Bayville, New Jersey County of Ocean...Central Regional School District Bayville, New Jersey Report on the Financial Statements We have audited the accompanying financial statements

CENTRAL REGIONAL SCHOOL DISTRICT

Bayville, New JerseyCounty of Ocean

COMPREHENSIVE ANNUAL FINANCIAL REPORTFOR THE FISCAL YEAR ENDED JUNE 30, 2014

Central Regional Board of Education

COMPREHENSIVE ANNUAL FINANCIAL REPORT

OF THE


BAYVILLE, NEW JERSEY

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

Prepared by

TABLE OF CONTENTS

INTRODUCTORY SECTION Page Letter of Transmittal 1 Organizational Chart 5 Roster of Officials 7 Consultants and Advisors 9 FINANCIAL SECTION Independent Auditor's Report on General Purpose Financial Statements 13 Required Supplementary Information - Part I Management’s Discussion and Analysis 19 BASIC FINANCIAL STATEMENTS A. District-wide Financial Statements

A-1 Statement of Net Position 27 A-2 Statement of Activities 28

B. Fund Financial Statements Governmental Funds:

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

Statement of Activities 37

Proprietary Fund:

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

Fiduciary Funds:

B-7 Statement of Fiduciary Net Position 47 B-8 Statement of Changes in Fiduciary Net Position 48

Notes to the Basic Financial Statements 51

TABLE OF CONTENTS

FINANCIAL SECTION (continued) BASIC FINANCIAL STATEMENTS (continued) Required Supplementary Information - Part II Page C. Budgetary Comparison Schedules

C-1 Budgetary Comparison Schedule - General Fund 77 C-2 Budgetary Comparison Schedule - Special Revenue Fund 89

Notes to the Required Supplementary Information

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

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

E. Special Revenue Fund

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

F. Capital Projects Fund:

F-1 Summary Statement of Project Expenditures 105 F-2 Summary Statement of Revenues, Expenditures, and Changes

in Fund Balance - Budgetary Basis 106 F-2a Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary Basis 107

G. Proprietary Funds: Enterprise Fund:

G-1 Combining Statement of Net Position 113 G-2 Combining Schedule of Revenues, Expenses and Changes in Fund Net Position 114 G-3 Combining Schedule of Cash Flows 115

Internal Service Fund:

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

TABLE OF CONTENTS

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

H-1 Combining Statement of Fiduciary Net Position 121 H-2 Combining Statement of Changes in Fiduciary Net Position 122 H-3 Student Activity Fund Schedule of Receipts and Disbursements 123 H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 123

I. Long-Term Debt:

I-1 Statement of Serial Bonds 127 I-2 Schedule of Obligations Under Capital Leases 128 I-3 Debt Service Fund Budgetary Comparison Schedule 129

J. STATISTICAL SECTION Financial Trends Information/Schedules:

J-1 Net Position By Component 135 J-2 Changes in Net Position 136 J-3 Fund Balances, Governmental Funds 138 J-4 Changes in Fund Balances, Governmental Funds 139 J-5 General Fund - Other Local Revenue by Source 141 Revenue Capacity Information: J-6 Assessed Value and Actual Value of Taxable Property 145 J-7 Direct and Overlapping Property Tax Rates 146 J-8 Principal Property Taxpayers 147 J-9 Property Tax Levies and Collections 148 Debt Capacity Information: J-10 Ratio of Outstanding Debt By Type 151 J-11 Ratios of Net General Bonded Debt Outstanding 152 J-12 Direct and Overlapping Governmental Activities Debt 153 J-13 Legal Debt Margin Information 154 Demographic and Economic Information: J-14 Demographic and Economic Statistics 157 J-15 Principal Employers 161 Operating Information: J-16 Full-Time Equivalent District Employees by Function/Program 161 J-17 Operating Statistics 162 J-18 School Building Information 163 J-19 Schedule of Required Maintenance 164 J-20 Insurance Schedule 165

TABLE OF CONTENTS

K. SINGLE AUDIT SECTION

Page K-1 Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards 169 K-2 Independent Auditor’s Report on Compliance for Each Major Program and on Internal Control over Compliance Required by OMB Circular A-133 and New Jersey OMB Circular 04-04 171 K-3 Schedule of Expenditures of Federal Awards, Schedule A 175 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 176 K-5 Notes to Schedules of Awards and Financial Assistance 177 K-6 Schedule of Findings and Questioned Costs 179 Part 1 - Summary of Auditor’s Results Part 2 - Schedule of Financial Statement Findings Part 3 - Schedule of Federal and State Award Findings and Questioned Costs K-7 Summary Schedule of Prior-Year Audit Findings 184

INTRODUCTORY SECTION

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2) ECONOMIC CONDITION AND OUTLOOK: The Central Regional School District is located in the Central Eastern portion of Ocean County and consists, geographically, of five separate municipalities within its boundaries. These municipalities include Berkeley Township, Island Heights, Ocean Gate, Seaside Heights and Seaside Park. The district encompasses 43.95 square miles. 3) MAJOR INITIATIVES: District In January 2011, the voters passed a referendum question for funds for various repairs to the district’s buildings and campus. Over the next two years approximately $5.2 million will be spent on the following projects: high roof and windows, district wide paving and district wide connection to city water. In addition, the district contracted with a vendor for the installation of solar panels and a cell tower to be built on district grounds during the 2011/12 school year. 4) INTERNAL ACCOUNTING CONTROLS: Management of the District is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the District are protected from loss, theft or misuse or/and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. As a recipient of federal and state financial assistance, the District also is responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations to those programs. This internal control structure is also subject to periodic evaluation by district management. As part of the District's single audit described earlier, tests are made to determine the adequacy of the internal control structure, including that portion related to federal and state financial assistance programs, as well as to determine that the District has complied with applicable laws and regulations. 5) BUDGETARY CONTROLS: In addition to internal accounting controls, the District maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions, embodied in the annual appropriated budget approved by the voters, or the representatives of each municipality or the State of New Jersey. Annual appropriated budgets are adopted for the general fund, the special revenue fund, and the debt service fund. The final budget amount as amended for the fiscal year is reflected in the financial section. An encumbrance accounting system is used to record outstanding purchase commitments on a line item basis. Open encumbrances at year-end are either canceled or are included as re-appropriation of fund balance in the subsequent year. Those amounts to be re-appropriated are reported as reservations of fund balance at June 30, 2014.

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6) ACCOUNTING SYSTEM AND REPORTS: The District's accounting records, to the best of our knowledge, reflect the generally accepted accounting principles, as promulgated by the GASB. The accounting system of the District is organized on the basis of funds and account groups. These funds and account groups are explained in "Notes to the Financial Statements", Note 1. 7) DEBT SERVICE The Debt Service (principal and interest) is related to the renovations and additions to the Middle School and High School and district wide projects. Bonds were issued in 2001, 2008 and 2011. They will be retired over a fifteen (15) year and ten (10) year period respectively.

8) CASH MANAGEMENT The investment policy of the District is guided in large part by state statute as detailed in "Notes to the Financial Statements", Note 1. The District has adopted a cash management plan which requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act ("GUDPA"). GUDPA was enacted in 1970 to protect Governmental Units from a loss of funds on deposit with a failed banking institution in New Jersey. The law requires governmental units to deposit public funds only in public depositories located in New Jersey, where the funds are secured in accordance with the Act.

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

The District has an active Risk Management Committee that is instrumental in reducing exposure to employee injury and researching means to reduce exposure for the district to other types of risk. The district has a District Safety Committee comprised of three (3) Board Members who actively work to insure the safety of students and staff.

10) OTHER INFORMATION

INDEPENDENT AUDIT - State statutes require an annual audit by independent certified public accountants or registered municipal accountants. The firm of Holman Frenia Allison, P.C., was appointed by the Board of Education to perform this audit. In addition to meeting the requirements set forth in state statutes, the audit also was designed to meet the requirements of the Single Audit Act of 1996 and the related OMB circular A-133 and state Treasury Circular Letter 04-04 OMB. The auditor's report on the general purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report.

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MEMBERS OF THE BOARD OF EDUCATION MUNICIPALITY

Keith Buscio , President Berkeley 2015

Susan Cowdrick, Vice President Island Heights 2015

Robert Everett Berkeley 2015

Michael Graichen Seaside Heights 2014

John Hudak Berkeley 2016

Stephanie Jensen Ocean Gate 2014

Jennifer Leicht Berkeley 2016

Tracy Mianulli Seaside Park 2014

Joseph Mielewski Berkeley 2016

OTHER OFFICIALS

Triantafillos Parlapanides, ED.D., Superintendent

Kevin O’Shea, CPA, Business Administrator

Carmen Memoli, CPA, Treasurer of School Monies

Thomas Gannon, Board Attorney


TERM EXPIRES

JUNE 30, 2014

ROSTER OF OFFICIALS

Bayville, New Jersey295 Indian Mills Road

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ATTORNEY

CENTRAL REGIONAL SCHOOL DISTRICTBayville, New Jersey 08721

CONSULTANTS AND ADVISORS

AUDIT FIRM

Rodney R. HainesHolman Frenia Allison, P. C.

10 Allen Street, Suite 2B Toms River, New Jersey 08753

Toms River, New Jersey 08753

William T. Hiering, Jr., Esq.Heiring, Gannon,and McKenna

29 Hadley AveToms River, New Jersey 08753

OFFICIAL DEPOSITORY

Ocean First Bank975 Hooper Ave

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FINANCIAL SECTION

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INDEPENDENT AUDITOR’S REPORT Honorable President and Members of the Board of Education Central Regional School District Bayville, New Jersey Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Central Regional School District, County of Ocean, State of New Jersey, as of and for the fiscal year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States; and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

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rchandran

Letterhead

Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Central Regional School District, County of Ocean, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information as presented in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Central Regional School District’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance are presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid respectively, and is also not a required part of the financial statements. The combining and individual fund financial statements and the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and the accompanying Schedule of Expenditures of

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Federal Awards and State Financial Assistance are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory section, comparative totals for June 30, 2013, and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 14, 2014 on our consideration of the Central Regional School District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Central Regional School District’s internal control over financial reporting and compliance.

Respectfully Submitted,

HOLMAN FRENIA ALLISON, P.C.

Rodney R. Haines Certified Public Accountant Public School Accountant, No. 2198

Toms River, New Jersey November 14, 2014

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REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion and Analysis

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CENTRAL REGIONAL BOARD OF EDUCATION

MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2014

UNAUDITED Financial Highlights Key financial highlights for the fiscal year ended June 30, 2014 are as follows: Superstorm Sandy hit the State of New Jersey on October 29, 2012. The municipalities of Seaside Heights, Seaside Park, Ocean Gate, and parts of Berkeley Township in particular were severely affected. The Ratable base of which property taxes are levied have been, and will continue to be, affected for years to come. To mitigate the impact, the District qualified for a Loan through FEMA known as the Community Disaster Loan program. The District was approved up to $5,000,000 to utilize towards stabilizing taxes levied on the 4 affected municipalities in the aftermath of the storm. The District utilized $1,977,153 from the loan program for the 2013-14 fiscal year and has budgeted an additional $2,721,517 in Loan proceeds for the upcoming 2014-15 fiscal year. The District expects a portion of this loan to be forgiven in the future based on the criteria and historical trends surrounding this Federal Program. The District applied for and was approved to be a Choice School District beginning in the 2011-12 school year. This program, authorized by State statute and administered by the NJ Department of Education, allows students from other towns to enroll at Central Regional. For each student enrolled through the program, the District receives additional state aid. For the 2013-14 school year, the program brought in $1,359,582 in additional state aid. Over the last several years the District was able to utilize Choice Funds for various capital improvements, purchases of textbooks, equipment, and to finance some innovative programs such as our Humanities Academy and Partnership with Georgian Court (2012-13), as well as the ROTC program (2013-14). Total spending for all our programs was $37,003,748 for the school year ending June 30, 2014. Most of the School District’s taxes and state aid program funds were used to support the cost of services for regular instructional programs. State and Federal aid in the amount of $3,026,949 supported the educational programs for all our students. The School District’s taxes, state aid, grants and contributions and other revenue sources were sufficient to cover all unfunded costs incurred in the 2013-2014 school year. The District issued $4,113,000 in Bonds in April of 2011 following a successful referendum approval by the voters in January of 2011. The money from these bonds, along with a state grant of $1,039,975 have gone towards much needed repairs and upgrades to the District. The repairs include a new roof and windows for the High School (completed October 2011), District-wide connection to city water (completed September 2011), and various paving projects for both the High School and Middle School (completed August 2014). As of June 30, 2014, there were still some final permitting approvals required for the paving projects. The District remains committed to sound financial management practices in response to the challenges posed by a stagnant economy, Superstorm Sandy, and the state’s budget crisis. Overall state revenues are expected to increase slightly this year and costs continue to increase for salaries, healthcare, and routine expenses. However the district will continue to investigate alternative revenue streams to fund new programs that target student achievement. Our financial goals are clear to present a balanced budget.

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For the 2013-2014 school year total expenses were more than total revenue. Thus, there was a decrease in the General Activities Net position of $461,548. The following summarizes the net position at fiscal year ended June 30, 2014.

Governmental Activities

Business-type Activities

Total

2014 2013 2014 2013 2014 2013 Current and other assets $2,447,112 $1,777,853 $129,111 $27,418 $2,576,223 $1,824,549Capital assets, net 29,585,279 29,919,387 40,156 54,764 29,625,435 29,974,151Total assets 32,032,391 31,697,240 169,267 101,560 32,201,658 31,798,800 Current liabilities and

other 2,017,713 1,928,515 40,182 2,057,895 1,928,515Long-term liabilities 7,483,616 6,748,590 7,483,616 6,748,590Total liabilities 9,541,511 8,677,105 40,182 9,541,511 8,677,105 Net assets:

Invested in capital assets, net of related debt 23,555,216 22,638,937 40,156 54,764 23,595,372 22,693,701

Restricted 928,466 794,931 928,466 794,931Unrestricted (1,952,620) (413,734) 88,928 46,796 (1,863,692) (366,937)

Total net assets $22,531,062 $23,020,134 $129,084 $101,560 $22,660,146 $23,121,695

The Statement of Net Position contains all of the School Board’s services both Governmental activities including instruction, plant services, transportation, and business operations. The statement also includes the Business type activities of Food Service and the SAT Program. Our total net position on June 30, 2014 was $22,660,146.

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Using This Comprehensive Annual Financial Report (CAFR) This annual report consists of a series of financial statements and notes to those statements. These statements are organized so that the reader can understand the Seaside Heights Board of Education as an entire operating entity. The statements then proceed to provide an increasingly detailed look at specific financial activities.

COMPREHENSIVE ANNUAL FINANCIAL REPORT

Introductory Section

Letter of Transmittal

Organizational Chart

Elected Officials and Selected Administrative Officers

Financial Section

Independent Auditor’s Report

Required Supplemental Information Part I

Management’s Discussion and analysis

Basic Financial Statement

District-Wide Financial Statements -------- Fund Financial Statements

Notes to the Basic Financial Statements

Required Supplemental Information Part II

Budgetary Information for Major Fund Groups

Supplemental Information

Nonmajor Funds Combining Statements & Budgetary Information

Agency Funds Statements/Schedules

Capital Assets by Source & Function

Statistical Section

Ten Year of Historical Financial Operating Data

Ten Years of Property Tax Rates, Tax Levies & Collections

Bonded Debt Information

Property Values

Demographics & Insurance Data

Tax Rates

Demographic & Attendance Data

District Wide Financial Statements The district-wide financials are full accrual basis statements. They report all of the District’s assets and liabilities, both short and long-term, regardless if they are “currently available” or not. For example, assets that are restricted for use in the Debt Funds solely for the payment of long-term principal or interest are grouped with unrestricted assets of the General Fund. Capital assets and long-term obligations of the District are reported in the Statement of Net Assets of the District wide financial statements.

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Fund Financial Statements The fund financial statements are comparable to prior year’s financial statements. The fund level statements are reported on a modified accrual basis. Only those assets that are “measurable” and “currently available” are reported. Liabilities are recognized to the extent they are normally expected to be paid with current financial resources. The fund statements are formatted to comply with the legal requirements of the New Jersey Department of Education’s “Accounting Guidelines.” In the State of New Jersey, the District’s major instructional and instructional support activities are reported in the General Fund, which includes Special Schools, and Capital Outlay. Additional activities are reported in their relevant funds including: Debt Funds, Capital Projects, Enterprise Fund and the School Service Funds. Reporting the School Board as a Whole The Statement of Net Assets and the Statement of Activities While these documents contain the large number of funds used by the School Board to provide programs and activities, the view of the School Board as a whole looks at all financial transactions and asks the question, “How did the School Board do financially during the fiscal year ended June 30, 2014?” The Statement of Net Assets and Statement of Activities answer this question. These statements include all assets and liabilities using the accrual basis of accounting similar to accounting method used by most private sector companies. This basis of accounting considers all of the current year’s revenues and expenses regardless of when cash is received or paid. These two statements report the School Board’s assets and the difference between assets and liabilities, and changes in those assets. This change in net assets is important because it tells the reader that, for the School Board as a whole, the financial position of the School Board has improved or diminished. The relationship between revenues and expenses is the School Board’s operating results. However, the School Board’s goal is to provide services to its students, not to generate profits as commercial entities do. One must consider many other non-financial factors, such as the quality of the education provided and the safety of the schools to assess the overall health of the School Board.

Requests for Information This financial report is designed to provide a general overview of the Central Regional School District’s finances for all those with an interest in the District’s finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Business Administrator’s Office, Central Regional Board of Education, 509 Forest Hills Parkway, Bayville, New Jersey, 08721.

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BASIC FINANCIAL STATEMENTS

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A. District-Wide Financial Statements

type activities of the District.

internal activities. These Statements distinguish between the governmental and business-

fiduciary activities. Eliminations have been made to minimize the double-counting of

Dirstrict. These Statements include the financial activities of the overall District, except for

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

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EXHIBIT A-1

GOVERNMENTAL BUSINESS-TYPE JUNE 30,ASSETS ACTIVITIES ACTIVITIES 2014

Cash & Cash Equivalents 892,459$ 89,218$ 981,677$ Receivables, Net 542,298 36,504 578,802 Restricted Assets: Capital Reserve Account - Cash 1,012,355 - 1,012,355 Inventory - 3,389 3,389 Capital Assets, Net (Note 5) 29,585,279 40,156 29,625,435

Total Assets 32,032,391 169,267 32,201,658

LIABILITIES

Accounts Payable & Accrued Expenses 527,861 2,760 530,621 Interfund Payable - 37,422 37,422 Accrued Interest Payable 117,986 - 117,986 Unearned Revenue 21,266 - 21,266 Noncurrent Liabilities (Note 6): Due Within One Year 1,350,600 - 1,350,600 Due Beyond One Year 7,483,617 - 7,483,617

Total Liabilities 9,501,330 40,182 9,541,512

NET POSITION

Net Investment in Capital Assets 23,555,121 40,156 23,595,277 Restricted For: Other Purposes 894,821 - 894,821 Unrestricted (1,918,881) 88,929 (1,829,952)

Total Net Position 22,531,061$ 129,085$ 22,660,146$

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

TOTALS

CENTRAL REGIONAL SCHOOL DISTRICTSTATEMENT OF NET POSITION

JUNE 30, 2014

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30

B. Fund Financial Statements

individual fund in a format that segregates information by fund type.

