McFarland Unified School District

Transcription

1 McFarland Unified School District Kern County General Obligation Bonds Continuing Disclosure Annual Report for 2011 Prepared by: 6425 Christie Avenue, Suite 270 Emeryville, CA (510)

2 Table of Contents The information contained in this annual report is being submitted in accordance with continuing disclosure requirements per the following debt issuances: $9,150, General Obligation Refunding Bonds $5,285, General Obligation Bonds, Election of 2004, Series 2004 A $1,799, General Obligation Bonds, Election of 2004, Series 2006 B $4,184, General Obligation Bonds, Election of 2004, Series 2008 C Contents Page 1. Introduction 3 2. Average Daily Attendance 3 3. Outstanding Debt 3 4. Audited Financial Statement 4 5. Assessed Valuation 5 6. Secured Tax Charges and Delinquencies 5 7. Top 20 Taxpayers 6 8. Ad Valorem Taxes 6 9. Reporting of Significant Events 7 2

3 1. Introduction The McFarland Unified School District is a K-12 district located in McFarland, California, in the southern part of the San Joaquin Valley. It is located approximately 26 miles north of Bakersfield on Highway 99. The District is comprised of two K-5 elementary schools, one 6-8 middle school, one high school, and a continuation/independent studies/adult education school. Enrollment is approximately 3,100 and is increasing 3-5% each year. McFarland Unified school District operates on a traditional school year schedule. 2. Average Daily Attendance Fiscal Year Enrollment Average Daily Attendance Base Revenue Limit Per ADA ,311 3, , ,344 3, , Outstanding Debt Beginning Balance July 1, 2010 Additions Deductions Ending Balance June 30, 2011 Amounts Due Within One Year General obligation bonds $ 10,669,907 $ - $ 485,000 $ 10,184,907 $ 535,000 Capital leases $ 369,794 $ - $ 145,634 $ 224,160 $ 156,647 Net OPEB obligation $ 505,869 $ 201,664 $ - $ 707,533 $ - Compensated absences $ 254,234 $ - $ 135,140 $ 119,094 $ - TOTALS $ 11,799,804 $ 201,664 $ 765,774 $ 11,235,694 $ 691,647 3

4 4. Audited Financial Statement FY Budget FY Audit FY Budget Revenues: Revenue Limit Sources $ 19,286,392 $ 19,048,740 $ 18,026,474 Federal Revenue $ 5,842,249 $ 4,878,152 $ 5,394,928 Other State Revenue $ 7,528,139 $ 8,034,105 $ 7,915,131 Other Local Revenue $ 425,870 $ 420,652 $ 250,000 Total Revenues $ 33,082,650 $ 32,381,649 $ 31,586,533 Expenditures: Certificated Salaries $ 15,306,394 $ 14,366,983 $ 14,056,537 Classified Salaries $ 4,165,187 $ 4,044,128 $ 4,159,572 Employee Benefits $ 7,461,014 $ 7,124,456 $ 7,831,257 Books and Supplies $ 2,544,413 $ 1,965,023 $ 1,865,438 Services and Other Operating Expenditures $ 3,870,415 $ 3,420,461 $ 4,333,138 Other Outgo $ 711,372 $ 645, Direct Support/Indirect Costs $ (71,741) $ (78,778) $ 151,225 Capital Outlay $ 169,826 $ 123,988 $ 192,700 Debt Service $ - Principal $ 142,365 $ 149,345 $ - Interest $ 21,611 $ 14,630 $ - Total Expenditures $ 34,320,856 $ 31,776,141 $ 33,383,779 Excess (Deficiency) of Revenues Over (Under) Expenditures $ (1,238,206) $ 605,508 $ (1,536,189) Other Financing Sources (Uses): Transfers In $ - $ 469,357 $ - Transfers Out $ (1,256,093) $ (1,260,727) $ - Total Other Financing Soucres (Uses) $ (1,256,093) $ (791,370) $ - Net Change in Fund Balance $ (2,494,299) $ (185,862) $ (1,536,189) Fund Balance July 1 $ 9,268,404 $ 9,268,404 $ 9,082,543 Fund Balance June 30 $ 6,774,105 $ 9,082,542 $ 7,546,354 4

5 5. Assessed Valuation SUMMARY OF ASSESSED VALUATIONS FISCAL YEARS THROUGH Fiscal Year Local Secured Utility Unsecured Total $ 783,389,905 $411,487 $37,020,403 $ 820,821, ,023,544, ,487 38,915,648 1,062,871, ,334, ,487 42,250, ,996, ,045,070, ,487 44,138,666 1,089,620, ,168,351, ,484 65,822,720 1,234,543, Secured Tax Charges & Delinquencies Source: California Municipal Statistics Secured Tax Charges and Delinquencies Fiscal Year Secured Tax Charge (1) Percent Delinquent Secured Tax Delinquencies (2) $749, % , , , , (1) (2) 1% General Fund apportionment. Kern County utilizes the Teeter Plan for assessment levy and distribution. The Teeter Plan guarantees distribution of 100% of the assessments levied to the taxing entity, with the County retaining all penalties and interest. Source: California Municipal Statistics 5

6 7. Top 20 Taxpayers Largest Local Secured Taxpayers Property Owner Primary Land UseAssessed Valuation Total (1) 1. Berry Petroleum Company Oil & Gas Production $284,387, % 2. Elysium West LLC Oil & Gas Production 60,320, CPT Operating Partnership LP Correctional Facilities 56,520, Vintage Petroleum LLC Oil & Gas Production 38,277, Sun World International LLC Food Processing 30,947, Farmland Reserve Inc. Agricultural 21,322, Paramount Land Co. LP Agricultural 17,956, E&B Natural Res. Mtmt. Corp. Oil & Gas Production 17,054, Jakov Dulcich & Sons LLC Agricultural 16,914, Paramount Orchards Partners II, III, VI Agricultural 14,037, Oxy USA Inc. Oil & Gas Production 13,233, Central Valley Almond Assn. Food Processing 13,033, Paramount Citrus Association Agricultural 10,434, McFarland Ventures LP Agricultural 9,016, MAMZIRP LLC Agricultural 8,619, Sam and Suzanne Etchegaray Agricultural 8,230, Golden State Vintners Inc. Food Processing 8,198, Rio Bravo Poso Power Generation 7,932, MZIRP Inc. Warehouse 7,684, Western Milling LLC Warehouse 6,395, $650,518, % (1) Local Secured Assessed Valuation: $ 1,168,241,021. Source: California Municipal Statistics, Inc. 8. Ad Valorem Taxes Typical Total Tax Rates General Tax Rate McFarland Unified School District Kern Community College District SRID Total Tax rate Source: California Municipal Statistics 6

7 9. Reporting of Significant Events Yes No 1. Principal and interest payment delinquencies. x 2. Non-payment related defaults. x 3. Unscheduled draws on the debt service reserves reflecting financial difficulties. x 4. Unscheduled draws on the credit enhancement reflecting financial difficulties. x 5. Substitution of the credit or liquidity providers or their failure to perform. x 6. Adverse tax opinions or events affecting the tax-exempt status of the Bonds. x 7. Modifications to rights of Bond owners. x 8. Optional redemption of the Bonds prior to their maturity. x 9. Defeasances. x 10. Release, substitution or sale of property securing repayment of the Bonds. x 11. Rating changes. x 7