2015 Financial Audit - Hi-Plains School District R-23

Transcription

HI-PLAINS SCHOOL DISTRICT R-23
Seibert, Colorado
Financial Statements
For the Year Ended June 30, 2015
Seibert, Colorado
Table of Contents
June 30, 2015
Page
Independent Auditor's Report
Management Discussion and Analysis -----------------------------------------------------------------------
a-g
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position -------------------------------------------------------------------Statement of Activities ----------------------------------------------------------------------Fund Financial Statements
Governmental Funds
Balance Sheet ------------------------------------------------------------------------Reconciliation of the Balance Sheet - Governmental Funds to the
Statement of Net Position ------------------------------------------------------Statement of Revenues, Expenditures and Changes in Fund Balances ------Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances - Governmental Funds to the Statement of Activities
Student Activity Agency Fund
Statement of Fiduciary Net Position ----------------------------------------------Notes to the Financial Statements --------------------------------------------------------------------
1
2
3
4
5-6
6
7
8-19
Required Supplementary Information
Budgetary Comparison Schedule - Major Governmental Funds --------------------------------Schedule of District's Proportionate Share of Net Pension Liability ---------------------------Schedule of Contributions and Related Ratios - Last 10 Years ----------------------------------
20-21
22
23
Other Information
Combining and Individual Fund Statements
Combining Balance Sheet - Nonmajor Governmental Funds --------------------------Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental Funds ----------------------------------------------------------General Fund
Comparative Balance Sheet --------------------------------------------------------Statement of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual ----------------------------------------------------------------Statement of Expenditures - Budget and Actual ----------------------------------
24
25
26
27
28-30
Seibert, Colorado
Table of Contents
June 30, 2015
(continued)
Page
Special Revenue Funds
Food Services Proprietary Fund
Comparative Balance Sheet ------------------------------------------------Statement of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual ------------------------------------------------------Student Activity Fund
Comparative Balance Sheet ------------------------------------------------Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual --------------------------------------Debt Service Fund
Bond Redemption Fund
Comparative Balance Sheet -------------------------------------------------Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual ---------------------------------------Capital Projects Fund
Building Fund
Comparative Balance Sheet --------------------------------------------------Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual ----------------------------------------Capital Reserve Fund
Comparative Balance Sheet --------------------------------------------------Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual ----------------------------------------Student Activity Agency Fund
Statement of Changes in Assets and Liabilities --------------------------------------Auditor's Integrity Report
31
32
33
34
35
35
36
36
37
38
39
WINFREY, COUNTY & HAYS, PC
Certified Public Accountants
593 14th Street
Burlington, Colorado 80807
Telephone 719-346-7216
Fax 719-346-8499
Noel E Winfrey, CPA
Gerald D County, CPA
Jennifer Hays, CPA
INDEPENDENT AUDITOR'S REPORT
Board of Education
Hi-Plains School District R-23
Seibert, Colorado 80834
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the Hi-Plains School District R-23, as of and for the year
ended June 30, 2015, which collectively comprise the District’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
accounting principles generally accepted in the United States of America; this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in
accordance with auditing standards generally accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
In our opinion, based on our audit, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, each major fund, and the aggregate remaining fund
information of the Hi-Plains School District R-23, as of June 30, 2015,and the respective changes in financial position for
the year then ended in accordance with accounting principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Note 2 to the financial statements, during the fiscal year, the District adopted Governmental Accounting
Standards Board No. 68, Accounting and Financial Reporting for Pensions Plans - an amendment to GASB no. 27. Our
opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and
analysis and budgetary comparison information on pages a-g and 20-23 be presented to supplement the basic financial
statements. Such information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. For the management discussion & analysis we
have applied certain limited procedures to the required supplementary information in accordance with auditing standards
generally accepted in the United States of America, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management’s responses to our inquiries,
the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do
not express an opinion or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance. The budgetary comparison schedule for the major
governmental funds has been subjected to the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly presented, in all material respects, in relation to the basic financial statements taken as a
whole.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the
Hi-Plains School District R-23’s basic financial statements. The combining and individual nonmajor fund financial
statements are presented for purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements and the Auditor's Integrity Report are the responsibility
of management and were derived from and relate directly to the underlying accounting and other records used to prepare
the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted
in the United States of America. In our opinion, based on our audit, the procedures performed described above, the
combining and individual nonmajor fund financial statements are fairly stated, in all material respects, in relation to the
basic financial statements as a whole.
WINFREY, COUNTY & HAYS, PC
Certified Public Accountants
A
by: Gerald County, CPA
October 20, 2015
Seibert, Colorado
Management Discussion and Analysis
Management of Hi-Plains School District R-23 offers readers of the basic financial statements this narrative
overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2015. The
focus of the information is on the primary government-general fund.
The District has adopted a financial reporting model promulgated by the Government Accounting Standards
Board (GASB). In accordance with GASB Statement No. 34, Basic Financial Statement and Management
Discussion and Analysis for State and Local Governments, the District is providing a comparative analysis of
the government wide information.
Financial Highlights:




At the beginning of the fiscal year the District implemented GASB No. 68, Accounting and Financial
Reporting for Pension Plans. As a result of that statement, the District recognized a net pension liability
of $2,961,236, plus deferred outflows of $150,386 and deferred inflows of $46,908. These and other
operations created a deficit in unrestricted net position of $1,672,312. The net position increased
$7,150,565 due to receipts from the BEST grant for the new school.
Without the above adjustments, the District would have had $15,810,025 of net position and unrestricted
net position of $1,185,446. The net position would have decreased $7,232,795.
As of the close of the 2014 fiscal year, the District’s governmental funds reported combined ending fund
balances of $1,463,604, a decrease of $185,287 from the previous year.
The District had adequate funds available for all appropriations.
Overview of Financial Statements
This discussion is intended as an introduction to the District’s basic financial statements. The basic
financial statements comprise three components: 1) government-wide financial statements, 2) fund
financial statements, and 3) notes to the basic financial statements. In addition to the basic financial
statements, also provided is other supplementary information.
Government-Wide Financial Statements
These statements report information about the District as a whole using accounting methods similar to
those used by private-sector companies. The statement of net position includes all of the District’s
assets and liabilities. All of the current year’s revenues and expenses are accounted for in the statement
of activities regardless of when cash is received or paid.
The two government-wide statements report the District’s net position and how they have changed. Net
position, the difference between the District’s assets and liabilities, are one way to measure the District’s
financial health or position.
Over time, increases or decreases in the District’s net position are an indication of whether its financial
health is improving or deteriorating.
The government-wide statements have only governmental activities.
a
Seibert, Colorado
(continued)
Governmental activities - all of the District’s basic services are included here, such as instruction,
administration, operation of the buildings and grounds, and pupil transportation. Property taxes and
state and federal subsidies and grants finance these activities.
Fund Financial Statements
These statements provide detailed information about the most significant funds, not the District as a
whole. Some funds are required by state law and bond requirements.
Governmental funds - most of the District’s activities are reported in governmental funds, which focus
on the determination of financial position and change in financial position, not on income determination.
They are reported using an accounting method called modified accrual accounting, which measures cash
and all other financial assets that can readily be converted into cash. The governmental fund statements
provide a detailed short-term view of the District’s operations and the services it provides.
Governmental fund information helps the reader determine whether there are more or fewer financial
resources that can be spent in the near future to finance the District’s programs. The relationship (or
differences) between governmental activities (reported in the Statement of Net position and the
Statement of Activities) and governmental funds is reconciled in the financial statements.
Fiduciary Funds - acts as a trustee, or fiduciary for student activities. These activities are excluded from
the District’s other financial statements because the District cannot use these assets to finance its
operations.
b
Seibert, Colorado
(continued)
Financial Analysis of the District as a Whole:
The District's total net position was $12,952,266.
Table 1
Fiscal Year Ended June 30, 2015
Net Position
Government Activities
6/30/2015
6/30/2014
1,604,386
1,795,159
17,046,820
9,740,642
18,651,205
11,535,801
Current and other assets
Capital assets
Total assets
Defered Outflows
Current and other liabilities
Long term liabilities
Total Liabilities
Deferred Inflows
150,386
0.00
256,225
5,546,366
5,802,592
258,173
2,700,399
2,958,572
46,908
0.00
Net Position
Invested in capital assets
Restricted for Tabor
Restricted for Preschool
14,346,421
52,711
0
6,928,338
49,892
(603)
Restricted for Bond Redemption
Restricted for Capital Projects
Unrestricted
Total Net Position
225,447
0
(1,672,312)
12,952,266
207,454
87,114
1,305,034
8,577,229
As noted earlier, net position may serve over time as a useful indicator of the District’s financial
position. In the case of the Hi-Plains School District, assets exceed liabilities by approximately
$12,952,266, an increase of $4,375,037 from 2014.
Of the District’s $18,651,205 in assets, $17,046,820, (91%), reflects investment in capital assets (e.g.
land, buildings, infrastructure, machinery, and equipment). The District uses capital assets to provide
services to students; consequently, these assets are not available for future spending.
c
Seibert, Colorado
(continued)
The results of this year’s operations as a whole are reported in the Statement of Activities on Page 2.
All expenses are reported in the first column. Specific charges, grants, revenues and subsidies that
directly relate to specific expense categories are represented to determine the final amount of the
District’s activities that are supported by other general revenues. The two largest general revenues , not
considering the loss on assets, are the equalization provided by the State of Colorado Department of
Education ($947,724) (63%) and the property taxes assessed to District taxpayers ($677,441) (38%) of
the total revenue. Specific Ownership Taxes was $90,909 (5%).
Table 2 takes the information from that statement, rearranges it slightly, so you can see the total
revenues for the year equals $9,149,562.
Table 2
Fiscal Year Ended June 30, 2015
Change in Net Position
6/30/2015
6/30/2014
REVENUES
Program Revenues
Charges for service
Operating grants
Capital Grants/Contributions
General Revenues
Property taxes
Auto taxes
State Equalization
Other
Sale of Assets
Total Revenues
36,908
169,102
7,242,209
38,457
167,109
6,600,317
677,441
90,909
947,724
83,320
(98,050)
9,149,562
707,159
100,545
911,041
51,051
0
8,575,679
EXPENSES
Instruction
Pupil services
Instructional services
General administration
School administration
Business
Operations & maintenance
Pupil transportation
Central services
Noninstructional
Debt service
Food Services
Total Expenses
963,308
32,462
28,487
246,423
86,422
67,566
224,701
109,217
37,110
10,659
82,853
109,788
1,998,997
949,764
35,825
7,798
193,862
75,825
63,949
179,225
122,474
27,782
19,912
159,626
124,493
1,960,536
Increase (decrease) in net position
7,150,565
6,615,143
d
Seibert, Colorado
(continued)
The District Funds
At June 30, 2015, the District governmental funds reported a combined fund balance of $1,463,604 which is a
decrease of $185,287. The primary reasons for this increase are:
General Fund
Revenues of $1,724,216 increased by $60,122 and expenditures of $1,764,994 increased by
$153,267. Excess of revenues over expenditures was negative $40,781. The ending fund
balance decreased by $93,470 due to operating transfers of $52,689 to Food Service Fund.
Revenues from the tax levy for the construction of a new school building of $212,752 and
interest expense on bonds of $82,853 and $111,905 for principal, leaving a fund balance of
$225,447, for an increase of $17,993.
Building Fund
BEST Grant funds of $7,242,209 were received for the construction and furnishing of a new
school. That amount was also expended.
Capital Projects Fund
The Capital Projects Fund only had income of $94 from interest and expenditures of $116,808,
for a decrease of $116,714.
Student Activity Fund
Revenues of $10,841, expenditures of $10,659, resulting in an ending fund balance of $11,546,
an increase of $182.
Food Service Fund
Revenues of $60,594, plus $52,689 transfer from General Fund, expenditures of $106,562,
resulting in an ending fund balance of $17,259, an increase of $6,720. Without the transfer of
$52,689 from the General Fund, the Food Service Fund would have shown a net loss of $45,969.
Financial Analysis of the District’s Funds:
The financial condition of the school remains strong as the 2015 Ending Fund Balance in the General
Fund decreased $93,470 compared to the Ending Fund Balance in 2014.
e
Seibert, Colorado
(continued)
Budgets
No amendments were made the budget.
Capital Assets and Debt Administration
At June 30, 2015, the District had $17,046,820 invested in capital assets. This represents an increase of
$7,306,179.
Assets Under Construction
Sites
Site Improvements
Buildings
Equipment
Transportation
Total capital assets
Accumulated depreciation
Total capital assets
June 30, 2015
16,693,756
112,660
0
67,948
94,229
375,539
17,344,133
(297,314)
17,046,820
June 30, 2014
9,451,547
112,660
5504
1,066,549
234,504
306,161
11,176,925
(1,436,284)
9,740,641
The major additions were the addition of assets under construction of the new building of $7,242,209, a
new bus for $116,808, and equipment totaling $70, 985.
f
Seibert, Colorado
(continued)
Economic Factors and Next Year’s Budget and Rates:
The economy in our community remains strong. We have had above normal precipitation this year. Livestock
prices continue to be on the high side while the grain markets remain steady to lower. The District has been in
the new building for just over a year now, and is working towards getting the "bugs" and "kinks" worked out of
its electrical and HVAC systems as well as some other issues.
Our 2015-16 school year has started off with an increase to our student enrollment. We now have thirteen new
students which should add to our revenue. The factors that will affect negatively to our next year’s budget will
include but not be limited to a decreased state share which includes the "negative factor" along with the Tabor
amendment. The Negative Factor has taken approximately $244,115.00 a year out of our budget for the past
four years totaling $976,000. The state should hit Tabor markers that require any new money above those
markers to be given back to taxpayers instead of other entitlements which would include school districts. The
2014-15 local property tax share decreased from 2013-14 by approximately $29,718.00 while the ownership tax