The Individual Fund statements and schedules present more detailed information for the

31


32

Governmental Funds

33


34

EXHIBIT B-1

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,ASSETS & OTHER DEBITS FUND FUND FUND FUND 2014 2013

Cash & Cash Equivalents 894,579$ (36,217)$ 33,740$ 357$ 892,459$ 677,842$ Due from Other Funds 167,049 - - 95 167,144 122,827 Receivables from Other Governments 310,914 180,941 - - 491,855 574,791 Restricted Cash & Cash Equivalents 1,012,355 - - - 1,012,355 519,987

Total Assets 2,384,897$ 144,724$ 33,740$ 452$ 2,563,813$ 1,895,447$

LIABILITIES & FUND BALANCES

Liabilities: Accounts Payable 521,008$ 6,853$ -$ -$ 527,861$ 443,315$ Interfund Payable - 116,606 95 - 116,701 117,594 Payable to Other Governments - - - - - - Unearned Revenue - 21,265 - - 21,265 15,786

Total Liabilities 521,008 144,724 95 - 665,827 576,695

Fund Balances: Restricted for: Maintenance Reserve 291,548 - - - 291,548 291,448 Emergency Reserve 50,200 - - - 50,200 50,150 Capital Reserve Account 670,607 - - - 670,607 519,987 Capital Projects Fund - - 3,645 - 3,645 61,376 Debt Service Fund - - - 452 452 928 Assigned to: Other Purposes - - 30,000 - 30,000 Designated for Subsequent - Year's Expenditures 200,000 - - - 200,000 300,000 Committed to: Other Purposes 472,912 - - - 472,912 70,855 Unassigned, Reported in: General Fund 178,622 - - - 178,622 24,008

Total Fund Balances 1,863,889 - 33,645 452 1,897,986 1,318,752

Total Liabilities & Fund Balances 2,384,897$ 144,724$ 33,740$ 452$

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

Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. The cost of the assets is $59,434,227 and the accumulated depreciation is $29,848,948. 29,585,279 29,919,389 Accrued interest payable is not recorded in the fund financial statements due to the fact that payable is not due in the period. (117,986) (128,958) Certain liabilities are not reported in this fund financial statement because they are not due and payable, but they are presented in the statement of net assets (8,834,217) (8,089,046)

Net Position of Governmental Activities 22,531,061$ 23,020,137$


(With Comparative Totals for June 30, 2013)

TOTALS


BALANCE SHEETGOVERNMENTAL FUNDS

JUNE 30, 2014

35

EXHIBIT B-2

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,FUND FUND FUND FUND 2014 2013

Revenues: Local Sources: Local Tax Levy 26,026,885$ -$ -$ 1,426,015$ 27,452,900$ 28,529,081$ Tuition 257,784 - - - 257,784 147,472 Transportation Fees from Other LEAs 292,256 - - - 292,256 289,757 Miscellaneous 281,067 15,000 95 - 296,162 224,094

- Total Local Sources 26,857,992 15,000 95 1,426,015 28,299,102 29,190,404

State Sources 6,506,753 - - - 6,506,753 6,524,978 Federal Sources 55,073 832,468 - - 887,541 1,106,866

Total Revenues 33,419,818 847,468 95 1,426,015 35,693,396 36,822,247

Expenditures: Current Expense: Regular Instruction 7,572,878 767,251 - - 8,340,129 8,478,025 Special Education Instruction 3,539,290 - - - 3,539,290 3,387,494 Other Special Instruction 152,971 - - - 152,971 150,209 Vocational Education 103,436 - - - 103,436 102,842 Other Instruction 1,430,723 - - - 1,430,723 1,189,549 Support Services: - Tuition 1,528,103 - - - 1,528,103 1,221,328 Student & Instruction Related Services 3,073,440 80,217 - - 3,153,657 3,108,366 School Administrative Services 940,552 - - - 940,552 957,572 General Administrative Services 788,484 - - - 788,484 930,022 Central Services 466,520 - - - 466,520 458,367 Administrative Information Technology 317,390 - - - 317,390 312,389 Plant Operations & Maintenance 2,894,527 - - - 2,894,527 2,842,918 Pupil Transportation 2,278,568 - - - 2,278,568 2,272,104 Employee Benefits 8,491,695 - - - 8,491,695 9,091,854 Capital Outlay 1,167,438 - 42,093 - 1,209,531 2,078,619 Special Schools 63,951 - - - 63,951 42,338 Debt Service: - Principal - - - 1,205,000 1,205,000 1,155,000 Interest & Other Charges - - - 221,586 221,586 260,484

Total Expenditures 34,809,966 847,468 42,093 1,426,586 37,126,113 38,039,480

Excess/(Deficiency) of Revenues Over/(Under) Expenditures (1,390,148) - (41,998) (571) (1,432,717) (1,217,233)

Other Financing Sources/(Uses): Community Disaster Loan (FEMA) 1,977,151 - - - 1,977,151 - Refund of Prior Year's Expenditures - - 14,362 - 14,362 - Transfer from/(to) Other Funds - - (95) 95 - - Capital Leases (Non-Budgeted) 20,438 - - - 20,438 -

Total Other Financing Sources/(Uses) 1,997,589 - 14,267 95 2,011,951 -

Excess/(Deficiency) of Revenues & Other Financing Sources Over/(Under) Expenditures & Other Financing (Uses) 607,441 - (27,731) (476) 579,234 (1,217,233) Fund Balances, July 1 1,256,448 - 61,376 928 1,318,752 2,535,985

Fund Balances, June 30 1,863,889$ -$ 33,645$ 452$ 1,897,986$ 1,318,752$


TOTALS(With Comparative Totals for June 30, 2013)


STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS


36

EXHIBIT B-3

Total Net Change in Fund Balances - Governmental Funds (From B-2) 579,234$

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

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

Depreciation Expense (1,555,078) Capital Outlays 1,220,968 (334,110)

Repayment of bond principal is an expenditure in the governmentalfunds, but the repayment reduces long-term liabilities in the statementof net assets and is not reported in the statement of activities. 1,205,000

Repayment of capital lease principal is an expenditure in the governmental funds,but the repayment reduces long-term liabilities in the statement of net assetsand is not reported in the statement of activities. 94,951

Interest on long-term debt in the statement of activities is accrued, regardlessof when due. In the governmental funds, interest is reported when due.

Prior Year 128,958 Current Year (117,986) 10,972

In the statement of activities, certain operating expenses, e.g. compensatedexpenses (vacations & sick time) are measured by the amounts earned duringthe year. In the governmental funds, however, expenditures for these items arereported in the amount of financial resources paid. When the paid amountexceeds the earned amount the difference is an addition to the reconciliation;when the earned amount exceeds the paid amount, the difference is a reductionin the reconciliation.

Prior Year 745,731 Current Year (793,260) (47,529)

The FEMA Community Disaster Loan is reported in the governmental funds as revenue in the year the loan was issued. However, on the statement of activities, the costs of the loan is reported as debt until the loan is repaid. (1,977,153)

The proceeds from the issuance of capital leases provide current financial resources and are reported in this fund financial statement,but they are presented as liabilities in the statement of net assets. (20,438)

Change in Net Position of Governmental Activities (489,073)$

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


CENTRAL REGIONAL SCHOOL DISTRICTRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

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

37

-


38

Proprietary Funds

39

-


40

EXHIBIT B-4

(MEMORANDUM ONLY)

ENTERPRISE JUNE 30, JUNE 30, ASSETS FUND 2014 2013

Current Assets: Cash & Cash Equivalents 89,218$ 89,218$ 27,418$ Accounts Receivable 36,504 36,504 19,378 Inventory 3,389 3,389 -

Total Current Assets 129,111 129,111 46,796

Fixed Assets: Equipment 347,615 347,615 334,669 Accumulated Depreciation (307,459) (307,459) (279,905)

Total Fixed Assets 40,156 40,156 54,764

Total Assets 169,267 169,267 101,560

LIABILITIES

Current Liabilities: Accounts Payable 2,760 2,760 - Interfund Payable 37,422 37,422 -

Total Current Liabilities 40,182 40,182 -

NET POSITION

Investment in Fixed Capital 40,156 40,156 54,764 Unrestricted 88,929 88,929 46,796

- Total Net Position 129,085$ 129,085$ 101,560$


TOTALS

CENTRAL REGIONAL SCHOOL DISTRICTPROPRIETARY FUNDS

STATEMENT OF NET POSITIONFOR THE FISCAL YEAR ENDED JUNE 30, 2014


41

EXHIBIT B-5

(MEMORANDUM ONLY)

ENTERPRISE JUNE 30, JUNE 30,FUND 2014 2013

Operating Revenue: Daily Sales - Reimbursable Programs: School Lunch Program 295,589$ 295,589$ 269,329$

Total - Daily Sales - Reimbursable Programs 295,589 295,589 269,329

Daily Sales - Nonreimbursable Programs Fees 223,726 223,726 231,552 Miscellaneious Income 7,596 7,596 3,500

Total Operating Revenue 526,911 526,911 504,381

Operating Expenses: Salaries 4,955 4,955 1,861 Purchased Professional / Technical Services 398,299 398,299 409,080 Purchased Property Services - - 21,966 Supplies and Materials 73,792 73,792 63,431 Depreciation 27,554 27,554 29,905 Miscellaneous 6,646 6,646 6,361 Cost of Sales 295,672 295,672 344,644

Total Operating Expenses 806,918 806,918 877,248

Operating (Loss)/Gain (280,007) (280,007) (372,867)

Nonoperating Revenues: State Sources: State School Lunch Program 6,062 6,062 6,837 Federal Sources: School Breakfast Program 26,158 26,158 32,166 National School Lunch Program 234,060 234,060 241,438 Food Distribution Program 41,008 41,008 47,192 Miscellaneous 244 244 178

Total Nonoperating Revenues 307,532 307,532 327,811

Change in Net Position 27,525 27,525 (45,056)

Net Position - Beginning (Unadjusted) 101,560 101,560 142,328 Prior Period Change in Fund Balance - - 4,288

Total Net Position - Beginning (Adjusted) 101,560 101,560 146,616

Total Net Position - Ending 129,085$ 129,085$ 101,560$

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

TOTALS

CENTRAL REGIONAL SCHOOL DISTRICTPROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES AND CHANGESIN FUND NET ASSETS

FOR THE FISCAL YEAR ENDED JUNE 30, 2014 (With Comparative Totals for June 30, 2013)

42

EXHIBIT B-6

(MEMORANDUM ONLY)

ENTERPRISE JUNE 30, JUNE 30,FUND 2014 2013

Cash Flows From Operating Activities: Receipts from Daily Sales 494,782$ 494,782$ 494,449$ Receipts from Miscellaneous Items 7,596 7,596 3,500 Disbursements for Operating Expenses (694,155) (694,155) (820,861)

Net Cash Used by Operating Activities (191,777) (191,777) (322,912)

Cash Flows From Capital Financing Activities: Purchases of Fixed Assets (12,946) (12,946) (9,175)

Net Cash Used by Capital Financing Activities (12,946) (12,946) (9,175)

Cash Flows From Noncapital Financing Activities: State Sources 6,062 6,062 6,183 Federal Sources 260,218 260,218 262,885

Net Cash Provided by Noncapital Financing Activities 266,280 266,280 269,068

Cash Flows From Investing Activities: Interest 243 243 178

Net Cash Provided by Investing Activities 243 243 178

Net Increase in Cash & Cash Equivalents 61,800 61,800 (62,841) Cash and Cash Equivalents, July 1 27,418 27,418 90,259

Cash & Cash Equivalents, June 30 89,218$ 89,218$ 27,418$

Cash Used by Operating Activities: Operating Loss (280,007)$ (280,007)$ (372,867)$ Adjustments to Reconcile Operating Loss to Cash Used by Operating Activities: Depreciation Expense 27,554 27,554 29,905 Food Distribution Program 41,008 41,008 47,192 Change in Assets & Liabilities: Increase in Accounts Receivable (17,125) (17,125) (6,432) Increase in Inventory (3,389) (3,389) - Increase/(Decrease) in Accounts Payable 40,182 40,182 (20,710)

Total Adjustments 88,230 88,230 49,955

Net Cash Used by Operating Activities (191,777)$ (191,777)$ (322,912)$



RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES

PROPRIETARY FUNDSSTATEMENT OF CASH FLOWS


TOTALS


43

-


44

Fiduciary Fund

45


46

EXHIBIT B-7

UNEMPLOYMENT (MEMORANDUM ONLY)

SCHOLARSHIP COMPENSATION AGENCY JUNE 30, JUNE 30,ASSETS FUND TRUST FUNDS 2014 2013

Cash & Cash Equivalents 34,982$ 363,791$ 320,495$ 719,268$ 758,955$ Due from Other Funds - 14,957 - 14,957 36,319

Total Assets 34,982 378,748 320,495 734,225 795,274

LIABILITIES

Accounts Payable - 1,895 - 1,895 9,800 Payroll Deductions & Withholdings - - 83,470 83,470 85,451 Interfunds Payable - - 27,978 27,978 41,552 Due to Student Groups - - 209,047 209,047 202,613

Total Liabilities - 1,895 320,495 322,390 339,416

NET POSITION

Reserved: Scholarships 34,982 - - 34,982 57,082 Unemployment Claims - 376,853 - 376,853 398,775

Total Net Position 34,982$ 376,853$ -$ 411,835$ 455,857$



TOTALS

STATEMENT OF FIDUCIARY NET POSITIONFIDUCIARY FUNDS

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

PRIVATE PURPOSE

47

EXHIBIT B-8

UNEMPLOYMENT (MEMORANDUM ONLY)

SCHOLARSHIP COMPENSATION JUNE 30, JUNE 30, ADDITIONS: FUND TRUST 2014 2013

Contributions: Interest Earned 84$ 534$ 618$ 754$ Contributions 7,730 27,706 35,436 12,245

Total Additions 7,814 28,240 36,054 12,999

DEDUCTIONS:

Unemployment Claims - 50,162 50,162 6,576 Disbursements 29,914 - 29,914 7,900

Total Deductions 29,914 50,162 80,076 14,476

Change in Net Position (22,100) (21,922) (44,022) (1,477) Net Position - July 1 57,082 398,775 455,857 457,335

Net Position - June 30 34,982$ 376,853$ 411,835$ 455,857$


TOTALS

CENTRAL REGIONAL SCHOOL DISTRICTFIDUCIARY FUND

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR THE FISCAL YEAR ENDED JUNE 30, 2014


PRIVATE PURPOSE

48

CENTRAL REGIONAL BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2014

49


50


NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014

Note 1: Summary of Significant Accounting Policies The financial statements of the Central Regional School District (the ‘District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounting policies. A. Reporting Entity The Board is an instrumentality of the State of New Jersey, established to function as an educational institution. The Board consists of elected officials and is responsible for the fiscal control of the District. A superintendent is appointed by the Board and is responsible for the administrative control of the District. The operations of the District include junior and senior high schools for students of the Boroughs of Island Heights, Ocean Gate, Seaside Heights, Seaside Park and the Township of Berkeley, Ocean County, New Jersey. The Central Regional School District has an approximate enrollment at June 30, 2014 of 2,236 students. B. Component Units The primary criterion for including activities within the District’s reporting entity, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:

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

Based on the aforementioned criteria, the District has no component units. C. District-Wide and Fund Financial Statements The district-wide financial statements (the statement of net position and the statement of activities) report information of all of the nonfiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function, segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions.

51



Note 1: Summary of Significant Accounting Policies (continued) C. District-Wide and Fund Financial Statements (continued) Net position is restricted when constraints placed on them are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted net position. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed. Separate financial statements are provided for governmental funds, proprietary funds, fiduciary funds and similar component units, and major component units. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. D. Measurement Focus, Basis of Accounting and Financial Statement Presentation District-Wide Financial Statements – The governmental fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental Fund Financial Statements – The Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal year-end. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and transportation. Other revenues are considered to be measurable and available only when cash is received by the state. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. E. Fund Accounting The accounts of the Central Regional School District are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available

52



Note 1: Summary of Significant Accounting Policies (continued) E. Fund Accounting (continued) financial resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:

Governmental Funds

General Fund - The general fund is the general operating fund of the Central Regional School District and is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or noninstructional equipment which are classified in the Capital Outlay sub-fund. As required by the New Jersey Department of Education Central Regional School District includes budgeted Capital Outlay in this fund. Generally accepted accounting principle (GAAP) as they pertain to governmental entities state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues. Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, interest earnings and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to capital assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by board resolution. Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes. Capital Projects Fund - The capital projects fund is used to account for all financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). Debt Service Fund - The debt service fund is used to account for the accumulation of resources for, and the payment of principal and interest on bonds issued to finance major property acquisition, construction and improvement programs.

Proprietary Fund

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

53



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

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

All Proprietary funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that all assets and all liabilities, whether current or noncurrent, associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and unreserved retained earnings, if applicable. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in net total assets. Depreciation of all exhaustive capital assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows: Machinery and Equipment 5-20 years

Fiduciary Fund

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

Private Purpose Trust Funds are used to account for the principal and income for trust arrangements that benefit individuals, private organizations, or other governments. The District currently maintains an Unemployment Trust Fund and Scholarship Fund as private purpose trusts. Agency Funds are assets held by a governmental entity (either as trustee or as an agent) for other parties that cannot be used to finance the governmental entity’s own operating programs. The District currently maintains Payroll funds and Student Activity Funds as Agency Funds.

F. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and private purpose trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities

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Note 1: Summary of Significant Accounting Policies (continued) F. Basis of Accounting (continued) generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, expendable trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due. In its accounting and financial reporting, the Central Regional School District follows the pronouncements of the Governmental Accounting Standards Board (GASB) and the pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements.

The Central Regional School District’s proprietary funds have elected not to apply the standards issued by FASB after November 30, 1989. The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types and private purpose trust funds. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred. G. Budgets/Budgetary Control Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and debt service funds. The budgets are submitted to the county office and are voted upon at the annual school election on the third Tuesday in April. Effective January 17, 2012, P.L.2011 c.202 eliminated the annual voter referendum on budgets which met the statutory tax levy cap limitations and the board of education members are elected at the November general election. Budgets are prepared using the modified accrual basis of accounting. The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C.6A:23-1.2. All budget amendments must be approved by School Board resolution.

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Note 1: Summary of Significant Accounting Policies (continued) G. Budgets/Budgetary Control (continued) Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandate revenue recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year-end. The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports. The budget, as detailed on Exhibit C-1, includes all amendments to the adopted budget, if any. H. Encumbrances Under encumbrance accounting purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as reservations of fund balances at fiscal year-end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services. Open encumbrances in the special revenue fund for which the Central Regional School District has received advances are reflected in the balance sheet as deferred revenues at fiscal year-end. The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year-end. I. Cash & Cash Equivalents Cash and Cash equivalents include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost. New Jersey School Districts are limited as to the types of investments and types of financial institutions they may invest in. N.J.S.18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts. Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection

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Note 1: Summary of Significant Accounting Policies (continued) I. Cash & Cash Equivalents (continued) Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on deposit with a failed banking institution in New Jersey. N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include Savings and Loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental Units. J. Tuition Receivable/Payable Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined. These adjustments are recorded upon certification by the State Board of Education, which is normally three years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable. The tuition rate adjustments for the years 2012-2013 have been established. According to the School District’s records, these amounts of adjustments are immaterial to the financial statements. K. Inventories & Prepaid Expenses Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method. The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed. Prepaid expenses, which benefit future periods, other than those recorded in the enterprise funds, are recorded as expenditure during the year of purchase. Prepaid expenses in the enterprise fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014. L. Short-Term Interfund Receivables/Payables Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the Central Regional School District and that are due within one year. M. Capital Assets Capital assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by

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Note 1: Summary of Significant Accounting Policies (continued) M. Capital Assets (continued) the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of one year or more. Donated capital assets are valued at their estimated fair market value on the date received. The capital assets acquired or constructed were valued by an independent appraisal company. Capital assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively. Capital assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows:

Buildings & Improvements 20 – 50 Years Equipment & Vehicles 5 – 20 Years Furniture & Fixtures 5 – 20 Years N. Accrued Salaries and Wages District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve-month year. Therefore, there is no accrual as of June 30, 2014 for such salaries. O. Compensated Absences Compensated absences are those absences for which employees will be paid, such as vacation, sick leave and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the District and its employees, are accounted for in the period in which such services are rendered or in which such events take place. In the District-Wide financial statements, under governmental activities, compensated absences are reported as an expenditure and noncurrent liabilities. P. Unearned Revenue Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied and is recorded as a liability until the revenue is both measureable and the District is eligible to realize the revenue.

