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GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205
GLENDALE, ARIZONA
COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2012
Issued by: Finance Department
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205
TABLE OF CONTENTS
INTRODUCTORY SECTION Page Letter of Transmittal i ASBO Certificate of Excellence vii GFOA Certificate of Achievement viii Organization Chart ix List of Principal Officials x FINANCIAL SECTION INDEPENDENT AUDITORS’ REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A) (Required Supplementary Information) 5 BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:
Statement of Net Assets 20 Statement of Activities 21
Fund Financial Statements: Balance Sheet - Governmental Funds 24 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Assets 27 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 28 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities 30 Statement of Net Assets - Proprietary Funds 31
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205
TABLE OF CONTENTS (Cont’d)
FINANCIAL SECTION (Cont’d) Page BASIC FINANCIAL STATEMENTS (Concl’d)
Statement of Revenues, Expenses and Changes in Fund Net Assets - Proprietary Funds 32 Statement of Cash Flows - Proprietary Funds 33 Statement of Fiduciary Assets and Liabilities 34
Notes to Financial Statements 35
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (Required Supplementary Information)
General Fund 58 Note to Required Supplementary Information 59
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES
Governmental Funds:
Combining Balance Sheet - All Non-Major Governmental Funds - By Fund Type 64 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - All Non-Major Governmental Funds - By Fund Type 65
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205
TABLE OF CONTENTS (Cont’d)
FINANCIAL SECTION (Concl’d) Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Concl’d)
Special Revenue Funds: Combining Balance Sheet 68 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 74 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 80
Debt Service Fund:
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 106
Capital Projects Funds:
Combining Balance Sheet 108 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 109 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 110
Agency Fund:
Statement of Changes in Fiduciary Assets and Liabilities 116
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205
TABLE OF CONTENTS (Cont’d)
STATISTICAL SECTION Page Financial Trends:
Net Assets by Component 118 Expenses, Program Revenues, and Net (Expense)/Revenue 119 General Revenues and Total Changes in Net Assets 121 Fund Balances - Governmental Funds 123 Governmental Funds Revenues 125 Governmental Funds Expenditures and Debt Service Ratio 127 Other Financing Sources and Uses and Net Changes in Fund Balances - Governmental Funds 129
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property 130 Direct and Overlapping Property Tax Rates 131 Principal Property Taxpayers 132 Property Tax Levies and Collections 133
Debt Capacity:
Outstanding Debt by Type 134 Direct and Overlapping Governmental Activities Debt 135 Legal Debt Margin Information 136
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205
TABLE OF CONTENTS (Concl’d)
STATISTICAL SECTION (Concl’d) Page
Demographic and Economic Information:
County-Wide Demographic and Economic Statistics 137 Principal Employers 138
Operating Information: Full-Time Equivalent District Employees by Type 139 Teacher Demographic Information 141 Operating Statistics 143
Capital Assets Information 144
INTRODUCTORY SECTION
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Empowering All Students for the Choices and Challenges of the Twenty-First Century
Apollo ■ Cortez ■ Glendale ■ Greenway ■ Independence ■ Moon Valley ■ Sunnyslope ■ Thunderbird ■ Washington ■ Metrocenter Academy
December 6, 2012 Citizens and Governing Board Glendale Union High School District No. 205 7650 North 43rd Avenue Glendale, Arizona 85301 State law mandates that school districts required to undergo an annual single audit publish a complete set of financial statements presented in conformity with accounting principles generally accepted in the United States of America and audited in accordance with auditing standards generally accepted in the United States by a certified public accounting firm licensed in the State of Arizona. Pursuant to that requirement, we hereby issue the comprehensive annual financial report of the Glendale Union High School District No. 205 (District) for the fiscal year ended June 30, 2012. This report consists of management’s representations concerning the finances of the District. Consequently, management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a reasonable basis for making these representations, management of the District has established a comprehensive internal control framework that is designed both to protect the District’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the District’s financial statements in conformity with accounting principles generally accepted in the United States of America. Because the cost of internal controls should not outweigh their benefits, the District’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free of material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. The District’s financial statements have been audited by Heinfeld, Meech & Co., P.C., a certified public accounting firm. The goal of the independent audit was to provide reasonable assurance that the financial statements of the District for the fiscal year ended June 30, 2012, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that the District’s financial statements for the fiscal year ended June 30, 2012, are fairly presented in conformity with accounting principles generally accepted in the United States of America. The independent auditors’ report is presented as the first component of the financial section of this report.
ADMINISTRATIVE CENTER GOVERNING BOARD 7650 N. 43rd Avenue Ian Hugh, President ■ Patty Kennedy, Clerk Glendale, AZ 85301-1661 Rick Fields ■ Vicki L. Johnson ■ Pam Reicks Tel 623-435-6000 Fax 623-435-6078 SUPERINTENDENT www.guhsdaz.org Eugene E. Dudo
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The independent audit of the financial statements of the District was part of a broader, federally mandated Single Audit as required by the provisions of the Single Audit Act Amendments of 1996 and U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments and Non-Profit Organizations designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on the District’s internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of federal awards. These reports are available in a separately issued Single Audit Reporting Package. Accounting principles generally accepted in the United States of America require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The District’s MD&A can be found immediately following the report of the independent auditors. PROFILE OF THE DISTRICT The District is one of 58 public school districts located in Maricopa County, Arizona. It is the second largest high school district in Arizona providing a program of public education from grade nine through grade twelve. The District’s Governing Board is organized under Section 15-321 of the Arizona Revised Statutes (A.R.S.). Management of the District is independent of other state or local governments. The County Treasurer collects taxes for the District, but exercises no control over its expenditures/expenses. The membership of the Governing Board consists of five members elected by the public. Under existing statutes, the Governing Board’s duties and powers include, but are not limited to, the acquisition, maintenance and disposition of school property; the development and adoption of a school program; and the establishment, organization and operation of schools. The Board also has broad financial responsibilities, including the approval of the annual budget, and the establishment of a system of accounting and budgetary controls. The financial reporting entity consists of a primary government and its component units. A component unit is a legally separate entity that must be included in the reporting entity in conformity with generally accepted accounting principles. The District is a primary government because it is a special-purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governments. Furthermore, the component unit combined with the District for financial statement purposes and the District are not included in any other governmental entity. Consequently, the District’s financial statements include only the funds of those organizational entities for which its elected governing board is financially accountable. The District’s major operations include education, student transportation, construction and maintenance of District facilities, food services, bookstore, and athletic functions.
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Blended component units, although legally separate entities, are, in substance, part of the District’s operations. The Glendale Union High School District No. 205 Employee Benefit Trust is responsible for providing health insurance for the District’s employees. The District’s Governing Board appoints the Trust’s Board of Directors. The Glendale Union High School District No. 205’s Employee Benefit Trust provides services entirely to the District and therefore has been included as an Internal Service Fund in accordance with the criteria established by GASB. The District, organized in 1911, encompasses approximately 60 square miles and is situated in the central portion of Maricopa County. Located within the greater Phoenix metropolitan area, the District lies about 10 miles northwest of downtown Phoenix. The two principal cities within the District are the City of Glendale, Arizona and the City of Phoenix, Arizona. The Arizona Department of Education has released A-F letter grades for every public and charter school in the state. These School/District Achievement Labels are based on state accountability systems administered by the Arizona Department of Education and are designed to show how well a school and district do as a whole on mastering the state standards in the subject areas of reading, writing, and math. Glendale Union High School District No. 205 received a "B" rating while individually four schools were rated "A", four schools received a "B" rating, and one school received a “C” rating. Additional measures of success include the following:
Glendale Union High School District No. 205 is the second-largest high school district in Arizona.
All Nine District Schools appeared on the U.S. News & World Report “America’s Best High Schools” (2012).
All District schools are accredited by AdvancED. The Arizona Auditor General reports that the District allocates 56.5% of its spending to
the classroom which is more than the state average of 54.7%. The Arizona Auditor General reports that the District has administrative costs of 8.2% in
2011. This is well below national and state averages of 10.8% and 9.7% respectively. District test scores exceed the average scores on state-mandated testing. GUHSD Students earned more than $55 million in scholarships during the 2011-2012
school year. Approximately 80 percent of the District's students participate in extracurricular activities. District teachers receive additional pay based on performance. The District has a parent satisfaction rate of 94 percent, an impressive 93 percent
graduation rate and a low drop-out rate of 1.2 percent. A nationally-recognized teacher mentor program is in place. Online courses designed to meet state of Arizona and national curriculum standards are
available to students through Glendale Union Online. The annual expenditure budget serves as the foundation for the District’s financial planning and control. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual expenditure budget approved by the District’s Governing Board.
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The expenditure budget is prepared by fund for all Governmental Funds, and includes function and object code detail for the General Fund, and some Special Revenue and Capital Projects Funds. The legal level of budgetary control (that is, the level at which expenditures cannot exceed the appropriated amount) is established at the individual fund level for all funds. Funds that are not required to legally adopt a budget may have overexpenditures of budgeted funds. The budget for these funds is simply an estimate and does not prevent the District from exceeding the budget as long as the necessary revenue is earned. The District is not required to prepare an annual budget of revenue, therefore a deficit budgeted fund balance may be presented. However, this does not affect the District’s ability to expend monies. FACTORS AFFECTING FINANCIAL CONDITION The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the District operates. Local Economy. The Office of Employment and Population Statistics (EPS) within the Arizona Department of Administration (ADOA) is forecasting a gradual increase in Arizona's 2012-13 nonfarm employment. The overall employment situation in Arizona is improving; however, the rate of growth in Nonfarm employment is lower than it was prior to the recession. Over-the-year gains in nonfarm employment are forecast in both 2012 and 2013 for a two year total gain of 102,900 nonfarm jobs. Educational and Health Services; Leisure and Hospitality; and Trade, Transportation and Utilities sectors are forecast to have the majority of these job gains. Although, employment is growing in Arizona, the speed of recovery has been weak. Arizona continues to face slow population growth, high unemployment, reduced income and wealth, weak housing and commercial real estate markets, and continued budgetary constraints in state and local governments. National legislative proposals have been made to reduce federal expenditures. However, the outcome is not known. Federal government military spending is expected to decrease. This will likely impact Arizona as military bases and contractors are located here in Arizona. Many post offices across the country are slated to be closed which will have an impact on Arizona as well. The Arizona Joint Legislative Budget Committee reports the FY 2014 through FY 2016 Base General Fund revenue growth at 5.8% to 6.3%. They estimate an accumulation of a large fund balance in the short term, but the excess fund to be depleted by 2016 leaving a deficit of $(67) million. These estimates could be significantly influenced by two major factors. The first is the rate of recovery of the U.S. economy and the potential impacts of efforts to reduce the federal deficit. The second is the future of the federal health care legislation. Maricopa County is located in the south-central portion of Arizona. Current population is projected at 3.9 million, which ranks fourth among the nation's counties. It is by far Arizona's most populous county, encompassing well more than half of the state's residents. Maricopa County’s June 2012 unemployment rate was 7.3%, which is less than the Arizona rate of 8.0% and the national rate of 7.7%. The county seat is Phoenix, which is Arizona's largest city and capital.
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The early economy of Phoenix was primarily agricultural, dependent mainly on the "5Cs" which were copper, cattle, climate, cotton and citrus. In the last four decades most of the farmlands have been turned into suburbs, and the economy has diversified as swiftly as the population has grown. Phoenix, job growth is expected to exceed the state at 2.3% in 2012 and 2.5% in 2013. As Phoenix is the state capital, many residents in the area are employed by the government. Arizona State University has also enhanced the area's population through education and its growing research capabilities. Foreign governments have established 30 consular offices and eleven active foreign chambers of commerce and trade associations in metropolitan Phoenix. Numerous high-tech and telecommunications companies have also recently relocated to the area. Due to the warm climate in winter, Phoenix benefits greatly from seasonal tourism and recreation, such as the golf industry. Phoenix is currently home to seven Fortune 500 companies: Allied Waste, electronics corporation Avnet, Apollo Group (which operates the University of Phoenix), mining company Freeport-McMoRan (recently merged with Phoenix based Phelps Dodge), retailer PetSmart and energy supplier Pinnacle West. Honeywell's Aerospace division is headquartered in Phoenix, and the valley hosts many of their avionics and mechanical facilities. Intel has one of their largest sites here, employing about 10,000 employees and 7 chip manufacturing fabs, including the $3 billion state-of-the-art 300 mm and 45 nm Fab 32. American Express hosts their financial transactions, customer information, and their entire website in Phoenix. The City is also home to the headquarters of U-HAUL International, a rental and moving supply company, as well as Best Western, the world's largest family of hotels. Mesa Air Group, a regional airline group, is headquartered in Phoenix. The military has a significant presence in Phoenix with Luke Air Force Base located in the western suburbs. At its height, in the 1940s, the Phoenix area had three military bases: Luke Field (still in use), Falcon Field, and Williams Air Force Base (now Phoenix-Mesa Gateway Airport), with numerous auxiliary air fields located throughout the region. Long-term Financial Planning. The District has a current student population of approximately 14,700. Student populations are expected to grow slightly over the next several years and are expected to reach 15,000 by the year 2019-20. Current school facilities are of adequate size to meet this need. The average age of the school buildings is 38 years. During 2011-2012 the State of Arizona reduced District capital funding by approximately $3.2 million. In addition the State of Arizona deferred approximately $15.4 million of District September, November, March, April, and June state aid revenue to be paid in July and August 2012. On November 8, 2011 District voters approved an $80 million bond. The District continues to use the funds to make necessary building replacement, renovation and health and safety improvements to school campuses. In a Special Election May 18, 2010, 64% of Arizona voters approved Proposition 100, a ballot measure to temporarily raise the state sales tax by 1 cent per dollar for three years. Proceeds are designated two-thirds for primary and secondary education and one-third for health and human services and public safety. The tax is expected to generate approximately $1 billion dollars per year reducing K-12 budget cuts otherwise projected. This measure is expected to expire at the end of the 2012-13 year.
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On November 3, 2009, District voters approved a five year, $7.2 million Maintenance and Operation override. On November 7, 2000, Arizona voters passed Proposition 301, which increased the state sales tax rate from 5% to 5.6%. During 2011-12, $302 million additional dollars raised through the increased sales tax were earmarked for a Classroom Site Fund for K-12 education. The District received $4.2 million in Proposition 301 funding in fiscal year 2011-12, of which approximately $2.5 million was spent to provide a 5.82 percent increase (from 2000-01) in teacher compensation. The remainder has been spent or earmarked for teacher performance awards and dropout prevention programs. Under Arizona’s “Students FIRST” school capital finance system enacted in 1998, the State of Arizona is to provide funding for the school district capital needs through programs administered by the School Facilities Board (SFB). During fiscal year 2011-12, the State of Arizona did not provide any building renewal funding. The State’s 2012-13 budget does not currently provide any funding for building renewal. AWARDS AND ACKNOWLEDGMENTS Awards. The Association of School Business Officials (ASBO) awarded a Certificate of Excellence in Financial Reporting to the District for its comprehensive annual financial report for the fiscal year ended June 30, 2011. In addition, the Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the District for its comprehensive annual financial report for the fiscal year ended June 30, 2011. In order to be awarded these certificates, the District published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both accounting principles generally accepted in the United States of America and applicable legal requirements. These certificates are valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the programs’ requirements and we are submitting it to ASBO and GFOA to determine its eligibility for the fiscal year 2011-12 certificates. Acknowledgments. The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the finance department. Each member of the department has our sincere appreciation for the contributions made in the preparation of this report. In closing, without the leadership and support of the Governing Board of the District, preparation of this report would not have been possible. Respectfully submitted,
Eugene Dudo, CEO Louis Wiegand, CPA Superintendent Chief Financial Officer
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This Certificate of Excellence in Financial Reporting is presented to
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205
For its Comprehensive Annual Financial Report (CAFR) For the Fiscal Year Ended June 30, 2011
Upon recommendation of the Association’s Panel of Review which has judged that the Report substantially conforms to principles and standards of ASBO’s Certificate of Excellence Program
President Executive Director
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GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205
LIST OF PRINCIPAL OFFICIALS
GOVERNING BOARD
Ian Hugh President
Patty Kennedy
Clerk
Pam Reicks Vicki L. Johnson Member Member
Rick Fields
Member
ADMINISTRATIVE STAFF
Eugene Dudo, CEO, Superintendent
Brian Capistran, Associate Superintendent for Curriculum and Instruction
Tom Hernandez, Administrator of Human Resources
Linda Rosness, Assistant Superintendent of Professional Development and Academic Support
Jim Threadgill, Administrator of Athletics and Operations
Louis Wiegand, CPA, Chief Financial Officer
Matt Belden, Administrator of Title I and School Safety
Kim Mesquita, Administrator of Community Relations
FINANCIAL SECTION
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INDEPENDENT AUDITORS’ REPORT Governing Board Glendale Union High School District No. 205 We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the Glendale Union High School District No. 205 (District), as of and for the year ended June 30, 2012, which collectively comprise the District’s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the District’s management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund and the aggregate remaining fund information of the Glendale Union High School District No. 205, as of June 30, 2012, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated December 6, 2012, on our consideration of Glendale Union High School District No. 205’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 the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.
TUCSON • PHOENIX • FLAGSTAFF • ALBUQUERQUE www.heinfeldmeech.com
3033 N. Central Ave., Suite 300Phoenix, Arizona 85012
Tel (602) 277-9449Fax (602) 277-9297
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Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 5 through 15 and budgetary comparison information on pages 58 and 59 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. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s financial statements as a whole. The accompanying supplementary information such as the introductory section, combining and individual fund financial statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the financial statements. The combining and individual fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. The introductory and statistical sections 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. HEINFELD, MEECH & CO., P.C. CPAs and Business Consultants December 6, 2012
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MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A) (Required Supplementary Information)
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GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
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As management of the Glendale Union High School District No. 205 (District), we offer readers of the District’s financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2012. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found in the introductory section of this report. FINANCIAL HIGHLIGHTS
The District’s total net assets of governmental activities decreased $10.8 million, which
represents a 10 percent decrease from the prior fiscal year, as a result of decreased operating grants revenues primarily due to the conclusion of the American Recovery and Reinvestment Act and increased instructional expenses.
General revenues accounted for $107.7 million in revenue, or 82 percent of all current
fiscal year revenues. Program specific revenues in the form of charges for services and grants and contributions accounted for $24.3 million or 18 percent of total current fiscal year revenues.
The District had approximately $142.9 million in expenses related to governmental
activities, an increase of 6 percent from the prior fiscal year.
Among major funds, the General Fund had $88.6 million in current fiscal year revenues, which primarily consisted of state aid and property taxes, and $90.2 million in expenditures. The General Fund’s fund balance decrease from $10.3 million at the prior fiscal year end to $9.3 million at the end of the current fiscal year was primarily due to increased insurance costs and reduced indirect cost transfers from grant funds.
