Hawthorne School District

Transcription

1 Hawthorne School District CONTINUING DISCLOSURE ANNUAL REPORT FISCAL YEAR ENDING JUNE 30, 2013 Prepared By: South Hawthorne Blvd. Hawthorne, CA 90250

2 TABLE OF CONTENTS A. INTRODUCTION... 1 B. ENROLLMENT... 1 C. DISTRICT OUTSTANDING DEBT... 2 D. AUDITED FINANCIAL STATEMENT... 3 E. ASSESSED VALUATION... 4 F. SECURED TAX CHARGES & DELINQUENCIES... 4 G. LARGEST LOCAL SECURED TAXPAYERS... 5 H. REPORTING OF SIGNIFICANT EVENTS... 6 I. CONTACT INFORMATION... 7

3 A. INTRODUCTION The ( District ) of Los Angeles County hereby provides the continuing disclosure annual report pursuant to the Continuing Disclosure Agreements in connection with the following financings for the fiscal year ended June 30, 2013 ( Annual Report ) Dated Date Base CUSIP Par Amount Name of Issue November 1, $16,500, General Obligation Bonds, Election of 1997, Series A September 24, $5,997, General Obligation Bonds, Election of 1997, Series B December 21, $5,525, Certificates of Participation, Series 2000 December 4, $3,504, General Obligation Bonds, Election of 1997, Series C April 28, $1,997, General Obligation Bonds, Election of 1997, Series D January 27, $9,850, General Obligation Bonds, Election of 2004, Series 2005 A January 27, $12,315, General Obligation Bonds, Election of 1997, Series E December 20, $5,108, General Obligation Bonds, Election of 2004, Series 2005 B June 27, $6,200, Certificates of Participation, Series 2006 A May 31, $5,075, Certificates of Participation, Series 2007 A August 13, $9,036, General Obligation Bonds, Election of 2004, Series 2008 C September 23, $6,665, General Obligation Bonds, Election of 2008, Series 2009 A December 30, $5,999, Certificates of Participation, Series 2009 A May 8, $13,331, General Obligation Bonds, Election of 2008, Series 2012 A B. ENROLLMENT HAWTHORNE SCHOOL DISTRICT Average Daily Base Revenue Limit Per Fiscal Year Enrollment Attendance ADA ,435 8, $6, Source: District 1

4 C. DISTRICT OUTSTANDING DEBT SCHEDULE OF CHANGES IN LONG TERM DEBT FOR THE YEAR ENDED JUNE 30, 2013 Balance July 01, 2012 Additions Deductions Balance June 30, 2013 Balance Due In One Year General Obligation Bonds $66,787,012 $2,363,668 $2,650,001 $66,500,679 $3,182,363 Premium on General Obligation Bonds 2,093,775 64,571 2,029,204 74,026 Certificates of Participation 3,870,000 85,000 3,785,000 85,000 Compensated Absences 370,084 53, ,992 Capital Lease Obligations 289, ,963 53,646 44,616 Supplemental Employee Retirement Program (SERP) 1,042, , ,133 1,320, ,133 Net OPEB Obligation 3,494,821 1,107,746 4,602,567 Total $77,947,885 $4,359,742 $3,591,668 $78,715,959 $3,942,138 Source: District [THE REST OF THIS PAGE LEFT INTENTIONALLY BLANK] 2

5 D. AUDITED FINANCIAL STATEMENT FY Budget FY Audit FY Budget (2) Revenues: Revenue Limit Sources $40,605,974 $41,342,115 $41,311,995 Federal Revenue 7,991,902 6,433,770 5,260,819 Other State Revenue 13,689,534 15,773,778 14,131,137 Other Local Revenue 2,594,993 2,353,396 2,105,068 Total Revenues (1) 64,882,403 65,903,059 62,809,019 Expenditures: Certificated Salaries 30,503,735 29,851,341 29,464,049 Classified Salaries 9,667,610 9,136,102 9,796,315 Employee Benefits 13,831,614 15,770,331 14,577,974 Books and Supplies 3,855,641 1,670,134 1,974,273 Services and Other Operating 8,485,564 7,254,915 7,487,207 Expenditures Other Outgo 2,205,118 (470,800) (442,669) Direct Support/Indirect Costs 3,045,578 Capital Outlay 77,750 60,102 25,000 Other Financing Uses Debt Service Principal 85,000 Interest 303,439 Total Expenditures (1) 68,627,032 63,660,564 $65,927,727 Excess (Deficiency) of Revenues Over (Under) Expenditures (3,744,629) 2,242,495 (3,118,708) Other Financing Sources (Uses) (2,326,988) Transfers In 119,629 Transfers Out (11,208) Total Other Financing Sources (Uses) 119,629 (2,338,196) 0 Net Changes in Fund Balance (3,625,000) (95,701) (3,118,708) Fund Balance July 1 12,437,319 12,437,319 12,341, Fund Balance June 30 $8,812,319 $12,341,618 $9,222, (1) On behalf payments of $1,691,903 are included in the actual revenues and expenditures, but have not been included in the budgeted amounts. In addition, due to the consolidation of Fund 17, Special Reserve Fund for Other Than Capital Outlay Projects, and for reporting purposes into the General Fund, additional revenues and expenditures pertaining to this fund are included in the Actual (GAAP Basis) revenues and expenditures, however are not included in the original and final General Fund budgets (2) FY Budget was adopted by the Board of Education on September 11,