Q. Long-term Obligations In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred.

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Note 1: Summary of Significant Accounting Policies (continued) R. Fund Balance The Central Regional School District classifies governmental fund balances as follows:

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

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

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

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

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

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

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

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

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

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

T. Impact of Recently Issued Accounting Principles

Recently Issued and Adopted Accounting Pronouncements

In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two

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Note 1: Summary of Significant Accounting Policies (continued) T. Impact of Recently Issued Accounting Principles (continued) pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements. In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities. GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement is effective for periods beginning after December 15, 2012. Management has implemented this Statement in the District’s financial statements for the year ended June 30, 2014 with no impact to beginning net position.

U. Memorandum Only - Total Columns Total columns are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations or changes in financial position in conformity with accounting principles generally accepted in the United States of America. Neither are such data comparable to a consolidation. V. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. W. Subsequent Events The Central Regional School District has evaluated subsequent events occurring after June 30, 2014 through the date of November 14, 2014, which is the date the financial statements were available to be issued. In accordance with State of New Jersey statutes, the fund balance to be utilized in the subsequent year budget is not legally restricted and therefore has been classified as fund balance designated for subsequent year’s expenditures and is not reserved. Note 2: Reserve Accounts A. Capital Reserve Account A Capital Reserve Account was established on June 30, 2009 for the accumulation of Funds for use as capital outlay expenditures in subsequent fiscal years. The Capital Reserve Account is maintained in the

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Note 2: Reserve Accounts (continued) A. Capital Reserve Account (continued) general fund and its activity is included in the general fund annual budget. There is a balance of $670,607 at June 30, 2014. Funds placed in the capital reserve account are restricted to capital projects in the District’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriated additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant toN.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP. The activity of the capital reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows: Beginning Balance, July 1, 2013 $519,987 Increase per Resolution passed (June 19, 2014) 150,000 Interest Earned 620 Ending Balance, June 30, 2014 $ 670,607 B. Maintenance Reserve Account A Maintenance Reserve Account was previously established for the accumulation of Funds for use as maintenance expenditures in subsequent fiscal years. The Maintenance Reserve Account is maintained in the general fund and its activity is included in the general fund annual budget. There is a balance of $291,548 at June 30, 2014. Funds placed in the maintenance reserve account are restricted to maintenance projects in the District’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the maintenance reserve by appropriating funds in the annual general fund budget certified for taxes by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriated additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP. The activity of the maintenance reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows: Beginning Balance, July 1, 2013 $ 291,448 Interest Earned 100 Ending Balance, June 30, 2014 $ 291,548

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Note 2: Reserve Accounts (continued) C. Emergency Reserve Account (continued) The Emergency Reserve is used to accumulate funds to finance unanticipated general fund expenditures required for a thorough and efficient education. The maximum balance permitted at any time in this reserve is the greater of $250,000 or 1% of the general fund budget not to exceed one million dollars. Deposits may be made to the emergency reserve account by Board resolution at year end of any unanticipated revenue or unexpended line item appropriation or both. Withdrawals from the reserve require the approval of the commissioner unless the withdrawal is necessary to meet an increase in total health care costs in excess of four percent. There is a balance of $50,200 at June 30, 2014. The activity of the emergency reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 $50,150 Interest Earned 50

Ending Balance, June 30, 2014 $50,200 Note 3. Cash and Cash Equivalents The District is governed by the deposit and investment limitations of New Jersey state law. The Deposits and investments held at June 30, 2014, and reported at fair value are as follows:

Carrying Type Value Deposits: Demand Deposits $ 2,713,300 Total Deposits $ 2,713,300 The District’s Cash & Cash Equivalents are Reported as Follows: Governmental Fund $ 1,904,814 Enterprise Funds 89,218 Fiduciary Funds 719,268 Total Cash & Cash Equivalents $ 2,713,300 Custodial Credit Risk – Custodial credit risk is the risk that, in the event of a bank failure, the Board’s deposits may not be recovered. Although the Board does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of

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Note 3. Cash and Cash Equivalents (continued) governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, student activity funds or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. As of June 30, 2014, the District’s bank balance of $2,937,055 was exposed to custodial credit risk as follows: Insured $ 330,332 Uninsured and Uncollateralized 827,381 Collateralized in the District’s Name Under GUDPA 1,779,342 Total $ 2,937,055 Note 4. Accounts Receivable Accounts receivable at June 30, 2014 consisted of accounts and intergovernmental grants. All receivables are considered collectible in full due to the stable condition of state programs and the current fiscal year guarantee of federal funds. Accounts receivable as of fiscal year end for the School District’s individual major and fiduciary funds, in the aggregate, are as follows:

Special General Revenue Proprietary

Fund Fund Funds Total

State Aid 236,141$ -$ 252$ 236,393$ Federal Aid 7,596 180,941 11,719 200,256 Other 67,177 - 24,533 91,710

Total 310,914$ 180,941$ 36,504$ 528,359$

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

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Note 5: Capital Assets (continued)

June 30, Transfers/ June 30,2013 Additions Deletions Adjustments 2014

Governmental Activities:Capital assets that are not being depreciated:

Land 1$ -$ -$ -$ 1$ Construction in progress 1,611,907 242,094 1,854,001

Total capital assets not being depreciated 1,611,908 242,094 - - 1,854,002

Buildings and improvements 47,928,742 - - - 47,928,742 Machinery and equipment 8,672,694 978,874 - (85) 9,651,483

Subtotal 56,601,436 978,874 - (85) 57,580,225

Less: accumulated depreciation:Buildings and improvements (22,039,134) (1,108,189) (23,147,323) Machinery and equipment (6,254,821) (446,889) 85 (6,701,625)

Total accumulated depreciation (28,293,955) (1,555,078) - 85 (29,848,948)

Total capital assets being depreciated, net 28,307,481 (576,204) - - 27,731,277

Governmental activities capital assets, net 29,919,389$ (334,110)$ -$ -$ 29,585,279$

The following is a summary of proprietary fund type capital assets at June 30, 2014:

June 30, Transfers/ June 30,2013 Additions Deletions Adjustments 2014

Proprietary Fund Activities:

Machinery and equipment 334,669$ 12,946$ -$ -$ 347,615$

Subtotal 334,669 12,946 - - 347,615

Less: accumulated depreciation:Machinery and equipment (279,905) (27,554) - - (307,459)

Total accumulated depreciation (279,905) (27,554) - - (307,459)

Total capital assets being depreciated, net 54,764$ (14,608)$ -$ -$ 40,156$

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Note 6: Long-Term Obligations Changes in Long-Term Obligations for the year ended June 30, 2014, are as follows: Balance Balance Amounts June 30, June 30, Due Within 2013 Issued Retired 2014 One Year Governmental Activities: Bonds Payable $ 7,178,000 $ - $1,205,000 $ 5,973,000 $1,245,000 Capital Leases/ Loan Payable 165,316 20,438 94,951 90,803 50,580 FEMA Community Disaster Loan - 1,977,153 - 1,977,153 - Compensated Absences Payable 745,731 47,529 - 793,260 55,020 $ 8,089,047 $ 2,045,120 $2,504,951 $ 8,834,216 $1,350,600 A. Bonds Payable Bonds are authorized in accordance with State statute by the voters of the municipality through referendum. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the Board are general obligation bonds. The District's serial bonds are summarized as follows:

$5,900,000 Variable Interest Rate Refunding School Bonds issued May 29, 2008, installment maturities to July 15, 2015 $2,180,000

$4,113,000 Variable Interest Rate School Construction Serial Bonds Issued March 29, 2011, installment maturities to July 15, 2021 3,793,000 Total $5,973,000

The bonds mature serially in installments to the year 2021. Aggregate debt service requirements during the next five fiscal years and thereafter are as follows:

Year Ending June 30 Principal Interest Total 2015 $1,245,000 $ 173,124 $1,418,124 2016 1,280,000 124,152 1,404,152 2017 850,000 93,130 943,130 2018 750,000 71,255 821,255 2019 675,000 49,880 724,880 2020-22 1,173,000 51,588 1,224,588 Total $5,973,000 $ 563,128 $6,536,128

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Note 6: Long-Term Obligations (continued) B. Obligations Under Capital Leases The District is leasing copiers and buses totaling $378,144 under capital leases. These capital leases are for terms of five to six years. The District's capital leases are summarized as follows:

$79,425 Bus Lease issued December 2010, installments to July 15, 2014 $ 16,999 $108,782 Copier Lease issued October 2010, installments to January 31, 2015 13,973 $14,525 Copier Lease issued September 17, 2010, installments to October 28, 2015 3,809 $24,866 Copier Lease issued August 2011, installments to September 28, 2016 12,177 $37,793 Copier Lease issued October 2012, installments to January 28, 2018 26,386 $20,438 Copier Lease issued August 2013, installments to August 28,2018 17,459 Total $ 90,803

Year-ending June 30, Amount

2015 $ 54,899 2015 20,041 2016 15,105 2017 7,596 2018 798

Total Minimum Lease Payments 98,439 Less: Amount Representing Interest (7,636) Present Value of Lease Payments $ 90,803 C. FEMA Community Disaster Loan On May 31, 2013, the Central Regional School District submitted a formal request for a FEMA Community Disaster Loan (CDL) in the amount of $5,000,000 in relation to Super Storm Sandy losses and expenditures. The District was approved for the full request of $5,000,000. On July 18, 2013, the Board of Education approved a resolution to amend the 2014 Budget by $1,977,153, the amount of the CDL that was drawn down in 2014. The remaining amount of the CDL will be received in 2014.

The interest rate on the loan is the U.S. Treasury rate for 5-year maturities on the date the Promissory Note is executed, in this case July, 11, 2013. The term of the loan is usually 5 years, but may be extended. Interest accrues on the funds as they are disbursed. When applicable, the Assistance Administrator of the Disaster Assistance Directorate may cancel repayment of all or part of the loan if the revenues of the applicant in the three fiscal years following the financial year of the disaster are insufficient to meet the operating budget because of disaster related revenue losses and un-reimbursed disaster related operating expenses.

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Note 6: Long-Term Obligations (continued) C. FEMA Community Disaster Loan (continued)

This amount was recognized as revenue for the year ended June 30, 2014 in the governmental funds. This amount is reported as a long-term liability in the District Wide financial statements. D. Compensated Absences The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits. District employees are granted varying amounts of vacation and sick leave in accordance with the district’s school personnel policy. Upon termination, employees are paid for accrued vacation. The district’s school’s policy permits employees to accumulate unused sick leave and carry forward the full amount to subsequent years. Upon retirement employees shall be paid by the district school for the unused sick leave in accordance with district’s agreements with various employee unions. The liability for vested compensated absences of the governmental fund types is recorded in the statement of net position under governmental activities. The current portion of the compensated absence balance is not considered material to the applicable funds total liabilities, and is therefore not shown separately from the long-term liability balance of compensated absences. The amount at June 30, 2014 is $793,260. The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2014 no liability existed for compensated absences in the proprietary fund types. Note 7: Pension Plans Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625. Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all

67



Note 7: Pension Plans (continued) teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified. Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction. Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15A and 43.3B and N.J.S.A.18A:66 for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 55 and are generally determined to be 1/55 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System. Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members’ beneficiaries are entitled to full interest credited to the members’ accounts. Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced. New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension.

68



Note 7: Pension Plans (continued) Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service.

All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”.

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

Three-Year Trend Information for PERS

Annual Percentage Net Year Pension of APC Pension Funding Cost (APC) Contributed Obligation 6/30/14 $449,315 100% $ -0- 6/30/13 441,280 100% -0- 6/30/12 430,820 100% -0-

Three-Year Trend Information for TPAF (Paid on behalf of the District)

Annual Percentage Net Year Pension of APC Pension Funding Cost (APC) Contributed Obligation 6/30/14 $1,454,538 100% $ -0- 6/30/13 1,888,993 100% -0- 6/30/12 1,281,653 100% -0- During the year ended June 30, 2014, the State of New Jersey contributed $44,693 to the Teachers’ Pension and Annuity Fund for NCGI, $506,347 for normal contributions, and $903,498 for post-retirement medical benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $981,843 for the year ended June 30, 2014 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.

69



Note 8: Post-Retirement Benefits P.L. 1987, c. 384 and P.L. 1990, c.6 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical benefits for those State Employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007, c.103 amended the law to eliminate the funding of post-retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for the funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2014, there were 100,134 retirees receiving post-retirement medical benefits, and the state contributed $1.07 billion on their behalf. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical benefits changed from a pre-funding basis to a pay-as-you-go basis beginning in Fiscal Year 1994. The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides employer paid health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2014. Note 9: Risk Management The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Property and Liability Insurance – The District maintains commercial insurance coverage for property, liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report. New Jersey Unemployment Compensation Insurance – The District has elected to fund their New Jersey Unemployment Compensation Insurance under the “Benefit Reimbursement Method”. Under this plan the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for amounts due to the State. The following is a summary of School District contributions, reimbursements to the State for benefits paid and the ending balance of the School District’s expendable trust fund for the current and previous two years: Interest District Amount Ending Fiscal Year Earned Contributions Reimbursed Balance 2013-2014 $ 534 $ 27,706 $ 50,162 $ 376,853 2012-2013 687 8,599 6,576 398,775 2011-2012 291 17,838 113,308 396,064

Note 10: Contingent Liabilities The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied

70



Note 10: Contingent Liabilities (continued) with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; therefore, no provisions have been recorded in the accompanying combined financial statements for such contingencies.

Note 11: Economic Dependency The District receives a substantial amount of its support from federal and state governments. A significant reduction in the level of support, if this were to occur, could have an effect on the District’s programs and activities.

Note 12: Deferred Compensation The Board offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows: Ameriprise Financial

AXA Equitable Lincoln Investment Planning Co., Inc.

MET Life Insurance Oppenheimer Fund Paul Revere Life Insurance Union Central Life Insurance Note 13. Interfund Receivables and Payables The following interfund balances remained on the balance sheet at June 30, 2014:

71



Note 13. Interfund Receivables and Payables (continued)

Interfund InterfundFund Receivable Payable

General Fund 167,049$ -$ Special Revenue Fund - 116,606 Capital Projects Fund - 95 Debt Service Fund 95 - Food Service Fund - 37,422 Unemployment Trust 14,957 - Payroll Trust Fund - 27,978

Total 182,101$ 182,101$

The purpose of interfunds are short-term borrowings. Note 14: Fund Balance General Fund (Exhibit B-1) – Of the $1,863,889 General Fund fund balance at June 30, 2014, $670,607 has been restricted for the capital reserve account; $291,548 has been restricted for the maintenance reserve account; $50,200 has been restricted for the emergency reserve; $200,000 has been assigned for subsequent year’s expenditures, $472,912 has been committed and $178,622 is unassigned. Capital Projects Fund – Of the $33,645 Capital Projects Fund fund balance at June 30, 2014, $33,645 has been restricted for capital projects. Debt Service Fund – Of the $452 Debt Service Fund fund balance at June 30, 2014, $452 has been assigned. Note 15: Calculation of Excess Surplus In accordance with N.J.S.A.18A:7F-7, as amended by P.L. 2004, c.73 (S1701), the designation for Reserved Fund Balance – Excess Surplus is a required calculation pursuant to the New Jersey Comprehensive Educational Improvement and Financing Act of 1996 (CEIFA). New Jersey school districts are required to reserve General Fund fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $0.

72

REQUIRED SUPPLEMENTARY INFORMATION - PART II

73


74

C. Budgetary Comparison Schedules

75


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EX

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PO

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(1,0

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-

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44,6

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44,3

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4,31

3)

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al S

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-

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981,

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96

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(9

65,5

24)

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otal

Non

budg

eted

-

-

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(2

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(2

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otal

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istr

ibut

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xpen

ditu

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18,6

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20,7

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18

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07,9

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(2

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Tot

al E

xpen

ditu

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- C

urre

nt E

xpen

se31

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(2

89,9

82)

31

,288

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33

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(2

,289

,797

)

30

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(118

,832

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30

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33,4

39,9

16

(2

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)

Cap

ital O

utla

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12-4

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14

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578

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nal E

quip

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179,

220

(1

73,6

87)

5,

533

5,53

3

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50,0

00

(2,7

91)

47

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46,6

97

51

2

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danc

e E

quip

men

t12

-000

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-

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1,

800

(1

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-

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ndis

trib

uted

Exp

ense

-

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dmin

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ech

12-0

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52-7

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(7,8

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7,10

5

217,

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1

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0

18

1,80

0

28

1,80

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27

8,85

6

2,

944

Cus

todi

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ervi

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12-0

00-2

62-7

3031

8,00

0

(92,

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225,

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1

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4,58

6

62,5

86

62

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choo

l Bus

es -

Reg

ular

12-0

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0,00

0

255,

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8

255,

751

300,

000

10,0

00

310,

000

309,

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116

T

otal

Equ

ipm

ent

1,07

2,22

0

(4

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1,06

7,31

2

81

1,55

9

255,

753

509,

800

206,

795

716,

595

712,

384

4,21

1

F

acili

ties

Acq

uisi

tion

& C

onst

ruct

ion

Serv

ices

:

A

rchi

tect

/Eng

inee

r12

-000

-400

-334

-

12

5,63

7

12

5,63

7

110,

180

15

,457

-

-

-

-

-

Con

stru

ctio

n Se

rvic

es12

-000

-400

-450

114,

706

22

4,15

5

33

8,86

1

225,

261

11

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0

-

240,

091

240,

091

215,

935

24,1

56

A

sses

smen

t for

Deb

t Ser

vice

on

SDA

fun

ding

12-0

00-4

00-8

96-

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65,3

92

-

65,3

92

65

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-

T

otal

Fac

ilitie

s A

cqui

sitio

n &

Con

stru

ctio

n Se

rvic

es11

4,70

6

349,

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464,

498

33

5,44

1

129,

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92

240,

091

305,

483

281,

327

24,1

56

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red

Und

er C

apita

l Lea

ses

(Non

Bud

gete

d)-

-

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20

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(2

0,43

8)

-

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otal

Ca p

ital O

utla

y1,

186,

926

344,

884

1,53

1,81

0

1,

167,

438

364,

372

575,

192

446,

886

1,02

2,07

8

993,

711

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67

87

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s13

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18

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00

41

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651

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ies

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003,

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5

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0

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0

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11

Tot

al S

peci

al S

choo

ls48

,000

15,9

52

63

,952

63

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1

43

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-

43

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38

66

2

Tot

al E

x pen

ditu

res

32,8

13,6

88

70,8

54

32

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34

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(1

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)

31

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328,

054

31,8

04,7

47

34

,475

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(2,6

71,2

18)

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s O

ver/

(Und

er)

E

xpen

ditu

res

(299

,750

)

(2,0

48,0

05)

(2,3

47,7

55)

(1

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,287

)

979,

468

(301

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)

(328

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)

(6

29,4

55)

1,

171

63

0,62

6

Oth

er F

inan

cin g

Sou

rces

/(U

ses)

:

Com

mun

ity D

isas

ter

Loa

n (F

EM

A)

10-5

999

-

1,

977,

151

1,

977,

151

1,97

7,15

1

-

-

-

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-

-

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apita

l Lea

ses

-

-

-

20,4

38

20,4

38

-

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t Ear

ned

on C

apita

l Res

erve

10-6

04(1

00)

-

(100

)

-

100

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00)

-

(1

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)

-

1,00

0

Int

eres

t Ear

ned

on M

aint

enan

ce R

eser

ve10

-606

(100

)