Net assets for the Internal Service Fund increased $2.6 million from the prior fiscal year.
Operating revenues of $15.0 million exceeded operating expenses of $12.4 million at the end of the current fiscal year.
OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis are intended to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
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OVERVIEW OF FINANCIAL STATEMENTS (Cont’d) Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business. The accrual basis of accounting is used for the government-wide financial statements. The statement of net assets presents information on all of the District’s assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the District’s net assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused compensated absences). The government-wide financial statements outline functions of the District that are principally supported by property taxes and intergovernmental revenues. The governmental activities of the District include instruction, support services, operation and maintenance of plant services, student transportation services, operation of non-instructional services, and interest on long-term debt. Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements use the modified accrual basis of accounting and focus on near-term inflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the District’s near-term financing requirements.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
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OVERVIEW OF FINANCIAL STATEMENTS (Cont’d)
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decision. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, Debt Service Fund and Bond Building Fund, all of which are considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements and schedules. Proprietary funds. The District maintains one type of proprietary fund. The internal service fund is an accounting device used to accumulate and allocate costs internally among the District’s various functions. The District uses its internal service fund to account for its employee benefit trust. Because this service predominantly benefits governmental functions, it has been included within governmental activities in the government-wide financial statements. The employee benefit trust, although a legally separate component unit, functions for all employees of the District, and therefore has been included as an internal service fund. Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the District. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the District’s own programs. Due to their custodial nature, fiduciary funds do not have a measurement focus.
Notes to the financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found immediately following the basic financial statements.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
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OVERVIEW OF FINANCIAL STATEMENTS (Concl’d) Other information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the District’s budget process. The District adopts an annual expenditure budget for all governmental funds. A schedule of revenues, expenditures and changes in fund balances - budget and actual has been provided for the General Fund as required supplementary information. GOVERNMENT-WIDE FINANCIAL ANALYSIS Net assets may serve over time as a useful indicator of a government’s financial position. In the case of the District, assets exceeded liabilities by $100.4 million at the current fiscal year end. The largest portion of the District’s net assets reflects its investment in capital assets (e.g., land, land and improvements, buildings and improvements, vehicles, furniture and equipment and construction in progress), less any related debt used to acquire those assets that is still outstanding. The District uses these capital assets to provide services to its students; consequently, these assets are not available for future spending. Although the District’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. In addition, a portion of the District’s net assets are restricted by statute for special purposes, debt service repayment and capital outlay investment.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
Page 9
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d) The following table presents a summary of the District’s net assets for the fiscal years ended June 30, 2012 and June 30, 2011.
As of
June 30, 2012 As of
June 30, 2011 Current and other assets $ 83,366,782 $ 56,658,355 Capital assets, net 171,404,445 167,473,883
Total assets, net 254,771,227 224,132,238 Current and other liabilities 24,425,699 10,038,633 Long-term liabilities 129,924,778 102,829,668
Total liabilities 154,350,477 112,868,301 Net assets:
Invested in capital assets, net of related debt 72,717,622 82,831,958 Restricted 14,231,302 13,006,076 Unrestricted 13,471,826 15,425,903
Total net assets $ 100,420,750 $ 111,263,937 At the end of the current fiscal year the District reported positive balances in all three categories of net assets. The same situation held true for the prior fiscal year. The District’s financial position is the product of several financial transactions including the net results of activities, the acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of capital assets. The following are significant current year transactions that had an impact on the Statement of Net Assets.
The issuance of $22.4 million of general obligations bonds.
The net addition of $19.3 million in capital assets through various school improvements and purchases of vehicles, furniture and equipment.
The entry into a $12.0 million capital lease agreement.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
Page 10
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d) Changes in net assets. The District’s total revenues for the current fiscal year were $132.0 million. The total cost of all programs and services was $142.9 million. The following table presents a summary of the changes in net assets for the fiscal years ended June 30, 2012 and June 30, 2011.
Fiscal Year
Ended June 30, 2012
Fiscal Year Ended
June 30, 2011 Revenues:
Program revenues: Charges for services $ 6,397,011 $ 6,518,430 Operating grants and contributions 16,393,238 18,483,695 Capital grants and contributions 1,514,210 2,529,106
General revenues: Property taxes 53,417,909 50,867,580 Investment income 229,392 194,500 Unrestricted county aid 4,883,397 4,525,886 Unrestricted state aid 49,001,621 49,087,899 Unrestricted federal aid 184,393 890,206 Total revenues 132,021,171 133,097,302
Expenses: Instruction 83,521,195 76,512,201 Support services – students and staff 16,511,684 16,457,842 Support services – administration 11,150,842 10,388,425 Operation and maintenance of plant
services
17,163,902 17,427,231 Student transportation services 5,083,748 4,400,204 Operation of non-instructional services 6,128,182 5,868,445 Interest on long-term debt 3,304,805 3,712,985
Total expenses 142,864,358 134,767,333 Change in net assets (10,843,187) (1,670,031)
Net assets, beginning 111,263,937 112,933,968 Net assets, ending $ 100,420,750 $ 111,263,937
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
Page 11
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d)
jst The following are significant current year transactions that have had an impact on the change in net assets.
Program revenues decreased $3.2 million primarily due to the conclusion of the American Recovery and Reinvestment Act.
Property tax revenues increased $2.6 million due to an increase in property tax rates.
The following table presents the cost of the District’s major functional activities. The table also shows each function’s net cost (total cost less charges for services generated by the activities and intergovernmental aid provided for specific programs). The net cost shows the financial burden that was placed on the State and District’s taxpayers by each of these functions.
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
Mil
lion
s
Expenses
FY2011-12
FY2010-11
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
Page 12
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Concl’d)
Year Ended June 30, 2012 Year Ended June 30, 2011 Total
Expenses Net (Expense)/
Revenue Total
Expenses Net (Expense)/
Revenue Instruction $ 83,521,195 $ (70,220,052) $ 76,512,201 $ (61,254,217)Support services - students and staff 16,511,684 (12,726,923) 16,457,842 (12,096,866)Support services - administration 11,150,842 (11,111,363) 10,388,425 (10,248,051)Operation and maintenance of plant services 17,163,902 (15,928,298) 17,427,231 (14,933,844)Student transportation services 5,083,748 (5,004,328) 4,400,204 (4,265,110)Operation of non-instructional services 6,128,182 (874,930) 5,868,445 (725,029)Interest on long-term debt 3,304,805 (2,694,005) 3,712,985 (3,712,985)
Total $ 142,864,358 $(118,559,899) $ 134,767,333 $ (107,236,102)
The cost of all governmental activities this year was $142.9 million.
Federal and State governments and charges for services subsidized certain programs with grants and contributions and other local revenues of $24.3 million.
Net cost of governmental activities of $118.6 million was partially financed by general
revenues, which are made up of primarily property taxes of $53.4 million and unrestricted state aid of $49.0 million.
FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental funds. The focus of the District’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of the District’s net resources available for spending at the end of the fiscal year. The financial performance of the District as a whole is reflected in its governmental funds. As the District completed the year, its governmental funds reported a combined fund balance of $32.7 million, an increase of $9.5 million due primarily to the issuance of general obligation bonds of $22.4 million.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
Page 13
FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS (Concl’d) The General Fund comprises 28 percent of the total fund balance. Approximately $6.5 million or 70 percent of the General Fund’s fund balance constitutes unassigned fund balance. The General Fund is the principal operating fund of the District. The decrease in fund balance of $1.1 million to $9.3 million as of fiscal year end was primarily a result of increased insurance costs and reduced indirect costs transfers from grant funds. Fund balance in the Debt Service Fund increased $187,790 for changes in bonded debt requirements. In addition, fund balance in the Bond Building Fund increased $8.4 million to $11.6 million primarily due to the issuance of school improvement bonds. Proprietary funds. Unrestricted net assets of the Internal Service Fund at the end of the fiscal year amounted to $8.8 million. The increase of $2.6 million from the prior fiscal year was primarily due to contributions for retiree insurance and the decrease in claim expenses. BUDGETARY HIGHLIGHTS Over the course of the year, the District revised the General Fund annual expenditure budget for changes in laws adopted by the Legislature, statutory changes and a decrease in students. The difference between the original budget and the final amended budget was a $1.0 million increase, or 1 percent. Significant variances for the final amended budget and actual revenues resulted from the District not being required by the State of Arizona to prepare a revenue budget. A schedule showing the original and final budget amounts compared to the District’s actual financial activity for the General Fund is provided in this report as required supplementary information. The significant actual to budgeted expenditure variances were as follows:
Instruction expenditures were $3.9 million under budget because of planned budget carryovers.
Support services - administration expenditures exceeded the budget by $1.2 million as a result of bond election, postage and tax anticipation note interest expenditures.
CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets. At year end, the District had invested $305.3 million in capital assets, including school buildings, athletic facilities, buses and other vehicles, computers, and other equipment. This amount represents a net increase prior to depreciation of $3.3 million from the prior fiscal year. Total depreciation expense for the current fiscal year was $11.4 million.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
Page 14
CAPITAL ASSETS AND DEBT ADMINISTRATION (Concl’d) The following schedule presents a summary of capital asset balances for the fiscal years ended June 30, 2012 and June 30, 2011.
As of June 30, 2012
As of June 30, 2011
Capital assets – non-depreciable $ 10,871,377 $ 309,365 Capital assets – depreciable, net 160,533,068 164,164,518
Total $ 171,404,445 $ 164,473,883 Additional information on the District’s capital assets can be found in Note 6. Debt Administration. At year end, the District had $111.6 million in long-term debt outstanding, $12.0 million due within one year. This represents a net increase of $23.8 million as a result of the issuance of general obligation bonds of $22.4 million and the entrance into a capital lease agreement of $12.0 million. The District’s general obligation bonds are subject to two limits; the Constitutional debt limit (total debt limit) on all general obligation bonds (up to 15 percent of the total secondary assessed valuation) and the statutory debt limit on Class B bonds (the greater of 5 percent of the secondary assessed valuation or $1,500 per student). The current total debt limitation for the District is $245.8 million and the Class B debt limit is $81.9 million, both of which are greater than the District’s outstanding debt less available cash balance to retire debt. Additional information on the District’s long-term debt can be found in Notes 8 through 10. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES Many factors were considered by the District’s administration during the process of developing the fiscal year 2012-13 budget. Among them:
State funding levels and related budget reductions. Fiscal year 2011-12 budget balance carryforward (estimated $2.7 million). District student population (estimated 14,770). Decreased American Recovery and Reinvestment Act Education Jobs funding. Negotiated compensation increases. Increased Arizona State Retirement contribution rates. Reduced census data impacting Title I allocations.
Also considered in the development of the budget is the local economy and inflation of the surrounding area.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2012
Page 15
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES (Concl’d) General Fund increased $405,844 to $91.5 million in fiscal year 2012-13. State aid and property taxes are expected to be the primary funding sources. No new programs were added to the 2012-13 budget. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, and investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the resources it receives. If you have questions about this report or need additional information, contact the Finance Department, Glendale Union High School District No. 205, 7650 North 43rd Avenue, Glendale, Arizona 85301-1661.
Page 16
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Page 17
BASIC FINANCIAL STATEMENTS
Page 18
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Page 19
GOVERNMENT-WIDE FINANCIAL STATEMENTS
ASSETSCurrent assets:
Cash and investmentsDepositsProperty taxes receivableAccounts receivableDue from governmental entitiesPrepaid items
Total current assets
Noncurrent assets:LandLand improvementsBuildings and improvementsVehicles, furniture and equipmentConstruction in progressAccumulated depreciation
Total noncurrent assetsTotal assets
LIABILITIESCurrent liabilities:
Accounts payableConstruction contracts payableCredit line payableClaims payableAccrued payroll and employee benefitsCompensated absences payableAccrued interest payableUnearned revenuesObligations under capital leasesBonds payableTax anticipation notes payable
Total current liabilities
Noncurrent liabilities:Non-current portion of long-term obligations
Total noncurrent liabilitiesTotal liabilities
NET ASSETSInvested in capital assets, net of related debtRestricted for:
Federal and state projectsFood serviceOther local initiativesDebt serviceCapital outlay
UnrestrictedTotal net assets
Governmental Activities
$ 54,987,179119,030
6,677,1532,940,279
18,499,719143,422
83,366,782
291,20522,009,350
257,921,23914,491,29510,580,172
(133,888,816)171,404,445254,771,227
4,189,2553,734,3643,600,0002,025,988
573,31170,000
1,667,9561,134,825
994,45511,015,0007,500,000
36,505,154
117,845,323117,845,323154,350,477
72,717,622
3,475,4361,333,1904,690,0751,813,8852,918,716
13,471,826$ 100,420,750
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205STATEMENT OF NET ASSETS
JUNE 30, 2012
The notes to the basic financial statements are an integral part of this statement.
Page 20
Program Revenues
Net (Expense) Revenue and
Changes in Net Assets
Functions/ProgramsGovernmental activities:
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance
of plant servicesStudent transportation servicesOperation of non-instructional servicesInterest on long-term debt
Total governmental activities
Expenses
$ 83,521,19516,511,68411,150,842
17,163,9025,083,7486,128,1823,304,805
$ 142,864,358
Charges for Services
$ 3,435,111883,18139,479
692,172
1,347,068
$ 6,397,011
Operating Grants and
Contributions
$ 8,962,6222,901,580
543,43279,420
3,906,184
$ 16,393,238
Capital Grants and
Contributions
$ 903,410
610,800$ 1,514,210
Governmental Activities
$ (70,220,052)(12,726,923)(11,111,363)
(15,928,298)(5,004,328)
(874,930)(2,694,005)
(118,559,899)
General revenues:Taxes:
Property taxes, levied for general purposesProperty taxes, levied for debt serviceProperty taxes, levied for capital outlay
Investment incomeUnrestricted county aidUnrestricted state aidUnrestricted federal aid
Total general revenues
Changes in net assets
Net assets, beginning of year
Net assets, end of year
37,864,23814,200,8321,352,839
229,3924,883,397
49,001,621184,393
107,716,712
(10,843,187)
111,263,937
$ 100,420,750
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205STATEMENT OF ACTIVITIESYEAR ENDED JUNE 30, 2012
Page 21
The notes to the basic financial statements are an integral part of this statement.
Page 22
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Page 23
FUND FINANCIAL STATEMENTS
ASSETSCash and investmentsDepositsProperty taxes receivableAccounts receivableDue from governmental entitiesDue from other fundsPrepaid items
Total assets
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payableConstruction contracts payableCredit line payableDue to other fundsAccrued payroll and employee benefitsAccrued interest payableDeferred revenuesBonds payableBond interest payableTax anticipation notes payable
Total liabilities
Fund balances:NonspendableRestrictedUnassigned
Total fund balances
Total liabilities and fund balances
General
$ 7,953,437
6,150,69085
15,431,348276,395143,422
$ 29,955,377
$ 3,928,100
3,600,000
82,07448,322
5,517,769
7,500,00020,676,265
143,4222,661,6926,473,9989,279,112
$ 29,955,377
Debt Service
$ 13,922,056
526,463
$ 14,448,519
$
336,21711,015,0001,619,634
12,970,851
1,477,668
1,477,668
$ 14,448,519
Bond Building
$ 15,308,323
$ 15,308,323
$3,734,364
3,734,364
11,573,959
11,573,959
$ 15,308,323
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 BALANCE SHEET - GOVERNMENTAL FUNDS
JUNE 30, 2012
Page 24
The notes to the basic financial statements are an integral part of this statement.
Non-Major Governmental
Funds
$ 9,779,229119,030
82,0813,068,371
63,562
$ 13,112,273
$ 253,655
339,957491,237
1,678,257
2,763,106
10,349,167
10,349,167
$ 13,112,273
Total Governmental
Funds
$ 46,963,045119,030
6,677,15382,166
18,499,719339,957143,422
$ 72,824,492
$ 4,181,7553,734,3643,600,000
339,957573,31148,322
7,532,24311,015,0001,619,6347,500,000
40,144,586
143,42226,062,4866,473,998
32,679,906
$ 72,824,492
Page 25
Page 26
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Total governmental fund balances 32,679,906$
Amounts reported for governmental activities in the Statement of Net Assets are different because:
Capital assets used in governmental activities are not financialresources and, therefore, are not reported in the funds.
Governmental capital assets 305,293,261$ Less accumulated depreciation (133,888,816) 171,404,445
Some revenues will not be available to pay for current periodexpenditures and, therefore, are deferred in the funds.
Property taxes 5,853,986Intergovernmental 543,432 6,397,418
The Internal Service Fund is used by management to charge the cost of insurance to the individual funds. The assets andliabilities of the Internal Service Fund is included in theStatement of Net Assets. 8,848,759
Long-term liabilities are not due and payable in the currentperiod and, therefore, are not reported in the funds.
Compensated absences payable (2,956,489)Other postemployment benefits payable (15,375,611)Obligations under capital leases (12,227,678)Bonds payable (88,350,000) (118,909,778)
Net assets of governmental activities 100,420,750$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETSJUNE 30, 2012
Page 27
The notes to the basic financial statements are an integral part of this statement.
Revenues:Other localProperty taxesState aid and grantsFederal aid, grants and reimbursements
Total revenues
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayDebt service -
Principal retirementInterest and fiscal chargesBond issuance costs
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer outCapital lease agreementsIssuance of school improvement bondsPremium on sale of bonds
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Increase (decrease) in reserve for prepaid items
Fund balances, end of year
General
$ 5,012,87739,189,22844,208,984
184,39388,595,482
50,161,93010,075,0429,410,451
15,203,2983,568,576
684,3121,019,796
97,89117,619
90,238,915
(1,643,433)
589,485
589,485
(1,053,948)
10,334,056
(996)
$ 9,279,112
Debt Service
$ 57,01314,348,347
14,405,360
11,015,0003,242,686
14,257,686
147,674
40,116
40,116
187,790
1,289,878
$ 1,477,668
Bond Building
$ 31,217
31,217
14,001,286
607,69314,608,979
(14,577,762)
(40,116)
22,440,000563,193
22,963,077
8,385,315
3,188,644
$ 11,573,959
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
GOVERNMENTAL FUNDSYEAR ENDED JUNE 30, 2012
Page 28
The notes to the basic financial statements are an integral part of this statement.
Non-Major Governmental
Funds
$ 6,446,578
5,394,72917,349,70929,191,016
13,962,5424,589,979
414,6971,164,364
311,8784,749,019
13,457,176
38,649,655
(9,458,639)
(589,485)12,000,000
11,410,515
1,951,876
8,397,291
$ 10,349,167
Total Governmental
Funds
$ 11,547,68553,537,57549,603,71317,534,102
132,223,075
64,124,47214,665,0219,825,148
16,367,6623,880,4545,433,331
28,478,258
11,112,8913,260,305
607,693157,755,235
(25,532,160)
629,601(629,601)
12,000,00022,440,000
563,19335,003,193
9,471,033
23,209,869
(996)
$ 32,679,906
Page 29
Net changes in fund balances - total governmental funds 9,470,037$
Amounts reported for governmental activities in the Statement of Activities are
different because:
Governmental funds report the portion of capital outlay for capitalized assets as expenditures. However, in the Statement of Activities, the costs of those assets are allocated over theirestimated useful lives as depreciation expense.
