Comprehensive Annual Financial Report - Harford County Public ...

HARFORD COUNTY PUBLIC SCHOOLS
NOTES TO FINANCIAL STATEMENTS
June 30, 2012
NOTE 6 - POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (continued)
Schedule of Funding Progress
Value of
Assets
Accrued
Liability
(AAL)
Unfunded
AAL (UAAL)
Funded
Ratio
Covered
Payroll
UAAL as a
%
of Covered
Payroll
July 1, 2008 $ 12,136,368 $ 589,795,000 $ 577,658,632 2.06% $ 278,038,509 207.76%
July 1, 2009 $ 10,233,348 $ 626,155,000 $ 615,921,652 1.63% $ 278,636,614 221.05%
July 1, 2010 $ 10,962,506 $ 534,277,000 $ 523,314,494 2.05% $ 278,479,993 187.92%
July 1, 2011 $ 15,255,626 $ 462,698,000 $ 447,442,374 3.30% $ 276,823,307 161.63%
NOTE 7 - LONG-TERM LIABILITIES
Long-term liability activity for the year ended June 30, 2012 was as follows:
Balance at
July 1, 2011 Increase Reductions
Balance at
June 30,
2012
Due Within
One Year
Capital lease $ 9,972,928 $ 10,016,647 $ 9,972,928 $ 10,016,647 $ -
Compensated absence 28,464,371 4,574,167 4,942,815 28,095,723 4,846,031
OPEB obligation 109,940,815 42,027,000 24,556,886 127,410,929 -
Total Governmental Activities $ 148,378,114 $ 56,617,814 $ 39,472,629 $ 165,523,299 $ 4,846,031
Compensated absences and net OPEB obligation have typically been liquidated by the General
Fund in prior years.
The Board entered into lease agreements as lessee in the amount of $11,400,223 to construct the
administration building, which was completed in January 2007. The lease agreement is for a
period of twenty-five years. The debt was refinanced in June of 2012 at a rate of 3.25%. The
term of the debt was not extended. The asset acquired and capitalized under the capital lease is
as follows:
Building cost $ 10,852,395
Less accumulated depreciation 1,410,811
Net Book Value $ 9,441,584
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