Manhattan Beach Unified School District
Los Angeles County, California
2014-15 Continuing Disclosure Annual Report
December 30, 2015
Manhattan Beach Unified School District
325 S. Peck Avenue
Manhattan Beach, CA 90266
Attn: Assistant Superintendent
Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
Table of Contents
I.
Issues Covered .................................................................................................................... 3
II.
Audited Financial Statements ........................................................................................... 3
III. Adopted Budget .................................................................................................................. 3
IV.
Average Daily Attendance and LCFF/Revenue Limit .................................................... 4
V.
Enrollment .......................................................................................................................... 4
VI.
Outstanding Indebtedness ................................................................................................. 5
VII. Current Year Budget vs. Prior Year Actuals .................................................................. 5
VIII. Employees............................................................................................................................ 6
IX.
Developer Fees .................................................................................................................... 6
X.
Secured Tax Charges and Delinquencies ......................................................................... 7
XI.
Assessed Valuations ............................................................................................................ 7
XII. Assessed Valuation and Parcels by Land Use .................................................................. 8
XIII. Tax Rate Summary ............................................................................................................ 8
XIV. Direct and Overlapping Debt Statement .......................................................................... 9
XV. Top Employers .................................................................................................................. 10
XVI. Top Taxpayers .................................................................................................................. 11
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Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
I.
Issues Covered
The Manhattan Beach Unified School District (“District”) is providing this 2014-15
Continuing Disclosure Annual Report pursuant to the requirements of the Continuing
Disclosure Agreements for the following issues, for the fiscal year ending June 30, 2015
(“2014-15 Continuing Disclosure Annual Report”):
Base
CUSIP
Number Issue Name
562785 Election of 2008, General Obligation Bonds, 2013 Series F (Tax-Exempt)
562785 2013 General Obligation Refunding Bonds (Election of 2000, Series A)
(Federally Taxable)
562785 Election of 2008, General Obligation Bonds, 2012 Series E (Tax-Exempt)
562785 Election of 2008, General Obligation Bonds, 2012 Series D (Federally
Taxable)
562785 Election of 2008, General Obligation Bonds, 2011 Series C
562785 Election of 2008, General Obligation Bonds, 2010 Series B
562785 Election of 2008, General Obligation Bonds, 2009 Series A
562785 2004 General Obligation Refunding Bonds (which advance refunded a
portion of the Election of 2000, 2001 General Obligation Bonds, Series A)
562785 Election of 1995, 2002 General Obligation Bonds, Series E
562785 Election of 2000, 2002 General Obligation Bonds, Series B
562787 Certificates of Participation Series A of 2001
562785 Election of 2000, 2001 General Obligation Bonds, Series A
562785 Election of 1995, 2001 General Obligation Bonds, Series D
562785 Election of 1995, 1999 General Obligation Bonds, Series C
562785 Election of 1995, 1998 General Obligation Bonds, Series B
562785 Election of 1995, 1996 General Obligation Bonds, Series A
II.
Audited Financial Statements
The District’s audited financial statements for the 2014-15 fiscal year (the “Audit”) and
the 2015-16 First Interim Report were filed along with this Annual Report. The
Unaudited Actuals for the 2014-15 fiscal year were filed at the MSRB website:
http://emma.msrb.org on October 11, 2015.
III.
Adopted Budget
The District’s adopted budget for the 2015-16 fiscal year was filed October 11, 2015 at
the MSRB website: http://emma.msrb.org.
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Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
IV.
Average Daily Attendance and LCFF/Revenue Limit
Fiscal
Year
2011-12
2012-13
2013-14
2014-15
2015-16
Total Average
Daily Attendance
6,520
6,597
6,718
6,724
6,724
LCFF/Deficited
Revenue Limit[1]
Per ADA Per Year
5,411.93
5,463.50
6,327.61
6,823.62
7,466.83
____________________
[1]
Note that beginning with the First Interim Report for 2013-14, this category of funds has been renamed the LCFF (Local
Control Funding Formula)/Revenue Limit Sources; previously it had been Revenue Limit Sources. Also, it is important to note
that the LCFF/Revenue Limit figure includes restricted categorical funds that were previously not included in this figure.
