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SCHOOL DISTRICT
OF
MATAWAN-ABERDEEN REGIONAL
.
MATAW4NABERDEEN REGIONAL BOkRII OF EDt (AUONT1A1 ‘AN, NEV JERSE’
COMPREHENSIVE ANNL AL FINANCIAL REPORTFOR tilt FiS( kI \ t R ENDED Jt NE 30.2011
COMPREHENSIVE ANNUALFINANCIAL REPORT
OF THE
MATAWAN-ABERDEEN REGIONAL
BOARD OF EDUCATION
MATAWAN, NEW JERSEY
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
PREPARFI) BY
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MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
TABLE OF CONTENTS
Pave
1NTROI)UCTORY SECTION
Letter of Transmittal 1 to 6.Roster of()fficials 7.Consultants and Advisors 8.Organizational Chart 9.
FINANCIAL SECTION
Independent Auditors Report 10 & 11.
Required Supplementary Information — Part IManagement’s Discussion and Analysis 12 to 17.
Basic Financial Statements
A. District-wide Financial Statements:
A-I Statement of Net Assets 18.A-2 Statement of Activities 19 & 20.
B. Fund Financial Statements:
Governmental Funds:B-I Balance Sheet 2 1.B-2 Statement of Revenues, Expenditures, and Changes in Fund
BalancesB-3 Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balances of Governmental Funds to theStatement ofActivities 23.
Proprietary Funds:B-4 Statement of Net AssetsB—5 Statement of Reenues. Expenses. and Changes in Fund Net Assets13-6 Statement of Cash Flows 26,
Fiduciar Funds:B— Statement of 1 iduciarv Net AssetsB—$ Statement of Changes in Fiduciar Net Assets
to Hnanca! Statemcnts
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
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Required Supplementary information — Part II
C. Budgetary Comparison Schedules:
C—I Budgetary Comparison Schedule General Fund 46 to 59.C-2 Budgetary Comparison Schedule Special Revenue Fund 60.
Notes to the Required Supplementary Information
C-3 Budget to GAAP Reconciliation 61.
Other Supplementary Information
D. School Level Schedules:
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 and Actual N/A
E. Special Revenue Fund:
F-] Combining Schedule of Rex enues and ExpendituresSpecial Revenue Fund — Budgetary Basis 62 to 64.
E-2 Demonstrably Effectixe Program Aid Schedule of ExpendituresBudgetary Basis N/A
E-3 Early Childhood Program Aid Schedule of Expenditures —-
Budgetary Basis N/AE-4 Distance Learning Netork Aid Schedule of Expenditures —
Budgetary Basis N/AE—5 Instructional Supplement Aid Schedule of Expenditures
Budgelarv Basis N:A1-6 Schedule f Targeted—at-Risk ( IARA) Aid — l3udgeiar’ Basis NA
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
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F. Capital Projects Fund:
F-I Summary Schedule of Project Revenues. Expenditures andChanges in Fund Balance N/A
Proprietar Fund:
G. Enterprise Fund:G-I Combining Statement of Net Assets 65.G-2 Combining Statement of Revenues. Expenses and Changes in
Fund Net Assets 66.G-3 Combining Statement of Cash Flows 67.
Internal Service Fund:G-4 Combining Statement of Net Assets N/AG-5 Combining Statement of Revenues. Expenses. and Changes in
Fund Net Assets N/AG-6 Combining Statement of Cash Flows N/A
H. Fiduciar Funds:
H-I Combining Statement of Fiduciary Net Assets 68.H—2 Combining Statement of Changes in Fiduciary Net Assets N/AH-3 Student Activity Agency Fund Schedule of Receipts and
I)ishursements 69.H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 70.H-S Miscellaneous Trust Funds Schedule of Receipts and Disbursements 71.
Long-Term Debt:
1—1 Schedule of Serial Bonds 72.I—Ia Schedule of Loans Pa able N/A1—2 Schedule of Obligations under Capital Leases 73.I— [)ebt Service Fund Budgetary Comparison Schedule 74.
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
TABLE OF CONTENTS
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STATISTICAL SECTION (Unaudited)
Introduction to the Statistical Section
Financial Trends3-1 Net Assets by Component 75.3-2 Changes in Net Assets 76 & 77.3-3 Fund Balances — Governmental Funds 78.3-4 Changes in Fund Balances - Governmental Funds 79.3-5 General Fund Other Local Revenue by Source 80.Revenue Capacity3-6 Assessed Value and Estimated Actual Value ofTaxable Property 81 & 82.3-7 Direct and Overlapping Property Tax Rates 83.3-8 Principal Property Taxpayers* 84.3-9 Property Tax Levies and Collections 85.Debt CapacityJ- 10 Ratios ofOutstanding Debt by Type 86.3-11 Ratios ofGeneral Bonded Debt Outstanding 87.3-12 Direct and Overlapping Governmental Activities Debt 88.1-13 Legal Debt Margin Information 89.Demographic and Economic Information1-14 Demographic and Economic Statistics 90.3-15 Principal Employers 91.Operating Information3-16 Full-time Equivalent District Employees by Function/Program 92.3-17 Operating Statistics 93.3-18 School Building Information 94.3-19 Schedule of Required Maintenance Expenditures by School Facility 95.3-20 insurance Schedule 96.
Priv ate citizens should be listed as Individual Taxpayer I, individual Taxpayer 2, etc.
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
TABLE OF CONTENTS
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SINGLE AUDIT SECTION
K-I Report on Compliance and on Internal Control over Financial Reporting and
on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance is ith Government Auditing Standards 97 & 98.
K-2 Report on Compliance with Requirements Applicable to Each Major
Program and On Internal Control Over Compliance in Accordance
with 0MB Circular A-I 33 and New Jersey 0MB Circular 04-04 99 & 100.
K-3 Schedule of Expenditures of Federal Awards., Schedule A 101.
K4 Schedule of Expenditures of State Financial Assistance. Schedule B 102.
K-S Notes to Schedules ofAwards and Financial Assistance 103 & 105.
K-6 Schedule of Findings and Questioned Costs 106 to 109.
K-i Summary Schedule of Prior Audit Findings 110.
IrtrrRoDuc’roRY SECTION
OFFICE OF THE BUSINESS ADMINISTRATOR/BOARD SECRETARY
One Crest Way, Aberdeen, New Jersey 07747
David NI. Healy (732)705-4017 Fax (732)290-0553 James K. Strimple, Jr.
Superintendent of Schools jiriplcmarsd.k 12njus lntenrn School BusinessAdministrator Board Secretary
November 3, 2011
Honorable President andMembers of the Board of EducationMatawan-Aberdeen Regional School District
Aberdeen, New Jersey 07747
Dear Board Members/Citizens:
The Comprehensive Annual Financial Report of the Matawan-Aberdeen Regional School
District for the fiscal year ended June 30, 2011 is hereby submitted. This CAFR includes the
District’s Basic Financial Statement prepared in accordance with Governmental Accounting
Standards Board Statement 34, Responsibility for both the accuracy of the data and
completeness and fairness of the presentation, including all disclosures, rests with the
management of the Matawan-Aberdeen Regional School District Board of Education. To the
best of our knowledge and belief, the data presented in the auditor’s report is accurate in all
material respects and is reported in a manner designed to present fairly the financial position and
results of operations of the various funds and account groups of the District. All disclosures
necessary to enable the reader to gain an understanding of the District’s financial activities have
been included.
The Comprehensive Annual Financial Report is presented in four sections: introductory,
financial, statistical and single audit. The introductory section includes this transmittal letter, the
District’s organizational chart and a list of principal officials. The financial section includes the
general purpose financial statements and schedules, as well as the auditor’s report thereon. The
statistical section includes selected financial and demographic information, generally presented
on a multi-year basis. The District is required to undergo an annual single audit in conformity
with the provisions of the 1996 Single Audit Act and the U. S. Office of Management and
Budget Circular A-133, Audits of State and Local Governments, and New Jersey OMB’s
Circular 04-04, “Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid
Payments.” Information related to this single audit, including the auditor’s report on the internal
control structure and compliance with applicable laws and regulations and findings and
recommendations, is included in the single audit section of this report.
1, REPORTING ENTiTY AND ITS SERVICES
Matawan-Aberdeen Regional School District is an independent reporting entity within the
criteria adopted by Governmental Accounting Standards Board (G.A.SB.) established by
Statement No. 14. All funds and account groups of the District are included in this report. The
Matawan-Aberdeen Regional School Board of Education and all its schools constitute the
Distrtct’s reporting entity.
The District provides a 11111 range of educational services appropriate to grade levels pre-Kthrough 12. These include regular, vocational and special needs students in and out of District.The District provides a variety of after school activities which include band, chorus, computerclub, interscholastic and extra-curricular activities. The District provides transportation forchildren required by law and also provides subscription busing, which allows the District tocharge parents.
The District completed the 2010-2011 fiscal year with an enrollment of 3,871.5 students. Thefollowing details the changes in the student enrollment of the District over a five year period.
Student Percent
Fiscal Year Enrollment
2010-2011 3,871.5 0.30%
2009-2010 3,860 (0.03%)
2008-2009 3,861 0.56%
2007-2008 3,840 0.31%
2006-2007 3,828 0.05%
2. ECONOMIC CONDITION & OUTLOOK:
The Township of Aberdeen and the Borough of Matawan are located in the center of NewJersey, in the northern part of Monmouth County and are halfway between New York andPhiladelphia. Within a forty-five minute drive to the north and east is the Manhattan Borough inNew York City. Taking a westerly route, the semi-rural areas of New Jersey are a similar driveaway. These municipalities are located near one of New Jersey’s largest commercial/industrialareas as well as close proximity to plane, highway, and public transportation access.
These municipalities are almost completely developed and are primarily residential communities.The Garden State Parkway, which passes through the District, provides access to aLl parts of theState because of its connections with the New Jersey Turnpike, which is in close proximity. Astation operated by the New Jersey Transit located in the Borough of Matawan providescommercial and mass transit rail service.
There is an active degree of participation by parents and community members with the schoolsystem including making the facilities available for the recreation programs, Boys Scouts andGirls Scouts.
3. MAJOR INITiATIVES:
The major initiatives for the 2010-201 1 school year was the implementation of severaleducationa’ based programs, The following provides a brief description of each program:
• Northwest Evaluation Association:- A New Jersey MAP license- mathematics, reading, and language usage tests.
• Standard Solutions:- Assist with the professional development of teachers in the area of language arts forgrades 9 through 12.
• Educere, Inc.:- Provide the High School students with on-line learning opportunities offering morethan 1,000 courses in over 45 subject areas.
• McRel Power Walkthroughs:- Tool used by administrators to observe and identify teaching strategies that areproven to enhance student achievement.
• Mentoring Our Students Together Program:- The program consists of tutoring and providing life skill choices for students.
These programs all assisted in the achievement of the goal for producing high quality work,rigorous courses, and highly competitive teachers.
The District kept pace with its Technology initiative with the purchase of promethean boards andlaptop carts. The District continued with its three academies, Biomedical, Business andPerforming Arts.
Test Scores
Overall, the District’s standardized test scores in 2010-201 1 continue to show significant gains inthe areas of Mathematics and Science. The implementation of a new math curriculum in gradesK-5 during the 2007-2008 school year is having a positive long-term effect as evidenced in totalstudent proficiency and advanced proficiency on the NJASK for grades 3 8. In addition, 78students in grades 3-5 and 48 students in grades 6-8 earned a perfect score of 300 in theMathematics section. In the area of Language Arts Literacy scores show that students in grades3-8 are improving in some areas and subgroups, but there are areas of concern that still remain.The High School Language Arts Literacy scores significantly improved, with students reaching9 1.6% total proficiency for the first time. The Science scores in grades 4 and 8 remain above theDFG average. The students of grade 4 scored 95.9% total proficiency, of which 27 studentsreceived a perfect score of 300. On the New Jersey Biology Competency Test (NJBCT) 10 highschool students received a perfect score of 300. The District continues to place students’achievement as its number one goal and will continue to look for further achievement in thefuture.
The District provided many professional development opportunities during the 2010 2011school year. These workshops were offered on district in-service days as well as during an after-school teacher academy. The professional development workshops support the focus of federaland state mandated use of technology as well as the implementation of core curriculum contentstandards for both regular and special education. Matawan-Aberdeen Regional School District isalso a member of a number of networks and consortiums, which provide professionaldevelopment on a shared-cost basis.
4,
Financial Highlights
During the 2010-2011 school year the District created and deposited $300,000 into aMaintenance Reserve Fund.
During the 201 0-201 1 school year the District deposited $300,000 into the Capital Reserve Fundfor a total amount of$l,623,334.
The 2011-2012 school budget was passed by the voters from the Township of Aberdeen andBorough of Matawan.
The District continued its shared services with the Boro and Township for landscaping, fuel,HVAC and busing for the summer recreation program. The District also began a shared servicewith the Township for parking lot de-icing materials such as sand and salt. The District is in aCo-Op with Haziet and Keyport Board of Educations for refuse/recycling. The District also hasan interlocal agreement for a School Resource Officer.
4. INTERNAL ACCOUNTING CONTROLS:Management of the District is responsible for establishing and maintaining an internal controlstructure designed to ensure that the assets of the District are protected from loss, theft or misuseand to ensure that adequate accounting data are compiled to allow for the preparation of financialstatements in conformity with Generally Accepted Accounting Principles (O.A.A.P.). Aninternal control structure is designed to provide reasonable, but not absolute, assurance that theseobjectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a controlshould not exceed the benefits likely to be derived; and (2) the valuation of costs and benefitsrequires estimates and judgments by management.
As a recipient of federal and state financial assistance, the District also is responsible forensuring that an adequate internal control structure is in place to ensure compliance withapplicable laws and regulations related to those programs. This internal control structure is alsosubject to periodic evaluation by the District management.As part of the District single audit described earlier, tests are made to determine the adequacy ofthe internal control structure, including that portion related to federal and state financialassistance program, as well as to determine that the District has complied with applicable lawsand regulations.
5. BUDGETARY CONTROLS:
In addition to internal accounting controls, the District maintains budgetary controls. Theobjective of these budgetary controls is to ensure compliance with legal provisions embodied inthe annual appropriated budget approved by the voters of the municipality. Annual appropriatedbudgets are adopted for the general fund, the special revenue fund, and the debt service fund.Project length budgets are approved for the capital improvements accounted for in the capitalprojects fund. The final budget amount as amended foi- the fiscal year is reflected in the financialsection.
An encumbrance accounting system is used to record outstanding purchase commitments on aHue item basis. Open encumbrances at vearcnd are either cancelled or are included as a
reappropnation of fund balances in the subsequent year. Those amounts to be reappropriated arereported as reservations of fund balance at June 30, 2011Budgetary controls are part of a school district’s complete internal control structure. As noted initem 4, problems noted at the time the Business Administrator was hired have been fullyaddressed to the satisfaction of the District’s Independent Auditor.
6. ACCOUNTING SYSTEM AND REPORTS:A District’s accounting records must reflect generally accepted principles, as promulgated by theGovernmental Accounting Standards Board (G.A.S.B.). The accounting system of the District isorganized on the basis of funds and account groups. These funds and account groups areexplained in “Notes to the Financial Statements,” Note 1.An effective and efficient system of internal controls is essential to accurate, timely reporting ofall relevant transactions on an accounting system and the resultant administrative and externalreports generated from that system.
7. CASH MANAGEMENT:
The investment policy of the District is guided in large part by state statute as detailed in “Notesto the Financial Statements,” Note 1. The District has adopted a cash management plan whichrequires it to deposit public funds in public depositories protected from loss under the provisionsof the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 toprotect Governmental units from a loss of funds on deposit with a failed banking institution inNew Jersey. The law requires governmental units to deposit public funds only in publicdepositories located in New Jersey where the funds are secured in accordance with the Act.The District utilizes Bank of America as its main depository for district funds. The District alsodeposits in the State of New Jersey Cash Management Account.8. RISK MANAGEMENT:
The District maintains a comprehensive insurance program, including but not limited to blanketbuilding and contents property insurance, general liability, automobile liability andcomprehensive/collision, umbrella liability and worker’s compensation. Annual reviews of theentire program are done in order to evaluate potential insurance changes. A schedule ofinsurance coverage is found in Schedule J-20.
9. OTHER INFORMATION:
Independent Audit State statutes require an annual audit by independent certified publicaccountants or registered municipal accountants. The Board of Education selected the accountingfirm of Robert A, Hulsart & Company, CPAs. In addition to meeting the requirements set forthin state statutes, the audit also was designed to meet the requirements of the Single Audit Act andthe related 0MB Circular A- 133 and New Jersey OMB’s Circular 04-04. The auditor’s report onthe general purpose financial statements and combining and individual fund statements andschedules is included in the financial section of the report. The auditors reports relatedcpeiofical1 to the single audit are included rn the s ngle a dt section ot th repoit
1.
10. ACKNOWLEDGEMENTS:
We would like to express our appreciation to the members of the Matawan-Aberdeen RegionalSchool District Board of Education for its concern in providing fiscal accountability to thecitizens and taxpayers of the school district and thereby contributing their full support to thedevelopment and maintenance of our financial operation. The preparation of this report could nothave been accomplished without the efficient and dedicated services of our financial andaccounting staff.
James H. Strimple, Jr.Interim School Business Administrator!Board Secretary
submitted,
David M. HealySuperintendent
MATAWAN-ABERDEEN REGIONAL BOARD OF EDUCATION
ABERDEEN, NEW JERSEY
ROSTER OF OFFICIALS
JUNE 30, 2011
Members of the Board of Education Term Expires
Charles Kenny, President 2014
Elizabeth Hayward, Vice President 2012
Gerald Donaghue 2012
Kenneth Aitken 2012
Jeff Delaney, Ed.D 2013
Patricia Demarest 2013
Anissa Esposito 2013
Dennis Daniels 2014
Todd Larchuk. PhD 2014
Other Officials
David M, Healv, Superintendent of Schools
Patrick Piegari. Interim Deputy Superintendent of Schools
James H. Strimple, Jr., Interim School Business Administrator/Board Secretary
Kenneth Jannarone, Treasurer of School Monies
I)a\ld B Ruhin 1 sq Boaid Counsel
S.
MATAWAN-ABERI)EEN REGIONAL BOARD OF EDUCATION
MATAWAN, NEW JERSEY
CONSULTANTS AND ADVISORS
JUNE 30, 2011
Auditor/Audit FirmRobert A. Hulsart and Company2807 Hurley Pond RoadP.O. Box 1409Wall, New Jersey 07719
AttorneyDavid B. Rubin, Esquire44 Bridge StreetP.O. Box 4579Metuehen, New Jersey 08840
Official DepositoryBank of America140 Main StreetMatawan, New Jersey 07747
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MOIJD3SIVIDMYM1A
I\Q/[ 4. uLaL aIZJ (X)rn/2a129CERTIFIED PUBLIC ACCOUNT4NTS
ARMOUR S. HULSART. C.P.A., R.M.A.. P.S.A. (1959-1 992) Te1ecoper:ROBERT A. HULSART, C.P.A., R.M.A,, P.S.A. (732) 280-8888 2807 Hurley Pond Road’ Suite 100ROBERT A. HULSART, JR.,C.P.A.. P.S.A.
e-rnai Wall New Jersey 07719-1409rahmonmouth.com i732 8814990RiCHARD J. HELLENBRECHT, JR.. C.P.A., P.S.A.
INDEPENDENT AUDITOR’S REPORT
lionorab le President and Membersof the Board of Ed ucat ion
Matawan-Aherdeen Regional School DistrictCount of MonniouthMataan. New Jersey
We have and ited the accompanying financial statements of the governmental activities, thebusiness—type activities and each major fund of the Board of Education of the Matawan—AberdeenRegional School District, in the Count\ of Monmouth. State o[Ne Jersey, as of and for the fiscal yearended June 30. 2011 . which collectively comprise tile District’s basic financial statements as listed in tiletable of contents. These financial statements are tile responsihi htv of tile Mataw an—Aberdeen RegionalBoard of Educations management. Our responsibility is to express opinions on these financialstatements based on our audit.
We conducted our audit in accordance witll auditing standards generally accepted in tile UnitedStates of America: the standards applicable to financial audits contained in Govr’rn,neni .4w/i/lagSiandards. issued h tile Eompiroiler General of the United States’. and audit requirements as prescribedby tile Division of Finance, Department of Education, State of New Jersey. Those standards require thatwe plan and perf’orni tile audit to obtain reasonable assurance about w ilether tile tillancial statements arefree of material misstatement An audit illcludes examining, on a test basis. evidence supporting theamounts and disclosures in tile financial statements. An audit also includes assessing tile accountingprinciples used and significant estimates made b management. as well as evaluating tile overall financialstatement presentation. We believe that our audit pro ides a reasonable basis for our opinion.
In our opinion, the financial statements retiirred to ahoe present fairly, in all material respects.tile respective financial position of the goaernmental activities. business-type activities, each major fund,and the aggregate remaintng lund in formation of the Mataw an—Aberdeen Regional Board of Education, illth f ounl\ ol Monmouth Siat, of New Ju sL\ d f I urn. 30 201 1 and tile t CSpcoti C cilangcs infinancial position and c-ash flows, where applicaufe. thereof for the rear then ended in conformit w ithilc countlue principles generally accepted in the I nited States of America
In accordance w ih ornnioin 1 1a!i11;? .\IoIidLnaIs. we naa e a (so ssued our report datedNovember 3, 2011. on our consideration ol the Matawan—Aherdeen Regional Board of Education’smterna I control o er tinancaI report inn and our tests o 1’ its compliance w uP. certain w .isions of law’s,reau!a1mn. a’ nlracN and erant a reemeit and other matters, ihe urpose ot this report i to dosarihathe sc.ope of our testing of mterna.1 cuntrol over financial reporting, and compliance and the results of thatte:Oofle, (i15i lht to aro’. ide an OifliOfl on the nleinJ cnhrh or inanei, repo rune, or on compliance.‘1 ii is report i.s an rrtegral pa.rt of our a.ud it pertfirmed in accordance a it.h ( ,m.:ornmeni Aw..iitiiig .Sian.1arofiild fi uld lv. u sidcru’ Iswslne fly tsul m in Ii)
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The Management Discussion and Analysis and Budgetar Comparison lnfrrnation on pages 12through 1 7 are not a required part of the basic financial statements but are supplementar\ informationrequired by the accounting principles generally accepted in the [nited States of America. We ha’eapplied certain limited procedures. ‘a hich consisted principall of inquires of manacement regarding themethods of measurement and presentation of the required suppIernentar information. Ho’aeer. ‘ae didnot audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements thatcollecti ely comprise the Mataw an-Aberdeen Regional Board of Education’s basic financial statements.The accompan ing introductory section and other supplementary information such as the combining andindividual fund financial statements, long—term debt schedules. and statistical information are presentedfor purposes of additional analysis and are not a required part of the basic financial statements. [liecombining and indi idual fund financial statements and long-term debt schedules hake been subjected tothe auditing procedures applied in the audit of the basic financial statements and, in our opinion. arefairly stated. in all material respects. in relation to the basic financial statements taken as a whole. Theintroductory section and statistical information ha e not been sublected to the auditing proceduresapplied in the audit of the basic financial statements and, accordingl, we express no opinion on them.
