BOROUGH OF ROSELLE SCHOOL DISTRICT - New Jersey · The Roselle Borough School District is an...

BOROUGH OF ROSELLE

SCHOOL DISTRICT

Borough of Roselle Board of Education

County of Union New Jersey

Comprehensive Annual Financial Report For the Year Ended

June 30, 2013

Borough of Roselle School District

Borough of Roselle Union County, New Jersey

Comprehensive Annual Financial Report For the Year Ended June 30, 2013

Prepared by Business Office

Table of Contents (continued)

INTRODUCTORY SECTION

Letter of Transmittal Organizational Chart Roster of Officials Independent Auditors and Advisors Certificate of Excellence

FINANCIAL SECTION

Independent Auditors' Report

Required Supplementary Information - Part I Management's Discussion and Analysis

Basic Financial Statements Government-wide Financial Statements:

A-I Statement of Net Position A-2 Statement of Activities

Fund Financial Statements:

Governmental Funds:

Page

1 10 11 12 13

14

17

26 27

B-1 Balance Sheet 28 B-2 Statement of Revenues, Expenditures, and Changes in Fund Balances 29 B-3 Reconciliation of the Statement of Revenues, Expenditures and Changes

in Fund Balances of Governmental Funds to the Statement of Activities 30

Proprietary Funds: B-4 Statement of Fund Net Position 31 B-5 Statement of Revenues, Expenses and Changes in Fund Net Position 32 B-6 Statement of Cash Flows 33

Fiduciary Funds: B-7 Statement of Fiduciary Net Position 34 B-8 Statement of Changes in Fiduciary Net Position 35

Notes to the Basic Financial Statements 36


FINANCIAL SECTION (continued)

Required Supplementary Information - Part II Budgetary Comparison Schedules:

Page

C-l Budgetary Comparison Schedule - General Fund (Budgetary-Basis) 61 C-l a Combining Schedule of Revenues, Expenditures, and Changes in

Fund Balance - Budget and Actual- Not Applicable N/A C-l b Education Jobs Fund Program - Budget and Actual 68 C-2 Budgetary Comparison Schedule - Special Revenue Fund

(Budgetary-Basis) 69 Note to Required Supplementary Information

C-3 Budget to GAAP Reconciliation 70

Supplementary Information Special Revenue Fund:

E-l Combining Schedule of Program Revenues and Expenditures -Budgetary Basis 71

E-2 Schedule of Preschool Education Program Aid Expenditures-Budgetary Basis 74

Capital Projects Fund: F-l Summary Schedule of Project Revenues, Expenditures and Changes

in Fund Balance-Budgetary Basis 75 F-la- Schedule of Project Revenues, Expenditures, Project Balance and F-laa Project Status - Budgetary Basis ' 76 F-2 Summary Schedule of Project Expenditures 103

Enterprise Funds: G-l Combining Statement of Fund Net Position - Not Applicable N/A G-2 Combining Statement of Revenues, Expenses, and

Changes in Fund Net Position - Not Applicable N/A G-3 Combining Statement of Cash Flows- Not Applicable NI A

Fiduciary Funds: H-l Combining Statement of Fiduciary Net Position 104 H-2 Combining Statement of Changes in Fiduciary Net Position 105 H-3 Schedule of Cash Receipts and Cash Disbursements - Student Activity

Agency Fund 106 H-4 Schedule of Cash Receipts and Cash Disbursements - Payroll Agency

Fund 107

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FINANCIAL SECTION (continued)

Long-Term Debt: I-I Schedule of Serial Bonds Payable - Not Applicable 1-2 Schedule of Obligations Under Capital Leases 1-3 Schedule of Revenues, Expenditures and Changes in Fund

Balance - Budget and Actual- Debt Service Fund - Not Applicable

STATISTICAL SECTION (Unaudited)

Financial Trends:

Page

N/A 108

N/A

J-l Net Position by Component 109 J-2 Changes in Net Position 110 J-3 Fund Balances-Governmental Funds 112 J -4 Changes in Fund Balances, Governmental Funds 113 J-5 General Fund Other Local Revenue by Source 114

Revenue Capacity: J-6 Assessed Value and Actual Value of Taxable Property 115 J-7 Direct and Overlapping Property Tax Rates 116 J-8 Principal Property Taxpayers (Current Year and One Year Ago) 117 J-9 Property Tax Levies and Collections 118

Debt Capacity: J-10 Ratios of Outstanding Debt by Type 119 J-11 Ratios of Net General Bonded Debt Outstanding 120 J-12 Direct and Overlapping Governmental Activities Debt 121 J-13 Legal Debt Margin Information 122

Demographic and Economic Information: J-14 Demographic and Economic Statistics 123 J-15 Principal Employers (Current Year and Nine Years Ago) 124 J-16 Full-time Equivalent District Employees by FunctionlProgram 125

Operating Information: J-17 Operating Statistics 126 J-18 School Building Information 127 J-19 Schedule of Required Maintenance for School Facilities 128 J-20 Insurance Schedule 129

111


SINGLE AUDIT SECTION

K-1 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government

Page

A uditing Standards 131 K-2 Report on Compliance For Each Major Federal and State

Program and Report on Internal Control Over Compliance 133 K-3 Schedule A - Schedule of Expenditures of Federal Awards-

Supplementary Information 136 K-4 Schedule B - Schedule of Expenditures of State Financial

Assistance - Supplementary Information 137 K-5 Notes to Schedules of Expenditures of Federal Awards and State

Financial Assistance 138 K-6 Schedule of Findings and Questioned Costs 141 K-7 Summary Schedule of Prior Year Audit Findings 145

IV

Introductory Section

Dr. Kevin R. West Superintendent of Schools K [email protected] (908) 298-2040 x204l Superintendent's Office Fax (908) 298-3353 Personnel Office Fax (908) 620-1189

Ms. Donna Obe Board President [email protected]

December 5, 2013

Honorable President and

Roselle Public Schools 710 Locust Street

Roselle, New Jersey 07203

Members of the Board of Education Roselle Borough Union County Roselle, New Jersey 07203

Dear Board Members:

Dr. Dana E. Walker Assistant Superintendent for Curriculum and Instruction [email protected] (908) 298-2040 x 1502 Fax (908) 298-6928

David Block Business Administrator/Board Secretary [email protected] (908) 298-2040 x2036 Fax (908) 298-8794

The Comprehensive Annual Financial Report of the Roselle Borough School District (the "District") as of and for the year ended June 30, 2013 is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Roselle Board of Education (Board). To the best of our knowledge and belief, the data presented in this report is accurate in all material respects and is reported in a manner designed to present fairly the financial position of the governmental activities, business-type activities, each major fund and the aggregate remaining fund information at June 30, 2013 and the respective changes in financial position, and where applicable, cash flows for the year then ended. All disclosures necessary to enable the reader to gain an understanding of the District'sfinancial activities have been included.

The Comprehensive Annual Financial Report is presented in four sections: Introductory, Financial, Statistical, and Single Audit. The Introductory Section includes this transmittal letter (designed to complement Management's Discussion and Analysis and should be read in conjunction with it), the District's organizational chart, a list of principal officials and independent auditors and advisors. The Financial Section includes the basic financial statements and schedules and related footnotes, as well as the auditors' report thereon. The Statistical Section includes selected financial and demographic information, generally presented on a multiyear basis and is unaudited. The District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act Amendments of 1996 and the U.S. Office of Management and Budget Circular A-133, "Audits of States, Local Governments and NonProfit Organizations" and the New Jersey OMB Circular 04-04 "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid Payments." Information related to this single audit, including the auditors' report on the internal control over compliance and on compliance with applicable laws and regulations and findings and recommendations, are included in the Single Audit Section of this report.

Equal Opportunity Employer Visions of Excellence!

REPORTING ENTITY AND ITS SERVICES

The Roselle Borough School District is an independent reporting entity within the criteria adopted by the GASB. All funds and account groups of the District are included in this report. The Roselle Borough Board of Education and all its schools constitute the District's reporting entity.

The District provides a full range of educational services appropriate to grade level K through 12. These include regular as well as special education for handicapped youngsters beginning with Pre-K. The District completed the 2012-2013 year with an enrollment of 2,679 students, which is 63 less students below the previous year's enrollment.

The following details the changes in the student enrollment of the District over the last ten years:

Fiscal Year 2012/2013 201112012 2010/2011 2009/2010 2008/2009 2007/2008 2006/2007 2005/2006 2004/2005 2003/2004

L4ctual~tudentl?nroll~ent

2,679 2,742 2,874 2,873 3,005 2,849 2,847 2,843 2,879 2,913

ECONOMIC CONDITION AND OUTLOOK

Percent Change (2.29)% (4.59)% 0.03 (4.39) 5.48 0.07 0.14 (1.25) (1.17) 4.67

The Roselle Borough Board of Education is within the political jurisdiction of Union County, New Jersey. A comparison of unemployment rates between June 2012 and the end of the school fiscal year shows that conditions in the Union County area has improved and the unemployment rate was reduced to 8.5% in June 2013. The Union County area registered a higher unemployment rate than the rate for the country, as well as the northeast.

UNEMPLOYMENT RATES (Percentages) June 2012

United States North East New Jersey NewarklUnion Counties

8.2% 8.1% 9.6% 9.9%

(Source: u.s. Dept. of Labor I Seasonally Adjusted Rates)

June 2013

7.6% 7.6% 8.7% 8.5%

Current available information on foreclosure filings for October 2013 continues to show a high rate of foreclosure filings for Roselle, New Jersey in comparison to the nation, the state and the county (foreclosure rates are characterized as high, medium, and low):

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RECEIVED FORECLOSURE FILINGS FOR OCTOBER 2013 (HOUSING UNITS) . United States 1 in every 978 (high)

New Jersey 1 in every 929 (medium) Union County 1 in every 820 (medium) Roselle, N.J. 1 in every 267 (high)

(Source: www.realtytrac.com)

Historical foreclosure rates for home loans available by the u.s. Census Bureau support this statistical trend. There has been a steady increase of the foreclosure rate for home loans in the country since 2007. Since 2007 the foreclosure rate has increased by 2.59% compounding the existing economic problem with high unemployment rates.

TOTAL LOANS IN FORECLOSURE PROCESS (Percentages) 2007 2008 2009 2010

Unites States 2.01% 3.3% 4.3% 4.6%

(Source: u.s. Census Bureau 2012 Statistical Abstracts)

The Union County area has also experienced a troubling foreclosure rate since 2007. From 2007 to 2008 there was an increase of 47% in home loans in the foreclosure process. The surge continued to increase to an additional 26% in 2009. While there was a decline in the number of home loan foreclosures in 2010, the overall home loan foreclosures are considered high and the economic situation in Union County is still concerning.

TOTAL LOANS IN FORECLOSURE PROCESS (Actual) 2007 2008 2009 2010

Union County 2,746 4,033 5,097 3,838

(Source: u.s. Census Bureau 2012 Statistical Abstracts)

The high rate of unemployment and the increasing number of home loans in foreclosure status would indicate that the rate of poverty in a given area will increase. It is not surprising to note that the percentage of students receiving free and reduced lunch has increased 5.99% in comparison to the 2009-2010 school years in the Roselle school district:

PERCENTAGE OF STUDENT POPULATION RECEIVING FREE & REDUCED LUNCH 2009-2010 2010-2011 2011-2012 2012-2013

70.90% 71.66% 72.99% 76.89%

(Source: GENESIS Student Data Base System)

Given the concerns for the economic trends in Roselle and the local tax payers, the school district held the line in requesting a tax levy increase for education for school year 2012-2013. School year 2012-2013 marked the 4th consecutive year that a 0% tax increase was incorporated in the development of the school budget and approved by the Board of Education.

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INITIATIVES

A number of significant district wide initiatives were implemented this school year in the areas of instructional and curriculum, parental involvement, school safety, food service operations and planning for capital infrastructure improvements.

In October of 2011, the School Board voted unanimously to approve the appointment of Dr. Kevin West as the Superintendent of Schools for the Roselle School District after two years of an interim Superintendent to provide long term professional and administrative stability.

Since the appointment of Dr. West, a school wide grade re-configuration was implemented that allowed the 8th graders to return to Grace Wilday Junior High School after 20 years of being housed at Abraham Clark High School due to a lack of space at the middle and elementary schools. Space was made district-wide to accommodate the eighth graders through the acquisition of a newly-leased "Kindergarten Academy" wing at St. Joseph's Roman Catholic Church. It was then agreed that Washington, Harrison, and Polk elementary schools would house grades one through four, L.V. Moore Middle School would serve grades five and six, and Grace Wilday Junior High School would be home to students in grades seven and eight.

Additionally, the School district implemented a "Parent University" to provide parents with information sessions on best instructional practices, common core requirements for student achievement, gang awareness, college and post secondary opportunities and financial aid, techniques for homework assistance and other topics. In addition, a selection of a "Parent of the Month" from each school was recognized and awarded at the monthly board meetings.

School Safety continues to be a major focus for the school district. Violent and property crime rates have had unexpected spikes during the last couple of years (see tables below):

Violent Crime Rates (increases / decreases) 2009-2010

United States New Jersey Roselle, N.J.

-6.5% -1.2% +9.6%

2010-2011 -4.5% +0.3% -24.0%

(Source: Federal Bureau of Investigation: Unifonn Crime Statistics)

Property Crime Rates (increases / decreases) 2009-2010 2010-2011

United States New Jersey Roselle, N.J.

-3.3% +0.3% -10.2%

(Source: Federal Bureau of Investigation: Unifonn Crime Statistics)

-4.5% +3.4%

+16.3%

2011-2012 +0.7% -5.7%

+4.3%

2011-2012 -0.9% -4.7% -12.2%

The School District partnered with the Roselle Borough and was awarded a Secure Our Schools (SOS) Federal Grant for school safety. The Roselle Board of Education committed $47,000 in matching funds towards a $190,100 project to continue improving school safety. The project entails the installation of additional interior and exterior video security systems along the school street passageways at Abraham Clark High School, Grace Wilday Junior High School, and L.V.

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Moore Middle School. It is anticipated that strategically placed interior and exterior cameras will be accessible through this new CCTV system from the Roselle Police Headquarters and laptop computers in police vehicles for real time video of any incident requiring police intervention. Other new initiatives included updating the school safety plan, purchase of "Go First Aid Kit" for classrooms, upgraded exterior door buzzard systems, exterior door card reader systems for staff and board approval of the Nationally-recognized "We Tip" program. After several years of planning and coordination between Roselle Borough and the Roselle Public Schools, this project has been successfully completed.

During the 2012-2013 fiscal year, the Seamless Summer Food Service Option Program entered its second sUII1mer (July and August). A total of 6,742 breakfast and 10,589 lunch meals were served to students in the district at no cost, regardless of their eligibility status during the school year. Sponsored by the federal government, the school district continued the "After School Snack Program" and provided snacks to 559 of the district's students at no cost during supervised activities that occur after the end of their regular school day.

Planning and decision-making for additional Allocation #2 and #3 Department of Education Regular Operating District Grants for infrastructure improvements took place. Four major projects were advertised by the district architect for specifications and procurement and the board approved contractors for all four projects. The four projects involved the installation of new windows, as well as exterior doors at Grace Wilday Junior High School, L.V. Moore Middle School, Harrison Elementary, and Washington Elementary Schools.

SERVICE EFFORTS AND ACCOMPLISHMENTS

The Special Services Department continued to develop in district capacity and expertise to provide much needed services as oppose to maintaining the past practices of placing a large number of students out of district. The school district hired a significant number of additional instructional and service staff during the 2010-2011 school years for this purpose. The end result is that the district has reversed the trend (46% decreases since 09-10) of sending the majority of needy students out of district since students can now be serviced in district and closer to home.

SPECIAL SERVICES OUT OF DISTRICT STUDENT PLACEMENT 2009-2010 2010-2011 2011-2012 2012-2013

W 60 55 ~

(Source: GENESIS Student Data Base System)

During the 2011-2012 school year an effort to gage parental satisfaction of services provided by the Special Services Department a survey was conducted during the school year. Ninety-Seven (97%) percent of the parents/guardians who responded reported their child's academic and emotional needs are being met, while ninety-four (94%) said their child is making progress. Further surveys will be conducting in coming years to continue to ensure parental satisfaction in regards to the district's special services.

The school district does not have an in-district transportation operation. All transportation is contracted through the Union County Educational Services Commission. After a thorough

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review of the district's implementation of board policies and state statutes on the assignment of transportation, student transportation is now assigned according to guidelines and the school district realized a 53% reduction in the number of students requiring transportation services in comparison to the 2009-2010 school year.

DISTRICT REPORT OF TRANSPORTED RESIDENT STUDENTS (DRTRS) 2009-2010 2010-2011 2011-2012 2012-2013

TOTAL 490 297 265 232

(Source: N.J. Dept. Education: District Report of Transportation Resident Students / District Transmittal Form)

MAJOR OPERATIONAL OR FINANCIAL CONCERNS

The increase of cost of health benefits for district staff (Medical, Prescription) continues to be a major concern for the district. The contracted carrier was initially seeking a 35% increase in rates for fiscal year 2010-2011, asked for a rate increase of 29% to 45% for 2011-2012, and asked between a 15% to 20% increase for 2012-2013. The school district had to change carriers during three of the last four fiscal years in order to keep rates at acceptable levels. However, the school district absorbed a 12.5% increase for fiscal year 2011-2012 and absorbed an increase of 14.6% for 2012-2013. For the 2013-2014 fiscal year, the district had to once again change carriers, which resulted in a composite rate increase of 10.02%. With the implementation of the Affordable Health Care Act, the district will be focused on finding ways to successfully balance implementation and keeping healthcare costs at the reasonable level. There will continue to be pressure to carefully review revenues and expenditures to provide the same level of instructional services for fiscal year 2014-2015.

In addition, the school district applied for competitive infrastructure improvement grants and was approved by the New Jersey Department of Education for a total of thirty (30) Allocation #3 ROD DOE grants with a value of $15,865,663 and a matching contribution of $9,719,543 from the N.J. SDA. The school district was required to identify $6,146,120 in order to execute agreement contracts for all 30 grants.

Beginning with Allocation #3, the regulations provide up to 18 months from the date of the FEC letter to obtain the local funding share (N.J.A.C. 6A:26-18.5(d). The district received the FEC letters for these specific projects September of 2010 making the 1st of March 2012 as the deadline for identifying the local share.

At the end of the 2010-2011 fiscal years $2,082,112.00 of fund balance (2010-2011 annual audit) was identified for the required school district match. This left the school district with a need to identify another $4,064,008 for an additiona117 of the 30 ROD DOE grant projects.

On February 21, 2012 the board passed a resolution designating a total of $935,226 unassigned fund balance towards an additional 5 of the remaining 17 ROD DOE grant projects leaving 12 of the ROD DOE grants without a local match of $3,128,782.

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On February 28, 2012 the school district requested an extension (pass the March 2012 statutory deadline) on the remaining 12 ROD DOE grants (for a total local share of $3,157,327). The correspondence to the Department of Education did identify another $1,000,000 to be allocated to these grant projects as part of the 2012-2013 budget approval process.

In July of 2013, it was indicated in a meeting with the School Development Authority that the aforementioned grants had not expired, and we still executable. This will result in a strong push from the business office to execute the remaining projects from Allocation #3 during the 2013-2014 fiscal cycle. 1bis is extremely challenging for the district given the economic times. Strategic discussions continue with the Board on strategies to address all the district's infrastructure funding needs. While the district has faced obstacles in obtaining payments by the state for matching funds, the district will continue to take all steps necessary to take advantage of the Regular Operating District Grants as they are presented.

INTERNAL ACCOUNTING CONTROLS

Management of the District is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the District are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept 'of reasonable assurance recognizes that: (1) The cost of a control should not exceed the benefits likely to be derived: and (2) The valuation costs and benefits require estimates and judgments by management.

As a recipient of federal and state financial assistance, the District also is responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. 1bis internal control structure is also subject to periodic evaluation by the District management.

As part of the District's single audit described earlier, tests are made to determine the adequacy of the internal control structure, including that portion related to federal and state financial assistance programs, as well as to determine that the District has complied with applicable laws and regulations.

BUDGETARY CONTROLS

In addition to internal accounting controls, the District maintains budgetary controls. The object of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the voters of the municipality. Annual appropriated budgets are adopted for the general fund, the special revenue fund.

An encumbrance accounting system is used to record outstanding purchase commitments on a line-item basis. Open encumbrances at year-end are either canceled or are included as reappropriations of fund balance in the subsequent year. Those amounts to be re-appropriated are reported as reservations offund balance at June 30, 2013. .

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ACCOUNTING SYSTEM AND REPORTS

The District's accounting records reflect generally accepted accounting principles, as promulgated by the Governmental Accounting Standards Board (GASB). The accounting system of the District is organized on the basis of funds and account groups. These funds and account groups are explained in ''Notes to the Financial Statements", Note 1.

FINANCIAL REPORTING

The International Association of School Business Officials (ASBO) awarded a Certificate of Excellence in Financial Reporting to the District for its comprehensive annual financial report for the fiscal year ended June 30, 2012. This was the second year that the District has applied and received this prestigious award. In order to be awarded this certificate, the District published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both accounting principles generally accepted in the United States and applicable legal requirements.

The Certificate is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Programs' requirements and we are submitting it to ASBO to determine its eligibility for the fiscal year 2012-2013 certificate.

CASH MANAGEMENT

The investment policy of the District is guided in large part by state statute as detailed in ''Notes to the Financial Statements", Note 2. The District has adopted a cash management plan which requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA was enacted in 1970 to protect Governmental Units from a loss of funds on deposit with a failed banking institution in New Jersey. The law requires governmental units to deposit public funds only in public depositories located in New Jersey, where the funds are secured in accordance with the Act.

RISK MANAGEMENT

The Board carries various forms of insurance, including but not limited to general liability, automobile liability, and comprehensive/collision, hazard and theft insurance on property and contents and fidelity bonds.

OTHER INFORMATION:

The state statutes require an annual audit by independent certified public accountants or registered municipal accountants. The accounting firm of Wiss & Company LLP was selected by the Board. In addition to meeting the requirements set forth in state statutes, the audit also was designed to meet the requirements of the Single Audit Act Amendments of 1996 and the related OMB Circular A-133 and State Treasury Circular Letter 04-04 OMB. The auditor's report on the general purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report. The auditor's reports related

8

specifically to the single audit are included in the single audit are included in the Single Audit Section of this report.

ACKNOWLEDGEMENTS

We would like to express our appreciation to the members of the Roselle Borough School Board for their concern in providing fiscal accountability to the citizens and taxpayers of the school district and thereby contributing their full support to the development and maintenance of our financial operation. The preparation of this report could not have been accomplished without the efficient and dedicated services of our financial and accounting staff.

Respectfully submitted,

Dr.~ David P. Block Superintendent of Schools Business AdministratorlBoard Secretary

9

ROSELLE PUBUC SCHOOLS ROSELLE, NEW JERSEY

,

DISTRICT ORGANlZAilONAL CHART 2012(2013 SCHOOL YEAR

BOARD OJt EDUCATION

SUPERINTENDENT" OF

SCHOOLS

AssIslanl Supurlnlandenl For

Cunfc:ulum " Inslnlcllon K-1Z

VicaPrindpals

Health OI.'Cl/lllllilll Tctu1CGardlna1Dr

Ptlncipal Canhl 0Ilice

FacIIiIv Manager

Residenqr Jnvas\IgaIIIr

Borough of Roselle School District Union County, New Jersey

Roster of Officials

June 30, 2013

Members of the Board of Education

Donna Obe, President Archange Antoine, Vice-President Reginald Atkins Erick Cedano Anthony Esposito Celeste Sitarski Cindy Thomas Richard Villeda Carla Walker

Other Officials

Dr. Kevin R. West, Superintendent of Schools Dr. Dana E. Walker, Assistant Superintendent for Curriculum and Instruction Luiggi Campana, School Business Administrator / Board Secretary (Through April 19, 2013) David Block, School Business Administrator / Board Secretary (Effective July 1, 2013 through present) Richard J. Biddulph, Treasurer of School Monies

Term Expires

2014 2014 2013 2015 2015 2013 2015 2013 2013

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Borough of Roselle School District Union County, New Jersey

Independent Auditors and Advisors

Independent Auditors Wiss and Company, LLP Iselin, New Jersey 08830

Attorneys Adams, Stem, Gutierrez & Lattiboudere, LLC

Newark, New Jersey 07102

Official Depositories TDBank

Roselle Savings Bank

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Association of School Business Officials International

tfIie Certificate of~ellmce in PinanciaC ~orti1llJ j(ward' is presentea to

Roselle Borough Board of Education Por Its Compreliensive j(nnuaC PinanciaC 'R.Iport (~~

Portlie PiscaCrtearP.ntfetfJune 30,2012

The CAFR has been reviewed and met or exceeded

ASBO International's Certificate of Excellence standards

Ron McCulley, CPPB, RSBO President

John D. Musso, CAE, RSBA Executive Director

This page left blank intentionally

"

Financial Section

T~T WISS ACC OUNTANTS C ONSUL TANTS

Honorable President and


Members of the Board of Education Borough of Roselle School District Roselle, New Jersey County of Union

Report on the Financial Statements

We have audited the accompanying fmancial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Borough of Roselle School District, County of Union, New Jersey (the "District"), as of and for the year ended June 30, 2013, and the related notes to the fInancial statements, which collectively comprise the District's basic fmancial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these fInancial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of fInancial statements that are free from material misstatement, whether due to fraud or error.

