red bank school district - new jersey · expenditures of state financial assistance required by new...

COMPREHENSIVE ANNUAL FINANCIAL REPORT

County of Monmouth

Red Bank, New Jersey

RED BANK SCHOOL DISTRICT

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

PAGE

Letter of Transmittal 1Organizational Chart 2Roster of Officials 3Consultants and Advisors 4

Independent Auditor's Report 7

REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion & Analysis 13

BASIC FINANCIAL STATEMENTS

A. District-Wide Financial Statements:A-1 Statement of Net Position 29A-2 Statement of Activities 30

B. Fund Financial Statements:Governmental Funds:

B-1 Balance Sheet 37B-2 Statement of Revenues, Expenditures & Changes in Fund Balance 38B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund 39

Balance of Governmental Funds to the Statement of ActivitiesProprietary Funds:

B-4 Statement of Net Position 43B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 44B-6 Statement of Cash Flows 45

Fiduciary Funds:B-7 Statement of Fiduciary Net Position 49B-8 Statement of Changes in Fiduciary Net Position N/A

Notes to Financial Statements 53

REQUIRED SUPPLEMENTARY INFORMATION - PART II

C. Budgetary Comparison Schedules:C-1 Budgetary Comparison Schedule - General Fund 79C-1a Combining Schedule of Revenue, Expenditures & Changes in Fund Balance -

Budget & Actual N/AC-1b Education Jobs Fund Program - Budget & Actual N/AC-2 Budgetary Comparison Schedule - Special Revenue Fund 87

Notes to the Required Supplementary Information:C-3 Budget-to-GAAP Reconciliation 91

TABLE OF CONTENTS

INTRODUCTORY SECTION

FINANCIAL SECTION

PAGE

TABLE OF CONTENTS

D. School Based Budget Schedules Fund:D-1 Combining Balance Sheet N/AD-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource

Type - Actual N/AD-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget & Actual N/A

E. Special Revenue Fund:E-1 Combining Schedule of Revenues & Expenditures - Special Revenue Fund -

Budgetary Basis 99E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis 103

F. Capital Projects Fund:F-1 Summary Statement of Project Expenditures 107F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance -

Budgetary Basis 108F-2a Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis 109F-2bSchedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis 110

G. Proprietary Funds:Enterprise Funds:

G-1 Combining Statement of Net Position 115G-2 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 116G-3 Combining Statement of Cash Flows 117

Internal Service Funds:G-4 Combining Statement of Net Position N/AG-5 Combining Statement of Revenues, Expenses & Changes in Fund Net Position N/AG-6 Combining Statement of Cash Flows N/A

H. Fiduciary Funds:H-1 Combining Statement of Fiduciary Net Position 121H-2 Combining Statement of Changes in Fiduciary Net Position N/AH-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 122H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 123

I. Long-Term Debt:I-1 Schedule of Serial Bonds 127I-2 Schedule of Obligations Under Capital Leases N/AI-3 Debt Service Fund Budgetary Comparison Schedule 128I-4 Statement of Loans Payable - N.J.E.D.A. 129

Financial Trends:J-1 Net Position by Component 133J-2 Changes in Net Position 134J-3 Fund Balances - Governmental Funds 136J-4 Changes in Fund Balance - Governmental Funds 137J-5 Other Local Revenue by Source - General Fund 138

STATISTICAL SECTION (unaudited)

PAGE

TABLE OF CONTENTS

Revenue Capacity:J-6 Assessed Value & Estimated Actual Value of Taxable Property 139J-7 Direct & Overlapping Property Tax Rates 140J-8 Principal Property Taxpayers 141J-9 Property Tax Levies & Collections 142

Debt Capacity:J-10 Ratios of Outstanding Debt by Type 143J-11 Ratios of General Bonded Debt Outstanding 144J-12 Direct & Overlapping Governmental Activities Debt 145J-13 Legal Debt Margin Information 146

Demographic & Economic Information:J-14 Demographic & Economic Statistics 147J-15 Principal Employers 148

Operating Information:J-16 Full-Time Equivalent District Employees by Function/Program 149J-17 Operating Statistics 150J-18 School Building Information 151J-19 Schedule of Required Maintenance 152J-20 Insurance Schedule 153

K-1 Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 157

K-2 Independent Auditors' Report on Compliance for Each Major State Program; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of State Financial Assistance Required by New Jersey OMB Circular 04-04 159

K-3 Schedule of Expenditures of Federal Awards, Schedule A 162K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 163K-5 Notes to Schedules of Awards and Financial Assistance 165K-6 Schedule of Findings & Questioned Costs 167K-7 Summary Schedule of Prior Audit Findings 170

SINGLE AUDIT SECTION

INTRODUCTORY SECTION

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Text Box

MEMBERS OF THE BOARD OF EDUCATION

Ben Forest, President 2016

Carrie Ludwikowski, Vice President 2015

Marjorie Lowe 2016

Suzanne Viscomi 2016

Janet Jones 2014

Peter Noble 2014

Jill Burden 2014

Ann Roseman 2015

Fred Stone 2015

OTHER OFFICIALS

Harold Reid, Interim Superintendent of Schools

Debra Pappagallo, Business Administrator/Board Secretary

Frank Mason, Treasurer of School Monies

Richard McOmber, Esq., Board Attorney

TERM EXPIRES

RED BANK BOARD OF EDUCATIONRED BANK, NEW JERSEY

ROSTER OF OFFICIALS

June 30, 2014

3

912 Highway 33, Suite 2

RED BANK BOARD OF EDUCATIONRED BANK, NEW JERSEY

CONSULTANTS AND ADVISORS

AUDITOR/AUDIT FIRM

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

June 30, 2014

Red Bank, New Jersey 07701

OFFICIAL DEPOSITORIES

PNC Bank (primary depository)

State of New Jersey Cash Management Fund

Bank of New YorkBank of America

TD BankJP Morgan Chase

BOND & SPECIAL COUNSEL

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

Route 73 and Greentree RoadMarlton, New Jersey 08053

Three Greentree Centre

Freehold, New Jersey 07728

ATTORNEY

Richard McOmber, Esq.McOmber & McOmber54 Shrewsbury Avenue

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FINANCIAL SECTION

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INDEPENDENT AUDITOR’S REPORT Honorable President and Members of the Board of Education Red Bank School District Red Bank, New Jersey Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Red Bank School District, County of Monmouth, State of New Jersey, as of and for the fiscal 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; the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States; and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. 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 District’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 District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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Letterhead

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, the business-type activities, each major fund and the aggregate remaining fund information of the Red Bank School District, County of Monmouth, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Note 1 to the financial statements, during the fiscal year ended June 30, 2014 the District adopted new accounting guidance, GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information as presented in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Red Bank School District’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements, long-term debt schedules and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance are presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid respectively, and is also not a required part of the financial statements.

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The combining and individual fund financial statements, long-term debt schedules and the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting 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, long-term debt schedules and the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory section, comparative totals for June 30, 2013, and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no 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 October 16, 2014, on our consideration of the Red Bank School District’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 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 Red Bank School District’s internal control over financial reporting and compliance.

Respectfully Submitted,

HOLMAN FRENIA ALLISON, P.C.

Robert W. Allison Certified Public Accountant Public School Accountant, No. 897

Freehold, New Jersey October 16, 2014

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10

REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion and Analysis

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12

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

MONMOUTH COUNTY

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2014

(Unaudited)

Introduction Red Bank Borough School District (“District”) is an independent reporting entity within the criteria adopted by the GASB as established by NCGA Statement No. 3. All funds and account groups of the District are included in this report. The District provides a full range of educational services appropriate to grade levels PreKindergarten through 8. These include general and special education instruction for handicapped students. The District completed the 2013/14 school year with an average daily enrollment of 1362 students, an increase of 21.49% over the prior year’s average daily enrollment. An additional 9 District students were in private out-of-district special education placements. The Red Bank Charter School, also operating in Red Bank, had an enrollment of 195 Red Bank resident students at the end of June, 2014. Additional Red Bank residents attended various non-public elementary schools throughout the County. District schools, while located in an affluent area of Monmouth County, New Jersey, are classified as district factor group “CD.” The district factor group is a measure of local wealth and student economics on a scale of “A” (lowest) to “J” (highest), with Red Bank’s classification influenced by the high percentage of low-income students as measured by student eligibility for free or reduced-price school meals. The District continues its staff development and curriculum improvement initiatives, and in 2013/14 continued a curriculum alignment process that ensures focused instruction in grades preschool-8. Academic outcomes have shown improvements attributed, in part, to the success of alignment of standards and curriculum planning. With the learner as the focus, at the heart of staff development is continuation of a data-driven, comprehensive, and on-going professional development program that targets content, strategies, assessment, and skills identified to be in need of attention.

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Basic Financial Statements The annual report consists of a series of financial statements and notes to those statements presented so the reader can gain an understanding of the Red Bank Borough School District as a financial operating entity. The overview statements then proceed to provide an increasingly detailed look at specific financial activities. These statements provide a “report card” of sorts on the District’s financial transactions, including data on all assets and liabilities using full accrual accounting in a manner similar to information presented by publicly-held companies. All of these activities are intended to advance the District’s mission as stated at the beginning of this analysis. The financial statements previously presented in the District’s Comprehensive Annual Financial Report remain unchanged: detailed and comparative exhibits of budgeted and actual revenue and expenses by General, Special Revenue, Proprietary and Debt Service funds. This disclosure has been expanded by the addition of the Statement of Net Position and the Statement of Activities using full accrual accounting similar to the statements used in reporting corporate financial results. Another feature is supplementary information that includes a comparison of the original and final budgets to the final expenditures for the General and Special Revenue Funds. The Statement of Net Position presents the District’s assets and liabilities in order of liquidity, except for liabilities with current and long-term elements that will be presented accordingly. Net position represents the difference between assets and liabilities, and will be presented in three categories: invested in capital assets net of related debt, restricted assets and unrestricted assets. Using this methodology requires depreciation of capital assets. The Statement of Activities provides an overview of the cost of providing educational services by major categories of expense and revenue. These two statements report the District’s net position and how they have changed year to year, reflecting a variety of influences such as the current change in educational philosophy (resulting in increased purchases of new materials, consultants, etc.), voter approval of tax levy, interest income, successful grant applications, etc. An additional factor influencing these results is the level of state funding received. In 2013/14, the District received $2,969,550.00 in General Operating Fund State Aid (SFRA). The District was obligated to transfer $1,643,367.00 to the Red Bank Charter School for their 195 students. In comparing the amount of State Aid the District received, and the amount of funds transferred to the Charter School, clearly the difference of $1,326,183.00 creates a fiscal challenge.

14

Financial Highlights Key financial highlights for 2013/2014 are as follows:

• General revenues accounted for $16,861,849.77 in revenue or 68.19% of all revenues. Program specific revenues in the form of charges for services, and operating grants and contributions, accounted for $7,864,429.13 or 31.81% of total revenues of $24,726,278.90.

• Total net position of governmental activities increased by $1,260,519.62.

• The School District had $23,465,759.28 in expenses; only $7,864,429.13 of these expenses

were offset by program specific charges for services, grants or contributions. General revenues of $16,861,849.77 were adequate to provide for these programs.

• The School District had $23,660,044.65 in General, Special Revenue and Debt Service Fund

expenses. Tax levies, state and federal aid, selected grants, and miscellaneous income covered these costs. Of the District’s total expenditures in 2013/14, 57.73% was funded by local revenue, with $13,174,691.04 in local taxes levied for the General Fund and another $544,861.00 levied for debt service.

• Of the 2013/14 General Fund expenditures, $1,643,367.00 represented a transfer to the Red

Bank Charter School.

• The State contributed Categorical Aid in the amount of $34,744.00 for transportation. • The General Fund had $17,454,410.10 in revenues and $17,289,002.48 in expenditures. The

General Fund’s balance increased by $165,407.62 over 2013/14.

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Using this General Accepted Accounting Principles Report (GAAP) The Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position as of June 30, 2014 compared to June 30, 2013.

Table 1

Net Position 2014 2013

Assets:Cash and Cash Equivalents 2,612,914.97$ 1,075,735.79$ Receivables, Net 582,152.70 1,310,965.06 Inventory 4,322.00 5,063.95 Capital Assets, Net 14,325,818.05 14,531,296.30

Total Assets 17,525,207.72 16,923,061.10

Liabilities:Accounts Payable - 104,269.56 Accrued Expenses 20,979.17 24,608.12 Intergovernmental Payable 54,649.96 40,190.85 Cash Deficit - 632,608.87 Unearned Revenue 339,295.80 452,818.12 Other Liabilities 681,962.75 9,080.03 Noncurrent Liabilities:

Due Within One Year 374,257.54 435,304.32 Due Beyond One Year 2,563,515.26 2,960,570.28

Total Liabilities 4,034,660.48 4,659,450.15

Net Position:Net Investment in Capital Assets 11,401,015.25 11,191,199.70 Restricted for:

Capital Projects 817,073.44 131,437.35 Debt Service (20,295.96) 683.21 General Fund 640,817.23 1,142,820.31

Unrestricted 651,937.28 (202,529.62)

Total Net Position 13,490,547.24$ 12,263,610.95$

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Fiscal year ending June 30, 2014, is the eighth year of Red Bank Borough Board of Education’s GASB 34 requirements.

Table 2

Changes in Net Position

2014 2013RevenuesProgram Revenues:

Charges for Services 137,330.75$ 101,699.49$ Operating Grants and Contributions 8,509,273.43 8,987,641.76

General Revenues:Property Taxes 13,719,552.04 13,198,883.00 Grants and Entitlements 2,296,625.80 1,691,103.39 Other 845,967.81 28,468.69

Total Revenues 25,508,749.83 24,007,796.33

Program ExpensesInstruction 7,905,776.70 7,675,223.49 Support Services:

Pupils and Instructional Staff 5,700,566.55 5,886,435.11 General Administration, School Administration

Business Operations and Maintenance of Facilities 2,439,198.96 2,320,781.41

Pupil Transportation 854,603.83 829,397.69 Unallocated Benefits 4,129,098.79 4,008,922.86 Special Schools 119,894.90 115,615.23 Transfer to Charter School 1,643,367.00 1,640,718.00

Food Service 816,054.26 748,964.38 Other 673,252.55 636,711.19

Total Expenses 24,281,813.54 23,862,769.36

Increase in Net Position 1,226,936.29$ 145,026.97$

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

Table 3

Governmental Activities

Total Cost of Net Cost of Total Cost of Net Cost of Services Services Services Services

Instruction 7,905,776.70$ 5,141,255.88$ 7,675,223.49$ 4,827,881.65$ Support Services:

Pupils and Instructional Staff 5,700,566.55 1,788,157.20 5,886,435.11 1,726,745.68 General Administration, School

Administration 1,223,305.45 1,223,305.45 1,111,994.63 1,111,994.63 Operation and Maintenance

of Facilities 1,215,893.51 1,215,893.51 1,208,786.78 1,208,786.78 Pupil Transporation 854,603.83 817,878.83 829,397.69 798,803.89 Unallocated Benefits 4,129,098.79 2,978,324.83 4,008,922.86 2,636,747.98 Special Schools 119,894.90 119,894.90 115,615.23 115,615.23 Transfer to Charter School 1,643,367.00 1,643,367.00 1,640,718.00 1,640,718.00

Other 673,252.55 673,252.55 636,711.19 636,711.19

23,465,759.28$ 15,601,330.15$ 23,113,804.98$ 14,704,005.03$

20132014

Instruction expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and pupil and these expenses are increasing due to changes in contractual obligations and changes in staff related to inclusion of special education and English language learners.

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Pupils and instructional staff include the activities involved with assisting staff with the content and process of teaching to pupils including curriculum and staff development. Curriculum and staff development include expenses associated with research, planning, development and evaluation of educational materials and methodology intended to provide “Quality Learning by All…Whatever It Takes.” General administration, school administration and business include expenses associated with administrative and financial supervision of the District including various types of insurance coverage, professional fees for architects, attorneys and auditors, mandated membership in the New Jersey School Boards Association and other expenses. Operation and maintenance of plant activities involve keeping the school grounds, buildings, and equipment operating efficiently and effectively. The District’s in-house staff of custodians and maintenance workers is charged with keeping the District’s facilities functioning at peak efficiency at least cost. Pupil transportation includes activities involved with the conveyance of students to and from school, as well as to and from school activities, as provided by State law. In the Borough of Red Bank, this includes extensive busing for District students, Board of Education schools, the Charter School and also for those students attending out-of-district schools by either school or parent designation. Interest and fiscal charges involves the transactions associated with the payment of interest and other related charges to debt of the District. Other includes unallocated depreciation. The School District's Funds Information about the School District's major funds follows this report. These funds are accounted for using the modified accrual basis of accounting. All governmental funds had total revenues of $24,726,278.90 and expenditures of $23,732,044.65. As demonstrated by the various statements and schedules included in the financial section of this report, the District continues to meet its responsibility for sound financial management. The following schedules present a summary of the revenues of the governmental funds (excluding Capital Projects) for the fiscal year ended June 30, 2014, and the amount and percentage of increases and decreases in relation to prior-year revenues.

