coolidge unified school district no. 21 comprehensive annual financial report for...

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21 COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

450 N. Arizona Blvd. – Coolidge, Arizona 85128

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21

COOLIDGE, ARIZONA

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2014

Issued by: Business Services Department


TABLE OF CONTENTS

INTRODUCTORY SECTION Page Letter of Transmittal i ASBO Certificate of Excellence v GFOA Certificate of Achievement vi Organizational Chart vii List of Principal Officials viii FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)

(Required Supplementary Information) 5 BASIC FINANCIAL STATEMENTS

Government-Wide Financial Statements:

Statement of Net Position 18 Statement of Activities 19

Fund Financial Statements: Balance Sheet – Governmental Funds 22 Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position 25 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 26 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds to the Statement of Activities 28 Statement of Assets and Liabilities – Fiduciary Funds 29

Notes to Financial Statements 30


TABLE OF CONTENTS (Cont’d)

FINANCIAL SECTION (Cont’d) Page SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN

FUND BALANCES – BUDGET AND ACTUAL (Required Supplementary Information)

General Fund 50 Note to Required Supplementary Information 51

COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES Governmental Funds:

Combining Balance Sheet – All Non-Major Governmental Funds –

By Fund Type 56 Combining Statement of Revenues, Expenditures and Changes in

Fund Balances – All Non-Major Governmental Funds – By Fund Type 57

Special Revenue Funds: Combining Balance Sheet 60 Combining Statement of Revenues, Expenditures and

Changes in Fund Balances 66 Combining Schedule of Revenues, Expenditures and

Changes in Fund Balances – Budget and Actual 72

Debt Service Fund:

Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual 94

Capital Projects Funds:

Combining Balance Sheet 96 Combining Statement of Revenues, Expenditures and

Changes in Fund Balances 98

Combining Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual 100


TABLE OF CONTENTS (Cont’d)

FINANCIAL SECTION (Concl’d) Page

COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Concl’d)

Agency Funds:

Combining Statement of Assets and Liabilities 108 Combining Statement of Changes in Assets and Liabilities 109

STATISTICAL SECTION Financial Trends:

Net Position by Component 113 Expenses, Program Revenues, and Net (Expense)/Revenue 114 General Revenues and Total Changes in Net Position 116 Fund Balances – Governmental Funds 118 Governmental Funds Revenues 120 Governmental Funds Expenditures and Debt Service Ratio 122 Other Financing Sources and Uses and Net Changes in Fund Balances – Governmental Funds 124

Revenue Capacity:

Primary Assessed Value and Estimated Actual Value of Taxable Property by Class 125 Secondary Assessed Value of Taxable Property by Class 126 Property Tax Assessment Ratios 127 Direct and Overlapping Property Tax Rates 128


TABLE OF CONTENTS (Concl’d)

STATISTICAL SECTION (Concl’d) Page Principal Property Taxpayers 129 Property Tax Levies and Collections 130

Debt Capacity:

Outstanding Debt by Type 131 Direct and Overlapping Governmental Activities Debt 132 Direct and Overlapping General Bonded Debt Ratios 132 Legal Debt Margin Information 133

Demographic and Economic Information:

County-Wide Demographic and Economic Statistics 134 Principal Employers 135

Operating Information: Full-Time Equivalent District Employees by Type 136 Operating Statistics 138 Capital Assets Information 139

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INTRODUCTORY SECTION

Successful Students; Premier Schools; Educational Excellence

January 28, 2015 Citizens and Governing Board Coolidge Unified School District No. 21 450 N. Arizona Blvd. Coolidge, AZ 85128 State law mandates that school districts required to undergo an annual single audit publish a complete set of financial statements presented in conformity with accounting principles generally accepted in the United States of America and audited in accordance with auditing standards generally accepted in the United States by a certified public accounting firm licensed in the State of Arizona. Pursuant to that requirement, we hereby issue the comprehensive annual financial report of the Coolidge Unified School District No. 21 (District) for the fiscal year ended June 30, 2014. This report consists of management’s representations concerning the finances of the District. Consequently, management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a reasonable basis for making these representations, management of the District has established a comprehensive internal control framework that is designed both to protect the District’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the District’s financial statements in conformity with accounting principles generally accepted in the United States of America. Because the cost of internal controls should not outweigh their benefits, the District’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free of material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. The District’s financial statements have been audited by Heinfeld, Meech & Co., P.C., a certified public accounting firm. The goal of the independent audit was to provide reasonable assurance that the financial statements of the District for the fiscal year ended June 30, 2014, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation.

Governing Board Thomas Shope, Jr. President Lisa Garrett Vice President Michael Flores, II Member Linda Heath Member Kris Gillespie Member Superintendent Charie Wallace District Office 450 N. Arizona Boulevard Coolidge, Arizona 85128 520.723.2040 (Phone) 520.723.2442 (Fax) www.coolidgeschools.org

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The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the District’s financial statements for the fiscal year ended June 30, 2014, are fairly presented in conformity with accounting principles generally accepted in the United States of America. The independent auditor’s report is presented as the first component of the financial section of this report. The independent audit of the financial statements of the District was part of a broader, federally mandated Single Audit as required by the provisions of the Single Audit Act Amendments of 1996 and U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments and Non-Profit Organizations designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on the District’s internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of federal awards. These reports are available in a separately issued Single Audit Reporting Package. Accounting principles generally accepted in the United States of America require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The District’s MD&A can be found immediately following the report of the independent auditors. PROFILE OF THE DISTRICT The District is one of 19 public school districts located in Pinal County, Arizona. It provides a program of public education from preschool through grade 12. The average daily membership for fiscal year 2013-14 was 3,490. The District’s Governing Board is organized under Section 15-321 of the Arizona Revised Statutes (A.R.S.). Management of the District is independent of other state or local governments. The County Treasurer collects taxes for the District, but exercises no control over its expenditures/expenses. The membership of the Governing Board consists of five members elected by the public. Under existing statutes, the Governing Board’s duties and powers include, but are not limited to, the acquisition, maintenance and disposition of school property; the development and adoption of a school program; and the establishment, organization and operation of schools. The Board also has broad financial responsibilities, including the approval of the annual budget, and the establishment of a system of accounting and budgetary controls. The financial reporting entity consists of a primary government and its component units. A component unit is a legally separate entity that must be included in the reporting entity in conformity with generally accepted accounting principles. The District is a primary government because it is a special-purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governments. Furthermore, there are no component units combined with the District for financial statement presentation purposes, and the District is not included in any other governmental reporting entity.

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Consequently, the District’s financial statements include only the funds of those organizational entities for which its elected governing board is financially accountable. The District’s major operations include education, student transportation, construction and maintenance of District facilities, food services, and athletic functions. The annual expenditure budget serves as the foundation for the District’s financial planning and control. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual expenditure budget approved by the District’s Governing Board. The expenditure budget is prepared by fund for all Governmental Funds, and includes function and object code detail for the General Fund and some Special Revenue and Capital Projects Funds. The legal level of budgetary control (that is, the level at which expenditures cannot exceed the appropriated amount) is established at the individual fund level for all funds. Funds that are not required to legally adopt a budget may have overexpenditures of budgeted funds. The budget for these funds is simply an estimate and does not prevent the District from exceeding the budget as long as the necessary revenue is earned. The District is not required to prepare an annual budget of revenue; therefore, a deficit budgeted fund balance may be presented. However, this does not affect the District’s ability to expend monies. FACTORS AFFECTING FINANCIAL CONDITION Local Economy. The Coolidge Unified School District was formed in 1926. In 1972 the Coolidge School District annexed the Kenilworth Elementary School District forming the District’s current boundaries encompassing 269 square miles. The District shares its northern border with the school districts of Florence, JO Combs, Queen Creek, and Higley. The District has a K-12 student population of approximately 3,490 students served by seven schools. The District also operates a preschool program. The City of Coolidge was founded in 1925 and incorporated in 1945. Located within central Arizona and within 40 minutes of the Phoenix Metropolitan area, Coolidge was one of the fastest growing areas in the U.S. before the recession hit. Interstate 10 is approximately 15 miles from Coolidge and the highway carries a rapidly increasing amount of leisure and commercial traffic. The City is also home to a rail service that is devoted to freight. The City of Coolidge owns the Coolidge Municipal Airport, which has a lighted, paved runway of 5,590 feet and a secondary runway of 3,750 feet. Phoenix Sky Harbor International Airport to the northwest and Williams Gateway to the north are within an hour of the community. The City of Tucson is located one hour to the south of Coolidge. Coolidge is home to the Casa Grande Ruins National Monument that attracts over 170,000 annual visitors from around the world. Banner Casa Grande and Chandler Regional Medical Centers are both approximately 30 minutes from the City of Coolidge, and the Florence Anthem Hospital is approximately 10 minutes away. Agriculture is still a part of the District. Cotton remains the main crop while there are an increasing number of dairy farms. The City has a 60-acre industrial park, in addition to the Gila River Indian Community’s 500-acre industrial park, just north of the City. The District has ample land to support affordable growth in all areas.

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Long-term Financial Planning. In line with the District’s mission, providing learning for all students to experience success and gain the tools to be responsible, productive adults in society, the five year strategic plan aims at providing advanced technology, effective curriculum and career ready skills while efficiently managing resources. Despite the decline in new home construction and student enrollment, the District remains committed to seek alternative revenue and increase the dollars spent on instruction and within the classroom. The average age of school buildings is 22 years. AWARDS AND ACKNOWLEDGMENT Awards. The Association of School Business Officials International (ASBO) awarded a Certificate of Excellence in Financial Reporting to the District for its comprehensive annual financial report for the fiscal year ended June 30, 2013. In addition, the Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the District for its comprehensive annual financial report for the fiscal year ended June 30, 2013. In order to be awarded these certificates, the District published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both accounting principles generally accepted in the United States of America and applicable legal requirements. These certificates are valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the programs’ requirements and we are submitting it to ASBO and GFOA to determine its eligibility for the fiscal year ended June 30, 2014 certificates. Acknowledgments. The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the business services department. Each member of the department has our sincere appreciation for the contributions made in the preparation of this report. In closing, without the leadership and support of the Governing Board of the District, preparation of this report would not have been possible. Respectfully submitted, Alyssa Unger Director of Business Services

v

Association of School Business Officials International

The Certificate of Excellence in Financial Reporting Award

is presented to

Coolidge Unified School District No. 21 For Its Comprehensive Annual Financial Report (CAFR)

For the Fiscal Year Ended June 30, 2013

The CAFR has been reviewed and met or exceeded ASBO International’s Certificate of Excellence standards

Terrie S. Simmons, RSBA, CSBO John D. Musso, CAE, RSBA President Executive Director

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LIST OF PRINCIPAL OFFICIALS

GOVERNING BOARD

Thomas Shope, Jr. President

Lisa Garrett Linda Heath Vice President Member

Kris Gillespie Michael Flores, II Member Member

ADMINISTRATIVE STAFF

Charie Wallace – Superintendent Patricia Jimenez – Assistant Superintendent

Kami Manley – Director of Human Resources Katherine Minard – Director of Special Services

Alyssa Unger – Director of Business Services Jessica Miller – Director of Curriculum

Michael Schmitt – Director of Plant Operations

Robert Edwards, Principal – San Tan Foothills High School Jessie Arroyos, Principal – Heartland Ranch Elementary School Art Moncibaez, Principal – San Tan Heights Elementary School

Vince Kelly, Interim Principal – Hohokam Middle School Ben Armstrong, Principal – West Elementary School

Denise Taylor, Principal – Mountain Vista Middle School Dawn Dee Hodge, Principal – Coolidge High School

FINANCIAL SECTION

INDEPENDENT AUDITOR’S REPORT Governing Board Coolidge Unified School District No. 21 Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Coolidge Unified School District No. 21 (District), as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Coolidge Unified School District No. 21, as of June 30, 2014, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Change in Accounting Principle As described in Note 1, the District implemented the provisions of the Governmental Accounting Standards Board (GASB) Statement No. 65, Items Previously Reported as Assets and Liabilities, for the year ended June 30, 2014, which represents a change in accounting principle. Our opinion is not modified with respect to this matter.

TUCSON • PHOENIX • FLAGSTAFFwww.heinfeldmeech.com

10120 N. Oracle RoadTucson, Arizona 85704

Tel (520) 742-2611Fax (520) 742-2718

Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 5 through 14 and budgetary comparison information on pages 50 and 51 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The introductory section, combining and individual fund financial statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and schedules information is fairly stated in all material respects in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 28, 2015, on our consideration of Coolidge Unified School District No. 21’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Coolidge Unified School District No. 21’s internal control over financial reporting and compliance. HEINFELD, MEECH & CO., P.C. CPAs and Business Consultants January 28, 2015

MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A) (Required Supplementary Information)

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)

YEAR ENDED JUNE 30, 2014

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As management of the Coolidge Unified School District No. 21 (District), we offer readers of the District’s financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2014. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found in the introductory section of this report. FINANCIAL HIGHLIGHTS

The District’s total net position of governmental activities decreased $861,573 which

represents a one percent decrease from the prior fiscal year. General revenues accounted for $24.0 million in revenue, or 79 percent of all current

fiscal year revenues. Program specific revenues in the form of charges for services and grants and contributions accounted for $6.5 million or 21 percent of total current fiscal year revenues.

The District had approximately $31.3 million in expenses related to governmental

activities, an increase of 5 percent from the prior year.

Among major funds, the General Fund had $19.7 million in current fiscal year revenues, which primarily consisted of state aid and property taxes, and $19.8 million in expenditures. The General Fund’s fund balance increased from $1.8 million at the prior fiscal year end, to $2.1 million at the end of the current fiscal year primarily due to an increased property tax rate.

OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis are intended to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business. The accrual basis of accounting is used for the government-wide financial statements.



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OVERVIEW OF FINANCIAL STATEMENTS (Cont’d) The statement of net position presents information on all of the District’s assets, liabilities, and deferred inflows/outflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the District’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused compensated absences). The government-wide financial statements outline functions of the District that are principally supported by property taxes and intergovernmental revenues. The governmental activities of the District include instruction, support services, operation and maintenance of plant services, student transportation services, operation of non-instructional services, and interest on long-term debt. Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into two categories: governmental funds and fiduciary funds.

Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements use the modified accrual basis of accounting and focus on near-term inflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the District’s near-term financing requirements.

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



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OVERVIEW OF FINANCIAL STATEMENTS (Concl’d) Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General, Debt Service, and Bond Building Funds, all of which are considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements and schedules. Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the District. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the District’s own programs. Due to their custodial nature, fiduciary funds do not have a measurement focus.

Notes to the financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found immediately following the basic financial statements. Other information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the District’s budget process. The District adopts an annual expenditure budget for all governmental funds. A schedule of revenues, expenditures and changes in fund balances – budget and actual has been provided for the General Fund as required supplementary information. GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government’s financial position. In the case of the District, assets and deferred outflows exceeded liabilities by $72.1 million at the current fiscal year end. The largest portion of the District’s net position reflects its investment in capital assets (e.g., land and improvements, buildings and improvements, vehicles, furniture and equipment and construction in progress), less any related outstanding debt used to acquire those assets. The District uses these capital assets to provide services to its students; consequently, these assets are not available for future spending. Although the District’s investment in its capital assets is reported net of related outstanding debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. In addition, a portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance is unrestricted and may be used to meet the District’s ongoing obligations to its citizens and creditors.



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GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d) The following table presents a summary of the District’s net position for the fiscal years ended June 30, 2014 and June 30, 2013.

As of

June 30, 2014As of

June 30, 2013Current and other assets $ 6,444,141 $ 6,064,895 Capital assets, net 99,356,520 100,256,495

Total assets 105,800,661 106,321,390

Deferred outflows 428,487

Current and other liabilities 860,711 1,591,189 Long-term liabilities 33,292,068 31,411,900

Total liabilities 34,152,779 33,003,089 Net position:

Net investment in capital assets 67,773,577 69,463,638 Restricted 2,218,217 1,728,409 Unrestricted 2,084,575 2,126,254

Total net position $ 72,076,369 $ 73,318,301 At the end of the current fiscal year the District reported positive balances in all three categories of net position. The same situation held true for the prior fiscal year. The District’s financial position is the product of several financial transactions including the net result of activities, the acquisition and disposal of capital assets, and the depreciation of capital assets. The following are significant current year transactions that had an impact on the Statement of Net Position.

The principal retirement of $1.4 million of bonds.

The addition of $2.3 million in capital assets through the construction of new schools and other school improvements and the purchases of vehicles, furniture, and equipment.

The addition of $3.1 million in accumulated depreciation related to current fiscal year depreciation expense.

The issuance of $3.4 million of general obligation bonds.



