Pennsylvania Department of Education. Comptroller s Office. Annual Financial Report

Transcription

1 - (610) /22/2006 9:24:39 AM Contact Person Emaii As -_ Jill Ruch Contact Person Fax Number jruchpaiisadessd.org (610) Ext.4007 Contact Person Contact Person Telephone Number Board Secretary Date Chief Sc ool Administrator / Date reporting guidelines. in accordance with generally accepted accounting principles and established Commonwealth of PA financial operations and status of the local education agency for the fiscal year. It has been prepared CERTIFICATION: By signing this report I agree that this is a complete and accurate statement of the For the Fiscal Year Ending PDE-2057 Annual Financial Report School District, AVTSICTC, Special Program Jointures, and Charter School Comptroller s Office Pennsylvania Department of Education City Kintnersville PA, PA Address 39 Thomas Free Drive AUN Number: LEA Name: Palisades SD Class Size: 3 County: Bucks

2 0211 Land 236, ,595 TOTAL ASSETS 49,139, ,510 49,658, Due From Primary Governments 0180 Prepaid Expenses! Expenditures 2,020 2,020 Total Noncurrent Assets 38,165, ,726 38,609, Taxes Receivable (Net) Restricted Cash and Cash Equivalents Current Assets: ASSETS Activities Activities TOTAL Units Total Current Assets IG,974,808 73,784 11,048, Due from Other Governments 571,741 4, ,742 Amounts Expressed in Whole Dollars Governmental Business-Type Component Printed :00:34 PM Page EW Cash and Cash Equivalents ,401, Investments 0133 Internal Balances 48,821 15,300 64, Due From Component Units 0150 Other Receivables 48,397 48, Inventories 105,899 18, , Other Current Assets 1,200 1, Site Improvements 2,582,576 2, Building & Building Improvements (net Acc Dep) 34,016, ,491 34,258, Construction in Progress 562, , Other LT Receivables (md Adv to Other Funds) 0230 Furniture & Equipment (net Ace Dep) 394, , , Long-Term Prepayments (net Ace Arnort LT Prepaymt) 372, , Infrastructure Assets (net Ace Dep) PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF NET ASSETS: ENTITY-WIDE (NAGW) School: Palisades SD Noncurrent Assets:

3 LIABILITIES NET ASSETS TOTAL NET ASSETS 17,979, ,905 18,436,525 TOTAL UAB1LITIES AND NET ASSETS 49,139, ,310 49,658, Internal Balances 15,300 48,821 64, Due to Primary Government 0440 Current Portion of Long-Term Debt 1,550,339 1,550, Short-Term Payables 0480 Deferred Revenues 0470 Advances from Other Funds 0530 Lease Purchase Obligations 0540 LT Portion of Comp Abs 522,703 11, , Authority Lease Obligations 903, , Other Long-Term Liabilities 70,096 70, Retirement of Long-Term Debt 0413 Due to Component Units 0411 Due to Other Governments 180,085 1, , Accrued Salaries and Benefits 1,124, , Invested in Capital Assets Net of Related Debt 12,221, ,726 12,665,953 TOTAL UABlLES 31,160,309 61,605 31,221,914 Total Noncurrent LIabilities 27,39j,651 11,023 27,402,674 Noncurrent Liabilities: Activities Activities TOTAL Units Total Current Liabilities 3,766,668 50,562 3,819,240 School: Palisades SD Current Liabilities: Printed 10/19/ :00:34 PM Page EW Accxunts Payable 151, , Contracts Payable 0462 Payroll Deductions and Withholdings 426, , Other Current Liabilities 320, , Bonds Payable 25,895,012 25,895, Extended Term Financing Agreements Payable 0793 Capital Projects 0794 Term Endowment Unrestricted (deficit) 5,587, ,599, Other Restrictions 170, , PQE-2057 Annual Financial Report /2006 Fiscal Year End STATEMENT OF NET ASSETS: ENTITY-WIDE (NAGW) Amounts Expressed in Whole Dollars Governmental Business-Type Component 0795 Permanent Endowment - Nonexpendable Expendable

4 TOTAL PRIMARY GOVERNMENT AND COMPONENT UNITS 30,171, ,604 3,699, ,640 Component Units Amo4ints Expressed In Whole Dollars Expenses Charges for Grants and Grants and Pupil Transportation 2,142, TOTAL PRIMARY GOVERNMENT 30,171, ,604 3,699, ,640 lnstniction 16,778,362 53, ,298 Other Enterprise Funds Total Business-Type Activities 665, , ,802 Child Care Food Service (Governmental Activity) Food Service (Business-type Activity) 665, , ,802 Business-type Activities Instructional Student Support 2,301, ,248 Administrative and Financial Support Svcs 3,246, , ,407 Depredation - Student Activities 760,318 61, Scholarships and Awards Community Services 8,979 1,398 unallocated 599,487 Expenses Allocation Services Contributions Contributions Indirect Operating Capital Program Revenues Printed 10/19/ :00:35 PM Page EW-3A School: Palisades SD Governmental Activities PDE-2057 Annual Financial Report -06/ Fiscal Year End STATEMENT OF ACTIVITIES (SOA) Operation and Maintenance of Plant Services 2,402,183 62,056 Interest on Long-Term Debt 1,266, ,922 Total Governmental Activities 29,505, ,308 3,560, ,640

5 PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF ACTIVi fles (SOA) School: Palisades SD Printed 10119/ :00:35 PM Page EW-38 Net (Expense) Revenue and Changes In Net Assets Governmental Business-type Component Activities Activities Total Units (599487) (599487) (14,554,581) (14,554,581) (2,036,833) (2,036833) (3,007,139) (3,007,139) (2,340127) (2,340127) (1,225,731) (1,225,731) (671878) (671,878) (7,581) (7,581) (991,804) (991,804) (25,435,161) (25,435,161) (65,594) (65,594) (65,594) (65,594) (25,435,161) (65,S94) (25.500,755) (25A35,161) (65,594) (25,500,755)

