Red Bank, New Jersey County of Monmouth · County of Monmouth Red Bank, New Jersey RED BANK SCHOOL...

COMPREHENSIVE ANNUAL FINANCIAL REPORT

County of MonmouthRed Bank, New Jersey

RED BANK SCHOOL DISTRICT

FOR THE FISCAL YEAR ENDED JUNE 30, 2013

TABLE OF CONTENTS

INTRODUCTORY SECTION Page Letter of Transmittal 1 Organizational Chart 2 Roster of Officials 3 Consultants and Advisors 4 FINANCIAL SECTION Independent Auditor's Report on General Purpose Financial Statements 7 Required Supplementary Information - Part I Management’s Discussion and Analysis 13 BASIC FINANCIAL STATEMENTS A. District-wide Financial Statements

A-1 Statement of Net Position 29 A-2 Statement of Activities 30

B. Fund Financial Statements Governmental Funds:

B-1 Balance Sheet 35 B-2 Statement of Revenues, Expenditures and Changes in Fund Balance 36 B-3 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the

Statement of Activities 37

Proprietary Fund:

B-4 Statement of Fund Net Position 41 B-5 Statement of Revenues, Expenditures and Changes in Fund Net Position 42 B-6 Statement of Cash Flows 43

Fiduciary Funds:

B-7 Statement of Fiduciary Net Position 47 B-8 Statement of Changes in Fiduciary Net Position N/A

Notes to the Basic Financial Statements 51-79

Required Supplementary Information - Part II

TABLE OF CONTENTS

FINANCIAL SECTION (continued) BASIC FINANCIAL STATEMENTS (continued) Page C. Budgetary Comparison Schedules

C-1 Budgetary Comparison Schedule - General Fund 85 C-2 Budgetary Comparison Schedule - Special Revenue Fund 90

Notes to the Required Supplementary Information

C-3 Budget-to-GAAP Reconciliation 93 Other Supplementary Information D. School Level Schedules

D-1 Combining Balance Sheet N/A D-2 Blended Resource Fund - Schedule of Expenditures Allocated By Resource Type - Actual N/A D-3 Blended Resource Fund - Schedule of Blended Expenditures Budget and Actual N/A

E. Special Revenue Fund

E-1 Combining Schedule of Program Revenues and Expenditures, Special Revenue Fund - Budgetary Basis 101 E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis 103

F. Capital Projects Fund:

F-1 Summary Statement of Project Expenditures 107 F-2 Summary Statement of Revenues, Expenditures, and Changes

in Fund Balance - Budgetary Basis 108 F-2a Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis 109

G. Proprietary Funds: Enterprise Fund:

G-1 Combining Statement of Net Position N/A G-2 Combining Schedule of Revenues, Expenses and Changes in Fund Net Position N/A G-3 Combining Schedule of Cash Flows N/A

Internal Service Fund:

G-4 Combining Statement of Net Position N/A G-5 Combining Schedule of Revenues, Expenses and Changes in Fund Net Position N/A G-6 Combining Schedule of Cash Flows N/A

TABLE OF CONTENTS

FINANCIAL SECTION (continued) BASIC FINANCIAL STATEMENTS (continued) Page H. Fiduciary Funds:

H-1 Combining Statement of Fiduciary Net Position 117 H-2 Combining Schedule of Revenues, Expenses and Changes in Fiduciary Net Position N/A H-3 Student Activity Fund Schedule of Receipts and Disbursements 118 H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 119

I. Long-Term Debt:

I-1 Schedule of Serial Bonds 122 I-2 Schedule of Obligations Under Capital Leases N/A I-3 Debt Service Fund Budgetary Comparison Schedule 123 I-4 Statement of Loans Payable – N.J.E.D.A. 124

J. STATISTICAL SECTION Financial Trends Information/Schedules:

J-1 Net Position By Component 129 J-2 Changes in Net Position N/A J-3 Fund Balances, Governmental Funds 132 J-4 Changes in Fund Balances, Governmental Funds 133 J-5 General Fund - Other Local Revenue by Source 134 Revenue Capacity Information: J-6 Assessed Value and Actual Value of Taxable Property 137 J-7 Direct and Overlapping Property Tax Rates 138 J-8 Principal Property Taxpayers 139 J-9 Property Tax Levies and Collections 140 Debt Capacity Information: J-10 Ratio of Outstanding Debt By Type 143 J-11 Ratios of Net General Bonded Debt Outstanding 144 J-12 Direct and Overlapping Governmental Activities Debt 145 J-13 Legal Debt Margin Information 146 Demographic and Economic Information: J-14 Demographic and Economic Statistics 149 J-15 Principal Employers 150

TABLE OF CONTENTS

Operating Information: J-16 Full-Time Equivalent District Employees By Function/Program 153 J-17 Operating Statistics 154 J-18 School Building Information 155 J-19 Schedule of Required Maintenance 156 J-20 Insurance Schedule 157 K. SINGLE AUDIT SECTION K-1 Independent Auditor’s 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 Auditing Standards 161-162 K-2 Independent Auditor’s Report on Compliance for Each Major Program and on Internal Control over Compliance Required OMB Circular A-133 and New Jersey OMB Circular 04-04 163-165 K-3 Schedule of Expenditures of Federal Awards, Schedule A 166 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 167 K-5 Notes to Schedules of Awards and Financial Assistance 168 K-6 Schedule of Findings and Questioned Costs 170-173 Part 1 - Summary of Auditor’s Results Part 2 - Schedule of Financial Statement Findings Part 3 - Schedule of Federal and State Award Findings and Questioned Costs K-7 Summary Schedule of Prior-Year Audit Findings N/A

INTRODUCTORY SECTION

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MEMBERS OF THE BOARD OF EDUCATION

Ben Forest, President 2013

Carrie Ludwikowski, Vice President 2015

Marjorie Lowe 2013

Suzanne Viscomi 2013

Janet Jones 2014

Peter Noble 2014

Jill Burden 2014

Ann Roseman 2015

Fred Stone 2015

OTHER OFFICIALS

Laura C. Morana, Superintendent of Schools

Debra Pappagallo, Business Administrator/Board Secretary

Frank Mason, Treasurer of School Monies

Richard McOmber, Esq., Board Attorney

TERM EXPIRES

RED BANK BOARD OF EDUCATIONRED BANK, NEW JERSEY

ROSTER OF OFFICIALS

June 30, 2013

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912 Highway 33, Suite 2

RED BANK BOARD OF EDUCATIONRED BANK, NEW JERSEY

CONSULTANTS AND ADVISORS

AUDITOR/AUDIT FIRM

Robert W. Allison, CPA, RMAHolman Frenia Allison, P. C.

June 30, 2013

Red Bank, New Jersey 07701

OFFICIAL DEPOSITORIES

PNC Bank (primary depository)

State of New Jersey Cash Management Fund

Bank of New YorkBank of America

TD BankJP Morgan Chase

BOND & SPECIAL COUNSEL

Philip A. Norcross, Esq.Parker, McCay & Crisuolo, P.A.

Route 73 and Greentree RoadMarlton, New Jersey 08053

Three Greentree Centre

Freehold, New Jersey 07728

ATTORNEY

Richard McOmber, Esq.McOmber & McOmber54 Shrewsbury Avenue

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FINANCIAL SECTION

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REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion and Analysis

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RED BANK BOROUGH BOARD OF EDUCATION 76 BRANCH AVENUE, RED BANK, NJ 07701

MONMOUTH COUNTY

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2013

(Unaudited)

Introduction Red Bank Borough School District (“District”) is an independent reporting entity within the criteria adopted by the GASB as established by NCGA Statement No. 3. All funds and account groups of the District are included in this report. The District provides a full range of educational services appropriate to grade levels PreKindergarten through 8. These include general and special education instruction for handicapped youngsters. The District completed the 2012/13 school year with an average daily enrollment of 1272 students, an increase of 3.23% over the prior year’s average daily enrollment. An additional 11 District students were in private out-of-district special education placements. The Red Bank Charter School, also operating in Red Bank, had an enrollment of 180 Red Bank resident students at the end of June, 2013. Additional Red Bank residents attended various non-public elementary schools throughout the County. District schools, while located in an affluent area of Monmouth County, New Jersey, are classified as district factor group “CD.” The district factor group is a measure of local wealth and student economics on a scale of “A” (lowest) to “J” (highest), with Red Bank’s classification influenced by the high percentage of low-income students as measured by student eligibility for free or reduced-price school meals. Within the past five years, the District’s school population has continued to increase its Hispanic majority, most evident in the District’s Primary School. The District continues its staff development and curriculum improvement initiatives, and in 2012/13 continued a curriculum alignment process that ensures focused instruction in grades preschool-8. Academic outcomes have shown improvements attributed, in part, to the success of alignment of standards, curriculum planning. With the learner as the focus, at the heart of staff development is continuation of a data-driven, comprehensive, and on-going professional development program that targets content, strategies, assessment, and skills identified to be in need of attention.

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Red Bank Borough Board of Education Management Discussion and Analysis Report - Unaudited June 30, 2013

Basic Financial Statements The annual report consists of a series of financial statements and notes to those statements presented so the reader can gain an understanding of the Red Bank Borough School District as a financial operating entity. The overview statements then proceed to provide an increasingly detailed look at specific financial activities. These statements provide a “report card” of sorts on the District’s financial transactions, including data on all assets and liabilities using full accrual accounting in a manner similar to information presented by publicly-held companies. All of these activities are intended to advance the District’s mission as stated at the beginning of this analysis. The financial statements previously presented in the District’s Comprehensive Annual Financial Report remain unchanged: detailed and comparative exhibits of budgeted and actual revenue and expenses by General, Special Revenue, Proprietary and Debt Service funds. This disclosure has been expanded by the addition of the Statement of Net Position and the Statement of Activities using full accrual accounting similar to the statements used in reporting corporate financial results. Another feature is supplementary information that includes a comparison of the original and final budgets to the final expenditures for the General and Special Revenue Funds. The Statement of Net Position presents the District’s assets and liabilities in order of liquidity, except for liabilities with current and long-term elements that will be presented accordingly. Net position represents the difference between assets and liabilities, and will be presented in three categories: invested in capital assets net of related debt, restricted assets and unrestricted assets. Using this methodology requires depreciation of capital assets. The Statement of Activities provides an overview of the cost of providing educational services by major categories of expense and revenue. These two statements report the District’s net position and how they have changed year to year, reflecting a variety of influences such as the current change in educational philosophy (resulting in increased purchases of new materials, consultants, etc.), voter approval of tax levy, interest income, successful grant applications, etc. An additional factor influencing these results is the level of state funding received. In 2012/13, the District received $2,256,420 in General Operating Fund State Aid(SFRA). We were obligated to transfer $1,640,718 to the Red Bank Charter School for their 180 students. If you compare the amount of State Aid that we received, and the amount of funds transferred to the Charter School, clearly the difference of $615,702 creates a fiscal challenge for the District.

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Financial Highlights Key financial highlights for 2012/2013 are as follows:

General revenues accounted for $14,918,187.79 in revenue or 62.14% of all revenues. Program specific revenues in the form of charges for services, and operating grants and contributions, accounted for $9,089,670.63 or 37.86% of total revenues of $24,007,858.42.

Total net position of governmental activities increased by $214,182.80.

The School District had $23,862,769.32 in expenses; only $9,089,670.63 of these

expenses were offset by program specific charges for services, grants or contributions. General revenues of $24,007,858.42 were adequate to provide for these programs.

The School District had $23,092,836.97 in General, Special Revenue and Debt

Service Fund expenses. Tax levies, state and federal aid, selected grants, and miscellaneous income covered these costs. Of the District’s total expenditures in 2012/13, 57.29% was funded by local revenue, with $12,652,188.00 in local taxes levied for the General Fund and another $546,695.00 levied for debt service.

Of the 2012/13 General Fund expenditures, $1,640,718.00 represented a transfer to

the Red Bank Charter School.

The State contributed Categorical Aid in the amount of $28,841 for transportation. The General Fund had $16,711,678.82 in revenues and $16,170,509.73 in

expenditures. The General Fund’s balance increased by $366,169.09 over 2012/13.

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Using this General Accepted Accounting Principles Report (GAAP) The Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position as of June 30, 2013 compared to June 30, 2012.

Table 1

Net Position 2013 2012 Assets: Cash and Cash Equivalents $ 1,075,735.79 $ 337,255.62 Receivables, Net 1,310,965.06 1,209,249.11 Inventory 5,063.95 17,077.98 Interfunds Receivable Other 2,702.06 Restricted Assets: Bond Issuance Costs, Net 40,141.76 45,159.49 Capital Assets, Net 14,531,296.30 14,959,751.93 Total Assets 16,963,202.86 16,571,196.19 Liabilities: Accounts Payable 104,269.56 58,195.11 Interfunds Payable Accrued Expenses 24,608.12 14,808.46 Intergovernmental Payable 40,190.85 43,969.34 Cash Deficit 632,608.87 Deferred Revenue 452,818.12 492,312.80 Noncurrent Liabilities: Due Within One Year 435,304.32 388,334.35 Due Beyond One Year 2,960,570.28 3,414,850.43 Total Liabilities 4,659,450.15 4,412,470.49 Net Position: Invested in Capital Assets, Net of Related Debt 11,191,199.70 11,220,583.39 Restricted for: Capital Projects 131,437.35 119,727.79 Debt Service 683.21 682.00 General Fund 1,182,962.07 764,294.25 Unrestricted (202,529.62) 53,438.27 Total Net Position $ 12,303,752.71 $ 12,158,725.70

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Fiscal year ending June 30, 2013, is the eighth year of Red Bank Borough Board of Education’s GASB 34 requirements.

Table 2

Changes in Net Position 2013 2012 Revenues Program Revenues: Charges for Services $ 101,699.49 $ 135,414.78 Operating Grants and Contributions 8,987,641.76 1,150,658.25 General Revenues: Property Taxes 13,198,883.00 12,846,142.00 Grants and Entitlements 1,691,103.39 7,161,823.44 Other 28,468.69 77,940.28 Total Revenues 24,007,796.33 21,371,978.75 Program Expenses Instruction 7,675,223.49 10,223,306.91 Support Services: Pupils and Instructional Staff 5,886,435.11 5,123,884.55 General Administration, School Administration, Business Operations and Maintenance of Facilities 2,320,781.41 2,189,050.17 Pupil Transportation 829,397.69 845,459.88 Unallocated Benefits 4,008,922.86 Special Schools 115,615.23 65,199.68 Transfer to Charter School 1,640,718.00 1,709,733.00 Food Service 748,964.38 715,774.06 Other 636,711.19 165,251.81 Total Expenses 23,862,769.36 21,037,660.06 Increase/ (Decrease) in Net Position $ 145,026.97 $ 334,318.69

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Governmental Activities Historically, on the third Tuesday in April, the voters of New Jersey get an opportunity to voice their pleasure or displeasure on all things economic and/or political as they are asked to vote on their local school district’s annual tax levy developed as part of the annual school budget process. In January 2012 Governor Christie signed into law a bill that allowed school boards the option to eliminate the annual school budget vote if their annual budgets are within the 2% adjusted cap. Red Bank Board of Education was among the numerous New Jersey school districts who voted to eliminate the annual school budget vote that moves the election of school board members to the November general elections. The Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services, identifying the cost of these services supported by tax revenue and unrestricted State entitlements.

Table 3

Governmental Activities 2013 2012 Total Cost of Net Cost of Total Cost of Net Cost of Services Services Services Services Instruction $ 7,675,223.49 $ 4,827,881.65 $ 10,223,306.91 $ 9,617,499.91 Support Services: Pupils and Instructional Staff 5,886,435.11 1,726,745.68 5,123,884.55 5,123,884.55 General Administration, School Administration, Business 1,111,994.63 1,111,994.63 886,417.40 886,417.40 Operation and Maintenance of Facilities 1,208,786.78 1,208,786.78 1,302,632.77 1,302,632.77 Pupil Transportation 829,397.69 798,803.89 845,459.88 838,142.68 Unallocated Benefits 4,008,922.86 2,636,747.98 Special Schools 115,615.23 115,615.23 65,199.68 65,199.68 Transfer to Charter School 1,640,718.00 1,640,718.00 1,709,733.00 1,709,733.00 Other 636,711.19 636,711.19 165,251.81 165,251.81 $ 23,113,804.98 $ 14,704,005.03 $ 20,321,886.00 $ 19,708,761.80 Instruction expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and pupil and these expenses are increasing due to changes in contractual obligations and changes in staff related to inclusion of special education and English language learners.

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Pupils and instructional staff include the activities involved with assisting staff with the content and process of teaching to pupils including curriculum and staff development. Curriculum and staff development include expenses associated with research, planning, development and evaluation of educational materials and methodology intended to provide “Quality Learning by All…Whatever It Takes.” General administration, school administration and business include expenses associated with administrative and financial supervision of the District including various types of insurance coverage, professional fees for architects, attorneys and auditors, mandated membership in the New Jersey School Boards Association and other expenses. Operation and maintenance of plant activities involve keeping the school grounds, buildings, and equipment operating efficiently and effectively. The District’s in-house staff of custodians and maintenance workers is charged with keeping the District’s facilities functioning at peak efficiency at least cost. Pupil transportation includes activities involved with the conveyance of students to and from school, as well as to and from school activities, as provided by State law. In the Borough of Red Bank, this includes extensive busing for District students, Board of Education schools, the Charter Schools and also for those students attending out-of-district schools by either school or parent designation. Interest and fiscal charges involves the transactions associated with the payment of interest and other related charges to debt of the District. Other includes unallocated depreciation. The School District's Funds Information about the School District's major funds starts on page 35. These funds are accounted for using the modified accrual basis of accounting. All governmental funds had total revenues of $23,329,644.28 and expenditures of $23,092,836.97. 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 schedules present a summary of the revenues of the governmental funds (excluding Capital Projects) for the fiscal year ended June 30, 2013, and the amount and percentage of increases and decreases in relation to prior-year revenues.

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Increase/ (Decrease) Percent of Percent of From Increase/ Revenues Amount Total 2011/12 (Decrease) Local Sources $ 13,228,741 56.73% $ 294,841 2.23% State Sources 8,116,196 34.81 2,116,424 26.08 Federal Sources 1,973,116 8.46 208,168 10.55 Total $ 23,318,053 100.00% $ 2,619,433 11.23% The increase in Local Sources is attributed to an increase in the district’s increased tax levy. The increase in State Sources is attributed to an increase in state aid to support increased enrollment and the expansion of the district’s model PreK Expansion Grant award that allowed us to increase the program by six classrooms. The decrease in Federal Sources is attributed to a decrease in new Federal grant opportunities and the finalization of ARRA grant funds. The following schedule presents a summary of General Fund, Special Revenue Fund and Debt Service Fund expenditures for the fiscal year ended June 30, 2013: Increase/ (Decrease) Percent of Percent of From Increase/ Expenditures Amount Total 2011/12 (Decrease) Current Expense: Instruction $ 7,665,808 33.20% $ 811,313 10.58% Undistributed Expenditures & Special Schools 13,118,862 56.81 1,913,925 14.59 Transfer To Charter School 1,640,718 7.10 (69,015) (4.21) Capital Outlay 120,755 0.52 98,342 81.44 Debt Service: Principal 384,814 1.67 (3,837) (1.00) Interest 161,879 0.70 (14,355) (8.87) Total $ 23,092,837 100.00% $ 2,736,374 11.85%

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The increase in Instruction, undistributed expenditures and capital outlay is attributed to additional State Aid that was received mid-year. The decrease in Debt Service principal and decrease in interest is based on the expiration of some of the District’s Bonds. General Fund Budgeting Highlights The District's budget is prepared according to New Jersey legislative code and Department of Education guidelines and is based on accounting for certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significant budgeted fund is the General Fund. During the course of the fiscal 2012/13 year, the District amended its General Fund budget based on Superintendent recommendation and Board of Education approval based on changes unanticipated during the preparation of the budget in the first quarter of 2013. The District manages its financial reporting of budgets and actual expenses using a real-time accounting system designed to provide comprehensive management and reporting tools. Many of the budgetary changes required during 2012/13 were the result of needs not able to be anticipated at the point of budget development. During fiscal year 2012/13, final budgetary areas in the General Fund that exceeded the original budget included improvement of instruction services, support services, equipment, and construction. These budgetary overages were offset by reductions in other areas such as regular program instruction, special education, operation and maintenance of plant, and transportation services, where expenses were running under the budgeted amount.

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Capital Assets At the end of the fiscal year 2013, the District had $14,445,663.70 in investments in Land, Construction in Progress, Site Improvements, Buildings and Buildings Improvements, and Machinery and Equipment.

Table 4

Capital Assets (Net of Depreciation) at June 30, 2013 and 2012

2013 2012 Land $ 3,514,100.00 $ 3,514,100.00 Site Improvements 455,329.91 488,641.00 Building and Improvements 10,181,097.43 10,527,202.00 Machinery and Equipment 295,136.36 330,838.00 Total $ 14,445,663.70 $ 14,860,781.00 Overall capital assets decreased minimally from fiscal year 2011 to fiscal year 2012 as the Middle School renovation was virtually completed. The renovation was a $11.275 million project of which 40% was funded by the state through the New Jersey Economic Development Authority, with the balance bonded following a public referendum. Increases in Capital Assets were offset by depreciation expense for the year. The District’s curriculum continued to emphasize the use of technology in education during 2012/13. The District continues as a Non-Abbott pilot District for the Preschool Expansion Initiative through the award of a competitive grant. This allows us to provide full-day preschool education to our students.