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GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d) Changes in net position. The District’s total revenues for the current fiscal year were $30.4 million. The total cost of all programs and services was $31.3 million. The following table presents a summary of the changes in net position for the fiscal years ended June 30, 2014 and June 30, 2013.

Fiscal Year Ended

June 30, 2014

Fiscal Year Ended

June 30, 2013Revenues:

Program revenues: Charges for services $ 836,116 $ 701,733 Operating grants and contributions 5,182,898 4,968,266 Capital grants and contributions 464,867 87,753

General revenues: Property taxes 10,519,393 6,484,642 Investment income 34,391 10,053 Unrestricted county aid 737,020 831,370 Unrestricted state aid 12,359,851 12,248,003 Unrestricted federal aid 299,910 391,871 Total revenues 30,434,446 25,723,691

Expenses: Instruction 14,589,387 13,426,086 Support services – students and staff 4,218,483 3,625,958 Support services – administration 2,927,438 3,333,673 Operation and maintenance of plant services 3,506,992 3,372,671 Student transportation services 2,437,551 2,507,858 Operation of non-instructional services 2,124,228 2,051,764 Interest on long-term debt 1,491,940 1,494,195

Total expenses 31,296,019 29,812,205 Changes in net position (861,573) (4,088,514)

Net position, beginning, as restated 72,937,942 77,406,815 Net position, ending $ 72,076,369 $ 73,318,301



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GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d)

The following are significant current year transactions that have had an impact on the change in net position.

The increase of $377,114 in capital grants and contributions was due to increased grant funding from the School Facilities Board.

The increase in property tax revenues of $4.0 million was due to an increase in the primary tax rate.

Instruction expenses increased $1.2 million primarily due to increased salaries and professional development expenses.

The following table presents the cost of the District’s major functional activities. The table also shows each function’s net cost (total cost less charges for services generated by the activities and intergovernmental aid provided for specific programs). The net cost shows the financial burden that was placed on the State and District’s taxpayers by each of these functions.

$0

$4

$8

$12

$16

Mil

lion

s

Expenses

FY2013-14

FY2012-13



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GOVERNMENT-WIDE FINANCIAL ANALYSIS (Concl’d)

Year Ended June 30, 2014 Year Ended June 30, 2013

Total

Expenses

Net (Expense)/ Revenue

Total Expenses

Net (Expense)/ Revenue

Instruction $ 14,589,387 $ (12,498,630) $ 13,426,086 $(10,997,342)Support services – students and staff 4,218,483 (2,415,972) 3,625,958 (2,343,666)Support services – administration 2,927,438 (2,825,652) 3,333,673 (3,190,307)Operation and maintenance of plant services 3,506,992 (2,837,466) 3,372,671 (3,309,708)Student transportation services 2,437,551 (2,429,585) 2,507,858 (2,501,565)Operation of non-instructional services 2,124,228 (312,893) 2,051,764 (217,670)Interest on long-term debt 1,491,940 (1,491,940) 1,494,195 (1,494,195)

Total $ 31,296,019 $ (24,812,138) $ 29,812,205 $(24,054,453)

The cost of all governmental activities this year was $31.3 million.

Federal and State governments and charges for services subsidized certain programs with grants and contributions and other local revenues of $6.5 million.

Net cost of governmental activities of $24.8 million was financed by general revenues, which are made up of primarily property taxes of $10.5 million and unrestricted state aid of $12.4 million.

FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental funds. The focus of the District’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of the District’s net resources available for spending at the end of the fiscal year. The financial performance of the District as a whole is reflected in its governmental funds. As the District completed the year, its governmental funds reported a combined fund balance of $5.1 million, an increase of $1.7 million primarily due to an increase in the property tax rate and unexpended bond proceeds in the Bond Building Fund from the issuance of $3.4 million in school improvement bonds to be used to construct various school improvements.



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FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS (Concl’d) The General Fund comprises 40 percent of the total fund balance. The entire General Fund’s fund balance of $2.1 million is unassigned. The General Fund is the principal operating fund of the District. The fund balance increased $226,190 in the General Fund to $2.1 million as of fiscal year end. General Fund revenues increased $3.5 million as a result of an increase in the primary property tax rate. General Fund expenditures increased $810,114 as a result of increased salaries and professional development costs. The Debt Service Fund’s fund balance increased $124,488 to $591,808 at current fiscal year end. Debt Service Fund revenues increased $383,080 and expenditures increased $245,933. The Bond Building Fund’s fund balance increased $1.1 million to $1.1 million at current fiscal year end primarily due to unexpended bond proceeds from the issuance of $3.4 million in school improvement bonds to be used to construct various school improvements. Bond Building Fund revenues increased $15,325 and expenditures increased $1.9 million primarily as a result of bus purchases and school construction. BUDGETARY HIGHLIGHTS Over the course of the year, the District revised the General Fund annual expenditure budget primarily for changes in student enrollment and increases in operation and maintenance costs. The difference between the original budget and the final amended budget was a $510,349 increase, or 3 percent. Significant variances for the final amended budget and actual revenues resulted from the District not being required by the State of Arizona to prepare a revenue budget. A schedule showing the original and final budget amounts compared to the District’s actual financial activity for the General Fund is provided in this report as required supplementary information. The favorable variance of $655,495 in instruction was a result of additional budgeted salary increases that were not paid.



Page 13

CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets. At year end, the District had invested $127.3 million in capital assets, including land, school buildings, athletic facilities, buses and other vehicles, computers, and other equipment. This amount represents a net increase prior to depreciation of $1.5 million from the prior fiscal year. Total depreciation expense for the current fiscal year was $3.1 million. The following schedule presents a summary of capital asset balances for the fiscal years ended June 30, 2014 and June 30, 2013.

As of

June 30, 2014As of

June 30, 2013 Capital assets – non-depreciable $ 11,315,009 $ 11,333,315 Capital assets – depreciable, net 88,041,511 88,923,180

Total $ 99,356,520 $ 100,256,495 Additional information on the District’s capital assets can be found in Note 6. Debt Administration. At year end, the District had $32.7 million in long-term debt outstanding, $1.5 million due within one year. This represents a net increase of $1.7 million. The District’s general obligation bonds are subject to two limits; the Constitutional debt limit (total debt limit) on all general obligation bonds (up to 30 percent of the total secondary assessed valuation) and the statutory debt limit on Class B bonds (the greater of 20 percent of the secondary assessed valuation or $1,500 per student). The current total debt limitation for the District is $49.6 million and the Class B debt limit is $33.1 million, which are more than the District’s total outstanding general obligation and Class B debt, respectively. Additional information on the District’s long-term debt can be found in Notes 8 through 10.



Page 14

ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES Many factors were considered by the District’s administration during the process of developing the fiscal year 2014-15 budget. Among them:

District student population (estimated 3,500). Arizona State legislature mandated reductions.

Also considered in the development of the budget is the local economy and inflation of the surrounding area. Budgeted expenditures in the General Fund increased 2 percent to $20.3 million in fiscal year 2014-15. State aid and property taxes are expected to be the primary funding sources. No new programs were added to the 2014-15 budget. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, and investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the resources it receives. If you have questions about this report or need additional information, contact the Business Services Department, Coolidge Unified School District No. 21, 450 North Arizona Blvd., Coolidge, Arizona 85128.

BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDE FINANCIAL STATEMENTS

ASSETSCurrent assets:

Cash and investmentsProperty taxes receivableAccounts receivableDue from governmental entitiesOther assets

Total current assets

Noncurrent assets:LandLand improvementsBuildings and improvementsVehicles, furniture and equipmentAccumulated depreciation

Total noncurrent assetsTotal assets

DEFERRED OUTFLOWS OF RESOURCESDeferred charges on refunding

LIABILITIESCurrent liabilities:

Due to countyAccounts payableAccrued payroll and employee benefitsCompensated absences payableUnearned revenuesObligations under capital leasesBonds payable

Total current liabilities

Noncurrent liabilities:Non-current portion of long-term obligations

Total noncurrent liabilitiesTotal liabilities

NET POSITIONNet investment in capital assetsRestricted for:

Voter approved teacher incentivesFederal and state projectsFood serviceCivic centerExtracurricular activitiesJoint technical educationOther local initiativesDebt serviceCapital outlay

UnrestrictedTotal net position

Governmental Activities

$ 1,738,387270,074

2,0594,375,114

58,5076,444,141

11,315,0096,079,669

99,336,34310,565,079

(27,939,580)99,356,520

105,800,661

428,487

106,299694,76748,587

213,00011,058

192,2381,295,0002,560,949

31,591,83031,591,83034,152,779

67,773,577

501,357353,861297,35951,90155,26782,68568,632

655,666151,489

2,084,575$ 72,076,369

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21STATEMENT OF NET POSITION

JUNE 30, 2014

The notes to the basic financial statements are an integral part of this statement.Page 18

Program Revenues

Net (Expense) Revenue and

Changes in Net Position

Functions/ProgramsGovernmental activities:

InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional servicesInterest on long-term debt

Total governmental activities

Expenses

$ 14,589,3874,218,4832,927,4383,506,9922,437,5512,124,2281,491,940

$ 31,296,019

Charges for Services

$ 537,682

68,685

229,749

$ 836,116

Operating Grants and

Contributions

$ 1,448,7101,802,511

101,786240,339

7,9661,581,586

$ 5,182,898

Capital Grants and

Contributions

$ 104,365

360,502

$ 464,867

Governmental Activities

$ (12,498,630)

(2,415,972)(2,825,652)(2,837,466)(2,429,585)

(312,893)(1,491,940)

(24,812,138)

General revenues:Taxes:

Property taxes, levied for general purposesProperty taxes, levied for debt serviceProperty taxes, levied for capital outlay

Investment incomeUnrestricted county aidUnrestricted state aidUnrestricted federal aid

Total general revenues

Changes in net position

Net position, beginning of year, as restated

Net position, end of year

7,521,1242,803,714

194,55534,391

737,02012,359,851

299,91023,950,565

(861,573)

72,937,942

$ 72,076,369

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21STATEMENT OF ACTIVITIESYEAR ENDED JUNE 30, 2014

Page 19The notes to the basic financial statements are an integral part of this statement.

FUND FINANCIAL STATEMENTS

ASSETSCash and investmentsProperty taxes receivableAccounts receivableDue from governmental entitiesDue from other fundsOther assets

Total assets

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCESLiabilities:

Due to countyAccounts payableDue to other fundsAccrued payroll and employee benefitsUnearned revenues

Total liabilities

Deferred inflows of resources:Unavailable revenues - property taxesUnavailable revenues - intergovernmental

Total deferred inflows of resources

Fund balances (deficits):RestrictedUnassigned

Total fund balances

Total liabilities, deferred inflows of resourcesand fund balances

General

$ 54,230201,268

3,609,299

$ 3,864,797

$ 105,279374,671

1,097,72936,958

1,614,637

193,327

193,327

2,056,8332,056,833

$ 3,864,797

Debt Service

$ 63,858

591,808

$ 655,666

$

63,858

63,858

591,808

591,808

$ 655,666

Bond Building

$ 1,305,878

$ 1,305,878

$ 175,479

175,479

1,130,399

1,130,399

$ 1,305,878

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21 BALANCE SHEET - GOVERNMENTAL FUNDS

JUNE 30, 2014

Page 22

The notes to the basic financial statements are an integral part of this statement.

Non-Major Governmental

Funds

$ 378,2794,9482,059

765,815743,22158,507

$ 1,952,829

$ 1,020144,617237,30011,62911,058

405,624

3,309240,339243,648

1,318,903(15,346)

1,303,557

$ 1,952,829

Total Governmental

Funds

$ 1,738,387270,074

2,0594,375,1141,335,029

58,507$ 7,779,170

$ 106,299694,767

1,335,02948,58711,058

2,195,740

260,494240,339500,833

3,041,1102,041,4875,082,597

$ 7,779,170

Page 23

Total governmental fund balances 5,082,597$

Amounts reported for governmental activities in the Statement of Net Position are different because:

Capital assets used in governmental activities are not financialresources and, therefore, are not reported in the funds.

Governmental capital assets 127,296,100$ Less accumulated depreciation (27,939,580) 99,356,520

Some receivables are not available to pay for current periodexpenditures and, therefore, are reported as unavailablerevenues in the funds.

Property taxes 260,494Intergovernmental 240,339 500,833

Deferred items related to the net cost of issuance of bondsare amortized over the life of the associated bond issue in the government-wide statements but not reported in the funds. 428,487

Long-term liabilities are not due and payable in the currentperiod and, therefore, are not reported in the funds.

Compensated absences payable (578,726)Obligations under capital leases (515,892)Unamortized premium on long-term debt (337,450)Bonds payable (31,860,000) (33,292,068)

Net position of governmental activities 72,076,369$

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS

TO THE STATEMENT OF NET POSITIONJUNE 30, 2014

Page 25


Revenues:Other localProperty taxesState aid and grantsFederal aid, grants and reimbursements

Total revenues

Expenditures:Current -

InstructionSupport services - students and staffSupport services - administrationOperation and maintenance of plant servicesStudent transportation servicesOperation of non-instructional services

Capital outlayDebt service -

Principal retirementInterest and fiscal chargesBond issuance costs

Total expenditures

Excess (deficiency) of revenues over expenditures

Other financing sources (uses):Transfers inTransfers outIssuance of school improvement bondsPremium on sale of bonds

Total other financing sources (uses):

Changes in fund balances

Fund balances, beginning of year

Fund balances, end of year

General

$ 974,8567,672,296

10,766,177299,910

19,713,239

9,085,5292,364,5482,662,2543,319,0051,958,821

189,839185,639

54,6267,143

19,827,404

(114,165)

340,355

340,355

226,190

1,830,643

$ 2,056,833

Debt Service

$ 15,3012,949,382

2,964,683

1,400,0001,456,523

2,856,523

108,160

16,328

16,328

124,488

467,320

$ 591,808

Bond Building

$ 16,328

16,328

2,047,629

72,03310,020

105,9332,235,615

(2,219,287)

(16,328)3,265,000

100,9783,349,650

1,130,363

36

$ 1,130,399

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -

GOVERNMENTAL FUNDSYEAR ENDED JUNE 30, 2014



Funds

$ 651,078191,246

2,021,8834,929,1817,793,388

2,735,8051,757,714

105,37220,19041,467

1,758,713664,771

96,4987,623

7,188,153

605,235

30,697

(371,052)

(340,355)

264,880

1,038,677

$ 1,303,557

Total Governmental

Funds

$ 1,657,56310,812,92412,788,0605,229,091

30,487,638

11,821,3344,122,2622,767,6263,339,1952,000,2881,948,5522,898,039

1,623,1571,481,309

105,93332,107,695

(1,620,057)

387,380

(387,380)3,265,000

100,9783,365,978

1,745,921

3,336,676

$ 5,082,597

Page 27

Net changes in fund balances - total governmental funds 1,745,921$

Amounts reported for governmental activities in the Statement of Activities are different because:

Governmental funds report the portion of capital outlay for capitalized assets as expenditures. However, in the Statement of Activities, the costs of those assets are allocated over theirestimated useful lives as depreciation expense.

Expenditures for capitalized assets 2,309,154$ Less current year depreciation (3,074,228) (765,074)

Issuance of school improvement bonds provides current financial resources to governmental funds, but the issuance increases long term liabilities in the Statement of Net Position. (3,365,978)

Some revenues in the Statement of Activities that do not provide current financialresources are not reported as revenues in the funds.

Property taxes (293,531)Intergovernmental 240,339 (53,192)

Repayments of long-term debt principal are expenditures in the governmental funds, but the repayment reduces long-term liabilities in the Statement ofNet Position.

Capital lease principal retirement 282,001 Bond principal retirement 1,400,000 1,682,001

Some expenses reported in the Statement of Activities do not require the use ofcurrent financial resources and, therefore, are not reported as expenditures in governmental funds.

