Manhattan Beach Unified School District Los Angeles County, California Continuing Disclosure Annual Report.

Transcription

1 Los Angeles County, California December 30, S. Peck Avenue Manhattan Beach, CA Attn: Assistant Superintendent

2 Table of Contents I. Issues Covered... 3 II. Audited Financial Statements... 3 III. Adopted Budget... 3 IV. Average Daily Attendance and LCFF/Revenue Limit... 4 V. Enrollment... 4 VI. Outstanding Indebtedness... 5 VII. Current Year Budget vs. Prior Year Actuals... 5 VIII. Employees... 6 IX. Developer Fees... 6 X. Secured Tax Charges and Delinquencies... 7 XI. Assessed Valuations... 7 XII. Assessed Valuation and Parcels by Land Use... 8 XIII. Tax Rate Summary... 8 XIV. Direct and Overlapping Debt Statement... 9 XV. Top Employers XVI. Top Taxpayers

3 I. Issues Covered The ( District ) is providing this Continuing Disclosure Annual Report pursuant to the requirements of the Continuing Disclosure Agreements for the following issues, for the fiscal year ending June 30, 2015 ( ): Base CUSIP Number Issue Name Election of 2008, General Obligation Bonds, 2013 Series F (Tax-Exempt) General Obligation Refunding Bonds (Election of 2000, Series A) (Federally Taxable) Election of 2008, General Obligation Bonds, 2012 Series E (Tax-Exempt) Election of 2008, General Obligation Bonds, 2012 Series D (Federally Taxable) Election of 2008, General Obligation Bonds, 2011 Series C Election of 2008, General Obligation Bonds, 2010 Series B Election of 2008, General Obligation Bonds, 2009 Series A General Obligation Refunding Bonds (which advance refunded a portion of the Election of 2000, 2001 General Obligation Bonds, Series A) Election of 1995, 2002 General Obligation Bonds, Series E Election of 2000, 2002 General Obligation Bonds, Series B Certificates of Participation Series A of Election of 2000, 2001 General Obligation Bonds, Series A Election of 1995, 2001 General Obligation Bonds, Series D Election of 1995, 1999 General Obligation Bonds, Series C Election of 1995, 1998 General Obligation Bonds, Series B Election of 1995, 1996 General Obligation Bonds, Series A II. Audited Financial Statements The District s audited financial statements for the fiscal year (the Audit ) and the First Interim Report were filed along with this Annual Report. The Unaudited Actuals for the fiscal year were filed at the MSRB website: on October 11, III. Adopted Budget The District s adopted budget for the fiscal year was filed October 11, 2015 at the MSRB website: 3

4 IV. Average Daily Attendance and LCFF/Revenue Limit [1] Fiscal Year Total Average Daily Attendance LCFF/Deficited Revenue Limit [1] Per ADA Per Year ,520 5, ,597 5, ,718 6, ,724 6, ,724 7, Note that beginning with the First Interim Report for , this category of funds has been renamed the LCFF (Local Control Funding Formula)/Revenue Limit Sources; previously it had been Revenue Limit Sources. Also, it is important to note that the LCFF/Revenue Limit figure includes restricted categorical funds that were previously not included in this figure. Sources: California Department of Education ( through ); Manhattan Beach Unified School District LCFF Worksheet ( ). V. Enrollment Fiscal Year Enrollment , , , , ,808 Source: California Department of Education for through For , District provided a projection. 4

