COMPREHENSIVE ANNUALi FINANCIAL REPORTapp1.lla.la.gov/PublicReports.nsf/1FF68DEABADF1BA... · Striving Readers Comprehensive Literacy Program ... southeast comer of the state of Louisiana

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ST. BERNARD PARISH SCHOOL^ BOARD

Chaimette, Ijouisiana

FOR THE FISCAL YILiR July 1,2011-

Jimc no, 2012

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C O M P R E H E N S I V E ANNUALi FINANCIAL R E P O R T

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ST. B E R N A R D P A R I S H S C H O O L B O A R D

ChaliEiette, Louisiana

FOR THE FISCAL YEAR

July 1,2011-June 80 ,2012

COMPREHENSIVE ANNUAL FINANCIAL R E P O R T

Prepared %: Binid Femandeî, Fmanciiil M a n a ^ r Department of Business OperatioiM

ST. BERNARD PARISH SCHOOL BOARD Chalmette, Louisiana

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

T A B L E O F C O N T E N T S

Statement Page No. INTRODUCTORY SECTION

Transmittal Letter

List of Principal Officials

Organizational Chart

Certificate of Achievement for Excellence in Financial Reporting

Certificate of Excellence in Financial Reporting

FINANCIAL SECTION

Independent Auditor's Report

Required Supplemental Information: Management's Discussion and Analysis

Basic Financial Statements:

Government-Wide Financial Statements:

Statement of Net Assets

Statement of Activities Fund Financial Statements:

Governmental Funds: Balance Sheet

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St. Bernard Parish School Board Chalmette, Louisiana

TABLE OF CONTENTS (CONTINUED) Statement/ Exhibit Page No.

Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets D 26

Statement of Revenues, Expenditures and Changes in Fund Balances E 28

Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities F 30

Proprietary Funds: Statement of Net Assets G 31

Statement of Revenues, Expenses and Changes in Fund

Net Assets

Statement of Cash Flows

Fiduciary Funds: Statement of Fiduciary Assets and Liabilities

Notes to the Basic Financial Statements,

Required Supplementary Information:

Budgetary Comparison Schedules:

General Fund 1 77

Special Revenue Funds - Lunch Fund 2 78

Special Revenue Funds - Hurricane Education Recovery Act -

Immediate Aid to Restart Schools 3 79

Special Revenue Funds - FEMA Project Account 4 80

Notes to Budgetary Comparison Schedules 81

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TABLE OF CONTENTS (CONTINUED)

Exhibit

Other Post-Employment Benefits Information

Other Supplementary Information:

Non-Major Governmental Funds:

Combining Balance Sheet - By Fund Type

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

Non-Major Special Revenue Funds

Combining Balance Sheet

Combining Statement of Revenues, Expenditures and Changes in Fund Balances

Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual:

Title I Title II LA4 Early Childhood Program TANF Jobs for America's Graduates Economic Opportunity Act: Headstart Hurricane Educators Assistance Program Pubhc Law 108-440 Flow Thru Public Law 108-440 Preschool State Extended School year Program 8G Model Early Childhood Development Program Vocational Education Adult Education Striving Readers Comprehensive Literacy Program 2P' Century Community Learning Centers Ed ' ation Technology State Grants Stemester of Learning Grant

Page No.

83

85

86

87

92

96

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115



Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual:

ARRA IDEA Part B ARRA Education Technology State Grants Education Jobs Fund ARRA Special Education Preschool Grants ARRA School Improvement Fimd 1003 (g)

Permanent Fund

Balance Sheet

Schedule of Revenues, Expenditures and Changes in Fund Balance

Fiduciary Funds

Statement of Changes in Assets and Liabilities

Schedule of Changes in Deposit Balances - By School

Capital Assets Information

Schedule of Capital Assets - By Source

Schedule of Capital Assets - By Function

Schedule of Changes in Capital Assets - By Function

Exhibit Page No.

26 27 28 29 30

116 117 118 119 120

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122

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Table Page No.

STATISTICAL SECTION (Unaudited)

Statistical Section Contents

Net Assets by Component

Changes in Net Assets

Fund Balances of Governmental Funds

Changes in Fund Balances of Governmental Funds

Assessed and Estimated Actual Value of Taxable Property

Overlapping Governments

Principal Property Taxpayers

Property Tax Levies and Collections

Sales and Use Tax Rates and Collections - All Governments

Ratios of Outstanding Debt by Type

Ratios of General Obligation Bonded Debt Outstanding

Computation of Direct and Underlying Bonded Debt

Legal Debt Margin Information

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Table/ Exhibit

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Page No.

162

164

166

Demographic and Economic Statistics

Principal Employers

School Building Information

School Personnel 17 170

Operating Statistics 18 172

Schedule oflnsurance in Force 19 173

Schedule of Compensation Paid to Board Members 20 174

SINGLE AUDIT SECTION

Independent Auditor's Report:

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 176

Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program And on Internal Control Over Compliance in Accordance With OMB Circular A-133 178

Schedule of Expenditures of Federal Awards 38 180

Notes to Schedule of Expenditures of Federal Awards 182

Schedule of Findings and Questioned Costs 183



Schedule Page No.

SCHOOL BOARD PERFORMANCE MEASURES

Independent Accountant's Report on Applying Agreed-Upon Procedures 185

Schedules Required by State Law (R.S. 24:514 - Performance and Statistical Data) 190

General Fund Instructional and Support Expenditures and Certain Local Revenue Sources LA-1 192

Education Levels of Public School Staff as of October 1,2011 LA-2 194

Number and Type of Pubhc Schools For the Year Ended June 30,2012 LA-3 195

Experience of Public Principals and Full-time Classroom Teachers as of October 1, 2011

Pubhc School Staff Data For the Year Ended June 30, 2012

Class Size Characteristics as of October 1, 2011

Louisiana Educational Assessment Program (LEAP) for the 21" Century for the Year Ended June 30,2012 LA-7 200

The Graduate Exit Exam for the 21"' Century for the Year Ended June 30,2012 LA-8 202

The Iowa and z'-Leop Tests for the Year Ended June 30, 2012 LA-9 204

LA-4

LA-5

LA-6

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198

THIS PAGE LEFT BLANK INTENTIONALLY

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SUCCESS ST. BERNARD PARISH SCHOOL BOARD

November 13, 2012

OFFICERS OF THE BOARD:

DIANA B. DYSART PRESIDENT

CLIFFORD M. ENGLANDE VICE-PRESIDENT

DORIS VOITIER SUPERINTENDENT SECRETARY-TREASURER

MEMBERS:

DARLEEN E ASEVEDO

DONALD D. CAMPBELL

HUGH C. CRAFT, Ed.D.

LYNETTE R. DiFATTA

DIANA B. DYSART

WILLIAM H. EGAN

CLIFFORD M. ENGLANDE

HENDERSON LEWIS, JR., Ph.D.

JOSEPH V LONG

RONALD J. NICOSIA

SEAN K. WARNER

To the Members of the St. Bernard Parish School Board and the Citizens of St. Bernard Parish, Louisiana:

The Comprehensive Annual Financial Report of the St. Bernard Parish School Board (School Board) for the fiscal year ended June 30, 2012, is herewith submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the Supervisor of Finance, the Superintendent and the School Board. We believe the data presented is accurate in all material respects and is presented in a manner designed to reflect fairly the financial positions and results of operations of the various funds of the School Board. All disclosures necessary to gain maximum understanding of the School Board's financial activities have been included.

Management's discussion and analysis (MD&A) immediately follows the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it.

Reporting Entity

The St. Bernard Parish School Board is a legally separate subdivision of the state of Louisiana created by the state to govern the public education system in the Parish of St. Bernard, Louisiana. St. Bernard Parish is in the southeast comer of the state of Louisiana bordered by the City of New Orleans to the west, the Mississippi River to the south and the Gulf of Mexico to the east. The School Board consists of Consohdated School District No. 1 of the Parish of St. Bernard. The School Board is governed by an eleven member board, whose members are all elected by district and all serve concurrent four-year terms. The current School Board members were elected in a regular election in October, 2010. Their terms started on January 1, 2011 and will end on December 31, 2014.

200 EAST ST BERNARD HIGHWAY, CHALMETTE, LOUISIANA 70043 PHONE (504) 301-2000 FAX: (504) 301-2010

Although created as a political subdivision of the State, the School Board legally stands on its own, is fiscally independent and elects its own governing body which is accountable for the financial activities of the St. Bernard Parish School Board. Therefore, it is considered a primary government. The School Board has no component units nor is it a component unit of any other entity. All funds and activities of the St. Bernard Parish School Board are reported in this annual report.

The St. Bernard Parish School Board serves approximately 6,377 students, and offers a full range of educational services for students from pre-kindergarten through twelfth grade, including regular and special education services for the disabled, adult education, vocational education and alternative education programs, in addition to auxiliary services such as student transportation and food services. During the 2011-2012 school year, these services were provided through the School Board's Administrative Office, Chalmette High School and its 9* Grade Academy, Andrew Jackson Middle School, N.P. Trist Middle School, St. Bernard Middle School, Arabi Elementary School, Chalmette Elementary School, Joseph Davies Elementary School, J.F. Gauthier Elementary School, W. Smith Jr. Elementary School and CF. Rowley Alternative School. To learn more about the St. Bernard Parish School Board, visit our web site at www.stbemard.kl 2.la.us.

Independent Audit

The School Board's financial statements have been audited by LaPorte, a firm of ticensed certified public accountants. The goal of the independent audit is to provide reasonable assurance that the financial statements of the St. Bemard Parish School Board for the fiscal year ended June 30, 2012, are free of material misstatements. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the fmancial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion on the School Board's financial statements for the fiscal year ended June 30, 2012, and that the statements are fairly presented in conformity with accounting principles generally accepted in the United States of America. The independent auditor's report is presented as the first component of the financial section of the report.

The independent audit of the financial statements of the School Board are part of a broader, federally mandated "Single Audit" designed to meet the special needs of federal grantor agencies. This year the School Board met the requirements for having a single audit conducted in accordance with the Single Audit Act Amendment of 1996 and U.S. Office of Management and Budget Circular No. A-133, Audits of States, Local Governments and Nonprofit Organizations. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on the audited government's internal controls and compliance with legal requirements, with special emphasis on intemal controls and legal requirements involving the administration of federal awards. These reports are included in the Single Audit Section of this report.

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http://www.stbemard.kl

Internal Controls

The management of the School Board is responsible for establishing and maintaining a system of intemal control. The objectives of a system of intemal control are to provide reasonable, but not absolute, assurance that School Board policy, administrative and accounting procedures and grant administration procedures are fully implemented and are being adhered to by management. In addition, intemal controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets.

All intemal control evaluations occur vv'ithin the above framework. We believe that the School Board's intemal controls adequately safeguard assets and provide reasonable assurance of proper recording of fmancial transactions. In addition, we believe the controls provide adequate assurance that federal programs are properly administered and accounted for by management.

