2,05
8 52
3,01
3 36
5,95
7 42
4.43
7 52
2,88
6 47
9,27
5 C
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8,
800
9,87
5 11
5,40
0 R
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20,2
37
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rep
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: S
peci
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(12,
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s fu
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71,2
48
85,1
45
112,
595
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bt s
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nd
1,
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1,65
7 1,
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Tot
al a
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the
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l fun
ds
$290
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$3
52,0
58
$531
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$3
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$424
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$0
$7
2,93
7 $8
6,80
3 $1
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20
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20
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Rev
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s T
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$
15
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1,7
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$
14
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3,6
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$
13
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5,7
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$
13
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1,8
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$
13
,51
4,3
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$
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7,2
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$1
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3,30
2 $
12
,67
9,4
78
$
12
,34
9,5
47
$
12
,01
9,4
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In
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ngs
. ca
pita
l res
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ft.In
d 73
2 8
46
1
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1,53
5 1,
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1,19
0 1
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2,7
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9
6,4
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14
6,2
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1
52
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6
23
1,2
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20
5,59
6 1
41
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9
56
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7
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7,8
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5
1,7
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2
50
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7
10
9,3
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S
tate
so
urc
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7,6
98
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3
7,4
96
,21
5
7,4
23
,99
3
6,8
27
,79
6
6,9
20
,18
8
6,3
33
,99
4
5,8
38
,26
9
5,3
49
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3
6,1
76
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8
6,23
2,38
1 Fe
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l sou
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85
7,42
5 8
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5
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63
3
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74
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1,
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17
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5
36
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To
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nu
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38
45
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3
22
78
18
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2
2,3
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3
21
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7,5
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2
1,3
17
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2
20
65
7 8
47
19
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8,4
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19
79
56
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19
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3,5
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18
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Exp
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s In
stru
ctio
n R
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stru
ctio
n 5
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3,8
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856,
331
5,4
12
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9
5,41
0,49
1 5
,52
5,2
07
5,
382,
988
5,0
84
,31
4
5,8
87
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5
5,4
75
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7
5,69
9,78
4 S
peci
al e
duca
tion
inst
ruct
ion
2,4
96
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8
2,4
48
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4
2,1
71
,81
5
2,1
67
,45
3
2,1
65
,63
5
1,97
4,21
6 1
,93
3,4
86
2
,06
2,7
89
1
,52
9,1
58
1,
141,
169
Oth
er in
stru
ctio
n 78
5,81
3 7
83
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8
69
9,4
48
68
4,00
5 6
49
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8
702,
617
63
7,7
24
6
87
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7
581,
960
64
1,7
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up
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rt S
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Tu
ition
1
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7,1
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1,
169,
211
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3,6
52
89
9,54
0 8
43
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4
75
1,9
29
7
69
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6
63
5,0
75
6
52
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9
858,
808
Stu
dent
& in
stru
ctio
n re
late
d se
rvic
es
2,8
33
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6
2,7
24
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6
2,5
73
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9
2,62
9,28
1 2
,61
6,6
16
2
,42
8,0
00
2
,32
4,7
69
1
,69
9,6
79
1,