5 VI. Outstanding Indebtedness Information regarding the District s outstanding indebtedness as of June 30, 2015 can be found in the Audit, and is summarized below. Balance July 1, 2014 Additions Deductions Balance June 30, 2015 General Obligation Bonds $151,164,782 $ 5,353,739 $ 9,110,000 $ 147,408,521 Premium on Bonds 3,044, ,787 2,792,978 Compensated Absences 492,179 9, ,659 Equipment Lease/Purchase Agreement - 9,825,754-9,825,754 Other Postemployment Benefits 595, ,575 34, ,333 Total $155,296,922 $ 15,578,548 $ 9,396,225 $ 161,479,245 Source:. VII. Current Year Budget vs. Prior Year Actuals The budget and actual general fund revenues and expenditures can be found in the Audit, and the budgeted general fund revenues and expenditures in the Adopted Budget. The revised Projected Budget figures can be found in the First Interim Report. The figures are summarized below Final Budget Audited Actuals Adopted Budget Revised Budget Revenues LCFF Sources $ 45,885,791 $ 45,911,339 $ 50,449,599 $ 50,207,846 Federal 1,408,871 2,127,238 1,679,246 1,679,246 Other State 5,604,209 7,898,060 8,417,319 9,228,779 Other Local 11,416,931 11,566,399 7,653,071 9,835,005 Total Revenues $ 64,315,802 $ 67,503,036 $ 68,199,235 $ 70,950,876 Expenditures Certificated Salaries $ 30,879,245 $ 31,492,883 $ 31,677,981 $ 31,827,767 Classified Salaries 9,823,565 9,832,602 10,210,665 10,925,668 Employee Benefits 11,475,183 12,954,987 12,470,982 12,818,827 Books and Supplies 5,293,517 4,062,926 2,596,075 4,722,814 Services and Other Operating Expenditures 9,846,791 9,160,487 9,581,183 10,099,388 Capital Outlay ,800 Other Outgo 1,432,747-2,345,995 2,280,292 Total Expenditures $ 68,751,048 $ 67,503,885 $ 68,882,881 $ 72,730,556 Excess (Deficiency) of Revenues over (Under) Expenditures $ (4,435,246) $ (849) $ (683,646) $ (1,779,680) Total Other Financing Sources (Uses) $ (1,704,311) $ (1,560,496) $ 0 $ 0 Net Increase (Decrease) in Fund Balance $ (6,139,557) $ (1,561,345) $ (683,646) $ (1,779,680) Fund Balance (Deficit), July 1 $ 14,956,313 $ 14,956,313 $ 10,010,403 $ 13,436,162 Fund Balance (Deficit), June 30 $ 8,816,756 $ 13,394,968 $ 9,326,757 $ 11,656,482 5

6 VIII. Employees Fiscal Year Certificated Employees 1 Classified Employees On a full-time equivalent basis through the General Fund. IX. Developer Fees Fiscal Year Developer Fees $ 311, , , , , , ,000 2 Estimated. 6

7 X. Secured Tax Charges and Delinquencies Below are the District s secured tax charges and delinquencies for the last five fiscal years. Secured Amt. Del. % Del. Tax Charge (1) June 30 June ,460, , ,258, , ,159, , ,387, , ,642, , Secured Amt. Del. % Del. Tax Charge (2) June 30 June ,982, , ,735, , ,656, , ,268, , ,071, , (1) 1% General Fund apportionment. Reflects county-wide delinquency rate. (2) Debt service levy only. XI. Assessed Valuations Below are the assessed valuations of taxable property in the District for the last five fiscal years. Local Secured Utility Unsecured Total $12,066,151,357 $0 $124,702,296 $12,190,853, ,442,318, ,010,903 12,713,329, ,202,627, ,676,602 13,453,303, ,961,831, ,925,659 14,196,756, ,147,219, ,276,113 15,352,495,483 7

8 XII. Assessed Valuation and Parcels by Land Use Assessed Valuation and Parcels by Land Use % of No. of % of Non-Residential: Assessed Valuation (1) Total Parcels Total Commercial $1,012,160, % % Vacant Commercial 34,319, Industrial 289,204, Vacant Industrial 353, Recreational 17,983, Government/Social/Institutional 247,187, Miscellaneous 208, Subtotal Non-Residential $1,601,418, % % Residential: Single Family Residence $10,466,576, % 9, % Condominium/Townhouse 1,570,974, , Residential Units 1,297,965, , Residential Units/Apartments 144,828, Vacant Residential 65,456, Subtotal Residential $13,545,800, % 12, % Total $15,147,219, % 13, (1) Local Secured Assessed Valuation, excluding tax-exempt property. XIII. Tax Rate Summary Typical Total Tax Rates per $100 of Assessed Valuation (TRA 6174) General El Camino Community College District Metropolitan Water District Total