Accounting System and Budgetary Control

An explanation of the School Board's accounting and budgetary policies are contained in the notes to the financial statements. Explained in detail are the basis of accounting, fund stmcture and other significant information regarding accounting and budgetary policies. The objective of these budgetary contiols is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the School Board. Activities of the general fund and special revenue funds are included in the annual appropriated budget. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established at the fund level. Management is responsible for review of the budget and making adjustments as needed by prior authority granted from the School Board. All budget amendments must be presented to the School Board for approval.

Economic Condition and Outlook

St. Bemard Parish is located in the extreme southeastern section of Louisiana bordering on the Mississippi River and extending eastward to the Gulf of Mexico. At June 30, 2012, the parish population has increased slightly as residents rebuild their homes and return. Current estimates have the parish's full-time population at approximately 65% of pre-Hurricane Katrina levels.

The major industries of the Parish remain intact and continue to fuel the recovery of the region. Also key to the recovery are the Mississippi River, its fishing estuaries and its port facilities. The Port of St. Bemard, located on the convergence of the major maritime com dors of the Mississippi River and the Gulf Intra-Coastal Waterway, has invested over $75 million in infrastructure expansion and improvements since 2005. The Port also set all-time records for cargo handling in four of the last five years. In 2011 alone, 7,358,000 tons of cargo were transferred at Port owned facilities. The Port's industrial parks, warehouse and office space are at 98% capacity and are leased to 47 different port related businesses. Recently the Port completed renovation of a new 10,000 square-foot faciUty for Associated Terminals at the Arabi terminal.

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The St. Bemard Parish Economic Development Commission continues in its efforts to attract major businesses to the Parish. Their re-instituted strategic plan focuses on the following areas of economic development: business retention and expansion; industrial recmitment; small business development; parish advocacy; and workforce development.

The economic outlook for the Parish continues to be promising. Renovation and constmction activity are evident throughout the Parish. These factors will bolster the Parish economy as we continue to rebuild. However, the School Board continues to face many challenges. Striving to meet the changing needs of students in this recovering area, while continuing to rebuild damaged facilities remain paramount concems of the district.

Major Initiatives, Service Efforts and Accomplishments

The members of the School Board in cooperation with the community, the parents, the staff and the students have worked tirelessly to ensure a quality system of public education for all students within St. Bemard Parish.

(1) The school district, in February 2012, was recommended for full district accreditation by AdvancEd after a thorough review of schools and school district operations was conducted by its regional office SACS-CASI. Out of the seven standards reviewed, the school district was awarded by the review committee the finding of "Highly Functional" for each standard, the highest possible rating that can be awarded. Full accreditation was voted upon by the Board of Directors of AdvancEd at its annual conference and awarded to the district in June 2012.

(2) The 2011-2012 school year saw the continuation of the School Board's Preschool Program. For the 2012-2013 school year, the school system will reduce its service offerings to 3-year old preschoolers in light of budgetary concems and proactive planning. Preschool services, which are optional and not mandated by the State, were reduced from eight classes to three classes for 3 year olds, with the district continuing to offer a universal 4 year old program with a combination of Headstart, IDEA, Title I, 8G Model Eariy Childhood, LA4 and Education Excellence Funds.

(3) The School District was awarded a Striving Readers' Comprehensive Literacy (SRCL) grant through a competitive process offered by the State. The district will realize approximately $5 million in additional funding over the next four years to address students' literacy levels at schools with highest numbers of disadvantaged students. The grant calls for schools to be linked in a feeder pattem, and, therefore, the schools served this year are Gauthier and Smith Elementary Schools, St. Bemard Middle School and Chalmette High School.

(4) Students at the high school level continue to work in various diploma pathways including Core 4, which consists of those classes required to complete requirements for the State's TOPS scholarship program, the Basic Core, which focuses on students' development of a career pathway by completing 6 designated and career-major related classes in addition to college-prep academic classes, or the Career Diploma, which is less rigorous and prepares students for school-to-career programs.

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(5) C. F. Rowley Alternative School continues to offer alternate programs for students who stmggle academically and/or are overage and can benefit from accelerated learning. The school houses the district's GED program which helps students earn a diploma through a non-traditional route, the STAR program, which accelerates leaming for academically capable but overage elementary and middle-school students, and NOVA, a program for expelled students who benefit from behavior modification programs established through a partnership with the LSU Health Science Center Department of Psychiatry.

(6) The district continues to work with high school students who are preparing for the workforce by offering over 30 career majors and 8 industry-based certifications that give students work-based credentials by the time they leave high school. Nearly 500 students earned at least one IBC during the 2011-2012 school year, students in the Career Diploma and Basic Core diploma pathways were required to graduate with a career major - meaning students completed 6 designated career-related classes in addition to their regular class work.

(7) The activities provided for by the federal Hurricane Educators' Assistance Progi-am (HEAP) continue within the district. The grant, awarded in 2006, continues to provide pay-for-performance bonuses, as required by grant parameters, at TAP schools: Trist, Andrew Jackson and St. Bemard Middle Schools, and Smith Elementary School. Approximately $160,000 is paid in bonuses to teachers each year based on their students' academic performance. Additional funding from HEAP will be used in 2012-2013 to fund job-embedded professional development activities, teacher recmitment initiatives, and teacher retention programs aimed at enhancing teachers' instructional delivery skills and teacher-leader roles.

(8) The school system continues to rely on its cycle of continuous improvement to address student achievement and district needs. The Superintendent's Cabinet, consisting of the Superintendent, Assistant Superintendent, Chief Financial Officer, Personnel Director, and three Curriculum Supervisors began in January to study student achievement data and pinpoint wealcnesses for improvement. That process continues through the winter and spring, and the arrival of students' State test scores in May serve to validate or discount those weaknesses that may have been identified. The group then offers to school leadership teams, community stakeholders, and the Board a strategic plan that will guide the district's improvement efforts through the upcoming year. Those groups revise, edit, and finally approve that strategic plan. Once school opens, the plan is implemented, and the process begins anew in January.

9) Student achievement scores in the district continue their upward movement, with students recently scoring T* in the State in Algebra I, 2"'' in the State in Geometry, and 5* in the State in Biology in recent high school End of Course exams. Elementary students continue to achieve scores, in most instances, that rank within the top 10 districts of the State in English/Language Arts and Math. The district has seen its ranking, in terms of student achievement, move from 32"** in the State to 14* over the past four years, and it has been recognized over the past three years as one of the Top 10 districts for students' academic growth.

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10) In order to continue the forward movement of schools in terms of student achievement scores, the district has begun an intensive data-driven instmction initiative. To that end, SRCL funds and HEAP funds are being used to provide extensive training to individuals based at each school in the use of data, completing school data teams, and leading discussions to identify instractional strategies to address students' academic weaknesses defined by the data. Teacher-leaders and administrators will take part in 9 days of training during the 2012-2013 school year with the author of Data Teams Experiences, Dr. Angela Peery, a SRCL authorized professional development provider.

Major Operational or Financial Concerns

The St. Bemard Parish Public School System enjoys a fine reputation throughout the metropolitan New Orleans area for the excellence of its educational offerings and the resulting achievements of its students. However, the effects of storm related expenses and decreased funding raises several concems for the future.

Foremost among our concems are the effects of decreases in State funding to local school districts. As the State deals with its own budget crisis, a part of their solution has been to discontinue State funding for several grants and initiatives. The local districts must decide to continue these programs and initiatives through local funding sources or to discontinue them. Also, due to the State's budget constraints, for a fourth year the legislature has decided to adopt a "no-growth" MFP which funds school districts at the same level as the previous year without the customary inflation factor to assist districts with rising costs. Act 2 of the 2012 Louisiana Legislature has also provided for pubhcally sponsored "student scholarships" which will allow students the meet certain income guidelines and attend schools that have scored a C, D or F in the State accountability framework, to use State MFP and local monies to fund a voucher that will allow the student to attend a participating non-public school. Another facet of this program allows entering kindergarten students, regardless of the accountability of the public school that they are slated to attend, to be eligible for a voucher to attend a participating non-public school. The impact of this program on the State and local funding of the district remains to be seen.

An additional, continuing concern is the effect of retiree health insurance premiums on the local budget. The district continues to fund retiree health benefits for an ever increasing retiree base with a decreased post-storm revenue stmcture. These Legacy Costs, which traditionally have been an obligation of the State, have been passed through to local districts and continue to be a drain on local budgets. Also, rising retirement contribution rates will continue to challenge the school system's budget. These costs will continue to be a concern until such time as district revenues once again reach pre-storm levels.

Locally, while the Parish recovery is continuing there is still a slight depression of the local economy when compared to pre-storm indicators. With the constmction of new housing and commercial buildings. Ad Valorem tax revenues have reached pre-storm levels; however, sales tax revenues continue to lag behind pre-storm levels. Current sales tax collections hover at approximately 85% of pre-storm collections, however, with new businesses opening in the region combined with the continued recovery of the region as new residents move into the area, it is anticipated that the economy will gradually recover and sales tax revenues will see a corresponding increase over the next few years.

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A final area of concern is the lack of certified teachers in certain areas of critical need, primarily. Special Education, Mathematics and Science. This problem has become more prevalent due to a diminished pool of available teachers in the post-storm environment. To accommodate the need for certified teachers, for 2012-2013 the district is partnering with local university teacher preparation programs and alternate certification program providers in an effort to meet these current and future needs.

Financial Reporting Awards

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the St. Bemard Parish School Board for its comprehensive annual financial report for the Year Ended June 30, 2011. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports.

In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents confoiTn to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.

The St. Bemard Parish School Board was also awarded a Certificate of Excellence in Financial Reporting for its comprehensive annual financial report for the fiscal year ended June 30, 2011 by the Association of School Business Officials Intemational (ASBO).

The award certifies that the school system has presented its comprehensive aimual financial report to the ASBO Panel of Review for critical review and evaluation and that the report was judged to have complied with the principles and practices of financial reporting recognized by ASBO. Receiving the award is recognition that the school system has met the highest standards of excellence in school fmancial reporting.

The awards received for the system's fiscal year 2011 report represented the nineteenth year that the district had received these respective honors. The Certificate of Achievement and Certificate of Excellence are valid for a period of one year only. The St. Bernard Parish School Board feels that its 2011-2012 Comprehensive AiTnual Financial Report continues to meet the Certificate of Achievement and Certificate of excellence Programs' requirements and we are submitting it to the GFOA and ASBO to determine eligibility for another certificate.

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Acknowledgments

The preparation of the Comprehensive Annual Financial Report on a timely basis could not have been accomplished without the efforts and dedication of the entire business operations staff. We would like to express our sincere thanlcs and appreciation to each and every employee who contributed to the development of this report.

Lastly, we would like to thank and applaud the members of the St. Bemard Parish School Board for their leadership in planning and conducting the financial operation of the school system in a dedicated and responsible manner.

Respectfully submitted.

