Annual Comprehensive Financial Report - NJ.gov

Annual ComprehensiveFinancial Report

of the

Freehold Regional High School District

County of Monmouth

Englishtown, New Jersey

For the Fiscal Year Ended June 30, 2021

Prepared by

FRHSD Business Office

TABLE OF CONTENTS

PAGEINTRODUCTORY SECTION

Letter of TransmittalRoster of OfficialsConsultants and AdvisorsOrganizational Chart

1-4567

FINANCIAL SECTION

Independent Auditor's Report 8-10

REQUIRED SUPPLEMENTARY INFORMATION - Part I 11

Management’s Discussion and Analysis (Unaudited) 12-22

BASIC FINANCIAL STATEMENTS 23

A. District-Wide Financial Statements: 24

A-1 Statement of Net PositionA-2 Statement of Activities

2526

B. Major Fund Financial Statements: 27

Governmental Funds:

B-1 Balance SheetStatement of Revenues, Expenditures, and Changes in FundBalanceReconciliation of the Statement of Revenues, Expenditures, andChanges in Fund Balances of Governmental Funds to theStatement of Activities

28-29B-2

30B-3

31

Other Funds: 32

Propriety Funds:

B-4 Statement of Net PositionStatement of Revenues, Expenses, and Changes in Net PositionStatement of Cash Flows

33B-5 34B-6 35

Fiduciary Funds:

B-7 Statement of Fiduciary Net PositionB-8 Statement of Changes in Fiduciary Net Position

3637

Notes to the Financial Statements 38-88

TABLE OF CONTENTS (CONTINUED)PAGE

REQUIRED SUPPLEMENTARY INFORMATION - Part II 89

C. Budgetary Comparison Schedules:

C-1 General FundC-2 Special Revenue FundC-3 Budget to GAAP Reconciliation

90

91-105106107

REQUIRED SUPPLEMENTARY INFORMATION - Part III 108

L. Schedules Related to Accounting and Reporting for Pension (GASB 68)

Schedule of the District’s Proportionate Share of the Net PensionLiability - Public Employees Retirement System- Last Ten YearsSchedule of the District’s Contributions - Public EmployeesRetirement System- Last Ten YearsSchedule of the District’s Proportionate Share of the Net PensionLiability Teachers Pension and Annuity Fund- Last Ten YearsSchedules Related to Accounting and Reporting for Pension (GASB 68)Note to RSI III for the Fiscal Year Ended June 30, 2021

109

L-1110

L-2111

L-3112

L-4113

REQUIRED SUPPLEMENTARY INFORMATION - Part IV 114

M. Schedule Related to Accounting and Reporting for Postemployment BenefitsOther Than Pensions (GASB 75)

M-1 Schedule of Changes in the Total OPEB Liability and Related Ratios- Last Ten Years

M-2 Notes to the Required Supplementary Information Part IV

115

116117

OTHER SUPPLEMENTARY INFORMATION 118

D. School Level Schedules N/A

E. Special Revenue Fund:

E-1 Combining Schedule of Revenues and Expenditures- Budgetary Basis

E-2 Demonstrably Effective Program Aid Schedule of Expenditures -Budgetary Basis

E-3 Early Childhood Program Aid Schedule of Expenditures -Budgetary Basis

E-4 Distance Learning Network Aid Schedule of Expenditures -Budgetary Basis

E-5 Instructional Supplement Aid Schedule of Expenditures -Budgetary Basis

119

120-122

N/A

N/A

N/A

N/A

F. Capital Projects Fund 123

F-1 Summary Statement of Project Expenditures - Budgetary BasisSummary Schedule of Revenues, Expenditures and Changes inFund Balance - Budgetary Basis

124F-2

125


F. Capital Projects Fund (Continued)

Summary Schedule of Project Revenues, Expenditures and Changesin Fund Balance - Budgetary Basis - Freehold Boro High School -Roof Replacement

F-2a

126

F-2b Summary Schedule of Project Revenues, Expenditures and Changesin Fund Balance - Budgetary Basis - Marlboro High School - RoofReplacementSummary Schedule of Project Revenues, Expenditures and Changesin Fund Balance - Budgetary Basis - Freehold Boro High School -Boiler & HVAC ReplacementSummary Schedule of Project Revenues, Expenditures and Changesin Fund Balance - Budgetary Basis - Districtwide Energy SavingsImprovement PlanSummary Schedule of Project Revenues, Expenditures and Changesin Fund Balance - Budgetary Basis - Colts Neck High School RoofReplacementSummary Schedule of Project Revenues, Expenditures and Changesin Fund Balance - Budgetary Basis - Howell High School RoofReplacementSummary Schedule of Project Revenues, Expenditures and Changesin Fund Balance - Budgetary Basis - Freehold Township High SchoolRoof ReplacementSummary Schedule of Project Revenues, Expenditures and Changesin Fund Balance - Budgetary Basis - Manalapan High School RoofReplacementSummary Schedule of Project Revenues, Expenditures, ProjectBalance and Project Status - Budgetary Basis - School SecurityGrant: Interior Door Security Upgrades - Districtwide

127F-2c

128F-2d

129F-2e

130F-2f

131F-2g

132F-2h

133F-2i

134

G. Proprietary Funds

Enterprise Fund:

G-1 Combining Statement of Net PositionG-2 Combining Statement of Revenues, Expenses and Changes in

Fund Net PositionG-3 Combining Statement of Cash Flows

135

136

137138

H. Fiduciary Fund N/A

I. Long-Term Debt 139

Schedule of Serial BondsSchedule of Obligations Under Capital Leases

1-1 140I-2 141


STATISTICAL SECTION - UNAUDITED

J-1 142Net Position by ComponentChanges in Net PositionFund Balances - Governmental FundsChanges in Fund Balances - Governmental FundsGeneral Fund Other Local Revenue by SourceAssessed Value and Actual Value of Taxable PropertyDirect and Overlapping Property Tax RatesPrincipal Property Taxpayers - Current Year and Nine Years AgoProperty Tax Levies and CollectionRatios of Outstanding Debt by TypeRatios of General Bonded Debt OutstandingRatios of Overlapping Governmental Activities DebtLegal Debt Margin InformationDemographic and Economic StatisticsPrincipal Employers - Current Year and Nine Years AgoFull-Time Equivalent District Employees by Function/ProgramOperating StatisticsSchool Building InformationSchedule of Allowable Maintenance for School FacilitiesInsurance Schedule

143-144J-2J-3 145J-4 146J-5 147J-6 148-150

151-153154-157

J-7J-8J-9 158J-10 159J-11 160J-12 161J-13 162J-14 163-165J-15 166J-16 167J-17 168J-18 169J-19 170J-20 171

SINGLE AUDIT SECTION

K-1 Independent Auditor's Report on Internal Control Over FinancialReporting and on Compliance and Other Matters Based on anAudit of Basic Financial Statements Performed in Accordance withGovernment Auditing Standards 172-173

K-2 Independent Auditor’s Report on Compliance with RequirementsApplicable to Each Major Federal and State Financial AssistancePrograms and on Internal Control Over Compliance in Accordancewith the Uniform Guidance and New Jersey OMB Circular 15-08 174-175

K-3 Schedule of Expenditures of Federal Awards, Schedule A 176

Schedule of Expenditures of State Financial Assistance, Schedule BK-4 177

Notes to the Schedules of Expenditures of Federal Awards and StateFinancial Assistance

K-5178-179

K-6 Schedule of Findings and Questioned Costs 180-182

K-7 Schedule of Prior Year Audit Findings 183

INTRODUCTORY SECTION

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTAdministration Building11 Pine Street Englishtown NJ 07726

(732 ) 792-7300 ext. 8519Fax: (732 ) 446-5192

February 1, 2022

Honorable President andMembers of the Board of Education

Freehold Regional High School DistrictCounty of MonmouthEnglishtown, New Jersey

Dear Board Members:

We are pleased to present to you the Annual Comprehensive Financial Report (ACFR) of the FreeholdRegional High School District (District) for the fiscal year ended June 30, 2021. Responsibility for both theaccuracy of the data and completeness and fairness of the presentation, including all disclosures, restswith the management of the Board of Education (Board). To the best of our knowledge and belief, the datapresented in this report is accurate in all material respects and is reported in a manner designed to presentfairly the basic financial statements and results of operations of the District. This report will provide thetaxpayers of the Freehold Regional High School District with comprehensive financial data in a formatenabling them to gain an understanding of the School District's financial affairs.

The Annual Comprehensive Financial Report is presented in four sections as follows:

• The Introductory Section contains this Letter of Transmittal, List of Principal Officials, and anOrganizational Chart of the School District;

The Financial Section begins with the Independent Auditors' Report and includes the Management'sDiscussion and Analysis, the Basic Financial Statements and Notes providing an overview of theSchool District's financial position and operating results, and other schedules providing detailedbudgetary information;

• The Statistical Section includes selected economic and demographic information, financial trendsand the fiscal revenue and debt capacities and other operating information of the School District;

• The Single Audit Section - The District is required to undergo an annual single audit in conformitywith the provisions of Title 2 U.S. Code of Federal Regulations Part 200, “Uniform AdministrativeRequirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance)" andthe New Jersey State Treasury Circular Letter 15-08 OMB, “Single Audit Policy for Recipients ofFederal Grants, State Grants, and State Aid.” Information related to this single audit, including theindependent auditors’ report on the internal control and compliance with applicable laws, regulations,contracts and grants, along with findings and questioned costs, if any, are included in the single auditsection of this report.

1

Reporting Entity

The Freehold Regional High School District is an independent reporting entity within the criteria adopted bythe Governmental Accounting Standards Board's (GASB) as established by Statement No. 39. All fundsof the District are included in this report. The Freehold Regional High School District Board of Educationand its six high schools constitute the District's reporting entity.

School District Organization

The Freehold Regional High School District, the largest limited-purpose regional high school district in thestate, is one of 56 school districts in Monmouth County. The School District provides education to studentsin grades nine through twelve.

An elected nine-member Board of Education (the "Board") serves as the policy maker for the School District.The Board adopts an annual budget and directly approves all expenditures which serve as the basis forcontrol over and authorization for all expenditures of School District tax money.

The Superintendent is the chief executive officer of the School District, responsible to the Board for totaleducational and support operations. The Assistant Superintendent for Business/Board Secretary is thechief financial officer of the School District, responsible to the Board for maintaining all financial records,issuing warrants in payment of liabilities incurred by the School District, acting as custodian of all SchoolDistrict funds, and investing idle funds as permitted by New Jersey law.

Geographically, the District is comprised of the Townships of Colts Neck, Freehold, Howell, Manalapan andMarlboro and the Boroughs of Englishtown, Farmingdale and Freehold. Established in 1953, the District'stotal area is 198 square miles. As of the October 2021 student count, there were 10,468 resident students.Of these resident students,10,323 students are enrolled in one of the Freehold Regional High SchoolDistrict’s six high schools. District enrollment had been steadily declining, however, there was a slightincrease in student enrollment as of the October 2021 count.

Freehold Regional High School DistrictCH Colts Neck TownshipCZI Englishtown Borough

Farmingdale BoroughI Freehold Borough

Freehold TownshipLJ Howell Township

I Manalapan Township JF 1 Marlboro Township V J-"-fW

Monmouth CountyNew Jersey

%\

i

2

Economic Condition and Outlook

Monmouth County is steeped in history from pre-revolutionary times to the present day. Rich in naturalresources, Monmouth's deep forests, rolling countryside and miles of beautiful sandy beaches offer aperfect backdrop for the vast variety of recreational, cultural and leisure opportunities in the area. TheCounty has horse country and thriving agricultural industry in the west, beaches and seaside resorts in theeast, and a booming business community throughout. The Freehold Regional High School District servesstudents from a wide range of socioeconomic backgrounds.

Monmouth County is located in the center of the state approximately 47 miles south of New York City and55 miles east of Philadelphia. Newark Liberty International Airport is just 40 minutes away. The public andprivate transportation systems include more than 2,600 miles of rails and roads, making the Countyaccessible to virtually all of New Jersey as well as nearby New York and Philadelphia.The District’s General Fund budget derives a material amount of its support in the form of Unrestricted StateAid. In 2018 the State of New Jersey passed legislation which reallocated this aid amongst the State'sschool districts based upon a revised funding formula. As a result, the Freehold Regional High SchoolDistrict will see it’s Unrestricted State Aid reduced by a cumulative almost $115 million over seven years.Federal funding in response to the pandemic helped offset a portion of the financial impact of S2, but thisone-time revenue will not solve the long-term permanent reductions under S2. The District’s administrationcontinues to formulate plans to deal with the ramifications of this loss of revenue.

Educational Program

The District supports students in pursuing their passions in fields of study and career interests throughoffering various opportunities within the educational program. Rising ninth graders who are accepted intoone of our prestigious magnet programs become full-time students at the program's home school for allfour years of their high school career.

Incoming 8,h grade students are invited to apply to any of the twelve competitive magnet programs locatedthroughout the district. Colts Neck is home to the Law & Public Service program and the Naval JuniorROTC program. Freehold High School has three programs: Culinary Arts & Hospitality Management,Computer Science, and Medical Sciences. At Freehold Township High School, the Animal & BotanicalSciences program and the Global Studies program are offered. Howell High School is home to the Fine& Performing Arts, as well as the Humanities program. Manalapan High School houses the Science &Engineering program and the Law Enforcement & Public Safety program. Finally, Marlboro High Schoolcontains the Business Administration magnet program. In addition, certain schools offer the InternationalBaccalaureate (IB) Diploma Programme - a comprehensive and rigorous pre-university course of studiesfor highly motivated 11th and 12th graders. The IB Diploma Programme is widely recognized in the UnitedStates and around the world.

Major Initiatives

Strategic Planning

Compass 2.0, the successor to the original Compass Strategic Plan, was developed and will continue toenhance the work commenced in the 2012-17 school years. Through the Compass 2.0 project, theFreehold Regional High School District mapped priorities and projects for the 2018-22 school years in thefour core areas that support the District’s mission: Whole Child; Equity and Opportunity; Student Growthand Learning; and, Community Partnerships. View our plan mission, detailed information on each of thefour core areas and implementation progress via The Compass Project link on the district's website.

3

Capital Planning

The current budget law limits opportunities to fund high dollar facility needs through the annual schoolbudget or local reserves. The district initially developed a capital referendum that addressed the followingfour broad areas of need: Modernized Learning Environment, Expanded Utilization of Athletic Facilities,Enhanced Safety and Security, and Infrastructure Maintenance. The initial referendum, which did notreceive voter support, was re-offered to the public in November of 2019 as three separate questions andwas again defeated. The District scaled down the projects in the referendum to only include the criticalinfrastructure needs of roofing and paving. This $14,460,000 question was approved by the public inNovember 2021. As the District has and will always have additional capital needs outside of this limited-scope referendum, management will continue to evaluate funding alternatives such as through budgetappropriation or drawing down on capital reserve funds.

Acknowledgements

We would like to express our appreciation to the members of the Freehold Regional High School DistrictBoard for their commitment to providing fiscal accountability to the citizens and taxpayers of the schooldistrict and thereby contributing their commitment to the development and maintenance of our financialoperation. The preparation of this report could not have been accomplished without the efficient anddedicated services of our financial and accounting staff.

Respectfully a

Charles SampsonSuperintendent of Schools

Sean Boyce, CPAAssistant Superintendent for Business

4

FREEHOLD REGIONAL HIGH SCHOOL BOARD OF EDUCATIONENGLISHTOWN, NEW JERSEY

ROSTER OF OFFICIALSJUNE 30, 2021

TermExpiresMembers of the Board of Education

Peter Bruno, President 2021

Marc Parisi, Vice President 2022

Diana Cappieilo 2022

Debra Fanelli 2023

Elizabeth Higley 2023

Kathie Lavin 2022

Michael Messinger 2023

Heshy Moses 2021

Adam Weiss 2021

Other Officials

Charles Sampson, Superintendent of Schools

Sean Boyce, CPA, Assistant Superintendent for Business Administration/Board Secretary

Mark Toscano, Esq., Solicitor

5

FREEHOLD REGIONAL HIGH SCHOOL BOARD OF EDUCATIONCONSULTANTS AND ADVISORS

JUNE 30, 2021

Audit FirmSuplee, Clooney & Company

308 East Broad StreetWestfield, NJ 07090

AttorneyMark Toscano

Comegno Law Group, P.C.521 Pleasant Valley Avenue

Moorestown, NJ 08057

Official DepositoryBank of America

One West Main StreetFreehold, New Jersey 07728

6

Free

hold

Reg

iona

l Hig

hSc

hool

Dis

trict

Org

aniz

atio

nal C

hart

Supe

rinte

nden

t

Assi

stan

tSup

erin

tend

ent

for B

usin

ess

Chief

Acad

emic

Offi

cer

* -4

Dire

ctor

ofCu

rricu

lum

&In

stru

ctio

nD

irect

orof

Stud

ent

Serv

ices

Dire

ctor

ofG

uida

nce

&O

pera

tions

Dire

ctor

ofPl

anni

ngRe

sear

ch&

Eval

uatio

nAd

min

istra

tor o

f Fin

ance

Dire

ctor

ofPe

rson

nel

Prin

cipal

s

Adm

inis

trativ

eSu

perv

isors

Dis

trict

Supe

rvis

orof

Inst

ruct

ion

Dire

ctor

ofBu

ildin

gs&

Gro

unds

Assis

tant

Prin

cipal

s&

Supe

rvis

ors

Tran

spor

tatio

nD

irect

orTe

chno

logy

Coor

dina

tor

Adm

inis

trativ

eSu

perv

isor

FINANCIAL SECTION

SUPLEE, CLOONEY & COMPANYCERTIFIED PUBLIC ACCOUNTANTS

308 East Broad Street , Westf ie ld , New Jersey 07090- 2122

Telephone 908-789-9300

E-mai lFax 908-789-8535

[email protected]

INDEPENDENT AUDITOR’S REPORT

Honorable President and Membersof the Board of Education


Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, thebusiness-type activities and each major fund of the Freehold Regional High School District, County ofMonmouth, New Jersey as of and for the year ended June 30, 2021, and the related notes to thefinancial statements, which collectively comprise the District’s basic financial statements as listed inthe table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financialstatements in accordance with accounting principles generally accepted in the United States ofAmerica; this includes the design, implementation, and maintenance of internal control relevant to thepreparation 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. Weconducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standardsissued by the Comptroller General of the United States, audit requirements prescribed by the Divisionof Finance, Department of Education, State of New Jersey, the audit requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance) and State of New Jersey OMB Circular15-08 "Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.” Thosestandards and provisions require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

8

SUPLEE, CLOONEY & COMPANYAn 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, whetherdue to fraud or error. In making those risk assessments, the auditor considers internal control relevantto the District's preparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinionon the effectiveness of the District’s internal control. Accordingly, we express no such opinion. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of significant accounting estimates made by management, as well as evaluating theoverall presentation of the financial statements.

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

Opinion

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 and eachmajor fund of the Freehold Regional High School District, County of Monmouth, New Jersey as ofJune 30, 2021, and the respective changes in financial position, and, where applicable, cash flowsthereof for the year then ended in accordance with accounting principles generally accepted in theUnited States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that theManagement’s Discussion and Analysis and budgetary comparison information in Exhibit C-1 throughC-3 and the schedules related to accounting and reporting for pensions in Exhibit L-1 through L-4 andthe schedules related to accounting and reporting for postretirement benefits other than pensions(OPEB) in Exhibit M-t and M-2 be presented to supplement the basic financial statements. Suchinformation, although not a part of the basic financial statements, is required by the GovernmentalAccounting Standards Board who considers it to be an essential part of financial reporting for placingthe basic financial statements in an appropriate operational, economic, or historical context. We haveapplied certain limited procedures to the required supplementary information in accordance withauditing standards generally accepted in the United States of America, which consisted of inquiries ofmanagement about the methods of preparing the information and comparing the information forconsistency with management's responses to our inquiries, the basic financial statements, and otherknowledge we obtained during our audit of the basic financial statements. We do not express anopinion or provide any assurance on the information because the limited procedures do not provide uswith sufficient evidence to express an opinion or provide any assurance.

9

SUPLEE, CLOONEY & COMPANY

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements thatcollectively comprise the Freehold Regional High School District's basic financial statements. Theaccompanying supplementary information schedules such as the introductory section, combiningstatements and individual fund financial statements, the statistical section and the Schedules ofExpenditures of Federal Awards and State Financial Assistance, as listed in the table of contents, asrequired by the Uniform Guidance, New Jersey’s OMB Circular 15-08, "Single Audit Policy forRecipients of Federal Grants, State Grants and State Aid,” and the State of New Jersey, Departmentof Education, Division of Finance, are presented for purposes of additional analysis and are not arequired part of the basic financial statements.

The combining and individual fund financial statements and the Schedules of Expenditures ofFederal Awards and State Financial Assistance, as listed in the table of contents, as required by theUniform Guidance, New Jersey's OMB Circular 15-08, "Single Audit Policy for Recipients of FederalGrants, State Grants and State Aid,” and the State of New Jersey, Department of Education, Divisionof Finance is the responsibility of management and was derived from and relates directly to theunderlying accounting and other records used to prepare the basic financial statements,information has been subjected to the auditing procedures applied in the audit of the basic financialstatements and certain additional procedures, including comparing and reconciling such informationdirectly to the underlying accounting records used to prepare the basic financial statements or to thebasic financial statements themselves, and other additional procedures in accordance with auditingstandards generally accepted in the United States of America. In our opinion, the combining andindividual fund financial statements and the Schedules of Expenditures of Federal Awards and StateFinancial Assistance are fairly stated, in all material respects, in relation to the basic financialstatements as a whole.

Such

The other information, such as the introductory and statistical sections, has not been subjectedto the auditing procedures applied in the audit of the basic financial statements, and accordingly, wedo not express on opinion or provide any assurance on it.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report datedFebruary 1, 2022 on our consideration of the Freehold Regional High School District's internal controlover 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 thescope of our testing of internal control over financial reporting and compliance and the results of thattesting, 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 AuditingStandards in considering the Freehold Regional High School District’s internal control over financialreporting and compliance.

/ACERTIFIED PUBLIC ACCOUNTANTS

PUBLIC SCHOOL ACCOUNTANT NO. 948February 1, 2022

10

REQUIRED SUPPLEMENTARY INFORMATION- PART I

11

MANAGEMENT’S DISCUSSION AND ANALYSIS

12

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTENGLISHTOWN, NJ

MANAGEMENT'S DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2021

UNAUDITED

The discussion and analysis of Freehold Regional High School District's financial performance provides an overallreview of the School District's financial activities for the fiscal year ended June 30, 2021. The intent of thisdiscussion and analysis is to look at the School District's financial performance as a whole; readers should alsoreview the basic financial statements and notes to enhance their understanding of the School District's financialperformance. Certain comparative information between the current fiscal year (2020-2021) and the prior fiscalyear (2019-2020) is presented in the MD&A.

FINANCIAL HIGHLIGHTS

Key financial highlights for 2021 are as follows:

9- While COVID-19 continued to disrupt in-person education and operations, school and state-wide closuresand modified schedules resulted in modest savings to the District. Even though Federal funding receivedin response to the pandemic helped soften the financial blow of S2, this law remains the most significantinfluence on the short and long-term success of Freehold Regional High School District. The District'sadministration continues to modify programs and services to adapt to the loss of revenue expected fromthe S2 legislation passed by the State of New Jersey in 2018.Net Position of governmental activities increased $7,274,792, which represents a 10.4 percent increasefrom 2020. This is largely due to the impact of GASB 68 - FY21 saw a decrease in actuarily calculatednet pension liability. In addition, COVID-19 related disruptions and schedule modifications decreasedexpenditures in several areas including Transportation.

a- Net Position of business-type activities decreased $254,520, which represents a 65.1 percent decreasefrom 2020. Although students returned to school in October of 2020, the schedule was modified to a halfday for the entire year and lunch was not served. School returned to a full-time in-person schedule inSeptember of 2021 with meals being free to all students. It is expected that the return to operationscoupled with the enhanced reimbursement for free meals from the Federal Government will allow the foodsen/ice operation to be profitable again.

Property taxes continue to provide the majority of revenue for the Governmental Funds accounting for 62.0percent in 2021. During the ten years the tax levy cap has been in place, the District has forgone morethan $32 million in available property tax. However, the District is slated to lose a cumulative almost $115million in State Aid under the S2 legislation. In 2021, the third year of S2’s seven-year Equalization Aidphase out plan, there was a cumulative reduction of $10.8 million with an additional $6.7 million reductionslated for FY22.

K- Governmental Fund expenses (exclusive of the Capital Projects Fund and on-behalf contributions)decreased by $6,979,563 which represents a 3.6 percent decrease from 2020. This decrease was mainlydue to no debt service payments in FY 2021 as the last payment on bonds was made in FY 20, as well ascontinued savings resulting from COVID-19 school disruptions discussed above and throughout this report.

USING THIS ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR)

This annual report consists of a series of financial statements and notes to those statements. These statementsare organized so the reader can understand Freehold Regional High School District as a financial whole, an entireoperating entity. The statements then proceed to provide an increasingly detailed look at specific financialactivities.

The focus of governmental accounting differs from that of business enterprises. In government, the financialstatement user is concerned with determining accountability for funds, evaluating operating results, and assessingthe level of service that can be provided by the government along with its ability to meet obligations as theybecome due. In comparison, the primary emphasis in the private sector from both an operational and reportingperspective is on the maximization of profits.

13


MANAGEMENT S DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2021

UNAUDITED (CONTINUED)

Reporting the School District as a Whole

Statement of Net Position and the Statement of Activities

The Statement of Net Position and Statement of Activities provide information about the activities of a wholeschool district, presenting both an aggregate view of a school district’s finances and a longer-term view of thosefinances. Fund financial statements provide the next level of detail. For governmental funds, these statementstell how services were financed in the short-term as well as what remains for future spending.

This document looks at all financial transactions and asks the question, "How did we do financially during 2020?”The Statement of Net Position and the Statement of Activities attempt to answer this question. These statementsinclude all assets and liabilities using the accrual basis of accounting similar to the accounting used by mostprivate-sector businesses. This basis of accounting takes into account all of the current year’s revenues andexpenses regardless of when cash is received or paid.These two statements report the District's Net Position and changes in those assets. This change in Net Positionis important because it tells the reader that, for the District as a whole, the financial position of the District hasimproved or diminished. The causes of this change may be the result of many factors. Non-financial factorsinclude the School District's property tax base, current laws in New Jersey restricting revenue growth, facilitycondition, required educational programs, and other factors.In the Statement of Net Position and the Statement of Activities, the School District is divided into two distinctkinds of activities:

• Governmental activities - All of the School District's programs and services are reported here includinginstruction, support services, administration, operating maintenance of plant services, studenttransportation, and extracurricular activities.

• Business-Type Activities - This service is provided on a charge-for-goods-or-services basis to recover allthe expenses of the goods or services provided. The Food Service and Extra Curricular funds are reportedas a business activity.

Reporting the School District's Most Significant Funds

Fund Financial Statements

Fund financial reports provide detailed information about the School District's funds. The School District usesmany funds to account for a multitude of financial transactions. The School District's governmental funds are theGeneral Fund, Special Revenue Fund, Capital Projects Fund and Debt Service Fund.

Governmental FundsThe School District's activities are reported in governmental funds, which focus on how money flows intoand out of those funds and the balances left at year-end available for spending in the future years. Thesefunds are reported using an accounting method called modified accrualaccounting, which measures cashand all other financial assets that can readily be converted to cash. The governmental fund statementsprovide a detailed short-term view of the School District's general government operations and the basicservices it provides. Governmental fund information helps the reader determine whether there are moreor fewer financial resources that can be spent in the near future to finance educational programs. Therelationship (or differences) between governmental activities (reported in the Statement of Net Positionand the Statement of Activities) and governmental funds is reconciled in the financial statements.Enterprise FundThe enterprise fund uses the same basis of accounting as business-type activities; therefore, thesestatements are essentially the same as in private industry.

14




Notes to the Basic Financial Statements

The notes to the basic financial statements provide additional information that is essential to a full understandingof the data provided in the District-wide and fund financial statements.

THE SCHOOL DISTRICT AS A WHOLE

Recall that the Statement of Net Position provides the perspective of the School District as a whole. Net Positionmay serve over time as a useful indicator of a government's financial position.The District's financial position is the product of several financial transactions including the net results of activities,the acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of capitalassets.

Table 1 provides a summary of the School District's Net Position for 2021 and 2020.

TABLE1Net Position

2020-21 2019-20Governmental

ActivitiesBusinessActivities

GovernmentalActivities

BusinessActivitiesTotal Total

ASSETSCurrent & Other AssetsCapital Assets

Total Assets

$59,493,400104,754,167

$346,210 $59,839,610342,992 105,097,159

$47,386,282109,378,955

$680,306 $48,066,588384,411 109,763,366

164,247,567 689,202 164,936,769 156,765,237 1,064,717 157,829,954

DEFERRED OUTFLOWS OF RESOURCES:Loss on Refunding of Long Term DebtPension Related

Total Deferred Outflow of Resources 6,579,1456,579,145 6,579,145 8,744,318 8,744,318

6,579,145 8,744,318 8,744,318

LIABILITIESLong-Term LiabilitiesOther Liabilities

Total Liabilities

55,445,89319,168,480

265,894 55,711,787287,050 19,455,530

63,236,30114,362,563

393,100 63,629,401280,839 14,643,402

74,614,373 552,944 75,167,317 77,598,864 673,939 78,272,803

DEFERRED INFLOWS OF RESOURCES:Pension Related

Total Deferred Inflow of Resources19,096,486 19,096,486 18,069,630 18,069,63019,096,486 19,096,486 18,069,630 18,069,630

NET POSITIONNet Investment in Capital AssetsRestrictedUnrestricted (Deficit)

Pension RelatedOther

90,306,87140,677,885

96,991 90,403,86240,677,885

93,886,10536,663,498

61,045 93,947,15036,663,498

(54,674,273)805,370

(54,674,273)844,637

(56,896,290)(3,812,252)

(56,896,290)329,733 (3,482,519)39,267

Total Net Fbsition $77,115,853 $136,258 $77,252,111 $69,841,061 $390,778 $70,231,839

15




Table 2 details the changes in Net Position for fiscal year 2021 and 2020.TABLE 2

CHANGES IN NET POSITION

2020-21 2019-20Governmental

ActivitiesBusinessActivities

GovernmentalActivities

BusinessActivitiesTotal Total

Revenues:Program Revenues:Charges for ServicesOperating Grants & Contributions

General RevenuesProperty TaxesGrants (includes State Aid)and Entitlements

Other Revenues

$1,584,92061,523,780

$128,257130,061

$1,713,17761,653,841

$448,194 $1,549,21342,287,847 484,773

$1,997,40742,772,620

140,379,308 140,379,308 141,762,932 141,762,932

51.152,887686,794

45.584,82276,611

45,584,82276,611

51,152,887686,794

$249,149,441 $258,318 $249,407,759 $236,338,654 $2,033,986 $238,372,640

Expenses:InstructionTuition, Student and Instruction

Related ServicesGeneral Administration, SchoolAdministration, Central ServicesInformation Technology & Maintenance

TransportationInterest on Long-TermDebtBusiness-TypeOther

Total Expenses

141,274.593 141.274,593 128,989,730 128,989,730

46,890,611 46,890,611 42,787,997 42,787,997

34,040,98913,981,765

8,101

34,040,98913,981,765

8,101512,838

5,678,590

33,820,35015,612,449

192,408

33,820,35015,612,449

192,4082,111,0895,978,678

512,838 2,111,0895,678,590 5,978,678

$241,874,649 $512,838 $242,387,487 $227,381,612 $2,111,089 $229,492,701

($254,520)390,778

Change in Net PositionNet Position July 1 (as restated)

$7,274,79269,841,061

$7,020,27270,231,839

$8,957,04260,884,019

($77,103)467,881

$8,879,93961,351,900

Net Position June 30, $77,115,853 $136,258 $77,252,111 $69,841,061 $390,778 $70,231,839

The presentation of net position in the District's June 30, 2021 financial statements includes revenues from federaland state grant programs as well as the state’s on-behalf contributions to the Teachers’ Pension and Annuity Fund(TPAF) and actuarially calculated expense for the Public Employees Retirement System (PERS). Correspondingamounts have been appropriately assigned throughout governmental expenses.

Variances in both the revenues and expenditures are significantly affected by the actuarially calculated revenueand expense for TPAF and PERS Pension under GASB 68 and Postemployment Benefits under GASB 75.

16

FREEHOLD REGIONAL HIGH SCHOOL DISRICTENGLISHTOWN, NJ

MANAGEMENTS DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2021


Governmental Activities

The Statement of Activities shows the cost of program services and the charges for services and grants offsettingthose services. Table 3 shows the total cost of services and the net cost of services for the District. The net costshows the financial burden that was placed on the District’s taxpayers by each of these functions.

TABLE 3NET COST OFSERVICES

Total Cost ofServices

2020$128,989,730

Total Cost ofServices

2021$141,274,593

Net Cost ofServices

2021$94,276,159

Net Cost ofServices

2020$95,433,054Instruction

Tuition, Student and InstructionRelated Services

General Administration, SchoolAdministration, Central ServicesInformation Technology & Maintenance

TransportationInterest on Long-Term DebtBusiness-TypeOther

Total Expenses

$46,890,611 42,787,997 35,687,236 36,482,218

$34,040,989$13,981,765

$8,101$512,838

$5,678,590

33,820,35015,612,449

192,4082,111,0895,978,678

29,386,71013,729,153

8,101254,520

5,678,590

31,019,22515,606,443

125,95377,103

5,978,678$242,387,487 $229,492,701 $179,020,469 $184,722,674

As noted above, the presentation of position in the District’s June 30, 2021 financial statements includes theallocation of expenses funded by federal and state grant programs as well as the state’s on-behalf contributionsto the Teachers’ Pension and Annuity Fund as well as the allocation of Postemployment Benefits under GASB75. In FY21, revenue and expense recognized for Postemployment Benefits increased by over $13 million andgreatly skews the cost of services presented above. This increase was due to a decrease in the discount rate aswell as major changes in assumptions used in the actuarial calculations.

> Instruction expenses include activities directly dealing with the teaching of pupils and the interactionbetween teacher and student, including extracurricular activities.

> Tuition, student and instruction related services include the activities involved with assisting staff with thecontent and process of teaching to students, including curriculum and staff development.

> General administration, school administration, central services, information technology and maintenanceinclude expenses associated with administrative and financial supervision of the District, as well as costsassociated with the upkeep of school grounds, buildings, and equipment in an effective working condition.

> Pupil transportation includes activities involved with the conveyance of students to and from school, aswell as to and from school activities, as provided by State law.

> Interest on long-term debt involves the transactions associated with the payment of interest and otherrelated charges to debt of the School District.

> Business-type expenses include all expenses associated with the food service and extracurricular funds.

> "Other" includes depreciation on capital assets that is not allocated to a specific function mentioned above.

17




Business-Type Activities

Revenues for the District’s business-type activities (food service and extra-curricular programs) were comprisedof charges for services and federal and state reimbursements. The food service operation continued to experiencemajor losses as lunch was not served for the entire 2021 school year. The District followed a modified reducedday schedule due to COVID-19. Meals were made available to free and reduced lunch students either by district-run delivery or via parent pick-up. The only revenue received was in the form of reimbursement for free andreduced meals from the State and Federal government and from meals sold to employees. Also, a one-timepayment in the amount of $51k was received from the United States Department of Agriculture to compensate forlost revenues due to the pandemic; this helped resuscitate the finances of the Food Service Fund. Students didreturn to a full time in-person schedule in September of 2021 with the lunch program resuming, however theFederal government initiated a program where meals were free to all students. The Federal government willprovide reimbursement for these meals and an enhanced reimbursement is expected starting in January 2022. Itis anticipated that the Food Service program will rebound by the end of 2022

THE SCHOOL DISTRICT’S FUNDS

All governmental funds are accounted for using the modified accrual basis of accounting. Totals (excluding CapitalProjects) for revenues amounted to $226,333,546 and expenditures were $218,792,777. The net change in fundbalance was an increase of $8,569,032. As demonstrated by the various statements and schedules included inthe financial section of this report, the District continues to meet its responsibility for sound financial management.Governmental Funds Revenues and Expenditures (exclusive of Capital Projects) are summarized in Table 4 andChart 1 below.

Table 4Governmental Funds Revenues and Expenditures

(Exclusive of Capital Projects)Increas ©/(Decrease)

from 2Q20($1,383,624)

$766,284($206,937)1,462,531

PercentageChangeREVENUES:

Property TaxesCharges for ServicesState SourcesFederal Sources

Percentage62.02

Amount$140,379,308

$2,062,95679,301,235

4,590,047

(0.98)59.10(0.26)46.76

0.9135.042.03

$226,333,546 $638,254Total 100.00 0.28

lncrease/(Decrease)from 2020

$164,898726,527148,343161,292

(950,779)(2,068,410)5,507,387

366,900(5,465,250)

PercentageChangeEXPENDITURES:

Instruction & TuitionStudent Support ServicesAdministrationCental Services & TechnologyMaintenance & OperationsTransportationEmployee BenefitsCapital OutlayDebt Service

Amount Percentage$93,463,528

18,881,7718,796,2983,798,679

13,314,93114,889,18063,411,394

2,236,996

42.72 0.188.63 4.004.02 1.72

4.431.746.09 (6.66)

(12.20)6.819.5128.98

1.02 19.62(100.00)

$218,792,777Total ($1,409,092)100.00 (0.64)

18




Chart 1Governmental Funds Revenues and Expenditures

(Exclusive of Capital Projects)

Sources of Revenues FY21

3S.M4

62.0%

« Charges for ServicesFederal Sources

"Property Taxes

State Sources

Expenditures FY21i.o%

__ 42.7%

6,8%

6.1%1.7% 4.0% • 8.6%

Student Support ServicesCental Services & Technology

•TransportationCapital Outlay

* Instruction & TuitionAdministration

•Maintenance & OperationsEmployee BenefitsDebt Service

19




Highlights include the following:

• The decrease in Property Taxes was due to the District no longer receiving taxes for debt service as theserial bonds were paid in full in FY2020. The decrease in state revenue was due to the reduction inEqualization Aid legislated by S2, offset by an increase in on-behalf contributions. The District will lose anadditional $6.7 million in FY22 and a cumulative loss of approximately $115 million through FY25. Theincrease in Charges for Services results from adopting GASB 84 as now Student Activity and Scholarshiprevenues are included here. The increase in Federal sources was a result of coronavirus relief funding.

• Expenses for instruction, tuition and student support services as a group slightly increased from FY20.There was a budgeted reduction of professional positions due to declining enrollment which resulted inan overall decrease in instruction. This was offset by an increase in tuition as tuition during FY20 waslower due to COVID-19 closures.

• It appears that student support services increased, however, the increase is due to GASB 84 whichresulted in student activities and scholarships now being included in this figure. Absent the effects ofGASB 84, student support services decreased mainly due to lower costs for paraprofessionals as theschedule started out virtual, went to a hybrid cohort-based model and only for the fourth marking perioddid students return every day. The entire year was on a reduced day schedule.

• The Operations and Maintenance of Plant Services section of the budget decreased primarily due to asignificantly lower ESIP payment in FY21 as compared to FY20.

• Transportation costs also decreased from FY20 due to the COVID-19 closures and modified schedules.

• Excluding on-behalf payments, expenses for employee benefits were essentially flat year over year.Normal increases in health care costs were offset by health and social security savings from the reductionsin staff. COVID-19 also played a role in the containment of health care costs, as employees were lesslikely to seek routine medical care and have elective procedures, however that number cannot bequantified.

• Capital Outlay represents mercury remediation and subsequent gym floor replacements at five of the sixschools as well as the completion Marlboro High School boiler project and HVAC improvements in theManalapan High School Auditorium.

• Debt Service decreased as the last payment on serial bonds was made in March of 2020.

Capital Projects

The current budget law limits opportunities to fund high dollar facility needs through the annual school budget orlocal reserves. The district initially developed a capital referendum that addressed the following four broad areasof need: Modernized Learning Environment, Expanded Utilization of Athletic Facilities, Enhanced Safety andSecurity, and Infrastructure Maintenance. The initial referendum, which did not receive voter support, was re-offered to the public in November of 2019 as three separate questions and was again defeated. The District scaleddown the projects in the referendum to only include the critical infrastructure needs of roofing and paving. This$14,460,000 question was approved by the public in November 2021. As the District has and will always haveadditional capital needs outside of this limited-scope referendum, management will continue to evaluate fundingalternatives such as through budget appropriation or drawing down on capital reserve funds.

20




CAPITAL ASSETS

The District focused its limited resources on mercury remediation and gym floor replacements at five of its six highschools. Work on the door security project, partially funded by the Securing Our Children’s Future Bond Act(Alyssa’s Law), School Security Grant, commenced in FY21. Construction in Progress decreased as the work onthe Manalapan Auditorium and for the Marlboro Boiler were completed. The District made equipment purchasesincluding various technology infrastructure/equipment upgrades, school buses, and buildings and groundsequipment. Table 5 shows the FY21 Capital Asset activity of the District.

Table 5Capital Assets for the Fiscal Year Ended June 30, 2021

BeginningBalance

Transfers orAdditions Retirements

EndingBalance

Governmental activities:Capital assets not being depreciated:

LandConstruction In Progress

Total capital assets not being depreciatedCapital assets being depreciated:

Site improvementsBuilding and improvementsEquipment

Total capital assets being depreciated

$ 446,4881,687,734 $ 289,264 $ (1,923,686)

$ 446,48853,312

2,134,222 289,264 (1,923,686) 499,800

17,892,228230,787,66623,846,882

26,4051,626,589

419,080

17,918,633234,337,94123,270,700

1,923,686(995,262)

272,526,776 2,072,074 928,424 275,527,274

Total Gross Assets (Memo Only) 274,660,998 2,361,338 (995,262) 276,027,074

Less accumulated depreciation for:Site improvementsBuilding and improvementsEquipment

Total accumulated depreciationTotal capital assets being depreciated, net’

Government activities capita! assets, net

(9,834,861) (862,489)(136,508,234) (4,768,311)(18,938,948) (1,355,326)

(10,697,350)(141,276,545)(19,299,012)995,262

(165,282,043) (6,986,126) 995,262 (171,272,907)(4,914,052)107,244,733 1,923,686 104,254,367

$ 109,378,955 $(4,624,788) $ $ 104,754,167

Business-type activities:Capital assets being depreciated:

EquipmentLess accumulated depreciation

Enterprise fund capital assets, net

$ 1,050,693(666,282) $ (46,062)

$ 1,055,3364,643(712,344)

s 384,411 $ (41,419) $ $ 342,992

21



UNAUDITED (CONCLUDED)

DEBT ADMINISTRATION

Among the district's outstanding liabilities at June 30, 2021, $3,294,742 is for compensated absences, and$15,588,804 is for obligations under capital leases.

CONTACTING THE SCHOOL DISTRICT

This financial report is designed to provide the District's citizens, taxpayers, bond holders, and creditors with ageneral overview of the District's finances and to show the District's accountability for the resources it receives. Ifyou have questions about this report or need additional information, contact the Assistant Superintendent forBusiness Administration at Freehold Regional Board of Education, 11 Pine Street, Englishtown, NJ 07726.

Please visit our website at www.frhsd.com

22

BASIC FINANCIAL STATEMENTS

The basic financial statements provide a financial overview ofthe District's operations. These financial statements present the financial position and

operating results of all funds as of June 30, 2021

23

DISTRICT-WIDE FINANCIAL STATEMENTS

The statement of net position and the statement of activities display information about the District. These statements include thefinancial activities of the overall district, except for fiduciary activities. Eliminations have been made to minimize the double counting

of internal activities. These statements distinguish between the governmental and business-type activities of the District.

24

EXHIBIT "A-1”

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTSTATEMENT OF NET POSITION

JUNE 30. 2021

BUSINESS-TYPEACTIVITIES

GOVERNMENTALACTIVITIES TOTAL

ASSETS:

51,989 $253,648

40,573

46,697,7595.420,821

40,573

46.645.770 $5,167,173

$Cash and cash equivalentsReceivables, netInventoryRestricted assets:Restricted cash and cash equivalents

Capital assets:Land and construction in progressOther capital assets, net of depreciationTotal Assets

7,680,4577,680,457

499,800104,597,359

499,800104,254,367 342,992164.247,567 689,202 164,936,769

DEFERRED OUTFLOW OF RESOURCES:Pension related 6,579,1456,579,145

LIABILITIES:

4,802,4083,635,215

134,34647,56237.591

176,181121,968

7,820,000

38,446 4,840,8543,635,215

161,29847,56237,591

270,627121,968

7,820,000

Accounts payablePayroll deductions payableInterfund payableState unemployment insurance payablePayable to state governmentUnearned revenueOther current liabilitiesAccrued liability for insurance claimsNoncurrent liabilities:Due within one year:

Capital leases payableDue beyond one year:

Compensated absences payableCapital leases payableNet pension liabilityTotal liabilities

26,952

94,446

2,520,415127,2062,393,209

3,294,74213,068,38839,348,657

3,294,74212,802,49439,348,657

265,894

75,167,317552,94474,614,373

DEFERRED INFLOW OF RESOURCES:Pension related 19,096,48619,096,486

NET POSITION:Net investment in capital assetsRestricted for:Capital projects fundOther purposes

Unrestricted (deficit)

90,403,86296,99190,306,871

6,021,95134,655,934

(53,829,636)

6,021,95134,655,934

(53,868,903) 39,267

77,252,111136,258 $77,115,853 $$Total net position

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

25

EXHI

BIT

" A-2"

FREE

HOLD

REG

IONA

LHI

GH

SCHO

OL

DIST

RICT

STAT

EMEN

TOF

ACTI

VITI

ESJU

NE30

.202

1

Indi

rect

Cost

Allo

catio

n

Pro

gram

sR

even

ues

Net

(Exp

ense

) Rev

enue

and

Cha

nges

inN

etPo

sitio

nCh

arge

sfo

rSe

rvice

sO

pera

ting

Gran

tsan

dCo

ntrib

utio

nsG

over

nmen

tal

Busin

ess -

type

Activ

ities

Func

tions

/Pro

qram

sE

xpen

ses

Activ

ities

Tota

l

Gov

ernm

enta

lAct

iviti

es:

Inst

ruct

ion:

Reg

ular

Spec

ial

Oth

erin

stru

ctio

nSu

ppor

t ser

vice

s :T u

ition

Stud

ent&

inst

ruct

ion

rela

ted

serv

ices

Gen

eral

adm

inist

rativ

ese

rvice

sSc

hool

adm

inist

rativ

ese

rvice

sC

entra

lser

vice

Adm

inin

form

atio

nte

chno

logy

Plan

tope

ratio

nsan

dm

aint

enan

cePu

pil t

rans

porta

tion

Unal

loca

ted

bene

fits

^Inte

rest

onlo

ng-te

rmde

btUn

allo

cate

dde

prec

iatio

nTo

talg

over

nmen

tal a

ctivi

ties

$69

.451

, 098

$

18.1

96, 0

866 ,

962.

862

35, 0

18,1

64$

8.38

8.843

3.25

7,54

0

221,

324

$34

, 032

, 788

$9 ,

690.

389

3.05

3 .933

(70 ,

215,

150 )

$( 1

6 ,89

4.54

0)( 7

.166

,469

)

$(7

0 ,21

5,15

0)( 1

6,89

4,54

0)( 7

.166

, 469

)

15, 9

45, 5

9122

.093

, 236

1.78

8,85

68 ,

576.

286

1 ,43

5,10

02.

114,1

7812

,638

, 038

12, 0

82.2

0663

, 596.

885

8,10

16.

986,

126

( 15,

945,

591)

( 19.

741.6

45)

(1,9

09, 9

29)

( 9, 0

28, 7

11)

( 1,7

79, 2

58)

( 2.5

92,3

38)

( 14,

076,

474)

( 13 ,

729 ,

153)

( 15,

945,

591 )

( 19.

741,

645)

( 1.9

09, 9

29)

( 9, 0

28, 7

11)

(1, 7

79.2

58)

( 2.5

92.338

)( 1

4 ,07

6.47

4)( 1

3,72

9,15

3 )

8 ,85

1,78

414

7,83

64,

559,

702

432 ,

279

530 ,

380

1,81

8.33

41 ,

899,

559

( 63 ,

596.

