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BOARD OF EDUCATION

OF THE

BOROUGH OF WOODLYNNE

SCHOOL DISTRICT

WOODLYNNE, NEW JERSEY

Excellence in Education

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED

JUNE 30, 2015

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25200 BOROUGH OF WOODLYNNE SCHOOL DISTRICT

Table of Contents Page

INTRODUCTORY SECTION Letter of Transmittal 2 Organizational Chart 6 Roster of Officials 7 Consultants and Advisors 7

FINANCIAL SECTION Independent Auditor's Report 9 Required Supplementary Information – Part I Management’s Discussion and Analysis 15 Basic Financial Statements A. District-Wide Financial Statements: A-1 Statement of Net Position 24 A-2 Statement of Activities 25

B. Fund Financial Statements: Governmental Funds: B-1 Balance Sheet 27 B-2 Statement of Revenues, Expenditures and Changes in Fund Balances 28

B-3 Reconciliation of the Statement of Revenues, Expenditures and Changes in 29 Fund Balances of Governmental Funds to the Statement of Activities Proprietary Funds: B-4 Statement of Net Position 30 B-5 Statement of Revenues, Expenses and Changes in Fund Net Position 31 B-6 Statement of Cash Flows 32 Fiduciary Funds: B-7 Statement of Fiduciary Net Position 33 B-8 Statement of Changes in Fiduciary Net Position 34 Notes to the Financial Statements 35 Required Supplementary Information – Part II

C. Budgetary Comparison Schedules

C-1 Budgetary Comparison Schedule – General Fund 65 C-1a Combining Schedule of Revenues, Expenditures and Changes In Fund Balance – Budget and Actual N/A C-1b Community Development Block Grant – Budget and Actual N/A C-2 Budgetary Comparison Schedule – Special Revenue Fund 73

C-3 Notes to Required Supplementary Information – Part II Budget-to-GAAP Reconciliation 75

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Table of Contents (Cont’d)

Page

Required Supplementary Information – Part III L. Schedules Related to Accounting and Reporting for Pensions (GASB 68) L-1 Schedule pf the District’s Proportionate Share of the Net Pension Liability – PERS 77 L-2 Schedule of District Contributions – PERS 78 L-3 Schedule of the District’s Proportionate Share of the Net Pension Liability – TPAF 79 L-4 Schedule of District Contributions – TPAF 80 L-5 Notes to the Required Supplementary Information – Part III GASB 68 Pension Changes 81

Other Supplementary Information

D. School Based Budget Schedules: (if applicable)

D-1 Combining Balance Sheet N/A D-2 Blended Resource Fund – Schedule of Expenditures Allocated by Resource Type – Actual N/A D-3 Blended Resource Fund – Schedule of Blended Expenditures – Budget and Actual N/A

E. Special Revenue Fund:

E-1 Combining Schedule of Program Revenues and Expenditures – Budgetary Basis 84 E-2 Preschool Education Aid Schedule(s) of Expenditures – Budgetary Basis 85

F. Capital Projects Fund:

F-1 Summary Schedule of Project Expenditures 87 F-2 Summary Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budgetary Basis 88 F-2a Statement(s) of Project Revenues, Expenditures, Project Balance and Project Status - Budgetary Basis—Additions and Renovations to Walnut Street Middle School 89

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Table of Contents (Cont’d)

Page Other Supplementary Information (Cont’d)

G. Proprietary Funds:

Enterprise Fund: G-1 Combining Statement of Net Position 91 G-2 Combining Statement of Revenues, Expenses and Changes in Fund Net Position 92 G-3 Combining Statement of Cash Flows 93 Internal Service Fund: G-4 Combining Schedule of Net Position N/A G-5 Combining Schedule of Revenues, Expenses and Changes in Fund Net Position N/A G-6 Combining Schedule of Cash Flows N/A

H. Fiduciary Funds:

H-1 Combining Statement of Fiduciary Net Position 95 H-2 Combining Statement of Changes in Fiduciary Net Position 96 H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements 97 H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 98

I. Long-Term Debt:

I-1 Schedule of Serial Bonds N/A I-2 Schedule of Obligations under Capital Leases N/A I-3 Debt Service Fund Budgetary Comparison Schedule N/A

STATISTICAL SECTION (Unaudited)

Introduction to the Statistical Section Financial Trends J-1 Net Position by Component 101 J-2 Changes in Net Position 102 J-3 Fund Balances—Governmental Funds 104 J-4 Changes in Fund Balances—Governmental Funds 105 J-5 General Fund Other Local Revenue by Source 106 Revenue Capacity J-6 Assessed Value and Estimated Actual Value of Taxable Property 108 J-7 Direct and Overlapping Property Tax Rates 109 J-8 Principal Property Taxpayers 110 J-9 Property Tax Levies and Collections 111

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BOROUGH OF WOODLYNNE SCHOOL DISTRICT Table of Contents (Cont’d)

Page Statistical Section (Cont’d) Debt Capacity J-10 Ratios of Outstanding Debt by Type 113 J-11 Ratios of General Bonded Debt Outstanding 114 J-12 Direct and Overlapping Governmental Activities Debt 115 J-13 Legal Debt Margin Information 116 Demographic and Economic Information J-14 Demographic and Economic Statistics 118 J-15 Principal Employers 119 Operating Information J-16 Full-time Equivalent District Employees by Function/Program 121 J-17 Operating Statistics 122 J-18 School Building Information 123 J-19 Schedule of Required Maintenance Expenditures by School Facility 124 J-20 Insurance Schedule 125

SINGLE AUDIT SECTION K-1 Report on Internal Control Over Financial Reporting and on Compliance And Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 12 K-2 Report on Compliance for Each Major Program and Report on Internal Control Over Compliance Required By OMB Circular A-133 and State of New Jersey Circular 15-08-OMB 127 K-3 Schedule of Expenditures of Federal Awards, Schedule A 129 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 131 K-5 Notes to the Schedules of Awards and Financial Assistance 133 K-6 Schedule of Findings and Questioned Costs 135 K-7 Summary Schedule of Prior Audit Findings 140

INTRODUCTORY SECTION

WOODLYNNE SCHOOL DISTRICT

131 ELM AVENUE, WOODLYNNE, NJ 08107 ___________________________ (856) 962‐8822 Fax (856) 962‐0191_________________________

Ronnie Tarchichi, MEd2., M.S., M.B.S., Ed.D. Heidemarie Wood Superintendent/Principal President, Board of Education

December 3, 2015

Honorable President and Members of the Board of Education Woodlynne Public School Camden County, New Jersey Dear Board Members: The comprehensive annual financial report of the Woodlynne School District for the fiscal year ending June 30, 2015, 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 various funds of the District. All disclosures necessary 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, the District’s organizational chart and a list of principal officials. The financial section includes management’s discussion and analysis, the basic 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. This District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1996 and the U.S. Office of Management and Budget Circular A-133, “Audits of State and Local Governments and Non-Profit Organizations”, and the State Treasury Circular Letter 15-08 OMB, “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.

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1. REPORTING ENTITY AND ITS SERVICES: The Woodlynne School District is an independent reporting entity within the criteria adopted by the GASB as established by NCGA Statement No. 3. All funds of the District are included in this report. The Woodlynne Board of Education and the school constitute the District’s reporting entity. The District provided a full range of educational services appropriate to grade levels Pre-K through 8. These include regular as well as special education for handicapped youngsters. The Woodlynne Public School completed the 2014-2015 fiscal year with an enrollment of 389. The following details the changes in the student enrollment of the District over the last ten years.

Average Daily Enrollment

Fiscal Year Student Enrollment Percent Change 2005-2006 481.6 -1.31% 2006-2007 467.6 -2.91% 2007-2008 373.0 -20.23% 2008-2009 437.7 17.35% 2009-2010 428.7 -2.06% 2010-2011 429.7 0.23% 2011-2012 454.3 5.72% 2012-2013 420.0 -7.55% 2013-2014 418.5 -0.36% 2014-2015 388.7 -7.12% 2. ECONOMIC CONDITIONS AND OUTLOOK: Woodlynne is almost completely developed, as a result, no major development or expansion is anticipated. The community is in the midst of a restoration program through federal grants. The tax base has experienced a decline in recent years, this trend may change. There have been residency changes within the community, which impacts the annual daily enrollment. 3. MAJOR INITIATIVES: A new pro-active discipline policy has been put into place with the emphasis on consequences at holding both students and parents/guardians accountable for actions taken at the school. The main initiative taken is to increase standardized test scores in the building through the use of new curricula, zero & twilight programs, and simulated test taking initiatives. In addition, a new inclusion model was created in the building to assist in student growth and achievement through a more conducive teacher/student ratio. The District is increasing its emphasis on parent involvement through activities designed to bring parents into the building for positive experiences. Parent Teaching is planned which will provide parents with home activities and support activities for their children. The District will be translating more of its written communications into languages spoken by parents in the home to ensure information is fully understood. The District recognizes the importance of parental involvement in the successful education of the child. To better accommodate and improve the communication needs of our community, we make use of the language abilities of our staff. Translators, for those parents whose primary language is Spanish, has helped to improve our communication ability. Letters are also translated into Spanish when necessary.

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4. INTERNAL ACCOUNTING CONTROLS: Management of the District is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the District are protected from loss, theft or misuse and to ensure the adequate accounting date 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 that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of consists and benefits requires estimates and judgments by management.

As a recipient of federal and state financial assistance, the District also is responsible for ensuring that an adequate internal control structure 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 voters of the municipality. 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.

6. ACCOUNT SYSTEM AND REPORTS: The District’s accounting records reflect generally accepted accounting principles, as promulgated by the Governmental Accounting Standards Board (GASB). The accounting system of the Districts is organized on the basis of funds. These funds explained in “Notes to the Financial Statements”, Note 1.

7. 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 funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (“GUDPA”). GUPDA 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.

8. RISK MANAGEMENT: The Board carries various forms of insurance, including but not limited to general liability and theft insurance on property and contents, and fidelity bonds.

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Woodlynne School District Woodlynne, New Jersey

Roster of Officials

June 30, 2015

Term

Members of the Board of Education Expires Heidemarie Wood – President 2017 Christine Sanford - Vice President 2015 Catherine Chukwueke 2015 Joseph Idiong 2015 Sharon Vogel 2017 Cornelius Eelmen 2016 Carlos Poole 2016

Consultants and Advisors

Architect Garrison Architects

406 Lippincott Drive Marlton, NJ, 08053

Audit Firm

Bowman & Company LLP 601 White Horse Road

Voorhees, NJ 08043-2493

Solicitor Comegno Law Group, PC 521 Pleasant Valley Ave. Moorestown, NJ 08057

Official Depository

TD Bank 1130 White Horse Pike

Oaklyn, NJ 08107

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FINANCIAL SECTION

INDEPENDENT AUDITOR'S REPORT

The Honorable President andMembers of the Board of EducationBorough of Woodlynne School DistrictWoodlynne, New Jersey 08107

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-typeactivities, each major fund, and the aggregate remaining fund information of the Borough of Woodlynne School District, in the County of Camden, State of New Jersey, as of and for the fiscal year ended June 30, 2015, and the related notes to the financial statements, which collectively comprise the School District’s basic financialstatements 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’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted ouraudit 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 in compliance with audit requirements as prescribed by the Division of Administration and Finance, Department of Education, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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 School 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 School District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respectivefinancial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Borough of Woodlynne School District in the County of Camden, State of New Jersey, as of June 30, 2015, and the respective changes in financial position and, where applicable, cash flows thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.

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Emphasis of Matter

Adoption of New Accounting Principles

As discussed in note 1 to the financial statements, during the fiscal year ended June 30, 2015, the School District adopted new accounting guidance, Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27, and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - an amendment of GASB Statement No. 68. Our opinion is not modified with respect to this matter.

Prior Period Restatement

Because of the implementation of GASB Statements No. 68 and No. 71, net position as of June 30, 2014 on the statement of activities has been restated, as discussed in note 19 to the financial statements. Our opinion is not modified with respect to this matter.

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, schedule of the School District’s proportionate share of the net pension liability and schedule of School District’s contributions, as listed in the table of contents, 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.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprisethe Borough of Woodlynne School District’s basic financial statements. The introductory section, combining statements and related major fund supporting statements and schedules, and statistical section are presented for purposes of additional analysis, as required by the Division of Administration and Finance, Department of Education, State of New Jersey, and are not a required part of the basic financial statements. The accompanying schedules of expenditures of federal awards and state financial assistance, as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and State of New Jersey Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, are also presented for purposes of additional analysis and are not a required part of the basic financial statements.

The accompanying combining statements and related major fund supporting statements and schedules and schedules of expenditures of federal awards and state financial assistance are the responsibility of management and were derived from and relate 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 and other 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 combining statements and related major fund supporting statements and schedules and schedules of expenditures of federal awards and state financial assistance are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

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The introductory section and statistical section listed in the table of contents have not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 3, 2015 on our consideration of the Borough of Woodlynne 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 Woodlynne School District's internal control over financial reporting and compliance.

Respectfully submitted,

BOWMAN & COMPANY LLPCertified Public Accountants& Consultants

Robert P. Nehila, Jr.Certified Public AccountantPublic School Accountant No. CS 002065

Voorhees, New JerseyDecember 3, 2015

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Exhibit K-1

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN

ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

INDEPENDENT AUDITOR’S REPORT The Honorable President and Members of the Board of Education Borough of Woodlynne School District Woodlynne, New Jersey 08107 We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial statement audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and in compliance with audit requirements as prescribed by the Division of Administration and Finance, Department of Education, State of New Jersey, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Borough of Woodlynne School District, in the County of Camden, State of New Jersey, as of and for the fiscal year ended June 30, 2015, and the related notes to the financial statements, which collectively comprise the School District’s basic financial statements, and have issued our report thereon dated December 3, 2015. Our report on the financial statements included an emphasis of matter paragraph describing the restatement of the prior period financial statements resulting from the adoption of new accounting principles. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Borough of Woodlynne School District’s internal 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 School District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Borough of Woodlynne 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 combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School 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. 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.

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Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Borough of Woodlynne School 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, and audit requirements as prescribed by the Division of Administration and Finance, Department of Education, State of New Jersey.

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 School District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Division of Administration and Finance, Department of Education, State of New Jersey, and federal and state awarding agencies and pass-through entities, in considering the School District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.





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REQUIRED SUPPLEMENTARY INFORMATION

PART I

BOROUGH OF WOODLYNNE SCHOOL DISTRICT Management’s Discussion and Analysis

For the Fiscal Year Ended June 30, 2015 (Unaudited)

The management’s discussion and analysis of the Borough of Woodlynne School District (School District) financial performance provides an overall review of the School District’s financial activities for the fiscal year ended June 30, 2015 and 2014. The intent of the discussion and analysis is to look at the School District’s financial performance and review the notes to the basic financial statements to enhance the understanding of the School District’s financial performance. It is recommended that the discussion and analysis be read in conjunction with a transmittal letter at the front of this financial report. FINANCIAL HIGHLIGHTS

Financial Highlights for fiscal year 2015:

During the fiscal year ended June 30, 2015 the School District was required to implement Governmental Accounting Standard Board (GASB) Statement No. 68 – Accounting and Financial Reporting for Pensions, see below discussion. In addition, the notes to the financial statements provide a more through discussion of the implementation of GASB 68 and the effects to the financial statements.

The total assets and deferred outflows of resources of the School District were under its total liabilities and deferred inflows of resources at the close of the most recent fiscal year by $4,007,258.97 (net position).

The School District’s total net position increased by $775,319.38, from the prior fiscal year.

As of the close of the current fiscal year, the School District’s governmental funds reported combined

ending fund balances of $2,198,421.20, an increase of $796,957.17 in comparison with the prior year. OVERVIEW OF THE FINANCIAL STATEMENTS

This annual report consists of three parts – management’s discussion and analysis (this section), the basic financial statements, and required supplementary information. The basic financial statements include two kinds of statements that present different views of the School District:

The first two statements are government-wide financial statements that provide both short-term and long-term information about the School District’s overall financial status.

The remaining statements are fund financial statements that focus on individual parts of the School District, reporting the School District’s operations in more detail than the government-wide statements.

Governmental funds statements tell how basic services like regular and special education were financed

in the short term as well as what remains for future spending.

Proprietary funds statements offer short and long-term financial information about the activities the School District operates like businesses, such as food services.

Fiduciary funds statements provide information about the financial relationships in which the School District acts solely as a trustee or agent for the benefit of others.

The financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements with a comparison of the School District’s budget for the year.

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For the Fiscal Year Ended June 30, 2015 (Unaudited) (Cont’d)

OVERVIEW OF THE FINANCIAL STATEMENTS (CONT’D) Government-Wide Statements The government-wide statements report information about the School District as a whole using accounting methods similar to those used by the private-sector companies. The statement of net position includes all of the School District’s assets and liabilities. All of the current year’s revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid. The two government-wide statements report the School District’s net position and how they have changed. Net position – the difference between the School District’s assets and deferred outflows of resources and liabilities and deferred inflows of resources – are one way to measure the School District’s financial health or position.

Increase or decrease in the School District’s net position is an indicator of whether its financial position is improving or deteriorating, respectively.

To assess the overall health or position of the School District, you need to consider additional nonfinancial factors such as changes in the School District’s property tax base and the condition of school buildings and other facilities.

In the government-wide financial statements, the School District’s activities are divided in two categories:

Governmental activities – The basic services, such as instruction for regular and special education, maintenance and operations, transportation and administration are included as government activities. Property taxes, state aid and fund balance appropriated finance most of these activities.

Business-type activities – The School District charges fees to cover the costs of certain services such as the tuition program, after school program, and food services.

Fund Financial Statements The fund financial statements provide more detailed information about the School District’s funds, focusing on the significant funds – not the School District as a whole. Funds are used by the School District to keep track of specific sources of funding and spending on particular programs:

May distinguish state or federal grants.

Funds for capital projects and long-term debt. The School District has three kinds of funds:

Governmental funds – The School District’s basic services are included in governmental funds, which detail cash and other financial assets and also identify balances that remain at year-end. Governmental funds statements provide a short-term view to determine whether more or less financial resources can be spent in subsequent years.

Proprietary funds – These funds represent charges or fees for such activities as food services.

Fiduciary funds – The School District is the trustee for assets that belong to others. The student activities funds which include clubs, classes and athletics are maintained in this fund. The School District is responsible for insuring that the assets reported in these funds are used only for their intended purposes. These funds are not included in the government-wide financial statements since the School District is not permitted to use these assets in the School District operation.

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FINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE Table 1 provides a summary of the School District’s net position for fiscal years 2015 and 2014.

June 30, 2015 June 30, 2014 Change % Change

Current and Other Assets 2,489,980.25$ 1,736,183.54$ 753,796.71$ 43.42%Capital Assets 2,737,274.90 2,722,964.42 14,310.48 0.53%

Total Assets 5,227,255.15 4,459,147.96 768,107.19 17.23%

Deferred Outflow of Resources - Related to Pensions 175,047.00 - 175,047.00 100.00%

Long-Term Liabilities 1,062,839.56 34,544.89 1,028,294.67 2976.69%Other Liabilities 271,718.62 278,129.48 (6,410.86) -2.30%

Total Liabilities 1,334,558.18 312,674.37 1,021,883.81 326.82%

Deferred Inflow of Resources - Related to Pensions 60,485.00 - 60,485.00 100.00%

Net Position:Net Investment in Capital Assets 2,737,274.90 2,722,964.42 14,310.48 0.53%Restricted 2,509,279.41 1,674,744.43 834,534.98 49.83%Unrestricted (Deficit) (1,239,295.34) (251,235.26) (988,060.08) 393.28%

4,007,258.97 4,146,473.59 (139,214.62) -3.36%

Restatement to Record the School District'sNet Pension Liability and Pension RelatedDeferred Outflows of Resources per GASB 68 - (914,534.00) 914,534.00 -100.00%

Total Net Position 4,007,258.97$ 3,231,939.59$ 775,319.38$ 23.99%

TABLE 1Net Position

Table 2 provides an illustration of the impact of the School District’s Net Position for the implementation of GASB 68.

June 30, 2015 June 30, 2014 Change % Change

Deferred Outflows Related to Pensions 175,047.00$ -$ 175,047.00$ 100.00%Less: Net Pension Liability (1,014,938.00) (914,534.00) (100,404.00) 10.98%Less: Deferred Inflows Related to Pensions (60,485.00) - (60,485.00) -100.00%

(900,376.00)$ (914,534.00)$ 14,158.00$ -1.55%

TABLE 2Statement of Net Position - Effect of Pension Related Items

17



FINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE (CONT’D) Table 3 reflects changes in net position for fiscal years 2015 and 2014.

