SCHOOL DISTRICT OF SPRINGFIELD R-12
SPRINGFIELD, GREENE COUNTY, MISSOURI
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2006
Prepared by the Finance Department
Cherie Alderson – Director of Financial Services
Steven M. Chodes – Comptroller
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal .........................................................................................................................................1
Mission and Vision of the District....................................................................................................................7
Board Members and Administrators.................................................................................................................8
Organization Chart ...........................................................................................................................................9
ASBO Certificate of Excellence in Financial Reporting ................................................................................10
GFOA Certificate of Achievement for Excellence in Financial Reporting ....................................................11
FINANCIAL SECTION
Independent Auditor’s Report ........................................................................................................................13
Management’s Discussion and Analysis ........................................................................................................15
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Assets ............................................................................................................23
Statement of Activities ..............................................................................................................24
Fund Financial Statements:
Balance Sheet – Governmental Funds.......................................................................................25
Reconciliation of Balance Sheet – Governmental Funds with the Statement of Net Assets .....26
Statement of Revenues, Expenditures, and Changes in Fund Balances –
Governmental Funds ..........................................................................................................27
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances – Governmental Funds to the Statement of Activities ...............................28
Statement of Net Assets – Proprietary Fund .............................................................................29
Statement of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Fund .........30
Statement of Cash Flows – Proprietary Fund............................................................................31
Statement of Fiduciary Net Assets – Fiduciary Funds ..............................................................32
Statement of Changes in Fiduciary Net Assets – Fiduciary Funds............................................33
Notes to Basic Financial Statements ................................................................................................34
Required Supplementary Information:
Budgetary Comparison Schedules (Unaudited)
General Fund – Incidental Fund................................................................................................51
Major Special Revenue Fund – Teachers’ Fund .......................................................................52
Note to Budgetary Comparison Schedules .......................................................................................53
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Other Supplementary Information:
Budgetary Comparison Schedules (Unaudited)
Debt Service Fund.....................................................................................................................55
Capital Projects Fund ................................................................................................................56
All Governmental Funds ...........................................................................................................57
Summary Schedule of Revenues Collected, Expenditures Paid and Changes in Fund
Balance...............................................................................................................................58
Schedule of Revenues by Source per Annual Secretary of Board Report (ASBR) –
Governmental Funds ..........................................................................................................59
Schedule of Expenditures by Object per Annual Secretary of Board Report (ASBR) –
All Governmental Funds ....................................................................................................61
STATISTICAL SECTION
Net Assets by Component – Last Five Fiscal Years.......................................................................................63
Change in Net Assets – Last Five Fiscal Years ..............................................................................................64
Fund Balances of Governmental Funds – Last Ten Fiscal Years ...................................................................66
Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ................................................67
General School System Expenses by Function – Government-wide – Last Four Fiscal Years......................68
General School System Expenditures by Function – Fund Level – Last Ten Fiscal Years ............................69
General School System Revenues by Source – Government-wide – Last Five Fiscal Years .........................70
General School System Revenues by Source – Fund Level – Last Ten Fiscal Years.....................................71
Property Tax Levies and Collections – Last Ten Fiscal Years .......................................................................72
Assessed and Estimated Actual Value of Taxable Property – Last Ten Calendar Years................................73
Property Tax Rates – Direct and Overlapping Governments – Last Ten Fiscal Years ...................................74
Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita
– Last Ten Fiscal Years ....................................................................................................................75
Computation of Legal Debt Margin – Last Ten Fiscal Years.........................................................................76
Computation of Direct and Overlapping Debt................................................................................................77
Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General
Expenditures – Last Ten Fiscal Years ..............................................................................................78
Demographic Statistics – Last Ten Years.......................................................................................................79
Property Value, Construction, and Bank Deposits – Last Ten Fiscal Years...................................................80
Principal Taxpayers ........................................................................................................................................81
Largest Employers ..........................................................................................................................................82
Capital Assets – Last Five Fiscal Years..........................................................................................................83
Miscellaneous Statistics..................................................................................................................................84
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Introductory Section
Springfield Public Schools
Kraft Administrative Center
December 13, 2006
The Comprehensive Annual Financial Report (CAFR) for the School District of Springfield R-12 (District) for
the fiscal year ended June 30, 2006 is submitted herewith. This report has been prepared by the District’s
Finance Department. Responsibility for the accuracy of the data presented here and the completeness and
fairness of the presentation, including all disclosures, rests with the District. We believe the data is presented in a
manner designed to fairly set forth the financial position and results of operations of the District, as measured by
the financial activity of the various funds; that all disclosures necessary for the reader to gain maximum
understanding of the District’s financial activity have been included; and is accurate in all material respects.
The CAFR for the fiscal year ended June 30, 2006 is presented in conformance with the reporting model adopted
by the Governmental Accounting Standards Board (GASB) in their Statement No. 34, Basic Financial
Statements – and Management’s Discussion and Analysis – for State and Local Governments, issued in June
1999. Under the requirements of GASB Statement No. 34, the District implemented the new reporting model for
the year ended June 30, 2002. Goals of this reporting model are to provide more relevant information that will
result in greater accountability by state and local governments and to enhance the understanding and usefulness
of the comprehensive annual financial report. The Governmental Accounting Standards Board has recognized
accountability as the primary objective of government financial reporting. The minimum requirements for
external financial statements now include: Management’s discussion and analysis (MD&A), government-wide
financial statements, fund financial statements, notes to the financial statements and required supplementary
information other than MD&A.
Under the provisions for the CAFR, three sections are required; two of which expand upon the scope of
Statement No. 34.
The Introductory Section includes this Letter of Transmittal, the District’s mission and vision statement, the
District’s organizational chart, a listing of elected Board of Education members and a listing of administrative
officials.
The Financial Section meets the requirements of Statement No. 34 and includes the independent auditor’s
report, Management’s Discussion and Analysis, basic financial statements for the entity as a whole, notes to the
basic financial statements, and required supplemental information.
The Statistical Section includes government wide summary financial data, ten years of summary fund financial
data, debt computations, and a variety of demographic, economic, and general information.
This CAFR has been prepared using the guidelines recommended by the Government Finance Officers
Association of the United States and Canada (GFOA) and the Association of School Business Officials
International (ASBO). Each of these associations maintains a CAFR award program. Receiving these awards is
recognition that a school system has met the highest of standards of excellence in school financial reporting.
The GFOA awarded a Certificate of Achievement for Excellence in Financial Reporting to the District for its
CAFR for the fiscal year ended June 30, 2005. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized CAFR. This report must satisfy both
generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is
valid for a period of one year only. We believe that our current CAFR continues to meet the Certificate of
940 North JeffersonŒSpringfield, Missouri 65802-3790
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Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for
another certificate.
The ASBO awarded a Certificate of Excellence in Financial Reporting to the District for its CAFR for the year
ended June 30, 2005. We believe that our current CAFR continues to meet the Certificate of Excellence
Program’s requirements and we are submitting it to the ASBO to determine its eligibility for another certificate.
MANAGEMENT’S DISCUSSION AND ANALYSIS
GASB Statement No. 34 requires that management provide a narrative introduction, overview and analysis to
accompany the basic financial statements in the form of management’s discussion and analysis (MD&A). This
letter of transmittal is designed to complement the MD&A and should be read in connection with it. The
District’s MD&A can be found immediately following the report of the independent auditors.
DISTRICT PROFILE
The Springfield R-12 School District provides general and special education for 24,000 students in K-12; the
third largest student enrollment in Missouri. Enrollment has remained steady in the 24,000-24,500 range over the
last seven years and is projected to remain so during the next couple of years. The District’s facilities currently
include 36 elementary schools serving grades kindergarten through five, 1 intermediate school serving grades
five and six, 9 middle schools serving grades six, seven, and eight, and 5 high schools serving grades nine
through twelve. Of the 48 school sites within the District, 3 are less than 10 years old, 4 are 11-30 years old, 30
are 31-50 years old and 11 are more than 50 years old, with the average school building age district-wide being
41 years.
As of June 2006, the District had a total of 3,734 employees. The school calendar generally stipulates a school
year with 186 teacher contract days with schools scheduled to be in session 176 days. Both elementary schools
and secondary schools follow the traditional nine-month schedules, with summer school available.
The District encompasses over 138 square miles and is located in the southwestern portion of Missouri in Greene
County. The population of the District was 181,162 in 2005, according to the U.S. Census Bureau.
The District is governed by a seven-member board of directors commonly known as the Board of Education.
Under prior law, members of the Board were elected for six-year staggered terms with two or three members
being elected every two years. This was changed in 1998 so that elections for Board members are now held
annually in April and terms for members are now three years. All Board members are elected at-large and serve
without compensation. The Board is responsible for all policy decisions. The President and Vice President of the
Board are elected by the Board from among its members for terms of one year each and have no regular
administrative duties. The Secretary and Treasurer are appointed by the Board and may or may not be members
of the Board. The Board of Education appoints the Superintendent. Additional members of the administrative
staff are appointed by the Board of Education upon recommendation by the Superintendent.
The District operates as an urban school district and is not a component unit of another government as defined by
GASB pronouncements since Board members are elected by the voting public to provide fiscal and operational
management of the District. In addition, there are no component units included within the District.
ECONOMIC CONDITION AND OUTLOOK
The Springfield Region is comprised of five counties and has a population of over 380,000. The city of
Springfield, which is the state's third-largest city, is at the heart of a transportation hub, which consists of a
network of major interstates and highways. The presence of Table Rock Lake, Lake Taneycomo and a portion of
the Mark Twain National Forest make this region an outdoorsman's paradise. The arts and minor league sports
offer great options in Springfield entertainment.
In addition to the great quality of life, the Springfield Region is, in many respects, the engine driving the state's
economic growth. Every county in this region has experienced above average to phenomenal growth in the last
decade. Springfield's economic output (gross metro product) doubled in the past decade--fastest growing in
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Missouri and top 50 in the US. The Springfield metro workforce has grown more than 16% in the past 10 years
and in 2004 accounted for more than one-third of Missouri's total job growth (business4springfield.com). The
unemployment rate for the Springfield Region in July 2006 was.3.6%, well under the state’s rate of 4.8% (U.S.
Dept. of Labor, Bureau of Labor Statistics).
The education and health care sector employs over 30,000 people (15% of the total workforce) with an economic
impact of over $3 billion. The manufacturing sector's economic impact is over $3 billion annually and the sector
employs over 20,000 people. Major employers in this area are: CoxHealth, St. John’s Health System, Bass Pro,
Kraft Foods, O”Reilly Auto Parts, Chase Card Services and Wal-Mart Stores (business4springfield.com).
INTERNAL CONTROLS
The District has established a comprehensive internal control framework that is designed both to protect the
District’s assets from loss, theft or misuse and to compile sufficient reliable information for the preparation of
the District’s financial statements in conformity with accounting principles generally accepted in the United
States of America. Because the cost of internal controls should not outweigh their benefits, the District’s internal
controls have been designed to provide reasonable rather than absolute assurance that the financial statements
will be free from material misstatement.
BUDGETARY CONTROLS
In June of each year, the District adopts an annual budget for revenues and expenditures. The District’s budget is
an instrument that provides a definite financial plan for the direction of business operations of the District. It
provides a detailed outline of the probable expenditures and the anticipated receipts during a specified period of
time. The budget is one of the most important legal documents of a school district. It is not a static document but
rather a working document that changes, through Board approved budget amendments, throughout the year as
actual financial data changes.
The development of the annual budget for Springfield Public Schools is a combined effort of the Board of
Education, District administration, school staff and the public. Driving the process are two objectives. The first is
to provide every child in the District with a quality education. The second is to utilize the resources available to
the District in the most efficient and effective manner.
Preparation for the annual budget begins in January of the prior school year. At that time, preliminary revenue
and expenditure projections are developed for the current year and the subsequent year. These projections are
used in developing a “roll-ahead” budget for the subsequent year which provides the District with a first look of
the new year budget. Meetings are then held with the Board of Education, District administration, school staff
and the public to arrive at a final budget draft.
In April, the preliminary budget is provided to the Board for review. The Board reviews the budget and approves
the preliminary budget. The Board may request modification of the preliminary budget at this time and any time
prior to official adoption. The result of this process, the annual budget, is a detailed analysis of the District’s
revenues and expenditures developed to support educational programs and services. Final adoption of the budget
occurs in June.
Throughout the fiscal year, two-way communication is maintained between the Finance Department and the
various budget administrators. Since events change throughout the year, budget administrators will periodically
need to increase a budget item. What results is a “give and take” approach to the request for additional budget
amounts. First, the administrator’s entire function is reviewed for areas that might have excess budget amounts.
If it is determined that there are excess budget amounts, then a budget transfer is completed to move the excess
budget amount needed to fill the request. If it is determined that the administrator’s function has no excess
budget amount, then other functions are reviewed for excess budget amounts. Finally, if these reviews reveal no
excess budget amounts, then a budget modification request is submitted to the Board for approval.
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The Finance Department reviews actual performance compared to budget on a continuing basis. As the year
progresses, this review increases in focus to the extent that, over the last few months of the fiscal year, the
budget is reviewed on a line item by line item basis.
ACCOMPLISHMENTS AND INITIATIVES
In support of the District’s vision statement, activities of the District focus on academic and student
development. To achieve this vision, the District has adopted three goals: Improve student achievement, improve
graduation rate and ensure effective and efficient use of resources. Success in meeting these three goals is
indicated by the following accomplishments:
•
SPS Students continue to outperform state and national peers on ACT: Springfield students’
composite score was 22.5. This year’s state average composite score was 21.6; the national composite
average score was 20.9.
•
Springfield schools make state 'Top 10' lists: Springfield Public Schools were named to the Top 10
lists for “Highest Performing” and “Most Improved” schools by the Missouri Department of
Elementary and Secondary Education. The lists are based on five-year averages of student performance
demonstrated on the Missouri Assessment Program (MAP) Test. MAP is Missouri’s mandatory statewide test used in public schools to measure performance under the federal No Child Left Behind Act.
Springfield was recognized seven times in the highest performing schools category. Only three other
Missouri school districts appeared more times on this list. The District was recognized nine times in the
most improved schools category. Only three Missouri school districts were listed more times in this
category.
•
District again eligible for MSIP review waiver: For the third straight year, Springfield Public Schools
is eligible to waive the On-Site Missouri School Improvement Program (MSIP) review. The District
earned the waiver by meeting performance indicators at the accredited level on recent Annual
Performance Reports (APR). Eligibility was based on APRs for the last three years and other
information gathered in the 2000 MSIP review. Few districts receive this honor, which will save
Springfield Public Schools officials $100,000 in preparation time.
•
District earns state “Distinction in Performance” award: For the fourth straight year, Springfield
Public Schools earned the state’s coveted “Distinction in Performance” award for continued progress in
improving academic achievement, according to the Missouri Department of Elementary and Secondary
Education. The annual recognition is based on a district’s performance on MAP test scores, ACT
scores, attendance, dropout rates and other measures of academic performance during the 2004-05
school year.
Other District accomplishments included:
•
District receives meritorious budget award: The District received the Meritorious Budget Award for
its 2005-2006 fiscal budget from the Association of School Business Officials (ASBO) International.
The award reflects the commitment of district officials to achieve the highest standard of school
budgeting.
•
District achieves unqualified audit: For the 14th year in a row, the 2005-06 audit is unqualified. An
unqualified accountants’ opinion shows that the audited financial statements, as presented, are in
conformity, in all material respects, with generally accepted accounting principles. Fewer than 5% of
Missouri school districts received unqualified audits.
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Major initiatives of the District included programs designed to meet federal, state and District goals. These
included:
•
The Missouri School Improvement Program: MSIP is the pathway by which the State Board of
Education and the Department of Elementary and Secondary Education fulfill their responsibility to
classify and accredit school districts in the state, as well as ensure that school improvement within each
district and on a statewide basis is promoted.
•
The Comprehensive School Improvement Plan: CSIP is an ongoing, written document that directs
the District’s overall improvement of its education programs and services, and is a requirement of
MSIP.
•
The District’s Accountability System: The Accountability System is the overarching planning process
that incorporates the mission, vision and beliefs of the Board of Education. The Accountability System
focuses on continuous improvement, while providing the resources necessary to support improvement
efforts and expands upon the ability to achieve the goals of the state and federal governments.
These processes represent the work plans of the District. They are the “blueprints” by which the District will
measure progress and report results to the public.
Other District initiatives included:
•
$96.5 Million General Obligation Bond: In April 2006 a $96.5 million bond was approved
by the vote of the public. The bond will be used to add air conditioning at 18 schools, provide
new science/technology labs for 3 high schools and expand and upgrade 9 schools.
•
Financial Software: In April 2006 the District implemented a new financial software system.
CASH MANAGEMENT
The District has written policies for the management of cash and investments. Cash receipts are physically
secured and deposited in the authorized depository within twenty-four hours of receipt. Except for cash in certain
restricted and special funds, cash balances from all funds are consolidated to maximize investment earnings. The
District maintains a cash and investment pool that is available for use by all funds not required to be segregated.
Deposits made to accounts in the funds that pool are swept into the investment pool. The pool uses accrual
accounting and allocates income monthly to the various funds based upon their respective participation. Fair
value adjustment is determined and recorded at fiscal year end.
The District’s depository pays interest monthly on the average daily balance of accounts. No restrictions are
placed on the amounts of deposits or withdrawals allowing cash to be placed where it will earn the highest
return. Funds not required for current operations are identified as surplus funds and are invested on a competitive
basis through the District’s authorized financial dealers (one primary) and institutions. Investment types include
securities issued by State of Missouri, US Treasury, US Agencies; repurchase agreements, certificates of deposit,
commercial paper, and bankers’ acceptances with diversification standards for each type and issuer. Repurchase
agreements and certificates of deposit require collateralization. Investment in any type of derivative is
prohibited. The District’s pool and restricted funds also participate in the Missouri Securities Investment
Program (MOSIP) an intergovernmental investment pool. Reports are presented to the Board of Education each
month that provide details of investments, collateralization of deposits, and cash position by fund.
RISK MANAGEMENT
The District is self-funded for medical benefits and workers compensation. Claims administration for both of
these programs is handled by a third party administrator. Stop-loss protection for medical benefits is covered by
a policy for individual claims in excess of $200,000 with an aggregate limit of $21.5 million. Stop-loss
protection for workers compensation is covered by policies for aggregate claims exceeding $2.6 million and
specific claims in excess of $350,000.
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Programs to help control medical and workers compensation costs have proven to be effective and, as a result,
the District has maintained an adequate reserve and has been able to avoid increases in benefit premiums. These
programs include the establishment of a preferred health provider network, utilization review, and large case
management for medical benefits and a directed medical program, centralized reporting, and utilizing the loss
control services of Summit Safety Group for workers compensation.
INDEPENDENT AUDIT
Daniel Jones & Associates has audited the District’s financial statements. The goal of the independent audit was
to provide reasonable assurance that the financial statements of the District for the fiscal year ended June 30,
2006 are free of material misstatement. The independent audit involved examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and
significant estimates made by management; and evaluating the overall financial statement presentation. The
independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an
unqualified opinion that the District’s financial statements for the fiscal year ended June 30, 2006 are fairly
presented in conformity with generally accepted accounting principles. The independent auditor’s report is
presented as the first component of the financial section of this report. The independent audit of the financial
statements of the District was part of a broader, federally mandated “Single Audit” designed to meet the special
needs of federal grantor agencies. The standards governing Single Audit engagements require the independent
auditor to report not only on the fair presentation of the financial statements, but also on the audited
government’s internal controls and compliance with legal requirements, with special emphasis on internal
controls and legal requirements involving the administration of federal awards. As was the case with the
financial statements, the independent auditor reported an unqualified opinion that the District complied, in all
material respects with the requirements that are applicable to each of its major federal programs for the year
ended June 30, 2006.
ACKNOWLEDGEMENTS
The efficient, knowledgeable and dedicated staff of the Finance Department accomplished the preparation of this
report on a timely basis. We would like to express appreciation to all members of the department who assisted in
the preparation of this report.
We also wish to thank the members of the Board of Education for their interest and support in conducting the
financial affairs of the District in a responsible and progressive manner.