Increase/(Decrease) Percent of

Percent of From Increase/Revenues Amount Total 2012/13 (Decrease)

Local Sources 13,836,508.00$ 57.73% 607,767.00$ 4.39%State Sources 8,668,144.00 36.16% 551,948.00 6.37%Federal Sources 1,464,111.00 6.11% (509,005.00) -34.77%

Total 23,968,763.00$ 100.00% 650,710.00$ 2.71%

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The increase in Local Sources is attributed to an increase in local tax levy. The increase in State Sources is attributed to an increase in State Grants as well as an increase of State Funding for the new Charter School PreK class that is passed through the District. The decrease in Federal Sources is attributed to the loss of the 21st Century Grant. The following schedule presents a summary of General Fund, Special Revenue Fund and Debt Service Fund expenditures for the fiscal year ended June 30, 2014:

Increase/(Decrease) Percent of

Percent of From Increase/Expenditures Amount Total 2012/13 (Decrease)

Current Expenses:Instruction 7,905,777.00$ 33.41% 239,969.00$ 3.04%Undistributed

Expenditures& Special Schools 13,286,171.00 56.15% 167,309.00 1.26%

Transfer to Charter School 1,643,367.00 6.95% 2,649.00 0.16%

Capital Outlay 279,869.00 1.18% 159,114.00 56.85%Debt Service:

Principal 401,036.00 1.69% 16,222.00 4.05%Interest 143,825.00 0.61% (18,054.00) -12.55%

Total 23,660,045.00$ 100.00% 567,209.00$ 2.40%

20

The increase in Instruction, undistributed expenditures and capital outlay is attributed to the increase of the budget. The decrease in Debt Service principal and decrease in interest is based on the expiration of some of the District’s Bonds. General Fund Budgeting Highlights The District's budget is prepared according to New Jersey legislative code and Department of Education guidelines and is based on accounting for certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significant budgeted fund is the General Fund. The District manages its financial reporting of budgets and actual expenses using a real-time accounting system designed to provide comprehensive management and reporting tools. Many of the budgetary changes required during 2013/14 were the result of needs not able to be anticipated at the point of budget development. During fiscal year 2013/14, final budgetary areas in the General Fund that exceeded the original budget included improvement of instruction services, support services, equipment, and construction. These budgetary overages were offset by reductions in other areas such as regular program instruction, special education, operation and maintenance of plant, and transportation services, where expenses were running under the budgeted amount. Capital Assets At the end of the fiscal year 2014, the District’s Governmental Activities had $14,250,218.32 in investments in Land, Construction in Progress, Site Improvements, Buildings and Buildings Improvements, and Machinery and Equipment.

Table 4

Capital Assets (Net of Depreciation) – Governmental Activities at June 30, 2014 and 2013

2014 2013

Land 3,514,100.00$ 3,514,100.00$ Construction in Progress 72,000.00 - Building and Improvements 10,245,910.23 10,636,427.34 Machinery and Equipment 418,208.09 295,136.36

Total 14,250,218.32$ 14,445,663.70$

21

Overall capital assets decreased minimally from fiscal year 2013 to fiscal year 2014 as the Middle School renovation was virtually completed. The renovation was a $11.275 million project of which 40% was funded by the state through the New Jersey Economic Development Authority, with the balance bonded following a public referendum. Increases in Capital Assets were offset by depreciation expense for the year. The District’s curriculum continued to emphasize the use of technology in education during 2013/14. The District is also implementing technology to accommodate the new State mandated PARCC testing requirement. The District continues as a Non-Abbott District for the Preschool Expansion Initiative through the award of a competitive grant. This allows the District to provide full-day preschool education to all Red Bank preschool age children. Debt Administration On July 1, 2005, the Red Bank Borough Board of Education refinanced its 5.15% fixed rate 20-year serial bond for the Middle School renovation. Although improved interest rates were investigated, at this time the refinanced rate of 5.15% is the best available.

Table 5 Outstanding Debt at June 30,

2014 2013

2005 Refunding Bonds 2,825,000.00$ 3,185,000.00$ 1993 Renovation NJEDA Bond - 41,036.32 Amortization of Bond

Premium 99,802.80 114,060.34 Compensated Absences

Payable 12,970.00 55,778.00

Total 2,937,772.80$ 3,395,874.66$

At June 30, 2014, the School District's overall legal debt margin was $178,845,606.00.

22

Current Financial Issues and Concerns As of June 30, 2014, the Red Bank Borough School District has several serious financial concerns. The District continues to be concerned about the financial burden that is created through funding a charter school in such a small community. Unanticipated Special Education costs and services that are driven by student’s Individual Education Plan requirements have increased considerably. The District continues to strive to “do more with less”. The design of a prudent budget that is based on a zero-based model, coupled with receiving funds through an aggressive grant submission process, the Red Bank Borough School District continues to focus on the enhancement of student learning. The Superintendent continues to aggressive seek competitive grants, collaborative partnerships for professional development, and various opportunities that increase student learning for the District that does not impact local budgets. Further cost savings through shared resources with the Borough and neighboring districts includes curriculum writing and professional development that supplement and support the District’s needs. An additional area of concern is the need for increased maintenance and probable renovations at each school. The Primary School was constructed in the early seventies. This building is situated on ecologically-sensitive property on the west side of the Borough. The Borough-owned access roadway has limitations that pose safety concerns, and the main entryway to the building is obscured, allowing no clear view of the building’s exterior for student safety purposes. The Board has worked with the Borough to address some of the issues of safety through Borough grants; however, exploring the work is at the very preliminary stages. Budgeting for these projects will be a financial challenge. In general, the Red Bank Borough Board of Education has consistently committed itself to sound, conservative fiscal management, providing the most efficient and effective education possible given the demands and challenges associated with the need to improve students’ academic performance. Contacting the School District's Financial Management This financial report is designed to provide citizens, taxpayers, investors and creditors with a general overview of the District's finances and to show the District's accountability for the money it receives. If you have questions on this report or need additional financial information, please contact Debra Pappagallo, School Business Administrator/Board Secretary at Red Bank Borough Board of Education, 76 Branch Avenue, Red Bank, NJ 07701.

23


24

BASIC FINANCIAL STATEMENTS

25


26

A. District-Wide Financial Statements

27


28

EXHBIT A-1

TOTALSGovernmental Business -Type June 30,

Activities Activities 2014Assets:

Cash and Cash Equivalents 2,592,840.26$ 20,074.71$ 2,612,914.97$ Receivables, Net 507,147.63 75,005.07 582,152.70 Inventory - 4,322.00 4,322.00 Capital Assets, Net (Note 5) 14,250,218.32 75,599.73 14,325,818.05

Total Assets 17,350,206.21 175,001.51 17,525,207.72

Liabilities:Accrued Interest 20,979.17 - 20,979.17 Payable to State Government 54,649.96 - 54,649.96 Unearned Revenue 339,295.80 - 339,295.80 Other Liabilities 681,962.75 - 681,962.75 Noncurrent Liabilities (Note 6):

Due Within One Year 374,257.54 - 374,257.54 Due Beyond One Year 2,563,515.26 - 2,563,515.26

Total Liabilities 4,034,660.48 - 4,034,660.48

Net Position:Net Investment in Capital Assets 11,325,415.52 75,599.73 11,401,015.25 Restricted for:

Capital Projects 817,073.44 - 817,073.44 Debt Service (20,295.96) - (20,295.96) General Fund 640,817.23 - 640,817.23

Unrestricted 552,535.50 99,401.78 651,937.28

Total Net Position 13,315,545.73$ 175,001.51$ 13,490,547.24$

RED BANK SCHOOL DISTRICTSTATEMENT OF NET POSITION

June 30, 2014

The accompanying Notes to Basic Financial Statements are an integral part to this statement. 29

EX

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31


32

B. Fund Financial Statements

33


34

Governmental Funds

35


36

EXHIBIT B-1

Special Capital Debt (Memorandum Only)General Revenue Projects Service June 30, June 30,

Fund Fund Fund Fund 2014 2013Assets:

Cash and Cash Equivalents 1,469,745.15$ -$ 728,487.25$ 683.21$ 2,198,915.61$ 1,003,104.31$ Interfunds Receivables 90,171.60 - - - 90,171.60 364,353.48 Receivables From Other Governments:

State 143,775.91 483.45 28,800.00 - 173,059.36 527,944.72 Federal - 314,233.20 - - 314,233.20 737,763.53

Other Receivables - 19,855.07 - - 19,855.07 39,710.14 Restricted Cash 508,975.08 - - - 508,975.08 -

Total Assets 2,212,667.74 334,571.72 757,287.25 683.21 3,305,209.92 2,672,876.18

Liabilities and Fund Balances:Liabilities:

Cash Deficit - 115,050.43 - - 115,050.43 632,608.87 Accounts Payable - - - - - 104,269.56 Interfunds Payable - 90,171.60 - - 90,171.60 364,353.48 Other Liabilities 681,962.75 - - - 681,962.75 9,080.03 Payable To State Government - 54,649.96 - - 54,649.96 40,190.85 Unearned Revenue - 339,295.80 - - 339,295.80 452,818.12

Total Liabilities 681,962.75 599,167.79 - - 1,281,130.54 1,603,320.91

Fund Balances:Restricted:

Reserved Excess Surplus:Designated for Subsequent Year's

Expenditures 49,605.61 - - - 49,605.61 158,456.78 Current Year Excess Surplus 142,022.73 - - - 142,022.73 49,605.61

Capital Reserve 59,786.19 - - - 59,786.19 59,666.10 Maintenance Reserve 449,188.89 - - - 449,188.89 249,188.89 Debt Service Fund - - - 683.21 683.21 683.21 Capital Projects Fund - - 757,287.25 - 757,287.25 71,771.25

Assigned:Year-End Encumbrances 405,223.41 - - - 405,223.41 383,558.57 Designated by the BOE for

Subsequent Year's Expenditures 346,039.39 - - - 346,039.39 338,652.22 Unassigned 78,838.77 (264,596.07) - - (185,757.30) (281,737.50)

Total Fund Balances 1,530,704.99 (264,596.07) 757,287.25 683.21 2,024,079.38 1,029,845.13

Total Liabilities and Fund Balances 2,212,667.74$ 334,571.72$ 757,287.25$ 683.21$

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

Capital assets used in governmental activities are not financial resources and therefore are not reported in the governmental funds. The cost of the assets is $21,664,831.07 and theaccumulated depreciation is $7,414,612.75 (See Note 5). 14,250,218.32 14,445,663.70

Long-term liabilities, including bonds payable, are not due

and payable in the current period and therefore are notreported as liabilities in the fund (See Note 6). (2,937,772.80) (3,395,874.60)

Accrued interest on long-term liabilities is not reported asa liability in the Fund. (20,979.17) (24,608.12)

Net Position of Governmental Activities 13,315,545.73$ 12,055,026.11$


(With Comparative Totals to June 30, 2013)

Totals

June 30, 2014GOVERNMENTAL FUNDS

BALANCE SHEET


EXHIBIT B-2

Special Capital Debt (Memorandum Only)

General Revenue Projects Service June 30, June 30,Fund Fund Fund Fund 2014 2013

Revenues:Local Sources:

Local Tax Levy 13,174,691.04$ -$ -$ 544,861.00$ 13,719,552.04$ 13,198,883.00$ Interest Earned on Capital Reserve - - - - - 118.72 Miscellaneous 103,061.11 13,894.82 728,716.00 - 845,671.93 29,739.22

Total - Local Sources 13,277,752.15 13,894.82 728,716.00 544,861.00 14,565,223.97 13,228,740.94

State Sources 4,172,268.46 4,495,875.97 28,800.00 - 8,696,944.43 8,127,786.99 Federal Sources 4,389.49 1,459,721.01 - - 1,464,110.50 1,973,116.35

Total Revenues 17,454,410.10 5,969,491.80 757,516.00 544,861.00 24,726,278.90 23,329,644.28

Expenditures:Current:

Regular Instruction 4,082,007.35 2,098,771.82 - - 6,180,779.17 6,109,655.91 Special Education Instruction 861,555.25 - - - 861,555.25 963,464.73 Other Special Instruction 860,302.28 - - - 860,302.28 585,767.68 Other Instruction 3,140.00 - - - 3,140.00 6,919.37 Support Services and Undistributed Costs:

Tuition 624,824.22 - - - 624,824.22 459,556.13 Student and Instruction Related Services 1,163,332.98 3,912,409.35 - - 5,075,742.33 5,426,878.98 General Administration 368,513.07 - - - 368,513.07 384,305.01 School Administrative Services 464,140.33 - - - 464,140.33 434,101.56 Central Services 237,581.69 - - - 237,581.69 178,755.54 Administrative Information Technology 153,070.36 - - - 153,070.36 100,025.14 Plant Operations and Maintenance 1,215,893.51 - - - 1,215,893.51 1,173,066.03 Pupil Transportation 854,603.83 - - - 854,603.83 829,397.69 Employee Benefits 4,171,906.79 - - - 4,171,906.79 4,017,161.10

Special Schools 119,894.90 - - - 119,894.90 115,615.23 Transfer To Charter School 1,643,367.00 - - - 1,643,367.00 1,640,718.00 Debt Service:

Principal - - - 401,036.26 401,036.26 384,814.35 Interest and Other Charges - - - 143,824.74 143,824.74 161,879.44

Capital Outlay 279,868.92 - 72,000.00 - 351,868.92 120,755.08

Total Expenditures 17,104,002.48 6,011,181.17 72,000.00 544,861.00 23,732,044.65 23,092,836.97

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 350,407.62 (41,689.37) 685,516.00 - 994,234.25 236,807.31

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

Education Aid (185,000.00) 185,000.00 - - - - - -

Total Other Financing Sources/(Uses) (185,000.00) 185,000.00 - - - -

Net Change in Fund Balances 165,407.62 143,310.63 685,516.00 - 994,234.25 236,807.31

Fund Balance - July 1 1,365,297.37 (407,906.70) 71,771.25 683.21 1,029,845.13 793,037.82

Fund Balance - June 30 1,530,704.99$ (264,596.07)$ 757,287.25$ 683.21$ 2,024,079.38$ 1,029,845.13$

Totals

June 30, 2014GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESRED BANK SCHOOL DISTRICT

(With Comparative Totals for June 30, 2013)


EXHIBIT B-3

Total Net Change in Fund Balances - Governmental Funds (from B-2) 994,234.25$

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

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

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

Depreciation Expense (493,314.30)Capital Outlay 297,868.92

(195,445.38)

Repayment of bond, loans and capital lease principal is an expenditure in the

governmental funds, but the repayment reduces long-term liabilities in the Statement

of Net Position and is not reported in the Statement of Activities. 401,036.26

Bond premiums are amortized over the lives of the bonds in the Statement of ActivitiesThe net effect of the amortization is an increase to the reconciliation 14,257.54

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

the year. In the governmental funds, however, expenditures for these items arereported in the amount of financial resources used (paid). When the earned

amount exceeds the paid amount, the difference is a reduction in the reconciliation;when the paid amount exceeds the earned amount, the difference is an

addition to the reconciliation.Prior Year 55,778.00Current Year (12,970.00)

42,808.00

In the Statement of Activities, interest on long-term debt is accrued, regardless

of when due. In the governmental funds, interest is reported when due. The increase

in accrued interest over the previous year is a reduction in the reconciliation.

Prior Year 24,608.12

Current Year (20,979.17)3,628.95

Change in Net Position of Governmental Activities 1,260,519.62$

RED BANK SCHOOL DISTRICTRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDSTO THE STATEMENT OF ACTIVITIES

June 30, 2014

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

39


40

Proprietary Funds

41


42

EXHIBIT B-4

Business-TypeActivities -

Enterprise Funds (Memorandum Only)

Food Service 2014 2013Assets:

Current Assets:Cash and Cash Equivalents 20,074.71$ 20,074.71$ 72,631.48$ Intergovernmental Receivables: -

Federal 57,587.75 57,587.75 43,998.87 State 1,470.67 1,470.67 1,257.94

Accounts Receivable - Other 15,946.65 15,946.65 - Inventories 4,322.00 4,322.00 5,063.95

Total - Current Assets 99,401.78 99,401.78 122,952.24

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

Accumulated Depreciation (135,358.44) (135,358.44) (125,325.57)

Total - Noncurrent Assets 75,599.73 75,599.73 85,632.60

Total Assets 175,001.51$ 175,001.51$ 208,584.84$

Net Position:Invested in Capital Assets Net of Related Debt 75,599.73$ 75,599.73$ 85,632.60$ Unrestricted 99,401.78 99,401.78 122,952.24

Total Net Position 175,001.51$ 175,001.51$ 208,584.84$

PROPRIETARY FUNDSSTATEMENT OF FUND NET POSITION


Totals

June 30, 2014(With Comparative Totals for June 30, 2013)


EXHIBIT B-5



Food Service 2014 2013Operating Revenues:

Charges for Services:Daily Sales -$ -$ 80,005.19$ Daily Sales - Reimbursable Programs 31,388.98 31,388.98 - Daily Sales - Non-Reimbursable Programs 53,708.61 53,708.61 - Special Functions 52,233.16 52,233.16 21,694.30

Total Operating Revenues 137,330.75 137,330.75 101,699.49

Operating Expenses:Salaries - - 53,552.64 Support Services - Employee Benefits - - 25,775.51 Purchased Professional/Technical Services 402,855.52 402,855.52 267,520.67 Purchased Property Services 17,190.47 17,190.47 6,769.70 Supplies and Materials 29,728.54 29,728.54 19,251.13 Depreciation 10,032.87 10,032.87 13,338.33 Cost of Sales 352,382.91 352,382.91 362,756.40 Miscellaneous Expenditures 3,863.95 3,863.95 -

Total Operating Expenses 816,054.26 816,054.26 748,964.38

Operating Loss (678,723.51) (678,723.51) (647,264.89)

Nonoperating Revenues:State Sources:

State School Lunch Program 10,245.95 10,245.95 9,158.18 Federal Sources: -

National School Lunch Program 504,462.83 504,462.83 425,815.62 National School Breakfast Program 110,840.36 110,840.36 104,533.06 After School Snacks 3,528.80 3,528.80 2,886.78

Food Distribution Program 15,766.36 15,766.36 35,448.17 Interest and Investment Income 295.88 295.88 267.29

Total Nonoperating Revenues 645,140.18 645,140.18 578,109.10

Change in Net Position (33,583.33) (33,583.33) (69,155.79)

Total Net Position - Beginning 208,584.84 208,584.84 277,740.63

Total Net Position - Ending 175,001.51$ 175,001.51$ 208,584.84$

June 30, 2014PROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITIONRED BANK SCHOOL DISTRICT

Totals



EXHIBIT B-6



Food Service 2014 2013Cash Flows From Operating Activities:

Receipts From Customers 121,384.10$ 121,384.10$ 103,962.65$ Payments To Employees - - (53,552.64) Payments For Employee Benefits - - (25,775.51) Payments To Suppliers (789,513.08) (789,513.08) (636,172.35)

Net Cash Used For Operating Activities (668,128.98) (668,128.98) (611,537.85)

