Comprehensive Annual Financial Report 2012 - Kettering City ...
Comprehensive Annual Financial Report 2012 - Kettering City ...
Comprehensive Annual Financial Report 2012 - Kettering City ...
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KETTERING CITY SCHOOL DISTRICT<br />
Notes to the Basic <strong>Financial</strong> Statements<br />
For the Fiscal Year Ended June 30, <strong>2012</strong><br />
NOTE 16 – STATUTORY RESERVES<br />
The District is required by state law to set aside certain general fund revenue amounts, as defined, into a<br />
capital acquisition reserve. During the fiscal year ended June 30, <strong>2012</strong>, the reserve activity (cash-basis)<br />
was as follows:<br />
Capital<br />
Acquisition<br />
Reserve<br />
Set-aside Cash Balance as of June 30, 2011 $0<br />
Carryover Balance from Prior Year 0<br />
Current Year Set-Aside Requirement 1,270,201<br />
Current Year Offset Credits (588,290)<br />
Qualifying Disbursements (1,079,701)<br />
Totals ($397,790)<br />
Qualifying Carryover Amounts to FY 2013 ($104,000,000)<br />
Qualifying carryover amount to fiscal year <strong>2012</strong> cannot exceed ($104,000,000) for capital acquisition setaside.<br />
The $104,000,000 represents the debt issuances from fiscal years 1998 and 2003. Effective July 1,<br />
2011, the textbook set aside is no longer required and has been removed from existing law.<br />
This space intentionally left blank.<br />
DRAFT - 56 - 12/18/<strong>2012</strong>
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