747,
342
1,77
6,48
5 G
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dmin
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rvic
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49
9,7
86
5
03
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8
61
7,4
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50
1,35
8 4
26
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3
45
3,5
43
4
43
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9
318,
531
391,
801
38
1,1
65
S
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l adm
inis
trat
ive
serv
ices
8
64
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0
842,
567
82
4,7
57
8
11
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6
74
4,6
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76
9,76
1 70
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1 6
33
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4
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8,3
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8
18
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4
Cen
trat
ser
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s 3
71
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6
366,
690
37
1,3
90
36
4,95
1 35
2,53
2 35
5,98
1 3
20
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6
31
9,1
23
3
41
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0
38
4,6
93
A
dmin
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n in
form
atio
n te
chno
logy
1
29
,72
7
12
2,5
54
1
29
,66
4
11
1,0
53
95
,641
4
3,4
68
4
2,4
54
4
3,9
85
1
31
,80
3
~
Pla
nt o
pera
tions
and
mai
nten
ance
2
,34
5,0
80
2
,37
8,8
57
2
,20
7,4
48
2
,22
4,8
39
2
,53
1,0
88
2
,01
6,1
73
1,
942,
051
2,3
21
,07
0
1,9
95
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4
1,98
5,84
2 ~
Stu
dent
tra
nspo
rtat
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serv
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54
4,25
4 5
03
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7
511,
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41
8,2
57
4
32
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8
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31
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3
04
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36
2,80
5 <O
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5
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5
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0,0
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3,5
38
4,
892,
114
4,8
03
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4
4,7
48
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8
4,0
73
,34
4
4,2
44
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4
3,9
67
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2
4,55
8, 1
30
Ca
pita
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11,5
71
53
8,3
59
6
10
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5
944,
307
65,8
31
255,
461
44
8,8
57
1
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1
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pe
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l Sch
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2,0
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Deb
t se
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e:
Prin
cipa
l 1
10
,00
0
11
0,0
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1
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0
10
0,0
00
1
73
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0
17
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1
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0
16
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1
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0
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In
tere
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12
579
17
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21
49
9
25
599
33
78
9
41
88
9
49
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9
57
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9
84
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4
72
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9
T o
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nd
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s 2
3 4
89
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0
23
87
62
66
2
2,3
93
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2
22
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4,7
93
2
12
59
61
4
20
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52
40
1
9,2
56
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0
19
,59
54
11
1
8,4
55
867
19
021
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E
xces
s (D
efic
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y} o
f re
venu
es
over
{un
der)
exp
endi
ture
s 3
75
,41
3
(1,0
94,4
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(8,5
70)
(647
,258
) 58
,148
82
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5
72
,09
2
20
0,2
23
8
07
,71
9
(117
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)
Oth
er
Fin
anci
ng
so
urc
es (
use
s)
Ca
pita
l le
ase
s (n
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Tran
sfer
s in
58
68
3,42
1 5
01
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3
1,01
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0,0
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9
81
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9
96
1,1
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1
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8
Tran
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8)
(683
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01,2
73)
(1,0
16,7
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(50,
003)
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81,9
29)
(96
1,1
92
) (1
3,92
9)
(37
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8)
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ance
led
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{61,
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T
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ses)
{6
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Net
cha
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in f
und
bala
nces
$
31
3,6
19
($
1,09
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647,
258)
$
58
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8
$8
2,6
07
$
57
2,0
92
$
20
0,2
23
$
80
7,7
19
($
122,
876)
Deb
t ser
vice
as
a pe
rcen
tage
of
no
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en
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1%
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Sou
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Sch
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B-2
Fis
cal Y
ea
r E