Deferred charges on issuance of debt (32,961)Loss on disposal of assets (134,901)Amortization of deferred bond items 22,330Compensated absences 40,281 (105,251)

Changes in net position in governmental activities (861,573)$

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES

IN FUND BALANCES - GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIESYEAR ENDED JUNE 30, 2014

Page 28


ASSETSCash and investments

Total assets

LIABILITIESDeposits held for othersDue to student groups

Total liabilities

Agency

$ 701,384$ 701,384

$ 607,98393,401

$ 701,384

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21STATEMENT OF ASSETS AND LIABILITIES

FIDUCIARY FUNDSJUNE 30, 2014


COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21 NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2014

Page 30

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Coolidge Unified School District No. 21 (District) have been prepared in conformity with accounting principles generally accepted in the United States of America as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. During the year ended June 30, 2014, the District implemented the provisions of GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. GASB Statement No. 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. The more significant of the District’s accounting policies are described below. A. Reporting Entity The Governing Board is organized under Section 15-321 of the Arizona Revised Statutes (A.R.S.). Management of the District is independent of other state or local governments. The County Treasurer collects taxes for the District, but exercises no control over its expenditures/expenses. The membership of the Governing Board consists of five members elected by the public. Under existing statutes, the Governing Board’s duties and powers include, but are not limited to, the acquisition, maintenance and disposition of school property; the development and adoption of a school program; and the establishment, organization and operation of schools. The Board also has broad financial responsibilities, including the approval of the annual budget, and the establishment of a system of accounting and budgetary controls. The financial reporting entity consists of a primary government and its component units. A component unit is a legally separate entity that must be included in the reporting entity in conformity with generally accepted accounting principles. The District is a primary government because it is a special-purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governments. Furthermore, there are no component units combined with the District for financial statement presentation purposes, and the District is not included in any other governmental reporting entity. Consequently, the District’s financial statements include only the funds of those organizational entities for which its elected governing board is financially accountable. The District’s major operations include education, student transportation, construction and maintenance of District facilities, food services, bookstore, and athletic functions.


JUNE 30, 2014

Page 31

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) B. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) present financial information about the District as a whole. The reported information includes all of the nonfiduciary activities of the District. For the most part, the effect of internal activity has been removed from these statements. These statements are to distinguish between the governmental and business-type activities of the District. Governmental activities normally are supported by taxes and intergovernmental revenues, and are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The District does not have any business-type activities. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes, unrestricted Federal, State and County aid, and other items not included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation Government-Wide Financial Statements – The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the grantor or provider have been met. As a general rule, the effect of internal activity has been eliminated from the government-wide financial statements; however, the effects of interfund services provided and used between functions are reported as expenses and program revenues at amounts approximating their external exchange value.


JUNE 30, 2014

Page 32

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) Fund Financial Statements – Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, and claims and judgments, are recorded only when payment is due. Property taxes, State and County aid, and investment income associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period. Food services and miscellaneous revenues are not susceptible to accrual because generally they are not measurable until received in cash. Grants and similar awards are recognized as revenue as soon as all eligibility requirements imposed by the grantor or provider have been met. Unearned revenues arise when resources are received by the District before it has legal claim to them, as when grant monies are received prior to meeting all eligibility requirements imposed by the provider. Delinquent property taxes and other receivables that will not be collected within the available period have been reported as unavailable revenues on the governmental fund financial statements. The focus of governmental fund financial statements is on major funds rather than reporting funds by type. Each major fund is presented in a separate column. Non-major funds are aggregated and presented in a single column. Fiduciary funds are reported by fund type. The District reports the following major governmental funds:

General Fund – The General Fund is the District’s primary operating fund. It accounts for all resources used to finance District maintenance and operation except those required to be accounted for in other funds. The General Fund includes the District’s Maintenance and Operation Fund as well as certain activities budgeted in separate funds in accordance with A.R.S. These funds are maintained as separate funds for budgetary purposes but do not meet the criteria for separate reporting in the financial statements. Debt Service Fund – The Debt Service Fund accounts for the accumulation of resources for, and the payment of, long-term debt principal, interest and related costs.


JUNE 30, 2014

Page 33

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

Bond Building Fund – The Bond Building Fund accounts for proceeds from District bond issues that are expended on the acquisition or lease of sites; construction or renovation of school buildings; supplying school buildings with furniture, equipment, and technology; improving school grounds; or purchasing pupil transportation vehicles.

Additionally, the District reports the following fund type:

Fiduciary Funds – The Fiduciary Funds are Agency Funds which account for resources held by the District on behalf of others. This fund type includes the Student Activities Fund, which accounts for monies raised by students to finance student clubs and organizations held by the District as an agent. In addition, funds that account for employee withholdings before the monies are remitted to the appropriate entities are included in the Agency Funds.

The Agency Funds are custodial in nature and do not have a measurement focus and are reported on the accrual basis of accounting. The Agency Funds are reported by fund type. D. Cash and Investments A.R.S. require the District to deposit all cash with the County Treasurer , except as discussed below. Cash with the County Treasurer is pooled for investment purposes, except for cash of the Debt Service and Bond Building Funds that may be invested separately. Interest earned from investments purchased with pooled monies is allocated to each of the District’s funds based on their average balances. As required by statute, interest earnings of the Bond Building Fund are recorded initially in that fund, but then transferred to the Debt Service Fund. All investments are stated at fair value. Statute authorizes the District to separately invest monies of the Bond Building and Debt Service Funds in the State Treasurer’s investment pools; obligations issued and guaranteed by the United States or any of its agencies or instrumentalities; specified state and local government bonds and notes; and interest bearing savings accounts or certificates of deposit. Statute authorizes the District to deposit monies of the Auxiliary Operations and Student Activities Funds in bank accounts. Monies in these funds may also be invested. In addition, statute authorizes the District to maintain various bank accounts such as clearing accounts to temporarily deposit receipts before they are transmitted to the County Treasurer; revolving accounts to pay minor disbursements; and withholdings accounts for taxes and employee insurance programs. Some of these bank accounts may be interest bearing.


JUNE 30, 2014

Page 34

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) Statute does not include any requirements for credit risk, concentration of credit risk, interest rate risk, or foreign currency risk. Statute requires collateral for deposits of Bond Building and Debt Service Funds monies in interest bearing savings accounts and certificates of deposit at 101 percent of all deposits not covered by federal depository insurance. E. Investment Income Investment income is composed of interest, dividends, and net changes in the fair value of applicable investments. Investment income is included in other local revenue in the fund financial statements. F. Receivables and Payables Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the fiscal year is referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.” Interfund balances between governmental funds are eliminated on the Statement of Net Position. All receivables, including property taxes receivable, are shown net of an allowance for uncollectibles.

G. Property Tax Calendar Property tax levies are calculated by applying tax rates against both the primary assessed valuation and the secondary assessed valuation. Primary and secondary valuation categories are composed of the exact same properties. However, the primary category limits the increase in property values to 10% from the previous year, while there is no limit to the increase in property values for secondary valuation. Override and debt service tax rates are applied to the secondary assessed valuation and all other tax rates are applied to the primary assessed valuation. The County levies real property taxes on or before the third Monday in August, which become due and payable in two equal installments. The first installment is due on the first day of October and becomes delinquent after the first business day of November. The second installment is due on the first day of March of the next year and becomes delinquent after the first business day of May. The billings are considered past due after these dates, at which time the applicable property is subject to penalties and interest.


JUNE 30, 2014

Page 35

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) The County also levies various personal property taxes during the year, which are due the second Monday of the month following receipt of the tax notice, and become delinquent 30 days thereafter. Pursuant to A.R.S., a lien against assessed real and personal property attaches on the first day of January preceding assessment and levy; however according to case law, an enforceable legal claim to the asset does not arise. H. Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both the government-wide and fund financial statements. Prepaid items are recorded as expenses when consumed in the government-wide financial statements and as expenditures when purchased in the fund financial statements. I. Capital Assets Capital assets, which include land and improvements; buildings and improvements; vehicles, furniture, and equipment; and construction in progress, are reported in the government-wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost in excess of $5,000 and an estimated useful life of more than one year. Such assets are recorded at historical cost, or estimated historical cost if actual historical cost is not available. Donated capital assets are recorded at the estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the life of the asset are not capitalized. Capital assets are depreciated using the straight-line method over the following estimated useful lives:

Land improvements 5 - 20 years Buildings and improvements 20 - 50 years Vehicles, furniture and equipment 3 - 15 years

J. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position may report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period and so will not be recognized as an outflow of resources (expense/expenditure) until then.


JUNE 30, 2014

Page 36

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) In addition to liabilities, the statement of financial position may report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period and so will not be recognized as an inflow of resources (revenue) until that time. K. Compensated Absences The District’s employee vacation and sick leave policies generally provide for granting vacation and sick leave with pay. Accrued sick leave is earned by all employees at the rate of one day per month determined by the number of months employed. Employees can accumulate sick leave indefinitely. In the event of retirement, an employee is reimbursed for accrued sick leave at varying rates depending on position of classified or certified and the number of sick days accumulated. All full-time classified employees earn vacation at a rate of ten to twenty days a year, depending on length of service. The current and long-term liabilities, including related benefits, for accumulated vacation and sick leave are reported on the government-wide financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee leave, resignations and retirements. Generally, resources from the General Fund are used to pay for compensated absences. L. Long-term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities on the statement of net position. Bond premiums and discounts, as well as the difference between the reacquisition price and the net carrying amount of the old debt, are deferred and amortized over the life of the bonds using the straight-line method over the term of the related debt. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. M. Interfund Activity Flows of cash from one fund to another without a requirement for repayment are reported as interfund transfers. Interfund transfers between governmental funds are eliminated in the Statement of Activities. Interfund transfers in the fund financial statements are reported as other financing sources/uses in governmental funds.


JUNE 30, 2014

Page 37

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concl’d) N. Net Position Flow Assumption In the government-wide financial statements the District applies restricted resources first when outlays are incurred for purposes for which either restricted or unrestricted amounts are available. O. Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. P. New Accounting Pronouncement

GASB Statement No. 68, Accounting and Financial Reporting for Pensions will be effective for the District’s June 30, 2015 fiscal year end. This Statement replaces the requirements of prior GASB standards for pensions accounting and reporting. This Statement requires governments providing defined benefit pensions to recognize the long-term obligation for pension benefits as a liability, and to more comprehensively and comparably measure the annual costs of pension benefits. Each employer participating in a multiple-employer defined benefit pension plan will be required to record a liability representing their “proportionate share” of the plan’s total net pension liability. This Statement also enhances accountability and transparency through revised note disclosures and new required supplementary information.

NOTE 2 – FUND BALANCE CLASSIFICATIONS Fund balances of the governmental funds are reported separately within classifications based on a hierarchy of the constraints placed on the use of those resources. The classifications are based on the relative strength of the constraints that control how the specific amounts can be spent. The classifications are nonspendable, restricted, and unrestricted, which includes committed, assigned, and unassigned fund balance classifications. Nonspendable. The nonspendable fund balance classification includes amounts that cannot be spent because they are not in spendable form, or legally or contractually required to be maintained intact. Restricted. Fund balance is reported as restricted when constraints placed on the use of resources are either externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments or is imposed by law through constitutional provisions or enabling legislation.


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NOTE 2 – FUND BALANCE CLASSIFICATIONS (Cont’d) Committed. The committed fund balance classification includes amounts that can be used only for the specific purposes imposed by formal action of the Governing Board. Those committed amounts cannot be used for any other purpose unless the Governing Board removes or changes the specified use by taking the same type of action it employed to previously commit those amounts. The District does not have a formal policy or procedures for the utilization of committed fund balance, accordingly, no committed fund balance amounts are reported. Assigned. Amounts in the assigned fund balance classification are intended to be used by the District for specific purposes but do not meet the criteria to be classified as restricted or committed. In governmental funds other than the General Fund, assigned fund balance represents the remaining amount that is not restricted or committed. In the General Fund, assigned amounts represent intended uses established by the Governing Board or a management official delegated that authority by the formal Governing Board action. The District does not have a formal policy or procedures for the utilization of assigned fund balance, accordingly, no assigned fund balance amounts are reported. Unassigned. Unassigned fund balance is the residual classification for the General Fund and includes all spendable amounts not contained in the other classifications. In other governmental funds, the unassigned classification is used only to report a deficit balance resulting from overspending for specific purposes for which amounts had be restricted, committed, or assigned.

The District applies restricted resources first when outlays are incurred for purposes for which either restricted or unrestricted (committed, assigned, and unassigned) amounts are available. Similarly, within unrestricted fund balance, committed amounts are reduced first followed by assigned, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.


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NOTE 2 – FUND BALANCE CLASSIFICATIONS (Concl’d) The table below provides detail of the major components of the District’s fund balance classifications at year end.

General

Fund

Debt Service Fund

Bond Building

Fund


Funds Fund Balances:

Restricted: Debt service $ $ 591,808 $ $ Capital projects 148,180 Bond building projects 1,130,399Voter approved teacher incentives 501,357 Federal and State projects 113,522 Food service 297,359 Civic center 51,901 Extracurricular activities 55,267 Joint technical education 82,685 Other purposes 68,632

Unassigned 2,056,833 (15,346)Total fund balances $ 2,056,833 $ 591,808 $ 1,130,399 $ 1,303,557

NOTE 3 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

Individual Deficit Fund Balance – At year end, the Building Renewal Grant Fund, a non-major governmental fund, reported a deficit of $15,346 in fund balance. The deficit arose because of operations during the year. Additional revenues received in fiscal year 2014-15 are expected to eliminate the deficit.

Excess Expenditures Over Budget – At year end, the District had expenditures in funds that exceeded the budgets, however, this does not constitute a violation of any legal provisions.


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NOTE 4 – CASH AND INVESTMENTS Custodial Credit Risk – Deposits. Custodial credit risk is the risk that in the event of bank failure the District’s deposits may not be returned to the District. The District does not have a deposit policy for custodial credit risk. At year end, the carrying amount of the District’s deposits was $144,703 and the bank balance was $154,599. The County Treasurer’s pool is an external investment pool with no regulatory oversight. The pool is not required to register (and is not registered) with the Securities and Exchange Commission. The fair value of each participant’s position in the County Treasurer investment pool approximates the value of the participant’s shares in the pool and the participants’ shares are not identified with specific investments. At year end, the District’s investments consisted of the following.

Average Maturities Fair Value County Treasurer’s investment pool 2.04 years $ 2,295,068Total $ 2,295,068

Interest Rate Risk. The District 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. The District has no investment policy that would further limit its investment choices. As of year end, the District’s investment in the County Treasurer’s investment pool did not receive credit quality ratings from a national rating agency. Custodial Credit Risk – Investments. The District’s investment in the County Treasurer’s investment pool represents a proportionate interest in the pool’s portfolio; however, the District’s portion is not identified with specific investments and is not subject to custodial credit risk.


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NOTE 5 – RECEIVABLES Receivable balances, net of allowance for uncollectibles, have been disaggregated by type and presented separately in the financial statements with the exception of due from governmental entities. Due from governmental entities, net of allowance for uncollectibles, as of year end for the District’s individual major funds and non-major governmental funds in the aggregate were as follows.

General

Fund


Funds Due from other governmental entities:

Due from Federal government $ 20,220 $ 660,823 Due from State government 3,589,079 104,992

Net due from governmental entities $ 3,609,299 $ 765,815 NOTE 6 – CAPITAL ASSETS

A summary of capital asset activity for the current fiscal year follows.

Governmental Activities Beginning Balance Increase Decrease

Ending Balance

Capital assets, not being depreciated: Land $ 11,315,009 $ $ $ 11,315,009 Construction in progress 18,306 289,398 307,704

Total capital assets, not being depreciated 11,333,315 289,398 307,704 11,315,009 Capital assets, being depreciated:

Land improvements 6,079,669 6,079,669 Buildings and improvements 99,001,001 335,342 99,336,343 Vehicles, furniture and equipment 9,401,636 1,992,118 828,675 10,565,079

Total capital assets being depreciated 114,482,306 2,327,460 828,675 115,981,091 Less accumulated depreciation for:

Land improvements (2,123,191) (265,292) (2,388,483)Buildings and improvements (18,171,676) (2,249,837) (20,421,513)Vehicles, furniture and equipment (5,264,259) (559,099) (693,774) (5,129,584)

Total accumulated depreciation (25,559,126) (3,074,228) (693,774) (27,939,580)

Total capital assets, being depreciated, net 88,923,180 (746,768) 134,901 88,041,511 Governmental activities capital assets, net $ 100,256,495 $ (457,370) $ 442,605 $ 99,356,520


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NOTE 6 – CAPITAL ASSETS (Concl’d) Depreciation expense was charged to governmental functions as follows.

Instruction $2,215,840Support services – students and staff 51,497 Support services – administration 82,724 Operation and maintenance of plant services 166,939 Student transportation services 380,909 Operation of non-instructional services 176,319 Total depreciation expense – governmental activities $3,074,228

NOTE 7 – SHORT TERM DEBT – REVOLVING LINE OF CREDIT

The District has a revolving line of credit to provide cash flow during the year to mitigate the impact of timing differences of expenditures and the receipt of state aid, property tax, and other revenues. Short-term debt activity for the current fiscal year was a follows.