The accompan ing schedules of expenditures of federal a’aards and state financial assistance arepresented for purposes of additional analysis as required by U.S. Office of Management and BudgetCircular A-133. Audits of States. Local Goernments. and Non-Profit Organiiations: and New JerseyOMB’s Circular 04-04. Single Audit Policy for Recipients of Federal Grants, State Grants and State Aidrespectively, and are not a required part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of’ the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basic financial statements taken as a‘a Ii Ole.
Respectfully submitted.
ROBERT A. HULSART AND COMPANY
Robert A. [lulsartLicensed Public School AccountantNo. 322Robert A. l-iulsart and Compan
Noemher3, 2011
REQUIRED SUPPLENIENTARY IFORiIATIONPART I
a
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRI
Management’s Discussion and Analysis
For the Year ended June 30, 2011
This section of the Matawan-Aberdeen Regional School District’s ComprehensiveAnnual Financial Report presents our discussion and analysis of the District’s financialperfonnance during the fiscal year ended on June 30. 2011. Please read it in conjunctionwith the transmittal letter at the front of this report and the District’s financial statements,which immediately follow this section.
Management’s Discussion and Analysis (MD&A) is an element of RequiredSupplementary information specified in the Governmental Accounting Standards Board’s(GASB) Statement No. 34— Basic Financial Statemenrs-Managements Discussion andAnal;wis-for the Stale and Local (iovernnienls issued in June 1999. Certain comparativeinformation between the current fiscal year (2010-2011) and the prior fiscal year (2009-2010) is required to be presented in the MD&A.
OVERVIEW OF TIlE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the District’s basicfinancial statements. The District’s basic financial statements comprise threecomponents: I) District-wide financial statements, 2) Fund financial statements, and 3)Notes to the financial statements. This report also contains required supplementaryinformation and other supplementary information in addition to the basic financialstatements themselves.
District-Wide Financial Statements. The District-wide financial statements aredesigned to provide readers with a broad overview of the District’s finances, in a mannersimilar to private sector business.
The statement of net assets (A-I) presents information on all of the assets and liabilitiesof the District, with the difference between the two reported as net assets. Over time,increases or decreases in net assets may serve as a useful indicator of whether thefinancial position of the District is improving or deteriorating.
The statement of activities (A-2) presents information showing how the net assets of theDistrict changed during the most recent fiscal year. All changes in net assets are reportedas soon as the underlying event giving rise to the change occurs, regardless of the timingof related cash flows. Thus. revenues and expenses are reported in this statement forsome items that will only result in cash flows in future fiscal periods.
13.
Fund Financial Statements. A fund is a group of related accounts that is used tomaintain control over resources that have been segregated for specitic activities orobjectives. [he District, like other state and local governments, uses fund accounting toensure and demonstrate compliance with finance-related legal requirements. All of thefunds of the District can he divided into three categories: governmental. proprietary orfiduciary
Govcuii;wniuI /iiiuIs — are used to account for essentially the same functionsreported as governmental activates in the District-wide financial statements. 1—lowever.unlike the District-wide financial statements. governmental fund financial statementsfocus on the near—term inflows and outflows ot spendable resources, as well as onbalances of spendable resources available at the end of the fiscal year. Such informationmay be useful in evaluating the Districts near-term financing requirements.
Because the focus of governmental funds is narrower than that of the District—widefinancial statements, it is useful to compare the information presented for governmentalfunds with similar statements. B so doing. readers may better understand the long—termimpact of the District’s near—term linancing decisions. Both the governmental fundbalance sheet and the governmental fund statement of revenues, expenditures, andchanges in fund balance provide a reconciliation to lhcilitate this comparison betweengovernmental funds and governmental activities.
The District maintains four individual government funds: the general fund. specialrevenue fund. capital projects fund and debt service fund .All are considered to he majorfunds. The basic governmental fund financial statements can be found as Exhibits B- 1through B-3 in this report.
Proprietary funds — The District maintains two proprietary fund types. anenterprise fund and an internal service fund. The enterprise fund is used to account foroperations that are financed and operated in a manner similar to private businessenterprises, where the intent of the District is that the costs of providing the goods orservices be financed through user charges. Included in the enterprise fund are the FoodServices. Television Studio and Summer Theater operations. The basic proprietary fundstatements can be found as Exhibits B-4 through B-6.
14.
Fiduciaty/linds - are used to account for resources held for the benefit of partiesoutside the governmental entity. Fiduciary funds arc not reflected in the District—widefinancial statement because the resources of those funds arc not available to support theDistrict’s own programs. The District uses trust and agency funds to account forresources held for student activities and groups and ibr payroll transactions. The basicfiduciary fund statements can be found as Exhibit B—7.
Notes To The Financial Statements. The notes provide additional information that isessential for a full understanding of the data provided in the District—wide and fundfinancial statements. The notes to the financial statements can be found after the fundstatements in this report.
FINANCIAL HIGHLIGHTS
Key tinancial highlights for the 2010—201 1 flscal year include the following:
• The General Fund local tax levy increased from 2009-2010 by $304.067 to$44.1 05.926.
• Total spending for all programs was $60,387.254 including a charge of$ 1 .520.1 40 for depreciation. General revenues (primarily local tax levy and stateaid) were adequate to provide for the balance of these programs. exclusive of thecharge for depreciation.
• Capital leases at June 30. 2010 and 2011 respectively were $67.230 and $0.There were no more Capital leases at June 30. 2011.
15.
District-Wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of the District’sfmancial position. The following table provides a summary of net assets:
Governmental Business-type 2010-2011 2009-2010Activities Activities Totals TotalsCurrent and other assets $6,531 .941 $253.266 $ 6,785.207 $ 3,932.065Capital assets, net 39.981.980 49.040 40.03 1.020 41.513.859
Total assets $46.5 13.921 $302306 546.816.227 545.445.924
Long-term liabilities outstanding $ 27,302.656 - 527,302.656 528.577.570Other liabilities 142.602 514.000 156.602 211.375Total liabilities $27.445.258 $1 4.000 $27459.258 $28.788.945
Net assets:Investment in capital assets. net 513.897.770 549.040 513.946.810 $14,007,682Restricted 6,131,370
- $ 6,131370 2,509,638Unrestricted (960.477) 239.266 (721.211) 139.659Total net assets 519.068.663 5288.306 519.356.969 516.656.979
The District’s largest net asset is the restricted portion of the net assets shown above.Restricted assets represent aesourees that are subject to external restrictions on how theymay be used.
The District’s investment in capital assets is shown net of any related debt used to acquirethosea
The unrestricted net assets shows a negative balance largely due to the debt remaining onthe 1993 Early Retirement Incentive Program that the District participated in. This is aDistrict liability with no corresponding asset, therefore creating a negative net asset. Theremaining negative balance is attributable to the liability for compensated absences.
The Ibilowing table provides a summary of revenues and expenses for the Districtsgovernmental and business—type activities and the change in net assets from the priorear:
Business-type
Activities
Program revenuesCharges for servicesOperating grants and contributionsCapital grants and contributions
General re enuesProperty taxesTaxes levied for debt ser iceFederal and State aid not restrictedTuition ReceivedMiscellaneous incomeInvestment Earnings
Total revenues
Expenses:Instructional ServicesSupport services/undistributed costsSummer SchoolInterest on long term debtAR RAUnallocated Depreciation
fotal expenses
Change in net assetsNet assets — beginningAdjustment of beginning net assetsNet assets — ending
- L028.492 L028.492 1 071.7261,769,685 607,8 15 2,377,500 2,41 0,818
44.105.926- 44.1 05,926 43.801.859
2.317,367 - 2,317,367 2.471,62514.772.491
- 14.772.491 16.745.405121,211
- 121,211 114,095176.922 7.328 184.250 277.8013,541
- 3,541 39,39363.267.143 1 .643.63 5 64.91 0.778 66.932.722
24.736,911 - 24,736,911 24.1 73,96732,767.812 1,623.038 34.390.850 37.452.694
120.282- 120.282 88,404
1.112,819 - 1.112.819 1.153.524-
-
- 1,710.0661.520.140 - 1.520,140 1.599.508
60.257,964 1.623.038 61,881,002 66,178.163
3.009,179 20.597 3.029,776 740.61716.389.270 267,709 16.656.979 15.915.179(329.786)
- (329.786) 1.1 8319.068.663 2 88.306 19.356.969 16,656.979
General Fund Budgetary Highlights
The difference heteen the original budget and the Onal amended budget is comprisedsolely of the June 30. 2010 encumbrances, which ‘roll-over into the subsequent year’sbudget (201 0—201 1) and are added to the original budget appropriations.
Throughout the year, as necessar’ . budget transfers are effectuated between budgetaccounts to re-align the 2010-2011 budget.
Reen ties:
GovernmentActivities 2010-2011 2009-2010
Totals Totals
17.
Capital Assets
At June 30. 2011 the District had capital assets in Governmental Activities of just under$40 million. This is comprised of: Buildings - S3$.464,742. Machinery and equipment -
$l148,315 and Site Improvements of- $368.923,
Economic Factors and Next Year’s Budget
[)ue to the economic condition in the State of New Jersey funding from the State for thecurrent year remained at the same level as the previous year. Any future increases basedon the enrollment fiwmula, originally formulated to allocate state education aid amongstdistricts, will be minimal. Future decreases in local revenue and state education aid willplace additional burden on the taxpayers of Aberdeen Township and Matawan Borough.
Contacting the District’s Financial Management
The District’s financial report is designed to provide citizen groups, taxpayers, parents,students. other local officials, and investors and creditors with a general overview of theDistrict’s finances and to show the Districts accountability for the money it receives.Questions regarding this report can he addressed to Mr. James H. Strimple, .Jr.. InterimBusiness Administrator/Board Secretary. Matawan-Aherdeen Regional School District.One Crest Way, Aberdeen, NJ 07747 or at (732) 705-4016.
BASIC FINANCIAL STATEMENTS
—SJ%JIIiJ31V1S1VIJ’cNiIJMIIALJHIJSIU
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT 18.
AssetsCash and Cash EquivalentsReceivables, NetInventoryRestricted Assets:
Cash and Cash EquivalentsCapital Reserve Account - Cash
Capital Assets, Net (Note 1)Total Assets
LiabilitiesAccounts PayableDeferred RevenueNoncurrent Liabilities (Note 3):
Due Within One YearDue Beyond One Year
Total Liabilities
Net AssetsInvested in Capital Assets, Net of Related DebtRestricted For:Debt ServiceOther Purposes
Unrestricted
Total Net Assets
STATEMENT OF NET ASSETS
JUNE 30, 2011
Exhibit A-i
3,407.3831.623,334
________
40,031.02046,816.227
40,53114,000 116,071
1,404,737
_______
25,897,91914,000 27,459,258
49.040 13.946.810
46,131,366
239,266 (721.211)
288.306 19,356.969
Governmental Business-TypeActivities Activities Total
200,80S1,547,451
6.231
200,80846,227
6,231
49,040302.306
S -
1,501,224
3,407,3831,623,334
39,981,98046,513,921
40,531102,071
1,404.73725,897,91927,445.258
13,897,770
46,131,366(960,477)
S 19.068.663
The accompanying notes to financial statements are an integral part of this statement.
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SC
HO
OL
DIS
TR
ICT
ST
AT
EM
EN
TO
FA
CT
IVIT
IES
Exh
ibit
A-2
She
etI
of2
FO
RT
HE
YE
AR
EN
DE
DJU
NE
30,
2011
Funct
ions/
Pro
gra
nis
Gov
ernm
enta
l.A
ctiv
itie
s:In
stru
ctio
nFt
c gitl
a rSp
ecia
.lE
duca
tion
Oth
erS
peci
alin
stru
ctio
nO
ther
Inst
ruct
ion
Sup
port
Ser
vice
s:T
uiti
onS
tude
nt&
Inst
ruct
ion
Rel
ated
Ser
vice
sS
choo
lA
dmin
istr
ativ
eS
ervi
ces
Gen
eral
and
I3us
ines
sA
dmin
istr
ativ
eS
ervi
ces
Pla
ntO
pera
tion
san
dM
aint
enan
ceP
upil
Tra
nspo
rtat
ion.
Una
lloc
ated
Ben
efit
sIm
eres
ton
1ongT
erm
Deb
tS
umm
erS
choo
lU
nall
ocat
edD
epre
ciat
ion
Tot
alG
over
nmen
tA
ctiv
itie
s
Cha
rges
for
Exp
ense
sS
ervi
ces
$17
.468
.715
121.
211
4,89
5,47
91,
410.
213
962.
504
4,39
6,67
44,
122,
057
758.
311
3.31
7,29
94,
920,
803
2,72
8,27
612
,524
.392
1,11
2,81
912
0,28
21,520,140
___________
60,2
57.9
64
_____________
37,9
361,585.102
_____________
1.62
3.03
8
_____________
(17.
347.
504)
(3,6
03,6
51)
(1,4
10,2
13)
(962
.504
)
(4,3
96.6
74)
(3,6
98.6
98)
(758
.311
)(3
.317
.299
)(4
,920
,803
)(2
,728
,276
)(1
2.46
9,89
4)(1
.112
.819
)(1
20.2
82)
(1,5
20,1
40)
(58.
367.
068)
(17.
347.
504)
(3.6
03,6
51)
(1,4
10.2
13)
(962
.504
)
(4.3
96,6
74)
(3,6
98,6
98)
(758
.311
)(3
.317
.299
)(4
.920
,803
)(2
,728
,276
)(1
2.46
9.89
4)(1
.112
.819
)(1
20,2
82)
(1,5
20,1
40)
(58.
367.
068)
(4,0
67)
17,3
3613
.269
Tot
alP
rim
arG
over
nmen
t$
61,8
81,0
021,
115,
834
2,37
7,50
0(5
8,36
7.06
8)13
,269
(58,
353,
799)
Pro
gram
Rev
enue
sN
et(E
xpen
se)
Rev
enue
and
Cha
nges
inN
etA
sset
sO
pera
ting
Gra
nts
and
Gov
ernm
enta
lC
ontr
ibut
ions
Act
ivit
ies
Bus
ines
s-T
ype
Act
ivit
ies
Tot
al
1,29
1,82
8
423,
359
54.4
98
1.76
9,68
5
607,
815
607.
815
l3us
ines
s-i
\pe
Act
ivit
ies:
Oth
erA
ctiv
itie
sF
ood
Ser
vice
1ota
lB
usin
ess
Upe
Act
ivit
ies
121,
211
33,8
6999
4,62
31.
028.
492
(4,0
67)
17,3
3613
.269
ihe
acco
mpa
nyin
gN
otes
toF
inan
cial
Sta
tem
ents
are
anin
tegr
alpa
rtof
this
stat
emen
t.
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SC
HO
OL
DIS
TR
ICT
Exh
ibit
A-2
She
et2
of
2S
TA
TE
ME
NT
OF
AC
TIV
ITIE
S
FO
RT
HE
YE
AR
EN
DE
DJU
NE
30,
2011
Net
(Exp
ense
)R
even
uean
dP
rogra
mR
even
ues
Cha
nges
inN
etA
sset
sO
per
atin
gC
har
ges
for
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nts
and
Gover
nm
enta
lB
usin
ess-
Typ
eE
xpen
ses
Ser
vice
sC
ontr
ibuti
ons
Act
ivit
ies
Act
ivit
ies
Tot
alG
ener
alR
even
ues:
Faxe
s:P
rope
rty
Tax
es,
Lev
ied
for
Gen
eral
Pur
pose
.N
et$
44.1
05,9
2644
,105
.926
Tax
esL
evie
dfo
rD
ebt
Ser
vice
2,31
7,36
72,
317,
367
Fed
eral
and
Sta
teA
idN
otR
estr
icte
d14
.772
,491
14.7
72.3
91In
vest
men
tE
arni
ngs
3,54
13,
541
Mis
cell
aneo
usIn
com
e17
6,92
27.
328
184.
250
Tot
alG
ener
alR
even
ues.
Spe
cial
Item
s,E
xtra
ordi
nary
hem
san
dT
rans
fers
61,3
76.2
477.
328
61,3
83,5
75(T
hang
ein
Net
Ass
ets
3.00
9,17
920
,597
3,02
9.77
6A
djus
tmen
tO
fB
egin
ning
Net
Ass
ets
(329
,786
)(3
29,7
86)
Net
Ass
ets
Beg
inni
ng16
.389
,270
267.
709
16.6
56.9
79N
etA
sset
sE
ndin
g$
19,0
68.6
6328
8.30
619
.356
.969
The
ace
onip
anyi
ngN
utes
toF
inan
cial
Sta
tem
ents
are
anin
tegr
alpa
rtof
this
stat
emen
t.
FUND FINANCIAL STATEMENTS - B
21.M ‘ .BFRDEl RF(.IO’ L SCHOOL. 1)ISI’RI(’I’ Ehihit B-I
B1 %( F 511FF I’
(;OEk’11’J1 11 “%L)S
It ‘F3O, 2011
‘ 5)3il3
(-30.00))804 902
S 0.404.805
I.iabilirie. and [und BalanceI abilities
\eoiints Pa able 8 II 41)53
Intertlind l’as able 803.092 804.) (02
)el’erred Res ernie
_______________
b6,’ 13
____________
1)2.07I otal I ab ii nies S I .224 — 946.604
I-u nd 1-lalanee
Restricted firI- \eess Surplus—P unent \ ear
( ()tt(ttiitted 0
s1aintenanee ReserseI )esionated for Subsequent Years I \penditrres —
Capital Reserse 596.985I )esigttated for Subsequent \ ears 1- \pendttures —
I’ ess Surplus -105.04)) 40504))I rnergene Reserse 500.281 500.281P apital Reserre \eeount 1.026 349 I 026.349
\sstuned lu:Other Purposes 1.002 67Designated hs I lie F1()1- for Subsequent Years
1 spenditures 38 512I nassiened
(ieneral I uttd 25 “.969Debt Sers tee I rind
I otal I rind lalanees
I olaf I tahilit tes and I rind Balance , 6.46 4,805 871,224
mol ii rep IL I lot ous cr11 oct dl dotS (((Cs iii
11 $191 melt f \ u Sssd S i ire do let onl
-IL dO
tpi 0 Isodo i .0 ii CO .tI0Ho.ii 0 u) S I) 0
re not :11 ii o 0,sortree nid theic 1 [C 0 C
‘pordd th to] he di-) (if he-L so $68 II” and tb, iu tmubadddofliot (tiLl o S 2$
to habib: s In, ludin hoitd pis able, ireto 10, “as -“ ‘i’o ott Pt pet 0.1 ‘i
c ash and i_ ash i qu s aCm -.—Restrieted
Reeetx able’, from I i9e i,os ernntents
I niertund Reeeis able
I ot,tl \ssets
Special Debt lotal
(;e,ieril Re enue Ser ice (uj erunientallurid Fund lund [Llnd%
-48Th224 1.501 224
81(4.1)02
871.224 4 7.33n.033
35.358
75.40
1,311.502 1.31 I.02
3001)00
38’.542
_____
4 4
- 1 6.389.339
M TAW.N-BERDEEN REGIONAL SCHOOL I)ISTRICT Exhibit B2
STAfEMEN1 OF REVENL ES, EXPENDJf{ RES AND CHANGES IN FIND BLNCES
GOVERN \IENT AL F1 NDS
FOR [HE \EkR ENDED JUNE 30. 2011
Special Debt Total
General Revenue Ser ice Goernmenta1
Fund Fund Fund Funds
Re enues
I ocal Sources:
I ocal Fa\ I es 5 44.105.926 2,317,367 36.423.293
I uition Charges 121.211 121.21!
I ransportation tees 125.580 125.580
Interest on ln cstments 3.541 3.541
\lisccllancous 51.342 47.417
_____________
98.759
lotal Local Sources 44.407.600 47.417 2.317.367 46.772.384
State Sources 14.753.946 3I.39I 18.545 14,803.882
Federal Sources
_______________
1.690.877
______________
1.690.877
lotal Res cnues 59.16! .546 1.769.685 2.335,912 63.267.143
Expenditures
Current:
Regular Instruction 17.321.662 17.321.662
Special Lducation Instruction 3.605,805 1.289.674 4.895.479
Other Special Instruction 1.410.213 1,410.213
Other Instruction 962.504 962.504
Support Scr\ ices and ndi stri Outed (‘osts:
I uition 1.396.673 4.396.673
Student and Instruction Related ‘cr ices 3.698.698 423.359 4.122.057
School .\drninistratis c Scrs ices 758.311 758.3 II
Other Adrninistrati c Sers ices 3.317.299 3,317.299
Plant Operations and Maintenance 4.920,803 4,920.603
Pupil I ransportation 2.728.276 2.726.276
nallocated Benefits 12.469.893 54.498 12.524.392
l)cht Ser icc:
Principal 1.351.737 1,354.737
Interest and Other Charges 1.143.909 IJ43.909
C aprtal Outlay 408 S02 . I 4 410.650
Summer SL000I 120 282
_________
120.262
\pauiture-. 50118.92 1 709S5
I )criicns . Recr ‘e ( >\ e’ 1 \gcod:tur’c’ 2
t ( 0 t,e rn I und B dances i.032.( (l62.74 2 879,S89
I d Balance in I ‘.4o 1L 162 75 ,5O94()
. 0, 6’).33’t - -1
23.MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Exhibit B-3
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2011
Total Net Change in Fund Balances - Governmental Funds (From B-2) $ 2,879,889
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 inthe period.Depreciation Expense (1,520,140)Capital Outlays 410.656
(1,109,484)
Repayment of bond principal is an expenditure in the governmental funds,but the repayment reduces long-term liabilities in the statement of netassets and is not reported in the statement of activities. 1,354,737
In the statement of activities certain operating expenses, compensatedabsences are measured by the amount earned during the year. In thegovernment funds however, expenditures for these items are reportedin the amount of financial resources paid. (147,053)
In the statement of activities, interest on long-term debt in the statement ofactivities is accrued, regardless of when due. in the governmental fund,interest is reported when due. 31.090
Change in Net Assets of Governmental Activities (A-2) $ 3,009,179
The accompanying Notes to Financial Statements are an integral part of this statement.
