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Spirit of Jefferson Farmers Advocate
Charles Town, West Virginia
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October 3, 2012     Spirit of Jefferson Farmers Advocate
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October 3, 2012
 

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Dpirit of JEFFERSON and FARMER'S ADVOCATE Legals Wednesday, October 3, 2012 85 JEFFERSON COUNTY, WEST VIRGINIA, STATEMENT OF NET ASSETS BOARD OF EDUCATION JEFFERSON COUNTY, WEST VIRGINIA, BOARD OF EDUCATIOh STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUND~ Governmental Activities ASSETS Cash and cash equivalents Investments Taxes receivable, net of allowance for uncollectible taxes Food services receivable Other receivables Deferred Charges - issuance costs Due from other governments: State aid receivable PEIA allocation receivable Reimbursements receivable Deposit/Retirement Forfeiture Prepaid Expenses Capital Assets: Land Buildings and improvements Furniture and equipment Vehicles Construction in process Less accumulated depreciation Total capital assets, net of depreciation Total assets 12,999,541 9,680,586 2,208,166 428,421 1,022,682 379,597 991,940 229,619 271,052 233,187 3,565,043 139,323,072 4,491,540 9,410,717 10,663,923 (46,720,713) 120,733,582 149 178,372 LIABILITIES AND NET ASSETS Revenue: Property taxes Other Local sources State sources Federal sources Miscellaneous sources Total revenues Expenditures: InsVuctior Supporting services: Students nstructional staff Central administraUon School administration Business Operation and maintenance of faciliUe,, Student transportation Food services Community services Capita[ outlay Debt service Principal retiremenl ntarest and fiscal charges Total expenditures Excess (deficJency) of revenues over expendlturas Other financing sources (uses): Transfers in Transfers (out) Total other financing sources (uses) General Special Special Revenue Debt' Capital Current Revenue ARRA Service Projects Total Fund Fund Fund Fund Fund Governmental 38.106,247 $ 1,827,831 $ 39.934.078 1.004.349 1.598.191 6,308,703 8.gl 1.242 55.018.992 2.595.749 4,785,078 62.399.820 753,718 5.468.891 24.569 6.247.179 1.021 1.021 94.883.306 9.662.831 24.569 1.828,85211,093,781 117,493,339 59.648.989 3.799.855 24.569 38.692 63,512.104 5,382,028 877.716 6.259.744 3,054,976 729.980 3,784,956 1,646,697 1,134 1,647,831 5,629,024 5,629,024 2,856.288 57,833 2.914.121 9,949,390 72.357 1.435.174 11.456.921 8,566.350 1.122.916 9,689.266 554.195 5.247.735 5.801.929 90,000 90.000 6,235,836 6.235.836 1.185.000 1.185.000 504.639 504.639 97.377.936 11,909,527 24.569 1.689.639 7.709.702 118,711,372 12,494,630112,2,46,6951 - 139.213 3.384.079 (1,218,033) 2,023,599 2.168.392 6.173.694 10.365.684 (2,045,880) (33,940) (279) (8,285,585) (10,365,684) (22,281) 2.134.452 (279) (2,111,891} O Liabilities: Salaries payable and related payrol liabilities Workers compensation payable PEIA premiums payable Cam pensated absences Accounts payable Other post employment benefit liability - state aid funded Other post employment benefit liability - all other employees Deferred revenues Long-term obligations: Due within one year: Bonds Capita leases Accrued interest Due beyond one year: Bonds Capitalleases Totalliabilities 6,596,948 10,560 1,149,410 224,941 1,568,071 330,521 3,958,047 763,766 1,240,000 297,281 7,159 10,566,787 26,713,491 Extraordinary Item: Other post employernent penefit~ 14,283,723 14.283.723 14,283.723 r 14,283,723 Total other financing sources (ueas) Net change In fund balances 11.766.811 I112,243) Fund balances, beginning (9,182,584) 143.082 Rastabnent of fond balance Fund balances - beginning, as restated (9,182,584) 143.082 138.934 1.272.188 13.065.690 1.351.310 6,662,920 (1,025,272) 1,351,310 6,662,920 Fund balances-endlng $ 2.584.227 $ 30,839 $ $ 1.490,244 $ 7,935,108 $ JEFFERSON COUNTY, WEST VIRGINIA, BOARD OF EDUCATIOI~ RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES (1,025,272) 121040,418 Net Assets: Invested in capital assets, Restricted for: Debt service Special projects Capital projects Unrestricted Total net assets net of related debt JEFFERSON COUNTY, WEST VIRGINIA, BOARD OF EDUCATION 108,629,514 1,490,244 30,839 7,935,108 4,379,176 $ 122,464,881 Amounts reported for governmental activities in the statement of activites are different due to: Net change in fund balances - total governmental funds Governmental funds report capital outlays as expenditures. However, in the statement of net assets, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. The effect on net assets is the amount by which capital outlays exceed depreciation in the current period. Depreciation expense Capital outlays 13,065,690 (4,036,917) 8,785,572 STATEMENT OF ACTIVITIES Functions Expenses Program Revenues Net (Expense), Operating Capital Revenue & Changes Charges for Grants and Grants andin Net Assets Services Contributions Contributions Governmental Activities Governmental activities: Instruction Supporting services: Students Instructional staff District administration School administration Business services Operation and maintenance of facilities Student transportation Food services Community services Interest on long-term debt l'Total governmental activities $ 66,205,906 $ 30,442 $ 4.861.363 $ 9.277.850 $ (52,036,250) 6,260,282 64.191 282. 