Auditors'Responsibility

Our responsibility is to express opinions on these fmancial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America; audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey; and the standards applicable to fInancial audits contained in Government Auditing Standards, issued by the Comptroller Gerieral of the United States. Those standards and requirements require that we plan and perform the audit to obtain reasonable assurance about whether the fInancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fInancial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the fmancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District's preparation and fair presentation of the

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WISS & COMPAN Y, LLP • 485C Route 1 South , Suite 250, Iselin, NJ 08830 • Phone: 732.283.9300 • Fax: 732.283.3436

ISELIN • LIVINGSTON • FLEMIN G TON • NEW YOR K www.wiss.com

financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position of the· governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the District as of June 30,2013, and the respective changes in fmancial position, and, where applicable, cash flows, thereof for the. year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that management's discussion and analysis and budgetary comparison information as presented in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary and Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District's basic financial statements. The accompanying supplementary information, which consists of the combining and individual fund financial statements, long-term debt schedules and schedules of expenditures of federal awards and state financial assistance, as required by the U.S. Office of Management and

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Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB's Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, respectively, and the other information such as the introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic fmancial statements.

The supplementary information identified previously is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The other information identified above has not been subjected to the aUditing procedures applied in the audit of the basic fmancial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 5, 2013 on our consideration of the District's internal control over fmanciaI reporting and on our tests of its compliance with certain provisions 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 in considering the District's internal control over financial reporting compliance.

December 5, 2013 Iselin, New Jersey

David J. Gannon Licensed Public School Accountant

No. 2305

uI~ ef' ~4(JJ WISS & COMPANY, LLP

16


Required Supplementary Information Part I

Management's Discussion and Analysis

Borough of Roselle School District Management's Discussion and Analysis

Year ended June 30, 2013 (Unaudited)

As management of the Borough of Roselle School District, we offer readers of the District's fmancial statements this narrative discussion, overview, and analysis of the financial activities of the District for the fiscal year ended June 30, 2013. We encourage readers to consider the information presented, in conjunction with additional information that we have furnished in our letter of transmittal.

Management's Discussion and Analysis (MD&A) is Required Supplementary Information specified in the Governmental Accounting Standard Board's (GASB) Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. Certain comparative information between the current fiscal year (2012-2013) and the prior fiscal year (2011-2012) is presented in the MD&A.

Overview of the Financial Statements

This discussion and analysis is intended to serve as an introduction to the District's basic fmancial statements. The District's basic financial statements comprise three components: 1) government-wide financial statements, 2) fund fmancial statements, and 3) notes to the basic financial statements. This document also contains required and other supplementary information in addition to the basic financial statements themselves.

Government-wide :fmancial statements. The government-wide fmancial statements are designed to provide readers with a broad overview of the District's finances, in a manner similar to a private-sector business.

The statement of net position presents information on all of the assets, deferred inflows, liabilities, and deferred outflows of the District, with the difference between them reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the net position of the District changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., earned but unused vacation leave).

The government-wide fmancial statements can be found on pages 26-27 of this report.

Fund :fmancial statements. A fund is a group of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with fmance-related legal requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.

Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide fmancial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well·as on balances of spendable resources available at the end of the fiscal year. Such

17

information may be useful in evaluating the government's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balance for the general fund, special revenue fund and capital projects fund, all of which are considered to be major funds.

The District adopts an annual appropriated budget for its general fund and special revenue fund. Budgetary comparison statements have been provided as required supplementary information for the general fund and special revenue fund to demonstrate compliance with this budget.

The basic governmental fund fmancial statements can be found on pages 28-30 of this report.

Proprietary funds. The District maintains one proprietary fund type, which consists of two separate enterprise funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The District uses enterprise funds to account for the operations of its food service program and community school, both of which are considered to be major funds of the District. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail.

The basic proprietary fund financial statements can be found on pages 31-33 of this report.

Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the governmental entity. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the District's own programs.

The District uses agency funds to account for resources held for student activities and groups, and payroll related liabilities. The District also uses a trust fund to accotmt for a private purpose scholarship fund. The basic fiduciary fund fmancial statements can be found on pages 34-35 of this report.

Notes to the basic financial statements. The notes provide additional information that is essential for a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages 36-60 of this report.

Other information. The combining statements referred to earlier in connection with governmental funds and enterprise funds are presented immediately following the notes to the basic fmancial statements. Combining and individual fund statements and schedules can be found on pages 61-108 of this report.

18

Financial Highlights

Government-wide Financial Analysis

As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the District, assets exceeded liabilities by $24,491,233 at the close of 2013 and the District's overall fmancial position has improved from the prior year. The following table provides a summary of net position relating to the District's governmental and business-type activities at June 30,2013 and 2012:

Current and other assets Capital assets, net

Total assets

Current liabilities Long-term liabilities outstanding

Total liabilities

Net Position: Net investment in capital assets Restricted Unrestricted

Total net position

Borough of Roselle School District Borough of Roselle, New Jersey

Net Position

June 30, 2013 Governmental Business-type Governmental

Activities Activities Total Activities

$ 13,752,863 $ 189,692 $ 13,942,555 $ 11,579,813 13,973,394 136,512 14,109,906 10,403,148 27,726;257 326,204 28,052,461 21,982,961

2,275,037 116,942 2,391,979 1,480,543 1,169,249 1,169,249 1,155,162 3,444,286 116,942 3,561,228 2,635,705

13,973,394 136,512 14,109,906 10,355,551 9,134,105 9,134,105 8,378,938 1,174,472 72,750 1,247;222 612,767

$ 24,281,971 $209,262 $ 24,491,233 $ 19,347,256

June 30, 2012 Business-type

Activities Total

$ 152,830 $ 11,732,643 154,848 10,557,996 307,678 22,290,639

7,517 1,488,060 1,155,162

7,517 2,643,222

154,848 10,510,399 8,378,938

145,313 758,080 $ 300,161 $ 19,647,417

The largest portion of the District's net position is its net investment in capital assets (e.g., construction-in progress, site improvements, buildings and improvements, and machinery and equipment), net of depreciation and less any related debt used to acquire those assets that is still outstanding. The District uses these capital assets to provide services to students; consequently, these assets are not available for future spending.

An additional portion of the District's net position represents resources that are subject to external restrictions on how they may be used, including a capital reserve balance of $2,435,570, current and prior year excess surplus balances of $2,920,722 and $ 1,768,318, respectively and amounts restricted for capital projects of$2,009,495. The remaining balance of unrestricted net position reflects long-term obligations, such as compensated absences, that are not offset by any assets.

The total net position of the District increased $4,843,816 during the current fiscal year. The net increase is attributable mainly to the combination of the regeneration of surplus during 2012113 in the District's general fund of $2,589,888 resulting from additional general state aid awarded the District during the year, and the recognition of $4,104,494 of capital asset additions. These increases were offset by decreases in total net position resulting from the current year depreciation expense of $534,248 and a reduction to capital projects fund balance in the amount of $1,307,673 that resulted from significant expenditures during the completion phase of various projects.

Current liabilities increased by $903,919 as a result of an increase in accounts payable. The increase is the result of the timing of when the last bill list was run at the end of the fiscal year as well as the timing of vendors submitting bills for final payment.

19

District activities. The key elements of the District's changes in net position for the years ended June 30, 2013 and 2012 are as follows:

Borough of Roselle School District Borough of Roselle, New Jersey

Changes in Net Position Year Ended

June 30, 2013 June 30, 2012

Governmental Business-type Governmental Business-type Activities Activities Total Activities Activities Total

Revenues: Program revenues:

Charges for services $ 297,228 $297,228 $ 281,863 $ 281,863 Operating grants and contributions $ 3,308,488 1,339,656 4,684,184 $ 4,630,524 1,203,474 5,833,998

Capital grants and contributions 2,066,175 2,066,175 1,632,412 1,632,412

General revenues: Property taxes 23,438,800 23,438,800 23,438,800 23,438,800 Federal and state aid not restricted to specific purposes 28,077,473 28,077,473 26,876,842 26,876,842

Earnings on investments 6,134 6,134 15,417 15,418 Miscellaneous 708,324 708,324 419,887 419,887

Total revenues 57,605,394 1,636,884 59,242,278 57,013,882 1,485,338 58,499,220

Expenses: Instructional services 30,705,658 30,705,658 28,742,491 28,742,491 Support services 21,715,889 21,715,889 22,175,755 22,175,755 Special Schools 6,464 6,464 8,492 8,492 Charter Schools 242,668 242,668 92,875 92,875 Business-Type Activities 1,727,783 1,727,783 1,590,295 1,590,295

Total expenses 52,670,679 1,727,783 54,398,462 51,019,613 1,590,295 52,609,908

Change in net position 4,934,715 (90,899) 4,843,816 5,994,269 (104,957) 5,889,312

Net position - beginning 19,347,256 300,161 19,647,417 13,352,987 405,118 13,758,105 Net position - ending $ 24,281,971 $ 209,262 $ 24,491,233 $ 19,347,256 $300,161 $19,647,417

Governmental Activities

• Operating grants and contributions decreased $1,322,036 mainly as a result of the expending and recognition of $813,997 in revenue in the prior year pertaining to Education Jobs Fund Program aid that except for a marginal amount awarded in fiscal year 2013, pertained to the grant period ended June 30, 2012. The decrease was further enhanced by a decrease of $661,856 in the School Improvement Grant (SIG) resulting from the program reaching its :final year, which required less activity than the prior years based on the Districts SIG spending plan.

• Capital grants and contributions increased by $433,763 as a result of the District realizing the State share of revenues for amounts expended that are partially funded by State of New Jersey Schools Development Authority executed grant agreements for capital projects.

• Federal and state aid not restricted to a specific purpose increased approximately $1,200,631 as a result of the District receiving an increase in general state aid from the State of New Jersey over the amounts received in

20

the prior year. Furthermore, there was an increase in the on-behalf pension payments paid by the State of New Jersey on-behalf of the District.

• Expenditures remained relatively consistent from the prior years.

Business-Type Activities

• Revenues increased by $151,546 and were directly correlated to increased "federal reimbursement rates on meals claimed and an increase in the number of claims filed during fiscal year ended June 30, 2013.

• Total expenses increased by $137,488 as a result of the increase in costs of sales relating to the increase in the number of meals served during fiscal year ended June 30, 2013.

Financial Analysis of the District's Funds

As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Governmental funds. The focus of the District's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District's financing requirements. The District's fund balance amounts are classified as restricted, committed, assigned or unassigned.

As demonstrated by the various statements and schedules included in the financial section of this report, the District continues to meet its responsibility for sound financial management. The following schedule presents a summary of the General Fund and Special Revenue Fund revenues for the fiscal year ended June 30, 2013, and the increases (decreases) in relation to the prior year.

Increase Percent of Percent (Decrease) Increase

Revenue Amount of Total from 2012 (Decrease}

Local sources $ 24,160,748 43.5% $ 255,865 1.1% State sources 28,867,814 52.0 2,090,109 7.8 Federal sources 2,510,657 4.5 (2,188,225} (46.6) Total $ 55,539,219 100.0% $ 157,749 0.3%

The increase in state sources is mainly attributable to an increase in general state aid awarded to the District during the current year as compared to the prior year and an increase in the on-behalf pension payments paid by the State of New Jersey on-behalf of the District.

The decrease in federal sources is mainly attributable to the $1,475,853 variance that resulted from the Education Jobs Fund Program aid and School Improvement Grant (SIG) described earlier. The decrease was further enhanced by remaining ARRA expenditures that occurred during fiscal year ended June 30, 2012, and were fully depleted prior to the fiscal year ended June 30, 2013.

The following schedule presents a summary of General Fund and Special Revenue Fund expenditures for the fiscal year ended June 30, 2013 and the increases and decreases related to the prior year:

21

Increase Percent of Percent (Decrease) Increase

Expenditures Amount of Total from 2012 (Decrease)

Current expenditures: Instruction $ 21,743,958 41.1% $ 344,846 1.6% Undistributed expenditures 30,957,259 58.4 523,306 1.7 Charter School 242,668 0.5 149,793 161.3 Special Schools 62373 0.0 (22027) (24.1) Total $5229502258 100.0% 120152918 2.0%

The increase in undistributed expenditures is mainly attributable to the increase in on-behalf pension payments that were recognized on a state-wide level in order for the State of New Jersey to increase the funding to ensure adequate funds are on hand.

General Fund

The fund balance increased by approximately $2,590,000 during the 2013 fiscal year largely as a result of an increase in unrestricted state aid. During fiscal year 2013, $1,000,000 was appropriated to transfer funds to the capital projects fund, but the District elected not to transfer any of those funds, which attributed to a higher ending fund balance than in prior years for the general fund.

Of the $9,523,363 of fund balances in the General Fund, $2,066,972 of encumbrances is included with the unassigned deficit of $1,040,086 and reported together as assigned for other purposes in the amount of $1,026,886, $2,435,570 has been classified as restricted for capital reserve, $2,920,722 has been restricted for current year excess surplus, $1,768,318 has been restricted for prior year excess surplus that has been designated for subsequent year's expenditures, and $1,371,867 has been classified as assigned fund balance designated for subsequent years expenditures.

Special Revenue Fund

Expenditures incurred in the Special Revenue Fund decreased by approximately $1,330,905 as a direct result of a decrease in spending over IDEA, the School Improvement Grant, and other ARRA Funds that were still available in fiscal year 2012.

Capital Projects Fund

The capital projects fund is used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). The fund balance in the Capital Projects Fund of $2,009,495 is the result of the unspent proceeds from transfers from capital reserve, capital outlay and state grant funds that are being used for ongoing capital projects throughout the District. The District did not enter into any new agreements with the State of New Jersey Schools Development Authority (SDA) during the 2012-2013 fiscal year.

22

Capital Asset and Debt Administration

Capital Assets. The District has capital assets, net of accumulated depreciation, including construction in progress, school buildings, facilities, equipment and vehicles noted as follows at June 30, 2013 and 2012:

Construction in Progress

Site Improvements Buildings and buildings

Governmental Activities 2013 2012

$ 898,177 98,979

$ 556,525 67,895

Business-type Activities 2013 2012

Total 2013 2012

$ 898,177 98,979

$ 556,525 67,895

improvements 11,807,134 8,852,052 11,807,134 8,852,052 Machinery and Equipment _..:<I'r.:.:16:::.;9'r.:.:104~ __ .:..:.92:::::6z.:.,67:.=6 __ --=-$ :.::13.::z:6,5:;.:,1:..2 _.::..$.:.,:1 S:..:J4,::::.;84~8 __ --.:.lI,=-:30:::JS,:::.::61~6 __ ..:.II,~08:.:.z1,=52:..:...4 _ Total capital assets, net $ 13,973,394 $ 10,403,148 $ 136,512 $ 154,848 $ 14,109,906 $ 10,557,996

For more detailed information, please refer to Note 4 to the basic financial statements.

Debt Administration. The District's long-term liabilities are as follows for the governmental activities at June 30,2013 and 2012:

Capital leases payable Compensated absences Total long-term liabilities

Governmental Activities 2013 2012

$ 1,174,376 $ 1,174,376

$ 47,597 1,209,960

$ 1,257,557

For more detailed information, please refer to Note 5 to the basic fInancial statements.

Economic Factors and Next Year's Budget

The Borough of Roselle Board of Education is fmancially stable. The School District is proud of the community support of its public schools. The District will continue to be fmancially sound through cost efficient and effective means in all areas.

The District continues to look to the future for a better way to fund public education. In addition, the Borough of Roselle School District has committed itself to financial excellence for many years. District's system of financial planning, budgeting and internal financial controls are well respected. The District received the certificate of excellence in financial reporting from International ASBO for the second consecutive year. The School District also plans to continue its sound fiscal management to meet the challenges of the future.

The District budgeted approximately $3.1 million of its June 30, 2013 fund balance to partially fund the 2013/14 operations.

All of these factors were considered in preparing the District's budget for the 2014 fiscal year.

General Fund Budgetary Highlights

The District budget is prepared according to New Jersey Statutes. The most significant budgeted fund is the general fund. During the fiscal year, there were several differences between the original budget and the final amended budget as a result of transfers being applied to certain line items. These transfers were made between line items as part of the nonnal budget process as permitted by State guidelines. Readers should refer to Section C of the financial report for comparisons between actual and budgeted amounts.

23

Described below are variations in revenues and expenditures for those line items where the modified budgeted amounts differed from the original budgeted amounts by a material amount and percentage.

Revenues

There were no significant revenue fluctuations between the original and modified budgets.

Expenditures .

• Regular Programs - Undistributed Instruction - General Supplies A determination was made by the district to transfer $350,764 to instructional supplies to purchase various classroom materials that were not originally anticipated to be purchased in the budget.

• Undistributed Expenditures-Instruction-Tuition-Other LEAs within State -Special There was a reduction in the number of special education students originally projected to attend other LEAs, and therefore $575,541 was transferred o:ut to appropriately provide for a more advantageous use to the District.

• Capital Outlay-Undistributed Instruction $387,135 was transferred in to cover the cost of new smart boards and laptop carts purchased for all schools as well as to cover the cost of a new playground for L. V. Moore.

• Capital Outlay- Facilities Acquisition and Construction Services $423,537 was transferred in to account for the architect costs for ROD grant projects, specifically the boiler replacements at all schools and renovations to Wilday, Washington and the high school.

Described below are explanations for variations in revenues and expenditures for those lines where the modified budgeted amounts differ from the actual amounts by a material amount and percentage.

Revenues

• Actual Miscellaneous revenues exceeded budgeted amounts by approximately $693,000 as a result of Erate revenue that was not anticipated in the budget.

• Actual Extraordinary Aid revenue exceeded the budgeted amount by approximately $378,000 as a result of the District not budgeting for these funds during the annual budget process.

• Actual On-behalf TP AF pension and reimbursed social security contribution are unbudgeted revenue sources. Consequently, actual revenues as well as the related expenditures exceeded the fmal budgeted amount by the total amounts of approximately $4,127,000.

Expenditures

• Regular Programs -Home Instruction- Other Purchased Services The District increased the budgeted amount by $256,845 for this line in order to account for anticipated Technology Services, however not all services were fully committed or expended at year end. As a result, budgeted appropriations exceeded actual expenditures by $126,860.

24

• Other Support Services-Students Extra Services- Purchased Professional - Educational Services The decrease in actual expenditures from the modified budget in the amount of $128,209 was the result of encumbered contracted services monitored through special services that had not been invoiced/accrued and are therefore not considered expended by the District as of June 30, 2013.

• Support Services school Administration- Salaries of Secretarial and Clerical Assistants The decrease in actual expenditures from the modified budget in the amount of $131,341 was due to unanticipated resignations and retirements.

• Student Transportation Services- Contracted Services (special education students) - Joint Agreements The decrease in actual expenditures from the modified budget in the amount of $148,107 is the result of purchase orders that were cancelled through UCES throughout the year as well as for services that were encumbered at year end but expenses not yet incurred.

• Capital Outlay- Undistributed Instruction The district increased the budgeted amount for this line in the amount of $387,135 in order to account for anticipated equipment purchases. However not all equipment purchases were fully committed or expended at year end, which attribute to an increase in the modified budget that exceed actual expenditures in the amount of$146,130.

• Capital Outlay- Security The district increased the budgeted amount in the amount of $110,582 for this line in order to account for anticipated security equipment purchases, however none of the security equipment purchases were fully committed or expended at year end.

• Facilities Acquisition and Construction Services-Construction Services Due to personnel turnover at the District, several construction projects did not incur anticipated expenditures at year ended June 30, 2013. Consequently, $1,107,740 was not paid or charged at June 30, 2013. The amounts were encumbered at June 30,2013 and liquidated during the summer months of2013.

• Other Financing (Uses) Sources- Transfer to Capital Projects Fund - Capital Outlay The budgeted amount of $1,000,000 represents the amount to be transferred to the capital projects fund for the local share of several SDA projects, however, no new grant agreements were executed during the 2013 fiscal year.

Requests for Information This financial report is designed to provide a general overview of the Borough of Roselle School District fmances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the School Business Administrator, 710 Locust Street, Roselle, NJ 07203.

25


'.

. I

Basic Financial Statements

Government-wide Financial Statements

The government-wide financial statements provide a financial overview of the District's operations. These fmancial statements present the financial position and operating results of all governmental activities and business-type activities as of and for the year ended June 30, 2013.

A-I


Statement of Net Position

June 30, 2013

Governmental Business-type Activities Activities Total

ASSETS Cash and cash equivalents $ 3,626,338 $ 70,600 $ 3,696,938 Accounts receivable 7,665,020 111,509 7,776,529 Internal balances 25,935 (25,935) Inventories 33,518 33,518 Restricted assets:

Cash and cash equivalents 2,435,570 2,435,570 Capital assets, non-depreciable 898,177 898,177 Capital assets, depreciable, net 13,075,217 136,512 13,211,729 Total assets 27,726,257 326,204 28,052,461

LIABILITIES Accounts payable and other liabilities 1,707,555 113,603 1,821,158 Accrued liabilities 44,328 44,328 Intergovernmental liabilities 13,362 13,362 Unearned revenue 504,665 3,339 508,004 Current portion of long-tenn obligations 5,127 5,127 Noncurrent portion oflong-tenn obligations 1,169,249 1,169,249 Total liabilities 3,444,286 116,942 3,561,228

NET POSITION Net investment in capital assets 13,973,394 136,512 14,109,906 Restricted for:

Capital projects 2,009,495 2,009,495 Other purposes 7,124,610 7,124,610

Unrestricted 1,174,472 72,750 1,247,222

Total net position $ 24,281,971 $ 209,262 $ 24,491,233

See independent auditors' report and accompanying notes to the basic finanCial statements. 26

A-2 Borough of Roselle School District

Statement of Activities

Year ended June 30,2013

Net (Expense) Revenue and Program Revenues Cban~es in Net Position

Operating Cbargesfor Grants and Capital Grants Governmental Business-type

FunctionsIPrograms EXl!enses Services Contributions and Contributions Activities Activities Total

Governmental activities Instruction

Regular instruction $ 20,710,786 $ 2,052,297 $ (18,658,489) $ (18,658,489) Special education instruction 5,602,302 (5,602,302) (5,602,302)

Other instruction 4,392,570 (4,392,570) (4,392,570)

Support Services Tuition 3,677,777 (3,677,777) (3,677,777)

Student and instruction related services 7,437,973 1,256,191 (6,181,782) (6,181,782) General administration services 834,281 (834,281) (834,281) Scbool administration services 2,736,811 (2,736,811) (2,736,811 ) Centnd services I admin infonnation technology 1,383,785 (1,383,785) (1,383,785) Plant operation and maintenance 4,127,896 $ 2,066,175 (2,061,721) (2,061,721) Pupil transportation 1,517,366 (1,517,366) (1,517,366) Charter schools 242,668 (242,668) (242,668) Special schools 6,464 ~6,464l ~6,464l

Total governmental activities 52,670,679 3,308,488 2,066,175 ~47~96,OI6l ~47~96.016l

Bnsiness-typeactivities Food service 1,727,783 $ 297,028 1,339,656 $ (91,099) (91,099) Community school 200 200 200

Total business-type activities 1.727,783 297~8 1,339,656 (90.899l (90.899l Total primmy government $ 54,398,462 $ 297,228 $ 4,648,144 $ 2,066,175 (47,296,016l ~90,899l ~47,386,915l

General revenues: Taxes:

Property taxes, levied for general purposes 23,438,800 23,438,800 Federal sources - unrestricted 127,391 127,391 Slate sources-unrestricted 27,950,082 27,950,082 Investment income 6,134 6,134 Miscellaneous 708~24 708~24

Total general revenues 52~O,731 52.230.731 Change in net position 4,934,715 (90,899) 4,843,816

Net Position-beginning of year 19.347~56 300,161 19.647.417 Net Position-ending of year ~ 24 281,971 ~ 209262 ~ 24,491,233

See independent auditors' report and accompanying notes to the basic financial statements. 27

Fund Financial Statements

Governmental Funds

B-1


Balance Sheet Govemmental Funds

June 30, 2013

Major Funds

Special Capital Total General Revenue Projects Governmental

Fund Fund Fund Funds

ASSETS Cash and cash equivalents $ 3,626,338 $ 3,626,338 Intergovemmental accounts receivable:

State 525,089 $ 2,520 $ 4,119,833 4,647,442 Federal 2,032 1,140,442 1,142,474 Local 1,875,104 1,875,104

Interfund receivable 2,133,835 2,133,835 Restricted cash and cash equivalents 2,435,570 2,435,570

Total Assets $ 10,597,968 $ 1,142,962 $ 4,119,833 $ 15,860,763

LIABILITIES AND FUND BALANCES Liabilities: Accounts payable $ 1,019,413 $ 457,833 $ 219,445 $ 1,696,691 Accrued salaries and wages payable 44,328 44,328 Interfund payable 10,864 217,007 1,890,893 2,118,764 Payable to federal govemment 1,998 1,998 Payable to state govemment 11,364 11,364 Uneamed revenue 504,665 504,665

Total Liabil~ies 1,074,605 1,192,867 2,110,338 4,377,810

Fund Balances: Restricted for:

Excess surplus - current year 2,920,722 2,920,722 Excess surplus - prior year 1,768,318 1,768,318

Cap~al reserve 2,435,570 2,435,570 Cap~al projects 2,009,495 2,009,495

Assigned to: DeSignated for subsequent years expendHures 1,371,867 1,371,867 Other purposes 1,026,886 1,026,886

Unassigned fund balance reported in: Special revenue fund (deficil) (49,905) (49,905l

Total Fund Balances 9,523,363 (49,905l 2,009,495 11,482,953 Total Liabil~ies and Fund Balances $ 10,597,968 $ 1,142,962 $ 4,119,833 15,860,763

Amounts reported for govemmental activities In the statement of net position (A-1) are different because:

Cap~1 assets used in governmental activities are not financial resources and therefore are not reported in the funds. The cost of the assets are $24,946,678 and the accumulated depreciation Is $10,973,284. 13,973,394

Long-term lIabil~ies, including compensated absences are not due and payable In the current period and therefore are not reported as liabilities in the funds. (1,174,376)

Net position of governmental activities $ 24,281,971

28 See independent auditors' report and accompanying notes to the basicjinancial statements.

B-2

Borough of Roselle School District Statement of Revenues, Expenditures and Changes in Fund Balances

Governmental Funds Year Ended June 30,2013

Major Funds

Special Capital Total General Revenue Projects Governmental

Fund Fund Fund Funds

REVENUES Local sources:

Local tax levy $ 23,438,800 $ 23,438,800 Investment income 6,134 6,134 Miscellaneous 708,324 $ 7,490 715,814

Total- Local Sources 24,153,258 7,490 24,160,748

State sources 27,950,082 917,732 $ 2,066,175 30,933,989 Federal sources 127,391 2,383,266 2,510,657 Total Revenues 52,230,731 3,308,488 2,066,175 57,605,394

EXPENDITURES Current:

Regular instruction 12,971,644 2,052,297 15,023,941 Special education instruction 3,738,910 3,738,910 Other instruction 2,981,107 2,981,107 Support services and undistributed costs:

Tuition 3,677,777 3,677,777 Student and instruction related services 4,536,465 1,257,118 5,793,583 General administration services 678,581 678,581 School administration services 1,837,954 1,837,954 Central services 655,987 655,987 Administrative information technology 305,207 305,207 Plant operation and maintenance 4,398,550 4,398,550 Pupil transportation services 1,492,649 1,492,649 Unallocated benefits and on-behalf TPAF social security and pension contributions 12,116,971 12,116,971

Charter schools 242,668 242,668 Special schools 6,373 6,373 Capital outlay 3,373,848 3,373,848 Total Expenditures 49,640,843 3,309,415 3,373,848 56,324,106

Net change in fund balances 2,589,888 (927) (1,307,673) 1,281,288

Fund Balance (Deficit), July 1, 2012 6,933,475 (48,9781 3,317,168 10,201,665

Fund Balance (Deficit), June 30,2013 $ 9,523,363 $ (49,905) $ 2,009,495 $ 11,482,953

The reconciliation of the fund balances of governmental funds to the net position of governmental activities in the statement of

activities is presented in an accompanying schedule (B-3).