Expenditures for capitalized assets 19,293,013$ Less current year depreciation (11,417,568) 7,875,445
Issuance of long-term debt provides current financial resources to governmental funds, but the issuance increases long term liabilities in the Statement of Net Assets.
Issuance of school improvement bonds (22,440,000)Obligations under capital leases (12,000,000) (34,440,000)
Some revenues in the Statement of Activities that do not provide current financialresources are not reported as revenues in the funds.
Property taxes (119,666)Intergovernmental (112,236) (231,902)
Repayments of long-term debt are expenditures in the governmental funds, but the repayment reduces long-term liabilities in the Statement ofNet Assets.
Capital lease principal retirement 97,891 Bond principal retirement 11,015,000 11,112,891
Some expenses reported in the Statement of Activities do not require the use ofcurrent financial resources and, therefore, are not reported as expenditures in governmental funds.
Loss on disposal of capital assets (3,944,883)Compensated absences 183,245Other postemployment benefits payable (3,516,246) (7,277,884)
The Internal Service Fund is used by management to charge the costs of insurance to the individual funds. The changes in net assets of the Internal Service Fund is reported with governmental activities in the Statement of Activities. 2,648,226
Change in net assets in governmental activities (10,843,187)$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIESYEAR ENDED JUNE 30, 2012
Page 30
The notes to the basic financial statements are an integral part of this statement.
ASSETSCurrent assets:
Cash and investmentsAccounts receivable
Total current assetsTotal assets
LIABILITIESCurrent liabilities:
Accounts payableClaims payable
Total current liabilitiesTotal liabilities
NET ASSETSUnrestricted
Total net assets
Governmental Activities:
Internal Service Funds
$ 8,024,1342,858,113
10,882,24710,882,247
7,5002,025,9882,033,4882,033,488
8,848,759$ 8,848,759
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205STATEMENT OF NET ASSETS
PROPRIETARY FUNDSJUNE 30, 2012
Page 31
The notes to the basic financial statements are an integral part of this statement.
Operating revenues:Contributions
Total operating revenues
Operating expenses:OtherClaimsPremiumsAdministrative fees
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):Investment income
Total nonoperating revenues (expenses)
Changes in net assets
Total net assets, beginning of year
Total net assets, end of year
Governmental Activities:
Internal Service Funds
$ 15,014,58415,014,584
137,07810,625,594
314,6001,319,084
12,396,356
2,618,228
29,99829,998
2,648,226
6,200,533
$ 8,848,759
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS -
PROPRIETARY FUNDSFOR THE YEAR ENDED JUNE 30, 2012
Page 32
The notes to the basic financial statements are an integral part of this statement.
GovernmentalActivities:Internal
Service Fund
Increase in Cash and Cash Equivalents
Cash flows from operating activities:
Cash received from contributions $ 15,806,471
Cash payments to suppliers for goods and services (1,769,262)
Cash payments for claims (11,267,271)
Net cash provided by operating activities 2,769,938
Cash flows from investing activities:
Certificates of deposit sold 492,462
Investment income 29,998
Net cash provided by investing activities 522,460
Net increase in cash and cash equivalents 3,292,398
Cash and cash equivalents, beginning of year 2,279,984
Cash and cash equivalents, end of year $ 5,572,382
Reconciliation of Cash and Cash Equivalents to the Statement of Net Assets
Cash and investments $ 8,024,134
Less cash and cash equivalents not maturing in less than three months (2,451,752)
Total cash and cash equivalents $ 5,572,382
Reconciliation of Operating Income to Net Cash Provided By Operating Activities
Operating income $ 2,618,228
Adjustments to reconcile operating income
to net cash provided by operating activities:
Changes in assets and liabilities:
Decrease in accounts receivable 791,887
Increase in accounts payable 1,500
Decrease in claims payable (641,677)
Total adjustments 151,710
Net cash provided by operating activities $ 2,769,938
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205STATEMENT OF CASH FLOWS - PROPRIETARY FUND
YEAR ENDED JUNE 30, 2012
Page 33 The notes to the basic financial statements are an integral part of this statement.
ASSETSCash and investments
Total assets
LIABILITIESDue to student groups
Total liabilities
Agency
$ 1,035,369$ 1,035,369
$ 1,035,369$ 1,035,369
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
JUNE 30, 2012
Page 34
The notes to the basic financial statements are an integral part of this statement.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
Page 35
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Glendale Union High School District No. 205 (District) have been prepared in conformity with accounting principles generally accepted in the United States of America as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the District’s accounting policies are described below. A. Reporting Entity The Governing Board is organized under Section 15-321 of the Arizona Revised Statutes (A.R.S.). Management of the District is independent of other state or local governments. The County Treasurer collects taxes for the District, but exercises no control over its expenditures/expenses. The membership of the Governing Board consists of five members elected by the public. Under existing statutes, the Governing Board’s duties and powers include, but are not limited to, the acquisition, maintenance and disposition of school property; the development and adoption of a school program; and the establishment, organization and operation of schools. The Board also has broad financial responsibilities, including the approval of the annual budget, and the establishment of a system of accounting and budgetary controls. The financial reporting entity consists of a primary government and its component units. A component unit is a legally separate entity that must be included in the reporting entity in conformity with generally accepted accounting principles. The District is a primary government because it is a special-purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governments. Furthermore, the component unit combined with the District for financial statement presentation purposes and the District are not included in any other governmental reporting entity. Consequently, the District’s financial statements include the funds of those organizational entities for which its elected governing board is financially accountable. The District’s major operations include education, student transportation, construction and maintenance of District facilities, food services, bookstore, and athletic functions.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Blended Component Unit - Blended component units, although legally separate entities, are, in substance, part of the District’s operations. The Glendale Union High School District No. 205 Employee Benefit Trust is responsible for providing health insurance for the District’s employees. The District’s Governing Board appoints the Trust’s Board of Directors. The Glendale Union High School District No. 205’s Employee Benefit Trust provides services entirely to the District and therefore has been included as an Internal Service Fund in accordance with the criteria established by GASB. Complete financial statements for the component unit may be obtained at the Glendale Union High School District No. 205’s administrative offices - 7650 North 43rd Avenue, Glendale, Arizona 85301. B. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net assets and the statement of activities) present financial information about the District as a whole. The reported information includes all of the nonfiduciary activities of the District and its component unit. For the most part, the effect of internal activity has been removed from these statements. These statements are to distinguish between the governmental and business-type activities of the District. Governmental activities normally are supported by taxes and intergovernmental revenues, and are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The District does not have any business-type activities. 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 clearly identifiable with a specific function or segment. 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. Taxes, unrestricted County, State and Federal aid, and other items not included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements.
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation Government-Wide Financial Statements - The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the grantor or provider have been met. As a general rule the effect of internal activity has been eliminated from the government-wide financial statements; however, the effects of interfund services provided and used between functions are reported as expenses and program revenues at amounts approximating their external exchange value. Fund Financial Statements - Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service resources are provided during the current year for payment of long-term debt principal and interest due early in the following year (not to exceed one month) and, therefore, the expenditures and related liabilities have been recognized. Compensated absences are recorded only when payment is due. Property taxes, State, Federal and County aid and investment income associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period. Food services and miscellaneous revenues are not susceptible to accrual because generally they are not measurable until received in cash. Grants and similar awards are recognized as revenue as soon as all eligibility requirements imposed by the grantor or provider have been met. Deferred revenues arise when resources are received by the District before it has legal claim to them, as when grant monies are received prior to meeting all eligibility requirements imposed by the provider. Delinquent property taxes and other receivables that will not be collected within the available period have been reported as deferred revenue on the governmental fund financial statements.
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) The focus of governmental fund financial statements is on major funds rather than reporting funds by type. Each major fund is presented in a separate column. Non-major funds are aggregated and presented in a single column. The internal service funds are presented in a single column on the face of the proprietary fund statements. Fiduciary funds are reported by fund type. The District reports the following major governmental funds:
General Fund - The General Fund is the District’s primary operating fund. It accounts for all resources used to finance District maintenance and operation except those required to be accounted for in other funds. It includes the District’s Maintenance and Operation Fund as well as the Medicaid Reimbursement, School Plant, Litigation Recovery, Indirect Costs, Unrestricted Capital Outlay and Soft Capital Allocation Funds. These funds are maintained as separate funds for accounting and budgetary purposes but do not meet the criteria for separate reporting in the financial statements. Debt Service Fund - The Debt Service Fund accounts for the accumulation of resources for, and the payment of, long-term debt principal, interest and related costs. Bond Building Fund – The Bond Building Fund accounts for proceeds from District bond issues that are expended on the acquisition or lease of sites, construction or renovation of school buildings, improving school grounds, or purchasing pupil transportation vehicles.
Additionally, the District reports the following fund types: Proprietary Funds - The Proprietary Fund is an Internal Service Fund that accounts for activities related to the District’s self-insurance program which provides certain health care and welfare benefits to employees and their dependents.
Fiduciary Fund - The Fiduciary Fund is an Agency Fund which accounts for resources held by the District on behalf of others. This fund type includes the Student Activities Fund, which accounts for monies raised by students to finance student clubs and organizations held by the District as an agent.
The Proprietary Fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting and are presented in a single column.
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) 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. The principal operating revenues of the District’s internal service funds are charges for health and welfare benefits and charges to District departments for goods and services. Operating expenses for internal service funds include the cost of goods and services and administrative expenses. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. The Agency Fund is custodial in nature and does not have a measurement focus and is reported using the accrual basis of accounting. The Agency Fund is reported by fund type. D. Cash and Investments For purposes of the Statement of Cash Flows, the District considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at year-end consisted entirely of cash in bank. A.R.S. require the District to deposit certain cash with the County Treasurer. That cash is pooled for investment purposes, except for cash of the Debt Service and Bond Building Funds that may be invested separately. Interest earned from investments purchased with pooled monies is allocated to each of the District’s funds based on their average balances. As required by statute, interest earnings of the Bond Building Fund are recorded initially in that fund, but then transferred to the Debt Service Fund. All investments are stated at fair value.
E. Investment Income Investment income is composed of interest, dividends and net changes in the fair value of applicable investments. Investment income is included in other local revenue in the governmental fund financial statements and in nonoperating revenues in the proprietary fund financial statements.
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) F. Receivables and Payables Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the fiscal year is referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.” All receivables, including property taxes receivable, are shown net of an allowance for uncollectibles. G. Property Tax Calendar Property tax levies are obtained by applying tax rates against either the primary assessed valuation or the secondary assessed valuation. Primary and secondary valuation categories are composed of the exact same properties. However, the primary category limits the increase in property values to 10 percent from the previous year, while there is no limit to the increase in property values for secondary valuation. Override and debt service tax rates are applied to the secondary assessed valuation and all other tax rates are applied to the primary assessed valuation. The County levies real property taxes on or before the third Monday in August, which become due and payable in two equal installments. The first installment is due on the first day of October and becomes delinquent after the first business day of November. The second installment is due on the first day of March of the next year and becomes delinquent after the first business day of May. The billings are considered past due after these dates, at which time the applicable property is subject to penalties and interest. The County also levies various personal property taxes during the year, which are due the second Monday of the month following receipt of the tax notice, and become delinquent 30 days thereafter. Pursuant to A.R.S., a lien against assessed real and personal property attaches on the first day of January preceding assessment and levy; however according to case law, an enforceable legal claim to the asset does not arise.
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) H. Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both the government-wide and fund financial statements. Prepaid items are recorded as expenses when consumed in the government-wide financial statements and as expenditures when purchased in the fund financial statements. I. Capital Assets Capital assets, which include land and improvements, buildings and improvements, vehicles, furniture, equipment and construction in progress, are reported in the government-wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost in excess of $5,000 and an estimated useful life of more than one year. Such assets are recorded at historical cost, or estimated historical cost if actual historical cost is not available. Donated capital assets are recorded at the estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the life of the asset are not capitalized. Capital assets are depreciated using the straight-line method over the following estimated useful lives:
Land improvements 5 - 20 years Buildings and improvements 7 - 50 years Vehicles, furniture and equipment 5 - 20 years
J. Compensated Absences The District’s employee vacation and sick leave policies generally provide for granting vacation and sick leave with pay. Vacation leave vests with employees at the employees’ regular rate of pay. Sick leave benefits vest with employees after 15 years of service at rates varying with years of services. The current and long-term liabilities, including related benefits, for accumulated vacation and sick leave are reported on the government-wide financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee leave, resignations and retirements. Generally, resources from the General Fund are used to pay for compensated absences.
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concl’d) K. Long-term Obligations In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities on the statement of net assets. Bond premiums and discounts, as well as issuance costs and the difference between the reacquisition price and the net carrying amount of the old debt, are deferred and amortized over the life of the bonds using the straight-line method over the term of the related debt. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. L. Interfund Activity Flows of cash from one fund to another without a requirement for repayment are reported as interfund transfers. Interfund transfers between governmental funds are eliminated in the Statement of Activities. Interfund transfers in the fund financial statements are reported as other financing sources/uses in governmental funds and after nonoperating revenues/expenses in proprietary funds. M. Estimates The preparation of the 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.
NOTE 2 – FUND BALANCE CLASSIFICATIONS
Fund balances of the governmental funds are reported separately within classifications based on a hierarchy of the constraints placed on the use of those resources. The classifications are based on the relative strength of the constraints that control how the specific amounts can be spent. The classifications are nonspendable, restricted, and unrestricted, which includes committed, assigned, and unassigned fund balance classifications.
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NOTE 2 – FUND BALANCE CLASSIFICATIONS (Cont’d) Nonspendable. The nonspendable fund balance classification includes amounts that cannot be spent because they are not in spendable form, or legally or contractually required to be maintained intact.
Restricted. Fund balance is reported as restricted when constraints placed on the use of resources are either externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments or is imposed by law through constitutional provisions or enabling legislation. Committed. The committed fund balance classification includes amounts that can be used only for the specific purposes imposed by formal action of the Governing Board. Those committed amounts cannot be used for any other purpose unless the Governing Board removes or changes the specified use by taking the same type of action it employed to previously commit those amounts. The District does not have a formal policy or procedures for the utilization of committed fund balance, accordingly, no committed fund balance amounts are reported.
Assigned. Amounts in the assigned fund balance classification are intended to be used by the District for specific purposes but do not meet the criteria to be classified as restricted or committed. In governmental funds other than the General Fund, assigned fund balance represents the remaining amount that is not restricted or committed. In the General Fund, assigned amounts represent intended uses established by the Governing Board or a management official delegated that authority by the formal Governing Board action. The District does not have a formal policy for the utilization of assigned fund balance, accordingly, no assigned fund balance amounts are reported. Unassigned. Unassigned fund balance is the residual classification for the General Fund and includes all spendable amounts not contained in the other classifications. In other governmental funds, the unassigned classification is used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned. The District applies restricted resources first when expenditures are incurred for purposes for which either restricted or unrestricted (committed, assigned, and unassigned) amounts are available. Similarly, within unrestricted fund balance, committed amounts are reduced first followed by assigned, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
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NOTE 2 – FUND BALANCE CLASSIFICATIONS (Concl’d)
The table below provides detail of the major components of the District’s fund balance classifications at year end.
General
Fund
Debt Service Fund
BondBuilding
Fund
Non-Major Governmental
FundsFund Balances:
Nonspendable: Prepaid items $ 143,422 $ $ $
Restricted: Debt service 1,477,668 Capital projects 2,661,692 1,393,898 Bond building projects 11,573,959 Voter approved initiatives 2,814,143 Auxiliary operations 1,660,607 Food service 1,333,190 JTED 2,023,547 Other purposes 1,123,782
Unassigned 6,473,998 Total fund balances $ 9,279,112 $ 1,477,668 $ 11,573,959 $ 10,349,167
NOTE 3 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
Excess Expenditures Over Budget – At year end, the District had expenditures that exceeded the budget in one fund, however, this did not constitute a violation of any legal provisions.
NOTE 4 - CASH AND INVESTMENTS
A.R.S. authorize the District to invest public monies in the State Treasurer’s local government investment pools, the County Treasurer’s investment pool, obligations of the U.S. Government and its agencies, obligations of the State and certain local government subdivisions, interest-bearing savings accounts and certificates of deposit, collateralized repurchase agreements, certain obligations of U.S. corporations, and certain other securities. The statutes do not include any requirements for credit risk, custodial credit risk, concentration of credit risk, interest rate risk, or foreign currency risk for the District’s investments.
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NOTE 4 - CASH AND INVESTMENTS (Concl’d) Custodial Credit Risk – Deposits. Custodial credit risk is the risk that in the event of bank failure the District’s deposits may not be returned to the District. The District does not have a deposit policy for custodial credit risk. At year end, the carrying amount of the District’s deposits was $11,991,370 and the bank balance was $12,062,529. Of the bank balance, $15,442 was uncollateralized and uninsured. The State Treasurer’s pools are external investment pools, the Local Government Investment Pool (Pool 5) and Local Government Investment Pool-Government (Pool 7), with no regulatory oversight. The pools are not required to register (and are not registered) with the Securities and Exchange Commission. The fair value of each participant’s position in the State Treasurer investment pools approximates the value of the participant’s shares in the pool and the participants shares are not identified with specific investments. No regulatory oversight is provided for the County Treasurer’s investment pool and that pool’s structure does not provide for shares.
At year end, the District’s investments consisted of the following.
Average Maturities Fair Value County Treasurer’s investment pool 375 days $ 44,031,178Total $ 44,031,178
Interest Rate Risk. The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Credit Risk. The District has no investment policy that would further limit its investment choices. As of year end, the District’s investment in the County Treasurer’s investment pool did not receive a credit quality rating from a national rating agency. Custodial Credit Risk - Investments. The District’s investment in the County Treasurer’s investment pool represents a proportionate interest in the pool’s portfolio; however the District’s portion is not identified with specific investments and is not subject to custodial credit risk.
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NOTE 5 – RECEIVABLES Receivable balances, net of allowance for uncollectibles, have been disaggregated by type and presented separately in the financial statements with the exception of due from governmental entities. Due from governmental entities, net of allowance for uncollectibles, as of year end for the District’s individual major funds and non-major governmental funds in the aggregate, were as follows.
