Colorado Springs School District No. 11
2008 Comprehensive Annual Financial
Report
General Fund
The General Fund is used to account for all
transactions of the District not required to be
accounted for in another fund. This fund accounts for
the District’s ordinary operations financed primarily
from property taxes and state aid. It is the most
significant fund in relation to the District’s overall
operations and a major fund for financial reporting
purposes.
There are two sub-funds within the General Fund. The
Preschool Fund and the Risk Management Fund,
which was created for the 06-07 fiscal year.
General Fund
Revenues
Expenditures
Fund Balance
Net Transfers In (Out)
250,000
213,269
200,724
191,964
200,000
In Thousands
188,478
182,456
178,034
150,000
100,000
50,000
28,011
14,247 12,120
16,691 19,748
19,911
0
05/06
06/07
Fiscal Year
07/08
Capital Reserve Fund
The Capital Reserve Fund is a special revenue
fund and is considered a major fund for
financial reporting purposes.
The Capital Reserve Fund was authorized by
Colorado School Law and is used to fund
ongoing capital needs, such as site acquisition,
building additions, and equipment purchases.
Capital Reserve Fund
Revenues
Expenditures
Fund Balance
Transfers In
Other financing sources
18,000
15,341
16,000
14,723
13,974
14,000
In Thousands
12,000
10,000
8,862
7,4857,334
7,627 7,571
8,000
6,863
6,000
4,000
3,097
2,000
0
466 226
466
0
05/06
06/07
Fiscal Year
07/08
0
Debt Service Fund
The Debt Service Fund was created to account for resources
to be used to service general obligation long-term debt. The
District has the following Debt Service Fund:
Bond Redemption Fund
The fund was created to account for a bond redemption mill
levy. This fund accounts for the restricted general obligation
property tax used to finance principal and interest payments
on the 1996 and 2006A and 2006B bonds.
For financial reporting purposes, the Bond Redemption Fund
is presented as a major fund of the District for the current
fiscal year.
Bond Redem ption Fund
Revenues
Expenditures
Fund Balance
25,000
22,325
20,000
18,572
17,369
In Thousands
18,780
17,686
15,000
17,055
13,511
12,624
10,593
10,000
5,000
0
05/06
06/07
Fiscal Year
07/08
Capital Projects Fund
Generally accepted accounting principles provide for the use of a
capital projects fund to account for financial resources used for
the acquisition or construction of major capital facilities.
Building Fund
This fund was created to account for resources received from the
issuance of the $127.7 million voter-approved general obligation
bonds and from proceeds of 4.0 million received from
indebtedness created through the Qualified Zone Academy
Bonds (QZAB) program offered by the Colorado Department of
Education. Building Fund resources may be expended only for
approved projects in the District’s Capital Plan. This fund is a
major fund for financial reporting purposes.
Building Fund
Revenues
Expenditures
Fund Balance
Transfers In
Bonds issued
160,000
140,000
138,536
136,677
120,000
In Thousands
100,000
92,402
80,000
54,116
60,000
52,622
39,644
40,000
20,000
2,6655,023
6,488
215
0
0
1,357
0
0
05/06
06/07
Fiscal Year
07/08
0
Designated Purpose Grants Fund
This fund is provided to maintain a separate
accounting for federal, state, and local grant
funded programs, which normally have a different
fiscal period than that of the District.
Designated Purpose Grants Fund
Revenues
Expenditures
Fund Balance
Transfers In
25,000
21,84922,029
20,45120,648
In Thousands
20,000
18,43018,605
15,000
10,000
5,000
0
175
0
197
0
0
05/06
06/07
Fiscal Year
07/08
180
Mill Levy Override Fund
This fund accounts for the use of funds from a
November 2000 voter-approved mill levy
override.
Mill Levy Override Fund
Revenues
Expenditures
Fund Balance
30,000
Transfers Out
26,599
24,405
23,508
20,000
10,000
In Thousands
4,241
2,992
157
56
2,751
67
0
05/06
06/07
07/08
(10,000)
(20,000)
(21,639)
(25,496)
(30,000)
Fiscal Year
(26,773)
Proprietary Funds
Proprietary Funds account for operations that are
organized to be self-supporting through user charges.
The District’s Proprietary Funds consist of two
Enterprise Funds and two Internal Service Funds.
Enterprise Funds are used to account for operations that
are financed and operated in a manner similar to private
business enterprises, where the intent of the Board of
Education is that the cost of providing goods or service
to the general public on a continuing basis be financed or
recovered primarily through user charges. The District
has two Enterprise Funds:
Food Service Fund
Community Education Fund
Food Service Fund
This fund accounts for all financial activities
associated with the District school lunch
and other food related programs.
Food Service Fund
Revenues
Expenses
Net Assets
Transfers In
Capital Contributions
10,000
9,059
8,917
9,000
8,0408,141
7,723 7,719
8,000
In Thousands
7,000
6,000
5,000
4,000
3,000
2,000
1,521
1,126
1,115
1,000
90
90
0
90
0
0
05/06
06/07
Fiscal Year
07/08
174
Community Education Fund
This fund is used to account for tuition and
fees charged for community and adult
education programs.
Com m unity Education Fund
Revenues
Expenses
Net Assets
350
300
289
301
289
273
248
250
In Thousands
220
189
200
161
145
150
100
50
0
05/06
06/07
Fiscal Year
07/08
Proprietary Funds
Internal Service Funds are used to account for
the financing of goods or services provided by one
department to other departments of the District and
to other government units, on a cost
reimbursement basis. The District has two Internal
Service Funds as follows:
Production Printing Fund
Risk Related Activities Fund
Production Printing Fund
This fund accounts for all financial activities
associated with the District’s printing
services.
Production Printing Fund
Revenues
Expenses
Net Assets
Transfers Out
2,500
2,000
1,925 1,925
1,937
1,881
In Thousands
1,778
1,817
1,500
1,000
1,015
951
1,015
500
0
0
0
0
05/06
06/07
Fiscal Year
07/08
Risk Related Activities Fund
This fund is used to account for the financial
transactions of the risk related programs,
such as employee health, vision, and life
insurance benefits, and long term disability
expenses.
Risk Related Activities Fund
Revenues
Expenses
Net Assets
Net transfers In
35,000
30,50930,902
28,726 30,229
30,000
27,915
27,208
In Thousands
25,000
20,000
15,000
10,000
5,000
2,933
2,594
2,540
1,047
1,000
0
0
05/06
06/07
Fiscal Year
07/08
Statistical Section
This part of the Colorado Springs School District 11 Comprehensive Annual
Financial Report presents detailed data as a context for understanding the
information in the financials statements, note disclosures, and required
supplementary information.
Financial Trends
These schedules contain trend information to help the reader understand how the
District’s financial performance and wellbeing have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the District’s most
significant local revenue source, property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of
the District’s current levels of outstanding debt and the District’s ability to issue
additional debt in the future.
Statistical Section - Continued
Demographic and Economic Information
These schedules offer demographic and economic indicators to
help the reader understand the environment within which the
District’s financial activities take place.
Operating Information
These schedules contain service data to help the reader understand
how the information in the District’s financial report relates to the
services the District provides and the activities it performs.