El Rancho Unified School District Continuing Disclosure Annual Report For Fiscal Year Ended June 30, 2015

Transcription

1 Continuing Disclosure Annual Report For Fiscal Year Ended June 30, Loch Lomond Drive Pico Rivera, CA (562)

2 FY Continuing Disclosure Annual Report Table of Report Contents Section Page I. Introduction & s 1 II. Audited Financial Statements & Adopted Budget 10 III. Average Daily Attendance, Enrollment and State Funding 10 IV. Certificated and Classified Employees 11 V. Retirement Contributions 11 VI. Developer Fees 12 VII. Bonded Debt Schedule 12 VIII. OPEB Obligations 12 IX. Capital Lease Obligations (District Debt Structure) 13 X. General Fund Information 14 XI. Assessed Valuation 15 XII. Typical Tax Rates 15 XIII. Secured Tax Charges & Delinquencies 15 XIV. Largest Local Secured Taxpayers 16 XV. Assessed Valuation and Parcels by Land Use 17 XVI. Principal Employers 18 XVII. Reporting of Significant Events 18 XVIII. Closing Statement 20

3 I. Introduction & s The is providing the information included herein for the fiscal year ended 6/30/2015 in compliance with its continuing disclosure obligations in connection with the following financings: $9,039, General Obligation Bonds Election of 1994, Series A (Original Issue Dated Date 3/30/1995) Principal Amount at Issuance Maturity Date Principal Amount at Issuance Maturity Date $5, /1/1996 $163, /1/2008 $185, /1/1996 $161, /1/2008 $245, /1/1997 $157, /1/2009 $250, /1/1997 $159, /1/2009 $290, /1/1998 $153, /1/2010 $290, /1/1998 $156, /1/2010 $325, /1/1999 $149, /1/2011 $330, /1/1999 $151, /1/2011 $150, /1/2000 $146, /1/2012 $150, /1/2000 $146, /1/2012 $170, /1/2001 $142, /1/2013 $170, /1/2001 $143, /1/2013 $185, /1/2002 $137, /1/2014 $195, /1/2002 $139, /1/2014 $210, /1/2003 $136, /1/2015 $215, /1/2003 $135, /1/2015 $240, /1/2004 $131, /1/2016 $245, /1/2004 $132, /1/2016 $265, /1/2005 $129, /1/2017 $270, /1/2005 $129, /1/2017 $300, /1/2006 $126, /1/2018 $295, /1/2006 $124, /1/2018 $330, /1/2007 $121, /1/2019 $330, /1/2007 $123, /1/2019 1

4 $4,260, General Obligation Bonds Election of 1994, Series B (Bank Qualified) (Original Issue Dated Date 12/08/1998) Principal Amount at Issuance Maturity Date $4, /1/2000 $267, /1/2001 $257, /1/2002 $246, /1/2003 $239, /1/2004 $217, /1/2005 $211, /1/2006 $202, /1/2007 $189, /1/2008 $182, /1/2009 $172, /1/2010 $160, /1/2011 $153, /1/2012 $142, /1/2013 $131, /1/2014 $124, /1/2015 $116, /1/2016 $109, /1/2017 $100, /1/2018 $92, /1/2019 $86, /1/2020 $277, /1/2021 $278, /1/2022 $294, /1/2023 2

5 $25,999, General Obligation Bonds Election of 2003, Series 2003A (Original Issue Dated Date 12/23/2003) Principal Amount at Issuance Maturity Date $75, /1/2005 $125, /1/2006 $175, /1/2007 $250, /1/2008 $315, /1/2009 $400, /1/2010 $475, /1/2011 $575, /1/2012 $675, /1/2013 $357, /1/2014 $364, /1/2015 $373, /1/2016 $382, /1/2017 $384, /1/2018 $418, /1/2019 $1,400, /1/2020 $1,600, /1/2021 $1,790, /1/2022 $2,000, /1/2023 $2,230, /1/2024 $11,635, /1/2028 3

