CONTINUING DISCLOSURE INFORMATION REGARDING THE BROWNSBORO INDEPENDENT SCHOOL DISTRICT. Table 1 ASSESSED VALUATION (A)

Transcription

1 CONTINUING DISCLOSURE INFORMATION REGARDING THE BROWNSBORO INDEPENDENT SCHOOL DISTRICT Table 1 ASSESSED VALUATION 2017/18 Total Assessed Valuation... $ 1,079,024, /18 Taxable Assessed Valuation... $ 654,512,493 Exemption Total Residential Homestead.... $ 203,751,375 10% Residential Homestead Cap 2,221,700 Over 65 25,251,502 Disabled Persons ,537,131 Disabled/Deceased Veterans ,903,410 Pollution Control ,000 Prorated Exempt Property 854,080 Minimum Value ,790 Productivity Loss 179,777,290 Total (39.34% of Total Assessed Valuation) $ 424,512,278 Source: Henderson County Appraisal District and Van Zandt County Appraisal District. Certified values are subject to change throughout the year as contested values are resolved and the Henderson County Appraisal District and Van Zandt County Appraisal District update records. Table 2 TAX DEBT OUTSTANDING Unlimited Tax Obligations: Unlimited Tax Debt Outstanding (As of February 15, 2018) $ 25,326,885 Less: Interest & Sinking Fund Balance (As of August 31, 2017) 512,955 NET UNLIMITED TAX DEBT OUTSTANDING... $ 24,813,930 Limited Tax Obligations: Limited Tax Obligations Outstanding (As of February 15, 2018) $ 1,981,250 NET LIMITED TAX DEBT OUTSTANDING... $ 1,981,250 Excludes interest accreted on outstanding capital appreciation bonds. Does not include any limited tax debt obligations payable from the District's Maintenance & Operations tax rate (see "Table 15 - Limited Tax Debt Service Requirements" and "Table 17 - Commitments Under Operating Leases"). Limited tax obligations are payable from the District's Maintenance & Operations tax rate (see "Table 15 - Limited Tax Debt Service Requirements") Population Estimate 14,951 Per Capita Total Assessed Valuation $ 72, /18 Enrollment 2,720 Per Capita Taxable Assessed Valuation $ 43,777 Area (square miles) Per Capita Total Unlimited Tax Debt $ 1,694 CD-1

2 Table 3 ESTIMATED GENERAL OBLIGATION OVERLAPPING DEBT STATEMENT Gross Percent Dollar Taxing Body Dollar Amount As Of Overlap Overlap Brownsboro, City of $ 424,000 02/15/ % $ 424,000 Chandler, City of 4,010,000 02/15/ % 4,010,000 Henderson County - 02/15/ % - Van Zandt County 4,437,000 02/15/ % 20,854 Brownsboro ISD 25,326,885 02/15/ % 25,326,885 Total Direct and Overlapping Debt $ 29,781,739 Ratio of Direct Debt to Taxable Assessed Valuation 3.87% Ratio of Direct and Overlapping Debt to Taxable Assessed Valuation 4.55% Ratio of Direct and Overlapping Debt to Total Assessed Valuation 2.76% Per Capita Direct and Overlapping Debt $1,992 Excludes interest accreted on outstanding capital appreciation bonds. Does not include any limited tax obligations payable from the District's Maintenance & Operations tax rate (see "Table 15 - Limited Tax Debt Service Requirements" and "Table 17 - Commitments Under Operating Leases"). Source: The Municipal Advisory Council of Texas - Texas Municipal Reports. Table /18 TOTAL TAX RATES OF OVERLAPPING POLITICAL ENTITIES Brownsboro, City of $ Chandler, City of $ Henderson County $ Van Zandt County $ Source: Henderson County Appraisal District and Van Zandt County Appraisal District. CD-2

