CONTINUING DISCLOSURE INFORMATION FOR THE HAYS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT. Table 1 ASSESSED VALUATION (1)

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1 CONTINUING DISCLOSURE INFORMATION FOR THE HAYS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT Table 1 ASSESSED VALUATION 2016/17 Total Assessed Valuation... $ 7,527,623, /17 Taxable Assessed Valuation... $ 6,186,616,983 Less Exemption Total Residential Homestead $ 439,324,634 Homestead Cap Adjustment 89,036,251 Over 65/Disabled Persons 39,644,260 Disabled/Deceased Veterans 60,396,462 Pollution Control 4,705,902 Productivity Loss 707,883,380 Prorated Exempt Property 16,118 Total (17.18% of Total Assessed Valuation)... $ 1,341,007,007 Source: Hays County Appraisal District, Caldwell County Appraisal District, Travis Central Appraisal District and State Property Tax Reports. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal Districts updates their records. Includes the District s net taxable assessed value established by Hays County Appraisal District, Caldwell County Appraisal District and Travis Central Appraisal District for Tax Year Net taxable value as of certification assumes a 60% appraisal value of all Hays County properties whose value is being contested or under review. Table 2 UNLIMITED TAX DEBT OUTSTANDING Unlimited Tax Bonds Outstanding (as of August 31, 2016)... $ 296,520,000 Less: Interest & Sinking Fund Balance (as of August 31, 2016)... 1,444,389 NET UNLIMITED TAX DEBT OUTSTANDING $ 295,075,611 Estimated Population 89,844 Per Capita Taxable Assessed Valuation (3) $68, /17 Enrollment 18,649 Per Capita Total Assessed Valuation (3) $83,785 Area (square miles) (3) Per Capita Net Debt $3,284 Source: Municipal Advisory Council of Texas. Source: District Records (3) For more detail regarding Net Taxable Valuation and Total Assessed Valuation see Table 1 above. 1

2 Table 3 ESTIMATED OVERLAPPING DEBT STATEMENT Gross General Obligation Debt Percent Dollar Taxing Body Dollar Amount As of Overlap Overlap Austin Community College District $ 304,153,659 08/31/ % $ 9,915,409 Buda, City of 78,100,000 08/31/ % 78,100,000 Caldwell County 13,065,000 08/31/ % 197,282 Greenhawe WC&ID #2 10,110,000 08/31/ % 10,110,000 Hays County 302,365,000 08/31/ % 106,674,372 Kyle, City of 90,455,000 08/31/ % 90,455,000 Mountain City, City of 38,172 08/31/ % 38,172 North Hays County MUD No. 1 19,185,000 08/31/ % 19,185,000 San Marcos, City of 265,805,000 08/31/ % 16,772,296 South Buda WC&ID No. 1 16,705,000 08/31/ % 16,705,000 Sunfield MUD No. 1 17,065,000 08/31/ % 17,022,338 Travis County 707,826,497 08/31/ % 141,565 Travis County Healthcare District 11,355,000 08/31/ % 2,271 The District 296,520,000 08/31/ % 296,520,000 Total Direct and Overlapping Debt 661,838,704 Excludes interest accreted on outstanding capital appreciation bonds. Source: Municipal Advisory Council of Texas. Table /17 TOTAL TAX RATES OF OVERLAPPING ENTITIES Austin Community College District $ Buda, City of $ Caldwell County $ Greenhawe WC&ID #2 $ Hays County $ Kyle, City of $ Mountain City, City of $ North Hays County MUD No. 1 $ San Marcos, City of $ South Buda WC&ID No. 1 $ Sunfield MUD No. 1 $ Travis County $ Travis County Healthcare District $ Source: The District's audited financial statements and the Municipal Advisory Council of Texas. The tax rates shown above do not apply to the entire District. See Table 3 above for the percentage of the District located in each of the referenced entiries. 2