Cherie D. Alderson
Director, Financial Services
Steven M. Chodes
Comptroller
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Mission and Vision of the District
MISSION STATEMENT
Springfield Public Schools exists for the academic
excellence of all students.
Our Beliefs:
All individuals associated with the Springfield Public
Schools are expected to treat each other with dignity
and respect, to advocate positively for the learning of
students and to embrace the commonly held values of
service, integrity, fairness, kindness, openness, equity,
and responsibility.
To accomplish this, we believe that:
•
•
•
Parents are the primary educators of their children.
Therefore, we are committed to actively engaging parents
in the education of their children.
•
Students are responsible for active participation in their
learning process. Therefore, we shall provide students the
opportunity to pursue their maximum potential in a safe, positive and challenging learning environment.
Staff members will focus on high expectations for themselves and students. Therefore, we are committed to
working with staff to define the expectations for their respective responsibilities, to develop a system of
accountability to measure achievement of these expectations and to provide the on-going staff development
and support needed to achieve these expectations.
A representative republic depends upon educated citizens. It is the responsibility of all stakeholders,
including the community and governmental bodies to support public education. Therefore, as elected
representatives, the Board of Education shall solicit the fiscal, moral and volunteer support needed to achieve
the District’s mission and goals and hold itself accountable for the effective and efficient use of same.
Our Vision:
The Springfield Public Schools shall be a national leader in academic and student development.
In addition to the mastery of basic skills, students shall be engaged in challenging academic
programs designed to allow students to reach their highest potential.
To achieve this vision, the Board of Education adopts the following goals:
Goals to Achieve the Vision
Goal 1:
Improve Student Achievement - All students will demonstrate proficiency or
higher in math, reading, and writing as measured by the benchmark standards.
Goal 2:
Improve Graduation Rate – Students will persist in their efforts to complete an
educational program.
Goal 3:
Ensure Effective and Efficient Use of Resources – High quality, fiscallyresponsible services will be provided.
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SPRINGFIELD PUBLIC SCHOOL DISTRICT
BOARD MEMBERS AND ADMINISTRATORS
Board of Education
Michael Hoeman .....................................................................................................President
Kris Callen .....................................................................................................Vice-President
Pam Bodine.............................................................................................................. Member
Andy Hosmer ........................................................................................................... Member
Mary Norman........................................................................................................... Member
Bruce Renner ........................................................................................................... Member
Debbie Tolliver ........................................................................................................ Member
Administration
Norm Ridder, Ed.D ....................................................................................... Superintendent
Chuck Stockton.............................................................Special Assistant to Superintendent
Cherie Alderson .................................................................... Director of Financial Services
Danny Fuller ..........................................................................Director of Human Resources
Del Phillips, Ph D .........................................................................Associate Superintendent
Teresa White, Ed.D.......................................................................Associate Superintendent
Peggy Riggs, Ed.D........................................................................Associate Superintendent
Bob Keyes...................................................................................Public Information Officer
Anita Kissinger .....................................................................Director of Staff Development
Denise Fredrick..........................................Director of Accountability & Federal Programs
Marc Maness.......... Director of Community Services, Academic Development and Grants
8
9
Coordinator of
Library Services
Records Office
Summer School
Coordinator of
Alternative
Programs
Director of
Early Childhood
HHS/PHS
and all
Feeder Schools
Revised February 2006
Coordinator
of Gifted
Director of
Special Education/
Compensatory Svc.
CHS and all
Feeder Schools
Associate
Superintendent
(Zone II)
Associate
Superintendent
(Zone I)
Springfield Public Schools
2005-2006
Director of
Public Safety
and Custodial
Director of
Food Services
Director of
Student Support
Services
KHS/GHS
and all
Feeder Schools
Coordinator
of Purchasing
Coordinator of
Transportation
Director of
Facilities
Comptroller
Director of
Financial
Services
Director of
Athletics
Associate
Superintendent
(Zone III)
Superintendent
Board of Education
Director of
Information
Technology
Director of
Community
Development
Director of
Instructional
Improvement
Director of
Staff Development
Director of
Accountability and
Federal Programs
Special Assistant
for
Curriculum
Instruction
and Teaching
Coordinator
of Benefits
Director of
Human
Resources
Public Information
Officer
Executive Director
of Quality &
Development
10
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12
Financial Section
INDEPENDENT AUDITOR’S REPORT
Board of Education
The School District of Springfield R-12
Springfield, Missouri
We have audited the accompanying financial statements of the governmental activities, each major fund and the remaining
fund information of The School District of Springfield R-12 as of and for the year ended June 30, 2006, which collectively
comprise the District’s basic financial statements as listed in the table of contents. These financial statements are the
responsibility of The School District of Springfield R-12’s management. Our responsibility is to express opinions on these
basic financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and the significant estimates made by management, as well as evaluating the overall basic financial
statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial
position of the government activities, each major fund, and the remaining fund information of The School District of
Springfield R-12 as of June 30, 2006, and the respective changes in financial position and cash flows, where applicable,
thereof for the year then ended in conformity with accounting principles generally accepted in the United States of
America.
In accordance with Government Auditing Standards, we have also issued our report dated August 18, 2006, on our
consideration of The School District of Springfield R-12’s internal control over financial reporting and on our tests of its
compliance with certain provision of laws, regulations, contracts and grant agreements and other matters. The purpose of
that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results
of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report
is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in
assessing the results of our audit.
The management’s discussion and analysis on pages 15 through 22 are not a required part of the basic financial statements
but are supplementary information required by accounting principles generally accepted inn the United States of America.
We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods
of measurement and presentation of the required supplementary information. However, we did not audit the information
and express no opinion on it.
The budgetary comparison information on pages 51 through 53 are not a required part of the basic financial statements but
are supplementary information required by accounting principles generally accepted in the United States of America. The
budgetary comparison information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material respects, in relation to the basic financial statements taken as
a whole.
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INDEPENDENT AUDITOR’S REPORT CONTINUED
Our audit was conducted for the purpose of forming opinions on the basic financial statements that collectively comprise
the School District of Springfield R-12’s basic financial statements. The introductory section and statistical information are
presented for purposes of additional analysis and are not a required part of the basic financial statements.
The introductory section and statistical section have not been subjected to the auditing procedures applied in the audit of the
basic financial statements and, accordingly, we express no opinion on them.
Daniel Jones & Associates
Certified Public Accountants
August 18, 2006
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The School District of Springfield R-12
Springfield, Missouri
Management's Discussion and Analysis
Year Ended June 30, 2006
(Unaudited)
The Management's Discussion and Analysis (MD&A) of The School District of Springfield R-12 (District) provides an
overview and analysis of the District's financial activities for the fiscal year ended June 30, 2006. The intent of the MD&A
is to look at the District's financial performance as a whole. Readers should also review the financial statements found in
the Financial Section and the notes thereto to enhance their understanding of the District's financial performance.
The MD&A is an element of Required Supplementary Information specified in the Governmental Accounting Standards
Board (GASB) Statement No. 34 - Basic Financial Statements - and Management's Discussion and Analysis - for State and
Local Governments issued in 1999. Certain comparative information between the current fiscal year ended June 30, 2006
(2006) and the prior fiscal year ended June 30, 2005 (2005) is required to be presented in the MD&A and is included
herein.
Financial Highlights
Key financial highlights for the fiscal year ended June 30, 2006 include:
•
The total assets of the District exceeded the liabilities by $74,449,431. Of this amount, $22,113,178 (unrestricted net
assets) may be used to meet the District’s ongoing obligations.
•
The District’s total net assets increased by $13,558,626 with total assets increasing $97,850,779 and total liabilities
increasing $84,292,153. The majority of the increase in assets and liabilities was due to the issuance of a $96,500,000
general obligation bond, approved by the vote of the public in April 2006.
•
The governmental funds reported combined ending fund balances of $164,430,000, an increase of $85,597,817 from
the prior year. The increase was primarily due to the $96.5 million bond, offset by increased operating costs.
•
Of the $164.430, 000 in fund balance, $20,157,204 is unreserved fund balance and is available for spending at the
District’s discretion. The unreserved fund balance for the General Fund was $18,466,199, an increase of $2,019,482
over the prior year. The Teachers’ Fund, as required by statute, had a zero fund balance. The unreserved fund balance
for the General Fund represents 11.3% of the total expenditures for these two funds.
•
The difference between the changes in governmental activities and the governmental funds reflects the difference in
the accrual basis of accounting and the modified-accrual basis. Some of the significant differences are capitalization
and depreciation of fixed assets, method of reporting payments of bond principal and revenue recognition.
•
Program revenues made up 53% of the total revenues. General revenues made up the balance. Program revenues
covered 56% of the program expenditures leaving 44% to be covered by general revenues.
•
In June 2004, a levy was passed by a vote of the public resulting in an increase to the operating levy of $.15 for 2005
and an additional $.10 for 2006. Due to property tax reassessments, resulting in higher than anticipated assessed
valuations, the District elected to voluntarily rollback the operating levy from $3.1435 to $3.0003.
•
A 3.5% cost of living increase was applied to employee salaries for 2006.
15
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2006
Overview of the Financial Statements
The District's basic financial statements consist of a series of financial statements and the associated notes to those
statements. The statements are organized so the reader can understand the operations of the District as a whole, i.e., an
entire operating entity. The "Basic Financial Statements" section includes government-wide financial statements, fund
financial statements and notes to financial statements.
The government-wide financial statements, consisting of the Statement of Net Assets and the Statement of Activities
provide highly consolidated financial information and render a government-wide perspective of the District's financial
condition. They present an aggregate view of the District's finances. These statements seek to address the matter of whether
the District is better financially this year or is it worse than the prior year. These statements include all assets and liabilities
using the accrual basis of accounting used by most private-sector enterprises. The accrual basis takes into account all of the
District's current year revenues and expenses regardless of when paid or received.
The changes which are discussed in this MD&A may be financial or non-financial in nature. Non-financial factors which
may have an impact on the District's financial condition include increases in or erosion of the property or sales tax base
within Springfield, facilities maintenance and condition, mandated educational programs for which little or no funding is
provided, or other external factors.
To provide more in-depth reporting of the District's financial position and changes in financial position, fund basis financial
information is presented in the "Fund Financial Statements" section. These fund financial statements, which should be
familiar to those who have read previous governmental financial statements, report governmental activities on more of a
current rather than long-term basis, indicating sources and uses of funding, as well as sources available for spending in
future periods.
Fund financial statements also provide more in-depth data on the District's most significant funds, the General Fund,
Teachers' Fund, Debt Service Fund and Capital Projects Fund. These funds are considered "major funds" under GASB
Statement No. 34. A reconciliation of the relationship between governmental activities reported in the government-wide
financial statements and the governmental funds reported in the fund financial statements is included in the financial
statements.
Definition
Basis of
accounting
Relationship between Government-wide and Fund based Financial Statements
GovernmentFund Financial Statements
wide
Statements
Governmental Funds
Proprietary Funds
Incorporates all
Funds generally used to
Funds for activities that operate
funds except
account for tax supported
similar to private businesses
fiduciary funds
activities
and funds for services furnished
by a department of the District
to other departments on a cost
reimbursement basis
Accrual
Modified accrual
Accrual
Fiduciary Funds
Funds used to report
assets held on behalf of
other entities
Accrual
Measurement
focus
Economic
resources
Current financial resources
Economic resources
Economic resources
Financial
Statements
● Statement of
net assets
● Balance Sheet
● Statement of net assets
● Statement of fiduciary
net assets
● Statement of revenues,
expenditures, and changes
in fund balances
● Statement of revenues,
expenses, and changes
in fund net assets
● Budgetary Comparison
Schedule for the General
Fund and the major special
revenue funds
● Statement of cash flows
● Statement of
activities
● Statement of
changes in
fiduciary net assets
16
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2006
The remaining financial statements of the proprietary fund and the fiduciary funds present financial information relative to
the internal service fund, which accounts for the self-insured medical plan, and the fiduciary fund assets held by the District
on behalf of employees, private organizations or other governments in a position of trust. Fiduciary funds are excluded from
the government-wide financial statements because the assets are not available for District operations.
The notes to the financial statements are provided to enhance the presentation of the District’s financial performance.
Government-Wide Financial Analysis
The June 30, 2006 net assets invested in capital assets, net of related debt makes up 15.5% of the District’s net assets is
comprised of its investment in capital assets less any related outstanding debt used to acquire those assets. These assets
include land, buildings and improvements, vehicles, furniture and office equipment and construction in progress. The
District uses these assets to provide services to its students, teachers, administrators and citizens; consequently, these assets
are not available for future spending.
2006
ASSETS
Current assets
Capital assets
Total assets
$
LIABILITIES
Current liabilities
Long-term liabilities
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted for Debt Service
Unrestricted
Total net assets
$
211,257,807
141,416,811
352,674,618
2005
$
131,203,489
123,620,353
254,823,842
51,473,065
226,752,127
278,225,192
59,508,871
134,424,166
193,933,037
11,562,995
40,773,258
22,113,173
11,462,689
15,259,995
34,168,121
74,449,426
$
60,890,805
The District’s 2006 investment in capital assets, net of related debt was $11,562,995. Although the District’s investment in
its capital assets is reported net of debt, it should be noted that the resources needed to repay this debt must be provided
from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
An additional portion of the District’s 2006 net assets, 54.8%, represents resources that are subject to external restriction on
how they may be used. The remaining balance of unrestricted net assets, $22,113,175 or 29.7%, may be used to meet the
District’s ongoing obligations to citizens and creditors. As noted above, the District’s net assets increased $13,558,621 over
the prior year. This increase is largely contributable to a $6.8 million increase in property tax revenue due to reassessment
of property values and a $5.4 million increase in interest earnings due to increased interest rates.
Governmental Activities
The following table highlights the District’s revenues and expenses for the fiscal years end June 30, 2006 and 2005. These
two components are netted to determine the change in net assets. This table utilizes the full accrual method of accounting.
17
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2006
Revenue is further divided into two major components, program revenues and general revenues. Program revenues are
defined as charges for services, operating and capital grants and contributions. General revenues include taxes and
entitlements not restricted to specific programs.
Expenses are divided into major components of governmental activities. The largest expenses are in instruction,
administration, transportation and food service.
2006
Revenues
Program revenues
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues
Property taxes
Sales taxes, Prop C
Other taxes
Federal and state grants not restricted to specific
programs
Other
$
113,750,419
43,444,677
502,651
2005
$
11,985,726
40,661,231
369,314
91,397,982
19,420,304
3,188,711
84,566,332
18,716,565
3,370,197
14,662,875
10,274,115
20,384,984
4,521,132
296,641,734
184,575,481
116,144,770
24,365,987
10,628,258
5,931,517
17,283,638
1,347,188
6,237,265
8,556,074
1,574,277
80,219,599
10,794,540
90,553,582
24,975,328
9,177,955
5,508,728
17,330,222
1,294,892
6,115,145
7,618,337
1,307,368
9,989,266
7,083,544
283,083,113
180,954,367
Change in net assets
13,558,621
3,621,114
Net assets, beginning of year
60,890,805
57,269,691
Net assets, end of year
74,449,426
Total revenues
Expenses
Instruction
Instructional staff support
Administration
Business and central office support services
Operation of plant
Security services
Transportation
Food services
Community services
Facilities acquisition and construction
Interest and fees
Total expenses
$
60,890,805
As reflected above, the expenses of the District’s governmental activities are not all borne by the taxpayers of Springfield,
Missouri. Of the $283,083,113 in expenses, $113,750,419 (40.2%) was paid by individuals who used or benefited from the
services (i.e. school lunches, bonds) and $43,444,677 (15.3%) was paid through various federal and state grants.
18
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2006
The table below shows the total cost of programs and the net cost of these programs (after deducting charges for services
and grant revenue) of the various categories of expenses for the years ended June 30, 2006 and 2005. The "net cost"
presentation allows District taxpayers and others to determine the remaining cost of the various categories which were
borne by them or paid from other general revenues, and allows them the opportunity to assess the cost of each of these
functions in comparison to the perceived benefits received.
2006
Total Cost of
Net Cost of
Programs
Programs
Instruction
Instructional staff support
Administration
Business and central office
support services
Operation of plant
Security services
Transportation
Food services
Community services
Facilities acquisition and
construction
Interest and fees
$ 116,144,770
24,365,987
10,628,258
Total
$ 283,083,113
$
80,147,038
19,758,973
10,628,258
2005
Total Cost of
Net Cost of
Programs
Programs
$
90,553,582
24,975,328
9,177,955
$
54,634,446
22,294,556
9,177,955
5,931,517
17,283,638
1,347,188
6,237,265
8,556,074
1,574,277
5,711,819
17,046,892
1,321,160
3,193,773
(93,891)
718,216
5,508,728
17,330,222
1,294,892
6,115,145
7,618,337
1,307,368
5,447,631
17,195,349
1,287,445
3,570,737
(200,557)
478,702
80,219,599
10,794,540
(17,130,131)
4,083,259
9,989,266
7,083,544
9,989,266
4,062,566
$ 180,954,367
$ 127,938,096
$ 125,385,366
Governmental Funds Financial Analysis
The District uses funds to control and manage money for particular purposes (e.g., dedicated taxes and bond proceeds). The
fund basis financial statements allow the District to demonstrate its stewardship over and accountability for resources
provided by taxpayers and other entities. These statements also allow the reader to obtain more insight into the financial
workings of the District, and assess further the District's financial health.
Fund Balances
The District completed the fiscal year ended June 30, 2006 with a combined fund balance for governmental funds of
$164,430,000, an increase of $85,597,817 in comparison to the prior year. The increase was primarily due to a $96.5
million bond issue, offset by increased operating costs.
The General Fund is the chief operating fund of the District. For the year ended June 30, 2006, the fund balance of the
General Fund increased by $2,717,800. Key factors contributing to the increase were food services with a fund balance
contribution of a little over $300,000, a decision to maintain an additional $975,000 in M&M surtax in the general fund, an
increase in interest earnings of $467,000 due to increased interest rates and additional property tax revenues due to
increased assessed valuations offset by increased operating costs.
The fund balance of the General Fund includes a reserve for encumbrances of $1,250,622. In addition, $1,691,005 is
designated for student activities. The $40,275,977 fund balance of the Debt Service Fund is legally restricted for payment
of bond principal, interest and related fees. Of the $102,746,197 fund balance in the Capital Projects Fund, $101,682,318 or
99% is restricted for bond projects.
19
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2006
Revenues and Expenditures
The major source of local revenue for operations and debt service is local property taxes amounting to $87,914,688. This
amount is derived from the District's 2006 operating levy of $3.0003 and the debt service levy of $.33 for a total levy of
$3.3303. Other significant local revenues are $19,420,304 from sales tax, $6,011,080 from M&M surtax (commercial
property), food service revenues of $4,158,109 and student activity revenues of $4,221,285.
County revenue of $2,398,836 is derived primarily from county fine receipts and state assessed utilities taxes.
The largest component of state funding is provided by the Missouri state foundation formula, which declined from the
previous year by $471,839 to $19,816,308. Other significant state revenues are:
At-risk students program
Exceptional pupil, early childhood, remedial reading and gifted aid
State transportation aid
Cigarette tax
Missouri free textbook aid (foreign insurance)
$
$
$
$
$
9,244,360
7,050,640
2,391,295
618,342
2,267,999
Title I funding of approximately $6 million continues to be the largest federal revenue source. The Title I and Safe Schools
Healthy Students programs are the only major federal programs that are fully funded. Federal food services reimbursements
amounted to approximately $4.4 million for 2006 and P.L. 94-142 special education funds totaled approximately $5.5
million. All other federal revenues are designated for special programs, such as improving teacher quality, comprehensive
school reform, safe schools, drug free education, instructional improvement and various other directed grants.
Total governmental funds expenditures were $214,698,246 for the 2006. The General Fund accounts for $85,791,881 or
40.0% of the total expenditures. The Special Revenue (Teachers') Fund, accounts for $93,087,789 or 43.4% of the
expenditures and consists of certificated (teachers') salaries and insurance benefits. Debt Service Fund expenditures of
$22,205,955 are for principal and interest payments on general obligation bonds. Capital Projects Fund expenditures for
capital equipment and facility repairs and construction projects amounted to $13,612,621, of which $6,661,179 were bond
funded projects.
