2012 CAFR - Pickerington Local School District

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PICKERINGTON LOCAL SCHOOL DISTRICT FAIRFIELD COUNTY, OHIO NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2012 NOTE 10 - LONG-TERM OBLIGATIONS - (Continued) B. The following is a summary of the future debt service requirements to maturity for the general obligation bonds: Fiscal Year Current Interest Bonds Capital Appreciation Bonds Ending June 30, Principal Interest Total Principal Interest Total 2013 $ 3,010,000 $ 5,113,389 $ 8,123,389 $ 2,607,724 $ 4,282,276 $ 6,890,000 2014 3,995,000 4,973,831 8,968,831 2,162,231 3,202,769 5,365,000 2015 4,140,000 4,802,134 8,942,134 2,120,542 1,969,458 4,090,000 2016 4,180,000 4,622,431 8,802,431 2,038,306 2,171,695 4,210,001 2017 3,515,000 5,155,360 8,670,360 1,963,801 2,836,199 4,800,000 2018 - 2022 22,745,000 16,658,327 39,403,327 5,109,904 11,670,093 16,779,997 2023 - 2027 40,140,000 12,219,019 52,359,019 - - - 2028 - 2032 25,180,000 4,343,712 29,523,712 - - - 2033 - 2035 10,450,000 678,512 11,128,512 - - - Total $ 117,355,000 $ 58,566,715 $ 175,921,715 $ 16,002,508 $ 26,132,490 $ 42,134,998 The difference in the amount due in one year in the schedule below in Note 10.C. and the amortization schedule above is $3,990,823 which is the amount of matured capital appreciation bond accreted interest that will be paid in fiscal year 2013. C. During the fiscal year 2012, the following changes occurred in governmental activities long-term obligations: Balance Balance Amounts Outstanding Outstanding Due in June 30, 2011 Additions Reductions June 30, 2012 One Year Governmental activities: General Obligation Bonds: General obligation bonds $ 156,354,662 $ 1,925,190 $ (9,690,000) $ 148,589,852 $ 9,608,547 Total general obligation bonds payable 156,354,662 1,925,190 (9,690,000) 148,589,852 9,608,547 Other Long-Term Obligations: Lease Purchase 1,096,872 - (80,591) 1,016,281 85,976 Compensated absences 5,214,604 976,125 (1,036,460) 5,154,269 896,740 Total other long-term obligations 6,311,476 976,125 (1,117,051) 6,170,550 982,716 Total governmental activities $ 162,666,138 $ 2,901,315 $ (10,807,051) 154,760,402 $ 10,591,263 Less: Unamortized deferred charges on refundings (2,259,131) Add: Unamortized premiums on refundings 3,671,752 Total on statement of net assets $ 156,173,023 F 48
PICKERINGTON LOCAL SCHOOL DISTRICT FAIRFIELD COUNTY, OHIO NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2012 NOTE 10 - LONG-TERM OBLIGATIONS - (Continued) Lease Purchase Agreement - The District entered a lease purchase agreement during fiscal year 2007 for the construction of a bus/maintenance facility. See Note 9 for details. Compensated Absences - Compensated absences will be paid from the fund which the employees’ salaries are paid which, for the District, is primarily the general fund and food service fund (a nonmajor governmental fund). D. Legal Debt Margin The Ohio Revised Code provides that voted net general obligation debt of the District shall never exceed 9% of the total assessed valuation of the District. The code further provides that unvoted indebtedness shall not exceed 1/10 of 1% of the property valuation of the District. The code additionally states that unvoted indebtedness related to energy conservation debt shall not exceed 9/10 of 1% of the property valuation of the District. The assessed valuation used in determining the District’s legal debt margin has been modified by House Bill 530 which became effective March 30, 2006. In accordance with House Bill 530, the assessed valuation used in the District’s legal debt margin calculation excluded tangible personal property used in business, telephone or telegraph property, interexchange telecommunications company property and personal property owned or leased by a railroad company and used in railroad operations. The Ohio Revised Code further provides that when a Board of Education declares a resolution that the student population is not adequately served by existing facilities and that insufficient capacity exists within the 9 percent limit to finance additional facilities, the State Department of Education may declare that District a “special needs” District. This permits the incurrence of additional debt based upon projected 5-year growth of the school district’s assessed valuation. The District was determined to be a “special needs” District on March 28, 1996 and confirmed on October 5, 2000 and again in October, 2006. In addition, the unvoted net debt of a school district cannot exceed 0.1 percent of the total assessed value of property. On June 30, 2012, the District had no unvoted debt. E. State Loans In 1979 and in 1999, respectively, the District received a $2,500,000 and $6,780,000 interest-free loan from the State of Ohio for the construction of classroom facilities. As of September 2000, S.B. 272 forgives the debt on State loan repayment. Under S.B. 272, districts like Pickerington, which are in the upper half of all Ohio districts in terms of assessed valuation per pupil, no longer are required to pay the State one-half of the half-mill being collected in connection with state-financed classroom facilities projects. S.B. 272 instead requires that all of the half-mill be retained by the school district and applied to repair and maintenance of the district’s State projects. Since the District is not required to repay these State loans, no obligation is reported on the statement of net assets. F 49
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ThePickeringtonLocalSchoolDistrict
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COMPREHENSIVE ANNUAL COMPREHENSIVE
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INTRODUCTORY SECTION
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PICKERINGTON LOCAL SCHOOL DISTRICT
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COMBINING STATEMENTS AND INDIVIDUAL
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Instructional Organization: The Dis
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Summer School Opportunities: The Di
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AWARDS AND ACKNOWLEDGEMENTS The Gov
Page 19 and 20: Pickerington Local School District
Page 21 and 22: FINANCIAL SECTION
Page 23 and 24: INDEPENDENT AUDITORS’ REPORT Boar
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Page 81 and 82: COMBINING STATEMENTS AND INDIVIDUAL
Page 83 and 84: PICKERINGTON LOCAL SCHOOLS FAIRFIEL
Page 89 and 90: PICKERINGTON LOCAL SCHOOLS COMBININ
Page 91 and 92: Summer School Alternative Education
Page 93 and 94: Miscellaneous Federal Grants Total
Page 95 and 96: Data Summer School Alternative Educ
Page 97 and 98: Total Drug Free Nonmajor School Mis
Page 113 and 114: PICKERINGTON LOCAL SCHOOLS FAIRFIEL
Page 115 and 116: STATISTICAL SECTION
Page 119 and 120: 2008 2007 2006 2005 2004 2003 $ 7,8
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2008 2007 2006 2005 2004 2003 $ 47,
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2008 2007 2006 2005 2004 2003 $ 801
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2008 2007 2006 2005 2004 2003 $ 27,
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2008 2007 2006 2005 2004 2003 $ - $
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2008 2007 2006 2005 2004 2003 $ 41,
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2008 2007 2006 2005 2004 2003 $ - $
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Total Total Estimated Direct Assess
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Madison Violet School Township - Ci
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2007 2006 2005 2004 2003 $ 7,645,73
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2006 2005 2004 2003 92,544 92,544 9
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2012 CAFR - Pickerington Local School District

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