885)

1,36

3,59

69,

839 ,

779

26, 7

634 ,

107 ,

277

88, 1

2152

, 220

379,

898

252,

612

(8, 1

01)

(5, 6

78, 5

90)

(8, 1

01)

( 5, 6

78, 5

90)

( 1, 3

07,5

36)

241,

874,

649

1,58

4,92

061

, 523

, 780

( 178

, 765

, 949

)( 1

78, 7

65,9

49)

Busi

ness

-type

activ

ities

Food

serv

ice

Extra

-curri

cula

rTo

talb

usin

ess -t

ype

activ

ities

402,

686

110,

152

18, 1

0511

0.15

213

0.06

1( 2

54.5

20)

( 254

, 520

)

512,

838

128 ,

257

130,

061

( 254

, 520

)( 2

54, 5

20)

1 ,71

3,17

7$

Tota

l prim

ary

gove

rnm

ent

$24

2,38

7,48

7$

61,6

53, 8

41S

( 178

, 765

, 949

)$

( 254

, 520

)£

( 179

, 020

, 469

)

Gen

eral

Reve

nues

:Ta

xes:

Prop

erty

taxe

s,le

vied

for g

ener

alpu

rpos

es,ne

tFe

dera

land

stat

eai

dno

tres

trict

edFe

dera

land

stat

eai

dre

stric

ted

Misc

ellan

eous

inco

me

Tota

l gen

eral

reve

nues

$14

0,37

9 ,30

8$

45, 4

40, 2

5814

4 ,56

476

,611

$14

0 ,37

9.30

845

, 440

.258

144,

564

76, 6

1118

6,04

0,74

118

6 ,04

0,74

1

Chan

gein

netp

ositi

on7,

274.

792

(254

, 520

)7,

020 ,

272

NetP

ositi

on-b

egin

ning

( as

rest

ated

)Ne

tPos

ition

endi

ng69

,841

, 061

390 ,

778

70, 2

31, 8

39$

77, 1

15, 8

53$

136,

258

$77

, 252

, 111

The

acco

mpa

nyin

gN

otes

toth

eFi

nanc

ial S

tate

men

tsar

ean

inte

gral

part

ofth

isst

atem

ent.

MAJOR FUND FINANCIAL STATEMENTS

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

27

EXHIBIT ”B-rSHEET #1

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTBALANCE SHEET

GOVERNMENTAL FUNDSJUNE 3Q. 2021

TOTALGOVERNMENTAL

FUNDS

SPECIALREVENUE

FUND

CAPITALPROJECTS

FUNDGENERAL

FUND

ASSETS:

54,195,867130,360112,720

3,255,1315,054,453

52,274,419 $130,360105,756

3,251,5254,390,611

1,724,760 $ 196,688 $Cash and cash equivalentsCash with fiscal agentsOther receivablesDue from other fundsReceivables from other governments

$

6,9643,606

97,076566,766

62,748,5312,298,490 297,370Total assets 60,152,671

LIABILITIES AND FUND BALANCES:

Liabilities:Accounts payablePayroll Deductions PayableState Unemployment Insurance PayablePayable to state governmentInterfund payables

Unearned revenueOther current liabilitiesAccrued liability for insurance claims

197,079 1,994,1333,635,215

47,56237,591

3,389,477176,181121,968

7,820,000

1,793,4483,635,215

47,562

3,606

37,591162,879

176,1813,226,598

121,9687,820,000

17,222,1273,606573,730Total liabilities 16,644,791

Fund balances:Restricted:Capital Reserve AccountEmergency Reserve AccountMaintenance Reserve AccountExcess Surplus designated for

subsequent years expendituresExcess surplusCapital Projects fundState Unemploment InsuranceStudent ActivitiesScholarships

Assigned:Designated for subsequent years expenditures

EncumbrancesSEMI/FFCRA - designated for

subsequent year expenditureUnassigned

6,021,9518,302

1,519,844

6,021,9518,302

1,519,844

14,505,87013,303,766

293,7641,072,680

917,505807,255

14,505,87013,303,766

293,7641,072,680

917,505807,255

1,982,205526,439

1,982,205526,439

12,0684,554,755

12,0684,554,755

45,526,404293,7641,724,76043,507,880Total fund balances

62,748,531297,370 $2,298,490 $60,152,671 $$Total liabilities and fund balances


28

EXHIBIT "B-TSHEET #2

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTBALANCE SHEET

GOVERNMENTAL FUNDSJUNE 30. 2021

$ 45.526,404Total Fund Balances (Brought Forward)

Amounts Reported for Governmental Activities in the Statementof Net Position (A-1) are different because:

Capital assets used in governmental activities are not financialresources and therefore are not reported in the funds.Cost of AssetsAccumulated Depreciation

$ 276,027.074(171,272.907)

104.754,167

Long term liabilities, including bonds payable, and other relatedamounts that are not due and payable in the current periodand therefore are not reported as liabilities in the funds.Net Pension ExpenseCompensated AbsencesCapital Lease Payable

(39,348,657)(3,294,742)

(15,195,704)(57,839,103)

Deferred Outflows and Inflows of resources are applicableto future periods and therefore are not reported in the funds.

Deferred Outflows:Pension relatedEmployer Contribution related to pensions

$ 3,770,8712,808,275

6.579,1466,579,146

Deferred Inflows:Pension related (19,096,486)

Certain liabilities are not due and payable in the current periodand therefore, are not reported in the governmental funds.

Accounts Payable - Pension Related (2,808,275)(2,808,275)

$ 77,115,853Net Position of Governmental Activities

The accompanying Notes to the Financial Statements are an integral part of this statement

29

EXHIBIT "B-r

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTSTATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE

GOVERNMENTAL FUNDSFOR THE FISCAL YEAR ENDED JUNE 30. 2021

TOTALGOVERNMENTAL

FUNDS

SPECIALREVENUE

FUND

CAPITALPROJECTS

FUNDGENERAL

FUNDREVENUES:

Local sources:Local Tax LevyTuition From IndividualsTuition -LEAs Within StateTuition - Other Governmental Sources Within StateTuition - Other LEAs Outside the StateTransportation Fees Other LEA'S

Unrestricted Miscellaneous RevenueInterest Earned on Emergency ReserveInterest Earned on Maintenance ReserveInterest Earned on Capital Reserve FundsOther Restricted Miscellaneous Revenue

140,379,3085,0273,712

75,89061,15975,53673,555

140,379,308 $5,0273,712

75,89061,15975,53673,555

$$ $

111111653653

2,2921,765,021

2,292200,469 1,564,552

142,442,2641,564,552140,877,712Total - local sources

79,398,3114,590,047

97,076State sourcesFederal sources

79,120,252127,967

180,9834,462,080

226.430,6226,207,615 97,076220,125,931Total revenues

EXPENDITURES:Current expense:

Regular instructionSpecial instructionOther instruction

Support services:TuitionStudent & instruction related servicesGeneral administrative servicesSchool administrative servicesCentral serviceAdministrative information technology servicesPlant operations and maintenancePupil transportation

Unallocated benefitsCapital outlay

56,630,88115,125,452

5,761.604

1,438,2921,883,259

55,192,58913,242,193

5,761,604

15,945,59118,881,7711,835,6426,960,6561,591,1792,207,500

13,314,93114,889,180

63,411.3942,369.439

15,945,59115,842,7261,835,6426,960,6561,591,1792,207,500

13,314,93114,889,18063,411,394

2,148,187

3,039,045

132,44388,809

218,925,220132,4436,449,405212,343,372Total expenditures

Excess (deficiency) of revenuesover (under) expenditures 7,505.402(35,367)(241,790)7,782,559

Other financing sources (uses):Transfer (1,028,263)1,028,263

(1,028,263)1,028,263Total other financing sources (uses)

7,505,402(1,063.630)(241,790)8,810,822Net change in fund balances

38,021,0021,357,3941,966,55034,697,058Fund balances, July 1, 2020 (as restated)

45,526,404293,764 $1,724,760 $43,507,880 $$Fund balances, June 30, 2021


30

EXHIBIT "B-3”

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTRECONCILIATION OF THE STATEMENT OF REVENUES. EXPENDITURES

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

FOR THE FISCAL YEAR ENDED JUNE 30. 2021

7,505,402Total net change in fund balances - governmental funds (from B-2) $

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

Capita) outlays are reported in governmental funds as expenditures. However, in thestatement of activities, the cost of those assets is allocated over their estimated usefullives as depreciation expense. This is the amount by which capital outlays exceededdepreciation in the period.

(6,986,126)Depreciation expenseCapital outlaysLess: Capital Outlays not capitalized

2,369,439(8,101)

$

2,361,338

Repayment of long-term debt is an expenditure in the governmental funds, but therepayment reduces long-term liabilities in the statement of Net Position and is notreported in the statement of activities.

2,357,651Payment of capital lease payable

District pension contributions are reported as expenditures in the governmental funds when made.However, they are reported as deferred outflows of resources in the Statement of Net Position becausethe reported net pension liability is measured a year before the District's report date. Pension expense,which is the change in the net pension liability adjusted for changes in deferred outflows and inflows ofresources related to pensions, is reported in the Statement of Activities.

2,639,629(417,611)

District pension contributionsLess: Pension expense

2,222,018

In the statement of activities, contributed capital assets are reflected in the activity in which they are utilizedwhereas in the governmental funds, they are reflected as an expense. The change in net assets on thestatement of activities must therefore reflect this contribution as a transferIn the statement of activities, certain expenses, eg., compensated absences (vacations)are measured by the amounts earned during the year. In governmental funds, however,expenditures for these items are reported in the amount of financial resources used (paid).When the earned amount exceeds the paid amount, the difference is a reduction in thereconciliation (-). When the paid amount exceeds the earned amount the difference is anaddition to the reconciliation (+). (185,491)

7,274,792$Change in net position of governmental activities (A-2)


31

OTHER FUNDS

32

EXHIBIT "B-4M

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTCOMBINING STATEMENT OF NET POSITION

PROPRIETARY FUNDS - ENTERPRISE FUNDSJUNE 30. 2021

BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDEXTRA-CURRICULAR

FUNDFOOD SERVICE

FUND TOTALASSETS:Current assets:Cash and cash equivalentsAccounts receivable:

StateFederalOther

Interfund receivableInventories

51,989$ 51,989 $ $

422 42260,712

4,265161,297

40,573

60,71231,217

161,29740,573

26,952

346,21026,952319,258Total current assets

Noncurrent assets:Furniture, machinery and equipmentLess accumulated depreciation

1,055,337(712,345)

1,055,337(712,345)

342,992342,992Total noncurrent assets

662,250 689,20226,952Total assets

LIABILITIES:Current liabilities:Accounts payableInterfund PayablesLease payableUnearned revenue

38.44626,952

393,10094.446

38,44626,952

393,10094,446

552,94426,952525,992Total current liabilities

NET POSITION:Net investment in capital assetsUnrestricted

96,99139,267

96,99139,267

136,258$136,258 $$Total net position


33

EXHIBIT "B-5"

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTSTATEMENT OF REVENUES. EXPENSES AND CHANGES IN NET POSITION

PROPRIETARY FUNDSFOR THE FISCAL YEAR ENDED JUNE 30. 2021

BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDEXTRA-CURRICULAR

FUNDFOOD SERVICE

FUND TOTALOPERATING REVENUES:

Charges for services:Daily sales - non-reimbursable programsSpecial functionsFees - individuals

12,431 $5,674

$ 12,4315,674

110,152

$

110,152

110,152 128,25718,105Total operating revenues

OPERATING EXPENSES:Cost of sales - reimbursable programsCost of sales - non-reimbursable programsSalaries and benefitsSupplies and materialsManagement feeMiscellaneousDepreciationLease purchase interest

83,68725,827

293.825

83,68725,827

191,930 101,895599599

4,37143,50346,06314,963

4,37135,24646,06314,963

8,257

512,838110,152402,686Total operating expenses

(384,581)(384,581)Operating (loss)

NONOPERATING REVENUES (EXPENSES):State Sources

State school lunch programFederal Sources

National school lunch programSchool breakfast programEmergency Operational CostsReimbursement Program

National food distribution commoditiesTotal nonoperating revenues (expenses)

1,8741,874

39,28021,531

39,28021,531

51,78415,592

51,78415,592

130,061130,061

(254.520)(254,520)Income (loss) before contributions and transfers

(254,520)(254,520)Change in net position

390,778390,778Total net position - beginning

136,258$136,258 $$Total net position - ending


34

EXHIBIT "B-6"

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTCOMBINING STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS - ENTERPRISE FUNDSFOR THE FISCAL YEAR ENDED JUNE 30. 2021

BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDFOOD SERVICE

FUNDEXTRA-CURRICULAR

FUND TOTAL

Cash flows from operating activities:Receipts from customersPayments to employeesPayments for employee benefitsPayments to suppliers

48,510 $(101,895)

37,293(284,732)

(9,092)(106,857)

(11,217) $(182,837)

(9,092)(98,600)

$

(8,257)

(363,388)(301,746) (61,642)Net cash provided by (used for) operating activities

Cash flows from noncapital financing activities:State sourcesFederal sourcesOperating subsidies and transfers to other funds

5,33360,430

383,053

5,33360,430

321,411 61,642

448,81661,642Net cash provided by noncapital financing activities 387,174

Cash flows from capital and related financing activities:Capital lease paymentPurchases of capital assets

(123,626)(4,643)

(123,626)(4,643)

Net cash provided by (used for) capital andrelated financing activities (128,269)(128,269)

(42,841)Net increase (decrease) in cash and cash equivalents (42,841)

94,83094,830Cash and cash equivalents, July 1, 2020

51,98951,989 $ $Cash and cash equivalents, June 30, 2021 $

Reconciliation of operating income (loss) to net cashprovided (used) by operating activities

Operating income (loss)Adjustments to reconciling operating income (loss) to

net cash provided by (used for) operating activities:DepreciationFederal commodities

Change in assets and liabilities:(Increase) decrease in accounts receivable,netIncrease (decrease) in unearned revenueIncrease (decrease) in accounts payable(Increase) decrease in inventories

(384,581)(384,581) $ $$

46,06315,592

46,06315,592

(28.361)(27,912)

3,59112,220

(26,952)(1,409)(27,912)38,28112,220

(34,690)

21,19382,835 (61,642)

(363,388)(61,642) $(301,746) $Net cash provided by (used for) operating activities $


35

Freehold Regional High School DistrictNotes to the Financial Statements

For the Fiscal Year Ending June 30. 2021

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Freehold Regional High School District (the“District”) have been prepared in conformity with accounting principles generallyaccepted in the United States of America (GAAP) as applied to governmentalunits. The Governmental Accounting Standards Board (GASB) is the acceptedstandard-setting body for establishing governmental accounting and financialreporting principles. The more significant of the District’s accounting policies aredescribed below:

Reporting Entity

The Freehold Regional High School District is a Type II District located inMonmouth County, New Jersey. The School District is an instrumentality of theState of New Jersey, established to function as an educational institution. TheBoard of Education of the Freehold Regional High School District, comprised ofnine elected individuals, is the primary governing authority of the District. Asuperintendent is appointed by the Board and is responsible for theadministrative control of the District.

The primary criterion for including activities within the District's reporting entity,are set forth in Statement No. 39 of the Governmental Accounting StandardsBoard entitled “Determining Whether Certain Organizations are ComponentUnits" (GASB 39), as codified in Section 2100 of the GASB Codification ofGovernmental Accounting and Financial Reporting Standards.

Organizations that are legally separate, tax-exempt entities and meet all of thefollowing criteria should be discretely presented as component units. Thesecriteria are:

1. The economic resources received or held by the separate organizationare entirely or almost entirely for the direct benefit of the primarygovernment

2. The primary government, or its component unit, is entitled to, or has theability to otherwise access, a majority of the economic resources of theorganization

3. The economic resources received or held by an individual organizationthat the specific primary government, or its component units, is entitle to,or has the ability to otherwise access, are significant to that primarygovernment

36



SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED!NOTE 1:

Reporting Entity (Continued)

The combined financial statements include all funds of the District over which theBoard exercises operating control. The operations of the District include six HighSchools. There were no additional entities required to be included in the reportingentity under the criteria as described above, in the current fiscal year.Furthermore, the District is not includable in any other reporting entity on thebasis of such criteria.

Basis of Presentation

The District’s basic financial statements consist of District-wide statements,including a statement of net assets and a statement of activities, and fundfinancial statements which provide a more detailed level of financial information.

District-wide Statements: The statement of net assets and the statement ofactivities display information about the District as a whole. These statementsinclude the financial activities of the overall District.. Eliminations have beenmade to minimize the double-counting of internal activities. These statementsdistinguish generally between the governmental and business-type activities ofthe District. Governmental activities generally are financed through taxes,intergovernmental revenues, and other non-exchange transactions. Business-type activities are financed in whole or in part by fees charged to external parties.

The statement of net assets presents the financial condition of the governmentaland business-type activities of the District at fiscal year end. The statement ofactivities presents a comparison between direct expenses and program revenuesfor the business-type activity of the District and for each function of the District’sgovernmental activities. Direct expenses are those that are specificallyassociated with a program or function and, therefore, are clearly identifiable to aparticular function. Program revenues include (a) fees and charges paid by therecipients of goods or services offered by the programs and (b) grants andcontributions that are restricted to meeting the operational or capital requirementof a particular program. Revenues that are not classified as program revenues,including all taxes, are presented as general revenues. The comparison of directexpenses with program revenues identifies the extent to which eachgovernmental function or business segment is self-financing or draws from thegeneral revenues of the District.

37



NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Fund Financial Statements: During the fiscal year, the District segregatestransactions related to certain District functions or activities in separate funds inorder to aid financial management and to demonstrate legal compliance. Thefund financial statements provide information about the District’s funds. Separatestatements are presented for each fund category-proprietary. The New Jersey Department of Education (NJDOE) has elected torequire New Jersey districts to treat each governmental fund as a major fund inaccordance with the option noted in GASB No. 34, paragraph 76. The NJDOEas the oversight entity believes that the presentation of all funds as major isimportant for the public interest and to promote consistency among Districtfinancial reporting models.

governmental and

Governmental Funds

General Fund The genera! fund is the general operating fund of the District andis used to account for all expendable financial resources except those required tobe accounted for in another fund, included are certain expenditures for vehiclesand movable instructional or non instructional equipment which are classified inthe capital outlay sub-fund.

As required by the New Jersey Statement Department of Education, the Districtincludes budgeted capital outlay in this fund. U.S. Generally AcceptedAccounting Principles as they pertain to governmental entities state that generalfund resources may be used to directly finance capital outlays for long-livedimprovements as long as the resources in such cases are derived exclusivelyfrom unrestricted revenues. Resources for budgeted capital outlay purposes arenormally derived from State of New Jersey Aid, district taxes, and appropriatedfund balance. Expenditures are those that result in the acquisition of or additionsto capital assets for land, existing buildings, improvements of grounds,construction of buildings, additions to or remodeling of buildings and thepurchase of built-in equipment. These resources can be transferred from and tothe current expense by Board resolution; in certain instances approval by theCounty Superintendent of Schools may also be required.

Special Revenue Fund The special revenue fund is used to account for theproceeds of specific revenue sources from State and Federal Government (otherthan those for major capital projects, debt service or proprietary funds) and localappropriations that are legally restricted to expenditures for specified purposes.

38



NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED!

Capital Projects Funds The capita! projects fund is used to account for allfinancial resources to be used for the acquisition or construction of major capitalfacilities (other than those financed by proprietary funds),resources are derived from temporary notes or serial bonds that are specificallyauthorized by the voters as a separate question on the ballot either during theannual election or at a special election.

The financial

Debt Service Fund The debt service fund is used to account for theaccumulation of resources for, and the payment of principal and interest on debtissued to finance major property acquisition, construction and improvementprograms.

Proprietary Funds

Enterprise Fund The enterprise fund accounts for all revenues and expensespertaining to the District’s Food Service and Extra-Curricular (ice Hockey)program operations. These funds are utilized to account for operations that arefinanced and operated in a manner similar to private business enterprises. Thestated intent is that the cost (i.e., expenses including depreciation and indirectcosts) of providing goods or services to the students on a continuing basis arefinanced or recovered primarily through user charges.

Recently Adopted Accounting Pronouncements

Beginning with the year ended June 30, 2021, the District has implementedGASB Statement 84, Fiduciary Activities. The objective of this new Statement isto improve guidance regarding the identification of fiduciary activities foraccounting and financial reporting purposes and how those activities should bereported. This Statement establishes criteria for identifying fiduciary activities ofall state and local governments. The focus of the criteria generally is on (1)whether a government is controlling the assets of the fiduciary activity and (2) thebeneficiaries with whom a fiduciary relationship exists. Separate criteria areincluded to identify fiduciary component units and postemployment benefitarrangements that are fiduciary activities.

39




Recently Adopted Accounting Pronouncements (Continued)

An activity meeting the criteria should be reported in a fiduciary fund in the basicfinancial statements. Governments with activities meeting the criteria shouldpresent a statement of fiduciary net position and a statement of changes infiduciary net position. An exception to that requirement is provided for abusiness-type activity that normally expects to hold custodial assets for threemonths or less.

As a result of the implementation of this Statement, the New Jersey Departmentof Education has made the following determinations as to the reporting of certainfunds which, in prior years, have been reported as Fiduciary Activities:

AfterImplementation of

GASB 84Special Revenue

FundSpecial Revenue

FundGeneral FundGeneral Fund

Prior toimplementation of

GASB 84Activity

Student Activity Funds Fiduciary Fund

Fiduciary FundFiduciary FundFiduciary Fund

Scholarship FundsPayroll Agency FundsState Unemployment CompensationFund

Basis of Accounting-Measurement Focus

Basis of accounting determines when transactions are recorded in the financialrecords and reported in the financial statements.

District-wide and Proprietary: The District-wide financial statements are preparedusing the accrual basis of accounting. Governmental funds use the modifiedaccrual basis of accounting. Differences in the accrual and modified accrualbasis of accounting arise in the recognition of revenue, the recording of deferredrevenue, and in the presentation for expenses versus expenditures. Ad Valorem(Property) Taxes are susceptible to accrual as under New Jersey State Statute amunicipality is required to remit to its school district the entire balance of taxes inthe amount voted upon or certified, prior to the end of the school year. TheDistrict records the entire approved tax levy as revenue (accrued) at the start ofthe fiscal year, since the revenue is both measurable and available.

40




Basis of Accounting-Measurement Focus (Continued)

The District is entitled to receive monies under the established payment scheduleand the unpaid amount is considered to be an “accounts receivable". Revenuefrom grants, entitlements, and donations are recognized in the fiscal year inwhich all eligibility requirements have been satisfied. Governmental FundFinancial Statements: Governmental funds are reported using the currentfinancial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable andavailable.determined and “available” means collectible within the current period or soonenough thereafter to be used to pay liabilities of the current period. Expendituresare recorded when the related fund liability is incurred, except for principal andinterest on long-term debt, claims and judgments, and compensated absences,which are recognized as expenditures to the extent they have matured. Generalcapital asset acquisitions are reported as expenditures in governmental funds.Proceeds from the issuance of long-term debt and acquisitions under capitalleases are reported as other financing sources.

“Measurable” means the amount of the transactions can be

Budqets/Budaetarv Control

Annua! appropriated budgets are prepared in the spring of each year for thegeneral, special revenue, and debt service funds. The budgets are submitted tothe county office for approval. In accordance with P.L. 2011, c. 202, whichbecame effective January 17, 2012, the District elected to move the school Boardelection to the date of the November general election thereby eliminating the voteon the annual base budget. Budgets are prepared using the modified accrualbasis of accounting. The legal level of budgetary control is established at lineitem accounts within each fund. Line item accounts are defined as the lowest(most specific) level of detail as established pursuant to the minimum chart ofaccounts referenced in N.J.A.C. 6A:23-2.2(f)1. Expenditures may not legallyexceed budgeted appropriations at the line item level. All budget amendmentsand transfers must be approved by School Board resolution.

All budget amounts presented in the accompanying supplementary informationreflect the original budget and the amended budget (which have been adjustedfor legally authorized revisions of the annual budgets during the year).

Appropriations, except remaining project appropriations, encumbrances, andunexpended grant appropriations, lapse at the end of each fiscal year. Thecapital projects fund presents the remaining project appropriations compared tocurrent year expenditures. Formal budgetary integration into the accountingsystem is employed as a management control device during the fiscal year.

41




For governmental funds, there are no substantial differences between thebudgetary basis of accounting and generally accepted accounting principles(GAAP) with the exception of the legally mandated (N.J.S.A. 18A:22-44.2)revenue recognition of one or more deferred State Aid payments for budgetarypurposes only due to the State deferral of such payments into the subsequentbudget year and the accounting treatment of encumbrances in the specialrevenue fund as described below. Encumbrance accounting is also employedas 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 grantaccounting budgetary basis. The grant accounting budgetary basis differs fromGAAP in that the grant accounting budgetary basis recognized encumbrances asexpenditures and also recognizes the related revenues, whereas the GAAP basisdoes not. Sufficient supplemental records are maintained to allow for thepresentation of GAAP basis financial records.

Encumbrance Accounting

Under encumbrance accounting purchase orders, contracts and othercommitments for the expenditures of resources are recorded to reserve a portionof the applicable appropriation. Open encumbrances in governmental fundsother than the special revenue fund are reported as assigned fund balances atfiscal year-end as they do not constitute expenditures or liabilities but rathercommitments related to unperformed contracts for goods and services.

Open encumbrances in the special revenue for which the District has receivedadvances are reflected in the balance sheet as unearned revenues at fiscal year-end.

The encumbered appropriation authority carries over into the next fiscal year. Anentry will be made at the beginning of the next fiscal year to increase theappropriation reflected in the certified budget by the outstanding encumbranceamount as of the current fiscal year end.

Interfunds

Interfund receivables and payables arise from transactions between particularfunds and are considered short term in duration. The interfund transactions arerecorded by all funds affected in the period in which the transactions areexecuted and are part of the district's available spendable resources.

42


For the Fiscal Year Ending June 30, 2021


Inventories and Prepaid Expenses

Inventories of materials and supplies held for consumption in the governmentalfunds are recorded as expenditures at the time of purchase and year endbalances are not reported in the financial statements.

Inventories of food and/or supplies in the food service fund are recorded at coston a first-in, first-out basis or, in the case of Food Distribution Commodities, atstated value which approximates market.

Prepaid expenses which benefit future periods, other than those recorded in theenterprise fund, are recorded as expenditures in the year of purchase.

Capital Assets

The District has an established formal system of accounting for its capital assets.Capital Assets used for governmental purposes, which include land, buildingsand improvements and furniture and equipment, are only reported in the district-wide financial statements. The District generally defines capital assets as assetswith an initial cost of $2,000 or more and an estimated useful life in excess of oneyear. Purchased or constructed capital assets are reported at cost. Donatedcapital assets are valued at their estimated fair market value on the datereceived. The cost of normal maintenance and repairs that do not add to thevalue of the asset or materially extend assets’ lives are not capitalized.In fiscal year 2016, the District implemented GASB 72 The objective of thisStatement is to improve financial reporting by clarifying the definition of fair valuefor financial reporting purposes, establishing general principles for measuring fairvalue, providing additional fair value application guidance, and enhancingdisclosures about fair value measurements. These improvements are based inpart on the concepts and definitions established in Concepts Statement No. 6,Measurement of Elements of Financial Statements, and other relevant literature.

Capital assets are depreciated in the district-wide statements using the straight-line method over the following estimated useful lives:

Estimated Life

50School BuildingsBuilding ImprovementsElectrical/Plumbing

VehiclesOffice and computer equipment

Instructional equipmentGrounds equipment

20308

101015

43



SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED!NOTE 1:

Compensated Absences

The District accounts for compensated absences (e.g., unused vacation, sickleave) as directed by Governmental Accounting Standards Board Statement No.16 (GASB 16), “Accounting for Compensated Absences.” A liability forcompensated absences attributable to services already rendered and notcontingent on a specific event that is outside the control of the employer andemployee is accrued as employees earn the rights to the benefits.

District employees are granted varying amounts of vacation and sick leave inaccordance with the District’s personnel policy and/or collective bargaining unitcontracts. Benefits are paid upon termination.

The District estimates its accrued compensated absences liability based on theaccumulated sick and vacation days at the balance sheet date by thoseemployees who are currently eligible to receive termination payments.

For the district-wide statements, the current portion is the amount estimated to beused in the following year. For the governmental funds in the fund financialstatements, a liability is reported only for to the extent of the amount actually dueat year end as a result of employee resignations/retirements. Compensatedabsences are a reconciling item between the fund level and district-widepresentations.

Fund Equity

Fund balance restrictions are used to indicate that portion of the fund balancethat is not available for expenditures or is legally segregated for a specific futureuse. Designation of portions of the fund balances are established to indicatetentative plans for financial utilization in a future period. The unassigned fundbalances represent the amount available for future budgetary operations.

Unearned Revenue

Unearned revenue in the General, Special Revenue and Proprietary fundsrepresents funds which have been received but not yet earned.

44



SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)NOTE 1:

Accrued Liabilities and Long-Term Obligations

All payables, accrued liabilities, and long-term obligations are reported on thedistrict-wide financial statements. In general, governmental fund payables andaccrued liabilities that, once incurred, are paid in a timely manner and in full fromcurrent financial resources are reported as obligations of the funds. However,contractually required pension contributions and compensated absences that arepaid from governmental funds are reported as liabilities on the fund financialstatements only to the extent that they are due for payment during the currentyear. Long term debt is recognized as a liability on the fund financial statementswhen due.

Net Position

In accordance with GASB 63, Net Position represents the difference betweenassets and liabilities. Net investment in capital assets consists of capital assets,net of accumulated depreciation, reduced by the outstanding balance of anyborrowing used for the acquisition, construction, or improvement of those assets.Net position is reported as restricted when there are limitations imposed on theiruse either through the enabling legislation adopted by the District or throughexternal restrictions imposed by creditors, grantors, or laws or regulations ofother governments. The District’s policy is to first apply restricted resourceswhen an expense is incurred for purposes for which both restricted andunrestricted net positions are available.

Fund Balance Reserves

The District has implemented GASB Statement 54, “Fund Balance Reporting andGovernmental Fund Type Definitions”. This statement modifies fund balancereporting and clarifies fund type definitions. This Statement aims to enhance theusefulness of fund balance information by providing clearer fund balanceclarifications that can be applied more consistently.Under the new standard, in the fund financial statements, governmental fundsreport the following classifications of fund balance:

Nonsoendable - includes amounts that cannot be spent because they are eithernot spendable in form or are legally or contractually required to be maintainedintact.

45




Fund Balance Reserves (Continued)

Restricted - includes amounts restricted by external sources (creditors, laws ofother governments, etc.) or by constitutional provision or enabling legislation. TheDistrict reports the Capital Reserve, Maintenance Reserve, Emergency Reserve,State Unemployment Insurance, Student Activities and Excess Surplus asRestricted Fund Balance.

Committed - includes amounts that can only be used for specific purposes.Committed fund balance is reported pursuant to resolutions passed by the Boardof Education, the District’s highest level of decision making authority.Commitments may be modified or rescinded only through resolutions approvedby the Board of Education. The District does not report any Fund Balance in thiscategory

Assigned - includes amounts that the District intends to use for a specificpurpose, but do not meet the definition of restricted or committed fund balance.Under the District’s policy, amounts may be assigned by the BusinessAdministrator. The District reports Year End Encumbrances and Designated forSubsequent Years Expenditures as Assigned Fund Balance.Unassiqned - is the residual classification for the genera! fund. This classificationrepresents fund balance that has not been assigned to other funds and that hasnot been restricted, committed, or assigned to specific purposes within thegeneral fund. The general fund should be the only fund that reports a positiveunassigned fund balance amount. In other governmental funds, if expendituresincurred for specific purposes exceeded the amounts restricted, committed, orassigned to those purposes, it may be necessary to report a negative unassignedfund balance.

When an expenditure is incurred for purposes for which both restricted andunrestricted fund balance is available, the District considers restricted funds tohave been spent first. When an expenditure is incurred for which committed,assigned, or unassigned fund balance are available, the District considersamounts to have been spent first out of committed funds, then assigned funds,and finally unassigned funds, as needed.

Revenues Exchange and Non-exchange Transactions

Revenue resulting from exchange transactions, in which each party gives andreceives essentially equal value, is recorded on the accrual basis when theexchange takes place. On the modified accrual basis, revenue is recorded in thefiscal year in which the resources are measurable and become available.Available means the resources will be collected within the current fiscal year orare expected to be collected soon enough thereafter to be used to pay liabilitiesof the current fiscal year. For the District, “available” means within sixty days ofthe fiscal year end.

46




Revenues Exchange and Non-exchange Transactions (Continued!

Non-exchange transactions, in which the District receives value without directlygiving equal value in return, include property taxes, income taxes, grants,entitlements, and donations. On the accrual basis, revenue from property taxesis recognized in the fiscal year for which the taxes are levied. Revenue fromproperty taxes is recognized in the period in which the income is earned.Revenue from grants, entitlements, and donations is recognized in the fiscal yearin which all eligibility requirements have been satisfied.

Eligibility requirements include timing requirements, which specify the year whenthe resources are required to be used or the fiscal year when use is firstpermitted; matching requirements, in which the District must provide localresources to be used for a specific purpose; and expenditure requirements, inwhich the resources are provided to the District on a reimbursement basis. Onthe modified accrual basis, revenue from non-exchange transactions must alsobe available before it can be recognized.

Under the modified accrual basis, the following revenue sources are consideredboth measurable and available at fiscal year-end: property taxes available as anadvance, interest, and tuition.

Operating Revenues and Expenses

Operating revenues are those revenues that are generated directly from theprimary activity of the enterprise fund. For the District, these revenues are salesin the Enterprise Funds. Operating expenses are necessary costs incurred toprovide the service that is the primary activity of the enterprise fund.

Allocation of Indirect Expenses

The District reports all direct expenses by function in the Statement of Activities.Direct expenses are those that are clearly identifiable with a function. Indirectexpenses are allocated to functions but are reported separately in the Statementof Activities. Employee benefits, including the employer’s share of socialsecurity, workers compensation, and medical and dental benefits, were allocatedbased on salaries of the program. Depreciation expense, where practicable, isspecifically identified by function and is included in the indirect expense columnof the Statement of Activities. Depreciation expense that could not be attributedto a specific function is considered an indirect expense and is reportedseparately on the Statement of Activities.

47




Extraordinary and Special Items

Extraordinary items are transactions or events that are unusual in nature andinfrequent of occurrence. Special items are transactions or events that are withincontrol of management and are either unusual in nature or infrequent inoccurrence. Neither of these types of transactions occurred during the fiscalyear.Management Estimates

The preparation of financial statements in conformity with accounting principlesgenerally accepted in the United States requires management to make estimatesand assumptions that affect the reported amounts of revenues andexpenditures/expenses during the reporting period. Actual results could differfrom those estimates.

Accounting and Financial Reporting for Pensions

in the District-Wide Financial Statements for purposes of measuring the netpension liability, deferred outflows of resources and deferred inflows of resourcesrelated to pensions, and pension expense, information about the fiduciary netposition of the District’s proportionate share of the New Jersey Public EmployeesRetirement System (“PERS") and the Teachers’ Pension and Annuity Fund(“TPAF”) and the additions to/deductions from these retirement systems’fiduciary net position have been determined on the same basis as they werereported by PERS and TPAF. For this purpose, benefit payments (includingrefunds of employee contributions) are recognized when due and payable inaccordance with the benefit terms. Investments are reported at fair value.In the Governmental Fund Financial Statements, the year end Net pensionliability is not required to be reflected. Pension related revenues andexpenditures are reflected based on amounts that are normally expected to beliquidated with available financial resources for required pension contributions.Expenditures for PERS are recognized based upon billings made by the State ofNew Jersey due April 1st of each fiscal year. TPAF contributions are paid on theDistrict’s behalf by the State of New Jersey. The Governmental Fund FinancialStatements reflect both a revenue and expenses for this pension contribution.

48




Deferred Outflows/Inflows of Resources

In addition to assets, the statement of financial position will sometimes report aseparate section for deferred outflows of resources. This separate financialstatement element, deferred outflows of resources, represents a consumption ofnet position that applies to a future period(s) and so will not be recognized as anoutflow of resources (expense/expenditure) until then. Currently, the District hasone item that qualifies for reporting in this category, deferred amounts related topensions.

In addition to liabilities, the statement of financial position will sometimes report aseparate section for deferred inflows of resources. This separate financialstatement element, deferred inflows of resources, represents an acquisition ofnet position that applies to a future period(s) and so will not be recognized as aninflow of resources (revenue) until that time. The District has one item thatqualifies as a Deferred Inflow. Deferred amounts related to pensions.

NOTE 2: CASH AND CASH EQUIVALENTS AND INVESTMENTS

The Board considers petty cash, change funds, cash in banks, and short terminvestments with original maturities of three months or less as cash and cashequivalents. Investments are stated at cost, which approximates market.Deposits

New Jersey statutes permit the deposit of public funds in public depositorieswhich are located in New Jersey and which meet the requirements of theGovernmental Unit Deposit Protection Act (GUDPA). GUDPA requires a bankthat accepts public funds to be a public depository. A public depository is definedas a state bank, a national bank, or a savings bank, which is located in the Stateof New Jersey, the deposits of which are insured by the Federal DepositInsurance Corporation. The statutes also require public depositories to maintaincollateral for deposits of public funds that exceed certain insurance limits. Eachdepository participating in the GUDPA system must pledge collateral equal to 5%of the average amount of its public deposits and 100% of the average amount ofits public funds in excess of 75% of its capital funds. No collateral is required foramounts covered by FDIC insurance. The collateral which may be pledged tosupport these deposits includes obligations of the State and federalgovernments, insured securities and other collateral approved by theDepartment. When the capital position of the depository deteriorates or thedepository takes an unusually large amount of public deposits, the Department ofBanking and Insurance requires additional collateral to be pledged. Under(GUDPA), if a public depository fails, the collateral it has pledged, plus thecollateral of all other public depositories, is available to pay the full amount of thedeposits to the governmental unit.

49



NOTE 2: CASH AND CASH EQUIVALENTS AND INVESTMENTS (CONTINUED)

Deposits

The Freehold Regional High School District had the following cash and cashequivalents at June 30, 2021:

Fund Type AmountCash in Bank:

Governmental FundsProprietary Funds

Total Cash in BankLess: Reconciling Items

$ 57,008,16772,513

$ 57,080,680(2,702,464)

$ 54,378,216

Custodial Credit Risk - Deposits - Custodial credit risk is the risk that in the eventof a bank failure, the deposits may not be returned. The District does not have aspecific deposit policy for custodial credit risk other than those policies thatadhere to the requirements of statute. As of June 30, 2021, based upon thecoverage provided by FDIC and NJGUDPA, no amount of the bank balance wasexposed to custodial credit risk. Of the cash on balance in the bank of$57,080,680, $750,000 was covered by Federal Depository Insurance, and$56,330,680 was covered under the provisions of NJGUDPA.

InvestmentsThe types of investments which may be purchased by the District are strictlylimited by the express authority of the N.J.S.A. 18A:20-37 Education,Administration of School Districts. Permitted investments include any of thefollowing type of securities:

1. Bonds or other obligations of the United States of America or obligationsguaranteed by the United States of America;

2. Government money market mutual funds which are purchased from aninvestment company or investment trust which is registered with theSecurities and Exchange Commission under the “Investment Company Act of1940," 15 U.S.C. 80a1 et seq., and operated in accordance with 17 C.F.R. §270.2a7 and which portfolio is limited to U.S. Government securities thatmeet the definition of an eligible security pursuant to 17 C.F.R. § 270.2a7 andrepurchase agreements that are collateralized by such U.S. Governmentsecurities in which direct investment may be made pursuant to paragraphs(1) and (3) of N.J.S.A. 18A:20-37. These funds are also required to be ratedby a nationally recognized statistical rating organization.

50



CASH AND CASH EQUIVALENTS AND INVESTMENTS (CONTINUED)NOTE 2:

Investments (Continued)

3. Any obligation that a federal agency or a federal instrumentality has issued inaccordance with an act of Congress, which security has a maturity date notgreater than 397 days from the date of purchase, provided that suchobligation bears a fixed rate of interest not dependent on any index or otherexternal factor;

4. Bonds or other obligations of the Local Unit or bonds or other obligations ofschool districts of which the Local Unit is a part or within which the schooldistrict is located.

5. Bonds or other obligations, having a maturity date not more than 397 daysfrom date of purchase, approved by the Division of Investment of theDepartment of Treasury for investment by School Districts;

6. Local government investment pools that are fully invested in U.S.Government securities that meet the definition of eligible security pursuant to17 C.F.R. § 270a7 and repurchase agreements that are collateralized bysuch U.S. Government securities in which direct investment may be madepursuant to paragraphs (1) and (3) of N.J.S.A. 18A:20-37. This type ofinvestment is also required to be rated in the highest category by a nationallyrecognized statistical rating organization.

7. Deposits with the State of New Jersey Cash Management Fund establishedpursuant to section 1 of P.L. 1977, c.281 C. 52:18A-90.4); or

Agreements for the repurchase of fully collateralized securities if:8.

the underlying securities are permitted investments pursuant toparagraphs (1) and (3) of this subsection;

a.

the custody of collateral is transferred to a third party;b.

the maturity of the agreement is not more than 30 days;c.

the underlying securities are purchased through a publicdepository as defined in section 1 of P.L. 1970, c.236 C. 17:1941);

d.

and

a master repurchase agreement providing for the custody andsecurity of collateral is executed.

e.

51



NOTE 2: CASH AND CASH EQUIVALENTS AND INVESTMENTS (CONTINUED!

Investments (Continued)

Based upon the limitations set forth by New Jersey Statutes 40A:5-15.1, theDistrict is generally not exposed to credit risks and interest rate risks for itsinvestments, nor is it exposed to foreign currency risk for its deposits andinvestments.

NOTE 3: RECEIVABLES

Receivables at June 30, 2021 are listed below. All receivables are consideredcollectible in full. A summary of the principal items of governmental receivablesfollows:

District-WideFinancial

Statements

GovernmentalFinancial

Statements4,477,028

577,425$$4,477,028

577,4253,255,131

112,720

State AidFederal AidInterfundsOtherGross ReceivablesLess: Allowance for UncollectiblesTotal Receivables, Net

112,7205,167,1738,422,304

$5,167,173$8,422,304

52



CAPITAL ASSETSNOTE 4:

Capital asset activity for the fiscal year ended June 30, 2021, was as follows:

BeginningBalance

Transfers orAdditions Retirements

EndingBalance

Governmental activities:Capital assets not being depreciated:

LandConstruction In Progress

Total capital assets not being depreciatedCapital assets being depreciated:

Site improvementsBuilding and improvementsEquipment

Total capital assets being depreciated

$ 446,4881,687,734 $ 289,264 $ (1,923,686)

$ 446,48853,312

2,134,222 289,264 (1,923,686) 499,800

17,892,228230,787,666

23,846,882

17,918,633234,337,94123,270,700

26,4051,626,589

419,0801,923,686(995,262)

272,526,776 2,072,074 928,424 275,527,274

Total Gross Assets (Memo Only) 274,660,998 2,361,338 (995,262) 276,027,074

Less accumulated depreciation for:Site improvementsBuilding and improvementsEquipment

Total accumulated depreciationTotal capital assets being depreciated, net

Government activities capital assets, net

(9,834,861) (862,489)(136,508,234) (4,768,311)(18,938,948) (1,355,326)

(10,697,350)(141,276,545)(19,299,012)995,262

995,262 (171,272,907)(165,282,043) (6,986,126)1,923,686 104,254,367107,244,733 (4,914,052)

$ 109,378,955 $(4,624,788) $7^ taaae as a i tsammmam t.

$ 104,754,167

Business-type activities:Capital assets being depreciated:

EquipmentLess accumulated depreciation

Enterprise fund capital assets, net

$ 1,055,336(712,344)

1 342,992

$ 1,050,693(666,282) $

4,643(46,062)

$ 384,411 $ (41,419) $

53



CAPITAL ASSETS (CONTINUED)NOTE 4:

Depreciation expense was charged to functional expenses areas of the Districtas follows:

Function Amount$ 113,111

3,32632,9401,1375,0353,777

293,56594,604

760,0415,678,590

Regular InstructionOther InstructionStudent & Instruction Related ServicesGeneral Administrative ServicesSchool Administrative ServicesCentral ServiceAdministrative TechnologyPlant, Operations & MaintenancePupil TransportationUnallocated

$ 6,986,126

LONG-TERM LIABILITIESNOTE 5:

Bonds are issued by the District pursuant to the provisions of Title 18A,Education, of the New Jersey Statutes and are required to be approved by thevoters of the municipality through referendum. The proceeds of bonds arerecorded in the Capital Projects Fund and are restricted to the use for whichthey were approved in the bond referendum. All bonds are retired in annualinstallments within the statutory period of usefulness

School Bonds issued by the District are entitled to and benefit from the provisionof the New Jersey School Board Reserve Act P.L. 1980 c.72. Basically, fundsare held by the State of New Jersey within its State Fund for the Support of FreePublic Schools as a school bond reserve pledged by law to secure payment ofprincipal and interest due on such bonds in the event of the inability of the issuerto make payments.

54



NOTE 5: LONG-TERM LIABILITIES (CONTINUED)

The following is a summary of transactions that affect long-termliabilities for the year ended June 30, 2021:

Governmental Activities:

Amounts dueWithin

one year

BalanceJune 30,

2021

BalanceJune 30,

2020 ReductionsAdditions

$ 185,491 $ 3,294,74215,195,70439,348,657

Compensated AbsencesCapita! Leases PayablePension Liability

$ 3,109,25117,553,35544,931,347

$ 2,393,2092,357,6515,582,690

$57,839,103$65,593,953 $185,491 $7,940,341 $2,393,209Total

Business-Type Activities

Amounts dueWithin

one year

BalanceJune 30,

2020

BalanceJune 30,

2021Additions Reductions

$ 127,206Capital Leases Payable $ $ $ 123,626 $ 393,100516,726

$ 123,626$ $ 127,206Total $ 516,726 $ 393,100

Bonds Authorized But Not Issued

As of June 30, 2021, the District had no Bonds Authorized but not issued.

55



NOTE 5: LONG-TERM LIABILITIES (CONTINUED)

Capital Leases Payable

The District is leasing various equipment and improvements totaling $25,192,000as follows:

InterestRateDescription Date Term Amount

District Wide Energy SavingsImprovement Plan $17,498,00012/31/13 15 Years 2.690%

School Buses, Technology andCopiers 1.290% $3,052,0007/15/16 5 Years

School Buses, Technology andBuildings and Grounds Equipment $2,560,0001.680%7/15/17 5 Years

School Buses, Technology,Cafeteria, and Buildings andGrounds Equipment $2,082,0002.896%7/15/18 5 Years

The following is a schedule of the future minimum lease payments under thecapital lease and the present value of the net minimum lease payments atJune 30, 2021:

Business-Type ActivitieFood Service

FundGovernmental

ActivitiesFiscal Year Ended

June 30,

$ 138,589138,589138,589

2,778,0542,180,0711,678,6991,401,8381,440,6197,728,615

$20222023202420252026

2027-2031

415,76722,667

17,207,8962,012,192

Total Minimum Lease PaymentsLess: Amount Representing Interest

$ 393,10015,195,704$Present Value of Lease Payments

56



LONG-TERM LIABILITIES (CONTINUED)NOTE 5:

Operating Leases

The District has a commitment to lease building space, and a parking lot underan operating lease that expires on June 30, 2021. The District also hasoperating leases for copiers and postage machines that expire on various datesover the next five years. The total operating lease payments made during theyear ended June 30, 2021 were $240,626.

Future minimum lease payments are as follows:

2022 $329,0772023 353,7502024 383,5542025 391,5612026 395.890Total $1.853.832

PENSION PLANSNOTE 6:

Description of Plans

All required employees of the District are covered by the Public Employees’Retirement System, the Teachers’ Pension and Annuity Fund or the DefinedContribution Retirement Program which have been established by state statuteand are administered by the New Jersey Division of Pension and Benefits(Division). According to the State of New Jersey Administrative Code, allobligations of each system will be assumed by the State of New Jersey shouldthe system terminate. The Division issues a publicly available financial reportthat includes the financial statements and required supplementary information foreach of the above systems. These reports may be obtained by writing to theDivision of Pensions and Benefits, PO Box 295, Trenton, New Jersey, 08625 oronline at www.state.nj.us/treasury/pensions.