Revenues: June 30, 2015 June 30, 2014 Change % Change

Program Revenues:Charges for Services 53,296.00$ 54,339.45$ (1,043.45)$ -1.92%Federal & State Categorical Grants 1,877,230.13 1,279,131.10 598,099.03 46.76%

General Revenues:Property Taxes 2,116,037.00 2,044,364.00 71,673.00 3.51%Federal & State Grants 7,056,741.56 6,996,366.99 60,374.57 0.86%Other 31,081.66 41,014.07 (9,932.41) -24.22%

Total Revenues 11,134,386.35 10,415,215.61 719,170.74 6.91%

Expenses:

Instruction:Regular 2,034,879.87 2,119,868.31 (84,988.44) -4.01%Special Education 270,507.79 220,930.74 49,577.05 22.44%Other Special Instruction 156,322.63 296,636.57 (140,313.94) -47.30%Other Instruction 7,650.00 5,000.00 2,650.00 53.00%

Student Services:Tuition 3,390,738.65 3,125,381.22 265,357.43 8.49%Student and Instruction Related 660,134.17 604,610.16 55,524.01 9.18%School Administrative Services 84,263.46 90,283.31 (6,019.85) -6.67%General Administrative Services 471,644.93 493,078.39 (21,433.46) -4.35%Plant Operations and Maintenance 382,591.72 498,388.71 (115,796.99) -23.23%Pupil Transportation 328,566.18 332,545.97 (3,979.79) -1.20%Unallocated Benefits 2,020,619.09 1,376,200.12 644,418.97 46.83%

Transfer to Charter Schools 307,111.00 345,468.10 (38,357.10) 100.00%Interest on Long-Term Debt 34,045.00 34,045.00 - 0.00%Unallocated Depreciation 1,050.07 1,050.06 0.01 0.00%Food Service 208,942.41 219,978.67 (11,036.26) -5.02%

Total Expenses 10,359,066.97 9,763,465.33 595,601.64 6.10%

Increase (Decrease) in Net Position 775,319.38 651,750.28 123,569.10 0.19

Beginning Net Position 3,231,939.59 3,494,723.31 (262,783.72) -7.52%

Ending Net Position, Prior to Restatement 4,007,258.97 4,146,473.59 (139,214.62) -3.36%

Restatement to Record the School District'sNet Pension Liability and Pension RelatedDeferred Outflows of Resources per GASB 68 - (914,534.00) 914,534.00 -100.00%

Ending Net Position 4,007,258.97$ 3,231,939.59$ 775,319.38$ 23.99%

TABLE 3Change in Net Position

18



FINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE (CONT’D) Governmental Activities In 2014-2015, Governmental Activities Revenues were $10,923,157.65 or 98.10% of total revenues. In 2013-2014, Governmental Activities Revenues were $10,197,018.35 or 97.91% of total revenues. In 2014-2015, General Revenues - Property Taxes of $2,116,037.00 made up 19.37%, and General Revenues - Federal & State Grants of $7,042,288.18 made up 64.47% of Governmental Activities Revenues. In 2013-2014, General Revenues - Property Taxes of $2,044,364.00 made up 20.05%, and General Revenues - Federal & State Grants of $6,996,366.99 made up 68.61% of Governmental Activities Revenues. In 2014-2015, the School District’s Governmental Activities expenditures increased by $606,637.90 or 6.36%. $647,638.00 or 6.79% of this increase was attributable to the implementation of GASB 68 in fiscal year 2014-2015. Business-Type Activities In 2014-2015 Business-Type Activities Revenues were $211,228.70 or 1.90% of total revenues. In 2013-14 Business-Type Activities Revenues were $218,197.26 or 2.09% of total revenues. Charges for Services for Business-Type Activities were $19,286.05 in 2014-2015 compared to $16,627.75 in 2013-2014, a 15.99% increase. Operating Grants and Contributions for Business-Type Activities were $191,942.65 in 2014-2015 compared to $201,569.51 in 2013-2014, a (4.78%) decrease. Expenses for Business-Type Activities were $208,942.41 in 2014-2015 compared to $219,978.67 in 2013-2014, a (5.02%) decrease. General Fund Budgeting Highlights During the fiscal 2015 school year, the Board of Education amended its general fund budget as needed. The net change in the total budget modification primarily resulted from the rollover of the prior year’s encumbrances and anticipation of miscellaneous revenues. The final budgetary basis revenue estimate was $9,115,632.00, which was equal to the original budget. The 2014-2015 General Fund Tax Levy was $2,116,037.00, an increase of $71,673.00 or 3.51% from the 2013-2014 General Fund Tax Levy of $2,044,364.00. During fiscal year 2015, the School District budgeted $2,116,037.00 and $6,978,821.00 for property taxes (local tax levy) and state aid revenues, respectively. The School District also received $145,558.78.00, $116,311.00, and $184,645.00 in reimbursed T.P.A.F. Social Security Aid, T.P.A.F. Pension Contributions, and T.P.A.F. Post-Retirement Medical Contributions, respectively. The final budgetary basis expenditure appropriation estimate was $9,679,128.68, which was equal to the original budget. The School District’s expenditures also include reimbursed T.P.A.F. Social Security Aid, T.P.A.F. Pension Contributions, and T.P.A.F. Post-Retirement Medical Contributions of $145,558.78.00, $116,311.00, and $184,645.00, respectively, which contributes to an unfavorable expenditure variance for the fiscal year.

19



FINANCIAL ANALYSIS OF THE SCHOOL DISTRICT AS A WHOLE (CONT’D) Financial Analysis of the Government’s Funds Governmental Funds - As of the end of the current fiscal year, the School District’s governmental funds reported combining ending fund balances of $2,198,421.20, an increase of $796,957.17 in comparison with the prior year. Of the combined ending fund balances of $2,198,421.20, ($304,218.00) constitutes unassigned fund balance deficits. The remainder of fund balance of $2,502,639.20 is restricted or assigned for various purposes. Proprietary Funds - As of the end of the current fiscal year, the School District’s proprietary funds had $73,233.96 in unrestricted net position. CAPITAL ASSETS At the end of fiscal year 2015 and 2014, the School District had $2,737,274.90 and $2,722,964.42, respectively, in capital assets less accumulated depreciation, which also equaled Net Investment in Capital Assets. Table 4 reflects the capital assets.

TABLE 4Capital Assets

Capital Assets (Net of Depreciation): June 30, 2015 June 30, 2014

Land 2,589.00$ 2,589.00$ Furniture, Fixtures and Equipment 155,800.16 157,375.07 Building and Improvements 2,577,727.58 2,560,792.12 Land Improvements 1,158.16 2,208.23

Total Capital Assets 2,737,274.90$ 2,722,964.42$

Depreciation expense was $128,358.53 for fiscal year ended 2015 and $125,732.39 for fiscal year ended 2014. DEBT ADMINISTRATION Long-term Debt - At the end of the current fiscal year, the School District had no bonded debt outstanding.

20



FACTORS ON THE SCHOOL DISTRICT’S FUTURE The Borough of Woodlynne School District area has been economically stable the last few years. Below are some economic factors being considered during future budget preparation:

Without additional state aid or a new funding formula, taxes will continue to rise in order to cover the anticipated increases in salaries and health benefits.

Tuition costs, both for regular education and special education students, affect our budget planning greatly.

Cash flow with the timing of receiving taxes, state aid, and grant monies create uncertain times at the end of each month and at the end of the year.

Since there are no new tax ratables at this time in our constituent district, maintaining existing programs will

be our main goal in order to give our students the best possible education.

New educational programs will be considered. However, they may have to replace existing programs in order to maintain some economic balance.

The Woodlynne Board of Education and School District administration are committed to work within the boundary of the rules and regulations to provide a quality education to the residents of Woodlynne Borough. Our standard operating procedures and our internal controls will ensure continual success in today’s economic environment. CONTACTING THE SCHOOL DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide a general overview of the Borough of Woodlynne School District’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to Greg Gontowski, Business Administrator/Board Secretary at 131 Elm Avenue, Woodlynne, New Jersey 08107.

21

BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDE FINANCIAL STATEMENTS

25200 Exhibit A-1BOROUGH OF WOODLYNNE SCHOOL DISTRICT

Statement of Net Position

Governmental Business-TypeActivities Activities Total

ASSETS:Cash and Cash Equivalents 1,579,783.54$ 45,627.60$ 1,625,411.14$ Receivables, net (Note 4) 732,389.43 24,258.06 756,647.49Restricted Cash and Cash Equivalents 103,820.00 103,820.00Inventory 4,101.62 4,101.62Capital Assets, net (Note 6) 2,724,375.37 12,899.53 2,737,274.90

Total Assets 5,140,368.34 86,886.81 5,227,255.15

DEFERRED OUTFLOWS OF RESOURCES:Related to Pensions (Note 8) 175,047.00 175,047.00

LIABILITIES:

Accounts Payable 258,065.77 13,652.85 271,718.62 Noncurrent Liabilities (Note 7): Due within One Year 14,248.06 14,248.06 Due beyond One Year 1,048,591.50 1,048,591.50

Total Liabilities 1,320,905.33 13,652.85 1,334,558.18

DEFERRED INFLOWS OF RESOURCES:Related to Pensions (Note 8) 60,485.00 60,485.00

NET POSITION:Net investment in Capital Assets 2,724,375.37 12,899.53 2,737,274.90Restricted for: Capital Projects 103,820.00 103,820.00 Other Purposes 2,405,459.41 2,405,459.41Unrestricted (Deficit) (1,299,629.77) 60,334.43 (1,239,295.34)

Total Net Position 3,934,025.01$ 73,233.96$ 4,007,258.97$

The accompanying Notes to Financial Statements are an integral part of this statement.

June 30, 2015

24

25200

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25

FUND FINANCIAL STATEMENTS

25200 Exhibit B-1BOROUGH OF WOODLYNNE SCHOOL DISTRICT

Governmental FundsBalance SheetJune 30, 2015

Special Capital Debt TotalGeneral Revenue Projects Service Governmental

Fund Fund Fund Fund FundsASSETS:Cash and Cash Equivalents 1,579,783.54$ -$ 103,820.00$ -$ 1,683,603.54$ Receivables, net: Interfunds Receivable: Special Revenue Fund 240,577.20 240,577.20 Payroll Agency Fund 29,000.00 29,000.00 Receivables from Other Governments: Local Municipality 352,672.00 352,672.00 State of NJ -- FICA 7,707.04 7,707.04 State of NJ -- Extraordinary Aid 62,864.00 62,864.00 State of NJ -- Other 10,741.06 10,741.06 Federal 231,355.60 231,355.60 Other Receivables 38,049.73 38,049.73

Total Assets 2,321,394.57$ 231,355.60$ 103,820.00$ -$ 2,656,570.17$

LIABILITIES AND FUND BALANCES:Liabilities: Accounts Payable 217,571.77$ -$ -$ -$ 217,571.77$ Interfunds Payable: General Fund 240,577.20 240,577.20

Total Liabilities 217,571.77 240,577.20 - - 458,148.97

Fund Balances: Restricted: Capital Reserve Account 654,076.92 654,076.92 Excess Surplus -- Designated for Subsequent Year's Expenditures 799,125.42 799,125.42 Excess Surplus -- Current Year 952,257.07 952,257.07 Assigned: For Encumbrances 67,179.41 67,179.41 Subsequent Year's Expenditures 30,000.38 30,000.38 Unassigned (Deficit) (398,816.40) (9,221.60) 103,820.00 (304,218.00)

Total Fund Balances 2,103,822.80 (9,221.60) 103,820.00 - 2,198,421.20

Total Liabilities and Fund Balances 2,321,394.57$ 231,355.60$ 103,820.00$ -$

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. The cost of the assets is $4,841,358.35, and the accumulated depreciation is $2,116,982.98. 2,724,375.37

Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. (47,901.56)

Net Pension Liability (1,014,938.00)

Accounts Payable related to the April 1, 2016 Required PERS pension contribution that is not to be liquidated with current financial resources. (40,494.00)

Deferred Outflows of Resources - Related to Pensions 175,047.00

Deferred Inflows of Resources - Related to Pensions (60,485.00)

Net position of governmental activities 3,934,025.01$


27

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28

25200

Ex

hib

it B

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OF

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und B

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l Year

Ended J

une 3

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Gove

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Am

ounts

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govern

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in the s

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o

f a

ctivitie

s (

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as

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Sch

ool D

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as

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s pensi

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. T

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is the a

mount by

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ensi

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enefit

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chool D

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pensi

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(26,3

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Net P

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773,0

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anci

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is s

tate

ment.

29


Proprietary FundBusiness-Type Activities - Enterprise Fund

Statement of Net PositionJune 30, 2015

FoodService

ASSETS:Current Assets: Cash and Cash Equivalents 45,627.60$ Inventory 4,101.62 Accounts Receivable: State 223.75 Federal 9,455.37 Other 14,578.94

Total Current Assets 73,987.28

Noncurrent Assets: Furniture, Fixtures and Equipment 24,571.80 Less Accumulated Depreciation (11,672.27)

Total Noncurrent Assets 12,899.53

Total Assets 86,886.81

LIABILITIES:Current Liabilities: Accounts Payable 13,652.85

Total Liabilities 13,652.85

NET POSITION: Net Investment in Capital Assets 12,899.53 Unrestricted 60,334.43

Total Net Position 73,233.96$


30



Statement of Revenues, Expenses and Changes in Fund Net PositionFor the Fiscal Year Ended June 30, 2015

FoodService

OPERATING REVENUES:Charges for Services: Daily Sales - Reimbursable Programs: School Lunch Program 10,421.15$ Daily Sales - Non-Reimbursable Programs 8,864.90

Total Operating Revenues 19,286.05

OPERATING EXPENSES:Salaries 63,290.79Employee Benefits 14,347.91Depreciation 1,458.11Cost of Sales 72,323.21Miscellaneous 7,097.11Supplies 14,464.22Purchased Professional/Technical Services 35,961.06

Total Operating Expenses 208,942.41

Operating Loss (189,656.36)

NONOPERATING REVENUES:State Sources: State School Lunch Program 2,816.97Federal Sources: National School Lunch Program 140,967.30 National School PB Lunch Program 3,038.22 National School Breakfast Program 26,303.97 National School After School Snack Program 3,186.52 National School Milk Program 386.27 Food Distribution Program 15,243.40

Total Nonoperating Revenues 191,942.65

Change in Net Position 2,286.29

Net Position -- July 1 70,947.67

Net Position -- June 30 73,233.96$


31



Statement of Cash FlowsFor the Fiscal Year Ended June 30, 2015

FoodService

CASH FLOWS FROM OPERATING ACTIVITIES:Receipts from Customers 19,286.05$ Payments to Management Company (184,456.65) Payments to Suppliers (26,482.62) Payments to Employees (3,794.00)

Net Cash Provided by (used for) Operating Activities (195,447.22)

CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES:State Sources 3,293.61Federal Sources 213,483.33

Net Cash Provided by (used for) Non-Capital Financing Activities 216,776.94

Net Increase (Decrease) in Cash and Cash Equivalents 21,329.72

Cash and Cash Equivalents -- July 1 24,297.88

Cash and Equivalents -- June 30 45,627.60$

Reconciliation of Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities: Operating Income (Loss) (189,656.36)$ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (used for) Operating Activities: Depreciation and Net Amortization 1,458.11 (Increase) Decrease in Accounts Receivable (1,507.82) (Increase) Decrease in Inventories (862.34) Increase (Decrease) in Accounts Payable (4,878.81)

Total Adjustments (5,790.86)

Net Cash Provided by (used for) Operating Activities (195,447.22)$


32


Fiduciary FundsStatement of Fiduciary Net Position

June 30, 2015

Trust Fund Agency Funds

UnemploymentCompensation Student

Trust Activity Payroll

ASSETS:Cash and Cash Equivalents 101,143.46$ 18,355.50$ 28,754.08$

Accounts Receivable: Interfund Accounts Receivable: Due General Fund 50,000.00 Other Accounts Receivable 1,000.00

Total Investments 50,000.00 - 1,000.00

Total Assets 151,143.46 18,355.50$ 29,754.08$

LIABILITIES:Payroll Deductions Payable 754.08$ Interfund Accounts Payable: Due General Fund 29,000.00 Payable to Student Groups 18,355.50

Total Liabilities - 18,355.50$ 29,754.08$

NET POSITION:Held in Trust for Unemployment Claims and Other Purposes 151,143.46$


33


Fiduciary FundsStatement of Changes in Fiduciary Net Position

For the Fiscal Year Ended June 30, 2015

UnemploymentCompensation

Trust

ADDITIONS:Contributions and Donations from Payroll Deductions Withheld 4,949.85$ Employer Contributions 50,000.00

Total Additions 54,949.85

DEDUCTIONS:Unemployment Claims 34,428.40





34

25200

BOROUGH OF WOODLYNNE SCHOOL DISTRICT Notes to Financial Statements

For the Fiscal Year Ended June 30, 2015 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Borough of Woodlynne School District (the “School District”) have been prepared to conform with accounting principles generally accepted in the United States of America (“GAAP”) as applied to governmental units. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the more significant of these policies.

Description of the Financial Reporting Entity The School District is a Type II district located in the County of Camden, State of New Jersey. As a Type II district, the School District functions independently through a Board of Education (the “Board”). The Board is comprised of nine members elected to three-year terms. These terms are staggered so that three member's terms expire each year. The purpose of the School District is to educate students in grades K through 8 at its one school. The School District has an approximate enrollment at June 30, 2015 of 390. The primary criterion for including activities within the School District's reporting entity, as set forth in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards, is the degree of oversight responsibility maintained by the School District. Oversight responsibility includes financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations and accountability for fiscal matters. The combined financial statements include all funds of the School District over which the Board exercises operating control. 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 School District is not includable in any other reporting entity on the basis of such criteria. Component Units In evaluating how to define the School District for financial reporting purposes, management has considered all potential component units. The decision to include any potential component units in the financial reporting entity was made by applying the criteria set forth in GASB Statements No. 14, The Financial Reporting Entity, as amended by GASB Statement No. 39, Determining Whether Certain Organizations are Component Units, and GASB Statement No. 61, The Financial Reporting Entity: Omnibus - an amendment of GASB Statements No. 14 and No. 34. Blended component units, although legally separate entities, are in-substance part of the government's operations. Each discretely presented component unit is reported in a separate column in the government-wide financial statements to emphasize that it is legally separate from the government. The basic-but not the only-criterion for including a potential component unit within the reporting entity is the governing body's ability to exercise oversight responsibility. The most significant manifestation of this ability is financial interdependency. Other manifestations of the ability to exercise oversight responsibility include, but are not limited to, the selection of governing authority, the designation of management, the ability to significantly influence operations, and accountability for fiscal matters. A second criterion used in evaluating potential component units is the scope of public service. Application of this criterion involves considering whether the activity benefits the government and / or its citizens. A third criterion used to evaluate potential component units for inclusion or exclusion from the reporting entity is the existence of special financing relationships, regardless of whether the government is able to exercise oversight responsibilities. Finally, the nature and significance of a potential component unit to the primary government could warrant its inclusion within the reporting entity.

35

25200 Notes to Financial Statements (Cont'd) Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

Component Units (Cont’d) Based upon the application of these criteria, the School District has no component units, and is not a component unit of another governmental agency.

Government-wide and Fund Financial Statements The School District’s basic financial statements consist of government-wide statements, and fund financial statements which provide a more detailed level of financial information. The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by property taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are specifically associated with a service, program, or department and, therefore, clearly identifiable to a particular function. It is the policy of the School District to not allocate indirect expenses to functions in the statement of activities. Program revenues include (1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Property taxes and other items not properly included among program revenues are reported instead as general revenues. In regards to the fund financial statements, the School District segregates transactions related to certain functions or activities in separate funds in order to aid financial management and to demonstrate legal compliance. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts. Fund financial statements report detailed information about the School District. The focus of governmental fund financial statements is on major funds rather than reporting funds by type. Each major fund is presented in a single column. Fiduciary funds are reported by fund type.

Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Property taxes are recognized as revenues in the year for which they are levied. The Camden County Board of Taxation is responsible for the assessment of properties, and the respective municipal tax collector is responsible for the collection of property taxes. Assessments are certified and property taxes are levied on January 1. Property tax payments are due February 1, May 1, August 1 and November 1. Unpaid property taxes are considered delinquent the following January 1 and are then subject to municipal lien. In accordance with New Jersey State Statute, the School District is entitled to receive moneys under an established payment schedule, and any unpaid amount is considered as an accounts receivable. The governing body of each municipality is required to pay over to the School District, within forty (40) days after the beginning of the school year, twenty percent (20%) of the moneys from school tax due. Thereafter, but prior to the last day of the school year, the municipality must pay the balance of moneys from school tax due for school purposes in such amounts as requested, with certain limitations, from time to time by the School District, within thirty days after each request.

36


Measurement Focus, Basis of Accounting and Financial Statement Presentation (Cont’d) Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recorded when they are deemed both available and measurable. Available means when revenues are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the School District considers revenues to be available if they are collected within sixty (60) days of the end of the current fiscal year. Measurable means that the amount of revenue can be determined. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Property taxes, tuition, reimbursable-type grants, and interest associated with the current fiscal year are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal year. All other revenue items are considered to be measurable and available only when cash is received by the School District. The School District reports the following major governmental funds:

General Fund - The general fund is the primary operating fund of the School 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 non-instructional equipment classified in the capital outlay sub-fund. As required by the New Jersey State Department of Education, the School District includes budgeted capital outlay in this fund. Accounting principles generally accepted in the United States of America, 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, ad valorem tax revenues, and appropriated fund balance. Expenditures are those which result in the acquisition of or additions to capital assets for land, existing buildings, improvements of grounds, construction of buildings, additions to, or remodeling of buildings, and the purchase of built-in equipment.

Special Revenue Fund - The special revenue fund is used to account for and report the proceeds of specific revenue sources 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 financial resources that are restricted, committed, or assigned to expenditures for capital outlays, including the acquisition or construction of capital facilities and other capital assets, other than those financed by proprietary funds.

Proprietary funds are used to account for the School District’s ongoing organizations and activities, which are operated and financed in a manner similar to those found in the private sector. The measurement focus is upon the determination of net income. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. All items not meeting this definition are reported as nonoperating revenues and expenses.

37


Measurement Focus, Basis of Accounting and Financial Statement Presentation (Cont’d) The School District reports the following major proprietary funds:

Food Service Fund - This fund accounts for the financial transactions related to the food service operations of the School District.

Fiduciary funds are used to account for assets held by the School District on behalf of outside related organizations or on behalf of other funds within the School District. The fiduciary fund category is split into four classifications: pension trust funds, investment trust funds, private-purpose trust funds, and agency funds.

The School District maintains the following fiduciary funds:

Agency Funds - Agency funds are used to account for assets held by the School District in a trustee capacity or as an agent for individuals, private organizations, other governments, and / or other funds (i.e., payroll and student activities). The School District retains no equity interest in these funds. Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. The School District maintains the following agency funds: student activity fund and payroll fund. Private-Purpose Trust Funds - Private-purpose trust funds are used to account for the principal and income for all other trust arrangements that benefit individuals, private organizations, or other governments. The School District maintains the following private-purpose trust funds:

New Jersey Unemployment Compensation Insurance Trust Fund - Revenues consist of contributions that have been included in the annual budget of the School District, employee payroll withholdings, and interest income. Expenditures represent claims incurred for unemployment.