nded
Ju
ne
30.
2017
20
16
2015
20
14
20
13
20
12
......
2011
N
0
2010
20
09
20
08
Sou
rce:
Dis
tric
t Rec
ords
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
GE
NE
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UN
D O
TH
ER
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CA
L R
EV
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BY
SO
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NA
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Inte
rest
on
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n In
vest
men
ts
Ren
tal I
nco
me
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$47,
106
$3,3
44
$10,
925
$34,
535
17, 1
50
2,27
5 28
,800
4
6,9
68
38
,893
1,
574
37,8
00
35,0
44
46,5
55
1,94
1 12
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22
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43
,205
3,
083
26,4
94
2,05
9 3,
185
36,0
80
12,6
46
5,21
8 28
,779
18
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8,
436
25,7
10
21,9
77
22,3
92
59,0
22
EX
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IT "
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cella
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s T
otal
$45,
235
$141
, 145
57
,254
15
2,44
6 10
7,73
4 22
1,04
4 10
7,92
1 19
0,73
6 58
,768
13
1,55
0 4,
903
46,2
27
106,
710
153,
353
10,7
34
37,9
28
192,
343
240,
030
8,21
5 89
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$
7,9
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$7
28
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3,8
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8,08
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0 $
32
,84
5,6
00
$
11
,72
9,3
00
$
86
8,8
78
,95
0
2016
*
8,4
32
,50
0
73
2,5
44
,90
0
88,5
51,5
00
32
,84
5,6
00
1
1,8
71
,40
0
874,
245,
900
20
15
8,
161,
600
93
3,6
15
,45
5
98,5
94,8
35
36
,81
3,5
80
1
2,9
89
,40
0
1,09
0, 1
74
,87
0
2014
9
,14
3,2
00
9
48
,41
0,9
50
1
00
,42
5,8
35
37
,013
,580
1
3,0
84
,40
0
1, 1
08
,07
7,9
65
20
13
7,93
7,40
0 96
6, 7
73
,87
0
103,
317,
235
37
,01
3,5
80
1
3,3
83
,60
0
1, 1
28
,42
5,6
85
2
01
2
8,81
5,50
0 9
80
,47
4,1
30
10
3,32
1,61
5 3
6,8
03
,24
0
13
,38
3,6
00
1,
14
2,7
98
,08
5
2011
9,
485,
200
98
6,3
19
,95
0
109,
858,
300
36
,86
2,4
00
13
,404
,600
1,
15
5,9
30
,45
0
2010
1
0,3
73
,30
0
985,
944,
100
10
9,99
5,30
0 3
6,8
62
,40
0
13,4
04,6
00
1, 1
56
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9,7
00
2
00
9
8,79
0,10
0 9
86
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1,0
00
11
0,32
4,70
0 3
7,0
93
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0
13,4
04,6
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1, 1
56
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3,6
00
20
08
9,07
8,00
0 9
83
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6,6
00
1
10
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9,7
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37
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13
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1,
154
, 122
, 100
* re
valu
atio
n
Sou
rce:
Dis
tric
t re
cord
s T
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list
sum
mar
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Mu
nic
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l Ta
x A
sse
sso
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Re
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req
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be
ass
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fair
or
ma
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blis
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by e
ach
co
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ty b
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of t
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R
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urs
wh
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Boa
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f Ta
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Imp
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Eq
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Me
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Sys
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Co
mp
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ies
$2,0
15,0
91
2,0
11
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9
2,02
7,36
1 1
,98
0,3
49
2
,20
9,4
82
2
,31
6,4
72
2
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5,5
15
3
,22
5,6
94
1
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3,8
95
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62
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6
EX
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Ne
t E
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Dir
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V
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tion
(Cou
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aliz
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Sch
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~
Va
lye
} T
ax
Ra
te lb
l
$870
,894
,041
$
89
3,2
81
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0
$1
.77
8
76
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7,7
79
8
92
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58
1.
68
1,09
2,20
2,23
1 8
73
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110,
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91
4,7
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130
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97
3, 1
75
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00
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669
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62,2
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1,
155
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, 176
1,
150
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1.
05
BOROUGH OF MANVILLE SCHOOL DISTRICT DIRECT AND OVERLAPPING PROPERTY TAX RATES
UNAUDITED
Borough of Manville Board of Education Overlaeeing Rates Fiscal Year General
Ended Obligation December 31. Basic Rate (a) Debt Service (b)
2017 $1.76 $0.01 2016 1.67 0.01 2015 1.28 0.01 2014 1.24 0.00 2013 1.18 0.02 2012 1.15 0.02 2011 1.11 0.02 2010 1.09 0.02 2009 1.06 0.02 2008 1.03 0.02
Source: District Records and Municipal Tax Collector (Rates are per $100 of assessed value)
Total Direct School Borough of Somerset
Tax Rate Manville County
$1.77 $1.02 $0.42 1.68 1.02 0.40 1.29 0.81 0.32 1.24 0.80 0.32 1.20 0.76 0.33 1.17 0.75 0.34 1.13 0.73 0.31 1.11 0.71 0.30 1.08 0.69 0.30 1.05 0.71 0.31
(a) The district's basic tax rate is calculated from the A4F form which is submitted with the budget and the Net valuation taxable
(b) Rates for debt service are based on each year's requirements.