Cash Flows From Noncapital Financing Activities:State Sources 10,033.22 10,033.22 8,402.89 Federal Sources 605,243.11 605,243.11 527,785.80

Net Cash Provided By Noncapital Financing Activities 615,276.33 615,276.33 536,188.69

Cash Flows From Investing Activities:Interest 295.88 295.88 267.29

Net Cash Provided By Investing Activities 295.88 295.88 267.29

Net Increase in Cash and Cash Equivalents (52,556.77) (52,556.77) (75,081.87)

Balance - Beginning of Year 72,631.48 72,631.48 147,713.35

Balance - End of Year 20,074.71$ 20,074.71$ 72,631.48$

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

Operating Loss: (678,723.51)$ (678,723.51)$ (647,264.89)$ Adjustments To Reconcile Operating Loss To Net Cash - -

Provided By/(Used For) Operating Activities: - - (Increase)/Decrease in Accounts Receivable (15,946.65) (15,946.65) 3,301.21 Increase/(Decrease) in Accounts Payable - - (27,336.65) Depreciation 10,032.87 10,032.87 13,338.33 Increase/(Decrease) in Deferred Revenue - - (1,038.05) Food Distribution Program 15,766.36 15,766.36 35,448.17 (Increase)/Decrease in Inventories 741.95 741.95 12,014.03

Total Adjustments 10,594.53 10,594.53 35,727.04

Net Cash Used For Operating Activities (668,128.98)$ (668,128.98)$ (611,537.85)$

June 30, 2014PROPRIETARY FUNDS

STATEMENT OF CASH FLOWSRED BANK SCHOOL DISTRICT

Totals

(With Comparative Totals to June 30, 2013)



46

Fiduciary Fund

47


48

EXHIBIT B-7

Agency (Memorandum Only)

Fund 2014 2013

Assets:Cash and Cash Equivalents 111,805.58$ 111,805.58$ 120,788.44$

Total Assets 111,805.58$ 111,805.58$ 120,788.44$

Liabilities:Due To Student Groups 21,117.40$ 21,117.40$ 34,218.29$ Payroll Deductions and Withholdings 90,688.18 90,688.18 86,570.15

Total Liabilities 111,805.58$ 111,805.58$ 120,788.44$

STATEMENT OF FIDUCIARY NET POSITIONRED BANK SCHOOL DISTRICT

Totals

June 30, 2014FIDUCIARY FUNDS




50

RED BANK BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTSJune 30, 2014

51


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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2014

Note 1. Summary of Significant Accounting Policies The financial statements of the Red Bank School District (the ‘District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounting policies. A. Reporting Entity The Red Bank School District is a Type II district located in the County of Monmouth, State of New Jersey. As a Type II district, the School District functions independently through a Board of Education. The Board consists of appointed officials by the County Freeholders and is responsible for the fiscal control of the District. A Superintendent is appointed by the Board and is responsible for the administrative control of the District. The District provides a full range of educational services appropriate to grade levels PreK through 8. The Red Bank School District has an approximate enrollment at June 30, 2014 of 1,207 students. B. Component Units The primary criterion for including activities within the District’s reporting entity as a component unit, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:

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

Based on the aforementioned criteria, the District has no component units. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation District-Wide Financial Statements – The governmental fund 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. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental Fund Financial Statements – The 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 year-end. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and

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NOTES TO THE FINANCIAL STATEMENTS (continued): FOR THE YEAR ENDED JUNE 30, 2014

Note 1. Summary of Significant Accounting Policies (continued): transportation. Other revenues are considered to be measurable and available only when cash is received by the state. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. D. District-Wide and Fund Financial Statements The district-wide financial statements (the statement of net assets and the statement of activities) report information of all of the non-fiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function, segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions. Net position is restricted when constraints placed on them are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted net position. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. E. Fund Accounting The accounts of the Red Bank School District are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:

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Note 1. Summary of Significant Accounting Policies (continued): Governmental Funds

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

As required by the New Jersey Department of Education Red Bank School District includes budgeted Capital Outlay in this fund. Generally accepted accounting principles as they pertain to governmental entities state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues. Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, interest earnings and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to capital assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by board resolution. Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes. Capital Projects Fund - The capital projects fund is used to account for all financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). Debt Service Fund - The debt service fund is used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest.

Proprietary Funds

The focus of Proprietary Fund measurement is upon determination of net income, financial position and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the Proprietary Funds of the District:

Enterprise - The enterprise fund is used to account for the operations that are financed and operated in a manner similar to a private business enterprise. The costs of providing goods or services are financed primarily through user charges; or, where the District has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes.

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Note 1. Summary of Significant Accounting Policies (continued):

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

Depreciation of all exhaustive capital assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows: Buildings & Improvements 10-50 years Equipment 12 years

Light Trucks & Vehicles 4 years Heavy Trucks & Vehicles 6 years

The District’s enterprise fund is comprised of the following: • Food Service Fund – This fund accounts for the revenues and expenses pertaining to

the District’s cafeteria operations. Fiduciary Fund

Fiduciary funds are used to account for assets held by a governmental entity for other parties (either as trustee or as an agent) and that cannot be used to finance the governmental entity’s own operating programs which includes private purpose trust funds and agency funds.

Agency Funds - assets held by a governmental entity (either as trustee or as an agent) for other parties that cannot be used to finance the governmental entity’s own operating programs. The District currently maintains Payroll and Student Activity Funds as Agency Funds.

F. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and private purpose trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total position) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total position.

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Note 1. Summary of Significant Accounting Policies (continued): The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, private purpose trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due. In its accounting and financial reporting, the Red Bank School District follows the pronouncements of the Governmental Accounting Standards Board (GASB) and the pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. The Red Bank School District’s proprietary funds have elected not to apply the standards issued by FASB after November 30, 1989. The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types and private purpose trust funds. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred. G. Budgets/Budgetary Control Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and debt service funds. The budgets are submitted to the county office and are approved by the County Superintendent. Budgets are prepared using the modified accrual basis of accounting. The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C.6:20-2A(m)1. All budget amendments must be approved by School Board resolution. Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year-end. The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports. The budget, as detailed on Exhibit C-1, includes all amendments to the adopted budget, if any. The following presents a reconciliation of the special revenue fund revenues and expenditures from the budgetary basis of accounting as presented in the Combined Statement of Revenues, Expenditures and

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Note 1. Summary of Significant Accounting Policies (continued): Changes in Fund Balances - Budget and Actual – General, Special Revenues and Debt Service Funds to the GAAP basis of accounting as presented in the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types: H. Encumbrances Under encumbrance accounting purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as reservations of fund balances at fiscal year-end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services. Open encumbrances in the special revenue fund for which the Red Bank School District has received advances are reflected in the balance sheet as deferred revenues at fiscal year-end. The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year-end. I. Cash and Cash Equivalents Cash and Cash equivalents include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost. New Jersey School Districts are limited as to the types of investments and types of financial institutions they may invest in. N.J.S.18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts. Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on deposit with a failed banking institution in New Jersey. N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include Savings and Loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental Units. J. Tuition Receivable/Payable Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined.

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Note 1. Summary of Significant Accounting Policies (continued): These adjustments are recorded upon certification by the State Board of Education, which is normally two years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable. The tuition rate adjustments for the years 2011-2012 have been established. According to the School District’s records, these amounts of adjustments are immaterial to the financial statements. K. Inventories Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method. The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed. L. Prepaid Expenses Prepaid expenses, which benefit future periods, are only recorded in the government-wide financial statements and in the proprietary fund statements. Prepaid expenses in the proprietary fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014. They are recorded as expenditure during the year of purchase. M. Short-Term Interfund Receivables/Payables Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the Red Bank School District and that are due within one year. N. Capital Assets General capital assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of one year or more. Donated capital assets are valued at their estimated fair market value on the date received. The general capital assets acquired or constructed were valued by an independent appraisal company. General capital assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively. General capital assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows: Buildings 20-50 Years Machinery and Equipment 5-10 Years Improvements 10-20 Years

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Note 1. Summary of Significant Accounting Policies (continued): O. Accrued Salaries and Wages District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve-month year. Therefore, there is no accrual as of June 30, 2014 for such salaries.

P. Compensated Absences Compensated absences are those absences for which employees will be paid, such as vacation, sick leave and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the District and its employees, are accounted for in the period in which such services are rendered or in which such events take place. In the District-Wide financial statements, under governmental activities, compensated absences are reported as an expenditure and noncurrent liabilities. Q. Unearned Revenue Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied and is recorded as a liability until the revenue is both measureable and the District is eligible to realize the revenue. R. Long-Term Obligations In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred. S. Fund Balance The Red Bank School District classifies governmental fund balances as follows:

• Non-spendable – includes fund balance amounts that cannot be spent either because it is not in spendable form or because legal or contractual constraints.

• Restricted – includes fund balance amounts that are constrained for specific purposes which are externally imposed by external parties, constitutional provision or enabling legislation.

• Committed – includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority and does not lapse at year-end.

• Assigned – includes fund balance amounts that are intended to be used for specific purposes that are neither considered restricted or committed. Fund Balance may be assigned by the Business Administrator.

• Unassigned – includes balance within the General Fund which has not been classified within the above mentioned categories and negative fund balances in other governmental funds.

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Note 1. Summary of Significant Accounting Policies (continued):

The District uses restricted/committed amounts to be spent first when both restricted and unrestricted fund balance is available, unless prohibited by law or regulation. Additionally, the District would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made.

T. Net Position Net position, represents the difference between summation of assets and deferred outflows of resources, and the summation of liabilities and deferred inflows of resources. Net position is classified in the following three components:

• Net Investment in Capital Assets – This component represents capital assets, net of accumulated depreciation, net of outstanding balances of borrowings used for acquisition, construction, or improvement of those assets.

• Restricted – Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.

• Unrestricted – Net position is reported as unrestricted when it does not meet the criteria of the other two components of net position.

U. Impact of Recently Issued Accounting Principles

Recently Issued and Adopted Accounting Pronouncements

In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements. In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities. GASB 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. This Statement is effective for periods beginning after December 15, 2012. Management has implemented this Statement in the District’s financial statements for the year ended June 30, 2014 with a prior period adjustment to beginning net position. See note 21 for more information. Recently Issued Accounting Pronouncements In June 2012, the GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27. GASB 68 improves accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial

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Note 1. Summary of Significant Accounting Policies (continued): reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency. This Statement is effective for fiscal years beginning after June 15, 2014. Management is currently evaluating the impact of the adoption of this statement on the District’s financial statements. S. Subsequent Events The Red Bank School District has evaluated subsequent events occurring after June 30, 2014 through the date of October 16, 2014, which is the date the financial statements were available to be issued. Note 2. Cash and Cash Equivalents The District is governed by the deposit and investment limitations of New Jersey state law. The cash and cash equivalents held at June 30, 2014, are reported at carrying value as follows:

CarryingType Value

DepositsDemand Deposits 2,724,720.55$

Total Deposits 2,724,720.55$

The District's Cash and Cash Equivalents are Reported as Follows:Government Activities 2,592,840.26$ Business-Type Activities 20,074.71 Fiduciary Funds 111,805.58

Total Cash and Cash Equivalents 2,724,720.55$

Custodial Credit Risk – Custodial credit risk is the risk that, in the event of a bank failure, the Board’s deposits may not be recovered. Although the Board does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, student activity funds or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. As of June 30, 2014, the District’s bank balance of $3,373,832.55 was exposed to custodial credit risk as follows:

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Note 2. Cash and Cash Equivalents (continued): Insured Under FDIC $ 250,000.00 Uninsured and uncollateralized 200,636.82 Collateralized in the District’s Name Under GUDPA 2,923,195.73 Total $3,373,832.55 Note 3. Reserve Accounts A. Capital Reserve Account A capital reserve account was established by the Red Bank School District by inclusion of $100.00 on October 3, 2000, for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget. Funds placed in the capital reserve account are restricted to capital projects in the district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriated additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP The activity of the capital reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 59,666.10$

Interest Earnings 120.09

Ending Balance, June 30, 2014 59,786.19$

B. Maintenance Reserve Account A Maintenance Reserve Account was established by the Red Bank School District for the accumulation of funds for use as maintenance expenditures in subsequent fiscal years. The Maintenance Reserve Account is maintained in the General Fund and its activity is included in the General Fund annual budget.

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Note 3. Reserve Accounts (continued): The maintenance reserve account is used to accumulate funds for the required maintenance of a facility in accordance with the EFCFA (N.J.S.A.18A:7G-9) as amended by P.L. 2004, c. 73 (S1701). Districts may only increase the balance in the maintenance reserve account by appropriating funds in the annual general fund budget certified for taxes (N.J.A.C. 6A:23A-14.2) or by deposit of any unanticipated revenue or unexpended line-item appropriation by board resolution at year end. The board resolution for deposit at year end into a maintenance reserve account must be made between June 1 and June 30 of the budget year (N.J.S.A 18A:7F-41, N.J.A.C. 6A:23A-14.3). EFCFA requires that upon District completion of a school facilities project, the district must submit a plan for the maintenance of that facility. The activity of the maintenance reserve account for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 249,188.89$

Increased by:Board Resolution, June 17, 2014 200,000.00

Ending Balance, June 30, 2014 449,188.89$

Note 4. Accounts Receivable Accounts receivable at June 30, 2014 consisted of accounts and intergovernmental grants. All receivables are considered collectible in full due to the stable condition of state programs and the current fiscal year guarantee of federal funds. Accounts receivable as of fiscal year end for the School District’s individual major and fiduciary funds, in the aggregate, are as follows:

Special CapitalGeneral Revenue Projects Proprietary

Fund Fund Fund Funds Total

State Aid 143,775.91$ 483.45$ 28,800.00$ 1,470.67$ 174,530.03$ Federal Aid - 314,233.20 - 57,587.75 371,820.95 Other - 19,855.07 - 15,946.65 35,801.72

Total 143,775.91$ 334,571.72$ 28,800.00$ 75,005.07$ 582,152.70$

Note 5. Capital Assets The schedule on the following page is a summarization of the capital assets by source for the fiscal year ended June 30, 2014.

64



Note 5. Capital Assets (continued):

June 30, June 30,2013 Additions Deletions 2014

Governmental Activities:Capital assets that are not

being depreciated:Land 3,514,100.00$ -$ -$ 3,514,100.00$ Construction in progress - 72,000.00 - 72,000.00

Total capital assets not being depreciated 3,514,100.00 72,000.00 - 3,586,100.00

Buildings and improvements 17,052,937.04 - - 17,052,937.04 Machinery and equipment 799,925.12 225,868.91 - 1,025,794.03

Subtotal 17,852,862.16 225,868.91 - 18,078,731.07

Less: accumulated depreciation:Buildings and improvements (6,416,509.70) (390,517.11) - (6,807,026.81) Machinery and equipment (504,788.76) (102,797.18) - (607,585.94)

Total accumulated depreciation (6,921,298.46) (493,314.29) - (7,414,612.75)

Total capital assets being depreciated, net 10,931,563.70 (267,445.38) - 10,664,118.32

Governmental activities capital assets, net 14,445,663.70$ (195,445.38)$ -$ 14,250,218.32$

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Note 5. Capital Assets (continued):

June 30, June 30,2013 Additions Deletions 2014

Business-Type Activities:Buildings and improvements 85,770.00$ -$ -$ 85,770.00$ Equipment 125,188.17 - - 125,188.17

Subtotal 210,958.17 - - 210,958.17

Less: accumulated depreciation:Buildings and improvements (47,891.93) (3,967.04) - (51,858.97) Equipment (77,433.64) (6,065.83) - (83,499.47)

Total accumulated depreciation (125,325.57) (10,032.87) - (135,358.44)

Total capital assets being depreciated, net 85,632.60 (10,032.87) - 75,599.73

Business-type activities capital assets, net 85,632.60$ (10,032.87)$ -$ 75,599.73$

Note 6. Long-Term Obligations A. Long-Term Obligation Activity During the fiscal year ended June 30, 2014 the following changes occurred in liabilities reported in the long-term obligations:

June 30, Accrued/ Retired/ June 30, Due Within2013 Increases Decreases 2014 One Year

Governmental Activities:General Obligation Bonds 3,185,000.00$ -$ (360,000.00)$ 2,825,000.00$ 360,000.00$ Amortization of Bond Premium 114,060.34 - (14,257.54) 99,802.80 14,257.54 Compensated Absences 55,778.00 - (42,808.00) 12,970.00 Loans Payable - NJDEA 41,036.32 - (41,036.32) -

Total 3,395,874.66$ -$ (458,101.86)$ 2,937,772.80$ 374,257.54$

B. Bonds Payable Bonds are authorized in accordance with State law by the voters of the District through referendums. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the District are general obligation bonds.

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Note 6. Long-Term Obligations (continued): On July 20, 2005, the District issued General Obligation Bonds totaling $4,690,000.00 for the purpose of renovations to the schools. The Bonds bear interest of 5.15% per annum payable semi-annually on the first day of November and May of each year, until maturity. The principal is due annually on the first day of May through 2021, installments range from $340,000.00 to $430,000.00. Debt Service requirements on serial bonds payable at June 30, 2014 are as follows:

Year Prinicpal Interest Total

2015 360,000.00$ 125,875.00$ 485,875.00$ 2016 370,000.00 108,775.00 478,775.00 2017 410,000.00 92,125.00 502,125.00 2018 410,000.00 73,675.00 483,675.00 2019 405,000.00 55,225.00 460,225.00

2020-2021 870,000.00 54,200.00 924,200.00

2,825,000.00$ 509,875.00$ 3,334,875.00$

C. Bonds Authorized But Not Issued As of June 30, 2014, the District had no authorized but not issued bonds. D. Capital Leases As of June 30, 2014, the District had no capital leases. E. Loans Payable – N.J.E.D.A The loan payable is a school facilities loan which is administered by, and payable to, the New Jersey Economic Development Authority. The loan is for renovation and improvements to the primary and middle schools. As of June 30, 2014, the principal and interest due on loans outstanding is $0.00. Note 7. Interfund Receivables and Payables The following interfund balances remained on the balance sheet at June 30, 2014:

67



Note 7. Interfund Receivables and Payables (continued):

Interfund InterfundFund Receivable Payable

General Fund 90,171.60$ -$ Special Revenue Fund - 90,171.60

Total 90,171.60$ 90,171.60$

The purpose of interfunds are short-term borrowings. Note 8. Inventory Inventory recorded at June 30, 2014 in business-type activities on the government-wide statement of net position, and on the food service enterprise fund statement of net position, consisted of the following:

Food $1,920.36 Supplies 2,361.68 Total $4,322.00 Note 9. Pension Plans Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625. Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified. Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time

68



Note 9. Pension Plans (continued): employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction. Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15A and 43.3B and N.J.S.A.18A:6C for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 55 and are generally determined to be 1/55 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System. Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members’ beneficiaries are entitled to full interest credited to the members’ accounts. Chapter 78, P.L. 2011 changed this for employees enrolled after June 28, 2011. See Significant Legislation below. Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced. New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension. Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service.