BeginningBalance Issued Redeemed

EndingBalance

Revolving line of credit $ 925,557 $ 5,297,594 $ 6,223,151 $ NOTE 8 – OBLIGATIONS UNDER LEASES

Capital Leases – The District has acquired vehicles under the provisions of long-term lease agreements classified as capital leases. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of their future minimum lease payments as of the inception date. Revenues from the General Fund and the Bond Building Fund, both major governmental funds, and the Unrestricted Capital Outlay Fund, a non-major governmental fund, are used to pay the capital lease obligations. The assets acquired through capital leases that meet the District’s capitalization threshold are as follows. Depreciation expense related to these assets is included in Note 6.

Governmental

Activities Asset:

Vehicles, furniture and equipment $ 1,351,514Less: Accumulated depreciation 271,174

Total $ 1,080,340


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NOTE 8 – OBLIGATIONS UNDER LEASES (Concl’d) The future minimum lease obligations and the net present value of these minimum lease payments at year end were as follows.

Year Ending June 30: Governmental

Activities 2015 $ 210,360 2016 210,360 2017 128,308

Total minimum lease payments 549,028 Less: amount representing interest 33,136 Present value of minimum lease payments $ 515,892 Due within one year $ 192,238

Operating Leases – The District leases copiers under the provisions of long-term lease agreements classified as operating leases for accounting purposes. Rental expenditures under the terms of the operating leases totaled $54,282 for the current fiscal year. The operating leases have remaining noncancelable lease terms of five years and provide renewal options. The future minimum rental payments required under the operating leases at year end were as follows.

Year Ending June 30: 2015 $ 84,156 2016 56,339 2017 43,304 2018 43,304 2019 23,561

Total minimum payments required $ 250,664 State Land Lease – In January 2005, the District entered into an operating lease of state land with the Arizona State Land Department pursuant to A.R.S. §37-221. The operating lease has a 75 year cancelable term. The remaining present value of the lease, totaling $2,200,000 was prepaid by the Arizona School Facilities Board on behalf of the District in fiscal year 2006-07, pursuant to A.R.S. §37-295.


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NOTE 9 – GENERAL OBLIGATION BONDS PAYABLE Bonds payable at year end, consisted of the following outstanding school improvement and refunding bonds. Of the total amount originally authorized, $35.6 million remains unissued. The bonds are callable with interest payable semiannually. Property taxes from the Debt Service Fund are used to pay bonded debt.

Purpose

Original Amount Issued

Interest Rates

Remaining Maturities

Outstanding Principal

June 30, 2014Due WithinOne Year

Governmental activities: School Improvement Bonds, Series

2006 (Class B) $ 5,500,000 4.0%-4.5% 7/1/15-21 $ 870,000 $ 95,000School Improvement Bonds,

Project 2005 Series B (Class B) 12,000,000 4.0%-5.0% 7/1/15-26 9,135,000 590,000 School Improvement Bonds,

Project 2008 Series A (Class B) 16,095,000 4.0%-5.25% 7/1/15-28 14,995,000 550,000 Refunding Bonds, Series 2012 3,795,000 3.125%-4.0% 7/1/23-27 3,795,000 School Improvement Bonds,

Project 2008 Series B (Class B) 3,265,000 2.0-5.0% 7/1/15-33 3,065,000 60,000 Total $ 31,860,000 $ 1,295,000

Annual debt service requirements to maturity on general obligation bonds at year end are summarized as follows.

Governmental Activities Year ending June 30: Principal Interest

2015 $ 1,295,000 $ 1,441,3312016 1,430,000 1,382,982 2017 1,540,000 1,324,906 2018 1,720,000 1,261,504 2019 1,895,000 1,185,506 2020-24 11,970,000 4,448,318 2025-29 11,250,000 1,377,533 2030-33 760,000 97,500

Total $ 31,860,000 $ 12,519,580

In prior years, the District defeased certain general obligation and other bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the defeased bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the District’s financial statements. At year end, $2.8 million of defeased bonds are still outstanding.


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NOTE 10 – CHANGES IN LONG-TERM LIABILITIES Long-term liability activity for the current fiscal year was as follows.

BeginningBalance

(as restated) Additions ReductionsEnding Balance

Due Within One Year

Governmental activities: Bonds payable $29,995,000 $ 3,265,000 $ 1,400,000 $ 31,860,000 $ 1,295,000

Premium 258,802 100,978 22,330 337,450 Total bonds payable 30,253,802 3,365,978 1,422,330 32,197,450 1,295,000

Obligations under capital leases 797,893 282,001 515,892 192,238 Compensated absences payable 619,007 347,467 387,748 578,726 213,000 Governmental activity long-term

liabilities $31,670,702 $ 3,713,445 $ 2,092,079 $ 33,292,068 $ 1,700,238 NOTE 11 – INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS

Due to/from other funds:

Debt

Service Fund

Non-MajorGovernmental

Funds

Total Due to Other

Funds General Fund $ 591,808 $ 505,921 $ 1,097,729 Non-Major Governmental Funds 237,300 237,300 Total Due from Other Funds $ 591,808 $ 743,221 $ 1,335,029

At year end, several funds had negative cash balances in the Treasurer’s pooled cash accounts. Negative cash on deposit with the County Treasurer was reduced by interfund borrowing with other funds. All interfund balances are expected to be paid within one year. Interfund transfers:

Transfers in

Transfers out

General

FundDebt

Service Fund


Funds TotalBond Building Fund $ $ 16,328 $ $ 16,328 Non-Major Governmental Funds 340,355 30,697 371,052 Total $ 340,355 $ 16,328 $ 30,697 $ 387,380

Transfers between funds were used to (1) move investment income earned in the Bond Building Fund that is required by statute to be expended in the Debt Service Fund, (2) to move Federal grant funds restricted for indirect costs, and (3) to move cash balances remaining in discontinued funds to the Unrestricted Capital Outlay Fund.


JUNE 30, 2014

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NOTE 12 – CONTINGENT LIABILITIES Compliance – Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures/expenses that may be disallowed by the grantor cannot be determined at this time, although the District expects such amounts, if any, to be immaterial. Performance Audit – The District was selected by the State Office of the Auditor General to have a performance audit pursuant to A.R.S. section 41-1279.03.A. for the fiscal year ended June 30, 2009. The results of that audit required the District to recalculate the route miles submitted to the Arizona Department of Education in fiscal year 2008-09 to correct its transportation funding report. Additionally, the District recalculated the route miles submitted to the Arizona Department of Education in fiscal year 2009-10 to correct its transportation funding report. The overexpenditure of its general budget limit was applied against fiscal year 2008-09, and resulted in a reduction in state aid and equalization during fiscal years 2010-11 and 2011-12. The District is still working on fixing issues identified in the performance audit; however, there are no costs associated with the remaining findings and the District does not expect any further withholdings. Arbitrage – Under the Tax Reform Act of 1986, interest earned on the debt proceeds in excess of interest expense or expenditure prior to the disbursement of the proceeds must be rebated to the Internal Revenue Service (IRS). Management believes there is no tax arbitrage rebate liability at year end.

NOTE 13 – PRIOR PERIOD ADJUSTMENT

The July 1, 2013, government-wide net position does not agree to the prior year financial statements due to elimination of unamortized bond issuance costs as specified in GASB Statement No. 65. In addition, the District identified premium on prior years’ bond issuances included as a restatement of long-term liabilities.

Statement of

Activities Net position, June 30, 2013, as

previously reported $ 73,318,301 Unamortized bond issuance costs (121,557)Bond premium payable (258,802)Net position, July 1, 2013, as restated $ 72,937,942


JUNE 30, 2014

Page 47

NOTE 14 – 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. The District was unable to obtain general property and liability insurance at a cost it considered to be economically justifiable. Therefore, the District joined the Arizona School Risk Retention Trust, Inc. (ASRRT). ASRRT is a public entity risk pool currently operating as a common risk management and insurance program for school districts and community colleges in the State. The District pays an annual premium to ASRRT for its general insurance coverage. The agreement provides that ASRRT will be self-sustaining through member premiums and will reinsure through commercial companies for claims in excess of specified amounts. The District joined the Arizona School Alliance for Workers’ Compensation, Inc. (Alliance) together with other school districts in the state for risks of loss related to workers’ compensation claims. The Alliance is a public entity risk pool currently operating as a common risk management and insurance program for school districts in the State. The District pays quarterly premiums to the Alliance for its employee workers’ compensation coverage. The agreement provides that the Alliance will be self-sustaining through members’ premiums and will reinsure through commercial companies for claims in excess of specified amounts for each insured event. The District continues to carry commercial insurance for all other risks of loss. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years.

NOTE 15 – PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS The District contributes to the Arizona State Retirement System (ASRS). The ASRS administers a cost-sharing, multiple-employer defined benefit pension plan; a cost-sharing, multiple-employer defined health insurance premium plan; and a cost-sharing, multiple-employer defined benefit long-term disability plan that covers employees of the State of Arizona and employees of participating political subdivisions and school districts. The ASRS is governed by the Arizona State Retirement System Board according to the provisions of A.R.S. Title 38, Chapter 5, Article 2. Plan Description – Benefits are established by state statute and the plan generally provides retirement, long-term disability, and health insurance premium benefits, including death and survivor benefits. The retirement benefits are generally paid at a percentage, based on years of service, of the retirees’ average compensation. Long-term disability benefits vary by circumstance, but generally pay a percentage of the employee’s monthly compensation. Health insurance premium benefits are paid as a fixed dollar amount per month towards the retiree’s healthcare insurance premiums, in amounts based on whether the benefit is for the retiree or for the retiree and his or her dependents.


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Page 48

NOTE 15 – PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS (Concl’d) The ASRS issues a comprehensive annual financial report that includes financial statements and required supplementary information. The most recent report may be obtained by writing the ASRS, 3300 North Central Avenue, P.O. Box 33910, Phoenix, Arizona 85067-0250 or by calling (602) 240-2000 or (800) 621-3778. The report is also available on the ASRS’ website at www.azasrs.gov. Funding Policy – The Arizona State Legislature establishes and may amend active plan members’ and the District’s contribution rates. For the current fiscal year, active ASRS members were required by statute to contribute at the actuarially determined rate of 11.54 percent (11.30 percent for retirement and 0.24 percent for long-term disability) of the members’ annual covered payroll and the District was required by statute to contribute at the actuarially determined rate of 11.54 percent (10.70 percent for retirement, 0.60 percent for health insurance premium, and 0.24 percent for long-term disability) of the members’ annual covered payroll. The District’s contributions for the current and two preceding years, all of which were equal to the required contributions, were as follows.

Retirement

Fund

Health Benefit Supplement

Fund

Long-Term Disability

Fund Year ending June 30:

2014 $1,521,814 $ 85,335 $ 34,134 2013 1,392,679 88,316 32,609 2012 1,414,701 90,300 34,400

NOTE 16 – SUBSEQUENT EVENT

The District issued $3.3 million in previously authorized school improvement bonds on September 23, 2014. The purpose of these bonds is to make additions and improvements to existing school facilities, including athletic/physical education facilities.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL

(Required Supplementary Information)

Revenues:Other localProperty taxesState aid and grants

Total revenues



Total expenditures



Increase (decrease) in reserve for prepaid items

Fund balances (deficits), end of year

Budgeted Amounts

Original

$

8,959,6372,159,7222,682,8463,467,8701,861,819

191,00019,322,894

(19,322,894)

$ (19,322,894)

Final

$

9,301,6232,185,0232,548,6453,601,8122,004,875

191,26519,833,243

(19,833,243)

$ (19,833,243)

Non-GAAP Actual

$ 770,5547,672,296

10,766,17719,209,027

8,646,1282,219,2342,597,5353,347,4171,904,121

189,83918,904,274

304,753

533,209

526,509

$ 1,364,471

Variance with Final Budget

Positive (Negative)

$ 770,5547,672,296

10,766,17719,209,027

655,495(34,211)(48,890)254,395100,754

1,426928,969

20,137,996

533,209

526,509

$ 21,197,714

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21SCHEDULE OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUALGENERAL


Page 50See accompanying notes to this schedule.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21 NOTE TO REQUIRED SUPPLEMENTARY INFORMATION

JUNE 30, 2014

Page 51

NOTE 1 – BUDGETARY BASIS OF ACCOUNTING The District budget is prepared on a basis consistent with accounting principles generally accepted in the United States of America, except for the following items.

Certain activities reported in the General Fund are budgeted in separate funds in accordance with Arizona Revised Statutes.

Prepaid items are budgeted in the year prepaid. The following schedule reconciles expenditures and fund balances at the end of year.

Total

Expenditures Fund Balances

End of Year Statement of Revenues, Expenditures and Changes in

Fund Balances – Governmental Funds $ 19,827,404 $ 2,056,833 Activity budgeted as special revenue funds (698,564) (692,362)Current-year prepaid items 526,509 Prior-year prepaid items (751,075) Schedule of Revenues, Expenditures and Changes in

Fund Balances – Budget and Actual – General Fund $ 18,904,274 $ 1,364,471

COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS

AND SCHEDULES

GOVERNMENTAL FUNDS

ASSETSCash and investmentsProperty taxes receivableAccounts receivableDue from governmental entitiesDue from other fundsOther assets

Total assets


Due to countyAccounts payableDue to other fundsAccrued payroll and employee benefitsUnearned revenues

Total liabilities

Deferred inflows of resources:Unavailable revenues - property taxesUnavailable revenues - intergovernmental

Total deferred inflows of resources


Total fund balances


Special Revenue

$ 324,407

2,059725,268640,66358,507

$ 1,750,904

$ 95,201

221,95411,62911,058

339,842

240,339240,339

1,170,723

1,170,723

$ 1,750,904

Capital Projects

$ 53,8724,948

40,547

102,558

$ 201,925

$ 1,02049,41615,346

65,782

3,309

3,309

148,180(15,346)132,834

$ 201,925

Total Non-Major

Governmental Fund

$ 378,2794,9482,059

765,815743,22158,507

$ 1,952,829

$ 1,020144,617237,30011,62911,058

405,624

3,309240,339243,648

1,318,903(15,346)

1,303,557

$ 1,952,829

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21COMBINING BALANCE SHEET - ALL NON-MAJOR GOVERNMENTAL FUNDS - BY FUND TYPE

JUNE 30, 2014

Page 56

Revenues:Other localProperty taxesState aid and grantsFederal aid, grants and reimbursements

Total revenues




Principal retirementInterest and fiscal charges

Total expenditures


Other financing sources (uses):Transfers inTransfers out





Special Revenue

$ 607,445

1,540,4674,929,1817,077,093

2,735,8051,757,714

105,3728,273

30,5621,758,713

125,113

6,521,552

555,541

(370,857)(370,857)

184,684

986,039

$ 1,170,723

Capital Projects

$ 43,633191,246481,416

716,295

11,91710,905

539,658

96,4987,623

666,601

49,694

30,697(195)

30,502

80,196

52,638

$ 132,834

Total Non-Major

Governmental Funds

$ 651,078191,246

2,021,8834,929,1817,793,388

2,735,8051,757,714

105,37220,19041,467

1,758,713664,771

96,4987,623

7,188,153

605,235

30,697(371,052)(340,355)

264,880

1,038,677

$ 1,303,557

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -

ALL NON-MAJOR GOVERNMENTAL FUNDS - BY FUND TYPEYEAR ENDED JUNE 30, 2014

Page 57

SPECIAL REVENUE FUNDS Classroom Site - to account for the financial activity for the portion of state sales tax collections and permanent state school fund earnings as approved by the voters in 2000. Instructional Improvement - to account for the activity of monies received from gaming revenue. County, City and Town Grants - to account for monies received from county, city and town grants. Structured English Immersion - to account for monies received to provide for the incremental cost of instruction to English language learners. Title I Grants - to account for financial assistance received for the purpose of improving the teaching and learning of children failing, or most at-risk of failing, to meet challenging State academic standards. Professional Development and Technology Grants - to account for financial assistance received to increase student academic achievement through improving teacher quality. Limited English & Immigrant Students - to account for financial assistance received for educational services and costs for limited English and immigrant children. Indian Education - to account for financial assistance received for Indian education at preschool, elementary, secondary and adult levels. Special Education Grants - to account for supplemental financial assistance received to provide a free, appropriate public education to disabled children. Vocational Education - to account for financial assistance received for preparation of individuals for employment or advancement in a career not requiring a baccalaureate or advanced degree. Medicaid Reimbursement - to account for reimbursements related to specific health services provided to eligible students. Taylor Grazing - to account for financial assistance received for the purpose of protecting public lands by preventing over-grazing and soil deterioration and to provide for orderly use, improvement and development, and stabilization of the livestock industry. E-Rate - to account for monies received to reimburse the District for broadband internet and telecommunications costs. Impact Aid - to account for financial assistance to local educational agencies that are financially burdened by federal activities.

