Stillwater Area Schools Stillwater, Minnesota District 834 Map ( ) School Boundaries Afton-Lakeland Andersen Lake Elmo Lily Lake Marine Oa
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13 Stillwater Area Schools Stillwater, Minnesota District 834 Map ( ) School Boundaries Afton-Lakeland Andersen Lake Elmo Lily Lake Marine Oak Park Rutherford Stonebridge Valley Crossing Withrow 36 34th St. N. Stillwater 140th St. N. 694 Blvd Ideal Ave. N. 94 Valley Crossing Withrow Elementary Withrow Valley Valley Crossing Elementary Inwood Ave. N. Radio Dr. Isleton 75th St. N. 13 Lake Tr N. 152nd St. N. 130th Demontreville Lake Lake Jane 5 Jamaca Eagle Point Lake 10th St. Ln. N. Colby Lake 18 School Section Lake Keystone Ave. N. Rutherford Elementary Stillwater Lily Lake Elementary Dist. 834 Central Services Lake Elmo Elementary Withrow Rutherford Stillwater Lake Elmo Lake Keats Lake 17 Goose Lake Oak-Land Junior High Woodbury Dr. Ave. Keats Brookview Rd. Powers Lake Creek Rd. Woodbury Dellwood Rd. 88th Lake Elmo Ave. Lake Elmo 17A 17 St. 36 Elmo Horseshoe Lake Markgrafs Lake 40th St. S. 50th St. S. 170th St. N. Manning Tr. N. Square Lk. Tr. 15 Stillwater Area High School Blvd. 15 N. Manning Ave. S. Manning Ave. N nd St. S Big Marine Lake Long Lake Mud Lake 150th St. N. Louise Lake Twin Lake McKusick Rd. Lily Lake 14 Elmo th St. N. Oak Park Heights Oak Park 40th St. N. Neal Ave. S. Norell Ave. N Norell Ave. N. 55 Oldfield 15th St. S. 60th St. S. Marine Square Lake Stonebridge 96 Stonebridge Elementary Owens Greeley Oakgreen Ave. N. New Heights Charter School Marine Elementary Myrtle Pine St. Croix Catholic School Stillwater Junior High Oak Park Elementary Salem Lutheran School Early Childhood Family Center Andersen Afton-Lakeland 30th St. S. 70th St. S. 185th St. N N. Osgood N. Orwell Big Carnelian Lake Olinda Lake Edith Trading Post Tr. Ostrum Rd. 7 Stagecoach Tr. N Trail N. Partridge Rd. N. Afton Afton Blvd. Nason Hill 21 Andersen Elementary Bayport 94 Lakeland St. Croix Trail S. St. Croix Trail N. Square Lk. Tr Rd St. Croix Trail S. Afton State Park Marine on St. Croix 59 St. Croix River Lakeland Shores Afton-Lakeland Elementary Lake St. Croix Beach St. Mary's Point St. Croix River
14 INDEPENDENT AUDITOR S REPORT To the School Board of Independent School District No. 834 Stillwater, Minnesota We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Independent School District No. 834, Stillwater, Minnesota (the District), as of and for the year ended June 30, 2005, which collectively comprise the District s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the District s management. Our responsibility is to express an opinion on these financial statements based on our audit. The prior year partial comparative information presented has been derived from the District s financial statements for the year ended June 30, 2004, and in our report dated August 20, 2004, we expressed an unqualified opinion on the respective financial statements of the governmental activities, each major fund, and the aggregate remaining fund information. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the District as of June 30, 2005, and the respective changes in financial position thereof and the budgetary comparison for the General Fund for the year then ended, in conformity with accounting principles generally accepted in the United States of America. The financial statements include partial prior year comparative information. Such information does not include all of the information required in a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the District s financial statements for the year ended June 30, 2004, from which such partial information was derived. In accordance with Government Auditing Standards, we have also issued a report dated August 18, 2005 on our consideration of the District s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in conjunction with this report in considering the results of our audit. (continued)