69



Note 9. Pension Plans (continued): All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”. Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs. Contribution Requirements – The contribution policy is set by N.J.S.A.43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A.18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5%, effective October 1, 2011, of employees’ annual compensation, as defined. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for both cost-of-living adjustments, noncontributory death benefits and post-retirement medical premiums. Under current statute the District is a noncontributing employer of the TPAF.

Annual Percentage Net Year Pension of APC Pension

Funded Cost (APC) Contributed Obligation

6/30/2014 252,504.00 100% -$ 6/30/2013 248,536.00 100% - 6/30/2012 247,745.00 100% -

Three-Year Trend Information for PERS

Annual Percentage Net Year Pension of APC Pension

Funded Cost (APC) Contributed Obligation

6/30/2014 703,075.00$ 100% -$ 6/30/2013 886,625.00 100% - 6/30/2012 579,988.00 100% -

Three-Year Trend Information for TPAF Normal & Post Retirement Medical Contributions(Paid on behalf of the District)

During the year ended June 30, 2014 the State of New Jersey contributed $703,075.00 to the TPAF for normal and post-retirement benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $447,698.96 for the year ended June 30, 2014 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.

70



Note 10. Post-Retirement Benefits P.L. 1987, c. 384 and P.L. 1990, c.6 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical benefits for those State Employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007, c.103 amended the law to eliminate the funding of post-retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for the funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2014, there were 100,134 retirees receiving post-retirement medical benefits, and the state contributed $1.07 billion on their behalf.. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical benefits changed from a pre-funding basis to a pay-as-you-go basis beginning in Fiscal Year 1994. The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides employer paid health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2014.

Note 11. Risk Management The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Property and Liability Insurance – The District maintains commercial insurance coverage for property, liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report. New Jersey Unemployment Compensation Insurance – The District has elected to fund its New Jersey Unemployment Compensation Insurance under the “Contributory Method”. Note 12. Contingent Liabilities The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; therefore, no provisions have been recorded in the accompanying combined financial statements for such contingencies. Note 13. Economic Dependency The District receives a substantial amount of its support from federal and state governments. A significant reduction in the level of support, if this were to occur, could have an effect on the District’s programs and activities.

71



Note 14. Deferred Compensation The Board offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows: AXA Equitable MetLife VALIC Note 15. Compensated Absences The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits. District employees are granted varying amounts of vacation and sick leave in accordance with the district’s school personnel policy. Upon termination, employees are paid for accrued vacation. The district’s school’s policy permits employees to accumulate unused sick leave and carry forward the full amount to subsequent years. Upon retirement employees shall be paid by the district school for the unused sick leave in accordance with district’s agreements with various employee unions. The liability for vested compensated absences of the governmental fund types is recorded in the statement of net position under governmental activities. The current portion of the compensated absence balance is not considered material to the applicable funds total liabilities, and is therefore not shown separately from the long-term liability balance of compensated absences. The amount at June 30, 2014 is $12,970.00. The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2014 no liability existed for compensated absences in the proprietary fund types.

Note 16. Lease Obligations At June 30, 2014 the School District did not have any operating lease agreements. Note 17. Fund Balance Disclosure General Fund (Exhibit B-1) – Of the $1,530,704.99 General Fund fund balance at June 30, 2014, $59,786.19 has been restricted for the Capital Reserve Account; $449,188.89 has been restricted for the Maintenance Reserve; $142,022.73 has been restricted as current year excess surplus in accordance with N.J.S.A. 18A:7F-7 (See Note 18); $49,605.61 has been restricted for excess surplus – designated for subsequent year’s expenditures; $346,039.39 has been assigned for excess surplus – designated for subsequent year’s expenditures; and $78,838.77 has been assigned for other purposes.

72



Note 17. Fund Balance Disclosure (continued): Capital Projects Fund – The fund balance of $757,287.55 is restricted for future Capital Project expenditures. Debt Service Fund – The fund balance of $683.21 is restricted in accordance with N.J.S.A 7F-41c(2). Note 18. Calculation of Excess Surplus The designation for Reserved Fund Balance – Excess Surplus is a required calculation pursuant to N.J.S.A. 18A:7F-7, as amended. New Jersey school districts are required to reserve General Fund fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $142,022.73. Note 19. Deficit in Net Position Restricted Net Position – The School District had a deficit in restricted net position for Debt Service in the amount of $20,295.96 at June 30, 2014. The deficit is caused by the accrual of bond interest in the government-wide financial statements. Unrestricted Net Position – The School District had a deficit in unrestricted net position in the amount of $198,727.30 at June 30, 2014. The deficit is caused by the accrual of compensated absences liability in the government-wide financial statements and the final state aid payment of $289,801.80 not recognized in the GAAP financial statements. Note 20. Transfers to Capital Outlay During the year ending June 30, 2014, the district transferred $27,305.00 to the capital outlay accounts. Note 21. Prior Period Restatement As discussed in Note 1, the District has implemented GASB Statement 65, Items Previously Reported as Assets and Liabilities in the District’s financial statements for the year ended June 30, 2014. As a result, net position as of July 1, 2013 has been restated as follows:

Original Net Restated Balance Adjustment Balance Unamortized Bond Issuance Costs (1) $ (40,141.72) $ 40,141.72 $ -0-

Net Position, July 1, 2013 $12,095,167.83 $ (40,141.72) $ 12,055,026.11 (1) Previously reported as an asset on the Statement of Net Position and amortized over the life of related debt.

73


74

REQUIRED SUPPLEMENTARY INFORMATION - PART II

75


76

C. Budgetary Comparison Schedules

77


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O

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Fac

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5,00

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00

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al O

ther

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anci

ng S

ourc

es/(

Use

s)-

18

5,00

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5,00

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5,00

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(Def

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s)-

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(0

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$

88

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

89


90

EXHIBIT C-3

General Special Revenue

Fund Fund

the Budgetary Comparison Schedules 17,524,341.60$ 5,933,613.03$

Grant accounting budgetary basis differs from GAAP in that

encumbrances are recognized as expenditures, and the

related revenue is recognized:

Less: Current Year Encumbrances (309,398.95)

Add: Prior Year Encumbrances 277,769.04

Less: Prior Year Encumbrances Cancelled (75,801.95)

State aid payment recognized for GAAP statements in the current

year, previously recognized for budgetary purposes. 219,870.30 407,906.70

recognized for GAAP statements until the subsequent year. (289,801.80) (264,596.07)

Total revenues as reported on the Statement of Revenues,

Expenditures and Changes in Fund Balances -Governmental Funds. 17,454,410.10$ 5,969,491.80$

from the Budgetary Comparison Schedule 17,104,002.48$ 6,118,613.03$

Encumbrances for supplies and equipment ordered but not

received are reported in the year the order is placed

for budgetary purposes, but in the year the supplies

are received for financial reporting purposes:

Less: Current Year Encumbrances - (309,398.95)

Add: Prior Year Encumbrances - 277,769.04

Less: Prior Year Encumbrances Cancelled - (75,801.95)

Total expenditures as reported on the Statement of Revenues,

Expenditures and Changes in Fund Balances - Governmental Funds. 17,104,002.48$ 6,011,181.17$

Actual amounts (budgetary basis) “total outflows”

Difference - budget to GAAP:

Expenditures

SOURCES/INFLOWS OF RESOURCES

Actual amounts (budgetary) “revenues” from

Difference - budget to GAAP:

State aid payment recognized for budgetary purposes, not

USES/OUTFLOWS OF RESOURCES

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


BUDGETARY COMPARISON SCHEDULE

Fiscal year ended June 30, 2014

REQUIRED SUPPLEMENTARY INFORMATION

NOTE TO RSI

91


92

OTHER SUPPLEMENTARY INFORMATION

93


94

D. School Based Budget Schedules

Not Applicable

95


96

E. Special Revenue Fund

97


98

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102

EXHIBIT E-2

DISTRICT-WIDE TOTALS 2014 2014Budgeted Actual Variance

EXPENDITURES:Instruction:

Salaries of Teachers 510,312.03$ 510,312.03$ -$ Other Salaries for Instruction 323,231.76 322,852.49 379.27 Other Purchased Services 209,710.62 209,710.62 - General Supplies 21,249.69 21,249.69 - Other Objects 6,550.00 1,754.85 4,795.15

Total Instruction 1,071,054.10 1,065,879.68 5,174.42

Support Services:Salaries of Supervisors of Instruction 110,852.23 110,852.23 - Salaries of Program Directors 15,862.77 15,345.73 517.04 Salaries of Other Professional Staff 137,196.71 137,173.02 23.69 Salaries of Secr. And Clerical Assistants 37,536.00 37,536.00 - Other Salaries 97,078.00 97,078.00 - Salaries of Community Parent Involvement Spec. 67,602.12 67,602.12 - Salaries of Masters Teachers 111,355.00 111,355.00 - Personal Services - Employee Benefits 400,188.47 400,188.47 - Purchased Educ. Services - Contracted Pre-K 2,016,180.00 1,915,673.00 100,507.00 Purchased Professional - Educational Services 75,962.41 72,195.01 3,767.40 Other Purchased Professional Services 17,171.88 16,548.88 623.00 Tuition Reimbursement 27,909.84 27,909.84 - Cleaning, Repair, & Maintenance Services 9,000.00 9,000.00 - Rentals 105,907.86 105,802.90 104.96 Contracted Transportation Serv. (Bet. Home & Sch) 200,413.97 200,413.97 - Contracted Transportation Serv. (Field Trips) 7,698.23 2,483.50 5,214.73 Travel 4,500.00 1,869.82 2,630.18 Supplies and Materials 33,644.41 33,644.41 - Other Objects 7,000.00 6,409.68 590.32

Total Support Services 3,483,059.90 3,369,081.58 113,978.32

Total Expenditures 4,554,114.00$ 4,434,961.26$ 119,152.74$

Total revised 2013-14 Preschool Education Aid Allocation 4,279,702.00$ Add: Actual ECPA/PEA Carryover (June 30, 2013) 63,348.39 Add: Prior Year Cancelled Encumbrances 70,285.00 Add: Budgeted Transfer from the General Fund 2013-14 185,000.00

Total Preschool Education Aid Funds Available for 2013-14 Budget 4,598,335.39

Less:2013-14 Budgeted Preschool Education Aid (Including prior-year budget carryover) (4,554,114.00)

Available and Unbudgeted Preschool Education Aid Funds as of June 30, 2014 44,221.39

Add:June 30, 2014 Unexpended Preschool Education Aid 119,152.74

2013-14 Carryover - Preschool Education Aid Programs 163,374.13$

2013-14 Preschool Education Aid Carryover Budgeted for Preschool Programs 2014-15 85,000.00$

SUMMARY OF LOCATION TOTALS

RED BANK SCHOOL DISTRICTSPECIAL REVENUE FUND

SCHEDULE OF PRESCHOOL EDUCATION AIDBUDGETARY BASIS

For the fiscal year ended June 30, 2014(With Comparative Totals for June 30, 2013)

103


104

F. Capital Projects Fund

105


106

EXHIBIT F-1

Approval Prior Current UnexpendedDate Appropriations Years Year Balance

Renovations, Improvements andVarious Acquisitions for the

Middle School 08/24/00 11,248,520.66$ 11,176,749.41$ -$ 71,771.25$ HVAC Replacement throughtout

Building 03/31/14 1,214,526.00 - 72,000.00 1,142,526.00

Totals 12,463,046.66$ 11,176,749.41$ 72,000.00$ 1,214,297.25$

Less: Unearned SDA Revenue (457,010.00)$

Fund Balance 757,287.25$

Project Title/Issue

RED BANK SCHOOL DISTRICTCAPITAL PROJECTS FUND

SUMMARY STATEMENT OF PROJECT EXPENDITURESFor the year ended June 30, 2014

Expenditures to Date

107

EXHIBIT F-2

BUDGETARY BASIS

Revenues and Other Financing Sources:State Sources - SCC Grant 485,810.00$ Insurance Proceeds 728,716.00

Total Revenues 1,214,526.00

Expenditures and Other Financing Sources:Purchased Professional and Technical Services 72,000.00

Total Expenditures 72,000.00

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 1,142,526.00

Net Change in Fund Balances 1,142,526.00 Fund Balance - July 1 71,771.25

Fund Balance - June 30 1,214,297.25$


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

For the year ended June 30, 2014

108

EXHIBIT F-2a

RevisedPrior Current Authorized

Periods Year Totals CostRevenues and Other Financing Sources:

State Sources - SCC Grant 4,483,520.66$ -$ 4,483,520.66$ 4,483,520.66$ Bond Proceeds and Transfers 6,765,000.00 - 6,765,000.00 6,765,000.00

Total Revenues 11,248,520.66 - 11,248,520.66 11,248,520.66

Expenditures and Other Financing Uses:Purchased Professional and Technical

Services 1,263,859.83 - 1,263,859.83 1,270,000.00 Construction Services 9,844,714.52 - 9,844,714.52 9,878,520.66 Supplies 68,175.06 - 68,175.06 100,000.00

Total Expenditures 11,176,749.41 - 11,176,749.41 11,248,520.66

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 71,771.25$ -$ 71,771.25$ -$

Additional Project Information:Project Date 08/24/00Grant Date 08/31/00Bond Authorization Date 11/06/00Bonds Authorized 6,765,000.00 Bonds Issued 6,760,000.00 Original Authorization Cost 11,275,000.00 Additional Authorization Cost (26,479.34) Revised Authorization Cost 11,248,520.66

Percentage Increase over OriginalAuthorized Cost -0.23%

Percentage Completion 99.36%Original Target Completion Date 09/03Revised Target Completion Date N/A

From inception and for the year ended June 30, 2014


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

RENOVATIONS, IMPROVEMENTS AND VARIOUS ACQUISITIONS FOR MIDDLE SCHOOL

109

EXHIBIT F-2b

RevisedPrior Current Authorized

Periods Year Totals CostRevenues and Other Financing Sources:

State Sources - SCC Grant -$ 485,810.00$ 485,810.00$ 485,810.00$ Insurance Proceeds - 728,716.00 728,716.00 728,716.00

Total Revenues - 1,214,526.00 1,214,526.00 1,214,526.00

Expenditures and Other Financing Uses:Purchased Professional and Technical

Services - 72,000.00 72,000.00 99,500.00 Construction Services - - - 1,115,026.00

Total Expenditures - 72,000.00 72,000.00 1,214,526.00

Excess/(Deficiency) of Revenues Over/(Under) Expenditures -$ 1,142,526.00$ 1,142,526.00$ -$

Additional Project Information:Project Number 4360-075-14-1001Grant Date/Letter of Notification 3/31/2014Bond Authorization Date N/ABonds Authorized N/ABonds Issued N/AOriginal Authorization Cost 1,214,526.00 Additional Authorization Cost - Revised Authorization Cost 1,214,526.00

Percentage Increase over OriginalAuthorized Cost 0.00%

Percentage Completion 5.93%Original Target Completion Date N/ARevised Target Completion Date N/A

From inception and for the year ended June 30, 2014


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

HVAC REPLACEMENT THROUGHOUT BUILDING

110

G. Proprietary Funds

111


112

Enterprise Funds

113


114

EXHIBIT G-1


Enterprise FundsFood Service 2014 2013

Assets:Current Assets:

Cash and Cash Equivalents 20,074.71$ 20,074.71$ 72,631.48$ Intergovernmental Receivables:

Federal 57,587.75 57,587.75 43,998.87 State 1,470.67 1,470.67 1,257.94

Accounts Receivable - Other 15,946.65 15,946.65 - Inventories 4,322.00 4,322.00 5,063.95

Total - Current Assets 99,401.78 99,401.78 122,952.24

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

Accumulated Depreciation (135,358.44) (135,358.44) (125,325.57)

Total - Noncurrent Assets 75,599.73 75,599.73 85,632.60

Total Assets 175,001.51$ 175,001.51$ 208,584.84$

Net Position:Invested in Capital Assets Net of Related Debt 75,599.73$ 75,599.73$ 85,632.60$ Unrestricted 99,401.78 99,401.78 122,952.24

Total Net Position 175,001.51$ 175,001.51$ 208,584.84$

COMBINING SCHEDULE OF NET POSITIONJune 30, 2014


RED BANK SCHOOL DISTRICTENTERPRISE FUND

115

EXHIBIT G-2


Enterprise FundsFood Service 2014 2013

Operating Revenues:Charges for Services:

Daily Sales -$ -$ 80,005.19$ Daily Sales - Reimbursable Programs 31,388.98 31,388.98 - Daily Sales - Non-Reimbursable Programs 53,708.61 53,708.61 - Special Functions 52,233.16 52,233.16 21,694.30

Total Operating Revenues 137,330.75 137,330.75 101,699.49

Operating Expenses:Salaries - - 53,552.64 Support Services - Employee Benefits - - 25,775.51 Purchased Professional/Technical Services 402,855.52 402,855.52 267,520.67 Purchased Property Services 17,190.47 17,190.47 6,769.70 Supplies and Materials 29,728.54 29,728.54 19,251.13 Depreciation 10,032.87 10,032.87 13,338.33 Cost of Sales 352,382.91 352,382.91 362,756.40 Miscellaneous Expenditures 3,863.95 3,863.95 -