24.
AssetsCurrent Assets:
Cash and Cash EquivalentsAccounts Receivable:
StateFederal
InventoryTotal Current Assets
Noncurrent AssetsEquipmentAccumulated Depreciation
Total Fixed Assets
Total Assets
LiabilitiesCurrent Liabilities:
Deferred Revenue
Total Liabilities
Net AssetsInvestment in Capital AssetsUnrestricted
Total Net Assets
S 200,808
1,77644,451
6,231253,266
288,230(239,190)
49040
5 302,306
S 14,000
5 14,000
$ 49,040239,266
S 288.306
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
STATEMENT OF NET ASSETS
PROPRIETARY FUND
JUNE 30, 2011
Exhibit B-4
EnterpriseFunds
The accompanying Notes to Financial Statements are an integral part of this statement.
‘.IATAWAN-ABERDFEN REGIONAL SCHOOL DISTRICT25.
Operating Revenues:
Daily SalesFees
Total Operating Revenues
Operating Expenses:Salaries & BenefitsCost of SalesSupplies and MaterialsDepreciation
Management FeeMiscellaneous
Operating Expenses
Operating Gain’(Loss)
Non-Operating Revenues:State Sources:
State School Lunch ProgramFederal Sources:
National School Lunch Program
Federal Breakfast ProgramSpecial Milk ProgramFood Distribution Program
Total Non-Operating Revenues
Change in Net Assets
Adjustments:
Cancel Payables
Total Adjustments
Change in Net Assets after Adjustments
Net Assets July I
$ 994,623
33,869I ,028,492
661,288
654,783
2,2457,429
159,812
137,481
1,623,038
(594,546)
18.729
463,036
50,5181,842
73,690
607,815
13,269
7.328
7.328
20,597
2.67,709
S 288,306
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
Exhibit B-SPROPRIETARY FUND
JUNE 30, 2011
Enterprise
Funds
ihe accomp msinu Notes to Financial Statements are an imegral part of tins statement.
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRiCT26.
STATEMENT OF CASH FLOWS
Exhibit B-6PROPRIETARY FUND
JUNE 30, 2011
Cash Flows from Operating Activities:Receipts from Customers & FeesPayments to Employees & BenefitsPayments to Supplies
Net Cash Provided (Used) by Operating Activities
Cash Flows from Noncapital Financing Activities:State SourcesFederal Sources
Net Cash Provided by Noncapital Financing Activities
Net Increase (Decrease) in Cash and Cash Equivalents
Balance - July 1
Balance - June 30
Reconciliation of Operating Income (Loss) to Net CashProvided (Used) by Operating Activities:
Operating Income (Loss)DepreciationFederal CommoditiesAdjustments to Reconcile Operating Income (Loss)
to Cash Provided (Used) by Operating Activities:Decrease/(Increase) in Inventory(Decrease)/lncrease in Deferred RevenueDecrease/(Increase) in Accounts Receivable
Net Cash Provided (Used) by Operating Activities
Enterprise
Funds
$ 1,034,142(661,288)(878,774)
(505,920)
18,729515,396534,125
28,205
172,603
$ 200,808
$ (594,546)7,429
73,690
3,1715,650
(1,314)
S (505,920)
The accompanying Notes to Financial Statements are an integral part of this statement.
27.
Assets:Cash and Cash Equivalents
Total Assets
Liabilities:Payroll Deductions and Withholdings
Total Liabilities
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
JUNE 30, 2011
Exhibit B-7
PayrollAgency
Fund
$ 260,246
S 260,246
5 260,246
$ 260,246
The accompanying Notes to Financial Statements are an integral part of this statement.
NOTES TO FINANCIAL STATEMENTS
28.BOARD OF EDUCATION
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2011
NOTE 1: Summary of Significant Accounting Policies
1 he financial statements of the Board of Education tj3oard) of the \latawan—AberdeenRegional School District (District) have been prepared in conformity ‘ ith generall acceptedaccounting principles (GAAP) as applied to go ernmental units. The Go ernmental AccountingStandards Board (GASB) is the accepted standard—setting body for establishing go\ernmentalaccounting and financial reporting principles. The more significant of the Board’s accountingpolicies are described belo.
A. Reporting Entity:
The Mataw an—Aberdeen Regional School District is a 1*pe II district located in theCounty of Monmouth. State of New Jersey. As a Type II district, the School District functionsindependently through a Board of Education. The board is comprised of nine members elected tothree-year terms. The purpose of the district is to educate students in grades PreK-12. TheMataw an—Aberdeen Regional School District had an approximate enrollment at June 30. 2011 of3,830 students.
The primary criterion for including activities within the District’s reporting entity, as setfi.wth in Section 2100 of the GASB Codification of Government Accountint and FinancialRepitjggSttglaris. is whether:
• Ihe organization is legally separate (can sue or be sued in their own name)• The District holds the corporate powers of the organization• Fhe District appoints a ‘ oting majority of the organization’s hoard• 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• Fhere is a fiscal dependency by the organization on the District
B. (;oei’minient—wideFiiiancia1 Statements
1 he c ernmenl-w ide financial s1atement include the statement ol net assets and thestatement of activities. These statements report financial information for the District as a wholee\ciudi no fiduc iar act tv nessuch as udem act i tics I id ividua funds are not dispLaed butthe statements distinguish governmental activities, generally supported by state and federal aid,tult 11 md nimt\ t l\ L\ ILS Porn huns pL ‘t’c fl U I I Ic u 1 pwith fc.c harged to external parties.
29.
NOTE 1: Summary of Significant Accounting Policies (Continued)
B. Government-Wide Financial Statements (Continued)
The statement of activities reports the expenses of a given function offset by program
revenues directly connected with the functional program A function is an assembly of similaractivities and may include portions of a fund or summarize more than one fund to capture theexpenses and program revenues associated with a distinct functional activity, Program revenuesinclude (1) charges for services which report fees and other charges to users of the Districtsservices and (2) operating grants and contributions. These revenues are subject to externallyimposed restrictions to these program uses. Tax levies and other revenue sources not properlyincluded with program revenues are reported as general revenues.
Fund Financial Statements
Fund financial statements are provided for governmental, proprietary and fiduciaryfunds. The New Jersey Department of Education (the Department”) has elected to require NewJersey districts to treat each governmental fund as a major fund in accordance with the optionnoted in GASB No. 34. paragraph 76. The Department believes that the presentation of all fundsas major is important for public interest and to promote consistency among district financialreporting models.
C. Measurement Focus, Basis of Accounting and Financial StatementPresentation
The financial statements of the District are prepared in accordance with generallyaccepted accounting principles (GAAP). The District’s reporting entity applies all relevantGovernmental Accounting Standards Board (GASB) pronouncements. The government-wideand proprietary fund financial statements apply Financial Accounting Standards Board (FASB)pronouncements and Accounting Principles Board (APB) opinions issued on or before November30. 1989, unless those pronouncements conflict with or contradict GASB pronouncements, inwhich case, GASB prevails.
The government-wide statements report using the economic resources measurementfocus and the accrual basis of accounting generally including the reclassification or eliminationof internal activity (between or within funds). Proprietary and fiduciary fund financialstatements also report using this same focus and basis of accounting although internal activity isnot eliminated in these statements. Revenues are recorded when earned and expenses arerecorded when a liability is incurred regardless of the timing of related cash flows. County taxrevenues are recognized in the year fur which they are levied while grants are recognized whenrantor eligibility requirements are met. The Unemployment Trust Fund recognizes employer
and employee contributions in the period in which contributions are due,
Governmental fund financial statements report using the current financial resourcesmeasurement focus and the modified accrual basis of accounting. Revenues are recognized whenthey are both measurable and available. Available means collectible within the current period orsoon e.notigh thereafter to apply current I iabi I ities. The District considers revenues to heavailable if they are collected within 60 days of the end of the fiscal year. Expenditures are
rec.orded when the re.lated fund liability is incurred, except for long4erm pension andc.ompensated abse.nce.s, which are reported as expenditures in the year due..
30.NOTE 1: Summary of Significant Accounting Policies (Continued)
C. Measurement Focus, Basis of Accounting and Finincial StatementPresentation (Continued)
\iajor reenue sources susceptible to accrual includes lntergo\ernmental re enues. andthe local tax le In general. other re enues are recogniied hen cash is recei\ ed.
Operating income reported in proprietan frmd financial statements includes re enuesand expenses related to the prirnar\ continuing operations of the fund. Principal operatingreenues for proprietary funds are charges to customers for food sales and for ser ices pro idedto other go ernmental entities. Principles operating expenses are the costs of pros iding goods orserx ices and include administrati e expenses and depreciation of capital assets. Other re enuesand expenses are classified as non-operating in the financial statements.
D. Fnn(l Accounting:
1 he accounts of the District are maintained in accordance ith the principles of fundaccounting to ensure obser ance of limitations and restrictions on the resources aailable. Theprinciples of timd accounting require that resources he classified for accounting and reportingpurposes into funds or account groups in accordance ith acti ities or objecti es specified forthe resources. Each fund is a separate accounting entity v ith a self—balancing set of accounts.An account group. on the other hand. is a financial reporting device designed to provideaccountabilit for certain assets and liabilities that are not recorded in the funds because the donot directl affect net expendable aailahle financial resources. Funds are classified into threecatettories: goernmental. proprietary and fiduciar . Each category. in turn, is divided intoseparate “fund types”.
Governmental Fund Types
General Fund: fhe general fund is the general operating fund of the District and isused to account for all expendable financial resources except those required to heaccounted for in another fund.
SpciaL Rexenue Fund: ihe District accounts for the proceeds of specific re enuesources (other than expendable trust or major capital projects) that are legallyrestricted to expenditures for specified purposes in the special re enue funds.
CaEital Projects Fund: the capital projects fund is used to account for all financialresources to he used for the acquisition or construction of major capital Ficililies (otherthan those financed b\ proprietar\ fnnds
[)eht Ser ic I und I he debt se! x ice fun I 1\ used t aount (or the accitmnmilation a!resources for and the pa mciii of prinu ipa I and interest on bonds issued to financemajor propert\ acquisition construction and mnprc\ enient proeram%
ProrictaFundlvpe
I and. I a a pc a i di a OIu Iaia uud ad puiatud 01 •1 maancr n r,o ha iia pu n h aai 1 i IlL L q ii ii)I 1 i ‘Iii ol •i’iL t( [(( i:Lt .flt .I:0.u1aaad Ill isi ai
31.NOTE I: Summary of Significant Accountin2 Policies (Continued)
1). Fund Accountint (Continued):
Proprictar Fund Type
Enterpgi’.e food Sen ieelfund: [he enterprise fund accounts for all reenues andexpenses pertaining to cafeteria operations. [he tood ser ice fund is uiiliied toaccount for operations that are lnanced and operated in a manner similar to pri atebusiness enterprises. 1he stated intent is that the cost (i.e. expenses includingdepreciation and indirect costs) of providing goods or ser\ ices to the students on acontinuing basis are tinanced or reco ered primaril through user charges.
Fiduciary Fund Types
FrustandAggng Funds: Fhe trust and agenc’ funds are used to account for assetsheld h\ the [)istrict on behalf of outside parties. including other go ernmenls. or onbehalf of other funds ithin the District.
NoneApendableFrustFnnd: A nonexpendable trust fund is used to account liar assetsheld under the terms of a formal trust agreement. hereby the District is underobligation to maintain the trust principal.
Exendable Trust Fund: An Expendable Trust Fund is accounted liar in essentially thesame manner as the go ernmental fund t pes. using the same measurement focus andbasis of accounting. Expendable [rust Funds account for assets here both theprincipal and interest ma be spent. Expendable [‘rust Funds include 1Tnemplo mentCompensation Insurance and scholarship funds.
AencFundjI roll and Student Actix ities Fund): Agenc funds are used toaccount br the assets that the District holds on behalf of others as their agent. Agencyfunds arc custodial in nature and do not in ole measurement of results of operations.
F, Budcts/Budgetarv Control:
\nnudl ipprr priated budgets are prepared in the sprmc of each ear fot the generalspecial re enue. and debt sen ice funds. 1 he hudgLfs ni c uhmitted to the C ourny oftce and are\ oted upon at the annual school eicc.ion on the third I ur cda in .\p 1. Budgets are preparedusine the modil wd accrual basis at ‘ice untun: the lenni icS el of hudctai Lonti ol is cstahlishcdat line tern accounts ith in each fund. I inc item accounts are deflned as the lo e’.t (mostspecjtlc) ! ci t’ dci ni I as established pm suant to the minimum chart of acLounts rebienccd in.1 \ ( o \‘ 2t in I \ii hntiet amendnienis mu’.i he appr ed t\ Sehoai Board eolutiouBndtet mi ndnk ilLs dni ug thL car endLd June (). 201 1 xs crc insigni icant. w ith the except onof adjustments made liar the iedu’,,tion 1 State aid.
I u . ‘. 1 1,i a L )‘ ‘1 s Ir t I ra u “ I a r’ ‘ i a ni “i.n ‘lu. al .an .
a r a ;ihahc ic H L. sc hc2cicn mc’. hits in p :Jed ldIc lsuif m ra n. the ,Jnnticd e il tn4 oi uc 4s a inLlIiO;i ILfli iiciac iuircs ioinoi i
32.NOTE 1: Summar of Si2nitlcant Accounting Policies (Continued)
E. Budets/Budetarv Control (Continued):
The Commissioner must also re iew e er proposed local school district budget for thenext school year. He examines e er item of appropriations for current expenses and budgetedcapital outlay to determine their adequacx in relation to the identified needs and goals of thedistrict, If, in his iew. the are insufficient, the Commissioner must order remedial action. Ifnecessar. he is authorized to order changes in the local district budget.
Once a budget is approed. it can be amended by transfers or additional appropriation offund balances h approval of a majority of the members of the Board. Amendments arepresented to the Board at their regular meetings. Each amendment must have Board approal.Such amendments are made before the fact. are reflected in the official minutes of the Board, andare not made after fiscal ear-end as dictated by law. lndi idual transfers were not material inrelation to the original appropriations. All uncommitted budget appropriations lapse at ear-end.
I:ori1al hudgetar\ integration into the accounting s stem is emplo ed as a managementcontrol device during the year. For goernmental funds there are no substantial differencesbetween the budgetary basis of accounting and generall\ accepted accounting principles with theexception of the special revenue fund as noted below. Encumbrance accounting is also employedas an extension of formal budgetary integration in the goernmental fund t\pes. Unencumberedappropriations lapse at fiscal year end.
The accounting records of the special revenue fund are maintained on the grantaccounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that thegrant accounting budgetary basis is recognizes encumbrances as expenditures and alsorecognizes the related revenues, whereas the GAAP basis does not. Sufficient supplementalrecords are maintained to allow for the presentation of GAAP basis financial reports.
F. Encumbrances:
Under encumbrance accounting purchase orders. contracts and other commitments forthe expenditure of resources are recorded to resere a portion of the applicable appropriation.Open encumbrances in goernmental funds other than the special revenue fund are reported asreserations of fund balances at fiscal year end as they do not constitute expenditures orliabilities hut rather commitments related to unperftrmed contracts for goods and ser ices.
Open encumbiancec in the spedial reenue fund En which the District has receicdad ances are reflected ir the balance cheee as deferred ie caries at fiscal sear end
fhe encumbered appropriation authority carries o er into the next fiscal ear An entrwill be made at the beginning of the next fiscal year to mci ease the appropriation reflected in thecertified budget by the outstanding enLumbrance amount as of the Lurreni fiscal year end.
33.NoTE 1: Sumniarv of Significant Accounting Policies (Continued)
(. Short-Term Interfund Receivables/Pavables:
Short— Ferin interfund receivables/pavables represents amounts that are owed, other thancharges for good or sen ices rendered to tiom a particular fund in the District and that are duewithin one sear.
H. Inventories and Prepaid Expenses
Inventories and prepaid expenses. which benefit future periods. are recorded as anexpenditure during the year of purchase. ihe value of inventories remaining at the end of thefiscal year is not included on the balance sheet.
Enterprise fund inventories are valued at cost. which approximates market. using thefirst—in—first—out (F1FO) method. Prepaid expenses in the enterprise fund represent pa mentsmade to vendors for services that vill benefit periods beyond June 30. 201
I. Capital Assets and Depreciation
The District’s propert. buildings and improvements, equipment. vehicles, furniture andfixtures with useful lives of five years or more are stated at historical or estimated historical costand are reported in the government—wide financial statements. Proprietan Fund capital assets arereported in its respective fund.
1 he costs of normal maintenance and repairs that do not add to the asset value ormaterially extend the useful lives are not capitalized. Capital assets are depreciated using thestraight-line method. \Vhen capital assets are disposed, the cost and applicable accumulateddepreciation are removed from the respective accounts. Estimated useful lives, in ears. fi.rdepreciable assets are as flllo s:
Buildings and Improvements 20 50Equipment and VehiclesFurniture and Fixtures
( Ipil U 1’L’ i.tJ\ lt\ toi thL d! Lndid lulL ‘0 2o ‘ o IN toIi
34,NOTE 1: Summar of Significant Accountiniz Policies (Continued)
1. Capital Assets and l)epreciation (Continued)
Governmental Acti’ ities:Depreciable Assets:
Site ImprovementsBuildingsEquipment
Total
S 635.11463.290.7694.144.718
68,070.601
BalanceJune 30, 2011
635.11463.290,769
4.1 89.44868.115.331
Less: AccumulatedDepreciation:
Site ImprovementsBuildingsEquipment
Iota I
(229.559)(23.639.719)
- i74,L9I)
(36.632)(1.186.308)
(1.520.140)
(266.19!)(21,826.027)
±Q4iJIi(S±i”I,IJ)
Net Depreciable Assets 41.45 7.390 (5.410 39.981,980
Governmental ActivitiesCapital Assets (Net) $ 41,457.390 (1,475,410) 39.98 1,980
Business-Type Activities:Capital Assets Being Depreciated:Equipment $ 288.230 288,230
Less: AccumulatedDepreciation
Equipment J3i,ZL)
Business-Type Acti itiesCapital Assets. (Net> S 56,469
Accumulated depreciation was a I1ocated to governmental activities as follows:
Prior YearsAce urn ulatedreciationS 26.613,211
Current Year[)e p rec ía (ionense1 520.141)
TotalAccumulatedciation
28.133.351
Ba lanceJuly 1, 2010 Additions Deletions
44.73044.730
7.429)
(7.429) 49,040
f nallocatcd
NOTE 1: Summary of Signiflcant Accounting Policies (Continuedj
J. Compensated Absences
District employ ees are permitted. within certain limitations, to accrue s acation and sickleak e in ‘. ar ing amounts under the Districts personnel policies and ma he paid at a later dateaccording to contractual agreements.
Fhe liabilit) br s ested compensated absences of the gos ernmental fund t pes isrecorded in the gos ernment—w ide financial statements as a non—current liabilit Governmentalfunds report onl matured compensated absences pa able to currenil. terminating emplo. ees andare included in ss aies and benefits pa able
K. Deferred Reenue
Deferred res enue in the general and special rcsenuc funds represent cash which has beenreceis ed hut not \ et earned. See Note 1(F) regarding the special revenue fund.
L. Fund Equity
The governmental fund financial statements report resers ed ftmd balance for amountsnot as ailable for appropriation or legallN restricted for specified purposes. Fhe general fimdresers e for restricted purposes includes net assets relating to capital resers e (See Note 9).
NOTE 2: Cash and Cash Equivalents and Investments
Cash and cash equivalents includes pett cash, change funds, amounts in deposits, andshort term investments with original maturities of three months or less.
Ins estments are stated at cost. which approximates market. Uhe District classifiescertificates of deposit. ss hich has e original matnritv dates of more than three months but less thantss els e months from the date of purchase. as ins estments.
Deposits
New Jerse statutes require that school districts deposit public funds in publicdepositories located in Ness Jerse\ which are insured b the Federal Deposit InsuranceCorporation. the Federal Savings and loan Insurance Corporation. or by an other agenc of theI. nited States that insures deposits made in public depositories. School districts are alsopermitted to deposit public funds m the State of New Jersey C ash 1anagemnent Fund
\ew Jere’ statutes reqtore puhhc depositoric’ to maintam co1litemal for deposits ofpubic I und that exceed depos tory nsIrjiice 1mm jts ‘i fial lows.
I he market saluc of the collateral must equal at least s of the as eracedad balance of coilceted public funds on dept sit
In addition to ihe above collateral requirement if the public funds depositcu exceed‘1 the apita! fnd t lie ic ioi dept 1r ,ust p os ide oh a has me a market‘niea Ci’LT!! l. laH1I\ LdiP
36.NOTE 2: Cash and Cash Equivalents and Investments (Continuedi
fleposits (Continued)
All collateral must he deposited with the Federal Reser e Bank ofNe York. the FederalReserve Bank of Philadelphia, the Federal Home Loan Bank of New York, or a bankinginstitution that is a member of the Federal Reserve System and has capital funds of not less than525 WOO 000
Investments
Ne Jerse statutes permit the District to purchase the follow ing t\ pes of securities:
a. Bonds or other obligations of the United States or obligationsguaranteed by the United States.
b. Bonds of any Federal Intermediate Credit Bank. Federal HomeLoan Bank. Federal National Mortgage Agency or an UnitedStates Bank for cooperatives which have a maturit) dale not greaterthan twelve months from the date of purchase.
c. Bonds or other obligations of the school district.
As otJiine 30. 2011. cash and cash equivalents and investiien[s of the I)istrict consistedof the following:
Cash and CashEquivalents
Checkine. Money Market AccountsAnd Certificate of Deposit S 3.685.08()
NJ Asset and Rebate Management Program
$ 5,627.764
The carrying amount of the District’s cash and cash equivalents at June 30. 2011 was5 62 64 tnd tl. h ink h il in w N SO 441 212 01 thL hank b il ncc 300 000 w s co Lrcdby h.deral depositors insurance and 86.1-41.242 was covered by a collateral pool maintained bthe banks as required by New Jersey statutes.
ditRiskCateories
All hank deposits and iu\estnients as of the balance sheet date arc classified as to creditrisk by the following categories described below:
S
1,942,684
8 6,41 .742
37.NOTE 2: Cash and Cash Equivalents and Investments (Continued)
The in estment recorded in the basic financial statements has been recorded at thecarr ing amount. The diflerence het een the cari ing amount and market ‘ alue is not materialto the basic financial statements.