Borough of Roselle School District Reconciliation of the Statement of Revenues, Expenditures

and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended June 30, 2013

Total net change In fund balances - governmental funds (from B-2)

Amounts reported for governmental activities in the statement of activities (A-2) are different because:

Capital additions are reported in governmental funds as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which capital asset additions exceeded depreciation expense in the period.

Capital asset additions $ 4,104,494 , Depreciation expense (534,248)

Repayment of capital lease principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position and is not reported in the statement of activities.

Payment of capital lease principal

In the statement of activities, certain operating expenses, e.g., compensated absences (vacation and unused sick pay) are measured by the amounts earned during the year. In the governmental funds, however, expenditures for these items are reported in the amount of financial resources used (paid). When the earned amount exceeds the paid amount, the difference is a reduction in the reconciliation (-); When the paid amount exceeds the earned amount the difference is an addition in the reconciliation (+).

Change in net position of governmental activities (A-2)

See independent auditors' report and accompanying notes to the basic financial statements.

B-3

$ 1,281,288

3,570,246

47,597

35,584

$ 4,934,715

30


'.

Proprietary Funds

B-4

Borough of Roselle School District Proprietary Funds

Statement of Fund Net Position June 30, 2013

Major EnterE!rise Funds Food Community

Service School Totals

ASSETS Current assets: Cash and cash equivalents $ 70,168 $ 432 $ 70,600 Accounts receivable:

State 1,551 1,551 Federal 97,333 97,333 Other 12,625 12,625

Inventories 33,518 33,518 Total current assets 215,195 432 215,627

Capital assets: Machinery and equipment 389,775 389,775 Accumulated depreciation (253,263) (253,263~

Total capital assets, net 136,512 136,512 Total assets 351,707 432 352,139

LIABILITIES Current liabilities: Accounts payable 113,603 113,603 Unearned revenue 3,339 3,339 Interfund payable 25,935 25,935

Total current liabilities 142,877 142,877

NET POSITION Net investment in capital assets 136,512 136,512 Unrestricted 72,318 432 72,750 Total net position $ 208,830 $ 432 $ 209,262

See independent auditors' report and accompanying notes to the basicfinancial statements. 31

B-5


Statement of Revenues, Expenses, and Changes in Fund Net Position Year Ended June 30,2013

Major Enter~riseFunds Food Community

Service School Totals Operating revenues:

Local sources: Daily food sales-reimbursable programs: School lunch program $ 297,028 $ 297,028 Miscellaneous $ 200 200

Total operating revenues 297,028 200 297,228

Operating expenses: Salaries 552,103 552,103 Employee benefits 134,113 134,113 Cost of sales 905,613 905,613 Management fee 48,160 48,160 Supplies and materials 2,657 2,657 Other purchased services 63,176 63,176 Depreciation 20,686 20,686 Miscellaneous 1,275 1,275

Total operating expenses 1,727,783 1,727,783

Operating (loss) income (1,430,755) 200 (1,430,555)

Nonoperating revenues: State sources: School lunch program 19,092 19,092

Federal sources: School breakfast program 243,028 243,028 School lunch program 853,360 853,360 After school snack program 44,732 44,732 Seamless summer option program 30,496 30,496 Fresh fruit and vegetable program 40,067 40,067 Food donation program 108,881 108,881

Total nonoperating revenues 1,339,656 1,339,656

Change in net position (91,099) 200 (90,899)

Total net position-beginning 299,929 232 300,161 Total net position-ending $ 208,830 i 432 ~ 209,262



Statement of Cash Flows Year Ended June 30, 2013

Major Enter(!rlse Funds Food Community

Service School

Cash flows from operating activities Receipts from customers $ 297,028 $ Payments to employees (552,103) Payments for employee benefits (134,113) Payments to suppliers !908,937} Net cash (used in) provided by operating activities (1,298,125)

Cash flows from noncapital financing activities Cash received from state and federal reimbursements 1,218,299 Receipts from food donation program 104,703 Net cash provided by noncapital financing activities 1,323,002

Cash flows from capital and related financing activities Acquisition of capital assets !2,350} Net cash (used in) capital and related financing activities !2,350}

Net increase in cash and cash equivalents 22,527

Cash and cash equivalents, beginning of year 47,641

Cash and cash equivalents, end of year i 70,168 i

Reconciliation of operating (loss) income to net cash (used In) provided by operating activities: Operating (loss) income $ (1,430,755) $ Adjustments to reconcile operating (loss) income to net cash

(used in) provided by operating activities: Depreciation 20,686 Increase in accounts payable 113,603 Increase in inventory !1,659}

Net cash (used in) provided by operating activities $ {1 ,298, 125) $

Noncash Noncapltal financing activities

The District Received $104,703 of food commodities from the U.S. Department of Agriculture for the year ended June 30, 2013.

See independenJ auditors' report and accompanying notes to the basic finanCial statements.

B-6

Totals

200 $ 297,228 (552,103) (134,113) {908,93!}

200 (1,297,925)

1,218,299 104,703

1,323,002

{2,350} {2,350}

200 22,727

232 47,873

432 i 70,600

200 $ (1,430,555)

20,686 113,603

{1,659} 200 $ {1,297,925)

33


'.

Fiduciary Funds

ASSETS Cash and cash equivalents Interfund receivable

Total Assets

LIABILITIES

Borough of Roselle School District Statement of Fiduciary Net Position

Fiduciary Funds June 30, 2013

Payroll deductions and withholdings payable Due to student groups

Total Liabilities

NET POSITION Held in trust for scholarships

Private Purpose

Scholarship Fund

$ 191,762

$ 191,762

$ 191,762

See independent auditors' report and accompanying notes to the basic financial statements.

B-7

Agency Fund

$ 490,084 10,864

$ 500,948

$ 419,261 81,687

$ 500,948

34

ADDITIONS Contributions Investment earnings Total Additions

DEDUCTIONS Scholarships awarded Total Deductions

Change in Net Position

Borough of Roselle School District Statement of Changes in Fiduciary Net Position

Fiduciary Funds Year Ended June 30,2013

Net Position-beginning of the year

Net Position-end of the year

B-8

Private Purpose

Scholarship Fund

$ 7,901 90

7,991

11,500 11,500

(3,509)

195,271

$ 191,762



Notes to the Basic Financial Statements (continued)

Year ended June 30, 2013

1. Summary of Significant Accounting Policies

The financial statements of the Borough of Roselle School District (the "District") have been prepared in conformity with accounting principles generally accepted in the United States (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.

A. Reporting Entity

The financial reporting entity consists of a) the primary government, b) organizations for which the primary government is financially accountable, and c) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete.

The definition of the reporting entity is based primarily on the notion of financial accountability. A primary government is financially accountable for the organizations that make up its legal entity. It is also financially accountable for legally separate organizations if its officials appoint a voting majority of an organization's governing body and either it is able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or to impose specific financial burdens on, the primary government. A primary government may also be financially accountable for governmental organizations that are fiscally dependent on it.

The District, as the primary government for financial reporting entity purposes, has oversight responsibility and control over all activities related to the Borough of Roselle School District in the Borough of Roselle, New Jersey. The District receives funding from local, state, and federal government sources and must comply with the requirements of these funding source entities.

The District has no component units that are required to be included within the reporting entity, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards.

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1. Summary of Significant Accounting Policies (continued)

B. Government-wide and Fund Financial Statements

The government-wide financial statements (Le., the statement of net position and the statement of activities) report infonnation on all of the nonfiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support.

The statement of activities demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program revenues include I) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other items not properly included among program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. The New Jersey Department of Education requires all governmental funds be reported as major to promote consistency among school districts in the State of New Jersey.

C. Measurement Focus, Basis of Accounting and Financial Statement Presentation

The government-wide financial statements are reported 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 a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which, they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

37





Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, expenditures related to compensated absences and capital leases are recorded only when payment is due.

Property taxes, interest, and state aid monies associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal year.

The District has reported the following major governmental funds:

General Fund: The general fund is the general operating fund of the. District and is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or non-instructional equipment, which are classified in the capital outlay sub-fund.

Special Revenue Fund: The District maintains one special revenue fund, which includes the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes, other than capital projects.

Capital Projects Fund: The capital projects fund is used to account for and report financial resources that are restricted, committed, or assigned to an expenditure for capital outlays, including the acquisition or construction of major capital facilities and other capital assets (other than those fmanced by proprietary funds). The financial resources are derived from temporary notes or serial bond transfers from capital reserve or the general fund budget and state aid that are specifically authorized by the voters as a separate question on the ballot either during the annual election or at a special election.

38





The District reports the following major proprietary funds:

Food Service Enterprise Fund: The food service enterprise fund accounts for all revenues and expenses pertaining to cafeteria operations. The food service fund is utilized to account for operations that are financed and operated in a manner similar to private business enterprises. The stated intent is that the cost (Le., expenses including depreciation and indirect costs) of providing goods or services to the students on a continuing basis are financed or recovered primarily through user charges.

Community School Enterprise Fund: The community school accounts for all revenues and expenses in the operation of the community school similar to a private business enterprise.

Additionally, the District reports the following fund types:

Fiduciary funds of the District include the private purpose scholarship trust fund and agency funds. Agency funds are purely custodial (assets equal liabilities) and thus do not involve measurements of results of operations. The following is a description of the fiduciary funds of the District.

Trust and Agency Funds: The trust and agency funds are used to account for assets held by the District on behalf of outside parties, including other governments, or on behalf of other funds within the District.

Trust Funds: The private purpose scholarship fund is accounted for in essentially the same manner as governmental funds. The private purpose scholarship fund is utilized to provide scholarships to students and to account for the related transactions.

Agency Funds (Payroll and Student Activity Fund): Agency funds are used to account for the assets that the District holds on behalf of others as their agent. Agency funds are custodial in nature and do not involve measurement of results of operations.

39





As a general rule the effect of interfund activity has been eliminated from the Governmentwide financial statements.

Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.

Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally 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 enterprise funds are charges for sales offood and tuition. Operating expenses for enterprise funds include the cost of sales, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

The District reports unearned revenue on its balance sheet and statement of net position. Unearned revenue arises when potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Unearned revenue also arises when resources are received by the District before it has legal claim to them, as when federal assistance is received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the District has a legal claim to the resources, the liability for unearned revenue is removed from the balance sheet and statement of net position and revenue is recognized.

Ad Valorem (property) taxes are susceptible to accrual as, under New Jersey State Statute, a municipality is required to remit to its school district the entire balance of taxes in the amount certified prior to the end of the school year. The District records the entire approved tax levy as revenue (accrued) at the start of the fiscal year, since the revenue is both measurable and available. The District is entitled to receive moneys under the established payment schedule and the unpaid amount is considered to be an "accounts receivable." The County Board of Taxation is responsible for the assessment of properties and the Borough Tax Collector is responsible for collection of taxes. Assessments are certified and taxes are levied on January 1; taxes are due February 1, May 1, August 1 and November 1. Unpaid taxes are considered delinquent the following January 1 and are then subject to lien.

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D. BudgetslBudgetary Control

Annual appropriated budgets are prepared in the spring of each year for the general and special revenue funds and submitted to the county office. In accordance with P.L. 2011, c. 202, which became effective January 17, 2012, the District elected to move the April school Board election to the date of the November general election thereby eliminating the vote on the annual base budget. Budgets are prepared using the modified accrual basis of accounting and the special revenue fund uses anon-GAAP budget (budgetary basis). The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific)-level of detail as established pursuant to the minimum chart of accounts referred in NJ.A.C.6A:23. All budget amendments must be approved by School Board resolution and certain others require approval by the County Superintendent of Schools. Budgetary transfers were made during the current year in accordance with statutory guidelines. The amendments made by the District were part of the normal course of operations. The over-expenditures related to on-behalf payments in the general fund are due to the inclusion of the on-budgeted on-behalf payments made by the State -of New Jersey as District expenditures. These amounts are offset by related revenues and as such do not represent budgetary over-expenditures.

Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds, there are no substantial differences between the budgetary basis of accounting and accounting principles generally accepted in the United States with the exception of the legally mandated revenue recognition of the last state aid payments for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Open encumbrances at year-end are reappropriated in the subsequent year's budget. Unencumbered appropriations lapse at fiscal year-end.

The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports.

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E. Interfund Receivables/Payables

Interfund receivableslpayables represent amounts that are owed, other than charges for goods or services rendered to!from a particular fund in the District and that are due within one year.

F. Inventories

Inventories, which benefit future periods, other than those recorded in the enterprise fund, are recorded as expenditures during the year of purchase.

Enterprise fund inventories are valued at cost, which approximates market, using the first-in, first-out (FIFO) method. At June 30, 2013, the District had inventories in the Food Service Enterprise Fund of $33,518, which included unused Food Donation Program commodities in the amount of $3,339, which are reported as unearned revenue.

G. Capital Assets

Capital assets, which include property, plant and equipment, land and construction in progress, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost of more than $2,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or through estimation procedures performed by an independent appraisal company. Donated capital assets are valued at their estimated fair value on the date of donation. The costs of normal repairs and maintenance that do not add to the value of the asset or materially extend the assets lives are not capitalized.

Property, plant and equipment of the District is depreciated using the straight line method. The following estimated useful lives are used to compute depreciation:

Years

School Buildings 50 Building Improvements 20 Electrical! Plumbing 30 "ehicles 8 Office! Computer Equipment 10 Instructional Equipment 10 Grounds Equipment 15

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H. Compensated Absences

A liability for compensated absences that are attributable to services already rendered and that are not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits. The District uses the "vesting method" for estimating its accrued sick and vacation leave liability. District employees are granted vacation and sick leave in varying amounts under the Districf s personnel policies. In the event of tennination, an employee is reimbursed for accumulated vacation. Sick leave benefits provide for ordinary sick pay and begin vesting with the employee after one year of service.

The liability for vested compensated absences of the District is recorded in the govemmentwide financial statements and includes salary related payments.

The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2013, a liability existed for compensated absences in the government-wide financial statements in the amount of $1,174,376 and no liability existed for compensated absences in the proprietary fund types.

I. Unearned Revenue

Unearned revenue in the special revenue fund represents cash received from federal, state and local grants, which has been received but not yet earned and outstanding encumbrances.

J. Long-Term Obligations

In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position.

43





K. Net Position

Net position represents the difference between assets, deferred inflows, liabilities, and deferred outflows in the government-wide financial statements. Net investment in capital assets consists of capital assets, net of accumulated depreciation. Net position is reported as restricted in the government-wide financial statements when there are limitations imposed on their use through external restrictions imposed by credit<?rs, grantors, or laws or regulations of other governments.

L. Fund Balances

GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions ("GASB 54") established fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in' governmental funds. Under GASB 54, fund balances in the governmental funds financial statements are reported under the modified accrual basis of accounting and classified into the following five categories, as defmed below:

1) N onspendable - includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Assets included in this fund balance category include prepaid assets, inventories, long-term receivables, and corpus of any permanent funds.

2) Restricted - includes amounts that can be spent only for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

3) Committed - includes amounts that can be used only for the specific purposes imposed by a formal action of the government's highest level of decisionmaking authority. The District's highest level of decision-making authority is the Board of Education (the "Board") and formal action is taken by resolution of the Board at publicly held meetings. Once committed, amounts cannot be used for other purposes unless the Board revises or changes the specified use by taking the same action (resolution) taken to originally commit these funds.

44





4) Assigned - amounts intended to be used by the government for specific purposes but do not meet the criteria to be classified as restricted or committed. Intent is expressed by either the Board or Business Administrator, to whom the Board has delegated the authority to assign amounts to be used for specific purposes, including the encumbering of funds.

5) Unassigned - includes all spendable amounts not contained in the other classifications in the general fund. This classification represents fund balance that has not been assigned to other funds and that has not been restricted, committed or assigned to specific purposes within the general fund. The general fund is the only fund that reports a positive unassigned fund balance amount. In the other governmental funds, if expenditures incurred for specific purposes exceed the amounts restricted, committed or assigned to those purposes, it may be necessary to report a negative unassigned fund balance.

When both restricted and unrestricted resources are available for use, it is the District's policy to use restricted resources first, then unrestricted resources as they are needed. For the unrestricted fund balance, the District first spends committed funds, then assigned funds, and finally, unassigned funds.

Of the $9,523,363 of general fund balance at June 30, 2013, encumbrances of $2,066,972 are partially offset by an unrestricted deficit of $1,040,086, which results in the $1,026,886 balance assigned to other purposes, $2,435,570 has been restricted in a capital reserve, $2,920,722 is restricted for current year excess surplus, $1,768,318 has been restricted for prior year excess surplus that has been designated for subsequent year's expenditures, and $1,371,867 has been classified as assigned fund balance designated for subsequent years expenditures.

M. Net Position

GASB Statement Number 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position became effective for fmancial statements for periods beginning after December 15, 2011 and established standards for reporting deferred outflows of resources, deferred inflows of resources and net position. The adoption of this statement resulted in a change in the presentation of the statement of net assets to what is now referred to as the statement of net position and the term "net assets" is changed to "net position" throughout the financial statements.

45





N. Management Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates.

O. On-Behalf Payments

Revenues and expenditures of the general fund include payments made by the State of New Jersey social security and post-retirement medical and pension contributions for certified teachers and other members of the New Jersey Teachers Pension and Annuity Fund. The amounts are not required to be included in the District's annual budget.

P. Calculation of Excess Surplus

The designation for restricted fund balance - excess surplus is a required calculation pursuant to NJ.S.A. 18A:7F-7, as amended. New Jersey school districts are required to reserve General Fund fund balance at the fiscal year end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years' budget. The District has excess fund balance at the end of the 2012-2013 fiscal year in the amount of $4,689,040. Of this amount, $1,768,318 has been appropriated in the 2013-2014 budget and the remaining $2,920,722 will be appropriated in the 2014-2015 budget.

46





Q. Implementation of GASB 65

In March 2012, GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities ("GASB No. 65"). This Statement establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. The provisions of this Statement will improve financial reporting by clarifying the appropriate use of the financial statement elements deferred outflows of resources and deferred inflows of resources to ensure consistency in financial reporting. The requirements of this Statement are effective for financial statements for periods beginning after December 15, 2012. The District has not completed the process of evaluating the impact that will result from adopting GASB No. 65.

R. Subsequent Events

Management has reviewed and evaluated all events and transactions from June 30, 2013 through December 5, 2013, the date that the financial statements are issued and the effects of those that provide additional pertinent information about conditions that existed at the balance sheet date, have been recognized in the accompanying fmancial statements.

2. Reconciliation of Government-Wide and Fund Financial Statements

Explanation of Certain Differences Between the Governmental Fund Balance Sheet and the Government-Wide Statement of Net Position

The governmental fund balance sheet includes a reconciliation between fund balance - total governmental funds and net position - governmental activities as reported in the governmentwide statement of net position. One element of that reconciliation explains that long-term liabilities, including compensated absences payable are not due and payable in the current period and therefore are not reported in the funds. The $1,174,376 represents the compensated absences liability at June 30,2013.

Compensated absences Net adjustment to reduce fund balance-total governmental

funds to arrive at net position - governmental activities

$ 1,174,376

$ 1,174,376

47




3. Deposits and Investments

Cash and cash equivalents include petty cash, change funds, amounts on deposit and short-term investments with original maturities of three months or less.

Investments are stated at fair value in accordance with Governmental Accounting Standards Board (GAS B) Statement No. 31, "Accounting and Financial Reporting for Certain Investments and for External Investment Pools." The Board classifies certificates of deposit, which have original maturity dates of more than three months but less than twelve months from the date of purchase, as investments and are stated at cost. All other investments are stated at fair value.

New Jersey school districts are limited as to the types of investments and types of financial institutions they may invest in. New Jersey statute 18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts.

Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act ("GUDPA"). GUDP A was enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking institution in New Jersey.

N.J.S.A. 17:9-41 et. seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include savings and loan institutions, banks (both state and national banks) and savings banks, the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of governmental units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the governmental units.

Deposits

New Jersey statutes require that school districts deposit public funds in public depositories located in New Jersey that are insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or by any other agency of the United States that insures deposits made in public depositories. School districts are also permitted to deposit public funds in the State of New Jersey Cash Management Fund.

48




3. Deposits and Investments (continued)

New Jersey statutes require public depositories to maintain collateral for deposits of public funds that exceed depository insurance limits as follows:

The market value of the collateral must equal at least 5% of the average daily balance of collected public funds on deposit.

In addition to the above collateral requirement, if the public funds deposited exceed 75% of the capital funds of the depository, the depository must provide collateral having a market value at least equal to 100% of the amount exceeding 75%.

All collateral must be deposited with the Federal Reserve Bank of New York, the Federal Reserve Bank: of Philadelphia, the Federal Home Loan Bank of New York, or a banking institution that is a member of the Federal Reserve System and has capital funds of not less than $25,000,000.

Operating cash accounts are held in the District's name by several commercial banking institutions. At June 30, 2013 the carrying amount of the District's deposits was $6,814,354 and the bank balance was $9,181,356. Of the bank balance, $282,569 of the District's cash deposits on June 30, 2013 was secured by federal depository insurance. The New Jersey Governmental Unit Deposit Protection Act (GUDPA) covered the remaining bank: balance of $8,898,787.

Pursuant to GASB Statement No. 40, "Deposit and Investment Risk Disclosures" ("GASB 40"), the District's operating cash accounts are profiled in order to determine exposure, if any, to Custodial Credit Risk (risk that in the event of failure of the counterparty the District would not be able to recover the value of its deposits and investments). Deposits are considered to be exposed to Custodial Credit Risk if they are: uncollateralized (securities not pledged to the depositor), collateralized with securities held by the pledging financial institution, or collateralized with securities held by the financial institution's trust department or agent but not in the government's name.