-

(1

00)

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10

0

(1

00)

-

(100

)

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10

0

I

nter

est E

arne

d on

Em

erge

ncy

Res

erve

10-6

07(5

0)

-

(50)

-

50

(5

0)

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0)

-

50

Tot

al O

ther

Fin

anci

n g S

ourc

es/(

Use

s)(2

50)

1,

977,

151

1,

976,

901

1,99

7,58

9

20

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(1,1

50)

-

(1

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)

-

1,15

0

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s &

Oth

er F

inan

cing

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es O

ver/

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endi

ture

s &

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er

Oth

er F

inan

cing

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rces

/(U

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(300

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)

(70,

854)

(370

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)

62

9,30

2

1,00

0,15

6

(302

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)

(328

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)

(6

30,6

05)

1,

171

63

1,77

6

Fund

Bal

ance

s, J

uly

11,

575,

340

-

1,

575,

340

1,57

5,34

0

-

1,57

4,16

9

-

1,57

4,16

9

1,57

4,16

9

-

Fund

Bal

ance

s , J

une

301,

275,

340

$

(70,

854)

$

1,20

4,48

6$

2,

204,

642

$

1,00

0,15

6$

1,27

1,61

8$

(328

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)$

94

3,56

4$

1,

575,

340

$

63

1,77

6$

Rol

love

r E

ncum

bran

ces

from

Pri

or Y

ear

70,8

54

Tot

al T

rans

fers

70,8

54$

Res

tric

ted

Fund

Bal

ance

:C

apita

l Res

erve

670,

607

$

E

mer

genc

y R

eser

ve50

,200

M

aint

enan

ce R

eser

ve29

1,54

8

Com

mitt

ed F

und

Bal

ance

:Y

ear-

end

Enc

umbr

ance

s47

2,91

2

Ass

igne

d Fu

nd B

alan

ce:

Des

igna

ted

for

Subs

eque

nt Y

ear's

Exp

endi

ture

s20

0,00

0

Una

ssig

ned

Fund

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ance

519,

375

S

ubto

tal

2 ,20

4,64

2

Rec

onci

liatio

n to

Gov

ernm

enta

l Fun

d St

atem

ents

(G

AA

P):

Las

t Sta

te A

id P

aym

ent N

ot R

ecog

nize

d on

GA

AP

Bas

is(3

40,7

53)

Fund

Bal

ance

Per

Gov

ernm

enta

l Fun

ds (

GA

AP

)1,

863,

889

$

RE

CA

PIT

UL

AT

ION

OF

TR

AN

SF

ER

S:

RE

CA

PIT

UL

AT

ION

OF

FU

ND

BA

LA

NC

E:

88

EX

HIB

IT C

-2

PO

SIT

IVE

/P

OS

ITIV

E/

BU

DG

ET

(NE

GA

TIV

E)

BU

DG

ET

(NE

GA

TIV

E)

OR

IGIN

AL

TR

AN

SF

ER

S/

FIN

AL

FIN

AL

TO

OR

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AL

TR

AN

SF

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S/

FIN

AL

FIN

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TO

BU

DG

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AD

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TM

EN

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BU

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AC

TU

AL

AC

TU

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DG

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AD

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EN

TS

BU

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AL

AC

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Rev

enue

s:F

eder

al S

ourc

e s79

4,36

0$

152,

676

$

94

7,03

6$

832,

468

$

(1

14,5

68)

$

76

7,00

0$

285,

319

$

1,

052,

319

$

1,03

9,71

6$

(1

2,60

3)$

Oth

er S

ourc

es-

15,0

00

15

,000

15

,000

-

-

22,1

73

22,1

73

22,1

73

-

Tot

al R

even

ues

794,

360

16

7,67

6

962,

036

84

7,46

8

(114

,568

)

76

7,00

0

307,

492

1,

074,

492

1,06

1,88

9

(1

2,60

3)

Exp

endi

ture

s:In

stru

ctio

n:S

alar

ies

of T

each

ers

214,

228

90

,840

305,

068

27

7,50

7

27,5

61

173,

000

14

0,73

9

313,

739

30

1,13

7

12,6

02

Oth

er P

urch

ased

Ser

vice

s40

1,05

3

73,6

91

47

4,74

4

474,

744

-

49

7,00

0

39,7

35

536,

735

53

6,73

5

-

G

ener

al S

u ppl

ies

62,5

96

(4

7,59

6)

15,0

00

15,0

00

-

26,0

00

12

,277

38

,277

38

,276

1

Tot

al I

nstr

ucti

on67

7,87

7

116,

935

79

4,81

2

767,

251

27

,561

69

6,00

0

192,

751

88

8,75

1

876,

148

12

,603

Sup

port

Ser

vice

s:S

alar

ies

of O

ther

Pro

fess

iona

l Sta

f f-

21,1

70

21

,170

21

,170

-

-

-

-

-

-

P

erso

nal S

ervi

ces

- E

mpl

oyee

Ben

efit

s42

,276

25,8

51

68

,127

50

,809

17

,318

32

,000

23,3

88

55,3

88

55,3

88

-

P

urch

ase

of P

rofe

ssio

nal

Edu

cati

on S

ervi

ces

74,2

07

3,

720

77,9

27

8,23

8

69

,689

39

,000

69,1

80

108,

180

10

8,18

0

-

R

enta

ls-

-

-

-

-

-

22,1

73

22,1

73

22,1

73

-

Tot

al S

uppo

rt S

ervi

ces

116,

483

50

,741

167,

224

80

,217

87

,007

71

,000

114,

741

18

5,74

1

185,

741

-

Tot

al E

Tot

al E

xpen

ditu

res

794,

360

16

7,67

6

962,

036

84

7,46

8

114,

568

76

7,00

0

307,

492

1,

074,

492

1,06

1,88

9

12

,603

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s

Ove

r/(U

nder

) E

xpen

ditu

res

& O

ther

F

inan

cing

Sou

rces

/(U

ses)

-$

-

$

-$

-

$

-$

-

$

-$

-

$

-$

-

$

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

CE

NT

RA

L R

EG

ION

AL

SC

HO

OL

DIS

TR

ICT

SP

EC

IAL

RE

VE

NU

E F

UN

DB

UD

GE

TA

RY

CO

MP

AR

ISO

N S

CH

ED

UL

EF

OR

TH

E F

ISC

AL

YE

AR

S E

ND

ED

JU

NE

30,

201

4 A

ND

201

3

89

-


90

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

91


92

EXHIBIT C-3

GENERAL SPECIALFUND REVENUE

N-1 FUNDSources/Inflows of Resources: Actual Amounts (Budgetary Basis) "Revenue" From the Budgetary Comparison Schedule (C-Series) 33,441,679$ 847,468$ Difference - Budget to GAAP: Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.

Prior Year - Current Year -

State aid payment recognized for GAAP statements in the current year, previously recognized for budgetary purposes. 318,892 -

State aid payment recognized for budgetary purposes, not recognized for GAAP statements until the subsequent year. (340,753) -

Total Revenues as Reported on the Stat Personal Services - Expenditures, and Changes in Fund Balances - Governmental Funds. (B-2) 33,419,818$ 847,468$

Uses/outflows of resources: Actual amounts (budgetary basis) "total expenditures" from the budgetary comparison schedule 34,809,966$ 847,468$ Differences - budget to GAAP Encumbrances for supplies and equipment ordered but not received is reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes.

Prior Year - - Current Year - -

Total Expenditures as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds (B-2) 34,809,966$ 847,468$

N-1 The general fund budget uses GAAP basis therefore no reconciliation is necessary.

Note A - Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures


CENTRAL REGIONAL SCHOOL DISTRICTREQUIRED SUPPLEMENTARY INFORMATION

BUDGETARY COMPARISON SCHEDULE NOTE TO RSI

93

-


94

OTHER SUPPLEMENTARY INFORMATION

95


96

D. School Based Budget Schedules

Not Applicable

97


98

E. Special Revenue Fund

expenditures for specific purposes.

(other than expendable trusts or major capital projects) that are legally restricted to

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

99


100

EXHIBIT E-1

OCEANTITLE II FIRST

TITLE I PART A I.D.E.A. GRANT 2014 2013Revenues:

Federal Sources 326,697$ 31,027$ 474,744$ -$ 832,468$ 1,039,716$ Other Sources - - - 15,000 15,000 22,173

Total Revenues 326,697$ 31,027$ 474,744$ 15,000$ 847,468$ 1,061,889$

Expenditures:Instruction:

Salaries of Teachers 277,507$ -$ -$ -$ 277,507$ 301,137$ Other Purchased Services - - 474,744 - 474,744 536,735 General Supplies - - - 15,000 15,000 38,276

Total Instruction 277,507 - 474,744 15,000 767,251 876,148

Support Services:Salaries of Other Professional

Staff - 21,170 - - 21,170 - Personal Services -

Employee Benefits 49,190 1,619 - - 50,809 55,388 Purchase of Professional

Education Services - 8,238 - - 8,238 108,180 Rentals - - - - - 22,173

Total Support Services 49,190 31,027 - - 80,217 185,741

Total Expenditures 326,697$ 31,027$ 474,744$ 15,000$ 847,468$ 1,061,889$


CENTRAL REGIONAL SCHOOL DISTRICTSPECIAL REVENUE FUND

COMBINING SCHEDULE OF REVENUES AND EXPENDITURES - BUDGETARY BASISFOR THE FISCAL YEAR ENDED JUNE 30, 2014

101

-


102

F. Capital Projects Fund

capital facilities and equipment purchases other than those financed by proprietary funds.

The Capital Projects Fund is used to account for the acquisition and contruction of major

103


104

EXHIBIT F-1

UNEXPENDEDORIGINAL PRIOR CURRENT BALANCE

DATE APPROPRIATIONS YEAR YEAR 2014

5,152,975$ 5,091,599$ 27,731$ 33,645$

5,152,975$ 5,091,599$ 27,731$ 33,645$

High Schools

Total

EXPENDITURES

CENTRAL REGIONAL SCHOOL DISTRICTSUMMARY STATEMENT OF PROJECT EXPENDITURES


PROJECT TITLE

Upgrades to Middle &

105

EXHIBIT F-2

Revenues: State Sources - SDA Grant -$

Total Revenue -

Expenditures: Construction Services 42,093

Total Expenditures 42,093

Other Financing Sources & Uses: Refund of prior year's expenditures 14,362

Excess/(Deficiency) of Revenues Over/(Under) Expenditures (27,731) Fund Balance - Beginning 61,376

Fund Balance - Ending 33,645$

YEAR ENDED JUNE 30, 2014

CENTRAL REGIONAL SCHOOL DISTRICTCAPITAL PROJECTS FUND

SUMMARY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE-BUDGETARY BASIS

106

EXHIBIT F-2a

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COSTRevenues: State Sources - SCC Grant 1,039,975$ -$ 1,039,975$ 1,039,975$ Bond Proceeds & Transfers 4,113,000 - 4,113,000 4,113,000

Total Revenues 5,152,975 - 5,152,975 5,152,975

Expenditures: Purchased Professional & Technical Services 551,190 - 551,190 441,000 Construction Services 4,540,409 42,093 4,582,502 4,711,975

- Total Expenditures 5,091,599 42,093 5,133,692 5,152,975

Other Financing Sources & Uses: Refund of prior year's expenditures - 14,362 14,362 -

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 61,376$ (27,731)$ 33,645$ -$

Project Number 0770-030-10-1001 Grant Date 04/19/2011 Bond Authorization Date 01/25/2011 Bonds Authorized 4,113,346$ Bonds Issued 4,113,000$ Original Authorized Cost 5,208,976$ Reduction of Authorized Cost (56,001)$ Revised Authorized Cost 5,152,975$ Percentage Decrease Under Original Authorized Cost -1.08% Original Target Completion Date Percentage Completion 99.35%

YEAR ENDED JUNE 30, 2014

ADDITIONAL PROJECT INFORMATION

CENTRAL REGIONAL SCHOOL DISTRICTCAPITAL PROJECTS FUND

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

UPGRADES TO MIDDLE AND HIGH SCHOOLS

107

-


108

that the costs of providing goods or services be financed be financed through user charges.

manner similar to private enterprise - where the intent of the District's Board is

Proprietary Funds are used to account for operations that are financed and operated in a

This Fund provides educational programs to the Community.

FOOD SERVICE FUND

COMMUNITY SCHOOL

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

G. Proprietary Funds

109

-


110

Enterprise Funds

111


112

EXHIBIT G-1

FOODCOMMUNITY SERVICE

ASSETS SCHOOL FUND 2014 2013

Current Assets:Cash & Cash Equivalents 8,453$ 80,765$ 89,218$ 27,418$ Intergovernmental AccountsReceivable:

Federal - 11,719 11,719 12,252 State - 252 252 694 Other - 24,533 24,533 6,432

Inventory - 3,389 3,389 -

Total Current Assets 8,453 120,658 129,111 46,796

Fixed Assets:Equipment - 347,615 347,615 334,669 Accumulated Depreciation - (307,459) (307,459) (279,905)

Total Fixed Assets - 40,156 40,156 54,764

Total Assets 8,453 160,814 169,267 101,560

LIABILITIES

Current Liabilities: Accounts Payable - 2,760 2,760 - Interfund Payable - 37,422 37,422

Total Current Liabilities - 40,182 40,182 -

NET POSITION

Investment in Fixed Capital - 40,156 40,156 54,764 Unrestricted 8,453 80,476 88,929 46,796

Total Net Position 8,453$ 120,632$ 129,085$ 101,560$

CENTRAL REGIONAL SCHOOL DISTRICTENTERPRISE FUND

COMBINING STATEMENT OF NET POSITIONAS OF JUNE 30, 2014


113

EXHIBIT G-2


SCHOOL FUND 2014 2013Local Sources:

Daily Sales - Reimbursable Programs:School Lunch Program -$ 295,589$ 295,589$ 269,329$ Miscellaneous 7,596 - 7,596 3,500

Total - Daily Sales - Reimbursable Programs 7,596 295,589 303,185 272,829

Daily Sales - Nonreimbursable Programs:Fees - 223,726 223,726 231,552

Total Operating Revenue 7,596 519,315 526,911 504,381

Operating Expenses:Salaries 4,955 - 4,955 1,861 Purchased Professional / Technical Services - 398,299 398,299 409,080 Purchased Property Services - - - 21,966 Supplies and Materials 1,180 72,612 73,792 63,431 Depreciation - 27,554 27,554 29,905 Miscellaneous - 6,646 6,646 6,361 Cost of Sales - 295,672 295,672 344,644

Total Operating Expenses 6,135 800,783 806,918 877,248

Operating/(Loss)/Gain 1,461 (281,468) (280,007) (372,867)

Nonoperating Revenues/(Expenses):State Sources:

State School Lunch Program - 6,062 6,062 6,837 Federal Sources:

School Breakfast Program - 26,158 26,158 32,166 National School Lunch Program - 234,060 234,060 241,438 Food Distribution Program - 41,008 41,008 47,192

Miscellaneous - 244 244 178

Total Nonoperating Revenues/(Expenses) - 307,532 307,532 327,811

Net Income/(Loss) 1,461 26,064 27,525 (45,056)

Net Position - Beginning (Unadjusted) 6,992 94,568 101,560 142,328 Prior Period Change in Net Position - - 4,288

Total Net Position - Beginning (Adjusted) 6,992 94,568 101,560 146,616

Total Net Position - Ending 8,453$ 120,632$ 129,085$ 101,560$

(With Comparative Totals for June 30, 2013)AS OF JUNE 30, 2014


COMBINING SCHEDULE OF REVENUES, EXPENSES ANDCHANGES IN FUND NET POSITION

114

EXHIBIT G-3


SCHOOL FUND 2014 2013Cash Flows From Operating Activities:

Receipts from Daily Sales -$ 494,782$ 494,782$ 494,449$ Receipts from Miscellaneous Items 7,596 - 7,596 3,500 Disbursements for Operating Expenses (6,135) (688,020) (694,155) (820,861)

Net Cash Provided/(Used) by Operating Activities 1,461 (193,238) (191,777) (322,912)

Cash Flows From Capital Financing Activities:Purchases of Fixed Assets - (12,946) (12,946) (9,175)

Net Cash Provided/(Used) by CapitalFinancing Activities - (12,946) (12,946) (9,175)

Cash Flows From Noncapital Financing Activities:State Sources - 6,062 6,062 6,183 Federal Sources - 260,218 260,218 262,885

Net Cash Provided by Noncapital Financing Activities - 266,280 266,280 269,068

Cash Flows From Investing Activities:Interest - 243 243 178

Net Cash Provided by Investing Activities - 243 243 178

Net Increase in Cash & Cash Equivalents 1,461 60,339 61,800 (62,841) Cash and Cash Equivalents, July 1 6,992 20,426 27,418 90,259

Cash & Cash Equivalents, June 30 8,453$ 80,765$ 89,218$ 27,418$

Operating Loss -$ (281,468)$ (281,468)$ (373,980)$ Operating Gain 1,461 - 1,461 1,113 Adjustments to Reconcile Operating Income/(Loss)to Cash Provided/(Used) by Operating Activities:

Depreciation Expense - 27,554 27,554 29,905 Food Distribution Program - 41,008 41,008 47,192 Change in Assets & Liabilities: - -

Decrease in Accounts Receivable - (17,125) (17,125) (6,432) Increase in Inventory - (3,389) (3,389) - Increase/(Decrease) in Accounts Payable - 40,182 40,182 (20,710)

Total Adjustments - 88,230 88,230 49,955

Net Cash Provided/(Used) by Operating Activities 1,461$ (193,238)$ (191,777)$ (322,912)$

RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:


COMBINING SCHEDULE OF CASH FLOWSAS OF JUNE 30, 2014


115

-


116

Internal Service Fund

Not Applicable

117


118

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

purpose.

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

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

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

held at the schools.

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

transactions of the School District.

Private Purpose Trust Funds:

Unemployment Fund: This Fund is used to account for assets to finance the cost

of unemployment benefits.

Scholarship Fund: This Fund is an Expendable Trust Fund and limits expenses

according to the Scholarship Agreement.

