CONTINUING DISCLOSURE INFORMATION REGARDING THE HAYS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT Table 1 ASSESSED VALUATION (a) 2012/13 Total Assessed Valuation... $4,754,521,928 2012/13 Taxable Assessed Valuation... $3,933,944,403 Exemption Total Residential Homestead... $ 221,136,312 10% Residential Cap... 893,742 Over 65/Disabled Persons... 26,671,360 Disabled/Deceased Veterans... 26,004,325 Pollution Control... 3,387,302 Productivity Loss... 541,474,757 Prorated Exempt Property... 1,009,727 Total (17.26% of Total Assessed Valuation)... $ 820,577,525 (a) Source: Hays County Appraisal District and State Property Tax Reports. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal District updates records. Table 2 UNLIMITED TAX DEBT OUTSTANDING (a)(b) Unlimited Tax Debt Outstanding (As of August 31, 2012)... $315,435,000 Less: Interest & Sinking Fund Balance (As of August 31, 2012)... 3,913,075 NET UNLIMITED TAX DEBT OUTSTANDING... $311,521,925 _ (a) Par amount of outstanding bonds. (b) Does not include any limited tax obligations payable from the District s Maintenance & Operations tax rate. Source: District Records. Estimated 2012 District Population 72,770 Per Capita Taxable Assessed Valuation $54,059.98 2011/12 Enrollment 15,886 Per Capita Total Assessed Valuation $65,336.29 Area (square miles) 217.21 Per Capita Net Debt $4,280.91 1
Table 3 ESTIMATED OVERLAPPING DEBT STATEMENT Gross General Obligation Debt Dollar Amount (1) As of Percent Overlap Dollar Overlap Taxing Body Austin Community College District $ 89,903,659 8/31/2012 3.19% $ 2,867,927 Buda, City of 21,370,000 8/31/2012 100.00% 21,370,000 Caldwell County 12,115,000 8/31/2012 1.46% 176,879 Greenhawe WC&ID #2 7,395,000 8/31/2012 100.00% 7,395,000 Hays County 283,230,000 8/31/2012 33.38% 94,542,174 Kyle, City of 55,745,000 8/31/2012 100.00% 55,745,000 Mountain City, City of 82,585 8/31/2012 100.00% 82,585 North Hays County MUD No. 1 8,195,000 8/31/2012 100.00% 8,195,000 San Marcos, City of 213,690,000 8/31/2012 5.86% 12,522,234 South Buda WC&ID No. 1 6,025,000 8/31/2012 100.00% 6,025,000 Sunfield MUD No. 1 5,425,000 8/31/2012 99.12% 5,377,260 Travis County 639,369,987 8/31/2012 0.02% 127,874 The District 315,435,000 8/31/2012 100.00% $315,435,000 (2) Total Direct and Overlapping Debt $529,861,933 Table 4 2011/12 TOTAL TAX RATES OF OVERLAPPING POLITICAL ENTITIES Austin Community College District.. $0.0951 Buda, City of 0.2713 Caldwell County... 0.6908 Greenhawe WC&ID #2... 0.8500 Hays County 0.4252 Kyle, City of. 0.5244 Mountain City, City of.. 0.1100 North Hays County MUD No. 1.. 0.9000 San Marcos, City of.. 0.5302 South Buda WC&ID No. 1... 0.9000 Sunfield MUD No. 1 0.9000 Travis County.. 0.5001 2
Table 5 PROPERTY TAX RATES AND COLLECTIONS Taxable Assessed Percent Collections (a) Fiscal Year Tax Year Valuation Tax Rate Current Total Ended 2003 $ 1,783,062,655 $1.7295 95.25% 99.73% 8-31-04 2004 2,027,084,905 1.7945 96.47% 99.69% 8-31-05 2005 2,276,033,253 1.8763 97.41% 99.86% 8-31-06 2006 2,629,045,172 1.7780 97.67% 99.86% 8-31-07 2007 3,072,931,440 1.4613 97.99% 99.45% 8-31-08 2008 3,417,956,205 1.4613 99.65% 99.89% 8-31-09 2009 3,640,517,334 1.4613 98.81% 99.30% 8-31-10 2010 3,701,916,940 1.4613 99.46% 99.78% 8-31-11 2011 3,722,928,238 1.4613 98.75% 98.75% 8-31-12 2012 3,933,944,403 1.4613 (In Process of collection) 8-31-13 (a) Excludes Penalties and Interest. Source: District s Audited Financial Statements, Hays County Tax Assessor/Collector and State Property Tax Reports. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal District updates records. Table 6 TAX RATE DISTRIBUTION 2012/13 2011/12 2010/11 2009/10 2008/09 2007/08 Local Maintenance $1.0400 $1.0400 $1.0400 $1.0400 $1.0400 $1.0400 Interest & Sinking 0.4213 0.4213 0.4213 0.4213 0.4213 0.4213 $1.4613 $1.4613 $1.4613 $1.4613 $1.4613 $1.4613 Source: District s Audited Financial Statements and District s Records. Table 7 VALUATION AND UNLIMITED TAX DEBT HISTORY Percent Increase/ (Decrease) in T.A.V Over Prior Year Principal Amount Of Unlimited Tax Debt Outstanding at Year End (a) Ratio of Unlimited Tax Debt to Taxable Assessed Valuation (a) Taxable Assessed Fiscal Year Valuation 2004/05 $2,027,084,905 13.69% $210,692,309 10.39% 2005/06 2,276,033,253 12.28% 205,587,309 9.03% 2006/07 2,629,045,172 15.51% 244,527,309 9.30% 2007/08 3,072,931,440 16.88% 236,427,309 7.69% 2008/09 3,417,956,205 11.23% 315,222,309 9.22% 2009/10 3,640,517,334 6.51% 313,222,309 8.60% 2010/11 3,701,916,940 1.69% 336,945,000 8.83% 2011/12 3,722,928,238 0.57% 315,540,000 7.92% 2012/13 3,933,944,403 5.67% 300,835,000 (b) 7.65% (a) Does not include any limited tax obligations payable from the District s Maintenance & Operations tax rates. (b) Includes the Unlimited Tax Refunding Bonds, Series 2012A (Taxable) issued on December 13, 2012. Source: District s Records and State Property Tax Reports. 3
Table 8 HISTORICAL TOP TEN TAXPAYERS PRINCIPAL TAXPAYERS AND THEIR 2012/13 TAXABLE ASSESSED VALUATIONS Name of Taxpayer Type of Property Taxable Assessed Valuation Percent of T.A.V. Texas Lehigh Cement Co. Cement Plant $ 64,005,993 1.62% CFAN Company Manufacturing 57,339,524 1.46% Goodrich Corp. Manufacturing Manufacturing 55,372,491 1.41% Pedernales Electric Coop. Inc. Utility 24,867,632 0.63% Vista Del Blanco Ltd. Real Estate 21,686,380 0.55% DDR DB Kyle LP Real Estate 21,059,490 0.54% Cabela s Retail TX LP Retail Store 20,400,751 0.52% Cole Mt Kyle TX LLC Manufacturing 19,791,940 0.50% US Food Service Inc. Manufacturing 18,143,502 0.46% Settlement Apartments LP Apartments 16,895,160 0.43% Total $319,562,863 8.12% PRINCIPAL TAXPAYERS AND THEIR 2011/12 TAXABLE ASSESSED VALUATIONS Name of Taxpayer Type of Property Taxable Assessed Valuation Percent of T.A.V. Texas Lehigh Cement Co. Cement Plant $ 59,986,096 1.61% CFAN Company Manufacturing 53,072,007 1.43% Goodrich Corp. Manufacturing Manufacturing 48,222,139 1.30% Pedernales Electric Coop. Inc. Utility 23,294,790 0.63% Vista Del Blanco Ltd. Real Estate 21,686,380 0.58% Cabela s Retail Retail Store 20,399,927 0.55% DDR DB Kyle LP Real Estate 19,650,260 0.53% Kyle Marketplace LTD Real Estate 16,819,250 0.45% Sam s East Inc. Real Estate 13,565,190 0.36% Cabela s Retail TX LP Retail Store 12,433,087 0.33% Total $289,129,126 7.77% PRINCIPAL TAXPAYERS AND THEIR 2010/11 TAXABLE ASSESSED VALUATIONS Name of Taxpayer Type of Property Taxable Assessed Valuation Percent of T.A.V. Texas Lehigh Cement Co. Cement Plant $ 65,761,100 1.78% CFAN Company Manufacturing 47,319,190 1.28% Goodrich Corp. Manufacturing Manufacturing 36,169,695 0.98% Vista Del Blanco Ltd. Real Estate 22,450,580 0.61% Cabela s Retail Store 21,905,512 0.59% DDR DB Kyle LP Real Estate 19,881,150 0.54% Pedernales Electric Coop. Inc. Utility 19,439,110 0.53% Kyle Marketplace LTD Real Estate 16,261,720 0.44% Sam s East Inc. Real Estate 13,918,360 0.38% Cabela s Retail TX LP Retail Store 12,209,724 0.33% Total $275,316,141 7.44% Source: Hays County Appraisal District and State Property Tax Reports. 4