6 E. ASSESSED VALUATION HAWTHORNE SCHOOL DISTRICT Local Secured Utility Unsecured Total $3,701,183,689 $2,149,567 $154,769,968 $3,858,103,224 Source: California Municipal Statistics F. SECURED TAX CHARGES & DELINQUENCIES SECURED TAX CHARGE AND DELINQUENCY Secured Tax Charge (1) Amount Del. June 30 % Del. June 30 $2,537, $45, % Secured Tax Charge (2) Amount Del. June 30 % Del. June 30 $4,050, $84, % (1) 1% General Fund apportionment. Excludes redevelopment agency impounds. Reflects countywide delinquency rate (2) Bond debt service levy Source: California Municipal Statistics [THE REST OF THIS PAGE LEFT INTENTIONALLY BLANK] 4

7 G. LARGEST LOCAL SECURED TAXPAYERS HAWTHORNE SCHOOL DISTRICT Property Owner Primary Land Use Assessed Valuation % of Total (1) 1 BSP Zelman Hawthorne LLC Industrial $41,614, % 2 La Caranda LP Shopping Center 34,025, Westport LAX LLC Industrial 26,967, Edward and Marilyn Jenkins Apartments 26,784, Costco Wholesale Corporation Commercial 22,091, Canfield Ave. LLC Industrial 17,508, M and A Gabaee Shopping Center 17,159, Ramona Gardens LLC Apartments 16,428, Cabot III CA 1 W05 LLC Industrial 16,350, R3 Properties 1 5 LP Apartments 15,635, Hawthorne USA Inc. Industrial 14,782, Cordary Group LLC Apartments 13,911, Lan LP Apartments 12,521, Villa Gardens Apartments LP Apartments 12,246, Hunt Enterprises Apartments 11,378, Frederic R. Rosenberg Apartments 11,244, Club Pacifica Investments Apartments 11,219, Pinnacle Lemoli LLC Apartments 11,157, Anastasi Construction Co. Inc. Apartments 10,896, Jpacific International Apartments 10,464, Total $354,386, % (1) Local Secured Assessed Valuation: $3,701,183,689 Source: California Municipal Statistics [THE REST OF THIS PAGE LEFT INTENTIONALLY BLANK] 5

8 H. REPORTING OF SIGNIFICANT EVENTS Yes* No 1 Principal and interest delinquencies X 2 Unscheduled draws on debt service reserves reflecting financial difficulties X 3 Unscheduled draws on credit enhancements reflecting financial difficulties X 4 Substitution of the credit or liquidity providers or their failure to perform X 5 Adverse tax opinion, the issuance by the Internal Revenue Service of proposed or final determination of taxability or of a Notice of Proposed Issue X (IRS Form 5701 TEB) 6 Tender offers X 7 Defeasances X 8 Rating changes X 9 Bankruptcy, insolvency, receivership or similar proceedings X 10 Adverse tax opinions or other material notices or determinations by the Internal Revenue Service with respect to the tax status of the Bonds or other X material events affecting the tax status of the Bonds 11 Modifications of rights to Bond Holders X 12 Optional, unscheduled or contingent Bond calls X 13 Release, substitution or sale of property securing repayment of the Bonds X 14 Nonpayment related defaults X 15 The consummation of a merger, consolidation or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination X of a definitive agreement relating to any such actions, other than pursuant to its terms 16 Appointment of a successor or additional trustee or the change of the name of a trustee X *If answered Yes, please see following for notification of significant events [THE REST OF THIS PAGE LEFT INTENTIONALLY BLANK] 6

9 I. CONTACT INFORMATION DISTRICT DISCLOSURE CONSULTANT Karyl Brandford, Assistant Superintendent South Hawthorne Blvd. Hawthorne, CA Tel: (310) Fax: (310) Caldwell Flores Winters, Inc Christie Avenue Suite 270 Emeryville, CA Tel: (510) Fax: (510)