Comprehensive Annual Financial Report - Harford County Public ...

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Harford County Public Schools Management's Discussion and Analysis (MD&A) June 30, 2012 The measurement focus of these statements is current financial resources; therefore, the emphasis is placed on the cash flows of the organization within the reporting period or near future. Accordingly, the modified accrual basis of accounting that measures these cash flows is used. In the case of Harford County Public Schools, open encumbrances are excluded from expenditures and the State of Maryland's contribution to the teachers’ retirement system is added to revenue and expenditures. Fund financial statements are also unrelated to budget and accordingly, budget comparisons are not provided in the presentation. Budgetary presentation of individual fund financial information utilizing the current financial resources measurement focus and the budgetary basis of accounting are presented as part of the fund financial statements as well. In these statements, available cash flows of HCPS itself are measured as well as the commitment to acquire goods or services with that cash. Open encumbrances at year-end are included in the expenditures. This is the legal basis upon which the budget is adopted so budget comparisons are provided. GASB Statement Number 34 requires that we present the original adopted budget as well as the final budget and discuss the changes between them. District-wide Statements Fund Statements Budgetary Fund Statements Measurement Focus Economic Resources Current Financial Current Financial Resources Resources Basis of Accounting Accrual Modified Accrual Cash and Commitments Budget No No Yes The table above presents the differences in the presentation of the basic financial statements. Fiduciary responsibility – Retiree Health Plan Trust, Scholarship, and School Activity Funds (Exhibit 8). HCPS is the trustee, or fiduciary, for its retiree health plan trust, scholarship, and school activity funds. These funds are reported as separate agency and trust funds. We exclude these activities from Harford County Public Schools' other financial statements because the assets cannot be used to finance HCPS’ activities. We are responsible for ensuring that the assets reported in these Funds are used for their intended purposes. Notes to the financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the district-wide and fund financial statements. Other information. In addition to the basic financial statements and accompanying notes, this report also presents certain supplementary information immediately following the notes to the financial statements. 19
Harford County Public Schools Management's Discussion and Analysis (MD&A) June 30, 2012 District-wide Financial Analysis Net assets over time may serve as a useful indicator of a district’s financial position. In the case of HCPS, assets exceeded liabilities by $452.6 million at the close of the fiscal year, which represents a decrease from the prior year of $7.4 million. Although capital assets increased by $8.0 million, the results of operations for the year were diminished by increasing liabilities associated with other post-employment benefits (OPEB). By far, the largest portion of HCPS’ net assets reflects the investment in capital assets (i.e., land, buildings, machinery, and equipment), less any related debt used to acquire those assets that are still outstanding. These capital assets are used to provide services to the students and citizens of Harford County and are not available for future spending. Although HCPS’ investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these related liabilities. Minimal debt for assets is carried by HCPS. As previously explained, we are fiscally dependent and nearly all capital debt is carried by the County and State governments. HCPS’ net assets as of June 30, 2012, are illustrated in the below table and Exhibit 2. Harford County Public Schools Net Assets June 30, 2012 June 30, 2011 $ Change % Change Current and other assets $ 47,663,667 $ 53,748,445 $ (6,084,778) -11.32% Capital assets 578,887,101 570,807,038 8,080,063 1.42% Total assets 626,550,768 624,555,483 1,995,285 0.32% Current and other liabilities 8,409,531 16,158,505 (7,748,974) -47.96% Long-term liabilities 165,523,299 148,378,114 17,145,185 11.56% Total liabilities 173,932,830 164,536,619 9,396,211 5.71% Net assets Capital assets 568,870,454 560,834,110 8,036,344 1.43% Restricted assets 11,834,170 9,862,937 1,971,233 19.99% Unrestricted (128,086,686) (110,678,183) (17,408,503) 15.73% Total net assets $ 452,617,938 $ 460,018,864 $ (7,400,926) -1.61% 20
Page 1 and 2: Comprehensive Annual Financial Repo
Page 3 and 4: Comprehensive Annual Financial Repo
Page 5 and 6: Harford County Public Schools Table
Page 7 and 8: Introductory Section Katerina Lomis
Page 9: Board of Education of Harford Count
Page 12 and 13: actual enrollment of 38,222 student
Page 14 and 15: Relevant financial policies Primary
Page 17 and 18: Financial Section Christian Moriart
Page 19 and 20: Our audit was conducted for the pur
Page 21: Harford County Public Schools Manag
Page 25 and 26: Harford County Public Schools Manag
Page 33 and 34: Harford County Public Schools Exhib
Page 39 and 40: Exhibit 7 Harford County Public Sch
Page 41 and 42: Exhibit 9 Harford County Public Sch
Page 43 and 44: HARFORD COUNTY PUBLIC SCHOOLS NOTES
Page 63 and 64: Required Supplemental Information K
Page 65 and 66: Other Supplemental Information Kale
Page 67 and 68: Schedule B Harford County Public Sc
Page 69 and 70: Harford County Public Schools Sched
Page 71 and 72: Schedule E Harford County Public Sc
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Statistical Section This part of HC
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Table 2 Harford County Public Schoo
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Table 10 Harford County Public Scho
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Independent Public Accountants’ R
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