PARK HILL SCHOOL DISTRICT FINANCIAL STATEMENTS with ...

PARKHILL SCHOOL DISTRICT
Kansas City, Missouri
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
June 30, 2011
The discussion and analysis of the Park Hill School District financial performance provides an overview
of the district's financial activities for the fiscal year ended June 30, 2011. The intent of this discussion and
analysis is to look at the district's performance as a whole. Readers should also review the basic financial
statements which begin on page 12, and notes to the basic financial statements which begin on page 16 to
enhance their understanding of the district's performance.
The Management's Discussion and Analysis (MD&A) is an element of the reporting model adopted by the
Governmental Accounting Standards Board (GASB) in their latest Statement No. 34, Basic Financial
Statements and Management's Discussion and Analysis for State and Local Governments, issued in 1999.
FINANCIAL HIGHLIGHTS
Revenue
Total district revenues amount to $142.9 million.
· Operating and Bond revenues accounted for $128.9 million or 90.2% of the total revenue.
· Debt service revenue accounted for $14.0 million or 9.8% of the total revenue.
Primary district revenue sources include:
· Local revenues, primarily tax receipts, totaled $96.3 million or 67.3% of the total revenue.
· County revenues, primarily from state assessed utilities, totaled $3.4 million or 2.4% of the total revenue.
· State aid, primarily basic foundation formula, entitlements and grants totaled $21.0 million or 14.7% of the
total revenue.
· Federal revenue, primarily IDEA, title funds and food service funds totaled $7.6 million or 5.3% of the total
revenue.
· Other revenue, primarily the sale of general obligation bonds within the capital projects fund, and the
refinancing of debt within the debt service fund totaled $14.6 million or 10.2% of the total revenue.
Expenditures
District expenses totaled $130.5 million. Primary district expenditures include:
· Instruction expenditures totaled $63.3 million or 48.5% of the total expenses.
· Support services (Instructional) expenditures totaled $47.3 million or 36.3% of the total expenses.
· Non-Instructional Support Services totaled $5.3 million or 4.1% of the total expenses.
· Debt Service expenditures totaled $14.5 million or 11.1% of the total expenses.
Net Assets
Net assets at the end of the year totaled $44.5 million. This was an increase in net assets from the prior year
by $12.5 million. This increase was primarily due to the sale of $10 million in general obligation bonds in
June, 2011 and the receipt of $1.3 million in Federal Jobs Bill funds in May, 2011.
Balances
Unrestricted operating reserves totaled $21.1 million as of June 30, 2011 and represented a decrease of
9.6% from June 30, 2010. Unrestricted operating reserves as a percentage of the operating expenditures
equaled 19.1% as of June 30, 2011.
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