57



NOTE 6: PENSION PLANS

Description of Plans (Continued)

Teachers’ Pension and Annuity Fund (TPAFI The Teachers’ Pension andAnnuity Fund was established as of January 1, 1955, under the provisions ofN.J.S.A. 18A:66 to provide retirement benefits, death, disability and medicalbenefits to certain qualified members. The Teachers’ Pension and Annuity Fundis considered a cost-sharing multiple employer plan with a special fundingsituation, as under current statute, all employer contributions are made by theState of New Jersey on behalf of the District and the system's other related non-contributing employers. Membership is mandatory for substantially all teachersor members of the professional staff certified by the State Board of Examiners,and employees of the Department of Education who have titles that areunclassified, professional and certified.

Public Employees’ Retirement System (PERS) The Public Employees’Retirement System (PERS) was established as of January 1, 1955 under theprovision of N.J.S.A. 43:15A to provide retirement, death, disability and medicalbenefits to certain qualified members. The Public Employees’ RetirementSystem is a cost-sharing multiple employer plan. Membership is mandatory forsubstantially all full-time employees of the State of New Jersey or any county,municipality, school district, or public agency, provided the employee is notrequired to be a member of another state administered retirement system orother state or local jurisdiction.

Defined Contribution Retirement Program (DCRP) The Defined ContributionRetirement Program (DCRP) was established under the provision of Chapter 92,P.L. 2007 and Chapter 103, P.L. 2007 to provide coverage elected and certainappointed officials, effective July 1, 2007. Membership is mandatory for suchindividuals with vesting occurring after one year of membership.

Significant Legislation

Effective June 28, 2011, P.L. 2011, c. 78 enacted certain changes in theoperations and benefit provisions of the TPAF and the PERS systems.

58



NOTE 6: PENSION PLANS (CONTINUED!

Pension Plan Design Changes

Effective June 28, 2011, P.L. 2011, c. 78, new members of TPAF and PERS,hired on or after June 28, 2011, will need 30 years of creditable service and haveattained the age of 65 for receipt of the early retirement benefit without areduction of 1/4 of 1% for each month that the member is under age 65. Newmembers will be eligible for a service retirement benefit at age 65.Funding Changes

Under the new legislation, the methodology for calculating the unfunded accruedliability payment portion of the employer’s annual pension contribution to thePERS, and TPAF. The unfunded actuarial accrued liability (UAAL) will beamortized for each plan over an open-ended 30 year period and paid in leveldollars. Beginning with the July 1, 2019 actuarial valuation (July 1, 2018 forPFRS), the UAAL will be amortized over a closed 30 year period until theremaining period reaches 20, when the amortization period will revert to an open-ended 20 year period.

COLA Suspension

The payment of automatic cost-of-living adjustment to current and future retireesand beneficiaries are suspended until reactivated as permitted by this law.Vesting and Benefit Provisions The vesting and benefit provisions of PERSare set by N.J.S.A. 43:15A and 43.3B, and N.J.S.A. 18A:6C for TPAF. Allbenefits vest after ten years of service, except for post-retirement healthcarebenefits that vest after 25 years of service.

Members are always fully vested for their own contributions and, after threeyears of service credit, become vested for 2% of related interest earned on thecontributions. In the case of death before retirement, members’ beneficiaries areentitled to full interest credited to the members’ accounts.

Contribution Reguirements The contribution policy is set by N.J.S.A. 43:15Aand N.J.S.A. 18:66, and requires contributions by active members andcontributing employers. Plan member and employer contributions may beamended by State of New Jersey legislation. As of April 1, 2018 employeecontributions rates were increased to 7.50%

59



PENSION PLANS (CONTINUED!NOTE 6:

Employers are required to contribute at an actuarially determined rate in bothTPAF and PERS. The actuarially determined contribution includes funding forcost-of-living adjustments, noncontributory death benefits, and post-retirementmedical premiums. Under current statute the District is a non-contributingemployer of TPAF (i.e., the State of New Jersey makes the employer contributionon behalf of public school districts).

Three Year Trend Information for PERS

AnnualPension Cost

(APC)

Percentageof APC

ContributedNet PensionObligation

Year EndedJune 30,

$2,639,629$2,425,575$2,550,635

$2,639,629$2,425,575$2,550,635

100%100%100%

202120202019

Three Year Trend Information for TPAF (On-Behalf)

Percentageof APC

Contributed

AnnualPension Cost

(APC)Net PensionObligation

Year EndedJune 30,

$21,428,184$16,447,694$14,884,315

100%100%100%

-0-2021-0-2020-0-2019

In accordance with N.J.S.A. 18A:66-66 the State of New Jersey reimbursed theDistrict for the years ended June 30, 2021, 2020 and 2019 $5,654,877,$5,677,663, and $5,606,650, respectively for the employer’s share of socialsecurity contributions for TPAF members, as calculated on their base salaries.

60



NOTE 6: ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68

Public Employees Retirement System (PERS)

At June 30, 2021, the District reported a liability of $39,348,657.00 for itsproportionate share of the net pension liability. The net pension liability wasmeasured as of June 30, 2020, and the total pension liability used to calculatethe net pension liability was determined by an actuarial valuation as of July 1,2019 which was rolled forward to June 30, 2020. The District's proportion of thenet pension liability was based on a projection of the District's long-term share ofcontributions to the pension plan relative to the projected contributions of allparticipating members, actuarially determined. At June 30, 2020, the District'sproportion was 0.2412934827 percent, which was an decrease of 0.0080690592percent from its proportion measured as of June 30, 2019.

For the year ended June 30, 2021, the District recognized pension expense of$417,611.00 in the district-wide financial statements. This pension expense wasbased on the pension plans June 30, 2020 measurement date.

At June 30, 2021, the District reported deferred outflows of resources anddeferred inflows of resources related to PERS from the following sources:

DeferredInflow of

Resources

DeferredOutflow ofResources

$139,154$716,474Differences between expected and actual experience

Changes of assumptions

Net difference between projected and actual earningson pension plan investments

Changes in proportion and differences between Districtcontributions and proportionate share of contributions

District contributions subsequent to the measurement date

1,276,515 16,475,655

1,344,969

2,481,677432,912

2,808,275

$6,579,145 $19,096,486

61



ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68NOTE 6:(Continued)

Public Employees Retirement System (PERS) (Continued)

The $2,808,275.00 reported as deferred outflows of resources related topensions resulting from school district contributions subsequent to themeasurement date (i.e. for the school year ending June 30, 2021, the planmeasurement date is June 30, 2020) will be recognized as a reduction of the netpension liability in the year ended June 30, 2022.

Other amounts reported as deferred outflows of resources and deferred inflowsof resources related to pensions will be recognized in pension expense asfollows:

Year EndedJune 30 Amount

2021 ($5,347,290)(4,911,286)(2,982,264)(1,450,033)

(634,743)

2022202320242025

($15,325,616)

62



NOTE 6: ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68(CONTINUED)


Actuarial Assumptions

The total pension liability for the June 30, 2020 measurement date wasdetermined by an actuarial valuation as of July 1, 2019, which rolled forward toJune 30, 2020. These actuarial valuations used the following assumptions:

June 30, 2019June 30. 2020Inflation rate:

PriceWage

Salary Increases:Through 2026

2.75%3.25%

2.75%3.25%

2.00%-6.00%Based on Years of

Service3.00%-7.00%

Based on Years ofService


Service3.00%-7.00%


Thereafter

7.00%7.00%Investment Rate of Return

Pre-retirement mortality rates were based on the Pub-2010 General Below-Median Income Employee mortality table with an 82.2% adjustment for malesand 101.4% adjustment for females, and with future improvement from the baseyear of 2010 on a generational basis. Post-retirement mortality rates were basedon the Pub-2010 General Below-Median Income Healthy Retiree mortality tablewith a 91.4% adjustment for males and 99.7% adjustment for females, and withfuture improvement from the base year of 2010 on a generational basis.Disability retirement rates used to value disabled retirees were based on thePub-2010 Non-Safety Disabled Retiree mortality table with a 127.7% adjustmentfor males and 117.2% adjustment for females, and with future improvement fromthe base year of 2010 on a generational basis. Mortality improvement is basedon Scale MP-2020.

The actuarial assumptions used in the July 1, 2019 valuation were based on theresults of an actuarial experience study for the period July 1, 2014 to June 30,2018.

63





Actuarial Assumptions (Continued)

Long-Term Rate of Return

In accordance with State statute, the long-term expected rate of return on planinvestments (7.00% at both June 30, 2020 and June 30, 2019) is determined bythe State Treasurer, after consultation with the Directors of the Division ofInvestment and Division of Pensions and Benefits, the board of trustees and theactuaries. The long-term expected rate of return was determined using a buildingblock method in which best-estimate ranges of expected future real rates ofreturn (expected returns, net of pension plan investment expense and inflation)are developed for each major asset class. These ranges are combined toproduce the long-term expected rate of return by weighting the expected futurereal rates of return by the target asset allocation percentage and by addingexpected inflation. Best estimates of arithmetic rates of return for each majorasset class included in PERS’s target asset allocation as of June 30, 2020 aresummarized in the following table:

Long-TermExpected RealRate of Return

TargetAllocationAssets Class

7.71%8.57%

10.23%11.42%9.73%9.56%5.95%7.59%2.67%0.50%1.94%3.40%

27.00%13.50%5.50%

13.00%3.00%8.00%2.00%8.00%8.00%4.00%5.00%3.00%

U.S. EquityNon-U.S. Developed Market EquityEmerging Market EquityPrivate EquityReal Estate AssetsReal EstateHigh YieldPrivate CreditInvestment Grade CreditCash EquivalentsU.S. TreasuriesRisk Mitigation Strategies

64






Discount Rate

The discount rate used to measure the total pension liability was 7.00% and6.28% as of June 30, 2020 and June 30, 2019, respectively. The projection ofcash flows used to determine the discount rate assumed that contributions fromplan members will be made at the current member contribution rates and thatcontributions from employers and the nonemployer contributing entity will bebased on 78% of the actuarially determined contributions for the State employerand 100% of actuarially determined contributions for the local employers.

Based on those assumptions, the plan's fiduciary net position was projected to beavailable to make all projected future benefit payments of current plan members.Therefore, the long-term expected rate of return on plan investments was appliedto all projected benefit payments to determine the total pension liability.

Sensitivity of the collective Net Pension Liability to changes in the discountrate

The following presents the District’s proportionate share of the net pensionliability as of June 30, 2020, calculated using the discount rate as disclosedabove as well as what the collective net pension liability would be if it wascalculated using a discount rate that is 1-percentage point lower or 1-percentage-point higher than the current rate

1% At CurrentDiscount Rate

7.00%

1%Decrease

6.00%Increase8.00%

District's proportionate shareof the net pension liability $49,922,896 $39,348,657 $30,948,087

65



ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68NOTE 6:(CONTINUED!


Pension Plan Fiduciary Net Position

Detailed information about the pension plan’s fiduciary net position is available inthe separately issued Financial Report for the State of New Jersey PublicEmployees Retirement System (PERS). The report may be obtained at State ofNew Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, NewJersey 08625-0295 http://www.state.ni.us/treasurv/pensions.

Teachers Pensions and Annuity Fund (TPAF)

The employer contributions for local participating employers are legally required to befunded by the State in accordance with N.J.S.A 18:66-33. Therefore, these localparticipating employers are considered to be in a special funding situation as definedby GASB Statement No. 68 and the State is treated as a nonemployer contributingentity. Since the local participating employers do not contribute directly to the plan(except for employer specific financed amounts), there is no net pension liability ordeferred outflows or inflows to report in the financial statements of the localparticipating employers. However, the notes to the financial statements of the localparticipating employers must disclose the portion of the nonemployer contributingentities' total proportionate share of the net pension liability that is associated with thelocal participating employer.

The portion of the TPAF Net Pension Liability that was associated with the Districtrecognized at June 30, 2021 was as follows:

Net Pension Liability:Districts proportionate shareState’s proportionate share

associated with the District

-0-

$485,090,861

$485,090,861

The net pension liability was measured as of June 30, 2020, and the total pensionliability used to calculate the net pension liability was determined by an actuarialvaluation as of June 30, 2019 which was rolled forward to June 30, 2020. The netpension liability associated with the District was based on a projection of the District'slong-term share of contributions to the pension plan relative to the projectedcontributions of all participating school districts and the State, actuarially determined.At June 30, 2020, the proportion of the TPAF net pension liability associated with theDistrict was .7366738416% which was a decrease of .0046037217 percent from itsproportion measured as of June 30, 2019.

66



ACCOUNTING AND FINANCIAL REPORTING FOR PENSION - GASB 68NOTE 6:(CONTINUED)

Teachers Pensions and Annuity Fund (TPAF) (Continued)

For the year ended June 30, 2021, the District recognized on-behaif pensionexpense and revenue of $30,165,015.00 in the government-wide financialstatements for contributions provided by the State. This pension expense andrevenue was based on the pension plans June 30, 2020 measurement date.

The total pension liability for the June 30, 2020 measurement date wasdetermined by an actuarial valuation as of July 1, 2019, which was rolled forwardto June 30, 2020. This actuarial valuation used the following actuarialassumptions, applied to all periods in the measurement:

June 30, 2020 June 30, 2019Inflation rate:

PriceWage

Salary Increases:Through 2026

2.75%3.25%

2.75%3.25%


Service2.75%-5.65%



Service2.00%-5.65%


Thereafter

7.00%Investment Rate of Return 7.00%

Mortality Rates

Pre-retirement mortality rates were based on the Pub-2010 Teachers Above-Median Income Employee mortality table with a 93.9% adjustment for males and85.3% adjustment for females, and with future improvement from the base yearof 2010 on a generational basis. Post-retirement mortality rates were based onthe Pub-2010 Teachers Above-Median Income Healthy Retiree mortality tablewith a 114.7% adjustment for males and 99.6% adjustment for females, and withfuture improvement from the base year of 2010 on a generational basis.Disability mortality rates were based on the Pub-2010 Non-Safety DisabledRetiree mortality table with a 106.3% adjustment for males and 100.3%adjustment for females, and with future improvement from the base year of 2010on a generational basis. Mortality improvement is based on Scale MP-2020.

67






The actuarial assumptions used in the July 1, 2019 valuation were based on theresults of an actuarial experience study for the period July 1, 2015 to June 30,2018.

Long-Term Expected Rate of Return

The long-term expected rate of return was determined using a building blockmethod in which best-estimate ranges of expected future real rates of return(expected returns, net of pension plan investment expense and inflation) aredeveloped for each major asset class. These ranges are combined to producethe long-term expected rate of return by weighting the expected future real ratesof return by the target asset allocation percentage and by adding expectedinflation. Best estimates of arithmetic real rates of return for each major assetclass included in TPAF's target asset allocation as of June 30, 2020 aresummarized in the following table:

Long-TermExpected RealRate of Return

TargetAllocationAssets Class

7.71%8.57%10.23%11.42%9.73%9.56%5.95%7.59%2.67%0.50%1.94%3.40%

27.00%13.50%5.50%

13.00%3.00%8.00%2.00%8.00%8.00%4.00%5.00%3.00%

U.S. EquityNon-U.S. Developed Market EquityEmerging Market EquityPrivate EquityReal Estate AssetsReal EstateHigh YieldPrivate CreditInvestment Grade CreditCash EquivalentsU.S. TreasuriesRisk Mitigation Strategies

68






Discount Rate

The discount rate used to measure the total pension liability was 5.40% and5.60% as of June 30, 2020 and 2019, respectively. This single blended discountrate was based on the long-term expected rate of return on pension planinvestments of 7.00% for both June 30, 2020 and 2019, and a municipalbond rate of 2.21% and 3.50% as of June 30, 2020 and 2019, respectively,based on the Bond Buyer Go 20-Bond Municipal Bond Index which includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa orhigher. The projection of cash flows used to determine the discount rateassumed that contributions from plan members will be made at the currentmember contribution rates and that contributions from employers will be basedon 78% of the actuarially determined contributions for the State. Based on thoseassumptions, the plan's fiduciary net position was projected to be available tomake projected future benefit payments of current plan members through 2062.Therefore, the long-term expected rate of return on plan investments was appliedto projected benefit payments through 2062 and the municipal bond rate wasapplied to projected benefit payments after that date in determining the totalpension liability.

Sensitivity of the Net Pension Liability to Changes in the Discount Rate

Because the District's proportionate share of the net pension liability is zero,consideration of potential changes in the discount rate is not applicable to theDistrict.

Pension Plan Fiduciary Net Position

Detailed information about the pension plan’s fiduciary net position is available inthe separately issued Financial Report for the State of New Jersey TeachersPublic and Annuity Fund (TPAF). The report may be obtained at State of NewJersey Division of Pensions and Benefits P.O. Box 295 Trenton, New Jersey08625-0295 http://www.state.ni.us/treasurv/pensions.

69



NOTE 7: ACCOUNTING AND FINANCIAL REPORTING FOR POST-RETIREMENTBENEFITS OTHER THAN PENSIONS - GASB 75

Plan Description and Benefits Provided

The State Health Benefit Local Education Retired Employees Plan is a multiple-employer defined benefit OPEB plan, which is administered on a pay-as-you-gobasis. Accordingly, no assets are accumulated in a qualifying trust that meets thecriteria in paragraph 4 of GASB Statement No. 75, Accounting and FinancialReporting for Postemployment Benefits Other Than Pensions. The State HealthBenefit Local Education Retired Employees Plan provides medical, prescriptiondrug, and Medicare Part B reimbursement to retirees and their covereddependents of local education employers.

The employer contributions for the participating local education employers arelegally required to be funded by the State of New Jersey in accordance withN.J.S.A 52:14-17.32f. Therefore, these local participating employers areconsidered to be in a special funding situation as defined by GASB StatementNo. 75 and the State is treated as a nonemployer contributing entity. Accordingto N.J.S.A 52:14-17.32f, the State provides employer-paid coverage toemployees who retire from a board of education or county college with 25 yearsor more of service credit in, or retires on a disability pension from, one or more ofthe following plans: the Teachers' Pension and Annuity Fund (TPAF), the PublicEmployees' Retirement System (PERS), the Police and Firemen RetirementSystem (PFRS), or the Alternate Benefit Program (ABP). Pursuant to Chapter 78,P.L, 2011, future retirees eligible for postretirement medical coverage who haveless than 20 years of creditable service on June 28, 2011 will be required to paya percentage of the cost of their health care coverage in retirement provided theyretire with 25 or more years of pension service credit. The percentage of thepremium for which the retiree will be responsible will be determined based on theretiree’s annual retirement benefit and level of coverage.

Employees Covered by Benefit Terms

The State Health Benefit Local Education Retired Employees Plan Membershipcovered by the benefit terms consisted of the following:

Active Plan MembersInactive Plan Members or BeneficiariesCurrently Receiving Benefits

Inactive Plan Members or BeneficiariesNot Yet Receiving BenefitsTotal Plan Members

216,804

149,304

- 0 -366.108

70



NOTE 7: ACCOUNTING AND FINANCIAL REPORTING FOR POST-RETIREMENTBENEFITS OTHER THAN PENSIONS - GASB 75 (CONTINUED!Total Non-Employer OPEB Liability

The portion of the total Non-Employer OPEB Liability that was associated withthe District at June 30, 2021 was as follows:

Total OPEB Liability:District's Proportionate ShareState's Proportionate Share associated

with the District

$-0-

435,781,480

$435,781,480

The total Non-Employer OPEB liability as of June 30, 2020 was determined byan actuarial valuation as of June 30, 2019, which was rolled forward to June 30,2020.

The total Non-Employer OPEB liability was determined separately based onactual data of the District.

For the year ended June 30, 2021, the District recognized on-behalf post-employment expense and revenue of $20,697,245 in the government-widefinancial statements for contributions provided by the State. This expense andrevenue was based on the plans June 30, 2020 measurement date.

At June 30, 2020, the District's proportion was .6426511138 percent, which wasa decrease of .0062321978 from its proportion measured as of June 30, 2019.

The State, a nonemployer contributing entity, is the only entity that has a legalobligation to make employer contributions to OPEB for qualified retired PERS,TPAF/ABP and PFRS participants. The District’s proportionate share percentagedetermined under paragraphs 193 and 203 through 205 of GASBS No. 75 is zeropercent. Consequently, the District did not recognize any portion of the collectiveNon-Employer OPEB liability on the Statement of Net Position.

71



NOTE 7: ACCOUNTING AND FINANCIAL REPORTING FOR POST-RETIREMENTBENEFITS OTHER THAN PENSIONS - GASB 75 (CONTINUED)

Actuarial Assumptions and Other Inputs

The total Non-Employer OPEB liability that was associated with the District as ofJune 30, 2020 was determined by an actuarial valuation as of June 30, 2019,which was rolled forward to June 30, 2020.The actuarial assumptions vary foreach plan member depending on the pension plan the member is enrolled in.This actuarial valuation used the following actuarial assumptions, applied to allperiods in the measurement:

June 30. 2020

TPAF/ABP PERS PFRS

Inflation - 2.5%

Salary Increases

Through 2026 1.55-4.45%* 2.00-6.00%* 3.25-15.25%*

Thereafter 1.55-4.45%* 3.00-7.00%* Applied toAll Future Years

June 30, 2019

PFRSPERSTPAF/ABP

CPI - 2.5%

Salary Increases

Through 2026 1.55-3.05%* 2.00-6.00%* 3.25-15.25%*

1.55-3.05%* 3.00-7.00%* Applied toAll Future Years

Thereafter

*- Based on Years of Service

Preretirement mortality rates were based on the Pub-2010 Healthy "Teachers"(TPAF/ABP), "General" (PERS), and "Safety" (PFRS) classification headcount-weighted mortality table with fully generational mortality improvement projectionsfrom the central year using Scale MP-2020. Postretirement mortality rates werebased on the Pub-2010 "General" classification headcount-weighted mortalitytable with fully generational mortality improvement projections from the centralyear using Scale MP-2020. Disability mortality was based on the Pub-2010"General" classification headcount-weighted disabled mortality table with fullygenerational mortality improvement projections from the central year using ScaleMP-2020.

72



NOTE 7: ACCOUNTING AND FINANCIAL REPORTING FOR POST-RETIREMENTBENEFITS OTHER THAN PENSIONS - GASB 75 (CONTINUED!

Actuarial Assumptions and Other Input (Continued!The actuarial assumptions used in the June 30, 2019 valuation were based onthe results of actuarial experience studies for the periods July 1, 2015— June 30,2018, July 1, 2014 — June 30, 2018, and July 1, 2013 - June 30, 2018 for TPAF,PERS and PFRS, respectively.Health Care Trend Assumptions

For pre-Medicare medical benefits, the trend rate is initially 5.6% and decreasesto a 4.5% long-term trend rate after seven years. For post-65 medical benefits,the actual fully-insured Medicare Advantage trend rates for fiscal year 2021through 2022 are reflected. The assumed post-65 medical trend is 4.5% for allfuture years. For prescription drug benefits, the initial trend rate is 7.0% anddecreases to a 4.5% long-term trend rate after seven years. For the MedicarePart B reimbursement, the trend rate is 5.0%.

Discount Rate

The discount rate for June 30, 2020 and June 30, 2019 was 2.21% and 3.50%respectively. This represents the municipal bond return rate as chosen by theDivision. The source is the Bond Buyer Go 20-Bond Municipal Bond index, whichincludes tax-exempt general obligation municipal bonds with an average rating ofAA/Aa or higher. As the long-term rate of return is less than the municipal bondrate, it is not considered in the calculation of the discount rate, rather the discountrate is set at the municipal bond rate.

73




Changes in the Total Non-Emplover OPEB Liability

Shown below are details regarding The Total OPEB non-empioyer Liabilityassociated with the District for the measurement period from June 30, 2019 toJune 30, 2020.

Balance at 6/30/19 $270,773,043

Changes for the year:Service costInterestDifferences between expected

and actual experienceChanges in assumptions or

other inputsMembership ContributionsBenefit payments - Net

Net changes

10,822,0329,728,193

72,212,559

79,602,301229,949

(7,586,597)165,008,437

$435,781,480Balance at 6/30/20

Sensitivity of the Total Non-Emplover OPEB Liability to Changes in theDiscount Rate

The following presents the total Non-Employer OPEB liability associated with theDistrict as of June 30, 2020, calculated using the discount rate as disclosedabove as well as what the total Non-Employer OPEB liability would be if it wascalculated using a discount rate that is 1 -percentage point lower or 1-percentagepoint higher than the current rate:

June 30, 20201.00%

Increase (3.21%)At Discount1.00%

Decrease (1.21%) Rate (2.21%)State of New Jersey's

Proportionate Share ofthe total Non-EmployerOPEB Liability associatedwith the District $365,741,998$435,781,480$525,357,067

74




Sensitivity of the Total Non-Emplover OPEB Liability to Changes inHealthcare Trends

The following presents the total Non-Employer OPEB liability associated with theDistrict as of June 30, 2020, calculated using the healthcare trend rate asdisclosed above as well as what the total Non-Employer OPEB liability would beif it was calculated using a healthcare trend rate that is 1- percentage point loweror 1-percentage point higher than the current rate:

June 30, 20201.00%

Decrease1.00%

IncreaseHealthcare Cost

Trend RateState of New Jersey’s

Proportionate Share ofthe total Non-EmployerOPEB Liability associatedwith the District $535,811,542$351,777,506 $435,781,480

OPEB Expense and Deferred Outflows of Resources and Deferred Inflowsof Resources Related to Non-Emplover OPEB Liability

At June 30, 2020, the State reported deferred outflows of resources and deferredinflows of resources related to retired school employee's Non-Employer OPEBLiability associated with the District from the following sources:

DeferredInflow of

Resources

DeferredOutflow ofResources

Differences between expectedand actual experience

Changes of assumptions

Changes in proportion

58,935,62966,162,981 $$

49,725,13574,124,994

3,743,6442,761,750

112,404,408143,049,725 $$

75



NOTE 7: ACCOUNTING AND FINANCIAL REPORTING FOR POST-RETIREMENTBENEFITS OTHER THAN PENSIONS - GASB 75 fCONTINUED)

OPEB Expense and Deferred Outflows of Resources and Deferred Inflowsof Resources Related to Non-Employer OPEB Liability (Continued!

Amounts reported as deferred outflows of resources and deferred inflows ofresources related to the State’s proportionate share of the total Non-EmployerOPEB Liability associated with the District will be recognized in OPEB expenseas follows:

MeasurementPeriod Ended

June 30, Amount

2021 $82,791$82,791$82,791$82,791$82,791

$30,231,361

2022202320242025

Total Thereafter

$30,645,317

In accordance with GASBS No. 75, the District’s proportionate share of schoolretirees OPEB is zero. There is no recognition of the allocation of proportionateshare of deferred outflows of resources and deferred inflows of resources in thefinancial statements.

State Health Benefit Local Education Retired Employee Plan Information

The New Jersey Division of Pension and Benefits issues publicly availablereports on the OPEB plan. Those reports may be obtained by writing to theDivision of Pension and Benefits, PO Box 295, Trenton, NJ 08625-0295 or ontheir website at http://www.state.ni.us/treasurv/pensions/financial-reports.shtml

76



NOTE 8: LITIGATION

The District's counsel advises that there is no litigation, pending litigation, claims,contingent liabilities, unasserted claims or assessments or statutory violationswhich involve the School District and which might materially affect the District'sfinancial position with the exception of the following:

MON-L-Q02968-2Q This matter involves potential claims against the District foralleged actions that occurred during the 1985-1986 school year. It should benoted that this claim was brought pursuant to the recently enacted legislation inthe State of New Jersey that provides a window for certain claims that werepreviously time barred to now be brought. The Board has located it’s insurancecarrier from that time period and has secured a defense and coverage from thatcarrier.

CONTINGENCIESNOTE 9:

The District receives financial assistance from the State of New Jersey and theU.S. Government in the form of grants. Entitlement to the funds is generallyconditional upon compliance with terms and conditions of the grant agreementsand applicable regulations, including the expenditure of the funds for eligiblepurposes. The State and Federal grants received and expended in the 2020-2021 fiscal year were subject to the Uniform Guidance and New Jersey OMBCircular 15-08 which mandates that grant revenues and expenditures be auditedin conjunction with the District's annual audit if expenditures for federal or stateprograms exceed $750,000. Findings and questioned costs, if any, relative tofederal and state financial assistance programs are discussed in the Single AuditSection, Schedule of Findings and Questioned Costs. In addition, all grants andcost reimbursements are subject to financial and compliance audits by thegrantors. The District’s management does not believe any such audit wouldresult in material amounts of disallowed costs.

NOTE 10: RISK MANAGEMENT

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

Property and Liability Insurance - The District maintains insurance coveragecovering each of those risks of loss. The administration believes such coverageis sufficient to preclude any significant uninsured losses to the District. Settledclaims have not exceeded the insurance coverage in any of the past three fiscalyears.

77



RISK MANAGEMENT (CONTINUED)NOTE 10:

New Jersey Unemployment Compensation Insurance - The District haselected to fund its New Jersey Unemployment Compensation Insurance underthe "Benefit Reimbursement Method". Under this plan, the District is required toreimburse the New Jersey Unemployment Trust Fund for benefits paid to itsformer employees and charged to its account with the State. The District is billedquarterly for amounts due to the State. Charges are applied to theUnemployment Compensation Claims Payable first, and any remaining chargesare applied to the Unemployment Compensation budget appropriation. Thefollowing is a summary of District contributions, employee contributions,reimbursements to the State for benefits paid, and the ending balance of theDistrict's unemployment trust fund for the current and previous two years:

Analysis of Balance 06/30/21Ending State Unemployment RestrictedBalance Insurance Payable Fund Balance

$47,562 $1,072,680

Year EndedJune 30,

EmployeeContributions

AmountReimbursedInterest

$ 382 $7,6206,220

396,083 $298,770234,375

2021 443,263 $309,879249,508

1,120,2421,072,6801,053,951

N/A N/A2020N/A2019 N/A

Workers' Compensation Insurance - The Board is self-insured for workers'compensation insurance. Claims are managed by PMA Management Corp.through a service agreement for which competitive proposals were sought. Thefinancial statements reflect the current expenses of the program as well as anaccrued liability for future claims against the current fiscal year. At June 30,2021, the amount was $3,420,000.

Health Benefits - The District provides health benefits to employees through aminimum premium insurance policy administered by Horizon Blue Cross BlueShield of New Jersey (“Horizon”). The incurred but not reported liability (“IBNR”)actuarially computed by Horizon was $4,400,000 at June 30, 2021. It was alsonoted that the entire IBNR is adjusted for changes in estimate at year end andsuch changes are reflected in the district’s budget and the entire liability istreated as a liability for budgetary purposes.

78



NOTE 11: COMPENSATED ABSENCES

The District accounts for compensated absences (e.g., unused vacation and sickleave) as directed by Governmental Accounting Standards Board Statement No.16 (GASB 16), "Accounting for Compensated Absences". A liability forcompensated absences attributable to services already rendered and notcontingent on a specific event that is outside the control of the employer andemployee is accrued as employees earn the rights to the benefits.

District employees are granted varying amounts of vacation and sick leave inaccordance with the District's personnel policy. Upon termination, employees arepaid for accrued vacation. The District's policy permits employees to accumulateunused sick leave and carry forward the amount to subsequent years. Uponretirement, employees shall be paid by the District for the unused sick leave inaccordance with the Districts agreements with the various employee unions.

The liability for vested compensated absences of the governmental fund typesare recorded in the district - wide statement of net assets. As of June 30, 2021, aliability existed for compensated absences for governmental fund-types in thedistrict- wide Statement of Net Position in the amount of $3,294,742.

For additional descriptive information see Note 1, Summary of SignificantAccounting Policies.

79



NOTE 12: FUND BALANCE APPROPRIATED

General Fund The table below reflects the District’s Fund Balance at June 30,2021 on both a GAAP (Exhibit B-1) and Budgetary (Exhibit C-1) basis includingthe required adjustment related to the last state aid payment which under GAAP isnot recognized:

GAAPBasis

BudgetaryBasis Adjustment

Restricted:Designated for Subsequent

Year's Expenditures:Excess Surplus

Excess Surplus Current YearMaintenance ReserveCapital ReserveEmergency ReserveSEMI FFCRAState Unemployment Insurance

Assigned:Designated for Subsequent

Year's Expenditures:Encumbrances

Unassigned

14,505,87013,303,7661,519,8446,021,951

8,30212,068

1,072,680

$14,505,870 $13,303,7661,519,8446,021,951

8,30212,068

1,072,680

$

1,982,205526,439

4,554,755

1,982,205526,439

8,516,414 (3,961,659)

43,507,880(3,961,659) $47,469,539 $$

80



NOTE 13: CALCULATION OF EXCESS SURPLUS- BUDGETARY BASIS

Calculation of Excess Surplus In accordance with N.J.S.A. 18A:7F-7, as amendedby P.L. 2007, c73 (S1701), the Restricted Fund Balance- Excess Surplus is arequired calculation pursuant to the New Jersey Comprehensive EducationalImprovement and Financing Act of 1996 (CEIFA). New Jersey school districts arerequired to reserve General Fund balance at the fiscal year end of June 30 if theDistrict did not appropriate a required minimum amount as budgeted fund balance inthe subsequent year’s budget.

General Fund Expenditures:Fiscal Year Ended, June 30, 2021

Increased by:Transfer from Capital Outlay to Capital Projects

$ 212,343,372

250,000212,593,372

Less:Reimb. TPAF Social Security ContributionsReimb. TPAF Pension Contributions

$ 5,654,87728,153,084

33,807,961Adjusted General Fund ExpendituresExcess Surplus Percentage

178,785,4114.00%

7,151,416Increased by:Non-Public Transportation Aid (unbudgeted)Extraordinary Aid (unbudgeted)

189,7901,175,208

1,364,998Maximum Unreserved/UndesignatedGeneral Fund Balance

Actual Unassigned - General Fund Balance

8,516,414

21,820,180

$ 13,303,766Excess Surplus

Recapitulation of Excess Surplus, June 30, 2021:Restricted for Excess Surplus - Designated for

Subsequent Year's ExpenditureRestricted for Excess Surplus

$ 14,505,87013,303,766

27,809,636$

As of June 30, 2021, $14,505,870 is reported as Restricted Fund Balance ExcessSurplus Designated for Subsequent Year’s Expenditure and is required to beappropriated for property tax relief in the 2021-22 budget. $13,303,766 is reported asRestricted Fund Balance Excess Surplus and is required to be appropriated forproperty tax relief in the 2022-23 budget.

81



NOTE 14: INTERFUND RECEIVABLES AND PAYABLES

The following interfund balances remained on the balance sheet at June 30, 2021:

Interfund BalanceFund Receivable Payable

General FundSpecial Revenue FundCapital Projects FundProprietary Funds

$ 3,251,525 $ 3,226,598162,879

3,606134,346

$ 3,389,477 $ 3,389,477

All balances resulted from the time lag between the dates that short-term loanswere disbursed and payments between funds were received.

NOTE 15: CAPITAL RESERVE ACCOUNT

A capital reserve account was established by the Freehold Regional High SchoolDistrict Board of Education for the accumulation of funds for use as capital outlayexpenditures in subsequent fiscal years. The capital reserve account ismaintained in the general fund and its activity is included in the general fundannual budget.

Funds placed in the capital reserve account are restricted to capital projects inthe district’s approved Long Range Facilities Plan (LRFP). Upon submission ofthe LRFP to the Department of Education, a district may increase the balance inthe capital reserve by appropriating funds in the annual general fund budgetcertified for taxes or by transfer by Board resolution at year end (June 1 to June30) of any unanticipated revenue or unexpended line item appropriations, orboth. A district may also appropriate additional amounts when the expressapproval of the voters has been obtained by either a separate proposal at budgettime or by a special question at one of the four special election dates authorizedby N.J.S.A. 19:60-2. Pursuant to N.J.A.C. 6A:23A-14.1(g), the balance in theaccount cannot at any time exceed the local support costs of uncompleted capitalprojects in its approved LRFP.

82



NOTE 15: CAPITAL RESERVE ACCOUNT (CONTINUED)

The activity of the capital reserve for the July 1, 2020 to June 30, 2021 fiscal yearis as follows:

$ 7,335,861Balance, July 1, 2020

Increased by:Transfer from Capital Projects - cancel balance of ESIPCancel balance of Gym Floor Replacement ProjectInterest

$ 271,298412,500

2,292686,090

8,021,951Decreased by:Budgeted Withdrawal of Capital Reserve

Gym Floor Replacement 2,000,000

2,000,000

$ 6,021,951Balance, June 30, 2021

83



NOTE 16: EMERGENCY RESERVE ACCOUNT

In accordance with N.J.S.A. 18A:7F-41c(1), an emergency reserve account wasestablished by the District. The emergency reserve account is maintained in thegeneral fund.

The funds in the reserve shall be used to finance unanticipated general fundcurrent expense costs required for T&E. For the purpose of the emergencyreserve account “unanticipated” shall mean reasonably unforeseeable and shallnot include additional costs caused by poor planning or error.

The account balance is not to exceed $250,000 or one percent of the district’sgeneral fund budget up to a maximum of $1,000,000 whichever is greater.Withdrawals require approval by the Commissioner.

At June 30, 2021, the balance of the Emergency Reserve Account was $8,302and is within the statutory limitations.

The activity of the emergency reserve for the July 1, 2020 to June 30, 2021 fiscalyear is as follows:

258,191$Balance, July 1, 2020

Increased by:Interest 111

258,302Decreased by:

Withdrawal to supplement School Security Grant 250,000

8,302$Balance, June 30, 2021

84



NOTE 17: MAINTENANCE RESERVE ACCOUNT

In accordance with N.J.S.A. 18A:7G-13, a Maintenance reserve account wasestablished by the District. The Maintenance reserve account is maintained inthe general fund.

A district board of education or board of school estimate, as appropriate, mayincrease the balance in the maintenance reserve account by appropriating fundsin the annual general fund budget certified for taxes.

A district board of education or board of school estimate, as appropriate, may byresolution withdraw such funds from the maintenance reserve account andappropriate into the required maintenance account lines at budget time or anytime during the year for use on required maintenance activities for a schoolfacility as reported in the comprehensive maintenance plan pursuant to N.J.A.C.6A:26A-4.

The district board of education shall ensure that the maintenance reserveaccount balance does not, at any time, exceed four percent of the replacementcost of the school district’s school facilities for the current year. If the accountexceeds this maximum amount at June 30, the district board of education shallreserve and designate such excess in the subsequent year’s budget.

At June 30, 2021, the balance of the Maintenance Reserve Account was$1,519,844 and is within the statutory limitations.

The activity of the emergency reserve for the July 1, 2020 to June 30, 2021,fiscal year is as follows:

$ 1,519,191Balance, July 1, 2020

Increased by:Cancellation of withdrawal to supplement SchoolSecurity GrantInterest

$ 492,797653

493,450Decreased by:

Withdrawal to supplement School Security Grant 492,797

$ 1,519,844Balance, June 30, 2021

85



NOTE 18: INVENTORY

Inventory in the Food Service Fund at June 30, 2021 consisted of the following:

Food and Supplies

The value of Federal donated commodities as reflected on Schedule A (requiredby the Single Audit Amendments of 1996) is the difference between market valueand cost of the commodities at the date of purchase and has been included asan item of non-operating revenue in the financial statements.

$40 573

NOTE 19: TAX ABATEMENTS

As defined by the Governmental Accounting Standards Board (GASB), a taxabatement is an agreement between a government and an individual or entity inwhich the government promises to forgo tax revenues and the individual or entitypromises to subsequently take a specific action that contributes to economicdevelopment or otherwise benefits the government or its citizens. School districtsare not authorized by New Jersey statute to enter into tax abatementagreements. However, the county or municipality in which the school district issituated may have entered into tax abatement agreements, and that potentialmust be disclosed in these financial statements. If the county or municipalityentered into tax abatement agreements, those agreements will not directly affectthe school district’s local tax revenue because N.J.S.A. 54:4-75 and N.J.S.A.54:4-76 require that amounts so forgiven must effectively be recouped from othertaxpayers and remitted to the school district.

The District has identified tax abatement agreements that have been entered intothat require disclosure under this statement. The gross dollar amount, on anaccrual basis, by which the District’s property tax revenues were potentiallyreduced during the reporting period as a result of tax abatement agreementstotaled $624,713.44. It is important to note that the District Tax Levy isguaranteed to be paid in full by the municipalities and that the District collectedits full tax levy for FY2021.

86



NOTE 20: PRIOR PERIOD ADJUSTMENTS

As of July 1, 2020 the District implemented GASB Statement No. 84 FiduciaryActivities (GASB 84). Certain agency funds previously accounted for activitiesthat are not considered fiduciary in nature and are now reported in theGovernmental Funds. The District restated the net position and fund balance ofthe funds indicated below to appropriately reflect the June 30, 2020 balances asfollows:

District-Wide Financial Statements:Governmental

Activities$66,801,831Beginning Net Position 06/30/20

Adjustments:Unemployment CompensationStudent Activity Fund BalanceScholarship

Beginning Net Position06/30/20 (As restated)

1,072,6801,134,471

832,079

$69,841,061

Special RevenueFund

Fund Financial Statements:Fiduciary Fund

$1,904,759General Fund

$33,624,378Fund Balance 06/30/20

Adjustments:Unemployment Compensation FundStudent ActivitiesScholarships

(1,072,680)1,072,6801,134,471

832,079 (832,079)

$1,966,550$34,697,058 -0-Fund Balance 06/30/20 (As restated)

Fiduciary Fund$4,765,614Liabilities Balance 06/30/20

(66,166)(34,559)

(3,530,418)(1,134,471)

Accounts payableInterfund payablePayroll deductions and withholdingsDue to student groups

Liabilities 06/30/20 (As restated) $-0-

87



NOTE 20: SUBSEQUENT EVENTS

The Board of Education has evaluated subsequent events occurring after thefinancial statement date through February 1, 2022 which is the date the financialstatements were available to be issued. The District has determined that thefollowing subsequent events require disclosure:

Bond Referendum

On November 2, 2021 the Freehold Regional High School District communitypassed a $14,460,000 bond referendum that will pay for critical roofing andpaving infrastructure projects. On December 21, 2021, the District issued SchoolBonds in the same amount to finance these projects. The interest rate is variableand ranges from .05% to 2.125%. The bonds are payable annually, beginningAugust 15, 2022 and ending August 15, 2041. Principal payments range from$490,000 to $930,000.

Lease Agreement

On July 14, 2021, the District entered into a lease agreement in the amount of$2,160,000 for the purchase of nineteen school buses with security cameras,various technology items and buildings and grounds equipment. The lease is fora term of five years with an interest rate of 1.019%.

American Recovery Plan

Freehold Regional High School District was awarded a total of $5,904,476 underthe American Rescue Plan Act of 2021- Elementary and Secondary SchoolsEmergency Relief Fund (ARP-ESSER) Grant and Subgrants. Grant allocationswere as follows: ARP ESSER $4,940,706; Accelerated Learning Coaching andEducator Support Grant $808,522; Evidence-Based Summer Learning andEnrichment Activities Grant $55,124; Evidence-Based Comprehensive Beyondthe School Day Activities Grant $55,124; and, the NJTSS Mental Health SupportStaffing Grant $45,000. These grants will be expended through September of2023.

Stabilization Aid

The District applied for and was awarded $1,922,264 in Stabilization Aid from theNew Jersey Department of Education. The District originally applied for$4,805,659 to be used for priority 1 and priority 2 capital project expenditures butwas only awarded 40% of that amount with the NJDOE stating this is comparableto the amount of state share of a capital expenditure under the EducationalFacilities and Construction Financing Act. These funds are to be used for capitalneeds only.

88

REQUIRED SUPPLEMENTARY INFORMATION - PART II

89

BUDGETARY COMPARISON SCHEDULES

90

EXH

IBIT

”C-r

SHEE

T# 1

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

NDCO

MPA

RATI

VEST

ATEM

ENTS

OF

REVE

NUES

.EXP

END

ITU

RES

AND

CHAN

GES

INFU

ND

BALA

NC

E- B

UDG

ETAN

DAC

TUAL

FOR

THE

FISC

ALYE

AREN

DED

JUN

E30

.202

1

VARI

ANCE

FAVO

RABL

E/( U

NFA

VOR

ABLE

)O

RIG

INAL

BUDG

ETBU

DG

ETTR

ANSF

ERS

FINA

LBU

DG

ETAC

TUAL

REV

ENU

ESLo

cals

ourc

es:

Loca

lTax

Levy

Tuitio

nfro

mIn

divi

dual

sTu

ition

from

LEA '

sW

ithin

Stat

eTu

ition

from

Oth

erG

over

nmen

tSou

rces

With

inSt

ate

Tuiti

onfro

mO

ther

LEA'

sO

utsi

deth

eSt

ate

Tran

spor

tatio

nU

nres

trict

edM

iscel

lane

ous

Reve

nue

Inte

rest

Earn

edon

Emer

genc

yRe

serv

eIn

tere

stEa

rned

onM

aint

enan

ceRe

serv

eIn

tere

stEa

rned

onC

apita

l Res

erve

Fund

sO

ther

Res

trict

edM

isce

llane

ous

Rev

enue

$14

0,37

9,30

8$

50, 0

00$

140,

379,

308

$50

, 000

140,

379,

308

$5,

027

3,71

275

,890

61, 1

5975

, 536

73, 5

55

( 44,

973)

3,71

275

, 890

61, 1

5975

, 536

( 76.

445)

150,

000

1,00

04,

000

5,00

01,

793,

494

150,

000

1,00

04 ,

000

5,00

01,

793,

494

111

( 889

)65

3( 3

,347

)( 2

, 708

)( 1

, 593

, 025

)

CD2,

292

200,

469

142,

382,

802

Tota

l -lo

cals

ourc

es14

2,38

2 ,80

214

0,87

7,71

2( 1

, 505

, 090

)

Stat

eso

urce

s:Eq

ualiz

atio

nAi

dCa

tego

rical

Tran

spor

tatio

nAi

dC

ateg

oric

alSp

ecia

l Edu

catio

nAi

dS

ecur

ityAi

dO

ther

Stat

eAi

dsO

utof

Cap

Ext

raor

dina

ryAi

dO

n -beh

alf T

PAF

Pens

ion

( non

-budg

eted

)O

n -beh

alf T

PAF

Post

Ret

irem

ent C

ontri

butio

ns( n

on-bu

dget

ed)

On -b

ehal

fTPA

FLo

ng-Te

rmD

isab

ility

Insu

ranc

eCo

ntrib

utio

ns( n

on-b

udge

ted)

Rei

mbu

rsed

TPAF

Soci

alSe

curit

yCo

ntrib

utio

ns( n

on-bu

dget

ed)

31,1

50, 5

311 ,

816,

395

7,03

0,18

573

5,59

4

31, 1

50, 5

311,

816,

395

7,03

0,18

573

5,59

4

31, 1

50, 5

311,

816,

395

7,03

0,18

573

5 ,59

418

9,79

03 ,

775,

208

21, 4

28, 1

846 ,

715,

259

9,64

15,

654 ,

877

189,

790

1,17

5,20

821

, 428

, 184

6 ,71

5,25

99,

641

5,65

4 ,87

7

2,60

0,00

02,

600,

000

Tota

l -st

ate

sour

ces

43, 3

32, 7

0543

, 332

, 705

78, 5

05, 6

6435

, 172

, 959

Fede

rals

ourc

es:

Med

icai

dre

imbu

rsem

ent

FFC

RA/

SEM

ITo

tal -f

eder

also

urce

s

138,

344

138,

344

115,

899

12, 0

68( 2

2,44

5)12

, 068

138,

344

138,

344

127,

967

( 10,

377 )

185,

853,

851

185,

853,

851

219,

511,

343

Tota

lrev

enue

s33

, 657

, 492

EXHI

BIT

"C-r

SHEE

T# 2

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

NDC

OM

PAR

ATIV

EST

ATEM

ENTS

OF

REV

ENU

ES.E

XPEN

DIT

UR

ESAN

DC

HAN

GES

INFU

ND

BALA

NC

E-B

UD

GET

AND

ACTU

ALFO

RTH

EFI

SCAL

YEAR

ENDE

DJU

NE30

.202

1

VAR

IAN

CE

FAVO

RABL

E/( U

NFA

VOR

ABLE

)O

RIG

INAL

BUD

GET

BUDG

ETTR

ANSF

ERS

FIN

ALB

UD

GE

TAC

TUAL

EXPE

ND

ITU

RES

CURR

ENT

EXPE

NSE

:In

stru

ctio

n-r

egul

arpr

ogra

ms :

Sala

ries

ofte

ache

rs:

Gra

des

9 -12

52, 8

57, 1

56$

52, 8

55, 2

79$

$51

, 808

, 639

$1,

048,

517

$1,

877

52, 8

55, 2

791,

877

Tota

l Sal

arie

sof

teac

hers:

51, 8

08, 6

391,

048,

517

52, 8

57, 1

56

Reg

ular

Prog

ram

s-H

ome

Inst

ruct

ion :

Sala

ries

ofte

ache

rsPu

rcha

sed

prof

essi

onal

educ

atio

nals

ervic

es19

0,00

080

, 000

190 ,

000

10, 9

4882

, 880

6,42

810

7,12

04 ,

520

CD NO( 6

9 ,05

2)

Tota

lReg

ular

Prog

ram

s-Ho

me

Inst

ruct

ion:

200,

948

89, 3

0811

1,64

027

0,00

0( 6

9,05

2)

Reg

ular

prog

ram

s-u

ndist

ribut

edin

stru

ctio

n:Pu

rcha

sed

prof

essi

onal

educ

atio

nal s

ervi

ces

Purc

hase

dte

chni

cals

ervic

esO

ther

purc

hase

dse

rvic

es( 4

00-50

0se

ries)

Gen

eral

supp

lies

Text

book

sO

ther

Obj

ects

1,50

013

2,99

117

5,59

312

1,35

673

,617

11, 9

47

( 300

)4 ,

700

244,

434

525.