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16 INDEPENDENT SCHOOL DISTRICT NO. 834 Management s Discussion and Analysis Fiscal Year Ended June 30, 2005 This section of Independent School District 834 s (the District) annual financial report presents management s discussion and analysis of the District s financial performance during the fiscal year ended on June 30, Please read it in conjunction with the other components of the District s annual financial report. The Management s Discussion and Analysis (MD&A) is a narrative overview and analysis presented as required supplementary information as specified in Governmental Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements and Management s Discussion and Analysis for State and Local Governments. OVERVIEW OF THE FINANCIAL STATEMENTS The financial section of the annual report consists of the following parts: Independent Auditor s Report, MD&A, Basic financial statements, including the district-wide financial statements, fund financial statements, and the notes to basic statements, Combining and individual fund statements and schedules. The following explains the two types of statements included in the basic financial statements: District-Wide Statements The district-wide statements (Statement of Net Assets and Statement of Activities) report information about the District as a whole using accounting methods similar to those used by private sector companies. The Statement of Net Assets includes all of the District s assets and liabilities. All of the current year s revenues and expenses are accounted for in the Statement of Activities regardless of when cash is received or paid. The two district-wide statements report the District s net assets and how they have changed. Net assets the difference between the District s assets and liabilities is one way to measure the District s financial health or position. Over time, increases or decreases in the District s net assets are indicators of whether its financial position is improving or deteriorating, respectively. To assess the overall health of the District requires consideration of additional non-financial factors such as changes in the District s property tax base and the condition of school buildings and other facilities. -3-
17 In the district-wide financial statements the District s activities are all shown in one category titled governmental activities. These activities, including regular and special education, transportation, administration, food services, and community education, are primarily financed with state aids and property taxes. Fund Financial Statements The fund financial statements provide more detailed information about the District s funds, focusing on its most significant or major funds, rather than the District as a whole. Funds (Food Service and Community Service) that do not meet the threshold to be classified as major funds are called nonmajor funds. Detailed financial information for nonmajor funds can be found in the combining and individual fund statements and schedules section. Funds are accounting devices the District uses to keep track of specific sources of funding and spending on particular programs. Some funds are required by state law and by bond covenants. The District establishes other funds to control and manage money for particular purposes (e.g. repaying its long-term debts) or to show that it is properly using certain revenues (e.g. federal grants). The District maintains the following kinds of funds: Governmental Funds The District s basic services are included in governmental funds which generally focus on: 1) how cash and other financial assets that can readily be converted to cash flow in and out, and 2) the balances left at year-end that are available for spending. Consequently, the governmental funds statements provide a detailed short-term view that helps to determine whether there are more or less financial resources that can be spent in the near future to finance the District s programs. Because this information does not encompass the additional long-term focus of the district-wide statements, we provide additional information (reconciliation schedules) immediately following the governmental funds statements that explain the relationship (or differences) between these two types of financial statement presentations. Fiduciary Funds The District is the trustee, or fiduciary, for assets that belong to other organizations. The District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. All of the District s fiduciary activities are reported in a separate Statement of Fiduciary Net Assets and a Statement of Changes in Fiduciary Net Assets. We exclude these activities from the district-wide financial statements because the District cannot use these assets to finance its operations. -4-