The District does not have a policy for the management of custodial .credit risk, other than depositing all of its funds in banks covered by GUDPA. At least five percent of the District's deposits were fully collateralized by funds held by the financial institution, but not in the name of the District. Due to the nature ofGUDPA, further information is not available regarding the full amount that is collateralized.

New Jersey statutes permit the Board to purchase the following types of securities:

49




3. Deposits and Investments (continued)

a Bonds and other obligations of the United States or obligations guaranteed by the United States.

b. Bonds of any Federal Intermediate Credit Bank, Federal Home Loan Bank, Federal National Mortgage Agency or of any United States Bank, which have a maturity date not greater than twelve months from the date of purchase.

c. New Jersey Cash Management Fund, New Jersey Asset and Rebate Management Fund and MBIA CLASS.

As of June 30, 2013, the District's had no amounts invested in these types of securities.

4. Capital Assets

The following is a summarization of the governmental activities changes in capital assets for the fiscal year ended June 30, 2013:

Beginning Ending Balance Increases Transfers Balance

Governmental activities: Capital assets, not being depreciated:

Construction in progress $556,525 $ 323732848 $(320322196} $898,177 Total capital assets, not being depreciated 556;525 3,373,848 (3,032,196) 898,177

Capital assets, being depreciated: Site improvements 105,750 38,749 144,499 Building and building improvements 14,714,164 339,080 3,032,196 18,085,440 Machinery and equipment 5,4652745 3522817 528182562

Total capital assets being depreciated 20,285,659 730,646 3,032,196 24,048,501

Less accumulated depreciation for: Site improvements 37,855 7,665 45,520 Building and building improvements 5,862,112 416,194 6,278,306 Machinery and equipment 425392069 1102389 42649,458

Total accumulated depreciation 10,439,036 5342248 102973,284

Total capital assets, being depreciated, net 928462623 1962398 3,0322196 132°752217

Governmental activities capital assets, net $10,4032148 $3,570,246 $ - $13,9732394

50




4. Capital Assets (continued)

Depreciation expense was charged to functions/programs of the District as follows:

Regular instruction Special education instruction Other instruction Student and instruction related services General administration services School administration services Central services Administrative infonnation technology Plant operation and maintenance Pupil transportation Special schools Total depreciation expense - governmental activities

$ 217,445 54,114 43,147 83,852 9,821

26,601 9,494 4,417

63,661 21,604

92 $ 534,248

The following is a summarization of the business-type activities changes in capital assets for the fiscal year ended June 30, 2013:

Business-type activities: Capital assets, being depreciated:

Equipment and vehicles Less accumulated depreciation for:

Equipment and vehicles Total business-type activities

capital assets, net·

Beginning Balance Increases

$ 387,425 $ 2,350

232,577 20,686

$ 154,848 $ 18,336

Ending Balance

$ 389,775

253.263

$ 136,512

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5. Long-Term Liabilities

During the fiscal year ended June 30, 2013, the following changes occurred in long-term liabilities:

Beginning Ending Due within Balance Additions Reductions Balance One Year

Governmental activities: Compensated absences payable $1,209,960 $ 38,813 $ 74,397 $1,174,376 $5,127 Obligations under capital leases 47,597 47,597

Governmental activities long-term liabilities $1,257,557 $38,813 $121,994 $1,174,376 $ 5,127

As of June 30, 2013, the District did not have any bonds authorized but not issued.

Operating Leases Payable

The District is leasing various photocopying equipment, under operating leases. The following is a schedule of the future minimum lease payments under these operating leases and the present value of the net future minimum lease payments at June 30, 2013:

The following is a schedule of the future minimum lease payments under the lease agreement over the remaining life of the lease:

Fiscal Year Ending:

Total minimum lease payments

2014 2015 2016 2017 2018

Amount: $102,804 102,804 102,804 102,804 102,804

$514,020

The District rented space from Saint Joseph the Carpenter Church during fiscal year 2013. The Saint Joseph the Carpenter Church rental agreement commenced on July 1, 2011 and ends on June 30, 2016. As part of the agreement, the District is required to pay the Church a base amount of $250,000 on an annual basis for each of the years ended June 2014,2015, and 2016. The annual rent will be adjusted by applying fluctuations in the Consumer Price Index to the annual rent for the prior year or Three (3) percent, whichever is higher.

52




6. Pension Plans

Description of Systems

Substantially all of the Board's employees participate in one of the following contributory defined benefit public employee retirement systems which have been established by State statute: the Teachers' Pension and Annuity Fund (TP AF) or the Public Employees' Retirement System (PERS). These systems are sponsored and administered by the State of New Jersey. The Teachers' Pension and Annuity Fund Retirement System is considered a cost-sharing multiple-employer plan, with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the Board and the system's other related non-contributing employers. The Public Employees' Retirement System is considered a cost-sharing multiple-employer plan.

Teachers' Pension and Annuity Fund

The Teachers' Pension and Annuity Fund was established in January 1955 under the provisions ofN.J.S.A. 18A:66 to provide coverage including post-retirement health care to substantially all full time public school employees in the State. Membership is mandatory for such employees and vesting occurs after 10 years of service for pension benefits and 25 years for health care coverage. Age eligibility and benefit provisions were affected by Chapters 92 and 103, P.L. 2007, Chapter 89, P.L. 2008, Chapter 1, P.L. 2010, and Chapter 78, P.L. 2011. Members are classified into one of five tiers dependent upon the date of their enrollment. Tier 1, 2 and 3 members are eligible to retire at age 60, 60, and 62, respectively, with an annual benefit generally determined to be 1/55th of the average annual compensation for the highest three fiscal years' compensation for each year of membership during years of credited service. Tier 4 and 5 members are eligible to retire at age 62 and 65, respectively, with an annual benefit generally determined to be 1/60th of the average annual compensation for the highest five fiscal years' compensation for each year of membership during years of credited service. Anyone who retires early and is under their respective tier's retirement age receives retirement benefits as calculated in the above mentioned formulas but at a reduced rate in accordance with applicable New Jersey Statute based upon their tier.

Public Employee's Retirement System

The Public Employees' Retirement System was established in January 1955 under the provisions ofNJ.S.A. 43:15A to provide coverage including post-retirement health care to substantially all full time employees of the State or any county, municipality, school Board or public agency provided the employee is not a member of another State-administered retirement system. Membership is mandatory for such employees and vesting occurs after 8-10 years of service.

53




6. Pension Plans (continued)

Age eligibility and benefit provisions were affected by Chapters 92 and 103, P.L. 2007, Chapter 89, P.L. 2008, Chapter 1, P.L. 2010, and Chapter 78, P.L. 2011. Members are classified into one of five tiers dependent upon the date of their enrollment. Tier 1, 2 and 3 members are eligible to retire at age 60, 60, and 62, respectively with an annual benefit generally detennined to be 1/55th of the average annual compensation for the highest three fiscal years' compensation for each year of membership during years of credited service. Tier 4 and 5 members are eligible to retire at age 62 and 65, respectively with an annual benefit generally detennined to be 1I60th of the average annual compensation for the highest five fiscal years' compensation for each year of membership during years of credited service. Anyone who retires early and is under their respective tier's retirement age receives retirement benefits as calculated in the above mentioned formulas but at a reduced rate in accordance with applicable New Jersey Statute based upon their tier.

The State of New Jersey, Department of the Treasury, Division of Pensions and Benefits, issued publicly available financial reports that include the financial statements and required supplementary information for TP AF and PER8. The financial reports may be obtained by writing to the State of New Jersey, Department of the Treasury, Divisjon of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey 08625-0295.

Funding Policy

The contribution policy is set by New Jersey State Statutes and contributions are required by active members and contributing members. Plan member and employer contributions may be amended by State of New Jersey legislatIon. Under the provisions of Chapter 78, P.L. 2011, employee contribution rates for TPAF and PERS increased from 5.5% to 6.5% of employees' annual compensation. An additional increase is to be phased in over the next seven years that will bring the total pension contribution rate to 7.5% of employees' annual compensation. Employers are required to contribute at an actuarially determined rate both the TP AF and PERS. The actuarially determined contribution includes funding for cost-ofliving adjustments, noncontributory death benefits, and post-retirement medical premiums. Under current statute the Board is a non-contributing employer of the TPAF.

During the year ended June 30, 2013, the State of New Jersey contributed $2,625,463 to the TPAF for post-retirement medical benefits and other pension costs on behalf of the Board. Also, in accordance with NJ.S.A. 18A:66-66 the State of New Jersey reimbursed the Board $1,501,953 during the year ended June 30, 2013 for the employer's share of social security contributions for TP AF members as calculated on their base salaries. These amounts have been included in the government-wide and fund financial statements.

54





The Board's actuarially detennined contributions to PERS for each of the years ended June 30, 2013, 2012 and 2011 was $418,967, $450,863, and $415,067, respectively, equal to the required contributions for each year.

Post-Retirement Benefits

Plan Description

The District contributes to the New Jersey State Health Benefits Program (the "SHBP"), a cost-sharing multiple-employer defined benefit postemployment healthcare plan administered by the State of New Jersey Division of Pension and Benefits. SHBP provide medical, prescription drug, mental health/substance abuse and Medicare Part B reimbursement to retirees and their covered dependents. The State Health Benefits Program Act is found in New Jersey Statutes Annotated, Title 52, Article 17.25et.seq. Rules governing the operation and administration of the program are found in Title 17, Chapter 9 of the New Jersey AdIilinistrative Code. The State of New Jersey Division of Pension and Benefits issues a publicly available financial report that includes financial statements and required supplementary information for SHBP. That report may be obtained by writing to Division of Pension and Benefits, PO Box 295, Trenton, NJ 08625-0295.

Funding Policy

P.L. 1987, chapter 384 and P.L. 1990, chapter 6 required Teachers' Pension and Annuity Fund (TP AF) and Public Employees' Retirement System (PERS), respectively, to fund postretirement medical benefits for those State employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007, chapter 103 amended the law to eliminate the funding of post-retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for the funding and payment of postretirement medical benefits for retired State employees and retired educational employees As of June 30, 201 there were 97,661 retirees eligible for post-retirement medical benefits. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical premiums changed from a pre-funding basis to a pay-as-you-go basis beginning in fiscal year 1994.

55





Funding Policy

The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides free health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $146.6 million toward Chapter 126 benefits for 16,618 eligible retired members in fiscal year 2012.

The State will set the contribution rate based on the annual required contribution of the employers (ARC), an amount actuarially determined in accordance with parameters of GASB 45. The ARC represents the level of funding that, ifpaid on an ongoing basis, is projected to cover nonnal cost each year and amortize any unfunded actuarial liabilities (or funding excess) of the plan over a period not to exceed thirty years. The State's contributions to the SHBP Fund for TP AF retirees' post-retirement benefits on behalf of the District for the years ended June 30, 2013, 2012 and 2011 were $1,393,283, $1,197,880, and $1,077,110 respectively, which equaled the required contributions for each year. The State's contributions to the SHBP Fund for PERS retirees' post-retirement benefits on behalf of the District was not determined or made available by the State of New Jersey.

7. Interfund Receivables and Payables

The total interfund receivables and payables for the District at June 30, 2013 amounted to $2,144,699 analyzed as follows:

Interfund Interfund Fund Receivable PaIable

General Fund $ 2,133,835 $ 10,864 Special Revenue 217,007 Capital Projects Fund 1,890,893 Enterprise Fund - Food Service 25,935 Payroll Agency Fund 102864

$ 2,1442699 $ 22144,699

The interfund receivable in the general fund represent amounts loaned to the special revenue fund and capital projects fund to eliminate a pooled cash deficit as well as amounts disbursed on-behalf of the enterprise funds not reimbursed as of the end of the fiscal year. The interfund payable in the general fund represents employee withholdings not transferred to the payroll agency account at year end.

56




7. Interfund Receivables and Payables (continued)

All interfund balances are expected to be liquidated within one year.

8. Economic Dependency

The District receives a substantial amount of its support from federal and state governments. A significant reduction in the level of support, if this were to occur, could have an effect on the District's programs and activities.

9. Contingent Liabilities

The District is a defendant in several legal proceedings that are in various stages of litigation. In the opinion of management and legal counsel, the ultimate resolution of these matters will not have a material adverse effect on the fmancial position of the District.

The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2013 may be impaired. In addition, the District is receiving funding from the New Jersey Schools Development Authority (NJSDA), in connection with its capital projects. The costs associated with the funding received from the NJSDA are subject to final review of eligible costs and compliance by the New Jersey Department of Education and the NJSDA. To the extent that the District has not complied with the rules and regulations governing the NJSDA funds or has not met the final eligible requirements, refunds of any money received may be required and the collectability of any related receivable at June 30, 2013 may be impaired.

In the opinion of the District's management, there are no significant contingent liabilities relating to compliance with rules and regulations or final eligible cost requirements governing the respective grants or funding; therefore, no provisions have been recorded in the accompanying basic fmancial statements for such contingencies.

10. Risk Management

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters.

57




10. Risk Management (continued)

Property and Liability Insurance

The District maintains commercial insurance coverage for property, liability, student accident and surety bonds and does not retain risk of loss. There have been no significant reductions in insurance coverage from the prior year and no settlements have exceeded insurance coverages over the past three years. A complete schedule of insurance coverage can be found in the statistical section of this report.

New Jersey Unemployment Compensation Insurance

The District has elected to fund its New Jersey Unemployment Compensation Insurance under the "Liability Method." Under this plan, the District is required calculate and pay the amount required on a quarterly basis based upon rates as determined by the New Jersey Department of Labor. The District accounts for these funds in the Agency Fund.

11. Deferred Compensation Plans

The Board offers its employees deferred compensation plans created in accordance with Internal Revenue Code Section 403(b) and 457. The plans, which are administered by Citistreet, permit participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until tennination, retirement, death or unforeseeable emergency. Since the District does not hold the assets in a trustee capacity, the related assets are not included in the Districts fiduciary fund financial statements.

12. Deficit Fund Balances -Special Revenue Fund (GAAP Basis)

The District has a deficit fund balance of $49,905 in the Special Revenue Fund as of June 30,2013 as reported in the fund statements (modified accrual basis). For budget purposes only, P.L. 2003, C.97 provides that in the event a state school aid payment is not made until the following school budget year, districts must record the last state aid payment as revenue, in the current budget year. The bill provides legal authority for school districts to recognize this revenue in the current budget year.

For intergovernmental transactions, GASB Statement No. 33 requires that recognition (revenue, expenditures, asset, liability) should be in symmetry, i.e. if one government recognizes ~ asset, the other government recognizes a liability.

58




12. Deficit Fund Balances -Special Revenue Fund (GAAP Basis) (continued)

Since the State is recording the last two state aid payments in the subsequent fiscal year, the school district cannot recognize the last two state aid payments on the GAAP financial statements until the year the State records the payable. Due to the timing difference of recording the last two state aid payments, the Special Revenue Fund fund balance deficit does not alone indicate that the District is facing financial difficulties. Pursuant to P.L. 2003, c.97, any negative unassigned fund balance that is reported as a direct result from the delay in the payment of state aid until the following fiscal year, is not considered in violation of New Jersey statute and regulation nor in need of corrective action. The District deficit in the GAAP funds statements does not exceed the last state aid payments.

13. Capital Reserve Account

A capital reserve account was established by the Borough of Roselle School District in the amount of $2,705,474 in the 2002-2003 school year for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget.

Funds placed in the capital reserve account are restricted to capital projects in the District's approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the Department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by the transfer by Board resolution at year-end (June 1 to June 30) of any unanticipated revenue or unexpended lineitem appropriation amounts, or both. A district may also appropriate additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A. 19:60-2. Pursuant to NJ.A.C. 6A:23A-14.l(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP.

59




13. Capital Reserve Account (continued)

The activity of the capital reserve for the July 1, 2012 to June 30, 2013 fiscal year is as follows:

Beginning balance, June 30, 2012 Increases:

Deposit by June 2013 Resolution

Ending balance, June 30, 2013

$ 1,685,570

750,000

$ 2,435,570

The June 30,2013 LRFP balance oflocal support costs of uncompleted capital projects exceeded the amount in the capital reserve.

Cash and cash equivalents associated with the capital reserve are reflected in the financial statements as restricted.

14. Commitments

The District has contractual commitments at June 30, 2013 to various vendors, which are recorded as part of the assigned to other purposes in the general fund in the amount of $2,066,972.

There was $1,712,086 of contractual commitments at June 30, 2013 to vendors related to the ongoing construction projects that is included in restricted for capital projects in the capital projects fund.

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'.

Required Supplementary Information Part II

Budgetary Comparison

0.1 Page 1

Borough of Roselle School DIstrict General Fund

Budgetary Comparison Schedule (Budgetary Basis)


Budget Variance Original Transfersl Final Final to Budget Adjustmenta Budllet Actual Actual

REVENUES Local Sources:

Local Tax Levy $ 23,438,800 $ 23,438,800 $ 23,438,800 Intarest 15,000 15,000 6,134 $ (8,866) Miscellaneous 15,000 15,000 708,324 693,324

Total Revenues - Local Sources 23,468,800 23,468,800 24,153,258 684,458

State Sources: Catagorical Special Education Aid 1,657,441 1,657,441 1,657,441 Categorical Transportation 51,811 51,811 51,811 Catagorical Securfly Aid 176,611 176,611 176,611 Equalization Aid 21,677,446 21,677,446 21,677,446 Extraordinary aid 378,925 378,925 On-behalf TPAF Pension Contribution (non-budgeted) 2,625,463 2,625,463 Reimbursed TPAF Social Security Contribution (non-budgatad) 1,501,913 1,501,913

Total Revenues - Stata Sources 23,563,309 23,563,309 28,069,610 4,506,301

Federal Sources: Medicaid Reimbursement 100,727 100,727 125,359 24,632 Educational Job Fund $ 2,032 2,032 2,032

Total Revenues - Federal Sources 100,727 2,032 102,759 127,391 24,632

Total Revenues 47,132,836 2,032 47,134,868 52,350,259 5,215,391

EXPENDITURES Current Expenses: Instruction - Regular programs:

Salaries of taachers: PraschoollKindergarten 692,493 39,307 731,800 707,368 24,432 Grades 1-5 4,009,036 (142,892) 3,866,144 3,657,469 208,675 Grades 6-8 2,829,311 (109,785) 2,719,526 2,644,829 74,697 Grades 9-12 3,921,332 (245,638) 3,875,694 3,548,382 127,312

Regular Programs - Home Instruction: Salaries of Teachers 95,000 (50,000) 45,000 18,237 26,763

Regular Programs - Undistributed Instruction: Olher Salaries for Instruction 309,616 309,616 267,610 42,006 Purchased Professional - Educational services 69,232 124,811 194,043 110,529 63,514 OIhar Purchased Services 209,644 256,845 466,489 339,629 126,660 General Supplies ·511,216 350,784 861,980 770,952 91,028 Textbooks 717,582 (151,053) 566,529 188,124 378,405 Olher Objects 198,554 25,305 223,859 203,013 20,846

Tolal Regular Programs 13,563,016 97,664 13,660,680 12,456,142 1,204,538

Special Education Programs: Learning and/or Language Disabilities:

Salaries of Teachers 1,008,285 (40,000) 968,285 915,394 52,891 Olher Salaries for Instruction 503,677 503,677 501,714 1,963 Olher Purchased Services 4,500 4,500 1,779 2,721 General Supplies 18,750 18,750 18,856 94 Textbooks 1,000 1,000 780 220

Tolal Learning and/or Language Disabilities 1,536,212 {40,OOOI 1,496,212 1,438,323 57,889

Multiple Disabilities: Salarias of Teachers 304,003 4,664 308,667 308,667 Olher Salaries for Instruction 217,259 217,259 211,821 5,438 General Supplies 49,500 {41,2OO1 8,300 7,880 420

Tolal Multiple Dlsabirlties 570,762 {36,5361 534,226 528,368 5,858

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Borough of Roselle School District General Fund



Budget Variance Original Transfersl Final Final to Budllet Adjustments Budllet Actual Actual

Resource RoomIResource Center: Salaries ofTeachers $ 1,641,429 $ (50,826) $ 1,590,603 $ 1,567,695 $ 22,908 General Supplies 1,800 11,000) 800 800

Total Resource RoomlResource Center 1,643,229 151 ,826) 1,591,403 1,568,495 22,908

Autism Disabilities: Salaries ofT eachers 170,103 (33,477) 136,626 136,626 Other Salaries for Inslruction 61,924 61,924 61,923 General supplies 7,175 (2,000) 5,175 5,175 Textbooks 1,844 11•800) 44 44

Total Autism Disabilities 241,046 137,277) 203,769 203.724 45

Total Special Education 3,991,249 1165,639) 3,825,610 3,738,910 86,700

Basic SkillsJRemedial - Instruction: Salaries of Teachers 719,659 28,724 748,383 740,181 8,202

Total Basic SkillsJRemedlal-lnstruction 719,659 28,724 748.383 740,181 8.202

Bilingual Education: Salaries ofT eachers 1,002,178 1,002,178 962,528 39,650 Other Salaries for Inslruction 385,115 385,115 374,827 10,288 Purchased Professional - Educational services 3,420 3,420 2,290 1,130 General Supplies 14,787 5,000 19,787 15,645 3,942 Textbooks 7,758 7,758 6,633 1,125 Other Objects 3,015 1,545 4,560 2,898 1,662

Total Bilingual Education 1,416,273 6,545 1,422,818 1,365,021 57,797

School Sponsored Athletics: Salaries 343,536 (7,400) 336,136 298,480 37,656 Supplies and Materials 104,166 2,800 106,966 104.873 2,093 Other Objects 34,851 14,905) 29,946 29.946

Total School Sponsored Athletics 482,553 19,505) 473,048 433,299 39,749

Other Instructional Programs: Salaries 139,062 5,138 144,200 124,240 19,960 Purchased Services 13,500 13,500 9,543 3,957 Supplies and Materials 12,861 (6,000) 6,861 5,264 1,577 Other Objects 12,979 18,993) 3,986 2,663 1,323

Total Other inslructional Programs 178,402 19,855) 168,547 141.730 26,817

Before/After School Program: Salaries 103,731 57,700 161,431 155,571 5,860 Other Salaries of Inslruction 36,361 36,361 24,809 11,552

Total Before/After School Program 140,092 57.700 197,792 180,380 17,412

Other SupplementaUAt-Rlsk Program: Salaries 122,878 122,878 120,496 2,382

Total Other SupplementaUAt Risk Program 122,878 122,878 120.496 2,382

Total - Instruction 20,614,122 5,634 20,619,756 19,176,159 1,443,597

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Budgetary Comperison Schedule (Budgetary Basis)

Year ended June 3D, 2013

Budget VariancB Original Transfersl Final Final to Budllet AdJustments Budllet Actual Actual

Undistributed Expenditures: Instruction:

Tuition - Other LEAs within Stsle - Speclel $ 1,998,078 $ (575,541) $ 1,422,537 $ 1,365,634 $ 56,903 Tuition - County Vocationel School DIstricts-Regular 514,500 (58,000) 456,500 453,750 2,750 Tuition - County Vocational School DIstricts-Special 82,000 (38,000) 44,000 43,600 40D Tuition - Private Schools for handlcappad within the Stete 1,974,463 (83,000) 1,891,463 1,n4,323 117,140 Tuition - Stsle Facilities 22,n1 17,699 40,470 40,470

Total Undistributed Expendlturas -Instruction 4,591,812 Q:36,8421 3,854,970 3,6n,7n 1n,193

Attendance and Social Wor1l Services: Salaries 120,848 120,848 112,415 8,433 Other Purchased Professional and Technical Servlces 38,980 3,944 42,924 30,050 12,874 Other Purchased Services 450 450 450 Supplies and Materials 405 405 405

Total Attendance and Social Wor1l Services 160,683 3,944 164,627 142,465 22,162

Health Services: Salaries 468,004 468,004 445,143 22,861 Purchased Professional and Technical Services 67,129 (2,249) 64,880 34,894 29,986 Supplies and Materials 9,000 9,000 8,198 802 Other Objects 1,161 1,161 2,322 1,161 1,161

Total Health Services 545,294 !1,0881 544,206 489,396 54,810

Other Supporl Services - Students - Related Services: Salaries 382,709 (70,000) 312,709 288,105 24,604 Supplies and Materials 720 720 586 134

Total Other Supporl Services - Students-Related Services 383,429 Q:O,ODDI 313,429 288,691 24,738

Other Support Services - Studenls Extra Services: Purchased Professional - Educational Services 545,000 319,001 864,001 735,792 128,209

Total Other Support Services - Students Extra Servlces 545,000 319,001 864,001 735,792 128,209

Other Support Services - Stucients - Regular (Guidance): Salerles of Other ProfeSSional Staff 619,672 4,594 624,266 620,254 4,012 Salaries of Secreterlal and Clerical Assistants 79,618 (7,563) 72,055 65,274 6,781 Other Salaries 106,878 1,969 108,847 108,847 Purchased Professlonal- Educational Services 9,000 12,236 21,236 21,236 Other Purchased Professional and Technical Servlces 72,475 (3,121) 69,354 69,354 Other Purchased Services 675 675 675 Supplies and Materials 8,437 (406) 8,031 7,303 728 Other Objects 900 900 900