H. Fiduciary Fund

119


120

EXHIBIT H-1

UNEMPLOYMENTSCHOLARSHIP COMPENSATION STUDENT

ASSETS FUND TRUST ACTIVITY PAYROLL 2014 2013

Cash & Cash Equivalents 34,982$ 363,791$ 209,047$ 111,448$ 719,268$ 758,954$ Due from Other Funds - 14,957 - - 14,957 36,319

Total Assets 34,982 378,748 209,047 111,448 734,225 795,273

LIABILITIES

Accounts Payable - 1,895 - - 1,895 9,800 Payroll Deductions & Withholdings - - - 83,470 83,470 85,451 Interfunds Payable - - - 27,978 27,978 41,552 Due to Student Groups - - 209,047 - 209,047 202,613

Total Liabilities - 1,895 209,047 111,448 322,390 339,416

NET POSITION

Reserved: Scholarships 34,982 - - - 34,982 57,082 Unemployment Benefits - 376,853 - - 376,853 398,775

- Total Net Position 34,982$ 376,853$ -$ -$ 411,835$ 455,857$

AGENCYPRIVATE PURPOSE


CENTRAL REGIONAL SCHOOL DISTRICTFIDUCIARY FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITIONJUNE 30, 2014

121

EXHIBIT H-2

UNEMPLOYMENTSCHOLARSHIP COMPENSATION

ADDITIONS: FUND TRUST 2014 2013

Interest Earned 84$ 534$ 618$ 754$ Contributions 7,730 27,706 35,436 12,244

Total Additions 7,814 28,240 36,054 12,998

DEDUCTIONS:

Disbursements 29,914 - 29,914 7,900 Unemployment Claims - 50,162 50,162 6,576

Total Deductions 29,914 50,162 80,076 14,476

Change in Net Position (22,100) (21,922) (44,022) (1,478) Net Position - Beginning of Year 57,082 398,775 455,857 457,335

Net Position - End of Year 34,982$ 376,853$ 411,835$ 455,857$

PRIVATE PURPOSE


CENTRAL REGIONAL SCHOOL DISTRICTFIDUCIARY FUND

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR THE FISCAL YEAR ENDED JUNE 30, 2014

122

EXHIBIT H-3

BALANCE BALANCEJULY 1, CASH CASH JUNE 30,

2013 RECEIPTS DISBURSEMENTS 2014

High & Middle Schools 198,448$ 422,632$ 415,313$ 205,767$ Athletic Account 4,165 100,295 101,180 3,280

Total 202,613$ 522,927$ 516,493$ 209,047$

EXHIBIT H-4

BALANCE BALANCEJULY 1, JUNE 30,

ASSETS 2013 ADDITIONS DELETIONS 2014

Cash & Cash Equivalents 127,003$ 21,743,089$ 21,758,644$ 111,448$ -

Total Assets 127,003$ 21,743,089$ 21,758,644$ 111,448$

LIABILITIES

Net Payroll Deductions & Withholdings 85,451$ 21,740,406$ 21,742,387$ 83,470$ Interfunds 41,552 - 13,574 27,978

Total Liabilities 127,003$ 21,740,406$ 21,755,961$ 111,448$

PAYROLL AGENCY FUNDSCHEDULE OF RECEIPTS AND DISBURSEMENTS


CENTRAL REGIONAL SCHOOL DISTRICTSTUDENT ACTIVITY AGENCY FUND

SCHEDULE OF RECEIPTS AND DISBURSEMENTSFOR THE FISCAL YEAR ENDED JUNE 30, 2014

123

-


124

I. Long-Term Debt

and obligations under capital leases.

general long-term liabilities of the School District. This includes serial bonds outstanding

The Long-Term Schedules are used to reflect the outstanding principal balances of the

125


126

EX

HIB

IT I

-1

AM

OU

NT

BA

LA

NC

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OF

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Sch

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onds

201

13/

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$4,1

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3,95

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16

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3,

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$ 7-

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7-15

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850,

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7-15

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675,

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3.00

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400,

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7-15

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1,10

5,00

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Tot

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178,

000

$

1,20

5,00

0$

5,97

3,00

0$

AN

NU

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AL

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127

EXHIBIT I-2

AMOUNT AMOUNT AMOUNTINTEREST OF OUTSTANDING ISSUED RETIRED OUTSTANDING

RATE ORIGINAL JUNE 30, CURRENT CURRENT JUNE 30, SERIES PAYABLE ISSUE 2013 YEAR YEAR 2014

December 2009 Bus 4.50% 79,424$ 33,268$ -$ 16,269$ 16,999$ October 2009 Copiers Variable 108,782 37,714 - 23,741 13,973 September 2010 Copiers 6.30% 14,525 6,859 - 3,050 3,809 August 2011 Buses 2.97% 112,754 37,122 - 37,122 - August 2011 Copiers 5.30% 24,866 17,051 - 4,874 12,177 Copiers - FY 13 Variable 37,793 33,302 - 6,916 26,386 Copiers - FY 14 Variable 20,438 - 20,438 2,979 17,459

Total 165,316$ 20,438$ 94,951$ 90,803$

CENTRAL REGIONAL SCHOOL DISTRICTLONG-TERM DEBT

SCHEDULE OF OBLIGATIONS UNDER CAPITAL LEASESJUNE 30, 2014

128

EX

HIB

IT I

-3

PO

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Rev

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s: L

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Sou

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:

Loc

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ax L

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1,42

6,01

5$

-$

1,

426,

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$

1,

426,

015

$

-

$

1,

321,

690

$

-$

1,

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$

1,

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690

$

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Tot

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1,42

6,01

5

-

1,

426,

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1,

426,

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-

1,

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-

1,32

1,69

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1,32

1,69

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Exp

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egul

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Inte

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1,58

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-

221,

587

221,

586

1

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0,48

7

-

260,

487

260,

486

1

Red

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of P

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1,20

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-

1,

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1,

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27

7,50

7

1,15

5,00

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-

1,

155,

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1,

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-

Tot

al E

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1,42

6,58

7

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1,

426,

587

1,

426,

586

-

1,

415,

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-

1,41

5,48

7

1,41

5,48

6

1

Exc

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35

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356

T

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95

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49,1

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192

8

-

92

8

92

8

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94

,368

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$

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$

-$

571

$

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57

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8$

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JUN

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129

-


130

STATISTICAL SECTION (Unaudited)

131


132

FINANCIAL TRENDS/INFORMATION SCHEDULES

133


134

EX

HIB

IT J

-1

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Gov

ernm

enta

l Act

ivit

ies:

I

nves

ted

in C

apit

al A

sset

s,

N

et o

f R

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ed D

ebt

14,7

46,8

49$

14

,224

,438

$

14,4

73,0

98$

14

,786

,517

$

15,8

17,7

86$

22,6

71,5

70$

18

,445

,998

$

21,6

18,4

61$

22

,638

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$

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Res

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for:

Deb

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20,5

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8,

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14,9

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6,34

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86

1,32

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8,50

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2,31

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7

2,97

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1,39

9,78

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153,

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602,

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303,

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-

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M

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20,7

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1,44

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553,

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519,

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670,

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Tot

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Net

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$

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$

17,9

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$

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$

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Bus

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Act

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I

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,832

$

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0,56

9$

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0,86

1$

71

,206

$

54,7

64$

40

,156

$

U

nres

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110,

891

137,

897

131,

459

131,

463

92,7

867,

169

32,7

2871

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46,7

96

88

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Tot

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Typ

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ctiv

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s

Net

Pos

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n12

7,69

3$

15

1,31

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15

2,28

6$

14

7,29

5$

10

3,62

3$

137,

738

$

133,

589

$

142,

328

$

101,

560

$

129,

085

$

Dis

tric

t-W

ide:

I

nves

ted

in C

apit

al A

sset

s,

N

et o

f R

elat

ed D

ebt

14,7

63,6

51$

14

,237

,851

$

14,4

93,9

25$

14

,802

,349

$

15,8

28,6

23$

22,8

02,1

39$

18

,546

,859

$

21,6

89,6

67$

22

,693

,701

$

23,5

95,3

72$

Res

tric

ted:

Deb

t Ser

vice

20,5

94

8,

037

13

,528

14,9

13

30

,717

30,7

806,

915

(36,

096)

(128

,030

)

(117

,534

)

Cap

ital

Pro

ject

s61

0,68

7

54

8,33

1

57

6,34

4

86

1,32

0

-

-

3,

081,

772

1,14

8,50

861

,376

33,6

45

G

ener

al F

und

2,64

2,31

5

3,17

2,08

7

2,97

8,00

0

1,39

9,78

4

153,

608

602,

305

303,

164

-

-

-

M

aint

enan

ce R

eser

ve-

20,7

21

21

,776

21,7

76

72

1,77

691

,148

91,1

4819

1,34

829

1,44

8

29

1,54

8

E

mer

genc

y R

eser

ve-

-

-

-

-

-

50

,100

50,1

5050

,200

Cap

ital

Res

erve

-

-

-

-

-

-

553,

607

519,

987

670,

607

U

nres

tric

ted

1,49

8,11

3

1,62

4,84

8

1,85

9,70

9

976,

464

(453

,744

)(7

49,2

13)

64,9

69(2

88,8

13)

(366

,938

)(1

,863

,691

)

Tot

al D

istr

ict N

et P

osit

ion

19,5

35,3

60$

19

,611

,875

$

19,9

43,2

82$

18

,076

,606

$

16,2

80,9

80$

22,7

77,1

59$

22

,094

,827

$

23,3

08,3

21$

23

,121

,694

$

22,6

60,1

47$

CE

NT

RA

L R

EG

ION

AL

SC

HO

OL

DIS

TR

ICT

NE

T P

OS

ITIO

N B

Y C

OM

PO

NE

NT

LA

ST

TE

N F

ISC

AL

YE

AR

S(A

ccru

al B

asis

of

Acc

oun

tin

g)U

nau

dite

d

135

CE

NT

RA

L R

EG

ION

AL

SC

HO

OL

DIS

TR

ICT

CH

AN

GE

S I

N N

ET

PO

SIT

ION

- (

AC

CR

UA

L B

AS

IS O

F A

CC

OU

NT

ING

)L

AS

T T

EN

FIS

CA

L Y

EA

RS

Un

aud

ited

EX

HIB

IT J

-2P

AG

E 1

of

2

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Exp

ense

s: G

over

nmen

tal A

ctiv

itie

s

Ins

truc

tion

:

R

egul

ar8,

143,

121

$

7,

898,

896

$

7,87

7,55

7$

8,

479,

276

$

7,75

8,94

3$

8,

028,

025

$

7,

662,

009

$

8,22

6,79

3$

8,

429,

981

$

8,24

5,17

8$

S

peci

al E

duca

tion

2,54

8,92

9

2,80

5,88

6

2,

909,

492

3,00

9,84

3

3,

624,

914

3,99

0,11

5

4,25

1,69

4

3,

284,

701

3,38

7,49

43,

539,

290

Oth

er S

peci

al I

nstr

ucti

on23

,866

21

,866

25,9

46

53

,247

163,

751

13

7,50

9

13

3,40

6

146,

181

15

0,20

915

2,97

1

Voc

atio

nal

38,8

25

43,5

53

40

,420

40,3

54

38

,887

97,0

34

98,7

85

10

1,29

7

102,

842

103,

436

O

ther

Ins

truc

tion

883,

686

930,

683

93

2,55

5

938,

491

96

7,50

6

1,08

6,90

8

1,11

0,21

6

1,

105,

690

1,18

9,54

91,

430,

723

S

u ppo

rt S

ervi

ces:

Tui

tion

-

-

-

1,

528,

967

1,54

2,68

0

1,

328,

267

1,

597,

999

1,35

8,35

5

1,

221,

328

1,52

8,10

3

S

tude

nt &

Ins

truc

tion

Rel

ated

Ser

vice

s4,

433,

662

4,

535,

165

4,15

7,64

8

2,

877,

217

2,96

8,89

8

3,

316,

852

3,

020,

552

2,88

8,54

1

3,

108,

366

3,15

3,65

7

S

choo

l Adm

inis

trat

ive

Ser

vice

s83

9,08

6

87

3,12

2

1,02

0,75

9

98

9,90

2

1,04

3,77

6

1,

051,

177

91

8,00

3

945,

841

95

7,57

294

0,55

2

Oth

er A

dmin

istr

ativ

e S

ervi

ces

1,46

6,63

2

1,45

8,31

5

1,

730,

895

887,

873

1,

731,

718

1,66

0,11

7

1,49

5,82

8

79

0,99

3

930,

022

788,

484

C

entr

al S

ervi

ces

-

-

-

58

0,92

4

-

-

-

-

45

8,36

746

6,52

0

Adm

inis

trat

ive

Info

rmat

ion

Tec

hnol

o gy

-

-

-

-

-

-

-

769,

656

31

2,38

931

7,39

0

Pla

nt O

pera

tion

s &

Mai

nten

ance

2,52

5,86

5

2,95

6,25

0

3,

063,

712

3,07

5,89

8

3,

320,

675

3,68

5,34

0

2,98

1,79

0

2,

674,

594

2,90

5,61

82,

883,

091

Pup

il T

rans

port

atio

n1,

755,

805

2,

063,

103

1,85

5,34

1

1,

789,

978

2,02

8,98

8

2,

018,

781

2,

011,

998

2,24

4,26

2

2,

272,

104

2,27

8,56

8

U

nall

ocat

ed B

enef

its

5,65

4,68

3

6,33

3,76

1

7,

197,

921

9,26

6,20

3

6,

903,

734

7,38

6,70

9

7,86

0,34

6

8,

272,

378

8,97

9,59

68,

539,

224

Spe

cial

Sch

ools

16,0

49

23,5

88

28

,939

22,1

25

16

,954

10,8

12

25,0

84

37

,885

42,3

3863

,951

Deb

t Ser

vice

386,

766

423,

136

40

4,04

4

381,

472

1,

106,

388

1,12

9,23

5

256,

461

30

2,19

3

258,

980

210,

614

U

nall

ocat

ed G

ain

on R

eval

uati

o n

of F

ixed

Ass

ets

-

-

-

-

-

-

-

467,

603

-

-

U

nall

ocat

ed D

e pre

ciat

ion

1,05

3,36

0

1,31

5,80

2

1,

145,

729

1,19

0,90

7

1,

589,

372

1,43

2,69

5

1,41

5,11

6

1,

372,

311

1,43

8,28

71,

555,

078

Una

lloc

ated

Com

pens

ated

Abs

ence

s-

-

-

-

-

-

-

45

,341

-

-

-

T

otal

Gov

ernm

enta

l Act

ivit

ies

Exp

ense

s29

,770

,335

31,6

83,1

2632

,390

,958

35,1

12,6

7734

,807

,184

36,3

59,5

7634

,839

,287

35,0

34,6

1536

,145

,041

36,1

96,8

30

Bus

ines

s-T

ype

Act

ivit

ies:

F

ood

Ser

vice

743,

088

794,

785

797,

139

793,

803

834,

344

865,

653

729,

797

830,

407

874,

860

800,

783

Dri

vers

Edu

cati

o n-

-

-

7,47

6-

-

-

-

-

C

omm

unit y

Sch

ool

-

4,

536

9,59

9

5,

902.

00

-

11,5

005,

458

4,92

32,

387

6,13

5

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s E

xpen

se74

3,08

879

9,32

180

6,73

879

9,70

584

1,82

087

7,15

373

5,25

583

5,33

087

7,24

8

806,

918

T

otal

Dis

tric

t Exp

ense

s30

,513

,423

$

32,4

82,4

47$

33

,197

,696

$

35,9

12,3

82$

35

,649

,004

$

37,2

36,7

29$

35

,574

,542

$

35,8

69,9

45$

37

,022

,288

$

37,0

03,7

48$

Pro

gram

Rev

enue

s: G

over

nmen

tal A

ctiv

itie

s:

C

harg

es f

or S

ervi

ces

-$

-

$

-$

-

$

-$

-

$

240,

990

$

17

8,15

6$

437,

229

$

55

0,04

0$

Ope

rati

ng G

rant

s &

Con

trib

utio

ns2,

657,

929

3,

035,

221

3,94

1,87

4

4,

230,

798

6,65

7,02

5

3,

459,

367

3,11

8,13

889

9,40

85,

003,

718

4,36

7,34

5

Tot

al G

over

nmen

tal A

ctiv

itie

s P

rogr

am

Rev

enue

s2,

657,

929

3,03

5,22

13,

941,

874

4,23

0,79

86,

657,

025

3,45

9,36

73,

359,

128

1,07

7,56

45,

440,

947

4,91

7,38

5

136

CE

NT

RA

L R

EG

ION

AL

SC

HO

OL

DIS

TR

ICT

CH

AN

GE

S I

N N

ET

PO

SIT

ION

- (

AC

CR

UA

L B

AS

IS O

F A

CC

OU

NT

ING

)L

AS

T T

EN

FIS

CA

L Y

EA

RS

Un

aud

ited

EX

HIB

IT J

-2P

AG

E 2

of

2

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Bus

ines

s-T

ype

Act

ivit

ies:

C

harg

es f

or S

ervi

ces:

Foo

d S

ervi

ce54

0,99

258

0,87

053

9,12

953

3,82

352

8,34

346

1,28

647

6,35

447

9,51

950

0,88

151

9,31

5

C

omm

unit

y S

choo

l-

5,34

612

,943

6,06

011

,380

7,54

56,

750

5,25

03,

500

7,59

6

Ope

rati

ng G

rant

s &

Con

trib

utio

ns20

3,94

723

6,77

224

5,64

226

2,83

125

0,42

529

5,74

030

9,76

235

9,30

032

7,81

130

7,53

2

Tot

al B

usin

ess

Typ

e A

ctiv

itie

s P

rogr

am

Rev

enue

s74

4,93

982

2,98

879

7,71

480

2,71

479

0,14

876

4,57

179

2,86

684

4,06

983

2,19

283

4,44

3

Tot

al D

istr

ict P

rogr

am R

even

ues

3,40

2,86

8$

3,85

8,20

9$

4,

739,

588

$

5,03

3,51

2$

7,

447,

173

$

4,22

3,93

8$

4,15

1,99

4$

1,

921,

633

$

6,27

3,13

9$

5,

751,

828

$

Net

/(E

xpen

se)/

Rev

enue

:

Gov

ernm

enta

l Act

ivit

ies

(27,

112,

406)

$

(28,

647,

905)

$ (2

8,44

9,08

4)$

(30,

881,

879)

$ (2

8,15

0,15

9)$

(32,

900,

209)

$

(31,

480,

159)

$ (3

3,95

7,05

1)$

(30,

704,

094)

$ (3

1,27

9,44

5)$

B

usin

ess-

Typ

e A

ctiv

itie

s1,

851

23,6

67(9

,024

)3,

009

(51,

672)

(112

,582

)57

,611

8,73

9(4

5,05

6)27

,525

T

otal

Dis

tric

t-W

ide

Net

Exp

ense

(27,

110,

555)

$

(28,

624,

238)

$ (2

8,45

8,10

8)$

(30,

878,

870)

$ (2

8,20

1,83

1)$

(33,

012,

791)

$

(31,

422,

548)

$ (3

3,94

8,31

2)$

(30,

749,

150)

$ (3

1,25

1,92

0)$

Gen

eral

Rev

enue

s &

Oth

er C

hang

es in

Net

Pos

itio

n: G

over

nmen

tal A

ctiv

itie

s:

Pro

pert

y T

axes

Lev

ied

for

Gen

eral

Pur

pose

s, N

et22

,738

,255

$

23,7

01,1

74$

23

,052

,945

$

23,7

25,8

67$

24

,524

,902

$

25,3

56,0

33$

26

,673

,913

$

26,6

73,9

13$

27

,207

,391

$

26,0

26,8

85$

Tax

es L

evie

d fo

r D

ebt S

ervi

ce90

9,46

41,

100,

523

1,12

4,26

71,

128,

760

1,12

1,12

61,

122,

604

1,10

2,34

41,

311,

872

1,32

1,69

01,

426,

015

U

nres

tric

ted

Gra

nts

& C

ontr

ibut

ions

3,53

2,99

53,

538,

683

3,52

6,73

83,

841,

787

6,93

4,44

13,

565,

448

2,72

7,94

76,

773,

184

2,62

8,12

63,

026,

949

T

uiti

o n10

,965

6,33

982

,951

44,4

37-

-

-

-

-

-

R

efun

d of

Pri

or Y

ear

Ex p

ense

s-

-

-

-

-

-

-

-

-

14

,362

S

peci

al I

tem

- L

oss

on D

ispo

sal o

f A

sset

s-

-

-

-

-

-

-

-

(8

18,7

77)

-

Mis

cell

aneo

us I

ncom

e 16

1,18

435

4,08

558

0,31

027

1,34

124

1,54

950

5,01

929

7,77

340

2,83

722

4,09

429

6,16

2

T

otal

Gov

ernm

enta

l Act

ivit

ies

27,3

52,8

6328

,700

,804

28,3

67,2

1129

,012

,192

32,8

22,0

1830

,549

,104

30,8

01,9

7735

,161

,806

30,5

62,5

2430

,790

,373

Bus

ines

s-T

ype

Act

ivit

ies:

I

nves

tmen

t Ear

ning

s-

-

-

-

-

-

1,

099

-

-

-

T

otal

Bus

ines

s-T

ype

Act

ivit

ies

-

-

-

-

-

-

1,09

9

-

-

-

Tot

al D

istr

ict-

Wid

e27

,352

,863

$

28,7

00,8

04$

28

,367

,211

$

29,0

12,1

92$

32

,822

,018

$

30,5

49,1

04$

30

,803

,076

$

35,1

61,8

06$

30

,562

,524

$

30,7

90,3

73$

Cha

nge

in N

et P

osit

ion:

G

over

nmen

tal A

ctiv

itie

s24

0,45

7$

52

,899

$

(81,

873)

$

(1,8

69,6

87)

$

4,67

1,85

9$

(2

,351

,105

)$

(6

78,1

82)

$

1,

204,

755

$

(141

,570

)$

(489

,072

)$

B

usin

ess-

Typ

e A

ctiv

itie

s1,

851

23,6

67(9

,024

)3,

009

(51,

672)

(112

,582

)58

,710

8,73

9(4

5,05

6)27

,525

T

otal

Dis

tric

t24

2,30

8$

76

,566

$

(90,

897)

$

(1,8

66,6

78)

$

4,62

0,18

7$

(2

,463

,687

)$

(6

19,4

72)

$

1,

213,

494

$

(186

,626

)$

(461

,547

)$

137

EX

HIB

IT J

-3

2005

2006

2007

2008

2009

2009

2010

2011

2012

2013

2014

Gen

eral

Fun

d:

Res

erve

d3,

161,

280

$

3,

829,

781

$

4,

579,

612

$

1,

694,

473

$

1,

846,

332

$

1,

846,

332

$

76

7,74

4$

49

7,86

5$

1,

190,

360

$

1,

232,

440

$

-

$

Unr

eser

ved

1,28

9,10

9

1,16

0,28

6

379,

117

2,27

6,44

6

723,

550

723,

550

321,

190

126,

960

102,

749

24,0

08

-

R

estr

icte

d1,

012,

355

Ass

igne

d20

0,00

0

Com

mit

ted

472,

912

U

nass

igne

d17

8,62

2

Tot

al G

ener

al F

und

4,45

0,38

9$

4,99

0,06

7$

4,95

8,72

9$

3,97

0,91

9$

2,56

9,88

2$

2,56

9,88

2$

1,08

8,93

4$

624,

825

$

1,29

3,10

9$

1,25

6,44

8$

1,86

3,88

9$

All

Oth

er G

over

nmen

tal F

unds

R

estr

icte

d, R

epor

ted

in:

Cap

ital

Pro

ject

s F

und

69,1

87$

69,1

87$

69,1

87$

-$

-$

-$

-$

-$

68,9

02$

61,3

76$

3,64

5$

A

ssig

ned,

Rep

orte

d in

:

C

apit

al P

roje

cts

Fun

d-

-

-

-

-

-

-

-

1,

079,

606

-

30

,000

D

ebt S

ervi

ce F

und

-

-

-

-

-

-

-

-

94,3

68

928

452

U

nres

erve

d, R

epor

ted

in:

Spe

cial

Rev

enue

Fun

d-

-

-

(4

,294

)

-

-

-

-

-

-

-

Cap

ital

Pro

ject

s F

und

(318

,115

)

(3

11,2

84)

(283

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)

60

5,81

9

-

-

-

3,

842,

119

-

-

-

D

ebt S

ervi

ce F

und

20,5

94

8,03

7

13,5

27

19,9

53

37,3

49

37,3

49

30,7

80

6,91

5

-

-

-

Tot

al A

ll O

ther

Gov

ernm

enta

l

Fun

ds(2

28,3

34)

$

(234

,060

)$

(2

00,5

57)

$

621,

478

$

37,3

49$

37,3

49$

30,7

80$

3,84

9,03

4$

1,24

2,87

6$

62,3

04$

34,0

97$

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

CE

NT

RA

L R

EG

ION

AL

SC

HO

OL

DIS

TR

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FU

ND

BA

LA

NC

ES

AN

D G

OV

ER

NM

EN

TA

L F

UN

DS

LA

ST

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N F

ISC

AL

YE

AR

S(M

odif

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Acc

rual

Bas

is o

f A

ccou

nti

ng)

Un

audi

ted

138

CE

NT

RA

L R

EG

ION

AL

SC

HO

OL

DIS

RIC

TC

HA

NG

ES

IN

FU

ND

BA

LA

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, GO

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ME

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FU

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LA

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N F

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S(M

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Acc

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Bas

is o

f A

ccou

nti

ng)

Un

audi

ted

EX

HIB

IT J

-4(P

AG

E 1

of

2)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Rev

enu

es:

T

ax le

vy23

,647

,719

$ 24

,801

,697

$24

,177

,212

$24

,854

,627

$25

,646

,028

$26

,478

,637

$27

,776

,257

$27

,985

,785

$28

,529

,081

$27

,452

,900

$

Tui

tion

cha

rges

10,9

65

6,

339

82,9

51

44,4

37

277,

416

10

6,08

1

24

0,99

0

17

8,15

6

14

7,47

2

25

7,78

4

Tra

nspo

rtat

ion

Fee

s13

3,48

5

286,

703

334,

637

-

277,

416

-

80

,899

22

5,39

0

28

9,75

7

29

2,25

6

Mis

cell

aneo

us13

3,48

5

54,1

75

245,

673

276,

381

241,

549

57

3,40

8

24

1,27

7

17

7,44

7

22

4,09

4

29

6,16

2

Sta

te S

ourc

es5,

452,

034

5,71

1,82

7

6,63

4,84

1

7,83

7,83

9

5,91

8,56

1

5,30

9,01

7

4,58

9,95

3

6,61

8,79

3

6,52

4,97

8

6,50

6,75

3

F

eder

al S

ourc

es73

8,76

0

759,

207

833,

772

837,

989

708,

464

1,

313,

034

1,

231,

728

1,

053,

799

1,

106,

866

88

7,54

1

Oth

er-

-

-

87

1

30,0

00

-

-

-

Tot

al r

even

u e30

,116

,448

31,6

19,9

4832

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33,8

52,1

4433

,099

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33,7

80,1

7734

,161

,104

36,2

39,3

7036

,822

,247

35,6

93,3

96

Exp

end

itu

res

Inst

ruct

ion:

Reg

ular

Ins

truc

tion

7,89

0,89

17,

177,

818

7,88

8,47

78,

432,

627

7,75

8,94

38,

028,

025

7,87

3,33

68,

308,

565

8,

478,

025

8,

340,

129

S

peci

al E

duca

tion

Ins

truc

tion

2,54

8,92

92,

805,

886

2,90

9,49

23,

009,

843

3,62

4,91

43,

990,

115

4,25

1,69

43,

284,

701

3,

387,

494

3,

539,

290

O

ther

Spe

cial

Ins

truc

tion

23,8

6621

,866

25,9

4653

,247

163,

751

137,

509

133,

406

146,

181

150,

209

152,

971

Voc

atio

nal E

duca

tion

38,8

2643

,555

40,4

2040

,354

38,8

8797

,034

98,7

8510

1,29

7

10

2,84

2

10

3,43

6

O

ther

Ins

truc

tion

877,

846

930,

183

932,

555

938,

491

967,

506

1,08

6,90

81,

110,

216

1,10

5,69

0

1,18

9,54

9

1,43

0,72

3

Adu

lt/C

onti

nuin

g E

duca

tion

5,

840

500

-

-

-

S

uppo

rt S

ervi

ces:

T

uiti

on1,

780,

382

1,56

9,64

31,

285,

403

1,52

8,96

71,

542,

680

1,32

8,26

71,

597,

999

1,35

8,35

5

1,22

1,32

8

1,52

8,10

3

S

tude

nt &

Ins

t. R

elat

ed S

ervi

ces

2,64

2,61

92,

768,

767

2,89

2,30

72,

877,

217

2,96

8,89

93,

316,

852

3,02

0,55

22,

888,

541

3,

108,

366

3,

153,

657

Oth

er A

dmin

istr

ativ

e S

ervi

ces

799,

838

860,

832

1,02

0,75

888

7,87

31,

039,

457

1,04

6,92

384

6,47

779

0,99

3

93

0,02

2

78

8,48

4

Sch

ool A

dmin

istr

ativ

e S

ervi

ces

839,

086

873,

122

985,

463

989,

902

1,04

3,77

61,

051,

177

918,

003

945,

841

957,

572

940,

552

C

entr

al S

ervi

ces

461,

782

458,

367

466,

520

A

dmin

. Inf

orm

atio

n T

echn

olog

y73

9,52

167

1,75

579

3,08

758

0,92

422

0,40

461

3,19

464

9,35

130

7,87

4

31

2,38

9

31

7,39

0

Pla

nt O

pera

tion

s &

Mai

nten

ance

2,52

5,86

52,

956,

250

3,06

3,71

23,

075,

898

3,32

0,67

53,

685,

340

2,98

1,79

02,

729,

660

2,

842,

918

2,

894,

527

Pup

il tr

ansp

orta

tion

2,00

1,07

51,

990,

870

1,95

4,11

11,

937,

716

2,02

8,98

82,

018,

781

2,01

1,99

82,

244,

262

2,

272,

104

2,

278,

568

Una

lloc

ated

ben

efit

s5,

632,

456

6,32

2,64

77,

263,

592

7,86

5,49

26,

903,

734

7,38

6,70

97,

860,

346

8,27

2,37

8

9,09

1,85

4

8,49

1,69

5

Spe

cial

Sch

ools

16,0

4923

,588

28,9

3922

,124

16,9

5410

,812

25,0

8437

,885

42

,338

63

,951

Cap

ital

out

lay

294,

514

93,5

4895

,601

643,

238

1,58

9,37

252

9,02

042

2,38

74,

105,

807

2,

078,

619

1,

209,

531

D

ebt S

ervi

ce:

P

rinc

ipal

635,

000

680,

000

720,

000

760,

000

905,

000

875,

000

915,

000

955,

000

1,15

5,00

0

1,20

5,00

0

I

nter

est &

Oth

er C

harg

es46

7,71

743

8,32

740

7,05

737

4,00

720

1,38

825

4,23

521

8,06

127

0,05

0

26

0,48

6

22

1,58

6

Tot

al E

xpen

ditu

res

29,7

60,3

20

30,2

29,1

57

32,3

06,9

20

34,0

17,9

20

34,3

35,3

28

35,4

55,9

01

34,9

34,4

85

38,3

14,8

62

38,0

39,4

81

37,1

26,1

13

139

CE

NT

RA

L R

EG

ION

AL

SC

HO

OL

DIS

RIC

TC

HA

NG

ES

IN

FU

ND

BA

LA

NC

ES

, GO

VE

RN

ME

NT

AL

FU

ND

S,

LA

ST

TE

N F

ISC

AL

YE

AR

S(M

odif

ied

Acc

rual

Bas

is o

f A

ccou

nti

ng)

Un

audi

ted

EX

HIB

IT J

-4(P

AG

E 2

of

2)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s

Ove

r/(U

nder

) E

xpen

ditu

res

356,

128

1,39

0,79

12,

166

(165

,776

)(1

,235

,894

)(1

,675

,724

)(7

73,3

81)

(2,0

75,4

92)

(1,2

17,2

34)

(1,4

32,7

17)

Oth

er F

inan

cing

Sou

rces

/(U

ses)

:

Com

mun

ity

Dis

aste

r L

oan

(FE

MA

)-

-

-

-

-

-

-

-

-

1,97

7,15

1

Ref

und

of P

rior

Yea

r's E

xpen

ditu

res

-

-

-

-

-

-

-

-

-

14

,362

C

apit

al L

ease

s -

-

-

-

-

-

-

137,

620

-

20,4

38

Tot

al O

ther

Fin

anci

ng S

ourc

es/

(

Use

s)-

-

-

-

-

-

-

137,

620

-

2,01

1,95

1

Net

Cha

nge

in F

und

Bal

ance

s35

6,12

8$

1,39

0,79

1$

2,

166

$

(165

,776

)$

(1

,235

,894

)$

(1,6

75,7

24)

$ (7

73,3

81)

$

(1,9

37,8

72)

$ (1

,217

,234

)$

579,

234

$

Deb

t Ser

vice

as

a P

erce

ntag

e of

N

onca

pita

l Exp

endi

ture

s3.

74%

3.71

%3.

50%

3.40

%3.

38%

3.23

%3.

28%

3.58

%3.

94%

3.97

%

Sou

rce:

Dis

tric

t Rec

ords

140

EX

HIB

IT J

-5

RE

FU

ND

PR

IOR

FIS

CA

LY

EA

RY

EA

R E

ND

ING

TR

AN

SP

OR

TA

TIO

NIN

TE

RE

ST

TE

XT

BO

OK

EX

PE

ND

ITU

RE

SJU

NE

30,

TU

ITIO

NF

EE

SIN

VE

ST

ME

NT

FIN

ES

MIS

CE

LL

AN

EO

US

MIS

CE

LL

AN

EO

US

TO

TA

L

2005

10,9

65$

-$

133,

485

$

4,

761

$

-

$

20,1

48$

16

9,35

9$

2006

6,33

9-

28

6,70

34,

068

-

51

,236

348,

346

2007

N/A

N/A

N

/A

N/A

N

/A

N

/A

N/A

2008

N/A

N/A

N

/A

N/A

N

/A

N

/A

N/A

2009

N/A

N/A

N

/A

N/A

N

/A

N

/A

N/A

2010

114,

616

-

26

,614

-

-

37

8,69

7

51

9,92

7

2011

240,

990

80

,900

22

,343

-

-

21

8,93

4

56

3,16

7

2012

178,

156

22

5,39

0

74

2

-

-

156,

757

561,

045

20

1314

7,47

2

289,

757

1,83

0

-

-

19

9,73

5

63

8,79

4

2014

257,

784

$

29

2,25

6$

77

0$

-$

-

$

280,

297

$

831,

107

$

Sou

rce:

Dis

tric

t rec

ords

CE

NT

RA

L R

EG

ION

AL

SC

HO

OL

DIS

TR

ICT

GE

NE

RA

L F

UN

D -

OT

HE

R L

OC

AL

RE

VE

NU

E B

Y S

OU

RC

EL

AS

T T

EN

FIS

CA

L Y

EA

RS

(Mod

ifie

d A

ccru

al B

asis

of

Acc

oun

tin

g)

Un

aud

ited

141

-


142

REVENUE CAPACITY INFORMATION

143


144

EX

HIB

IT J

-6

FIS

CA

LT

OT

AL

AC

TU

AL

YE

AR

T

OT

AL

LE

SS

TA

XN

ET

DIR

EC

T(C

OU

NT

YE

ND

ED

VA

CA

NT

AS

SE

SS

ED

EX

EM

PT

PU

BL

ICV

AL

UA

TIO

NS

CH

OO

LE

QU

AL

IZE

D)

JUN

E 3

0,L

AN

DR

ES

IDE

NT

IAL

CO

MM

ER

CIA

LIN

DU

ST

RIA

LA

PA

RT

ME

NT

VA

LU

EP

RO

PE

RT

YU

TIL

ITIE

ST

AX

AB

LE

TA

X R

AT

EV

AL

UE

BE

RK

EL

EY

2005

54,2

64,3

50

2,33

3,68

1,59

0

11

2,29

7,00

0

12

,318

,000

24,7

46,4

00

2,

537,

307,

340

782,

802,

200

2,

544,

685,

309

0.67

73,

291,

995,

996

20

0654

,264

,350

2,

333,

681,

590

112,

297,

000

12,3

18,0

00

24

,746

,400

2,53

7,30

7,34

078

2,80

2,20

0

6,88

6,92

0

2,54

4,68

5,30

90.

677

3,29

1,99

5,99

6

2007

53,6

57,0

50

2,36

0,53

0,99

0

10

9,36

9,50

0

11

,358

,700

24,7

46,4

00

2,

559,

662,

640

785,

278,

700

5,

637,

528

2,

565,

591,

068

0.69

73,

826,

766,

887

20

0850

,153

,250

2,

396,

731,

790

118,

269,

500

11,3

58,7

00

24

,746

,400

2,60

1,25

9,64

078

6,61

6,60

0

4,83

7,66

7

2,60

6,38

8,90

70.

699

4,45

3,37

0,49

7

2009

50,9

68,9

00

2,42

1,24

9,64

0

11

6,94

6,70

0

11

,358

,700

24,7

46,4

00

2,

625,

270,

340

806,

116,

550

3,

923,

144

2,

629,

485,

784

0.65

05,

137,

683,

949

20

1049

,339

,700

2,

447,

836,

590

119,

958,

300

11,3

21,6

00

24

,756

,300

2,65

3,21

2,49

080

9,60

7,40

0

3,46

2,67

6

2,65

6,96

8,66

60.

638

5,96

5,95

0,87

9

2011

142,

705,

500

4,

597,

514,

300

344,

374,

200

28,1

14,5

00

59

,170

,800

5,17

1,87

9,30

01,

269,

044,

700

8,47

6,00

5

5,18

1,06

6,60

50.

370

6,43

4,56

7,39

7

2012

132,

153,

900

4,

599,

782,

500

325,

273,

300

24,7

42,2

00

58

,796

,400

5,14

0,74

8,30

01,

270,

623,

100

6,39

7,13

3

5,14

7,14

5,43

3-

5,86

7,71

9,08

7

2013

123,

862,

500

4,

586,

855,

260

318,

920,

400

24,7

64,9

00

58

,647

,000

5,11

3,76

1,96

01,

272,

461,

000

-

6,38

6,22

2,96

00.

937

5,54

8,78

6,84

9

2014

149,

897,

200

4,

566,

287,

760

291,

170,

700

24,4

62,5

00

57

,997

,000

5,08

9,81

5,16

01,

274,

856,

100

-

6,36

4,67

1,26

0-

5,10

3,59

4,86

6

ISL

AN

D H

EIG

HT

S20

053,

298,

700

112,

977,

800

10,3

18,4

00

-

19

3,20

0

12

6,78

8,10

0

9,93

1,20

0

205,

339

126,

993,

439

0.

731

189,

840,

343

2006

2,67

1,30

0

11

5,92

2,90

0

10

,319

,400

-

193,

200

129,

106,

800

10

,139

,900

138,

636

129,

245,

436

0.

755

223,

177,

523

2007

10,9

49,6

00

308,

750,

600

22,6

42,2

00

-

48

9,30

0

34

2,83

1,70

0

27,7

18,3

00

22

2,83

2

34

3,05

4,53

2

0.29

625

3,20

0,52

6

20

0814

,113

,600

30

4,74

6,00

0

22

,721

,800

-

489,

300

342,

070,

700

25

,339

,700

198,

353

342,

269,

053

0.

313

339,

560,

976

2009

14,1

63,1

00

309,

770,

900

22,7

21,8

00

-

48

9,30

0

34

7,14

5,10

0

25,3

39,7

00

18

6,54

0

34

7,33

1,64

0

0.26

539

2,70

0,23

5

20

1013

,762

,500

31

5,34

3,50

0

23

,101

,200

-

489,

300

352,

696,

500

22

,460

,600

189,

570

375,

157,

100

0.

301

444,

532,

862

2011

13,9

83,9

00

314,

685,

500

23,0

43,1

00

-

48

9,30

0

35

2,20

1,80

0

22,4

60,0

00

18

9,57

0

35

2,36

4,44

9

0.48

841

8,19

9,27

1

20

1212

,913

,000

31

4,96

5,70

0

21

,616

,800

-

489,

300

349,

984,

800

22

,674

,700

-

372,

659,

500

0.

866

390,

346,

643

2013

14,3

28,5

00

310,

198,

700

20,7

18,3

00

-

48

9,30

0

34

5,73

4,80

0

22,7

24,7

00

-

36

8,45

9,50

0

0.86

034

9,96

9,43

0

20

1415

,221

,700

30

9,32

4,60

0

20

,588

,200

-

489,

300

345,

623,

800

22

,736

,500

-

368,

360,

300

-

344,

899,

511

OC

EA

N G

AT

E20

053,

628,

900

246,

829,

600

4,68

3,10

0

-

1,27

4,00

0

256,

415,

600

11

,768

,300

188,

556

256,

604,

156

0.