* revaluation
122
EXHIBIT "J-7"
Total Direct and Overlapping
Tax Rate
$3.21 3.10 2.42 2.37 2.29 2.27 2.17 2.12 2.07 2.07
EX
HIB
IT "
J-8"
BO
RO
UG
H O
F M
AN
VIL
LE S
CH
OO
L D
IST
RIC
T
PR
INC
IPA
L P
RO
PE
RT
Y T
AX
PA
YE
RS
-C
UR
RE
NT
YE
AR
AN
D N
INE
YE
AR
S A
GO
U
NA
UD
ITE
D
2017
20
08
Tax
able
%
ofT
ota
l T
axab
le
% o
f Tot
al
Ass
esse
d R
ank
Dis
tric
t Ne
t A
sses
sed
Ra
nk
Dis
tric
t N
et
Tax
oave
r V
alue
[O
ptio
n al
l A
sses
sed
Val
ue
Val
ue
roo
tion
all
Ass
esse
d V
alue
Nat
iona
l Ret
ail R
esou
rces
, LP
$3
3,06
8,40
0 1
3.81
%
$41,
302,
500
1 3.
58%
A
desa
Auc
tions
Cor
p.
20,6
22,2
00
2 2.
37%
25
,000
,000
2
2.17
%
Am
sdel
l Sta
rage
Vet
ures
2,
874,
400
3 0.
33%
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wne
rs A
ssoc
iatio
n 2,
175,
400
4 0.
25%
2,
810,
000
4 0.
24%
R
osal
ie M
ain
Str
eet L
LC
2,12
3,40
0 5
0.24
%
2,20
3,10
0 5
0.19
%
Man
hil,
LLC
1,
478,
900
6 0.
17%
1,
693,
000
7 0.
15%
K
etus
ky F
uner
al H
om
e
1,36
3,90
0 7
0.16
%
1,59
0,50
0 9
0.14
%
......
Riv
ervi
ew P
ark,
LLC
1,
295,
500
8 0.
15%
1,
629,
600
8 0.
14%
N
w
Rea
ding
ton
Inve
stm
ents
1,
138,
200
9 0.
13%
G
AP
P R
eal E
stat
e, L
LC
992,
700
10
0.11
%
Ru
stic
Mal
l, LL
C
4,44
7,10
0 3
0.39
%
J.A
.G.
Pro
pert
is L
LC
2,03
1,50
0 6
0.18
%
Res
iden
tial T
axpa
yer #
1 1,
304,
700
10
0.
11%
T
otal
$6
7,13
3,00
0 7.
73%
$8
4,01
2,00
0 7.
28%
Sou
rce:
M
unic
ipal
Tax
Ass
ess
or
Fiscal Year Ended
June 30,
2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
BOROUGH OF MANVILLE SCHOOL DISTRICT PROPERTY TAX LEVIES AND COLLECTIONS
UNAUDITED
Taxes Levied Collected within the Fiscal Year of the Lev~ (a) for the Percentage
Fiscal Year Amount of Levy
$15,141,795 $15,141,795 100% 14,263,625 14,263,625 100% 13,985,754 13,985,754 100% 13,641,895 13,641,895 100% 13,514,356 13,514,356 100% 13,257,205 13,257,205 100% 13,003,302 13,003,302 100% 12,679,478 12,679,478 100% 12,349,547 12,349,547 100% 12,019,465 12,019,465 100%
Source: District records including the Certificate and Report of School Taxes (A4F form)
EXHIBIT "J-9"
Collections in Subsequent Years
Note: School taxes are collected by the Municipal Tax Collector. Under New Jersey State Statute, a municipality is required to remit to the school district the entire property tax balance, in is the amount voted upon or certified prior to the end of the school year.
124
Fiscal Year
Ended June 30.
2017 2016
2015 2014 2013
2012 2011 2010
2009
2008
BOROUGH OF MANVILLE SCHOOL DISTRICT RATIOS OF OUTSTANDING DEBT BY TYPE
UNAUDITED
Governmental Activities General Percentage
Obligation Capital Total of Personal Bonds (b) Leases District Income {a)
$236,000 $236,000 37% 346,000 346,000 25% 456,000 456,000 19%
561,000 561,000 15% 661,000 661,000 12% 834,000 834,000 9%
1,004,000 1,004,000 7% 1,169,000 $19,268 1,188,268 6% 1,329,000 50,567 1,379,567 5%
1,484,000 91,665 1,575,665 5%
Source: District CAFR Schedules 1-1, 1-2
EXHIBIT "J-10"
Per Capita (a)
$23
33
44 54 63
80 96
115
133 153
Note: Details regarding the district's outstanding debt can be found in the notes to the financial statements. (a) See Exhibit NJ J-14 for personal income and population data. These ratios are calculated using personal in
125
Fiscal Year Ended
June 30.