18 FINANCIAL ANALYSIS OF THE DISTRICT AS A WHOLE Table 1 is a summarized view of the District s Statement of Net Assets: Table 1 Statement of Net Assets as of June 30, 2005 and Assets Current and other assets $ 39,495,963 $ 60,392,846 Capital assets, net of depreciation 56,547,262 57,099,506 Total assets $ 96,043,225 $ 117,492,352 Liabilities Current and other liabilities $ 27,904,960 $ 27,870,039 Long-term liabilities, including due within one year 73,191,550 98,433,602 Total liabilities $ 101,096,510 $ 126,303,641 Net assets Invested in capital assets, net of related debt $ 4,091,555 $ 5,751,001 Restricted 8,312,680 4,636,152 Unrestricted (17,457,520) (19,198,442) Total net assets $ (5,053,285) $ (8,811,289) The District s financial position is the product of many factors. For example, the determination of the District s investment in capital assets, net of related debt involves many assumptions and estimates, such as current and accumulated depreciation amounts. A conservative versus a liberal approach to depreciation estimates, as well as capitalization policies, will produce a very significant difference in the calculated amounts. For these reasons, it is important to view the net assets balance as a starting point to evaluate future years results, rather than to just focus on the current balance. A major factor in determining net assets as compared to fund balances is the liability for severance and health benefits, which is basically unfunded. This impacts the unrestricted portion of net assets. Total net assets increased by $3,758,004 improving the overall financial position of the District. The reduction in both current assets and long-term liabilities is due to the payoff of the Series 1995 School Building Bonds in the amount of $19,840,
19 Table 2 presents a condensed version of the change in net assets of the District: Table 2 Change in Net Assets For the Years Ended June 30, 2005 and Revenues Program revenues Charges for services $ 5,960,825 $ 5,526,144 Operating grants and contributions 10,009,309 9,552,808 General revenues Property taxes 20,362,351 26,301,793 General grants and aids 51,132,241 49,244,244 Other 3,242,564 3,415,145 Total revenues 90,707,290 94,040,134 Expenses Administration 2,468,454 2,785,565 District support services 2,145,689 1,961,731 Elementary and secondary regular instruction 38,203,887 42,884,367 Vocational education instruction 1,003, ,816 Special education instruction 12,000,594 10,761,050 Instructional support services 5,496,537 6,445,570 Pupil support services 6,675,032 7,633,483 Sites and buildings 8,116,687 10,082,274 Fiscal and other fixed cost programs 373, ,012 Food service 3,242,678 2,737,346 Community service 3,604,700 3,409,652 Interest and fiscal charges on debt 3,618,711 4,074,149 Total expenses 86,949,286 94,158,015 Change in net assets $ 3,758,004 $ (117,881) This format is similar to financial reports of the past except that this is presented on an accrual basis of accounting, and it includes all of the governmental activities of the District. This statement includes depreciation expense; but excludes capital asset purchase costs, debt proceeds, and the repayment of debt principal. As seen above, total revenues for fiscal year 2005 experienced a $3.3 million reduction from the prior year. This was largely the result of fewer students being served, and a reduction in the health and safety and debt service levies. The reduction in regular instruction was primarily due to a revised calculation for the severance liability in fiscal year 2004, causing the related expenses to be higher than normal. The shift in expenses from pupil support services to special education instruction in fiscal year 2005 reflects a change to accurately comply with state reporting guidelines. The reduction in sites and buildings reflects a decrease in the level of projects occurring under the alternative facility plan. -6-
20 Figures A and B show further analysis of these revenue sources and expenditure functions: Figure A Sources of Revenues for Fiscal Year 2005 and Other 3.6% Charges for Services 6.6% Operating Grants and Contributions 11.0% General Grants and Aids 56.4% Property Taxes 22.4% 2004 Charges for Services 5.9% Other 3.6% Operating Grants and Contributions 10.2% General Grants and Aids 52.3% Property Taxes 28.0% The largest share of the District s revenue is received from the state, including the aid formula and most of the capital and operating grants. This significant reliance on the state for funding has placed tremendous pressures on local school districts as a result of frozen funding due to the state s financial position. -7-
