RULE 15c2-12FILING COVER SHEET This cover sheet is sent with all submissions to the Municipal Securities Rulemaking Board (the Nationally Recognized Municipal Securities Information Repository) and any applicable State Information Depository pursuant to Securities and Exchange Commission (SEC) Rule 15c2-12 or any analogous state statute. Issuer Name: Dallas County Community College District Issue(s): $ 25,275,000 Revenue Financing System Refunding Bonds Series 2006 Filing Format X electronic paper; If available on the Internet, give URL: CUSIP Numbers to which the information filed relates (optional): X Nine-digit number(s) (see following page(s)): Six-digit number if information filed relates to all securities of the issuer * * * Financial & Operating Data Disclosure Information X Annual Financial Report or CAFR X Financial Information & Operating Data Other (describe) X Fiscal Period Covered: FYE 2013 Monthly Quarterly X Annual Other: * * * I hereby represent that I am authorized by the issuer or its agent to distribute this information publicly: Signature: Name: John Robertson Title:Associate Vice Chancellor of Business Affairs Employer: Dallas County Community College District Voice Telephone Number: (972) 860-7710 Email Address: jrobertson@dcccd.edu
DESCRIPTION OF ISSUES COVERED BY THIS REPORT Revenue Financing System Refunding Bonds Series 2006 Date Principal CUSIP 02/15/15 $ 2,175,000 234686CT8 02/15/16 2,265,000 234686CU5 02/15/17 2,360,000 234686CV3 02/15/18 2,470,000 234686CW1 02/15/19 2,575,000 234686CX9 02/15/20 2,685,000 234686CY7 02/15/21 2,805,000 234686CZ4 $ 17,335,000
ONTINUING ISCLOSURE EPORT OR HE ISCAL EAR NDED UGUST REVENUE FINANCING SYSTEM DEBT
FINANCIAL STATEMENTS The audited financial statements for the District for the fiscal year ended August 31, 2013 are being separately filed directly with the Nationally Recognized Municipal Securities Information Repository and any applicable State Information Depository, and are hereby incorporated by reference into this Annual Continuing Disclosure Report. SIGNATURE OF ISSUER The information set forth herein has been obtained from the District and other sources believed to be reliable, but such information is not guaranteed as to accuracy or completeness and is not to be construed as a promise or guarantee. This Annual Continuing Disclosure Report may contain, in part, estimates and matters of opinion which are not intended as statements of fact, and no representation is made as to the correctness of such estimates and opinions, or that they will be realized. The information and expressions of opinion contained herein are subject to change without notice, and the delivery of this Annual Continuing Disclosure Report will not, under any circumstances, create any implication that there has been no change in the affairs of the District or other matters described. DALLAS COUNTY COMMUNITY COLLEGE DISTRICT John Robertson Associate Vice Chancellor of Business Affairs Approved for Submission: Date
CERTIFICATE OF SUBMISSION OF ANNUAL REPORT Subject to the continuing disclosure requirements of SEC Rule 15c2-12, this Annual Continuing Disclosure Report for the Dallas County Community College District with respect to the issues listed on the report cover was submitted directly to the National Recognized Municipal Securities Information Repository ( NRMSIR ) listed below as well as to any applicable State Information Depository ( SID ). NRMSIR Municipal Securities Rulemaking Board ("MSRB") via the Electronic Municipal Market Access ("EMMA") system First Southwest Company Signed by: /s/ Brandon Scott