2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
BOROUGH OF MANVILLE SCHOOL DISTRICT RATIOS OF NET BONDED DEBT OUTSTANDING
UNAUDITED
General Bonded Debt Outstanding Percentage of General Net General Actual Taxable
Obligation Bonded Debt Value (a) of Bonds Deductions Outstanding Property
$236,000 $236,000 0.03% 346,000 346,000 0.04% 456,000 456,000 0.04% 561,000 561,000 0.05% 661,000 661,000 0.06% 834,000 834,000 0.07%
1,004,000 1,004,000 0.09% 1,169,000 1, 169,000 0.10% 1,329,000 1,329,000 0.11% 1,484,000 1,484,000 0.13%
EXHIBIT"J-11"
Per Capita (b)
$23 33 44 54 63 80 96
113 128 144
Note: Details regarding the district's outstanding debt can be found in the notes to the financial statements. (a) See Exhibit NJ J-6 for property tax data. (b) Population data can be found in Exhibit NJ J-14.
126
BOROUGH OF MANVILLE SCHOOL DISTRICT DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF DECEMBER 31. 2016 UNAUDITED
Debt Estimated
Percentage Governmental Unit Outstanding Applicable (al
Debt repaid with property taxes Manville Borough
Other debt Somerset County Somerset-Raritan Valley Sewage Authority
Subtotal, overlapping debt
Manville Borough School District Direct Debt
Total direct and overlapping debt
$7,000,079 100%
185,467,357 2% 17,944,076 7%
Source: Borough of Manville Chief Financial Officer, Somerset County Treasurer's Office and Somerset-Raritan Valley Sewage Authority
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the District.
EXHIBIT "J-12"
Estimated Share of Overlapping
Debt
$7,000,079
2,866,681 1,239,936
11, 106,696
236,000
$11,342,696
This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of Manville. This process recognizes that, when considering the District's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping payment.
(a) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable value that is within the district's boundaries and dividing it by each unit's total taxable value.
127
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.
N
(X)
Le
ga
l De
bt M
arg
in C
alcu
latio
n fo
r C
ale
nd
ar
Ye
ar
2016
:
Equ
aliz
ed V
alua
tion
Bas
is
Cal
enda
r Y
ea
r
20
16
2
01
5
20
14
Ave
rag
e E
qual
ized
Val
uatio
n o
f Tax
able
Pro
pe
rty
De
bt
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it (4
% (
a)
of a
vera
ge
equ
aliz
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T
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t Deb
t App
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it L
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20
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et
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bt M
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121
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tal N
et D
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pplic
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imit
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imit
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~
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000
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503
0.97
%
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90
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) $3
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00
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TR
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AL
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BT
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1
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9,7
51
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0
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6
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76
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56
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00
7
39
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0
914,
000
$39,
19
0,2
00
$
41
,42
6,4
16
$
43
,66
2,5
92
1.4
1%
1.
75%
2.
05%
Sou
rce:
Equ
aliz
ed v
alua
tion
ba
ses
wer
e o
bta
ine
d fr
om
th
e A
nn
ua
l Rep
ort
of t
he
Sta
te o
f N
ew
Jer
sey,
De
pa
rtm
en
t of T
reas
ury,
Div
isio
n o
f Ta
xatio
n
(a)
Lim
it se
t by
N.J
.S.A
. 18
A:2
4-19
for
a K
th
rou
gh
12
dis
tric
t; o
the
r% li
mits
wou
ld b
e a
pplic
able
fo
r o
the
r di
stri
ct ty
pes.
W.Q
$45,
421,
451
1,0
84
,00
0
$44,
337,
451
2.39
%
20
09
$46,
16
0,8
63
1,2
49
,00
0
$4
4,9
11
,86
3
2.7
1%
EX
HIB
IT "
J-1
3"
20
08
~
$4
5,3
15
,65
7
$42,
409,
284
1,4
04
,00
0
1,5
59
,00
0
$43,
911,
657
$40,
850,
284
3.1
0%
3.