6 TOTAL PRIMARY GOVERNMENT AND COMPONENT UNITS (from previous page) NET ASSETS - END OF FISCAL YEAR Net Assets, Beginning Prior Period Adjustment CHANGES IN NET ASSETS Transfers between Governmental, BT Activities Other taxes levied Extraordinary Items Spedal Item (e.g, Contr to Term or Perm Endowrnt) Investment Earnings Receipts from Member Districts (AVTS/CTC Only) General Revenues, Special and Extraordinary Items, and Transfers Expenses Allocation Services Contributions Contributions Indirect Operating Capital Program Revenues Printed 10)19/ :00:35 PM Page EW-4A Taxes: Property Taxes, Levied for General Purposes, Net School: Palisades SD PDE-2057 Annual Financial Report FIscal Year End STATEMENT OF ACTIVITIES (SOA) Grants, subsidies, contributions not restricted Miscellaneous Income Amounts Expressed in Whole Dollars Expenses Charges for Grants and Grants and Total General Revenues, Special and Extraordinary Items, and Transfers

7 PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF ACTIVITIES (SOA) School: Palisades SD Printed 10/ :00:35 PM Page EW-4B Nat (Expense) Revenue and Changes in Net Assets Governmental Business-type Component Activities Activities Total Units (25,435,161) (65,594) (25,500,755) 20,668,849 20,668,849 2,627,365 2,627,365 2,582,484 2,582, ,324 1, , , ,267 (27,888) (27,888) 26,647,401 1,929 26,649,330 1,212,240 (63,665) 1,148,575 16,767, ,570 17,287,950 17,979, ,905 18,436,525

8 TOTAL ASSETS 8,626, ,317 Printed 10119/ :00:35 PM Amounts Expressed in Whole Dollars General ( ) 1432 Trust Approved 0100 Cash and Cash Equivalents 6,894, , Taxes Receivable (Net) Due From Other Funds 59, Inventories 0180 Prepaid Expenses I Expenditures 2, Other Current Assets Investments 0150 Other Receivables (Include Bond Proceeds Receivable) , , Due From Primary Governments 0147 Due From Component Units 0160 Advances to Other Funds (Long-Term Loans) 0141 Due from Other Governments (Indude Accounts ) 571,741 Assets (10) (21) (22) (27) (28) Capital Reserve Capital Reserve Public Purpose Other Compt School: Palisades SD Page GOV-1A PDE-2057 Annual Financial Report 06i Fiscal Year End BALANCE SHEET - Governmental Funds (NAG) ASSETS

9 23O4,24O 27,909 11,i14, , , , , ,302,897 13,035 9,365, , , , , Assets (29) (30) (40) (90) Funds Funds Activity Projects Service Permanent Governmental Governmental Athletic! Capital Debt Non-Major Total Printed 10/19/ :00:35 PM School: Palisades SD Page GOV-1 B PDE-2057 Annual Financial Report Fiscal Year End BALANCE SHEET - Governmental Funds NAG)

10 PDE-2057 Annual Financial Report Fiscal Year End BALANCE SHEET - Governmental Funds (NAG> School: Palisades SD Page GOV-2A Printed 10/19/ :00:35 PM LIABIUTIES AND FUND BALANCES Liabilities Capital Reserve Capital Reserve Public Purpose Other Compt Amounts Expressed in Whole Dollars General (690, 1850) 1432 Trust Approved (10) (21) (22) (27) (28) 0400 Due to Other Funds Due to Other Governments 178, Due lo Primary Government 0413 Due to Component Units 0420 Accounts Payable 118, Contracts Payable 0440 Current Portion of Long-Term Debt (e.g. St Comp Abs) 94, Short-Term Payables 0461 Accrued Salaries and Benefits 1,124, Payroll Deductions and Withholdings 426, Advances from Other Funds 0480 Deferred Revenues Other Current Liabilities 68,326 TOTAL LlABlLES 2,831, Fund Balances 0751 Reserve for Inventories 105, Reserve for Prepaid Expenses 2, Reserve for Encumbrances 0754 Reserve for Retirement of Long-Term Debt 0755 Reserve for Capital Projects 0759 Reserve for Other (explain) 0760 Specific Fund Balance Reserves 888, Unreserved - Designated 2,190, Unreserved - Undesignated 2,607, ,392 TOTAL FUND BALANCES 5,794, ,392 TOTAL LIABIUTIES AND FUND BALANCES 8,626, ,317

11 PDE-2057 Annual Financial Report FIscal Year End BALANCE SHEET - Governmental Funds NAG> School: Palisades SD Page GOV-28 Printed 10/19/ :00:35 PM Athletic! Capital Debt Non-Major Total Activity Projects Service Permanent Governmental Governmental (29> <30> (40) (90> Funds Funds Liabilities , ,259 96, ,124, , , , ,801 10,216 2,874,787 Fund Balances 105, , , , ,272,439 17,693 5,053, ,272,439 17,693 8,239,886 2,304,240 27,909 11,114,653

12 PDE-2057 Annual School: Printed 10/19/ :00:36 PM Financial Report Palisades SD Fiscal Year End Reconciliation: Governmental Funds Balance Sheet to Statement of Net Assets Entity-Wide (NAGWR) Page COy- 3 Amounts Expressed in Whole Do#ars Amount Amount Total Fund Balances - Governmental Funds 8,239,866 Amounts reported for governmental activities in the because: statement of net assets are different Capital used in governmental activities are not financial are not reported in governmental funds. The cost of the and the accumulated depreciation is $8,163,371 assets as assets resources assets and therefore is $45,956,353 37, Property taxes receivable will be collected this year, but are not available soon enough to 672,182 pay for the current period s expenditures and therefore are deferred in the funds. Long-term liabilities, induding bonds payable, are not due and payable in the current period and therefore not reported as liabilities in the funds. Long-term liabilities at year end consist of: are Bonds payable $(26,907,873) Accrued interest on the bonds (258,462) (522,703) obligations (936,320) Compensated Absences Lease-Purchase ERIP payable (100,052) (28,725,410) Total Net Assets - Governmental Activities 17,979,620

