EAST WINDSOR REGIONAL SCHOOL DISTRICT
Hightstown, New Jersey County of Mercer
COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2014
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
EAST WINDSOR REGIONAL SCHOOL DISTRICT
HIGHTSTOWN, NEW JERSEY
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Prepared by
East Windsor Regional School District Business Administrator's Office
TABLE OF CONTENTS
PAGE
INTRODUCTORY SECTION Letter of Transmittal 1 Organizational Chart 5 Roster of Officials 6 Consultants and Advisors 7
FINANCIAL SECTION Independent Auditor’s Report 11
REQUIRED SUPPLEMENTARY INFORMATION – PART I
Management’s Discussion and Analysis 17
BASIC FINANCIAL STATEMENTS
A. District-wide Financial Statements: A-1 Statement of Net Position 29 A-2 Statement of Activities 30
B. Fund Financial Statements: B-1 Balance Sheet 37 B-2 Statement of Revenues, Expenditures & Changes in Fund Balances 38 B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund Balances of Governmental Funds to the Statement of Activities 39 Proprietary Funds: B-4 Statement of Net Position 43 B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 44 B-6 Statement of Cash Flows 45 Fiduciary Funds: B-7 Statement of Fiduciary Net Position 49 B-8 Statement of Changes in Fiduciary Net Position 50
Notes to Financial Statements 53
REQUIRED SUPPLEMENTARY INFORMATION – PART II
C. Budgetary Comparison Schedules C-1 Budgetary Comparison Schedule – General Fund 81 C-1a Combining Schedule of Revenues, Expenditures & Changes in Fund Balance - Budget & Actual (if applicable) N/A C-1b Education Jobs Fund Program – Budget & Actual (if applicable) N/A C-2 Budgetary Comparison Schedule – Special Revenue Fund 92 (continued) TABLE OF CONTENTS (continued): PAGE Notes to the Required Supplementary Information C-3 Budget-to-GAAP Reconciliation 95
D. School Based Budget Schedules Fund (if applicable):
D-1 Combining Balance Sheet N/A D-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource Type - Actual N/A D-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget and Actual N/A
E. Special Revenue Fund:
E-1 Combining Schedule of Revenues & Expenditures Special Revenue Fund – Budgetary Basis 103 E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis N/A
F. Capital Projects Fund: F-1 Summary Statement of Project Expenditures 107 F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance – Budgetary Basis 108 F-2a Schedule of Project Revenues, Expenditures, Project Balance and Project Status - Budgetary Basis - High School Turf Field Contruction Project 109 F-2b Schedule of Project Revenues, Expenditures, Project Balance and Project Status - Budgetary Basis - Telecommunication Replacement for Various Schools 110 F-2c Schedule of Project Revenues, Expenditures, Project Balance and Project Status - Budgetary Basis - Roof and Door Replacement for Various Schools 111
G. Proprietary Funds: Enterprise Fund: G-1 Combining Schedule of Net Position 117 G-2 Combining Schedule of Revenues, Expenses & Changes in in Fund Net Position 118 G-3 Combining Schedule of Cash Flows 119 Internal Service Fund – G-4 Combining Schedule of Net Position 123 G-5 Combining Schedule of Revenues, Expenses & Changes in Fund Net Position 124 G-6 Combining Schedule of Cash Flows 125
H. Fiduciary Funds: H-1 Combining Statement of Fiduciary Net Position 129 H-2 Combining Statement of Changes in Fiduciary Net Position 130 H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 131 H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 131 (continued) TABLE OF CONTENTS (continued): PAGE
I. Long-Term Debt: I-1 Schedule of Serial Bonds 135 I-2 Schedule of Obligations Under Capital Leases 136 I-3 Debt Service Fund Budgetary Comparison Schedule 137 I-4 Schedule of Early Retirement Incentive Plan Loans Payable 138
STATISTICAL SECTION (unaudited)
Financial Trends: J-1 Net Position by Component 141 J-2 Changes in Net Position 142 J-3 Fund Balances – Governmental Funds 143 J-4 Changes in Fund Balances – Governmental Funds 144 J-5 General Fund Other Local Revenue by Source 146 Revenue Capacity: J-6 Assessed Value & Estimated Actual Value of Taxable Property 147 J-7 Direct & Overlapping Property Tax Rates 148 J-8 Principal Property Taxpayers 149 J-9 Property Tax Levies & Collections 151 Debt Capacity: J-10 Ratios of Outstanding Debt by Type 150 J-11 Ratios of General Bonded Debt Outstanding 151 J-12 Direct & Overlapping Governmental Activities Debt 151 J-13 Legal Debt Margin Information 152 Demographic & Economic Information: J-14 Demographic & Economic Statistics 153 J-15 Principal Employers N/A Operating Information: J-16 Full-Time Equivalent District Employees by Function/Program 154 J-17 Operating Statistics 155 J-18 School Building Information 156 J-19 Schedule of Required Maintenance 157 J-20 Insurance Schedule 158
SINGLE AUDIT SECTION
K-1 Report on Compliance and on Internal Control Over Financial Reporting and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 161 K-2 Report on Compliance with Requirements Applicable to Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 and New Jersey OMB Circular Letter 04-04 163 K-3 Schedule of Expenditures of Federal Awards, Schedule A 166 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 168 K-5 Notes to Schedules of Awards and Financial Assistance 170 K-6 Schedule of Findings and Questioned Costs 172 K-7 Summary Schedule of Prior Audit Findings 175 (concluded)
INTRODUCTORY SECTION
1
2
3
4
5 EAST WINDSOR REGIONAL SCHOOL DISTRICT 25A Leshin Lane Hightstown, New Jersey 08520
ROSTER OF OFFICIALS
JUNE 30, 2014
MEMBERS OF THE BOARD OF EDUCATION TERM EXPIRES
Alice Weisman, President 2015
Paul Connolly, Vice President 2015
Pete Bussone 2014
Suzann Fallon 2014
Bertrand Fougnies 2014
Lilia Gobaira 2016
Christine Harrington 2016
Robert Laverty 2016
Kennedy Paul 2015
OTHER OFFICIALS
Edward Forsthoffer, III, Ed.D, Chief School Administrator
Thaddeus Thompson, School Business Administrator/Board Secretary
Erin Hill, Assistant Business Administrator
Carolina Jablonski, Assistant Board Secretary
John Calavano, Treasurer
David Coates, Esq., Solicitor
6 EAST WINDSOR REGIONAL SCHOOL DISTRICT 25A Leshin Lane Hightstown, New Jersey 08520
CONSULTANTS AND ADVISORS
ATTORNEY
Turp, Coates, Essl & Diggers 170 South Main Street Hightstown, New Jersey 08520
AUDIT FIRM
Holman Frenia Allison, P.C. 10 Allen Street, Suite 2B Toms River, New Jersey 08753
OFFICIAL DEPOSITORY
TD Bank Princeton-Hightstown Road East Windsor, New Jersey 08520
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8 FINANCIAL SECTION
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10 INDEPENDENT AUDITOR’S REPORT
Honorable President and Members of the Board of Education East Windsor Regional County of Mercer Hightstown, New Jersey 08520
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Board of Education of the East Windsor Regional School District, County of Mercer, State of New Jersey, as of and for the fiscal year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America; and the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States; and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
11 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Board of Education of the East Windsor Regional School District, County of Mercer, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Change in Accounting Principle
As discussed in Note 1 to the financial statements, during the fiscal year ended June 30, 2014 the District adopted new accounting guidance, GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. Our opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information on pages as shown on the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the East Windsor Regional School District Board of Education’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements, long-term debt schedules and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying schedule of expenditures of federal and state financial assistance are presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid respectively, and is also not a required part of the financial statements.
The combining and individual fund financial statements, long-term debt schedules and the accompanying schedule of expenditures of federal and state financial assistance is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the
12 basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements, long-term debt schedules and the accompanying schedule of expenditures of federal and state financial assistance are fairly stated in all material respects in relation to the basic financial statements taken as a whole.
The introductory section, comparative totals for June 30, 2013, and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 29, 2014 on our consideration of the Board of Education of the East Windsor Regional School District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Board of Education of the East Windsor Regional School District’s internal control over financial reporting and compliance.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P.C.
Rodney R. Haines Certified Public Accountant Public School Accountant No. 2198
Medford, New Jersey October 29, 2014
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14 REQUIRED SUPPLEMENTARY INFORMATION - PART I
Management's Discussion and Analysis
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16 EAST WINDSOR REGIONAL SCHOOL DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
UNAUDITED
This section of the East Windsor Regional School District’s (the District) annual financial report represents our discussion and analysis of the financial performance during the fiscal year that ended June 30, 2014. Please read it in conjunction with the District’s financial statements. Certain comparative information between the current year and the prior year is required to be presented in the Management’s Discussion and Analysis (MD&A).
Financial Highlights
• The District’s Governmental Funds Balance is $16,116,884. • Total revenues for governmental funds were $91,334,668. This was due primarily to the district receiving more State Aid and additional property taxes.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) district-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This document also contains required and other supplementary information in addition to the basic financial statements themselves.
District-wide financial statements. The district-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.
The statement of net position presents information on all of the assets and liabilities of the District, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.
The statement of activities presents information showing how the net position of the District changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., earned but unused vacation leave).
Fund financial statements. A fund is a group of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the district-wide financial statements. However, unlike the district- wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the government’s near-term financing requirements.
17
Since the focus of governmental funds is narrower than that of the district-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the district-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
The District maintains four individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balance for the general fund, special revenue fund, capital projects fund and debt service fund, all of which are considered to be major funds.
The District adopts an annual appropriated budget for its general fund, special revenue fund and debt service fund. Budgetary comparison statements have been provided as required supplementary information for the general fund and special revenue fund to demonstrate compliance with this budget and other supplementary information for the debt service fund.
Proprietary funds. The District maintains two proprietary fund types. Enterprise funds are used to report the same functions presented as business-type activities in the district-wide financial statements. The District uses enterprise funds to account for the operations of its food service program and after school daycare program, both of which are considered to be major funds of the District. Internal service funds are an accounting device used to accumulate and allocate costs internally among the District’s various functions or for providing a service to other entities on a break-even basis. The District uses two internal service funds to account for services provided to senior transportation and the fueling facility, which are considered to be major funds of the District. The internal service funds have been included within governmental activities in the district-wide financial statements. Proprietary funds provide the same type of information as the district-wide financial statements, only in more detail.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the governmental entity. Fiduciary funds are not reflected in the district-wide financial statements because the resources of those funds are not available to support the District’s own programs.
The District uses agency funds to account for resources held for student activities and payroll related liabilities.
Notes to the basic financial statements. The notes provide additional information that is essential for a full understanding of the data provided in the district-wide and fund financial statements.
Other information. The combining statements referred to earlier in connection with governmental funds, enterprise funds, internal service funds and fiduciary funds are presented immediately following the notes to the basic financial statements.
Balance Sheet Highlights
The following table provides a comparative condensed summary of the District’s net position over the past two years:
18 Table 1
Net Position June 30, 2014 and 2013
Governmental Business-type Activities Activities Total 2014 2013 2014 2013 2014 2013
Current and other assets $16,676,759 $19,678,785 $1,356,516 $1,285,059 $18,033,275 $20,963,844 Capital assets, net 99,797,868 101,148,417 321,670 374,041 100,119,538 101,522,458 Total assets 116,474,627 120,827,202 1,678,186 1,659,100 118,152,813 122,486,302
Deferred Outflows of Resources 1,223,035 - - - 1,223,035 - Total Assets and Deferred Outflows of Resources 117,697,662 120,827,202 1,678,186 1,659,100 119,375,848 122,486,302
Current liabilities and other 3,840,103 8,814,379 17,766 50,167 3,857,869 8,864,546 Long-term liabilities 36,240,756 34,494,534 - - 36,240,756 34,494,534 Total liabilities 40,080,859 43,308,913 17,766 50,167 40,098,625 43,359,080
Net position: Net Investment in Capital Assets 63,790,253 66,591,111 321,670 374,041 64,111,923 66,965,152 Restricted 12,504,920 1,197,379 12,504,920 1,197,379 Unrestricted 1,321,990 9,729,799 1,338,750 1,234,892 2,660,740 10,964,691 Total net position $77,617,163 $77,518,289 $1,660,420 $1,608,933 79,277,583 79,127,222
Revenue Highlights
While the Balance Sheet shows the change in the financial position of the net position, the Statement of Revenues, Expenses and Changes in Net Position indicates the nature of these changes. The following table shows the change in net position between June 30, 2014 and June 30, 2013.
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Table 2
Condensed Summary of Revenues, Expenses, and Changes in Net Position Fiscal Years ended June 30, 2014 and 2013
Governmental Business-type Total Activities Activities 2014 2013 2014 2013 2014 2013
Revenues: Program revenues: Charges for services $1,289,218 $1,388,295 $1,663,351 $1,522,381 $2,952,569 $2,910,676 Operating grants and contributions 2,100,542 2,269,808 988,014 912,859 3,088,556 3,182,667 Capital grants General revenues: Property taxes 62,327,563 61,302,377 62,327,563 61,302,377 Federal and State Aid 25,840,199 26,214,282 25,840,199 26,214,282 Earnings on investments 4,698 4,870 4,698 4,870 Prior Year Refunds 378,518 1,397,230 378,518 1,397,230 Miscellaneous 309,867 735,507 (230,000) 79,867 735,507 Total revenues 92,250,605 93,312,369 2,421,365 2,435,240 94,671,957 95,747,609
Expenses: Instructional services 35,994,822 34,876,333 35,994,822 34,876,333 Support services 29,915,143 28,660,402 29,915,143 26,114,606 Special Schools 38,685 33,247 38,685 31,247 Interest on long-term 1,557,907 1,443,522 1,557,907 1,658,548 liabilities Unallocated Expenses 24,353,514 24,376,670 24,353,514 23,171,038 Food service expenses 1,655,075 2,089,683 1,655,075 1,708,043 Kidcare expenses 714,803 525,226 714,803 514,615 Total expenses 91,860,071 89,390,174 2,369,878 2,614,909 94,229,949 92,005,083
Increase (decrease) in net 390,534 3,922,195 51,487 (179,669) 442,021 3,742,526 position Net position – beginning, as 77,226,629 73,596,094 1,608,933 1,788,602 78,835,562 75,384,696 restated Net position – ending $77,617,163 $77,518,289 $1,660,420 $1,608,933 $79,277,583 $79,127,222
20 Table 3
Revenues Fiscal year ended June 30, 2014
Increase Percentage Percent of (Decrease) Increase Revenue Amount Total from 2013 (Decrease) Local sources $ 63,420,569 69.44%$ (408,309) -0.64% State sources 25,843,624 28.30% (504,202) -1.91% Federal sources 2,070,475 2.27% (48,440) -2.29% $ 91,334,668 100.00%$ (960,951) -1.04%
Figure 4
Expenditures Fiscal year ended June 30, 2014
Increase Percent of (Decrease) Percentage Amount Total from 2013 Increase Current: Distributed Expenditures - Instruction $ 35,994,822 38.79%$ 1,118,489 3.21% Undistributed Expenditures 48,976,037 52.77% 1,332,264 2.80% Capital Outlay 4,461,944 4.81% 2,590,846 138.47% Debt Service 3,372,153 3.63% (138,750) -3.95% $ 92,804,956 100.00%$ 4,902,849 5.58%
Budgetary Highlights
As required by its By Laws, the District adopts a General Fund, Special Revenue Fund, and a Debt Service Fund Budget for its governmental operations prior to the start of its fiscal year. This budget remains in effect the entire year and can be revised by the Board of Education during the fiscal year. The District revised its operating budget during the fiscal year 2014 to include additional cost for special revenues received after the beginning of the year, the rollover of prior year encumbrances and the reallocation of existing resources to areas of the most need.
Budgetary Adjustments were made to cover changes to the operating environment during the year. These adjustments were authorized by board actions and when required by existing state guidelines, were approved by the state department of education.
A summary of the significant budgetary adjustments is:
21 Adjustments to instructional programs, as a result of the ongoing management improvements efforts, were as follows:
Educational supplies were increased by $184,183.
Administrative and Non-Instructional programs were adjusted as follows:
Other Employee Benefits were reduced by $493,487.
Energy was increased by $127,894.
Administrative expenses were increased by $334,720.
Capital Assets
In fiscal year 2014, the District had a new capital asset appraisal done by an outside appraisal company. In the past, the District had been maintaining their own capital asset records. Due to the appraisal it was determined that a large adjustment was necessary to bring the capital assets to the necessary value. A prior period adjustment was recorded in the audit to reflect this.
Table 5
Governmental Activities Capital Assets
2014 2013
Land $ 149,550 $ 149,550 Construction in Progress 2,081,236
Building & Improvements 138,162,599 138,135,599 Machinery & Equipment 10,443,843 10,125,663
150,837,228 148,410,812 Accumulated Depreciation 51,039,360 47,262,395
Total Capital Assets $ 99,797,868 $ 101,148,417
For more detailed information please refer to Note 5 to the Basic Financial Statements.
22 Long Term Debt/ Liabilities
As of June 30, 2014 the District had debt/liabilities outstanding of $39,190,011. The table below shows the allocation of this debt. Table 6
June 30, Additions Deletions June 30, Due Within 2013 2014 Year Capital lease obligations $ 2,304,306 $- $507,995 $1,796,311 $439,559 Compensated absences 1,438,033 - 55,173 1,382,860 - Bonds 34,485,000 - 2,005,000 32,480,000 2,020,000 Bond Premiums 3,157,300 - 202,961 2,954,339 202,961 Legal Settlement 750,000 - 250,000 500,000 250,000 Early retirement program 110,436 - 33,935 76,501 36,735 $42,245,075 $- $3,055,064 $39,190,011 $2,949,255
Bonds are by far the largest component of the district’s long term debt. The district has $32,480,000 of outstanding bonds. These bonds were issued to fund additions and renovations at all six of the District’s schools. For more detailed information please refer to Note 7 to the Basic Financial Statements.
Economic Factors
For the fiscal year 2014 the District continued to manage the scarce resources provided by state aid while managing an ever increasing set of state mandates. The district also faces significant challenges managing the 2% tax levy cap mandate. The district continues to monitor the capital markets to take advantage of debt restructuring opportunities when appropriate.
The district’s ability to recognize savings from the prior renovations and construction has started to level as we approach the sixth year after completion of the construction. Staffing expenses and student enrollment increased, which contributed to overall expenses being increased.
Contacting Financial Management
This financial report is designed to provide people served by the District, citizens, vendors, and creditors with a general overview of the District’s finances. If you have questions about this report or need additional financial information, contact the Board Secretary/Business Administrator’s Office at 25A Leshin Lane, Hightstown, New Jersey 08520.
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24 BASIC FINANCIAL STATEMENTS
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26 A. District-Wide Financial Statements
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28 EXHIBIT A-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT STATEMENT OF NET POSITION JUNE 30, 2014
BUSINESS- TOTALS GOVERNMENTAL TYPE JUNE 30, ASSETS ACTIVITIES ACTIVITIES 2014
Cash & Cash Equivalents$ 7,323,118 $ 1,245,483 $ 8,568,601 Receivables, Net 1,251,645 62,763 1,314,408 Inventory 59,074 48,270 107,344 Restricted Assets: Cash & Cash Equivalents 8,043,282 - 8,043,282 Capital Assets, Net (Note 5) 99,797,868 321,670 100,119,538
Total Assets 116,474,987 1,678,186 118,153,173
DEFERRED OUTFLOWS OF RESOURCES
Deferred Charges on Retirement of Debt 1,223,035 - 1,223,035
Total Deferred Outflow of Resources 1,223,035 - 1,223,035
Total Assets and Deferred Outflow of Resources 117,698,022 1,678,186 119,376,208
LIABILITIES
Accounts Payable 361,162 3,221 364,383 Accrued Interest Payable 470,693 - 470,693 Intergovernmental Payables: State & Federal 33,327 - 33,327 Unearned Revenue 25,666 14,545 40,211 Noncurrent Liabilities Due Within One Year 2,949,255 - 2,949,255 Due Beyond One Year 36,240,756 - 36,240,756
Total Liabilities 40,080,859 17,766 40,098,625
NET POSITION
Net Investment in Capital Assets 63,790,253 321,670 64,111,923 Restricted For: Capital Projects 2,836,234 2,836,234 Debt Service (470,693) - (470,693) Other Purposes 10,139,379 - 10,139,379 Unrestricted 1,321,990 1,338,750 2,660,740
Total Net Position$ 77,617,163 $ 1,660,420 $ 79,277,583
The accompanying Notes to Financial Statements are an integral part of this Statement. 29 EXHIBIT A-2 EAST WINDSOR REGIONAL SCHOOL DISTRICT STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2014
NET (EXPENSE) REVENUE AND PROGRAM REVENUES CHANGES IN NET POSITION CHARGES OPERATING BUSINESS- TOTALS FOR GRANTS & GOVERNMENTAL TYPE JUNE 30, FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS ACTIVITIES ACTIVITIES 2014
Governmental Activities: Instruction: Regular Instruction$ 25,711,382 $ - $ 1,630,824 $ (24,080,558) $ - $ (24,080,558) Special Education Instruction 6,190,211 541,560 - (5,648,651) - (5,648,651) Other Instruction 2,965,778 - - (2,965,778) - (2,965,778) Adult/Continuing Education 1,127,451 - - (1,127,451) - (1,127,451) Support Services: Instruction 6,103,650 - 469,718 (5,633,932) - (5,633,932) Student & Instruction Related Services 7,643,146 - - (7,643,146) - (7,643,146)
30 School Administrative Services 2,916,851 - - (2,916,851) - (2,916,851)
General & Business Administration 806,864 - - (806,864) - (806,864) Central Services 1,030,751 - - (1,030,751) - (1,030,751) Administration & Information Technology 197,839 - - (197,839) - (197,839) Plant Operations & Maintenance 7,498,827 685,937 - (6,812,890) - (6,812,890) Pupil Transportation 3,717,215 61,721 - (3,655,494) - (3,655,494) Other Support Services ------Unallocated Employee Benefits 19,412,671 - - (19,412,671) - (19,412,671) Transfers to Charter Schools 11,137 - - (11,137) - (11,137) Special Schools 38,685 - - (38,685) - (38,685) Interest & Other Charges on Long-Term Debt 1,557,907 - - (1,557,907) - (1,557,907) Amortization on Retirement of Debt & Bond Premium (Net) (115,974) - - 115,974 - 115,974 Unallocated Depreciation 3,816,984 - - (3,816,984) - (3,816,984) Adjustment to Capital Assets 1,283,869 (1,283,869) (1,283,869) Unallocated Compensated Absences (55,173) - - 55,173 - 55,173
Total Governmental Activities 91,860,071 1,289,218 2,100,542 (88,470,311) - (88,470,311)
Food Service 1,655,075 816,347 988,014 - 149,286 149,286 Kidcare 714,803 847,004 - - 132,201 132,201
The accompanying Notes to Financial Statements are an integral part of this Statement. EXHIBIT A-2 EAST WINDSOR REGIONAL SCHOOL DISTRICT STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2014
NET (EXPENSE) REVENUE AND PROGRAM REVENUES CHANGES IN NET POSITION CHARGES OPERATING BUSINESS- TOTALS FOR GRANTS & GOVERNMENTAL TYPE JUNE 30, FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS ACTIVITIES ACTIVITIES 2014
Total Business-Type Activities 2,369,878 1,663,351 988,014 - 281,487 281,487
Total Primary Government $ 94,229,949 $ 2,952,569 $ 3,088,556 (88,470,311) 281,487 (88,188,824)
General Revenues: Taxes: Property Taxes, Levied for General Purposes, Net 59,096,205 - 59,096,205 Taxes Levied for Debt Service 3,231,358 - 3,231,358 Federal & State Aid Not Restricted 25,840,199 - 25,840,199 31
Investment Earnings 4,698 - 4,698 Building Rentals 50,626 - 50,626 Prior Year Refunds 378,518 - 378,518 Transfer to Other Funds 230,000 (230,000) - Miscellaneous Income 29,241 - 29,241
Total General Revenues, Special Items, Extraordinary Items & Transfers 88,860,845 (230,000) 88,630,845
Change In Net Position 390,534 51,487 442,021 Beginning Net Position (Restated) 77,226,629 1,608,933 78,835,562
Ending Net Position $ 77,617,163 $ 1,660,420 $ 79,277,583
The accompanying Notes to Financial Statements are an integral part of this Statement. This page intentionally left blank
32 B. Fund Financial Statements
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34 Governmental Funds
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36 EXHIBIT B-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GOVERNMENTAL FUNDS BALANCE SHEET JUNE 30, 2014 (With Comparative Totals for June 30, 2013) TOTALS SPECIAL CAPITAL (MEMORANDUM ONLY) GENERAL REVENUE PROJECTS JUNE 30, JUNE 30, FUND FUND FUND 2014 2013 ASSETS & OTHER DEBITS
Cash & Cash Equivalents$ 4,952,028 -$ $ 2,742,552 $ 7,694,580 $ 7,970,128 Cash & Cash Equivalents - Restricted 8,043,282 - - 8,043,282 9,113,173 Accounts Receivable: State 444,973 - 110,881 555,854 517,927 Federal - 555,972 - 555,972 685,360 Local 53,839 - - 53,839 - Interfund Receivable 1,348 - - 1,348 108,040
Total Assets $ 13,495,470 $ 555,972 $ 2,853,433 $ 16,904,875 $ 18,394,628
LIABILITIES & FUND BALANCES
Liabilities: Cash Deficit - 366,488 - 366,488 373,813 Accounts Payable 214,820 130,489 15,853 361,162 487,172 Intergovernmental Payables: State & Federal - 33,327 - 33,327 43,274 Interfund Payable - 2 1,346 1,348 83,389 Unearned Revenue - 25,666 - 25,666 2,281,808
Total Liabilities 214,820 555,972 17,199 787,991 3,269,456
Fund Balances: Restricted for: Excess Surplus 342,369 - - 342,369 1,753,728 Excess Surplus - Designated for Subsequent Year's Expenditures 1,753,728 - - 1,753,728 - Capital Reserve Account 3,367,483 - - 3,367,483 4,437,374 Maintenance Reserve Account 4,675,799 - - 4,675,799 4,675,799 Capital Projects - 1,789,196 1,789,196 - Committed to: Capital Projects - - 1,047,038 1,047,038 - Assigned to: Other Purposes 2,651,497 - - 2,651,497 1,680,963 Designated for Subsequent Year's Expenditures - - - - 2,210,202 Unassigned: General Fund 489,774 - - 489,774 367,106
Total Fund Balances 13,280,650 - 2,836,234 16,116,884 15,125,172
Total Liabilities & Fund Balances $ 13,495,470 $ 555,972 $ 2,853,433
Amounts reported for governmental activities in the statement of Net Position (A-2) are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. The cost of the assets is $150,837,228 and the accumulated depreciation is $51,039,360. 99,797,868 101,148,417 Unreserved internal service funds are used by the District to charge the costs of the senior transportation, fueling facility & community relations programs to the individual individual funds. The assets & liabilities of the internal service funds are included with governmental activities. 140,080 139,677 Accrued interest on long-term debt is not due and payable in the current period and therefore is not reported as a liability in the funds. (470,693) (483,584) Deferred Charge on Refunding of Bonds are not reported as an asset in the funds. 1,223,035 1,310,022 Long-term liabilities, including bonds payable, capital leases, early retirement liability, legal settlement, bond premiums and compensated absences are not due and payable in the current period & therefore are not reported as liabilities in the funds. (39,190,011) (42,245,075) Unspent lease proceeds in capital projects are recorded as deferred revenue in fund financial statements and included with long term liabilities in the government-wide statements. - 2,232,000
Net position of Governmental Activities $ 77,617,163 $ 77,226,629
The accompanying Notes to Financial Statements are an integral part of this Statement.