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Debt Administration On July 1, 2005, the Red Bank Borough Board of Education refinanced its 5.15% fixed rate 20-year serial bond for the Middle School renovation. Although improved interest rates were investigated, at this time the refinanced rate of 5.15% is the best available.

Table 5 Outstanding Debt at June 30,

2013 2012 2005 Refunding Bonds $ 3,185,000.00 $ 3,530,000.00 1993 Renovation NJEDA Bond 41,036.32 80,850.67 Compensated Absences Payable 55,778.00 64,016.24 Total $ 3,281,814.32 $ 3,674,866.91 At June 30, 2013, the School District's overall legal debt margin was $184,417,848. Current Financial Issues and Concerns As of June 30, 2013, the Red Bank Borough School District has several serious financial concerns. We continue to be concerned about the financial burden that is created through funding a charter school in such a small community. Unanticipated Special Education costs and services that are driven by student’s Individual Education Plan requirements have increased considerably. The county’s economic condition has resulted in an increase in District-responsible homeless students. We continue to strive to “do more with less”. The design of a prudent budget that is based on a zero-based model, coupled with receiving funds through an aggressive grant submission process, the Red Bank Borough School District continues to focus on the enhancement of student learning. The Superintendent continues to aggressive seek competitive grants, collaborative partnerships for professional development, and various opportunities that increase student learning for our district that do not impact our local budgets. Further cost savings through shared resources with the Borough and neighboring districts includes, curriculum writing and professional development that supplement and support the District’s.

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An additional area of concern is the need for increased maintenance and probable renovations at the District’s Primary School. Constructed in the early seventies, this building is situated on ecologically-sensitive property on the west side of the Borough. The Borough-owned access roadway has limitations that pose safety concerns, and the main entryway to the building is obscured, allowing no clear view of the building’s exterior for student safety purposes. The Board is working with the Borough to address some of the issues of safety through Borough grants; however, exploring the work is at the very preliminary stages. Budgeting for these projects will be a financial challenge. In general, the Red Bank Borough Board of Education has consistently committed itself to sound, conservative fiscal management, providing the most efficient and effective education possible given the demands and challenges associated with the need to improve students’ academic performances. Contacting the School District's Financial Management This financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview of the District's finances and to show the District's accountability for the money it receives. If you have questions on this report or need additional financial information, please contact Debra Pappagallo, School Business Administrator/Board Secretary at Red Bank Borough Board of Education, 76 Branch Avenue, Red Bank, NJ 07701 or send an e-mail to [email protected].

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BASIC FINANCIAL STATEMENTS

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A. District-Wide Financial Statements

The Statement of Net Position and the Statement of Activities display information about the

type activities of the district. fiduciary activities. These Statements distinguish between the governmental and business-District. These Statements include the financial activities of the overall District, except for

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Exhibit A-1

Governmental Business -TypeActivities Activities Total

Assets:Cash and Cash Equivalents $ 1,003,104.31 $ 72,631.48 $ 1,075,735.79Receivables, Net 1,265,708.25 45,256.81 1,310,965.06Inventory 5,063.95 5,063.95Deferred Bond Issuance Costs, Net 40,141.72 40,141.72Capital Assets, Net (Note 9) 14,445,663.70 85,632.60 14,531,296.30

Total Assets 16,754,617.98 208,584.84 16,963,202.82

Liabilities:Cash Deficit 632,608.87 632,608.87Accounts Payable 104,269.56 104,269.56Accrued Expenses 24,608.12 24,608.12Payable to State Government 40,190.85 40,190.85Deferred Revenue 452,818.12 452,818.12Other 9,080.03 9,080.03Noncurrent Liabilities (Note 10):

Due Within One Year 435,304.32 435,304.32Due Beyond One Year 2,960,570.28 2,960,570.28

Total Liabilities 4,659,450.15 4,659,450.15

Net Position:Invested in Capital Assets,

Net of Related Debt 11,105,567.10 85,632.60 11,191,199.70Restricted for:

Capital Projects 131,437.35 131,437.35Debt Service 683.21 683.21General Fund 1,179,462.07 1,179,462.07

Unrestricted (321,981.90) 122,952.24 (199,029.66)

Total Net Position $ 12,095,167.83 $ 208,584.84 $ 12,303,752.67


STATEMENT OF NET POSITION

June 30, 2013

The accompanying Notes to Basic Financial Statements are an integral part to this statement.

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178,

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30

B. Fund Financial Statements

individual fund in a format that segregates information by fund type. The Individual Fund statements and schedules present more detailed information for the

31


32

Governmental Funds

33


34

Exhibit B-1

Special Capital Debt TotalGeneral Revenue Projects Service Governmental

Fund Fund Fund Fund FundsAssets:

Cash and Cash Equivalents $ 1,002,421.10 $ 683.21 $ 1,003,104.31Interfunds Receivables 364,353.48 364,353.48Receivables From Other Governments:

State 87,475.75 $ 4,344.24 $ 436,124.73 527,944.72Federal 737,763.53 737,763.53

Total Assets 1,454,250.33 742,107.77 436,124.73 683.21 2,633,166.04

Liabilities and Fund Balances:Liabilities:

Cash Deficit 632,608.87 632,608.87Accounts Payable 79,872.93 24,396.63 104,269.56Interfunds Payable 364,353.48 364,353.48Other 9,080.03 9,080.03Payable To State Government 40,190.85 40,190.85Deferred Revenue 452,818.12 452,818.12

Total Liabilities 88,952.96 1,150,014.47 364,353.48 1,603,320.91

Fund Balances:Restricted:

Reserved Excess Surplus:Designated for Subsequent Year's

Expenditures 158,456.78 158,456.78Reserve for Excess Surplus 49,605.61 49,605.61

Capital Reserve 59,666.10 59,666.10Maintenance Reserve 249,188.89 249,188.89Debt Service Fund 683.21 683.21Capital Projects Fund 71,771.25 71,771.25

Assigned:Year-End Encumbrances 383,558.57 383,558.57Designated by the BOE for

Subsequent Year's Expenditures 338,652.22 338,652.22Unassigned 126,169.20 (407,906.70) (281,737.50)

Total Fund Balances 1,365,297.37 (407,906.70) 71,771.25 683.21 1,029,845.13

Total Liabilities and Fund Balances $ 1,454,250.33 $ 742,107.77 $ 436,124.73 $ 683.21

Amounts reported for governmental activities in the statement of net assets (A-1) are different because:

Capital assets used in governmental activities are not financial resources and therefore are not reported in the governmental funds. The cost of the assets is $21,366,962.15 and theaccumulated depreciation is $6,921,298.45 (See Note 9). 14,445,663.70

Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported asliabilities in the fund (See Note 10). (3,395,874.60)

The costs associated with the issue of the various bonds areexpensed in the governmental funds in the year the bonds areissued but are capitalized on the Statement of Net Assets. Thebond issuance costs are $80,283.53 and the accumulated

amortization is $40,141.77. 40,141.72

Accrued interest on long-term liabilities is not reported asa liability in the Fund. (24,608.12)

Net Assets of Governmental Activities $ 12,095,167.83


BALANCE SHEET

GOVERNMENTAL FUNDS

June 30, 2013


35

Exhibit B-2

Special Capital Debt TotalGeneral Revenue Projects Service Governmental

Fund Fund Fund Fund FundsRevenues:

Local Sources:Local Tax Levy $ 12,652,188.00 $ 546,695.00 $ 13,198,883.00Interest Earned on Capital Reserve 118.72 118.72Miscellaneous 12,202.66 $ 17,536.56 29,739.22

Total - Local Sources 12,664,509.38 17,536.56 546,695.00 13,228,740.94

State Sources 4,038,981.51 4,077,214.64 $ 11,590.84 8,127,786.99Federal Sources 8,187.93 1,964,928.42 1,973,116.35

Total Revenues 16,711,678.82 6,059,679.62 11,590.84 546,695.00 23,329,644.28

Expenditures:Current:

Regular Instruction 3,917,935.07 2,191,720.84 6,109,655.91Special Education Instruction 963,464.73 963,464.73Other Special Instruction 585,767.68 585,767.68Other Instruction 6,919.37 6,919.37Support Services and Undistributed Costs:

Tuition 459,556.13 459,556.13Student and Instruction Related Services 1,267,189.55 4,159,689.43 5,426,878.98General Administration 384,305.01 384,305.01School Administrative Services 434,101.56 434,101.56Central Services 178,755.54 178,755.54Administrative Information Technology 100,025.14 100,025.14Plant Operations and Maintenance 1,173,066.03 1,173,066.03Pupil Transportation 829,397.69 829,397.69Employee Benefits 4,017,161.10 4,017,161.10

Special Schools 115,615.23 115,615.23Transfer To Charter School 1,640,718.00 1,640,718.00Debt Service:

Principal 384,814.35 384,814.35Interest and Other Charges 161,879.44 161,879.44

Capital Outlay 96,531.90 24,223.18 120,755.08

Total Expenditures 16,170,509.73 6,375,633.45 546,693.79 23,092,836.97

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 541,169.09 (315,953.83) 11,590.84 1.21 236,807.31

Other Financing Sources/(Uses):General Fund Contribution to Preschool

Education Aid (175,000.00) 175,000.00

Total Other Financing Sources/(Uses) (175,000.00) 175,000.00

Net Change in Fund Balances 366,169.09 (140,953.83) 11,590.84 1.21 236,807.31

Fund Balance - July 1 999,128.28 (266,952.87) 60,180.41 682.00 793,037.82

Fund Balance - June 30 $ 1,365,297.37 $ (407,906.70) $ 71,771.25 $ 683.21 $ 1,029,845.13


STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS

June 30, 2013


36

Exhibit B-3

Total Net Change in Fund Balances - Governmental Funds (from B-2) $ 236,807.31

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

Capital outlays are reported in governmental funds as expenditures.However, on the Statement of Activities, the cost of those assets is allocated

over their estimated useful lives as depreciation expense. This is the amount by whichcapital outlays and donated assets exceeded depreciation in the current fiscal year.

Depreciation Expense $ (474,271.91)Capital Outlay 60,811.15

(413,460.76)

In the Statement of Activities, the loss on disposal of assets is recorded. This loss is not recorded in the governmental funds. (1,656.54)

Repayment of bond, loans and capital lease principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement

of Net Assets and is not reported in the Statement of Activities. 384,814.35

Bond discount, bond premium and issuance costs are amortized over the lives of thebonds in the Statement of Activities. The net effect of the amortization is an

increase to the reconciliation. 9,239.82

In the Statement of Activities, certain operating expenses, e.g., compensatedabsences (vacation and sick pay) are measured by the amounts earned during

the year. In the governmental funds, however, expenditures for these items arereported 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 to the reconciliation.Prior Year 64,016.24Current Year (55,778.00)

8,238.24

In the Statement of Activities, interest on long-term debt is accrued, regardless of when due. In the governmental funds, interest is reported when due. The increase

in accrued interest over the previous year is a reduction in the reconciliation.Prior Year 14,808.46Current Year (24,608.12)

(9,799.66)

Change in Net Position of Governmental Activities $ 214,182.76


RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF ACTIVITIES

June 30, 2013


37


38

Proprietary Funds

39


40

Exhibit B-4

Business-TypeActivities -

Enterprise FundsFood Service

Assets:Current Assets:

Cash and Cash Equivalents $ 72,631.48Intergovernmental Receivables:

Federal 43,998.87State 1,257.94

Inventories 5,063.95

Total - Current Assets 122,952.24

Noncurrent Assets:Building Improvements 85,770.00Furniture, Machinery and Equipment 125,188.17Less:

Accumulated Depreciation (125,325.57)

Total - Noncurrent Assets 85,632.60

Total Assets $ 208,584.84

Net Position:Invested in Capital Assets Net of Related Debt $ 85,632.60Unrestricted 122,952.24

Total Net Position $ 208,584.84


STATEMENT OF FUND NET POSITION

PROPRIETARY FUNDS

June 30, 2013


41

Exhibit B-5



Operating Revenues:Charges for Services:

Daily Sales $ 80,005.19Special Functions 21,694.30

Total Operating Revenues 101,699.49

Operating Expenses:Salaries 53,552.64Support Services - Employee Benefits 25,775.51Purchased Professional/Technical Services 267,520.67Purchased Property Services 6,769.70Supplies and Materials 19,251.13Depreciation 13,338.33Cost of Sales 362,756.40

Total Operating Expenses 748,964.38

Operating Loss (647,264.89)

Nonoperating Revenues:State Sources:

State School Lunch Program 9,158.18Federal Sources:

National School Lunch Program 425,815.62National School Breakfast Program 104,533.06Snacks 2,886.78Food Distribution Program 35,448.17

Interest and Investment Income 267.29

Total Nonoperating Revenues 578,109.10

Change in Net Position (69,155.79)

Total Net Position - Beginning 277,740.63

Total Net Position - Ending $ 208,584.84


STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

PROPRIETARY FUNDS

June 30, 2013


42

Exhibit B-6



Cash Flows From Operating Activities:Receipts From Customers $ 103,962.65Payments To Employees (53,552.64)Payments For Employee Benefits (25,775.51)Payments To Suppliers (636,172.35)

Net Cash Used For Operating Activities (611,537.85)

Cash Flows From Noncapital Financing Activities:State Sources 8,402.89Federal Sources 527,785.80

Net Cash Provided By Noncapital Financing Activities 536,188.69

Cash Flows From Investing Activities:Interest 267.29

Net Cash Provided By Investing Activities 267.29

Net Increase in Cash and Cash Equivalents (75,081.87)

Balance - Beginning of Year 147,713.35

Balance - End of Year $ 72,631.48

Reconciliation of Operating Loss To Net Cash Provided By/(Used For) Operating Activities:

Operating Loss: $ (647,264.89)Adjustments To Reconcile Operating Loss To Net Cash

Provided By/(Used For) Operating Activities:(Increase)/Decrease in Accounts Receivable 3,301.21Increase/(Decrease) in Accounts Payable (27,336.65)Depreciation 13,338.33Increase/(Decrease) in Deferred Revenue (1,038.05)Donated Commodities Received During the Year 35,448.17(Increase)/Decrease in Inventories 12,014.03

Total Adjustments 35,727.04

Net Cash Used For Operating Activities $ (611,537.85)


STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS

June 30, 2013

43


44

Fiduciary Fund

45


46

Exhibit B-7

AgencyFund

Assets:Cash and Cash Equivalents $ 120,788.44

Total Assets $ 120,788.44

Liabilities:Due To Student Groups $ 34,218.29Payroll Deductions and Withholdings 86,570.15

Total Liabilities $ 120,788.44


STATEMENT OF FIDUCIARY NET POSITION

FIDUCIARY FUNDS

June 30, 2013


47


48

RED BANK BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTSJune 30, 2013

49


50


NOTES TO BASIC FINANCIAL STATEMENTS

June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements of the Red Bank School District (“District”) have been prepared in conformity with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). In June 1999 the GASB issued Statement 34 Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments. This statement established new financial reporting requirements for state and local governmental entities throughout the United States. They require new information and restructure much of the information that governments have presented in the past. Comparability with reports issued in prior years is affected. The District implemented these standards beginning with the fiscal year-ending June 30, 2004. With the implementation of GASB Statement 34, the District has prepared required supplementary information titled Management’s Discussion and Analysis, which precedes the basic financial statements. Other GASB Statements are required to be implemented in conjunction with GASB Statement 34. The District has implemented the following GASB Statements in the current fiscal year: Statement 63 – Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. In March 2012, the GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities. GASB Statement No.65 reclassifies, 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. This Statement also provides other financial reporting guidance related to the impact of the financial statement elements deferred outflows of resources and deferred inflows of resources, such as changes in the determination of the major fund calculations and limiting the use of the term deferred in financial statement presentations. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2012. Management is currently evaluating the impact of the adoption of this Statement but it is expected to have a material impact on the financial statements for the year ended June 30, 2014. The accompanying financial statements present the financial position of the District and the various funds and fund types, the results of operations of the District and the various funds and fund types, and the cash flows of the proprietary funds. The financial statements are presented as of June 30, 2013.

51



June 30, 2013

A. Reporting Entity: The Red Bank School District is a Type II district located in the County of Monmouth, State of New Jersey. As a Type II district, the School District functions independently through a Board of Education. The Board is comprised of nine members elected to three-year staggered terms. The purpose of the District is to educate students in grades PreK-8. The Red Bank School District had an approximate enrollment of 1,320 students at June 30, 2013. The Board is an instrumentality of the State of New Jersey, established to function as an educational institution. The Board consists of elected officials and is responsible for the fiscal control of the District. A Superintendent is appointed by the Board and is responsible for the administrative control of the District. The primary criterion for including activities within the District's reporting entity, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:

the Organization is legally separate (can sue or be sued in their own name) the District holds the corporate powers of the Organization the District appoints a voting majority of the Organization’s Board the District is able to impose its will on the Organization the Organization has the potential to impose a financial benefit/burden on the District there is a fiscal dependency by the Organization on the District

Based on the aforementioned criteria, the District has no component units.

52



June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) B. Basis of Presentation, Basis of Accounting: The School District’s basic financial statements consist of District-wide statements, including a Statement of Net Assets and a Statement of Activities, and Fund Financial Statements which provide a more detailed level of financial information. Basis of Presentation District-Wide Statements: The Statement of Net Assets and the Statement of Activities display information about the District as a whole. These Statements include the financial activities of the overall District, except for fiduciary activities. Eliminations have been made to minimize the double-counting of internal activities. These Statements distinguish between the governmental and business-type activity of the District. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. Business-type activities are financed in whole or in part by fees charged to external parties. The Statement of Net Assets presents the financial condition of the governmental and business-type activity of the District at fiscal year-end. The Statement of Activities presents a comparison between direct expenses and program revenues for the business-type activity of the District and for each function of the District’s governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Program revenues include (a) fees and charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. The comparison of direct expenses with program revenues identifies the extent to which each governmental function or business segment is self-financing or draws from the general revenues of the District. Fund Financial Statements: During the fiscal year, the District segregates transactions related to certain District functions or activities in separate funds in order to aid financial management and to demonstrate legal compliance. The Fund Financial Statements provide information about the District’s funds, including its fiduciary funds. Separate statements for each Fund category – governmental, proprietary, and fiduciary – are presented. The New Jersey Department of Education (“NJDOE”) has elected to require New Jersey districts to treat each governmental fund as a major fund in accordance with the option noted in GASB No. 34, paragraph 76. The NJDOE believes that the presentation of all funds as major is important for public interest and to promote consistency among District financial reporting models.

53



June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) B. Basis of Presentation, Basis of Accounting (Cont’d): Basis of Presentation (Cont’d): The District reports the following 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 noninstructional equipment, which are classified in the Capital Outlay subfund.

As required by the NJDOE, the District includes budgeted capital outlay in this Fund. Generally accepted accounting principles as they pertain to governmental entities state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues.

Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, District taxes and appropriated Fund Balance. Expenditures are those that result in the acquisition of or additions to Fixed Assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by Board resolution.

Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes.

Capital Projects Fund - The Capital Projects Fund is used to account for all financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds). The financial resources are derived from temporary notes or serial bonds that are specifically authorized by the voters as a separate question on the ballot either during the annual election or at a special election.

Debt Service Fund - The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, principal and interest on bonds issued to finance major property acquisition, construction and improvement programs.

54



June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) B. Basis of Presentation, Basis of Accounting (Cont’d): Basis of Presentation (Cont’d): The District reports the following proprietary fund:

Enterprise (Food Service) Fund - The Enterprise Fund accounts for all revenues and expenses pertaining to the Board’s 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 costs (i.e., 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.

The District’s Enterprise Fund is comprised of the Food Service Fund.

All Proprietary Funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that all assets and all liabilities, whether current or noncurrent, associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and unreserved retained earnings, if applicable. Proprietary Fund-type operating statements present increases/(revenues) and decreases/(expenses) in net total assets.

Depreciation of all exhaustive fixed assets used by Proprietary Funds is charged as an expense against their operations. Accumulated depreciation is reported on Proprietary Fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line method. The estimated useful lives of the equipment used in the operations of the Enterprise Funds are approximately 10 years.

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) B. Basis of Presentation, Basis of Accounting (Cont’d): Basis of Presentation (Cont’d): The District reports the following fiduciary funds:

Trust and Agency Funds - The Trust and Agency Funds are used to account for assets held by the District in a trustee capacity or as an agent for individuals, private organizations, other governments and/or other funds.

