Comprehensive Annual Financial Report - Harford County Public ...

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Harford County Public Schools Exhibit 6 RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2012 Total net change in fund balances - governmental funds (Exhibit 5) $ 1,706,257 Amounts reported for governmental activities in the statement of activities 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 capitalized capital outlay ($21,480,338) exceeds depreciation expense ($ 13,369,964) and loss on disposal of assets ($30,311). 8,080,063 Capital lease provides current financial resources to government funds but increases long-term liabilities in the statement of net assets. Repayment of long-term debt is reported as an expenditure in governmental funds, but the repayment reduces long-term liabilities in the statement of net assets. In the current year, the net effect of capital lease borrowings (43,719) and repayment was ($43,719). In the statement of activities, compensated absences are measured by the amounts earned during the year. In the governmental funds, however, expenditures for compensated absences are measured by the amount of financial resources used (essentially, the amounts actually paid or expected to be paid within one year) This year, vacation and sick leave used exceeded the amounts earned by $383,944. 383,944 OPEB costs reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. (17,470,114) In the statement of activities, all inventories are charged to expense as goods are used in operations (the consumption method). However, in the government funds, the value of U.S.D.A. commodities is recorded as an expenditure at the time the inventory is acquired (the purchase method) and reflected as a reservation of fund balance. The decrease in the amount of fund balance reserved for inventory during the year was $57,357. (57,357) Change in net assets of governmental activities (Exhibit 2) $ (7,400,926) The accompanying notes are an integral part of this financial statement. 35
Exhibit 7 Harford County Public Schools STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET (NON-GAAP BASIS) AND ACTUAL - GENERAL FUND FOR THE YEAR ENDED JUNE 30, 2012 Unrestricted Variance - Variance - Original Final Favorable Original Final Favorable Budget Budget Actual (Unfavorable) Budget Budget Actual (Unfavorable) Revenues Intergovernmental revenues Local $ 214,291,627 $ 217,768,287 $ 217,782,344 $ 14,057 $ - $ - $ - $ - State 201,731,181 201,731,181 201,985,029 253,848 - - - - Federal 650,000 1,541,977 1,345,207 (196,770) - - - - Special state and federal - - - - 25,481,116 35,169,800 28,787,162 (6,382,638) Earnings on investments 40,000 40,000 25,029 (14,971) - - - - Other sources 2,524,958 6,008,980 5,914,514 (94,466) - - - - Fund balance at July 1, 2011 - assigned - - - - - for year ended June 30, 2012 8,294,472 8,553,443 8,553,443 - - - - - Total revenues $ 427,532,238 $ 435,643,868 435,605,566 $ (38,302) $ 25,481,116 $ 35,169,800 $ 28,787,162 $ (6,382,638) Expenditures Current Administrative services $ 11,339,841 $ 11,415,466 10,985,903 $ 429,563 $ 465,000 $ 735,243 $ 568,450 $ 166,793 Mid-level administration 25,560,814 25,787,491 25,024,605 762,886 351,995 709,481 569,888 139,593 Instructional salaries 164,129,127 165,897,127 165,117,796 779,331 4,257,087 4,437,292 3,552,272 885,020 Instructional textbooks and supplies 7,959,288 8,259,288 7,728,527 530,761 666,336 1,188,166 913,210 274,956 Other instructional costs 3,089,001 3,289,001 2,779,259 509,742 1,308,418 3,166,037 2,070,078 1,095,959 Special education 40,674,641 41,337,662 40,318,717 1,018,945 13,835,868 19,213,451 15,926,205 3,287,246 Student personnel services 1,625,336 1,690,336 1,613,772 76,564 - - - - Student health services 3,348,164 3,392,852 3,295,627 97,225 - - - - Student transportation 30,929,541 31,062,129 30,917,343 144,786 - 22,855 23,371 (516) Operation of plant 29,454,477 29,669,165 29,361,842 307,323 - - - - Maintenance of plant 12,595,972 12,675,972 12,675,618 354 - - - - Fixed charges 95,928,328 100,269,046 96,851,842 3,417,204 4,546,412 5,170,053 4,836,467 333,586 Community services 520,473 521,098 373,088 148,010 - - - - Capital outlay 377,235 377,235 368,695 8,540 50,000 527,221 327,221 200,000 Total expenditures $ 427,532,238 $ 435,643,868 427,412,634 $ 8,231,234 $ 25,481,116 $ 35,169,799 $ 28,787,162 $ 6,382,637 Excess of revenues over expenditures 8,192,932 Transfer to health care rate stabilization fund (350,000) Excess of revenues over expenditures and transfer 7,842,932 Total fund balance at July 1, 2011 16,789,638 Assigned fund balance at July 1, 2011 (recognized as revenue above) (8,553,443) Total fund balance 16,079,127 Fund balance at June 30, 2012 - assigned (9,940,166) Fund balance at June 30, 2012 - unassigned $ 6,138,961 Restricted The accompanying notes are an integral part of this financial statement. 36
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 and 22: Harford County Public Schools Manag
Page 33 and 34: Harford County Public Schools Exhib
Page 35 and 36: Harford County Public Schools Exhib
Page 37: Harford County Public Schools Exhib
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
Page 73 and 74: Statistical Section This part of HC
Page 75 and 76: Table 2 Harford County Public Schoo
Page 83 and 84: Table 10 Harford County Public Scho
Page 89 and 90:
Independent Public Accountants’ R
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