As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements. Amounts reported as program revenues include (1) charges to customers or applicants for goods, services, or privileges provided, (2) operating grants and contributions, and (3) capital grants and contributions. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. When both restricted and unrestricted resources are available for use, it is the School District’s policy to use restricted resources first, and then unrestricted resources as they are needed. Budgets / Budgetary Control Annual appropriated budgets are prepared in the spring of each fiscal year for the general, special revenue, and debt service funds, and are submitted to the county office of education. In accordance with P.L. 2011, c. 202, the School District passed a resolution to move the school board election to the first Tuesday after the first Monday in November, starting in November of 2012, to be held simultaneously with the general election. As a result, a vote is not required on the School District’s general fund tax levy for the budget year, other than the general fund tax levy required to support a proposal for additional funds, if any. 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:23A-16.2(f)1. Transfers of appropriations may be made by school board resolution at any time during the fiscal year in accordance with N.J.A.C. 6A:23A-13.3.

38


Budgets / Budgetary Control (Cont’d) 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 revenue recognition of the one or more June state aid payments for budgetary purposes only, and the special revenue fund. N.J.S.A. 18A:22-44.2 provides that in the event a state school aid payment is not made until the following school budget year, school districts must record the delayed one or more June state aid payments as revenue, for budget purposes only, in the current school budget year. The bill provides legal authority for school districts to recognize this revenue in the current budget year. 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 budgetary basis. The budgetary basis differs from GAAP in that the 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 reports. The budget, as detailed on exhibit C-1 and exhibit C-2, includes all amendments to the adopted budget, if any. Exhibit C-3 presents a reconciliation of the general fund revenues and special revenue fund revenues and expenditures from the budgetary basis of accounting, as presented in the general fund budgetary comparison schedule and the special revenue fund budgetary comparison schedule, to the GAAP basis of accounting as presented in the statement of revenues, expenditures and changes in fund balances - governmental funds. Note that the School District does not report encumbrances outstanding at fiscal year-end as expenditures in the general fund since the general fund budget follows the modified accrual basis of accounting, with the exception of the aforementioned revenue recognition policy for the one or more June state aid payments. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of funds are recorded to assign a portion of the applicable appropriation, is utilized for budgetary control purposes. Encumbrances are a component of fund balance 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 governmental funds, other than the special revenue fund, which have not been previously restricted, committed, or assigned, should be included within committed or assigned fund balance, as appropriate. Open encumbrances in the special revenue fund, however, for which the School District has received advances of grant awards, are reflected on 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.

39


Cash, Cash Equivalents and Investments Cash and cash equivalents, for all funds, include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. Such is the definition of cash and cash equivalents used in the statement of cash flows for the proprietary funds. U.S. treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost. All other investments are stated at fair value. New Jersey school districts are limited as to the types of investments and types of financial institutions they may invest in. N.J.S.A. 18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts. N.J.S.A. 17:9-41 et seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Governmental Unit Deposit Protection Act (“GUDPA”), a multiple financial institutional collateral pool, which was enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking institution in New Jersey. Public depositories include State or federally chartered banks, savings banks or associations located in or having a branch office in the State of New Jersey, the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of governmental units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the amount of their deposits to the governmental units. Inventories Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method. The cost of inventories in the governmental fund financial statements is recorded as expenditures when purchased rather than when consumed. Inventories recorded on the government-wide financial statements and in the proprietary fund types are recorded as expenses when consumed rather than when purchased. Tuition Receivable Tuition charges were established by the School District based on estimated costs. The charges are subject to adjustment when the final costs are determined. Prepaid Expenses Prepaid expenses recorded on the government-wide financial statements and in the proprietary fund types represent payments made to vendors for services that will benefit periods beyond June 30, 2015. In the governmental fund financial statements, however, payments for prepaid items are fully recognized as expenditures in the fiscal year of payment. No asset for the prepayment is created, and no expenditure allocation to future accounting periods is required (non-allocation method). This is consistent with the basic governmental concept that only expendable financial resources are reported by a specific fund.

40


Short-Term Interfund Receivables / Payables Short-term interfund receivables / payables (internal balances) represent amounts that are owed, other than charges for goods or services rendered to / from a particular fund within the School District, and that are due within one year. Such balances are eliminated in the statement of net position to minimize the grossing up of internal balances, thus leaving a net amount due between the governmental and business-type activities that are eliminated in the total government column. Balances with fiduciary activities are not considered to be internal balances; therefore, such balances appear on the statement of net position. Capital Assets Capital assets represent the cumulative amount of capital assets owned by the School District. Purchased capital assets are recorded as expenditures in the governmental fund financial statements and are capitalized at cost on the government-wide statement of net position and proprietary fund statement of net position. In the case of gifts or contributions, such capital assets are recorded at fair market value at the time received. The School District’s capitalization threshold is $2,000.00. Other costs incurred for repairs and maintenance is expensed as incurred. All reported capital assets, except land and construction in progress, are depreciated. Depreciation is computed using the straight-line method over the following estimated useful lives:

Description Estimated Lives

Furniture, Fixtures and Equipment 5 - 15 YearsBuildings and Improvements 20 - 40 YearsLand Improvements 15 - 20 Years

The School District does not possess any infrastructure assets. Deferred Outflows and Deferred Inflows of Resources The Statement of Net Position reports separate sections for deferred outflows of resources and deferred inflows of resources. Deferred outflows of resources, reported after Total Assets, represents a reduction of net position that applies to a future period(s) and will be recognized as an outflow of resources (expense) at that time. Deferred inflows of resources, reported after Total Liabilities, represents an acquisition of net position that applies to a future period(s) and will be recognized as an inflow of resources (revenue) at that time. Transactions are classified as deferred outflows of resources and deferred inflow of resources only when specifically prescribed by the Governmental Accounting Standards Board (GASB) standards. The School District is required to report the following as deferred outflows of resources and deferred inflows of resources:

Defined Benefit Pension Plans – The difference between expected (actuarial) and actual experience, changes in actuarial assumptions, net difference between projected (actuarial) and actual earnings on pension plan investments, changes in the School District’s proportion of expenses and liabilities to the pension as a whole, differences between the School District’s pension contribution and its proportionate share of contributions, and the School District’s pension contributions subsequent to the pension valuation measurement date.

41


Tuition Payable Tuition charges for the fiscal years ended June 30, 2015 and 2014, were based on rates established by the receiving district. These rates are subject to change when the actual costs have been determined. Unearned Revenue Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied and is recorded as a liability until the revenue is both measurable and the School District is eligible to realize the revenue. Compensated Absences Compensated absences are payments to employees for accumulated time such as paid vacation, paid holidays, sick pay, and sabbatical leave. A liability for compensated absences that is attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the School District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the School District and its employees, are accounted for in the period in which such services are rendered or in which such events take place. The School District uses the vesting method to calculate the compensated absences amount. The entire compensated absence liability, including the employer’s share of applicable taxes, is reported on the government-wide financial statements. The portion related to employees in the proprietary funds is recorded at the fund level. The current portion is the amount estimated to be used in the following fiscal year. Expenditures are recognized in the governmental funds as payments come due each period, for example, as a result of employee resignations and retirements. Compensated absences not recorded at the fund level represent a reconciling item between the fund level and government-wide presentations. Accrued Liabilities and Long-Term Obligations All payables, accrued liabilities, and long-term obligations are reported in the government-wide financial statements, and all payables, accrued liabilities, and long-term obligations payable from proprietary funds are reported on the proprietary fund 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, claims and judgments, compensated absences, special termination benefits, and contractually required pension contributions that will be paid from governmental funds, are reported as a liability in the fund financial statements only to the extent that they are normally expected to be paid with expendable available financial resources. Bonds are recognized as a liability on the governmental fund financial statements when due.

Pensions 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 Public Employees' Retirement System (“PERS”) and additions to/deductions from PERS’s fiduciary net position have been determined on the same basis as they are reported by the plans. 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.

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Net Position Net position represents the difference between the summation of assets and deferred outflows of resources, and the summation of liabilities and deferred inflows of resources. Net position is classified into the following three components:

Net Investment in Capital Assets - This component represents capital assets, net of accumulated depreciation, net of outstanding balances of borrowings used for the acquisition, construction, or improvement of those assets.

Restricted - Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the School District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.

Unrestricted - Net position is reported as unrestricted when it does not meet the criteria of the other two components of net position.

The School District applies restricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position is available. Fund Balance The School District reports fund balance in classifications that comprise a hierarchy based primarily on the extent to which the School District is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. The School District’s classifications, and policies for determining such classifications, are as follows:

Nonspendable - The nonspendable fund balance classification includes amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash, such as inventories and prepaid amounts.

Restricted - The restricted fund balance classification includes amounts that are restricted to specific purposes. Such restrictions, or constraints, are placed on the use of resources either by being (1) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; or (2) imposed by law through constitutional provisions or enabling legislation. Committed - The committed fund balance classification includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the School District’s highest level of decision-making authority, which, for the School District, is the Board of Education. Such formal action consists of an affirmative vote by the Board of Education, memorialized by the adoption of a resolution. Once committed, amounts cannot be used for any other purpose unless the Board of Education removes, or changes, the specified use by taking the same type of action (resolution) it employed to previously commit those amounts.

Assigned - The assigned fund balance classification includes amounts that are constrained by the School District’s intent to be used for specific purposes, but are neither restricted nor committed. Intent is expressed by either the Board of Education or by the business administrator, to which the Board of Education has delegated the authority to assign amounts to be used for specific purposes. Such authority of the business administrator is established by way of a formal job description for the position, approved by the Board of Education.

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Fund Balance (Cont’d)

Unassigned - The unassigned fund balance classification 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 is the only fund that reports a positive unassigned fund balance amount. In other governmental funds, if expenditures incurred for specific purposes exceed the amounts restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance.

When expenditures are incurred for purposes for which both restricted and unrestricted fund balances are available, it is the policy of the School District to spend restricted fund balances first. Moreover, when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications can be used, it is the policy of the School District to spend fund balances, if appropriate, in the following order: committed, assigned, then unassigned.

Interfund Activity

Transfers between governmental and business-type activities on the government-wide statements are reported in the same manner as general revenues. Exchange transactions between funds are reported as revenues in the seller funds and as expenditures / expenses in the purchaser funds. Flows of cash or goods from one fund to another without a requirement for repayment are reported as interfund transfers. Interfund transfers are reported as other financing sources / uses in governmental funds and after non-operating revenues / expenses in proprietary funds. Reimbursements from funds responsible for particular expenditures / expenses to the funds that initially paid for them are not presented on the financial statements. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

Impact of Recently Issued Accounting Principles Recently Issued and Adopted Accounting Pronouncements For the fiscal year ended June 30, 2015, the School District adopted GASB 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27, and GASB 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - an amendment of GASB Statement No. 68. As a result of adopting such Statements, the School District was required to measure and recognize liabilities, deferred outflows of resources, deferred inflows of resources, and expense/expenditures related to their defined benefit pensions. The cumulative effect of adopting GASB Statements No. 68 and No. 71 totaled $914,534.00, and was recognized as a restatement of the School District’s June 30, 2014 net position on the statement of activities (see note 19).

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Recently Issued Accounting Pronouncements The GASB has issued the following Statement which will become effective in future fiscal years as shown below: Statement No. 72, Fair Value Measurement and Application. This Statement addresses accounting and financial reporting issues related to fair value measurements. The definition of fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This Statement provides guidance for determining a fair value measurement for financial reporting purposes. This Statement also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements. The Statement will become effective for the School District in fiscal year 2016. Management has not yet determined the impact of this Statement on the financial statements. Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68. The objective of this Statement is to improve the usefulness of information about pensions included in the general purpose external financial reports of state and local governments for making decisions and assessing accountability. The Statement will become effective for the School District in fiscal year 2016. Management does not expect this Statement will have an impact on the financial statements. Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The objective of this Statement is to improve the usefulness of information about postemployment benefits other than pensions (other postemployment benefits or OPEB) included in the general purpose external financial reports of state and local governmental OPEB plans for making decisions and assessing accountability. The Statement will become effective for the School District in fiscal year 2017. Management does not expect this Statement will have an impact on the financial statements. Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. The primary objective of this Statement is to improve accounting and financial reporting by state and local governments for postemployment benefits other than pensions (other postemployment benefits or OPEB). It also improves information provided by state and local governmental employers about financial support for OPEB that is provided by other entities. The Statement will become effective for the School District in fiscal year 2018. Management has not yet determined the impact of this Statement on the financial statements. Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments. The objective of this Statement is to identify, in the context of the current governmental financial reporting environment, the hierarchy of generally accepted accounting principles (GAAP). The “GAAP hierarchy” consists of the sources of accounting principles used to prepare financial statements of state and local governmental entities in conformity with GAAP and the framework for selecting those principles. This Statement reduces the GAAP hierarchy to two categories of authoritative GAAP and addresses the use of authoritative and nonauthoritative literature in the event that the accounting treatment for a transaction or other event is not specified within a source of authoritative GAAP. The Statement will become effective for the School District in fiscal year 2016. Management does not expect this Statement will have an impact on the financial statements. Statement No. 77, Tax Abatement Disclosures. This Statement requires governments that enter into tax abatement agreements to disclose certain information about the agreements. The Statement will become effective for the School District in fiscal year 2017. Management does not expect this Statement will have an impact on the notes to the financial statements.

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25200 Notes to Financial Statements (Cont'd) Note 2: CASH AND CASH EQUIVALENTS

Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank failure, the School District’s deposits might not be recovered. Although the School District does not have a formal policy regarding custodial credit risk, N.J.S.A. 17:9-41 et seq. requires that governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). Under the Act, the first $250,000.00 of governmental deposits in each insured depository is protected by the Federal Deposit Insurance Corporation (FDIC). Public funds owned by the School District in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled agency funds such as salary withholdings, and student activity funds, or funds that may pass to the School District relative to the happening of a future condition. Such funds are classified as uninsured and uncollateralized. As of June 30, 2015, all of the School District’s bank account balances of $2,482,606.18 were insured by FDIC or GUDPA.

Note 3: CAPITAL RESERVE ACCOUNT

A capital reserve account was established by the School District by inclusion of $20,000.00 during fiscal year 2002-2003 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 School District’s approved Long Range Facilities Plan (“LRFP”). Upon submission of the LRFP to the Department, a school 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 fiscal year-end (June 1 to June 30) of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A school district may also appropriate additional amounts when the express approval of the voters has been obtained by either 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. 6A:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP. The activity of the capital reserve for the July 1, 2014 to June 30, 2015 fiscal year is as follows:

Beginning Balance, July 1, 2014 605,039.93$ Increased by:

Deposits:Board Resolution June 9, 2015 - Excess Surplus 250,000.00$

Unexpended Balance of Capital Outlay Appropriations 174,036.99 424,036.99

1,029,076.92 Decreased by:

Withdrawals:Budget Revenue 375,000.00

Ending Balance, June 30, 2015 654,076.92$

The LRFP balance of local support costs of uncompleted projects at June 30, 2015 is $5,955,252.00. The withdrawals from the capital reserve were for use in a Department of Education approved facilities projects, consistent with the School District’s LRFP.

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25200 Notes to Financial Statements (Cont'd) Note 4: ACCOUNTS RECEIVABLE

Accounts receivable at June 30, 2015 consisted of accounts (fees for services) and intergovernmental grants. All receivables are considered collectible in full due to the stable condition of state programs, the current fiscal year guarantee of federal funds, and the regulated budgetary control of governmental entities in New Jersey.

Accounts receivable as of fiscal year end for the School District’s individual major and fiduciary funds, in the aggregate, are as follows:

Governmental Funds Proprietary Fund

Special Total Food Total

General Revenue Governmental Service Business-

Description Fund Fund Activities Fund Type Activities Total

Federal Aw ards -$ 231,355.60$ 231,355.60$ 9,455.37$ 9,455.37$ 240,810.97$

State Aw ards 81,312.10 81,312.10 223.75 223.75 81,535.85

Tuition Charges 38,049.73 38,049.73 38,049.73

Other - 14,578.94 14,578.94 14,578.94

Fiduciary Fund 29,000.00 29,000.00 29,000.00

Local Taxes 352,672.00 352,672.00 352,672.00

501,033.83$ 231,355.60$ 732,389.43$ 24,258.06$ 24,258.06$ 756,647.49$

Note 5: INVENTORY Inventory recorded at June 30, 2015 in business-type activities on the government-wide statement of net position, and on the food service enterprise fund statement of net position, consisted of the following:

Food 3,148.21$ Supplies 953.41

4,101.62$

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25200 Notes to Financial Statements (Cont'd) Note 6: CAPITAL ASSETS

Capital asset activity for the fiscal year ended June 30, 2015 is as follows:

Balance BalanceJuly 1, 2014 Additions June 30, 2015

Governmental Activities:

Capital Assets, not being Depreciated:Land 2,589.00$ -$ 2,589.00$

Capital Assets, being Depreciated:Furniture, Fixtures and Equipment 228,270.86 25,329.01 253,599.87Buildings and Improvements 4,413,609.48 117,340.00 4,530,949.48Land Improvements 54,220.00 54,220.00

Total Capital Assets, being Depreciated 4,696,100.34 142,669.01 4,838,769.35

Total Capital Assets, Cost 4,698,689.34 142,669.01 4,841,358.35

Less Accumulated Depreciation for:Furniture, Fixtures and Equipment (85,253.43) (25,445.81) (110,699.24)Buildings and Improvements (1,852,817.36) (100,404.54) (1,953,221.90)Land Improvements (52,011.77) (1,050.07) (53,061.84)

Total Accumulated Depreciation (1,990,082.56) (126,900.42) (2,116,982.98)

Total Capital Assets, being Depreciated, Net 2,706,017.78 15,768.59 2,721,786.37

Governmental Activities Capital Assets, Net 2,708,606.78$ 15,768.59$ 2,724,375.37$

Business-Type Activities:

Capital Assets, being Depreciated:Furniture, Fixtures and Equipment 24,571.80$ -$ 24,571.80$

Less Accumulated Depreciation for:Furniture, Fixtures and Equipment (10,214.16) (1,458.11) (11,672.27)

Business-Type Activities Capital Assets, Net 14,357.64$ (1,458.11)$ 12,899.53$

Depreciation expense was charged to functions / programs of the School District as follows: Governmental Activities:

Instruction 80,323.63$ General and Business Administrative Services 38,553.41Plant Operations and Maintenance 6,973.31Unallocated 1,050.07

Total Depreciation Expense - Governmental Activities 126,900.42$

Business-Type Activities:Food Service 1,458.11$

Total Depreciation Expense - Business-Type Activities 1,458.11$

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25200 Notes to Financial Statements (Cont'd) Note 7: LONG-TERM LIABILITIES

During the fiscal year ended June 30, 2015, the following changes occurred in long-term obligations for governmental activities:

(Restated)

Balance Balance Due within

July 1, 2014 Additions Reductions June 30, 2015 One Year


Net Pension Liability 914,534.00$ 100,404.00$ -$ 1,014,938.00$ -$

Compensated Absences 34,544.89 13,356.67 47,901.56 14,248.06

Governmental Activity Long-Term Liabilities 34,544.89$ 13,356.67$ -$ 47,901.56$ 14,248.06$

Compensated Absences - As previously stated, compensated absences will be paid from the fund from which the employees’ salaries are paid. Refer to note 13 for a description of the School District’s policy. Net Pension Liability - For details on the net pension liability, refer to note 8. The School District’s annual required contribution to the Public Employees’ Retirement System is budgeted and paid from the general fund on an annual basis.

Note 8: PENSION PLANS A substantial number of the School District's employees participate in one of the following defined benefit pension plans: the Teachers' Pension and Annuity Fund (“TPAF”) and the Public Employees' Retirement System (“PERS”), which are administered by the New Jersey Division of Pensions and Benefits. In addition, several School District employees participate in the Defined Contribution Retirement Program, which is a defined contribution pension plan. This plan is administered by Prudential Financial for the New Jersey Division of Pensions and Benefits. Each plan has a Board of Trustees that is primarily responsible for its administration. The Division issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to:

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

General Information About the Pension Plans Plan Descriptions

Teachers' Pension and Annuity Fund - The Teachers' Pension and Annuity Fund (“TPAF”) is a cost-sharing multiple-employer defined benefit pension plan with a special funding situation, by which the State of New Jersey (the State) is responsible to fund 100% of the employer contributions, excluding any local employer early retirement incentive (ERI) contributions. Substantially all teachers or members of the professional staff certified by the State Board of Examiners, who have titles that are unclassified, professional and certified, are covered under TPAF. Public Employees' Retirement System - The Public Employees' Retirement System (“PERS”) is a cost-sharing multiple-employer defined benefit pension plan which was established as of January 1, 1955. Substantially all full-time employees of the School District, provided the employee is not required to be a member of another state-administered retirement system or other state pensions fund or local jurisdiction’s pension fund, are covered under PERS.

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25200 Notes to Financial Statements (Cont'd) Note 8: PENSION PLANS (CONT’D)

General Information About the Pension Plans (Cont’d) Plan Descriptions (Cont’d)

Defined Contribution Retirement Program - The Defined Contribution Retirement Program (“DCRP”) is a multiple-employer defined contribution pension fund which was established on July 1, 2007, under the provisions of Chapter 92, P.L. 2007 and Chapter 103, P.L. 2007 (N.J.S.A. 43:15C-1 et. seq.), and expanded under the provisions of Chapter 89, P.L. 2008 and Chapter 1, P.L. 2010. Individuals covered under DCRP are employees enrolled in TPAF or PERS on or after July 1, 2007, who earn salary in excess of established “maximum compensation” limits; employees otherwise eligible to enroll in TPAF or PERS on or after November 2, 2008, who do not earn the minimum annual salary for a certain enrollment tier but who earn salary of at least $5,000.00 annually; and employees otherwise eligible to enroll in TPAF or PERS after May 21, 2010 who do not work the minimum number of hours per week required for certain enrollment tiers, but who earn salary of at least $5,000.00 annually.

Benefits Provided

Teachers' Pension and Annuity Fund - The vesting and benefit provisions are set by N.J.S.A. 18A:66. TPAF provides retirement, death and disability benefits. All benefits vest after ten years of service, except for medical benefits, which vest after 25 years of service or under the disability provisions of TPAF. 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. The following represents the membership tiers for TPAF:

Tier Definition 1 Members who were enrolled prior to July 1, 2007 2 Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008 3 Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010 4 Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011 5 Members who were eligible to enroll on or after June 28, 2011

Service retirement benefits of l/55th of final average salary for each year of service credit is available to tiers I and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service retirement benefits of 1/60th of final average salary for each year of service credit is available to tier 4 members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement benefits are available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 before age 62 with 25 or more years of service credit, and tier 5 before age 65 with 30 or more years of service credit. Benefits are reduced by a fraction of a percent for each month that a member retires prior to the retirement age for his/her respective tier. Deferred retirement is available to members who have at least 10 years of service credit and have not reached the service retirement age for the respective tier.