Expendable Trust Fund - An Expendable Trust Fund is accounted for in essentially the same manner as the governmental fund types, using the same measurement focus and basis of accounting. Expendable Trust Funds account for assets where both the principal and interest may be spent. Nonexpendable Trust Fund - A Nonexpendable Trust Fund is used to account for assets held under the terms of a formal trust agreement, whereby the District is under obligation to maintain the trust principal. At June 30, 2013, the District had no Non-Expendable Trust Funds. Agency Funds - 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. Agency Funds include Payroll and Student Activities Funds.

Basis of Accounting Basis of Accounting determines when transactions are recorded in the financial records and reported on the financial statements. District-Wide, Proprietary, and Fiduciary Fund Financial Statements: The District-wide financial statements are prepared using the accrual basis of accounting. Governmental funds use the modified accrual basis of accounting; the Enterprise Fund and Fiduciary Funds use the accrual basis of accounting. Differences in the accrual basis of accounting arise in the recognition of revenue, the recording of deferred revenue, and in the presentation of expenses versus expenditures. 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 voted upon or 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 monies under the established payment schedule and the unpaid amount is considered to be an “Accounts Receivable”. Revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.

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June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) B. Basis of Presentation, Basis of Accounting (Cont’d): Basis of Accounting (Cont’d): Governmental Fund Financial Statements: Governmental Funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. General capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term debt and acquisitions under capital leases are reported as other financing sources. All governmental and business-type activities and Enterprise Funds of the District follow FASB Statements and Interpretations issued on or before November 30, 1989, Accounting Principles Board Opinions, and Accounting Research Bulletins, unless those pronouncements conflict with GASB pronouncements. C. Budgets/Budgetary Control: Annual appropriated budgets are prepared in the spring of each year for the General, Special Revenue, and Debt Service Funds. The budgets are submitted to the County Office and are voted upon at the annual school election on the third Tuesday in April. Budgets are prepared using the modified accrual basis of accounting, except for the Special Revenue Fund. 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 referenced in N.J.A.C. 6:20-2A.2(m)1. All budget amendments/transfers must be approved by Board resolution. All budget amounts presented in the accompanying supplementary information reflect the original budget and the amended budget (which have been adjusted for legally-authorized revisions of the annual budgets during the year). Appropriations, except remaining project appropriations, encumbrances, and unexpended grant appropriations, lapse at the end of each fiscal year. The Capital Project Fund presents the remaining project appropriations compared to current-year 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 generally accepted accounting principles with the exception of the legally mandated revenue recognition of the one or more June 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. Unencumbered appropriations lapse at fiscal year-end.

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June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) C. Budgets/Budgetary Control (Cont’d): 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. At June 30, 2013, there was a reconciling difference of $(27,444.17) between the budgetary basis and GAAP basis in the General Fund and of $(228,632.69) in the Special Revenue Fund. The following presents a reconciliation of the General Fund revenues and Special Revenue Fund revenues and expenditures from the budgetary basis of accounting as presented in the Budgetary Comparison Schedules - General and Special Revenue Funds to the GAAP basis of Accounting as presented in the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types. Note that the District does not report encumbrances outstanding at year-end as expenditures in the General Fund since the General Fund budget follows modified accrual basis with the exception of the revenue recognition policy for the last state aid payment.

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June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) C. Budgets/Budgetary Control: (Cont’d) Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures General Special Revenue Fund Fund SOURCES/INFLOWS OF RESOURCES Actual amounts (budgetary) “revenues” from the Budgetary Comparison Schedules $ 16,739,122.99 $ 6,288,312.31 Difference – budget to GAAP: Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized. (87,678.86) State aid payment recognized for GAAP statements in the current year, previously recognized for budgetary purposes. 192,426.13 266,952.87 State aid payment recognized for budgetary purposes, not recognized for GAAP statements until the subsequent year. (219,870.30) (407,906.70) Total revenues as reported on the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds. $ 16,711,678.82 $ 6,059,679.62 USES/OUTFLOWS OF RESOURCES Actual amounts (budgetary basis) “total outflows” from the Budgetary Comparison Schedule $ 16,170,509.73 $ 6,463,312.31 Difference – budget to GAAP: Encumbrances for supplies and equipment ordered but not received are reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes. (87,678.86) Total expenditures as reported on the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds. $ 16,170,509.73 $ 6,375,633.45

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) D. Encumbrance Accounting: Under Encumbrance Accounting, purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the Special Revenue Fund are reported as reservations of fund balances at fiscal year-end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services. Open encumbrances in the Special Revenue Fund, for which the District has received advances, are reflected in the Balance Sheet as deferred revenues at fiscal year-end. The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year-end. E. Assets, Liabilities, and Equity: Interfund Transactions: Transfers between Governmental and Business-type activities on the District-wide statements are reported in the same manner as general revenues. Exchange transactions between funds are reported as revenues in the seller funds and as expenditures/expenses in the purchaser funds. Flows of cash or goods from one fund to another without a requirement for repayment are reported as Interfund transfers. Interfund transfers are reported as other financing sources/uses in Governmental Funds and after non-operating revenues/expenses in the Enterprise Fund. Repayment from funds responsible for particular expenditures/expenses to the funds that initially paid for them are not presented on the financial statements. Inventories: Inventory purchases, other than those recorded in the Enterprise Fund, are recorded as expenditures during the first year of purchase. Enterprise Fund inventories are valued at cost, which approximates market, using the first-in/first-out (“FIFO”) method.

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) E. Assets, Liabilities, and Equity (Cont’d): Capital Assets: The District has an established formal system of accounting for its Capital Assets. Purchased or constructed Capital Assets are reported at cost. Donated Capital Assets are valued at their estimated fair market value on the date received. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend assets’ lives are not capitalized. The District does not possess any infrastructure. All reported Capital Assets except for Land and Construction in Progress are depreciated. Depreciation is computed using the straight-line method over the following estimated useful lives: Estimated Asset Class Useful Lives School Buildings 50 Building Improvements 20 Temporary or Portable Buildings 25 Vehicles 5 Carpeting 7 Office and Computer Equipment 5-10 Instructional Equipment 10 Grounds Equipment 15 Site Improvements 20 Custodial Equipment 12 Compensated Absences: The District accounts for Compensated Absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Board Statement No. 16 (“GASB 16”), Accounting for Compensated Absences. A liability for Compensated Absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as the employees earn the rights to the benefits. District employees are granted varying amounts of vacation and sick leave in accordance with the District’s personnel policy. Upon termination, employees are paid for accrued vacation. The District’s policy permits employees to accumulate unused sick leave and carry forward the full amount to subsequent years. Upon retirement, employees shall be paid by the District for the unused sick leave in accordance with the District’s agreements with the various employee unions. In the District-wide Statement of Net Assets, the liabilities whose average maturities are greater than one year should be reported in two components – the amount due within one year and the amount due in more than one year.

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June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) E. Assets, Liabilities, and Equity (Cont’d): Compensated Absences (Cont’d): 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, no liability existed for compensated absences in the Food Service Fund. Deferred Revenue: Deferred Revenue arises when assets are recognized before revenue recognition criteria have been satisfied. Grants and entitlement received before the eligibility requirements are met are also recorded as Deferred Revenue. Accrued Liabilities and Long-Term Obligations: All Payables, Accrued Liabilities, and Long-Term Obligations are reported on the District-wide financial statements. In general, governmental fund payables and accrued liabilities that, once incurred, are paid in a timely manner and in full from current financial resources, are reported as obligations of the funds. However, contractually-required pension contributions and compensated absences that are paid from governmental funds are reported as liabilities on the fund financial statements only to the extent that they are due for payment during the current year. Bonds are recognized as a liability on the fund financial statements when due. Net Assets: Net Assets represent the difference between assets and liabilities. Net Assets invested in capital assets, net of related debt consists of capital assets, net of accumulated depreciation, reduced by the outstanding balance of any borrowing used for the acquisition, construction, or improvement of those assets. Net Assets are reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. The District’s policy is to first apply restricted resources when an expense is incurred for purposes for which both restricted and unrestricted Net Assets are available.

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June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) E. Assets, Liabilities, and Equity (Cont’d): Fund Balance Reserves: The District reserves those portions of Fund Balance which are legally segregated for a specific future use or which do not represent available expendable resources and, therefore, are not available for appropriation or expenditure. Unreserved Fund Balance indicates that portion which is available for appropriation in future periods. A Fund Balance Reserve has been established for encumbrances, maintenance, capital and subsequent years expenditures. Revenues – Exchange and Nonexchange Transactions: Revenue resulting from Exchange Transactions, in which each party gives and receives essentially equal value, is recorded on the actual accrual basis when the Exchange takes place. On the modified accrual basis, revenue is recorded in the fiscal year in which the resources are measurable and become available. Available means the resources will be collected within the current fiscal year or are expected to be collected soon enough thereafter to be used to pay liabilities of the current fiscal year. For the District, available means within sixty days of the fiscal year-end. Nonexchange Transactions, in which the District receives value without directly giving equal value in return, include property taxes, income taxes, grants, entitlements, and donations. On the accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from income taxes is recognized in the period in which the income is earned. Revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the fiscal year when use is first permitted; matching requirements, in which the District must provide local resources to be used for a specific purpose; and expenditure requirements, in which the resources are provided to the District on a reimbursement basis. On the modified accrual basis, revenue from Nonexchange Transactions must also be available before it can be recognized. Under the modified accrual basis, the following revenue sources are considered to be both measurable and available at fiscal year-end: property taxes available as an advance, interest, and tuition. Operating Revenues and Expenses: Operating revenues are those revenues that are generated directly from the primary activity of the Enterprise Fund. For the School District, these revenues are sales for food service. Operating expenses are necessary costs incurred to provide the service that is the primary activity of the Enterprise Fund.

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June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) E. Assets, Liabilities, and Equity (Cont’d): Allocation of Indirect Expenses: The District reports all Direct Expenses by function in the Statement of Activities. Direct Expenses are those that are clearly identifiable with a function. Indirect Expenses are allocated to functions but are reported separately in the Statement of Activities. Employee benefits, including the employer’s share of Social Security, workers compensation, and medical and dental benefits, were allocated based on salaries of that program. Depreciation expense, where practicable, is specifically identified by function and is included in the Indirect Expense column of the Statement of Activities. Depreciation expense that could not be attributable to a specific function is considered an Indirect Expense and is reported separately in the Statement of Activities. Interest on long-term debt is considered an Indirect Expense and is reported separately on the Statement of Activities. Extraordinary and Special Items: Extraordinary Items are transactions or events that are unusual in nature and infrequent in occurrence. Special Items are transactions or events that are within the control of management and are either unusual in nature or infrequent in occurrence. Neither of these types of transactions occurred during the fiscal year. Management Estimates: The preparation of financial statements in conformity with generally accepted accounting principles 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.

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June 30, 2013

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) F. Fund Equity In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the District classifies governmental fund balances as follows

Nonspendable Fund Balance – amounts that are not in a spendable form (such as inventory) or are required to be maintained intact (such as the corpus of an endowment fund).

Restricted Fund Balance – amounts constrained to specific purposes by their providers (such

as grantors, bondholders, and higher levels of government), through constitutional provisions, or by enabling legislation.

Committed Fund Balance – amounts constrained to specific purposes by the District itself,

using its highest level of decision-making authority; to be reported as committed, amounts cannot be used for any other purpose unless the District takes the same highest-level action to remove or change the constraint.

Assigned Fund Balance – amounts a District intends to use for a specific purpose; intent can

be expressed by the Board or by an official or body to which the Board delegates the authority.

Unassigned Fund Balance – amounts that are available for any purpose; these amounts are

reported only in the General Fund. Fund balance reporting is the result of State Statutes, New Jersey Department of Education regulations and motions (resolutions/ordinances) that are passed at Board meetings. The Board acts on these motions under the guidance of the District’s Superintendent and Business Administrator. The District’s policy is to apply expenditures against non-spendable fund balance, restricted fund balance, committed fund balance, assigned fund balance, and unassigned fund balance at the end of each fiscal year, utilizing adjusting journal entries. First, non-spendable fund balances are determined; then, restricted fund balances for specific purposes are determined (not including non-spendable amounts). Any remaining fund balance amounts for the non-General Funds are classified as restricted fund balances. There is a potential for the non-General Funds to have negative unassigned fund balance when non-spendable amounts plus the restricted fund balances for specific purpose amounts exceed the positive fund balances for the non-General Funds

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June 30, 2013

2. RESERVE ACCOUNTS A. Capital Reserve Account: A Capital Reserve Account was established by the Red Bank Board of Education by inclusion of $100.00 on October 3, 2000 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 transfer by Board Resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A District may also appropriate additional amounts when the excess 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 N.J.A.C. 6:23A-5.1(d)7, the balance in the Account cannot at any time exceed the local support costs of uncompleted Capital Projects in its approved LRFP. During the fiscal year ended June 30, 2013, the District had actual interest earnings of $118.37. The activity of the Capital Reserve for the July 1, 2012 to June 30, 2013 fiscal year is as follows: Beginning Balance, July 1, 2012 $ 59,547.38 Add: Interest Earnings 118.72 Ending Balance, June 30, 2013 $ 59,666.10 The June 30, 2013 LRFP balance of local support costs of uncompleted Capital Projects at June 30, 2013 is $1,220,000.00.

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June 30, 2013

2. RESERVE ACCOUNTS (CONT’D) B. Maintenance Reserve Account: A Maintenance Reserve Account was established by the Red Bank Board of Education for the accumulation of funds for use as maintenance expenditures in subsequent fiscal years. The Maintenance Reserve Account is maintained in the General Fund and its activity is included in the General Fund annual budget. The maintenance reserve account is used to accumulate funds for the required maintenance of a facility in accordance with the EFCFA (N.J.S.A.18A:7G-9) as amended by P.L. 2004, c. 73 (S1701). Districts may only increase the balance in the maintenance reserve account by appropriating funds in the annual general fund budget certified for taxes (N.J.A.C. 6A:23A-14.2) or by deposit of any unanticipated revenue or unexpended line-item appropriation by board resolution at year end. The board resolution for deposit at year end into a maintenance reserve account must be made between June 1 and June 30 of the budget year. EFCFA requires that upon District completion of a school facilities project, the district must submit a plan for the maintenance of that facility. Auditors and District staff should refer to the regulations, N.J.A.C.6A:26A, for further guidance. A separate line is provided in the Audsum for this reserve account. The June 30, 2013 and 2012 balances are $249,188.89. C. Emergency Reserve Account: An Emergency Reserve Account was established by the Red Bank Board of Education for the accumulation of funds for use in subsequent fiscal years. The emergency reserve account is maintained in the general fund and its activity is included in the general fund annual budget. The emergency reserve account is used to accumulate funds in accordance with N.J.S.A. 18A:7F-41c(1) to finance unanticipated general fund expenditures required for a thorough and efficient education. Unanticipated means reasonably unforeseeable and shall not include additional costs caused by poor planning. The maximum balance permitted at any time in this reserve is the greater of $250,000 or 1 percent of the general fund budget not to exceed $1 million. Deposits may be made to the emergency reserve account by board resolution at year end of any unanticipated revenue or unexpended line item appropriation or both. The department has defined year end for the purpose of depositing surplus into reserve accounts as an amount approved by the district board of education between June 1 and June 30. Withdrawals from the reserve require the approval of the Commissioner unless the withdrawal is necessary to meet an increase in total health care costs in excess of 4 percent. The June 30, 2013 and 2012 balances were $0.00.

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June 30, 2013

3. TRANSFERS TO CAPITAL OUTLAY During the year ending June 30, 2013, the District transferred $79,700.00 to the Capital Outlay Accounts for equipment. 4. DEPOSITS AND INVESTMENTS The Board of Education considers petty cash, change funds, cash in banks, certificates of deposit and deposits with the New Jersey Cash Management Fund as Cash and Cash Equivalents.

Deposits The Board’s deposits are insured through either the Federal Deposit Insurance Corporation (“FDIC”) or New Jersey’s Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA requires all banks doing business in the State of New Jersey to maintain additional collateral in the amount of 5% of the average public deposits and to deposit these amounts with the Federal Reserve Bank for all deposits not covered by FDIC. Bank balances at June 30, 2013 and 2012 are insured up to $250,000.00 in the aggregate by the FDIC for each bank. At June 30, 2013 and 2012, the book value of the Board’s deposits were $563,915.36 and $446,032.98, respectively. Custodial Credit Risk Related to Deposits Custodial Credit Risk is the risk that, in the event of a bank failure, the Board’s deposits might not be recovered. Although the Board does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that governmental units shall deposit public funds in public depositories protected from loss under the provisions of GUDPA. Under the Act, the first $250,000.00 of governmental deposits in each insured depository is protected by the FDIC. Public funds owned by the Board in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, student activity accounts or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. At June 30, 2013 and 2012, the Board’s bank balances of $1,419,878.35 and $777,665.94, respectively, were exposed to Custodial Credit Risk as follows: 2013 2012 Insured $ 1,419,878.35 $ 777,665.94 Uninsured and Uncollateralized 0.00 0.00 $ 1,419,878.35 $ 777,665.94

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4. DEPOSITS AND INVESTMENTS (CONT’D) Investments The Board is permitted to invest public funds in accordance with the types of securities authorized by N.J.S.A. 18A:20-37. Examples of the allowable investments are bonds or other obligations of the United States or obligations guaranteed by the United States of America, Government Money Market Mutual Funds, bonds or other obligations of the school district or bonds or other obligations of the local unit or units within which the school district is located, Local Government investment pools, and agreements or the repurchase of fully-collaterized securities, if transacted in accordance with the above statute. As of June 30, 2013, the Board had no investments. Interest Rate Risk The Board does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Credit Risk State law limits investments as noted above (N.J.S.A. 18A:20-37). The District does not have an investment policy that would further limit its investment choices. Investment and interest earnings in the Capital Projects Fund are assigned to the General Fund in accordance with Board policy. 5. RECEIVABLES Receivables at June 30, 2013, consisted of interfund and intergovernmental. All Receivables are considered collectible in full. A summary of the principal items of intergovernmental receivables follows: Governmental District-Wide Fund Financial Financial Statements Statements Governmental Activities: Federal Aid $ 737,763.53 $ 737,763.53 State Aid 527,944.72 527,944.72 Interfunds 364,353.48 1,630,061.73 1,265,708.25 Less Allowance for Uncollectibles 0.00 0.00 Total Receivables, Net $ 1,630,061.73 $ 1,265,708.25

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June 30, 2013

6. INTERFUND BALANCES AND TRANSFERS Balances due to/from other funds at June 30, 2013 consist of the following: Due To General Operating Fund From Capital Projects Fund $ 364,353.48 representing a cash advance Transfers As of June 30, 2013, the District’s operating transfers consisted of $175,000.00 of local contribution from the General Operating Fund to the Special Revenue Fund. 7. INVENTORY Inventory in the Food Service Fund at June 30, 2013 consisted of the following: Food $ 3,783.47 Supplies 1,280.48 $ 5,063.95 The value of Federal-donated commodities as reflected on Schedule A (required by the Single Audit Act of 1996, as revised) is the difference between market value and cost of the commodities at the date of purchase and has been included as an item of non-operating revenue in the financial statements. 8. DEFERRED BOND ISSUANCE COSTS In the governmental funds, debt issuance costs are recognized in the current period. For the District-wide financial statements, governmental activity debt issuance costs are amortized straight-line over the life of the specific bonds. The amortization expense for the fiscal year ended June 30, 2013 amounted to $5,017.72.

