MURRAY COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION EXHIBIT "A" GOVERNMENTAL ACTIVITIES ASSETS Cash and Cash Equivalents $ 30,073,091.54 Investments 328,287.50 Receivables, Net Interest - Taxes 1,897,652.97 State Government 4,849,529.40 Federal Government 1,010,493.68 Local - Other 18,243.20 Notes Receivable - Inventories 159,768.09 Prepaid Items - Restricted Assets Cash and Investments with Fiscal Agent or Trustee - Other Current Assets - Capital Assets, Non-Depreciable 4,190,725.25 Capital Assets, Depreciable (Net of Accumulated Depreciation) 87,500,293.84 Total Assets 130,028,085.47 DEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Debt Refunding - Related to Defined Benefit Pension Plans 15,288,944.11 Accumulative Decrease in Fair Value of Hedging Derivatives - Total Deferred Outflows of Resources 15,288,944.11 The notes to the basic financial statements are an integral part of this statement. - 1 -
LIABILITIES MURRAY COUNTY Cash Overdraft BOARD OF EDUCATION STATEMENT OF - Accounts Payable NET POSITION 29,812.58 Salaries and Benefits Payable 7,038,038.59 Payroll Withholdings Payable - Short-Term Debt - Interest Payable 168,788.89 Claims Incurred but not Reported (IBNR) - Contracts Payable - Retainages Payable - Deposits and Unearned Revenues - Net Pension Liability 62,863,007.00 Long-Term Liabilities Due Within One Year 5,731,975.19 Due in More Than One Year 15,427,577.50 Total Liabilities 91,259,199.75 DEFERRED INFLOWS OF RESOURCES Deferred Credit on Debt Refunding - Unearned Property Tax Revenue - Related to Defined Benefit Pension Plans 2,950,456.00 Accumulative Increase in Fair Value of Hedging Derivatives - Service Concession Arrangement Revenue Applicable to Future Years - Total Deferred Inflows of Resources 2,950,456.00 NET POSITION Net Investment in Capital Assets 84,030,884.12 Restricted for Continuation of Federal Programs 1,657,288.57 Debt Service 5,398,847.22 Capital Projects 14,668,135.36 Permanent Funds 66,759.69 Other (Provide description) - Unrestricted (Deficit) (54,714,541.13) Total Net Position $ 51,107,373.83 The notes to the basic financial statements are an integral part of this statement. - 2 -
STATEMENT OF ACTIVITIES FOR THE YEAR ENDED EXHIBIT "B" PROGRAM REVENUES NET (EXPENSES) OPERATING CAPITAL REVENUES CHARGES FOR GRANTS AND GRANTS AND AND CHANGES IN EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS NET POSITION GOVERNMENTAL ACTIVITIES Instruction $ 43,988,024.28 $ 419,122.66 $ 34,662,550.77 $ - $ (8,906,350.85) Support Services Pupil Services 2,500,843.18-524,879.14 - (1,975,964.04) Improvement of Instructional Services 2,651,492.10-1,949,218.10 - (702,274.00) Educational Media Services 1,173,013.25-1,147,632.81 - (25,380.44) General Administration 607,570.64-1,255,891.84-648,321.20 School Administration 3,955,861.92-1,943,635.00 - (2,012,226.92) Business Administration 399,707.72-15,390.04 - (384,317.68) Maintenance and Operation of Plant 6,044,983.23-2,258,880.15 - (3,786,103.08) Student Transportation Services 2,595,838.73-279,458.29 77,216.25 (2,239,164.19) Central Support Services 1,544,241.22-43,069.06 - (1,501,172.16) Other Support Services 48,564.21-48,564.21 - - Operations of Non-Instructional Services - Food Services 4,965,912.02 582,630.75 4,580,004.77-196,723.50 Interest on Short-Term and Long-Term Debt 199,321.44 - - - (199,321.44) Total Governmental Activities $ 70,675,373.95 $ 1,001,753.41 $ 48,709,174.18 $ 77,216.25 (20,887,230.11) General Revenues Taxes Property Taxes For Maintenance and Operations 12,546,402.04 Other Taxes 367,147.10 Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects 4,557,280.01 Other Sales Tax 228,459.74 Grants and Contributions not Restricted to Specific Programs 4,750,942.00 Investment Earnings 32,321.49 Miscellaneous 1,252,199.14 Total General Revenues, Special Items, Extraordinary Items, and Transfers 23,734,751.52 Change in Net Position 2,847,521.41 Net Position - Beginning of Year 48,259,852.42 Adjustments - Net Position - End of Year $ 51,107,373.83-2 -