21 Figure B Expenses for Fiscal Year 2005 and Food Service 3.7% Community Service 4.1% Interest and Fiscal Charges on Debt 4.2% Administration 2.8% Fiscal and Other Fixed Cost Programs 0.4% District Support Services 2.5% Sites and Buildings 9.3% Pupil Support Services 7.7% Instructional Support Services 6.3% Special Education Instruction 13.8% Vocational Education Instruction 1.2% Elementary and Secondary Regular Instruction 44.0% 2004 Food Service 2.9% Fiscal and Other Fixed Cost Programs 0.4% Community Service 3.6% Interest and Fiscal Charges on Debt 4.3% Administration 3.0% District Support Services 2.1% Sites and Buildings 10.7% Pupil Support Services 8.1% Instructional Support Services 6.8% Special Education Instruction 11.4% Vocational Education Instruction 1.0% Elementary and Secondary Regular Instruction 45.7% The District s expenditures are predominately related to educating students. As the above graphs show, approximately 75.5 percent of the expenses of the District are directly related to classroom instruction. The remaining 24.5 percent covers the activities supporting the classroom, including building maintenance, food services, community services, and administration. -8-
22 FINANCIAL ANALYSIS OF THE DISTRICT S FUNDS The financial performance of the District as a whole is also reflected in its governmental funds. Table 3 shows the change in total fund balances of each of the District s governmental funds: Table 3 Governmental Fund Balances as of June 30, 2005 and 2004 Total Increase Percent (Decrease) Change Major funds General $ 5,875,012 $ 6,158,436 $ (283,424) (4.6%) Capital Projects Building Construction 5,066,708 4,973,394 93, % Debt Service 940,333 22,060,900 (21,120,567) (95.7%) Nonmajor funds Food Service 350, ,622 (20,749) (5.6%) Community Service 517, ,170 (29,304) (5.4%) Total governmental funds $ 12,750,792 $ 34,111,522 $ (21,360,730) (62.6%) The decrease in fund balance in the General Fund is in the reserved accounts, primarily related to health and safety. The unreserved undesignated portion was increased to $928,129 or 1.2 percent of the budgeted expenditures. The decrease in the Debt Service Fund is due to the payoff of the Series 1995 School Building Bonds in the amount of $19,840,000. The District is now paying principal and interest on the General Obligation School Building Refunding Bonds, Series Analysis of the General Fund Table 4 summarizes the amendments to the General Fund budget: Table 4 General Fund Budget Increase Original Budget Final Budget (Decrease) Percent Change Revenue $ 74,725,108 $ 73,898,701 $ (826,407) (1.1%) Expenditures $ 74,903,511 $ 75,074,350 $ 170, % The District is required to adopt an operating budget prior to the beginning of its fiscal year, referred to above as the original budget. During the year, the District amended that budget for known changes in circumstances such as enrollment levels, legislative funding, and employee contract settlements. The School Board approved the revised General Fund budget and budget adjustments on January 20,
23 Table 5 summarizes the operating results of the General Fund: Table 5 General Fund Operating Results Over (Under) Final Budget Over (Under) Prior Year 2005 Actual Amount Percent Amount Percent Revenue $ 74,746,241 $ 847, % $ (2,285,978) (3.0%) Expenditures 75,029,665 $ (44,685) (0.1%) $ (913,043) (1.2%) Net change in fund balances $ (283,424) Revenues for fiscal year 2005 were more than budgeted due to special education tuition billed to other districts, third party medical assistance revenue, E-rate revenue, and interest all exceeding anticipated levels. Actual expenditures were.1 percent under budget. Total revenue decreased by $2.3 million from fiscal year 2004 to fiscal Revenue was negatively impacted due to declining enrollment. Revenues were also down as a result of fewer special education tuition billings, and federal and health and safety program sources all being lower than 2004 levels. Expenditures decreased $900,000 from fiscal year 2004 due to decreases in curriculum and health and safety spending. -10-