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9. CAPITAL ASSETS

Capital asset activity for the fiscal year ended June 30, 2013, was as follows:

Beginning EndingBalance Additions Retirements Balance

Governmental Activities:

Capital Assets Not Being Depreciated:Land $ 3,514,100.00 $ 3,514,100.00

Total Capital Assets Not Being Depreciated 3,514,100.00 3,514,100.00

Capital Assets Being Depreciated:Site Improvements 657,367.04 657,367.04Building and Building Improvements 16,385,110.00 $ 10,460.00 16,395,570.00Machinery and Equipment 918,902.96 50,351.15 $ (169,329.00) 799,925.11

Totals at Historical Cost 17,961,380.00 60,811.15 (169,329.00) 17,852,862.15

Less Accumulated Depreciation for:Site Improvements (168,726.47) (33,310.66) (202,037.13)Building and Building Improvements (5,857,907.53) (356,565.04) (6,214,472.57)Machinery and Equipment (588,065.00) (84,396.21) 167,672.46 (504,788.75)

Total Accumulated Depreciation (6,614,699.00) (474,271.91) 167,672.46 (6,921,298.45)

Total Capital Assets Being Depreciated,Net of Accumulated Depreciation 11,346,681.00 (413,460.76) (1,656.54) 10,931,563.70

Government Activity Capital Assets, Net 14,860,781.00 (413,460.76) (1,656.54) 14,445,663.70

Business-Type Activities:Capital Assets Being Depreciated:

Building and Building Improvements 85,770.00 85,770.00Machinery, Equipment, Furniture and Fixtures 125,188.17 125,188.17

Total Business-Type Activities 210,958.17 210,958.17

Less Accumulated Depreciation:Building and Building Improvements (40,744.43) (7,147.50) (47,891.93)Machinery, Equipment, Furniture and Fixtures (71,242.81) (6,190.83) (77,433.64)

(111,987.24) (13,338.33) (125,325.57)

Enterprise Fund Capital Assets, Net $ 98,970.93 $ (13,338.33) $ 0.00 $ 85,632.60

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June 30, 2013

9. CAPITAL ASSETS (CONT’D) The NJ State Department of Education has set the capitalization threshold used by school districts in the State of New Jersey at $2,000.00. Depreciation expense for the fiscal year ended June 30, 2013 amounted to $474,271.91 for governmental funds and $13,338.33 for business-type funds. The District determined that is was impractical to allocate depreciation to the various governmental activities as the assets serve various functions. 10. LONG-TERM OBLIGATIONS A. Long-Term Obligation Activity: Changes in Long-Term Obligations for the year ended June 30, 2013, are as follows: Balance Balance Amounts June 30, June 30, Due Within 2012 Additions Retired 2013 One Year Governmental Activities: Bonds Payable $ 3,530,000.00 $ 345,000.00 $ 3,185,000.00 $ 360,000.00 Compensated Absences Payable 64,016.24 8,238.24 55,778.00 34,268.00 Loans Payable - N.J.E.D.A. 80,850.67 39,814.35 41,036.32 41,036.32 $ 3,674,866.91 $ 0.00 $ 393,052.59 $ 3,281,814.32 $ 435,304.32 Less: Net Premium/ (Discount) $ 114,060.28 Current Portion of Long Term Debt (435,304.32) $ 2,960,570.28

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10. LONG-TERM OBLIGATIONS (CONT’D) A. Long-Term Obligation Activity: (Cont’d) Compensated absences and capital leases, if applicable, have been liquidated in the General Fund. Interest paid on debt issued by the District is exempt from federal income tax. Because of this, bondholders are willing to accept a lower interest rate than they would taxable debt. The District temporarily reinvests the proceeds of such debt in higher-yielding taxable securities, especially during construction projects. The Federal Tax Code refers to this as arbitrage. Earnings in excess of the yield on the debt issue are rebated to the Federal Government based on requirements in the Internal Revenue Code. Arbitrage rebate payable represents amounts due to the Internal Revenue Service for interest earned on unspent bond proceeds that exceeds legally-allowable returns. Rebatable arbitrage liabilities related to the District debt are not recorded in governmental funds. There is no recognition in the Balance Sheet or Income Statement until rebatable amounts are due and payable to the Federal Government. B. Bonds Payable Bonds are authorized in accordance with State law by the voters of the municipality through referendums. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the Board are general obligation bonds. Debt Service Requirements on serial bonds payable at June 30, 2013 are as follows: Year Principal Interest Total 2014 $ 360,000.00 $ 142,975.00 $ 502,975.00 2015 360,000.00 125,875.00 485,875.00 2016 370,000.00 108,775.00 478,775.00 2017 410,000.00 92,125.00 502,125.00 2018 410,000.00 73,675.00 483,675.00 2019 405,000.00 55,225.00 460,225.00 2020 440,000.00 37,000.00 477,000.00 2021 430,000.00 17,200.00 447,200.00 $ 3,185,000.00 $ 652,850.00 $ 3,837,850.00 C. Bonds Authorized But Not Issued As of June 30, 2013, the District had no authorized but not issued bonds.

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10. LONG-TERM OBLIGATIONS (CONT’D) D. Capital Leases Payable As of June 30, 2013, the District had no capital leases payable. E. Loans Payable - N.J.E.D.A. The loan payable is a school facilities loan which is administered by, and payable to, the New Jersey Economic Development Authority. The loan is for renovation and improvements to the primary and middle schools. Principal and interest due on loans outstanding is as follows. Year Ended June 30, Principal Interest Total 2014 $ 41,036.32 $ 849.76 $ 41,886.08 $ 41,036.32 $ 849.76 $ 41886.08 11. OPERATING LEASES The District had no operating leases during the year ended June 30, 2013. 12. PENSION PLANS Description of Plans - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers' Pension and Annuity Fund which have been established by state statute and are administered by New Jersey Division of Pension of and Benefits (“Division”). According to the State of New Jersey Administrative Code, all obligations of both Systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly-available financial report that includes the financial statements and is required supplementary information for the Public Employees Retirement Systems and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, PO Box 295, Trenton, New Jersey, 08625. Teachers' Pension and Annuity Fund (“TPAF”) - The Teachers' Pension and Annuity Fund was established as of January, 1955 under the provisions of N.J.S.A. 18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund 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 District and the system’s other related non-contributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners, and employees of the Department of Education who have titles that are unclassified, professional, and certified.

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12. PENSION PLANS (CONT’D) Public Employees' Retirement System (“PERS”) - The Public Employees' Retirement System was established in January, 1955 under the provisions of N.J.S.A. 43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction. Vesting and Benefit Provisions - The vesting and benefit provisions for PERS are set by N.J.S.A. 43:15A and 43.3B, and N.J.S.A. 18A: 6C for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 60 and are generally determined to be 1/60 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System. Members always full vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members’ beneficiaries are entitled to full interest credited to the members account. Significant Legislation - During the year ended June 30, 1997, legislation was enacted authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey's portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the assets valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for reduction in the employee’s rate after calendar year 1999 providing excess valuation assets are available. The legislation also provided that the Districts’ normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and to change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated except for the unfunded liability for local early retirement incentive benefits, accordingly, the pension costs for TPAF and PERS were reduced.

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12. PENSION PLANS (CONT’D) Contribution Requirements - The contribution policy is set by N.J.S.A. 43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A. 18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5% of employees’ annual compensation, as defined. Employers are required to contribute at an actuarially-determined rate in both TPAF and PERS. The actuarially- determined contribution includes funding for both cost-of-living adjustments, noncontributory death benefits, and post-retirement medical premiums. Under current statute the District is a non-contributing employer of the TPAF.

Three-Year Trend Information for PERS

Annual Percentage Net Year Funding Pension of APC Pension June 30, Cost (APC) Contributed Obligation 2013 $ 248,536.00 100% $ 0.00 2012 247,745.00 100 0.00 2011 216,421.00 100 0.00

Three-Year Trend Information (Paid on Behalf of District) Annual Percentage Net Year Funding Pension of APC Pension June 30, Cost (APC) Contributed Obligation 2013 $ 886,625.00 100% $ 0.00 2012 579,988.00 100 0.00 2011 398,331.00 100 0.00 During the year ended June 30, 2013, the State of New Jersey contributed $20,799.00 to the Teachers’ Pension and Annuity Fund for NCGI, $395,311.00 for normal contributions, and $470,515.00 for post-retirement medical benefits on behalf of the District. Also, in accordance with N.J.S.A. 18A: 66-66, the State of New Jersey reimbursed the District $485,549.88 during the year ended June 30, 2013 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the general-purpose financial statements, and the combining and individual fund and account group statements and schedules as a revenues and expenditures in accordance with GASB 24. Legislation enacted during 1991 provides early retirement incentives for certain members of TPAF and PERS who met certain age and service requirements and who applied for retirement between certain dates in the 1992 fiscal year. The early retirement incentives included: (a) an additional five years of service credit for employees at least age 50 with a minimum of 25 years of service; (b) free health benefits for employees at least 60 years old with at least 20 years of service; and (c) an additional $500 per month for two years for employees at least age 60 with 10 but less than 20 years of service. The District will assume the increased cost for the early retirement as it affects their district.

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13. POST – RETIREMENT BENEFITS P.L. 1987, c.384 and P.L. 1990, c.6 required Teachers’ Pensions and Annuity Fund (“TPAF”) and the Public Employees’ Retirement System (“PERS”), respectively, to fund post-retirement medical benefits for those State employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007, c.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 post-retirement medical benefits for retired state employees and retired educational employees. As of June 30, 2012, 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 prefunding basis to a pay-as-you-go basis beginning in fiscal year 1994. 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 the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) of the plan over a period not to exceed 30 years. The State’s contributions to the State Health Benefits Program Fund for TPAF retirees’ post-retirement benefits on behalf of the District for the years ended June 30, 2013, 2012 and 2011 were $470,515.00, $579,998.00, and $380,420.00, respectively, which equaled the required contributions for each year. The State’s contributions to the State Health Benefits Program Fund for PERS retirees’ post-retirement benefits on behalf of the District was not determined or made available by the State of New Jersey. 14. DEFERRED COMPENSATION The Board offers its employees choice of the following Deferred Compensation Plans created in accordance with Internal Revenue Code Section 403(b). The Plans, which are administered by the entities listed below, permit participants to defer a portion of their salary until future years. Amounts deferred under the Plans are not available to employees until termination, retirement, death or unforeseeable emergency. The Plan Administrators are as follows: Equitable Metropolitan VALIC

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15. 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. Property and Liability Insurance - The District maintains commercial insurance coverage for property, liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report. New Jersey Unemployment Compensation Insurance - The District has elected to fund its New Jersey Unemployment Compensation Insurance under the “Contributory Method”. 16. CONTINGENT LIABILITIES Grant Programs The District participates in federally-assisted grant programs. These programs are subject to program compliance audits by the grantors or their representatives. The District is potentially liable for expenditures which may be disallowed pursuant to the terms of these grant programs. Management is not aware of any material items of noncompliance which would result in the disallowance of program expenditures. 17. FUND BALANCE DISCLOSURE The District has implemented GASB 54 during fiscal year 2011. Fund balance will be displayed in the following classifications depicting the relative strength of the spending constraints on the purpose for which resources can be used: Special Debt Capital General Revenue Service Projects Fund Fund Fund Fund Total Fund Balances: Restricted $ 516,917.38 $ 683.21 $71,771.25 $ 589,371.84 Assigned 722,210.79 722,210.79 Unassigned 126,169.20 $ (407,906.70) (281,737.50) $ 1,365,297.37 $ (407,906.70) $ 683.21 $71,771.25 $ 1,029,845.13

18. CALCULATION OF EXCESS SURPLUS The designation for Reserved Fund Balance – Excess Surplus is a required calculation pursuant to N.J.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 excess fund balance at June 30, 2013 is $49,605.61.

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19. DEFICIT FUND BALANCE The District has a deficit fund balance of $(407,906.70) in the Special Revenue Fund as of June 30, 2013 as reported in the fund statements (modified accrual basis). N.J.S.A. 18A:22-44.2 provides that in the event a state school aid payment is not made until the following school budget year, Districts must record the delayed one or more June state aid payments as revenue, for budget purposes only, in the current school 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, expenditure, asset, liability) should be in symmetry, i.e., if one government recognizes an asset, the other government recognizes a liability. Since the State is recording the June state aid payment(s) in the subsequent fiscal year, the school district cannot recognize the June state aid payment(s) on the GAAP financial statements until the year the State records the payable. Due to the timing difference of recording the June state aid payment(s), the Special Revenue Fund balance deficit does not alone indicate that the District is facing financial difficulties.

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REQUIRED SUPPLEMENTARY INFORMATION - PART II

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C. Budgetary Comparison Schedules

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84

Exhibit C-1Page 1 of 5

VarianceOriginal Budget Final Final ToBudget Transfers Budget Actual Actual

REVENUESLocal Sources:

Local Tax Levy $ 12,652,188.00 $ 12,652,188.00 $ 12,652,188.00Interest Earned on Capital Reserve Funds 50.00 50.00 118.72 $ 68.72Unrestricted Miscellaneous Revenues 20,000.00 20,000.00 12,202.66 (7,797.34)

Total Local Sources 12,672,238.00 12,672,238.00 12,664,509.38 (7,728.62)

State Sources:Extraordinary Aid 17,346.00 17,346.00 62,166.00 44,820.00Categorical Special Education Aid 655,621.00 655,621.00 655,621.00Equalization Aid 1,430,366.00 1,430,366.00 1,430,366.00Categorical Security Aid 141,592.00 141,592.00 141,592.00Categorical Transportation Aid 28,841.00 28,841.00 28,841.00Other State Aid 1,752.80 1,752.80Supplemental Enrollment Growth Aid $ 373,912.00 373,912.00 373,912.00TPAF Contributions (On-Behalf - Non-Budgeted) 395,311.00 395,311.00TPAF Post Retirement Medical (On-Behalf - Non-Budgeted) 470,515.00 470,515.00TPAF Pension NCGI Premium (On-Behalf - Non-Budgeted) 20,799.00 20,799.00TPAF Social Security (Reimbursed - Non-Budgeted) 485,549.88 485,549.88

Total State Sources 2,273,766.00 373,912.00 2,647,678.00 4,066,425.68 1,418,747.68

Federal Sources:Medicaid Reimbursement 19,865.00 19,865.00 8,187.93 (11,677.07)

Total Federal Sources 19,865.00 19,865.00 8,187.93 (11,677.07)

Total Revenues 14,965,869.00 373,912.00 15,339,781.00 16,739,122.99 1,399,341.99

EXPENDITURESCurrent Expense:Regular Programs - Instruction:

Salaries of Teachers:Kindergarten 434,964.00 (22,477.72) 412,486.28 404,486.28 8,000.00Grades 1-5 1,937,687.00 (197,721.52) 1,739,965.48 1,734,510.48 5,455.00Grades 6-8 797,029.00 106,687.66 903,716.66 903,716.66

Regular Programs - Home Instruction:Salaries of Teachers 1,500.00 12,420.00 13,920.00 12,928.00 992.00Purchased Professional - Educational Services 4,500.00 (1,905.00) 2,595.00 2,595.00

Regular Programs - Undistributed Instruction:Other Salaries for Instruction 183,366.00 135,253.33 318,619.33 318,619.33Purchased Professional - Educational Services 62,328.00 21,332.42 83,660.42 82,273.48 1,386.94Purchased Technical Services 25,708.00 (11,749.70) 13,958.30 13,958.30Other Purchased Services (400 - 500 series) 44,396.00 (26,476.25) 17,919.75 16,040.89 1,878.86General Supplies 327,828.00 150,431.31 478,259.31 392,662.90 85,596.41Textbooks 36,695.00 50,010.65 86,705.65 36,043.75 50,661.90Other Objects 3,000.00 (2,900.00) 100.00 100.00

Total Regular Programs - Instruction 3,859,001.00 212,905.18 4,071,906.18 3,917,935.07 153,971.11

Special Education - Instruction:Learning and/or Language Disabilities:

Salaries of Teachers 159,985.00 (37,535.00) 122,450.00 122,450.00Other Salaries for Instruction 74,517.00 23,066.50 97,583.50 97,453.23 130.27General Supplies 2,742.00 (821.00) 1,921.00 1,921.00

Total Learning and/or Language Disabilities 237,244.00 (15,289.50) 221,954.50 221,824.23 130.27

Behavioral Disabilities:Salaries of Teachers 7,862.25 7,862.25 7,862.25Other Salaries for Instruction 2,500.00 2,500.00 2,500.00

Total Behavioral Disabilities 10,362.25 10,362.25 10,362.25

EXPENDITURES (continued)Multiple Disabilities:

Salaries of Teachers 133,363.00 (6,231.12) 127,131.88 127,131.88Other Salaries for Instruction 101,019.00 31,703.07 132,722.07 132,722.07General Supplies 1,777.00 (167.34) 1,609.66 1,609.66

Total Multiple Disabilities 236,159.00 25,304.61 261,463.61 261,463.61

Resource Room/Resource Center:Salaries of Teachers 288,435.00 19,878.26 308,313.26 307,905.00 408.26Other Salaries for Instruction 70,348.99 70,348.99 70,348.99General Supplies 3,457.00 (1,806.97) 1,650.03 1,650.03

Total Resource Room/Resource Center 291,892.00 88,420.28 380,312.28 379,904.02 408.26

Preschool Disabilities - Full-Time:Salaries of Teachers 68,677.00 (23,647.86) 45,029.14 45,029.14Other Salaries for Instruction 134,152.00 (91,157.08) 42,994.92 42,994.92Purchased Professional - Educational Services 2,000.00 (2,000.00)General Supplies 2,016.00 (129.44) 1,886.56 1,886.56Other Objects 1,000.00 (1,000.00)

Total Preschool Disabilities - Full-Time 207,845.00 (117,934.38) 89,910.62 89,910.62


BUDGETARY COMPARISON SCHEDULE

GENERAL FUND

Fiscal year ended June 30, 2013

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Total Special Education - Instruction 973,140.00 (9,136.74) 964,003.26 963,464.73 538.53

Bilingual Education - Instruction:Salaries of Teachers 649,029.00 (117,706.75) 531,322.25 529,912.93 1,409.32Other Salaries for Instruction 26,307.00 3,028.00 29,335.00 29,335.00General Supplies 32,256.00 (7,215.81) 25,040.19 24,415.29 624.90Textbooks 1,970.00 (837.24) 1,132.76 1,132.76

Total Bilingual Education - Instruction 709,562.00 (122,731.80) 586,830.20 584,795.98 2,034.22

School Sponsored Co/Extra-Curricular Activities - Instruction:Salaries 2,739.70 2,739.70 971.70 1,768.00

Total School Sponsored Co/Extra-Curricular Activities - Instruction 2,739.70 2,739.70 971.70 1,768.00

EXPENDITURES (continued)School Sponsored Athletics - Instruction:

Salaries 22,084.00 (2,631.06) 19,452.94 19,452.94Purchased Services (300-500 series) 5,580.00 1,130.86 6,710.86 6,710.86Supplies and Materials 4,641.00 700.30 5,341.30 5,341.30

Total School Sponsored Athletics - Instruction 32,305.00 (799.90) 31,505.10 31,505.10

Community Serv. Programs/Operations:Salaries 975.00 975.00 975.00Purchased Services 6,300.00 (3,503.00) 2,797.00 2,797.00Supplies and Materials 3,147.37 3,147.37 3,147.37

Total - Community Serv. Programs/Operations 7,275.00 (355.63) 6,919.37 6,919.37

Total - Instruction 5,581,283.00 82,620.81 5,663,903.81 5,474,086.85 189,816.96

Undist. Expend. - Instruction:Tuition To Other LEAs Within the State - Special 54,082.00 (44,912.62) 9,169.38 9,169.38Tuition To Private Schools for the Disabled Within State 266,519.00 285,148.27 551,667.27 450,386.75 101,280.52

Total Undist. Expend. - Instruction 320,601.00 240,235.65 560,836.65 459,556.13 101,280.52

Undist. Expend. - Attendance and Social Work Services:Salaries of Family Liasions/Comm Parent Inv. Spe 45,194.00 (6,119.63) 39,074.37 38,309.55 764.82

Total Undist. Expend. - Attendance and Social Work Services 45,194.00 (6,119.63) 39,074.37 38,309.55 764.82

Undist. Expend. - Health Services:Salaries 166,464.00 (2,214.00) 164,250.00 164,250.00Purchased Professional and Technical Services 66,075.00 (25,529.72) 40,545.28 40,545.28Supplies and Materials 1,746.00 (147.20) 1,598.80 158.83 1,439.97Other Objects 175.00 (1.75) 173.25 173.25

Total Undist. Expend. - Health Services 234,460.00 (27,892.67) 206,567.33 205,127.36 1,439.97

Undist. Expend. - Speech, OT, PT & Related Svc:Salaries 140,609.00 (2,774.60) 137,834.40 137,834.40Purchased Professional - Educational Services 60,400.00 (43,180.58) 17,219.42 12,801.46 4,417.96Travel 205.72 205.72 205.72Supplies and Materials 2,647.00 (54.56) 2,592.44 2,592.44

Total Undist. Expend. - Speech, OT, PT & Related Svc. 203,656.00 (45,804.02) 157,851.98 153,434.02 4,417.96

Undist. Expend. - Other Support Serv. Students - Guidance:Salaries of Other Professional Staff 129,087.00 15,381.69 144,468.69 144,323.69 145.00Other Purchased Services (400-500 series) 240.00 240.00 240.00Supplies and Materials 1,344.00 (141.31) 1,202.69 1,051.17 151.52

Total Undist. - Guidance 130,431.00 15,480.38 145,911.38 145,614.86 296.52

Undist. Expend. - Child Study Teams:Salaries of Other Professional Staff 138,700.00 2,699.94 141,399.94 141,399.94Salaries of Secretarial and Clerical Assistants 54,504.00 694.57 55,198.57 55,198.57Purchased Professional - Educational Services 29,665.00 (28,040.00) 1,625.00 1,175.00 450.00Other Purchased Prof. and Tech. Services 768.00 (768.00)Misc Purchased Services (400 - 500 series Other Than Resid. Costs) 1,950.00 (947.47) 1,002.53 1,002.53Supplies and Materials 4,309.00 (194.85) 4,114.15 4,044.83 69.32

Total Undist. Expend. - Child Study Teams 229,896.00 (26,555.81) 203,340.19 202,820.87 519.32

Undist. Expend. - Improvement of Instructional Services:Salaries of Supervisors of Instruction 245,130.00 (3,101.36) 242,028.64 242,028.64Salaries of Secretarial and Clerical Assistants 13,923.00 (1,350.52) 12,572.48 1,055.48 11,517.00Other Salaries 4,408.00 21,788.76 26,196.76 25,132.76 1,064.00Salaries of Facilitators, Math & Literacy Coaches 53,078.16 53,078.16 43,891.16 9,187.00Purchased Professional - Educational Services 1,120.00 1,120.00 1,120.00Other Purchased Services (400 - 500 series) 2,300.00 (488.56) 1,811.44 723.90 1,087.54Supplies and Materials 20,420.00 (12,641.78) 7,778.22 6,582.23 1,195.99Other Objects 3,085.00 (2,328.00) 757.00 757.00