37 EXHIBIT B-2 EAST WINDSOR REGIONAL SCHOOL DISTRICT GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
TOTALS SPECIAL CAPITAL DEBT (MEMORANDUM ONLY) GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30, FUND FUND FUND FUND 2014 2013 Revenues: Local Sources: Local Tax Levy$ 59,096,205 $ - -$ $ 3,231,358 $ 62,327,563 $ 61,302,377 Tuition 541,560 - - - 541,560 633,498 Transportation Fees 61,721 - - - 61,721 79,835 Interest on Capital Reserve Funds 4,698 - - - 4,698 4,806 Building Rentals 50,626 - - - 50,626 43,045 Prior Year Refunds 378,518 - - - 378,518 1,397,230 Unrestricted Miscellaneous 29,241 26,642 - - 55,883 367,587
Total Local Sources 60,162,569 26,642 - 3,231,358 63,420,569 63,828,378
State Sources 25,444,711 147,237 110,881 140,795 25,843,624 26,347,826 Federal Sources 143,812 1,926,663 - - 2,070,475 2,118,915
Total Revenues 85,751,092 2,100,542 110,881 3,372,153 91,334,668 92,295,119
Expenditures: Current Expense: Regular Instruction 24,080,558 1,630,824 - - 25,711,382 25,042,178 Special Education Instruction 6,190,211 - - - 6,190,211 5,889,788 Other Instruction 2,965,778 - - - 2,965,778 2,881,786 Adult/Continuing Education Programs 1,127,451 - - - 1,127,451 1,062,581 Support Services: Instruction 5,633,932 469,718 - - 6,103,650 5,534,737 Student & Instruction Related Services 7,643,146 - - - 7,643,146 7,619,049 General Administrative Services 1,056,864 - - - 1,056,864 892,886 School Administrative Services 2,916,851 - - - 2,916,851 2,746,109 Central Services 1,034,212 - - - 1,034,212 1,216,913 Administrative Information Technology 197,839 - - - 197,839 8,650 Plant Operations & Maintenance 6,809,832 - - - 6,809,832 6,271,234 Pupil Transportation 3,717,215 - - - 3,717,215 3,345,266 Other Support Services - - - - - 6,500 Employee Benefits 19,446,606 - - - 19,446,606 19,933,593 Capital Outlay 2,380,708 - 2,081,236 - 4,461,944 1,871,098 Special Schools 38,685 - - - 38,685 33,247 Transfer Funds to Charter Schools 11,137 - - - 11,137 35,589 Debt Service: Interest on Long-Term Debt - - - 1,367,153 1,367,153 1,525,903 Principal on Debt - - - 2,005,000 2,005,000 1,985,000
Total Expenditures 85,251,025 2,100,542 2,081,236 3,372,153 92,804,956 87,902,107
Excess/(Deficiency) of Revenues Over/ (Under) Expenditures 500,067 - (1,970,355) - (1,470,288) 4,393,012
Other Financing Sources/(Uses): Capital Lease Proceeds - - 2,232,000 - 2,232,000 - Transfers In 230,000 - 2,574,589 - 2,804,589 342,288 Transfers Out (2,574,589) - - - (2,574,589) -
Total Other Financing Sources/(Uses) (2,344,589) - 4,806,589 - 2,462,000 342,288
Excess/(Deficiency) of Revenues & Other Financing Sources Over/(Under) Expenditures & Other Financing Uses (1,844,522) - 2,836,234 - 991,712 4,735,300 Fund Balances July 1 15,125,172 - - - 15,125,172 10,389,872
Fund Balances June 30 $ 13,280,650 $ - $ 2,836,234 -$ $ 16,116,884 $ 15,125,172
The accompanying Notes to Financial Statements are an integral part of this Statement. 38 EXHIBIT B-3 EAST WINDSOR REGIONAL SCHOOL DISTRICT RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2014
Total Net Change in Fund Balances - Governmental Funds (From B-2)$ 991,712
Amounts reported for governmental activities in the statement of activities (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 is allocated over their estimated useful lives as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the period:
Capital Outlays $ 3,750,304 Deletions/Adjustments (1,283,869) Depreciation Expense (3,816,984) (1,350,549)
Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position and is not reported in the statement of activities. 2,005,000
Proceeds from debt issues are a financing source in the governmental funds. They are not revenue is the statement of activities; issuing debt increases long-term liabilities in the statement of activities.
Capital Lease Proceeds (2,232,000)
Repayment of capital lease principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position and is not reported in the statement of activities. 507,995
Repayment of principal on the early retirement incentive program is an expenditure in the governmental funds, but the payment reduces long-term liabilities in the statement of net position and is not reported in the statement of activities.
Principal Payment 33,935
Deferred Charge on Retirement of Debt, cost of issuance on refunding, and original issue premiums are recorded when incurred in the governmental funds but are deferred and recognized in the statement of activities over the life of the refunding:
Amortization of Deferred Charge on Refunding (86,987) Amortization of Original Issue Premiums 202,961 115,974
Accrual of interest of capital leases and bonds is not an expenditure in the governmental funds, but the adjustment is charged to expense and is reported in the statement of activities.
Prior Year 483,584 Current Year (470,693) 12,891
Internal service funds are used by the District to charge the costs of the transportation, tuition and adult education programs to the individual funds. The activities of these funds are included in the Statement of Activities. 403
Repayment of compensated absences is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position and is not reported in the statement of activities.
Prior Year 1,438,033 Current Year (1,382,860) 55,173
Repayment of legal settlement is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position and is not reported in the statement of activities. 250,000
Change in Net Position of Governmental Activities $ 390,534
The accompanying Notes to Financial Statements are an integral part of this Statement. 39 This page intentionally left blank
40 Proprietary Funds
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42 EXHIBIT B-4 EAST WINDSOR REGIONAL SCHOOL DISTRICT PROPRIETARY FUNDS STATEMENT OF NET POSITION JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
GOVERNMENTAL TOTALS BUSINESS-TYPE ACTIVITIES (MEMORANDUM ONLY) ACTIVITIES INTERNAL SERVICE JUNE 30, JUNE 30, ASSETS ENTERPRISE FUNDS FUNDS 2014 2013
Current Assets: Cash & Cash Equivalents$ 1,245,483 $ - $ 1,245,483 $ 1,250,644 Accounts Receivable: Federal 50,556 - 50,556 52,627 State 2,296 - 2,296 1,180 Other 9,911 85,980 95,891 60,691 Inventory 48,270 58,714 106,984 78,245
Total Current Assets 1,356,516 144,694 1,501,210 1,443,387
Fixed Assets: Equipment 1,064,771 30,025 1,094,796 1,094,796 Less: Accumulated Depreciation (743,101) (29,665) (772,766) (717,294)
Total Fixed Assets 321,670 360 322,030 377,502
Total Assets 1,678,186 145,054 1,823,240 1,820,889
LIABILITIES
Current Liabilities: Cash Deficit - 4,974 4,974 - Accounts Payable 3,221 - 3,221 10,676 Interfund Payable - - - 19,651 Other Liabilities - - - 25,352 Deferred Revenue 14,545 - 14,545 13,139
Total Liabilities 17,766 4,974 22,740 68,818
NET POSITION
Net Investment in Capital Assets 321,670 360 322,030 377,502 Unrestricted 1,338,750 139,720 1,478,470 1,374,569
Total Net Position$ 1,660,420 $ 140,080 $ 1,800,500 $ 1,752,071
The accompanying Notes to Financial Statements are an integral part of this Statement.
43 EXHIBIT B-5 EAST WINDSOR REGIONAL SCHOOL DISTRICT PROPRIETARY FUNDS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION FOR THE FISCAL YEAR ENDED JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
BUSINESS- GOVERNMENTAL TYPE ACTIVITIES TOTALS ACTIVITIES INTERNAL (MEMORANDUM ONLY) ENTERPRISE SERVICE JUNE 30, JUNE 30, FUNDS FUNDS 2014 2013 Operating Revenues: Local Sources: Program Income $ 1,615,172 $ - $ 1,615,172 $ 1,487,121 Special Functions 48,179 - 48,179 35,260 Services Provided to Other Funds - 685,937 685,937 674,962
Total Operating Revenue 1,663,351 685,937 2,349,288 2,197,343
Operating Expenses: Salaries 519,448 4,875 524,323 633,961 Employee Benefits 134,649 - 134,649 127,364 Purchased Professional Services 1,560,427 - 1,560,427 1,104,440 Supplies & Materials 102,983 681,019 784,002 818,651 Utilities - - - 206,410 Depreciation 52,371 3,101 55,472 57,900
Total Operating Expenses 2,369,878 688,995 3,058,873 2,948,726
Operating Income/(Loss) (706,527) (3,058) (709,585) (751,383)
Nonoperating Revenues/(Expenses): Interest Income 40 - 40 167 State Sources: State School Lunch Program 20,393 - 20,393 18,762 Federal Sources: National School Lunch Program 702,208 - 702,208 654,671 Healthy Hunger-Free Kids Act (HHFKA) 23,617 - 23,617 21,390 National Breakfast Program 111,445 - 111,445 106,240 Special Milk Program 5,595 - 5,595 5,407 Food Distribution Program 124,716 - 124,716 106,222 Transfer to General Fund (230,000) - (230,000) (342,288)
Total Nonoperating Revenues 758,014 - 758,014 570,571
Change in Net Position 51,487 (3,058) 48,429 (180,812) Total Net Position - Beginning 1,608,933 143,138 1,752,071 1,932,883
Total Net Position - Ending $ 1,660,420 $ 140,080 $ 1,800,500 $ 1,752,071
The accompanying Notes to Financial Statements are an integral part of this Statement.
44 EXHIBIT B-6 EAST WINDSOR REGIONAL SCHOOL DISTRICT PROPRIETARY FUNDS STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
BUSINESS- GOVERNMENTAL TYPE ACTIVITIES TOTALS ACTIVITIES INTERNAL (MEMORANDUM ONLY) ENTERPRISE SERVICE JUNE 30, JUNE 30, FUNDS FUNDS 2014 2013 Cash Flows From Operating Activities: Receipts from Customers $ 1,653,846 $ 649,865 $ 2,303,711 $ 2,208,953 Payments to Employees (654,097) - (654,097) (756,260) Payments to Suppliers (1,589,457) (704,545) (2,294,002) (2,208,233)
Net Cash Provided/(Used) by Operating Activities (589,708) (54,680) (644,388) (755,540)
Cash Flows From Noncapital Financing Activities: State Sources 19,277 - 19,277 18,481 Federal Sources 844,936 - 844,936 770,457 Transfer to General Fund (230,000) - (230,000) (342,288)
Net Cash Provided by Noncapital Financing Activities 634,213 - 634,213 446,650 - Cash Flows From Investing Activities: Interest & Dividends 40 - 40 167
Net Cash Provided by Investing Acti 40 - 40 167
Net Increase/(Decrease) in Cash & Cash Equivalents 44,545 (54,680) (10,135) (308,723) Balances - Beginning of Year 1,200,938 49,706 1,250,644 1,559,367 - - Balances - Ending of Year$ 1,245,483 $ (4,974) $ 1,240,509 $ 1,250,644
Reconciliation of Operating Income/(Loss) to Net Cash Provided/(Used) by Operating Activities:
Operating Income/(Loss)$ (706,527) $ (3,058) $ (709,585) $ (751,383) Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense 52,371 3,101 55,472 57,900 Food Distribution Program 124,716 - 124,716 106,222 Change in Assets & Liabilities: (Increase)/Decrease in Accounts Receivable (9,911) (25,289) (35,200) 16,806 (Increase)/Decrease in Inventory (17,956) (10,783) (28,739) (11,594) Increase/(Decrease) in Interfund Payable (1,000) (18,651) (19,651) - Increase/(Decrease) in Accounts Payable (7,455) - (7,455) (141,521) Increase/(Decrease) in Other Liabilities (25,352) - (25,352) (33,800) (Decrease)/Increase in Deferred Revenue 1,406 - 1,406 1,830
Total Adjustments 116,819 (51,622) 65,197 (4,157)
Net Cash Provided/(Used) by Operating Activities$ (589,708) $ (54,680) $ (644,388) $ (755,540)
The accompanying Notes to Financial Statements are an integral part of this Statement.
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46 Fiduciary Fund
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48 EXHIBIT B-7 EAST WINDSOR REGIONAL SCHOOL DISTRICT FIDUCIARY FUNDS STATEMENT OF FIDUCIARY NET POSITION JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
PRIVATE PURPOSE TOTALS UNEMPLOYMENT (MEMORANDUM ONLY) COMPENSATION SCHOLARSHIP AGENCY JUNE 30, JUNE 30, ASSETS FUND FUNDS FUNDS 2014 2013
Cash & Cash Equivalents$ 1,351,044 $ 81,683 $ 211,721 $ 1,644,448 $ 2,062,397
Total Assets 1,351,044 81,683 211,721 1,644,448 2,062,397
LIABILITIES
Due to Student Groups - - 198,536 198,536 216,703 Interfund Payable - - - - 5,000 Unemployment Payable 16,197 - - 16,197 18,913 Payroll Deductions & Withholdings - - 13,185 13,185 386,065
Total Liabilities 16,197 - 211,721 227,918 626,681
NET POSITION
Reserved for Unemployment Claims 1,334,847 - - 1,334,847 1,349,329 Reserved for Scholarships - 81,683 - 81,683 86,387
Total Net Position$ 1,334,847 $ 81,683 -$ $ 1,416,530 $ 1,435,716
The accompanying Notes to Financial Statements are an integral part of this Statement.
49 EXHIBIT B-8 EAST WINDSOR REGIONAL SCHOOL DISTRICT FIDUCIARY FUNDS COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
PRIVATE PURPOSE TOTALS UNEMPLOYMENT (MEMORANDUM ONLY) COMPENSATION SCHOLARSHIP JUNE 30, JUNE 30, ADDITIONS TRUST FUND 2014 2013
Contributions: Interest Income $ 1,363 $ - $ 1,363 $ 1,298 Scholarship Donations - 18,454 18,454 13,990 Other Income 62,442 - 62,442 71,448
Total Additions 63,805 18,454 82,259 86,736
DEDUCTIONS
Scholarships Awarded - 23,158 23,158 19,900 Unemployment Claims 78,287 - 78,287 98,412
Total Deductions 78,287 23,158 101,445 118,312
Change in Net Position (14,482) (4,704) (19,186) (31,576) Net Position - Beginning of the Year 1,349,329 86,387 1,435,716 1,467,292
Net Position - End of the Year $ 1,334,847 $ 81,683 $ 1,416,530 $ 1,435,716
The accompanying Notes to Financial Statements are an integral part of this Statement.
50 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
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52 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies
The accompanying financial statements of the East Windsor Regional School District have been prepared in conformity with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). In June 1999 the GASB issued Statement 34 Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments. This statement established new financial reporting requirements for state and local governmental entities throughout the United States. They required new information and restructure much of the information that governments have presented in the past. Comparability with reports issued in prior years is affected.
The District implemented these standards beginning with fiscal year-ending June 30, 2003. With the implementation of GASB Statement 34, the District has prepared required supplementary information titled Management’s Discussion and Analysis, which precedes the basic financial statements.
Other GASB Statements are required to be implemented in conjunction with GASB Statement 34. The District has implemented the following GASB Statements in the current fiscal year: Statement 63 – Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position.
In March 2012, the GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities. GASB Statement No.65 reclassifies, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. This Statement also provides other financial reporting guidance related to the impact of the financial statement elements deferred outflows of resources and deferred inflows of resources, such as changes in the determination of the major fund calculations and limiting the use of the term deferred in financial statement presentations. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2013. Management is currently evaluating the impact of the adoption of this Statement but it is expected to have a material impact on the financial statements for the year ended June 30, 2014.
The accompanying financial statements present the financial position of the District and the various funds and fund types, the results of operations of the District and the various funds and fund types, and the cash flows of the proprietary funds. The financial statements are presented as of June 30, 2014 and for the year then ended with comparative totals as of and for the year ended June 30, 2013 (Memorandum Only).
A. Reporting Entity:
The East Windsor Regional School District is a Type II district located in the County of Mercer, State of New Jersey. As a Type II district, the School District functions independently through a Board of Education. The Board is comprised of nine members elected to three-year terms. These terms are staggered so that three members’ terms expire each year. The District provides a full range of educational services appropriate to grade levels K through 12. These include regular, vocational, as well as special education for handicapped youngsters. The East Windsor Regional School District has an approximate enrollment at June 30, 2014 of 5,106 students.
53 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued):
B. Component Units
The primary criterion for including activities within the District’s reporting entity, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether: ♦ the organization is legally separate (can sue or be sued in their own name) ♦ the District holds the corporate powers of the organization ♦ the District appoints a voting majority of the organization’s board ♦ the District is able to impose its will on the organization ♦ the organization has the potential to impose a financial benefit/burden on the District ♦ there is a fiscal dependency by the organization on the District
Based on the aforementioned criteria, the District has no component units.
C. District-Wide and Fund Financial Statements
The district-wide financial statements (the statement of net position and the statement of activities) report information of all of the nonfiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function, segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions.
Net position are restricted when constraints placed on them are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted net position. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed.
Separate financial statements are provided for governmental funds, proprietary funds, fiduciary funds and similar component units, and major component units. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.
54 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued):
D. Measurement Focus, Basis of Accounting and Financial Statement Presentation
District-Wide Financial Statements – The governmental fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental Fund Financial Statements – The Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal year-end. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and transportation. Other revenues are considered to be measurable and available only when cash is received by the state.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
E. Fund Accounting
The accounts of the East Windsor Regional School District are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:
Governmental Funds
General Fund - The general fund is the general operating fund of the East Windsor Regional School District and is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or noninstructional equipment which are classified in the Capital Outlay sub- fund.
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NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued):
As required by the New Jersey Department of Education, East Windsor Regional School District includes budgeted Capital Outlay in this fund. Generally accepted accounting principles (GAAP) as they pertain to governmental entities state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues.
Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, interest earnings and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to fixed assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by board resolution.
Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes.
Capital Projects Fund - The capital projects fund is used to account for all financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds).
Debt Service Fund - The debt service fund is used to account for the accumulation of resources for, and the payment of principal and interest on bonds issued to finance major property acquisition, construction and improvement programs.
Internal Service Fund – Internal service funds are cost accounting and distribution entities, and are intended to "break even" annually and/or over a period of years. The use of an internal service fund does not provide additional revenue or expenses to the district but acts as a means to document the sharing of the costs.
Proprietary Fund
The focus of Proprietary Fund measurement is upon determination of net income, financial position and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the Proprietary Funds of the District:
Enterprise - The enterprise fund is used to account for the operations that are financed and operated in a manner similar to a private business enterprise. The costs of providing goods or services are financed primarily through user charges; or, where the District has decided that periodic determination of revenues earned, expenses incurred, and/or net income
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Note 1. Summary of Significant Accounting Policies (continued):
Is appropriate for capital maintenance, public policy, management control, accountability or other purposes.
The District’s Enterprise Fund is comprised of the Food Service Fund and the Kidcare Fund.
All Proprietary funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that all assets and all liabilities, whether current or noncurrent, associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and unreserved retained earnings, if applicable. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in net total assets.
Depreciation of all exhaustive fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows:
Food Service Fund: Equipment 15 Years Light Trucks & Vehicle 8 Years Heavy Trucks & Vehicle 8 Years
Fiduciary Fund
Fiduciary funds are used to account for assets held by a governmental entity for other parties (either as trustee or as an agent) and that cannot be used to finance the governmental entity’s own operating programs which includes private purpose trust funds and agency funds
Private Purpose Trust Funds are used to account for the principal and income for trust arrangements that benefit individuals, private organizations, or other governments. The District currently maintains an Unemployment Trust Fund and Scholarship Funds as a private purpose trust.
Agency Funds are assets held by a governmental entity (either as trustee or as an agent) for other parties that cannot be used to finance the governmental entity’s own operating programs. The District currently maintains Payroll funds and Student Activity Funds as Agency Funds
F. Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and private purpose trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e.,
57 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued):
revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets.
All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets.
The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, private purpose trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due.
The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types and private purpose trust funds. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred.
G. Budgets/Budgetary Control
Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and debt service funds. The budgets are submitted to the county office and are voted upon at the annual school election on the third Tuesday in April. Budgets are prepared using the modified accrual basis of accounting. The legal level of budgetary control is established at line item accounts within each fund.
Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C.6A:23-1.2. All budget amendments must be approved by School Board resolution.
Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year-end.
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Note 1. Summary of Significant Accounting Policies (continued):
G. Budgets/Budgetary Control (continued):
The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports.
The budget, as detailed on Exhibit C-1, includes all amendments to the adopted budget, if any.
H. Encumbrances
Under encumbrance accounting purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as reservations of fund balances at fiscal year-end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services.
Open encumbrances in the special revenue fund for which the East Windsor Regional School District has received advances are reflected in the balance sheet as deferred revenues at fiscal year-end.
The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year-end.
I. Cash and Cash Equivalents
Cash and Cash equivalents include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost.
New Jersey School Districts are limited as to the types of investments and types of financial institutions they may invest in. N.J.S.18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts.
Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection
59 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 1. Summary of Significant Accounting Policies (continued):
Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on deposit with a failed banking institution in New Jersey.
N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include Savings and Loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental Units.
J. Tuition Receivable/Payable
Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined.
These adjustments are recorded upon certification by the State Board of Education, which is normally two years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable.
The tuition rate adjustments for the years 2010-2011 have been established. According to the School District’s records, these amounts of adjustments are immaterial to the financial statements.
K. Inventories & Prepaid Expenses
Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first- out method.
The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed.
Prepaid expenses, which benefit future periods, other than those recorded in the enterprise funds, are recorded as expenditure during the year of purchase. Prepaid expenses in the enterprise fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014.
L. Short-Term Interfund Receivables/Payables
Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the East Windsor Regional School District and that are due within one year.
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Note 1. Summary of Significant Accounting Policies (continued):
M. Capital Assets
General fixed assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of one year or more. Donated capital assets are valued at their estimated fair market value on the date received. The general fixed assets acquired or constructed were valued by an independent appraisal company. General capital assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively.