EXHIBIT "D" RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION Total fund balances - governmental funds (Exhibit "C") $ 30,043,383.69 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land $ 4,149,570.25 Construction in progress 41,155.00 Buildings and improvements 106,351,840.03 Equipment 16,592,519.38 Land improvements 6,939,350.18 Intangible assets - Accumulated depreciation (42,383,415.75) 91,691,019.09 Some liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability (62,863,007.00) Deferred outflows and inflows of resources related to pensions are applicable to future periods and, therefore, are not reported in the funds. 12,338,488.11 Taxes that are not available to pay for current period expenditures are deferred in the funds. 1,225,831.52 Long-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds and notes payable $ (18,700,000.00) Accrued interest payable (168,788.89) Capital leases payable (979,213.56) Compensated absences payable - Unamortized bond premiums (1,480,339.13) Discount on issuance of bonds - Claims and judgments payable - (21,328,341.58) Internal service funds are used by management to charge costs of certain activities to individual funds. The assets and liabilities of the internal service funds are reported with governmental activities in the Statement of Net Position. - Net position of governmental activities (Exhibit "A") $ 51,107,373.83 51,107,373.83 0.00 The notes to the basic financial statements are an integral part of this statement. - 6 -
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES EXHIBIT "F" Net change in fund balances total governmental funds (Exhibit "E") $ 16,907,337.92 Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. Capital outlay $ 190,995.72 ** **Note: This amount includes an unidentifiable variance of $57,128.56 Depreciation expense (3,111,723.70) (2,920,727.98) Taxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. 619,111.84 The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. General obligation bonds issued, including a premium of $1,502,127.70 $ (15,202,127.70) Bond principal retirements 4,600,000.00 Capital lease payments 873,497.17 Revenue bond payments - Payments to bond refunding agent - (9,728,630.53) District pension contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension liability is measured a year before the District's report date. Pension expense, which is the change in the net pension liability adjusted for changes in deferred outflows and inflows of resources related to pensions, is reported in the Statement of Activities. Pension expense (2,029,569.84) Change in net position of governmental activities (Exhibit "B") $ 2,847,521.41 Pension Expense CY PY Deferred Inflow 2,950,456 5,706,135 Deferred Ourflow -15,288,944-4,770,070 NP Liability 62,863,007 47,558,884 50,524,519 48,494,949 2,029,570 The notes to the basic financial statements are an integral part of this statement. - 7 -
BALANCE SHEET GOVERNMENTAL FUNDS EXHIBIT "C" CAPITAL DEBT NONMAJOR GENERAL PROJECTS SERVICE GOVERNMENTAL FUND FUND FUND FUND TOTAL ASSETS Cash and Cash Equivalents $ 11,761,603.67 $ 18,270,113.88 $ - $ 41,373.99 $ 30,073,091.54 Investments 302,923.60 - - 25,363.90 328,287.50 Receivables, Net Interest 331,619.78 - - - 331,619.78 Taxes 1,159,362.55 406,670.64 - - 1,566,033.19 State Government 4,849,529.40 - - - 4,849,529.40 Federal Government 1,010,493.68 - - - 1,010,493.68 Local - - - - - Other 18,221.40 - - 21.80 18,243.20 Notes Receivable - - - - - Due from Other Funds - - - - - Inventories 159,768.09 - - - 159,768.09 Prepaid Items - - - - - Restricted Cash and Investments with a Fiscal Agent or Trustee - - - - - Other Current Assets - - - - - Total Assets 19,593,522.17 18,676,784.52-66,759.69 38,337,066.38 DEFERRED OUTFLOWS OF RESOURCES List type(s) of deferred outflows or remove section if not applicable - - - - - Total Assets and Deferred Outflows of Resources $ - $ - $ - $ - $ - LIABILITIES Cash Overdraft $ - $ - $ - $ - $ - Accounts Payable 3,103.34 - - - 3,103.34 