New Jersey Asset and Rebate Management Program — The Program has been establishedas a joint in estment trust “the Trust”) h local go em mental units in the State of New Jerseyconsistent with the Interlocal Ser ices Act, constituting Chapter 208 of the Pamphlet Lass of1973 of the State of New Jerse\ and the acts amendator thereof and supplemental thereto(N .J.S.A. 40:8A— 1 et seq.) (the “Interlocal Ser\ ices Act”) to make a ailable to counties,municipalities, school districts. authorities, or other political suhdi isions of the State. and shereapplicable, an bond trustee acting on behalf of such I ocal Go ernment. a convenient methodfor investing and accounting for surplus cash and tax exempt debt proceeds. The Program seeksto ins est tax—exempt bond and note proceeds in compliance w ith arbitrage management andrebate requirements of the Internal Revenue Code of 1986. as amended. The Program alsopros ides tbr record keeping. depository and arbitrage rebate calculation.
As of June 30. 201 I. the District had $1 .442.423 on deposit with the New Jerse Assetand Rebate Management Program and $500.26 1 w ith the New Jerse Cash Management Fund.
NOTE 3: General Lone-Term Debt
During the fiscal ear ended June 30. 2011 the fiallow ing changes occurred in liabilitiesreported in the general long—term debt account group:
Balance Balance Long-Term 2011-12June 30 201() Additions L)eletions June 30, 2011 Portion PamentCompensated AbsencesPaable S 1.071.393 147.053 1.218.446 1.218.446Bonds PaabIe 27,438.947 1.354.737 26,084.210 24.679.473 1.404.737Capital leases Pa\ able 67.230 67.230
I otal 287.5() 14.053 1.42 1.°6 2.302656 2$0.9l9 I .401$
NOTE 3: General Long-Term Debt (Continued)
Debt sen ice requirement’ on serial bonds payable at June 30. 2011 are as follows:
‘lear [tiding June 30.Principal Interest Total
$ 26,084,2 10 10.190.196 36,274,406
Compensated absences and capital leases have hen ltquidated in the General Fund.
Interest paid on debt issued b the District is exempt from federal income tax. Becauseof this. bondholders are illing to accept a lower interest rate then the’., would taxable debt. lheDistrict temporarily reinsests the proceeds ol such debt in higher—’ ielding taxable securities.espcciall\ during construction projects. [he Federal Tax Code refers to this as arbitrage.
[arnings in excess of the ield on the debt issue are rebated to the Federal Go ernrnentbased on requirements in the Internal Re enue Code Arbitrage rebate payable representsamounts due to the Internal Re enue Sen ice Iir interest earned on unspent bond proceeds thatexceeds legall\ —alloahle returns.
Rehatable arbitrage liabilities related to the District debt are not recorded inooernmental funds. [here is no rccoonitiun in the Balance Sheet or Income Statement untilrebatable amounts are due and pa) able to the Federal (Jo ernmenl,
[3onds Pa’. able
..1 F [) \ I Ofl
Issue Dates12 50
12 39
0$ 0)
Goernnicnt Activitiesinterest Rates Dates of ]Iaturit
O0—5 200 08 S .
4 0tF4’0fl (10 1 11
r I
June 30, 2010‘s 80,000
22 .9 5.000569 210
1 ot ii Bod
2012 S 1.404.73 1,090.268 2,495.00520 13 1 .361.3 1 .033.3 1 I 2.498.0482014 1 .534,36 973,04120 I 5 I .600.000 906.902 2.506.9022016 1.685,000 834.543 2.519,54320F-2021 6.410.000 3.364.336 9.74.3362022-2026 8.140.000 1£ 1 2.63 3 9.952.6332027-2028 3,84500 1 75. 162 4.020.162
B B ud’. uth ri,ed But ‘sot Is p
39.NOTE 4: Pension Plans
Description of Plans — All required emplo ees of the District are co ered b either thePubhc Emploees’ Retirement S\ stern or the 3 eachers’ Pension and Annuit Fund which ha ebeen established h state statute and are administered h the New Jersc Di ision of Pension andBenefits ( Di ision ). According to the State of Nex .Terse \dministrati e Code, all obligationsof both S’ stems will be assumed h the State of New Jerse should the S\stems terminate. iheDi ision issues a publicl available financial report that includes the financial statements andrequired supplementar information lbr the Public Emplo ees Retirement S’ stem and theTeacher’s Pension and •\nnuity Fund. [hese reports ma he obtained by writing to the Div isionof Pensions and Benefits, P0 Box 295, Irenton. New Jersey, 08625.
Teachers’ Pension and Annuity Fund (TPAF) [he Teachers’ Pension and AnnuityFund was established as of Januar I. 1955. under the provisions of N.J.S.A. I $A:66 to provideretirement benefits, death. disability and medical benefits to certain qualified members. IheTeachers’ Pension and Annuity Fund i5 considered a cost-sharing multiple—employer plan w ith aspecial funding situation, as under current statute. all emplo er contributions are made b theState of New Jersey on behalf of the District and the system’s other related non—contributingemplo ers. Membership is mandatory for substantially all teachers or members of theprofessional staff certified bx the State Board of Examiners, and emploees of the Department ofEducation who hay e titles that are unclassified, professional and certified.
Public Employees’ Retirement System (PERS) — The Public Employees’ RetirementSstem (PERS) was established as of.lanuary 1. 1955 under the provisions ofN.J.S.A. 43:1 5A toprovide retirement. death. disabilit and medical benefits to certain qualified members. ThePublic Emploees Retirement System is a cost—sharing multiple—emplo er plan. Membership ismandatory fbr substantially all full—time employees of the State of New Jersey or any county,municipality, school district, or public agency. pray ided the employee is not required to he amember of another state—administered retirement system or other state or local jurisdiction
Vesting and Benefit Provisions The vesting and benefit prov isions for PERS are seth N.J.S.A. 43:1 5.\ and 43.3B. and N.J.S.A. I 8A:6C for TPAF. All benefits vest after eight toten years of sen ice. except ir medical benefits that vest after 25 years of serv ice. Retirementbenefits for age and service are available at age 60 and are generall determined to he 1/60 of thefinal average salary for each year of sen ice credit, as delined. Final average salary equals theaverage salary for the final three years of serv ice prior to retirement (or highest three years’compensation if other than the final three years). Members may seek early retirement afterachiev ing 25 years of ser\ ice credit or they may elect deferred retirement after achieving eight toten years of serv ice in which case benefits would begin the first day of the month after themember attains natmal retirement age Fhe I P \1 and P1 RS prov ide ftr specified medicalbenefits flr members w Ito retire alter achiev ing 25 \ears of qualified sery ice as defined, orunder the disability provision of the S stem
\lenihers ate t a fri 1k ested tot their ow it contrrhni tons and, a tier three years atselv iLe Lredit become v cstcd tar 2’ , of rctaied rntLrest earned on the contribution ln the case ofdeath before retirement mcmlx, Vs’ cnL tic tat tes at cent itled t toll interest cred ted t themembers’ accounts
NOTE 4: Pension Plans (Continued)
Significant Legislation - During the year ended June 30, 1997. legislation was enacted
Chapter 11$. P.L. 1997) authoriting the New Jersey Economic De eiopment Authority to issue
bonds. notes or other obligations for the purpose of financing, in full or in part. the State of New
Jerse ‘s portion of the unfunded accrued liability under the State of New Jersey retirement
s’ stems. Additional legislation enacted during the sear ended June 30. 1997 (Chapter 11 5. P.L.
I 99). changed the asset ‘ aluation method from market related alue to full—market value, this
legislation also contains a pro ision to reduce the employee contribution rate by 2 of 1° o to
4.5°o for calendar years 1998 and 1999, and to allow for a reduction in the emploee’s rate after
calendar year 1999. pro iding excess aluation assets are available. The legislation also
pros ided that the Districts’ normal contributions to the Fund may be reduced based on the
realuation 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 fur the unfunded liability for local early retirement incentie benefits.
accordingly. the pension costs for TPAF and PERS were reduced.
Funding Policy — The contribution polic is set by New Jersey State Statutes and
contributions are required by acti e members and contributing emplo ers. Plan member and
employer contributions may be amended by State of New Jerse legislation. TPAF and PERS
provide for employee contributions ots° o of employ ees’ annual compensation, as defined.
Employ ers are required to contribute at an actuarially determined rate in both TPAF and PERS.
The actuarially determined contribution includes funding for cost—of-living adj ustments.
noncontributor’ death benefits, and post-retirement medical premiums. Under current statute the
District is a non—contributing employ er of the ‘I PAF.
Legislation enacted during 1993 pros ides early retirement incentives for certain members
of TPAF and PERS who met certain age and sen ice requirements and who applied for retirement
between certain dates in the 1994 fiscal year. The early retirement incentives included: (a) an
additional fi’e years of sen ice credit for employees at least age 50 with a minimum of 25 years
of ser ice (h) free health benefits for employees at least 60 years old with at least 20 years of
service: and (c) an additional $500 per month for two years for emplo ees at least age 60 w ith 10
years hut less than 20 years of ser ice. I he Board will assume the increased cost for the early
retirement as it affects their districts.
The contribution policy is set by N.J.S.A. 43: ISA, Chapter 62. P.L. of 1994. Chapter
115, P.L. of 1997 and N.J.S.A. 18:66. and requires contributions by actie members and
contributing employers. Plan members and employer contributions may he amended by State of
New Jersey legislation. TPAF and PERS pro ide for employee contributions of 50 of
ernpio ces’ annual compensation, as defined, [ mplo ers arc required to contribute at an
actuarially determined rate in both I PAF and PERS. f’he actuarially determined contribution
includes funding fur Cost—of-lR lug adjustments. nonconiributory death benefits, and post—
retirement medical premiunw 1 ‘nder current statute the 1)istrict is a jion—contributing emplo cr
of the IP \F,
Ihree-\ car irend Information for PERS
Annual Percentage Net
Year Pension of APC Pension
jj,iino tjl>(’ (ontributed atioi)o()
41.NOTE 4: Pension Plans (Continued)
Three-Year Trend Information for TPAF (Paid On-Behalf of the 1istrict)Annual Percentage Net
Year Pension of APC PensionFunding Cost (APC) Contributed OhIiation6/30/Il S L938,559 100% $06/30! 0 1 .94—I.45 I 00% 06/30/09 L726,612 100% 0
During the fiscal year ended June 30. 2011, the State of New Jersey contributedSI .938.559 to the TPAF for normal and post—retirement benefits on behalfof the District. Also.in accordance with N.J.S.A. 18A:66-66 the State of New Jersey reimbursed the District51.921.186 durini the \ear ended June 30. 2011 %r the emplovers share of social securitcontributions for TPAF members. as calculated on their base salaries. This amount has beenincluded in the general—purpose financial statements. and the combining and indi\ idual fund andaccount group statements and schedules as revenues and expenditures in accordance with GASB24.
NOTE 5: Post-Retirement Benefits
P.L. 1987. c. 384 and P1. 1990. c.6 required Teachers’ Pensions and Annuit Fund(TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical henelits for those State emplo ees ho retire after accumulating 25 ears ofcredited service or on a disability retirement. P.L. 2007. c. 103 amended the law to eliminate thefunding of post—retirement medical benefits through the TPAI and PERS. It created separateftmds outside of the pension plans lbr the funding and payment of post—retirement medicalbenefits for retired State emploees and retired educational employees. As ol June 30. 2010,there ere 87,288 retirees eligible for post-retirement medical benefits. The cost of thesebenefits is funded through contributions by the State in accordance ith P.L. 1994. c.62.Funding of post-retirement medical premiums changed from a prefunding basis to a pay-as-von-go basis beginning in Fiscal Year 1994.
Fhe State is also responsible ft’r the cost attributable to P.L. 1992 c. 126. which providesli’ee health benefits to members of PERS and the Alternate Benefit Program who retired from aboard oteducation or county colleee ith 25 years of service. The State paid $1 26.3 milliontoward Chapter 126 benefits for 14,050 eligible retired members in Fiscal Year 2010.
NOTE 6: fredCo,jsation
The Board offers its employees a choice of the ftdlowing deferred compensation planscreated m accordance with Internal Re\ enue Code Section 403 b lhe plans. w htch areadministered by the enti1es listed below, permits participants to defr a portion of their salaryunt I future ears..mounts detbrrcd under the plans are not ava able to emplo\ ees unt Itermination, retirement, death or unfaresecable emergency. The plan administrators are asI lows:
Met Lil:
American [oiled Jite
Valic
.42.
NOTE 7: Risk Management
I he District is exposed to various risks of loss related to torts: theft of. damage to. andde%truction of assets: errors and omissions: injuries to emplo ees: and natural diasters.
Propert and Liabi1it Insurance fhe I)istrict maintains commercial insurance coerage forpropert . liabilit . student accident and suret bonds. A complete schedule of insuranceco erage can he found in the Statistical Section of this Comprehensi e Annual Financial Report.
New Jersey Unemployment Compensation Insurance I he District has elected to fund itsNess Jersey 1 nemplox ment Compensation Insurance under the “Benefit Reimbursement\Iethod”. Lnder this plan. the District is required to reimburse the 4Ses Jersex [nemplox mentTrust Fund for benefits paid to its fdrmer employ ees and charged to its account ‘a ith the State.Ehe District is billed quarterly for amounts due the State. Fhe follossing is a suminar of Districtcontributions. emplox cc contributions, reimbursements to the State for benefits paid and theending balance of the District’s balance in the pay roll agenc\ fund for the current xear andprevious year:
District Employee AmountFiscal Year Contributions Contributions Reimbursed2010-2011 $ 103,639 64.015 167.1542009-2010 104,170 73.790 177.9602008-2009 84,721 72,016 156,737
NOTE 8: Capital Resere Account
A capital reser e account as established by the Mata\\ an-Aberdeen Regional Board ofEdtication on October 16. 2000 for the accumulation of funds for use as capital outlayexpenditures in subsequent fiscal sears. Fhe capital reser e account is maintained in the generalfund and its actis ity is included in the general fund annual budget.
Funds placed in the capital reser e account are restricted to capital projects in thedistrict’s approved Long Range Facilities Plan (“[REP”) and updated annually on the QualityAssurance Annual Report (“QAAR”). Lpon submission of the LRFP to the department, adistrict may increase the balance in the capital reser e by appropriating funds in the annualgeneral fund budget certified for taxes. A district may also appropriate additional amounts ‘a henthe express approval of the ‘ oters has been obtained either by a separate proposal at budget timeor by a special question at one of the four special elections authoriied pursuant to \‘.)SA. 19:60—2. Pursuant to \..J 1 C. 6:23A—5 1 (ci) . the balance in the account cannot at any time exceed thelocal support costs of uncompleted capital prqjects in its appros cd I REP.
1 he actis its of the capital 1ese e hat the JuIx 1. 2010 to June 0 2011 fiscal sear is as
Beinning Ifalance mix I. it
Intet est am mes 92I ransfcrs in hx E3oard Resolution 300,000
I nhn Balance, Junc 0, 20! 4
43.
NOTE 9: Interfund Receivables and Pavables
The following interfund balances remained on the balance sheet at June 30. 2011.
Interfund InterfundFund Receivable Payable
Current Fund $ 804.092Special Revenue Fund 804.092
NOTE 10: Fund Balance Appropriated
General Fund — Of the $7.3 70,626 General Fund fund balance at June 30. 2011,$1 .602.677 is reserved for encumbrances: $596,985 has been appropriated and included asanticipated revenue for the year ending June 30, 2011 from Capital Reserve: $1 ,026,349 is inCapital Reserve, $500,281 is in an emergency reserve. $300,000 is in a maintenance reserve:excess surplus is $1 .3 1 I ,592 excess surplus designated for subsequent years is $405,940:$387,542 is designated for subsequent years expenditures and $1,239,260 is unreserved andundesignated.
NOTE 11: Calculation of Excess Surplus
In accordance with N.J.S.A. 1 8A:7F-7. the designation for Reserved Fund Balance -
Excess Surplus is a required calculation pursuant to the New Jersey Comprehensive EducationalImprovement and Financing Act of 1996 (CEIFA). New Jersey school districts are required toreserve General Fund fund balance at the fiscal year end of June 30 if they did not appropriate arequired minimum amount as budgeted fund balance in their subsequent years’ budget.
Reserved for encumbrances represents outstanding purchase orders which will be rolledinto the 2011-2012 budget and expended therefrom.
Reserved excess surplus represents a calculation under N.J.S.A. I 8A : 7F-7 whichidentities an amount of surplus under the statute which must he restricted for use in the nextsuLcecdlng budget lhc Distnct t June. 30 2011 had an cxccss surplus of$I 311 592 (scecalculation below).
Unreserved is surplus not previously committed or reserved for any other purpose.
The calculation of reserved excess surplus is as follows:
cessSur Ins2010-I I Total General Fund Expenditures Per the CAFR $ 56i 18.923
Decreased byOn—I3ehalf TPAF Pens ion & Social Security
Adjusted 2010—Il General Fund Expenditures $ 52,259,1 78
2% of Adjusted 2() I 0—il General Fund Expenditure.s $ I ,045. 183Increased by: Allowable Adjustment 194M77
NOTE 11: Calculation of Excess Surplus (Continued)
Section 2Fotal General Fund Fund Balance 6-30-I I $ 7.370.626
Decreased b:Year-End Encumbrances
I .602.677)Legal1. Restricted:Designated for Subsequent Years Expenditures Capital Resere (596.Q85)Excess Surplus — Deskmaied for Subsequent Years F\penditures (405.940)Other Restricted Rescred Fund Balances 1.826.630)Assigned:Designated for Subsequent Years Expenditures j87,542)
Total Unassigned Fund Ilalance$ 2.550,852
Restricted Fund Balance - Excess Surplus$ 1,3 11,592
Section 3Reserved Fund Balance — Excess Surplus Designated forSubsequent Expenditures
$ 405.940Excess Surplus1.311.592
$ 1,717.532
Detail of Allowable AdjustmentsLxtraordiiiar Aid
$ 174.444Non-Public Transportation Aid
$ 194,077Detail of Other Restricted Fund BalanceFmergenc Reser e
$ 500.281Maintenance Reserve300.000Capital Reser e
1.026.349Total Other Reser ed Fund Balance
$ I ,826,630
NOTE 12: Contingent Liabilities
[he Hoard is not inoRed in an’ claims and la’uits incidental to its operations, in thconinion of the administration and it kial counsel.
NOTE 13: 1iioriiic1ecnJev
I he Dtnct rccc\ uhtai ,i i! nunt po’ tli i i dcr 19 ‘alLi a cot \ n I ant dULti ii hc I 1 opport ! ‘1 a r h o mis aI i a ib ) a pr a i i t itic
NOTE 14: Sinlflent Acconmdn Proi.o.ncemenb
In June 2009. the FASH issued FASB ASC 105. Generally Accepted AccountingPrinciples, which establishes the FASB Accounting Standards Codification as the sole source ofauthoritatie generally accepted accounting principles. Pursuant to the pro’iisions of FASB ASC105. the District has updated references to GAAP in its financial statements issued for the periodended June 30. 2011. The adoption of FASB ASC 105 did not impact the District’s financialposition or results ofoperations.
In Ma 2000. the FASB updated ASC 855. Subsequent Esents. which is cffecti’ie forreporting periods ending after June 15. 2009. ASC 855 establishes general standards ofaccounting for and disclosure of events that occur after the balance sheet date. but before thefinancial statements are issued. or are aiailable to be issued. The District adopted the amendedsections of ASC 855 and it did not ha’e an impact on the District’s financial statements. TheDistrict ealuatcd all events or transactions that occurred after June 30. 2011 through November1’,
45.
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88,4
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11,2
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147,
250
249
1ot
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vice
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767
756
3150
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799
256
272
8,27
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82,8
23)
30,0
09,8
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48.5
7255
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(3,8
59.7
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6,44
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__
__
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quip
men
t17
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18,9
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32,8
573,
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Fac
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162,
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7223
4,70
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294,
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92,9
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5,64
511
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1,75
211
1,92
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3,67
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8,50
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43,1
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__
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__
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88,8
8231
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120,
583
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282
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1JX1JNOiJIANVJ3II1ddu1S(JflhIr1OIN1.SLiO
61.MATAWAN-ABERDEEN REG IONAL SCHOOL DISTRICT
REQUIRED SUPPLEMENTARY INFORMATIONExhibit C-3
BUDGET TO GAAP RECONC I LIATION
NOTE TO RSI
FOR THE FISCAL \TAR ENDED JUNE 30, 2011
SpecialGeneral Revenue
Fund FundSources/Inflows of ResourcesActual amounts (budgetary) ‘revenues’ from the
budgetary comparison schedules $ 58.870.250 1.820.507
Difference - budget to GAAP:Grant accounting budgetary basis differs fromGAAP in that encumbrances are recognized asexpenditures, and the related revenue is recognized. (50.822)
State aid payment recognized for GAAP statements inthe current year. previousl, recognized liar budgetarypurposes. 1.272,587
State aid payment recoenized for budgetary lposes.not recognized for GAAP statements until thesubsequent year. (981.291)
Total revenues as reported on the stalement of revenues.expenditures and changes in fund balances -
governmental funds. $ 59. 61.546 I .769.685
Uses/Outflows of ResourcesActual amounts ( hudgetar basis) total outfio S tromthe budgetary comparison schedule S 56.1 18.923 1.820.507
I)i t ferences bud eel to (iAAP:l-ncumbranccs liar supplies and equipment orderedhut not received are reported in the ear the order isnlaeed for hudoetar purposes. hut in the \ ear thesupplies are receied liar linancial reporting purposes
Total e\rendturcs as retwrted on the statL lIen ofre’ canes. ca cndture.aIiJ chaRles in fund ha ianecgovernmental funds.
OTHER SUPPLEMENTARY INFORMATION
S •< S P1 P1
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13,0
361,
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___________________
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__
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Tot
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361,1
166,
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Supp
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Tot
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20.4
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8.52
8
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ther
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ies
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2.71
0
485
1.79
87
917
253
1,06
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20.4
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2,68
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20,4
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0,85
118
3,89
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257
10.5
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72.9
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175
6.66
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337
5.54
259
6
20,4
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5.65
420
3.60
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3,71
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port
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ther
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EO
FR
EV
EN
UE
SA
ND
EX
PE
ND
ITU
RE
S
BU
DG
ET
AR
YB
AS
IS
FO
RT
HE
FIS
CA
LY
EA
RE
ND
ED
JUN
E30
,20
11
Exh
ibit
E-l
She
et3
of3
Lil
Suu
reN
Stat
eSo
urce
sFe
dera
lSo
urce
s
AR
RA
AR
RA
IDE
AT
itle
IP
art
B
AR
RA
IDE
AP
resc
hool
Tit
leIV
Edu
cati
onT
otal
sF’
oum
latio
n20
11
7.64
847
.417
31.3
911.