13 Beginning FUND BALANCE - END OF YEAR 5,794, , Capital Outlay 9110 Bonds Issued (Do not include Refunded Bonds) 0050 Prior Period Adjustment 6000 Local Sources 24,766, Support Services 10,061,751 26, Noninstructional Services 278, Short Term Borrowing EXCESS (DEFICiENCY) OF REVENUES OVER EXPENDITURES 1,901,432 (26,590) 9120 Refunding Bonds Issued 9400 Sale I Compensation for Fixed Assets Special Items 8889 Extraordinary Items 0040 Fund Balance - TOTAL EXPENDITURES 28,991,981 26,590 Interests and Costs 1000 Instruction 16,873,984 TOTAL. REVENUES 30,893, State Sources 5,966, Debt Service (Principal & Interest) 1,777, Refund of Prior Year Receipts Proceeds From Extended Term Financing 9300 Interfund Transfers (From Other Funds) 27,860 OThER FINANCING SOURCES (USES) REVENUES 8000 Federal Sources 160,291 EXPENDITURES 5200 Transfers Out 1,030,024 of Fiscal Year 4,922, ,122 TOTAL OThER FINANCING SOURCES (USES) (1,029,224) 27, Transfers from Component Unit 9720 Transfers From Primary Govt 5120 Debt Service Refunded Bond Issues (Pmt to Ref Bond Escrow Agent) Transfers Involving Component Units SPECIAL AND EXTRAORDINARY ITEMS (10) (21) (22) (27) (28) NET CHANGE IN FUND BALANCES 872,208 1,270 Amounts Eressed in Whole Dollars General ( ) 1432 Trust Approved Capital Reserve Capital Reserve Public Purpose Other Compt Printed 10)19/ :00:37 PM Page GOV4A School: Palisades SD Governmental Funds PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE (REG)

14 4,402,485 16,824 9,495, ,272,439 17,693 8,239, (2,130,04.6) 669 (1,255,699) 1,002, ,002,164 1,030, ,030, ,323,482 2,323, ,348,675 1,055,158 32,422,404 (2,130,046) (1,001,295) (1,256,499) 7, , , ,493 2,365, ,393 10,105, ,873, ,629 53,863 31,165, , ,716 5,981, ,629 39,147 25,024, (29) (30) (40) (90) Funds Funds Activity Projects Service Permanent Governmental Governmental Athleticl Capital Debt Non-Major Total Page GOV-48 School: PalIsades so Governmental Funds Pnnted 10/ :00:37 PM PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE (REG)

15 appreciation bonds. regardless of when it is due. This would indude accumulated interest accreted on capital In the statement of activites, interest expense is recognized as the interest accrues, when it is due, and thus requires the use of currrent financial resources. (vacations) and special termination benefits (early retirement) are measured by the Interest on long-term debt in the statement of activities differs from the amount reported in the governmental funds because interest is recognized as an expenditure in the funds amount of financial resources used. This amount represents the difference between the amount earned versus the amount used. In the statement of activities, certain operating expenses compensated absences In the govenmiental funds; however, expenditures for these items are measured by the (51 369) amounts earned during the year. repanient reduces long-term liabilities in the statement of net assets. Repayment of bond or lease principal is an expenditure in the governmental funds, but the 1,513,000 funds. Revenues decreased by this amount this year. fiscal year ends, they are not considered as avaiiable revenues in the governmental Because some property taxes will not be collected for several months after the District s (165,605) Thus, the change in net assets differs from the change in fund balance by the cost of fixed (28,688) assets sold. whereas in the governmental funds, the proceeds from the sale increase financial resources. In the statement of activities, only the gain on the sale of the capital assets is reported. Less Capital outlays 2,280,801 This is the amount by which capital outlays exceeded depredation in the current period. 1615,201 Depredation expense $665,600 depredation expense. activities, the cost of those assets is allocated over their estimated useful lives as Governmental funds report capital outlays as expenditures. However, in the statement of Amounts reported for governmental activities in the statement of activities are different because: Total net change in fund balances - governmental funds (1,255,699) Amount Amount Amounts Expressed in Whole Dollars Printed 10/ :00:37 PM Page GOV- 5 School: Palisades SD Changes in Fund Balances to Statement of Activities (SOAR) PDE-2057 Annual Financial Report Fiscal Year End Reconciliation: Governmental Funds Statement of Revenues, Expenditures, and

16 Change In Net Assets - Governmental Activities I,21Z240 The additional interest accrued in the statement of activities over the amount due is shown (414,600) here. Amount Amount Amounts Expressed in Whole Dollars PrInted 10/19/ :00:37 PM Page GOV- 6 School: Palisades SO Changes in Fund Balances to Statement of Activities (SOAR) PDE-2057 Annual Financial Report Fiscal Year End Reconciliation: Governmental Funds Statement of Revenues, Expenditures, and

17 Prmted 10/ :00:38 PM Amounts Expressed in Whole Dotiars Budgeted Amounts (Budgetary Positive EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (481,630) (44,138) 1,901,435 1,946,573 TOTAL EXPENDITURES 29,920,655 29,601,609 28,991, ,631 Actual Final Budget 7000 State Sources 5881,340 5,980,402 5,966,350 (14,052) 2300 Administrative Services 2,403, ,256 2,299,269 57, Pupil Health ,489 19, Business Services 565, , ,781 4, Operation and Maintenance of Plant Services 2, ,378,993 2,358,394 20, Student Transportation Services 2,107,262 2,142,307 2,142, Central & Other Support Services 370, , ,502 29, Other Support Services 16,087 16,148 16, Community Services 16,427 14,977 9,004 5, Regular Programs , ,008 53, Special Programs 4,381,300 4,392,766 4, ,137 TOTAL REVENUES 29,439,025 29,557,471 30,893,413 1,335, Local Sources 23410,613 23, ,766,772 1,356, Federal Sources 147, , ,291 (6,165) 2100 Pupil Personnel Services 1,222,598 1,248,949 1,179,025 69, Instructional Staff Services 828, , ,094 56, Food Services 3200 Student Activities 252, , ,590 18, Scholarships and Awards 5110 Debt Service (Principal & Interest) 2, ,779,926 1,777,632 2, Refund of Prior Year Receipts 20 (20) 5140 Short Term Borrowing Interests and Costs 4000 Capital Outlay 1600 Adult Education Programs 48,991 48,991 48, REVENUES EXPENDITURES 1300 Vocational Programs 1,018,891 1,011,489 1,011, OIlier Instructional Programs 235, , ,711 18, Community/Junior College Programs 11,904 11, Pre-Kindergarten Original Final Basis) (Negative> Variance With Page GOV-7 General Fund School: Palisades SD BUDGET AND ACTUAL PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE (REBAG)