also decreased by $9,636.00 for the same time period. While we haven't been told officially by the State
Department of Education, the educational community is bracing for a potential rescission in the 2015-2016
fiscal year.
The 2015-2016 budget was established in compliance with the Hi-Plains School District Board of Education’s
policy manual. In years past, the district did make it a practice of combining the 5th and 6th grade class. This
year, due to lower than expected scores in its performance frameworks, the 5th and 6th grade classes were
separated by adding a 5th grade teacher to teach 5th grade. The District also hired a full-time Principal to help
with the unfunded mandates that have been instituted over the last three to five years by the State Department of
Education. Both decisions will be evaluated closely regarding the effectiveness of learning. The Hi-Plains
School District also increased staff salaries for certified and classified personnel for the FY 2015-2016 budget.
This in part was due to our low starting salary and to be competitive with other school districts in our immediate
vicinity. The State of Colorado is also experiencing a teacher shortage which will have a direct impact on
hiring new teachers to a rural area. While the state average for a teacher in Colorado is above $50,000.00, our
district is in the mid 30's. It will be a challenge for us to recruit new teachers to our rural area.
Contacting the District Financial Management
Our financial report is designed to provide a general overview of the District’s finances for all those with an
interest in the District’s finances. Questions concerning the information provided in this report or requests for
additional information should be addressed to the Superintendent of School at Hi-Plains School District R-23,
P.O. Box 238, Seibert, CO 80834.
g
BASIC FINANCIAL STATEMENTS
Page 1
HI-PLAINS SCHOOL NUMBER R-23
Seibert, Colorado
Statement of Net Position
June 30, 2015
Governmental
Activities
ASSETS
Cash and cash equivalents
Certificates of deposit
Accounts/grants receivable
Inventory
Accrued property taxes receivable
Capital assets, net of accumulated depreciation
Total Assets
DEFERRED OUTFLOWS
LIABILITIES
Current Liabilities
Accounts payable
Accrued salaries payable
Unearned Revenue
Current portion of bonds payable
Total Current Liabilities
Long Term Liabilities
Bonds payable
Net Pension Liability
Total Long Term Liabilities
Total Liabilities
DEFERRED INFLOWS
NET POSITION
Invested in capital assets
Restricted for Tabor
Restricted for Bond Redemption
Unrestricted
Total Net Position
See auditor’s report and notes to the financial statements.
590,371
961,254
5,172
3,699
43,889
17,046,820
18,651,205
150,386
9
140,597
175
115,269
256,051
2,585,130
2,961,236
5,546,366
5,802,417
46,908
14,346,421
52,711
225,447
(1,672,312)
12,952,266
Page 2
Seibert, Colorado
Statement of Activities
Governmental Activities
Instructional
Support Services
Pupil services
Instructional services
Business
Central services
Debt Service
Non Instructional
Food Services
Total Governmental
Activities
Expenses
Charges for
Service
963,308
7,997
Program Revenues
Operating Grants
Capital Grants
& Contributions
& Contributions
102,880
32,462
28,487
246,423
86,422
67,566
224,701
109,217
37,110
82,853
10,659
109,788
10,841
18,070
0
42,512
0
0
1,998,997
36,908
169,102
7,242,209
7,242,209
23,710
General revenues:
Taxes
Property taxes, levied for general purposes
Property taxes, levied for bond redemption
Specific ownership taxes
State Equalization
Miscellaneous
Investment earnings
Sale of
assets
Total General Revenues
Change in Net Position
Net Position - Beginning
Change in Accounting - Note 2C
Prior Year Adjustment - Note 2D
Net Position - Ending
Page 2
Net (Expense) Revenue and
Changes in Net Position
Governmental
Activities
(852,431)
(32,462)
(28,487)
(246,423)
(86,422)
(67,566)
7,017,508
(85,507)
(37,110)
(82,853)
182
(49,206)
5,449,221
490,160
187,281
90,909
947,724
78,183
5,137
(98,050)
1,701,344
7,150,565
8,566,691
10,539
(2,775,528)
12,952,266
Page 3
Seibert, Colorado
Balance Sheet
Governmental Funds
June 30, 2015
Total
Governmental
NonMajor
Funds
General
Bond
Redemption
Building
320,878
961,254
0
31,756
213,315
0
0
12,133
0
0
0
0
56,179
0
3,699
0
590,371
961,254
3,699
43,889
5,172
1,319,060
0
225,447
0
0
0
59,879
5,172
1,604,386
9
131,784
131,793
0
0
0
0
0
0
0
8,814
8,814
9
140,597
140,607
0
0
0
175
175
52,711
0
0
0
0
0
1,134,556
0
0
225,447
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22,085
3,699
25,106
0
52,711
0
225,447
22,085
3,699
25,106
1,134,556
Total Fund Balances
1,187,267
225,447
0
50,890
1,463,604
Total Liabilities and Fund Balances
1,319,060
225,447
0
59,879
1,604,386
ASSETS
Certificates of deposit
Inventory
Accrued property taxes receivable
Accounts/grants receivable
Total Assets
LIABILITIES AND FUND BALANCES
Current Liabilities
Accounts Payable
Accrued salaries payable
Total Liabilities
Deferred Revenue
Fund Balances
Restricted for
Tabor Emergencies
Preschool
Bond Redemption
Committed for Capital Projects
Nonspendable
Assigned
Unassigned
Page 4
Seibert, Colorado
Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position
Governmental Funds
June 30, 2015
Total Governmental Fund Balances
1,463,604
Amounts reported for governmental activities in the
statement of net position are different because of the following:
Capital assets used in governmental activities are not financial resources and
therefore are not reported in the funds
Deferred outflows of resources, reported as deferred amount on pensions, are not
financial resources and thus are not reported as assets in governmental funds
17,046,820
150,386
Long-term liabilities, including bonds payable, are not due and payable in the
current period and therefore are not reported in the funds.
(5,661,635)
Deferred inflows of resources, report as deferred amount on pensions, are not
financial resources and thus are not reported as assets in governmental funds
(46,908)
Net Position of Governmental Activities
12,952,266
Page 5
Seibert, Colorado
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
Total
REVENUES
Local Sources
Property Taxes
Specific Ownership Taxes
Delinquent Taxes & Penalties
Interest
Charges for Service
Other
Intergovernmental
State Sources
Equalization
Other
Federal Sources
Total Revenues
EXPENDITURES
Current
Instruction
Supporting Services
Students
Instructional staff services
Business
Central services
Non Instructional
Food Service
Debt Service
Capital Outlay
Total Expenditures
General
Bond
Redemption
Building
NonMajor
Governmental
Funds
489,886
65,657
274
4,813
0
187,174
25,252
106
219
0
0
0
0
0
0
0
0
0
106
18,070
677,061
90,909
380
5,137
18,070
91,603
0
0
10,841
102,444
947,724
85,340
38,917
1,724,214
0
0
0
212,752
0
7,242,209
0
7,242,209
0
1,891
40,621
71,529
947,724
7,329,441
79,538
9,250,703
901,194
0
0
0
901,194
31,614
27,452
214,399
81,092
64,705
215,077
85,568
37,110
0
0
0
106,782
1,764,994
0
0
0
0
0
0
0
0
0
0
194,758
0
194,758
0
0
0
0
0
0
0
0
0
0
0
7,242,209
7,242,209
0
0
0
0
0
0
0
0
10,659
106,562
0
116,808
234,029
31,614
27,452
214,399
81,092
64,705
215,077
85,568
37,110
10,659
106,562
194,758
7,465,799
9,435,990
Page 6
Seibert, Colorado
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
(continued)
General
Bond
Redemption
Building
NonMajor
Revenues over (under) Expenditures
(40,781)
17,993
0
(162,500)
Other Financing Sources (Uses)
Operating Transfers In (Out)
(52,689)
0
0
52,689
Revenues & Other Sources over (under)
Expenditures & Other Sources
(93,470)
17,993
0
(109,811)
207,454
0
225,447
0
0
0
150,162
10,539
50,890
Fund Balance - Beginning
Change in Accounting
Fund Balance - Ending
1,280,737
0
1,187,267
Total
Governmental
Funds
(185,287)
0
(185,287)
1,638,352
10,539
1,463,604
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund
Balances of Governmental Funds to the Statement of Activities
Net change in fund balances - total governmental funds
Capital outlays are reported in governmental funds as expenditures.
However, in the statement of activities, the cost of these assets
is allocated over their estimated useful lives as depreciation
expense. This is the amount by which depreciation exceeds capital
outlays in the period.
Capital outlays
Depreciation expense
(185,287)
7,430,001
(22,683)
The issuance of long-term debt (e.g. bonds and leases) 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.
Principal on bonds
111,905
Some expenses reported in the statement of activities do not
require the use of current financial resources and, therefore,
are not reported as expenditures in governmental funds.
Pension expenses
Gain (loss) on disposal of assets is not recognized in governmental funds,
but the sale of the assets is recorded as income.
Cash received on sale of asset
Recognized gain (loss)
Change in net position of government activities
7,407,318
(82,230)
(3,092)
(98,050)
(101,141)
7,150,565
Page 7
Seibert, Colorado
Statement of Fiduciary Net Position
June 30, 2015
ASSETS
Student
Activity
Fund
Cash in bank
31,380
LIABILITIES
Due to Student Activities
31,380
NET POSITION
0
NOTES TO THE FINANCIAL STATEMENTS
Page 8
Seibert, Colorado
Notes to the Financial Statements
June 30, 2015
(1)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America. The District is a political subdivision of the State of Colorado which is governed by an elected
board of 5 members. A summary of the Hi-Plains School District R-23’s significant accounting policies applied in the
preparation of these financial statements follows.
A.
Reporting Entity
The Governmental Accounting Standards Board (GASB) Statement No. 14 “The Financial Reporting Entity”,
established the criteria for determining the activities, organizations and functions of government to be included in the
financial statements of the reporting entity. In evaluating the school as a reporting entity, management has addressed
all potential component units which may or may not fall within the District’s financial accountability. The criteria
used to evaluate component units for possible inclusion as part of the District’s reporting entity are financial
accountability and the nature and significance of the relationship. The District is considered to be a primary
government because it has a separately elected governing body, it is legally separate, and it is fiscally independent of
other state and local governments. It has no component units. Neither is it a component unit of any other entity.
This report includes all funds of Hi-Plains School District R-23.
B.
Basis of Presentation