Total Other Support Services - Students - Regular (Guidance) 897,655 7,709 905,364 892,268 13,096

Other Support Services - Students - Special Services (CST): Selarles of Other Professional Staff 720,853 (11,496) 709,357 696,392 12,965 Salaries of Secretarial and Clerical AssIstants 129,768 1,873 131,641 131,062 579 Other Salaries 95,522 462 95,984 95,984 Other Purchased Professional and Technical Servlces 6,074 (5,000) 1,074 1,074 Miscellaneous Purchased Services 28,842 31,816 60,758 50,293 10,465 Supplies and Materials 43,040 (20,000) 23,040 20,419 2,621 Other Objects 4,428 !2,6691 1.759 446 1,313

Total Other Support Services - Students - Special Services (CST) 1,028,627 !5,0141 1,023,613 994,596 29,017

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C-l Page 4




Budget Variance Original Transfers/ Final Final to Budllet Adjustments Budllet Actual Actual

Improvement of Instructional Services: Salaries of Supervisor of Instruction $ 180,n8 $ 14,171 $ 194,947 $ 189,283 $ 5,684 Salaries of Other Professional Staff 124,236 17,929 142,165 59,400 82,765 Salaries of Sacratarial and Clerical AssIstants 36,400 36,400 36,400 Other Salaries 94,225 17,245 111,470 109,840 1,830 Purchased Professional - Educetional Services 4,149 4,149 4,095 54 Other Purchased Prof. & Tech. Services 62,276 43,821 106,097 106,097 Other Purchased Services 3,618 2,200 5,818 2,494 3,324 Supplies and Materials 54,522 !4,9981 49,524 43,n8 5,746

Total Improvement of Instructional Services 560,202 90,368 650,570 551,187 99,383

Educational Media ServiceslSchool Ubrary: Salaries 135,848 (8,830) 127,016 104,770 22,246 Saiaries of Technology Coordinalors 90,195 (622) 89,573 82,654 8,919 Other Purchased Services 15,339 (6,818) 8,521 8,399 122 Supplies and materials 159,009 !2,0821 156,927 138,078 18,849

Total Educational Media Services ISchool Ubrary 400,389 !18,3521 382,037 333,901 48,136

Instructional Staff Training Services: Salaries 49,120 49,120 49,011 109 Other Purchasad Services 85,285 848 85,933 59,158 26,n5

Total Instructional Staff Training Services 134,405 848 135,053 108,169 26,884

Support Services - General Administration: Salaries 310,421 310,421 298,634 11,787 Legal Services 140,000 140,000 110,940 29,080 Audit Fees 48,300 (3,300) 45,000 45,000 CommunicationslTelephone 114,000 114,000 102,632 11,368 BOE Other Purchased Services 20,000 2,809 22,809 20,307 2,502 Other Purchased Services 90,510 (39,290) 51,220 48,391 2,829 General Supplies 20,096 20,096 19,920 176 Miscellaneous Expenditures 25,707 (14,055) 11,652 10,068 1,584 BOE Membership Dues and Fees 23,099 !4091 22,890 22,689 1

Total Support Services General Administration 792,133 !54,2451 737,888 678,581 59,307

Support Services Schooi Administration: Salaries of PrincipalS/AssL Principals 1,284,498 (49,416) 1,235,082 1,222,002 13,080 Salaries of Secretarial and clerical Assistants 699,187 (4,200) 694,967 563,626 131,341 Supplies and Materials 53,117 !l911 52,326 52,326

Total Support Services School AdministraUon 2,036,782 !54,4071 1,982,375 1,837,954 144,421

Support Services Central Services: Salaries 595,515 7,200 802,715 571,858 30,857 MisceUaneous Purchased Services 87,942 49,027 136,969 69,123 67,846 Supplies and Materials 11,250 11,250 10,881 369 Interest on Leasa Purchasa Agreements 24,620 24,620 4,125 20,495

Total Support Services Central Services 719,327 56,227 775,554 655,987 119,567

Support Services Admin. Info Technology: Salaries 284,193 2,300 286,493 284,765 1,728 Other Purchased Services 39,400 8,709 48,109 40,442 7,667

Total Support Services Admin. Info Technology 303,593 11,009 314,802 305,207 9,395

64

C-l PageS


Budgetary Comperlson Schedule (Budgetary Basis)

Yeer ended June 3D, 2013

Budget Variance Original Transfers! Final Final to Budllet ~ustments Budget Actual Actual

Required Maintenance for School FaclllUes: Salaries $ 140,351 $ 140,351 $ 140,351 Cleaning, Repair and Maintenance Services 114,466 $ 9,663 124,329 124,029 $ 300 General Supplies 38,700 38,700 37,966 734

Total Required Malntanance for School Facilities 293,517 9,863 303,380 302,346 1,034

Other OperaUons & Maintenance of Plant: Salaries 827,304 (38,000) 789,304 733,518 55,786 Purchased Professional and Technical Services 529,468 (22,728) 506,740 425,821 80,919 Cleaning, Repair and Maintenance Services 194,236 352,876 547,112 387,935 159,177 Rental of Land & Building Other than Lease Purchase Agreement 665,752 ·(186,650) 479,102 468,544 10,558 Insurance 198,000 198,000 196,098 1,902 Miscellaneous Purchased Services 1,350 1,350 1,350 General Supplies 140,170 114,560 254,730 191,243 63,487 Energy (Electricity) 319,500 (45,000) 274,500 235,144 39,356 Energy (Natural Gas) 413,000 !35,OOOI 378,000 325,325 52,675

Total Other Operations & Maintenance of Plant 3,288,780 140,058 3,428,838 2,963,628 465,g10

Care & Upkeep of Grounds: Salaries 119,203 10,000 129,203 118,875 10,328 Cleaning, Repair and Malntanance Services 18,000 18,000 18,000 General Supplies 13,500 13,500 13,346 152

Total Care & Upkeep of grounds 150,703 10,000 160,703 150,223 10,480

Security: Salaries 236,242 40,000 276,242 268,748 7,494 Purchased Professional and Technical Services 21,089 21,089 15,976 5,113 General Supplies 70,701 70,701 31,602 39,099

Total Security 236,242 131,790 368,032 316,326 51,706

Student Transportation Services: Manegement Fee - ESC & CTSA Transportation Program 59,591 7 59,598 52,613 6,985 Contracted Services (between home and school- vendors) 414,579 422 415,001 414,579 422 Contracted Services (other than between home and school)- vendors 120,734 120,734 111,022 9,712 Contracted Sarvlces (special education students) - Joint Agreements 1,105,084 !42,5421 1,062,542 914,435 148,107

Total Student Transportation Services 1,699,988 !42,1131 1,657,875 1,492,649 165,226

Unallocated Benefits: Social Security Contnbutions 460,000 177,000 637,000 609,072 27,928 Other Retirement Contributions-Regular 503,735 (84,500) 419,235 419,228 7 Unemployment Compensation 89,517 20,000 109,517 106,785 2,732 Workers Compansation 203,488 (14,000) 189,488 177,363 12,125 Health Benefits 6,918,563 (235,968) 6,682,595 6,547,127 135,468 Tuition Reimbursement 78,771 3,300 82,071 79,749 2,322 Other Employee Benefits 101,967 !45,OOOI 56,967 50,271 8,696

Total Unallocated Benefits 8,356,041 !179,1681 8,176,873 7,989,595 187,278

On-behalf TPAF Pension Contributions (non-budgeted) 2,625,483 (2,625,463) Reimbursed TPAF Social Security Contributions (non-budgeted) 1,501,913 11,501,9131

Total Undistributed Expenditures 27,124,602 !380,6131 26,743,989 29,034,114 !2,290,1251

TOTAL EXPENDITURES - CURRENT EXPENSE 47,738,724 !374,9791 47,363,745 48,210,273 1846,5281

65

C-l Page 6




Budget Variance Orlgtnal Transfers! Final Flnalla Budllet AdJuSbnents Budllet Actual Actual

CAPITAL OUTLAY Equipment

Kindergarten $ 2,000 $ 36,814 $ 38,814 $ 38,814 Grades 1-5 5,000 221,014 226,014 149,382 $ 76,832 Grades 6-8 8,270 35,887 44,157 44,157 Grades 9-12 23,423 112,000 135,423 86,301 49,122 Undistributed Instruction 387,135 387,135 241,005 146,130 Central Services 2,570 2,570 2,570 Custodial Services 20,000 20,000 5,113 14,887 Care and Upkeep of Grounds 15,000 15,000 2,251 12,749 Security 110,582 110,582 110,582

Total Equipment 73,693 906,002 979,695 522,866 456,829

Facilities Acquisition and Construction Services: Anchltecturall Engineering Services 20,000 70,991 90,991 15,125 75,866 Construction Services 1,107,847 423,537 1,531,384 408,187 1,123,197 SDA Debt Service Assessment 15,457 15,457 15,457 Lease Punchase Agreements 130,000 90,000 220,000 219,894 106

Total FacillUes Acquisition and Construction Services 1,273,304 584,528 1,857,832 658,663 1,199,169

TOTAL CAPITAL OUTLAY 1,346,997 1,490,530 2,837,527 1,181,529 1,655,998

SPECIAL SCHOOLS Adult Education - Local - Instruction

Salaries 8,400 8,400 6,373 2,027 Total Adull Education - Local - Instruction 8,400 8,400 6,373 2,027

TOTAL SPECIAL SCHOOLS 8,400 8,400 6,373 2,027

Transfer of Funds to Charter Schools 149,661 93,007 242,668 242,668

TOTAL TRANSFER TO CHARTER SCHOOLS 149,661 93,007 242,668 242,668

Total Expenditures 49,243,782 1,208,558 50,452,340 49,640,843 811,497

(Dellclency) Excess of Revenues (Under) Over Expenditures (2,110,9461 (1,206,5261 (3,317,4721 2,709,416 6,026,888

Other Financing (Uses) Transfer to Capital Projects Fund - Capital OoUay (1,000,0001 (1,000,0001 1,000,000

Total Other financing (Uses) (1,000,0001 (1,000,0001 1,000,000

(Dellclency) Excess of Revenues and other Financing (uses) (Under) over Expenditures and Other Expenditures and other Financing (uses) (2,110,946) (2,206,526) (4,317,472) 2,709,416 (7,026,868)

Fund Balances, July 1 9,143,227 9,143,227 9,143,227

Fund Balances, June 30 $ 7,032,281 $ (2,206,5261 $ 4,825,755 $ 11,852,643 $ rr,026,6881

66

RecapltulaUon of (deficiency) excess of revenuas (under) over expendHures and other financing (uses) sources

Budgeted Fund Balanca Appropriated from CapRaI OuUay AdJustmant for Prior Year Encumbrancas

Total

RecepHulation of Fund Balance: Restricted Fund Balance:

Excess Surplus-prior year Excess Surplus-current year CapRaI Reserve

Assigned to: Year End Encumbrances Designated for Subsequent Yaal's Expenditures

Unassigned Fund Balance

Reconciliation to Governmental Funds Stataments (GAAP): Last Stats Aid Payments not recognized on GAAP basis

Fund Balance per Governmental Funds (GAAP)


Budgetary Comparison Schedule (Budgetary BasiS)

Year ended June 30. 2013

Original Budget

Budget Transfel1ll

Adjustments Final

Budget Actual

$ (2.110.946) $ (1.000.000) $ (3.110.946) $ 4.915.942 $ 1.000.000 1.000.000

C-1 Page 7

Variance Final to Actual

(8.028.888) 1.000.000

_______ ---l(=2.:::20::::6:c.5:;:26:t.) (2.206.526) _.....J:(2:.:.2::::0:o6.=:52::::6L,) ____ _

.. $li:::::5(2!:::.1 .. 100!:.94==:!6) • ..a;$=::!( .. 2 ... 20 .. 8;5.5=26:!:) $ (4.317.472) $ 2.709.416 $ (7.026.888)

$ 1.768.318 2.920.722 2.435.570

2.066.972 1.371.867 1.289,194

11.852.643

$ ~,329.280)

.523.363

67

C-1b

Borough of Roselle School District Education Jobs Fund



Budget Variance Original Transfersl Final Final to Budget Adjustments Budget Actual Actual

REVENUES Federal Sources:

Education Jobs Fund Program Aid $ 2,032 $ 2,032 $ 2,032 Total Revenues 2,032 2,032 2,032

EXPENDITURES Undistributed Expenditures

Unallocated Benefits Health Benefits 2,032 2,032 2,032

Total Unallocated Benefits 2,032 2,032 2,032

Total Expenditures 2,032 2,032 2,032

Excess of Revenues over Expenditures

Fund Balance, July 1

Fund Balance, June 30 $ $ $ $ $

68

C-2

Borough of Roselle School District Special Revenue Fund

Budgetary Comparison Schedule Budgetary Basis

Year ended June 3D, 2013

Budget Variance Original Transferal Final Final Budget Amendments Budget Actual to Actual

REVENUES Stata Sources $ 892,730 $ 93,147 $ . 985,8n $ 917,074 $ 68,803

Federal Sources 2,213,104 1,118,050 3,331,154 2,562,018 769,136

Local Sources 20,482 5,478 25,960 7,490 18,470

Total Revenues 3,126,316 l,21B,B75 4,342,991 3,486,582 858,409

EXPENDITURES

Instruction:

Salaries of Teachers 767,455 507,642 1,275,097 878,886 396,211

Other Salaries for Instruction 318,990 (62,455) 256,535 239,061 17,474

Purchased Professional - Educational Servicas 146,784 112,312 259,096 245,211 13,885

Other Purchased Services 314,112 53,343 387,455 347,576 19,879

General Supplies 48,844 342,542 391,386 358,881 32,525

Textbooks 34,460 4,008 38,468 37,949 519

Other Objects 4,046 27,661 31,707 10,765 20,942

Total Instruction 1,634,691 985,053 2,619,744 2,118,309 501,435

Support Services:

Salaries of Supervisors of Instruction 415,922 (21,473) 394,449 317,272 77,177

Salaries of Program Directors 15,000 15,000 13,410 1,590

Salaries of Other Professional Staff 50,000 50,000 49,460 540

Salaries of Secretarial & Clerical Assistant 19,000 25,576 44,576 36,409 8,167

Other Salaries 106,288 37,522 143,810 93,361 50,449

Personal Services - Employee Benefits 361,057 39,108 400,165 315,212 84,953

Purchased Professional - Educational Services 310,772 119,063 429,835 354,350 75,485

Rentals 102,283 3,000 105,283 98,138 7,145

Other Purchased Services 50,723 3,463 54,186 32,161 22,025

Travel 500 (500)

Supplies and Materials 9,417 33,180 42,597 15,218 27,379

Miscellaneous Expenditures 40,000 3,346 43,346 43,282 64

Total Support Services 1,480,962 242,285 1,723,247 1,368,273 354,974

Facilities Acquisition and Construction Services:

Instructional Equipment 10,663 (10,663)

Total Facilities Acquisition and Construction Services 10,663 (10,663)

TOTAL EXPENDITURES 3,126,316 1,216,675 4,342,991 3,486,582 856,409

Excess (deficiency) of Revenues Over (under) Expenditures $ $ $ $ $

Recapitulation To GAAP:

Last state aid payments not recognized on GAAP Basis $ (49,9052 Fund Balance per Govemmental Special Revenue Fund (GAAP) (B-2) $ (49,905)

B9

Borough of Roselle School District Note to Required Supplementary Information

Budget to GAAP Reconciliation

Sources/inflows of resources Actual amounts (budgetary basis) "revenue" from the

Budgetary Comparison Schedule (C-1 , C-2)

Differences - Budget to GAAP:

Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.

Current Year Prior Year (Net of Cancellations)

State aid payment from prior year recognized in prior year for budgetary purposes, and recognized for GAAP purposes in the current fiscal year.

State aid payments recognized for budgetary purposes, not recognized for GAAP purposes.

Total revenues as reported on the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds (B-2)

Uses/outflows of resources Actual amounts (budgetary basis) "total outflows" from the

Budgetary Comparison Schedule (C-1 , C-2)

Differences - budget to GAAP

Encumbrances for supplies and equipment ordered but not received are recognized as expenditures for budgetary


purposes but are not presented as expenditures for GAAP financial reporting purposes.

Current Year Prior Year (Net of Cancellations)

Total expenditures as reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds (B-2)

$

$

$

$

Geoeral Fuod

52,350,259

2,209,752

(2,329,280)

52,230,731

49,640,843

49,640,843

$

$

$

$

C-3

Special Reveoue

Fund

3,486,582

(202,052) 24,885

48,978

(49,905)

3,308,488

3,486,582

(202,052) 24,885

3,309,415

10

Supplementary Information

Special Revenue Fund

E-I Page 1


Combining Schedule of Program Revenues and Expenditures - Budgetary Basis Year Ended June 30, 2013

C!!!I!!erl92 Chs2ter 193 English As A

Preschool Non-Public Non-Public Non-Public Second Compensato!}' Supplementary Examination & Corrective Personalized Education Aid Textbooks Technololll: Nursins T~onation Lanl!!!!lle Education Instruction Classification S2eech Student

REVENUES Federal sources State sources 473,033 $ 37,949 S 14,334 S 50,857 S 15,754 S 9,379 S 180,342 S 59,046 S 55,593 $ 11,796 $ 8,991 I..oca1 Sources

Total Revenues 473,033 37,949 14,334 50,857 15,754 9,379 S 180,342 59,046 55,593 11,796 8,991

EXPENDITURES Instruction:

Salaries of Teachers $ 231,057 439 Other Salaries for Instruction 84,667 Purchased Professional- Educational Services 620 Other Purchased Services $ 15,754 $ 9,379 $ 180,342 $ 59,046 S 55,593 $ 11,796 Genend Supplies 759 Textbooks 37,949 Other Objects

Total Instruction 315,724 37,949 15,754 9,379 180,342 59,046 55,593 11,796 1,818

Support services: Salaries of Supervisors ofInstruction 2,000 Salaries of Program Directors Salaries of Other ProfesBionai Staff Salaries of Secretarial and Oerica1 Assistant Other Salaries Personal Services - Employee Benefits 60,026 Purchased Professional-Educational Services $ 14,334 $ 50,857 Rentals 97,283 Other Purchased Services ·1,000 Supplies and Materials 4,173 Miscellaneous Expenditures

Total Support Services 157,309 14,334 50,857 7,173

Total expenditures S 473,033 37,949 $ 14,334 50,857 $ 15,754 S 9,379 S 180,342 S 59,046 55,593 $ 11,796 8,991

71

REVENUES Federal sources $ State sources Local Sources

Total Revenues $

Instruction: Salaries of Teachers $ Other Salaries for Instruction Pun:hased Professional - Educational Services Other Purchased Services General Supplies Textbooks Other Objects

Total Instruction

Support services: Salaries of Supervisors of Instruction Salaries of Program Dim:tors Salaries of Other Professional Staff Salaries of Secretarial and Clerical Assistant Other Salaries Personal Services - Employee Benefits Pun:hased Professional-Educational Services Rental Other Pun:hased Services Supplies and Materials Misce1\aneous Expenditures

Total Support Services

Total expenditures $

Borough of RoscUc School District Special Revenue Fund

Combining Schedule of Program Revenues and Expenditures - Budgetary Basis Year Ended June 30, 2013

Title ([ - Part A Title I Title I 9!!!I0ver Title ([ - Part D C!!:!l0ver Title III

754,241 $ 34,146 1,595 $ 81,695 74,539

754,241 34,146 $ 1,595 81,695 $ 74,539

329,541 $ 26,832 50,708 $ 51,685

43,803 1,531 14,616

135,060 5,322

432 432

523,452 28,363 50,708 57,439

29,296

44,093 1,140 84,876 1,232 12,244 10,596 62,647 15,927 1,869

855 4,616 800 1,595 497 4,635 4,406 2,611 2,319

230,789 5,783 1,595 30,987 17,100

754,241 $ 34,146 $ 1,595 $ 81,695 $ 74,539

Titlem C!!!!10ver I.D.E.A. Part B

14,371 $ 768,894

14,371 $ 768,894

$ 6,873 $ 128,801 148,756 155,714

7,498

985

14,371 434,256

224,676

75,283 34,679

334,638

14,371 $ 768,894

lD.EA Part B C!!!!10ver

44,644

$ 44,644

39,323

39,323

5,321

5,321

$ 44,644 $

E-I Page 2

I.D.E.A. Preschool

16,358

16,358

5,638

4,761

5,000

15,399

959

959

16,358

72


Combining Schedule of Program Revenues and Expenditures - Budgetary Basi. Year Ended June 30,2013

ARRA - School Carl Perkins Race to the To~ Imerovement Grant Vocational

REVENUES Federal sources $ 35,387 $ 708,295 27,853 State sources Local Sources

Total Revenues 35.387 $ 708.295 $ 27.853


Salaries ofTeachern 52,950 Other Salaries for Instruction Purchased Professional - Educational Services 1,570 Other Purchased Services 1,050 General Supplies 195,360 8,442 Te>rtbooks Other Objects 735

Total Instruction 248.310 11.797

Support services: Salaries ofSupeMsors of Instruction 61,300 Salaries of Program Directors 8,089 Salaries of Other Professional Staff 49,460 Salaries of Secretarial and Clerical Assistant 35,409 1,000 Other Salaries 48,128 Personal Services - Employee Benefits 69,256 740 Purchased Professional-Educational Services $ 20,887 153,150 Rental Other Purchased Services 14,500 4,518 Supplies and Materials 1,709 Miscellaneous Expenditures 43.282

Total Support Services 35.387 459.985 16.056

Total expenditures 35,387 $ 708.295 $ 27.853

Other Local

$

$ 7.490

$ 7,490 $

$ 2,650

1,659

3.181

7.490

7.490 $

E-I Page 3

Total

2,562,018 917,074

7.490

3,486.582

878,886 239,061 245,211 347,576 358,861

37,949 10.765

;118.309

317,272 13,410 49,460 36,409 93,361

315,212 354,350

98, \38 32,161 15,218 43.282

1.368.273

3,486.582

73


Salaries of Teachers


Special Revenue Fund Schedule of Preschool Education Aid Program Expenditures

Budgetary Basis

Year Ended June 30, 2013

Original Budget

Budget Transfers

Final Budget Actual

Other Salaries for Instruction $ 257,074

84,667 $ 257,074

84,667 $ 231,057

84,667

Total Instruction 341,741 341,741 315,724

Support Services: Personal Services - Employee Benefits Rentals

60,026 97,283

60,026 97,283

60,026 97,283

Total Support Services 157,309 157,309 157,309

Total Expenditures $ 499,050 $ $ 499,050 $ 473,033

Calculation of Budget and Carryover

Total Revised 2012-2013 Preschool Education Aid Allocation Add: Refund of Prior year Preschool Expenditures and Tuition Revenues (net of adjustments)

Add: Actual Preschool Education Aid Carryover (June 30, 2012) Total Preschool Educatoin Aid Funds Available for 2012-2013 Budget

Less: 2012-2013 Budgeted Preschool Education Aid (including prior year budgeted carryover)

Available and Unbudgeted Preschool Education Aid Funds as June 30, 2013

Add: 2012-2013 Unexpended Preschool Education Aid 2012-2013 Actual Carryover - Preschool Education Aid

2012-13 Preschool Education Aid Carryover Budgeted in 2013-2014

E-2

Variance

$ 26,017

26,017

$ 26,017

$ 499,050 58,673

166,382 724,105

(499,050) 225,055

26,017 $ 251,072

$

74

Capital Projects Fund

Borough of Roselle School District Capital Projects Fund

Summary Schedule of Project Revenues, Expenditures and Changes in Fund Balance - Budgetary Basis


EXPENDITURES Other purchased professional and technical services Construction services Total expenditures

Fund balance, July I

Fund balance, June 30

Reconciliation to GAAP basis Fund balance, June 30,2013 - budgetary basis Less:

SDA proceeds not recognizable on a GAAP basis

Fund balance, June 30, 2013 - GAAP basis

F-l

$ 326,397 3,047,451 3,373,848

8,516,618

$ 5,142,770

$ 5,142,770

(3,133,275)

$ 220092495

75


Schedule of Project Revenues, Expenditures, Project Balance and Project Status

(Budgetary Basis)

Various SDA Approved In-District Projects

From Inception and for the year ended June 30,2013

Prior Current Period Year Totals

Revenues and Other Financing Sources

Transfer from capital outlay $ 2,279,794 $ 2,279,794 Transfer from capital reserve 5,250,540 5,250,540 State Sources· SDA Grants 8,798,752 8,798,752 Total revenues 16,329,086 16,329,086

Expenditures and Other Financing Uses

Other purchased professional and technical services 480,560 $ 326,397 806,957 Construction services 7,331,908 3,047,451 10,379,359 Total expenditures 7,812,468 3,373,848 11,186,316