344

195,

755,

457

2006

3,77

8,50

0

24

6,88

9,40

0

4,

683,

100

-

1,

299,

000

25

6,65

0,00

0

12,2

07,7

00

16

9,63

2

25

6,81

9,63

2

0.32

223

8,87

4,10

0

20

073,

455,

300

248,

615,

500

4,68

3,10

0

-

1,29

9,00

0

258,

052,

900

12

,192

,000

163,

580

258,

216,

480

0.

356

277,

828,

018

2008

3,35

1,00

0

25

1,00

9,00

0

4,

683,

100

-

1,

299,

000

26

0,34

2,10

0

12,1

92,0

00

18

0,43

2

26

0,16

1,66

8

0.61

327

9,97

4,93

8

20

093,

326,

200

253,

446,

800

4,68

3,10

0

-

1,29

9,00

0

262,

755,

100

11

,606

,300

196,

272

274,

361,

400

0.

358

287,

586,

215

2010

3,32

6,20

0

25

3,44

6,80

0

4,

683,

100

-

1,

299,

000

26

2,75

5,10

0

11,6

06,3

00

19

6,27

2

27

4,36

1,40

0

0.35

828

7,58

6,21

5

20

113,

488,

300

252,

790,

400

4,68

3,10

0

-

1,29

9,00

0

262,

260,

800

12

,032

,500

153,

416

262,

414,

216

28

1,39

8,49

9

20

123,

804,

100

253,

620,

900

4,68

3,10

0

-

1,29

9,00

0

263,

407,

100

12

,082

,500

-

275,

489,

600

0.

969

261,

862,

114

2013

3,66

8,70

0

24

5,47

0,20

0

4,

387,

600

-

1,

160,

200

25

4,68

6,70

0

12,0

82,5

00

-

26

6,76

9,20

0

0.99

324

1,93

6,63

9

20

144,

510,

200

243,

127,

500

4,27

7,60

0

-

1,16

0,20

0

253,

075,

500

12

,360

,700

-

265,

436,

200

-

233,

593,

779

SE

AS

IDE

HE

IGH

TS

2005

6,36

2,90

0

12

6,61

3,50

0

84

,544

,100

-

10,8

97,9

00

22

8,41

8,40

0

21,8

15,9

00

18

3,76

1

22

8,60

2,16

1

0.78

146

8,72

4,48

8

20

068,

775,

300

128,

332,

700

83,0

82,7

00

-

10

,680

,300

230,

871,

000

21

,775

,000

124,

354

230,

995,

354

0.

925

646,

697,

356

2007

47,2

18,0

00

542,

856,

200

321,

099,

750

-

46

,627

,100

957,

801,

050

96

,202

,902

357,

466

958,

158,

516

0.

257

792,

242,

977

2008

43,2

17,8

00

521,

942,

000

268,

433,

200

-

40

,467

,600

874,

060,

600

77

,359

,400

357,

466

951,

777,

466

0.

265

864,

721,

607

2009

50,5

63,1

00

521,

672,

800

287,

005,

200

-

39

,772

,600

899,

013,

700

80

,154

,400

389,

332

949,

168,

100

0.

296

876,

461,

523

2010

50,5

63,1

00

521,

672,

800

287,

005,

200

-

39

,772

,600

899,

013,

700

80

,154

,400

389,

332

949,

168,

100

0.

296

876,

461,

523

2011

44,4

51,6

00

516,

178,

700

255,

271,

300

-

39

,320

,400

855,

222,

000

79

,620

,500

322,

996

855,

544,

996

20

1241

,262

,400

51

3,12

2,40

0

24

9,84

2,30

0

-

38,7

33,1

00

84

2,96

0,20

0

79,6

20,5

00

-

92

2,58

0,70

0

0.60

375

9,69

7,36

8

20

1324

,298

,400

38

3,80

7,40

0

47

,238

,300

-

8,37

2,00

0

1,13

0,58

3,80

060

,462

,400

-

678,

266,

400

0.

595

659,

553,

753

2014

34,6

44,4

00

389,

582,

900

172,

293,

800

-

27

,037

,200

623,

558,

300

60

,462

,400

-

684,

020,

700

-

661,

881,

223

SE

AS

IDE

PA

RK

2005

10,0

70,4

00

611,

073,

100

51,4

57,2

00

-

6,

928,

500

67

9,52

9,20

0

91,7

24,6

00

37

2,44

0

67

8,27

4,33

1

0.36

689

3,85

4,86

7

20

0611

,385

,500

61

3,84

5,90

0

51

,586

,600

-

6,51

9,50

0

683,

337,

500

91

,352

,600

274,

732

683,

612,

232

0.

445

1,08

7,67

0,87

3

2007

11,5

85,5

00

618,

805,

700

38,4

28,3

00

-

6,

044,

000

67

4,86

3,50

0

91,8

13,0

00

24

0,72

1

67

5,10

4,22

1

0.53

21,

264,

317,

582

20

0814

,841

,300

62

2,53

7,40

0

38

,525

,500

-

5,52

2,00

0

681,

426,

200

89

,803

,800

237,

276

681,

663,

476

-

1,37

5,66

2,45

0

2009

27,8

82,3

00

1,06

7,28

9,10

0

55

,438

,100

-

9,47

8,10

0

1,16

0,08

7,60

017

3,77

6,60

0

517,

732

1,16

0,60

5,33

2-

1,34

7,31

3,49

4

2010

24,1

29,8

00

1,07

2,53

3,30

0

55

,341

,400

-

9,45

5,20

0

1,16

1,45

9,70

017

4,26

0,00

0

466,

208

1,16

1,92

5,90

80.

348

1,25

0,93

8,79

4

2011

20,6

60,1

00

1,07

5,27

6,10

0

55

,341

,400

-

9,45

5,20

0

1,16

0,73

2,80

017

4,26

0,00

0

346,

911

1,16

1,07

9,71

1-

1,28

7,96

3,26

1

2012

19,6

23,6

00

1,07

8,52

7,90

0

54

,278

,400

-

9,45

5,20

0

1,16

1,88

5,10

017

5,36

2,00

0

-

1,33

7,24

7,10

00.

431

1,26

0,58

9,23

7

2013

14,6

60,1

00

1,06

0,31

3,40

0

47

,238

,300

-

8,37

2,00

0

1,13

0,58

3,80

017

6,32

0,90

0

-

1,30

6,90

4,70

00.

411

1,19

9,81

3,01

1

2014

24,9

40,1

00

1,04

7,59

7,80

0

37

,875

,300

-

8,35

4,00

0

1,11

8,76

7,20

017

6,89

0,50

0

-

1,29

5,65

7,70

0-

1,17

5,42

2,56

8

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145

EXHIBIT J-7

LOCAL TOTALTOTAL SCHOOL DIRECT &

REGIONAL DISTRICT MUNICIPAL COUNTY OVERLAPPINGTAX RATE TAX RATE TAX RATE TAX RATE TAX RATE

Berkeley2005 0.699 0.801 0.676 0.653 2.829 2006 0.650 0.902 0.746 0.660 2.958 2007 0.638 0.939 0.841 0.672 3.090 2008 0.657 0.957 0.916 0.738 3.268 2009 0.667 0.975 0.969 0.736 3.347 2010 0.370 0.557 0.505 0.393 1.825 2011 0.367 0.550 0.508 0.388 1.813 2012 0.384 0.553 0.532 0.393 1.862 2013 0.382 0.554 0.567 0.404 1.907 2014 0.383 0.555 0.610 0.407 1.955

Island Heights2005 0.296 0.461 0.321 0.282 1.360 2006 0.313 0.466 0.332 0.333 1.444 2007 0.265 0.465 0.382 0.289 1.401 2008 0.259 0.479 0.475 0.306 1.519 2009 0.302 0.479 0.492 0.322 1.595 2010 0.301 0.479 0.514 0.340 1.634 2011 0.349 0.488 0.508 0.335 1.680 2012 0.362 0.504 0.449 0.403 1.718 2013 0.333 0.527 0.472 0.396 1.728 2014 0.339 0.537 0.493 0.406 1.775

Ocean Gate2005 0.344 0.517 0.492 0.291 1.644 2006 0.322 0.571 0.538 0.316 1.747 2007 0.356 0.612 0.580 0.276 1.824 2008 0.349 0.613 0.604 0.276 1.842 2009 0.358 0.604 0.624 0.339 1.925 2010 0.363 N/A N/A N/A 0.363 2011 0.364 0.604 0.635 0.304 1.907 2012 0.360 0.609 0.634 0.362 1.965 2013 0.362 0.631 0.654 0.373 2.020 2014 0.365 0.647 0.659 N/A 1.671

Seaside Heights2005 0.781 1.022 0.938 0.784 3.525 2006 0.925 0.985 0.937 0.945 3.792 2007 0.257 0.241 0.281 0.212 0.991 2008 N/A 0.265 0.357 0.248 0.870 2009 N/A 0.265 0.440 0.250 0.955 2010 N/A 0.302 0.516 0.264 1.082 2011 0.289 0.312 0.544 0.271 1.416 2012 0.270 0.333 0.571 0.325 1.499 2013 0.267 0.328 0.813 0.417 1.825 2014 0.264 0.390 0.866 0.435 1.955

Seaside Park2005 0.425 0.189 0.575 0.502 1.691 2006 0.445 0.187 0.662 0.538 1.832 2007 0.532 0.190 0.681 0.576 1.979 2008 0.543 0.188 0.708 0.623 2.062 2009 0.338 0.099 0.430 0.359 1.226 2010 0.348 0.066 0.430 0.350 1.194 2011 0.382 0.062 0.430 0.377 1.251 2012 0.371 0.060 0.429 0.394 1.254 2013 0.372 0.717 0.876 0.417 2.382 2014 0.376 0.055 0.449 0.428 1.308

Source: Municipal Tax Collector

SCHOOL DISTRICT DIRECT RATE

CENTRAL REGIONAL SCHOOL DISTRICTDIRECT AND OVERLAPPING PROPERTY TAX RATES

LAST TEN FISCAL YEARS(Rate per $100 of Assessed Value)

Unaudited

OVERLAPPING RATES

146

EXHIBIT J-8

Taxable % of Total Taxable % of TotalAssessed District Net Assessed District Net

Berkeley Township Value Assessed Value Rank Value Assessed Value

Hovchild Partners 34,976,300$ 0.69% 1 N/A N/ARK Creek LLC 28,289,800 0.56% 2 N/A N/AArlington Beach Co 21,004,600 0.41% 3 N/A N/AQuaker Malls 17,721,200 0.35% 4 N/A N/ABaywick Plaza 15,000,000 0.29% 5 N/A N/ABerkeley Healthcare Assoc LLC 11,500,000 0.23% 6 N/A N/ANJ Pulverizing Co 11,500,000 0.23% 7 N/A N/AShar-A-Dee Apartments LLC 8,759,600 0.17% 8 N/A N/ABNJ Realty LLC 8,691,700 0.17% 9 N/A N/ANot available N/A N/A 10 N/A N/A

Total 157,443,200$ 3.09% N/A N/A

Island Heights

FLM Marine N/A N/A 1 N/A N/ATaxpayer #1 N/A N/A 2 N/A N/ATaxpayer #2 N/A N/A 3 N/A N/ATaxpayer #3 N/A N/A 4 N/A N/ATaxpayer #4 N/A N/A 5 N/A N/ATaxpayer #5 N/A N/A 6 N/A N/ABelcor Builders N/A N/A 7 N/A N/ANelson Property Parnters N/A N/A 8 N/A N/ATaxpayer #6 N/A N/A 9 N/A N/ATaxpayer #7 N/A N/A 10 N/A N/A

Total N/A N/A N/A N/A

Ocean GateN/A N/A

Taxpayer #1 N/A N/A 1 N/A N/ATaxpayer #2 N/A N/A 2 N/A N/ATaxpayer #3 N/A N/A 3 N/A N/ATaxpayer #4 N/A N/A 4 N/A N/ATaxpayer #5 N/A N/A 5 N/A N/ATaxpayer #6 N/A N/A 6 N/A N/ATaxpayer #7 N/A N/A 7 N/A N/ATaxpayer #8 N/A N/A 8 N/A N/ATaxpayer #9 N/A N/A 9 N/A N/ANot available N/A N/A 10 N/A N/A


Seaside Heights

AFMV, LLC 19,991,300$ 3.02% 1 N/A N/ABelle Freeman Properties 9,233,300 1.40% 2 N/A N/ATaxpayer #1 6,971,700 1.05% 3 N/A N/ATaxpayer #2 5,228,800 0.79% 4 N/A N/ATilles, Samuel, Inc 4,837,700 0.73% 5 N/A N/AImproved Land Inc 4,721,600 0.71% 6 N/A N/ASeaside Heights Imp. & Dev 4,554,200 0.69% 7 N/A N/ASaddy Family LLC 4,404,400 0.67% 8 N/A N/ATaxpayer #3 4,185,900 0.63% 9 N/A N/ACoin Castle Amusements 3,739,600 0.56% 10 N/A N/A

Total 67,868,500$ 10.25% N/A N/A

Seaside Park

Funtown Pier N/A N/A 1 N/A N/ATaxpayer #1 N/A N/A 2 N/A N/AJoy-Jam N/A N/A 3 N/A N/AShree Jyoti LLC N/A N/A 4 N/A N/ASeaside Park Yacht Club N/A N/A 5 N/A N/ASeaside Operating Co. N/A N/A 6 N/A N/AC Raley & R. Borton N/A N/A 7 N/A N/ATaxpayer #2 N/A N/A 8 N/A N/ATaxpayer #3 N/A N/A 9 N/A N/ATaxpayer #4 N/A N/A 10 N/A N/A


Source: Municipal Tax Assessor

CENTRAL REGIONAL SCHOOL DISTRICTPRINCIPAL PROPERTY TAX PAYERS,

CURRENT YEAR AND NINE YEARS AGOUnaudited

2014 2005

147

EXHIBIT J-9

Berkeley TownshipTAXES

FISCAL LEVIEDYEAR FOR THE PERCENTAGE SUBSEQUENT

ENDED FISCAL YEAR AMOUNT OF LEVY YEARS

2005 74,193,873 72,199,611 98.39% 1,046,1502006 78,363,792 76,983,206 98.24% 1,125,0002007 83,291,421 81,912,967 98.34% 1,343,3732008 88,097,099 86,427,505 98.10% 1,602,0342009 90,845,577 88,725,383 97.66% 1,948,7322010 94,445,148 91,457,924 96.83% 2,465,1652011 93,298,408 90,359,508 96.85% 2,434,0002012 95,308,308 N/A N/A N/A2013 N/A N/A N/A N/A2014 N/A N/A N/A N/A

Island Heights2005 4,703,656 4,559,895 96.94% -2006 4,983,941 4,825,946 97.39% -2007 5,059,435 4,960,776 98.05% -2008 5,282,432 5,187,348 98.20% -2009 5,593,649 5,527,085 98.81% -2010 5,743,409 5,596,952 97.45% -2011 5,944,428 5,743,306 96.62% -2012 6,013,829 N/A N/A N/A2013 N/A N/A N/A N/A2014 N/A N/A N/A N/A

Ocean Gate2005 4,246,392 4,101,615 96.59% -2006 4,504,668 4,326,912 96.05% -2007 1,468,697 1,468,697 100.00% -2008 1,607,426 1,607,426 100.00% -2009 1,607,559 1,539,720 95.78% -2010 1,607,559 1,540,363 95.82% -2011 5,165,541 N/A N/A N/A2012 5,178,885 N/A N/A N/A2013 N/A N/A N/A N/A2014 N/A N/A N/A N/A

Seaside Heights2005 8,263,644 8,255,653 99.90% -2006 8,966,445 8,890,570 99.94% -2007 9,996,035 9,985,522 99.89% -2008 10,797,197 10,791,744 99.94% -2009 11,422,745 N/A N/A N/A2010 12,446,585 N/A N/A N/A2011 12,576,819 N/A N/A N/A2012 12,636,056 N/A N/A N/A2013 N/A N/A N/A N/A2014 N/A N/A N/A N/A

Seaside Park2005 11,532,983 11,292,339 97.91% -2006 12,582,995 12,299,032 97.74% -2007 13,458,216 13,211,252 98.15% -2008 14,147,610 13,816,393 97.66% 331,2172009 14,257,771 13,792,919 96.73% 409,9262010 13,907,985 13,455,501 96.74% 377,4702011 14,554,319 14,231,848 97.78% 296,9972012 14,572,688 N/A N/A N/A2013 N/A N/A N/A N/A2014 N/A N/A N/A N/A

FISCAL YEAR OF THE LEVY

CENTRAL REGIONAL SCHOOL DISTRICTPROPERTY TAX LEVIES & COLLECTIONS

LAST TEN FISCAL YEARSUnaudited

COLLECTED WITHIN THE

148

DEBT CAPACITY INFORMATION

149


150

EXHIBIT J-10

BERKELEY TOWNSHIPBUSINESS-

FISCAL TYPE PERCENTAGEYEAR GENERAL ANTICIPATION ACTIVITIES OF

ENDED OBLIGATION CAPITAL NOTES CAPITAL TOTAL PER CAPITAJUNE 30, BONDS LEASES (BANs) LEASES DISTRICT INCOME PER CAPITA

2014 N/A N/A N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A N/A N/A2012 16,760,000 82,705 N/A N/A N/A N/A N/A2011 17,915,000 137,463 N/A N/A N/A N/A N/A2010 19,010,000 188,764 N/A N/A 19,198,764 0.00% N/A2009 20,635,100 194,771 N/A N/A 20,829,871 0.00% N/A2008 21,630,100 316,218 N/A N/A 21,946,318 0.00% N/A2007 22,575,100 265,893 N/A N/A 22,840,993 0.00% N/A2006 6,783,715 148,971 N/A N/A 6,932,686 0.00% 1632005 7,285,584 150,418 N/A N/A 7,436,002 0.00% 175

ISLAND HEIGHES

2014 N/A N/A N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A N/A N/A2012 653,000 N/A N/A N/A 653,000 N/A N/A2011 1,623,000 N/A N/A N/A 1,623,000 0.00% N/A2010 773,000 N/A N/A N/A 773,000 0.00% N/A2009 833,000 N/A N/A N/A 833,000 0.00% N/A2008 893,000 N/A N/A N/A 893,000 0.00% N/A2007 371,407 8,521 N/A N/A 379,928 0.00% 2022006 372,394 8,178 N/A N/A 380,572 0.00% 2042005 399,944 8,257 N/A N/A 408,201 0.00% 221

OCEAN GATE

2014 N/A N/A N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A N/A N/A2012 1,350,306 N/A N/A N/A 1,350,306 N/A N/A2011 1,512,239 N/A N/A N/A 1,512,239 N/A N/A2010 1,670,992 N/A N/A N/A 1,670,992 0.00% N/A2009 1,826,722 N/A N/A N/A 1,826,722 0.00% N/A2008 1,979,643 N/A N/A N/A 1,979,643 0.00% 9292007 286,175 6,566 N/A N/A 292,741 0.00% 1372006 323,336 7,100 N/A N/A 330,436 0.00% 1572005 347,257 7,170 N/A N/A 354,427 0.00% 167

SEASIDE HEIGHTS

2014 N/A N/A N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A N/A N/A2012 260,654 N/A N/A N/A N/A N/A N/A2011 386,196 N/A N/A N/A N/A N/A N/A2010 508,823 N/A N/A N/A N/A N/A N/A2009 628,278 N/A N/A N/A N/A N/A N/A2008 17,053,822 N/A 1,900,000 N/A 18,953,822 0.00% N/A2007 17,837,238 N/A N/A N/A 17,837,238 0.00% 2332006 16,583,099 N/A 736,250 N/A 17,319,349 0.00% 2072005 702,066 14,495 N/A N/A 716,561 0.00% 224

SEASIDE PARK

2014 N/A N/A N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A N/A N/A2012 N/A N/A N/A N/A N/A N/A N/A2011 3,006,302 797,710 2,519,200 N/A 6,323,212 N/A N/A2010 3,208,868 869,408 463,424 N/A 4,541,700 N/A N/A2009 3,411,434 951,945 450,200 N/A 4,813,579 0.00% N/A2008 3,614,000 992,602 N/A N/A 4,606,602 0.00% 2,0362007 N/A N/A 1,757,000 N/A 1,757,000 0.00% 1,2312006 N/A N/A 2,042,000 N/A 2,042,000 0.00% 1,4032005 1,136,649 23,467 N/A N/A 1,160,116 0.00% 504

Note: Details regarding the District's outstanding debt can be found in the notes to the financial statements.