General
Fund
Non-Major Governmental
Funds Due from other governmental entities:
Due from Federal government $ 31,531 $ 2,034,910Due from State government 15,399,817 955,406Due from other districts 78,055
Net due from governmental entities $ 15,431,348 $ 3,068,371 Governmental funds report deferred revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Governmental funds also defer revenue recognition in connection with resources that have been received, but not yet earned. At the end of the current fiscal year, the various components of deferred revenue reported in the governmental funds were as follows.
Unavailable Unearned Delinquent property taxes receivable (General Fund) $ 5,517,769 $ Delinquent property taxes receivable (Debt Service Fund) 336,217Grant drawdowns prior to meeting all eligibility
requirements (Non-Major Governmental Funds) 1,134,825Measurable but unavailable revenues (Non-Major
Governmental Funds) 543,432Total deferred revenue for governmental funds $ 6,397,418 $ 1,134,825
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NOTE 6 – CAPITAL ASSETS A summary of capital asset activity for the current fiscal year follows.
Governmental Activities Beginning Balance Increase Decrease
Ending Balance
Capital assets, not being depreciated: Land $ 291,205 $ $ $ 291,205 Construction in progress 18,160 10,605,217 43,205 10,580,172
Total capital assets, not being depreciated 309,365 10,605,217 43,205 10,871,377
Capital assets, being depreciated: Land improvements 24,816,701 577,102 3,384,453 22,009,350 Buildings and improvements 261,796,627 7,746,770 11,622,158 257,921,239 Vehicles, furniture and equipment 15,093,830 407,129 1,009,664 14,491,295
Total capital assets being depreciated 301,707,158 8,731,001 16,016,275 294,421,884 Less accumulated depreciation for:
Land improvements (14,606,777) (1,276,657) (3,368,192) (12,515,242)Buildings and improvements (108,274,145) (9,232,191) (7,693,536) (109,812,800)Vehicles, furniture and equipment (11,661,718) (908,720) (1,009,664) (11,560,774)
Total accumulated depreciation (134,542,640) (11,417,568) (12,071,392) (133,888,816) Total capital assets, being depreciated, net 167,164,518 (2,686,567) 3,944,883 160,533,068 Governmental activities capital assets, net $ 167,473,883 $ 7,918,650 $ 3,988,088 $ 171,404,445
Depreciation expense was charged to governmental functions as follows.
Instruction $ 8,923,355 Support services – students and staff 807,412 Support services – administration 513,599 Operation and maintenance of plant services 303,147 Student transportation services 328,257 Operation of non-instructional services 541,798 Total depreciation expense – governmental activities $ 11,417,568
Construction Commitments – At year end, the District had contractual commitments related to various capital projects for the construction of school renovations. At year end, the District had spent $10,580,172 on the projects and had estimated remaining contractual commitments of $5,943,996. These projects are being funded with Bond Building monies.
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NOTE 7 – SHORT TERM DEBT Tax Anticipation Notes - In July 2011, the District issued $7,500,000 million in tax anticipation notes in advance of property tax collections, depositing the proceeds in the General Fund. These notes are necessary to provide cash flow as most tax revenue is collected in November and May. Property tax revenues of the General Fund will be used to repay these notes in July 2012. Short-term debt activity for the current fiscal year, was as follows.
BeginningBalance Issued Redeemed
EndingBalance
Tax anticipation notes $ $ 7,500,000 $ $ 7,500,000 Revolving Line of Credit - The District has a revolving line of credit to provide cash flow during the year to mitigate the impact of timing differences of expenditures and the receipt of state aid and property tax revenues. General Fund revenues will be used to repay the line of credit in July 2012. Short-term debt activity for the current fiscal year, was as follows.
BeginningBalance Issued Redeemed
EndingBalance
Revolving line of credit $ $ 18,541,000 $ 14,941,000 $ 3,600,000 NOTE 8 - OBLIGATIONS UNDER CAPITAL LEASES
The District has acquired energy upgrades, copiers, and equipment under the provisions of long-term lease agreements classified as capital leases. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of their future minimum lease payments as of the inception date. Revenues from the Soft Capital Allocation Fund and the Energy and Water Savings Fund are used to pay the capital lease obligations. The assets acquired through capital leases that meet the District’s capitalization threshold are as follows:
Governmental
Activities Asset:
Building improvements $ 6,727,094Vehicles and equipment 503,706Less: Accumulated depreciation 380,548
Total $ 6,850,252
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NOTE 8 - OBLIGATIONS UNDER CAPITAL LEASES (Concl’d) The future minimum lease obligations and the net present value of these minimum lease payments as of year end were as follows.
Year Ending June 30: Governmental
Activities 2013 $ 1,783,779 2014 1,751,742 2015 1,714,510 2016 1,667,304 2017 1,667,304 2018-22 8,337,484
Total minimum lease payments 16,922,123 Less: amount representing interest 4,694,445 Present value of minimum lease payments $ 12,227,678 Due within one year $ 994,455
NOTE 9 – GENERAL OBLIGATION BONDS PAYABLE
Bonds payable at year end, consisted of the following outstanding general obligation bonds. Of the total amount originally authorized, $57,560,000 remains unissued. The bonds are both callable and noncallable with interest payable semiannually. Property taxes from the Debt Service Fund are used to pay bonded debt.
Purpose
Original Amount Issued
Interest Rates
Remaining Maturities
Outstanding Principal
June 30, 2012 Due Within One Year
Governmental activities: Refunding Bonds, Series
1998 $ 24,570,000
4.70-4.875% 7/1/12-14 $ 15,270,000 $ 6,675,000 School Improvement Bonds,
Project of 2003, Series 2004 (Class B) 50,000,000
3.25-4.50% 7/1/13-18 45,900,000 School Improvement Bonds,
Project of 2003, Series 2006 (Class B) 30,000,000
4.00-4.25% 7/1/12-14 15,755,000 4,340,000 School Improvement Bonds, Project of 2011, Series A
(2012) 22,440,000
1.00-4.00% 7/1/13-31 22,440,000 Total $ 99,365,000 $ 11,015,000
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NOTE 9 – GENERAL OBLIGATION BONDS PAYABLE (Concl’d) Annual debt service requirements to maturity on general obligation bonds at year end, are summarized as follows.
Governmental Activities Year ending June 30: Principal Interest
2013 $ 11,015,000 $ 3,586,381 2014 12,015,000 3,229,938 2015 12,530,000 2,715,595 2016 12,425,000 2,232,624 2017 13,290,000 1,736,886 2018-22 21,365,000 3,861,855 2023-27 7,345,000 2,210,071 2028-32 9,380,000 848,761
Total $ 99,365,000 $ 20,422,111 NOTE 10 - CHANGES IN LONG-TERM LIABILITIES
Long-term liability activity for the current fiscal year was as follows.
Beginning Balance Additions Reductions
Ending Balance
Due WithinOne Year
Governmental activities: Bonds payable $ 87,505,000 $ 22,440,000 $ 10,580,000 $ 99,365,000 $ 11,015,000Obligations under capital leases 325,569 12,000,000 97,891 12,227,678 994,455 Compensated absences payable 3,139,734 1,346,986 1,530,231 2,956,489 70,000 Other post employment benefits 11,859,365 6,948,246 3,432,000 15,375,611 Governmental activity long-term liabilities $ 102,829,668 $ 42,735,232 $ 15,640,122 $ 129,924,778 $ 12,079,455
NOTE 11 - INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS At year end, interfund balances were as follows.
Due to/from other funds:
Due from
Due to General
Fund
Non-MajorGovernmental
Funds Total Non-Major Governmental Funds $ 276,395 $ 63,562 $ 339,957Total $ 276,395 $ 63,562 $ 339,957
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NOTE 11 - INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS (Concl’d) At year end, several funds had negative cash balances in the Treasurer’s pooled cash accounts. Negative cash on deposit with the County Treasurer was reduced by interfund borrowing with other funds. Additionally, a due to other funds from the Auxiliary Operations Fund, a non-major governmental fund, was recorded in various other non-major governmental funds for revenues collected in the bookstore belonging to the various other funds. All interfund balances are expected to be paid within one year. Interfund transfers:
Transfers in
Transfers out General
FundDebt
Service Fund Total Bond Building Fund $ $ 40,116 $ 40,116Non-Major Governmental Funds 589,485 589,485Total $ 589,485 $ 40,116 $ 629,601
Transfers between funds were used to (1) move investment income and premium earned in the Bond Building Fund that is required by statute to be expended in the Debt Service Fund, and (2) to move Federal grant funds restricted for indirect costs.
NOTE 12 - CONTINGENT LIABILITIES
Compliance - Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures/expenses that may be disallowed by the grantor cannot be determined at this time, although the District expects such amounts, if any, to be immaterial. Arbitrage - Under the Tax Reform Act of 1986, interest earned on the debt proceeds in excess of interest expense or expenditure prior to the disbursement of the proceeds must be rebated to the Internal Revenue Service (IRS). Management believes there is no tax arbitrage rebate liability at year-end.
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NOTE 13 - RISK MANAGEMENT The District was unable to obtain general property and liability insurance at a cost it considered to be economically justifiable. Therefore, the District joined the Arizona School Risk Retention Trust, Inc. (ASRRT). ASRRT is a public entity risk pool currently operating as a common risk management and insurance program for school districts and community colleges in the State. The District pays an annual premium to ASRRT for its general insurance coverage. The agreement provides that ASRRT will be self-sustaining through member premiums and will reinsure through commercial companies for claims in excess of specified amounts. The District established an Employee Benefit Trust fund (an Internal Service Fund) to account for and finance its uninsured risks of loss related to employee health and accident claims. Under this program, the fund provides coverage for up to a maximum of $125,000 for each claim, not to exceed an annual aggregate of 110 percent of expected claims. The Fund purchases commercial insurance for claims in excess of this coverage. Settled claims have not exceeded this coverage in any of the past three fiscal years.
Liabilities of the fund are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNRs). The result of the process to estimate the claims liability is not an exact amount as it depends on many complex factors, such as inflation, changes in legal doctrines, and damage awards. Accordingly, claims are reevaluated periodically to consider the effects of inflation, recent claim settlement trends (including frequency and amount of pay-outs), and other economic and social factors. The estimate of the claims liability also includes amounts for incremental claim adjustment expenses related to specific claims and other claim adjustment expenses regardless of whether allocated to specific claims. Estimated recoveries, for example from salvage or subrogation, are another component of the claims liability estimate. Changes in the balances of claims liabilities during the past two years are as follows.
Claims Payable
Beginning of Year
Current Year Claims and Changes
in Estimates Claim
Payments
Claims Payable at
End of Year Employee Benefit Trust
2011-12 $ 2,667,665 $ 10,625,594 $ 11,267,271 $ 2,025,9882010-11 1,783,220 11,133,841 10,249,396 2,667,665
The District continues to carry commercial insurance for all other risks of loss, including workers’ compensation. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
Page 53
NOTE 14 - PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS The District contributes to the Arizona State Retirement System (ASRS). The ASRS administers a cost-sharing, multiple-employer defined benefit pension plan; a cost-sharing, multiple-employer defined health insurance premium plan; and a cost-sharing, multiple-employer defined benefit long-term disability plan that covers employees of the State of Arizona and employees of participating political subdivisions and school districts. The ASRS is governed by the Arizona State Retirement System Board according to the provisions of A.R.S. Title 38, Chapter 5, Article 2. Plan Description – Benefits are established by state statute and the plan generally provides retirement, long-term disability, and health insurance premium benefits, including death and survivor benefits. The retirement benefits are generally paid at a percentage, based on years of service, of the retirees’ average compensation. Long-term disability benefits vary by circumstance, but generally pay a percentage of the employee’s monthly compensation. Health insurance premium benefits are paid as a fixed dollar amount per month towards the retiree’s healthcare insurance premiums, in amounts based on whether the benefit is for the retiree or for the retiree and his or her dependents. The ASRS issues a comprehensive annual financial report that includes financial statements and required supplementary information. The most recent report may be obtained by writing the ASRS, 3300 North Central Avenue, P.O. Box 33910, Phoenix, Arizona 85067-3910 or by calling (602) 240-2000 or (800) 621-3778. The report is also available on the ASRS’ website at www.azasrs.gov.
Funding Policy – The Arizona State Legislature establishes and may amend active plan members’ and the District’s contribution rates. For the current fiscal year, active ASRS members were required by statute to contribute at the actuarially determined rate of 10.74 percent (10.5 percent for retirement and 0.24 percent for long-term disability) of the members’ annual covered payroll and the District was required by statute to contribute at the actuarially determined rate of 10.74 percent (9.87 percent for retirement, 0.63 percent for health insurance premium, and 0.24 percent for long-term disability) of the members’ annual covered payroll.
The District’s contributions for the current and two preceding years, all of which were equal to the required contributions, were as follows.
Retirement Fund Health Benefit
Supplement Fund Long-Term
Disability FundYears ended June 30,
2012 $ 6,481,358 $ 413,704 $ 157,6012011 6,058,900 396,754 168,1162010 5,377,472 425,555 257,912
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
Page 54
NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS – SINGLE EMPLOYER PLAN
Plan Description – Under authority of the Governing Board, the District provides postretirement insurance (medical, dental and life) benefits, for certain retirees and their dependents, in accordance with the District’s Early Retiree Program. An employee is eligible if he/she has served 10 consecutive years or more before entering the program and the employee retires under the State of Arizona’s retirement plan. However, employees hired after July 1, 2009 will not be eligible to participate in the District’s program. The plan is a single-employer defined benefit plan administered by the District. For the current fiscal year, the District contributed $3,432,000 for these benefits. The District’s regular insurance providers underwrite the retiree policies. Retirees may not convert the benefit into an in-lieu payment to secure coverage under independent plans. A separate financial report is not issued for the plan. The number of participants as of year end, the effective date of the biannual OPEB valuation, follows.
Participants Active employees 1,054Retired employees 328
Total 1,382 Funding Policy – The District currently pays for postemployment benefits on a pay-as-you-go basis, and these financial statements assume that pay-as-you-go funding will continue. Generally, resources from the General Fund are used to pay for postemployment benefits.
Annual OPEB Cost and Net OPEB Obligation – The District’s annual OPEB cost is calculated based on the annual required contribution (ARC) of the District, an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal costs each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed 30 years. The amortization method is open. The following table shows the components of the District’s annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the District’s net OPEB obligation.
Annual required contribution $ 7,142,639 Interest on net OPEB obligation 533,671 Adjustment to annual required contribution (728,064)Annual OPEB cost (expense) 6,948,246 Contributions made (3,432,000)Increase in net OPEB obligation 3,516,246 Net OPEB obligation – beginning of year 11,859,365 Net OPEB obligation – end of year $ 15,375,611
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
Page 55
NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS – SINGLE EMPLOYER PLAN (Cont’d)
The District’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for fiscal year ended June 30, 2012 and the preceding two years is as follows.
Fiscal Year Ended
Annual OPEB
Cost
Annual OPEB
Cost Contributed
Percentage of Annual OPEB
Cost Contributed Net OPEB Obligation
June 30, 2012 $ 6,948,246 $ 3,432,000 49.4% $ 15,375,611June 30, 2011 6,994,961 3,650,000 52.2 11,859,365June 30, 2010 6,886,867 3,050,000 44.3 8,514,404
Actuarial Methods and Assumptions – Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit cost between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of events far into the future. Actuarially determined amounts are subject to continual revision as results are compared to past expectations and new estimates are made about the future.
In the November 27, 2012 actuarial valuation, the liabilities were computed using the actuarial cost method of entry age normal, level dollar amount. The actuarial assumptions utilized a 4.5 percent discount rate. Because the plan is unfunded, reference to the District’s general operational assets, which are short-term in nature, was considered in the selection of the 4.5 percent rate. The valuation assumes a 8.5 percent healthcare cost trend increase for fiscal year 2011-12, reduced by decrements to an ultimate rate of 5 percent. There is no inflation rate assumption. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
Page 56
NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS – SINGLE EMPLOYER PLAN (Concl’d)
Schedule of Funding Progress – The following schedule of funding progress presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits.
Actuarial Valuation
Date
Actuarial Value of Assets
(a)
Actuarial Accrued Liability (AAL) -
(b)
Unfunded AAL (UAAL)
(b-a)
Funded Ratio (a/b)
Covered Payroll
(c)
UAAL as a Percentage of Covered
Payroll ((b-1)/c)
7/1/2011 -0- $ 47,673,252 $ 47,673,252 -0- $ 64,712,559 74%7/1/2010 -0- 65,473,544 65,473,544 -0- 65,391,515 100 7/1/2009 -0- 55,244,878 55,244,878 -0- 68,068,267 81
NOTE 16 – SUBSEQUENT EVENTS Tax Anticipation Notes – In July 2012, the District issued $8,500,000 of tax anticipation notes in advance of property tax collections, depositing the proceeds in its General Fund. Refunding Bonds – On November 8, 2012, the District issued $50,495,000 in refunding bonds with an interest rate of 3.33 percent, to advance refund $50,495,000 of general obligation bonds, with an average interest rate of 4.2 percent which will result in a net present value in savings of $2,378,023.
Page 57
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
(Required Supplementary Information)
Revenues:Other localProperty taxesState aid and grants
Total revenues
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Total expenditures
Changes in fund balances
Fund balances, beginning of year
Increase (decrease) in reserve for prepaid items
Fund balances (deficits), end of year
Budgeted Amounts
Original
$ 3,764,41238,195,00845,181,62987,141,049
52,755,31210,166,0947,975,160
15,109,1903,382,349
674,94890,063,053
(2,922,004)
$ (2,922,004)
Final
$ 3,764,41238,195,00845,181,62987,141,049
53,755,48810,166,0947,975,160
15,109,1903,382,349
674,94891,063,229
(3,922,180)
$ (3,922,180)
Non-GAAP Actual
$ 4,956,02238,036,32643,823,61686,815,964
49,884,7849,960,2289,152,003
15,179,5713,380,552
650,21088,207,348
(1,391,384)
5,738,777
(996)
$ 4,346,397
Variance with Final Budget
Positive (Negative)
$ 1,191,610(158,682)
(1,358,013)(325,085)
3,870,704205,866
(1,176,843)(70,381)
1,79724,738
2,855,881
2,530,796
5,738,777
(996)
$ 8,268,577
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUALGENERAL
YEAR ENDED JUNE 30, 2012
Page 58
See accompanying notes to this schedule.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205 NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2012
Page 59
NOTE 1 – BUDGETARY BASIS OF ACCOUNTING The adopted budget of the District is prepared on a basis consistent with accounting principles generally accepted in the United States of America with the following exception: a portion of the General Fund activity is budgeted for separately as special revenue and capital projects funds. Consequently, the following adjustments were necessary to present actual expenditures, fund balance at July 1, 2011 and fund balance at June 30, 2012 on a budgetary basis in order to provide a meaningful comparison.
