PARK HILL SCHOOL DISTRICT FINANCIAL STATEMENTS with ...

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PARK HILL SCHOOL DISTRICT Kansas City, Missouri NOTES TO BASIC FINANCIAL STATEMENTS For the Year Ended June 30, 2011 NOTE 3: DETAIL NOTES - TRANSACTION CLASSES/ACCOUNTS (continued) B. Long-term Debt (continued) Article VI, Section 26(b) Constitution of Missouri, limits the outstanding amount of authorized general obligation bonds of a district to 15% of the assessed valuation of a district (including state-assessed railroad utilities). The legal debt margin, computed excluding the assessed valuation of state-assessed railroads and utilities, of the District at June 30, 2011, is as follows. C. Inter-fund Transfers Constitutional Debt Limit $217,067,836 General Obligation Bonds Payable (70,510,000) Amount Available in Debt Service Fund 9,177,845 Total Legal Debt Margin $155,735,681 Exchange transactions between funds are reported as receipts in the seller funds and as expenditures/ expenses in the purchaser funds. Flows of cash or goods from one fund to another without a requirement for repayment are reported as inter-fund transfers. Inter-fund transfers are reported as other financing sources/uses in governmental funds. Repayments from funds responsible for particular expenditures/expenses to the funds that initially paid for them are not presented on the financial statements. Those transfers made by the District at June 30, 2011, are as follows. “Zero” Teachers’ Fund This transfer allows the District to transfer from the General Fund an amount necessary to bring a negative Special Revenue Fund balance to “zero”. 7% x SAT x WADA This is a legal transfer from the general fund to the capital projects fund for specified projects as approved by the board of education. The maximum amount is the amount calculated by the formula. Energy Conservation Loans This transfer is used to pay the current principal and interest on the Missouri Department of Natural Resources Energy Loan. The detail of transfers is as follows. Special Capital General Fund Fund Fund “Zero” Teachers Fund $(37,483,540) $37,483,540 $ 0 7% x SAT x WADA (4,031,696) 0 4,031,696 Energy Conservation (360,904) 0 360,904 $(41,876,140) $37,483,540 $4,392,600 -26-
PARK HILL SCHOOL DISTRICT Kansas City, Missouri NOTES TO BASIC FINANCIAL STATEMENTS For the Year Ended June 30, 2011 NOTE 3: DETAIL NOTES - TRANSACTION CLASSES/ACCOUNTS (continued) D. Fund Balance Reporting The District has adopted GASB 54 as part of its 2010-11 fiscal year reporting. Implementation of GASB 54 is required for fiscal years beginning after June 15, 2010. The intention of the GASB is to provide a more structured classification of fund balance and to improve the usefulness of fund balance reporting to the users of the District’s financial statements. The reporting standard establishes a hierarchy for fund balance classifications and the constraints imposed on the uses of those resources. GASB 54 provides for two major types of fund balances which are nonspendable and spendable. Nonspendable fund balances are balances that cannot be spent because they are not expected to be converted to cash or they are legally or contractually required to remain intact. An example of this classification is the principal (corpus) of an endowment fund. In addition to the nonspendable fund balance, GASB 54 has provided a hierarchy of spendable fund balances based on a hierarchy of spending constraints. Restricted Fund balances that are constrained by external parties, constitutional provisions or enabling legislation. Committed Fund balances that contain self-imposed constraints of the government from its highest level of decision making authority. Assigned Fund balances that contain self-imposed constraints of the government to be used for a particular purpose. Unassigned Fund balance of the general fund that is not constrained for any particular purpose. The District has classified its fund balances with the following hierarchy. Nonspendable The District did not have any items that are considered nonspendable as of June 30, 2011. Spendable The District has classified the spendable fund balances as Restricted, Assigned and Unassigned and considered each to have been spent when expenditures are incurred. The District currently has no funds classified as Committed. -27-
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PARK HILL SCHOOL DISTRICT FINANCIAL STATEMENTS with ...

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