Excess (deficiency) of revenues over (under) expenditures $ 8516618 ~ (3373848) $ 5,142770

F·1a

Revised Authorized

Cost

$ 2,279,794 5,250,540 8,798,752

16,329,086

1,384,572 14,944,514 16,329,086

~

76


Schedule of Project Revenues, Expenditures, Project Balances and Project Status


Transfer from capital outlay Transfer from capital reserve State Sources - SDA Grants Total revenues


(Budgetary Basis)

Additions to WiJday Middle School

From Inception and for the year ended June 30, 2013

Prior Period

$ 2,930,260 1,545,644 4,475,904

Current Year

Other purchased professional and technical services Construction services 4,451,750 Total expenditures 4,451,750

Totals

$ 2,930,260 1,545,644 4,475,904

4,451,750 4,451,750

Excess (deficiency) of revenues over (under) expenditures $ 24,154 =$lb=== c$!b===~2==4,>=15",,4=

F-Ib

Revised Authorized

Cost

$ 2,930,260 1,545,644 4,475,904

4,475,904 4,475,904

$

77



(Budgetary Basis)

Auditorium Upgrade - Abraham Clark High School





Other purchased professional and technical services Construction services Total expenditures

Prior Period

$ 291,992

458,263 750,255

31,245 716,833 748,078

Current Year

$ 1,334 842

2,176

Totals

$ 291,992

458,263 750,255

32,579 717,675 750,254

F-Ic

Revised Authorized

$

Cost

291,992

458,263 750,255

31,245 719,010 750,255

Excess (deficiency) of revenues over (under) expenditures $ 2,177 $ (2 176) =$~===,6 =l!b$ ====

Additional Project Information

Project Number Grant Date Origina\ Authorized Cost Revised Authorized Cost

Percentage increase over Original Authorized Costs

Percentage Completion Origina\ target Completion date Revised Target Completion date

4540-010-09-1011 61212010

$ 750,255 $ 750,255

nla

100% Aug-12 Aug-\3

78



(Budgetary Basis)

New Exterior Doors, Boiler, CCTV Security System - Abraham Clark High School


Prior Period

Current Year Totals


F-Id

Revised Authorized

Cost


$ 470,973 $ 470,973 $ 470,973



Excess (deficiency) of revenues over (under) expenditures


Project Number Grant Date Original Authorized Cost Revised Authorized Cost


Percentage Completion Original target Completion date Revised Target Completion date

739,162 1,210,135

8,806 953,173 961,979

~ 248156

4540-010-09-1004 61212010

$ 1,210,135 $ 1,210,\35

nla

88% Aug-I 2 Jun-14

739,162 739,162 1,210,135 1,210,135

$ 2,175 10,981 149,456 98,729 1,051,902 1,060,679

100,904 1,062,883 1,210,135

~ (100904) ~ 147252 ~

79



(Budgetary Basis)

F·1e

New Exterior Doors, Upgrade Electrical Services, New CCTV Security System· Dr. Charles C. Polk School



Transfer from capital outlay Transfer from capital reserve State Sources· SDA Grants Total revenues








~

Prior Period

$ 33,507 58,656

144,645 236,808

5,400 2,658 8,058

~~8 150

4540-030·009·1009 61212010

$ 236,808 $ 236,808

nla

3% Aug·12 Jun· 14

S

Current Year

$ 1,639 53,756 55,395

(5~ ~95l ~

Totals

$ 33,507 58,656

144,645 236,808

7,039 56,414 63,453

173355

Revised Authorized

Cost

$ 33,507

S

58,656 144,645 236,808

30,888 205,920 236,808

80



(Budgetary Basis)

Science Lab Renovations, New Lockers - Abraham Clark High School


Prior Period

Current Year Totals


F-If

Revised Authorized

Cost

Transfer from capital outlay Transfer from capital reserve State Sources - SDA Grants

$ 575,186 $ 575,186 $ 575,186

Total revenues


Other purchased professional and technical services Construction services

Total expenditures






902,718 1,477,904

85,494 766,192 851,686

i 626218

4540-0 I 0-09-1 005 61212010

$ 1,477,904 $ 1,477,904

nla

58% Aug-12 Jun-14

902,718 902,718 1,477,904 1,477,904

85,494 176,945 $ 353 766,545 1,300,959

353 852,039 1,471.904

i (353) i 625865 i

81



(Budgetary Basis)

Roof Replacement - Wilday Middle School



Transfer from capital outlay Transfer from capital reserve State Sources - SOA Grants Total revenues








~

Prior Period

$ 192,007 301,343 493,350

5,400 253,090 258,490

23486Q

4540-060-09-1012 61212010

$ 493,350 $ 493,350

nla

53% Aug-12 Jun-14

~

Current Year

$ 859

859

(859) ~

Totals

$ 192,007 301,343 493,350

6,259 253,090 259,349

234,001

F-lg

Revised Authorized

Cost

$ 192,007 301,343 493,350

64,350 429,000 493,350

~

82


F-Ih


(Budgetary Basis)

Upgrade Electrical Services - Harrison Elementary School











Prior Period

$ 23,313 36,587 59,900

7,815

7,815

Current Year

$ 52,085 =$,,=====

4540-020-09-1002 6/2/2010

$ 59,900 $ 59,900

nla

13% Aug-12 Jun-14

$

Totals

$ 23,313 36,587 59,900

7,815

7,815

Revised Authorized

Cost

$ 23,313 36,587 59,900

8,508 51,392 59,900

52 085 =$,,=====

83



(Budgetary Basis)

New Intercom and CCTV Security System - Wilday Middle School











S

Prior Period

$ 28,800 45,201 74,001

2,657 2,657

71344

4540-060~9-1007

61212010 $ 74,001 $ 74,001

nla

4% Aug-12 ]un-14

S

Current Year

$ 8,968 56,169 65,137

(65131l S

Totals

$ 28,800 45,201 74,001

8,968 58,826 67,794

6,207

F-li

Revised Authorized

Cost

$ 28,800 45,201 74,001

9,651 64,350 74,001

S

84


F-Ij


(Budgetary Basis)

New Intercom and CCTV Security System - Washington Elementary School











$

Prior Period

$ 28,800 45,201 74,001

5,000 2z657 7z657

66344

4540-050-09-1010 6/2/2010

$ 74,001 $ 74,001

nla

10% Aug-I 2 Jun-14

$

Current Year

$ 2,039 54z404 56,443

(56443) $

Totals

Revised Authorized

Cost

$ 28,800 $ 45,201

28,800 45,201

74,001 74,001

7,039 9,651 57z061 64z350 64,100 74,001

9201 $

85



(Budgetary Basis)

New Intercom and CCTV Security System - Leonard V. Moore Middle School











$

Prior Period

$ 28,800 45,201 74,001

5,400 2,657 8,057

65944

4540-040-09-1006 61212010

$ 74,001 $ 74,001

nla

11% Aug-12 Jun-14

~

Current Year

$ 2,548 45,959 48,507

(48507} ~

Totals

$ 28,800 45,201 74,001

7,948 48,616 56,564

17,437

F-lk

Revised Authorized

Cost

$ 28,800 45,201 74,001

9,651 64,350 74,001

$

86



(Budgetary Basis)

Intercom P A System Replacement, New Security System - Harrison Elementary School



Trnnsfer from capital outlay Trnnsfer from capital reserve State Sources - SDA Grants Total revenues





Project Number GrnntDate Original Authorized Cost Revised Authorized Cost



~

Prior Period

$ 63,362 99,442

162,804

5,400 2,657 8,057

154747

4540-020-09-1008 612/2010

$ 162,804 $ 162,804

nla

5% Aug-12 Jun-14

~

Current Year

$ 1,639 53,901 55,540

(55,540) ~

Totals

$ 63,362 99,442

162,804

7,039 56,558 63,597

99,207

F-II

Revised Authorized

Cost

$ 63,362 99,442

162,804

21,234 141,570 162,804

~

87



(Budgetary Basis)

Roof Replacement and Parapet Wall Repair - Washington Elementary School

From Inception and for the year ended Iune 30, 2013










Prior Period

$ 273,688 432,812 706,500

51,000

51,000

~ 655500

4540-050-10-1010 512312012

$ 706,500 $ 706,500

nla

7% Jun-13 Jun-14

Current Year

$ 16,365 206,080 222,445

~ (222~5l ~

Totals

$ 273,688 432,812 706,500

67,365 206,080 273,445

433,055

F-lm

Revised Authorized

Cost

$ 273,688 432,812 706,500

68,000 638,500 706,500

~

88



(Budgetary Basis)

Electrical Upgrades - Washington Elementary School



Transfer from capital outlay Transfer from capital reserve State Sources· SOA Grants Total revenues





Project Number GrantOate Original Authorized Cost Revised Authorized Cost



S

Prior Period

$ 362,011 572,489 934,500

74,000 128,184 202,184

732316

4540-050-10-1026 512312012

$ 934,500 $ 934,500

nla

22% Aug-13 Jun-14

S

Current Year

$ 16,587 660,415 677,002

(677002) S

Totals

$ 362,011 572,489 934,500

90,587 788,599 879,186

55314

F-In

Revised Authorized

Cost

$ 362,011 572,489 934,500

92,000 842.500 934,500

S

89



(Budgetary Basis)

Roof replacement - Harrison Elementary School











~

Prior Period

$ 232,199 367,201 599,400

47,000

47,000

552400

4540-020-10-1003 5/23/2012

$ 599,400 $ 599,400

nla

8% Aug-I3 Jun-14

~

Current Year

$ 11,819 228,000 239,819

(239819) ~

Totals

$ 232,199 367,201 599,400

58,819 228,000 286,819

312581

F-Io

Revised Authorized

Cost

$ 232,199 367,201 599,400

60,000 539,400 599,400

~

90


F-lp


(Budgetary Basis)

Interior door replacement - Harrison Elementary School











Prior Period

$ 108,313

171,287 279,600

Current Year

$ 279 600 =l$b:==~=

4540-020-10-1002 5123/2012

$ 279,600 $ 279,600

nla

0% Aug-13 Jun-14

$

Totals

$ 108,313

171,287 279,600

Revised Authorized

Cost

$ 108,313

171,287 279,600

$ 37,600 242,000 279,600

279 600 =$b,=~=

91



(Budgetary Basis)

Brick pointing, power cleaning, lintel replacement· Harrison Elementary School






Prior Period

$ 72,925 115,325 188,250

Current Year Totals

$ 72,925 115,325 188,250

F-lq

Revised Authorized

Cost

$ 72,925 115,325 188,250

28,750 159,500 188,250

Excess (deficiency) of revenues over (under) expenditures $ 188250 .,l$b::===== $ 188 250 ~$ ======





4540-020-10·1017 512312012

$ 188,250 $ 188,250

nla

0% Aug-13 Jun-15

92



(Budgetary Basis)

Electrical Service Upgrade. Dr. Charles C. Polk School











~

Prior Period

$ 234,058 370,142 604,200

50,000 19,000 69,000

535200

4540-030-10-1020 512312012

$ 604,200 $ 604,200

nla

11% Aug-13 Jun-14

~

Current Year

$ 24,612 471,545 496,157

(496,157) ~

Totals

$ 234,058 370,142 604,200

74,612 490,545 565,157

39043

F-lr

Revised Authorized

Cost

$ 234,os8 370,142 604,200

87,200 517,000 604,200

~

93



(Budgetary Basis)

Brick Pointing, power cleaning, lintel replacement - Dr. Charles C. Polk School






Prior Period

$ 69,807 110,393 180,200

Current Year Totals

$ 69,807 110,393 180,200

F-Is

Revised Authorized

Cost

$ 69,807 110,393 180,200

26,200 154,000 180,200

Excess (deficiency) of revenues over (under) expenditures $ 180 200 d$b===~= $ 180200 ~$=~=





4540-030-10-1021 5123/2012

$ 180,200 $ 180,200

nla

0% Aug-13 Jun-15

94



(Budgetary Basis)

Brick Pointing, power cleaning, lintel replacement - Leonard V. Moore Middle School



Transfer from capital outlay Transfer from capital reserve Stale Sources - SDA Grants Total revenues



Prior Period

$ 75,153 118,847 194,000

Current Year Totals

$ 75,153 118,847 194,000

F-It

Revised Authorized

Cost

$ 75,153 118,847 194,000

44,000 150,000 194,000

Excess (deficiency) of revenues over (under) expenditures $ 194 000 d$b===~= $ 194.000 =$~=~=





4540-040-10-1022 5/23/2012

$ 194.,000 $ 194,000

nla

0% Aug-\3 Jun-15

95



(Budgetary Basis)

Electrical Upgrades - Leonard V. Moore Middle School











~

Prior Period

$ 253,389 400,711 654,100

47,700 19,000 66,700

587400

4540-040-10-1023 5/23/2012

$ 654,100 $ 654,100

nla

10% Aug-J3 Jun-14

~

Current Year

$ 15,563 546,556 562,119

(562,119) ~

Totals

$ 253,389 400,711 654,100

63,263 565,556 628,819

25,281

F-Iu

Revised Authorized

Cost

$ 253,389 400,711 654,100

76,600 577,500 654,100

~

96


F-Iv


(Budgetary Basis)

Windows and Exterior Door Replacement. Leonard V. Moore Middle School











$

Prior Period

$ 249,650

394,800 644,450

644,450 $

4540-040-10-1024 5/2312012

$ 644,450 $ 644,450

nla

0% Aug-13 Aug-13

Current Year

$ 59,636 13,680 73,316

(73316) $

Totals

$ 249,650

394,800 644,450

59,636 13,680 73,316

Revised Authorized

Cost

$ 249,650

394,800 644,450

77,950 566,500 644,450

571134 d!:$=~~

97



(Budgetary Basis)

Windows and Exterior Door Replacement - Harrison Elementary School











Prior Period

$ 21S,483

340,767 SS6,2S0

~ SS6JSO

4S40-020-10-1018 S12312012

$ SS6,2S0 $ SS6,2S0

nla

0% Aug-13 Aug-13

Current Year

$ 6S,079 3S,387

100,466

~ (l00,46§) ~

Totals

$ 21S,483

340,767 SS6,2S0

6S,079 3S,387

100,466

4SS 784

F-lw

Revised Authorized

Cost

$ 21S,483

340,767 SS6,2S0

66,7S0 489,SOO SS6,2S0

~

98


F-Ix


(Budgetary Basis)

Windows and Exterior Door Replacement - Washington Elementary School

From Inception and for the year ended June 30, 20 \3










$

Prior Period

$ 212,083

335,390 547,473

547473 $

4540-050-10-1025 512312012

$ $

547,473 547,473

nla

0% Aug-13 Aug-\3

Current Year

$ 50,008 38,665 88,673

(88,673) $

Totals

$ 212,083

335,390 547,473

50,008 38,665 88,673

Revised Authorized

Cost

$ 212,083

335,390 547,473

62,043 485,430 547,473

458 800 =$b:====

99

Borough ofRoseJle School District Capital Projects Fund


(Budgetary Basis)

Electrical Upgrades - Wilday Middle School






Prior Period

$ 234,058 370,142 604,200

50,900 11,400 62,300

Current Year

$ 12,289 472,370 484,659

Totals

$ 234,058 370,142 604,200

63,189 483,770 546,959

Excess (deficiency) of revenues over (under) expenditures $ 541900 $ (484 659) =$~==~54;7~24~1=

Additional Pro.iect Information




4540-060-10-1013 5/2312012

$ 604,200 $ 604,200

nla

10% Aug-13 Jun-14

F-Iy

Revised Authorized

Cost

$

$

234,058 370,142 604,200

72,000 532,200 604,200

100



(Budgetary Basis)

Window And Exterior Door Replacement - Wilday Middle School



Transfer from capital outlay Transfer from capital reserve State Sources 0 SDA Grants Total revenues




Additional Pro,iect Information




$

$

Prior Period

122,607

193,893 316,500

316500 $

4540-060-10-1028 512312012

$ 316,500 $ 316,500

nla

0% Aug-\3 Augo \3

Current Year

$ 33,238 10,640 43,878

Totals

$ 122,607

193,893 316,500

33,238 10,640 43,878

(43,878) d$~=~27~2,g62~2b

Folz

Revised Authorized

Cost

$

$

122,607

193,893 316,500

41,500 275,000 316,500

101



(Budgetary Basis)

Door Replacement - WiJday Middle School






Prior Period

$ 89,254 141,146 230,400

Current Year Totals

$ 89,254 141,146 230,400

Excess (deficiency) of revenues over (under) expenditures $ 230400 =$!:======== =$!:====23a!0£4~00~

Additional Pro,ject Information




4540-060-10-1030 512312012

$ 230,400 $ 230,400

nla

0% Aug-J3 Aug-I 3

F-laa

Revised Authorized

Cost

$

$

89,254 141,146 230,400

32,400 198,000 230,400

102

Borough of Roselle School Distrie! Capital Projects Fund

Summary Schedule of Project Expenditures From Inception and for the Year Ended June 30, 2013

IssuelProject Title

District Projects: Additions to Wilday Middle School $ Auditorium Upgrades - Abraham Clark High School Various Upgrades Abraham Clark Dr. Charles C. Polk

Science Lab Renovations I Lockers- Abraham Clark High School Roof Replacement - Wilday Middle School Electrical Upgrades - Harrison Elementary School New Intercom and CCTV Security System Wilday Middle School Washington Elementary School Leonard V. Moore Middle School Harrison Elementary

Brick Pointing, power cleaning, lintel replacement Dr. Charles C. Polk School Leonard V. Moore Middle School Harrison Elementary School

Electrical Upgrades Dr. Charles C. Polk School Leonard V. Moore Middle School Washington Elementary School Wilday Middle School

Interior door replacement - Harrison Elementary School Roof replacement - Harrison Elementary School Roof Replacement and parapet wall repair - Washington Elementary School Window And exterior Door Replacement Leonard V. Moore Middle School Wildey Middle School Harrison Elementary School Washington Elementary School

Door Replacement Wilday Middle School

Total

Apl!rop.

4,475,904 750,255

1,210,135 236,808

1,477,904 493,350

59,900

74,001 74,001 74,001

162,804

180,200 194,000 188,250

604,200 654,100 934,500 604,200 279,600 599,400 706,500

644,450 316,500 556,250 547,473 230,400

16,329,086 District Project totals d$bd~~:;:'

Allocation of Total Appropriations Local Sources;

Capital Reserve Capital Outlay

State Sources; SDAGrants

Total

$

$

5,250,540 2,279,794 7,530,334

8,798,752

16,329,086

$

$

F-2

EXl!endltures to Date Prior Current Unexpended

Year Year Balance

4,451,750 $ 24,154 748,078 $ 2,176 1

981,979 100,904 147,252 8,058 55,395 173,355

851,686 353 625,865 258,490 859 234,001

7,815 52,085

2,657 65,137 6,207 7,657 56,443 9,901 8,057 48,507 17,437 8,057 55,540 99,207

180,200 194,000 188,250

69,000 496,157 39,043 66,700 562,119 25,281

202,184 677,002 55,314 62,300 484,659 57,241

279,600 47,000 239,819 312,581 51,000 222,445 433,055

73,316 571,134 43,878 272,622

100,466 455,784 88,673 458,800

230,400

7,812,468 $ 3,373,848 $ 5,142,770

103


'.

Fiduciary Funds

ASSETS Cash and cash equivalents Interfund receivable Total Assets

LIABILITIES Payable to student groups

Borough of Roselle School District Combining Statement of Fiduciary Net Position

Fiduciary Funds June 30, 2013

Trust Private Purpose Student

Scholarshil! Activi~

$ 191,762 $ 81,687

191,762 $ 81,687

$ 81,687 Payroll deductions and withholdings payable Total Liabilities $ 811687

NETPOSmON Held in trust for scholarships 191,762 Total net position $ 191,762

H·l

Agencl Total

Agency Pal roll Funds

$ 408,397 $ 490,084 10,864 10,864

$ 419,261 $ 5°°1948

$ 81,687 $ 419,261 419,261 $ 419,261 $ 5°°1948

104

OliverE. Louis Young Levine

ADDITIONS Contributions Investment earnings $ 6

Total additions 6

DEDUCTIONS Scholarships awarded 2,500

Total deductions 2,500

Change in net positon (2,494)

Net position-beginning of the year 64,549 $ 16 Net position-end of the year $ 62,055 $ 16

Borough of RoseUe School District Combining Statement of Cbanges in Fiduciary Net Position

Fiduciary Funds Year ended June 30, 2013

Private Purpose - Memorial Scholarships

Oliver E. Jillian Josepb Evelyn Dobner Young Ellis Bustard Rung Trust Instrumental

$ 2,000 $ 201 $ 200 $ 2 7 $ 22 9

2,000 2 208 22 209

2,000 600 500 2,000 200 600 500 2,000 200

2,000 (598) (292) (1.978) 9

1,029 2,581 116,112 3,172 $ 2,000 $ 431 $ 2,289 $ 114,134 $ 3,181

H-2

OIiverE. Young Darlene Playground Vocal Roberto Project Total

$ 500 $ 5,000 $ 7,901 8 $ 36 90

508 5,000 36 7,991

700 3,000 11,500 700 3,000 11,500

(192) 2,000 36 (3.509)

3.048 32 4,732 195~71 $ 2,856 $ ~032 $ 4,768 $ 191,762

105

H-3

Borough of Roselle School District Student Activity Agency Fund

Schedule of Cash Receipts and Cash Disbursements Year ended June 30,2013

Balance Cash Cash Balance June 30! 2012 Receil!ts Disbursements June 30, 2013

Elementary School Accounts: Washington School $ 12,598 $ 10,183 $ 10,824 $ 11,957 Hamson School 1,594 15,647 14,521 2,720 Charles C. Polk School 633 20,475 17,264 3,844 Kindergarten Success Academy 41593 41°39 6,498 21134 Total Elementary School Accounts 19,418 50,344 49,107 20,655

Middle School Accounts: Wilday School 5,312 6,419 7,293 4,438 Leonard V. Moore School (112) 8,310 7,147 11°51 Total Middle School Accounts 51200 14,729 14,440 5,489

High School Accounts: Athletic Account 24,310 29,359 39,040 14,629 Student Activity Account-MM 24,625 72 24,697 Student Activity Account - Checking 21,977 12,370 18,130 16,217 Total High School Accounts 70,912 41,801 57,170 55,543

Totals $ 95,530 $ 106,874 $ 120,717 $ 81 1687

106

H-4

Borough of Roselle School District Payroll Agency Fund

Schedule of Cash Receipts and Cash Disbursements Year Ended June 30, 2013

Balance Cash Cash Balance June 30, 2012 Receil!ts Disbursements June 30, 2013

ASSETS

Cash and cash equivalents $ 321,696 $ 42,748,410 $ 42,661,709 $ 408,397 lnterfund receivable 10,864 101864 Total Assets $ 332,560 $ 42,7481410 $ 42,6611709 $ 419,261

LIABILITIES

Payroll deductions and withholdings $ 332,560 $ 12,342,258 $ 12,255,557 $ 419,261 Salaries and wages payable 30,406,152 30,406,152

Total Liabilities $ 332,560 $ 42,748,410 $ 42,661,709 $ 419,261

107

Long-Term Debt

1-2 BOROUGH OF ROSELLE SCHOOL DISTRICT

Long-Tenn Debt Statement of Obligations Under Capital leases


Amount of Date of Tennof Original Interest Balance Balance Lease Lease Lease Rate June 30, 2012 Retired June 30, 2013

Xerox 4595 (ACHS) 05/01108 5 years $ 17,750 6.00% $ 3,672 $ 3,672 Xerox 5638 (ACHS) 05/01108 5 years 8,308 6.00% 1,718 1,718 Xerox 4595 (L VM) 05/01108 5 years 28,396 6.00% 5,874 5,874 Xerox 7242 (Food Service) 05/01108 5 years 9,073 6.00% 1,877 1,877 Xerox 4595 (WASH) 05/01108 5 years 28,428 6.00% 5,881 5,881 Xerox 4595 (Wilday) 05/01108 5 years 33,036 6.00% 6,834 6,834 Xerox 4595 (Wilday) 05/01/08 5 years 27,831 6.00% 5,757 5,757 Xerox 4595 (Harrison) 05/01/08 5 years 27,831 6.00% 5,757 5,757 Xerox 4595 (polk) 05/01108 5 years 27,254 6.00% 5,638 5,638 Xerox 4150 (6 copiers)

Wilday (1) 06/01108 5 years 3,659 6.00% 803 803 ACHS(2) 05/01108 5 years 7,318 6.00% 1,515 1,515 Polk (1) 05/01108 5 years 3,659 6.00% 757 757 Washington (1) 05/01108 5 years 3,659 6.00% 757 757 Harrison (1) 05/01108 5 years 3,659 6.00% 757 757

$ 47,597 $ 47,597 $

108

'. I

Thi$pqge left blank intentionally

'.

Statistical Section (Unaudited)

Statistical Section Unaudited

Contents

Financial Trends

These schedules contain trend information to help the reader understand how the district's financial performance and well being have changed over time.

Revenue Capacity

These schedules contain information to help the reader assess the district's most significant local revenue source, the property tax.