3 Table 5 PROPERTY TAX RATES AND COLLECTIONS Taxable Assessed Percent Collections Fiscal Year Tax Year Valuation Tax Rate Current Total Ended 2012 $ 645,977,430 $ % % ,782, % 97.40% ,808, % 99.81% ,209, % % ,730, % % Five Year Average % 99.60% 2017 $ 654,512,493 $ (In Process of Collection) Excludes Penalties and Interest. Source: District's Audited Financial Statements, Henderson County Appraisal District, Van Zandt County Appraisal District and District records. Certified values are subject to change throughout the year as contested values are resolved and the Henderson County Appraisal District and Van Zandt County Appraisal District update records. Table 6 TAX RATE DISTRIBUTION 2017/ / / / /14 Local Maintenance $ $ $ $ $ Interest & Sinking Total $ $ $ $ $ The levy of a $1.17 tax rate for maintenance and operations was approved by the voters in the District at a tax ratification election held on October 6, Prior to such ratification, the District was limited to a $1.04 tax rate for maintenance and operations. Source: District's Audited Financial Statements and District records. Table 7 VALUATION AND UNLIMITED TAX DEBT HISTORY Percent Increase/ Principal (Decrease) In Amount Of Ratio Of Taxable Unlimited Unlimited Tax Taxable Assessed Tax Debt Debt To Taxable Assessed Valuation Outstanding Assessed Fiscal Year Valuation Over Prior Year At Year End Valuation 2013/14 $ 640,782,311 (0.80%) $29,541, % 2014/15 655,808, % 28,120, % 2015/16 629,209,366 (4.06%) 26,762, % 2016/17 637,730, % 25,326, % 2017/18 654,512, % 24,028, % Does not include any limited tax obligations payable from the District's Maintenance & Operations tax rate (see "Table 15 - Limited Tax Debt Service Requirements" and "Table 17 - Commitments Under Operating Leases"). Excludes the interest accreted on outstanding capital appreciation bonds. Projected, as of August 31, 2018, subject to change. Source: District records, Henderson County Appraisal District and Van Zandt County Appraisal District. CD-3

4 Table 8 HISTORICAL TOP TEN TAXPAYERS PRINCIPAL TAXPAYERS AND THEIR 2017/18 TAXABLE ASSESSED VALUATIONS Taxable Percent Of Name of Taxpayer Type of Property Assessed Valuation T.A.V. Union Pacific Railroad Company Railroad $ 10,119, % Oncor Electric Delivery Company Utility 9,436, % Trinity Valley Electric Cooperative, Inc Utility 6,871, % Brookshire Grocery Company Grocery Store 6,663, % XTO Energy Inc. Oil & Gas 4,815, % United Telephone Company of Texas Utility 4,023, % Quinn R D & C L Living Trust Real Estate 3,279, % ONEOK Sterling III Pipeline Pipeline 2,539, % Chevron U.S.A. Inc. Oil & Gas 2,351, % Atmos Energy Pipeline 2,307, % Totals $ 52,408, % PRINCIPAL TAXPAYERS AND THEIR 2016/17 TAXABLE ASSESSED VALUATIONS Taxable Percent Of Name of Taxpayer Type of Property Assessed Valuation T.A.V. Oncor Electric Delivery Company Utility $ 8,877, % Union Pacific Railroad Company Railroad 7,008, % Brookshire Grocery Company Grocery Store 6,688, % Trinity Valley Electric Cooperative, Inc. Utility 5,639, % United Telephone Company of Texas Utility 3,477, % Chevron U.S.A. Inc. Oil & Gas 2,502, % ONEOK Sterling III Pipeline Pipeline 2,394, % JKO Properties LLC Gas Stations 2,035, % Brown's Landing Limited Partnership Real Estate - Lakefront Community 2,025, % Neches Construction Real Estate - Residential Development 1,900, % Totals $ 42,550, % PRINCIPAL TAXPAYERS AND THEIR 2015/16 TAXABLE ASSESSED VALUATIONS Taxable Percent Of Name of Taxpayer Type of Property Assessed Valuation T.A.V. XTO Energy Inc. Oil & Gas $ 9,204, % Union Pacific Railroad Company Railroad 6,584, % Oncor Electric Delivery Company Utility 5,849, % Trinity Valley Electric Cooperative, Inc. Utility 5,501, % Nomac Drilling LLC Oil & Gas 5,081, % Chevron U.S.A. Inc. Oil & Gas 5,037, % United Telephone Company of Texas Utility 3,626, % Brookshire Grocery Company Grocery Store 3,115, % Exxon Mobil Corporation Oil & Gas 2,484, % ONEOK Sterling III Pipeline Pipeline 2,453, % Totals $ 48,938, % Source: Henderson County Appraisal District and Van Zandt County Appraisal District. CD-4

