kingsway regional school district - new · pdf file · 2015-08-111; organizational...
TRANSCRIPT
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
KINGSWAY REGIONAL SCHOOL DISTRICT
Woolwich Township, New JerseyCounty of Gloucester
COMPREHENSIVE ANNUAL FINANCIAL REPORT
This page intentionally left blank
Kingsway Regional School District Board of Education
Woolwich Township, New Jersey
Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2014
Prepared by: Jason Schimpf School Business Administrator/
Board Secretary
This page intentionally left blank
PAGE
Letter of Transmittal 1Organizational Chart 7Roster of Officials 8Consultants and Advisors 9
Independent Auditors' Report 13
REQUIRED SUPPLEMENTARY INFORMATION - PART I
Management's Discussion & Analysis 19
BASIC FINANCIAL STATEMENTS
A. District-Wide Financial Statements:A-1 Statement of Net Position 31A-2 Statement of Activities 32
B. Fund Financial Statements:Governmental Funds:
B-1 Balance Sheet 39B-2 Statement of Revenues, Expenditures & Changes in Fund Balance 40B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund
Balance of Governmental Funds to the Statement of Activities 41Proprietary Funds:
B-4 Statement of Net Position 45B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 47B-6 Statement of Cash Flows 49
Fiduciary Funds:B-7 Statement of Fiduciary Net Position 53B-8 Statement of Changes in Fiduciary Net Position 54
Notes to Financial Statements 57
REQUIRED SUPPLEMENTARY INFORMATION - PART II
C. Budgetary Comparison Schedules:C-1 Budgetary Comparison Schedule - General Fund 83C-1a Combining Schedule of Revenue, Expenditures & Changes in Fund Balance -
Budget & ActualC-1b Education Jobs Fund Program - Budget & Actual N/AC-2 Budgetary Comparison Schedule - Special Revenue Fund N/A
Notes to the Required Supplementary Information:C-3 Budget-to-GAAP Reconciliation 97
D. School Based Budget Schedules (if applicable):D-1 Combining Balance Sheet N/AD-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource
Type - Actual N/AD-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget & Actual N/A
OUTLINE OF CAFR
INTRODUCTORY SECTION
FINANCIAL SECTION
E. Special Revenue Fund: PAGEE-1 Combining Schedule of Revenues & Expenditures - Special Revenue Fund -
Budgetary Basis 105E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis N/A
F. Capital Projects Fund:F-1 Summary Statement of Project Expenditures 109F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budgetary Basis 110F-2a Schedule of Revenues, Expenditures, Project Balance & Project Status -
Budgetary Basis 111F-2b Schedule of Revenues, Expenditures, Project Balance & Project Status -
Budgetary Basis 112F-2c Schedule of Revenues, Expenditures, Project Balance & Project Status -
Budgetary Basis 113F-2d Schedule of Revenues, Expenditures, Project Balance & Project Status -
Budgetary Basis 114
G. Proprietary Funds:Enterprise Funds:
G-1 Combining Statement of Net Position 119G-2 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 120G-3 Combining Statement of Cash Flows 121
Internal Service Funds:G-4 Combining Statement of Net Position 125G-5 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 126G-6 Combining Statement of Cash Flows 127
H. Fiduciary Funds:H-1 Combining Statement of Fiduciary Net Position 131H-2 Combining Statement of Changes in Fiduciary Net Position 132H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 133H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 134
I. Long-Term Debt:I-1 Schedule of Serial Bonds 137I-2 Schedule of Obligations Under Capital Leases 139I-3 Debt Service Fund Budgetary Comparison Schedule 140
Financial Trends:J-1 Net Position by Component 143J-2 Changes in Net Position 144J-3 Fund Balances - Governmental Funds 146J-4 Changes in Fund Balance - Governmental Funds 147J-5 Other Local Revenue by Source - General Fund 149
Revenue Capacity:J-6 Assessed Value & Estimated Actual Value of Taxable Property 150J-7 Direct & Overlapping Property Tax Rates 151J-8 Principal Property Taxpayers 152J-9 Property Tax Levies & Collections 154
Debt Capacity:J-10 Ratios of Outstanding Debt by Type 155J-11 Ratios of General Bonded Debt Outstanding 156J-12 Direct & Overlapping Governmental Activities Debt 157J-13 Legal Debt Margin Information 158
Demographic & Economic Information:J-14 Demographic & Economic Statistics 159J-15 Principal Employers 160
Operating Information:J-16 Full-Time Equivalent District Employees by Function/Program 161J-17 Operating Statistics 162
STATISTICAL SECTION (unaudited)
PAGE
J-18 School Building Information 163J-19 Schedule of Required Maintenance 164J-20 Insurance Schedule 165
K-1 Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 169
K-2 Independent Auditors' Report on Compliance for Each Major State Program; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of State Financial Assistance Required by New Jersey OMB Circular 04-04 171
K-3 Schedule of Expenditures of Federal Financial Assistance, Schedule A 175K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 176K-5 Notes to Schedules of Awards and Financial Assistance 177K-6 Schedule of Findings & Questioned Costs 179K-7 Summary Schedule of Prior Audit Findings 182
SINGLE AUDIT SECTION
This page intentionally left blank
INTRODUCTORY SECTION
This page intentionally left blank
1
2
3
4
5
6
Sup
erin
tend
ento
fSch
ools
(G1)
Org
aniz
atio
nC
hart
Boa
rdof
Edu
catio
n
KR
HS
Prin
cipa
l(G
3)
Twili
ghtS
uper
viso
r(G
20)
Pup
ilS
ervi
ces
Sup
ervi
sor
(G4)
Spe
cial
Ser
vice
sS
uper
viso
r(G
4)K
RM
SP
rinci
pal
(G3)
Sch
oolB
usin
ess
Adm
inis
trato
r/Boa
rdS
ecre
tary
(G2)
Chi
efA
cade
mic
Offi
cer
(G2)
Chi
efTe
chno
logy
Offi
cer
(G5)
Ass
ista
nt,H
uman
Res
ourc
es(G
11)
Cle
rical
(G15
),P
D,
Test
ing,
NC
LB,
QS
AC
,ELL
Pay
roll
Adm
inis
trato
r(G
12)
Ene
rgy
Man
ager
Acc
ount
sP
ayab
leC
lerk
(G12
)
Food
Ser
vice
Man
ager
Con
sulta
nts:
Fina
nce,
Lega
l,In
sura
nce
Con
sulta
nts:
Lega
l,Fi
nanc
e,In
sura
nce
Bui
ldin
gs/G
roun
dsS
uper
viso
r(G
8)
Tran
spor
tatio
nS
uper
viso
r(G
8)A
ssis
tant
Prin
cipa
ls(G
6)
MS
Facu
lty/S
taff
(G10
)
Sup
ervi
soro
fExt
ra-
Cur
r./A
thle
tics
(SE
CA
)(G
6)
Ass
ista
ntP
rinci
pals
(G6)
Sup
ervi
soro
fExt
raC
urr./
Ath
letic
s(S
EC
A)(
G6)
Ass
ista
ntP
rinci
pals
(G6)
Facu
lty/S
taff
(G10
)
Cou
nsel
ors
(G10
)
Hom
eles
s/H
omeb
ound
Ins.
(G10
)
CS
TM
embe
rs(G
10)
Par
apro
fess
iona
lsC
ontra
cted
Sup
port
(G18
)
HIB
Spe
cial
ists
(G10
)
Sch
ool-t
o-W
ork
Coo
rdin
ator
(G10
)
Net
wor
kA
dmin
istra
tor
(G9)
Tech
nici
ans
(G13
)
Dat
a/W
ebA
dmin
istra
tor
(G9)
Ass
ista
ntto
SB
A(G
11)
Tran
spor
tatio
nG
arag
eS
uper
viso
r(G
9)
Veh
icle
Mai
nten
ance
Coo
rdin
ator
(G9)
Bus
Driv
ers
(G19
),B
usA
ides
(G18
),C
leric
al(G
15)
Cus
todi
alN
ight
Sup
ervi
sor(
G9)
Mai
nten
ance
(G14
)
Cus
todi
ans
(G16
)
Inst
ruct
iona
lS
uper
viso
rs(G
7)
Dea
nof
Stu
dent
s(G
10)
Inst
ruct
iona
lC
oach
es(G
10)
Mid
dle
Sch
ool
Impr
ovem
entT
eam
Hig
hS
choo
lIm
prov
emen
tTea
m
Dis
trict
Adv
isor
yTe
am
Ele
men
tary
Sch
ool
Cur
ricul
arA
rticu
latio
n
HS
Facu
lty/S
taff
(G10
)
MS
Dep
artm
ent
Lead
ers
HS
Dep
artm
ent
Lead
ers
Kin
gsw
ay R
eg
ion
al S
ch
oo
l D
istr
ict
1963
7
MEMBERS OF THE BOARD OF EDUCATION
Mark Kehoe, President 2014
Lauren A. Boerlin, Vice President 2016
James Mueller 2015
Barry Jenkins 2016
Deborah Cunningham 2016
Mia Randazzo 2015
Daniel Battisti 2014
Patrick M. Daley 2014
Michele A. Blair 2015
Frank Donnelly, Logan Representative 2014
OTHER OFFICIALS
Dr. James J. Lavender, Superintendent
Jason Schimpf, Business Administrator/Board Secretary
TERM EXPIRES
KINGSWAY REGIONAL SCHOOL DISTRICT
ROSTER OF OFFICIALS
JUNE 30, 2014
8
Woolwich Township, New Jersey 08085
Fulton Bank of New Jersey179 Kings Highway
713 Creek RoadBellmawr, NJ 08031
OFFICIAL DEPOSITORY
Architect
Garrison Architects
Michael Holt, CPA, PSAHolman Frenia Allison, P. C.
618 Stokes Road
Attorney
Schwartz, Simon, Edelstein & Celso, LLC
KINGSWAY REGIONAL SCHOOL DISTRICT
CONSULTANTS AND ADVISORS
Audit Firm
Medford, New Jersey 08055
44 Whippany Road, Suite 210Morristown, New Jersey 07960
9
This page intentionally left blank
10
FINANCIAL SECTION
11
This page intentionally left blank
12
INDEPENDENT AUDITOR’S REPORT Honorable President and Members of the Board of Education Kingsway Regional School District Woolwich Township, New Jersey Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Kingsway Regional School District, County of Gloucester, State of New Jersey, as of and for the fiscal year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States; and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
13
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Kingsway Regional School District, County of Gloucester, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Note 1 to the financial statements, during the fiscal year ended June 30, 2014 the District adopted new accounting guidance, GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information as presented in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Kingsway Regional School District’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements, long-term debt schedules and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance are presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid respectively, and is also not a required part of the financial statements. The combining and individual fund financial statements and the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit
14
of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements, long-term debt schedules and the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory section, comparative totals for June 30, 2013, and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 1, 2014 on our consideration of the Kingsway Regional School District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Kingsway Regional School District’s internal control over financial reporting and compliance.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Michael Holt Certified Public Accountant Public School Accountant, No. 1148
Medford, New Jersey December 1, 2014
15
This page intentionally left blank
16
REQUIRED SUPPLEMENTARY INFORMATION - PART I
17
This page intentionally left blank
18
KINGSWAY REGIONAL SCHOOL DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR FISCAL YEAR ENDED JUNE 30, 2014
UNAUDITED The discussion and analysis of the Kingsway Regional School District’s (“District”) financial performance provides a narrative overview and analysis of the District’s financial activities for the fiscal year ended June 30, 2014. The intent of this discussion and analysis is to look at the District’s financial performance as a whole. Readers should also review the basic financial statements and notes to enhance their understanding of the District’s financial performance.
Financial Highlights In total, the net position of the District was $22,735,425, an increase of $252,232. The
District’s net position consists of $22,334,190 in governmental activities, and $401,235 in business-type activities.
Total revenue of $37,894,869 was comprised of general revenues in the amount of
$35,695,856, or 94 percent, and program specific revenues from charges for services, grants, and contributions in the amount of $2,199,013, or 6 percent.
The District had $37,757,592 in governmental activity expenses; only $2,199,013 of
these expenses were offset by program specific charges for services, operating grants and contributions. General revenues of $35,695,856 were adequate to provide for these programs.
In the governmental funds, the General fund had $32,088,737 in revenues and
$33,000,752 in expenditures. Other financing sources accounted for an additional $147,438. The General fund’s fund balance decreased by $764,577 from fiscal year ended June 30, 2013.
Overview of the Basic Financial Statements
This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. Comparison to the prior year’s activity is provided within this document. The basic financial statements are comprised of three components: 1) District-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains other supplementary information in addition to the basic financial statements.
District-wide Financial Statements
The district-wide financial statements are designed to provide the reader with a broad overview of the financial activities in a manner similar to a private-sector business. The district-wide financial statements include the statement of net position and the statement of activities.
19
Statement of Net Position (A-1) The statement of net position presents information about the District’s assets and liabilities. The difference between the assets and liabilities is reported as net position. Over time, changes in net position may serve as an indicator of whether the overall financial position of the District has improved or diminished. Statement of Activities (A-2) The statement of activities presents information showing how the net position of the District changed during the fiscal year. Changes in net position are recorded in the statement of activities when the underlying event occurs, regardless of the timing of the related cash flows. Therefore, revenues and expenses are reported in this statement even though the resulting cash flows may be recorded in a future period. In the statement of net position and statement of activities, the District is divided into two distinct kinds of activities:
Governmental activities – the District’s programs and services are reported here including instruction, support services, maintenance and operation of plant, transportation, and extra-curricular activities.
Business-type activities – services provided on a charge-for-goods-or-services
basis. These activities attempt to recover all their costs from user fees and charges. The District’s food service and community education & recreation programs are recorded here.
Fund Financial Statements Fund financial statements provide a more detailed analysis of the District’s separate funds. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific purposes. The District’s funds are divided into three categories: governmental, proprietary, and fiduciary. Governmental Funds The District’s activities are reported in governmental funds. These funds are reported utilizing a modified accrual basis of accounting, which measures cash and all other assets that can be readily converted to cash. The governmental fund category includes the general fund, special revenue fund, capital projects fund, and debt service fund. The governmental fund financial statements provide a detailed short-term view of the District’s general government operations and the basic services it provides. This information assists the reader in determining whether there are sufficient resources available to finance future educational programs. Since the governmental funds and the governmental activities report information using the same functions, it may be useful to compare the information presented. The focus of each report differs, therefore, a reconciliation of the statements is provided within the fund financial statements to assist the reader.
20
The District adopts an annual appropriations budget for the general, special revenue, and debt service funds. A budgetary comparison statement has been provided for each of these funds to demonstrate compliance with budgetary requirements. Proprietary Funds The funds used to account for District activities for which a fee is charged to external users for goods or services. The proprietary fund includes enterprise and internal service funds. Proprietary funds present the same functions as the business-type activities presented in the district-wide financial statements. Fiduciary Funds Fiduciary fund types are used to account for assets held by the District as a trustee or agent for individuals, private organizations, or other governmental units and, therefore, are not available to support the District’s programs. Fiduciary funds are not reflected in the district-wide financial statements. Notes to the Basic Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the district-wide and fund financial statements. Please consult the table of contents to locate these notes. District-wide Financial Analysis Recall that the statement of net position provides the perspective of the District as a whole. Net position may serve over time as a useful indicator of the District’s financial position. The District’s financial position is the product of various financial transactions which includes the net results of activities, addition and repayment of debt, acquisition and disposal of capital assets, and the depreciation of capital assets. Table 1 provides a summary of the District’s net position for fiscal years ending 2014 and 2013.
FY 2014 FY 2013 FY 2014 FY 2013Assets Current and Other Assets 6,794,361$ 16,184,089$ 473,135$ 336,753$ Capital Assets, Net 63,305,930 58,599,462 10,215 10,762 Deferred Outflow of Resources 1,159,107 - - - Total Assets 71,259,398 74,783,551 483,350 347,515
Liabilities Current and Other Liabilities 1,243,238 2,546,542 39,155 24,365 Long-term Liabilities 48,182,070 49,763,928 42,960 36,870 Total Liabilities 49,425,308 52,310,470 82,115 61,235
Net Position Invested in Capital Assets, Net of Related Debt 17,827,660 17,607,415 10,215 10,762 Restricted Assets 3,406,386 4,725,703 - Unrestricted Assets 1,100,144 139,963 391,020 275,518
Total Net Position 22,334,190$ 22,473,081$ 401,235$ 286,280$
Governmental Activities Business-type Activities
21
Table 2 illustrates changes in net position for fiscal years ending 2014 and 2013.
FY 2014 FY 2013 FY 2014 FY 2013Revenues Charges for Services 1,742,380 1,165,354 992,547 871,149 Operating Grants and Contributions 456,633 436,803 291,482 255,493 Property Taxes 20,471,088 20,198,210 Grants and Entitlements 11,491,582 11,779,848 Other 3,733,186 3,185,194 (753) (21,245) Total Revenues 37,894,869 36,765,409 1,283,276 1,105,397
Expenses Instruction 17,048,387 16,100,834 Tuition 2,045,704 2,097,428 Related Services 3,980,590 3,504,324 Administrative Services 3,053,956 2,900,757 Operations and Maintenance of Plant Services 3,790,087 3,137,022 Pupil Transportation 3,702,236 3,156,947 Interest on Debt 1,838,789 1,715,834 Food Service 1,155,055 1,046,087 Unallocated Depreciation 1,880,234 1,679,247 Other 417,609 8,255 13,266 16,409 Total Expenses 37,757,592 34,300,648 1,168,321 1,062,496 Increase/(Decrease) in Net Position 137,277 2,464,761 114,955 42,901
Governmental Activities Business-type Activities
Governmental Activities Property taxes made up 54 percent of revenues for fiscal year 2014 and 55 percent for fiscal year 2013. Property tax revenues increased $272,878, or 1.3 percent over the prior fiscal year.
Sources of Revenue for Fiscal Year 2014
Grants/Contributions, 1.2%
Charges for Services, 4.6%
Miscellaneous, 9.9%
Federal/State Aid, 30.3%
Property Taxes 54.0%
22
The cost of all programs and services was $37,757,592. Instruction comprised 45.2 percent of District expenses.
Expenses for Fiscal Year 2014
Business-Type Activities Revenues for the District’s business-type activities (Food service and community education) were comprised of charges for services and federal and state reimbursements. Business type activity revenues exceeded expenses by $114,955. Food service program
revenues exceeded expenditures by $98,195, while community education program revenues exceeded expenditures by $16,760. This result was consistent with expectations of the program.
Charges for services represented $992,547 of revenue. $962,521 was paid by patrons of
the daily food service and $30,026 was paid by participants of the community education program.
Federal and state reimbursement for meals, including payments for free and reduced price
lunches, and donated commodities totaled $291,482.
Governmental Funds Financial Analysis The governmental funds (General, special revenue, capital projects, and debt service funds presented in the fund-based statements) are accounted for utilizing the modified accrual basis of accounting. Total revenues amounted to $36,137,533 and expenditures were $42,621,620. The net change in fund balance was $6,321,693 after adjusting for an additional $162,394 in other financing sources.
Instruction 45.2%
Student Support 16.0%
Administration 8.1%
Plant Maintenance & Operations 10.0%
Transportation 9.8%
Other 11.0%
23
General Fund Budgetary Highlights The School District’s budget is prepared in accordance with New Jersey state law, and is based on accounting for certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significant budgeted fund is the General Fund.
Capital Assets At the end of the fiscal year 2014, the District had $58,599,462 invested in land, buildings, machinery and equipment, net of depreciation. The table below shows fiscal year 2014 balances compared to 2013.
Capital Assets (net of accumulated depreciation) June 30, 2014 and 2013
Overall capital assets increased $4,705,921 from fiscal year 2013 to fiscal year 2014. The reason for the increase in net capital assets is the ongoing construction of additions and renovations to the High school and Middle School buildings.
Debt Administration At June 30, 2014, the District had $48,182,070 in outstanding liabilities. This total consists of $987,537 in compensated absences, $46,364,000 of serial bonds for school construction, $600,000 in capital leases, and $230,533 of unamortized bond premium. On March 1, 1999, the District issued $18,500,000 of general obligation bonds at 4.65% for the construction of additions and renovations to the existing Kingsway Regional School. On May 19, 2005, the District issued refunding bonds for $15,780,000 of this series at 4.05%. On August 15, 2004, the District completed the sale of $16,914,000 of serial bonds with interest ranging from 4.5% to 4.875% in 2031. The proceeds of the bonds were used to finance the District’s capital projects approved by the voters on September 30, 2003. On November 15, 2006, the District issued refunding bonds for $9,075,000 of this series at 4.17%, On March 8, 2012; the District issued refunding bonds for $5,935,000 of the original 2004 series at 2.49%. On September 27, 2011, the voters of the District approved a bond referendum in the amount of $22,659,000. The proceeds will fund the construction of additions and renovations to the existing middle and high schools. The interest rate on the bonds issued on January 18, 2012 is 3.106%.
2014 2013 2014 2013 2014 2013Land 2,481,278$ 2,481,278$ 2,481,278$ 2,481,278$ Construction in Progress 28,484,915 22,912,843 28,484,915 22,912,843 Buildings and Structures 26,967,395 27,376,486 26,967,395 27,376,486 Land Improvements 1,949,592 2,235,372 1,949,592 2,235,372 Machinery and Equipment 3,422,750 3,593,483 10,215 10,762 3,432,965 3,604,245
Net Assets 63,305,930$ 58,599,462$ 10,215$ 10,762$ 63,316,145$ 58,610,224$
Governmental Business-Type District-Wide
24
The District maintains an AA- rating from Standard and Poor’s.
For the Future As one of the State’s fastest growing school district’s, Kingsway serves the two fastest growing municipalities in the state – The Townships of Woolwich and East Greenwich. Woolwich Township’s population alone has swelled to more than 11,000 residents, more than tripling the census totals in 2000. East Greenwich’s population currently exceeds 10,200 residents. Today, there are over 3,400 children in Woolwich alone, more than its entire population ten years ago. As a result, the District’s enrollment has increased by close to 100 pupils per year each of the last ten years. Since 2001 more than 1,100 students have entered Kingsway, placing demands on facilities, programs, and staff, resulting in increased costs to our School District. Looking ahead, enrollment will exceed 3,000 students by 2020, placing additional pressure on Kingsway’s resources and facilities. The burden to fund our school district has consistently shifted to our local tax payers. This shift of responsibility has made it increasingly difficult to maintain our quality school system.
Contacting the School District’s Financial Department This financial report is designed to provide the district’s citizens, taxpayers, bond holders, and creditors with a general overview of the District’s finances to demonstrate the district’s accountability for the resources it receives. If you have questions regarding this report or require additional information, please contact the School Business Administrator at the Kingsway Regional School District Administrative Offices, 213 Kings Highway, Woolwich Township, New Jersey 08085. Our website provides additional district information and can be located at www.kingsway.k12.nj.us.
25
This page intentionally left blank
26
BASIC FINANCIAL STATEMENTS
27
This page intentionally left blank
28
A. District-Wide Financial Statements
29
This page intentionally left blank
30
The accompanying Notes to Financial Statments are an integral part of this statement.
EXHIBIT A-1
TOTALSBUSINESS-
GOVERNMENTAL TYPE JUNE 30,ACTIVITIES ACTIVITIES 2014
Cash & Cash Equivalents 4,435,278$ 440,590$ 4,875,868$ Receivables, Net 2,367,423 16,441 2,383,864 Internal Balances (8,340) 8,340 - Inventory - 7,764 7,764 Restricted Cash & Cash Equivalents 500,100 - 500,100 Capital Assets, Net (Note 4) 63,305,930 10,215 63,316,145
Total Assets 70,600,391 483,350 71,083,741
Deferred Charge on Refunding of Debt 1,159,107 - 1,159,107
Total Deferred Outflow of Resources 1,159,107 - 1,159,107
Total Assets and Deferred Outflow of Resources 71,759,498 483,350 72,242,848
Accounts Payable 640,751 17,653 658,404 Unearned Revenue 585 21,502 22,087 Accrued Interest Payable 601,902 - 601,902 Noncurrent Liabilities (Note 6): Due Within One Year 2,408,978 - 2,408,978 Due Beyond One Year 45,773,092 42,960 45,816,052
Total Liabilities 49,425,308 82,115 49,507,423
Net Investment in Capital Assets 17,827,660 10,215 17,837,875 Restricted For: Capital Projects 500,100 - 500,100 Other Purposes 2,906,285 - 2,906,285 Unrestricted 1,100,145 391,020 1,491,165
Total Net Position 22,334,190$ 401,235$ 22,735,425$
KINGSWAY REGIONAL SCHOOL DISTRICTSTATEMENT OF NET POSITION
JUNE 30, 2014
NET POSITION
LIABILITIES
ASSETS
DEFERRED OUTFLOW OF RESOURCES
31
The
acco
mpa
nyin
g N
otes
to F
inan
cial
Sta
tem
ents
are
an
inte
gral
par
t of t
his s
tate
men
t.
EXH
IBIT
A-2
CH
AR
GES
OPE
RA
TIN
GBU
SIN
ESS-
FOR
GR
AN
TS &
GO
VER
NM
ENTA
LTY
PEJU
NE
30,
FUN
CTI
ON
S/PR
OG
RA
MS
EXPE
NSE
SSE
RV
ICES
CO
NTR
IBU
TIO
NS
AC
TIV
ITIE
SA
CTI
VIT
IES
2014
Gov
ernm
enta
l Act
iviti
es:
In
stru
ctio
n:
R
egul
ar12
,536
,245
$
-
$
-
$
(1
2,53
6,24
5)$
-
$
(12,
536,
245)
$
S
peci
al E
duca
tion
3,31
7,32
4
-
34
,924
(3
,282
,400
)
-
(3
,282
,400
)
O
ther
Inst
ruct
iona
l5,
992
-
-
(5,9
92)
-
(5,9
92)
Sch
ool S
pons
ored
1,18
8,82
6
-
-
(1
,188
,826
)
-
(1
,188
,826
)
Sup
port
Serv
ices
& U
ndis
tribu
ted
Cos
ts:
Tui
tion
2,04
5,70
4
-
35
5,87
8
(1,6
89,8
26)
-
(1,6
89,8
26)
Stu
dent
& In
stru
ctio
n R
elat
ed S
ervi
ces
2,98
9,54
7
-
65
,831
(2
,923
,716
)
-
(2
,923
,716
)
H
ealth
Ser
vice
s31
6,73
9
-
-
(316
,739
)
-
(316
,739
)
Edu
catio
nal M
edia
Ser
vice
s/Sch
ool L
ibra
ry67
4,30
4
-
-
(674
,304
)
-
(674
,304
)
Sch
ool A
dmin
istra
tive
Serv
ices
1,58
7,33
3
-
-
(1
,587
,333
)
-
(1
,587
,333
)
G
ener
al A
dmin
istra
tion
717,
954
14
9,59
5
-
(568
,359
)
-
(568
,359
)
Cen
tral S
ervi
ces
339,
410
-
-
(3
39,4
10)
-
(3
39,4
10)
A
dmin
istra
tive
Info
rmat
ion
Tech
nolo
gy40
9,25
9
21,0
00
-
(388
,259
)
-
(388
,259
)
Pla
nt O
pera
tions
& M
aint
enan
ce3,
790,
087
143,
158
-
(3
,646
,929
)
-
(3
,646
,929
)
P
upil
Tran
spor
tatio
n3,
702,
236
1,42
8,62
7
-
(2
,273
,609
)
-
(2
,273
,609
)
Int
eres
t on
Long
-Ter
m D
ebt a
nd O
ther
Cha
rges
1,83
8,78
9
-
-
(1
,838
,789
)
-
(1
,838
,789
)
Una
lloca
ted
Dep
reci
atio
n1,
880,
234
-
-
(1,8
80,2
34)
-
(1,8
80,2
34)
U
nallo
cate
d C
ompe
nsat
ed A
bsen
ces
417,
609
-
-
(4
17,6
09)
-
(4
17,6
09)
T
o tal
Gov
ernm
enta
l Act
iviti
es37
,757
,592
1,
742,
380
456,
633
(3
5,55
8,57
9)
-
(35,
558,
579)
Busi
ness
-Typ
e A
ctiv
ities
:
Foo
d Se
rvic
e1,
155,
055
962,
521
29
1,48
2
-
98
,948
98
,948
C
omm
unity
Edu
catio
n Pr
ogra
m13
,266
30
,026
-
-
16,7
60
16,7
60
T
otal
Bus
ines
s-Ty
pe A
ctiv
ities
1,16
8,32
1
99
2,54
7
291,
482
-
115,
708
115,
708
Tota
l Prim
ary
Gov
ernm
ent
38,9
25,9
13$
2,73
4,92
7$
74
8,11
5$
(35,
558,
579)
115,
708
(35,
442,
871)
NET
(EX
PEN
SE) R
EVEN
UE
AN
D C
HA
NG
ES IN
NET
PO
SITI
ON
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TST
AT
EM
EN
T O
F A
CT
IVIT
IES
FOR
TH
E Y
EA
R E
ND
ED
JU
NE
30,
201
4
PRO
GR
AM
REV
ENU
ES
32
The
acco
mpa
nyin
g N
otes
to F
inan
cial
Sta
tem
ents
are
an
inte
gral
par
t of t
his s
tate
men
t.
EXH
IBIT
A-2
CH
AR
GES
OPE
RA
TIN
GBU
SIN
ESS-
FOR
GR
AN
TS &
GO
VER
NM
ENTA
LTY
PEJU
NE
30,
FUN
CTI
ON
S/PR
OG
RA
MS
EXPE
NSE
SSE
RV
ICES
CO
NTR
IBU
TIO
NS
AC
TIV
ITIE
SA
CTI
VIT
IES
2014
NET
(EX
PEN
SE) R
EVEN
UE
AN
D C
HA
NG
ES IN
NET
PO
SITI
ON
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TST
AT
EM
EN
T O
F A
CT
IVIT
IES
FOR
TH
E Y
EA
R E
ND
ED
JU
NE
30,
201
4
PRO
GR
AM
REV
ENU
ES
Gen
eral
Rev
enue
s:Ta
xes:
Pr
oper
ty T
axes
, Lev
ied
for G
ener
al P
urpo
ses,
Net
17,4
31,7
70
-
17,4
31,7
70
Taxe
s Lev
ied
for D
ebt S
ervi
ce3,
039,
318
-
3,03
9,31
8
Fe
dera
l & S
tate
Aid
Not
Res
trict
ed
11,4
91,5
82
-
11,4
91,5
82
Tu
ition
Rec
eive
d3,
360,
599
-
3,36
0,59
9
In
vest
men
t Ear
ning
s7,
098
94
8
8,04
6
Mis
cella
neou
s Inc
ome
350,
533
-
35
0,53
3
Can
cella
tion
of A
ccou
nts R
ecei
vabl
e/Pa
yabl
e14
,956
-
14,9
56
G
ain
on A
djus
tmen
t to
Cap
ital A
sset
s-
4,38
9
4,
389
N
et C
hang
e in
Com
pens
ated
Abs
ence
s-
(6,0
90)
(6
,090
)
Tota
l Gen
eral
Rev
enue
s, Sp
ecia
l Ite
ms,
Extra
ordi
nary
Item
s & T
rans
fers
35,6
95,8
56
(7
53)
35,6
95,1
03
Cha
nge
In N
et P
ositi
on13
7,27
7
11
4,95
5
25
2,23
2
Net
Pos
ition
- Be
ginn
ing,
Res
tate
d 22
,196
,913
286,
280
22,4
83,1
93
Net
Pos
ition
- En
ding
22,3
34,1
90$
40
1,23
5$
22
,735
,425
$
33
This page intentionally left blank
34
B. Fund Financial Statements
35
This page intentionally left blank
36
Governmental Funds
37
This page intentionally left blank
38
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-1
SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)
GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,ASSETS & OTHER DEBITS FUND FUND FUND FUND 2014 2013
Cash & Cash Equivalents 1,840,436$ -$ 2,689,500$ -$ 4,529,936$ 9,858,511$ Receivables from Other Governments 1,266,196 36,263 423,170 183,076 1,908,705 4,537,393 Due from Other Funds 556,770 - - - 556,770 392,554 Receivables, Net 59,107 - - - 59,107 58,322 Restricted Cash & Cash Equivalents 500,100 - - - 500,100 -
Total Assets 4,222,609$ 36,263$ 3,112,670$ 183,076$ 7,554,618$ 14,846,780$
LIABILITIES & FUND BALANCES
Liabilities: Cash Deficit -$ 31,759$ -$ 135,914$ 167,673$ 127,392$ Unearned Revenue - 585 - - 585 11,336 Accounts Payable 253,143 3,919 - - 257,062 278,283 Due to Other Funds 8,340 - 98,184 - 106,524 95,668 Construction Contract Payable - - - - - 974,681 Construction Contract Payable - Retainage - - 369,649 - 369,649 384,602
Total Liabilities 261,483 36,263 467,833 135,914 901,493 1,871,962
Fund Balances: Restricted for: Capital Reserve Account 500,100 - - - 500,100 1 Excess Surplus - Designated for Subsequent Year's Expenditures 1,894,984 - - - 1,894,984 1,711,091 Excess Surplus 1,475,015 - - - 1,475,015 1,894,984 Capital Projects Fund - - 2,513,829 - 2,513,829 3,777,425 Debt Service Fund - - - 47,162 47,162 47,162 Committed to: Other Purposes 3,877 - 131,008 - 134,885 4,424,528 Assigned to: Other Purposes - - - - - 319,627 Designated for Subsequent Year's Expenditures 87,149 - - - 87,149 800,000
Total Fund Balances 3,961,125 - 2,644,837 47,162 6,653,124 12,974,818
Total Liabilities & Fund Balances 4,222,608$ 36,263$ 3,112,670$ 183,076$
Amounts reported for governmental activities in the statement of Net Position (A-1)are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. The cost of the assets is $90,805,704 and the accumulated depreciation is $27,499,774. 63,305,930 58,599,462 Unamortized portion of the loss on refunding and the bond premium are not reported as an deferred outflow or liability in the fund financials. 928,574 1,008,137 Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. (47,951,537) (49,763,928) Interest on Long-Term debt in the statement of activities is accrued, regardless of when due. (601,902) (621,577)
Net Position of Governmental Activities 22,334,189$ 22,196,912$
KINGSWAY REGIONAL SCHOOL DISTRICT
BALANCE SHEETGOVERNMENTAL FUNDS
JUNE 30, 2014(With Comparative Totals for June 30, 2013)
TOTALS
39
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-2
SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)
GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,FUND FUND FUND FUND 2014 2013
Revenues: Local Sources: Local Tax Levy 17,431,770$ -$ -$ 3,039,318$ 20,471,088$ 20,198,210$ Tuition 3,360,599 - - - 3,360,599 2,855,074 Miscellaneous 340,923 16,708 - - 357,631 330,703
- Total Local Sources 21,133,292 16,708 - 3,039,318 24,189,318 23,383,987
State Sources 10,941,366 - - 552,845 11,494,211 11,785,650 Federal Sources 14,079 439,925 - - 454,004 431,001
Total Revenues 32,088,737 456,633 - 3,592,163 36,137,533 35,600,638
Expenditures: Current Expense: Regular Instruction 8,764,411 - - - 8,764,411 8,277,245 Special Education Instruction 2,383,258 34,924 - - 2,418,182 2,083,582 Other Instruction 5,992 - - - 5,992 401 School Sponsored 1,078,460 - - - 1,078,460 1,047,621 Support Services: Tuition 1,693,253 352,451 - - 2,045,704 2,097,428 Attendance Services 72,210 - - - 72,210 75,372 Health Services 256,642 - - - 256,642 233,328 Student & Instruction Related Services 1,993,324 65,831 - - 2,059,155 1,664,015 Educational Media Services/School Library 225,699 - - - 225,699 189,410 Instructional Staff Training 82,917 - - - 82,917 82,227 General Administration 459,094 - - - 459,094 532,048 School Administration 1,457,917 - - - 1,457,917 1,265,636 Central Services 339,410 - - - 339,410 369,867 Administrative Information Technology 388,259 - - - 388,259 380,745 Plant Operations & Maintenance 2,893,133 - - - 2,893,133 2,400,574 Pupil Transportation 2,269,025 - - - 2,269,025 2,058,100 Allocated Employee Benefits 4,891,551 - - - 4,891,551 4,037,238 Unallocated Employee Benefits 2,314,831 3,427 - - 2,318,258 3,037,827 Debt Service: Principal - - - 1,930,000 1,930,000 2,018,600 Interest & Other Charges - - - 1,662,163 1,662,163 1,695,165 Capital Outlay 1,431,367 - 5,572,072 - 7,003,439 18,356,424
Total Expenditures 33,000,753 456,633 5,572,072 3,592,163 42,621,621 51,902,853
Excess/(Deficiency) of Revenues - Over/(Under) Expenditures (912,016) - (5,572,072) - (6,484,088) (16,302,215)
Other Financing Sources\(Uses) Bond Anticipation Note - - - - - 153,600 Cancellation of Account Payable - - 14,956 - 14,956 4,325 Cancellation of Account Receivable - - - - - (16,133) Cancellation of Prior Year Encumbrances - - - - - 11,225 Transfers In 147,438 - - - 147,438 151,392 Transfers Out - - - - - (34,164)
Total Other Financing Sources/(Uses) 147,438 - 14,956 - 162,394 270,245
Excess/(Deficiency) of Revenues & Other Financing Sources Over/(Under) Expenditures & Other Financing (Uses) (764,578) - (5,557,116) - (6,321,694) (16,031,970) Fund Balances July 1, 2013 4,725,703 - 8,201,953 47,162 12,974,818 29,006,788
- Fund Balances June 30, 2014 3,961,125$ -$ 2,644,837$ 47,162$ 6,653,124$ 12,974,818$
(With Comparative Totals for June 30, 2013)
KINGSWAY REGIONAL SCHOOL DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2014
TOTALS
40
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-3
Total Net Change in Fund Balances - Governmental Funds (From B-2) (6,321,694)$
Amounts reported for governmental activities in the statement ofactivities (A-2) are different because:
Capital outlays are reported in governmental funds as expenditures.However, in the statement of activities, the cost of those assets isallocated over their estimated useful lives as depreciation expense.This is the amount by which capital outlays exceeded depreciation in the period:
Depreciation Expense (1,880,234)$ Capital Outlay 6,586,702 4,706,468
Repayment of bond principal is an expenditure in the governmentalfunds, but the repayment reduces long-term liabilities in the statementof net position and is not reported in the statement of activities.