6 $7,407, General Obligation Bonds Election of 2003, Series 2004 (Original Issue Dated Date 12/16/2004) Principal Amount at Issuance Maturity Date $35, /1/2006 $55, /1/2007 $60, /1/2008 $75, /1/2009 $75, /1/2010 $195, /1/2011 $200, /1/2012 $225, /1/2013 $230, /1/2014 $255, /1/2015 $275, /1/2016 $285, /1/2017 $330, /1/2018 $290, /1/2019 $340, /1/2020 $340, /1/2021 $360, /1/2022 $380, /1/2023 $400, /1/2024 $415, /1/2025 $435, /1/2026 $1,725, /1/2029 $427, /1/2029 4

7 $2,998, General Obligation Bonds Election of 2003, Series 2005 (Original Issue Dated Date 12/16/2005) Principal Amount Maturity at Issuance Date $95, /1/2007 $115, /1/2008 $125, /1/2009 $135, /1/2010 $50, /1/2011 $50, /1/2012 $50, /1/2013 $50, /1/2014 $50, /1/2015 $60, /1/2016 $275, /1/2020 $425, /1/2025 $420, /1/2029 $1,098, /1/2030 5

8 $6,198, General Obligation Bonds Election of 2003, Series 2007 (Bank Qualified) (Original Issue Dated Date 9/11/2007) Principal Amount Maturity at Issuance Date $15, /1/2009 $25, /1/2010 $50, /1/2011 $25, /1/2014 $40, /1/2015 $75, /1/2016 $75, /1/2017 $100, /1/2018 $125, /1/2019 $150, /1/2020 $200, /1/2021 $225, /1/2022 $275, /1/2023 $325, /1/2024 $350, /1/2025 $400, /1/2026 $475, /1/2027 $178, /1/2028 $176, /1/2029 $175, /1/2030 $1,587, /1/2031 $1,150, /1/2032 6

9 $6,895, General Obligation Bonds Election of 2003, Series 2008E (Bank Qualified) (Original Issue Dated Date 12/16/2008) Principal Amount Maturity at Issuance Date $165, /1/2012 $185, /1/2013 $150, /1/2014 $200, /1/2015 $175, /1/2016 $225, /1/2017 $225, /1/2018 $250, /1/2019 $270, /1/2020 $270, /1/2021 $295, /1/2022 $300, /1/2023 $310, /1/2024 $127, /1/2025 $117, /1/2026 $104, /1/2027 $108, /1/2028 $106, /1/2029 $60, /1/2030 $63, /1/2031 $80, /1/2032 $1,274, /1/2033 $1,212, /1/2034 $619, /1/2035 7

10 $21,580, General Obligation Refunding Bonds Series 2012 (Original Issue Dated Date 7/10/2012) Principal Amount Maturity at Issuance Date $440, /1/2012 $100, /1/2013 $100, /1/2014 $100, /1/2015 $100, /1/2016 $100, /1/2017 $100, /1/2018 $100, /1/2019 $1,475, /1/2020 $1,665, /1/2021 $1,850, /1/2022 $2,025, /1/2023 $2,225, /1/2024 $2,450, /1/2025 $4,500, /1/2027 $1,050, /1/2027 $2,200, /1/2028 $1,000, /1/2028 8

11 $5,304, General Obligation Bonds Election of 2010, Series 2011A (Original Issue Dated Date 6/02/2011) Principal Amount Maturity at Issuance Date $306, /1/2024 $302, /1/2025 $297, /1/2026 $282, /1/2027 $280, /1/2028 $1,671, /1/2031 $2,163, /1/2034 $3,002, General Obligation Bonds Election of 2010, Series 2013B (Original Issue Dated Date 11/19/2013) Principal Amount Maturity at Issuance Date $728, /1/2020 $122, /1/2021 $126, /1/2022 $33, /1/2023 $31, /1/2024 $14, /1/2025 $41, /1/2026 $12, /1/2027 $11, /1/2028 $131, /1/2034 $542, /1/2035 $733, /1/2036 $471, /1/2037 9