5 Table 9 CLASSIFICATION OF ASSESSED VALUATION BY USE CATEGORY Property Use Category 2017/ / / / /14 Real Property: Single-Family Residential $ 586,394,340 $ 569,861,960 $ 551,589,550 $ 541,464,690 $ 535,739,490 Multi-Family Residential 6,842,950 6,827,280 6,794,860 6,671,380 6,876,880 Vacant Lots/Tracts 26,292,010 26,437,110 27,690,710 28,301,690 28,712,170 Acreage (Land Only) 191,032, ,797, ,815, ,628, ,785,550 Farm & Ranch Improvements 149,354, ,995, ,604, ,123, ,776,240 Commercial and Industrial 35,859,930 35,261,610 30,443,281 30,431,649 27,854,665 Minerals, Oil and Gas 8,918,404 9,663,096 26,448,608 39,669,782 37,080,403 Inventory 87, , , , ,260 Tangible Personal Property: Business 23,251,540 25,539,120 22,126,340 21,040,285 19,803,248 Other 8,018,470 8,025,340 8,136,420 7,886,910 7,944,290 Real & Tangible Personal Property: Utilities 42,973,237 40,750,598 37,622,370 36,044,479 35,629,288 Total Assessed Valuation $ 1,079,024,771 $ 1,054,264,454 $ 1,039,400,919 $ 1,034,442,165 $ 1,019,396,484 Less Exemptions: Residential Homestead $ 203,751,375 $ 200,293,897 $ 196,478,732 $ 159,080,974 $ 158,481,918 10% Residential Homestead Cap 2,221,700 2,847,350 3,751,020 4,642,540 6,625,910 Over 65 25,251,502 24,929,448 23,981,244 27,088,843 26,515,600 Disabled Persons 2,537,131 2,508,030 2,454,310 3,006,480 3,015,660 Disabled/Deceased Veterans 9,903,410 7,839,156 7,184,169 7,338,734 6,747,898 Pollution Control 25,000 25,000 25,000 25,000 25,000 Prorated Exempt Property 854, , , , ,473 Minimum Value 190, , , , ,524 Productivity Loss 179,777, ,762, ,090, ,888, ,700,190 Total Exemptions $ 424,512,278 $ 416,533,815 $ 410,191,553 $ 378,633,595 $ 378,614,173 Taxable Assessed Valuation $ 654,512,493 $ 637,730,639 $ 629,209,366 $ 655,808,570 $ 640,782,311 Increase in "Residential Homestead" is primarily due to the increase in the State-mandated general residence homestead exemption from $15,000 to $25,000 pursuant to a constitutional amendment approved at a statewide election held on November 3, Source: Henderson County Appraisal District and Van Zandt County Appraisal District. Certified values are subject to change throughout the year as contested values are resolved and the Henderson County Appraisal District and Van Zandt County Appraisal District update records. Table 10 PERCENTAGE OF TOTAL ASSESSED VALUATION BY CATEGORY Property Use Category 2017/ / / / /14 Real Property: Single-Family Residential 54.34% 54.05% 53.07% 52.34% 52.55% Multi-Family Residential 0.63% 0.65% 0.65% 0.64% 0.67% Vacant Lots/Tracts 2.44% 2.51% 2.66% 2.74% 2.82% Acreage (Land Only) 17.70% 18.00% 17.97% 18.14% 18.42% Farm & Ranch Improvements 13.84% 13.47% 13.62% 13.06% 12.93% Commercial and Industrial 3.32% 3.34% 2.93% 2.94% 2.73% Minerals, Oil and Gas 0.83% 0.92% 2.54% 3.83% 3.64% Inventory 0.01% 0.01% 0.01% 0.02% 0.02% Tangible Personal Property: Business 2.15% 2.42% 2.13% 2.03% 1.94% Other 0.74% 0.76% 0.78% 0.76% 0.78% Real & Tangible Personal Property: Utilities 3.98% 3.87% 3.62% 3.48% 3.50% Total % % % % % Source: Henderson County Appraisal District and Van Zandt County Appraisal District. CD-5