General capital assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows:
Machinery and Equipment 3 – 20 Years Building & Other Improvements 7 – 60 Years Infrastructure 30 Years
N. Deferred Outflow of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District has only one item that qualifies for reporting in this category which is the deferred charge on refunding reported in the government-wide statement of net position. A deferred charge on refunded debt results from the difference in the carrying value of the refunded debt and its acquisition price. The amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.
O. Accrued Salaries and Wages
District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve- month year. Therefore, there is no accrual as of June 30, 2014 for such salaries.
P. Compensated Absences
Compensated absences are those absences for which employees will be paid, such as vacation, sick leave and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the District and its employees, are accounted for in the period in which such services are rendered or in which such events take place.
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Note 1. Summary of Significant Accounting Policies (continued):
Q. Unearned Revenue
Unearned revenue in the general and special revenue funds represents cash, which has been received but not yet earned.
R. Long-Term Obligations
In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred.
S. Fund Equity
In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the Riverside School District classifies governmental fund balances as follows:
• Non-spendable – includes fund balance amounts that cannot be spent either because it is not in spendable form or because legal or contractual constraints. • Restricted – includes fund balance amounts that are constrained for specific purposes which are externally imposed by external parties, constitutional provision or enabling legislation. • Committed – includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority and does not lapse at year-end. • Assigned – includes fund balance amounts that are intended to be used for specific purposes that are neither considered restricted or committed. Fund Balance may be assigned by the Business Administrator. • Unassigned – includes balance within the General Fund which has not been classified within the above mentioned categories and negative fund balances in other governmental funds
The East Windsor Regional School District uses restricted/committed amounts to be spent first when both restricted and unrestricted fund balance is available, unless prohibited by law or regulation. Additionally, the East Windsor Regional School District would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made.
T. Net Position
Net position, represents the difference between summation of assets and deferred outflows of resources, and the summation of liabilities and deferred inflows of resources. Net position is classified in the following three components:
• Net Investment in Capital Assets – This component represents capital assets, net of accumulated depreciation, net of outstanding balances of borrowings used for acquisition, construction, or improvement of those assets. • Restricted – Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.
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Note 1. Summary of Significant Accounting Policies (continued):
• Unrestricted – Net position is reported as unrestricted when it does not meet the criteria of the other two components of net position.
U. Impact of Recently Issued Accounting Principles
Recently Issued and Adopted Accounting Pronouncements
In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements.
In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities. GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement is effective for periods beginning after December 15, 2012. Management has implemented this Statement in the District’s financial statements for the year ended June 30, 2014 with a prior period adjustment to beginning net position. See note 18 for more information.
Recently Issued Accounting Pronouncements
In June 2012, the GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27. GASB 68 improves accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency. This Statement is effective for fiscal years beginning after June 15, 2014. Management is currently evaluating the impact of the adoption of this statement on the District’s financial statements.
V. Subsequent Events
The District has evaluated subsequent events occurring after June 30, 2014 through October 29, 2014, which is the date the financial statements were available to be issued.
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NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 2. Cash and Cash Equivalents
The District is governed by the deposit and investment limitations of New Jersey state law. The Deposits and investments held at June 30, 2014, and reported at fair value are as follows:
Carrying Type Value
Deposits Demand Deposits $ 18,256,331
Total Deposits $ 18,256,331
The District's Cash and Cash Equivalents are Reported as Follows: Government Activities $ 15,371,374 Business-Type Activities 1,240,509 Fiduciary Funds 1,644,448
Total Cash and Cash Equivalents $ 18,256,331
Custodial Credit Risk
Custodial credit risk is the risk that, in the event of a bank failure, the District’s deposits may not be returned. Although the District does not have a deposit policy for custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA.
However, GUDPA does not protect intermingled trust funds such as salary withholdings, student activity funds or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. As of June 30, 2014, the District’s bank balance of $20,805,068 was insured or collateralized as follows:
Insured $ 497,837 Collaterized in the District’s Name Under GUDPA 18,498,947 Collaterized not in the District’s Name (New Jersey Cash Management Fund) 339,288 Uninsured 1,468,996
Total $ 20,805,068
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NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 3. Reserve Accounts
A. Capital Reserve Account
A capital reserve account was established by the East Windsor Regional School District Board of Education by inclusion of $276,340 on July 1, 2001 for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget.
Funds placed in the capital reserve account are restricted to capital projects in the district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriated additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP.
The activity of the capital reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:
Beginning Balance, July 1, 2013 $4,437,374 Deposits: Board Resolutions approved June 23, 2014 1,500,000 Interest Earned 4,698 Withdrawals: Board Approved Transfer to Capital Projects 2,574,589
Ending Balance, June 30, 2014 $3,367,483
B. Maintenance Reserve Account
East Windsor Regional School District Board of Education established a Maintenance Reserve Account on June 8, 2009 for the accumulation of Funds for use as maintenance expenditures in subsequent fiscal years. The Maintenance Reserve Account is maintained in the general fund and its activity is included in the general fund annual budget. There is a balance of $4,675,799 at June 30, 2014.
Funds placed in the maintenance reserve account are restricted to maintenance projects in the District’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the maintenance reserve by appropriating funds in the annual general fund budget certified for taxes by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriated additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP.
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NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 3. Reserve Accounts (continued):
The activity of the maintenance reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:
Balance, June 30, 2014 and 2013 $4,675,799
Note 4. Accounts Receivable
Accounts receivable at June 30, 2014 consisted of accounts and intergovernmental grants. All receivables are considered collectible in full due to the stable condition of state programs and the current fiscal year guarantee of federal funds. Accounts receivable as of fiscal year end for the School District’s individual major and fiduciary funds, in the aggregate, are as follows:
Special Capital General Revenue Projects Proprietary Fund Fund Fund Funds Total
State Aid 444,973$ -$ 110,881$ 2,296$ $ 558,150 Federal Aid - 555,972 - 50,556 606,528 Other 53,839 - - 95,891 149,730
Total 498,812$ $ 555,972 110,881$ 148,743$ $ 1,314,408
Note 5. Capital Assets
The following schedule is a summarization of the general capital assets for the fiscal year ended June 30, 2014:
June 30, June 30, 2013 Additions Deletions 2014 Business-Type Activities: Machinery & Equipment $ 1,064,771 -$ -$ $ 1,064,771
Subtotal 1,064,771 - - 1,064,771
Less: accumulated depreciation: Equipment (690,730) (52,371) (743,101)
Total accumulated depreciation (690,730) (52,371) - (743,101)
Total capital assets being depreciated, net 374,041 (52,371) - 321,670
Business-type activities capital assets, net $ 374,041 $ (52,371) -$ $ 321,670
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NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 5. Capital Assets (continued):
June 30, Transfers/ June 30, 2013 Additions Deletions Adjustments 2014 Governmental Activities: Capital assets that are not being depreciated: Land $ 149,550 -$ -$ $ 149,550 Construction in progress - 2,081,236 2,081,236
Total capital assets not being depreciated 149,550 2,081,236 - - 2,230,786
Buildings and improvements 138,135,599 27,000 138,162,599 Machinery and equipment 10,125,663 358,199 (40,019) 10,443,843
Subtotal 148,261,262 385,199 (40,019) - 148,606,442
Less: accumulated depreciation: Buildings and improvements (43,243,587) (3,354,631) (46,598,218) Machinery and equipment (4,018,808) (462,353) 40,019 (4,441,142)
Total accumulated depreciation (47,262,395) (3,816,984) 40,019 - (51,039,360)
Total capital assets being depreciated, net 100,998,867 (3,431,785) - - 97,567,082
Governmental activities capital assets, net $ 101,148,417 $ (1,350,549) -$ -$ $ 99,797,868
Note 6. Long-Term Debt
During the fiscal year ended June 30, 2014 the following changes occurred in liabilities reported in the long-term debt:
June 30, Accrued/ Retired/ June 30, Due Within 2013 Increases Decreases 2014 One Year Governmental Activities: General Obligation Bonds $ 34,485,000 $ - $ (2,005,000) $ 32,480,000 $ 2,020,000 Bond Premium 3,157,300 - (202,961) 2,954,339 202,961 Capital Lease Payable 2,304,306 (507,995) 1,796,311 439,559 Compensated Absences 1,438,033 - (55,173) 1,382,860 - Legal Settlement 750,000 - (250,000) 500,000 250,000 Early Retirement Incentive Program 110,436 (33,935) 76,501 36,735
Total $ 42,245,075 $ - $ (3,055,064) $ 39,190,011 $ 2,949,255
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NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 6. Long-Term Debt (continued):
A. Bonds Payable:
Bonds are authorized in accordance with State law by the voters of the municipality through referendums. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the Board are general obligation bonds.
In December 2005, the District issued $6,330,000 of refunding bonds to provide resources to refund a portion of the District’s outstanding debt. As a result, $6,149,000 of refunded bonds are considered defeased and the liability has been removed from the basic financial statements. This advance refunding was undertaken to reduce total debt service payments over the next eighteen years by $304,902 and resulted in a net present value savings of $348,768. The difference between the reacquisition price of the defeased debt of $6,407,641 and the net carrying amount of the old bonds of $6,149,000 is being amortized over the remaining life of the defeased debt.
In January 2012, the District issued $29,900,000 of refunding bonds to provide resources to refund a portion of the District’s outstanding debt. The refunding bonds resulted in a net present value savings for the District of $2,553,850. The refunding bonds have interest rates varying from 2.00% to 5.00% and mature on March 1, 2029.
Principal and interest due on the Serial Bonds outstanding is as follows:
Year Principal Interest Total
2015 $ 2,020,000 $ 1,318,453 $ 3,338,453 2016 2,030,000 1,269,553 3,299,553 2017 2,060,000 1,204,403 3,264,403 2018 2,100,000 1,122,103 3,222,103 2019 2,145,000 1,038,203 3,183,203 2020-2024 11,630,000 4,206,111 15,836,111 2025-2029 10,495,000 1,256,200 11,751,200
$ 32,480,000 $ 11,415,026 $ 43,895,026
B. Capital Leases Payable:
As of June 30, 2014, the District was the lessee to two capital lease purchase programs for various groups of equipment. These groups of equipment included 1) a capital lease entered into on March 6, 2009 for major repairs or replacement of all or a portion of the roofs at 5 schools and 2) a capital lease entered into on February 14, 2013 for an artificial turf field and ancillary improvements. These programs were funded by general funds and the various lease programs described.
The following is a schedule of the future minimum payments for leases under the capital lease assumption and the present value of the net minimum lease payments as of June 30, 2014:
68 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 6. Long-Term Debt (continued):
YEAR AMOUNT
2015 $ 465,324 2016 465,324 2017 465,324 2018 465,324
Total Minimum Lease Payment 1,861,296 Less: Amount Representing Interest (64,985)
Present Value of Net Minimum Lease Payments $1,796,311
C. Legal Settlement
The District was a defendant in a legal case and found to be liable for $2,500,000 over a period of eight (8) years without interest. The District agreed to pay $500,000 on June 6, 2009 and eight (8) equal installments of $250,000 commencing with the first installment payment due on or before July 17, 2009 and subsequently payable on or before the 17th day of July of each successive year.
Note 7. Pension Plans
Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625.
Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified.
Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction.
69 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 7. Pension Plans (continued):
Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15A and 43.3B and N.J.S.A.18A:6C for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 55 and are generally determined to be 1/55 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System.
Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members’ beneficiaries are entitled to full interest credited to the members’ accounts.
Chapter 78, P.L. 2011 changed this for employees enrolled after June 28, 2011. See Significant Legislation below.
Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced.
New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension.
Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service.
All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”.
70 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 7. Pension Plans (continued):
Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs.
Contribution Requirements – The contribution policy is set by N.J.S.A.43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A.18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5% of employees’ annual compensation, as defined. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for both cost-of-living adjustments, noncontributory death benefits and post-retirement medical premiums. Under current statute the District is a noncontributing employer of the TPAF.
Three-Year Trend Information for PERS
Annual Percentage Net Year Pension of APC Pension Funded Cost (APC) Contributed Obligation
6/30/2014$ 868,532 100% $ - 6/30/2013 585,234 100% - 6/30/2012 952,004 100% -
Three-Year Trend Information for TPAF & Post Retirement Medical Contributions (Paid on behalf of the District)
Annual Percentage Net Year Pension of APC Pension Funded Cost (APC) Contributed Obligation
6/30/2014 $ 3,935,642 100% $ - 6/30/2013 4,739,384 100% - 6/30/2012 3,284,888 100% -
During the year ended June 30, 2014 the State of New Jersey contributed $3,935,642 to the TPAF for normal post-retirement benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $2,731,561 for the year ended June 30, 2014 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.
71 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 8. Post-Retirement Benefits
Chapter 384 of Public Laws 1987 and Chapter 6 of Public Laws 1990 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post- retirement medical benefits for those State Employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007, c.103 amended the law to eliminate the funding of post- retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for the funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2013, there were 100,134 retirees eligible for post-retirement medical benefits. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical premiums changed from a prefunding basis to a pay-as-you-go basis beginning in Fiscal Year 1994.
The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides free health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2013.
Note 9. Risk Management
The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters.
Property and Liability Insurance – The District maintains commercial insurance coverage for property, liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report.
New Jersey Unemployment Compensation Insurance – The District has elected to fund their New Jersey Unemployment Compensation Insurance under the “Benefit Reimbursement Method”. Under this plan the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for amounts due to the State. The following is a summary of School District contributions, reimbursements to the State for benefits paid and the ending balance of the School District’s expendable trust fund for the current and previous two years:
Employee Interest Amount Ending Fiscal Year Contributions Earnings Reimbursed Balance
2013-2014 $ 62,442 $ 1,363 $ 78,287 $ 1,334,847 2012-2013 71,448 1,293 98,412 1,349,329 2011-2012 70,495 2,243 244,149 1,375,000
72 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 10. Contingent Liabilities
The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; therefore, no provisions have been recorded in the accompanying combined financial statements for such contingencies.
In addition, the District is receiving funding from the New Jersey Schools Development Authority (NJSDA) in connection with its approved referendum project. The costs associated with the funding received from the NJSDA are subject to a final review of eligible costs and compliance by the New Jersey Department of Education and the NJSDA. To the extent that the District has not complied with the rules and regulations governing the NJSDA funds or has not met the final eligible costs requirements, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired.
Note 11. Interfund Receivables and Payables
The following interfund balances remained on the balance sheet at June 30, 2014: Interfund Interfund Fund Receivable Payable
General Fund $ 1,348 -$ Special Revenue Fund - 2 Capital Projects Fund - 1,346
Total $ 1,348 $ 1,348
The above interfund balances represent short-term borrowings
Note 12. Deferred Compensation
The Board offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows:
Aetna/ING Direct American Century Ameriprise Financial AIM Investments AXA Equitable H.C. Copeland/Metlife #64 Fidelity Great American/Galic Janus Group Lincoln Financial Lincoln Investment Metlife Annuity #78 NEA/Security Benefit Oppenheimer Prudential Putnam Travelers/Metlife #79 United Way USAA Life Vanguard Valic
73 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 13. Compensated Absences
The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits.
District employees are granted vacation and sick leave in varying amounts under the District's personnel policies. In the event of termination, an employee is reimbursed for accumulated vacation. Sick leave benefits provide for specified dollar amount per sick day accumulated and begin vesting with the employee after one year of service.
The liability for vested compensated absences of the governmental fund types is recorded in the statement of net position under governmental activities. The current portion of the compensated absence balance is not considered material to the applicable funds total liabilities, and is therefore not shown separately from the long-term liability balance of compensated absences. The amount at June 30, 2014 is $1,382,860.
The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2014 no liability existed for compensated absences in the proprietary fund types.
Note 14. Fund Balance Disclosures
General Fund – Of the $13,280,650 General Fund fund balance at June 30, 2014, $3,367,483 has been restricted for the Capital Reserve Account; $4,675,799 has been reserved as maintenance reserve; $342,369 has been restricted as excess surplus; $1,753,728 has been restricted as excess surplus designated for subsequent year’s expenditures; $2,651,497 has been assigned for other purposes; and $489,774 is unassigned.
Capital Projects Fund – Of the $2,836,234 Capital Projects Fund balance at June 30, 2014, $1,789,196 has been restricted for future Capital Projects and $1,047,038 has been committed to current Capital Projects.
Note 15. Calculation of Excess Surplus
In accordance with N.J.S.A.18A:7F-7, as amended by P.L. 2004, c.73 (S1701), the designation for Restricted Fund Balance – Excess Surplus is a required calculation pursuant to the New Jersey School Funding Reform Act of 2008 (SFRA). New Jersey school districts are required to restrict General Fund fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $342,369.
74 EAST WINDSOR REGIONAL SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS (continued): JUNE 30, 2014
Note 16. Economic Dependency
The District receives a substantial amount of its support from federal and state governments. A significant reduction in the level of support, if this were to occur, could have an effect on the District’s programs and activities.
Note 17. Deficit in Net Position
Restricted Net Position – The School District had a deficit in restricted net position for Debt Service in the amount of $470,693 at June 30, 2014. The deficit is caused by the accrual of bond interest in the government-wide financial statements.
Note 18. Prior Period Restatement
As discussed in Note 1, the District has implemented GASB Statement 65, Items Previously Reported as Assets and Liabilities in the District’s financial statements for the year ended June 30, 2014. As a result, net position as of July 1, 2013 has been restated as follows:
Original Net Restated Balance Adjustment Balance
Unamortized Bond Issuance Costs (1) $ 291,660 $ (291,660) $ -0-
Net Position, July 1, 2013 $(77,518,289) $ 291,660 $(77,226,629)
(1) Previously reported as an asset on the Statement of Net Position and amortized over the life of related debt.