68%
2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Source:
BOROUGH OF MANVILLE SCHOOL DISTRICT DEMOGRAPHIC AND ECONOMIC STATISTICS
UNAUDITED
Per Capita Population <al Personal Income (bl Personal Income (c)
10,430 * * 10,429 $901,774,772 $86,468 10,458 875,658,798 83,731 10,482 840,310,494 80, 167 10,461 817,663, 143 78,163 10,436 774,747,768 74,238 10,359 7 40,388,807 71,473 10,381 729,898,491 70,311 10,273 769,036,780 74,860 10,261 739,951,493 72,113
(a) Population information provided by the NJ Dept. of Labor and Workforce Development.
EXHIBIT "J-14"
Unemployment Rate (d)
5% 6% 7% 11% 8% 8% 8% 8% 3% 4%
(b) Personal income has been estimated based upon the municipal population and per capita personal income presented. (c) Per capita personal income by municipality was computed using Census Bureau midyear population estimates.
Estimates for 2007-2016 reflect county population. (d) Unemployment data provided by the NJ Dept. of Labor and Workforce Development.
* not available
129
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VJ
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Fun
ctio
n/P
rogr
am
Inst
ruct
ion:
R
eg
ula
r S
pe
cia
l edu
catio
n O
the
r spe
cial
edu
catio
n
Sup
port
Ser
vice
s:
Stu
de
nt &
ins
truc
tion
rela
ted
serv
ices
G
en
era
l adm
inis
trat
ive
serv
ices
S
choo
l adm
inis
trat
ive
serv
ices
P
lan
t ope
ratio
ns a
nd m
aint
enan
ce
Ce
ntr
al s
ervi
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Adm
inis
trat
ion
info
rmat
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tech
nolo
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Spe
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ools
F
oo
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erv
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Tot
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rce:
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tric
t Per
sonn
el R
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ds
W1
20
16
100
100
29
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28
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14
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EX
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IT "
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101
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100
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25
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136
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135
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1
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1
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%
133
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133
Sou
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: D
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ict r
eco
rds
Not
e: E
nro
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nt b
ase
d o
n an
nual
Oct
ob
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dist
rict
cou
nt.
(a)
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1/
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the
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227
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HIB
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189
195
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Sch
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Fac
ilitie
s *
Tot
al
Wes
ton
Roo
seve
lt P
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ct #
(s)
2017
$8
71,4
84
$165
,582
$7
8,43
4 20
16
781,
263
151,
980
142,
642
2015
80
5,21
6 15
2,99
1 72
,469
2
01
4
788,
553
275,
994
157,
711
20
13
1,
065,
570
202,
459
95,9
01
2012
60
9,81
9 12
1,96
4 54
,884
20
11
608,
143
140,
741
121,
954
20
10
1,
701,
756
416,
593
413,
968
20
09
71
3,42
0 14
0,01
9 63
,371
20
08
1,45
4,63
8 36
3,66
0 34
9,11
3
Tot
al S
choo
l F
acili
ties
$9,3
99,8
61
$2, 1
31,9
82
$1,5
50,4
47
* -
Sch
ool f
acili
ties
as
defin
ed u
nder
EF
CF
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. 6A
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rce:
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tric
t re
cord
s
EX
HIB
IT "
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IS
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h S
choo
f
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,871
$4
09,5
97
157,
353
329,
288
201,
304
378,
452
105,
247
249,
601
266,
392
500,
817
152,
455
280,
517
130,
308
215,
140
43
5,06
8 43
6,12
7 17
6,57
8 33
3,45
1 36
3,66
0 37
8,20
6
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$3,5
11,1
96
EXHIBIT "J-20"
BOROUGH OF MANVILLE SCHOOL DISTRICT INSURANCE SCHEDULE
Multi Peril Policy - Diploma Joint Insurance Fund Property Coverage:
Blanket Real & Personal Property Blanket Valuable Papers & Records
Newly Acquired Property: Property
Flood (Zone A or V) Flood (All other zones)
JUNE 30. 2017 UNAUDITED
Comprehensive General liability and Automotive Coverage: Liability
Workers Compensation Policy
Excessive School Leaders Professional liability
Crime Coverage: Public Official Bond Limit - Board Secretary/Business Administrator Public Official Bond Limit - Treasurer of School Monies
Employee Dishonesty
Source: District Records
134
Coverage Amount Deductible
$500,000,000 within blanket limits
25,000,000 per occurrence 25,000,000 per occurrence 10,000,000 per occurrence
5,000,000 per occurrence 100,000,000 aggregate
5,000,000
5,000,000
100,000 275,000
500,000
$5,000
5,000
SINGLE AUDIT SECTION
EXHIBIT "K-1"