Other Federal Projects - to account for financial assistance received for other supplemental federal projects. State Vocational Education - to account for financial assistance received for the preparation of individuals for employment. Failing Schools Tutoring Grant - to account for monies used to assist high school students to pass the AIMS test or to assist students who are underperforming. Other State Projects - to account for financial assistance received for other State projects. School Plant - to account for proceeds from the sale or lease of school property. Food Service - to account for the financial activity of school activities that have as their purpose the preparation and serving of regular and incidental meals and snacks in connection with school functions. Civic Center - to account for monies received from the rental of school facilities for civic activities. Community School - to account for activity related to academic and skill development for all citizens. Auxiliary Operations - to account for activity arising from bookstore, athletic and miscellaneous District related operations. Extracurricular Activities Fees Tax Credit - to account for activity related to monies collected in support of extracurricular activities to be taken as a tax credit by the tax payer in accordance with A.R.S. §43-1089.01. Gifts and Donations - to account for activity related to gifts, donations, bequests and private grants made to the District. Textbooks - to account for monies received from students to replace or repair lost or damaged textbooks. Litigation Recovery - to account for monies received for and derived from litigation. Indirect Costs - to account for monies received from federal projects for administrative costs. Joint Technical Education - to account for monies received from Joint Technical Education Districts for vocational education programs.

ASSETSCash and investmentsAccounts receivableDue from governmental entitiesDue from other fundsOther assets

Total assets


Accounts payableDue to other fundsAccrued payroll and employee benefitsUnearned revenues

Total liabilities

Deferred inflows of resources:Unavailable revenues - intergovernmental

Fund balances:Restricted

Total fund balances


Classroom Site

$

376,005

$ 376,005

$

3,448

3,448

372,557372,557

$ 376,005

Instructional Improvement

$ 67,167

61,633

$ 128,800

$

128,800128,800

$ 128,800

County, City, and Town

Grants

$ 35,412

$ 35,412

$

35,41235,412

$ 35,412

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21COMBINING BALANCE SHEET - NON-MAJOR SPECIAL REVENUE FUNDS

JUNE 30, 2014

Page 60

Structured English

Immersion

$ 468

$ 468

$

468468

$ 468

Title I Grants

$

152,786

$ 152,786

$ 41,422106,159

5,205

152,786

$ 152,786

Professional Development

and Technology Grants

$

18,610

$ 18,610

$ 18,610

18,610

$ 18,610

Limited English & Immigrant

Students

$

3,035

$ 3,035

$ 3,035

3,035

$ 3,035

Indian Education

$

3,175

$ 3,175

$ 3,175

3,175

$ 3,175

Special Education

Grants

$

44,406

$ 44,406

$ 20,74723,659

44,406

$ 44,406

Page 61(Continued)


Total assets



Total liabilities



Total fund balances


Vocational Education

$

16,497

$ 16,497

$ 9,7506,747

16,497

$ 16,497

E-Rate

$ 70,382

276,561

$ 346,943

$

240,339

106,604106,604

$ 346,943

Other Federal Projects

$

64,675

$ 64,675

$ 57,757

57,757

6,9186,918

$ 64,675


JUNE 30, 2014

Page 62

State Vocational Education

$ 9,004

$ 9,004

$

9,0049,004

$ 9,004

Failing Schools Tutoring Grant

$

2,812

$ 2,812

$ 2,812

2,812

$ 2,812

Other State Projects

$ 1,586

$ 1,586

$

1,5861,586

$ 1,586

Food Service

$ 2,059

81,078181,97358,507

$ 323,617

$ 23,282

2,976

26,258

297,359297,359

$ 323,617

Civic Center

$ 51,901

$ 51,901

$

51,90151,901

$ 51,901

Community School

$ 30,383

$ 30,383

$

30,38330,383

$ 30,383

Page 63(Continued)


Total assets



Total liabilities



Total fund balances


Extracurricular Activities Fees

Tax Credit

$ 55,267

$ 55,267

$

55,26755,267

$ 55,267

Textbooks

$ 2,837

$ 2,837

$

2,8372,837

$ 2,837

Joint Technical Education

$

82,685

$ 82,685

$

82,68582,685

$ 82,685


JUNE 30, 2014

Page 64

Totals

$ 324,4072,059

725,268640,66358,507

$ 1,750,904

$ 95,201221,95411,62911,058

339,842

240,339

1,170,7231,170,723

$ 1,750,904

Page 65

Revenues:Other localState aid and grantsFederal aid, grants and reimbursements

Total revenues



Capital outlayTotal expenditures


Other financing sources (uses):Transfers out





Classroom Site

$ 1,2811,328,770

1,330,051

1,222,342

1,222,342

107,709

107,709

264,848

$ 372,557


$ 188143,990

144,178

98,245

98,245

45,933

45,933

82,867

$ 128,800

County, City, and Town

Grants

$ 33,552

33,552

33,552

33,552

1,860

$ 35,412


NON-MAJOR SPECIAL REVENUE FUNDSYEAR ENDED JUNE 30, 2014

Page 66

Structured English

Immersion

$ 5,562

5,562

4,795

767

5,562

$

Title I Grants

$

1,850,1261,850,126

711,508998,981

7,140

7,534

16,6811,741,844

108,282

(108,282)(108,282)

$

Professional Development

and Technology Grants

$

178,653178,653

163,146

4,000

167,146

11,507

(11,507)(11,507)

$

Limited English & Immigrant

Students

$

23,41023,410

22,943

22,943

467

(467)(467)

$

Indian Education

$

98,67398,673

68,943

24,89993,842

4,831

(4,831)(4,831)

$

Special Education

Grants

$

686,416686,416

454,62691,79084,322

13,073643,811

42,605

(42,605)(42,605)

$

Page 67(Continued)


Total revenues











$

100,153100,153

10,98444,635

41,36996,988

3,165

(3,165)(3,165)

$

E-Rate

$ 1

36,22236,223

543

543

35,680

35,680

70,924

$ 106,604


$

373,942373,942

1,143365,850

31

367,024

6,918

6,918

$ 6,918



Page 68


$ 56,368

56,368

35,50712,518

8,34356,368

$


$ 2,813

2,813

2,813

2,813

$


$ 2,964

2,964

2,964

2,964

$

Food Service

$ 230,511

1,581,5861,812,097

1,716,70411,064

1,727,768

84,329

(200,000)(200,000)

(115,671)

413,030

$ 297,359

Civic Center

$ 68,824

68,824

2141,1948,5698,273

42,0091,475

61,734

7,090

7,090

44,811

$ 51,901

Community School

$ 14,264

14,264

7,486

7,486

6,778

6,778

23,605

$ 30,383

Page 69(Continued)


Total revenues










Extracurricular Activities Fees

Tax Credit

$ 15,278

15,278

9,164

9,164

6,114

6,114

49,153

$ 55,267

Textbooks

$ 1,425

1,425

6,479

6,479

(5,054)

(5,054)

7,891

$ 2,837


$ 242,121

242,121

103,38751,862

23,028

8,209186,486

55,635

55,635

27,050

$ 82,685



Page 70

Totals

$ 607,4451,540,4674,929,1817,077,093

2,735,8051,757,714

105,3728,273

30,5621,758,713

125,1136,521,552

555,541

(370,857)(370,857)

184,684

986,039

$ 1,170,723

Page 71

Total revenues






Total expenditures







Classroom Site

Budget

$

1,464,2753

1,464,278

(1,464,278)

(1,464,278)

$ (1,464,278)

Actual

$ 1,2811,328,770

1,330,051

1,222,342

1,222,342

107,709

107,709

264,848

$ 372,557

Variance - Positive

(Negative)

$ 1,2811,328,770

1,330,051

241,9333

241,936

1,571,987

1,571,987

264,848

$ 1,836,835

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -

BUDGET AND ACTUALNON-MAJOR SPECIAL REVENUE FUNDS


Page 72


Budget

$

200,000

200,000

(200,000)

(200,000)

$ (200,000)

Actual

$ 188143,990

144,178

98,245

98,245

45,933

45,933

82,867

$ 128,800

Variance - Positive

(Negative)

$ 188143,990

144,178

101,755

101,755

245,933

245,933

82,867

$ 328,800

County, City, and Town Grants

Budget

$

69,454

69,454

(69,454)

(69,454)

$ (69,454)

Actual

$ 33,552

33,552

33,552

33,552

1,860

$ 35,412

Variance - Positive

(Negative)

$ 33,552

33,552

69,454

69,454

103,006

103,006

1,860

$ 104,866

Page 73(Continued)

Total revenues






Total expenditures







Structured English Immersion

Budget

$

5,958

5,958

(5,958)

(5,958)

$ (5,958)

Actual

$ 5,562

5,562

4,795767

5,562

$

Variance - Positive

(Negative)

$ 5,562

5,562

1,163(767)

396

5,958

5,958

$ 5,958




Page 74

Title I Grants

Budget

$

1,570,948

1,570,948

(1,570,948)

(1,570,948)

$ (1,570,948)

Actual

$

1,850,1261,850,126

711,508998,981

7,140

7,534

16,681

1,741,844

108,282

(108,282)(108,282)

$

Variance - Positive

(Negative)

$

1,850,1261,850,126

(711,508)571,967(7,140)

(7,534)

(16,681)

(170,896)

1,679,230

(108,282)(108,282)

1,570,948

$ 1,570,948

Professional Development and Technology Grants

Budget

$

204,417

204,417

(204,417)

(204,417)

$ (204,417)

Actual

$

178,653178,653

163,1464,000

167,146

11,507

(11,507)(11,507)

$

Variance - Positive

(Negative)

$

178,653178,653

41,271(4,000)

37,271

215,924

(11,507)(11,507)

204,417

$ 204,417

Page 75(Continued)

Total revenues






Total expenditures







Limited English & Immigrant Students

Budget

$

23,411

23,411

(23,411)

(23,411)

$ (23,411)

Actual

$

23,41023,410

22,943

22,943

467

(467)(467)

$

Variance - Positive

(Negative)

$

23,41023,410

468

468

23,878

(467)(467)

23,411

$ 23,411




Page 76

Indian Education

Budget

$

100,408

100,408

(100,408)

(100,408)

$ (100,408)

Actual

$

98,67398,673

68,943

24,899

93,842

4,831

(4,831)(4,831)

$

Variance - Positive

(Negative)

$

98,67398,673

31,465

(24,899)

6,566

105,239

(4,831)(4,831)

100,408

$ 100,408

Special Education Grants

Budget

$

712,511

712,511

(712,511)

(712,511)

$ (712,511)

Actual

$

686,416686,416

454,62691,79084,322

13,073

643,811

42,605

(42,605)(42,605)

$

Variance - Positive

(Negative)

$

686,416686,416

257,885(91,790)(84,322)

(13,073)

68,700

755,116

(42,605)(42,605)

712,511

$ 712,511

Page 77(Continued)

Total revenues






Total expenditures








Budget

$

104,570

104,570

(104,570)

(104,570)

$ (104,570)

Actual

$

100,153100,153

10,98444,635

41,369

96,988

3,165

(3,165)(3,165)

$

Variance - Positive

(Negative)

$

100,153100,153

(10,984)59,935

(41,369)

7,582

107,735

(3,165)(3,165)

104,570

$ 104,570




Page 78

Medicaid Reimbursement

Budget

$

117,000

117,000

(117,000)

(117,000)

$ (117,000)

Non-GAAP Actual

$ 2

67,63867,640

15,09255,969

334

45,127

116,522

(48,882)

(48,882)

92,680

$ 43,798

Variance - Positive

(Negative)

$ 2

67,63867,640

(15,092)61,031

(334)

(45,127)

478

68,118

68,118

92,680

$ 160,798

Taylor Grazing Fees

Budget

$

$

Non-GAAP Actual

$

1,0771,077

1,077

1,077

678

$ 1,755

Variance - Positive

(Negative)

$

1,0771,077

1,077

1,077

678

$ 1,755

Page 79(Continued)

Total revenues






Total expenditures







E-Rate

Budget

$

438,554

438,554

(438,554)

(438,554)

$ (438,554)

Actual

$ 1

36,22236,223

543

543

35,680

35,680

70,924

$ 106,604

Variance - Positive

(Negative)

$ 1

36,22236,223

438,011

438,011

474,234

474,234

70,924

$ 545,158




Page 80

Impact Aid

Budget

$

460,669

460,669

(460,669)

(460,669)

$ (460,669)

Non-GAAP Actual

$

231,195231,195

14,24284,472

74,480

173,194

58,001

58,001

148,100

$ 206,101

Variance - Positive

(Negative)

$

231,195231,195

(14,242)376,197

(74,480)

287,475

518,670

518,670

148,100

$ 666,770


Budget

$

201,880

201,880

(201,880)

(201,880)

$ (201,880)

Actual

$

373,942373,942

1,143365,850

31

367,024

6,918

6,918

$ 6,918

Variance - Positive

(Negative)

$

373,942373,942

(1,143)(163,970)

(31)

(165,144)

208,798

208,798

$ 208,798

Page 81(Continued)

Total revenues






Total expenditures








Budget

$

65,372

65,372

(65,372)

(65,372)

$ (65,372)

Actual

$ 56,368

56,368

35,50712,518

8,343

56,368

$

Variance - Positive

(Negative)

$ 56,368

56,368

29,865(12,518)

(8,343)

9,004

65,372

65,372

$ 65,372




Page 82


Budget

$

$

Actual

$ 2,813

2,813

2,813

2,813

$

Variance - Positive

(Negative)

$ 2,813

2,813

(2,813)

(2,813)

$


Budget

$

$

Actual

$ 2,964

2,964

2,964

2,964

$

Variance - Positive

(Negative)

$ 2,964

2,964

(2,964)

(2,964)

$

Page 83(Continued)

Total revenues






Total expenditures







School Plant

Budget

$

117

117

(117)

(117)

$ (117)

Non-GAAP Actual

$ 13,901

13,901

11,232

11,232

2,669

2,669

30,082

$ 32,751

Variance - Positive

(Negative)

$ 13,901

13,901

(11,115)

(11,115)

2,786

2,786

30,082

$ 32,868




Page 84

Food Service

Budget

$

1,933,851

1,933,851

(1,933,851)

(1,933,851)

$ (1,933,851)

Actual

$ 230,511

1,581,5861,812,097

1,716,70411,064

1,727,768

84,329

(200,000)(200,000)

(115,671)

413,030

$ 297,359

Variance - Positive

(Negative)

$ 230,511

1,581,5861,812,097

217,147(11,064)

206,083

2,018,180

(200,000)(200,000)

1,818,180

413,030

$ 2,231,210

Civic Center

Budget

$

105,700

105,700

(105,700)

(105,700)

$ (105,700)

Actual

$ 68,824

68,824

2141,1948,5698,273

42,0091,475

61,734

7,090

7,090

44,811

$ 51,901

Variance - Positive

(Negative)

$ 68,824

68,824

(214)(1,194)(8,569)(8,273)

63,691(1,475)

43,966

112,790

112,790

44,811

$ 157,601

Page 85(Continued)

Total revenues






Total expenditures







Community School

Budget

$

30,300

30,300

(30,300)

(30,300)

$ (30,300)

Actual

$ 14,264

14,264

7,486

7,486

6,778

6,778

23,605

$ 30,383

Variance - Positive

(Negative)

$ 14,264

14,264

22,814

22,814

37,078

37,078

23,605

$ 60,683




Page 86

Auxiliary Operations

Budget

$

175,000

175,000

(175,000)

(175,000)

$ (175,000)

Non-GAAP Actual

$ 129,882

129,882

131,731

131,731

(1,849)

(1,849)

53,126

$ 51,277

Variance - Positive

(Negative)

$ 129,882

129,882

43,269

43,269

173,151

173,151

53,126

$ 226,277

Extracurricular Activities Fees Tax Credit

Budget

$

67,532

67,532

(67,532)

(67,532)

$ (67,532)

Actual

$ 15,278

15,278

9,164

9,164

6,114

6,114

49,153

$ 55,267

Variance - Positive

(Negative)

$ 15,278

15,278

58,368

58,368

73,646

73,646

49,153

$ 122,799

Page 87(Continued)

Total revenues






Total expenditures







Gifts and Donations

Budget

$

26,173

26,173

(26,173)

(26,173)

$ (26,173)

Non-GAAP Actual

$ 59,712

59,712

23,4093,075

6,437

32,921

26,791

26,791

26,537

$ 53,328

Variance - Positive

(Negative)

$ 59,712

59,712

2,764(3,075)

(6,437)

(6,748)

52,964

52,964

26,537

$ 79,501




Page 88

Textbooks

Budget

$

6,853

6,853

(6,853)

(6,853)

$ (6,853)

Actual

$ 1,425

1,425

6,479

6,479

(5,054)

(5,054)

7,891

$ 2,837

Variance - Positive

(Negative)

$ 1,425

1,425

374

374

1,799

1,799

7,891

$ 9,690

Litigation Recovery

Budget

$

827

827

(827)

(827)

$ (827)

Non-GAAP Actual

$ 263

263

263

263

960

$ 1,223

Variance - Positive

(Negative)

$ 263

263

827

827

1,090

1,090

960

$ 2,050

Page 89(Continued)

Total revenues






Total expenditures







Indirect Costs

Budget

$

517,774

54,6267,143

579,543

(579,543)

(579,543)

$ (579,543)

Non-GAAP Actual

$ 542

542

45,3111,798

72,7452,978

48,363

54,6267,143

232,964

(232,422)

370,857

370,857

138,435

163,694

$ 302,129

Variance - Positive

(Negative)

$ 542

542

(45,311)(1,798)

445,029(2,978)

(48,363)

346,579

347,121

370,857

370,857

717,978

163,694

$ 881,672




Page 90


Budget

$

248,825

248,825

(248,825)

(248,825)

$ (248,825)

Actual

$ 242,121

242,121

103,38751,862

23,028

8,209

186,486

55,635

55,635

27,050

$ 82,685

Variance - Positive

(Negative)

$ 242,121

242,121

145,438(51,862)

(23,028)

(8,209)

62,339

304,460

304,460

27,050

$ 331,510

Totals

Budget

$

3,167,5302,688,856

956,328

2,039,551117

54,6267,143

8,914,151

(8,914,151)

(8,914,151)

$ (8,914,151)

Non-GAAP Actual

$ 811,7471,540,4675,229,0917,581,305

2,965,5901,903,028

178,45111,25130,562

1,758,713310,752

54,6267,143

7,220,116

361,189

370,857

(370,857)

361,189

1,501,896

$ 1,863,085

Variance - Positive

(Negative)

$ 811,7471,540,4675,229,0917,581,305

201,940785,828777,877(11,251)(30,562)280,838

(310,635)

1,694,035

9,275,340

370,857

(370,857)

9,275,340

1,501,896

$ 10,777,236

Page 91

DEBT SERVICE FUND Debt Service - to account for the accumulation of resources for, and the payment of, long-term debt principal, interest and related costs.