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76 REQUIRED SUPPLEMENTARY INFORMATION - PART II
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78 C. Budgetary Comparison Schedules
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80 EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Revenues: Local Sources: Local Tax Levy 10-1210$ 59,096,205 $ - $ 59,096,205 $ 59,096,205 $ - $ 57,937,456 $ - $ 57,937,456 $ 57,937,456 $ - Tuition 10-1300 657,913 - 657,913 541,560 (116,353) 657,913 - 657,913 633,498 (24,415) Transportation Fees 10-1420 63,778 - 63,778 61,721 (2,057) - - - 79,835 79,835 Interest on Capital Reserve 10-1XXX 100 (100) - 4,698 4,698 100 (100) - 4,806 4,806 Interest on Maintenance Reserve 10-1XXX 100 (100) - - - - - Building Rentals 10-1910 28,320 - 28,320 50,626 22,306 - - - 43,045 43,045 Prior Year Refunds 10-1990 - - - 378,518 378,518 - - - 1,397,230 1,397,230 Unrestricted Miscellaneous 10-1990 46,150 - 46,150 29,241 (16,909) 172,584 - 172,584 350,238 177,654
Total Local Sources 59,892,566 (200) 59,892,366 60,162,569 270,203 58,768,053 (100) 58,767,953 60,446,108 1,678,155
State Sources: Extraordinary Aid 10-3190 5,500 - 5,500 268,970 263,470 5,500 - 5,500 332,964 327,464 Transportation Aid 10-3121 404,533 - 404,533 404,533 - 355,959 - 355,959 355,959 - Categorical Special Education Aid 10-3132 2,941,036 - 2,941,036 2,941,036 - 2,921,062 - 2,921,062 2,921,062 - Equalization Aid 10-3176 14,553,606 - 14,553,606 14,553,606 - 14,665,602 - 14,665,602 14,665,602 - Categorical Security Aid 10-3177 499,780 - 499,780 499,780 - 456,331 - 456,331 456,331 -
81 Nonpublic Transportation Aid 10-3190 - - - 39,898 39,898 - - - 51,852 51,852 Nonbudgeted: On-Behalf TPAF Pension Contribution 10-3901 - - - 1,490,986 1,490,986 - - - 2,224,283 2,224,283 On-Behalf TPAF Post-Retirement Medical 10-3901 - - - 2,444,656 2,444,656 - - - 2,515,101 2,515,101 Reimbursed TPAF Social Security Contributions 10-3902 - - - 2,731,561 2,731,561 - - - 2,670,169 2,670,169
Total State Sources 18,404,455 - 18,404,455 25,375,026 6,970,571 18,404,454 - 18,404,454 26,193,323 7,788,869
Federal Sources: Education Jobs Fund 18-4522 ------3,596 3,596 Medicaid Reimbursements 10-4200 50,533 - 50,533 143,812 93,279 65,137 - 65,137 32,669 (32,468)
Total Federal Sources 50,533 - 50,533 143,812 93,279 65,137 - 65,137 36,265 (28,872)
Total Revenues 78,347,554 (200) 78,347,354 85,681,407 7,334,053 77,237,644 (100) 77,237,544 86,675,696 9,438,152
Expenditures: Current Expense: Instruction - Regular Programs: Salaries of Teachers: Kindergarten 11-110-100-101 352,489 163,400 515,889 515,889 - 591,054 (221,362) 369,692 369,692 - Grades 1 - 5 11-120-100-101 8,850,674 (263,547) 8,587,127 8,500,350 86,777 8,541,910 (101,312) 8,440,598 8,365,393 75,205 Grades 6 - 8 11-130-100-101 5,832,455 (245,331) 5,587,124 5,429,199 157,925 5,338,447 179,515 5,517,962 5,466,147 51,815 Grades 9 - 12 11-140-100-101 7,174,004 (13,576) 7,160,428 7,126,688 33,740 7,457,370 (655,455) 6,801,915 6,697,410 104,505 Home Instruction - Regular Programs: Salaries of Teachers 11-150-100-101 20,506 993 21,499 21,499 - 10,200 23,561 33,761 33,761 - Purchased Professional - Educational Services 11-150-100-320 88,725 12,666 101,391 84,597 16,794 45,500 108,208 153,708 151,872 1,836 Regular Programs - Undistributed Instruction: EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Other Salaries for Instruction 11-190-100-106 51,867 (24,157) 27,710 26,088 1,622 50,360 1,047 51,407 51,407 - Purchased Professional - Educational Services 11-190-100-320 12,300 142,555 154,855 151,863 2,992 10,600 51,199 61,799 61,798 1 Purchased Technical Services 11-190-100-340 566,802 (416,855) 149,947 138,286 11,661 447,653 (217,472) 230,181 223,605 6,576 Other Purchased Services 11-190-100-500 24,231 (16,389) 7,842 5,687 2,155 9,759 (2,596) 7,163 5,708 1,455 General Supplies 11-190-100-610 1,225,332 671,773 1,897,105 1,566,761 330,344 1,316,990 652,793 1,969,783 1,452,180 517,603 Textbooks 11-190-100-640 287,589 411,668 699,257 511,753 187,504 292,365 586,156 878,521 455,638 422,883 Other Objects 11-190-100-800 4,437 (2,232) 2,205 1,898 307 4,172 (561) 3,611 3,194 417
Total Regular Programs 24,491,411 420,968 24,912,379 24,080,558 831,821 24,116,380 403,721 24,520,101 23,337,805 1,182,296
Special Education: Learning and/or Language Disabled: Salaries of Teachers 11-204-100-101 537,914 13,249 551,163 551,163 - 525,633 (1,423) 524,210 512,966 11,244 Other Salaries for Instruction 11-204-100-106 143,334 129,443 272,777 272,777 - 138,751 1,046 139,797 139,797 - General Supplies 11-204-100-610 5,000 (3,877) 1,123 1,123 - 4,000 4,568 8,568 8,412 156
Total Learning and/or Language Disabled 686,248 138,815 825,063 825,063 - 668,384 4,191 672,575 661,175 11,400
82 Behavioral Disabilities: General Supplies 11-209-100-610 1,000 (1,000) - - - 1,000 - 1,000 - -
Total Visual Impairments 1,000 (1,000) - - - 1,000 - 1,000 - -
Multiple Disabilities: Salaries of Teachers 11-212-100-101 151,347 88,040 239,387 239,387 - 208,602 (60,989) 147,613 143,570 4,043 Other Salaries for Instruction 11-212-100-106 - - - - - 28,471 (28,471) - - - General Supplies 11-212-100-610 3,000 (2,331) 669 669 - 3,000 - 3,000 480 2,520
Total Multiple Disabilities 154,347 85,709 240,056 240,056 - 240,073 (89,460) 150,613 144,050 6,563
Resource Room/Resource Center: Salaries of Teachers 11-213-100-101 4,164,069 (30,475) 4,133,594 4,133,594 - 3,964,588 103,038 4,067,626 4,010,051 57,575 Other Salaries for Instruction 11-213-100-106 464,359 (143,733) 320,626 320,626 - 384,727 69,529 454,256 454,256 - General Supplies 11-213-100-610 920,771 (920,771) - - - 14,000 11,235 25,235 3,758 21,477
Total Resource Room/Resource Center 5,549,199 (1,094,979) 4,454,220 4,454,220 - 4,363,315 183,802 4,547,117 4,468,065 79,052
Special Education - Autism: Salaries of Teachers 11-214-100-101 162,524 68,936 231,460 231,460 - 158,563 12,424 170,987 170,987 - Other Salaries for Instruction 11-214-100-106 81,385 (19,590) 61,795 61,795 - 54,676 24,701 79,377 79,239 138 - - Total Autism 243,909 49,346 293,255 293,255 - 213,239 37,125 250,364 250,226 138
Preschool Disabilities: Salaries of Teachers 11-215-100-101 271,240 (55,309) 215,931 215,931 - 180,653 87,106 267,759 209,534 58,225 Other Salaries for Instruction 11-215-100-106 162,455 (769) 161,686 161,686 - 110,953 47,493 158,446 156,738 1,708 General Supplies 11-215-100-610 4,688 (4,688) - - - 4,688 (899) 3,789 - 3,789 Textbooks 11-215-100-640 - - - - - 1,000 - 1,000 - 1,000 Other Objects 11-215-100-800 1,000 (1,000) ------EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Total Preschool Disabilities 439,383 (61,766) 377,617 377,617 - 297,294 133,700 430,994 366,272 64,722
Total Special Education 7,074,086 (883,875) 6,190,211 6,190,211 - 5,783,305 269,358 6,052,663 5,889,788 161,875
Basic Skills/Remedial - Instruction: Salaries of Teachers 11-230-100-101 1,029,790 (98,477) 931,313 926,158 5,155 775,520 231,359 1,006,879 962,073 44,806
Total Basic Skills/Remedial Instruction 1,029,790 (98,477) 931,313 926,158 5,155 775,520 231,359 1,006,879 962,073 44,806
Bilingual Education - Instruction: Salaries of Teachers 11-240-100-101 1,873,060 120,750 1,993,810 1,981,391 12,419 1,599,728 242,955 1,842,683 1,839,366 3,317 Other Salaries for Instruction 11-240-100-106 82,153 (23,924) 58,229 58,229 - 61,023 19,325 80,348 80,347 1
Total Bilingual Education - Instruction 1,955,213 96,826 2,052,039 2,039,620 12,419 1,660,751 262,280 1,923,031 1,919,713 3,318
School Sponsored Cocurricular Activities: Salaries 11-401-100-100 267,113 (2,935) 264,178 261,466 2,712 260,522 35,775 296,297 246,710 49,587 Purchased Services 11-401-100-500 6,512 (2,360) 4,152 3,624 528 6,511 (1,249) 5,262 4,641 621 Supplies and Materials 11-401-100-600 9,434 (7,002) 2,432 1,915 517 9,435 (5,972) 3,463 2,804 659
83 Other Objects 11-401-100-800 6,900 4,419 11,319 9,442 1,877 6,900 (2,450) 4,450 4,236 214
Total School Sponsored Cocurricular Activities 289,959 (7,878) 282,081 276,447 5,634 283,368 26,104 309,472 258,391 51,081
School Sponsored Athletics - Instruction: Salaries 11-402-100-100 601,727 75,337 677,064 677,064 - 585,969 60,811 646,780 642,775 4,005 Purchased Services 11-402-100-500 54,756 13,111 67,867 66,894 973 60,140 (301) 59,839 59,718 121 Supplies and Materials 11-402-100-600 67,181 12,239 79,420 78,545 875 87,112 (2,452) 84,660 74,856 9,804 Other Objects 11-402-100-800 8,295 3,335 11,630 11,630 - 7,100 4,395 11,495 11,495 -
Total School Sponsored Athletics - Instruction 731,959 104,022 835,981 834,133 1,848 740,321 62,453 802,774 788,844 13,930
Total Other Instruction 4,006,921 94,493 4,101,414 4,076,358 25,056 3,459,960 582,196 4,042,156 3,929,021 113,135
Total - Instruction 35,572,418 (368,414) 35,204,004 34,347,127 856,877 33,359,645 1,255,275 34,614,920 33,156,614 1,457,306
Community Service Programs/Operations: Salaries 11-800-330-100 15,735 347 16,082 16,082 - 14,850 497 15,347 15,346 1 Purchased Services 11-800-330-500 - 789 789 789 ------Supplies and Materials 11-800-330-600 - - - - - 491 (491) - - -
Total Community Service Programs/Operations 15,735 1,136 16,871 16,871 - 15,341 6 15,347 15,346 1
Undistributed Expenditures: Instruction: Tuition to Other LEAs Within State - Regular 11-000-100-561 17,100 (17,100) - - - 67,400 (18,610) 48,790 48,790 - Tuition to County Vocational School District - Regular 11-000-100-563 - 258,240 258,240 258,240 - - 112,400 112,400 112,250 150 Tuition to CSSD & Regional Day Schools 11-000-100-565 3,735,916 814,520 4,550,436 4,516,862 33,574 3,270,141 556,321 3,826,462 3,826,461 1 EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Tuition to Private Schools for the Handicapped Within the State 11-000-100-566 928,481 (169,484) 758,997 706,258 52,739 816,854 87,943 904,797 904,797 - Tuition - State Facilities 11-000-100-568 57,582 - 57,582 57,582 - 58,500 (4,364) 54,136 54,136 - Tuition - Other 11-000-100-569 21,118 73,872 94,990 94,990 - - 28,836 28,836 22,868 5,968
Total Instruction 4,760,197 960,048 5,720,245 5,633,932 86,313 4,212,895 762,526 4,975,421 4,969,302 6,119
Attendance/Social Work: Salaries 11-000-211-100 55,676 55,676 55,676 ------Other Employee Benefits 11-000-211-290 4,323 (4,323) - - 8,771 (8,771) - - - Purchased Professional & Technical Services 11-000-211-300 1,153 (4) 1,149 600 549 1,288 (353) 935 753 182 Other Purchased Services 11-000-211-500 250 150 400 253 147 250 - 250 202 48 Supplies and Materials 11-000-211-600 11,178 (2,708) 8,470 5,921 2,549 3,257 (829) 2,428 2,270 158
Total Attendance/Social Work 16,904 48,791 65,695 62,450 3,245 13,566 (9,953) 3,613 3,225 388
Health Services: Salaries 11-000-213-100 572,300 65,078 637,378 637,378 - 566,440 (5,090) 561,350 556,302 5,048
84 Purchased Professional & Technical Services 11-000-213-300 45,453 24,865 70,318 68,090 2,228 41,228 25,347 66,575 64,221 2,354 Other Purchased Services 11-000-213-500 46,046 12,504 58,550 58,150 400 45,574 210 45,784 45,783 1 Supplies and Materials 11-000-213-600 28,139 (868) 27,271 14,616 12,655 14,794 (255) 14,539 12,989 1,550 Miscellaneous Expenditures 11-000-213-800 158 - 158 20 138 630 (630) - - -
Total Health Services 692,096 101,579 793,675 778,254 15,421 668,666 19,582 688,248 679,295 8,953
Other Support Services - Students - Related Services: Salaries 11-000-216-100 746,793 (189,250) 557,543 557,543 - 763,593 (77,136) 686,457 686,457 - Purchased Professional - Educational Services 11-000-216-320 2,343 25,256 27,599 27,599 - 26,062 (25,719) 343 - 343 Supplies and Materials 11-000-216-600 6,770 (625) 6,145 6,145 - 6,770 (4,136) 2,634 1,041 1,593
Total Other Support Services - Students - Related - Services 755,906 (164,619) 591,287 591,287 - 796,425 (106,991) 689,434 687,498 1,936
Other Support Services - Students - Extraordinary Services: Salaries 11-000-217-100 - 26,654 26,654 26,654 - Purchased Professional - Educational Services 11-000-217-320 1,429 (1,429) - - - 2,000 (1,139) 861 - 861
Total Other Support Services - Students - Extraordinary Services 1,429 25,225 26,654 26,654 - 2,000 (1,139) 861 - 861
Other Support Services - Students - Regular: Salaries of Other Professional Staff 11-000-218-104 1,196,975 75,475 1,272,450 1,272,450 - 1,186,188 47,365 1,233,553 1,233,553 - Salaries of Secretarial & Clerical Assistants 11-000-218-105 42,759 (987) 41,772 41,772 - 39,948 1,756 41,704 39,552 2,152 Purchased Professional - Educational Services 11-000-218-320 12,080 9,335 21,415 21,415 - 12,266 (1,755) 10,511 10,206 305 EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Other Purchased Professional & Technical Services 11-000-218-390 110,870 (102,612) 8,258 7,958 300 110,870 (76,686) 34,184 34,083 101 Other Purchased Services 11-000-218-500 4,765 (2,177) 2,588 2,538 50 4,765 (1,292) 3,473 3,162 311 Supplies and Materials 11-000-218-600 74,282 (17,842) 56,440 52,941 3,499 59,563 (8,621) 50,942 49,935 1,007 Other Objects 11-000-218-800 4,500 (832) 3,668 3,668 - 4,650 (1,425) 3,225 2,625 600
Total Other Support Services - Students - Regular 1,446,231 (39,640) 1,406,591 1,402,742 3,849 1,418,250 (40,658) 1,377,592 1,373,116 4,476
Other Support Services - Students - Special Services: Salaries of Other Professional Staff 11-000-219-104 1,624,989 (27,173) 1,597,816 1,597,816 - 1,690,578 (31,107) 1,659,471 1,659,469 2 Salaries of Secretarial & Clerical Assistants 11-000-219-105 138,565 6,157 144,722 144,722 - 134,422 2,081 136,503 136,502 1 Purchased Professional - Educational Services 11-000-219-320 31,729 31,270 62,999 62,849 150 36,729 21,288 58,017 45,652 12,365 Other Purchased Professional & Technical Services 11-000-219-390 1,000 50,235 51,235 24,870 26,365 11,000 16,504 27,504 27,141 363 Miscellaneous Purchased Services - (400-500) Series Other Than Residential Costs) 11-000-219-592 8,000 791 8,791 8,409 382 8,000 3,161 11,161 11,161 -
85 Supplies and Materials 11-000-219-600 41,456 (4,405) 37,051 29,180 7,871 60,164 (16,118) 44,046 42,490 1,556 Other Objects 11-000-219-800 4,600 (565) 4,035 4,035 - 3,300 2,039 5,339 5,338 1
Total Other Support Services - Students - Special Services 1,850,339 56,310 1,906,649 1,871,881 34,768 1,944,193 (2,152) 1,942,041 1,927,753 14,288
Improvement of Instruction Services: Salaries of Supervisors of Instruction 11-000-221-102 946,899 120,836 1,067,735 1,067,735 - 922,049 1,489 923,538 923,538 - Other Professional Staff 11-000-221-104 200,000 (200,000) ------Salaries of Secretarial & Clerical Assistants 11-000-221-105 - 39,281 39,281 39,281 - Other Salaries 11-000-221-110 82,380 (57,552) 24,828 20,248 4,580 40,800 36,065 76,865 76,414 451 Purchased Professional - Educational Services 11-000-221-320 88,040 62,371 150,411 142,676 7,735 - 176,735 176,735 176,734 1 Other Purchased Professional & Technical Services 11-000-221-390 - 30,529 30,529 30,090 439 16,440 (3,567) 12,873 12,872 1 Other Purchased Services 11-000-221-500 3,000 (471) 2,529 433 2,096 3,000 (2,341) 659 659 - Supplies and Materials 11-000-221-600 5,820 (2,800) 3,020 2,176 844 7,820 (3,799) 4,021 4,021 - Other Objects 11-000-221-800 6,155 5,100 11,255 11,112 143 12,000 (2,895) 9,105 9,105 -
Total Improvement of Instruction Services 1,332,294 (2,706) 1,329,588 1,313,751 15,837 1,002,109 201,687 1,203,796 1,203,343 453
Educational Media Services/School Library: Salaries 11-000-222-100 882,617 90,322 972,939 942,649 30,290 866,847 (342) 866,505 862,932 3,573 Purchased Professional & Technical Services 11-000-222-300 341,997 (153,769) 188,228 188,228 - 347,021 (74,495) 272,526 259,453 13,073 Other Purchased Services 11-000-222-500 6,000 14,842 20,842 20,842 - 6,832 (4,783) 2,049 1,796 253 Supplies and Materials 11-000-222-600 183,215 (82,571) 100,644 85,873 14,771 173,844 62,982 236,826 193,928 42,898
Total Educational Media Services/School Library 1,413,829 (131,176) 1,282,653 1,237,592 45,061 1,394,544 (16,638) 1,377,906 1,318,109 59,797 EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Instructional Staff Training Services: Salaries of Supervisors of Instruction 11-000-223-102 79,298 50,729 130,027 130,027 - 77,341 9,975 87,316 87,316 - Salaries of Other Professional Staff 11-000-223-104 23,602 4,640 28,242 28,242 - 14,915 37,479 52,394 52,394 - Purchased Professional - Educational Services 11-000-223-320 106,312 (91,652) 14,660 14,660 - 49,428 46,628 96,056 96,056 - Other Purchased Professional & Technical Services 11-000-223-390 3,500 (3,500) - - - 3,500 (3,500) - - - Other Purchased Services 11-000-223-500 182,727 3,962 186,689 184,497 2,192 157,898 23,075 180,973 171,159 9,814 Supplies and Materials 11-000-223-600 1,911 (802) 1,109 1,109 - 2,615 17,001 19,616 19,615 1 Other Objects 11-000-223-800 ------170 170 170 -
Total Instructional Staff Training Services 397,350 (36,623) 360,727 358,535 2,192 305,697 130,828 436,525 426,710 9,815
Support Services General Administration: Salaries 11-000-230-100 268,120 3,972 272,092 272,092 - 270,464 (8,959) 261,505 261,505 - Legal Services 11-000-230-331 144,735 (28,178) 116,557 87,015 29,542 149,935 (37,347) 112,588 101,787 10,801 Audit Fees 11-000-230-332 55,000 (12,500) 42,500 40,000 2,500 55,000 - 55,000 46,000 9,000 Architectural/Engineering Services 11-000-230-334 - 87,906 87,906 73,612 14,294 - - - - -
86 Other Purchased Professional Services 11-000-230-339 25,500 (20,500) 5,000 5,000 - 25,500 (25,500) - - - Purchased Technical Services 11-000-230-340 12,483 (12,283) 200 - 200 11,783 (10,710) 1,073 1,072 1 Communications/Telephone 11-000-230-530 125,972 22,357 148,329 129,791 18,538 125,972 (18,694) 107,278 107,278 - BOE Other Purchased Services 11-000-230-585 4,575 (2,608) 1,967 1,967 - 4,575 - 4,575 2,099 2,476 Miscellaneous Purchased Services 11-000-230-590 84,600 73,908 158,508 158,243 265 84,600 - 84,600 81,398 3,202 General Supplies 11-000-230-610 40,631 (35,971) 4,660 4,648 12 26,760 (4,484) 22,276 6,044 16,232 BOE Training & Meeting Supplies 11-000-230-630 1,500 (548) 952 - 952 1,500 - 1,500 - 1,500 Judgements Against School District 11-000-230-820 250,000 - 250,000 250,000 - 250,000 - 250,000 250,000 - Miscellaneous Expenditures 11-000-230-890 112,414 (103,886) 8,528 7,833 695 9,114 1,867 10,981 9,040 1,941 BOE Membership Dues & Fees 11-000-230-895 28,076 (500) 27,576 26,663 913 28,076 (500) 27,576 26,663 913
Total Support Services General Administration 1,153,606 (28,831) 1,124,775 1,056,864 67,911 1,043,279 (104,327) 938,952 892,886 46,066
Support Services School Administration: Salaries of Principals & Assistant Principals 11-000-240-103 1,703,536 165,877 1,869,413 1,856,019 13,394 1,547,949 134,033 1,681,982 1,668,982 13,000 Salaries of Other Professional Staff 11-000-240-104 115,180 (2,076) 113,104 112,544 560 110,337 2,000 112,337 110,337 2,000 Salaries of Secretarial & Clerical Assistants 11-000-240-105 960,493 (74,195) 886,298 870,296 16,002 778,222 135,844 914,066 903,600 10,466 Purchased Professional & Technical Services 11-000-240-300 18,302 (12,298) 6,004 5,238 766 33,268 (26,575) 6,693 6,692 1 Other Purchased Services 11-000-240-500 432 (4) 428 278 150 5,560 (5,099) 461 453 8 General Supplies 11-000-240-600 20,833 10,614 31,447 29,031 2,416 29,463 (8,275) 21,188 21,185 3 Other Objects 11-000-240-800 27,223 18,710 45,933 43,445 2,488 40,462 (2,699) 37,763 34,860 2,903
Total Support Services School Administration 2,845,999 106,628 2,952,627 2,916,851 35,776 2,545,261 229,229 2,774,490 2,746,109 28,381
Central Services: Salaries 11-000-251-100 796,492 (33,782) 762,710 758,835 3,875 832,347 (50,759) 781,588 776,279 5,309 Other Purchased Professional Services 11-000-251-330 93,461 (30,232) 63,229 56,848 6,381 38,911 230,081 268,992 253,891 15,101 Purchased Technical Services 11-000-251-340 162,241 (26,089) 136,152 100,979 35,173 134,872 (50,217) 84,655 80,191 4,464 EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Miscellaneous Purchased Services 11-000-251-592 22,956 (1,967) 20,989 20,851 138 24,956 (7,880) 17,076 16,600 476 Supplies and Materials 11-000-251-600 136,566 (71,966) 64,600 60,326 4,274 50,590 19,319 69,909 64,141 5,768 Interest on Lease Purchase Agreements 11-000-251-832 31,903 35 31,938 31,938 - 22,181 - 22,181 22,181 - Miscellaneous Expenditures 11-000-251-890 4,220 490 4,710 4,435 275 3,220 410 3,630 3,630 -
Total Central Services 1,247,839 (163,511) 1,084,328 1,034,212 50,116 1,107,077 140,954 1,248,031 1,216,913 31,118
Administrative Information Technology: Purchased Technical Services 11-000-252-340 8,651 88,820 97,471 85,711 11,760 5,812 2,839 8,651 8,650 1 Other Purchased Services 11-000-252-500 1,521 1,521 1,493 28 Supplies and Materials 11-000-252-600 594 111,021 111,615 110,635 980 594 (594) - - -
Total Administrative Information Technology 9,245 201,362 210,607 197,839 12,768 6,406 2,245 8,651 8,650 1
Interest Earned on Maintenance Reserve 10-606 100 (100) ------
Required Maintenance for School Facilities:
87 Salaries 11-000-261-100 986,873 247,875 1,234,748 1,221,381 13,367 912,100 24,098 936,198 921,288 14,910 Cleaning, Repair & Maintenance Services 11-000-261-420 217,514 399,339 616,853 564,836 52,017 87,589 480,990 568,579 357,625 210,954 General Supplies 11-000-261-610 336,626 210,411 547,037 537,226 9,811 336,628 68,662 405,290 382,596 22,694 Other Objects 11-000-261-800 5,500 3,045 8,545 7,646 899 5,500 3,531 9,031 9,031 -