The District implemented the provisions of GASB 68, "Accounting and Financial Reporting for Pensions Plans - an
amendment to No. 27", during the year ended June 30, 2015. GASB 68 replaced the requirements of Statement No.
27,"Accounting for Pensions by State and Local Governmental employers", and GASB 50, "Pension Disclosures-an
amendment to GASB Statements No. 25 and 27", as they relate to pension plans that are administered trusts or
equivalent arrangements that meet certain criteria. GASB 68 enhances the standards for footnote disclosures and
required supplementary information (RSI) for pension plans, including net pension liability (NPL), ratio of fiduciary
net position (FNP) to total pension liability (TPL), actuarial methods, and assumptions.
Government-wide financial statements (i.e. the statement of net position and the statement of activities) report
information on all of the nonfiduciary activities of the school district. As a general rule, the effect of interfund activity
has been eliminated from these statements. Government activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities, which rely, to a significant extent
on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of given function or segment are
offset by program revenues. Direct expenses are those that are clearly identifiable within a specific function or
segment. Program revenues include charges to customers who purchase, use, or directly benefit from goods, services,
or privileges provided by a given function or segment. In addition, program revenues include grants and contributions
that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and
other items not properly included among program revenues are reported instead as general revenues.
Fund financial statements are also provided in the report for all of the governmental funds and the fiduciary funds of
the district. Major individual governmental funds are reported as separate columns in the fund financial statements.
Nonmajor funds are aggregated and presented in a single column. Fiduciary funds are reported by fund type.
Page 9
Seibert, Colorado
June 30, 2015
The District reports the following major governmental funds:
The general fund is the district’s primary operating fund. It accounts for all financial resources except those
required to be in another fund.
The Bond Redemption Fund levies taxes in amounts to pay of bonds outstanding.
The Building Fund accounts for receipt of a BEST Grant from the State to build and furnish a new school
building.
Additionally the district reports the Student Activity agency fund which accounts for cash held by the district for
related organizations. It is custodial in nature and does not involve measurement of results of operations.
C.
Measurement Focus and Basis of Accounting
The government-wide financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting as are the proprietary fund and the fiduciary fund statements. Revenues are recorded when
earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property
taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as
revenue as soon as all eligibility requirements imposed by the provider have been met. Net position (total assets less
total liabilities) are used as a practical measure of economic resources and the operating statement includes all
transactions and events that increased or decreased net position. Depreciation is charged as expense against current
operations and accumulated depreciation is reported on the statement of net position.
The governmental fund financial statements are reported using the current financial resources measurement focus and
the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available.
“Measurable” means the amount of the transaction can be determined and “available” means collectible with the
current period or soon enough thereafter to pay liabilities of the current period. The government considers all
revenues available if they are collected within 60 days after year end. Revenues from federal, state, and other grants
designated for payment of specific school district expenditures are recognized when the related expenditures are
incurred; accordingly, when such funds are received, they are recorded as deferred revenues until earned.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service
expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only
when payment is due.
D.
Budgets and Budgetary Accounting
All funds must have budgets to be allowed expenditures. Budgets for all funds except proprietary funds are adopted
on a basis consistent with generally accepted accounting principles. All annual appropriations lapse at year end.
Budget Calendar Submission of proposed budget to Board of Education by May 31. On June 10 or within ten days after submission of
the proposed budget, a notice shall be published stating the proposed budget is on file and available for inspection.
Last date for final adoption of the budget and appropriation resolution is June 30.
January 31 is last date to change adopted budget.
By December 15, the Board of Education certifies to County Commissioners the mill levy against the assessed
valuation for the general and bond redemption funds.
The legal level of budgetary control is at the individual fund level.
Page 10
Seibert, Colorado
June 30, 2015
(continued)
E.
Encumbrances
Encumbrance accounting where purchase orders, contracts and other commitments for the expenditure of resources
are recorded to reserve that portion of the applicable appropriation, is not utilized by the District.
F.
Assets, Liabilities and Net position or Equity
1. Deposits
The District’s cash and cash equivalents are considered to be cash on hand, demand deposits and short-term
investments with original maturities of three months or less from the date of acquisition.
State statutes authorize the District to deposit funds in institutions who are members of the federal deposit
insurance corporation or the federal savings and loan insurance corporation to the extent that the deposit is
insured by one of the above or is secured by pledge of eligible collateral as required by CRS 11-10.5-107
2. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of
the fiscal year are referred to as either “due to/due from other funds”. Any residual balances outstanding
between the government activities and business-type activities are reported in the government-wide
statements as “internal balances”.
Accounts receivable and property taxes receivables are shown at gross. Uncollectibles have not been
material.
3. Inventories
The purchase method is used to account for inventories in the governmental funds. Under this method,
inventories are recorded as expenditures when purchased.
A physical inventory was taken as of June 30, 2015 for the Food Services special revenue fund. The
inventory consisted of government donated commodities which were valued at estimated fair market value,
and purchased commodities and supplies were both valued at cost using the first-in, first-out (FIFO) method.
4. Capital Assets
Capital assets, which include property, plant, and equipment, are reported in the applicable governmental or
business-type activities columns in the government-wide financial statements. Capital assets are defined by
the school district as assets with an initial, individual cost of more than $5,000 and an estimated useful life in
excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated fixed assets are recorded at their estimated fair value at the ate of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend
asset lives are not capitalized.
Page 11
Seibert, Colorado
June 30, 2015
(continued)
Property, plant and equipment are depreciated in the proprietary funds using the straight line method over the
following estimated useful lives:
Assets
Buildings & Site improvements
Equipment
Vehicles
Years
15-40
10
7-12
The District does not have any infrastructure assets.
5. Compensated Absences
Allows all employees to accumulate annual/sick leave. Accumulated leave in excess of 30 days as of June
15th will be paid at the rate of $30 per day. The 30 days accumulated leave will not be reimbursed upon the
employees leaving the District.
6. Long-term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are reported as
liabilities in the applicable governmental activities statement of net position. Bond premiums and discounts,
as well as issuance costs, are deferred and amortized over the life of the bonds using the effective interest
method. Bonds issuance costs are reported as deferred charges and amortized over the term of the debt.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as
bond issuance costs, during the current period. The face amount of debt issued is reported as other financing
sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or
not withheld from the actual debt proceeds received, are reported as debt service expenditures.
7. Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure. Actual results could differ from those estimates.
8.
Fund Balances and Net position
In the government-wide and proprietary fund financial statements, net position are classified in the following
categories;
Invested in Capital Assets, Net of Related Debt – this category groups all capital assets into one
component of net position. Accumulated depreciation and the outstanding debt balances that are
attributable to the acquisition, construction or improvement of these assets reduce this category.
Restricted Net position – indicates that portion of net position which has been legally segregated for
specific purposes or is not available for appropriation
Unrestricted Net position – represents the amount which is not reserved for any purpose and is
available for appropriation and expenditure in future periods.
When restricted and unrestricted funds are available, restricted are deemed first spent.
Page 12
Seibert, Colorado
June 30, 2015
(continued)
In the fund financial statements, fund balances of governmental funds are classified in the following
categories;
Nonspendable – amounts that cannot be spent because they are either in non spendable form such as
inventory and prepaid expenses, or legally or contractually required to be maintained intact such as
the corpus of a permanent fund which is required to be retained in perpetuity. It also includes the
long-term amount of loans and notes receivable, as well as property acquired for resale.
Restricted – when constraints placed on the use of resources are either (a) externally imposed by