3 Table 5 PROPERTY TAX RATES AND COLLECTIONS Tax Taxable Assessed % Collections Fiscal Year Year Valuation Tax Rate Current Total Ended 2006 $ 2,629,045,172 $ % 99.88% ,072,931, % 99.86% ,417,956, % 99.89% ,640,517, % 99.82% ,701,916, % 99.76% ,722,928, % 99.56% ,933,944, % 99.29% ,176,106, % 99.09% ,511,583, % 98.81% ,188,776, % % ,186,616, (In Process of Collection) Source: Hays County, Caldwell County, and Travis County Central Appraisal District reports. Excludes penalties and interest. Table 6 TAX RATE DISTRIBUTION 2016/ / / / /13 Local Maintenance $ $ $ $ $ Interest & Sinking Total $ $ $ $ $ Source: District's audited financial Statements and District's Records. Table 7 VALUATION AND FUNDED DEBT HISTORY Taxable Percent Increase/ Principal Amount of Fiscal Assessed (Decrease) in TAV Unlimited Tax Debt Ratio Year Valuation Over Prior Year Outstanding at Year End Debt to T.A.V. 2007/08 $ 3,072,931, % $236,427, % 2008/09 3,417,956, % 315,222, % 2009/10 3,640,517, % 313,222, % 2010/11 3,701,916, % 336,945, % 2011/12 3,722,928, % 318,530, % 2012/13 3,933,944, % 296,435, % 2013/14 4,176,106, % 284,555, % 2014/15 4,511,583, % 321,860, % 2015/16 5,188,776, % 308,490, % 2016/17 6,186,616, % 281,315, % Source: District's records and State Property Tax Reports. 3

4 Table 8 HISTORICAL TOP TEN TAXPAYERS PRINCIPAL TAXPAYERS AND THEIR 2016/17 TAXABLE ASSESSED VALUATIONS Taxable Percent Name of Taxpayer Type of Property Assessed Valuation of T.A.V. Texas Lehigh Cement Co. Cement Plant $ 86,505, % CFAN Co. Manufacturing 71,178, % Goodrich Corp-Aerostructures Manufacturing 44,205, % Settlement Bres LLC Commercial 34,730, % MFT-Silverado II LLC Commercial 30,883, % DDR DB Kyle LP Manufacturing 27,996, % BRE DDR BR Kyle TC LLC Commercial 25,977, % Pedernales Electric Coop. Inc. Electric Utility 24,666, % Sir Buda Ranch LLC Ranch 24,293, % AM Kyle, TX, LLC Commercial 22,533, % Total... $ 392,970, % Source: Hays County, Caldwell County, and Travis Central Appraisal District reports. PRINCIPAL TAXPAYERS AND THEIR 2015/16 TAXABLE ASSESSED VALUATIONS Taxable Percent Name of Taxpayer Type of Property Assessed Valuation of T.A.V. Texas Lehigh Cement Co. Cement Plant $ 77,046, % CFAN Co. Manufacturing 68,816, % Goodrich Corp-Aerostructures Manufacturing 37,384, % Settlement Bres LLC Commercial 31,436, % MFT-Silverado II LLC Commercial 28,816, % Pedernales Electric Coop. Inc. Electric Utility 25,390, % BRE DDR BR Kyle TC LLC Commercial 25,172, % DDR DB Kyle LP Manufacturing 24,355, % US Foodservice, Inc. Real Estate 22,968, % Sir Buda Ranch LLC Ranch 22,885, % Total... $ 364,273, % Source: Hays County, Caldwell County, and Travis Central Appraisal District reports. PRINCIPAL TAXPAYERS AND THEIR 2014/15 TAXABLE ASSESSED VALUATIONS Taxable Percent Name of Taxpayer Type of Property Assessed Valuation of T.A.V. Texas Lehigh Cement Co. Cement Plant $ 74,872, % CFAN Company Manufacturing 67,216, % Goodrich Corp. Manufacturing Manufacturing 41,283, % Settlement Bies LLC Commercial 27,045, % Pedernales Electric Coop. Inc. Electric Utility 24,631, % DDR DB Kyle LP Manufacturing 23,230, % US Foodservice, Inc. Real Estate 22,643, % Cole Mt Kyle TX LLC Manufacturing 21,873, % AM Kyle, TX, LLC Commercial 20,600, % Cabela's Retal TX LP Retail Store 20,392, % Total... $ 343,789, % Source: Hays County, Caldwell County, and Travis Central Appraisal District reports. 4

