ANNUAL FINANCIAL REPORT OF MINNEAPOLIS PUBLIC SCHOOLS SPECIAL SCHOOL DISTRICT NO. 1 MINNEAPOLIS, MINNESOTA YEAR ENDED JUNE 30, 2012
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1 ANNUAL FINANCIAL REPORT OF MINNEAPOLIS PUBLIC SCHOOLS SPECIAL SCHOOL DISTRICT NO. 1 MINNEAPOLIS, MINNESOTA YEAR ENDED
2 SPECIAL SCHOOL DISTRICT NO. 1 TABLE OF CONTENTS YEAR ENDED INTRODUCTORY SECTION SCHOOL BOARD AND ADMINISTRATION 1 FINANCIAL SECTION INDEPENDENT AUDITORS REPORT 2 REQUIRED SUPPLEMENTARY INFORMATION MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS STATEMENT OF NET ASSETS 16 STATEMENT OF ACTIVITIES 17 BALANCE SHEET GOVERNMENTAL FUNDS 18 RECONCILIATION OF THE BALANCE SHEET GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS 19 STATEMENT OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE GOVERNMENTAL FUNDS 20 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE GOVERNMENTAL FUNDS TO STATEMENT OF ACTIVITIES 21 STATEMENT OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE BUDGET AND ACTUAL GENERAL FUND 22 STATEMENT OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE BUDGET AND ACTUAL MAJOR FOOD SERVICE FUND 23 STATEMENT OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE BUDGET AND ACTUAL MAJOR COMMUNITY SERVICE FUND 24 STATEMENT OF NET ASSETS PROPRIETARY FUND INTERNAL SERVICE FUND 25 STATEMENT OF REVENUES, EXPENSES AND CHANGE IN FUND NET ASSETS PROPRIETARY FUND INTERNAL SERVICE FUND 26 STATEMENT OF CASH FLOWS PROPRIETARY FUND INTERNAL SERVICE FUND 27 NOTES TO BASIC FINANCIAL STATEMENTS 28 REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS FOR POSTEMPLOYMENT BENEFIT PLAN 58 SUPPLEMENTAL INFORMATION UNIFORM FINANCIAL ACCOUNTING AND REPORTING STANDARDS COMPLIANCE TABLE 59
3 INTRODUCTORY SECTION
4 SPECIAL SCHOOL DISTRICT NO. 1 SCHOOL BOARD AND ADMINISTRATION YEAR ENDED SCHOOL BOARD NAME TERM ON BOARD EXPIRES BOARD POSITION Alberto Monserrate 2015 Chair Jenny Arneson 2015 Vice Chair Richard Mammem 2015 Clerk Hussein Samatar 2015 Treasurer Carla Bates 2013 Director Jill Davis 2013 Director Kim Ellison 2013 Director Rebecca Gagnon 2015 Director ADMINISTRATION Dr. Bernadeia Johnson Rick Mills Robert Doty Arthur Alexander III Robin Peabody Superintendent Chief Executive Officer Chief Finance Officer Director of Financial Reporting and Accounting Operations Controller District Offices: Special School District No. 1 Minneapolis Public Schools 1250 West Broadway Avenue Minneapolis, MN (612) (1)
5 FINANCIAL SECTION
6 INDEPENDENT AUDITORS REPORT School Board Special School District No. 1 Minneapolis Public Schools Minneapolis, Minnesota We have audited the accompanying financial statements of the governmental activities, each major fund and the aggregate remaining fund information of Special School District No. 1, Minneapolis, Minnesota as of and for the year ended June 30, 2012, 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 opinions on these financial statements based on our audit. The prior year partial comparative information has been derived from the District s 2011 financial statements and, in our report dated December 28, 2011, we expressed unqualified opinions on 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 opinions. In our opinion, based on our audit, 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 Special School District No. 1 as of June 30, 2012, and the respective changes in financial position and cash flows, where applicable, thereof, and the respective budgetary comparison for the General Fund and the Major Special Revenue Funds for the year then ended in conformity with U.S. generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated December 19, 2012, on our consideration of the District's internal control over financial reporting and on 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. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. An independent member of Nexia International (2)
7 School Board Special School District No. 1 Minneapolis Public Schools Accounting principles generally accepted in the United States of America require that the management s discussion and analysis and schedule of funding progress for postemployment benefit plans on pages 4 through 15 and 58, respectively, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District s basic financial statements as a whole. The accompanying Uniform Financial Accounting and Reporting Standards Compliance Table is presented as supplemental information as required by the Minnesota Department of Education, and is not a required part of the basic financial statements of the District. The table is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Minneapolis, Minnesota December 19, 2012 CliftonLarsonAllen LLP (3)
8 REQUIRED SUPPLEMENTARY INFORMATION