6 Table 11 OUTSTANDING UNLIMITED TAX DEBT SERVICE Total Percent Debt Service Of Principal Year Principal Interest Requirements Retired 2017/18 $ 1,298, $ 1,343, $ 2,642, /19 1,231, ,408, ,639, /20 1,161, ,469, ,631, /21 1,555, , ,553, /22 1,630, , ,550, % 2022/23 1,710, , ,549, /24 1,800, , ,553, /25 1,885, , ,548, /26 1,980, , ,549, /27 2,080, , ,550, % 2027/28 2,110, , ,476, /29 2,205, , ,480, /30 2,295, , ,482, /31 2,385, , ,480, % TOTAL $ 25,326, $ 10,363, $ 35,690, Note: Table 11 does not include any potential funding the District may receive from the State of Texas pursuant to the Instructional Facilities Allotment and/or Existing Debt Allotment Programs. For fiscal year ended August 31, 2017, the District received $897,089 of State funding assistance from these programs and has budgeted to receive $810,000 from these programs during fiscal year ending August 31, The amount of State funding aid for debt service may substantially differ from year to year, depending on a number of factors, including amounts, if any, appropriated for that purpose by the Texas Legislature from time to time. Table 11 does not include any limited tax obligations payable from the District's Maintenance & Operations tax rate (see "Table 15 - Limited Tax Debt Service Requirements" and "Table 17 - Commitments Under Operating Leases"). CD-6

7 Table 12 AUTHORIZED BUT UNISSUED BONDS The District has no remaining authorized but unissued bonds. Except for possible refundings for debt service savings, the District does not anticipate the issuance of additional unlimited tax bonds within the next 12-months. In addition to unlimited tax bonds, the District may incur other financial obligations payable from its collection of taxes and other sources of revenue, including maintenance tax notes payable from its collection of maintenance taxes, public property finance contractual obligations, delinquent tax notes, and leases for various purposes payable from State appropriations and surplus maintenance taxes. Table 13 INTEREST & SINKING FUND BUDGET INFORMATION Tax Supported Debt Service Requirements, Fiscal Year Ending August 31, 2018 $ 2,649,500 Interest and Sinking Fund Balance as of August 31, 2017 $ 512,955 Estimated State Assistance 810,000 Local Taxes and Other Revenues 1,839,500 $ 3,162,455 Projected Interest and Sinking Fund Balance at August 31, 2018 $ 512,955 Includes paying agent/registrar fees and other bond related expenses. Table 14 TAX ADEQUACY - UNLIMITED TAX DEBT SERVICE REQUIREMENTS Year 2017/18 Principal And Interest Requirements $ 2,642,200 $ Tax Rate At 95.23% Collections Produces $ 2,642,759 Based upon 2017/18 taxable assessed valuation of $654,512,493. Note: Table 14 does not include any potential funding the District may receive from the State of Texas pursuant to the Instructional Facilities Allotment and/or Existing Debt Allotment Programs. For fiscal year ended August 31, 2017, the District received $897,089 of State funding assistance from these programs and has budgeted to receive $810,000 from these programs during fiscal year ending August 31, The amount of State funding aid for debt service may substantially differ from year to year, depending on a number of factors, including amounts, if any, appropriated for that purpose by the Texas Legislature from time to time. Table 14 does not include any limited tax obligations payable from the District's Maintenance & Operations tax rate (see "Table 15 - Limited Tax Debt Service Requirements" and "Table 17 - Commitments Under Operating Leases"). CD-7

8 Table 15 LIMITED TAX DEBT SERVICE REQUIREMENTS Total Percent Debt Service Of Principal Year Principal Interest Requirements Retired 2017/18 $ 156, $ 54, $ 210, /19 162, , , /20 175, , , /21 165, , , /22 171, , , % 2022/23 178, , , /24 181, , , /25 190, , , /26 193, , , /27 200, , , % 2027/28 206, , , % TOTAL $ 1,981, $ 341, $ 2,322, Payable from the District's Maintenance & Operations tax rate. Table 16 TAX ADEQUACY - LIMITED TAX DEBT SERVICE REQUIREMENTS Year 2017/18 Principal And Interest Requirements $ 210,734 $ Tax Rate At 95.23% Collections Produces $ 211,296 Maximum Principal And Interest Requirements, Year 2019/20 $ 220,719 $ Tax Rate At 95.23% Collections Produces $ 221,269 Payable from the District's Maintenance & Operations tax rate. Based upon 2017/18 taxable assessed valuation of $654,512,493. Table 17 COMMITMENTS UNDER OPERATING LEASES Commitments under operating (noncapitalized) lease agreements for equipment provided for minimum future rental payments as of August 31, 2017, as follows: Year Ending Total August 31 Requirements 2018 $ 110, , ,210 Total Minimum Rentals $ 268,020 Rental Expenditures in Fiscal Year 2017 $ 110,905 Source: District's Audited Financial Statements and District records. CD-8