Total Operating Expenses 816,054.26 816,054.26 748,964.38

Operating Loss (678,723.51) (678,723.51) (647,264.89)

Nonoperating Revenues:State Sources:

State School Lunch Program 10,245.95 10,245.95 9,158.18 Federal Sources:

National School Lunch Program 504,462.83 504,462.83 425,815.62 National School Breakfast Program 110,840.36 110,840.36 104,533.06 After School Snacks 3,528.80 3,528.80 2,886.78

Food Distribution Program 15,766.36 15,766.36 35,448.17 Interest and Investment Income 295.88 295.88 267.29

Total Nonoperating Revenues 645,140.18 645,140.18 578,109.10

Change in Net Position (33,583.33) (33,583.33) (69,155.79)

Total Net Position - Beginning 208,584.84 208,584.84 277,740.63

Total Net Position - Ending 175,001.51$ 175,001.51$ 208,584.84$

(With Comparative Totals for June 30, 2013)June 30, 2014

ENTERPRISE FUNDSCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION


116

EXHIBIT G-3

Business-Type Activities -Enterprise Funds

Food Service 2014 2013Cash Flows From Operating Activities:

Receipts From Customers 121,384.10$ 121,384.10$ 103,962.65$ Payments To Employees - - (53,552.64) Payments For Employee Benefits - - (25,775.51) Payments To Suppliers (789,513.08) (789,513.08) (636,172.35)

Net Cash Used For Operating Activities (668,128.98) (668,128.98) (611,537.85)

Cash Flows From Noncapital Financing Activities:State Sources 10,033.22 10,033.22 8,402.89 Federal Sources 605,243.11 605,243.11 527,785.80

Net Cash Provided By Noncapital Financing Activities 615,276.33 615,276.33 536,188.69

Cash Flows From Investing Activities:Interest 295.88 295.88 267.29

Net Cash Provided By Investing Activities 295.88 295.88 267.29

Net Increase in Cash and Cash Equivalents (52,556.77) (52,556.77) (75,081.87)

Balance - Beginning of Year 72,631.48 72,631.48 147,713.35

Balance - End of Year 20,074.71$ 20,074.71$ 72,631.48$

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

Operating Loss: (678,723.51)$ (678,723.51)$ (647,264.89)$ Adjustments To Reconcile Operating Loss To Net Cash

Provided By/(Used For) Operating Activities:(Increase)/Decrease in Accounts Receivable (15,946.65) (15,946.65) 3,301.21 Increase/(Decrease) in Accounts Payable - - (27,336.65) Depreciation 10,032.87 10,032.87 13,338.33 Increase/(Decrease) in Deferred Revenue - - (1,038.05) Food Distribution 15,766.36 15,766.36 35,448.17 (Increase)/Decrease in Inventories 741.95 741.95 12,014.03

Total Adjustments 10,594.53 10,594.53 35,727.04

Net Cash Used For Operating Activities (668,128.98)$ (668,128.98)$ (611,537.85)$

(With Comparative Totals to June 30, 2013)June 30, 2014

COMBINING SCHEDULE OF CASH FLOWS

RED BANK SCHOOL DISTRICTENTERPRISE FUND

117


118

H. Fiduciary Fund

119


120

EXHIBIT H-1

StudentActivity Payroll 2014 2013

Assets

Cash and Cash Equivalents 21,117.40$ 90,688.18$ 111,805.58$ 120,788.44$

Total Assets 21,117.40$ 90,688.18$ 111,805.58$ 120,788.44$

Liabilities

Payroll Deductions and Withholdings -$ 90,688.18$ 90,688.18$ 86,570.15$ Due To Student Groups 21,117.40 - 21,117.40 34,218.29

Total Liabilities 21,117.40$ 90,688.18$ 111,805.58$ 120,788.44$

Agency Funds

June 30, 2014FIDUCIARY FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITIONRED BANK SCHOOL DISTRICT


121

EXHIBIT H-3

Balance BalanceJuly 1, Cash Cash June 30,2013 Receipts Disbursements 2014

Elementary Schools:Primary School 10,815.45$ 12,410.46$ 20,089.80$ 3,136.11$ Middle School 23,402.84 34,231.33 39,652.88 17,981.29

Total Assets 34,218.29$ 46,641.79$ 59,742.68$ 21,117.40$

RED BANK SCHOOL DISTRICTSCHEDULE OF RECEIPTS AND DISBURSEMENTS

STUDENT ACTIVITY AGENCY FUNDFor the fiscal year ended June 30, 2014

122

EXHIBIT H-4

Balance BalanceJuly 1, June 30,2013 Additions Deletions 2014

Assets

Cash 86,570.15$ 12,873,921.47$ 12,869,803.44$ 90,688.18$

Total Assets 86,570.15$ 12,873,921.47$ 12,869,803.44$ 90,688.18$

Liabilities

Payroll Deductions andWithholdings 86,570.15$ 5,547,470.10$ 5,544,065.28$ 89,974.97$

Net Payroll - 7,326,451.37 7,325,738.16 713.21

Total Liabilities 86,570.15$ 12,873,921.47$ 12,869,803.44$ 90,688.18$

RED BANK SCHOOL DISTRICTPAYROLL AGENCY FUND

SCHEDULE OF RECEIPTS AND DISBURSEMENTSFor the fiscal year ended June 30, 2014

123


124

I. Long-Term Debt

125


126

EXHIBIT I-1

Balance BalanceDate of Amount of Annual Maturities Interest July 1, June 30,

Issue Issue Issue Date Amount Rate 2013 Retired 2014

Refunding Bonds 07/01/05 4,690,000.00$ 05/01/15 360,000.00$ 4.750% 3,185,000.00$ 360,000.00$ 2,825,000.00$ 05/01/16 370,000.00 4.500%

05/01/17-18 410,000.00 4.500%05/01/19 405,000.00 4.500%05/01/20 440,000.00 4.500%05/01/21 430,000.00 4.000%

3,185,000.00$ 360,000.00$ 2,825,000.00$

RED BANK SCHOOL DISTRICTSTATEMENT OF SERIAL BONDS

June 30, 2014

127

EX

HIB

IT I

-3

Var

ianc

eV

aria

nce

Ori

gina

lB

udge

tF

inal

Pos

itiv

e/(N

egat

ive)

Ori

gina

lB

udge

tF

inal

Pos

itiv

e/(N

egat

ive)

Bud

get

Tra

nsfe

rsB

udge

tA

ctua

lF

inal

To

Act

ual

Bud

get

Tra

nsfe

rsB

udge

tA

ctua

lF

inal

To

Act

ual

Rev

enue

s

Loc

al S

ourc

es:

Loc

al T

ax L

evy

544,

861.

00$

-$

54

4,86

1.00

$ 54

4,86

1.00

$ -

$

546,

695.

00$

-$

54

6,69

5.00

$ 54

6,69

5.00

$ -

$

Tot

al R

even

ues

544,

861.

00

-

54

4,86

1.00

54

4,86

1.00

-

546,

695.

00

-

54

6,69

5.00

54

6,69

5.00

-

Exp

endi

ture

s-

-

Reg

ular

Deb

t Ser

vice

:-

-

Inte

rest

on

Bon

ds14

3,82

5.00

(0

.26)

14

3,82

4.74

14

3,82

4.74

-

161,

880.

00

-

16

1,88

0.00

16

1,87

9.44

0.

56

R

edem

ptio

n of

Pri

ncip

al40

1,03

6.00

0.

26

40

1,03

6.26

40

1,03

6.26

-

384,

815.

00

-

38

4,81

5.00

38

4,81

4.35

0.

65

Tot

al R

egul

ar D

ebt S

ervi

ce54

4,86

1.00

-

544,

861.

00

544,

861.

00

-

54

6,69

5.00

-

546,

695.

00

546,

693.

79

1.21

Tot

al E

xpen

ditu

res

544,

861.

00

-

54

4,86

1.00

54

4,86

1.00

-

546,

695.

00

-

54

6,69

5.00

54

6,69

3.79

1.

21

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

O

ver/

(Und

er)

Exp

endi

ture

s-

-

-

-

-

-

-

-

1.

21

1.21

Fun

d B

alan

ce, J

uly

168

3.21

683.

21

68

3.21

-

68

2.00

682.

00

68

2.00

-

Fun

d B

alan

ce, J

une

3068

3.21

$

-$

68

3.21

$

683.

21$

-

$

682.

00$

-

$

682.

00$

68

3.21

$

1.21

$

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

June

30,

201

3Ju

ne 3

0, 2

014For

th

e fi

scal

yea

r en

ded

Ju

ne

30, 2

014

DE

BT

SE

RV

ICE

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

(Wit

h C

omp

arat

ive

Tot

als

for

Jun

e 30

, 201

3)

128

EXHIBIT I-4

Interest Balance BalanceLoan Rate Amount of June 30, June 30,

Number Payable Original Loan 2013 Retired 2014

NJ Economic Development Loans:266-93 LO-1779 Safe Program Loan 1.50% $ 107,250.00 5,644.74$ 5,644.74$ -$ 114-93 LO-1662 Small Project Loan 5.28% 213,750.00 15,835.67 15,835.67 - 114-93 LO-1657 Safe Program Loan 1.50% 71,250.00 3,750.00 3,750.00 - 286-93 LO-1682 Small Project Loan 5.28% 172,500.00 12,779.67 12,779.67 - 286-93 LO-1664 Safe Program Loan 1.50% 57,500.00 3,026.24 3,026.24 -

41,036.32$ 41,036.32$ -$

RED BANK SCHOOL DISTRICTSTATEMENT OF LOANS PAYABLE - N.J.E.D.A.

June 30, 2014

129


130

STATISTICAL SECTION (Unaudited)

131


132

EX

HIB

IT J

-1

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Gov

ernm

ent A

ctiv

itie

s:

Net

Inv

estm

ent i

n C

apit

al A

sset

s10

,622

,026

.66

$

10,4

52,0

50.6

7$

10

,400

,190

.13

$

10,3

63,8

88.0

0$

10

,550

,530

.35

$

10,8

49,8

37.9

3$

10

,896

,274

.39

$

11,1

21,6

12.4

6$

11

,105

,567

.10

$

11,3

25,4

15.5

2$

Res

tric

ted

662,

349.

39

1,23

3,73

7.10

2,03

3,83

0.95

2,02

8,39

9.00

1,95

4,58

7.02

608,

027.

36

493,

220.

25

884,

704.

04

1,31

1,58

2.63

1,43

7,59

4.71

Unr

estr

icte

d38

9,11

0.82

31

5,06

4.90

91

,519

.48

262,

506.

00

230,

996.

58

(10,

136.

44)

114,

756.

08

(125

,331

.43)

(3

21,9

81.9

0)

552,

535.

50

Tot

al G

over

nmen

t Act

ivit

ies

Net

Pos

itio

n11

,673

,486

.87

$

12,0

00,8

52.6

7$

12

,525

,540

.56

$

12,6

54,7

93.0

0$

12

,736

,113

.95

$

11,4

47,7

28.8

5$

11

,504

,250

.72

$

11,8

80,9

85.0

7$

12

,095

,167

.83

$

13,3

15,5

45.7

3$

Bus

ines

s-T

ype

Act

ivit

ies:

Net

Inv

estm

ent i

n C

apit

al A

sset

s33

,496

.44

$

29,3

78.1

9$

32

,808

.99

$

34,2

23.0

0$

35

,631

.09

$

47,2

18.7

6$

39

,772

.62

$

98,9

70.9

3$

98

,970

.93

$

75,5

99.7

3$

Unr

estr

icte

d72

,511

.26

90,0

06.7

9

12

4,20

1.89

13

5,42

8.00

18

1,64

8.47

23

6,58

1.50

28

0,38

3.67

17

8,76

9.70

17

8,76

9.70

99

,401

.78

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s N

et P

osit

ion

106,

007.

70$

119,

384.

98$

157,

010.

88$

169,

651.

00$

217,

279.

56$

283,

800.

26$

320,

156.

29$

277,

740.

63$

277,

740.

63$

175,

001.

51$

Dis

tric

t-w

ide:

Net

Inv

estm

ent i

n C

apit

al A

sset

s10

,655

,523

.10

$

10,4

81,4

28.8

6$

10

,432

,999

.12

$

10,3

98,1

11.0

0$

10

,586

,161

.44

$

10,8

97,0

56.6

9$

10

,936

,047

.01

$

11,2

20,5

83.3

9$

11

,220

,583

.39

$

11,4

01,0

15.2

5$

Res

tric

ted

662,

349.

39

1,23

3,73

7.10

2,03

3,83

0.95

2,02

8,39

9.00

1,95

4,58

7.02

608,

027.

36

493,

220.

25

884,

704.

04

884,

704.

04

1,43

7,59

4.71

Unr

estr

icte

d46

1,62

2.08

40

5,07

1.69

21

5,72

1.37

39

7,93

4.00

41

2,64

5.05

22

6,44

5.06

39

5,13

9.75

53

,438

.27

53,4

38.2

7

65

1,93

7.28

Tot

al D

istr

ict N

et P

osit

ion

11,7

79,4

94.5

7$

12

,120

,237

.65

$

12,6

82,5

51.4

4$

12

,824

,444

.00

$

12,9

53,3

93.5

1$

11

,731

,529

.11

$

11,8

24,4

07.0

1$

12

,158

,725

.70

$

12,1

58,7

25.7

0$

13

,490

,547

.24

$

Bon

d Is

sue

Cas

h, w

hich

was

incl

uded

in th

e C

apit

al A

sset

line

of

Gov

ernm

enta

l Act

ivit

ies

in p

rior

yea

rs, i

s no

w in

clud

ed in

the

Res

tric

ted

Res

erve

line

.

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

NE

T P

OS

ITIO

N B

Y C

OM

PO

NE

NT

LA

ST

TE

N F

ISC

AL

YE

AR

S

(AC

CR

UA

L B

AS

IS O

F A

CC

OU

NT

ING

)

(UN

AU

DIT

ED

)

June

30,

133

EX

HIB

IT J

-2

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Exp

ense

s:

Gov

ernm

enta

l Act

ivit

ies:

Inst

ruct

ion:

Reg

ular

(5,9

90,6

28.1

2)$

(6

,244

,257

.27)

$

(6,9

44,7

63.6

6)$

(7

,011

,619

.00)

$

(7,7

04,5

01.1

6)$

(8

,591

,174

.59)

$

(8,4

46,6

10.4

0)$

(8

,110

,220

.99)

$

(6,1

19,0

71.7

1)$

(6

,180

,779

.17)

$

Spec

ial E

duca

tion

(628

,118

.54)

(8

49,2

10.0

0)

(631

,071

.79)

(1

,047

,640

.00)

(918

,243

.45)

(1

,367

,417

.05)

(1,2

73,8

65.1

4)

(1

,182

,202

.41)

(963

,464

.73)

(8

61,5

55.2

5)

Oth

er S

peci

al E

duca

tion

(415

,084

.93)

(4

45,3

34.8

1)

(348

,361

.63)

(6

72,2

73.0

0)

(658

,315

.85)

(6

18,4

53.2

0)

(592

,289

.02)

(7

13,0

08.5

4)

(585

,767

.68)

(8

60,3

02.2

8)

Oth

er I

nstr

ucti

on(7

8,10

4.89

)

(5

9,35

9.83

)

(5

8,06

9.22

)

(5

2,05

3.00

)

(4

6,02

2.70

)

(3

28,2

20.0

1)

(244

,607

.19)

(2

17,8

74.9

7)

(6,9

19.3

7)

(3,1

40.0

0)

Supp

ort S

ervi

ces:

Tui

tion

(487

,248

.82)

(5

11,7

64.6

9)

(459

,593

.13)

(4

36,3

30.0

0)

(416

,493

.28)

(5

62,1

13.3

5)

(472

,193

.33)

(5

06,7

84.8

8)

(459

,556

.13)

(6

24,8

24.2

2)

Stud

ent a

nd I

nstr

ucti

on R

elat

ed S

ervi

ces

(2,2

34,1

29.1

1)

(2

,062

,912

.75)

(2,1

28,6

93.3

4)

(2

,392

,611

.00)

(2,5

90,2

91.6

0)

(3

,744

,417

.62)

(4,6

72,9

53.0

0)

(4

,617

,099

.67)

(5,4

26,8

78.9

8)

(5

,075

,742

.33)

Gen

eral

Adm

inis

trat

ion

(709

,862

.52)

(5

92,7

33.6

3)

(469

,149

.90)

(4

27,8

80.0

0)

(408

,150

.07)

(4

02,4

79.4

9)

(415

,876

.18)

(4

21,8

58.4

9)

(399

,112

.39)

(3

68,5

13.0

7)

Scho

ol A

dmin

istr

ativ

e Se

rvic

es(4

44,1

77.9

2)

(492

,491

.62)

(4

49,4

76.6

8)

(604

,092

.00)

(5

55,7

60.0

5)

(547

,087

.32)

20

8,27

2.99

(106

,576

.95)

(4

34,1

01.5

6)

(464

,140

.33)

Cen

tral

Ser

vice

s-

-

(2

08,9

93.7

3)

(247

,919

.00)

(2

00,5

78.1

9)

(212

,192

.37)

(2

01,4

06.1

7)

(263

,808

.03)

(1

78,7

55.5

4)

(237

,581

.69)

Adm

inis

trat

ive

Info

rmat

ion

Tec

hnol

ogy

-

-

(16,

558.

24)

(86,

672.

00)

(254

,104

.66)

(2

6,32

2.37

)

(1

14,4

09.5

4)

(94,

173.