Salaries and Benefits Payable 7,038,038.59 - - - 7,038,038.59 Payroll Withholdings Payable - - - - - Due to Other Funds - - - - - Claims Incurred but not Reported (IBNR) - - - - - Contracts Payable - - - - - Retainages Payable - - - - - Deposits and Unearned Revenue - - - - - Other Current Liabilities 26,709.24 - - - 26,709.24 Other Liabilities - - - - - Total Liabilities 7,067,851.17 - - - 7,067,851.17 DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes 1,225,831.52 - - - 1,225,831.52 List other types of deferred inflows - - - - - Total Deferred Inflows of Resources 1,225,831.52 - - - 1,225,831.52 FUND BALANCES Nonspendable 159,768.09 - - - 159,768.09 Restricted 2,856,245.25 18,676,784.46-66,759.69 21,599,789.40 Committed - - - - - Assigned 745,164.52 - - - 745,164.52 Unassigned 7,538,661.62 0.06 - - 7,538,661.68 Total Fund Balances 11,299,839.48 18,676,784.52-66,759.69 30,043,383.69 Total Liabilities, Deferred Inflows of Resources, and Fund Balances $ 19,593,522.17 $ 18,676,784.52 $ - $ 66,759.69 $ 38,337,066.38 The notes to the basic financial statements are an integral part of this statement. - 4 -
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS YEAR ENDED EXHIBIT "E" CAPITAL DEBT NONMAJOR GENERAL PROJECTS SERVICE GOVERNMENTAL FUND FUND FUND FUND TOTAL REVENUES Property Taxes $ 12,294,437.30 $ - $ - $ - $ 12,294,437.30 Sales Taxes 228,459.74 4,557,280.01 - - 4,785,739.75 State Funds 43,489,555.83 - - - 43,489,555.83 Federal Funds 9,920,959.60 - - - 9,920,959.60 Charges for Services 1,014,326.78 - - - 1,014,326.78 Investment Earnings 3,918.27 28,176.86 187.73 38.63 32,321.49 Miscellaneous 1,223,461.77 6,164.00-10,000.00 1,239,625.77 EXPENDITURES Total Revenues 68,175,119.29 4,591,620.87 187.73 10,038.63 72,776,966.52 Current Instruction 40,227,955.35 927.28 - - 40,228,882.63 Support Services Pupil Services 2,430,147.44 - - 11,500.00 2,441,647.44 Improvement of Instructional Services 2,576,078.35 - - - 2,576,078.35 Educational Media Services 1,135,103.65 - - - 1,135,103.65 General Administration 505,452.99 - - - 505,452.99 School Administration 3,805,845.32 - - - 3,805,845.32 Business Administration 377,097.77 - - - 377,097.77 Maintenance and Operation of Plant 4,418,522.88 - - - 4,418,522.88 Student Transportation Services 3,011,014.13 - - - 3,011,014.13 Central Support Services 1,483,667.50 - - - 1,483,667.50 Other Support Services 48,564.21 - - - 48,564.21 Enterprise Operations - - - - - Community Services - - - - - Food Services Operation 4,948,854.96 - - - 4,948,854.96 Capital Outlay - 309,383.03 - - 309,383.03 Debt Services Principal 873,497.18-4,600,000.00-5,473,497.18 Dues and Fees - - - - - Interest 51,694.26-256,450.00-308,144.26 Total Expenditures 65,893,495.99 310,310.31 4,856,450.00 11,500.00 71,071,756.30 Revenues over (under) Expenditures 2,281,623.30 4,281,310.56 (4,856,262.27) (1,461.37) 1,705,210.22 OTHER FINANCING SOURCES (USES) Accrued Interest on Bonds Sold - - - - - Proceeds of Bonds - - - - - Proceeds of Refunding Bonds - - - - - Proceeds of Long-Term Capital Related Debt - - - - - Premiums on Bonds Sold - - - - - Discounts on Bonds Sold - 1,502,127.70 - - 1,502,127.70 Payment to Bond Refunding Escrow Agent - - - - - Refunding Bond Issuance Cost - - - - - Sale of Capital Assets - - - - - Insurance Proceeds - - - - - Capital Leases - - - - - Transfers In - - 4,856,262.27-4,856,262.27 Transfers Out (530,619.65) (4,325,642.62) - - (4,856,262.27) **Other Financing Sources (Uses) - 13,700,000.00 - - 13,700,000.00 SPECIAL ITEMS Total Other Financing Sources (Uses) (530,619.65) 10,876,485.08 4,856,262.27-15,202,127.70 Proceeds from Sale of Buildings - - - - - Proceeds from Sale of Land - - - - - Total Special Items - - - - - Net Change in Fund Balances 1,751,003.65 15,157,795.64 - (1,461.37) 16,907,337.92 Fund Balances - Beginning 9,548,835.83 3,518,988.88-68,221.06 13,136,045.77 Adjustments - - - - - Inventory - Net Change in Period - - - - - Fund Balances - Ending $ 11,299,839.48 $ 18,676,784.52 $ - $ 66,759.69 $ 30,043,383.69-6 -