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General Information About the Pension Plans (Cont’d) Benefits Provided (Cont’d)

Public Employees’ Retirement System - The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides retirement, death and disability benefits. All benefits vest after ten years of service, except for medical benefits, which vest after 25 years of service or under the disability provisions of PERS.

The membership tiers for PERS are the same as noted above for TPAF. Service retirement benefits of 1/55th of final average salary for each year of service credit is available to tiers 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service retirement benefits of 1/60th of final average salary for each year of service credit is available to tier 4 members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement benefits are available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 before age 62 with 25 or more years of service credit and tier 5 with 30 or more years of service credit before age 65. Benefits are reduced by a fraction of a percent for each month that a member retires prior to the age at which a member can receive full early retirement benefits in accordance with their respective tier. Tier 1 members can receive an unreduced benefit from age 55 to age 60 if they have at least 25 years of service. Deferred retirement is available to members who have at least 10 years of service credit and have not reached the service retirement age for the respective tier.

Defined Contribution Retirement Program - Eligible members are provided with a defined contribution retirement plan intended to qualify for favorable Federal income tax treatment under IRC Section 401(a), a noncontributory group life insurance plan and a noncontributory group disability benefit plan. A participant's interest in that portion of his or her defined contribution retirement plan account attributable to employee contributions shall immediately become and shall at all times remain fully vested and nonforfeitable. A participant's interest in that portion of his or her defined contribution retirement plan account attributable to employer contributions shall be vested and nonforfeitable on the date the participant commences the second year of employment or upon his or her attainment of age 65, while employed by an employer, whichever occurs first.

Contributions

Teachers' Pension and Annuity Fund - The contribution policy is set by N.J.S.A. 18A:66 and requires contributions by active members and contributing employers. Pursuant to the provisions of Chapter 78, P.L. 2011, the active member contribution rate increased from 5.5% of annual compensation to 6.5% plus an additional 1% phased-in over 7 years beginning in July 2012. The member contribution rate was 6.78% in State fiscal year 2014. The phase-in of the additional incremental member contribution rate takes place in July of each subsequent State fiscal year. The State’s pension contribution is based on an actuarially determined amount which includes the employer portion of the normal cost and an amortization of the unfunded accrued liability. Funding for noncontributory group insurance benefits is based on actual claims paid. For fiscal year 2014 and 2013, the State’s pension contribution was less that the actuarial determined amount. Under current statute, all employer contributions are made by the State of New Jersey on-behalf of the School District and all other related non-contributing employers. No normal or accrued liability contribution by the School District has been required over several preceding fiscal years. These on-behalf contributions by the State of New Jersey are considered a special funding situation, under the definition of GASB 68, Accounting and Financial Reporting for Pensions.

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General Information About the Pension Plans (Cont’d)

Contributions (Cont’d)

Teachers' Pension and Annuity Fund (Cont’d) - The School District’s contractually required contribution rate for the fiscal year ended June 30, 2015 was 5.38% of the School District’s covered-employee payroll, of which 0.00% of payroll was required from the School District and 100.00% of payroll was required from the State of New Jersey. The School District was not required to make any contributions to the pension plan during the fiscal year ended June 30, 2015 because of the 100.00% special funding situation with the State of New Jersey. Public Employees’ Retirement System - The contribution policy is set by N.J.S.A. 43:15A and requires contributions by active members and contributing employers. Members contribute at a uniform rate. Pursuant to the provisions of Chapter 78, P.L. 2011, the active member contribution rate increased from 5.5% of annual compensation to 6.5% plus an additional 1% phased-in over 7 years beginning in July 2012. The member contribution rate was 6.78% in State fiscal year 2014. The phase-in of the additional incremental member contribution rate takes place in July of each subsequent State fiscal year. The rate for members who are eligible for the Prosecutors Part of PERS (Chapter 366, P.L. 2001) increased from 8.5% of base salary to 10%. Employers' contribution amounts are based on an actuarially determined rate. The School District’s contribution amounts are based on an actuarially determined rate which included the normal cost and unfunded accrued liability. The School Districts’ contractually required contribution rate for the fiscal year ended June 30, 2015 was 13.58% of the District’s covered-employee payroll, actuarially determined as an amount that, when combined with employee contributions, is expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Contributions to the pension plan from the School District were $40,494.00 for the fiscal year ended June 30, 2015. Employee contributions were $22,455.13 for the fiscal year ended June 30, 2015. Defined Contribution Retirement Program - State and local government employers contribute 3% of the employees' base salary. Active members contribute 5.5% of base salary. For the fiscal year ended June 30, 2015, employee contributions totaled $10,580.33, and the School District recognized pension expense of $3,686.58. There were no forfeitures during the fiscal year.

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions Teachers' Pension and Annuity Fund - At June 30, 2015, the School District was not required to report a liability for its proportionate share of the net pension liability because of a 100% reduction for State of New Jersey pension support provided to the School District. The State’s proportionate share of net pension liability, attributable to the School District is as follows:

School District's Proportionate Share of Net Pension Liability -$

State of New Jersey's Proportionate Share of Net Pension Liability Associated with the School District 12,901,669.00

12,901,669.00$

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Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Cont’d) Teachers' Pension and Annuity Fund (Cont’d) - The net pension liability was measured as of June 30, 2014, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2013. The total pension liability was calculated through the use of updated procedures to roll forward from the actuarial valuation date to the measurement date of June 30, 2014. The School District’s proportion of the net pension liability was based on a projection of the School District’s long-term share of contributions to the pension plan relative to the projected contributions of all participating employers and the State of New Jersey, actuarially determined. At June 30, 2015, the School District proportion was 0.00% due to the 100% special funding situation of the State of New Jersey. For the fiscal year ended June 30, 2015, the School District recognized $694,231.00 in revenue and expense, in the Government-Wide Financial Statements, for the State of New Jersey on-behalf TPAF pension contributions. Public Employees’ Retirement System - At June 30, 2015, the School District reported a liability of $1,014,938.00 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2014, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2013. The total pension liability was calculated through the use of updated procedures to roll forward from the actuarial valuation date to the measurement date of June 30, 2014. The School District’s proportion of the net pension liability was based on a projection of the School District’s long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2014, the School District’s proportion was .0054208857%, which was an increase of .0006428759% from its proportion measured as of June 30, 2013. For the fiscal year ended June 30, 2015, the School District recognized $71,048.00, in the Government-Wide Financial Statements, for pension expense for PERS. At June 30, 2015, the School District reported deferred outflows of resources and deferred inflows of resources related to PERS from the following sources:

Deferred DeferredOutflow Inflow

of Resources of Resources

Differences Between Expected and Actual Experience -$ -$

Changes of Assumptions 31,915.00 -

Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 60,485.00

Changes in Proportion and Differences

Between School District Contributions and Proportionate Share of Contributions 102,638.00 -

School District Contributions Subsequent to the Measurement Date 40,494.00 -

175,047.00$ 60,485.00$

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Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Cont’d) Public Employees’ Retirement System (Cont’d) - $40,494.00 reported as deferred outflows of resources related to pensions will be included as a reduction of the net pension liability in the fiscal year ended June 30, 2016. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Fiscal YearEnding June 30, PERS

2015 23,992.61$ 2016 23,992.61 2017 23,992.61

2018 23,992.61 2019 (15,209.82) Thereafter (6,692.32)

74,068.31$

Actuarial Assumptions The net pension liability was measured as of June 30, 2014, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2013. The total pension liability was calculated through the use of updated procedures to roll forward from the actuarial valuation date to the measurement date of June 30, 2014. This actuarial valuation used the following actuarial assumptions, applied to all periods included in the measurement:

TPAF PERS

Inflation 2.50% 3.01%

Salary Increases: 2012-2021 Varies Based on Experience 2.15% - 4.40% Based on Age

Thereafter Varies Based on Experience 3.15% - 5.40% Based on Age

Investment Rate of Return 7.90% 7.90%

Mortality Rate Table RP-2000 RP-2000

Period of Actuarial Experience

Study upon which Actuarial Assumptions were Based July 1, 2009 - June 30, 2012 July 1, 2008 - June 30, 2011 For TPAF, mortality rates were based on the RP-2000 Health Annuitant Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements were based on Scale AA. Pre-retirement mortality improvements for active members are projected using Scale AA from the base year of 2000 until the valuation date plus 15 years to account for future mortality improvement. Post-retirement mortality improvements for non-disabled annuitants are projected using Scale AA from the base year of 2000 for males and 2003 for females until the valuation date plus 7 years to account for future mortality improvement.

54


Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Cont’d) Actuarial Assumptions (Cont’d) For PERS, mortality rates were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (setback 1 year for females) with adjustments for mortality improvements from the base year of 2012 based on Projection Scale AA. In accordance with State statute, the long-term expected rate of return on plan investments is determined by the State Treasurer, after consultation with the Directors of the Division of Investments and Division of Pension and Benefits, the board of trustees and the actuaries. Best estimates of arithmetic real rates of returns for each major asset class included in TPAF’s and PERS’s target asset allocation as of June 30, 2014 are summarized in the following table:

TPAF PERS

Long-Term Long-TermTarget Expected Real Target Expected Real

Asset Class Allocation Rate of Return Allocation Rate of Return

Cash 6.00% 0.50% 6.00% 0.80%Core Fixed Income - 2.19% - - Core Bonds 1.00% 1.38% 1.00% 2.49%Short-Term Bonds - 1.00% - - Intermediate-Term Bonds 11.20% 2.60% 11.20% 2.26%

Long-Term Bonds - 3.23% - - Mortgages 2.50% 2.84% 2.50% 2.17%

High Yield Bonds 5.50% 4.15% 5.50% 4.82%Non-US Fixed Income - 1.41% - - Inflation-Indexed Bonds 2.50% 1.30% 2.50% 3.51%Broad US Equities 25.90% 5.88% 25.90% 8.22%Large Cap US Equities - 5.62% - - Mid Cap US Equities - 6.39% - - Small Cap US Equities - 7.39% - -

Developed Foreign Equities 12.70% 6.05% 12.70% 8.12%Emerging Market Equities 6.50% 8.90% 6.50% 9.91%Private Equity 8.25% 9.15% 8.25% 13.02%Hedge Funds / Absolute Return 12.25% 3.85% 12.25% 4.92%Real Estate (Property) 3.20% 4.43% 3.20% 5.80%Real Estate (REITS) - 5.58% - - Commodities 2.50% 3.60% 2.50% 5.35%Long Credit Bonds - 3.74% - -

100.00% 100.00%

55


Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Cont’d) Discount Rate The discount rate used to measure the total pension liability was 4.68% and 4.95% for TPAF as of June 30, 2014 and 2013, respectively, and 5.39% and 5.55% for PERS as of June 30, 2014 and 2013, respectively. For TPAF and PERS, these single blended discount rates were based on the long-term expected rate of return on pension plan investments of 7.9%, and a municipal bond rate of 4.29% and 4.63% as of June 30, 2014 and 2013, 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 rates for TPAF and PERS 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 average of the last five years. 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 2027 for TPAF and 2033 for PERS. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through 2027 for TPAF and 2033 for PERS, and the municipal bond rate was applied to projected benefit payments after that date in determining the total pension liability. Sensitivity of School District’s Proportionate Share of Net Pension Liability to Changes in the Discount Rate Teachers’ Pension and Annuity Fund (TPAF) As indicated above, TPAF has a special funding situation where the State pays 100% of the School District’s annual required contribution. As such, the net pension liability as of June 30, 2014 attributable to the School District is $0 and the State’s net pension liability attributable to the School District using a discount rate of 4.68%, as well as using a discount rate that is 1% lower or 1% higher than the current rates used is as follows:

1% Current 1%Decrease Discount Rate Increase

(3.68%) (4.68%) (5.68%)

School District's Proportionate Share of the Net Pension Liability -$ -$ -$

State of New Jersey's Proportionate Share of Net Pension Liability Associated with the School District 15,517,318.77 12,901,669.00 10,726,132.62

15,517,318.77$ 12,901,669.00$ 10,726,132.62$

TPAF

56


Sensitivity of School District’s Proportionate Share of Net Pension Liability to Changes in the Discount Rate (Cont’d) Public Employees' Retirement System (PERS) The following presents the School District’s proportionate share of the net pension liability at June 30, 2014 calculated using a discount rate of 5.39% for PERS, as well as what the School District’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1% lower or 1% higher than the current rates used:

1% Current 1%Decrease Discount Rate Increase

(4.39%) (5.39%) (6.39%)

School District's Proportionate Share of the Net Pension Liability 1,276,826.64$ 1,014,938.00$ 795,018.31$

PERS

Pension Plan Fiduciary Net Position Detailed information about each pension plan’s fiduciary net position is available in the separately issued New Jersey Division of Pension and Benefits financial report. Information on where to obtain the report is indicated at the beginning of this note.

Note 9: ON-BEHALF PAYMENTS For the fiscal year ended June 30, 2015, the School District has recognized as revenues and expenditures on-behalf payments made by the State for normal costs and post-retirement medical costs related to TPAF, in the Fund Financial Statements. The amounts recognized as revenues and expenditures for normal costs and post-retirement medical costs were $116,311.00 and $184,645.00, respectively.

57

25200 Notes to Financial Statements (Cont'd) Note 10: RISK MANAGEMENT

The School 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. Property and Liability Insurance - The School District maintains commercial insurance coverage for property, liability, 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 School District has elected to fund its New Jersey Unemployment Compensation Insurance under the "Benefit Reimbursement Method". Under this plan, the School 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 School District is billed quarterly for amounts due to the State. The following is a summary of the activity of the School District's private-purpose trust fund for the unemployment claims for the current and previous two fiscal years:

SchoolFiscal Year District Employee Interest Claims EndingEnded June 30, Contributions Contributions Income Incurred Balance

2015 50,000.00$ 4,949.85$ -$ 34,428.40$ 151,143.46$ 2014 50,000.00 4,400.80 46.62 22,695.50 130,622.01 2013 49,817.83 47,060.64 5.19 10,979.58 98,870.09

Joint Insurance Pool - The School District is a member of the Burlington County Insurance Pool Joint Insurance Fund. The Fund provides its members with the following coverage:

Property, Inland Marine and Auto Physical Damages Boiler and Machinery Crime General and Auto Liability Workers' Compensation Educator’s Legal Liability Pollution Legal Liability Cyber Liability

Contributions to the Fund, including a reserve for contingencies, are payable in two installments and are based on actuarial assumptions determined by the Fund's actuary. The Commissioner of Insurance may order additional assessments to supplement the Fund's claim, loss retention, or administrative accounts to assure the payment of the Fund's obligations. The Fund publishes its own financial report for the fiscal year ended June 30, 2015, which can be obtained from:

Burlington County Insurance Pool Joint Insurance Fund P.O. Box 449

Marlton, New Jersey 08053

58

25200 Notes to Financial Statements (Cont'd) Note 11: INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS

The composition of interfund balances as of June 30, 2015 is as follows:

Interfunds InterfundsFund Receivable Payable

General 269,577.20$ Special Revenue 240,577.20$ Fiduciary 29,000.00

269,577.20$ 269,577.20$

The interfund receivables and payables above predominately resulted from payments made by certain funds on behalf of other funds. During the fiscal year 2016, the School District expects to liquidate such interfunds, depending upon the availability of cash flow. In addition, interfund transfers during the fiscal year included $221,160.00 from the general fund to the capital projects fund.

Note 12: DEFERRED COMPENSATION The School District offers its employees a choice of four deferred compensation plans created in accordance with Internal Revenue Code Sections 403(b) and 457. The plans, which are administered by the entities listed below, 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. The plan administrators are as follows:

Lincoln Invest

Lincoln National Met Life

AXA Equitable

Note 13: COMPENSATED ABSENCES The School 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. School District employees who are employed for ten months are entitled to ten paid sick leave days per fiscal school year. School District employees who are employed for twelve months are entitled to twelve paid sick leave days per fiscal school year. Unused sick leave may be accumulated and carried forward to the subsequent years. School District employees are entitled to two personal days which may be carried forward to subsequent years. Vacation days not used during the year may not be accumulated and carried forward. Benefits paid in any future year will be calculated according to formulas outlined in the School Districts' agreements with the various employee unions and included in the current years' budget. The liability for vested compensated absences is recorded within those funds as the benefits accrue to employees. At June 30, 2015, the liability for compensated absences reported on the government-wide statement of net position was $47,901.56 and there was no accrual for the proprietary fund.

59

25200 Notes to Financial Statements (Cont'd) Note 14: CONTINGENCIES

Grantor Agencies - Amounts received or receivable from grantor agencies could be subject to audit and adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time, although the School District expects such amount, if any, to be immaterial. Litigation - The School District is a defendant in several legal proceedings that are in various stages of litigation. It is believed that the outcome, or exposure to the School District, from such litigation is either unknown or potential losses, if any, would not be material to the financial statements.

Note 15: CONCENTRATIONS The School District depends on financial resources flowing from, or associated with, both the federal government and the State of New Jersey. As a result of this dependency, the School District is subject to changes in specific flows of intergovernmental revenues based on modifications to federal and State laws and federal and State appropriations.

Note 16: COMMITMENTS The School District had multiple construction projects ongoing as of the fiscal year ended June 30, 2015 that are to continue into the subsequent fiscal year(s). These projects, which are related to the capital projects fund, are as follows:

Amount

Contract Outstanding

(1) Replacement of Boilers, etc., Abate Asbestos; Level I 1,682,550.00$

Note 17: DEFICIT FUND BALANCES

The School District has a deficit fund balance of $398,816.40 in the general fund and $9,221.60 in the special revenue fund as of June 30, 2015 as reported in the fund statements (modified accrual basis). N.J.S.A. 18A:22-44.2 provides that in the event a state school aid payment is not made until the following school budget year, school districts must record the delayed one or more June state aid payments as revenue, for budget purposes only, in the current school budget year. The statute provides legal authority for school districts to recognize this revenue in the current budget year. For intergovernmental transactions, GASB Statement No. 33 requires that recognition (revenue, expenditure, asset, liability) should be in symmetry, i.e., if one government recognizes an asset, the other government recognizes a liability. Since the State is recording the June state aid payments in the subsequent fiscal year, the School District cannot recognize the June state aid payment on the GAAP financial statements until the year the State records the payable. Due to the timing difference of recording the June state aid payments, the general and special revenue fund balance deficit does not alone indicate that the School District is facing financial difficulties. Pursuant to N.J.S.A. 18A:22-44.2 any negative unassigned general fund balance that is reported as a direct result from a delay in the June payments of state aid until the following fiscal year, is not considered in violation of New Jersey statute and regulation nor in need of corrective action. The School District deficit in the GAAP funds statements of $408,038.00 is less than the June state aid payments.

60

25200 Notes to Financial Statements (Cont'd) Note 18: FUND BALANCES

RESTRICTED As stated in note 1, the restricted fund balance classification includes amounts that are restricted to specific purposes. Such restrictions, or constraints, are placed on the use of resources by either of the following: (1) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; or (2) imposed by law through constitutional provisions or enabling legislation. Specific restrictions of the School District’s fund balance are summarized as follows:

General Fund

For Excess Surplus - In accordance with N.J.S.A. 18A:7F-7, as amended, the designation of restricted fund balance - excess surplus is the result of 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 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. The excess fund balance at June 30, 2015 is $952,257.07. Additionally, $799,125.42 of excess fund balance generated during 2013-2014 has been restricted and designated for utilization in the 2015-2016 budget. For Capital Reserve Account - As of June 30, 2015, the balance in the capital reserve account is $654,076.92. These funds are restricted for future capital outlay expenditures for capital projects in the School District’s approved Long Range Facilities Plan (LRFP).

ASSIGNED As stated in note 1, the assigned fund balance classification includes amounts that are constrained by the School District’s intent to be used for specific purposes, but are neither restricted nor committed. Specific assignments of the School District’s fund balance are summarized as follows:

General Fund

For Subsequent Year’s Expenditures - The School District has appropriated and included as an anticipated revenue for the fiscal year ending June 30, 2015 $30,000.38 of general fund balance at June 30, 2015.

Other Purposes - As of June 30, 2015, the School District had $67,179.41 of encumbrances outstanding for purchase orders and contracts signed by the School District, but not completed, as of the close of the fiscal year.

UNASSIGNED As stated in note 1, the unassigned fund balance classification represents fund balance that has not been restricted, committed, or assigned to specific purposes. The School District’s unassigned fund balance is summarized as follows:

General Fund -. As of June 30, 2015, the fund balance of the general fund was a deficit of $398,816.40, thus resulting in the fund balance classification of unassigned. The deficit is a result from a delay in the payment of state aid until the following fiscal year. As stated in note 17, since the State is recording the June state aid payments in the subsequent fiscal year, the School District cannot recognize the June state aid payment on the GAAP financial statements until the year the State records the payable. Due to the timing difference of recording the June state aid payments, the general fund balance deficit does not alone indicate that the School District is facing financial difficulties. The unassigned deficit on the GAAP financial statements of $398,816.40 is less than the last state aid payment.

61

25200 Notes to Financial Statements (Cont'd) Note 18: FUND BALANCES (CONT’D)

UNASSIGNED (CONT’D)

Special Revenue Fund - As of June 30, 2015, the fund balance of the special revenue fund was a deficit of $9,221.60, thus resulting in the fund balance classification of unassigned. The deficit is a result from a delay in the payment of state aid until the following fiscal year. As stated in note 18, since the State is recording the June state aid payments in the subsequent fiscal year, the School District cannot recognize the June state aid payment on the GAAP financial statements until the year the State records the payable. Due to the timing difference of recording the June state aid payments, the special revenue fund balance deficit does not alone indicate that the School District is facing financial difficulties. The unassigned deficit on the GAAP financial statements of $9,221.60 is less than the last state aid payment.