93)

(100

,025

.14)

(1

53,0

70.3

6)

Pla

nt O

pera

tion

s an

d M

aint

enan

ce(1

,357

,465

.55)

(1,2

35,7

66.5

7)

(1

,297

,154

.30)

(1,2

92,5

36.0

0)

(1

,597

,577

.47)

(1,3

08,8

37.5

7)

(1

,585

,199

.23)

(1,3

02,6

32.7

7)

(1

,208

,786

.78)

(1,2

15,8

93.5

1)

Pup

il T

rans

port

atio

n(8

75,6

60.4

9)

(866

,535

.79)

(8

16,7

40.9

9)

(933

,035

.00)

(8

98,9

00.4

8)

(879

,177

.62)

(9

09,8

03.4

0)

(845

,459

.88)

(8

29,3

97.6

9)

(854

,603

.83)

Una

lloca

ted

Ben

efit

s-

-

-

-

-

-

-

-

(4

,008

,922

.86)

(4,1

29,0

98.7

9)

Spec

ial S

choo

ls(2

,650

.01)

(4

4,50

8.63

)

(4

2,98

1.00

)

(5

6,40

7.00

)

(4

1,00

8.78

)

(5

3,45

7.57

)

(7

,000

.00)

(6

5,19

9.68

)

(1

15,6

15.2

3)

(119

,894

.90)

Cha

rter

Sch

ools

(1,5

03,8

39.3

0)

(1

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,747

.00)

(1,7

10,1

47.0

0)

(1

,747

,016

.00)

(1,8

40,6

47.0

0)

(1

,799

,071

.00)

(1,6

90,5

04.0

0)

(1

,709

,733

.00)

(1,6

40,7

18.0

0)

(1

,643

,367

.00)

Inte

rest

on

Lon

g-T

erm

Deb

t(3

20,5

96.9

5)

(208

,705

.18)

(2

50,5

92.9

7)

(230

,951

.00)

(2

18,5

38.0

6)

(191

,453

.85)

(1

59,2

97.2

9)

(160

,234

.09)

(1

57,4

21.5

1)

(179

,938

.25)

Una

lloca

ted

Dep

reci

atio

n(3

94,4

02.0

0)

(394

,772

.52)

(4

06,3

89.0

0)

(8,7

86.0

0)

(36,

728.

81)

-

(5

,017

.72)

(5

,017

.72)

(4

79,2

89.6

8)

(493

,314

.30)

Tot

al G

over

nmen

tal A

ctiv

itie

s E

xpen

ses

(15,

441,

969.

15)

(15,

577,

100.

29)

(16,

238,

736.

58)

(17,

247,

820.

00)

(18,

385,

861.

61)

(20,

631,

874.

98)

(20,

582,

758.

62)

(20,

321,

886.

00)

(23,

113,

804.

98)

(23,

465,

759.

28)

Bus

ines

s-T

ype

Act

ivit

ies:

Food

Ser

vice

(344

,424

.54)

(3

63,6

76.9

4)

(363

,091

.98)

(4

42,7

21.0

0)

(467

,323

.28)

(5

15,1

70.4

2)

(575

,617

.07)

(7

15,7

74.0

6)

(748

,964

.38)

(8

16,0

54.2

6)

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s E

xpen

ses

(344

,424

.54)

(3

63,6

76.9

4)

(363

,091

.98)

(4

42,7

21.0

0)

(467

,323

.28)

(5

15,1

70.4

2)

(575

,617

.07)

(7

15,7

74.0

6)

(748

,964

.38)

(8

16,0

54.2

6)

Tot

al D

istr

ict E

xpen

ses

(15,

786,

393.

69)

$

(15,

940,

777.

23)

$

(16,

601,

828.

56)

$

(17,

690,

541.

00)

$

(18,

853,

184.

89)

$

(21,

147,

045.

40)

$

(21,

158,

375.

69)

$

(21,

037,

660.

06)

$

(23,

862,

769.

36)

$

(24,

281,

813.

54)

$

Pro

gram

Rev

enue

s:

Gov

ernm

enta

l Act

ivit

ies:

Cha

rges

for

Ser

vice

s:

Inst

ruct

ion

(Tui

tion

)6,

000.

00$

1,50

0.00

$

35

,880

.84

$

52

,589

.00

$

46

,735

.00

$

10

2,31

4.14

$

40,8

03.1

4$

10,2

27.0

0$

-$

-

$

Ope

rati

ng G

rant

s an

d C

ontr

ibut

ions

225,

338.

20

22

4,25

6.30

223,

155.

00

22

1,72

7.00

43,6

11.0

0

59,7

91.0

0

3,59

9.00

60

2,89

7.20

8,40

9,79

9.95

7,

864,

429.

13

Cap

ital

Gra

nts

and

Con

trib

utio

ns8,

705.

77

-

-

-

-

-

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-

-

Tot

al G

over

nmen

tal A

ctiv

itie

s P

rogr

am R

even

ues

240,

043.

97

22

5,75

6.30

259,

035.

84

27

4,31

6.00

90,3

46.0

0

162,

105.

14

44

,402

.14

61

3,12

4.20

8,40

9,79

9.95

7,

864,

429.

13

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

CH

AN

GE

S IN

NE

T P

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TIO

N

LA

ST T

EN

FIS

CA

L Y

EA

RS

(AC

CR

UA

L B

ASI

S O

F A

CC

OU

NT

ING

)

(UN

AU

DIT

ED

)

June

30,

134

EX

HIB

IT J

-2

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

CH

AN

GE

S IN

NE

T P

OSI

TIO

N

LA

ST T

EN

FIS

CA

L Y

EA

RS

(AC

CR

UA

L B

ASI

S O

F A

CC

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NT

ING

)

(UN

AU

DIT

ED

)

June

30,

Bus

ines

s-T

ype

Act

ivit

ies:

Cha

rges

for

Ser

vice

s:

Food

Ser

vice

73,3

66.9

3

71,9

07.7

4

77,1

22.1

2

92,4

67.0

0

102,

516.

67

12

6,46

3.04

129,

241.

77

12

5,18

7.78

101,

699.

49

13

7,33

0.75

Ope

rati

ng G

rant

s an

d C

ontr

ibut

ions

282,

929.

90

30

5,14

6.48

322,

198.

71

36

2,49

3.00

411,

041.

55

45

4,80

4.90

482,

508.

99

54

7,76

1.05

577,

841.

81

64

4,84

4.30

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s P

rogr

am R

even

ues

356,

296.

83

37

7,05

4.22

399,

320.

83

45

4,96

0.00

513,

558.

22

58

1,26

7.94

611,

750.

76

67

2,94

8.83

679,

541.

30

78

2,17

5.05

Tot

al D

istr

ict P

rogr

am R

even

ues

596,

340.

80$

60

2,81

0.52

$

658,

356.

67$

72

9,27

6.00

$

603,

904.

22$

74

3,37

3.08

$

656,

152.

90$

1,

286,

073.

03$

9,08

9,34

1.25

$

8,

646,

604.

18$

Net

(E

xpen

se)/

Rev

enue

:

Gov

ernm

enta

l Act

ivit

ies

(15,

201,

925.

18)

$

(15,

351,

343.

99)

$

(15,

979,

700.

74)

$

(16,

973,

504.

00)

$

(18,

295,

515.

61)

$

(20,

469,

769.

84)

$

(20,

538,

356.

48)

$

(19,

708,

761.

80)

$

(14,

704,

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$

(15,

601,

330.

15)

$

Bus

ines

s-T

ype

Act

ivit

ies

11,8

72.2

9

13,3

77.2

8

36,2

28.8

5

12,2

39.0

0

46,2

34.9

4

66,0

97.5

2

36,1

33.6

9

(42,

825.

23)

(69,

423.

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(33,

879.

21)

Tot

al D

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wid

e N

et (

Exp

ense

)/R

even

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5,19

0,05

2.89

)$

(1

5,33

7,96

6.71

)$

(1

5,94

3,47

1.89

)$

(1

6,96

1,26

5.00

)$

(1

8,24

9,28

0.67

)$

(2

0,40

3,67

2.32

)$

(2

0,50

2,22

2.79

)$

(1

9,75

1,58

7.03

)$

(1

4,77

3,42

8.11

)$

(1

5,63

5,20

9.36

)$

Gen

eral

Rev

enue

s an

d O

ther

Cha

nges

in N

et A

sset

s:

Gov

ernm

enta

l Act

ivit

ies:

Pro

pert

y T

axes

Lev

ied

for

Gen

eral

Pur

pose

s, N

et10

,307

,884

.00

$

10,6

24,7

03.0

0$

11

,076

,997

.00

$

11,3

48,7

42.0

0$

11

,604

,290

.00

$

11,6

04,2

90.0

0$

12

,039

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.00

$

12,2

68,2

00.0

0$

12

,652

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.00

$

13,1

74,6

91.0

4$

Tax

es L

evie

d fo

r D

ebt S

ervi

ce63

2,04

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617,

410.

00

60

3,89

1.00

606,

821.

00

60

4,98

4.00

523,

262.

00

57

8,28

0.00

577,

942.

00

54

6,69

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544,

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Unr

estr

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rant

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4,16

7,57

2.59

4,

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68

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4.85

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900,

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00

5,83

1,46

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6,

943,

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79

7,86

4,19

1.59

7,

161,

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44

1,69

1,10

3.39

2,

296,

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80

Inve

stm

ent E

arni

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26,4

44.1

7

58,4

75.7

6

131,

899.

25

12

5,69

3.00

31,1

24.1

0

5,92

1.35

2,

966.

95

3,32

8.23

11

8.72

-

Mis

cella

neou

s In

com

e13

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(7

7,89

2.65

)

50

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12

1,34

2.00

304,

978.

45

10

4,64

9.60

109,

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81

74

,202

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29

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84

5,67

1.93

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(1

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Tra

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-

-

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-

-

Tot

al G

over

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tal A

ctiv

itie

s15

,147

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15,6

78,7

09.7

9

16

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17,1

02,7

56.0

0

18

,376

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.56

19,1

81,3

84.7

4

20

,594

,878

.35

20,0

85,4

96.1

5

14

,918

,187

.79

16,8

61,8

49.7

7

Bus

ines

s-T

ype

Act

ivit

ies:

Inve

stm

ent E

arni

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-

-

1,37

7.85

40

1.00

1,39

3.62

42

3.18

-

-

267.

29

29

5.88

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cella

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s -

-

19

.20

-

-

-

222.

34

40

9.57

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Tot

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e A

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1,

397.

05

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00

1,

393.

62

423.

18

22

2.34

409.

57

26

7.29

295.

88

Tot

al D

istr

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wid

e15

,147

,261

.49

$

15,6

78,7

09.7

9$

16

,505

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.68

$

17,1

03,1

57.0

0$

18

,378

,230

.18

$

19,1

81,8

07.9

2$

20

,595

,100

.69

$

20,0

85,9

05.7

2$

14

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$

16,8

62,1

45.6

5$

Cha

nges

in N

et P

osit

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Gov

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l Act

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ies

(54,

663.

69)

$

327,

365.

80$

52

4,68

7.89

$

129,

252.

00$

81

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$

(1

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,385

.10)

$

56,5

21.8

7$

376,

734.

35$

21

4,18

2.76

$

1,26

0,51

9.62

$

Bus

ines

s-T

ype

Act

ivit

ies

11,8

72.2

9

13,3

77.2

8

37,6

25.9

0

12,6

40.0

0

47,6

28.5

6

66,5

20.7

0

36,3

56.0

3

(42,

415.

66)

(69,

155.

79)

(33,

583.

33)

Tot

al D

istr

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(42,

791.

40)

$

340,

743.

08$

56

2,31

3.79

$

141,

892.

00$

12

8,94

9.51

$

(1,2

21,8

64.4

0)$

92

,877

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$

33

4,31

8.69

$

145,

026.

97$

1,

226,

936.

29$

135

EX

HIB

IT J

-3

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Gen

eral

Fun

d:

Res

erve

d48

0,29

5.61

$

1,

067,

668.

53$

1,

909,

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76$

1,

949,

747.

00$

1,

936,

013.

42$

56

1,40

5.23

$

-$

-

$

-$

-$

Unr

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ved

592,

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33

578,

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05

275,

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30

311,

795.

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233,

720.

98

201,

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-

-

-

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Res

tric

ted

-

-

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-

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43

3,03

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467,

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05

51

6,91

7.38

70

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448,

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35

6,64

8.58

722,

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751,

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175,

286.

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12

6,16

9.20

78

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Tot

al G

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1,07

2,33

9.94

$

1,64

5,73

4.58

$

2,18

4,41

0.06

$

2,26

1,54

2.00

$

2,16

9,73

4.40

$

763,

213.

82$

88

1,36

0.90

$

999,

128.

28$

1,

365,

297.

37$

1,

530,

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All

Oth

er G

over

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tal F

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:

Res

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d26

,910

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$

16

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$

16

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$

-

$

-

$

-

$

-$

-

$

-$

-$

Unr

eser

ved,

Rep

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d In

:

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cial

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Fun

d-

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(2

0,72

0.23

)

(32,

435.

00)

(5

4,04

0.29

)

(174

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-

-

-

-

Cap

ital P

roje

cts

Fund

139,

093.

09

43,2

60.4

1

43,2

60.4

1

60,1

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0

60,1

80.4

1

60,1

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1

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Deb

t Ser

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d16

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14

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18

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3,55

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-

-

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Res

tric

ted:

Cap

ital P

roje

cts

Fund

-

-

-

-

-

-

60

,180

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60

,180

.41

71

,771

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75

7,28

7.25

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t Ser

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-

(12,

375.

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682.

00

68

3.21

68

3.21

Una

ssig

ned:

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cial

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enue

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d-

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-

-

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(278

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(266

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(407

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(264

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Tot

al A

ll O

ther

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ernm

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l Fun

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2,05

3.78

$

90

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$

54

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$

46

,217

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$

43

,184

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$

(1

27,9

60.5

6)$

(2

30,4

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(2

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6)$

(3

35,4

52.2

4)$

49

3,37

4.39

$

RE

D B

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CH

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L D

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T

FU

ND

BA

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NC

ES

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NT

AL

FU

ND

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LA

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N F

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IED

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CR

UA

L B

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CC

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)

(UN

AU

DIT

ED

)

June

30,

136

EX

HIB

IT J

-4

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Tax

Lev

y10

,939

,929

.00

$

11,2

42,1

13.0

0$

11

,680

,888

.00

$

11,9

55,5

63.0

0$

12

,209

,274

.00

$

12,1

27,5

52.0

0$

12

,617

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.00

$

12,8

46,1

42.0

0$

13

,198

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.00

$

13,7

19,5

52.0

4$

T

uitio

n C

harg

es6,

000.

00

1,50

0.00

35

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52,5

89.0

0

46

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102,

314.

14

37,8

41.1

6

10

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.00

-

-

Inte

rest

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ning

s19

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58,4

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6

13

1,89

9.25

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5,69

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31

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5,92

1.35

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92

3,32

8.23

11

8.72

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M

isce

llane

ous

24,2

80.9

2

71

,192

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27,0

69.7

9

12

1,34

2.00

30

4,98

8.99

10

4,64

9.60

11

2,88

0.82

74

,202

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29,7

39.2

2

84

5,67

1.93

S

tate

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rces

3,36

2,76

4.99

3,56

0,64

1.91

3,96

2,67

7.45

4,15

3,18

1.00

4,62

7,59

2.63

4,66

6,36

6.97

5,51

9,35

8.25

5,99

9,77

2.58

8,12

7,78

6.99

8,69

6,94

4.43

Fed

eral

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rces

1,03

5,24

0.37

1,11

8,37

9.77

901,

512.

40

976,

525.

00

1,24

7,47

8.38

2,33

6,68

5.82

2,34

8,43

2.34

1,76

4,94

8.06

1,97

3,11

6.35

1,46

4,11

0.50

Tot

al R

even

ues

15,3

87,3

07.2

4

16

,052

,303

.21

16,7

39,9

27.7

3

17

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.00

18,4

67,1

93.1

0

19

,343

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.88

20,6

39,2

80.4

9

20

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23,3

29,6

44.2

8

24

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Exp

endi

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ar4,

447,

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4,

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4,

414,

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00

5,

188,

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23

5,

875,

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58

5,

619,

464.

54

5,

275,

478.

23

6,

109,

655.

91

6,

180,

779.

17

S

peci

al38

5,70

7.65

34

6,36

1.59

52

3,90

1.83

82

4,13

2.00

86

7,69

0.31

1,

098,

535.

20

1,

029,

731.

37

93

4,18

6.81

96

3,46

4.73

86

1,55

5.25

O

ther

383,

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89

377,

317.

69

244,

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66

533,

964.

00

565,

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10

618,

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20

503,

489.

34

642,

630.

42

585,

767.

68

860,

302.

28

Sch

ool-

Spo

nsor

ed/O

ther

Ins

truc

tiona

l74

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.94

53,0

62.8

3

54

,399

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48,0

52.0

0

42

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1,28

0.90

40

8.08

2,20

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6,

919.

37

3,14

0.00

S

uppo

rt S

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ces:

Tui

tion

487,

248.

82

511,

764.

69

459,

593.

13

436,

330.

00

416,

493.

28

562,

113.

35

428,

312.

88

506,

784.

88

459,

556.

13

624,

824.

22

Stu

dent

and

Ins

truc

tion

Rel

ated

Ser

vice

s2,

038,

386.

12

2,

063,

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25

2,

016,

910.

46

2,

180,

861.

00

2,

404,

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87

3,

833,

385.

74

4,

428,

764.

32

3,

970,

357.

20

5,

426,

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98

5,

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G

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34

5,05

6.03

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0,26

6.37

38

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36

8,51

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S

choo

l Adm

inis

trat

ive

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vice

s32

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4.96

34

3,67

7.93

34

6,61

6.61

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3,52

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38

7,11

9.54

40

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43

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C

entr

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Pla

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Pup

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port

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82

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85

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B

usin

ess

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er S

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erE

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efits

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4,82

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2,73

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7.87

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0,71

8.15

3,05

6,29

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Spe

cial

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ools

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44

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53

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90

Cha

rter

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ools

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1,84

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9,07

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1,69

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Cap

ital O

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enue

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t Ser

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Inte

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23

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20

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18

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3,82

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Tot

al E

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res

15,3

49,7

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20

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20

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92,8

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7

23

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icie

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enue

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ver/

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14

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Oth

er F

inan

cing

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rces

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ses)

:**

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ener

al F

und

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trib

utio

n to

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scho

ol

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n A

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-

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rans

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ance

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23

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99

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Deb

t Ser

vice

as

a P

erce

ntag

e of

Non

capi

tal E

xpen

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res

4.03

%3.