Doris Voider Superintendent

David Fernandez Supervisor of Finance

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ST. BERNARD PARISH SCHOOL BOARD

PRINCIPAL OFFICIALS

SCHOOL BOARD MEMBERS

PRESIDENT DIANA B. DYSART

VICE-PRESIDENT CLIFFORD M. ENGLANDE

DARLEEN P. ASEVEDO HENDERSON LEWIS, JR., Ph. D

DONALD D. CAMPBELL JOSEPH V. LONG, SR.

HUGH C. CRAFT, Ed.D. RONALD J. NICOSIA

LYNETTE R. DIFATTA SEAN K. WARNER

WILLIAM H. EGAN

ADMINISTRATIVE OFFICIALS

SUPERINTENDENT DORIS VOiTIER

ASSISTANT SUPERINTENDENT BEVERLY LAWRASON

FINANCIAL SUPERVISOR DAVID FERNANDEZ

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Certificate of .Achievement for .Excellence

in Financial Reporting

Presented to

St, Bemard Parish School Board, Louisiana

For its Compreiiensive Annual

Financial Report

for the Fiscal Year Ended

June 30, 2011

A Certificate of Achievement for Excellence \n Financial Reporting is presented by the Government Finance Officers

Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial

reports (CAFRs) achieve the highest standards in government accounting

and financial reporting.

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Executive Director

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Association of School Business Officials International

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ihe Certifwate of^cellence in <FiM,ncia[<M oftmg ^ward is presented to

an: T'orlts Comprehensive Jinnud^FinandaC^ôit (CJl^^)

(portfie (FiscaCYearTlmMjune 30, 2011

The CAFR has been reviewed and met or exceeded ASBO international's Certificate of Excellence standards

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Brian L. Mee, SFO, RSBA President

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John D. Musso, CAE, RSBA Executive Director

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t> T ' J / ^ "!!"•) •"" F"' LaPorte, APAC A r X J V K 1 jfc/ 111 Veterans Blvd. | Suite 600

Metairie, LA 70005 504.835.5522 i Fax 504.835.5535

LaPorte.com

B U S I N E S S A D ; i S O " i S

To the Members of the St. Bemard Parish School Board

Chalmette, Louisiana

Independent Auditor's Report

We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fiind information of St. Bemard Parish School Board (the School Board) as of and for the year ended June 30, 2012, which collectively comprise the School Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the St. Bernard Parish School Board's management. Our responsibility is to express opinions on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fmancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall fmancial statement presentation. We believe that our audit provides a reasonable basis for our opinions.

In our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position of the governmental activities, each major fimd, and the aggregate remaining fimd information of St. Bemard Parish School Board, as of June 30, 2012, and the respective changes in fmancial position and, where applicable, cash flows thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report dated October 22, 2012, on our consideration of St. Bemard Parish School Board's intemal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is to describe the scope of our testing of intemal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the intemal control over fmancial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

N EW 0F^LE:ANS H 0 U S T 0 N BATO N P,0 UG E C 0 V I N C5T0N

An Independently Owned Member, McGiladrey Alliance the McGladrey Alliance Is a premier affiliation of Independent accourUIng and consiiiting firms. Tile fvlcGiadrey Ailiatice member firms maintain tfieir name, autonomy and Independence and ai'e responsif>ie for ttieir own client fee arrarrgements, deiiyeny of services and malnteiranee of client reiaiionshlps, 1

Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, budgetary comparison schedules for the general fund and major special revenue funds, and the other required supplementary information as listed 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 the 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 the 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.

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise St. Bernard Parish School Board's fmancial statements. The combining and individual nonmajor fimd financial statements, the budgetary comparison schedules for the nonmajor special revenue funds, the fiduciary fund financial statements, the capital assets schedules and the schedule of expenditures of federal awards, as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations are presented for purposes of additional analysis and are not a required part of the fmancial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the 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 nonmajor fimd fmancial statements, the budgetary comparison schedules for the nonmajor special revenue funds, the fiduciary fund financial statements, the capital assets schedules and the schedule of expenditures of federal awards are fairly stated in all material respects in relation to the financial statements taken as a whole.

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the St. Bemard Parish School Board's basic financial statements. The introductory section and statistical tables are presented for the purposes of additional analysis and are not a required part of the basic fmancial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic fmancial statements, and accordingly, we do not express an opinion or provide any assurance on it.

A Professional Accounting Corporation

October 22, 2012


Management's Discussion and Analysis June 30, 2012

We present readers of the St. Bemard Parish School Board's (School Board) fmancial statements with this narrative overview and analysis of the financial activities of the School Board for the fiscal year ended June 30, 2012. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal.

Financial Highlights

Key fmancial highlights for the 2011-2012 fiscal year include the following:

Statement of Net Assets - The assets of the School Board exceeded its Habilities at the close of the most recent fiscal year by $427,456,760. Of this amount, $14,517,281 (um-estricted net assets) maybe used to meet the School Board's obhgations to students and creditors.

Statement of Activities - The total net assets of the School Board increased by $45,047,812 for the year ended June 30, 2012. This increase is attributable to several factors including increase in investment in capital assets and a corresponding decrease in the School Board's habihty related to bonded debt.

Governmental Funds Balance Sheet - As of the close of the fiscal year, the School Board's governmental funds reported a combined ending fund balance of $111,193,839, an increase of $11,819,936 in comparison with the prior fiscal year. The majority of this fund balance is composed of approximately $10.20 million for spending within the General Fund, $4.12 milhon which is restricted for the payment of outstanding bond issues within the debt service funds and $82.42 million which is held in the Capital Projects Funds to finance current and future constmction projects.

Governmental Funds Statement of Revenues, Expenditures and Chanses in Fund Balance - Total revenues for the year ended June 30, 2012 for the governmental funds of the School Board amounted to $135,187,928. Approximately 81.5% of this amount is received from four major revenue sources: (1) $53.7 million in grants from the Federal Emergency Management Agency (FEMA), (2) $29.2 million from Louisiana's Minimum Foundation Program, (3) $13.8 million from local sales and use taxes and (4) $13.5 million from local ad valorem taxes.



General Fund Endine Fund Balance - At the end of the current fiscal year, the fund balance for the General Fund, a major fund, was $10,198,929, or 17.3% of total General Fund expenditures for 2011-2012. Approximately $1.5 million was non-spendable as it is invested in prepaid items, $1.7 was restricted for encumbrances and construction related expenditures, $4.3 million was assigned for future claims and contingencies and specific program expenditures, and $2.6 million (unassigned) is available for spending at the Board's discretion.

Capital Assets - Total capital assets (net of depreciation) were $336,971,689, or 72.7% of total assets. The School Board uses these assets to provide educational services to children and adults; consequently, these assets are not available for fiiture spending.

Long-Term Debt - The School Board's total debt decreased $195,798 (0.9%) during the current fiscal year. The key factors are (1) $1,825,000 decrease in bonded debt, (2) a $741,571 increase in liability for compensated absences and (3) a $887,631 increase in the district's OPEB habihty.

Overview of the Financial Statements

This management discussion and analysis is intended to serve as an introduction to the School Board's basic financial statements. The School Board's basic financial statements are comprised of three components: (1) government-wide financial statements, (2) fund financial statements and (3) notes to the financial statements. This report also contains other supplementary information in addition to the basic fmancial statements themselves.

Govemment-wide Financial Statements - The government-wide financial statements are designed to provide readers with a broad overview of the School Board's finances, in a manner similar to that utilized by a private-sector business.

• The Statement of Net Assets presents information on all of the School Board's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the St. Bemard Parish School Board is improving or deteriorating.

• The Statement of Activities presents information showing how the School Board's assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

4



Fund Financial Statements - A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The School Board, like other state and local governments, uses fund accounting to ensure and demonstrate comphance with finance-related legal requirements. All of the funds of the School Board can be divided into three categories: governmental funds, proprietary fiinds and fiduciary funds.

• Governmental funds - Governmental funds are used to account for essentially the same functions reported as governmental activities in the govemment-wide fmancial statements. However, unlike the govemment-wide financial statements, fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources at the end of the fiscal year. Such information may be useful in evaluating the School Board's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the govemment-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the govemment-wide fmancial statements. By doing so, readers may better understand the long-term impact of the School Board's near-term financing decisions. Both the governmental funds Balance Sheet and the governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances provide a reconcihation to facilitate the comparison between governmental funds and governmental activities.

Information is presented separately in the governmental funds Balance Sheet and in the governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances for the General Fund, Lunch Fund, Hurricane Education Recovery Act -Immediate Aid to Restart Schools Fund, FEMA Project Fund, Ad Valorem Tax Bond Sinking Fund and Capital Projects Fund, all of which are considered to be major funds. Data for the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in the report.



The School Board adopts an annual budget for its General Fund and each individual Special Revenue Fund. Budgetary comparison statements have been provided to demonstrate comphance with these budgetary requirements.

« Proprietary funds - The School Board has one intemal service fund. An intemal service fiind is a type of proprietary fund which accumulates and allocates costs internally among the School Board's various functions. The School Board maintains an intemal service fund to account for its self-insured workers' compensation program. This program accounts for claims incurred by employees injured while under the course and scope of their employment with the school system. Because the services provided in this fund benefit governmental, rather than business-type functions, they have been included as governmental activities in the govemment-wide financial statements.

* Fiduciary funds - Fiduciary funds are used to account for resources held for the benefit of parties outside of the School Board. Fiduciary fiinds are not reflected in the govemment-wide financial statements because the resources of those funds are not available to support the School Board's own programs. The School Board maintains one fiduciary fund: the School Activity Agency Fund.

Notes to the basic financial statements - The notes provide additional information that is essential to a full understanding of the data provided in the govemment-wide and fund financial statements.

Other Information - In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the School Board's compliance with budgets for its major funds. The combining statements for non-major governmental funds are presented immediately following the required supplementary information.



Government-wide Financial Analysis

As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case of the School Board, assets exceeded liabilities by $427,456,760 at the close of the most recent fiscal year.

The largest portion of the School Board's net assets, totaling approximately $325.8 million, reflects the school system's investment in capital assets (e.g. land, buildings, fiimiture and equipment), less any related debt used to acquire those assets that is still outstanding. The School Board uses these capital assets to provide educational services to children and adults; consequently, these assets are not available for future spending. Although the School Board's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to hquidate these habilities. The School Board also has approximately $82.4 million set aside for School Board capital projects, which will be used in conjunction with FEMA funding to rebuild the school district following the damage caused by Hurricane Katrina in August 2005.

