2009 Comprehensive Annual Financial Report for the FISCAL YEAR ENDED JUNE 30, 2009
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Richmond City Public Schools 2009 Comprehensive Annual Financial Report FOR THE FISCAL YEAR ENDED JUNE 30, 2009 Richmond City Public Schools A Component Unit of the City of Richmond, Virginia Richmond City Public Schools Richmond, Virginia A Component Unit of the City of Richmond, Virginia Richmond City Public Schools 2009 Comprehensive Annual Financial Report FOR THE FISCAL YEAR ENDED JUNE 30, 2009 Prepared By: DEPARMENT OF BUDGET AND FINANCIAL REPORTING Yvonne W. Brandon, Ed.D. Superintendent Lynn G. Bragga, M.B.A Director, Budget and Financial Reporting Angela R. Anderson Chief of Financial Reporting THE SCHOOL BOARD OF THE CITY OF RICHMOND COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2009 TABLE OF CONTENTS INTRODUCTORY SECTION ( unaudited) Letter of Transmittal............................................................................................ i School Board Members and School Board Officials ................................................ xiii Organizational Chart............................................................................................ xiv GFOA Certificate of Achievement for Excellence in Financial Reporting ................... xv ASBO Certificate of Excellence in Financial Reporting............................................ xvi FINANCIAL SECTION Independent Auditors’ Report………………………………………………………… 1 Management’s Discussion and Analysis ……………………………………………. 5 BASIC FINANCIAL STATEMENTS: Government-wide Financial Statements Exhibit A Statement of Net Assets – Governmental Activities................................................. 20 Exhibit B Statement of Activities – Governmental Activities ................................................... 21 Fund Financial Statements Governmental Funds’ Financial Statements and Reconciliations: Exhibit C Balance Sheet – Governmental Funds ................................................................... 23 Exhibit D Reconciliation of the Governmental Funds’ Balance Sheet to the Statement of Net Assets ............................................................................. 24 Exhibit E Statement of Revenues, Expenditures and Changes in Fund Balances..................... 25 Exhibit F Reconciliation of the Governmental Funds’ Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities … ............................................................................ 26 Fiduciary Funds Financial Statements Exhibit G Statement of Fiduciary Net Assets.......................................................................... 27 Exhibit H Statement of Changes in Fiduciary Net Assets ........................................................ 28 Notes to Basic Financial Statements ............................................................... 29 THE SCHOOL BOARD OF THE CITY OF RICHMOND COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2009 TABLE OF CONTENTS REQUIRED SUPPLEMENTARY INFORMATION (unaudited): Exhibit I General Fund: Budgetary Comparison Schedule – Budget and Actual .................... 50 Defined Benefit Pension Plan Information: Exhibit J Virginia Retirement System Agent Multiple-Employer Defined Benefit Pension Plan Participation – Schedule of Funding Progress..................................... 56 Exhibit K Early Retirement Incentive Plan for Employees of Richmond Public Schools – Schedules of Funding Progress and Employer Contributions ...................... 57 Exhibit L Other Post employment Employee Benefits – Schedules of Funding Progress and Employer Contributions ...................... 58 OTHER SUPPLEMENTARY INFORMATION: Exhibit M Fiduciary Funds Financial Statements: Statement of Changes in Assets and Liabilities-Agency Funds…………… 60 STATISTICAL SECTION (unaudited) The School Board of the City of Richmond, Virginia: Table 1 General Fund Expenditures by Function – Last Ten Fiscal Years................................. 63 Table 2 General Fund Revenues by Source – Last Ten Fiscal Years ........................................ 65 Table 3 Net Assets of Governmental Activities – Last Eight Fiscal Years ……………… ................ 66 Table 4 Changes in Net Assets of Governmental Activities – Last Eight Fiscal Years................. 67 Table 5 Fund Balances of Government Funds – Last Ten Years ............................................ 68 Table 6 Changes in Fund Balances of Government Funds – Last Ten Years ........................... 69 Table 7 Schedule of Expenditures of Federal Awards ……………………………………………........... 70 Table 8 Annual Per Pupil Cost – Last Ten Fiscal Years ......................................................... 72 Table 9 Attendance/Membership Statistics – Last Ten Fiscal Years........................................ 73 Table 10 Free & Reduced Lunch Data – Last Ten Fiscal Years................................................ 74 Table 11 Full-Time Equivalent Employees by Function – Last Ten Fiscal Years ……… .............. 75 Table 12 Teacher Data – Last Ten Fiscal Years ..................................................................... 76 Table 13 Pupil/Teacher Ratios – Last Ten Fiscal Years .......................................................... 77 THE SCHOOL BOARD OF THE CITY OF RICHMOND COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2009 TABLE OF CONTENTS Table 14 Schedule of School Buildings.................................................................................. 78 Table 15 Schools with Accreditation Scores Reported to the State.......................................... 80 City of Richmond, Virginia: Table 16 Net Assets by Component of the City of Richmond – Last Five Fiscal Years................ 81 Table 17 Changes in Net Assets of the City of Richmond – Last Five Fiscal Years..................... 82 Table 18 Fund Balances of Governmental Funds of the City of Richmond – Last Ten Fiscal Years ............................................................................... 84 Table 19 Changes in Fund Balance of Governmental Funds of the City of Richmond – Last Ten Fiscal Years ................................................................................ 85 Table 20 Governmental Activities Tax Revenue by Source of the City of Richmond – Last Five Fiscal Years ............................................................................... 86 Table 21 General Governmental Tax Revenues by Source of the City of Richmond – Last Ten Fiscal Years ............................................................................... 87 Assessed Value and Estimated Actual Value of Taxable Property of the City of Richmond- Last Ten Fiscal Years................................................... 87 Table 22 Real Estate Tax Levies and Collections of the City of Richmond – Last Ten Years ....................................................................................... 88 Personal Property Tax Levies and Collections of the City of Richmond – Last Ten Years ...................................................................................... 88 Table 23 Principal Property Tax Payers of the City of Richmond ............................................... Principal Employers of the City of Richmond ............................................................... 89 Table 24 Pledged Revenue Coverage of the City of Richmond – Last Ten Years.......................... 90 Table 25 Legal Debt Margin Information of the City of Richmond – Last Ten Fiscal Years............................................................................... 91 THE SCHOOL BOARD OF THE CITY OF RICHMOND COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2009 TABLE OF CONTENTS Table 26 Ratios of Outstanding Debt by Type of the City of Richmond – Last Ten Fiscal Years .............................................................................. 92 Ratios of General Bonded Debt Outstanding of the City of Richmond – Last Ten Fiscal Years ............................................................................... 92 Table 27 Demographic and Economic Statistics of the City of Richmond – Last Ten Years ....................................................................................... 93 Table 28 Full-Time Equivalent City Government Employees by Function of the City of Richmond – Last Five Fiscal Years ................................................. 94 Table 29 Operating Indicators by Function of the City of Richmond – Last Five Fiscal Years .............................................................................. 95 Table 30 Capital Assets Statistics by Function of the City of Richmond – Last Five Fiscal Years .............................................................................. 96 Acknowledgements ........................................................................................ 97 Introductory Section (unaudited) December 7, 2009 The Members of the School Board for City of Richmond, Virginia: The Comprehensive Annual Financial Report (CAFR) of the School Board of the City of Richmond, Virginia (the School Board) for the fiscal year ended June 30, 2009 is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with management of the School Board. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner that presents fairly the financial position and results of operations of the various activities of the School Board. All disclosures