Total Undist. Expend. - Improvement of Instructional Services 289,266.00 56,076.70 345,342.70 320,171.17 25,171.53

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Undist. Expend. - Educational Media/School Library:Salaries 58,835.00 (145.00) 58,690.00 58,690.00Salaries of Technology Coordinators 132,238.00 (1,217.61) 131,020.39 131,020.39Supplies and Materials 14,965.00 (3,985.82) 10,979.18 10,770.19 208.99

Total Undist. Expend. - Educational Media/School Library 206,038.00 (5,348.43) 200,689.57 200,480.58 208.99

Undist. Expend. - Instructional Staff Training Services:Salaries of Secretarial and Clerical Assistants 13,923.00 (3,311.96) 10,611.04 611.04 10,000.00Other Purchased Services (400 - 500 series) 900.00 (279.90) 620.10 620.10

Total Undist. Expend. - Instructional Staff Training Services 14,823.00 (3,591.86) 11,231.14 1,231.14 10,000.00

Undist. Expend. - Support Services - General Administration:Salaries 227,230.00 26,461.04 253,691.04 253,691.04Legal Services 18,000.00 5,644.03 23,644.03 23,644.03Audit Fees 31,075.00 31,075.00 31,075.00Architectural/Engineering Services 15,000.00 (5,351.25) 9,648.75 4,524.82 5,123.93Other Purchased Professional Services 3,340.35 3,340.35 1,472.00 1,868.35Purchased Tech. Services 2,500.00 (1,292.40) 1,207.60 1,207.60Communications/Telephone 55,675.00 (24,197.17) 31,477.83 30,977.83 500.00BOE Other Purchased Services 3,000.00 14,611.50 17,611.50 17,611.50Miscellaneous Purchased Services 3,120.00 2,754.06 5,874.06 5,874.06General Supplies 1,700.00 1,588.34 3,288.34 3,288.30 0.04Miscellaneous Expenditures 4,500.00 342.44 4,842.44 4,842.44BOE Membership and Dues 6,500.00 (403.61) 6,096.39 6,096.39

Total Undist. Expend. - Support Services - General Administration 368,300.00 23,497.33 391,797.33 384,305.01 7,492.32

Undist. Expend. - Support Services - School Administration:Salaries of Principals/Assistant Principals 212,494.00 28,999.18 241,493.18 234,493.18 7,000.00Salaries of Secretarial and Clerical Assistants 203,664.00 (9,714.10) 193,949.90 191,465.90 2,484.00Other Purchased Services (400 - 500 series) 3,604.00 (1,160.46) 2,443.54 2,434.26 9.28Supplies and Materials 7,768.00 (1,996.17) 5,771.83 5,708.22 63.61

Total Undist. Expend. - Support Services - School Administration 427,530.00 16,128.45 443,658.45 434,101.56 9,556.89

Undist. Expend. - Central Services:Salaries 175,433.00 5,263.65 180,696.65 169,433.65 11,263.00Purchased Professional Services 1,200.00 (1,200.00)Misc. Purchased Services (400 - 500 series) 650.00 (574.18) 75.82 75.82Supplies and Materials 7,000.00 410.37 7,410.37 6,982.53 427.84Miscellaneous Expenditures 1,082.00 1,181.54 2,263.54 2,263.54

Total Undist. Expend. - Central Services 185,365.00 5,081.38 190,446.38 178,755.54 11,690.84

Undist. Expend. - Admin. Info. Technology:SalariesPurchased Technical Services 119,076.00 (20,107.58) 98,968.42 95,851.42 3,117.00Supplies and Materials 3,199.00 170.46 3,369.46 3,369.46Other Objects 1,134.00 (329.74) 804.26 804.26

Total Undist. Expend. - Admin. Info. Technology 123,409.00 (20,266.86) 103,142.14 100,025.14 3,117.00

Undist. Expend. - Required Maintenance for School Facilities:Salaries 190,000.00 10,341.04 200,341.04 200,341.04Cleaning, Repair and Maintenance Services 73,549.00 17,567.52 91,116.52 88,050.03 3,066.49General Supplies 21,963.00 (1,000.00) 20,963.00 17,791.93 3,171.07Other Objects 920.00 920.00 530.00 390.00

Total Undist. Expend. - Required Maintenance for School Facilities 286,432.00 26,908.56 313,340.56 306,713.00 6,627.56

Undist. Expend. - Custodial Services:Salaries 391,840.00 (611.28) 391,228.72 357,886.55 33,342.17Purchased Professional and Technical Services 600.00 (421.08) 178.92 178.92Cleaning, Repair and Maintenance Services 14,450.00 56,028.04 70,478.04 53,868.04 16,610.00Rental of Land & Building Other Than Lease Purchase Agrmt 700.00 (382.25) 317.75 310.55 7.20Other Purchased Property Services 32,307.00 (93.96) 32,213.04 29,713.04 2,500.00Insurance 157,505.00 8,916.50 166,421.50 141,726.00 24,695.50Miscellaneous Purchased Services 14,569.00 23,261.00 37,830.00 5,200.00 32,630.00General Supplies 37,274.00 4,399.23 41,673.23 2,156.18 39,517.05Energy (Natural Gas) 64,000.00 (10,536.59) 53,463.41 37,963.50 15,499.91Energy (Electricity) 315,200.00 (77,261.00) 237,939.00 200,258.00 37,681.00

Total Undist. Expend. - Custodial Services 1,028,445.00 3,298.61 1,031,743.61 829,260.78 202,482.83

Undist. Expend. - Care & Upkeep of Grounds:Cleaning, Repair and Maintenance Services 15,178.00 4,500.00 19,678.00 7,522.82 12,155.18

Total Care & Upkeep of Grounds 15,178.00 4,500.00 19,678.00 7,522.82 12,155.18

Undist. Expend. - Security:Salaries 31,478.00 (21,186.64) 10,291.36 10,291.36Cleaning, Repair, and Maintenance Services 39,117.00 (19,002.44) 20,114.56 14,193.24 5,921.32General Supplies 5,590.00 27.59 5,617.59 5,084.83 532.76

Total Secuirty 76,185.00 (40,161.49) 36,023.51 29,569.43 6,454.08

87





GENERAL FUND


Total Undist. Expend. - Operations & Maintenance of Plant 1,406,240.00 (5,454.32) 1,400,785.68 1,173,066.03 227,719.65

Undist. Expend. - Student Transportation Services:Salaries of Non-Instructional Aides 94,415.00 (54,469.54) 39,945.46 39,945.46Salaries for Pupil Transp. (Bet. Home & School) - Regular 20,770.00 35,088.78 55,858.78 55,858.78Salaries for Pupil Transp. (Bet. Home & School) - Spec. Ed. 15,409.00 37,766.53 53,175.53 53,175.53Contracted Services (Bet. Home & School) - Vendors 502,017.00 (99,897.99) 402,119.01 390,420.08 11,698.93Contracted Services (Other Than Bet. Home & School) - Vendors 7,500.00 (2,233.96) 5,266.04 166.04 5,100.00Contracted Services (Bet. Home & School) - Joint Agrmnts 16,539.00 11,302.80 27,841.80 27,841.80Contracted Services (Special Ed. Students) - ESCs & CTSAs 234,049.00 19,454.60 253,503.60 253,503.60Contracted Services - Aid in Lieu of Payments - NonPublic Sch. 17,544.00 (8,974.00) 8,570.00 8,486.40 83.60

Total Undist. Expend. - Student Transportation Services 908,243.00 (61,962.78) 846,280.22 829,397.69 16,882.53

Regular Programs - Instruction - Employee Benefits:Health Benefits 7,000.00 7,000.00 7,000.00Tuition Reimbursement 35,850.00 (24,975.72) 10,874.28 9,224.28 1,650.00

Total Regular Programs - Instruction - Employee Benefits 42,850.00 (24,975.72) 17,874.28 16,224.28 1,650.00

Improvement of Instructional Services - Employee Benefits:Tuition Reimbursement 922.00 922.00 922.00

Total Improvement of Instructional Services - Employee Benefits 922.00 922.00 922.00

Special Programs - Instruction - Employee Benefits:Health Benefits 12,000.00 12,000.00 12,000.00

Total Special Programs - Instruction 12,000.00 12,000.00 12,000.00

Support Services - Central Services - Employee Benefits:Tuition Reimbursement 1,000.00 (653.50) 346.50 346.50

Total Support Services - Central Services - Employee Benefits 1,000.00 (653.50) 346.50 346.50

Total Allocated Benefits 55,850.00 (24,707.22) 31,142.78 29,492.78 1,650.00

Unallocated Benefits - Employee Benefits:Social Security Contributions 205,000.00 6,797.71 211,797.71 211,797.71Other Retirement Contributions - Regular 285,000.00 (36,464.00) 248,536.00 248,536.00Other Retirement Contributions - ERIP 3,520.00 1,064.66 4,584.66 4,584.66Unemployment Compensation 40,469.00 24,194.07 64,663.07 48,342.65 16,320.42Workmen's Compensation 110,000.00 (4,666.35) 105,333.65 105,333.65Health Benefits 1,699,021.00 306,859.09 2,005,880.09 1,993,108.77 12,771.32Other Employee Benefits 3,790.00 3,790.00 3,790.00

Total Unallocated Benefits 2,343,010.00 301,575.18 2,644,585.18 2,615,493.44 29,091.74

TPAF Contributions (On-Behalf - Non-Budgeted) 395,311.00 (395,311.00)TPAF Post Retirement Medical (On-Behalf - Non-Budgeted) 470,515.00 (470,515.00)TPAF Pension NCGI Premium (On-Behalf - Non-Budgeted) 20,799.00 (20,799.00)TPAF Social Security (Reimbursed - Non-Budgeted) 485,549.88 (485,549.88)

Total On-Behalf Contributions 1,372,174.88 (1,372,174.88)

Total Personal Services - Employee Benefits 2,398,860.00 276,867.96 2,675,727.96 4,017,161.10 (1,341,433.14)

Total Undistributed Expenditures 7,492,312.00 430,371.47 7,922,683.47 8,843,557.75 (920,874.28)

Total Expenditures - Current Expense 13,073,595.00 512,992.28 13,586,587.28 14,317,644.60 (731,057.32)

CAPITAL OUTLAYInterest Deposit To Capital Reserve 50.00 50.00 50.00

Equipment:Grades 1-5 2,482.00 2,482.00 2,482.00Grades 6-8 38,113.00 38,113.00 38,113.00Required Maintenance for School Facilities 25,000.00 8,117.00 33,117.00 10,460.00 22,657.00Care and Upkeep of Grounds 30,988.00 30,988.00 10,455.90 20,532.10

Total Equipment 25,000.00 79,700.00 104,700.00 61,510.90 43,189.10

Facilities Acquisition and Construction Services:Assessment for Debt Service on SDA Funding 35,021.00 35,021.00 35,021.00

Total Facilities Acquisition and Construction Services 35,021.00 35,021.00 35,021.00

Total Capital Outlay 60,071.00 79,700.00 139,771.00 96,531.90 43,239.10

SPECIAL SCHOOLS:Summer School - Instruction

Salaries of Teachers 24,505.00 (7,481.00) 17,024.00 17,024.00Other Salaries for Instruction 36,829.00 (10,014.00) 26,815.00 26,815.00Purchased Professional and Technical Services 15,375.00 (11,928.20) 3,446.80 3,446.80General Supplies 4,268.00 804.00 5,072.00 5,072.00Other Objects 1,600.00 (780.00) 820.00 820.00

88





GENERAL FUND


Total Summer School - Instruction 82,577.00 (29,399.20) 53,177.80 53,177.80

Summer School - Support Services:Salaries 27,754.00 15,897.50 43,651.50 43,651.50Other Purchased Services (400 - 500 series) 24,786.00 24,786.00 18,785.93 6,000.07

Total Summer School - Support Services 52,540.00 15,897.50 68,437.50 62,437.43 6,000.07

Total Summer School 135,117.00 (13,501.70) 121,615.30 115,615.23 6,000.07

Total Special Schools 135,117.00 (13,501.70) 121,615.30 115,615.23 6,000.07

Transfer of Funds to Charter School 1,673,456.00 1,673,456.00 1,640,718.00 32,738.00

Total Expenditures 14,942,239.00 579,190.58 15,521,429.58 16,170,509.73 (649,080.15)

Excess/(Deficiency) of Revenues Over/(Under)Expenditures 23,630.00 (205,278.58) (181,648.58) 568,613.26 750,261.84

Other Financing Sources/(Uses):Local Contribution - Transfer to Special Revenue Regular (175,000.00) (175,000.00) (175,000.00)

Total Other Financing Sources/(Uses) (175,000.00) (175,000.00) (175,000.00)

Excess/(Deficiency) of Revenues andOther Financing Sources Over/(Under)

Expenditures and Other Financing Uses (151,370.00) (205,278.58) (356,648.58) 393,613.26 750,261.84

Fund Balances, July 1 1,191,554.41 1,191,554.41 1,191,554.41

Fund Balances, June 30 $ 1,040,184.41 $ (205,278.58) $ 834,905.83 $ 1,585,167.67 $ 750,261.84

Recapitulation of Transfers:Prior Year Reserve for Encumbrances $ 205,278.58Recapitulation:

Restricted:Reserved Excess Surplus:

Designated for Subsequent Year'sExpenditures $ 158,456.78

Reserve for Excess Surplus 49,605.61Capital Reserve 59,666.10Maintenance Reserve 249,188.89

Assigned:Year-End Encumbrances 383,558.57Designated for Subsequent Year's Expenditures 338,652.22

Unassigned 346,039.50

1,585,167.67Reconciliation To Governmental Funds Statements (GAAP):

Last State Aid Payment Not Recognized on GAAP Basis (219,870.30)

Fund Balance per Governmental Funds (GAAP) $ 1,365,297.37

89

Exhibit C-2

VarianceFinal Final To

Budget Actual ActualREVENUES:

Local Sources $ 35,714.92 $ 12,418.96 $ (23,295.96)State Sources 4,336,972.40 4,311,264.08 (25,708.32)Federal Sources 2,258,324.51 1,964,629.27 (293,695.24)

Total Revenues 6,631,011.83 6,288,312.31 (342,699.52)

EXPENDITURES:Instruction:

Salaries of Teachers 1,193,380.80 1,113,965.55 79,415.25Other Salaries for Instruction 581,932.06 561,914.68 20,017.38Purchased Services 271,283.87 250,908.49 20,375.38Other Purchased Services 78,397.16 78,397.16General Supplies 162,860.39 139,819.43 23,040.96Textbooks 25,522.00 25,321.66 200.34Other Objects 10,356.78 8,054.03 2,302.75

Total Instruction 2,323,733.06 2,178,381.00 145,352.06

Support Services:Salaries 234,729.98 200,129.79 34,600.19Salaries of Supervisors of Instruction 42,392.88 31,962.88 10,430.00Salaries of Program Directors 81,966.54 81,966.54Salaries of Other Professional Staff 138,524.00 138,524.00Salaries of Secr. And Clerical Assistants 86,035.23 86,035.23Other Salaries 92,676.39 92,419.51 256.88Salaries of Community Parent Involvement Spec. 43,850.65 43,850.55 0.10Salaries of Masters Teachers 100,931.72 100,931.72Personal Services - Employee Benefits 823,988.14 797,288.99 26,699.15Professional and Technical Services 249,482.00 198,303.97 51,178.03Purchased Educ. Services - Contracted Pre-K 1,857,406.00 1,857,406.00Purchased Professional - Educational Services 76,331.51 75,124.67 1,206.84Other Purchased Professional Services 11,800.04 11,800.00 0.04Tuition Reimbursement 6,855.98 6,817.71 38.27Other Purchased Services 138,364.12 97,598.06 40,766.06Cleaning, Repair, & Maintenance Services 4,200.00 4,200.00Rentals 120,744.00 96,500.23 24,243.77Contracted Transportation Serv. (Bet. Home & Sch) 197,000.00 197,000.00Contracted Transportation Serv. (Field Trips) 8,087.00 8,087.00Travel 2,606.83 2,600.00 6.83Supplies and Materials 112,525.63 106,993.64 5,531.99Other Objects 27,552.77 25,167.64 2,385.13

Total Support Services 4,458,051.41 4,260,708.13 197,343.28

Facilities Acquisition and Construction Services:Instructional Equipment 9,419.00 9,415.80 3.20Non-Instructional Equipment 14,808.36 14,807.38 0.98

Total Facilities Acquisition and Construction Services 24,227.36 24,223.18 4.18

Total Expenditures 6,806,011.83 6,463,312.31 342,699.52

Total Outflows 6,806,011.83 6,463,312.31 342,699.52

Excess/(Deficiency) of Revenues Over/(Under)Expenditures (175,000.00) (175,000.00)

Other Financing Sources/(Uses):Operating Transfer In:

General Fund Contribution to Preschool Education Aid 175,000.00 175,000.00

Total Other Financing Sources/(Uses) 175,000.00 175,000.00

Excess/(Deficiency) of Revenues Over/(Under)Expenditures and Other Financing Sources/(Uses) $ 0.00 $ 0.00 $ 0.00



SPECIAL REVENUE FUND


90

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

91


92

General Special RevenueFund Fund

the Budgetary Comparison Schedules $ 16,739,122.99 $ 6,288,312.31

Grant accounting budgetary basis differs fromGAAP in that encumbrances are recognized

as expenditures, and the related revenue isrecognized:

Less: Current Year Encumbrances (277,769.04)Add: Prior Year Encumbrances 190,090.18

State aid payment recognized for GAAP statementsin the current year, previously recognized for

budgetary purposes. 192,426.13 266,952.87

not recognized for GAAP statements until thesubsequent year. (219,870.30) (407,906.70)

Total revenues as reported on the Statement of Revenues,Expenditures and Changes in Fund Balances -

Governmental Funds. $ 16,711,678.82 $ 6,059,679.62

from the Budgetary Comparison Schedule $ 16,170,509.73 $ 6,463,312.31

Encumbrances for supplies and equipment orderedbut not received are reported in the year the order

is placed for budgetary purposes, but in the yearthe supplies are received for financial reporting

purposes:Less: Current Year Encumbrances (277,769.04)Add: Prior Year Encumbrances 190,090.18

Revenues, Expenditures and Changes in Fund Balances -Governmental Funds. $ 16,170,509.73 $ 6,375,633.45

Actual amounts (budgetary basis) “total outflows”

Difference - budget to GAAP:

Total expenditures as reported on the Statement of

Expenditures

SOURCES/INFLOWS OF RESOURCESActual amounts (budgetary) “revenues” from

Difference - budget to GAAP:

State aid payment recognized for budgetary purposes,

USES/OUTFLOWS OF RESOURCES

Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and

Exhibit C-3RED BANK SCHOOL DISTRICT


BUDGET-TO-GAAP RECONCILIATION


93


94

OTHER SUPPLEMENTARY INFORMATION

95


96

D. School Based Budget Schedules

Not Applicable

97


98

E. Special Revenue Fund

expenditures for specific purposes.(other than expendable trusts or major capital projects) that are legally restricted to

The Special Revenue Fund is used to account for the proceeds of specific revenue sources

99


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102

Exhibit E-2

DISTRICT-WIDE TOTALS 2013 2013Budgeted Actual Variance

EXPENDITURES:Instruction:

Salaries of Teachers $ 563,043.18 $ 563,043.18Other Salaries for Instruction 321,910.25 321,909.65 $ 0.60General Supplies 76,685.00 76,685.00Other Objects 4,929.75 4,929.75

Total Instruction 966,568.18 966,567.58 0.60

Support Services:Salaries of Supervisors of Instruction 19,592.88 19,592.88Salaries of Program Directors 81,966.54 81,966.54Salaries of Other Professional Staff 138,524.00 138,524.00Salaries of Secr. And Clerical Assistants 53,243.20 53,243.20Other Salaries 92,676.39 92,419.51 256.88Salaries of Community Parent Involvement Spec. 43,850.65 43,850.55 0.10Salaries of Masters Teachers 100,931.72 100,931.72Personal Services - Employee Benefits 481,800.00 481,800.00Purchased Educ. Services - Contracted Pre-K 1,857,406.00 1,857,406.00Purchased Professional - Educational Services 32,543.50 32,543.49 0.01Other Purchased Professional Services 11,800.04 11,800.00 0.04Tuition Reimbursement 6,855.98 6,817.71 38.27Cleaning, Repair, & Maintenance Services 4,200.00 4,200.00Rentals 120,744.00 96,500.23 24,243.77Contracted Transportation Serv. (Bet. Home & Sch) 197,000.00 197,000.00Contracted Transportation Serv. (Field Trips) 8,087.00 8,087.00Travel 2,606.83 2,600.00 6.83Supplies and Materials 37,334.16 37,225.04 109.12Other Objects 8,082.97 8,082.97