The following table summarizes the governmental fund revenues and expenditures for the years ended June 30, 2006 and
2005.
Revenue
FY2006
Local
County
$ 132,813,156
2,398,836
State
Federal
Other
43,269,320
21,210,092
104,147
Total Revenue
$ 199,795,551
FY2005
Expenditures
FY2006
FY2005
$ 119,065,468 Instruction
2,504,654 Support services
Acquisition and
41,960,209
construction
19,818,833 Debt service
128,863 Community services
$ 105,949,234
73,255,990
$ 96,940,678
71,156,586
10,852,879
23,067,229
1,572,914
21,036,967
9,408,044
1,306,326
$ 183,478,027 Total Expenditures
$ 214,698,246
$ 199,848,601
20
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2006
General Fund Budgetary Highlights
Over the course of the year, the School Board revises its budget to take into consideration expected changes in revenues or
expenditures. Missouri Statutes for public school finance, Section 67.010, RSMo., require a budget amendment if
anticipated expenditures are in excess of budgetary goals. The original budget was adopted on June 28, 2005 and the final
budget amendment was adopted on June 20, 2006.
A schedule showing the General Fund’s original budget and the final budget compared with actual operating results is
provided in the Required Supplementary Information section of this report.
The General Fund's final budgeted revenues reflect an increase of $3.2 million or 3.0% over the original budgeted revenues.
The General Fund's final budgeted expenditures reflect an increase of $3.0 million or 3.5% over the original budgeted
expenditures.
Total actual revenues were less than the total budgeted revenues by $1,496,800 or 1.4%. Total actual expenditures were less
than the total budgeted expenditures by $1,608,119 or 1.8%.
Capital Assets and Debt Administration
Capital Assets
At June 30, 2006, the District had $141,416,811 (net of accumulated depreciation) invested in a broad range of capital
assets, including land, buildings, construction in progress, furniture, buses and vehicles, library collections, textbook
adoptions, computers, and other equipment. Increases during the year represent additions to those categories, while
decreases represent retirements of assets during the year and depreciation for the year.
During the current fiscal year, $22,910,058 of depreciable assets was capitalized as additions, including $10.9 million for
district-wide air conditioning projects, $2.5 million for textbooks and $3.4 million in equipment. Disposals totaling
$7,475,473 included the retirement of old equipment and textbooks. Depreciation for the year amounted to $10,326,273 on
buildings, vehicles, buses, equipment, library collections and textbooks adoptions.
Additional information of the District's capital assets and construction commitments can be found in the Notes to
Accompanying Financial Statements.
Long-term Debt
At June 30, 2006, the District had outstanding general obligation bonded indebtedness of $229,253,852.
The District received a current credit rating of AAA from Standard & Poors for bonds issued with a Municipal Bond
Insurance policy and a rating of AA+ when participating in the Missouri Direct Deposit Program without a Municipal Bond
Insurance policy. The District's current underlying rating is AA-. Ratings on the bond issues from 1992 to 2006 range from
AA to AAA.
State statutes limit the amount of general obligation debt a school district may issue to 15% of the assessed valuation. The
debt limitation of $403,155,881 at June 30, 2006 is an increase of $37,564,917 over the June 30, 2005 debt limitation.
The District also incurs obligations for compensated absences and claims associated with the self insured worker's
compensation program. At June 30, 2006, these obligations totaled $2,589,682 of which the long-term portion was
$861,569.
Additional information of the District's long-term debt can be found in the Notes to Accompanying Financial Statements.
21
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2006
Economic Factors and Next Year’s Budget
The Missouri state legislature adopted a new school adopted a new school funding formula in 2005 that will be
implemented in July 2006. The state funding for the year ending June 30, 2007 is expected to increase $2 million over
2006.
At the time these financial statements were prepared, the district was aware of the following impacts on the 2006-2007
budget:
•
The maximum authorized operating levy available to the District is $3.1436. Due to increases in assessed values
the District has elected to roll back the levy by $0.0980 to $3.0456
•
In April 2006, an increase to the debt service levy of $0.18 was approved by vote of the public, raising the debt
service levy to $0.51.
•
The $96.5 million general obligation bond will be used to add air conditioning at 18 schools, provide new
science/technology labs for 3 high schools and expand and upgrade 9 schools.
•
A cost of living adjustment (COLA) of 2.5% for salaries was included in the budget.
•
Due to rising gas and energy costs, an additional $904,500 was included in the budget.
•
Compliance with current and new state and federal programs can require additional expenditures that are not
included in the budget.
•
The District continues to experience substantial increases in employee benefit and liability insurance costs.
Contacting the District's Financial Management
While this Management's Discussion & Analysis is designed to provide a general overview of the financial condition and
operations of the District, citizens groups, taxpayers, parents, students, investors or creditors may want further details. To
obtain such details, please contact Cherie Alderson, Director of Financial Services at the Kraft Administrative Center
business office, 940 N. Jefferson Avenue, Springfield, Missouri 65802 or call (417) 523-0159 during regular office hours,
Monday through Friday, 8:00 a.m. to 5:00 p.m., Central Time.
22
Basic Financial Statements
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Statement of Net Assets
As of June 30, 2006
Governmental Activities
Assets
Cash and cash equivalents
Investments
Receivables:
Taxes, net of allowance for uncollectibles of $641,031
Other local
State
Federal
Other
Investment earnings
Inventories
Prepaid Expenses
Restricted assets:
Cash
Investments
Bond Discount, net of accumulated amortization of $53,734
Bond Issue Costs, net of accumulated amortization of $1,393,212
Capital Assets, net of accumulated depreciation of $196,971,589
Total assets
Liabilities
Accounts payable
Accrued interest payable
Accrued payroll and related benefits
Benefit claims payable
Due to State
Unearned revenue - property taxes
Unearned revenue - other
Bond Premium, net of accumulated amortization of $1,831,493
Compensated absences payable - sick pay benefits:
Due within one year
Due in more than one year
Worker's compensation claims:
Due within one year
Due in more than one year
General obligation bonds payable:
Due within one year
Due in more than one year
Total liabilities
Net Assets
Investment in capital assets
net of related debt
Restricted for:
Debt Service
Unrestricted
Total net assets
Total liabilities and net assets
$
26,477
57,831,478
3,414,378
210,933
228,800
4,016,153
1,297
146,545
446,707
18,625
68,450
142,688,996
52,755
2,106,213
141,416,811
352,674,618
523,859
6,597,665
21,448,590
1,029,568
166,264
2,527,785
5,169,663
7,916,558
100,000
901,706
1,728,113
861,569
4,265,000
224,988,852
278,225,192
11,562,995
40,773,258
22,113,173
74,449,426
$
352,674,618
The notes to the basic financial statements are an integral part of this statement.
23
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Statement of Activities
For the Year ended June 30, 2006
Functions/Programs
District activities:
Instruction
Attendance
Guidance
Health, Psych Speech and Audio
Improvement of Instruction
Professional Development
Media Services (Library)
Board of Education Services
Executive Administration
Building Level Administration
Business Central Service
Operation of Plant
Security Services
Pupil Transportation
Food Services
Central Office Support Services
Community Services
Facilities Acquisition and Construction
Interest and Fees on Debt
Total District activities
Totals
Charges for
Services
Expenses
$
116,144,770
1,971,673
6,884,252
5,378,002
4,703,111
2,034,156
3,394,793
386,663
1,768,111
8,473,484
2,887,878
17,283,638
1,347,188
6,237,265
8,556,074
3,043,639
1,574,277
80,219,599
10,794,540
283,083,113
283,083,113
$
4,917,987
236,746
26,028
324,194
4,184,453
97,349,730
6,711,281
113,750,419
113,750,419
Program Revenues
Capital
Operating
Grants and
Grants and
Contributions Contributions
$
30,886,143
3,174
403,595
1,493,323
2,413,671
203,900
2,719,298
4,465,512
856,061
43,444,677
$
43,444,677
193,602
31,420
1,727
56,204
219,698
502,651
Net (Expenses) Revenue
and Changes in
Net Assets
District Activities
$
502,651
(80,147,038)
(1,968,499)
(6,449,237)
(3,882,952)
(2,233,236)
(1,830,256)
(3,394,793)
(386,663)
(1,768,111)
(8,473,484)
(2,887,878)
(17,046,892)
(1,321,160)
(3,193,773)
93,891
(2,823,941)
(718,216)
17,130,131
(4,083,259)
(125,385,366)
(125,385,366)
General revenues:
Property taxes, levied for general purposes
Property taxes, levied for debt service
Sales taxes, Prop C
Other local taxes
Other county taxes
Other state taxes
Federal, State and County aid not restricted to specific purposes
Unrestricted interest and investment earnings
Change in Self Insurance Fund Assets
Miscellaneous
Subtotal, general revenues
82,083,355
9,314,627
19,420,304
171,532
2,398,837
618,342
14,662,875
7,176,548
3,067,181
30,386
138,943,987
Changes in net assets
13,558,621
Net assets, July 1, 2005
60,890,805
Net assets, June 30, 2006
$
74,449,426
The notes to the basic financial statements are an integral part of this statement.
24
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Balance Sheet
Governmental Funds - Modified Accrual
As of June 30, 2006
General Fund
ASSETS
Cash and cash equivalents
Investments
Receivables:
Taxes, net of allowance for uncollectibles of $641,031
Other local
State
Federal
Other
Inventories
Prepaid Expenses
Restricted assets:
Cash
Investments
Total Assets
$
23,630
34,219,102
Special Revenue
Fund
$
7,104,356
Debt Service
Fund
Capital Fund
-
-
338,331
28,855
-
-
23,630
43,816,326
3,414,378
210,933
228,800
3,796,023
18,625
36,881,764
11,766,897
41
40,157,087
40,524,314
68,409
102,531,909
105,093,186
68,450
142,688,996
194,266,161
429,335
10,021,737
166,264
1,258,533
3,598,069
15,473,938
10,809,741
957,156
11,766,897
4,635
243,702
248,337
94,524
612,477
68,394
1,571,594
2,346,989
523,859
21,448,590
166,264
2,527,785
5,169,663
29,836,161
1,250,622
-
-
40,275,977
855,782
101,682,318
-
2,106,404
101,682,318
40,275,977
1,691,005
18,466,199
21,407,826
-
40,275,977
208,097
102,746,197
1,691,005
18,674,296
164,430,000
1,747,225
103,632
769,550
1,328,822
78,446
228,800
3,026,473
18,625
$
Total
Governmental
Funds
-
$
2,492,868
$
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
Accrued payroll and benefits
Due to State
Unearned revenue - property taxes
Unearned revenue - other
Total Liabilities
Fund Balances:
Reserved for:
Encumbrances
Capital improvements
Debt service
Unreserved, designated for
student activities
Unreserved, undesignated
Total Fund Balances
Total Liabilities and Fund Balances
$
36,881,764
$
11,766,897
$
40,524,314
$
105,093,186
$
194,266,161
The notes to the basic financial statements are an integral part of this statement.
25
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Reconciliation of the Balance Sheet - Governmental Funds
with the Statement of Net Assets
June 30, 2006
Amounts reported for District activities in the statement of net assets for Governmental activities are different because:
Total fund balance - District funds
$
Capital assets used in District activities are not financial resources and therefore are
not reported as assets in District funds.
The cost of capital assets is
Accumulated depreciation is
164,430,000
338,388,401
(196,971,590)
141,416,811
Certain federal revenues are not available soon enough to pay for the current periods
expenditures and therefore are not reported as receivables in the governmental funds
220,130
Property taxes receivable will be collected this year, but are not available soon enough to
pay for the current period's expenditures, and therefore are deferred in the funds.
-
The assets and liabilities of the self insurance fund are included in the governmental
activities in the statement of net assets
13,136,273
Certain liabilities for claims and judgments and compensated absences are recognized
as liabilities in the governmental funds when the amounts are normally expected
to be liquidated with expendable available financial resources
Sick pay benefits
Worker's compensation claims
(1,001,706)
(2,589,682)
(3,591,388)
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.
Bonds payable
Bond premium/discount, net of
accumulated amortization
Accrued interest payable on the bonds
Bond issue cost, net of accumulated amortization
(229,253,852)
(7,863,803)
(6,597,665)
2,106,213
(241,609,107)
To consolidate financial statements by deleting Due To/From balances
497,281
Inventories are not included in the governmental activities but are included in the statement of
net assets.
446,707
To remove interfund balances.
(497,277)
Rounding
Total net assets - District activities
$
(4)
74,449,426
The notes to the basic financial statements are an integral part of this statement.
26
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds - Modified Accrual
For the Year Ended June 30, 2006
General Fund
Revenues
Local Sources
County Sources
State Sources
Federal Sources
Other Sources
Total Revenues
$
Expenditures
Instruction
Attendance
Guidance
Health, Psych Speech & Audio
Improvement of Instruction
Professional Development
Media Services
Board of Education Services
Executive Administration
Building Level Administration
Business Central Services
Operation of Plant
Security Services
Pupil Transportation
Food Service
Central Office Support Services
Other Supporting Services
Community Services
Facilities Acquisition and Construction
Debt Service:
Principal
Interest and Charges
Total Expenditures
Excess (deficiency) of revenues over expenditures
Other Financing Sources (Uses):
Transfers
Sale of Bonds
Net Insurance Recovery
Sale of School Buses
Sale of Other Property
Refunding Bonds
Trans from other LEAS Non-Handicapped
Trans from other LEAS for Handicapped
Trans from other LEAS for ECSE Handicapped
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, July 1, 2005
Prior Period Adjustment - Inventory
Adjusted Fund Balance, July 1, 2005
Fund Balances, June 30, 2006
$
70,890,786
758,095
25,225,702
11,189,470
104,147
108,168,200
Special Revenue
Fund
$
43,556,348
1,414,518
17,385,623
9,900,140
72,256,629
Debt Service
Fund
$
Total
Governmental
Funds
Capital Fund
11,292,906
226,223
488,900
12,008,029
$
7,073,116
169,095
120,482
7,362,693
$
132,813,156
2,398,836
43,269,320
21,210,092
104,147
199,795,551
31,475,684
1,330,512
2,938,528
5,075,810
1,644,694
598,593
1,443,551
386,663
736,265
2,854,210
2,067,104
16,777,703
1,325,308
5,253,179
8,399,529
3,000,334
484,214
-
74,355,770
637,235
3,658,537
299,145
3,050,683
1,435,563
1,951,241
993,749
5,619,029
1,086,837
-
-
117,780
3,926
287,187
3,047
7,734
33,290
668,183
131,998
21,880
576,987
1,288
43,305
1,863
10,852,879
105,949,234
1,971,673
6,884,252
5,378,002
4,703,111
2,034,156
3,394,792
386,663
1,763,304
8,473,239
2,735,287
16,909,701
1,347,188
5,830,166
8,400,817
3,043,639
1,572,914
10,852,879
85,791,881
93,087,789
15,115,000
7,090,955
22,205,955
861,274
13,612,621
15,115,000
7,952,229
214,698,246
22,376,319
(20,831,160)
(10,197,926)
(6,249,928)
(14,902,695)
(20,831,160)
-
20,831,160
-
4,750,000
-
96,500,000
155,642
-
96,500,000
155,642
4,750,000
-
(20,831,160)
20,831,160
4,750,000
96,655,642
101,405,642
1,545,159
-
(5,447,926)
90,405,714
86,502,947
20,270,517
(407,850)
19,862,667
-
46,221,184
46,221,184
12,340,483
12,340,483
78,832,184
(407,850)
78,424,334
40,773,258
$ 102,746,197
21,407,826
$
-
$
$
164,927,281
The notes to the basic financial statements are an integral part of this statement.
27
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances - Governmental Funds with the Statement of Activities
For the Year Ended June 30, 2006
Total net change in fund balances - governmental funds
$
86,502,947
Amounts Reported for governmental activities in the
statement of activities are different because:
Certain federal revenues will not be collected for several months after the District's fiscal year ends.
They are not considered as available revenues in the governmental funds and are not reported as
revenues. They are however, recorded as revenue in the statement of activities.
Capital outlays are reported in the governmental funds as expenditures. In the statement of activities
the cost of those assets are allocated over their estimated useful lives as depreciation expense.
Depreciation expense
Capital outlays
220,130
(10,326,274)
31,883,280
21,557,006
Some property taxes will not be collected for several months after the District's fiscal year ends.
They are not considered as available revenues in the governmental funds and are instead reported
as unearned revenues. They are not recorded as revenue in the statement of activities.
(2,527,785)
Some state and federal grants will not be collected for several months after the District's fiscal year
ends. They are not considered as available revenues in the governmental funds and are instead
reported as unearned revenues. They are not recorded as revenue in the statement of activities.
(5,169,663)
An internal service fund is used by the district to charge the costs of the self funded health
insurance program to the individual funds. The net revenue of the activities is reported with
governmental activities
3,067,181
Repayment on bond principal is an expenditure in the governmental funds but reduces long term
liabilities in the statement of net assets and does not affect the statement of activities.
15,115,000
Interest on long term debt is recorded as an expenditure when it is due on governmental funds. In
the statement of activities, however, interest expense is recognized as the interest accrues.
(824,004)
The statement of activities includes amortization of bond issue costs, discounts and premiums,
which is not recognized in the governmental funds.
Certain liabilities for claims and judgments and compensated absences are recognized as
expenditures in the governmental funds when the amounts are to be liquidated with expendable
available financial resources. However, they are reported as expenses in the statement of activities
when the liability is incurred.
Sick Pay
Workers' compensation claims
(2,018,307)
43,774
(1,008,330)
(964,556)
Fair value adjustment is not included on governmental funds.
(110,471)
Change in inventory is not included on governmental funds.
(38,857)
Bond proceeds are recorded as revenues in the governmental expenditures. They are not,
however, recorded as revenue in the statement of activities.
Bond refinancing
New bond issuance
Change in net assets of governmental activities
(4,750,000)
(96,500,000)
(101,250,000)
$
13,558,621
The notes to the basic financial statements are an integral part of this statement.
28
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Statement of Net Assets
Proprietary Fund
As of June 30, 2006
Self Insurance
Fund
ASSETS
Current Assets
Cash and cash equivalents
Investments
Other receivables
Investments earnings receivable
Total Current Assets
Total Assets
$
2,847
14,015,152
1,297
146,545
14,165,841
14,165,841
LIABILITIES
Current Libilities
Benefit claims payable
Total Current Liabilities
Total Liabilities
NET ASSETS
Unrestricted
Total Net Assets
1,029,568
1,029,568
1,029,568
$
13,136,273
13,136,273
The notes to the basic financial statements are an integral part of this statement.
29
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Statement of Revenues, Expenses, and Changes in Fund Net Assets
Proprietary Fund
For the Year Ended June 30, 2006
Self Insurance
Fund
Operating revenues
Contributions- Employees
Contributions- District
Insurance Reimbursement
Total Operating Revenues
Operating expenses
Benefit Claims
Insurance Premiums
Administration
Total Operating Expenses
Operating income (loss)
Nonoperating revenues (expenses)
Interest income
Change in net assets
Total net assets, July 1, 2005
Total net assets, June 30, 2006
$
4,357,735
12,623,499
39,590
17,020,824
13,540,282
538,405
396,391
14,475,078
2,545,746
521,435
3,067,181
10,069,092
$ 13,136,273
The notes to the basic financial statements are an integral part of this statement.
30
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Statement of Cash Flows
Proprietary Fund
As of June 30, 2006
Self Insurance
Fund
Cash Flows from Operating Activities
Receipts from Employees
Receipts from the District
Receipts from Insurance Carriers
Payments to health care service providers
Payments to insurance carriers
Payments to administration service providers
Net cash provided by operating activities
$
4,357,735
12,623,499
39,590
(13,567,945)
(538,405)
(396,391)
2,518,083
Cash Flows from Investing Activities
Investment Earnings Received
Purchase of Investments
Net cash from investing activities
521,435
(11,372,112)
(10,850,676)
Net decrease in cash and cash equivalents
(8,332,594)
Cash and cash equivalents - Beginning
Cash and cash equivalents - Ending
$
Reconciliation of operating income to net cash provided
by operating activities:
Operating income
Change in other receivables
Change in benefits payable liability
Net cash provided by operating activities
8,335,441
2,847
2,545,746
(27,663)
$
2,518,083
The notes to the basic financial statements are an integral part of this statement.