SuPLEE, CLoONEY & CoMPANY CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield, New Jersey 07090·2122
Telephone 908·789·9300 Fax 908·789·8535
E-mail [email protected]
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND
OTHER MATTERS BASED ON AN AUDIT OF BASIC FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Honorable President and Members of the Board of Education Borough of Manville School District County of Somerset Manville, New Jersey 08835
We have audited, in accordance with the 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, the financial statements of Borough of Manville School District (the "District") as of and for the year ended June 30, 2017 and the related notes to the financial statements, which collectively comprise the District's financial statements, and have issued our report thereon dated November 13, 2017.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District's control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, we do not express an opinion on the effectiveness of the Borough of Manville School District's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
135
SUPLEE, CLOONEY & COMPANY
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
PUBLIC SCHOOL ACCOUNTANT NO. 948 November 13, 2017
136
EXHIBIT "K-2"
SuPLEE, CLOONEY & CoMPANY CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield, New Jersey 07090·2122
Telephone 908·789·9300 Fax 908·789·8535
E-mail [email protected]
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR FEDERAL
AND STATE FINANCIAL ASSISTANCE PROGRAMS AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE
UNIFORM GUIDANCE AND NEW JERSEY OMB CIRCULAR 15-08
Honorable President and Members of the Board of Education Borough of Manville School District County of Somerset Manville, New Jersey 08835
Report on Compliance for Each Major Federal and State Program
We have audited the Borough of Manville School District's compliance with the types of compliance requirements described in the federal OMB Compliance Supplement and the New Jersey OMB State Grant Compliance Supplement that could have a direct and material effect on each of the Borough of Manville School District's major federal and state programs for the year ended June 30, 2017. The District's major federal and state programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs.
Management's Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs.
Auditor's Responsibility
Our responsibility is to express an opinion on compliance for each of the Borough of Manville School District's major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB 15-08. Those standards, the Uniform Guidance and New Jersey OMB 15-08 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program occurred. An audit includes examining, on a test basis, evidence about the Borough of North Plainfield School District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of the Borough of Manville School District's compliance
137
SuPLEE, CLOONEY & COMPANY
Opinion on Each Major Federal and State Program
In our opinion, the Borough of Manville School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2016.
Report on Internal Control Over Compliance
Management of the Borough of Manville School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered Borough of Manville School District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal and state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal and state program and to test and report on internal control over compliance in accordance with the Uniform Guidance and New Jersey OMB 15-08, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Borough of Manville School District's internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal and state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance and State of New Jersey OMB 15-08. Accordingly, this report is not suitable for any other purpose.
PUBLIC SCHOOL ACCOUNTANT NO. 948 November 13, 2017
138
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NOTE 1:
NOTE 2:
NOTE 3:
Borough of Manville School District Notes to the Schedules of Expenditures of Federal Awards
and State Financial Assistance Year Ended June 30, 2017
GENERAL
EXHIBIT "K-5"
The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state activity of the Board of Education, Borough of Manville School District. The Board of Education is defined in Note 1 to the Board's basic financial statements. All federal and state awards received directly from the federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financials assistance.
BASIS OF ACCOUNTING
The accompanying schedules of expenditures of awards and federal awards and state financial assistance are presented on the budgetary basis of accounting with the exceptions of programs recorded in the food service fund, which are presented using the accrual basis of accounting. These bases of accounting are described in Note 1 of the Board's basic financial statements. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedule (RSI) are presented for the general fund and special revenue fund to demonstrate financeregulated legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made.
The General fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to N.J.S.A. 18A:22-44.2. For GAAP purposes, that payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis which recognizes encumbrances as expenditures and also recognizes the related revenue, whereas GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A. 18A:22-44.2.