18 FUND BALANCE END OF YEAR 3,364,670 3,364,670 5,794,345 2,429, Fund Balance Prior Period Adjustment Beginning of Fiscal Year 4, ,489,040 4,922, ,094 NET CHANGE IN FUND BALANCES (1,124,370) (1,124,370) 872,211 1,996, Proceeds From Extended Term Financing 9400 Sale I Compensation (or Fixed Assets Transfers from Comp Unit! Primary Govt 5120 Debt Service Refunded Special Items 8889 Extraordinary Items 9100 Sale of Bonds 9300 interfund Transfers 5200 Transfers Out 642,740 1,080,232 1,030,024 50, Transfers Involving Component Units 5900 Budgetary Reserve SPECIAL AND EXTRAORDINARY ITEMS TOTAL OThER FINANCING SOURCES (USES) (642,740) (1,080,232) (1,029,224) 51,008 Bond Issues OTHER FINANCING SOURCES (USES) Amounts Expressed In Whole Dollars Budgeted Amounts (Budgetary Positive Actual Final Budget Original Final Basis) (Negative) Page GOV-8 Printed :00:38 PM General Fund School: Palisades SD BUDGET AND ACTUAL Variance With PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE (REBAG)

19 2200 Instructional Staff Services 26,590 (26,590) 2300 Administrative Services 2500 Business Services 2600 Operation and Maintenance of Plant Services 2800 Central & Other Support Services 3100 Food Services 3300 Community Services 4000 Capital Outlay EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (26,590) (26,590) TOTAL EXPENDITURES 26,590 (26,590) 1200 Special Programs 1300 Vocational Programs 1400 Other Instructional Programs 3200 Student Activities 3400 Scholarships and Awards 5110 Debt Service (Principal & Interest) 5130 Refund of Prior Year Receipts 2100 Pupil Personnel Services 2400 Pupil Health 2700 Student Transportation Services 2900 Other Support Services EXPENDITURES 1100 Regular Programs 1600 Adult Education Programs 1700 Community/Junior College Programs TOTAL REVENUES 6000 Local Sources 7000 State Sources 8000 Federal Sources REVENUES Original Final Basis) (Negative) Actual Final Budget Variance With Page GOV-9 Printed 10/19/ :00:38 PM Capital Reserve 1432 Fund Amounts Expressed In whole Dollars Budgeted Amounts (Budgetary Positive School: Palisades SD BUDGET AND ACTUAL PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE (REBAG)

20 FUND BALANCE - END OF YEAR 155, ,392 NET CHANGE IN FUND BALANCES 1,270 (, Fund Balance Prior Period Adjustment Beginning of Fiscal Year 154, Proceeds From Extended Term Financing Interfund Transfers Sale / Compensation for Fixed Assets 9700 Transfers from Camp Unit / Primary Govt Transfers Involving Component Units SPECIAL AND EXTRAORDINARY ITEMS TOTAL OTHER FiNANCING SOURCES (USES) 27,860 27, Sale of Bonds OTHER FINANCING SOURCES (USES> Original Final Basis) (Negative) Actual Final Budget Variance With Page GOV-10 Printed :00:38 PM Capital Reserve 1432 Fund 5120 Debt Service Refunded Transfers Out 5900 Budgetary Reserve 8888 Special Items 8889 Extraordinary Items School: Palisades SD BUDGET AND ACTUAL PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF REVENUES. EXPENDITURES, AND CHANGES IN FUND BALANCE (REBAG) Amounts Expressed in Wtole Budgeted Amounts (Budgetary Positive Bond Issues

21 TOTAL ASSETS 518, ,510 Total Current Assets 73,784 73,784 Total Noncurrent Assets 444, , Cash and Cash Equivalents 36, Investments 0130 Due From Other Funds 15,300 15, Due From Component Units 0150 Other Receivables (Include Bond Proceeds Receivable> 0170 Inventories 18,345 18, Prepaid Expenses I Expenditures 0190 Other Current Assets 0108 Restricted Cash and Cash Equivalents 0160 Advances to Other Funds (Long-Term Loans) 0220 Building & Building Improvements (net) 241, , LT Prepayments (net Acc Arnort LT Prepayments) Noncurrent Assets: 0146 Due From Primary Governments 0141 Due from Other Governments (Include Accounts ) 4,001 4,001 Current Assets: ASSETS (51) (52) (58) (59) Amounts Expressed in Whole Dollars Service Operations Funds Funds TOTAL 0230 Furniture & Equipment (net) 203, , Site Improvements (net) 0250 Construction in Progress 0211 Land Food Child Care Enterprise Enterprise Other Major Non-Major Printed 10/19/ :00:38 PM Page PRO-lA School: Palisades SD Proprietary Funds PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF NET ASSETS (NAP)

22 PDE-2057 Annual Financial Report - 06/ Fiscal Year End STATEMENT OF NET ASSETS (NAP> School: Palisades SD Proprietary Funds Printed 10/19/ :00:38 PM Page PRO-lB Internal Service (60>

