VENTURA UNIFIED SCHOOL DISTRICT

Transcription

1 VENTURA UNIFIED SCHOOL DISTRICT GENERAL OBLIGATION BONDS 2010 Refunding Bonds 2012 Refunding Bonds 2014 Refunding Bonds 2015 Refunding Bonds CERTIFICATES OF PARTICIPATION 2002 COP CONTINUING DISCLOSURE REPORT for fiscal year ended June 30, 2015 MARCH 23, 2016

2 TABLE OF CONTENTS Financial Statements... 1 Average Daily Attendance and Enrollment... 1 Pension and Post-employment Benefits... 1 Outstanding Obligations... 1 Local Control Funding Formula (Revenue Limit)... 1 Tax Levies and Delinquencies... 2 Historic Assessed Valuation... 2 General Fund Summary... 3 Largest Taxpayers... 4 This Continuing Disclosure Annual Report is of a factual nature and does not contain any opinions or advice of Dale Scott & Co., Inc. Accordingly, this Annual Report may not be relied upon as financial advice from DS&C. Before acting on any disclosures in this Annual Report, interested parties should discuss such action with appropriate experts. Although the data in this Annual Report has been produced and processed from sources believed to be reliable, DS&C makes no representation regarding the accuracy, completeness or reliability of the data. DS&C provides this data strictly on an "AS IS" basis. DS&C assumes no responsibility for anyone's use of the data in this Annual Report. In no event shall DS&C be liable for any damages or injury of any nature arising from use of this Annual Report, however caused and on any theory of liability ii

3 Financial Statements Please refer to the Ventura Unified School District Audit Report dated June 30, 2015 ( 2015 Audit ) and the Adopted Budget ( Budget ) submitted separately to the Electronic Municipal Market Access ( EMMA ). Average Daily Attendance and Enrollment AVERAGE DAILY ATTENDANCE AND ENROLLMENT Fiscal Year Enrollment ADA ,709 16, ,366 16,824 Source: Ventura Unified School District, and Budget. Pension and Post-employment Benefits See Notes 12 and 13 of the 2015 Audit for information regarding the District s Pension and Post- Employment Benefits. Outstanding Obligations Please see the Notes 7-11 of the 2015 Audit for information regarding the District s Short-Term Borrowing, Lease Obligations and Long-Term Borrowing. Local Control Funding Formula (Revenue Limit) The following table shows the District s Local Control Funding Formula (LCFF) per unit of average daily attendance and LCFF total. LOCAL CONTROL FUNDING FORMULA LCFF per Unit of Average Average Daily Total Fiscal Year Daily Attendance Attendance LCFF $7,428 16,824 $124,973, ,190 16, ,791,524 Source: Ventura Unified School District, Budget 1

4 Tax Levies and Delinquencies Beginning in , Article XIIIA and its implementing legislation shifted the functions of property taxation primarily to the counties, except for levies to support prior-voted debt, and prescribed how levies on county-wide property values are to be shared with local taxing entities within each county. The following exhibit displays tax levy and delinquency data for the District. SECURED TAX LEVIES AND DELINQUENCIES Fiscal Year Secured Tax Levy (1) Secured Tax Delinquencies Delinquencies As a Percent of Levy $51,259,105 $466, % $53,968,129 $446, % (1) 1% of General Fund apportionment Source: California Municipal Statistics, Inc. Historic Assessed Valuation HISTORIC ASSESSED VALUATIONS Fiscal Year Local Secured Utility Unsecured Total $14,239,252,191 $1,138,436 $647,965,462 $14,888,356, ,747,687,295 1,138, ,583,226 14,438,408, ,190,307, , ,738,360 14,815,953, ,197,669, , ,138,922 14,814,715, ,464,271, , ,064,677 15,072,242, ,092,528, , ,380,071 15,684,816, ,845,021, , ,157,464 16,456,085, ,110,176, , ,908,146 16,713,958,041 Source: California Municipal Statistics, Inc. 2

5 General Fund Summary, including State Funding The following table shows a summary of the District's audited amounts for fiscal year and adopted budget amounts for GENERAL FUND FUND BALANCES, REVENUES AND EXPENDITURES FISCAL YEARS AND Audited Actuals Adopted Budget (1) Beginning Balance $17,206,426 $12,613,296 Revenue LCFF Sources 120,252, ,709,872 Federal Income 12,686,082 12,053,454 Other State Income 10,652,540 15,539,049 Other Local Income 15,036,020 12,204,054 Total Revenue $158,627,262 $172,506,429 Expenditures Certificated Salaries 70,434,500 71,488,414 Classified Salaries 25,123,818 24,386,078 Employee Benefits 38,860,687 36,755,288 Books & Supplies 9,354,827 10,010,324 Services & Other Operating Expenses 13,947,920 12,125,187 Capital Outlay 1,786,752 6,790,009 Other Outgo 3,986,762 3,820,536 Direct/Indirect Support Costs -485, ,996 Debt Service 759,421 Total Expenditures $163,769,398 $164,721,840 Other Financing Sources & Uses Operating Transfers In 549,006 9,150 Operating Transfers Out 0 814,325 Total Other Financing Sources & Uses -$4,593,130 $6,979,414 Net Ending Balance $12,613,296 $19,592,710 (1) Adopted budget beginning balance adjusted to reflect ending balance of audited actuals. Source: Ventura Unified School District, 2015 Audit and Budget. 3

6 Largest Taxpayers LARGEST LOCAL SECURED TAXPAYERS % of Property Owner Primary Land Use Assessed Valuation Total (1) 1. Aera Energy LLC Industrial Oil Production $678,853, % 2. Vintage Petroleum LLC Industrial Oil Production 154,206, Macerich Buenaventura Ltd. Shopping Center 90,050, NRCF Ventura Holdings LLC Apartments 88,149, Cal Ave. Vanoni Investors LLC Apartments 84,208, Raintree Ventura Colony LLC Apartments 61,856, VT Resort Apartments One LLC Apartments 54,439, Montalvo Square Associates LLC Shopping Center 47,045, ASN Ventura 1031 LLC Apartments 43,229, Ventura Gateway LLC Shopping Center 38,336, County Center Ltd. Apartments 35,440, Program 87A Ltd. Apartments 33,720, Obest LP Hotel 33,048, Texaco Producing Inc. Industrial Oil Production 32,853, MBL Golf Course LLC Golf Course 31,427, Newport Beach North LLC Apartments 31,097, Ventura Beach Ventures LLC Hotel 29,935, Poinsettia Plaza LLC Shopping Center 29,173, Imperial Ventura MHP LLC Mobile Home Park 27,252, Target Corp. Shopping Center 26,902, $1,651,225, % (1) Local Secured Assessed Valuation: $16,110,176,589 Source: California Municipal Statistics, Inc. 4