Baldwin Park Unified School District Los Angeles County, California Continuing Disclosure Annual Report - REVISED - January 19, 2013

Transcription

1 Los Angeles County, California Continuing Disclosure Annual Report - REVISED - January 19, N. Holly Avenue Baldwin Park, CA Attn: Chief Business Official/Senior Director of Fiscal Services

2 Table of Contents I. Issues Covered... 3 II. Audited Financial Statements... 3 III. Adopted Budget... 4 IV. Average Daily Attendance and Enrollment... 4 V. Pension Plan Contributions... 4 VI. Outstanding Indebtedness... 5 VII. Current Year Budget vs. Prior Year Actuals... 5 VIII. Total Revenue Limit... 5 IX. State Funding... 6 X. Summary of General Fund Revenues, Expenditures and Fund Balances... 6 XI. Secured Tax Charges and Delinquencies... 7 XII. Assessed Valuations... 7 XIII. Top Taxpayers

3 I. Issues Covered The ( District ) is providing this Continuing Disclosure Annual Report pursuant to the requirements of the Continuing Disclosure Agreements for the following issues, for the fiscal year ending June 30, 2012 ( Continuing Disclosure Annual Report ): Base CUSIP Number Issue Name Baldwin Park/Monrovia School Facilities Grant Financing Authority 2002 Lease Revenue Bonds Series 2010A (Tax-Exempt) and Series 2010B (Qualified School Construction Bonds Direct Payment to Authority) (Federally Taxable) General Obligation Bond Anticipation Notes General Obligation Bonds Election of 2006, Series General Obligation Bonds Election of 2006, Series General Obligation Bonds Election of 2002, Series General Obligation Bonds Election of 2002, Series General Obligation Refunding Bonds General Obligation Bonds Election of 2002, Series General Obligation Bonds Election of 2002, Series Baldwin Park/Monrovia School Facilities Grant Financing Authority 2002 Lease Revenue Bonds Refunding General Obligation Bonds General Obligation Bonds (1996 Election) II. Audited Financial Statements The District s audited financial statements for the fiscal year (the Audit ) have been filed with this revised Annual Report. The Unaudited Actuals for the fiscal year which contains the Adopted Budget (the Combined Report ) was filed at the MSRB website: on September 25, The District s First Interim Report was at the MSRB website: on December 17,

4 III. Adopted Budget The District s adopted budget for the fiscal year which is a part of the Combined Report was filed September 25, 2012 at the MSRB website: IV. Average Daily Attendance and Enrollment Following are Average Daily Attendance ( ADA ) ADA: 15, Enrollment: 16, ADA: 15, Enrollment: 15, Estimated ADA: 14, Enrollment: 15,424 V. Pension Plan Contributions The District s contributions are shown below: STRS $5,530,592 $5,623,666 $5,759,350 $5,968,035 PERS $3,173,898 $3,261,416 $3,062,756 $3,003,523 1 Sources: California Department of Education ( and ) and the First Interim Report ( ). 4

5 VI. Outstanding Indebtedness Information regarding the District s outstanding indebtedness as of June 30, 2012 can be found in the Audit. A summary has been provided below: Balance July 1, 2011 Additions Deductions Balance June 30, 2012 General Obligation Bonds $ 101,802,166 $ 3,368,544 $ 4,700,000 $ 100,470,710 Premium on issuance 458,135-16, ,167 Bond Anticipation Notes 22,119,636 1,193,354-23,312, Lease Revenue Bonds QZAB 432, , Lease Revenue Bonds QZAB 1,009, , , Lease Revenue Bonds 3,980,000-30,000 3,950, Lease Revenue Bonds Series A 265, , Lease Revenue Bonds Series B 25,000, ,000,000 Discount on issuance (570,353) - (35,647) (534,706) Compensated Absences 63,506 8,055-71,561 Capital Leases 711, , ,144 Supplemental Employee Retirement Plan 2,029, ,552 1,191,637 1,610,165 OPEB obligation 7,620,230 3,717,431 2,333,920 9,003,741 Total $ 164,920,287 $ 9,059,936 $ 9,746,651 $ 164,233,572 VII. Current Year Budget vs. Prior Year Actuals The actual general fund revenues and expenditures can be found in the Audit and the budgeted general fund revenues and expenditures in the Combined Report. The figures are summarized following section X below. VIII. Total Revenue Limit Fiscal Year Funded Revenue Limit $5, , , Sources: California Department of Education ( and ) and First Interim Report ( ). 5

