Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2015
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LOS ANGELES UNIFIED SCHOOL DISTRICT LOS ANGELES, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2015 MR. RAMON C. CORTINES SUPERINTENDENT OF SCHOOLS (EFFECTIVE OCTOBER 20, 2014) MR. JOHN E. DEASY SUPERINTENDENT OF SCHOOLS (APRIL 18, 2011 – OCTOBER 15, 2014) MS. MEGAN K. REILLY CHIEF FINANCIAL OFFICER MR. V. LUIS BUENDIA CONTROLLER PREPARED BY ACCOUNTING AND DISBURSEMENTS DIVISION 333 S. BEAUDRY AVENUE LOS ANGELES, CALIFORNIA 90017 LOS ANGELES UNIFIED SCHOOL DISTRICT Comprehensive Annual Financial Report Year Ended June 30, 2015 Table of Contents I N T R O D U C T O R Y S E C T I O N Page Letter of Transmittal ………………………………………………………………………………………………….……… i Certificate of Achievement for Excellence in Financial Reporting ………………………………………………………… vi Board of Education and Principal School District Officials ………………………………………………………………… vii Organizational Structure …………………………………………………………………………………………………… viii F I N A N C I A L S E C T I O N Independent Auditor's Report ……………………………………………………………………………………………… 1 Management’s Discussion and Analysis …………………………………………………………………………………… 4 B a s i c F i n a n c i a l S t a t e m e n t s: G o v e r n m e n t - w i d e F i n a n c i al S t a t e m e n t s: Statement of Net Position ……………………………………………………………………………………………… 14 Statement of Activities ………………………………………………………………………………………………… 15 F u n d F i n a n c i a l S t a t e m e n t s: Balance Sheet – Governmental Funds ………………………………………………………………………………… 16 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ………………………… 17 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds ……………………… 18 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities …………………………………………………………… 19 Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund ……………………..………………………………………………………………………………… 20 Statement of Net Position – Proprietary Funds – Governmental Activities – Internal Service Funds ………………… 21 Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds – Governmental Activities – Internal Service Funds ………………………………………………………………… 22 Statement of Cash Flows – Proprietary Funds – Governmental Activities – Internal Service Funds ………………… 23 Statement of Net Position – Fiduciary Funds ………………………………………………………………………… 24 Statement of Changes in Net Positions – Fiduciary Funds …………………………………………………………… 25 N o t e s t o B a s i c F i n a n c i a l S t a t e m e n t s ………………………………………………………………… 26 R e q u i r e d S u p p l e m e n t a r y I n f o r m a t i o n ……………………………………………………………… Schedule of Funding Progress for Postemployment Healthcare Benefits ……………………………………………… 74 Schedule of Changes in The Net Pension Liability and Related Ratios – Agent Multiple-Employer Defined Benefit Pension Plan ………………………………………………………………………………………… 75 Schedule of Contributions – Agent Multiple-Employer Defined Benefit Pension Plan ……………………………… 76 Schedule of District Proportionate Share of the Net Pension Liability and Related Ratios and District Contributions …………………………………………………………………………………………… 77 Los Angeles Unified School District LOS ANGELES UNIFIED SCHOOL DISTRICT Comprehensive Annual Financial Report Year Ended June 30, 2015 Table of Contents S u p p l e m e n t a r y I n f o r m a t i o n : Page C o m b i n i n g a n d I n d i v i d u a l F u n d S c h e d u l e s a n d S t a t e m e n t s : District Bonds Fund – Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual………………………………………………………………………………………………… 78 County School Facilities Bonds Fund – Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual……………………………………………………………………………… 79 Bond Interest Redemption Fund – Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual……………………………………………………………………………… 80 N o n m a j o r G o v e r n m e n t a l F u n d s : Special Revenue Funds/Debt Service Funds/Capital Projects Funds: Nonmajor Governmental Funds – Combining Balance Sheet ……………………………………………………… 82 Nonmajor Governmental Funds – Combining Statement of Revenues, Expenditures and Changes in Fund Balances …………………………...……...……………………..……………………………… 86 Special Revenue Funds – Combining Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual …………………………...……...……………………..……… 90 Debt Service Funds – Combining Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual …………………………...……...……………………..……… 94 Capital Projects Funds – Combining Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual …………………………...……...……………………..……… 96 Internal Service Funds: Internal Service Funds – Combining Statement of Net Position ...