31
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Statement of Fiduciary Net Assets
Fiduciary Funds
As of June 30, 2006
Private-Purpose
Trust Fund
ASSETS
Cash
Investments
Total Assets
$
LIABILITIES
Accounts Payable
Accrued Payroll and Benefits
Total Liabilities
10,314
39,265
49,579
NET ASSETS
Held in trust for private purposes
Total Net Assets
2,000
1,971,651
1,973,651
1,924,072
$
1,924,072
The notes to the basic financial statements are an integral part of this statement.
32
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Statement of Changes in Fiduciary Net Assets
Fiduciary Funds
Year Ended June 30, 2006
Private-Purpose
Trust Fund
Additions
Charges for services
Program Funding
Interest Income
$
Total additions
694,994
505,438
95,298
1,295,730
Deductions
Programs
Missouri Reading Initiative
Underprivileged School Children's Fund
1,263,069
74,242
Total deductions
1,337,311
Change in Net Assets
(41,581)
Net Assets, July 1, 2005
Net Assets, June 30, 2006
1,965,653
$
1,924,072
The notes to the basic financial statements are an integral part of this statement.
33
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
I.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of The School District of Springfield R-12 have been prepared in conformity with generally
accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards
Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial
reporting principles. Following are the more significant of the District’s accounting policies.
The School District of Springfield R-12 (the District) was established under the Statutes of the State of Missouri.
The District operates as a "six director" district (with seven members of the Board of Education) as described in
RSMo Chapter 162.
Reporting Entity
In evaluating how to define the District, for financial reporting purposes, management has considered all potential
component units. A decision whether to include a potential component unit in the reporting entity would be made
by applying criteria set forth in GAAP. The basic, but not the only, criterion for including a potential component
unit within the reporting entity is the governing body's ability to exercise oversight responsibility. The most
significant manifestation of this ability is financial interdependency. Other manifestations of the ability to exercise
oversight responsibility include but are not limited to, the selection of governing authority, the designation of
management, the ability to significantly influence operations and accountability for fiscal matters. The other
criterion used to evaluate potential component units for inclusion or exclusion from the reporting entity is the
existence of special financing relationships, regardless of whether the District is able to exercise oversight
responsibilities. Based upon the application of these criteria, the District has determined that no other outside
agency meets the above criteria and therefore, no other agency has been included as a component unit in the
District’s financial statements. In addition, the District is not aware of any entity which would exercise such
oversight that would result in the District being considered a component unit of the entity.
Basis of Presentation
The District’s basic financial statements consist of government-wide statements, including a statement of net assets
and a statement of activities, and fund financial statements which provide a more detailed level of financial
information.
Government-Wide Financial Statements
The statement of Net Assets and the Statement of Activities display information about the District, the primary
government, as a whole. These statements include the non-fiduciary financial activities of the District. The effect
of interfund activity of the internal service fund has been eliminated from these statements. These statements report
those activities of the District that are governmental (i.e. generally supported by taxes and intergovernmental
revenues). Fiduciary funds are not included in the government-wide financial statements.
The statement of net assets presents the financial position of the District’s governmental activities at year-end. The
statement of activities presents a comparison between direct expenses and program revenues for each program or
function of the District’s governmental activities. Direct expenses are those that are specifically associated with a
service, program or department and therefore clearly identifiable to a particular function. Program revenues include
charges paid by the recipient of the goods or services offered by the program and grants and contributions
(including related investment earnings) that are restricted to meeting the operational or capital requirements of a
particular program. Revenues that are not classified as program revenues are presented as general revenues of the
District. The comparison of direct expenses with program revenues identifies the extent to which each
governmental function is self-financing or draws from the general revenues.
34
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
I.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Fund Financial Statements
The District maintains fund accounting in order to aid financial management and to demonstrate legal compliance.
Fund financial statements are designed to present financial information of the District at a more detailed level.
Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds. The
focus of governmental fund financial statements is on major funds. Each major fund is presented in a single
column. The fiduciary funds are reported by fiduciary fund type.
Governmental Funds
Governmental fund reporting focuses on the sources, uses and balances of current financial resources. Expendable
assets are assigned to the various governmental funds according to the purposes for which they are to be used.
Current liabilities are assigned to the fund from which they will be paid. The difference between governmental fund
assets and liabilities is reported as fund balance. The following are the District’s principal governmental funds:
General (Incidental) Fund: Accounts for general activities of the District.
Special Revenue (Teachers') Fund: Accounts for expenditures for certificated employees involved in administration
and instruction. It includes revenues restricted by the State for the payment of certificated salaries.
Debt Service Fund: Accounts for the accumulation of resources for, and the payment of, principal, interest and fiscal
charges on general long-term debt.
Capital Projects Fund: Accounts for the proceeds of long-term debt and other revenues designated for acquisition or
construction of major capital assets and other capital outlay purchases required by law or the State of Missouri
Department of Elementary and Secondary Education (DESE) regulations to be reported in the Capital Projects Fund.
Proprietary Funds
Proprietary funds include enterprise and internal service funds. Enterprise funds account for ongoing organizations
and activities, which are similar to those often found in the private sector. The measurement focus is upon the
determination of change in net assets. Internal service funds are established to account for services furnished by a
department of the District to other departments on a cost reimbursement basis. The District’s only proprietary fund
is the following internal service fund:
Self-Insurance Health Fund: Accounts for transactions of the District’s self-funded medical plan.
Fiduciary Funds
Fiduciary fund reporting focuses on net assets and changes in net assets. The fiduciary fund category is split into
four classifications: pension or other employee benefit trust funds, investment trust funds, private-purpose trust
funds and agency funds. Agency funds are custodial in nature (assets equal liabilities) and do not involve
measurement of changes in net assets. The District has no agency funds. The District’s only fiduciary fund is the
following private-purpose trust fund:
35
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
I.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Private-Purpose Trust Fund: Accounts for activities that are not District programs but are programs sponsored by
private organizations or other governments. Although the District serves as fiscal agent, the funds received and held
under these programs are not available to support the District’s activities and programs but are received and held for
the benefit of individuals, private organization or other governments participating in the sponsored programs. The
programs accounted for within this fund include:
Missouri Reading Initiative
Underprivileged School Children’s Fund
Measurement Focus/Basis of Accounting
The financial statements of the District have been prepared in conformity with accounting principles generally
accepted in the United States of America as applied to local governmental units. The Governmental Accounting
Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and
financial reporting principles.
The measurement focus establishes the basis of accounting. The basis of accounting determines when transactions
are recorded in the financial records and reported in the financial statements. Differences in the accrual and the
modified accrual basis of accounting arise in the recognition of revenue, recording of deferred revenue, presentation
of expenses versus expenditures, recording of long-term liabilities. Governmental fund financial statements include
a reconciliation with brief explanations to better identify the relationship between the government-wide financial
statements and the governmental fund financial statements.
The government-wide financial statements are prepared using the economic resources measurement focus and the
accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are
recorded when earned and expenses are recorded when the related liability is incurred, regardless of the timing of
related cash flows.
The governmental fund financial statements are prepared using a flow of current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized when susceptible to accrual, i.e., both
measurable and available. Available means collectible within the current period or soon enough thereafter to pay
current liabilities. The District considers revenues to be available if they are collected within 60 days after the end
of the current fiscal period. Property taxes, state and federal grants and interest associated with the current fiscal
period are all considered to be susceptible to accrual. Expenditures are recorded when the liability is incurred,
except for claims and judgments, compensated absences and interest on long-term debt which are recorded when
normally expected to be liquidated with expendable available financial resources. Proceeds from issuance of longterm debt are recognized when received and payment of long-term debt principal is reported as an expenditure when
paid. Capital asset purchases are recorded as expenditures and depreciation is not recognized.
Nonexchange transactions, in which the District receives value without directly giving equal value in return, include
property taxes, grants, entitlements and donations. Revenues from property taxes are recognized in the period for
which the taxes are levied. Revenues from grants, entitlements and donations are recognized when all eligibility
requirements imposed by the provider have been satisfied.
36
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
I.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Eligibility requirements include timing requirements, which specify the year the resources are required to be used or
the year when use is first permitted, matching requirements and expenditure requirements, in which the resources
are provided to the District on a reimbursement basis. On the modified accrual basis, revenues from nonexchange
transactions must also be available before they are recognized.
Proprietary funds distinguish between operating revenues and expenses from nonoperating items. Operating
revenues and expenses normally result from providing services and producing and delivering goods in connection
with a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s internal
service fund are District and employee contributions. Operating services of this internal service fund include benefit
payments, insurance premiums and administrative costs. Investment income is reported as nonoperating revenue.
Cash and Cash Equivalents
The District considers all liquid investments with original maturities of three months or less to be cash equivalents.
At June 30, 2006, cash equivalents consisted primarily of certificates of deposits.
Receivables
State and Federal receivables reflect reimbursements due for program grant expenses and outlays incurred but
unreimbursed at June 30, 2006.
Inventories
Inventories consist of supplies held for consumption. Inventories are presented in the government-wide financial
statements at the lower of cost, determined on a first-in, first-out basis, or market and are expensed when used.
Inventories of the governmental funds are presented in the fund financial statements at the lower of cost, determined
on a first-in, first-out basis, or market and recorded as expenditures when purchased. Reported inventories are
equally offset by a fund balance reserve in the fund financial statements to indicate they are unavailable for
appropriation.
Capital Assets
General capital assets are those assets not specifically related to activities reported in the proprietary funds. These
assets generally result from expenditures in the governmental funds. These assets are reported in the governmental
activities column of the government-wide statement of net assets but are not reported in the balance sheet governmental funds.
Capital assets are recorded at cost (or estimated historical cost) and updated for additions and retirements during the
year. Donated capital assets are recorded at their estimated fair value as of the date received. Improvements are
capitalized; the costs of normal maintenance and repairs that do not add to the value of the asset or materially extend
an asset’s life are not capitalized.
The District does not possess any material amounts of infrastructure capital asset, such as sidewalks and parking
lots. Such items are considered to be part of the cost of buildings or other improvable property.
37
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
I.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Capital assets not being depreciated include land and construction in progress. Improvements are depreciated over
the remaining useful lives of the related capital assets. Since surplus assets are sold for an immaterial amount when
declared as no longer needed for public school purposes, no salvage value is taken into consideration for
depreciation purposes. Depreciation is computed using the straight-line method over the estimated useful life of the
asset. The District has established capitalization thresholds and estimated useful lives as follows:
Description
Land
Construction in Progress
Buildings and improvements
Vehicles
Buses
Equipment
Library collections
Textbooks
Capitalization
Threshold
Estimated
Useful Lives in Years
All
100,000
100,000
5,000
5,000
1,000
All
Adoption
----20 - 40
3-5
8
3 – 15
7
7
$
$
$
$
$
For textbooks, the District capitalizes by the aggregate cost of the textbook adoption. Retirements are recognized
when replaced by a new adoption. For library collections, the District capitalizes the aggregate purchases for the
year. Retirements are reflected on a first-in/first-out basis.
Investments and Cash Pools
The District maintains an investment pool that is available for use by all funds except the Debt Service Fund and the
bond proceeds portion of the Capital Projects Fund. Debt Service Funds are required by Section 165.011 RSMo. to
maintain separate cash and investment accounts. The pool consists of an interest bearing sweep account, certificates
of deposit, U. S. Treasury, agency and instrumentality fixed-rate securities and the Missouri Securities Investment
Program, an unregulated external investment pool. Each fund’s equity in this pool is included in investments. The
District also maintains a pooled checking account for the District’s disbursements. Each fund’s equity in this pool is
included in cash. In addition, other cash and investments are separately held by the District’s funds.
Investments in U.S. Treasury, agency and instrumentality obligations with a remaining maturity of one year or less
at time of acquisition and in nonnegotiable certificates of deposit are carried at amortized cost. All other
investments are carried at fair value. Fair value is determined using quoted market prices for all investments carried
at fair value other than equity in the Missouri School District Direct Deposit Program and the Missouri Securities
Investment Program, unregulated external investment pools in which participation is voluntary. Fair value of the
equity in the Missouri School District Direct Deposit Program and the Missouri Securities Investment Program is
the same as the value of the pool shares determined using the fair value of each pool’s underlying investment
portfolio.
Investment earnings include interest income and the net change for the year in the fair value of investments carried
at fair value. Investment income earned in the pooled accounts is allocated to the participating funds in proportion
to the average balances in each fund. Other investment income is assigned to the funds with which the related
investment asset is associated.
Unearned Revenue
Unearned revenue represents advances on state and federal grants for which the District has not yet met all of the
applicable eligibility requirements.
38
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
I.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Compensated Absences
It is the District’s policy to permit employees to accumulate earned but unused vacation and sick pay benefits.
Accumulated vacation and sick pay benefits, within limits set by Board of Education policy, which are unused and
vested to the employee are payable upon termination. Sick pay is accrued in the government-wide financial
statements for the amount of sick pay benefits accumulated at year end. Compensated absences are only reported in
the governmental funds once they have matured. A liability for the sick pay benefits is not reported in the
governmental funds as the fund liability is not incurred, under the modified accrual basis of accounting, until the
period in which the amounts are normally expected to be liquidated.
Bond Issue Costs and Bond Premium/Discount
Bond issue costs are capitalized and amortized using the straight line basis over the number of years the bond issue
is outstanding. Bond issue costs, net of accumulated amortization, are reported as an asset in the statement of net
assets.
Premiums and discounts on bond issues are amortized using the interest method over the number of years the bond
issue is outstanding. Bond premiums, net of accumulated amortization, are reported in the statement of net assets as
a liability. Bond discounts, net of accumulated amortization, are reported as an asset in the statement of net assets.
Accrued Liabilities and Long-term Obligations
All payables, accrued liabilities and long-term obligations are reported in the government-wide financial statements,
and all payables, accrued liabilities and long-term obligations payable from proprietary funds are reported in the
proprietary fund financial statements. In general, governmental fund payables and accrued liabilities that, once
incurred, are paid in a timely manner and in full from current financial resources are reported as obligations of the
funds. However, claims and judgments, compensated absences, special termination benefits and contractually
required pension contributions that will be paid from governmental funds are reported as a liability in the fund
financial statements only to the extent that they are normally expected to be paid with expendable available financial
resources. Bonds are recognized as a liability in the fund financial statements when due.
Net Assets
Net assets represents the difference between assets and liabilities. Net assets invested in capital assets, net of related
debt consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any
borrowings used for the acquisition, construction, or improvement of those assets. Net assets are reported as
restricted when there are limitations imposed on their use either through the enabling legislation adopted by the
District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.
The District applies restricted resources when an expense is incurred for purposes for which both restricted and
unrestricted net assets are available.
II.
DEPOSITS, INVESTMENTS AND INVESTMENT INCOME
Deposits
At June 30, 2006, the carrying value of the District’s deposits was $144,757,574 and the bank balance was
$159,236,954. The District’s Deposits included $4,432,000 of certificates of deposits. The certificates of deposits
earned $801,837 of interest income during the 2006 fiscal year.
39
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
II.
DEPOSITS, INVESTMENTS AND INVESTMENT INCOME (CONTINUED)
Deposits (Continued)
Custodial credit risk is the risk that in the event of a bank failure, a government’s deposits may not be returned to it.
The District’s deposit policy for custodial credit risk requires compliance with the provisions of state law. District
policy further requires that certificates of deposit collateral securities and all securities which serve as collateral
against the deposits of a depository institution must be held in safekeeping at a non-affiliated custodial facility.
State law requires collateralization of all deposits with federal depository insurance; bonds and other obligations of
the U.S. Treasury, U.S. agencies or instrumentalities of the state of Missouri; bonds of any city having a population
of not less than two thousand, county, school district or special road district of the state of Missouri; bonds of any
state, tax anticipation notes issued by any first class county, or a surety bond having an aggregate value at least equal
to the amount of the deposits. The balances of the district’s deposits are sufficiently collateralized.
Investments
The District may legally invest in direct obligations of and other obligations guaranteed as to principal by the U.S.
Treasury and U. S. agencies and instrumentalities; obligations guaranteed by the full faith and credit of the state of
Missouri; repurchase agreement, certificates of deposit; bankers acceptances; and commercial paper. The Missouri
Securities Investment Program and the Missouri School District Direct Deposit Program also operate under state law
and are restricted to the above investments.
As of June 30, 2006, the District had the following investments and maturities.
Type
U.S. Treasury Obligations
State and Local Government Series
Certificates of Deposit
U.S. Agencies and Instrumentalities Obligations
Federal National Mortgage Association bonds
Federal Home Loan Bank bonds
Federal Home Loan Mortgage Corp. bonds
External Investment Pools
Missouri Securities Investment Program
Missouri School District Direct Deposit Program
Fannie Mae Notes Series 2
Commercial Paper UBS Finance A-1+, P-1 rating
Fair Value
$30,366,230
4,432,000
Maturity
Less Than 1
Year
$
Maturity
1-5 Years
-
$30,366,230
4,432,000
2,002,973
6,308,145
2,002,973
1,055,400
5,252,745
10,691,699
3,039,491
990,940
-
10,691,699
3,039,491
24,375
-
966,565
-
$57,831,478
$16,813,938
$41,017,540
40
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
II.
DEPOSITS, INVESTMENTS AND INVESTMENT INCOME (CONTINUED)
Interest Rate Risk. As a means of limiting its exposure to fair value losses arising from rising interest rates, the
District’s investment policy mandates structuring the investment portfolio so that securities mature to meet cash
requirements for ongoing operations thereby avoiding the need to sell securities on the open market prior to
maturity. The investment policy also mandates investing operating funds primarily in shorter-term securities. The
maximum maturity allowed under District policy is five years from the date of purchase.
The investments in the Missouri School District Direct Deposit Program (Direct Deposit Program) external
investment pool are presented with a maturity of less than one year because they are redeemable every six months
based on the general obligation bonds principal and interest debt service requirements. The underlying securities of
Rounds 2, 4, 7, 9, 10 and 12 of this program are guaranteed investment contracts maturing as follows:
Fair Value
Round 2
Round 4
Round 7
Round 9
Round 10
Round 12
$
$
$ 126,421
$ 690,203
$ 848,015
$ 1,273,352
Maturity Date
December 1, 2016
March 1, 2017
March 1, 2018
March 1, 2020
March 1, 2021
March 1, 2023
Credit Risk. Credit risk is the risk that the issuer or other counterparty to an investment will not fulfill its
obligations. At June 30, 2006, the District’s investments in the Missouri School District Direct Deposit Program
external investment pool is rated AAA by Standard & Poor’s. The Missouri Securities Investment Program external
investment pool is rated AAAm by Standard & Poor’s.
Custodial Credit Risk. For an investment, custodial credit risk is the risk that, in the event of the failure of the
counterparty, the District will not be able to recover the value of its investment or collateral securities that are in the
possession of an outside party. To minimize custodial credit risk, it is the District’s policy that all securities
purchased be perfected in the name of or for the account of the District and be held by a third-party custodian as
evidenced by appropriate safekeeping receipts.
Concentration of Credit Risk. As a means of limiting its exposure to losses arising from concentration of
investments, the District’s investment policy mandates that the portfolio not have a concentration of assets in
specific maturity, specific issuer, or specific class of securities. At a minimum, diversification standards by security
type and issuer are established as: a.) U.S. treasuries and securities having principal and/or interest guaranteed by the
U.S. Government 100%; b.) collateralized time and demand deposits – 100%; c.) U.S. Government agencies, and
government sponsored enterprises, no more than 60%; d.) collateralized repurchase agreements, no more than 50%;
e.) U.S. Government agency callable securities, no more than 30%; f.) commercial paper, no more than 30%; and,
g.) bankers’ acceptances, no more than 30%.
41
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
II.
