Benicia Unified School District

Transcription

1 Continuing Disclosure Annual Report Fiscal Years Ended: June 30, 2013 Prepared by: 350 East K Street Benicia, CA 94510

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... 7 X. General Fund Revenues and Expenditures from Adopted Budget... 8 XI. Certificated and Classified Employees... 9 XII. Secured Tax Charges and Delinquencies... 9 XIII. Schedule of Secured Property Tax Distribution... 9 XIV. Assessed Valuation XV. Largest Taxpayers XVI. Assessed Valuation and Parcels by Land Use XVII. Developer Fees Collected XVIII. Typical Total Tax Rates XIX. Largest Private Employers XX. Statement of Direct and Overlapping Debt

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, 2013 ( Annual Report ): Exhibit 1 Financings Base CUSIP Financing General Obligation Bonds, 1997 Series A General Obligation Bonds, Election of 1997, Series 2000 B General Obligation Bonds, Election of 1997, Series 2001 C General Obligation Bonds, Refunding Bonds Series General Obligation Refunding Bonds II. Audited Financial Statements The District s audited financial statements for the fiscal years ended June 30, 2013 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. Second Period Report Exhibit 2 Average Daily Attendance Fiscal Year Average Daily Attendance ,693 Source: Audited Financial Statement dated June 30,

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) (Prior & Future) Fiscal Year Contribution Amount $1,549, (2) 1,580,722 The required employer contribution rate was 8.25% of annual payroll. (2) Estimated actual. Source:. California Public Employees Retirement System (CalPERS) Exhibit 4 California Public Employees Retirement System (CalPERS) (Prior & Future) Fiscal Year Contribution Amount $643, (2) 609,095 The required employer contribution rate was % of annual payroll. (2) Estimated actual Source:. VI. Short Term Borrowing As of June 30, 2013 the District had no short term debt outstanding. Source: 4

5 VII. Lease Obligations The District entered into a capital lease with the California Energy Commission for energy efficient capital improvements. The annual payments are as follows: Exhibit 5 Capital Leases June 30, Principle Interest Total ,099 15,943 94, ,214 12,828 94, ,429 9,612 94, ,821 6,220 94, ,324 2,717 94,041 Totals $422,887 $47,320 $470,205 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 6 Changes in Long Term Debt Balance July 1, 2012 Additions Deductions Balance June 30, 2013 Due in One Year General Obligation Bonds Current Interest $10,200,000 $0 $1,540,000 $8,660,000 $1,345,000 Capital Appreciation 46,381,695 2,593,748 2,310,519 46,664, ,044 Capital Leases 497,991 75, ,888 78,099 Postemployment Benefits 4,300,045 1,397, ,777 5,420, ,000 Compensated Absences 136,118 32, ,375 68,059 TOTALS $61,515,849 $4,023,482 $4,202,399 $61,336,932 $2,751,202 Source: Audited Financial Statement dated June 30,

6 Bonded Debt The outstanding general obligation bonded debt is as follows: Current Interest Bonds Dated Date Interest Rate % Exhibit 7 Bonded Debt Maturity Date Amount of Original Issue Outstanding July 1, 2012 Redeemed Current Year Outstanding June 30, 2013 Issue Name 2008 Refunding 2/14/ % 8/1/16 9,155,000 5,465,000 1,015,000 4,450, Refunding 10/18/ % 8/1/19 4,735,000 4,735, ,000 4,210,000 Total $13,890,000 $10,200,000 $1,540,000 $8,660,000 Capital Appreciation Bonds Issue Name 1991 Elec, Ser 1993 B 1997 Elec, Ser A 1997 Elec, Ser 2000 B 1997 Elec, Ser 2001 C Dated Date Interest Rate % Maturity Date Amount of Original Issue Outstanding July 1, 2012 Interest Current Year Redeemed Current Year Outstanding June 30, /17/ % 8/1/18 $6,792,649 $9,329,720 $526,786 $1,050,519 $8,805,987 8/13/ % 8/1/22 10,724,844 20,587,661 1,097,176 1,075,000 20,609,837 8/2/ % 8/1/25 5,455,155 11,138, , ,827,479 11/15/ % 8/1/26 3,744,994 5,325, , ,000 5,421,618 Total $26,717,643 $46,381,692 $2,593,748 $2,310,519 $46,664,921 Source: Audited Financial Statement dated June 30,