684

1,74

4 ,417

228.6

8517

, 086

3,20

011

1,44

335

0,09

11,

623,

061

155,

068

5,13

9

5,00

025

0,30

659

9 ,19

31,

501,

229

258,

943

17, 7

66

( 5, 8

72)

( 73,

509)

243,

188

( 30,

258 )

( 680

)

2,24

8 ,00

2To

talR

egul

arpr

ogra

ms

-und

istrib

uted

inst

ruct

ion

2, 632

,437

132,

569

2,76

5, 006

517,

004

1,11

2,03

455

, 823

, 110

55, 1

92, 5

8963

0,52

1To

talR

egul

arPr

ogra

ms

-Inst

ruct

ion

54, 7

11, 0

76

EXH

IBIT

"C-1 "

SHEE

T#3

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

ND

CO

MPA

RAT

IVE

STAT

EMEN

TSO

FR

EVEN

UES

.EXP

ENDI

TURE

SAN

DC

HAN

GES

INFU

ND

BALA

NC

E-B

UD

GET

AND

ACTU

ALFO

RTH

EFI

SCAL

YEAR

END

EDJU

NE

30.2

021

VAR

IAN

CE

FAVO

RABL

E/( U

NFA

VOR

ABLE

)O

RIG

INAL

BUD

GET

BUD

GET

TRAN

SFER

SFI

NAL

BUD

GET

ACTU

ALSp

ecia

l edu

catio

n :C

ogni

tive

-Mild

:Sa

larie

sof

teac

hers

Oth

ersa

larie

sfo

r ins

truct

ion

Gen

eral

supp

lies

Tota

lCog

nitiv

e-M

ild

$14

9 ,19

0$

229,

685

312

$14

9,50

2$

229,

685

149,

502

$22

2,67

27,

013

144

5886

144

379 ,

019

379,

331

372,

232

7 ,09

931

2

Cog

nitiv

e-M

oder

ate :

Sala

ries

ofte

ache

rsO

ther

sala

ries

for i

nstru

ctio

nO

ther

purc

hase

dse

rvice

s(40

0 -500

serie

s)G

ener

a!su

pplie

sTo

talC

ogni

tive

-Mod

erat

e

227,

164

153,

768

225,

935

153 ,

768

1,22

922

8,44

414

9,97

98 ,

200

7,00

0

( 1, 2

80)

3 ,78

9( 8

, 200

)2,

308

CO CO

9,24

69,

308

6239

3,62

3( 3

, 383

)39

0,24

038

8,94

91,

291

Lear

ning

and

/ or L

angu

age

Disa

biliti

es:

Sala

ries

ofte

ache

rsO

ther

sala

ries

for i

nstru

ctio

nO

ther

purc

hase

dse

rvice

s(40

0 -500

serie

s)G

ener

alsu

pplie

sTe

xtbo

oks

Oth

erO

bjec

tsTo

talL

earn

ing

and

/ orL

angu

age

Disa

biliti

es

859,

352

280,

029

848,

366

254,

732

10, 9

8625

, 297

859 ,

352

283,

818

15, 0

003 ,

184

1 ,71

0

( 3, 7

89)

( 15 ,

000)

2,80

31,

224

( 201

)2,

983

1 ,22

418

0( 4

86)

300

300

300

1,16

3,36

4( 1

9,47

6)1 ,

143,

888

1,10

7,42

536

, 463

EXHI

BIT

"C-1 "

SHEE

T# 4

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

ND

CO

MPA

RAT

IVE

STAT

EMEN

TSO

FR

EVEN

UES

.EXP

ENDI

TURE

SAN

DCH

ANG

ESIN

FUN

DBA

LAN

CE

-BU

DG

ET

AN

DA

CTU

AL

FOR

THE

FISC

ALYE

AREN

DED

JUN

E30

.202

1

VAR

IAN

CE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE)

OR

IGIN

ALBU

DG

ETBU

DG

ETTR

ANSF

ERS

FIN

ALBU

DG

ETAC

TUAL

Beha

viora

lDisa

biliti

es:

Sala

ries

ofte

ache

rsO

ther

sala

ries

fori

nstru

ctio

nPu

rcha

sed

prof

essi

onal

educ

atio

nals

ervic

esG

ener

alsu

pplie

sTo

talB

ehav

iora

lDisa

biliti

es:

968

$26

1,31

7$

51, 6

9349

3,47

01,

050

261 ,

317

$51

, 256

493,

470

1 ,00

0

$26

0,34

9$

51, 6

9349

3,47

02,

500

437

( 1, 4

50)

5080

7,53

080

7,04

380

8,01

2( 4

82)

487

Reso

urce

room

/ reso

urce

cent

er:

Sala

ries

ofte

ache

rsG

ener

a!su

pplie

sTo

tal R

esou

rce

room

/reso

urce

cent

er

10, 1

36, 3

7128

, 192

( 201

, 830

)( 5

, 126

)9,

934,

541

23, 0

669,

934 ,

541

22, 8

2624

0CO

10, 1

64, 5

63( 2

06, 9

56)

9,95

7,60

724

09,

957,

367

Autis

m:Sa

larie

sof

teac

hers

Oth

ersa

larie

sfo

rins

truct

ion

Gen

eral

supp

lies

Tota

lAut

ism

266,

904

367,

718

5 ,24

0

264 ,

941

367,

718

13, 5

00

1,96

326

6,90

426

3 ,75

03,

417

103,

968

1,82

3( 8

, 260

)63

9,86

264

6,15

9( 6

, 297

)53

4,07

110

5,79

1

Hom

eIn

stru

ctio

n :Sa

larie

sof

teac

hers

Purc

hase

dpr

ofes

sion

al-e

duca

tiona

lser

vices

Tota

l Hom

eIn

stru

ctio

n :

( 20 ,

133)

79, 8

6710

0,00

044

, 797

30, 3

0935

, 070

69, 6

9110

0,00

010

0,00

0( 2

0,13

3)17

9,86

775

, 106

104,

761

200,

000

Tota

lspe

cial

educ

atio

n( 2

56, 4

15)

13, 4

98, 3

2513

, 242

, 193

256 ,

132

13, 7

54, 7

40

Basi

csk

ills/ re

med

ial:

Sala

ries

ofte

ache

rsTo

talb

asic

skills

/ rem

edia

l42

7,47

660

, 542

528,

018

( 40,

000)

( 40,

000)

488,

018

427,

476

488,

018

60, 5

4252

8,01

8

EXH

IBIT

" C-r

SHEE

T# 5

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

ND

COM

PARA

TIVE

STAT

EMEN

TSO

FR

EVEN

UES

.EXP

END

ITU

RES

AND

CH

ANG

ESIN

FUND

BALA

NC

E- B

UD

GET

AND

ACTU

ALFO

RTH

EFI

SCAL

YE

AR

END

EDJU

NE

30.2

021

VARI

ANCE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE!

ORI

GIN

ALBU

DG

ETBU

DG

ETTR

ANSF

ERS

FIN

ALBU

DG

ETAC

TUAL

Bilin

gual

educ

atio

n :Sa

larie

sof

teac

hers

Oth

erpu

rcha

sed

serv

ices

( 400

-500

serie

s)G

ener

alsu

pplie

sTo

talb

ilingu

aled

ucat

ion

267,

147

$10

, 000

$27

4,42

9$

7,28

2$

264,

429

$80

0( 8

00)

448

448

450

( 2)

274,

877

267,

595

7 ,28

226

5,67

99,

198

Scho

olsp

onso

red

Co -c

urric

uiar

and

Extra

-Cur

ricul

arac

tivitie

s:Sa

larie

sPu

rcha

sed

serv

ices

( 300

-500

serie

s)S

uppl

ies

and

Mat

eria

lsO

ther

Obj

ects

Tota

lsch

ools

pons

ored

Co -c

urric

ular

and

Extra

-curri

cula

ract

ivitie

s

851,

781

8,23

019

, 739

7,06

3

172,

197

9,47

788

, 604

13, 3

81

1 ,05

0,19

727

, 758

27, 1

6822

, 210

( 26 ,

219)

( 10,

051)

81,1

750

, 766

)

1 ,02

3,97

817

, 707

108,

343

20, 4

44CD CJ

i88

6,81

328

3,65

943

, 139

1,17

0,47

21,

127,

333

Scho

olsp

onso

red

athl

etics

:Sa

larie

sPu

rcha

sed

serv

ices

( 300

-500

serie

s)Su

pplie

san

dM

ater

ials

Oth

erO

bjec

tsTo

tals

choo

lspo

nsor

edat

hlet

ics

3,34

5,02

149

5,66

228

4,70

852

, 556

3,34

5,02

144

0,71

326

7,68

949

, 471

3,31

8,29

154

8,70

223

0,39

012

4,70

0

26, 7

30( 5

3,04

0)54

, 318

( 72,

144)

54,9

4917

, 019

3,08

54,

102,

894

75, 0

53( 4

4,13

6)4 ,

222,

083

4 ,17

7 ,94

7

Oth

erin

stru

ctio

nalp

rogr

ams :

Sala

ries

Purc

hase

dse

rvice

s( 3

00-50

0se

ries)

Supp

lies

and

Mat

eria

lsO

ther

Obj

ects

Tota

loth

erin

stru

ctio

nalp

rogr

ams

72, 8

881,

998

1,60

0

1,47

212

, 502

8 ,40

02,

660

( 495

,000

)56

9,36

014

, 500

10, 0

003 ,

000

74, 3

6014

, 500

10, 0

003,

000

340

25,0

34( 4

95, 0

00)

101,

860

76, 8

2659

6,86

0

451,

570

6,21

3,17

45,

761,

604

6 ,73

9 ,97

3( 5

26, 7

99)

Tota

loth

erin

stru

ctio

nalp

rogr

ams

1,33

8,22

375

, 534

, 609

74, 1

96, 3

8675

, 205

, 789

328,

820

Tota

l -ins

truct

ion

EXH

IBIT

"CM

"SH

EET

# 6

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

NDCO

MPA

RATI

VEST

ATEM

ENTS

OF

REV

ENU

ES.E

XPEN

DIT

UR

ESAN

DC

HAN

GES

INFU

ND

BALA

NCE

-BU

DG

ETAN

DAC

TUAL

FOR

THE

FISC

ALYE

AREN

DED

JUNE

30.2

021

VAR

IAN

CE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE)

BUDG

ETTR

ANSF

ERS

FIN

ALBU

DG

ETO

RIG

INAL

BUD

GET

ACTU

AL

Undi

strib

uted

expe

nditu

res :

Inst

ruct

ion:

Tuiti

onto

othe

rLEA

' swi

thin

the

stat

e -spe

cial

Tuiti

onto

coun

tyvo

catio

nals

choo

ldis

trict

-regu

lar

Tuiti

onto

coun

tyvo

catio

nals

choo

ldis

trict

-spec

ial

Tuiti

onto

CSS

Dan

dre

gion

alda

ysc

hool

sTu

ition

topr

ivat

esc

hool

sfo

rthe

hand

icap

ped

with

inst

ate

T uitio

n -sta

tefa

cilit

ies

219 ,

554

$4,

433,

925

594 ,

333

2,48

5,21

49 ,

343 ,

218

398,

720

17, 5

32$

300,

000

206,

358

$4,

404,

858

500,

700

2,25

2,94

98,

182,

006

398,

720

13, 1

9629

, 067

93,6

3323

2 ,26

51,

161,

212

$20

2,02

24,

133,

925

594,

333

2,33

6 ,34

59,

370,

567

398 ,

720

148,

869

( 27,

349)

17, 4

74, 9

6415

,945

,591

1,52

9 ,37

3To

talu

ndist

ribut

edex

pend

iture

s-in

stru

ctio

n17

,035

,912

439,

052

CD oAt

tend

ance

and

soci

alw

ork

serv

ices

:Sa

larie

sO

ther

purc

hase

dse

rvice

s( 4

00-50

0se

ries)

Supp

lies

and

Mat

eria

ls

683 ,

262

2,22

976

1,45

9( 7

8 ,19

7)68

1,03

355

5555

841,

300

( 73)

1,22

71,

143

( 78,

270)

682,

231

2,31

3To

tala

ttend

ance

and

socia

lwor

kse

rvice

s76

2,81

468

4,54

4

Hea

lthse

rvic

es:

Sala

ries

Purc

hase

dpr

ofes

sion

alan

dte

chni

cal s

ervi

ces

Oth

erPu

rcha

sed

Serv

ices

( 400

-500

serie

s)Su

pplie

san

dm

ater

ials

Oth

erO

bjec

ts

1,25

7,83

111

4,15

51,

277

24,7

07

1,22

9,63

412

7 , 155

1,70

613

, 900

28, 1

97( 1

3,00

0)1,

257,

831

82,5

2231

, 633

( 429

)29

498

311

,196

10, 8

0713

, 511

100

100

100

25, 5

751,

354, 1

5843

, 912

1,37

2 ,49

51,

398,

070

Tota

lhea

lthse

rvice

s

Oth

ersu

ppor

t ser

vices

-spee

ch, O

T,PT

&re

late

dse

rvice

s:Sa

larie

sPu

rcha

sed

prof

essi

onal

-Edu

catio

nal s

ervi

ces

Supp

lies

and

mat

eria

ls

588,

899

229 ,

522

57, 6

1716

2,23

464

6,51

639

1,75

664

6 ,51

639

1 ,75

6( 4

10)

410

818,

421

219,

851

Tota

loth

ersu

ppor

t ser

vices

-spe

ech ,

OT ,

PT&

rela

ted

serv

ices

1,03

8,68

2( 4

10)

1,03

8,27

2

EXHI

BIT

"C-1 ”

SHEE

T#7

FREE

HOLD

REG

IONA

LH

IGH

SCH

OO

LD

ISTR

ICT

GEN

ERAL

FUN

DC

OM

PAR

ATIV

EST

ATEM

ENTS

OF

REV

ENU

ES.E

XPEN

DIT

UR

ESAN

DC

HAN

GES

INFU

ND

BALA

NC

E-B

UD

GET

AND

ACTU

ALFO

RTH

EFI

SCAL

YEAR

ENDE

DJU

NE30

.202

1

VARI

ANCE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE)

BUD

GET

TRAN

SFER

SFI

NAL

BUD

GET

ORI

GIN

ALBU

DG

ETAC

TUAL

Oth

ersu

ppor

t ser

vice

s -Ex

traor

dina

rySe

rvic

esSa

larie

sPu

rcha

sed

Prof

essi

onal

-Edu

catio

nal S

ervic

es( 2

97, 9

00)

$1,

710,

896

$2,

868,

497

1,46

0,00

4$

1 ,53

8,04

725

0 ,89

21 ,

330,

450

$2,

008,

796

$2,

868,

497

2,99

8 ,05

11,

581,

342

4,87

7,29

3( 2

97, 9

00)

4,57

9,39

3To

talo

ther

supp

ort s

ervic

es-Ex

traor

dina

rySe

rvice

s

Oth

ersu

ppor

tser

vice

s-G

uida

nce;

Sala

ries

ofot

herp

rofe

ssio

nal s

taff

Sala

ries

ofse

cret

aria

land

cler

ical

assi

stan

tsO

ther

Sala

ries

Oth

erPu

rcha

sed

Prof

essi

onal

and

Tech

nica

lSer

vice

sO

ther

Purc

hase

dSe

rvic

es( 4

00-50

0se

ries)

Supp

lies

and

Mat

eria

lsO

ther

obje

cts

4 ,14

1,71

363

0, 299

26,6

5058

, 151

28,7

0218

, 082

3,42

5

4,14

6,41

263

0,29

926

,650

65,2

2849

, 547

19, 2

394,

575

4 ,69

94,

147,

863

621,

398

14, 1

0067

, 000

52,7

6321

, 609

4,57

5

( 1, 4

51)

8,90

112

, 550

0,77

2)( 3

, 216

)( 2

,370

)

CD "si

7,07

720

, 845

1,15

71,

150

34, 9

284,

941,

950

4,90

7 ,02

2To

talo

ther

supp

ort s

ervi

ces

-Gui

danc

e12

, 642

4 ,92

9,30

8

Oth

ersu

ppor

t ser

vice

s-ch

ildst

udy

team

s:Sa

larie

sof

othe

rpro

fess

iona

l sta

ffSa

larie

sof

secr

etar

iata

ndcl

eric

alas

sista

nts

Purc

hase

dPr

ofes

siona

l -Edu

catio

nal S

ervi

ces

Oth

erPu

rcha

sed

Prof

essio

nala

ndTe

chni

calS

ervi

ces

Oth

erPu

rcha

sed

Serv

ices

( 400

-500

serie

s)Su

pplie

san

dM

ater

ials

3,69

7( 2

74, 8

78)

4,87

82, 6

05, 3

8035

5,72

073

4,50

04,

000

8,30

064

, 577

2,60

1,68

335

5, 720

186,

448

2,88

0,25

835

0 ,84

273

4,50

04,

000

8,10

076

, 356

548,

052

4,00

08 ,

139

200

161

555

64, 0

22( 1

1,77

9)

3 ,20

8,03

456

4,44

3( 2

81, 5

79)

3,77

2,47

7To

talo

ther

supp

ort s

ervic

es-c

hild

stud

yte

ams

4 ,05

4,05

6

EXHI

BIT

" C-T

SHEE

T#8

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

ND

COM

PARA

TIVE

STAT

EMEN

TSO

FR

EVEN

UES

.EXP

END

ITU

RES

AND

CH

ANG

ESIN

FUN

DBA

LAN

CE

-BU

DG

ETAN

DAC

TUAL

FOR

THE

FISC

ALYE

AREN

DED

JUN

E30

.202

1

VAR

IAN

CE

FAVO

RABL

E/( U

NFA

VOR

ABLE

)BU

DG

ETTR

ANSF

ERS

FIN

ALBU

DG

ETO

RIG

INAL

BUD

GET

ACTU

AL

Impr

ovem

ento

fins

truct

iona

lser

vices

:Sa

larie

sof

Supe

rvis

ors

ofIn

stru

ctio

nSa

larie

sof

secr

etar

iala

ndcl

eric

alas

sist

ants

Oth

erSa

larie

sO

ther

Purc

hase

dSe

rvic

es(4

00-50

0)Su

pplie

san

dM

ater

ials

Oth

erob

ject

s

577,

103

$21

9,35

116

7 ,04

018

, 495

4,68

736

, 600

( 61 ,

780)

$5,

397

577,

203

$21

9 ,35

119

7,26

062

, 370

34, 2

3037

, 275

100

$63

8,98

3$

213 ,

954

197,

260

62,1

0011

, 500

36, 2

75

30, 2

2043

,875

29, 5

4327

022

,730

1,00

067

5

104,

413

( 32,

383)

1,12

7,68

91,

023,

276

Tota

lIm

prov

emen

tofi

nstru

ctio

nals

ervi

ces :

1,16

0 ,07

2CD 00

Educ

atio

nalm

edia

serv

ices

/ sch

oolli

brar

y :Sa

larie

sPu

rcha

sed

Prof

essi

onal

and

Tech

nica

l Ser

vice

sO

ther

Purc

hase

dSe

rvic

es( 4

00-50

0)Su

pplie

san

dM

ater

ials

168,

239

38, 9

122,

343

167,

856

55.5

0010

.500

2,58

5

168,

239

41, 9

243,

500

383

3 ,01

21,

157

( 13,

576)

(7, 0

00)

0, 7

50)

727

108

835

209,

602

4,89

6( 2

1,94

3)21

4,49

8To

tale

duca

tiona

lmed

iase

rvice

s/sc

hool

libra

ry23

6,44

1

Inst

ruct

iona

lSta

ffTr

aini

ngSe

rvice

s:Sa

larie

sof

Supe

rvis

ors

ofIn

stru

ctio

nSa

larie

sof

secr

etar

iala

ndcl

eric

alas

sista

nts

Purc

hase

dPr

ofes

sion

al-E

duca

tiona

lSer

vice

sO

ther

Purc

hase

dSe

rvic

es( 4

00-50

0)Su

pplie

san

dM

ater

ials

Oth

erob

ject

s

( 168

)54

7,53

134

, 337

16, 8

2839

, 423

3,81

2

886

548 ,

585

34, 1

6959

, 441

77, 8

7011

, 500

3,80

0

548,

417

34, 3

3756

, 441

73, 0

5411

, 500

3,80

0

168

39, 6

1333

, 631

7,68

83,

800

( 3, 0

00)

(4,8

16)

641,

931

727,

549

85, 6

1873

5,36

5( 7

, 816

)To

tal in

stru

ctio

nals

taff

train

ing

serv

ices

:

EXHI

BIT

"C-1 "

SHEE

T# 9

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

NDC

OM

PAR

ATIV

EST

ATEM

ENTS

OF

REVE

NUES

.EXP

END

ITU

RES

AND

CHAN

GES

INFU

ND

BALA

NC

E-B

UD

GET

AND

ACTU

ALFO

RTH

EFI

SCAL

YEAR

END

EDJU

NE

30.2

021

VARI

ANCE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE)

BUD

GET

TRAN

SFER

SFI

NAL

BUD

GET

ORI

GIN

ALBU

DG

ETAC

TUAL

Supp

ort s

ervic

esge

nera

l adm

inis

tratio

n:Sa

larie

sLe

gal s

ervic

esAu

ditF

ees

Arch

itect

ural

/ Eng

inee

ring

Serv

ices

Oth

erpu

rcha

sed

prof

essi

onal

serv

ices

Purc

hase

dte

chni

cals

ervi

ces

Com

mun

icatio

ns/ te

leph

one

BOE

Oth

erpu

rcha

sed

serv

ices(

580 -5

85)

Mis

c.pu

rcha

sed

serv

ices(

400 -5

00Se

ries,

othe

r tha

n53

0&

585)

Gen

eral

supp

lies

BOE

in-ho

use

train

ing /

mee

ting

supp

lies

Misc

ella

neou

sex

pend

iture

sBO

Em

embe

rshi

pdu

esan

dfe

es

417,

925

$42

3 ,70

759

, 000

17, 5

108 ,

985

9 ,96

869

4,74

7

7,06

380

, 840

5 ,00

015

,990

8,91

58,

362

58,2

534,

602

26,4

834,

985

3,66

53 ,

421

30, 0

00$

424,

988

$50

4,54

764

, 000

33,5

0017

, 900

18, 3

3075

3,00

05,

000

181,

504

15, 0

844,

000

14,7

0527

, 000

$39

4,98

8$

504,

547

64, 0

0050

,000

1 ,40

018

, 330

751,

000

5,00

017

6 ,17

215

, 500

4,00

014

,705

27, 0

00

( 16,

500)

16, 5

00

2,00

039

815

5,02

110

,099

5,33

2( 4

16)

CD CD

335

11, 2

8426

, 663

337

227,

916

2,06

3,55

81,

835 ,

642

2,02

6,64

236

,916

Tota

lsup

port

serv

ices

gene

ral a

dmin

istra

tion

Supp

ort s

ervic

essc

hool

adm

inist

ratio

n:Sa

larie

sof

prin

cipa

ls/ a

sst,

prin

cipal

sSa

larie

sof

othe

rpro

fess

iona

l sta

ffSa

larie

sof

secr

etar

iala

ndcl

eric

alas

sist

ants

Oth

erPu

rcha

sed

Serv

ices

( 400

-500

serie

s)Su

pplie

san

dM

ater

ials

Oth

erob

ject

s

289,

160

73, 3

171,

601

25,8

159,

494

14, 4

66

3,75

8,65

81,

798 ,

655

1,48

1,87

469

, 082

111,

132

155,

108

3 ,46

9 ,49

81,

725 ,

338

1,48

0,27

343

, 267

101 ,

638

140,

642

3,60

8,65

81,

723,

655

1,40

6 ,87

469

,032

95, 4

5114

9,36

0

150,

000

75,0

0075

, 000 50

15, 6

815,

748

7,37

4 ,50

96,

960,

656

413,

853

7,05

3,03

032

1,47

9To

tals

uppo

rtse

rvice

ssc

hool

adm

inis

tratio

n

EXH

IBIT

"C-r

SHEE

T#1

0

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

ND

CO

MPA

RAT

IVE

STAT

EMEN

TSO

FRE

VENU

ES.E

XPEN

DIT

UR

ESAN

DC

HAN

GES

INFU

ND

BALA

NC

E-B

UD

GET

AND

ACTU

ALFO

RTH

EFI

SCAL

YEAR

ENDE

DJU

NE

30.2

021

VAR

IAN

CE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE)

BUD

GET

TRAN

SFER

SFI

NAL

BUD

GET

ORI

GIN

ALBU

DG

ETAC

TUAL

Cent

ralS

ervi

ces:

Sala

ries

Purc

hase

dpr

ofes

sion

alse

rvic

esPu

rcha

sed

tech

nica

lser

vices

Mis

c .pu

rcha

sed

serv

ices

( 400

-500

serie

s)Su

pplie

san

dm

ater

ials

Inte

rest

onLe

ase

Purc

hase

Agre

emen

tM

iscel

lane

ous

expe

nditu

res

1,38

8,12

0$

$1,

384,4

71$

4,00

032

, 210

103,

600

54, 1

5091

, 353

9,80

0

1,43

4 ,47

1$

4,00

032

, 210

102 ,

100

54, 1

5091

, 353

9,80

0

46,3

514 ,

000

10, 0

4533

, 796

24,5

8614

,963

3,16

4

50, 0

00$

22, 1

6568

, 304

29,5

6476

, 390

6,63

6

( 1, 5

00)

1,72

8,08

413

6,90

548

, 500

1,59

1,17

91,

679,

584

Tota

lcen

tral s

ervic

eso o

Adm

inis

trativ

eIn

form

atio

nTe

chno

logy:

Sala

ries

Purc

hase

dte

chni

cals

ervic

esO

ther

purc

hase

dse

rvic

es( 4

00-50

0se

ries )

Supp

lies

and

Mat

eria

ls

30,4

7015

2,61

21,

889

10, 9

58

857 ,

610

886,

915

480,

904

178,

000

827,

140

734,

303

479,

015

167,

042

34, 0

0010

8 ,50

030

, 500

49, 0

00

823,

610

778,

415

450,

404

129,

000

195 ,

929

2,40

3,42

92,

207,

500

2,18

1,42

922

2,00

0To

talA

dmin

istra

tive

Info

rmat

ion

Tech

nolo

gy

Req

uire

dM

aint

enan

cefo

rSch

oolF

acilit

ies:

Sala

ries

Cle

anin

g ,R

epai

r and

Mai

nten

ance

Serv

ices

Mis

c.pu

rcha

sed

serv

ices

( 400

-500

serie

s)G

ener

alsu

pplie

sO

ther

obje

cts

856,

752

1,48

8 ,02

37,

000

343,

749

86, 0

00

72, 8

1918

3,26

26,

881

167 ,

591

41, 7

52

783,

933

1 ,304

, 761

856,

752

1,50

8,02

37,

000

344,

067

61, 0

00

( 20,

000)

119

( 318

)17

6,15

844

, 248

25, 0

00

2,30

9,21

947

2,30

54,

682

2,78

1,52

4To

talR

equi

red

Mai

nten

ance

for S

choo

lFac

ilitie

s2,

776,

842

EXH

IBIT

" C-1H

SHEE

T# 1

1

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIST

RICT

GEN

ERAL

FUN

DC

OM

PAR

ATIV

EST

ATEM

ENTS

OF

REV

ENU

ES.E

XPEN

DIT

UR

ESAN

DC

HAN

GES

INFU

ND

BALA

NC

E-B

UD

GET

AND

ACTU

ALFO

RTH

EFI

SCAL

YEAR

ENDE

DJU

NE

30.2

021

VAR

IAN

CE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE)

BUD

GET

TRAN

SFER

SO

RIG

INAL

BUD

GET

ACTU

ALFI

NAL

BUD

GET

Cust

odia

lSer

vice

s :Sa

larie

sPu

rcha

sed

prof

essi

onal

and

tech

nica

lser

vices

Cle

anin

g,re

pair

and

mai

nten

ance

serv

ices

Ren

talo

fland

and

build

ing

-oth

erth

anle

ase

purc

hase

agre

emen

tLe

ase

Purc

hase

Paym

ents

-Ener

gySa

ving

sIm

prov

emen

tPro

g .O

ther

purc

hase

dpr

oper

tyse

rvice

sIn

sura

nce

Gen

eral

supp

lies

Ener

gy( N

atur

alG

as)

Ener

gy(E

lect

ricity

)En

ergy

( Gas

olin

e)

4,23

2,94

6$

334 ,

657

80, 9

0824

6,46

81,

304,

109

172,

110

437,

746

346,

454

628,

848

1,08

2 ,73

230

6,08

4

$4,

514 ,

646

$34

3,93

016

3,67

127

0,000

1 , 304

,109

242,

770

439,

837

438,

000

700,

000

1,65

0,00

065

8,13

0

281 ,

700

9 ,27

382

, 763

23,5

32

$4 ,

514,

646

$34

3, 700

163,

671

270 ,

000

1,30

4 ,10

924

3,00

043

9,83

739

0,00

070

0,00

01,

650,

000

750,

000

230

70, 6

602,

091

91,5

4671

, 152

567 ,

268

352,

046

( 230

)

48, 0

00O

( 91,

870)

1,55

2,03

110

, 725

, 093

9,17

3,06

210

, 768

, 963

( 43,

870)

Tota

lcus

todi

alse

rvice

s

Care

&U

pkee

pof

Gro

unds

:Sa

larie

sC

lean

ing,

Rep

air a

ndM

aint

enan

ceSe

rvic

esG

ener

alsu

pplie

s

527 ,

681

530,

674

115,

478

151,

978

16, 3

8644

, 522

679 ,

659

547 ,

060

160,

000

679 ,

659

422,

060

160,

000

125 ,

000

1,38

6,71

91,

173,

833

212,

886

1,26

1,71

912

5,00

0To

tal C

are

and

Upke

epof

Gro

unds

Secu

rity :

Sala

ries

Purc

hase

dPr

ofes

siona

l&Te

chni

cal S

ervi

ces

( 300

-500)

Cle

anin

g,R

epai

r and

Mai

nten

ance

Serv

ices

Gen

eral

Supp

lies

34, 7

3522

2,75

65,

715

495,

085

409,

227

6 ,00

011

, 770

460,

350

186 ,

471

495,

085

409,

625

6,00

09,

350

( 398

)28

511

, 711

592,

420

263,

265

922,

082

658,

817

920,

060

2,02

2To

tal S

ecur

ity

2,50

0,48

715

,815

, 418

13, 3

14, 9

3115

, 727

, 584

87, 8

34To

talo

pera

tion

and

mai

nten

ance

ofpl

ant s

ervic

es

EXH

IBIT

"C-r

SHEE

T# 1

2

FREE

HO

LDRE

GIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

ND

CO

MPA

RAT

IVE

STAT

EMEN

TSO

FR

EVEN

UES

.EXP

END

ITU

RES

AND

CH

ANG

ESIN

FUN

DBA

LAN

CE

-BU

DG

ETAN

DAC

TUAL

FOR

THE

FISC

ALYE

AREN

DED

JUN

E30

.202

1

VAR

IAN

CE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE)

BUD

GET

TRAN

SFER

SFI

NAL

BUD

GET

OR

IGIN

ALBU

DG

ETAC

TUAL

Stud

entt

rans

porta

tion

serv

ices :

Sala

ries

ofN

on-lns

truct

iona

lAid

esSa

larie

sfo

rpup

iltra

nspo

rtatio

n( b

etwe

enho

me

and

scho

ol)-re

gu!a

rSa

larie

sfo

rpup

iltra

nspo

rtatio

n( b

etwe

enho

me

and

scho

ol)-S

peci

alEd

Sala

ries

forp

upilt

rans

porta

tion

( oth

erth

anbe

twee

nho

me

&sc

hool)

Man

agem

entF

ee-E

SC& C

TSA

trans

porta

tion

prog

ram

sO

ther

Purc

hase

dpr

ofes

sion

alan

dte

chni

cal s

ervi

ces

Cle

anin

g,R

epai

r and

Mai

nten

ance

Serv

ices

Leas

ePu

rcha

sePa

ymen

ts-S

choo

lBus

esCo

ntra

cted

Serv

ices

-bet

ween

hom

ean

dsc

hool

vend

ors

Cont

ract

edse

rvic

es( o

ther

than

btw

hom

e&

scho

ol)-ve

ndor

sC

ontra

ctSe

rv.(

btw

hom

ean

dSc

h)Jo

intA

gree

men

tsC

ontra

ctSe

rv.( s

pec

edst

uden

ts) -v

endo

rsC

ontra

ct. S

erv.

( spe

ced

stud

ents)

-Join

tAgr

eem

ents

Cont

ract

edse

rvice

s(r

egul

arst

uden

ts) -

ESCs

&CT

SAs

Cont

ract

edse

rvice

s( s

pec

edst

uden

ts) -E

SCs

&CT

SAs

Con

tract.

Serv

-Aid

inLi

euPy

mts

-Non -P

ublic

Scho

ols

Trav

elM

isce

llane

ous

purc

hase

dse

rvice

s-T

rans

porta

tion(

580 -5

90)

Gen

eral

supp

lies

Tran

spor

tatio

nSu

pplie

sO

ther

obje

cts

$29

3,84

0$

201,

982

$91

, 858

$29

3,84

0$

256 ,

882

3,31

1,55

33 ,

054,

671

3,31

1,55

3

171,

014

757 ,

916

586,

902

757,

916

304,

701

123,

648

140 ,

218

13, 8

60

450,

000

270 ,

000

284 ,

550

840, 0

0071

8,77

15 ,

479 ,

000

233,

670

29, 0

0036

, 369

44, 9

6699

,000

5,065

, 259

481, 0

00

145,

299

146,

352

144,

332

826, 1

4071

8,771

5,07

5,23

3

450,

000

270,

000

283,

500

840,

000

718,

771

5,13

5 ,00

025

6,70

0

O1,

050

ro

403,

767

233,

670

344,

000

( 23,

030)

29, 0

0016

, 369

379

28, 6

2129

, 195

7 ,17

444

, 966

62, 1

282,

329,

684

20, 0

0044

, 966

400,

000

5,07

1,62

818

0,00

02,

000

189 ,

665

5,00

061

0,00

02,

500

36,8

722,

735,

575

480,

958

( 301

, 000

)( 6

, 369

)30

1,00

0( 2

, 000

)18

, 000

2,15

082

,000

42

207 ,

665

7,15

069

2,00

02,

500

206,

986

6 ,70

846

3, 170

1,41

3

679

442

228,

830

1,08

7

14,8

89, 1

804 ,

415,

029

461 ,

170

19, 3

04, 2

0918

, 843

, 039

Tota

lstu

dent

trans

porta

tion

serv

ices

EXHI

BIT

" C-1 "

SHEE

T#1

3

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

ND

CO

MPA

RAT

IVE

STAT

EMEN

TSO

FR

EVEN

UES

.EXP

END

ITU

RES

AND

CH

ANG

ESIN

FUN

DBA

LAN

CE

-BU

DG

ETAN

DAC

TUAL

FOR

THE

FISC

ALYE

AREN

DED

JUN

E30

.202

1

VAR

IAN

CE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE)

OR

IGIN

ALBU

DG

ETBU

DGET

TRAN

SFER

SFI

NAL

BUD

GET

ACTU

AL

Unal

loca

ted

Bene

fits

-Em

ploy

eeBe

nefit

s :So

cialS

ecur

ityC

ontri

butio

nsO

ther

retir

emen

tcon

tribu

tions

-PER

SU

nem

ploy

men

tCom

pens

atio

nW

orke

rsCo

mpe

nsat

ion

Hea

lthBe

nefit

sTu

ition

Reim

burs

emen

tsO

ther

Empl

oyee

Bene

fits

1,96

9 ,78

5$

2, 639

, 631

8,94

01,

124,

822

23, 5

60, 5

9498

, 606

201,

055

30, 2

1570

,369

$2,

000,

000

$2,

710,

000

7,50

086

9,94

330

, 737

, 579

200,

000

270,

000

$2,

000,

000

$2,

710,

000

9,00

01,

353,

943

28, 9

26, 5

7920

0,00

027

0,00

0

601,

500

484,

000

(1, 8

11, 0

00)

229 ,

121

5,36

5,98

510

1,39

468

, 945

O5,

866 ,

089

( 1,3

25, 5

00)

35, 4

69, 5

2229

, 603

, 433

Tota

lUna

lloca

ted

Bene

fits

-Em

ploy

eeBe

nefit

s:36

, 795

, 022

u>

21, 4

28,1

846,

715,

259

9,64

15,

654,

877

( 21,

428,

184)

( 6, 7

15,2

59)

( 9, 6

41)

( 5, 6

54, 8

77)

On -b

ehal

f TPA

FPe

nsio

n( n

on-bu

dget

ed)

On -b

ehal

fTPA

FPo

stRe

tirem

ent C

ontri

butio

ns( n

on-bu

dget

ed)

On -b

ehal

f TPA

FLo

ng-Te

rmD

isab

ility

Insu

ranc

eC

ontri

butio

ns(n

on-bu

dget

ed)

Reim

burs

edTP

AFSo

cial

Secu

rity

Con

tribu

tions

( non

-budg

eted

)

( 33,

807,

961)

33, 8

07, 9

61To

talO

n -beh

alfc

ontri

butio

ns

( 27,

941,

872)

36, 7

95, 0

22( 1

, 325

, 500

)35

, 469

, 522

63, 4

11, 3

94To

talp

erso

nal s

ervi

ces

135,

998,

799

( 15,

880,

664)

120 ,

508,

768

( 390

, 633

)12

0,11

8,13

5To

talU

ndist

ribut

edEx

pend

iture

s

( 14,

542,

441)

( 61,

813)

195,

652,

744

210,

195,

185

TOTA

LEX

PEND

ITUR

ES-G

ENER

ALCU

RREN

TEX

PEN

SEFU

ND

1119

5,71

4,55

7

EXHI

BIT

" C-r

SHEE

T# 1

4

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TG

ENER

ALFU

NDC

OM

PAR

ATIV

EST

ATEM

ENTS

OF

REV

ENU

ES.E

XPEN

DIT

UR

ESAN

DC

HAN

GES

INFU

ND

BALA

NC

E-B

UD

GET

AND

ACTU

ALFO

RTH

EFI

SCAL

YEAR

END

EDJU

NE

30.2

021

VARI

ANCE

FAVO

RABL

E/( U

NFA

VOR

ABLE

)O

RIG

INAL

BUDG

ETBU

DGET

TRAN

SFER

SFI

NAL

BUD

GET

ACTU

AL

CAP

ITAL

OUT

LAY:

Equi

pmen

t:R

egul

arpr

ogra

m-In

stru

ctio

nG

rade

s9 -1

2Sp

ecia

l edu

catio

nR

esou

rce

Roo

mSc

hool

spon

sore

dan

dot

heri

nstru

ctio

nalp

rogr

amUn

dist

ribut

edEx

pend

iture

sCh

ildSt

udy

Team

Gen

eral

Adm

in .Sc

hool

Adm

in.

Adm

inis

trativ

eIn

form

atio

nTe

chno

logy

Mai

nten

ance

ofsc

hool

faci

lity

Cust

odia

lser

vice

sC

are

&up

keep

grou

nds

Tota

l Equ

ipm

ent

65, 8

16$

581

61, 8

97$

66, 3

97$

$4,

500

$

7,99

879

, 205

8,00

090

, 369

8,00

095

, 669

2o

16, 4

645,

300

6 ,00

03 ,

084

3,46

312

4,25

035

, 553

16, 0

0070

, 933

6,00

06 ,

000

3 ,08

43,

263

122,

602

30, 0

9915

,200

44, 7

98

3,08

43,

463

( 45,

000)

( 60,

000)

200

1,64

85 ,

454

169,

250

95, 5

5316

, 000

70, 9

3380

026

, 135

372,

065

57,2

8461

, 813

429,

349

367,

536

Facil

ities

acqu

isiti

onan

dco

nstru

ctio

nse

rvice

s:Ar

chite

ctur

al/ E

ngin

eerin

gSe

rvice

sCo

nstru

ctio

nse

rvice

sAs

sess

men

tfor

Deb

t Ser

vice

onSD

AFu

ndin

g

243 ,

412

1,91

2,31

88 ,

101

69, 7

5131

7 ,95

817

3 ,66

11,

594,

360

8,10

1

201,

541

1 ,95

4,18

98 ,

101

41, 8

71( 4

1,87

1)

2,16

3,83

138

7,70

92,

163,

831

1,77

6,12

2To

tal f

acilit

ies

acqu

is,

and

cons

t,se

rvice

s

2,14

8,18

744

4,99

32,

531,

367

61, 8

132,

593,

180

TOTA

LCA

PITA

LO

UTLA

Y

EXH

IBIT

" C-1”

SHEE

T# 1

5

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIST

RICT

GEN

ERAL

FUN

DCO

MPA

RATI

VEST

ATEM

ENTS

OF

REVE

NUES

.EXP

ENDI

TURE

SAN

DCH

ANG

ESIN

FUN

DBA

LAN

CE

-BU

DG

ETAN

DAC

TUAL

FOR

THE

FISC

ALYE

AREN

DED

JUN

E30

.202

1

VAR

IAN

CE

FAVO

RAB

LE/

( UN

FAVO

RAB

LE)

OR

IGIN

ALBU

DG

ETBU

DG

ETTR

ANSF

ERS

FIN

ALBU

DG

ETAC

TUAL

TOTA

LEX

PEND

ITUR

ES$

198,

245,

924

$$

198 ,

245,

924

$21

2,34

3,37

2$

( 14,

097,

448)

Exce

ss( d

efic

ienc

y)of

reve

nues

over

( und

er)

expe

nditu

res

Oth

erfin

anci

ngso

urce

s /( u

ses)

Tran

sfer

sTo

talo

ther

finan

cing

sour

ces

Exce

ssof

Rev

enue

san

dot

herF

inan

cing

Sour

ces

Ove

rEx

pend

iture

san

dO

ther

Expe

nditu

res

and

othe

rFi

nanc

ing

Sour

ces

( 12,

392,

073)

( 12,

392,

073)

7,16

7,97

119

, 560

, 044

1,02

8,26

31,

028,

263

1,02

8,26

31,

028,

263

O cn( 1

2,39

2,07

3)( 1

2,39

2,07

3)8,

196,

234

20, 5

88, 3

07

Fund

bala

nces

, Jul

y1

( as

rest

ated

)39

, 273

, 305

39, 2

73, 3

0539

, 273

, 305

Fund

bala

nces

,Jun

e30

$26

, 881

, 232

$26

, 881

, 232

$47

, 469

, 539

$20

, 588

, 307

Rec

apitu

latio

n:R

estri

cted

:Ex

cess

Surp

lus

-Des

igna

ted

forS

ubse

quen

t Yea

r 'sEx

pend

iture

sEx

cess

Surp

lus

-Cur

rent

Year

Mai

nten

ance

Res

erve

Cap

ital R

eser

veEm

erge

ncy

Res

erve

Stat

eU

nem

ploy

men

tIns

uran

ceAs

sign

ed:

Des

igna

ted

forS

ubse

quen

t Yea

r' sEx

pend

iture

sEn

cum

bran

ces

SEM

I/ FFC

RA-d

esig

nate

dfo

rsub

sequ

ent y

ear e

xpen

ditu

reU

nass

igne

d

$14

, 505

, 870

13, 3

03, 7

661,

519 ,

844

6,02

1,95

18,

302

1,07

2 ,68

0

1 ,98

2,20

552

6,43

912

, 068

8 ,51

6,41

447

, 469

, 539

Rec

onci

liatio

nto

Gov

ernm

enta

l Fun

dsSt

atem

ents

( GAA

P):

Less

: Las

tTwo

Stat

eAi

dPa

ymen

tsno

trec

ogni

zed

onG

AAP

basi

s3,

961,

659

Fund

Bala

nce

per G

over

nmen

tal F

unds

( GAA

P)$

43, 5

07, 8

80

EXHIBIT ”C-2"

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTBUDGETARY COMPARISON SCHEDULE

SPECIAL REVENUE FUNDFOR THE FISCAL YEAR ENDED JUNE 30, 2021

BUDGETTRANSFERS/

AMENDMENTSVARIANCE

FINAL TO ACTUALFINAL

BUDGETORIGINALBUDGET ACTUAL

REVENUES:Federal sourcesState sourcesOther sources

4,474,711 $175,220

1,569,556

(2,723,601)(37,867)

(586,186)

4,098,452 $63,28620,365

7,198,312 $213,087

2,155,742

$ 3,099,860 $149,801

2,135,377

6,219,487 (3,347,654)9,567,1414,182,1035,385,038Total revenues

EXPENDITURES:Instruction:

Salaries of teachersOther salariesOther purchased professional-educational servicesOther purchased servicesTuitionSupplies and materialsTextbooksMiscellaneous expenditures

284,612256,108184,85473,660

1,893,259623,001

14,0891,885

23,54840,18112,47613,886

5,340110,559

2,330

308,160296,289197,330

87,5461,893,2592,518,123

21,0774,893

302,820185,730195,000

87,5001,500,000

221,77513,365

4,800

46393,259

2,296,3487,712

1,895,1226,9883,00893

1,995,2093,331,4682,815,687 5,326,6772,510,990Total instruction

Support services:Other salariesPersonal services - employee benefitsPurchased professional - educational servicesPurchased technical servicesOther purchased servicesSupplies and materialsMiscellaneous expenditures

72,41011,320

587,85710,75219,85267,834

340,587

109,720208,752177,93124,43841,504

852,6921,625,963

(2.870)158,574415,788

(810)(644)

795,526

182,130220,072765,788

35,19061,356

920,5261,966,550

185,00061,498

350,00036,00062,000

125,0001,966,550

1,110,6121,365,564 4,151,612 3,041,0002,786,048Total support services

Facilities acquisition and construction services:Instructional equipmentNon-lnstructional equipment

4336,25252,557

295 36,29552,557

36,00052,000 557

4388,809852 88,85288,000Total facilities acquisition and construction serv.

3,105,8646,461,2774,182,103 9,567,1415,385,038Total expenditures

Excess (deficiency) of revenues over(under) expenditures (241,790)(241,790) $$$ $$

1,966,550.00Fund Balance, July 1 (as restated)

1,724,760.00$Fund Balance, June 30

106

EXHIBIT "C-3"

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTBUDGETARY COMPARISON SCHEDULE

BUDGET TO GAAP RECONCILIATIONNOTE TO RSI


Note A - Explanation of difference between budgetary inflows and outflowsand GAAP Revenues and Expenditures

SPECIALREVENUE

FUNDGENERAL

FUND

Sources/inflows of resources

Actual amounts (budgetary basis) "revenue" from the budgetary comparisonschedule $ 219,511,343 $ 6,219,487

Difference - budget to GAAP:

Grant accounting budgetary basis differs from GAAP in that encumbrances arerecognized as expenditures, and the related revenue is recognizedCurrent YearPrior Year

(17,718)5,846

State aid payment recognized for budgetary purposes,not recognized forGAAP statements until the subsequent year (3,961,659)

State aid payment recognized for GAAP statements in the current year,previously recognized for budgetary purposes. 4.576,247

Total revenues as reported on the statement of revenues, expendituresand changes in fund balances - governmental funds. 6,207,615220,125,931

Uses/outflows of resources

Actual amounts (budgetary basis) "total expenditures" from thebudgetary comparison schedule. 6,461,277212,343,372

Encumbrances for supplies and equipment ordered butnot received are reported in the year the order is placed forbudgetary purposes, but in the year the supplies are receivedfor financial reporting purposes.