CENTRAL REGIONAL SCHOOL DISTRICTRATIOS OF OUTSTANDING DEBT BY TYPE


GOVERNMENTAL ACTIVITIES

151

EXHIBIT J-11

BERKELEY TOWNSHIP

NET PERCENTAGEFISCAL GENERAL OF ACTUALYEAR GENERAL BONDED TAXABLE

ENDED OBLIGATION DEBT VALUE OFJUNE 30, BONDS DEDUCTIONS OUTSTANDING PROPERTY PER CAPITA

2014 N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A2012 16,760,000 N/A 16,760,000 N/A N/A2011 17,915,000 N/A 17,915,000 N/A N/A2010 19,010,000 N/A 19,010,000 0.00% N/A2009 20,635,100 N/A 20,635,100 0.00% N/A2008 21,630,100 N/A 21,630,100 0.00% N/A2007 6,021,641 N/A 6,021,641 0.00% N/A2006 6,783,715 N/A 6,783,715 0.00% 1632005 7,285,584 N/A 7,285,584 0.00% 175

ISLAND HEIGHTS

2014 N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A2012 653,000 N/A 653,000 N/A N/A2011 1,623,000 N/A 1,623,000 0.00% N/A2010 773,000 N/A 773,000 0.00% N/A2009 833,000 N/A 833,000 0.00% N/A2008 893,000 N/A 893,000 0.00% N/A2007 371,407 N/A 371,407 0.00% N/A2006 372,394 N/A 372,394 0.00% 1632005 399,944 N/A 399,944 0.00% 175

OCEAN GATE

2014 N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A2012 N/A N/A N/A N/A N/A2011 N/A N/A N/A N/A N/A2010 19,010,000 N/A 19,010,000 0.00% N/A2009 20,635,100 N/A 20,635,100 0.00% N/A2008 21,630,100 N/A 21,630,100 0.00% N/A2007 6,021,641 N/A 6,021,641 0.00% N/A2006 6,783,715 N/A 6,783,715 0.00% 1632005 7,285,584 N/A 7,285,584 0.00% 175

SEASIDE HEIGHTS

2014 N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A2012 N/A N/A N/A N/A N/A2011 N/A N/A N/A N/A N/A2010 N/A N/A N/A N/A N/A2009 20,295,858 9,208,628 11,087,230 0.00% N/A2008 745,959 N/A 745,959 0.00% N/A2007 739,249 N/A 739,249 0.07% 4572006 653,704 N/A 653,704 0.28% 4602005 702,066 N/A 702,066 0.31% 494

SEASIDE PARK

2014 N/A N/A N/A N/A N/A2013 N/A N/A N/A N/A N/A2012 N/A N/A N/A N/A N/A2011 3,006,302 N/A 3,006,302 0.24% N/A2010 3,208,868 N/A 3,208,868 0.25% N/A2009 3,411,434 N/A 3,411,434 0.00% N/A2008 3,614,000 N/A 3,614,000 0.01% N/A2007 1,053,027 N/A 1,053,027 0.15% 4572006 1,058,351 N/A 1,058,351 0.15% 4602005 1,136,649 N/A 1,136,649 0.17% 494

CENTRAL REGIONAL SCHOOL DISTRICTRATIOS OF NET GENERAL BONDED DEBT OUTSTANDING


GENERAL BONDED DEBT OUTSTANDING

152

EXHIBIT J-12

DEBT PERCENTAGE OVERLAPPINGOUTSTANDING APPLICABLE DEBT

BerkeleyDebt Repaid With Property Taxes: Berkeley Township 33,823,247$ Berkeley Twp Sewerage Authority 9,539,839 Berkeley Township MUA 11,032,676 Ocean County General Obligaiton Debt 35,799,415 Regional School Debt -

Subtotal, Overlapping Debt 90,195,177 Berkeley Township Schools 15,565,000

Total Direct & Overlapping Debt 105,760,177$

Island HeightsDebt Repaid With Property Taxes: Island Heights 2,680,619$ Ocean County General Obligaiton Debt 2,318,530 Regional School Debt -

Subtotal, Overlapping Debt 4,999,149 Island Heights Township School District 653,000


Ocean GateDebt Repaid With Property Taxes: Ocean Gate -$ Ocean County General Obligaiton Debt 1,166,613 Regional School Debt -

Subtotal, Overlapping Debt 1,166,613 Ocean Gate School District 1,184,950


Seaside HeightsDebt Repaid With Property Taxes: Seaside Heights -$ Ocean County General Obligaiton Debt - Regional School Debt -

Subtotal, Overlapping Debt - Seaside Heights School District Direct Debt 131,975

Total Direct & Overlapping Debt 131,975$

Seaside ParkDebt Repaid With Property Taxes: Seaside Park 6,829,995$ Ocean County General Obligaiton Debt 5,031,440 Regional School Debt -

Subtotal, Overlapping Debt 11,861,435Seaside Park School District Direct Debt -


Sources: Assessed value data used to estimate applicable percentages provided by the Ocean County Board of Taxation.

Debt outstanding data provided by each governmental unitNOTE - Overlapping governments are those that coincide, at least in part, with the geographic boundarieof the District.This schedule estimates the portion of the outstanding debt of those overlapping governments that is bornby the residents and businesses of the above Townships. This process recognizes that, when considering theDistrict's ability to issue and repay Long-Term debt, the entire debt burden borne by the residents and businesseshould be taken into account. However, this does not imply that every taxpayer is a resident, and thereforresponsible for repaying the debt, of each overlapping paymenta. For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxablassessed property values. Applicable percentages were estimated by determining the portion of anothegovernment unit's taxable value that is within the District's boundaries and dividing it by each unit's totataxable value.

CENTRAL REGIONAL SCHOOL DISTRICTRATIOS OF OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

AS OF JUNE 30, 2014Unaudited

GOVERNMENTAL UNIT

153

EX

HIB

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154

DEMOGRAPHIC AND ECONOMIC STATISTICS

155


156

EXHIBIT J-14

PER CAPITAPERSONAL UNEMPLOYMENT

YEAR POPULATION (a) INCOME (c) RATE (d)Berkeley

2014 N/A N/A N/A2013 41,829 N/A 12.90%2012 41,498 43,200 15.60%2011 41,455 40,724 14.90%2010 * 41,331 40,291 14.20%2009 42,975 39,331 14.00%2008 42,783 40,975 7.10%2007 42,664 39,214 5.30%2006 42,577 36,773 6.00%2005 42,500 34,497 5.50%

Island Heights2014 N/A N/A N/A2013 1,681 N/A 10.30%2012 1,673 43,200 10.60%2011 1,681 40,724 10.04%2010 * 1,676 40,291 10.00%2009 1,891 39,331 9.50%2008 1,877 40,975 7.10%2007 1,878 39,214 5.30%2006 1,877 36,773 5.00%2005 1,861 34,497 4.40%

Ocean Gate2014 N/A N/A N/A2013 2,025 43,200 7.80%2012 2,023 40,724 10.60%2011 2,022 40,724 10.30%2010 * 2,015 40,291 9.90%2009 2,149 39,331 9.40%2008 2,130 40,975 5.90%2007 2,130 39,214 5.00%2006 2,130 36,773 5.00%2005 2,109 34,497 4.40%

Seaside Heights2014 N/A N/A N/A2013 2,906 N/A 17.20%2012 2,892 43,200 14.30%2011 2,901 40,724 14.00%2010 * 2,893 40,291 13.50%2009 3,355 39,331 12.80%2008 3,343 40,975 8.20%2007 3,319 39,214 6.10%2006 3,242 36,773 6.90%2005 3,220 34,497 5.60%

Seaside Park2014 N/A N/A N/A2013 1,592 N/A 6.80%2012 1,587 43,200 13.50%2011 1,587 40,724 13.20%2010 * 1,582 40,291 12.70%2009 2,329 39,331 12.10%2008 2,317 40,975 12.10%2007 2,306 39,214 5.70%2006 2,302 36,773 6.50%2005 2,301 34,497 5.80%

c Per Capitad Unemployment data provided by the NJ Dept of Labor and Workforce Development* 2010 Census

CENTRAL REGIONAL SCHOOL DISTRICTDEMOGRAPHIC AND ECONOMIC STATISTICS


157

-


158

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163

EXHIBIT J-19

UNDISTRIBUTED EXPENDITURES - REQUIREDMAINTENANCE FOR SCHOOL FACILITIES

* SCHOOLFACILITIES HIGH MIDDLE

PROJECT #(s) SCHOOL SCHOOL TOTAL

2005 235,984 74,447 310,431 2006 234,296 87,307 321,6032007 326,452 89,705 416,1572008 339,837 86,000 425,8372009 330,565 52,166 382,7312010 1,131,949 56,883 1,188,8322011 642,861 138,969 781,8302012 318,040 123,639 441,6792013 491,036 169,739 660,7752014 460,265 175,303 635,568

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

Source: District records

CENTRAL REGIONAL SCHOOL DISTRICTSCHEDULE OF REQUIRED MAINTENANCE


164

EXHIBIT J-20

Coverage Deductible

School Package Policy (1)Building & Contents (All Locations) 16,000,000$ 1,000$ Boiler and Machinery 150,000 10,000 General Automobile Liability 10,000,000 1,000 School Board Legal Liability 16,000,000 10,000 Employers Liability 16,000,000 10,000 Workers' Compensation Per State Law Per State Law

Student Accident Insurance (2)

Surety Bonds (3)Treasurer 250,000 Per State LawBoard Secretary/Business Administrator 50,000 Per State Law

(1) New Jersey School Boards Association Insurance Group Policy #P-680W - Commercial Package Policy(2) Peoples Benefit Life Insurance Company(3) Western Surety

Source: District records

CENTRAL REGIONAL SCHOOL DISTRICTINSURANCE SCHEDULE

JUNE 30, 2014Unaudited

165

-


166

SINGLE AUDIT SECTION

167


168

EXHIBIT K-1

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF

FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

Honorable President and Members of the Board of Education Central Regional School District Bayville, New Jersey We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental and business-type activities, each major fund and the aggregate remaining fund information of the Central Regional School District, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise Central Regional School District’s basic financial statements, and have issued our report thereon dated November 14, 2014. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Central Regional School District's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Central Regional School District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Central Regional School District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. We consider the deficiencies noted as findings 2014-01 and 2014-02 described in the accompanying schedule of findings and questioned costs to be significant deficiencies. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, as described in the

169

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Letterhead

accompanying schedule of findings and questioned costs, we identified certain deficiencies in internal control that we consider to be significant deficiencies. Compliance and Other Matters As part of obtaining reasonable assurance about whether Central Regional School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed three instances of noncompliance or other matters that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey as Finding No. 2014-01, 2014-02 and 2014-03. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, and federal and state awarding agencies and pass-through entities, in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.





170

EXHIBIT K-2

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

133 AND NEW JERSEY OMB CIRCULAR 04-04.

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

171

rchandran

Letterhead

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of Central Regional School District’s compliance with those requirements. Opinion on Each Major Federal Program In our opinion, Central Regional School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2014. Opinion on Each Major State Program

Basis for Qualified Opinion on Categorical Special Education Aid, Adjustment Aid, Security Aid, and School Choice Aid

As described in the accompanying schedule of findings and questioned costs, Central Regional School District did not comply with requirements regarding 14-495-034-5120-089 Categorical Special Education Aid, 14- 495-034-5120-085 Adjustment Aid, 14-495-034-5120-084 Security Aid, and 14-495-034-5120-068 School Choice Aid as described in finding numbers 2014-01, 2014-02, and 2014-03. Compliance with such requirements is necessary, in our opinion, for Central Regional School District to comply with the requirements applicable to that program.

Qualified Opinion on Categorical Special Education Aid, Adjustment Aid, Security Aid, and School Choice Aid

In our opinion, except for the noncompliance described in the Basis for Qualified Opinion paragraph, Central Regional School District, complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on its Categorical Special Education Aid, Adjustment Aid, Security Aid, and School Choice Aid state programs for the year ended June 30, 2014.

Other Matters

The results of our auditing procedures disclosed no other instances of noncompliance, which are required to be reported in accordance with OMB Circular A-133 and New Jersey OMB’s Circular 04-04.

Central Regional School District’s response to the noncompliance findings identified in our audit is described in the accompanying schedule of findings and questioned costs. Central Regional School District’s response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response.

Report on Internal Control Over Compliance Management of Central Regional School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered Central Regional School District’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal or state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal or state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and New Jersey OMB’s Circular 04-04, but not for the purpose of expressing an opinion on the

172

effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of Central Regional School District’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. We consider the deficiencies in internal control over compliance described in the accompanying schedule of findings and questioned costs as items 2014-01, 2014-02, and 2014-03 to be material weaknesses.

A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Central Regional School District’s response to the internal control over compliance findings identified in our audit is described in the accompanying schedule of findings and questioned costs. Central Regional School District’s response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response.

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





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176

EXHIBIT K-5 (Page 1 of 2)

CENTRAL REGIONAL SCHOOL DISTRICT NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE

JUNE 30, 2014

Note 1: General The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state award activity of the Board of Education, Central Regional School District. The Board of Education is defined in Note 1 to the Board’s basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance. Note 2: Basis of Accounting The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. These basis of accounting are described in Note 1 to the Board’s basic financial statements. Note 3: Relationship to Basic Financial Statements The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made. The general fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP purposes that payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A.18A:22-4.2. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(21,861) for the general fund and $- for the special revenue fund. See Note 1 for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the Board’s basic financial statements on a GAAP basis as presented as follows:

177


CENTRAL REGIONAL SCHOOL DISTRICT NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE

JUNE 30, 2014

Note 3: Relationship to Basic Financial Statements (continued): Federal State Total General Fund $ 55,073 $ 6,506,753 $ 6,561,826 Special Revenue Fund 832,468 - 832,468 Food Service Fund 301,226 6,062 307,288 Total Financial Assistance $1,188,767 $ 6,512,815 $ 7,701,582 Note 4: Relationship to Federal and State Financial Reports Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports. Note 5: Other Revenues and expenditures reported under the Food Distribution Program represent current year value received and current year distributions respectively. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of the District for the year ended June 30, 2014. TPAF Social Security Contributions represents the amount reimbursed by the state for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2014. Note 6: Federal Loans Outstanding The Central Regional School District had a Community Disaster Loan from the Federal Emergency Management Agency outstanding in the amount of $1,977,153 as of June 30, 2014. The loan is due on July 11, 2018 and is accruing interest at 1.5%.

178


CENTRAL REGIONAL SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS

For the Fiscal Year Ended June 30, 2014

Section I – Summary of Auditor’s Results Financial Statements Type of auditor’s report issued: Unmodified Internal control over financial reporting: 1) Material weakness(es) identified? None Reported 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported Noncompliance material to basic financial Statements noted? None Reported Federal Awards Internal Control over major programs: 1) Material weakness(es) identified? None Reported 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported Type of auditor’s report issued on compliance for major programs Unmodified Any audit findings disclosed that are required to be reported in accordance With Section .510(a) of Circular A-133? None Reported Identification of major programs: CFDA Number(s) Name of Federal Program or Cluster

97.030 Community Disaster Loan

Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? Yes

179



For the Fiscal Year Ended June 30, 2014

Section I – Summary of Auditor’s Results (continued): State Awards Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? Yes Type of auditor’s report issued on compliance for major programs Qualified Internal Control over major programs: 1) Material weakness(es) identified? Yes 2) Significant deficiencies identified that are not considered to be material weaknesses? Yes Any audit findings disclosed that are required to be reported in accordance With NJ OMB Circular Letter 04-04 Yes Identification of major programs: GMIS Number(s) Name of State Program

State Aid Public Cluster: 495-034-5120-089 Special Education Aid 495-034-5120-085 Adjustment Aid

495-034-5120-084 Security Aid 495-034-5120-068 School Choice Aid

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

No Current Year Findings

180

EXHIBIT K-6

(Page 3 of 5) CENTRAL REGIONAL SCHOOL DISTRICT

SCHEDULE OF FINDINGS & QUESTIONED COSTS For the Fiscal Year Ended June 30, 2014

Section III – Federal Awards & State Financial Assistance Finding & Questioned Costs

This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and New Jersey OMB’s Circular Letter 04-04. Finding 2014-001: Criteria: Any line-item transfers to an advertised appropriation account identified as general administrative, school administrative, central services, and administrative information technology or other support services that, on a cumulative basis, exceed 10% of the amount included in the original budget, require county superintendent approval. Also, any transfers made to capital outlay require county superintendent approval, excluding the equipment line. Condition: During our testing we noted budget transfers exceeded the 10% threshold, but were not approved by the County Superintendent. We also noted a transfer was made to capital outlay without county superintendent approval. Context: During our testing we noted budget transfers from Vocational Programs – Local and County totaling 98.94% and budget transfers and budget transfers to capital outlay totaling $10,000 did not receive County Superintendent approval. Cause: Budget transfers were performed without obtaining County Superintendent approval. Effect: Budget transfers from advertised appropriation accounts were not properly approved. Recommendation: That County Superintendent approval is obtained for budget transfers individually or in the aggregate that exceed 10% of the original budgeted amount and for transfers to capital outlay. Management’s Response: This finding will be corrected in the fiscal year ending June 30, 2015.

181



For the Fiscal Year Ended June 30, 2014 Section III – Federal Awards & State Financial Assistance Finding & Questioned Costs (continued) Finding 2014-002: Criteria: Budget transfers should be performed when an appropriation line is going to be over expended. Condition: During our audit, it was noted the District over expended a budget appropriation account line. Context: An appropriation budget line item was overexpended. Cause: A budget transfer was not performed to prevent the overexpenditure. Effect: The appropriation line was overexpended. Recommendation: The District should not over expend any budget appropriations.

Management’s Response: This finding will be corrected in the fiscal year ending June 30, 2015.

Finding 2014-003: Criteria: A completed application, intent to enroll form, and a confirmation of enrollment/eligibility from the student’s resident district should be retained for all students admitted into the Choice Program. Condition: During our audit, it was noted the required forms were not retained for five out of the ten students tested in the Choice Program.

182



For the Fiscal Year Ended June 30, 2014 Section III – Federal Awards & State Financial Assistance Finding & Questioned Costs (continued) Context: The required forms could not be located. Cause: The proper forms were not retained. Effect: The required documentation was insufficient for the students in the Choice Program. Recommendation: The District should retain proper documentation for all students in the Choice Program.

Management’s Response: This finding will be corrected in the fiscal year ending June 30, 2015.

183

EXHIBIT K-7 CENTRAL REGIONAL SCHOOL DISTRICT

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

For the Fiscal Year Ended June 30, 2014 This section identifies the status of prior-year findings related to the basic financial statements and federal and state awards that are required to be reported in accordance with Chapter 6.12 of Government Auditing Standards, U.S. OMB Circular A-133 (section .315 (a)(b)) and New Jersey OMB’s Circular 04-04.

No Prior Year Findings

184

Bayville, New Jersey County of Ocean...Central Regional School District Bayville, New Jersey Report on the Financial Statements We have audited the accompanying financial statements

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