9 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED Special School District No. 1 s annual financial report presents our discussion and analysis of the District s financial performance during the fiscal year that ended on June 30, Please read it in conjunction with the District s financial statements, which immediately follows this section. The Management s Discussion and Analysis (MD&A) is an element of Required Supplementary Information specified in the Governmental Accounting Standard Board s (GASB) Statement No. 34 Basic Financial Statements and Management s Discussion and Analysis for State and Local Governments. Certain comparative information between the current year ( ) and the prior year ( ) is required to be presented in the MD&A. FINANCIAL HIGHLIGHTS Key financial highlights for the fiscal year include the following: Total combined fund balance of all the District s governmental funds decreased $40.4 million, or 17.4% from the prior year. This net decrease was due primarily to expenditures exceeding revenues for the year by $62 million. Total governmental fund revenues were $614.8 million, down $23.2 million or 3.6% decrease over the prior year. While the most significant decrease of $34.8 million or 17.8% over last year came from property taxes, revenue from State sources increased approximately $30.8 million while Federal sources decreased by $21.8 million. Other revenues, such as donations and fees increased by $2.6 million and investment earnings remained flat. Total governmental fund expenditures were $677 million, up $18.8 million, or 2.9% from the prior year. Capital outlay increased by 35.9% or $12.1 million. Expenditures also increased for District Support Services ($4.2 million or 29.5%), Instructional Support Services ($4.9 million or 14.4%), Sites and Buildings ($2.3 million or 4.1%), and Debt Service Principal ($2.7 million or 5.3%) and Interest and Fiscal Charges of ($2.9 million or 16.1%). Expenditures decreased for Regular Instruction ($8.2 million or 3.4%), Pupil Support Services ($1.3 million or 2.7%) compared to last year. OVERVIEW OF THE FINANCIAL STATEMENTS The financial section of the annual report consists of four parts Independent Auditors' Report, required supplementary information which includes the management s discussion and analysis (this section), the basic financial statements, and supplemental information. The basic financial statements include two kinds of statements that present different views of the District: The first two statements are government-wide financial statements that provide both short-term and long-term information about the District s overall financial status. The remaining statements are fund financial statements that focus on individual parts of the District, reporting the District s operations in more detail than the government-wide statements. The governmental funds statements tell how basic services such as regular and special education were financed in the short term as well as what remains for future spending. Proprietary funds statements offer short-term and long-term financial information about the District's self-insured risk management activities and postretirement obligations. The financial statements also include notes that explain some of the information in the statements and provide more detailed data. (4)
10 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED Government-Wide Statements The government-wide statements 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 government-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 an indicator of whether its financial position is improving or deteriorating, respectively. To assess the overall health of the District you need to consider additional non-financial factors such as changes in the District s property tax base and the condition of school buildings and other facilities. In the government-wide financial statements the District s activities are shown in one category: Governmental Activities Most of the District s basic services are included here, such as regular and special education, transportation, administration, food services, and community education. Property taxes and state aids finance most of these activities. Fund Financial Statements The fund financial statements provide more detailed information about the District s funds focusing on its most significant or major funds not the District as a whole. 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 may establish 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 has two kinds of funds: Governmental Funds Most of 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 fewer 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 government-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. (5)
11 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED Proprietary Fund - Internal Service Fund Used to report activities that provide supplies and services for the District s other programs and activities. The District currently has one internal service fund for self-insurance of worker s compensation, property and liability, as well as accumulating and recording the liability for accrued compensated absences (severance and vacation) and health insurance benefits for eligible employees upon retirement. FINANCIAL ANALYSIS OF THE DISTRICT AS A WHOLE Net Assets The District s combined net assets were $269.2 million on June 30, This was a change of 3.0% from the prior year (see Table A-1). Table A-1 The District's Net Assets Primary Government Governmental Activities Percentage Change Current and Other Assets $ 440,153,584 $ 482,462,070 (8.77)% Capital and Non-Current Assets 484,121, ,338, Total Assets 924,274, ,801,010 (3.50) Current Liabilities 255,754, ,057,123 (3.87) Long-Term Liabilities 399,344, ,491,313 (7.24) Total Liabilities 655,098, ,548,436 (5.95) Net Assets: Invested in Capital Assets Net of Related Debt 82,562,950 72,651, Restricted 37,273,168 72,173,416 (48.36) Unrestricted 149,340, ,427, Total Net Assets $ 269,176,246 $ 261,252, 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. Total net assets increased by approximately $7.9 million, which reflects the current year operating results. As presented in the table above, invested in capital assets, net of related debt experienced an increase $9.9 million over the prior year, while restricted net assets decreased by $34.9 million and unrestricted net assets increased by approximately $32.9 million. The District s decrease in current and other assets and in long-term liabilities is due to current year debt refunding payments. At the close of fiscal year , the District continued to hold 4 vacant school buildings at an estimated value of $9,030,614. (6)