Bond Principal 1,930,000
Government funds report the effect of issuance costs, premiums, discounts andsimilar items when debt is first issued, whereas, these amounts are deferred and amortized in the statement of activities. This amount is the net effect of thesedifferences in the Treatment of long-term debt and related activities.
Loss on Refunding (103,542) Original Issue Premium 23,978 (79,564)
In the statement of activities, the reduction for Capital Leases should not be anexpenditure. Thus the change in net position will differ from the change in fundbalance by the cost of the asset removed (-). 300,000
Interest on long-term debt in the statement of activities is accrued, regardless of when due. In the governmental funds, interest is reported when due.
Prior Year 621,577 Current Year (601,902) 19,675
Increase in compensated absences is not an expenditure in the governmental funds, but increases long-term liabilities in the statement of net position and is not reported in the statement of activities.
Prior Year 569,928 Current Year (987,537) (417,609)
Change in Net Position of Governmental Activities 137,276$
FOR THE YEAR ENDED JUNE 30, 2014
KINGSWAY REGIONAL SCHOOL DISTRICTRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDSTO THE STATEMENT OF ACTIVITIES
41
This page intentionally left blank
42
Proprietary Funds
43
This page intentionally left blank
44
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-4Page (1 of 2)
FOODSERVICE COMMUNITY TRANSPORTATION MAINTENANCE
ASSETS FUND EDUCATION SERVICES SERVICES
Current Assets: Cash & Cash Equivalents 388,097$ 52,493$ 57,640$ -$ Interfund Receivable 8,340 - - 3,334 Accounts Receivable 16,441 - 341,654 47,134 Inventories 7,764 - - -
Total Current Assets 420,642 52,493 399,294 50,468
Noncurrent Assets: Equipment 593,394 - - - Accumulated Depreciation (583,179) - - -
Total Capital Assets 10,215 - - -
Total Assets 430,857 52,493 399,294 50,468
LIABILITIES:
Current Liabilities: Cash Deficit - - - 50,468 Accounts Payable 17,653 - 14,040 - Interfund Payable - - 385,254 - Unearned Revenue 21,502 - - -
Total Current Liabilities 39,155 - 399,294 50,468
Noncurrent Liabilities: Compensated Absences 42,960 - - -
Total Noncurrent Liabilities 42,960 - - -
Total Liabilities 82,115 - 399,294 50,468
NET POSITION
Net Investment in Capital Assets 10,215 - - Unrestricted Net Position 338,527 52,493 - -
Total Net Position 348,742$ 52,493$ -$ -$
BUSINESS-TYPEACTIVITIES
ENTERPRISE FUNDS
KINGSWAY REGIONAL SCHOOL DISTRICTPROPRIETARY FUNDS
STATEMENT OF NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)
GOVERNMENTAL ACTIVITIES
45
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-4Page (2 of 2)
(MEMORANDUM ONLY)GENERAL TECHNOLOGY JUNE 30, JUNE 30,
ASSETS ADMINISTRATION SERVICES 2014 2013
Current Assets: Cash & Cash Equivalents 5,320$ 60,523$ 564,073$ 449,323$ Interfund Receivable - - 11,674 - Accounts Receivable - - 405,229 177,004 Other Receivables - 10,500 10,500 24,744 Inventories - - 7,764 16,618
Total Current Assets 5,320 71,023 999,240 667,689
Noncurrent Assets: Equipment - - 593,394 589,005 Accumulated Depreciation - - (583,179) (578,243)
Total Capital Assets - - 10,215 10,762
Total Assets 5,320 71,023 1,009,455 678,451
LIABILITIES:
Current Liabilities: Cash Deficit - - 50,468 12,956 Accounts Payable - - 31,693 36,375 Interfund Payable 5,320 71,023 461,597 296,428 Unearned Revenue - - 21,502 9,542
Total Current Liabilities 5,320 71,023 565,260 355,301
Noncurrent Liabilities: Compensated Absences - - 42,960 36,870
Total Noncurrent Liabilities - - 42,960 36,870
Total Liabilities 5,320 71,023 608,220 392,171
NET POSITION
Net Investment in Capital Assets - - 10,215 10,762 Unrestricted Net Position - - 391,020 275,518
Total Net Position -$ -$ 401,235$ 286,280$
GOVERNMENTAL ACTIVITIES TOTALS
KINGSWAY REGIONAL SCHOOL DISTRICTPROPRIETARY FUNDS
STATEMENT OF NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)
46
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-5Page (1 of 2)
FOODSERVICE COMMUNITY TRANSPORTATION MAINTENANCE
FUND EDUCATION SERVICES SERVICESOperating Revenue: Local Sources: Transportation Fees Charged to Other LEA's -$ -$ 1,395,430$ -$ Sale of Gasoline - - 33,197 - Daily Sales - Reimbursable Programs 509,505 - - - Daily Sales - Nonreimbursable Programs 415,532 - - - Vending Machine Sales 15,803 - - - Special Function 21,083 - - - Program Fees - 30,026 - - Service Fees - - - 143,158 Miscellaneous 598 - - -
Total Operating Revenue 962,521 30,026 1,428,627 143,158
Operating Expenses: Salaries & Employee Benefits 600,956 3,585 817,837 146,713 Supplies and Materials 44,777 4,236 177,002 399 Repairs & Other Expenses 12,761 - 2,869 - Other Purchased Services-Contracted 1,006 5,445 60,030 - Miscellaneous Purchased Services - - 222,960 - Depreciation 4,936 - - - Miscellaneous Expense 249 - 236 - Cost of Sales 490,370 - - -
Total Operating Expenses 1,155,055 13,266 1,280,934 147,112
Operating (Loss)/Gain (192,534) 16,760 147,693 (3,954)
Nonoperating Revenues:Gain on Adjustment to Capital Assets 4,389 - - - State Sources: State School Lunch Program 9,760 - - - Federal Sources: National School Lunch Program 196,183 - - - Healthy Hunger-Free Kids Act 12,630 - - - Food Distribution Program 72,909 - - - Interest & Dividends 948 - - -
Total Nonoperating Revenues 296,819 - - -
Net Income/(Loss) 104,285 16,760 147,693 (3,954)
Other Financing Sources/(Uses): Operating Transfer In/(Out): Change in Compensated Absences (6,090) - - - Transfer to General Fund - - (147,693) 3,954
Total Other Financing Sources/(Uses) (6,090) - (147,693) 3,954
Change in Net Position 98,195 16,760 - - Total Net Position - Beginning 250,547 35,733 - -
Total Net Position - Ending 348,742$ 52,493$ -$ -$
KINGSWAY REGIONAL SCHOOL DISTRICTPROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGESIN NET POSITION
FOR FISCAL YEAR ENDED JUNE 30, 2014
BUSINESS-TYPE
(With Comparative Totals for June 30, 2013)
ENTERPRISE FUNDSACTIVITIES
GOVERNMENTAL ACTIVITIES
47
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-5Page (2 of 2)
(MEMORANDUM ONLY)
GENERAL TECHNOLOGY JUNE 30, JUNE 30,ADMINISTRATION SERVICES 2014 2013
Operating Revenue: Local Sources: Transportation Fees Charged to Other LEA's -$ -$ 1,395,430$ 1,046,089$ Sale of Gasoline - - 33,197 20,557 Daily Sales - Reimbursable Programs - - 509,505 461,401 Daily Sales - Nonreimbursable Programs - - 415,532 343,379 Vending Machine Sales - - 15,803 24,286 Special Function - - 21,083 1,706 Program Fees - - 30,026 28,790 Service Fees 149,595 21,000 313,753 98,708 Miscellaneous - - 598 11,587
Total Operating Revenue 149,595 21,000 2,734,927 2,036,503
Operating Expenses: Salaries & Employee Benefits 141,100 20,879 1,731,070 1,345,032 Supplies and Materials 2,296 121 228,831 175,390 Repairs & Other Expenses - - 15,630 23,081 Other Purchased Services-Contracted - - 66,481 82,949 Miscellaneous Purchased Services 2,500 - 225,460 4,790 Depreciation - - 4,936 33,030 Miscellaneous Expense - - 485 3,228 Cost of Sales - - 490,370 459,644
Total Operating Expenses 145,896 21,000 2,763,263 2,127,144
Operating (Loss)/Gain 3,699 - (28,336) (90,641)
Nonoperating Revenues:Gain on Adjustment to Capital Assets - - 4,389 - State Sources: State School Lunch Program - - 9,760 8,446 Federal Sources: National School Lunch Program - - 196,183 172,009 Healthy Hunger-Free Kids Act - - 12,630 - Food Distribution Program - - 72,909 75,038 Interest & Dividends - - 948 1,627
Total Nonoperating Revenues - - 296,819 257,120
Net Income/(Loss) 3,699 - 268,483 166,479
Other Financing Sources/(Uses): Operating Transfer In/(Out): Change in Compensated Absences - - (6,090) (22,872) Transfer to General Fund (3,699) - (147,438) (117,228)
Total Other Financing Sources/(Uses) (3,699) - (153,528) (140,100)
Change in Net Position - - 114,955 26,379 Total Net Position - Beginning - - 286,280 259,901
Total Net Position - Ending -$ -$ 401,235$ 286,280$
IN NET POSITION
KINGSWAY REGIONAL SCHOOL DISTRICTPROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGES
GOVERNMENTAL ACTIVITIESTOTALS
FOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)
48
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-6Page (1 of 2)
FOOD SERVICE COMMUNITY TRANSPORTATION MAINTENANCEFUND EDUCATION SERVICES SERVICES
Cash Flows From Operating Activities: Receipts from Customers 955,457$ 30,026$ 1,258,220$ 92,690$ Payments to Employees (450,092) (3,330) (625,928) (135,935) Payments for Employee Benefits (150,864) (255) (191,909) (10,778) Payments to Suppliers (537,479) (9,681) (308,518) (1,019)
Net Cash Provided/(Used) by Operating Activities (182,978) 16,760 131,865 (55,042)
Cash Flows From Investing Activities: Interest & Dividends 948 - - -
Net Cash Provided by Investing Activities 948 - - -
Cash Flows From Noncapital Financing Activities: Transfer to General Fund - - (147,693) 3,954 State Sources 9,760 - - - Federal Sources 281,722 - - -
Net Cash Provided by Noncapital Financing Activities 291,482 - (147,693) 3,954
Net Increase/(Decrease) in Cash & Cash Equivalents 109,452 16,760 (15,828) (51,088) Cash and Cash Equivalents, July 1 278,645 35,733 73,468 620
Cash & Cash Equivalents, June 30 388,097$ 52,493$ 57,640$ (50,468)$
Cash Provided/(Used) by Operating Activities: Operating Income/(Loss) (192,534)$ 16,760$ 147,693$ (3,954)$ Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense 4,936 - - - Change in Assets & Liabilities: (Increase)/Decrease in Inventory 8,854 - - - (Increase)/Decrease in Interfund Receivable (8,340) - - (3,334) (Increase)/Decrease in Accounts Receivable, Net (10,684) - (170,407) (47,134) (Increase)/Decrease in Accounts Payable 2,830 - (7,512) - Increase/(Decrease) in Interfund Payable - - 162,091 (620) Increase/(Decrease) in Prepaid Lunches 11,960 - - -
Total Adjustments 9,556 - (15,828) (51,088)
Net Cash Provided/(Used) by Operating Activities (182,978)$ 16,760$ 131,865$ (55,042)$
KINGSWAY REGIONAL SCHOOL DISTRICTPROPRIETARY FUNDS
STATEMENT OF CASH FLOWSFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)
RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:
GOVERNMENTAL ACTIVITIESENTERPRISE FUNDS
BUSINESS-TYPEACTIVITIES
49
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-6Page (2 of 2)
(MEMORANDUM ONLY)
GENERAL TECHNOLOGY JUNE 30, JUNE 30,ADMINISTRATION SERVICES 2014 2013
Cash Flows From Operating Activities: Receipts from Customers 149,595$ 20,666$ 2,506,654$ 2,089,225$ Payments to Employees (122,824) (20,879) (1,358,988) (1,055,917) Payments for Employee Benefits - - (353,806) (215,850) Payments to Suppliers (4,796) (121) (861,614) (718,483)
Net Cash Provided/(Used) by Operating Activities 21,975 (334) (67,754) 98,975
Cash Flows From Investing Activities: Interest & Dividends - - 948 1,627 Purchase of Equipment - - - (2,500)
Net Cash Provided by Investing Activities - - 948 (873)
Cash Flows From Noncapital Financing Activities: Transfer to General Fund (3,699) - (147,438) - State Sources - - 9,760 8,446 Federal Sources - - 281,722 247,047
Net Cash Provided by Noncapital Financing Activities (3,699) - 144,044 255,493
Net Increase/(Decrease) in Cash & Cash Equivalents 18,276 (334) 77,238 353,595 Cash and Cash Equivalents, July 1 (12,956) 60,857 436,367 82,772
Cash & Cash Equivalents, June 30 5,320$ 60,523$ 513,605$ 436,367$
Cash Provided/(Used) by Operating Activities: Operating Income/(Loss) 3,699$ -$ (28,336)$ (90,641)$ Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense - - 4,936 33,030 Change in Assets & Liabilities: (Increase)/Decrease in Inventory - - 8,854 (5,501) (Increase)/Decrease in Accounts Receivable, Net - (334) (228,559) 53,406 (Increase)/Decrease in Interfund Receivable 14,578 - 2,904 - Increase/(Decrease) in Accounts Payable - - (4,682) 36,100 Increase/(Decrease) in Interfund Payable 3,698 - 165,169 73,265 Increase/(Decrease) in Prepaid Lunches - - 11,960 (684)
Total Adjustments 18,276 (334) (39,418) 189,616
Net Cash Provided/(Used) by Operating Activities 21,975$ (334)$ (67,754)$ 98,975$
RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:
(With Comparative Totals for June 30, 2013)
KINGSWAY REGIONAL SCHOOL DISTRICTPROPRIETARY FUNDS
STATEMENT OF CASH FLOWSFOR FISCAL YEAR ENDED JUNE 30, 2014
GOVERNMENTAL ACTIVITIESTOTALS
50
Fiduciary Fund
51
This page intentionally left blank
52
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-7
UNEMPLOYMENT (MEMORANDUM ONLY)
COMPENSATION SCHOLARSHIP AGENCY JUNE 30, JUNE 30,ASSETS TRUST FUND FUND 2014 2013
Cash & Cash Equivalents 204,793$ 196,442$ 238,195$ 639,430$ 655,519$ Interfund Receivable - - - - 5,123
Total Assets 204,793 196,442 238,195 639,430 660,642
LIABILITIES
Payroll Deductions & Withholdings - - 15,276 15,276 36,494 Due to Student Groups - - 222,597 222,597 260,899 Interfund Payable - - 322 322 5,581
Total Liabilities - - 238,195 238,195 302,974
NET POSITION
Held in Trust for Unemployment Claims & Other Purposes 204,793 - - 204,793 158,642 Reserved for Scholarships - 196,442 - 196,442 199,026
Total Net Position 204,793$ 196,442$ -$ 401,235$ 357,668$
KINGSWAY REGIONAL SCHOOL DISTRICT
TOTALS
STATEMENT OF FIDUCIARY NET POSITIONFIDUCIARY FUNDS
JUNE 30, 2014(With Comparative Totals for June 30, 2013)
PRIVATE PURPOSE
53
The accompanying Notes to Financial Statements are an integral part of this statement.
EXHIBIT B-8
UNEMPLOYMENTCOMPENSATION (MEMORANDUM ONLY)
INSURANCE JUNE 30, JUNE 30, ADDITIONS: TRUST FUND SCHOLARSHIPS 2014 2013
Local Sources: Contributions 17,895$ 1,100$ 17,895$ 1,600$ Board Contributions 50,000 - 50,000 100,000
Total Contributions 67,895 1,100 67,895 101,600
Investment Earnings: Interest on Investments 256 216 256 776
Total Investment Earnings 256 216 256 776
Total Additions 68,151 1,316 68,151 102,376
DEDUCTIONS:
Unemployment Claims 22,000 - 22,000 67,769 Scholarship Payments - 3,900 - 4,100
Total Deductions 22,000 3,900 22,000 71,869
Change in Net Position 46,151 (2,584) 46,151 30,507 Net Position - Beginning of Year 158,642 199,026 158,642 327,161
Net Position - End of Year 204,793$ 196,442$ 204,793$ 357,668$
TOTALS
KINGSWAY REGIONAL SCHOOL DISTRICTFIDUCIARY FUND
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)
54
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTSJUNE 30, 2014
55
This page intentionally left blank
56
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies The financial statements of the Kingsway Regional School District (the ‘District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounting policies. A. Reporting Entity The Kingsway Regional School District is a Type II district located in the County of Gloucester, State of New Jersey. As a Type II district, the School District functions independently through a Board of Education. The District is governed by a nine (9) member board elected to three-year staggered terms and one (1) sending district member appointed annually by the Logan Township School District. B. Component Units The primary criterion for including activities within the District’s reporting entity as a component unit, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:
♦ the organization is legally separate (can sue or be sued in their own name) ♦ the District holds the corporate powers of the organization ♦ the District appoints a voting majority of the organization’s board ♦ the District is able to impose its will on the organization ♦ the organization has the potential to impose a financial benefit/burden on the District ♦ there is a fiscal dependency by the organization on the District
Based on the aforementioned criteria, the District has no component units. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation District-Wide Financial Statements – The governmental fund 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. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental Fund Financial Statements – The 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 year-end. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and transportation. Other revenues are considered to be measurable and available only when cash is received by the state. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
57
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): D. District-Wide and Fund Financial Statements The district-wide financial statements (the statement of net position and the statement of activities) report information of all of the non-fiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function, segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions. Net position is restricted when constraints placed on them are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted net position. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. E. Fund Accounting The accounts of the Kingsway Regional School District are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:
58
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): E. Fund Accounting (continued):
Governmental Funds
General Fund - The general fund is the general operating fund of Kingsway Regional School District and is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or non-instructional equipment which are classified in the Capital Outlay sub-fund.
As required by the New Jersey Department of Education Kingsway Regional School District includes budgeted Capital Outlay in this fund. Generally accepted accounting principles as they pertain to governmental entities state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues. Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, interest earnings and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to capital assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by board resolution. Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes. Capital Projects Fund - The capital projects fund is used to account for all financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). Debt Service Fund - The debt service fund is used to account for the accumulation of resources for, and the payment of principal and interest on bonds issued to finance major property acquisition, construction and improvement programs.
Proprietary Funds
The focus of Proprietary Fund measurement is upon determination of net income, financial position and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the Proprietary Funds of the District:
Enterprise - The enterprise fund is used to account for the operations that are financed and operated in a manner similar to a private business enterprise. The costs of providing goods
59
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): E. Fund Accounting (continued):
or services are financed primarily through user charges; or, where the District has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes.
All Proprietary funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that all assets and all liabilities, whether current or noncurrent, associated with their activity are included on their balance sheets. Their reported fund equity (net total position) is segregated into contributed capital and unreserved net position, if applicable. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total net position.
Depreciation of all exhaustive capital assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows: Equipment 5-20 years The District’s enterprise fund is comprised of the following:
• Food Service Fund – This fund accounts for the revenues and expenses pertaining to the District’s cafeteria operations.
• Community Education Fund- This fund accounts for the revenues and expenses pertaining to the District’s Community Education Program.
Internal Service Fund – Internal service funds are cost accounting and distribution entities, and are intended to “break even” annually and/or over a period of years. The use of an internal service fund does not provide additional revenue or expenses to the district by acts as a means to document the sharing of the costs. The internal service fund has been established to account for the financing of transportation, maintenance, technology, and general administration services provided by the Kingsway Regional School District for use by various other districts within the County of Gloucester. Services are provided on a cost reimbursement basis.
Fiduciary Fund
Fiduciary funds are used to account for assets held by a governmental entity for other parties (either as trustee or as an agent) and that cannot be used to finance the governmental entity’s own operating programs which includes private purpose trust funds and agency funds. Private Purpose Trust Funds - used to account for the principal and income for trust arrangements that benefit individuals, private organizations, or other governments. The District currently maintains an Unemployment Trust Fund and Scholarship Fund as a private purpose trust.
60
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): E. Fund Accounting (continued):
Agency Funds - assets held by a governmental entity (either as trustee or as an agent) for other parties that cannot be used to finance the governmental entity’s own operating programs. The District currently maintains Payroll and Student Activity Funds as Agency Funds.
F. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and private purpose trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total position) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total position. The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, private purpose trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due. In its accounting and financial reporting, the Kingsway Regional School District follows the pronouncements of the Governmental Accounting Standards Board (GASB) and the pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. The Kingsway Regional School District’s proprietary funds have elected not to apply the standards issued by FASB after November 30, 1989. The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred. G. Budgets/Budgetary Control Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and debt service funds. The budgets are submitted to the county office and are approved by the County Superintendent. Budgets are prepared using the modified accrual basis of accounting. The legal level of
61
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): G. Budgets/Budgetary Control (continued): budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C.6:20-2A(m)1. All budget amendments must be approved by School Board resolution. Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year-end. The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports. The budget, as detailed on Exhibit C-1, C-2, and I-3 includes all amendments to the adopted budget, if any. H. Encumbrances Under encumbrance accounting purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as reservations of fund balances at fiscal year-end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services. Open encumbrances in the special revenue fund for which the Kingsway Regional School District has received advances are reflected in the balance sheet as deferred revenues at fiscal year-end. The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year-end. I. Cash and Cash Equivalents Cash and Cash equivalents include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost. New Jersey School Districts are limited as to the types of investments and types of financial institutions they may invest in. N.J.S.18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts.
62
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): I. Cash and Cash Equivalents (continued): Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on deposit with a failed banking institution in New Jersey. N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include Savings and Loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental Units. J. Tuition Receivable/Payable Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined. These adjustments are recorded upon certification by the State Board of Education, which is normally two years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable. The tuition rate adjustments for the years 2012-2013 have been established. According to the School District’s records, these amounts of adjustments are immaterial to the financial statements. K. Inventories Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method. The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed. L. Prepaid Expenses Prepaid expenses, which benefit future periods, are only recorded in the government-wide financial statements and in the proprietary fund statements. Prepaid expenses in the proprietary fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014. They are recorded as expenditure during the year of purchase.
63
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): M. Short-Term Interfund Receivables/Payables Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the Kingsway Regional School District and that are due within one year. N. Capital Assets General capital assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of one year or more. Donated capital assets are valued at their estimated fair market value on the date received. The general capital assets acquired or constructed were valued by an independent appraisal company. General capital assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively. General capital assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows: School Buildings 50 Years Electrical/Plumbing 30 Years HVAC Systems 20 Years Roofing 20 Years Machinery & Tools 15 Years Computer Software 5 to 10 Years Computer Hardware 5 Years Athletics Equipment 10 Years Vehicles/Buses 8 Years Grounds Equipment 15 Years O. Deferred Outflow of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District has only one item that qualifies for reporting in this category which is the deferred charge on refunding reported in the government-wide statement of net position. A deferred charge on refunded debt results from the difference in the carrying value of the refunded debt and its acquisition price. The amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.
64
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): P. Accrued Salaries and Wages District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve-month year. Therefore, there is no accrual as of June 30, 2014 for such salaries.
Q. Compensated Absences Compensated absences are those absences for which employees will be paid, such as vacation, sick leave and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the District and its employees, are accounted for in the period in which such services are rendered or in which such events take place. In the District-Wide financial statements, under governmental activities, compensated absences are reported as an expenditure and noncurrent liabilities. R. Unearned Revenue Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied and is recorded as a liability until the revenue is both measureable and the District is eligible to realize the revenue. S. Long-Term Obligations In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred. T. Fund Balance In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the Kingsway Regional School District classifies governmental fund balances as follows:
• Non-spendable – includes fund balance amounts that cannot be spent either because it is not in spendable form or because legal or contractual constraints.
• Restricted – includes fund balance amounts that are constrained for specific purposes which are externally imposed by external parties, constitutional provision or enabling legislation.
• Committed – includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority and does not lapse at year-end.
• Assigned – includes fund balance amounts that are intended to be used for specific purposes that are neither considered restricted or committed. Fund Balance may be assigned by the Business Administrator.
65
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): T. Fund Balance (continued):
• Unassigned – includes balance within the General Fund which has not been classified within the
above mentioned categories and negative fund balances in other governmental funds.
The District uses restricted/committed amounts to be spent first when both restricted and unrestricted fund balance is available, unless prohibited by law or regulation. Additionally, the District would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made.
U. Net Position Net position, represents the difference between summation of assets and deferred outflows of resources, and the summation of liabilities and deferred inflows of resources. Net position is classified in the following three components:
• Net Investment in Capital Assets – This component represents capital assets, net of accumulated depreciation, net of outstanding balances of borrowings used for acquisition, construction, or improvement of those assets.
• Restricted – Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.
• Unrestricted – Net position is reported as unrestricted when it does not meet the criteria of the other two components of net position.
V. Impact of Recently Issued Accounting Principles
Recently Issued and Adopted Accounting Pronouncements
In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements. In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities. GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement is effective for periods beginning after December 15, 2012. Management has implemented this Statement in the District’s financial statements for the year ended June 30, 2014 with a prior period restatement to beginning net position. See Note 17 for more information.
66
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued): V. Impact of Recently Issued Accounting Principles (continued): Recently Issued Accounting Pronouncements In June 2012, the GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27. GASB 68 improves accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency. This Statement is effective for fiscal years beginning after June 15, 2014. Management is currently evaluating the impact of the adoption of this statement on the District’s financial statements. W. Subsequent Events The Kingsway Regional School District has evaluated subsequent events occurring after June 30, 2014 through the date of December 1, 2014, which is the date the financial statements were available to be issued. Note 2. Cash and Cash Equivalents The District is governed by the deposit and investment limitations of New Jersey state law. The Deposits and investments held at June 30, 2014, and reported at fair value are as follows:
CarryingType Value
DepositsDemand Deposits 6,015,398$
Total Deposits 6,015,398$
The District's Cash & Cash Equivalents are Reported as Follows:
Governmental Actvities 4,935,378$ Business-Type Actvities 440,590 Fiduciary Funds 639,430
Total Cash & Cash Equivalents 6,015,398$
67
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 2. Cash and Cash Equivalents (continued): Custodial Credit Risk – Custodial credit risk is the risk that, in the event of a bank failure, the Board’s deposits may not be recovered. Although the Board does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, student activity funds or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. As of June 30, 2014, the District’s bank balance of $7,360,094 was exposed to custodial credit risk as follows: Insured $ 250,000 Uninsured 639,000 Collateralized in the District’s Name Under GUDPA 6,471,094 Total $7,360,094
Note 3. Capital Reserve Account A capital reserve account was established by the Kingsway Regional School District by inclusion of $1 on October 3, 2000, for the accumulation of funds for use as capital outlay expenditures in subsequent years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget.
Funds placed in the capital reserve account are restricted to capital projects in the district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriated additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP.
68
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 3. Capital Reserve Account (continued): The activity of the capital reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:
Beginning Balance, July 1, 2013 1$
Add: Budgeted Transfer 300,099 Add: Transfers by Resolution- June 23, 2014 200,000
Ending Balance, June 30, 2014 500,100$
Note 4. Capital Assets The following schedule is a summarization of the general capital assets by source for the fiscal year ended June 30, 2014:
June 30, June 30,2013 Additions Deletions Adjustments 2014
Non-Depreciable AssetsLand 2,481,278$ -$ -$ -$ 2,481,278 Construction in Progress 22,912,843 5,572,072 - - 28,484,915
Total Non-Depreciable Assets 25,394,121 5,572,072 - - 30,966,193
Depreciable AssetsBuilding & Structures 46,575,522 682,450 - - 47,257,972 Land Improvements 6,042,156 - - - 6,042,156 Machinery & Equipment 6,207,203 332,180 - - 6,539,383
Subtotal 58,824,881 1,014,630 - - 59,839,511
Accumulated Depreciation (25,619,540) (1,880,234) - - (27,499,774)
Total 58,599,462$ 4,706,468$ -$ -$ 63,305,930$
Business-Type Activities June 30, June 30,
2013 Additions Deletions Adjustments 2014
Machinery & Equipment 589,005$ 4,389$ -$ -$ 593,394$
Subtotal 589,005 4,389 - - 593,394 Accumulated Depreciation (578,243) (4,936) - - (583,179)
Total 10,762$ (547)$ -$ -$ 10,215$
69
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 5. Receivables Receivables at June 30, 2014 consisted of tuition fees, shared service fees charged other governmental units, and governmental grants. All receivables are considered collectable in full due to the stable condition of the other governmental units, State programs and the current year guarantee of federal funds. Receivables as of year-end for the School District’s individual major and proprietary funds, in the aggregate, are as follows:
Special Capital Debt InternalGeneral Revenue Projects Service Enterprise Service
Fund Fund Fund Fund Funds Fund TotalIntergovernmental 1,266,196$ 36,263$ 423,170$ 183,076$ 16,441$ -$ 1,925,146$ Other 59,107 - - - - 399,288 458,395
Total 1,325,303$ 36,263$ 423,170$ 183,076$ 16,441$ 399,288$ 2,383,541$
Note 6. Long-Term Debt During the fiscal year ended June 30, 2014 the following changes occurred in liabilities reported in the Long-Term Debt Account Group:
Balance Balance Due Within6/30/13 Issued Retired 6/30/14 One Year
Compensated Absences 569,928$ 417,609$ -$ 987,537$ -$ Capital Leases Payable 900,000 - (300,000) 600,000 300,000 Unamortized Bond Premium 254,511 - (23,978) 230,533 23,978 Bonds Payable 48,294,000 - (1,930,000) 46,364,000 2,085,000
Total 50,018,439$ 417,609$ (2,253,978)$ 48,182,070$ 2,408,978$
A. Bonds Payable Bond are authorized in accordance with State law by the voters of the municipality through referendums. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the Board are general obligation bonds. On August 17, 2004, the District issued Bonds of $16,914,000 (par value) with interest rates ranging from 4.5% to 4.875%. Maturities of the 2004 Bonds range from 2006 to 2031 and they are callable, at par, on or after January 15, 2031. The proceeds from the sale of the Bond will be used to finance the construction of the middle school and renovations to the existing school building. During 2013, the maturities due in 2015 through 2024 were refinanced and during 2006 the 2025 through 2031 maturities were refinanced. Only the 2013 and 2014 amounts are still due as of June 30, 2014.
70
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 6. Long-Term Debt (continued): A. Bonds Payable (continued): On May 15, 2005, the School District issued $15,780,000 in Refunding Bonds with interest rates ranging from 1.250% to 3.900% to advance refund $15,050,000 of outstanding 1999 General Obligation Bonds with interest rates ranging from 4% to 5%. On November 21, 2006, the School District issued $9,075,000 in Refunding Bonds with interest rates ranging from 1.250% to 3.900% to advance refund $8,400,000 of outstanding 2004 General Obligation Bonds with interest rates ranging from 4.00% to 4.125%. On January 18, 2012, the District issued Bonds of $22,659,000 (par value) with interest rates ranging from 2.5% to 3.5%. Maturities of the 2012 Bonds range from 2013 to 2037 and they are callable, at par, on or after February 1, 2037. The proceeds from the sale of the Bond will be used to finance the Additions and Renovations of the Existing School Buildings. On January 27, 2012, the School District issued $5,935,000 in Refunding Bonds with interest rates ranging from 2% to 4% to advance refund $5,514,000 of outstanding 2004 General Obligation Bonds with interest rates ranging from 4.00% to 4.125%.
Principal and interest due on serial bonds outstanding is as follows:
Year BalanceEnding 6/30/14 Issued RetiredJune 30, Principal Interest Total
2015 2,085,000 1,590,063 3,675,063 2016 2,200,000 1,516,413 3,716,413 2017 2,190,000 1,444,138 3,634,138 2018 2,255,000 1,372,213 3,627,213 2019 2,345,000 1,303,413 3,648,413
2020-2024 12,690,000 5,335,337 18,025,337 2025-2029 10,835,000 3,213,171 14,048,171 2030-2034 8,165,000 1,339,906 9,504,906 2035-2037 3,599,000 250,695 3,849,695
Total 46,364,000$ 17,365,349$ 63,729,349$
B. Capital Leases Payable As of June 30, 2014, the Board had Capital Leases outstanding for Technology Equipment in the amount of $600,000.
71
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 6. Long-Term Debt (continued): B. Capital Leases Payable (continued): The following is a schedule of the future minimum lease payments under these capital leases and present value of the net minimum lease payments at June 30, 2014:
Year Amount
2015 319,020$ 2016 309,510
Total Minimum Lease Payments 628,530 Less: Amount Representing Interest 28,530
Present Value of net minimum lease payments 600,000$
Note 7. Pension Plans Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625. Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified. Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction.
72
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 7. Pension Plans (continued): Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15A and 43.3B and N.J.S.A.18A:66 for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 55 and are generally determined to be 1/55 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System. Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members’ beneficiaries are entitled to full interest credited to the members’ accounts. Chapter 78, P.L. 2011 changed this for employees enrolled after June 28, 2011. See Significant Legislation below. Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced. New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension. Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service. All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”. Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs.
73
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 7. Pension Plans (continued): Contribution Requirements – The contribution policy is set by N.J.S.A.43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A.18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5%, effective October 1, 2011, of employees’ annual compensation, as defined. The rate will increase over the next seven years to 7.5%. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for cost-of-living adjustments, noncontributory death benefits and post-retirement medical premiums. Under current statute the District is a noncontributing employer of the TPAF.
Three-Year Trend Information for PERS
Annual Percentage Net
Year Pension of APC PensionFunding Cost (APC) Contributed Obligation
6/30/2014 314,178$ 100% -$ 6/30/2013 393,638 100% - 6/30/2012 428,045 100% -
Three-Year Trend Information for TPAF (Paid on behalf of the District)
Annual Percentage NetYear Pension of APC Pension
Funding Cost (APC) Contributed Obligation
6/30/2014 1,253,571$ 100% -$ 6/30/2013 1,577,616 100% - 6/30/2012 1,059,415 100% -
During the year ended June 30, 2014 the State of New Jersey contributed $1,253,571 to the TPAF for normal and post-retirement benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $952,416 for the year ended June 30, 2014 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the Basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.
Note 8. Post-Retirement Benefits P.L. 1987, c. 384 and P.L. 1990, c.6 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical benefits for those State Employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007, c.103 amended the law to eliminate the funding of post-retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for the
74
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 8. Post-Retirement Benefits (continued): funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2014, there were 100,134 retirees receiving post-retirement medical benefits, and the state contributed $1.07 billion on their behalf.. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical benefits changed from a pre-funding basis to a pay-as-you-go basis beginning in Fiscal Year 1994. The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides employer paid health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2014.