Sources: California Department of Education (2011-12 through 2014-15); Manhattan Beach
Unified School District 2015-16 LCFF Worksheet (2015-16).
V.
Enrollment
Fiscal
Year
2011-12
2012-13
2013-14
2014-15
2015-16
Enrollment
6,716
6,832
6,894
6,890
6,808
_________________
Source: California Department of Education for 2011-12 through 2014-15. For 2015-16,
District provided a projection.
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Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
VI.
Outstanding Indebtedness
Information regarding the District’s outstanding indebtedness as of June 30, 2015 can be
found in the Audit, and is summarized below.
Balance
July 1, 2014
General Obligation Bonds
Premium on Bonds
Compensated Absences
Equipment Lease/Purchase Agreement
Other Postemployment Benefits
Total
Additions
$151,164,782
3,044,765
492,179
595,196
$155,296,922
$ 5,353,739
9,480
9,825,754
389,575
$ 15,578,548
Deductions
Balance
June 30, 2015
$ 9,110,000
251,787
34,438
$ 9,396,225
$ 147,408,521
2,792,978
501,659
9,825,754
950,333
$ 161,479,245
Source: Manhattan Beach Unified School District.
VII. Current Year Budget vs. Prior Year Actuals
The 2014-15 budget and actual general fund revenues and expenditures can be found in
the 2014-15 Audit, and the 2015-16 budgeted general fund revenues and expenditures in
the Adopted Budget. The revised 2015-16 Projected Budget figures can be found in the
2015-16 First Interim Report. The figures are summarized below.
Final Budget
2014-15
Audited Actuals
2015-16
Adopted Budget
Revenues
LCFF Sources
Federal
Other State
Other Local
Total Revenues
$ 45,885,791
1,408,871
5,604,209
11,416,931
$ 64,315,802
$ 45,911,339
2,127,238
7,898,060
11,566,399
$ 67,503,036
$
Expenditures
Certificated Salaries
Classified Salaries
Employee Benefits
Books and Supplies
Services and Other Operating Expenditures
Capital Outlay
Other Outgo
Total Expenditures
$ 30,879,245
9,823,565
11,475,183
5,293,517
9,846,791
1,432,747
$ 68,751,048
$ 31,492,883
9,832,602
12,954,987
4,062,926
9,160,487
$ 67,503,885
$
Excess (Deficiency) of Revenues over
(Under) Expenditures
$ (4,435,246)
$
Total Other Financing Sources (Uses)
Revised Budget
50,449,599
1,679,246
8,417,319
7,653,071
68,199,235
$ 50,207,846
1,679,246
9,228,779
9,835,005
$ 70,950,876
$
31,677,981
10,210,665
12,470,982
2,596,075
9,581,183
2,345,995
68,882,881
$ 31,827,767
10,925,668
12,818,827
4,722,814
10,099,388
55,800
2,280,292
$ 72,730,556
(849)
$
(683,646)
$ (1,779,680)
$ (1,704,311)
$ (1,560,496)
$
0
Net Increase (Decrease) in Fund Balance
$ (6,139,557)
$ (1,561,345)
$
(683,646)
$ (1,779,680)
Fund Balance (Deficit), July 1
Fund Balance (Deficit), June 30
$ 14,956,313
$ 8,816,756
$ 14,956,313
$ 13,394,968
$ 10,010,403
$ 9,326,757
$ 13,436,162
$ 11,656,482
5
$
$
0
Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
VIII. Employees
Fiscal
Year
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
Certificated
Employees1
337
332
326
340
356
350
388
347
____________________
1
On a full-time equivalent basis through the General Fund.
IX.
Developer Fees
Fiscal
Year
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-162
____________________
2
Estimated.
Developer
Fees
$ 311,166
412,693
410,000
497,687
675,127
886,163
784,000
6
Classified
Employees1
204
207
202
205
215
215
221
250
Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
X.
Secured Tax Charges and Delinquencies
Below are the District’s secured tax charges and delinquencies for the last five fiscal
years.
Secured
Amt. Del.
% Del.
Tax Charge (1) June 30
June 30
2010-11
17,460,756.70 420,430.98
2.41
2011-12
18,258,573.32 382,398.71
2.09
2012-13
19,159,528.36 345,672.00
1.80
2013-14
20,387,356.39 301,919.05
1.48
2014-15
21,642,832.61 313,078.59
1.45
2010-11
2011-12
2012-13
2013-14
2014-15
Secured
Amt. Del.
