Cotati Rohnert Park Unified School District

Transcription

1 Continuing Disclosure Annual Report Fiscal Year Ended June 30, 2012 Prepared by: 7165 Burton Ave. Rohnert Park, CA

2 Table of Contents I. Introduction... 3 II. Audited Financial Statements... 3 III. Adopted Budget... 3 IV. Average Daily Attendance... 3 V. Pension Plan Contributions... 4 VI. Short Term Borrowing... 4 VII. Lease Obligations... 5 VIII. Long Term Obligations... 5 IX. General Fund Revenues and Expenditures from Audited Financial Statements... 6 X. General Fund Revenues and Expenditures from Adopted Budget... 7 XI. Revenue Limit... 8 XII. Secured Tax Charges and Delinquencies... 8 XIII. Assessed Valuation... 8 XIV. Largest Taxpayers

3 I. Introduction The ( District ) hereby provides its continuing disclosure annual report pursuant to the Continuing Disclosure Agreements in connection with the following financings for the fiscal year ended June 30, 2012 ( Annual Report ): Exhibit 1 Financings Base CUSIP Financing Refunding General Obligation Bonds General Obligation Refunding Bonds, Series A (2009 Crossover) General Obligation Refunding Bonds, Series B General Obligation Bonds, Election of 1990, Series I General Obligation Refunding Bonds II. Audited Financial Statements The District s audited financial statements for the fiscal year ended June 30, 2012 have been submitted separately to EMMA (Electronic Municipal Market Access). III. Adopted Budget The District s adopted budget for fiscal year has been submitted separately to EMMA (Electronic Municipal Market Access). IV. Average Daily Attendance The following exhibit displays Average Daily Attendance for the District. Exhibit 2 Average Daily Attendance (Preceding & Current) Fiscal Year Average Daily Attendance (1) 5, ,788 (1) Budgeted Source: 3

4 V. Pension Plan Contributions Qualified employees are covered under multiple employer defined benefit pension plans maintained by agencies of the state of California. Certificated employees are members of the California State Teachers Retirement System (CalSTRS), and classified employees are members of the California Public Employees Retirement System (CalPERS). California State Teachers Retirement System (CalSTRS) Exhibit 3 California State Teachers Retirement System (CalSTRS) (Preceding & Current) Fiscal Year Contribution Amount (1) $1,499, ,617,479 (1) The required employer contribution rate was 8.25% of annual payroll. Source: Audited Financial Statement dated June 30, California Public Employees Retirement System (CalPERS) Exhibit 4 California Public Employees Retirement System (CalPERS) (Preceding & Current) Fiscal Year Contribution Amount (1) $529, ,073 (1) The required employer contribution rate was %. Source: Audited Financial Statement dated June 30, VI. Short Term Borrowing As of June 30, 2012 the District has no short term debt outstanding. Source: Audited Financial Statement dated June 30,

5 VII. Lease Obligations As of June 30, 2012 the District had $5,634 in capital lease obligations outstanding. Subsequent Event In August of 2012, the District signed a lease for computer equipment with total payments of $438,900. Payments begin on September 2, 2012 and the final payment is due on August 31, Source: Audited Financial Statement dated June 30, VIII. Long Term Obligations Changes in Long Term Debt The following is a summary of changes in long term debt: Exhibit 5 Changes in Long Term Debt Balance July 1, 2011 Additions Deductions Balance June 30, 2012 Due in One Year General obligation bonds $64,417,449 $0 $3,155,816 $61,261,633 $3,155,816 Capital leases 21, ,737 5,634 0 Early retirement incentives 1,248, ,874 1,074, ,450 Annual net OPEB obligations 1,057,449 1,071,694 1,210, ,855 0 Compensated absences 196, , , ,120 Totals $66,940,947 $1,071,694 $4,596,850 $63,415,791 $3,900,386 Source: Audited Financial Statement dated June 30, Bonded Debt The outstanding general obligation bonded debt is as follows: Issue Date Issue Date Exhibit 6 Bonded Debt Interest Rate Maturity Date Amount of Original Issue Outstanding July 1, 2011 Issued (Redeemed) Outstanding June 30, Ref. GOB 10/1/ % 2016 $18,525,000 $8,855,000 ($1,480,000) $7,375, Ref. GOB (Ser. A) 7/28/05 4 5% ,765,000 25,765,000 25,765, Ref. GOB (Ser. B) 7/25/05 3 5% ,450,000 6,380,000 (190,000) 6,190, Elec., Ser. I 8/2/06 4 7% ,005,000 9,975,000 (245,000) 9,730, Ref. GOB 11/30/10 2 5% ,355,000 16,355,000 (1,445,000) 14,910,000 Totals $78,100,000 $67,330,000 ($3,360,000) $63,970,000 Source: Audited Financial Statement dated June 30,