Total Support Services 3,299,245.86 3,274,590.84 24,655.02

Facilities Acquisition and Construction Services:Noninstructional Equipment 14,808.36 14,807.38 0.98

Total Facilities Acquisition andConstruction Services 14,808.36 14,807.38 0.98

Total Expenditures $ 4,280,622.40 $ 4,255,965.80 $ 24,656.60

Total revised 2012-13 Preschool Education Aid Allocation $ 4,079,057.00Add: Actual ECPA/PEA Carryover (June 30, 2012) 63,706.86Add: Prior Year Cancelled Encumbrances 1,550.33Add: Budgeted Transfer from the General Fund 2012-13 175,000.00

Total Preschool Education Aid Funds Available for 2012-13 Budget 4,319,314.19

Less:2012-13 Budgeted Preschool Education Aid (Including prior-year budget carryover) (4,280,622.40)

Available and Unbudgeted Preschool Education Aid Funds as of June 30, 2013 38,691.79

Add:June 30, 2013 Unexpended Preschool Education Aid 24,656.60

2012-13 Carryover - Preschool Education Aid Programs $ 63,348.39

2012-13 Preschool Education Aid Carryover Budgeted for Preschool Programs 2013-14 $ 85,000.00

SUMMARY OF LOCATION TOTALS


SPECIAL REVENUE FUND

SCHEDULE OF PRESCHOOL EDUCATION AIDBUDGETARY BASIS

For the fiscal year ended June 30, 2013

103


104

F. Capital Projects Fund

capital facilities and equipment purchases other than those financed by proprietary funds.The Capital Projects Fund is used to account for the acquisition and construction of major

105


106

Exhibit F-1

Original Prior Current UnexpendedDate Appropriations Years Year Balance

Renovations, Improvements andVarious Acquisitions for the

Middle School 08/24/00 $ 11,275,000.00 $ 11,176,749.41 $ 0.00 $ 98,250.59

Unexpended Balance $ 98,250.59Balance of SCC Grant (26,479.34)

Fund Balance (B-2) $ 71,771.25

Project Title/Issue


CAPITAL PROJECTS FUND

SUMMARY STATEMENT OF PROJECT EXPENDITURES

For the year ended June 30, 2013

Expenditures To Date

107

Exhibit F-2

BUDGETARY BASIS

Revenues and Other Financing Sources:State Sources - SCC Grant $ 11,590.84Bond Proceeds and Transfers

Total Revenues 11,590.84

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 11,590.84

Fund Balance - July 1 60,180.41

Fund Balance - June 30 $ 71,771.25



SUMMARY SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

For the year ended June 30, 2013

108

Exhibit F-2a

RevisedPrior Current Authorized

Periods Year Totals CostRevenues and Other Financing Sources:

State Sources - SCC Grant $ 4,471,929.82 $ 11,590.84 $ 4,483,520.66 $ 4,510,000.00Bond Proceeds and Transfers 6,765,000.00 6,765,000.00 6,765,000.00

Total Revenues 11,236,929.82 11,248,520.66 11,275,000.00

Expenditures and Other Financing Uses:Purchased Professional and Technical

Services 1,263,859.83 1,263,859.83 1,270,000.00Construction Services 9,844,714.52 9,844,714.52 9,905,000.00Supplies 68,175.06 68,175.06 100,000.00

Total Expenditures 11,176,749.41 11,176,749.41 11,275,000.00

Excess/(Deficiency) of Revenues Over/(Under) Expenditures $ 60,180.41 $ 0.00 $ 71,771.25 $ 0.00

Additional Project Information:Project Date 08/24/00Grant Date 08/31/00Bond Authorization Date 11/06/00Bonds Authorized $ 6,765,000Bonds Issued 6,760,000Original Authorization Cost 11,275,000Additional Authorization Cost N/ARevised Authorization Cost N/A

Percentage Increase over OriginalAuthorized Cost N/A

Percentage Completion 99%Original Target Completion Date 09/03Revised Target Completion Date N/A

From inception and for the year ended June 30, 2013



SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE, AND PROJECT STATUS - BUDGETARY BASIS

RENOVATIONS, IMPROVEMENTS AND VARIOUS ACQUISITIONS FOR MIDDLE SCHOOL

109


110

G. Proprietary Funds

FOOD SERVICE FUND

This section has already been included in Statement B-4, B-5, and B-6.

This Fund provides for the operation of food services within the School District.

that the costs of providing goods or services be financed through user charges.manner similar to private business enterprises - where the intent of the District's Board is Proprietary Funds are used to account for operations that are financed and operated in a

111


112

Enterprise Funds

113


114

Fiduciary Funds are used to account for funds received by the School District for a specific

purpose.

Agency Funds are used to account for assets held by the School District as an agent for

individuals, private organizations, other governments and/or other funds.

Student Activity Fund: This Agency Fund is used to account for student funds held at the

schools.

Payroll Fund: This Agency Fund is used to account for the payroll transactions

of the School District.

H. Fiduciary Fund

115


116

Exhibit H-1

StudentActivity Payroll Totals

Assets

Cash and Cash Equivalents $ 34,218.29 $ 86,570.15 $ 120,788.44

Total Assets $ 34,218.29 $ 86,570.15 $ 120,788.44

Liabilities

Payroll Deductions and Withholdings $ 86,570.15 $ 86,570.15Due To Student Groups $ 34,218.29 34,218.29

Total Liabilities $ 34,218.29 $ 86,570.15 $ 120,788.44


COMBINING STATEMENT OF FIDUCIARY NET POSITION

FIDUCIARY FUNDS

June 30, 2013

Agency Funds

117

Exhibit H-3

Balance BalanceJuly 1, Cash Cash June 30,2012 Receipts Disbursements 2013

Elementary Schools:Primary School $ 7,486.04 $ 10,903.77 $ 7,574.36 $ 10,815.45Middle School 24,141.62 27,052.07 27,790.85 23,402.84

Total Assets $ 31,627.66 $ 37,955.84 $ 35,365.21 $ 34,218.29


SCHEDULE OF RECEIPTS AND DISBURSEMENTS

STUDENT ACTIVITY AGENCY FUND


118

Exhibit H-4

Balance BalanceJuly 1, June 30,2012 Additions Deletions 2013

Assets

Cash $ 77,149.70 $ 5,153,911.01 $ 5,144,490.56 $ 86,570.15

Total Assets $ 77,149.70 $ 5,153,911.01 $ 5,144,490.56 $ 86,570.15

Liabilities

Payroll Deductions andWithholdings $ 77,149.70 $ 5,153,911.01 $ 5,144,490.56 $ 86,570.15

Total Liabilities $ 77,149.70 $ 5,153,911.01 $ 5,144,490.56 $ 86,570.15


PAYROLL AGENCY FUND

SCHEDULE OF RECEIPTS AND DISBURSEMENTS


119

I. Long-Term Debt

and obligations under capital leases.general long-term liabilities of the School District. This includes serial bonds outstandingThe Long-Term Schedules are used to reflect the outstanding principal balances of the

120


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Loa

n1.

50%

57,5

00.0

06,

052.

563,

026.

323,

026.

24

$80

,850

.67

$39

,814

.35

$41

,036

.32

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

ST

AT

EM

EN

T O

F L

OA

NS

PA

YA

BLE

- N

.J.E

.D.A

.

June

30,

201

3

124

STATISTICAL SECTION (Unaudited)

125


126

FINANCIAL TRENDS/INFORMATION SCHEDULES

127


128

Exh

ibit

J-1

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Gov

ernm

ent A

ctiv

ities

:In

vest

ed in

Cap

ital A

sset

s, N

et o

f Rel

ated

Deb

t$

10,7

63,8

48.3

0$

10,6

22,0

26.6

6$

10,4

52,0

50.6

7$

10,4

00,1

90.1

3$

10,3

63,8

88.0

0$

10,5

50,5

30.

35$

10,8

49,8

37.9

3$

10,8

96,2

74.3

9$

11,1

21,6

12.4

6$

11,1

05,5

67.1

0R

estr

icte

d57

9,50

1.78

662,

349.

391,

233,

737.

102,

033,

830.

952,

028,

399.

001,

954,

587.

0260

8,02

7.36

493,

220.

2588

4,70

4.04

1,31

1,58

2.63

Unr

estr

icte

d38

4,80

0.48

389,

110.

8231

5,06

4.90

91,5

19.4

826

2,50

6.00

230,

996.

58(1

0,13

6.44

)11

4,75

6.08

(125

,331

.43)

(321

,981

.90)

Tot

al G

over

nmen

t Act

iviti

es N

et P

ositi

on$

11,7

28,1

50.5

6$

11,6

73,4

86.8

7$

12,0

00,8

52.6

7$

12,5

25,5

40.5

6$

12,6

54,7

93.0

0$

12,7

36,1

13.9

5$

11,4

47,7

28.8

5$

11,5

04,2

50.7

2$

11,8

80,9

85.0

7$

12,0

95,1

67.8

3

Bus

ines

s-T

ype

Act

iviti

es:

Inve

sted

in C

apita

l Ass

ets,

Net

of R

elat

ed D

ebt

$37

,614

.72

$33

,496

.44

$29

,378

.19

$32

,808

.99

$34

,223

.00

$35

,631

.09

$47

,218

.76

$39

,772

.62

$98

,970

.93

$85

,632

.60

Unr

estr

icte

d56

,520

.69

72,5

11.2

690

,006

.79

124,

201.

8913

5,42

8.00

181,

648.

4723

6,58

1.50

280,

383.

6717

8,76

9.70

122,

952.

24

Tot

al B

usin

ess-

Typ

e A

ctiv

ities

Net

Pos

ition

$94

,135

.41

$10

6,00

7.70

$11

9,38

4.98

$15

7,01

0.88

$16

9,65

1.00

$21

7,27

9.56

$28

3,80

0.26

$32

0,15

6.2

9$

277,

740.

63$

208,

584.

84

Dis

tric

t-w

ide:

Inve

sted

in C

apita

l Ass

ets,

Net

of R

elat

ed D

ebt

$10

,801

,463

.02

$10

,655

,523

.10

$10

,481

,428

.86

$10

,432

,999

.12

$10

,398

,111

.00

$10

,586

,16

1.44

$10

,897

,056

.69

$10

,936

,047

.01

$11

,220

,583

.39

$11

,191

,199

.70

Res

tric

ted

579,

501.

7866

2,34

9.39

1,23

3,73

7.10

2,03

3,83

0.95

2,02

8,39

9.00

1,95

4,58

7.02

608,

027.

3649

3,22

0.25

884,

704.

041,

311,

582.

63U

nres

tric

ted

441,

321.

1746

1,62

2.08

405,

071.

6921

5,72

1.37

397,

934.

0041

2,64

5.05

226,

445.

0639

5,13

9.75

53,4

38.2

7(1

99,0

29.6

6)

Tot

al D

istr

ict N

et P

ositi

on$

11,8

22,2

85.9

7$

11,7

79,4

94.5

7$

12,1

20,2

37.6

5$

12,6

82,5

51.4

4$

12,8

24,4

44.0

0$

12,9

53,3

93.5

1$

11,7

31,5

29.1

1$

11,

824,

407.

01$

12,1

58,7

25.7

0$

12,3

03,7

52.6

7

Bon

d Is

sue

Cas

h, w

hich

was

incl

uded

in th

e C

apita

l Ass

et li

ne o

f Gov

ernm

enta

l Act

iviti

es in

prio

r ye

ars,

is n

ow in

clud

ed in

the

Res

tric

ted

Res

erve

line

.

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

NE

T P

OS

ITIO

N B

Y C

OM

PO

NE

NT

LAS

T T

EN

FIS

CA

L Y

EA

RS

(AC

CR

UA

L B

AS

IS O

F A

CC

OU

NT

ING

)(U

NA

UD

ITE

D)

129

Exh

ibit

J-1

Pag

e 1

of 2

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Exp

ense

s:G

over

nmen

tal A

ctiv

ities

:In

stru

ctio

n:R

egul

ar$

(5,1

38,1

69.7

4)$

(5,9

90,6

28.1

2)$

(6,2

44,2

57.2

7)$

(6,9

44,7

63.6

6)$

(7,0

11,6

19.0

0)$

(7,7

04,5

01.1

6)$

(8,5

91,1

74.5

9)$

(8,4

46,6

10.4

0)$

(8,1

10,2

20.9

9)$

(6,1

19,0

71.7

1)S

pec

ial E

duca

tion

(788

,668

.61)

(628

,118

.54)

(849

,210

.00)

(631

,071

.79)

(1,0

47,6

40.0

0)(9

18,2

43.4

5)(1

,367

,417

.05)

(1,2

73,8

65.1

4)(1

,182

,202

.41)

(963

,464

.73)

Oth

er S

pec

ial E

duca

tion

(424

,184

.74)

(415

,084

.93)

(445

,334

.81)

(348

,361

.63)

(672

,273

.00)

(658

,315

.85)

(618

,453

.20)

(592

,289

.02)

(713

,008

.54)

(585

,767

.68)

Oth

er In

stru

ctio

n(6

0,90

8.86

)(7

8,10

4.89

)(5

9,35

9.83

)(5

8,06

9.22

)(5

2,05

3.00

)(4

6,02

2.70

)(3

28,2

20.0

1)(2

44,6

07.1

9)(2

17,8

74.9

7)(6

,919

.37)

Sup

por

t Ser

vice

s:T

uitio

n(8

02,0

62.0

8)(4

87,2

48.8

2)(5

11,7

64.6

9)(4

59,5

93.1

3)(4

36,3

30.0

0)(4

16,4

93.2

8)(5

62,1

13.3

5)(4

72,1

93.3

3)(5

06,7

84.8

8)(4

59,5

56.1

3)S

tude

nt a

nd In

stru

ctio

n R

elat

ed S

ervi

ces

(2,0

87,1

16.1

4)(2

,234

,129

.11)

(2,0

62,9

12.7

5)(2

,128

,693

.34)

(2,3

92,6

11.0

0)(2

,590

,291

.60)

(3,7

44,4

17.6

2)(4

,672

,953

.00)

(4,6

17,0

99.6

7)(5

,426

,878

.98)

Gen

eral

Adm

inis

trat

ion

(838

,975

.95)

(709

,862

.52)

(592

,733

.63)

(469

,149

.90)

(427

,880

.00)

(408

,150

.07)

(402

,479

.49)

(415

,876

.18)

(421

,858

.49)

(399

,112

.39)

Sch

ool A

dmin

istr

ativ

e S

ervi

ces

(700

,236

.44)

(444

,177

.92)

(492

,491

.62)

(449

,476

.68)

(604

,092

.00)

(555

,760

.05)

(547

,087

.32)

208,

272.

99(1

06,

576.

95)

(434

,101

.56)

Cen

tral

Ser

vice

s(2

08,9

93.7

3)(2

47,9

19.0

0)(2

00,5

78.1

9)(2

12,1

92.3

7)(2

01,4

06.1

7)(2

63,8

08.0

3)(1

78,7

55.5

4)A

dmin

istr

ativ

e In

form

atio

n T

echn

olog

y(1

6,55

8.24

)(8

6,67

2.00

)(2

54,1

04.6

6)(2

6,32

2.37

)(1

14,4

09.5

4)(9

4,17

3.93

)(1

00,0

25.1

4)P

lant

Op

erat

ions

and

Mai

nten

ance

(1,2

46,5

32.0

2)(1

,357

,465

.55)

(1,2

35,7

66.5

7)(1

,297

,154

.30)

(1,2

92,5

36.0

0)(1

,597

,577

.47)

(1,3

08,8

37.5

7)(1

,585

,199

.23)

(1,3

02,6

32.7

7)(1

,208

,786

.78)

Pup

il T

rans

por

tatio

n(8

52,5

73.8

9)(8

75,6

60.4

9)(8

66,5

35.7

9)(8

16,7

40.9

9)(9

33,0

35.0

0)(8

98,9

00.4

8)(8

79,1

77.6

2)(9

09,8

03.4

0)(8

45,4

59.8

8)(8

29,3

97.6

9)U

nallo

cate

d B

enef

its(4

,008

,922

.86)

Sp

ecia

l Sch

ools

(3,8

59.6

2)(2

,650

.01)

(44,

508.

63)

(42,

981.

00)

(56,

407.

00)

(41,

008.

78)

(53,

457.

57)

(7,0

00.0

0)(6

5,19

9.68

)(1

15,6

15.2

3)C

hart

er S

choo

ls(1

,426

,252

.00)

(1,5

03,8

39.3

0)(1

,568

,747

.00)

(1,7

10,1

47.0

0)(1

,747

,016

.00)

(1,8

40,6

47.0

0)(1

,799

,071

.00)

(1,6

90,5

04.0

0)(1

,709

,733

.00)

(1,6

40,7

18.0

0)In

tere

st o

n Lo

ng-T

erm

Deb

t(3

32,1

86.3

6)(3

20,5

96.9

5)(2

08,7

05.1

8)(2

50,5

92.9

7)(2

30,9

51.0

0)(2

18,5

38.0

6)(1

91,4

53.8

5)(1

59,2

97.2

9)(1

60,2

34.0

9)(1

57,4

21.5

1)U

nallo

cate

d D

epre

ciat

ion

(170

,943

.00)

(394

,402

.00)

(394

,772

.52)

(406

,389

.00)

(8,7

86.0

0)(3

6,72

8.81

)(5

,017

.72)

(5,0

17.7

2)(4

79,2

89.6

8)

Tot

al G

over

nmen

tal A

ctiv

ities

Exp

ense

s(1

4,87

2,66

9.45

)(1

5,44

1,96

9.15

)(1

5,57

7,10

0.29

)(1

6,23

8,73

6.58

)(1

7,24

7,82

0.00

)(1

8,38

5,86

1.61

)(2

0,63

1,87

4.98

)(2

0,58

2,75

8.62

)(2

0,32

1,88

6.00

)(2

3,11

3,80

4.98

)

Bus

ines

s-T

ype

Act

iviti

es:

Foo

d S

ervi

ce(3

09,4

44.3

3)(3

44,4

24.5

4)(3

63,6

76.9

4)(3

63,0

91.9

8)(4

42,7

21.0

0)(4

67,3

23.2

8)(5

15,1

70.4

2)(5

75,6

17.0

7)(7

15,7

74.0

6)(7

48,9

64.3

8)

Tot

al B

usin

ess-

Typ

e A

ctiv

ities

Exp

ense

s(3

09,4

44.3

3)(3

44,4

24.5

4)(3

63,6

76.9

4)(3

63,0

91.9

8)(4

42,7

21.0

0)(4

67,3

23.2

8)(5

15,1

70.4

2)(5

75,6

17.0

7)(7

15,7

74.0

6)(7

48,9

64.3

8)

Tot

al D

istr

ict E

xpen

ses

$(1

5,18

2,11

3.78

)$

(15,

786,

393.

69)

$(1

5,94

0,77

7.23

)$

(16,

601,

828.

56)

$(1

7,69

0,54

1.00

)$

(18,

853,

184.

89)

$(2

1,14

7,04

5.40

)$

(21,

158,

375.

69)

$(2

1,03

7,66

0.06

)$

(23,

862,

769.

36)

Pro

gra

m R

even

ues:

Gov

ernm

enta

l Act

iviti

es:

Cha

rges

for

Ser

vice

s:In

stru

ctio

n (T

uitio

n)$

6,00

0.00

$1,

500.

00$

35,8

80.8

4$

52,5

89.0

0$

46,7

35.0

0$

102,

314.

14$

40,8

03.1

4$

10,2

27.0

0O

per

atin

g G

rant

s an

d C

ontr

ibut

ions

$35

2,77

3.45

225,

338.

2022

4,25

6.30

223,

155.

0022

1,72

7.00

43,6

11.0

059

,791

.00

3,59

9.00

602,

897.

20$

8,40

9,79

9.95

Cap

ital G

rant

s an

d C

ontr

ibut

ions

336,

232.

768,

705.

77

Tot

al G

over

nmen

tal A

ctiv

ities

Pro

gra

m R

even

ues

689,

006.

2124

0,04

3.97

225,

756.

3025

9,03

5.84

274,

316.

0090

,346

.00

162,

105.

1444

,402

.14

613

,124

.20

8,40

9,79

9.95

Bus

ines

s-T

ype

Act

iviti

es:

Cha

rges

for

Ser

vice

s:F

ood

Ser

vice

64,5

27.4

273

,366

.93

71,9

07.7

477

,122

.12

92,4

67.0

010

2,51

6.67

126,

463.

0412

9,24

1.77

125,

187.

7810

1,69

9.49

Op

erat

ing

Gra

nts

and

Con

trib

utio

ns25

8,97

9.52

282,

929.

9030

5,14

6.48

322,

198.

7136

2,49

3.00

411,

041.

5545

4,80

4.90

482,

508.

9954

7,76

1.05

577,

841.

81

Tot

al B

usin

ess-

Typ

e A

ctiv

ities

Pro

gra

m R

even

ues

323,

506.

9435

6,29

6.83

377,

054.

2239

9,32

0.83

454,

960.

0051

3,55

8.22

581,

267.

9461

1,75

0.76

672,

948.

