Comprehensive Annual Financial Report 2012 - Kettering City ...

KETTERING CITY SCHOOL DISTRICT
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2012
NOTE 6 - PROPERTY TAXES (Continued)
2011 Second Half 2012 First Half
Collections Collections
Agricultural/Residential and Other Real Estate $1,281,069,450 $1,169,058,260
Public Utility Personal 78,792,780 80,829,600
Total Assessed Value $1,359,862,230 $1,249,887,860
Tax rate per $1,000 of assessed valuation $78.00 $78.00
NOTE 7 - RECEIVABLES
Receivables at June 30, 2012 consisted of taxes, accounts receivable and intergovernmental receivables.
All receivables are considered collectible in full due to the ability to foreclose for the nonpayment of
taxes, the stable condition of State programs and the current year guarantee of Federal funds.
NOTE 8 - TRANSFERS
Following is a summary of transfers in and out for all funds at June 30, 2012:
Fund Transfer In Transfer Out
General Fund $0 $13,500
Other Governmental Funds 13,500 0
Total All Funds $13,500 $13,500
Transfers are used to (a) move revenues from the fund that statute or budget requires to collect them to
the fund that statute or budget requires to expend them and to (b) use unrestricted revenues collected in
the general fund to finance various programs accounted for in other funds in accordance with budgetary
authorizations.
NOTE 9 - INTERFUND BALANCES
Following is a summary of interfund receivables/payables for all funds at June 30, 2012:
Due from
Due to
Fund Other Funds Other Funds
General Fund $61,264 $0
Other Governmental Funds 0 61,264
Totals $61,264 $61,264
The Interfund Loan is a short-term loan arising from timing differences. Due to/from other funds
represent normal balances between funds that occur due to timing differences.
DRAFT - 45 - 12/18/2012