DEPOSITS, INVESTMENTS AND INVESTMENT INCOME (CONTINUED)
SUMMARY OF CARRYING VALUES
The carrying values of deposits and investments shown above are included in the financial statements at June 30,
2006, as follows:
Carrying value
Deposits
Investments
$ 144,757,574
57,831,478
$ 202,589,052
Included in the following fund financial statement captions:
Balance Sheet – Government Funds
Cash
Investments
Restricted cash
Restricted investments
Statement of Net Assets – Proprietary Fund
Cash and cash equivalents
Investments
Statement of Fiduciary Net Assets – Private-Purpose
Trust Fund
Cash
Investments
$
23,630
43,816,326
68,450
142,688,996
2,847
14,015,152
2,000
1,971,651
$ 202,589,052
Investment Income
Investment income for the year ended June 30, 2006, consisted of interest income of $3,800,573.
III.
PROPERTY TAXES
The District’s property tax is levied each year on the assessed value listed as of the prior January 1 for all real and
personal property in the District. Taxes are payable on November 1 and become delinquent on December 31.
Assessed values are established by the County. The January 1, 2005 assessed value upon which the 2005 levy was
based was $2,700,473,892.
The tax levy per $100 of the assessed valuation of tangible taxable property for the calendar year 2005 for purposes
of local taxation was as follows:
Incidental Fund
Teacher’s Fund
Debt Service Fund
$
$
1.7042
1.2961
.3300
3.3303
42
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
IV.
CAPITAL ASSETS
Capital assets balances and activity for the year ended June 30, 2006 were as follows:
Balance
June 30, 2005
Adjustments to
beginning
balance
Note XII
$
$
Balance
June 30, 2006
Disposals
Additions
Nondepreciable capital assets
Land
Construction in progress
11,812,973
-
$
118,508
$
(29,668)
$11,901,813
7,055,344
-
8,854,713
(3,585,746)
12,324,311
18,868,317
-
8,973,221
(3,615,414)
24,226,124
238,321,757
45,898
15,681,401
(1,186,081)
252,862,975
Vehicles
1,101,991
43,041
142,685
(20,790)
1,266,927
Buses
5,186,339
-
503,893
-
5,690,232
Equipment
31,425,058
(88,939)
3,358,037
(1,815,092)
32,879,064
Library collection
11,057,236
-
699,025
(2,802,667)
8,953,594
Textbooks adoptions
11,635,310
-
2,525,017
(1,650,843)
12,509,484
298,727,69
-
22,910,058
(7,475,473)
314,162,276
(156,267,399)
(2,295)
(3,989,188)
1,161,989
(159,096,893)
(773,287)
(32,472)
(199,972)
19,179
(986,552)
(4,255,027)
-
(365,163)
-
(4,620,190)
(17,711,357)
40,583
(3,114,043)
1,689,845
(19,094,972)
Library collection
(8,793,116)
-
(870,838)
2,802,667
(6,861,287)
Textbook adoptions
(6,175,469)
-
(1,787,069)
1,650,843
(6,311,695)
(193,975,655)
5,816
(10,326,273)
7,324,523
(196,971,589)
104,752,036
5,816
12,583,785
(150,950)
117,190,687
Total Nondepreciable
Capital assets
Depreciable Capital Assets
Buildings and improvements
Total Depreciable Capital
Assets
Less accumulated depreciation
Buildings and improvements
Vehicles
Buses
Equipment
Total Accumulated
Depreciation
Total Depreciable
Capital Assets, Net
Total Capital Assets, Net
$123,620,353
$
5,816
$
21,557,006
$
3,766,364
$
141,416,811
43
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
IV.
CAPITAL ASSETS (CONTINUED)
Depreciation expense was charged to governmental functions as follows:
Instruction
Student activities
Student services
Instructional staff support
Administration
School Administration Support
Business and central services
Operation of plant
Transportation
Food service
Community Service
V.
$ 7,401,273
136,328
43,835
1,649,537
4,808
246
152,590
373,937
407,099
155,257
1,363
$10,326,273
RISK MANAGEMENT
The District is exposed to various risks of loss from tort; theft of, damage to and destruction of assets; business
interruption; errors and omissions; natural disasters; employee injuries and illnesses; and employee health, dental
and accident benefits. Commercial insurance coverage is purchased for claims arising from such matters other than
employee health and dental benefits and worker’s compensation claims. There has been no significant reduction in
insurance coverage from the prior year. Settled claims have not exceeded this commercial coverage in any of the
three preceding years.
Health Fund
The District is participating in a self-funded medical plan covering substantially all employees. The plan operates
on a fiscal year ended September 30. The results of operations for the plans’ fiscal year, rather than the District’s
fiscal year, are used to set premiums. A monthly fee is paid to a third-party administrator, which includes an amount
for administrative costs and a premium cost for specific insurance. At June 30, 2006, the maximum liability of the
District is $200,000 for each individual covered with a limit of $15.4 million in the aggregate per plan year.
The transactions of the health insurance plan are accounted for in the Self-Insurance Health Fund, an internal service
fund. Liabilities are reported in this internal service fund at the time claims are incurred and can be reasonably
estimated. At June 30, 2006 the District estimated the claims payable based on historic claims experience and
claims reported subsequent to year end. Changes in benefit claims payable during the past two years are as follows:
Year Ended June 30
2006
2005
Benefits claims payable, beginning of year
Claims incurred
Claims Paid
$
1,057,231
13,727,085
(13,754,748)
$
1,283,200
13,641,202
(13,867,171)
Benefits claims payable, end of year
$
1,029,568
$
1,057,231
44
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
V.
RISK MANAGEMENT (CONTINUED)
Worker’s Compensation Claims
The District’s self-insured worker’s compensation program is reported in and claims are paid from the General
Fund. A third party administrator processes claims for the District and a monthly fee is paid to the third-party
administrator, which includes an amount for administrative costs and a premium cost for specific insurance. At June
30, 2006, the maximum liability of the District is $200,000 for each individual covered and $21.5 million aggregate
per plan year.
The worker’s compensation claims liability, as determined by an actuary, is accrued within the government-wide
financial statements when the liability is incurred and the amount can be reasonably estimated. The liability for
worker’s compensation claims is not reported in the governmental funds as the fund liability is not incurred, under
the modified accrual basis of accounting, until the period in which the amounts are normally expected to be
liquidated. Changes in the worker’s compensation claims payable during the past two years are as follows:
Year Ended June 30
2006
2005
VI.
Worker’s compensation claims payable, beginning of year
Claims incurred
Claims Paid
$
1,581,352
2,355,459
(1,347,129)
$
1,670,214
913,087
(1,001,949)
Worker’s compensation claims payable, end of year
$
2,589,682
$
1,581,352
PENSION PLANS
The School District of Springfield R-12 contributes to The Public School Retirement System of Missouri (PSRS), a
cost-sharing multiple-employer defined benefit pension plan. PSRS provides retirement and disability benefits to
full-time (and certain part-time) certificated employees and death benefits to members and beneficiaries. Positions
covered by the Public School Retirement System of Missouri are not covered by Social Security. PSRS benefit
provisions are set forth in Chapter 169.010-.141 of the Missouri Revised Statutes. The statutes assign responsibility
for the administration of the system to a seven-member Board of Trustees. PSRS issues a publicly available
financial report that includes financial statements and required supplementary information. That report may be
obtained by writing to: The Public School Retirement System of Missouri, P.O. Box 268, Jefferson City, Missouri
65102, or by calling 1-800-392-6848.
The School District of Springfield R-12 also contributes to: The Public Education Employee Retirement System of
Missouri (PEERS) a cost-sharing multiple-employer defined benefit pension plan. PEERS provides retirement and
disability benefits to employees of the District who work 17 or more hours per week who do not contribute to the
Public School Retirement System of Missouri. Positions covered by The Public Education Employee Retirement
System of Missouri are also covered Benefit provisions are set forth in Chapter 169.600-.715 of the Missouri
Revised Statutes. The statutes assign responsibility for the administration of the system to the Board of Trustees of
the Public School Retirement System of Missouri. PEERS issues a publicly available financial report that includes
financial statements and required supplementary information. That report may be obtained by writing to: The
Public Education Employee Retirement System of Missouri, P. O. Box 268, Jefferson City, Missouri 65102 or by
calling 1-800-392-6848.
45
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
VI.
PENSION PLANS (CONTINUED)
Members and the District are each required to contribute 11.5% and 5.25% of the member’s annual covered salary
to PSRS and PEERS, respectively. Contribution requirements are established and may be changed by the respective
Board of Trustees. The District’s contributions to PSRS and PEERS for the years ended June 30, 2006, 2005 and
2004 were 100% of the required contributions and are summarized as follows:
2006
2005
2004
VII.
$
Total
PEERS
PSRS
Year Ended June 30,
10,284,959
9,293,005
8,608,940
$
1,758,897
1,534,844
1,443,070
$ 12,043,856
10,827,849
10,052,010
LONG-TERM LIABILITIES
Long-term liability balances and activity for the year ended June 30, 2006 were as follows:
Balance
June 30,
2005
Worker’s compensation claims
General obligation bonds
Unamortized premium
on bonds payable
Total long-term
Liabilities
$
Deletions
Additions
Balance
June 30,
2006
Due Within
One Year
1,581,352
2,355,459
(1,347,129)
2,589,682
1,728,113
143,118,853
101,250,000
(15,115,001)
229,253,852
4,265,000
3,973,631
4,584,327
(641,400)
7,916,558
148,673,836
$
108,189,786
$
(17,103,530) $
239,760,092
Compensated absences (sick pay benefits) had a balance of $1,001,706 and $1,045,480 for 2006 and 2005
respectively. The amount due within one year is $100,000.
Payments on bonds payable are made by the Debt Service Fund. The compensated absences liabilities will be
liquidated by the governmental funds from which the related salaries are paid. The worker’s compensation claims
will be paid by the General Fund.
General Obligation Bonds
The District issues general obligation (GO) bonds to provide for acquisition and construction of new buildings and
improvements, repair and renovation of existing buildings and furnishing and equipping the facilities. In addition,
the District issues GO bonds to refund previously issued GO bonds.
46
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
VII.
LONG-TERM LIABILITIES (CONTINUED)
Bonds payable at June 30, 2006 consist of:
Issue of May 1, 1991 – Series B
Issue of August 15, 1993 – Series B
Issue of October 15, 1998
Issue of May 15, 2000
Issue of August 15, 2002
Issue of December 1, 2002
Issue of May 15, 2003
Issue of May 1, 2005
Issue of December 15, 2005
Issue of May 15, 2006
$
Original
Issue
Amount
Interest
Rates
2,765,000
30,783,852
7,000,000
30,000,000
12,490,000
11,475,000
30,000,000
29,280,000
4,750,000
96,500,000
9.5%
5.7%-7%
4.45%-4.6%
5.55%-5.85%
3%-5.5%
3%-5%
3.7%-5.25%
4.30%
4.00%
4-5.25%
Outstanding
Balance
$
2,765,000
5,233,852
7,000,000
30,000,000
12,250,000
11,475,000
30,000,000
29,280,000
4,750,000
96,500,000
$
229,253,852
The bonds contain call features exercisable at the District’s option as follows:
Issue of May 1, 1991 – Series B
Bonds are not subject to optional redemption.
Issue of August 15, 1993
The remaining outstanding bonds may be called for redemption and payment prior to maturity at
100% of the principal plus accrued interest to the redemption date.
Series B Capital Appreciation Bonds are not subject to optional redemption and mature in the
years 2010 to 2012.
Issue of October 15, 1998
All bonds are callable for redemption and payment on March 1, 2008 or thereafter at 100% of
principal plus accrued interest to the redemption date.
Issue of May 15, 2000
All bonds are callable for redemption and payment on March 1, 2010 or thereafter at 100% or
principal plus accrued interest to the redemption date. The District intends to call these bonds on
March 1, 2010. Proceeds from the issue of May 1, 2005 have been placed in escrow to fund this
payment.
Issue of August 15, 2002
Bonds are not subject to optional redemption.
47
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
VII.
LONG-TERM LIABILITIES (CONTINUED)
Issue of December 1, 2002
Bonds are not subject to optional redemption.
Issue of May 15, 2003
All bonds are callable for redemption and payment on March 1, 2013 or thereafter at 100% or
principal plus accrued interest to the redemption date.
Issue of May 1, 2005
All bonds are callable for redemption and payment on March 1, 2016 or thereafter at 100% or
principal plus accrued interest to the redemption date
Issue of December 15, 2003
Bonds are not subject to optional redemption.
Issue of May 15, 2006
All bonds or portions thereof maturing on March 1, 2017, and thereafter will be subject to
redemption prior to maturity at the option of the District on March 1, 2016, or thereafter.
The District is participating in the Missouri School District Direct Deposit Program for the June 15, 1996, March 1,
1997, October 15, 1998, May 15, 2000, December 1, 2000, August 15, 2002, December 1, 2002, May 15, 2003 and
May 1, 2005 bond issues. This program provides for the District to pledge its state aid, except for state aid for gifted
and exceptional pupils and remedial reading, for payment of bonds and for the State of Missouri to directly deposit a
portion of the District’s state aid monies into a Missouri School District Direct Deposit Program account. The
principal and interest payments on the bonds are paid directly from this account when due. General obligation bond
interest expense during 2006 was $7,023,093.
General obligation bond debt service requirements at June 30, 2006 are:
Year Ending
June 30,
2007
2008
2009
2010
2011
2012 – 2016
2017 – 2021
2022 - 2023
Totals
Principal
4,265,000
4,825,000
5,675,000
35,735,093
6,086,312
42,242,447
66,425,000
64,000,000
$ 229,253,852
$
$
$
Interest
12,763,386
11,037,363
10,805,487
13,203,543
9,271,076
56,722,748
55,605,312
61,751,150
231,160,065
$
$
Total
17,028,386
15,862,363
16,480,487
48,938,636
15,357,388
98,965,195
122,030,312
125,751,150
460,413,917
The table above reflects maturity on call dates for those bonds scheduled to be called and paid from refunding bond
issue proceeds held in escrow.
48
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
VII.
LONG-TERM LIABILITIES (CONTINUED)
Article VI, Section 26(b), Constitution of Missouri, limits the outstanding amount of authorized general obligation
bonds of a District to 15 percent of the assessed valuation of the District. The legal debt margin (excluding stateassessed railroad and utility) of the District at June 30, 2006 was:
VIII.
Constitutional debt limit
General obligation bonds payable
Amount in Debt Service Fund available for payment
of principal
$
Available Legal Debt Margin
$
403,155,881
(229,253,852)
40,773,258
214,675,287
INTERFUND TRANSFERS
During 2006, transfers were made to the Capital Projects Fund and Special Revenue Fund from the General Fund.
The transfer to the Capital Projects Fund is a guaranteed tax base transfer. The maximum allowable transfer is the
greater of the prior year guaranteed tax base or nine percent of the prior June 30 line one entitlement. Transfers are
made to the Special Revenue in order to achieve a zero fund balance in the account.
The following is a summary of interfund transfers for the year ended June 30, 2006.
Transfers To
Transfers From
General (Incidental) Fund
IX.
Special
Revenue
(Teacher’s)
Fund
$ 20,831,160
$ 20,831,160
Capital
Projects
Fund
$
$
Total
-0-0-
$
$
20,831,160
20,831,160
CONTINGENCIES
The District is involved in pending lawsuits and claims on matters containing allegations of discrimination. No
provision has been made in the financial statements for any loss that might arise in the event of an unfavorable
outcome of these matters. District management believes that such litigation and claims will ultimately be resolved
without material financial liability to the District. However, events could occur in the near term that would change
this estimate materially.
X.
OTHER POSTEMPLOYMENT BENEFITS
In addition to the pension benefits describe in Note VI, the District provides health care benefits to employees who
retire, or who have retired, and receive or are eligible to receive benefits under the retirement plans described in
Note VI, as mandated by Section 169.590 of the Missouri Revised Statutes. Retirees who submit a signed written
request for coverage under the plan within 31 days of the retirement date are eligible for coverage under the plan
upon submission and approval of a written request and evidence of good health. Retirees are required to contribute
the entire amount of premium necessary for their participation in the plan, which is funded on a pay-as-you-go basis.
The amount of expense incurred by the plan for benefits paid to retirees during the year ended June 30, 2006 is not
reasonably determinable. Currently 456 people are eligible to participate in the plan.
49
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2006
XI.
RECONCILIATION TO ANNUAL SECRETARY OF THE BOARD REPORT (ASBR)
Fund Balance
The fund balance of the General Fund as reported on the ABSR does not include the reserve for inventories. The
General Fund and Total Government Funds fund balances as reported in the Statement of Assets, Liabilities & Fund
Balances – Governmental Funds are reconciled to the fund balances reported in the ASBR as follows:
Per Balance
Sheet –
Governmental
Funds
General Fund
Fund balance, June 30, 2005
$
Total Government Funds
Fund balances, June 30, 2005
XII.
18,690,026
78,832,183
Reserved for
Inventories
$
(407,850)
(407,850)
Per ASBR
$
18,282,176
78,424,333
ADJUSTMENTS TO CAPITAL ASSETS
Fiscal Year 2005 assets have been restated due to a $89,939 reclass in equipment. The $88,939 in equipment was
reclassed to buildings and improvements for $45,898 and vehicles for $43,041.
XII.