8367

9,54

1.30

Tot

al D

istr

ict P

rog

ram

Rev

enue

s$

1,01

2,51

3.15

$59

6,34

0.80

$60

2,81

0.52

$65

8,35

6.67

$72

9,27

6.00

$60

3,90

4.22

$74

3,37

3.08

$65

6,15

2.90

$1,

286

,073

.03

$9,

089,

341.

25

Net

(E

xpen

se)/

Rev

enue

:G

over

nmen

tal A

ctiv

ities

$(1

4,18

3,66

3.24

)$

(15,

201,

925.

18)

$(1

5,35

1,34

3.99

)$

(15,

979,

700.

74)

$(1

6,97

3,50

4.00

)$

(18,

295,

515.

61)

$(2

0,46

9,76

9.84

)$

(20,

538,

356.

48)

$(1

9,70

8,76

1.80

)$

(14,

704,

005.

03)

Bus

ines

s-T

ype

Act

iviti

es14

,062

.61

11,8

72.2

913

,377

.28

36,2

28.8

512

,239

.00

46,2

34.9

466

,097

.52

36,1

33.6

9(4

2,82

5.23

)(6

9,42

3.08

)

Tot

al D

istr

ict-

wid

e N

et (

Exp

ense

)/R

even

ue$

(14,

169,

600.

63)

$(1

5,19

0,05

2.89

)$

(15,

337,

966.

71)

$(1

5,94

3,47

1.89

)$

(16,

961,

265.

00)

$(1

8,24

9,28

0.67

)$

(20,

403,

672.

32)

$(2

0,50

2,22

2.79

)$

(19,

751,

587.

03)

$(1

4,77

3,42

8.11

)

Gen

eral

Rev

enue

s an

d O

ther

Cha

nges

in N

et A

sset

s:G

over

nmen

tal A

ctiv

ities

:P

rop

erty

Tax

es L

evie

d fo

r G

ener

al P

urp

oses

, Net

$9,

929,

441.

00$

10,3

07,8

84.0

0$

10,6

24,7

03.0

0$

11,0

76,9

97.0

0$

11,3

48,7

42.0

0$

11,6

04,2

90.0

0$

11,6

04,2

90.0

0$

12,0

39,4

51.0

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$50

1,90

7.48

$69

,314

.00

$(9

4,84

0.29

)$

(1,5

77,6

65.8

6)$

15,6

27.4

7$

142,

157

.09

$23

6,80

7.31

Deb

t S

ervi

ce a

s a

Per

cent

age

ofN

onca

pita

l Exp

endi

ture

s4.

15%

4.03

%3.

92%

3.83

%3.

49%

3.21

%2.

79%

2.82

%2.

78%

2.38

%

So

urc

e:

Dis

tric

t re

cord

s

Not

e:

Non

capi

tal e

xpen

ditu

res

are

tota

l exp

endi

ture

s le

ss C

apita

l Out

lay.

Cen

tral

Ser

vice

and

Adm

inis

trat

ive

Info

rmat

ion

Tec

hnol

ogy

acco

unt

clas

sific

atio

ns w

ere

adde

d be

ginn

ing

with

yea

r-en

d Ju

ne 3

0, 2

005.

Pri

or t

o Ju

ne 3

0, 2

005,

Cen

tral

Ser

vice

and

Adm

inis

trat

ive

Info

rmat

ion

Tec

hnol

ogy

wer

e co

mbi

ned

in O

ther

Sup

port

Ser

vice

s as

Bu

sine

ss a

nd O

ther

Sup

port

Ser

vice

s.S

peci

al R

even

ue a

lloca

tion

not

avai

labl

eD

ebt

Ser

vice

bre

akdo

wn

not

avai

labl

eO

ther

Fin

anci

ng S

ourc

es/(

Use

s) n

ot a

vaila

ble

***

Rev

enue

s:

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

CH

AN

GE

S IN

FU

ND

BA

LAN

CE

S,

GO

VE

RN

ME

NT

AL

FU

ND

S

LA

ST

TE

N F

ISC

AL

YE

AR

S(M

OD

IFIE

D A

CC

RU

AL

BA

SIS

OF

AC

CO

UN

TIN

G)

(UN

AU

DIT

ED

)

* **

133

Exh

ibit

J-5

Prio

r Y

ear

Inte

rest

Ear

ned

Acc

ount

sT

uitio

non

Cap

ital

Fis

cal Y

ear

Inte

rest

on

Use

of

Prio

r Y

ear

Pay

able

Mis

cella

neou

s -

Fro

mR

eser

veA

nnua

lE

ndin

g Ju

ne 3

0,In

vest

men

tsD

onat

ions

Fac

ilitie

sR

efun

dsC

ance

lled

Oth

erT

uitio

nIn

divi

dual

sF

unds

Tot

als

2004

$11

,638

.18

$47

5.00

$12

,765

.69

$7,

650.

00$

29,9

43.0

7$

503.

91$

62,9

75.8

5

2005

19,0

91.9

61,

750.

003,

849.

5268

4.00

7,03

3.99

$6,

000.

0071

4.09

39,1

23.5

6

2006

47,3

36.1

642

,260

.74

11,0

57.1

3$

16,6

26.6

01,

500.

0011

8,78

0.63

2007

129,

640.

5816

,079

.16

1,76

2.00

169.

3635

,880

.84

2,25

8.67

185,

790.

61

2008

123,

666.

00$

9,74

4.00

16,4

40.0

026

,969

.00

52,5

89.0

02,

027.

0023

1,43

5.00

2009

30,5

32.8

47,

325.

007,

488.

8037

,166

.10

138,

185.

5346

,735

.00

591.

2626

8,02

4.53

2010

5,77

3.54

1,94

6.00

16,3

52.4

07,

559.

7610

2,31

4.14

147.

8113

4,09

3.65

2011

2,89

2.01

7,56

7.50

3,99

2.48

11,2

35.6

240

,803

.14

74.9

466

,565

.69

2012

3,22

6.27

21,0

03.0

040

,405

.99

10,2

27.0

010

1.96

74,9

64.2

2

2013

12,2

02.6

611

8.72

12,3

21.3

8

Sou

rce:

Dis

tric

t rec

ords

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

GE

NE

RA

L F

UN

D -

OT

HE

R L

OC

AL

RE

VE

NU

E B

Y S

OU

RC

E

LAS

T T

EN

FIS

CA

L Y

EA

RS

(MO

DIF

IED

AC

CR

UA

L B

AS

IS O

F A

CC

OU

NT

ING

)(U

NA

UD

ITE

D)

134

REVENUE CAPACITY INFORMATION

135


136

Exh

ibit

J-6

Fis

cal Y

ear

End

ing

June

30,

Vac

ant L

and

Res

iden

tial

Far

m R

eg.

Qfa

rmC

omm

erci

alIn

dust

rial

Apa

rtm

ent

2004

$10

,705

,100

$59

5,66

5,00

0-

-$

256,

157,

100

$24

,464

,900

$70

,342

,400

2005

12,9

32,1

0059

5,63

8,80

0-

-25

6,37

9,90

023

,662

,400

71,1

81,8

0020

0613

,292

,600

602,

331,

300

--

260,

839,

600

22,0

19,3

0070

,357

,500

2007

R20

,091

,700

1,34

6,96

6,10

0-

-65

9,39

3,50

054

,245

,000

147,

770,

000

2008

20,9

91,4

001,

353,

253,

700

--

685,

713,

600

54,2

93,5

0014

8,47

7,60

020

0927

,096

,400

1,35

9,50

4,50

0-

-69

2,19

6,80

053

,777

,800

145,

835,

600

2010

18,5

14,9

001,

369,

449,

500

--

676,

474,

300

52,0

48,7

0014

2,89

5,20

020

1119

,743

,700

1,36

6,10

9,73

1-

-66

8,89

6,50

050

,437

,500

143,

148,

400

2012

24,2

47,6

001,

355,

504,

971

--

663,

883,

700

49,8

73,8

0014

3,21

8,40

020

1327

,456

,500

1,34

1,47

1,54

166

3,66

8,50

044

,789

,400

142,

412,

000

Tot

alLe

ss:

Est

imat

ed A

ctua

lD

irect

Tot

al A

sses

sed

Tax

- E

xem

ptP

ublic

Net

Val

uatio

n(C

ount

yS

choo

lV

alue

Pro

pert

yU

tiliti

esa

Tax

able

Equ

aliz

ed)

Val

ueT

ax R

ateb

2004

$1,

132,

445,

900

$17

5,11

1,40

0$

6,44

1,73

4$

963,

776,

234

$1,

329,

993,

994

1.13

520

051,

134,

906,

400

175,

111,

400

5,30

9,26

596

5,10

4,26

51,

587,

644,

649

1.16

520

061,

150,

821,

600

181,

981,

300

4,33

3,34

397

3,17

3,64

31,

941,

693,

630

1.20

020

07R

2,61

0,18

6,30

038

1,72

0,00

010

,065

,629

2,23

8,53

1,92

92,

206,

288,

322

0.53

420

082,

644,

113,

800

381,

384,

000

8,99

8,87

12,

271,

728,

671

2,32

9,03

2,38

30.

538

2009

2,65

1,65

9,80

037

3,24

8,70

09,

345,

276

2,28

7,75

6,37

62,

391,

494,

945

0.53

020

102,

633,

662,

800

374,

280,

200

9,54

2,16

42,

268,

924,

764

2,35

0,73

5,91

10.

556

2011

2,62

2,77

2,33

137

4,43

6,50

010

,721

,303

2,25

9,05

7,13

42,

233,

687,

962

0.56

920

122,

610,

849,

771

374,

121,

300

10,5

72,9

442,

247,

301,

415

2,14

3,20

9,23

20.

588

2013

2,59

8,05

8,44

137

8,26

0,50

08,

348,

145

2,22

8,14

6,08

62,

013,

589,

296

0.61

6

Sou

rce:

Mun

icip

al T

ax A

sses

sor

Not

e:R

eal p

rope

rty

is r

equi

red

to b

e as

sess

ed a

t som

e pe

rcen

tage

of t

rue

valu

e (f

air

or m

arke

t val

ue)

esta

blis

hed

by e

ach

Cou

nty

Boa

rd o

f Tax

atio

n.R

eass

essm

ent (

R)

occu

rs w

hen

the

Cou

nty

Boa

rd o

f Tax

atio

n re

ques

ts T

reas

ury

to o

rder

a r

eass

essm

ent.

aT

axab

le V

alue

of M

achi

nery

, Im

plem

ents

and

Equ

ipm

ent o

f Tel

epho

ne, T

eleg

raph

and

Mes

seng

er S

yste

m C

ompa

nies

bT

ax r

ates

are

per

$10

0N

/AA

t the

tim

e of

CA

FR

Com

plet

ion,

this

dat

a w

as n

ot y

et a

vaila

ble

(UN

AU

DIT

ED

)LA

ST

TE

N F

ISC

AL

YE

AR

S

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

AS

SE

SS

ED

VA

LUE

AN

D A

CT

UA

L V

ALU

E O

F T

AX

AB

LE P

RO

PE

RT

Y

137

Exh

ibit

J-7

(Fro

m J

-6)

Tot

alG

ener

alD

irect

Reg

iona

lT

otal

Dire

ct a

ndF

isca

l Yea

rO

blig

atio

n D

ebt

Sch

ool T

axR

ed B

ank

Sch

ool

Mon

mou

thO

verla

ppin

gE

ndin

g Ju

ne 3

0,B

asic

Rat

eaS

ervi

ceb

Rat

eB

orou

ghR

ate

Cou

nty

Tax

Rat

e

2004

1.07

40.

061

1.13

50.

749

0.70

40.

488

3.07

620

051.

105

0.06

01.

165

0.79

20.

745

0.52

13.

223

2006

1.14

00.

060

1.20

00.

836

0.83

40.

558

3.42

820

070.

506

0.02

80.

534

0.38

40.

371

0.25

21.

541

2008

0.51

10.

027

0.53

80.

445

0.36

50.

246

1.59

420

090.

504

0.02

60.

530

0.46

20.

367

0.25

41.

613

2010

0.53

20.

024

0.55

60.

484

0.37

40.

265

1.67

920

110.

543

0.02

60.

569

0.50

90.

377

0.25

71.

712

2012

0.56

20.

026

0.58

80.

523

0.38

50.

261

1.75

720

130.

590

0.02

60.

616

0.55

50.

384

0.25

51.

810

Sou

rce:

Mun

icip

al T

ax A

sses

sor

Not

e:N

.J.S

.A. 1

8A:7

F-5

d lim

its th

e am

ount

that

the

Dis

tric

t can

sub

mit

for

a ge

nera

l fun

d ta

x le

vy.

The

levy

, whe

nad

ded

to o

ther

com

pone

nts

of th

e D

istr

ict's

net

bud

get,

may

not

exc

eed

the

preb

udge

t yea

r ne

t bud

get b

ym

ore

than

the

spen

ding

gro

wth

lim

itatio

n ca

lcul

ated

as

follo

ws:

the

pre

budg

et y

ear

net b

udge

t inc

reas

ed b

yth

e co

st o

f liv

ing

or 2

.5 p

erce

nt, w

hich

ever

is g

reat

er, p

lus

any

spen

ding

gro

wth

adj

ustm

ents

.

aT

he D

istr

ict's

bas

ic ta

x ra

te is

cal

cula

ted

from

the

A4F

form

whi

ch is

sub

mitt

ed w

ith th

e bu

dget

and

the

Net

V

alua

tion

taxa

ble.

bR

ates

for

debt

ser

vice

are

bas

ed o

n ea

ch y

ear's

req

uire

men

ts.

Red

Ban

k S

choo

l Dis

tric

t Dire

ct R

ate

Ove

rlapp

ing

Rat

es

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

DIR

EC

T A

ND

OV

ER

LAP

PIN

G P

RO

PE

RT

Y T

AX

RA

TE

S

LAS

T T

EN

FIS

CA

L Y

EA

RS

(RA

TE

PE

R $

100

OF

AS

SE

SS

ED

VA

LUE

)(U

NA

UD

ITE

D)

138

Exh

ibit

J-8

Tax

able

% o

f Tot

alT

axab

le%

of T

otal

Ass

esse

dR

ank

Dis

tric

t Net

Ass

esse

dR

ank

Dis

tric

t Net

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

$1

12

23

34

45

56

67

78

89

910

10

Tot

al$

Sou

rce:

Mun

icip

al T

ax A

sses

sor

DA

TA

NO

T A

VA

ILA

BL

E

2013

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

PR

INC

IPA

L P

RO

PE

RT

Y T

AX

PA

YE

RS

CU

RR

EN

T Y

EA

R A

ND

NIN

E Y

EA

RS

AG

O(U

NA

UD

ITE

D)

2004

139

Exhibit J-9

Fiscal Year Collections inEnded Taxes Levied for Percentage Subsequent

June 30, the Fiscal Year Amount of Levy Years

2004 $ 10,544,564.00 $ 10,544,564.00 100.00% -

2005 10,939,929.00 10,939,929.00 100.00% -

2006 11,242,113.00 11,242,113.00 100.00% -

2007 11,680,888.00 11,386,967.00 97.48% $ 293,921.00

2008 11,955,563.00 11,955,563.00 100.00% -

2009 12,209,274.00 12,209,274.00 100.00% -

2010 12,127,552.00 12,127,552.00 100.00% -

2011 12,617,731.00 12,617,731.00 100.00% -

2012 12,846,142.00 12,846,142.00 100.00% -

2013 13,198,883.00 13,198,883.00 100.00% -

Source: District records including the Certificate and Report of School Taxes (A4F form)

a 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 entireproperty tax balance, in the amount voted upon or certified prior to the endof the school year.

of the Levya


PROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN FISCAL YEARS(UNAUDITED)

Collected Within the Fiscal Year

140

DEBT CAPACITY INFORMATION

141


142

Exh

ibit

J-10

Bon

dG

ener

alC

ertif

icat

esN

.J.E

.D.A

.A

ntic

ipat

ion

Per

cent

age

ofF

isca

l Yea

rO

blig

atio

nof

Cap

ital

Loan

sN

otes

Cap

ital

Tot

alP

erso

nal

Per

End

ing

June

30,

Bon

dsb

Par

ticip

atio

nLe

ases

Pay

able

(BA

Ns)

Leas

esD

istr

ict

Inco

mea

Cap

itaa

2004

$6,

040,

000.

00$

53,4

29.0

8$

351,

731.

62$

6,44

5,16

0.70

1.11

%50

7.91

2005

5,76

5,00

0.00

41,1

47.8

333

0,50

9.59

6,13

6,65

7.42

N/A

484.

21

2006

5,55

5,00

0.00

28,1

75.5

029

7,60

4.48

5,88

0,77

9.98

N/A

466.

94

2007

5,22

5,00

0.00

14,4

73.2

226

3,84

5.38

5,50

3,31

8.60

N/A

441.

29

2008

4,89

5,00

0.00

229,

198.

005,

124,

198.

00N

/A41

2.77

2009

4,56

5,00

0.00

193,

611.

624,

758,

611.

620.

70%

383.

16

2010

4,23

0,00

0.00

157,

070.

584,

387,

070.

58N

/A34

6.27

2011

3,88

0,00

0.00

119,

501.

203,

999,

501.

200.

60%

317.

56

2012

3,53

0,00

0.00

80,8

50.6

73,

610,

850.

67N

/A28

9.65

2013

3,18

5,00

0.00

41,0

36.3

23,

226,

036.

32N

/AN

/A

Not

e: D

etai

ls r

egar

ding

the

Dis

tric

t's o

utst

andi

ng d

ebt c

an b

e fo

und

in th

e N

otes

to th

e F

inan

cial

Sta

tem

ents

.

aS

ee E

xhib

it N

J J-

14 fo

r pe

rson

al in

com

e an

d po

pula

tion

data

. T

hese

rat

ios

are

calc

ulat

ed u

sing

per

sona

l inc

ome

and

popu

latio

n fo

r th

e pr

ior

cale

ndar

yea

r.b

Incl

udes

Ear

ly R

etire

men

t Inc

entiv

e P

lan

("E

RIP

") r

efun

ding

and

Sta

te L

oans

N/A

At t

he ti

me

of C

AF

R c

ompl

etio

n, th

is d

ata

was

not

yet

ava

ilabl

e

Gov

ernm

enta

l Act

iviti

esA

ctiv

ities

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

RA

TIO

S O

F O

UT

ST

AN

DIN

G D

EB

T B

Y T

YP

E

LAS

T T

EN

FIS

CA

L Y

EA

RS

(UN

AU

DIT

ED

)

Bus

ines

s-T

ype

143

Exhibit J-11

Net Percentage of

General General Actual Taxable

Fiscal Year Obligation Bonded Debt Valuea of Per

Ending June 30, Bonds Deductions Outstanding Property Capitab

2004 $ 6,040,000.00 $ 6,040,000.00 0.63% 503.46

2005 5,765,000.00 5,765,000.00 0.60% 480.78

2006 5,555,000.00 5,555,000.00 0.57% 464.58

2007 5,225,000.00 5,225,000.00 0.23% 440.07

2008 4,895,000.00 4,895,000.00 0.22% 412.77

2009 4,565,000.00 4,565,000.00 0.20% 383.16

2010 4,230,000.00 4,230,000.00 0.19% 346.27

2011 3,880,000.00 3,880,000.00 0.17% 317.56

2012 3,530,000.00 3,530,000.00 0.16% 289.65

2013 3,185,000.00 3,185,000.00 0.14% N/A

Note: Details regarding the District's outstanding debt can be found in the Notes to the Financial Statements.

a See Exhibit NJ J-6 for property tax data. b Population data can be found in Exhibit NJ J-14.


RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING


General Bonded Debt Outstanding

144

Exh

ibit

J-12

Est

imat

edE

stim

ated

Sha

re o

fD

ebt

Per

cent

age

Ove

rlapp

ing

Gov

ernm

enta

l Uni

tO

utst

andi

ngA

pplic

able

aD

ebt

Deb

t Rep

aid

with

Pro

pert

y T

axes

:R

ed B

ank

Bor

ough

$13

,424

,562

.71

100.

00%

$13

,424

,563

Red

Ban

k R

egio

nal H

igh

Sch

ool

5,30

0,00

0.00

44.1

5%2,

339,

950

Mon

mou

th C

ount

y G

ener

al O

blig

atio

n D

ebt

459,

980,

959.

811.

84%

8,45

9,92

2

Sub

tota

l, O

verla

ppin

g D

ebt

24,2

24,4

35

Red

Ban

k D

istr

ict D

irect

Deb

t3,

226,

036

Tot

al D

irect

and

Ove

rlapp

ing

Deb

t$

27,4

50,4

71

Sou

rces

: A

sses

sed

valu

e da

ta u

sed

to e

stim

ate

appl

icab

le p

erce

ntag

es p

rovi

ded

by th

e M

onm

outh

Cou

nty

Boa

rd o

f Tax

atio

n.D

ebt O

utst

andi

ng d

ata

prov

ided

by

each

gov

ernm

enta

l uni

t.