6 IX. General Fund Revenues and Expenditures from Audited Financial Statements Exhibit 7 General Fund Revenues and Expenditures from FY Audited Financial Statements Actual REVENUES Revenue Limit Sources $31,450,600 Federal Sources 3,626,303 Other State Sources 6,252,336 Other Local Sources 3,761,185 Total Revenues 45,090,424 EXPENDITURES Certificated Salaries 18,387,427 Classified Salaries 4,805,127 Employee Benefits 10,730,521 Books and Supplies 957,657 Services and Other Operating Expenditures 8,615,120 Capital Outlay 22,759 Other Outgo 1,259,109 Total Expenditures 44,777,720 Excess (Deficiency) of Revenues Over (Under) Expenditures 312,704 Net Financing Sources (Uses) 495,000 Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures and Other Uses 807,704 Fund Balances Beginning 3,787,803 Fund Balance Ending $4,595,507 Source: Audited Financial Statement dated June 30,

7 X. General Fund Revenues and Expenditures from Adopted Budget REVENUES Exhibit 8 FY General Fund Adopted Budget Adopted Budget Revenue Limit Sources $31,230,031 Federal Revenue 2,668,850 Other State Revenue 6,226,115 Other Local Revenue 3,135,742 Total Revenues 43,260,738 EXPENDITURES Certificated Salaries 18,553,369 Classified Salaries 4,591,321 Employee Benefits 10,115,431 Books and Supplies 859,018 Services and Other Operating Expenses 9,940,115 Capital Outlay 0 Other Outgo 1,438,640 Total Expenditures 45,497,894 Excess (Deficiency) of Revenues Over Expenditures (2,237,156) Total Other Financing Sources (Uses) 430,000 Net Increase (Decrease) in Fund Balance (1,807,156) Fund Balance (Deficit), July 1 2,401,764 Fund Balance (Deficit), June 30 $594,608 Source: Adopted Budget. 7

8 XI. Revenue Limit The exhibit below shows the District s revenue limit per unit of daily attendance and revenue limit total. Exhibit 9 Revenue Limit (Preceding & Current) Revenue Limit per Average Daily Unit of ADA Attendance Total Revenue Limit Fiscal Year (1) $6,700 5,701 $38,196, ,488 5,788 37,552,544 Source: XII. Secured Tax Charges and Delinquencies Sonoma County does not report secured tax charges and delinquencies for individual districts. Source: California Municipal Statistics, Inc. XIII. Assessed Valuation The exhibit below shows the assessed valuation of taxable properties in the District. Exhibit 10 Assessed Valuations Fiscal Year Local Secured Utility Unsecured Total $4,497,705,400 $1,277,689 $122,311,015 $4,621,294,104 Source: California Municipal Statistics, Inc. 8

9 XIV. Largest Taxpayers The exhibit below shows the top taxpayers in the District. Exhibit 11 Largest Local Secured Taxpayers Property Owner Primary Land Use Assessed Valuation %of Total (1) Sonoma Mountain Village LLC Industrial $47,931, % Steven J. Scarpa Apartments 45,319, % Ernest M. Kotlier Apartments 39,998, % CLPF Oak View at Sonoma Hills LP Apartments 35,500, % Columbia Redwood Creek LLC Apartments 33,090, % Crossbrook Apartments LP Apartments 31,253, % Codding Enterprises Shopping Center 27,708, % Knickerbocker Properties Inc XXXVIII Apartments 27,141, % 4855 Snyder Lane LLC Apartments 26,560, % Santa Rosa Press Democrat Inc. Newspaper 24,216, % El Capitan Investments LLC Movie theater 22,930, % Costco Wholesale Corp. Commercial 22,203, % RLH Partnership Hotel 20,321, % State Farm Mutual Automobile Office Building 18,785, % Insurance Co. Lowes HIW Inc. Commercial 18,783, % Caltex Equities Series LLC Shopping Center 18,037, % Pine Creek Properties Apartments 16,030, % Mountain Shadows Investors LLC Shopping Center 15,685, % Rancho Grande Manufactured Home Mobile Home Park 15,356, % Community Expressway Partners LLC Commercial 14,820, % $521,675, % (1) Local Secured Assessed Valuation: $4,497,705,400 Source: California Municipal Statistics, Inc. 9

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