PRIOR PERIOD ADJUSTMENTS
The beginning balance in the General Fund was restated due to a reclassification of inventory for prior year in the
amount of $407,850
50
Required Supplementary Information
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Budgetary Comparison Statement (Unaudited)
General Fund
For the Year Ended June 30, 2006
Variance
Actual Over
(Under) Final
Budgeted Amounts
Original
Final
Actual
Budget
Revenues
Local Sources
$
County Sources
68,442,312
$
69,260,752
$
70,890,786
$
1,630,034
795,196
795,196
758,095
State Sources
25,319,996
25,319,996
25,225,702
(94,294)
Federal Sources
11,884,648
14,289,056
11,189,470
(3,099,586)
Other Sources
TOTAL REVENUES
(37,101)
-
-
104,147
106,442,152
109,665,000
108,168,200
(1,496,800)
104,147
Instruction
29,335,577
30,516,940
31,475,684
(958,744)
Attendance
1,711,322
1,805,447
1,330,512
474,935
Guidance
1,009,005
3,117,046
2,938,528
178,518
Health, Psych Speech & Audio
5,309,031
5,447,956
5,075,810
372,146
Improvement of Instruction
3,469,816
1,579,487
1,644,694
277,284
777,292
598,593
2,941,736
1,447,827
1,443,551
4,276
527,263
412,263
386,663
25,600
Expenditures
Professional Development
Media Services
Board of Education Services
Executive Administration
Building Level Administration
Business Central Services
Operation of Plant
(65,207)
178,699
243,418
775,687
736,265
39,422
3,172,466
3,114,515
2,854,210
260,305
3,694,867
2,154,195
2,067,104
87,091
16,460,683
17,290,504
16,777,703
512,801
Security Services
1,348,100
1,347,739
1,325,308
22,431
Pupil Transportation
5,093,013
5,275,974
5,253,179
22,795
Food Service
7,564,214
8,400,000
8,399,529
471
Central Office Support Services
1,884,696
3,420,944
3,000,334
420,610
Other Supporting Services
-
-
-
-
392,166
516,184
484,214
31,970
-
-
-
-
Principal
-
-
-
-
Interest and Charges
-
-
-
-
84,434,657
87,400,000
85,791,881
1,608,119
22,007,495
22,265,000
22,376,319
111,319
(24,007,355)
(19,600,000)
(20,831,160)
Community Services
Capital Outlay
Debt Service:
Total Expenditures
Revenues Over (Under)
Expenditures
Other Financing Sources (Uses):
Transfers
(1,231,160)
Sale of Bonds
-
-
-
-
Net Insurance Recovery
-
-
-
-
Sale of School Buses
-
-
-
-
Sale of Other Property
-
-
-
-
Refunding Bonds
-
-
-
-
Tuition from other Districts
-
-
-
-
Area Voc Fees from Other LEAS
-
-
-
-
Contracted Educational Services
-
-
-
-
Trans from other LEAS Non-Handi
-
-
-
-
Facilities Acquisition and Construction
-
-
-
-
Other (Fin Fees, Etc-Exclude DS)
-
-
-
-
Total Other Financing
-
-
-
Sources (Uses)
-
(24,007,355)
(19,600,000)
(20,831,160)
(1,231,160)
Net Change in Fund Balances
(1,999,860)
2,665,000
1,545,159
(1,119,841)
Fund Balance July 1, 2005
19,862,667
19,862,667
19,862,667
Fund Balance June 30, 2006
$
17,862,807
$
22,527,667
$
21,407,826
$
(1,119,841)
51
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Budgetary Comparison Statement (Unaudited)
Major Special Revenue Fund - Teachers' Fund
For the Year Ended June 30, 2006
Variance
Actual Over
(Under) Final
Budgeted Amounts
Original
Final
Actual
Budget
Revenues
Local Sources
$
County Sources
45,012,448
$
45,012,448
$
43,556,348
$
(1,456,100)
1,354,804
1,354,804
1,414,518
17,529,594
18,500,695
17,385,623
9,532,053
9,532,053
9,900,140
-
-
-
73,428,899
74,400,000
72,256,629
(2,143,371)
Instruction
75,253,444
74,717,908
74,355,770
(362,138)
Attendance
476,046
1,067,765
637,235
(430,530)
3,627,008
3,845,256
3,658,537
(186,719)
358,278
275,780
299,145
23,365
3,783,785
2,945,315
3,050,683
105,368
State Sources
Federal Sources
Other Sources
TOTAL REVENUES
59,714
(1,115,072)
368,087
-
Expenditures
Current
Guidance
Health, Psych Speech & Audio
Improvement of Instruction
Professional Development
Media Services
Board of Education Services
Executive Administration
Building Level Administration
14,832
1,316,483
1,435,563
119,080
2,074,975
1,950,024
1,951,241
1,217
-
-
-
273,809
1,020,096
993,749
(26,347)
(102,173)
-
5,889,405
5,721,202
5,619,029
Business Central Services
-
-
-
-
Operation of Plant
-
-
-
-
Security Services
-
-
-
-
Pupil Transportation
-
-
-
-
Food Service
-
-
-
181,008
4,341
-
Central Office Support Services
Other Supporting Services
Community Services
Capital Outlay
-
-
-
1,208,689
1,135,830
1,086,837
-
-
-
(4,341)
(48,993)
-
Debt Service:
-
Principal
-
-
-
Interest and Charges
Total Expenditures
-
-
-
-
93,141,279
94,000,000
93,087,789
(19,712,380)
(19,600,000)
(20,831,160)
(1,231,160)
(912,211)
Revenues Over (Under)
Expenditures
Other Financing Sources (Uses):
Transfers
19,712,380
19,600,000
20,831,160
1,231,160
Sale of Bonds
-
-
-
-
Net Insurance Recovery
-
-
-
-
Sale of School Buses
-
-
-
-
Sale of Other Property
-
-
-
-
Refunding Bonds
-
-
-
-
Tuition from other Districts
-
-
-
-
Area Voc Fees from Other LEAS
-
-
-
-
Contracted Educational Services
-
-
-
-
Trans from other LEAS Non-Handi
-
-
-
-
Facilities Acquisition and Construction
-
-
-
-
Other (Fin Fees, Etc-Exclude DS)
-
-
-
-
Total Other Financing
-
-
19,712,380
19,600,000
20,831,160
1,231,160
Net Change in Fund Balances
-
-
-
Fund Balances - June 30, 2005
-
-
-
Sources (Uses)
Fund Balances - June 30, 2006
$
-
$
-
$
-
$
-
52
NOTE A – BUDGETS
Budgets for District governmental funds are prepared on the modified accrual basis of accounting. The modified accrual
basis of accounting is the same method of accounting used for the governmental funds. The financial statements include a
reconciliation between the modified accrual basis of accounting and the accrual basis of accounting.
The original budget is approved by the Board of Education prior to each July 1. The Board of Education amended the
budget on various dates throughout the year.
Expenditures of a particular fund may not legally exceed the budgeted expenditures for that fund.
53
This page intentionally left blank.
54
Other Supplementary Information
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Budgetary Comparison Statement (Unaudited)
Debt Service Fund
For the Year Ended June 30, 2006
Variance
Actual Over
(Under) Final
Budgeted Amounts
Original
Final
Actual
Budget
Revenues
Local Sources
$
County Sources
10,940,000
$
260,000
11,290,000
$
11,292,906
$
2,906
260,000
226,223
(33,777)
488,900
State Sources
-
-
488,900
Federal Sources
-
-
-
-
Other Sources
-
-
-
-
11,200,000
11,550,000
12,008,029
458,029
TOTAL REVENUES
Expenditures
Current
Instruction
-
-
-
-
Attendance
-
-
-
-
Guidance
-
-
-
-
Health, Psych Speech & Audio
-
-
-
-
Improvement of Instruction
-
-
-
-
Professional Development
-
-
-
-
Media Services
-
-
-
-
Board of Education Services
-
-
-
-
Executive Administration
-
-
-
-
Building Level Administration
-
-
-
-
Business Central Services
-
-
-
-
Operation of Plant
-
-
-
-
Security Services
-
-
-
-
Pupil Transportation
-
-
-
-
Food Service
-
-
-
-
Central Office Support Services
-
-
-
-
Other Supporting Services
-
-
-
-
Community Services
-
-
-
-
Capital Outlay
-
-
-
-
10,350,000
15,115,000
15,115,000
-
6,991,315
7,385,000
7,090,955
294,045
17,341,315
22,500,000
22,205,955
294,045
(6,141,315)
(10,950,000)
(10,197,926)
752,074
Debt Service:
Principal
Interest and Charges
Total Expenditures
Revenues Over (Under)
Expenditures
Other Financing Sources (Uses):
Transfers
-
-
-
-
Sale of Bonds
-
-
-
-
Net Insurance Recovery
-
-
-
-
Sale of School Buses
-
-
-
-
Sale of Other Property
-
-
-
-
Refunding Bonds
-
4,750,000
4,750,000
-
Tuition from other Districts
-
-
-
-
Area Voc Fees from Other LEAS
-
-
-
-
Contracted Educational Services
-
-
-
Trans from other LEAS Non-Handi
-
-
-
-
Facilities Acquisition and Construction
-
-
-
-
Other (Fin Fees, Etc-Exclude DS)
-
-
-
-
-
-
-
-
-
4,750,000
4,750,000
-
Total Other Financing
Sources (Uses)
Net Change in Fund Balances
(6,141,315)
(6,200,000)
(5,447,926)
Fund Balances - June 30, 2005
46,221,184
46,221,184
46,221,184
Fund Balances - June 30, 2006
$
40,079,869
$
40,021,184
$
40,773,258
752,074
$
752,074
55
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Budgetary Comparison Statement (Unaudited)
Capital Projects Fund
For the Year Ended June 30, 2006
Variance
Actual Over
(Under) Final
Budgeted Amounts
Original
Final
Actual
Budget
Revenues Collected
Local Sources
$
273,901
$
7,454,329
$
7,073,116
$
(381,213)
County Sources
-
-
-
-
State Sources
-
-
169,095
169,095
245,671
245,671
120,482
(125,189)
-
-
-
519,572
7,700,000
7,362,693
Instruction
100,087
118,594
117,780
814
Attendance
2,167
4,231
3,926
305
1,346
Federal Sources
Other Sources
TOTAL REVENUES
(337,307)
Expenditures Paid
Current
Guidance
70,280
288,533
287,187
Health, Psych Speech & Audio
93,535
3,047
3,047
-
Improvement of Instruction
10,800
7,734
7,734
-
-
-
-
-
946,958
-
-
-
Professional Development
Media Services
Board of Education Services
Executive Administration
Building Level Administration
-
-
-
-
1,500
33,299
33,290
9
-
-
-
-
2,005,899
681,609
668,183
13,426
Operation of Plant
254,268
138,548
131,998
6,550
Security Services
22,268
22,268
21,880
388
647,900
578,325
576,987
1,338
Business Central Services
Pupil Transportation
Food Service
-
Central Office Support Services
Other Supporting Services
Community Services
Capital Outlay
(4,233)
1,288
(5,521)
74,100
46,378
43,305
3,073
-
-
-
-
2,212
4,075
1,863
2,212
13,060,907
12,577,592
10,852,879
1,724,713
Debt Service:
Principal
-
-
-
Interest and Charges
Total Expenditures
-
-
861,274
-
17,292,881
14,500,000
13,612,621
887,379
(16,773,309)
(6,800,000)
(6,249,928)
550,072
(861,274)
Revenues Over (Under)
Expenditures
Other Financing Sources (Uses):
Transfers
-
-
-
Sale of Bonds
-
96,500,000
96,500,000
-
Net Insurance Recovery
-
-
-
-
Sale of School Buses
-
-
-
-
Sale of Other Property
-
-
155,642
155,642
Refunding Bonds
-
-
-
-
Tuition from other Districts
-
-
-
-
Area Voc Fees from Other LEAS
-
-
-
-
Contracted Educational Services
-
-
-
-
Trans from other LEAS Non-Handi
-
-
-
-
Facilities Acquisition and Construction
-
-
-
-
Other (Fin Fees, Etc-Exclude DS)
-
-
-
-
Total Other Financing
-
-
-
96,500,000
96,655,642
155,642
Sources (Uses)
Net Change in Fund Balances
(16,773,309)
89,700,000
90,405,714
705,714
Fund Balances - June 30, 2005
12,340,483
12,340,483
12,340,483
-
Fund Balances - June 30, 2006
$
(4,432,826)
$
102,040,483
$
102,746,197
$
705,714
56
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Budgetary Comparison Statement (Unaudited)
All Governmental Funds
For the Year Ended June 30, 2006
Variance
Actual Over
(Under) Final
Budgeted Amounts
Original
Final
Actual
Budget
Revenues
Local Sources
$
County Sources
124,668,661
$
133,017,529
$
132,813,156
$
(204,373)
2,410,000
2,410,000
2,398,836
(11,164)
State Sources
42,849,590
43,820,691
43,269,320
(551,371)
Federal Sources
21,662,372
24,066,780
21,210,092
(2,856,688)
-
-
104,147
191,590,623
203,315,000
199,795,551
(3,519,449)
(595,792)
Other Sources
TOTAL REVENUES
104,147
Expenditures
Current
Instruction
104,689,108
105,353,442
105,949,234
Attendance
2,189,535
2,877,443
1,971,673
905,770
Guidance
4,706,293
7,250,835
6,884,252
366,583
Health, Psych Speech & Audio
5,760,844
5,726,783
5,378,002
348,781
Improvement of Instruction
7,264,401
4,532,536
4,703,112
(170,576)
59,620
Professional Development
Media Services
Board of Education Services
Executive Administration
Building Level Administration
Business Central Services
292,116
2,093,775
2,034,156
5,963,669
3,397,851
3,394,792
3,059
527,263
412,263
386,663
25,600
518,727
1,829,082
1,763,304
65,778
9,061,871
8,835,717
8,473,239
362,478
5,700,766
2,835,804
2,735,287
100,517
Operation of Plant
16,714,951
17,429,052
16,909,701
519,352
Security Services
1,370,368
1,370,007
1,347,188
22,819
Pupil Transportation
5,740,913
5,854,299
5,830,166
24,133
Food Service
7,564,214
8,395,767
8,400,817
Central Office Support Services
2,139,804
3,471,663
3,043,639
Other Support Services
Community Services
Capital Outlay
(5,050)
428,024
-
-
-
-
1,603,067
1,656,089
1,572,915
83,175
13,060,907
12,577,592
10,852,879
1,724,713
10,350,000
15,115,000
15,115,000
6,991,315
7,385,000
7,952,229
212,210,132
218,400,000
214,698,246
(20,619,509)
(15,085,000)
(14,902,695)
Debt Service:
Principal
Interest and Charges
Total Expenditures
(567,229)
3,701,754
Revenues Over (Under)
Expenditures
182,305
Other Financing Sources (Uses):
Transfers
(4,294,975)
Sale of Bonds
-
-
-
-
96,500,000
96,500,000
-
Net Insurance Recovery
-
-
-
-
Sale of School Buses
-
-
-
-
Sale of Other Property
-
-
155,642
Refunding Bonds
-
4,750,000
4,750,000
(155,642)
-
Tuition from other Districts
-
-
-
-
Area Voc Fees from Other LEAS
-
-
-
-
Contracted Educational Services
-
-
-
-
Trans from other LEAS Non-Handicapped
-
-
-
-
Facilities Acquisition and Construction
-
-
-
-
Other (Fin Fees, Etc-Exclude DS)
-
-
-
-
(4,294,975)
101,250,000
101,405,642
(155,642)
(24,914,484)
86,165,000
86,502,947
(337,947)
78,424,334
78,424,334
78,424,334
Total Other Financing
Sources (Uses)
NET CHANGE IN FUND BALANCES
Fund Balance July 1, 2004
Fund Balance June 30, 2005
$
53,509,850
$
164,589,334
$
164,927,281
$
(337,947)
57
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Summary Schedule of Revenues Collected, Expenditures Paid and Changes in Fund Balance
All Government Funds
For the Year Ended June 30, 2006
Special Revenue
Fund
General Fund
Revenues
$
Expenditures
108,064,053
$
Debt Service Fund
72,256,629
$
12,008,029
Capital Fund
$
7,362,693
Total Governmental
Funds
$
199,691,404
85,791,881
93,087,789
22,205,955
13,612,621
214,698,246
22,272,172
(20,831,160)
(10,197,926)
(6,249,928)
(15,006,842)
(20,727,013)
20,831,160
4,750,000
96,655,642
101,509,789
Excess of Revenues Collected Over
(Under) Expenditures Paid
Other Sources (Uses) & Transfers
Excess of Revenue Collected and Other
Sources Over (Under) Expenditures
Paid and Other Uses
Fund Balance July 1, 2005
Fund Balance June 30, 2006
$
1,545,159
-
(5,447,926)
90,405,714
86,502,947
19,862,667
-
46,221,184
12,340,483
78,424,334
21,407,826
$
-
$
40,773,258
$
102,746,197
$
164,927,281
58
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Schedule of Revenues By Source per Annual Secretary of the Board Report
All Government Funds
For the Year Ended June 30, 2006
Special Revenue
Fund
General Fund
Debt Service Fund
Total Governmental
Funds
Capital Fund
LOCAL
Current Taxes
Delinquent Taxes
School District Trust Fund (Prop C)
Financial Institution Tax
M&M Surtax
In Lieu of Tax
Transportation Fees From Patrons
$
44,492,361
$
33,837,888
$
8,623,799
$
-
$
86,954,048
491,589
373,862
95,190
-
960,641
11,030,868
8,389,435
-
-
19,420,303
-
-
11,272
102,479
113,751
4,000,000
-
595,639
1,415,441
6,011,080
-
-
5,725
52,055
57,780
49,100
-
-
-
49,100
9,858,261
Earnings on Investments
1,591,847
955,163
1,961,281
5,349,970
Food Service Program
2,156,994
-
-
-
2,156,994
Food Service Non-Program
2,001,115
-
-
-
2,001,115
Student Activities
4,221,285
-
-
-
4,221,285
855,627
-
-
153,171
1,008,798
Other-From Local Sources
Other Sources
TOTAL LOCAL
104,147
-
-
-
104,147
70,994,933
43,556,348
11,292,906
7,073,116
132,917,303
COUNTY
Fines, Escheat, Etc.
State Assessed Utilities
County Stock Insurance Fund
TOTAL COUNTY
-
837,962
-
-
837,962
704,482
535,782
215,843
-
1,456,107
53,613
40,774
10,381
-
104,768
758,095
1,414,518
226,224
-
2,398,837
19,816,308
STATE
Basic Formula
11,255,770
8,560,538
-
-
Transportation
1,358,273
1,033,022
-
-
2,391,295
Exceptional Pupil
1,830,560
1,392,217
-
-
3,222,777
Early Childhood Special Education
2,561,497
1,454,951
1,106,546
-
-
Remedial Reading
223,430
169,927
-
-
393,357
Gifted
495,876
377,133
-
-
873,009
4,973,101
3,782,359
488,900
-
9,244,360
453,962
345,253
-
-
799,215
2,267,999
-
-
-
2,267,999
Free & Reduced Lunch/At Risk
Educational Screening Prog/PAT
Foreign Insurance (Textbook Fund)
Vocational/Technical Aid
47,752
-
-
-
47,752
Food Service - State
63,692
-
-
-
63,692
Fair Share (Cigarette Tax)
-
618,342
-
-
618,342
3,174
-
-
-
3,174
Safe Schools Initiative Grant
60
286
-
-
346
Grant for School Technology
-
-
-
169,095
169,095
456,062
Handicapped Census
Residential Placement/Excess Cost
Select Teachers (STARR)
Extraordinary Cost-Sp Education
Other State
TOTAL STATE
456,062
-
-
-
-
-
-
-
-
300,473
-
-
-
300,473
40,567
-
-
-
40,567
25,225,702
17,385,623
488,900
169,095
43,269,320
521,032
FEDERAL
Medicaid
ROTC
Ind w/Disability Ed Act (IDEA)
Early Childhood Sp Education - Fed
521,032
-
-
-
-
53,036
-
-
53,036
1,493,256
3,964,677
-
55,927
5,513,860
374,323
390,800
-
-
765,123
59
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Schedule of Revenues By Source per Annual Secretary of the Board Report
All Government Funds
For the Year Ended June 30, 2006
Special Revenue
Fund
General Fund
Debt Service Fund
Total Governmental
Funds
Capital Fund
FEDERAL (Continued)
School Lunch Program
School Breakfast Program
After School Snack Program
Title I -ESEA
Title I, Part C-Migrant Education
Title I, Part F-Comp School Reform
Title V - ESEA
3,413,393
-
-
-
3,413,393
975,672
-
-
-
975,672
12,756
-
-
-
12,756
1,836,722
4,146,187
-
13,203
5,996,112
183
183
-
-
-
-
-
-
-
-
38,670
257,559
-
-
296,229
21st Century Comm Learning Centers Grant
435,326
-
-
-
435,326
Title IV, Drug Free Schools
148,224
38,299
-
-
186,523
81,313
-
-
-
81,313
1
-
-
-
1
195,244
1,007,152
-
-
1,202,396
Title III, ESEA-English Language Acq
Ed for Homeless Children & Youth
Title II, Part A, ESEA-Teach & Princ Qual
Title II, Part D, ESEA Enhanced Ed
40,021
10,556
-
56,204
106,781
Childcare Development Fund Grant
19,620
-
-
-
19,620
Nat'l & Community Serv Trust Act
-
-
-
-
-
56,846
-
-
-
56,846
Summer Food Service Program
Impact Aid, Restricted Purpose
Other- Federal
TOTAL FEDERAL
78,840
-
-
1,468,028
31,874
-
-
78,840
11,189,470
9,900,140
-
120,482
21,210,092
96,500,000
(4,852)
1,495,050
OTHER REVENUE
Sale of Bonds
-
-
-
96,500,000
Sale of Other Property
-
-
-
155,642
155,642
Refunding Bonds
-
-
4,750,000
-
4,750,000
TOTAL OTHER REVENUE
-
-
4,750,000
96,655,642
101,405,642
TOTAL REVENUES
$
108,168,200
$
72,256,629
$
16,758,030
$
104,018,335
$
301,201,194
60
THE SCHOOL DISTRICT OF SPRINGFIELD R-12
Schedule of Expenditures by Object per Annual Secretary of the Board Report
All Government Funds
For the Year Ended June 30, 2006
Special Revenue
Fund
General Fund
Salaries
$
28,730,154
$
Debt Service Fund
84,716,515
$
-
Capital Fund
$
Total
-
$
113,446,669
Employee Benefits
21,643,743
7,897,695
-
-
29,541,438
Purchased Services
14,766,912
473,579
-
-
15,240,491
Supplies
19,492,047
-
-
-
19,492,047
Capital Outlay
1,159,025
-
-
12,751,347
13,910,372
Other Objects
-
-
22,205,955
861,274
23,067,229
Total
$
85,791,881
$
93,087,789
$
22,205,955
$
13,612,621
$
214,698,246
61
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62
Statistical Section
SCHOOL DISTRICT OF SPRINGFIELD R-12
NET ASSETS BY COMPONENT
LAST FIVE FISCAL YEARS
Fiscal Year
2004
2005
2006
$ (4,292,090) $ 7,054,843
13,173,583
10,320,117
25,532,427
25,295,236
34,413,920
42,670,196
$ 15,338,027
10,175,593
24,250,451
49,764,071
$ 11,462,689
15,259,995
24,099,029
50,821,713
$ 11,562,995
40,773,258
8,976,900
61,313,153
3,116,745
3,116,745
7,505,620
7,505,620
10,069,092
10,069,092
13,136,273
13,136,273
(4,292,090)
7,054,843
13,173,583
10,320,117
28,411,981
26,821,841
$ 35,703,334 $ 45,786,941
15,338,027
10,175,593
31,756,071
$ 57,269,691
11,462,689
15,259,995
34,168,121
$ 60,890,805
11,562,995
40,773,258
22,113,173
$ 74,449,426
2002
Governmental funds
Invested in capital assets, net of related
debt
Restricted
Unrestricted
Total governmental funds net assets
Proprietary funds
Unrestricted
Total proprietary funds net assets
Primary government
Invested in capital assets, net of related
debt
Restricted
Unrestricted
Total primary government net assets
1,289,414
1,289,414
2003
NOTE: Due to the timing of GASB 34 implementation, only five years of data are presented.