12 $4,025, General Refunding Obligation Bonds Series 2013 (Original Issue Dated Date 11/19/2013) Principal Amount Maturity at Issuance Date $75, /1/2014 $40, /1/2015 $315, /1/2016 $325, /1/2017 $360, /1/2018 $320, /1/2019 $350, /1/2020 $325, /1/2021 $300, /1/2022 $350, /1/2023 $410, /1/2024 $420, /1/2025 $435, /1/2026 * numbers per Electronic Municipal Marketplace Access website II. Audited Financial Statements & Adopted Budget The District s audited financial statements for the fiscal year ended June 30, 2015 and the Adopted Budget for the fiscal year ended June 30, 2016 have been filed separately within EMMA in conjunction with the filing of this Report. III. Average Daily Attendance, Enrollment and State Funding Previously, school districts operated under general purpose revenue limits established by the State Department of Education. In general, revenue limits were calculated for each school district by multiplying the ADA for such district by a base revenue limit per unit of ADA. The State has enacted the Local Control Funding Formula (LCFF) to replace revenue limits and most categorical programs, commencing in Information relating to State funding received by the District under LCFF is contained in the audited financial statements for the fiscal year ended June 30, 2015, filed separately within EMMA in conjunction with the filing of this report. 10

13 ADA and LCFF funding factors information is presented in the table that follows. Average Daily Attendance FY LCFF Funding Enrollment Total Total % of EL/LI K ADA Enrollment Enrollment 2,491 1,986 1,357 8,668 9, % Source: District IV. Certificated and Classified Employees Employee Numbers Certificated Classified Employees Employees V. Retirement Contributions EL RANCHO UNIFIED SCHOOL DISTRICT Actual Retirement Contributions for Fiscal Year Number of Employees Plan Covered STRS 493 PERS 368 Employer Contributions as a Total Employer District s % of Contributions Covered Payroll Covered Payroll $3,439,606 $39,009, % $1,450,401 $14,310, % EL RANCHO UNIFIED SCHOOL DISTRICT Budgeted/Projected Retirement Contributions for Fiscal Year Number of Employees Plan Covered STRS 603 PERS 366 Employer Contributions as a Total Employer District s % of Contributions Covered Payroll Covered Payroll $4,383,821 $40,950, % $1,572,126 $13,317, % 11

14 VI. Developer Fees Developer Fees Collected in FY : $116,429 Source: The District VII. Bonded Debt Schedule Beginning Ending Amounts Balance Balance Due Within July 1, 2014 Additions Deductions June 30, 2015 One Year General Obligation Bonds: Principal repayments $56,311,013 - $1,394,562 $54,916,451 $1,449,573 Accreted interest component $13,438,729 $2,048,603 $1,255,438 $14,231,894 $1,385,427 Unamortized issuance premium $2,869,346 - $186,606 $2,682, ,606 Total $72,619,088 $2,048,603 $2,836,606 $71,831,085 $3,021,606 Source: District VIII. OPEB Obligations The District s most recent Actuarial Report is dated June 1, The tables below show the OPEB liabilities as of the date of the report, and the figures for FY OPEB liabilities as of June 1, 2013 Actuarial Report Actuarial Unamortized Residual Accrued Liability Portion AAL $20,761,423 $14,998,862 $5,762,561 FY Actuarial Net OPEB Required Normal Cost District Interest & Increase to Obligation at Contribution Portion of ARC Contribution Adjustments OPEB Obligation 6/30/2015 $2,316,130 $1,321,453 $1,064,231 $14,997 $1,266,896 $5,986,013 Source: District 12

15 IX. Capital Lease Obligations (District Debt Structure) The District's liability on lease agreements with option to purchase is as summarized below: Portables* Balance, Beginning of Year, July 1, 2014 $116,934 (Less Payments)/Plus Additions $5,984 Balance, End of Year, June 30, 2015 $122,918 The capital leases have minimum payments as follows: Year Ending June 30th Lease Payment 2016 $13, $13, $95,602 Total $122,918 Less Amount Representing Interest $0 Present Value of Lease Payments $122,918 * Relocatable childcare facilities. Zero-interest arrangment with CA Dept. of Education Source: District 13