Adjust for encumbrances:Add prior year encumbrancesLess current year encumbrances

5,846(17,718)

Total expenditures as reported on the statement of revenues,expenditures, and changes in fund balances - governmental funds 6,449,405212,343,372 $$

107

REQUIRED SUPPLEMENTARY INFORMATION - PART III

108

SCHEDULES RELATED TO ACCOUNTING AND REPORTING FOR PENSION (GASB 68)

109

EXH

IBIT

"L-1

"

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TSC

HED

ULE

OF

THE

DIST

RICT

' SPR

OPO

RTI

ON

ATE

SHAR

EO

FTH

EN

ETPE

NSI

ON

LIAB

ILIT

YPU

BLIC

EMPL

OYE

ESR

ETIR

EMEN

TSY

STEM

LAST

TEN

YEAR

S

Dis

trict

’sPr

opor

tion

Shar

eof

the

Net

Pens

ion

Liab

ility

( Ass

et)

asa

perc

enta

geof

it 'sC

over

ed-

Emol

ovee

Pay

roll

Plan

Fidu

ciar

yN

etPo

sitio

nas

ape

rcen

tage

ofth

eto

tal

Pens

ion

Liab

ility

Dis

trict

' sPr

opor

tiona

teSh

are

ofth

eN

etPe

nsio

nLi

abili

ty( A

sset

)

Dis

trict

' sPr

opor

tion

Shar

eof

the

Net

Pens

ion

Liab

ility

( Ass

et)

Dis

trict

'sC

over

ed-Em

ploy

eeP

ayro

ll

Fisc

alYe

arEn

ding

June

30.

277.

34%

286.

92%

327.

61%

433.

69%

332.

93%

284.

30%

262.

03%

226.

43%

48.7

2%52

.08%

47.9

2 %40

.14%

48.1

0%53

.60%

56.2

7%58

.32 %

17, 0

91,6

0016

, 998

, 122

17, 2

23,3

1317

, 291

, 154

17, 6

67, 0

3917

,759

, 374

17, 1

47,6

3817

, 377

, 580

0.24

8018

6673

%0.

2604

9109

30%

0.25

1363

2728

%0.

2531

9947

82%

0.25

2673

9183

%0.

2564

2849

00%

0.24

9362

5419

%0.

2412

9348

27%

$47

, 401

,295

$48

, 771

, 057

56,4

26, 0

1874

, 990

,423

58, 8

18,4

4950

,489

,491

44, 9

31, 3

4739

,348

, 657

2013

2014

o20

1520

1620

1720

1820

1920

20

Not

e:Sc

hedu

leis

inte

nded

tosh

owte

nye

artre

nd. A

dditi

onal

year

sw

illbe

repo

rted

asth

eybe

com

eav

aila

ble.

EXH

IBIT

"L-2

"

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TSC

HED

ULE

OF

THE

DIS

TRIC

T 'S

CO

NTR

IBU

TIO

NS

PUBL

ICEM

PLO

YEES

RETI

REM

ENT

SYST

EMLA

STTE

NYE

ARS

Con

tribu

tions

asa

Perc

enta

geof

Cov

ered

-Em

ploy

eeP

ayro

ll

Con

tribu

tions

inR

elat

ion

toth

eC

ontra

ctua

llyR

equi

red

Con

tribu

tions

Dis

trict

’sC

over

ed-

Empl

oyee

Pay

roll

Con

tract

ually

Req

uire

dC

ontri

butio

n

Con

tribu

tion

Def

icie

ncy

( Exc

ess)

Fisc

alYe

arEn

ding

June

30.

2014

$$

$$

$10

.99%

12.4

7%12

.50%

12.7

3%13

.18%

14.8

7%13

.96%

16.1

4%

1,86

8,77

02,

147,

451

2,16

1,05

02,

249,

388

2,34

0,75

42,

550 ,

635

2,42

5,56

32,

639,

631

1,86

8,77

02,

147,

451

2,16

1 ,05

02,

249 ,

388

2,34

0,75

42,

550 ,

635

2,42

5 ,56

32,

639 ,

631

-0-

16,9

98, 1

2217

,223

,313

17,2

91,1

5417

,667

, 039

17, 7

59,3

7417

,147

,638

17,3

77,5

8016

,349

,754

-0-

2015

2016

-0-

2017

-0-

2018

-0-

2019

-0-

2020

-0-

2021

-0-

Not

e:Sc

hedu

leis

inte

nded

tosh

owte

nye

artre

nd.A

dditi

onal

year

sw

illbe

repo

rted

asth

eybe

com

eav

aila

ble.

EXH

IBIT

" L-3 "

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TSC

HED

ULE

OF

THE

DIS

TRIC

T 'S

PRO

POR

TIO

NAT

ESH

ARE

OF

THE

NET

PEN

SIO

NLI

ABIL

ITY

TEAC

HER

SPE

NSI

ON

AND

ANN

UIT

YFU

ND

LAST

TEN

YEAR

S

Dis

trict

'sPr

opor

tion

Shar

eof

the

Net

Pens

ion

Liab

ility

( Ass

et)

asa

perc

enta

geof

it 'sC

over

ed-

Em

plov

eeP

ayro

ll

Plan

Fidu

ciar

yN

etPo

sitio

nas

ape

rcen

tage

ofth

eto

tal

Pens

ion

Liab

ility

Dis

trict

' sPr

opor

tiona

teSh

are

ofth

eN

etPe

nsio

nLi

abili

ty( A

sset

)

Dis

trict

'sPr

opor

tion

ofth

eN

etPe

nsio

nLi

abili

ty( A

sset

)

Dis

trict

' sC

over

ed-Em

ploy

eeP

ayro

ll

Fisc

alYe

arEn

ding

June

30,

33.7

6%33

.64%

28.7

1 %22

.33%

25.4

1%26

.49%

26.9

5%24

.60%

0.69

6497

1070

%0.

7258

5435

95%

0.72

1632

0523

%0.

7355

0130

65%

0.74

8760

9350

%0.

7465

4117

36%

0.74

1277

5633

%0.

7366

7384

16%

$-0

-20

13$

71,2

84, 3

7773

,554

,631

76,2

15,7

3576

, 690

,024

76, 7

73,7

9775

,957

,485

77, 9

53, 0

2077

,081

, 579

-0-

N>

-0-

- 0-

2014

-0 -20

15- 0

- -0 --0

-20

16-0 -

2017

-0 --0

-20

18- 0

-- 0

--0

-20

1920

20-0 -

-0 -N

ote:

Sche

dule

isin

tend

edto

show

ten

year

trend

. Add

itiona

lyea

rsw

illbe

repo

rted

asth

eybe

com

eav

aila

ble.

EXHIBIT ML-4"

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTNOTES TO REQUIRED SUPPLEMENTARY INFORMATION PART IK


PUBLIC EMPLOYEES RETIREMENT SYSTEM (PERS)

Change in benefit terms:

None

Change in assumptions:

The following assumptions were used in calculating the net pensionliability in their respective accounting periods:

Long-TermExpectedRate ofReturn

ActuarialExperience

Study Period07/01/14-06/30/1807/01/14-06/30/1807/01/11-06/30/1407/01/11-06/30/1407/01/11-06/30/1407/01/08-06/30/1107/01/08-06/30/1107/01/08-06/30/11

MeasurementDate Ending

June 30.Discount

Rate7.00%7.00%7.00%7.00%7.65%7.90%7.90%7.90%

7.00%6.28%5.66%5.00%3.98%4.90%5.39%5.55%

20202019201820172016201520142013

TEACHERS PENSION AND ANNUITY FUND (TPAR

Change in benefit terms:

None

Change in assumptions:

The following assumptions were used in calculating the net pensionliability in their respective accounting periods:

Long-TermExpectedRate ofReturn

ActuarialExperience

Study Period


June 30.Discount

Rate5.40%5.60%4.86%4.25%3.22%4.13%4.68%4.95%

07/01/15-06/30/1807/01/15-06/30/1807/01/12-06/30/1507/01/12-06/30/1507/01/12-06/30/1507/01/09-06/30/1207/01/09-06/30/1207/01/09-06/30/12

7.00%7.00%7.00%7.00%7.65%7.90%7.90%7.90%

20202019201820172016201520142013

113

REQUIRED SUPPLEMENTARY INFORMATION - PART IV

114

SCHEDULE RELATED TO ACCOUNTING AND REPORTING FOR POSTEMPLOYMENT BENEFITS OTHER THANPENSIONS (GASB 75)

115

EXHIBIT "M-r

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTSCHEDULE OF CHANGES IN THE

TOTAL OPEB LIABILITY AND RELATED RATIOSLAST TEN YEARS

Fiscal Year Ended June 30,

2020 2019 2018 2017Changes for the year:

Service costInterestDifferences between expected

and actual experienceChanges in assumptions or

other inputsMembership ContributionsBenefit Payments - Net

Net changes

$10,822,0329,728,193

$10,681,79411,802,170

$12,065,68612,633,063

14.557,134.0010,916,077.00

72,212,559 (45,960,962)

79,602,301229,949

(7,586,597)

4.037,248246,389

(8,311,925)

(63,349.626)275,658

(7,975,856)

(45,435,718.00)293,930.00

(7,972,348.00)165,008,437 (27,505,286) (46,351,075) (27,640,925)

Beginning Balance $270,773,043 $298,278.329 344.629,404 372,280,329

Ending Balance $270,773,043$435,781,480 $298,278,329 $344,639,404

Covered Employee Payroll 94,459.159 95,100,658 93.716.859 94,440,836

District's Proportionate Share of the Total Non-EmployerOPEB Liability as a percentage of the District'sCovered Employee Payroll

-0- -0--0- -0-

State's Proportionate Share of the Total Non-EmployerOPEB Liability associated with the District as apercentage of the District’s Covered Employee Payroll 320.37% 364.92%461.34% 284.04%

Note: Schedule is intended to show ten year trend. Additional years will be reported as they become available.

116

EXHIBIT "M-2"

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTNOTES TO REQUIRED SUPPLEMENTARY INFORMATION PART IV

FOR THE FISCAL YEAR ENDED JUNE 30, 2021

Change in benefit terms: None

Change in assumptions:The following assumptions were used in calculating the net OPEB liabilityin their respective accounting periods:


June 30,

DiscountRate

202020192018

2.21%3.50%3.87%

117

OTHER SUPPLEMENTARY INFORMATION

118

SPECIAL REVENUE FUNDDETAIL STATEMENTS

119

EXHI

BIT

" E-1 "

SHEE

T# 1

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TSP

ECIA

LRE

VENU

EFU

NDC

OM

BIN

ING

SCH

EDU

LEO

FR

EVEN

UES

AND

EXPE

NDIT

URES

-BU

DG

ETAR

YBA

SIS

FOR

THE

FISC

ALYE

AREN

DED

JUN

E30

.20

21

TITL

EIII

IMM

IGR

ANT

CARL

D.PE

RKI

NS

TITL

EI

TITL

EU

ATI

TLE

IIAPY

TITL

EIII

TITL

EIV

IDEA

PAR

TB

REVE

NUES

:Fe

dera

lsou

rces

Stat

eso

urce

sO

ther

sour

ces

45, 2

30$

25, 8

80$

1,24

5$

2,19

8,63

7$

$61

3,52

0$

91, 6

73$

42.6

89S

24, 9

35

613,

520

$91

,673

$45

, 230

25, 8

80$

1,24

5$

42, 6

892,

198,

637

$24

, 935

Tota

lreve

nues

$

EXPE

NDIT

URES

:In

stru

ctio

n :Sa

larie

sof

teac

hers

Othe

rsal

arie

sO

ther

purc

hase

dpr

ofes

sion

al-ed

ucat

iona

lsen

/ ices

Oth

erpu

rcha

sed

serv

ices

Tuitio

nSu

pplie

sand

mat

eria

lsTe

xtbo

oks

Misc

ella

neou

sex

pend

iture

s

284.

612

26, 2

4285

.753

508,

670

16, 9

7193

.050

18, 0

0015

95.

440

6.691

1 ,89

3,25

912

.444

3.44

81,

245

7,89

513

,618

2.97

0

N)

890

597

398

o2,

016 ,

753

400,

174

10, 5

871 ,

245

34, 4

2619

, 217

Tota

linst

ruct

ion

Supp

orts

ervi

ces :

Oth

erSa

larie

sPe

rson

alse

rvice

s -em

ploy

eebe

nefit

sPu

rcha

sedp

rofe

ssio

nal -e

duca

tiona

lser

vices

Purc

hase

dte

chni

cals

ervic

esOt

herp

urch

ased

serv

ices

Supp

lies

and m

ater

ials

Misc

ella

neou

sexp

endi

ture

s

1 ,20

02, 0

0049

, 950

3.82

19 ,

000

42.01

63 ,

214

5,10

419

2.91

216

595

663

7,11

915

8,73

17,

000

3,20

0

600

3,55

323

.379

5.52

316

, 034

1,03

3

5,71

84.

495

8,26

318

1,88

419

9,04

991

, 673

45, 2

30To

tal s

uppo

rtse

rvice

s

Facil

ities

acqu

isitio

nand

cons

truct

ion

serv:

Instr

uctio

nale

quip

men

tN

on-lns

truct

iona

lequ

ipm

ent

10, 7

9814

, 297

10, 7

98To

tal fa

cilitie

sacq

uisi

tion

and

cons

truct

ion

serv .

14, 2

97

25, 8

80$

1.24

5$

42.6

89$

2.19

8 .637

$24

.935

613,

520

$91

, 673

$45

.230

Tota

lexp

endi

ture

sS

Exce

ss(D

efic

ienc

y )of

Rev

enue

sO

ver(

Und

er)E

xpen

ditu

res

Fund

Balan

ce.Jul

y1( a

sres

tate

d )

Fund

Bala

nce,

June

30

( Con

tinue

don

next

page

)

EXHI

BIT'' £'1"

SHEE

TU 2

FREE

HO

LDRE

GIO

NAL

HIG

HSC

HOOL

DIST

RICT

SPEC

IAL

REVE

NUE

FUND

COM

BINI

NGSC

HEDU

LEO

FRE

VENU

ESAN

DEX

PEND

ITUR

ES-B

UDG

ETAR

YBA

SIS

FOR

THE

FISC

ALYE

AREN

DED

JUNE

30,

2021

DIGI

TAL

DIVI

DECO

RONA

VIRU

SRE

LIEF

FUND

fCRF

)NO

NPUB

LIC

NO

N-P

UBLI

CNU

RSIN

GN

ON

*PU

BLIC

TEXT

BOOK

SJR

OTC

CARE

SCR

FR

EVEN

UES

:Fe

dera

lsou

rces

Stat

eso

urce

sO

ther

sour

ces

$24

.632

S55

4.23

95

416.

344

$42

1.02

7S

14,6

60$

24,4

39$

14, 0

89

Tota

lreve

nues

S24

, 632

554,

239

416,

344

$42

1,02

7$

14, 6

60$

24.4

39$

14, 0

89

EXPE

NDIT

URES

:In

stru

ctio

n :Sa

larie

s oft

each

ers

Oth

ersa

larie

sO

ther

purc

hase

dpr

ofes

sion

al-ed

ucat

iona

lser

vice

sO

ther

purc

hase

dse

rvic

esTu

ition

Supp

lies

and

mat

eria

lsTe

xtbo

oks

Misc

ella

neou

sexp

endi

ture

s

24.6

3230

.912

18.1

16

385,

432

113.

610

14.6

6014

, 089

NO

Tota

linst

ruct

ion

24.6

3241

6.34

413

1.72

614

, 660

14, 0

89

Supp

ort s

ervic

es:

Oth

ersa

larie

sPe

rson

alse

rvic

es-e

mpl

oyee

bene

fits

Purc

hase

dpr

ofes

sion

al-ed

ucat

iona

l ser

vice

sPu

rcha

sed

tech

nica

lser

vice

sO

ther

purc

hase

dse

rvice

sSu

pplie

s and

mat

eria

lsM

iscel

lane

ous

expe

nditu

res

5,20

824

, 439

496 ,

474

289, 3

01

501,

682

Tota

l sup

port

serv

ices

289.

301

24, 4

39

Facil

itiesa

cqui

sitio

nan

dco

nstru

ctio

nse

rv.

inst

ruct

iona

lequ

ipm

ent

Non

-Instru

ctio

nale

quip

men

t52

,557

52,5

57To

tal f

acilit

ies

acqu

isiti

onan

dco

nstru

ctio

nse

rv.

Tota

lexp

endi

ture

s24

, 632

$55

4.239

$42

1.027

$$

416,

344

S14

, 660

$24

, 439

$14

, 089

Exce

ss(D

efic

ienc

y )of

Rev

enue

sO

ver(

Unde

r)Ex

pend

iture

s

Fund

Bala

nce .J

uly

1( a

sres

tate

d)

Fund

Bala

nce .J

une

30

( Con

tinue

don n

extp

age )

EXHI

BIT

" E-r

SHEE

T«3

FREE

HO

LDRE

GIO

NAL

HIG

HSC

HOO

LDI

STRI

CTSP

ECIA

LRE

VENU

EFU

NDCO

MBI

NING

SCHE

DULE

OF

REVE

NUES

AND

EXPE

NDIT

URES

-BUD

GETA

RYBA

SIS

FOR

THE

FISC

ALYE

AREN

DED

JUNE

30.2

021

CARE

ERPA

THW

AYS

YR5

NO

N-P

UBLI

CSE

CURI

TYSU

MM

ERPR

OG

RAM

SST

UDEN

TAC

TIVI

TIES

OTHE

RLO

CAL

SAT

SCHO

LARS

HIPS

TOTA

LRE

VENU

ES:

Fede

rals

ource

sSt

ate

sour

ces

Oth

erso

urce

s

S4.

474.7

1117

5,22

01 ,

569,

556

$41

.825

$94

,867

52,0

005,

946

$S

S12

7 ,43

7$

1,36

3,59

6$

20, 5

77

Tota

l reve

nues

$41

.825

$12

7,43

7S

52, 0

00S

94,8

67$

5 ,94

6$

1,36

3,59

6$

20, 5

77$

6.21

9,48

7

EXPE

NDIT

URES

;

Inst

ruct

ion:

Sala

ries

ofte

ache

rsO

ther

sala

ries

Oth

erpu

rcha

sed

prof

essi

onal

-educ

atio

nals

ervic

esO

ther

purc

hase

dse

rvic

esT u

ition

Supp

liesa

ndm

ater

ials

Text

book

sM

isce

llane

ousE

xpen

ditu

res

284,

612

256,

108

178,

164

80, 3

511.

893,

259

623,

001

14, 0

891 ,

885

500

127.

437

52, 0

00

64, 0

353 ,

644

ro64

, 535

127.

437

Tota

linst

ruct

ion

52,0

003 ,

644

3.33

1 .469

Supp

ort s

ervic

es:

Othe

rsal

arie

sPe

rson

alse

rvic

es-e

mpl

oyee

bene

fits

Purc

hase

dpro

fess

iona

l -edu

catio

nal s

erv

ice

s

Purc

hase

dTe

chni

cal S

ervi

ces

Oth

erpu

rcha

sed

serv

ices

Supp

lies

and

mat

eria

lsM

isce

llane

ous

expe

nditu

res

9 ,45

010

9.72

020

8,75

017

7 ,93

129

, 647

36.2

9685

2,69

21 ,

625 ,

963

761

8,76

420

041

,825

2.30

21 ,

580,

562

45, 4

01

41, 8

2519

, 175

1,5

80, 5

62To

tals

uppo

rtse

rvic

es2,

302

45,4

013,

040 ,

999

Facil

ities

acqu

isitio

nan

dco

nstru

ctio

nse

rv:

Inst

ruct

iona

lequ

ipm

ent

Non

-Inst

ruct

iona

l equ

ipm

ent

11, 1

5736

, 252

52, 5

57

Tota

l facil

itiesa

cqui

sitio

nan

dco

nstru

ctio

nse

rv .11

, 157

88, 8

09

41.8

25S

127.

437

STo

tal e

xpen

ditu

res

S52

, 000

$94

,867

S5,

946

$1.

580, 5

62$

45,4

01S

6.46

1 .277

Exce

ss(D

efic

ienc

y)of

Rev

enue

sO

ver(

Und

er)E

xpen

ditu

res

(216

,966

)( 2

4 ,82

4)( 2

41.7

90)

1 ,13

4 ,47

1Fu

ndBa

lanc

e,Ju

ly1

( as r

esta

ted)

832,

079

1 ,96

6 ,55

0

807 ,

255

Fund

8a! an

ce,J

une

3091

7 ,50

51.7

24, 7

60—

tsaa

CAPITAL PROJECTS FUNDDETAIL STATEMENTS

123

EXHI

BIT

MF-1

M

FREE

HOLD

REGI

ONAL

HIG

HSC

HOO

LDI

STRI

CTCA

PITA

LPR

OJE

CTS

FUND

SUM

MAR

YST

ATEM

ENT

OF

PRO

JECT

EXPE

NDIT

URES

-BU

DGET

ARY

BASI

SA

SO

FJU

NE

30.2

021

( MEM

OON

LY)

UNEX

PEND

EDPR

OJEC

TBA

LANC

E

REVI

SED

BUDG

ETAR

YAP

PROP

RIAT

IONS

ORIG

INAL

DATE

EXPE

NDIT

URES

TOPA

TECU

RREN

TYE

ARPR

IOR

YEAR

ISSU

E/PR

OJE

CTTI

TLE

$1,

194 ,

713

$1,

194,

713

$6/

20/ 2

014

$Fr

eeho

ldBo

roHi

ghSc

hool

-Ro

ofRe

plac

emen

t

6/20

/201

489

2 ,96

389

2 ,96

3M

arlb

oro

High

Scho

ol-R

oofR

epla

cem

ent

Free

hold

Boro

High

Scho

ol-

Boile

r&HV

ACRe

plac

emen

t6/

20/ 2

014

1 ,67

8 ,82

41,

678 ,

824

Distr

ictwi

deEn

ergy

Savi

ngs

Impr

ovem

entP

lan

79,1

3119

,228

,702

19,1

49, 5

713/

10/ 2

014

ro62

9,14

56 /

26/ 2

015

629 ,

145

4̂Co

ltsNe

ckHi

ghSc

hool

-Roo

fRep

lace

men

t

1 ,59

0,48

56/

26/ 2

015

1 ,59

0,48

5Ho

wellH

igh

Scho

ol-

Roof

Repl

acem

ent

975,

254

975,

254

Free

hold

Town

ship

High

Scho

ol-

Roof

Repl

acem

ent

6/26

/ 201

5

1,39

8,13

9M

anal

apan

High

Scho

ol-R

oofR

epla

cem

ent

6/26

/ 201

51 ,

398,

139

Scho

olSe

curit

yGr

ant:

Inte

riorD

oorS

ecur

ityUp

grad

es-D

istric

twid

e53

, 312

882,

895

12/ 1

0 /20

2093

6,20

7

27,5

09,0

94$

132 ,

443

$$

28, 52

4,43

2$

882,

895

Tota

ls

EXHIBIT "F-2"

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTCAPITAL PROJECTS FUND

SUMMARY SCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGETARY BASISFOR THE YEAR ENDED JUNE 30. 2021

Revenues and Other Financing Sources:State SourcesTotal revenues

$ 686,207686,207

Expenditures and Other Financing Uses:Architectural/engineering servicesConstruction servicesTotal expenditures

53,31279,131

132,443

553,764Excess (deficiency) of revenues over (under) expenditures

Other financing sources (uses):Transfer from Emergency ReserveTransfers out

Total other financing sources (uses)

250,000(1,278,263)(1,028,263)

(474,499)Net change in fund balance

1,357,394Fund balance - beginning

882,895$Fund balance - ending

882,895(589,131)

$Fund Balance - budgetary basisSDA Grant not Recognized

293,764$Fund Balance - GAAP basis (B-1)

125

EXHI

BIT

" F-2

a"

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HOO

LDI

STRI

CTC

APIT

ALPR

OJE

CTS

FUN

DSU

MM

ARY

SCH

EDU

LEO

FPR

OJE

CT

REV

ENU

ES. E

XPEN

DITU

RES .

PRO

JEC

TBA

LAN

CE

AND

PRO

JEC

TST

ATU

S-B

UDG

ETAR

YBA

SIS

FREE

HO

LDBO

RO

HIG

HSC

HO

OL

-RO

OF

REP

LAC

EMEN

TFO

RTH

EYE

AREN

DED

JUN

E30

.202

1

Rev

ised

Auth

orize

dCo

stPr

ior P

erio

ds*

Cur

rent

Year

Tota

ls

Rev

enue

san

dO

ther

Fina

ncin

gSo

urce

s :St

ate

Sou

rces

-SD

AG

rant

Cap

ital L

ease

Tota

lrev

enue

s

$$

477,

256

$84

8,25

047

7,25

6$

717,

457

477,

256

717,

457

( 130

,793

)1,

325 ,

506

( 130

, 793

)1 ,

194,

713

1,19

4,71

3

Expe

nditu

res

and

Oth

erFi

nanc

ing

Use

s :Le

gal s

ervi

ces

Arch

itect

ural

/ eng

inee

ring

serv

ices

Oth

erpu

rcha

sed

prof

essi

onal

and

tech

nica

lser

vice

sCo

nstru

ctio

nse

rvic

esTo

tale

xpen

ditu

res

5,50

792

,370

8,53

01 ,

088,

306

5 ,50

792

, 370

8,53

01 ,

088,

306

5,50

792

, 370

8 ,53

01,

088,

306

ro CD

1,19

4,71

31,

194 ,

713

1,19

4 ,71

3

130,

793

$$

Exce

ss( d

efic

ienc

y)of

reve

nues

over

( und

er) e

xpen

ditu

res

$( 1

30, 7

93)

$

Asre

stat

ed

Addi

tiona

lpro

ject

info

rmat

ion :

Proj

ectN

umbe

rG

rant

Dat

eLe

ase

Auth

oriza

tion

Dat

eLe

ase

Auth

orize

dLe

ase

Issu

edO

rigin

alAu

thor

ized

Cost

Cha

nge

inAu

thor

ized

Cos

tRe

vised

Auth

oriz

edC

ost

1650

-050

-14-G

2 AF

06/ 2

0/14

03/1

0/14

$ 930

, 793

$ 930

, 793

$1, 5

51, 3

21( $

356,

608)

$ 1,1

94,7

13

-22.

99%

100.

00%

FY15

FY19

Perc

enta

geln

crea

se/ ( d

ecre

ase)

over

Orig

inal

Auth

orize

dCo

stPe

rcen

tage

com

plet

ion

Orig

inal

targ

etco

mpl

etio

nda

teR

evis

edta

rget

com

plet

ion

date

EXH

IBIT

T-2b

"

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TC

APIT

ALPR

OJE

CTS

FUN

DSU

MM

ARY

SCH

EDU

LEO

FPR

OJE

CT

REV

ENU

ES.E

XPEN

DIT

UR

ES.P

RO

JEC

TBA

LAN

CE

AND

PRO

JEC

TST

ATU

S-B

UD

GET

ARY

BASI

SM

ARLB

OR

OH

IGH

SCH

OO

L-R

OO

FRE

PLAC

EMEN

TFO

RTH

EYE

AREN

DED

JUN

E30

.202

1

Rev

ised

Auth

oriz

edC

ost

Cur

rent

Year

Prio

r Per

iods

*To

tals

Reve

nues

and

Oth

erFi

nanc

ing

Sour

ces:

Stat

eSo

urce

s-S

DA

Gra

ntC

apita

l Lea

seTo

talr

even

ues

336,

764

$55

6,19

933

6,76

4$

587 ,

690

$33

6,76

455

6,19

9$

( 31 ,

491)

892,

963

892,

963

( 31,

491)

924,

454

Expe

nditu

res

and

Oth

erFi

nanc

ing

Use

s :Le

gal s

ervi

ces

Arch

itect

ural

/ eng

inee

ring

serv

ices

Oth

erpu

rcha

sed

prof

essi

onal

and

tech

nica

l ser

vice

sC

onst

ruct

ion

serv

ices

Tota

lexp

endi

ture

s

2,98

968

, 618

9,43

781

1,91

9

2,98

968

, 618

9 ,43

781

1,91

9

2,98

968

, 618

9,43

781

1 ,91

9

ro NJ

892,

963

892,

963

892,

963

31, 4

91$

( 31 ,

491)

$$

Exce

ss(d

efic

ienc

y)of

reve

nues

over

( und

er)

expe

nditu

res

$

Asre

stat

ed

Addi

tiona

l pro

ject

info

rmat

ion:

Proj

ectN

umbe

rG

rant

Dat

eLe

ase

Auth

oriz

atio

nD

ate

Leas

eAu

thor

ized

Leas

eIs

sued

Orig

inal

Auth

oriz

edCo

stAd

ditio

nalA

utho

rized

Cos

tR

evis

edAu

thor

ized

Cos

t

1650

-080

-14 -

G2A

J06

/ 20 /

1403

/ 10 /

14$ 5

05, 1

47$ 5

05, 1

47$ 8

41, 9

11$ 5

1,05

2$ 8

92, 9

63

6.06

%10

0.00

%FY

15FY

18

Perc

enta

geln

crea

se/( d

ecre

ase)

over

Orig

inal

Auth

orize

dC

ost

Per

cent

age

com

plet

ion

Orig

inal

targ

etco

mpl

etio

nda

teR

evis

edta

rget

com

plet

ion

date

EXHI

BIT

"F^c "

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TC

APIT

ALPR

OJE

CTS

FUN

DSU

MM

ARY

SCH

EDU

LEO

FPR

OJE

CT

REV

ENU

ES.E

XPEN

DIT

UR

ES.P

RO

JEC

TBA

LAN

CE

AND

PRO

JEC

TST

ATU

S-B

UD

GET

ARY

BASI

SFR

EEH

OLD

BOR

OH

IGH

SCH

OO

L-B

OIL

ER&

HVA

CR

EPLA

CEM

ENT

FOR

THE

YEAR

ENDE

DJU

NE

30.2

021

Rev

ised

Auth

oriz

edC

ost

Cur

rent

Year

Tota

lsPr

iorP

erio

ds*

Rev

enue

san

dO

ther

Fina

ncin

gSo

urce

s:St

ate

Sour

ces

-SD

AG

rant

Cap

italL

ease

Tota

lrev

enue

s

668 ,

135

$1 ,

521 ,

657

$66

8,13

5$

1 ,01

0,68

9$

668,

135

1,01

0 ,68

9( 5

10, 9

68)

1,67

8,82

41,

678,

824

2,18

9,79

2( 5

10, 9

68)

Expe

nditu

res

and

Oth

erFi

nanc

ing

Use

s :Le

gal s

ervic

esAr

chite

ctur

ai/ e

ngin

eerin

gse

rvic

esO

ther

purc

hase

dpr

ofes

sion

alan

dte

chni

cals

ervi

ces

Con

stru

ctio

nse

rvic

esTo

tal e

xpen

ditu

res

—V9,

003

100, 7

5612

, 431

1,55

6 ,63

4

9,00

310

0,75

612

, 431

1,55

6,63

4

9,00

310

0,75

612

,431

1,55

6,63

4

M CO

1,67

8,82

41,

678,

824

1,67

8,82

4

$51

0,96

8$

( 510

, 968

)$

Exce

ss( d

efici

ency

) of r

even

ues

over

( und

er) e

xpen

ditu

res

$

*As

rest

ated

Addi

tiona

lpro

ject

info

rmat

ion :

Proj

ect N

umbe

rG

rant

Dat

eLe

ase

Auth

oriza

tion

Dat

eLe

ase

Auth

oriz

edLe

ase

Issu

edO

rigin

alAu

thor

ized

Cos

tC

hang

ein

Auth

oriz

edC

ost

Rev

ised

Auth

oriz

edC

ost

1650

-050 -

14-G

2AE

06/2

0 /14

03/1

0/14

$ 1, 5

21, 6

57$1

, 521

, 657

$ 2, 5

36, 0

95( $

857,

271)

$1, 6

78, 8

24

-33.

80%

100.

00%

Perc

enta

geln

crea

se/ ( d

ecre

ase)

over

Orig

inal

Auth

oriz

edC

ost

Perc

enta

geco

mpl

etio

nO

rigin

alta

rget

com

plet

ion

date

Rev

ised

targ

etco

mpl

etio

nda

teFY

15FY

18

EXH

IBIT

T-2

cT

FREE

HOLD

REG

ION

ALH

IGH

SCH

OO

LDI

STRI

CTC

APIT

ALPR

OJE

CTS

FUN

DSU

MM

ARY

SCH

EDU

LEO

FPR

OJE

CT

REV

ENU

ES.E

XPEN

DIT

UR

ES.P

RO

JEC

TBA

LANC

EAN

DPR

OJE

CT

STAT

US-B

UD

GET

ARY

BASI

SD

ISTR

ICTW

IDE

ENER

GY

SAVI

NG

SIM

PRO

VEM

ENT

PLAN

FOR

THE

YEAR

ENDE

DJU

NE

30.2

021

Rev

ised

Auth

oriz

edC

ost

Cur

rent

Year

Prio

r Per

iods

Tota

ls

Rev

enue

san

dO

ther

Fina

ncin

gSo

urce

s :En

ergy

savi

ngs

oblig

atio

ns(E

SIP)

Tran

sfer

from

Cap

ital R

eser

veTo

tal r

even

ues

$17

,500

, 000

$2,

000,

000

$17

, 500

, 000

$1,

728,

702

17,5

00, 0

001,

728,

702

( 271

, 298

)19

,228

, 702

19, 2

28, 7

0219

, 500

,000

( 271

,298

)

Expe

nditu

res

and

Oth

erFi

nanc

ing

Use

s :Le

gal s

ervic

esAr

chite

ctur

al/ e

ngin

eerin

gse

rvice

sO

ther

purc

hase

dpr

ofes

sion

alan

dte

chni

cals

ervic

esCo

nstru

ctio

nse

rvic

esTo

tale

xpen

ditu

res

17, 5

001,

413,

070

67, 4

7317

, 651

, 528

17, 5

001,

416,

676

67, 4

7317

, 727

,053

17, 5

001 ,

416 ,

676

67, 4

7317

, 727

, 053

ro3 ,

606

co

75, 5

2519

, 228

, 702

19,1

49, 5

7119

,228

, 702

79, 1

31

350,

429

$$

$( 3

50, 4

29)

$Ex

cess

( def

icie

ncy)

ofre

venu

esov

er( u

nder

) exp

endi

ture

s

Addi

tiona

lpro

ject

info

rmat

ion :

Proj

ectN

umbe

rG

rant

Dat

eLe

ase

Auth

oriz

atio

nD

ate

Leas

eAu

thor

ized

Leas

eIs

sued

Orig

inal

Auth

oriz

edCo

stAd

ditio

nalA

utho

rized

Cost

Rev

ised

Auth

orize

dC

ost

N/ A

N/ A

03/1

0 /14

$ 17,

500,

000

$ 17,

500,

000

$ 17,

500,

000

$ 1, 7

28, 7

02$ 1

9,22

8 ,70

2

9.88

%10

0.00

%FY

16FY

19

Perc

enta

geln

crea

se/ ( d

ecre

ase)

over

Orig

inal

Auth

oriz

edCo

stPe

rcen

tage

com

plet

ion

Orig

inal

targ

etco

mpl

etio

nda

teR

evis

edta

rget

com

plet

ion

date

EXH

IBIT

" F-2e

M

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TC

APIT

ALPR

OJE

CTS

FUN

DSU

MM

ARY

SCHE

DULE

OF

PRO

JEC

TR

EVEN

UES

.EXP

ENDI

TURE

S.PR

OJE

CT

BALA

NC

EAN

DPR

OJE

CT

STAT

US

-BU

DG

ETAR

YBA

SIS

COLT

SNE

CKHI

GH

SCHO

OL

-RO

OF

REPL

ACEM

ENT

FOR

THE

YEAR

END

EDJU

NE

30.2

021

Rev

ised

Auth

oriz

edC

ost

Prio

rPer

iods

Cur

rent

Year

Tota

ls

Rev

enue

san

dO

ther

Fina

ncin

gSo

urce

s :St

ate

Sour

ces

-SD

AG

rant

Cap

ital L

ease

Tota

l rev

enue

s

249 ,

373

$43

2,12

0$

249 ,

373

$37

9,77

224

9,37

337

9,77

2$

(52 ,

348)

(52 ,

348)

629,

145

629,

145

681,

493

Expe

nditu

res

and

Oth

erFi

nanc

ing

Use

s :Le

gal s

ervi

ces

Arch

itect

ural/

engi

neer

ing

serv

ices

Oth

erpu

rcha

sed

prof

essi

onal

and

tech

nica

lser

vice

sC

onst

ruct

ion

serv

ices

Tota

lexp

endi

ture

s

1 ,98

758

, 047

9 ,55

955

9,55

2

1,98

758

, 047

9,55

955

9,55

2

1,98

758

, 047

9,55

955

9,55

2co o

629,

145

629 ,

145

629,

145

$( 5

2,34

8)$

$52

, 348

$Ex

cess

( def

icie

ncy)

ofre

venu

esov

er( u

nder

) exp

endi

ture

s

Addi

tiona

l pro

ject

info

rmat

ion :

Proj

ect N

umbe

rG

rant

Dat

eLe

ase

Auth

oriza

tion

Dat

eLe

ase

Auth

orize

dLe

ase

Issu

edO

rigin

alAu

thor

ized

Cos

tC

hang

ein

Auth

orize

dC

ost

Rev

ised

Auth

orize

dC

ost

1650

-010

-14-G

2WA

06/ 2

6/15

02/ 1

1/15

$ 517

, 991

$ 517

,991

$ 863

, 318

($23

4,17

3)$ 6

29, 1

45

-27.1

2%10

0.00

%FY

16FY

17

Perc

enta

gein

crea

se/( d

ecre

ase)

over

Orig

inal

Auth

oriz

edC

ost

Perc

enta

geco

mpl

etio

nO

rigin

alta

rget

com

plet

ion

date

Revis

edta

rget

com

plet

ion

date

EXH

IBIT

MF-2f

*

FREE

HOLD

REG

IONA

LH

IGH

SCHO

OL

DIST

RICT

CAP

ITAL

PRO

JECT

SFU

ND

SUM

MAR

YSC

HED

ULE

OF

PRO

JECT

REVE

NUES

.EXP

ENDI

TURE

S .PR

OJE

CTBA

LANC

EAN

DPR

OJE

CTST

ATU

S-B

UDG

ETAR

YBA

SIS

HO

WEL

LH

IGH

SCHO

OL

-RO

OF

REPL

ACEM

ENT

FOR

THE

YEAR

END

EDJU

NE

30.2

021

Revis

edAu

thor

ized

Cos

tC

urre

ntYe

arTo

tals

Prio

r Per

iods

Rev

enue

san

dO

ther

Fina

ncin

gSo

urce

s:St

ate

Sour

ces

-SD

AG

rant

Cap

ital L

ease

Tota

lrev

enue

s

$63

1,81

9$

958,

666

631 ,

819

958 ,

666

$63

1 ,81

9$

1,10

2 ,39

2( 1

43,7

26)

1,59

0 ,48

51,

734 ,

211

( 143

, 726

)1,

590,

485

Expe

nditu

res

and

Oth

erFi

nanc

ing

Use

s :Le

gal s

ervi

ces

Arch

itect

ural

/ eng

inee

ring

serv

ices

Oth

erpu

rcha

sed

prof

essi

onal

and

tech

nica

l ser

vice

sCo

nstru

ctio

nse

rvic

esTo

tal e

xpen

ditu

res

4,92

214

3 ,76

719

,784

1,42

2,01

2

4,92

214

3,76

719

,784

1,42

2,01

2

4,92

214

3 ,76

719

,784

1,42

2,01

2co

1,59

0 ,48

51,

590,

485

1,59

0,48

5

$( 1

43,7

26)

$14

3,72

6$

Exce

ss(d

efic

ienc

y)of

reve

nues

over

(und

er)

expe

nditu

res

$

Addi

tiona

l pro

ject

info

rmat

ion :

Proj

ect N

umbe

rG

rant

Dat

eLe

ase

Auth

oriza

tion

Dat

eLe

ase

Auth

orize

dLe

ase

Issu

edO

rigin

alAu

thor

ized

Cos

tC

hang

ein

Auth

orize

dC

ost

Revis

edAu

thor

izedC

ost

1650

-060 -1

4 -G

2 AH

06/2

6 /15

02/ 1

1/15

$ 1, 3

21, 6

27$ 1

, 321,

627

$ 2, 2

02, 7

12( $

612,

227)

$ 1,5

90,4

85

-2779

%10

0.00

%FY

16FY

17

Perc

enta

geln

crea

se/( d

ecre

ase)

over

Orig

inal

Auth

oriz

edC

ost

Perc

enta

geco

mpl

etio

nO

rigin

alta

rget

com

plet

ion

date

Revis

edta

rget

com

plet

ion

date

EXHI

BIT

"F-2

Q "

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HOO

LDI

STRI

CTC

APIT

ALPR

OJE

CTS

FUN

DSU

MM

ARY

SCHE

DULE

OF

PRO

JEC

TR

EVEN

UES

.EXP

END

ITU

RES

.PR

OJE

CT

BALA

NCE

AND

PRO

JEC

TST

ATUS

-BU

DG

ETAR

YBA

SIS

FREE

HOLD

TOW

NSH

IPH

IGH

SCHO

OL

-RO

OF

REPL

ACEM

ENT

FOR

THE

YEAR

ENDE

DJU

NE30

.202

1

Rev

ised

Auth

orize

dC

ost

Curre

ntYe

arPr

iorP

erio

dsTo

tals

Rev

enue

san

dO

ther

Fina

ncin

gSo

urce

s :St

ate

Sour

ces

-SD

AG

rant

Capi

tal L

ease

Tota

lrev

enue

s

387,

125

$58

8 ,12

9$

387,

125

$63

1 ,12

2$

387,

125

588,

129

( 42,

993)

1,01

8 ,24

7( 4

2,99

3)97

5,25

497

5,25

4

Expe

nditu

res

and

Oth

erFi

nanc

ing

Use

s :Le

gal s

ervi

ces

Arch

itect

ural

/ eng

inee

ring

serv

ices

Oth

erpu

rcha

sed

prof

essi

onal

and

tech

nica

lser

vice

sC

onst

ruct

ion

serv

ices

Tota

lexp

endi

ture

s

3,08

071

, 532

12, 7

2188

7 ,92

1

3,08

071

, 532

12,7

2188

7 ,92

1

3,08

071

, 532

12, 7

2188

7,92

1co

975,

254

975,

254

975,

254

42, 9

93$

( 42,

993)

$$

Exce

ss(d

efic

ienc

y)of

reve

nues

over

( und

er) e

xpen

ditu

res

$

Addi

tiona

lpro

ject

info

rmat

ion:

Proj

ectN

umbe

rG

rant

Date

Leas

eAu

thor

izatio

nD

ate

Leas

eAu

thor

ized

Leas

eIs

sued

Orig

inal

Auth

oriz

edC

ost

Cha

nge

inAu

thor

ized

Cos

tRe

vised

Auth

oriz

edC

ost

1650

-055 -1

4 -G2A

G06

/ 26/

1502

/ 11/

15$ 7

70, 9

71$ 7

70, 9

71$ 1

, 284

,952

($30

9,69

8 )$ 9

75, 2

54

-24.

10%

100.

00%

FY16

FY19

Perc

enta

geln

crea

se/ ( d

ecre

ase)

over

Orig

inal

Auth

oriz

edC

ost

Perc

enta

geco

mpl

etio

nO

rigin

alta

rget

com

plet

ion

date

Revis

edta

rget

com

plet

ion

date

EXHI

BIT

"F-2h

"

FREE

HOLD

REG

ION

ALH

IGH

SCH

OO

LDI

STRI

CTC

APIT

ALPR

OJE

CTS

FUN

DSU

MM

ARY

SCHE

DULE

OF

PRO

JECT

REVE

NUES

.EXP

ENDI

TURE

S .PR

OJE

CT

BALA

NC

EAN

DPR

OJE

CTST

ATU

S-B

UDG

ETAR

YBA

SIS

MAN

ALAP

ANHI

GH

SCHO

OL

-RO

OF

REP

LAC

EMEN

TFO

RTH

EYE

AREN

DED

JUN

E30

.202

1

Rev

ised

Auth

orize

dC

ost

Prio

r Per

iods

Cur

rent

Year

Tota

ls

Rev

enue

san

dO

ther

Fina

ncin

gSo

urce

s:St

ate

Sour

ces

-SD

AG

rant

Cap

italL

ease

Tota

lrev

enue

s

$40

8 ,41

9$

1,08

4,36

6$

408,

419

$98

9 ,72

040

8,41

998

9,72

0( 9

4 ,64

6)( 9

4 ,64

6)1,

398 ,

139

1 ,49

2,78

51,

398,

139

Expe

nditu

res

and

Oth

erFi

nanc

ing

Use

s :Le

gal s

ervi

ces

Arch

itect

ural

/ eng

inee

ring

serv

ices

Oth

erpu

rcha

sed

prof

essi

onal

and

tech

nica

lser

vices

Cons

truct

ion

serv

ices

Tota

lexp

endi

ture

s

5 ,28

810

1,85

611

, 575

1 ,27

9,42

0

5,28

810

1 ,85

611

,575

1,27

9,42

0

5 ,28

810

1,85

611

, 575

1 ,27

9,42

0co co

1,39

8 ,13

91 ,

398,

139

1 ,39

8,13

9

$Ex

cess

(def

icie

ncy)

ofre

venu

esov

er( u

nder

) exp

endi

ture

s$

94, 6

46$

( 94,

646)

$

Addi

tiona

lpro

ject

info

rmat

ion :

Proj

ectN

umbe

rG

rant

Dat

eLe

ase

Auth

oriza

tion

Date

Leas

eAu

thor

ized

Leas

eIs

sued

Orig

inal

Auth

oriz

edCo

stAd

ditio

nalA

utho

rized

Cost

Rev

ised

Auth

oriz

edC

ost

1650

-070 -1

4 -G2 A

I06

/ 26/

1502

/ 11/

15$ 6

12, 6

29$ 6

12, 6

29$ 1

, 021

,048

$ 377

, 091

$ 1, 3

98, 1

39

36.9

3%10

0.00

%FY

16FY

19

Perc

enta

ge! n

crea

se/( d

ecre

ase)

over

Orig

inal

Auth

oriz

edC

ost

Perc

enta

geco

mpl

etio

nO

rigin

alta

rget

com

plet

ion

date

Rev

ised

targ

etco

mpl

etio

nda

te

EXH

IBIT

"F-2

iM

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TC

APIT

ALPR

OJE

CTS

FUN

DSU

MM

ARY

SCH

EDU

LEO

FPR

OJE

CT

REV

ENU

ES.EX

PEN

DIT

UR

ES.P

RO

JEC

TBA

LAN

CE

AND

PRO

JEC

TST

ATU

S-B

UD

GET

ARY

BASI

SSC

HOO

LSE

CU

RIT

YG

RAN

T :IN

TER

IOR

DO

OR

SEC

UR

ITY

UPG

RAD

ES-D

ISTR

ICTW

IDE

FOR

THE

YEAR

END

EDJU

NE

30.2

021

Rev

ised

Auth

oriz

edC

ost

Prio

r Per

iods

Cur

rent

Year

Tota

ls

Rev

enue

san

dO

ther

Fina

ncin

gSo

urce

s:St

ate

Sour

ces

-Sch

oolS

ecur

ityG

rant

Tran

sfer

from

emer

genc

yre

serv

eTo

talr

even

ues

S68

6,20

7$

250,

000

$68

6,20

7$

250 ,

000

686,

207

250 ,

000

936,

207

936 ,

207

936 ,

207

Expe

nditu

res

and

Oth

erFi

nanc

ing

Use

s :Ar

chite

ctur

al/ e

ngin

eerin

gse

rvic

esC

onst

ruct

ion

serv

ices

Tota

lexp

endi

ture

s

53, 3

1253

, 312

69,7

5086

6,45

7oo -fc.

53, 3

1253

, 312

936 ,

207

Exce

ss(d

efic

ienc

y )of

reve

nues

over

(und

er) e

xpen

ditu

res

$-

$88

2,89

5$

882,

895

$

Addi

tiona

lpro

ject

info

rmat

ion:

Proj

ect N

umbe

rG

rant

Dat

eLe

ase

Auth

oriza

tion

Dat

eLe

ase

Auth

orize

dLe

ase

Issu

edO

rigin

alAu

thor

ized

Cos

tAd

ditio

nalA

utho

rized

Cos

tR

evis

edAu

thor

ized

Cos

t

1650

-XXX

-21-10

0005

/ 17/

21N

/ AN

/ AN

/ A$ 9

36, 2

07

Perc

enta

geln

crea

se/ ( d

ecre

ase)

over

Orig

inal

Auth

oriz

edC

ost

Perc

enta

geco

mpl

etio

nO

rigin

alta

rget

com

plet

ion

date

Rev

ised

targ

etco

mpl

etio

nda

te

0.00

%0.