creditors or (b) imposed by law through constitutional provisions or enabling legislation.
Committed – amounts that can only be used for specific purposes pursuant to constraints imposed
by formal action of the Board of Trustees. These amounts cannot be changed except by taking the
same type of action employed to previously commit these amounts.
Assigned – amounts that are constrained by the government’s intent to be used for specific
purposes, but are neither restricted nor committed. Intent should be expressed by the governing
body itself, or the Superintendent who has been delegated the authority to assign amounts to be used
for specific purposes.
Unassigned – the residual for the general fund. The general fund should be the only fund that
reports a positive unassigned fund balance amount.
When committed, assigned, and unassigned funds are available, committed is deemed first spent, then
assigned.
At June 30, 2015 the amounts restricted were $52,711 for the Tabor Reserve, $225,447 for bond redemption.
(2)
STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A.
Colorado voters passed an amendment to the State Constitution, Article X, Section 20, which has several limitations,
including revenue raising, spending abilities, and other specific requirements of state and local governments. The
Amendment is complex and subject to judicial interpretation. The District believes it is in compliance with the
requirements of the amendment. However, the District has made certain interpretations of the amendment’s language
in order to determine its compliance.
In November of 1996, the voters of the District approved a ballot issue which allows the District to receive and spend
all revenues received. Based upon this approval, the District considers the revenue and spending limits imposed by
the Amendment no longer apply to the District.
B.
The District is in compliance with Financial Policies and Procedures Handbook prepared by the Colorado Department
of Education.
C.
On July 1, 2014, the Food Service proprietary fund was changed to a governmental special revenue fund. This change
had no net affect on the equity of the District.
D.
For the fiscal year ended June 30, 2015, the District implemented GASB 68, reporting for pensions. As a result, a
prior year adjustment was required that included the amount $2,850,778 of net pension liability for the District as
computed by PERA, less the amount the District submitted to PERA of $75,250 after PERA's year end. The net prior
year adjustment is $2,775,528.
(3) DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS
A.
Deposits and Investments - all are in two financial institutions. Deposits are displayed on the balance sheets as "Cash
in Bank" and "Certificates of Deposit". They are carried at cost.
Page 13
Seibert, Colorado
June 30, 2015
(continued)
The Colorado Public Deposit Protection Act (PDPA) requires that all political subdivisions of the State deposit cash in
eligible public depositories. Eligibility is determined by state regulators. Amounts on deposit in excess of federal
insurance levels must be collateralized. The eligible collateral is specified under the PDPA. PDPA allows the
institution to create a single collateral pool for all public funds. The pool for all the uninsured public deposits as a
group is to be maintained by another institution or held in trust. The market value of the collateral must be at least
equal to 102% of the aggregate uninsured deposits.
The Colorado Division of Banking and Financial Services are required by statute to monitor the naming of eligible
depositories and reporting of the uninsured deposits and assets maintained in the collateral pools.
Custodial Credit Risk - the risk that, in the event of bank failure, the District’s deposits may not be returned to it. The
District does not have a written deposit policy for custodial credit risk.
At June 30, 2015, the District’s cash deposits had a bank balance and carrying balance as follows:
Bank
Carrying
Balance
Balance
Insured (FDIC) $899,396
$897,886
Deposits collateralized in two institutions pools
684,039
685,119
Total Cash
$1,583,435
$1,583,005
Amount of certificates of deposit
(961,254)
Amount with agency fund
(31,380)
Net cash
590,371
As presented above, deposits with a bank balance of $684,039 and a carrying balance of $685,119 as of June 30, 2015,
are uninsured, are exposed to custodial credit risk, and are collateralized with securities held by the pledging financial
institution.
B.
Accrued Property Taxes Receivable - the amount budgeted for the current year, not yet collected.
Property Tax Calendar - taxes are levied by December 15, tax bills are mailed January 1 of the following year,
creating an enforceable lien on the property. If paid by installments of one-half each, the first is due February 28, the
second June 15. If paid in one payment, the due date is April 30. Taxes are delinquent if not paid by those dates.
Notice of delinquencies are mailed in September, and tax sales scheduled for November.
C.
Changes in General Fixed Assets
Governmental Activities
Land & Sites
Improvements
Buildings
Equipment
Transportation
Total
Less Accumulated Depreciation
Land & Sites
Improvements
Buildings
Equipment
Transportation
Total
Beginning
Balance
Increases
Decreases
Ending
Balance
9,451,547
112,661
5,504
1,066,549
234,504
306,161
11,176,926
7,242,209
-0-0-070,985
116,808
7,430,002
-0-05,504
998,601
211,259
47,430
1,262,794
16,693,756
112,661
-067,948
94,230
375,539
17,344,134
-01,835
1,033,187
160,810
240,452
1,436,284
-0-0575
4,089
18,019
22,683
-01,835
967,214
145,174
47,430
1,161,653
-0-066,548
19,725
211,041
297,314
Page 14
Seibert, Colorado
June 30, 2015
(continued)
Capital Assets, Net
9,740,642
7,407,319
(101,141)
17,046,820
The capital asset, other than the assets under construction, acquired was $116,808 for a bus, and 4 equipment items of
$70,985.
Depreciation expense for the governmental activities was allocated $4,664 to instruction and $18,019 to
transportation.
D. Changes in Long-Term Debt
Balance
July 1
2,812,304
Bonds Payable
Additions
-0-
Reductions
111,905
Balance
June 30
2,700,399
General Obligation Bonds Payable.
In November 2012, the voters of the District approved a bond issue in the amount of $2,851,230 to supplement a BEST grant
awarded by the State of Colorado to build a new school builidng on purchased land. A taxable supplemental coupon which is
deemed to be additional interest was subsequently issued in the amount of $72,000 to fund the land purchase price above the
appraisal amount. The effective interest rate is 3.005898%.
Debt service requirements to maturity:
Year
6/30/16
6/30/17
6/30/18
6/30/19
6/30/20
2020-2025
2025-2030
2030-2032
Total
Principal
115,269
118,734
122,303
125,979
129,766
709,739
823,018
555,591
2,700,399
Interest
79,439
75,922
72,299
68,568
64,724
261,796
146,815
25,380
794,942
Total
194,708
194,656
194,602
194,547
194,490
971,535
969,833
580,971
3,495,341
(4) OTHER INFORMATION
A.
Risk Management - The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction
of assets; errors and omissions; injuries to employees; and natural disasters. The District has joined Colorado School
District Self Insurance Pool, a public entity risk pool currently operating as a common risk management and insurance
program for members. The District pays an annual premium to CSDSI for its property and casualty and workers’
compensation insurance coverage. The intergovernmental agreement of formation of CSDSI provides that the Pool
will be financially self-sustaining through member contributions and additional assessments, if necessary, and the Pool
will purchase excess insurance through commercial companies for members' claims in excess of a specified selfinsured retention, which is determined each policy year.
The District carries commercial insurance for all other risks of loss, including workers’ compensation and employee
health and accident insurance. Settled claims resulting from these risks have not exceeded commercial insurance
coverage in any of the past three fiscal years.
B.
Accrued Salaries and Benefits Payable - teachers and certain other instructional employees are budgeted and paid over
a twelve month period from September 1 to August 31 but are earned over a school year of approximately a nine
month period. The salaries earned but not paid at June 30 are shown as an accrued liability.
Page 15
Seibert, Colorado
June 30, 2015
(continued)
C.
Operating Transfers In (Out) - The General Fund transferred $52,689 to the Food Services Fund.
D.
Defined Benefit Pension Plan
Pensions. Hi-Plains School District participates in the School Division Trust Fund (SCHDTF), a cost-sharing
multiple-employer defined benefit pension fund administered by the Public Employees’ Retirement Association of
Colorado (“PERA”). The net pension liability, deferred outflows of resources and deferred inflows of resources
related to pensions, pension expense, information about the fiduciary net position and additions to/deductions from
the fiduciary net position of the SCHDTF have been determined using the economic resources measurement focus
and the accrual basis of accounting. For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported
at fair value.
General Information about the Pension Plan
Plan description. Eligible employees of the Hi-Plains School District are provided with pensions through the School
Division Trust Fund (SCHDTF)—a cost-sharing multiple-employer defined benefit pension plan administered by
PERA. Plan benefits are specified in Title 24, Article 51 of the Colorado Revised Statutes (C.R.S.), administrative
rules set forth at 8 C.C.R. 1502-1, and applicable provisions of the federal Internal Revenue Code. Colorado State
law provisions may be amended from time to time by the Colorado General Assembly. PERA issues a publicly
available comprehensive annual financial report that can be obtained at www.copera.org/investments/pera-financialreports.
Benefits provided. PERA provides retirement, disability, and survivor benefits. Retirement benefits are determined
by the amount of service credit earned and/or purchased, highest average salary, the benefit structure(s) under which
the member retires, the benefit option selected at retirement, and age at retirement. Retirement eligibility is specified
in tables set forth at C.R.S. § 24-51-602, 604, 1713, and 1714.
The lifetime retirement benefit for all eligible retiring employees under the PERA Benefit Structure is the greater of
the:

Highest average salary multiplied by 2.5 percent and then multiplied by years of service credit

The value of the retiring employee’s member contribution account plus a 100 percent match on eligible amounts as
of the retirement date. This amount is then annuitized into a monthly benefit based on life expectancy and other
actuarial factors.
In all cases the service retirement benefit is limited to 100 percent of highest average salary and also cannot exceed
the maximum benefit allowed by federal Internal Revenue Code.
Members may elect to withdraw their member contribution accounts upon termination of employment with all
PERA employers; waiving rights to any lifetime retirement benefits earned. If eligible, the member may receive a
match of either 50 percent or 100 percent on eligible amounts depending on when contributions were remitted to
PERA, the date employment was terminated, whether 5 years of service credit has been obtained and the benefit
structure under which contributions were made.
Benefit recipients who elect to receive a lifetime retirement benefit are generally eligible to receive post-retirement
cost-of-living adjustments (COLAs), referred to as annual increases in the C.R.S. Benefit recipients under the PERA
benefit structure who began eligible employment before January 1, 2007 and all benefit recipients of the DPS
benefit structure receive an annual increase of 2 percent, unless PERA has a negative investment year, in which case
the annual increase for the next three years is the lesser of 2 percent or the average of the Consumer Price Index for
Urban Wage Earners and Clerical Workers (CPI-W) for the prior calendar year. Benefit recipients under the PERA
benefit structure who began eligible employment after January 1, 2007 receive an annual increase of the lesser of 2
percent or the average CPI-W for the prior calendar year, not to exceed 10 percent of PERA’s Annual Increase
Reserve for the SCHDTF.
Page 16
Seibert, Colorado
Notes to Financial Statements
June 30, 2015
(continued)
Disability benefits are available for eligible employees once they reach five years of earned service credit and are
determined to meet the definition of disability. The disability benefit amount is based on the retirement benefit
formula shown above considering a minimum 20 years of service credit, if deemed disabled.
Survivor benefits are determined by several factors, which include the amount of earned service credit, highest
average salary of the deceased, the benefit structure(s) under which service credit was obtained, and the qualified
survivor(s) who will receive the benefits.
Contributions. Eligible employees and Hi-Plains School District are required to contribute to the SCHDTF at a rate
set by Colorado statute. The contribution requirements are established under C.R.S. § 24-51-401, et seq. Eligible
employees are required to contribute 8 percent of their PERA-includable salary. The employer contribution
requirements are summarized in the table below:
Employer Contribution Rate1
Amount of Employer Contribution apportioned to the
Health Care Trust Fund as specified in C.R.S. § 2451-208(1)(f) 1
Amount Apportioned to the SCHDTF1
Amortization Equalization Disbursement (AED) as
specified in C.R.S. § 24-51-411 1
Supplemental Amortization Equalization
Disbursement (SAED) as specified in C.R.S. § 24-51411 1
Total Employer Contribution Rate to the SCHDTF1
For the Year
Ended
December
31, 2014
10.15%
(1.02)%
For the Year
Ended
December
31, 2015
10.15%
(1.02)%
9.13%
3.80%
9.13%
4.20%
3.50%
4.00%
16.43%
17.33%
Rates are expressed as a percentage of salary as defined in C.R.S. § 24-51-101(42).
Employer contributions are recognized by the SCHDTF in the period in which the compensation becomes payable
to the member and the Hi-Plains School District is statutorily committed to pay the contributions to the SCHDTF.
Employer contributions recognized by the SCHDTF from Hi-Plains School District were $150,385 or the year ended
June 30, 2015.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions
At June 30, 2015, the Hi-Plains School District reported a liability of $164,852 for its proportionate share of the net
pension liability. The net pension liability was measured as of December 31, 2014, and the total pension liability
used to calculate the net pension liability was determined by an actuarial valuation as of December 31, 2013.
Standard update procedures were used to roll forward the total pension liability to December 31, 2014. The HiPlains School District proportion of the net pension liability was based on Hi-Plains School District contributions to
the SCHDTF for the calendar year 2014 relative to the total contributions of participating employers to the
SCHDTF.
At December 31, 2014, the Hi-Plains School District proportion was 0.0218487262 percent, which was a decrease
of 0.0005016001 percent from its proportion measured as of December 31, 2013.
For the year ended June 30, 2015, the Hi-Plains School District recognized pension expense of $82,230. At June 30,
2015, the Hi-Plains School District reported deferred outflows of resources and deferred inflows of resources related
to pensions from the following sources:
Page 17
Seibert, Colorado
June 30, 2015
(continued)
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Difference between expected and actual
experience
-0-
221
Changes of assumptions or other inputs
-0-
-0-
68,099
-0-
-0-
46,687
Net difference between projected and
actual earnings on pension plan
investments
Changes in proportion and differences
between contributions recognized and
proportionate share of contributions
82,287
Contributions subsequent to the
measurement date
Total
N/A
150,386
46,908
$82,287 reported as deferred outflows of resources related to pensions, resulting from contributions subsequent to
the measurement date, will be recognized as a reduction of the net pension liability in the year ended June 30, 2016.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will
be recognized in pension expense as follows:
Year ended June 30, 2015
2016 June 30, 2016
2017 June 30, 2017
2018 June 30, 2018
2019 June 30, 2019
2020 June 30, 2020
Thereafter
(349)
(349)
4,863
17,024
-0-0-
Actuarial assumptions. The total pension liability in the December 31, 2013 actuarial valuation was determined
using the following actuarial assumptions and other inputs:
Price inflation
Real wage growth
Wage inflation
Salary increases, including wage inflation
Long-term investment Rate of Return, net of pension
plan investment expenses, including price inflation
Future post-retirement benefit increases:
PERA Benefit Structure hired prior to 1/1/07;
and DPS Benefit Structure (automatic)
PERA Benefit Structure hired after 12/31/06
(ad hoc, substantively automatic)
2.80 percent
1.10 percent
3.90 percent
3.90 – 10.10 percent
7.50 percent
2.00 percent
Financed by the
Annual Increase Reserve
Mortality rates were based on the RP-2000 Combined Mortality Table for Males or Females, as appropriate, with
adjustments for mortality improvements based on a projection of Scale AA to 2020 with Males set back 1 year, and
Females set back 2 years.
Page 18
Seibert, Colorado
June 30, 2015
(continued)
The actuarial assumptions used in the December 31, 2013 valuation were based on the results of an actuarial
experience study for the period January 1, 2008 through December 31, 2011, adopted by PERA’s Board on
November 13, 2012, and an economic assumption study, adopted by PERA’s Board on November 15, 2013 and
January 17, 2014.
The SCHDTF’s long-term expected rate of return on pension plan investments was determined using a log-normal
distribution analysis in which best estimate ranges of expected future real rates of return (expected return, net of
investment expense and inflation) were developed for each major asset class. These ranges were combined to
produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset
allocation percentage and then adding expected inflation.
As of the most recent analysis of the long-term expected rate of return, presented to the PERA Board on November
15, 2013, the target allocation and best estimates of geometric real rates of return for each major asset class are
summarized in the following table:
Asset Class
Target Allocation
U.S. Equity – Large Cap
U.S. Equity – Small Cap
Non U.S. Equity – Developed
Non U.S. Equity – Emerging
Core Fixed Income
High Yield
Long Duration Gov’t/Credit
Emerging Market Bonds
Real Estate
Private Equity
Total
26.76%
4.40%
22.06%
6.24%
24.05%
1.53%
0.53%
0.43%
7.00%
7.00%
100.00%
10 Year Expected Geometric
Real Rate of Return
5.00%
5.19%
5.29%
6.76%
0.98%
2.64%
1.57%
3.04%
5.09%
7.15%
In setting the long-term expected rate of return, projections employed to model future returns provide a range of
expected long-term returns that, including expected inflation, ultimately support a long-term expected rate of return
assumption of 7.50%.
Discount rate. The discount rate used to measure the total pension liability was 7.50 percent. The projection of cash
flows used to determine the discount rate assumed that employee contributions will be made at the current
contribution rate and that employer contributions will be made at rates equal to the fixed statutory rates specified in
law, including current and future AED and SAED, until the Actuarial Value Funding Ratio reaches 103 percent, at
which point, the AED and SAED will each drop 0.50 percent every year until they are zero. Based on those
assumptions, the SCHDTF’s fiduciary net position was projected to be available to make all projected future benefit
payments of current members. Therefore, the long-term expected rate of return on pension plan investments was
applied to all periods of projected benefit payments to determine the total pension liability. The discount rate
determination does not use the Municipal Bond Index Rate. There was no change in the discount rate from the prior
measurement date.
Sensitivity of the Hi-Plains School District proportionate share of the net pension liability to changes in the discount
rate. The following presents the proportionate share of the net pension liability calculated using the discount rate of
7.50 percent, as well as what the proportionate share of the net pension liability would be if it were calculated using
a discount rate that is 1-percentage-point lower (6.50 percent) or 1-percentage-point higher (8.50 percent) than the