16 X. General Fund Information The below presents summary General Fund information. Additional information is contained in the District s audited financial statements for FY and Adopted Budget for FY filed separately within EMMA. Revenues LCFF Sources $72,651,765 $81,870,053 Federal Revenue 5,380,999 6,159,982 Other State Revenue 4,254,181 2,429,965 Other Local Revenue 4,536,725 4,116,999 Total Revenues 86,823,670 94,576,999 Expenditures FY Audit FY Budget Certificated Salaries 38,280,006 40,545,868 Classified Salaries 12,324,133 12,667,677 Employee Benefits 17,636,167 20,868,935 Books and Supplies 3,324,004 4,420,789 Services & Operating Expenditures 10,091,690 11,345,795 Capital Outlay 69,492 61,813 Other Outgo 1,286, ,000 Indirect Costs (94,311) (120,970) Total Expenditures 82,917,334 90,604,907 Excess of Revs. Over (Under) Expend. 3,906,336 3,972,092 Other Financing Sources and Uses Interfund Transfers Out (1,761,355) (1,361,355) Net Changes in Fund Balances 2,144,981 2,610,737 Fund Balance, July 1 5,483,952 5,967,198 Fund Balance, June 30 $7,628,933 $8,577,935 Source: The District 14

17 XI. Assessed Valuation Fiscal Year Local Secured Utility Unsecured Total $4,080,380,328 $1,169,541 $165,449,422 $4,246,999,291 Source: California Municipal Statistics, Inc. XII. Typical Tax Rates Typical Tax Rate per $100 of Assessed Valuation (TRA 7978) General Rio Hondo Community College District Metropolitan Water District Total Source: California Municipal Statistics, Inc XIII. Secured Tax Charges & Delinquencies The delinquency rate for taxes collected by the County on all property within the District s boundaries is as per below: Secured Tax Charge and Delinquency Secured Amt. Del. % Del. Tax Charge (1) June 30 June 30 $8,093, $115, % Secured Amt. Del. % Del. Tax Charge (2) June 30 June 30 $3,830, $49, % (1) 1% General Fund apportionment. Excludes redevelopment agency impounds. (2) Bond debt service levy only. Source: California Municipal Statistics, Inc 15

18 XIV. Largest Local Secured Taxpayers EL RANCHO UNIFIED SCHOOL DISTRICT Largest Local Secured Taxpayers % of Property Owner Primary Land Use Assessed Valuation Total (1) 1. Vestar California XXVI LLC Shopping Center $ 70,584, % 2. Majestic AMB Pico Rivera Associates LLC Industrial 42,813, Princeton Medical Holdings Shopping Center 33,443, Wal-Mart Real Estate Business Trust Shopping Center 31,155, General American Life Insurance Company Industrial 28,344, Showprop Pico Rivera LLC Shopping Center 25,940, AGNL Pastry LP Industrial 25,695, GGF Pico Rivera LLC Shopping Center 25,248, Guardian Life Insurance Company of America Industrial 21,622, Shade Family Properties Inc. Shopping Center 21,148, Dav C. Bacara LLC Apartments 21,123, Rex Road LLC Industrial 20,820, Target Corporation Commercial 18,715, Rosemead Place LLC Apartments 18,593, Public Storage Inc. Industrial 18,155, Iron Mountain Information Management LLC Industrial 17,008, Howards Appliances Inc. Industrial 15,804, Lowes HIW Inc. Shopping Center 14,712, Stealth Holdings LLC Industrial 14,588, Aurora World Inc. Industrial 14,150, $499,671, % (1) Local Secured Assessed Valuation: $4,080,380,328 Source: California Municipal Statistics, Inc. 16