Note 9. Risk Management The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Property and Liability Insurance – The District maintains commercial insurance coverage for property, liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report. New Jersey Unemployment Compensation Insurance – The District has elected to fund their New Jersey Unemployment Compensation Insurance under the “Benefit Reimbursement Method”. Under this plan the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for amounts due to the State. The following is a summary of School District contributions, reimbursements to the State for benefits paid and the ending balance of the School District’s expendable trust fund for the current and previous two years:
District Interest Amount Ending
Fiscal Year Contributions Earned Reimbursed Balance
2013-2014 67,895$ 256$ 22,000$ 204,793$ 2012-2013 100,000 353 67,769 158,642 2011-2012 150,000 30,163 164,655 126,058
Note 10. Contingencies The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and
75
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 10. Contingencies (continued): regulations governing the respective grants; therefore, no provisions have been recorded in the accompanying combined statements for such contingencies. Note 11. Economic Dependency The District participates in numerous state and federal grant programs. The programs are subject to compliance audits under the single audit approach. Such audits could lead to requests for reimbursement by the grantor agency for expenditures disallowed under terms of the grants. Management believes that the amount from future audits, if any, would not be material. The School District is dependent on the State of New Jersey for a substantial portion of its operating funds. Due to funding uncertainties at the State level, funding for school districts may be reduced. The ultimate effect of this possible reduction in funding on the District’s future operation is not yet determinable. Note 12. Interfund Receivables and Payables The following interfund balances remained on the balance sheet at June 30, 2014:
Interfund Interfund Fund Receivable Payable
General Fund 556,770$ 8,340$ Capital Projects Fund - 98,184 Food Service Fund 8,340 - Internal Service Fund 3,334 461,598 Fiduciary Fund- Payroll - 322
Total 568,444$ 568,444$
The purpose of interfunds are for short-term borrowings. Note 13. Deferred Compensation The Board offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows: Lincoln Investment Planning, Inc. Siracusa Benefits Programs The Equitable Life Assurance Society of the US 403(b) ASP
76
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 14. Compensated Absences District employees who are employed for ten months are entitled to ten paid sick leave days per fiscal school year. District employees who are employed for twelve months are entitled to twelve paid sick leave days per fiscal school year. Unused sick leave may be accumulated and carried forward to the subsequent years. Upon retirement and those with ten (10) years of service in the District, the District shall pay the employee for unused sick leave in accordance with the Districts' agreements with the various employee unions. Vacation days not used during the year may only be carried forward with approval from the Superintendent. The liability for vested compensated absences of the governmental fund types is recorded in the general long-term debt account group, the current portion of the compensated absence balance is not considered material to the applicable funds total liabilities and is therefore not shown separately from the long- term liability balance of compensated absences. This liability of $1,030,497 is reflected on the statement of net position Exhibit A-1. The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2014, $42,960 liability existed for compensated absences in the Food Service Fund. Note 15. Calculation of Excess Surplus In accordance with J.J.S.A. 18A:7F-7, the designation for Reserved Fund Balance- Excess Surplus is a required calculation pursuant to the New Jersey Comprehensive Educational Improvement and Financing Act of 1996 (CEIFA). New Jersey school districts are required to reserve General Fund fund balance at the fiscal year end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years' budget. The excess fund balance at June 30, 2014 is $1,475,016. Note 16. Fund Balance General Fund – Of the $3,961,126 General Fund fund balance at June 30, 2014, $500,100 has been restricted for future capital activity; $1,982,133 has been appropriated and included as anticipated revenue for the year ending June 30, 2015; $1,475,016 is restricted for current year excess surplus; and $3,877 has been reserved for encumbrances. Capital Projects Fund – Of the $2,644,837 Capital Projects Fund fund balance at June 30, 2014, $2,513,829 has been restricted for Capital Projects; and $131,008 has been reserved for encumbrances. Debt Service Fund – The Debt Service Fund fund balance of $47,162 has been restricted for Debt Service. Note 17. Prior Period Restatement As discussed in Note 1, the District has implemented GASB Statement 65, Items Previously Reported as Assets and Liabilities in the District’s financial statements for the year ended June 30, 2104. As a result, net position as of July 1, 2013 has been restated as follows:
77
KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 17. Prior Period Restatement (continued):
Original Net Restated Balance Adjustment Balance
Unamortized Bond Issuance Costs (1) $ 276,168 $ (276,168) $ -0-
Net Position, July 1, 2013 $ (22,473,081) $ 276,168 $ (22,196,913) (1) Previously reported as an asset on the Statement of Net Position and amortized over the life of related debt. Note 18. Subsequent Event-Bond Refunding On November 4, 2014, the Kingsway Regional School District issued $8,730,000 of General Obligation School Bonds. The Bonds are being issued for the purpose of: (i) the current refunding of all of the outstanding callable principal amount of the originally issued $15,780,000 Refunding School Bonds of the Board dated May 15, 2005 and maturing on or after March 1, 2016 and (ii) paying the costs of issuance with respect to the Bonds. Principal and interest on the Bonds will be payable semiannually on March 1 and September 1 commencing on March 1, 2015.
78
REQUIRED SUPPLEMENTARY INFORMATION - PART II
79
This page intentionally left blank
80
C. Budgetary Comparison Schedules
81
This page intentionally left blank
82
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
Rev
enue
s:
Loc
al T
ax L
evy
10-1
210
17,4
31,7
70$
-
$
17,4
31,7
70$
17
,431
,770
$
-
$
17
,089
,971
$
-$
17
,089
,971
$
17,0
89,9
71$
-
$
T
uitio
n10
-130
03,
207,
160
-
3,
207,
160
3,36
0,59
9
15
3,43
9
3,03
5,41
8
-
3,03
5,41
8
2,
855,
074
(180
,344
)
M
iscel
lane
ous R
even
ues
10-1
XX
X20
0,00
0
-
20
0,00
0
340,
923
14
0,92
3
221,
000
-
221,
000
26
8,16
8
47,1
68
T
otal
Loc
al S
ourc
es20
,838
,930
-
20
,838
,930
21,1
33,2
92
294,
362
20
,346
,389
-
20
,346
,389
20,2
13,2
13
(1
33,1
76)
Fed
eral
Sou
rces
:
M
edic
aid
Rei
mbu
rsem
ent (
SEM
I)10
-420
022
,304
-
22
,304
14,0
79
(8
,225
)
22
,304
-
22
,304
5,10
0
(17,
204)
Edu
catio
n Jo
bs F
und
18-4
522
-
-
-
-
-
-
68
3
68
3
68
3
-
T
otal
Fed
eral
Sou
rces
22,3
04
-
22,3
04
14
,079
(8,2
25)
22,3
04
68
3
22
,987
5,78
3
(17,
204)
Sta
te S
ourc
es:
E
qual
izat
ion
Aid
10-3
176
6,10
7,28
1
-
6,10
7,28
1
6,
107,
281
-
6,17
8,00
8
-
6,17
8,00
8
6,
178,
008
-
Cat
egor
ical
Spe
cial
Edu
catio
n A
id10
-313
21,
121,
086
-
1,
121,
086
1,12
1,08
6
-
1,
082,
940
-
1,
082,
940
1,08
2,94
0
-
C
ateg
oric
al S
ecur
ity A
id10
-317
715
8,03
0
-
15
8,03
0
158,
030
-
14
7,68
9
-
14
7,68
9
147,
689
-
C
ateg
oric
al T
rans
porta
tion
Aid
10-3
121
255,
495
-
255,
495
25
5,49
5
-
233,
256
-
233,
256
23
3,25
6
-
Ext
raor
dina
ry A
id10
-313
110
0,00
0
-
10
0,00
0
105,
338
5,
338
100,
000
-
100,
000
13
6,31
9
36,3
19
Non
-Pub
lic T
rans
porta
tion
Aid
10-3
XX
X-
-
-
40,6
25
40
,625
-
-
-
39,7
59
39
,759
A
nti-B
ully
ing
10-X
XX
X-
-
-
4,20
4
4,
204
-
-
-
-
-
Und
er A
dequ
acy
Aid
10-3
175
133,
057
-
133,
057
13
3,05
7
-
-
-
-
-
-
Sup
plem
enta
l Enr
ollm
ent G
row
th A
id10
-310
092
1,67
0
-
92
1,67
0
921,
670
-
-
921,
670
92
1,67
0
921,
670
-
N
onbu
dget
ed:
On-
Beh
alf T
PAF
Pens
ion
Con
tribu
tion
-
-
-
47
4,90
5
474,
905
-
-
-
740,
405
74
0,40
5
On-
Beh
alf P
ost R
etire
men
t Med
ical
Con
tribu
tion
-
-
-
77
8,66
6
778,
666
-
-
-
837,
211
83
7,21
1
Rei
mbu
rsed
TPA
F So
cial
Sec
urity
Con
tribu
tion
-
-
-
95
2,41
6
952,
416
-
-
-
855,
415
85
5,41
5
T
otal
Sta
te S
ourc
es8,
796,
619
-
8,
796,
619
11,0
52,7
73
2,25
6,15
4
7,
741,
893
921,
670
8,
663,
563
11,1
72,6
72
2,
509,
109
Tota
l Rev
enue
s29
,657
,853
-
29
,657
,853
32,2
00,1
44
2,54
2,29
1
28
,110
,586
922,
353
29
,032
,939
31,3
91,6
68
2,
358,
729
Expe
nditu
res:
Cur
rent
Exp
ense
:
Inst
ruct
ion
- Reg
ular
Pro
gram
s:
Sa
larie
s of T
each
ers:
Gra
des 6
- 8
11-1
30-1
00-1
012,
757,
086
(54,
000)
2,70
3,08
6
2,
676,
083
27,0
03
2,69
7,68
7
95
,000
2,79
2,68
7
2,
579,
926
212,
761
G
rade
s 9 -
1211
-140
-100
-101
5,59
8,00
1
(1
29,0
00)
5,
469,
001
5,40
1,01
8
67
,983
5,
393,
516
(17,
000)
5,37
6,51
6
5,
016,
001
360,
515
Hom
e In
stru
ctio
n:
Sala
ries o
f Tea
cher
s11
-150
-100
-101
25,0
00
(4
,000
)
21
,000
18,0
69
2,
931
15,0
00
21
,900
36,9
00
35
,857
1,04
3
Pu
rcha
sed
Prof
essio
nal -
Edu
catio
nal S
ervi
ces
11-1
50-1
00-3
2035
,000
27,2
50
62
,250
59,1
86
3,
064
50,0
00
6,
618
56
,618
56,6
17
1
Oth
er P
urch
ased
Ser
vice
s11
-150
-100
-500
800
1,10
0
1,90
0
1,24
6
65
4
300
1,15
0
1,45
0
1,42
7
23
Reg
ular
Pro
gram
s - U
ndist
ribut
ed In
stru
ctio
n:
Oth
er S
alar
ies f
or In
stru
ctio
n11
-190
-100
-106
45,1
00
1,
605
46
,705
44,6
00
2,
105
53,4
95
2,
332
55
,827
45,5
01
10
,326
Pu
rcha
sed
Prof
essio
nal -
Edu
catio
nal S
ervi
ces
11-1
90-1
00-3
209,
000
(3
,195
)
5,
805
4,
305
1,50
0
3,
100
4,
140
7,
240
4,
890
2,
350
Purc
hase
d Te
chni
cal S
ervi
ces
11-1
90-1
00-3
407,
800
(2
,044
)
5,
756
5,
464
292
6,
900
90
0
7,
800
6,
014
1,
786
Oth
er P
urch
ased
Ser
vice
s11
-190
-100
-500
71,2
50
(5
00)
70
,750
67,9
57
2,
793
40,9
60
15
,312
56,2
72
53
,374
2,89
8
G
ener
al S
uppl
ies
11-1
90-1
00-6
1048
2,53
9
(25,
045)
457,
494
44
0,62
7
16,8
67
468,
384
53
6,37
3
1,00
4,75
7
42
7,55
5
577,
202
Text
book
s11
-190
-100
-640
51,3
45
7,
993
59
,338
45,8
56
13
,482
74
,195
(9,4
26)
64,7
69
49
,853
14,9
16
Oth
er O
bjec
ts11
-190
-100
-890
1,05
0
(150
)
900
-
90
0
1,16
5
-
1,
165
23
0
93
5
Tota
l Reg
ular
Pro
gram
s9,
083,
971
(179
,986
)
8,90
3,98
5
8,
764,
411
139,
574
8,
804,
702
657,
299
9,
462,
001
8,27
7,24
5
1,
184,
756
Spec
ial E
duca
tion:
B
ehav
iora
l Disa
bilit
ies:
Sal
arie
s of T
each
ers
11-2
09-1
00-1
0148
,750
1,00
0
49,7
50
48
,110
1,64
0
11
6,35
0
(22,
560)
93,7
90
46
,557
47,2
33
O
ther
Sal
arie
s for
Inst
ruct
ion
11-2
09-1
00-1
0621
,200
20,3
80
41
,580
39,0
65
2,
515
42,5
30
(2
1,00
0)
21
,530
18,9
79
2,
551
S
uppl
ies a
nd M
ater
ials
11-2
09-1
00-6
1088
4
2,
024
2,
908
2,
094
814
1,
558
-
1,55
8
986
572
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
83
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
O
ther
Obj
ects
11-2
09-1
00-8
901,
500
(1
,500
)
-
-
-
-
-
-
-
-
T
otal
Beh
avio
ral D
isabi
litie
s72
,334
21,9
04
94
,238
89,2
69
4,
969
160,
438
(4
3,56
0)
11
6,87
8
66,5
22
50
,356
M
ultip
le D
isabi
litie
s:
S
alar
ies o
f Tea
cher
s11
-212
-100
-101
247,
230
(1
3,54
0)
23
3,69
0
178,
752
54
,938
23
6,48
9
11,4
50
24
7,93
9
234,
862
13
,077
Oth
er S
alar
ies f
or In
stru
ctio
n11
-212
-100
-106
121,
314
4,
775
12
6,08
9
95,7
77
30
,312
13
2,09
3
(3,4
14)
128,
679
10
2,05
5
26,6
24
O
ther
Pur
chas
ed S
ervi
ces
11-2
12-1
00-5
00-
2,00
0
2,00
0
1,38
7
61
3
-
-
-
-
-
S
uppl
ies a
nd M
ater
ials
11-2
12-1
00-6
0018
,768
281
19,0
49
17
,924
1,12
5
11
,557
2,42
5
13,9
82
13
,076
906
Tex
tboo
ks11
-212
-100
-640
2,83
1
(1,4
01)
1,43
0
1,43
0
-
38
6
-
386
373
13
T
otal
Mul
tiple
Disa
bilit
ies
390,
143
(7
,885
)
38
2,25
8
295,
270
86
,988
38
0,52
5
10,4
61
39
0,98
6
350,
366
40
,620
R
esou
rce
Roo
m:
Sal
arie
s of T
each
ers
11-2
13-1
00-1
011,
562,
000
67,8
00
1,
629,
800
1,62
7,08
5
2,
715
1,35
0,36
4
18
,095
1,36
8,45
9
1,
330,
607
37,8
52
O
ther
Sal
arie
s for
Inst
ruct
ion
11-2
13-1
00-1
0645
4,30
0
(110
,058
)
344,
242
32
5,39
7
18,8
45
380,
990
(7
2,73
9)
30
8,25
1
293,
219
15
,032
Sup
plie
s and
Mat
eria
ls11
-213
-100
-600
20,2
22
1,
912
22
,134
21,4
75
65
9
11,5
36
-
11,5
36
11
,125
411
Tex
tboo
ks11
-213
-100
-640
2,30
0
(2,2
02)
98
98
-
4,16
5
(4,1
61)
4
-
4
T
otal
Res
ourc
e R
oom
2,03
8,82
2
(4
2,54
8)
1,
996,
274
1,97
4,05
5
22
,219
1,
747,
055
(58,
805)
1,68
8,25
0
1,
634,
951
53,2
99
S
peci
al E
duca
tion
- Hom
e In
stru
ctio
n:
S
alar
ies o
f Tea
cher
s11
-219
-100
-101
3,00
0
11,5
00
14
,500
12,6
25
1,
875
20,0
00
-
20,0
00
9,
535
10
,465
Pu
rcha
sed
Prof
essio
nal -
Edu
catio
nal S
ervi
ces
11-2
19-1
00-3
2017
,500
(5,0
00)
12,5
00
12
,039
461
20
,000
-
20
,000
14,9
83
5,
017
S
uppl
ies a
nd M
ater
ials
11-2
19-1
00-6
1030
0
-
300
-
30
0
500
(500
)
-
-
-
T
otal
Spe
cial
Edu
catio
n - H
ome
Inst
ruct
ion
20,8
00
6,
500
27
,300
24,6
64
2,
636
40,5
00
(5
00)
40
,000
24,5
18
15
,482
Tota
l Spe
cial
Edu
catio
n2,
522,
099
(22,
029)
2,50
0,07
0
2,
383,
258
116,
812
2,
328,
518
(92,
404)
2,23
6,11
4
2,
076,
357
159,
757
B
asic
Ski
lls/R
emed
ial:
Sup
plie
s and
Mat
eria
ls11
-230
-100
-600
4,75
5
-
4,
755
2,
342
2,41
3
1,
650
-
1,65
0
401
1,24
9
Tex
tboo
ks11
-230
-100
-640
4,00
0
-
4,
000
3,
650
350
-
-
-
-
-
T
otal
Bas
ic S
kills
/Rem
edia
l8,
755
-
8,75
5
5,99
2
2,
763
1,65
0
-
1,
650
40
1
1,
249
S
choo
l Spo
nsor
ed C
ocur
ricul
ar A
ctiv
ities
:
S
alar
ies
11-4
01-1
00-1
0013
0,00
0
-
13
0,00
0
111,
996
18
,004
15
9,50
0
-
15
9,50
0
138,
279
21
,221
Oth
er P
urch
ased
Ser
vice
s11
-401
-100
-500
9,70
0
(559
)
9,14
1
6,94
0
2,
201
13,8
00
(4
,380
)
9,
420
5,
796
3,
624
G
ener
al S
uppl
ies
11-4
01-1
00-6
1031
,800
(111
)
31,6
89
24
,377
7,31
2
16
,450
4,37
5
20,8
25
15
,962
4,86
3
Oth
er O
bjec
ts11
-401
-216
-800
2,48
0
(330
)
2,15
0
1,90
0
25
0
200
5
205
189
16
T
otal
Sch
ool S
pons
ored
Coc
urric
ular
Act
iviti
es17
3,98
0
(1,0
00)
172,
980
14
5,21
3
27,7
67
189,
950
-
189,
950
16
0,22
6
29,7
24
S
choo
l Spo
nsor
ed A
thle
tics -
Inst
ruct
ion:
Sal
arie
s11
-402
-100
-100
543,
000
30
,640
573,
640
56
5,17
8
8,46
2
55
7,53
4
19,4
00
57
6,93
4
559,
363
17
,571
Oth
er P
urch
ased
Ser
vice
s11
-402
-100
-500
107,
515
20
0
10
7,71
5
98,3
08
9,
407
96,0
26
1,
958
97
,984
87,9
44
10
,040
Gen
eral
Sup
plie
s11
-402
-100
-610
78,3
50
1,
723
80
,073
77,8
25
2,
248
86,9
36
(7
,165
)
79
,771
68,2
89
11
,482
Oth
er O
bjec
ts11
-402
-216
-800
35,9
20
-
35,9
20
33
,884
2,03
6
32
,735
5,55
0
38,2
85
35
,235
3,05
0
T
otal
Sch
ool S
pons
ored
Ath
letic
s Ins
truct
ion
764,
785
32
,563
797,
348
77
5,19
5
22,1
53
773,
231
19
,743
792,
974
75
0,83
1
42,1
43
B
efor
e/A
fter S
choo
l Pro
gram
s:
S
alar
ies
11-4
21-1
00-1
0124
,112
(2,0
00)
22,1
12
20
,212
1,90
0
25
,420
-
25
,420
19,4
90
5,
930
T
otal
Bef
ore/
Afte
rsch
ool P
rogr
ams
24,1
12
(2
,000
)
22
,112
20,2
12
1,
900
25,4
20
-
25,4
20
19
,490
5,93
0
A
ltern
ativ
e Ed
ucat
ion
Prog
ram
s - In
stru
ctio
n:
S
alar
ies
11-4
23-1
00-1
0173
,479
(5,0
00)
68,4
79
67
,593
886
73
,500
(10,
800)
62,7
00
47
,091
15,6
09
O
ther
Sal
arie
s for
Inst
ruct
ion
11-4
23-1
00-1
0611
,547
1,35
0
12,8
97
12
,870
27
11
,600
-
11
,600
10,8
56
74
4
84
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
Oth
er P
urch
ased
Ser
vice
s11
-423
-100
-500
10,0
09
(1
,350
)
8,
659
6,
847
1,81
2
2,
500
10
,000
12,5
00
5,
061
7,
439
S
alar
ies -
Sup
port
Serv
ices
11-4
23-2
00-1
0036
,400
1,41
5
37,8
15
37
,813
2
39
,500
10,8
00
50
,300
50,2
96
4
S
uppl
ies a
nd M
ater
ials
11-4
23-1
00-6
1014
,141
(1,4
15)
12,7
26
12
,717
9
15
,000
(10,
000)
5,00
0
3,77
0
1,23
0
T
otal
Alte
rnat
ive
Educ
atio
n Pr
ogra
ms
145,
576
(5
,000
)
14
0,57
6
137,
840
2,
736
142,
100
-
142,
100
11
7,07
4
25,0
26
A
t-Risk
Pro
gram
:
S
alar
ies
11-4
24-1
00-1
7821
,480
(21,
000)
480
-
48
0
5,66
5
-
5,
665
-
5,66
5
Pur
chas
ed P
rofe
ssio
nal &
Tec
hnic
al S
ervi
ces
11-4
24-1
00-3
00-
-
-
-
-
3,
000
-
3,00
0
-
3,
000
S
uppl
ies a
nd M
ater
ials
11-4
24-1
00-6
101,
500
-
1,50
0
-
1,
500
-
-
-
-
-
T
otal
At-R
isk P
rogr
am22
,980
(21,
000)
1,98
0
-
1,
980
8,66
5
-
8,
665
-
8,66
5
Tota
l Ins
truct
ion
12,7
46,2
58
(1
98,4
52)
12
,547
,806
12,2
32,1
21
315,
685
12
,274
,236
584,
638
12
,858
,874
11,4
01,6
24
1,
457,
250
Und
istrib
uted
Exp
endi
ture
s:
In
stru
ctio
n :
T
uitio
n to
Oth
er L
EAs W
ithin
t
he S
tate
- R
egul
ar11
-000
-100
-561
15,0
00
10
,300
25,3
00
25
,273
27
15
,000
(2,9
86)
12,0
14
12
,014
-
Tui
tion
to O
ther
LEA
s With
in
the
Sta
te -
Spec
ial
11-0
00-1
00-5
6215
,000
44,7
00
59
,700
50,6
00
9,
100
15,0
00
(1
5,00
0)
-
-
-
T
uitio
n to
Cou
nty
Voc
atio
nal
Sch
ool D
istric
t - S
peci
al11
-000
-100
-564
154,
460
10
4,54
0
259,
000
22
3,02
4
35,9
76
188,
000
(2
5,13
3)
16
2,86
7
162,
656
21
1
Tui
tion
to C
ount
y V
ocat
iona
l
Scho
ol D
istric
t - R
egul
ar11
-000
-100
-563
159,
000
(6
0,71
5)
98
,285
93,4
20
4,
865
161,
400
(2
1,96
4)
13
9,43
6
139,
370
66
T
uitio
n to
CSS
D &
Reg
iona
l
D
ay S
choo
l11
-000
-100
-565
685,
460
(2
1,00
0)
66
4,46
0
645,
105
19
,355
73
9,60
0
15,0
50
75
4,65
0
754,
650
-
T
uitio
n to
Priv
ate
Scho
ol fo
r-
the
Han
dica
pped
- St
ate
11-0
00-1
00-5
6688
9,21
9
(219
,430
)
669,
789
62
2,42
1
47,3
68
572,
203
11
3,39
2
685,
595
68
4,18
1
1,41
4
T
uitio
n - S
tate
Fac
ilitie
s11
-000
-100
-568
-
25
,430
25,4
30
24
,660
770
32
,000
(32,
000)
-
-
-
Tui
tion
- Oth
er11
-000
-100
-569
9,00
0
-
9,
000
8,
750
250
-
-
-
-
-
T
otal
Und
istrib
uted
Exp
endi
ture
s - In
stru
ctio
n1,
927,
139
(116
,175
)
1,81
0,96
4
1,
693,
253
117,
711
1,
723,
203
31,3
59
1,
754,
562
1,75
2,87
1
1,
691
A
ttend
ance
& S
ocia
l Wor
k Se
rvic
es:
Sal
arie
s11
-000
-211
-100
79,0
00
(7
,116
)
71
,884
71,8
52
32
77,9
18
1,
600
79
,518
75,3
72
4,
146
O
ther
Pur
chas
ed S
ervi
ces
11-0
00-2
11-5
0010
0
-
100
100
-
10
0
-
100
-
10
0
S
uppl
ies a
nd M
ater
ials
11-0
00-2
11-6
001,
050
-
1,05
0
258
79
2
1,00
0
-
1,
000
-
1,00
0
T
otal
Atte
ndan
ce &
Soc
ial W
ork
Serv
ices
80,1
50
(7
,116
)
73
,034
72,2
10
82
4
79,0
18
1,
600
80
,618
75,3
72
5,
246
H
ealth
Ser
vice
s:
S
alar
ies
11-0
00-2
13-1
0022
4,47
5
6,82
1
231,
296
22
9,29
3
2,00
3
21
2,71
9
3,28
3
216,
002
20
9,13
3
6,86
9
Pur
chas
ed P
rofe
ssio
nal &
Tech
nica
l Ser
vice
s11
-000
-213
-300
22,4
68
28
0
22
,748
19,4
14
3,
334
25,7
25
(1
,255
)
24
,470
19,3
94
5,
076
O
ther
Pur
chas
ed S
ervi
ces
11-0
00-2
13-5
0060
0
(1
00)
50
0
28
4
216
60
0
-
600
150
450
Sup
plie
s and
Mat
eria
ls11
-000
-213
-600
10,0
68
32
4
10
,392
7,19
9
3,
193
4,19
5
-
4,
195
4,
129
66
Oth
er O
bjec
ts11
-000
-213
-800
818
-
81
8
45
2
366
81
2
-
812
522
290
T
otal
Hea
lth S
ervi
ces
258,
429
7,
325
26
5,75
4
256,
642
9,
112
244,
051
2,
028
24
6,07
9
233,
328
12
,751
O
ther
Sup
port
Serv
ices
- St
uden
ts -
Rel
ated
Ser
vice
s:
S
alar
ies
11-0
00-2
16-1
0048
,000
550
48,5
50
48
,541
9
-
-
-
-
-
Pur
chas
ed P
rofe
ssio
nal -
Educ
atio
nal S
ervi
ces
11-0
00-2
16-3
2060
,000
-
60
,000
54,2
79
5,
721
50,0
00
(5
0,00
0)
-
-
-
Pur
chas
ed S
ervi
ces
11-0
00-2
16-5
00-
-
-
-
-
58
,345
72,8
00
13
1,14
5
124,
336
6,
809
S
uppl
ies a
nd M
ater
ials
11-0
00-2
16-6
0050
0
-
500
500
-
50
0
-
500
375
125
T
otal
Oth
er S
uppo
rt Se
rvic
es-S
tude
nts-
Rel
ated
Ser
vice
s10
8,50
0
550
109,
050
10
3,32
0
5,73
0
10
8,84
5
22,8
00
13
1,64
5
124,
711
6,
934
85
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
O
ther
Sup
port
Serv
ices
- St
uden
ts -
Extra
Ser
vice
s:
S
alar
ies
11-0
00-2
17-1
0085
,400
122,
550
20
7,95
0
200,
351
7,
599
-
15
1,05
4
151,
054
14
6,11
9
4,93
5
Pur
chas
ed P
rofe
ssio
nal -
Educ
atio
nal S
ervi
ces
11-0
00-2
17-3
207,
000
-
7,00
0
6,11
0
89
0
67,4
00
(1
7,30
9)
50
,091
48,7
73
1,
318
S
uppl
ies a
nd M
ater
ials
11-0
00-2
17-6
0015
,894
(8,6
51)
7,24
3
6,94
7
29
6
5,88
9
(2,3
00)
3,58
9
3,28
9
300
T
otal
Oth
er S
uppo
rt Se
rvic
es -
Stud
ents
- Ex
tra S
ervi
ces
108,
294
11
3,89
9
222,
193
21
3,40
8
8,78
5
73
,289
131,
445
20
4,73
4
198,
181
6,
553
O
ther
Sup
port
Serv
ices
- St
uden
ts -
Reg
ular
:
S
alar
ies o
f Oth
er P
rofe
ssio
nal
Staf
f11
-000
-218
-104
622,
000
(3
3,55
6)
58
8,44
4
580,
321
8,
123
610,
613
(3
,000
)
60
7,61
3
550,
850
56
,763
Sal
arie
s of S
ecre
taria
l & C
leric
al
A
ssist
ants
11-0
00-2
18-1
0510
8,50
0
11,7
45
12
0,24
5
119,
787
45
8
105,
376
6,
500
11
1,87
6
108,
652
3,
224
P
urch
ased
Pro
fess
iona
l -
Edu
catio
nal S
ervi
ces
11-0
00-2
18-3
2041
,110
(15,
710)
25,4
00
18
,745
6,65
5
16
,700
(30)
16,6
70
15
,367
1,30
3
Oth
er P
urch
ased
Pro
fess
iona
l
&
Tec
hnic
al S
ervi
ces
11-0
00-2
18-3
9027
,700
10,3
08
38
,008
34,9
12
3,
096
23,9
00
9,
417
33
,317
20,1
26
13
,191
Oth
er P
urch
ased
Ser
vice
s11
-000
-218
-500
16,4
00
-
16,4
00
10
,861
5,53
9
17
,710
1,03
0
18,7
40
9,
719
9,
021
S
uppl
ies a
nd M
ater
ials
11-0
00-2
18-6
001,
850
(3
61)
1,
489
1,
258
231
3,
250
-
3,25
0
1,79
4
1,45
6
Oth
er O
bjec
ts11
-000
-218
-800
1,10
0
-
1,
100
97
0
130
20
0
-
200
150
50
T
otal
Oth
er S
uppo
rt Se
rvic
es -
Stud
ents
- R
egul
ar81
8,66
0
(27,
574)
791,
086
76
6,85
4
24,2
32
777,
749
13
,917
791,
666
70
6,65
8
85,0
08
O
ther
Sup
port
Serv
ices
- St
uden
ts -
Spec
ial S
ervi
ces:
Sal
arie
s of O
ther
Pro
fess
iona
l
St
aff
11-0
00-2
19-1
0439
8,37
1
2,54
5
400,
916
39
0,70
0
10,2
16
387,
592
(4
,200
)
38
3,39
2
339,
199
44
,193
Sal
arie
s of S
ecre
taria
l & C
leric
al
A
ssist
ants
11-0
00-2
19-1
0558
,500
7,32
6
65,8
26
65
,334
492
57
,480
(6,0
00)
51,4
80
49
,706
1,77
4
Pur
chas
ed P
rofe
ssio
nal -
Educ
atio
nal S
ervi
ces
11-0
00-2
19-3
2010
,000
2,52
1
12,5
21
11
,994
527
55
,600
(5,0
01)
50,5
99
37
,621
12,9
78
O
ther
Pur
chas
ed P
rofe
ssio
nal
& T
echn
ical
Ser
vice
s11
-000
-219
-390
21,5
00
16
,391
37,8
91
37
,890
1
-
-
-
-
-
Misc
ella
neou
s Pur
chas
ed
Ser
vice
s11
-000
-219
-592
5,85
0
-
5,
850
4,
658
1,19
2
8,
540
38
9
8,
929
8,
559
37
0
S
uppl
ies a
nd M
ater
ials
11-0
00-2
19-6
002,
500
32
1
2,
821
2,
806
15
6,
500
3,
086
9,
586
8,
428
1,
158
O
ther
Obj
ects
11-0
00-2
19-8
0095
0
-
950
820
13
0
850
-
85
0
80
0
50
T
otal
Oth
er S
uppo
rt Se
rvic
es-S
tude
nts-
Spec
ial S
ervi
ces
497,
671
29
,104
526,
775
51
4,20
2
12,5
73
516,
562
(1
1,72
6)
50
4,83
6
444,
313
60
,523
Im
prov
emen
t of I
nstru
ctio
n Se
rvic
es/O
ther
S
uppo
rt Se
rvic
es -
Inst
ruct
ion
Staf
f:
S
alar
ies o
f Sup
ervi
sor o
f Ins
truct
ion
11-0
00-2
21-1
0232
7,33
2
(12,
000)
315,
332
26
6,46
6
48,8
66
50,2
74
1,
600
51
,874
51,6
77
19
7
S
alar
ies o
f Sec
reta
rial &
Cle
rical
Ass
istan
ts11
-000
-221
-105
23,0
00
3,
446
26
,446
25,8
49
59
7
31,9
94
(4
93)
31
,501
31,0
54
44
7
O
ther
Sal
arie
s11
-000
-221
-110
105,
000
-
105,
000
71
,002
33,9
98
11,1
00
(1
0,78
7)
31
3
11
0
20
3
O
ther
Pur
chas
ed P
rofe
ssio
nal
& T
echn
ical
Ser
vice
s11
-000
-221
-390
43,2
50
(1
2,10
0)
31
,150
8,24
9
22
,901
11
,000
-
11
,000
9,37
6
1,62
4
Oth
er P
urch
ased
Ser
vice
s11
-000
-221
-500
7,20
0
(595
)
6,60
5
2,48
4
4,
121
4,45
0
34
4,
484
2,
877
1,
607
S
uppl
ies a
nd M
ater
ials
11-0
00-2
21-6
003,
000
9,
000