12 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED Changes in Net Assets The District s government-wide total revenues were approximately $617 million for the year ended June 30, Property taxes and unrestricted state aid accounted for 72.6% of total revenue for the year. An additional 2.3% came from other general revenues, 0.2% from investment earnings, and the remaining 24.9% from program revenues (Table A-2). Table A-2 Change in Net Assets Primary Government Governmental Activities for the Fiscal Year Ended June 30, Total % Change Revenues Program Revenues Charges for Services $ 14,382,411 $ 13,036, % Operating Grants and Contributions 128,537, ,465,810 (19.39) Capital Grants and Contributions 11,000,000 11,000,000 - General Revenues Property Taxes 159,681, ,407,437 (17.86) Unrestricted State Aid 288,212, ,760, Investment Earnings 984, , Other 14,260,690 7,342, Total Revenues 617,059, ,908,637 (3.27) Expenses Administration 12,669,633 11,388, District Support Services 28,282,088 21,032, Regular Instruction 258,590, ,801,493 (1.98) Vocational Education Instruction 4,610,954 4,159, Special Education Instruction 107,854, ,418, Instructional Support Services 39,305,297 34,238, Pupil Support Services 47,478,325 47,318, Sites and Buildings 52,957,552 53,871,107 (1.70) Fiscal and Other Fixed Cost Programs 526, ,770 (13.56) Food Service 15,137,368 15,682,656 (3.48) Community Service 25,052,181 25,621,830 (2.22) Interest and Fiscal Charges on Long-Term Liabilities 16,671,147 16,975,450 (1.79) Total Expenses 609,135, ,117, Increase in Net Assets 7,923,672 35,791,359 Beginning Net Assets 261,252, ,461,215 Ending Net Assets $ 269,176,246 $ 261,252,574 Total cost of all programs and services was $609.1 million in fiscal District expenses were primarily related to educating and caring for students (79.8%). The District s Community and Nutritional Service programs accounted for 6.6% of expenses while facility maintenance totaled 8.8% and fiscal/other fixed cost expenses totaled 2.7%. District and school administration accounted for 2.1% of total expenses during fiscal 2012 (see Figure A-2 on next page). (7)
13 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED The cost of all governmental activities this year was $609.1 million. Some of the cost was paid by the users of the District s programs (Table A-2 previous page, Charges for Services, $14.4 million). The federal and state governments subsidized certain programs with grants and contributions (Table A-2, Operating and Capital Grants and Contributions, $139.5 million). Most of the District s costs were paid for with local property taxes of $159.7 million, unrestricted state aid of $288.2 million, investment earnings of $1 million, and other general revenues of $14.3 million. Figure A-1 Sources of District's Revenues for Fiscal 2012 Unrestricted State Aid 47% All Other 2% Charges for Services 2% Operating and Capital Grants 23% Property Taxes 26% Figure A-2 District Expenses for Fiscal 2012 Food & Comm Serv 6% Maint 9% Other 3% Admin 2% Student Support Services 19% Instruction-Related 61% (8)
14 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED All governmental funds include not only funds received for the general operation of the District but also include resources from the entrepreneurial-type funds of Food Service and Community Education, and from resources for fiscal service transactions. Funding for the general operation of the District is controlled by the state and the District does not have the latitude to allocate money received in Food Service or Community Education or for fiscal services to enhance general operation resources. Figure A-2 shown on the previous page, therefore, does not include Special Revenue Funds (Food & Community Services) as a component of the general operation of the District, since the District cannot take funds from these restricted areas and use the funds to enhance instruction-related programs. Table A-3 Primary Government Cost and Net Cost of Services Total Cost of Services Percentage Net Cost of Services Percentage Change Change Administration $ 12,669,633 $ 11,388, % $ 12,664,133 $ 11,423, % District Support Services 28,282,088 21,032, ,023,205 20,804, Regular Instruction 258,590, ,801,493 (1.98) 222,029, ,006, Vocational Education Instruction 4,610,954 4,159, ,973,776 3,529, Special Education Instruction 107,854, ,418, ,528,542 34,838, Instructional Support Services 39,305,297 34,238, ,470,576 33,029, Pupil Support Services 47,478,325 47,318, ,054,137 38,907, Sites and Buildings 52,957,552 53,871,107 (1.70) 49,974,550 51,503,154 (2.97) Fiscal and Other Fixed Cost Programs 526, ,770 (13.56) 526, ,770 (13.56) Food Service 15,137,368 