9 Table 18 COMBINED GENERAL FUND BALANCE SHEET Fiscal Years Ending August 31, Assets: Cash and Cash Equivalents $ 2,932,612 $ 2,726,154 $ 2,013,380 $ 3,102,218 $ 4,259,053 Investments - Current 5,161,836 5,105,163 5,031,803 5,006,556 4,986,935 Property Taxes - Delinquent 1,018,112 1,036,046 1,072,355 1,067, ,152 Allowance for Uncollectible Taxes (Credit) (50,905) (51,803) (53,618) (53,357) (44,907) Receivables from Other Governments 909, , , , ,000 Due from Other Funds ,881 68,881 Total Assets $ 9,971,023 $ 9,635,698 $ 8,642,929 $ 9,566,580 $ 10,543,114 Liabilities, Deferred Inflows of Resources and Fund Balances: Liabilities: Accounts Payable $ 276,015 $ 204,877 $ 324,488 $ 256,106 $ 277,279 Payroll Deductions and Withholdings Payable 20,424 19,949 19,613 47,950 24,853 Accrued Wages Payable 704, , , , ,904 Due to Other Governments 2,768 2,681 2,606 2,541 2,432 Accrued Expenditures ,796 Unearned Revenues - 17, ,498 21,031 Total Liabilities $ 1,003,656 $ 1,015,625 $ 1,029,879 $ 1,676,191 $ 966,295 Deferred Inflows of Resources: Unavailable Revenue - Property Taxes $ 967,207 $ 984,243 $ 1,018,737 $ 1,013,785 $ 853,245 Total Deferred Inflows of Resources $ 967,207 $ 984,243 $ 1,018,737 $ 1,013,785 $ 853,245 Fund Balances: Committed Fund Balance: Capital Expenditures for Equipment $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 Other Committed Fund Balance 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Unassigned Fund Balance: 6,000,160 5,635,830 4,594,313 4,876,604 6,723,574 Total Fund Balances $ 8,000,160 $ 7,635,830 $ 6,594,313 $ 6,876,604 $ 8,723,574 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 9,971,023 $ 9,635,698 $ 8,642,929 $ 9,566,580 $ 10,543,114 Source: District's Audited Financial Statements and District records. CD-9

10 Table 19 COMPARATIVE STATEMENT OF GENERAL FUND REVENUES AND EXPENDITURES Fiscal Years Ending August 31, Beginning General Fund Balance $ 7,635,830 $ 6,594,313 $ 6,876,604 $ 8,723,574 $ 6,824,372 Revenues: Local and Intermediate Sources $ 7,293,033 $ 7,328,671 $ 7,562,480 $ 7,453,453 $ 7,333,347 State Program Revenues 15,248,947 15,302,121 14,173,677 13,940,455 13,866,831 Federal Program Revenues 453, , , , ,765 Total Revenues $ 22,995,322 $ 23,391,652 $ 22,068,929 $ 21,636,316 $ 21,382,943 Expenditures: Instruction $ 11,670,722 $ 11,526,988 $ 11,517,717 $ 11,115,393 $ 10,729,292 Instructional Resources and Media Services 222, , , , ,110 Curriculum and Instructional Staff Development 250, , , , ,986 Instructional Leadership 163, , , , ,151 School Leadership 1,691,876 1,763,077 1,664,538 1,532,470 1,286,544 Guidance, Counseling and Evaluation Services 554, , , , ,889 Health Services 305, , , , ,785 Student (Pupil) Transportation 1,345,415 1,353,790 1,173,170 1,144,921 1,096,310 Food Services 25,897 23,581 20,757 29,422 24,757 Extracurricular Activities 1,064, ,889 1,040,316 1,046, ,769 General Administration 829, , , , ,228 Facilities Maintenance and Operations 2,774,450 2,223,383 2,271,248 2,206,725 2,135,176 Security and Monitoring Services 73, ,051 87,270 81,686 89,069 Data Processing Services 562, , , , ,140 Debt Service - Principal on Long-Term Debt 143, , , ,625 - Debt Service - Interest on Long-Term Debt 58,438 62,085 65,553 79,253 - Facilities Acquisition and Construction 229, , ,969 2,076,276 1,260,356 Payments to Fiscal Agent/Member Districts of SSA 492, , , , ,995 Other Intergovernmental Charges 172, , , , ,560 Total Expenditures $ 22,630,992 $ 22,067,065 $ 21,851,263 $ 23,019,897 $ 21,077,117 Other Resources and (Uses): Other Resources $ - $ - $ 1 $ - $ 2,500,000 Other Uses - (283,070) (499,958) (463,389) (906,624) Total Other Resources (Uses) $ - $ (283,070) $ (499,957) $ (463,389) $ 1,593,376 Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses $ 364,330 $ 1,041,517 $ (282,291) $ (1,846,970) $ 1,899,202 Ending General Fund Balance $ 8,000,160 $ 7,635,830 $ 6,594,313 $ 6,876,604 $ 8,723,574 Ending General Fund Balance includes Committed and Unassigned Fund Balance. Source: District's Audited Financial Statements and District records. CD-10