7-11
.699
Tot
alR
even
ues
100.
476
579,
850
2,90
11,
803
1,99
736
,572
1,20
07,
648
1,82
0,50
7
F\
pead
itur
es:
Insi
tic
tion
:S
alar
te’
atT
each
ers
Oth
erSa
lari
eslE
rin
stru
ctio
nG
ener
alSu
pplie
s.T
e.xt
hook
sP
urch
ased
Prfe
ssiu
nal
and
Tec
hnic
alS
ervi
ces
Otit
er
Purc
hase
dS
ervi
ces
Oth
erO
hjec
isT
otal
Inst
ruct
in
Supp
ort
Serv
ices
:S
alar
ies
ifPr
orer
amD
irec
tor
Sal
arie
sat
Sec
reta
rial
and
Cle
rica
lA
ssis
tant
sO
ther
Sal
arIe
\ta
rIn
stru
ctio
nPu
rcha
sed
Prof
essi
onal
Ser
vice
sO
ther
Pur
chas
edSe
rvic
esSu
ppii.
es. a
ndM
ater
ials
Per
sona
lS
ivte
s-
Em
ploy
eeB
enef
itsT
otal
Supp
ort
Ser
sic
es
___________
449
86,7
8855
8,37
3
2813
.660
17,3
8313
.688
19.3
23
181.
315
495,
161
7,64
815
8,64
010
,980
106.
611
387.
340
439
1,34
0,49
6
6.42
574
.585
167.
830
133,
235
35,6
89
5,59
554
.498
477.
857
Fac
ilit
ies
Acq
uisi
tion
and
Con
stru
ctio
nSe
rvic
es:
Inst
ruct
iona
lE
quip
men
t
Tot
alF
xpct
tdira
res
__________
2,15
42,
154
100.
476
579.
850
2.90
11.
803
1.99
736
.572
.200
7.64
81.
820.
507
Rev
enue
s:
Tar
get
Saf
ety
Gra
nt
Gra
nt
1.99
736
.572
100.
476
579.
850
2.90
11.
803
Arm
edF
orce
sG
ran
t
1.20
0
58.7
40
28
,04
8
84.8
59
88,7
98
3.06
538
1.20
2
930
513
1,99
71,
200
930
513
1,99
7-
1,21)
1)7,
638
1,93
01,
115
36,5
7217
51,
971
1.97
1l.2
90-
36.5
72-
4.-
CAPITAL PROJECTS FUND - F
N/A
PROPRIETARY FUNDS - G
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SC
HO
OL
DIS
TR
ICT
CO
MB
ININ
GS
TA
TE
ME
NT
OF
NE
TA
SS
ET
S
Exh
ibit
G-l
EN
TE
RP
RIS
EFU
ND
JUN
E30
,20
11
Foo
dT
VS
umm
erS
ervi
ces
Stu
dio
Thea
ter
Tot
al—
Ass
ets
Cur
rent
Ass
ets:
Cas
han
dC
ash
Equ
ival
ents
$18
8,83
1(2
,788
)14
,765
200,
808
Acc
ount
sR
eeei
able
:St
ate
1,77
61,
776
Fed
eral
44,4
5144
.451
Inve
mor
v6,
231
________________
__
__
__
__
__
__
__
__
_
6,23
1T
otal
Cur
rent
Asst
241,
289
(2,7
88)
14,7
6525
3,26
6
Non
curr
ent
Ass
ets
Equ
ipm
ent
288,
230
288,
230
Acc
umul
ated
Dep
reci
atio
n(2
39,1
90)
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
(239
,190
)T
otal
Lix
edA
sset
s49
,040
--
49040
Tot
alA
sset
s$
290,
329
(2,7
88)
14,7
6530
2.30
6
Lia
bili
ties
Cur
rent
Lia
bili
ties
:D
efer
red
Rev
enue
.$
-
14,0
0014
,000
Tot
alL
iabi
liti
esS
--
14,0
0014
,000
Net
Ass
ets
Inve
stm
ent
in(f
apit
alA
sset
s$
49,0
4049
.040
Unr
estr
icte
d24
1,28
9(2
,788
)76
523
9,26
6
Tot
alN
etA
sst
$29
0,32
9(2
,788
)76
528
8,30
6
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT66.
COMBINING STATEMENT OF REVENUES, EXPENSES AND ChANGES IN FUND NET ASSETSExhibit G-2
ENTERPRISE FUNDS
JUNE 30. 2011
Food SummerServices Theater Total
Operating Revenues:
Daily Sales 994,623Fees
________________
4,169
_______________
33,869Total Operating Revenues
_________________
4.169
________________
1,028,492
Operating Expenses:
Salaries & Benefits 661,288
Cost of Sales 654,783
Supplies and Materials 2,245
Depreciation 7,429
Management Fee 159,812 159,812
Miscellaneous 137,481
________________ ________________
137,481
Operating Expenses 1,585,102
________________ ________________
1,623,038
Operating Gainl(Loss)
Non-Operating Revenues:
State Sources:State School Lunch Program 18,729 18,729
Federal Sources:
National School Lunch Program 463,036 463,036
Federal Breakfast Program 50,518 50,518
Special Milk Program 1,842 1,842
Food Distribution Program 73,690 73,690
Total Non-Operating Revenues 607,815 - - 607,815
Change in Net Assets 17,336 (962) (3,105) 13,269
Adjustments:Cancel Payables
_______ ______
Total Adjustments
Change in Net Assets after Adjustments
Net Assets - July 1 265,665
8 290,329
(1,826) 3,870 267,709
TV
Studio
8 994,623
994,623
625,597654,783
7,429
29,70029,700
30,5605,131
2,245
5,131 32,805
(590,479) (962) (3,105) (594,546)
7.328
7.328
24.664 (962)
7.328
7,32 S
(3,105) 20597
Net Assets June 30
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
Sc
1-IO
OL
DIS
TR
ICT
CO
MB
ININ
GS
TA
TE
ME
NT
OF
CA
Sh
FL
OW
S
Exh
ibit
G-3
EN
TE
RP
RIS
EF
UN
D
JUN
E30
,20
11
Foo
dT
VS
umm
erS
ervi
ces
Stu
dio
Thea
ter
Tot
alC
ash
Flo
ws
from
Ope
rati
ngA
ctiv
itie
s:R
ecei
pts
from
Cus
tom
ers
&Fe
es$
994,
623
4,16
935
,350
1,03
4,14
2P
aym
ents
toE
mpl
oyee
s&
Ben
efit
s(6
25.5
97)
(5.1
31)
(30,
560)
(661
,288
)P
aym
ents
toS
uppl
ies
(876
,529
)
________________
(2,2
45)
(878
.774
)N
etP
rovi
ded
(Use
d)by
Ope
rati
ngA
ctiv
itie
s(5
07,5
03)
(962
)2.
545
(505
.920
)
Cas
hF
low
sfr
omN
onca
pita
lF
inan
cing
Act
ivit
ies
Stat
eS
ourc
es18
,729
18.7
29F
eder
alS
ourc
es51
5,39
651
5.39
6N
etC
ash
Pro
vide
dby
Non
capi
tal
Fin
anci
ngA
ctiv
itie
s53
4.12
5—
—53
4.12
5
Net
Incr
ease
(Dec
reas
e)in
Cas
han
dC
ash
Equ
ival
ents
26,6
22(9
62)
2.54
528
.205
Bal
ance
July
116
2,20
9(1
.826
)12
.220
172.
603
Bal
ance
June3
0$
188,
831
(2,7
88)
14,7
6520
0.80
8
Rec
onci
liat
ion
ofi
per
atin
gIn
com
e(L
oss)
toN
etC
ash
Pro
vide
d(U
sed)
byO
pera
ting
Act
ivit
ies:
Ope
rati
ngIn
com
e(L
oss)
$(5
90,4
79)
(962
)(3
.105
)(5
94,5
46)
Dep
rcea
tiun
7,42
97.
429
Fed
eral
Com
mod
itie
s73
,690
73.6
90A
djus
tmen
tsto
Rec
onci
leO
pera
ting
Inco
me
(Los
s)to
Cas
hP
rovi
ded
(Use
d)by
Ope
rati
ngA
ctiv
itie
sD
ecre
ase;
(Inc
rcas
e)in
Inve
ntor
y3,
171
3,17
1(D
ecre
ase
I/In
crea
seii
iD
efer
red
Rev
enue
5,65
05.
65()
i)ec
reas
e;(l
ncre
ase)
inA
ccou
nts
Rec
eiva
ble
(1,3
14)
(1,3
14)
Nt
Pro
\tdv
dU
sed)
byO
pet
tung
Aet
i’it
is$
(507
03)
(962
)2
545
(505
920)
H-U?fIiANVIJi1UIi
NIATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
COMBINING STATEMENT OF FIDUCIARY NET ASSETSExhibit 11-1
JUNE 30, 2011
Miscellaneous
Payroll Student Trust
Agency Activity Funds Total
Assets:Cash and Cash Equivalents $ 260,246 135,921 2,420 398,587
Total Assets S 260,246 135,921 2,420 398,587
Liabilities:
Payroll Deductions and Withholdings $ 260,246 260,246
Worker’s Compensation Reserve 2,420 2,420
Due to Student Groups
_____________
135.921
______________
135,921
Total Liabilities $ 260,246 135,921 2,420 398,587
MATAWAN-ABERDEEN REGIONAL Sc HOOL DiSTRICT Exhibit 11-3
STUDENT ACTIVITY AGENCY FUND
SChEDULE OF RECEIPTS AND DISBURSEMENTS
JUNE 30, 2011
Elementary Schools:RavineC’liffwoodStrathmoreLloyd Road
Total Elementary Schools
Middle School:Matawan Avenue
Total Middle School
High School:High SchoolAthletic Account
Total High School
BalanceJuly 1, 2010
S 6.3356.0278,068
19,02839,458
14,02914,029
81,603642
82,245
S 135,732
CashReceipts
1.1051,3415,067
21,61929.132
84,10884,108
199,39057,578
256,968
CashDisbursements
3,0672,5712,899
22,29430,831
87,47387.473
193,49558.220
251,715
BalanceJune 30, 2011
4,3734,797
10,23618,35337,759
10,66410,664
87.498
87.498Total Schools
370,208 370,019 135,921
70.
NIATMVAN-ABERDEEN REGIONAL SCHOOL DISTRICT
PAYROLL AGENCY FUNDExhibit 11-4
SCHEDULE OF RECEIPTS AND DISBURSEMENTS
JUNE 30, 2011
Balance Balance
July 1, 2010 Additions Deletions June 30, 2011
Assets:
Cash and Cash Equivalents $ 57,276 14,704,505 14,501,535 260,246
Total Assets $ 57,276 14,704,505 14,501,535 260,246
Liabilities:
Payroll Deductions and Withholdings $ 57,276 14,704,505 14,501,535 260,246
Total Liabilities $ 57,276 14,704,505 14.50 1,535 260,246
71.MATAVAN- ABERDEEN REGIONAL SCHOOL DISTRICT
MISCELLANEOUS TRUST FUNDSExhibit W5
SChEDULE OF RECEiPTS AND DISBURSEMENTS
JUNE 30. 2011
Balance BalanceJuly 1, 2010 Additions Deletions June 30, 2011
Assets:
Cash and Cash Equivalents $ 5,676
____________
3,256 2,420
Total Assets $ 5,676 - 3,256 2,420
Liabilities:
Optical Reimbursement Reserve $ 3,256 3,256Worker’s Compensation Reserve 2.420
_________________________
2,420
Total Liabilities $ 5,676 - 3,256 2,420
I-1WJUI3J%)To]
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SC
HO
OL
DIS
TR
ICT
LO
NG
-TE
RM
DE
BT
Exh
ibit
I-I
SC
HE
DU
LE
OF
SE
RIA
LB
ON
DS
JUN
E30
,20
11
Dat
eof
Am
ount
Ann
ual
Mat
uri
tyIn
tere
stB
alan
ceB
alan
ceIs
sue
ofIs
sue
Dat
eA
mou
ntR
ate
Juii
e30
,20
10R
etir
edJu
ne
30,
2011
ED
AL
oan
8/12
/93
$3,
605,
000
7/15
/11-
2012
$18
9,73
71.
50%
$75
8,94
718
9,73
756
9,21
07/
15/1
318
9,73
6
2002
Ser
ie,
laxa
ble
12.3
0/02
5,66
5,00
08/
15/1
146
5,00
04.
80%
3,02
5,00
044
5,00
02,
580,
000
815/
1249
0,00
05.
00%
8/15
/13
515,
000
5.00
%8/
15/1
454
0.00
05.
20%
8/15
/15
570,
000
5.20
%
2003
Ser
ix4
1597
19,7
60,0
009’
lSil
175
0.00
04.
00%
23,6
55,0
0072
0,00
022
,935
,000
9/15
/12
785,
000
9/15
/13
830.
000
9,15
/14
1,06
0,00
09/
15/1
51,
115,
000
9.15
/16
1,16
5.00
0915/1
71,
220,
000
9/15
/18
1,28
0,00
0915/1
91.
340.
000
4.20
%9/
15/2
01,
405,
000
4.25
%9/
15/2
11,
475,
000
4.30
%9’
15/2
21,
545.
000
4.40
%9/
15/2
31,
625,
000
4.50
%9/
15/2
41,
705,
000
9/15
/25
1.79
0.00
09/
15/2
61,
875.
000
9/15
/27
1.97
0,00
0
$27
.438
.947
1.35
4.73
726
.084
,210
MA
TA
WA
N-A
BE
RD
EE
NR
EG
iON
AL
SC
HO
OL
DIS
TR
ICT
LO
NG
-TE
RM
DE
BT
Exhib
it1-
2
SC
HE
DU
LE
OF
OB
LIG
AT
ION
SU
ND
ER
CA
PIT
AL
LE
AS
ES
JUN
E30
,20
11
Am
ount
ofA
mount
Am
ount
Inte
rest
Ori
gin
alO
uts
tandin
gO
uts
tan
din
g
Ser
ies
Rat
eIs
sue
June
30,
2010
Ret
ired
June
30,
2011
2006
Bus
es4.
05%
$32
2,49
0$
67.2
3067
,230
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SC
HO
OL
DIS
TR
ICT
LO
NG
-TE
RM
DE
BT
BU
DG
ET
AR
YC
OM
PA
RIS
ON
SC
hE
DU
LE
DE
BT
SE
RV
ICE
FU
ND
FO
RT
HE
FIS
CA
LY
EA
RE
ND
ED
JUN
E30
,20
11
Renuc’:
Loc
alS
ourc
esL
oal
I ax
1c
Sta
teS
ourc
csI)
cht
Sen
cc\i
dFy
peii
fota
lR
exen
ues
Exp
endi
ture
cR
egul
arD
ebt
Ser
vice
:ln
tere
iR
edem
ptio
nor
Pri
ncip
alT
otal
Reg
ular
I)eh
tS
ervi
ce
tota
l:x
pend
itur
es
Lxce
slD
elic
lenc\
jof
Rev
enue
sO
xer
(Und
er)
Exp
endi
ture
,
Fun
dB
alan
ecJu
ly1
Fund
Bal
ance
Juiie
3()
$4
4
Var
iance
Pos
itiv
e/(N
cgat
ive)
Act
ual
Fin
alto
Act
ual
1,14
3,90
91,
354,
737
2,49
8,64
6
2,49
8,64
6 4
Exh
ibit
1—3
Ori
gin
alB
udge
tF
inal
Bud
get
Tra
nsf
ers
Bud
get
$2,
317,
367
18,5
452,
335,
912
1,14
3,90
91,
354,
737
2,49
8,64
6
2498
,646
2,31
7,36
7
18,5
452,
335,
912
2,31
7,36
7
18,5
452,
335,
912
1,14
3,90
91,
354,
737
2,49
8,64
6
2,49
8,64
6
(162
,734
)-
(162
,734
)(1
62,7
34)
162,
738
162,
738
162,
738
1
STATISTICAL SECTION
(I. In an tilted)
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SCH
OO
LD
IST
RIC
T
NE
TA
SS
ET
SB
YC
OM
PON
EN
T
LA
STFI
VE
FISC
AL
YE
AR
S(A
CC
RU
AL
BA
SIS
OF
AC
CO
UN
TIN
G)
(UN
AU
DIT
ED
)
Exh
ibit
J-1
2007
$14
,184
,626
.37
2,93
2,66
8.59
(1,4
46,2
78.8
7)
$91
,508
.82
41,4
76.6
6
$14
,276
,135
.19
2,93
2,66
8.59
(1404.8
02.2
1)
2008
$15
,943
,464
.00
2,05
5,33
8.00
(788
,619
.00)
$17
,210
,183
.00
$99
,449
.00
487.
00
$16
,042
,913
.00
2,05
5,33
8.00
(788
,132
.00)
2009
$13
,836
,947
.00
2,87
5,58
6.00
(1,0
28,8
13.0
0)
$13
,894
,636
.00
2,87
5,58
6.00
(855
,043
.00)
2010
$13
,951
,213
.00
2,50
9,63
8.00
(71,
581.
00)
$56
,469
.00
211,
240.
00
$14
,007
,682
.00
2,50
9,63
8.00
139,
659.
00
2011
$13
,897
,770
.00
6,13
1,37
0.00
(960
,477
.00)
$49
,040
.00
239,
266.
00
$28
8,30
6.00
$13
,946
,810
.00
6,13
1,37
0.00
(721
,211
.00)
Gov
ernm
ent
Act
iviti
es:
Inve
sted
inC
apit
alA
sset
s,N
etof
Rel
ated
Deb
tR
estr
icte
dU
nres
tric
ted
Tot
alG
over
nmen
tA
ctiv
ities
Net
Ass
ets
Busi
nes
sType
Act
iviti
es:
Inve
sted
inC
apit
alA
sset
s,N
etof
Rel
ated
Deb
tU
nres
tric
ted
Tot
alB
usi
nes
sType
Act
iviti
esN
etA
sset
s
Dis
tric
twid
e:In
vest
edin
Cap
ital
Ass
ets,
Net
ofR
elat
edD
ebt
Res
tric
ted
Unr
estr
icte
d
$15
,671
,016
.09
$15
,683
,720
.00
$16
,389
,270
.00
$19
,068
,663
.00
$13
2,98
5.48
$99
,936
.00
$57
,689
.00
173,
770.
00
$23
1,45
9.00
$26
7,70
9.00
$15
,804
,001
.57
$17
,310
,119
.00
$15
,915
,179
.00
Tot
alD
istr
ict
Net
Ass
ets
$16,6
56,9
79.0
0$
19,3
56,9
69.0
0
MATAV1ANABERDEEN REGIOSAL SCHOOL DISTRICT
CHANGES IN NET ASSETS
LAST FOUR FiSCAL YEARS(ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITEDI
Exhibit 1-2Page 1 of 2
76.
Business-Type Activities:Food ServiceOther ActIvitiesInternal Service Fund
Total Business-Type Activities Expenses
Total District Expenses
11.471,896 Dot 11,47610600)(38,887.00)
47F896 00) (LA 14,993.00)
l69,771.00 600’
(1,648 360 00) (1,585,102 00)(37,936.00)
(164806000) j038.00l
$ (66.178,163.00) $ 61,881,002001
Program Revenues’Governmental Activities,
Charges for Services:instruction ITuitiomPupil Transportation
Operating Grants and ContributionsCapital Grants and Contributions
Total Governmental Activities Piogram Revenues
121,211.00
1,769,685.00
1.890.89600
Business-Type Aclivities:Chaiges tor Services,
Food ServiceOlher Activ8ies
Operatina Grants and ContributionsCapital Grants arid Contributions
ToI:i( Business-Type Activities Program Revenues
Tolvi Distrct Pr’orai” P.evn’nues
036 037 00
4)1,70200
1,447.739,00
S 3.14448500
11)420340031,348,00
490,791.00
1 564,173.00
31341 ((SOil
1 u: t 72600
606,56) 00
1,678.287.00
3 3,482 544,90
994 623 0033 869 00
607.81500
1,636,307,00
3 3-527203,00
Net Experiue(JRevesue,Governmental Aclvtties
Total Div7:’:.cl-wi0e Net Expeosei:’Revmtae
$ (03001,128,00) S (64.984.996.OOt
Sa,O5.,’O’ S’0)A935.SLAOO:
S (62,725.546,00) S (00,367.068.00100 - 1726970
$ (62.695.619.00) $ (55,353799:301
2008 2009 2010
$ (18,538,833 00) $ (18,307.683.00) S (18.205.392 001i2.608.139.OOl 3.607 13600) 4 573 144.00)1,896,463 00’t 12 437 459.OOi 1323,23600)(975.072.00) (954,518 00) (1,072.195 00>
4 843.586 00) 4.938.097 OOi 14.877 910 00)15.215 226.001 5 034,745 00) (5 008 238.00)
2011
$ (17,468,715.0014 895,479.OOi
(1.410,21300)(962.504 00)
(4 396 674 0011,4122.05700)
Expenses.Governmental Achvities
Instruction’RegularSpecial EducationOther Special EducationOther Instruction
Support Services:tuitionInstructionAttendanceHealth ServicesOther Support ServicesEducational Media ServicesInstruclional Staff TrainingGeneral Administrative ServicesCentral ServicesSchool Administrative ServicesAdmix Information TechnologyAllowed Maintenance (or School FacilitiesPlant Operations and MaintenanceStudent Transportation ServicesBusiness and Other Support ServicesUnallocated Employee BenefitsNon-Budgeted Expenditures
Summer SchoolInterest on Long-Term DebtARRAUnallocated Deprectation and Amortization
Total Governmental Activities Expenses
(3,397.182 00) 3,560.268 00) (3,536.825.00) (3.3(7.299 00)
(1 0t4,565 00) (107909600) (912,726,001 1758.311 00)
15,473.257.00112 654,973 00)
(16.188,685 00)
(112.594.001(1.248.209 00)
—91’00’
16.587 213 00)2,570,611 001
(12.361 .936 00)
(59.358 001(1,224 629.00)
,,j.739,092.00(
461,84
15.367,081.00)12.556,743 00)
(13.544.811 00)
188 404 00)(1.153,524.00)(1.710.066.00)
-,‘-990o
(4920.803.00)(2.728,276 001
(12,524,392 001
1120,282.00)(1,112.819.00)
11.520.14000)
7,964,00
1.696.747.00 1,476,845 00 1.804.257.00
1,696.74700 I 476.84500 1 804.25700
Exhibit J•2MATAL’VAN-ABERDEEN REGIONAL SCHOOL DISTRICT Page 2 of 2
CHANGES IN NET ASSETS
LAST FOUR FiSCAL YEARSACCRUAL BASIS OF ACCOUNTING)
UNAUOITEU)
2008 2009 2010 2011Genera) Revenues and Other Changes in Net AssetsGovernmental Actrvitiev
Property Taxes Levied for General Purposes Net S 43449 97000 S 43826599 00 S 43801 85900 S 44105926 00Taxes Levied for Debt Service 242728800 247860500 247162500 231736700Unrestricted Grants and Contributions 18 015,03400 16795,52400 16745,40500 14772491 00Restricted Grants and ContributionsTuition Received 8372400 74491 00 t1409500 t2121 1 00Miscellaneous Income 277801 00 388.68500 29600700 55 711 00Investment Earnings 209.73100 39,39300 7,245.00 3,541 00
rota) Governmental Activities 64,463.52800 6360329700 63.436.23600 61.37624700
Business-Type ActivitiesOther 82.34300 7,32800
Totat Business-Type Activities 82,343,00 7,328.00
Total Oistrict-v,ide S 6446328.00 S6385.640 00 863.43623600 S 61.383.57500
Changes in Net AssetsGovernmentatActivities $ 1.462,400,00 $ (1.381.69900) $ 710,690.00 $ 3,009,179.00Business-Type Activities J15700) - 131.52300 2992700 20.59700
Total District $143824300 j1,250.i76.00 $ 740,61700 $ 3.02977600
Exh
ibit
J-3
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SCH
OO
LD
IST
RIC
T
FUN
DB
AL
AN
CE
S,G
OV
ER
NM
EN
TA
LFU
ND
S
LAST
FIV
EFI
SCA
LY
EA
RS
(MO
DIF
IED
AC
CR
UA
LB
ASI
SO
FA
CC
OU
NT
ING
)(U
NA
UD
ITE
D)
2007
$2,
511,
386.