987 (5,913,104) 2,087,805 2~,7,837 94.376 (1,745.592) 1,709,879 5.945 77.295 (1,626.639) 5,629,573 19.574 254.481 (5,355,518) 2,914.405 10,133 131 744 (2,772,528) 11,643,530 181.103 40.483 526.332 (10,895,612) 9.926.491 34,513 1.493.236 (8,398,742) 5,815.647 783.000 2.378.295 (2,654,352) 90.000 117.320 27.320 325.495 (325,495) 112.609.014 1,111,865 7.662.334 12.138.301 (91,696,513) General revenues: Property taxes Unrestricted state aid Unrestricted investment earnings Unrestricted grants and contributions Extraordinary Gain (OPEB) Transfers in Transfers (out) Total general revenues and transfers Change in net assets Net assets - pegmning, as restated Net assets - ending 39.898.971 55,021.792 75.305 1.596.462 14,283,723 10.365.684 (10,365,684) 110.876.253 19.179.740 103,285,140 $ 122,464,881 Certain receivables will be collected this year but are not available soon enough to pay for the current period's expenditures. This is the'amount by which such receivables increased (decreased). Property taxes receivable Food service receivable Other receivables The repayment of the principal of long-term debt (e.g., bonds, leases) consumes the current financial resources of governmental funds. However, such repayment has no effect on net assets. Differences in the cost and accumulated depreciation on disposed capital assets are reported as a loss and reduction in net assets in the statement of activities. Cost of assets disposed Accumulated depreciation of assets disposed Cam pensated absences are reported as liabilities in the statement of net assets but are only reported in government funds to the extent theyhave matured. This is the amount by which cam pensated absences (increased)/decreased. Accrued vacation payable Amortization at bona issuance costs are reported n the statement of activities but do not require the use of current financial resources and, therefore, are not reported as expenditures in government funds. (36,127) 65,237 (17,417) 1,287,530 205,463 (205,463) (10,441 ) 'JEFFERSON COUNTY, WEST VIRGINIA, BOARD OF EDUCATION BALANCE SHEE'T - GOVERNMENTAL FUNDS JUNE 30, 2011 - UNAUDITED ASSETS General Special Special Revenue Debt Caoital Current Revenue ARRA Sen~ice Projects Total Excanse Fund Fund Fund Fund Governmental Cash and cash equivalents nvestments Taxes receivable, net Food service receivable, nez Other receivables Due from other governments: State aid receivable pEIA allocation receivable Reimbursements receivable Due tram other funds Deposit/Retirement Forfeitures Prepaid Expenses Total suets $ 12.337275 S686.835 $ (24,569) $ 12.999.541 1.460.741 8.219.845 $ 9.680.586 2.108.226 99.939 $ 2.208.166 428.421 $ 428.421 198205 436.771 387.706$ 1.022.682 $ 345,349 34.248 $ 379.597 991,940 $ 991 940 131.840 24.569 73.210 $ 229.619 271.052 $ 271.052 225.798 7.389 $ 233.187 $ 16.609.685 $ 1.593.664 $ $ 1.560.681 $ 8,680.761 $ 28,444,790 LIABILmES AND FUND BALANCES Interest on long-term debt in the statement of activities differs from the amount reported in the governmental funds because interest is recognized as an expenditure in the funds when it is due, and thus requires the use of current financial resources. In the statement of activities, however, interest expense is recognized as the interest accrues, regardless of when it is due. 76,614 Change in net assets of governmental activities 19,179,741 JEFFERSON COUNTY, WEST VIRGINIA, BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS - FIDUCIARY FUNDS L/abilities: Salaries payable and ralateq payroll liabilities Other post employment benefits payable Other 0est employment benefits payable - Over the Formuta Workers cornbsnsat]on payable Insurance premiums payal~e Accounts ~)syable Deferred revenue Due to other funds Total IlahlllBas $ 6.342.723 $ 254.225 $ 6.596.948 $ 303.819 $ 26,702 $ 330.521 3.958.047 $ 3,958.047 $ 10.560 $ 10.560 1.059.756 89.654 $ 1.149.410 799.506 22.911 $ 745.653 $ 1.568.071 1.551.046 1,169.332 70,436 $ 2.790.815 $ 14,025.458 1.562.825 70.436 745.653 16.404.372 496.850 7.389 $ 504,239 143.083 1.351.312 4.935,901 $ 6,430.295 1,651.000 $ 1.651.000 3.980,056 76,020 $ 4,056.076 (1,892,679) (119,633) 138.8331,272.187 $ (601,192) 2.584.227 30.839 1,490.244 7,935.108 $ 12.040.418 $ 16,609.685 $ 1.593.664 $ = 1.560.681 $ 8,680,761$ 28.444.790 Fund Balances: Nonspendabls Restricted Committed Assigned Unassigned Total fund balances TOTAL LIABILITIES AND FUND BALANCES Amounts reported for governments( activities in the statement of net assets differ due to: Capital assets used in govemmentsl activities are not financial resources and, therefore are not retorted in the funds Deferred charges are not reported in the funds Property taxes receivable and food service billings receivable wifl be collected this year but are not available soon enough to pay for the current period's expenditures, and are therefore deferred in the funds Long-term liabilities, including bonds payaele, are not due and payable in the current penoa ana, therefore, are not reported in the funds Bonds payable, due within one year Bonds ~yable, due beyond one year Accrued interest on bonds Capital leases payable Accrued sick leave payable Compensated absences Net assets of governmental activites 120.733.582 2.027.050 (1,240,000) (10,510,000) (7,159) (354,068) (224.941/ $ 122.464.882 ASSETS Cash and cash equivalents Total assets Agency Funds SchoolActivity Funds $ 1,166,006 $ 1,166,006 $ 1,166,006 $ 1,166,006 LIABILITIES Due to otherfunds Total liabilities The notes are an integral part of the financial statements, however, to conserve space, they are not included in the publication but are available for review at the board office. | .....................................................