Table 9 CLASSIFICATION OF ASSESSED VALUATION BY USE CATEGORY Total Tax Roll for Fiscal Year Property Use Category 2012/2013 2011/2012 2010/2011 2009/2010 2008/09 Real Property Single-Family Residential $2,949,842,591 $2,797,413,832 $2,769,412,907 $2,716,874,681 $2,577,825,932 Multi-Family Residential 56,305,297 42,454,562 34,604,573 22,279,490 13,422,025 Vacant Lots/Tracts 144,170,030 141,509,153 162,679,894 177,825,084 124,362,945 Acreage (Land Only) 617,830,624 585,461,971 623,241,724 626,547,221 656,736,832 Farm and Ranch Improvements 118,511,432 119,667,044 116,082,916 118,064,119 115,062,945 Commercial and Industrial 450,807,169 409,811,516 411,741,165 377,593,255 334,957,795 Inventory 37,325,108 43,027,735 41,645,809 47,382,168 39,184,194 Tangible Personal Property Business 300,511,103 278,347,894 275,121,994 271,042,671 284,084,315 Other 26,065,402 25,694,884 29,582,310 32,988,990 33,131,790 Real & Tangible Personal Property Utilities 53,153,172 53,471,861 48,806,768 44,453,066 43,793,289 Total Real & Tangible Personal Property $4,754,521,928 $4,496,860,472 $4,512,920,060 $4,435,050,745 $4,222,562,062 Less Exemptions: Residential Homestead $221,136,312 $ 217,073,795 $ 215,057,958 $ 201,616,991 $ 184,546,411 Homestead Cap Adjustment 893,742 933,031 1,368,183 3,535,864 5,405,053 Over 65/Disabled Persons 26,671,360 24,136,022 23,408,980 21,003,081 18,505,473 Disable/Deceased Veterans 26,004,325 23,635,171 21,349,474 19,607,476 4,208,890 Pollution Control 3,387,302 3,454,705 3,094,155 3,693,605 3,493,750 Productivity Loss 541,474,757 504,352,698 545,285,610 543,774,739 536,618,215 Prorated Exempt Property 1,009,727 346,812 1,438,760 1,301,655 51,828,065 Total Exemptions $ 820,577,525 $ 773,932,234 $ 811,003,120 $ 794,533,411 $ 804,605,857 Taxable Assessed Valuation $3,933,944,403 $3,722,928,238 $3,701,916,940 $3,640,517,334 $3,417,956,205 Source: Hays County Appraisal District and State Property Tax Reports. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal District updates records. Table 10 PERCENTAGE TOTAL ASSESSED VALUATION BY CATEGORY Percent of Total Tax Roll for Fiscal Years Property Use Category 2012/2013 2011/2012 2010/2011 2009/2010 2008/09 Real Property Single-Family Residential 62.05% 62.21% 61.37% 61.26% 61.05% Multi-Family Residential 1.18% 0.94% 0.77% 0.50% 0.32% Vacant Lots/Tracts 3.03% 3.15% 3.60% 4.01% 2.95% Acreage (Land Only) 12.99% 13.02% 13.81% 14.13% 15.55% Farm and Ranch Improvements 2.49% 2.66% 2.57% 2.66% 2.72% Commercial and Industrial 9.48% 9.11% 9.12% 8.51% 7.93% Inventory 0.79% 0.96% 0.92% 1.03% 0.93% Tangible Personal Property Business 6.32% 6.19% 6.10% 6.11% 6.73% Other 0.55% 0.57% 0.66% 0.74% 0.78% Real & Tangible Personal Property Utilities 1.12% 1.19% 1.08% 1.00% 1.04% Total 100.00% 100.00% 100.00% 100.00% 100.00% Source: Hays County Appraisal District and State Property Tax Reports. 5
Table 11 OUTSTANDING UNLIMITED TAX DEBT SERVICE Fiscal Year % Of Principal Ending Principal Interest Total Retired 2013 $ 12,675,000 $ 13,805,016 $ 26,480,016 2014 11,880,000 13,688,586 25,568,586 2015 11,920,000 13,559,636 25,479,636 2016 12,095,000 13,393,964 25,488,964 2017 12,580,000 12,920,189 25,500,189 19.39% 2018 13,180,000 12,332,539 25,512,539 2019 13,830,000 11,711,976 25,541,976 2020 14,465,000 11,083,181 25,548,181 2021 15,165,000 10,395,896 25,560,896 2022 15,895,000 9,673,719 25,568,719 42.38% 2023 16,790,000 8,902,031 25,692,031 2024 17,630,000 8,092,581 25,722,581 2025 18,490,000 7,242,331 25,732,331 2026 19,400,000 6,343,744 