Total
Expenditures Fund Balance,June 30, 2012
Fund Balance,July 1, 2011
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds $ 90,238,915 $ 9,279,112 $ 10,334,056
Fiscal year 2011-12 activity budgeted as special revenue funds (791,507) (1,228,224) (1,217,696)
Fiscal year 2011-12 activity budgeted as capital projects funds (1,240,060) (3,704,491) (3,377,583)
Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund $ 88,207,348 $ 4,346,397
$ 5,738,777
Page 60
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Page 61
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
AND SCHEDULES
Page 62
(This page intentionally left blank)
Page 63
GOVERNMENTAL FUNDS
ASSETSCash and investmentsDepositsAccounts receivableDue from governmental entitiesDue from other funds
Total assets
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payableDue to other fundsAccrued payroll and employee benefitsDeferred revenues
Total liabilities
Fund balances:Restricted
Total fund balances
Total liabilities and fund balances
Special Revenue
$ 8,445,766119,03021,646
3,068,37163,562
$ 11,718,375
$ 253,655339,957491,237
1,678,2572,763,106
8,955,2698,955,269
$ 11,718,375
Capital Projects
$ 1,333,463
60,435
$ 1,393,898
$
1,393,8981,393,898
$ 1,393,898
Total Non-Major
Governmental Fund
$ 9,779,229119,030
82,0813,068,371
63,562$ 13,112,273
$ 253,655339,957491,237
1,678,2572,763,106
10,349,16710,349,167
$ 13,112,273
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING BALANCE SHEET - ALL NON-MAJOR GOVERNMENTAL FUNDS - BY FUND TYPE
JUNE 30, 2012
Page 64
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Total revenues
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer outCapital lease agreements
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Special Revenue
$ 5,724,3845,394,729
16,738,90927,858,022
13,962,5424,589,979
414,6971,164,364
311,8784,749,0191,221,508
26,413,987
1,444,035
(589,485)
(589,485)
854,550
8,100,719
$ 8,955,269
Capital Projects
$ 722,194
610,8001,332,994
12,235,66812,235,668
(10,902,674)
12,000,00012,000,000
1,097,326
296,572
$ 1,393,898
Total Non-Major
Governmental Funds
$ 6,446,5785,394,729
17,349,70929,191,016
13,962,5424,589,979
414,6971,164,364
311,8784,749,019
13,457,17638,649,655
(9,458,639)
(589,485)12,000,00011,410,515
1,951,876
8,397,291
$ 10,349,167
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
ALL NON-MAJOR GOVERNMENTAL FUNDS - BY FUND TYPEYEAR ENDED JUNE 30, 2012
Page 65
Page 66
SPECIAL REVENUE FUNDS Classroom Site - to account for the financial activity for the portion of state sales tax collections and permanent state school fund earnings as approved by the voters in 2000. Instructional Improvement - to account for the activity of monies received from gaming revenue. Compensatory Instruction - to account for monies received for programs in addition to normal classroom instruction to improve the English proficiency of current English language learners. Title I Grants - to account for financial assistance received for the purpose of improving the teaching and learning of children failing, or most at-risk of failing, to meet challenging State academic standards. Professional Development & Technology Grants - to account for financial assistance received to increase student academic achievement through improving teacher quality. Title IV Grants - to account for financial assistance received for chemical abuse awareness programs and expanding projects that benefit educational and health needs of the communities. Limited English & Immigrant Students - to account for financial assistance received for educational services and costs for limited English and immigrant children. Special Education Grants - to account for supplemental financial assistance received to provide a free, appropriate public education to disabled children. Vocational Education - to account for financial assistance received for preparation of individuals for employment or advancement in a career not requiring a baccalaureate or advanced degree. Homeless Education - to account for financial assistance received for the education of homeless students. Medicaid Reimbursement - to account for reimbursements related to specific health services provided to eligible students. E-Rate - To account for financial assistance received for broadband internet and telecommunication costs. Other Federal Projects - to account for financial assistance received for other supplemental federal projects. State Vocational Education - to account for financial assistance received for the preparation of individuals for employment. Chemical Abuse Prevention Programs - to account for financial assistance received for chemical abuse awareness programs.
Page 67
Academic Contests - to account for financial assistance received for participation in academic contests. Gifted - to account for financial assistance received for programs for gifted students. Other State Projects - to account for financial assistance received for other State projects. School Plant - to account for proceeds from the sale or lease of school property. Food Service - to account for the financial activity of school activities that have as their purpose the preparation and serving of regular and incidental meals and snacks in connection with school functions. Civic Center - to account for monies received from the rental of school facilities for civic activities. Community School - to account for activity related to academic and skill development for all citizens. Auxiliary Operations - to account for activity arising from bookstore, athletic and miscellaneous District related operations. Gifts and Donations - to account for activity related to gifts, donations, bequests and private grants made to the District. Career, Technical and Vocational Education Projects - to account for activity related to the production and subsequent sale of items produced in an instructional program by career and technical and vocational education pupils. Fingerprint - to account for activity of fingerprinting employees as mandated by the State. Insurance Proceeds - to account for the monies received from insurance claims. Textbooks - to account for monies received from students to replace or repair lost or damaged textbooks. Litigation Recovery - to account for monies received for and derived from litigation. Indirect Costs - to account for monies transferred from Federal projects for administrative costs. Insurance Refund - to account for insurance premium payments that are refunded to the District. Grants and Gifts to Teachers - to account for grants and gifts under $1,500 received from private sources that are designated for use by a teacher for instructional purposes. Advertisement - to account for monies received from the sale of advertising. Joint Technical Education - to account for monies received from Joint Technical Education Districts for vocational education programs.
ASSETSCash and investmentsDepositsAccounts receivableDue from governmental entitiesDue from other funds
Total assets
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payableDue to other fundsAccrued payroll and employee benefitsDeferred revenues
Total liabilities
Fund balances:Restricted
Total fund balances
Total liabilities and fund balances
Classroom Site
$ 1,315,396
715,165
$ 2,030,561
$
4,274
4,274
2,026,2872,026,287
$ 2,030,561
Instructional Improvement
$ 547,615
240,241
$ 787,856
$
787,856787,856
$ 787,856
Title I Grants
$ 1,142,452
$ 1,142,452
$ 26,215
304,962811,275
1,142,452
$ 1,142,452
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING BALANCE SHEET - NON-MAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
Page 68
Professional Development
and Technology Grants
$ 118,465
$ 118,465
$ 21,896
29,86066,709
118,465
$ 118,465
Title IV Grants
$ 5,816
$ 5,816
$
4,6291,1875,816
$ 5,816
Limited English & Immigrant
Students
$ 36,376
$ 36,376
$
36,37636,376
$ 36,376
Special Education
Grants
$
28,769
$ 28,769
$14,39914,370
28,769
$ 28,769
Vocational Education
$
146,637
$ 146,637
$137,924
8,713
146,637
$ 146,637
E-Rate
$
543,432
$ 543,432
$
543,432543,432
$ 543,432
Page 69
(Continued)
ASSETSCash and investmentsDepositsAccounts receivableDue from governmental entitiesDue from other funds
Total assets
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payableDue to other fundsAccrued payroll and employee benefitsDeferred revenues
Total liabilities
Fund balances:Restricted
Total fund balances
Total liabilities and fund balances
Other Federal Projects
$
407,912
$ 407,912
$123,74341,954
124,354290,051
117,861117,861
$ 407,912
State Vocational Education
$ 145,577
$ 145,577
$ 55,409
90,168145,577
$ 145,577
Other State Projects
$ 4,756
$ 4,756
$
4,7564,756
$ 4,756
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING BALANCE SHEET - NON-MAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
Page 70
Food Service
$ 358,034119,030
908,16069
$ 1,385,293
$ 41,700
10,403
52,103
1,333,1901,333,190
$ 1,385,293
Civic Center
$ 403,038
3,071
21,005$ 427,114
$
427,114427,114
$ 427,114
Community School
$ 8,779
13,795
30,463$ 53,037
$
53,037
53,037
$ 53,037
Auxiliary Operations
$ 1,724,069
150$ 1,724,219
$63,612
63,612
1,660,6071,660,607
$ 1,724,219
Gifts and Donations
$ 210,103
1,686
100$ 211,889
$
211,889211,889
$ 211,889
Career, Technical and
Vocational Education Projects
$
783$ 783
$152
152
631631
$ 783
Page 71
(Continued)
ASSETSCash and investmentsDepositsAccounts receivableDue from governmental entitiesDue from other funds
Total assets
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payableDue to other fundsAccrued payroll and employee benefitsDeferred revenues
Total liabilities
Fund balances:Restricted
Total fund balances
Total liabilities and fund balances
Fingerprint
$
127
$ 127
$127
127
$ 127
Insurance Proceeds
$ 143,511
2,967
$ 146,478
$
146,478146,478
$ 146,478
Textbooks
$ 130,490
10,992$ 141,482
$
141,482141,482
$ 141,482
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING BALANCE SHEET - NON-MAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
Page 72
Insurance Refund
$ 78,327
$ 78,327
$
78,32778,327
$ 78,327
Joint Technical Education
$ 2,072,962
78,055
$ 2,151,017
$ 108,435
19,035
127,470
2,023,5472,023,547
$ 2,151,017
Totals
$ 8,445,766119,030
21,6463,068,371
63,562$ 11,718,375
$ 253,655339,957491,237
1,678,2572,763,106
8,955,2698,955,269
$ 11,718,375
Page 73
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Total revenues
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Classroom Site
$ 6,9624,192,138
4,199,100
4,007,081276,120
4,283,201
(84,101)
(84,101)
2,110,388
$ 2,026,287
Instructional Improvement
$ 7,437600,499
607,936
501,93459,39266,08294,73747,92448,508
818,577
(210,641)
(210,641)
998,497
$ 787,856
Title I Grants
$
4,541,4944,541,494
2,514,5961,778,169
105,498
53,696
25,3784,477,337
64,157
(64,157)(64,157)
$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NON-MAJOR SPECIAL REVENUE FUNDSYEAR ENDED JUNE 30, 2012
Page 74
Professional Development
and Technology Grants
$
708,340708,340
689,2758,921
698,196
10,144
(10,144)(10,144)
$
Title IV Grants
$
82,10682,106
44,51726,970
250
6,980
2,24080,957
1,149
(1,149)(1,149)
$
Limited English & Immigrant
Students
$
121,971121,971
42,04155,330
433
22,794120,598
1,373
(1,373)(1,373)
$
Special Education
Grants
$
2,684,2612,684,261
1,620,434926,730
14,56390
1,504
88,5142,651,835
32,426
(32,426)(32,426)
$
Vocational Education
$
1,291,9581,291,958
412,475164,25722,201
683,9831,282,916
9,042
(9,042)(9,042)
$
Homeless Education
$
79,42079,420
310376
78,734
79,420
$
Page 75
(Continued)
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Total revenues
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
E-Rate
$
655,668655,668
5,2236,081
644,364
655,668
$
Other Federal Projects
$
2,667,5072,667,507
2,610,16932,492
6315,894
2,108
1532,660,879
6,628
(1,194)(1,194)
5,434
112,427
$ 117,861
State Vocational Education
$537,497
537,497
423,60117,70815,840
80,348537,497
$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NON-MAJOR SPECIAL REVENUE FUNDSYEAR ENDED JUNE 30, 2012
Page 76
Other State Projects
$64,595
64,595
63,999596
64,595
$
Food Service
$ 1,352,561
3,906,1845,258,745
4,648,23754,205
4,702,442
556,303
(470,000)(470,000)
86,303
1,246,887
$ 1,333,190
Civic Center
$ 413,884
413,884
98,19029,35430,430
159,2812,4632,683
157,775480,176
(66,292)
(66,292)
493,406
$ 427,114
Community School
$ 216,082
216,082
134,127
67,583
14,372
216,082
$
Auxiliary Operations
$ 1,614,777
1,614,777
1,171,05848,416
2,58873,74449,5918,537
1,353,934
260,843
260,843
1,399,764
$ 1,660,607
Gifts and Donations
$ 68,980
68,980
3,58440,959
755
14,06459,362
9,618
9,618
202,271
$ 211,889
Page 77
(Continued)
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Total revenues
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Career, Technical and
Vocational Education Projects
$ 20,512
20,512
19,881
19,881
631
631
$ 631
Fingerprint
$ 7,746
7,746
7,746
7,746
$
Insurance Proceeds
$ 37,227
37,227
294
20,790
16,31437,398
(171)
(171)
146,649
$ 146,478
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NON-MAJOR SPECIAL REVENUE FUNDSYEAR ENDED JUNE 30, 2012
Page 78
Textbooks
$ 24,075
24,075
43,3363,863
47,199
(23,124)
(23,124)
164,606
$ 141,482
Insurance Refund
$ 78,327
78,327
78,327
78,327
$ 78,327
Joint Technical Education
$ 1,875,814
1,875,814
250,915434,749
68,684226,620
29,920
67,2031,078,091
797,723
797,723
1,225,824
$ 2,023,547
Totals
$ 5,724,3845,394,729
16,738,90927,858,022
13,962,5424,589,979
414,6971,164,364
311,8784,749,0191,221,508
26,413,987
1,444,035
(589,485)(589,485)
854,550
8,100,719
$ 8,955,269
Page 79
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances (deficits), end of year
Classroom Site
Budget
$4,240,231
4,240,231
5,248,163792,000
6,040,163
(1,799,932)
(1,799,932)
1,738,964
$ (60,968)
Actual
$ 6,9624,192,138
4,199,100
4,007,081276,120
4,283,201
(84,101)
(84,101)
2,110,388
$ 2,026,287
Variance - Positive
(Negative)
$ 6,962(48,093)
(41,131)
1,241,082515,880
1,756,962
1,715,831
1,715,831
371,424
$ 2,087,255
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 80
Instructional Improvement
Budget
$1,503
1,503
1,000,000
1,000,000
(998,497)
(998,497)
998,497
$
Actual
$ 7,437600,499
607,936
501,93459,39266,08294,73747,92448,508
818,577
(210,641)
(210,641)
998,497
$ 787,856
Variance - Positive
(Negative)
$ 7,437598,996
606,433
498,066(59,392)(66,082)(94,737)(47,924)(48,508)
181,423
787,856
787,856
$ 787,856
Compensatory Instruction
Budget
$100,000
100,000
100,000
100,000
$
Actual
$
$
Variance - Positive
(Negative)
$(100,000)
(100,000)
100,000
100,000
$
Page 81(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Title I Grants
Budget
$
7,000,0007,000,000
7,000,000
7,000,000
$
Actual
$
4,541,4944,541,494
2,514,5961,778,169
105,498
53,696
25,3784,477,337
64,157
(64,157)(64,157)
$
Variance - Positive
(Negative)
$
(2,458,506)(2,458,506)
4,485,404(1,778,169)
(105,498)
(53,696)
(25,378)2,522,663
64,157
(64,157)(64,157)
$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 82
Professional Development and Technology Grants
Budget
$
1,600,0001,600,000
1,600,000
1,600,000
$
Actual
$
708,340708,340
689,2758,921
698,196
10,144
(10,144)(10,144)
$
Variance - Positive
(Negative)
$
(891,660)(891,660)
910,725(8,921)
901,804
10,144
(10,144)(10,144)
$
Title IV Grants
Budget
$
100,000100,000
100,000
100,000
$
Actual
$
82,10682,106
44,51726,970
250
6,980
2,24080,957
1,149
(1,149)(1,149)
$
Variance - Positive
(Negative)
$
(17,894)(17,894)
55,483(26,970)
(250)
(6,980)
(2,240)19,043
1,149
(1,149)(1,149)
$
Page 83(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Limited English & Immigrant Students
Budget
$
225,000225,000
225,000
225,000
$
Actual
$
121,971121,971
42,04155,330
433
22,794120,598
1,373
(1,373)(1,373)
$
Variance - Positive
(Negative)
$
(103,029)(103,029)
(42,041)169,670
(433)
(22,794)104,402
1,373
(1,373)(1,373)
$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 84
Special Education Grants
Budget
$
3,250,0003,250,000
3,250,000
3,250,000
$
Actual
$
2,684,2612,684,261
1,620,434926,73014,563
901,504
88,5142,651,835
32,426
(32,426)(32,426)
$
Variance - Positive
(Negative)
$
(565,739)(565,739)
1,629,566(926,730)
(14,563)(90)
(1,504)
(88,514)598,165
32,426
(32,426)(32,426)
$
Vocational Education
Budget
$
1,400,0001,400,000
1,400,0001,400,000
$
Actual
$
1,291,9581,291,958
412,475164,25722,201
683,9831,282,916
9,042
(9,042)(9,042)
$
Variance - Positive
(Negative)
$
(108,042)(108,042)
(412,475)(164,257)(22,201)
716,017117,084
9,042
(9,042)(9,042)
$
Page 85(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Homeless Education
Budget
$
100,000100,000
100,000
100,000
$
Actual
$
79,42079,420
310376
78,734
79,420
$
Variance - Positive
(Negative)
$
(20,580)(20,580)
(310)(376)
21,266
20,580
$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 86
Medicaid Reimbursement
Budget
$
500,000500,000
500,000
500,000
$
Non-GAAP Actual
$
184,393184,393
1,29587,47960,98523,727
4,4346,261
212184,393
$
Variance - Positive
(Negative)
$
(315,607)(315,607)
(1,295)412,521(60,985)(23,727)(4,434)(6,261)
(212)315,607
$
E-Rate
Budget
$
750,000750,000
750,000
750,000
$
Actual
$
655,668655,668
5,2236,081
644,364
655,668
$
Variance - Positive
(Negative)
$
(94,332)(94,332)
(5,223)(6,081)
105,636
94,332
$
Page 87(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Other Federal Projects
Budget
$
3,950,0003,950,000
3,950,000
3,950,000
$
Actual
$
2,667,5072,667,507
2,610,16932,492
6315,8942,108
1532,660,879
6,628
(1,194)(1,194)
5,434
112,427
$ 117,861
Variance - Positive
(Negative)
$
(1,282,493)(1,282,493)
1,339,831(32,492)
(63)(15,894)(2,108)
(153)1,289,121
6,628
(1,194)(1,194)
5,434
112,427
$ 117,861
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 88
State Vocational Education
Budget
$525,000
525,000
525,000
525,000
$
Actual
$537,497
537,497
423,60117,70815,840
80,348537,497
$
Variance - Positive
(Negative)
$12,497
12,497
101,399(17,708)(15,840)
(80,348)(12,497)
$
Chemical Abuse Prevention Programs
Budget
$10,000
10,000
10,000
10,000
$
Actual
$
$
Variance - Positive
(Negative)
$(10,000)
(10,000)
10,000
10,000
$
Page 89(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Academic Contests
Budget
$10,000
10,000
10,000
10,000
$
Actual
$
$
Variance - Positive
(Negative)
$(10,000)
(10,000)
10,000
10,000
$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 90
Gifted
Budget