9 XIV. Direct and Overlapping Debt Statement Assessed Valuation: $15,352,495,483 MANHATTAN BEACH UNIFIED SCHOOL DISTRICT DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: % Applicable Debt 12/31/15 Los Angeles County Flood Control District 1.213% $ 183,198 Metropolitan Water District ,644 El Camino Community College District ,907, ,995,256 (1) City of Manhattan Beach 1915 Act Bonds (Estimate) ,575,000 Los Angeles County Regional Park and Open Space Assessment District ,745 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $154,962,315 OVERLAPPING GENERAL FUND DEBT: Los Angeles County General Fund Obligations 1.205% $22,512,357 Los Angeles County Superintendent of Schools Certificates of Participation ,713 City of Manhattan Beach General Fund Obligations ,775,000 Los Angeles County Sanitation District No. 5 Authority ,530 Los Angeles County Sanitation District No. 18 Authority ,123 Los Angeles County Sanitation District South Bay Cities Authority ,895,841 OVERLAPPING GENERAL FUND DEBT $53,380,564 COMBINED TOTAL DEBT $208,342,879 (2) (1) Excludes accreted interest of capital appreciation bonds. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations. Ratios to Assessed Valuation: Direct Debt ($92,995,256) % Total Direct and Overlapping Tax and Assessment Debt % Gross Combined Total Debt % Net Combined Total Debt % 9

10 XV. Top Employers The following table sets forth the major employers located in the District. MAJOR EMPLOYERS (2014) Name Type Employees Northrop Grumman Aerospace & Defense 1,876 Manufacturer Government 752 Kinecta Federal Credit Union Credit Union 550 Target Corporation Department Store 405 Skechers USA Inc. Shoes Manufacturer 323 City of Manhattan Beach Government 271 Macy s West LLC Department Store 268 Fry s Electronics, Inc. Electronic Equipment & 264 Supplies Retail Marriott HMC Interstate Hotel 233 Skechers USA Inc. Shoes Manufacturer 183 Ralphs Grocery Co. Grocery 167 Skechers USA Inc. Shoes Manufacturer 148 Source: City of Manhattan Beach, CAFR Fiscal Year , except for which came from the District and is as of December

11 XVI. Top Taxpayers Below are the twenty largest local secured taxpayers in the District, the primary land use of each, the assessed valuation of each, and the percentage that each represents of the total secured assessed valuation in the District. Largest Local Secured Taxpayers % of Property Owner Primary Land Use Assessed Valuation Total (1) 1. Rreef America REIT II Corp. BBB Shopping Center $167,990, % 2. CRP MB Studios LLC Industrial 153,838, HMC/Interstate Manhattan Beach LP Hotel 84,667, Northrop Grumman Systems Corp. Industrial 69,905, Parstem Realty Co. Inc. Industrial 69,870, and 1240 Rosecrans Ave. Holdings LLC Office Building 61,347, RIMB LL LLC Hotel 33,731, Jeffrey K. Hepper Residence 32,665, St. Paul Fire and Marine Insurance Company Shopping Center 31,967, Jeffrey and Melinda Hawken Residence 31,307, Skechers USA Inc. Office Building 30,937, Continental 1500 Rosecrans LLC Office Building 27,041, Walnut Investments LLC Residence 22,971, Rosecrans Partners LLC Shopping Center 21,463, Hughes Aircraft Employees Federal Credit Office Building 21,372, Partners Ltd. Country Club 19,471, Eileen Shields Residence 19,034, David and Ellen Labonte Residence 18,857, Manhattan Place Inc. Shopping Center 18,334, Duncan Investments LLC Office Building 17,800, $954,576, % (1) Local Secured Assessed Valuation: $15,147,219,370 The purpose of the is to provide information about the District for the fiscal year Financial and other information for the fiscal year have also been referenced in this Report. The District has collected information from sources believed to be accurate. The District, however, makes no representations about the accuracy. No statement in this report or in the accompanying financial information should be construed as a prediction about the future financial performance of the District. Dated: December 30,