92%

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49%

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79%

2.82

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78%

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33%

Sou

rce:

Dis

tric

t rec

ords

Not

e:

Non

capi

tal e

xpen

ditu

res

are

tota

l exp

endi

ture

s le

ss C

apita

l Out

lay.

Cen

tral

Ser

vice

and

Adm

inis

trat

ive

Info

rmat

ion

Tec

hnol

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acco

unt c

lass

ific

atio

ns w

ere

adde

d be

ginn

ing

with

yea

r-en

d Ju

ne 3

0, 2

005.

Pri

or to

Jun

e 30

, 200

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entr

al S

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nd A

dmin

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ativ

e In

form

atio

n T

echn

olog

y w

ere

com

bine

d in

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uppo

rt S

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as B

usin

ess

and

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er S

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rt S

ervi

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cial

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enue

allo

catio

n no

t ava

ilabl

eD

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ce b

reak

dow

n no

t ava

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ther

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anci

ng S

ourc

es/(

Use

s) n

ot a

vaila

ble

***

Rev

enue

s:

RE

D B

AN

K S

CH

OO

L D

IST

RIC

TC

HA

NG

ES

IN

FU

ND

BA

LA

NC

ES

, GO

VE

RN

ME

NT

AL

FU

ND

SL

AS

T T

EN

FIS

CA

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EA

RS

(MO

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IED

AC

CR

UA

L B

AS

IS O

F A

CC

OU

NT

ING

)(U

NA

UD

ITE

D)

* **

137

EX

HIB

IT J

-5

Pri

or Y

ear

Inte

rest

Ear

ned

Acc

ount

sT

uiti

onon

Cap

ital

Fis

cal Y

ear

Inte

rest

on

Use

of

Pri

or Y

ear

Pay

able

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cell

aneo

us -

Fro

mR

eser

veA

nnua

lE

ndin

g Ju

ne 3

0,In

vest

men

tsD

onat

ions

Fac

ilit

ies

Ref

unds

Can

cell

edO

ther

Tui

tion

Indi

vidu

als

Fun

dsT

otal

s

2005

19,0

91.9

6$

1,

750.

00$

-

$

3,84

9.52

$

684.

00$

7,

033.

99$

-$

6,

000.

00$

71

4.09

$

39

,123

.56

$

2006

47,3

36.1

6-

-

42

,260

.74

-

11

,057

.13

16,6

26.6

01,

500.

00-

118,

780.

63

2007

129,

640.

58-

-

16

,079

.16

1,76

2.00

169.

3635

,880

.84

-

2,25

8.67

185,

790.

61

2008

123,

666.

00-

9,74

4.00

16,4

40.0

0-

26,9

69.0

052

,589

.00

-

2,02

7.00

231,

435.

00

2009

30,5

32.8

4-

7,32

5.00

7,48

8.80

37,1

66.1

013

8,18

5.53

46,7

35.0

0-

59

1.26

268,

024.

53

2010

5,77

3.54

-

1,

946.

0016

,352

.40

-

7,

559.

7610

2,31

4.14

-

147.

8113

4,09

3.65

2011

2,89

2.01

-

7,

567.

50-

3,99

2.48

11,2

35.6

240

,803

.14

-

74.9

466

,565

.69

2012

3,22

6.27

-

21

,003

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-

-

40,4

05.9

910

,227

.00

-

101.

9674

,964

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2013

-

-

-

-

-

12

,202

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-

-

11

8.72

12,3

21.3

8

2014

7,13

0.97

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64

1.50

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93

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Sou

rce:

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tric

t rec

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RE

D B

AN

K S

CH

OO

L D

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TG

EN

ER

AL

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ND

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ER

LO

CA

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EN

UE

BY

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CE

LA

ST

TE

N F

ISC

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YE

AR

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OD

IFIE

D A

CC

RU

AL

BA

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OF

AC

CO

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TIN

G)

(UN

AU

DIT

ED

)

138

EX

HIB

IT J

-6

Yea

r E

ndin

g

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embe

r 31

,V

acan

t Lan

dR

esid

enti

alF

arm

Reg

.Q

farm

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mer

cial

Indu

stri

alA

part

men

t

2004

10,7

05,1

00$

59

5,66

5,00

0$

--

256,

157,

100

$

24

,464

,900

$

70,3

42,4

00$

2005

12,9

32,1

0059

5,63

8,80

0-

-25

6,37

9,90

023

,662

,400

71,1

81,8

00

2006

13,2

92,6

0060

2,33

1,30

0-

-26

0,83

9,60

022

,019

,300

70,3

57,5

00

2007

R20

,091

,700

1,34

6,96

6,10

0-

-65

9,39

3,50

054

,245

,000

147,

770,

000

2008

20,9

91,4

001,

353,

253,

700

--

685,

713,

600

54,2

93,5

0014

8,47

7,60

0

2009

27,0

96,4

001,

359,

504,

500

--

692,

196,

800

53,7

77,8

0014

5,83

5,60

0

2010

18,5

14,9

001,

369,

449,

500

--

676,

474,

300

52,0

48,7

0014

2,89

5,20

0

2011

19,7

43,7

001,

366,

109,

731

--

668,

896,

500

50,4

37,5

0014

3,14

8,40

0

2012

24,2

47,6

001,

355,

504,

971

--

663,

883,

700

49,8

73,8

0014

3,21

8,40

0

2013

27,4

56,5

001,

341,

471,

541

--

663,

668,

500

44,7

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0014

2,41

2,00

0

Tot

al

Les

s:E

stim

ated

Act

ual

Dir

ect

Tot

al A

sses

sed

Tax

- E

xem

ptP

ubli

cN

et V

alua

tion

(Cou

nty

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ool

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ueP

rope

rty

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liti

esa

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able

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aliz

ed)

Val

ueT

ax R

ateb

2004

1,13

2,44

5,90

0$

175,

111,

400

$

6,

441,

734

$

963,

776,

234

$

1,32

9,99

3,99

4$

1.

135

2005

1,13

4,90

6,40

017

5,11

1,40

05,

309,

265

965,

104,

265

1,58

7,64

4,64

91.

165

2006

1,15

0,82

1,60

018

1,98

1,30

04,

333,

343

973,

173,

643

1,94

1,69

3,63

01.

200

2007

R2,

610,

186,

300

381,

720,

000

10,0

65,6

292,

238,

531,

929

2,20

6,28

8,32

20.

534

2008

2,64

4,11

3,80

038

1,38

4,00

08,

998,

871

2,27

1,72

8,67

12,

329,

032,

383

0.53

8

2009

2,65

1,65

9,80

037

3,24

8,70

09,

345,

276

2,28

7,75

6,37

62,

391,

494,

945

0.53

0

2010

2,63

3,66

2,80

037

4,28

0,20

09,

542,

164

2,26

8,92

4,76

42,

350,

735,

911

0.55

6

2011

2,62

2,77

2,33

137

4,43

6,50

010

,721

,303

2,25

9,05

7,13

42,

233,

687,

962

0.56

9

2012

2,61

0,84

9,77

137

4,12

1,30

010

,572

,944

2,24

7,30

1,41

52,

143,

209,

232

0.58

8

2013

2,59

8,05

8,44

137

8,26

0,50

08,

348,

145

2,22

8,14

6,08

62,

013,

589,

296

0.61

6

Sou

rce:

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icip

al T

ax A

sses

sor

Not

e:R

eal p

rope

rty

is r

equi

red

to b

e as

sess

ed a

t som

e pe

rcen

tage

of

true

val

ue (

fair

or

mar

ket v

alue

) es

tabl

ishe

d by

eac

h C

ount

y B

oard

of

Tax

atio

n.

Rea

sses

smen

t (R

) oc

curs

whe

n th

e C

ount

y B

oard

of

Tax

atio

n re

ques

ts T

reas

ury

to o

rder

a r

eass

essm

ent.

aT

axab

le V

alue

of

Mac

hine

ry, I

mpl

emen

ts a

nd E

quip

men

t of

Tel

epho

ne, T

eleg

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ates

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per

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LA

ST

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N F

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AR

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RE

D B

AN

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T

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SE

SS

ED

VA

LU

E A

ND

AC

TU

AL

VA

LU

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F T

AX

AB

LE

PR

OP

ER

TY

139

EX

HIB

IT J

-7

(Fro

m J

-6)

Tot

al

Gen

eral

Dir

ect

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iona

lT

otal

Dir

ect a

nd

Yea

r E

ndin

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blig

atio

n D

ebt

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axR

ed B

ank

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Mon

mou

thO

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ng

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embe

r 31

,B

asic

Rat

eaS

ervi

ceb

Rat

eB

orou

ghR

ate

Cou

nty

Tax

Rat

e

2004

1.07

40.

061

1.13

50.

749

0.70

40.

488

3.07

6

2005

1.10

50.

060

1.16

50.

792

0.74

50.

521

3.22

3

2006

1.14

00.

060

1.20

00.

836

0.83

40.

558

3.42

8

2007

0.50

60.

028

0.53

40.

384

0.37

10.

252

1.54

1

2008

0.51

10.

027

0.53

80.

445

0.36

50.

246

1.59

4

2009

0.50

40.

026

0.53

00.

462

0.36

70.

254

1.61

3

2010

0.53

20.

024

0.55

60.

484

0.37

40.

265

1.67

9

2011

0.54

30.

026

0.56

90.

509

0.37

70.

257

1.71

2

2012

0.56

20.

026

0.58

80.

523

0.38

50.

261

1.75

7

2013

0.59

00.

026

0.61

60.

555

0.38

40.

255

1.81

0

Sou

rce:

Mun

icip

al T

ax A

sses

sor

Not

e:N

.J.S

.A. 1

8A:7

F-5

d li

mit

s th

e am

ount

that

the

Dis

tric

t can

sub

mit

for

a g

ener

al f

und

tax

levy

. T

he le

vy, w

hen

adde

d to

oth

er c

ompo

nent

s of

the

Dis

tric

t's n

et b

udge

t, m

ay n

ot e

xcee

d th

e pr

ebud

get y

ear

net b

udge

t by

mor

e th

an th

e sp

endi

ng g

row

th li

mit

atio

n ca

lcul

ated

as

foll

ows:

the

pre

budg

et y

ear

net b

udge

t inc

reas

ed b

y

the

cost

of

livi

ng o

r 2.

5 pe

rcen

t, w

hich

ever

is g

reat

er, p

lus

any

spen

ding

gro

wth

adj

ustm

ents

.

aT

he D

istr

ict's

bas

ic ta

x ra

te is

cal

cula

ted

from

the

A4F

for

m w

hich

is s

ubm

itte

d w

ith

the

budg

et a

nd th

e N

et

Val

uati

on ta

xabl

e.

bR

ates

for

deb

t ser

vice

are

bas

ed o

n ea

ch y

ear's

req

uire

men

ts.

Red

Ban

k S

choo

l Dis

tric

t Dir

ect R

ate

Ove

rlap

ping

Rat

es

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

DIR

EC

T A

ND

OV

ER

LA

PP

ING

PR

OP

ER

TY

TA

X R

AT

ES

LA

ST

TE

N F

ISC

AL

YE

AR

S

(RA

TE

PE

R $

100

OF

AS

SE

SS

ED

VA

LU

E)

(UN

AU

DIT

ED

)

140

EX

HIB

IT J

-8

Tax

able

% o

f T

otal

Tax

able

% o

f T

otal

Ass

esse

dR

ank

Dis

tric

t Net

Ass

esse

dR

ank

Dis

tric

t Net

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

11

22

33

44

55

66

77

88

99

1010

Tot

al

Sou

rce:

Mun

icip

al T

ax A

sses

sor

DA

TA

NO

T A

VA

ILA

BL

E

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

PR

INC

IPA

L P

RO

PE

RT

Y T

AX

PA

YE

RS

CU

RR

EN

T Y

EA

R A

ND

NIN

E Y

EA

RS

AG

O

(UN

AU

DIT

ED

)

2014

2005

141

EXHIBIT J-9

Fiscal Year Collections in

Ended Taxes Levied for Percentage Subsequent

June 30, the Fiscal Year Amount of Levy Years

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

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

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

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

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

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

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

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

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

2014 13,719,552.04 13,719,552.04 100.00% -

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

a School taxes are collected by the Municipal Tax Collector. Under New Jersey

State Statute, a municipality is required to remit to the school district the entire

property tax balance, in the amount voted upon or certified prior to the end

of the school year.

of the Levya


PROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN FISCAL YEARS

(UNAUDITED)

Collected Within the Fiscal Year

142

EX

HIB

IT J

-10

Bus

ines

s-T

ype

Act

ivit

ies

Gen

eral

N.J

.E.D

.A.

Per

cent

age

ofF

isca

l Yea

rO

blig

atio

nC

apit

alL

oans

Cap

ital

Tot

alP

erso

nal

Per

End

ing

June

30,

Bon

dsb

Lea

ses

Pay

able

Lea

ses

Dis

tric

tIn

com

eaC

apit

aa

2005

5,76

5,00

0.00

$

41,1

47.8

3$

33

0,50

9.59

$

-$

6,

136,

657.

42$

N

/A48

4.21

$

2006

5,55

5,00

0.00

28,1

75.5

029

7,60

4.48

-

5,

880,

779.

98N

/A46

6.94

2007

5,22

5,00

0.00

14,4

73.2

226

3,84

5.38

-

5,

503,

318.

60N

/A44

1.29

2008

4,89

5,00

0.00

-

229,

198.

00-

5,12

4,19

8.00

N/A

412.

77

2009

4,56

5,00

0.00

-

193,

611.

62-

4,75

8,61

1.62

0.70

%38

3.16

2010

4,23

0,00

0.00

-

157,

070.

58-

4,38

7,07

0.58

N/A

346.

27

2011

3,88

0,00

0.00

-

119,

501.

20-

3,99

9,50

1.20

0.60

%31

7.56

2012

3,53

0,00

0.00

-

80,8

50.6

7-

3,61

0,85

0.67

N/A

289.

65

2013

3,18

5,00

0.00

-

41,0

36.3

2-

3,22

6,03

6.32

N/A

N/A

2014

2,82

5,00

0.00

-

-

-

2,82

5,00

0.00

N/A

N/A

Not

e: D

etai

ls r

egar

ding

the

Dis

tric

t's o

utst

andi

ng d

ebt c

an b

e fo

und

in th

e N

otes

to th

e F

inan

cial

Sta

tem

ents

.

a S

ee E

xhib

it N

J J-

14 f

or p

erso

nal i

ncom

e an

d po

pula

tion

dat

a. T

hese

rat

ios

are

calc

ulat

ed u

sing

per

sona

l inc

ome

and

popu

lati

on f

or th

e pr

ior

cale

ndar

yea

r.b

Incl

udes

Ear

ly R

etir

emen

t Inc

enti

ve P

lan

("E

RIP

") r

efun

ding

and

Sta

te L

oans

N/A

A

t the

tim

e of

CA

FR

com

plet

ion,

this

dat

a w

as n

ot y

et a

vail

able

RE

D B

AN

K S

CH

OO

L D

IST

RIC

TR

AT

IOS

OF

OU

TS

TA

ND

ING

DE

BT

BY

TY

PE

LA

ST

TE

N F

ISC

AL

YE

AR

S(U

NA

UD

ITE

D)

Gov

ernm

enta

l Act

ivit

ies

143

EXHIBIT J-11

Net Percentage of

General General Actual Taxable

Fiscal Year Obligation Bonded Debt Valuea of Per

Ending June 30, Bonds Deductions Outstanding Property Capitab

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

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

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

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

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

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

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

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

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

2014 2,825,000.00 - 2,825,000.00 N/A N/A

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

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

General Bonded Debt Outstanding

RED BANK SCHOOL DISTRICTRATIOS OF NET GENERAL BONDED DEBT OUTSTANDING

LAST TEN FISCAL YEARS(UNAUDITED)

144

EX

HIB

IT J

-12

Est

imat

edE

stim

ated

Sha

re o

fD

ebt

Per

cent

age

Ove

rlap

ping

Gov

ernm

enta

l Uni

tO

utst

andi

ngA

ppli

cabl

eaD

ebt

Deb

t Rep

aid

wit

h P

rope

rty

Tax

es:

Red

Ban

k B

orou

gh11

,116

,844

.50

$

100.

00%

11,1

16,8

45$

Red

Ban

k R

egio

nal H

igh

Sch

ool

4,78

0,00

0.00

44.1

5%2,

110,

370

Mon

mou

th C

ount

y G

ener

al O

blig

atio

n D

ebt

452,

960,

719.

951.

84%

8,33

0,80

7

Sub

tota

l, O

verl

appi

ng D

ebt

21,5

58,0

21

Red

Ban

k D

istr

ict D

irec

t Deb

t2,

825,

000

Tot

al D

irec

t and

Ove

rlap

ping

Deb

t24

,383

,021

$

Sou

rces

: A

sses

sed

valu

e da

ta u

sed

to e

stim

ate

appl

icab

le p

erce

ntag

es p

rovi

ded

by th

e M

onm

outh

Cou

nty

Boa

rd o

f T

axat

ion.

Deb

t Out

stan

ding

dat

a pr

ovid

ed b

y ea

ch g

over

nmen

tal u

nit.

Not

e:O

verl

appi

ng g

over

nmen

ts a

re th

ose

that

coi

ncid

e, a

t lea

st in

par

t, w

ith

the

geog

raph

ic b

ound

arie

s of

the

Dis

tric

t.T

his

sche

dule

est

imat

es th

e po

rtio

n of

the

outs

tand

ing

debt

of

thos

e ov

erla

ppin

g go

vern

men

ts th

at is

bor

ne b

y th

e re

side

nts

and

busi

ness

es o

f R

ed B

ank.