12
,000
11,5
72
42
8
3,00
0
9,64
6
12,6
46
11
,778
868
Oth
er O
bjec
ts11
-000
-221
-800
10,1
10
5,
995
16
,105
9,91
8
6,
187
250
800
1,05
0
1,01
9
31
T
otal
Impr
ovem
ent o
f Ins
truct
ion
Serv
ices
/Oth
er
S
uppo
rt Se
rvic
es In
stru
ctio
nal S
taff
518,
892
(6
,254
)
51
2,63
8
395,
540
11
7,09
8
112,
068
80
0
11
2,86
8
107,
891
4,
977
E
duca
tiona
l Med
ia S
ervi
ces/
Scho
ol L
ibra
ry:
Sal
arie
s11
-000
-222
-100
178,
107
14
,317
192,
424
19
1,43
7
987
16
0,02
7
4,80
0
164,
827
15
6,53
9
8,28
8
Pur
chas
ed P
rofe
ssio
nal
& T
echn
ical
Ser
vice
s11
-000
-222
-300
12,4
94
-
12,4
94
12
,003
491
8,
324
-
8,32
4
8,22
0
104
Oth
er P
urch
ased
Ser
vice
s11
-000
-222
-500
1,60
0
-
1,
600
1,
405
195
11
,119
3,00
0
14,1
19
12
,699
1,42
0
Sup
plie
s and
Mat
eria
ls11
-000
-222
-600
22,3
25
1,
485
23
,810
20,8
04
3,
006
11,9
00
-
11,9
00
11
,852
48
O
ther
Obj
ects
11-0
00-2
22-8
0010
0
-
100
50
50
100
-
10
0
10
0
-
86
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
Tota
l Edu
catio
nal M
edia
Ser
vice
s/Sc
hool
Lib
rary
214,
626
15
,802
230,
428
22
5,69
9
4,72
9
19
1,47
0
7,80
0
199,
270
18
9,41
0
9,86
0
S
uppo
rt Se
rvic
es In
stru
ctio
nal S
taff
Trai
ning
Ser
vice
:
S
alar
ies
11-0
00-2
23-1
0053
,332
2,00
0
55,3
32
54
,861
471
50
,274
1,60
0
51,8
74
51
,677
197
Sal
arie
s of S
ecre
taria
l
&
Cle
rical
Ass
istan
ts11
-000
-223
-105
23,0
00
32
0
23
,320
20,2
86
3,
034
13,7
09
-
13,7
09
13
,309
400
Pur
chas
ed P
rofe
ssio
nal -
Educ
atio
nal S
ervi
ces
11-0
00-2
23-3
2010
,100
-
10
,100
-
10
,100
2,
500
12
,332
14,8
32
14
,352
480
Oth
er P
urch
ased
Ser
vice
s11
-000
-223
-500
22,8
00
(1
,770
)
21
,030
7,55
4
13
,476
5,
500
1,
186
6,
686
2,
629
4,
057
S
uppl
ies a
nd M
ater
ials
11-0
00-2
23-6
0090
0
-
900
216
68
4
400
-
40
0
26
0
14
0
T
otal
Sup
port
Serv
ices
Inst
ruct
iona
l Sta
ff Tr
aini
ng11
0,13
2
550
110,
682
82
,917
27,7
65
72,3
83
15
,118
87,5
01
82
,227
5,27
4
S
uppo
rt Se
rvic
es G
ener
al A
dmin
istra
tion:
Sal
arie
s11
-000
-230
-100
182,
000
-
182,
000
18
0,48
0
1,52
0
21
5,65
5
(32,
247)
183,
408
18
2,69
3
715
Leg
al S
ervi
ces
11-0
00-2
30-3
3150
,000
(2,9
25)
47,0
75
45
,472
1,60
3
45
,000
57,8
65
10
2,86
5
101,
339
1,
526
A
udit
Serv
ices
11-0
00-2
30-3
3230
,000
(550
)
29,4
50
23
,000
6,45
0
25
,000
3,50
0
28,5
00
28
,500
-
A
rchi
tect
ural
/Eng
inee
ring
Serv
ices
11-0
00-2
30-3
341,
057
25
,062
26,1
19
-
26,1
19
-
9,
500
9,
500
2,
138
7,
362
P
urch
ased
Tec
hnic
al S
ervi
ces
11-0
00-2
30-3
4013
,240
2,11
2
15,3
52
15
,352
-
5,00
0
-
5,
000
2,
100
2,
900
C
omm
unic
atio
ns/T
elep
hone
11-0
00-2
30-5
3010
7,50
0
15,5
00
12
3,00
0
82,6
17
40
,383
12
2,60
0
(15,
160)
107,
440
97
,740
9,70
0
BO
E O
ther
Pur
chas
ed S
ervi
ces
11-0
00-2
30-5
854,
500
-
4,50
0
4,10
9
39
1
2,00
0
385
2,38
5
2,23
5
150
Oth
er P
urch
ased
Ser
vice
s11
-000
-230
-590
86,1
00
6,
388
92
,488
87,0
50
5,
438
93,9
00
11
5
94
,015
92,8
46
1,
169
S
uppl
ies a
nd M
ater
ials
11-0
00-2
30-6
005,
500
(5
00)
5,
000
4,
840
160
6,
000
-
6,00
0
5,58
6
414
Oth
er O
bjec
ts11
-000
-230
-800
4,00
0
-
4,
000
3,
984
16
4,
700
-
4,70
0
4,68
1
19
B
OE
Mem
bers
hip
Due
s & F
ees
11-0
00-2
30-8
9512
,500
-
12
,500
12,1
90
31
0
12,5
00
-
12,5
00
12
,190
310
T
otal
Sup
port
Serv
ices
Gen
eral
Adm
inist
ratio
n49
6,39
7
45,0
87
54
1,48
4
459,
094
82
,390
53
2,35
5
23,9
58
55
6,31
3
532,
048
24
,265
S
uppo
rt Se
rvic
es S
choo
l Adm
inist
ratio
n:
S
alar
ies o
f Prin
cipa
ls &
Ass
istan
t
Pr
inci
pals
11-0
00-2
40-1
0359
8,23
0
137,
500
73
5,73
0
727,
448
8,
282
652,
539
9,
000
66
1,53
9
661,
317
22
2
S
alar
ies o
f Oth
er P
rofe
ssio
nal S
taff
11-0
00-2
40-1
0443
0,67
6
(110
,000
)
320,
676
31
8,67
6
2,00
0
30
0,92
2
83,5
63
38
4,48
5
308,
691
75
,794
Sal
arie
s of S
ecre
taria
l &
C
leric
al A
ssist
ants
11-0
00-2
40-1
0520
8,80
0
53,5
60
26
2,36
0
255,
829
6,
531
198,
819
18
,672
217,
491
20
8,95
6
8,53
5
Oth
er S
alar
ies
11-0
00-2
40-1
1060
,300
-
60
,300
57,1
64
3,
136
-
-
-
-
-
P
urch
ased
Pro
fess
iona
l
&
Tec
hnic
al S
ervi
ces
11-0
00-2
40-3
0015
,700
687
16,3
87
16
,298
89
18
,200
(5,5
27)
12,6
73
11
,815
858
Oth
er P
urch
ased
Ser
vice
s11
-000
-240
-500
38,3
00
4,
000
42
,300
32,6
00
9,
700
46,0
29
(5
,500
)
40
,529
31,2
53
9,
276
S
uppl
ies a
nd M
ater
ials
11-0
00-2
40-6
0024
,040
1,70
0
25,7
40
24
,286
1,45
4
19
,197
4,50
8
23,7
05
20
,658
3,04
7
Oth
er O
bjec
ts11
-000
-240
-800
17,5
50
8,
337
25
,887
25,6
16
27
1
17,1
65
6,
694
23
,859
22,9
46
91
3
T
otal
Sup
port
Serv
ices
Sch
ool A
dmin
istra
tion
1,39
3,59
6
95
,784
1,48
9,38
0
1,
457,
917
31,4
63
1,25
2,87
1
11
1,41
0
1,36
4,28
1
1,
265,
636
98,6
45
C
entra
l Ser
vice
s:
S
alar
ies
11-0
00-2
51-1
0026
6,00
0
-
26
6,00
0
263,
787
2,
213
240,
972
8,
300
24
9,27
2
249,
180
92
Pur
chas
ed P
rofe
ssio
nal S
ervi
ces
11-0
00-2
51-3
303,
500
-
3,50
0
2,66
0
84
0
3,00
0
(350
)
2,65
0
2,65
0
-
P
urch
ased
Tec
hnic
al S
ervi
ces
11-0
00-2
51-3
4035
,900
(3,0
00)
32,9
00
19
,460
13,4
40
41,0
50
5,
915
46
,965
46,9
65
-
Oth
er P
urch
ased
Ser
vice
s11
-000
-251
-500
17,8
00
23
,081
40,8
81
17
,871
23,0
10
19,4
50
1,
690
21
,140
20,7
99
34
1
S
uppl
ies &
Mat
eria
ls11
-000
-251
-600
6,00
0
(4)
5,
996
5,
912
84
8,
750
(9
60)
7,
790
7,
702
88
Int
eres
t on
Leas
e Pu
rcha
se
A
gree
men
ts11
-000
-251
-832
28,5
30
-
28,5
30
28
,530
-
44,0
40
(6
,000
)
38
,040
38,0
40
-
Int
eres
t on
Bon
d A
ntic
ipat
ion
Agr
eem
ents
11-0
00-2
51-8
36-
-
-
-
-
3,
366
10
0
3,
466
3,
466
-
Misc
ella
neou
s Exp
endi
ture
s11
-000
-251
-890
1,10
0
90
1,
190
1,
190
-
1,10
0
-
1,
100
1,
065
35
T
otal
Cen
tral S
ervi
ces
358,
830
20
,167
378,
997
33
9,41
0
39,5
87
361,
728
8,
695
37
0,42
3
369,
867
55
6
A
dmin
istra
tive
Info
rmat
ion
Tech
nolo
gy:
Sal
arie
s11
-000
-252
-100
303,
964
4,
320
30
8,28
4
268,
465
39
,819
30
7,81
1
2,41
9
310,
230
23
4,61
9
75,6
11
P
urch
ased
Tec
hnic
al S
ervi
ces
11-0
00-2
52-3
4068
,900
(1,9
00)
67,0
00
66
,980
20
66
,400
-
66
,400
66,0
53
34
7
87
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
Oth
er P
urch
ased
Ser
vice
s11
-000
-252
-500
1,00
0
3,74
4
4,74
4
4,37
6
36
8
2,90
0
-
2,
900
1,
175
1,
725
S
uppl
ies a
nd M
ater
ials
11-0
00-2
52-6
0012
,000
36,6
37
48
,637
48,4
38
19
9
20,0
00
61
,667
81,6
67
78
,898
2,76
9
Oth
er O
bjec
ts11
-000
-252
-800
-
-
-
-
-
-
83
83
-
83
T
otal
Adm
inist
rativ
e In
form
atio
n Te
chno
logy
385,
864
42
,801
428,
665
38
8,25
9
40,4
06
397,
111
64
,169
461,
280
38
0,74
5
80,5
35
A
llow
ance
Mai
nten
ance
for S
choo
l Fac
ilitie
s:
S
alar
ies
11-0
00-2
61-1
0023
4,00
0
11,7
68
24
5,76
8
243,
024
2,
744
146,
904
-
146,
904
14
3,03
5
3,86
9
Mai
nten
ance
Ser
vice
s11
-000
-261
-420
137,
923
59
,913
197,
836
16
1,59
1
36,2
45
84,2
23
58
,850
143,
073
12
9,33
5
13,7
38
G
ener
al S
uppl
ies
11-0
00-2
61-6
1080
,000
(21,
500)
58,5
00
56
,722
1,77
8
85
,921
(24,
150)
61,7
71
55
,829
5,94
2
T
otal
Allo
wan
ce M
aint
enan
ce fo
r Sch
ool F
acili
ties
451,
923
50
,181
502,
104
46
1,33
7
40,7
67
317,
048
34
,700
351,
748
32
8,19
9
23,5
49
O
ther
Ope
ratio
n &
Mai
nten
ance
of P
lant
Ser
vice
s:
S
alar
ies
11-0
00-2
62-1
0097
9,76
0
8,15
0
987,
910
98
0,73
6
7,17
4
79
5,91
2
6,75
0
802,
662
75
4,22
2
48,4
40
P
urch
ased
Pro
fess
iona
l &
T
echn
ical
Ser
vice
s11
-000
-262
-300
49,8
74
7,
000
56
,874
46,6
33
10
,241
13
2,13
0
(30,
530)
101,
600
10
1,57
3
27
C
lean
ing,
Rep
air &
Mai
nten
ance
Serv
ices
11-0
00-2
62-4
203,
000
-
3,00
0
686
2,
314
2,00
0
250
2,25
0
-
2,
250
O
ther
Pur
chas
ed P
rope
rty S
ervi
ces
11-0
00-2
62-4
9026
,800
(1,4
21)
25,3
79
21
,109
4,27
0
26
,960
500
27,4
60
20
,479
6,98
1
Ins
uran
ce11
-000
-262
-520
108,
500
50
0
10
9,00
0
108,
787
21
3
97,0
00
16
,931
113,
931
11
3,93
1
-
M
iscel
lane
ous P
urch
ased
Serv
ices
11-0
00-2
62-5
902,
226
-
2,22
6
1,69
0
53
6
3,18
0
-
3,
180
2,
323
85
7
G
ener
al S
uppl
ies
11-0
00-2
62-6
1010
4,93
4
(6,1
11)
98,8
23
97
,645
1,17
8
64
,500
15,9
55
80
,455
74,3
27
6,
128
E
nerg
y (N
atur
al G
as)
11-0
00-2
62-6
2182
,000
126,
100
20
8,10
0
160,
855
47
,245
13
5,00
0
14,2
49
14
9,24
9
111,
148
38
,101
Ene
rgy
(Ele
ctric
ity)
11-0
00-2
62-6
2252
1,20
0
64,2
94
58
5,49
4
585,
328
16
6
518,
000
14
,000
532,
000
51
4,20
3
17,7
97
E
nerg
y (G
asol
ine)
11-0
00-2
62-6
2610
9,80
0
17,5
00
12
7,30
0
125,
806
1,
494
114,
000
(6
,750
)
10
7,25
0
96,5
67
10
,683
Oth
er O
bjec
ts11
-000
-262
-800
750
-
75
0
30
0
450
75
0
-
750
300
450
T
otal
Oth
er O
pera
tion&
Mai
nten
ance
of P
lant
Ser
vice
s1,
988,
844
216,
012
2,
204,
856
2,12
9,57
5
75
,281
1,
889,
432
31,3
55
1,
920,
787
1,78
9,07
3
13
1,71
4
C
are
& U
pkee
p of
Gro
unds
Sal
arie
s11
-000
-263
-100
113,
000
14
,224
127,
224
12
4,34
3
2,88
1
14
5,30
2
2,00
0
147,
302
13
9,04
6
8,25
6
Pur
chas
ed P
rofe
ssio
nal &
Tec
hnic
al S
ervi
ces
11-0
00-2
63-3
0017
,340
1,00
0
18,3
40
15
,060
3,28
0
6,
700
-
6,70
0
3,36
5
3,33
5
Cle
anin
g, R
epai
r & M
aint
enan
ce
Se
rvic
es11
-000
-263
-420
18,0
00
(8
,800
)
9,
200
7,
277
1,92
3
18
,000
18,9
35
36
,935
30,1
17
6,
818
G
ener
al S
uppl
ies
11-0
00-2
63-6
1060
,750
(5,0
00)
55,7
50
47
,929
7,82
1
64
,300
(4,1
00)
60,2
00
47
,631
12,5
69
T
otal
Car
e &
Upk
eep
of G
roun
ds20
9,09
0
1,42
4
210,
514
19
4,60
9
15,9
05
234,
302
16
,835
251,
137
22
0,15
9
30,9
78
S
ecur
ity
P
urch
ased
Pro
fess
iona
l &
T
echn
ical
Ser
vice
s11
-000
-266
-300
72,0
00
83
0
72
,830
70,0
00
2,
830
70,0
00
-
70,0
00
63
,143
6,85
7
Sup
plie
s and
Mat
eria
ls11
-000
-266
-610
45,0
00
(7
,387
)
37
,613
37,6
12
1
-
-
-
-
-
T
otal
Sec
urity
117,
000
(6
,557
)
11
0,44
3
107,
612
2,
831
70,0
00
-
70,0
00
63
,143
6,85
7
S
tude
nt T
rans
porta
tion
Serv
ices
:
S
alar
ies o
f Non
-Inst
ruct
iona
l Aid
es11
-000
-270
-107
24,5
00
(2
0,10
0)
4,
400
-
4,40
0
29
,985
(100
)
29,8
85
43
1
29
,454
Sal
arie
s for
Pup
il Tr
ansp
orta
tion
(Bet
wee
n H
ome
& S
choo
l)-R
eg11
-000
-270
-160
535,
700
8,
300
54
4,00
0
541,
400
2,
600
461,
132
1,
200
46
2,33
2
415,
688
46
,644
Sal
arie
s for
Pup
il Tr
ansp
orta
tion
(Bet
wee
n H
ome
& S
choo
l)-Sp
.11
-000
-270
-161
23,5
00
26
,560
50,0
60
44
,490
5,57
0
30
,500
3,80
0
34,3
00
27
,948
6,35
2
Sal
arie
s for
Pup
il Tr
ansp
orta
tion
(Oth
er
Th
an B
etw
een
Hom
e &
Sch
ool)
11-0
00-2
70-1
6252
,000
17,0
00
69
,000
51,1
26
17
,874
52
,000
10,0
00
62
,000
37,6
32
24
,368
Oth
er P
urch
ased
Pro
fess
iona
l &
Tech
nica
l Ser
vice
s11
-000
-270
-390
1,50
0
-
1,
500
1,
283
217
2,
600
-
2,60
0
1,25
2
1,34
8
C
lean
ing,
Rep
air&
Mai
nten
ance
11-0
00-2
70-4
203,
000
-
3,00
0
2,31
7
68
3
12,0
00
-
12,0
00
1,
103
10
,897
Aid
in L
ieu
of P
aym
ents
11-0
00-2
70-5
0313
9,67
2
-
13
9,67
2
124,
878
14
,794
14
0,00
0
(4,9
26)
135,
074
11
9,82
6
15,2
48
C
ontra
cted
Ser
vice
s (O
ther
Tha
n
88
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
Bet
wee
n Sc
hool
) - V
endo
rs11
-000
-270
-511
383,
126
15
0,00
0
533,
126
53
1,33
9
1,78
7
51
2,00
0
-
51
2,00
0
393,
846
11
8,15
4
Con
tract
ed S
ervi
ces (
Oth
er T
han
Bet
wee
n
Sc
hool
) - V
endo
rs11
-000
-270
-512
159,
500
5,
000
16
4,50
0
138,
327
26
,173
15
3,70
5
2,82
0
156,
525
15
2,80
0
3,72
5
Con
tract
ed S
ervi
ces (
Spec
ial E
duca
tion)
-
V
endo
rs11
-000
-270
-514
-
8,
100
8,
100
6,
705
1,39
5
52
,000
-
52
,000
-
52
,000
Con
tract
ed S
ervi
ces (
Spec
ial E
duca
tion)
-
- J
oint
Agr
eem
ents
11-0
00-2
70-5
1543
,110
(43,
000)
110
-
11
0
60,0
00
-
60,0
00
41
,653
18,3
47
C
ontra
cted
Ser
vice
s (R
egul
ar E
duca
tion
Stud
ents
) - E
SC11
-000
-270
-517
86,2
10
11
3,00
0
199,
210
19
8,29
0
920
73
,000
17,1
06
90
,106
90,1
06
-
Con
tract
ed S
ervi
ces (
Spec
ial
Educ
atio
n St
uden
ts) -
ESC
11-0
00-2
70-5
1871
9,83
7
(190
,100
)
529,
737
52
8,47
9
1,25
8
44
4,00
0
225,
000
66
9,00
0
659,
694
9,
306
M
iscel
lane
ous P
urch
ased
Serv
ices
- Tr
ansp
orta
tion
11-0
00-2
70-5
9320
,923
16,2
97
37
,220
36,6
84
53
6
66,4
00
(6
,082
)
60
,318
55,1
03
5,
215
S
uppl
ies a
nd M
ater
ials
11-0
00-2
70-6
102,
250
11
,157
13,4
07
12
,910
497
2,
000
10
0
2,
100
1,
917
18
3
T
rans
porta
tion
Supp
lies
11-0
00-2
70-6
1562
,500
6,07
2
68,5
72
50
,530
18,0
42
65,0
00
-
65,0
00
58
,662
6,33
8
Oth
er O
bjec
ts11
-000
-270
-800
367
-
36
7
26
7
100
75
0
-
750
439
311
T
otal
Stu
dent
Tra
nspo
rtatio
n Se
rvic
es2,
257,
695
108,
286
2,
365,
981
2,26
9,02
5
96
,956
2,
157,
072
248,
918
2,
405,
990
2,05
8,10
0
34
7,89
0
A
lloca
ted
Ben
efits
:
R
egul
ar P
rogr
ams -
Inst
ruct
iona
l:
Soci
al S
ecur
ity C
ontri
butio
ns11
-1xx
-100
-220
17,4
19
25
,580
42,9
99
40
,959
2,04
0
15
,700
31,0
00
46
,700
38,2
49
8,
451
Oth
er R
etire
men
t Con
tribu
tions
-
P
ERS
11-1
xx-1
00-2
414,
945
-
4,94
5
4,43
5
51
0
-
-
-
-
-
Wor
kmen
's C
ompe
nsat
ion
11-1
xx-1
00-2
6064
,525
-
64
,525
64,5
25
-
73
,140
21,6
68
94
,808
94,1
60
64
8
Hea
lth B
enef
its11
-1xx
-100
-270
1,89
8,43
4
(9
9,10
0)
1,
799,
334
1,76
5,93
8
33
,396
2,
412,
500
(361
,668
)
2,05
0,83
2
1,
828,
167
222,
665
Tuiti
on R
eim
burs
emen
t11
-1xx
-100
-280
50,0
00
(1
,408
)
48
,592
11,4
50
37
,142
33
,334
-
33
,334
15,1
66
18
,168
O
ther
Em
ploy
ee B
enef
its11
-1xx
-100
-290
140,
000
17
,550
157,
550
15
0,36
3
7,18
7
-
-
-
-
-
Tot
al R
egul
ar P
rogr
ams -
Inst
ruct
iona
l2,
175,
323
(57,
378)
2,11
7,94
5
2,
037,
670
80,2
75
2,53
4,67
4
(3
09,0
00)
2,
225,
674
1,97
5,74
2
24
9,93
2
Spe
cial
Pro
gram
s - In
stru
ctio
nal:
So
cial
Sec
urity
Con
tribu
tions
11-2
xx-1
00-2
2048
,409
(800
)
47,6
09
44
,409
3,20
0
45
,650
(2,8
17)
42,8
33
37
,524
5,30
9
O
ther
Ret
irem
ent C
ontri
butio
ns -
PER
S11
-2xx
-100
-241
65,6
66
-
65,6
66
51
,775
13,8
91
-
-
-
-
-
Wor
kmen
's C
ompe
nsat
ion
11-2
xx-1
00-2
6018
,600
-
18
,600
18,6
00
-
30
,636
624
31,2
60
29
,254
2,00
6
H
ealth
Ben
efits
11-2
xx-1
00-2
7049
9,54
3
(32,
715)
466,
828
44
3,80
6
23,0
22
468,
500
(5
0,01
0)
41
8,49
0
406,
179
12
,311
Tu
ition
Rei
mbu
rsem
ent
11-2
xx-1
00-2
80-
2,51
0
2,51
0
2,51
0
-
16
,667
(3,4
35)
13,2
32
1,
212
12
,020
O
ther
Em
ploy
ee B
enef
its11
-2xx
-100
-290
10,0
00
21
5
10
,215
10,2
15
-
-
-
-
-
-
Tot
al S
peci
al P
rogr
ams
642,
218
(3
0,79
0)
61
1,42
8
571,
315
40
,113
56
1,45
3
(55,
638)
505,
815
47
4,16
9
31,6
46
Oth
er In
stru
ctio
nal P
rogr
ams -
Inst
ruct
ion:
So
cial
Sec
urity
Con
tribu
tions
11-4
xx-1
00-2
2055
,617
2,57
5
58,1
92
54
,444
3,74
8
56
,600
3,00
0
59,6
00
55
,022
4,57
8
O
ther
Ret
irem
ent C
ontri
butio
ns -
PER
S11
-4xx
-100
-241
3,91
0
-
3,
910
3,
507
403
Wor
kmen
's C
ompe
nsat
ion
11-4
xx-1
00-2
6099
5
-
995
995
-
1,
104
1,
016
2,
120
2,
120
-
H
ealth
Ben
efits
11-4
xx-1
00-2
7017
,279
825
18,1
04
17
,456
648
41
,000
(25,
766)
15,2
34
15
,171
63
Oth
er E
mpl
oyee
Ben
efits
11-4
xx-1
00-2
905,
000
20
0
5,
200
5,
200
-
-
-
-
-
-
Tot
al O
ther
Inst
ruct
iona
l Pro
gram
s82
,801
3,60
0
86,4
01
81
,602
4,79
9
98
,704
(21,
750)
76,9
54
72
,313
4,64
1
Atte
ndan
ce &
Soc
ial W
ork
Serv
ices
:
Soci
al S
ecur
ity C
ontri
butio
ns11
-000
-211
-220
6,04
4
200
6,24
4
5,42
5
81
9
6,00
0
-
6,
000
5,
683
31
7
Oth
er R
etire
men
t Con
tribu
tions
-
P
ERS
11-0
00-2
11-2
419,
085
(3
00)
8,
785
7,
251
1,53
4
-
-
-
-
-
W
orkm
en's
Com
pens
atio
n11
-000
-211
-260
619
-
61
9
61
9
-
1,10
4
-
1,
104
1,
067
37
H
ealth
Ben
efits
11-0
00-2
11-2
7041
,015
4,50
0
45,5
15
44
,817
698
33
,850
4,35
0
38,2
00
37
,770
430
Tot
al A
ttend
ance
& S
ocia
l Wor
k Se
rvic
es56
,763
4,40
0
61,1
63
58
,112
3,05
1
40
,954
4,35
0
45,3
04
44
,520
784
89
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
Hea
lth S
ervi
ces:
So
cial
Sec
urity
Con
tribu
tions
11-0
00-2
13-2
203,
632
70
5
4,
337
4,
335
2
3,
300
1,
000
4,
300
3,
990
31
0
Oth
er R
etire
men
t Con
tribu
tions
- PE
RS
11-0
00-2
13-2
414,
025
-
4,02
5
3,61
0
41
5
-
-
-
-
-
Wor
kmen
's C
ompe
nsat
ion
11-0
00-2
13-2
601,
616
-
1,61
6
1,61
6
-
2,
208
57
3
2,
781
2,
781
-
H
ealth
Ben
efits
11-0
00-2
13-2
7042
,368
1,64
5
44,0
13
43
,555
458
56
,735
(7,9
51)
48,7
84
48
,781
3
O
ther
Em
ploy
ee B
enef
its11
-000
-213
-290
10,0
00
-
10,0
00
9,
399
601
-
-
-
-
-
Tot
al H
ealth
Ser
vice
s61
,641
2,35
0
63,9
91
62
,515
1,47
6
62
,243
(6,3
78)
55,8
65
55
,552
313
S
peec
h/O
ccup
atio
nal/P
hysic
al T
hera
py:
W
orkm
en's
Com
pens
atio
n11
-000
-216
-260
365
-
36
5
-
365
55
2
-
552
-
55
2
Hea
lth B
enef
its11
-000
-216
-270
21,2
03
(5
50)
20
,653
17,8
36
2,
817
22,8
00
(2
2,80
0)
-
-
-
Tot
al S
peec
h/O
ccup
atio
nal/P
hysic
al T
hera
py21
,568
(550
)
21,0
18
17
,836
3,18
2
23
,352
(22,
800)
552
-
55
2
E
xtra
ordi
nary
Ser
vice
s:
Soci
al S
ecur
ity C
ontri
butio
ns11
-000
-217
-220
6,42
6
16,3
07
22
,733
14,9
91
7,
742
-
11
,511
11,5
11
11
,178
333
O
ther
Ret
irem
ent C
ontri
butio
ns -
PER
S11
-000
-217
-241
9,66
0
(7,5
00)
2,16
0
-
2,
160
-
-
-
-
-
Wor
kmen
's C
ompe
nsat
ion
11-0
00-2
17-2
6066
4
10
,000
10,6
64
6,
623
4,04
1
-
-
-
-
-
Tot
al E
xtra
ordi
nary
Ser
vice
s16
,750
18,8
07
35
,557
21,6
14
13
,943
-
11,5
11
11
,511
11,1
78
33
3
Oth
er S
uppo
rt Se
rvic
es -
Stud
ents
- R
egul
ar:
So
cial
Sec
urity
Con
tribu
tions
11-0
00-2
18-2
2010
,519
1,74
7
12,2
66
12
,262
4
9,
600
2,
000
11
,600
11,3
12
28
8
Oth
er R
etire
men
t Con
tribu
tions
-
P
ERS
11-0
00-2
18-2
4112
,478
(960
)
11,5
18
11
,135
383
-
-
-
-
-
W
orkm
en's
Com
pens
atio
n11
-000
-218
-260
5,42
8
-
5,
428
5,
428
-
7,45
2
903
8,35
5
8,35
5
-
Hea
lth B
enef
its11
-000
-218
-270
155,
764
-
155,
764
12
5,47
8
30,2
86
191,
500
(2
0,00
3)
17
1,49
7
132,
379
39
,118
O
ther
Em
ploy
ee B
enef
its11
-000
-218
-290
15,0
00
-
15,0
00
14
,146
854
1,
100
-
1,10
0
-
1,
100
Tot
al O
ther
Sup
port
Serv
ices
- St
uden
ts -
Reg
ular
199,
189
78
7
19
9,97
6
168,
449
31
,527
20
9,65
2
(17,
100)
192,
552
15
2,04
6
40,5
06
Oth
er S
uppo
rt Se
rvic
es -
Stud
ents
- Sp
ecia
l:
Soci
al S
ecur
ity C
ontri
butio
ns11
-000
-219
-220
6,18
7
700
6,88
7
6,81
8
69
5,20
0
10,0
00
15
,200
6,96
4
8,23
6
O
ther
Ret
irem
ent C
ontri
butio
ns -
PER
S11
-000
-219
-241
6,72
8
-
6,
728
5,
978
750
-
-
-
-
-
W
orkm
en's
Com
pens
atio
n11
-000
-219
-260
3,48
0
-
3,
480
3,
480
-
3,58
8
360
3,94
8
3,94
8
-
Hea
lth B
enef
its11
-000
-219
-270
125,
879
10
,600
136,
479
12
8,88
9
7,59
0
13
6,20
0
(18,
360)
117,
840
94
,924
22,9
16
Oth
er E
mpl
oyee
Ben
efits
11-0
00-2
19-2
90-
400
400
400
-
1,
100
-
1,10
0
-
1,
100
Tot
al O
ther
Sup
port
Serv
ices
- St
uden
ts -
Spec
ial
142,
274
11
,700
153,
974
14
5,56
5
8,40
9
14
6,08
8
(8,0
00)
138,
088
10
5,83
6
32,2
52
Im
prov
emen
t of I
nstru
ctio
n Se
rvic
es:
So
cial
Sec
urity
Con
tribu
tions
11-0
00-2
21-2
209,
793
10
0
9,
893
8,
166
1,72
7
4,
200
-
4,20
0
2,70
2
1,49
8
O
ther
Ret
irem
ent C
ontri
butio
ns -
PER
S11
-000
-221
-241
2,64
5
-
2,
645
2,
372
273
-
-
-
-
-
W
orkm
en's
Com
pens
atio
n11
-000
-221
-260
2,71
4
-
2,
714
2,
714
-
663
463
1,12
6
1,12
6
-
Hea
lth B
enef
its11
-000
-221
-270
77,9
63
-
77,9
63
65
,178
12,7
85
39,7
58
(8
94)
38
,864
23,3
19
15
,545
O
ther
Em
ploy
ee B
enef
its11
-000
-221
-290
5,00
0
-
5,
000
4,
875
125
1,
100
-
1,10
0
-
1,
100
Tot
al Im
prov
emen
t of I
nstru
ctio
n Se
rvic
es98
,115
100
98,2
15
83
,305
14,9
10
45,7
21
(4
31)
45
,290
27,1
47
18
,143
Edu
catio
nal M
edia
Ser
vice
s:
Soc
ial S
ecur
ity C
ontri
butio
ns11
-000
-222
-220
2,83
9
-
2,
839
24
2
2,59
7
2,
900
-
2,90
0
2,46
7
433
O
ther
Ret
irem
ent C
ontri
butio
ns -
PE
RS
11-0
00-2
22-2
414,
025
-
4,02
5
3,61
0
41
5
-
-
-
-
-
Wor
kmen
's C
ompe
nsat
ion
11-0
00-2
22-2
601,
309
-
1,30
9
1,30
9
-
1,
656
-
1,65
6
1,51
0
146
H
ealth
Ben
efits
11-0
00-2
22-2
7050
,404
11,0
00
61
,404
47,8
63
13
,541
67
,604
(6,0
00)
61,6
04
45
,409
16,1
95
Tot
al E
duca
tiona
l Med
ia S
ervi
ces
58,5
77
11
,000
69,5
77
53
,024
16,5
53
72,1
60
(6
,000
)
66
,160
49,3
86
16
,774
Ins
truct
iona
l Sta
ff Tr
aini
ng S
ervi
ces:
So
cial
Sec
urity
Con
tribu
tions
11-0
00-2
23-2
201,
760
78
1,83
8
1,55
2
28
6
1,10
0
-
1,
100
1,
018
82
O
ther
Ret
irem
ent C
ontri
butio
ns -
PE
RS
11-0
00-2
23-2
412,
645
-
2,64
5
2,37
2
27
3
-
-
-
-
-
90
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
W
orkm
en's
Com
pens
atio
n11
-000
-223
-260
593
-
59
3
59
3
-
445
431
876
876
-
Tot
al In
stru
ctio
nal S
taff
Trai
ning
Ser
vice
s4,
998
78
5,07
6
4,51
7
55
9
1,54
5
431
1,97
6
1,89
4
82
Sup
port
Serv
ices
- G
ener
al A
dmin
istra
tion:
So
cial
Sec
urity
Con
tribu
tions
11-0
00-2
30-2
204,
284
18
5
4,
469
4,
467
2
4,
500
47
4,54
7
4,44
7
100
O
ther
Ret
irem
ent C
ontri
butio
ns -
PER
S11
-000
-230
-241
6,44
0
(85)
6,35
5
5,77
6
57
9
-
-
-
-
-
Wor
kmen
's C
ompe
nsat
ion
11-0
00-2
30-2
601,
723
-
1,72
3
1,72
3
-
1,
104
1,
849
2,
953
2,
953
-
H
ealth
Ben
efits
11-0
00-2
30-2
707,
568
1,
500
9,
068
8,
002
1,06
6
29
,614
(16,
060)
13,5
54
12
,373
1,18
1
O
ther
Em
ploy
ee B
enef
its11
-000
-230
-290
6,80
0
-
6,
800
6,
749
51
1,
800
-
1,80
0
1,80
0
-
Tot
al S
uppo
rt Se
rvic
es -
Gen
eral
Adm
inist
ratio
n26
,815
1,60
0
28,4
15
26
,717
1,69
8
37
,018
(14,
164)
22,8
54
21
,573
1,28
1
Sup
port
Serv
ices
- Sc
hool
Adm
inist
ratio
n:
Soci
al S
ecur
ity C
ontri
butio
ns11
-000
-240
-220
20,5
86
8,
100
28
,686
25,8
34
2,
852
15,5
00
4,
000
19
,500
17,2
45
2,
255
Oth
er R
etire
men
t Con
tribu
tions
-
P
ERS
11-0
00-2
40-2
4123
,460
(6,9
00)
16,5
60
16
,556
4
-
-
-
-
-
W
orkm
en's
Com
pens
atio
n11
-000
-240
-260
9,54
4
-
9,
544
9,
544
-
7,72
8
8,04
6
15,7
74
15
,774
-
Hea
lth B
enef
its11
-000
-240
-270
260,
492
(1
7,95
0)
24
2,54
2
226,
791
15
,751
21
3,00
0
31,2
90
24
4,29
0
244,
287
3
Oth
er E
mpl
oyee
Ben
efits
11-0
00-2
40-2
9010
,000
17,9
50
27
,950
27,7
99
15
1
8,80
0
(8,8
00)
-
-
-
Tot
al S
uppo
rt Se
rvic
es -
Scho
ol A
dmin
istra
tion
324,
082
1,
200
32
5,28
2
306,
524
18
,758
24
5,02
8
34,5
36
27
9,56
4
277,
306
2,
258
Sup
port
Serv
ices
- C
entra
l Ser
vice
s:
Soci
al S
ecur
ity C
ontri
butio
ns11
-000
-251
-220
10,3
28
-
10,3
28
9,
956
372
9,
000
18
1
9,
181
9,
181
-
O
ther
Ret
irem
ent C
ontri
butio
ns -
PER
S11
-000
-251
-241
15,5
26
-
15,5
26
9,
440
6,08
6
-
-
-
-
-
W
orkm
en's
Com
pens
atio
n11
-000
-251
-260
2,04
6
-
2,
046
2,
046
-
2,20
8
1,09
1
3,29
9
3,29
9
-
Hea
lth B
enef
its11
-000
-251
-270
74,4
47
6,
500
80
,947
76,6
85
4,
262
91,0
00
(1
8,02
2)
72
,978
70,1
47
2,
831
Tot
al S
uppo
rt Se
rvic
es -
Cen
tral S
ervi
ces
102,
347
6,
500
10
8,84
7
98,1
27
10
,720
10
2,20
8
(16,
750)
85,4
58
82
,627
2,83
1
Sup
port
Serv
ices
- A
dmin
istra
tive
Info
rmat
ion
Tec
hnol
ogy:
So
cial
Sec
urity
Con
tribu
tions
11-0
00-2
52-2
2022
,985
2,70
0
25,6
85
25
,342
343
22
,782
977
23,7
59
23
,558
201
O
ther
Ret
irem
ent C
ontri
butio
ns -
PER
S11
-000
-252
-241
34,1
61
(5
,000
)
29
,161
22,9
79
6,
182
-
-
-
-
-
Wor
kmen
's C
ompe
nsat
ion
11-0
00-2
52-2
602,
555
-
2,55
5
2,55
5
-
3,
865
-
3,86
5
3,86
1
4
H
ealth
Ben
efits
11-0
00-2
52-2
7065
,069
29,9
77
95
,046
87,9
87
7,
059
92,5
00
(2
7,39
6)
65
,104
64,6
96
40
8
Tuiti
on R
eim
burs
emen
t11
-000
-252
-290
5,00
0
5,00
0
10,0
00
-
10,0
00
-
-
-
-
-
Tot
al S
uppo
rt Se
rvic
es -
Adm
inist
rativ
e In
form
atio
n
Te
chno
logy
129,
770
32
,677
162,
447
13
8,86
3
23,5
84
119,
147
(2
6,41
9)
92
,728
92,1
15
61
3
Ope
ratio
n &
Mai
nten
ance
of P
lant
Ser
vice
s:
Soci
al S
ecur
ity C
ontri
butio
ns11
-000
-260
-220
101,
498
4,
500
10
5,99
8
105,
998
-
84
,000
-
84
,000
78,4
73
5,
527
Oth
er R
etire
men
t Con
tribu
tions
-
P
ERS
11-0
00-2
60-2
4114
2,94
6
(26,
500)
116,
446
11
6,40
8
38
-
-
-
-
-
W
orkm
en's
Com
pens
atio
n11
-000
-260
-260
57,0
59
-
57,0
59
57
,059
-
16,2
51
-
16,2
51
13
,974
2,27
7
H
ealth
Ben
efits
11-0
00-2
60-2
7055
0,77
7
(38,
402)
512,
375
50
7,95
2
4,42
3
48
1,00
0
(74,
705)