15,682,656 (3.48) (529,318) 1,063,727 (149.76) Community Service 25,052,181 25,621,830 (2.22) 6,829,223 6,923,025 (1.35) Interest and Fiscal Charges on Long-Term Liabilities 16,671,147 16,975,450 (1.79) 5,671,147 5,975,450 (5.09) Total $ 609,135,852 $ 602,117, $ 455,215,708 $ 418,615, FINANCIAL ANALYSIS OF THE DISTRICT S FUNDS The financial performance of the District as a whole is reflected in its governmental funds as well. As the District completed the year, its governmental funds reported a combined fund balance of $191.0 million, or a $40.4 million decrease over last year. The District s governmental funds reported total expenditures of $677 million and total revenues of $615 million. Based on these results, fund balance would have decreased by $62 million. The District also reported an increase in fund balance of $21.7 million as a result of new bond issues and real estate sales during the year, including bond premiums of $4.9 million. These other sources of financing along with the increase in expenditures over revenues resulted in an overall decrease to the combined fund balance of $40.4 million from the prior year. (9)
15 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED ENROLLMENT Enrollment is a critical factor in determining revenue. The following chart shows that the number of students has decreased over the past eight years but shows a slight increase over the past year. Table A-4 Student Enrollment (Average Daily Membership) Reg K, Pre-K & KH 4,350 4,125 3,679 3,720 3,470 3,409 3,469 3,708 3,656 3,728 Elementary 22,802 19,260 17,962 16,787 16,221 15,832 15,939 15,982 16,236 16,725 Secondary 20,106 18,204 17,475 16,754 16,013 14,896 14,256 13,671 13,087 12,878 Total Students for Aid 47,258 41,589 39,116 37,261 35,704 34,138 33,663 33,361 32,978 33,331 Percent Change -5.88% % -5.95% -4.74% -4.18% -4.39% -1.39% -0.90% -1.15% 1.07% Figure A-3 Student Enrollment (Average Daily Membership) 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 MINNEAPOLIS PUBLIC SCHOOLS Student Enrollment (in ADMs) Secondary Elementary Over the last nine years, the District has experienced a decrease in average daily membership after peaking at 50,211 in In fiscal year 2012, ADMs increased by 353 and we expect this trend to continued. (10)
16 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED GENERAL FUND The General Fund includes the primary operations of the District in providing educational services to students from kindergarten through grade 12. Special Education serves students from birth to 21. The General Fund also includes pupil transportation activities and capital outlay projects. The following schedule presents a summary of General Fund Revenues. Table A-5 General Fund Revenues Year Ended Change June 30, June 30, Increase Fund (Decrease) Percent Local Sources: Property Taxes $ 91,907,674 $ 127,253,972 $ (35,346,298) (27.78)% Earnings on Investments 161, ,083 (17,817) (9.95) Other 19,158,412 16,870,153 2,288, State Sources 339,482, ,062,302 29,420, Federal Sources 45,871,098 70,606,258 (24,735,160) (35.03) Total General Fund Revenue $ 496,580,763 $ 524,971,768 $ (28,391,005) (5.41) General Fund revenue decreased by $28.4 million or 5.4%, from the previous year. Revenue significantly decreased in fiscal year 2012 due to a reduction of Federal sources and a shift from reduced property taxes. The property tax shift resulted in increased state sources of revenue. The property tax shift was a result of state legislative action. The reduction in Federal sources was a result of the discontinuance of the American Recovery and Reinvestment Act (ARRA). General Fund Revenue is received in three major categories. In summary, the three categories are: 1. State Education Finance Appropriations A. General Education Aid The largest share of the education finance appropriation, general education aid, is intended to provide the basic financial support for the education program and is enrollment driven. B. Categorical Aids Categorical revenue formulas are used to meet costs of that program (i.e., special education) or promote certain types of programs (i.e., career and technical aid). 2. State Paid Property Tax Levies Credits The largest share of the levy is from voter-approved levies: the excess operating referendum, which is also enrollment driven. Property tax credits reduce the amount of property taxes paid. To make up for this reduction, the state pays the difference between what was levied in property taxes and what is actually received in property taxes to school districts and other taxing districts. (11)
17 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED 3. Federal Sources The largest source of federal funding are those received under the No Child Left Behind reform initiative that was passed in January The law is actually the reauthorization of the 1965 Elementary and Secondary Education Act and is the United States Federal Government s largest assistance program for schools. The following schedule presents a summary of General Fund Expenditures. Table A-6 General Fund Expenditures Year Ended Amount of Percent June 30, June 30, Increase Increase (Decrease) (Decrease) Salaries $ 308,502,551 $ 312,643,740 $ (4,141,189) (1.32)% Employee Benefits 100,760,403 97,855,582 2,904, Purchased Services 66,405,402 71,116,037 (4,710,635) (6.62) Supplies and Materials 11,907,394 11,477, , Capital Expenditures 12,321,841 