11 Table 20 CHANGE IN NET POSITION Fiscal Years Ending August 31, Revenues: Program Revenues Charges for Services $ 544,499 $ 542,578 $ 512,081 $ 539,868 $ 590,529 Operating Grants and Contributions 3,831,001 4,166,623 3,449,779 3,490,139 3,162,545 Total Program Revenues $ 4,375,500 $ 4,709,201 $ 3,961,860 $ 4,030,007 $ 3,753,074 General Revenues Maintenance and Operations Taxes $ 6,813,201 $ 6,763,589 $ 7,071,736 $ 6,959,624 $ 6,901,100 Debt Service Taxes 1,926,655 1,911,004 1,756,811 1,724,271 1,294,152 State Aid - Formula Grants 15,205,253 15,039,805 13,623,476 13,441,490 13,266,706 Grants and Contributions Not Restricted 372, , , , ,765 Investment Earnings 75,360 63,772 62,316 66,251 82,227 Miscellaneous Local and Intermediate Revenue 658, , , , ,323 Total General Revenues $ 25,052,210 $ 25,027,485 $ 23,284,998 $ 22,980,388 $ 22,012,273 Total Revenues $ 29,427,710 $ 29,736,686 $ 27,246,858 $ 27,010,395 $ 25,765,347 Expenses Instruction $ 15,013,566 $ 14,566,668 $ 13,733,476 $ 13,325,306 $ 12,327,049 Instructional Resources and Media Services 227, , , , ,080 Curriculum and Staff Development 254, , , , ,823 Instructional Leadership 168, , , , ,151 School Leadership 1,741,630 2,009,532 1,744,847 1,632,419 1,406,805 Guidance, Counseling and Evaluation Services 768, , , , ,183 Health Services 307, , , , ,985 Student (Pupil) Transportation 1,167,791 1,197,718 1,292,777 1,287,981 1,126,844 Food Services 1,215,046 1,647,684 1,409,626 1,475,136 1,403,078 Extracurricular Activities 1,489,347 1,446,925 1,459,240 1,434,659 1,292,252 General Administration 856, , , , ,750 Facilities Maintenance and Operations 2,784,226 2,415,213 2,493,280 2,326,997 2,224,594 Security and Monitoring Services 78, ,328 86,538 81,686 89,069 Data Processing Services 614, , , , ,516 Community Services ,943 30,949 28,853 34,992 Debt Service - Interest on Long-Term Debt 1,132,779 1,321,332 1,353,558 1,400,476 1,335,440 Debt Service - Bond Issuance Costs and Fees 157, Payments Related to Shared Services Arrangements 492, , , , ,995 Other Intergovernmental Charges 172, , , , ,560 Total Expenses $ 28,642,178 $ 28,699,984 $ 27,434,282 $ 27,056,303 $ 25,157,466 Increase/(Decrease) in Net Position $ 785,532 $ 1,036,702 $ (187,424) $ (45,908) $ 607,881 Beginning Net Position 24,977,853 23,941,151 26,287,464 26,333,372 26,133,770 Prior Period Adjustment - - (2,158,889) - (408,279) Ending Net Position $ 25,763,385 $ 24,977,853 $ 23,941,151 $ 26,287,464 $ 26,333,372 Financial operations for all governmental activities in accordance with GASB Statement No. 34. Prior Period Adjustment due to the adoption of GASB Statement Numbers 68 and 71 by the District. Prior Period Adjustment due to the adoption of GASB Statement Number 65 by the District. Source: District's Audited Financial Statements. CD-11