4265
9,14
2.33
3,17
0,52
8.75
$ $89
,097
.04
(16,
321.
30)
332,
184.
480.
65
$40
4,96
0.87
2008
$1,
734,
710.
0084
2,78
3,00
2,57
7,49
3.00
$ $33
7,04
7.00
(25,
696.
00)
5,31
5.00
$31
6,66
6.00
2009
$2,
706,
474.
0029
8,07
4.00
3,00
4,54
8.00
$ $6,
378.
00
162,
734.
00
$16
9,11
2.00
2010
$2,
827,
016.
0051
9,69
6.00
$3,
346,
712.
00
2011
$6,
131,
3660
025
7,96
9.00
6,38
9,33
5.00
$ $
400
$4.
00
Gen
eral
Fund
Res
erved
Unr
eser
ved
Tot
alG
ener
alF
und
All
Oth
erG
over
nmen
tal
Fun
ds:
Res
erve
dU
nre
serj
ed,
Rep
orte
dIn
:S
peca
1R
even
ueF
und
Cap
ital
Pro
ject
sF
und
Deb
tS
ervi
ceFu
ndP
erm
anen
tFu
nd
Tot
alAl
lO
ther
Gov
ernm
enta
lF
unds
$
162,
738.
00
$16
2,73
8.00
79.Exhibit J-4
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS
LAST FOUR FISCAL YEARS(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITED)
2008 2009 2010 2011Revenues:
Tax Levy $ 45877,23800 $ 46,305,20400 S 4627348400 S 46,423,293.00Tuition Charges 83724.00 74,491.00 114,095.00 121,211.00Interest Earnings 11,526.00 39393.00 7,24500 3.541 .00Transportation Fees 92,03200 112,047.00 118,583.00 125,580.00Miscellaneous 396,506.00 381,184.00 210,715.00 98,759.00State Sources 18,543,078.00 16,874,024.00 15,067,138.00 14,803,882.00Federal Sources 1 156,171.00 1398,345.00 3,449,233.00 1690,877.00
Total Revenues 66,160,275.00 65,184,688.00 65,240,493.00 63,267,143.00
Expenditures:Instruction:
Regular 18,565,643.00 18,608,236.00 18,460,986.00 17,321,662.00Special 2,608,139.00 3607,136.00 4,573,144,00 4,895,479.00Other 2,871535.00 3,391,977.00 1,395,431.00 2,372,717.00
Support Services:Tuition 4,843,586.00 4.938,097.00 4,877,910.00 4,396.674.00Instruction 5,215,226.00 5,034,745.00 5,008,238.00 4,122,057.00AttendanceHealth ServicesOther Support ServicesEducational Media ServicesInstructional Staff TrainingGeneral Administrative ServicesSchool Administrative Services 1,014,565.00 1,079,096.00 912,726,00 758,311.00Central ServicesOther Administrative Services 3,397,182.00 3,560,268.00 3,536,825.00 3,317,299.00Admin. Information TechnologyAllowed Maintenance for School FacilitiesPlant Operations and Maintenance 5,473.257.00 6,587,213.00 5,367,081.00 4,920,803.00Student Transportation Services 2,654,973.00 2,570,611.00 2.556,743.00 2,728,276.00Business and Other Support ServicesUnallocated Employee Benefits 16,188,685.00 12,361,936.00 13,544,811.00 12,524,392.00Non-Budgeted Expenditures
Summer School 112,594.00 59,358.00 88,404.00 120,282.00ARRA 1,710,066.00Debt Service:
Principal 1,209,737.00 1,259,737.00 1.304,737.00 1,354,737.00Interest and Other Charges 1,281,979.00 1,241,308.00 1,194,327.00 1,143,909.00
Capital Outlay 1,420,826.00 500,923.00 373,274.00 410656.00
Total Expenditures 66,857,927.00 64.800,641.00 64,904,703.00 60,387,25400
Excess/(Deficiency) of RevenuesOver/(Under) Expenditures (697,652,00) 384,047.00 335790.00 2,879,889.00
Other Financing Souicesi(Uses):Accounts Receivable Cancelled (2.589.00)Capital LeasesTransfers In 155.45900 1064.00Transfers Out (257.416.00) (1.06400)
Total Other Financing Sourcesi(Uses)
________________
(104,546.00)
Net Change in Fund Balances 5 (697.652.00) $279,501.00 $ 335.79000 $ 2.879.889.00
Debt Servce as a PercentaceNoncapitsi Expenditures 3.81% 3.89%
Source Dstrict wcords
Note: Noncapital expenditures are total expenditures less Capital Outlay.Central Service and Administrative Information lechnology account ciassifcations were added beginning with year-end June 30, 2005.Prior to June 30, 2005, Central Service and Administrative Information Technology were corn bined in Other Support Servicesas Business and Other Support Services
Exh
ibit
J-5
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SC
HO
OL
DIS
TR
ICT
GE
NE
RA
LFU
ND
-O
TH
ER
LO
CA
LR
EV
EN
UE
BY
SO
UR
CE
LA
STT
EN
FISC
AL
YE
AR
S(M
OD
IFIE
DA
CC
RU
AL
BA
SIS
OF
AC
CO
UN
TIN
G)
(UN
AU
DIT
ED
)
Fis
cal
Yea
rIn
tere
ston
Pri
orY
ear
Ann
ual
Encli
June
30,
Tui
tion
Tra
nspo
rtat
ion
Inve
stm
ents
Ref
unds
Ren
tals
Mis
cell
aneo
usT
otal
s20
02$
1663900
32,0
3100
97,9
32.0
024
,248
.00
173,
066.
0075
,049
.00
418,
965.
0020
0324,5
5300
-
-
312,
002.
0033
6,55
5.00
2004
12.1
5200
71,0
13.0
046
,778
.00
65,5
35.0
090
,000
.00
67,9
20.0
035
3,39
8.00
2005
-
-
0.00
2006
5.7
0000
26,9
60.0
024
5,64
4.00
377,
557.
0065
5,86
1.00
2007
68,3
26.0
0122.3
2600
258,
343.
0072
,471
.00
90,0
42.0
061
1,50
8.00
2008
83,7
2400
92,0
32.0
011
,526
.00
396,
506.
0058
3,78
8.00
2009
74,4
9100
112,
047.
0039
,393
.00
381,
184.
0060
7,11
5.00
2010
114,
095.
0011
8,58
3.00
7,24
5.00
210,
715.
0045
0,63
8.00
2011
121,
211.
0012
5,58
0.00
3,54
1.00
51,3
42.0
030
1,67
4.00
Sou
rce
Dis
tric
tre
cord
s
Exh
ibit
J-6
Pag
e1
of2
MA
TA
WA
N-A
8ER
DE
EN
RE
GIO
NA
LS
CH
OO
LD
IST
RIC
T
AS
SE
SS
ED
VA
LU
EA
ND
AC
TU
AL
VA
LU
EO
FT
AX
AB
LE
PR
OP
ER
TY
AB
ER
DE
EN
TO
WN
SH
IP
LA
STT
EN
FIS
CA
LY
EA
RS
(UN
AU
DIT
ED
)
Asc
alY
ear
Eri
dnq
June
30,
Vac
ant
Lan
dR
esid
enti
alF
arm
Req
.C
omm
erci
alIn
dust
rial
Apa
rtm
ent
2001
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2002
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2003
16,0
82,5
30
67
5,3
58
,53
0943,2
00
95,6
0093,6
65
,20
011
,849
,700
17
,13
6,4
00
2004
15,5
32.7
50
69
0,9
64
,01
0943,2
00
95,6
009
3,4
70,8
00
11,8
49,7
001
7,1
36
,40
02
005
15059.5
30
70
7,6
56
,91
094
3,20
095
,600
91,0
48,8
00
11
,84
9,7
00
17
,13
6,4
00
2006
14,4
57,1
30
71
2,7
71
,26
094
3,20
095
,600
90
,01
4,8
00
11,8
49,7
001
6,1
19
,20
020
0714,6
68,2
30
71
1,4
14
,73
0861,7
00
94,8
008
7,6
10
,30
011
,849
,700
15,3
92,9
002
008
14,6
36,0
307
13
,84
6,4
80
706,
700
89,5
008
6,3
94
,00
01
1,8
49
,70
015
,392
,900
2009
*50,1
14,7
00
1,7
44,7
02,5
00
1,95
0,70
056
,900
23
4,3
49
,90
09
,69
5,7
00
45
,55
6,6
00
2010
52.0
40,2
00
1,7
43,7
37,1
00
1,66
5,80
059
,500
23
2,8
11,3
00
9,6
95
70
04
5.9
79
,90
020
11N
/AN
/AN
/AN
/AN
/AN
/AN
/A
Tot
alL
ess:
Est
imat
edA
ctua
lD
irec
tT
otal
Ass
esse
dT
ax-E
xem
ptP
ubli
cN
etV
alua
tion
(Cou
nty
Sch
ool
Val
ueP
rope
rty
Util
ities
eT
axab
leE
qual
ized
)V
alue
Tax
Rat
eb
2001
N/A
N/A
N/A
N/A
N/A
2002
N/A
N/A
N/A
N/A
N/A
2003
815,1
31,1
60
-1,7
80,9
87
81
6,9
12
,14
7N
/A2.
995
20
04
829,9
92,4
60
-1,
548,
127
83
1,5
40
,58
7N
/A3.
217
2005
843,7
90,1
40
-1,
307,
995
84
5,0
98
,13
2N
/A3.
356
2006
846,2
50,8
90
-1,
122,
891
847,
373,
781
N/A
3.5
55
2007
841,8
92,3
60
1,04
9,41
68
42
,94
1,7
76
N/A
3.60
520
08842,9
15,3
10
1,06
9,98
28
43
,98
5,2
92
2,2
33
,71
8,4
08
3.68
520
09*
2.0
86,4
27,0
00
2,9
22,0
12
2,0
89
,34
9,0
12
2,22
6,66
5,92
11.
489
2010
2,0
85,9
89,5
00
-2,8
04,7
92
2,0
88,7
94,2
92
2,1
90
,61
7,1
90
1.48
720
11N
/A-
N/A
N/A
N/A
N/A
So
urc
e.A
bstr
act
ofR
atab
les
Not
e:R
eal
prop
erty
isre
quir
edto
beass
ess
ed
atso
me
per
cen
tag
eof
true
valu
e(f
air
orm
arke
tva
lue)
esta
bli
shed
byea
chC
ount
yB
oard
ofT
axat
ion.
Rea
sses
smen
tocc
urs
whe
nth
eC
ount
yB
oard
ofT
axat
ion
req
ues
tsT
reas
ury
too
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are
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ssm
ent.
Aber
dee
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owns
hip
under
wen
ta
reva
luat
ion
in20
09a
Tax
able
Val
ueof
Mac
hine
ry,
Impl
emen
tsan
dE
quip
men
tof
Tel
eph
on
e,T
eleg
rap
han
dM
esse
nger
Sys
tem
Com
pan
ies
bT
axra
tes
are
per
$100
N/A
At
the
tim
eof
CA
FR
Com
plet
ion,
this
dat
aw
asno
tav
aila
ble
Exh
ibit
J-6
Pag
e2
ot2
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SC
HO
OL
DIS
TR
ICT
AS
SE
SS
ED
VA
LU
EA
ND
AC
TU
AL
VA
LU
EO
FT
AX
AB
LE
PR
OP
ER
TY
MA
TA
WA
NB
OR
OU
GH
LA
STT
EN
FISC
AL
YE
AR
S(U
NA
UD
ITE
D)
Fis
cal
Yea
rE
ndin
gJu
ne
30,
Vac
ant
Lan
dR
esid
enti
alF
arm
Req
.O
farm
Com
mer
cial
Indu
stri
al20
01N
/AN
/AN
/AN
/AN
/A20
02N
/AN
/AN
/AN
/AN
/A20
033476,5
75
327,
727,
759
60,7
15,6
005,
552,
900
28,6
28,0
0020
043.
344,
275
328,
421,
459
60,7
13,8
004,
327,
700
28,0
93,0
0020
053,
337,
375
329,
617,
159
63,2
13,9
004,
356,
200
28,0
93,0
0020
064.
419.
975
330,
476,
759
62,0
23,3
004,
356,
200
28093,0
00
2007
4,17
8.77
533
3,93
3,65
961
,175
,500
4,48
1,20
028
,043
,000
2008
W8,
867,
500
803,
708,
700
132,
252,
700
9,72
9,10
079
.655
.900
2009
14.7
62,1
0080
3,35
8,50
013
3,31
3,80
09.
729,
100
78,4
93,6
0020
1013
,112
.200
811,
496,
200
133,
623,
900
9,72
9,10
077
,906
,400
2011
N/A
N/A
-
N/A
N/A
N/A
Tot
alL
ess:
Est
imat
edA
ctua
lD
irec
tT
otal
Ass
esse
dT
ax-E
xem
ptP
ubli
cN
etV
alua
tion
(Cou
nty
Sch
ool
Val
ueP
rope
rty
Util
ilies
aT
axab
leE
qual
ized
)V
alue
Tax
Rate
520
01N
/A-
N/A
N/A
N/A
N/A
2002
N/A
-
N/A
N/A
N/A
N/A
2003
426,
100.
834
-
1,20
3,89
542
7,30
4,72
958
8,63
4,87
42.
791
2004
424,
900,
234
-1,
037,
785
425,
938,
019
658,
969,
925
3.03
120
0542
8.61
7,63
4-
995,
450
429,
613,
084
742,
185,
934
3.09
020
0642
9,36
9,23
4-
800,
439
430,
169,
673
872,
523,
783
3.22
020
0743
1,81
2.13
4-
731,
572
432,
543,
706
1,01
3,33
1,55
63.
367
2008
*1,
034.
213,
900
(1,1
41,8
00)
1,74
2,22
71,
035,
956,
127
1,08
6.12
5,09
61.
447
2009
1,0
39,6
57100
(1,2
55,6
00)
3,34
8,71
21,
043,
005,
812
1,08
9,96
7,72
11.
456
2010
1.04
5.86
7.80
0(9
81,1
00,0
0)1,
785,
231
1,04
7,65
3,03
11,
082,
020,
202
1.45
920
11N
/A-
N/A
N/A
N/A
N/A
‘jurc
e:
Abs
trac
tof
Rat
able
s
Not
e:R
eal
prop
erty
isre
quir
edto
beas
sess
edat
som
eper
centa
ge
oftr
ueva
lue
(fai
ror
mar
ket
valu
e)es
tabli
shed
byea
chC
ount
yB
oard
ofT
axat
ion.
Rea
sses
smen
toc
curs
whe
nth
eC
ount
yB
oard
ofT
axat
ion
reques
tsT
reas
ury
toor
der
are
asse
ssm
ent.
aT
axab
leV
alue
ofM
achi
nery
,Im
plem
ents
and
Equ
ipm
ent
ofT
elep
hone
,T
eleg
raph
and
Mes
senger
Sys
tem
Com
pani
esb
Tax
rate
sar
epe
r$1
00N
AA
tth
eti
me
ofC
AFR
Com
plet
ion,
this
data
was
not
avai
labl
e*
Mat
awan
Bor
oun
derw
ent
are
valu
atio
nfo
r20
08
Exh
ibit
J-7
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SC
HO
OL
DIS
TR
ICT
DIR
EC
TA
ND
OV
ER
LA
PP
ING
PR
OP
ER
TY
TA
XR
AT
ES
LA
STT
EN
FISC
AL
YE
AR
S(R
AT
EP
ER
$100
OF
AS
SE
SS
ED
VA
LU
E)
(UN
AU
DIT
ED
)
Mat
awan
-Abe
rdee
nR
egio
nal
Sch
ool
Dis
tric
tD
irec
tR
ate
Ove
rlap
ping
Rat
es
Gen
eral
(Fro
mJ-
6)T
otal
Dir
ect
Tot
alD
irec
tan
dO
blig
atio
nD
ebt
Tot
alD
irec
tR
egio
nal
Mon
mou
thO
verl
appi
ngB
asic
Rat
e”S
ervi
ceb
Sch
ool
Tax
Rat
eS
choo
lT
axR
ate
Cou
nty
Tax
Rat
eM
unic
ipal
ity
ofM
unic
ipal
ity
ofM
unic
ipal
ity
ofM
unic
ipal
ityof
Mun
icip
ality
ofM
unic
ipal
ityof
Mun
icip
ality
ofF
scaI
Yea
rA
berd
een
Mat
awan
Aber
dee
nM
ataw
anA
berd
een
Mat
awan
Abe
rdee
nM
ataw
anA
berd
een
Mat
awan
Abe
rdee
nM
ataw
anA
berd
een
Mat
awan
Egju
ne30.
Tow
nshi
pB
orou
ghT
owns
hip
Bor
ough
Tow
nshi
pB
orou
ghT
owns
hip
Bor
ough
Tow
nshi
pB
orou
ghT
owns
hip
Bor
ough
Tow
nshi
pB
orou
gh
2001
0.70
50
74
22.
539
2.50
30,
705
0.74
20.
514
0.50
23758
3.74
720
020.
722
0.86
02.
697
2.56
30.
722
0.86
00.
563
0.52
23982
3.94
520
030.
730
0.86
02.
995
2.79
10.
730
0.86
00.
589
0.54
84.
314
4.19
920
040.
755
1.02
43.
217
3.03
10.
755
1.02
40.
609
0.54
74.
581
4.60
220
050.
791
1.06
73.
356
3.09
00.
791
1.06
70.
613
0.56
44.
760
4.72
120
060.
825
1.21
23.
555
3.22
00.
825
1.21
20.
624
0.62
45.
004
5.05
620
070.
829
1.30
33.
605
3.36
70.
829
1.30
30.
633
0.61
05.
067
5.28
020
080.
093
0.5
97
3.68
51.
447*
0.92
60.
597*
0.64
90.
257
5.26
02.
301
2009
0.3
93
0.62
31.
489*
*1.
456
0.39
3**
0.62
30.
263
0.26
02.
145
2.33
920
100.
437
0.67
31.
487
1.45
90.
437
0.67
30.
275
0.26
92.
199
2.40
120
11N
,AN
AN
/AN
/AN
/AN
/AN
/AN
/AN
/AN
/A
So
urc
eA
bstr
act
ofR
afab
les
Not
e:N
.J.S
.A.
18A
:7F
-5d
limits
the
amou
ntth
atth
eD
istr
ict
can
subm
itfo
ra
gen
eral
fund
tax
levy
.T
hele
vy,
whe
nad
ded
tooth
erco
mponen
tsof
the
Dis
tric
t’s
net
budg
et,
may
not
exce
edth
ep
reb
ud
get
yea
rne
tbu
dget
bym
ore
than
the
spen
din
ggr
owth
limita
tion
calc
ulat
edas
foll
ows:
the
pre
budget
yea
rne
tbudget
incr
ease
dby
the
cost
ofliv
ing
or2.
5pe
rcen
t,w
hich
ever
isgre
ater
,pl
usan
ysp
endi
nggr
owth
adju
stm
ents
.
aT
heD
istr
ict’
sba
sic
tax
rate
isca
lcul
ated
from
the
A4F
form
whi
chis
subm
itte
dw
ithth
ebu
dget
and
the
Net
Val
uati
onta
xabl
e.h
Rat
esfo
rde
btse
rvic
ear
eb
ased
onea
chye
ar’s
requ
irem
ents
.T
heB
orou
ghof
Mat
awan
unde
rwen
ta
reva
luat
ion
duri
ng20
08.
