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Great Valley School District Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2012

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Great Valley School District Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2012 Great Valley School District Comprehensive Annual Financial Report for the fiscal year ended June 30, 2012 47 Church Road, Malvern, Chester County, Pennsylvania 19355 610-889-2100 Great Valley School District Malvern, Pennsylvania 19355 www.gvsd.org Comprehensive Annual Financial Report for the fiscal year ended June 30, 2012 Prepared by the Business Office Charles E. Linderman, RSBA Director of Business Affairs Dolores D’Amore, PRSBA Assistant Director of Business Affairs GREAT VALLEY SCHOOL DISTRICT TABLE OF CONTENTS INTRODUCTORY SECTION Page Transmittal Letter ............................................................................................................................................................. 1 June 30, 2011 ASBO International Certificate of Excellence in Financial Reporting ............................................................................................................................................... 9 June 30, 2011 GFOA Certificate of Achievement for Excellence in Financial Reporting ............................................................................................................................ 10 List of Board of School Directors .................................................................................................................................... 11 Organizational Chart ......................................................................................................................................................... 12 List of District Administrators .......................................................................................................................................... 13 List of Instructional Buildings .......................................................................................................................................... 14 List of Consultants and Advisors ...................................................................................................................................... 15 FINANCIAL SECTION Independent Auditor’s Report .......................................................................................................................................... 16 Management’s Discussion and Analysis (MD&A) .......................................................................................................... 18 (Required Supplementary Information) BASIC FINANCIAL STATEMENTS: Government-Wide Financial Statements: Statement of Net Assets .............................................................................................................................................. 34 Statement of Activities ................................................................................................................................................ 35 Fund Financial Statements Balance Sheet – Governmental Funds ........................................................................................................................ 36 Reconciliation of the Governmental Funds Balance Sheet ........................................................................................ 37 to the Statement of Net Assets Statement of Revenues, Expenditures and Changes in Fund ..................................................................................... 38 Balances - Governmental Funds Reconciliation of the Governmental Funds Statement of Revenues, ......................................................................... 39 Expenditures and Changes in Fund Balances to the Statement of Activities Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................................... 41 Budget and Actual - General Fund Statement of Fund Net Assets – Proprietary Funds ................................................................................................... 42 Statement of Revenues, Expenses, and Changes in Fund Net Assets ........................................................................ 43 Proprietary Funds Statement of Cash Flows – Proprietary Funds ........................................................................................................... 44 i TABLE OF CONTENTS (Continued) Page Statement of Fiduciary Net Assets ............................................................................................................................. 46 Statement of Changes in Fiduciary Net Assets .......................................................................................................... 47 Notes to Basic Financial Statements .......................................................................................................................... 48 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Funding Progress and Employer Contributions .................................................................................... 74 Supplementary Information: COMBINING STATEMENTS: Combining Statement of Changes in Net Assets –Agency Funds ............................................................................ 75 INDIVIDUAL FUND SCHEDULES: General Fund: Schedule of Revenues – Budget and Actual.............................................................................................................. 76 Schedule of Expenditures – Budget and Actual ........................................................................................................ 78 Agency Funds-Activity Funds – Schedule of Changes in Assets and Liabilities ..................................................... 82 Agency Funds-Retiree Medical Claims – Schedule of Changes in Assets and Liabilities ...................................... 83 STATISTICAL SECTION FINANCIAL TRENDS Net Assets by Component ................................................................................................................................................ 85 Changes in Net Assets ...................................................................................................................................................... 86 Fund Balances – Governmental Funds ............................................................................................................................. 88 Changes in Fund Balances – Governmental Funds .......................................................................................................... 89 General Fund Revenues and Other Financing Sources by Source ................................................................................... 91 General Fund Expenditures and Other Financing Uses by Function ............................................................................... 93 REVENUE CAPACITY Governmental Funds-Most Significant Own Source Revenues ....................................................................................... 94 Assessed Value and Estimated Actual Value of Taxable Property ................................................................................. 95 Property Tax Rates (per $1,000 of Assessed Valuation) Direct and Overlapping Governments ...................................................................................................................... 96 Principal Property Taxpayers ........................................................................................................................................... 97 ii TABLE OF CONTENTS (Continued) Page Property Tax Levies and Collections ............................................................................................................................... 96 Building Construction ....................................................................................................................................................... 99 DEBT CAPACITY: Computation of Nonelectorial Debt Margin .................................................................................................................... 100 Gross Principal Debt Outstanding .................................................................................................................................... 101 Schedule of Direct and Overlapping Debt ....................................................................................................................... 102 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita and Net Bonded Debt Per Student……………………………………………………………….. ............. 103 DEMOGRAPHIC AND ECONOMIC INFORMATION: Demographic and Economic Statistics – Population Trends ........................................................................................... 104 Vital Statistics ................................................................................................................................................................... 105 Principal Employers ......................................................................................................................................................... 106 OPERATING INFORMATION: Personnel Distribution Summary ...................................................................................................................................... 107 Operating Statistics…………………………………………………………………………………………… ........... 108 Enrollment History and Projections…………… ............................................................................................................. 109 Capital Asset Information… ............................................................................................................................................. 110 National
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