HUGHES SPRINGS INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED AUGUST 31, 2009_part2 pot

THE DISTRICT'S FUNDS As the District completed the year, its governmental funds as presented in the balance sheet on page 16 reported a combined fund balance of $5,771,117, which is mor

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Management’s Discussion and Analysis Hughes Springs Independent School District For the Fiscal Year Ended August 31, 2009

Table II Hughes Springs Independent School

District CHANGES IN NET ASSETS

Activities

2009

Governmental Activities

2008 Revenues:

Program Revenues:

General Revenues:

Total Revenue 10,938,862 11,176,675

Expenses:

Instruction, curriculum and media services 5,644,728 5,685,799

Plant maintenance, security & data

processing

1,539,289 973,341

Total Expenses 10,145,413 9,411,998

Increase in net assets before transfers

and special items

Beginning net assets at 9/01 7,715,148 5,950,471

Prior Period Adjustment 19,427

Ending net assets at 8/31 $8,528,024 $7,715,148

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TABLE II CHART A – REVENUES

Investments on earnings 1%

Charges for Services

3%

Operating Grants

and Contributions

13%

Maintenance and

operations taxes

30%

Miscellaneous 0%

State aid - formula grants 53%

TABLE II CHART B – EXPENSES

Co-curricular 6%

Child Nutrition 4% Student Support7% Leadership5%

Gen Administration

4%

Plant Maint.,

Security & Data

15%

Debt Service

2%

Pmts to Fiscal

Agents

2%

Inst., Curr., & Media 55%

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The District's total revenues decreased by 2.13% The total cost of all programs and services increased by 7.79% Most of the increases were the results of higher cost in plant maintenance and construction

• The District’s ADA increased from the prior year

The cost of all governmental activities this year was $ 10,145,413 As shown in the Statement of Activities on page 15, the amount that our taxpayers ultimately financed for these activities through District taxes was $2,478,659 because some of the costs were paid by those who directly benefited from the programs ($340,752) or by other governments and organizations that subsidized certain programs with grants and contributions ($1,540,519) or by unrestricted grants and other revenue ($5,785,483)

THE DISTRICT'S FUNDS

As the District completed the year, its governmental funds (as presented in the balance sheet on page 16) reported a combined fund balance of $5,771,117, which is more than last year's total of $4,880,559 Included in this year's total change in fund balance is an increase of $876,892 in the District's General Fund

Over the course of the year, the Board of Trustees revised the District's budget several times These budget amendments fall into two categories The first category includes amendments and supplemental appropriations that were approved shortly after the beginning of the year and reflect the actual beginning balances (versus the amounts we estimated in August 2008) The second category involved amendments moving funds from programs that did not need all the resources originally appropriated to them to programs with resource needs

The District's General Fund balance of $5,682,745 reported on pages 16 and 42 differs from the General Fund's budgetary fund balance of $4,810,361 reported in the budgetary comparison schedule on page 42

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

At the end of 2009, the District had $22,856,662 invested in a broad range of capital assets, including facilities and equipment for instruction, transportation, athletics, administration, and maintenance There was an increase in capital assets of $369,972 over last year The increase was primarily construction in progress for new facilities, renovation of existing facilities and purchase of new buses and other vehicles The District's fiscal year 2010 has plans for major capital asset expenditures More detailed information about the District's capital assets is presented in Note IV-F to the financial statements

Debt

At year-end, the District had outstanding bonds of $2,970,000, which was a decrease of $90,000

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12

The District has copiers under capital leases Interest rates for the leases are 10.5% and all are 48 or 60 month leases At year-end, the District had outstanding lease payments of $49,853

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES

The District's elected and appointed officials considered many factors when setting the fiscal-year 2010 budget and tax rates

These indicators were taken into account when adopting the General Fund budget for 2010 Amounts appropriated in the General Fund budget total $8.4 million, a slight decrease as the final 2009 budget of

$8.7 million Property taxes (up due to an increase in assessed valuation) account for part of the increase

in available revenue ADA is up which also accounts for the increase in available revenue If these estimates are realized, the District's budgetary General Fund balance is expected to remain close to the same at the close of 2010 More importantly, however, this will have been accomplished in spite of unfunded mandates

CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, taxpayers, customers, and investors and creditors with a general overview of the District's finances and to show the District's accountability for the money it receives If you have questions about this report or need additional financial information, contact the District's business office, at Hughes Springs Independent School District, P.O Box 398, Hughes Springs, Texas

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BASIC FINANCIAL STATEMENTS

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EXHIBIT A-1 HUGHES SPRINGS INDEPENDENT SCHOOL DISTRICT

STATEMENT OF NET ASSETS AUGUST 31, 2009

Control

Data

Activities

Primary Government

ASSETS

11,533,726

1110

254,800 Property Taxes Receivable (Delinquent)