406,
295
39
8,96
0
7,33
5
O
ther
Em
ploy
ee B
enef
its11
-000
-260
-290
27,4
55
4,
300
31
,755
31,6
23
13
2
18,4
25
-
18,4
25
5,
813
12
,612
Tot
al O
pera
tion
& M
aint
enan
ce o
f Pla
nt S
ervi
ces
879,
735
(5
6,10
2)
82
3,63
3
819,
040
4,
593
599,
676
(7
4,70
5)
52
4,97
1
497,
220
27
,751
Stu
dent
Tra
nspo
rtatio
n Se
rvic
es:
So
cial
Sec
urity
Con
tribu
tions
11-0
00-2
70-2
2049
,549
700
50,2
49
48
,283
1,96
6
44
,000
-
44
,000
36,8
46
7,
154
Oth
er R
etire
men
t Con
tribu
tions
-
P
ERS
11-0
00-2
70-2
4165
,780
(17,
400)
48,3
80
46
,974
1,40
6
-
3,50
0
3,50
0
2,30
4
1,19
6
W
orkm
en's
Com
pens
atio
n11
-000
-270
-260
21,8
69
-
21,8
69
21
,869
-
20,4
25
(1
5,00
0)
5,
425
5,
168
25
7
Hea
lth B
enef
its11
-000
-270
-270
70,6
68
6,
740
77
,408
73,9
67
3,
441
116,
800
(3
,500
)
11
3,30
0
52,2
96
61
,004
91
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
O
ther
Em
ploy
ee B
enef
its11
-000
-270
-290
6,00
0
2,26
0
8,26
0
5,66
3
2,
597
-
-
-
-
-
Tot
al S
tude
nt T
rans
porta
tion
Serv
ices
213,
866
(7
,700
)
20
6,16
6
196,
756
9,
410
181,
225
(1
5,00
0)
16
6,22
5
96,6
14
69
,611
T
otal
Allo
cate
d B
enef
its5,
236,
832
(57,
721)
5,17
9,11
1
4,
891,
551
287,
560
5,
080,
848
(543
,307
)
4,53
7,54
1
4,
037,
238
500,
303
U
nallo
cate
d B
enef
its -
Empl
oyee
Ben
efits
:
S
ocia
l Sec
urity
11-0
00-2
91-2
205,
738
2,
600
8,
338
5,
897
2,44
1
-
10,0
00
10
,000
9,86
3
137
O
ther
Ret
irem
ent C
ontri
butio
ns -
PER
S11
-000
-291
-241
-
-
-
-
42
6,61
7
(12,
822)
413,
795
39
1,33
4
22,4
61
U
nem
ploy
men
t Com
pens
atio
n11
-000
-291
-250
50,0
00
-
50,0
00
50
,000
-
150,
000
(4
5,55
0)
10
4,45
0
100,
000
4,
450
W
orke
r's C
ompe
nsat
ion
11-0
00-2
91-2
60-
28,4
02
28
,402
28,4
02
-
-
12,5
05
12
,505
12,5
04
1
H
ealth
Ben
efits
11-0
00-2
91-2
70-
-
-
-
-
-
1,00
0
1,00
0
213
787
Oth
er E
mpl
oyee
Ben
efits
11-0
00-2
91-2
9075
,000
15,8
20
90
,820
24,5
45
66
,275
79
,000
30,0
00
10
9,00
0
88,1
22
20
,878
T
otal
Una
lloca
ted
Ben
efits
- Em
ploy
ee B
enef
its13
0,73
8
46,8
22
17
7,56
0
108,
844
68
,716
65
5,61
7
(4,8
67)
650,
750
60
2,03
6
48,7
14
N
onbu
dget
ed:
On-
Beh
alf T
PAF
Pens
ion
Con
tribu
tion
-
-
-
47
4,90
5
(474
,905
)
-
-
-
740,
405
(7
40,4
05)
O
n-B
ehal
f Pos
t Ret
irem
ent M
edic
al C
ontri
butio
n-
-
-
778,
666
(7
78,6
66)
-
-
-
83
7,21
1
(837
,211
)
Rei
mbu
rsed
TPA
F So
cial
Sec
urity
Con
tribu
tion
-
-
-
95
2,41
6
(952
,416
)
-
-
-
855,
415
(8
55,4
15)
T
otal
Und
istrib
uted
Exp
endi
ture
s17
,669
,302
572,
397
18
,241
,699
19,3
37,2
65
(1,0
95,5
66)
16
,847
,022
207,
007
17
,054
,029
17,9
94,2
37
(9
40,2
08)
Tota
l Exp
endi
ture
s - C
urre
nt E
xpen
se30
,415
,560
373,
945
30
,789
,505
31,5
69,3
86
(779
,881
)
29
,121
,258
791,
645
29
,912
,903
29,3
95,8
61
51
7,04
2
Cap
ital O
utla
y:
Equ
ipm
ent:
Reg
ular
Pro
gram
s - In
stru
ctio
n:
G
rade
s 6 -
812
-140
-100
-730
53,0
60
(2
0,51
9)
32
,541
28,4
12
4,
129
-
-
-
-
-
R
egul
ar P
rogr
ams -
Inst
ruct
ion:
Gra
des 9
- 12
12-1
40-1
00-7
3023
9,00
0
(18,
098)
220,
902
21
9,40
9
1,49
3
6,
376
12
0
6,
496
6,
496
-
Spe
cial
Edu
catio
n - I
nstru
ctio
n:
M
ultip
le D
isabi
litie
s12
-212
-100
-730
-
5,
100
5,
100
5,
087
13
6,
994
(2
,358
)
4,
636
4,
636
-
Sch
ool-S
pons
ored
& O
ther
Inst
ruct
iona
l Pro
gram
s12
-4xx
-100
-730
15,5
00
-
15,5
00
12
,192
3,30
8
-
42,5
57
42
,557
19,6
08
22
,949
Und
istrib
uted
Exp
ense
-
S
choo
l Adm
in12
-000
-240
-730
6,10
0
-
6,
100
5,
920
180
-
-
-
-
-
Adm
inist
rativ
e In
form
atio
n
Tec
hnol
ogy
12-0
00-2
52-7
3026
,200
-
26
,200
26,2
00
-
30
,000
64,3
72
94
,372
94,3
71
1
C
usto
dial
Ser
vice
s12
-000
-262
-730
33,9
54
11
,000
44,9
54
42
,929
2,02
5
-
-
-
-
-
Car
e an
d U
pkee
p of
Gro
unds
12-0
00-2
63-7
30-
-
-
-
-
34
,200
28,9
24
63
,124
62,9
61
16
3
S
tude
nt T
rans
porta
tion:
Scho
ol B
uses
- R
egul
ar12
-000
-270
-733
-
-
-
-
-
-
18
6,43
2
186,
432
18
6,43
2
-
Sc
hool
Bus
es -
Spec
ial
12-0
00-2
70-7
34-
-
-
-
-
-
235,
154
23
5,15
4
235,
154
-
T
otal
Equ
ipm
ent
373,
814
(2
2,51
7)
35
1,29
7
340,
149
11
,148
77
,570
555,
201
63
2,77
1
609,
658
23
,113
F
acili
ties A
cqui
sitio
n &
Con
stru
ctio
n Se
rvic
es:
O
ther
Pro
fess
iona
l and
Tec
h Se
rvic
es12
-000
-400
-390
5,00
0
65,5
50
70
,550
62,5
80
7,
970
-
-
-
-
-
C
onst
ruct
ion
Serv
ices
12-0
00-4
00-4
5064
7,73
3
(29,
550)
618,
183
61
1,90
1
6,28
2
-
-
-
-
-
Gen
eral
Sup
plie
s12
-000
-400
-600
10,0
00
(1
0,00
0)
-
-
-
-
-
-
-
-
Lea
se P
urch
ase
Agr
eem
ent -
Prin
cipa
l12
-000
-400
-721
300,
000
-
300,
000
30
0,00
0
-
335,
000
-
335,
000
30
0,00
0
35,0
00
A
sses
smen
t for
Deb
t Ser
vice
on
SDA
Fun
ding
12-0
00-4
00-8
9611
6,73
7
-
11
6,73
7
116,
737
-
68
,385
-
68
,385
68,3
85
-
T
otal
Fac
ilitie
s Acq
uisit
ion
& C
onst
ruct
ion
Serv
ices
1,07
9,47
0
26
,000
1,10
5,47
0
1,
091,
218
14,2
52
403,
385
-
403,
385
36
8,38
5
35,0
00
Inc
reas
e in
Cap
ital R
eser
ve30
0,00
0
-
30
0,00
0
-
30
0,00
0
-
-
-
-
-
I
nter
est D
epos
it to
Cap
ital R
eser
ve10
0
-
100
-
10
0
-
-
-
-
-
92
EXH
IBIT
C-1
POSI
TIV
E/PO
SITI
VE/
(NEG
ATI
VE)
(NEG
ATI
VE)
AC
CO
UN
TO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TOO
RIG
INA
LB
UD
GET
FIN
AL
FIN
AL
TON
UM
BER
SB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
TRA
NSF
ERS
BU
DG
ETA
CTU
AL
AC
TUA
L
JUN
E 30
, 201
4
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
BU
DG
ET
AR
Y C
OM
PAR
ISO
N S
CH
ED
UL
EFO
R T
HE
FIS
CA
L Y
EA
RS
EN
DE
D J
UN
E 3
0, 2
014
AN
D 2
013
JUN
E 30
, 201
3
T
otal
Cap
ital O
utla
y1,
753,
384
3,48
3
1,75
6,86
7
1,
431,
367
325,
500
48
0,95
5
555,
201
1,
036,
156
978,
043
58
,113
Tota
l Exp
endi
ture
s32
,168
,944
377,
428
32
,546
,372
33,0
00,7
53
(454
,381
)
29
,602
,213
1,34
6,84
6
30
,949
,059
30,3
73,9
04
57
5,15
5
Exce
ss/(D
efic
ienc
y) o
f Rev
enue
s Ove
r/(U
nder
)
Exp
endi
ture
s(2
,511
,091
)
(3
77,4
28)
(2
,888
,519
)
(8
00,6
09)
2,
087,
910
(1,4
91,6
27)
(424
,493
)
(1,9
16,1
20)
1,01
7,76
4
2,
933,
884
Oth
er F
inan
cing
Sou
rces
/(Use
s):
O
pera
ting
Tran
sfer
s In/
(Out
)-
-
-
147,
438
14
7,43
8
-
-
-
15
1,39
2
151,
392
Can
cella
tion
of P
rior Y
ear E
ncum
bran
ces
-
-
-
-
-
-
-
-
11
,225
11,2
25
Can
cella
tion
of P
rior Y
ear A
ccou
nts R
ecei
vabl
e-
-
-
-
-
-
-
-
(16,
133)
(16,
133)
Tota
l Oth
er F
inan
cing
Sou
rces
/(Use
s)-
-
-
147,
438
14
7,43
8
-
-
-
14
6,48
4
146,
484
Exce
ss/(D
efic
ienc
y) o
f Rev
enue
s & O
ther
F
inan
cing
Sou
rces
Ove
r/(U
nder
) |Ex
pend
iture
s
&
Oth
er F
inan
cing
Sou
rces
/(Use
s)(2
,511
,091
)
(3
77,4
28)
(2
,888
,519
)
(6
53,1
71)
2,
235,
348
(1,4
91,6
27)
(424
,493
)
(1,9
16,1
20)
1,16
4,24
8
3,
080,
368
Fund
Bal
ance
s, Ju
ly 1
5,41
8,39
9
-
5,41
8,39
9
5,
418,
399
-
4,25
4,15
1
-
4,25
4,15
1
4,
254,
151
-
Fund
Bal
ance
s, Ju
ne 3
02,
907,
308
$
(377
,428
)$
2,52
9,88
0$
4,
765,
228
$
2,23
5,34
8$
2,
762,
524
$
(424
,493
)$
2,33
8,03
1$
5,
418,
399
$
3,08
0,36
8$
Prio
r Yea
r Enc
umbr
ance
s37
7,42
8$
Tota
l37
7,42
8$
Res
trict
ed fo
r:C
apita
l Res
erve
500,
100
$
Ex
cess
Sur
plus
1,47
5,01
5
Ex
cess
Sur
plus
Des
igna
ted
for S
ubse
quen
t Yea
r's E
xpen
ditu
res
1,89
4,98
4
C
omm
itted
to:
Yea
r-En
d En
cum
bran
ces
146,
122
A
ssig
ned
to:
Des
igna
ted
for S
ubse
quen
t Yea
r's E
xpen
ditu
res
87,1
49
U
nass
igne
d Fu
nd B
alan
ce66
1,85
8
S
ubto
tal
4,76
5,22
8
Rec
onci
liatio
n to
Gov
ernm
enta
l Fun
d St
atem
ents
(GA
AP)
: L
ast T
wo
Stat
e A
id P
aym
ents
Not
Rec
ogni
zed
on G
AA
P B
asis
(804
,103
)
Fund
Bal
ance
Per
Gov
ernm
enta
l Fun
ds (G
AA
P)3,
961,
125
$
RE
CA
PIT
UL
AT
ION
OF
FUN
D B
AL
AN
CE
:
RE
CA
PIT
UL
AT
ION
OF
BU
DG
ET
TR
AN
SFE
RS
93
EXH
IBIT
C-2
POSI
TIV
E/PO
SITI
VE/
BU
DG
ET(N
EGA
TIV
E)B
UD
GET
(NEG
ATI
VE)
OR
IGIN
AL
TRA
NSF
ERS/
FIN
AL
FIN
AL
TOO
RIG
INA
LTR
AN
SFER
S/FI
NA
LFI
NA
L TO
BU
DG
ETA
DJU
STM
ENTS
BU
DG
ETA
CTU
AL
AC
TUA
LB
UD
GET
AD
JUST
MEN
TSB
UD
GET
AC
TUA
LA
CTU
AL
Rev
enue
s: F
eder
al S
ourc
es32
7,92
6$
11
9,78
2$
447,
708
$
43
7,07
5$
10
,633
$
39
2,85
0$
50,2
62$
44
3,11
2$
428,
318
$ 14
,794
$
L
ocal
Sou
rces
-
17,2
93
17
,293
16,7
08
585
-
12,2
37
12
,237
11,5
85
65
2
Tot
al R
even
ues
327,
926
137,
075
46
5,00
1
453,
783
11,2
18
392,
850
62
,499
455,
349
43
9,90
3
15,4
46
Expe
nditu
res:
Ins
truct
ion:
T
uitio
n to
Priv
ate
Scho
ols f
or th
e
H
andi
capp
ed26
0,00
0
92
,451
352,
451
35
2,45
1
-
28
8,28
4
56,2
73
34
4,55
7
344,
557
-
Pur
chas
ed E
duca
tiona
l Ser
vice
s-
-
-
-
-
-
800
800
590
210
Sup
plie
s & M
ater
ials
-
34,9
76
34
,976
34,9
24
52
19,3
03
(1
2,22
6)
7,
077
6,
635
44
2
T
otal
Inst
ruct
ion
260,
000
127,
427
38
7,42
7
387,
375
52
307,
587
44
,847
352,
434
35
1,78
2
652
Sup
port
Serv
ices
:
Sal
arie
s of O
ther
Pro
fess
iona
l Sta
ff48
,210
3,
179
51
,389
42,0
47
9,34
2
85
,263
(32,
888)
52,3
75
38
,828
13,5
47
B
enef
its2,
700
1,
501
4,
201
3,
427
774
-
4,00
7
4,00
7
2,76
0
1,24
7
Oth
er P
urch
ased
Ser
vice
17,0
16
4,96
8
21,9
84
20
,934
1,
050
-
46
,533
46,5
33
46
,533
-
T
otal
Sup
port
Serv
ices
67,9
26
9,64
8
77,5
74
66
,408
11
,166
85
,263
17,6
52
10
2,91
5
88,1
21
14
,794
T
otal
Exp
endi
ture
s32
7,92
6
13
7,07
5
465,
001
45
3,78
3
11
,218
39
2,85
0
62,4
99
45
5,34
9
439,
903
15
,446
Exce
ss/(D
efic
ienc
y) o
f Rev
enue
s Ove
r/(U
nder
) E
xpen
ditu
res &
Oth
er F
inan
cing
Sou
rces
/(Use
s)-
$
-
$
-$
-
$
-
$
-
$
-$
-
$
-$
-
$
JUN
E 30
, 201
4JU
NE
30, 2
013
KIN
GSW
AY
REG
ION
AL
SCH
OO
L D
ISTR
ICT
SPEC
IAL
REV
ENU
E FU
ND
BU
DG
ETA
RY
CO
MPA
RIS
ON
SC
HED
ULE
FOR
TH
E FI
SCA
L Y
EAR
S EN
DED
JU
NE
30, 2
014
AN
D 2
013
94
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
95
This page intentionally left blank
96
EXHIBIT C-3
SPECIALGENERAL REVENUE
FUND FUNDSources/Inflows of Resources: Actual Amounts (Budgetary Basis) "Revenue" From the Budgetary Comparison Schedule (C-Series) 32,200,144$ 453,783$ Difference - Budget to GAAP: Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.
Prior Year 3,100 Current Year - (250)
State aid payment recognized for GAAP statements in the current year, previously recognized for budgetary purposes. 692,696 -
State aid payment recognized for budgetary purposes, not recognized for GAAP statements until the subsequent year. (804,103) -
Total Revenues as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds. (B-2) 32,088,737$ 456,633$
Uses/outflows of resources: Actual amounts (budgetary basis) "total expenditures" from the budgetary comparison schedule 33,000,753$ 453,783$ Differences - budget to GAAP Encumbrances for supplies and equipment ordered but not received is reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes.
Current Year - 2,850
Total Expenditures as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds (B-2) 33,000,753$ 456,633$
Note A - Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures
FOR FISCAL YEAR ENDED JUNE 30, 2014
KINGSWAY REGIONAL SCHOOL DISTRICTREQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE NOTE TO RSI
97
This page intentionally left blank
98
OTHER SUPPLEMENTARY INFORMATION
99
This page intentionally left blank
100
D. School Based Budget Schedules
Not Applicable
101
This page intentionally left blank
102
E. Special Revenue Fund
103
This page intentionally left blank
104
EXH
IBIT
E-1
I.D.E
.A.
PAR
T B
PR
IOR
YEA
RB
ASI
CA
MER
ICA
TITL
E I
TITL
E I
TITL
E II
REG
ULA
RIT
ALY
KEF
PAR
T A
PAR
T A
PAR
T A
PRO
GR
AM
GR
AN
TG
RA
NT
2014
2013
Rev
enue
s:
Loc
al S
ourc
es-
$
-
$
-
$
-$
9,78
1$
6,92
7$
16,7
08$
11
,585
$
Fed
eral
Sou
rces
51,6
08
11,0
32
21,9
84
352,
451
-
-
43
7,07
5
428,
318
Tot
al R
even
ues
51,6
08$
11,0
32$
21,9
84$
352,
451
$
9,
781
$
6,
927
$
45
3,78
3$
439,
903
$
Expe
nditu
res:
Ins
truct
ion:
S
alar
ies
-$
-$
-$
-$
-
$
-
$
-
$
344,
557
$
T
uitio
n-
-
-
35
2,45
1
-
-
352,
451
34
4,55
7
Pur
chas
ed S
ervi
ces
-
-
-
-
-
-
-
590
G
ener
al S
uppl
ies
12,0
61
4,15
5
2,
000
-
9,78
1
6,92
7
34,9
24
6,
635
Tot
al In
stru
ctio
n12
,061
4,
155
2,00
0
352,
451
9,
781
6,
927
38
7,37
5
696,
339
Sup
port
Serv
ices
:
Sal
arie
s35
,854
6,
193
-
-
-
-
42
,047
38,8
28
P
erso
nal S
ervi
ces -
Em
ploy
ee B
enef
its2,
743
684
-
-
-
-
3,42
7
2,76
0
O
ther
Pro
fess
iona
l Ser
vice
s95
0
-
19,9
84
-
-
-
20,9
34
46
,533
Tot
al S
uppo
rt Se
rvic
es39
,547
6,
877
19,9
84
-
-
-
66,4
08
88
,121
Tota
l Exp
endi
ture
s51
,608
$
11
,032
$
21
,984
$
35
2,45
1$
9,78
1$
6,92
7$
453,
783
$
78
4,46
0$
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TSP
EC
IAL
RE
VE
NU
E F
UN
DC
OM
BIN
ING
SC
HE
DU
LE
OF
RE
VE
NU
ES
AN
D E
XPE
ND
ITU
RE
S - B
UD
GE
TA
RY
BA
SIS
FOR
FIS
CA
L Y
EA
R E
ND
ED
JU
NE
30,
201
4(W
ith C
ompa
rativ
e T
otal
s for
Jun
e 30
, 201
3)
105
This page intentionally left blank
106
F. Capital Projects Fund
107
This page intentionally left blank
108
EXH
IBIT
F-1
UN
EXPE
ND
EDO
RIG
INA
LB
UD
GET
AR
YPR
IOR
CU
RR
ENT
BA
LAN
CE
PRO
JEC
T TI
TLE
DA
TEA
PPR
OPR
IATI
ON
SY
EAR
YEA
R20
14
Und
erta
ke th
e co
nstru
ctio
n of
a b
uild
ing
add
ition
for s
cien
ce la
bs a
nd to
acq
uire
the
nec
essa
ry e
quip
men
t and
und
erta
ke a
ny a
ssoc
iate
d si
te w
ork
04/2
1/09
449,
600
$
449,
600
$
-$
-
$
01/0
6/12
5,35
0,01
2
3,40
1,13
6
1,29
5,15
5
653,
721
01/0
6/12
10,3
83,8
13
6,
659,
170
1,
894,
818
1,
829,
825
01/0
6/12
15,3
88,6
25
12
,864
,516
2,36
2,81
8
161,
291
31,5
72,0
50$
23
,374
,422
$
5,55
2,79
1$
2,64
4,83
7$
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TSU
MM
AR
Y S
CH
ED
UL
E O
F PR
OJE
CT
EX
PEN
DIT
UR
ES
FOR
FIS
CA
L Y
EA
R E
ND
ED
JU
NE
30,
201
4
Con
stru
ctio
n of
Mid
dle
Scho
ol
Add
ition
s and
Ren
ovat
ions
to H
igh
Scho
ol
Add
ition
s and
Ren
ovat
ions
to M
iddl
e
Sch
ool
A
uxili
ary
Gym
Tot
al
EXPE
ND
ITU
RES
109
EXHIBIT F-2
Revenues and Other Financing Sources: Bond Anticipation Note -$
Total Revenues -
Expenditures and Other Financing Uses: Purchased Professional & Technical Services 99,940 Construction Services 4,315,229 Equipment Purchases 1,156,903
Total Expenditures 5,572,072
Other Financing Sources/(Uses) Cancellation of Account Payable 14,956
Total Other Financing Sources/(Uses) 14,956
Excess/(Deficiency) of Revenues Over/(Under) Expenditures (5,557,116) Fund Balance - Beginning 8,201,953
Fund Balance - Ending 2,644,837$
FOR THE YEAR ENDED JUNE 30, 2014
KINGSWAY REGIONAL SCHOOL DISTRICTCAPITAL PROJECTS FUND
SUMMARY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE-BUDGETARY BASIS
110
EXHIBIT F-2a
REVISEDPRIOR CURRENT AUTHORIZED
PERIODS YEAR TOTALS COST
Revenues & Other Financing Sources: Bond Anticipation Note 449,600$ -$ 449,600$ 449,600$
Total Revenues 449,600 - 449,600 449,600
Expenditures & Other Financing Uses: Purchased Professional & Technical Services 41,160 - 41,160 50,000 Construction Services 309,190 - 309,190 324,600 Equipment Purchases 44,046 - 44,046 75,000
Total Expenditures 394,396 - 394,396 449,600
Other Financing Sources/(Uses) Transfer to Debt Service (55,204) - (55,204) -
Total Other Financing Sources/(Uses) (55,204) - (55,204) -
Excess/(Deficiency) of Revenues Over/(Under) Expenditures -$ -$ -$ -$
Project Number 2440-050-08-1000 Grant Date N/A Bond Authorization Date 04/21/09 Bonds Authorized 449,600$ Bonds Issued -$ Original Authorized Cost 449,600$ Revised Authorized Cost 449,600$ Percentage Increase Over Original Authorized Cost 0% Original Target Completion Date 10/01/09 Actual Completion Date 11/01/09
ADDITIONAL PROJECT INFORMATION
KINGSWAY REGIONAL SCHOOL DISTRICTCAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, PROJECT BALANCE ANDPROJECT STATUS - BUDGETARY BASIS
RENOVATION OF SCIENCE LABORATORIES AT HIGH SCHOOLFOR THE YEAR ENDED JUNE 30, 2014
111
EXHIBIT F-2b
REVISEDPRIOR CURRENT AUTHORIZED
PERIODS YEAR TOTALS COST
Revenues & Other Financing Sources: State Sources - SDA Grant 1,221,326$ -$ 1,221,326$ 1,221,326$ Bond Proceeds & Transfers 4,128,686 - 4,128,686 4,128,686
Total Revenues 5,350,012 - 5,350,012 5,350,012
Expenditures & Other Financing Uses: Purchased Professional & Technical Services 481,686 17,433 499,119 1,070,001 Construction Services 2,919,450 1,277,722 4,197,172 4,124,994 Equipment Purchases - - - 155,017
Total Expenditures 3,401,136 1,295,155 4,696,291 5,350,012
Excess/(Deficiency) of Revenues Over/(Under) Expenditures 4,837,068$ (1,295,155)$ 653,721$ -$
Project Number 2440-060-10-G0ZP Grant Date 01/06/2012 Bond Authorization Date 09/27/2011 Bonds Authorized 4,128,686$ Bonds Issued 4,128,686$ Original Authorized Cost 5,350,012$ Revised Authorized Cost 5,350,012$ Percentage Increase Over Original Authorized Cost 0% Original Target Completion Date 09/01/2013 Actual Completion Date N/A
FOR THE YEAR ENDED JUNE 30, 2014
ADDITIONAL PROJECT INFORMATION
KINGSWAY REGIONAL SCHOOL DISTRICTCAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, PROJECT BALANCE ANDPROJECT STATUS - BUDGETARY BASIS
CONSTRUCTION OF MIDDLE SCHOOL AUXILIARY GYMNASIUM
112
EXHIBIT F-2c
REVISEDPRIOR CURRENT AUTHORIZED
PERIODS YEAR TOTALS COST
Revenues & Other Financing Sources: State Sources - SDA Grant 2,866,467$ -$ 2,866,467$ 2,866,467$ Bond Proceeds & Transfers 7,517,346 - 7,517,346 7,517,346
Total Revenues 10,383,813 - 10,383,813 10,383,813
Expenditures & Other Financing Uses: Purchased Professional & Technical Services 899,083 34,498 933,581 2,076,762 Construction Services 5,541,116 1,356,246 6,897,362 8,006,257 Equipment Purchases 218,971.00 504,074 723,045 300,794
Total Expenditures 6,659,170 1,894,818 8,553,988 10,383,813
Excess/(Deficiency) of Revenues Over/(Under) Expenditures 3,724,643$ (1,894,818)$ 1,829,825$ -$
Project Number 2440-060-10-G0ZQ Grant Date 01/06/2012 Bond Authorization Date 09/27/2011 Bonds Authorized 7,517,346$ Bonds Issued 7,517,346$ Original Authorized Cost 10,383,813$ Revised Authorized Cost 10,383,813$ Percentage Increase Over Original Authorized Cost 0% Original Target Completion Date 09/01/2013 Revised Target Completion Date N/A
ADDITIONAL PROJECT INFORMATION
KINGSWAY REGIONAL SCHOOL DISTRICTCAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, PROJECT BALANCE ANDPROJECT STATUS - BUDGETARY BASIS
ADDITIONS AND RENOVATIONS TO MIDDLE SCHOOLFOR THE YEAR ENDED JUNE 30, 2014
113
EXHIBIT F-2d
REVISEDPRIOR CURRENT AUTHORIZED
PERIODS YEAR TOTALS COST
Revenues & Other Financing Sources: State Sources - SDA Grant 4,375,608$ -$ 4,375,608$ 4,375,608$ Bond Proceeds & Transfers 11,013,017 - 11,013,017 11,013,017
Total Revenues 15,388,625 - 15,388,625 15,388,625
Expenditures & Other Financing Uses: Purchased Professional & Technical Services 1,432,052 48,009 1,480,061 3,077,725 Construction Services 10,829,292 1,681,261 12,510,553 11,807,291 Equipment Purchases 603,172.00 652,829 1,256,001 503,609
Total Expenditures 12,864,516 2,382,099 15,246,615 15,388,625
Other Financing Sources/(Uses) Cancellation of Account Payable 4,325 14,956 19,281 -
Total Other Financing Sources/(Uses) 4,325 14,956 19,281 -
Excess/(Deficiency) of Revenues Over/(Under) Expenditures 2,528,434$ (2,367,143)$ 161,291$ -$
Project Number 2440-050-10-G0ZO Grant Date 01/06/2012 Bond Authorization Date 09/27/2011 Bonds Authorized 11,013,017$ Bonds Issued 11,013,017$ Original Authorized Cost 15,388,625$ Revised Authorized Cost 15,388,625$ Percentage Increase Over Original Authorized Cost 0% Original Target Completion Date 09/01/2013 Revised Target Completion Date N/A
ADDITIONAL PROJECT INFORMATION
KINGSWAY REGIONAL SCHOOL DISTRICTCAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, PROJECT BALANCE ANDPROJECT STATUS - BUDGETARY BASIS
ADDITIONS AND RENOVATIONS TO HIGH SCHOOLFOR THE YEAR ENDED JUNE 30, 2014
114
G. Proprietary Funds
115
This page intentionally left blank
116
Enterprise Funds
117
This page intentionally left blank
118
EXHIBIT G-1
FOODSERVICE COMMUNITY
ASSETS FUND EDUCATION 2014 2013
Current Assets: Cash & Cash Equivalents 388,097$ 52,493$ 440,590$ 314,378$ Accounts Receivable: State 1,180 - 1,180 802 Federal 15,261 - 15,261 4,955 Interfund Receivable 8,340 - 8,340 - Inventories 7,764 - 7,764 16,618
Total Current Assets 420,642 52,493 473,135 336,753
Noncurrent Assets: Furniture, Machinery & Equipment 593,394 - 593,394 589,005 Accumulated Depreciation (583,179) - (583,179) (578,243)
Total Capital Assets 10,215 - 10,215 10,762
Total Assets 430,857 52,493 483,350 347,515
LIABILITIES:
Current Liabilities: Accounts Payable 17,653 - 17,653 14,823.00 Unearned Revenue 21,502 - 21,502 9,542
Total Current Liabilities 39,155 - 39,155 24,365
Noncurrent Liabilities: Compensated Absences 42,960 - 42,960 36,870
Total Noncurrent Liabilities 42,960 - 42,960 36,870
Total Liabilities 82,115 - 82,115 61,235
NET POSITION
Net Investment in Capital Assets 10,215 - 10,215 10,762 Unrestricted Net Position 338,527 52,493 391,020 275,518
Total Net Position 348,742$ 52,493$ 401,235$ 286,280$
KINGSWAY REGIONAL SCHOOL DISTRICTENTERPRISE FUND
COMBINING SCHEDULE OF NET POSITIONAS OF JUNE 30, 2014
(With Comparative Totals for June 30, 2013)
119
EXHIBIT G-2
FOODSERVICE COMMUNITY
FUND EDUCATION 2014 2013Operating Revenue: Local Sources: Daily Sales - Reimbursable Programs 509,505$ -$ 509,505$ 461,401$ Daily Sales - Nonreimbursable Programs 415,532 - 415,532 343,379 Vending Machine Sales 15,803 - 15,803 24,286 Special Function 21,083 - 21,083 1,706 Program Fees - 30,026 30,026 28,790 Miscellaneous 598 - 598 11,587.00
Total Operating Revenue 962,521 30,026 992,547 871,149
Operating Expenses: Salaries 450,092 3,330 453,422 392,836 Employee Benefits 150,864 255 151,119 104,246 Other Professional Services 1,006 5,445 6,451 15,815 Supplies and Materials 44,777 4,236 49,013 31,996 Cleaning, Repair & Maintennace Services 12,761 - 12,761 21,932 Other Expenses 249 - 249 2,997 Depreciation 4,936 - 4,936 33,030 Cost of Sales 490,370 - 490,370 459,644
Total Operating Expenses 1,155,055 13,266 1,168,321 1,062,496
Operating (Loss)/Gain (192,534) 16,760 (175,774) (191,347)
Nonoperating Revenues:Gain on Adjustment to Capital Assets 4,389 - 4,389 - State Sources: State School Lunch Program 9,760 - 9,760 8,446 Federal Sources: National School Lunch Program 196,183 - 196,183 172,009 Healthy Hunger-Free Kids Act 12,630 - 12,630 - Food Distribution Program 72,909 - 72,909 75,038 Interest Revenue 948 - 948 1,627
Total Nonoperating Revenues 296,819 - 296,819 257,120
Net Income/(Loss) 104,285 16,760 121,045 65,773 Net Change in Compensated Absences (6,090) - (6,090) (22,872)
Change in Net Position 98,195 16,760 114,955 42,901 Total Net Position - Beginning 250,547 35,733 286,280 243,379
Total Net Position - Ending 348,742$ 52,493$ 401,235$ 286,280$
AS OF JUNE 30, 2014
KINGSWAY REGIONAL SCHOOL DISTRICTENTERPRISE FUND
COMBINING SCHEDULE OF REVENUES, EXPENSES ANDCHANGES IN FUND NET POSITION
(With Comparative Totals for June 30, 2013)
120
EXHIBIT G-3
FOODSERVICE COMMUNITY
FUND EDUCATION 2014 2013Cash Flows From Operating Activities: Receipts from Customers 955,457$ 30,026$ 985,483$ 869,338$ Payments to Employees (450,092) (3,330) (453,422) (392,836) Payments for Employee Benefits (150,864) (255) (151,119) (104,246) Payments to Suppliers (537,479) (9,681) (547,160) (523,062)
Net Cash Provided/(Used) by Operating Activities (182,978) 16,760 (166,218) (150,806)
Cash Flows From Investing Activities: Interest & Dividends 948 - 948 1,627 Purchase of Equipment - - - (2,500)
Net Cash Provided by Investing Activities 948 - 948 (873)
Cash Flows From Noncapital Financing Activities: State Sources 9,760 - 9,760 8,446 Federal Sources 281,722 - 281,722 247,047
Net Cash Provided by Noncapital Financing Activities 291,482 - 291,482 255,493