6 IX. State Funding In addition to revenue limit funding, information related to funding of the District by the State of California for the fiscal year can be found in various sections throughout the Audit and the Combined Report. X. Summary of General Fund Revenues, Expenditures and Fund Balances Information regarding District general fund revenues, expenditures and fund balances is presented in the Combined Report and in the Audit and is summarized below. Comparison of Budgeted to Actual Revenues and Expenditures and Adopted Budget Figures Final Budget Audited Actual Adopted Budget Revenues Revenue Limit Sources $ 78,938,255 $ 78,678,134 $ 74,926,717 Federal 14,691,820 13,210,760 11,800,990 Other State 24,438,351 39,005,980 32,143,395 Other Local 10,720,109 10,454,455 1,531,525 Total Revenues $ 128,788,535 $ 141,349,329 $ 120,402,627 Expenditures Certificated Salaries $ 64,765,059 $ 64,201,231 $ 59,468,363 Classified Salaries 17,767,133 17,405,987 16,682,325 Employee Benefits 24,743,177 28,527,335 24,829,587 Books and Supplies 10,509,470 4,390,222 7,608,146 Services and Other Operating Expenditures 12,244,266 11,160,067 11,298,893 Capital Outlay 10,652,966 8,416, ,000 Other Outgo (excl Transfers of Indirect 335, ,335 10,048,951 Costs) Other Outgo Transfers for Indirect Costs - - (606,954) Debt Service Principal - 768,510 Debt Service Interest - 579,347 (606,954) Total Expenditures $ 141,017,716 $ 135,725,547 $129,532,311 Excess (Deficiency) of Revenues over (Under) Expenditures $ (12,229,181) $ 5,623,782 $ (9,129,684) Total Other Financing Sources (Uses) $ 2,785,624 $ (8,143,138) $ 4,482,962 Net Increase (Decrease) in Fund Balance $ (9,443,557) $ (2,519,356) $ (4,646,722) Fund Balance (Deficit), July 1, adjusted $ 13,643,798 $ 13,643,798 $ 15,137,987 Fund Balance (Deficit), June 30 $ 4,200,241 $ 11,124,442 $ 10,491,265 6

7 XI. Secured Tax Charges and Delinquencies Below are the District s secured tax charges and delinquencies for the last five fiscal years. Secured Tax Charge (1) Amt. Del. June 30 % Del. June $6,097, $304, % ,482, , ,172, , ,114, , ,147, , Secured Tax Charge (2) Amt. Del. June 30 % Del. June $4,799, $376, % ,915, , ,887, , ,006, , ,396, , (1) 1% General Fund apportionment. Excludes redevelopment agency impounds. Reflects countywide delinquency rate. (2) Bond debt service levy. Source: California Municipal Statistics, Inc. XII. Assessed Valuations Below are the assessed valuations of taxable property in the District for the last five fiscal years. District s Fiscal Year Local Secured Utility Unsecured Total Before Rdv. Increment $3,909,844,670 $1,134,850 $181,427,385 $4,092,406, ,712,444,066 1,272, ,377,969 3,901,094, ,668,378,294 1,272, ,873,795 3,846,524, ,683,584,056 10, ,564,648 3,853,158, ,708,206, ,032,750 3,874,239,127 Source: California Municipal Statistics, Inc. 7

8 XIII. Top Taxpayers Below are the twenty largest local secured taxpayers in the District, the primary land use of each, the assessed valuation of each, and the percentage that each represents of the total secured assessed valuation in the District % of Property Owner Primary Land Use Assessed Valuation Total (1) 1. Metropolitan Life Insurance Co. Office Building $ 57,785, % 2. In-N-Out Burgers Inc. Industrial 34,161, Millercoors LLC Industrial 31,111, Wal Mart Real Estate Business Trust Shopping Center 27,479, Sierra Center Investments LLC Shopping Center 17,990, J and J Warehouse Shopping Center 17,357, Baldwin Park Commerce Center LP Industrial 15,484, Home Depot USA Inc. Shopping Center 15,402, Walton CWCA Ramona 41 LLC Industrial 14,500, Dayton Hudson Corp. Shopping Center 13,290, Otting Properties Inc. Industrial 13,272, SCE Federal Credit Union Office Building 11,861, M and A Gabaee Commercial 11,741, OFT Family Corporation Commercial 11,218, Voit Baldwin Partners LLC Office Building 10,716, Baldwin Park Plaza II LP Shopping Center 9,700, Baldwin Hospitality LLC Hotel 8,931, Menesq Partners LLC Industrial 8,305, Walton CWCA Schabarum 42 LLC Industrial 8,300, ARI PAC Investments Industrial 8,114, $346,724, % (1) Local Secured Assessed Valuation: $3,708,206,377 Source: California Municipal Statistics, Inc. The purpose of the Continuing Disclosure Annual Report is to provide information about the District for the fiscal year Financial and other information for the fiscal year have also been referenced in this Report. The District has collected information from sources believed to be accurate. The District, however, makes no representations about the accuracy. No statement in this report or in the accompanying financial information should be construed as a prediction about the future financial performance of the District. Dated: January 18,