Revenues:Other localProperty taxes

Total revenues

Expenditures:Debt service -


Total expenditures


Other financing sources (uses):Transfers in





Budgeted Amounts

Original & Final

$

1,400,0001,467,8542,867,854

(2,867,854)

(2,867,854)

$ (2,867,854)

Actual

$ 15,3012,949,3822,964,683

1,400,0001,456,5232,856,523

108,160

16,32816,328

124,488

467,320

$ 591,808

Variance with Final Budget

Positive (Negative)

$ 15,3012,949,3822,964,683

11,33111,331

2,976,014

16,32816,328

2,992,342

467,320

$ 3,459,662

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21SCHEDULE OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUALDEBT SERVICE


Page 94

CAPITAL PROJECTS FUNDS Insurance Proceeds - to account for the monies received from insurance claims. Unrestricted Capital Outlay - to account for transactions relating to the acquisition of capital items. Adjacent Ways - to account for monies received to finance improvements of public ways adjacent to school property. Soft Capital Allocation - to account for transactions relating to the acquisition of short-term capital items required to meet academic adequacy standards. Bond Building - to account for proceeds from District bond issues that are expended on the acquisition or lease of sites; construction or renovation of school buildings; supplying school buildings with furniture, equipment, and technology; improving school grounds; or purchasing pupil transportation vehicles. Building Renewal - to account for monies received from the School Facilities Board that are used for infrastructure or for major upgrades, repairs, or renovations to areas, systems or buildings that will maintain or extend their useful life. Building Renewal Grant – to account for building renewal grant monies requested from the School Facilities Board that are used for infrastructure or for major upgrades, repairs, or renovations to areas, systems, or buildings that will maintain or extend their useful life.

ASSETSCash and investmentsProperty taxes receivableDue from governmental entitiesDue from other funds

Total assets


Due to countyAccounts payableDue to other funds

Total liabilities

Deferred inflows of resources:Unavailable revenues - property taxes


Total fund balances


Insurance Proceeds

$

70,219$ 70,219

$

70,219

70,219

$ 70,219

Unrestricted Capital Outlay

$ 49,3584,948

40,54732,339

$ 127,192

$ 1,02049,416

50,436

3,309

73,447

73,447

$ 127,192

Adjacent Ways

$ 4,514

$ 4,514

$

4,514

4,514

$ 4,514

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21COMBINING BALANCE SHEET - NON-MAJOR CAPITAL PROJECTS FUNDS

JUNE 30, 2014

Page 96

Building Renewal Grant

$

$

$

15,34615,346

(15,346)(15,346)

$

Totals

$ 53,8724,948

40,547102,558

$ 201,925

$ 1,02049,41615,34665,782

3,309

148,180(15,346)132,834

$ 201,925

Page 97


Total revenues


Operation and maintenance of plant servicesStudent transportation services



Total expenditures





Fund balances (deficits), beginning of year


Insurance Proceeds

$ 36,834

36,834

11,91710,9053,014

25,836

10,998

10,998

59,221

$ 70,219


$ 6,729190,613120,914318,256

171,977

96,4987,623

276,098

42,158

30,697

30,697

72,855

592

$ 73,447

Adjacent Ways

$ 3633

636

636

636

3,878

$ 4,514


NON-MAJOR CAPITAL PROJECTS FUNDSYEAR ENDED JUNE 30, 2014

Page 98

Building Renewal

$

(195)(195)

(195)

195

$


$ 67

360,502360,569

364,667

364,667

(4,098)

(4,098)

(11,248)

$ (15,346)

Totals

$ 43,633191,246481,416716,295

11,91710,905

539,658

96,4987,623

666,601

49,694

30,697(195)

30,502

80,196

52,638

$ 132,834

Page 99

Total revenues






Total expenditures







Insurance Proceeds

Budget

$

115,867

115,867

(115,867)

(115,867)

$ (115,867)

Actual

$ 36,834

36,834

11,91710,9053,014

25,836

10,998

10,998

59,221

$ 70,219

Variance - Positive

(Negative)

$ 36,834

36,834

103,950(10,905)(3,014)

90,031

126,865

126,865

59,221

$ 186,086


BUDGET AND ACTUALALL CAPITAL PROJECTS FUNDS


Page 100


Budget

$

473,539

96,4987,623

577,660

(577,660)

(577,660)

$ (577,660)

Actual

$ 6,729190,613120,914318,256

171,977

96,4987,623

276,098

42,158

30,697

30,697

72,855

592

$ 73,447

Variance - Positive

(Negative)

$ 6,729190,613120,914318,256

301,562

301,562

619,818

30,697

30,697

650,515

592

$ 651,107

Adjacent Ways

Budget

$

3,221

3,221

(3,221)

(3,221)

$ (3,221)

Actual

$ 3633

636

636

636

3,878

$ 4,514

Variance - Positive

(Negative)

$ 3633

636

3,221

3,221

3,857

3,857

3,878

$ 7,735

Page 101(Continued)

Total revenues






Total expenditures







Soft Capital Allocation

Budget

$

$

Non-GAAP Actual

$

(30,502)

(30,502)

(30,502)

30,502

$

Variance - Positive

(Negative)

$

(30,502)

(30,502)

(30,502)

30,502

$




Page 102

Bond Building

Budget

$

3,182,947

72,03310,020

3,265,000

(3,265,000)

(3,265,000)

$ (3,265,000)

Actual

$ 16,328

16,328

2,047,629

72,03310,020

105,9332,235,615

(2,219,287)

(16,328)3,265,000

100,9783,349,650

1,130,363

36

$ 1,130,399

Variance - Positive

(Negative)

$ 16,328

16,328

1,135,318

(105,933)1,029,385

1,045,713

(16,328)3,265,000

100,9783,349,650

4,395,363

36

$ 4,395,399

Building Renewal

Budget

$

4,413

4,413

(4,413)

(4,413)

$ (4,413)

Actual

$

(195)

(195)

(195)

195

$

Variance - Positive

(Negative)

$

4,413

4,413

4,413

(195)

(195)

4,218

195

$ 4,413

Page 103(Continued)

Total revenues






Total expenditures








Budget

$

478,343

478,343

(478,343)

(478,343)

$ (478,343)

Actual

$ 67

360,502360,569

364,667

364,667

(4,098)

(4,098)

(11,248)

$ (15,346)

Variance - Positive

(Negative)

$ 67

360,502360,569

113,676

113,676

474,245

474,245

(11,248)

$ 462,997




Page 104

Totals

Budget

$

115,867

4,142,463

168,53117,643

4,444,504

(4,444,504)

(4,444,504)

$ (4,444,504)

Non-GAAP Actual

$ 59,961191,246481,416732,623

11,91710,905

2,587,287

168,53117,643

105,9332,902,216

(2,169,593)

30,697

(47,025)3,265,000

100,9783,349,650

1,180,057

83,176

$ 1,263,233

Variance - Positive

(Negative)

$ 59,961191,246481,416732,623

103,950(10,905)

1,555,176

(105,933)1,542,288

2,274,911

30,697

(47,025)3,265,000

100,9783,349,650

5,624,561

83,176

$ 5,707,737

Page 105

AGENCY FUNDS Student Activities - to account for monies raised by students to finance student clubs and organizations but held by the District as an agent. Employee Insurance - to account for employee payroll benefits deductions held by the District as an agent.

ASSETSCash and investments

Total assets

LIABILITIESDeposits held for othersDue to student groups

Total liabilities

Student Activities

$ 93,401$ 93,401

$ 93,401

$ 93,401

Employee Insurance

$ 607,983$ 607,983

$ 607,983

$ 607,983

Totals

$ 701,384$ 701,384

$ 607,98393,401

$ 701,384

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21COMBINING STATEMENT OF ASSETS AND LIABILITIES

AGENCY FUNDSJUNE 30, 2014

Page 108

Beginning Ending

Balance Additions Deductions Balance

STUDENT ACTIVITIES FUND

Assets

Cash and investments $ 89,327 $ 192,890 $ 188,816 $ 93,401

Total assets $ 89,327 $ 192,890 $ 188,816 $ 93,401

Liabilities

Due to student groups $ 89,327 $ 192,890 $ 188,816 $ 93,401

Total liabilities $ 89,327 $ 192,890 $ 188,816 $ 93,401

EMPLOYEE INSURANCE FUND

Assets

Cash and investments $ 532,614 $ 2,567,819 $ 2,492,450 $ 607,983

Total assets $ 532,614 $ 2,567,819 $ 2,492,450 $ 607,983

Liabilities

Deposits held for others $ 532,614 $ 2,567,819 $ 2,492,450 $ 607,983

Total liabilities $ 532,614 $ 2,567,819 $ 2,492,450 $ 607,983

TOTAL AGENCY FUNDS

Assets

Cash and investments $ 621,941 $ 2,760,709 $ 2,681,266 $ 701,384

Total assets $ 621,941 $ 2,760,709 $ 2,681,266 $ 701,384

Liabilities

Due to student groups $ 89,327 $ 192,890 $ 188,816 $ 93,401

Deposits held for others 532,614 2,567,819 2,492,450 607,983

Total liabilities $ 621,941 $ 2,760,709 $ 2,681,266 $ 701,384

COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES



AGENCY FUNDS

Page 109

STATISTICAL SECTION

The statistical section presents financial statement trends as well as detailed financial and operational information not available elsewhere in the report. The statistical section is intended to enhance the reader’s understanding of the information presented in the financial statements, notes to the financial statements, and other supplementary information presented in this report. The statistical section is comprised of the five categories of statistical information presented below.

Financial Trends These schedules contain information on financial trends to help the reader understand how the District’s financial position and financial activities have changed over time.

Revenue Capacity

These schedules contain information to help the reader assess the factors affecting the District’s ability to generate revenue.

Debt Capacity

These schedules present information to help the reader evaluate the District’s current levels of outstanding debt as well as assess the District’s ability to make debt payments and/or issue additional debt in the future.

Demographic and Economic Information These schedules present various demographic and economic indicators to help the reader understand the environment in which the District’s financial activities take place and to help make comparisons with other school districts.

Operating Information

These schedules contain information about the District’s operations and various resources to help the reader draw conclusions as to how the District’s financial information relates to the services provided by the District.

2014 2013 2012 2011 2010Net Position:

Net investment in capital assets 67,773,577$ 69,463,638$ 71,120,014$ 71,227,912$ 73,455,006$ Restricted 2,218,217 1,728,409 1,649,217 2,077,888 4,331,216 Unrestricted 2,084,575 2,126,254 4,637,584 7,800,613 6,045,042

Total net position 72,076,369$ 73,318,301$ 77,406,815$ 81,106,413$ 83,831,264$

2009 2008 2007 2006 2005Net Position:

Net investment in capital assets 75,527,394$ 70,725,738$ 44,946,435$ 28,861,775$ 24,149,397$ Restricted 5,263,606 3,178,450 4,807,495 5,867,392 2,040,979 Unrestricted 3,984,126 7,880,626 7,302,618 4,515,699 4,354,636

Total net position 84,775,126$ 81,784,814$ 57,056,548$ 39,244,866$ 30,545,012$

The source of this information is the District's financial records.Source:

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21NET POSITION BY COMPONENT

LAST TEN FISCAL YEARS

Fiscal Year Ended June 30

(Accrual basis of accounting)

Page 113

2014 2013 2012 2011 2010

Instruction 14,589,387$ 13,426,086$ 15,464,753$ 18,665,116$ 17,984,984$ Support services - students and staff 4,218,483 3,625,958 3,421,894 4,028,002 4,893,799 Support services - administration 2,927,438 3,333,673 3,745,908 3,620,138 4,481,690 Operation and maintenance of plant services 3,506,992 3,372,671 3,558,925 3,669,267 4,150,709 Student transportation services 2,437,551 2,507,858 2,419,483 2,471,317 2,379,249 Operation of non-instructional services 2,124,228 2,051,764 1,886,137 1,920,526 1,993,464 Interest on long-term debt 1,491,940 1,494,195 1,407,838 1,539,758 1,979,302

Total expenses 31,296,019 29,812,205 31,904,938 35,914,124 37,863,197

Program RevenuesCharges for services:

Instruction 537,682 395,106 602,521 455,810 307,640 Operation of non-instructional services 229,749 243,664 243,955 284,376 432,519 Other activities 68,685 62,963 61,099 62,963 27,834

Operating grants and contributions 5,182,898 4,968,266 4,871,395 6,476,174 5,806,056 Capital grants and contributions 464,867 87,753 691,290 384,706 147,242

Total program revenues 6,483,881 5,757,752 6,470,260 7,664,029 6,721,291

Net (Expense)/Revenue (24,812,138)$ (24,054,453)$ (25,434,678)$ (28,250,095)$ (31,141,906)$

The source of this information is the District's financial records.The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 34 were adopted in fiscal year 2001 therefore

only six years are shown.

(Continued)

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21EXPENSES, PROGRAM REVENUES, AND NET (EXPENSE)/REVENUE

Source: Note:

LAST TEN FISCAL YEARS(Accrual basis of accounting)


Expenses

Page 114

2009 2008 2007 2006 2005Expenses

Instruction 22,421,906$ 20,593,788$ 20,076,219$ 15,855,396$ 12,164,253$ Support services - students and staff 5,240,843 5,092,094 3,216,655 2,983,317 2,834,646 Support services - administration 4,910,363 4,397,567 3,520,650 3,665,847 2,034,479 Operation and maintenance of plant services 4,490,209 4,890,152 3,193,186 2,816,482 2,408,650 Student transportation services 2,712,338 2,487,077 2,063,763 1,878,651 1,333,812 Operation of non-instructional services 2,027,405 1,974,433 1,819,403 2,069,379 1,635,373 Interest on long-term debt 979,805 941,219 609,319 371,816 212,518

Total expenses 42,782,869 40,376,330 34,499,195 29,640,888 22,623,731

Program RevenuesCharges for services:

Instruction 202,147 324,564 305,032 530,570 412,902 Operation of non-instructional services 92,939 474,444 717,025 504,701 561,514 Other activities 457,360 71,198 87,513 277,717 153,111

Operating grants and contributions 5,908,941 4,462,939 4,399,050 4,542,648 4,917,516 Capital grants and contributions 204,105 4,235,090 4,986,148 1,545,641 53,593

Total program revenues 6,865,492 9,568,235 10,494,768 7,401,277 6,098,636


(Concluded)

Note:

(Accrual basis of accounting)LAST TEN FISCAL YEARS


Source: The source of this information is the District's financial records.In fiscal years 2007 and 2008, capital grants and contributions included land donations of $3.8 million and $4.0 million respectively.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21EXPENSES, PROGRAM REVENUES, AND NET (EXPENSE)/REVENUE

Page 115

2014 2013 2012 2011 2010


General Revenues: Taxes:

Property taxes, levied for general purposes 7,521,124 3,854,617 3,947,407 6,272,950 8,075,278 Property taxes, levied for debt service 2,803,714 2,613,038 2,753,081 2,779,779 2,161,955 Property taxes, levied for capital outlay 194,555 16,987 2,584 255,825

Investment income 34,391 10,053 27,099 151,822 429,272 Unrestricted county aid 737,020 831,370 791,874 790,870 863,845 Unrestricted state aid 12,359,851 12,248,003 14,004,455 14,939,420 15,841,189 Unrestricted federal aid 299,910 391,871 208,580 590,403 2,570,680

Total general revenues 23,950,565 19,965,939 21,735,080 25,525,244 30,198,044

Changes in Net Position (861,573)$ (4,088,514)$ (3,699,598)$ (2,724,851)$ (943,862)$

Source: The source of this information is the District's financial records.