23 LIABILITIES 0461 Accrued Salaries and Benefits Invested in Capital Assets Net of Related Debt 444, ,726 TOTAL NET ASSETS 456, ,905 TOTAL UABILIflES AND NET ASSETS 518, ,510 Amounts Expressed in Whole Dollars Service Operations Funds Funds TOTAL 0400 Due to Other Funds 48, Accounts Payable Contracts Payable 0440 Current Portion of Long-Term Debt (e.g. St Comp Abs) 0450 Short-Term Payables 0530 Lease Purchase Obligations 0540 LT Portion of Compensated Absences (Acct Group & Component Units OnI 11,023 11, Other Long-Term Liabilities 0798 Restricted for Legal Purposes ( ) 0799 Unrestricted 12, TOTAL LIABILITIES 61,605 61,605 NET ASSETS Total Current Liabilities 50,582 50,582 Total Noncurrent LiabIlities 11,023 11,023 Noncurrent Liabilities: 0413 Due to Component Units 0462 Payroll Deductions and Withholdings 0480 Deferred Revenues 0490 Other Current Liabilities 0470 Advances from Other Funds 0510 Bonds Payable 0520 Extended Term Financing Agreements Payable 0550 Authority Lease Obligations 0411 Due to Other Governments ,000 Current Liabilities: (51> (52) (58> (59) Food Child Care Enterprise Enterprise Other Major Non-Major Page PRO-2A School: Palisades SD Proprietary Funds Printed 10/19/ :00:39 PM PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF NET ASSETS (NAP)

24 PDE-2057 Annual Financial Report Fiscal Year End School: Palisades SD Printed 10119/ :00:39 PM STATEMENT OF NET ASSETS (NAP) Proprietary Funds Page PRO-28 Internal Service (60)

25 INCOME (LOSS> BEFORE CONTRIBUTIONS AND TRANSFERS (63,665) (63,665) TOTAL OPERATING REVENUES 461, ,296 TOTAL NONOPERATING REVENUES (EXPENSES) 140, , Food Service Revenue 444, , Charges for Services 500 Other Purchased Service Supplies 288, , Depreciation 29,188 29, Dues and Fees Interest Expenses OPERATING EXPENSES 300 Purchased Professional and Technical Service 1,000 1,000 OPERATING REVENUES (51) (52) (58) (59) 100 Salaries 258, ,007 Amounts Expressed in Whole Doltaf s Service Operations Funds Funds TOTAL 200 Employee Benefits , Purchased Property Services 12,928 12, Other Operating Expenditures 6500 Earnings on Investments 1,929 1, Claims and Judgements TOTALOPERATING EXPENSES 665, ,692 OPERATING INCOME (LOSS) (204,396) (204,396) NONOPERATING REVENUES (EXPENSES) 6921 Contributions and Donations - Private Sources 6991 Refunds of Prior Year Expenditures Food Child Care Enterprise Enterprise Printed 10/ :00:39 PM Page PRO-3A 6999 Other Operating Revenues 17,094 17, Gain I Loss on Sale of Fixed Assets 7000 State Sources , Federal Sources 106, ,042 School: Palisades SD Proprietary Funds Other Major NonMajo PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS (REP)

26 200520O6 PDE2057 Annual Financial Report - 06/30/2006 FIscal Year End School: Palisades SD Printed 10/19/ :00:39 PM STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS (REP) Proprietary Funds Page PRO-3B Internal Service (60)

27 NET ASSETS - END OF YEAR 456, ,905 IN CHANGE NET ASSETS (63,665) (63,665) Net Assets Beginning 0061 Prior Period Adjustment CONTRIBUTIONS AND TRANSFERS of Fiscal Year , Capital Contributions 9998 Transfers From (To) Component Units In 9999 Transfers (Out) (51) (52) (58) (59) Food Child Care Enterprise Enterprise Other Major Non-Major Page PRO-4A Printed :00:39 PM Amounts Expressed in Whole Dollars Service Operations Funds Funds TOTAL Accounting Changes I Residual Equity Transfers School: Palisades SD Proprietary Funds PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS (REP)

28 PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF School: REVENUES, EXPENSES, AND CHANGES IN Palisades NET sd ASSETS (REP) Printed 10/19/ :00:39 PM Proprietary Funds Page PRO-48 Internal Service (60)

29 332,864 Net Cash Prov By (Used for) Capital and Related Financing Activities Amounts Expressed in Whole Dollars Service Operations Funds Funds TOTAL 9937 Cash Received From Users 445, , Cash Received From Assessments Made to Other Funds 9944 Cash Payments For Other Operating Expenses Federal Sources 104, , Notes and Loans Received (Repaid) 9920 Operating Transfers In (Out) Primary Government 47,072 47, Proceeds From Extended Term Financing 9925 Principal Paid on Financing Agreements 9926 Interest Paid on Financing Agreements ( ) in 9927 (mc) Dec Contributed Capital 332, Cash Received From Earnings on Investments 9940 Cash Received From Other Operating Revenue ,094 For 9942 Cash Payments Insurance Claims to For 9943 Cash Payments Suppliers Goods and Services 304, ,488 Net Cash Provided By 6000 Local Sources 7000 State Sources 32,928 32,928 on 9918 Interest Paid Notes/Loans ( ) In Equity 9919 Operating Transfers (Out)/Residual Trans Net Cash Prov By (Used for) NonCapital FinanclngActlvities 184, , Capital Outlay 6930 Gain / Loss on Sale of Fixed Assets Cash Flows From Capital and Related Financing Activities 9922 Refund of Prior Year Expenditures (6991) 9921 Operating Transfers In (Out) Component Units (Used For) Operating Activities (175,728) (175,728) 9941 Cash Payments to Employees For Services - Cash Flows From Operating Activities Cash Flows From Non-Capital Financing Activities (51) (52) (58) (59) Food Child Care Enterprise Enterprise Other Major Non-Major Printed 10119/ :00:40 PM Page PRO-5A School: Palisades SD Proprietary Funds PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF CASH FLOWS (CFP)

30 PDE.2057 Annual Financial Report Fiscal Year End School: Palisades SI) Printed 10/19/ :00:40 PM STATEMENT OF CASH FLOWS (CFP) Proprietary Funds Page PRO-58 Internal Service (60)