current rate:
Page 19
Seibert, Colorado
June 30, 2015
(continued)
Proportionate share of the net pension liability
1% Decrease
(6.50%)
3,904,661
Current Discount
Rate (7.50%)
2,961,236
1% Increase
(8.50%)
2,171,574
Pension plan fiduciary net position. Detailed information about the SCHDTF’s fiduciary net position is available in
PERA’s comprehensive annual financial report which can be obtained at www.copera.org/investments/perafinancial-reports.
E.
Other Post-Employment Benefits
Health Care Trust Fund
Plan Description – The Hi-Plains School District contributes to the Health Care Trust Fund ("HCTF"), a
cost-sharing multiple-employer healthcare trust administered by PERA. The HCTF benefit provides a health care
premium subsidy and health care programs (known as PERACare) to PERA participating benefit recipients and their
eligible beneficiaries. Title 24, Article 51, Part 12 of the C.R.S., as amended, establishes the HCTF and sets forth a
framework that grants authority to the PERA Board to contract, self-insure and authorize disbursements necessary in
order to carry out the purposes of the PERACare program, including the administration of health care subsidies.
PERA issues a publicly available comprehensive annual financial report that includes financial statements and
required supplementary information for the HCTF. That report can be obtained at
www.copera.org/investments/pera-financial-reports.
Funding Policy – The Hi-Plains School District is required to contribute at a rate of 1.02 percent of PERAincludable salary for all PERA members as set by statute. No member contributions are required. The contribution
requirements for the Hi-Plains School District are established under Title 24, Article 51, Part 4 of the C.R.S., as
amended. The apportionment of the contributions to the HCTF is established under Title 24, Article 51, Section
208(1)(f) of the C.R.S., as amended. For the years ending June 30, 2015, 2014 and 2013, the Hi-Plains School
District contributions to the HCTF were $9,919, $8,781 and $9,133, respectively, equal to their required
contributions for each year.
F.
Joint Venture - The District participates in the East Central Board of Cooperative Educational Services which is not
reflected in these financial statements. One member of the board is from the District. The Board has final authority
for all budgeting and financing of the joint venture.
Each member pays a $2500 membership fee and then contributes additional monies in the relationship their student
enrollment is to the total enrollment of all the members.
At June 30, 2014 total assets were $2,797,263, total liabilities were $685,956, total net position were $2,111,307,
revenues were $8,144,874, and expenses were $8,174,493.
Complete financial statements may be obtained from the BOCES office at 820 Second Street, Limon, CO 80828.
REQUIRED SUPPLEMENTARY INFORMATION
Page 20
Seibert, Colorado
Budgetary Comparison Schedule - Major Governmental Funds
General Fund
Variance With
Final Budget
Budgeted Amounts
Original
Final
REVENUES
Local sources
State Sources
Federal Sources
Total Revenues
EXPENDITURES
Current
Instruction
Supporting Services
Pupils
Instructional Staff - Library
General Administration
School Administration
Business Services
Operations & Maintenance
Pupil Transportation
Central Support
Debt Service
Capital Outlay
Appropriated reserves
Total Expenditures
Excess of revenues over (under)
Expenditures
Other Financing Uses
Excess of Revenues over (under)
Expenditures & Other Uses
Positive
Actual
(Negative)
592,930
1,004,402
37,943
1,635,275
592,930
1,004,402
37,943
1,635,275
652,232
1,033,064
38,917
1,724,214
59,302
28,662
974
88,939
929,542
929,542
901,194
28,348
31,453
7,635
225,931
74,162
65,069
237,461
123,892
35,404
0
8,700
1,106,366
2,845,615
31,453
7,635
225,931
74,162
65,069
237,461
123,892
35,404
0
8,700
1,106,366
2,845,615
31,614
27,452
214,399
81,092
64,705
215,077
85,568
37,110
0
106,782
0
1,764,994
(161)
(19,817)
11,532
(6,930)
364
22,384
38,324
(1,706)
0
(98,082)
1,106,366
1,080,621
(1,210,340)
(1,210,340)
(40,781)
1,169,559
(71,000)
(71,000)
(52,689)
18,311
(1,281,340)
(1,281,340)
(93,470)
1,187,870
1,281,340
1,281,340
1,280,737
(603)
0
0
1,187,267
1,187,267
Page 21
Variance With
Final Budget
Budgeted Amounts
Positive
Original
Final
Actual
(Negative)
Budgeted Amounts
Original
Final
196,442
0
0
196,442
196,442
0
0
196,442
212,752
0
0
212,752
16,310
0
0
16,310
0
7,570,618
0
7,570,618
0
0
0
0
0
0
0
0
0
0
0
0
0
194,758
0
209,138
403,896
0
0
0
0
0
0
0
0
194,758
0
209,138
403,896
0
0
0
0
0
0
0
0
194,758
0
0
194,758
0
0
0
0
0
0
0
0
(0)
0
209,138
209,138
0
0
0
0
0
0
0
0
0
7,570,618
0
7,570,618
(207,454)
(207,454)
17,993
225,447
0
0
0
0
0
0
0
0
0
0
0
0
Building Fund
Variance With
Final Budget
Positive
Actual (Negative)
0
0
7,570,618 7,242,209
0
0
7,570,618 7,242,209
0
0
(328,409)
0
(328,409)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,570,618 7,242,209
0
0
7,570,618 7,242,209
0
0
0
0
0
0
0
0
0
328,409
0
328,409
(207,454)
(207,454)
17,993
225,447
0
0
0
0
207,454
207,454
207,454
(0)
0
0
0
0
0
0
225,447
225,447
0
0
0
0
Page 22
Seibert, Colorado
Schedule of District's Proportionate Share of the Net Pension Liability
Last 10 Years
Proportion (percentage) of the
collective net pension liability
2014
0.0218487262%
2013
0.0223503263%
Proportionate share of the
collective net pension liability
2,961,236
2,775,528
Covered payroll
905,851
898,495
Proportionate share of the net
position liability as a
percentage of its
covered employee payroll
30.59%
32.37%
Plan fiduciary net position of the
total pension liability
62.80%
64.06%
The amounts presented for each year were determined as of December 31.
Page 23
Seibert, Colorado
Schedule of Contributions and Related Ratios
Last 10 FiscalYears
As of June 30,
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
Statutorily required contributions
155,869
145,880
134,989
122,093
110,759
105,472
97,667
86,939
87,683
87,643
Contributions in relation to the
statutorily required contribution
155,869
145,880
134,989
122,093
110,759
105,472
97,667
86,939
87,683
87,643
Contribution deficiency (excess)
0
0
0
0
0
0
0
0
0
0
Covered-employee payroll
922,674
912,803
895,392
860,859
834,203
851,953
850,365
779,314
887,636
933,611
Contributions as a percentage
of covered-employee payroll
16.89%
15.98%
15.08%
14.18%
13.28%
12.38%
11.49%
11.16%
9.88%
9.39%
OTHER INFORMATION
COMBINING AND INDIVIDUAL FUND STATEMENTS
Page 24
Seibert, Colorado
Combining Balance Sheet
Nonmajor Governmental Funds
At June 30, 2015
ASSETS
Inventory
Total Assets
LIABILITIES AND FUND BALANCE
Current Liabilities
Accrued Salaries & Benefits
Deferred Revenue
FUND BALANCE
Committed for capital projects
Nonspendable
Assigned
Total Fund Balances
Total Liabilities and Fund Balance
See auditor's report and notes to the financial statements.
Food
Service
Student
Activity
Capital
Projects
Total
22,549
3,699
26,248
11,546
0
11,546
22,085
0
22,085
56,179
3,699
59,879
8,814
0
0
8,814
175
0
0
175
0
3,699
13,560
17,259
0
0
11,546
11,546
22,085
0
0
22,085
22,085
3,699
25,106
50,890
26,248
11,546
22,085
59,879
Page 25
Seibert, Colorado
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental Funds
REVENUES
Local Sources
Charges for Service
Investment Interest
Other
State Sources
Federal Sources
Total Revenues
Special Revenue Funds
Food
Student
Service
Activity
Capital
Projects
Total
18,070
12
0
1,891
40,621
60,594
0
0
10,841
0
0
10,841
0
94
0
0
0
94
18,070
106
10,841
1,891
40,621
71,529
EXPENDITURES
Current
Food Service
Other
Capital Outlay
Total Expenditures
106,562
0
0
106,562
0
10,659
0
10,659
0
0
116,808
116,808
106,562
10,659
116,808
234,029
Revenues over (under)
Expenditures
(45,969)
(116,714)
(162,500)
Other Financing Sources (Uses)
Excess of Revenues and Other Sources over
(under) Expenditures and Other Uses
182
52,689
0
6,720
182
0
10,539
17,259
11,364
0
11,546
0
52,689
(116,714)
(109,811)
138,798
0
22,085
150,162
10,539
50,890
GENERAL FUND
The General Fund is used to account for resources traditionally associated with government which are not
required legally or by sound financial management to be accounted for in another fund.
Page 26
Seibert, Colorado
General Fund
Comparative Balance Sheet
ASSETS
Cash In Bank
Certificates of Deposit
Accounts/Grants Receivable
Accrued Property Tax Receivable
Total Assets
Current Liabilities
Accounts Payable
Accrued Salaries and Benefits Payable
Total Liabilities
Fund Balance
Restricted for TABOR
Restricted for Preschool
Unassigned
Total Fund Balance
6/30/15
320,878
961,254
5,172
31,756
1,319,060
6/30/14
376,561
956,681
55,728
26,145
1,415,115
Change
(55,683)
4,573
(50,556)
5,611
(96,055)
9
131,784
131,793
2,091
132,287
134,378
(2,082)
(503)
(2,585)
52,711
0
1,134,556
1,187,267
49,892
(603)
1,231,448
1,280,737
2,819
603
(96,892)
(93,470)
1,319,060
1,415,115
(96,055)
Page 27
Seibert, Colorado
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
With Comparative Actual Amounts for the Year Ended June 30, 2014
REVENUES
Local Sources
Property Taxes
Delinquent Taxes & Penalties
Investment Interest
Overhead Costs From Preschool
Other
Total Local Sources
State Sources
Equalization
Transportation
BOCES Flowthrough
Other
Total State Sources
Federal Sources
Grants
BOCES Flowthrough
Total Federal Sources
Total Revenues
Expenditures
Excess of Revenues over
(under) Expenditures
Actual
Prior
Year
Budget
Actual
518,366
49,349
0
5,000
0
20,215
592,930
489,886
65,657
274
4,813
1,840
89,763
652,232
(28,480)
16,308
274
(187)
1,840
69,548
59,302
509,484
70,994
173
4,401
1,730
48,189
634,971
962,779
28,470
12,968
185
1,004,402
947,724
23,710
29,827
31,804
1,033,064
(15,055)
(4,760)
16,859
31,619
28,662
911,041
29,125
42,139
3,727
986,031
15,711
22,232
37,943
1,635,275
14,333
24,585
38,917
1,724,214
(1,378)
2,353
974
88,939
15,711
27,378
43,089
1,664,092
2,845,615
1,764,994
1,080,621
1,611,728
52,364
(1,210,340)
(40,781)
1,169,559
(71,000)
(52,689)
18,311
(62,500)
(1,281,340)
(93,470)
1,187,870
(10,136)
Other Financing Uses
Excess of Revenues over (under)
Expenditures & Other Uses
Variance
Favorable
(Unfavorable)
1,281,340
1,280,737
0
1,187,267
(603)
1,187,267
1,290,872
1,280,737
Page 28
Seibert, Colorado
General Fund
Statement of Expenditures - Budget and Actual
INSTRUCTION
Current
Salaries
Employee Benefits
Purchased Services
Supplies and Material
Other
Capital Outlay
Total Instruction
SUPPORTING SERVICES
Pupil
Current
Salaries
Benefits