$25,000
25,000
25,000
25,000
$
Actual
$
$
Variance - Positive
(Negative)
$(25,000)
(25,000)
25,000
25,000
$
Other State Projects
Budget
$860,000
860,000
860,000
860,000
$
Actual
$64,595
64,595
63,999596
64,595
$
Variance - Positive
(Negative)
$(795,405)
(795,405)
796,001(596)
795,405
$
Page 91(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
School Plant
Budget
$ 15,626
15,626
75,000
75,000
(59,374)
(59,374)
59,374
$
Non-GAAP Actual
$ 22,077
22,077
2,2532,253
19,824
19,824
59,374
$ 79,198
Variance - Positive
(Negative)
$ 6,451
6,451
75,000(2,253)72,747
79,198
79,198
$ 79,198
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 92
Food Service
Budget
$ 1,091,443
2,861,6703,953,113
5,000,000
5,000,000
(1,046,887)
(200,000)(200,000)
(1,246,887)
1,246,887
$
Actual
$ 1,352,561
3,906,1845,258,745
4,648,23754,205
4,702,442
556,303
(470,000)(470,000)
86,303
1,246,887
$ 1,333,190
Variance - Positive
(Negative)
$ 261,118
1,044,5141,305,632
351,763(54,205)297,558
1,603,190
(270,000)(270,000)
1,333,190
$ 1,333,190
Civic Center
Budget
$ 106,594
106,594
600,000
600,000
(493,406)
(493,406)
493,406
$
Actual
$ 413,884
413,884
98,19029,35430,430
159,2812,4632,683
157,775480,176
(66,292)
(66,292)
493,406
$ 427,114
Variance - Positive
(Negative)
$ 307,290
307,290
(98,190)(29,354)(30,430)440,719(2,463)(2,683)
(157,775)119,824
427,114
427,114
$ 427,114
Page 93(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Community School
Budget
$ 600,000
600,000
600,000
600,000
$
Actual
$ 216,082
216,082
134,127
67,583
14,372
216,082
$
Variance - Positive
(Negative)
$ (383,918)
(383,918)
465,873
(67,583)
(14,372)
383,918
$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 94
Auxiliary Operations
Budget
$ 2,700,236
2,700,236
4,100,000
4,100,000
(1,399,764)
(1,399,764)
1,399,764
$
Actual
$ 1,614,777
1,614,777
1,171,05848,416
2,58873,74449,591
8,5371,353,934
260,843
260,843
1,399,764
$ 1,660,607
Variance - Positive
(Negative)
$ (1,085,459)
(1,085,459)
2,928,942(48,416)
(2,588)(73,744)(49,591)(8,537)
2,746,066
1,660,607
1,660,607
$ 1,660,607
Gifts and Donations
Budget
$ 397,730
397,730
600,000
600,000
(202,270)
(202,270)
202,270
$
Actual
$ 68,980
68,980
3,58440,959
755
14,06459,362
9,618
9,618
202,271
$ 211,889
Variance - Positive
(Negative)
$ (328,750)
(328,750)
596,416(40,959)
(755)
(14,064)540,638
211,888
211,888
1
$ 211,889
Page 95(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Career, Technical and Vocational Education Projects
Budget
$ 100,000
100,000
100,000
100,000
$
Actual
$ 20,512
20,512
19,881
19,881
631
631
$ 631
Variance - Positive
(Negative)
$ (79,488)
(79,488)
80,119
80,119
631
631
$ 631
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 96
Fingerprint
Budget
$ 20,000
20,000
20,000
20,000
$
Actual
$ 7,746
7,746
7,746
7,746
$
Variance - Positive
(Negative)
$ (12,254)
(12,254)
12,254
12,254
$
Insurance Proceeds
Budget
$ 553,351
553,351
700,000
700,000
(146,649)
(146,649)
146,649
$
Actual
$ 37,227
37,227
294
20,790
16,31437,398
(171)
(171)
146,649
$ 146,478
Variance - Positive
(Negative)
$ (516,124)
(516,124)
699,706
(20,790)
(16,314)662,602
146,478
146,478
$ 146,478
Page 97(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Textbooks
Budget
$
100,000
100,000
(100,000)
(100,000)
164,606
$ 64,606
Actual
$ 24,075
24,075
43,3363,863
47,199
(23,124)
(23,124)
164,606
$ 141,482
Variance - Positive
(Negative)
$ 24,075
24,075
56,664(3,863)
52,801
76,876
76,876
$ 76,876
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 98
Litigation Recovery
Budget
$ 864,130
864,130
950,000
950,000
(85,870)
(85,870)
85,870
$
Non-GAAP Actual
$ 1,716
1,716
1,238
1,238
478
478
85,870
$ 86,348
Variance - Positive
(Negative)
$ (862,414)
(862,414)
950,000
(1,238)
948,762
86,348
86,348
$ 86,348
Indirect Costs
Budget
$
950,000
950,000
(950,000)
250,000
250,000
(700,000)
1,070,649
$ 370,649
Non-GAAP Actual
$ 4,364
4,364
195,742225
196,225
183,59027,841
603,623
(599,259)
589,485
589,485
(9,774)
1,072,452
$ 1,062,678
Variance - Positive
(Negative)
$ 4,364
4,364
754,258(225)
(196,225)
(183,590)(27,841)
346,377
350,741
339,485
339,485
690,226
1,803
$ 692,029
Page 99(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Insurance Refund
Budget
$ 500,000
500,000
500,000
500,000
$
Actual
$ 78,327
78,327
78,327
78,327
$ 78,327
Variance - Positive
(Negative)
$ (421,673)
(421,673)
500,000
500,000
78,327
78,327
$ 78,327
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 100
Grants and Gifts to Teachers
Budget
$ 30,000
30,000
30,000
30,000
$
Actual
$
$
Variance - Positive
(Negative)
$ (30,000)
(30,000)
30,000
30,000
$
Advertisement
Budget
$ 30,000
30,000
30,000
30,000
$
Actual
$
$
Variance - Positive
(Negative)
$ (30,000)
(30,000)
30,000
30,000
$
Page 101(Continued)
Total revenues
Revenues:Other localState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services
Capital outlayTotal expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer inTransfer out
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Joint Technical Education
Budget
$ 3,774,176
3,774,176
5,000,000
5,000,000
(1,225,824)
(1,225,824)
1,225,824
$
Actual
$ 1,875,814
1,875,814
250,915434,74968,684
226,62029,920
67,2031,078,091
797,723
797,723
1,225,824
$ 2,023,547
Variance - Positive
(Negative)
$ (1,898,362)
(1,898,362)
4,749,085(434,749)
(68,684)(226,620)
(29,920)
(67,203)3,921,909
2,023,547
2,023,547
$ 2,023,547
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2012
Page 102
Totals
Budget
$ 10,783,2865,771,734
21,736,67038,291,690
35,738,1633,117,000
20,0001,350,000
100,0005,075,0001,400,000
46,800,163
(8,508,473)
250,000(200,000)
50,000
(8,458,473)
8,832,760
$ 374,287
Non-GAAP Actual
$ 5,752,5415,394,729
16,923,30228,070,572
14,159,5794,677,683
673,1451,188,091
499,9024,783,1211,223,973
27,205,494
865,078
589,485(589,485)
865,078
9,318,415
$ 10,183,493
Variance - Positive
(Negative)
$ (5,030,745)(377,005)
(4,813,368)(10,221,118)
21,578,584(1,560,683)
(653,145)161,909
(399,902)291,879176,027
19,594,669
9,373,551
339,485(389,485)
(50,000)
9,323,551
485,655
$ 9,809,206
Page 103
Page 104
(This page intentionally left blank)
Page 105
DEBT SERVICE FUND Debt Service - to account for the accumulation of resources for, and the payment of, long-term debt principal, interest and related costs.
Total revenues
Revenues:Other localProperty taxes
Expenditures:Debt service -
Principal retirementInterest and fiscal charges
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer in
Total other financing sources (uses):
Changes in fund balances
Fund balances (deficits), beginning of year
Fund balances (deficits), end of year
Debt Service
Budget
$14,299,17214,299,172
11,015,0003,260,000
14,275,000
24,172
24,172
(44,925)
$ (20,753)
Actual
$ 57,01314,348,34714,405,360
11,015,0003,242,686
14,257,686
147,674
40,11640,116
187,790
1,289,878
$ 1,477,668
Variance - Positive
(Negative)
$ 57,01349,175
106,188
17,31417,314
123,502
40,11640,116
163,618
1,334,803
$ 1,498,421
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALALL DEBT SERVICE FUNDSYEAR ENDED JUNE 30, 2012
Page 106
Page 107
CAPITAL PROJECTS FUNDS Unrestricted Capital Outlay - to account for transactions relating to the acquisition of capital items. Soft Capital Allocation - to account for transactions relating to the acquisition of short-term capital items required to meet academic adequacy standards. Bond Building - to account for proceeds from District bond issues that are expended on the acquisition or lease of sites, construction or renovation of school buildings, improving school grounds, or purchasing pupil transportation vehicles. Gifts and Donations - to account for gifts and donations to be expended for capital acquisitions. Energy and Water Savings – to account for energy-related rebate monies to fund energy or water saving projects in school facilities. Building Renewal - to account for monies received from the School Facilities Board that are used for infrastructure or for major upgrades, repairs, or renovations to areas, systems or buildings that will maintain or extend their useful life.
ASSETSCash and investmentsAccounts receivable
Total assets
LIABILITIES AND FUND BALANCESFund balances:
RestrictedTotal fund balances
Total liabilities and fund balances
Energy and Water Savings
$ 1,271,46160,435
$ 1,331,896
$ 1,331,8961,331,896
$ 1,331,896
Building Renewal
$ 62,002
$ 62,002
$ 62,00262,002
$ 62,002
Totals
$ 1,333,46360,435
$ 1,393,898
$ 1,393,8981,393,898
$ 1,393,898
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING BALANCE SHEET - NON-MAJOR CAPITAL PROJECTS FUNDS
JUNE 30, 2012
Page 108
Revenues:Other localFederal aid, grants and reimbursements
Total revenues
Expenditures:Capital outlay
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Capital lease agreements
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Energy and Water Savings
$ 721,096610,800
1,331,896
12,000,00012,000,000
(10,668,104)
12,000,00012,000,000
1,331,896
$ 1,331,896
Building Renewal
$ 1,098
1,098
235,668235,668
(234,570)
(234,570)
296,572
$ 62,002
Totals
$ 722,194610,800
1,332,994
12,235,66812,235,668
(10,902,674)
12,000,00012,000,000
1,097,326
296,572
$ 1,393,898
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NON-MAJOR CAPITAL PROJECTS FUNDSYEAR ENDED JUNE 30, 2012
Page 109
Total revenues
Revenues:Other localProperty taxesState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staff
Capital outlayDebt service -
Principal retirementInterest and fiscal chargesBond issuance costs
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer outIssuance of school improvement bondsPremium on sale of bonds
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances (deficits), end of year
Unrestricted Capital Outlay
Budget
$ 10,0001,151,235
161,471
1,322,706
3,385,730
3,385,730
(2,063,024)
(2,063,024)
1,700,000
$ (363,024)
Non-GAAP Actual
$ 13,9191,125,562
161,471
1,300,952
498,344
498,344
802,608
802,608
1,859,084
$ 2,661,692
Variance - Positive
(Negative)
$ 3,919(25,673)
(21,754)
2,887,386
2,887,386
2,865,632
2,865,632
159,084
$ 3,024,716
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALALL CAPITAL PROJECTS FUNDS
YEAR ENDED JUNE 30, 2012
Page 110
Soft Capital Allocation
Budget
$ 5,00029,31931,831
66,150
1,032,570
98,85617,619
1,149,045
(1,082,895)
(1,082,895)
1,200,000
$ 117,105
Non-GAAP Actual
$ 14,77927,340
223,897
266,016
80,10927,110
518,987
97,89117,619
741,716
(475,700)
(475,700)
1,518,499
$ 1,042,799
Variance - Positive
(Negative)
$ 9,779(1,979)
192,066
199,866
(80,109)(27,110)513,583
965
407,329
607,195
607,195
318,499
$ 925,694
Bond Building
Budget
$
25,440,000
25,440,000
(25,440,000)
(25,440,000)
3,188,644
$ (22,251,356)
Actual
$ 31,217
31,217
14,001,286
607,69314,608,979
(14,577,762)
(40,116)22,440,000
563,19322,963,077
8,385,315
3,188,644
$ 11,573,959
Variance - Positive
(Negative)
$ 31,217
31,217
11,438,714
(607,693)10,831,021
10,862,238
(40,116)22,440,000
563,19322,963,077
33,825,315
$ 33,825,315
Page 111(Continued)
Total revenues
Revenues:Other localProperty taxesState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staff
Capital outlayDebt service -
Principal retirementInterest and fiscal chargesBond issuance costs
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer outIssuance of school improvement bondsPremium on sale of bonds
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances, end of year
Gifts and Donations - Capital
Budget
$ 50,000
50,000
50,000
50,000
$
Actual
$
$
Variance - Positive
(Negative)
$ (50,000)
(50,000)
50,000
50,000
$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALALL CAPITAL PROJECTS FUNDS
YEAR ENDED JUNE 30, 2012
Page 112
Energy and Water Savings
Budget
$
$
Non-GAAP Actual
$ 721,096
610,8001,331,896
1,331,896
1,331,896
$ 1,331,896
Variance - Positive
(Negative)
$ 721,096
610,8001,331,896
1,331,896
1,331,896
$ 1,331,896
Building Renewal
Budget
$
28,428
28,428
325,000
325,000
(296,572)
(296,572)
296,572
$
Actual
$ 1,098
1,098
235,668
235,668
(234,570)
(234,570)
296,572
$ 62,002
Variance - Positive
(Negative)
$ 1,098
(28,428)
(27,330)
89,332
89,332
62,002
62,002
$ 62,002
Page 113(Continued)
Total revenues
Revenues:Other localProperty taxesState aid and grantsFederal aid, grants and reimbursements
Expenditures:Current -
InstructionSupport services - students and staff
Capital outlayDebt service -
Principal retirementInterest and fiscal chargesBond issuance costs
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):Transfer outIssuance of school improvement bondsPremium on sale of bonds
Total other financing sources (uses):
Changes in fund balances
Fund balances, beginning of year
Fund balances (deficits), end of year
Totals
Budget
$ 65,0001,180,554
221,730
1,467,284
30,233,300
98,85617,619
30,349,775
(28,882,491)
(28,882,491)
6,385,216
$ (22,497,275)
Non-GAAP Actual
$ 782,1091,152,902
385,368610,800
2,931,179
80,10927,110
15,254,285
97,89117,619
607,69316,084,707
(13,153,528)
(40,116)22,440,000
563,19322,963,077
9,809,549
6,862,799
$ 16,672,348
Variance - Positive
(Negative)
$ 717,109(27,652)163,638610,800
1,463,895
(80,109)(27,110)
14,979,015
965
(607,693)14,265,068
15,728,963
(40,116)22,440,000
563,19322,963,077
38,692,040
477,583
$ 39,169,623
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUALALL CAPITAL PROJECTS FUNDS
YEAR ENDED JUNE 30, 2012
Page 114
Page 115
AGENCY FUND Student Activities - to account for monies raised by students to finance student clubs and organizations but held by the District as an agent.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205STATEMENT OF CHANGES IN FIDUCIARY ASSETS AND LIABILITIES
YEAR ENDED JUNE 30, 2012
Beginning EndingBalance Additions Deductions Balance
STUDENT ACTIVITIES FUND
AssetsCash and investments $ 935,406 $ 3,263,828 $ 3,163,865 $ 1,035,369
Total assets $ 935,406 $ 3,263,828 $ 3,163,865 $ 1,035,369
Liabilities
Due to student groupsApollo High School $ 118,438 $ 383,010 $ 416,496 $ 84,952Cortez High School 73,644 256,821 247,420 83,045Glendale High School 92,519 280,524 277,190 95,853Greenway High School 107,624 514,899 484,808 137,715Independence High School 24,928 203,671 194,523 34,076Moon Valley High School 74,342 347,224 339,612 81,954Sunnyslope High School 125,442 351,091 337,107 139,426Thunderbird High School 158,688 568,648 514,319 213,017Washington High School 159,781 357,940 352,390 165,331
Total liabilities $ 935,406 $ 3,263,828 $ 3,163,865 $ 1,035,369
Page 116
Page 117
STATISTICAL SECTION
The statistical section presents financial statement trends as well as detailed financial and operational information not available elsewhere in the report. The statistical section is intended to enhance the reader’s understanding of the information presented in the financial statements, notes to the financial statements, and other supplementary information presented in this report. The statistical section is comprised of the five categories of statistical information presented below.
Financial Trends
These schedules contain information on financial trends to help the reader understand how the District’s financial position and financial activities have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the factors affecting the District’s ability to generate revenue.
Debt Capacity
These schedules present information to help the reader evaluate the District’s current levels of outstanding debt as well as assess the District’s ability to make debt payments and/or issue additional debt in the future.
Demographic and Economic Information These schedules present various demographic and economic indicators to help the reader understand the environment in which the District’s financial activities take place and to help make comparisons with other school districts.
Operating Information
These schedules contain information about the District’s operations and various resources to help the reader draw conclusions as to how the District’s financial information relates to the services provided by the District.
2012 2011 2010 2009 2008Net Assets:
Invested in capital assets, net of related debt 72,717,622$ 82,831,958$ 81,208,024$ 77,528,552$ 76,283,953$ Restricted 14,231,302 13,006,076 5,410,076 6,327,344 7,073,274 Unrestricted 13,471,826 15,425,903 26,315,868 23,270,954 26,783,596
Total net assets 100,420,750$ 111,263,937$ 112,933,968$ 107,126,850$ 110,140,823$
2007 2006 2005 2004 2003Net Assets:
Invested in capital assets, net of related debt 75,353,598$ 69,414,148$ 64,700,199$ 59,486,301$ 53,862,794$ Restricted 8,123,977 8,115,625 5,707,490 6,388,933 6,028,590 Unrestricted 20,848,604 20,110,045 13,560,645 10,799,264 11,940,694
Total net assets 104,326,179$ 97,639,818$ 83,968,334$ 76,674,498$ 71,832,078$
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205NET ASSETS BY COMPONENT
LAST TEN FISCAL YEARS
Fiscal Year Ended June 30
(Accrual basis of accounting)
The source of this information is the District's financial records.Source:
Page 118
2012 2011 2010 2009 2008
Instruction 83,521,195$ 76,512,201$ 79,696,099$ 83,091,797$ 81,886,676$ Support services - students and staff 16,511,684 16,457,842 15,171,959 14,690,034 14,470,210 Support services - administration 11,150,842 10,388,425 10,447,009 10,557,989 9,915,076 Operation and maintenance of plant services 17,163,902 17,427,231 16,824,102 17,791,027 18,195,724 Student transportation services 5,083,748 4,400,204 4,120,576 4,380,713 4,296,129 Operation of non-instructional services 6,128,182 5,868,445 5,949,267 5,583,176 5,374,049 Interest on long-term debt 3,304,805 3,712,985 4,161,608 4,560,667 4,996,778
Total expenses 142,864,358 134,767,333 136,370,620 140,655,403 139,134,642
Program RevenuesCharges for services:
Instruction 3,435,111 4,667,193 3,826,784 5,283,590 5,897,677Operation of non-instructional services 1,347,068 1,416,067 3,236,349 1,780,752 2,136,321Other activities 1,614,832 435,170 433,974 403,877 434,902
Operating grants and contributions 16,393,238 18,483,695 13,971,040 11,924,732 10,773,122 Capital grants and contributions 1,514,210 2,529,106 3,252,134 1,319,350 1,487,994
Total program revenues 24,304,459 27,531,231 24,720,281 20,712,301 20,730,016
Net (Expense)/Revenue (118,559,899)$ (107,236,102)$ (111,650,339)$ (119,943,102)$ (118,404,626)$
The source of this information is the District's financial records.The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 34 were adopted in fiscal year 2001 therefore
only six years are shown.