9,207,385 3,114, Other Expenditures 2,465,702 1,694, , Total Expenditures $ 502,363,293 $ 503,995,361 $ (1,632,068) (0.32) Total General Fund expenditures decreased $1.6 million or.32% from the previous year. General Fund salaries and benefits decreased $1.2 million combined for the year. DEBT SERVICE FUND The Debt Service Fund had excess expenditures over revenues of $10.1 million. The District issued $77.3 million in general obligation advance refunding bonds in December 2011 and payment to bond refunded escrow agent of $87.5 million at a premium of $3.9 million. OTHER MAJOR FUNDS Revenues exceeded expenditures by about $0.5 million in the Food Service Fund and resulted in a increase to fund balance bringing the total fund balance to $4.2 million. In the Community Service Fund, expenditures exceeded revenues by about $0.7 million, resulting in an ending fund balance of about $2.6 million. Bond proceeds of $15.8 million along with excess expenditures over revenues of $46.0 million provided the Capital Projects Building Construction a net negative change in fund balance of $29.5 million, decreasing fund balance to $26.8 million. (12)
18 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED CAPITAL ASSET AND DEBT ADMINISTRATION Capital Assets By the end of 2012, the District had invested approximately $480 million (net of accumulated depreciation) in a broad range of capital assets, including school buildings, athletic facilities, computer and audio-visual equipment, and administrative offices (see Table A-7). More detailed information about capital assets can be found in Note 4 to the financial statements. Total depreciation expense for the year totaled approximately $32.7 million. Included in the District s capital assets are four vacant school buildings. The value of these assets, net of depreciation, totals approximately $9.0 million (see Note 4). Table A-7 The District's Capital Assets Percentage Change Land $ 35,004,846 $ 35,004,846 - % Construction in progress 47,312,846 17,382, Buildings and Improvements 855,690, ,389,762 (0.08) Equipment 68,855,537 76,259,138 (9.71) Less: Accumulated Depreciation (526,469,332) (513,225,485) 2.58 Total $ 480,393,920 $ 471,810, Long-Term Liabilities At year-end, the District had $413.4 million in general obligation bonds and certificates of participation payable outstanding, net of related premiums and discounts reflecting an 11.1% decrease from last year as shown in Note 6 D to financial statements. The District also had an estimated $47.9 million in post- employment severance and health benefits payable, as well as self insurance reserves, at June 30, (13)
19 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED GENERAL FUND BUDGETARY HIGHLIGHTS Annual budgets are prepared on a basis consistent with accounting principles generally accepted in the United States of America for the General, Food Service, Community Service, Debt Service, and Capital Projects funds. All annual unencumbered appropriations lapse at fiscal year-end. In accordance with state statute, the Board of Education adopts the various fund budgets by June 30 of the preceding fiscal year. Over the course of the fiscal year, the Board adopts amendments to the budgets for reinstating prior-year unspent school and department budgets, and increases in appropriations for significant unbudgeted costs. While the District s final budget for the General Fund, excluding grant activity, anticipated that there would be a deficit of revenues under expenditures of $4.4 million, there was a negative decrease of $0.3 million. Therefore, total fund balance declined by $0.3 million, resulting in a total fund balance of $128.7 million at June 30, Actual revenues in the General Fund were $19 million lower than budgeted. The actual expenditures were $23.0 million or 4.3% under budget. The method of budgeting for grants created the majority of the variance in both revenues and expenditures; once a grant award is received, a budget is created based on total grant award so that expenditures can be tracked. These grants often cross fiscal years and, therefore, the full budget is not expended by the end of the fiscal year. FACTORS BEARING ON THE DISTRICT'S FUTURE For the past five years, the District has faced continued budget reductions as a result of declining enrollment and growing operating costs. Moving forward through the next two fiscal years the District projects that enrollment will slightly increase. With the exception of the voter-approved excess levy referendum, the District is dependent on the state of Minnesota for its revenue authority. In fiscal 2012, 68.3% of general or non-program revenues came from state aids compared to 55.4% in fiscal 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. This source of funding is primarily state aid and, as such, school districts rely heavily on the state of Minnesota for educational resources. The basic general education formula allowance for Minnesota school districts increased slightly in fiscal year 2012 to $5,174 per pupil. The Legislature has also added $50 per pupil to the formula for fiscal year A weakened economy and growing demand on limited resources continue to present challenges in funding education for the Minnesota schools. (14)