00%

FY22

PROPRIETARY FUND DETAIL STATEMENTS

Proprietary funds are used to account for operations that are financed and operated in a mannersimilar to private business enterprises - where the intent of the district's board is that the costs

of providing goods or services be financed through user charges.

This fund provides for the operation of Food serviceswithin the school district.

FOOD SERVICES FUND:

This fund provides for the operation of an ice hockey programwithin the school district.

EXTRACURRICULAR FUND

135

EXHIBIT “G-r

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTCOMBINING STATEMENT OF NET POSITION

PROPRIETARY FUNDS - ENTERPRISE FUNDSJUNE 30. 2021



FUND TOTALASSETS:Current assets:

Cash and cash equivalentsAccounts receivable:StateFederalOther

Interfund receivableInventories

$ 51,989 $ 51,989

422 42260,7124,265

161,29740,573

60,71231,217

161,29740,573

26,952

Total current assets 319,258 26,952 346,210

Noncurrent assets:Furniture, machinery and equipmentLess accumulated depreciation

1,055,337(712,345)

1,055,337(712,345)

Total noncurrent assets 342,992 342,992

Total assets 662,250 26,952 689,202

LIABILITIES:Current liabilities:

Accounts payableInterfund payableLease payableUnearned revenue

38,446 38.44626,952

393,10094.446

26,952393,100

94,446

Total current liabilities 525,992 26,952 552,944

Total liabilities 552,944525,992 26,952

NET POSITION:Net investment in capital assetsUnrestricted

96,99139,267

96,99139,267

Total net position $ 136,258 $ 136,258$

136

EXHIBIT "G-2"

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTCOMBINING STATEMENT OF REVENUES. EXPENSES AND CHANGES IN FUND NET POSITION

PROPRIETARY FUNDS - ENTERPRISE FUNDSFOR THE FISCAL YEAR ENDED JUNE 30. 2021



FUND TOTALOPERATING REVENUES:

Charges for services:Daily sales - reimbursable programsDaily sales - non-reimbursable programsSpecial functionsFees - individuals

$ $ $

12,4315,674

12,4315,674

110,152110,152

Total operating revenues 18,105 128,257110,152

OPERATING EXPENSES:Cost of sales - reimbursable programsCost of sales - non-reimbursable programsSalaries and benefitsSupplies and materialsManagement feeMiscellaneousDepreciationLease purchase interestFacility rental

83,68725,827

191,930

83,68725,827

293,825101,895599 599

4,37143,50346,06314,963

4,37135,24646,06314,963

8,257

512,838110,152Total operating expenses 402,686

(384,581)(384,581)Operating income (loss)

NONOPERATING REVENUES (EXPENSES):State sourcesState school lunch program

Federal sourcesNational school lunch programSchool breakfast programEmergency Operational Costs Reimbursement Program

National food distribution commodities

1,8741,874

39,28021,53151,78415,592

39,28021,53151,78415,592

130,061130,061Total nonoperating revenues (expenses)

(254,520)Change in net position (254,520)

390,778Total net position - beginning, as restated 390,778

136,258$Total net position - ending $ 136,258 $

137

EXHIBIT "G-3M

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTCOMBINING STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS - ENTERPRISE FUNDSFOR THE FISCAL YEAR ENDED JUNE 30. 2Q21

BUSINESS-TYPE ACTIVITIESENTERPRISE FUND

FOOD SERVICEFUND

EXTRA-CURRICULARFUND TOTAL

Cash flows from operating activities:Receipts from customersPayments to employeesPayments for employee benefitsPayments to suppliers

$ $ 48,510 $(101,895)

(11,217)(182,837)

(9,092)(98,600)

37,293(284,732)

(9,092)(106,857)(8,257)

Net cash provided by (used for) operating activities (301,746) (61,642) (363,388)

Cash flows from noncapital financing activities:State sourcesFederal sourcesOperating subsidies and transfers to other funds

5,33360,430

321,411

5,33360,430

383,05361,642

Net cash provided by noncapital financing activities 387,174 61,642 448,816

Cash flows from capital and related financing activities:Capital lease paymentsPurchases of capital assets

(123,626)(4,643)

(123,626)(4,643)

Net cash provided by (used for)capital and related financing activities (128,269) (128,269)

Net increase (decrease) in cash and cash equivalents (42,841)(42,841)

Cash and cash equivalents, July 1, 2020 94,83094,830

$ 51,989Cash and cash equivalents, June 30, 2021 $ $51,989

Reconciliation of operating income (loss) to net cashprovided (used) by operating activities

Operating income (loss)Adjustments to reconciling operating income (loss) tonet cash provided by (used for) operating activities:DepreciationFederal commodities

Change in assets and liabilities:(Increase) decrease in accounts receivable, netIncrease (decrease) in unearned revenueIncrease (decrease) in accounts payable(Increase) decrease in inventories

$ (384,581)$ (384,581) $

46,06315,592

46,06315,592

(28,361)(27,912)

3,59112,220

(26,952)(1,409)(27,912)38,28112,220

(34,690)

21,193(61,642)82,835

(363,388)Net cash provided by (used for) operating activities (61,642) $(301,746)$ $

138

LONG-TERM DEBT SCHEDULES

The Long-Term schedules are used to reflect the outstanding principal balances of the long-termliabilities of the District. This includes obligations under Serial Bonds and Capital Leases

139

EXH

IBIT

”1 -111

FREE

HOLD

REG

IONA

LH

IGH

SCHO

OL

DIST

RICT

LON

G-TE

RM

DEB

TSC

HEDU

LEO

FSE

RIA

LBO

NDS

JUN

E30

.202

1

BALA

NC

EJU

NE

30.2

021

RA

TEO

FIN

TER

EST

BALA

NCE

JULY

1 .20

20DA

TEM

ATU

RED

DATE

OF

ISSU

EAM

OU

NT

OF

ISS

UE

RET

IRED

DAT

EIS

SUE

Not

Cur

rent

lyAp

plic

able

o$

o$

$

0$

0$

$

o

EXHI

BIT

”1 -2”

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TSC

HED

ULE

OF

OBL

IGAT

ION

SU

ND

ERC

APIT

ALLE

ASES

ASO

FJU

NE

30.2

021

AMO

UNT

OU

TSTA

ND

ING

JUN

E30

.202

0

AMO

UN

TO

UTS

TAN

DIN

GJU

NE

30.2

021

INTE

REST

RATE

PAYA

BLE

AMO

UN

TO

FO

RIG

INAL

LEAS

ED

ECR

EASE

TER

MSE

RIE

SG

over

nem

enta

lFun

ds:

Dis

trict

Wid

eEn

ergy

Savi

ngs

Impr

ovem

entP

lan

( ES

IP)

17,4

98,0

00$

$12

,623

,383

$94

5,41

42.

690%

13, 5

68, 7

9715

Year

s

618,

172

626 ,

147

1.29

0%3,

052,

000

1,24

4,31

9Sc

hool

Buse

s,Te

chno

logy

&Co

pier

s5

Year

s

Scho

olBu

ses,

Tech

nolo

gy&

Build

ings

and

Gro

unds

Equi

pmen

t51

2,59

81,

051,

177

1.68

0%1,

563,

775

5Ye

ars

2,56

0,00

0

Scho

olBu

ses,

Tech

nolo

gy, C

afet

eria

,an

dBu

ildin

gs&

Gro

unds

Equi

pmen

t1,

176,

464

894,

997

1,44

6,61

728

1,46

75

Year

s2.

896%

A

2,35

7 ,65

115

, 195

, 704

17, 5

53,3

55To

talG

over

nmen

talF

unds

Pro

prie

tary

Fund

-Foo

dSe

rvic

e :39

3,10

012

3,62

62.

896%

516,

726

5Ye

ars

635,

383

Cafe

teria

Equi

pmen

t

2,48

1,27

7$

18, 0

70, 0

81$

15, 5

88, 8

04$

Gra

ndTo

tal

THIS PAGE INTENTIONALLY LEFT BLANK

STATISTICAL SECTION - UNAUDITED

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTSTATISTICAL SECTION

PageContents

Financial Trends:

These schedules contain trend information to help the reader understand howthe district's financial performance and well being have changed over time. J-1 to J-4

Revenue Capacity:

These schedules contain information to help the reader assess the district'smost significant local revenue source, the property tax. J-5 to J-9

Debt Capacity:

These schedules present information to help the reader assess the affordabilityof the district's current levels of outstanding debt and the district's ability to issueadditional debt in the future. J-10 to J-13

Demographic and Economic Information:

These schedules offer demographic and economic indicators to help the readerunderstand the environment within which the district's financial activities take place. J-14 to J-15

Operating Information:

These schedules contain service and infrastructure data to help the reader understandhow the information in the district's financial report relates to the services the districtprovides and the activities it performs. J-16 to J-20

Sources

Unless otherwise noted, the information in these schedules is derived from the comprehensive annualfinancial reports (ACFR) for the relevant year.

Exhi

bit J

-1

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIST

RICT

NET

POSI

TIO

NBY

CO

MPO

NEN

T

LAS

TTE

NFI

SCAL

YEAR

S( A

CCRU

ALBA

SIS

OF

ACC

OU

NTI

NG

)( U

NAU

DIT

ED)

2013

2012

2018

2017

2016

2015

2014

2021

2019

2020

Gov

ernm

entA

ctivi

ties :

NetI

nves

tmen

tin

capi

tal a

sset

sRe

stric

ted

Unre

stric

ted(

defic

it)

64, 8

42, 3

5021

, 024

, 274

( 195

, 128

)

87, 2

07, 1

82$

27, 6

48, 4

06( 5

8,57

5,62

7)

76, 7

58, 4

15$

30, 3

94, 6

25( 5

1,29

2,19

1)

74, 3

31, 4

09$

31.0

27, 1

26( 2

, 056

, 310

)

76, 3

97, 0

45$

27, 3

08.4

31( 1

, 962

, 535

)

93, 8

86, 1

05$

33, 6

24,2

68( 6

0,70

8,54

2)

90, 8

58, 0

48$

28.1

30, 9

55( 6

1, 144

, 214

)

89, 0

24, 7

27$

26, 1

12, 0

90( 6

0,74

5 ,28

0)

80, 4

65.5

72$

28, 4

46, 9

08( 5

0,66

7,79

5)

$90

, 306

, 871

$40

, 677

.885

( 53,

868,

903)

101,

742,

941

$85

,671

, 496

54, 3

91, 5

37$

56, 2

79, 9

61$

58, 2

44, 6

85$

55, 8

60, 8

49$

103,

302.

225

$66

, 801

, 831

$57

, 844

, 789

STo

talG

over

nmen

tAct

iviti

esNe

tPos

ition

$77

, 115

, 853

$

Busin

ess -T

ype

Activ

ities :

Net

Inve

stm

ent i

nca

pita

l ass

ets

Unre

stric

ted

220, 7

47$

215,

462

271,

952

$30

9,74

789

, 992

624,

296

493 , 1

55$

171,

231

154,

865

$66

7,14

818

2,31

5$

413,

584

238.3

57$

129,

757

61, 0

45$

329,

733

38, 2

28$

429,

653

$96

, 991

$39

,267

436,

209

$36

8,11

4$

581.

699

$71

4,28

866

4,38

6$

822,

013

$59

5,89

9$

390.

778

$46

7,88

1$

Tota

lBus

ines

s -Typ

eAc

tivitie

sN

etPo

sitio

n$

136 ,

258

$

Dist

rict -w

ide :

Net I

nves

tmen

tinca

pita

l ass

ets

Rest

ricte

d^

Unre

stric

ted(

defic

it)

74, 5

69, 7

66$

31, 0

27, 1

26( 1

, 926

, 553

)

76.6

68,9

97$

27.3

08.43

1( 1, 6

52, 7

88)

64, 9

32, 3

4221

, 024

, 274

429, 1

68

90, 8

96, 2

76$

22, 9

28, 1

42( 5

5, 511

, 748

)

87, 3

62, 0

47$

27, 6

48, 4

06( 5

7,90

8,47

9)

80, 6

47, 8

87$

28.4

46, 9

08( 5

0,25

4,21

1)

76, 9

79, 1

62$

30, 3

94, 6

25( 5

1,07

6,72

9)

$93

, 947, 1

50$

33, 6

24, 2

68( 6

0,37

8 ,80

9)

89, 5

17, 8

82$

26, 1

12, 0

90( 6

0,57

4,04

9)

90, 4

03, 8

62$

40, 6

77, 8

85( 5

3,82

9,63

6)

103.

670 .33

9$

102,

324,

640

$86

, 385

, 784

57, 1

01, 9

74$

58, 8

40, 5

84$

56, 2

97, 0

58$

77.2

52, 1

11$

mia

gg

atr

sig.iiu

.ij, . : ..

67, 1

92, 6

09$

58, 3

12, 6

70$

55, 0

55.9

23$

$To

tal D

istric

tNet

Posit

ion

*20

14ha

sno

tbee

nre

stat

edfo

rthe

impa

ctof

GAS

B68

Exhi

bit J

-2Sh

eet1

FREE

HOLD

REG

ION

ALHI

GH

SCHO

OL

OlS

TRlC

T

CHAN

GES

INNE

TPO

SITI

ON

LAST

TEN

FISC

ALYE

ARS

( ACC

RUAL

BASI

SO

FAC

COUN

TING

)

( UN

AUD

ITED

)

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

Gov

ernm

enta

lAct

ivitie

s:In

stru

ctio

n:R

egul

arSp

ecia

l Edu

catio

nO

ther

Spec

ialE

duca

tion

Supp

ortS

ervi

ces :

Tuiti

onSt

uden

t&in

stru

ctio

nre

late

dse

rvic

esG

ener

alAd

min

istra

tive

Serv

ices

Scho

olAd

min

istra

tive

Serv

ices

Cen

tra! S

ervi

ces/

Adm

in. In

form

atio

nTe

chno

logy

Plan

tOpe

ratio

nsan

dM

aint

enan

cePu

pilT

rans

porta

tion

Serv

ices

Spec

ial S

choo

lsTr

ansf

erto

Cha

rterS

choo

lsIn

tere

ston

Long

-Term

Deb

tUn

allo

cate

dD

epre

ciat

ion

and

Amor

tizat

ion

S10

4.46

9,26

2$

26.5

84, 9

2910

, 220

,402

94, 3

61, 8

36S

24, 5

37.7

8010

,090

,114

98, 7

63, 6

06S

24.9

53, 8

8411

.215

.656

106.

525,

172

S27

, 318

,294

12,4

00, 2

11

102.

658,

266

S27

.929

, 556

11, 7

47, 4

07

92, 3

43.9

59S

25.7

59, 4

2510

.604

.135

87.5

14,8

68$

24.43

9.970

9,85

9,06

5

75.2

00, 1

78S

20.49

7, 345

8 ,30

6.19

2

80.4

76,8

46S

17,2

29, 0

768,

998.

877

79, 3

20.3

7113

.906

,774

8.91

6,00

4

15.44

8, 397

29, 5

30,2

112,

278,

719

12.2

61.778

5.07

4 .147

17, 8

44, 1

4617

, 281

, 025

15, 6

00.0

9532

.227

.254

1.83

5,50

712

.800

, 205

5,68

1.92

519

.473 .74

917

.235

,383

15.0

76.68

130

.730

.3901,

893.

992

12, 3

30, 1

326.

268 .3

6620

, 976

, 707

16, 6

30.5

74

14.9

80.35

727

.893

.131

1.71

6,51

811

.230

, 302

4 ,71

9,86

917

, 069

.282

16.8

04.098

14, 7

11, 4

9225

, 721

, 936

1 ,70

1.17

710

.673

.330

4.64

4,45

615

.943

.060

17, 1

18.6

97

15.9

45, 5

9130

.945

.020

1,93

6.69

213

, 135

,988

4,51

1,93

714

,456

,372

13, 9

81.76

5

14.8

87, 8

9227

, 900

, 105

1,92

6,59

111

.409

.076

4,55

6,84

015

, 927

, 843

15, 6

12, 4

49

14, 1

04.0

9521

.748

.9661.

675, 8

989.

221 .0

803.

690.8

9415

.679

, 073

16.7

40,3

67

13, 3

43,8

2419

.632

, 989

9 ,44

8.28

32.

011 .0

694.

122, 5

6415

.303.2

9616

, 297

.004

13, 9

94, 3

6218

.231

,436

9.41

9,26

82,

155.

127

3,58

8,07

015

.753

, 689

16, 1

74.0

59

29, 3

121.

872,

820

34.3

0393

6,85

14,

917,

067

1 ,15

9,71

94 ,

667,

161

1.353

.7374 ,

881,

749

8,10

15,

678,

590

192,

408

5,97

8 ,67

844

5.26

35,

884.0

1374

1,08

45,

324,

671

1,54

8,57

14 ,

836,

689

1.699

, 266

34.3

03

252.

095,

989

229.

167,

956

216.

563 .5

3724

1,87

4.64

922

7.33

1, 612

240,

980,

645

257.

163,

550

193,

249.

548

188,

597,

397

183,

395,

595

CO

3,58

3,67

123

3,96

23,

201 ,

580

240,

311

402,

686

110 ,

152

1.89

6,77

121

4.31

82.

723,

536

212.

545

3,16

7,97

525

6,68

83 ,

096,

810

227,

246

3,21

1,87

123

6,78

83,

433,

767

213,

993

Food

Serv

iceEx

traCu

rricu

larF

und

SAT

Prep

Prog

ram

3.56

8,34

723

8,97

625

, 538

3.81

7,63

33,

441 ,

891

3.32

4 .056

3 ,64

7.760

512.

838

2.11

1, 089

2,93

6,08

13 ,

424.

663

3.44

8.659

3.83

2 .861

242.

387 .48

7£

229,

492.7

01S

243,

916,

926

$26

0 ,96

1,18

3S

255,

537,

880

$23

2,59

2,61

9S

221,

887,

593

$19

6.69

8 .207

$19

2,24

5,15

7S

$18

7.22

6 .456

Gov

ernm

enta

lAct

ivitie

s:C

harg

esfo

rSer

vice

s:In

stru

ctio

nO

pera

ting G

rant

san

dCo

ntnb

utio

ns21

2,47

5S

64, 9

54.1

5423

0,37

7$

59.6

93.390

289,

578

S43

.912

.263

1.58

4 .920

$

61.5

23, 7

8044

8 ,19

4S

42, 2

87,8

4734

5,79

7S

50, 0

51,4

8231

9.03

9$

35, 8

21, 8

6725

7.41

8S

16, 8

56, 8

1515

9,31

3$

426,

007

S25

4,97

146

8,01

8

59.9

23,7

6763

,108

, 700

42, 7

36.0

4150

, 397

, 279

65,1

66,6

2944

.201

.841

36, 1

40, 9

0617

.114.2

3358

5.320

722 ,

989

Busi

ness

-Type

Activ

ities :

Cha

rges

for S

ervic

es:

Food

Serv

iceEx

traC

urric

ular

Fund

SAT

Prep

Prog

ram

Ope

ratin

gG

rant

san

dCo

ntrib

utio

ns

2,76

1,40

424

0.31

12.

691 .5

5925

6.68

82.

559.6

0722

7,24

62.

527 .7

3923

6,78

82.

642 .03

719

0.19

318

.105

110,

152

1.33

4 .895

214,

318

1 ,98

7,01

521

2,54

52.

760,

504

233,

962

2,90

9,21

126

2,77

622

.202

433,

012

130,

061

484.

773

540.

016

665.

540

666,

290

636.

106

605 ,

298

470.

547

486.

782

258 ,

318

2.73

9,57

63.

660,

006

3,66

8.00

53.

584,

353

3,39

2,15

13,

235,

074

2.03

3, 986

3,31

9.01

23,

627.

201

68.8

26,6

35S

63.5

91.77

2S

47, 7

86, 1

94S

63, 3

67.0

16S

44.7

70.027

$53

,136

, 655

S39

.533

, 057

S20

.349

.307

SS

3.90

4, 332

S4.

350, 1

90

( 191

, 996

.921

)S

(157

, 627

)( 1

92, 1

72, 2

22)

$

226,

114

( 184

.966

, 115

)S

159.

690

( 182

, 422

.631

)S

68, 0

95( 1

76, 1

35, 3

15)

S( 2

13, 5

85)

$( 1

78.7

65,9

49)

S( 2

54, 5

20)

( 184

, 645

.571

)S

( 77,

103)

( 190

.533

, 566

)S

( 196

.505

)( 1

88, 01

2.077

)S

( 328

, 748

)( 1

82.6

72.60

5)( 2

05.6

60)

Gov

ernm

enta

lAct

iviti

esBu

sines

s -Typ

eAc

tivitie

s

( 179

, 020

, 469

)$

( 134

, 722

, 674)

S( 1

90, 7

80.0

71)

S( 1

92,1

54, 5

48)

S( 1

91, 9

46,1

08)

£( 1

84.8

06, 4

25)

S( 1

82, 3

54.5

36)

S( 1

76, 3

48, 9

00)

S( 1

88.3

40,8

25)

S( 1

82, 8

78, 2

65)

$

Exhi

bit J

-2Sh

eet2

FREE

HO

LDRE

GIO

NAL

HIG

HSC

HOOL

DIS

TRIC

T

CHAN

GES

INNE

TPO

SITI

ON

LAST

TEN

FISC

ALYE

ARS

( ACC

RUAL

BASI

SO

FAC

COUN

TING

)( U

NAU

DIT

ED)

2021

2020

2019

2018

2017

2 Q16

2015

2014

2013

2012

Gov

ernm

enta

lAct

ivitie

s :Pr

oper

lyTa

xes

Levi

edfo

rGen

era !

Purp

oses

, Net

5Ta

xes

Levi

edfo

rD

ebt S

ervic

eU

nres

trict

edG

rant

san

dC

ontri

butio

nsR

estri

cted

Gra

nts

and

Con

tribu

tions

Mis

cella

neou

sIn

com

eGa

inZ( L

oss)

onSa

leof

Equ

ipm

ent

140.

379,

308

S13

7.62

6 .773

S4 ,

136.

159

49, 8

55, 4

881.

297 .3

9968

6.79

4

134.

270,

320

$4.

122,

537

53, 4

80.9

211 ,

290.

740

872.

300

131.

637,

569

S4.

114.7

7954

, 362

, 826

1 ,22

1.65

945

9.66

1

128,

147.

673

S4.

105.6

9854

.709

, 469

1 ,16

1,89

82.

082 .7

60

125.6

34.97

4$

4.09

9.644

54.2

24, 3

172.

651, 1

6678

2,77

0( 4

2.92

0)

121,

473,

208

S4.

093, 2

1054

, 428

, 665

2.23

9 .175

148.

292

119,

091.

381

S4,

086.

778

54.01

5.433

1.08

8 .884

303,

863

116.

756 .25

6S

4.076

.75068

, 350

, 311

3.80

8,52

957

6.64

0

115.

600 .2

534.

071,2

6264

.262

, 301

4 ,25

0.26

793

1,18

5( 9

, 896

)

45, 4

40.2

5814

4.56

476

, 611

193 ,

602 ,

613

186.

040 .74

119

4 ,03

6.81

819

1 ,79

6,49

419

0,20

7.49

816

7 ,34

9,95

118

2.38

2.550

178.

586,

339

193.

566, 4

8618

9,10

5.37

2

186.

040 .7

41S

193.

602.6

13S

S19

4.03

6 .818

S19

1.79

6.494

S19

0.20

7 .498

S18

7.34

9 .951

$18

2.38

2 .550

$17

8.58

6.339

Ssa

ssss

tBB

Oa

at

m: i

193.

568 .4

86S

189.

105 .3

72

Gov

ernm

enta

l Act

iviti

esBu

sine

ss-Ty

peAc

tivitie

s$

7,27

4.79

2S

( 254

,520

)8.

957, 0

42S

( 77 ,

103)

3.45

3 .252

S( 1

96, 5

05)

( 200

, 427

)S

( 157

, 627

)(1

, 964.

724)

S22

6,11

42,

383,

836

S15

9.69

0( 4

0,08

1)S

68, 0

952.

451 .02

4$

( 213

, 585

)S,

556.

409

$( 3

28, 7

48)

6.43

2,76

6( 2

05, 6

60)

S7,

020.

272

S8.

879 .9

39S

3.25

6,74

7S

( 1.7

38.6

10)

S( 3

58.0

54)

S2,

543.

526

S28

.014

S2.

237 .4

39S

5.22

7 .661

S6,

227,

106

*20

14ha

sno

tbee

nre

stat

edfo

r the

impa

ctof

GASB

68

Exhi

bit J

-3FR

EEH

OLD

REG

ION

ALH

IGH

SCH

OO

LDI

STRI

CT

FUN

DBA

LAN

CES

.GO

VERN

MEN

TAL

FUN

DS

LAST

TEN

FISC

ALYE

ARS

( MO

DIF

IED

ACC

RU

ALBA

SIS

OF

ACC

OU

NTI

NG

)

( UNA

UDIT

ED)

2013

2012

2016

2015

2014

2018

2017

2019

2020

2021

Gen

eral

Fund

:

27, 0

73,4

50$

1,00

0,00

021

, 024

, 274

2,21

8,59

827

, 823

,998

$29

, 394

, 625

$1,

450 ,

900

31, 0

27, 1

26$

763 ,

915

32, 6

31, 9

26$

992,

452

27, 2

99, 5

40$

824,

245

7,17

0

25, 2

35,6

95$

592.

262

284,

133

26, 8

92, 8

72$

755,

534

$36

, 432

,413

$2,

520,

712

4.554

, 755

Res

trict

edAs

sign

edU

nass

igne

d

28, 0

73,4

50$

23, 2

42, 8

7227

, 648

, 406

$27

, 823

, 998

$30

, 845

, 525

$31

,791

, 041

$33

, 624

, 378

$28

, 130

, 955

$26

.112

, 090

$$

43, 5

07,8

80$

Tota

l Gen

eral

Fund

AllO

ther

Gov

ernm

enta

lFun

ds:

Rest

ricte

dU

nres

erve

d,R

epor

ted

In:

Cap

italP

roje

cts

Fund

944,

577

$7,

799,

283

$20

, 088

, 887

$$

1 ,26

8,32

9$

1,16

4,35

8$

1,26

8 ,26

3$

1,19

0 ,79

7$

$2,

018,

524

$

5,03

1,27

210

9,58

41,

054,

420

11, 6

41,3

7089

, 131

486,

442

89, 1

31

cn19

, 440

, 653

$20

, 198

, 471

$$

5 ,97

5,84

9$

1, 3

57, 4

60$

1,67

7,23

9$

2,21

8,77

8$

2,01

8,52

4$

1,35

7,39

4$

Tota

l AllO

ther

Gov

ernm

enta

lFun

d;$

Exhi

bit J

-4FR

EEHO

LORE

GIO

NAL

HUG

HSC

HO

OL

DIST

RICT

CHAN

GE

INFU

NDBA

LANC

ES,G

OVE

RNM

ENTA

LFU

NDS

LAST

TEN

FISC

ALYE

ARS

( MO

DIFI

EDAC

CRUA

LBA

SIS

OF

ACCO

UNTI

NG)

( UNA

UDIT

ED)

2021

2020

2019

2018

2017

2016

2015

2 QU

2013

2012

Rev

enue

s :Ta

xLe

vyTu

ition

Cha

rges

Tran

spor

tatio

nFe

esM

isce

llane

ous

Stat

eSo

urce

sFe

dera

l Sou

rces

138.3

92.85

7$

197.

903

844.

978

347.7

2582

, 174

.400

3,21

1, 211

140,

379, 3

08S

145.

788

75, 5

361.

841 .6

3279

, 398.3

114 ,

590.

047

141.

762, 9

32$

251, 1

6494

, 101

951, 4

0779

, 508

.106

3.127

.516

135.7

52.34

8$

50.2

7545

0 ,26

842

2,84

479

,967

, 728

3,24

3,76

4

132,

253,

371

$66

,286

2.074

, 962

385 ,

828

77,0

88, 1

333,

211.

622

129.

734 .61

8S

70, 9

2977

6,31

745

1,78

375

.427 .9

433,

172.

682

$12

5,56

6,41

8S

124,

280

135.

277

327.

157

72, 5

70, 0

632 ,

628,

807

123.

178 .1

59$

72.56

329

4,53

431

1,73

468

, 952

, 756

2.89

0 .626

120.

833 .00

6S

62, 1

7736

, 974

636,

802

69.67

6 .088

2.90

8,75

9

119,

671 ,

515

166,

772

38, 9

4091

7,14

463

, 785

, 249

5,19

5 ,33

7

225,

695,

226

209,

634,

272

Tota

l Rev

enue

s22

6,43

0 ,62

222

5,16

9, 074

219,

887.

227

215,

080,

202

195.

700, 5

7220

1 ,55

2.00

219

4,15

3 ,80

618

9 ,77

4.95

7

Expe

nditu

res :

Inst

ruct

ion

Regu

lar

Spec

ial

Oth

erSu

ppor

t Ser

vices

:Tu

ition

Stud

ent &

inst

ruct

ion

rela

ted

serv

ices

Scho

olAd

min

istra

tive

Serv

ices

Gen

eral

Adm

inist

rativ

eSe

rvic

esG

ener

alan

dC

entra

lSer

vices

Cent

ralS

ervic

es/ A

dmin

.Info

rmat

ion

Tech

Plan

tOpe

ratio

nsan

dM

aint

enan

ceSt

uden

tTra

nspo

rtatio

nSe

rvic

esUn

allo

cate

dEm

ploy

eeBe

nefit

sSp

ecia

l Sch

ools

Cha

rterS

choo

lsDe

btSe

rvice

:Pn

ncip

alIn

tere

stan

dO

ther

Cha

rges

Cap

ital O

utla

y

56.6

30.88

115

.125

.4525.7

61.60

4

56.7

26,3

6115

, 042

, 122

6.71

1 .149

56, 2

02, 9

9315

, 266

, 006

6.863

.471

55,1

38,1

3416

, 290

, 116

6,64

6 ,10

5

54.42

0.588

16.3

50.910

6.543

.186

56, 62

0.517

15, 52

7.70

26,

262,

519

54, 5

80.0

6316

.147, 4

796,

385,

427

53.22

6 .236

15.2

92.60

16.3

27.79

3

54.4

61, 2

7012

.044

.633

6 , 519

, 860

53, 01

0.88

59.7

09.78

76 ,

474 ,

132

15, 9

45, 5

9118

, 881

, 771

6,96

0,65

61.8

35,6

42

15.44

8 .397

18.S 06

.187

6.67

7 .808

2.151

, 455

15, 0

76,6

8118

.249

, 119

6.60

0, 419

1,64

2,38

8

14.9

80, 3

5717

, 927

,006

6,60

7,80

31 ,

556,

498

14, 8

87, 8

9218

.155 .24

46,

821,

962

1.825

, 993

15, 60

0.09

518

.587

.291

6,71

3.49

01.

635,

198

14, 7

11.4

9217

.224.74

66.

579 .1

231 ,

581,

794

14.1

04, 0

9515

.900

, 229

6 ,50

7.814

1.535

.368

13.34

3.824

14.0

16.576

6.558

.728

1 ,81

7,37

4

13.9

94.36

212

.952, 3

356 ,

550.

897

1 ,98

5.654

3.79

8,679

13, 3

14,9

3114

.889

.180

63.4

11.39

4

3,63

7,38

714

, 265

,710

16, 95

7.590

57, 9

04.00

7

3.742

, 376

16, 2

21.4

3318

.147

.561

55.40

7 .404

3,46

3,72

216

, 848

.948

17, 14

4.259

51, 1

22.26

5

3,91

7,28

615

, 518.

081

18, 5

08,3

1457

, 663

, 911

3,22

1, 782

14.59

3 .778

16.81

2 .407

47, 6

37,3

66

2,59

4,84

013

.908

, 423

14.96

0, 904

41, 3

68, 8

03

-r *3,

277,

294

13, 8

21.8

9116

, 052.5

5743

.750

, 109

2,79

2,12

112

, 570

, 393

14.0

06, 1

8543

.899

.7252, 6

60,1

0112

.971

, 617

13, 8

36, 5

7441

, 829

,101

O)

29,3

12

5.205

, 000

260,

250

1 ,87

0,09

6

4,94

0.000

507.

250

2 ,36

7,61

3

4, 695

, 000

742,

000

4,21

9,75

2

4.46

0, 000

965.

000

7,87

6,85

1

4 ,24

0.00

01,

177, 0

0021

,699

,940

4,03

0 ,00

01 ,

378,

500

7 ,31

3,71

0

3,83

0,00

01.

570,

000

1,34

9,98

1

3,63

5,00

01 ,

751,

750

2.67

3, 424

3 ,45

5 ,00

01.

924 .5

0071

6.145

2.36

9,43

9

224,

885,

934

221,

524.0

07To

talE

xpen

ditu

res

218.

925,

220

220,

201,

869

224.

044 .0

7022

7,76

8 ,62

120

6,83

4.18

519

2.47

7 .087

190,

090.

663

162.1

00, 4

02

Exce

ss/ ( D

ef« ci

ency

)of

Rev

enue

sOv

erZ(

Unde

r)Ex

pend

iture

s7,

505.4

025,

493,

357

283,

140

( 4, 15

5.84

3)( 6

.443

.805)

( 18,

134,

349)

( 5.2

82, 1

83)

3.223

,485

4 ,06

2,94

37.6

74, 5

55

Oth

erFi

nanc

ing

Sou

rces

/( Use

s):

Cap

ital le

ases

(non

-budg

eted

)Tr

ansf

ers

Out

Proc

eeds

from

ener

gysa

ving

sob

ligat

ions

( ESI

P)

1.415

, 946

2,07

8,98

82,

511,

142

1 ,64

8.01

83 ,

581.

100

( 2, 2

51)

2,95

7,59

7

17, 5

00, 0

00

Tota

l Oth

erFi

nanc

ing

Sour

ces/

( Use

s >1 ,

415,

946

2,07

8,98

82,

511,

142

1,64

8.01

83.5

76, 8

4920

.457.5

97

5 ,49

3,35

7S

7.50

5,40

2S

1.69

9,08

6S

( 2.0

77, 6

55)

S( 3

, 932

, 663

)$

( 16,

486.

331)

SN

etC

hang

ein

Fund

Bala

nces

S( 1

.703

.334)

S23

.681

, 082

S4 ,

062.

943

S7.

674,

555

Debt

Serv

iceas

aPe

rcen

tage

ofN

onca

pita

lExp

endi

ture

s2.

50%

2.45

%2.

54%

2.63

%N

/ A2.

47%

2.71

%2.

87%

2.83

%2.

97%

Sour

ce: D

istric

trec

ords

Not

eN

onca

pita

lexp

endi

ture

sar

eto

tale

xpen

ditu

res

less

Cap

ita!O

utla

y

Exhi

bitJ

-5

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIST

RICT

GEN

ERAL

FUN

D-O

THER

LOC

ALRE

VENU

EBY

SOU

RC

E

LAST

TEN

FISC

ALYE

ARS

( MO

DIF

IED

ACC

RU

ALBA

SIS

OF

ACCO

UNTI

NGS

( UN

AUD

ITED

)

Res

trict

edU

nres

trict

edAn

nual

Tota

lsR

efun

dof

Prio

rYe

arE

xpen

ditu

res

Athl

etic

Fees

Faci

lity

Ren

tal

Fisc

alYe

arE

ndin

gJu

ne30

,M

isce

llane

ous

58, 8

86$

35, 0

5019

6,90

553

, 236

1,49

842

4,49

571

, 847

72, 0

8291

, 737

429,

465

215 ,

138

$59

1 ,86

064

4,39

639

3,04

32,

072 ,

765

351,

822

63, 4

3022

2,45

224

0,26

624

4,14

0

274,

024

729,

839

989,

195

608,

479

2,23

8,35

499

4,96

633

0,03

647

9,38

949

7,75

183

1,11

4

$$

$20

21*

2020

2019

2018

26, 9

0270

,138

80, 6

5586

, 713

145,

330

116 ,

991

115,

159

97, 1

3688

, 199

76, 0

2777

,756

81, 5

4577

, 378

73, 3

1977

,768

69, 6

9668

, 612

69, 3

10

2017

45*.

2016

2015

-420

1420

1320

12

Sour

ce:

Dist

rictr

ecor

ds

*No

Athl

etic

Fees

orFa

cilit

yR

enta

lrev

enue

in20

21as

are

sult

ofC

OVI

D -19

Exhib

itJ-6

Shee

t1

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

T

ASSE

SSED

VALU

EAN

DAC

TUAL

VALU

EO

FTA

XABL

EPR

OPE

RTY

LAST

TEN

FISC

ALYE

ARS

UN

AUD

ITED

Tota

lDi

rect

Scho

olEs

timat

edAc

tual

(Cou

nty

Equa

lized

)Va

lue

Tota

lAs

sess

edVa

lue

Tax -

Exem

ptPr

oper

ty( 3

)

Net

Tax

Valu

atio

nPu

blic

Utilit

ies(

1)Va

cant

land

Indu

stria

lTa

xable

Rat

e( 2

)Re

siden

tial

Qfa

rmCo

mm

ercia

lA

partm

ent

Col

tsN

eck

3,74

7,20

0$

169.6

35, 3

003.

913 .70

04.

032,7

004 ,

069,

600

4,04

5, 100

4.20

3 .100

4.12

5 .100

4,15

9,90

04.1

58.70

04 ,

145,

400

$3,

076.

228, 2

003,

000,

128,

500

3,02

1, 437

.200

3,02

1, 200

, 000

2.99

5.440,

900

2.988

.174,

700

2,96

8,22

4,00

03,

014, 9

42.5

003.0

45, 34

8.70

03.

064 .49

1 ,40

0

4,48

6 ,45

7$

3,08

0.71

4, 657

4 ,24

1,00

73.

004 .36

9,50

74 ,

241,

007

3 ,02

5,67

8.207

3,87

6.76

33.

025. 07

6.763

3,07

7,79

42.

998 .51

8 ,69

43,

065.

471

2, 991

.240

.171

3.15

9 .066

2,97

1,38

3,06

63,

079,

851

3.01

8 .022.

351

3,72

3, 634

3.04

9, 072

.334

3,72

3,97

53.

068 .21

5,37

5

0.37

4S

0.39

40.

423

0.44

60.

466

0.43

90.

454

0.44

70.

408

0.39

0

3, 107

, 278

, 138

3,04

8.816

, 984

3 ,07

9, 828

, 708

3.04

8 .057.

282

3, 015

, 171

, 174

3,01

7,64

9.78

93,

041.

417.55

13.

066 .22

2, 327

3,12

2,79

9,19

13,

117,

456,

897

35.2

94, 4

00S

34.04

8, 800

35, 8

78,3

0039

.970

.60041

, 407

, 700

41, 7

48, 2

0038

, 448

, 100

39, 8

81, 8

0041

, 257

, 000

44.5

09.600

2.66

0 .186,

500

$20

7, 364

, 800

$

2.575

. 335.8

002.

583 .15

5.80

02,

574.

100, 7

002.

552 .99

4.800

2.53

4 .198.6

002.5

03. 435

.400

2.54

0.498 ,

000

2.55

8 .728.

600

2.575

.313.4

00

S20

21$

219.3

44.800

235.

671, 0

0024

1, 579

, 500

232.

105 .70

024

4,13

2,60

025

7.605

.800

263,

017.8

0026

3,08

1,00

025

5.778

.700

167.4

85.40

016

2.69

9 .40016

1.47

9 .600

164.8

87.60

016

3,89

2,20

016

4.60

9 .600

167.

385,

000

178.1

23.400

184,

744.

300

2020

2019

2018

2017

2016

2015

2014

2013

2012

Eng

llsht

own

-fc. 0025

9, 441

, 744

262, 7

89, 8

3525

7, 909

.176

253, 0

41, 8

0123

8,95

8.08

523

2.97

3 .581

223,

236.

967

221, 6

39.38

623

1.103

.589

235,

241.

820

$27

6.79

8 .200

263.

644 .70

025

6,45

6, 600

248.

186 .00

024

2, 616, 5

0024

0.537

.90023

9.85

0 .700

249.

645 .90

025

4.020

.90024

9.869

, 200

0.36

2$

0.40

30.

422

0.40

20.

414

0.38

00.

373

0.37

20.

404

0.39

3

$21

3.22

6 .400

201,0

65, 8

0019

5.430

, 000

190,

588,

800

185.5

00,7

0018

3.420

.40018

3,61

9, 000

200, 0

60.3

0020

6.535

.000

201,

896.

900

37.9

74.100

$37

.958

.100

36.86

7 .300

35.4

21.300

36, 0

71, 0

0035

,820

, 000

34, 98

9.90

039

, 188

,600

35.3

32,5

0035

, 742

, 000

7.93

9, 100

$7.

282 .90

06,

865,

300

6,39

6.80

06.

393 .90

06,

452,

500

6.35

8 .900

7.267.200

7.61

7 .200

8.583

.900

16.3

43.100

$27

6,79

8,20

016

.065

.20015

, 711

.000

14, 4

58, 7

0013

.302

.100

13.2

68.100

13.22

8.100

1 ,26

2,10

01,

262,

100

1,26

2,10

0

2021

1,31

5, 500

$1.2

72.700

1 ,58

3 ,00

01,

320,

400

1.34

8.800

1,57

6,90

01.

654 .80

01.

867 .70

03,

274,

100

2,38

4,30

0

$26

3.644

.700

256.4

56, 6

0024

8,18

6,00

024

2, 616

, 500

240.5

37.900

239.

850 .70

024

9.645

.90025

4,02

0,90

024

9,86

9,20

0

2020

2019

2018

2017

2016

2015

2014

2013

2012

Fam

ilngd

ale

0.37

7$

0.35

20.

354

0.33

90.

345

0.32

60.

308

0.29

80.

397

0,35

0

19.0

83.000

$17

7,50

2.10

019

, 109

, 100

15, 4

85, 2

0015

, 357, 9

0015

.321.400

15.31

5 .400

15, 3

14.7

0013

.947 .40

013

.947

.40013

.947

.400

177,

502,

100

172.

551 .600

166.3

44.900

166.

874 .60

015

5.67

3 .900

154, 0

74,00

015

4 ,50

0,40

015

0,56

2,80

015

1.31

7 .900

2,52

9, 438

154,

327,

838

175.

392,

966

171,

914 ,

944

159,

094,

861

149,

658 ,

560

146,

043,

388

145,

958,

075

138,

780 ,

348

137,

417.

398

145,

089 ,

919

149,

581,

365

125, 3

58.2

00$

121.1

97.400

119, 7

15.30

012

0,28

3.900

106 ,

525,

800

105.7

77.400

106,

279,

000

110,

869, 6

0011

1.706

.50011

2.13

3 .500

26,4

00$

25, 9

0016

, 300

S16

, 300

17, 5

0017

, 500

2,70

02,

700

2,70

014

, 200

14, 2

0014

, 200

27.36

8.900

$26

.712 .90

026

, 880

, 000

26.9

18.700

26, 7

00.8

0027

.171.70

027

.115

, 000

20, 5

23, 5

0020

, 320

.000

20, 3

20.0

00

4.56

4 .200

$4, 2

08, 5

003,

273, 4

003, 3

11, 8

003.3

11.80

03.

318.2

003.

319 .80

02.7

42.80

02.7

42.800

2.74

2 .800

S1,

085 ,

100

$1,

281.5

0097

3,50

098

4,80

03,

226,

700

1.89

8.600

1.90

5 .600

1,86

5, 300

1 ,86

5,30

01,

918,

800

2021

172.

551 .60

016

6.344

.90016

6.87

4 .600

155.6

73.90

015

4,07

4, 000

154.

500 .40

015

0,56

2,80

015

1.31

7 .900

151.7

98.400

2020

2019

2018

584.

700

590 ,

000

563.

600

600,

000

721.

700

721,

700

2017

2016

2015

2014

2013

2012

exhi

bitJ

-6Sh

eet 2

FREE

HO

LDRE

GIO

NAL

HIG

HSC

HOO

LD

ISTR

ICT

ASSE

SSED

VALU

EAN

DAC

TUAL

VALU

EO

FTA

XABL

EPR

OPE

RTY

LAST

TEN

FISC

ALYE

ARS

Tota

lDi

rect

Scho

olEs

timat

edAc

tual

(Cou

nty

Equa

lized

)

Valu

e

Tota

lAs

sess

edVa

lue

Tax -

Exem

ptP

rope

rty( 3

)

Net

Tax

Publ

icUt

ilities

( 1)

Valua

tion

Taxa

ble

Vaca

ntLa

ndQ

farm

Com

mer

cial

Rat

e( 2

)Re

siden

tial

Farm

Reg

-In

dust

rial

Apa

rtm

ent

Free

hold

Bor

o

42, 1

55.6

00$

1,13

7,89

8,00

0$

41.5

48.500

1,10

5.87

9 .000

40, 8

97.0

001,

083.

860.60

032

.216

.500

1,05

5.47

0.500

32.1

37.100

1.04

4, 411, 5

2022

.454.100

1.02

7 .825,

600

22.06

5, 400

1.02

9, 213

, 400

22.3

88.400

1,05

0,55

1, 700

22.3

88.400

1,06

2.37

6 .800

22.38

8 .400

1.06

6,85

3.70

0

$1 ,

137,

898.

000

1,10

5,87

9 ,00

01,

083,

860.6

001 ,

055.

470, 5

001,

044.

411,

520

1,02

7,82

5.60

01,

029, 2

13, 4

001 ,

050, 5

51.7

001,

062, 3

76.8

001 ,

066,

853 ,

700

0.36

4$

0.37

40.

364

0.34

20.

343

0.32

00.

295

0.31

10.

321

0.34

1

1 , 153

, 639.

683

1,11

0,62

6.70

41,

091,

828.

385

1 ,04

9,93

2,00

11,

032, 1

01, 0

9298

6,30

4,99

295

1, 845

.338

974,

389,

434

1.02

5 .327,

919

1,13

9,21

5, 781

25.5

70.200

$25

, 327

, 700

25.4

50.20

025

.411, 8

0025

.373

.90025

,353

, 000

25.34

5.900

25.3

45.900

25.3

45.900

25, 3

45, 9

00

1,35

1,40

02,

265.9

002.

254 .60

02.3

69, 5

001 ,

181,

800

1,12

8,80

01.

390, 0

001.

423.60

02,

476,

800

3.408

.000

9,45

9,20

0$

8 ,67

6,00

010

, 783

.800

9,60

0,10

09.

632, 8

0010

, 627

, 200

10,1

20, 1

0010

.235

, 100

10.2

36.40

010

.244

.400

$24

3.69

8 .000

$23

9.787

.50023

4,73

3.200

233.7

86.500

231,

066 ,

700

229.8

22.500

230.

456.50

023

7,22

5.10

023

9,84

0,30

024

1, 264

, 600

2021

$81

7 , 015

.000

790,

539,

300

771.

996.40

075

4 ,45

5,60

074

6,20

1, 020

739.

568 .80

074

1,22

5,50

075

5, 357

, 200

764.

565 .80

076

7.61

0 .400

2020

2019

2018

2017

2016

2015

2014

2013

2012

COFr

eeho

ldTo

wns

hip

176, 9

72, 9

00$

154.

144 .10

015

4.69

7 .800

154.

713 .70

015

4,51

3 ,50

015

3.24

1 .300

148.9

05.300

146.5

63.70

014

6,52

1,20

015

6.782.10

0

101,

720,

900

$6,

868,

119,

600

$98

.555

.8006,

717.

431, 9

0094

.626 .700

6 ,59

2.450, 9

0084

.626.70

06.

326, 3

67, 0

0084

.791.80

06.

145,

883,

500

78, 6

12, 5

006,

027, 6

00, 6

0071, 0

94.3

005,

893, 9

58, 1

0060

,794

, 300

5,48

2.57

5 .400

60, 7

94, 3

005 ,

486, 8

11, 0

0061

, 500

, 000

6, 114

, 837

.200

$6 ,

868,

119,

600

6.71

7 .431.

900

6.59

2 .450.9

006 ,

326,

367,

000

6,14

5,88

3,50

06,

027, 6

00, 6

005,

893.

958 .10

05.

482.57

5,40

05 ,

486,

811 ,

000

6.11

4 .837,

200

0.41

2$

0.40

80.

417

0.44

10.

455

0.48

20.

452

0.48

00.

471

0.41

1

7,05

0,94

1 ,430

6.71

0,55

6 ,69

86,

615,

462.

