Comprehensive Annual Financial Report - Harford County Public ...

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HARFORD COUNTY PUBLIC SCHOOLS NOTES TO FINANCIAL STATEMENTS June 30, 2012 NOTE 6 - POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (continued) Schedule of Funding Progress Value of Assets Accrued Liability (AAL) Unfunded AAL (UAAL) Funded Ratio Covered Payroll UAAL as a % of Covered Payroll July 1, 2008 $ 12,136,368 $ 589,795,000 $ 577,658,632 2.06% $ 278,038,509 207.76% July 1, 2009 $ 10,233,348 $ 626,155,000 $ 615,921,652 1.63% $ 278,636,614 221.05% July 1, 2010 $ 10,962,506 $ 534,277,000 $ 523,314,494 2.05% $ 278,479,993 187.92% July 1, 2011 $ 15,255,626 $ 462,698,000 $ 447,442,374 3.30% $ 276,823,307 161.63% NOTE 7 - LONG-TERM LIABILITIES Long-term liability activity for the year ended June 30, 2012 was as follows: Balance at July 1, 2011 Increase Reductions Balance at June 30, 2012 Due Within One Year Capital lease $ 9,972,928 $ 10,016,647 $ 9,972,928 $ 10,016,647 $ - Compensated absence 28,464,371 4,574,167 4,942,815 28,095,723 4,846,031 OPEB obligation 109,940,815 42,027,000 24,556,886 127,410,929 - Total Governmental Activities $ 148,378,114 $ 56,617,814 $ 39,472,629 $ 165,523,299 $ 4,846,031 Compensated absences and net OPEB obligation have typically been liquidated by the General Fund in prior years. The Board entered into lease agreements as lessee in the amount of $11,400,223 to construct the administration building, which was completed in January 2007. The lease agreement is for a period of twenty-five years. The debt was refinanced in June of 2012 at a rate of 3.25%. The term of the debt was not extended. The asset acquired and capitalized under the capital lease is as follows: Building cost $ 10,852,395 Less accumulated depreciation 1,410,811 Net Book Value $ 9,441,584 55
HARFORD COUNTY PUBLIC SCHOOLS NOTES TO FINANCIAL STATEMENTS June 30, 2012 NOTE 7 - LONG-TERM LIABILITIES (continued) The future minimum lease obligations and the net present value of these minimum lease payments as of June 30, 2012 were as follows: Years Ending June 30, 2013 $ 246,568 2014 327,544 2015 698,803 2016 823,822 2017 823,822 2018 – 2030 10,709,686 Total minimum lease payments 13,630,245 Less: Amount representing interest 3,613,598 Present value of minimum lease payments $ 10,016,647 56
Page 1 and 2:
Comprehensive Annual Financial Repo
Page 3 and 4:
Comprehensive Annual Financial Repo
Page 5 and 6:
Harford County Public Schools Table
Page 7 and 8: Introductory Section Katerina Lomis
Page 9: Board of Education of Harford Count
Page 12 and 13: actual enrollment of 38,222 student
Page 14 and 15: Relevant financial policies Primary
Page 17 and 18: Financial Section Christian Moriart
Page 19 and 20: Our audit was conducted for the pur
Page 21 and 22: Harford County Public Schools Manag
Page 33 and 34: Harford County Public Schools Exhib
Page 39 and 40: Exhibit 7 Harford County Public Sch
Page 41 and 42: Exhibit 9 Harford County Public Sch
Page 43 and 44: HARFORD COUNTY PUBLIC SCHOOLS NOTES
Page 57: HARFORD COUNTY PUBLIC SCHOOLS NOTES
Page 63 and 64: Required Supplemental Information K
Page 65 and 66: Other Supplemental Information Kale
Page 67 and 68: Schedule B Harford County Public Sc
Page 69 and 70: Harford County Public Schools Sched
Page 71 and 72: Schedule E Harford County Public Sc
Page 73 and 74: Statistical Section This part of HC
Page 75 and 76: Table 2 Harford County Public Schoo
Page 83 and 84: Table 10 Harford County Public Scho
Page 89 and 90: Independent Public Accountants’ R
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