25,743,744 2027 20,370,000 5,387,931 25,757,931 19.39% 2028 21,395,000 4,376,219 25,771,219 2029 6,485,000 3,309,556 9,794,556 2030 6,785,000 3,004,675 9,789,675 2031 6,405,000 2,674,325 9,079,325 2032 5,430,000 2,371,600 7,801,600 86.50% 2033 6,260,000 2,108,525 8,368,525 2034 6,570,000 1,795,525 8,365,525 2035 6,900,000 1,467,025 8,367,025 2036 7,245,000 1,122,025 8,367,025 2037 7,605,000 759,775 8,364,775 2038 7,990,000 379,525 8,369,525 100.00% Total $ 315,435,000 $ 181,902,096 $ 497,337,096 As of 8/31/12. Note: Table 11 does not include any potential funding the District may receive from the State of Texas pursuant to the Instructional Facilities Allotment and/or Existing Debt Allotment Programs. For fiscal year ending August 31, 2012, the District received $6,318,566 of State funding assistance from a combination of these programs. The amount of State funding aid for debt service may substantially differ from year to year, depending on a number of factors, including amounts, if any, appropriated for that purpose by the Texas Legislature from time to time. Table 11 does not include any limited tax obligations payable from the District s Maintenance & Operations tax rate. The District has no authorized but unissued bonds. Table 12 AUTHORIZED BUT UNISSUED BONDS 6
Table 13 INTEREST & SINKING FUND BUDGET INFORMATION - YEAR 2012/13 (a) Tax Supported Debt Service Requirements, Fiscal Year Ending 8-31-13... $25,664,388 Interest and Sinking Fund Balance at 8-31-12... $ 3,913,075 Existing Debt Allotment & Instructional Facilities Allotment State Assistance... 6,318,566 Local Taxes @ 98.75% Collection... 16,367,199 Projected Interest and Sinking Fund Balance at 8-31-13... $ 934,452 (a) Based upon District projections. Table 14 TAX ADEQUACY Fiscal Year 2012/13 Principal And Interest Requirements... $25,664,388 $0.6816 Tax Rate at 98.75% Collections Produces... $25,667,716(a) Maximum Principal And Interest Requirements, Fiscal Year 2027/28... $25,729,119 $0.6816 Tax Rate at 98.75% Collections Produces... $25,729,875(a) (a) Based upon 2012/13 taxable assessed valuation of $3,933,944,403. Note: Table 14 does not include any potential funding the District may receive from the State of Texas pursuant to the Instructional Facilities Allotment and/or Existing Debt Allotment Programs. For fiscal year ending August 31, 2012, the District received $6,318,566 of State funding assistance from a combination of these programs. The amount of State funding aid for debt service may substantially differ from year to year, depending on a number of factors, including amounts, if any, appropriated for that purpose by the Texas Legislature from time to time and the District s wealth per student. The District currently has no loans outstanding. Table 15 LOANS PAYABLE Table 16 CAPITAL LEASES The District is obligated under certain leases accounted for as capital leases. Assets under capital leases totaled $668,162 as of August 31, 2012. The following is a schedule of future minimum lease payments under such capital leases: Year Ended August 31 Principal Interest Total Requirements 2013 $ 326,946 $ 18,496 $ 345,442 2014 338,217 7,225 345,442 2015 2,999 26 3,025 Totals $ 668,162 $ 25,747 $ 693,909 7