721

6,51

0,73

1,90

16,

456,

448,

298

6.58

9, 292

.604

6 ,09

5,13

6,63

15.

837, 6

54, 0

065.8

73, 4

38, 8

636,

197, 3

54,7

50

1,49

0,00

0$

1,39

9.76

0 .900

$1.

508.50

01,

492,

227.

500

1.53

8, 100

1.45

7, 447

.400

1 ,53

5,20

01,

417,

161,

400

1.444

.5001,

396,8

97, 6

001.

456 .90

01,

387.

324 .00

01.

464 .900

1,32

0,21

6,20

01.

440 .90

01 ,

239,

936, 4

001,

466 ,

400

1,24

3,83

4, 300

1,50

9 ,70

01 ,

245.9

30.30

0

3,96

9, 600

3,96

9,60

03.

969 .60

03.6

12.60

03.6

12.600

3.61

2 .600

3 ,61

2.60

041

, 400

$52

.455.30

0$

54,9

64, 9

0050

.698 .70

048

, 609

, 600

52, 9

22, 0

0051

.370.30

055

.908 .80

050

.881

.700

56, 0

04, 9

0067

, 931

, 000

5,10

3,04

7,50

0$

4,88

3.71

7, 000

4,79

9, 653

, 300

4.588. 49

2.60

04.4

25.631

.400

4.325

.592.2

004.2

66. 39

8.600

3.95

5. 292.2

003,

949 ,

909,

700

4.548

.659.40

0

32.67

2 .100

$32

.314

.10033

, 788

.900

31, 2

27, 8

0029

.682 .70

030, 0

03, 4

0029

, 970

, 000

27.6

66.200

28.2

80.200

32.52

4 .700

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

How

ell

$7,

546,

137,

900

7 ,38

8,63

0,60

07.1

95.667

.500

6,90

3,93

2.00

06,

642,

287.0

006,

365,

439,

700

8, 470

.420

6,15

1, 762

, 520

7,63

2, 229

5,57

4, 386

, 229

8,86

7, 486

5,53

3,01

1,28

611

, 032

, 948

5.50

0,83

8,14

8

0.42

8$

0.43

20.

448

0.44

90.

436

0.43

30.

432

0.45

20.

483

0.47

8

7,75

4,65

0,08

47,

644, 3

93.3

927,

493.6

85.01

07,

130,

335.6

556,

760,

028.

111

6.59

1 .132.

558

6,38

8,59

7.383

6,08

7,37

0,78

76,

199,

518.

124

6 ,50

9.42

0,35

0

2.349

.700$

713.

280, 8

00$

2.43

2 .200

2.66

9 .500

2,62

4,60

02,

397,

100

2.70

1, 000

2.75

5 .700

2.67

3 .500

2,76

8,80

02.

640 .50

0

124.

386 .40

0$

113.

613 .300

111.

137 .70

010

5.862

.10010

4.535

.300

112.3

76.100

107.7

04.400

101.

664 .90

010

1,85

6.60

010

3.34

4 .900

40, 1

38,0

00$

7,54

6,13

7,90

039

, 900

, 900

7.38

8, 630

, 600

39, 8

43, 4

007,

195,

667,

500

38, 6

71.7

006,

903.

932,0

0037

.293

.500

6.642

, 287

, 000

32, 2

59,8

006 ,

365.

439, 7

0032

, 259

, 800

6,14

3,29

2,10

05,

566,

754, 0

005.

524 .14

3.80

05.

489 .805

.200

113.2

86.200

$10

1,85

2, 000

112.

105 .800

114.7

74.90

011

8.52

3 .800

114.7

02.200

127.

426 .60

013

7.473

.90015

5,56

7,40

014

7.94

0 .600

6.44

9, 143

.300

$6.

318. 62

0.400

6.14

9 .486.4

005.8

75.284

.700

5.65

4 .440.

800

5.37

3 . 302.7

005.

157 .74

4.800

4.623

. 682.70

04,

579 ,

708,

000

4.55

4 . 735.

400

103.

553 .50

0$

102.

076, 6

0098

.207 .20

098

.123, 4

0098

.312

.20010

1.965

.50098

,908

, 600

89, 3

84, 8

0089

, 858

, 000

85.5

98, 1

00

$20

2171

0.13

5 .200

682, 2

17,5

0066

8 ,59

0 ,60

062

6,784

, 300

628,

132,

400

616.

492 .20

061

1.874

.20059

4,38

5, 000

595,

545 ,

700

2020

2019

2018

2017

2016

2015

2014

2013

2012

Exhib

itJ-6

Shee

t3

FREE

HOLD

REG

IONA

LHI

GH

SCHO

OL

DIST

RICT

ASSE

SSED

VALU

EAN

DAC

TUAL

VALU

EO

FTA

XABL

EPR

OPE

RTY

LAST

TEN

FISC

ALYE

ARS

UNAU

DITE

DTo

tal

Dire

ctSc

hool

Estim

ated

Actu

al(C

ount

yEq

ualiz

ed)

Valu

e

Tota

lAs

sess

edVa

lue

Tax -

Net

Valu

atio

nEx

empt

Pro

perty

( 3)

Publ

icUt

ilitie

s(1)

Tax

Vaca

ntTa

xabl

eRa

te( 2

)Fa

rmR

eg.

Com

mer

cial

Indu

stria

lA

partm

ent

Land

Resid

entia

lQ

farm

Man

alap

an

$7,

165.3

22, 4

007,

058 ,

050,

500

6.94

4 . 410.

400

6,64

1,16

5,50

06.

399 .51

4.400

6.30

1, 366

.160

6.14

0,59

9,85

05,

842.

218 .47

65,

791 ,

041 ,

500

5.74

6. 321.

400

6,53

6,00

9,20

0$

6 ,43

6,52

6,60

06,

362, 9

22, 9

006.

071, 3

86.9

005,

872,

797, 4

005,

786, 8

49, 6

605.6

57.693

, 750

5 ,35

9, 086

.600

5,29

9,33

1,50

05, 2

41.1

49.800

41, 0

63, 8

00$

40.98

5 .400

37.98

3 .500

37, 9

18, 2

0035

.508

.50033

, 999

, 000

34, 2

67.1

0032

.130 .40

031

, 538

, 900

32, 2

67, 8

00

1,87

4,80

0$

524,

132,

500

S1.

838 .30

01.

822, 7

001.

895 .90

01.

944,

000

1.956

.9002 ,

250,

500

2,26

9,20

02,

316,

400

2.35

2 .300

25, 0

26.6

00$

25.1

97, 4

0023

, 999

, 000

23.58

7.100

20.8

63.100

20, 4

54, 0

0020

.451

.60020

.269

.60020

.269

.60022

, 667

, 200

$7.1

65, 3

22, 4

00$

7 ,05

8.05

0, 500

6.94

4 .410.

400

6.64

1, 165

.500

6.39

9 .514.4

006,

301.

366 .16

06.

140 .59

9, 850

5.842

, 218

.476

5,79

1,04

1,50

05.

746 .32

1.40

0

$0.

427

$0.

416

0.42

00.

415

0.41

80.

414

0.42

00.

436

0.42

50.

420

7,47

7,54

0,52

37,

324,

554.

794

7.31

6, 476

, 259

6,69

2,36

6,75

46,

463,

681.

306

6,38

5.559

.2296,

234,

359,

701

6.10

9, 982

.591

5,97

8, 278

, 610

6.16

9, 252

, 662

2021

37.2

15.500

$34

.613

.800

39.2

92.50

038

.604

.600

35.7

76.600

34.93

8.600

38.7

65.80

047

.846

.60058

.673 .900

70.4

82.90

0

$51

8 ,88

9 ,00

047

8.38

9 .800

467.7

72.800

432.6

24.800

423,1

68, 0

0038

7.17

1, 100

380, 6

16, 0

7637

8 ,91

1 ,20

037

7,40

1,40

0

2020

2019

2018

2017

2016

2015

2014

Ol

2013

O20

12

Mar

lbor

o

497,

299,

500

$49

0.91

1 .300

465.

858 .30

045

7,85

3 ,70

045

7,48

0.80

045

4,55

0,00

044

4.22

3, 200

428,

732,

400

424,

031, 3

0042

0,12

0,90

0

50.7

53.900

$7.

281, 8

86, 8

20$

27.88

0 .900

7.24

5 . 302.

300

13.2

53.900

7,19

8 ,73

8,90

022

.287, 0

007.1

89, 3

17, 7

0022

, 287

.000

7,17

2.39

2 .700

22.2

87, 0

007,

164 ,

469,

700

21.7

56.900

7,09

6.74

7, 024

18.6

19.900

6,74

6,02

2,87

418

.619

.900

6,74

9, 578

, 000

18.61

9.900

6,89

2, 828

, 400

48,0

0048

, 000

48, 0

00

$7 ,

281.

886 .82

07 , 2

45, 3

02, 3

007,

198,

738,

900

7.189

.317.7

007.

172 .39

2.70

07.

164 .46

9.70

07.

096, 7

47, 0

246 ,

746 ,

022, 8

746,

749, 5

78, 0

009,

347,

305

6,90

2,17

5,70

5

0.47

2$

0.46

60.

474

0.41

50.

456

0.44

00.

445

0.44

70.

433

0.40

3

8.22

3, 019

.294

8.12

5, 904

, 617

7,99

9.68

5.880

7,63

7.73

6 .943

7 ,46

0.30

7, 716

7,35

4, 851

, 699

7.18

6,55

8,93

77,

013, 2

77, 2

247 ,

085.

446 .67

97.

266 .19

7.377

53, 8

88, 3

50$

55, 2

80, 2

0073

, 126.

400

75, 7

38, 30

062

, 232.

800

64, 5

33, 0

0069

, 839

, 100

77.8

22.90

085

, 204

, 500

92.25

3 .900

6 ,56

6,45

4 , 270

$6.

556 .863

.800

6,52

7.605

, 100

6.514. 54

5.800

6,51

1, 414

.300

6,50

3,78

9 ,00

06.

439 .59

7.62

46.

099 . 93

1.774

6,09

8,10

6,50

06.2

34, 1

33, 5

00

31, 8

05, 3

00$

32.67

1 .40037

.138

.400

37, 1

19, 7

0038

.867 .80

038

, 438

, 000

37.7

57.200

35.20

5 .200

36, 0

36, 3

0038

.633 .80

0

905,

600

$91

4,80

097

6,90

099

3.30

01,

079,

700

1.08

4 .200

1 ,09

4 ,70

01,

036,

800

1,03

6.50

01,

045,

400

80.77

9.900

$80

.779.90

080

.779.90

080

.779 .90

079

, 030

,300

79,7

88, 5

0082

, 478

, 300

84.6

73.900

86, 5

43, 0

0088

.021 .00

0

$20

2120

2020

1920

1820

1720

1620

1520

1420

1320

12

Sour

ce:

Cou

nty

Boar

dof

Taxa

tion

Rea

l pro

perty

isre

quire

dto

beas

sess

edat

som

e per

cent

age

oftru

eva

lue

{ fair

orm

arke

tval

ue) e

stab

lishe

dby

the

Cou

nty

boar

dof

taxa

tion.

Not

e :

Rea

sses

smen

tocc

ursw

hen

orde

red

byth

eCo

unty

Boar

dof

Taxa

tion.

( 1)

Taxa

ble

Valu

eof

Mac

hine

ry,I

mpl

emen

ts&

Equi

pmen

tof T

elep

hone

,Te

legr

aph

&M

esse

nger

Syst

emC

ompa

nies

.

( 2)

Tax r

ates

are

per$

100 .

(3)

Taxe

xem

ptpr

oper

tyal

read

yex

clude

d fro

mas

sess

edva

lue

bypr

oper

tycl

ass

Exhibit J-7Sheet 1

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTDIRECT AND OVERLAPPING PROPERTY TAX RATES

LAST TEN FISCAL YEARSUNAUDITED

(RATE PER $100 OF ASSESSED VALUATION)

Overlapping RatesFreehold Regional

GeneralObligation

DebtService

Total Direct &Elementary Local Library/ Monmouth Overlapping Tax

School Purpose Other CountyBasicRate

TotalDirect Rate

Colts Neck

1.7461.7641.7611.7751.7691.7311.7351.6871.6181.570

0.0120.0120.0120.0120.0120.0120.0120.0120.0120.012

0.2780.2860.2900.2980.2920.3000.3110.3090.3090.294

0.2690.2600.2600.2580.2500.2410.2280.2140.2030.194

0.3740.3810.4100.4320.4520.4250.4400.4320.3940.377

0.3740.3940.4230.4460.4660.4390.4540.4470.4080.390

0.8130.8120.7760.7610.7490.7390.7300.7050.6860.680

20210.0130.0130.0140.0140.0140.0140.0150.0140.013

202020192018201720162015201420132012

Englishtown

2.1522.2262.2232.3402.2582.1972.1302.0101.9691.909

0.2640.2860.2890.3080.2900.2830.2930.2680.2810.276

0.8780.9060.8810.9980.9330.9130.8730.8120.7860.778

0.3620.3910.4100.3890.4020.3680.3550.3600.3910.376

0.3620.4030.4220.4020.4140.3800.3730.3720.4040.393

0.6480.6310.6310.6320.6210.6210.5910.5580.4980.462

20210.0120.0120.0130.0120.0120.0180.0120.0130.017

202020192018201720162015201420132012

Farmingdale

0.2780.2860.2780.2870.2780.2880.2810.2900.2930.290

2.2942.2692.2772.1152.0852.0471.8841.8271.9431.811

1.3211.3201.3521.2281.2181.1921.0781.0271.0410.960

0.3180.3110.2930.2610.2440.2410.2170.2120.2120.211

0.3770.3520.3540.3390.3450.3260.3080.2980.3970.350

2021 0.3770.3420.3430.3280.3350.3160.2980.2880.3840.342

0.0100.0110.0110.0100.0100.0100.0100.0130.008

202020192018201720162015201420132012

151

Exhibit J-7Sheet 2



(RATE PER $100 OF ASSESSED VALUATION )


GeneralObligation

DebtService


School Purpose Other CountyBasicRate

TotalDirect Rate

Freehold Borough

2.6232.6622.6502.7012.7122.6552.5342.4192.3432.326

1.0221.0200.9920.9930.9740.9440.9130.8750.8510.814

0.0340.0340.0340.0330.0330.0320.0310.0310.0320.036

0.2620.2670.2700.2760.2690.2610.2630.2690.2770.293

0.3640.3740.3640.3420.3430.3200.2950.3110.3210.341

0.9410.9670.9901.0571.0931.0981.0320.9330.8620.842

2021 0.3640.3630.3540.3320.3330.3110.2860.3010.3100.329

0.0110.0100.0110.0100.0090.0090.0100.0110.012

202020192018201720162015201420132012

Freehold Township

2.1212.1302.1392.2112.2432.2862.2582.3492.2932.010

0.2840.2820.2860.3030.3050.3220.3190.3300.3270.292

0.3350.3360.3320.3400.3460.3470.3440.3580.3480.294

0.0300.0300.0300.0300.0300.0300.0300.0300.0300.030

2021 0.4120.3960.4030.4270.4400.4680.4380.4640.4550.398

0.4120.4080.4170.4410.4550.4820.4520.4800.4710.411

1.0601.0741.0741.0971.1071.1051.1131.1511.1170.983

0.0120.0140.0140.0150.0140.0140.0160.0160.013

202020192018201720162015201420132012

Howell

2.2132.2402.2842.2952.3202.3502.3742.5592.5852.585

0.0200.0200.0200.0200.0200.0200.0200.0200.0200.020

0.2890.2980.3020.3110.3020.3130.3260.3460.3480.347

0.3870.3950.3950.3880.3970.3990.3980.4480.4570.453

0.4280.4320.4480.4490.4360.4330.4320.4520.4830.478

1.0891.0951.1191.1271.1651.1851.1981.2931.2771.287

2021 0.4280.4190.4340.4360.4230.4190.4180.4370.4670.367

0.0130.0140.0130.0130.0140.0140.0150.0160.111

202020192018201720162015201420132012

152

Exhibit J-7Sheet 3



(RATE PER $100 OF ASSESSED VALUATION)


GeneralObligation

DebtService


School Purpose Other CountyTotal

DirectBasicRate Rate

Manalapan

2.0322.0082.0112.0232.0212.0042.0252.0802.0312.006

0.0200.0200.0200.0200.0200.0200.0200.0200.0200.020

0.2860.2930.2990.2970.2920.2990.3120.3270.3160.315

0.3510.3340.3310.3370.3410.3380.3410.3520.3450.339

0.4270.4160.4200.4150.4180.4140.4200.4360.4250.420

0.9480.9450.9410.9540.9500.9330.9320.9450.9250.912

0.4270.4040.4070.4020.4050.4010.4070.4220.4110.410

20210.0120.0130.0130.0130.0130.0130.0140.0140.010

202020192018201720162015201420132012

Marlboro

2.2872.2632,2652.2272.1832.1752.1422.1632.1052.018

0.3160.3220.3210.3170.3060.3090.3170.3270.3170.311

0.4010.3930.3780.3790.3660.3670.3560.3770.3600.338

0.0100.0100.0100.0100.0100.0100.0100.0100.0100.010

1.0881.0721.0821.0631.0451.0491.0141.0020.9850.956

0.4720.4660.4740.4580.4560.4400.4450.4470.4330.403

0.4720.4520.4600.4440.4420.4260.4310.4320.4190.399

20212020 0.014

0.0140.0140.0140.0140.0140.0150.0140.004

20192018201720162015201420132012

153

Exhi

bitJ

-8Sh

eet1

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TP

RIN

CIP

AL

PRO

PER

TYTA

XPAY

ERS

CU

RR

ENT

YEAR

AND

NIN

EYE

ARS

AGO

UNAU

DITE

D

2012

2021

Asa

%of

Com

mun

ity's

NetA

sses

sed

Valu

atio

n

Asa

%of

Com

mun

ity’s

NetA

sses

sed

Valu

atio

n

Taxa

ble

Asse

ssed

Valu

e

Taxa

ble

Asse

ssed

Valu

eCo

mm

unity

/ Tax

paye

rC

omm

unity

/Tax

paye

r

Colts

Neck

Trum

pN

atio

nalG

olf C

lub

Due

Proc

ess

Gol

d&

Hor

seSt

able

s,LL

CIn

divid

ualT

axpa

yer1

Wel

lspr

ing

Stab

les

Flor

ida,

LLC

Indi

vidua

lTax

paye

r 224

Real

ty,L

LCBa

l Col

t 'sNe

ckLL

CLa

ird&

Co .

Inc.

Pega

sus

Prop

ertie

sLL

CC

olts

Neck

Shop

ping

Cent

erAs

socia

tes

Colts

Neck

Trum

pNa

tiona

l Gol

f Clu

bD

uePr

oces

sG

olf&

Hor

seSt

able

s,LL

CW

ells

prin

gSt

able

sFl

orid

a ,LL

CG

&F

Rea

ltyof

Ric

hmon

d,LL

CIn

divid

ualT

axpa

yer1

Indi

vidua

lTax

paye

r 2Pe

gasu

sPr

oper

ties

LLC

Indi

vidua

lTax

paye

r 3Co

ltsNe

ckSh

oppi

ngCe

nter

Asso

ciate

s36

Hig

hway

34So

uth

Asso

ciat

esLL

C

$31

, 006

, 800

21, 0

00, 0

0012

, 263

, 800

10, 9

34, 7

009 ,

017,

400

8,50

7,40

08 ,

006 ,

100

8,00

0,00

07,

542,

200

6 ,80

9,70

0

1.01

%0.

68%

0.40

%0.

36%

0.29

%0.

28%

0.26

%0.

26%

0.25

%0.

22%

1.04

%0.

65%

0.38

%0.

36%

0.32

%0.

26%

0.25

%0.

20%

0.19

%0.

18%

$32

, 006

, 800

19.9

41.700

11, 8

02, 0

0011

.150

.7009.

759 .20

07,

972,

100

7.542

.2006,

178,

600

5,69

6,80

05,

634,

400

cn

4.00

%$

123.

088 .

100

383

%$

117.

684 .5

00To

tal

Tota

l

Engl

isht

own

BTR

Engl

ishto

wnLL

CBA

LG

over

nor 's

Cros

sing

LLC

Stam

ford

Squa

re, L

LCW

emac

s,LL

CVi

llage

Cent

erAs

socia

tes

LLC

Dor

othy

Leo,

Inc.

DC

DLL

CBr

ookla

wnG

arde

nsIn

cK&

KEn

glish

town

, Inc

.M

osko

witz,

KTr

ust&

Berg

er, V

Trus

t

Engl

isht

own

Stam

ford

Squa

reLL

CBA

LG

over

nor 's

Cro

ssin

gLL

CTh

ree

Cor

ners

Vent

ures

LLC

Villa

geCe

nter

Asso

ciate

s,LL

CAm

beH

oldi

ng,L

LCW

emac

sLL

CDC

DLL

CBr

ookla

wnG

arde

nsFi

veSo

uth

Mai

nSt

reet

LLC

Degi

acom

oR

ealty

LLC

2.86

%1.

66%

1.49

%1.

33%

1.25

%0.

87%

0.85

%0.

80%

0,71

%0.

54%

$7.

229 .30

04,

200,

000

3.750

.7003.3

66.700

3.16

5 .700

2,20

0,00

02.1

50.300

2, 021

, 800

1,78

2,80

01.3

74.700

5.29

%1.

84%

1.53

%1.

36%

1.19

%1.

09%

0.79

%0.

77%

0.75

%0.

60%

$14

, 641

,900

5,09

6,00

04,

243, 5

003 ,

753 ,

200

3,29

3,90

03,

025,

000

2,19

4, 600

2,13

4,30

02,0

76, 9

001,

665 ,

000

12.3

8%$

31, 2

42, 0

0015, 2

2%$

42, 1

24, 3

00To

tal

Tota

l

Exhi

bit J

-8Sh

eet2

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIST

RICT

PRIN

CIP

ALPR

OPE

RTY

TAXP

AYER

SC

UR

REN

TYE

ARAN

DNI

NEYE

ARS

AGO

UNAU

DITE

D

2021

2012

Asa

%of

Com

mun

ity' s

Net

Asse

ssed

Valu

atio

n

Asa

%of

Com

mun

ity' s

Net

Asse

ssed

Valu

atio

n

Taxa

ble

Asse

ssed

Valu

e

Taxa

ble

Asse

ssed

Valu

eC

omm

unity

/ Tax

paye

rC

omm

unity

/Tax

paye

r

Farm

ingd

ale

Farm

ingd

ale

Gar

den

Apar

tmen

ts, L

LC30

Sout

hard

Ave ,

Farm

ingd

ale

LLC

Veriz

onCo

mm

unica

tions

Farm

ingd

ale

Shop

ping

Cen

ter,

LLC

R.T.

Equi

ties

LLC

Indi

vidua

lTax

paye

r 1in

divi

dual

Taxp

ayer

2In

divid

ualT

axpa

yer3

Farm

ingd

ale

Trai

nSt

atio

n,LL

CBe

ll Atla

ntic

Farm

ingd

ale

Farm

ingd

ale

Gar

den

Apar

tmen

ts, L

LC30

Sout

hard

Ave,

Farm

ingd

ale

LLC

Farm

ingd

ale

Shop

ping

Cent

er, L

LC32

0C

hest

nutR

ealty

LLC

Acad

emy

Apar

tmen

tsLL

CFa

rmin

gdal

eBP

KPFa

rmin

gdal

e,LL

CBe

ll Atla

ntic

Road

side

Hol

ding

s ,LL

C57

and

64M

ain

St.L

LC

9.11

%4.

39%

2.12

%2.

05%

0.95

%0.

87%

0.77

%0.

59%

0.48

%0.

40%

$11

, 500

, 000

3,79

5,40

02,

558,

005

2.442

.2002.

107 .20

01,

476, 6

001 ,

400 ,

000

1 ,29

7,00

01,

190,

000

992.

800

$16

,176

, 100

7 ,79

9,40

03,

766,

800

3.641

.5001 ,

692,

200

1.54

6 .500

1.37

5.500

1,05

0,30

084

4.500

703.5

00

7.58

%2.

50%

1.69

%1.

61%

1.39

%0.

97%

0.92

%0.

86%

0.78

%0.

65%

Ol cn

mm

*$

38.5

96.3

0021

JA%

Tota

l$

28.7

59,20

5To

tal

Free

hold

Bor

ough

Free

hold

Rac

ing

Asso

ciat

ion

Nest

leUS

AAE

WBr

ooks

ide

East

Coa

chPo

st&

Coac

hPa

rkPl

aza

Shop

ping

Free

fern

Asso

ciat

es18

-20

E,M

ain

Stre

etLL

CSp

ring

Terra

ceAp

artm

ents

, LLC

BellA

tlant

icC

hiu 's

Prop

erty

Inc .

Free

hold

Bor

ough

Nes

tleU

SAFr

eeho

ldR

acin

gAs

socia

tion

Brid

ge-Br

ooks

ide

LLC

East

Coa

stPo

st&

Coa

chLL

CFr

eefe

rnAs

soci

ates

Tow

erSp

ring

Terra

ceLL

CM

onm

outh

Apar

tmen

tsLL

CPa

rkPl

aza

Shop

ping

Cent

er,I

nc.

18-2

0E.

Mai

nSt

reet

LLC

597

Park

Aven

ue, L

LC

$29

, 225

, 300

23, 6

74, 4

0014

, 269

,000

6,49

5, 700

5,56

0,90

04,

565,

000

3,19

1,00

03,

000 ,

000

3,00

0 ,00

02,

650,

000

2.10

%1.

90%

1.52

%1.

04%

0.81

%0.

65%

0.45

%0.

45%

0.38

%0.

29%

$23

, 910

, 200

21, 6

72, 6

0017

, 286

, 200

11, 7

96, 1

009.

231 .30

07.

343.40

05,

103,

600

5,08

6,90

04.

337 .40

03.3

47.300

2.74

%2.

22%

1.34

%0.

61%

0.52

%0.

43%

0.30

%0.

28%

0.28

%0.

25%

$10

9,11

5,00

0$

95, 6

31, 3

00To

tal

& 9S 2&

LTo

tal

Exhi

bitJ

-8Sh

eet3

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TPR

INC

IPAL

PRO

PER

TYTA

XPAY

ERS

CU

RR

EN

TYE

ARAN

DN

INE

YEAR

SAG

OU

NAU

DIT

ED

2012

2021

Asa

%of

Com

mun

ity' s

Net

Asse

ssed

Valu

atio

n

As

a%

ofC

omm

unity

' sN

etAs

sess

edVa

luat

ion

Taxa

ble

Asse

ssed

Valu

e

Taxa

ble

Asse

ssed

Valu

eC

omm

unity

/ Tax

paye

rC

omm

unity

/Tax

paye

r

Free

hold

Twp .

Free

mal

lAss

ocia

tes ,

LLC

Free

hold

Fina

ncin

g ,LL

CCe

nter

forA

ging

dba/

Appl

ewoo

dIro

nM

ount

ain ,

Inc .

New

Jers

eyBe

llTel .

Co.

Free

hold

Shop

ping

Asso

ciat

esR

aint

reet

owne

Cent

erAs

socia

tes,

LPRo

nard

iFre

ehol

dEn

terp

rises

LLC

Sam

'sR

ealE

stat

eBu

sines

sTr

ust

Mac

y 'sEa

st, I

nc.

Free

hold

Twp.

Free

mal

l Ass

ocia

tes,

LLC

100

Lam

bert

LLC

/Eag

leRo

ckAd

visor

sIro

nM

ount

ain,

Inc .

Cen

terf

orAg

ing

DBA

/ App

iewo

odFr

eem

allA

ssoc

iate

s,LL

CU

shpi

zin

Asso

ciate

s,LL

CAs

pen

Rt9

LLC

Rai

ntre

etow

neC

ente

r Ass

ocia

tes,

LPM

acy's

East,I

ncR

onar

diFr

eeho

ldEn

terp

rises

,LLC

5.14

%0.

84%

0.80

%0.

74%

0.42

%0.

39%

0.39

%0.

35%

0.32

%0.

32%

5.23

%1.

02%

0.70

%0.

54%

0.47

%0.

42%

0.36

%0.

36%

0.35

%0.

35%

$35

9,21

1,70

069

.726.70

047

.990.70

037

.246 .80

032

,304

,000

28, 8

29, 1

0024

, 837

, 400

24.7

71.800

23,9

39,0

0023

, 707

, 500

$31

4,47

1,80

051

,500

,000

48,9

26,9

0045

.159.20

025

, 858

,700

24,1

08,0

0023

, 800

, 000

21, 2

82, 4

0019

.620

.20019

, 542

, 000

oi

a>

9.71

%$

594,

269,

200

$67

2,56

4,70

09.

79%

Tota

lTo

tal

How

ell

Buffa

lo-P

arkt

on&

Feue

rste

in&

Wai

nco

Cent

exH

omes

, LLC

How

ellF

riend

ship

Rea

lEst

ate

Co.

Hom

eDe

potU

SALo

we'

sHo

me

Cent

ers

Inc .

DS&

DJR

ealty

, LLC

Wal

-Mar

tSto

res,

Inc .

Targ

etC

orpo

ratio

nIn

divi

dual

Taxp

ayer

1Fa

irfie

ldPa

rkLL

C

How

ell

Buffa

lo -Pa

rkto

n&

Feue

rste

in&

Wai

nco

Howe

llVer

dana

LLC

&Ve

rdon

na,L

LCHo

wellF

riend

ship

Real

Esta

teCo

.Ea

gle

Gol

fEnt

erpr

ises,

LLC

DS&

DJ

Rea

lty, L

LCH

ome

Dep

otU

SAIn

c.Lo

we' s

Hom

eC

ente

rs, I

nc.

Targ

etC

orpo

ratio

nW

al-M

artS

tore

s ,In

c .Al

drich

Plaz

a,LL

C

0.58

%0.

53%

0.29

%0.

22%

0.21

%0.

20%

0.20

%0.

19%

0.19

%0.

19%

43, 6

93, 8

0039

.900.90

021

,639

,500

16, 9

45, 2

0015

.996

.10015

.412

.40014

.961

.40014

.268

.90014

, 188

,300

14.14

4 .100

0.66

%0.

42%

0.32

%0.

25%

0.24

%0.

22%

0.20

%0.

20%

0.20

%0.

19%

$45

, 138

, 000

29, 0

81, 6

0022

.105 .60

017

, 465

, 500

16, 1

71, 0

0015

, 305

, 700

14, 0

00, 0

0013

, 800

, 000

13.7

14.600

13, 2

59, 3

00

$20

0,04

1,30

02.

91%

2.80

%To

tal

$21

1,15

0,60

0To

tal

Exhi

bitJ

-8Sh

eet 4

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

TPR

INC

IPAL

PRO

PER

TYTA

XPAY

ERS

CU

RR

ENT

YEAR

AND

NINE

YEAR

SAG

OU

NAU

DIT

ED

2012

2021

Asa

%of

Com

mun

ity's

Net

Asse

ssed

Valu

atio

n

Asa

%of

Com

mun

ity's

Net

Asse

ssed

Valu

atio

n

Taxa

ble

Asse

ssed

Valu

e

Taxa

ble

Asse

ssed

Valu

eC

omm

unity

/Tax

paye

rC

omm

unity

/ Tax

paye

r

Man

alap

anM

anal

apan

Rea

ltyM

anal

apan

VFK

Hovn

ania

nat

Man

alap

an111

, LLC

Town

ePo

inte

Asso

ciat

esTr

ans

Equi

tyRe

alty,

LLC

Reiss

Man

ufac

turin

gTa

ylor9

Sout

hAs

soc.,

LLC

Mon

mou

thIn

vest

ors,

LLC

Leni

ne,L

LCPe

nsio

nR

oad

Real

tyAs

soci

ates

Man

alap

anM

anal

apan

Real

tyM

anal

apan

VFM

erid

ian

Livi

ngat

Man

alap

anLL

CTo

wne

Poin

teAs

socia

tes

Fiel

dsof

Dre

ams

Rea

l Est

ate ,

LLC

Tran

sEq

uity

Rea

lty, L

LCTe

nnen

t9Pl

aza ,

LLC

Wel

ltowe

rNNN

Gro

up, L

LCG

ACCa

terin

gIn

c.G

ordo

nsC

orne

rRea

lty, L

LC

0.75

%0.

53%

0.31

%0,

23%

0.17

%0.

14%

0.13

%0.

13%

0.13

%0.

13%

$42

,593

,600

29.98

9 .700

17.9

25.700

12, 9

17,5

009,

694,

600

7,95

8,00

07,

593,

400

7,50

0,00

07,

356 ,

000

7 ,20

0,00

0

$61

, 869

, 100

33, 5

42,7

0020

, 133

, 500

16, 2

31,2

0014

, 700

, 000

10, 9

46, 0

0010

, 635

, 000

9,35

9,40

09 ,

040, 2

008,

670,

000

0.86

%0.

47%

0.28

%0.

23%

0.21

%0.

15%

0.15

%0.

13%

0.13

%0.

12%

on -si

$15

0,72

8,50

02.

72%

Tota

l2.

65%

$19

5 ,12

7,10

0To

tal

Mar

lbor

oM

arlb

oro

Plaz

aUn

ion

Hill

Nin

eAs

soci

ates

LLC

TMC

Mar

lbor

oLL

CM

arlb

oro

Low

e ’sBr

ooks

Edge

Plaz

aLL

CRo

yalP

ines

Sunr

iseAs

sist

edLi

ving

Sam

uelA

ssoc

iate

sD

ave

Mar

ion

Cor

pEx

clus

ive

Plaz

a

Mar

lbor

oM

arlb

oro

Plaz

aUn

ion

Hill

Nine

Asso

ciat

esLL

CTM

CM

arlb

oro

LLC

Amer

ican

Plaz

a,LL

CC

amel

otW

est A

tMar

lbor

o48

0Ro

ute

9Re

alitie

s,LL

CM

arlb

oro

Com

mon

sLL

CM

arlb

oro

Lowe

'sC

RP

Roy

alPi

nes

LLC

Broo

ksEd

gePl

aza,

LLC

0.63

%0.

42%

0.31

%0.

24%

0.20

%0.

19%

0.17

%0.

17%

0.17

%0.

16%

$45

,843

, 100

30.54

9 .100

22, 5

00, 0

0017

.468.10

014

, 627

, 000

13,7

00, 0

0012

.713

.10012

, 501

,900

12.1

32.100

11, 7

76, 2

00

$36

, 642

, 400

30, 5

49, 1

0022

, 500

,000

14,7

08, 2

0012

, 700

, 000

11, 4

00,0

009,

300,

000

8,80

1,00

08,

750,

000

7,50

1,60

0

0.53

%0.

44%

0.33

%0.

21%

0.18

%0.

17%

0.14

%0.

13%

0.13

%0.

11%

2L3S

&$

162,

852,

300

Tota

l2.

66%

$19

3,81

0,60

0To

tal

Sour

ce:

Mun

icipa

l Tax

Asse

ssor

s

Exhibit J-9

FREEHOLD REGIONAL HIGH SCHOOL DISTRICT

PROPERTY TAX LEVIES AND COLLECTION


Collected Within the Fiscal Year of the LevyCollections in

Percentage of Levy Subsequent YearsFiscal Year Ended Taxes Levied for the

Fiscal YearJune 30, Amount

100.00% $100.00% $100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%

2021 $ 140,379,308141,762,932138,392,857135,752,348132,253,371129,734,619125,566,418123,178,158120,833,006119,671,515

$ 140,379,308141,762,932138,392,857135,752,348132,253,371129,734,619125,566,418123,178,158120,833,006119,671,515

202020192018201720162015201420132012

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

158

Exhibit J-10


RATIOS OF OUTSTANDING DEBT BY TYPELAST TEN FISCAL YEARS

UNAUDITED

Governmental Activities

BondAnticipation

NotesParticipation Capital Leases (BANs) Total District

FiscalYear

EndedJune 30

GeneralObligation

Bonds

Percentage ofPersonalIncomea

Certificatesof

Per Capita a

2021 $ N/A $ 80$ 15,195,70417,553,35520,900,18923,203,37224,833,67026,275,41827,264,15024,741,9751,155,792

$ 15,195,70417,553,35526,105,18933,348,37239,673,67045,575,41850,804,15052,311,97531,400,00035,035,000

N/A 9220201372019 5,205,000

10,145,00014,840,00019,300,00023,540,00027,570,00031,400,00035,035,000

0.17%0.22%0.27%0.33%0.40%0.43%0.27%0.31%

1752018208201723620162622015271201416420131832012

N/A At the time of ACFR completion, this data was not yet available

Source: District ACFR Schedules 1-1, I-2

Note: Details regarding the district’s outstanding debt can be found in the notes to the basic financial statements.

a See J-14 for personal income and population data. These ratios are calculated using personal income andpopulation for the prior calendar year.

159

Exhibit J-11


RATIOS OF GENERAL BONDED DEBT OUTSTANDING


Percentage ofActual Taxable

Value ofProperty

SchoolDistrict

Population

FiscalYear Ended

June 30,

GeneralObligation

BondsNet AssessedValue Taxable Per Capita

0.00%0.00%0.02%0.03%0.05%0.06%0.08%0.10%0.11%0.12%

$$ n/a $ 33,534,379,67732,955,860,10732,463,608,00731,566,390,06330,801,298,21430,272,553,83129,832,515,46028,113,985,73028,077,229,72028,803,438,566

20212020 190,292

190,598191,140191,721193,282192,454192,804192,610191,737

2720192018

5,205,00010,145,00014,840,00019,300,00023,540,00027,570,00031,400,00035,035,000

53772017

10020161222015143201416320131832012

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

not available at the date the report was publishedSee J-6 for property tax data.Population data can be found in J-14.

n/aab

160

Exhibit J-12


RATIOS OF OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

AS OF JUNE 30. 2021UNAUDITED

EstimatedPercentage

Applicable (a)Estimated Share ofOverlapping DebtDebt OutstandingGovernmental Unit

Debt repaid with property taxesColts Neck TownshipEnglishtown BoroughBorough of FarmingdaleBorough of FreeholdFreehold TownshipHowell TownshipManalapan TownshipMarlboro Township

28,156,2941,991,129

766,97512,023,63857,894,06665,735,74916,175,00056,483,727

100.000% $100.000%100.000%100.000%100.000%100.000%100.000%100.000%

$ 28.156,2941,991,129

766,97512,023,63857,894,06665,735,74916,175,00056,483,727

Other debtMonmouth County

Colts Neck TownshipEnglishtown BoroughBorough of FarmingdaleBorough of FreeholdFreehold TownshipHowell TownshipManalapan TownshipMarlboro Township

481,238,393 Net Valuation2.338%0.210%0.135%0.863%5.211%5.726%5.437%5.525%

11,249,5181,010,755

648,1664,155,141

25,079,58327,555,43026,164,84726,590,493

3,080,714,657276,798,200177,502,100

1,137,898,0006,868,119,6007,546,137,9007,165,322,4007,281,886,820

361,680,510Subtotal, overlapping debtCounty Total Net Valuation

131,788,589,629

Freehold Regional High School District Direct Debt

$ 361,680,510Total Direct and Overlapping Debt

Note:Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the District.This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by theresidents and business of the regional district. This process recognizes that, when considering the District's ability toissue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken intoaccount, However, this does not imply that every taxpayer is a resident, and therefore responsible of repaying the debt,of each overlapping payment.

(a) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessedproperty values. Applicable percentages were estimated by determining the portion of another government unit's taxablevalue that is within the District's boundaries and dividing it by each unit's total taxable value

161

Exhi

bitJ

-13FR

EEHO

LDRE

GIO

NAL

HIG

HSC

HOO

LDI

STRI

CT

LEGA

LDE

BTM

ARG

ININ

FORM

ATIO

N

LAST

TEN

FISC

ALYE

ARS

UN

AUD

ITED

Fisc

alYe

arEn

ded

June

30,

2014

2012

2018

£017

2016

2015

2013

2 Q21

2019

2020

1,03

6,15

4,32

8$

757 ,

521.6

04$

948,

278,

226

$94

3,33

8,22

6$

916,

523,

946

$89

0,82

6,08

5$

893,

432 ,

552

$89

7, 823

, 311

$91

9,81

9,45

2$

948,

256,

347

$De

btLi

mit

35, 0

35, 0

0019

, 300

, 000

23, 5

40, 0

0031

, 400

, 000

14,8

40,0

0027

, 570

, 000

5,20

5,00

010

, 145

, 000

Tota

lNet

Debt

Appl

icabl

eto

Limit

884,

784,

452

$91

3,22

1,34

71

, 036

, 154

, 328

$75

7,52

1, 604

$94

3,07

3,22

6$

933,

193,

226

$90

1,68

3,94

6$

871,

526,

085

$86

9,89

2,55

2$

870,

253,

311

$$

Lega

lDeb

tMar

gin

Tota

lNet

Deb

t App

licab

leto

the

Lim

itas

aPe

rcen

tage

ofDe

btLi

mit

3.55

%2.

21%

2.71

%3.

17%

3.84

%0.

00%

1.09

%1.

65%

0.00

%0.

55%

Equa

lized

Valu

atio

nBa

sis

Year

CD K)

$34

, 013, 9

71, 0

0034

,399

, 557

, 968

35, 2

01, 9

03, 8

62

2019

2020

2021

[ A]

$10

3,61

5,43

2,83

0

[A/ 3

]$

34,5

38, 4

77, 6

10Av

erag

eEq

ualiz

edVa

luat

ion

ofTa

xabl

ePr

oper

ty

[ B]

$1, 0

36, 1

54, 3

28( a

)De

btlim

it( 3

%of

aver

age)

Netb

onde

dsc

hool

debt

asof

June

30, 2

021

Lega

ldeb

t mar

gin

[C]

[ B-C]

$1, 0

36, 15

4,32

8

Sour

ce:

Abst

ract

ofR

atab

les

and

Dis

trict

Rec

ords

.(a

) Lim

itse

tby

NJSA

18A :

24-19

fora

9 -12

dist

rict.

Exhibit J-14Sheet 1

FREEHOLD REGIONAL HIGH SCHOOL DISTRICTDEMOGRAPHIC AND ECONOMIC STATISTICS


Fiscal YearEnded June Per Capita Unemployment

Personal Income b Personal Income 0 RateSchool DistrictPopulation a d eCommunity30,

7.9%10.0%10.6%7.8%8.7%9.1%9.0%7.6%

N/AN/AColts NeckEnglishtownFarmingdaleFreehold BoroughFreehold Twp.HowellManalapanMarlboro

9,8411,9081,351

11,65834,67952,00639,22539,624

2020N/AN/AN/AN/A

N/A N/AN/AN/A

N/A N/AN/AN/AN/AN/A

2.7%2.9%3.6%2.8%2.9%3.2%2.8%2.7%

$ $9,8311,9141,356

11,70034,68552,02939,38439,699

811,558,881158,002,614111,939,156965,846,700

2,863,281,4354,295,045,9793,251,188,5843,277,192,149

82,55182,55182,55182,55182,55182,55182,55182,551

2019 Colts NeckEnglishtownFarmingdaleFreehold BoroughFreehold Twp.HowellManalapanMarlboro

2.9%3.5%4.9%3.3%

$ 79,47179,47179,47179,47179,47179,47179,47179,471

$ 784,299,299152,902,204104,981,191934,499,489

2,760,902,0114,139,405,9773,145,621,1223,167,475,647

9,8691,924


1,32111,75934,74152,08739,58239,857

3.5%3.7%3.3%3.0%

3.3%4.2%4.9%3.8%3.9%4.1%3.7%3.4%

$ 75,91675,91675,91675,91675,91675,91675,91675,916

9,898 $ 751,416,568146,593,796

97,855,724896,947,540

2,645,748,5163,957,121,5003,019,407,0683,039,600,724

Colts NeckEnglishtownFarmingdaleFreehold BoroughFreehold Twp.HowellManalapanMarlboro

20171,9311,289

11,81534,85152,12539,77340,039

163

Exhibit J-14Sheet 2



Fiscal YearEnded June Unemployment

RatedPer Capita

Personal Incomeb Personal Income 0

School DistrictPopulation a30, Community

725,375,817 $141,100,10194,188,519

865,525,9952,572,683,7683,801,299,5622,914,875,2613,008,259,999

3.7%4.5%5.5%4.1%4.1%4.5%

73,07173,07173,07173,07173,07173,07173,07173,071

9,927 $1,9311,289

11,84535,20852,02239,89141,169

2016 Colts NeckEnglishtownFarmingdaleFreehold BoroughFreehold Twp.HowellManaiapanMarlboro

4.1%3.8%

4.2%5.4%6.5%4.4%4.4%

Colts NeckEnglishtownFarmingdaleFreehold BoroughFreehold Twp.HowellManaiapanMarlboro

9,980 $1,9361,293

11,87535,31551,77739,99840,280

705,366,440 $136,832,608

91,386,654839,301,250

2,495,993,5703,659,494,8062,826,978,6442,846,909,840

70,67870,67870,67870,67870,67870,67870,67870,678

2015

5.1%4.4%4.0%

4.7%6.7%8.4%5.2%

10,027 $1,9431,299

11,92635,43851,76340,02040,388

675,739,584 $130,942,656

87,542,208803,716,992

2,388,237,6963,488,412,0962,697,027,8402,721,828,096

67,39267,39267,39267,39267,39267,39267,39267,392


2014

5.1%6.2%5.5%4.9%

3.1%6.4%6.1%7.0%6.4%7.6%7.0%5.9%

643,557,342 $123,741,371

83,495,081763,593,499

2,273,659,8533,285,566,5732,548,484,5192,582,406,392

63,88363,88363,88363,88363,88363,88363,88363,883

10,074 $1,9371,307

11,95335,59151,43139,89340,424


2013

164

Exhibit J-14Sheet 3



Fiscal YearEnded June Per Capita Unemployment

Personal Income b Personal Income 0 RatedSchool DistrictPopulation aCommunity30

7.6%7.1%5.0%

12.6%7.4%8.9%8.3%6.8%

636,211,910 $121,612,970

82,484,770755,111,150

2,250,376,3803,222,081,0502,488,995,2902,543,648,550

10,081 $1,9271,307

11,96535,65851,05539,43940,305

63,11063,11063,11063,11063,11063,11063,11063,110


613,838,120 $111,662,04079,836,540

727,864,3402,168,983,6003,096,954,5602,383,699,6402,442,743,520

60,62060,62060,62060,62060,62060,62060,62060,620

7.3%6.8%4.8%12.1%7.1%8.8%7.9%6.2%

10,126 $1,8421,317

12,00735,78051,08839,32240,296


a Population information provided by the NJ Dept of Labor and Workforce Developmentb Personal income has been estimated based upon the municipal population and per capita

personal income presented.0 Per capita personal income is based on the County of Monmouth and was computed using Census Bureau

midyear population estimates by the US Bureau of Economic Analysis.d Unemployment data provided by the NJ Dept of Labor and Workforce Developmente The sharp rise in unemployment in 2020 was the result of the COVID-19 pandemic

165

Exhi

bit J

-15

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIST

RICT

PRIN

CIP

ALEM

PLO

YER

S

CU

RR

ENT

YEAR

AND

NIN

EYE

ARS

AGO

UN

AUD

ITED

2012

2021

Perc

enta

geof

Tota

lEm

ploy

men

t

Perc

enta

geof

Tota

lEm

ploy

men

tEm

ploy

ees

Empl

oyer

Empl

oyee

sEm

ploy

er

Mer

idia

nH

ealth

Syst

em,N

eptu

neSa

kerS

hopr

ites

Inc .,

Free

hold

AirS

afet

yEq

uipm

entI

nc.H

olm

dei

Cent

raSt

ate

Hea

lthca

re,F

reeh

old

Mon

mou

thM

edic

alCe

nter

, Lon

gBr

anch

Visi

ting

Nur

seAs

soc

ofC

entra

lJer

sey

Hov

nani

anEn

terp

rises

Inc,

Red

Bank

Food

Circ

usSu

perm

arke

tsIn

c.M

iddl

etow

nM

onm

outh

Uni

vers

ity,W

est L

ong

Bran

chBa

ysho

reCo

mm

unity

Hea

lthSe

rvic

es,H

olm

dei

2.28

%2.

06%

1.32

%0.

71%

0.64

%0.

52%

0,49

%0.

39%

0.39

%0.

36%

3.53

%1.

02%

0.82

%0.

59%

0.46

%0.

34%

0.29

%0.

26%

0.25

%0.