Net Increase/(Decrease) in Cash & Cash Equivalents 109,452 16,760 126,212 103,814 Cash & Cash Equivalents, July 1 278,645 35,733 314,378 210,564
Cash & Cash Equivalents, June 30 388,097$ 52,493$ 440,590$ 314,378$
Cash Provided/(Used) by Operating Activities: Operating Income/(Loss) (192,534)$ 16,760$ (175,774)$ (191,347)$ Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense 4,936 - 4,936 33,030 Change in Assets & Liabilities: (Increase)/Decrease in Inventory 8,854 - 8,854 (5,501) (Increase)/Decrease in Accounts Receivable, Net (10,684) - (10,684) (1,127) (Increase)/Decrease in Interfund Receivable (8,340) - (8,340) - Increase/(Decrease) in Accounts Payable 2,830 - 2,830 14,823 Increase/(Decrease) in Prepaid Lunches 11,960 - 11,960 (684)
Total Adjustments 9,556 - 9,556 40,541
Net Cash Provided/(Used) by Operating Activities (182,978)$ 16,760$ (166,218)$ (150,806)$
AS OF JUNE 30, 2014(With Comparative Totals for June 30, 2013)
KINGSWAY REGIONAL SCHOOL DISTRICTENTERPRISE FUND
COMBINING SCHEDULE OF CASH FLOWS
RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:
121
This page intentionally left blank
122
Internal Service Fund
123
This page intentionally left blank
124
EXH
IBIT
G-4
TRA
NSP
OR
TATI
ON
MA
INTE
NA
NC
EG
ENER
AL
TEC
HN
OLO
GY
ASS
ETS
SER
VIC
ESSE
RV
ICES
AD
MIN
ISTR
ATI
ON
SER
VIC
ES20
1420
13
Cas
h 57
,640
$
-
$
5,
320
$
60
,523
$
123,
483
$
134,
945
$
A
ccou
nts R
ecei
vabl
e:In
terf
und
Acc
ount
s
Rec
eiva
ble
-
3,33
4
-
-
3,33
4
-
In
terg
over
nmen
tal -
Oth
er34
1,65
4
47,1
34
-
10,5
00
39
9,28
8
19
5,99
1
T
otal
Ass
ets
399,
294
50
,468
5,
320
71
,023
526,
105
330,
936
LIA
BIL
ITIE
S
Cas
h D
efic
it-
50
,468
-
-
50
,468
12
,956
A
ccou
nts P
ayab
le14
,040
-
-
-
14
,040
21
,552
In
terf
und
Acc
ount
s
Pay
able
385,
254
-
5,
320
71
,023
461,
597
296,
428
T
otal
Lia
bilit
ies
399,
294
50
,468
5,
320
71
,023
526,
105
330,
936
NET
PO
SITI
ON
Unr
estri
cted
Net
Pos
ition
-
-
-
-
-
-
Tota
l Net
Pos
ition
-$
-$
-$
-$
-$
-$
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TIN
TE
RN
AL
SE
RV
ICE
FU
ND
CO
MB
ININ
G S
TA
TE
ME
NT
OF
NE
T P
OSI
TIO
NA
S O
F JU
NE
30,
201
4(W
ith C
ompa
rativ
e T
otal
s for
Jun
e 30
, 201
3)
GO
VER
NM
ENTA
L A
CTI
VIT
IES
125
EXH
IBIT
G-5
TRA
NSP
OR
TATI
ON
MA
INTE
NA
NC
EG
ENER
AL
TEC
HN
OLO
GY
SER
VIC
ESSE
RV
ICES
AD
MIN
ISTR
ATI
ON
SER
VIC
ES20
1420
13O
PER
ATI
NG
REV
ENU
ES:
L
ocal
Sou
rces
:
T
rans
porta
tion
Fees
1,39
5,43
0$
-
$
-$
-
$
1,
395,
430
$
1,04
6,08
9$
S
ale
of G
asol
ine
33,1
97
-
-
-
33,1
97
20
,557
Sha
red
Serv
ice
Fees
-
143,
158
149,
595
21
,000
31
3,75
3
98,7
08
T
otal
Ope
ratin
g R
even
ue1,
428,
627
143,
158
149,
595
21
,000
1,
742,
380
1,16
5,35
4
OPE
RA
TIN
G E
XPE
NSE
S:
Sal
arie
s62
5,92
8
135,
935
141,
100
20
,879
92
3,84
2
736,
346
Em
ploy
ee B
enef
its19
1,90
9
10,7
78
-
-
202,
687
11
1,60
4
C
lean
ing,
Rep
air &
Mai
nten
ance
Ser
vice
2,86
9
-
-
-
2,
869
1,14
9
Aid
in L
ieu
of T
rans
porta
tion
60,0
30
-
-
-
60,0
30
67
,134
M
isce
llane
ous P
urch
ased
Ser
vice
s22
2,96
0
-
2,
500
-
225,
460
4,
790
S
uppl
ies &
Mat
eria
ls17
7,00
2
399
2,29
6
12
1
17
9,81
8
143,
394
Mis
cella
neou
s Exp
endi
ture
s23
6
-
-
-
236
23
1
T
otal
Ope
ratin
g Ex
pens
es1,
280,
934
147,
112
145,
896
21
,000
1,
594,
942
1,06
4,64
8
Net
Inco
me/
(Los
s)14
7,69
3
(3,9
54)
3,
699
-
147,
438
10
0,70
6
Oth
er F
inan
cing
Sou
rces
/(Use
s):
O
pera
ting
Tran
sfer
In/(O
ut):
Tra
nsfe
r to
Gen
eral
Fun
d(1
47,6
93)
3,95
4
(3,6
99)
-
(147
,438
)
(117
,228
)
Tota
l Oth
er F
inan
cing
Sou
rces
/(Use
s)(1
47,6
93)
3,95
4
(3,6
99)
-
(147
,438
)
(117
,228
)
Cha
nge
in N
et P
ositi
on-
-
-
-
-
(16,
522)
To
tal N
et P
ositi
on- J
uly
1-
-
-
-
-
16
,522
Tota
l Net
Pos
ition
- Ju
ne 3
0-
$
-
$
-$
-
$
-
$
-$
GO
VER
NM
ENTA
L A
CTI
VIT
IES
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TIN
TE
RN
AL
SE
RV
ICE
FU
ND
CO
MB
ININ
G S
TA
TE
ME
NT
OF
RE
VE
NU
ES,
EX
PEN
SES
AN
D
CH
AN
GE
S IN
FU
ND
NE
T P
OSI
TIO
NA
S O
F JU
NE
30,
201
4(W
ith C
ompa
rativ
e T
otal
s for
Jun
e 30
, 201
3)
126
EXH
IBIT
G-6
TRA
NSP
OR
TATI
ON
MA
INTE
NA
NC
EG
ENER
AL
TEC
HN
OLO
GY
SER
VIC
ESSE
RV
ICES
AD
MIN
ISTR
ATI
ON
SER
VIC
ES20
1420
13C
ash
Flow
s Fro
m O
pera
ting
Act
iviti
es:
R
ecei
pts f
rom
Cus
tom
ers
1,25
8,22
0$
92,6
90$
14
9,59
5$
20,6
66$
1,
521,
171
$
1,
219,
887
$
P
aym
ents
to E
mpl
oyee
s(6
25,9
28)
(1
35,9
35)
(122
,824
)
(20,
879)
(9
05,5
66)
(663
,081
)
P
aym
ents
for E
mpl
oyee
Ben
efits
(191
,909
)
(10,
778)
-
-
(2
02,6
87)
(111
,604
)
P
aym
ents
to S
uppl
iers
(308
,518
)
(1,0
19)
(4,7
96)
(121
)
(314
,454
)
(1
95,4
21)
Net
Cas
h Pr
ovid
ed/(U
sed)
by
O
pera
ting
Act
iviti
es13
1,86
5
(5
5,04
2)
21,9
75
(3
34)
98
,464
24
9,78
1
Cas
h Fl
ows F
rom
Non
capi
tal F
inan
cing
Act
iviti
es:
Tran
sfer
to G
ener
al F
und
(147
,693
)
3,95
4
(3
,699
)
-
(1
47,4
38)
-
Net
Cas
h Pr
ovid
ed b
y N
onca
pita
l Fin
anci
ng
Act
iviti
es(1
47,6
93)
3,
954
(3,6
99)
-
(147
,438
)
-
Net
Incr
ease
/(Dec
reas
e) i
n C
ash
& C
ash
E
quiv
alen
ts(1
5,82
8)
(5
1,08
8)
18,2
76
(3
34)
(4
8,97
4)
249,
781
C
ash
& C
ash
Equi
vale
nts,
July
173
,468
620
(1
2,95
6)
60
,857
121,
989
(127
,792
)
Cas
h &
Cas
h Eq
uiva
lent
s, Ju
ne 3
0, 2
013
57,6
40$
(5
0,46
8)$
5,32
0$
60,5
23$
73
,015
$
12
1,98
9$
Rec
onci
liatio
n of
Ope
ratin
g In
com
e (L
oss)
147,
693
$
(3,9
54)
$
3,69
9$
-$
14
7,43
8$
10
0,70
6$
to C
ash
Prov
ided
/(Use
d) b
y O
pera
ting
Act
iviti
es:
Adj
ustm
ents
to R
econ
cile
Ope
ratin
g In
com
e/(L
oss)
in C
ash
Prov
ided
/(Use
d) b
y O
pera
ting
Act
iviti
es:
C
hang
e in
Ass
ets &
Lia
bilit
ies:
(In
crea
se)/D
ecre
ase
in A
ccou
nts R
ecei
vabl
e(1
70,4
07)
(4
7,13
4)
-
(3
34)
(2
17,8
75)
54,5
33
(
Incr
ease
)/Dec
reas
e in
Inte
rfund
Rec
eiva
ble
-
(3,3
34)
14,5
78
-
11
,244
-
I
ncre
ase/
(Dec
reas
e) in
Inte
rfund
Pay
able
162,
091
(620
)
3,69
8
-
165,
169
73,2
65.0
0
I
ncre
ase/
(Dec
reas
e) in
Acc
ount
s Pay
able
(7,5
12)
-
-
-
(7
,512
)
21,2
77
T
otal
Adj
ustm
ents
(15,
828)
(51,
088)
18
,276
(334
)
(48,
974)
14
9,07
5
Net
Cas
h Pr
ovid
ed/(U
sed)
by
Ope
ratin
g
Act
iviti
es13
1,86
5$
(5
5,04
2)$
21,9
75$
(3
34)
$
98
,464
$
24
9,78
1$
RE
CO
NC
ILIA
TIO
N O
F O
PER
AT
ING
INC
OM
E/(L
OSS
) TO
NE
T C
ASH
PR
OV
IDE
D/(U
SED
) BY
OPE
RA
TIN
G A
CT
IVIT
IES:
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TIN
TE
RN
AL
SE
RV
ICE
FU
ND
CO
MB
ININ
G S
TA
TE
ME
NT
OF
CA
SH F
LO
WS
AS
OF
JUN
E 3
0, 2
014
(With
Com
para
tive
Tot
als f
or J
une
30, 2
013)
GO
VER
NM
ENTA
L A
CTI
VIT
IES
127
This page intentionally left blank
128
H. Fiduciary Fund
129
This page intentionally left blank
130
EXHIBIT H-1
UNEMPLOYMENTCOMPENSATION PAYROLL STUDENT
ASSETS TRUST SCHOLARSHIP FUND ACTIVITY 2014 2013
Cash & Cash Equivalents 204,793$ 196,442$ 15,598$ 222,597$ 639,430$ 655,519$ Interfund Receivable - - - - - 5,123
Total Assets 204,793 196,442 15,598 222,597 639,430 660,642
LIABILITIES
Payroll Deductions & Withholdings - - 15,276 - 15,276 36,494 Due to Student Groups - - - 222,597 222,597 260,899 Interfund Payable - - 322 - 322 5,581
Total Liabilities - - 15,598 222,597 238,195 302,974
NET POSITION
Restricted for Unemployment Trust Claims & Other Purposes 204,793 - - - 204,793 158,642 Restricted for Scholarships - 196,442 - - 196,442 199,026
Total Net Position 204,793$ 196,442$ -$ -$ 401,235$ 357,668$
AGENCYPRIVATE PURPOSE
(With Comparative Totals for June 30, 2013)
KINGSWAY REGIONAL SCHOOL DISTRICTFIDUCIARY FUNDS
COMBINING STATEMENT OF FIDUCIARY NET POSITIONJUNE 30, 2014
131
EXHIBIT H-2
UNEMPLOYMENTCOMPENSATION
ADDITIONS: TRUST SCHOLARSHIPS 2014 2013
Local Sources: Contributions 17,895$ 1,100$ 17,895$ 1,600$ Board Contributions 50,000 - 50,000 100,000
Total Contributions 67,895 1,100 67,895 101,600
Investment Earnings: Interest on Investments 256 216 256 776
Total Investment Earnings 256 216 256 776
Total Additions 68,151 1,316 68,151 102,376
DEDUCTIONS:
Unemployment Claims 22,000 - 22,000 67,769 Scholarship Payments - 3,900 - 4,100
Total Deductions 22,000 3,900 22,000 71,869
Change in Net Position 46,151 (2,584) 46,151 30,507 Net Position - Beginning of Year 158,642 199,026 158,642 327,161
Net Position - End of Year 204,793$ 196,442$ 204,793$ 357,668$
(With Comparative Totals for June 30, 2013)
KINGSWAY REGIONAL SCHOOL DISTRICTFIDUCIARY FUND
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014
PRIVATE PURPOSE
132
EXHIBIT H-3
JULY 1, CASH CASH JUNE 30,2013 RECEIPTS DISBURSEMENTS 2014
Kingsway Regional High School 228,442$ 530,914$ 569,723$ 189,633$
Kingsway Regional Middle School 29,016 101,371 97,459 32,928
Kingsway Regional Athletics 3,441 98,585 101,990 36
Total 260,899$ 730,870$ 769,172$ 222,597$
EXHIBIT H-4
BALANCE BALANCEJULY 1, JUNE 30,
ASSETS 2013 ADDITIONS DELETIONS 2014
Cash & Cash Equivalents: Payroll Account 126$ 12,744,053$ 12,744,095$ 84$ Payroll Agency Account 31,703 8,535,682 8,551,871 15,514 Interfund Account Receivable 5,123 - 5,123 -
Total Assets 36,952$ 21,279,735$ 21,301,089$ 15,598$
LIABILITIES
Net Payroll -$ 12,744,095$ 12,744,095$ -$ Net Payroll Deductions & Withholdings 36,494 8,535,318 8,556,536 15,276 Interfund Account Payable 458 322 458 322
Total Liabilities 36,952$ 21,279,735$ 21,301,089$ 15,598$
PAYROLL AGENCY FUNDSCHEDULE OF RECEIPTS AND DISBURSEMENTS
FOR FISCAL YEAR ENDED JUNE 30, 2014
KINGSWAY REGIONAL SCHOOL DISTRICTSTUDENT ACTIVITY AGENCY FUND
SCHEDULE OF RECEIPTS AND DISBURSEMENTSFOR FISCAL YEAR ENDED JUNE 30, 2014
133
This page intentionally left blank
134
I. Long-Term Debt
Not Applicable
135
This page intentionally left blank
136
EXH
IBIT
I-1
BA
LAN
CE
BA
LAN
CE
AM
OU
NT
JUN
E 30
,R
EDEE
MED
/JU
NE
30,
DA
TE O
FO
FIN
TER
EST
2013
ISSU
EDR
EFU
ND
ED20
14
Con
stru
ctio
n of
Mid
dle
Scho
ol8/
17/2
004
16,9
14,0
00$
40
0,00
0$
-
$
400,
000
$
-
$
& R
enov
atio
ns to
Exi
stin
gSc
hool
Bui
ldin
g
2005
Sch
ool R
efun
ding
Bon
ds05
/15/
2005
15,7
80,0
0003
/01/
2015
-16
940,
000
4.00
0-5.
000%
11,1
75,0
00
-
790,
000
10
,385
,000
of 0
3/01
/199
9 Is
sue
03/0
1/20
1793
5,00
04.
000%
03/0
1/20
1898
0,00
04.
000%
03/0
1/20
1997
0,00
04.
000%
03/0
1/20
2096
0,00
04.
000%
03/0
1/20
211,
105,
000
4.15
0%03
/01/
2022
1,19
5,00
04.
200%
03/0
1/20
231,
185,
000
4.25
0%03
/01/
2024
1,17
5,00
04.
250%
2006
Sch
ool R
efun
ding
Bon
ds11
/21/
2006
9,07
5,00
001
/15/
15-2
018
25,0
004.
000%
8,82
5,00
0
-
25
,000
8,80
0,00
0
of 0
3/01
/200
4 Is
sue
01/1
5/20
18-2
130
,000
4.00
0%01
/15/
2022
-24
35,0
004.
000%
03/0
1/20
251,
235,
000
4.00
0%03
/01/
2026
1,23
0,00
04.
000%
03/0
1/20
271,
220,
000
4.12
5%03
/01/
2028
1,21
5,00
04.
125%
03/0
1/20
291,
210,
000
4.12
5%03
/01/
2030
1,20
0,00
04.
125%
03/0
1/20
311,
190,
000
4.12
5%
Serie
s 201
2 A
dditi
ons &
1/18
/201
222
,659
,000
02/0
1/20
1565
0,00
02.
500%
22,0
59,0
00
-
650,
000
21
,409
,000
Ren
ovat
ions
of E
xist
ing
Scho
ol02
/01/
2016
-17
675,
000
2.50
0%B
uild
ings
02/0
1/20
1870
0,00
02.
500%
02
/01/
2019
710,
000
2.50
0%02
/01/
2020
725,
000
2.50
0%02
/01/
2021
750,
000
2.50
0%02
/01/
2022
775,
000
2.50
0%02
/01/
2023
800,
000
2.50
0%02
/01/
2024
850,
000
3.00
0%02
/01/
2025
875,
000
3.00
0%02
/01/
2026
900,
000
3.00
0%02
/01/
2027
950,
000
3.00
0%02
/01/
2028
975,
000
3.00
0%02
/01/
2029
1,02
5,00
03.
000%
02/0
1/20
301,
075,
000
3.00
0%02
/01/
2031
1,12
5,00
03.
000%
02/0
1/20
321,
175,
000
3.12
5%02
/01/
2033
-36
1,20
0,00
03.
250-
3.50
0%02
/01/
2037
1,19
9,00
03.
500%
AN
NU
AL
MA
TUR
ITY
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
T L
ON
G-T
ER
M D
EB
TSC
HE
DU
LE
OF
SER
IAL
BO
ND
SJU
NE
30,
201
4
137
EXH
IBIT
I-1
BA
LAN
CE
BA
LAN
CE
AM
OU
NT
JUN
E 30
,R
EDEE
MED
/JU
NE
30,
DA
TE O
FO
FIN
TER
EST
2013
ISSU
EDR
EFU
ND
ED20
14A
NN
UA
L M
ATU
RIT
Y
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
T L
ON
G-T
ER
M D
EB
TSC
HE
DU
LE
OF
SER
IAL
BO
ND
SJU
NE
30,
201
4
Serie
s 201
2 R
efun
ding
Bon
ds
1/27
/201
25,
935,
000
01/1
5/15
470,
000
2.00
0%5,
835,
000
-
65,0
00
5,
770,
000
of
08/
17/2
004
Issu
e01
/15/
1656
0,00
03.
000%
01/1
5/17
555,
000
3.00
0%01
/15/
1854
5,00
02.
000%
01/1
5/19
635,
000
2.00
0%1/
15/2
020-
2161
5,00
02.
250-
4.00
0%01
/15/
2260
0,00
02.
500%
01/1
5/23
585,
000
3.00
0%01
/15/
2459
0,00
03.
831%
Tota
l48
,294
,000
$
-$
1,93
0,00
0$
46
,364
,000
$
138
EXH
IBIT
I-2
AM
OU
NT
AM
OU
NT
AM
OU
NT
INTE
RES
TO
FO
UTS
TAN
DIN
GIS
SUED
RET
IRED
OU
TSTA
ND
ING
DA
TE O
FTE
RM
OF
RA
TEO
RIG
INA
LJU
NE
30,
CU
RR
ENT
CU
RR
ENT
JUN
E 30
,
SE
RIE
SLE
ASE
LEA
SEPA
YA
BLE
ISSU
E20
13Y
EAR
YEA
R20
14
Tech
nolo
gy E
quip
men
t07
/15/
2010
5 Y
ears
3.17
%1,
500,
000
$
900,
000
$
-$
300,
000
$
600,
000
$
T
otal
900,
000
$
-$
300,
000
$
600,
000
$
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TL
ON
G-T
ER
M D
EB
TSC
HE
DU
LE
OF
OB
LIG
AT
ION
S U
ND
ER
CA
PIT
AL
LE
ASE
SJU
NE
30,
201
4
139
EXH
IBIT
I-3
NEG
ATI
VE
NEG
ATI
VE
OR
IGIN
AL
BU
DG
ETFI
NA
LFI
NA
L TO
OR
IGIN
AL
BU
DG
ETFI
NA
LFI
NA
L TO
BU
DG
ETTR
AN
SFER
SB
UD
GET
AC
TUA
LA
CTU
AL
BU
DG
ETTR
AN
SFER
SB
UD
GET
AC
TUA
LA
CTU
AL
Rev
enue
s: L
ocal
Sou
rces
:
Loc
al T
ax L
evy
3,03
9,31
8$
-$
3,
039,
318
$
3,03
9,31
8$
-
$
3,
108,
239
$
-$
3,
108,
239
$
3,10
8,23
9$
-
$
S
tate
Sou
rces
:
Deb
t Ser
vice
Aid
Typ
e II
552,
845
-
55
2,84
5
552,
845
-
63
5,90
2
-
63
5,90
2
635,
902
-
M
isce
llane
ous
-
-
-
-
-
-
-
-
16
,786
16
,786
Tot
al R
even
ues
3,59
2,16
3
-
3,
592,
163
3,59
2,16
3
-
3,
744,
141
-
3,
744,
141
3,76
0,92
7
16
,786
Expe
nditu
res:
Reg
ular
Deb
t Ser
vice
:
In
tere
st1,
662,
163
-
1,66
2,16
3
1,
662,
163
-
1,82
9,54
1
(1
04,0
00)
1,
725,
541
1,69
5,16
5
30
,376
Pr
inci
pal
1,93
0,00
0
-
1,
930,
000
1,93
0,00
0
-
1,
914,
600
104,
000
2,
018,
600
2,01
8,60
0
-
Tot
al E
xpen
ditu
res
3,59
2,16
3
-
3,
592,
163
3,59
2,16
3
-
3,
744,
141
-
3,
744,
141
3,71
3,76
5
30
,376
Exce
ss/(D
efic
ienc
y) o
f Rev
enue
s O
ver/(
Und
er) E
xpen
ditu
res
-
-
-
-
-
-
-
-
47
,162
47
,162
Fu
nd B
alan
ce Ju
ly 1
, 201
347
,162
-
47,1
62
47,1
62
-
-
-
-
-
-
Fund
Bal
ance
June
30,
201
447
,162
$
-
$
47,1
62$
47,1
62$
-$
-
$
-$
-
$
47
,162
$
47
,162
$
FOR
TH
E F
ISC
AL
YE
AR
S E
ND
ED
JU
NE
30,
201
4 A
ND
201
3
JUN
E 30
, 201
4JU
NE
30, 2
013
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TD
EB
T S
ER
VIC
E F
UN
DB
UD
GE
TA
RY
CO
MPA
RIS
ON
SC
HE
DU
LE
140
STATISTICAL SECTION (Unaudited)
141
This page intentionally left blank
142
EXH
IBIT
J-1
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Gov
ernm
enta
l Act
iviti
es:
N
et In
vest
men
t in
Cap
ital A
sset
s17
,827
,660
$
17,6
07,4
15$
16
,354
,079
$
8,71
7,23
5$
9,
449,
419
$
9,88
5,66
0$
10
,836
,455
$
9,81
6,86
7$
5,
411,
503
$
(2,7
74,4
84)
$
R
estri
cted
3,40
6,38
5
4,
725,
703
3,58
4,37
9
2,
733,
713
2,90
8,69
2
3,
904,
704
4,58
4,52
4
4,
872,
361
5,15
5,83
0
16
,798
,234
U
nres
trict
ed1,
100,
145
139,
963
53
,340
(1,0
31,8
40)
(1,2
36,9
04)
(929
,075
)
(1,0
80,6
26)
(852
,021
)
(1,0
73,9
46)
(755
,150
)
Tota
l Gov
ernm
enta
l Act
iviti
es
Net
Pos
ition
22,3
34,1
90$
22
,473
,081
$
19,9
91,7
98$
10
,419
,108
$
11,1
21,2
07$
12
,861
,289
$
14,3
40,3
53$
13
,837
,207
$
9,49
3,38
7$
13
,268
,600
$
Bus
ines
s-Ty
pe A
ctiv
ities
:
N
et In
vest
men
t in
Cap
ital A
sset
s10
,215
$
10,7
62$
41
,293
$
74,3
22$
10
6,66
7$
135,
707
$
14
2,25
3$
170,
703
$
52
,494
$
104,
988
$
Unr
estri
cted
391,
020
27
5,51
8
218,
608
12
9,75
2
38,5
42
39
0,26
2
427,
480
40
1,86
8
322,
985
25
3,48
3
Tota
l Bus
ines
s-Ty
pe A
ctiv
ities
N
et P
ositi
on40
1,23
5$
286,
280
$
25
9,90
1$
204,
074
$
14
5,20
9$
525,
969
$
56
9,73
3$
572,
571
$
37
5,47
9$
358,
471
$
Dis
trict
-Wid
e:
N
et In
vest
men
t in
Cap
ital A
sset
s17
,837
,875
$
17,6
18,1
77$
16
,395
,372
$
8,79
1,55
7$
9,
556,
086
$
10,0
21,3
67$
10
,978
,708
$
9,98
7,57
0$
5,
463,
997
$
(2,6
69,4
96)
$
R
estri
cted
3,40
6,38
5
4,
725,
703
3,58
4,37
9
2,
733,
713
2,90
8,69
2
3,
904,
704
4,58
4,52
4
4,
872,
361
5,15
5,83
0
16
,798
,234
U
nres
trict
ed1,
491,
165
415,
481
27
1,94
8
(902
,088
)
(1,1
98,3
62)
(538
,813
)
(653
,146
)
(450
,153
)
(750
,961
)
(501
,667
)
Tota
l Dis
trict
Net
Pos
ition
22,7
35,4
25$
22
,759
,361
$
20,2
51,6
99$
10
,623
,182
$
11,2
66,4
16$
13
,387
,258
$
14,9
10,0
86$
14
,409
,778
$
9,86
8,86
6$
13
,627
,071
$
FISC
AL
YEA
R E
ND
ING
JUN
E 30
,
KIN
GSW
AY
REG
ION
AL
SCH
OO
L D
ISTR
ICT
NET
PO
SITI
ON
BY
CO
MPO
NEN
TLA
ST T
EN F
ISC
AL
YEA
RS
(Acc
rual
Bas
is of
Acc
ount
ing)
143
EXH
IBIT
J-2
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Expe
nses
: G
over
nmen
tal A
ctiv
ities
In
struc
tion:
Reg
ular
12,5
36,2
45$
11,9
78,5
88$
11,2
43,2
22$
7,
878,
158
$
8,
763,
250
$
8,
789,
020
$
7,
546,
067
$
7,71
0,99
0$
6,82
8,00
4$
6,64
3,07
2$
Spe
cial
Edu
catio
n3,
317,
324
2,
965,
920
3,
056,
553
2,
194,
808
2,
149,
129
1,
955,
353
1,
756,
123
1,64
0,33
8
1,35
8,88
5
1,10
3,00
7
Oth
er In
struc
tion
5,99
2
40
1
4,85
0
56,1
62
31,2
61
31,2
89
9,67
7
2,
690
7,69
1
7,
325
S
choo
l Spo
nsor
ed1,
188,
826
1,
155,
925
1,
073,
294
75
5,01
1
1,
095,
130
1,
157,
586
98
4,29
6
983,
472
759,
215
738,
060
S
uppo
rt Se
rvic
es:
Tui
tion
2,04
5,70
4
2,09
7,42
8
1,65
8,41
2
1,86
2,67
4
1,72
9,18
7
1,56
6,99
0
1,34
7,85
6
1,
280,
284
1,
325,
259
1,
337,
573
S
tude
nt &
Instr
uctio
n R
elat
ed S
ervi
ces
3,98
0,59
0
3,50
4,32
4
3,24
9,06
7
2,13
2,38
7
2,21
2,31
1
2,09
7,25
1
1,92
9,46
7
1,
773,
372
1,
581,
452
1,
443,
468
S
choo
l Adm
inist
rativ
e Se
rvic
es1,
587,
333
1,
392,
634
1,
464,
383
1,
272,
945
1,
326,
729
1,
254,
410
1,
196,
511
1,07
6,29
1
1,01
1,85
6
997,
582
Gen
eral
& B
usin
ess A
dmin
istra
tive
Serv
ices
717,
954
682,
990
618,
884
537,
466
439,
397
410,
818
456,
780
42
6,56
9
43
5,40
9
42
2,73
4
C
entra
l Offi
ce &
Tec
hnol
ogy
Serv
ices
748,
669
825,
133
584,
884
569,
573
626,
864
615,
387
563,
748
62
4,71
8
46
6,85
0
50
4,17
8
P
lant
Ope
ratio
ns &
Mai
nten
ance
3,79
0,08
7
3,13
7,02
2
3,17
1,68
7
2,52
8,09
5
2,71
1,37
6
3,08
0,26
4
2,99
5,77
2
2,
795,
334
2,
287,
650
1,
857,
328
P
upil
Tran
spor
tatio
n3,
702,
236
3,
156,
947
3,
112,
014
2,
821,
829
3,
080,
396
2,
946,
272
3,
384,
766
3,18
2,15
5
2,94
8,60
2
2,83
0,67
7
Allo
cate
d B
enef
its-
-
-
4,40
8,27
9
4,71
6,00
7
4,80
8,10
5
4,37
6,66
2
3,
788,
563
-
-
U
nallo
cate
d B
enef
its-
-
-
1,94
0,70
8
1,68
6,11
1
1,63
9,60
6
2,17
9,47
8
2,
012,
548
4,
450,
911
3,
782,
342
Spe
cial
Sch
ools
-
-
-
-
-
-
-
19
,470
20
,683
19
,703
Inte
rest
on L
ong-
Term
Deb
t1,
838,
789
1,
715,
834
1,
448,
736
1,
245,
834
1,
287,
509
1,
324,
177
1,
357,
997
1,27
7,24
8
1,46
8,11
5
1,39
7,20
4
U
nallo
cate
d D
epre
ciat
ion
1,88
0,23
4
1,67
9,24
7
1,90
4,13
5
1,43
9,52
1
676,
384
675,
162
1,45
7,20
1
62
9,46
3
30
5,49
6
26
6,64
5
Cap
ital A
sset
Adj
ustm
ent
-
-
72,1
43
-
-
-
-
-
-
-
Am
ortiz
atio
n of
Deb
t Iss
uanc
e C
osts
-
10
2,26
8
75
,192
-
-
-
-
-
-
-
U
nallo
cate
d C
ompe
nsat
ed A
bsen
ces
417,
609
(94,
013)
26
5,95
7
-
-
-
-
-
-
-
T
otal
Gov
ernm
enta
l Act
iviti
es E
xpen
ses
37,7
57,5
92
34,3
00,6
48
33,0
03,4
13
31
,643
,450
32
,531
,041
32,3
51,6
90
31,5
42,4
01
29,2
23,5
05
25,2
56,0
78
23,3
50,8
98
Bus
ines
s-Ty
pe A
ctiv
ities
:
Com
mun
ity E
duca
tion
Prog
ram
13,2
66
16,4
09
13,8
32
2,91
2
-
-
-
-
-
-
Foo
d Se
rvic
e1,
155,
055
1,
046,
087
1,
042,
778
1,
003,
315
94
9,24
1
1,
005,
978
99
9,51
1
985,
159
741,
889
742,
926
Tota
l Bus
ines
s-Ty
pe A
ctiv
ities
Exp
ense
1,16
8,32
1
1,06
2,49
6
1,05
6,61
0
1,00
6,22
7
949,
241
1,00
5,97
8
999,
511
98
5,15
9
74
1,88
9
68
0,89
9
T
otal
Dist
rict E
xpen
ses
38,9
25,9
13$
35,3
63,1
44$
34,0
60,0
23$
32
,649
,677
$
33
,480
,282
$
33,3
57,6
68$
32,5
41,9
12$
30,2
08,6
64$
25,9
97,9
67$
24,0
31,7
97$
Prog
ram
Rev
enue
s: G
over
nmen
tal A
ctiv
ities
:
Cha
rges
for S
ervi
ces:
Pup
il Tr
ansp
orta
tion
-$
-
$
-$
94
3,22
1$
1,
184,
917
$
1,
055,
760
$
1,
623,
513
$
1,56
5,27
3$
1,39
7,35
1$
1,39
8,39
0$
O
pera
ting
Gra
nts &
Con
tribu
tions
1,74
2,38
0
1,16
5,35
4
1,10
4,91
2
1,13
4,11
4
1,09
1,33
3
1,13
5,86
8
1,07
5,72
5
1,
071,
949
1,
073,
525
1,
979,
700
Cap
ital G
rant
s & C
ontri
butio
ns45
6,63
3
43
6,80
3
44
9,71
1
-
-
-
-
-
-
-
Tota
l Gov
ernm
enta
l Act
iviti
es P
rogr
am
Rev
enue
s2,
199,
013
1,
602,
157
1,
554,
623
2,
077,
335
2,
276,
250
2,
191,
628
2,
699,
238
2,63
7,22
2
2,47
0,87
6
3,37
8,09
0
Bus
ines
s-Ty
pe A
ctiv
ities
:
Cha
rges
for S
ervi
ces:
Com
mun
ity E
duca
tion
Prog
ram
30,0
26
28,8
54
26,3
78
13,6
15.0
0
-
-
-
-
-
-
Foo
d Se
rvic
e96
2,52
1
84
2,29
5
83
7,86
4
87
2,76
6
82
2,76
9
79
8,79
6
77
3,20
9
702,
206
620,
217
563,
693
Tec
hnol
ogy
Serv
ices
-
-
16
,522
.00
-
-
-
-
-
-
-
O
pera
ting
Gra
nts &
Con
tribu
tions
291,
482
255,
493
230,
539
180,
597
172,
749
162,
759
136,
379
11
4,45
3
10
7,88
9
11
8,35
1
Tota
l Bus
ines
s Typ
e A
ctiv
ities
Pro
gram
R
even
ues
1,28
4,02
9
1,12
6,64
2
1,11
1,30
3
1,06
6,97
8
995,
518
961,
555
909,
588
81
6,65
9
72
8,10
6
68
2,04
4
Tota
l Dist
rict P
rogr
am R
even
ues
3,48
3,04
2$
2,72
8,79
9$
2,66
5,92
6$
3,14
4,31
3$
3,27
1,76
8$
3,15
3,18
3$
3,60
8,82
6$
3,
453,
881
$
3,
198,
982
$
4,
060,
134
$
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TC
HA
NG
ES
IN N
ET
PO
SIT
ION
- (A
CC
RU
AL
BA
SIS
OF
AC
CO
UN
TIN
G)
LA
ST T
EN
FIS
CA
L Y
EA
RS
FISC
AL
YEA
R E
ND
ING
JUN
E 30
,
144
EXH
IBIT
J-2
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TC
HA
NG
ES
IN N
ET
PO
SIT
ION
- (A
CC
RU
AL
BA
SIS
OF
AC
CO
UN
TIN
G)
LA
ST T
EN
FIS
CA
L Y
EA
RS
FISC
AL
YEA
R E
ND
ING
JUN
E 30
,
Net
/(Exp
ense
)/Rev
enue
:
Gov
ernm
enta
l Act
iviti
es(3
5,55
8,57
9)$
(3
2,69
8,49
1)$
(3
1,44
8,79
0)$
(2
9,56
6,11
5)$
(3
0,25
4,79
1)$
(3
0,16
0,06
2)$
(2
8,84
3,16
3)$
(2
6,58
6,28
3)$
(2
2,78
5,20
2)$
(1
9,97
2,80
8)$
Bus
ines
s-Ty
pe A
ctiv
ities
115,
708
64,1
46
54,6
93
60,7
51
46,2
77
(44,
423)
(8
9,92
3)
(168
,500
)
(1
3,78
3)
1,
145
T
otal
Dist
rict-W
ide
Net
Exp
ense
(35,
442,
871)
$
(32,
634,
345)
$
(31,
394,
097)
$
(29,
505,
364)
$
(30,
208,
514)
$
(30,
204,
485)
$
(28,
933,
086)
$
(26,
754,
783)
$
(22,
798,
985)
$
(19,
971,
663)
$
Gen
eral
Rev
enue
s & O
ther
Cha
nges
in N
et P
ositi
on:
Gov
ernm
enta
l Act
iviti
es:
P
rope
rty T
axes
Lev
ied
for G
ener
al
P
urpo
ses,
Net
17,4
31,7
70$
17,0
89,9
71$
16,3
23,6
59$
15
,536
,649
$
14
,194
,655
$
13,2
48,4
25$
13,0
10,6
90$
13,4
02,7
16$
9,88
3,96
9$
9,36
7,55
6$
T
axes
Lev
ied
for D
ebt S
ervi
ce3,
039,
318
3,
108,
239
1,
888,
351
1,
803,
669
1,
703,
432
1,
688,
110
1,
627,
323
1,68
3,65
9
2,08
1,89
6
634,
775
U
nres
trict
ed G
rant
s & C
ontri
butio
ns11
,491
,582
11
,779
,848
18
,533
,839
8,88
3,64
0
7,34
3,34
3
8,76
3,00
2
8,34
6,30
6
8,
014,
904
7,
322,
645
6,
156,
554
Tui
tion
Rec
eive
d3,
360,
599
2,
855,
074
2,
798,
202
3,
332,
156
4,
342,
882
4,
587,
891
4,
623,
432
4,16
8,92
4
3,79
0,80
8
3,53
2,37
7
In
vestm
ent E
arni
ngs
7,09
8
11
,659
-
39,1
78
88,3
75
123,
493
205,
915
25
6,41
8
32
9,00
9
31
3,29
6
Misc
ella
neou
s Inc
ome
350,
533
319,
044
379,
629
269,
421
173,
387
215,
139
162,
927
13
9,02
9
16
8,50
9
11
4,08
1
Tra
nspo
rtatio
n Fe
es fr
om O
ther
LEA
's W
ithin
Sta
te-
-
57
,034
15
,912
19
9,12
2
10
6,63
7
28
3,14
4
235,
697
178,
047
201,
956
T
rans
fers
-
-
-
-
425,
600
-
(8
7,50
0)
(163
,000
)
(2
6,05
0)
(5
9,60
0)
Net
Pro
ceed
s of B
ond
Sale
-
-
-
-
-
-
-
(6
75,0
00)
-
-
C
ance
llatio
n of
Acc
ount
Rec
eiva
bles
/
P
ayab
les
14,9
56
(583
)
-
-
-
-
-
-
-
-
Net
(Inc
reas
e)/D
ecre
ase
in
Com
pens
ated
Abs
ence
s-
-
-
(32,
419)
11,2
40
55,8
80
97,4
71
115,
983
65,1
32
-
Net
(Inc
reas
e)/D
ecre
ase
in
Cap
ital A
sset
s-
-
-
(984
,190
)
32
,671
18
2,50
3
2,
399,
830
2,75