7 IX. General Fund Revenues and Expenditures from Audited Financial Statements Exhibit 8 General Fund Revenues and Expenditures from Audited Financial Statements Actual REVENUES Revenue Limit Sources $25,193,959 Federal Sources 1,215,188 Other State Sources 4,420,123 Other Local Sources 2,483,995 Total Revenues 33,313,265 EXPENDITURES Certificated Salaries 19,120,193 Classified Salaries 5,441,918 Employee Benefits 6,126,968 Books and Supplies 934,762 Services and Other Operating Expenditures 2,517,051 Capital Outlay 81,763 Other Outgo 683,691 Total Expenditures 34,906,346 Excess (deficiency) of revenues over (under) expenditures (1,593,081) Total other financing sources (uses) 28,562 Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses (1,564,519) Fund Balances Beginning of Year 8,255,046 Fund Balance End of Year $6,690,527 Source: Audited Financial Statement dated June 30,

8 X. General Fund Revenues and Expenditures from Adopted Budget Exhibit 9 General Fund Adopted Budget for Fiscal Year Adopted Budget REVENUES Revenue Limit Sources $26,235,804 Federal Revenue 1,120,873 Other State Revenue 4,298,613 Other Local Revenue 2,292,029 Total Revenues 33,947,319 EXPENDITURES Certificated Salaries 19,661,572 Classified Salaries 5,613,935 Employee Benefits 6,143,292 Books and Supplies 1,046,006 Services and Other Operating Expenses 2,672,623 Capital Outlay 44,450 Other Outgo 589,099 Total Expenditures 35,770,977 Excess (Deficiency) of Revenues Over Expenditures (1,823,657) Total Other Financing Sources (Uses) (11,000) Net Increase (Decrease) in Fund Balance (1,834,657) Fund Balance (Deficit), July 1 6,010,849 Fund Balance (Deficit), June 30 $4,176,191 Source: Adopted Budget. 8

9 XI. Certificated and Classified Employees The following exhibit shows the number of Certificated and Classified Employees employed by the District. Exhibit 10 Certificated and Classified Employees Fiscal Year Certificated Classified Source: XII. Secured Tax Charges and Delinquencies The following exhibit shows real property tax charges and delinquencies in the District. Exhibit 11 Secured Tax Charges and Delinquencies Amount Delinquent Fiscal Year Secured Tax Charge June 30, Percent Delinquent June $3,874, $27, % Debt service levy only. Source: California Municipal Statistics, Inc. XIII. Schedule of Secured Property Tax Distribution The exhibit below shows the county s schedule of tax distribution of secured property taxes. Exhibit 12 Schedule of Secured Property Tax Distributions Month % of Total Collection December 50% April 50% Source: Solano County Auditor Controller s Office 9

10 XIV. Assessed Valuation The exhibit below shows the assessed valuation of taxable properties in the District. Exhibit 13 Assessed Valuations Fiscal Year Local Secured Utility Unsecured Total $4,695,849,054 $1,287,105 $225,459,076 $4,922,595,235 Source: California Municipal Statistics, Inc. XV. Largest Taxpayers The exhibit below shows the top taxpayers in the District. Exhibit 14 Largest Local Secured Taxpayers Property Owner Primary Land Use Assessed Valuation %of Total Valero Refining Company California Industrial $1,034,861, % Walton CWCA Benicia Industrial 122,430, Benicia Industries Inc. Industrial 45,863, Tulloch Construction Inc. Industrial 29,649, WRI West Gate South LP Commercial 26,477, Club Pacifica LLC Apartments 23,193, Gonsalves & Santucci Inc. Industrial 22,884, Bebe Studio Realty LLC Industrial 18,360, SPK Industrial Portfolio LLC Industrial 18,000, Prime Waterview LLC Apartments 13,726, Sequoia Glen Partners Apartments 12,422, U Store It LP Industrial 10,492, Benicia North Gateway II Industrial 9,802, State Street Advisors LLC Industrial 9,659, LLC Industrial 8,929, McCorduck Properties Benicia Commercial 8,833, Gas City Fuels Commercial 8,727, Insight Properties LLC Industrial 7,758, Ruby Real Estate LLC Commercial 7,615, T&M Enterprises Industrial 7,380, $1,447,069, % Local Secured Assessed Valuation: $4,695,849,054 Source: California Municipal Statistics, Inc. 10