Total Allowable Maintenance for School Facilities 1,546,513 860,670 2,407,183 2,331,089 76,094 1,341,817 577,281 1,919,098 1,670,540 248,558
Other Operation & Maintenance of Plant: Salaries 11-000-262-100 2,045,894 (140,617) 1,905,277 1,905,277 - 1,974,842 42,993 2,017,835 1,968,263 49,572 Cleaning, Repair & Maintenance Services 11-000-262-420 245,184 (38,968) 206,216 178,440 27,776 336,906 (44,950) 291,956 214,991 76,965 Other Purchased Property Services 11-000-262-490 61,024 1,715 62,739 58,177 4,562 58,624 6,640 65,264 55,847 9,417 Insurance 11-000-262-520 232,743 (10,787) 221,956 216,879 5,077 259,065 (18,014) 241,051 228,703 12,348 Travel 11-000-262-580 ------6,043 6,043 5,734 309 Miscellaneous Purchased Services 11-000-262-590 9,660 (1,000) 8,660 6,693 1,967 2,467 2,176 4,643 1,780 2,863 General Supplies 11-000-262-610 365,306 (3,075) 362,231 319,382 42,849 369,258 37,482 406,740 383,014 23,726 Energy (Natural Gas) 11-000-262-621 471,258 (101,758) 369,500 346,721 22,779 579,890 (234,832) 345,058 306,838 38,220 Energy (Electricity) 11-000-262-622 1,207,591 (133,063) 1,074,528 1,056,298 18,230 1,676,375 (694,523) 981,852 968,287 13,565 Other Objects 11-000-262-800 - - - 2,800 (2,800) - - -
Total Other Operation & Maintenance of Plant 4,638,660 (427,553) 4,211,107 4,087,867 123,240 5,260,227 (899,785) 4,360,442 4,133,457 226,985
Care & Upkeep of Grounds: Salaries 11-000-263-100 289,553 (263,791) 25,762 25,762 - 343,327 (55,535) 287,792 277,501 10,291 Cleaning, Repair & Maintenance Services 11-000-263-420 - 30,380 30,380 22,180 8,200 - 3,000 3,000 3,000 - General Supplies 11-000-263-610 35,125 (3,609) 31,516 31,516 - 38,250 (34,571) 3,679 - 3,679 - - Total Care & Upkeep of Grounds 324,678 (237,020) 87,658 79,458 8,200 381,577 (87,106) 294,471 280,501 13,970
Security: EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Salaries 11-000-266-100 205,443 115,817 321,260 311,418 9,842 199,757 617 200,374 186,736 13,638 General Supplies 11-000-266-610 ------Total Security 205,443 115,817 321,260 311,418 9,842 199,757 617 200,374 186,736 13,638
Student Transportation Services: Salaries of Non-Instructional Aids 11-000-270-107 - 160,135 160,135 160,135 ------Salaries for Pupil Transportation - (Between Home & School) Regular 11-000-270-160 1,455,282 66,386 1,521,668 1,521,668 - 1,489,598 (82,676) 1,406,922 1,406,004 918 Salaries for Pupil Transportation - (Between Home & School) Special Education 11-000-270-161 456,344 (99,689) 356,655 356,655 - 338,071 164,441 502,512 502,511 1 Salaries for Pupil Transportation - (Other Than Between Home & School) 11-000-270-162 86,897 148,087 234,984 234,984 - 164,152 (43,336) 120,816 120,816 - Other Purchased Professional & Technical Services 11-000-270-390 25,000 74,457 99,457 70,647 28,810 25,000 47,452 72,452 22,359 50,093 Cleaning, Repair & Maintenance Services 11-000-270-420 35,000 (2,310) 32,690 32,690 - 35,000 6,460 41,460 41,459 1 Aid in Lieu of Payments 11-000-270-503 110,000 19,251 129,251 129,251 - 110,000 15,336 125,336 125,336 - Contracted Services - (Between Home &
88 School) Vendors 11-000-270-511 185,000 (88,638) 96,362 96,362 - 185,000 (21,857) 163,143 163,142 1 Contracted Services (Special Education Students - Joint Agreements 11-000-270-515 411,582 134,813 546,395 546,395 - 449,881 (42,539) 407,342 407,342 - Travel 11-000-270-580 - 3,002 3,002 3,002 - - 5,021 5,021 4,921 100 Miscellaneous Purchased Services - Transportation 11-000-270-593 184,784 (22,731) 162,053 162,053 - 150,119 27,665 177,784 177,784 - General Supplies 11-000-270-610 205,630 63,783 269,413 255,169 14,244 163,000 76,027 239,027 239,027 - Transportation Supplies 11-000-270-615 123,900 14,684 138,584 138,584 - 95,000 24,990 119,990 114,366 5,624 Other Objects 11-000-270-800 18,603 (8,983) 9,620 9,620 - 11,969 8,230 20,199 20,199 -
Total Student Transportation Services 3,298,022 462,247 3,760,269 3,717,215 43,054 3,216,790 185,214 3,402,004 3,345,266 56,738
Allocated Benefits - Student Transportation Services: Social Security 11-000-270-220 246,620 (246,620) - - - 246,620 (246,620) - - - Health Benefits 11-000-270-270 693,310 (693,310) - - - 695,310 (695,310) - - -
Total Allocated Benefits - Student Transportation 939,930 (939,930) - - - 941,930 (941,930) - - -
Unallocated Benefits - Employee Benefits: Group Insurance 11-000-291-210 4,003 (4,003) - 4,003 - 4,003 - 4,003 Social Security 11-000-291-220 850,001 96,463 946,464 930,285 16,179 830,750 69,595 900,345 895,097 5,248 T.P.A.F. Contributions - ERIP 11-000-291-232 71,080 1,470,027 1,541,107 22,107 1,519,000 71,080 - 71,080 32,774 38,306 Other Retirement Contributions 11-000-291-241 1,040,074 (172,435) 867,639 867,639 - 1,040,074 - 1,040,074 890,904 149,170 Other Retirement Contributions 11-000-291-242 20,000 (14,965) 5,035 5,035 - 20,000 - 20,000 6,039 13,961 DCRP Employee Contributions 11-000-291-249 8,511 8,707 17,218 17,218 - 1,623 10,053 11,676 11,675 1 Unemployment Compensation 11-000-291-250 90,286 (90,286) - - - 90,286 - 90,286 - 90,286 Workmen's Compensation 11-000-291-260 436,467 120,381 556,848 556,848 - 407,767 28,700 436,467 424,873 11,594 Health Benefits 11-000-291-270 11,655,294 (1,462,452) 10,192,842 10,174,564 18,278 13,251,431 (1,019,883) 12,231,548 9,976,930 2,254,618 Tuition Reimbursements 11-000-291-280 27,572 35,516 63,088 35,588 27,500 27,673 1,221 28,894 1,394 27,500 Other Employee Benefits 11-000-291-290 142,122 27,997 170,119 170,119 - 109,642 186,917 296,559 290,854 5,705
Total Unallocated Benefits 14,345,410 14,950 14,360,360 12,779,403 1,580,957 15,854,329 (723,397) 15,130,932 12,530,540 2,600,392 EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Nonbudgeted: On-Behalf TPAF Pension Contribution - - - 1,490,986 (1,490,986) - - - 2,224,283 (2,224,283) On-Behalf TPAF Post-Retirement Medical - - - 2,444,656 (2,444,656) - - - 2,515,101 (2,515,101) Reimbursed TPAF Social Security Contribution - - - 2,731,561 (2,731,561) - - - 2,670,169 (2,670,169)
Total Undistributed Expenditures 43,221,920 782,018 44,003,938 48,456,497 (4,452,559) 43,656,795 (683,913) 42,972,882 47,009,502 (4,036,620)
Total Expenditures - Current Expense 78,810,173 414,640 79,224,813 82,820,495 (3,595,682) 77,031,781 571,368 77,603,149 80,181,462 (2,579,313)
Capital Outlay: Equipment: Regular Programs - Instruction: Kindergarten 12-110-100-730 - 23,594 23,594 23,594 ------Grades 1 - 5 12-120-100-730 - 67,250 67,250 67,250 - - 19,997 19,997 19,996 1 Grades 6 - 8 12-130-100-730 - 51,060 51,060 51,059 1 - - - - - Grades 9 - 12 12-140-100-730 67,500 167,022 234,522 167,022 67,500 67,500 90,771 158,271 - 158,271 Undistributed Expenditures: Support Services-Students-Regular 12-000-210-730 - 2,350 2,350 2,350 ------
89 Support Services-Students-Special 12-000-219-730 - 11,357 11,357 11,357 ------Support Services-School Administration 12-000-240-730 - 2,247 2,247 2,247 - 4,921 4,921 4,921 - Administration Information Technology 12-000-252-730 4,910 26,421 31,331 26,421 4,910 - 52,435 52,435 52,435 - Required Maintenance for School Facilities 12-000-261-730 8,861 674,097 682,958 218,017 464,941 19,740 165,495 185,235 10,707 174,528 Custodial Services 12-000-262-730 - 13,710 13,710 13,710 - - 124,889 124,889 102,661 22,228 Care & Upkeep of Grounds 12-000-263-730 16,499 80,456 96,955 96,955 ------Student Transportation: School Buses - Regular 12-000-270-733 63,500 126,693 190,193 190,193 - 92,400 (92,399) 1 - 1 School Buses - Special 12-000-270-734 - 125,604 125,604 125,598 6 - 113,773 113,773 53,495 60,278 Business & Other Support Services 12-000-290-730 - - - - 19,158 19,158 6,500 12,658 Undistributed Expenditures - Non- Instructional Services 12-000-300-730 7,090 (7,090) - - - 7,399 (7,399) - - -
Total Equipment 168,360 1,364,771 1,533,131 993,526 539,605 187,039 491,641 678,680 250,715 427,965
Facilities Acquisition & Construction Services: Architectural/Engineering Services 12-000-400-334 81,900 (81,900) ------Purchased Professional & Technical Services 12-000-400-390 ------Construction Services 12-000-400-450 620,100 81,900 702,000 675,542 26,458 - 815,569 815,569 815,569 - Lease Purchase Agreements-Principal 12-000-400-721 508,109 - 508,109 507,995 114 601,170 - 601,170 601,170 - Infrastructure 12-000-400-780 ------203,644 203,644 203,644 - Other Objects 12-000-400-800 ------Assessment for Debt Service on SDA Funding 12-000-400-896 313,808 (110,163) 203,645 203,645 - 203,644 (203,644) - - - Interest Deposit To Capital Reserve 10-604 100 (100) - - - 100 (100) - - -
Total Facilities Acquisition & Construction Services 1,524,017 (110,263) 1,413,754 1,387,182 26,572 804,914 815,469 1,620,383 1,620,383 -
Total Capital Outlay 1,692,377 1,254,508 2,946,885 2,380,708 566,177 991,953 1,307,110 2,299,063 1,871,098 427,965
Special Schools: EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Summer School - Instruction: Salaries of Teachers 13-422-100-101 26,167 2,101 28,268 28,268 - 23,455 2,066 25,521 25,521 - Other Salaries for Instruction 13-422-100-106 7,921 2,496 10,417 10,417 - 8,416 (690) 7,726 7,726 -
Total Summer School - Instruction 34,088 4,597 38,685 38,685 - 31,871 1,376 33,247 33,247 -
Total Special Schools 34,088 4,597 38,685 38,685 - 31,871 1,376 33,247 33,247 -
Charter Schools: Transfer of Funds to Charter Schools 21,118 - 21,118 11,137 9,981 24,327 11,262 35,589 35,589 -
Total Charter Schools 21,118 - 21,118 11,137 9,981 24,327 11,262 35,589 35,589 -
Total Expenditures 80,557,756 1,673,745 82,231,501 85,251,025 (3,019,524) 78,079,932 1,891,116 79,971,048 82,121,396 (2,151,348)
Excess/(Deficiency) of Revenues Over/(Under) Expenditures (2,210,202) (1,673,945) (3,884,147) 430,382 4,314,529 (842,288) (1,891,216) (2,733,504) 4,554,300 7,286,804
Other Financing Sources/(Uses): Transfer from Food Service - - - 230,000 (230,000) 342,288 - 342,288 342,288 -
90 Transfer to Capital Projects - (2,574,589) (2,574,589) (2,574,589) ------Transfer to Maintenance Reserve ------
Total Other Financing Sources/(Uses) - (2,574,589) (2,574,589) (2,344,589) (230,000) 342,288 - 342,288 342,288 -
Excess/(Deficiency) of Revenues & Other Financing Sources/(Uses) Over/(Under) Expenditures & Other Financing Uses (2,210,202) (4,248,534) (6,458,736) (1,914,207) 4,544,529 (500,000) (1,891,216) (2,391,216) 4,896,588 7,287,804 Fund Balances, July 1 16,631,619 - 16,631,619 16,631,619 - 11,735,031 - 11,735,031 11,735,031 -
Fund Balances, June 30 $ 14,421,417 $ (4,248,534) $ 10,172,883 $ 14,717,412 $ 4,544,529 $ 11,235,031 $ (1,891,216) $ 9,343,815 $ 16,631,619 $ 7,287,804
RECAPITULATION OF BUDGET TRANSFERS
Prior Year Encumbrance $ 1,680,963 Withdrawal from Capital Reserve 2,574,589 Cancelled Encumbrances (7,018)
Total $ 4,248,534
RECAPITULATION OF FUND BALANCE
Restricted Fund Balance: Excess Surplus $ 342,369 Excess Surplus - Designated for Subsequent Year's Expenditures 1,753,728 Capital Reserve 3,367,483 Maintenance Reserve 4,675,799 Assigned Fund Balance: Year-end Encumbrances 2,651,497 Designated for Subsequent Year's Expenditures EXHIBIT C-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ACCOUNT ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Unassigned Fund Balance 1,926,536
Subtotal 14,717,412
Reconciliation to Governmental Fund Statements (GAAP): Last State Aid Payment Not Recognized on GAAP Basis (1,436,762)
Fund Balance per Governmental Funds (GAAP) $ 13,280,650 91
EXHIBIT C-2 EAST WINDSOR REGIONAL SCHOOL DISTRICT SPECIAL REVENUE FUND BUDGETARY COMPARISON SCHEDULE FOR FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
VARIANCE VARIANCE POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
REVENUES
Federal Sources$ 1,393,083 780,195$ $ 2,173,278 $ 1,912,412 $ (260,866) $ 2,118,073 $ 104,924 $ 2,222,997 $ 1,982,984 $ (240,013) State Sources 158,385 17,131 175,516 145,960 (29,556) - 197,217 197,217 169,809 (27,408) Other Sources - 66,098 66,098 46,885 (19,213) - 68,307 68,307 17,349 (50,958)
Total Revenues 1,551,468 863,424 2,414,892 2,105,257 (309,635) 2,118,073 370,448 2,488,521 2,170,142 (318,379)
EXPENDITURES: Instruction: Salaries of Teachers 1,551,468 (1,229,772) 321,696 304,146 17,550 191,034 43,749 234,783 213,333 21,450 Salaries of Other Professional Staff - 73,001 73,001 59,561 13,440 34,671 14,610 49,281 49,281 - Other Salaries of Instruction - 88,514 88,514 88,514 - 56,446 35,291 91,737 66,441 25,296 Purchased Professional &
92 Educational Services - 304,021 304,021 279,979 24,042 244,150 102,886 347,036 303,221 43,815
Tuition - 15,400 15,400 15,116 284 2,000 45,981 47,981 27,939 20,042 Out of Direct Placements - 721,497 721,497 721,497 - 904,000 (9,000) 895,000 890,230 4,770 Other Purchased Services ------General Supplies - 211,852 211,852 138,762 73,090 105,693 70,476 176,169 147,957 28,212 Textbooks - 6,582 6,582 5,540 1,042 7,731 248 7,979 5,971 2,008 Other Objects ------
Total Instruction 1,551,468 191,095 1,742,563 1,613,115 129,448 1,545,725 304,241 1,849,966 1,704,373 145,593
Support Services: Salaries - 311,188 311,188 198,893 112,295 315,568 44,102 359,670 282,694 76,976 Purchased Support Services - 99,915 99,915 62,417 37,498 110,522 (33,873) 76,649 27,190 49,459 Personal Services - Employee Benefits - 144,924 144,924 125,550 19,374 85,813 9,280 95,093 89,671 5,422 Travel - 14,859 14,859 9,266 5,593 2,002 3,862 5,864 5,248 616 Miscellaneous Purchased Services - 15,429 15,429 11,489 3,940 - 11,352 11,352 11,232 120 Supplies - 86,014 86,014 84,527 1,487 14,538 50,182 64,720 24,527 40,193 Other Objects - - - - 43,905 (18,698) 25,207 25,207 -
Total Support Services - 672,329 672,329 492,142 180,187 572,348 66,207 638,555 465,769 172,786
Total Expenditures 1,551,468 863,424 2,414,892 2,105,257 309,635 2,118,073 370,448 2,488,521 2,170,142 318,379
Excess/(Deficiency) of Revenues Over/ Under Expenditures & Other Financing Sources/(Uses) $ - -$ $ - $ - $ - $ - $ - $ - $ - $ - NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
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94 EXHIBIT C-3 EAST WINDSOR REGIONAL SCHOOL DISTRICT REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE NOTE TO RSI FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Note A - Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures
GENERAL SPECIAL FUND REVENUE FUND Sources/Inflows of Resources: Actual Amounts (Budgetary Basis) "Revenue" From the Budgetary Comparison Schedule (C-Series)$ 85,681,407 $ 2,105,257
State aid payment recognized for GAAP statements in the current year, previously recognized for budgetary purposes. 1,506,447 -
State aid payment recognized for budgetary purposes, not recognized for GAAP statements until the subsequent year. (1,436,762) -
Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.
Current Year - (33,052) Prior Year - 28,337
Total Revenues as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds. (B-2) $ 85,751,092 $ 2,100,542
Uses/outflows of resources: Actual amounts (budgetary basis) "total expenditures" from the budgetary comparison schedule $ 85,251,025 $ 2,105,257
Differences - budget to GAAP Encumbrances for supplies and equipment ordered but not received is reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes. - (4,715)
Total Expenditures as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds (B-2)$ 85,251,025 $ 2,100,542
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96 OTHER SUPPLEMENTARY INFORMATION
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98 D. School Based Budget Schedules
Not Applicable
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100 E. Special Revenue Fund
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102 EXHIBIT E-1 (Page 1 of 2) EAST WINDSOR REGIONAL SCHOOL DISTRICT SPECIAL REVENUE FUND COMBINING SCHEDULE OF PROGRAM REVENUES AND EXPENDITURES - BUDGETARY BASIS FOR THE FISCAL YEAR ENDED JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
NONPUBLIC COMPENSAT- SUPPLEMENT- TITLE I ORY ARY NURSING HANDICAP CORRECTIVE ESL TITLE I PART A EDUCATION INSTRUCTION AID EXAM SPEECH AID TEXTBOOKS TECHNOLOGY PART A CARRYOVER TITLE IIA
Revenues: Federal Sources$ - $ - -$ -$ -$ -$ $ - $ - $ 488,023 $ 91,123 $ 82,696 State Sources 46,652 13,113 9,342 54,285 14,921 87 5,540 2,020 - - - Local Sources ------
Total Revenues $ 46,652 $ 13,113 $ 9,342 $ 54,285 $ 14,921 $ 87 $ 5,540 $ 2,020 $ 488,023 $ 91,123 $ 82,696
Expenditures: Instruction: Salaries of Teachers $ - $ - -$ -$ -$ -$ $ - $ - $ 234,893 $ - $ 5,675 Salaries of Other Professional Staff ------50,459 9,102 - Other Salaries of Instruction ------59,700 28,814 - Purchased Professional & 103 Educational Services 46,652 13,113 9,342 54,285 14,921 87 - - - 4,650 - Tuition ------13,116 - - Out of Direct Placements ------Other Purchased Services ------General Supplies ------2,020 26,392 7,200 103 Textbooks ------5,540 - - - - Other Objects ------
Total Instruction 46,652 13,113 9,342 54,285 14,921 87 5,540 2,020 384,560 49,766 5,778
Support Services: Salaries ------20,670 - 48,523 Purchased Support Services ------11,878 15,750 16,800 Personal Services - Employee Benefits ------64,054 11,595 Travel ------Miscellaneous Purchased Services ------568 9,230 - Supplies ------6,293 16,377 - Other Objects ------Total Support Services ------103,463 41,357 76,918
Total Expenditures $ 46,652 $ 13,113 $ 9,342 $ 54,285 $ 14,921 $ 87 $ 5,540 $ 2,020 $ 488,023 $ 91,123 $ 82,696 EXHIBIT E-1 (Page 2 of 2) EAST WINDSOR REGIONAL SCHOOL DISTRICT SPECIAL REVENUE FUND COMBINING SCHEDULE OF PROGRAM REVENUES AND EXPENDITURES - BUDGETARY BASIS FOR THE FISCAL YEAR ENDED JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
TITLE III EMERGENCY I.D.E.A. - PART B CONNECT TARGET EXXON- SQUIBB IMMIGRANT BASIC PERKINS ED POETRY SAFETY MOBIL ROBOTICS EDUCATION BASIC CARRYOVER PRESCHOOL GRANT GRANT GRANT GRANT HHS GRANTGRANT 2014 2013
Revenues: Federal Sources$ 110,854 $ 1,038,326 $ 28,803 $ 54,725 $ 17,862 $ - -$ -$ $ - $ - $ 1,912,412 $ 1,982,984 State Sources ------145,960 169,809 Local Sources - - - - - 370 1,987 39,193 496 4,839 46,885 17,349
Total Revenues $ 110,854 $ 1,038,326 $ 28,803 $ 54,725 $ 17,862 $ 370 $ 1,987 $ 39,193 $ 496 $ 4,839 $ 2,105,257 $ 2,170,142
Expenditures: Instruction: Salaries of Teachers $ 63,208 $ - $ - $ - $ - $ 370 -$ $ - $ - $ 304,146 $ 213,333 Salaries of Other Professional Staff ------59,561 49,281 Other Salaries of Instruction ------88,514 66,441 Purchased Professional & 104 Educational Services - 133,358 3,571 ------279,979 303,221 Tuition - 2,000 - - - 15,116 27,939 Out of Direct Placements - 671,851 49,646 ------721,497 890,230 Other Purchased Services ------General Supplies 32,095 47,468 5,079 11,083 - 1,987 - 496 4,839 138,762 147,957 Textbooks ------5,540 5,971 Other Objects ------
Total Instruction 95,303 852,677 3,571 54,725 13,083 370 1,987 - 496 4,839 1,613,115 1,704,373
Support Services: Salaries - 127,575 - - 2,125 - - - - - $ 198,893 282,694 Purchased Support Services - 9,180 - - - - - 8,809 - - 62,417 Personal Services - Employee Benefits 14,538 30,947 4,416 ------125,550 27,190 Travel - 9,266 ------9,266 Miscellaneous Purchased Services - - - - 1,691 - - - - - 11,489 89,671 Supplies 1,013 8,681 20,816 - 963 - - 30,384 - - 84,527 5,248 Other Objects ------Total Support Services 15,551 185,649 25,232 - 4,779 - - 39,193 - - 492,142 404,803
Total Expenditures $ 110,854 $ 1,038,326 $ 28,803 $ 54,725 $ 17,862 $ 370 $ 1,987 $ 39,193 $ 496 $ 4,839 $ 2,105,257 $ 2,109,176 F. Capital Projects Fund
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106 EXHIBIT F-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT CAPITAL PROJECTS FUND SUMMARY STATEMENT OF PROJECT EXPENDITURES FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Expenditures to Date Unexpended/ Original Prior Current (Over Expended) Project Title/Issue Date Appropriations Years Year Balance
Hightstown High School Turf Field Construction 02/14/13$ 2,232,000 $ - $ 1,811,225 $ 420,775
Telecommunication Replacement for Various Schools 01/27/14 578,390 - - 578,390 - Roof Replacement for Various Schools 05/12/14 3,790,163 - 270,011 3,520,152
$ 6,600,553 $ - $ 2,081,236 $ 4,519,317
Less: Unearned SDA Revenue (1,683,083)
Fund Balance $ 2,836,234
107 EXHIBIT F-2 EAST WINDSOR REGIONAL SCHOOL DISTRICT CAPITAL PROJECTS FUND SUMMARY SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGETARY BASIS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Revenues and Other Financing Sources: SDA Grants $ 1,793,964 Transfer from Capital Reserve 2,574,589 Capital Lease Proceeds 2,232,000
Total Revenues 6,600,553
Expenditures and Other Financing Sources: Construction Services 2,081,236
Total Expenditures 2,081,236
Excess/(Deficiency) of Revenues Over/(Under) Expenditures 4,519,317 Fund Balance - July 1 -
Fund Balance - June 30 $ 4,519,317
108 EXHBIT F-2a EAST WINDSOR REGIONAL SCHOOL DISTRICT Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis High School Turf Field Construction Project From Inception and for the Year Ended June 30, 2014
Revised Prior Current Authorized Periods Year Totals Cost Revenues and Other Financing Sources: Capital lease proceeds -$ $ 2,232,000 $ 2,232,000 $ 2,232,000
Total Revenues - 2,232,000 2,232,000 2,232,000
Expenditures and Other Financing Uses: Construction services - 1,811,225 1,811,225 2,232,000