St. Bernard Parish School Board's Net Assets

2012 2011

Current and other assets Capital assets

Total assets

Current and other liabilities Long-term liabilities

Total liabilities

Net assets: Invested in capital assets,

net of related debt Restricted Unrestricted

Total net assets

Governmental Activities

$126,333,314 336.971.689 463.305.003

14,316,863 21.531.380 35.848.243

325,816,689 87,122,789 14.517.282

$427,456,760

Percent of Total

27.27% 72.73% 100.00%

39.94% 60.06%

100.00%

76.22% 20.38% 3.40%

100.00%

Governmental Activities

$ 109,363,583 303.667.824 413.031.407

8,895,281 21.727.178 30.622.459

284,257,335 86,958,471 11.193.142

$ 382.408.948

Percent of Total

26.48% 73.52%

100.00%

29.05% 70.95%

100.00%

74.33% 22.74%

2.93% 100.00%



A portion of the School Board's net assets of $87,122,789 are reported separately to show the legal constraints placed on these funds and to limit the School Board firom using those funds for day-to-day operations. The remaining balance of unrestricted net assets totaling $14,517,281 may be used to meet the School Board's ongoing obligations to citizens and creditors. Governmental activities increased the St. Bemard Parish School Board's net assets by $45,047,812, which represents an 12% increase in net assets from the prior year. Key elements of the increase were as follows:

• Net assets invested in capital assets increased by $41,559,354, which represents an increase of 15% over the prior year. This increase is due primarily to the School Board's constmction efforts following Hurricane Katrina which has seen several buildings completed or in progress at June 30, 2012 and added to capital assets.

• Restricted net assets have increased by $ 164,318, which represents an increase of 0.1 % over the prior year. This increase is primarily due to a increase in the fund balance of the Capital Projects Fund as monies were transferred into the fund to assist in the School Board's rebuilding.



St. Bernard Parish School Board's Changes in Net Assets

2012 2011 {

I? o t ra-rt 11 ci n •

jxevcnucs. Program Revenues:

Charges for services $ Operating grants and contributions Capital grants and contributions

General Revenues: Ad valorem taxes Sales and use taxes State revenue sharing Grants and contributions not restricted to specific programs - MFP

Interest earnings Other general revenues

Total Revenues

Expenses: Instruction:

Regular programs Special programs Adult/continuing education programs

Support Services: Pupil support services Instructional staff support services General administration School administration Business services Plant services Student transportation services Central services Community service programs Food service operations

Debt Service -Interest on long-term obligations

Total Expenses Increase in net assets

aovemmental Percent Governmental Percent Activities of Total Activities of Total

744,484 15,488,604 61,482,201

13,528,949 13,788,159

9,218

29,174,150 211,805 774.576

135.202.146

49,962,937 6,020,377

318,209

4,447,763 3,714,795 2,335,750 3,415,380

779,582 10,298,306 3,725,657

616,157 8,000

3,919,782

591.639 90.154.335

$45,047,812

0.55% $ 11.46% 45.47%

10.01% 10.20% 0.01%

21.58% 0.15% 0.57%

100.00%

55.42% 6.68% 0.35%

4.93% 4.12% 2.59% 3.79% 0.87% 11.42% 4.13% 0.68%

, 0.01% 4.35%

0.66% 100.00%

505,604 27,025,719 41,739,157

13,132,371 18,503,059

26,659

27,337,170 221,667 935.348

129,416.460

48,699,135 6,244,365

236,647

3,685,342 3,788,637 2,487,539 3,305,087

998,861 9,354,032 3,855,945

751,205 8,000

3,856,990

528,102 87.789.593

$41,626,867

0.39% 20.88% 32.25%

10.15% 14.30% 0.02%

21.11% 0.17% 0.73%

100.00%

55.47% 7.11% 0.26%

4.20% 4.32% 2.83% 3.76% 1.14%

10.66% 4.39% 0.86% 0.01% 4.39%

0.60% 100.00%

^



Revenues by Source - Governmental Activities

« Capital Grants and Contributions - Capital grants and contributions represent the largest source of revenues for the School Board. Federal grants from FEMA represent all capital grants. These grants are primarily restricted for constmction activities in rebuilding the school district following Hurricane Katrina. The following chart shows capital grants and contributions by fund source for the last three years:

Fiscal Year 2009-2010 2010-2011 2011-2012

FEMA Project Fund

$85,308,944 41,739,157 61,482,201

Increase/ Decrease

$53,394,097 (43,569,787) 19,743,044

% 167.3% (51.1%) 47.3%

In 2011-2012, the School Board experienced a 47.3% increase in capital grants and contributions.

Grants and Contributions Not Restricted to Specific Programs - The second largest source of revenue to the School Board is reported in the "Grants and Contributions Not Restricted to Specific Programs" and is received through the Minimum Foundation Program (MFP). The MFP is a distribution of approximately $3.3 bilhon to 70 pubhc school systems by the State of Louisiana for salaries and general operations. The State does not provide money for building schools or retiring debt. The distribution is based on a formula adopted by the Louisiana Board of Elementary and Secondary Education and approved by the Louisiana Legislature. The following chart presents the actual increases or decreases in MFP funds received by the School Board over the last tliree years.

General Lunch Increase/ Fiscal Year Fund Fund Total MFP Decrease %

2009-2010 $21,025,458 $615,650 $ 21,641,108 $3,529,760 19.5% 2010-2011 26,721,520 615,650 27,337,170 5,696,062 26.3% 2011-2012 28,558,500 615,650 29,174,150 1,836,980 6.7% 0

10



In fiscal year 2011-2012, the School Board received $29,174,150, or 21.6% of its total revenues, from the MFP. Since the MFP formula is primarily driven by student eiu"ollment numbers, the School Board realized a increase in these revenues for the 2011-2012 school year. As enrollment increases in the future, these revenues should also continue to increase. These revenues are deposited in the General Fund and the Lunch Fund only.

Operating Grants and Contributions - Operating grants and contributions are the third largest source of revenues for the School Board. Federal grants represent approximately $76.2 million, or 99.0% of total grants and contributions, while state grants and contributions represent approximately $0.7 million, or 1.0% of total grants and contributions. These grants and contributions are specifically restricted to certain programs, and therefore, are netted against the costs of these programs to show a tme net cost. The following chart shows operating grants and contributions by fund source for the last three years:

Fiscal Year : 2009-2010

2010-2011 2011-2012

General Fund

$1,964,227 1,625,387

532,025

Lunch Fund

$2,162,070 2,526,761 2,749,236

Education Recovery Act -

Immediate Aid To Restart

Schools $ 5,591,046

11,174,997 1,875,410

Non-Major Special

Revenue Funds

$10,507,149 11,698,574 10,331,933

Total $ 20,224,492

27,025,719 15,488,604

% Increase (Decrease) (26.28%) 33.63% (42.69%)

In fiscal year 2011 -2012 , the School Board experienced a decrease of 42.69% or $11,025,719, in operating grants and contributions over the prior fiscal year. This decrease was due primarily to the ending of the Restart Grant and decreases in State grant allocations.

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Sales and Use Tax Revenues - Sales and use tax revenues are the fourth largest source of revenues for the School Board. A 2% sales tax rate is levied upon the sale and consumption of goods and services within the parish for public education. The following chart lists sales and use tax revenues for the past three years.

Non-Major Debt

General Service Increase/ Fiscal Year Fund Funds Total Collections Decrease % 2009-2010 $14,166,185 $416,646 $ 14,582,831 $3,322,705 29.5% 2010-2011 18,503,059 - 18,503,059 3,920,228 26.9% 2011-2012 13,783,159 - 13,783,159 (4,719,900) (25.5%)

Sales Tax receipts are deposited directly into the General Fund. For 2011-2012, Sales Tax receipts totaled $13,783,159, representing 10.2%o of total revenues received. Sales Taxes decreased in 2011-2012 as collections returned to normal levels following the increased economic activity in 2010-2011 that occurred as a resuh of the cleanup efforts subsequent to the BP Oil Spill.

• Ad Valorem Tax Revenues - Ad valorem tax revenues, also referred to as property tax revenues, are the fifth largest source of revenue for the School Board. Ad valorem collections are based upon the number of mills (levied annually by the School Board) and the taxable assessed value (established by the St. Bemard Parish Assessor), subject to the limitations approved by the voters and the Louisiana Legislature. The following chart lists ad valorem tax revenues for the last three years.

Fiscal Year 2009-2010 2010-2011 2011-2012

General Fund

$ 9,996,851 10,285,650 10,600,785

Ad Valorem Tax Bond

Sinking Fund

$ 3,054,988 2,846,721 2,928,164

Total Collections $13,051,839

13,132,371 13,528,949

Increase/ Decrease

$ 188,792 80,532

396,578

% 1.5% 0.6% 3.0%

In fiscal year 2011-2012, the School Board deposited $10,600,785 in ad valorem tax revenues into the General Fund and $2,928,164 into the Ad Valorem Tax Bond Debt Service Sinking Fund. This represents 10.0% of total revenues received.

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Program Expenses and Revenues - Governmental Activities

Expenses are classified by function/program. The related revenues are comprised of specific charges for the services and operating grants and contributions received to offset the expenses for the specific program.

Expenses for regular programs, special programs and adult/continuing education programs are considered instmctional services and relate to direct expenses of providing instmction to students. Instmctional services for fiscal year 2011-2012 totaled more than $56.3 million, or 62.5% of total expenses. The remaining expense functions are considered support services and relate to those functions that support the instmctional services provided, such as administration, transportation, food services and plant services. Support services for fiscal year 2011-2012 totaled over $33.3 million, or 36.9% of total expenses.

The remaining $0.6 million, or 0.6% of total expenses, consists of interest expense on long-term obligations.

The program revenues for fiscal year 2011-2012 directly related to these expenses totaled $77,715,289, which resulted in net program expenses of $12,439,046. Financial Analysis of Governmental Funds

As noted earlier, the St. Bemard Parish School Board uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

The focus of the School Board's governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the School Board's fmancing requirements. In particular, unrestricted fund balances may serve as a useful measure of a School Board's net resources available for spending at the end of the fiscal year.

• As of the close of the current fiscal year, the School Board's governmental funds reported a combined ending fund balance of $111,193,839, a increase of $11,819,936 in comparison with the prior fiscal year. This fund balance is comprised primarily of (1) $10.20 milhon within the General Fund, (2) $4.12 million restricted for the payment of outstanding bond issues within the Debt Service Funds and (3) $82.42 million in the Capital Projects Funds for specific current and future constmction projects.

13



The General Fund is the chief operating fund of the School Board. At the end of the current fiscal year, unrestricted fund balance of the General Fund was $6,961,915. The School Board has assigned 61.9% of that fund balance for future claims and contingencies, equipment replacement and specific programs. The remaining 38.1% (unassigned) is available for spending at the Board's discretion.

The General Fund fund balance decreased a total of $3,578,944, a 26.0% decrease from the prior year. This is due primarily an increase in operating expenses associated with increased student enrollment.

The Lunch Fund presents the results of the operation of the School Board's food service program. At the end of the current fiscal year, the Lunch Fund has an unrestricted fund balance of $290,793, all of which is unassigned and available for spending at the Board's discretion.

The Lunch Fund fund balance decreased a total of $183,317, a 30.8% decrease from the prior year. This is due primarily to the purchase of equipment and supplies to accommodate increased enrollment as well as increases in retiree health insurance costs.