5 Table 9 CLASSIFICATION OF ASSESSED VALUATION BY USE CATEGORY Total Tax Roll for Fiscal Year 2016/ / / / /13 Property Use Category Real Property Single-Family Residential $ 4,857,382,711 $ 4,114,577,303 $ 3,371,362,945 $ 3,088,851,552 $ 2,949,842,591 Multi-Family Residential 192,126, ,584, ,250,453 74,350,428 56,305,297 Vacant Lots/Tracts 171,700, ,775, ,021, ,134, ,170,030 Acreage (Land Only) 717,582, ,136, ,436, ,400, ,830,624 Farm and Ranch Improvements 250,121, ,789, ,033, ,741, ,511,432 Commercial and Industrial 736,890, ,395, ,715, ,897, ,807,169 Inventory 70,351,972 60,359,082 34,447,271 52,771,517 37,325,108 Tangible Personal Property Business 435,953, ,221, ,320, ,835, ,511,103 Other 32,601,495 31,677,210 28,567,969 27,013,309 26,065,402 Real & Tangible Personal Property Utilities 62,912,414 60,720,139 58,237,881 55,578,905 53,153,172 Total Real & Tangible Personal Property $ 7,527,623,990 $ 6,422,237,968 $ 5,370,395,002 $ 4,998,575,514 $ 4,754,521,928 Less Exemptions Residential Homestead $ 439,324,634 $ 400,022,502 $ 228,819,844 $ 221,963,871 $ 221,136,312 Homestead Cap Adjustment 89,036, ,386,462 5,959, , ,742 Over 65/Disabled Persons 39,644,260 34,653,562 32,771,777 29,566,810 26,671,360 Disabled/Deceased Veterans 60,396,462 46,338,794 38,703,673 30,793,262 26,004,325 Pollution Control 4,705,902 4,248,702 3,407,132 3,602,911 3,387,302 Productivity Loss 707,883, ,332, ,520, ,863, ,474,757 Prorated Exempt Property 16, , ,131 4,897,139 1,009,727 Total Exemptions $ 1,341,007,007 $ 1,233,461,498 $ 858,811,709 $ 822,469,456 $ 820,577,525 Taxable Assessed Valuation $ 6,186,616,983 $ 5,188,776,470 $ 4,511,583,293 $ 4,176,106,058 $ 3,933,944,403 Source: Hays County, Caldwell County, Travis Central Appraisal District and State Property Tax Reports. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal Districts updates their records. Table 10 PERCENTAGE TOTAL ASSESSED VALUATION BY CATEGORY Percent of Total Tax Roll for Fiscal Years Property Use Category 2016/ / / / /13 Real Property Single-Family Residential 64.53% 64.07% 62.78% 61.79% 62.04% Multi-Family Residential 2.55% 2.19% 2.13% 1.49% 1.18% Vacant Lots/Tracts 2.28% 2.30% 2.87% 2.82% 3.03% Acreage (Land Only) 9.53% 9.97% 10.60% 12.53% 12.99% Farm and Ranch Improvements 3.32% 3.30% 3.28% 2.38% 2.49% Commercial and Industrial 9.79% 9.99% 10.07% 10.18% 9.48% Inventory 0.93% 0.94% 0.64% 1.06% 0.79% Tangible Personal Property Business 5.79% 5.81% 6.02% 6.10% 6.32% Other 0.43% 0.49% 0.53% 0.54% 0.55% Real & Tangible Personal Property Utilities 0.84% 0.95% 1.08% 1.11% 1.12% Total % % % % % 5

6 Table 11 OUTSTANDING UNLIMITED TAX DEBT SERVICE Fiscal Year % of Principal Ending Principal Interest Debt Service Retired 08/31/2017 $ 15,205,000 $ 12,994,140 $ 28,199,140 08/31/ ,600,000 12,327,943 23,927,943 08/31/ ,080,000 11,838,043 23,918,043 08/31/ ,655,000 11,263,518 26,918,518 08/31/ ,425,000 10,494,556 26,919, % 08/31/ ,230,000 9,687,018 26,917,018 08/31/ ,080,000 8,839,756 26,919,756 08/31/ ,445,000 8,201,321 26,646,321 08/31/ ,115,000 7,537,345 26,652,345 08/31/ ,095,000 6,826,475 25,921, % 08/31/ ,555,000 6,131,150 26,686,150 08/31/ ,395,000 5,138,225 26,533,225 08/31/2029 7,755,000 4,171,475 11,926,475 08/31/2030 8,120,000 