Total Expenditures - 1,811,225 1,811,225 2,232,000
Excess (Deficiency) of revenues over (under) expenses -$ $ 420,775 $ 420,775 $ -
Additional Project Information: Project Number N/A Grant Date/Letter of Notification N/A Bond Authorization/Referendum Date N/A Bonds Authorized N/A Bonds Issued N/A Original Project Authorized Cost $2,232,000 Additional Authorized Cost $0 Revised Authorized Cost $2,232,000 Percentage Increase Over Original Authorized Cost 0% Percentage Completion 81% Original Target Completion Date Revised Target Completion Date
109 EXHIBIT F-2b EAST WINDSOR REGIONAL SCHOOL DISTRICT Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis Telecommunication Replacement for Various Schools From Inception and for the Year Ended June 30, 2014
Revised Prior Current Authorized Periods Year Totals Cost Revenues and Other Funding Sources: State sources - SDA grant$ - $ 237,518 $ 237,518 $ 237,518 Transfer from capital reserve - 340,872 340,872 340,872
Total Revenues - 578,390 578,390 578,390
Expenditures and Other Financing Uses: Construction services - - - 578,390
Total Expenditures - - - 578,390
Excess (Deficiency) of revenues over (under) expenses $ - $ 578,390 $ 578,390 $ -
Additional Project Information: Project Number 050-14-1001;055-14-1002;060-14-1003;070-14-1004;075-14-1005 Grant Date/Letter of Notification 01/06/2014 Bond Authorization/Referendum Date NA Bonds Authorized NA Bonds Issued NA Original Project Authorized Cost $578,390 Additional Authorized Cost $0 Revised Authorized Cost $578,390 Percentage Increase Over Original Authorized Cost 0% Percentage Completion 0 Original Target Completion Date Actual Completion Date
110 EXHIBIT F-2c EAST WINDSOR REGIONAL SCHOOL DISTRICT Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis Roof and Door Replacement for Various Schools From Inception and for the Year Ended June 30, 2014
Revised Prior Current Authorized Periods Year Totals Cost Revenues and Other Funding Sources: State sources - SDA grant$ - $ 1,556,446 $ 1,556,446 $ 1,556,446 Transfer from capital reserve - 2,233,717 2,233,717 2,233,717
Total Revenues - 3,790,163 3,790,163 3,790,163
Expenditures and Other Financing Uses: Construction services - 270,011 270,011 3,790,163
Total Expenditures - 270,011 270,011 3,790,163
Excess (Deficiency) of revenues over (under) expenses $ - $ 3,520,152 $ 3,520,152 $ -
Additional Project Information: Project Number 050-14-1007;055-14-1008;070-14-1010;075-14-1011 Grant Date/Letter of Notification 02/21/14 Bond Authorization/Referendum Date N/A Bonds Authorized N/A Bonds Issued N/A Original Project Authorized Cost $3,790,163 Additional Authorized Cost $0 Revised Authorized Cost $3,790,163 Percentage Increase Over Original Authorized Cost 0% Percentage Completion 7% Original Target Completion Date Actual Completion Date
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112 G. Proprietary Funds
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114 Enterprise Funds
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116 EXHIBIT G-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT ENTERPRISE FUND COMBINING SCHEDULE OF NET POSITION AS OF JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS FOOD ASSETS SERVICE KIDCARE 2014 2013
Current Assets: Cash & Cash Equivalents $ 157,017 $ 1,088,466 $ 1,245,483 $ 1,200,938 Accounts Receivable: Federal 50,556 - 50,556 52,627 State 2,296 - 2,296 1,180 Other 9,911 - 9,911 - Inventories 48,270 - 48,270 30,314
Total Current Assets 268,050 1,088,466 1,356,516 1,285,059
Fixed Assets: Equipment 1,064,771 - 1,064,771 1,064,771 Less: Accumulated Depreciation (743,101) - (743,101) (690,730)
Total Fixed Assets 321,670 - 321,670 374,041
Total Assets 589,720 1,088,466 1,678,186 1,659,100
LIABILITIES
Accounts Payable 3,221 - 3,221 10,676 Interfund Payable - - - 1,000 Other Liabilities - - - 25,352 Deferred Revenue 14,545 - 14,545 13,139 - - Total Liabilities 17,766 - 17,766 50,167 - -
NET POSITION
Net Investment in Capital Assets 321,670 - 321,670 374,041 Unrestricted 250,284 1,088,466 1,338,750 1,234,892
Total Net Position $ 571,954 $ 1,088,466 $ 1,660,420 $ 1,608,933
117 EXHIBIT G-2 EAST WINDSOR REGIONAL SCHOOL DISTRICT ENTERPRISE FUND COMBINING SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION AS OF JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS FOOD SERVICE KIDCARE 2014 2013 Operating Revenues: Local Sources: Program Income$ 768,168 $ 847,004 $ 1,615,172 $ 1,487,121 Special Functions 48,179 48,179 35,260
Total Operating Revenue 816,347 847,004 1,663,351 1,522,381
Operating Expenses: Salaries 519,448 519,448 628,896 Employee Benefits 134,649 134,649 127,364 Purchased Professional Services 1,555,264 5,163 1,560,427 1,104,440 Supplies & Materials 47,440 55,543 102,983 151,901 Utilities - 206,410 Depreciation 52,371 52,371 53,610
Total Operating Expenses 1,655,075 714,803 2,369,878 2,272,621
Operating Income/(Loss) (838,728) 132,201 (706,527) (750,240)
Nonoperating Revenues: Interest Income 40 - 40 167 State Sources: State School Lunch Program 20,393 - 20,393 18,762 Federal Sources: National School Lunch Program 702,208 - 702,208 654,671 Healthy Hunger-Free Kids Act (HHFKA) 23,617 - 23,617 21,390 National Breakfast Program 111,445 - 111,445 106,240 Special Milk Program 5,595 - 5,595 5,407 Food Distribution Program 124,716 - 124,716 106,222 Transfer to General Fund (230,000) - (230,000) (342,288)
Total Nonoperating Revenues 758,014 - 758,014 570,571
Net Income/(Loss) (80,714) 132,201 51,487 (179,669)
Net Position - July 1 652,668 956,265 1,608,933 1,788,602
Net Position - June 30 $ 571,954 $ 1,088,466 $ 1,660,420 $ 1,608,933
118 EXHIBIT G-3 EAST WINDSOR REGIONAL SCHOOL DISTRICT ENTERPRISE FUND SCHEDULE OF CASH FLOWS AS OF JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS FOOD SERVICE KIDCARE 2014 2013
Cash Flows From Operating Activities: Receipts from Customers$ 806,842 $ 847,004 $ 1,653,846 $ 1,524,211 Payments to Employees - (654,097) (654,097) (756,260) Payments to Suppliers (1,521,296) (68,161) (1,589,457) (1,536,418)
Net Cash Provided/(Used) by Operating Activities (714,454) 124,746 (589,708) (768,467)
Cash Flows From Noncapital Financing Activities: State Sources 19,277 - 19,277 18,481 Federal Sources 844,936 - 844,936 770,457 Transfer to General Fund (230,000) - (230,000) (342,288)
Net Cash Provided by Noncapital Financing Activities 634,213 - 634,213 446,650
Cash Flows From Investing Activities: Interest & Dividends 40 - 40 167
Net Cash Provided/(Used) by Investing Activities 40 - 40 167
Net Increase/(Decrease) in Cash & Cash Equivalents (80,201) 124,746 44,545 (321,650) Balances - Beginning of Year 237,218 963,720 1,200,938 1,522,588
Balances - Ending of Year$ 157,017 $ 1,088,466 $ 1,245,483 $ 1,200,938
Reconciliation of Operating Income/(Loss) to Net Cash Proved/(Used) by Operating Activities:
Operating Income/(Loss)$ (838,728) $ 132,201 $ (706,527) $ (750,240) Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense 52,371 - 52,371 53,610 Food Distribution Program 124,716 - 124,716 106,222 Change in Assets & Liabilities: (Increase)/Decrease in Accounts Receivable (9,911) - (9,911) - (Increase)/Decrease in Inventory (17,956) - (17,956) (4,568) Increase/(Decrease) in Accounts Payable - (7,455) (7,455) (141,521) Increase/(Decrease) in Interfund Payable (1,000) - (1,000) - Increase/(Decrease) in Other Liabilities (25,352) - (25,352) (33,800) Increase/(Decrease) in Deferred Revenue 1,406 - 1,406 1,830
Net Cash Provided/(Used) by Operating Activities $ (714,454) $ 124,746 $ (589,708) $ (768,467)
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120 Internal Service Fund
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122 EXHIBIT G-4 EAST WINDSOR REGIONAL SCHOOL DISTRICT INTERNAL SERVICE FUND COMBINING SCHEDULE OF NET POSITION AS OF JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
FUELING SENIOR ASSETS FACILITY TRANSPORTATION 2014 2013
Cash & Cash Equivalents $ - $ 135,632 $ 135,632 $ 148,218 Other Receivables 85,980 - 85,980 60,691 Inventory 58,714 - 58,714 47,931
Total Current Assets 144,694 135,632 280,326 256,840
Capital Assets: Equipment 30,025 - 30,025 30,025 Less: Accumulated Depreciation (29,665) - (29,665) (26,564)
Total Capital Assets 360 - 360 3,461
Total Assets 145,054 135,632 280,686 260,301
LIABILITIES
Cash Deficit 140,606 140,606 98,512 Interfund Payable - 18,651
Total Liabilities 140,606 - 140,606 117,163
NET POSITION
Net Investment in Capital Assets 360 - 360 3,461 Unreserved/(Deficit) 4,088 135,632 139,720 139,677
Total Net Position $ 4,448 $ 135,632 $ 140,080 $ 143,138
123 EXHIBIT G-5 EAST WINDSOR REGIONAL SCHOOL DISTRICT INTERNAL SERVICE FUND COMBINING SCHEDULE OF REVENUES, EXPENSES & CHANGES IN FUND NET POSITION AS OF JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
FUELING SENIOR FACILITY TRANSPORTATION 2014 2013
Operating Revenues: Charges for Services $ 685,937 $ - 685,937$ $ 674,962
Total Operating Revenues 685,937 - 685,937 674,962
Operating Expenses: Salaries 4,875 - 4,875 5,065 Supplies & Materials 681,019 - 681,019 666,750 Depreciation 3,101 - 3,101 4,290
Total Operating Expenses 688,995 - 688,995 676,105
Operating Income/(Loss) (3,058) - (3,058) (1,143) Net Position Beginning of Year 7,506 135,632 143,138 144,281
Net Position End of Year $ 4,448 $ 135,632 140,080$ $ 143,138
124 EXHIBIT G-6 EAST WINDSOR REGIONAL SCHOOL DISTRICT INTERNAL SERVICE FUND COMBINING SCHEDULE OF CASH FLOWS AS OF JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
FUELING SENIOR FACILITY TRANSPORTATION 2014 2013
Cash Flows From Operating Activities: Receipts from Customers$ 649,865 $ - $ 649,865 $ 684,742 Payments to Suppliers (691,959) (12,586) (704,545) (671,815)
Net Cash Provided/(Used) by Operating Activities (42,094) (12,586) (54,680) 12,927
Net Increase/(Decrease) in Cash & Cash Equivalents (42,094) (12,586) (54,680) 12,927 Balances - Beginning of Year (98,512) 148,218 49,706 36,779 - - Balances - Ending of Year $ (140,606) $ 135,632 $ (4,974) $ 49,706
Reconciliation of Operating Income/(Loss) to Net Cash Provided/(Used) by Operating Activities:
Operating Income/(Loss) $ (3,058) $ - $ (3,058) $ (1,143) Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense 3,101 - 3,101 4,290 Change in Assets & Liabilities: (Increase)/Decrease in Accounts Receivable (25,289) - (25,289) 16,806 (Increase)/Decrease in Inventory (10,783) - (10,783) (7,026) Increase/(Decrease) in Interfund Payable (6,065) (12,586) (18,651) -
Total Adjustments (39,036) (12,586) (51,622) 14,070
Net Cash Provided/(Used) by Operating Activities $ (42,094) $ (12,586) $ (54,680) $ 12,927
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126 H. Fiduciary Fund
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128 EXHIBIT H-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT TRUST AND AGENCY FUND COMBINING STATEMENT OF FIDUCIARY NET POSITION JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
PRIVATE PURPOSE AGENCY SCHOLARSHIP UNEMPLOYMENT STUDENT ASSETS FUNDS COMPENSATION ACTIVITY PAYROLL 2014 2013
Assets: Cash & Cash Equivalents$ 81,683 $ 1,351,044 198,536$ 13,185$ $ 1,644,448 $ 2,062,397
Total Assets 81,683 1,351,044 198,536 13,185 1,644,448 2,062,397
LIABILITIES
Liabilities: Payroll Deductions & Withholdings - - - 13,185 13,185 386,065 Interfund Payable - - - - 5,000 Unemployment Payable - 16,197 - - 16,197 18,913 Due to Student Groups - - 198,536 - 198,536 216,703
Total Liabilities - 16,197 198,536 13,185 227,918 626,681 - - -
NET POSITION
Reserved 81,683 1,334,847 - - 1,416,530 1,435,716
Total Net Position $ 81,683 $ 1,334,847 -$ -$ $ 1,416,530 $ 1,435,716
129 EXHIBIT H-2 EAST WINDSOR REGIONAL SCHOOL DISTRICT FIDUCIARY FUNDS COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE FISCAL YEAR ENDED JUNE 30, 2014 (With Comparative Totals for June 30, 2013)
PRIVATE PURPOSE UNEMPLOYMENT SCHOLARSHIP COMPENSATION FUND 2014 2013
Operating Revenues: Local Sources: Interest on Investments$ 1,363 $ 1,363 $ 1,298 Scholarship Donations 18,454 18,454 13,990 Other Income 62,442 62,442 71,448
Total Operating Revenues 63,805 18,454 82,259 86,736
Operating Expenditures: Scholarship Payments - 23,158 23,158 19,900 Unemployment Claims 78,287 - 78,287 98,412
Total Operating Expenses 78,287 23,158 101,445 118,312
Excess/(Deficit) of Revenues Over/ (Under) Expenditures (14,482) (4,704) (19,186) (31,576) Net Position, July 1 1,349,329 86,387 1,435,716 1,467,292
Net Position, June 30 $ 1,334,847 $ 81,683 $ 1,416,530 $ 1,435,716
130 EXHIBIT H-3 EAST WINDSOR REGIONAL SCHOOL DISTRICT STUDENT ACTIVITY AGENCY FUND SCHEDULE OF CHANGES OF RECEIPTS AND DISBURSEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
BALANCE BALANCE JULY 1, CASH CASH JUNE 30, 2013 RECEIPTS DISBURSEMENTS 2014 Elementary Schools: Walter C. Black $ 11,070 $ 19,717 $ 24,635 $ 6,152 Ethel McKnight 10,151 24,946 25,404 9,693 Grace Rogers 14,235 5,013 10,856 8,392 Perry L. Drew 10,706 15,442 23,800 2,348
Total Elementary Schools 46,162 65,118 84,695 26,585
Junior High School: Melvin Keeps 62,894 158,786 153,351 68,329
Senior High School: Hightstown High School 105,805 377,587 380,126 103,266
Other Departments: Officials Department 1,842 39,019 40,505 356
Total Other Departments 1,842 39,019 40,505 356
Total Schools & Other Departments $ 216,703 $ 640,510 $ 658,677 $ 198,536
EXHIBIT H-4 PAYROLL AGENCY FUND SCHEDULE OF RECEIPTS AND DISBURSEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
BALANCE BALANCE JULY 1, JUNE 30, ASSETS 2013 ADDITIONS DELETIONS 2014
Cash & Cash Equivalents $ 391,065 $ 54,705,561 $ 55,083,441 $ 13,185
Total Assets $ 391,065 $ 54,705,561 $ 55,083,441 $ 13,185
LIABILITIES
Payroll Deductions & Withholdings Payable $ 386,065 $ 24,819,955 $ 25,192,835 $ 13,185 Net Payroll - 29,885,606 29,885,606 - Interfund Payable 5,000 - 5,000 -
Total Liabilities $ 391,065 $ 54,705,561 $ 55,083,441 $ 13,185
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132 I. Long-Term Debt
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134 EXHIBIT I-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT LONG-TERM DEBT SCHEDULE OF SERIAL BONDS PAYABLE JUNE 30, 2014
BALANCE BALANCE DATE OF AMOUNT OF ANNUAL MATURITIES INTEREST JULY 1, JUNE 30, ISSUE ISSUE ISSUE DATE AMOUNT RATE 2013 RETIRED 2014
School Refunding Bonds 7/15/2005 6,330,000 07/15/14$ 430,000 4.00%$ 4,585,000 $ 430,000 $ 4,155,000 07/15/15 425,000 4.00% 07/15/16 425,000 4.00% 07/15/17 420,000 4.00% 07/15/18 415,000 4.00% 07/15/19 415,000 4.00% 07/15/20 410,000 4.00% 07/15/21 410,000 4.00% 07/15/22 405,000 4.05% 07/15/23 400,000 4.10%
135 School Refunding Bonds 01/10/2012 29,900,000 03/01/15 1,590,000 2.00% 29,900,000 1,575,000 28,325,000
03/01/16 1,605,000 3.00% 03/01/17 1,635,000 4.00% 03/01/18 1,680,000 4.00% 03/01/19 1,730,000 4.00% 03/01/20 1,770,000 5.00% 03/01/21 1,830,000 5.00% 03/01/22 1,890,000 5.00% 03/01/23 2,020,000 5.00% 03/01/24 2,080,000 4.00% 03/01/25 2,115,000 4.00% 03/01/26 2,100,000 4.00% 03/01/27 2,110,000 4.00% 03/01/28 2,090,000 4.00% 03/01/29 2,080,000 4.00%
Total $ 34,485,000 $ 2,005,000 $ 32,480,000 EXHIBIT I-2 EAST WINDSOR REGIONAL SCHOOL DISTRICT LONG-TERM DEBT SCHEDULE OF OBLIGATIONS UNDER CAPITAL LEASES JUNE 30, 2014
TERMAMOUNT OF ORIGINAL BALANCE BALANCE DATE OF OFLEASE INTEREST JUNE 30, JUNE 30, PURPOSE LEASE LEASE PRINCIPAL INTEREST RATE 2013 ISSUED RETIRED 2014
Roof Project 04/01/2009 5 years$ 2,831,589 $ 286,692 3.30%$ 72,306 $ - $ 72,306 $ -
Artificial Turf Field and Ancillary Improvements 02/14/2013 5 years 2,232,000 94,620 1.34% 2,232,000 435,689 1,796,311
Total $ 2,304,306 $ - $ 507,995 $ 1,796,311 136
EXHIBIT I-3 EAST WINDSOR REGIONAL SCHOOL DISTRICT DEBT SERVICE FUND BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEARS ENDED JUNE 30, 2014 AND 2013
POSITIVE/ POSITIVE/ JUNE 30, 2014 (NEGATIVE) JUNE 30, 2013 (NEGATIVE) ORIGINAL BUDGET FINAL FINAL TO ORIGINAL BUDGET FINAL FINAL TO BUDGET TRANSFERS BUDGET ACTUAL ACTUAL BUDGET TRANSFERS BUDGET ACTUAL ACTUAL Revenues: Local Sources: Local Tax Levy $ 3,231,358 -$ 3,231,358$ $-3,231,358 $ $ 3,364,921 $ - 3,364,921$ $-3,364,921 $ State Sources: Debt Service Aid Type II 140,795 - 140,795 140,795 - 145,982 - 145,982 145,982 -
Total Revenues 3,372,153 - 3,372,153 3,372,153 - 3,510,903 - 3,510,903 3,510,903 -
Expenditures Regular Debt Service:
137 Interest on Bonds 1,367,153 - 1,367,153 1,367,153 - 1,525,903 - 1,525,903 1,525,903 -
Redemption of Principal 2,005,000 - 2,005,000 2,005,000 - 1,985,000 - 1,985,000 1,985,000 -
Total Expenditures 3,372,153 - 3,372,153 3,372,153 - 3,510,903 - 3,510,903 3,510,903 -
Excess/(Deficiency) of Revenues Over/(Under) Expenditures ------Fund Balance, July 1------
Fund Balance, June 30 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ EXHIBIT I-4 EAST WINDSOR REGIONAL SCHOOL DISTRICT LONG-TERM DEBT SCHEDULE OF EARLY RETIREMENT INCENTIVE PLAN LOANS PAYABLE JUNE 30, 2014
AMOUNT TERM BALANCE BALANCE DATE OF OF OF INTERESTANNUAL PAYMENTS JUNE 30, JUNE 30, PURPOSE LOAN ISSUE LOAN RATE DATE AMOUNT 2013 RETIRED 2014
TPAF 1997 $317,847 20 years 8.25% 4/1/2015 28,143$ $ 84,606 $ 25,998 58,608$ 4/1/2016 30,465
PERS 1997 76,499 20 years 8.25% 4/1/2015 8,592 25,830 7,937 17,893 4/1/2016 9,301
Total $ 110,436 $ 33,935 76,501$
138 STATISTICAL SECTION (Unaudited)
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140 EXHIBIT J-1 EAST WINDSOR REGIONAL SCHOOL DISTRICT NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (Accrual Basis of Accounting)
FISCAL YEAR ENDING JUNE 30, 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Governmental Activities: Invested in Capital Assets, Net of Related Debt$ 63,790,253 $ 64,359,111 $ 67,200,853 $ 74,974,954 $ 78,261,276 $ 79,348,470 $ 38,604,144 $ 39,998,845 $ 36,539,523 $ 35,327,487 Restricted 12,504,920 1,197,379 1,358,893 160,932 1,651,286 1,416,897 2,731,814 2,120,199 548,428 411,538 Unrestricted 1,321,990 11,961,799 5,036,348 3,477,402 (1,867,704) (2,634,915) (289,893) 128,394 525,863 1,232,596
Total Governmental Activities Net Position$ 77,617,163 $ 77,518,289 $ 73,596,094 $ 78,613,288 $ 78,044,858 $ 78,130,452 $ 41,046,065 $ 42,247,438 $ 37,613,814 $ 36,971,621
Business-Type Activities:
141 Invested in Capital Assets, Net of Related Debt$ 321,670 $ 374,041 $ 427,651 $ 259,112 $ 336,040 $ 17,427 $ 26,620 $ 37,490 $ 51,510 $ 63,451 Unrestricted 1,338,750 1,234,892 1,360,951 1,048,146 559,374 783,219 611,530 520,088 517,078 649,878
Total Business-Type Activities Net Position$ 1,660,420 $ 1,608,933 $ 1,788,602 $ 1,307,258 $ 895,414 $ 800,646 $ 638,150 $ 557,578 $ 568,588 $ 713,329
District-Wide: Invested in Capital Assets, Net of Related Debt$ 64,111,923 $ 64,733,152 $ 67,628,504 $ 75,234,066 $ 78,597,316 $ 79,365,897 $ 38,630,764 $ 40,036,335 $ 36,591,033 $ 35,390,938 Restricted 12,504,920 1,197,379 1,358,893 160,932 1,651,286 1,416,897 2,731,814 2,120,199 548,428 411,538 Unrestricted 2,660,740 13,196,691 6,397,299 4,525,548 (1,308,330) (1,851,696) 321,637 648,482 1,042,941 1,882,474
Total District Net Position$ 79,277,583 $ 79,127,222 $ 75,384,696 $ 79,920,546 $ 78,940,272 $ 78,931,098 $ 41,684,215 $ 42,805,016 $ 38,182,402 $ 37,684,950 EXHIBIT J-2 EAST WINDSOR REGIONAL SCHOOL DISTRICT CHANGES IN NET POSITION - (ACCRUAL BASIS OF ACCOUNTING) LAST TEN FISCAL YEARS
FISCAL YEAR ENDING JUNE 30, 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Net/(Expense)/Revenue: Governmental Activities $ (88,470,311) $ (85,732,071) $ (80,819,258) $ (80,239,514) $ (82,701,032) $ (84,599,237) $ (82,486,405) $ (75,673,790) $ (71,169,328) $ (68,425,045) Business-Type Activities 51,487 (179,669) 259,172 411,844 94,768 162,496 80,572 (11,010) (144,741) (400)
Total District-Wide Net Expense $ (88,418,824) $ (85,911,740) $ (80,560,086) $ (79,827,670) $ (82,606,264) $ (84,436,741) $ (82,405,833) $ (75,684,800) $ (71,314,069) $ (68,425,445)
General Revenues & Other Changes in Net Position: Governmental Activities: Property Taxes Levied for General Purposes, Net $ 59,096,205 $ 57,937,456 $ 56,953,654 $ 55,836,916 $ 54,619,664 $ 53,719,279 $ 52,872,974 $ 52,392,602 $ 46,452,931 $ 43,871,891 Taxes Levied for Debt Service 3,231,358 3,364,921 3,477,380 3,498,316 3,399,308 3,487,972 3,392,838 3,418,785 3,266,462 3,288,346 Grants & Contributions 25,840,199 26,214,282 24,113,975 21,378,829 24,357,173 26,843,711 24,219,874 23,699,464 21,405,898 20,536,021 Tuition Received ------Investment Earnings 4,698 4,806 5,491 2,965 2,774 3,969 323,676 501,227 286,957 237,331 Building Rentals 50,626 43,045 ------Prior Year Refunds 378,518 1,397,230 ------Transfer to Other Funds 230,000 342,288 ------142 Miscellaneous Income 29,241 350,238 74,470 90,918 236,519 419,197 160,171 456,028 399,273 592,375 Cancel Prior Year Accounts Payable ------315,499 - - -
Total Governmental Activities 88,860,845 89,654,266 84,624,970 80,807,944 82,615,438 84,474,128 81,285,032 80,468,106 71,811,521 68,525,964
Total District-Wide $ 88,860,845 $ 89,654,266 $ 84,624,970 $ 80,807,944 $ 82,615,438 $ 84,474,128 $ 81,285,032 $ 80,468,106 $ 71,811,521 $ 68,525,964
Change in Net Position: Governmental Activities $ 390,534 $ 3,922,195 $ 3,805,712 $ 568,430 $ (85,594) $ (125,109) $ (1,201,373) $ 4,794,316 $ 642,193 $ 100,919 Business-Type Activities 51,487 (179,669) 259,172 411,844 94,768 162,496 80,572 (11,010) (144,741) (400)
