FY 2009 Comprehensive Annual Financial Report - Harford County ...

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HARFORD COUNTY PUBLIC SCHOOLS NOTES TO FINANCIAL STATEMENTS June 30, 2009 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Cash and Investments (continued) Inventory Inventory is valued at the lower of cost (first-in, first-out) or market. Inventory consists of expendable food and supplies held for consumption. The cost is recorded as an asset at the time individual inventory items are purchased. Inventory is charged to expenditures as the inventory is consumed, except for USDA commodities inventory which is recorded as expenditures as the inventory is acquired. Compensated Absences At June 30, 2009, annual and sick leave earned, applicable to governmental fund types, but not taken by Board of Education employees, was $28,792,505. This amount is based on vested accumulated leave as of June 30, 2009, for personnel eligible to receive annual leave benefits at retirement. Sick leave is accrued for employees with at least ten years of service and calculated at 25% of their annual daily rate up to a maximum of 200 days. An accrual in the amount of $1,390,103 was made in the General Fund for the year ended June 30, 2009. This amount was an estimate of the accumulated annual and sick leave which will be paid to retirees at the beginning of the fiscal year ending June 30, 2010. Essentially all such payments to retirees are made in the first month of the new fiscal year. The remaining long-term liability for accumulated annual and sick leave earned in the amount of $27,402,402 is reported as a long-term liability in the Government-wide financial statements. The long-term portion is not reported in the fund financial statements. Net Assets Net assets represent the difference between assets and liabilities. Net assets invested in capital assets consist of capital assets, net of accumulated depreciation. Net assets are reported as restricted when there are limitations placed on their use through external restrictions imposed by grantors or laws or regulations of other governments. Use of Estimates in Preparing Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. - 44 -
NOTE 2 - CAPITAL ASSETS HARFORD COUNTY PUBLIC SCHOOLS NOTES TO FINANCIAL STATEMENTS June 30, 2009 Capital asset balances and activity for the year ended June 30, 2009 were as follows: Beginning Balance Additions Retirements/ Reclassifications Ending Balance Governmental activities: Capital assets not being depreciated: Land $ 9,672,942 $ - $ - $ 9,672,942 Construction in progress 179,170,272 98,471,730 (71,587,473) 206,054,529 Total capital assets not being depreciated 188,843,214 98,471,730 (71,587,473) 215,727,471 Capital assets being depreciated: Land improvements 7,587,655 446,600 250,200 8,284,455 Buildings 279,415,515 942,892 71,337,273 351,695,680 Furniture and equipment 24,524,266 2,405,954 (346,154) 26,584,066 Total capital assets being depreciated 311,527,436 3,795,446 71,241,319 386,564,201 Less accumulated depreciation for: Land improvements 2,279,056 368,930 - 2,647,986 Buildings 96,756,610 6,033,351 - 102,789,961 Furniture and equipment 11,221,821 2,736,330 (314,209) 13,643,942 Total accumulated depreciation 110,257,487 9,138,611 (314,209) 119,081,889 Total capital assets being depreciated, net 201,269,949 (5,343,165) 71,555,528 267,482,312 Governmental activities capital assets, net $ 390,113,163 $ 93,128,565 $ (31,945) $ 483,209,783 - 45 -
Page 1 and 2: Comprehensive Annual Financial Repo
Page 3 and 4: Harford County Public Schools A Com
Page 5 and 6: Harford County Public Schools Table
Page 7 and 8: Introductory Section Aedan McBridge
Page 9 and 10: Board of Education of Harford Count
Page 11 and 12: Harford County Public Schools 102 S
Page 13 and 14: Harford County Public Schools unsca
Page 15 and 16: - 9 -
Page 17 and 18: Financial Section Katie Perzinski,
Page 19 and 20: Report of Independent Public Accoun
Page 21 and 22: Harford County Public Schools Manag
Page 33 and 34: Harford County Public Schools Exhib
Page 41 and 42: Exhibit 9 Harford County Public Sch
Page 43 and 44: HARFORD COUNTY PUBLIC SCHOOLS NOTES
Page 49: HARFORD COUNTY PUBLIC SCHOOLS NOTES
Page 55 and 56: NOTE 5 - PENSION PLANS (continued)
Page 59 and 60: NOTE 8 - RISK MANAGEMENT HARFORD CO
Page 61 and 62: Required Supplemental Information A
Page 63 and 64: Other Supplemental Information Mich
Page 65 and 66: Schedule B Harford County Public Sc
Page 67 and 68: Schedule C Harford County Public Sc
Page 69 and 70: Schedule E Harford County Public Sc
Page 71 and 72: Statistical Section This part of HC
Page 73 and 74: Table 2 Harford County Public Schoo
Page 81 and 82: Table 10 Harford County Public Scho
Page 83 and 84: Compliance Section Austin Sapp, Fal
Page 85 and 86: Our consideration of the internal c

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