…………………………………………………… 103 Internal Service Funds – Combining Statement of Revenues, Expenses and Changes in Fund Net Position …………………………………………………………………………………… 104 Internal Service Funds – Combining Statement of Cash Flows ……………..……………………………………… 105 Fiduciary Funds: Fiduciary Funds – Agency Funds – Combining Statement of Changes in Assets and Liabilities ………….……… 107 C a p i t a l A s s e t s U s e d i n t h e O p e r a t i o n o f G o v e r n m e n t a l F u n d s: Capital Assets Used in the Operation of Governmental Funds – Comparative Schedule by Source ………………… 109 Capital Assets Used in the Operation of Governmental Funds – Schedule of Changes in Capital Assets by Source …………………………………………………………………………………………… 110 Long-Term Obligations: Schedule of Changes in Long-Term Obligations …………………………………………………………………… 112 Schedule of Certificates of Participation …………………………………………………………………………… 114 Comprehensive Annual Financial Report LOS ANGELES UNIFIED SCHOOL DISTRICT Comprehensive Annual Financial Report Year Ended June 30, 2015 Table of Contents S T A T I S T I C A L S E C T I O N (U n a u d i t e d) Page Schedules of Financial Trends Information Statement of Net Position – Last Ten Fiscal Years ………………………………….......…………………………… 120 Changes in Net Position – Last Ten Fiscal Years ……………………………...…….......………………….………… 122 Governmental Activities Tax Revenues by Source – Last Ten Fiscal Years ………………………………………… 124 Fund Balances of Governmental Funds – Last Ten Fiscal Years ……………………..……...……….……...………… 126 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ……….……………..……......……….… 128 Governmental Fund Types – Expenditures and Other Uses by State Defined Object – Last Ten Fiscal Years ……… 130 Governmental Fund Types – Expenditures and Other Uses by Goal and Function – Last Ten Fiscal Years ………… 132 Governmental Fund Types – Revenues by Source (SACS Report Categories) – Last Ten Fiscal Years ……………… 134 Schedules of Revenue Capacity Information Assessed Value of Taxable Property – Last Ten Fiscal Years ………………………………………………………… 135 Property Tax Rates – All Direct and Overlapping Governments – Last Ten Fiscal Years …………………………… 136 Largest Local Secured Taxpayers – Current Year and Nine Years Ago……………………………………………… 138 Property Tax Levies and Collections – Last Ten Fiscal Years ………………………………………………………… 139 Revenue Limit/LCFF Per Unit of Average Daily Attendance – Last Ten Fiscal Years ……………………………… 140 Governmental Fund Types – Schedule of Revenues and Other Sources, Expenditures and Other Uses by State Defined Object – Last Ten Fiscal Years …………………………………………………………………… 142 Schedules of Debt Capacity Information Ratio of Annual Debt Service for General Bonded Debt and Certificates of Participation (COPs) to Total General Governmental Expenditures – Last Ten Fiscal Years ……………………………………………………… 152 Ratio of Net Debt to Assessed Value and Net Debt Per Capita – Last Ten Fiscal Years ……………………………… 154 Schedule of Direct and Overlapping Bonded Debt …………………………………………………………………… 156 Legal Debt Margin Information – Last Ten Fiscal Years ……………………………………………………………… 157 Schedules of Demographic and Economic Information Demographic Statistics – Last Ten Fiscal Years ……………………………………………………………………… 158 Principal Employers – Current Year and Nine Years Ago …………………………………………………………… 159 Schedules of Operating Information Average Daily Attendance/Hours of Attendance (Annual Report) – Last Ten Fiscal Years ………………………… 160 Full-Time Equivalent District Employees by Function – Last Ten Fiscal Years……………………………………… 164 Capital Assets by Function – Last Ten Fiscal Years…………………………………………………………………… 166 Miscellaneous Statistical Data – Last Nine Fiscal Years……………………………………………………………… 168 S T A T E A N D F E D E R A L C O M P L I A N C E I N F O R M A T I O N S E C T I O N General Fund: Schedule of Principal Apportionment from the State School Fund …………………………………………………… 171 Schedule of Appropriations, Expenditures and Other Uses, and Unexpended Balances by District Defined Program ………………………………………………………………………………………… 172 Expenditures and Other Uses by Goal and Function …………………………………………………………………… 173 Schedule of Current Expense of Education …………………………………………………………………………… 174 Schedule of Special Purpose Revenues, Expenditures and Restricted Balances ……………………………………… 175 Los Angeles Unified School District LOS ANGELES UNIFIED SCHOOL DISTRICT Comprehensive Annual Financial Report Year Ended June 30, 2015 Table of Contents S T A T E A N D F E D E R A L C O M P L I A N C E I N F O R M A T I O N S E C T I O N Page (Continued) Adult Education Fund: Schedule of Revenues and Other Sources, Expenditures and Other Uses by Function, and Changes in Fund Balance …………………………………………………………………………… 176 Child Development Fund: Schedule of