63
SCHOOL DISTRICT OF SPRINGFIELD R-12
CHANGE IN NET ASSETS
LAST FIVE FISCAL YEARS
2002
2003
Fiscal Year
2004
2005
2006
Expenses
Governmental funds
Instruction
Administration
Business & central services
Operation of plant
Transportation
Food services
Community services
Interest & fees on long-term debt
Facilities Acquisition and Construction
Other
Total governmental funds expenses
96,247,521
8,659,627
4,848,096
18,372,051
5,734,416
7,361,610
2,224,620
5,455,418
18,230,813
167,134,172
93,298,085
8,224,323
6,055,666
15,772,080
5,199,602
7,889,139
1,793,955
5,612,166
19,068,055
162,913,071
93,137,970
8,172,884
6,830,339
19,461,776
5,241,789
7,217,453
1,284,940
6,251,163
20,354,576
167,952,890
100,542,848
8,759,230
5,508,728
17,330,222
6,115,145
7,618,337
1,307,368
7,083,544
26,688,945
180,954,367
116,144,770
10,241,595
5,931,517
17,283,638
6,237,265
8,556,074
1,574,277
10,794,540
80,219,599
26,099,838
283,083,113
Proprietary funds
Medical insurance claims & premiums
Total proprietary funds expenses
14,174,505
14,174,505
12,622,639
12,622,639
12,726,132
12,726,132
14,538,905
14,538,905
14,475,078
14,475,078
Total primary government expenses
181,308,677
175,535,710
180,679,022
195,493,272
297,558,191
10,202,773
39,312,218
3,755,868
14,199,543
37,210,820
1,454,565
14,508,444
37,966,974
394,072
11,985,726
40,661,231
369,314
113,750,419
43,444,677
502,651
53,270,859
52,864,928
52,869,490
53,016,271
157,697,747
15,289,539
14,421,061
17,051,004
16,857,531
17,020,824
15,289,539
14,421,061
17,051,004
16,857,531
17,020,824
68,560,398
67,285,989
69,920,494
69,873,802
174,718,571
Program revenues
Governmental funds
Charges for services
Operating grants and contributions
Capital grants and contributions
Total governmental funds program
revenues
Proprietary funds
Contributions to medical trust
Total proprietary funds program
revenues
Total primary government program
revenues
Net (expense)/revenue
Governmental funds
Proprietary funds
Total primary government net
(expense)/revenue
(113,863,313) (110,048,143) (115,083,400) (127,938,096) (125,385,366)
1,798,422
4,324,872
2,318,626
2,545,746
1,115,034
(112,748,279) (108,249,721) (110,758,528) (125,619,470) (122,839,620)
64
SCHOOL DISTRICT OF SPRINGFIELD R-12
CHANGE IN NET ASSETS (Continued)
LAST FIVE FISCAL YEARS
General revenues
Governmental funds
Property taxes levied for general
purposes
Property taxes levied for debt service
Sales taxes, Prop C
Other taxes
Federal, state and county aid not
restricted to specific purposes
Unrestricted investment earnings
Other
Total governmental funds general
revenues
2002
2003
Fiscal Year
2004
2005
2006
$ 63,917,331
7,351,611
17,758,034
6,430,407
$ 65,523,929
7,479,284
17,402,661
5,866,886
$ 67,879,134
7,741,094
18,106,539
3,887,749
$ 76,126,075
8,440,257
18,716,565
3,370,197
$ 82,083,355
9,314,627
19,420,304
3,188,711
23,824,584
2,061,774
36,110
22,405,428
1,300,334
219,194
21,020,008
1,127,960
254,690
20,384,984
1,773,175
184,485
14,662,875
7,176,548
30,386
121,379,851
120,197,716
120,017,174
128,995,738
135,876,806
24,788
28,909
64,003
244,846
521,435
24,788
28,909
64,003
244,846
521,435
121,404,639
120,226,625
120,081,177
129,240,584
136,398,241
7,516,538
1,139,822
10,149,573
1,827,331
4,933,774
4,388,875
1,057,642
2,563,472
10,491,440
3,067,181
8,656,360
$ 11,976,904
3,621,114
$ 13,558,621
Proprietary funds
Investment earnings
Total proprietary funds general
revenues
Total primary government general
revenues
Change in net assets
Governmental funds
Proprietary funds
Total primary government change in
net assets
$
$
9,322,649
$
NOTE: Due to the timing of GASB 34 implementation, only five years of data are presented.
65
SCHOOL DISTRICT OF SPRINGFIELD R-12
FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
General fund
Reserved
Unreserved
Total general fund
All other governmental funds
Reserved
Teachers fund
Debt service fund
Capital projects fund
Unreserved
Capital projects fund
Total all other governmental funds
Total governmental funds
1999
1998
$ 17,566,562
11,261,778
$ 17,490,797
19,256,833
28,828,340
36,747,630
27,178,791
24,139,221
28,251,677
23,437,312
22,166,668
23,666,670
18,690,026
21,407,826
24,766,111
3,992,518
24,934,799
585,602
32,135,830
2,347,000
32,330,625
29,920,607
18,393,801
22,073,895
12,810,326
6,129,324
14,177,579
33,009,054
14,910,603
25,845,619
46,221,183
7,829,175
40,275,977
102,538,100
3,566,985
2,998,809
1,413,180
4,625,553
-
4,058,969
2,980,700
1,586,933
6,091,799
208,097
32,325,614
28,519,210
35,896,010
66,876,785
40,467,696
22,998,619
50,167,333
42,343,155
60,142,157
143,022,174
$ 61,153,954
$ 65,266,840
$ 63,074,801
$ 91,016,006
$ 68,719,373
$ 46,435,931
$ 72,334,001
$ 66,009,825
$ 78,832,183
$ 164,430,000
$
5,590,477
21,588,314
2000
$
4,141,996
19,997,225
2001
Fiscal Year
2002
1997
$
2,441,294
25,810,383
$
790,856
22,646,456
2003
$
443,332
21,723,336
2004
$
497,862
23,168,808
2005
$
407,850
18,282,176
2006
$
1,250,622
20,157,204
66
SCHOOL DISTRICT OF SPRINGFIELD R-12
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Revenues
Local
County
State
Federal
Other
Total revenues
Expenditures
Instruction
Attendance
Guidance
Health, Psych Speech & Audio
Improvement of Instruction
Professional Development
Media Services
Board of Education Services
Executive Administration
Building Level Administration
Business Central Services
Operation of Plant
Security Services
Pupil Transportation
Food Service
Central Office Support Services
Other Supporting Services
Community Services
Facilities Acquisition and Construction
Debt Service:
Principal
Interest and Charges
Total expenditures
Other financing sources (uses)
Transfers in (out)
Increase (decrease) in inventories
Sale of property
Change in accounting principle
Refunding bonds issued
Bonds issued
Total other financing sources (uses)
Net change in fund balances
Debt service as a percentage of
noncapital expenditures
Fiscal Year
2002
1997
1998
1999
2000
2001
$ 82,729,259
1,961,785
38,474,392
7,094,479
6,817,715
137,077,630
$ 87,590,834
1,976,590
42,969,304
8,867,879
1,015,004
142,419,611
$ 93,185,593
1,977,569
41,149,546
9,981,895
7,837,451
154,132,054
$ 97,545,046
2,200,622
42,816,311
10,780,386
94,655
153,437,020
$ 105,922,477
2,251,571
48,094,999
11,572,446
74,835
167,916,328
73,247,224
311,155
2,734,961
2,133,219
3,130,848
180,384
2,689,596
280,370
318,004
6,739,001
78,428,621
833,607
3,018,565
1,876,260
3,610,933
247,396
2,704,700
383,780
268,994
7,089,905
84,361,297
1,493,672
3,238,460
2,081,440
3,411,387
274,518
2,846,785
343,316
297,190
7,005,968
87,909,714
1,613,235
3,654,122
2,241,285
4,499,616
219,938
2,998,599
227,680
382,881
7,137,637
12,106,731
13,249,831
14,350,291
18,232,411
3,644,608
5,870,228
3,790,123
3,600,964
6,310,143
5,229,256
5,222,821
6,608,346
4,572,115
1,758,399
3,427,783
1,863,154
3,484,430
4,782,216
3,362
127,148,212
5,438,231
3,313
137,642,083
323,616
(86,891)
2003
2004
2005
2006
$ 104,974,037
2,297,347
45,520,563
16,234,214
47,072
169,073,233
$ 109,622,003
2,304,501
45,005,902
15,220,727
427,359
172,580,492
$ 111,389,459
2,503,753
42,693,550
16,308,530
106,142
173,001,434
$ 119,065,468
2,504,654
41,960,209
19,818,833
128,862
183,478,026
$ 132,813,156
2,398,836
43,269,320
21,210,092
104,147
199,795,551
89,740,919
1,678,220
4,036,014
2,309,259
4,083,706
233,365
3,826,691
310,279
368,846
7,440,257
91,757,472
1,710,435
4,323,294
2,439,124
4,051,167
240,940
4,325,679
485,472
377,169
7,615,741
94,439,466
1,847,132
4,459,546
2,573,960
4,053,819
227,019
4,553,131
397,142
362,485
8,041,549
93,321,006
1,973,195
4,217,386
2,956,182
6,473,126
240,310
5,512,087
512,206
381,700
8,129,705
5,027,975
6,556,747
4,421,534
20,074,951
1,027,598
5,250,672
6,813,120
2,510,826
21,595,998
1,133,883
5,438,939
7,634,748
4,385,881
14,401,005
1,191,029
4,806,812
7,710,754
5,182,150
16,857,864
1,204,257
5,022,293
7,168,603
5,645,922
96,940,678
2,020,975
4,361,429
4,706,639
7,760,049
227,222
5,899,015
418,725
425,663
8,331,975
3,544,429
17,035,649
1,294,891
5,782,054
7,507,818
1,840,053
105,949,234
1,971,673
6,884,252
5,378,002
4,703,111
2,034,156
3,394,792
386,663
1,763,304
8,473,239
2,735,287
16,909,701
1,347,188
5,830,166
8,400,817
3,043,639
1,944,852
490,119
2,192,648
417,793
2,175,135
13,595,504
2,225,017
15,481,476
1,771,828
11,020,031
1,271,577
9,989,266
1,306,326
21,036,967
1,572,914
10,852,879
5,914,950
3,035
144,460,562
6,312,344
154,046,159
32,441,266
65,574
197,982,202
14,477,143
10,289
189,709,869
27,515,000
5,752,608
200,306,466
2,800,000
5,731,337
179,408,022
3,105,000
6,303,044
199,848,601
15,115,000
7,952,229
214,698,246
(11,863,531)
(1,449,656)
(1,715,759)
(1,646,808)
(11,863,531)
30,000,000
28,550,344
9,485,000
7,769,241
(1,646,808)
(340,954)
82,411
(90,012)
2,946
155,642
(577,751)
323,616
$ 10,253,034
3.9%
(664,642)
$ 4,112,886
4.1%
$ (2,192,039) $ 27,941,205
4.1%
4.1%
23,965,000
30,000,000
53,624,046
$ (22,296,633) $ (22,283,444) $ 25,898,072
17.6%
8.3%
17.6%
29,280,000
29,192,934
4,750,000
96,500,000
101,405,642
$ (6,324,177) $ 12,822,359
$ 86,502,947
82,411
5.0%
5.3%
11.3%
67
SCHOOL DISTRICT OF SPRINGFIELD R-12
GENERAL SCHOOL SYSTEM EXPENSES BY FUNCTION - GOVERNMENT-WIDE
LAST FIVE FISCAL YEARS (GASB Statement No. 34 adopted in 2001-02)
Fiscal
Year
01-02
02-03
03-04
04-05
05-06
Fiscal
Year
01-02
02-03
03-04
04-05
05-06
Instruction
1999
Plant
Operations
2540
$ 84,142,497
83,178,113
83,148,704
79,505,881
116,144,770
$ 18,372,051
15,772,080
19,461,776
17,330,222
17,283,638
Community
Services
3000
Facilities
Acquisition &
Construction
$ 2,224,620
1,793,955
1,284,940
1,307,368
1,574,277
$ 12,105,024
10,119,972
9,989,266
21,036,967
80,219,599
Transportation
2551-2558
Food Services
2561
Other Support
Services
Total Support
Services
$
$
$
$ 63,206,613
62,208,865
67,278,817
72,020,607
74,349,927
5,734,416
5,199,602
5,241,789
6,115,145
6,237,265
Debt Service
$
5,455,418
5,612,166
6,251,163
7,083,544
10,794,540
7,361,610
7,889,139
7,217,453
7,618,337
8,556,074
31,738,536
33,348,044
35,357,799
40,956,903
42,272,950
Total Expenses
$ 167,134,172
$ 162,913,071
$ 167,952,890
$ 180,954,367
$ 283,083,113
NOTE: Includes all governmental fund activities
NOTE: Due to the timing of GASB 34 implementation, only five years of data are presented.
Source: Audit Report and Financial Statements
68
SCHOOL DISTRICT OF SPRINGFIELD R-12
GENERAL SCHOOL SYSTEM EXPENDITURES BY FUNCTION - FUND LEVEL
LAST TEN FISCAL YEARS
Fiscal
Year
Instruction
1999
Plant
Operations
2540
Transportation
2551-2558
96-97
97-98
98-99
99-00
00-01
01-02
02-03
03-04
04-05
05-06
73,246,378
78,427,776
83,815,712
87,909,714
89,740,921
91,757,472
94,439,466
93,321,008
96,940,678
105,949,233
12,106,731
13,249,831
14,350,291
18,232,411
20,074,951
21,595,998
14,401,005
16,857,864
17,035,650
16,909,701
3,644,607
3,600,965
5,768,406
5,027,974
5,250,672
5,438,939
4,806,812
5,022,292
5,453,484
5,830,166
Fiscal
Year
Facilities
Community Acquisition/
Services
Construction
3000
4000
96-97
97-98
98-99
99-00
00-01
01-02
02-03
03-04
04-05
05-06
1,758,398
1,868,254
1,944,852
2,192,648
2,175,135
2,225,017
1,771,828
1,271,577
1,306,325
1,572,914
Other NonInstruction
3,427,783
3,484,430
490,119
417,793
13,595,503
12,105,024
10,119,972
9,989,266
21,036,967
10,852,879
4,208
(941)
121,841
65,574
861,274
Food
Services
2561
Other Support Total Support
Services
Services
5,870,228
6,310,142
6,608,346
6,556,747
6,813,120
7,634,748
7,710,754
7,168,603
7,507,818
8,400,817
22,307,662
25,263,396
25,564,850
27,396,528
27,825,062
31,088,786
32,888,962
37,246,076
41,159,635
42,115,307
43,929,229
48,424,334
52,291,894
57,213,660
59,963,805
65,758,472
59,807,533
66,294,835
71,156,587
73,255,990
Total NonInstruction /
Support
Services
Debt Service
Total
Expenditures
5,190,389
5,351,742
2,556,813
2,610,441
15,836,212
14,330,041
11,891,799
11,260,844
22,343,292
13,287,067
4,782,216
5,438,230
5,796,144
6,312,344
32,441,266
14,487,432
33,267,608
8,531,337
9,408,044
22,205,955
127,148,212
137,642,083
144,460,562
154,046,159
197,982,204
186,333,416
199,406,407
179,408,023
199,848,601
214,698,246
NOTE: Includes all governmental fund types
Source: Annual Secretary of the Board Report
69
SCHOOL DISTRICT OF SPRINGFIELD R-12
GENERAL SCHOOL SYSTEM REVENUES BY SOURCE - GOVERNMENT-WIDE
LAST FIVE FISCAL YEARS (GASB Statement No. 34 adopted for 2001-02)
Program Revenues
Fiscal
Year
01-02
02-03
03-04
04-05
05-06
Charges for
Services
$ 10,202,773
14,199,543
14,508,444
11,985,726
113,750,419
Capital Grants
Operating
and
Grants and
Contributions Contributions
$ 39,312,218
37,210,820
37,966,974
40,661,231
43,444,677
$ 3,755,868
1,454,565
394,072
369,314
502,651
General Revenues
Fiscal
Year
01-02
02-03
03-04
04-05
05-06
Property
Taxes
$ 71,268,942
73,003,213
75,620,228
84,566,332
91,397,982
Non-specific Unrestricted
State and
Investment
Other Taxes Federal Grants Earnings Miscellaneous Total Revenues
$ 25,328,263
25,096,878
26,383,163
22,086,762
22,609,015
$ 23,824,584
22,405,428
21,020,008
20,384,984
14,662,875
$ 2,061,774
1,300,334
1,127,960
1,773,175
7,176,548
$
36,110
219,194
254,690
2,747,957
3,097,567
$ 175,790,532
$ 174,889,975
$ 177,275,539
$ 184,575,481
$ 296,641,734
NOTE: Includes all governmental fund activities
NOTE: Due to the timing of GASB 34 implementation, only five years of data are presented.