(Continued)
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205EXPENSES, PROGRAM REVENUES, AND NET (EXPENSE)/REVENUE
Source: Note:
LAST TEN FISCAL YEARS(Accrual basis of accounting)
Fiscal Year Ended June 30
Expenses
Page 119
2007 2006 2005 2004 2003Expenses
Instruction 79,109,165$ 73,165,544$ 68,355,534$ 65,531,388$ 61,290,137$ Support services - students and staff 13,148,057 11,779,900 11,147,059 10,452,085 9,821,090 Support services - administration 9,253,468 8,491,869 9,066,644 9,691,708 10,366,237 Operation and maintenance of plant services 17,045,674 14,758,857 13,688,839 12,723,261 11,740,340 Student transportation services 3,797,317 3,413,369 3,315,713 3,223,915 3,104,364 Operation of non-instructional services 5,047,045 4,839,995 4,792,701 4,359,473 5,277,138 Interest on long-term debt 5,877,283 4,085,627 5,476,048 3,049,898 3,197,301
Total expenses 133,278,009 120,535,161 115,842,538 109,031,728 104,796,607
Program RevenuesCharges for services:
Instruction 3,874,662 3,479,051 1,598,804 343,359 546,342Operation of non-instructional services 4,410,043 2,063,499 2,134,300 2,673,349 3,817,275Other activities 481,805 402,362 410,600 127,413 403,306
Operating grants and contributions 10,372,374 9,798,723 9,657,577 8,233,169 6,574,301 Capital grants and contributions 2,007,476 2,477,723 1,477,077 3,522,547 1,571,982
Total program revenues 21,146,360 18,221,358 15,278,358 14,899,837 12,913,206
Net (Expense)/Revenue (112,131,649)$ (102,313,803)$ (100,564,180)$ (94,131,891)$ (91,883,401)$
(Concluded)
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205EXPENSES, PROGRAM REVENUES, AND NET (EXPENSE)/REVENUE
(Accrual basis of accounting)LAST TEN FISCAL YEARS
Source: The source of this information is the District's financial records.
Fiscal Year Ended June 30
Page 120
2012 2011 2010 2009 2008
Net (Expense)/Revenue (118,559,899)$ (107,236,102)$ (111,650,339)$ (119,943,102)$ (118,404,626)$
General Revenues: Taxes:
Property taxes, levied for general purposes 37,864,238 35,513,430 45,041,668 44,761,841 42,171,029 Property taxes, levied for debt service 14,200,832 14,830,489 14,045,415 13,008,629 13,189,880Property taxes, levied for capital outlay 1,352,839 523,661 374,110 1,562,790 1,434,009
Investment income 229,392 194,500 343,373 1,043,095 1,601,145Unrestricted county aid 4,883,397 4,525,886 3,950,808Unrestricted state aid 49,001,621 49,087,899 49,294,432 56,552,774 65,823,207Unrestricted federal aid 184,393 890,206 4,407,651
Total general revenues 107,716,712 105,566,071 117,457,457 116,929,129 124,219,270
Changes in Net Assets (10,843,187)$ (1,670,031)$ 5,807,118$ (3,013,973)$ 5,814,644$
Source: The source of this information is the District's financial records.
Note: The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 34 were adopted in fiscal year 2001 therefore only six years are shown.
(Continued)
Fiscal Year Ended June 30
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205GENERAL REVENUES AND TOTAL CHANGES IN NET ASSETS
LAST TEN FISCAL YEARS(Accrual basis of accounting)
Page 121
2007 2006 2005 2004 2003
Net (Expense)/Revenue (112,131,649)$ (102,313,803)$ (100,564,180)$ (94,131,891)$ (91,883,401)$
General Revenues: Taxes:
Property taxes, levied for general purposes 39,000,253 39,320,305 36,430,032 36,226,371 38,061,026 Property taxes, levied for debt service 12,146,164 12,442,797 11,481,751 7,979,766 7,149,032Property taxes, levied for capital outlay 1,585,838 2,418,251 828,456 2,049,242 1,705,676
Investment income 1,841,569 1,569,179 1,476,122 637,438 405,469Unrestricted county aid 41,507 3,503,755 3,300,849 3,212,845 3,044,300Unrestricted state aid 64,202,679 56,731,000 54,340,806 48,868,649 48,424,246Unrestricted federal aid
Total general revenues 118,818,010 115,985,287 107,858,016 98,974,311 98,789,749
Changes in Net Assets 6,686,361$ 13,671,484$ 7,293,836$ 4,842,420$ 6,906,348$
The Arizona State Legislature suspended county equalization payments to school districts for fiscal years 2006-07 through 2008-09.
(Concluded)
(Accrual basis of accounting)
The source of this information is the District's financial records.Source: Notes:
Fiscal Year Ended June 30
GENERAL REVENUES AND TOTAL CHANGES IN NET ASSETSLAST TEN FISCAL YEARS
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205
Page 122
2012 2011 2010 2009 2008General Fund:
Nonspendable 143,422$ 144,418$ Restricted 2,661,692 1,859,084CommittedAssignedUnassigned 6,473,998 8,330,554Reserved 1,294,676$ 1,514,225$ 1,042,351$ Unreserved 5,452,000 (1,283,461) 1,929,331
Total General Fund 9,279,112$ 10,334,056$ 6,746,676$ 230,764$ 2,971,682$
All Other Governmental Funds:NonspendableRestricted 23,400,794$ 12,875,813$ CommittedAssignedUnassignedReserved 60,895$ 55,554$ Unreserved, reported in:
Special revenue funds 9,150,572$ 12,391,668 13,252,471 Capital projects funds 8,097,601 10,900,270 11,970,272 Debt service fund 643,123 804,682 1,725,832
Total all other governmental funds 23,400,794$ 12,875,813$ 17,891,296$ 24,157,515$ 27,004,129$
(Continued)
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205FUND BALANCES - GOVERNMENTAL FUNDS
Fiscal Year Ended June 30
LAST TEN FISCAL YEARS(Modified accrual basis of accounting)
Page 123
2007 2006 2005 2004 2003General Fund:
Reserved 1,026,297$ 966,319$ 113,447$ 131,374$ 164,877$ Unreserved 911,875 1,844,628 54,727 1,139,502 1,611,189
Total General Fund 1,938,172$ 2,810,947$ 168,174$ 1,270,876$ 1,776,066$
All Other Governmental Funds:Reserved 74,883$ 66,699$ 48,651$ 71,386$ 65,439$ Unreserved, reported in:
Special revenue funds 10,572,581 7,715,033 5,797,104 4,049,157 4,733,769 Capital projects funds 17,152,891 31,022,502 41,710,241 53,808,241 5,641,890 Debt service fund 1,662,528 2,162,060 1,550,929 1,444,838 346,533
Total all other governmental funds 29,462,883$ 40,966,294$ 49,106,925$ 59,373,622$ 10,787,631$
Source:Note:
(Concluded)
The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 54 were adopted in fiscal year 2011. The standard replaces the previous reserved and unreserved fund balance categories with the following five fund balance classifications: nonspendable, restricted, committed, assigned, and unassigned fund balance.
The source of this information is the District's financial records.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS(Modified accrual basis of accounting)
Fiscal Year Ended June 30
Page 124
2012 2011 2010 2009 2008Federal sources:
Federal grants 12,333,073$ 14,947,393$ 17,014,604$ 9,058,259$ 8,880,521$ State Fiscal Stabilization (ARRA) 672,657 Education Jobs 1,294,845 1,651,769 National School Lunch Program 3,906,184 3,727,349 3,493,989 2,902,406 2,393,767 Total federal sources 17,534,102 20,999,168 20,508,593 11,960,665 11,274,288
State sources:State equalization assistance 44,208,984 44,800,422 44,644,392 50,699,942 55,076,675 State grants 602,092 679,042 810,382 1,147,341 986,828 School Facilities Board 1,301,233 Other revenues 4,792,637 4,574,640 4,863,402 5,834,837 9,003,197 Total state sources 49,603,713 50,054,104 50,318,176 57,682,120 66,367,933
Local sources:Property taxes 53,537,575 51,838,935 56,837,104 56,955,277 56,396,723 County aid 4,883,397 4,525,886 3,950,808 Food service sales 1,347,068 1,416,067 1,568,075 1,780,752 2,136,321 Investment income 199,394 154,108 303,310 906,424 1,510,370 Other revenues 5,117,826 5,152,219 5,929,032 5,823,543 6,332,579 Total local sources 65,085,260 63,087,215 68,588,329 65,465,996 66,375,993 Total revenues 132,223,075$ 134,140,487$ 139,415,098$ 135,108,781$ 144,018,214$
(Continued)
Fiscal Year Ended June 30
(Modified accrual basis of accounting)
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205GOVERNMENTAL FUNDS REVENUES
LAST TEN FISCAL YEARS
Page 125
2007 2006 2005 2004 2003Federal sources:
Federal grants 9,046,411$ 8,230,607$ 8,620,486$ 8,221,189$ 7,039,399$ National School Lunch Program 2,086,601 2,046,959 1,643,875 839,156 301,840 Total federal sources 11,133,012 10,277,566 10,264,361 9,060,345 7,341,239
State sources:State equalization assistance 52,585,167 44,644,670 40,868,094 40,279,023 39,361,553 State grants 708,350 743,061 737,257 703,887 523,400 School Facilities Board 3,915,505 5,469,563 8,334,062 4,257,076 4,860,754 Other revenues 7,702,007 6,616,767 5,825,920 3,923,278 4,237,587 Total state sources 64,911,029 57,474,061 55,765,333 49,163,264 48,983,294
Local sources:Property taxes 53,237,457 53,748,264 48,820,431 46,263,067 46,403,496 County aid 41,507 3,503,755 3,300,849 3,212,845 3,044,300 Food service sales 2,107,289 2,063,499 2,123,959 2,671,972 2,562,898 Investment income 1,717,534 1,569,179 1,476,122 637,438 320,588 Other revenues 7,197,709 5,212,302 2,287,830 2,420,881 2,429,734 Total local sources 64,301,496 66,096,999 58,009,191 55,206,203 54,761,016 Total revenues 140,345,537$ 133,848,626$ 124,038,885$ 113,429,812$ 111,085,549$
(Concluded)
Note:Source:
The Arizona State Legislature suspended county equalization payments to school districts for fiscal years 2006-07 through 2008-09. The source of this information is the District's financial records.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205GOVERNMENTAL FUNDS REVENUES
LAST TEN FISCAL YEARS(Modified accrual basis of accounting)
Fiscal Year Ended June 30
Page 126
2012 2011 2010 2009 2008
Expenditures:Current -
Instruction 64,124,472$ 64,906,264$ 64,939,128$ 68,547,107$ 69,122,480$ Support services - students and staff 14,665,021 15,288,444 14,096,986 13,596,691 13,787,354 Support services - administration 9,825,148 9,517,615 9,311,974 9,403,770 9,011,279 Operation and maintenance of plant services 16,367,662 15,655,937 16,065,689 17,380,775 17,751,427 Student transportation services 3,880,454 3,724,180 3,516,154 3,711,663 3,748,614 Operation of non-instructional services 5,433,331 5,273,236 5,220,842 5,093,620 4,852,733
Capital outlay 28,478,258 6,639,595 11,081,662 7,888,681 13,949,543 Debt service -
Principal retirement 11,112,891 11,052,541 10,656,562 10,214,474 9,464,635 Interest, premium and fiscal charges 3,260,305 3,712,985 4,161,608 5,336,747 4,996,778 Bond issuance costs 607,693
Total expenditures 157,755,235$ 135,770,797$ 139,050,605$ 141,173,528$ 146,684,843$
Expenditures for capitalized assets 19,293,013$ 868,756$ 6,450,721$ 3,999,164$ 8,420,592$
Debt service as a percentage ofnoncapital expenditures 10% 11% 11% 11% 10%
Source: The source of this information is the District's financial records.Notes:
(Continued)
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO
Fiscal Year Ended June 30
LAST TEN FISCAL YEARS(Modified accrual basis of accounting)
Page 127
2007 2006 2005 2004 2003
Expenditures:Current -
Instruction 67,750,209$ 62,442,173$ 58,508,399$ 57,464,140$ 52,645,070$ Support services - students and staff 12,360,293 11,341,021 10,996,770 10,087,262 9,502,630 Support services - administration 8,680,068 8,431,568 8,890,591 9,147,878 9,919,061 Operation and maintenance of plant services 16,621,124 14,319,057 13,124,355 12,389,335 11,455,672 Student transportation services 3,349,652 3,000,665 2,859,135 2,572,299 2,542,881 Operation of non-instructional services 4,624,612 4,476,287 4,399,901 4,045,693 4,934,055
Capital outlay 25,054,723 51,980,180 25,361,069 11,822,315 9,859,137 Debt service -
Principal retirement 8,534,196 9,486,027 7,938,178 5,167,485 5,065,483 Interest, premium and fiscal charges 5,815,008 4,355,018 5,351,498 2,886,067 2,978,226 Bond issuance costs 192,700 376,077 197,009
Total expenditures 152,789,885$ 170,024,696$ 137,429,896$ 115,958,551$ 109,099,224$
Expenditures for capitalized assets 20,501,173$ 47,827,047$ 20,265,470$ 8,204,803$ 5,900,581$
Debt service as a percentage ofnoncapital expenditures 11% 11% 11% 8% 8%
Source:
(Concluded)
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO
The source of this information is the District's financial records.
LAST TEN FISCAL YEARS(Modified accrual basis of accounting)
Fiscal Year Ended June 30
Page 128
2012 2011 2010 2009 2008
Excess (deficiency) of revenues over expenditures (25,532,160)$ (1,630,310)$ 364,493$ (6,064,747)$ (2,666,629)$
Other financing sources (uses):General obligation bonds issued 22,440,000 Premium on sale of bonds 563,193 Capital lease agreements 12,000,000 213,753 165,644 1,244,630 Transfers in 629,601 1,141,385 381,315 496,641 287,705 Transfers out (629,601) (1,141,385) (381,315) (496,641) (287,705)
Total other financing sources (uses) 35,003,193 213,753 165,644 - 1,244,630
Changes in fund balances 9,471,033$ (1,416,557)$ 530,137$ (6,064,747)$ (1,421,999)$
2007 2006 2005 2004 2003
Excess (deficiency) of revenues over expenditures (12,444,348)$ (36,176,070)$ (13,391,011)$ (2,528,739)$ 1,986,325$
Other financing sources (uses):General obligation bonds issued 30,000,000 50,000,000 Refunding bonds issued 12,830,000 Premium on sale of bonds 586,641 336,796 139,840 Capital lease agreements 2,062,274 300,300 Transfers in 918,463 1,149,103 2,175,760 430,171 203,987 Transfers out (918,463) (1,149,103) (2,175,760) (430,171) (203,987) Payment to refunded bond escrow agent (12,772,831)
Total other financing sources (uses) - 30,586,641 2,062,274 50,637,096 197,009
Changes in fund balances (12,444,348)$ (5,589,429)$ (11,328,737)$ 48,108,357$ 2,183,334$
Source: The source of this information is the District's financial records.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205OTHER FINANCING SOURCES AND USES AND NET CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Fiscal Year Ended June 30
(Modified accrual basis of accounting)
Page 129
FiscalYear Total Taxable Total Estimated
Ended Residential Commercial Personal Tax Exempt Assessed Direct Actual June 30 Property Property Property Real Property Valuation Rate Value
2012 910,657,291$ 874,850,981$ 190,512,962$ 337,455,779$ 1,638,565,455$ 3.53 14,871,250,140$ 11.02 %2011 1,235,837,802 1,204,700,656 194,332,239 418,516,412 2,216,354,285 2.73 19,664,740,062 11.272010 2,794,704,869 2.60 24,798,056,858 11.272009 2,869,219,100 2.73 25,399,823,339 11.30 2008 2,422,636,313 3.03 20,980,606,849 11.55 2007 1,886,109,179 3.33 15,538,728,841 12.14 2006 1,804,445,768 3.46 14,871,311,867 12.13 2005 1,674,864,570 3.37 13,542,600,502 12.37 2004 1,618,538,190 3.35 13,248,811,665 12.222003 1,481,638,572 3.63 11,697,795,759 12.67
Source:Note: Total taxable assessed valuation is displayed by major component beginning with fiscal year ended June 30, 2011.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
Ratio of
The source of this information is the State and County Abstract of the Assessment Roll, Arizona Department of Revenue.
Net Assessed to EstimatedActual Value
Real Property
Page 130
Fiscal Glendale WashingtonYear Community City City Elementary Elementary
Ended State Maricopa College of of School SchoolJune 30 Equalization County District Glendale Phoenix District No.40 District No.6 Primary Secondary Total
2012 0.43 1.24 1.21 1.60 1.82 6.41 4.61 2.24 1.29 3.53 2011 0.36 1.05 0.97 1.60 1.82 4.77 3.38 1.68 1.05 2.73 2010 0.33 0.66 0.88 1.60 1.82 3.99 3.08 1.84 0.76 2.60 2009 1.03 0.94 1.60 1.82 4.31 3.69 2.02 0.71 2.73 2008 1.10 0.98 1.62 1.82 5.38 3.84 2.20 0.83 3.03 2007 1.18 1.06 1.72 1.82 6.51 4.12 2.31 1.02 3.33 2006 1.20 1.03 1.72 1.82 6.62 4.08 2.43 1.04 3.46 2005 1.21 1.04 1.72 1.82 6.70 4.92 2.32 1.05 3.37 2004 1.28 1.08 1.72 1.82 6.50 4.81 2.49 0.86 3.35 2003 1.29 1.11 1.72 1.82 6.87 5.07 2.77 0.86 3.63
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205DIRECT AND OVERLAPPING PROPERTY TAX RATES
LAST TEN FISCAL YEARS
Source:
District Direct Rates
The source of this information is the Property Tax Rates and Assessed Values, Arizona Tax Research Foundation.