Total District $ 442,021 $ 3,742,526 $ 4,064,884 $ 980,274 $ 9,174 $ 37,387 $ (1,120,801) $ 4,783,306 $ 497,452 $ 100,519 EXHIBIT J-3 EAST WINDSOR REGIONAL SCHOOL DISTRICT FUND BALANCES AND GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (Modified Accrual Basis of Accounting)
FISCAL YEAR ENDING JUNE 30, 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
General Fund: Restricted $ 10,139,379 $ 10,866,901 $ 7,583,719 $ 4,744,225 $ 2,333,238 $ 1,970,932 $ 3,302,724 $ 2,619,827 $ 1,719,752 $ 1,640,051 Committed - - - 339,549 ------Assigned 2,651,497 3,891,165 2,424,858 921,208 ------Unassigned 489,774 367,106 381,295 343,789 405,956 12,824 630,260 1,057,490 1,342,258 1,856,983
Total General Fund $ 13,280,650 $ 15,125,172 $ 10,389,872 $ 6,348,771 $ 2,739,194 $ 1,983,756 $ 3,932,984 $ 3,677,317 $ 3,062,010 $ 3,497,034
All Other Governmental Funds: Assigned -$ -$ -$ -$ -$ -$ $ 259,869 $ 396,333 $ 2,140,216 -$ Restricted, Reported in: 143
Capital Projects Fund 2,836,234 - - - 1,789,041 7,274,856 190,022 444,764 191,242 12,666,228 Special Revenue - 2,836,234 - - - - (21,816) - - - Debt Service Fund - 489,774 - - - 93,390 93,390 189,848 201,063 383,515
Total All Other Governmental Funds$ 2,836,234 $ 3,326,008 -$ -$ $ 1,789,041 $ 7,368,246 $ 521,465 $ 1,030,945 $ 2,532,521 $ 13,049,743 EXHIBIT J-4 EAST WINDSOR REGIONAL SCHOOL DISTRICT CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS, LAST TEN FISCAL YEARS (Modified Accrual Basis of Accounting)
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Revenues: Tax Levy $ 62,327,563 $ 61,302,377 $ 60,431,034 $ 59,335,232 $ 58,018,972 $ 57,207,251 $ 56,265,812 $ 55,811,387 $ 49,719,393 $ 47,160,237 Tuition Charges 541,560 633,498 643,297 651,805 741,119 801,497 791,483 768,993 711,614 805,858 Transportation Fees 61,721 79,835 63,778 78,274 ------Interest Earnings 4,698 4,806 5,491 2,965 2,774 3,969 323,676 501,227 286,957 237,331 Lease Proceeds - - - - - 2,831,000 - - - - Miscellaneous 106,509 410,632 161,779 160,631 253,494 459,257 183,015 477,356 419,302 602,809 Prior Year Refunds 378,518 1,397,230 ------State Sources 25,843,624 26,347,826 23,479,316 21,395,164 21,778,799 26,978,059 24,821,624 24,153,822 21,851,319 21,082,251 Federal Sources 2,070,475 2,118,915 2,820,565 3,061,766 4,765,944 1,828,931 1,812,072 2,004,449 1,806,186 987,087
Total Revenue 91,334,668 92,295,119 87,605,260 84,685,837 85,561,102 90,109,964 84,197,682 83,717,234 74,794,771 70,875,573
Expenditures: Instruction: Regular Instruction 25,711,382 25,042,178 24,762,899 24,278,169 23,886,709 25,345,118 23,449,840 22,073,403 21,012,318 19,540,871 Special Education Instruction 6,190,211 5,889,788 5,468,678 5,296,541 5,397,548 4,773,122 5,095,269 5,570,021 5,274,184 4,776,317 144
Other Instruction 2,965,778 2,881,786 2,247,777 1,823,344 2,092,737 1,911,816 1,871,884 1,998,333 2,865,163 2,727,256 Adult/Continuing Education 1,127,451 1,062,581 978,725 972,437 1,085,409 957,710 1,003,549 1,002,373 21,099 27,412 Support Services: Tuition 6,103,650 5,534,737 5,117,547 4,120,939 3,945,612 4,126,763 3,821,728 3,638,173 3,228,340 4,737,175 Student & Instruction Related Services 7,643,146 7,619,049 7,332,658 6,668,667 7,823,749 8,251,907 8,072,949 7,389,353 7,320,770 6,330,780 School Administrative Services 2,916,851 2,746,109 2,588,907 2,487,568 2,752,790 2,869,315 2,761,945 2,557,995 2,544,261 2,388,696 General & Business Administration Services 1,056,864 892,886 874,850 942,000 1,091,451 1,646,843 846,957 836,058 1,099,747 667,981 Central Services 1,034,212 1,216,913 1,108,804 1,007,249 1,074,239 924,094 899,115 1,200,835 880,800 815,699 Admin. Information Technology 197,839 8,650 2,400 2,400 3,994 19,782 23,435 37,179 110,840 43,715 Plant Operations & Maintenance 6,809,832 6,271,234 5,720,704 6,346,535 6,687,831 6,754,205 6,648,420 6,469,226 6,444,024 5,833,089 Pupil Transportation 3,717,215 3,345,266 2,975,875 2,742,578 2,769,108 2,788,233 2,820,432 3,112,398 4,195,094 4,413,175 Other Support Services - 6,500 5,500 5,500 7,591 6,087 11,455 8,243 - - Employee Benefits 19,446,606 19,933,593 19,382,683 19,701,063 21,032,390 19,158,292 21,628,323 19,529,111 15,054,482 13,098,146 Transfers to Charter Schools 11,137 35,589 21,904 - 4,625 - - - - - Special Schools 38,685 33,247 31,247 31,322 90,369 84,087 114,607 250,708 258,129 269,822 Capital Outlay 4,461,944 1,871,098 1,315,593 2,083,045 6,959,047 1,923,379 2,007,204 5,207,087 11,952,689 35,893,894 Debt Service: Cost of Insurance ------86,093 - Principal 1,367,153 1,525,903 1,692,408 1,767,264 1,839,670 1,911,658 1,979,882 2,063,007 1,610,000 1,560,000 Interest & Other Charges 2,005,000 1,985,000 1,935,000 1,885,000 1,840,000 1,760,000 1,710,000 1,660,000 2,005,951 2,215,409
Total Expenditures 92,804,956 87,902,107 83,564,159 82,161,621 90,384,869 85,212,411 84,766,994 84,603,503 85,963,984 105,339,437
Excess/(Deficiency) of Revenues EXHIBIT J-4 EAST WINDSOR REGIONAL SCHOOL DISTRICT CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS, LAST TEN FISCAL YEARS (Modified Accrual Basis of Accounting)
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Over/(Under) Expenditures (1,470,288) 4,393,012 4,041,101 2,524,216 (4,823,767) 4,897,553 (569,312) (886,269) (11,169,213) (34,463,864)
Other Financing Sources/(Uses): Capital Leases (Nonbudgeted) 2,232,000 ------(2,837,145) 224,524 264,000 Proceeds From Refunding ------6,400,084 - Payments to Escrow Agent ------(6,407,641) - Intergovernmental Transfers ------Cancel Prior Year Accounts Payable ------315,499 - - - Cancel Prior Year Accounts Receivable - - - (741,280) ------Transfers In 2,804,589 342,288 - 1,085,361 - 2,000,000 24,262 - 289,496 505,831 Transfers Out (2,574,589) - - (1,047,761) - (2,000,000) (24,262) 2,837,145 (289,496) (505,831)
Total Other Financing Sources/ (Uses) 2,462,000 342,288 - (703,680) - - 315,499 - 216,967 264,000
Net Change in Fund Balances $ 991,712 $ 4,735,300 $ 4,041,101 $ 1,820,536 $ (4,823,767) $ 4,897,553 $ (253,813) $ (886,269) $(10,952,246) $(34,199,864) 145
Debt Service as a Percentage of Noncapital Expenditures 3.8% 4.1% 4.4% 4.6% 4.4% 4.4% 4.5% 4.7% 4.9% 5.4%
Source: District Records
Note: Noncapital expenditures are total expenditures less capital outlay EXHIBIT J-5 EAST WINDSOR REGIONAL SCHOOL DISTRICT GENERAL FUND - OTHER LOCAL REVENUE BY SOURCE LAST TEN FISCAL YEARS (Modified Accrual Basis of Accounting)
FISCAL YEAR RENTAL ENDING PRIOR YEAR OF TRANSPORTATION INTEREST JUNE 30, REFUNDS FACILITIES TUITION FEES EARNINGS MISCELLANEOUS TOTAL
2014$ 378,518 $ 50,626 $ 541,560 $ 61,721 $ 4,698 $ 29,241 $ 1,066,364 2013 1,397,230 43,045 - - - 355,044 1,795,319 2012 - 28,320 - - - 51,641 79,961 2011 - 33,636 - - - 60,247 93,883 2010 - 24,198 - - - 215,095 239,293 2009 - 380,931 - - - 42,824 423,755 2008 147 109,197 - - - 346,961 456,305 2007 - 160,074 - - - 655,625 815,699 146
2006 25,690 247,270 - - - 998,143 1,271,103 2005 11,629 182,079 - - - 1,193,497 1,387,205
Source: District records EXHIBIT J-6 EAST WINDSOR REGIONAL SCHOOL DISTRICT ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY, LAST TEN FISCAL YEARS FISCAL TOTAL ACTUAL YEAR TOTAL TAX NET DIRECT (COUNTY ENDED VACANT FARM ASSESSED EXEMPT VALUATION SCHOOL EQUALIZED) JUNE 30, LAND RESIDENTIAL REG. QFARM COMMERCIAL INDUSTRIAL APARTMENT PERS. PROP VALUE PROPERTY TAXABLE TAX RATE b VALUE
East Windsor 2014$ 33,339,600 $ 2,009,223,497 $ 15,586,700 $ 1,844,800 $ 427,125,450 $ 105,284,500 $ 158,844,400 $ 4,913,771 $ 2,756,162,718 $ 187,119,800 $ 2,756,162,718 1.97$ 2,668,935,776 2013 42,318,800 2,017,628,000 11,034,300 1,860,900 434,078,250 109,938,400 152,967,200 4,448,001 2,774,273,851 186,132,200 2,774,273,851 1.92 2,772,380,870 2012 46,305,400 2,048,055,300 11,100,600 1,858,600 441,903,650 112,938,400 152,967,200 4,455,660 2,819,584,810 185,285,000 2,819,584,810 1.87 2,918,188,719 2011 48,562,100 2,048,383,100 11,100,600 1,840,700 457,874,800 120,663,300 155,671,800 4,449,450 2,848,545,850 185,809,900 2,848,545,850 1.81 3,103,069,331 2010 52,958,300 2,041,720,300 10,529,400 1,909,800 459,545,200 122,349,100 168,316,900 5,209,306 2,862,538,306 185,533,900 2,862,538,306 1.76 3,116,896,718 2009 21,696,100 1,028,563,300 5,530,300 1,457,280 224,895,200 66,250,800 72,171,000 1,999,449 1,422,563,429 72,900,600 1,422,563,429 3.49 3,157,202,285 2008 25,868,000 1,024,066,400 5,841,500 1,457,280 224,239,200 52,647,300 72,789,000 1,661,633 1,408,570,313 94,406,400 1,408,570,313 3.46 3,136,963,914 2007 25,567,600 1,019,171,600 5,974,000 1,469,980 230,785,700 52,532,300 73,589,000 1,619,456 1,410,709,636 93,609,900 1,410,709,636 3.43 3,109,938,053 2006 28,624,300 995,644,800 6,120,900 1,543,080 228,037,600 57,120,800 76,160,000 1,815,872 1,395,067,352 9,314,700 1,395,067,352 3.27 2,718,179,950 2005 36,165,800 966,184,800 6,482,800 1,525,280 218,563,900 55,773,500 76,560,000 2,220,585 1,363,476,665 - 1,363,476,665 3.04 -
Hightstown 2014 2,562,400 311,352,900 - - 57,641,600 3,909,700 13,043,900 3,348,297 391,858,797 143,473,200 391,858,797 2.19 424,168,371 2013 2,650,500 311,548,000 - - 57,767,400 3,909,700 13,043,900 3,647,607 392,567,107 143,249,900 392,567,107 2.13 422,747,231 2012 4,038,700 385,259,000 - - 66,571,600 6,454,300 14,740,200 4,266,822 481,330,622 154,530,900 481,330,622 1.71 464,031,521 2011 4,802,100 388,457,300 - - 69,680,800 6,454,300 14,740,200 4,212,336 488,347,036 153,254,500 488,347,036 1.69 489,101,889 2010 6,324,300 389,086,800 - - 72,008,500 7,051,600 9,540,200 4,417,747 488,429,147 152,508,100 488,429,147 1.71 505,157,060 2009 7,038,500 389,033,990 - - 75,358,900 7,051,600 15,796,500 5,449,518 499,729,008 152,348,100 499,729,008 1.64 532,231,357 2008 3,469,600 168,747,700 - - 33,275,800 1,936,000 7,468,000 1,957,588 216,854,688 92,561,400 216,854,688 3.64 521,034,810 2007 4,246,900 164,513,800 - - 38,822,400 1,979,500 7,492,000 1,752,257 218,806,857 92,798,600 218,806,857 3.48 492,827,649 2006 4,189,700 163,483,400 - - 38,664,800 2,025,900 7,492,000 2,065,525 217,921,325 92,314,700 217,921,325 3.30 427,628,190 2005 1,865,600 162,761,600 - 4,500 37,727,100 2,997,400 7,492,000 2,439,597 215,287,797 - 215,287,797 3.04 - 147
East Windsor & Hightstown
2014 35,902,000 2,320,576,397 15,586,700 1,844,800 484,767,050 109,194,200 171,888,300 8,262,068 3,148,021,515 330,593,000 3,148,021,515 - 3,093,104,147 2013 44,969,300 2,329,176,000 11,034,300 1,860,900 491,845,650 113,848,100 166,011,100 8,095,608 3,166,840,958 329,382,100 3,166,840,958 - 3,195,128,101 2012 50,344,100 2,433,314,300 11,100,600 1,858,600 508,475,250 119,392,700 167,707,400 8,722,482 3,300,915,432 339,815,900 3,300,915,432 - 3,382,220,240 2011 28,734,600 1,417,597,290 5,530,300 1,457,280 300,254,100 73,302,400 87,967,500 7,448,967 1,922,292,437 225,248,700 1,922,292,437 - 3,689,433,642 2010 29,337,600 1,192,814,100 5,841,500 1,457,280 257,515,000 54,583,300 80,257,000 3,619,221 1,625,425,001 186,967,800 1,625,425,001 - 3,657,998,724 2009 28,734,600 1,417,597,290 5,530,300 1,457,280 300,254,100 73,302,400 87,967,500 7,448,967 1,922,292,437 225,248,700 1,922,292,437 - 3,689,433,642 2008 29,337,600 1,192,814,100 5,841,500 1,457,280 257,515,000 54,583,300 80,257,000 3,619,221 1,625,425,001 186,967,800 1,625,425,001 - 3,657,998,724 2007 29,814,500 1,183,685,400 5,974,000 1,469,980 269,608,100 54,511,800 81,081,000 3,371,713 1,629,516,493 186,408,500 1,629,516,493 - 3,602,765,702 2006 32,814,000 1,159,128,200 6,120,900 1,543,080 266,702,400 59,146,700 83,652,000 3,881,397 1,612,988,677 9,314,700 1,612,988,677 - 3,145,808,140 2005 38,031,400 1,128,946,400 6,482,800 1,529,780 256,291,000 58,770,900 84,052,000 4,660,182 1,578,764,462 - 1,578,764,462 - -
Revaluation in 2010
Source: Municipal Tax Assesor
a. Taxable Value of Machinery, Implements and Equipment of Telephone, Telegraph and Messenger System Companie b. Tax rates are per $100 EXHIBIT J-7 EAST WINDSOR REGIONAL SCHOOL DISTRICT DIRECT AND OVERLAPPING PROPERTY TAX RATES LAST TEN FISCAL YEARS (Rate per $100 of Assessed Value)
EAST WINDSOR REGIONAL SCHOOL DISTRICT DIRECT RATE OVERLAPPING RATES FISCAL (From J-6) TOTAL YEAR TOTAL DIRECT BOROUGH DIRECT & ENDED BASIC SCHOOL OR MERCER OVERLAPPING JUNE 30, RATE TAX RATE TOWNSHIP COUNTY TAX RATE
East Windsor 2014 1.97 1.97 0.46 0.64 3.06 2013 1.92 1.92 0.55 0.65 3.12 2012 1.19 1.19 0.42 0.64 2.25 2011 1.81 1.81 0.40 0.61 2.82 2010 1.76 1.76 0.38 0.79 2.93 2009 3.47 3.47 0.63 1.17 5.27 2008 3.46 3.46 0.57 1.14 5.17 2007 3.43 3.43 0.51 1.13 5.07 2006 3.27 3.27 0.48 1.08 4.83 2005 3.04 3.04 0.45 1.03 4.52
Hightstown 2014 2.19 2.19 1.18 0.71 4.09 2013 2.13 2.13 1.13 0.70 3.96 2012 1.71 1.71 0.90 0.58 3.19 2011 1.69 1.69 0.88 0.56 3.13 2010 1.71 1.71 0.87 0.57 3.15 2009 1.64 1.64 0.74 0.56 2.94 2008 3.64 3.64 1.60 1.23 6.47 2007 3.48 3.48 1.44 1.14 6.06 2006 3.30 3.30 1.31 1.09 5.70 2005 3.16 3.16 1.12 1.03 5.31
Source: Municipal Tax Collector
148 EXHIBIT J-8 EAST WINDSOR REGIONAL SCHOOL DISTRICT PRINCIPAL PROPERTY TAX PAYERS, CURRENT YEAR AND TEN YEARS AGO
NOT AVAILABLE
EXHIBIT J-9 PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS
FISCAL TAXESCOLLECTED WITHIN THE FISCAL COLLECTIONS YEAR LEVIED FORYEAR OF THE LEVY IN ENDED THE FISCAL PERCENTAGE SUBSEQUENT JUNE 30, YEAR AMOUNT OF LEVY YEARS
2014$ 62,327,563 $ 62,327,563 100.00% - 2013 61,302,377 61,302,377 100.00% - 2012 60,431,034 60,431,034 100.00% - 2011 59,335,232 59,335,232 100.00% - 2010 58,018,972 58,018,972 100.00% - 2009 57,207,251 57,207,251 100.00% - 2008 56,265,812 56,265,812 100.00% - 2007 55,811,387 55,811,387 100.00% - 2006 49,719,395 49,719,395 100.00% - 2005 47,160,237 47,160,237 100.00% -
Source: District records including the Certificate and Report of School Taxes (A4F form)
149 EXHIBIT J-10 EAST WINDSOR REGIONAL SCHOOL DISTRICT RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS
FISCAL PERCENTAGE YEAR GENERAL OF ENDED OBLIGATION TOTAL PER CAPITA PERSONAL DISTRICT PER JUNE 20, BONDS b DISTRICT INCOME INCOME a POPULATION CAPITA a
2014$ 32,480,000 $ 32,480,000 N/A N/A N/A N/A 2013 34,485,000 34,485,000 N/A N/A 33,123 1,041.12 2012 36,470,000 36,470,000 55,714 N/A 33,001 1,105.12 2011 40,214,000 40,214,000 54,445 2.29% 32,271 1,246.13 2010 42,099,000 42,099,000 52,496 2.45% 32,684 1,288.06 2009 43,939,000 43,939,000 51,947 2.64% 32,062 1,370.44 2008 45,699,000 45,699,000 53,961 2.64% 32,062 1,425.33 2007 47,409,000 47,409,000 53,156 2.79% 31,957 1,483.52 2006 49,069,000 49,069,000 50,471 3.08% 31,947 1,535.95 2005 50,498,000 50,498,000 45,931 3.46% 31,930 1,581.52
Note: Details regarding the District's outstanding debt can be found in the notes to the financial statements.
a See Exhibit NJ J-14 for personal income and population data. These ratios are calculated using personal income and population for the prior calendar year b Includes Early Retirement Incentive Plan (ERIP) refunding
150 EXHIBIT J-11 EAST WINDSOR REGIONAL SCHOOL DISTRICT RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING LAST TEN FISCAL YEARS
GENERAL BONDED DEBT OUTSTANDING NET PERCENTAGE FISCAL GENERAL OF ACTUAL YEAR GENERAL BONDED TAXABLE ENDED OBLIGATION DEBT VALUE OF JUNE 30, BONDS DEDUCTIONS OUTSTANDING PROPERTY PER CAPITA
2014 $ 32,480,000 $ - $ 32,480,000 1.690% N/A 2013 34,485,000 - 34,485,000 2.122% N/A 2012 36,470,000 - 36,470,000 2.244% 1,105 2011 40,214,000 - 40,214,000 2.474% 1,246 2010 42,099,000 - 42,099,000 2.590% 1,288 2009 43,939,000 - 43,939,000 2.703% 1,370 2008 45,699,000 - 45,699,000 2.812% 1,425 2007 47,409,000 - 47,409,000 2.909% 1,484 2006 49,069,000 - 49,069,000 3.042% 1,536 2005 50,498,000 - 50,498,000 3.199% 1,582
EXHIBIT J-12 RATIOS OF OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT AS OF DECEMBER 31, 2013
ESTIMATED SHARE OF DEBT PERCENTAGE OVERLAPPING GOVERNMENTAL UNIT OUTSTANDING APPLICABLE DEBT
Debt Repaid With Property Taxes: East Windsor Township Debt* $17,657,802 100.0000%$ 17,657,802 Hightstown Borough Debt 14,430,551 100.0000% 14,430,551 Mercer County - Township Share 368,345,779 6.5460% 24,112,014 Mercer County - Borough Share 368,345,779 0.9982% 3,676,727
Subtotal, Overlapping Debt 42,219,292 East Windsor Regional School District Direct Debt 32,480,000
Total Direct & Overlapping Debt $ 74,699,292
* As of December 31, 2013 Sources: Assessed value data used to estimate applicable percentages provided by County of Mercer, Debt outstanding data provided by each governmental unit.
151 EXHIBIT J-13 EAST WINDSOR REGIONAL SCHOOL DISTRICT LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (Dollars in Thousands)
FISCAL YEAR 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Debt Limit $ 130,131,016 $ 135,939,871 $ 141,794,070 $ 143,655,538 $ 144,776,955 $ 143,752,169 $ 136,766,781 $ 122,553,324 $ 107,648,568 $ 92,149,670
Total Net Debt Applicable to Limit 32,480,000 34,485,000 36,470,000 40,214,000 42,099,000 43,939,000 45,699,000 47,409,000 49,069,000 50,498,000
Legal Debt Margin$ 97,651,016 $ 101,454,871 $ 105,324,070 $ 103,441,538 $ 102,677,955 $ 99,813,169 $ 91,067,781 $ 75,144,324 $ 58,579,568 $ 41,651,670
Total Net Debt Applicable to the Limit as a Percentage of Debt Limit 24.96% 25.37% 25.72% 27.99% 29.08% 30.57% 33.41% 38.68% 45.58% 54.80%
Legal Debt Margin Calculation for Fiscal Year 2013
Equalized Valuation Basis East Windsor Hightstown Total 2013$ 2,756,162,718 $ 391,858,797 $ 3,148,021,515 2012 2,774,273,851 392,567,107 3,166,840,958 152 2011 2,981,188,719 463,774,978 3,444,963,697
$ 8,511,625,288 $ 1,248,200,882 $ 9,759,826,170
Average Equalized Valuation of Taxable Property$ 2,837,208,429 $ 416,066,961 $ 3,253,275,390
Debt Limit (4 % of Average Equalization Value) $ 130,131,016 Net Bonded School Debt 32,480,000
Legal Debt Margin $ 97,651,016
Source: Equalized valuation bases were obtained from the Annual Report of the State of New Jersey Department of Treasury, Division of Taxation EXHIBIT J-14 EAST WINDSOR REGIONAL SCHOOL DISTRICT DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS
EAST WINDSOR PER CAPITA PERSONAL UNEMPLOYMENT YEAR POPULATION (a) INCOME (b) RATE (c)
2014 N/A N/A N/A 2013 33,123 N/A 5.11% 2012 33,001 N/A 6.35% 2011 32,271 54,445 7.90% 2010 32,684 52,496 6.55% 2009 32,062 51,947 6.20% 2008 32,062 53,961 3.93% 2007 31,957 53,156 3.65% 2006 31,947 50,471 3.80% 2005 31,930 45,931 2.70%
Source: a Population information provided by the NJ Dept of Labor and Workforce Development b Per Capita information provided by the US Dept of Commerce, Bureau of Economic Analysis c Unemployment data provided by the NJ Dept of Labor and Workforce Development
EXHIBIT J-15
NOT AVAILABLE
153 EXHIBIT J-16 EAST WINDSOR REGIONAL SCHOOL DISTRICT FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY FUNCTION/PROGRAM LAST TEN FISCAL YEARS
Function/Program 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Instruction: Regular 339 333 326 326 319 327 330 325 324 307 Special Education 72 69 49 50 46 45 69 72 72 69 Other Special Education 28 28 40 36 39 38 30 30 29 30 Other Instruction/ Nurse 86666666 6 6 Guidance 17 17 17 14 14 15 15 12 12 11 Support Services: Student & Instruction Related Services 41 41 8 45 45 46 47 49 50 46 General Administration 109999111112 13 12 School Administrative Services 15 14 13 13 13 13 12 12 13 12 Other Administrative Services 988991388 8 5 Central Services 20 19 19 44 44 48 45 46 46 41 154 Administrative Information Technology 11111222 2 2
Plant Operations & Maintenance 54 55 55 54 55 59 60 58 58 55 Pupil Transportation 65 63 59 57 55 50 50 50 54 63 Other Support Services VA 30 25 26 27 27 31 27 25 25 29 Campus Monitor 66666665 5 5 Computer Technician 66644343 4 3 Courier 11111111 1 1 Duplicating Eq. Operator 11111111 1 1 Substitute Assignment Officer 1 1 1 Child Care 23 22 22 20 20 19 19 18 18 18 Maintenance Supervisor 1 Custodial Supervisor 11111111 1 1 Director of Buildings & Grounds 11111111 1 1 Lunch Monitors 19 1689911108 8 8
Total 767 742 682 734 725 747 755 746 752 728
Source: District Personnel Records EXHIBIT J-17 EAST WINDSOR REGIONAL SCHOOL DISTRICT OPERATING STATISTICS LAST TEN FISCAL YEARS
PUPIL/TEACHER RATIO AVERAGE AVERAGE % CHANGE IN OPERATING SENIOR DAILY DAILY AVERAGE STUDENT FISCAL EXPENDITURES COST PER PERCENTAGE TEACHING MIDDLE HIGH ENROLLMENT ATTENDANCE DAILY ATTENDANCE YEAR ENROLLMENT (a) PUPIL CHANGE STAFF (b) ELEMENTARY SCHOOL SCHOOL (ADE) (c) (ADA) (c) ENROLLMENT PERCENTAGE
2014 5,106 $ 84,970,859 16,641 2.65% 411 14.6 11.1 11.7 5,091 4,892 0.61% 96.09% 2013 5,090 82,520,106 16,212 4.50% 402 16.5 13.6 12.4 5,060 4,840 1.83% 95.65% 2012 5,068 78,621,158 15,513 2.34% 387 14.4 12.5 11.7 4,969 4,768 -1.11% 95.95% 2011 5,042 76,426,312 15,158 -4.51% 408 13.7 11.3 11.3 5,025 4,805 (0) 95.62% 2010 5,024 79,746,152 15,873 8.42% 431 13.0 10.3 10.8 5,033 4,832 96.01% 2009 4,968 79,617,374 14,640 -7.89% 392 13.4 12.1 11.9 5,033 4,806 1.41% 95.49% 2008 4,923 78,249,240 15,895 5.04% 450 13.0 11.4 11.7 4,963 4,719 -1.82% 95.08% 2007 5,001 75,673,409 15,132 7.07% 456 13.6 12.6 12.9 5,055 4,839 2.41% 95.73% 2006 4,815 68,050,959 14,133 5.42% 460 13.6 12.6 12.9 4,936 4,691 0.39% 95.04% 2005 4,794 64,268,591 13,406 1.74% 458 13.6 12.6 12.9 4,917 4,681 1.63% 95.20%
Sources: District records 155
Note: Enrollment based on annual October district count.