DALLAS COUNTY COMMUNITY COLLEGE DISTRICT 2014 REVENUE FINANCING SYSTEM DEBT REPORT TABLE 1 TAXABLE ASSESSED VALUATION AND COLLECTION PERCENTAGES Assessed % Current Total Assessed Valuation and Fiscal Assessed Valuation Personal % Current Delinquent Year Valuation (1) Real Property (1) Property (1) Tax Levy Collections Collections 2004/05 $ 134,404,944,574 $ 108,898,661,794 $ 25,506,282,780 $ 107,927,242 98.26% 100.11% 2005/06 140,647,666,399 115,033,821,569 25,613,844,830 114,957,170 98.14% 100.67% 2006/07 151,810,313,601 125,817,896,501 25,992,417,100 123,162,321 98.00% 100.64% 2007/08 167,951,236,891 139,627,658,261 28,323,578,630 135,224,155 98.15% 101.04% 2008/09 177,508,750,618 147,337,846,268 30,170,904,350 158,942,985 97.95% 100.82% 2009/10 172,435,849,638 141,723,653,788 30,712,195,850 163,869,241 98.26% 100.48% 2010/11 165,064,373,373 136,687,902,646 28,376,470,727 163,180,919 98.44% 100.17% 2011/12 162,568,152,695 133,614,941,565 28,953,211,130 161,373,615 98.34% 100.17% 2012/13 165,753,318,286 135,022,648,766 30,730,669,520 196,119,000 98.38% 99.94% 2013/14 172,924,117,661 141,515,216,947 31,408,900,714 214,468,493 In The Process of Collection (1) Certified Tax Roll Values. Source: District Office of Business Affairs. OPERATING FUND Operating Fund Collections Fiscal Tax Current Delinquent Penalty Year Rate Revenue Taxes & Interest 2007/08 $ 0.07590 $ 123,592,226 $ 1,712,159 $ 2,088,346 2008/09 0.07590 129,886,372 2,031,370 2,074,391 2009/10 0.07780 130,255,555 739,716 2,164,711 2010/11 0.07780 124,386,793 668,283 2,085,623 2011/12 0.07890 124,723,544 906,323 1,841,588 2012/13 0.09861 159,035,630 1,505,375 1,789,786 2013/14 0.10400 168,222,660 N/A N/A 1
DEBT SERVICE FUND (1) Debt Service Fund Collections Fiscal Tax Current Delinquent Penalty Year Rate Revenue Taxes & Interest 2007/08 $ 0.00450 $ 7,431,482 $ 52,398 $ - 2008/09 0.01350 23,337,213 373,886-2009/10 0.01710 28,988,798 703,928-2010/11 0.02143 34,902,425 41,079-2011/12 0.02077 33,734,638 201,031-2012/13 0.02077 33,904,335 - - 2013/14 0.02070 34,644,266 N/A N/A (1) Includes transfer of maintenance and operations taxes for the tax note debt service. Sources: District Office of Business Affairs. 2
TABLE 2 STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS Fiscal Years Ending August 31, 2013 2012 2011 2010 2009 (1) Operating Revenues: Tuition and Charges Credit (net of discounts) $ 52,558,276 $ 50,360,931 $ 53,082,839 $ 52,184,889 $ 50,909,360 Non-Credit (net of discounts) 5,777,243 6,123,362 7,238,083 8,494,864 9,008,297 Other Sources: Federal Grants and Contracts 15,671,391 15,696,087 20,307,272 21,675,227 18,842,353 State Grants and Contracts 8,577,835 7,913,679 6,680,684 7,733,013 7,236,934 Non-governmental Grants and Contracts 1,839,443 1,355,625 4,546,919 2,832,108 2,318,137 Sales and Services of Educational Activities 606,543 474,268 526,579 627,008 508,939 Auxiliary Enterprises -Other Services 4,520,913 5,072,071 5,163,347 5,408,863 5,576,146 Miscellaneous 1,501,922 1,858,210 1,901,831 2,240,074 1,642,434 Total Revenues $ 91,053,566 $ 88,854,233 $ 99,447,554 $ 101,196,046 $ 96,042,600 Operating Expenses Instruction 164,004,415 153,710,356 168,328,724 161,769,590 150,414,206 Public Service 12,392,471 11,122,463 12,191,195 13,502,908 13,954,101 Academic Support 18,153,947 16,480,410 19,988,006 20,064,645 19,363,342 Student Services 37,959,461 35,092,447 37,616,047 38,353,725 