Note 19: RESTATEMENT OF PRIOR PERIOD NET POSITION

As indicated in note 1 to the financial statements, the School District adopted GASB Statement 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27, and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - an amendment of GASB Statement No. 68, for the fiscal year ended June 30, 2015. As a result of implementing these two Statements, a restatement of unrestricted net position on the government-wide statement of activities was required to record the School District’s proportionate share of its net pension liability. The cumulative effect on the financial statements as reported for June 30, 2014, is as follows:

Net Position

As Previously Net Position

Reported Net Pension Deferred Accounts As Restated

June 30, 2014 Liability (1) Outflows (2) Payable (3) June 30, 2014


Net Investment in Capital Assets 2,708,606.78$ -$ -$ -$ 2,708,606.78$

Reserve for:

Other Purposes 1,674,744.43 1,674,744.43

Unrestricted (Deficit) (307,825.29) (914,534.00) 44,689.00 (44,689.00) (1,222,359.29)

Total Net Position 4,075,525.92$ (914,534.00)$ 44,689.00$ (44,689.00)$ 3,160,991.92$

(1) Represents the District's proportionate share of the Public Employees' Retirement System (PERS)June 30, 2013 Net Pension Liability.

(2) Represents the District's beginning deferred outflow of resources for contributions subsequentto the measurement date, paid on April 1, 2015.

(3) Represents the District's accounts payable for contributions subsequent to the measurement date,paid on April 1, 2015. The State of New Jersey Division of Pension and Benefits has an accountsaccounts receivable recorded in the PERS Plan Audit.

GASB 68 Implementation

62

REQUIRED SUPPLEMENTARY INFORMATIONPART II

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12

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- E

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oyee

Ben

efits

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ased

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00$

-$

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00$

644,

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30,3

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74

25200 Exhibit C-3BOROUGH OF WOODLYNNE SCHOOL DISTRICT

Required Supplementary InformationBudgetary Comparison Schedule

Note to RSIFor the Fiscal Year Ended June 30, 2015

Note A - Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures.

SpecialGeneral Revenue

Fund FundSources / Inflows of Resources:

Actual amounts (budgetary basis) "revenues" from the budgetary comparison schedules 9,675,314.05$ 644,141.60$

Differences - Budget to GAAP: Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.

Current Year 28,779.00

Prior Year -

The last State aid payment is recognized as revenue for budgetary purposes, and differs from GAAP which does not recognize this revenue until the subsequent year when the State recognizes the related expense (GASB 33) received July 2014. 665,225.30 12,679.70

The last State aid payment is recognized as revenue for budgetary purposes, and differs from GAAP which does not recognize this revenue until the subsequent year when the State recognizes the related expense (GASB 33) received July 2015. (671,680.40) (9,221.60)

Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds 9,668,858.95$ 676,378.70$

Uses / Outflows of Resources:

Actual amounts (budgetary basis) "total expenditures" from the budgetary comparison schedule 8,758,019.88$ 644,141.60$

Differences - Budget to GAAP: Encumbrances for supplies and equipment ordered but not received is reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes. Current Year 28,779.00 Prior Year -

Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds (B-2) 8,758,019.88$ 672,920.60$

75

REQUIRED SUPPLEMENTARY INFORMATIONPART III

25200 Exhibit L-1

BOROUGH OF WOODLYNNE SCHOOL DISTRICT

2014 2013

School District's Proportion of the Net Pension Liability 0.0054208857% 0.0047851300%

School District's Proportionate Share of the Net Pension Liability 1,014,938.00$ 914,534.00$

School District's Covered-Employee Payroll 285,952.00$ 363,980.00$

School District's Proportionate Share of the Net PensionLiability as a Percentage of it's Covered-Employee Payroll 354.93% 251.26%

Plan Fiduciary Net Position as a Percentage of the TotalPension Liability 52.08% 48.72%

Note: This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, this presentation will only include information for those years for which information is available.

Required Supplementary InformationSchedule of the School District's Proportionate Share of the Net Pension Liability

Public Employees' Retirement System (PERS)Last Two Fiscal Years

Measurement Date Ending June 30,

77

25200 Exhibit L-2


2015 2014

Contractually Required Contribution 40,494.00$ 44,689.00$

Contributions in Relation to theContractually Required Contribution (40,494.00) (44,689.00)

Contribution Deficiency (Excess) -$ -$

School District's Covered-Employee Payroll 298,156.00$ 285,952.00$

Contributions as a Percentage ofSchool District's Covered-Employee Payroll 13.58% 15.63%


Required Supplementary InformationSchedule of the School District's ContributionsPublic Employees' Retirement System (PERS)

Last Two Fiscal Years

Fiscal Year Ended June 30,

78

25200 Exhibit L-3


2014 2013

School District's Proportion of the Net Pension Liability 0.00% 0.00%

State's Proportion of the Net Pension LiabilityAssociated with the School District 100.00% 100.00%

100.00% 100.00%

School District's Proportionate Share of the Net Pension Liability -$ -$

State's Proportionate Share of the Net Pension LiabilityAssociated with the School District 12,901,669.00 12,953,089.00

12,901,669.00$ 12,953,089.00$

School District's Covered-Employee Payroll 1,726,295.00$ 2,198,510.00$

School District's Proportionate Share of the Net PensionLiability as a Percentage of it's Covered-Employee Payroll 0.00% 0.00%

State's Proportionate Share of the Net PensionLiability as a Percentage of it's Covered-Employee Payroll 747.36% 589.18%

Plan Fiduciary Net Position as a Percentage of the TotalPension Liability 33.64% 33.76%


Required Supplementary InformationSchedule of the School District's Proportionate Share of the Net Pension Liability

Teachers' Pension and Annuity Fund (TPAF)Last Two Fiscal Years

Measurement Date Ending June 30,

79

25200 Exhibit L-4


This schedule is not applicable.

The School District is not required to make any contributions towards TPAF.

There is a special funding situation where the State of New Jersey pays 100% of the required contributions.

Required Supplementary InformationSchedule of School District's Contributions

Teachers' Pension and Annuity Fund (TPAF)Last 10 Fiscal Years

80

25200 Exhibit L-5


Public Employees' Retirement System (PERS)

Changes in Benefit Terms - None

Changes in Assumptions - The discount rate changed from 5.55% as of June 30, 2013, to 5.39% as of June 30, 2014,

in accordance with Paragraph 44 of GASB Statement No. 67.

Teachers' Pension and Annuity Fund (TPAF)

Changes in Benefit Terms - None

Changes in Assumptions - The discount rate changed from 4.95% as of June 30, 2013, to 4.68% as of June 30, 2014,

in accordance with Paragraph 44 of GASB Statement No. 67.

Notes to Required Supplementary Information - Part IIIFor the Fiscal Year Ended June 30, 2015

81

OTHER SUPPLEMENTARY INFORMATION

SPECIAL REVENUE FUND

25200

Ex

hib

it E

-1B

OR

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GH

OF

WO

OD

LY

NN

E S

CH

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chedule

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84

25200 Exhibit E-2

BOROUGH OF WOODLYNNE SCHOOL DISTRICTSpecial Revenue Fund

Statement of Preschool Education Aid--Budgetary BasisFor the Fiscal Year Ended June 30, 2015

GOVERNMENT-WIDE TOTAL

Budgeted Actual VarianceEXPENDITURES:Instruction: Salaries of Teachers 92,216.00$ 92,216.00$ -$

Calculation of Budget and Carryover

Total Revised 2014-15 Preschool Education Aid Allocation 92,216.00$ Add: Actual ECPA & Preschool Education Aid Carryover (June 30, 2014) -

Total Preschool Education Aid Funds Available for 2014-15 Budget 92,216.00

Less: 2014-15 Budgeted Preschool Education Aid (Including Prior Year Budget Carryover) 92,216.00

Available and Unbudgeted Preschool Education Aid Funds as of June 30, 2015 -

Add: June 30, 2014 Unexpended Preschool Education Aid -

2014-15 Carryover - Preschool Education Aid -$

2014-15 Preschool Education Aid Carryover Budgeted for Preschool Programs 2015-16 -$

85

CAPITAL PROJECTS FUND

25200

Ex

hib

it F

-1B

OR

OU

GH

OF

WO

OD

LY

NN

E S

CH

OO

L D

IST

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TC

apita

l Pro

ject

s F

und

Sum

mary

Sch

edule

of P

roje

ct E

xpenditu

res

For

the F

isca

l Year

Ended J

une 3

0, 2015

Origin

al

Bala

nce

Pro

ject

Titl

e/Iss

ue

Date

Appro

priatio

ns

Prior

Years

Curr

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June 3

0, 2015

Repla

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ent of B

oile

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41,7

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0$

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117,3

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0$

1,6

82,5

50.0

0$

Exp

enditu

res

to D

ate

87

Exhibit F-2

BOROUGH OF WOODLYNNE SCHOOL DISTRICTCapital Projects Fund

Summary Schedule of Revenue, Expenditures and Change in Fund Balance--Budgetary BasisFor the Fiscal Year Ended June 30, 2015

REVENUES AND OTHER FINANCING SOURCES:

Transfer form Capital Reserve 221,160.00$

Total Revenues and Other Financing Sources 221,160.00

EXPENDITURES AND OTHER FINANCING USES:

Architectural / Engineering Services 117,340.00

Construction Services -

Total Expenditures and Other Financing Uses 117,340.00

Excess (Deficiency) of Revenues Over (Under) Expenditures 103,820.00

Fund Balance -- July 1 -

Fund Balance -- June 30 103,820.00$

25200

88

Exh

ibit

F-2

a

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RO

UG

H O

F W

OO

DL

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SC

HO

OL

DIS

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Cap

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Fun

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the

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Rev

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Aut

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Tot

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Cos

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NU

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1,

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EX

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n S

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Exc

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Add

ition

al P

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ct In

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Pro

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Num

ber

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inal

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Add

ition

al A

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rized

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Per

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rigin

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plet

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%

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inal

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get C

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ate

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5

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2520

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89

PROPRIETARY FUNDS

25200 Exhibit G-1


Proprietary Fund

Business-Type Activities - Enterprise Fund

Statement of Net Position

June 30, 2015

Food

Service

ASSETS:

Current Assets:

Cash and Cash Equivalents 45,627.60$

Inventory 4,101.62

Accounts Receivable:

State 223.75

Federal 9,455.37

Other 14,578.94

Total Current Assets 73,987.28

Noncurrent Assets:

Furniture, Fixtures and Equipment 24,571.80

Less Accumulated Depreciation (11,672.27)

Total Noncurrent Assets 12,899.53

Total Assets 86,886.81

LIABILITIES:

Current Liabilities:

Accounts Payable 13,652.85

Total Liabilities 13,652.85

NET POSITION:

Net Investment in Capital Assets 12,899.53

Unrestricted 60,334.43

Total Net Position 73,233.96$

91

25200 Exhibit G-2


Proprietary Fund


Statement of Revenues, Expenses and Changes in Fund Net Position


Food

Service

OPERATING REVENUES:

Charges for Services:

Daily Sales - Reimbursable Programs:

School Lunch Program 10,421.15$

Daily Sales - Non-Reimbursable Programs 8,864.90

Total Operating Revenues 19,286.05

OPERATING EXPENSES:

Salaries 63,290.79

Employee Benefits 14,347.91

Depreciation 1,458.11

Cost of Sales 72,323.21

Miscellaneous 7,097.11

Supplies 14,464.22

Purchased Professional/Technical Services 35,961.06

Total Operating Expenses 208,942.41

Operating Loss (189,656.36)

NONOPERATING REVENUES:

State Sources:

State School Lunch Program 2,816.97

Federal Sources:

National School Lunch Program 140,967.30

National School PB Lunch Program 3,038.22

National School Breakfast Program 26,303.97

National School After School Snack Program 3,186.52

National School Milk Program 386.27

Food Distribution Program 15,243.40

Total Nonoperating Revenues 191,942.65




92

25200 Exhibit G-3


Proprietary Fund


Statement of Cash Flows


Food

Service

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from Customers 19,286.05$

Payments to Management Company (184,456.65)

Payments to Suppliers (26,482.62)

Payments to Employees (3,794.00)

Net Cash Provided by (used for) Operating Activities (195,447.22)

CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES:

State Sources 3,293.61

Federal Sources 213,483.33

Net Cash Provided by (used for) Non-Capital Financing Activities 216,776.94

Net Increase (Decrease) in Cash and Cash Equivalents 21,329.72

Cash and Cash Equivalents -- July 1 24,297.88

Cash and Equivalents -- June 30 45,627.60$

Reconciliation of Operating Income (Loss) to Net Cash Provided (Used)

by Operating Activities:

Operating Income (Loss) (189,656.36)$

Adjustments to Reconcile Operating Income (Loss) to Net Cash

Provided by (used for) Operating Activities:

Depreciation and Net Amortization 1,458.11

(Increase) Decrease in Accounts Receivable (1,507.82)

(Increase) Decrease in Inventories (862.34)

Increase (Decrease) in Accounts Payable (4,878.81)

Total Adjustments (5,790.86)

Net Cash Provided by (used for) Operating Activities (195,447.22)$

93

FIDUCIARY FUNDS

25200 Exhibit H-1BOROUGH OF WOODLYNNE SCHOOL DISTRICT

Fiduciary FundsCombining Statement of Fiduciary Net Position

June 30, 2015

Trust Fund Agency Funds

UnemploymentCompensation Student

Trust Activity Payroll Total

ASSETS:Cash and Cash Equivalents 101,143.46$ 18,355.50$ 28,754.08$ 148,253.04$

Accounts Receivable: Interfund Accounts Receivable: Due General Fund 50,000.00 50,000.00 Other Accounts Receivable 1,000.00 1,000.00

Total Investments 50,000.00 - 1,000.00 51,000.00

Total Assets 151,143.46 18,355.50$ 29,754.08$ 199,253.04

LIABILITIES:Payroll Deductions Payable 754.08$ 754.08Interfund Accounts Payable: Due General Fund 29,000.00 29,000.00Payable to Student Groups 18,355.50 18,355.50

Total Liabilities - 18,355.50$ 29,754.08$ 48,109.58

NET POSITION:Held in Trust for Unemployment Claims and Other Purposes 151,143.46$ 151,143.46$

95


Fiduciary FundsStatement of Changes in Fiduciary Net Position


UnemploymentCompensation

Trust

ADDITIONS:Contributions and Donations from Payroll Deductions Withheld 4,949.85$ Employer Contributions 50,000.00

Total Additions 54,949.85

DEDUCTIONS:Unemployment Claims 34,428.40




96


Fiduciary FundsStudent Activity Agency Fund Schedule of Receipts and Disbursements


Balance Cash Cash BalanceJune 30, 2014 Receipts Disbursements June 30, 2015

ELEMENTARY SCHOOLS:Woodlynne Elementary School 21,943.65$ 27,986.23$ 31,574.38$ 18,355.50$

97


Fiduciary FundsPayroll and Agency Fund Schedule of Receipts and Disbursements


Balance BalanceJune 30, 2014 Additions Deletions June 30, 2015

ASSETS:

Cash and Cash Equivalents 46,249.23$ 2,839,694.71$ 2,857,189.86$ 28,754.08$ Accounts Receivable 1,000.00 1,000.00

Total Assets 47,249.23$ 2,839,694.71$ 2,857,189.86$ 29,754.08$

LIABILITIES:

Payroll Deductions and Withholdings 1,599.52$ 1,168,168.09$ 1,169,013.53$ 754.08$ Net Payroll 1,641,379.29 1,641,379.29 Interfund Accounts Payable: Due Unemployment Trust 7,081.06 4,949.85 12,030.91 Due General Fund 38,568.65 25,197.48 34,766.13 29,000.00

Total Liabilities 47,249.23$ 2,839,694.71$ 2,857,189.86$ 29,754.08$

98

STATISTICAL SECTION

Financial Trends Information

Financial trends information is intended to assist the user in understanding and assessinghow the School District's financial position has changed over time. Please refer to thefollowing exhibits for a historical view of the School District's financial performance.

25200

Exh

ibit

J-1

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Go

ve

rnm

en

tal A

ctivitie

s:

Net In

vest

ment in

Capita

l Ass

ets

2,7

24,3

75.3

7$

2,7

08,6

06.7

8$

2,6

77,5

17.6

3$

2,6

59,1

39.5

7$

2,7

45,5

41.8

0$

2,8

35,6

37.1

4$

2,9

39,1

64.5

3$

3,0

29,1

45.9

2$

2,9

97,9

36.4

2$

2,9

95,2

54.1

8$

Rest

rict

ed

2,5

09,2

79.4

1

1,6

74,7

44.4

3

926,1

76.3

0

567,6

75.4

8

335,6

54.7

9

701,3

85.1

5

375,6

88.0

3

344,2

85.7

4

476,9

53.4

4

372,9

57.7

2

Unre

strict

ed

(1,2

99,6

29.7

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(307,8

25.2

9)

(181,6

99.7

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(41,9

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(77,9

43.9

8)

(379,2

79.0

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115,5

36.5

5

87,8

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9

166,6

93.5

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(28,3

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Tota

l Gove

rnm

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l Act

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es

Net P

osi

tion

3,9

34,0

25.0

1$

4,0

75,5

25.9

2$

3,4

21,9

94.2

3$

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84,8

27.2

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03,2

52.6

1$

3,1

57,7

43.2

1$

3,4

30,3

89.1

1$

3,4

61,2

48.9

5$

3,6

41,5

83.3

8$

3,3

39,8

82.1

0$

Busi

ness

-typ

e A

ctiv

ities:

Net In

vest

ment in

Capita

l Ass

ets

12,8

99.5

3$

14,3

57.6

4$

15,8

15.7

5$

17,2

73.8

6$

18,7

31.9

7$

13,1

44.1

0$

343.0

0$

682.0

0$

1,0

21.0

0$

1,3

60.0

0$

Rest

rict

ed

Unre

strict

ed

60,3

34.4

3

56,5

90.0

3

56,9

13.3

3

71,5

64.7

8

61,0

69.9

6

41,6

63.0

5

21,5

73.1

1

26,8

35.6

8

30,4

13.6

9

34,0

43.5

3

Tota

l Busi

ness

-typ

e A

ctiv

ities

Net P

osi

tion

73,2

33.9

6$

70,9

47.6

7$

72,7

29.0

8$

88,8

38.6

4$

79,8

01.9

3$

54,8

07.1

5$

21,9

16.1

1$

27,5

17.6

8$

31,4

34.6

9$

35,4

03.5

3$

Dis

tric

t-w

ide:

Net In

vest

ment in

Capita

l Ass

ets

2,7

37,2

74.9

0$

2,7

22,9

64.4

2$

2,6

93,3

33.3

8$

2,6

76,4

13.4

3$

2,7

64,2

73.7

7$

2,8

48,7

81.2

4$

2,9

39,5

07.5

3$

3,0

29,8

27.9

2$

2,9

98,9

57.4

2$

2,9

96,6

14.1

8$

Rest

rict

ed

2,5

09,2

79.4

1

1,6

74,7

44.4

3

926,1

76.3

0

567,6

75.4

8

335,6

54.7

9

701,3

85.1

5

375,6

88.0

3

344,2

85.7

4

476,9

53.4

4

372,9

57.7

2

Unre

strict

ed

(1,2

39,2

95.3

4)

(251,2

35.2

6)

(124,7

86.3

7)

29,5

76.9

3

(16,8

74.0

2)

(337,6

16.0

3)

137,1

09.6

6

114,6

52.9

7

197,1

07.2

1

5,7

13.7

3

Tota

l Dis

tric

t-w

ide N

et P

osi

tion

4,0

07,2

58.9

7$

4,1

46,4

73.5

9$

3,4

94,7

23.3

1$

3,2

73,6

65.8

4$

3,0

83,0

54.5

4$

3,2

12,5

50.3

6$

3,4

52,3

05.2

2$

3,4

88,7

66.6

3$

3,6

73,0

18.0

7$

3,3

75,2

85.6

3$

Sourc

e: E

xhib

it A

-1

In a

ccord

ance

with

GA

SB

65, effect

ive for

the fis

cal y

ear

ended J

une 3

0, 2013, th

e m

eth

od to e

xpense

debt is

suance

cost

s w

as

changed. S

ee the n

ote

s to

the fin

anci

al s

tate

ments

.

For

the fis

cal y

ear

ended J

une 3

0, 2015, th

e S

chool D

istr

ict adopte

d G

AS

BS

No's

. 68 a

nd 7

1, w

hic

h r

equired the S

chool D

istr

ict to

reco

rd it

s pro

port

ionate

share

of th

e n

et pensi

on li

abili

ty a

nd r

ela

ted d

efe

rred o

utflo

ws

and in

flow

s of re

sourc

es

in the g

ove

rnm

ent-

wid

e fin

anci

al s

tate

ments

. B

ala

nce

s prior

to J

une 3

0, 2015 a

re s

how

n a

s origin

ally

report

ed a

nd h

ave

not been r

est

ate

d for

this

adoptio

n.

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Net P

osi

tion b

y C

om

ponent

Last

Ten F

isca

l Years

(A

ccru

al B

asi

s of A

ccountin

g)

Unaudite

d

Fis

cal Y

ear

Ended J

une 3

0,

101

2520

0E

xhib

it J

-2

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Exp

ense

s:G

over

nmen

tal A

ctiv

ities

:In

stru

ctio

n:R

egul

ar2,

034,

879.

87$

2,11

9,86

8.31

$

1,

492,

113.

02$

1,37

3,03

7.33

$

1,

267,

602.

65$

1,32

7,03

1.69

$

1,

363,

663.

18$

1,07

4,14

7.49

$

97

4,21

4.51

$

989,

177.

19$

S

peci

al E

duca

tion

270,

507.

79

22

0,93

0.74

933,

687.

22

94

2,97

2.14

1,18

4,65

5.21

1,

295,

783.

12

1,21

0,00

2.20

1,

373,

965.

50

1,27

5,03

1.25

1,

235,

628.

34

Oth

er S

peci

al E

duca

tion

156,

322.

63

29

6,63

6.57

223,

081.

07

30

4,77

9.30

402,

939.

76

31

,851

.93

21

,698

.90

29

,542

.00

33

,917

.32

22

,980

.31

O

ther

Inst

ruct

ion

7,65

0.00

5,

000.

00

9,71

1.00

11

,182

.45

13

,572

.00

S

uppo

rt S

ervi

ces:

Tui

tion

3,39

0,73

8.65

3,

125,

381.