a Operating expenditures equal total expenditures less debt service and capital outlay. b Teaching staff includes only full-time equivalents of certificated staff c Average daily enrollment and average daily attendance are obtained from the School Register Summary (SRS) EXHIBIT J-18 EAST WINDSOR REGIONAL SCHOOL DISTRICT SCHOOL BUILDING INFORMATION LAST TEN FISCAL YEARS
DISTRICT BUILDINGS 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Elementary Schools: McKnight ES (1970): Square Feet 84,596 98,976 98,976 98,976 98,976 98,976 98,976 98,976 98,976 99,976 Capacity (Students) 660 660 660 660 660 660 660 660 660 660 Enrollment 644 695 640 607 779 772 736 687 643 640 Drew ES (1975): Square Feet 92,244 105,244 105,244 105,244 105,244 105,244 105,244 105,244 105,244 92,244 Capacity (Students) 728 728 728 728 728 728 728 728 728 700 Enrollment (a) 671 571 569 655 672 643 629 675 684 660 Walter C Black ES (1949): Square Feet 78,570 97,335 97,335 97,335 97,335 97,335 97,335 97,335 97,335 81,110 Capacity (Students) 615 615 615 615 615 615 615 615 615 578 Enrollment 488 485 512 528 554 589 554 577 562 Rogers ES (1924): Square Feet 107,908 105,091 105,091 105,091 105,091 105,091 105,091 105,091 105,091 105,540 Capacity (Students) 543 543 543 543 543 543 543 543 543 543 Enrollment 699 710 728 640 455 470 487 520 522 520 Middle School: 156 Kreps Middle School (1968):
Square Feet 205,021 205,021 205,021 205,021 205,021 205,021 205,021 205,021 205,021 205,021 Capacity (Students) 1,135 1,135 1,135 1,135 1,135 1,135 1,135 1,135 1,135 1,135 Enrollment 1,105 1,203 1,229 1,201 1,155 1,127 1,109 1,135 1,121 1,050 High School: Hightstown High School (1966): Square Feet 262,435 259,660 259,660 259,660 259,660 259,660 259,660 259,660 259,660 259,660 Capacity (Students) 1,274 1,274 1,274 1,274 1,274 1,274 1,274 1,274 1,274 1,274 Enrollment 1,458 1,426 1,394 1,411 1,409 1,367 1,408 1,461 1,460 1,440 Other Buildings: Transportation (1979): Square Feet 2,000 200 200 200 200 200 200 200 200 200 Central Administration (1846): Square Feet 4,150 1,690 1,690 1,690 1,690 1,690 1,690 1,690 1,690 1,690 Maintenance (1986) Square Feet 3,600 1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575
Number of Schools at June 30, 2014: Elementary = 4 Middle School = 1 Senior High School = 1 Other = 3
Source: District Facilities Office
Note: Year of original construction is shown in parentheses. Increases in square footage and capacity are the result of and additions. Enrollment is based on the annual October District count. EXHIBIT J-19 EAST WINDSOR REGIONAL SCHOOL DISTRICT SCHEDULE OF REQUIRED MAINTENANCE LAST TEN FISCAL YEARS
UNDISTRIBUTED EXPENDITURES - REQUIRED MAINTENANCE FOR SCHOOL FACILITIES 11-000-261-xxx
BLACK DREW MC KNIGHT ROGERS KREPS HIGHTSTOWN FISCAL ELEMENTARY ELEMENTARY ELEMENTARY ELEMENTARY ELEMENTARY HIGH YEAR SCHOOL SCHOOL SCHOOL SCHOOL SCHOOL SCHOOL TOTAL
2014$ 220,461 $ 258,830 $ 237,370 $ 302,782 $ 575,273 $ 736,373 $ 2,331,089 2013 158,520 186,108 170,678 217,711 413,643 523,880 1,670,540 2012 107,308 125,382 115,216 148,844 280,132 488,891 1,265,773 2011 132,864 153,988 75,803 154,690 349,991 455,875 1,323,211 2010 133,605 153,720 88,321 175,455 334,555 424,028 1,309,684 2009 160,077 182,052 104,766 208,292 404,627 512,460 1,572,274 2008 141,171 164,852 140,415 159,105 277,931 529,155 1,412,629 2007 128,863 126,152 112,626 131,451 246,443 601,454 1,346,989 2006 173,179 223,896 113,423 225,333 376,494 457,804 1,570,129 2005 155,466 152,195 135,877 158,588 297,319 725,619 1,625,064
Total$ 1,511,514 $ 1,727,175 $ 1,294,495 $ 1,882,251 $ 3,556,408 $ 5,455,539 $ 15,427,382
Source: District records
157 EXHIBIT J-20 EAST WINDSOR REGIONAL SCHOOL DISTRICT INSURANCE SCHEDULE JUNE 30, 2014
COVERAGE DEDUCTIBLE Multiperil Package Policy: Property - Blank Building & Contents$ 219,949,899 $ 5,000 Demolition/Increase Cost of Construction 10,000,000 5,000 Extra Expense 50,000,000 5,000 Valuable Papers 10,050,000 5,000 Satellite Dishes Included 5,000 Commercial General Liability Per Occurrence 11,000,000 Policy Aggregate 11,000,000 Commercial Crime Coverage Blkt Faithful Perf 500,000 1,000 Forgery, M&S, Comp 100,000 1,000 - - Underground Storage Tank Liability: Per Occurrence 1,000,000 5,000 Policy Aggregate 2,000,000
Computers and Schedule Equipment: Data Processing Equipment 3,000,000 1,000
Commercial Auto: Liability 11,000,000 Physical Damage Actual Cash Value 1,000
Boiler and Machinery 219,949,899 5,000
School Board Legal Liability: Coverage A 11,000,000 25,000 Coverage B 50,000/150,000 25,000
Professional Nurses Liability: Per Occurrence 1,000,000 Policy Aggregate 3,000,000
Public Employees' Faithful Performance Bonds: Board Secretary- School Business Administrator 364,030 Treasurer 364,030
Workers Compensation Excess Liability Statutory
Group Accident 5,000,000 Excess
CAP Policy 50,000,000 Excess
Source: District records Note: The coverage above reflects the amounts for all districts that belong to the Fund
158 SINGLE AUDIT SECTION
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160 EXHIBIT K-1
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Honorable President and Members of the Board of Education East Windsor Regional School District County of Mercer Hightstown, New Jersey 08520
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of East Windsor Regional School District, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise East Windsor Regional School District’s basic financial statements, and have issued our report thereon dated October 29, 2014.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered East Windsor Regional School District's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of East Windsor Regional School District’s internal control. Accordingly, we do not express an opinion on the effectiveness of East Windsor Regional School District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
161 Compliance and Other Matters
As part of obtaining reasonable assurance about whether East Windsor Regional School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instance of noncompliance or other matters that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, and federal and state awarding agencies and pass-through entities, in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P.C.
Rodney R. Haines Certified Public Accountant Public School Accountant No. 2198
Medford, New Jersey October 29, 2014
162
EXHIBIT K-2
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A- 133 AND NEW JERSEY OMB CIRCULAR 04-04
Honorable President and Members of the Board of Education East Windsor Regional School District County of Mercer Hightstown, New Jersey 08520
Report on Compliance for Each Major Federal and State Program
We have audited East Windsor Regional School District’s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the New Jersey Aid/Grant Compliance Supplement that could have a direct and material effect on each of the District’s major federal and state programs for the year ended June 30, 2014. East Windsor Regional School District’s major federal and state programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.
Management’s Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for each of East Windsor Regional School District’s major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organization; the New Jersey State Aid/Grant Compliance Supplement; the audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey; and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, OMB Circular A- 133 and New Jersey OMB’s Circular 04-04, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program occurred. An audit includes examining, on a test basis, evidence about East Windsor Regional School District’s
163 compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal or state program. However, our audit does not provide a legal determination of East Windsor Regional School District’s compliance with those requirements.
Opinion on Each Major Federal or State Program
In our opinion, East Windsor Regional School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal or state programs for the year ended June 30, 2014.
Report on Internal Control Over Compliance
Management of East Windsor Regional School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered East Windsor Regional School District’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal or state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal or state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 or New Jersey OMB’s Circular 04-04, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of East Windsor Regional School District’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
164 The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133 and New Jersey OMB’s Circular 04-04. Accordingly, this report is not suitable for any other purpose.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P.C.
Rodney R. Haines Certified Public Accountant Public School Accountant No. 2198
Medford, New Jersey October 29, 2014
165 EXHIBIT K-3 SCHEDULE A EAST WINDSOR REGIONAL SCHOOL DISTRICT SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED JUNE 30, 2014 GRANT OR PROGRAM BALANCE REPAYMENT FEDERAL GRANTOR FEDERAL STATE OR AT CARRYOVER OF PRIOR BALANCE AT JUNE 30, 2014 PASS-THROUGH GRANTOR CFDA PROJECT AWARD GRANT JUNE 30, (WALKOVER) CASH BUDGETARY YEAR (ACCOUNTS DUE TO PROGRAM TITLE NUMBER NUMBER AMOUNT PERIOD 2013 AMOUNT RECEIVED EXPENDITURES BALANCES RECEIVABLE) GRANTOR
U.S. DEPARTMENT OF AGRICULTURE PASSED- THROUGH STATE DEPARTMENT OF EDUCATION:
Food Distribution Program 10.550 124,716$ 7/1/13-6/30/14 -$ $ - $ 124,716 $ (124,716) $ - $ - $ - School Breakfast Program 10.553 111,445 7/1/13-6/30/14 - - 103,660 (111,445) - (7,785) - School Breakfast Program 10.553 96,656 7/1/12-6/30/13 (8,747) - 8,747 - - - - National School Lunch Program 10.555 702,208 7/1/13-6/30/14 - - 661,115 (702,208) - (41,093) - National School Lunch Program 10.555 604,206 7/1/12-6/30/13 (42,124) - 42,124 - - - - Healthy Hunger-Free Kids Act (HHFKA) 10.551 23,617 7/1/13-6/30/14 - 22,258 (23,617) (1,359) Healthy Hunger-Free Kids Act (HHFKA) 10.551 21,390 7/1/12-6/30/13 (1,450) - 1,450 - - - - Special Milk Program 10.556 5,595 7/1/13-6/30/14 - - 5,276 (5,595) - (319) - Special Milk Program 10.556 3,629 7/1/12-6/30/13 (306) - 306 - - - - - Total Enterprise Fund (52,627) - 969,652 (967,581) - (50,556) -
U.S. DEPARTMENT OF EDUCATION PASSED-
166 THROUGH STATE DEPARTMENT OF EDUCATION: General Fund: Education Jobs Fund 84.410A 666,130 9/1/10-9/30/12 (1,663) - 1,663 - - - - Medical Assistance Program (SEMI) 93.778 143,812 9/1/12-8/31/13 - - 143,812 (143,812) - - -
Total General Fund (1,663) - 145,475 (143,812) - - -
U.S. DEPARTMENT OF EDUCATION PASSED- THROUGH STATE DEPARTMENT OF EDUCATION: Special Revenue Fund: Title I: Part A 84.010A 520,008 7/1/13-6/30/14 - - 342,755 (488,023) - (145,268) - Part A 84.010A 555,824 9/1/12-8/31/13 (121,040) - 133,138 - 12,098 - - Part A Carryover 84.010A 552,252 9/1/11-8/31/12 - - 91,123 (91,123) - - - Title II: Eisenhower Math/Science 84.367A 85,794 7/1/13-6/30/14 - - 48,523 (82,696) - (34,173) - Eisenhower Math/Science 84.367A 85,903 9/1/12-8/31/13 (36,148) - 36,148 - - - - Title III: Emergency Immigrant Education 84.365A 115,961 7/1/13-6/30/14 - - 57,649 (110,854) - (53,205) - Emergency Immigrant Education 84.365A 108,361 9/1/12-8/31/13 (42,628) - 42,628 - - - - I.D.E.A. Part B: Basic Regular 84.027 FT285014 1,237,459 7/1/13-6/30/14 - - 719,297 (1,038,326) - (319,029) - Basic Regular 84.027 FT285013 1,223,007 9/1/12-8/31/13 (447,488) - 447,488 - - - - Basic Regular Carryover 84.027 FT285006 1,330,823 9/1/11-8/31/12 - - 28,803 (28,803) - - - Preschool Handicapped 84.173 PS285014 54,725 7/1/13-6/30/14 - - 48,762 (54,725) - (5,963) - Preschool Handicapped 84.173 PS285013 49,999 9/1/12-8/31/13 (45,853) - 45,853 - - - - Preschool Handicapped Recovery Act 84.392 44,928 9/1/11-8/31/12 (754) - 754 - - - - Perkins Vocational Education Grant 84.048A 35,071 7/1/13-6/30/14 - 6,719 (17,862) - (11,143) - Perkins Vocational Education Grant 84.048A 31,067 9/1/12-8/31/13 (3,021) - 3,021 - - - - EXHIBIT K-3 SCHEDULE A EAST WINDSOR REGIONAL SCHOOL DISTRICT SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED JUNE 30, 2014 GRANT OR PROGRAM BALANCE REPAYMENT FEDERAL GRANTOR FEDERAL STATE OR AT CARRYOVER OF PRIOR BALANCE AT JUNE 30, 2014 PASS-THROUGH GRANTOR CFDA PROJECT AWARD GRANT JUNE 30, (WALKOVER) CASH BUDGETARY YEAR (ACCOUNTS DUE TO PROGRAM TITLE NUMBER NUMBER AMOUNT PERIOD 2013 AMOUNT RECEIVED EXPENDITURES BALANCES RECEIVABLE) GRANTOR
Race to the Top 84.413 35,585 9/1/12-8/31/13 (312) - 312 - - - -
Total Special Revenue Fund (697,244) - 2,052,973 (1,912,412) 12,098 (568,781) -
Total Federal Financial Assistance $ (751,534) $ - $ 3,168,100 $ (3,023,805) $ 12,098 $ (619,337) $ - 167
EXHIBIT K-4 SCHEDULE B EAST WINDSOR REGIONAL SCHOOL DISTRICT SCHEDULE OF STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED JUNE 30, 2013
GRANT OR BALANCE REPAYMENT (ACCOUNTS DUE TO MEMO STATE AT OF RECEIVABLE) GRANTOR CUMULATIVE PROJECT AWARD GRANT JUNE 30, CASH BUDGETARY PRIOR YEARS' JUNE 30, JUNE 30, BUDGETARY TOTAL STATE GRANTOR/PROGRAM TITLE NUMBER AMOUNT PERIOD 2013 RECEIVED EXPENDITURES BALANCES 2014 2014 RECEIVABLE EXPENDITURES
State Department of Education: General Fund: Transportation Aid 14-495-034-5120-014$ 404,533 7/1/13-6/30/14$ - $ 404,533 $ (404,533) $ - $ - -$ $ 31,590 $ 404,533 Equalization Aid 14-495-034-5120-078 14,553,606 7/1/13-6/30/14 - 14,553,606 (14,553,606) - - - 1,136,481 14,553,606 Special Education Aid 14-495-034-5120-089 2,941,036 7/1/13-6/30/14 - 2,941,036 (2,941,036) - - - 229,664 2,941,036 Security Aid 14-495-034-5120-084 499,780 7/1/13-6/30/14 - 499,780 (499,780) - - - 39,027 499,780 Extraordinary Aid 14-495-034-5120-473 268,970 7/1/13-6/30/14 - - (268,970) - (268,970) - - 268,970 Extraordinary Aid 13-495-034-5120-473 332,964 7/1/12-6/30/13 (332,964) 332,964 ------Nonpublic Transportation Aid 14-495-034-5120-014 39,898 7/1/13-6/30/14 - - (39,898) - (39,898) - - 39,898 Nonpublic Transportation Aid 13-495-034-5120-014 51,852 7/1/12-6/30/13 (51,852) 51,852 ------On-Behalf TPAF Pension Contribution 14-495-034-5095-006 1,490,986 7/1/13-6/30/14 - 1,490,986 (1,490,986) - - - - 1,490,986 On-Behalf TPAF Post-Retirement Medical 14-495-034-5095-006 2,444,656 7/1/13-6/30/14 - 2,444,656 (2,444,656) - - - - 2,444,656 TPAF Social Security Contributions 14-495-034-5095-002 2,731,561 7/1/13-6/30/14 - 2,595,455 (2,731,561) - (136,106) - - 2,731,561 TPAF Social Security Contributions 13-495-034-5095-002 2,600,361 7/1/12-6/30/13 (133,311) 133,311 ------
Total General Fund (518,127) 25,448,179 (25,375,026) - (444,974) - 1,436,762 25,375,026
Special Revenue: State Department of Education: Nonpublic Textbook Aid 14-100-034-5120-064 6,582 7/1/13-6/30/14 - 6,582 (5,540) - - 1,042 - 5,540 Nonpublic Textbook Aid 13-100-034-5120-064 7,979 7/1/12-6/30/13 2,008 - - (2,008) - - - -
168 Nonpublic Nursing 14-100-034-5120-070 16,985 7/1/13-6/30/14 - 16,985 (9,342) - - 7,643 - 9,342
Nonpublic ESL 14-100-034-5120-066 1,746 7/1/13-6/30/14 - 1,746 (87) - - 1,659 - 87 Nonpublic ESL 13-100-034-5120-066 1,705 7/1/12-6/30/13 1,705 - (1,705) - - - - Auxiliary Services: Compensatory Education 14-495-034-5120-067 50,503 7/1/13-6/30/14 - 50,503 (46,652) - - 3,851 - 46,652 Compensatory Education 13-495-034-5120-067 44,312 7/1/12-6/30/13 1,710 (1,710) - - - Handicapped Services: Supplementary Instruction 14-100-034-5120-066 13,530 7/1/13-6/30/14 - 13,530 (13,113) - - 417 - 13,113 Supplementary Instruction 13-100-034-5120-066 21,231 7/1/12-6/30/13 8,326 (8,326) - - - - Examination & Classification 14-100-034-5120-066 63,041 7/1/13-6/30/14 - 63,041 (54,285) - - 8,756 - 54,285 Examination & Classification 13-100-034-5120-066 38,689 7/1/12-6/30/13 9,850 - (9,850) - - - - Corrective Speech 14-100-034-5120-066 18,749 7/1/13-6/30/14 - 18,749 (14,921) - - 3,828 - 14,921 Corrective Speech 13-100-034-5120-066 18,749 7/1/12-6/30/13 703 - (703) - - - - Nonpublic Technology 14-100-034-5120-066 4,380 7/1/13-6/30/14 - 4,380 (2,020) - - 2,360 - 2,020 Nonpublic Technology 13-100-034-5120-066 12,033 7/1/12-6/30/13 1,826 - - (1,826) - - - - State Department of Agriculture: Grow Healthy Mini Grant 021-01245 7,500 4/1/11-6/30/12 3,771 - - - - 3,771 - -
Total Special Revenue Fund 29,899 175,516 (145,960) (26,128) - 33,327 - 145,960
Capital Projects Fund State Department of Education: SDA Grant High School - Roof and Door Replacement 1245-050-14-1007-G04 262,937 - - (38,811) - (38,811) - - 38,811 SDA Grant Kreps Middle School - Roof and Door Replacement 1245-070-14-1010-G04 1,231,911 - - (68,449) - (68,449) - - 68,449 SDA Grant Drew Elementary School - Roof and Door Replacement 1245-075-14-1011-G04 51,332 - - (3,621) - (3,621) - - 3,621
Total Capital Projects - - (110,881) - (110,881) - - 110,881 EXHIBIT K-4 SCHEDULE B EAST WINDSOR REGIONAL SCHOOL DISTRICT SCHEDULE OF STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED JUNE 30, 2013
GRANT OR BALANCE REPAYMENT (ACCOUNTS DUE TO MEMO STATE AT OF RECEIVABLE) GRANTOR CUMULATIVE PROJECT AWARD GRANT JUNE 30, CASH BUDGETARY PRIOR YEARS' JUNE 30, JUNE 30, BUDGETARY TOTAL STATE GRANTOR/PROGRAM TITLE NUMBER AMOUNT PERIOD 2013 RECEIVED EXPENDITURES BALANCES 2014 2014 RECEIVABLE EXPENDITURES
Debt Service State Department of Education: Debt Service Aid Type II 13-100-034-5120-125 140,795 7/1/13-6/30/14 - 140,795 (140,795) - - - - 140,795
Total Debt Service - 140,795 (140,795) - - - - 140,795
State Department of Agriculture: National School Lunch Program - State Share 14-100-034-5120-122 20,393 7/1/13-6/30/14 - 18,097 (20,393) - (2,296) - - 20,393 National School Lunch Program - State Share 13-100-034-5120-122 19,285 7/1/12-6/30/13 (1,180) 1,180 ------
Total Enterprise Fund (1,180) 19,277 (20,393) - (2,296) - - 20,393 - Total State Financial Assistance $ (489,408) $ 25,783,767 (25,793,055) $ (26,128) $ (558,151) $ 33,327 $ 1,436,762 $ 25,793,055
Less: Awards Not Subject to New Jersey OMB Circular 04-04: On-Behalf Teacher Pension and Annuity Fund 1,490,986 On-Behalf Teacher Post-Retirment Medical 2,444,656
Total State Financial Assistance Subject to New Jersey OMB Circular 04-04 $ (21,857,413) 169
EXHIBIT K-5 (Page 1 of 2) EAST WINDSOR REGIONAL SCHOOL DISTRICT NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE JUNE 30, 2014
Note 1. General
The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state award activity of the Board of Education, East Windsor Regional School District. The Board of Education is defined in Note 1 to the Board’s basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance.
Note 2. Basis of Accounting
The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. These basis of accounting are described in Note 1 to the Board’s basic financial statements.
Note 3. Relationship to Basic Financial Statements
The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made.
The general fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP purposes that payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A.18A:22-4.2.
The net adjustment to reconcile from the budgetary basis to the GAAP basis is $69,685 for the general fund and $(4,715) for the special revenue fund. See Note 1 for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the Board’s basic financial statements on a GAAP basis as presented as follows:
170 EXHIBIT K-5 (Page 2 of 2) EAST WINDSOR REGIONAL SCHOOL DISTRICT NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE JUNE 30, 2014
Note 3. Relationship to Basic Financial Statements (continued):
Federal State Total
General Fund $ 143,812 $ 25,444,711 $ 25,588,523 Special Revenue Fund 1,926,663 147,237 2,073,900 Capital Projects Fund 110,881 110,881 Debt Service Fund 140,795 140,795 Food Service Fund 967,581 20,393 987,974
Total Financial Assistance $ 3,038,056 $ 25,864,017 $ 28,902,073
Note 4. Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
Note 5. Other
Revenues and expenditures reported under the Food Distribution Program represents current year value received and current year distributions respectively. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of the District for the year ended June 30, 2014. TPAF social security contributions represent the amount reimbursed by the state for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2014.
Note 6. Federal and State Loans Outstanding
The East Windsor Regional School District Board of Education had no loan balances outstanding at June 30, 2014.
171 EXHIBIT K-6 (Page 1 of 3) EAST WINDSOR REGIONAL SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS For the Fiscal Year Ended June 30, 2014
Section I – Summary of Auditor’s Results
Financial Statements
Type of auditor’s report issued: Unmodified
Internal control over financial reporting:
1) Material weakness(es) identified? None Reported 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported
Noncompliance material to basic financial Statements noted? None Reported
Federal Awards
Internal Control over major programs:
1) Material weakness(es) identified? None Reported 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported
Type of auditor’s report issued on compliance for major programs Unmodified
Any audit findings disclosed that are required to be reported in accordance With Section .510(a) of Circular A-133 None Reported
Identification of major programs:
CFDA Number(s) Name of Federal Program or Cluster
84.027 IDEA, Basic 84.173 IDEA, Basic, Preschool 84.010 N.C.L.B. Title IA 93.778 Medical Assistance Program
Dollar threshold used to distinguish between type A and type B programs: $300,000
Auditee qualified as low-risk auditee? Yes
172
EXHIBIT K-6 (Page 2 of 3) EAST WINDSOR REGIONAL SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS For the Fiscal Year Ended June 30, 2014
Section I – Summary of Auditor’s Results (continued) State Awards
Internal Control over major programs:
1) Material weakness(es) identified? None Reported 2) Significant deficiencies identified that are not considered To be material weaknesses? None Reported
Type of auditor’s report issued on compliance for major programs Unmodified
Any audit findings disclosed that are required to be reported in accordance With NJ OMB Circular Letter 04-04 None Reported
Identification of major programs:
GMIS Number(s) Name of State Program
14-495-034-5120-078 Equalization Aid 14-495-034-5120-089 Special Education Aid 14-495-034-5120-084 Security Aid 14-495-034-5090-002 TPAF Social Security 14-495-034-5120-473 Extraordinary Aid 14-495-034-5120-125 Debt Service Type II Aid
Dollar threshold used to distinguish between type A and type B programs: $655,722
Auditee qualified as low-risk auditee? Yes
173 EXHIBIT K-6 (Page 3 of 3) EAST WINDSOR REGIONAL SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS For the Fiscal Year Ended June 30, 2014
Section II – Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements and abuse related to the financial statements for which Government Auditing Standards requires reporting in a Circular A-133 audit.
No Current Year Findings
Section III – Federal Awards and State Financial Assistance Finding & Questioned Costs
This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and New Jersey OMB’s Circular Letter 04-04.
No Current Year Findings
174
EXHIBIT K-7 EAST WINDSOR REGIONAL SCHOOL DISTRICT SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT For the Fiscal Year Ended June 30, 2014
This section identifies the status of prior-year findings related to the basic financial statements and federal and state awards that are required to be reported in accordance with Chapter 6.12 of Government Auditing Standards, U.S. OMB Circular A-133 (section .315 (a)(b)) and New Jersey OMB’s Circular 04- 04.
No Prior Year Findings
175