Table 17 GENERAL FUND BALANCE SHEET Fiscal Years Ending August 31 2012 2011 2010 2009 2008 Assets: Cash and Temporary Investments $41,616,203 $44,997,760 $38,125,728 $36,362,653 $22,753,259 Property Taxes Delinquent 1470,977 1,602,500 1,922,783 1,530,526 1,716,928 Allowance for Uncollected Taxes (545,186) (525,323) (496,586) (419,508) (442,599) Due From Other Governments 2,893,122 2,964,653 3,003,582 2,220,000 10,370,737 Accrued Interest 226,535 - - - - Due From Other Funds 1,247,933 1,763,923 924,902 561,505 467,149 Other Receivables 64,623 38,244 26,021 12,239 10,339 Deferred Expenditures 1,346 1,279 75 129,268 1,621 Total Assets $46,975,553 $50,843,036 $43,506,505 $40,396,683 $34,877,434 Liabilities and Fund Equity: Liabilities: Accounts Payable 930,307 2,179,167 3,207,463 3,281,651 $ 2,842,803 Payroll Deductions And Withholdings Payable 1,902,077 1,942,025 1,171,764 944,081 937,783 Accrued Wages Payable 4,309,140 4,018,279 6,420,091 3,201,754 5,556,532 Due To Other Funds - 139 28,920 1,109,659 2,438,136 Due To Other Governments 4,915,507 10,227,229 6,402,774 8,789,648 3,638,140 Due To Student Groups 15,923 4,972 1,400-25 Deferred Revenues 812,387 950,696 1,089,931 971,410 1,199,282 Total Liabilities $12,885,341 $19,322,507 $18,322,343 $18,298,203 $16,612,701 Fund Equity: Designated Fund Balance: Other Purposes $ 4,525,862 $ 2,518,920 $ 1,238,808 $ 1,029,801 $ 1,109,350 Unreserved, Undesignated Fund Balance: 29,564,350 29,001,529 23,945,354 21,068,679 17,155,383 Total Fund Equity $34,090,212 $31,520,529 $25,184,162 $22,098,480 $18,264,733 Total Liabilities & Fund Equity $46,975,553 $50,843,036 $43,506,505 $40,396,683 $34,877,434 Source: District s Audited Financial Statements and District Records. 8
Table 18 COMPARATIVE STATEMENT OF GENERAL FUND REVENUES AND EXPENDITURES Fiscal Years Ending August 31 2012 2011 2010 2009 2008 Beginning Fund Balance $ 31,520,529 $ 25,184,162 $ 22,098,480 $ 18,264,733 $15,024,424 Revenues: Local and Intermediate Sources $ 41,300,379 $ 39,790,372 $ 39,070,976 $ 38,292,030 $34,105,690 State Sources 72,957,442 74,522,372 70,313,081 65,285,186 64,703,977 Federal Sources 2,522,484 1,155,487 1,047,103 315,415 248,614 Total Revenues $116,780,305 $115,468,231 $110,431,160 $103,892,631 $99,058,281 Expenditures: Instruction $ 63,322,827 $ 63,448,645 $ 64,026,258 $ 57,337,894 $54,504,603 Instructional Resources & Media Services 1,954,062 1,827,336 1,846,995 1,763,941 1,795,810 Curriculum & Instructional Staff Development 994,073 990,740 1,374,476 1,231,265 1,332,995 Instructional Leadership 1,753,730 1,714,375 1,490,684 1,025,566 898,077 School Leadership 6,695,458 6,476,777 6,322,735 5,376,183 5,154,022 Guidance, Counseling & Evaluation Services 3,608,542 3,781,304 3,588,872 3,160,293 2,968,016 Social Work Services 147,362 271,138 294,564 276,329 143,600 Health Services 1,611,904 1,520,006 1,501,949 1,384,662 1,319,297 Student (Pupil) Transportation 8,107,454 7,195,504 7,049,825 6,608,773 6,826,159 Food Services 69,000-116,100-114,600 Co curricular/extracurricular Activities 2,813,710 2,721,779 2,824,807 2,757,495 2,639,903 General Administration 3,028,963 2,908,947 2,906,742 2,785,878 2,949,207 Plant Maintenance And Operations 12,883,096 10,008,901 9,729,054 12,588,066 12,166,221 Security And Monitoring Services 1,012,142 994,644 1,005,104 884,595 806,795 Data Processing Services 2,038,091 1,072,201 1,375,604 1,086,170 727,629 Community Services 255,413 159,150 269,262 174,554 242,326 Debt Service 340,392 340,391 472,141 524,996 474,529 Facilities Acquisition And Construction - - - - - Intergovernmental Charges 582,544 685,154 668,811 648,232 107,718 Total Expenditures $111,218,763 $106,116,992 $106,863,983 $ 99,614,892 $95,171,507 Other Resources and (Uses): Other Resources $ 8,141 $ 19,035 $ 52,412 $ 58,334 $ - Other