Overlapping Rates
Page 131
Secondary Assessed
Valuation
Secondary Assessed
ValuationArizona Public Service Company 100,944,054$ 6.16 % 64,401,094$ 3.98 %CenturyLink 20,114,083 1.23 43,611,455 2.69Metrorising AMS Owner LLC 8,733,600 0.53PDG America Properties LLC 7,726,327 0.47VHS of Phoenix Inc. 7,572,506 0.46Canyon Corporate Plaza Properties LL 7,275,000 0.44Arizona Public Service Company (CW 5,979,149 0.36Bay Pacific Phoenix Coprorate Cente 5,850,929 0.36Karsten Manufacturing Coproration 5,142,325 0.31 7,030,926 0.43The Laramar Group 5,064,030 0.31Southwest Gas Corporation 11,102,686 0.69Transwestern Phoenix Corporate Center 10,419,106 0.64Metropolitan Life Insurance Company 9,230,604 0.57DMC Co. 8,255,399 0.51Estes-Samuelson LLC 6,944,477 0.43DVM Et al 6,713,052 0.41R & B Reality Group 6,663,027 0.41
Total 174,402,003$ 10.64 % $ 174,371,826 10.76 %
Source: The source of this information is the Maricopa County Assessor's records.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205PRINCIPAL PROPERTY TAXPAYERS
CURRENT FISCAL YEAR AND FISCAL YEAR NINE YEARS PRIOR
Percentage of District's Net
Assessed Valuation
Percentage of District's Net
Assessed Valuation
2003
Taxpayer
2012
Page 132
FiscalYear Taxes Levied Collections in
Ended for the Subsequent June 30 Fiscal Year Amount Fiscal Years Amount
2012 57,541,427$ 54,278,035$ 94.33 % -$ 54,278,035$ 94.33 %2011 57,552,868 54,410,329 94.54 3,115,554 57,525,883 99.952010 65,875,793 59,204,539 89.87 3,949,481 63,154,020 95.872009 65,182,598 60,417,389 92.69 4,022,190 64,439,579 98.862008 63,860,753 61,502,222 96.31 2,353,156 63,855,378 99.992007 60,571,827 58,637,059 96.81 1,929,424 60,566,483 99.992006 60,268,484 57,844,169 95.98 2,418,012 60,262,181 99.992005 54,476,764 52,416,230 96.22 2,042,471 54,458,701 99.972004 51,830,651 50,503,544 97.44 1,321,987 51,825,531 99.992003 51,851,499 49,635,972 95.73 2,210,475 51,846,447 99.99
Source:Notes: 1)
2)
Unsecured personal property taxes are not included in this schedule because the dates of the monthly rollsvary each year. On the average, 90% of unsecured property taxes are collected within 90 days after thedue date.
Amounts collected are on a cash basis.The source of this information is the Maricopa County Treasurer's records.
of LevyPercentage
of LevyPercentage
Fiscal Year of the LevyCollected within the
of the Current Fiscal Year
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Collected to the End
Page 133
Fiscal Less:Year General Amounts Percentage of Percentage of Percentage of
Ended Obligation Restricted for Estimated Per Capital Estimated Per Personal June 30 Bonds Principal Total Actual Value Capita Leases Total Actual Value Capita Income
2012 99,365,000$ 1,477,668$ 97,887,332$ 0.66 % 284$ 12,227,678$ 111,592,678$ 0.75 % 319 0.00078 %2011 87,505,000 10,580,000 76,925,000 0.39 250 325,569 87,830,569 0.45 251 0.000622010 97,635,000 10,130,000 87,505,000 0.35 257 584,357 98,219,357 0.40 258 0.000672009 107,340,000 9,705,000 97,635,000 0.38 282 945,275 108,285,275 0.43 285 0.000782008 116,090,000 8,750,000 107,340,000 0.51 314 1,454,749 117,544,749 0.56 318 0.000892007 123,965,000 7,875,000 116,090,000 0.75 344 924,754 124,889,754 0.80 347 0.001032006 132,745,000 8,780,000 123,965,000 0.83 379 1,583,950 134,328,950 0.90 384 0.001212005 110,005,000 7,260,000 102,745,000 0.76 324 2,289,977 112,294,977 0.83 330 0.001102004 114,545,000 4,540,000 110,005,000 0.83 358 905,881 115,450,881 0.87 361 0.001192003 68,945,000 4,400,000 64,545,000 0.55 215 1,233,066 70,178,066 0.60 219 0.00075
Source: The source of this information is the District's financial records.
General Obligation Bonds
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Total Outstanding Debt
Page 134
Estimated EstimatedPercentage Amount
Debt Applicable to Applicable toOutstanding School District School District
Maricopa Community College District 671,250,000$ 4.23 % 28,393,875$ City of Glendale 201,680,000 23.59 47,576,312 City of Phoenix 1,544,489,000 10.46 161,553,549 Glendale Elementary School District No. 40 9,475,000 100.00 9,475,000 Washington Elementary School District No. 6 84,265,000 100.00 84,265,000
Subtotal, Overlapping Debt 331,263,736
Direct:Glendale Union High School District No. 205 111,592,678
Total Direct and Overlapping Debt 442,856,414$
Source:
Notes: 1)
2)
Outstanding debt as of June 30, 2011 is presented for the overlapping governments as this is the most recent available information.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
JUNE 30, 2012
Governmental Unit
Estimated percentage of debt outstanding applicable to the District is calculated based on the District'ssecondary assessed valuation as a percentage of the secondary assessed valuation of the overlappingjurisdiction.
The source of this information is the District's records and the State and County Abstract of the Assessment Roll, Arizona Department of Revenue and the applicable governmental unit.
Page 135
Class B Bond Legal Debt Margin Calculation for Fiscal Year 2012: Total Legal Debt Margin Calculation for Fiscal Year 2012:Secondary assessed valuation 1,638,565,455$ Secondary assessed valuation 1,638,565,455$ Debt limit (5% of assessed value) 81,928,273 Debt limit (15% of assessed value) 245,784,818 Debt applicable to limit 84,095,000 Debt applicable to limit 99,365,000 Cash balance in Debt Service Fund at year end 13,922,056 Legal debt margin 146,419,818$ Legal debt margin 11,755,329$
2012 2011 2010 2009 2008
Total Debt limit 245,784,818$ 332,453,143$ 419,205,730$ 430,382,865$ 363,395,447$
Total net debt applicable to limit 99,365,000 87,505,000 97,635,000 107,340,000 116,090,000
Legal debt margin 146,419,818$ 244,948,143$ 321,570,730$ 323,042,865$ 247,305,447$
Total net debt applicable to the limit as a percentage of debt limit 40% 26% 23% 25% 32%
2007 2006 2005 2004 2003
Debt limit 282,916,377$ 270,666,865$ 251,229,686$ 242,780,729$ 222,245,786$
Total net debt applicable to limit 123,965,000 132,745,000 110,005,000 114,545,000 68,945,000
Legal debt margin 158,951,377$ 137,921,865$ 141,224,686$ 128,235,729$ 153,300,786$
Total net debt applicable to the limit as a percentage of debt limit 44% 49% 44% 47% 31%
Source:Notes: 1)
2) Bond premium is not subject to the statutory debt limit.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Fiscal Year Ended June 30
The source of this information is the District's financial records.The District’s general obligation bonds are subject to two limits; the Constitutional debt limit (total debt limit) on all general obligationbonds and the statutory debt limit on Class B bonds. The calculations of the debt margins are presented in detail for the current fiscalyear only.
Page 136
Personal EstimatedIncome Per Capita District
Year Population (thousands) Income Population
2011 3,843,370 142,864,275$ 37,352$ % 350,000 2010 3,817,117 142,091,618 35,319 350,000 2009 4,023,331 147,122,078 37,168 8.7 380,000 2008 4,338,500 139,665,253 36,135 4.9 380,000 2007 3,907,492 132,423,154 35,046 3.2 370,000 2006 3,791,675 120,716,738 33,178 3.5 360,000 2005 3,648,545 111,103,576 31,757 4.4 350,000 2004 3,742,460 102,277,852 30,160 4.4 340,000 2003 3,598,440 96,998,974 29,020 5.0 320,000 2002 3,296,300 93,544,549 29,117 5.3 320,000
Sources:
Rate
The source of the "Personal Income" and "Per Capita" information is the Bureau of Economic Analysis.
8.4 8.5
Unemployment
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205COUNTY-WIDE DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN CALENDAR YEARS
Page 137
Percentage Percentageof Total of Total
Employees Employment Employees Employment
State of Arizona 49,800 2.94 % 49,850 2.93 %Wal-Mart Stores Inc. 30,635 1.81 15,895 0.93 Banner Health Systems 25,825 1.53 15,520 0.91 City of Phoenix 15,100 0.89 13,155 0.77 Wells Fargo Company 13,310 0.79 8,800 0.52 Maricopa County 12,790 0.76 15,525 0.91 Apollo Group Inc. 11,000 0.65 Arizona State University 11,185 0.66 9,110 0.53 Bank of America 13,300 0.79 Intel Corp. 10,300 0.61 10,000 0.59 JP Morgan Chase & Co 10,600 0.63 Mesa Public Schools 8,380 0.50 U.S. Postal Service 8,020 0.47 11,405 0.67 US Airways 9,090 0.54 Honeywell 15,000 0.88 The Kroger Co. 13,500 0.79 Motorola 10,600 0.62 America West Holdings Corp. 9,300 0.55 Target Corp. 8,070 0.47 Luke Air Force Base 8,000 0.47 American Express Co. 7,225 0.42 Safeway Inc. 9,100 0.53 Qwest Communications Inc. 7,700 0.45 Banc One Corp. 7,600 0.45
Total 229,335 13.57 % 245,355 14.39 %
Total employment 1,692,300 1,704,221
The Business Journal Book of ListsNotes: 1) The principal employers were not available for the District alone, therefore the principal employers for
Source:
1) Maricopa County are presented.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205PRINCIPAL EMPLOYERS
CURRENT FISCAL YEAR AND FISCAL YEAR NINE YEARS PRIOR
Employer
2012 2003
Page 138
2012 2011 2010 2009 2008
SupervisoryPrincipals 9 9 9 9 9 Assistant principals 27 27 27 27 27
Total supervisory 36 36 36 36 36 Instruction
Teachers 681 682 698 707 734 Other professionals (instructional) 10 5 8 9 8 Aides 191 195 195 169 163
Total instruction 882 882 901 885 905 Student Services
Librarians 9 9 9 18 18 Technicians 13 10 10 8 13 Social Workers/Counselors 41 37 37 35 39
Total student services 63 56 56 61 70 Support and Administration
Support Staff - Office 206 180 180 184 178 Support Staff - Maintenance 142 158 162 160 151 Support Staff - Transportation 70 46 49 57 31 Support Staff - Food Services 51 57 57 62 66
Total support and administration 469 441 448 463 426
Total 1,450 1,415 1,441 1,445 1,437
(Continued)
Full-time Equivalent Employees as of June 30
LAST TEN FISCAL YEARS
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY TYPE
Page 139
2007 2006 2005 2004 2003
SupervisoryPrincipals 9 9 9 9 9 Assistant principals 27 27 27 27 27
Total supervisory 36 36 36 36 36 Instruction
Teachers 754 733 721 734 728 Other professionals (instructional) 2 3 3 3 3 Aides 160 173 188 170 80
Total instruction 916 909 912 907 811 Student Services
Librarians 18 18 18 18 18 Technicians 13 13 13 13 13 Counselors/Advisors 39 39 39 39 39
Total student services 70 70 70 70 70 Support and Administration
Support Staff - Office 175 182 188 185 185 Support Staff - Maintenance 144 151 151 150 150 Support Staff - Transportation 33 46 46 45 45 Support Staff - Food Services 42 37 37 35 35
Total support and administration 394 416 422 415 415
Total 1,416 1,431 1,440 1,428 1,332
Source: (Concluded)The source of this information is District personnel records.
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY TYPE
LAST TEN FISCAL YEARS
Page 140
Fiscal Year
Ended Education Number Minimum Maximum AverageJune 30 Level of Teachers Salary Salary Salary
2012 BA 128 33,479 49,671 39,681BA+15 50 34,684 52,839 44,782BA+30/MA 274 35,890 65,330 50,023MA+12 76 36,731 66,172 53,931MA+24 60 37,572 67,013 56,807MA+36 58 38,413 67,854 59,767MA+48 34 39,255 68,695 60,210MA+60 19 40,096 69,536 60,756MA+72/Doctorate 34 40,937 70,377 62,065
2011 BA 137 32,984$ 48,938$ 38,928$ BA+15 51 34,172 52,060 45,106BA+30/MA 272 35,360 64,367 49,249MA+12 81 36,189 65,196 53,478MA+24 54 37,018 66,024 55,282MA+36 52 37,846 66,853 59,642MA+48 32 38,675 67,682 59,918MA+60 16 36,504 68,511 59,233MA+72/Doctorate 34 40,333 69,339 62,566
2010 BA 137 32,984$ 48,938$ 40,961$ BA+15 62 34,172 52,060 43,116 BA+30/MA 271 35,360 64,367 49,864 MA+12 83 36,189 65,196 50,693 MA+24 55 37,018 66,024 51,521 MA+36 51 37,846 66,853 52,350 MA+48 30 38,675 67,682 53,179 MA+60 16 39,504 68,511 54,008 MA+72/Doctorate 40 40,333 69,339 54,836
(Continued)
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205TEACHER DEMOGRAPHIC INFORMATION
LAST SIX FISCAL YEARS
Page 141
Fiscal Fiscal Year
Ended Education Number Minimum Maximum AverageJune 30 Level of Teachers Salary Salary Salary
2009 BA 151 32,984$ 48,938$ 40,961$ BA+15 71 34,172 52,060 43,116 BA+30/MA 272 35,360 64,367 49,864 MA+12 83 36,189 65,196 50,693 MA+24 46 37,018 66,024 51,521 MA+36 56 37,846 66,853 52,350 MA+48 35 67,682 33,841 MA+60 17 39,504 68,511 54,008 MA+72/Doctorate 41 40,333 69,339 54,836
2008 BA 179 32,902$ 48,816$ 40,859$ BA+15 77 34,087 51,930 43,009 BA+30/MA 275 35,272 64,206 49,739 MA+12 69 36,099 65,033 50,566 MA+24 54 36,925 65,860 51,393 MA+36 48 37,752 66,686 52,219 MA+48 35 38,579 67,513 53,046 MA+60 18 39,405 68,340 53,873 MA+72/Doctorate 46 40,232 69,166 54,699
2007 BA 200 32,416$ 48,095$ 40,256$ BA+15 74 33,583 51,162 42,373BA+30/MA 268 34,751 63,257 49,004MA+12 59 35,565 64,072 49,819MA+24 55 36,380 64,886 50,633MA+36 52 37,194 65,701 51,448MA+48 34 38,009 66,515 52,262MA+60 19 38,823 67,330 53,077MA+72/Doctorate 49 39,638 68,144 53,891
The source of this information is the District's records.
(Concluded)
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205TEACHER DEMOGRAPHIC INFORMATION
LAST SIX FISCAL YEARS
Source: Teachers may earn additional compensation based on the Classroom Site Fund's Performance Compensation Plan, attendance at workshops, extra duty, and performance of other assignments.
Note:
Page 142
FiscalYear Average Cost Cost Pupil-
Ended Daily Operating per Percentage per Percentage Teaching TeacherJune 30 Membership Expenditures Pupil Change Expenses Pupil Change Staff Ratio
2012 14,771 114,296,088$ 7,738$ (1.45) % 142,864,358$ 9,672$ 4.54 % 681 21.7 61.55 %2011 14,566 114,365,676 7,852 2.04 134,767,333 9,252 (0.23) 682 21.4 59.172010 14,705 113,150,773 7,695 (4.05) 136,370,620 9,274 (3.20) 698 21.1 62.622009 14,681 117,733,626 8,019 0.24 140,655,403 9,581 1.80 707 20.8 57.572008 14,784 118,273,887 8,000 4.43 139,134,642 9,411 4.51 734 20.1 47.902007 14,801 113,385,958 7,661 8.90 133,278,009 9,005 10.46 754 19.6 42.112006 14,786 104,010,771 7,034 2.53 120,535,161 8,152 1.32 733 20.2 41.772005 14,398 98,779,151 6,861 2.49 115,842,538 8,046 5.51 721 20.0 39.202004 14,298 95,706,607 6,694 2.87 109,031,728 7,626 1.76 734 19.5 20.062003 13,985 90,999,369 6,507 N/A 104,796,607 7,494 N/A 728 19.2 6.21
1)2)
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205OPERATING STATISTICSLAST TEN FISCAL YEARS
Percentage of
N/A indicates that the information is not available due to the provisions of Governmental AccountingStandards Board (GASB) Statement No. 34 not being adopted until fiscal year 2003.
Students
Operating expenditures are total expenditures less debt service and capital outlay.
Free/Reduced
The source of this information is the District's financial records.Source:Notes:
Page 143
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
SchoolsHigh
Buildings 217 220 220 220 220 220 220 211 211 211Square feet 2,215,014 2,252,164 2,252,164 2,252,164 2,258,687 2,258,687 2,258,687 2,079,233 2,079,233 2,079,233Capacity 19,000 19,000 19,000 19,000 19,000 19,000 19,000 17,500 17,500 17,500Enrollment 14,731 14,705 14,705 14,695 14,875 14,875 14,856 14,398 14,298 13,985
OtherBuildings 3 3 3 3 3 3 3 3 3 3Square feet 15,209 15,209 15,209 15,209 15,209 15,209 15,209 15,209 15,209 15,209Capacity 75 75 75 75 75 75 75 75 75 75
AdministrativeBuildings 3 3 3 3 3 3 3 3 3 3Square feet 14,112 14,112 14,112 14,112 14,112 14,112 14,112 14,112 14,112 14,112
TransportationGarages 1 1 1 1 1 1 1 1 1 1Buses 130 130 130 129 128 127 127 127 120 120
AthleticsFootball fields 9 9 9 9 9 9 9 9 9 9Gyms 18 18 18 18 18 18 18 18 18 18Running tracks 9 9 9 9 9 9 9 9 9 9Baseball/softball 34 34 34 34 34 34 34 34 34 34Swimming pools 3 3 3 3 3 3 3 3 3 3Playgrounds 2 2 2 2 1 1 1 1 1 1
The source of this information is the District's facilities records.Source:
GLENDALE UNION HIGH SCHOOL DISTRICT NO. 205CAPITAL ASSETS INFORMATION
LAST TEN FISCAL YEARS
Fiscal Year Ended June 30
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