4.Exhibit J8MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND TEN YEARS AGO(UNAUDITED)
ABERDEEN TOWNSHIP
20112002Taxable % of Total Taxable % of TotalAssessed Rank District Net Assessed Rank District NetValue (Optional) Assessed Value Value (Optional) Assessed Value
Taxpayer 1 $ 27,030,500 1 N/A $ N/A 1 0%Taxpayer 2 26,100.000 2 N/A N/A 2 0%Taxpayer3 20,918,800 3 N/A N/A 3 0%Taxpayer 4 16,197,100 4 N/A N/A 4 0%Taxpayer 5 14,579,100 5 N/A N/A 5 0%Taxpayer 6 13,799,500 6 N/A N/A 6 0%Taxpayer 7 12,600,300 7 N/A N/A 7 0°/oTaxpayer 8 10,944,200 8 N/A N/A 8 0%Taxpayer 9 9,549,900 9 N/A N/A 9 0%Taxpayer 10 7,671,900 10 N/A N/A 10 0%Total $ 159,391,300 N/A $ N/A 0%
MATAWAN BOROUGH
2011 2002Taxable % of Total Taxable % of TotalAssessed Rank District Net Assessed Rank District NetValue (Optional) Assessed Value Value (Optional) Assessed ValueTaxpayer 1 $ 20,000,000 1 N/A $ N/A 1 0%Taxpayer 2 11,125,000 2 N/A N/A 2 0%Taxpayer 3 7,250,000 3 N/A N/A 3 0%Taxpayer 4 6,989,400 4 N/A N/A 4 0%Taxpayer 5 6,974,500 5 N/A N/A 5 0%Taxpayer6 6,919,400 6 N/A N/A 6 0%Taxpayer 7 6,166,700 7 N/A N/A 7 0%Taxpayer 8 5,704,000 8 N/A N/A 8 0%Taxpayer9 4,991,000 9 N/A N/A 9 0%Taxpayer 10 4,650,100 10 N/A N/A 10 0°o
Total $ 80,770.100 N/A $ N/A 0%
NA Not AvaIable
Source MuncpaI Tax Assessor
85.Exhibit J-9
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS(UNAUDITED)
Collected Within the Fiscal YearFiscal Year of the Levya Collections in
Ended Taxes Levied for Percentage SubsequentJune 30, the Fiscal Year Amount of Levy Years
2002 $ 34,331,128 33,830,078 98.54%
2003 37,369,033 36,827,116 98.55%
2004 40,672,291 40,160,024 98.74%
2005 40,941,201 40,941,201 100.00%-
2006 42,320,980 42,320,980 100.00%-
2007 44,821,367 44,821,367 100.00% -
2008 45,877,238 45,877,238 100.00% -
2009 46,305,204 46,305,204 100.00%-
2010 46,273,484 46,273,484 100.00%-
2011 46,423,293 46,423,293 100.00%
Source: District records including the Certificate and Report of School Taxes (A4F form)
a School taxes are collected by the Municipal Tax Collector. Under New JerseyState Statute, a municipality is required to remit to the school district the entireproperty tax balance, in the amount voted upon or certified prior to the endof the school year.
Exh
ibit
J-10
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SCH
OO
LD
IST
RIC
T
RA
TIO
SO
FO
UT
STA
ND
ING
DE
BT
BY
TY
PE
LA
STT
EN
FISC
AL
YE
AR
S(U
NA
UD
ITE
D)
Bus
ines
s-T
ype
_________—
Gov
ernm
enta
lA
ctiv
ities
Act
iviti
esB
ond
Gen
eral
Cer
tifi
cate
sA
ntic
ipat
ion
Per
cent
age
ofF
isca
iY
ear
Obl
igat
ion
ofC
apita
lN
otes
Cap
ital
Tot
alP
erso
nal
Per
EnJune3
Bon
dsb
Par
tici
pati
onL
ease
s(B
AN
s)L
ease
sD
istr
ict
Inco
mea
2002
$4.5
5584100
-
N/A
--
4555841,0
000
9%43684.0
020
0335
722,
104.
00-
N/A
--
3572
2,10
4.00
0.11
%39
,577
.00
2004
3467
2.36
7,00
-N
/A-
-34
,672
367.
000.
12%
41,3
32.0
020
0533
,547
,630
.00
-1,
540,
501.
00-
-35
.088
,131
.00
0.12
%41
.332
,00
2006
32,3
92,8
93.0
0-
1,07
9,33
4.00
--
33,4
72.2
27.0
00.
12%
41,3
32.0
020
0731
.213
,156
.00
-1,
939,
099.
00-
-33
,152
,255
.00
0,18
%59
,304
.00
2008
30.0
03.4
2100
-1,
119,
707.
00-
-31
,123
,128
.00
0.19
%59
,304
.00
2009
28.7
43,6
84.0
0-
131,
844.
00-
-28
,875
,528
.00
0.21
%59
304.
0020
1027
.438
,947
00-
67,2
30.6
5-
-27
,506
,177
.65
0.22
%59
,304
.00
2011
26,0
84.2
10.0
0-
--
-26
,084
,210
.00
N/A
N/A
Not
e.D
etal
sre
gard
ing
the
Dis
tric
t’s
outs
tand
ing
debt
can
befo
und
inth
eN
otes
toth
eFi
nanc
ial
Sta
tem
ents
.
aS
eeE
xhib
itN
JJ-
14fo
rpe
rson
alin
com
ean
dpo
pula
tion
data
.T
hese
rati
osar
eca
lcua
ted
usin
gpe
rson
alin
com
ean
dpo
pula
tion
for
the
prio
rca
lend
arye
ar.
bIn
clud
esE
arly
Ret
irem
ent
Ince
ntiv
eP
lan
(‘E
RIP
’)re
fund
ing
N/A
Not
avai
labl
eat
the
time
ofau
dit
87.Exhibit J-1 1MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS(UNAUDITED)
General Bonded Debt OutstandingNet Percentage of
General General Actual TaxableFiscal Year Obligation Bonded Debt Valuea of PerEnding June 30, Bonds Deductions Outstanding Property Capitab
2002 $ 4,555,841- 4,555,841 0.37% 173.00
2003 35.722,104- 35,722,104 2.90% 1355.00
2004 34.672,367- 34,672,367 2.76% 1,315.00
2005 33,547,630 33,547,630 2.63% 1,272.00
2006 32,392,893 32,392,893 2.54% 1229.00
2007 31,213,156 31,213,156 2.45% N/A
2008 30,003,421 30,003,421 N/A N/A
2009 28,743.684 28,743,684 N/A N/A
2010 27,438,947 27,438,947 N/A N/A
2011 26,084,210- 26,084,210 N/A N/A
Note Details regarding the District’s outstanding debt can be found in the Notes to theFinancial Statements.a See Exhibit NJ J-6 for property tax datah Population data can he found n Exhibit NJ J14
N/A Not available at the time of audit
Exh
ibit
J-12
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SCH
OO
LD
IST
RIC
T
DIR
EC
TA
ND
OV
ER
LA
PPIN
GG
OV
ER
NM
EN
TA
LA
CT
IVIT
IES
DE
BT
AS
OF
JUN
E30
,20
11(U
NA
UD
ITE
D)
Gov
ernm
enta
lU
nit
Deb
tO
utst
andi
nQ
Est
imat
edP
erce
ntag
eA
pIic
abIe
Est
imat
edS
hare
ofO
verl
appi
ngD
ebt
100%
100%
1787
147%
0.85
6125
%
$18
,452
,165
8,98
6,78
28,
401,
896
4.02
4,89
4S
ubto
tal,
Ove
rlap
ping
Deb
t39
,865
,737
Mat
awan
-Abe
rdee
nR
egio
nal
Sch
ool
Dis
tric
tD
irec
tD
ebt
Tot
alD
irec
tan
dO
verl
appi
ngD
ebt
26,0
84,2
10
$65
,949
,947
Sou
rces
Ass
esse
dva
lue
data
used
toes
tim
ate
appl
icab
lepe
rcen
tage
spr
ovid
edby
the
Mon
mou
thC
ount
yB
oard
ofT
axat
ion.
Deb
tO
utst
andi
ngda
tapr
ovid
edby
each
gove
rnm
enta
lun
it.O
verl
appi
ngC
ount
yD
ebt
prov
ided
byth
eC
ount
yF
inan
ceD
epar
tmen
t.N
ote:
Ove
rlap
ping
gove
rnm
ents
are
thos
eth
atco
inci
de,
atle
ast
inpa
rt,
with
the
geog
raph
icbo
unda
ries
ofth
eD
istr
ict.
Thi
ssc
hedu
lees
tim
ates
the
port
ion
ofth
eou
tsta
ndin
gde
btof
thos
eov
erla
ppin
ggo
vern
men
tsth
atis
born
eby
the
resi
dent
san
dbu
sine
sses
ofA
berd
een
Tow
nshi
pan
dM
ataw
anB
orou
gh.
Thi
spr
oces
sre
cogn
izes
that
,w
hen
cons
ider
ing
the
Dis
tricV
sab
ility
tois
sue
and
repa
ylo
ng-t
erm
debt
,th
een
tire
debt
burd
enbo
rne
byth
ere
side
nts
and
busi
ness
essh
ould
shou
ldbe
take
nin
toac
coun
t.H
owev
er,
this
does
not
impl
yth
atev
ery
taxp
ayer
isa
resi
dent
,an
dth
eref
ore
resp
onsi
ble
for
repa
ying
the
debt
,of
each
over
lapp
ing
paym
ent.
Deb
tR
epai
cw
ithP
rope
rty
Tax
es:
Abe
rdee
nT
owns
hip
Mat
awan
Bor
ough
Mon
mou
thC
ount
yG
ener
alO
blig
atio
nD
ebt
-Abe
rdee
nT
owns
hip
Mon
mou
thC
ount
yG
ener
alO
blig
atio
nD
ebt
-Mat
awan
Bor
ough
$18
,452
,165
8,98
6,78
2
Exh
ibit
J-1
3M
AT
AW
AN
-AB
ER
DE
EN
RE
GIO
NA
LS
CH
OO
LD
IST
RIC
T
LE
GA
LD
EB
TM
AR
GIN
INFO
RM
AT
ION
LA
STT
EN
FISC
AL
YE
AR
S(U
NA
UD
ITE
D)
Leg
alD
ebt
Mar
gin
Cal
cula
tion
for
Fis
cal
Yea
r20
10
Equ
aliz
edV
alua
tion
Bas
is
2010
$3
23
33
10
,79
220
09$
3248,8
07,4
71
2008
3,27
6,60
8,33
6
(A>
$9
75
8,7
26
,59
9
Ave
rage
Equ
aliz
edV
alua
tion
ofT
axab
leP
rope
rty
(A13
)$
3,25
2,90
8,86
6
Deb
tLi
mit
(4%
ofA
vera
geE
qual
izat
ion
Val
ue)
(8)
130,
116,
355
Tot
alN
etD
ebt
App
lica
ble
To
Lim
it(C
)26
,084
,210
Leg
alD
ebt
Mar
gin
(B-C
)$
104,
032,
145
Fis
cal
Yea
r20
0420
05
Deb
tL
imit
$57
,003
,039
$61
,271
,290
$66
,968
,174
$82
,355
,128
$95,1
38795
Tot
alN
etD
ebt
App
lica
ble
To
Lim
it4,
555,
841
35,7
22,1
0434
,672
,367
33,5
47,6
3032
,392
,893
Leg
alD
ebt
Mar
gin
$52
,447
,198
$25
,549
,186
$32
,295
,807
$48
,807
,498
$62
,745
,902
Tot
alN
etD
ebt
App
lica
ble
toth
eL
imit
asa
Per
centa
ge
ofD
ebt
Lim
it7.
99%
58.3
0%51
.77%
40.7
4%34
.05%
2QQZ
2009
Qfl
Deb
tL
mit
$10
9,06
1,13
7$
121,
814,
306
$12
9,00
7,98
4$
130,
943,
029
$13
0,11
6,35
5T
otal
Net
Deb
tA
ppli
cabl
eT
oL
imit
31,2
13,1
56
30,0
03,4
2128,7
43,6
84
27,4
38,9
47
26,0
84,2
10
Leg
alD
ebtM
arg
in$
77,8
47,9
81$
91,8
10,8
85$
100,
264,
300
$10
3,50
4,08
2$
104,
032,
145
Tot
alN
etD
ebt
App
lica
ble
toth
eL
imit
asa
Per
centa
ge
ofD
ebt
Lim
it28
.62%
24.6
3%22
.28%
20.9
5%20
.05%
Sou
rce:
Equ
aliz
edva
luat
ion
bas
esw
ere
obta
ined
from
the
Ann
ual
Rep
ort
ofth
eS
tate
ofN
ewJe
rsey
,D
epar
tmen
tof
Tre
asur
y.D
ivis
ion
ofT
axat
ion.
aL
imit
set
byN
.J.S
.A.
18A
:24-
19fo
ra
Kth
roug
h12
Dis
tric
t;ot
her
per
centa
ge
limits
wou
ldbe
appl
icab
lefo
rot
her
Dis
tric
tty
pes.
90.Exhibit J-14
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS(UNAUDITED)
Per Capita UnemploymentYear Populationa Personal Incomeb Personal Incomec Rated
2001 26,364 1,146,043,080 43,470 3.55%
2002 26,364 1,151,684,976 43,684 520%
2003 26,364 1,043,408,028 39,577 510%
2004 26,364 1,089,676,848 41332 4.10%
2005 27,152 1,122,246,464 41,332 4.40%
2006 27,163 1,122,701,116 41,332 3.95%
2007 27,284 1,618,050,336 59,304 3.60%
2008 27,144 1,609,747,776 59,304 4.20%
2009 27,472 1,629,199,488 59,304 7.33%
2010 27,020 1,602.394,080 59,304 7.44%
2011 N/A N/A N/A N/A
Source:a Population information provided by the NJ Department of Labor and Workforce Development.b Personal income has been estimated based upon the municipal population and per capita
personal income presented.Per capita personal income by municipality estimated based upon the 2000 Census publishedby the US Bureau of Economic Analysis and includes both the Borough of Matawan And Townshipof Aberdeen
Unempioyment data provIded by the NJ Department of Labor and Workforce Development.NA ot available at the time of audit
91.Exhibit J15
MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
PRINCIPAL EMPLOYERS
CURRENT YEAR AND TEN YEARS AGO(UNAUDITED)
ABERDEEN TOWNSHIP
2011 2002Percentage of Percentage of
Total TotalRank Municipal Rank MunicipalEmployer Employees (Optional) Employment Employees (Optional) Employment
UNAVAILABLE 1 12 23 34 45 56 67 78 89 9
10 10
Total
MATAWAN BOROUGH
2011 2002Percentage of Percentage of
Total TotalRank Municipal Rank MunicipalEmployer Employees (Optional) Employment Employees (Optional) Employment
UNAVAILABLE 1 12 23 34 45 56 67 78 89 910 10
Information not available at time of CAFR preparation
Exh
ibit
J-16
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SCH
OO
LD
IST
RIC
T
FULL
-TIM
EE
QU
IVA
LE
NT
DIS
TR
ICT
EM
PLO
YE
ES
BY
FUN
CT
ION
/PR
OG
RA
M
LA
STT
EN
FISC
AL
YE
AR
S(U
NA
UD
ITE
D)
Func
tion/
ProQ
ram
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Inst
ruct
ion:
Reg
ular
Spec
ial
Edu
cati
onO
ther
Spe
cial
Edu
cati
onV
ocat
iona
lO
ther
Inst
ruct
ion
Non
publ
icS
choo
lP
rogr
ams
Adu
lt/C
ontin
uing
Edu
cati
onP
rogr
ams
Sup
port
Ser
vice
s:S
tude
ntan
dIn
stru
ctio
nR
elat
edS
ervi
ces
Gen
eral
Adm
inis
trat
ion
Sch
ool
Adm
inis
trat
ive
Ser
vice
sB
usin
ess
Adm
inis
trat
ive
Ser
vice
sC
entr
alS
ervi
ces
Adm
inis
trat
ive
Info
rmat
ion
Tec
hnol
ogy
Pla
ntO
pera
tion
san
dM
aint
enan
cePu
pil
Tra
nspo
rtat
ion
Oth
erS
uppo
rtS
ervi
ces-
Tec
hnol
ogy
Spe
cial
Sch
ools
Food
Ser
vice
Chi
ldC
are
Tot
al-
--
511
534
568
554
562
533
520
297
300
315
344
329
304
308
316
3231
3240
4239
3360
6566
6868
6892
6559
55
77
77
1318
3737
3535
3538
3828
88
87
77
32
4646
4745
4443
386
1818
2222
2226
3329
62
2
Sou
rce:
Dis
tric
tP
erso
nnel
Rec
ords
Sou
rce:
Dls
tnct
reco
ras
Not
e.E
nrol
lmen
tbas
edon
annu
alO
ctob
erD
istr
ict
coun
t.
MA
TA
WA
N-A
BE
RD
EE
NR
EG
ION
AL
SC
HO
OL
DIS
TR
ICT
OP
ER
AT
ING
ST
AT
IST
ICS
LA
STT
EN
FISC
AL
YE
AR
S(U
NA
UD
ITE
D)
Exh
ibit
J-1
7
aO
pera
tIng
expe
ndit
ures
equa
lto
tal
expe
ndit
ures
less
debt
serv
ice
and
capi
tal
outla
y.b
Tea
chin
gst
aff
incl
udes
only
full-
time
equi
vale
nts
ofce
rtif
icat
edst
aff.
oA
vera
geda
ily
enro
llm
ent
and
aver
age
daily
atte
ndan
cear
eob
tain
edfr
omth
eS
choo
lR
egis
ter
Sum
mar
y(S
RS
).
Ave
rage
Ave
rage
Per
centa
ge
Pup
il/T
each
erR
atio
Dai
lyD
aily
Cha
nge
inS
tude
ntF
isca
lO
pera
ting
Cos
tP
erP
erce
nta
ge
Tea
chin
gM
iddl
eH
igh
Enr
ollm
ent
Att
enda
nce
Ave
rage
Dai
lyA
tten
danc
eY
ear
Enr
ollm
ent
Exp
endi
ture
safo
iiC
hang
eS
taff
bE
lem
enta
ryS
choo
lS
choo
lpd
Enr
ollm
ent
Per
centa
ge
2002
3,79
2.6
45,1
94,8
8111
,917
4.97
%36
21:
141:
121:
123,
792.
63
,59
2,6
-0.6
4%94
,73%
2003
3,9
5L
047,5
36,5
57
12.0
320.
96%
362
1:14
1:12
1:12
3,95
1.0
3,74
0.0
4.18
%94
.66%
2004
3,8
359
51,3
81,7
2113
,395
11.3
3%36
91:
141:
121:
123,
835.
93,
634.
6-2
.91%
94.7
5%20
053,7
73.0
53,1
50,3
5114
,087
5.17
%37
11:
141:
121:
123,
773.
03,
705.
4-1
.64%
98.2
1%20
063,
826.
056
,520
,151
14,7
734.
87%
374
1:14
1:12
1:12
3,82
6.0
3,67
7.0
1.40
%96
.11%
2007
3,82
8.0
60,7
50,5
2215
,870
7.43
%38
41:
141:
121:
123,
735.
33,
546.
1-2
.37%
94.9
3%20
083,8
400
61,7
06,0
25
16,0
691.
26%
371
1:14
1:12
1:12
3,71
3.4
3,52
4.8
-0.5
9%94
.92%
2009
3,86
1.0
62,2
75,6
98
16,1
290.
37%
374
1:10
1:11
1:10
3,74
0.3
3,55
1.6
0.72
%94
.95%
2010
3,8
600
62,4
05,6
3916
,167
0.23
%37
41:
101:
111:
103,
802.
23,
625.
61.
65°/
a95
.36%
2011
3,87
1.5
57,4
77,9
5214
,846
-8.1
7%37
61:
101:
111:
103,
783.
03,
598.
4-0
.50%
95.1
2%
Exhibit J-18MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
SCHOOL BUILDING INFORMATION
LAST FIVE FISCAL YEARS(UNAUDITED)
District/Building 2007 2008 2009 2010 2011Elementary:
Cambridge Park ElementarySquare Feet 21,800 21,800 21,800 21,800 2t800Capacity (Students) 86 86 86 86 86Enrollment 82 86 86 86 86Cliffwood Elementary SchoolSquare Feet 66,376 66,376 66,376 66,376 66,376Capacity (Students) 342 342 342 342 342Enrollment 347 340 340 340 340Lloyd Road SchoolSquare Feet 70,581 70,581 70,581 70,581 70,581Capacity (Students) 621 621 621 621 621Enrollment 630 556 556 556 556Ravine Drive SchoolSquare Feet 46,879 46,879 46,879 46,879 46,879Capacity (Students) 355 355 355 355 355Enrollment 368 352 352 352 352Strathmore Elementary SchoolSquare Feet 58,513 58,513 58,513 58,513 58,513Capacity (Students) 463 463 463 463 463Enrollment 477 470 470 470 470
Middle School:Matawan Avenue Middle School
Square Feet 136,032 136,032 136,032 136,032 136,032Capacity (Students) 1,225 1,225 1,225 1,225 1,225Enrollment 934 903 903 903 903High School:
Matawan Regional High SchoolSquare Feet 161,388 161,388 161,388 161,388 161,388Capacity (Students) 1,509 1,509 1,509 1,509 1,509Enrollment 1,144 1,153 t153 1,153 1,153Other:
Central Office AdministrationSquare Feet 21,800 21,800 21,800 2L800 21,800
Number of Schools at June 30, 2011Elementary 5Middle School = 1Senior High School = IOther 1
Source: District Facilities OfficeNote: Year of original construction s shown in parentheses. !ncreases in square footage and capacity are the result ofadditions. Enrollment is based on the annual October District count.
Exh
ibit
J-1
9M
AT
AW
AN
-AB
ER
DE
EN
RE
GIO
NA
LS
CH
OO
LD
IST
RIC
T
SC
HE
DU
LE
OF
RE
QU
IRE
DM
AIN
TE
NA
NC
E
LA
STE
IGH
TFI
SCA
LY
EA
RS
(UN
AU
DIT
ED
)
UN
DIS
TR
IBU
TE
DE
XP
EN
DIT
UR
ES
-R
EQ
UIR
ED
MA
INT
EN
AN
CE
FO
RS
CH
OO
LFA
CIL
ITIE
S11
000-
261
-xxx
Llo
ydR
avin
eM
ataw
anM
ataw
an*S
choo
lF
acil
itie
sC
liffw
ood
Roa
dD
rive
Str
athm
ore
Ave
nue
Reg
iona
lO
ther
Pro
iect
#(S
iE
lem
enta
ryE
lem
enta
ryE
lem
enta
ryE
lem
enta
ryM
iddl
eS
choo
lH
igh
Sch
ool
Fac
ilit
ies
Içj
2003
N/A
49,2
5600
63,1
99.0
094
,482
.00
161,
824.
0010
7,62
3.00
70,1
01.0
041
,133
.00
587,
618.
0020
04N
/A75
,168
.00
115,
403.
0052
,817
.00
67,7
67.0
010
1,31
1.00
173,
521.
0044
,106
.00
630,
093.
0020
05N
/A68
,786
.00
105,
650.