3,801,650 11,921,650 08/31/2031 8,090,000 3,414,125 11,504, % 08/31/2032 7,200,000 3,029,625 10,229,625 08/31/2033 8,350,000 2,681,275 11,031,275 08/31/2034 8,770,000 2,260,525 11,030,525 08/31/2035 9,155,000 1,879,525 11,034,525 08/31/2036 9,550,000 1,481,600 11,031, % 08/31/2037 9,965,000 1,066,300 11,031,300 08/31/ ,255, ,650 11,887,650 08/31/2039 3,430,000 85,750 3,515, % TOTAL $ 296,520,000 $ 135,783,990 $ 432,303,990 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 ending August 31, 2016, the District received $6,183,318 of State funding assistance from a combination of these programs. 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 12 AUTHORIZED BUT UNISSUED BONDS The District has no voter-authorized but unissued bonds. 6

7 Table 13 INTEREST & SINKING FUND BUDGET INFORMATION Tax Supported Debt Service Requirements, Fiscal Year Ending $ 28,199,140 Audited Interest and Sinking Balance at ,444,389 Anticipated Existing Debt Allotment & Instructional Facilities Allotment State Assistance 4,159,357 Local 98% Collection (3) 30,174,977 34,334,334 Projected Interest and Sinking Fund Balance at (4) $ 6,135,194 Based upon District projections. The District adopted an Interest and Sinking Fund Tax Rate of $ for fiscal year 2016/17. (3) The 2016/17 net taxable assessed valuation is $6,186,616,983. For more detail see Table 1 ASSESSED VALUATION, footnotes 1-2 herein. (4) Estimate. The District has taken action to express the District s intent to redeem bonds during the fiscal year 2016/17. Monies on deposit in the Interest and Sinking Fund may be used for such purpose. Table 14 TAX ADEQUACY Maximum Principal and Interest Requirements, Fiscal Year 2016/17 $ 28,199,140 $ Tax Rate at 98% Collection Produces (3) 30,174,977 Anticipated Existing Debt Allotment & Instructional Facilities Allotment State Assistance (3)(4) 4,159,357 Based upon District projections. The District adopted an Interest and Sinking Fund Tax Rate of $ for fiscal year 2016/17. (3) The 2016/17 net taxable assessed valuation is $6,186,616,983. For more detail see Table 1 ASSESSED VALUATION, footnotes 1-2 herein. (4) Includes estimate of any 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 ending August 31, 2017, the District expects to receive approximately $4,159,357 of State funding assistance from a combination of these programs. 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 and the District s wealth per student. The District currently has no loans outstanding. The District currently does not have any capital leases. Table 15 LOANS PAYABLE Table 16 CAPITAL LEASES 7

8 Table 17 GENERAL FUND BALANCE SHEET Fiscal Years Ended August 31, Assets: Cash and Temporary Investments $ 57,380,968 $ 51,573,136 $ 44,155,958 $ 43,793,821 $ 41,616,203 Property Taxes - Delinquent 2,037,638 1,619,122 1,622,457 1,676,093 1,470,977 Allowance for Uncollected Taxes (642,707) (517,141) (497,540) (597,068) (545,186) Due From Other Governments 3,937,823 4,412,754 3,813,679 3,308,016 2,893,122 Accrued Interest 44,760 31,516 10,137 19, ,535 Due From Other Funds 1,152, , , ,821 1,247,933 Other Receivables 575, , , ,829 64,623 Deferred/Prepaid Expenditures 63,306 25,430 60,927 1,275 1,346 Total Assets $ 64,549,936 $ 58,406,103 $ 50,155,576 $ 49,561,433 $ 46,975,553 Liabilities and Fund Balances: Liabilities: Accounts Payable $ 1,662,554 $ 1,119,174 $ 783,338 $ 394,924 $ 930,307 Payroll Deductions and Withholdings 2,240,686 2,053,664 1,815,665 2,049,618 1,902,077 Curriculum Accrued Wages Payable 5,659,007 4,127,697 3,501,782 3,261,817 4,309,140 Due to Other Funds 256,000 40,509 24,208 51,500 - Due to Other Governments 134,893 1,549,773 2,398,177 6,217,048 4,915,507 Due to Student Groups 6,524 6,524 6,524 6,524 15,923 Deferred Revenues - 2, ,501, ,387 Total Liabilities $ 9,959,664 $ 8,899,343 $ 8,530,624 $ 13,483,384 $ 12,885,341 Deferred Inflows of Resources: Unavailable Revenue - Property Taxes $ 1,656,944 $ 1,506,861 $ 1,482,393 $ - $ - Unavailable Revenue - SHARS - 1,674, Total Deferred Inflows $ 1,656,944 $ 3,181,041 $ 1,482,393 $ - $ - Fund Balances: Restricted/Committed/Assigned $ 8,444,579 $ 5,772,948 $ 2,996,508 $ 3,337,885 $ 4,525,862 Unassigned 44,488,749 40,552,771 37,146,051 32,740,164 29,564,350 Total Fund Balances $ 52,933,328 $ 46,325,719 $ 40,142,559 $ 36,078,049 $ 34,090,212 Total Liabilities, Deferred Inflows of Resources and Fund Balances: $ 64,549,936 $ 58,406,103 $ 50,155,576 $ 49,561,433 $ 46,975,553 Source: District's audited financial statements. 8

9 Table 18 COMPARATIVE STATEMENT OF GENERAL FUND REVENUES AND EXPENDITURES Fiscal Years Ended August 31, Beginning Fund Balance $ 46,325,719 $ 40,142,559 $ 36,078,049 $ 34,090,212 $ 31,520,529 Revenues: Local and Intermediate Sources $ 55,647,294 $ 49,309,034 $ 45,219,518 $ 43,025,075 $ 41,300,379 State Sources 91,760,739 85,058,684 79,520,301 73,869,557 72,957,442 Federal Sources 2,692, ,317 2,450,650 1,791,782 2,522,484 Total Revenues $ 150,100,696 $ 135,260,035 $ 127,190,469 $ 118,686,414 $ 116,780,305 Expenditures: Instruction $ 83,147,139 $ 75,565,457 $ 71,938,249 $ 66,597,769 $ 63,322,827 Instructional Resources & Media Services 2,023,245 1,992,457 1,986,521 1,933,891 1,954,062 Curriculum & Staff Development 2,454,178 1,681,481 1,386,526 1,031, ,073 Instructional Leadership 2,942,969 2,463,515 1,884,087 1,844,466 1,753,730 School Leadership 8,432,029 7,364,044 6,888,442 6,839,620 6,695,458 Guidance, Counseling & Evaluation Services 4,614,280 4,148,737 3,986,661 3,987,459 3,608,542 Social Work Services 233, , , , ,362 Health Services 1,681,253 1,708,565 1,633,397 1,619,805 1,611,904 Student (Pupil) Transportation 8,899,457 8,120,048 8,556,167 9,105,596 8,107,454 Food Services ,000 Co-Curricular/Extracurricular Activities 3,710,759 3,378,001 2,932,512 2,854,163 2,813,710 General Administration 3,928,900 3,531,979 3,167,448 2,944,382 3,028,963 Plant Maintenance and Operations 15,135,249 13,896,319 14,032,394 13,285,895 12,883,096 Security and Monitoring Services 1,171,521 1,118,623 1,135,717 1,022,530 1,012,142 Data Processing Services 4,007,747 2,886,792 2,269,098 2,290,110 2,038,091 Community Services 218, , , , ,413 Debt Service 4,200 4, , , ,392 Facilities Acquisition & Construction ,358 - Payments Related to Shared Services Arrangemen 268, ,923 68, Intergovernmental Charges 619, , , , ,544 Total Expenditures $ 143,493,087 $ 129,076,875 $ 123,125,959 $ 116,698,577 $ 111,218,763 Other Resources and (Uses): Other Resources $ - $ - $ - $ - $ 8,141 Other Uses (3,000,000) Total Other Resources and (Uses) $ - $ - $ - $ - $ (2,991,859) Excess (Deficiency) of Revenues & Other Sources over Expenditures and Other uses: $ 6,607,609 $ 6,183,160 $ 4,064,510 $ 1,987,837 $ 2,569,683 Prior Period Adjustment: $ - $ - $ - $ - $ - Ending Fund Balance: $ 52,933,328 $ 46,325,719 $ 40,142,559 $ 36,078,049 $ 34,090,212 Source: District's audited financial statements. Ending Fund Balance includes Non-Spendable, Restricted, Committed, Assigned and Unassigned Fund Balance. 9