1,77
5
(3,7
83,9
74)
1,
849,
634
T
otal
Gov
ernm
enta
l Act
iviti
es35
,695
,856
35
,163
,252
39
,980
,714
28,8
64,0
16
28,5
14,7
07
28
,971
,080
30
,669
,538
29
,931
,105
20
,009
,991
22
,110
,629
Bus
ines
s-Ty
pe A
ctiv
ities
:
Inve
stmen
t Ear
ning
s94
8
1,62
7
1,
383
85
0
867
556
2,
518
5,73
0
4,
643
1,36
9
T
rans
fers
-
-
-
-
(425
,600
)
-
87,5
00
163,
000
26,0
50
59,6
00
C
ontri
bute
d C
apita
l-
-
-
-
-
-
-
199,
154
-
-
N
et (I
ncre
ase)
/Dec
reas
e in
C
apita
l Ass
ets
4,38
9
-
-
-
958
-
-
-
-
-
Net
(Inc
reas
e)/D
ecre
ase
in
Com
pens
ated
Abs
ence
s(6
,090
)
(22,
872)
(2
48)
(2,7
37)
(3
,262
)
102
(2
,933
)
(2,2
90)
99
(2
,729
)
T
otal
Bus
ines
s-Ty
pe A
ctiv
ities
(753
)
(2
1,24
5)
1,13
5
(1,8
87)
(4
27,0
37)
658
87
,085
36
5,59
4
30
,792
58
,240
Tota
l Dist
rict-W
ide
35,6
95,1
03$
35,1
42,0
07$
39,9
81,8
49$
28
,862
,129
$
28
,087
,670
$
28,9
71,7
38$
30,7
56,6
23$
30,2
96,6
99$
20,0
40,7
83$
22,1
68,8
69$
Cha
nge
in N
et P
ositi
on:
G
over
nmen
tal A
ctiv
ities
137,
277
$
2,46
4,76
1$
8,53
1,92
4$
(702
,099
)$
(1
,740
,084
)$
(1,1
88,9
82)
$
1,
826,
375
$
3,34
4,82
2$
(2,7
75,2
11)
$
2,
137,
821
$
Bus
ines
s-Ty
pe A
ctiv
ities
114,
955
42,9
01
55,8
28
58,8
64
(380
,760
)
(4
3,76
5)
(2,8
38)
19
7,09
4
17
,009
59
,385
T
otal
Dist
rict
252,
232
$
2,50
7,66
2$
8,58
7,75
2$
(643
,235
)$
(2
,120
,844
)$
(1,2
32,7
47)
$
1,
823,
537
$
3,54
1,91
6$
(2,7
58,2
02)
$
2,
197,
206
$
145
EXH
IBIT
J-3
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Gen
eral
Fun
d:
Res
trict
ed3,
873,
976
$
4,40
6,07
6$
3,
584,
379
$
2,
728,
509
$
2,85
8,69
2$
3,
943,
036
$
4,
584,
524
$
4,83
9,29
4$
4,
408,
975
$
4,13
0,73
6$
A
ssig
ned
87,1
49
319,
627
-
-
-
-
-
-
-
-
U
nass
igne
d-
-
-
759,
943
55
2,73
1
659,
534
530,
489
22
6,94
8
141,
609
37
7,19
9
Tota
l Gen
eral
Fun
d3,
961,
125
$
4,72
5,70
3$
3,
584,
379
$
3,
488,
452
$
3,41
1,42
3$
4,
602,
570
$
5,
115,
013
$
5,06
6,24
2$
4,
550,
584
$
4,50
7,93
5$
All
Oth
er G
over
nmen
tal F
unds
:
Res
trict
ed2,
513,
829
$
3,77
7,42
5$
25
,422
,409
$
5,20
4$
50,0
00$
(3
8,33
2)$
-
$
33
,067
$
1,56
4,30
6$
11
,032
,165
$
C
omm
itted
131,
008
4,
424,
528
-
-
-
-
-
-
-
-
Una
ssig
ned,
Rep
orte
d in
:
S
peci
al R
even
ue F
und
-
-
-
-
-
-
-
-
-
(2,0
15)
C
apita
l Pro
ject
s Fun
d-
-
-
(299
,600
)
(449
,600
)
-
-
-
15
0,78
9
2,00
1,97
7
Deb
t Ser
vice
Fun
d47
,162
47
,162
-
-
5,
204
-
-
-
42,0
20
-
Tota
l All
Oth
er G
over
nmen
tal
F
unds
2,69
1,99
9$
8,
249,
115
$
25,4
22,4
09$
(2
94,3
96)
$
(3
94,3
96)
$
(3
8,33
2)$
-
$
33
,067
$
1,75
7,11
5$
13
,032
,127
$
FISC
AL
YEA
R E
ND
ING
JUN
E 30
, 201
3
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TFU
ND
BA
LA
NC
ES
AN
D G
OV
ER
NM
EN
TA
L F
UN
DS
LA
ST T
EN
FIS
CA
L Y
EA
RS
(Mod
ified
Acc
rual
Bas
is o
f Acc
ount
ing)
146
EXH
IBIT
J-4
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Rev
enue
s:
Tax
es L
ocal
20,4
71,0
88$
20,1
98,2
10$
18
,212
,010
$
17,3
40,3
16$
15
,898
,087
$
14,9
36,5
35$
14
,638
,013
$
15,0
86,3
75$
11,9
65,8
65$
10
,002
,331
$
T
uitio
n C
harg
es3,
360,
599
2,
855,
074
2,
798,
202
3,33
2,15
6
4,
342,
882
4,58
7,89
1
4,
623,
432
4,16
8,92
4
3,79
0,80
8
3,53
2,37
7
Tra
nspo
rtatio
n-
-
57,0
34
15
,912
199,
122
10
6,63
7
283,
144
23
5,69
7
17
8,04
7
20
1,95
6
M
isce
llane
ous
357,
631
330,
703
379,
629
30
8,59
9
261,
762
33
8,63
2
368,
843
39
5,46
9
49
7,51
8
42
7,37
7
L
ocal
Sou
rces
-
-
-
9,
625
8,
407
17
,592
17,0
00.0
0
-
-
-
Sta
te S
ourc
es11
,494
,211
11
,785
,650
18,2
54,3
64
9,
290,
613
6,90
6,83
2
9,
447,
830
9,03
1,93
6
8,
699,
321
8,
058,
662
7,
786,
313
F
eder
al S
ourc
es45
4,00
4
43
1,00
1
72
9,18
6
717,
516
1,
673,
401
433,
448
37
3,09
5
386,
510
337,
508
349,
942
T
otal
Rev
enue
36,1
37,5
33
35,6
00,6
38
40
,430
,425
31,0
14,7
37
29
,290
,493
29,8
68,5
65
29
,335
,463
28,9
72,2
96
24,8
28,4
08
22
,300
,296
Expe
nditu
res:
Ins
truct
ion:
R
egul
ar In
stru
ctio
n8,
764,
411
8,
277,
245
7,
735,
128
7,78
4,18
0
8,
221,
599
8,27
1,05
4
7,
470,
528
7,24
1,43
8
6,42
6,63
8
6,26
1,39
0
Spe
cial
Edu
catio
n In
stru
ctio
n2,
418,
182
2,
083,
582
2,
220,
282
2,18
6,00
2
2,
136,
896
1,94
3,14
0
1,
755,
367
1,62
8,70
6
1,34
0,20
9
1,08
6,60
9
Oth
er In
stru
ctio
nal
5,99
2
40
1
4,
850
56
,162
31,2
61
31
,289
9,67
7
2,69
0
7,
691
7,
325
Sch
ool S
pons
ored
1,07
8,46
0
1,04
7,62
1
970,
645
66
3,09
2
804,
335
86
7,21
7
896,
704
74
7,46
7
70
6,85
8
69
0,23
4
Supp
ort S
ervi
ces:
T
uitio
n2,
045,
704
2,
097,
428
1,
658,
412
1,86
2,67
4
1,
729,
187
1,56
6,99
0
1,
347,
856
1,28
0,28
4
1,32
5,25
9
1,33
7,57
3
Stu
dent
& In
stru
ctio
n
R
elat
ed S
ervi
ces
2,69
6,62
3
2,24
4,35
2
2,05
4,87
9
2,
125,
940
2,11
4,30
1
1,
999,
922
1,92
0,91
4
1,
679,
388
1,
507,
394
1,
376,
939
S
choo
l Adm
inis
trativ
e
S
ervi
ces
1,45
7,91
7
1,26
5,63
6
1,34
4,01
6
1,
270,
985
1,30
7,19
5
1,
237,
037
1,18
4,38
4
1,
056,
791
99
2,86
9
97
9,16
9
G
ener
al &
Bus
ines
s
A
dmin
istra
tion
Serv
ices
1,18
6,76
3
1,28
2,66
0
1,09
8,70
3
1,
056,
420
1,02
0,53
2
98
1,07
5
990,
699
1,
011,
679
86
6,15
2
89
9,57
7
P
lant
Ope
ratio
ns &
Mai
nten
ance
2,89
3,13
3
2,40
0,57
4
2,47
4,27
7
2,
488,
072
2,65
4,49
0
3,
026,
315
2,96
3,46
6
2,
747,
111
2,
251,
361
1,
822,
571
P
upil
Tran
spor
tatio
n2,
269,
025
2,
058,
100
1,
865,
474
1,74
0,21
2
1,
755,
960
1,74
2,69
1
1,
612,
110
1,46
7,74
0
1,43
7,36
6
1,29
1,98
6
Allo
cate
d B
enef
its4,
891,
551
4,
037,
238
4,
489,
690
4,40
8,27
9
4,
716,
007
4,80
8,10
5
4,
391,
316
3,78
8,56
3.00
-
-
U
nallo
cate
d B
enef
its2,
318,
258
3,
037,
827
2,
215,
982
1,94
0,70
8
1,
686,
111
1,63
9,60
6
2,
164,
825
2,01
2,54
8
4,45
0,91
1
3,78
2,34
2
(Mod
ified
Acc
rual
Bas
is of
Acc
ount
ing)
LAST
TEN
FIS
CA
L Y
EAR
SC
HA
NG
ES IN
FU
ND
BA
LAN
CES
, GO
VER
NM
ENTA
L FU
ND
S, K
ING
SWA
Y R
EGIO
NA
L SC
HO
OL
DIS
TRIC
T
147
EXH
IBIT
J-4
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
(Mod
ified
Acc
rual
Bas
is of
Acc
ount
ing)
LAST
TEN
FIS
CA
L Y
EAR
SC
HA
NG
ES IN
FU
ND
BA
LAN
CES
, GO
VER
NM
ENTA
L FU
ND
S, K
ING
SWA
Y R
EGIO
NA
L SC
HO
OL
DIS
TRIC
T
Expe
nditu
res (
cont
inue
d):
Spec
ial S
choo
ls-
-
-
-
-
-
-
19,4
70
20,6
83
19
,703
Cap
ital o
utla
y7,
003,
439
18
,356
,424
6,16
0,54
2
2,
233,
077
776,
393
33
1,34
6
508,
784
2,
988,
071
12
,845
,130
8,94
0,52
1
D
ebt s
ervi
ce:
P
rinci
pal
1,93
0,00
0
2,01
8,60
0
1,31
0,00
0
1,
260,
000
1,07
0,00
0
1,
035,
000
935,
000
1,
035,
000
1,
045,
000
50
0,00
0
In
tere
st &
Oth
er C
harg
es1,
662,
163
1,
695,
165
1,
214,
657
1,26
4,53
1
1,
302,
106
1,33
7,93
8
1,
370,
712
1,31
0,73
8
1,68
5,74
3
811,
825
T
otal
Exp
endi
ture
s42
,621
,621
51
,902
,853
36,8
17,5
37
32
,340
,334
31,3
26,3
73
30
,818
,725
29,5
22,3
42
30
,017
,684
36
,909
,264
29,8
07,7
64
Exce
ss (D
efic
ienc
y) o
f Rev
enue
s
Ove
r/(U
nder
) Exp
endi
ture
s(6
,484
,088
)
(16,
302,
215)
3,61
2,88
8
(1
,325
,597
)
(2
,035
,880
)
(9
50,1
60)
(1
86,8
79)
(1
,045
,388
)
(12,
080,
856)
(7,5
07,4
68)
Oth
er F
inan
cing
Sou
rces
/(Use
s):
B
ond
Proc
eeds
-
-
22
,659
,000
-
-
-
-
-
-
-
B
ond
Ant
icip
atio
n N
ote
-
15
3,60
0
14
6,00
0
-
-
-
-
-
-
-
C
apita
l Lea
ses
(N
onbu
dget
ed)
-
-
-
1,50
0,00
0
-
-
-
-
872,
527
-
Can
cella
tion
of A
ccou
nt P
ayab
le14
,956
15
,550
-
-
-
-
-
-
-
-
Can
cella
tion
of A
ccou
nt R
ecei
vabl
e-
(16,
133)
-
-
-
-
-
-
-
-
Tra
nsfe
rs in
147,
438
151,
392
-
15
0,00
1
480,
803
1
1
1
338,
366
184,
086
Tra
nsfe
rs O
ut-
(3
4,16
4)
-
(1)
(55,
203)
(1
)
(8
7,50
1)
(163
,001
)
(3
64,4
16)
(2
43,6
86)
Tota
l Oth
er F
inan
cing
Sou
rces
/
(Use
s)16
2,39
4
27
0,24
5
22
,805
,000
1,65
0,00
0
42
5,60
0
-
(87,
500)
(1
63,0
00)
846,
477
(59,
600)
Net
Cha
nge
in F
und
Bal
ance
s(6
,321
,694
)$
(16,
031,
970)
$
26,4
17,8
88$
32
4,40
3$
(1,6
10,2
80)
$
(950
,160
)$
(274
,379
)$
(1,2
08,3
88)
$
(1
1,23
4,37
9)$
(7
,567
,068
)$
Deb
t Ser
vice
as a
Per
cent
age
of
Non
capi
tal E
xpen
ditu
res
10.0
9%11
.07%
8.23
%7.
92%
7.77
%7.
58%
8.07
%9.
96%
5.79
%6.
39%
Sour
ce: D
istri
ct R
ecor
ds
148
EXH
IBIT
J-5
FISC
AL
SPO
RTI
NG
YEA
RIN
TER
EST
PRIO
REV
ENTS
DR
IVER
'SST
UD
ENT
END
ING
FAC
ILIT
YO
NY
EAR
GA
TEED
UC
ATI
ON
PAR
TIC
IPA
TIO
NJU
NE
30,
USA
GE
INV
ESTM
ENTS
REF
UN
DS
REC
EIPT
SFE
ESFE
ESM
ISC
ELLA
NEO
US
TOTA
L
2014
62,7
96$
7,09
8$
31,5
76$
23,0
68$
-
$
96,3
27$
12
0,05
8$
340,
923
$
2013
43,8
06
11,6
59
16
,693
17
,611
-
12
3,00
0
55,3
99
26
8,16
8
20
1261
,587
19
,349
55,9
02
19,5
21
-
122,
680
92
,333
371,
372
2011
58,4
76
39,1
78
3,
747
24
,849
-
-
182,
349
30
8,59
9
20
1048
,195
88
,375
7,32
1
27,1
69
-
-
90
,702
261,
762
2009
17,6
64.0
0
123,
493
3,
213
17
,664
-
-
176,
598
33
8,63
2
20
08-
205,
915
11
,377
27
,700
-
-
123,
850
36
8,84
2
20
07-
256,
418
2,
701
15
,740
14,6
85
-
96,8
86
38
6,43
0
20
06-
247,
131
1,
258
19
,770
29,5
75
-
117,
906
41
5,64
0
20
05-
129,
210
3,
661
23
,861
21,4
20
-
65,1
39
24
3,29
1
Sour
ce: D
istri
ct re
cord
s
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TG
EN
ER
AL
FU
ND
- O
TH
ER
LO
CA
L R
EV
EN
UE
BY
SO
UR
CE
LA
ST T
EN
FIS
CA
L Y
EA
RS
(Mod
ified
Acc
rual
Bas
is o
f Acc
ount
ing)
149
EXH
IBIT
J-6
FISC
AL
TOTA
LA
CTU
AL
YEA
R
TOTA
LN
ETD
IREC
T(C
OU
NTY
END
EDV
AC
AN
TFA
RM
ASS
ESSE
DPU
BLIC
VA
LUA
TIO
NSC
HO
OL
EQU
ALI
ZED
)JU
NE
30,
LAN
DR
ESID
ENTI
AL
REG
.Q
FAR
MC
OM
MER
CIA
LIN
DU
STR
IAL
APA
RTM
ENT
VA
LUE
UTI
LITI
ESTA
XA
BLE
TAX
RA
TEV
ALU
E
Eas
t Gre
enw
ich
Tow
nshi
p20
1414
,104
,900
$
92
4,52
8,70
0$
23
,001
,600
$
2,71
2,70
0$
54
,274
,600
$
16,4
59,2
00$
1,
916,
500
$
1,03
6,99
8,20
0$
1,
266,
142
$
1,03
8,26
4,34
2$
0.
726
1,07
9,79
7,68
6$
20
1317
,930
,100
91
0,80
7,40
0
23
,975
,400
2,74
9,20
0
54
,269
,400
16,9
52,5
00
2,
159,
800
1,02
8,84
3,80
0
1,
470,
197
1,03
0,31
3,99
7
0.
720
1,09
2,83
3,68
3
20
1223
,442
,400
88
9,14
9,60
0
26
,804
,000
2,75
3,70
0
55
,217
,900
16,9
65,7
00
2,
159,
800
1,01
6,49
3,10
0
1,
619,
410
1,01
8,11
2,51
0
0.
708
1,13
8,04
6,18
0
20
1111
,189
,900
55
3,67
9,12
0
13
,521
,100
2,50
1,20
0
27
,839
,800
12,6
96,0
00
1,
799,
600
623,
226,
720
93
8,95
1
624,
165,
671
1.
115
1,14
7,45
0,03
6
20
1015
,368
,950
52
5,32
5,52
0
14
,300
,100
2,53
3,25
0
28
,051
,700
13,0
29,3
00
1,
799,
600
600,
408,
420
1,
115,
561
601,
523,
981
1.
080
1,15
7,75
8,36
3
20
0920
,274
,050
48
6,60
1,72
0
15
,097
,500
2,54
8,25
0
28
,096
,200
13,0
29,3
00
1,
799,
600
567,
446,
620
1,
053,
782
568,
500,
402
1.
074
1,11
4,58
5,73
6
20
0824
,720
,000
-
-
-
-
-
-
24,7
20,0
00
1,83
0,91
8
26
,550
,918
1.
158
1,02
9,78
4,49
6
20
0725
,575
,800
-
-
-
-
-
-
25,5
75,8
00
895,
424
26
,471
,224
1.
229
880,
402,
990
20
0635
,843
,020
-
-
-
-
-
-
35,8
43,0
20
902,
448
36
,745
,468
1.
203
728,
406,
176
20
0510
9,79
7,60
0
-
-
-
-
-
-
10
9,79
7,60
0
1,03
3,99
7
11
0,83
1,59
7
1.08
0
59
6,09
8,00
0
Sout
h H
arri
son
Tow
nshi
p20
148,
852,
800
299,
016,
400
34,5
66,6
00
3,
695,
400
21,4
37,3
00
-
-
36
7,56
8,50
0
521,
058
36
8,08
9,55
8
0.85
1
36
5,48
7,58
0
2013
10,6
92,1
00
328,
052,
400
38,6
52,8
00
3,
701,
000
23,7
85,5
00
-
-
40
4,88
3,80
0
703,
216
40
5,58
7,01
6
0.73
8
36
6,22
5,20
4
2012
12,4
12,2
00
323,
062,
100
42,3
37,0
00
3,
622,
100
23,6
94,3
00
-
-
40
5,12
7,70
0
743,
659
40
5,87
1,35
9
0.69
4
37
1,16
7,39
7
2011
13,3
69,5
00
317,
392,
500
43,4
81,0
00
3,
686,
500
24,0
13,8
00
-
-
40
1,94
3,30
0
782,
657
40
2,72
5,95
7
0.64
4
38
3,25
9,32
7
2010
13,7
94,5
00
316,
892,
600
43,3
21,2
00
4,
766,
800
21,3
13,9
00
-
-
40
0,08
9,00
0
978,
729
40
1,06
7,72
9
0.61
2
37
2,66
1,16
3
2009
6,93
4,70
0
18
4,09
0,00
0
27
,418
,300
2,67
5,10
0
8,
322,
300
-
-
22
9,44
0,40
0
581,
640
23
0,02
2,04
0
1.00
8
38
2,27
3,24
2
2008
6,87
2,10
0
-
-
-
-
-
-
6,87
2,10
0
51
8,28
3
7,39
0,38
3
1.
013
371,
852,
725
20
076,
337,
100
-
-
-
-
-
-
6,
337,
100
485,
985
6,
823,
085
1.14
0
34
8,30
1,70
0
2006
35,9
96,3
00
-
-
-
-
-
-
35
,996
,300
51
8,14
5
36,5
14,4
45
1.16
2
28
6,76
0,35
2
2005
49,6
14,9
00
-
-
-
-
-
-
49
,614
,900
57
0,94
3
50,1
85,8
43
1.04
2
25
5,52
2,33
9
Bor
ough
of S
wed
esbo
ro20
141,
516,
500
146,
211,
800
-
25
,300
34,2
04,5
00
1,
663,
900
1,
122,
400
184,
744,
400
1,
703,
659
186,
448,
059
0.
867
181,
333,
040
20
131,
962,
600
148,
474,
600
-
24
,700
34,9
01,0
00
1,
695,
500
1,
122,
400
188,
180,
800
1,
833,
117
190,
013,
917
0.
870
192,
277,
907
20
122,
146,
800
148,
633,
300
-
24
,700
35,7
97,6
00
1,
695,
500
1,
122,
400
189,
420,
300
2,
354,
496
191,
774,
796
0.
785
197,
364,
832
20
112,
511,
200
147,
909,
300
-
24
,700
.00
35,8
40,6
00
1,
695,
500
1,
122,
400
189,
103,
700
2,
399,
420
191,
503,
120
0.
713
202,
130,
113
20
102,
218,
200
72,8
47,7
00
-
-
13
,511
,400
902,
800
1,00
0,70
0
90
,480
,800
1,
123,
014
91,6
03,8
14
1.40
3
19
3,46
3,77
0
2009
2,67
0,60
0
69
,283
,500
-
-
13,4
89,6
00
90
2,80
0
1,
000,
700
87,3
47,2
00
1,12
2,89
8
88
,470
,098
1.
304
187,
421,
942
20
083,
807,
000
-
-
-
-
-
-
3,
807,
000
1,36
9,05
1
5,
176,
051
1.33
7
15
8,51
5,15
2
2007
4,35
2,80
0
-
-
-
-
-
-
4,35
2,80
0
1,
474,
720
5,82
7,52
0
1.
371
140,
236,
957
20
061,
929,
600
-
-
-
-
-
-
1,
929,
600
1,79
1,01
3
3,
720,
613
1.28
3
10
8,81
1,94
0
2005
18,1
52,9
00
-
-
-
-
-
-
18
,152
,900
2,
118,
333
20,2
71,2
33
1.19
6
96
,161
,600
Woo
lwic
h T
owns
hip
2014
17,4
21,3
00
923,
944,
400
18,4
81,4
00
4,
344,
600
51,7
71,1
00
44
,073
,200
22,2
29,8
00
1,08
2,26
5,80
0
1,
901,
162
1,08
4,16
6,96
2
0.
798
1,11
0,61
4,10
8
20
1319
,999
,300
90
5,09
7,60
0
20
,677
,300
4,29
1,50
0
55
,082
,700
45,9
53,2
00
22
,229
,800
1,
073,
331,
400
2,30
3,22
8
1,
075,
634,
628
0.76
7
1,
099,
949,
222
2012
15,1
10,9
00
543,
765,
600
14,1
30,2
00
4,
968,
700
25,1
46,4
00
21
,639
,600
7,70
1,10
0
63
2,46
2,50
0
1,36
9,35
0
63
3,83
1,85
0
1.20
7
1,
150,
834,
822
2011
17,2
00,9
00
534,
786,
500
14,2
80,8
00
4,
979,
500
24,1
87,9
00
23
,097
,100
8,74
1,40
0
62
7,27
4,10
0
1,27
9,78
2
62
8,55
3,88
2
1.09
0
1,
188,
696,
871
2010
20,0
88,0
00
526,
066,
000
14,0
63,4
00
4,
954,
300
21,9
96,9
00
23
,006
,100
8,74
1,40
0
61
8,91
6,10
0
1,54
3,33
5
62
0,45
9,43
5
1.02
9
1,
207,
715,
607
2009
23,3
10,9
00
-
14,1
72,7
00
4,
975,
600
45,1
69,8
00
-
12,6
11,3
00
100,
240,
300
1,
409,
722
101,
650,
022
0.
943
1,24
4,29
0,40
5
20
0825
,487
,400
-
-
-
-
-
-
25,4
87,4
00
1,27
6,72
9
26
,764
,129
0.
903
1,18
8,59
2,29
1
20
0720
,050
,700
-
-
-
-
-
-
20,0
50,7
00
1,28
2,22
7
21
,332
,927
0.
951
1,04
9,58
3,00
6
20
0640
,001
,600
-
-
-
-
-
-
40,0
01,6
00
1,31
1,72
2
41
,313
,322
0.
937
852,
888,
629
20
0599
,070
,300
-
-
-
-
-
-
99,0
70,3
00
1,50
1,00
2
10
0,57
1,30
2
0.83
3
66
2,47
0,06
6
Sour
ce:
Cou
nty
Abs
tract
if R
atab
les
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TA
SSE
SSE
D V
AL
UE
AN
D A
CT
UA
L V
AL
UE
OF
TA
XA
BL
E P
RO
PER
TY
,L
AST
TE
N F
ISC
AL
YE
AR
S
150
EXHIBIT J-7
TOTALFISCAL YEAR COUNTY DIRECT &
ENDED LOCAL REGIONAL TOTAL GLOUCESTER COUNTY OPEN OVERLAPPINGJUNE 30, SCHOOL SCHOOL DIRECT MUNICIPALITY COUNTY LIBRARY SPACE TAX RATE
East Greenwich Township2014 1.150 0.726 1.876 0.327 0.600 0.047 0.042 2.8922013 1.090 0.720 1.810 0.320 0.596 0.046 0.044 2.8162012 1.018 0.708 1.726 0.301 0.571 0.047 0.045 2.6902011 1.611 1.115 2.726 0.416 0.920 0.075 0.074 4.2112010 1.618 1.080 2.698 0.390 0.980 0.077 0.077 4.2222009 1.527 1.074 2.601 0.374 1.156 - - 4.1312008 1.542 1.158 2.700 0.364 1.173 - - 4.2372007 1.467 1.229 2.696 0.327 1.060 - - 4.0832006 1.485 1.202 2.687 0.327 1.012 - - 4.0262005 1.508 1.080 2.588 0.188 0.975 - - 3.751
South Harrison Township2014 0.999 0.851 1.850 0.198 0.564 0.045 0.040 2.6972013 0.889 0.738 1.627 0.171 0.508 0.039 0.037 2.3822012 0.874 0.694 1.568 0.177 0.467 0.039 0.037 2.2882011 0.861 0.644 1.505 0.175 0.475 0.039 0.038 2.2322010 0.842 0.612 1.454 0.101 0.474 0.038 0.038 2.1052009 1.404 1.008 2.412 0.176 0.989 - - 3.5772008 1.378 1.013 2.391 0.177 0.994 - - 3.5622007 1.357 1.139 2.496 0.149 0.980 - - 3.6252006 1.142 1.160 2.302 0.099 0.917 - - 3.3182005 1.130 1.042 2.172 0.097 0.920 - - 3.189
Borough of Swedesboro2014 1.324 0.867 2.191 0.833 0.559 0.044 0.039 3.6662013 1.279 0.870 2.149 0.802 0.569 0.044 0.042 3.6062012 1.197 0.785 1.982 0.775 0.524 0.044 0.042 3.3672011 1.144 0.713 1.857 0.745 0.529 0.043 0.043 3.2172010 2.296 1.403 3.699 1.563 1.081 0.085 0.085 6.5132009 1.855 1.304 3.159 1.739 1.251 - - 6.1492008 1.554 1.337 2.891 1.710 1.194 - - 5.7952007 1.247 1.350 2.597 1.159 1.082 - - 4.8382006 1.220 1.262 2.482 1.133 0.927 - - 4.5422005 1.241 1.196 2.437 1.085 0.892 - - 4.414
Woolwich Township2014 1.390 0.798 2.188 0.506 0.590 0.047 0.041 3.3722013 1.325 0.767 2.092 0.486 0.575 0.045 0.042 3.2402012 2.187 1.207 3.394 0.735 0.926 0.077 0.073 5.2052011 2.126 1.090 3.216 0.705 0.936 0.077 0.075 5.0092010 2.117 1.029 3.146 0.705 0.992 0.078 0.078 4.9992009 1.908 0.943 2.851 0.705 1.190 - - 4.7462008 1.865 0.903 2.768 0.660 1.177 - - 4.6052007 1.540 0.951 2.491 0.586 1.104 - - 4.1812006 1.453 0.935 2.388 0.511 1.061 - - 3.9602005 1.426 0.833 2.259 0.471 1.043 - - 3.773
Source: Gloucester County Abstract of Ratables
SCHOOL DISTRICT DIRECT RATE
KINGSWAY REGIONAL SCHOOL DISTRICTDIRECT AND OVERLAPPING PROPERTY TAX RATES
LAST TEN FISCAL YEARS(Rate per $100 of Assessed Value)
OVERLAPPING RATES
151
EXHIBIT J-8(Page 1 of 2)
% OF TOTAL % OF TOTALTAXABLE DISTRICT NET TAXABLE DISTRICT NETASSESSED ASSESSED ASSESSED ASSESSED
EAST GREENWICH TOWNSHIP VALUE VALUE VALUE VALUE
Travelcenters Properties LP 4,446,000$ 0.43%Saint Gobain Performance Plastics 3,768,700 0.36%Colonial Pipeline Co. 3,538,200 0.34%Columbia Gas Transmission Co. 3,517,300 0.34%Transcontinental Gas Pipeline Co. 2,351,500 0.23%Storage World of NJ LLC 2,235,100 0.22%Summer Skye LLC 2,066,700 0.20%Mt. Royal Plaza Real Estate Inc. 1,921,900 0.19%Jemm Holdings LLC 1,872,900 0.18%Taxpayer #1 1,500,000 0.14%Corporate Associates 3,024,500 1.09%Travel Port & Easekt & McCaleb 2,134,800 0.77%Colonial Pipeline Company 1,842,500 0.66%Columbia Gas Transmission Co. 1,831,600 0.66%Taxpayer #1 1,466,300 0.53%Transcontinental Gas Pipeline Co. 1,224,500 0.44%Taxpayer #2 1,199,467 0.37%Bell Atlantic - NJ, Inc. 1,041,000 0.37%Media Realty Co. 1,015,100 0.37%Transcontinental Gas Pipeline Co. 926,000 0.33%
Total $27,218,300 2.62% 15,705,767 5.59%
SOUTH HARRISON TOWNSHIP
Mullica Hill Group Co LLC 3,115,000$ 0.85%Mullica Hill Group Companies LLC 2,533,600 0.69%Taxpayer #1 2,200,000 0.60%Taxpayer #2 2,171,000 0.59%South Harrsion 500 Assoc LLC 2,160,000 0.59%Mullica Hill Group Companies LLC 2,010,500 0.55%American Tower Asset Sub LLC 1,605,300 0.44%Taxpayer #3 1,272,000 0.35%Harrisonville Mobile Home Park Inc 1,012,500 0.28%Taxpayer #4 884,900 0.24%Taxpayer #1 2,127,749 1.58%Paxon Communications 1,006,100 0.75%HFM Properties 685,700 0.51%Taxpayer #2 525,900 0.39%Taxpayer #3 524,300 0.39%Taxpayer #4 475,600 0.35%Taxpayer #5 437,700 0.33%Harrison Mobile Home Park 433,000 0.32%Taxpayer #6 428,000 0.32%Taxpayer #7 416,800 0.31%
Total $18,964,800 5.15% 7,060,849 5.25%
Source: Municipal Tax Assessor
2014 2005
KINGSWAY REGIONAL SCHOOL DISTRICTPRINCIPAL PROPERTY TAX PAYERS,
CURRENT YEAR AND NINE YEARS AGO
152
EXHIBIT J-8(Page 2 of 2)
% OF TOTAL % OF TOTALTAXPAYERS TAXABLE DISTRICT NET TAXABLE DISTRICT NET
ASSESSED ASSESSED ASSESSED ASSESSEDBOROUGH OF SWEDESBORO VALUE VALUE VALUE VALUE
Botto Sons, LLC 1,932,000$ 1.04%Verizon - New Jersey 1,774,301 0.95%D & D Properties of Swedesboro Inc. 1,721,500 0.92%Swedesboro Housing LTD Partnership 1,693,800 0.91%Taxpayer #1 1,634,400 0.88%Raccoon Creek, LLC 1,615,400 0.87%D & D Properties of Swedesboro Inc. 1,267,000 0.68%Bank of America 984,000 0.53%GI Advo Propco LLC 833,400 0.45%R&R Real Estate, LLC 775,300 0.42%New Jersey Bell 1,100,000 1.51%Taxpayer #1 909,000 1.25%Rawl Equipment Co. 854,200 1.17%National Westminster Bank 640,300 0.88%NJ Bell Telephone Co, 505,600 0.69%Botto Sons, LLC 429,800 0.59%Russo Rentals, LLC 422,600 0.58%Teledyne Wirz 408,000 0.56%Bank of America 398,300 0.55%Reliable Garage, Inc. 396,600 0.54%
Total $14,231,101 7.63% 6,064,400 8.32%
WOOLWICH TOWNSHIP
Westbrook at Weatherby, LLC 12,250,000$ 1.13%Liberty Property LTD Partnership 8,830,900 0.81%Pond View at Westbrook, LLC 8,804,900 0.81%USF Propco, LLC 7,300,000 0.67%Liberty NJ 3 Industrial LLC 7,111,800 0.66%JMJ Warehouse Associates 6,304,500 0.58%Liberty Property LTD Partnership 5,963,000 0.55%Columbia Gas Transmission 4,441,200 0.41%Appleseed NJ, LLC 3,787,500 0.35%Auburn Road Associates LLC 3,708,900 0.34%OP&F Woolwich Township, LLC 6,923,000 4.87%Columbia Gas Transmission 3,925,000 2.76%Crown Cork Seal Co. 3,588,900 2.52%Del Monte Corp. 3,528,900 2.48%Liberty Property LTD Partnership 3,024,300 2.13%Gloucester New Communities, Inc. 2,538,100 1.79%Taxpayer #1 1,427,800 1.00%Triangle Land Co., Inc. 1,295,500 0.91%Matlack, Inc. 1,159,400 0.82%WPM Realty Co. 902,100 0.63%
Total $68,502,700 6.32% 28,313,000 19.91%
Source: Municipal Tax Assessor
KINGSWAY REGIONAL SCHOOL DISTRICTPRINCIPAL PROPERTY TAX PAYERS,
CURRENT YEAR AND NINE YEARS AGO
2014 2005
153
EXHIBIT J-9
FISCAL TAXES COLLECTIONSYEAR LEVIED FOR IN
ENDED THE FISCAL PERCENTAGE SUBSEQUENTJUNE 30, YEAR AMOUNT OF LEVY YEARS
East Greenwich Township2014 7,398,551$ 7,398,551$ 100.00% - 2013 7,449,553 7,449,553 100.00% - 2012 6,983,548 6,983,548 100.00% - 2011 6,940,378 6,940,378 100.00% - 2010 6,053,317 6,053,317 100.00% - 2009 6,158,276 6,158,276 100.00% - 2008 5,894,220 5,894,220 100.00% - 2007 6,165,224 6,165,224 100.00% - 2006 4,165,434 4,165,434 100.00% - 2005 4,258,408 4,258,408 100.00% -
South Harrison Township2014 3,053,996 3,053,996 100.00% - 2013 2,932,492 2,932,492 100.00% - 2012 2,705,173 2,705,173 100.00% - 2011 2,485,214 2,485,214 100.00% - 2010 2,425,297 2,425,297 100.00% - 2009 2,210,899 2,210,899 100.00% - 2008 2,306,380 2,306,380 100.00% - 2007 2,514,391 2,514,391 100.00% - 2006 2,089,320 2,089,320 100.00% - 2005 1,856,541 1,856,541 100.00% -
Borough of Swedesboro2014 1,688,729 1,688,729 100.00% - 2013 1,634,313 1,634,313 100.00% - 2012 1,393,609 1,393,609 100.00% - 2011 1,338,014 1,338,014 100.00% - 2010 1,233,201 1,233,201 100.00% - 2009 1,094,878 1,094,878 100.00% - 2008 1,090,706 1,090,706 100.00% - 2007 1,020,090 1,020,090 100.00% - 2006 889,946 889,946 100.00% - 2005 777,758 777,758 100.00% -
Woolwich Township2014 8,329,812 8,329,812 100.00% - 2013 8,181,872 7,129,680 100.00% - 2012 7,129,680 6,576,712 100.00% - 2011 6,576,712 6,186,272 100.00% - 2010 6,186,272 5,472,485 100.00% - 2009 5,472,485 5,346,707 100.00% - 2008 5,346,707 5,396,670 100.00% - 2007 5,396,670 4,165,434 100.00% - 2006 4,165,434 3,109,624 100.00% - 2005 3,109,624 3,063,890 100.00% -
YEAR OF THE LEVY
PROPERTY TAX LEVIES AND COLLECTIONSLAST TEN FISCAL YEARS
COLLECTED WITHIN THE FISCAL
KINGSWAY REGIONAL SCHOOL DISTRICT
154
EXHIBIT J-10
FISCAL BOND PERCENTAGEYEAR GENERAL ANTICIPATION OF
ENDED OBLIGATION NOTES CAPITAL TOTAL PER CAPITAJUNE 20, BONDS (BANs) LEASES DISTRICT INCOME PER CAPITA
2014 46,364,000$ -$ 600,000$ 46,964,000$ N/A 1,7202013 48,294,000 - 900,000 49,194,000 4.06% 1,8202012 50,159,000 153,600 1,200,000 51,512,600 2.85% 2,0142011 28,239,000 299,600 1,500,000 30,038,600 3.20% 1,1772010 29,349,000 449,600 169,000 29,967,600 3.43% 1,2842009 30,419,000 - 405,666 30,824,666 3.96% 1,3842008 31,454,000 - 642,333 32,096,333 4.45% 1,5082007 32,389,000 - 684,881 33,073,881 5.20% 1,6272006 32,749,000 - 866,645.00 33,615,645 6.00% 1,7942005 33,794,000 - - 33,794,000 4.32% 1,979
Note: Details regarding the district's outstanding debt can be found in the notes to the financial statements.