The FEMA Project Fund is a special revenue fund established to report the expenditure of funds received from the federal government to assist in the School Board's recovery from Hurricanes Katrina and Gustav. Total ftmd balance at the end of the current fiscal year was $13,872,321, an increase from the prior year. This increase is the result of the obligation of project worksheets which allowed expenditures which were previously classified as ineligible to be submitted for FEMA reimbursement.

The Debt Service Funds have a total fund balance of $4,119,647 at June 30, 2012. This represented an increase of $395,397 from the prior year. This change resulted from ad valorem tax collections which exceeded the current year's debt service requirements. This excess will be retained in the fund balance, all of which is restricted for the future payment of outstanding debt.

The Capital Projects Funds have total fund balances of $82,417,351, all of which is restricted/assigned for capital improvements. Fund balance has decreased $47,570, a 0.1% decrease over the prior year. The decrease was due to the payment of capital project expenditures which were in excess of fund revenues.

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General Fund Budgetary Highlights

The original budget for the School Board was adopted on May 24, 2011, and the final budget amendment was adopted on April 24, 2012. Differences between the original budget and the final amended budget of the General Fund are as follows:

Revenues

s Ad Valorem tax revenues were estimated to increase 4.5% based on the 2011 assessment rolls. The budget was increased $450,284 to reflect this anticipated increase in revenues.

• Sales Tax revenues were decreased 10.2%, or $1,733,520, due to estimates based on collection trends.

• MFP revenues were projected to increase 5.6% as a result of the growth in student enrollment in the school district.

« State Restricted Grants in Aid were increased $856,692 as final grant allocations for the 2011-2012 year were received and grants not included in the original budget were added.

Expenditures

« All functional areas of the budget for Instmction and Support Services were increased a total of $4,337,416 to reflect cost increases related to additional expenditures due to increased student enrollment. Additional expenditures included the cost of employing additional instractional and support staff as well as the purchase of additional educational supplies and equipment to support the increased student emoUment. Actual expenditures reflected a positive variance from final budget of $1,634,599 as additional eligible operating expenditures were shifted to the FEMA project fund and the Restart Grant for federal reimbursement.

Excess (Deficiency) of revenues and other financing sources over (under) expenditures and other financing uses

« The original budget projected a deficit of $735,548 which was later amended and projected to have a deficit of $3,277,308. This increase in the projected deficit was due primarily to additional anticipated expenditures as a result of increased student enrollment.

15



Capital Assets and Debt Administration

Capital Assets - The School Board's investment in capital assets as of June 30, 2012 amounts to $336,971,689 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements and fumiture and equipment. The following table shows the value of these assets at the end of the current and previous fiscal years:

St. Bernard Parish School Board's Capital Assets (net of depreciation)

2012 2011 Land and Constmction in Progress $54,569,752 $ 46,059,626 Buildings and hnprovements 279,057,009 253,928,892 Fumiture and Equipment 3.344.928 3.679.306

Total $336.971.689 $303.667.824

Major capital asset events during the fiscal year included the following:

• Additions to capital assets included $581,340 for fumiture and equipment, $42,964,280 for buildings and improvements, and $141,842 for Land. These additions were offset by current depreciation of $10,383,597 resulting in a net increase in capital assets of $24,793,739.

Long-Term Debt - At the end of the current fiscal year, the School Board had total bonded debt outstanding of $ 11,15 5,000. All of this debt is backed by the full faith and credit of the government. The following table summarizes bonds outstanding at June 30, 2012 and 2011:

St. Bernard Parish School Board's Outstanding Debt

2012 2011 General obligation bonds $ 11.155.000 $12.980.000

Total $11.155.000 $ 12.980.000

16


Management's Discussion and Analysis .Tune 30, 2012

Long-term debt issues for fiscal year 2011-2012 include the following:

« Total outstanding debt decreased $1,825,000 during the 2011-2012 fiscal year.

• Louisiana statutes limit the amount of general obligation debt the School Board may issue to 35% of the total assessed valuation. On June 30, 2012, the School Board had $11,155,000 in outstanding general obligation debt, representing 3.1% of the total assessed valuation. The current debt limitation for the School Board is $125,187,347.

For additional information regarding capital assets and long-term debt, see notes 4 and 9 to the basic fmancial statements.

Economic Factors and Next Year's Budgets and Rates

The following economic factors were considered in preparation of the fiscal year 2012-2013 budget:

• Due to the effects of Hurricane Katrina, the School Board's enrollment has decreased significantly from its pre-storm em-oUment of 8,800 students. For the 2012-2013 school year the School Board was initially funded for an enrollment of 5,876 students. The School Board's Minimum Foundation Program funding for the 2012-2013 fiscal year was based on this enrollment figure. Shoiild, during the course of the year, the School Board's enrollment exceed 5,876 students, a mid-year adjustment will be made for the increase.

• The School Board is anticipating an increase in retirement costs for 2012-2013, due mainly to an increase contribution rates. An increase in the Louisiana Teachers' Retirement System employer contribution rate from 23.7% to 24.5% will result in a projected increase of $224,433 in contributions for 2012-2013. An increase in the Louisiana School Employees Retirement System employer contribution rate from 28.6% to 30.8 % will result in a projected $64,801 increase in contributions for 2012-2013.

• Personnel costs in the expenditure budget will increase as salaries of employees at Lacoste Elementary School, which reopens in the 2012-2013 school year.

17



Requests for Information

This financial report is designed to provide a general overview of the St. Bemard Parish School Board's finances for all those with an interest in the School Board's finances. Questions conceming any of the information provided in this report or requests for additional financial information should be addressed to the Supervisor of Finance for the St. Bemard Parish School Board, 200 E. St. Bemard Hwy., Chalmette, Louisiana or by calling (504) 301-2000.


19

ST. BERNARD PARISH SCHOOL BOARD Statement A Chalmette, Louisiana

STATEMENT OF NET ASSETS June 30, 2012

GOVERNMENTAL ASSETS: ACTIVITIES

Gash and cash equivalents Receivables Inventory Other assets Capital Assets:

Land and construction in progress Depreciable capital assets, net of depreciation

TOTAL ASSETS

LIABILITIES: Accounts, salaries and other payables Unearned revenue Interest payable Long-term liabilities:

Due within one year Due in more than one year

TOTAL LIABILITIES

NET ASSETS: Invested in capital assets, net of related debt Restricted for:

Food Service Programs Debt Service Capital Projects Scholarships:

Non-expendable Expendable

Unrestricted

TOTAL NET ASSETS

SEE ACCOMPANYING NOTES TO BASIC FINANCIAL STATEMENTS

$ 68,709,760 55,961,409

121,288 1,540,857

54,569,752 282,401,937

463,305,003

12,678,329 1,455,867 182,667

2,282,067 19,249,313

35,848,243

325,816,689

412,081 4,119,847

82,417,351

15,000 158,510

14,517,282

$ 427,456,760

20


STATEMENT OF ACTIVITIES Governmental Activities Fiscal Year Ended June 30, 2012

Statement B

Functions/programs: Governmental Activities;

Instructional Services: Regular programs Special programs Adult/continuing education

Support services: Pupil support services Instructional staff support services General administration School administration Business services Plant services student transportation services Central services Community service programs Food service operations Facility acquisition & construction

Debt service - interest on long-term obligations

Total governmental activities

Expenses

$ 49,962,937 6,020,377

318,209

4,447,763 3,714,795 2,335,750 3,415,380

779,582 10,298,306 3,725,657

616,157 8,000

3,919,782

-

591,639

$ 90,154,334

Charges for services

$ 383,163

--

---------

361,321

-

S 744,484

Program revenues Operating grants and

contributions

$ 8,245,943 556,515 320,669

1,959,634 1,512,480

27,354 56,183 9,037

51,553

--

2,749,236

-

-

$ 15,488,604

Capital grants and

contributions

$ 3,666,354

-

-

---

56,183

---

57,759,664

-

S 61,482,201

Net (expenses) revenues and

changes in net assets

$ (37,667,477) (5,463,862)

2,460

(2,488,129) (2,202,315) (2,335,750) (3,388,026)

(723.399) (10,233,086)

(3,674,104) (616,157)

(8,000) (809,225)

57,759,664

(591,639)

(12.439.045)

General revenues: Taxes:

Ad valorem taxes levied for general purposes Ad valorem taxes levied for debt service purposes Sales taxes levied for salaries, benefits and general purposes state revenue sharing

Grants and contributions not restricted to specific programs - Minimum Foundation Program Interest earnings other

Total general revenues

10,600,785 2,928,164

13,788,159 9,218

29,174,150 211,805 774.576

57.486.857

Changes in net assets

Net assets at beginning of year, as previously reported

Net assets at end of year

45,047,812

382,408,948

$ 427,456,760


21


22


23


GOVERNMENTAL FUNDS Balance Sheet June 30, 2012

ASSETS: Cash and cash equivalents Receivables Interfund receivables Inventory other assets

TOTAL ASSETS

LIABILITIES AND FUND BALANCE: Liabilities:

Accounts, salaries and other payables Interfund payable Deferred revenue Interest payable

GENERAL FUND

$ 7,608,029 2,573,450 3,558,382

1,540,857

$ 15,280,718

$

$_

LUNCH FUND

216,857 42,107

125,218 121,288

505,470

EDUCATION RECOVERY ACT -IMMEDIATE AID TO RESTART

SCHOOLS

$ 287,812

$ 287,812

$

L

FEMA PROJECT

FUND

2,779 51,887,748

51,890,527

3,487,532 138,390

1,455,867

90,341 3,048 287,812

7,742,138 30,276,068

Total Liabilities

Fund Balance: Non-Spendable:

Prepaid items Inventory Scholarships

Restricted for: Construction Debt Service Scholarships

Committed to: Encumbrances

Assigned for: Special Programs Media Services Self Insurance Retention Telecommunicaions Services Construction

Unassigned

Total Fund Balance

TOTAL LIABILITIES AND FUND BALANCE


5,081,789 93,389 287,812 38,018,206

1,540,857

1,307,752

388,405

121,288

$

890,715 699,336

1,900,000 822,525

2,649,339

10,198,929

15,280,718 $

290,793

---_

412,081

505,470 287,812

13,872,321

13,872,321

51,890,527

24

Statement C

AD VALOREM TAX BOND SINKING

FUND

CAPITAL PROJECTS

FUND

NONMAJOR GOVERNMENTAL

FUNDS TOTALS

$ 4,101,043 18,604

---

$ 54,536,162

-27,888,201

--

$ 450,184 1,146,076

150,965

--

$ 66,915,054 55,955,797 31,722,766

121,288 1,540,857

4,119,647 82,424,363 $ 1,747,225 156,255,762

7,012 $ 556,267 1,017,448

11,883,290 31,722,766

1,455,867

7,012 1,573,715 45,061,923

15,000

1,540,857 121,288 15,000

4,119,647 5,303,206 158,510

1,307,752 9,422,853

158,510

388,405

77,114,145

1,181,508 699,336

1,900,000 822,525

90,986,466 2,649,339

4,119,647 82,417,351 173,510 111,193,839

4,119,647 82,424,363 1,747,225 156,255,762

25

Statement D ST. BERNARD PARISH SCHOOL BOARD


Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets

June 30, 2012

Total fund balances, governmental funds $ 111,193,839

The cost of capital assets (land, buildings, fumiture and equipment) purchased or constructed is reported as an expenditure in governmental funds. The Statement of Net Assets includes those capital assets among the assets of the School Board as a whole. The cost of those capital assets is allocated over their useful lives (as depreciation expense) to the various programs reported as governmental activities in the Statement of Activities. Because depreciation expense does not affect fmancial resources, it is not reported in governmental funds.