24 Comments on Significant Activities in Other Funds In the Debt Service Fund, the Series 1995 School Building Bonds in the amount of $19,840,000 were paid in full. The District is now paying principal and interest on the General Obligation School Building Refunding Bonds, Series The Capital Projects Building Construction Fund reflects those expenditures attributed to the District s alternative facilities program. The District plans to utilize available fund balance resources in upcoming years on approved projects. CAPITAL ASSET AND DEBT ADMINISTRATION Capital Assets Table 6 shows the District s capital assets, together with changes from the previous year. The table also shows the total depreciation expense for fiscal years ending June 30, 2005 and 2004: Table 6 Capital Assets Increase (Decrease) Land $ 3,734,902 $ 3,734,902 $ Construction in progress 671, ,984 Land and improvements 4,616,480 4,540,952 75,528 Buildings 74,923,336 74,135, ,767 Furniture and equipment 8,099,609 7,908, ,969 Less accumulated depreciation (35,499,049) (33,220,557) (2,278,492) Total $ 56,547,262 $ 57,099,506 $ (552,244) Depreciation expense $ 2,278,492 $ 2,289,489 $ (10,997) The increase in construction in progress reflects the many alternative facility projects started in June 2005 but not completed as of fiscal year-end. The increase in buildings reflects those alternative facilities projects completed during fiscal year The District only capitalizes furniture and equipment valued at $3,000 or more. -11-
25 Long-Term Liabilities Table 7 illustrates the components of the District s long-term liabilities, together with the change from the prior year: Table 7 Outstanding Long-Term Liabilities Increase (Decrease) General obligation bonds $ 51,720,000 $ 75,415,000 $ (23,695,000) Capital leases 1,833,475 2,451,150 (617,675) Severance and health benefits payable 19,425,899 20,388,016 (962,117) Compensated absences 212, ,436 32,740 Total $ 73,191,550 $ 98,433,602 $ (25,242,052) The reduction in the general obligation bonds is due to the bond payoff (as discussed earlier) and the normal payment of principal as scheduled during the year. The decrease in capital leases is due to the planned repayment schedule reflecting principal payments on capital leases during fiscal year The state limits the amount of general obligation debt the District can issue to 15 percent of the market value of all taxable property within the District s corporate limits. (See Table 8) Table 8 Limitations on Debt District s market value $ 6,039,718,800 Limit rate 15.0% Legal debt limit $ 905,957,820 Additional details of the District s capital assets and long-term debt activity can be found in the notes to basic financial statements. -12-
26 FACTORS BEARING ON THE DISTRICT S FUTURE With the exception of the voter-approved excess operating referendum, the District is dependent on the state of Minnesota for its revenue authority. Recent experience demonstrates that legislated revenue increases have not been sufficient to meet instructional program needs and increased costs due to inflation. The general education program is the method by which school districts receive the majority of their financial support. Beginning with the 2003 fiscal year, this source of funding became entirely state aid, greatly increasing a district s reliance on the state of Minnesota for educational resources. The basic general education formula amount for all Minnesota school districts remains at the fiscal year 2003 level of $4,601 for fiscal year 2005, but is increasing to $4,783 for fiscal year The struggling Minnesota economy, along with the national and international economy, creates a significant challenge in funding education for Minnesota schools. CONTACTING THE DISTRICT S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the District s finances and to demonstrate the District s accountability for the money it receives. If you have questions about this report or need additional financial information, contact the Finance Department, Independent School District No. 834, 1875 South Greeley Street, Stillwater, Minnesota
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30 INDEPENDENT SCHOOL DISTRICT NO. 834 Balance Sheet Governmental Funds as of June 30, 2005 (with Partial Comparative Information as of June 30, 2004) Capital Projects Building Nonmajor Total Governmental Funds General Construction Debt Service Funds Assets Cash and temporary investments $ 6,925,040 $ 5,549,082 $ 4,459,612 $ 1,005,970 $ 17,939,704 $ 15,888,615 Cash and investments held by trustee 19,842,777 Receivables Current taxes 7,203,495 4,123, ,629 11,784,475 10,263,677 Delinquent taxes 224, ,461 13, , ,820 Accounts and interest 96,031 19, , ,329 Due from other governmental units 8,704,717 51,742 76,667 8,833,126 12,897,924 