Purchased Services
Total Pupil
Instructional Staff Services
Current
Salaries
Employee Benefits
Purchased Services
Other
Total Instructional Staff
Variance
Favorable
(Unfavorable)
Actual
Prior
Year
Budget
Actual
612,697
219,889
62,806
34,150
0
900
930,442
620,290
197,874
65,034
17,996
0
5,246
906,440
(7,593)
22,015
(2,228)
16,154
0
(4,346)
24,002
634,582
182,939
45,787
36,615
15,083
3,522
918,528
8,699
1,722
20,632
400
31,453
10,075
2,021
19,128
390
31,614
(1,376)
(299)
1,504
10
(161)
9,754
1,911
23,344
815
35,825
0
0
1,950
5,585
100
7,635
12,297
3,820
1,350
9,985
0
27,452
(12,297)
(3,820)
600
(4,400)
100
(19,817)
1,050
0
300
6,448
0
7,798
Page 29
Seibert, Colorado
General Fund
(continued)
Variance
SUPPORTING SERVICES (continued)
Favorable
General Administration
Budget
Actual (Unfavorable)
Current
Salaries
94,405
107,667
(13,262)
Employee Benefits
30,773
26,481
4,292
Purchased Services
56,151
54,923
1,228
37,352
19,684
17,668
Other
7,250
5,644
1,606
Capital Outlay
0
22,963
(22,963)
Total General Administration
225,931
237,362
(11,431)
Actual
Prior
Year
106,250
22,935
43,927
13,980
6,770
0
193,862
School Administration
Current
Salaries
Employee Benefits
Purchased Services
Total School Administration
56,508
16,654
1,000
74,162
63,340
17,207
544
81,092
(6,832)
(553)
456
(6,930)
59,588
16,008
230
75,825
Business
Current
Salaries
Employee Benefits
Purchased Services
Other
Total Business
33,395
12,652
19,022
0
65,069
33,990
12,583
17,747
385
64,705
(595)
69
1,275
(385)
364
33,395
11,804
18,750
0
63,949
52,047
20,796
99,118
65,500
0
237,461
52,975
11,992
65,104
85,006
76,151
291,227
(928)
8,804
34,014
(19,506)
(76,151)
(53,766)
68,958
11,113
38,529
60,625
0
179,225
Operations and Maintenance
Current
Salaries
Employee Benefits
Purchased Services
Capital Outlay
Total Operations & Maintenance
Page 30
Seibert, Colorado
General Fund
(continued)
Variance
Favorable
SUPPORTING SERVICES (continued)
Budget
Pupil Transportation
Current
Salaries
48,300
38,100
10,200
Employee Benefits
13,547
8,317
5,230
Purchased Services
12,395
9,439
2,956
49,650
29,712
19,938
Capital Outlay
7,800
2,423
5,377
Total Transportation
131,692
87,991
43,701
Central Support Services
Current
Purchased Services
TOTAL EXPENDITURES
48,134
10,997
12,377
35,747
0
107,256
35,404
37,110
(1,706)
29,460
808,807
858,554
(49,747)
693,200
1,106,366
0
1,106,366
0
2,845,615
1,764,994
1,080,621
1,611,728
TOTAL SUPPORTING SERVICES
Appropriated Reserves
Actual
Prior
Year
SPECIAL REVENUE FUNDS
Food Services Fund - to account for revenues and expenditures associated with providing hot meals to
students, teachers, and visitors.
Student Activity Fund - to account for expenditures for sports activities. Financing is provided by charges for
admission and transfers from the General Fund.
Page 31
Seibert, Colorado
Food Services Special Revenue Fund
ASSETS
Current Assets
Cash In Bank
Accounts/Grants Receivable
Inventory
Total Current Assets
Liabilities
Accounts Payable
Accrued Salaries & Benefits Payable
Total Liabilities
Deferred Revenue
FUND BALANCE
Nonspendable
Assigned
Total Fund Balance
6/30/15
6/30/14
Change
22,549
0
3,699
26,248
13,885
3,830
4,715
22,429
8,664
(3,830)
(1,016)
3,819
0
8,814
8,814
3,460
8,430
11,890
(3,460)
384
(3,076)
175
0
3,699
13,560
17,259
4,715
5,824
10,539
(1,016)
7,736
6,720
26,248
22,429
3,819
175
Page 32
Seibert, Colorado
Food Services Special Revenue Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Variance
Favorable
REVENUES
Budget
Charges for Service
Student Meals
15,000
14,136
(864)
Adult Meals
4,000
3,934
(66)
Interest Income
50
12
(38)
State Grants
500
1,891
1,391
Federal Aid
Breakfast & Lunch
39,000
37,286
(1,714)
Donated Commodities
4,000
3,335
(665)
Total Revenues
62,550
60,594
(1,956)
Actual
Prior
Year
14,303
3,816
11
1,933
43,011
2,906
65,980
EXPENDITURES
Salaries
Benefits
Food & Milk
Commodities
Purchased Services
Non-Food
Equipment
Total Expenditures
35,327
17,642
57,050
4,000
6,600
4,700
3,000
10,770
139,089
38,328
14,745
44,169
3,447
2,308
2,580
986
0
106,562
(3,001)
2,897
12,881
553
4,292
2,120
2,014
10,770
32,527
44,007
13,996
52,805
3,182
5,178
3,878
1,447
0
124,493
Excess of Revenues over
(under) Expenditures
(76,539)
(45,969)
30,570
(58,513)
Other Sources
Operating Transfers In
66,000
52,689
(13,311)
60,000
(10,539)
6,720
17,259
1,487
10,539
0
0
0
10,539
17,259
(10,539)
10,539
17,259
9,052
0
10,539
Excess of Revenues and Other Sources
over (under)Expenditures
Page 33
Seibert, Colorado
Student Activity Special Revenue Fund
6/30/15
6/30/14
Change
11,546
11,364
182
11,546
11,364
182
ASSETS
Cash
In Bank
ASSIGNED FUND BALANCE
Page 34
Seibert, Colorado
Student Activity Special Revenue Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual
REVENUE
Gates admission
Budget
13,400
Actual
10,841
Variance
Favorable
(Unfavorable)
(2,559)
EXPENDITURES
Non Instructional
Benefits
Purchased services
Supplies
Other
Appropriated Reserve
0
15,500
2,000
900
11,363
11
9,448
1,200
0
0
(11)
6,052
800
900
11,363
771
16,710
2,096
335
0
Total Expenditures
29,763
10,659
19,104
19,912
182
16,545
(1,975)
(5,000)
2,500
Excess of Revenue over (under)
Expenditures
Other Financing Sources
Operating transfers
Excess of Revenue and Other Sources
over (under) Expenditures
(16,363)
5,000
(11,363)
0
Actual
Prior
Year
17,938
182
11,545
525
11,363
11,364
1
10,838
0
11,546
11,546
11,364
DEBT SERVICE FUND
Bond Redemption Fund – to account for payment of principle and interest on bonds issued December 8,
2011. Financing is provided by a specific annual property tax levy.
Page 35
Seibert, Colorado
Bond Redemption Debt Service Fund
6/30/15
6/30/14
Change
ASSETS
Cash
Accrued Property Taxes Receivable
Total Assets
213,315
12,133
225,447
197,326
10,128
207,454
15,989
2,005
17,993
FUND BALANCE
Restricted For Bond Redemption
225,447
207,454
17,993
REVENUES
Property Taxes
Delinquent Taxes & Interest
Interest
Total Revenues
Budget
196,442
0
0
0
196,442
Actual
187,174
25,252
106
219
212,752
Variance
Favorable
(Unfavorable)
(9,268)
25,252
106
219
16,310
EXPENDITURES
Bond Interest
Bond Principal
TOTAL EXPENDITURES
82,853
111,905
209,138
403,896
82,853
111,905
0
194,758
(0)
0
209,138
209,138
159,626
38,926
0
198,552
(207,454)
17,993
225,447
28,683
207,454
207,454
0
225,447
Revenues over (under)
Expenditures
Beginning Fund Balance
Ending Fund Balance
(0)
225,447
Actual
Prior
Year
197,502
29,550
0
183
227,236
178,771
207,454
CAPITAL PROJECTS FUND
Building Fund – to account for all resources available for acquiring capital sites, buildings, and equipment.
Capital Reserve Fund - to account for acquisition of land and construction of structures thereon, or acquisition
of land with existing structures thereon and equipment and furnishing therein; construction of additions to
existing structures; procurement of equipment for new buildings and additions to existing buildings and
installation thereof; alterations and improvements to existing structures where the estimated cost of such
projects for labor and materials is in excess of two thousand five hundred dollars; and acquisition of school
buses or other equipment, the estimated unit cost of which, including any necessary installations, is in excess of
one thousand dollars. Lease agreements with option to purchase for a period of one year or less, including
lease agreements consisting of a series of one-year terms renewable at the option of the District. Financing is
provided by transfers from the General Fund.
Page 36
Seibert, Colorado
Building Capital Projects Fund
6/30/15
6/30/14
Change
ASSETS
Cash with Escrow Agent
0
0
0
FUND BALANCE
Restricted
0
0
0
REVENUES
BEST Grant
Budget
7,570,618
Variance
Favorable
7,242,209
(328,409)
EXPENDITURES
Capital Outlay
7,570,618
7,242,209
328,409
9,451,547
0
0
0
(2,851,230)
Beginning Fund Balance
0
0
0
2,851,230
Ending Fund Balance
0
0
0
0
Actual
Prior
Year
6,600,317
Page 37
Seibert, Colorado
Capital Reserve Capital Projects Fund
ASSETS
6/30/15
6/30/14
Change
Cash
22,085
138,798
(116,714)
FUND BALANCE
Restricted
Committed
Total Fund Balance
0
22,085
22,085
87,114
51,684
138,798
(87,114)
(29,599)
(116,714)
Page 38
Seibert, Colorado
Capital Reserve Capital Projects Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
Budget
Actual
Variance
Favorable
(Unfavorable)
0
94
94
116
117,000
21,798
138,798
116,808
0
116,808
192
21,798
21,990
0
0
0
(138,798)
(116,714)
22,084
116
138,798
138,798
0
138,682
0
22,085
22,085
138,798
REVENUES
Local Sources
Interest income
EXPENDITURES
Capital Outlay
Vehicles
Appropriated Reserve
Total Expenditures
Actual
Prior
Year
AGENCY FUND
Student Activity Fund - to act as custodian for the classes and activities of the district.
Page 39
Seibert, Colorado
Statement of Changes in Assets and Liabilities
Class of 2011
Class of 2012
Class of 2013
Class of 2014
Class of 2015
Class of 2016
Class of 2017
Class of 2018
Class of 2019
Class of 2020
Class of 2021
Class of 2022
Class of 2023
Class of 2024
Class of 2025
Class of 2026
Class of 2027
District
Athletics
Boys Athletics
Football
Volleyball
Volleyball Camp
Publications
FBLA
FFA
FHA
Music
Shop
Accountability Committee
Cheerleaders
National Honor Society
History
Counseling
Student Council
LEGO
AR Reading
Total
Budget
Variance - Favorable (Unfavorable)
Balance
July 1
516
604
289
51
3,260
1,283
2,072
629
442
25
20
20
20
15
10
0
0
1,107
1,373
28
0
4
0
5,325
1,075
2,259
10
771
50
18
884
8
521
201
306
263
194
23,650
Additions
0
0
0
0
36,121
4,104
2,653
231
477
316
5
5
5
5
5
5
5
3,027
2,934
0
1,834
0
2,845
6,097
1,052
21,500
0
10
41
0
696
0
0
0
50
0
12
84,034
Deletions
0
0
0
0
39,290
2,865
1,659
100
225
0
0
0
0
0
0
0
0
2,850
3,104
0
1,376
161
1,208
5,958
2,333
13,851
0
0
29
0
1,221
0
0
0
74
0
0
76,304
23,650
100,000
123,650
0
47,346
31,380
(0)
(15,966)
Balance
June 30
516
604
289
51
90
2,522
3,066
760
694
341
25
25
25
20
15
5
5
1,284
1,204
28
458
(157)
1,637
5,464
(206)
9,907
10
781
62
18
358
8
521
201
283
263
206
31,380
AUDITOR'S INTEGRITY REPORT

2015 Financial Audit - Hi-Plains School District R-23

Transcription

Similar documents

Colorado Springs

Real Estate Advisor Sell Smart, Buy Wise, and Live Well

2015 Home Cafe Menu ActualWEB

University of Colorado Health Cancer Center Phase II Adolfson

Parent Newsletter - Mountain View Elementary

2013 - 2014 Colorado Contractors Association New Car Buying

Investors Presentation

walton-verona independent school district annual financial report for

here - Forensic Applications Consulting Technologies, Inc.