20 SPECIAL SCHOOL DISTRICT NO. 1 MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED REQUEST FOR INFORMATION This financial report is designed to provide citizens, taxpayers, parents, students, investors, and creditors with a general overview of the District s finances, and to demonstrate the District s accountability for the money it receives. Additional details can be requested by mail at the following address: Minneapolis Public Schools Finance Department 1250 West Broadway Avenue Minneapolis, Minnesota Or visit our website at (15)
21 BASIC FINANCIAL STATEMENTS
22 SPECIAL SCHOOL DISTRICT NO. 1 STATEMENT OF NET ASSETS (WITH COMPARATIVE DATA AS OF JUNE 30, 2011) Governmental Activities ASSETS Cash and Investments $ 158,957,274 $ 182,012,748 Cash and Investments Held by Trustee 26,189,419 65,649,412 Receivables: Property Taxes 86,889,497 87,514,407 Other Governments 162,909, ,804,862 Other 3,567,956 3,253,708 Prepaid Items 199, ,873 Inventories 1,439, ,060 Bond Issuance Costs, Net 3,727,105 3,528,395 Capital Assets: Land and Construction in Progress 82,317,692 52,387,130 Other Capital Assets, Net of Depreciation 398,076, ,423,415 Total Assets 924,274, ,801,010 LIABILITIES Salaries and Compensated Absences Payable 41,031,372 48,096,269 Accounts and Contracts Payable 22,196,471 20,042,102 Accrued Interest 6,137,361 7,379,614 Due to Other Governmental Units 10, ,210 Property Tax Shift Adjustment 545, ,351 Other Liabilities - 441,600 Unearned Revenue: Property Taxes 111,402, ,795,975 Local Sources 1,854,419 1,010,543 Long-Term Liabilities: Portion Due Within One Year 72,576,213 79,400,459 Portion Due in More Than One Year 399,344, ,491,313 Total Liabilities 655,098, ,548,436 NET ASSETS Invested in Capital Assets, Net of Related Debt 82,562,950 72,651,195 Restricted for: General Fund State-Mandated Reserves 670,536 2,045,537 Food Service 4,234,725 3,701,306 Community Service 2,662,561 3,365,471 Debt Service 2,918,102 6,800,671 Capital Projects - Building Construction 26,787,244 56,260,431 Unrestricted 149,340, ,427,963 Total Net Assets $ 269,176,246 $ 261,252,574 See accompanying Notes to Basic Financial Statements. (16)
23 SPECIAL SCHOOL DISTRICT NO. 1 STATEMENT OF ACTIVITIES YEAR ENDED (WITH COMPARATIVE DATA FOR THE YEAR ENDED JUNE 30, 2011) Net (Expense) Net (Expense) Revenue and Revenue and Changes in Changes in Program Revenues Net Assets Net Assets Operating Capital Total Total Charges for Grants and Grants and Governmental Governmental Functions Expenses Services Contributions Contributions Activities Activities Governmental Activities Primary Government: Administration $ 12,669,633 $ - $ 5,500 $ - $ (12,664,133) $ (11,423,979) District Support Services 28,282, ,883 - (28,023,205) (20,804,647) Regular Instruction 258,590,882 88,971 36,472,405 - (222,029,506) (210,006,922) Vocational Education Instruction 4,610, ,178 - (3,973,776) (3,529,577) Special Education Instruction 107,854,194 2,866,044 59,459,608 - (45,528,542) (34,838,303) Instructional Support Services 39,305, , ,932 - (38,470,576) (33,029,972) Pupil Support Services 47,478,325-5,424,188 - (42,054,137) (38,907,664) Sites and Buildings 52,957,552 2,563, ,000 - (49,974,550) (51,503,154) Fiscal and Other Fixed Cost Programs 526, (526,232) (608,770) Food Service 15,137,368 1,306,988 14,359, ,318 (1,063,727) Community Service 25,052,181 7,349,617 10,873,341 - (6,829,223) (6,923,025) Interest and Fiscal Charges on Long-Term Liabilities 16,671, ,000,000 (5,671,147) (5,975,450) Total School District $ 609,135,852 $ 14,382,411 $ 128,537,733 $ 11,000,000 (455,215,708) (418,615,189) General Revenues Property Taxes Levied for: General Purposes 91,740, ,148,165 Community Service 5,150,323 6,785,261 Debt Service 49,280,421 46,009,343 Capital Projects 13,509,818 14,464,668 State Aid Not Restricted to Specific Purposes 288,212, ,760,125 Earnings on Investments 984, ,503 Gain on Sale of Capital Assets 2,182,065 - Miscellaneous 12,078,625 7,342,483 Total General Revenues 463,139, ,406,548 Change in Net Assets 7,923,672 35,791,359 Net Assets - Beginning 261,252, ,461,215 Net Assets - Ending $ 269,176,246 $ 261,252,574 See accompanying Notes to Basic Financial Statements. (17)
24 SPECIAL SCHOOL DISTRICT NO. 1 BALANCE SHEET GOVERNMENTAL FUNDS (WITH COMPARATIVE DATA AS OF JUNE 30, 2011) Major Funds Total Food Community Capital Debt Governmental Funds General Service Service Projects Service ASSETS Cash and Investments $ 22,380,371 $ 3,043,815 $ - $ 28,800,962 $ 32,718,785 $ 86,943,933 $ 112,746,885 Cash and Investments Held by Trustee ,595,839 19,593,580 26,189,419 65,649,412 Receivables: Current Property Taxes 52,134,310-2,493,496-29,018,870 83,646,676 83,912,608 Delinquent Property Taxes 2,066,956-95,750-1,080,115 3,242,821 3,601,799 Due from Other Minnesota School Districts 628, , ,556 Due from Minnesota Department of Education 130,665,201 9,339 3,290,810-4,483, ,449, ,549,339 Due from Federal through Minnesota Department of Education 20,390, , , ,324,643 24,972,999 Due from Federal Government Received Directly 355,753-94, ,754 1,255,387 Due from Other Governmental Units 2,042,985-14, ,057,717 2,342,581 Other Receivables 3,215,403 1, ,526 8, ,420 3,567,956 3,253,708 Due from Other Funds 862, ,882 - Prepaid Items ,658 Inventory 472, , ,439, ,060 Total Assets $ 235,216,076 $ 4,526,902 $ 6,578,706 $ 35,405,034 $ 87,076,503 $ 368,803,221 $ 412,882,992 LIABILITIES AND FUND BALANCE Liabilities: Salaries and Compensated Absences Payable $ 26,318,981 $ - $ - $ - $ - $ 26,318,981 $ 37,877,280 