Board of Education of Jefferson County, Kentucky
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Board of Education of Jefferson County, Kentucky www.jcpsky.net Equal Opportunity/Affirmative Action Employer Offering Equal Educational Opportunities Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2008 Prepared By: Department of Financial Services Sheldon H. Berman Superintendent J. Cordelia Hardin Chief Financial Officer/Treasurer Edward D. Muns Director of Accounting Services JEFFERSON COUNTY PUBLIC SCHOOLS Jefferson County Board of Education For the Fiscal Year Ended June 30, 2008 Table of Contents Introductory Section Letter of Transmittal................................................................................................................................................................................... iv Board of Education..................................................................................................................................................................................... xiv Government Finance Officer’s Association Award for Excellence .......................................................................................................... xvi Organizational Chart.................................................................................................................................................................................. xvii Financial Section Independent Auditors’ Report ............................................................................................................................................................................ 1 Management’s Discussion and Analysis (Unaudited)...................................................................................................................................... 3 Financial Statements: District-wide Financial Statements Statement of Net Assets ................................................................................................................................................................................... 13 Statement of Activities...................................................................................................................................................................................... 14 Fund Financial Statements Governmental Funds Balance Sheet ................................................................................................................................................................................................... 15 Statement of Revenues, Expenditures, and Changes in Fund Balances ......................................................................................................... 17 Proprietary Funds Statement of Net Assets .................................................................................................................................................................................. 19 Statement of Revenues, Expenses, and Changes in Net Assets ...................................................................................................................... 20 Statement of Cash Flows .................................................................................................................................................................................. 21 Fiduciary Funds Statement of Net Assets ................................................................................................................................................................................... 23 Continued Table of Contents--Continued Notes to Financial Statements............................................................................................................................................................................. 24 Required Supplementary Information Schedule of Revenues and Expenditures – Budget and Actual General Fund ............................................................................................. 45 Schedule of Revenues and Expenditures – Budget and Actual Grants & Awards Fund .............................................................................. 46 Other Supplementary Information Schedule of Revenues and Expenditures – Budget and Actual Construction Fund ....................................................................................... 48 Schedule of Revenues and Expenditures – Budget and Actual School Food Service Fund .......................................................................... 48 Schedule of Revenues and Expenditures – Budget and Actual Capital Outlay Fund .................................................................................... 49 Schedule of Revenues and Expenditures – Budget and Actual Building Fund .......................................................................................... 49 Schedule of Revenues and Expenditures – Budget and Actual Debt Service Fund ...................................................................................... 50 Schedule of Revenues and Expenditures – Budget and Actual Daycare Operations Fund ........................................................................... 50 Schedule of Revenues and Expenditures – Budget and Actual Adult Education Fund ................................................................................ 51 Schedule of Revenues and Expenditures – Budget and Actual Tuition Preschool Fund .............................................................................. 51 Schedule of Revenues and Expenditures – Budget and Actual Katherine Avellar Trust Fund .................................................................... 52 Combining Balance Sheet – Nonmajor Governmental Funds ........................................................................................................................ 53 Combining Statement of Revenues, Expenditures and Changes in Fund Balance – Nonmajor Governmental Funds ................................................................................................................... 54 Combining Balance Sheet – Nonmajor Proprietary Funds ............................................................................................................................. 55 Combining Statement of Revenues, Expenditures and Changes in Fund Balance – Nonmajor Proprietary Funds ........................................................................................................................ 56 Combining Statement of Cash Flows – Nonmajor Proprietary Funds ............................................................................................................ 57 Combining Statement of Net Assets – Fiduciary Funds and Statement of Changes in Net Assets – Fiduciary Funds ........................................................................................................................... 58 Statistical Section Statement of Net Assets—Governmental Funds ....................................................................................................................................... 59 Statement of Activities—Governmental Funds ......................................................................................................................................... 61 Statement of Activities—Business-Type Funds ....................................................................................................................................... 63 Statement of Activities—Total Primary Government................................................................................................................................ 64 Continued ii Table of Contents--Continued Balance Sheets—Governmental Funds ..................................................................................................................................................... 66 Statement of Revenues, Expenditures, and Changes in Fund Balances—Governmental Funds .......................................................... 68 General Government Revenues by Type .................................................................................................................................................... 72 General Government Expenses by Function ............................................................................................................................................. 73 Property Tax Rates ...................................................................................................................................................................................... 74 Real Estate and Personal Property Tax Revenues ..................................................................................................................................... 75 Property Tax Assessments ........................................................................................................................................................................... 76 Property Taxes, as Assessed ....................................................................................................................................................................... 77 Principal Real Estate Taxpayers ................................................................................................................................................................. 78 Overlapping Tax Rates ................................................................................................................................................................................ 79 Principal Employers by Number of Employees ........................................................................................................................................