Cost of capital assets $386,954,521 Depreciation expense to date f49.982.832) 336,971,689

Net assets of the intemal service fund reported as proprietary fxmd type in the fund fmancial statements but included as governmental activities in the government-wide fmancial statements less inter-fund receivable eliminated in the consolidation into the governmental activities.

Total net assets $1,005,279 1,005,279

Long-term liabilities applicable to the School Board's governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities, both current and long-term, are reported in the Statement of Net Assets.

Balances at June 30, 2012 are: Long-term liabilities:

Compensated absences payable ($3,149,412) Bonds payable (11,155,000) Community disaster loan payable (4,524,325) OPEB obligation payable (2,702,643)

hiterest payable (182.667) (21.714.047)

Total Net Assets - Governmental Activities $427.456.760


26

http://f49.982.832


27


GOVERNMENTAL FUNDS Statement of Revenues, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2012

REVENUES: Local sources:

Ad valorem tax Sales and use tax Rentals, leases and royalties Tuition Food service income Interest earnings Other

State sources: Unrestricted grants-in-aid Restricted grants-in-aid

Federal sources: Unrestricted - indirect cost recoveries Restricted grants-in-aid:

Direct Subgrants Other-Commodities

GENERAL FUND

$ 10,600,785 13,783,159

205,037 178,126

-30,533

774,576

28,558,500 476,320

LUNCH FUND

$ ---

361,321 658

-615,650

-

HURRICANE EDUCATION

RECOVERY ACT -IMMEDIATE AID

TO RESTART SCHOOLS

S --------

FEMA PROJECT

FUND

$ -

•

54,949 756 2,617,485

131,751 1,875,410 51,482,201

Total Revenues 64,662,741 1,875,410 61,482,201

EXPENDITURES: Current:

Instruction: Regular programs Special programs Adult and continuing education programs

Support Sen/lces: Student services Instructional staff support General administration School administration Business sen/ices Plant services Student transportation services Central services Community service programs Food sen/ice programs

Facility acquisition and construction Debt service:

Principal retirement Interest and bank charges

Total Expenditures

EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES): Transfers in Transfers out Local revenues transferred to other educational agencies

Total Other financing Sources (Uses):

NET CHANGE IN FUND BALANCES

FUND BALANCES AT BEGINNING OF YEAR

FUND BALANCES AT END OF YEAR

30,352,067 5,446,581

2,676,361 2,101,306 2,166,316 3,377,432

652,800 8,304,304 3,451,617

471,783 8,000

.

---------

3,910,182

1,764,602 8,431

7,834 1,969

27,354

65,220

3,666,354

56,183

-

59,011,867

(4,349,126)

822,153

(51,971)

770,182

(3,578,944)

13,777,873

$ 10,198,929 5

-

3,910,182

(183,317)

-

(183,317)

595,398

; 412,081 $

-

1,875,410

-

-

-

41,085,812

44,808,349

16,673,852

(1,439,090)

(1,439,090)

15,234,762

(1,362,441)

$ 13,872,321

SEE ACCOMPANYING NOTES TO BASIC FINANCIAL STATEMENTS.

Statement E

AD VALOREM TAX BOND

SINKING FUND

CAPITAL PROJECTS

FUND

NONMAJOR GOVERNMENTAL

FUNDS TOTALS

2,928,164

260 608

13,528,949 13,783,159

205,037 178,126 361,321 211,805 774,576

259,821

822,153

29,174,150 736,141

822,153

179,746

736,372 8,513,587

10,332,541

791,321 74,489,439

131,751

135,187,928

5,322,155 565,365

314,909

41,105,178 6,020,377

318,209

, ; —

! i_

--

95,072

-

-

--

1,825,000 612,955

2,533,027

395,397

--

395,397

3,724,250

4,119,647

---

1,454,166

212,240

--

1,666,406

(1,486,660)

1,439,090

--

1,439,090

(47,570)

82,464,921

$ 82,417,351 $

1,763,568 1,493,230

---

51,553

--. -

9,510,780

821,761

(822,153)

-(822,153)

(392)

173,902

173,510

4,447,763 3,596,505 2,261,388 3,404,786

708,983 9,823,690 3,503,170

471,783 8,000

3,910,182 41,298,052

1,825,000 612,955

123,316,021

11,871,907

2,261,243 (2,261,243)

(51,971)

(51,971)

11,819,936

99,373,903

$ 111,193,839

29

Statement F ST. BERNARD PARISH SCHOOL BOARD


Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in

Fund Balances to the Statement of Activities

For the year ended June 30, 2012

Total net change in fund balances - governmental funds $ 11,819,936

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

Capital outlays are reported in governmental funds as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. The amount by which depreciation expense exceeded the cost of capital outlays in the current period is as follows:

Capital outlay additions $ 43,687,462 Depreciation expense (10.383.597) 33,303,865

All revenues, expenses and changes in fund net assets of the internal service fund are reported as proprietary fund type in the fund fmancial statements, but included as governmental activities in the government wide fmancial statements.

Net loss (internal service fund) (293,103)

The issuance of long-term debt provides current financial resources of govemmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of govemmental funds. Neither transaction, however, has an effect on net assets:

Repayment of bond principal 1,825,000

In the Statement of Activities, certain operating expenses - compensated absences (vacations and sick leave) - are measured by amounts earned during the year. In the governmental funds, however, expenditures for these items are measured by the amount of fmancial resources used (essentially, the amounts actually paid). This year, vacation and sick time paid exceeded the amounts earned by $741,571 (741,571)

In 2008-2009 the School Board implemented GASB 45. GASB 45 requires that an obligation for other post-employment benefits be accrued within the School Board's fmancial statements. The current OPEB obligation which has been accrued but not paid is $887,631 ( 887,631)

Interest on long-term debt in the Statement of Activities differs from the amount reported in the governmental funds due to the fact that interest is recognized as an expenditure in the funds when it is due, and thus requires the use of current fmancial resources. In the Statement of Activities, however, interest expense is recognized as the interest accrues, regardless of when it is due. 21.316

Change in net assets of govemmental activities $45.047,812


30

ST. BERNARD PARISH SCHOOL BOARD Statement G Chalmette, Louisiana

PROPRIETARY FUND TYPE - INTERNAL SERVICE FUND Workers' Compensation Fund Statement of Net Assets June 30, 2012

ASSETS: Current;

Cash and cash equivalents $ 1,794,706 Receivables 5,612

TOTAL ASSETS 1,800,318

LIABILITIES AND NET ASSETS: Liabilities: Current: Accounts, salaries and other payables 795,039

Total Liabilities 795,039

Net Assets: Unrestricted 1,005,279

TOTAL LIABILITIES AND NET ASSETS $ 1,800,318


31

ST. BERNARD PARISH SCHOOL BOARD Statement H Chalmette, Louisiana

PROPRIETARY FUND TYPE - INTERNAL SERVICE FUND Workers' Compensation Fund Statement of Revenues, Expenses and Changes in Fund Net Assets

For the Year Ended June 30, 2012

OPERATING REVENUES: Billings to General Fund $ 450,000 Billings to Lunch fund 60,000

Total Operating Revenues 510,000

OPERATING EXPENSES: Claims 663,614 Claims administration and loss control 26,397

Other operating expenses 117,885

Total Operating expenses 807,896

OPERATING LOSS (297,896) NON-OPERATING REVENUES: Interest earnings 4,793

CHANGE IN NET ASSETS (293,103)

NET ASSETS AT BEGINNING OF YEAR 1,298,382

NET ASSETS AT END OF YEAR $ 1,005,279


32

ST. BERNARD PARISH SCHOOL BOARD Statement I Chalmette, Louisiana

PROPRIETARY FUND TYPE - INTERNAL SERVICE FUND Workers' Compensation Fund Statement of Cash Flows For the Year Ended June 30, 2012

CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from General Fund $ 450,000 Cash received from Lunch Fund 60,000 Cash paid for salaries and benefits (37,051) Cash paid to claimants ^ (400,147) Cash paid for claims administration and loss control (26,397) Application fee and assessment paid (45,118) Excess insurance paid (35,715)

Net cash used in operating activities (34,428)

CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received 4,793

Net cash provided by investing activities 4,793

NET DECREASE IN CASH AND CASH EQUIVALENTS (29,635)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,824,341

CASH AND CASH EQUIVALENTS AT END OF YEAR $ 1,794,706

Reconciliation of Operating Gain to Net Cash Used in Operating Activities:

Operating Loss $ (297,896)

Changes in Assets and Liabilities: Increase In accounts receivable (5,612) Decrease In interfund payable (64) Increase in accounts payable 269,144

Net Cash Used in Operating Activities $ (34,428)


33

ST. BERNARD PARISH SCHOOL BOARD Statement J Chalmette, Louisiana

FIDUCIARY FUNDS Statement of Fiduciary Assets and Liabilities June 30, 2012

ASSETS: Cash and cash equivalents

TOTAL ASSETS

LIABILITIES: Deposits due others

TOTAL LIABILITIES


$

$

$

$

1,050,447

1,050,447

1,050,447

1,050,447

34


35


Notes to the Basic Financial Statements June 30, 2012

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. ORGANIZATION

The St. Bemard Parish School Board (the School Board) was created by Louisiana Revised Statute (LSA-R.S.) 17:51 to provide public education for the children within St. Bemard Parish. The School Board is authorized by LSA-R.S. 17:81 to estabhsh pohcies and regulations for its own government consistent with the laws of the State of Louisiana and the regulations of the Louisiana Board of Elementary and Secondary Education. The School Board is comprised of eleven members who are elected from eleven districts for terms of four years.

The School Board operated ten facilities during the 2011-2012 school year to serve all Parish students. Arabi Elementary School, Chalmette Elementary School, Joseph Davies Elementary School, J.F. Gauthier Elementary School and W. Smith Elementary School served all pre-K - fifth grade students, Andrew Jackson Middle School, N.P. Trist Middle School and St. Bemard Middle School served all sixth - eighth grade students, Chalmette High School served all ninth - twelfth grade students, and C.F. Rowley Altemative School served as the district's altemative school. Enrollment for the 2011-2012 was 6,377. hi addition, the School Board provides transportation and school food services for the students.