Tax Charge (2) June 30
4,982,196.75
67,988.38
5,735,332.09
79,752.19
7,656,703.91
65,184.43
9,268,413.10
76,329.03
10,071,012.62
86,085.21
% Del.
June 30
1.36
1.39
0.85
0.82
0.85
(1) 1% General Fund apportionment. Reflects county-wide delinquency rate.
(2) Debt service levy only.
Source: California Municipal Statistics, Inc.
XI.
Assessed Valuations
Below are the assessed valuations of taxable property in the District for the last five fiscal
years.
2011-12
2012-13
2013-14
2014-15
2015-16
Local Secured
$12,066,151,357
12,442,318,862
13,202,627,298
13,961,831,222
15,147,219,370
Utility
$0
0
0
0
0
Source: California Municipal Statistics, Inc.
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Unsecured
Total
$124,702,296 $12,190,853,653
271,010,903 12,713,329,765
250,676,602 13,453,303,900
234,925,659 14,196,756,881
205,276,113 15,352,495,483
Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
XII. Assessed Valuation and Parcels by Land Use
Assessed Valuation and Parcels by Land Use
Non-Residential:
Commercial
Vacant Commercial
Industrial
Vacant Industrial
Recreational
Government/Social/Institutional
Miscellaneous
Subtotal Non-Residential
2015-16
Assessed Valuation (1)
$1,012,160,590
34,319,802
289,204,215
353,968
17,983,974
247,187,799
208,503
$1,601,418,851
% of
Total
6.68%
0.23
1.91
0.00
0.12
1.63
0.00
10.57%
No. of
Parcels
407
86
10
13
8
148
5
677
% of
Total
3.09%
0.65
0.08
0.10
0.06
1.12
0.04
5.14%
Residential:
Single Family Residence
Condominium/Townhouse
2-4 Residential Units
5+ Residential Units/Apartments
Vacant Residential
Subtotal Residential
$10,466,576,406
1,570,974,515
1,297,965,496
144,828,093
65,456,009
$13,545,800,519
69.10%
10.37
8.57
0.96
0.43
89.43%
9,298
1,622
1,389
81
94
12,484
70.65%
12.32
10.55
0.62
0.71
94.86%
Total
$15,147,219,370
100.00%
13,161
100.00
(1) Local Secured Assessed Valuation, excluding tax-exempt property.
__________________________
Source: California Municipal Statistics, Inc.
XIII. Tax Rate Summary
Typical Total Tax Rates per $100 of Assessed Valuation (TRA 6174)
2011-12
General
1.000000
Manhattan Beach Unified School District .048013
El Camino Community College District
.016884
Metropolitan Water District
.003700
Total
1.068597
2012-13
1.000000
.061486
.018486
.003500
1.083472
__________________________
Source: California Municipal Statistics, Inc.
8
2013-14
1.000000
.070054
.017498
.003500
1.091052
2014-15
1.000000
.071865
.017422
.003500
1.092787
2015-16
1.000000
.066579
.017447
.003500
1.087526
Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
XIV. Direct and Overlapping Debt Statement
MANHATTAN BEACH UNIFIED SCHOOL DISTRICT
2015-16 Assessed Valuation: $15,352,495,483
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:
Los Angeles County Flood Control District
Metropolitan Water District
El Camino Community College District
Manhattan Beach Unified School District
City of Manhattan Beach 1915 Act Bonds (Estimate)
Los Angeles County Regional Park and Open Space Assessment District
TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT
OVERLAPPING GENERAL FUND DEBT:
Los Angeles County General Fund Obligations
Los Angeles County Superintendent of Schools Certificates of Participation
City of Manhattan Beach General Fund Obligations
Los Angeles County Sanitation District No. 5 Authority
Los Angeles County Sanitation District No. 18 Authority
Los Angeles County Sanitation District South Bay Cities Authority
OVERLAPPING GENERAL FUND DEBT
% Applicable
1.213%
0.626
16.419
100.
100.
1.205
1.205%
1.205
100.