Inventory 110, , ,217 Prepaid items 165,551 6, ,050 84,311 Total assets $ 23,319,519 $ 5,549,082 $ 8,744,166 $ 1,690,405 $ 39,303,172 $ 60,009,670 Liabilities and Fund Balances Liabilities Aid anticipation certificates $ 4,000,000 $ $ $ $ 4,000,000 $ 4,900,000 Salaries payable 3,118, ,167 3,277,064 3,781,414 Accounts and contracts payable 1,924, ,374 52,111 2,459,448 2,295,821 Accrued interest payable 115, ,726 69,070 Due to other governmental units 1,021,173 1,000 1,022,173 1,131,903 Property taxes levied for subsequent year 7,036,188 7,747, ,824 15,244,877 13,387,447 Unearned revenue 111, , , ,843 Deferred revenue 116,086 55,968 6, , ,650 Total liabilities 17,444, ,374 7,803, ,666 26,552,380 25,898,148 Fund balances Reserved 3,653,920 5,066, ,371 9,249,999 30,041,699 Unreserved designated 1,476,104 1,476, ,042 Unreserved undesignated, reported in General Fund 744, , ,346 Debt Service Fund 940, ,333 1,811,209 Special revenue funds 339, , ,226 Total fund balances 5,875,012 5,066, , ,739 12,750,792 34,111,522 Total liabilities and fund balances $ 23,319,519 $ 5,549,082 $ 8,744,166 $ 1,690,405 $ 39,303,172 $ 60,009,670 See notes to basic financial statements Pages 16 and 17
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32 INDEPENDENT SCHOOL DISTRICT NO. 834 Statement of Revenue, Expenditures, and Changes in Fund Balances Governmental Funds Year Ended June 30, 2005 (with Partial Comparative Information for the Year Ended June 30, 2004) Capital Projects Building Nonmajor Total Governmental Funds General Construction Debt Service Funds Revenue Local sources Property taxes $ 11,376,822 $ 2,000,000 $ 6,184,561 $ 812,110 $ 20,373,493 $ 26,259,335 Investment earnings 195,599 72, ,867 22, ,111 1,126,266 Other 3,412,382 4,865,896 8,278,278 7,815,023 State sources 57,773, , ,886 58,602,464 56,175,490 Federal sources 1,988, ,662 2,539,086 2,621,562 Total revenue 74,746,241 2,072,884 7,147,992 6,751,315 90,718,432 93,997,676 Expenditures Current Administration 2,609,326 2,609,326 2,714,591 District support services 2,162,740 2,162,740 1,918,231 Elementary and secondary regular instruction 37,987,089 37,987,089 38,817,658 Vocational education instruction 975, , ,342 Special education instruction 11,447,889 11,447,889 9,908,430 Instructional support services 5,475,518 5,475,518 6,122,035 Pupil support services 6,481,360 6,481,360 7,244,506 Sites and buildings 6,708,224 6,708,224 7,182,321 Fiscal and other fixed cost programs 373, , ,012 Food service 3,270,619 3,270,619 2,631,610 Community service 3,422,509 3,422,509 3,279,397 Capital outlay 1,979, , ,240 2,793,459 5,032,784 Debt service Principal 617,675 3,855,000 4,472,675 4,174,318 Interest and fiscal charges 190,869 3,867,910 4,058,779 4,159,929 Total expenditures 75,029,665 1,979,570 8,428,559 6,801,368 92,239,162 94,541,164 Excess (deficiency) of revenue over expenditures (283,424) 93,314 (1,280,567) (50,053) (1,520,730) (543,488) Other financing sources (uses) Capital lease proceeds 2,042,573 Payment on refunded bonds (19,840,000) (19,840,000) Total other financing sources (uses) (19,840,000) (19,840,000) 2,042,573 Net change in fund balances (283,424) 93,314 (21,120,567) (50,053) (21,360,730) 1,499,085 Fund balances Beginning of year 6,158,436 4,973,394 22,060, ,792 34,111,522 32,612,437 End of year $ 5,875,012 $ 5,066,708 $ 940,333 $ 868,739 $ 12,750,792 $ 34,111,522 See notes to basic financial statements Pages 19 and 20
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69 INDEPENDENT SCHOOL DISTRICT NO. 834 Debt Service Fund Schedule of Revenue, Expenditures, and Changes in Fund Balances by Account Budget and Actual Year Ended June 30, 2005 (with Comparative Actual Amounts for the Year Ended June 30, 2004) Actual Regular Debt Refunding Service Bond Trust Over (Under) Budget Account Account Total Budget Actual Revenue Local sources Property taxes $ 6,496,530 $ 6,184,561 $ $ 6,184,561 $ (311,969) $ 7,266,606 Investment earnings 64, , , ,867 1,006,176 State sources 329, , , ,835 Total revenue 6,496,530 6,578, ,679 7,147, ,462 8,721,617 Expenditures Capital outlay joint elementary school 711, , ,649 (5,818) 670,177 Debt service Principal retirement 3,855,000 3,855,000 3,855,000 3,610,000 Interest payments 2,887,100 2,887, ,370 3,866, ,370 4,044,665 Fiscal and other charges 1,440 1,440 1,440 Total expenditures 7,453,567 7,449, ,370 8,428, ,992 8,324,842 Excess (deficiency) of revenue over expenditures (957,037) (870,876) (409,691) (1,280,567) (323,530) 396,775 Other financing uses Payment on refunded bonds (19,840,000) (19,840,000) (19,840,000) Net change in fund balances $ (957,037) (870,876) (20,249,691) (21,120,567) $ (20,163,530) 396,775 Fund balances Beginning of year 1,811,209 20,249,691 22,060,900 21,664,125 End of year $ 940,333 $ $ 940,333 $ 22,060,900 Pages 56 and 57