B. REPORTING ENTITY

The basic criterion established by the Govemmental Accounting Standards Board for including potential component units within the reporting entity is fmancial accountability. For fmancial reporting purposes, the School Board includes all funds and activities for which the School Board exercises fmancial accountability. Certain units of local government, over which the School Board exercises no fmancial accountability, such as the parish council, other independently elected parish officials, and municipalities within the parish, are excluded fi-om the fmancial statements. These units of government are considered separate reporting entities and issue financial statements separate from the School Board. The School Board is not a component unit of any other entity and does not have any component units which require inclusion in the basic fmancial statements.

36



C. FUNDS

The School Board uses funds to maintain its financial records during the year. Fund accounting is designed to demonstrate legal compliance and to aid fmancial management by segregating transactions relating to certain School Board fimctions or activities.

A fiind is defined as a separate fiscal and accounting entity with a self-balancing set of accounts.

Funds of the School Board are classified into the following categories: govemmental, proprietary and fiduciary.

Governmental Funds

Govemmental funds account for most of the School Board's general activities, including the collection and disbursement of specific or legally restricted monies, the acquisition or constmction of capital assets, and the servicing of general long-term obligations. Govemmental funds include:

1. General Fund - the primary operating fund of the School Board. This fund is used to account for all financial resources except those required to be accounted for in other funds.

2. Special Revenue Funds - account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes, or designated by the School Board to be accounted for separately.

3. Debt Service Funds - account for transactions relating to resources retained and used for the payment of principal, interest and related costs on long-term obligations.

4. Capital Proiects Fund - accoimts for financial resources received and used for the acquisition, constmction or improvement of capital facilities not reported in the other govemmental funds.

5. Permanent Fund - accounts for financial resources that are legally restricted to the extent that only earnings generated, and not principal, may be used to support programs.

37



Proprietary Fund Type - Internal Service Fund

Proprietary funds account for activities similar to those found in the private sector where the determination of net income is necessary or useful for sound fmancial administration. Proprietary funds differ from govemmental funds in that their focus is on income measurement which, together with the maintenance of equity, is an important financial indicator. The School Board has one proprietary fimd - the Workers' Compensation Intemal Service Fund. This fund accounts for the fmancing of the School Board's self insurance program for workers' compensation.

hi the Proprietary fund, current claims expenses or increases in claims estimates occurring in the current period are considered operating expenses. Revenues received from the General and Lunch Funds which are related to these operating expenses are considered operating revenues. Interest eamed on bank accounts or monies received from other funds which exceed their allocated share of the current operating expenses of the Proprietary Fund are considered non-operating revenues or transfers-in to the fimd.

Fiduciary Fund Type

Fiduciary funds account for assets held on behalf of outside parties, including other governments, or on behalf of other ftinds within the School Board. Fiduciary funds include:

Agency Funds - account for assets held by the School Board on behalf of other funds and as an agent for the individual schools, school organizations and employees. These funds are custodial in nature (assets equal liabilities) and do not involve measurement or results of operations. Consequently, the agency fund has no measurement focus, but does use the accrual basis of accounting.

D. BASIS OF ACCOUNTING / MEASUREMENT FOCUS

The School Board complies with accounting principles generally accepted in the United States of America (GAAP). The School Board's reporting entity appUes all relevant Governmental Accounting Standards Board (GASB) pronouncements. Proprietary fimds apply Financial Accounting Standards Board (FASB) pronouncements and Accounting Principles Board (APB) opinions issued on or before November 30,1989, unless those pronouncements conflict with or contradict GASB pronouncements, in which case, GASB prevails.



Government-Wide Financial Statements (GWFS)

The Statement of Net Assets and Statement of Activities display information about the reporting government as a whole. Fiduciary funds are not included in the GWFS. Fiduciary fiinds are reported only in the Statement of Fiduciary Net Assets at the fund fmancial statement level.

The Statement of Net Assets and Statement of Activities were prepared using the economic resources measurement focus and the accmal basis of accounting. Revenues, expenses, gains, losses, assets and liabilities resulting from exchange and exchange-like transactions are recognized in accordance with the requirements of GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions.

Internal Activities: The Workers' Compensation Intemal Service Fund provides services to the Govemmental Funds. Accordingly, the intemal ser\dce fimd activities were rolled up into the govemmental activities. Pursuant to GASB 34, as much as possible, the intemal activities have been ehminated in order to avoid the ''grossing up" effect of a straight inclusion. Interfund services provided and used are not eliminated in the process of consolidation.

Program Revenues: Program revenues include 1) charges for services provided, 2) operating grants and contributions and 3) capital grants and contributions. Program revenues reduce the cost of the fiinction to be financed from the School Board's general revenues. Charges for services are primarily derived from cafeteria sales and miscellaneous student fees. Operating grants and contributions consist of the many educational grants received from the federal and state government. Capital grants and contributions consist of grants received for the purpose of purchasing or constmcting capital assets.

Allocation of Indirect Expenses: The School Board reports all direct expenses by function in the Statement of Activities. Direct expenses are those which are clearly identifiable with a function. Depreciation expense is specifically identified by function and is included in the direct expenses of each function. Interest on general long-term debt is considered an indirect expense and is reported separately in the Statement of Activities. Other indirect expenses are not allocated.

39



Fund Financial Statements (FFS)

Governmental Funds

The accounting and financial reporting treatment applied to a fimd is determined by its measurement focus. Governmental fund types use the flow of current financial resources measurement focus and the modified accmal basis of accounting. Under the modified accmal basis of accounting, revenues are recognized when they are measurable and available. "Measurable" means the amount of the transaction can be determined and "available" means collectable within the current period or soon enough thereafter to pay liabilities of the current period. The School Board considers all revenues available if they are collected within 60 days after year-end. Expenditures are recorded when the related fund liability is incurred, except for principal and interest payments on general long-term debt which is recognized when due, and certain compensated absences and claims and judgements which are recognized when the obligations are expected to be liquidated with expendable available financial resources.

With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements of these fimds present increases and decreases in net current assets. The govemmental funds use the following practices in recording revenues and expenditures:

Revenues

Revenues are recognized when they become measurable and available.

Federal and state entitlements (which include state equalization and state revenue sharing) are recorded as unrestricted grants-in-aid when available and measurable. Revenues from federal and state grants are accmed when the School Board has a right to reimbursement under the related grant, generally corresponding to the incurring of grant related costs by the School Board.

Ad valorem taxes are recorded in the year the taxes are levied, due and payable. Ad valorem taxes are assessed on a calendar year basis and finance the budget of the current fiscal year. The taxes become due on December 1 st of each year, and become delinquent on December 31st. The taxes are generally collected in December, January and Febraary of the fiscal year. Ad valorem taxes due at June 30, 2012 have been accmed as revenues in the 2011-2012 fiscal period.

40



Food services income is recorded as operating revenue when collected. All food services income applicable to an accounting period is collected during that accounting period.

Interest earnings on time deposits are recorded when the time deposits have matured and the interest is available.

Sales and use tax revenues are recorded in the accounting period in which they become measurable and available to finance expenditures of the fiscal period.

Substantially all other revenues are recorded when received.

Expenditures

Salaries are recorded as expenditures when eamed. Teachers' salaries are eamed over a 9-month period but are paid over a 12-month period.

Purchases of various operating supplies, excluding inventory items in the School Lunch Fund which are recorded as expenditures when consumed, are recorded as expenditures in the accounting period in which they are purchased.

Compensated absences are recognized as expenditures when leave is actually taken or when employees (or heirs) are paid for accraed leave upon retirement or death. Compensated absences are reported in govemmental funds only if they have matured.

Principal and interest on general long-term debt are recognized when due.

Substantially all other expenditures are recognized when the related fund liability has been incurred.

Other Financing Sources (Uses)

Transfers between funds that are not expected to be repaid, the sale of capital assets and proceeds of debt issued are accounted for as other financing sources (uses). These other financing sources (uses) are recognized at the time the underlying events occur.

41



Major Funds

The School Board reports the following major govemmental funds:

The General Fund is the primary operating fund of the School Board. It is used to account for all fmancial resources except those required to be accounted for in other funds.

The Lunch Fund is a special revenue fimd used to account for revenues and costs associated with providing nutritious meals to school children and employees.

The Hurricane Education Recovery Act - Immediate Aid to Restart Schools Fund is a special revenue fund used to account for federal revenues granted to provide immediate services or assistance to local educational agencies in Louisiana, Mississippi, Alabama and Texas that serve an area in which a major disaster has been declared related to Hurricane Katrina or Hurricane Rita; and to assist school adminisfrators and personnel of such agencies with expenses related to the restart of operations in, the re-opening of, and the re-enrollment of students in elementary and secondary schools in such areas.

The FEMA Project Fund is a Special Revenue Fund used to account for financial resources used for projects associated with the district's recovery following Hurricanes Katrina and Gustav.

The Ad Valorem Tax Bond Sinking Fund is a debt service fund used to account for the accumulation of resources for, and the payment of, general obligation debt principal, interest and related costs.

The Capital Projects Fund is used to account for financial resources to be used for the acquisition or construction of major capital facilities.

Additionally, the School Board reports the following non-major funds:

Special revenue funds - Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes.

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Debt service funds - The debt service funds are used to account for the accumulation of resources for, and the payment of, debt principal, interest and related costs.

Permanent Fund - Permanent funds are used to report resources that are legally restricted to the extent that only earnings generated, and not the principal, may be used to support programs. The School Board has one permanent fund, the Joseph Accardo Scholarship Fund.

Proprietary fund - Lnternal service fund - The hitemal Service Fund is used to account for the School Board's workers' compensation self insurance program.

Fiduciary fund - School activity agency fund - The school activity agency fund is used to account for assets held by the School Board as an agent of other parties. The school activity agency fund is custodial in nature (assets equal liabilities) and does not involve measurement of results of operations.

Deferred Revenues

Deferred revenues arise when monies are received prior to the incurrence of quahfying expenditures. In subsequent periods, when the School Board has a legal claim to the resources, the liability for deferred revenue is removed from the Balance Sheet and revenue is recognized.

E. BUDGETS

The following summarizes the budget activities of the School Board:

Public notices May 6, 2011

Completed and available for public inspection May 9, 2011

Public hearings May 24, 2011

Board adoption May 24, 2011

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The School Board legally adopts budgets for the General Fund and Special Revenue Funds. Formal budget integration is employed as a management control device. The School Board approves budgets at the fund level, which is the legal level, giving management the authority to transfer amounts among line items within any fund. When actual revenues within a fund fail to meet budgeted revenues by five percent or more and/or actual expenditures within a fund exceed budgeted expenditures by five percent or more, a budget amendment is adopted by the School Board in an open meeting. Budget amounts included in the accompanying financial statements include the original adopted budget and all subsequent amendments. The budgets are prepared on a basis which differs from generally accepted accounting principles in that the School Board's budget includes encumbered amounts. Accordingly, the budgetary basis expenditure data reflected in the Budgetary Comparison Schedule - General Fund (Exhibit 1) includes encumbrances and, thus, differs from the expenditure data reflected in the Statement of Revenues, Expenditures and Changes in Fund Balances -Govemmental Funds (Statement E) by the amount of encumbrances outstanding at year end. Unencumbered appropriations lapse at year-end.