Not

e:O

verla

ppin

g go

vern

men

ts a

re th

ose

that

coi

ncid

e, a

t lea

st in

par

t, w

ith th

e ge

ogra

phic

bou

ndar

ies

of th

e D

istr

ict.

Thi

s sc

hedu

le e

stim

ates

the

port

ion

of th

e ou

tsta

ndin

g de

bt o

f tho

se o

verla

ppin

g go

vern

men

ts th

at is

bor

ne b

y th

e re

side

nts

and

busi

ness

es o

f Red

Ban

k. T

his

proc

ess

reco

gniz

es th

at, w

hen

cons

ider

ing

the

Dis

tric

t's a

bilit

y to

issu

e an

dre

pay

long

-ter

m d

ebt,

the

entir

e de

bt b

urde

n bo

rne

by th

e re

side

nts

and

busi

ness

es s

houl

d be

take

n in

to a

ccou

nt.

How

ever

, th

is d

oes

not i

mpl

y th

at e

very

taxp

ayer

is a

res

iden

t, an

d th

eref

ore

resp

onsi

ble

for

repa

ying

the

debt

, of e

ach

over

lapp

ing

paym

ent.

aF

or d

ebt r

epai

d w

ith p

rope

rty

taxe

s, th

e pe

rcen

tage

of o

verla

ppin

g de

bt a

pplic

able

is e

stim

ated

usi

ng ta

xabl

e as

sess

ed

prop

erty

val

ues.

App

licab

le p

erce

ntag

es w

ere

estim

ated

by

dete

rmin

ing

the

port

ion

of a

noth

er g

over

nmen

tal u

nit's

taxa

ble

valu

e th

at is

with

in th

e D

istr

ict's

bou

ndar

ies

and

divi

ding

it b

y ea

ch u

nit's

tota

l tax

able

val

ue.

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

DIR

EC

T A

ND

OV

ER

LAP

PIN

G G

OV

ER

NM

EN

TA

L A

CT

IVIT

IES

DE

BT

AS

OF

JU

NE

30,

201

3(U

NA

UD

ITE

D)

145

Exh

ibit

J-13

Lega

l Deb

t Mar

gin

Cal

cula

tion

for

Fis

cal Y

ear

2013

Equ

aliz

ed V

alua

tion

Bas

is

2013

$2,

006,

366,

094

2012

2,01

3,37

4,22

520

112,

233,

687,

962

(A)

$6,

253,

428,

281

Ave

rage

Equ

aliz

ed V

alua

tion

of T

axab

le P

rope

rty

(A/3

)$

2,08

4,47

6,09

4

Deb

t Lim

it (3

% o

f Ave

rage

Equ

aliz

atio

n V

alue

)(B

)18

7,60

2,84

8T

otal

Net

Deb

t App

licab

le T

o Li

mit

(C)

3,18

5,00

0

Lega

l Deb

t Mar

gin

(B-C

)$

184,

417,

848

2004

2005

2006

2007

2008

Deb

t Lim

it$

40,3

89,9

64$

47,6

60,7

93$

56,0

76,8

96$

229,

425,

053

$19

4,31

0,43

0T

otal

Net

Deb

t App

licab

le T

o Li

mit

6,39

1,73

26,

095,

510

5,55

5,00

05,

225,

000

4,89

5,00

0

Lega

l Deb

t Mar

gin

$33

,998

,232

$41

,565

,283

$50

,521

,896

$22

4,20

0,05

3$

189,

415,

430

Tot

al N

et D

ebt A

pplic

able

to th

e Li

mit

as a

Per

cent

age

of D

ebt L

imit

15.8

3%12

.79%

9.91

%2.

28%

2.52

%

2009

2010

2011

2012

2013

Deb

t Lim

it$

207,

188,

952

$14

1,61

5,85

0$

209,

277,

595

$19

7,93

3,94

3$

187,

602,

848

Tot

al N

et D

ebt A

pplic

able

To

Lim

it4,

565,

000

4,23

0,00

03,

880,

000

3,53

0,00

03,

185,

000

Lega

l Deb

t Mar

gin

$20

2,62

3,95

2$

137,

385,

850

$20

5,39

7,59

5$

194,

403,

943

$18

4,41

7,84

8

Tot

al N

et D

ebt A

pplic

able

to th

e Li

mit

as a

Per

cent

age

of D

ebt L

imit

2.20

%2.

99%

1.85

%1.

78%

1.70

% S

ourc

e: E

qual

ized

val

uatio

n ba

ses

wer

e ob

tain

ed fr

om th

e A

nnua

l Rep

ort o

f the

Sta

te o

f New

Jer

sey,

Dep

artm

ent o

f Tre

asur

y, D

ivis

ion

of T

axat

ion.

aLi

mit

set b

y N

.J.S

.A. 1

8A:2

4-19

for

a K

thro

ugh

12 D

istr

ict;

othe

r pe

rcen

tage

lim

its w

ould

be

appl

icab

le fo

r ot

her

Dis

tric

t typ

es.

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

LEG

AL

DE

BT

MA

RG

IN IN

FO

RM

AT

ION

LAS

T T

EN

FIS

CA

L Y

EA

RS

(UN

AU

DIT

ED

)

Fis

cal Y

ear

146

DEMOGRAPHIC AND ECONOMIC STATISTICS

147


148

Exhibit J-14

Per Capita Unemployment

Year Populationa Personal Incomeb Personal Incomec Rated

2004 11,997 $ 549,270,648 $ 45,784 5.80%

2005 11,991 N/A N/A 5.50%

2006 11,957 N/A N/A 5.40%

2007 11,873 N/A N/A 5.30%

2008 11,859 N/A N/A 5.10%

2009 11,914 652,899,114 54,801 6.50%

2010 12,216 N/A N/A 10.70%

2011 12,218 648,707,724 54,771 10.80%

2012 12,206 N/A N/A 11.30%

2013 12,206 N/A N/A N/A

Source:a Population information provided by the NJ Department of Labor and Workforce Development.b Personal income has been estimated based upon the municipal population and per capita

personal income presented.c Per capita personal income by municipality estimated based upon the 2000 Census published

by the US Bureau of Economic Analysis.d Unemployment data provided by the NJ Department of Labor and Workforce Development.


DEMOGRAPHIC AND ECONOMIC STATISTICS


149

Exh

ibit

J-15

Per

cent

age

ofP

erce

ntag

e of

Tot

alT

otal

Ran

kM

unic

ipal

Ran

kM

unic

ipal

Em

ploy

erE

mpl

oyee

s(O

ptio

nal)

Em

ploy

men

tE

mpl

oyee

s(O

ptio

nal)

Em

ploy

men

t

11

22

33

44

55

66

77

88

99

1010

Tot

al

Sou

rce:

Bor

ough

of R

ed B

ank,

Cle

rk's

Offi

ce

DA

TA

NO

T A

VA

ILA

BL

E

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

PR

INC

IPA

L E

MP

LOY

ER

S

CU

RR

EN

T Y

EA

R A

ND

NIN

E Y

EA

RS

AG

O(U

NA

UD

ITE

D)

2013

2004

150

OPERATING INFORMATION

151


152

Exh

ibit

J-16

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Inst

ruct

ion:

Reg

ular

5546

4863

6154

6267

67S

peci

al E

duca

tion

1510

1216

1925

2625

27O

ther

Spe

cial

Edu

catio

n4

68

1212

1212

1212

Voc

atio

nal

Oth

er In

stru

ctio

nN

onpu

blic

Sch

ool P

rogr

ams

Adu

lt/C

ontin

uing

Edu

catio

n P

rogr

ams

Sup

port

Ser

vice

s:T

uitio

n24

2119

1611

1212

1212

Stu

dent

and

Inst

ruct

ion

Rel

ated

Ser

vice

s4

54

22

22

22

Gen

eral

Adm

insi

trat

ive

Ser

vice

s5

32

66

66

66

Sch

ool A

dmin

istr

ativ

e S

ervi

ces

1312

163

33

33

3B

usin

ess

Adm

insi

trat

ive

Ser

vice

s13

1010

1412

1212

1212

Pla

nt O

pera

tions

and

Mai

nten

ance

11

22

22

Pup

il T

rans

port

atio

n13

148

44

33

33

Oth

er S

uppo

rt S

ervi

ces

Spe

cial

Sch

ools

Foo

d S

ervi

ceC

hild

Car

e

Tot

al

146

127

127

136

131

131

140

144

146

Sou

rce:

Dis

tric

t Per

sonn

el R

ecor

ds

Fun

ctio

n/P

rogr

am

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

FU

LL-T

IME

EQ

UIV

ALE

NT

DIS

TR

ICT

EM

PLO

YE

ES

BY

FU

NC

TIO

N/P

RO

GR

AM

LAS

T T

EN

FIS

CA

L Y

EA

RS

(UN

AU

DIT

ED

)

153

Exh

ibit

J-17

Ave

rage

Ave

rage

Per

cent

age

Dai

lyD

aily

Cha

nge

inS

tude

ntF

isca

lO

pera

ting

Cos

t Per

Per

cent

age

Tea

chin

gM

iddl

eE

nrol

lmen

tA

ttend

ance

Ave

rage

Dai

lyA

ttend

ance

Yea

rE

nrol

lmen

tE

xpen

ditu

resa

Pup

ilC

hang

eS

taff

bE

lem

enta

ryS

choo

l(A

DE

)c(A

DA

)dE

nrol

lmen

tP

erce

ntag

e

2004

756

$14

,335

,011

.84

$18

,962

3.56

%1:

151:

1774

0.9

726

5.74

%97

.99%

2005

793

14,6

90,1

28.7

218

,525

-2.3

0%98

1:15

1:17

777.

176

24.

89%

98.0

6%

2006

760

14,8

19,1

15.8

019

,499

5.26

%98

1:15

1:17

744.

873

0-4

.16%

98.0

1%

2007

787

15,5

60,5

48.4

819

,772

1.40

%94

1:15

1:17

763.

572

82.

51%

95.3

0%

2008

886

14,8

92,3

38.0

016

,809

-14.

99%

941:

131:

1483

5.0

801

9.36

%95

.93%

2009

981

14,0

13,4

42.0

614

,285

-15.

01%

971:

150.

1689

5.1

859

7.20

%95

.97%

2010

995

14,7

85,5

9814

,860

4.03

%97

1:17

0.10

895.

285

80.

01%

95.8

4%

2011

995

13,7

37,5

1913

,807

-7.0

9%10

01:

171.

0997

7.8

943

9.23

%96

.44%

2012

1,05

514

,369

,509

13,6

20-1

.35%

100

1:18

1.1

1,03

0.0

985

5.34

%95

.63%

2013

1,32

022

,425

,388

.10

16,9

8924

.73%

102

1:20

1:19

1,12

1.1

1,07

48.

84%

95.8

3%

Sou

rce:

Dis

tric

t rec

ords

Not

e:E

nrol

lmen

t bas

ed o

n an

nual

Oct

ober

Dis

tric

t cou

nt.

aO

pera

ting

expe

nditu

res

equa

l tot

al e

xpen

ditu

res

less

deb

t ser

vice

and

cap

ital o

utla

y.b

Tea

chin

g st

aff i

nclu

des

only

full-

time

equi

vale

nts

of c

ertif

icat

ed s

taff.

cA

vera

ge d

aily

enr

ollm

ent a

nd a

vera

ge d

aily

atte

ndan

ce a

re o

btai

ned

from

the

Sch

ool R

egis

ter

Sum

mar

y (S

RS

).

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

OP

ER

AT

ING

ST

AT

IST

ICS

LAS

T T

EN

FIS

CA

L Y

EA

RS

(UN

AU

DIT

ED

) Pup

il/T

each

er R

atio

154

Exh

ibit

J-18

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Prim

ary:

Red

Ban

k P

rimar

y S

quar

e F

eet

58,3

5058

,350

58,3

5058

,350

58,3

5058

,350

58,3

5058

,350

58,3

5058

,350

Cap

acity

(S

tude

nts)

527

527

527

527

527

527

527

527

527

527

Enr

ollm

ent

449

486

450

480

513

510

513

576

Mid

dle

Sch

ool:

Red

Ban

k M

iddl

e S

choo

l S

quar

e F

eet

75,0

0575

,005

75,0

0575

,005

75,0

0575

,005

75,0

0575

,005

75,0

0575

,005

Cap

acity

(S

tude

nts)

690

690

690

690

690

690

690

690

690

690

Enr

ollm

ent

307

307

310

382

373

385

389

463

Oth

er:

Adm

inis

trat

ion

Bui

ldin

g(1

909)

3,65

03,

650

3,65

03,

650

3,65

03,

650

3,65

03,

650

3,65

03,

650

Num

ber

of S

choo

ls a

t Jun

e 30

, 201

3E

lem

enta

ry =

1M

iddl

e S

choo

l = 1

Sou

rce:

Dis

tric

t Fac

ilitie

s O

ffice

Not

e:

Yea

r of

orig

inal

con

stru

ctio

n is

sho

wn

in p

aren

thes

es.

Incr

ease

s in

squ

are

foot

age

and

capa

city

are

the

resu

lt of

add

ition

s.

Enr

ollm

ent i

s ba

sed

on th

e an

nual

Oct

ober

Dis

tric

t cou

nt.

Dis

tric

t/Bui

ldin

g

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

SC

HO

OL

BU

ILD

ING

INF

OR

MA

TIO

N

LAS

T T

EN

FIS

CA

L Y

EA

RS

(UN

AU

DIT

ED

)

155

Exhibit J-19

UNDISTRIBUTED EXPENDITURES - REQUIREDMAINTENANCE FOR SCHOOL FACILITIES

11-000-261-xxx

*School Facilities Middle Primary OtherSchool School Facilities Total

Project # (s)

2004 N/A $ 148,532.00 $ 124,101.00 $ 22,100.00 $ 294,733.002005 N/A 113,637.59 123,255.00 9,192.00 246,084.592006 N/A 133,677.00 61,307.00 34,538.00 229,522.002007 N/A 104,856.12 85,870.00 21,000.00 211,726.122008 N/A 84,079.00 118,940.00 38,012.00 241,031.002009 N/A 328,480.52 182,819.67 16,379.45 527,679.642010 N/A 165,949.20 143,737.87 40,103.51 349,790.582011 N/A 123,175.70 132,369.08 36,463.72 292,008.502012 N/A 130,462.04 134,605.25 54,170.46 319,237.752013 N/A 113,069.87 143,589.77 50,053.36 306,713.00

Total School Facilities $ 1,558,358.05 $ 1,377,387.57 $ 322,012.50 $ 3,257,758.12

* School facilities as defined under EFCFA.(N.J.A.C. 6A:26-1.2 and N.J.A.C. 6A:26-1.3)

Source: District records


SCHEDULE OF REQUIRED MAINTENANCE


156

Exhibit J-20

Company Type of Coverage Coverage Deductible

COMMERCIAL PACKAGE POLICYNew Jersey School Property Blanket Building & Contents $ 32,022,405 $ 5,000 Boards Association Blanket Extra Expense 50,000,000 5,000 Insurance Group Electronic Data Processing Equipment

and Software 435,000 1,000 Boiler & Machinery IncludedComprehensive General Liability Per Occurrence 6,000,000 General Aggregate 6,000,000 Employee Benefit Liabiltiy 6,000,000 1,000 Automotive Liability 6,000,000 Flood 500,000

Selective Insurance Flood Insurance 1,000,000 20,000

New Jersey School School Board Legal Liability 5,000,000 5,000 Boards AssociationInsurance Group

New Jersey School Worker's Compensation 2,000,000 Boards AssociationInsurance Group

AIG/New Jersey Excess Worker's Compensation 7-day waitingSchool Boards periodAssociation InsuranceGroup

Monumental Life/ Student Accident Insurance 500,000 Bollinger

Surety BondsSelective School Business Administrator/Board Secy. 100,000 Selective Treasurer of School Monies 275,000 New Jersey School Employee Dishonesty 500,000 1,000 Boards AssociationInsurance Group


INSURANCE SCHEDULE

JUNE 30, 2013(UNAUDITED)

157


158

SINGLE AUDIT SECTION

159


160

161

162

163

164

165

Exh

ibit

K-3

Sch

edu

le A

Rep

aym

ent

Fed

eral

Gra

nt o

rP

rog

ram

or

Bal

ance

at

Car

ryo

ver/

Can

celle

do

f Prio

rF

eder

al G

ran

tor/

Pas

s-T

hro

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167

Exhibit K-5 Page 1 of 2


NOTES TO SCHEDULES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE

June 30, 2013

1. General The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance include federal and state award activity of the Board of Education ("Board") of Red Bank, School District ("District"). The Board is defined in Note 1 to the Board's basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies, are included on the Schedules of Expenditures of Federal Awards and State Financial Assistance. 2. Basis of Accounting The accompanying Schedules of Expenditures of Awards and Financial Assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the Food Service Fund, which are presented using the accrual basis of accounting. These bases of accounting are described in Note 1 to the Board's basic financial statements. The information in these schedules is 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 these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. 3. Relationship to Basic Financial Statements The basic financial statements present the General Fund and Special Revenue Fund on a GAAP basis. Budgetary comparison statements or 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 audit year whereas, for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made. The General Fund is presented in the accompanying Schedules on the modified accrual basis, with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to P.L. 2003, c.97.(A3521). For GAAP purposes, that payment is not recognized until the subsequent budget year due to the State deferral and recording of the last state aid payment 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 $(27,444.17) for the General Fund and $(228,632.69) for the Special Revenue Fund. See the Notes to Required Supplementary Information for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the General and Special Revenue Funds. Awards and financial assistance revenues are reported in the Board's basic financial statements on a GAAP basis as presented on the following page:

168



NOTES TO SCHEDULES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE

June 30, 2013

3. Relationship to Basic Financial Statements (Cont’d) Federal State Total General Fund $ 8,187.93 $ 4,038,981.51 $ 4,047,169.44 Special Revenue Fund 1,964,928.42 4,077,214.64 6,042,143.06 Capital Projects Fund 11,590.84 11,590.84 Food Service Fund 568,683.63 9,158.18 577,841.81 Total Awards and Financial Assistance $ 2,541,799.98 $ 8,136,945.17 $10,678,745.15 4. Relationship to Federal and State Financial Reports Amounts reported in the accompanying Schedules agree with the amounts reported in the related federal and state financial reports. 5. Federal and State Loans Outstanding The Red Bank School District had the following loan balances outstanding at June 30, 2013: Loan Program Title Federal CFDA Number Amount Outstanding E.D.A. Safe Schools #1 286-93 $ 12,779.67 E.D.A. Small Projects #2 286-93 3,026.24 E.D.A. Safe Schools #3 114-93 15,835.67 E.D.A. Small Projects #4 114-93 3,750.00 E.D.A. Safe Schools #5 266-93 5,644.74 6. Other Revenue and expenditures reported under the Food Distribution Program represent current-year value received and current-year distributions respectively. The amount reported as TPAF Pension Contributions represents the amount paid by the State on behalf of the District for the year ended June 30, 2013. TPAF Social Security Contributions represents the amount reimbursed by the State for the employer’s share of Social Security contributions for TPAF members for the year ended June 30, 2013.

169

Exhibit K-6Page 1 of 4

Financial Statements

Type of auditor's report issued:

Internal control over financial reporting:

1) Material weakness(es) identified? yes X no

2) Significant deficiencies identified that arenot considered to be material weaknesses? yes X none reported

Noncompliance material to basic financial statements noted? yes X no

Federal Awards

Internal control over major programs:



Type of auditor's report issued on compliance for major programs:

Any audit findings disclosed that are required to be reportedin accordance with section .510(a) of Circular A-133? yes X no

Identification of major programs:

CFDA Number(s) Name of Federal Program or Cluster

84.010 NCLB Title I

Dollar threshold used to distinguish between type A and type B programs:

Auditee qualified as low-risk auditee? X yes no

$300,000.00

RED BANK SCHOOL DISTRICTSCHEDULE OF FINDINGS AND QUESTIONED COSTS


Section I - Summary of Auditor's Results

Unmodified

Unmodified

170

Exhibit K-6Page 2 of 4

State Awards

Dollar threshold used to distinguish between type A and type B programs?

Auditee qualified as low-risk auditee? X yes no

Type of auditor's report issued in compliance for major programs:

Internal Control over major programs:



Any audit findings disclosed that are required to be reportedin accordance with NJOMB Circular 04-04? yes X no

Identification of major programs:

State Grant/Project Number(s) Name of State Program

495-034-5120-025 Preschool Education Aid

Unmodified

RED BANK SCHOOL DISTRICTSCHEDULE OF FINDINGS AND QUESTIONED COSTS


Section I - Summary of Auditor's Results (continued)

$300,000.00

171



SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE FISCAL YEAR ENDED JUNE 30, 2013

(continued)

Section II - Financial Statement Findings

This section identifies the material weaknesses, significant deficiencies, and instances of noncompliance related to the financial statements that are required to be reported in accordance with paragraphs 5.18 through 5.20 of Government Auditing Standards. None reported.

172



SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE FISCAL YEAR ENDED JUNE 30, 2013

(continued)

Section III – Federal Awards and State Financial Assistance Findings and Questioned Costs

This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and NJOMB Circular 04-04. None reported.

173

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