Note: The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 34 were adopted in fiscal year 2001 therefore only six years are shown.

(Continued)


COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21GENERAL REVENUES AND TOTAL CHANGES IN NET POSITION

LAST TEN FISCAL YEARS(Accrual basis of accounting)

Page 116

2009 2008 2007 2006 2005


General Revenues: Taxes:

Property taxes, levied for general purposes 8,417,906 7,836,645 6,009,052 4,177,684 3,370,615 Property taxes, levied for debt service 2,370,603 1,802,520 1,331,369 904,001 929,970 Property taxes, levied for capital outlay 2,339,877 2,155,018 945,741 1,018,274 818,267

Investment income 432,931 939,581 778,392 213,246 80,726 Unrestricted county aid 339 18,930 557,785 510,709 Unrestricted state aid 24,778,941 42,396,963 31,833,737 22,908,978 13,346,639 Unrestricted federal aid 567,431 405,295 898,888 484,344

Total general revenues 38,907,689 55,536,361 41,816,109 29,779,968 19,541,270

Changes in Net Position 2,990,312$ 24,728,266$ 17,811,682$ 7,540,357$ 3,016,175$

The Arizona State Legislature suspended county equalization payments to school districts for fiscal years 2006-07 through 2008-09.

(Concluded)

(Accrual basis of accounting)

The source of this information is the District's financial records.


Source: Note:

GENERAL REVENUES AND TOTAL CHANGES IN NET POSITIONLAST TEN FISCAL YEARS


Page 117

2014 2013 2012 2011 2010General Fund:

Unassigned 2,056,833$ 1,829,005$ 4,357,935$ 7,015,444$ $ Unreserved 4,068,657

Total General Fund 2,056,833$ 1,829,005$ 4,357,935$ 7,015,444$ 4,068,657$

All Other Governmental Funds:Restricted 3,041,110$ 1,518,919$ 1,794,729$ 2,771,649$ $ Unassigned (15,346) (11,248) (233,177) Unreserved, reported in:

Special revenue funds 713,517 Capital projects funds 19,415,818 Debt service fund 631,383

Total all other governmental funds 3,025,764$ 1,507,671$ 1,794,729$ 2,538,472$ 20,760,718$

(Continued)

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21FUND BALANCES - GOVERNMENTAL FUNDS


LAST TEN FISCAL YEARS(Modified accrual basis of accounting)

Page 118

2009 2008 2007 2006 2005General Fund:

Unreserved 2,784,624$ 4,210,972$ 2,676,047$ 964,817$ 1,419,894$ Total General Fund 2,784,624$ 4,210,972$ 2,676,047$ 964,817$ 1,419,894$

All Other Governmental Funds:Reserved 41,767$ 38,997$ 33,136$ 22,597$ 26,678$ Unreserved, reported in:

Special revenue funds 544,012 1,421,399 2,240,227 1,917,730 2,678,756 Capital projects funds 22,024,407 9,471,642 8,158,449 12,486,007 1,307,352 Debt service fund 1,139,829 798,905 523,811 325,754 283,689

Total all other governmental funds 23,750,015$ 11,730,943$ 10,955,623$ 14,752,088$ 4,296,475$

Source:Note:

(Concluded)

The provisions of the Governmental Accounting Standards Board (GASB) Statement No. 54 were adopted in fiscal year 2011. The standard replaces the previous reserved and unreserved fund balance categories with the following five fund balance classifications: nonspendable, restricted, committed, assigned, and unassigned fund balance.


COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21FUND BALANCES - GOVERNMENTAL FUNDS


Page 119

2014 2013 2012 2011 2010Federal sources:

Federal grants 3,416,310$ 3,378,591$ 3,461,189$ 4,733,074$ 4,039,053$ State Fiscal Stabilization (ARRA) 177,732 2,198,214 Impact Aid 231,195 312,599 271,367 412,671 372,466 National School Lunch Program 1,581,586 1,590,430 1,518,216 1,615,580 1,568,298 Total federal sources 5,229,091 5,281,620 5,250,772 6,939,057 8,178,031

State sources:State equalization assistance 10,887,091 10,990,224 12,639,395 13,811,902 14,270,239 State grants 67,707 47,613 370,468 219,833 214,084 School Facilities Board 360,502 13,000 67,518 120,000 Other revenues 1,472,760 1,244,779 1,219,303 1,178,533 1,399,935 Total state sources 12,788,060 12,295,616 14,229,166 15,277,786 16,004,258

Local sources:Property taxes 10,812,924 6,382,884 6,921,459 9,091,969 10,617,454 County aid 737,020 831,370 791,874 790,870 Food service sales 229,749 244,596 245,386 284,376 325,832 Investment income 34,391 10,053 27,099 151,822 429,785 Other revenues 656,403 575,794 669,232 462,387 1,437,356 Total local sources 12,470,487 8,044,697 8,655,050 10,781,424 12,810,427 Total revenues 30,487,638$ 25,621,933$ 28,134,988$ 32,998,267$ 36,992,716$

(Continued)


(Modified accrual basis of accounting)

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21GOVERNMENTAL FUNDS REVENUES


Page 120

2009 2008 2007 2006 2005Federal sources:

Federal grants 4,025,943$ 2,960,238$ 4,095,401$ 3,633,847$ 3,785,415$ Impact Aid 567,431 405,295 898,888 484,344 National School Lunch Program 1,460,689 1,251,453 1,132,579 900,319 1,017,422 Total federal sources 6,054,063 4,616,986 6,126,868 4,534,166 5,287,181

State sources:State equalization assistance 18,123,338 20,360,582 18,272,035 14,973,028 11,865,530 State grants 565,142 274,637 357,219 368,194 176,198 School Facilities Board 5,163,075 19,694,574 11,807,099 6,459,721 462,276 Other revenues 1,519,810 2,314,525 1,754,602 1,476,229 1,146,931 Total state sources 25,371,365 42,644,318 32,190,955 23,277,172 13,650,935

Local sources:Property taxes 12,902,050 11,495,193 8,153,910 6,089,037 5,143,065 County aid 339 18,930 557,785 510,709 Food service sales 359,123 367,568 445,819 282,276 280,630 Investment income 432,931 939,581 778,392 213,246 80,726 Other revenues 784,604 659,899 663,751 2,073,297 846,897 Total local sources 14,478,708 13,462,580 10,060,802 9,215,641 6,862,027 Total revenues 45,904,136$ 60,723,884$ 48,378,625$ 37,026,979$ 25,800,143$

The Arizona State Legislature suspended county equalization payments to school districts for fiscal years 2006-07 through 2008-09.

(Concluded)

Note:Source: The source of this information is the District's financial records.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21GOVERNMENTAL FUNDS REVENUES


Page 121

2014 2013 2012 2011 2010


Instruction 11,821,334$ 10,721,053$ 12,676,236$ 14,590,933$ 15,181,378$ Support services - students and staff 4,122,262 3,536,475 3,377,271 3,878,911 4,724,548 Support services - administration 2,767,626 3,255,253 3,546,894 3,430,010 4,297,068 Operation and maintenance of plant services 3,339,195 3,201,389 3,424,905 3,440,890 3,984,994 Student transportation services 2,000,288 2,070,720 2,065,937 1,989,269 1,990,538 Operation of non-instructional services 1,948,552 1,857,661 1,711,285 1,707,946 1,748,283

Capital outlay 2,898,039 1,524,725 1,975,547 16,667,674 3,513,595 Debt service -

Claims and judgements Interest, premium and fiscal charges 1,481,309 1,452,552 1,407,838 1,539,758 1,979,302 Principal retirement 1,623,157 1,420,458 120,827 1,264,559 1,236,507 Bond issuance costs 105,933 136,345 Debt issuance costs

Total expenditures 32,107,695$ 29,040,286$ 30,443,085$ 48,509,950$ 38,656,213$

Expenditures for capitalized assets 2,309,154$ 1,332,289$ 1,953,705$ 15,038,296$ 2,730,343$

Debt service as a percentage ofnoncapital expenditures 10% 10% 5% 8% 9%

Source: The source of this information is the District's financial records.Notes:

(Continued)

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO



Page 122

2009 2008 2007 2006 2005


Instruction 18,249,969$ 16,999,007$ 15,958,860$ 13,869,166$ 10,929,738$ Support services - students and staff 5,184,864 4,740,283 3,161,056 2,947,098 2,811,842 Support services - administration 4,491,402 3,875,647 3,354,620 3,353,408 2,096,080 Operation and maintenance of plant services 4,369,718 3,875,749 3,143,528 2,717,759 2,370,577 Student transportation services 2,068,873 2,225,233 1,888,887 1,649,364 1,210,031 Operation of non-instructional services 1,849,986 1,899,397 1,707,039 1,868,475 1,728,107

Capital outlay 10,859,519 32,135,923 19,300,060 8,528,757 3,902,759 Debt service -

Claims and judgements 51,535 Interest, premium and fiscal charges 928,805 923,970 609,319 279,440 212,518 Principal retirement 3,303,511 3,727,042 1,351,030 1,028,449 747,327 Bond issuance costs 431,599 195,468 109,087 67,000 Debt issuance costs 91,000

Total expenditures 51,789,781$ 70,597,719$ 50,474,399$ 36,442,003$ 26,075,979$

Expenditures for capitalized assets 8,764,583$ 28,269,989$ 16,148,140$ 7,065,770$ 3,851,241$

Debt service as a percentage ofnoncapital expenditures 10% 11% 6% 4% 4%

Source:

(Concluded)

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO




Page 123

2014 2013 2012 2011 2010

Excess (deficiency) of revenues over expenditures (1,620,057)$ (3,418,353)$ (2,308,097)$ (15,511,683)$ (1,663,497)$

Other financing sources (uses):Issuance of school improvement bonds 3,265,000 Issuance of refunding bonds 3,795,000 Premium on sale of bonds 100,978 6,106 Capital lease agreements 602,365 370,148 236,224 Transfers in 387,380 260,864 351,647 2,195,689 512,732 Transfers out (387,380) (260,864) (351,647) (2,195,689) (512,732) Payment to refunded bond escrow agent (5,264,409)

Total other financing sources (uses) 3,365,978 602,365 (1,093,155) 236,224

Changes in fund balances 1,745,921$ (2,815,988)$ (3,401,252)$ (15,275,459)$ (1,663,497)$

2009 2008 2007 2006 2005

Excess (deficiency) of revenues over expenditures (5,885,645)$ (9,873,835)$ (2,095,774)$ 584,976$ (275,836)$

Other financing sources (uses):Issuance of school improvement bonds 16,095,000 12,000,000 5,500,000 1,000,000 Premium on sale of bonds 380,599 178,219 107,711 67,000 Issuance of certificates of participation 3,640,000 Capital lease agreements 171,930 8,078 Transfers in 2,008,233 2,175,485 352,503 1,276,732 154,779 Transfers out (2,008,233) (2,175,485) (352,503) (1,276,732) (154,779)

Total other financing sources (uses) 16,475,599 12,178,219 9,419,641 1,075,078

Changes in fund balances 10,589,954$ 2,304,384$ (2,095,774)$ 10,004,617$ 799,242$

Source: The source of this information is the District's financial records.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21OTHER FINANCING SOURCES AND USES AND NET CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS



(Modified accrual basis of accounting)

Page 124

Class 2014 2013 2012 2011 2010

Commercial, Industrial, Utilities and Mining $ 61,178,762 $ 60,312,321 $ 58,980,102 $ 58,424,648 $ 56,169,262

Agricultural and Vacant 25,970,921 31,394,628 34,646,274 57,937,869 65,103,393

Residential (Owner Occupied) 59,405,383 66,375,467 70,342,366 96,909,122 128,293,671

Residential (Rental) 16,589,712 13,308,362 10,135,447 13,544,348 15,900,285

Railroad, Private Cars and Airlines 1,018,331 940,247 749,495 602,706 532,747

Certain Government Property Improvements 9,719

Total $ 164,172,828 $ 172,331,025 $ 174,853,684 $ 227,418,693 $ 265,999,358

Estimated Actual Value (Full Cash Value) $ 1,660,529,542 $ 1,517,495,656 $ 1,550,417,934 $ 2,007,677,979 $ 2,730,252,685

Ratio of Primary Assessed Value to Estimated Actual Value 9.89% 11.36% 11.28% 11.33% 9.74%

Class 2009 2008 2007 2006 2005





Railroad, Private Cars and Airlines 577,859 605,022 976,306 954,497 779,121

Total $ 234,579,982 $ 179,646,861 $ 127,147,227 $ 93,293,914 $ 78,121,695

Estimated Actual Value (Full Cash Value) $ 3,015,019,795 $ 2,003,923,548 $ 1,079,918,098 $ 765,968,899 $ 620,156,009

Ratio of Primary Value to Estimated Actual Value 7.78% 8.96% 11.77% 12.18% 12.60%

Source:

Note:

The source of this information is the State and County Abstract of the Assessment Roll, Arizona Department of Revenue.

The primary assessed value generates revenues for general District operations.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21PRIMARY ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY BY CLASS


Fiscal Year

Fiscal Year

Page 125

Class 2014 2013 2012 2011 2010





Railroad, Private Cars and Airlines 1,026,117 954,147 816,906 690,542 598,374

Certain Government Property Improvements 9,939

Total $ 165,388,669 $ 174,842,839 $ 179,073,382 $ 236,137,706 $ 322,671,266

Ratio of Secondary Assessed Value to Estimated Actual Value 9.96% 11.52% 11.55% 11.76% 11.82%

Class 2009 2008 2007 2006 2005





Railroad, Private Cars and Airlines 623,944 643,271 1,012,518 1,013,926 843,098

Total $ 345,977,493 $ 238,132,903 $ 136,293,380 $ 99,783,294 $ 84,288,092

Ratio of Secondary Assessed Value to Estimated Actual Value 11.48% 11.88% 12.62% 13.03% 13.59%

Source: Note: The secondary assessed value generates revenues to service District bonded debt requirements and other voter-approved overrides.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21SECONDARY ASSESSED VALUE OF TAXABLE PROPERTY BY CLASS


Fiscal Year

Fiscal Year

The source of this information is the State and County Abstract of the Assessment Roll, Arizona Department of Revenue.

Page 126

Class 2014 2013 2012 2011 2010

Commercial, Industrial, Utilities and Mining 20 % 20 % 20 % 21 % 22 %

Agricultural and Vacant 16 16 16 16 16

Residential (Owner Occupied) 10 10 10 10 10

Residential (Rental) 10 10 10 10 10

Railroad, Private Cars and Airlines 15 15 15 17 18

Class 2009 2008 2007 2006 2005

Commercial, Industrial, Utilities and Mining 23 % 24 % 25 % 25 % 25 %

Agricultural and Vacant 16 16 16 16 16

Residential (Owner Occupied) 10 10 10 10 10

Residential (Rental) 10 10 10 10 10

Railroad, Private Cars and Airlines 20 21 22 21 21

Source: The source of this information is the State and County Abstract of the Assessment Roll, Arizona Department of Revenue.