10 Table 19 CHANGE IN NET ASSETS (3) Fiscal Year Ending August 31, Revenues: Program Revenues Charges for Services $ 4,113,334 $ 4,041,423 $ 3,819,765 $ 3,935,974 $ 3,841,558 Operating Grants and Contributions 29,252,411 27,125,007 25,326,379 25,215,204 27,401,927 Total Program Revenues $ 33,365,745 $ 31,166,430 $ 29,146,144 $ 29,151,178 $ 31,243,485 General Revenues Maintenance & Operations Taxes $ 54,407,063 $ 48,011,760 $ 44,123,473 $ 42,438,140 $ 39,819,191 Debt Service Taxes 26,096,066 22,993,340 17,865,332 16,975,648 16,162,668 Grants and Contributions - Not Restricted 84,932,606 78,696,858 73,523,774 68,734,114 67,630,168 Investment Earnings 387, ,896 69, , ,693 Miscellaneous 56,084 45, , ,132 46,059 Special Item Total General Revenues $ 165,879,467 $ 149,894,277 $ 135,768,155 $ 128,372,954 $ 123,758,779 Total Revenues $ 199,245,212 $ 181,060,707 $ 164,914,299 $ 157,524,132 $ 155,002,264 Expenses: Instruction $ 104,811,892 $ 92,184,631 $ 85,352,568 $ 78,775,589 $ 77,074,761 Instructional Resources and Media Services 2,291,674 2,182,374 2,193,184 2,138,611 2,156,431 Curriculum and Instructional Staff Development 3,325,715 2,411,741 1,721,020 1,583,342 1,379,454 Instructional Leadership 3,106,845 2,462,739 1,919,744 1,875,678 1,790,933 School Leadership 9,451,371 7,885,113 7,437,559 7,387,447 7,225,406 Guidance, Counseling and Evaluation Services 5,305,875 4,468,675 4,386,199 4,271,372 4,114,542 Social Work Services 242, , , , ,551 Health Services 1,880,450 1,830,198 1,750,795 1,781,732 1,706,732 Student (Pupil) Transportation 9,912,603 9,153,845 9,457,529 9,791,739 9,487,052 Food Services 9,167,980 8,009,110 7,690,558 7,435,752 7,571,737 Co-curricular/Extracurricular Activities 4,514,217 3,492,631 3,107,728 2,942,643 2,873,827 General Adminstration 4,046,355 3,531,789 3,196,789 2,975,715 3,192,563 Plant Maintenance and Operations 14,668,826 14,653,482 14,933,251 16,032,872 14,210,868 Security and Monitoring Services 1,225,486 1,161,956 1,183,355 1,070,168 1,055,392 Data Processing Services 4,661,911 3,760,478 2,627,362 2,715,920 2,379,850 Community Services 385, , , , ,038 Debt Services 12,361,325 14,060,320 12,623,028 13,778,976 15,257,020 Payments Related to Shared Service Agreements 268, ,923 68,503 84,358 17,947 Intergovernmental Charges 619, , , , ,597 Childcare Services Total Expenses $ 192,249,048 $ 172,547,407 $ 160,592,176 $ 155,571,650 $ 152,474,701 Increase/(Decrease) In Net Position $ 6,996,164 $ 8,513,300 $ 4,322,123 $ 1,952,482 $ 2,527,563 Net Position, Beginning $ 11,315,591 $ 18,090,171 $ 15,823,941 $ 14,026,927 $ 11,499,364 Prior Period Adjustment - (15,287,880) (2,055,893) (155,468) - Net Position, Ending $ 18,311,755 $ 11,315,591 $ 18,090,171 $ 15,823,941 $ 14,026,927 Audited financial operations for all governmental activities in accordance with GASB Statement No. 34. Source: District s audited financial statements. (3) Prior period adjustment primarily the result of changes in the District s reporting of its net pension liabilities as required by GASB 68. Please see note H in the District s audited financial statements for additional information. 10