Source: Audit Report and Financial Statements
70
SPRINGFIELD R-12 SCHOOL DISTRICT
GENERAL SCHOOL SYSTEM REVENUES BY SOURCE -- FUND LEVEL
LAST TEN FISCAL YEARS
Fiscal
Year
96-97
97-98
98-99
99-00
00-01
01-02
02-03
03-04
04-05
05-06
Fiscal
Year
96-97
97-98
98-99
99-00
00-01
01-02
02-03
03-04
04-05
05-06
Fiscal
Year
96-97
97-98
98-99
99-00
00-01
01-02
02-03
03-04
04-05
05-06
Property
Taxes
5111, 5112
Interest
Earnings
5140
52,301,116
55,057,522
58,352,387
60,031,544
65,030,712
69,795,223
72,815,456
76,393,262
80,823,679
87,914,688
State
Assessed
Utilities
5221
Other Local
Total Local
3,031,116
3,194,491
2,950,975
4,989,576
6,333,097
2,921,370
4,819,204
2,141,021
4,808,076
9,858,261
27,397,027
29,338,820
31,882,231
32,523,924
34,558,670
32,257,445
31,987,342
32,855,176
33,433,713
35,040,207
82,729,259
87,590,833
93,185,593
97,545,045
105,922,479
104,974,037
109,622,002
111,389,459
119,065,468
132,813,156
1,189,757
1,261,334
1,227,984
1,504,243
1,622,259
1,562,875
1,501,079
1,407,578
1,570,037
1,456,106
Basic
Formula
5311
Free &
Reduced
Lunch
5318
Foreign
Insurance
(Textbook
Fund)
5331
Other State
Total State
22,079,597
25,737,815
23,195,650
21,552,041
24,769,250
23,482,932
22,008,309
20,608,138
20,288,147
19,816,308
4,464,995
4,856,997
5,480,678
6,926,224
7,431,351
7,330,234
7,597,129
7,641,777
8,281,510
9,244,360
9,743,451
10,310,514
10,442,405
12,303,739
13,837,953
12,735,894
13,128,579
12,637,955
11,299,772
11,940,653
38,474,392
42,969,304
41,149,546
42,816,311
48,094,999
45,520,564
45,005,902
42,693,550
41,960,210
43,269,320
Food
Services
(Federal
only)
5445-5449
2,622,055
2,925,401
3,024,994
3,062,683
3,114,628
3,369,539
3,508,690
3,762,738
4,016,565
4,401,820
Title I
5451-5454
2,279,183
3,248,624
3,861,177
3,804,245
3,356,915
4,020,687
4,406,762
5,370,973
5,785,909
5,996,295
2,186,349
2,063,978
2,030,813
2,034,308
2,056,445
1,971,504
2,271,886
1,805,680
2,090,780
2,267,999
Other
Federal
2,193,241
2,693,856
3,095,724
3,913,459
5,100,904
5,467,537
6,405,216
7,174,819
10,016,359
10,811,977
Other
Revenue
Total Federal
Detail
5699 + 5898
7,094,479
8,867,880
9,981,895
10,780,387
11,572,447
12,857,763
14,320,668
16,308,530
19,818,833
21,210,092
6,817,715
1,015,004
7,837,451
30,094,655
9,559,835
47,072
54,392,359
106,142
29,411,809
101,509,789
Other County Total County
772,028
715,256
749,585
696,379
629,312
734,471
803,422
1,096,175
934,617
942,730
1,961,785
1,976,590
1,977,569
2,200,622
2,251,570
2,297,346
2,304,501
2,503,753
2,504,653
2,398,836
Total
Revenue
137,077,630
142,419,611
154,132,054
183,437,020
177,401,330
165,696,782
225,645,432
173,001,434
212,760,972
301,201,193
NOTE: Includes all governmental fund types
Source: Annual Secretary of the Board Report
71
SCHOOL DISTRICT OF SPRINGFIELD R-12
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Fiscal
Year
Tax Levy
Assessed
Valuation
Current Property
Percent of Levy
Total Property
Taxes Collected
Collected
Taxes Levied
5111
1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
3.3200
3.1700
3.1800
3.1800
3.2701
3.2006
3.2162
3.2235
3.3735
3.3303
1,615,977,838
1,763,786,116
1,859,097,626
1,914,605,743
2,011,888,708
2,239,323,750
2,298,704,572
2,382,906,170
2,437,273,090
2,687,705,870
53,650,464
55,912,020
59,119,305
60,884,463
65,790,773
71,671,796
73,930,936
76,812,980
82,221,408
89,508,669
51,748,297
54,321,317
57,642,868
59,321,937
64,141,298
68,758,569
71,576,284
74,704,095
79,699,204
86,954,047
96.45%
97.15%
97.50%
97.43%
97.49%
95.94%
96.82%
97.25%
96.93%
97.15%
Delinquent
Property
Taxes
Collected
5112
Total
Collections
Percent of
Total
Collections to
Tax Levy
552,819
736,205
709,519
709,607
889,414
1,036,653
1,239,172
1,689,167
1,124,475
960,641
52,301,116
55,057,522
58,352,387
60,031,544
65,030,712
69,795,223
72,815,456
76,393,262
80,823,679
87,914,688
97.48%
98.47%
98.70%
98.60%
98.84%
97.38%
98.49%
99.45%
98.30%
98.22%
Source: Annual Secretary of the Board Report
72
SPRINGFIELD R-12 SCHOOL DISTRICT
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (1)
LAST TEN CALENDAR YEARS
Real Estate
Tax Levy
Year
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Assessed Value
Estimated Actual
Value
1,304,390,518
1,445,029,806
1,511,993,976
1,558,297,283
1,616,622,908
1,774,055,680
1,831,293,162
1,878,953,360
1,948,671,520
2,182,966,710
5,874,779,260
6,543,564,919
6,826,352,003
7,034,161,439
7,271,660,720
7,970,317,880
8,213,076,169
8,438,973,034
8,778,422,807
9,821,848,620
Personal Property
Assessed
Value
Estimated
Actual Value
311,587,320
318,756,310
347,103,650
356,308,460
395,265,800
465,268,070
467,411,410
503,952,810
488,601,570
504,739,160
934,761,960
956,268,930
1,041,310,950
1,068,925,380
1,185,797,400
1,395,804,210
1,402,234,230
1,511,858,430
1,465,804,710
1,514,368,917
Total
Ratio of Total
Assessed to
Estimated Actual Total Actual
Assessed Value
Value
Value
1,615,977,838
1,763,786,116
1,859,097,626
1,914,605,743
2,011,888,708
2,239,323,750
2,298,704,572
2,382,906,170
2,437,273,090
2,687,705,870
6,809,541,220
7,499,833,849
7,867,662,953
8,103,086,819
8,457,458,120
9,366,122,090
9,615,310,399
9,950,831,464
10,244,227,517
11,336,217,536
23.73%
23.52%
23.63%
23.63%
23.79%
23.91%
23.91%
23.95%
23.79%
23.71%
(1) Assessed valuations were made by the Greene County Assessment Department. Estimated actual
property values were calculated using percentages set forth in Section 137.115 of Missouri Revised Statutes.
Source: Greene County Assessor's Office
73
SCHOOL DISTRICT OF SPRINGFIELD R-12
PROPERTY TAX RATES (1) - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Tax Year (2) (Ended
December 31)
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
State of
Missouri
0.0300
0.0300
0.0300
0.0300
0.0300
0.0300
0.0300
0.0300
0.0300
0.0300
Greene
County
General
0.0800
0.0800
0.0900
0.1000
0.0848
0.1072
0.1050
0.1120
0.1010
0.1099
Greene
County
Road
0.0800
0.0800
0.0900
0.1000
0.0848
0.1072
0.1050
0.1120
0.1010
0.1099
Greene
County
Sheltered
Workshop
0.0500
0.0500
0.0500
0.0500
0.0500
0.0487
0.0488
0.0488
0.0488
0.0470
SpringfieldOzarks
Springfield
Greene
Technical
R-12
Community
City of
School
County
Library
College
Springfield
District
0.2100
0.2000
0.2100
0.2100
0.2100
0.2045
0.2547
0.2547
0.2547
0.2455
0.0900
0.0900
0.1000
0.1500
0.1500
0.1458
0.1458
0.1458
0.1458
0.1406
0.6000
0.6000
0.6000
0.6000
0.6000
0.5992
0.5993
0.5994
0.6258
0.6086
3.3200
3.1700
3.1800
3.1800
3.2701
3.2006
3.2162
3.2235
3.3735
3.3303
Total
4.4600
4.3000
4.3500
4.4200
4.4797
4.4432
4.5048
4.5262
4.6806
4.6218
(1) Tax rates are expressed in dollars per $100 of assessed valuation
(2) Tax rates for 2006 were not available at the time of this report
Source: Greene County Collector's Office
74
SCHOOL DISTRICT OF SPRINGFIELD R-12
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
Fiscal
Year
Tax Year Gross Bonded Debt Service
June 30 Dec 31
Debt
Fund
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
$ 84,208,852
83,648,852
89,818,852
118,668,852
102,163,852
93,293,852
119,743,852
116,943,852
143,118,852
229,253,852
$ 24,766,111
24,934,799
32,135,830
32,330,625
18,393,801
12,810,326
14,177,579
14,910,603
46,221,184
40,773,258
Net General
Bonded Debt
Assessed
Valuation
$ 59,442,741
58,714,053
57,683,022
86,338,227
83,770,051
80,483,526
105,566,273
102,033,249
96,897,669
188,480,594
$ 1,615,977,838
1,763,786,116
1,859,097,626
1,914,605,743
2,011,888,708
2,239,323,750
2,298,705,022
2,382,906,170
2,437,273,090
2,687,705,870
Ratio of Net
Ratio of Net
Net
General Bonded
General
General
Debt to
Estimated Actual Bonded Debt
District
Bonded
Assessed
Value of Taxable to Estimated Population Debt per
Valuation
Property
Actual Value
(1)
Capita
3.68%
3.33%
3.10%
4.51%
4.16%
3.59%
4.59%
4.28%
3.98%
7.01%
$ 1,640,743,949
1,788,720,915
1,891,233,456
1,946,936,368
2,030,282,509
2,252,134,076
2,312,882,601
2,397,816,773
2,483,494,274
2,728,479,128
3.6%
3.3%
3.1%
4.4%
4.1%
3.6%
4.6%
4.3%
3.9%
6.9%
179,952
182,117
184,283
186,448
188,614
190,779
192,945
195,110
197,275
199,248
$
330
322
313
463
444
422
547
523
491
946
(1) Population estimates are based on less than 1% growth. 2000 census is an actual amount.
Source: Annual Secretary of the Board Report; Bureau of Census
75
SCHOOL DISTRICT OF SPRINGFIELD R-12
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
Fiscal
Year
1997 *
1998
1999 *
2000
2001 *
2002
2003 *
2004
2005 *
2006
Assessed
Valuation
1,615,977,838
1,763,786,116
1,859,097,626
1,914,605,743
2,011,888,708
2,239,323,750
2,298,705,022
2,382,906,170
2,437,273,090
2,687,705,870
Legal Debt Limit
161,597,784
176,378,612
278,864,644
287,190,861
301,783,306
335,898,563
344,805,753
357,435,926
365,590,964
403,155,881
Outstanding
Debt
(84,208,852)
(83,648,852)
(89,818,852)
(118,668,852)
(102,163,852)
(93,293,852)
(119,743,852)
(116,943,852)
(143,118,852)
(229,253,852)
Debt Service
Fund Bal.
available for
payment of
principal
24,766,111
24,934,799
32,135,830
32,330,625
18,393,801
12,810,326
14,177,579
11,946,570
46,221,184
40,773,258
Legal Debt
Margin
102,155,043
117,664,559
221,181,622
200,852,634
218,013,255
255,415,037
239,239,480
252,438,644
268,693,295
214,675,287
Ratio of
legal debt
margin to
debt limit
63.2%
66.7%
79.3%
69.9%
72.2%
76.0%
69.4%
70.6%
73.5%
53.2%
(1) The bond indebtedness of the District is limited by Section 26(b) of the Missouri Constitution,
Article VI to 15% (10% for years prior to 1999) of the value of the taxable tangible
property as shown by the last completed assessment for state and county purposes.
* Reassessment Year
Source: Audit Report and Financial Statements
76
SCHOOL DISTRICT OF SPRINGFIELD R-12
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
JUNE 30, 2006
Obligations
Outstanding
Jurisdiction
Overlapping (1)
City of Springfield, Missouri
Ozarks Technical Community College
Greene County
Greene County Library District
$
169,916,000
43,605,000
10,240,000
6,605,000
Total Overlapping Debt
230,366,000
Direct Debt (2)
Springfield R-12 School District
229,253,852
Percentage
Attributable to
District
95.0%
58.4%
76.4%
72.6%
Amount
Attributable to
District
$
161,420,200
25,456,599
7,825,705
4,794,371
199,496,875
100.0%
Total Direct and Overlapping Debt
229,253,852
$
428,750,727
(1) Source: City of Springfield; OTC Business Office; Greene County Auditor's Office; Greene County Library
(2) Source: Annual Secretary of the Board Report
Note: Percentage attributable to District is based on assessed valuations of the jurisdictions
77
SCHOOL DISTRICT OF SPRINGFIELD R-12
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
LAST TEN FISCAL YEARS
Fiscal Year
1997
1998
1999
2000
2001 *
2002
2003 *
2004
2005
2006 *
Principal
325,000
560,000
830,000
1,150,000
25,990,000
8,870,000
27,515,000
2,800,000
3,105,000
15,115,000
Interest
4,427,204
4,859,269
4,947,324
5,137,369
6,425,866
5,606,543
5,406,375
5,721,315
5,928,065
7,023,093
Total Debt
Service Fund
Expenditures
4,782,216
5,438,230
5,796,144
6,312,344
32,441,266
14,487,432
33,267,608
8,531,337
9,408,044
22,205,955
Ratio of Debt
Service
Expenditures
to Total
Total Expenditures Expenditures
127,148,212
137,642,083
144,460,562
154,046,159
197,982,204
186,333,416
199,406,407
179,408,023
199,848,601
214,698,246
3.76%
3.95%
4.01%
4.10%
16.39%
7.78%
16.68%
4.76%
4.71%
10.34%
NOTE: Debt Service Fund expenditures represent payment of principal, interest, and fiscal agent fees on General Bonded Debt.
Source: Annual Secretary of the Board Report
* Includes principal on scheduled debt and amounts paid by escrow agents.
78
SCHOOL DISTRICT OF SPRINGFIELD R-12
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Fiscal
Year
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Ratio of
Ratio of
September
School
Membership Average Daily Attendance to
District
Membership
Population (1) Membership to Population Attendance
177,786
179,952
182,117
184,283
186,448
188,614
190,779
192,945
195,110
197,275
23,771
23,940
24,998
24,742
24,420
24,291
24,201
24,122
24,050
23,983
13.37%
13.30%
13.73%
13.43%
13.10%
12.88%
12.69%
12.50%
12.33%
12.16%
21,967
22,268
23,094
22,888
22,676
22,516
22,649
22,523
22,702
22,331
92.41%
93.02%
92.38%
92.51%
92.86%
92.69%
93.59%
93.37%
94.40%
93.11%
Fiscal
Year
Asian
Black
Hispanic
Indian
White
Free/Reduced
Lunch
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
1.70%
1.70%
1.80%
1.88%
1.83%
1.94%
1.91%
2.18%
2.20%
2.30%
3.80%
4.60%
4.50%
4.83%
4.86%
5.19%
5.37%
5.68%
6.10%
6.50%
1.20%
1.60%
1.70%
1.81%
1.82%
2.01%
2.20%
2.22%
2.40%
2.70%
0.50%
0.60%
0.70%
0.71%
0.70%
0.65%
0.65%
0.67%
0.60%
0.70%
92.80%
91.50%
91.30%
90.76%
90.79%
90.21%
89.87%
89.25%
88.60%
87.90%
30.00%
33.00%
34.00%
34.77%
35.96%
35.60%
36.77%
37.82%
39.30%
40.70%
(1) Population estimates are based on less than 1% growth. 2000 census is an actual amount.
Notes: Data for 2006 was not available at the time of this report
Source: DESE; Annual Report; Census Bureau
79
SCHOOL DISTRICT OF SPRINGFIELD R-12
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
LAST TEN FISCAL YEARS
Fiscal Year
ended June 30
1997 *
1998
1999 *
2000
2001 *
2002
2003 *
2004
2005 *
2006
Total Assessed
Valuation
1,615,977,838
1,763,786,116
1,859,097,626
1,914,605,743
2,011,888,708
2,239,323,750
2,298,705,022
2,382,906,170
2,437,273,090
2,687,705,870
Construction
Estimated Value
Commercial
Bank Deposits
(000's)
90,420,890
30,463,130
86,171,720
38,013,880
91,023,730
111,596,180
57,321,410
76,927,340
57,911,990
94,391,130
3,018,301
3,214,288
3,333,350
3,497,359
3,269,892
4,011,313
4,344,615
4,621,690
5,032,000
5,611,000
NOTE: Commercial Bank Deposits represents total deposits of FDIC-insured
institutions in Greene County.
* Reassessment Year
Source: Missouri State Auditor's Office; Annual Secretary of the Board Report
FDIC Statistics on Depository Institutions (www.fdic.gov/sdi/index.asp
80
SPRINGFIELD R-12 SCHOOL DISTRICT
PRINCIPAL TAXPAYERS - June 30, 2006
Total assessed valuation =
PRINCIPAL TAXPAYERS
ST JOHNS REGIONAL HEALTH CTR
2,687,705,870
ASSESSED
VALUATION
PERCENTAGE
OF TOTAL
ASSESSED
VALUATION
$11,801,950
0.44%
10,279,100
0.38%
HAMMONS, JOHN Q TR
8,848,320
0.33%
FERRELL-DUNCAN BLDG CO LLC
5,225,820
0.19%
FIRST CARD SERVICES INC
5,124,260
0.19%
LESTER E COX MEDICAL CENTERS
5,082,660
0.19%
ST JOHNS HEALTH SYSTEM INC
4,988,480
0.19%
BASS PRO INC
4,875,040
0.18%
BATTLEFIELD MALL LLC
4,816,130
0.18%
PRIMROSE PLACE INC
4,077,980
0.15%
$65,119,740
2.42%
HERMEL INC
TOTAL
Source: Greene County Assessor's Office
81
SPRINGFIELD R-12 SCHOOL DISTRICT
LARGEST EMPLOYERS
Employer
Industry
Employees
CoxHealth
Health care
8,815
St. Johns Health System
Health care
8,000
Wal-Mart
Retail
4,120
Springfield Public Schools
Education
3,000
Bass Pro / Tracker Marine
Retail
2,615
United States Government
Government
2,540
State of Missouri
Government
2,385
Missouri State University
Education
2,130
Chase Card Services
Customer service
1,595
Citizens Memorial Healthcare
Health care
1,580
Source: Springfield Area Chamber of Commerce / www.business4sprinfield.com
82
SCHOOL DISTRICT OF SPRINGFIELD R-12
CAPITAL ASSETS
LAST FIVE FISCAL YEARS
Non-depreciable capital assets
Land
Construction in progress
Total non-depreciable
capital assets
Depreciable capital assets
Buildings & improvements
Vehicles
Buses
Equipment
Library collection
Textbook adoptions
Total depreciable capital
assets
Less accumulated depreciation
Buildings & improvements
Vehicles
Buses
Equipment
Library collection
Textbook adoptions
Total accumulated
depreciation
Total depreciable capital
assets, net
Total capital assets, net
2002
2003
2004
2005
2006
$ 11,439,495
21,699,154
$ 11,362,000
2,282,117
$ 11,405,381
8,640,869
$ 11,812,973
7,055,344
$ 11,901,813
12,324,311
33,138,649
13,644,117
20,046,250
18,868,317
24,226,124
179,978,865
799,547
5,022,651
20,654,838
9,909,393
9,367,930
213,099,436
814,035
5,022,651
24,431,796
10,248,568
9,973,111
218,921,761
910,715
5,058,393
28,977,084
10,649,079
9,712,107
238,321,757
1,101,991
5,186,339
31,425,058
11,057,236
11,635,310
252,862,975
1,266,927
5,690,232
32,879,064
8,953,594
12,509,484
225,733,224
263,589,597
274,229,139
298,727,691
314,162,276
148,255,496
721,579
3,994,959
12,493,662
6,328,694
4,924,109
150,144,655
713,740
4,218,193
14,045,051
7,191,827
5,840,714
152,545,959
714,145
4,378,821
15,810,535
8,086,111
5,562,934
156,267,399
773,287
4,255,027
17,711,357
8,793,116
6,175,469
159,096,893
986,552
4,620,190
19,094,972
6,861,287
6,311,695
176,718,499
182,154,180
187,098,505
193,975,655
196,971,589
49,014,725
81,435,417
87,130,634
104,752,036
117,190,687
$ 82,153,374
$ 95,079,534
$ 107,176,884
$ 123,620,353
$ 141,416,811
NOTE: Due to the timing of GASB 34 implementation, only five years of data are presented.
83
SCHOOL DISTRICT OF SPRINGFIELD R-12
MISCELLANEOUS STATISTICS
JUNE 30, 2005
Area served by the District:
Number of Schools:
Elementary Schools
Intermediate School
Middle Schools
High Schools
138 square miles
36
1
9
5
Number of Employees 2005-2006
Certified (FTE)
Non-Certified (FTE)
1,896
991
Pupil to staff ratio
22:1
Cost per student
Total Enrollment September, 2006:
Elementary
Middle School
High School
Average class size 2005-2006:
Elementary Schools
Middle Schools
High Schools
$11,670
24,257
11,231
5,456
7,570
20.6
22.0
27.2
City of Springfield population: Based on 2000 census
City of Springfield population: Based on 1990 census
Change
151,580
140,494
11,086
City of Springfield Per Capita Income for 2000
City of Springfield Per Capita Income for 1990
Change
17,711
11,878
5,833
City of Springfield Unemployment % as of July 2006
City of Springfield Unemployment % as of 1990
Change
5.30%
6.50%
-1.20%
Source: Census Bureau; U.S. Department of Labor; Annual Report
84