31 Cash Provided By (Used For) Total (175,728) (175,728) Total Adjustments 28,668 28, Inc (Dec) in Other Current Liabilities (0490) 9902 Provision for Uncollectible Accounts 9905 Advances to Other Funds (0160) 9909 Inc (Dec) in Accounts Payable ( ) 1,344 1, Inc (Dec) in Accrued Salaries/Benefits (0461) Inc (Dec) in Advances from Other Funds (0470) 9913 Inc (Dec) in Deferred Revenue (0480) 9911 Inc (Dec) in Payroll Deductions/Withholding (0462) 9900 Operating Income (Loss> (204,396) (204,396) 9906 (mc) Dec in Inventories (0170> (3,397) (3,397) 9907 (mc) Dec in Prepaid Expenses (0180) 9908 (mc) Dec in Other Current Assets (0190) 9903 Other Adjustments 9904 (mc) Dec In Accounts Receivable ( ) Depreciation and Net Amortization ,188 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used for): Cash and Cash Equivalents at Year End 36, , Cash and Cash Equivalents Beginning of Year 25,035 25,035 Netlnc(Dec)lnCashandCashFlow 11, , Proceeds from Sale and Maturity of nv Securities 9930 Withdrawls from Investment Pools 6500 Earnings on Investments 1,929 1, Purchase of nv Securities / Deposits to mv Pools 9932 Loans Received (Paid) Cash Flows From Investing Activities (51) (52) (58> (59) Amounts Expressed in Whole Dollars Service Operations Funds Funds TOTAL. Food Child Care Enterprise Enterprise Other Major Non-Major Page PRO-6A Printed :00:40 PM PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF CASH FLOWS (CFP) School: Palisades SD Proprietary Funds

32 PDE-2057 Annual Financial Report FIscal Year End School: Palisades SD Printed 10/19/ :00:40 PM STATEMENT OF CASH FLOWS (CFP) Proprietary Funds Page PRO-SB Internal Service [ (60)

33 TOTAL ASSETS 18,287 78, ,492 ASSETS 0110 Investments 0130 Due From Other Funds 0147 Due From Component Units 0150 Other Receivables (Indude Bond Proceeds Receivable) Advances to Other Funds (Loi,g-Term Loans) 0230 Furniture & Equipment (net) 0100 Cash and Cash Equivalents Inventories 0180 Prepaid Expenses / Expenditures 0220 Building & Building Improvements (net) 0190 Other Current Assets Assets (71) (72) (73) (81) (89) Amounts Expressed in Whole Dollars Trust Trust Trust Activity Agency Private Purpose Investment Pension Other Printed 10119/ :00:40 PM Page FID-1A School: Palisades SD Fiduciary Funds PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF NET ASSETS (NAF)

34 307, , (98) (99) Funds Units Units Fiduciary Component Component Total Pnnted 10/ :00:40 PM Page F1D-1B School: Palisades SD Fiduciary Funds PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF NET ASSETS (NAF)

35 Trust 0461 Accrued Salaries and Benefits TOTAL NET ASSETS 18,287 (71) (72) (73) (81) (89) TOTAL LIABILITIES AND NET ASSETS 18,287 78, , Due to Other Funds 0413 Due to Component Units 0420 Accounts Payable 13, Deferred Revenues 0490 Other Current Liabilities 64, Net Assets 0798 Restricted for Legal Purposes ( ) 0799 Unrestricted 18, Due to Primary Government Due to Other Governments 202, Invested in Capital Assets Net of Related Debt TOTAL LIABILITIES 78, , Contracts Payable 0450 Short-Term Payables 0462 Payroll Deductions and Withholdings 0470 Advances from Other Funds Liabilities LIABILITIES AND NET ASSETS Trust Trust Activity Agency Amounts Expressed in Whole Dollars - Private Purpose Investment Pension Other School: Palisades SD Fiduciary Funds Page FID-2A Printed 10/ :00:40 PM PDE-2057 Annual Financial Report Fiscal Year End STATEMENT OF NET ASSETS (NAF)

36 307,397 18,287 18, , , (98) (99) Funds Units Units Fiduciary Component Component Total Printed 10/19/ :00:40 PM Page FID-2B School: Palisades SD Fiduciary Funds POE-2057 Annual Financial Report Fiscal Year End STATEMENT OF NET ASSETS (NAF)

37 200520O6 PDE-2057 Annual Financial Report Fiscal Year End School: Palisades SD Printed 10119/ :00:41 PM STATEMENT OF CHANGES IN NET ASSETS (CNAF) Fiduciary Funds Page FID-3A Amounts Expressed in Whole Dollars Additions 9945 Gifts and Contributions 9946 Other Additions Deductions 9947 Scholarships Awarded 9948 Other Deductions Change In Net Assets 0041 Net Assets - Beginning of Fiscal Year 9949 Net Assets Held in Trust for Pension Benefits Net Assets End of Fiscal Year Private Purpose Investment Pension Component Component Trust Trust Trust Units Units (71) (72) (73) (98) (99) (309) 18,596 18,287

38 PDE-2057 Annual Financial Report -06/30/2006 Fiscal Year End School: Palisades SD Printed 10119/ :00:41 PM Total Fiduciary Funds STATEMENT OF CHANGES IN NET ASSETS (CNAF) Fiduciary Funds Page FID-3B (309) 18,

39 6112 tntenrn Real Estate Taxes 301, Current Real Estate Taxes 19,490, Revenue from Local Sources 6113 Public Utility Realty Tax 34, Payments in Lieu of Current Taxes / State & Local Current Act 511 Taxes Proportional Assessments 2,592, Earnings on Investments 554, State Rev, Rcvd. from Other lntermediaty Sources 2, Rentals 68, Summer School Tuition Adult Education Tuition 40, Other Services Provided Other Govts and All LEAs 119, Total Revenue from Local Sources 24,766, Federal Rev. Rcvd. from Other PA Public Schools 275, Delinq on Taxes Levied/Assessed by the LEA Revenue From Student Activities 23, Contributions and Donations From Private Sources Revenue From Community Service Activities 5, All Other Local Revenues Not Specified 17, Refunds of Prior Years Expenditures 165, AMOUNT TOTAL PDE-2057 Annual Financ,al Report Fiscal Year End DETAIL OF GENERAL FUND REVENUES AND OTHER FINANCING SOURCES School: Palisades SD Page REV-I Printed 10/19/ :07:15 PM