GOVERNMENTAL ACTIVITIES
KINGSWAY REGIONAL SCHOOL DISTRICTRATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
155
EXHIBIT J-11
NET PERCENTAGEFISCAL GENERAL OF ACTUALYEAR GENERAL BONDED TAXABLE
ENDED OBLIGATION DEBT VALUE OFJUNE 30, BONDS DEDUCTIONS OUTSTANDING PROPERTY PER CAPITA
2014 46,364,000$ -$ 46,364,000$ 1.69% 1,6982013 48,294,000 - 48,294,000 1.79% 1,7872012 50,159,000 - 50,159,000 2.23% 1,9612011 28,239,000 - 28,239,000 1.64% 1,1062010 29,349,000 - 29,349,000 1.71% 1,2572009 30,419,000 - 30,419,000 2.02% 1,3662008 31,454,000 - 31,454,000 2.21% 1,4782007 32,389,000 - 32,389,000 2.41% 1,5932006 32,749,000 - 32,749,000 2.64% 1,7472005 33,794,000 - 33,794,000 3.02% 1,979
GENERAL BONDED DEBT OUTSTANDING
KINGSWAY REGIONAL SCHOOL DISTRICTRATIOS OF NET GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
156
EXHIBIT J-12
ESTIMATEDESTIMATED SHARE OF
DEBT PERCENTAGE OVERLAPPINGGovernmental Unit OUTSTANDING APPLICABLE (a) DEBT
Debt Repaid With Property Taxes: East Greenwich Township 13,118,972$ 100.00% 13,118,972$ South Harrison Township - 100.00% - Swedesboro Borough 3,655,518 100.00% 3,655,518 Woolwich Township 18,083,047 100.00% 18,083,047
Other Debt:County of Gloucester 265,668,874 East Greenwich Township 4.211% 11,185,989 South Harrison Township 1.424% 3,782,259 Swedesboro Borough 0.692% 1,837,700 Woolwich Township 4.328% 11,498,957
Subtotal, Overlapping Debt 63,162,442 Kingsway Regional School District Debt 46,364,000
Total Direct & Overlapping Debt 109,526,442$
Sources: Assessed value data used to estimate applicable percentages provided by the Gloucester County Board of Taxation. Debt outstanding data provided by each governmental unit.
NOTE: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the distri This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the above. This process recognizes that, when considering the District's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesse should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping payment.
(a) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxableassessed property values. Applicable percentages were estimated by determining the portion of anothergovernmental unit's taxable value that is within the District's boundaries and dividing it by each unit's totaltaxable value.
KINGSWAY REGIONAL SCHOOL DISTRICTDIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2014
157
EXH
IBIT
J-13
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Deb
t Lim
it95
,850
,403
$
97
,981
,635
$
99
,390
,738
$
98,4
13,4
94$
95,5
23,2
43$
88
,311
,077
$
46,4
72,8
03$
66
,555
,731
$
46,2
81,9
27$
43
,949
,343
$
Tota
l Net
Deb
t App
licab
le to
Lim
it46
,364
,000
48
,294
,000
50
,159
,000
28,2
39,0
00
29,7
98,6
00
30
,419
,000
31,4
54,0
00
32
,389
,000
32,7
49,0
00
33
,794
,000
Lega
l Deb
t Mar
gin
49,4
86,4
03$
49,6
87,6
35$
49,2
31,7
38$
70
,174
,494
$
65
,724
,643
$
57,8
92,0
77$
15
,018
,803
$
34,1
66,7
31$
13
,532
,927
$
10,1
55,3
43$
Tota
l Net
Deb
t App
licab
le to
the
Lim
it
as a
Per
cent
age
of D
ebt L
imit
48.3
7%49
.29%
50.4
7%28
.69%
31.2
0%34
.45%
67.6
8%48
.66%
70.7
6%76
.89%
East
Gre
enw
ich
Sout
h H
arris
onSw
edes
boro
Woo
lwic
hTo
tal
2013
1,07
5,98
7,04
6
384,
484,
810
17
4,71
7,70
7
1,
147,
155,
977
2,
782,
345,
540
$
2012
1,07
0,28
7,77
4
367,
611,
961
18
0,59
3,25
8
1,
100,
003,
576
2,
718,
496,
569
2011
1,07
8,52
7,02
7
365,
657,
819
18
9,88
0,78
1
1,
080,
841,
103
2,
714,
906,
730
8,
215,
748,
839
$
Ave
rage
Equ
aliz
ed V
alua
tion
of T
axab
le P
rope
rty2,
738,
582,
946
$
Deb
t Lim
it (3
.5 %
of A
vera
ge E
qual
izat
ion
Val
ue)
95,8
50,4
03$
Net
Bon
ded
Scho
ol D
ebt
46,3
64,0
00
Lega
l Deb
t Mar
gin
49,4
86,4
03$
Sour
ce:
Equa
lized
val
uatio
n ba
ses w
ere
obta
ined
from
the
Ann
ual R
epor
t of t
he S
tate
of N
ew Je
rsey
,D
epar
tmen
t of T
reas
ury,
Div
isio
n of
Tax
atio
n
Equa
lized
Val
uatio
n B
asis
Lega
l Deb
t Mar
gin
Cal
cula
tion
for
Fisc
al Y
ear
2013
KIN
GSW
AY
REG
ION
AL
SCH
OO
L D
ISTR
ICT
LEG
AL
DEB
T M
AR
GIN
INFO
RM
ATI
ON
LAST
TEN
FIS
CA
L Y
EAR
S
158
EXHIBIT J-14
PER CAPITAPERSONAL UNEMPLOYMENT
YEAR POPULATION (a) INCOME (c) RATE (d)East Greenwich
2013 10,203 N/A 3.8%2012 10,065 44,868 7.5%2011 9,583 43,658 7.3%2010 9,555 41,663 7.5%2009 8,317 41,072 7.0%2008 7,788 40,898 4.7%2007 7,250 39,052 3.7%2006 6,763 37,630 4.0%2005 6,345 35,694 3.3%2004 6,110 34,143 5.0%
South Harrison2013 3,211 N/A 6.0%2012 3,189 44,868 7.4%2011 3,172 43,658 7.2%2010 3,162 41,663 7.5%2009 3,190 41,072 7.0%2008 3,134 40,898 4.7%2007 3,062 39,052 3.6%2006 2,945 37,630 4.0%2005 2,871 35,694 3.7%2004 2,838 34,143 2.8%
Swedesboro Borough2013 2,630 N/A 8.3%2012 2,833 44,868 10.8%2011 2,591 43,658 10.6%2010 2,584 41,663 10.9%2009 2,372 41,072 10.2%2008 2,250 40,898 7.0%2007 2,071 39,052 5.4%2006 2,037 37,630 6.0%2005 2,039 35,694 5.5%2004 2,055 34,143 7.1%
Woolwich2013 11,258 N/A 4.6%2012 10,937 44,868 7.3%2011 10,228 43,658 7.1%2010 10,209 41,663 7.3%2009 9,469 41,072 6.9%2008 9,174 40,898 4.6%2007 8,922 39,052 3.6%2006 8,579 37,630 4.0%2005 7,502 35,694 2.9%2004 6,083 34,143 6.8%
Source: a Population information provided by the NJ Dept of Labor and Workforce Developmentb Personal incomec Per Capitad Unemployment data provided by the NJ Dept of Labor and Workforce Development
KINGSWAY REGIONAL SCHOOL DISTRICTDEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
159
EXHIBIT J-15
PERCENTAGEOF TOTAL
EMPLOYEES RANK EMPLOYMENT
Underwood Memorial Hospital 1,825 1 1.28%Kennedy Memorial Hospital 1,675 2 1.18%Rowan University 1,598 3 1.12%Missa Bay, LLC 1,483 4 1.04%U.S. Foodservice 1,425 5 1.00%Exxonmobil Research and Engineering Co. 950 6 0.67%LaBrea Bakery 792 7 0.56%Delaware Valley Wholesale Florist 725 8 0.51%Drugstore.com 540 9 0.38%Heritage Dairy Stores 525 10 0.37%
11,538 8.10%
Source: Comprehensive Annual Financial Reports of Individual School Districts
NOT AVAILABLE
2014
KINGSWAY REGIONAL SCHOOL DISTRICTPRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
2005
160
EXH
IBIT
J-16
Func
tion/
Prog
ram
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Inst
ruct
ion:
R
egul
ar14
4.0
136.
012
7.0
133.
012
6.5
130.
013
0.0
125.
012
0.0
112.
0
Spe
cial
Edu
catio
n55
.048
.051
.051
.029
.028
.028
.028
.028
.023
.0
Oth
er In
stru
ctio
n8.
02.
03.
02.
020
.014
.011
.08.
08.
09.
0
Ath
letic
s & E
xtra
-Cur
ricul
ar3.
03.
0Su
ppor
t Ser
vice
s:
Stu
dent
& In
stru
ctio
n R
elat
ed
S
ervi
ces
36.0
40.0
27.5
28.0
29.0
29.0
30.0
25.0
24.0
25.5
S
choo
l Adm
inis
trativ
e Se
rvic
es15
.016
.015
.016
.016
.016
.016
.014
.014
.014
.0
Gen
eral
Adm
inis
trativ
e Se
rvic
es3.
02.
02.
02.
02.
52.
52.
52.
52.
52.
5
Pla
nt O
pera
tions
& M
aint
enan
ce36
.030
.027
.030
.037
.538
.038
.038
.028
.028
.0
Pup
il Tr
ansp
orta
tion
44.0
42.0
33.0
33.0
34.0
33.0
31.0
28.0
28.0
32.5
B
usin
ess &
Oth
er S
uppo
rt Se
rvic
es10
.010
.08.
08.
09.
09.
08.
58.
59.
08.
0
Foo
d Se
rvic
e24
.024
.024
.0-
-
-
-
-
-
-
Tota
l37
8.0
353.
031
7.5
303.
030
3.5
299.
529
5.0
277.
026
1.5
254.
5
Sour
ce: D
istri
ct P
erso
nnel
Rec
ords
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TFU
LL
-TIM
E E
QU
IVA
LE
NT
DIS
TR
ICT
EM
PLO
YE
ES
BY
FU
NC
TIO
N/P
RO
GR
AM
LA
ST T
EN
FIS
CA
L Y
EA
R
161
EXH
IBIT
J-1
7
AV
ERA
GE
AV
ERA
BE
DA
ILY
DA
ILY
% C
HA
NG
E IN
STU
DEN
TFI
SCA
LO
PER
ATI
NG
CO
ST P
ERPE
RC
ENTA
GE
TEA
CH
ING
MID
DLE
HIG
HEN
RO
LLM
ENT
ATT
END
AN
CE
AV
ERA
GE
DA
ILY
ATT
END
AN
CE
YEA
REN
RO
LLM
ENT
EXPE
ND
ITU
RES
(a)
PUPI
LC
HA
NG
EST
AFF
(b)
SCH
OO
LSC
HO
OL
(AD
E) (c
)(A
DA
) (d)
ENR
OLL
MEN
TPE
RC
ENTA
GE
2014
2,46
3 $
31,5
69,3
86
12
,817
2.
87%
175
1.14
1.
15
2,44
2.1
2,31
1.4
4.82
%94
.65%
2013
2,36
5
29,4
68,4
44
12
,460
2.
81%
167
1.22
1.
23
2,32
9.9
2,18
9.9
3.03
%93
.99%
2012
2,28
4
27,6
82,6
27
12
,120
4.
31%
152
1.25
1.
24
2,26
1.3
2,12
1.3
1.31
%93
.81%
2011
2,23
2
25,9
35,4
06
11
,620
-2
.01%
159
1.20
1.
22
2,23
2.1
2,08
6.1
1.10
%93
.46%
2010
2,20
8
26,1
82,8
24
11
,858
-3
.39%
165
1.14
1.
26
2,20
7.9
2,06
8.1
3.64
%93
.67%
2009
2,13
0
26,1
43,7
09
12
,274
1.
19%
162
1.11
1.
14
2,13
0.4
2,00
0.0
4.18
%93
.88%
2008
2,04
4
24,7
92,2
66
12
,129
3.
36%
157
1.12
1.
14
2,04
4.9
1,93
5.3
1.27
%94
.64%
2007
2,01
9
23,6
93,4
98
11
,735
4.
52%
153
1.22
1.
20
2,01
9.2
1,89
4.2
6.29
%93
.81%
2006
1,90
0
21,3
33,3
92
11
,228
2.
49%
148
1.12
1.
14
1,89
9.7
1,78
7.3
6.55
%94
.08%
2005
1,78
5
19,5
55,4
17
10
,955
1.
93%
135
1.11
1.
15
1,78
2.9
1,67
4.6
4.18
%93
.93%
Sour
ces:
D
istri
ct re
cord
sN
ote:
Enr
ollm
ent b
ased
on
annu
al O
ctob
er d
istri
ct c
ount
.
(a) O
pera
ting
expe
nditu
res e
qual
tota
l exp
endi
ture
s les
s deb
t ser
vice
and
cap
ital o
utla
y(b
) Tea
chin
g st
aff i
nclu
des o
nly
full-
time
equi
vale
nts o
f cer
tific
ated
staf
f(c
) Ave
rage
dai
ly e
nrol
lmen
t and
ave
rage
dai
ly a
ttend
ance
are
obt
aine
d fr
om th
e Sc
hool
Reg
iste
r Sum
mar
y (S
RS)
PUPI
L/TE
AC
HER
RA
TIO
KIN
GSW
AY
REG
ION
AL
SCH
OO
L D
ISTR
ICT
OPE
RA
TIN
G S
TATI
STIC
SLA
ST T
EN F
ISC
AL
YEA
RS
162
EXH
IBIT
J-18
DIS
TRIC
T B
UIL
DIN
GS
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Hig
h Sc
hool
(Gra
des 9
-12)
Squ
are
Feet
259,
484
222,
351
222,
351
222,
351
222,
351
222,
351
222,
351
222,
351
222,
351
222,
351
Cap
acity
(Stu
dent
s)2,
000
1,45
41,
454
1,45
41,
454
1,45
41,
454
1,45
41,
454
1,45
4
E
nrol
lmen
t1,
597
1,54
01,
504
1,48
81,
488
1,47
01,
436
1,47
61,
952
1,79
0M
iddl
e Sc
hool
(Gra
des 7
-8)
Squ
are
Feet
146,
888
104,
436
104,
436
104,
436
104,
436
104,
436
104,
436
104,
436.
00
-
-
C
apac
ity (S
tude
nts)
1,00
080
080
080
080
080
080
080
0.00
-
-
Enr
ollm
ent
866
825
780
743
720
660
608
582.
00
-
-
Num
ber o
f Sch
ools
at J
une
30, 2
014:
M
iddl
e Sc
hool
= 1
S
enio
r Hig
h Sc
hool
= 1
O
ther
= 0
Sour
ce: D
istri
ct F
acili
ties O
ffic
eEn
rollm
ent i
s bas
ed o
n th
e an
nual
Oct
ober
dis
trict
cou
nt.
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TSC
HO
OL
BU
ILD
ING
INFO
RM
AT
ION
LA
ST T
EN
FIS
CA
L Y
EA
R
163
EXH
IBIT
J-19
UN
DIS
TRIB
UTE
D E
XPE
ND
ITU
RES
- R
EQU
IRED
M
AIN
TEN
AN
CE
FOR
SC
HO
OL
FAC
ILIT
IES
Fisc
al Y
ear E
nded
June
30,
20
1420
1320
1220
1120
1020
0920
0820
0720
0620
05TO
TAL
Dist
rict F
acili
ties:
Kin
gsw
ay R
egio
nal S
choo
l Dist
rict
-
-
-
-
-
-
133,
375
19
1,70
0
100,
849
42
5,92
4
Kin
gsw
ay R
egio
nal M
iddl
e Sc
hool
141,
108
12
5,20
2
24,6
50
21,6
55
21,7
38
21,4
28
11,3
58
-
-
-
367,
139
K
ings
way
Reg
iona
l Hig
h Sc
hool
320,
229
20
2,99
7
73,5
35
61,9
91
76,5
67
223,
596
14
2,75
8
-
-
-
1,10
1,67
3
Tota
l Sch
ool
F
acili
ties
$461
,337
328,
199
98,1
8583
,646
98,3
0524
5,02
415
4,11
613
3,37
519
1,70
010
0,84
91,
894,
736
* S
choo
l fac
ilitie
s as d
efin
ed u
nder
EFC
FA.
(N.J.
A.C
. 6A
:26-
1.2
and
N.J
.A.C
. 6A
:26A
-1.3
)
Sour
ce:
Dist
rict r
ecor
ds
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TSC
HE
DU
LE
OF
RE
QU
IRE
D M
AIN
TE
NA
NC
EL
AST
TE
N F
ISC
AL
YE
AR
S
164
EXHIBIT J-20
COVERAGE DEDUCTIBLESchool Package Policy (1) Commercial Property 98,194,116$ 1,000$ Commercial General Liability 3,000,000 - Commercial Automotive 1,000,000 1,000 Commercial Crime 100,000 1,000 Commercial Inland Marine 3,000,000 1,000
Student Accident Insurance (2) Base 25,000 500.00 Catastrophic 2,500,000 25,000
Umbrella Liability (3) 10,000,000 -
Surety Bonds (4) Business Administrator/Board Secretary 250,000 -
Workmen's Compensation (5) 2,000,000
(1) Utica(2) Berkley Life and Health Insurance Company(3) Utica(4) Utica(5) NJSIG
Source: District records
KINGSWAY REGIONAL SCHOOL DISTRICTINSURANCE SCHEDULE
JUNE 30, 2014
165
This page intentionally left blank
166
SINGLE AUDIT SECTION
167
This page intentionally left blank
168
EXHIBIT K-1
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Honorable President and Members of the Board of Education Kingsway Regional School District Woolwich Township, New Jersey We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental and business-type activities, each major fund and the aggregate remaining fund information of the Kingsway Regional School District, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the Kingsway Regional School District’s basic financial statements, and have issued our report thereon dated December 1, 2014 . Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Kingsway Regional School District's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Kingsway Regional School District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Kingsway Regional School District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
169
Compliance and Other Matters As part of obtaining reasonable assurance about whether the Kingsway Regional School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, and federal and state awarding agencies and pass-through entities, in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Michael Holt Certified Public Accountant Public School Accountant, No.1148
Medford, New Jersey December 1, 2014
170
EXHIBIT K-2
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-
133 AND NEW JERSEY OMB CIRCULAR 04-04.
Honorable President and Members of the Board of Education Kingsway Regional School District Woolwich, New Jersey Report on Compliance for Each Major Federal and State Program We have audited the Kingsway Regional School District’s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the New Jersey Aid/Grant Compliance Supplement that could have a direct and material effect on each of the District’s major federal and state programs for the year ended June 30, 2014. The Kingsway Regional School District’s major federal and state programs are identified in the Summary of Auditor’s Results section of the accompanying Schedule of Findings and Questioned Costs. Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs. Auditor’s Responsibility Our responsibility is to express an opinion on compliance for each of the Kingsway Regional School District’s major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; the New Jersey State Aid/Grant Compliance Supplement; the audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey; and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, OMB Circular A-133 and New Jersey OMB’s Circular 04-04, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program
171
occurred. An audit includes examining, on a test basis, evidence about the Kingsway Regional School District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of the Kingsway Regional School District’s compliance with those requirements. Opinion on Each Major Federal and State Program In our opinion, the Kingsway Regional School District’s complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2014. Report on Internal Control Over Compliance Management of the Kingsway Regional School District’s is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Kingsway Regional School District’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal or state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal or state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and New Jersey OMB’s Circular 04-04, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Kingsway Regional School District’s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
172
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133 and New Jersey OMB’s Circular 04-04. Accordingly, this report is not suitable for any other purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Michael Holt Certified Public Accountant Public School Accountant No. 1148
Medford, New Jersey December 1, 2014
173
This page intentionally left blank
174
EXH
IBIT
K-3
SCH
EDU
LE A
BA
LAN
CE
(AC
CO
UN
TSD
EFER
RED
DU
E TO
FED
ERA
LA
TR
ECEI
VA
BLE
)R
EVEN
UE
GR
AN
TOR
CFD
AA
WA
RD
GR
AN
TJU
NE
30,
CA
SHB
UD
GET
AR
YA
T JU
NE
30,
AT
JUN
E 30
,A
T JU
NE
30,
NU
MB
ERA
MO
UN
TPE
RIO
D20
13R
ECEI
VED
EXPE
ND
ITU
RES
2014
2014
2014
U.S
. DE
PAR
TM
EN
T O
F A
GR
ICU
LT
UR
E P
ASS
ED
-TH
RO
UG
HST
AT
E D
EPA
RT
ME
NT
OF
ED
UC
AT
ION
:
Foo
d D
istri
butio
n Pr
ogra
m10
.550
72,9
09
7/1/
13-6
/30/
14-
$
72
,909
$
(7
2,90
9)$
-
$
-
$
-$
H
ealth
y H
unge
r Fre
e K
ids A
ct L
unch
Pro
gram
10.5
5112
,630
7/
1/13
-6/3
0/14
-
11,7
52
(12,
630)
(878
)
-
-
H
ealth
y H
unge
r Fre
e K
ids A
ct L
unch
Pro
gram
10.5
5111
,689
7/
1/12
-6/3
0/13
(321
)
32
1
-
-
-
-
Nat
iona
l Sch
ool L
unch
Pro
gram
10.5
5519
6,18
37/
1/13
-6/3
0/14
-
181,
800
(196
,183
)
(14,
383)
-
-
Nat
iona
l Sch
ool L
unch
Pro
gram
10.5
5516
0,86
47/
1/12
-6/3
0/13
(4,6
34)
4,
634
-
-
-
-
To
tal U
.S. D
epar
tmen
t of A
gric
ultu
re(4
,955
)
271,
416
(281
,722
)
(15,
261)
-
-
U.S
. DE
PAR
TM
EN
T O
F E
DU
CA
TIO
N:
G
ener
al F
und:
Med
ical
Ass
ista
nce
Prog
ram
(SEM
I)93
.778
14,0
799/
1/13
-8/3
1/14
-
-
(14,
079)
(14,
079)
-
-
M
edic
al A
ssis
tanc
e Pr
ogra
m (S
EMI)
93.7
785,
100
9/1/
12-8
/31/
13(5
,100
)
5,10
0
-
-
-
-
To
tal G
ener
al F
und
(5,1
00)
5,
100
(1
4,07
9)
(1
4,07
9)
-
-
U.S
. DE
PAR
TM
EN
T O
F E
DU
CA
TIO
N P
ASS
ED
-TH
RO
UG
HST
AT
E D
EPA
RT
ME
NT
OF
ED
UC
AT
ION
:
Spe
cial
Rev
enue
:
Ti
tle I
84.0
10A
62,2
407/
1/13
-6/3
0/14
-
38,2
64
(51,
608)
(13,
344)
-
-
Ti
tle I
84.0
10A
67,8
799/
1/12
-8/3
0/13
(22,
546)
33,5
78
(11,
032)
-
-
-
Ti
tle II
84.3
67A
21,9
847/
1/13
-6/3
0/14
-
21,9
84
(21,
984)
-
-
-
Ti
tle II
84.3
67A
22,6
879/
1/12
-8/3
0/13
(5,6
34)
5,
634
-
-
-
-
I.D
.E.A
. Par
t B, B
asic
Reg
ular
84.0
2735
2,45
17/
1/13
-6/3
0/14
-
329,
282
(352
,451
)
(23,
169)
-
-
I.D
.E.A
. Par
t B, B
asic
Reg
ular
84.0
2734
4,55
79/
1/12
-8/3
0/13
(55,
594)
55,5
94
-
-
-
-
Tot
al S
peci
al R
even
ue F
und
(83,
774)
484,
336
(437
,075
)
(36,
513)
-
-
Tota
l Fed
eral
Fin
anci
al A
ssist
ance
(93,
829)
$
760,
852
$
(732
,876
)$
(65,
853)
$
-$
-
$
PASS
TH
RO
UG
H G
RA
NTO
RFE
DER
AL
GR
AN
TOR
PRO
GR
AM
TIT
LE
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TSC
HE
DU
LE
OF
FED
ER
AL
FIN
AN
CIA
L A
SSIS
TA
NC
EFO
R F
ISC
AL
YE
AR
EN
DE
D J
UN
E 3
0, 2
014
175
EX
HIB
IT K
-4SC
HED
ULE
B
BALA
NC
EPR
IOR
YEA
R(A
CC
OU
NTS
GR
AN
T O
RA
T(R
ECEI
VA
BLES
)R
ECEI
VA
BLE)
CU
MU
LATI
VE
STA
TE G
RA
NTO
R/
STA
TE P
RO
JEC
TA
WA
RD
GR
AN
TJU
NE
30,
CA
SHBU
DG
ETA
RY
PAY
ABL
ESA
T JU
NE
30,
BUD
GET
AR
YTO
TAL
PR
OG
RA
M T
ITLE
NU
MBE
RA
MO
UN
TPE
RIO
D20
13R
ECEI
VED
EXPE
ND
ITU
RES
CA
NC
ELED
2014
REC
EIV
ABL
EEX
PEN
DIT
UR
ES
Stat
e D
epar
tmen
t of E
duca
tion:
G
ener
al F
und:
E
qual
izat
ion
Aid
14-4
95-0
34-5
120-
078
6,10
7,28
1$
7/
1/13
-6/3
0/14
-$
6,
107,
281
$
(6
,107
,281
)$
-$
-$
(564
,689
)$
6,10
7,28
1$
Cat
egor
ical
Spe
cial
Edu
catio
n A
id14
-495
-034
-512
0-08
91,
121,
086
7/1/
13-6
/30/
14-
1,12
1,08
6
(1,1
21,0
86)
-
-
(1
03,6
57)
1,
121,
086
T
rans
porta
tion
Aid
14-4
95-0
34-5
120-
014
255,
495
7/
1/13
-6/3
0/14
-
25
5,49
5
(2
55,4
95)
-
-
(23,
623)
255,
495
Sec
urity
Aid
14-4
95-0
34-5
120-
084
158,
030
7/
1/13
-6/3
0/14
-
15
8,03
0
(1
58,0
30)
-
-
(14,
612)
158,
030
Sup
plem
enta
l Enr
ollm
ent G
row
th A
id14
-495
-034
-512
0-09
492
1,67
0
7/1/
13-6
/30/
14-
921,
670
(921
,670
)
-
-
(8
5,21
9)
92
1,67
0
U
nder
Ade
quac
y A
id14
-495
-034
-512
0-08
313
3,05
7
7/1/
13-6
/30/
14-
133,
057
(133
,057
)
-
(1
2,30
3)
13
3,05
7
E
xtra
ordi
nary
Aid
14-4
95-0
34-5
120-
044
105,
338
7/
1/13
-6/3
0/14
-
-
(1
05,3
38)
-
(105
,338
)
-
105,
338
Ext
raor
dina
ry A
id13
-495
-034
-512
0-04
413
3,63
9
7/1
/12-
6/30
/13
(136
,319
)
136,
319
-
-
-
-
-
N
on-P
ublic
Sch
ool T
rans
porta
tion
14-1
00-0
34-5
120-
067
40,6
25
7/
1/13
-6/3
0/14
-
-
(4
0,62
5)
-
(4
0,62
5)
-
40,6
25
Non
-Pub
lic S
choo
l Tra
nspo
rtatio
n13
-100
-034
-512
0-06
753
,451
7/1
/12-
6/30
/13
(39,
759)
39,7
59
-
-
-
-
A
nti B
ully
ing
Aid
N/A
4,20
4
7/
1/13
-6/3
0/14
-
4,
204
(4,2
04)
-
-
-
4,20
4
R
eim
burs
ed T
PAF
Soci
al
Se
curit
y C
ontri
butio
n14
-495
-034
-509
5-00
295
2,41
6
7/1/
13-6
/30/
14-
907,
049
(952
,416
)
-
(4
5,36
7)
-
952,
416
Rei
mbu
rsed
TPA
F So
cial
Secu
rity
Con
tribu
tion
13-4
95-0
34-5
095-
002
824,
321
7
/1/1
2-6/
30/1
3(4
1,54
2)
41
,542
-
-
-
-
-
On-
Beha
lf TP
AF
Pens
ion
Con
tribu
tion
14-4
95-0
34-5
095-
006
474,
905
7/
1/13
-6/3
0/14
-
47
4,90
5
(4
74,9
05)
-
-
-
47
4,90
5
O
n-Be
half
Post
Ret
irem
ent M
edic
al C
ontri
butio
n14
-495
-034
-509
5-00
677
8,66
6
7/1/
13-6
/30/
14-
778,
666
(778
,666
)
-
-
778,
666
Deb
t Ser
vice
Fun
d:-
Deb
t Ser
vice
Aid
14-4
95-0
34-5
120-
032
552,
845
7/
1/13
-6/3
0/14
-
55
2,84
5
(5
52,8
45)
-
-
-
55
2,84
5
Stat
e D
epar
tmen
t of A
gric
ultu
re:
E
nter
pris
e Fu
nd:
Nat
iona
l Sch
ool L
unch
Pro
gram
(Sta
te S
hare
)14
-100
-010
-336
0-06
79,
760
7/1/
13-6
/30/
14-
8,58
0
(9
,760
)
-
(1,1
80)
-
9,76
0
Nat
iona
l Sch
ool L
unch
Pro
gram
(Sta
te S
hare
)13
-100
-010
-336
0-06
79,
015
7/1
/12-
6/30
/13
(802
)
80
2
-
-
-
-
-
NJ
SCH
OO
L D
EV
EL
OPM
EN
T A
UT
HO
RIT
Y C
apita
l Pro
ject
s Fun
d:
KR
MS
- Add
ition
s/R
enov
atio
ns24
40-0
60-1
0-10
032,
866,
467
1/6/
12-6
/30/
14(2
,213
,422
)
1,
790,
252
-
-
(4
23,1
70)
-
-
K
RM
S - A
uxili
ary
Gym
nasi
um24
40-0
60-1
0-10
021,
221,
326
1/6/
12-6
/30/
14(2
39,2
53)
23
9,25
3
-
-
-
-
-
KR
HS
- Add
ition
s/R
enov
atio
ns24
40-0
50-1
0-20
014,
375,
608
1/6/
12-6
/30/
14(8
75,1
22)
87
5,12
2
-
-
-
-
-
T
otal
Sta
te F
inan
cial
Ass
ista
nce
(3,5
46,2
19)
$
14,5
45,9
17$
(11,
615,
378)
$
-$
(615
,680
)$
(8
04,1
03)
$
11
,615
,378
$
On-
Beha
lf TP
AF
Pens
ion
Con
tribu
tions
474,
905
$
On-
Beha
lf TP
AF
Post
-Ret
irem
ent
778,
666
Tota
l Sta
te F
inan
cial
Ass
ista
nce
Rep
orte
d on
Sin
gle
Aud
it Su
mm
ary
(10,
361,
807)
$
MEM
O
KIN
GSW
AY
RE
GIO
NA
L S
CH
OO
L D
IST
RIC
TSC
HE
DU
LE
OF
STA
TE
FIN
AN
CIA
L A
SSIS
TA
NC
EFO
R F
ISC
AL
YE
AR
EN
DE
D J
UN
E 3
0, 2
014
176
EXHIBIT K-5
(Page 1 of 2) KINGSWAY REGIONAL SCHOOL DISTRICT
NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE FOR THE YEAR ENDED JUNE 30, 2014
1. General The accompanying schedules of expenditures of federal awards and state financial assistance include federal awards and state financial assistance programs of the Kingsway Regional School District. The School District is defined in Note 1 to the District’s basic financial statements. All Federal and State awards received directly from Federal and State agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance. 2. Basis of Accounting The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. This basis of accounting is described in Note 1 to the District’s basic financial statements. Note 3. Relationship to Basic Financial Statements The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made. The general fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP purposes, that payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A.18A:22-4.2. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(111,407) for the general fund and $2,850 for the special revenue fund. See Note 1 for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the Board’s basic financial statements on a GAAP basis as presented as follows:
177
EXHIBIT K-5 (Page 2 of 2)
KINGSWAY REGIONAL SCHOOL DISTRICT NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE (continued)
FOR THE YEAR ENDED JUNE 30, 2014 3. Relationship to Basic Financial Statements (continued):
State Federal Total
General Fund 10,941,366$ 14,079$ 10,955,445$ Debt Service Fund 552,845 - 552,845 Special Revenue Fund - 439,925 439,925 Food Service Fund 9,760 281,722 291,482
Total Financial Assistance 11,503,971$ 735,726$ 12,239,697$
4. Relationship to Federal and State Financial Reports Amounts reported in the accompanying schedules agree with the amounts reported in the related state financial reports. 5. Other Revenues and expenditures reported under the Food Distribution Program represents current year value received and current year distributions respectively. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of the District for the year ended June 30, 2014 TPAF Social Security Contributions represents the amount reimbursed by the state for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2014. Note 6. Federal and State Loans Outstanding The Kingsway Regional School District had no loan balances outstanding at June 30, 2014.
178
EXHIBIT K-6 (Page 1 of 3)
KINGSWAY REGIONAL SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS
For the Fiscal Year Ended June 30, 2014
Section I – Summary of Auditor’s Results Financial Statements Type of auditor’s report issued: Unmodified Internal control over financial reporting: 1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported Noncompliance material to basic financial Statements noted? No Federal Awards Internal Control over major programs: 1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported Type of auditor’s report issued on compliance for major programs Unmodified Any audit findings disclosed that are required to be reported in accordance With Section .510(a) of Circular A-133? No Identification of major programs:
CFDA Number(s) Name of Federal Program or Cluster 84.391 & 84.027 Special Education Cluster Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? Yes
179
EXHIBIT K-6 (Page 2 of 3)
KINGSWAY REGIONAL SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS
For the Fiscal Year Ended June 30, 2014
Section I – Summary of Auditor’s Results (continued) State Awards Internal Control over major programs: 1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered To be material weaknesses? None Reported Type of auditor’s report issued on compliance for major programs Unmodified Any audit findings disclosed that are required to be reported in accordance With NJ OMB Circular Letter 04-04? No Identification of major programs:
GMIS Number(s) Name of State Program 495-034-5120-078 Equalization Aid 495-034-5120-084 Security Aid 495-034-5120-094 495-034-5120-089 495-034-5095-002 495-034-5120-125
Supplemental Enrollment Growth Aid Categorical Special Education Aid Reimbursed TPAF Social Security Contributions Debt Service Aid
Dollar threshold used to distinguish between type A and type B programs: $310,854 Auditee qualified as low-risk auditee? Yes
180
EXHIBIT K-6
(Page 3 of 3) KINGSWAY REGIONAL SCHOOL DISTRICT
SCHEDULE OF FINDINGS & QUESTIONED COSTS For the Fiscal Year Ended June 30, 2014
Section II – Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements and abuse related to the financial statements for which Government Auditing Standards requires reporting in a Circular A-133 audit.
No Current Year Findings
Section III – Federal Awards & State Financial Assistance Finding & Questioned Costs This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and New Jersey OMB’s Circular Letter 04-04.
No Current Year Findings
181
EXHIBIT K-7
KINGSWAY REGIONAL SCHOOL DISTRICT SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT For the Fiscal Year Ended June 30, 2014
This section identifies the status of prior-year findings related to the basic financial statements and federal and state awards that are required to be reported in accordance with Chapter 6.12 of Government Auditing Standards, U.S. OMB Circular A-133 (section .315 (a)(b)) and New Jersey OMB’s Circular 04-04.
No Prior Year Findings
182