Thi

s pr

oces

s re

cogn

izes

that

, whe

n co

nsid

erin

g th

e D

istr

ict's

abi

lity

to is

sue

and

repa

y lo

ng-t

erm

deb

t, th

e en

tire

deb

t bur

den

born

e by

the

resi

dent

s an

d bu

sine

sses

sho

uld

be ta

ken

into

acc

ount

. H

owev

er,

this

doe

s no

t im

ply

that

eve

ry ta

xpay

er is

a r

esid

ent,

and

ther

efor

e re

spon

sibl

e fo

r re

payi

ng th

e de

bt, o

f ea

ch o

verl

appi

ng

paym

ent.

aF

or d

ebt r

epai

d w

ith

prop

erty

taxe

s, th

e pe

rcen

tage

of

over

lapp

ing

debt

app

lica

ble

is e

stim

ated

usi

ng ta

xabl

e as

sess

ed

prop

erty

val

ues.

App

lica

ble

perc

enta

ges

wer

e es

tim

ated

by

dete

rmin

ing

the

port

ion

of a

noth

er g

over

nmen

tal u

nit's

taxa

ble

valu

e th

at is

wit

hin

the

Dis

tric

t's b

ound

arie

s an

d di

vidi

ng it

by

each

uni

t's to

tal t

axab

le v

alue

.

RE

D B

AN

K S

CH

OO

L D

IST

RIC

TD

IRE

CT

AN

D O

VE

RL

AP

PIN

G G

OV

ER

NM

EN

TA

L A

CT

IVIT

IES

DE

BT

AS

OF

JU

NE

30,

201

4(U

NA

UD

ITE

D)

145

EX

HIB

IT J

-13

Leg

al D

ebt M

argi

n C

alcu

lati

on f

or F

isca

l Yea

r 20

14

Equ

aliz

ed V

alua

tion

Bas

is

2014

2,03

5,94

6,55

8$

20

132,

006,

366,

094

2012

2,01

3,37

4,22

5

(A)

6,05

5,68

6,87

7$

Ave

rage

Equ

aliz

ed V

alua

tion

of

Tax

able

Pro

pert

y(A

/3)

2,01

8,56

2,29

2$

Deb

t Lim

it (

3% o

f A

vera

ge E

qual

izat

ion

Val

ue)

(B)

181,

670,

606

Tot

al N

et D

ebt A

ppli

cabl

e T

o L

imit

(C)

2,82

5,00

0

Leg

al D

ebt M

argi

n(B

-C)

178,

845,

606

$

2005

2006

2007

2008

2009

Deb

t Lim

it47

,660

,793

$

56,0

76,8

96$

22

9,42

5,05

3$

19

4,31

0,43

0$

20

7,18

8,95

2$

Tot

al N

et D

ebt A

ppli

cabl

e T

o L

imit

6,09

5,51

05,

555,

000

5,22

5,00

04,

895,

000

4,56

5,00

0

Leg

al D

ebt M

argi

n41

,565

,283

$

50,5

21,8

96$

22

4,20

0,05

3$

18

9,41

5,43

0$

20

2,62

3,95

2$

Tot

al N

et D

ebt A

ppli

cabl

e to

the

Lim

itas

a P

erce

ntag

e of

Deb

t Lim

it12

.79%

9.91

%2.

28%

2.52

%2.

20%

2010

2011

2012

2013

2014

Deb

t Lim

it14

1,61

5,85

0$

20

9,27

7,59

5$

19

7,93

3,94

3$

18

7,60

2,84

8$

18

1,67

0,60

6$

Tot

al N

et D

ebt A

ppli

cabl

e T

o L

imit

4,23

0,00

03,

880,

000

3,53

0,00

03,

185,

000

2,82

5,00

0

Leg

al D

ebt M

argi

n13

7,38

5,85

0$

20

5,39

7,59

5$

19

4,40

3,94

3$

18

4,41

7,84

8$

17

8,84

5,60

6$

Tot

al N

et D

ebt A

ppli

cabl

e to

the

Lim

itas

a P

erce

ntag

e of

Deb

t Lim

it2.

99%

1.85

%1.

78%

1.70

%1.

56%

Sou

rce:

Equ

aliz

ed v

alua

tion

bas

es w

ere

obta

ined

fro

m th

e A

nnua

l Rep

ort o

f th

e S

tate

of

New

Jer

sey,

Dep

artm

ent o

f T

reas

ury,

Div

isio

n of

Tax

atio

n.

aL

imit

set

by

N.J

.S.A

. 18A

:24-

19 f

or a

K th

roug

h 8

Dis

tric

t; o

ther

per

cent

age

lim

its

wou

ld b

e ap

plic

able

for

oth

er D

istr

ict t

ypes

.

RE

D B

AN

K S

CH

OO

L D

IST

RIC

TL

EG

AL

DE

BT

MA

RG

IN I

NF

OR

MA

TIO

NL

AS

T T

EN

FIS

CA

L Y

EA

RS

(UN

AU

DIT

ED

)

Fis

cal Y

ear

146

EXHIBIT J-14

Per Capita Unemployment

Year Populationa Personal Incomeb Personal Incomec Rated

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

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

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

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

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

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

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

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

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

2014 12,213 N/A N/A N/A

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

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

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

RED BANK SCHOOL DISTRICTDEMOGRAPHIC AND ECONOMIC STATISTICS


147

EX

HIB

IT J

-15

Per

cent

age

ofP

erce

ntag

e of

Tot

alT

otal

Ran

kM

unic

ipal

Ran

kM

unic

ipal

Em

ploy

erE

mpl

oyee

s(O

ptio

nal)

Em

ploy

men

tE

mpl

oyee

s(O

ptio

nal)

Em

ploy

men

t

11

22

33

44

55

66

77

88

99

1010

Tot

al

Sou

rce:

Bor

ough

of

Red

Ban

k, C

lerk

's O

ffic

e

DA

TA

NO

T A

VA

ILA

BL

E

RE

D B

AN

K S

CH

OO

L D

IST

RIC

T

PR

INC

IPA

L E

MP

LO

YE

RS

CU

RR

EN

T Y

EA

R A

ND

NIN

E Y

EA

RS

AG

O

(UN

AU

DIT

ED

)

2014

2005

148

EXHIBIT J-16

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Instruction:Regular 55 46 48 63 61 54 62 67 67 70Special Education 15 10 12 16 19 25 26 25 27 27Other Special Education 4 6 8 12 12 12 12 12 12 13Vocational - - - - - - - - - - Other Instruction - - - - - - - - - - Nonpublic School Programs - - - - - - - - - - Adult/Continuing Education Programs - - - - - - - - - -

Support Services:Tuition 24 21 19 16 11 12 12 12 12Student and Instruction Related Services 4 5 4 2 2 2 2 2 2 6General Adminsitrative Services 5 3 2 6 6 6 6 6 6 5School Administrative Services 13 12 16 3 3 3 3 3 3 8Business Adminsitrative Services 13 10 10 14 12 12 12 12 12 3Plant Operations and Maintenance - - - 1 1 2 2 2 2 15Pupil Transportation 13 14 8 4 4 3 3 3 3 4Other Support Services - - - - - - - - - -

Special Schools - - - - - - - - - - Food Service - - - - - - - - - - Child Care - - - - - - - - - -

Total 146 127 127 136 131 131 140 144 146 151

Source: District Personnel Records

Function/Program

RED BANK SCHOOL DISTRICTFULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY FUNCTION/PROGRAM

(UNAUDITED)LAST TEN FISCAL YEARS

149

EX

HIB

IT J

-17

Ave

rage

Ave

rage

Per

cent

age

Dai

lyD

aily

Cha

nge

inS

tude

nt

Fis

cal

Ope

rati

ngC

ost P

erP

erce

ntag

eT

each

ing

Mid

dle

Enr

ollm

ent

Att

enda

nce

Ave

rage

Dai

lyA

tten

danc

e

Yea

rE

nrol

lmen

tE

xpen

ditu

resa

Pup

ilC

hang

eS

taff

bE

lem

enta

ryS

choo

l(A

DE

)c(A

DA

)dE

nrol

lmen

tP

erce

ntag

e

2005

793

14,6

90,1

28.7

2$

18

,525

$

-2.3

0%98

1:15

1:17

777.

176

24.

89%

98.0

6%

2006

760

14,8

19,1

15.8

019

,499

5.26

%98

1:15

1:17

744.

873

0-4

.16%

98.0

1%

2007

787

15,5

60,5

48.4

819

,772

1.40

%94

1:15

1:17

763.

572

82.

51%

95.3

0%

2008

886

14,8

92,3

38.0

016

,809

-14.

99%

941:

131:

1483

5.0

801

9.36

%95

.93%

2009

981

14,0

13,4

42.0

614

,285

-15.

01%

971:

150.

1689

5.1

859

7.20

%95

.97%

2010

995

14,7

85,5

9814

,860

4.03

%97

1:17

0.10

895.

285

80.

01%

95.8

4%

2011

995

13,7

37,5

1913

,807

-7.0

9%10

01:

171.

0997

7.8

943

9.23

%96

.44%

2012

1,05

514

,369

,509

13,6

20-1

.35%

100

1:18

1.1

1,03

0.0

985

5.34

%95

.63%

2013

1,32

022

,425

,388

.10

16,9

8924

.73%

102

1:20

1:19

1,12

1.1

1,07

48.

84%

95.8

0%

2014

1,36

822

,835

,314

.73

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150

EXHIBIT J-18

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Primary:Red Bank Primary

Square Feet 58,350 58,350 58,350 58,350 58,350 58,350 58,350 58,350 58,350 58,350Capacity (Students) 527 527 527 527 527 527 527 527 527 527Enrollment 486 450 480 513 510 513 576 596

Middle School:Red Bank Middle School

Square Feet 75,005 75,005 75,005 75,005 75,005 75,005 75,005 75,005 75,005 75,005Capacity (Students) 690 690 690 690 690 690 690 690 690 690Enrollment 307 310 382 373 385 389 463 497

Other:Administration Building

(1909) 3,650 3,650 3,650 3,650 3,650 3,650 3,650 3,650 3,650 3,650

Number of Schools at June 30, 2014Elementary = 1Middle School = 1

Source: District Facilities OfficeNote: Year of original construction is shown in parentheses. Increases in square footage and capacity

are the result of additions. Enrollment is based on the annual October District count.

District/Building

RED BANK SCHOOL DISTRICTSCHOOL BUILDING INFORMATION


151

EXHIBIT J-19

UNDISTRIBUTED EXPENDITURES - REQUIREDMAINTENANCE FOR SCHOOL FACILITIES

11-000-261-xxx

*School Facilities Middle Primary OtherSchool School Facilities Total

Project # (s)

2005 N/A 113,637.59$ 123,255.00$ 9,192.00$ 246,084.59$ 2006 N/A 133,677.00 61,307.00 34,538.00 229,522.002007 N/A 104,856.12 85,870.00 21,000.00 211,726.122008 N/A 84,079.00 118,940.00 38,012.00 241,031.002009 N/A 328,480.52 182,819.67 16,379.45 527,679.642010 N/A 165,949.20 143,737.87 40,103.51 349,790.582011 N/A 123,175.70 132,369.08 36,463.72 292,008.502012 N/A 130,462.04 134,605.25 54,170.46 319,237.752013 N/A 113,069.87 143,589.77 50,053.36 306,713.002014 N/A 149,248.05 147,032.03 14,619.75 310,899.83

Total School Facilities 1,446,635.09$ 1,273,525.67$ 314,532.25$ 3,034,693.01$

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

Source: District records

RED BANK SCHOOL DISTRICTSCHEDULE OF REQUIRED MAINTENANCE


152

Exhibit J-20

Company Type of Coverage Coverage Deductible

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

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

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

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

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

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

Monumental Life/ Student Accident Insurance 500,000 Bollinger

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

RED BANK SCHOOL DISTRICTINSURANCE SCHEDULE

JUNE 30, 2014(UNAUDITED)

153


154

SINGLE AUDIT SECTION

155


156

EXHIBIT K-1

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS

Honorable President and Members of the Board of Education Red Bank School District Red Bank, New Jersey We have audited, in accordance with the 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 and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental and business-type activities, each major fund and the aggregate remaining fund information of the Red Bank School District, as of and for the year ended June 30, 2014 and the related notes to the financial statements, which collectively comprise the Red Bank School District’s basic financial statements, and have issued our report thereon dated October 16, 2014 Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Red Bank School District's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Red Bank School District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Red Bank School District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

157

rchandran

Letterhead

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Red Bank School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instance of noncompliance or other matters that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, and federal and state awarding agencies and pass-through entities, in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.





158

EXHIBIT K-2

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-

133 AND NEW JERSEY OMB CIRCULAR 04-04.

Honorable President and Members of the Board of Education Red Bank School District Red Bank, New Jersey Report on Compliance for Each Major Federal and State Program We have audited the Red Bank School District’s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the New Jersey Aid/Grant Compliance Supplement that could have a direct and material effect on each of the District’s major federal and state programs for the year ended June 30, 2014. The Red Bank School District’s major federal and state programs are identified in the Summary of Auditor’s Results section of the accompanying Schedule of Findings and Questioned Costs. Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs. Auditor’s Responsibility Our responsibility is to express an opinion on compliance for each of the Red Bank School District’s major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; the New Jersey State Aid/Grant Compliance Supplement; the audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey; and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, OMB Circular A-133 and New Jersey OMB’s Circular 04-04, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that

159

rchandran

Letterhead

could have a direct and material effect on a major federal or state program occurred. An audit includes examining, on a test basis, evidence about the Red Bank School District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of the Red Bank School District’s compliance with those requirements. Opinion on Each Major Federal and State Program In our opinion, the Red Bank School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2014. Report on Internal Control Over Compliance Management of the Red Bank School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Red Bank School District’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal or state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal or state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and New Jersey OMB’s Circular 04-04, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Red Bank School District’s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

160

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133 and New Jersey OMB’s Circular 04-04. Accordingly, this report is not suitable for any other purpose.





161

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164

EXHIBIT K-5 (Page 1 of 2)


NOTES TO SCHEDULES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE

June 30, 2014 Note 1. General The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state award activity of the Red Bank School District. The Board of Education is defined in Note 1 to the Board’s basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance. Note 2. Basis of Accounting The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. The basis of accounting is described in Note 1 to the Board’s basic financial statements. Note 3. Relationship to Basic Financial Statements The basic financial statements present the General Fund and Special Revenue Fund on a GAAP basis. Budgetary comparison statements or schedules (“RSI”) are presented for the General Fund and Special Revenue Fund to demonstrate finance-related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year whereas, for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made. The General Fund is presented in the accompanying Schedules on the modified accrual basis, with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to P.L. 2003, c.97.(A3521). For GAAP purposes, that payment is not recognized until the subsequent budget year due to the State deferral and recording of the last state aid payment in the subsequent year. The Special Revenue Fund is presented in the accompanying Schedules on the grant accounting budgetary basis which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The Special Revenue Fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A. 18A:22-4.2. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(69,931.50) for the General Fund and $(35,878.77) for the Special Revenue Fund. See the Notes to Required Supplementary Information (Exhibit C-3) for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the General and Special Revenue Funds. Awards and financial assistance revenues are reported in the Board's basic financial statements on a GAAP basis as presented on the following page:

165



NOTES TO SCHEDULES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE

June 30, 2014

Note 3. Relationship to Basic Financial Statements (continued):

Federal State Total

General Fund 4,389.49$ 4,172,268.46$ 4,176,657.95$ Special Revenue Fund 1,459,721.01 4,495,875.97 5,955,596.98 Capital Projects Fund - 28,800.00 28,800.00 Food Service Fund 634,598.35 10,245.95 644,844.30

Total Awards andFinancial Assistance 2,098,708.85$ 8,707,190.38$ 10,805,899.23$

Note 4. Relationship to Federal and State Financial Reports Amounts reported in the accompanying Schedules agree with the amounts reported in the related federal and state financial reports. Note 5. Other Revenue and expenditures reported under the Food Distribution Program represent current-year value received and current-year distributions respectively. The amount reported as TPAF Pension Contributions represents the amount paid by the State on behalf of the District for the year ended June 30, 2014. TPAF Social Security Contributions represents the amount reimbursed by the State for the employer’s share of Social Security contributions for TPAF members for the year ended June 30, 2014. Note 6. Federal and State Loans Outstanding The Red Bank School District had no loan balances outstanding at June 30, 2014.

166

EXHIBIT K-6(Page 1 of 3)

Financial Statements

Type of auditor's report issued:

Internal control over financial reporting:

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

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

Noncompliance material to basic financial statements noted? yes X no

Federal Awards

Internal control over major programs:


2) Significant deficiencies identified? yes X none reported

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

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

Identification of major programs:

CFDA Number(s) Name of Federal Program or Cluster

84.010 NCLB Title I

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

Auditee qualified as low-risk auditee? X yes no

$300,000.00

RED BANK SCHOOL DISTRICTSCHEDULE OF FINDINGS AND QUESTIONED COSTS


Section I - Summary of Auditor's Results

Unmodified

Unmodified

167

EXHIBIT K-6(Page 2 of 3)

State Awards

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

Auditee qualified as low-risk auditee? X yes no

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

Internal Control over major programs:


2) Significant deficiencies identified? yes X none reported

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

Identification of major programs:

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

State Aid Cluster:495-034-5120-078 Equalization Aid495-034-5120-089 Special Education Aid495-034-5120-084 Security Aid495-034-5120-094 Supplemental Enrollment Growth Aid495-034-5120-096 Under Adequacy Aid

Unmodified

RED BANK SCHOOL DISTRICTSCHEDULE OF FINDINGS AND QUESTIONED COSTS


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

$300,000.00

168


RED BANK SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS

For the Fiscal Year Ended June 30, 2014

Section II – Financial Statement Findings This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements and abuse related to the financial statements for which Government Auditing Standards requires reporting in a Circular A-133 audit & New Jersey OMB’s Circular Letter 04-04 audit.

None Noted

Section III – Federal Awards and State Financial Assistance & Questioned Costs This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and NJOMB Circular 04-04.

None Noted

169

EXHIBIT K-7 RED BANK SCHOOL DISTRICT

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT

For the Fiscal Year Ended June 30, 2014 This section identifies the status of prior-year findings related to the basic financial statements and federal and state awards that are required to be reported in accordance with Chapter 6.12 of Government Auditing Standards, OMB Circular A-133 and New Jersey OMB Circular 04-04.

No Prior Year Findings

170

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