35,150,464 Institutional Support 67,357,381 61,815,128 69,729,069 72,466,072 67,196,381 Operation and Maintenance of Plant 33,201,432 33,104,936 38,843,816 38,718,617 32,999,568 Scholarships and Fellowships 68,820,441 71,173,456 72,414,788 61,103,659 33,143,575 Auxiliary Enterprises 8,399,456 8,770,977 10,216,128 10,389,098 9,538,990 Depreciation 29,337,838 26,166,959 25,982,044 22,986,128 18,530,152 Total Expenses 439,626,842 417,437,132 455,309,817 439,354,442 380,290,779 Operating Loss (348,573,276) (328,582,899) (355,862,263) (338,158,396) (284,248,179) Non-operating Revenues(Expenses) State Funds General Academic 53,297,890 59,309,479 53,536,217 55,787,977 57,857,465 Vocational/Technical 35,531,929 30,621,453 35,941,938 37,310,862 31,640,740 State Group Insurance 9,760,108 9,258,438 15,042,227 15,552,849 15,930,773 State Retirement Matching 5,753,262 5,508,443 10,116,107 10,124,917 9,813,928 Other 4,687,192 4,570,180 4,736,684 4,527,324 4,171,808 Taxes for Current Operations 190,553,282 156,741,112 158,309,361 159,137,404 153,057,043 Federal Revenue Non-operating 90,602,218 90,499,349 87,927,083 74,418,624 40,457,843 Private Gifts 114,713 498,928 148,556 83,299 779,475 Interest Income (4,051,823) 1,920,893 3,943,390 7,384,454 8,343,123 Gain on Sale of Investment 59,287-6,734-153,269 Contribution in Aid of Construction 242,463 - - - 75,157 Interest on Capital Related Debt (16,123,604) (16,862,201) (18,094,031) (16,507,721) (13,907,095) Loss on Disposal of Fixed assets (58,468) 49,489 (35,292) (1,040,680) (270,547) Accrual for Legal Expense - - - - - Other Non-Operating Revenue 1,049,000 218,280 1,362,919 1,571,370 49,897 Other Non-Operating Expense (1,167,115) (740,596) (414,450) (419,536) (375,689) Total Net Non-Operating Revenues 370,250,334 341,593,247 352,527,443 347,931,143 307,777,190 Increase (Decrease) in Net Assets 21,677,058 13,010,348 (3,334,820) 9,772,747 23,529,011 Net Assets at Beginning of Year 469,928,377 456,918,029 460,252,849 450,480,102 426,951,091 Net Assets at End of Year $ 491,605,435 $ 469,928,377 $ 456,918,029 $ 460,252,849 $ 450,480,102 (1) Reclassifications have been made for conformance with Fiscal 2009 presentation for Title IV scholarships to be reported as non-operating per new guidance from GASB. 3
TABLE 3 UNRESTRICTED AND DISCRETIONARY FUND BALANCE TO UNRESTRICTED AND AUXILIARY FUND EXPENDITURES Fiscal Years Ending August 31, 2010 2011 2012 2013 (1) 2014 (2) Total Unrestricted Fund Balance $ 136,344,631 $ 125,255,503 $ 133,260,992 $ 137,709,164 $ 116,973,716 Total Auxiliary Fund Balance 20,289,531 19,648,019 19,989,970 19,794,380 18,046,636 Total Combined Fund Balances $ 156,634,162 $ 144,903,522 $ 153,250,962 $ 157,503,544 $ 135,020,352 Unrestricted & Aux Funds Exp. $ 320,448,773 $ 323,647,069 $ 304,440,199 $ 326,400,253 $ 366,819,441 Mandatory Transfers 7,293,198 7,591,997 7,422,511 7,865,460 7,973,032 Unrestricted & Aux Funds Exp. $ 327,741,971 $ 331,239,066 $ 311,862,710 $ 334,265,713 $ 374,792,473 Ratio of Fund Balance to Expenditures 47.79% 43.75% 49.14% 47.12% 36.03% Number of Months Coverage 5.7 5.2 5.9 5.7 4.3 (1) Restated. (2) Budgeted. TABLE 4 HISTORICAL AND CURRENT SCHEDULE OF PLEDGED REVENUES (IN 000 S) Fiscal Years Ending August 31, Description 2010 2011 2012 2013 (3) Revenues Pledged to Bonds General Fees $ 906 $ 907 $ 869 $ 914 Pledged Tuition - Credit 2,641 2,738 2,815 22,442 Pledged Tuition - Non-Credit 15,301 12,529 12,284 12,182 Bookstore & Food Service Revenues (1) 2,522 2,269 2,209 2,062 