Note: Additional classes of property exist, but do not amount to a significant portion of the District's total valuation, therefore they are not included on this schedule.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21PROPERTY TAX ASSESSMENT RATIOS


Fiscal Year

Fiscal Year

Page 127

Fiscal Year City

Ended ofJune 30 County Coolidge Primary Secondary Total

2014 0.51 3.80 0.10 0.17 2.25 0.07 0.14 0.05 1.86 4.43 1.37 5.80 2013 0.47 3.80 0.10 0.17 1.88 0.08 0.10 0.05 1.51 2.41 1.37 3.78 2012 0.43 4.00 0.10 0.17 1.85 0.06 0.10 0.05 1.51 2.34 1.82 4.16 2011 0.36 4.00 0.10 0.17 1.59 0.05 0.10 0.05 1.12 3.09 1.15 4.24 2010 0.33 3.36 0.10 0.17 1.46 0.04 0.10 0.05 0.91 3.53 0.72 4.25 2009 0.00 3.56 0.10 0.15 1.41 0.04 0.10 0.05 0.99 4.48 1.25 5.73 2008 0.00 4.14 0.08 0.13 1.80 0.05 0.10 0.05 1.38 5.60 1.47 7.07 2007 0.00 4.44 0.06 0.11 2.05 0.09 0.12 0.05 1.45 5.05 2.03 7.08 2006 0.00 4.60 0.06 0.09 2.10 0.09 0.12 0.05 1.52 5.13 2.06 7.19 2005 0.00 4.60 0.06 0.09 2.15 0.09 0.12 0.05 1.52 5.44 1.75 7.19

Source: The source of this information is the Property Tax Rates and Assessed Values, Arizona Tax Research Foundation.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21DIRECT AND OVERLAPPING PROPERTY TAX RATES


Overlapping Rates

County Free

Library

Flood Control District

Community College District

Fire District

Assistance

Central Arizona Water

Joint Technology

District

District Direct Rates

State Equalization

Page 128

Secondary Assessed

Valuation

Secondary Assessed

Valuation

Arizona Public Service Company 26,332,849$ 15.92 % 1,628,518$ 1.93 %Wal-Mart Stores Inc 3,610,615 2.18 1,420,862 1.69Kinder Morgan 3,269,390 1.98 645,927 0.77Newco 2 LLC 1,651,204 1.00DTD Devco 1 LLC 1,599,284 0.97AEP Charter Coolidge II LLC 1,489,692 0.90Johnson Utilities 1,364,310 0.82Union Pacific Railroad 1,310,900 0.79 1,013,926 1.20Arizona Water Company 1,268,205 0.77 995,416 1.18Transwestern Pipeline Company 1,081,957 0.65Hunt Retail Investments 736,904 0.45Bright Coolidge Property LLC 726,342 0.44Western Emulsions 724,026 0.441340-1349 Industrial 717,757 0.43

Total 45,883,435$ 27.74 % 5,704,649$ 6.77 %

Source:Note: Information was only available for the top five principal property taxpayers for 2005.

The source of this information is the Pinal County Assessor's records.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21PRINCIPAL PROPERTY TAXPAYERS

CURRENT FISCAL YEAR AND FISCAL YEAR NINE YEARS PRIOR

Percentage of District's Net

Assessed Valuation

Percentage of District's Net

Assessed Valuation

2005

Taxpayer

2014

Page 129

FiscalYear Taxes Levied Collections in

Ended for the Subsequent June 30 Fiscal Year Amount Fiscal Years Amount(2)

2014 7,898,203$ 7,677,039$ 97.20 % $ 7,677,039$ 97.20 %2013 5,558,634 5,352,137 96.29 203,894 5,556,031 99.952012 6,269,736 6,057,911 96.62 207,520 6,265,431 99.932011 8,512,424 7,995,449 93.93 512,569 8,508,018 99.952010 10,454,277 9,654,879 92.35 796,332 10,451,211 99.972009 12,578,462 11,640,044 92.54 935,143 12,575,187 99.972008 11,150,674 10,436,798 93.60 710,601 11,147,399 99.972007 7,772,210 7,421,082 95.48 350,558 7,771,640 99.992006 5,635,310 5,439,415 96.52 195,895 5,635,310 100.002005 4,018,674 3,853,994 95.90 164,680 4,018,674 100.00

Source:Notes: 1)

2)

Unsecured personal property taxes are not included in this schedule because the dates of the monthly rollsvary each year. On the average, 90% of unsecured property taxes are collected within 90 days after thedue date.

Amounts collected are on a cash basis.The source of this information is the 2014 Pinal County Treasurer's records.

of LevyPercentage

of LevyPercentage

Fiscal Year of the LevyCollected within the

of the Current Fiscal Year

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21PROPERTY TAX LEVIES AND COLLECTIONS


Collected to the End

Page 130

Fiscal Less: Percentage of Percentage of Year Estimated Estimated Percentage of

Ended Actual Value Per Actual Value Per Personal June 30 Total (Full Cash Value) Capita Total (Full Cash Value) Capita Income

2014 31,860,000$ 656,666 31,203,334 1.88 % 2,575$ $ $ 515,892$ 32,375,892$ 1.95 % 2,672$ N/A %2013 29,995,000 676,846 29,318,154 1.93 2,435 797,893 30,792,893 2.03 2,558 0.32 2012 31,175,000 647,397 30,527,603 1.97 2,541 435,986 31,610,986 2.04 2,631 0.34 2011 33,365,000 33,365,000 1.66 2,822 186,665 33,551,665 1.67 2,837 0.38 2010 34,545,000 34,545,000 1.27 2,921 140,535 34,685,535 1.27 2,933 0.42 2009 35,950,000 35,950,000 1.19 2,920 197,042 36,147,042 1.20 2,936 0.46 2008 21,055,000 21,055,000 1.05 2,106 1,840,000 255,553 23,150,553 1.16 2,315 0.33 2007 10,020,000 10,020,000 0.93 1,179 1,000,000 3,265,000 357,595 14,642,595 1.36 1,723 0.24 2006 10,830,000 10,830,000 1.41 1,328 1,000,000 3,540,000 468,625 15,838,625 2.07 1,942 0.32 2005 6,010,000 6,010,000 0.97 740 1,000,000 415,144 7,425,144 1.20 915 0.16

Source:Note: N/A indicates that the information is not available.


General Obligation Bonds

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21OUTSTANDING DEBT BY TYPE


Total Outstanding Debt

General Obligation

Bonds

Amounts Restricted

for PrincipalCapital Leases

Qualified Zone Academy Bonds

(QZABs)Certificates of Participation

Page 131

Estimated EstimatedPercentage Amount

Debt Applicable to Applicable toOutstanding School District School District

Overlapping:Pinal County Community College District 91,340,000$ 8.25 % 7,535,550$ Central Arizona Irrigation and Drainage District 4,080,000 3.01 122,808

Subtotal, Overlapping Debt 7,658,358

Direct:Coolidge Unified School District No. 21 32,375,892

Total Direct and Overlapping Governmental Activities Debt 40,034,250$

Net Direct General Obligation Bonded DebtAs a Percentage of Net Secondary Assessed Valuation 18.87 %

Net Direct and Overlapping General Bonded DebtPer Capita 3,207$ As a Percentage of Net Secondary Assessed Valuation 23.50 %As a Percentage of Estimated Actual Value (Full Cash Value) 2.34 %

Source:

Notes: 1)

2)

Outstanding debt as of June 30, 2013 is presented for the overlapping governments as this is the most recent available information.

The source of this information is the District's records and the State and County Abstract of theAssessment Roll, Arizona Department of Revenue and the applicable governmental unit.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

Governmental Unit

Estimated percentage of debt outstanding applicable to the District is calculated based on theDistrict's secondary assessed valuation as a percentage of the secondary assessed valuation of theoverlapping jurisdiction.

JUNE 30, 2014

DIRECT AND OVERLAPPING GENERAL BONDED DEBT RATIOS

Page 132

Class B Bond Legal Debt Margin Calculation for Fiscal Year 2014: Total Legal Debt Margin Calculation for Fiscal Year 2014:Secondary assessed valuation 165,388,669$ Secondary assessed valuation 165,388,669$ Debt limit (20% of assessed value) 33,077,734 Debt limit (30% of assessed value) 49,616,601 Debt applicable to limit 31,675,000 Debt applicable to limit 31,860,000 Legal debt margin 1,402,734$ Legal debt margin 17,756,601$

2014 2013 2012 2011 2010

Debt Limit 49,616,601$ 52,452,852$ 53,722,015$ 70,841,312$ 96,801,380$

Total net debt applicable to limit 31,860,000 29,995,000 31,175,000 33,365,000 34,545,000

Legal debt margin 17,756,601$ 22,457,852$ 22,547,015$ 37,476,312$ 62,256,380$

Total net debt applicable to the limit as a percentage of debt limit 64% 57% 58% 47% 36%

2009 2008 2007 2006 2005

Debt Limit 103,793,248$ 40,888,014$ 40,888,014$ 29,934,988$ 25,286,428$

Total net debt applicable to limit 35,950,000 21,055,000 10,020,000 10,830,000 6,010,000

Legal debt margin 67,843,248$ 19,833,014$ 30,868,014$ 19,104,988$ 19,276,428$

Total net debt applicable to the limit as a percentage of debt limit 35% 51% 25% 36% 24%

Source:Notes: 1)

2) Bond premium is not subject to the statutory debt limit.

The District’s general obligation bonds are subject to two limits; the Constitutional debt limit (total debt limit) on all general obligationbonds and the statutory debt limit on Class B bonds. The calculations of the debt margins are presented in detail for the current fiscal yearonly.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21LEGAL DEBT MARGIN INFORMATION




Page 133

Estimated

Year Population (thousands)

2013 393,813 $ N/A $ N/A % 12,117 2012 382,992 9,619,961 24,834 12,039 2011 384,231 9,301,723 24,287 12,014 2010 375,770 8,860,496 23,060 11,825 2009 356,303 8,259,897 24,225 11,825 2008 350,558 7,892,358 23,985 12,311 2007 327,670 6,912,473 22,975 10,000 2006 299,875 6,041,934 22,518 8,500 2005 246,660 5,001,332 20,835 8,154 2004 217,465 4,500,589 20,962 8,118

Sources:

Note:

The source of the "Personal Income" and "Per Capita" information is the Bureau of Economic Analysis.The source of the "Population" and "Unemployment Rate" information from 2003 through 2010 is theUniversity of Arizona, Eller College of Management, Economic and Business Research Center. For 2011through 2013, the source of the information is the Arizona Office of Employment and Population Statistics.N/A indicates that the information is not available.

8.6 8.9

10.3 12.0 11.4

6.8 3.3 5.0 5.4 5.7

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21COUNTY-WIDE DEMOGRAPHIC AND ECONOMIC STATISTICS

LAST TEN CALENDAR YEARS

Personal Income Per Capita

IncomeUnemployment

RateDistrict

Population

Page 134

Percentage Percentageof Total of Total

Employees Employment Employees Employment

Coolidge Unified School District 405 8.27 % 337 7.41 %Central Arizona Community College 253 5.16 545 11.98 Wal-Mart Supercenter 227 4.63 93 2.04 City of Coolidge 184 3.76 188 4.13 Bright International Corp. 150 3.06 33 0.73 Imagine Schools 147 3.00 Stinger Welding Inc. 127 2.59 95 2.09 McDonalds 45 0.92 River Cooperative Gin 44 0.90 35 0.77 Garrett Motors 41 0.84 20 0.44 M&S Equipment 34 0.69 9 0.20 Taco Bell/ KFC 27 0.55 Shope's IGA 25 0.51 33 0.73

Total 1,709 34.88 % 1,388 30.52 %

Total employment 4,900 4,550

Source: The source of this information is 2013 Arizona Industrial Directory and 2013 Arizona Service Directory, Harris InfoSource, the District and an individual employer survey.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21PRINCIPAL EMPLOYERS

CURRENT FISCAL YEAR AND FISCAL YEAR NINE YEARS PRIOR

Employer

2014 2005

Page 135

2014 2013 2012 2011 2010

SupervisorySuperintendent 1 1 1 1 1 Assistant superintendents 1 1 1 Consultants/supervisors of instruction 1 1 2 1 1 Principals 7 6 7 7 5 Assistant principals 4 7 5 6 8

Total supervisory 14 16 16 15 15 Instruction

Teachers 163 160 170 179 199 Other professionals (instructional) 11 11 12 18 12 Aides 40 42 46 29 29

Total instruction 214 213 228 226 240 Student Services

Nurses 6 6 6 6 6 Counselors/Advisors 4 5 6 9 10 Librarians 6 7 7 Technicians 5 5 6 5 5

Total student services 15 16 24 27 28 Support and Administration

Service workers 82 83 91 91 92 Other classified 55 55 55 55 53

Total support and administration 137 138 146 146 145

Total 380 383 414 414 428

(Continued)

Full-time Equivalent Employees as of June 30


COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY TYPE

Page 136

2009 2008 2007 2006 2005

SupervisorySuperintendent 1 1 1 1 Assistant superintendents 1 1 1 Consultants/supervisors of instruction 4 4 5 1 5 Principals 9 8 8 6 4 Assistant principals 7 6 4 5 4

Total supervisory 22 20 18 14 13 Instruction

Teachers 205 179 161 139 147 Other professionals (instructional) 15 8 7 4 6 Aides 46 43 65 39 39

Total instruction 266 230 233 182 192 Student Services

Nurses 6 6 5 5 6 Counselors/Advisors 4 3 5 4 3 Librarians 6 5 2 4 4 Technicians 6 6 6 6 6

Total student services 22 20 18 19 19 Support and Administration

Service workers 95 94 96 90 92 Other classified 81 84 75 81 74

Total support and administration 176 178 171 171 166

Total 486 448 440 386 390

Source:

(Concluded)

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY TYPE


The source of this information is District personnel records.

Page 137

FiscalYear Cost Cost Pupil-

Ended per Percentage per Percentage Teaching TeacherJune 30 Pupil Change Expenses Pupil Change Staff Ratio

2014 3,490 25,999,257$ 7,450$ 5.72 % 31,296,019$ 8,967$ 5.19 % 214 16.3 67.3 %2013 3,497 24,642,551 7,047 (8.19) 29,812,205 8,525 (6.69) 213 16.4 79.2 2012 3,492 26,802,528 7,675 2.90 31,904,938 9,137 (0.96) 228 15.3 78.0 2011 3,893 29,037,959 7,459 (0.78) 35,914,124 9,225 3.48 226 17.2 76.0 2010 4,247 31,926,809 7,517 (8.79) 37,863,197 8,915 (8.44) 240 17.7 71.0 2009 4,394 36,214,812 8,242 13.84 42,782,869 9,737 11.96 266 16.5 76.0 2008 4,643 33,615,316 7,240 9.46 40,376,330 8,696 11.34 230 20.2 63.0 2007 4,417 29,213,990 6,614 (1.86) 34,499,195 7,811 3.24 233 19.0 65.0 2006 3,918 26,405,270 6,739 6.00 29,640,888 7,565 11.22 182 21.5 64.0 2005 3,326 21,146,375 6,358 (7.98) 22,623,731 6,802 (14.44) 192 17.3 60.0 2004 2,948 20,369,123 6,909 #DIV/0! 23,437,071 7,950 #DIV/0!

Operating expenditures are total expenditures less debt service and capital outlay.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21OPERATING STATISTICSLAST TEN FISCAL YEARS

Percentage of

StudentsFree/Reduced

The source of this information is the District's financial records.Source:Note:

Average Daily

MembershipOperating

Expenditures

Page 138

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

SchoolsElementary

Buildings 5 5 5 5 5 5 5 5 4 4 Square feet 345,756 345,756 345,756 345,756 345,756 345,756 345,756 329,430 255,510 255,510 Capacity 4,500 4,500 4,500 4,500 4,500 4,500 4,500 3,800 3,200 3,200 Enrollment 2,270 2,270 2,586 2,833 2,822 3,076 3,638 3,454 2,914 2,543

HighBuildings 2 2 2 2 2 2 1 1 1 1 Square feet 391,587 391,587 391,587 391,587 364,883 364,883 204,083 146,489 146,489 146,489 Capacity 5,000 5,000 5,000 5,000 2,400 2,400 1,200 900 900 900 Enrollment 1,220 1,220 1,100 1,239 1,327 1,292 1,009 835 783 660

OtherBuildings 2 2 2 2 1 1 1 1 Square feet 33,865 33,865 33,865 33,865 19,109 19,109 19,109 19,109 Capacity 120 120 120 120 Enrollment 35 29 18 15

AdministrativeBuildings 2 2 2 2 3 3 3 3 3 3 Square feet 78,784 78,784 78,784 73,784 85,946 85,946 35,946 35,946 35,946 35,946

TransportationGarages 1 1 1 1 1 1 1 1 1 1 Buses 39 39 38 33 33 32 37 29 29 29

AthleticsFootball fields 3 3 3 3 3 3 2 2 2 2 Soccer fields 7 7 7 7 7 7 7 6 5 5 Running tracks 3 3 3 3 2 2 1 1 1 1 Baseball/softball 3 3 3 3 2 2 1 1 1 1 Swimming pools 1 1 1 1 1 1 1 1 1 1 Playgrounds 5 5 5 5 7 7 7 6 5 5

Source: The source of this information is the District's facilities records.

COOLIDGE UNIFIED SCHOOL DISTRICT NO. 21CAPITAL ASSETS INFORMATION



Page 139

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