24%

Hac

kens

ack

Mer

idia

nH

ealth

, Wal

lSa

kerS

hopr

ites

Inc .,

Free

hold

Cent

raSt

ate

Heal

thca

reIn

c ., F

reeh

old

RW

JBa

rnab

as-M

onm

outh

Med

ical C

ente

r,Lo

ngBr

anc

Mon

mou

thU

nive

rsity

,W

estL

ong

Bran

chVi

sitin

gN

urse

Asso

cof

Cen

tralJ

erse

y ,R

edBa

nkCo

mm

vaul

t,Ti

nton

Falls

Rena

issan

ceG

arde

ns-S

eabr

ook

Villa

ge,T

into

nFa

llsN

JR

esou

rces

,Wal

lFo

odCi

rcus

Supe

rmar

kets

Inc.,

Mid

dlet

own

11, 5

603 ,

327

2,68

11,

932

1,51

31,

099

7 ,50

06 ,

800

4,35

02,

354

2 ,10

01,

700

1 ,62

91,

300

1,29

01,

200

CD CD94

485

083

480

0

9.17

%7.

79%

30, 2

2325

, 540

Tota

lEm

ploy

men

t in

Cou

nty

327,

712

329,

571

Mos

trec

enta

vaila

ble

data

pres

ente

d .

Sour

ce:

Maj

orem

ploy

ers

prov

ided

byth

eM

onm

outh

Cou

nty

Div

isio

nof

Econ

omic

Dev

elop

men

t .To

tale

mpl

oym

ent p

rovi

ded

byth

eN

ewJe

rsey

Dep

artm

ent o

fLab

oran

dW

orkf

orce

Dev

elop

men

t

Exhi

bit J

-16FR

EEH

OLD

REG

IONA

LH

IGH

SCH

OO

LD

ISTR

ICT

FULL

-TIM

EE

QU

IVA

LEN

TDI

STRI

CTEM

PLO

YEES

BYFU

NC

TIO

N/P

RO

GR

AM

LAST

TEN

FISC

ALYE

ARS

( UNA

UDIT

ED)

2015

2012

2017

2016

2014

2013

2021

2020

2019

2018

Func

tion/

Pro

gra

m

Inst

ruct

ion

Reg

ular

Spec

iale

duca

tion

Oth

erIn

stru

ctio

n

620.

816

8.0

619.

616

8.0

593.

215

7.4

597.

619

3.6

616.

018

0.0

619.

917

7.9

627.

215

4.0

587.

615

1.4

590.

815

6.4

596.

217

0.0

2.0

21.7

4.0

2.0

2.0

3.0

21.7

21.7

21.7

12.5

Supp

ortS

ervic

es:

Stud

ent&

Inst

ruct

ion

Rel

.Svc

sSc

hool

Adm

inist

rativ

eSe

rvic

esG

ener

alan

dC

entra

lSer

vices

Plan

tOpe

ratio

ns&

Mai

nten

ance

Pupi

lTra

nspo

rtatio

nTo

tal

O22

3.0

223.

020

5.8

174.

817

7.3

191.

220

7.0

208.

517

2.0

176.

8-si

44.0

61.0

60.0

44.0

44.0

44.0

65.3

64.3

65.8

61.0

31, 5

31.3

31.3

36.0

36.0

36.0

28.1

28.0

36.0

28.1

118.

014

3.0

119.

014

6.0

117.

014

5.0

128.

514

8.0

128.

014

0.0

128.

014

1.0

124.

014

2.0

127.

014

2.0

118.

014

5.0

127.

014

1.0

1 ,35

6.8

1,35

4.6

1,35

9.0

1,30

5.0

1,31

1.4

1,32

3.0

1,35

5.2

1,34

8.0

1,35

3.3

1,29

4.1

Sour

ce:D

istri

ctR

ecor

ds

Exhi

bit J

-17

FRE

EH

OLD

REG

iON

ALH

IGH

SCH

OO

LD

ISTR

ICT

OPE

RAT

ING

STAT

ISTI

CS

LAST

TEN

FISC

ALYE

ARS

( UN

AUD

ITED

)

Aver

age

Dai

lyAv

erag

eD

aily

%C

hang

ein

Stud

ent

Atte

ndan

ceAv

erag

eD

aily

Atte

ndan

ce( A

DA) c

Enro

llmen

tPe

rcen

tage

Fisc

alYe

arEn

ded

June

Ope

ratin

gEn

rollm

ent

Expe

nditu

res

aC

ost P

erPu

pil

Teac

hing

Pupi

l / Tea

cher

Enro

llmen

tR

atio

Perc

enta

geC

hang

eSt

affb

( AP

E)c

30,

10, 2

39.8

10.4

16. 7

10.4

63.8

10.6

03.1

10,7

92.7

10, 9

08.0

11, 0

66.5

11.2

53. 9

11.2

47.1

11, 0

65.3

216,

555,

781

212,

866,

523

217,

071,

071

214 ,

387 ,

318

208,

222,

156

200 ,

651 ,

681

194,

111,

975

185,

727,

106

182 ,

030,

689

175,

985,

090

21,1

0720

, 372

20, 6

1020

, 095

19,5

2718

, 298

17, 1

7416

,361

15, 9

0515

,207

1.14

.51.

14.4

1.14

.41.

14.4

1.14

. 41:

14.2

1 :14

.81 :

15.2

1 :15

.81:

14.8

9.84

6.8

10, 0

19.6

9.85

3.99 ,

939.

110

,135

.710

.268

.410

, 412

.010

.558

.110

.573

. 510

.457

.2

( 1.7

0)( 0

.45)

( 1.3

1)( 1

.76)

( 1.0

6)(1

.43)

( 1.6

6)

10, 2

60.0

10, 4

49.0

10.5

32. 5

10.6

68.5

10, 8

13.0

10, 9

66.0

11.3

02.5

11, 3

52.0

11, 4

45.0

11, 5

73.0

3.61

%- 1

.15%

2.56

%2.

91%

6.72

%6.

54%

4.97

%2.

87%

4.59

%1.

41%

96.2

%96

.2%

94.2

%93

.7%

93.9

%94

.1%

94.1

%93

.8%

94.0

%94

.5%

2021

693

723

2020

2019

734

2018

748

<J)75

020

17co

2016

770

2015

771

0.06

2014

776

1.64

2013

768

( 4.5

6)74

920

12

Sour

ce:

Dis

trict

reco

rds

Not

e :En

rollm

entb

ased

onan

nual

Oct

ober

dist

rict c

ount

.

aO

pera

ting

expe

nditu

res

equa

l tot

alex

pend

iture

sle

ssde

btse

rvic

ean

dca

pita

l out

lay,

bTe

achi

ngst

aff i

nclu

des

only

full -t

ime

equi

vale

nts

ofce

rtific

ated

staf

f.c

Aver

age

daily

enro

llmen

t&av

erag

eda

ilyat

tend

ance

are

obta

ined

from

the

Scho

olR

egis

ters

.

Exhi

bitJ

-18FR

EEH

OLD

REG

iON

ALH

IGH

SCH

OO

LD

ISTR

ICT

SCHO

OL

BUIL

DING

INFO

RM

ATIO

N

LAST

TEN

FISC

ALYE

ARS

( UNA

UDIT

ED)

2021

2020

2012

2019

2018

2016

2015

2013

2017

W*

Dis

tric

tBu

ildin

g

Hig

hSc

hool

sC

olts

Neck

Hig

hSc

hool

( 199

8)Sq

uare

Feet

Cap

acity

(stu

dent

s )En

rollm

ent

Free

hold

Boro

ugh

Hig

hSc

hool

( 195

4)Sq

uare

Feet

Cap

acity

( stu

dent

s)En

rollm

ent

Free

hold

Tow

nshi

pH

igh

Scho

ol( 1

968)

Squa

reFe

etCa

pacit

y( s

tude

nts)

Enro

llmen

tHo

wellH

igh

Scho

ol( 1

962)

Squa

reFe

etC

apac

ity( s

tude

nts)

Enro

llmen

tM

anal

apan

Hig

hSc

hool

( 196

8)Sq

uare

Feet

Cap

acity

( stu

dent

s)En

rollm

ent

Mar

lbor

oH

igh

Scho

ol(1

966)

Squa

reFe

etC

apac

ity( s

tude

nts)

Enro

llmen

t

219,

490

1,74

81,

328

219,

490

1,74

81,

316

219,

490

1,74

821

9,49

01 ,

748

1,45

0

219, 4

901, 7

481,

352

219,

490

1,74

81,

430

219,

490

1,74

81,

457

219,

490

1, 748

1,49

3

219,

490

219,

490

1.74

81.

478

1,74

81,

403

1,51

3

187,

256

1,56

41,

314

187,

256

1,56

41,

357

187.

256

1,56

41,

377

187.

256

1 ,56

41,

451

187,

256

1,56

418

7,25

61,

564

1,42

2

187,

256

1,56

4

1,47

8

187,

256

1,56

418

7,25

61,

564

1,58

0

187,

256

1,56

41,

566

1,36

11,

551

258,

840

2,22

425

8.840

2,22

425

8,840

2,22

42.

047

258, 8

402,

224

258,

840

2,22

42,

062

258,

840

2,22

42,

102

258, 8

402,

224

2,09

1

258,

840

2,22

42,

127

258,

840

2,22

42,

034

258,

840

2,22

41,

996

2.02

12,

041

2,16

2G

)CD

249 ,

497

2,27

42,

039

249.

497

2.27

42.

082

249.

497

2,27

42,

099

249.

497

2,27

42,

085

249,

497

2,27

42,

154

249,

497

2,27

42,

217

249,

497

2,27

42,

112

249,

497

2,27

42,

252

249,

497

2,27

42,

299

249,

497

2.27

42 ,

456

256,

293

2.34

11,

805

256,

293

2,34

11,

850

256,

293

256,

293

256,

293

2,34

11,

908

256,

293

2,34

11,

934

256,

293

256.

293

256,

293

256,

293

2,34

11,

948

2.34

12,

341

2.34

11,

991

2,34

12,

341

1,85

31,

923

1,91

71,

890

264,

142

2,45

01,

792

264.

142

2.45

026

4,14

22,

450

1.81

8

264,

142

2,45

01,

849

264,

142

2, 450

1,91

9

264,

142

2,45

01,

937

264,

142

2,45

01,

956

264,

142

2,45

01,

950

264.1

422,

450

1, 971

264.

142

2,45

01,

920

1,81

1

Oth

erAd

min

istra

tionB

uild

ing

( 198

2)Sq

uare

Feet

Tran

spor

tatio

nSq

uare

Feet

Mai

nten

ance

Offi

ces

Squa

reFe

et

22, 0

0022

, 000

22, 0

0022

, 000

22, 0

0022

, 000

22, 0

0022

, 000

22, 0

0022

.000

9.60

09,

600

9,60

09,

600

9,60

09,

600

9,60

09,

600

9,60

09,

600

400

400

400

400

400

400

400

400

400

400

Num

bero

f Sch

ools

atJu

ne30

, 202

1H

igh

Scho

ol=6

Oth

er=3

Sou

rce:

Dist

rict r

ecor

ds.AS

SA

Not

e :Ye

arof

orig

inal

cons

truct

ion

issh

own

inpa

rent

hese

s .In

crea

ses

insq

uare

foot

age

and

capa

city

are

the

resu

ltof

addi

tions

.En

rollm

ent is

base

don

the

annu

alO

ctob

erdi

stric

t cou

nt.

Exhi

bitJ

-19FR

EEH

OLD

REG

ION

ALH

IGH

SCH

OO

LD

ISTR

ICT

GEN

ERAL

FUND

SCH

EDU

LEO

FAL

LOW

ABLE

MAI

NTE

NAN

CE

FOR

SCH

OO

LFA

CIL

ITIE

S

LAST

TEN

FISC

ALYE

ARS

END

ING

JUN

E30

UNAU

DITE

D

Undi

strib

uted

Expe

nditu

res

-Req

uire

dM

aint

enan

cefo

r Sch

oolF

acilit

ies

11-00

0 -261

-XXX

Tota

lP

roje

ct( #

) s20

2020

1920

1820

1720

1620

1520

1420

12Sc

hool

Facil

ities

2021

2013

$58

4,92

1$

553,

134

$31

1,40

137

4 ,63

232

5,00

132

6,99

633

5,72

82,

434,

785

2,25

8,67

92,

313,

630

2,41

4,81

5

513,

687

316,

229

446.

244

380,

272

401,

235

357,

148

$39

4 ,64

1$

342,

022

473,

569

473,

569

473 ,

569

473,

569

2,63

0,93

924

, 950

, 593

$52

7,40

829

0,39

838

5,00

036

2,18

439

5,71

534

8,51

4

782,

460

$34

0,25

541

6,26

640

4 ,74

436

4,03

836

5,18

52,

672,

948

2,67

9,55

1

$67

3,82

437

9,28

038

9,20

343

1 ,80

636

4,38

638

5,40

7

583 ,

941

$31

7,77

943

5,21

538

7,88

336

6,30

334

3,66

4

$49

1,65

038

8,51

441

3,92

835

6,26

945

3,71

550

8,04

5

5,75

7,54

63,

417, 2

754,

152,

188

3 ,91

4,47

33,

875,

071

3,83

4,04

0

Colts

Nec

kH

igh

Scho

olFr

eeho

ldBo

roug

hH

igh

Scho

olFr

eeho

ldTo

wns

hip

Hig

hSc

hool

How

ellH

igh

Scho

olM

anal

apan

-Engl

ishto

wnH

igh

Scho

olM

arlb

oro

Hig

hSc

hool

Tota

l Sch

oolF

acilit

ies

NA

$65

1,88

041

7,55

942

7,90

741

7 ,37

438

4,03

638

0,79

5

313 ,

838

390 ,

224

375,

371

345,

078

335,

985

NA NA NA NA NA

2,30

9,21

92,

623,

906

2,61

2,12

1O

Oth

erFa

cilit

ies

$2,

434,

785

$2,

258,

679

$2,

313,

630

$2,

414,

815

$2,

612,

121

$2,

630,

939

$24

,950

,593

$2,

309 ,

219

$2,

672,

948

$2,

679,

551

$2,

623,

906

Gra

ndTo

tal

Scho

olfa

cilit

ies

asde

fined

unde

r EFC

FA.

( N.J .

A .C.6

A:26

-1.2an

dN.

J.A .C

.6 A:2

6 A-1.

3)

Sour

ce:

Dist

rictr

ecor

ds

Exhi

bitJ

-20

FREE

HO

LDR

EGIO

NAL

HIG

HSC

HO

OL

DIS

TRIC

T

INSU

RAN

CE

SCH

EDU

LE

FOR

THE

YEAR

END

EDJU

NE

30.2

021

UNAU

DITE

D

Dedu

ctib

ie/R

eten

tion

Cov

erag

e

USI

Insu

ranc

eSe

rvice

sPr

oper

tyE

quip

men

t Bre

akdo

wn( In

clud

edin

Prop

erty

)$

Floo

d,ea

choc

curre

nce

Earth

quak

e ,ea

choc

curre

nce

Oth

erlo

sses

25, 0

0025

,000

5,00

0

$ 356

, 841

, 272

$ 3, 0

00,0

00G

ener

alAg

greg

ate

$ 1, 0

00,0

00Ea

chW

rong

fulA

ctor

Offe

nse

/ $3,

000,

000

Aggr

egat

$ 1, 0

00, 0

00pe

r occ

urre

nce/

aggr

egat

e$ 2

50, 0

00lim

it$ 1

0 ,00

0,00

0$ 1

0QK -$

500K

,de

pend

ing

onty

pe$ 1

,000

, 000

Gen

eral

Liab

ility

Scho

olD

istri

ctan

dEd

ucat

ors

Lega

lLia

bilit

yEm

ploy

men

t Pra

ctic

esC

yber

Com

mer

cial

Umbr

ella/

Exce

ssLi

abilit

yC

rime

Auto

mob

ile

10, 0

0010

, 000

2,50

010

, 000

1,00

01,

000

1,00

0C

ompr

ehen

sive

dedu

ctib

leC

ollis

ion

dedu

ctib

le

50, 0

00or

75, 0

00de

pend

ing

onco

nditio

n$ 1

, 000

, 000

per o

ccur

renc

e/$ 3

, 000

, 000

aggr

egat

eEn

viron

men

talIm

pairm

ent L

iabi

lity

1,00

0$ 7

00,0

00Bo

ard

Secr

etar

y

N/ A

Stat

utor

yW

orke

rsC

ompe

nsat

ion

-Sel

f -Insu

red

with

PMA

asTP

A

Sou

rce :

Dis

trict

Rec

ords

SINGLE AUDIT SECTION

EXHIBIT “K-1"


308 East Broad Street , Westf ie ld , New Jersey 07090 - 2122

Fax 908 -789-8535Te lephone 908-789-9300E-mai l in [email protected]

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROLOVER FINANCIAL REPORTING AND ON COMPLIANCE AND

OTHER MATTERS BASED ON AN AUDIT OF BASIC FINANCIALSTATEMENTS PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS



We have audited, in accordance with the auditing standards generally accepted in the UnitedStates of America, and the standards applicable to financial audits contained in Government AuditingStandards issued by the Comptroller General of the United States and in compliance with the auditrequirements as prescribed by the Office of School Finance, Department of Education, State of NewJersey, the financial statements of the governmental activities, the business-type activities and eachmajor fund of the Freehold Regional High School District (the "District") as of and for the year endedJune 30, 2021, and the related notes to the financial statements, which collectively comprise theDistrict’s basic financial statements, and have issued our report thereon dated February 1, 2022.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the District'scontrol over financial reporting (internal control) as a basis for designing audit procedures that areappropriate in the circumstances for the purpose of expressing our opinions on the financialstatements but not for the purpose of expressing an opinion on the effectiveness of the District’sinternal control. Accordingly, we do not express an opinion on the effectiveness of the FreeholdRegional High School District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allowmanagement or employees, in the normal course of performing their assigned functions, to prevent, ordetect and correct, misstatements on a timely basis. A material weakness is a deficiency, or acombination of deficiencies, in internal control, such that there is a reasonable possibility that amaterial misstatement of the District’s financial statements will not be prevented, or detected andcorrected 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 meritattention by those charged with governance.

172


Our consideration of internal control was for the limited purpose described in the firstparagraph of this section and was not designed to identify all deficiencies in internal control that mightbe material weaknesses or significant deficiencies. Given these limitations, during our audit we did notidentify any deficiencies in internal control that we consider to be material weaknesses. However,material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the District’s financial statements are freefrom 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 andmaterial effect on the determination of financial statement amounts. However, providing an opinion oncompliance with those provisions was not an objective of our audit, and accordingly, we do notexpress such an opinion. The results of our tests disclosed no instances of noncompliance or othermatters that are required to be reported under Government Auditing Standards and the auditrequirements as prescribed by the Office of School Finance, Department of Education, State of NewJersey.

Purpose of This Report

The purpose of this report is solely to describe the scope of our testing of internal control andcompliance and the results of that testing, and not to provide an opinion on the effectiveness of theDistrict’s internal control or on compliance. This report is an integral part of an audit performed inaccordance with Government Auditing Standards in considering the District’s internal control andcompliance. Accordingly, this communication is not suitable for any other purpose.

CERTIFIED PUBLIC ACCOUNTANTS

(AJ ijLyL-PUBLIC SCHOOL ACCOUNTANT NO. 948

February 1, 2022

173

EXHIBIT “K-2"


308 East Broad Street , Westf ie ld , New Jersey 07090 - 2122

Fax 908 -789-8535Telephone 908 -789- 9300E-mai l info@scnco . com

INDEPENDENT AUDITOR'S REPORT ON COMPLIANCEWITH REQUIREMENTS APPLICABLE TO EACH MAJOR FEDERAL

AND STATE FINANCIAL ASSISTANCE PROGRAMS AND ONINTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE

WITH THE UNIFORM GUIDANCE AND NEW JERSEY OMB CIRCULAR 15-08



Report on Compliance for Each Major Federal and State Program

We have audited the Freehold Regional High School District’s compliance with the types ofcompliance requirements described in the OMB Compliance Supplement and the New Jersey OMBState Grant Compliance Supplement that could have a direct and material effect on each of theFreehold Regional High School District’s major federal and state programs for the year ended June30, 2021. The District’s major federal and state programs are identified in the summary of auditor’sresults 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 Freehold RegionalHigh School District’s major federal and state programs based on our audit of the types of compliancerequirements referred to above. We conducted our audit of compliance in accordance with auditingstandards generally accepted in the United States of America; the standards applicable to financialaudits contained in Government Auditing Standards, issued by the Comptroller General of the UnitedStates; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance) and New Jersey OMB 15-08. Those standards, the Uniform Guidance and NewJersey OMB 15-08 require that we plan and perform the audit to obtain reasonable assurance aboutwhether noncompliance with the types of compliance requirements referred to above that could havea direct and material effect on a major federal or state program occurred. An audit includesexamining, on a test basis, evidence about the Freehold Regional High School District’s compliancewith those requirements and performing such other procedures as we considered necessary in thecircumstances.

174


We believe that our audit provides a reasonable basis for our opinion on compliance for eachmajor federal and state program. However, our audit does not provide a legal determination of theFreehold Regional High School District's compliance.

Opinion on Each Major Federal and State Program

In our opinion, the Freehold Regional High School District complied, in all material respects,with the types of compliance requirements referred to above that could have a direct and materialeffect on each of its major federal and state programs for the year ended June 30, 2021.Report on Internal Control Over Compliance

Management of the Freehold Regional High School District is responsible for establishing andmaintaining effective internal control over compliance with the types of compliance requirementsreferred to above. In planning and performing our audit of compliance, we considered FreeholdRegional High School District’s internal control over compliance with the types of requirements thatcould have a direct and material effect on each major federal and state program to determine theauditing procedures that are appropriate in the circumstances for the purpose of expressing anopinion on compliance for each major federal program and to test and report on internal control overcompliance in accordance with the Uniform Guidance and New Jersey OMB 15-08, but not for thepurpose of expressing an opinion on the effectiveness of internal control over compliance.Accordingly, we do not express an opinion on the effectiveness of the Freehold Regional High SchoolDistrict’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of acontrol over compliance does not allow management or employees, in the normal course ofperforming their assigned functions, to prevent, or detect and correct, noncompliance with a type ofcompliance requirement of a federal or state program on a timely basis. A material weakness ininternal control over compliance is a deficiency, or combination of deficiencies, in internal control overcompliance, such that there is a reasonable possibility that material noncompliance with a type ofcompliance requirement of a federal or state program will not be prevented, or detected andcorrected, 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 compliancerequirement of a federal or state program that is less severe than a material weakness in internalcontrol 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 inthe first paragraph of this section and was not designed to identify all deficiencies in internal controlover compliance that might be material weaknesses or significant deficiencies. We did not identify anydeficiencies in internal control over compliance that we consider to be material weaknesses. However,material weaknesses may exist that have not been identified.

The purpose of this report on internal control over compliance is solely to describe the scopeof our testing of internal control over compliance and the results of that testing based on therequirements of the Uniform Guidance and State of New Jersey OMB 15-08. Accordingly, this reportis not suitable for any other purpose.

CERTIFIED PUBLIC ACCOUNTANTS

PUBLIC SCHOOL ACCOUNTANT NO. 948February 1, 2022

175

SCH

EDU

LEA

EXHI

BIT

K -3FR

EEHO

LDRE

GIO

NAL

HIG

HSC

HOO

LD

ISTR

ICT

SCHE

DULE

OF

EXPE

NDIT

URES

OF

FEDE

RAL

AWAR

DS

FOR

THE

FISC

ALYE

ARS

END

EDJU

NE

30.2

021

FEDE

RAL

CFDA

NUM

BER

GRA

NTO

RST

ATE

PRO

JECT

NUM

BER

ADJU

STED

BALA

NCE

ATJU

NE

30,20

20

REPA

YMEN

TO

FP

/ Y'S

BALA

NCE

BALA

NCE

JUNE

30.20

21FE

DERA

LG

RAN

TOR

/PAS

S -THR

OUG

HG

RA

NTO

R/ P

RO

GR

AMTI

TLE

FED

ERAL

AWAR

DID

ENTI

FICA

TIO

NNU

MBE

RAW

ARD

AMO

UN

TG

RANT

PERI

OO

BUDG

ETAR

YEX

PEN

DIT

UR

ESC

ASH

REC

EIVE

D( A

CCO

UNTS

UNEA

RNED

RECE

IVAB

LE)

REV

ENU

EG

RAN

TOR

DUE

FRO

MTO

Gen

eral

Fund

:U .S

.Dep

artm

ento

f Hea

lthan

dH

uman

Serv

ices

Pas

sed -

thro

ugh

Stat

eD

epar

tmen

t of E

duca

tion:

Med

ical

Assi

stan

cePr

ogra

m( S

EMI)

FFC

RA /

SEM

iTo

tal G

ener

alFu

nd

93.7

7893

.778

2005

NJ5

MAP

N/ A

511

5.90

012

, 067

7/1/

2020

1/1 /

2020

6 /30

/ 202

1S

12/3

1/20

205

115,

900

$

12.06

7( 1

15.9

00)

S( 1

2.067

)$

S$

N/A

127.

967

( 127

.967

)

Spe

cial

Rev

enue

Fund

:U .S

.Dep

artm

ento

f Edu

catio

nPa

ssed

-throu

ghSt

ate

Depa

rtmen

t ofE

duca

tion :

Spec

ial E

duca

tionC

lust

erI. D

. E.A.

Part

BBa

sicI. D

. E.A.

Part

BBa

sic

Tota

lSpe

cial

Educ

atio

nC

lust

er

84.0

2784

.027

H02

7 A20

0100

H02

7A19

0100

IDEA

1650

20ID

EA16

5019

2,22

7,36

32 ,

140,

331

7/1/

2020

7/1/

2019

6 /30

/ 202

16/

30/ 2

020

1,94

4, 644

400 ,

389

( 2.19

8, 637

)( 2

53, 9

93)

( 400

, 389

)( 4

00, 38

9)2,

345,

033

( 2, 1

98, 6

37)

( 253

, 993

)

TitleI .Pa

rtA

Basi

cTi

tlel,

Part

ABa

sic

Title

II,Pa

rtA

Teac

her&

Prin

cipa

lTra

inin

gTi

tleII .P

artA

Teac

her&

Prin

cipa

l Tra

inin

gTi

tleIII

Title

IIITi

tleIII,I

mm

igra

ntTi

tleIII.Im

mig

rant

Title

IVTi

tleIV

Voca

tiona

lEdu

catio

n-Pe

rkin

sVo

catio

nalE

duca

tion

-Perk

ins

84.0

1084

.010

84.3

6784

.367

84.3

6584

.365

84.3

6584

.365

84.4

2484

.424

84.0

4884

.048

S010

A 200

030

SO10

A190

030

S367

A 200

029

S367

A190

029

S36

5 A20

0030

S36

5 A19

0030

S365

A20

0030

S365

A190

030

S42

4A20

0031

S 424

A190

031

V048

A20

0030

V048

A190

030

NC

LB16

5020

NCLB

1650

19N

CLB

1650

20NC

LB16

5019

NC

LB16

5020

NC

LB16

5019

NCLB

1650

20NC

LB16

5019

NCLB

1650

20NC

LB16

5019

744.

986

709 ,

199

208.

327

188.

684

32, 3

6422

,043

11, 2

677 ,

780

56, 1

5244

,968

29, 1

8227

.381

7/1/

2020

7/1 /

2019

7/1/

2020

7 /1/

2019

7/1/

2020

7/1/

2019

7/1/

2020

7/1/

2019

7/1/

2020

7/1/

2019

7/1/

2020

7/1

/ 201

9

6 /30

/ 202

16 /

30/2

020

6 /30

/ 202

16/

30/2

020

6/30

/ 202

16 /

30/ 2

020

6/30

/ 202

16 /

30/ 2

020

6/30

/ 202

16 /

30/ 2

020

6 /30

/ 202

16/

30/ 2

020

354 ,

929

239,

337

67.6

0062

, 908

15.6

162.

174

1.24

52,

527

35, 3

31

( 613

, 519

)( 2

58, 5

90)

( 239

,337

)( 9

1, 673

)( 4

5,23

0)( 2

5,88

0)

( 24,

073)

( 17,

678)

( 10,

264)

( 2.17

4)( 1

.245

)( 2

.527)

( 42.

689)

( 7.3

58)

( 663

)66

315

, 777

2.37

2( 9

.159)

N/ A

( 24,

936)

-v ! CDN

/ A( 2

.372

)

Educ

atio

nSt

abiliz

atio

nFun

dCA

RES

-ESSE

RFTo

talE

duca

tion

Stab

ilizat

ion

Fund

84.4

25D

S42

5 D20

0027

554.

239

3/13

/ 20

554.

239

( 554

, 239

)N/

A9/

30/ 2

255

4,23

9( 5

54, 2

39)

U .S .

Depa

rtmen

t of T

reas

ury

Pass

ed-thr

ough

Stat

eDe

partm

ent o

fEdu

catio

n :Co

rona

virus

Relie

fFun

d :CR

F-No

npub

licTe

chno

logy

CR

F-Br

idgi

ngth

eD

igita

l Div

ide

CR

F-LE

AR

eope

nTo

tal C

oron

avtru

sRe

liefF

und

21.0

1921

.019

2101

9

S377

A13

0031

N/A

14.6

6041

6 ,34

442

1.02

7

7/16

/ 202

07/

16/ 2

020

9/1/ 2

020

10/ 3

1/20

2010

/31 /

2020

12/ 3

0/20

20

14.6

6041

6,34

442

1.02

7

( 14.

660)

( 416

,344

)( 4

21, 0

27)

N/ A

N/ A

21-51

20-51

7N

/A( 8

52, 0

31)

852.

031

Uni

ted

Stat

esD

epar

tmen

t of D

efen

se:

JROT

CTo

talS

peci

alRe

venu

eFu

nd12

.357

24.6

327/

1 /20

206/

30/ 2

021

19,7

83( 2

4,63

2 ?(4

, 849)

N/ A

N/A

( 4.4

74, 7

11)

( 665

, 140

)4.

571.5

65( 5

68.2

86)

Ente

rpris

eFu

nd:

U .S.

Depa

rtmen

t of A

gric

ultu

rePa

ssed

-throu

ghSt

ate

Depa

rtmen

tof E

duca

tion;

Child

Nutri

tion

Clus

ter

Scho

olBr

eakf

astP

rogr

amSc

hool

Brea

kfas

t Pro

gram

-COVI

DC

omm

odity

Supp

lem

enta

lFoo

dPr

ogra

mC

omm

odity

Supp

lem

enta

l Foo

dPr

ogra

mNa

tiona

l Sch

oolL

unch

Prog

ram

Nat

iona

l Sch

oolL

unch

Prog

ram

-CO

VID

Heal

thy

Hung

erFr

eeKi

dsAc

tHe

alth

yHun

ger F

ree

Kids

Act

Child

Nutri

tionP

rogr

amEm

erge

ncy O

pera

ting

Cost

s10

.555

Tota

l Chi

ldNu

tritio

nCl

uste

r

10.5

5310

.553

10.5

5510

.555

10.5

5510

.555

10.5

5110

.551

( 1.7

78)

211N

J304

N109

920

1NJ3

04N

1099

211N

J304

N109

920

1NJ3

04N1

099

211N

J304

N109

920

1NJ 3

04N1

099

211N

J304

N10

9920

1NJ3

Q 4N1

099

211N

J304

N10

99

N/A

21, 5

3118

, 745

15,5

9289

,729

38.5

1250

, 220

7/1

/ 202

07/

1/20

197/

1/20

207 /

1/20

197/

1/20

207/

1/20

197/

1/20

207/

1/20

197/

1/20

20

6 /30

/ 202

16/

30/ 2

020

6 /30

/ 202

16 /

30/ 2

020

6 /30

/ 202

16 /

30/ 2

020

6/30

/ 202

16 /

30/ 2

020

6/30

/202

1

19, 7

533.

311

15.3

32

( 21.

531)

N/A

( 3.3

11)

(15,

332 )

N/A

260

(260

)N/

A( 3

8,51

2)( 7

.087

)31

, 425

5.132

N/ A

( 5.13

2)N

/ AN

/ A76

870

4( 7

68)

( 64)

N/A

14.43

151

, 784

(105

)10

5( 5

1,78

4 )( 5

1, 784

)N/

A75

, 762

( 128

.187

)(6

0 ,71

3)( 6, 2

88)

75.7

62( 1

28, 1

87)

( 60 ,

713)

( 8.2

68)

Tota

lEnt

erpr

ise

Fund

4 ,77

5.29

4$

( 4.7

30.66

S)$

$( 6

28, 9

99)

$$

5( 6

73, 4

28)

6To

tal F

eder

alFi

nanc

ialA

ssis

tanc

e

See

acco

mpa

nyin

gno

tes

tosc

hedu

les

offin

anci

alas

sist

ance

.

Exm

ar-K -4-

SCHE

DULE

“ B"

FREE

HOLD

REG

IONA

LHIG

HSC

HOO

LDI

STRI

CT

EQB -

THE .F ) $

CALI

E »fl£

NP. £P

Jy.M

UtU

ga

i

MEM

OBA

LANC

EJU

NE

30,

2020

ADJU

STM

ENTS'

REPA

YMEN

TOF

PRIO

RYE

ARS

BALA

NCES

CUM

ULAT

IVE

TOTA

LBA

LANC

EJU

NE30

.202

1BU

DGET

ARY

RECE

IVAB

LEGR

ANT

OR

STAT

EPR

OJEC

TNU

MBE

RBU

DGET

ARY

EXPE

NDIT

URES

AWAR

DAM

OUNT

GRA

NTPE

RIOD

DUE

STAT

E/fA

CGTS

REC

)

CA

SH

RECE

IVED

{ ACC

OUN

TSRE

CEIV

ABLE

)

UNEA

RNED

REVE

NUE

DU

EG

RANT

OR

STAT

EG

RANT

OR

/ PR

OG

RAM

TITL

ESt

ate

Dep

artm

ent o

f Edu

catio

nG

ener

alFu

nds.

Stat

eA

dPu

blic

Clus

ter

Cate

goric

alSp

ecia

l Edu

catio

nA

dEq

ualiz

atio

nA

dCa

tego

rical

Secu

rity

Aid

Cate

goric

alSp

ecia

l Edu

catio

nA

dEq

ualiz

atio

nA

dCa

tego

rical

Secu

rity

A «a

Tota

l Sta

teAd

Publi

c Clu

ster

7.03

0 .185

36.93

3, 216

735.

594

7.03

0 .165

31, 1

50, 5

3173

5.59

4

$69

1.63

93, 6

33.54

072

.369

6,34

6.430

26.1

20,8

3366

4,05

0

Ss

20-49

5 -034-51

20-08

9S

20-495

-034-512

0 -078

20-495

-034 -5

120 -0

8421

-495-034

-5120

-08921

-495 -0

34-51

20-078

21-49

5 -034

-5120

-004

7.03

0 .105

7/1/

2019

36.93

3,21

67 /

1/20

1973

5.59

47/

1/20

197.

030, 1

057/

1/20

2031

, 150, 5

317/

1/20

2073

5.59

47/

1/20

20

S/3 D

/ 202D

S6/

30/20

206 /

30/ 20

206/3

0 /20

216/ 3

0 /20

216 /

30/ 2

021

<691.

639)

S( 3

.633

.540)

( 72,

369)

683.

755

3, 029

, 698

71, 5

44

5$

(7, 0

30.1

85)

( 31.

150 .53

1)( 7

35,5

94)

683.

755

3, 029

, 698

71, 5

4439

, 528

.861

( 38.9

16.310

)( 6

12, 5

51)

3,78

4,99

783

, 615

, 305

1 ,01

6.395

1.81

6,39

52,

816.9

633.

775 .20

810

9,79

09.

641

21.4

28.18

46.7

15.259

5.654

.8775,

677,

663

2049

5 -034 -5

120 -014

2149

5034

-5120

-014

204

95-03

4 -512

0 -044

2149

5 -034

-5120

-044

21-100

-034 -5

120 -0

6621

495 -0

34-50

94-00

421

495 -0

34-50

94-002

2149

5 -034

-5094

-001

2149

5 -034

-5095

-051

2049

5 -034

-5095 -0

51

1,81

6.395

7/1/

2019

1,81

6.395

7/1/ 2

020

2.81

G .963

7/1/

2019

3 ,77

5.208

7/1/

2020

109.

790

7/1/

2020

9.64

17/

1/2

020

21.4

28, 1

847/

1 /20

206.

715,

259

7/1

/ 2020

5.654

.877

7 /1

/ 202

05.6

77, 6

637/ 1

/201

9

178,

699

1 ,63

9.73

32,

816.

963

( 178

.699)

176,

662

Cate

goric

alTr

ansp

orta

tion

Aid

Cat

egor

ical

Tran

spor

tatio

nAi

dEx

traor

dina

ryS

peci

alEd

ucati

onC

osts

Ad

Extra

ordi

nary

Spe

cial

Educ

ation

Cos

tsAi

dN

cn-Pub

leTr

ansp

orta

tion

Cost

sAd

On -b

ehal

fLon

g -term

Dis

abilit

y Ins

uran

ceOr

vbeh

aNTP

AFPe

nsio

nO

n -beh

alf T

PAF

Post

Ret

rem

entM

edica

lRe

imbu

rsed

TPAF

Soc

ialS

ecur

ityRe

imbu

rsed

TPAF

Socia

lSec

urity

Tota

l Gen

eral

Fund

s

6/30

/ 202

06/

30/ 2

021

6/30

/ 202

06 /

3 C/ 2

021

6 /3 C

/ 202

16/

3 C/ 2

021

6/30

/ 202

16/

30/ 2

021

6/30

/ 202

16/

30/ 2

020

( 1.8

16, 3

95)

176.

662

( 2, 8

16, 9

63)

( 3.7

75, 2

08)

( 189

.790)

( 9, 6

41)

( 21.

428, 1

84)

( 8, 71

5 ,25

9)( 5

,654

,877

)

( 3.7

75.208

)( 1

89, 7

90)

3.77

5 .208

109,

790

9.64

121

.428

.1846.7

15.25

95.6

54.877

276,

394

( 278

.394

)( 3

.095

.357)

76.25

0, 611

( 3,9

64, 9

98)

7.926

, 657

( 78,

505.

664)

( 614

.586

)13

3.51

5 .680

Spe

cial

Rev

enue

Fund

N. J

.Nonp

uble

Ard .

Text

book

Aid

Textb

ookA

dN

ursi

ngSe

rvice

sN

ursi

ngSe

rvic

esTe

chno

logy

Ad

Secu

rity

Ad

Socu

rity

Ad

Exam

and

Cla

ssifi

catio

n..

. ,yCa

reer

Pat

hway

s-Vo

catio

nalA

d

16.0

5521

.077

23,9

8335

,190

9.39

748

,113

60,3

751 ,

300

99.9

54

20-100

-034 -5

120 -

064

2MO

O-034

-5120 -0

6420

-100-03

4 -5120

-07021

-100 -0

34-51

20-070

20-100

-034 -5

120 -3

7320

-100 -0

34-51

20-50

921

-100 -0

34-51

20-50

921

-100 -0

34-51

20-06

621

-100 -03

4 -506

2 -032

6 /30

/ 202

06 /

30/ 2

021

6/30

/ 202

06/

30/ 2

021

6/30

/2020

6/30

/ 202

06/

30/ 2

021

6/30

/ 202

12/

28/ 2

021

1.23

416

,055

7/1/

2019

21.07

77/

1/20

2023

.9B3

7/1/

2019

35.1

907/

1/20

209.

397

7/1/

2019

48.1

137/

1 /20

1960

.375

7 /1/ 2

020

1.30

07 /

1 /20

2099

.954

3 /1/

2020

( 1.2

34)

21, 0

78( 1

4.009

)6,

969

7.83

3( 7

.833)

( 24.4

39)

35,1

9110

, 752

2.41

11.

087

( 2A1

1)(1

, 087

)60

.375

1 ,170

08.6

97

( 41.

825)

18,5

501 ,

300

( 130

)( 1

0,98

0)( 4

.609

)( 9

4.86

6)( 1

0.98

0)

-J( 1

75, 2

21)

( 12.

565)

( 10.

980)

315,4

44To

talS

peci

alRe

venu

eFu

nd7 ,

756

206.

511

( 11 ,

110)

37.5

91

Ent

erpr

ise

Fund

:Na

tiona

lSch

ool L

unch

Prog

ram

( Sta

teSh

are)

Natio

nalS

choo

l Lun

chP

rogr

am( S

tate

Shar

e)•C

OVI

DNa

tiona

l Sch

ool L

unch

Prog

ram

( Sta

teSh

are)

Tota

lEnt

erpr

ise

Fund

14.5

187/ 1

/201

96 /

30/ 2

020

190

7/1/

2020

6 /30

/202

11

684

7/ 1/ 2

020

6 /30

/ 202

1

3.882

14, 5

1820

-100 -0

10-33

50-023

21-10

0 -034 -5

120 -1

2221

-100 -0

34-51

20-12

2

( 3.8

82)

3.88

2( 1

90)

190

190

( 190

)

( 1,8

74)

232

1.66

41.

452

( 232

)

( 3.8

82)

5 ,33

4( 4

22)

16.3

924 ,

304

New

Jers

eyEc

onom

icD

evel

opm

ent A

utho

rity

Cap

ita!

Proj

ects

Fund

:To

talC

apita

lPro

ject

s Fun

d16

50-XX -

21-100

066

6.20

77/

1/20

206 /

30/ 2

022

( 97.

076)

( 97.

076)

686,

207

97, 0

76( 9

7.076

)( 9

7.07

6)

Tota

l Sta

teFi

nanc

ialAs

sista

nce

6( 3, 0

91,4

83)

$70

.462

.456

$(4, 0

73.60

6)$

$37

,591

S7 ,

919.

961

$13

3.647

, 516

Less.O

n -Beh

alfam

oier

tsno

tutili

zed f

orde

term

inatio

nof

Maj

orPr

ogra

ms

On -b

ehalf

Long

-term

Disa

bility

Insu

ranc

eO

n -beh

alf T

PAF

Pens

ion

On -b

ehal

f TPA

Fpo

stre

tirem

entm

ecte

a !

S( 9

.641

)5

( 21, 4

28.18

4)( 6

, 715

, 259

)

9.64

121,4

28,1

846,

715,

259

50.3

09.372

$( 5

0,62

6,75

1)To

tal S

tate

Fina

ncial

Assis

tanc

eSu

bjec

t toSi

ngle

Au

di

5

See

acco

mpa

nyin

gno

test

osc

hedu

les

offin

ancia

l ass

ista

nce .

EXHIBIT “K-5”Freehold Regional High School District

Notes to the Schedules of Expenditures of Federal Awardsand State Financial Assistance

Year Ended June 30. 2021

NOTE 1: GENERAL

The accompanying schedules of expenditures of federal awards and statefinancial assistance include federal and state activity of the Freehold RegionalHigh School District (“the District”). The District is defined in Note 1 to the basicfinancial statements. All federal and state awards received directly from thefederal and state agencies, as well as federal awards and state financialassistance passed through other government agencies is included on theschedule of expenditures of federal awards and state financials assistance.

NOTE 2: BASIS OF ACCOUNTING

The accompanying schedules of expenditures of federal awards and statefinancial assistance are presented on the budgetary basis of accounting with theexceptions of programs recorded in the food service fund, which are presentedusing the accrual basis of accounting. These bases of accounting are describedin Note 1 of the District’s basic financial statements. The information in thisschedule is presented in accordance with the requirements of 2 CFR 200Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (“Uniform Guidance"), Audits of States, Local Governments,and Non-Profit Organizations. Therefore, some amounts presented in thisschedule may differ from amounts presented in, or used in the preparation of, thebasic financial statements. The District has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.

NOTE 3: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS

The basic financial statements present the general fund and special revenuefund on a GAAP basis. Budgetary comparison statements or schedule (RSI) arepresented for the general fund and special revenue fund to demonstrate finance-regulated legal compliance in which certain revenue is permitted by law or grantagreement to be recognized in the audit year, whereas for GAAP reporting,revenue is not recognized until the subsequent year or when expenditures havebeen made.

The General fund is presented in the accompanying schedules on the modifiedaccrual basis with the exception of the revenue recognition of the deferred stateaid payments in the current budget year, which is mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP accounting purposes, those payments are notrecognized until the subsequent budget year due to the state deferral andrecording of the state aid payments in the subsequent year. The special revenuefund is presented in the accompanying schedules on the grant accountingbudgetary basis which recognizes encumbrances as expenditures and alsorecognizes the related revenue, whereas GAAP basis does not.

178


Notes to the Schedules of Expenditures of Federal Awardsand State Financial Assistance

Year Ended June 30. 2021

RELATIONSHIP TO BASIC FINANCIAL STATEMENTS fCONTINUED)NOTE 3:

The net adjustment to reconcile from the budgetary basis to the GAAP basis is($614,588) for the general fund, $6,689 for the special revenue fund. See thenotes to the required supplementary information for a reconciliation of thebudgetary basis to the modified accrual basis of accounting for the general andspecial revenue funds. Federal awards and state financial assistance revenuesare reported in the Board’s basic financial statements on a GAAP basis asfollows:

Federal TotalState

$79,120,252180,98397,076

1,874

$79,248,2194,643,063

97,076130,061

$127,9674,462,080

General FundSpecial Revenue FundCapital Projects FundFood Service Fund 128,187

79,400,185 84,118,4194,718,234GAAP Adjustments:State AidEncumbrances (net)Total Awards &

Financial Assistance

(614,588)6,869

(614,588)(5,762)12,631

$78,779,835 $83,510,700$4,730,865

RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTSNOTE 4:

Amounts reported in the accompanying schedules agree with the amountsreported in the related federal and state financial reports.

NOTE 5: OTHER

Revenues and expenditures reported in the Food Distribution Program representcurrent year value received and current year distributions respectively. Theamount reported as TPAF pension contributions, post-retirement benefits andlong-term disability insurance represents the amount paid by the state on behalfof the district for the year ended June 30, 2021. TPAF Social Securitycontributions represent the amount reimbursed by the state for the employer’sshare of Social Security contributions for TPAF members for the year endedJune 30, 2021.

179


Monmouth County. New Jersey

Schedule of Findings and Questioned CostsFor the Fiscal Year Ended June 30. 2021

Section I- Summary of Auditor’s Results

Financial Statements

UnmodifiedType of Auditor's Report Issued:(D(2) Internal Control Over Financial Reporting:

(a) Material weakness(es) identified? No

(b) Significant deficiencies identified that are notconsidered to be material weaknesses? No

(3) Noncompliance material to the basic financialstatements noted during the audit? No

Federal Proqram(s)

Internal Control Over Major Federal Programs:(1)

(a) Material weaknesses identified? No


(2) Type of Auditor’s Report issued on compliance for major federalprogram(s)? Unmodified

Any audit findings disclosed that are required to be reported inaccordance with section .516(a) of Circular OMB Uniform Guidance? No

(3)

(4) Identification of Major Federal Program(s):

CFDAProgram

Coronavirus Relief FundEducation Stabilization Fund

21.01984.425D

(5) Program Threshold Determination:Type A Federal Program Threshold > $750,000.00Type B Federal Program Threshold <= $750,000.00

(6) Auditee qualified as a low-risk auditee under OMB Circular UniformGuidance? Yes

180


Monmouth County, New Jersey


Section I- Summary of Auditor’s Results (Continued)

State Programfs)

Internal Control Over Major State Programs:(1)

No(a) Material weakness(es) identified?


(2) Type of Auditor’s Report issued on compliance for major stateprogram(s)? Unmodified

Any audit findings disclosed that are required to be reported inaccordance with N.J. OMB Circular 15-08?

(3)No

(4) Identification of Major State Program(s):

Project NumberProgram Title495-034-5120-078495-034-5120-089495-034-5120-084495-034-5120-014495-034-5095-051

Equalization AidCategorical Special Education AidCategorical Security AidCategorical Transportation AidReimbursed TPAF Social Security

(5) Program Threshold Determination:Type A State Program Threshold > $1,515,890.00Type B State Program Threshold <= $1,515,890.00

Yes(6) Auditee qualified as a low-risk auditee under OMB Circular 15-08?

if**1'181

EXHIBIT “K-6"Freehold Regional High School District

Monmouth County. New Jersey


Section II - Financial Statement Audit - Reported Findings Under Government AuditingStandards

Internal Control Findings- None Reported

Compliance Findings- None Reported

Section III - Findings and Questioned Costs Relative to Major Federal and StatePrograms

Federal Programs -None Reported

State Programs -None Reported

182

EXHIBIT “K-rFreehold Regional High School District

Monmouth County, New Jersey

Schedule of Prior Year Audit Findings

Not Applicable

183

Annual Comprehensive Financial Report - NJ.gov

Documents