Debt Capacity

These schedules present information to help the reader assess the affordability of the district's current levels of outstanding debt and the district's ability to issue additional debt in the future.

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the reader understand the environment within which the district's financial activities take place.

Operating Information

These schedules contain service and infrastructure data to help the reader understand how the information in the district's financial report relates to the services the district provides and the activities it performs.

Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports (CAFR) for the relevant year. The district implemented GASB Statement 34 in the fiscal year ended June 30, 2003. Ten years of information has been provided where available.

Borough of Roselle School District Net Position by Component

Last Seven Years (accrual basis of accounting)

Unaudited June 30,

2007 2008 2009 2010 2011 2012

Governmental activities Net investment in capital assets $ 6,140,340 $ 6,220,309 $ 5,856,819 $ 6,033,927 $ 6,777,011 $ 10,355,551 Restricted 4,263,652 2,543,461 4,259,390 6,257,698 5,241,137 8,378,938 Unrestricted 623,481 (404,2042 1,161,574 ~1,367,0962 1,334,839 612,767

Total governmental activities net position $ 11,027,473 $ 8,359,566 $ 11,277,783 $ 10,924,529 $ 13,352,987 $ 19,347,256

Business-type activities Invested in capital assets $ 58,826 $ 60,013 $ 53,915 $ 73,462 $ 119,261 $ 154,848 Unrestricted 284,805 280,903 234,407 281,771 285,857 145,313

Total business-type activities net position $ 343,631 $ 340,916 $ 288,322 $ 355,233 $ 405,118 $ 300,161

Government-wide Net investment in capital assets $ 6,199,166 $ 6,280,322 $ 5,910,734 $ 6,107,389 $ 6,896,272 $ 10,510,399 Restricted 4,297,431 2,543,461 4,259,390 6,257,698 5,241,137 8,378,938 Unrestricted {338,6762 (123,3012 1,395,981 ~1,085,3252 1,620,696 758,080

Total government-wide net position $ 10,157,921 $ 8,700,482 $ 11,566,105 $ 11,279,762 $ 13,758,105 $ 19,647,417

Source: CAFR Schedule A-I

This table was required with the implementation of GASB 34 in the 2003 fiscal year. Information has been presented back to the year that information has been made available. Additional years will be added until ten years are presented.

GASB No. 63 was implemented in the 2013 fiscal year, which required a change in language from net assets to net position for full accrual funds. This required presentation did not impact any of the balances from prior years. (See footnotes for detail).

1-1

2013

$ 13,973,394 9,134,105 1,174,472

$ 24,281,971

$ 136,512 72,750

$ 209,262

$ 14,109,906 9,134,105 1,247,222

$ 24,491,233

109

1-2 P.1

Borough of Roselle School District Changes in Net Positicm, Last Seven Fiscal Years

(accrual basis of accounting) Unaudited

Vear el'lded June 301

2007 2008 2009 2010 2011 2012 2013 Expenses Governmental activities

Instruction Regular S 17,601,639 S 17,145,489 S 16,124,349 S 19,121,220 S 19,816,588 S 19,658,151 S 20,710,786 Special education 3,403,418 3,614,379 4,022,220 4,775,597 5,604,221 5,028,434 5,602,302 Other instruction 2,977,804 2,189,176 3,116,842 3,727,847 3,846,346 4,055,906 4,392,570

Support Services: Instruction 7,114,287 7,647,788 5,557,907 5,162,562 4,369,280 3,958,783 3,677,777 Student &. instruction related services 5,764,629 6,509,272 4,765,049 6,046,005 7,564,912 7,484,000 7,437,973 General administrative services 1,253,042 1,027,030 2,670,799 1,228,057 1,148,364 912,100 834,281 School administrative services 2,433,944 2,211,582 1,815,740 2,524,188 2,652,376 2,874,166 2,736,811 BusinesslCentralllnfo Technology 1,403,928 1,269,501 908,681 1,200,556 1,286,521 1,385,168 1,383,785 Plant operations and maintenance 3,638,439 4,406,397 6,526,613 4,477,769 4,008,830 4,078,466 4,127,896 Pupil transportation 2,989,131 3,584,399 2,918,452 2,206,990 1,426,179 1,483,072 1,517,366

Special Schools 8,400 8,400 8,400 8,400 8,495 8,492 6,464 Charter Schools 40,395 53,212 45,111 62,251 92,875 242,668 Capital Outlay 176,945

Total governmental activities expenses 48,588,661 49,653,808 48,665,209 50,524,302 51,794,363 51,019,613 5~670,679

Business-type activities: Food service 1,120,996 1,187,073 1,244,829 1,244,170 1,447,503 1,589,954 1,727,783 Community Schnol 1,510 6,702 3,996 1,189 1,605 341

Total business-type activities expense 1,1;g506 1,193,775 1~8,82S 1,245,359 1,449,108 1~9O,295 1,727,783 Total district expenses S 49.711,167 S 50,847,583 S 49,914,034 $ 51,769,661 S 53,243,471 S 5~609,908 $ 54,398,462

Program Revenues Governmental activities:

Opersting grants and contributions S 4,349,477 $ 4,937,245 S 2,950,632 $ 5,725,552 $ 5,378,726 $ 4,630,524 S 3,308,488 Capital grants and contributions 421,246 1,632,412 ~066,175

Total governmental activities program revenues 4,349,477 4,937.245 ~950,632 5,725,552 5,799,972 6,26~936 5,374,663

Business-type activities: Charges for services

Food service 340,587 319,565 263,084 263,160 319,305 281,440 297,028 Community School 1,964 3,800 3,718 1,610 1,244 423 200

Opersting grants and contributions 789,186 817,611 929,429 1,010,075 1,178,441 1,203,474 1,339,656 Total business type activities program revenues 1,131,737 1,140,976 1,196,231 1,274,845 1,498,990 1,485,337 1,636,884 Total district program revenues $ 5,481,214 S 6,078,221 $ 4,146,863 S 7,000,397 S 7~98,962 S V48~ S 7,011,547

110

]-2 P.2

Borough of Roselle School District Changes in Net Position. Last Seven Fiscal Years

(accrual basis of accounting) UDaudited

Net (Expense)/ReveDue Governmental activities $ (44,239,184) $ (44,716,563) $ (45,714,577) $ (44,798,750) $ (45,994,391) $ (44,756,677) $ (47,296,016) Business-type activities 9,231 (5;799} (52,594} 29,486 49,882 (104,958) (90,899} Total district-wide Det expense $ (44,229,953) $ ( 44,769,362} $ (45,767,171} $ {44,769,264} $ { 45,944,509} $ (44,861,635) $ (47,386,915)

General Revenues and Other Changes in Net Position Governmental activities:

Property taxes levied for general pwposes, Det $ 22,171,532 $ 22,538,275 $ 23,438,800 $ 23,438,800 $ 23,438,800 .$ 23,438,800 S 23,438,800 Federal and State Aid Not Restricted 19,492,777 20,428,848 24,902,428 20,877,266 24,842,450 26,876,842 28,077,473 Tuition Miscellaneous income 813,510 512,723 281,941 142,700 141,599 435,304 714,458 Transfers 1oI00t (53,O02} (50,O84} (37,424)

Total governmental activities 42,424,817 43,429,762 48,623,169 44,421,342 48,42;849 50,750,946 5;230,731

Business-type activities: MisceUaneous locome 3 Transfers 53,002 53,002 37,424

Total business-type activities 53,002 53,002 37,424 3 Total district-wide $ 42,477,819 S 43,482,764 S 48,623,169 $ 44,458,766 $ 48,422,852 $ 50,750,947 $ 5~230,731

Change in Net Position Governmental activities S (1,814,367) $ (1,286,801) $ 2,908,592 $ (377,408) $ 2,428,458 $ 5,994,269 $ 4,934,715 Business-type activities 62,233 203 (52,594} 66,910 49,885 (104,957) (90,899) Total district $ (1,75; 134} $ (1,286,598} $ ;855,998 $ (310,498) $ ;478,343 $ 5,889,312 $ 4,843,816

Source: CAFR Schedule A-2

This table was required with the implementatioD ofGASB 34 in the 2003 fiscal year. Information has been presented back to the year that information has been made available. Additional years will be added until teo years are presented.

GASB No. 63 was implemented in the 2013 fisca1 year, which required a change in language from Det assets to net position for fu\\ accrual funds. This required presentatioD did Dot impact any of the balances from prior years. (See footnotes for detail).

111

General Fund Reserved Unreserved Restricted Assigned to

Total general fund

All Other Governmental Funds Unreserved, reported in:

Special revenue fund Capital projects fund

Restricted Unassigned (deficit)

Total all other governmental funds

Source: CAFR Schedule B-1

$

$

$

$

2007

4,263,652 $ 1,003,104

5,266,756 $

(96,584) $ 33,779

{62,8052 $

Borough of Roselle School District Fund Balances - Governmental Funds

Last Seven Fiscal Years (modified accrual basis of accounting)

Unaudited

June 30, 2008 2009 2010 2011

2,543,461 $ 790,635 $ 5,787,791 2,236,073 6,185,927 (1,158,224)

$ 3,689,994 2,591,233

4,779,534 $ 6,976,562 $ 4,629,567 $ 6,281,227

(134,146) $ (37,915) $ (39,182) 33,779 24,154 1,531,640

$ 1,551,143

{39,1822 {100,367} $ {13,761} $ 1,492,458 $ 1,511,961

Information has been presented back to the year that information has been made available. Additional years will be added until ten Note: years are presented.

GASB #54 was implemented in the 2011 fiscal year, which required the presentation offund balances to be reported in different classifications from those presented in prior years (see footnote #1 in the basic financial statements). Prior years have not been restated above and are not required to be.

J-3

2012 2013

$ 5,061,770 $ 7,124,610 1,871,705 2,398,753

$ 6,933,475 $ 9,523,363

$ 3,317,168 $ 2,009,495

{48,9782 {49,9052 $ 3,268,190 $ 1,959,590

112

J-4

Borough of RoseUe School District Changes in Fund Balances, Governmental Funds

Last Ten Fiscal Years Unaudited

Year ended June 30, 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Revenues Tax levy $ 17,569,989 $ 21,096,896 $ 21,318,821 $ 22,171,532 $ 22,538,275 $ 23,438,800 $ 23,438,800 $ 23,438,800 $ 23,438,800 $ 23,438,800 MisceUaneous 399,811 225,396 790,738 634,912 634,912 282,465 163,043 172,575 466,083 721,948 State sources 18,827,530 22,194,465 20,733,298 21,706,556 23,302,236 25,813,678 19,944,906 26,134,733 28,410,117 30,933,989 Federal sources 1,85~679 1,545,658 1,829,383 2,135,698 2,059,009 2,037,058 6,637,569 4,476,713 4,698,882 2,510,657

Total revenue 38,650,009 45,062,415 44,672,240 46,648,698 48,534,432 51,572,001 50,184,318 54,2E.821 57,013,882 57,605,394

Expenditures Instruction

Regular1ustruction 10,959,199 12,150,548 12,824,867 13,042,224 13,561,760 13,010,427 14,315,334 15,337,345 14,956,060 15,023,941 Special education instruction 1,546,418 1,957,527 2,331,531 2,764,466 2,865,260 3,370,469 3,665,555 4,013,520 3,540,734 3,738,910 Other instruction 1,709,857 1,506,425 1,603,473 1,731,249 1,735,446 2,609,924 2,714,285 2,787,418 2,902,318 2,981,107

Support Services: Instruction 6,551,913 6,364,567 6,248,932 6,001,013 6,062,702 5,557,907 5,162,562 4,369,280 3,958,783 3,677,777 Student & instruction related services 4,160,497 3,811,798 4,603,979 5,049,191 5,160,157 4,692,629 5,051,532 6,559,305 6,220,599 5,793,583 General administration services 1,002,184 1,054,930 1,002,715 839,825 805,946 847,253 1,099,761 1,008,722 778,343 678,581 School administration services 831,102 1,541,948 1,464,344 1,725,468 1,735,740 1,815,740 1,765,070 1,898,552 2,024,522 1,837,954 Central Services I Administration Info. Technology 728,514 749,597 1,110,878 1,004,136 1,006,384 908,681 930,204 957,638 1,024,390 961,194 Plant operations and maintenance 1,982,007 2,268,571 3,078,740 3,100,594 3,282,731 3,345,458 3,818,314 3,446,889 3,527,447 4,398,550 Pupil transportation 2,094,539 2,381,840 2,622,892 2,910,814 2,841,494 2,483,953 2,187,901 1,406,969 1,463,593 1,492,649 Unallocated employee benefits 5,924,897 6,686,009 7,833,058 9,668,584 10,211,562 9,391,127 9,078,347 9,660,844 10,074,393 12,116,971

Speeial Schools 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 6,373 Charter Schools 40,395 53,212 45,112 62,251 92,875 242,668 Capital ouday 585,538 5,551,004 642,839 403,006 775,023 190,070 1,145,295 1,034,525 4,03~948 3,373,848 Total expenditures 38,085,065 46,033,163 45,376,648 48,248,970 Excess (Deficiency) of revenues

50,093,000 48,285,250 50,987,672 52,551,658 54,605,405 56,324,106

over (under) expenditures 564,944 (970,749) (704,408) (1,600,272) (1,558,568) 3,286,751 (803,354) 1,671,163 2,408,477 1,281,288

Other Flnandng sources (uses) Capital lease. (non-budgeted) 151,170 333,284 178,598 226,402 Transfers In 559,566 2,804,678 Transfers out (53,000) (18,000) (78,000) (53,002) (50,084) (37,424) (559,5~ (2,804,678)

Total other financing sources (uses) (53,000) 73,170 255,284 125,596 176,318 Q7,424)

Net change in fund balances $ 511,944 $ (897,579) $ (449,124) $ ~1,474,67~ $ (1,382,250) $ 3,286,751 $ (840,778) $ 1,671,163 $ 2,408,477 $ 1,281,288

Source: CAFR Schedule B-2

113

Fiscal Year Ended June 30,

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: District Records

Interest on

Borough of Roselle School District General Fund Other Local Revenue by Source

Last Ten Fiscal Years

Unaudited

Tuition Investments Revenue Scholarship Refunds

$ 92,697 $ 28,743 $ 6,000 205,749 538,978 575,603 5,000 405,615 6,647

90,947 60,386 42,573 3,506 39,999 15,417 6,134 $ 117,951

J-5

Misc. Total

$ 272,372 $ 399,812 13,174 218,923

250,308 789,285 80,414 661,017 21,842 434,104

131,132 282,465 96,622 142,701

101,600 141,599 419,887 435,304 590,373 714,458 .

114

Fiscal Year Ended June

30, Vacant Land Residential

2004 $ 4,986,800 $ 605,534,400 $ 2005 3,071,100 612,334,900 2006 3,132,700 612,490,400 2007 3,071,100 612,609,200 2008 2,955,300 616,569,100 2009 3,160,700 616,978,400 2010 3,302,700 616,649,300 2011 3,756,000 614,288,300 2012 3,827,000 614,044,100 2013 3,640,900 613,088,878

Source: District records Tax list summllIy & Municipal Tax Assessor

Borough of Roselle School District Assessed Value and Actual Value of Taxable Property


Commercial Industrial A~artment Total Assessed Value

80,356,300 $ 39,768,500 $ 46,501,500 $ 777,147,500 85,653,000 38,372,600 47,841,200 787,272,800 83,342,500 38,085,100 47,565,000 784,615,700 85,896,900 38,372,600 47,841,200 787,791,000 78,215,100 36,721,300 46,320,400 780,781,200 79,717,100 35,839,000 43,756,100 179,451,300 79,717,100 35,698,200 43,756,100 779,123,400 79,772,400 34,886,600 43,425,700 776,129,000 75,596,100 34,886,600 43,425,700 171,179,500 76,313,040 34,917,800 42,930,000 770,890,618

Note: Real property is required to be assessed at some percentage of true value (fair or market value) established by each county board of taxation.

Reassessment occurs when ordered by the County Board of Taxation

J-6

Estimated Actual Total Direct Less: Tax-Exempt (County Equalized School Tax

ProEerty Value~ Rate

$ 136,880,100 $ 1,033,192,482 $ 2.470 138,664,900 1,243,237,082 2.702 138,664,900 1,446,967,953 2.749 149,102,400 1,700,023,738 2.841 148,747,200 1,815,828,896 2.935 148,613,200 1,844,946,125 3.001 148,669,800 1,801,451,180 3.001 150,909,800 1,655,244,105 2.998 152,810,900 1,339,662,732 3.025 153,938,800 1,494,780,867 3.030

115


30,

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Borough of Roselle School District Direct and Overlapping Property Tax Rates

Last Ten Fiscal Years (rate per $100 of assessed value)

Unaudited

Roselle Borough Board of Education OverlaEEin~ Rates General

Obligation Roselle Union Basic Rate B Debt Service b Total Direct Borough County

$ 2.470 $ 2.470 $ 2.530 $ 0.560 2.702 2.702 2.701 0.646 2.749 2.749 2.968 0.706 2.841 2.841 2.857 0.750 2.935 2.935 3.323 0.783 3.001 3.001 3.321 0.825 3.001 3.001 3.393 0.826 2.998 2.998 3.605 0.912 3.025 3.025 3.713 0.876 3.030 3.030 3.816 0.867

Source: District Records and Municipal Tax Collector

J-7

Total Direct and Overlapping Tax

Rate

$ 5.560 6.049 6.423 6.448 7.041 7.147 7.220 7.515 7.614 7.713

116

Borough of Roselle School District Principal Property Tax Payers

Current Year and One Year Ago Unaudited

2013 Taxable % of Total Assessed Rank District Net

Taxpayer Value [Optional] Assessed Value

Related Management Co. LP $ 9,298,700 1 1.21% Warr.en J. Lockwood Village 7,159,500 2 0.93% Roselle Shopping Center 6,024,200 3 0.78% Roselle Golf Club 4,243,900 4 0.55% Bell Atlantic I NJ Property Tax De 3,218,842 5 0.42% O.T.Group 3,000,000 6 0.39% Verizon Rainbow Gardens 2,350,000 7 0.30% Roselle 3 Equities, LLC % Eckerd 2,179,600 8 0.28% Lincoln Mold Realty Co 2,007,600 9 0.26% WEC 2000A-23 LLC % CVS 2,000,000 10 0.26%

Total $ 41,482,342 5.38%

Source: Municipal Tax Assessor

Note: Information from nine years ago is not available, therefore information from the most recent period available is presented until nine years of information is collected.

J-8

2012 Taxable % of Total Assessed Rank District Net

Value [Optional] Assessed Value

$ 9,298,700 1 1.20% 7,159,500 2 0.93% 6,024,200 3 0.78% 4,243,900 4 0.55%

3,000,000 5 0.39% 2,690,235 6 0.35% 2,350,000 7 0.30% 2,179,600 8 0.28% 2,007,600 9 0.26% 2,000,000 10 0.26%

$ 40,953,735 5.31%

117

J-9

Borough of Roselle School District Property Tax Levies and Collections


Collected within the Collections in Fiscal Year Taxes Levied for the Fiscal Year of the Percentage Subsequent

Ended June 30, Fiscal Year Levy of Levy Years

2004 $ 17,569,989 $ 17,569,989 100.00% 2005 21,096,896 21,096,896 100.00% 2006 22,171,532 22,171,532 100.00% 2007 22,171,532 22,171,532 100.00% 2008 22,538,275 22,538,275 100.00% 2009 23,438,800 23,438,800 100.00% 2010 23,438,800 23,438,800 100.00% 2011 23,438,800 21,563,696 92.00% $ 1,875,104 2012 23,438,800 21,563,696 92.00% 1,875,104 2013 23,438,800 21,563,696 92.00% 1,875,104

Source: District records including the Certificate and Report of School Taxes (A4F fonn)

Note: School taxes are collected by the Municipal Tax Collector. Under New Jersey State Statute, a municipality is required to remit to the school district the entire property tax balance, in the amount certified prior to the end of the school.

118

Fiscal Year

Ended June 30,

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Borough of Roselle School District Ratios of Outstanding Debt by Type


Governmental Activities

General Obligation

Bonds Capital Leases Total District

None $ 333,094 $ 333,094 None 414,903 414,903 None 355,750 355,750 None 343,060 343,060 None 426,463 426,463 None 321,849 321,849 None 213,794 213,794 None 123,871 123,871 None 47,597 47,597 None None None

Source: District CAFR Schedules 1-2.

J-I0

Percentage of

Personal Income a Per Capita a

0.04% $ 42,775 0.04% 44,243 0.04% 48,636 0.03% 50,752 0.04% 52,307 0.03% 48,723 0.02% 50,448 N/A 51,860 N/A N/A N/A N/A

See Exhibit J-14 for personal income and population data. These ratios are calculated using personal a income and population for the prior calendar year.

NI A Data is not available

119


30,

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Borough of Roselle School District Ratios of Net General Bonded Debt Outstanding


General Bonded Debt Outstanding

General Obligation

Bonds

NONE NONE NONE NONE NONE NONE NONE NONE NONE NONE

Deductions

a See Exhibit J-6 for property tax data.

Net General Bonded Debt Outstanding

NONE NONE NONE NONE NONE NONE NONE NONE NONE NONE

Percentage of Actual

Taxable Value a of Property

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

b Population data can be found in Exhibit J-14.


J-11

Per Capita b

$ 42,775 44,243 48,636 50,752 52,307 48,723 50,448 51,860

N/A N/A

120

Governmental Unit

Debt repaid with property taxes Board of Education

Other debt Borough County Utility Authority

Subtotal, overlapping debt

Total direct and overlapping debt

Borough of Roselle School District Direct and Overlapping Governmental Activities Debt

As of June 30, 2013 Unaudited

Debt Outstanding

Estimated Percentage

Applicable a

N/A

Sources: Borough Chief Financial Officer, Utility Authority Financial Manager And County Treasurer's Office

N/A - Information is not available.

Estimated Share of Overlapping

Debt

J-12

Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the District. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the Borough of Roselle. This process recognizes that, when considering the District's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore

Note: responsible for repaying the debt, of each overlapping payment.

For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable value that is within the district's

a boundaries and dividing it by each unit's total taxable value. 121

2004 2005 2006

Debt limit $ 53,053,001 $ 56,197,865 $ 49,571,935

Total net debt applicable to limit

Legal debt margin $ 53,053,001 $ 56,197,865 $ 49,571,935

Total net debt applicable to the limit as a percentage of debt limit 0.00% 0.00% 0.00%

N/A Not available

Source: Abstmct ofRatables and District Records.

Borough of Roselle School District Legal Debt Margin Information,


Legal Debt Margin Calculation for Fiscal Year 2013

Equalized valuation basis 2013 1,494,780,867 2012 1,339,662,732 2011 1,655,244,105

[A) $ 4,489,687,704

Avemge equalized valuation of taxable property [A/3) $ 1,496,562,568

Debt limit (4 % of avemge equalized value) [B) 59,862,503 Net bonded school debt [C] Legal debt margin [B-C) $ 59,862,503

Fiscal Year 2007 2008 2009 2010 2011 2012

$ 58,580,809 $ 66,170,941 $ 71,476,916 $ 72,829,683 $ 70,666,552 $ 63,951,440

$ 58,580,809 $ 66,170,941 $ 71,476,916 $ 72,829,683 $ 70,688,552 $ 63,951,440

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

J-13

2013

$ 59,862,503

$ 59,862,503

0.00%

122

J-14

Borough of Roselle School District . Demographic and Economic Statistics


Personal Income Per Capita (thousands of Personal Unemployment

Year Population a dollars) b Income c Rated

2004 21,242 $ 908,626,550 $ 42,775 6.40% 2005 21,068 932,111,524 44,243 6.70% 2006 20,872 1,015,130,592 48,636 6.70% 2007 20,714 1,051,276,928 50,752 6.40% 2008 20,544 1,074,595,008 52,307 8.20% 2009 20,538 1,000,672,974 48,723 13.80% 2010 20,655 1,042,003,440 50,448 14.00% 2011 21,125 1,095,542,500 51,860 14.00% 2012 21,205 N/A N/A 14.00% 2013 21,299 N/A N/A N/A

Source:

a Population information provided by the NJ Dept of Labor and Workforce Development.

b Personal income has been estimated based on the municipal population and the per capita personal income presented.

C Per Capita personal income by municipality estimated based upon the census published by the US Bureau of Economic Analysis.

d Unemployment data provided by the NJ Dept of Labor and Workforce Development.


123

Employer

Roselle Board of Education Roselle Borough Verizon Aldene Indusrial Park Parmarco, Inc. O.T. Group Meadow Builders, Inc. Roselle Shopping Center Larson Finanacial Resources WEC c/o CUS Corp.