22

3,27

7,59

0.32

3,

586,

672.

75

3,64

2,39

3.92

3,

889,

022.

26

3,00

7,24

6.99

2,

556,

517.

36

2,20

6,18

3.12

2,

522,

699.

05

Stu

dent

and

Inst

ruct

ion

Rel

ated

Ser

vice

s66

0,13

4.17

604,

610.

16

67

6,29

4.41

773,

074.

01

86

1,90

7.87

800,

203.

15

70

3,88

1.99

790,

210.

85

61

1,64

5.69

820,

750.

87

S

choo

l Adm

inis

trat

ive

Ser

vice

s84

,263

.46

90

,283

.31

14

7,43

9.54

144,

475.

94

13

8,14

7.79

125,

429.

50

12

8,91

2.74

115,

497.

49

11

5,86

7.82

105,

275.

50

G

ener

al a

nd B

usin

ess

Adm

inis

trat

ive

Ser

vice

s47

1,64

4.93

493,

078.

39

47

6,72

8.55

464,

663.

23

46

0,78

3.71

470,

343.

22

49

1,99

3.10

484,

980.

42

35

7,40

2.12

389,

155.

22

P

lant

Ope

ratio

ns a

nd M

aint

enan

ce38

2,59

1.72

498,

388.

71

44

8,53

4.40

385,

672.

67

33

0,32

6.65

351,

756.

36

37

4,37

7.81

417,

913.

36

36

1,17

5.79

332,

852.

04

P

upil

Tra

nspo

rtat

ion

328,

566.

18

33

2,54

5.97

288,

131.

04

23

2,89

4.37

234,

165.

39

24

0,85

3.33

315,

337.

97

29

4,63

4.82

241,

163.

17

25

2,41

1.71

Una

lloca

ted

Ben

efits

2,02

0,61

9.09

1,

376,

200.

12

1,50

7,87

6.23

1,

438,

644.

31

1,32

7,91

5.95

1,

274,

154.

62

1,10

6,97

0.11

1,

168,

772.

19

1,18

3,19

0.14

1,

035,

665.

04

Tra

nsfe

r to

Cha

rter

Sch

ool

307,

111.

00

34

5,46

8.10

282,

906.

00

24

8,55

6.00

286,

270.

00

27

1,96

0.00

327,

604.

82

22

4,49

7.00

134,

911.

00

88

,635

.00

In

tere

st o

n Lo

ng-t

erm

Deb

t34

,045

.00

34

,045

.00

22

,079

.00

16

,088

.00

27

,664

.00

3,

062.

50

8,31

2.50

13

,562

.50

A

mor

tizat

ion

of B

ond

Issu

ance

Cos

ts3,

666.

66

3,66

6.67

3,

666.

67

Una

lloca

ted

Dep

reci

atio

n1,

050.

071,

050.

06

1,30

0.07

1,

300.

07

1,30

0.07

1,

300.

07

1,30

0.07

1,

300.

07

1,30

0.07

1,

300.

07

Tot

al G

over

nmen

tal A

ctiv

ities

Exp

ense

s10

,150

,124

.56

9,54

3,48

6.66

9,

787,

471.

87

9,92

4,01

2.57

10

,179

,644

.97

10,0

79,6

89.2

5

9,

052,

989.

88

8,53

8,70

7.71

7,

507,

981.

17

7,81

3,75

9.51

Bus

ines

s-ty

pe A

ctiv

ities

:F

ood

Ser

vice

208,

942.

41

21

9,97

8.67

228,

636.

66

21

8,57

8.75

210,

285.

75

19

0,46

2.20

194,

041.

85

18

7,01

0.61

188,

241.

16

19

1,00

2.29

Tot

al B

usin

ess-

type

Act

iviti

es E

xpen

se20

8,94

2.41

219,

978.

67

22

8,63

6.66

218,

578.

75

21

0,28

5.75

190,

462.

20

19

4,04

1.85

187,

010.

61

18

8,24

1.16

191,

002.

29

Tot

al D

istr

ict E

xpen

ses

10,3

59,0

66.9

7$

9,

763,

465.

33$

10

,016

,108

.53

$

10,1

42,5

91.3

2$

10

,389

,930

.72

$

10,2

70,1

51.4

5$

9,

247,

031.

73$

8,

725,

718.

32$

7,

696,

222.

33$

8,

004,

761.

80$

Pro

gram

Rev

enue

s:G

over

nmen

tal A

ctiv

ities

:C

harg

es fo

r S

ervi

ces

34,0

09.9

5$

37,7

11.7

0$

17,0

72.8

9$

96,4

89.1

6$

33,9

10.4

6$

-$

-

$

-$

-

$

-$

O

pera

ting

Gra

nts

and

Con

trib

utio

ns1,

685,

287.

48

1,07

7,56

1.59

1,

188,

847.

29

1,23

7,17

9.42

1,

550,

276.

83

1,38

2,27

9.51

1,

047,

563.

37

1,87

8,67

8.11

1,

649,

281.

91

1,75

2,88

0.92

Tot

al G

over

nmen

tal A

ctiv

ities

Pro

gram

Rev

enue

s1,

719,

297.

43

1,11

5,27

3.29

1,

205,

920.

18

1,33

3,66

8.58

1,

584,

187.

29

1,38

2,27

9.51

1,

047,

563.

37

1,87

8,67

8.11

1,

649,

281.

91

1,75

2,88

0.92

Bus

ines

s-ty

pe A

ctiv

ities

:C

harg

es fo

r se

rvic

esF

ood

serv

ice

19,2

86.0

5

16,6

27.7

5

14,6

03.1

5

21,4

48.2

3

19,2

05.8

0

18,4

99.0

5

24,4

87.3

0

27,9

33.2

0

34,7

81.1

1

38,3

65.9

0

Cap

ital G

rant

s an

d C

ontr

ibut

ions

27,0

00.0

0

Ope

ratin

g G

rant

s an

d C

ontr

ibut

ions

191,

942.

65

20

1,56

9.51

197,

923.

95

20

6,16

7.23

201,

949.

73

20

4,85

4.19

163,

952.

98

15

5,16

0.40

149,

491.

21

15

0,06

3.60

Tot

al B

usin

ess-

type

Act

iviti

es P

rogr

am R

even

ues

211,

228.

70

21

8,19

7.26

212,

527.

10

22

7,61

5.46

221,

155.

53

22

3,35

3.24

188,

440.

28

18

3,09

3.60

184,

272.

32

21

5,42

9.50

Tot

al D

istr

ict P

rogr

am R

even

ues

1,93

0,52

6.13

$

1,

333,

470.

55$

1,

418,

447.

28$

1,

561,

284.

04$

1,

805,

342.

82$

1,

605,

632.

75$

1,23

6,00

3.65

$

2,06

1,77

1.71

$

1,83

3,55

4.23

$

1,96

8,31

0.42

$

Net

(E

xpen

se)/

Rev

enu

e:G

over

nmen

tal A

ctiv

ities

(8,4

30,8

27.1

3)$

(8,4

28,2

13.3

7)$

(8,5

81,5

51.6

9)$

(8,5

90,3

43.9

9)$

(8,5

95,4

57.6

8)$

(8,6

97,4

09.7

4)$

(8,0

05,4

26.5

1)$

(6,6

60,0

29.6

0)$

(5,8

58,6

99.2

6)$

(6,0

60,8

78.5

9)$

Bus

ines

s-ty

pe A

ctiv

ities

2,28

6.29

(1

,781

.41)

(1

6,10

9.56

)

9,

036.

71

10,8

69.7

8

32,8

91.0

4

(5,6

01.5

7)

(3,9

17.0

1)

(3,9

68.8

4)

24,4

27.2

1

Tot

al D

istr

ict-

wid

e N

et E

xpen

se(8

,428

,540

.84)

$

(8

,429

,994

.78)

$

(8,5

97,6

61.2

5)$

(8

,581

,307

.28)

$

(8,5

84,5

87.9

0)$

(8

,664

,518

.70)

$

(8

,011

,028

.08)

$

(6,6

63,9

46.6

1)$

(5

,862

,668

.10)

$

(6,0

36,4

51.3

8)$

(Con

tinue

d)

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Cha

nges

in N

et P

ositi

onLa

st T

en F

isca

l Yea

rs (

Acc

rual

Bas

is o

f Acc

ount

ing)

Una

udite

d

Fis

cal Y

ear

End

ed J

une

30,

102

2520

0E

xhib

it J

-2

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Cha

nges

in N

et P

ositi

onLa

st T

en F

isca

l Yea

rs (

Acc

rual

Bas

is o

f Acc

ount

ing)

Una

udite

d

Fis

cal Y

ear

End

ed J

une

30,

Gen

eral

Rev

enue

s an

d O

ther

Cha

nges

in N

et P

ositi

on:

Gov

ernm

enta

l Act

iviti

es:

Pro

pert

y T

axes

Lev

ied

for

Gen

eral

Pur

pose

s, N

et2,

116,

037.

00$

1,93

3,20

5.00

$

1,

895,

299.

00$

1,85

8,13

7.00

$

1,

786,

670.

00$

1,77

7,19

5.00

$

1,

732,

728.

00$

1,68

5,31

8.00

$

1,

638,

383.

00$

1,47

4,63

3.00

$

T

axes

Lev

ied

for

Deb

t Ser

vice

24,5

97.0

0

25,8

24.0

0

27,0

51.0

0

28,2

78.0

0

Unr

estr

icte

d G

rant

s an

d C

ontr

ibut

ions

7,04

2,28

8.18

6,

910,

932.

33

6,85

0,90

2.68

6,

577,

778.

11

6,61

6,60

6.00

6,

116,

815.

95

4,76

9,08

7.00

4,

318,

485.

14

4,27

1,79

2.00

4,

253,

659.

32

Res

tric

ted

Gra

nts

and

Con

trib

utio

ns14

,453

.38

77

,653

.00

76

,696

.00

88

,699

.00

91

,768

.91

In

vest

men

t Ear

ning

s7,

272.

42

8,37

9.15

31

,748

.01

43

,335

.58

31

,807

.73

10

,041

.31

O

ther

31,0

81.6

6

18,6

82.3

9

25,7

16.9

0

17,2

48.4

5

14,4

86.1

0

79,8

13.9

1

18,8

56.8

0

15,7

45.8

2

76,6

19.9

6

6,56

6.71

C

ance

latio

n of

Pro

ject

(5,0

04.0

0)

Can

cela

tion

of R

ecei

vabl

e(4

4,10

1.00

)

(1

2,19

6.48

)

(2

70.6

8)

(1

74,9

74.6

4)

T

rans

fers

(27,

000.

00)

(27,

000.

00)

Tot

al G

over

nmen

tal A

ctiv

ities

9,20

3,86

0.22

8,

818,

718.

72

8,77

1,91

8.58

8,

440,

967.

08

8,42

4,76

3.84

7,

982,

204.

01

6,47

9,69

5.17

6,

160,

400.

54

6,10

7,35

2.69

5,

837,

947.

25

Bus

ines

s-ty

pe A

ctiv

ities

:C

ance

llatio

n of

Acc

ount

s P

ayab

le14

,125

.00

Tot

al B

usin

ess-

type

Act

iviti

es-

-

-

14,1

25.0

0

-

-

-

-

-

-

Tot

al D

istr

ict-

wid

e9,

203,

860.

22$

8,81

8,71

8.72

$

8,77

1,91

8.58

$

8,45

5,09

2.08

$

8,42

4,76

3.84

$

7,98

2,20

4.01

$

6,

479,

695.

17$

6,

160,

400.

54$

6,

107,

352.

69$

5,

837,

947.

25$

Ch

ang

e in

Net

Po

siti

on

:G

over

nmen

tal A

ctiv

ities

773,

033.

09$

39

0,50

5.35

$

190,

366.

89$

(1

49,3

76.9

1)$

(1

70,6

93.8

4)$

(7

15,2

05.7

3)$

(1

,525

,731

.34)

$

(4

99,6

29.0

6)$

24

8,65

3.43

$

(222

,931

.34)

$

Bus

ines

s-ty

pe A

ctiv

ities

2,28

6.29

(1

,781

.41)

(1

6,10

9.56

)

23

,161

.71

10

,869

.78

32

,891

.04

(5

,601

.57)

(3

,917

.01)

(3

,968

.84)

24

,427

.21

Tot

al D

istr

ict

775,

319.

38$

38

8,72

3.94

$

17

4,25

7.33

$

(1

26,2

15.2

0)$

(159

,824

.06)

$

(6

82,3

14.6

9)$

(1

,531

,332

.91)

$

(503

,546

.07)

$

24

4,68

4.59

$

(1

98,5

04.1

3)$

Sou

rce:

Exh

ibit

A-2

In a

ccor

danc

e w

ith G

AS

B 5

4, e

ffect

ive

for

the

fisca

l yea

r en

ded

June

30,

201

1, th

e de

scrip

tion

and

term

inol

ogy

utili

zed

to id

entif

y fu

nd B

alan

ce w

as c

hang

ed. S

ee th

e no

tes

to th

e fin

anci

al s

tate

men

ts.

For

the

fisca

l yea

r en

ded

June

30,

201

5, th

e S

choo

l Dis

tric

t ado

pted

GA

SB

S N

o's.

68

and

71, w

hich

req

uire

d th

e S

choo

l Dis

tric

t to

rec

ord

its p

ropo

rtio

nate

sha

re o

f the

net

pen

sion

liab

ility

and

rel

ated

def

erre

d ou

tflow

s an

d in

flow

s of

res

ourc

es

in th

e go

vern

men

t-w

ide

finan

cial

sta

tem

ents

. B

alan

ces

prio

r to

Jun

e 30

, 201

5 ar

e sh

own

as o

rigin

ally

rep

orte

d an

d ha

ve n

ot b

een

rest

ated

for

this

ado

ptio

n.

103

25200

Exh

ibit

J-3

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Genera

l Fund:

Rest

rict

ed

2,4

05,4

59.4

1$

1,6

74,7

44.4

3$

926,1

76.3

0$

261,5

18.6

8$

60,5

42.7

3$

692,3

77.4

5$

282,7

87.9

4$

281,3

82.2

3$

441,1

43.5

0$

229,4

56.0

8$

Ass

igned

97,1

79.7

9

139,0

77.6

0

40,0

68.3

9

297,1

49.1

2

268,2

08.8

1$

Unass

igned

(398,8

16.4

0)

(399,6

78.3

0)

(111,1

95.7

2)

40,6

08.2

1

(3

04,7

02.3

9)

351,6

34.8

9

279,7

52.6

2

263,3

54.0

2

223,4

43.6

4

Tota

l Genera

l Fund

2,1

03,8

22.8

0$

1,4

14,1

43.7

3$

855,0

48.9

7$

599,2

76.0

1$

328,7

51.5

4$

387,6

75.0

6$

634,4

22.8

3$

561,1

34.8

5$

704,4

97.5

2$

452,8

99.7

2$

All

Oth

er

Gove

rnm

enta

l Funds:

Unass

igned, R

eport

ed in

:

Speci

al R

eve

nue F

und

(9,2

21.6

0)

$

(12,6

79.7

0)

$

(1

2,3

55.2

0)

$

9,0

07.7

0$

6,9

03.2

5$

9,0

07.7

0$

9,8

61.2

0$

43,4

67.8

9$

37,9

97.4

2$

49,2

90.6

4$

Capita

l Pro

ject

s F

und

103,8

20.0

0

5,0

04.0

0

Tota

l All

Oth

er

Gove

rnm

enta

l Funds

94,5

98.4

0$

(1

2,6

79.7

0)

$

(1

2,3

55.2

0)

$

9,0

07.7

0$

6,9

03.2

5$

9,0

07.7

0$

9,8

61.2

0$

43,4

67.8

9$

37,9

97.4

2$

54,2

94.6

4$

Sourc

e: E

xhib

it B

-1

In a

ccord

ance

with

GA

SB

54, effect

ive for

the fis

cal y

ear

ended J

une 3

0, 2011, th

e d

esc

riptio

n a

nd term

inolo

gy

util

ized to id

entif

y fu

nd B

ala

nce

was

changed. S

ee the n

ote

s to

the fin

anci

al s

tate

ments

.

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Fund B

ala

nce

s, G

ove

rnm

enta

l Funds

Last

Ten F

isca

l Years

(M

odifi

ed A

ccru

al B

asi

s of A

ccountin

g)

Unaudite

d

Fis

cal Y

ear

Ended J

une 3

0,

104

25200

Exh

ibit

J-4

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Reve

nues:

Tax

Levy

2,1

16,0

37.0

0$

2,0

44,3

64.0

0$

1,9

33,2

05.0

0$

1,8

95,2

99.0

0$

1,8

58,1

37.0

0$

1,7

86,6

70.0

0$

1,7

77,1

95.0

0$

1,7

57,3

25.0

0$

1,7

11,1

42.0

0$

1,6

65,4

34.0

0$

Oth

er

Loca

l Reve

nue

65,0

91.6

1

78,7

25.7

7

35,7

55.2

8

122,2

06.0

6

51,1

58.9

1

21,7

58.5

2

29,3

91.4

1

36,1

33.0

1

59,0

81.4

0

108,4

27.6

9

Sta

te S

ourc

es

7,5

39,7

42.7

6

7,5

00,2

04.1

6

7,5

31,0

05.5

3

7,0

87,9

49.8

1

7,0

06,4

47.5

8

5,8

86,9

79.6

3

6,4

94,6

37.3

7

5,9

90,3

54.3

3

5,3

95,2

01.5

0

5,2

45,6

52.5

0

Federa

l Sourc

es

624,3

66.2

8

573,7

24.4

2

568,7

74.0

9

1,0

00,1

32.2

9

1,1

21,6

07.3

6

2,1

11,9

05.8

8

669,7

41.9

5

730,6

78.7

8

649,2

61.5

5

867,7

19.4

2

Tota

l Reve

nue

10,3

45,2

37.6

5

10,1

97,0

18.3

5

10,0

68,7

39.9

0

10,1

05,5

87.1

6

10,0

37,3

50.8

5

9,8

07,3

14.0

3

8,9

70,9

65.7

3

8,5

14,4

91.1

2

7,8

14,6

86.4

5

7,8

87,2

33.6

1

Exp

enditu

res:

Inst

ruct

ion

Regula

r In

stru

ctio

n1,9

54,5

56.2

4

2,1

03,9

36.5

7

1,3

99,4

53.9

5

1,2

91,4

63.5

1

1,1

87,4

76.3

9

1,3

29,3

21.0

4

1,3

06,9

10.0

3

957,9

54.0

8

898,0

21.1

0

927,8

99.5

7

Speci

al E

duca

tion Inst

ruct

ion

270,5

07.7

9

220,9

30.7

4

933,6

87.2

2

942,9

72.1

4

1,1

84,6

55.2

1

1,2

95,7

83.1

2

1,2

10,3

32.0

4

1,3

73,9

65.5

0

1,2

75,0

31.2

5

1,2

35,6

28.3

4

Oth

er

Speci

al I

nst

ruct

ion

156,3

22.6

3

296,6

36.5

7

223,0

81.0

7

304,7

79.3

0

402,9

39.7

6

31,8

51.9

3

21,6

98.9

0

29,5

42.0

0

33,9

17.3

2

22,9

80.3

1

Oth

er

Inst

ruct

ion

7,6

50.0

0

5,0

00.0

0

9,7

11.0

0

11,1

82.4

5

13,5

72.0

0

Support

Serv

ices:

Tuiti

on

3,3

90,7

38.6

5

3,1

25,3

81.2

2

3,2

77,5

90.3

2

3,5

86,6

72.7

5

3,6

42,3

93.9

2

3,8

89,0

22.2

6

3,0

07,2

46.9

9

2,5

56,5

17.3

6

2,2

06,1

83.1

2

2,5

22,6

99.0

5

Stu

dent and Inst

ruct

ion R

ela

ted S

erv

ices

660,1

34.1

7

604,6

10.1

6

676,2

94.4

1

773,0

74.0

1

861,9

07.8

7

800,2

03.1

5

711,1

89.4

9

790,2

10.8

5

611,6

45.6

9

820,7

50.8

7

Sch

ool A

dm

inis

trativ

e S

erv

ices

84,2

63.4

6

90,2

83.3

1

147,4

39.5

4

144,4

75.9

4

138,1

47.7

9

125,4

29.5

0

128,9

12.7

4

115,4

97.4

9

115,8

67.8

2

105,2

75.5

0

Oth

er

Adm

inis

trativ

e S

erv

ices

433,0

91.5

2

454,6

59.9

0

453,5

51.7

4

443,3

59.6

4

439,6

32.3

1

449,2

97.8

6

471,9

09.7

4

428,6

00.3

8

401,5

26.0

2

386,2

23.2

9

Pla

nt O

pera

tions

and M

ain

tenance

375,6

18.4

1

493,1

87.0

0

443,4

93.0

7

380,6

38.6

0

325,3

02.7

5

346,7

67.8

1

369,3

89.2

6

412,9

24.8

1

356,1

87.2

4

327,8

63.4

9

Pupil

Tra

nsp

ort

atio

n328,5

66.1

8

332,5

45.9

7

288,1

31.0

4

232,8

94.3

7

234,1

65.3

9

240,8

53.3

3

315,3

37.9

7

294,6

34.8

2

241,1

63.1

7

252,4

11.7

1

Unallo

cate

d B

enefit

s1,4

03,0

06.4

2

1,3

76,2

00.1

2

1,5

07,8

76.2

3

1,4

38,6

44.3

1

1,3

27,9

15.9

5

1,2

74,1

54.6

2

1,1

06,9

70.1

1

1,1

68,7

72.1

9

1,1

83,1

90.1

4

1,0

35,6

65.0

4

Tra

nsf

er

to C

hart

er

Sch

ool

307,1

11.0

0

345,4

68.1

0

282,9

06.0

0

248,5

56.0

0

286,2

70.0

0

271,9

60.0

0

327,6

04.8

2

224,4

97.0

0

134,9

11.0

0

88,6

35.0

0

Debt S

erv

ice:

Princi

pal

100,0

00.0

0

100,0

00.0

0

100,0

00.0

0

Inte

rest

and O

ther

Charg

es

5,2

50.0

0

10,5

00.0

0

15,7

50.0

0

Capita

l Outla

y176,7

14.0

1

189,4

08.4

3

147,0

13.2

5

34,2

45.2

2

41,8

03.0

0

12,5

84.0

0

19,0

42.2

0

6,2

38.0

0

Tota

l Exp

enditu

res

9,5

48,2

80.4

8

9,6

38,2

48.0

9

9,7

90,2

28.8

4

9,8

32,9

58.2

4

10,0

86,1

82.3

4

10,0

54,6

44.6

2

8,9

90,0

86.0

9

8,4

77,4

08.6

8

7,5

74,3

81.8

7

7,8

41,7

82.1

7

Exc

ess

(D

efic

iency

) of R

eve

nues

Ove

r (U

nder)

Exp

enditu

res

796,9

57.1

7

558,7

70.2

6

278,5

11.0

6

272,6

28.9

2

(4

8,8

31.4

9)

(247,3

30.5

9)

(1

9,1

20.3

6)

37,0

82.4

4

240,3

04.5

8

45,4

51.4

4

Oth

er

Fin

anci

ng S

ourc

es

(Use

s):

Acc

ounts

Rece

ivable

/Paya

ble

Cance

led

(44,1

01.0

0)

(174,9

74.6

4)

Cance

llatio

n o

f P

ensi

on R

ece

ivable

(7,0

80.7

6)

Cance

llatio

n o

f G

rant R

ece

ivable

(5,1

15.7

2)

(2

70.6

8)

DE

PA

& T

AR

A F

unds

58,8

01.6

5

Cance

llatio

n o

f P

roje

ct(5

,004.0

0)

Tra

nsf

ers

Out

(27,0

00.0

0)

Tota

l Oth

er

Fin

anci

ng S

ourc

es

(Use

s)-

-

(4

4,1

01.0

0)

-

(1

2,1

96.4

8)

(270.6

8)

58,8

01.6

5

(174,9

74.6

4)

(5

,004.0

0)

(2

7,0

00.0

0)

Net C

hange in

Fund B

ala

nce

s796,9

57.1

7$

558,7

70.2

6$

234,4

10.0

6$

272,6

28.9

2$

(6

1,0

27.9

7)

$

(247,6

01.2

7)

$

39,6

81.2

9$

(137,8

92.2

0)

$

235,3

00.5

8$

18,4

51.4

4$

Debt S

erv

ice a

s a P

erc

enta

ge o

f

Nonca

pita

l Exp

enditu

res

-

-

-

-

-

-

-

1.2

%1.5

%1.5

%

Sourc

e: E

xhib

it B

-2

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Changes

in F

und B

ala

nce

s, G

ove

rnm

enta

l Funds

Last

Ten F

isca

l Years

(M

odifi

ed A

ccru

al B

asi

s of A

ccountin

g)

Unaudite

d

Fis

cal Y

ear

Ended J

une 3

0,

105

25200

Exh

ibit

J-5

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Genera

l Fund -

Oth

er

Loca

l Reve

nue b

y S

ourc

eLast

Ten F

isca

l Years

(M

odifi

ed A

ccru

al B

asi

s of A

ccountin

g)

Un

au

dite

d

20

15

20

14

20

13

20

12

20

11

20

10

20

09

20

08

20

07

20

06

Inte

rest E

arn

ed o

n D

eposits

-$

2

,77

5.0

9$

3

,23

8.5

8$

2

,86

5.6

0$

6

,97

4.9

1$

7

,27

2.4

2$

8

,37

9.1

5$

3

1,7

46

.51

$

4

3,3

35

.58

$

3

1,8

07

.73

$

R

efu

nd o

f P

rior

Year

Exp

enditu

res

21

,64

3.7

37

42

.82

10

,33

3.5

17

,99

9.6

01

,22

1.9

42

0,7

96

.72

10

,75

8.0

06

5,4

89

.49

ER

AT

E2

5,3

02

.25

1

1,6

50

.01

12

,51

7.7

92

,14

6.0

81

2,8

43

.46

JIF

Aw

ard

3,5

00

.00

5,3

36

.82

Cance

llatio

n o

f P

rior

Year

Outs

tandin

g C

heck

s8

,98

0.5

52

,29

1.3

11

26

.35

Prior

Year

Tuiti

on A

dju

stm

ents

3,3

69

.00

10

,26

3.0

0M

isce

llaneous

Fees

2,2

79

.41

2,0

70

.64

75

9.6

71

.51

42

0.7

02

15

.54

1.5

01

,61

8.8

28

.65

Tota

l Mis

cella

neous

Reve

nues

31

,08

1.6

6$

40

,80

6.8

3$

18

,68

2.3

9$

25

,71

6.9

0$

17

,24

8.4

5$

21

,75

8.5

2$

29

,39

1.4

1$

31

,74

8.0

1$

59

,08

1.4

0$

10

7,5

68

.87

$

Sourc

e: D

istr

ict R

eco

rds

Fis

cal Y

ear

Ended J

une 3

0,

106

Revenue Capacity Information

Revenue capacity information is intended to assist users in understanding and assessingthe factors affecting the School District's ability to generate revenues. Please refer to thefollowing exhibits for a historical view of these factors and how they relate to the SchoolDistrict's ability to generate revenues.

25200

Exh

ibit

J-6

Year

Tota

lE

stim

ate

d A

ctual

To

tal D

ire

ct

Ended

Ass

ess

ed

Pu

blic

N

et V

alu

atio

n

Tax-

Exe

mpt

(County

Equaliz

ed )

Sch

ool T

ax

Dec.

31

Vaca

nt Land

Re

sid

en

tia

lF

arm

Co

mm

erc

ial

Indust

rial

Apart

ment

Valu

eU

tilit

ies (

1)

Taxa

ble

Pro

pert

yV

alu

eR

ate

(2)

2015

435,3

00.0

0$

60,5

17,4

00.0

0$

-$

5,2

22,9

00.0

0$

-$

579,6

00.0

0$

66,7

55,2

00.0

0$

78,2

78.0

0$

66,8

33,4

78.0

0$

6,3

69,0

00.0

0$

57,5

80,8

04.0

0$

$ 3

.257

2014

437,1

00.0

0

60,5

47,7

00.0

0

-

5,2

73,3

00.0

0

-

579,6

00.0

0

66,8

37,7

00.0

0

64,8

91.0

0

66,9

02,5

91.0

0

6,3

37,2

00.0

0

67,2

72,2

31.0

0

3.1

06

2013

437,1

00.0

0

60,5

30,8

00.0

0

-

5,2

77,1

00.0

0

-

579,6

00.0

0

66,8

24,6

00.0

0

84,6

70.0

0

66,9

09,2

70.0

0

6,4

34,3

00.0

0

71,5

70,1

21.0

0

2.9

75

2012

292,5

00.0

0

45,5

36,3

00.0

0

-

3,5

98,5

50.0

0

-

730,9

00.0

0

50,1

58,2

50.0

0

31,6

60.0

0

50,1

89,9

10.0

0

4,7

40,4

00.0

0

87,9

13,6

62.0

0

3.8

14

2011

292,5

00.0

0

45,5

54,2

00.0

0

-

3,6

78,0

50.0

0

-

730,9

00.0

0

50,2

55,6

50.0

0

24,9

63.0

0

50,2

80,6

13.0

0

4,7

40,4

00.0

0

100,6

01,4

67.0

0

3.7

32

2010

298,8

00.0

0

45,5

66,3

00.0

0

-

3,6

78,0

50.0

0

-

730,9

00.0

0

50,2

74,0

50.0

0

32,1

61.0

0

50,3

06,2

11.0

0

4,7

34,1

00.0

0

104,0

02,9

18.0

0

3.6

22

2009

298,8

00.0

0

45,5

79,4

00.0

0

-

3,7

47,5

50.0

0

-

730,9

00.0

0

50,3

56,6

50.0

0

32,2

46.0

0

50,3

88,8

96.0

0

4,7

34,1

00.0

0

106,8

24,0

32.0

0

3.5

36

2008

298,8

00.0

0

45,5

79,4

00.0

0

-

3,7

82,5

50.0

0

-

730,9

00.0

0

50,3

91,6

50.0

0

32,1

04.0

0

50,4

23,7

54.0

0

4,7

34,1

00.0

0

100,2

85,9

06.0

0

3.5

04

2007

298,8

00.0

0

45,5

84,0

00.0

0

-

3,7

93,6

50.0

0

-

730,9

00.0

0

50,4

07,3

50.0

0

30,6

95.0

0

50,4

38,0

45.0

0

4,7

34,1

00.0

0

86,6

93,0

99.0

0

3.4

38

2006

311,3

00.0

0

45,4

52,6

00.0

0

-

3,7

93,6

50.0

0

-

730,9

00.0

0

50,2

88,4

50.0

0

35,1

94.0

0

50,3

23,6

44.0

0

4,7

88,3

00.0

0

73,2

40,6

40.0

0

3.3

54

(1)

Taxa

ble

Valu

e o

f M

ach

inery

, Im

ple

ments

and E

quip

ment of T

ele

phone, T

ele

gra

ph a

nd M

ess

enger

Sys

tem

Com

panie

s

(2)

Tax

Rate

s are

per

$100.0

0 o

f A

ssess

ed V

alu

atio

n

Sourc

e: C

am

den C

ounty

Board

of T

axa

tion

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Ass

ess

ed V

alu

e a

nd A

ctual V

alu

e o

f T

axa

ble

Pro

pert

y

Last

Ten F

isca

l Years

Unaudite

d

108

25

20

0E

xh

ibit

J-7

Year

Genera

l T

ota

l D

ire

ct

To

tal D

ire

ct

Ended

Oblig

atio

n D

ebt

Sch

ool

Boro

ugh o

fC

am

de

nand O

verlappin

g

De

c.

31

Basi

c R

ate

Serv

ice

Ta

x R

ate

Woodly

nne

County

Ta

x R

ate

2015

$ 3

.257

-$

3.2

57

$

3.0

05

$

0.7

59

$

7.0

21

$

2014

3.1

06

-

3.1

06

2.8

50

0.8

62

6.8

18

2013

2.9

75

-

2.9

75

2.7

34

0.8

92

6.6

01

2012

3.8

14

-

3.8

14

3.4

93

1.3

53

8.6

60

2011

3.7

32

-

3.7

32

3.3

76

1.4

30

8.5

38

2010

3.6

22

-

3.6

22

3.2

31

1.3

54

8.2

07

2009

3.5

36

-

3.5

36

3.0

13

1.3

17

7.8

66

2008

3.4

55

0.0

49

3.5

04

2.8

77

1.2

69

7.6

50

2007

3.3

86

0.0

52

3.4

38

2.4

75

1.2

12

7.1

25

2006

3.3

00

0.0

54

3.3

54

2.3

87

1.1

83

6.9

24

Sourc

e: M

unic

ipal T

ax

Colle

ctor

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Direct

and O

verlappin

g P

ropert

y T

ax R

ate

sLast

Ten F

isca

l Years

(Rate

per

$100 o

f A

ssess

ed V

alu

e)

Unaudite

d

Dis

tric

t D

ire

ct

Ra

te

109

25200

Exh

ibit

J-8

Ta

xa

ble

% o

f T

ota

lT

axa

ble

% o

f T

ota

lA

ssess

ed

Dis

tric

t N

et

Ass

ess

ed

Dis

tric

t N

et

Taxp

aye

rV

alu

eR

ank

Ass

ess

ed V

alu

eV

alu

eR

ank

Ass

ess

ed V

alu

e

Adva

nce

Auto

725,0

00.0

0$

11.0

8%

2200 M

t. E

phra

im A

ve703,0

00.0

0

21.0

5%

Woodly

nne R

ealty

428,9

00.0

0

30.6

4%

BA

JWA

Bro

s./M

erit

395,6

00.0

0

40.5

9%

Sove

reig

n B

ank

350,0

00.0

0

50.5

2%

Info

rmatio

n N

ot A

vaila

ble

Ferr

y A

ve. LLC

314,9

00.0

0

60.4

7%

Xpre

ss

Mart

265,0

00.0

0

70.4

0%

Caro

llo/P

enn P

izza

218,9

00.0

0

80.3

3%

Indiv

idual T

axp

aye

r218,4

00.0

0

90.3

3%

C.V

. R

eal E

state

LLC

180,6

00.0

0

10

0.2

7%

Tota

l3,8

00,3

00.0

0$

5.6

9%

-$

-

Sourc

e: M

unic

ipal T

ax

Ass

ess

or

2015

2006

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Princi

pal P

ropert

y T

ax

Paye

rsC

urr

ent Y

ear

and N

ine Y

ears

Ago

Unaudite

d

110

25200 Exhibit J-9

School DistrictTaxes Levied

Fiscal Year for the Percentage Collections inEnded June 30, Fiscal Year Amount of Levy Subsequent Years

2015 2,116,037.00$ 1,763,365.00$ 83.33% 352,672.00$ 2014 2,044,364.00 1,703,638.00 83.33% 340,726.00 2013 1,933,205.00 1,611,004.18 83.33% 322,200.82 2012 1,895,299.00 1,579,415.80 83.33% 315,883.20 2011 1,858,137.00 1,703,292.25 91.67% 154,844.75 2010 1,786,670.00 1,614,710.60 90.38% 23,070.23 2009 1,777,195.00 1,754,124.77 98.70% 23,070.23 2008 1,757,325.00 1,734,254.77 98.69% 427,784.30 2007 1,711,142.00 1,283,357.70 75.00% 150,461.77 2006 1,665,434.00 1,514,972.23 90.97% 113,563.92

(1) 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 the amount voted upon or certified prior to the end of the school year.

Source: District Records

Collected within the Fiscal Year of the Levy (1)

BOROUGH OF WOODLYNNE SCHOOL DISTRICTProperty Tax Levies and Collections

Last Ten Fiscal YearsUnaudited

111

Debt Capacity Information

Debt capacity information is intended to assist users in understanding and assessing theSchool District's debt burden and it’s ability to issue additional debt. Please refer to thefollowing exhibits for a historical view of the School District's outstanding debt and its debtcapacity.

25200

Exh

ibit

J-1

0

Busi

ness

-Typ

e

Activitie

sF

isca

lG

enera

l C

ert

ifica

tes

Bond

Perc

enta

ge o

f Y

ear

Ended

Oblig

atio

n

of

Capita

lA

ntic

ipatio

nP

ers

onal

June 3

0,

Bonds

(1)

Part

icip

atio

nLease

sN

ote

s (B

AN

s)C

apita

l Lease

sT

ota

l D

istr

ict

Inco

me (

2)

Per

Capita

(3)

2014

-$

-$

-$

-$

-$

-$

0.0

0%

-$

2013

-

-

-

-

-

-

0.0

0%

-

2012

-

-

-

-

-

-

0.0

0%

-

2011

-

-

-

-

-

-

0.0

0%

-

2010

-

-

-

-

-

-

0.0

0%

-

2009

-

-

-

-

-

-

0.0

0%

-

2008

-

-

-

-

-

-

0.0

0%

-

2007

100,0

00.0

0

-

-

-

-

100,0

00.0

0

0.0

9%

36.9

0

2006

200,0

00.0

0

-

-

-

-

200,0

00.0

0

0.1

9%

73.5

6

.

Sourc

es:

(

1)

Dis

tric

t R

eco

rds

(2)

Pers

onal i

nco

me h

as

been e

stim

ate

d b

ase

d u

pon the m

unic

ipal p

opula

tion a

nd p

er

capita

(3)

Per

Capita

pers

onal i

nco

me b

y m

unic

ipalit

y-est

imate

d b

ase

d u

pon the 2

000 C

ensu

s publis

hed

Gove

rnm

enta

l Act

iviti

es

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Ratio

s of O

uts

tandin

g D

ebt by

Typ

eLast

Ten F

isca

l Years

Unaudite

d

113

25200 Exhibit J-11

Percentage of General Net General Net Assessed

Fiscal Year Obligation Bonded Debt ValuationEnded June 30, Bonds Deductions Outstanding (1) Taxable (2) Per Capita (3)

2015 -$ -$ -$ 0.00% -$ 2014 - - - 0.00% - 2013 - - - 0.00% - 2012 - - - 0.00% - 2011 - - - 0.00% - 2010 - - - 0.00% - 2009 - - - 0.00% - 2008 - - - 0.00% - 2007 100,000.00 - 100,000.00 0.20% 36.90 2006 200,000.00 - 200,000.00 0.40% 73.56

Sources:

(1) District Records (2) Net Assessed Valuation provided by Abstract of Ratables, County Board of Taxation (3) Per Capita calculation based upon population information provided by the NJ Dept of Labor and Workforce Development

General Bonded Debt Outstanding

BOROUGH OF WOODLYNNE SCHOOL DISTRICTRatios of Net General Bonded Debt Outstanding

Last Ten Fiscal YearsUnaudited

114

25200

Exh

ibit

J-1

2

BO

RO

UG

H O

F W

OO

DL

YN

NE

SC

HO

OL

DIS

TR

ICT

Direct

and O

verlappin

g G

ove

rnm

enta

l Act

iviti

es

Debt

As

of D

ece

mber

31, 2014

Unaudite

d

Sta

tuto

ryN

et D

ebt

Net

Outs

tandin

gD

ebt

Allo

cate

d to

Gro

ss D

ebt

Deduct

ions

Outs

tandin

gW

oodly

nne B

oro

ugh

Munic

ipal D

ebt: (

1)

Boro

ugh o

f W

oodly

nne

561,5

00.0

0$

112,7

05.8

9$

448,7

94.1

1$

448,7

94.1

1$

Woodly

nne B

oro

ugh S

chool D

istr

ict

-

-

-

-

561,5

00.0

0

112,7

05.8

9

448,7

94.1

1

448,7

94.1

1

Ove

rlappin

g D

ebt A

pport

ioned to

the M

unic

ipalit

y:C

ounty

of C

am

den: (2

)G

enera

l:B

onds

39,3

00,0

00.0

015,2

76,8

22.0

0

(3)

24,0

23,1

78.0

043,7

64.0

8

(5)

Loan A

gre

em

ent

222,6

33,2

20.0

0222,6

33,2

20.0

0405,5

80.7

0

(5)

Bonds

Issu

ed b

y O

ther

Public

Bodie

sG

uara

nte

ed b

y th

e C

ounty

675,3

37,6

94.0

0675,3

37,6

94.0

0

(4)

937,2

70,9

14.0

0690,6

14,5

16.0

0246,6

56,3

98.0

0449,3

44.7

8

937,8

32,4

14.0

0$

690,7

27,2

21.8

9$

247,1

05,1

92.1

1$

898,1

38.8

9$

Sourc

es:

(1)

2014 A

nnual D

ebt S

tate

ment

(2)

County

's 2

014 A

udit

Report

(3)

Incl

udes

Rese

rve for

Paym

ent of B

onds,

Oth

er

Acc

ounts

Rece

ivable

and G

enera

l Oblig

atio

n P

ensi

on R

efu

ndin

g B

onds.

(4

)D

educt

ible

in a

ccord

ance

with

N.J

.S. 40:3

7A

-80.

(5)

Such

debt is

allo

cate

d a

s a p

roport

ion o

f th

e B

oro

ugh's

share

of th

e tota

l 2014 E

qualiz

ed V

alu

e, w

hic

h is

0.1

82%

.

The s

ourc

e for

this

com

puta

tion w

as

the 2

014 T

able

of E

qualiz

ed V

alu

atio

ns,

whic

h is

supplie

d b

y th

e N

ew

Jers

ey

Div

isio

n o

f T

axa

tion.

115

25200

Exh

ibit

J-1

3

Leg

al D

eb

t M

arg

in C

alc

ula

tio

n f

or

Fis

cal Y

ear

2014

Eq

ua

lize

d V

alu

atio

n B

asis

(1

)

2014

57,5

78,9

97

$

2013

67,1

94,1

68

2012

76,2

86,3

12

[A]

201,0

59,4

77

$

Ave

rage E

qualiz

ed V

alu

atio

n o

f T

axa

ble

Pro

pert

y[A

/3]

67,0

19,8

26

$

De

bt

Lim

it (

3%

of

Ave

rag

e E

qu

aliz

atio

n V

alu

e)

(2)

2,0

10,5

95

$

To

tal N

et

De

bt

Ap

plic

ab

le t

o L

imit

[C]

-

Le

ga

l D

eb

t M

arg

in[B

-C]

2,0

10,5

95

$

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

De

bt

Lim

it2,0

10,5

94.7

7$

2,3

15,0

92.9

4$

2,6

49,0

34.6

1$

2,9

27,2

43.0

0$

3,1

15,2

54.0

0$

3,1

11,9

03.0

0$

2,9

35,1

91.0

0$

2,5

99,0

17.0

0$

2,2

28,6

76.0

0$

1,9

56,9

98.0

0$

To

tal N

et

De

bt

Ap

plic

ab

le t

o L

imit (

3)

-

-

-

-

-

-

-

-

100,0

00.0

0

200,0

00.0

0

Le

ga

l D

eb

t M

arg

in2,0

10,5

94.7

7$

2,3

15,0

92.9

4$

2,6

49,0

34.6

1$

2,9

27,2

43.0

0$

3,1

15,2

54.0

0$

3,1

11,9

03.0

0$

2,9

35,1

91.0

0$

2,5

99,0

17.0

0$

2,1

28,6

76.0

0$

1,7

56,9

98.0

0$

To

tal N

et

De

bt

Ap

plic

ab

le t

o t

he

Lim

it

as a

Pe

rce

nta

ge

of

De

bt

Lim

it0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

4.4

9%

10.2

2%

Sourc

es:

(1)

Equaliz

ed v

alu

atio

n b

ase

s w

ere

pro

vided b

y th

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eport

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n

Last

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isca

l Years

Unaudite

d

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cal Y

ear

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une 3

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116

Demographic and Economic Information

Demographic and economic information is intended (1) to assist users in understandingthe socioeconomic environment within which the School District operates and (2) toprovide information that facilitates comparisons of financial statement information overtime and among school districts. Please refer to the following exhibits for a historical viewof the demographic and economic statistics and factors prevalent in the location in whichthe School District operates.