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73 INDEPENDENT SCHOOL DISTRICT NO. 834 District-Wide Expenses by Program Last Three Fiscal Years Elementary and Year District Secondary Vocational Special Instructional Pupil Fiscal and Interest Ended Support Regular Education Education Support Support Sites and Other Fixed Community and Fiscal June 30, Administration Services Instruction Instruction Instruction Services Services Buildings Cost Programs Food Service Service Charges Total 2003 $ 2,610,353 $ 1,608,144 $ 40,845,171 $ 1,028,832 $ 10,236,615 $ 3,879,445 $ 7,168,313 $ 7,586,561 $ 333,564 $ 2,605,488 $ 3,319,493 $ 4,237,835 $ 85,459,814 3% 2% 48% 1% 12% 5% 8% 9% 3% 4% 5% 100% ,785,565 1,961,731 42,884, ,816 10,761,050 6,445,570 7,633,483 10,082, ,012 2,737,346 3,409,652 4,074,149 94,158,015 3% 2% 46% 1% 11% 7% 8% 11% 3% 4% 4% 100% ,468,454 2,145,689 38,203,887 1,003,022 12,000,594 5,496,537 6,675,032 8,116, ,295 3,242,678 3,604,700 3,618,711 86,949,286 3% 2% 44% 1% 14% 6% 8% 10% 4% 4% 4% 100% Note 1: Note 2: The District implemented GASB Statement No. 34 in fiscal year This information is not available for For the 2005 fiscal year, the District changed the program classification under which it reports certain expenditures to more accurately conform to Uniform Financial Accounting and Reporting Standards reporting guidelines. Prior year data has not been restated. Pages 61 and 62
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75 INDEPENDENT SCHOOL DISTRICT NO. 834 General Fund Expenditures by Program Last Ten Years Elementary and Year District Secondary Vocational Special Instructional Pupil Ended Support Regular Education Education Support Support Sites and Other June 30, Administration Services Instruction Instruction Instruction Services Services Buildings Programs Total 1996 $ 2,635,682 $ 1,070,357 $ 26,187,754 $ 470,389 $ 4,878,514 $ 1,453,556 $ 3,472,455 $ 3,538,711 $ 1,881,305 $ 45,588,723 6% 2% 57% 1% 11% 3% 8% 8% 4% 100% ,872,903 1,524,689 28,366, ,563 4,976,186 1,675,764 7,076,353 6,373, ,219 53,918,358 5% 3% 53% 1% 9% 3% 13% 12% 1% 100% ,855,578 1,896,868 29,053, ,956 5,170,985 1,716,470 7,511,636 6,238, ,438 55,342,583 5% 3% 53% 1% 9% 3% 14% 11% 1% 100% ,875,829 1,855,660 30,657, ,820 6,248,700 2,718,509 8,040,684 5,852, ,470 59,156,155 5% 3% 52% 1% 10% 4% 14% 10% 1% 100% ,341,309 2,238,387 33,028, ,714 7,185,354 2,268,478 8,486,946 6,173, ,493 63,741,373 5% 4% 52% 1% 10% 4% 13% 10% 1% 100% ,236,060 1,778,880 34,410, ,743 7,981,267 2,195,895 8,790,067 7,138, ,362 66,588,802 5% 3% 52% 1% 12% 3% 13% 11% 100% ,491,593 1,935,471 36,394, ,899 9,092,125 3,963,664 7,636,476 7,499, ,315 69,990,979 4% 3% 52% 1% 13% 5% 11% 11% 100% ,530,311 1,565,961 37,419,277 1,004,021 9,704,950 3,687,566 6,887,500 6,889, ,311 70,376,093 4% 2% 53% 1% 14% 5% 10% 10% 1% 100% ,714,591 1,918,231 38,817, ,342 9,908,430 6,122,035 7,244,506 7,182,321 1,092,594 75,942,708 4% 3% 51% 1% 13% 8% 10% 9% 1% 100% ,609,326 2,162,740 37,987, ,680 11,447,889 5,475,518 6,481,360 6,708,224 1,181,839 75,029,665 3% 3% 51% 1% 15% 7% 9% 9% 2% 100% Note: For the 2005 fiscal year, the District changed the program classification under which it reports certain expenditures to more accurately conform to Uniform Financial Accounting and Reporting Standards reporting guidelines. Prior year data has not been restated. Pages 64 and 65
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77 INDEPENDENT SCHOOL DISTRICT NO. 834 Tax Capacities and Market Values Last Ten Years Tax Capacity Valuation For Taxes Fiscal Disparities Taxable Collectible Agricultural Non-agricultural Contribution Distribution Tax Increment Total Taxable Market Value 1996 $ 1,867,663 $ 43,640,189 $ (4,136,816) $ 3,967,049 $ (2,347,655) $ 42,990,430 N/A ,041,678 47,712,552 (4,359,351) 4,251,366 (2,751,102) 46,895,143 N/A ,999,531 47,863,757 (4,100,976) 4,032,607 (2,864,597) 46,930,322 N/A ,884,034 47,427,829 (3,924,524) 3,855,609 (2,685,953) 46,556,995 N/A ,950,986 51,318,356 (3,388,808) 4,324,956 (2,186,990) 52,018,500 N/A ,995,063 57,335,750 (3,870,109) 4,932,877 (2,327,306) 58,066,275 $ 3,643,857, ,744,800 44,727,264 (2,527,628) 3,152,507 (1,758,565) 45,338,378 4,002,875, ,973,789 51,218,736 (3,180,596) 3,447,037 (1,783,739) 51,675,227 4,597,728, ,236,729 58,229,860 (3,659,747) 3,760,900 (1,922,712) 58,645,030 5,245,041, ,477,325 66,784,978 (4,154,423) 3,999,669 (2,085,834) 67,021,715 6,039,718,800 N/A: Source: Market values were not readily available for years prior to State of Minnesota School Tax Report Pages 67 and 68