Vending Revenues 448 468 452 532 Lease Revenues (2) 400 300 250 250 General Operating Fund Interest Earnings 3,938 2,538 1,693 2,194 Pledged Revenues Available for the Bonds: $ 26,156 $ 21,749 $ 20,572 $ 40,576 Pro forma Debt Service coverage Ratio: 7.0X Based Upon Average Annual Debt Service of $2,295,000 (1) The District leases its bookstore and food service operations. Under the terms of the lease agreements the District receives commissions based upon a percentage of gross sales. (2) The District has entered into a long-term agreement with the Las Colinas Corporation which will operate a golf course on District land located in the Las Colinas area (between Dallas and the DFW Airport). The revenue shown is the actual contractual lease payments to the District. (3) Restated. 4
TABLE 5 REVENUE DEBT SERVICE REQUIREMENTS Fiscal 2006 Series Year Total End 8/31 Principal Interest Requirements 2014 $ 2,090,000 $ 817,633 2,907,633 2015 2,175,000 721,458 2,896,458 2016 2,265,000 621,783 2,886,783 2017 2,360,000 517,483 2,877,483 2018 2,470,000 396,733 2,866,733 2019 2,575,000 283,483 2,858,483 2020 2,685,000 175,598 2,860,598 2021 2,805,000 59,606 2,864,606 Total $ 19,425,000 $ 3,593,774 $ 23,018,774 TABLE 6 CREDIT HEADCOUNT ENROLLMENT BY SEMESTER (1) Fiscal Year Summer Session Ending 8/31 Fall Spring First Second 2009 64,874 65,171 33,529 20,016 2010 71,327 72,404 37,290 23,501 2011 74,650 73,539 37,782 21,273 2012 77,342 70,437 33,619 20,616 2013 74,984 70,186 43,440 2014 73,467 N/A N/A (2) (1) Source: District Student Statistics reports as end of term. (2) The two summer terms were combined for reporting purposes. TABLE 7 SEMESTER HOURS REGISTERED FOR CREDIT CLASSES (1) Fiscal Year Summer Session Ending 8/31 Fall Spring First Second 2009 533,279 536,272 149,896 77,490 2010 590,301 603,464 170,476 95,125 2011 620,321 615,246 175,684 82,784 2012 650,536 585,486 148,826 80,101 2013 623,687 582,078 238,011 2014 604,619 N/A N/A (2) (1) Source: District Student Statistics reports as end of term. (2) The two summer terms were combined for reporting purposes. 5
TABLE 8 CREDIT HEADCOUNT ENROLLMENT FOR FALL SEMESTERS END OF TERM (1) Fall Fall Fall Fall Fall 2009 2010 2011 2012 2013 Headcount Total 71,327 74,650 77,342 74,984 73,467 Full-time Students 20,313 20,983 21,179 19,522 18,241 Part-time Students 51,014 53,667 56,163 55,462 55,226 Full-time Equivalents 39,353 41,355 43,369 41,579 40,308 Residence Status Dallas County 56,733 60,004 62,563 61,023 59,991 Other Texas Counties 9,648 9,907 9,919 9,451 9,263 Outside Texas 1,344 1,358 1,720 1,704 1,689 Foreign 3,601 3,381 3,140 2,806 2,523 (1) Source: District Student Statistics reports as of end of term. 6
TABLE 9 ENROLLMENT CONTACT HOURS (1) CREDIT AND NON-CREDIT REIMBURSABLE PROGRAMS Program Area Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Ending Ending Ending Ending Ending 2009 2010 2011 2012 2013 Hours Hours Hours Hours Hours General Academic Programs: Agriculture 14,784 19,344 122,880 48,720 66,816 Architecture & Precision Production Trades - - - 384 Biology, Physical Sciences & Science Technologies 2,999,632 3,307,824 3,325,760 3,360,740 3,370,336 Business Management, Marketing, & Administrative Services 733,472 801,680 800,304 805,584 803,088 Communications 79,488 91,152 80,352 70,928 69,392 Computer & Information Sciences 680,768 697,440 960,128 1,009,792 880,896 Physical Education & Fitness 626,608 656,608 628,544 423,264 365,632 Engineering 20,816 23,120 25,952 28,848 40,944 Visual & Performing