0073
,663
.00
68,9
76.0
097
,776
.00
178,
553.
0045
,035
.00
638,
439.
0020
06N
/A65
,335
.00
101,
869.
0067
,041
.00
63,1
48.0
013
7,20
4.00
173,
338.
0045
,416
.00
653,
351.
0020
07N
/A71
,004
.00
111,
407.
0071
,722
.00
73,5
88.0
015
0,71
6.00
216,
672.
0045
,185
.00
740,
294.
0020
08N
/A76
,928
.00
83,9
21.0
055
,947
.00
69,9
34.0
016
0,84
9.00
195,
816.
0055
,947
.00
699,
342.
0020
09N
/A87
,584
.00
95,5
47.0
063
,698
.00
79,6
22.0
018
3,13
1.00
222,
942.
0063
,697
.00
796,
221.
0020
10N
/A99
,357
.00
108,
390.
0072
,260
.00
90,3
25.0
020
7,74
7.00
252,
909.
0072
,259
.00
903,
247.
0020
11N
/A83
,739
.00
88,8
81.0
058
,765
.00
73,4
56.0
017
1,15
1.00
203,
472.
0055
,091
.00
734,
555.
00
Tot
alS
choo
lF
acil
itie
s$
677,
157.
00$
874,
267.
00$
610,
395.
00$
748,
640.
00$
1,31
7,50
8.00
$1,
687,
324.
00$
467,
869.
00$
6,38
3,16
0.00
*S
choo
lfa
cUih
esas
defi
ned
unde
rE
FCFA
.(N
JAC
.6A
:26-
1.2
and
N,J
.A.C
.6A
:26-
1.3
)
Sou
rce:
Dis
tric
tre
cord
s
(11
96Exhibit J-20MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
INSURANCE SCHEDULE
June 30, 2011(UNAUDITED)
Carrier Coverage DeductibleSchool Package Policy:Property - Blanket Building and Contents (2) $ 136,407,088 $ 5,000EDP Hardware/Software (2) 2,250,000 1000Extra Expense (2) 50,000,000 5,000Valuable Papers and Records (2) 10,000,000 5,000Flood Zones A&V (2) 3,000,000 500,000Flood Zone B (2) 25,000,000 10,000Earthquake
(2) 5,000,000 5,000CRIME Public Employee Dishonesty (2) 1000,000 1,000Loss of Money & Securities (2) 50,000 500Money Orders & Counterfeit (2) 50,000 500Forgery or Alteration (2) 1,000,000 1,000Computer Fraud (2) 1,000,000 1,000GENERAL LIABILITY - Each Occurrence (2) 11,000,000Products/Completed Operations (2) 11,000,000Sexual Abuse (2) 11,000,000Personal & Advertising Injury (2) 11,000,000Employee Benefits (2) 11,000,000 1,000Medical Payments (2) 10,000Boiler & Machinery - Energy Systems (2) 100,000,000 5,000Automobile Policy - Auto Liability - General Security (2) 11,000,000Garage Liability (2) IncludedCollision & Comprehensive (2) 1,000Uninsured/Underinsured (2) 1,000,000Personal Injury Protection (2) 250,000Medical Payments (2) 10,000Hired Car Physical Damage (2) 75,000Hired & Non-Owned Auto Liability (2) 1,000,000School Board Legal Liability (E&O) (2) 11,000,000 5,000Extended Reporting Option (2)Workers Compensation - ERIC/NJSBAIG (2) StatutoryBodily Injury By Accident (2) 2,000,000Bodily Injury By Disease (2) 2,000,000Supplemental Workers Compensation Policy (2) 52 weeks 7 daysPollution Legal Liability - Environmental Impairment (2) 1,000,000 10,000Catastrophic Excess Umbrella Policy (5) 50,000,000Compulsory Student Accident - nd Athletics (4) 5,000,000Compulsory Student Accident - ExcI Athletics (4) 1000,000
Surety Bonds:Treasurer
(2) 350,000 1,000Board Secretary/Business Administrator i6) 150,000Food Services Director (6) 50.000
List Insurance Company:(1) NJSBAIG(2) Bollinger Insurance Co.(3) Fireman’s Fund(4) Selective
Source District records
NOIIJ3SIlailY31N1S
1\o1Et . LLLatL an/ 2orn/2aiajCERTIFIED PCBLIC ACC’OL’NT.4NTS
ARMOUR S. HULSART, C.P.A.. R.M.A., P.S.A. (1959-1992)73l 280 8888 2807 Hurley Pond Road Suite 100
ROBERT A. HULSART, C.P.A., R.M.A., P.S.A. 1P0. Box 1409ROBERT A. HULSART JR.,C.P.A. P.S.A.
e-mail: Wall. New Jersey 07719-1409rah@rnonmouthcom (732i 681-4990RICHARD J. HELLENBRECHT, JR., C.P.A., P.SA.
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCiAL
REPORTING ANt) ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUI)IT OF FINANCIAE STATEMENTS PERFORMED
IN ACCORflANCE WITH GOVERVWENT,4UD1TINGSTiND.4RDS
K-I
1-lonorable President and Membersof the Board of Education
Matawan—Aherdeen Regional School DistrictCounts of MonmouthMatawan. New Jerse
We have audited the general—purpose financial statements of the Board of Education of theMatawan—Aberdeen Regional School District, in the County of Monmouth, State of New Jersey, as ofand for the fiscal year ended June 30. 2011. and have issued our report thereon dated November 3. 2011We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica: tile standards applicable to financial audits contained in (Jorer,,nw,,i ;litd!ing Sia,idarjc.issued by the Comptroller General ol the United States: and audit requirements as prescribed by theDivision ol Finance. Department of Education. Slate of New Jersey.
internal Control Over Financial Reporting
In planning and performing our audit. we considered the \-lataw an—Aberdeen Regional Board ofEducation s internal control oer financial reporting as a basis for designing our auditing procedures forthe purpose of expressine our opinion on the financial statements. but not fur the purpose of expressiiiean opinion on the efTecti eness of the Matawan-Abcrdeen Regional Board of Educations internal controlflnancal reportine. Accordint1 we do not express an opinion on the e1iecu eness of the\iatawan-\herdeen Regional I3oard of Educations internal control over financial reporting.
A dejicwncl 0/ 10 Wi//U! con/rn) exIsts when the design or operation of a control does not allowmanaaemcnt or empio\ ecs. in the normal course of performing their assi ned functions, to pre ent ordetect and correct niissiatcments on a tintelv basis A muicain! weakness is a deflc-ienc . or combination1 i
0 ILl a k. L b \ Ip
of the i)strict s hnanca1 statements wi I not be prevented, or detected and c.orrected on a time.! basis,
98,
Our consideration of internal control over financial reporting was for the limited purposedescribed in the lirst paragraph of this section and would not necessarily identif\ all deficiencies ininternal control that might he significant deficiencies or material weaknesses. We did not identify andeficiencies in internal control over financial reporting that we consider to be material weaknesses, asdefined abo\ e.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Mataan—Aherdeen Regional Boardofi-ducations general-purpose financial statements are free of material misstatement, we performed testsof its compliance with certain provisions of laws. regulations. contracts and grant agreements.noncompliance with v hich could ha e a direct and material effect on the determination of general—purpose financial statement amounts. Howe er, providing an opinion on compliance with thoseprovisions was not an objective of our audit and, accordingly, we do not express such an opinion. Theresults of our tests disclosed no instances of noncompliance or other matters that are required to hereported under Gm’cnu,,c’,,l Auditing .Siu,idarts and audit requirements as prescribed h the Division ofFinance, Department of Education. State of New Jersey.
This report is intended solely thr the information and use of the audit committee. management,the Matawan-Aberdeen Regional Board of Education, the New Jersey State Department of Education andother state and federal awarding agencies and pass—through entities and is not intended to be and shouldnot he used by anyone other than these specified parties.
Robert A. liulsartLicensed Public School AccountantNo. 322Robert A. I lulsari and Company
November 3. 2011
99.f) /1 77 J/ P / /7JoLtt ct. ‘7’uLatt alui Lo1nf2a129CERTIFIED PUBLIC ACCOUVT-4NTh
ARMOUR S. HULSART, C.P.A., R.M.A., P.S.A. (1959-1992)732)280-8888 2807 Honey Pond RoadS Suite 100RO8ERT A. HULSART. C.P.A., R.M.k. P.S.A, I
P 0 Box 1409ROBERT A. HULSART. JR.,C.RA., P.S.A.e-mail: wail New Jersey 07719-1409
rah@monmouth corn (732) 681-4990RICHARD J. HELLEN8RECHT, JR.. C.P.A., P.S.A.
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH
MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE
IN ACCORDANCE WITh 0MB CIRCULAR A-133 AND
NEW JERSEY 0MB CiRCULAR 04-04
K-2I lonorable President and Members
of the Board of EducationMatawan-Aberdeen Regional School DistrictCounty of MonmouthMatawan. New Jersey
Compliance
We have audited the compliance of the Board of Education of the Matawan—Aberdeen RegionalSchool District, in the County of Monmouth. State of New Jersey. with the types olcompliancerequilements dLserihed in the ( S Of/irc of 1anag JuL lit and Budgc 1(0 JJ3j ( a ti/ui 1—I aCompliance Supplement and the New ,Jersev State Aid/Gra,,t Compliance Supplement that are applicableto each of its major federal and state programs for the tiscal ear ended June 30. 2011 . Matawan—Aberdeen Regional Board of Education’s major federal and state programs are identified in the summaryof auditor s results section ol the accompanying schedule of findings and questioned costs. Compliancewith the requirements of laws, regulations, contracts and grants applicable to each of its major federaland state programs is the responsibility of the Mata an—Aberdeen Regional Board of Education’smanagement. Our responsibility is to express an opinion on the Matawan—Aberdeen Regional Board ofEducation’s compliance based on our audit.
We conducted our audit of compliance in accordance ith auditing standards generally acceptedin the United States- ol America: the standards applicable to financial audits contained in (jouernmentAuditing Standards-, issued by the Comptroller General of the United States: the audit requirements asprescribed by the Di ision of Finance. Department of Education. State of Nc ,lersew 0MB Circular :\—133 lUt/it5 of Stairs Loal (r I Li nm ins and ‘son-Profit (hganizations and Ne Jcrse 0MB sCircular 04-04. Single A itdir Pa/icr br Pee/p/cola 0/ federal (.J1LI11la 51Ic (;I-LlJ,t.s ai/ State -lid. ihosestandards, 0MB Circular A- 133 and -ew Jerse OMB’s Circular 04-04, require that we plan andperOrm the audit to obtain reaonahlc assurance about s hether noncompliance with the t\ pcs ofcompliance requirements referred to abos e that could have a direct and material cited on a major fdera1and slate program occurred. An audit includes examinine. on a test basis. e idence about the Mata an-Aberdeen Regional Board of Educattou ‘‘ compliance with those requirements and perlormmg such otherprocedures as we considered necessary in the circumstances. We believe that our audit provides areasonahle basis for our oplnien. Uur audit does not prm ide a legal deicnninatton on the \laaw an-Aberdeen Regional Boa.rd of Education’s compi ia.nce. with those requirements.
In our opinion, the- Board of Education of the. Matawan-Aherder.n R.egionai School F istric.t, inthe (unts of ‘sionmoutle State of e- Jerse, complied, in all material es’eIs. with the I’equirementreR’rred to above that are applic a.hle to e-ac.h of its major lbdera.1 and state. programs Or the year endedJune 30. 20 1 -
100.
Internal Control Over Compliance
The management of the Board of Education of the Mataw an-Aberdeen Regional School Districtis responsible lhr establishing and maintaining effective internal control over compliance withrequirements of laws. regulations, contracts and grants applicable to federal and stale programs. Inplanning and performing our audit, we considered the Mataw an—Aberdeen Regional Board of Education’sinternal control o er compliance with requirements that could have a direct and material effect on amajor federal or slate program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance, hut not [hr the purpose of expressing an opinion on theeflèctiveness of internal control over compliance. Accordingly. we do not express an opinion on theeffectiveness of the Mataw an—Aberdeen Regional Board of’ Education’s internal control oer compliance.
A control tle/lciencv in an entity’s internal control over compliance exists when the design oroperation of a control does not allow management or emplo ees, in the normal course of performing theirassigned functions, to pre ent or detect noncompliance with a t pe of compliance requirement of afederal program on a timely basis. A significant defIcienci is a control deficienc\ - or combination ofcontrol deficiencies, that adversely affects the entity’s ability to administer a federal program such thatthere is more than a remote likelihood that noncompliance with a type of compliance requirement ofafederal or state program that is more than inconsequential will not be prevented or detected by theentity’s internal control.
A material weakness is a significant deficiency. or combination of significant deficiencies, thatresults in more than a remote likelihood that material noncompliance with a type of compliancerequirement of a federal or state program will not be prevented or detected b the entity’s internalcontrol.
Our consideration of internal control over compliance was for the limited purpose described inthe first paragraph of this section and would not necessarily identii all deficiencies in internal controlthat might he significant deficiencies or material weaknesses, We did not identit\ any deficiencies ininternal control over compliance that we consider to he material weaknesses, as defined above.Matawan—Aberdeen Regional Board of Education’s responses to the findings identified in our audit aredescribed in the accompanying schedule of findings and questioned costs. We did not audit MatawanAberdeen Regional Board of Education’s response and. accordingly. we express no opinion on it.
This report is intended solely for the inthrmation and use of the audit committee, management,the Matawan—Ahcrdeen Regional Board of Education, the New .fersev State Department of Education andother federal and state awarding agencies and pass-through entities and is not intended to be and shouldnot be used b anyone other than these specified pal-ties.
Robert A. HulsartLicensed Public School Accountant
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103.
BOARD OF EDUCATION
K-5MATAW AN-ABERDEEN REGIONAL SCHOOL DISTRICT
NOTES TO SCHEDULES OF AWARDS AND FINANCIAL ASSISTANCE
JUNE 30, 2011
NOTE 1: General
The accompanying schedules of financial assistance present the acti ity of all federal andstate financial assistance programs of the Board of Education. Matawan-Aberdeen RegionalSchool District. The Board of Education is defined in Note 1(A) to the Boards general—purposefinancial statements. All federal and stale awards received directly from federal and stateagencies. as well as federal awards and state financial assistance passed other governmentagencies is included on the schedule of federal ards and slate financial assistance.
NOTE 2: Basis of Accounting
The accompanying schedules of expenditures of awards and financial assistance arepresented using the modified accrual basis of accounting with the exception of programsrecorded in the Ibod service fund. hich are presented using the accrual basis of accounting andthose recorded in the special revenue fund. hich are presented using the budgetary basis ofaccounting. These bases of accounting are described in the Note 1(C) to the Boards general-purpose financial statements.
NOTE 3: Relationship to General Purpose Financial Statements
The general—purpose financial statements present the general fund and special revenuefund on a GAAP basis. Budgetar3 comparison statements or schedules (RSI) are presented forthe general fund and special revenue fund to demonstrate finance-related legal compliance in
hich certain re enue is permitted b la or grant agreement 10 be recognized in the audit year.hereas for GAAP reporting. re enue is not recognized until the subsequent year or hen
expenditures have been made.
The general fund is presented in the accompanying schedules on the modified accrualbasis with the exception of the revenue recognition of the last state aid payment in the currentbudget ‘ear. hich is mandated to P.L, 2003. c.97.(A352 1). For GAAP purposes. thatpayment is not recognized until the subsequent budget year due to the state deferral andrecording of the last state aid pa inent in the subsequent ear. The special revenue fund ispresented in the accompanvin schedules on the grant accounting budgetary basis. hichrecognizes encumbrances as expenditures and also recognizes the related revenues. hereas the(i;\AP basis does not.
The nct adjustment to reconcile from the hndgetar basis to the GAAP basis is $29! .296lb the general fund and S( 50i22 ) for the special revenue fund. See Note I tbr a reconciliationof the budgetary basis to the modified accrual basis of accounting for the general and special
in I r 1 md Ii 0 0 0 i
puipoo f aiHai oatomïients on a 2A \P Hasi as crc seated b io\:
104.
NOTE 3: Relationship to General Purpose Financial Statements (Continued)
Special l)ehtGeneral Revenue Service FoodFund Fund Fund Service Total
State AssistanceActual Amounts Budetarv)“Revenues” from the Scheduleof Expenditures of StateFinancial Assistance S 12,524.091 31.391 1 8,545 18.729 12,592.756
DifYerence - Budget to “GAAP”Grant Accounting Budgetary
Basis Differs from (IAAPin that Encumbrances areRecognized as Expendituresand the Related Revenueis Recognized.
On Behalf PaymentsRecognized for GAAPStatements but NotIncluded in the Scheduleof Expenditures of StateFinancial Assistance I .938.559 1,938,559
The Last State Aid Paymentis Recognized as Revenuefor Budgetary Purposes.and Differs from (IAAPWhich does not RecognizeThis Revenue Until theSubsequent Year When theState Recognizes the RelatedExpense (GASB 33). 291.296
—— 291.296
Iota! State Revenue as Reportedon the Statement of Revenues.Expenditures and Chances inlundE3IlancLs i4Th3946 184 18729 14822611
105,
NOTE 3: Relationship to General Purpose Financial Statements (Continued)
Special DebtGeneral Revenue Service Food
Fund Fund Fund Service Total
Federal AssistanceActual Amounts (Budgetary)
“Revenues” from the Scheduleof Expenditures of FederalAwards L741.699 589M86 1330.785
1)ifference — Budget to “GAAP”Grant Accounting BudgetarBasis Differs from GAAP in thatEncumbrances are Recognized asExpenditures. and the RelatedRevenue is Recognized.
j822) 822)Total Federal Revenue as
Reported on the Statementof Revenue. Expenditures.and Changes in FundBalances $ L690.877 589.086 2279.963
NOTE 4: Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree with the amounts reported in therelated federal and state financial reports.
NOTE 5: Other
The amount reported as TPAF Pension Contributions represents the amount paid b\ thestate on behalf of the F)strict for the year ended June 30. 1)1 1 TPAF Social SecuritContributions represents the amount reimbursed h the state for the eniplovers share of socialsecurity contributions for TPAI members for the car ended June 30. 20 I 1 Revenues andexpenditures reported under the Food Distribution Procram represent current year value rece edand current ear distributions respecti\ elk.
‘IATAWAN-ABERDEEN REGIONAL. SChOOL. DISTRICT 106.
SCILFDLLE OF FINDINGS AND QL ESTIONED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Part 1 - Summari’ of .4 uditor’s Results
K-6
Financial Statement Section(A) Type of auditors report issued:
(B) Internal control over financial reporting:
Unqualified
1) Material weakness(es) identified?
2) Were reportable conditions(s) identified that werenot considered to be material weaknesses?
(C) Noncompliance material to general purpose financialstatements noted?
Yes x No
Yes x No
Yes x No
Federal Awards Section(D) Dollar threshold used to determine Typed A programs:
(E) Auditee qualified as low-risk auditee?
(G) Internal control over compliance:
1) Material weakness(es) identified?
2) Were reportable condition(s) identified that werenot considered to material weaknesses?
(1) Identification of major programs:
$300,000
x Yes No
Unqualified
84.17384.39184.39210553
1055510,556
Name of Federal Program or ClusterTitle I (Title I Cluster>ARRA Title I (Title I Cluster)ARRA Title I SIA (Title I Cluster)I.D.E.A. Part 13 Basic (Special Education Cluster)IDEA Preschool (Special Education Cluster)ARRA IDEA Part 13 Basic (Special Education Cluster)ARRA 1DEA Preschool (Special Education Cluster)S hol BreaLl it P’uim Child Nutr n t luti i
National School Lunch Program (Child Nutrition Cluster)Special Milk Program (Child Nutrition Cluster)
(F) Type of auditor’s report on compliance for major programs:
(H) Any audit findings disclosed that are required to be reportedin accordance with 0MB Circular A- 133 (section .510(a))?
Yes x No
Yes x No
Yes x No
CFDA Number(s)84.01084.389
84.38984.027
107.
MATAWAN-ABERDEEN REGIONAL SCHOOL 1)ISTRJCT
SCHEDULE OF FINDINGS ANI) QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Part I - Summary ofAuditor ResuIt (C’outinued
State Awards Section
(J) Dollar threshold used to determine T\ pe A programs:
(K) Auditee qualified as low-risk auditee?
(L) Type of auditors report on compliance for major programs:
(M) Internal control over compliance:
(I) Material Weakness(es) identified?
(2) Were reportable condition(s) identified that were
not considered to material weaknesses?
(N) Any audit findings disclosed that are required to be reported
in accordance with N.J. OMBs Circular 04-04?
(0) Identification of major programs:
GMIS Number(s)
11-495-034-5120-089
________________________
1 1-495-034-5120-078
________________________
I_-495-034-5095-002
________________________
11-495-034-5120-044
K-6
S377783
x Yes No
Unqual i fled
Yes x No
Yes x No
Yes x No
Name of State Program
Special Education Aid
Equalization Aid
Reimbursed Social Security
Extraordinary Aid
108.MATA WAN-ABERDEEN REGIONAL SCHOOL DISTRICT
SCHEDULE OF FINDINGS AND OUESTIONED COSTS
K-6FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Part 2 - Schedule of Financial Statement Findings
This section identifies the reportable conditions, material weaknesses, and instances of noncompliancerelated to the general purpose financial statements that are required to be reported in accordance withChapter 5.18 of Government Auditing Standards.
Finding: None
Criteria or specific requirement: N/A
Condition: N/A
Questioned Costs: N/A
Context: N/A
Effect: N/A
Recommendation: N/A
109.MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
K-6FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Part 3 - Schedule of Federal and State Award Findings and Questioned Costs
This section identifies the reportable conditions, material weaknesses, and instances of noncomplianceincluding questioned costs, related to the audit of major federal and state programs, as required by 0MBCircular A-I 33 and New Jersey OMB’s Circular 04-04.
FEDERAL AWARDSFinding: N/A
Federal program information: N/A
Criteria or specific requirement: N/A
Condition: N/A
Questioned Costs: N/A
Context: N/A
Effect: N/A
Recommendation: N/A
Management’s response: N/A
STATE AVARDSFinding: None
State program information: N/A
Criteria oi specific requirement: N/A
Condition: N/A
QtioijCsts: N/A
Context: N/A
Effect: N/A
Recommendation: N/A
/A
MATAWAN-ABERDEE N REGiONAl. SCIIOO L I)ISTRICTK-7
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Prior Audit Findings
There were no audit Findings in 2010-2011. related to the single audit.
110.