N/A

Employees

Borough of Roselle School District Principal Employers

Current Year and Nine Years Ago

Unaudited

2013

Rank

Percentage of Total

Employment

Information is not available

2004

Employees Rank

J-15

Percentage of Total Employment

124

J-16

Borough of Roselle School District Full-time Equivalent District Employees by FunctionlProgram


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 FunctionlProgram

Instruction: Regular 187.0 220.0 222.0 220.0 220.0 226.0 225.0 225.0 230.0 231.0 Special education 36.0 63.0 64.0 63.0 66.0 69.0 89.0 92.5 90.0 90.0 Other instruction 20.0 26.0 21.0 25.0 25.0 25.0 23.0 25.5 23.0 23.0

Support Services: Student & instruction related services 41.0 40.5 50.0 50.0 50.0 50.0 48.0 48.0 50.0 50.0 General adminsitrative services 7.0 9.0 9.0 9.0 9.0 9.0 6.0 6.0 7.0 7.0 School administrative services 22.0 23.0 23.0 23.0 23.0 23.0 23.0 12.0 20.0 20.0 Business adminsitrative services 9.0 9.5 10.0 11.0 11.0 11.0 9.0 11.0 11.0 11.0 Plant operations and maintenance 21.0 22.0 22.0 21.0 25.0 29.0 20.0 19.0 19.0 19.0

Total 343.0 413.0 421.0 422.0 429.0 442.0 443.0 439.0 450.0 451.0

Source: District Personnel Records

125

Fiscal Year

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Enrollment

2,913 2,879 2,843 2,847 2,849 3,005 2,873 2,874 2,742 2,679

Operating Expenditures •

$ 37,505,988 40,782,789 40,541,793 40,192,979 49,534,630 48,111,587 47,540,242 51,517,134 50,572,457 51,768,729

Sources: District records, ASSA and Schedules 1-12, 1-14

Note: Enrollment based on annual October district count

Percentage Cost Per Pnpil Change

$ 12,875 0.44% 14,166 10.02% 14,260 0.67% 14,118 -1.00% 17,387 23.16% 16,011 -7.92% 16,547 3.35% 17,925 8.33% 18,444 2.89% 19,324 4.77%

a Opemting expenditures equal total expenditures less capital outlay. b Teaching staft'includes only full-time equivalents of certificated staft'.

Borough of Roselle School District Opemting Statistics


PUl!iIII'eacher Ratio

Teaching Staft' b Elementary Middle School

288 1:17 1:23 359 1:17 1:23 403 1:17 1:23 408 1:17 1:23 408 1:17 1:23 408 1:17 1:23 271 1:17 1:23 271 1:17 1:23 270 1:17 1:23 271 1:17 1:23

c Average daily enrollment and average daily attendance are obtained from the School Register Summary (SRS).

N/A Information is not available

1-17

Average Daily Average Daily % Change in Student Enrollment Attendance Average Daily Attendance

(ADE)· (ADA)· Enrollment Percentage

2,735 2,560 2.09% 93.22% 2,861 2,670 458% 93.30% 2,793 2,620 -2.38% 93.81% 2,826 2,647 1.20% 93.66% 2,888 2,718 2.15% 94.11% 2,777 2,620 -3.85% 94.34% 2,779 2,610 1.39% 93.91% 2,782 2,609 0.11% 93.78% 2,726 2,569 -2.01% 94.25% 2,649 2,483 -2.00% 93.71%

126

J-18

Borough of Roselle School District School Building infonnation

Last Ten Fiscal v .... Unaudited

2004 200S 2006 2007 1008 2009 2010 2011 lOll 2013 Hlgb School b,brah!!!D ~Iark Hill!! SchQol (1917 1924 1258)

Square Feet 112,749 112,749 112,749 112,749 112,749 112,749 112,749 112,749 112,749 112,749 Capacity (students) 1,084 1,084 1,084 1,084 1,084 1,084 1,084 1,084 1,084 1,084 Enrollment 978 1,010 995 995 1,010 1,043 1,015 1,015 781 713

Elementary Charles E. Polk School (1922, 1928)

Square Feet 33,053 33,053 33,053 33,053 33,053 33,053 33,053 33,053 33,053 33,053 Capacity (students) 322 322 322 322 322 322 322 322 322 322 Enrollment 268 288 289 289 277 270 273 273 274 279

Harrison School (1922,1928) Square Feet 41,401 41,401 41,401 41,401 41,401 41,401 41,401 41,401 41,401 41,401 Capacity (students) 346 346 346 346 346 346 346 346 346 346 Enrollment. 310 326 326 302 302

Washington School (1928,1953) Square Feet 48;960 48,960 48,960 48,960 48,960 48,960 48,960 48,960 48,960 48,960 Capacity (students) 408 408 408 408 408 408 408 408 408 408 Enrollment 293 291 292 292 358 341 322 322 279 217

Kindeoprten Success Academy (Leased) Square Feet 22,000 22,000 Capacity (students) 300 300

Enrollment 229 199

Middle School Leonard V. Moore School (1957)


Junior Higb School Grace Wilday School


Speda1 Education School Rosell. School Annex

Square Feet 14,955 14,955 14,955 14,955 14,955 14,955 14,955 14,955 14,955 Capacity (students) 37 37 37 37 37 37 37 37 37 Enrollment 17 36 36 36 36 31 31 70 76

2.1!!!!: Administration Building

Square Feet 2,645 2,645 2,645 2,645 2,645 2,645 2,645 2,645 2,645 2,645 Maintenance and Field House

Square Feet 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535 1,535

Number of Schools at June 30, 2013 High School - 1 Elementary = 3 Middle School = 1 Junior High School - 1 Speoial Education School = 1

Source: District records, ASSA Note: Vear of original construction is shown in parenth ..... Increases in square footage and capacity are the result of

and additions. Enrollment is bosed on the annual October district counl

127


Schedule of Required Maintenance For School Facilities Last Seven Fiscal Years

Unaudited

UNDISTRIBUTED EXPENDITURES - REQUIRED MAINTENANCE FOR SCHOOL FACILITIES 11-000-261-XXX

School Facilities 2013 2012 2011 2010 2009 2008 Abraham Clark High School $ 114,532 $ 112,106 $ 103,599 $ 127,899 $ 131,425 $ 121,893 Leonard V. Moore Middle School 57,247 43,967 47,581 74,492 60,625 "50,443 Grace Wilday Junior High School 27,708 23,218 21,954 32,513 22,870 25,982 Harrison Elementary School 35,268 33,874 31,669 50,072 39,679 28,626 Charles E. Polk Elementary School 33,208 29,936 28,735 38,852 31,331 33,454 Washington Elementary School 34,383 34,351 31,841 42,979 38,365 39,431

Total School Facilities $ 302,346 $ 277,452 $ 265,379 $ 366,806 $ 324,295 $ 299,829

J-19

2007 $ 82,890

44,563 30,486 41,214 32,789 39,952

$ 271,894

128

Company

Utica National

Utica National

Utica National

Utica National

Utica National

Utica National

Utica National

Utica National

Utica National

Borough of Roselle School District Insurance Schedule

Year Ended June 30,2013 Unaudited

Type of Coverage

Property Blanket Building & ContentsReplacement Cost Values

FloodlEarthquake

Pollution Liability

General Liability -Each Occurrence -General Aggregate -Prod/Completed Oper -Personal Injury -Fire Damage -Medical Expense Limit

(Excluding students) -Employee Benefit Liability -Aggregate

Automotive Coverage -Combined Single Limit -HiredINon-Owned -Uninsured & Underinsured

Inland Marine -Electronic Data Processing Equipment

Crime Coverage -Employee Dishonesty with Faithful

Performance -Theft, Disappearance & Destruction

Inside and Out -Robbery & Safe Burglary Property other

than Money & Securities-Inside & Out

Boiler & Machinery Coverage

Catastrophe Liability Coverage -Occurrence Limit -Aggregate Limit -Retained Limit

Source: District Records

Coverage

$ 82,347,213

N/C

1,000,000

16,000,000

16,000,000

250,000

250,000

100,000

100,000

100,000,000

16,000,000

J-20 P.1

Deductible

$ 5,000

10,000

N/A

N/A

500

500

500

500

5,000

129

J-20 P.2

Borough of Roselle School District Insurance Schedule

Year Ended June 30, 2013 Unaudited

Company Type of Coverage Coverage Deductible

New Jersey School Board of Education $ 6,000,000 $ 10,000 Boards Association -Liability Wrongful Acts Coverage 6,000,000 Insurance Group Each Loss

Aggregate

Mutual of Omaha Accident-Volunteer Workers 5,000,000 N/A

Mutual of Omaha Student Accident - Voluntary Program -Benefit Period 2 years 5,000,000 N/A

Selective Insurance Fidelity Bonds -Treasurer of School Monies 310,000 N/A -School Business Administratorl

Board Secretary 310,000 N/A

New Jersey School Worker'S Compensation Boards Association -Covered Payrolls-Professional 23,375,679 Insurance Group -Covered Payrolls-Non-Professional 774,259

130

Single Audit Section

ACCO U NTANTS CONS ULT A NTS

K-l

Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed

in Accordance with Government A uditing Standards


Honorable President and Members of the Board of Education

Borough of Roselle School District Roselle, New Jersey County of Union

We have audited, in accordance with the auditing standards generally accepted in the United States of America; audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey; and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Borough of Roselle District, in the County of Union, New Jersey (the "District") as of and for the year ended June 30,2013, and the related notes to the financial statements, which collectively comprise the District's basic fmancial statements, and have issued our report thereon dated December 5, 2013.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the District's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the fmancial statements, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, we do not express an opinion on the effectiveness of the District's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

131

W ISS & COMPANY, LLP • 485C Route 1 South, Suite 250, Iselin , NJ 08830 • Phone: 732.283 .9300 • Fax: 732.283 .3436

ISELIN • LIVINGSTON • FLEMINGTON • NEW YORK wWw.wiss.com

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or 9ther matters that are required to be reported under Government Auditing Standards and the audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.


David J. Gannon Licensed Public School Accountant No. 2305

IJI~ cr' &.ui'4"O~ WISS & COMPANY, LLP

132

T~T WISS ACCOUNTANTS CONSUL TANTS

K-2

Report on Compliance For Each Major Federal and State Program and Report on Internal Control Over Compliance


Honorable President and Members of the Board of Education

Borough of Roselle School District Roselle, New Jersey County of Union

Report on Compliance for Each Major Federal and State Program

We have audited the Borough of Roselle School District's, in the County of Union, New Jersey (the "District") compliance with the types of compliance requirements described in the OMB Circular A-I33 Compliance Supplement and the New Jersey State Aid/Grant Compliance Supplement that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2013. The District's major federal and state programs are identified in the summary of auditors' results section of the accompanying schedule of findings and questioned costs.

Management's Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to each of its major federal and state programs.

Auditors' Responsibility

Our responsibility is to express an opinion on compliance for each of the District's major federal and state programs based on an audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; the audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey; 0 MB Circular A -13 3, A udits of States, Local Governments and Non-Profit Organizations; and New Jersey OMB Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, OMB Circular A-I33 and New Jersey OMB Circular 04-04 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal and state program occurred. An audit includes examining, on a test basis, evidence about the District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

133

WISS & COMPANY, LLP • 485C Route 1 South, Suite 250, Iselin, NJ 08830 • Phone: 732.283.9300 • Fax: 732.283.3436

ISELIN • LIVINGSTON • FLEMINGTON • NEW YORK www.wiss.com

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination on the District's compliance.

Opinion on Each Major Federal and State Program

In our opinion, the District complied, in all material respects, with the compliance requirements referred to previously that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2013.

Report on Internal Control Over Compliance

Management of the District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal and state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal and state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and New Jersey OMB Circular 04-04, but not for the purpose of expressing an opinion ·on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the District's internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we 90nsider to be material weaknesses. However, material weaknesses may exist that have not been identified.

134

Purpose of this Report

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements ofOMB Circular A-133 and New Jersey OMB Circular 04-04. Accordingly, this report is not suitable for any other purposes.


\\J") J 1..--David J. Gannon Licensed Public School Accountant No. 2305

W~ ef-' 4 4 (J .... WISS & COMPANY, LLP

135


'.

K-] Borouah ofRotclla School Dbtrid

Scbodulc oCExpcnditlm:l ofFedcnI Awards

Yc:ltEmied JUDlllO, 2011

Fmenl O.lance AdILlltmenb Reptlymmt (Aaoaab U~""" ""' .. Federal GnntorfPaa-"fbrogr;h Grantorl CFDA GranlPeriod A_'" .t June 3!). c. .... Cub Bud2d:a1')' o(Prlor Yeln' -"'1 ..... "" Gntttorat Cod. Prvmm l1dc: N ..... , From T. Am"",' 1012 PY Bllan«s ""' R"""" Elpcnditutcl O.lancetI June 10. 201) J_JO,2013 ~201J

GmetaI Fund: UB. [)epQtment oCEdtlCltion

Pused-throuab Stats Ocputment of EdlGtioa: EducrtHm Jnbt Fllnd 14.410 6130/12 8131/13 2,.032 2.032 (2,032) Educ:ationJobiFund 14.410 6130111 &131/12 81l,997 ,147189O! 1471890

T etal U.S. Depur:m1M1 of Edu=tion Puscd • Ihf'OtlM _OA'!.89Q) 147.1I,~ 2,032 (2.0]21 Stifle ~'orEducadoo

U.s. ~ofHcaJlhend HII!IWI Senoica Pustd-dtmuah Staso Department ofEducatHm:

Medicaid Assistucc Proanm 93.778 6IlOI12 6IlOI13 t2S.lS9 125,359 115,359 --- 93.778 6IlOI11 6/30112 133,736 Q;4.124! 24.124 Total U.s. DqmtmeatorHeahb qd Hu:m&!I Scnic:a passed_ C24,l24) 149,483 125,359

throtlshStlt!e~lofEducWcm

TObJOeaer.t Fund !172.0141 297~73 127.]91 ~OJ2!

SPIlCiaJ Revalue Fund: u.s. DepartmeatofEducation

Pused-c&rwgh State Depattmenc o(Education: Title I 84.010 9/112012 813112013 872..!10 341.747 754,241 (412,.494) T""" 84.010 9/11l0t1 813112012 611.177 ('%34.4'6) 85.488 183.114 34.146 T""" 84.010 9/112010 WlllOll 611,054 Cl28,517) (8.S.488) 214.005 Trtlel-&boollm~ 84.010 9/112011 813112012 78.'1l (lO81 208 TrtIe 1&booIlmcmrvcmcat 84.010 91112010 813112011 24.829 32,'66 (31,959) (208, T ... , 84.367 9/112012 813112013 119.290 SUI!! 40.291 16,524 T""" 84367 91112011 813112011 96.590 (l2.988) 54.392 41,404 Trtlen-ParlDToch 84.318 91112011 813112012 1.793 702 (5.1l1) 4.410 1,614 1,59' TdIon-PartOTodJ 84.318 91112008 813112009 U85 4.410 (4,410) Tsdom·A&lmmiarant 84.36' 91112012 813112013 114.766 65.6" 74,S39 IU541 Title m -A& ImmiamzII 84.36' WIIlOll 813112012 65.141 (23,616) 14 18.785 19.188 14,371 TJt!om-A&1mmimaD1 "'.36, 9/111010 813112011 67.2.5. 1.036 (1.036) Tille m - A a.lmmiaruJ: 84.365 911121109 813112010 84.>0] 4,631 (4,631) Trtlem-AAImmiar-1 ".36, 911121107 BlJII200lI 53.033 13.118 (13.118) TdIolV 13.186 91112010 813112011 12.2611 84. (849) IDEA. Part B 8uic 82.027 91112012 813112013 .... 670 5lS,3S4 768.894 em .... ) IDEA. Part B 8uic 81.027 91112011 813112012 B71.281 (272.331) 316.975 44.644 IDEA. PulB 8aic 84.027 911121109 813112010 171.793 21.426 (21.426) ID.EA.PaJtBPra:chooI 83.176 91112012 813112013 27.748 7.546 lS.221 (7.675) IDEA,PartBPrcschooI Al.176 91112011 813112012 27.463 (&,181) 8.181 IDEA. Pad 8 Preschool 82.176 91112010 Sl3112011 27.412 (30.477) 'l.245 II1.l69 1,Il7 R-cfQTl:x:Top 84.416 9/112012 8I311lO1] 48,674 35,387 35.387 ARM-IDEA 84.391 7I11lOO9 813112011 ., ..... S64 564 ARRA-IDEA Part 8 Prcscbocl .. .392 71112009 813112011 ]5,049 1,434 1.434 ARM-Tidal 84.388 71111009 813112011 400,000 0,579) 1.579 ARRA-TrtIa 1 SlA 84.388 711Jl:009 813112011 13,756 (2.185) 2.185 ARM- Talent21 84386 31112010 911$12011 1.430,000 (41.206) 3.2.54 37.952 VocaticlllllEduc:atico 84,049 1I1/lOil 6I30I2013 28,618 6.541 27.8$3 (lUll) Voc:aJiormlEdtzeation 84.049 7I1Jl:OII 6I]0Il012 71.796 07.736) 1.786 15,950 voeatiotWEduation 84.049 7/112010 6I30I2011 33.14B (1,412) 1,412 HiabJ:CboolthalWDfb 14.048 71112005 613012006 6,717 6,717 (6.7171 ARRA - Schoo! lmproyamcnt Grants 84.388 91112012 813112013 1,087.767 19O,oSl 626,619 (436.!i68) ARRA· SchooIImDrowmcalGrub 84388 9/112010 813112012 1.604.6815 (48&.174) !i69.8$O 81,676

""""" 84.001 9/112008 8J31Jl:009 226.000 19,371 (19,3711 NJl.am4:.Scrv 83 .... 71112009 6I30I201. 25.000 9.947 (9,947, NJLcun4:.Saw ...... 7I112OOS 613012009 25.000 !.l§. ~8~

Total Special RtM:nue Fund (I 144J:27J (69 87S~ b654~ ~~018 (11~441J 16524 .99.

U.s.lJepartmeatofAaricuJtur., Puscd-throuah Stale Dc&mrtmcat ofEducatioa:

FRSb Fruitud VeaataYaProJuam 10582 11112012 6I30I2013 40.067 36.887 40,067 (3.180) Fresh FPJitud V~ Pn!anun 10.582 7IllZOII 613012012 lO.l4l (4.127) 4.127 After Sc:hooI Saect PnIsaam 10.S55 7I11l012 6I30I2013 44.732 41.090 44.732 (1642) ~SchooJSlI:II:Cti>nIRnuD 10",55 7Ill2Olt 6I30I20.2 '2;399 0,788) 1.788 Sam1c:n Swnmer Option Proaam 10.559 71112012 6I30I2013 30,496 30,496 30.496 FoodOort&tion~(NC' 10.S55 11112012 613012013 1011.881 104.703 101,364 3.33' Food Oowian Pro,tmm (}lCI 10,555 111/2011 613012012 102,926 7.517 7.517 ScbooI BrakfUt Proaram 10.553 71112012 6J3OIlO13 243,Ol8 223.23' 243,028 (19.7931 School Brcakf'ut ProIuvn 10.553 7/1Jl:OII 6I30I2012 218.924 (16.26.]\ 16,263 NatkmaI ScboaI Umch ~ 10,5SS 71112012 6I30I2013 853,360 782,640 853,360 (70,718) Nrion.! ~ Lunch Prusuam 10.555 71112011 &'3012012 124.106 i6~8161 g816

TotIllU.s.J)ept:l"tmcDtorAaricuftunl (!!477} 1~045 IJ:201564 f21~13} lJ:39

Total Federal Awanb O.393.Im .1. ____ ~~8n) s 4,255.718 4,009.973 (1.23'.807) 19,863 1,998 NC-represe:nl! nonctlJh expenditures &e accomfJtllf)'lPf1{ Nola to ScMdulu ofFetkraJ Awt1T'd3 and Slate FhumcJDl Asdsllllr«

'38

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1. General


Notes to Schedules of Expenditures of Federal Awards and State Financial Assistance


K-5 p.I

(continued)

The accompanying schedules of expenditures of federal awards and state fmancial assistance programs present the activity of all federal awards and state fmancial assistance programs of the District. The District is defmed in Note I to the District's basic financial statements. All federal awards and state financial assistance programs received directly from federal and state agencies, as well as federal awards passed through other government agencies are included on the schedules of expenditures of federal awards and state financial assistance programs.

2. Basis of Accounting

The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the modified accrual basis of accounting with the exception of programs recorded in the proprietary funds, which are presented using the accrual basis of accounting, and those recorded in the special revenue fund, which are presented using the budgetary basis of accounting. These bases of accounting are described in Note 1 to the District's basic financial statements. The information in these schedules are presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.

3. Relationship to Basic Financial Statements

Amounts reported in the accompanying schedules agree with amounts reported in the basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements and schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance-related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the fiscal year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made.

138


K-5 p.2

(continued)



3. Relationship to Basic Financial Statements (continued)

The general fund is presented in the accompanying schedules on the modified accrual basis of accounting with the exception of the revenue recognition of the last two state aid payments in the current year, which is mandated pursuant to NJSA 18A:22-44.2. For GAAP purposes those payments are not recognized until the subsequent year due to the state deferral and recording of the last state aid payments in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A. 18A:22-4.2.

The net adjustment to reconcile from the budgetary basis to the GAAP basis is ($119,528) for the general fund and ($178,094) for the special revenue fund. See the Note to Required Supplementary Information (C-3) for a reconciliation of the budgetary basis to the GAAP basis of accounting for the general fund and special revenue fund.

Additionally, as discussed further in footnote 6, the State of New Jersey makes contributions on-behalf of the District for TP AF post-retirement medical and pension contributions. The total amount of these contributions during the 2013 fiscal year was $2,625,463.

Financial award revenues are reported in the District's basic financial statements on a GAAP basis as follows:

Federal State Total

General Fund $ 127,391 $ 27,950,082 $ 28,077,473 Special Revenue Fund 2,383,266 917,732 3,300,998 Capital Projects Fund 2,066,175 2,066,175 Food Service Enterprise Fund 1,320,564 19,092 1,339,656

Total award revenues $ 3,831 ,221 $ 30,953 ,081 $ 34,784,302

139




4. Relationship to Federal and State Financial Reports

K-5 p.3

Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.

5. Adjustments

The adjustments presented on schedules K-3 and K-4 relate to the cancellation of prior year encumbrances and accounts payable and elimination of unearned revenue that will not incur future expenditures.

6. Other

Revenues and expenditures reported under the Food Donation Program represent current year value received and current year distributions, respectively.

TP AF Social Security Contributions represent the amounts reimbursed by the State for the employer's share of social security for TPAF members for the year ended June 30, 2013.

The State of New Jersey also makes TP AF post-retirement medical and pension contribution expenditures on behalf of the District. These expenditures are not subject to New Jersey OMB Circular 04-04 because the contributions are made by the State directly and do not have any compliance related requirements, and therefore have not been included on the Schedule of State Awards, as directed by the funding agency.

140

K-6 p. 1

(continued) Borough of Roselle School District

Schedule of Findings and Questioned Costs (Continued)


Part II Summary of Auditor's Results (Continued)

Financial Statement Section

Type of auditors' report issued: Unmodified

Internal control over financial reporting:

Yes X No -=--Material weakness( es) identified?

Significant deficiency(ies) identified? Yes _=X_ None Reported

Noncompliance material to financial statements noted?

Federal Awards Section

Dollar threshold used to distinguish between Type A and Type B programs:

Auditee qualified as low-risk auditee?

Type of auditors' report issued on compliance for major programs:

Internal control over major programs:

Material weakness( es) identified?

Significant deficiency(ies) identified?

Any audit findings disclosed that are required to be reported in accordance with OMB Circular A-133 (Section .510(a))?

Identification of major programs:

Yes

Yes

Yes

Yes

Yes

_..:.X=-_ No

$300,000

X No -~-

Unmodified

X No

X No

X No

CFDA Number(s) Name of Federal Program or Cluster

84.010 84.388

10.553, 10.555, 10.559

Title I Part A ARRA -School Improvement Grants

Child Nutrition Cluster

141

K-6 p.2

(continued) Borough of Roselle School District



Part II Summary of Auditor's Results (Continued)

State Awards Section

Dollar threshold used to distinguish between Type A and Type Bprogram:

Auditee qualified as low-risk auditee?

Type of auditors' report on compliance for major programs:

Internal control over major programs:

Material weakness( es) identified?

Yes

Yes

$853,394

x No ---Unmodified

X No -~-

Significant deficiency(ies) identified? Yes __ X __ None Reported

Any audit findings disclosed that are required to be reported in accordance with NJOMB Circular 04-04.

Identification of major programs:

Yes X No ---

GMISlProgram Number Name of State Program or Cluster

495-034-5120-089 495-034-5120-078 495-034-5120-084

Special Education Categorical Aid Equalization Aid

Security Aid

142




Part n - Schedule of Financial Statement Findings

K-6 p.3

(continued)

No fmancial statement findings noted that are required to be reported under Government Auditing Standards.

143




Part ill- Schedule of Federal Awards and State Financial Assistance Findings and Questioned Costs

K-6 p.4

No compliance or internal control findings noted that are required to be reported in accordance with OMB Circular A-133 and the New Jersey State Circular 04-04.

144

None.


Summary Schedule of Prior Year Audit Findings


K-7 p.l

145

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BOROUGH OF ROSELLE SCHOOL DISTRICT - New Jersey · The Roselle Borough School District is an...

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