Arts 1,423,872 1,562,806 1,574,408 1,569,240 1,545,808 Foreign Languages 606,340 595,168 767,648 728,256 703,148 Health Occupations 27,696 33,312 46,112 57,792 72,384 Consumer & Homemaking Education 250,416 262,288 341,348 313,248 313,568 Interdisciplinary 4,752,134 5,572,602 5,558,224 5,378,354 5,055,396 Mathematics 2,717,328 3,018,992 3,182,144 3,183,650 3,182,696 Psychology, Social Sciences & History 4,311,342 4,961,232 5,023,776 4,910,416 4,927,936 Total General Academic 19,244,696 21,603,568 22,437,580 21,888,832 21,398,424 Vocational/Technical Agricultural Education 68,076 31,906 53,066 26,946 25,957 Consumer & Homemaking Education 406,898 429,694 393,817 333,622 315,612 Business Management, Marketing & Administrative Services 1,886,767 2,336,571 1,968,187 1,939,461 1,863,596 Industrial Education 1,713,410 1,159,042 1,547,549 659,671 1,629,170 Health Occupations 1,890,700 1,782,959 1,776,509 1,754,590 1,710,736 Technical Education 393,598 739,909 797,397 1,592,255 619,964 Computer & Information Sciences 1,062,266 1,148,642 1,045,909 1,124,776 1,093,710 Biology, Physical Science & Science Technologies 440,440 460,221 419,976 384,085 319,544 Communications 1,074,532 1,202,702 977,064 917,592 988,664 Interdisciplinary 10,690 729,969 15,167 28,844 16,548 Mathematics 18,933 15,817 13,362 12,516 13,840 Visual & Performing Arts 272,077 280,501 298,902 280,546 253,503 Psychology, Social Services & History 15,808 21,838 94,326 105,602 94,920 Foreign Languages 29,523 20,664 14,882 15,880 13,482 Total Vocational/Technical 9,283,718 10,360,435 9,416,113 9,176,386 8,959,246 GRAND TOTAL Credit and Non-Credit Contact Hours 28,528,414 31,964,003 31,853,693 31,065,218 30,357,670 (1) A Contact Hour is defined as one student in a classroom or laboratory situation for one hour. 7
TABLE 10 TUITION RATES AS OF SPRING 2013 Tuition Semester In-District Out-of-District Out-of-State/ Foreign Hours Tuition Tuition Country Tuition Student 1 $ 52 $ 97 $ 200 $ 200 2 104 194 306 306 3 156 291 459 459 4 208 388 612 612 5 260 485 765 765 6 312 582 918 918 7 364 679 1,071 1,071 8 416 776 1,224 1,224 9 468 873 1,377 1,377 10 520 970 1,530 1,530 11 572 1,067 1,683 1,683 12 624 1,164 1,836 1,836 13 676 1,261 1,989 1,989 14 728 1,358 2,142 2,142 15 780 1,455 2,295 2,295 16 832 1,552 2,448 2,448 17 884 1,649 2,601 2,601 18 936 1,746 2,754 2,754 19 988 1,843 2,907 2,907 20 1,040 1,940 3,060 3,060 TABLE 11 AVERAGE ATTENDANCE COSTS Summer 2012* Fall 2012* Summer 2013* Fall 2013* (6 hours) (15 hours) (6 hours) (15 hours) Tuition $ 270 $ 675 $ 312 $ 780 Books (Estimated) 140 550 250 650 Total $ 410 $ 1,225 $ 562 $ 1,430 * Based on new tuition schedule effective Spring 2011. TABLE 12 IN DISTRICT TUITION AND FEE COSTS Semester Fiscal Years Ended August 31, Hours 2008/09 % Inc. 2009/10 % Inc 2010/11 % Inc 2011/12 % Inc 2012/13 % Inc 3 $123 5.13% $123 0.00% $135 9.76% $135 0.00% $156 15.56% 6 246 5.13% 246 0.00% 270 9.76% 270 0.00% 312 15.56% 9 369 5.13% 369 0.00% 405 9.76% 405 0.00% 468 15.56% 12 492 5.13% 492 0.00% 540 9.76% 540 0.00% 624 15.56% 15 615 5.13% 615 0.00% 675 9.76% 675 0.00% 780 15.56% 18 738 5.13% 738 0.00% 810 9.76% 810 0.00% 936 15.56% 8
TABLE 13 CURRENT INVESTMENTS As of August 31, 2013, the District s funds available for investment were invested in the following categories: Type of Security Portfolio % Fair Value U.S. Agency Notes & Bonds 92.76% $ 233,649,222 TexPool 1.29% 3,252,332 TexSTAR 4.94% 12,455,289 LOGIC 1.01% 2,541,056 Portfolio Total 100.00% $ 251,897,899 9