40 7271 Special Education - Funding for School Aged Pupils 1.020, PA Accountability Grant 55, Homebound Instruction Transportation (Regular and Additional> Project 720/High School Reform 50, Additional grants not listed elsewhere 10,000, Revenue for Social Security Payments 578, Revenue for Retirement Payments 353, Total Revenue from State Sources 5,966, Revenue from Federal Sources NCLB, Title Imprv. Acad. Ach. (Disadvantaged) 86, I NCLB, Title II Prep/Tmg/Recruit. HQ Tchrs/Prin. 62, Total Revenue from Federal Sources 160, Other FInancing Sources 9000 Total Other Financing Sources Charter Schools 39, Tuition Orphans & in Children Placed Priv. Homes Rental and Sinking Fund Payments 274, Health Services 42, Dual Enrollment Grants 11, Basic Instructional Subsidy (In Gross) 2582, Sale or Compensation for Loss of Fixed Assets IV 8517 NCLB. Title 21st Century Schools 7, V - & 8518 NCLB, Title Informed Par. Ch. lnnovt. Prog. 3, Revenue from State Sources AMOUNT TOTAL Printed 10/19/ :07:15 PM School: Palisades SD Page REV PDE-2057 Annual Financial Report Fiscal Year End DETAIL OF GENERAL. FUND REVENUES AND OThER FINANCING SOURCES

41 $3O, Other Financing Sources $ Revenue from State Sources $5,966, Revenue from Federal Sources $160, Revenue from Local Sources $24,766, AMOUNT TOTAL SUMMARY OF GENERAL FUND REVENUES AND OTHER FINANCING SOURCES AMOUNT TOTAL Printed 10/19/ :07:15 PM Page REV PDE-2057 Annual Financial Report Fiscal Year End DETAiL OF GENERAL FUND REVENUES AND OTHER FINANCING SOURCES School: Palisades SD

42 Total Act 511 Taxes $2,592, Real Estate Transfer Taxes 6154 Amusement Taxes 6150 Current Act 511 Taxes - Proportional Assessments $2,592, Earned Income Taxes $1,922, $33, $637, Current Act 511 Taxes - Proportional Assessments 6111 Totals Taxable Assessed Value Tax Levy Taxes Collected Pnnted 10/19/ :07:15 PM Page REV-I PDE-2057 Annual Financial Report Fiscal Year End TAX SCHEDULE, REAL ESTATE AND ACT 511 School: Palisades SD

43 6999 TOTAL TAXES $23,461, $159, $182, $23,485, Current Act 511 Taxes Proportional Assessments $2,592, $42, $58, $2,609, Delinq on Taxes Levied/Assessed by the LEA $1,041, $110, $113, $1,044, Interim Real EstateTaxes $301, $6, $10, $306, Public Utility Realty Tax $34, $0.00 $0.00 $34, Payments in Lieu of Current Taxes / State & Local $ $0.00 $0.00 $ REVENUE FROM LOCAL SOURCES IN CURRENT YEAR TAX ACCRUAL TAX ACCRUAL IN CURRENT YEAR 6111 Current Real Estate Taxes $19,490, $0.00 $0.00 $19,490, TAX REVENUE REPORTED CURRENT YEAR PRIOR YEAR TAXES COLLECTED Printed 10/19/ :07:16 PM PDE2057 Annual Financial Report Fiscal Year End CONVERSION OF ACCRUAL BASIS TAXES TO CASH BASIS TAXES School: Palisades SD Page REV-4

44 PDE-2057 Annual Financial Report Fiscal Year End School: Palisades Sn Printed 10/19/ :07:16 PM DELINQUENT TAX SCHEDULE (DTAX) Page SCHED-5 TAX REVENUE NUE REPORTED FROM CURRENT DELINQUENT YEAR TAXES PRIOR YEAR TAXES IN COLLECTED CURRENT 6411 YEAS Delinquent TAX Real ACCRUAL Estate Taxes TAX ACCRUAL IN CURRENT YEAR 1,041, Delinquent 110,&30.77 Interim Real Estate 113, Taxes 1,044, Delinquent Act 511 Earned Income Taxes 6461 Delinquent Earned Income Taxes TOTAL TAXES 1, , , ,044,083,98

45 Total Personnel Services-Salaries 10,646, Workmen s Compensation 30, Total Purchased Property ServIces 6, Food 2, Total Property 61, Total Other Objects 1, Total 1000 Instruction 16,873, Retirement Contributions 489, Tuition Reimbursements 101, Unemployment Compensation Purchased Professional & Technical Services 500 Other Purchased Services 530 Communications 2, Advertising 4, Printing & Binding 4, Tuition 1,622, Travel 1, General Supplies 259, Books&Periodicals 133, Other Oblects 100 Personnel Services-Salaries 1000 Instruction Printed :09:04 PM 200 Personnel Services-Employee Benefits 210 Group Insurance 1,204, Social Security Conthbutions Total Purchased Professional & Technical Services 1,491, Purchased Property Services 600 Supplies 700 Property 750 Equipment - Original & Additional 60, Equipment - Replacement 1, School: Palisades SD Page EXP PDE.2057 Annual Financial Report Fiscal Year End DETAIL OF GENERAL FUND EXPENDITURES AND OTHER FINANCING USES Total Personnel Services-Employee Benefits 2,635, Total Other Purchased Services 1,634, Total Supplies 395,675.33