11 XVI. Assessed Valuation and Parcels by Land Use The exhibit below shows the assessed valuations and parcels within the District by land use. Exhibit 15 Assessed Valuation and Parcels by Land Use % of No. of % of Non Residential: Assessed Valuation Total Parcels Total Agricultural $ 17,978, % % Commercial 165,828, Vacant Commercial 3,906, Industrial 1,643,969, Vacant Industrial 51,998, Recreational 1,030, Institutional/Social/Religious 4,447, Miscellaneous 1,927, , Subtotal Non Residential $1,891,087, % 1, % Residential: Single Family Residence $2,363,863, % 7, % Condominium/Townhouse 269,883, , Mobile Home 2,729, Mobile Home Park 7,058, Residential Units/Apartments 149,486, Vacant Residential 11,739, Subtotal Residential $2,804,761, % 9, % Total $4,695,849, % 11, % Local Secured Assessed Valuation; excluding tax exempt property. Source: California Municipal Statistics, Inc. XVII. Developer Fees Collected The exhibit below shows the developer fees collected by the District. Exhibit 16 Developer Fees Collected Fiscal Year Amount $5, Source: 11

12 XVIII. Typical Total Tax Rates The exhibit below shows the typical total tax rates per $100 of assessed valuation. Exhibit 17 Typical Total Tax Rates (TRA 1 000/ Assessed Valuation: $2,232,726,254 ) General Solano Community College District Solano County Flood State Water Project City of Benicia Total Tax Rate % of school district s total assessed valuation. Source: California Municipal Statistics, Inc. XIX.Largest Private Employers The exhibit below shows the largest private employers within the District. Exhibit 18 Largest Private Employers Employer Type of Business Actual Employee Size Flatiron Construction Corp Building Contractors 500 Honeywell Aerospace Industries (Mfrs) 500 Valero Benicia Refinery Service Stations Gasoline & Oil 460 Underground Construction Co Trenching & Underground Contractors 400 Pacific Gas & Electric Co Electric Companies 248 Beauty Systems Group Cosmetics & Perfumes Retail 210 Coca Cola Bottling Co Bottlers (Mfrs) 190 BSG West Beauty Salons Equipment & Supls (Whls) Radiator & A/C Radiators Automotive Wholesale 155 Airco Commercial Svc Inc Heating Equipment Manufacturers 150 Benicia High School Schools 150 Biagi Brothers Trucking 150 Raley's Grocers Retail 130 Dunlop Manufacturing Inc Musical Instruments Supls & Acces Mfrs 125 Henry Wine Group Wines Wholesale 125 Mistras Services Laboratories Testing 125 Benicia Fabrication & Mach Inc Machine Shops (Mfrs) 115 Life Technologies Corp Biological Products (Mfrs) 115 Veolia Environmental Svc Environmental & Ecological Services 110 Benicia Middle School Schools 102 Source: InfoUSA.com (1/31/2014) 12

13 XX. Statement of Direct and Overlapping Debt Contained within the District are numerous overlapping local agencies providing public services. These local agencies have outstanding debt issued in the form of general obligation, lease revenue and special tax and assessment bonds. The direct and overlapping debt of the District is shown in the following table Assessed Valuation: $4,922,595,235 BENICIA UNIFIED SCHOOL DISTRICT DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: % Applicable Debt 1/1/14 Solano County Community College District % $27,079, ,321,165 City of Benicia ,950,000 City of Benicia 1915 Act Bonds ,095,000 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $66,446,034 OVERLAPPING GENERAL FUND DEBT: Solano County Certificates of Participation % $12,721,758 Solano County Pension Obligations ,911,229 Solano County Board of Education Certificates of Participation ,733 City of Benicia General Fund and Pension Obligations ,086,001 TOTAL OVERLAPPING GENERAL FUND DEBT $43,918,721 COMBINED TOTAL DEBT $110,364,755 Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue bonds and non bonded capital lease obligations. Ratios to Assessed Valuation: Direct Debt ($26,321,165) % Total Direct and Overlapping Tax and Assessment Debt % Combined Total Debt % Source: California Municipal Statistics, Inc. 13