Payroll Deductions and Employer Contributions Payable 14,712, ,712,391 10,218,989 Accounts and Contracts Payable 9,769, , ,744 8,576,086-18,782,104 18,604,132 Due to Other Governmental Units 10, , ,210 Due to Other Funds , ,882 - Interest Payable ,704-41,704 41,704 Property Tax Shift Adjustment 545, , ,351 Other Liabilities ,600 Deferred Revenue: Property Taxes Levied for Subsequent Year 51,522,568-2,532,723-57,347, ,402, ,795,975 Delinquent Property Taxes 2,066,956-95,750-1,080,115 3,242,821 3,601,799 Local Sources 1,574, ,905 95, ,854,419 1,010,543 Total Liabilities 106,520, ,177 3,916,145 8,617,790 58,427, ,773, ,482,583 Fund Balance: Nonspendable: Prepaid Items ,658 Inventory 472, , ,439, ,060 Restricted for: Alternative Facility Program ,051,739 Area Learning Center 241, ,162 1,733,425 Graduation Standards - Gifted and Talented 314, , ,675 Health and Safety 37, , ,437 Operating Capital 77, ,823 - Community Education Programs - - 2,041, ,041,692 2,244,739 Early Childhood and Family Educations Programs , , ,572 School Readiness , ,011 23,898 Adult Basic Education , , ,300 Bond Refundings ,004,040 11,004,040 21,679,441 QSCB/QZAB ,718,783 5,718,783 2,748,335 Building Construction ,856,884-26,856,884 55,208,692 Other Purposes - 3,267,642 26,998-11,926,220 15,220,860 18,294,193 Assigned 64,031, ,031,880 46,000,045 Unassigned 63,520, (69,640) - 63,451,263 80,559,200 Total Fund Balance 128,696,003 4,234,725 2,662,561 26,787,244 28,649, ,029, ,400,409 Total Liabilities and Fund Balance $ 235,216,076 $ 4,526,902 $ 6,578,706 $ 35,405,034 $ 87,076,503 $ 368,803,221 $ 412,882,992 See accompanying Notes to Basic Financial Statements. (18)
25 SPECIAL SCHOOL DISTRICT NO. 1 RECONCILIATION OF THE BALANCE SHEET GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS (WITH COMPARATIVE DATA AS OF JUNE 30, 2011) Total Fund Balance for Governmental Funds $ 191,029,576 $ 231,400,409 Total net assets reported for governmental activities in the statement of net assets is different because: Capital assets used in governmental funds are not financial resources and, therefore, are not reported in the funds. Those assets consist of: Land 35,004,846 35,004,846 Construction in Progress 47,312,846 17,382,284 Buildings and Improvements, Net of Accumulated Depreciation 384,668, ,733,756 Equipment, Net of Accumulated Depreciation 13,407,999 14,689,659 Some of the District's property taxes will be collected after year-end, but are not available soon enough to pay for the current period's expenditures and, therefore, are reported as deferred revenue in the funds. Interest on long-term debt is not accrued in governmental funds, but rather is recognized as an expenditure when due. Bond issuance costs are reported as expenditures in the governmental funds Internal service funds are used by management to charge the costs of health, dental, workers compensation and general liability insurance to individual funds, as well as postemployment benefits. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net assets. Internal service fund net assets at year-end are: 3,242,821 3,601,799 (6,137,361) (7,379,614) 3,727,105 3,528,395 20,940,574 23,099,802 Long-term liabilities that pertain to governmental funds, including bonds payable, are not due and payable in the current period and, therefore, are not reported as fund liabilities. All liabilities - both current and long-term - are reported in the statement of net assets. Balances at year-end are: Bonds Payable (244,881,000) (269,456,000) Unamortized Premiums (10,628,055) (8,509,023) Unamortized Discounts 13,666 16,261 Certificates of Participation Payable (168,525,000) (186,860,000) Total Net Assets of Governmental Activities $ 269,176,246 $ 261,252,574 See accompanying Notes to Basic Financial Statements. (19)
26 SPECIAL SCHOOL DISTRICT NO. 1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE GOVERNMENTAL FUNDS YEAR ENDED (WITH COMPARATIVE DATA FOR THE YEAR ENDED JUNE 30, 2011) Major Funds Capital Projects - Total Food Community Building Debt Governmental Funds General Service Service Construction Service REVENUES Local Sources: Property Taxes $ 91,907,674 $ - $ 5,173,773 $ 13,509,818 $ 49,449,005 $ 160,040,270 $ 194,873,015 Earnings on Investments 161,266 4,101 2,932 28, , , ,892 Other 19,158,412 1,306,988 8,260, ,794-29,420,999 26,827,199 State Sources 339,482, ,486 8,848,709-12,559, ,522, ,689,770 Federal Sources 45,871,098 13,727,212 1,448,334-2,220,891 63,267,535 85,082,690 Total Revenues 496,580,763 15,670,787 23,734,553 14,233,217 64,571, ,790, ,009,566 EXPENDITURES Current: Administration 12,457, ,457,641 11,404,329 District Support Services 18,641, ,641,716 14,398,257 Regular Instruction 232,221, ,221, ,484,358 Vocational Education Instruction 4,385, ,385,961 4,057,541 Special Education Instruction 106,454, ,454, ,344,755 Instructional Support Services 38,673, ,673,552 33,832,924 Pupil Support Services 46,094, ,094,732 47,387,600 Sites and Buildings 30,585, ,703,005-58,288,188 56,023,393 Fiscal and Other Fixed Cost Programs 526, , ,770 Food Service - 14,298, ,298,873 14,162,441 Community Service ,304, ,304,477 24,638,749 Capital Outlay 12,321, , ,986 32,551,431-45,844,753 33,709,405 Debt Service: Principal ,725,000 53,725,000 50,965,000 Interest and Fiscal Charges ,908,662 20,908,662 18,016,561 Total Expenditures 502,363,293 15,137,368 24,437,463 60,254,436 74,633, ,826, ,034,083 Excess (Deficiency) of Revenues Over Expenditures (5,782,530) 533,419 (702,910) (46,021,219) (10,062,466) (62,035,706) (20,024,517) OTHER FINANCING SOURCES (USES) Proceeds from Sale of Equipment ,952-5,952 42,341 Proceeds from Sale of Real Property ,707,898 3,217,844 5,925,742 - Bonds Proceeds 5,215, ,814,141 77,315,000 98,345,000 86,700,000 Bond Premium 240, ,939 3,950,150 4,918,179 1,896,798 Payment to Refunded Bond Escrow Agent (87,530,000) (87,530,000) - Transfers In ,707,898 2,707,898 - Transfers Out (2,707,898) - (2,707,898) - Total Other Financing Sources (Uses) 5,455, ,548,032 (339,108) 21,664,873 88,639,139 Net Change in Fund Balance (326,581) 533,419 (702,910) (29,473,187) (10,401,574) (40,370,833) 68,614,622 Fund Balance - Beginning 129,022,584 3,701,306 3,365,471 56,260,431 39,050, ,400, ,785,787 Fund Balance - Ending $ 128,696,003 $ 4,234,725 $ 2,662,561 $ 26,787,244 $ 28,649,043 $ 191,029,576 $ 231,400,409 See accompanying Notes to Basic Financial Statements. (20)
27 SPECIAL SCHOOL DISTRICT NO. 1 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE GOVERNMENTAL FUNDS TO STATEMENT OF ACTIVITIES YEAR ENDED (WITH COMPARATIVE DATA FOR THE YEAR ENDED JUNE 30, 2011) Net Change in Fund Balance - Total Governmental Funds $ (40,370,833) $ 68,614,622 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, assets with an initial, individual cost exceeding capitalization policy thresholds are capitalized and the cost is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period. Capital Outlays 45,110,137 31,151,267 Gain or Loss on Disposal of Capital Assets 2,182,065 (386,422) Proceeds from Sales of Capital Assets (5,931,694) (42,341) Depreciation Expense (32,777,133) (32,538,966) The governmental funds report bond proceeds as financing sources, while repayment of bond principal is reported as an expenditure. In the statement of net assets, however, issuing debt increases long-term liabilities and does not affect the statement of activities and repayment of principal reduces the liability. Also, governmental funds report the effect of issuance costs and premiums when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. Interest is recognized as an expenditure in the governmental funds when it is due. In the statement of activities, however, interest expense is recognized as it accrues, regardless of when it is due. The net effect of these differences in the treatment of general obligation bonds and related items is as follows: General Obligation Bond Proceeds (47,385,000) (45,475,000) Certificates of Participation Proceeds (50,960,000) (41,225,000) Payment to Refunded Bond Escrow Agent 87,530,000 - Bond Premium (4,918,179) (1,896,798) Bond Issuance Costs 1,184,091 1,131,424 Repayment of Certificates of Participation Payable 16,320,000 14,720,000 Repayment of Bond Principal 37,405,000 36,245,000 Change in Accrued Interest Expense 1,242,253 (142,985) Amortization of Bond Issuance Costs (985,381) (369,590) Amortization of Bond Premium 2,799, ,868 Amortization of Bond Discount (2,595) (237,606) Delinquent property taxes receivable will be collected this year, but are not available soon enough to pay for the current period s expenditures and, therefore, are deferred in the funds. Internal service funds are used by the District to charge the costs of employee health and dental benefits to individual funds. The net revenue (loss) of the internal service funds is reported with governmental activities. (358,978) (465,578) (2,159,228) 6,049,464 Change in Net Assets of Governmental Activities $ 7,923,672 $ 35,791,359 See accompanying Notes to Basic Financial Statements. (21)
28 SPECIAL SCHOOL DISTRICT NO. 1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE BUDGET AND ACTUAL GENERAL FUND YEAR ENDED Over (Under) Budgeted Amounts Actual Final Original Final Amounts Budget REVENUES Local Sources: Property Taxes $ 94,718,247 $ 94,718,247 $ 91,907,674 $ (2,810,573) Earnings on Investments , ,266 Other 18,619,051 22,825,000 19,158,412 (3,666,588) State Sources 344,269, ,872, ,482,313 (8,389,687) Federal Sources 50,146,500 50,146,500 45,871,098 (4,275,402) Total Revenues 507,753, ,561, ,580,763 (18,980,984) EXPENDITURES Current: Administration 11,780,386 12,886,727 12,457,641 (429,086) District Support Services 17,221,697 22,699,429 18,641,716 (4,057,713) Regular Instruction 236,733, ,128, ,221,437 (7,906,831) Vocational Education Instruction 5,283,632 4,303,106 4,385,961 82,855 Special Education Instruction 109,229, ,034, ,454,998 1,420,701 Instructional Support Services 38,554,761 41,320,738 38,673,552 (2,647,186) Pupil Support Services 58,225,243 50,619,609 46,094,732 (4,524,877) Sites and Buildings 39,801,512 33,287,394 30,585,183 (2,702,211) Fiscal and Other Fixed Cost Programs 579, , ,232 (373,768) Capital Outlay - 14,229,578 12,321,841 (1,907,737) Total Expenditures 517,409, ,409, ,363,293 (23,045,853) Excess (Deficiency) of Revenues Over (Under) Expenditures (9,655,949) (9,847,399) (5,782,530) 4,064,869 OTHER FINANCING SOURCES Bonds Proceeds 5,215,859 5,215,859 5,215,859 - Bond Premium 240, , ,090 - Total Other Financing Sources 5,455,949 5,455,949 5,455,949 - Net Change in Fund Balances $ (4,200,000) $ (4,391,450) (326,581) $ 4,064,869 FUND BALANCE Beginning of Year 129,022,584 End of Year $ 128,696,003 See accompanying Notes to Basic Financial Statements. (22)
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