78 INDEPENDENT SCHOOL DISTRICT NO. 834 Property Tax Levies, Collections, and Receivables Last Ten Years For Taxes Collectible Original Levy Collections Uncollected Taxes Receivable as of June 30, 2005 Fiscal Property Delinquent Current Local Spread Disparities Tax Credits Total Spread Amount Amount Percent Amount Percent 1996 $ 25,454,951 $ 2,661,613 $ 1,062,981 $ 29,179,545 $ 29,179,545 $ % $ % ,341,484 2,773, ,360 29,829,011 29,829, ,081,543 2,864,194 3,002,483 31,948,220 31,948, ,134,155 2,953,239 4,489,157 30,576,551 30,553,677 22, ,498,735 2,876,443 5,791,467 31,166,645 31,158,310 8, ,606,152 2,923,575 5,999,328 34,529,055 34,511,917 17, ,039,689 1,112, ,699 15,009,686 14,991,894 17, ,338,505 1,134, ,107 22,270,894 22,214,252 56, ,782,274 1,645, ,709 19,995,678 19,771, , ,622,345 1,335, ,613 22,475,649 10,691,174 11,784, $ 347,315 $ 11,784,475 Note 1: Note 2: Note 3: Source: A portion of the total spread levy is paid through various property tax credits which are paid through state aids and have been included in collections. Beginning with the levy collectible in 2002, the general education levy was eliminated and replaced with state aid. Delinquent taxes receivable are written off after seven years. The amount of collections has been adjusted to reflect the write off of delinquent taxes State of Minnesota School Tax Report Pages 69 and 70
79 INDEPENDENT SCHOOL DISTRICT NO. 834 Property Tax Rates Direct and Overlapping Governments Last Ten Years Tax Collection Municipalities (1) Total Calendar Oak Park Washington Miscellaneous Stillwater Rate Year Stillwater Heights Bayport Marine Afton Lake Elmo Lakeland Woodbury ISD No. 834 County Other (2) Resident Tax capacity rate % % % % % % % % % % % % Market value rate % Tax capacity rate % % % % % % % % % % % % Market value rate % Tax capacity rate % % % % % % % % % % % % Market value rate % % % Tax capacity rate % % % % % % % % % % % % Market value rate % % % Tax capacity rate % % % % % % % % % % % % Market value rate % % % Tax capacity rate % % % % % % % % % % % % Market value rate % % % Tax capacity rate % % % % % % % % % % % % Market value rate % % % Tax capacity rate % % % % % % % % % % % % Market value rate % % % Tax capacity rate % % % % % % % % % % % % Market value rate % % % Tax capacity rate % % % % % % % % % % % % Market value rate % % % (1) (2) Municipalities listed includes those with district learning sites. The miscellaneous other levy includes SD 916, Metro Council, Metro Mosquito, Transit District, Transit Area, Valley Branch WS, Rice Creek WS, Carnelian-Marine WS, South Washington WS, Browns Creek WS, Forest Lake Hospital, and Regional Rail Authority. Source: Washington County Pages 71 and 72
80 INDEPENDENT SCHOOL DISTRICT NO. 834 Ratio of Net General Obligation Bonded Debt to Tax Capacity and Net General Obligation Bonded Debt per Capita and Legal Debt Margin Last Ten Fiscal Years Percent of Net Fiscal Gross Less Debt Service Net Debt to Estimated Bonded Debt Year Bonded Debt Funds on Hand Net Bonded Debt Tax Capacity Tax Capacity Population per Capita 1996 $ 84,275,000 $ 31,110,098 $ 53,164,902 $ 42,990, % 41,958 $ 1, ,300,000 30,876,349 52,423,651 46,895, ,546 1, ,075,000 51,605,046 50,469,954 46,930, ,682 1, ,975,000 21,448,937 49,526,063 46,556, ,682 1, ,075,000 22,068,576 60,006,424 52,018, ,920 1, ,330,000 22,941,760 56,388,240 58,066, ,951 1, ,425,000 23,390,070 60,034,930 45,338, ,463 1, ,025,000 21,664,125 57,360,875 51,675, ,463 1, ,415,000 22,060,900 53,354,100 58,645, , ,720, ,333 50,779,667 67,021, , Note: Source: The legal debt limit for school districts in Minnesota is 15 percent of actual market value. This limit applies only to net general obligation bonded debt and excludes debt supported by special revenue sources. The total net general obligation bonded debt on June 30, 2005 was $50,779,667 as compared to the legal limit of $905,957,820. The resulting legal debt margin is $855,178,153. Annual school district census and U.S. census Pages 73 and 74
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