46 Replacement Total 1100 Regular Programs - EIS 6,018, ,324, , ,406, Personnel Services-Employee Benefits 220 Social Security Contributions 344,012,72 306, , , Retirement Contributions 208, , , , Unemployment Compensation Workmen s Compensation 12, , , Other Purchased Services 530 Communications Tuition 135, , , Travel , Supplies 630 Food , , Property Equipment & Original Additional 30, , , Equipment Printed 10/19/ :09:05 PM 1100 Regular Programs - E/S Elementary Secondary Federal I2!i Total Personnel Services-Salaries 4,526, ,046, , ,626, Group Insurance , , Tuition Reimbursements 68, , , Purchased Property Services 610 General Supplies 112, , , Books & Periodicals 46, , , , Total Supplies 159, , , , Personnel Services-Salaries 300 Purchased Professional & Technical Services PDE-2057 Annual Financial Report FIscal Year End DETAIL OF GENERAL FUND EXPENDITURES AND OTHER FINANCING USES Total Personnel Services-Employee Benefits 1,148, , , ,134, Total Purchased Professional & Technical Services 15, , , Total Purchased Property Services , , Total Other Purchased Services 137, , , Total Other Objects , , Other Obiects Total Property 30, , , , School: Palisades SD Page EXP-2

47 Total Purchased Professional & Technical Services 956, , , ,425, Total 1200 Special and Gifted Education 2,355, , , ,142, Special and Gifted Education Elementary Secondarv Federal 200 Personnel Services-Employee Benefits 230 Retirement Contributions 42, , , , Personnel Services-Salaries Printed 10/19/ :09:05 PM Total Personnel Services-Salaries 930, , , ,810, Group Insurance 122, , , , Social Security Contributions 70, , , , UnemploymentCompensation Workmen s Compensation 4,232,88 3, , Total Other Purchased Services 221, , , Books & Periodicals 1, , , , Prooerty Total Property 5, , Food Purchased Professional & Technical Services 500 Other Purchased Services 540 Advertising 2, , , Printing & Binding Tuition 218, , , Supplies 610 General Supplies 4, , , , Equipment- Original & Additional 5, , School: Palisades SD Page EXP PDE-2057 Annual FinancaI Report - 06/30/2006 Fiscal Year End DETAIL OF GENERAL FUND EXPENDITURES AND OTHER FINANCING USES Total Personnel Services-Employee Benefits 240, , , , Total Supplies 6, , , ,716.97

48 PDE-2057 Annual Financial Report Fiscal Year End School: Palisades so Printed 10/19/ :09:05 PM 1300 Vocational Education Programs 500 Purchased Services 560 Tuiüon Total Other Purchased Services Total 1300 Vocational Education Programs DETAiL OF GENERAL FUND EXPENDITURES AND OTHER FINANCING USES Page EXP-4 Secondary Federal Total , ,011, ,011, toll toll

49 Total Personnel Services-Employee Benefits 24, , , , Total Purchased Professional & Technical Services 24, , Total Supplies Total 1400 Other Instructional Programs - EJS 142, , $ , Other Instructional Programs - EIS Elementary Secondary Federal I2i! 100 Personnel Services-Salaries 250 Unemployment Compensation Purchased Professional & Technical Services 560 Tuition , Travel Supplies 630 Food Printed 10/ :09:05 PM 200 Personnel Services-Employee Benefits 210 Group Insurance 12, , Social Security Contributions 7, , Retirement Contributions 4, , , Workmen s Compensation Other Purchased Services 610 General Supplies School: Palisades SD Page EXP PDE-2057 Annual Financial Report -06/ Fiscal Year End DETAIL OF GENERAL FUND EXPENDITURES AND OTHER FINANCING USES Total Personnel Services-Salaries 92, , , , Total Other Purchased Services ,041.23

50 PDE-2057 Annual Financial Report - 06/30/2006 Fiscal Year End School: Palisades SD Pnnted 10/ :09:05 PM 1410 Drivers Education 600 upolies 610 General Supplies Total Supplies Total 1410 Drivers Education DETAiL OF GENEaAj FUND EXPENDITURES AND OTHER FINANCING USES Page EXP6 fai I2ti

51 20052oQ6 PDE2057 Annual Financial Report Fiscal School: Year End Palisades SD Printed 10119/ :09:05 PM 1420 Summer School 100 EcolnelSer,jce5ai, DETAIl. OF GENERal FUND EXPENDITURES AND OTHER FINANCING USES Page EXP-7 fl 16, , onnei eicesempioyee8eflfl 5 Total Personnel Seryjces5alades 220 SoaJ Securi Contnbuons 230 Reürement Conbuons ,41454 Total Personnel Services-EmpIoy BenefIts Total 1420 Summer School 1, , j16 34, , , i145

52 Printed 10/19/ :09:05 PM Total Personnel Services-Salaries 3, , Total Personnel Services-Employee Benefits Total 1430 Homebound Instruction , Personnel Services-Employee Benefits 220 Social Security Contributions Retirement Contributions Purchased Professional & Technical Services 560 Tuition Travel Other Purchased Services 1430 Homebound Instruction Elementary Secondary Federal I2i 100 Personnel Services-Salaries School: Palisades SO Page EXR PDE-2057 Annual Financial Report Fiscal Year End DETAIL OF GENERAL FUND EXPENDITURES AND OTHER FINANCING USES Total Purchased Professional & Technical Services Total Other Purchased Services ,041.23

53 Total 1490 Additional Other Instruction Programs 123, , , , Printed 10/19( :09:05 PM 230 Retirement Contributions 3, , , Workmen s Compensation Food Personnel Services-Employee Benefits 220 Social Security Contributions 6, , , Unemployment Compensation Purchased Professional & Technical Services 600 Supplies 610 General Supplies Additional Other Instruction Programs Elementary Secondary Federal Ii 100 Personnel Services-Salaries 210 Group Insurance 12, , School: Palisades SD Page EXP PDE-2057 Annual Fmancial Report Fiscal Year End DETAIL OF GENERAL FUND EXPENDITURES AND OTHER FINANCING USES Total Personnel Services-Salaries 76, , , , Total Personnel Services-Employee Benefits 23, , , Total Purchased Professional 8 Technical Services 24, , Total Supplies