0.223
0.426
40.373
COMBINED TOTAL DEBT
Debt 12/31/15
$
183,198
691,644
52,907,472
92,995,256 (1)
7,575,000
609,745
$154,962,315
$22,512,357
95,713
28,775,000
61,530
40,123
1,895,841
$53,380,564
$208,342,879
(2)
(1) Excludes accreted interest of capital appreciation bonds.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital
lease obligations.
Ratios to 2015-16 Assessed Valuation:
Direct Debt ($92,995,256) ................................................... 0.61%
Total Direct and Overlapping Tax and Assessment Debt ...... 1.01%
Gross Combined Total Debt .................................................. 1.36%
Net Combined Total Debt ...................................................... 1.36%
__________________________
Source: California Municipal Statistics, Inc.
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Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
XV. Top Employers
The following table sets forth the major employers located in the District.
MAJOR EMPLOYERS
(2014)
Name
Type
Northrop Grumman
Manhattan Beach Unified School District
Kinecta Federal Credit Union
Target Corporation
Skechers USA Inc.
City of Manhattan Beach
Macy’s West LLC
Fry’s Electronics, Inc.
Marriott – HMC Interstate
Skechers USA Inc.
Ralphs Grocery Co.
Skechers USA Inc.
Aerospace & Defense
Manufacturer
Government
Credit Union
Department Store
Shoes – Manufacturer
Government
Department Store
Electronic Equipment &
Supplies—Retail
Hotel
Shoes – Manufacturer
Grocery
Shoes – Manufacturer
Employees
1,876
752
550
405
323
271
268
264
233
183
167
148
Source: City of Manhattan Beach, CAFR Fiscal Year 2013-14, except for Manhattan Beach Unified School District which came
from the District and is as of December 2015.
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Manhattan Beach Unified School District
2014-15 Continuing Disclosure Annual Report
XVI. Top Taxpayers
Below are the twenty largest local secured taxpayers in the District, the primary land use
of each, the assessed valuation of each, and the percentage that each represents of the
total secured assessed valuation in the District.
Largest 2015-16 Local Secured Taxpayers
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Property Owner
Rreef America REIT II Corp. BBB
CRP MB Studios LLC
HMC/Interstate Manhattan Beach LP
Northrop Grumman Systems Corp.
Parstem Realty Co. Inc.
1230 and 1240 Rosecrans Ave. Holdings LLC
RIMB LL LLC
Jeffrey K. Hepper
St. Paul Fire and Marine Insurance Company
Jeffrey and Melinda Hawken
Skechers USA Inc.
Continental 1500 Rosecrans LLC
Walnut Investments LLC
1800 Rosecrans Partners LLC
Hughes Aircraft Employees Federal Credit
1334 Partners Ltd.
Eileen Shields
David and Ellen Labonte
Manhattan Place Inc.
Duncan Investments LLC
Primary Land Use
Shopping Center
Industrial
Hotel
Industrial
Industrial
Office Building
Hotel
Residence
Shopping Center
Residence
Office Building
Office Building
Residence
Shopping Center
Office Building
Country Club
Residence
Residence
Shopping Center
Office Building
2015-16
Assessed Valuation
$167,990,331
153,838,882
84,667,369
69,905,052
69,870,790
61,347,540
33,731,896
32,665,772
31,967,482
31,307,489
30,937,721
27,041,195
22,971,787
21,463,875
21,372,046
19,471,269
19,034,705
18,857,133
18,334,207
17,800,000
$954,576,541
% of
Total (1)
1.11%
1.02
0.56
0.46
0.46
0.41
0.22
0.22
0.21
0.21
0.20
0.18
0.15
0.14
0.14
0.13
0.13
0.12
0.12
0.12
6.30%
(1) 2015-16 Local Secured Assessed Valuation: $15,147,219,370
____________________
Source: California Municipal Statistics, Inc.
The purpose of the 2014-15 Continuing Disclosure Annual Report is to provide information
about the District for the fiscal year 2014-15. Financial and other information for the 2015-16
fiscal year have also been referenced in this Report.
The District has collected information from sources believed to be accurate. The District,
however, makes no representations about the accuracy. No statement in this report or in the
accompanying financial information should be construed as a prediction about the future
financial performance of the District.
Dated: December 30, 2015
Manhattan Beach Unified School District
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