141
NOTE 3:
NOTE 4:
NOTE 5:
Borough of Manville School District Notes to the Schedules of Expenditures of Federal Awards
and State Financial Assistance Year Ended June 30, 2017
RELATIONSHIP TO BASIC FINANCIAL STATEMENTS (CONTINUED)
The net adjustment to reconcile from the budgetary basis to the GAAP basis is ($7,005) for the general fund and ($6,942) for the special revenue fund. See the notes to the required supplementary information for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Federal awards and state financial assistance revenues are reported in the Board's basic financial statements on a GAAP basis as follows:
Federal State Total
General Fund $134,493 $7,705,898 $7,840,391 Special Revenue Fund 729,874 729,874 Food Service Fund 405,031 7,231 412,262
1,269,398 7,713,129 8,982,527 GAAP Adjustment - General (7,005) (7,005) GAAP Adjustment - Special Revenue (6,942) (6,942) Total Awards and
Financial Assistance $1,262,456 $7,706, 124 $8,982,527
RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
OTHER Revenues and expenditures reported in the Food Distribution Program represent current year value received and current year distributions respectively. The amount reported as TPAF pension contributions represents the amount paid by the state on behalf of the district for the year ended June 30, 2017. TPAF Social Security contributions represent the amount reimbursed by the state for the employer's share of Social Security contributions for TPAF members for the year ended June 30, 2017.
142
Borough of Manville School District Schedule of Findings and Questioned Costs
For the Fiscal Year Ended June 30, 2017
Section I - Summary of Auditor's Results
Financial Statements
(1) Type of Auditor's Report Issued:
(2) Internal Control Over Financial Reporting:
(3)
(a)
(b)
Material weakness identified?
Significant deficiencies identified that are not considered to be material weaknesses?
Noncompliance material to basic financial statements noted?
Federal Program(s)
(1) Internal Control Over Major Federal Programs:
(2)
(3)
(a)
(b)
Material weakness identified?
Significant deficiencies identified that are not considered to be material weaknesses?
Type of Auditor's Report issued on compliance for major federal program(s)?
Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a) of the Uniform Guidance and listed in Section Ill of this schedule?
{4) Identification of Major Federal Program(s):
N.C.L.B Title I
Program Grant Number
84.010
(5) Program Threshold Determination:
(6}
Type A Federal Program Threshold> $750,000 Type 8 Federal Program Threshold<= $750,000
Auditee qualified as a low-risk auditee under the Uniform Guidance?
143
EXHIBIT "K-6"
Unmodified
No
No
No
No
No
Unmodified
No
Yes
Borough of Manville School District Schedule of Findings and Questioned Costs
For the Fiscal Year Ended June 30, 2017
Section I - Summary of Auditor's Results (Continued)
State Program(s)
(1) Internal Control Over Major State Programs:
(2)
(3)
(a)
(b)
Material weakness identified?
Significant deficiencies identified that are not considered to be material weaknesses?
Type of Auditor's Report issued on compliance for major state program(s)?
Any audit findings disclosed that are required to be reported in accordance with N.J. OMS Circular 15-08 and listed in Section Ill of this schedule?
(4) Identification of Major State Program(s):
Program
State Aid Cluster: Special Education Aid Security Aid Under Adequacy Aid PARCC Readiness Per Pupil Growth Aid Equalization Aid Professional Learning Aid
Grant Number
495-034-5120-089 495-034-5120-084 495-034-5120-096 495-034-5120-098 495-034-5120-097 495-034-5120-078 495-034-5120-101
(5) Program Threshold Determination:
(6)
Type A State Program Threshold> $750,000 Type S State Program Threshold<= $750,000
Auditee qualified as a low-risk auditee under OMS Circular 15-08?
144
No
No
Unmodified
No
Yes
Borough of Manville School District Schedule of Findings and Questioned Costs
For the Fiscal Year Ended June 30, 2017
Section II - Financial Statement Audit - Reported Findings Under Government Auditing Standards
Internal Control Findings
None Reported
Compliance Findings
None Reported
Section Ill - Findings and Questioned Costs Relative to Major Federal and State Programs
Federal Programs - None Reported
State Programs - None Reported
145
Borough of Manville School District
Schedule of Prior Year Audit Findings
Not Applicable
146
EXHIBIT "K-7"