25200 Exhibit J-14

Per Capita Personal Personal Unemployment

Year Population (1) Income (2) Income (3) Rate (4)

2014 2,938 133,808,272.00$ 45,544.00$ (5) 9.8%2013 2,956 134,628,064.00 45,544.00 14.0%2012 2,968 133,746,984.00 45,063.00 12.6%2011 2,972 131,448,588.00 44,229.00 12.4%2010 2,976 125,676,480.00 42,230.00 12.6%2009 2,686 112,908,696.00 42,036.00 12.0%2008 2,694 113,298,864.00 42,056.00 7.8%2007 2,710 110,562,580.00 40,798.00 5.9%2006 2,719 107,057,906.00 39,374.00 6.4%2005 2,736 101,675,232.00 37,162.00 5.2%

Sources: (1) Population information provided by the NJ Dept of Labor and Workforce Development(2) Personal income has been estimated based upon the municipal population and per capita(3) Per Capita personal income by county-estimated based upon the 2010 Census published (4) Unemployment data provided by the NJ Dept of Labor and Workforce Development(5) Estimated

Demographic and Economic StatisticsLast Ten Fiscal Years

Unaudited


118

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Unaudite

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119

Operating Information

Operating information is intended to provide contextual information about the SchoolDistrict's operations and resources to assist readers in using financial statementinformation to understand and assess the School District's economic condition. Pleaserefer to the following exhibits for a historical view of the factors and statistics pertinent tothe School District's operations.

25

20

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tatistics

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n F

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Unaudite

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122

25200

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Dis

tric

t B

uild

ing

Ele

men

tary

Woodly

nne E

lem

enta

ry (

1927)

Square

Feet

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50,6

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50,6

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Capaci

ty (

students

)540

540

540

540

540

540

540

540

540

540

Enro

llment

389

417

420

509

513

523

506

439

517

482

Num

ber

of S

chools

at Ju

ne 3

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iddle

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ool =

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igh S

chool =

0O

ther

= 0

Sourc

e: D

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Last

Ten F

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ool B

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Exh

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Fis

cal Y

ear

Ended J

une 3

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123

25200

Exh

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DIS

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Sch

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equired M

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tenance

Last

Ten F

isca

l Years

Unaudite

d

* S

chool F

aci

litie

sP

roje

ct #

(s)

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Woodly

nne E

lem

enta

ry S

chool

n/a

52,0

84.3

2$

67,3

19.7

7$

44,6

51.3

9$

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9$

68,8

27.0

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53,8

13.2

7$

82,7

22.6

5$

86,9

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8$

63,0

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90.9

1$

Tota

l Sch

ool F

aci

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2

44,6

51.3

9

57,0

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9

68,8

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4

53,8

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7

82,7

22.6

5

86,9

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63,0

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nd T

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9$

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5$

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8$

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90.9

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39.5

0$

* S

chool F

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s as

defin

ed u

nder

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CF

A. (N

.J.A

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nd N

.J.A

.C. 6A

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(11-0

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ear

Ended J

une 3

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124

25200 Exhibit J-20

BOROUGH OF WOODLYNNE SCHOOL DISTRICTInsurance Schedule

June 30, 2015Unaudited

Coverage DeductibleBurlington County Insurance Pool Joint Insurance Fund:

Property, Inland Marine and Auto Physical Damages 150,000,000.00$ 500.00$ Boiler and Machinery 125,000,000.00 1,000.00 Crime Coverage 500,000.00 500.00 General and Auto Liability 15,000,000.00 Workers Compensation StatutoryEducator's Legal Liability 15,000,000.00 Pollution Legal Liability 3,000,000.00 25,000.00 Cyber Liability 1,000,000.00 25,000.00

Surety BondsBusiness Administrator/Board Secretary Bond 25,000.00

Source: District Records

125

SINGLE AUDIT SECTION

Exhibit K-2

REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND REPORT ON INTERNAL CONTROLOVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133 AND

STATE OF NEW JERSEY CIRCULAR 15-08-OMB

INDEPENDENT AUDITOR’S REPORT

The Honorable President andMembers of the Board of EducationBorough of Woodlynne School DistrictWoodlynne, New Jersey 08107

Report on Compliance for Each Major Federal and State Program

We have audited the Borough of Woodlynne School District’s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the New Jersey State Grant Compliance Supplement that could have a direct and material effect on each of the School District’s major federal and state programs for the fiscal year ended June 30, 2015. The School 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 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; audit requirements as prescribed by the Division of Administration and Finance, Department of Education, State of New Jersey; OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; and State of New Jersey Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, OMB Circular A-133, and State of New Jersey Circular 15-08-OMB, 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 Woodlynne 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 School District's compliance.

Opinion on Each Major Federal and State Program

In our opinion, the Borough of Woodlynne 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 fiscal year ended June 30, 2015.

127

25200

Report on Internal Control Over Compliance

Management of the Borough of Woodlynne 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 the School District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal or 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 or state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and State of New Jersey Circular 15-08-OMB,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 School District’s internal control overcompliance.

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 or 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 bematerial 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 OMB Circular A-133 and State of New Jersey Circular 15-08-OMB. Accordingly, this report is not suitable for any other purpose.





128

Pass-through CFDA State Project Award Grant Period

Grantor/Program Title Number Number Amount From To

General Fund:

U.S. Department of Health and Human Services:

Passed-through the State Department of Education:

Medical Assistance Program (SEMI) 93.778 N/A 31,532.28$ 07/01/14 06/30/15

ARRA - Medical Assistance Program (SEMI) 93.778 N/A 14,453.88 10/01/08 12/31/10

Total General Fund

Special Revenue Fund:U.S. Department of Education:

Passed-through State Department of Education:

N.C.L.B.:

Title I - Part A 84.010A NLCB-5400-15 415,512.00 07/01/14 06/30/15

Title I - Part A 84.010A NLCB-5400-14 371,601.00 07/01/13 06/30/14

Total Title I - Part A

Title II - Part A 84.367A NLCB-5400-15 29,378.00 07/01/14 06/30/15

Title II - Part A 84.367A NLCB-5400-14 28,893.00 07/01/13 06/30/14

Total Title II - Part A

I.D.E.A. Part B:

Special Education Cluster:

Basic 84.027 IDEA-5400-15 131,527.00 07/01/14 06/30/15

Basic 84.027 IDEA-5400-14 150,578.00 07/01/13 06/30/14

Pre-School 84.173 IDEA-5400-15 5,865.00 07/01/14 06/30/15

Pre-School 84.173 IDEA-5400-14 6,151.00 07/01/13 06/30/14

Total I.D.E.A. Part B, Special Education Cluster

Total Special Revenue Fund

Enterprise Fund:

U.S. Department of Agriculture:

Non-Cash Assistance:

Food Distribution Program 10.555 Unavailable 15,243.40 07/01/14 06/30/15

Food Distribution Program 10.555 Unavailable 12,619.28 07/01/13 06/30/14

Cash Assistance:

Passed-through State Department of Agriculture:

Breakfast Expansion Grant 10.553 Unavailable 8,118.89 04/25/14 09/30/15

Passed-through State Department of Education:

National School Lunch Program 10.555 Unavailable 140,967.30 07/01/14 06/30/15

National School Lunch Program 10.555 Unavailable 152,160.40 07/01/13 06/30/14

National School PB Lunch Program 10.555 Unavailable 3,038.22 07/01/14 06/30/15

National School PB Lunch Program 10.555 Unavailable 3,239.58 07/01/13 06/30/14

School Breakfast Program 10.553 Unavailable 26,303.97 07/01/14 06/30/15

School Breakfast Program 10.553 Unavailable 27,210.44 07/01/13 06/30/14

After School Snack Program 10.556 Unavailable 3,186.52 07/01/14 06/30/15

After School Snack Program 10.556 Unavailable 2,852.00 07/01/13 06/30/14

Special Milk Program 10.556 Unavailable 386.27 07/01/14 06/30/15

Special Milk Program 10.556 Unavailable 375.90 07/01/13 06/30/14

Total Child Nutrition Cluster

Total Enterprise Fund

Total Federal Financial Assistance

(A) See Note 5 to the Schedules of Expenditures of Federal Awards and State Financial Assistance

The accompanying Notes to Financial Statements and Notes to Schedules of Expenditures of Federal Awards and State Financial Assistance are an

integral part of this schedule.

25200


Schedule of Expenditures of Federal Awards - Schedule A


129

Schedule K-3

Repayment of

Balance Cash Budgetary Prior Years' Accounts Unearned Due to

June 30, 2014 Received Adjustments (A) Expenditures Balances Receivable Revenue Grantor

-$ 31,532.28$ -$ 31,532.28$ -$ -$ -$ -$

14,453.38 14,453.38

- 45,985.66 - 45,985.66 - - - -

189,043.00 385,155.60 (196,112.60)

(212,106.79) 212,106.00 0.79

(212,106.79) 401,149.00 0.79 385,155.60 - (196,112.60) - -

29,378.00 (29,378.00)

(6,295.62) 6,295.00 0.62

(6,295.62) 6,295.00 0.62 29,378.00 - (29,378.00) - -

131,527.00 131,527.00

(150,578.00) 150,578.00

5,865.00 (5,865.00)

(6,151.00) 6,151.00

(156,729.00) 288,256.00 - 137,392.00 - (5,865.00) - -

(375,131.41) 695,700.00 1.41 551,925.60 - (231,355.60) - -

15,243.40 15,243.40

896.59 (896.59)

1,624.00 (1,624.00)

133,733.00 140,967.30 (7,234.30)

(27,281.60) 27,281.60

2,883.24 3,038.22 (154.98)

(578.70) 578.70

24,274.08 26,303.97 (2,029.89)

(5,603.63) 5,603.63

3,186.52 3,186.52

(266.40) 266.40

350.07 386.27 (36.20)

(82.69) 82.69

(31,292.43) 213,483.33 (2,520.59) 189,125.68 - (9,455.37) - -

(31,292.43) 213,483.33 (2,520.59) 189,125.68 - (9,455.37) - -

(406,423.84)$ 955,168.99$ (2,519.18)$ 787,036.94$ -$ (240,810.97)$ -$ -

Balance at June 30, 2015

130

25200

UnearnedRevenue/

State Grantor/ State Project Award Grant Period Accounts Due to Program Title Number Amount From To Receivable Grantor

General Fund:State Department of Education: Current Expense: State Aid - Public Cluster: Equalization Aid 15-495-034-5120-078 6,431,633.00$ 07/01/14 06/30/15 -$ -$ Equalization Aid 14-495-034-5120-078 6,431,633.00 07/01/13 06/30/14 (617,660.43) Special Education Aid 15-495-034-5120-089 345,651.00 07/01/14 06/30/15 Special Education Aid 14-495-034-5120-089 345,651.00 07/01/13 06/30/14 (33,194.52) Security Aid 15-495-034-5120-084 56,276.00 07/01/14 06/30/15 Security Aid 14-495-034-5120-084 56,276.00 07/01/13 06/30/14 (5,404.45) Per Pupil Growth Aid 15-495-034-5120-097 5,950.00 07/01/14 06/30/15 PARCC Readiness Aid 15-495-034-5120-098 5,950.00 07/01/14 06/30/15

Total State Aid - Public Cluster (656,259.40) -

Transportation Aid 15-495-034-5120-014 23,169.00 07/01/14 06/30/15 Transportation Aid 14-495-034-5120-014 23,169.00 07/01/13 06/30/14 (2,225.03)

Total Transportation Aid (2,225.03) -

Extraordinary Aid 15-100-034-5120-473 62,864.00 07/01/14 06/30/15 Extraordinary Aid 14-100-034-5120-473 55,547.00 07/01/13 06/30/14 (55,547.00)

Total Extraordinary Aid (55,547.00) -

Under Adequacy Aid 15-495-034-5120-096 70,192.00 07/01/14 06/30/15 Under Adequacy Aid 14-495-034-5120-096 70,192.00 07/01/13 06/30/14 (6,740.87)

Total Under Adequacy Aid (6,740.87) -

Reimbursed TPAF Social Security Contributions 15-495-034-5095-002 145,558.78 07/01/14 06/30/15 Reimbursed TPAF Social Security Contributions 14-495-034-5095-002 140,988.40 07/01/13 06/30/14 (6,747.64)

Total Reimbursed TPAF Social Security Contributions (6,747.64) -

Total General Fund (727,519.94) -

Special Revenue Fund:State Department of Education: Preschool Education Aid 15-495-034-5120-086 92,216.00 07/01/14 06/30/15 Preschool Education Aid 14-495-034-5120-086 126,797.00 07/01/13 06/30/14 (12,679.70)

Total Special Revenue Fund (12,679.70) -

Enterprise Fund: State School Lunch Program 15-100-010-3350-023 2,816.97 07/01/14 06/30/15 State School Lunch Program 14-100-010-3350-023 3,111.89 07/01/13 06/30/14 (700.39)

Total Enterprise Fund (700.39) -

Total State Financial Assistance subject to Major Program Determination for State Single Audit (740,900.03) -

State Financial Assistance not subject to calculation for Major Program Determination for State Single Audit:

General Fund (Non-Cash Assistance):

New Jersey Department of the Treasury: On-behalf T.P.A.F. Pension Contributions - Normal Cost 495-034-5094-006/007 116,311.00 07/01/14 06/30/15 On-behalf T.P.A.F. Medical Contributions - Post-Retirement Medical 495-034-5091-001 184,645.00 07/01/14 06/30/15

Total General Fund (Non-Cash Assistance) - -

Total State Financial Assistance (740,900.03)$ -$

(A) See Note 5 to the Schedules of Expenditures of Federal Awards and State Financial Assistance

The accompanying Notes to Financial Statements and Notes to Schedules of Expenditures of Federal Awards and State Financial Assistance are an integral part of this schedule.

Balance at June 30, 2014


For the Fiscal Year Ended June 30, 2015Schedule of Expenditures of State Financial Assistance - Schedule B

131

Schedule K-4

UnearnedRepayment of Revenue/ Budgetary Cumulative

Cash Budgetary Prior Years' Accounts Interfund Due to Receivable TotalReceived Expenditures Balances Receivable Payable Grantor June 30, 2015 Expenditures

5,809,048.58$ 6,431,633.00$ -$ (622,584.42)$ -$ -$ (622,584.42)$ 6,431,633.00$ 617,660.43 312,191.86 345,651.00 (33,459.14) (33,459.14) 345,651.00

33,194.5250,828.46 56,276.00 (5,447.54) (5,447.54) 56,276.00

5,404.455,374.04 5,950.00 (575.96) (575.96) 5,950.005,374.04 5,950.00 (575.96) (575.96) 5,950.00

6,839,076.38 6,845,460.00 - (662,643.02) - - (662,643.02) 6,845,460.00

20,926.23 23,169.00 (2,242.77) (2,242.77) 23,169.002,225.03

23,151.26 23,169.00 - (2,242.77) - - (2,242.77) 23,169.00

62,864.00 (62,864.00) 62,864.0055,547.00

55,547.00 62,864.00 - (62,864.00) - - 62,864.00

63,397.39 70,192.00 (6,794.61) (6,794.61) 70,192.006,740.87

70,138.26 70,192.00 - (6,794.61) - - (6,794.61) 70,192.00

137,851.74 145,558.78 (7,707.04) 145,558.786,747.64

144,599.38 145,558.78 - (7,707.04) - - - 145,558.78

7,132,512.28 7,147,243.78 - (742,251.44) - - (671,680.40) 7,147,243.78

82,994.40 92,216.00 (9,221.60) (9,221.60) 92,216.0012,679.70

95,674.10 92,216.00 - (9,221.60) - - (9,221.60) 92,216.00

2,593.22 2,816.97 (223.75) 2,816.97700.39

3,293.61 2,816.97 - (223.75) - - - 2,816.97

7,231,479.99 7,242,276.75 - (751,696.79) - - (680,902.00) 7,242,276.75

116,311.00 116,311.00 116,311.00 184,645.00 184,645.00 184,645.00

300,956.00 300,956.00 - - - - - 300,956.00

7,532,435.99$ 7,543,232.75$ -$ (751,696.79)$ -$ -$ (680,902.00)$ 7,543,232.75$

MemoBalance at June 30, 2015

132

25200 Exhibit K-5

BOROUGH OF WOODLYNNE SCHOOL DISTRICTNotes to Schedules of Expenditures of Federal Awards and State Financial Assistance


Note 1: GENERAL

The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state award activity of the Borough of Woodlynne School District (hereafter referred to as the “School District”). The School District is defined in note 1 to the School District's basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies, are included on the schedules of expenditures of federal awards and state financial assistance.

Note 2: BASIS OF ACCOUNTING

The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the budgetary basis of accounting, with the following exceptions: programs recorded in the food service fund are presented using the accrual basis of accounting. These bases of accounting are described in note 1 to the School District's basic financial statements. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, 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.

Note 3: 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 schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance-related 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 notrecognized 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 one or more deferred June state aid payments in the current budget year, which is mandated pursuant to N.J.S.A. 18A:22-44.2. For GAAP purposes, payments arenot recognized until the subsequent budget year due to the state deferral and recording of the one or more June state aid payments in the subsequent year. The special revenue fund is presented in the accompanying schedules on the budgetary basis which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the one or more June state aid payments in the current budget year, consistent with N.J.S.A. 18A:22-44.2.

The net adjustment to reconcile revenues from the budgetary basis to the GAAP basis is ($6,455.10)for the general fund and $32,237.10 for the special revenue fund. The net adjustment to reconcile expenditures from the budgetary basis to the GAAP basis is $ -0- for the general fund and $28,779.10 for the special revenue fund. See exhibit C-3, notes to required supplementary information, for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds.

133

25200 Exhibit K-5Notes to the Schedules of Expenditures of Federal Awards

and State Financial Assistance (Cont'd)

Note 3: RELATIONSHIP TO FINANCIAL STATEMENTS (CONT’D)

Awards and financial assistance expenditures reported in the School District's basic financial statements on a GAAP basis are presented as follows:

Fund Federal State Total

General 45,985.66$ 3,291,144.38$ 3,337,130.04$

Special Revenue 578,380.62 97,998.08 676,378.70

Food Service 189,125.68 2,816.97 191,942.65

Total Awards and Financial Assistance 813,491.96$ 3,391,959.43$ 4,205,451.39$

Note 4: 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.

Note 5: ADJUSTMENTS

Amounts reported in the column entitled "adjustments" represent favorable differences incurred in the liquidation of encumbrances charged as budgetary basis expenditures in fiscal year 2013-2014, or minor rounding differences in the amount of award received by the federal or state grantor.

Note 6: REIMBURSED AND ON-BEHALF PAYMENTS

During the fiscal year ended June 30, 2015, the School District was the recipient of federal and state assistance that represented either a reimbursement to the School District or payments made on-behalf of the School District. Revenues and expenditures reported under the Federal Food Distribution Program represent the current year value received and the current year distribution, respectively, of American-grown United States Department of Agriculture foods utilized in the School District’s food service program. TPAF Social Security Contributions represents the amount reimbursed by the State for the employer’s share of social security contributions for TPAF members for the fiscal year. Lastly, the School District has recognized as revenues and expenditures on-behalf payments made by the State for normal costs and post-retirement medical costs related to TPAF members.

Note 7: MAJOR PROGRAMS

Major programs are identified in the Summary of Auditor's Results section of the Schedule of Findings and Questioned Costs.

134

Exhibit K-6

Section 1- Summary of Auditor's Results

Financial Statements

Type of auditor's report issued Unmodified

Internal control over financial reporting:

Material weakness(es) identified? yes X no

Significant deficiency(ies) identified? yes X none reported

Noncompliance material to financial statements noted? yes X no

Federal Awards

Internal control over major programs:



Type of auditor's report issued on compliance for major programs Unmodified

Any audit findings disclosed that are required to be reported in accordance with Section 510(a) of OMB Circular A-133? yes X no

Identification of major programs:

CFDA Number(s) Name of Federal Program or Cluster

Title I - Part A

Dollar threshold used to determine Type A programs $300,000.00

Auditee qualified as low-risk auditee? X yes no

25200

BOROUGH OF WOODLYNNE SCHOOL DISTRICTSchedule of Findings and Questioned Costs


84.101A

135

Exhibit K-6

Section 1- Summary of Auditor's Results (Cont'd)

State Financial Assistance

Internal control over major programs:



Type of auditor's report issued on compliance for major programs Unmodified

Any audit findings disclosed that are required to be reported in accordance with Section 510(a) of OMB Circular A-133 orNew Jersey Circular 04-04-OMB? yes X no

Identification of major programs:

GMIS Number(s) Name of State Program

Categorical Security Aid

Per Pupil Growth Aid

PARCC Readiness

Dollar threshold used to determine Type A programs $300,000.00

Auditee qualified as low-risk auditee? X yes no

15-495-034-5120-084

15-495-034-5120-098


15-495-034-5120-078 Equalization Aid

15-495-034-5120-097

Categorical Special Education Aid15-495-034-5120-089

State Aid - Public Cluster:

25200


Schedule of Findings and Questioned Costs

136

25200 Exhibit K-6



Section 2- Schedule of Financial Statement Findings

This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance related to the financial statements that are required to be reported in accordance with Government Auditing Standards and with audit requirements as prescribed by the Division of Administration and Finance, Department of Education, State of New Jersey.

No Current Year Findings

137

25200 Exhibit K-6



Section 3- Schedule of Federal Award Findings and Questioned Costs

This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance, including questioned costs, related to the audit of major Federal programs, as required by OMB Circular A-133.


138

25200 Exhibit K-6



Section 4- Schedule of State Financial Assistance Findings and Questioned Costs

This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance, including questioned costs, related to the audit of major State programs, as required by OMB Circular A-133 and State of New Jersey Circular 15-08-OMB.


139

25200 Exhibit K-7

BOROUGH OF WOODLYNNE SCHOOL DISTRICTSummary Schedule of Prior Year Audit Findings

and Questioned Costs as Prepared by Management

This section identifies the status of prior year findings related to the financial statements and Federal Awards and State Financial Assistance that are required to be reported in accordance with Government Auditing Standards, OMB Circular A-133 and State of New Jersey Circular 15-08-OMB.

FINANCIAL STATEMENT FINDINGS

No Prior Year Findings

FEDERAL AWARDS


STATE FINANCIAL ASSISTANCE PROGRAMS


140

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