RIO GRANDE CITY CISD ANNUAL FINANCIAL REPORT ... - rgccisd

CAPITAL ASSET AND DEBT ADMINISTRATIONCapital AssetsAt the end of 2012, the District had $152.1 million, net of depreciation, invested in a broad range ofcapital assets, including facilities and equipment for instruction, transportation, athletics,administration, and maintenance. This amount represents a net decrease of just over $2 million, or1.3 percent below last year.This year’s major additions included;Project1. Rio Grande City High School, with costs of $856,151 in the current year. This assetis included in construction in progress.2. Furniture/Equipment, with costs of $.5 Million in the current year.Debt AdministrationAt year-end, the District had $130.1 million in bonds, notes and capital leases outstanding versus$130.7 million from last year an decrease of .4 percent. The decrease was due the issuance in thecurrent year of refunding bond issue series 2012, in the amount $8.925 million. The District’sgeneral obligation bond rating has been the highest possible according to national rating agencies.ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES Appraised value used for the 2012-2013 fiscal year decreased by 108 million from $ 1.167billion to $ 1.059 billion. The district’s refined average daily attendance for 2012-2013 is expected to be 10,047, upfrom 9,950 for fiscal year 2011-12.These indicators were taken into account when adopting the General Fund budget for 2013.Amounts available for appropriation in the General Fund budget are $95.6 million, an increase of3 percent over the original 2012 budget of $ 92.8 million. The District will use its revenues tofinance programs currently being offered. Total Governmental budgeted expenditures areexpected to rise nearly 3% to $ 95.6 million in 2012-2013 from the 2011-2012 original budget of$ 92.8 million.If these estimates are realized, the District’s budgetary General Fund balance is expected to remainunchanged by the close of 2012.CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENTThis financial report is designed to provide our citizens, taxpayers, customers, and investors andcreditors with a general overview of the District’s finances and to show the District’s accountabilityfor the money it receives. If you have questions about this report or need additional financialinformation, contact the District’s business office, at Rio Grande City Consolidated IndependentSchool District, Fort Ringgold, Rio Grande City, Texas.9