19 XV. Assessed Valuation and Parcels by Land Use EL RANCHO UNIFIED SCHOOL DISTRICT Assessed Valuation and Parcels by Land Use % of No. of % of Non-Residential: Assessed Valuation (1) Total Parcels Total Commercial $ 518,625, % % Vacant Commercial 1,237, Industrial 591,672, Vacant Industrial 15,622, Recreational 4,167, Government/Social/Institutional 31,049, Subtotal Non-Residential $1,162,375, % % Residential: Single Family Residence $2,492,234, % 11, % Condominium/Townhouse 109,149, Mobile Home Park 8,934, Residential Units 85,986, Residential Units/Apartments 165,972, Vacant Residential 9,147, Subtotal Residential $2,871,423, % 13, % Total $4,033,798, % 13, % (1) Local Secured Assessed Valuation, excluding tax-exempt property. Source: California Municipal Statistics, Inc 17

20 XVI. Principal Employers CITY OF PICO RIVERA Principal Employers Number of Employer Industry Employees 1 El-Rancho Unified School Dist School Districts 1,108 2 Daniel's Western Meat Packers Meat-Retail Walmart Supercenter Department Stores City Of Pico Rivera Government Offices-City, Village & Twp Unisource Office Svc Furniture-Dealers-Retail ABF Freight System Inc Trucking-Motor Freight UPS Freight Trucking-Motor Freight Century 21 Real Estate Feit Electric Co Inc Lamps-Manufacturers Food 4 Less Grocers-Retail Sectran Security Inc Armored Car Service Southern California Gas Co Gas Companies Bay Cities Container Packaging Materials-Manufacturers SCMH Inc Truck Renting & Leasing Central Freight Lines Inc Trucking-Motor Freight Cateripller Scmh Inc Industrial Trucks Tractors/Trailers (Mfrs) GE Water & Process Tech Water Treatment Equip Svc & Supls Pico Rivera Sheriff Dept Government Offices-City, Village & Twp Rush Truck Ctr Truck-Dealers Rocket Farms Herbs 150 Source: infousa XVII. Reporting of Significant Events The list below captions reportable events for the fiscal year ended June 30, 2015: (1) Principal And Interest Payment Delinquencies; None To Report. (2) Non-payment Related Defaults; None To Report. 18

21 (3) Unscheduled Draws On Debt Service Reserves Reflecting Financial Difficulties; None To Report. (4) Unscheduled Draws On Credit Enhancements Reflecting Financial Difficulties; None To Report. (5) Substitution Of Credit Or Liquidity Providers, Or Their Failure To Perform; None To Report. (6) Adverse Tax Opinions Or Events Affecting The Tax-exempt Status Of The Security; None To Report (7) Modifications To Rights Of Security Holders; None To Report. (8) Bond Calls (Other Than Mandatory Scheduled Redemptions, Not Otherwise Contingent Upon The Occurrence Of An Event, Including But Not Limited To, Sinking Fund Payments); None To Report. (9) Defeasances; None To Report. (10) Release, Substitution Or Sale Of Property Securing Repayment Of The Securities; None To Report. (11) Rating Changes; None To Report. (12) Bankruptcy or insolvency None To Report. (13) Merger or Consolidation None To Report (14) Tender Offers None To Report (15) Appointment of successor or additional Trustee or Paying Agent; None To Report (16) Failure to provide annual continuing disclosure information as required. None To Report 19

22 XVIII. Closing Statement This Annual Report is provided solely pursuant to the District s Continuing Disclosure Agreements in connection with the above referenced financings. The filing of this Annual Report does not constitute or imply any representation (i) that all of the information provided is material to investors, (ii) regarding any other financial, operating or other information about the District or the above referenced financing, or (iii) that no changes, circumstances or events have occurred since the end of the fiscal year to which this Annual Report relates (other than as contained in this Annual Report), or any other date specified with respect to any of the information contained in this Annual Report, or that no other information exists, which may have a bearing on the security for the above referenced financing or an investor s decision to buy, sell, or hold the above referenced financing. No statement in this Annual Report should be construed as a prediction or representation about future financial performance of the District. Certain information in this Report was obtained from California Municipal Statistics, Inc., and from InfoUSA, and is believed by the District to be reliable, but has not been independently verified by the District and is not guaranteed as to accuracy by the District. There can be no assurance as to the accuracy of such information and inquiries concerning the scope and methodology of procedures carried out to complete such information should be directed to California Municipal Statistics, Inc. and InfoUSA. ************** 20