Uses (3,000,000) (3,033,907) (533,907) (502,326) (646,465) Total Other Resources (Uses) $ (2,991,859) $ (3,014,872) $ (481,495) $ (443,992) $ (646,465) Excess/(Deficiency) of Revenues and Other Sources over Expenditures and Other Uses $ 2,569,683 $ 6,336,367 $ 3,085,682 $ 3,833,747 $ 3,240,309 Prior Period Adjustment $ - $ - $ - $ - $ - Ending Fund Balance (a) $ 34,090,212 $ 31,520,529 $ 25,184,162 $ 22,098,480 $18,264,733 (A) Includes Designated and Undesignated Fund Balance. Source: District s Audited Financial Statements and District Records. 9
Table 19 CHANGE IN NET ASSETS (a) Fiscal Years Ending August 31 Revenues: 2012 2011 2010 2009 2008 Program Revenues Charges for Services $ 3,841,558 $ 3,560,859 $ 3,483,551 $ 4,707,202 $ 3,959,160 Operating Grants and Contributions 27,401,927 29,192,386 28,105,630 15,048,930 13,761,277 Total Program Revenues $ 31,243,485 $ 32,753,245 $ 31,589,181 $ 19,756,132 $ 17,720,437 General Revenues Maintenance & Operations Taxes $ 39,819,191 $ 38,578,301 $ 37,843,873 $ 35,917,979 $ 32,024,233 Debt Service Taxes 16,162,668 15,653,990 15,326,185 14,566,881 12,939,907 Grants and Contributions - Not Restricted 67,630,168 68,905,361 64,997,636 68,430,655 67,548,779 Investment Earnings 100,693 109,408 187,460 1,408,635 2,808,175 Miscellaneous 46,059-165,815 662,157 206,440 Special Item - - - - - Total General Revenues $123,758,779 $123,247,060 $118,520,969 $120,986,307 $115,527,534 Total Revenues $155,002,264 $156,000,305 $150,110,150 $140,742,439 $133,247,971 Expenses: Instruction $ 77,074,761 $ 78,585,619 $ 80,618,607 $ 70,698,911 $ 65,519,854 Instructional Resources and Media Services 2,156,431 2,302,667 2,566,676 2,405,631 1,945,468 Curriculum and Instructional Staff Development 1,379,454 1,438,232 1,489,355 1,480,294 1,631,962 Instructional Leadership 1,790,933 1,792,866 1,608,192 1,206,655 1,021,230 School Leadership 7,225,406 7,043,969 6,918,077 5,881,895 5,597,283 Guidance, Counseling and Evaluation Services 4,114,542 4,354,786 4,091,883 3,591,055 3,369,494 Social Work Services 147,551 271,138 294,564 276,329 143,600 Health Services 1,706,732 1,621,964 1,616,042 1,498,754 1,392,086 Student (Pupil) Transportation 9,487,052 8,567,071 9,044,934 7,774,751 8,185,517 Food Services 7,571,737 6,638,266 6,187,199 5,489,368 5,398,699 Co-curricular/Extracurricular Activities 2,873,827 2,850,112 3,003,572 2,884,748 2,674,290 General Administration 3,192,563 3,000,312 2,951,010 2,796,386 2,991,317 Plant Maintenance and Operations 14,210,868 14,304,982 14,223,697 12,488,161 12,200,011 Security and Monitoring Services 1,055,392 1,041,113 1,061,627 939,220 846,175 Data Processing Services 2,379,850 2,531,665 2,626,280 2,231,685 1,791,751 Community Services 268,038 224,209 357,718 421,358 472,218 Debt Services 15,274,967 16,097,562 16,458,498 16,953,909 12,853,787 Facilities Acquisition and Construction - - - - 3,369 Intergovernmental Charges 564,597 543,641 534,306 680,351 115,284 Childcare Services - - - 1,003,147 782,805 Total Expenses $152,474,701 $153,210,174 $155,652,237 $140,702,608 $128,936,200 Beginning Net Assets $ 11,499,364 $ 8,490,503 $ 14,032,590 $ 14,176,919 $ 9,865,149 Prior Period Adjustment - 218,730 - - - Increase/(Decrease) In Net Assets 2,527,563 2,790,131 _(5,542,087) 39,831 4,311,771 Ending Net Assets $ 14,026,927 $ 11,499,364 $ 8,490,503 $ 14,216,750 $ 14,176,920 (a) Financial operations for all governmental activities in accordance with GASB Statement No. 34. Source: District s Audited Financial Statements. 10