1220

(15,288) Allowance for Uncollectible Taxes

1230

536,182 Due from Other Governments

1240

30,403 Inventories

1300

Capital Assets:

100,050 Land

1510

4,323,808 Buildings, Net

1520

1,121,644 Furniture and Equipment, Net

1530

Total Assets

LIABILITIES

25,327 Accounts Payable

2110

94,463 Payroll Deductions & Withholdings

2150

229,443 Accrued Wages Payable

2160

5,986,795 Due to Other Governments

2180

80 Accrued Expenses

2200

1,340 Deferred Revenues

2300

Noncurrent Liabilities

106,511 Due Within One Year

2501

2,913,342 Due in More Than One Year

2502

Total Liabilities

NET ASSETS

2,525,649 Invested in Capital Assets, Net of Related Debt

3200

2,899 Restricted for Debt Service

3850

10,745 Restricted for Campus Activities

3870

5,988,731 Unrestricted Net Assets

3900

Total Net Assets

14

The notes to the financial statements are an integral part of this statement.

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EXHIBIT B-1 HUGHES SPRINGS INDEPENDENT SCHOOL DISTRICT

STATEMENT OF ACTIVITIES FOR THE YEAR ENDED AUGUST 31, 2009

Net (Expense) Revenue and Changes in Net Assets Program Revenues

Data

Control

Codes

Operating Grants and Contributions

Charges for Services Expenses

Governmental Activities Primary Gov.

Primary Government:

GOVERNMENTAL ACTIVITIES:

66,113

11

-

Instructional Resources and Media Services

12

-

Curriculum and Instructional Staff Development

13

42,174

School Leadership

23

-

Guidance, Counseling and Evaluation Services

31

-

Social Work Services

32

-

Health Services

33

-

Student (Pupil) Transportation

34

161,737

Food Services

35

51,767

Extracurricular Activities

36

-

General Administration

41

18,961

Plant Maintenance and Operations

51

-

Security and Monitoring Services

52

-

Data Processing Services

53

-

Debt Service - Interest on Long Term Debt

72

-

Debt Service - Bond Issuance Cost and Fees

73

-

Facilities Acquisition and Construction

81

-

Payments to Fiscal Agent/Member Districts of SSA

93

-

Other Intergovernmental Charges

99

[TP] TOTAL PRIMARY GOVERNMENT: $ 10,145,413 $ 340,752 $ 1,540,519 (8,264,142)

Data Control

Taxes:

3,272,108 Property Taxes, Levied for General Purposes

MT

5,719,724 Grants and Contributions not Restricted

GC

59,185 Investment Earnings

IE

6,574 Miscellaneous Local and Intermediate Revenue

MI

9,057,591 Total General Revenues

TR

Net Assets Beginning

Change in Net Assets

Net Assets Ending Prior Period Adjustment

CN NB

NE PA

793,449 7,715,148 19,427 8,528,024

$

15 The notes to the financial statements are an integral part of this statement.

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EXHIBIT C-1 HUGHES SPRINGS INDEPENDENT SCHOOL DISTRICT

BALANCE SHEET GOVERNMENTAL FUNDS AUGUST 31, 2009

Control

Data

Other

Funds Governmental Total 10

ASSETS

63,473 11,464,794 11,528,267

1110

13,670 241,130 254,800 Property Taxes - Delinquent

1220

(820) (14,468) (15,288) Allowance for Uncollectible Taxes (Credit)

1230

204,897 331,285 536,182 Due from Other Governments

1240

- 205,045 205,045 Due from Other Funds

1260

18,482 11,921 30,403 Inventories

1300

Total Assets

1000 $ 12,239,707 $ 299,702 $ 12,539,409

LIABILITIES AND FUND BALANCES

Liabilities:

- 25,327 25,327

2110

- 94,463 94,463 Payroll Deductions and Withholdings Payable

2150

16,432 213,011 229,443 Accrued Wages Payable

2160

173,807 25,779 199,586 Due to Other Funds

2170

6,940 5,979,855 5,986,795 Due to Other Governments

2180

80

Accrued Expenditures

2200

14,071 218,527 232,598 Deferred Revenues

2300

Total Liabilities

Fund Balances:

Reserved For:

18,482 11,921 30,403 Investments in Inventory

3410

2,899

Retirement of Long Term Debt

3420

48,705

- 48,705 Food Service

3450

10,745

- 10,745 Other Purposes

3490

Unreserved Designated For:

- 2,500,000 2,500,000 Construction

3510

- 22,791 22,791 Self Insurance

3540

Unreserved and Undesignated:

- 3,148,033 3,148,033 Reported in the General Fund

3600

7,541

Reported in Special Revenue Funds

3610

Total Fund Balances

Total Liabilities and Fund Balances

4000 $ 12,239,707 $ 299,702 $ 12,539,409

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RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE

STATEMENT OF NET ASSETS AUGUST 31, 2009

5,771,117

$

Total Fund Balances - Governmental Funds

-

1 The District uses internal service funds to charge the costs of certain activities, such as

self-insurance and printing, to appropriate functions in other funds The assets and

The District uses internal service funds to charge the costs of certain activities, such as

liabilities of the internal service funds are included in governmental activities in the

The District uses internal service funds to charge the costs of certain activities, such as

liabilities of the internal service funds are included in governmental activities in the

statement of net assets The net effect of this consolidation is to increase(decrease)

net assets

2,619,304

2 Capital assets used in governmental activities are not financial resources and therefore

are not reported in governmental funds At the beginning of the year, the cost of these

Capital assets used in governmental activities are not financial resources and therefore

assets was $22,486,650 and the accumulated depreciation was $16,768,596 In

addition, long-term liabilities, including bonds payable, are not due and payable in the

current period, and, therefore are not reported as liabilities in the funds The net effect

of including the beginning balances for capital assets (net of depreciation) and

long-Capital assets used in governmental activities are not financial resources and therefore

of including the beginning balances for capital assets (net of depreciation) and

long-term debt in the governmental activities is to increase (decrease) net assets

482,267

3 Current year capital outlays and long-term debt principal payments are expenditures in

the fund financial statements,but they should be shown as increases in capital assets

Current year capital outlays and long-term debt principal payments are expenditures in

and reductions in long-term debt in the government-wide financial statements The net

Current year capital outlays and long-term debt principal payments are expenditures in

and reductions in long-term debt in the government-wide financial statements The net

effect of including the 2009 capital outlays and debt principal payments is to increase

(decrease) net assets

(542,524)

4 The 2009 depreciation expense increases accumulated depreciation The net effect of

the current year's depreciation is to decrease net assets

197,860

5 Various other reclassifications and eliminations are necessary to convert from the

modified accrual basis of accounting to accrual basis of accounting These include

Various other reclassifications and eliminations are necessary to convert from the

recognizing deferred revenue as revenue, eliminating interfund transactions,

reclassifying the proceeds of bond sales as an increase in bonds payable, and

recognizing the liabilities associated with maturing long-term debt and interest The net

reclassifying the proceeds of bond sales as an increase in bonds payable, and

recognizing the liabilities associated with maturing long-term debt and interest The net

effect of these reclassifications and recognitions is to increase (decrease) net assets

8,528,024

$

19 Net Assets of Governmental Activities

17

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STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

GOVERNMENTAL FUNDS FOR THE YEAR ENDED AUGUST 31, 2009

Control

Data

Codes

10 General

Other

Funds Governmental Total

REVENUES:

207,610

Total Local and Intermediate Sources $ $ $

5700

186,059

State Program Revenues

5800

1,071,186

Federal Program Revenues

5900

Total Revenues

EXPENDITURES:

Current:

809,434

Instruction

0011

-

Instructional Resources and Media Services

0012

-

Curriculum and Instructional Staff Development

0013

-

School Leadership

0023

-

Guidance, Counseling and Evaluation Services

0031

10,082

Social Work Services

0032

-

Health Services

0033

40,981

Student (Pupil) Transportation

0034

433,402

Food Services

0035

50,856

Extracurricular Activities

0036

3,422

General Administration

0041

31,327

Facilities Maintenance and Operations

0051

-

Security and Monitoring Services

0052

-

Data Processing Services

0053

Debt Service:

90,000

Debt Service - Principal on Long Term Debt

0071

145,325

Debt Service - Interest on Long Term Debt

0072

-

Debt Service - Bond Issuance Cost and Fees

0073

Capital Outlay:

-

Facilities Acquisition and Construction

0081

Intergovernmental:

-

Payments to Fiscal Agent/Member Districts of SSA

0093

-

Other Intergovernmental Charges

0099

Total Expenditures

1100 Excess (Deficiency) of Revenues Over (Under)

Expenditures 1,006,994 (149,974) 857,020

OTHER FINANCING SOURCES (USES):

-

Capital Leases

7913

163,640

Transfers In

7915

-

Transfers Out (Use)

8911

Total Other Financing Sources (Uses)

1200 Net Change in Fund Balances 876,892 13,666 890,558

0100 Fund Balance - September 1 (Beginning) 4,805,853 74,706 4,880,559

3000 Fund Balance - August 31 (Ending) $ 5,682,745 $ 88,372 $ 5,771,117

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