F. ENCUMBRANCES

Commitments relating to outstanding purchase orders and contracts for goods and services are recorded as encumbrances in order to reserve the applicable portion of the appropriation. Encumbrances outstanding at year end are reported as restrictions of fund balances since they do not constitute expenditures or liabilities but represent authority for expenditures in the subsequent year. Encumbered appropriations lapse at year end but are reappropriated in the subsequent fiscal year. As materials are subsequently received and contracts are executed, liabilities are recorded and the related encumbrances are hquidated.

G. DEPOSITS AND INVESTMENTS

Cash includes amounts in demand deposits and interest bearing demand deposits. Cash equivalents include amounts in time deposits, all of which are certificates of deposit, the amount invested in the Louisiana Asset Management Pool (LAMP), and the amount on deposit with the Louisiana State Treasurer. Under state law, the School Board may deposit funds in demand deposits, interest bearing demand deposits, money market accounts, or time deposits with state banks organized under Louisiana law and national banks having their principal offices in Louisiana.

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State statutes authorize the School Board to invest in the following types of securities:

(1) Direct U.S. Treasury obligations, the principal and interest of which are fully guaranteed by the U.S. Government.

(2) FuUy-collateralized certificates of deposit issued by qualified commercial banks and savings and loan institutions located within the State of Louisiana. In addition, local governments in Louisiana are authorized to invest in the Louisiana Asset Management Pool, Inc. (LAMP), a non-profit corporation formed by an initiative of the State Treasurer and organized under the laws of the State of Louisiana, which operates a local government investment pool.

Investments in LAMP are stated at fair value based on quoted market rates. The fair value is determined on a weekly basis by LAMP and the value of the position in the external investment pool is the same as the value of the pool shares.

(3) Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by federal agencies, or by U.S. government instmmentalities which are federally sponsored, and provided such obligations are backed by the full faith and credit of the U.S. government.

(4) Direct repurchase agreements of any federal bank entry only securities enumerated in paragraphs (1) and (3) above, "Direct security repurchase agreement" means an agreement under which the political subdivision buys, holds for a specified time, and then sells back those securities and obligations enumerated in paragraphs (1) and (3) above.

(5) Time certificates of deposit of any bank domiciled or having a branch office in the State of Louisiana, savings accounts or shares of savings and loan associations and savings banks.

(6) Mutual or trast fund institutions which are registered with the Securities and Exchange Commission under the Securities Act of 1933, and the Investment Act of 1940, and which have underlying investments consisting solely of and hmited to securities of the U.S. government or its agencies.

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(7) Guaranteed investment contracts issued by a bank, fmancial institution, insurance company, or other entity having one of the two highest short-term rating categories of either Standard & Poor's Corporation or Moody's hivestor Service.

(8) Investment grade commercial paper of domestic United States Corporations.

For purposes of the Statement of Cash Flows, the School Board considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

H. SHORT-TERM INTERFUND RECEIVABLES/PAYABLES

During the course of operations, short-term loans occur between individual funds. These short-term interfund loans are classified as interfund receivables/payables.

I. INVENTORY

Inventory of the School Lunch Fund consists of food purchased by the School Board and commodities granted by the United States Department of Agriculture through the Louisiana Department of Agriculture and Forestry. The commodities are recorded as revenues when received; however, all inventories are recorded as expenditures when consumed on the govemment-wide financial statements and as expenditures when purchased on the fund financial statements. All purchased inventory items are valued at cost (first-in, first-out), and commodities are assigned values based on information provided by the United States Department of Agriculture.

J. CAPITAL ASSETS

Capital assets are capitalized at historical cost. Donated assets are recorded as capital assets at their estimated fair market value at time of donation. The School Board maintains a threshold level of $5,000 or more for capitalizing capital assets.

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Capital assets are recorded in the Government-Wide Financial Statements, but are not reported in the Fund Financial Statements. Since surplus assets are sold for an immaterial amount when disposed of by the School Board, no salvage value is taken into consideration for depreciation purposes. All capital assets, other than land, are depreciated using the straight-line method. Estimated useful life is management's estimate of how long the asset is expected to meet service demands. The estimated useful Hves of capital assets are as follows:

Buildings 25-45 years Land Improvements 10-25 years Building Improvements 20 years Fumiture and Equipment 1 -15 years Vehicles 5-8 years

K. COMPENSATED ABSENCES

Sick Leave

Teachers accrue 10 to 14.5 days of sick leave each year, which maybe accumulated without limitation. Other nine-month employees accrue 10 to 12 days of sick leave each year, which may be accumulated without limitation. Upon retirement or death, unused accumulated sick leave of up to 25 days is paid to the employee or to the employee's estate at the employee's current rate of pay.

Twelve-month employees accme from 12 to 18 days of sick leave each year, depending upon their length of service with the School Board. Upon retirement or death, unused accumulated leave of up to 25 days is paid to the employee or to the employee's estate at the employee's current rate of pay.

The amount of sick leave expenditure reported in the General Fund and the Lunch Fund for the fiscal year is the amount actually claimed by employees during that period. A liability of $2,122,748 is accmed for sick leave salaries and related payments.

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Vacation Leave

All 12-month employees are entitled to vacation leave which must be approved by the Superintendent. Employees eam from 5 to 20 days of vacation leave each year depending on their length of service. Vacation leave may be accumulated without limitation. Upon retirement, resignation or death, unused vacation leave up to 60 days eamed prior to July 1, 1988 is paid to the employee or to the employee's estate at the employee's current rate of pay. The amount of vacation claimed during the fiscal year is the reported expenditure for that period in the General Fund and the Lunch Fund. A liability of $349,059 has been accraed for vacation salaries and related payments. This liability represents accumulated vacation at June 30, 2012, none of which met the condition for accmal in the General Fund and thus will not be retired from expendable available fmancial resources.

Sabbatical Leave

Sabbatical leave may be granted for rest and recuperation or for professional and cultural improvement. Any employee with a teaching certificate is entitled, subject to approval by the School Board, to one semester of sabbatical leave after three years of continuous service or two semesters of sabbatical leave after six or more years of continuous service.

Sabbatical leave benefits are recorded as expenditures in the period paid. Unused sabbatical leave may be carried forward to one or more periods subsequent to that in which it is eamed, but no more than two semesters of leave may be accumulated. Sabbatical leave benefits are not paid upon retirement or termination. All sabbatical leaves must be approved by the School Board.

The cost of leave privileges, computed in accordance with GASB Codification Section C60, is recognized as a current-year expenditure in the govemmental funds when leave is actually taken.

At June 30, 2012 the amount of salary related payments accumulated for sabbatical leave was $677,605, none of which met the condition for accmal in the govemmental funds and thus will not be retired from expendable available financial resources; hence, the entire amount is accmed and reported in the Statement of Net Assets.

A liability for compensated absences is reported in the govemmental funds if they have matured and become payable (i.e., upon resignation or retirement of the employee).

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Notes to the Basic Financial Statements June 30,2012

L. OTHER POST-EMPLOYMENT BENEFITS (OPEB)

Plan Description

The St. Bemard Parish School Board participates in a fully insured health insurance and life insurance program administered by the Louisiana Office of Group benefits (OGB).

Medical benefits are provided through the Louisiana Office of Group Benefits and involve statewide networks and one HMO with a premium stmcture by region. The plan provisions, including required contribution rates, are contained in the official plan documents of the OGB, available at www.sroupbenefits. org - "Quick Links " - "Health Plans ". The OGB plan is a fully insured, multiple-employer arrangement and has been deemed to be an agent multiple-employer plan (within the meaning of paragraph 22 of GASB 45) for financial reporting purposes and for this valuation. The OGB "Medicare Advantage" plan has been assumed as an altemative to those employees after Medicare eligibility for purposes of this valuation. Medical benefits are provided to employees upon actual retirement from either the Teachers' Retirement System of Louisiana (TRSL) or the Louisiana School Employees' Retirement System (LSERS). The retirement eligibility (D.R.O.P. entry) provisions in TRSL are as follows: 30 years of service at any age; age 55 and 25 years of service; or, age 65 and 20 years of service. The provisions in LSERS are the same except that eligibility apples at age 60 and 10 years of service also.

Life insurance coverage under the OGB program is available to retirees by election and the blended rate (active and retired) is $0.96 per $1,000 of insurance. The employer pays 50% of the cost of the retiree life insurance. Since GASB 45 requires the use of "unblended" rates, we have used the 94GAR mortality table described below to "unblend" the rates so as to reproduce the composite blended rate overall as the rate structure to calculate the actuarial valuation result for life insurance. All of the assumptions used for the valuation of the medical benefits have been used except for the trend assumptions; zero trend was used for life insurance. Insurance coverage amounts are reduced at age 65 and again at age 70 according to the OGB plan provisions.

Financial statements for the Office of Group benefits are available upon request by writing to the Office of Group Benefits, 7389 Florida Blvd., Suite 400, Baton Rouge, LA 70806.

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http://www.sroupbenefits



Contribution Rates

Employees do not contribute to the post employment benefits costs until they become retirees and begin receiving those benefits. The plan provisions and contribution rates are contained in the official plan documents.

Fund Policy

Until Fiscal year Ended June 30, 2008, the St. Bemard Parish School Board recognized the cost of providing post-employment medical and life benefits (St. Bemard Parish School Board's portion of the retiree medical and life benefit premiums) as an expense when the benefit premiums were due and thus financed the cost of the post-employment benefits on a pay-as-you-go basis. In 2012 and 2011, the School Board's portion of health care and hfe insurance funding cost for retired employees totaled $4,407,920 and $4,081,407, respectively.

Effective for the Fiscal Year beginning July 1, 2008, the St. Bemard Parish School Board implemented Government Accounting Standards Board Statement Number 45, Accounting and Financial Reporting by Employers for Post Employment Benefits Other than Pensions (GASB 45). The funding policy is not to fund the Annual Required Contribution (ARC) except to the extent of the current year's retiree fimding costs.

Annual Required Contribution

St. Bemard Parish School Board's ARC is an amount actuarially determined in accordance with GASB 45. The ARC is the sum of the Normal Cost plus the contribution to amortize the Unfunded Actuarial Accmed Liability (UAAL). A level dollar, open amortization period of 30 years (the maximum amortization period allowed by GASB 43/45) has been used for the post-employment benefits. The actuarially computed ARC is as follows:

Normal Cost 30-year UAL Amortization Amount

Annual Required Contribution (ARC)

2012 $ 1,530,814

3.797,099

$ 5.327.913

2011 $1,471,937 3.651.056

$5.122.993

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Net Post-Employment Benefit Obligations

The table below shows St. Bemard Parish School Board's Net Other Post-Employment Benefit (OPEB) Obligations (Assets) for fiscal years 2012 and 2011:

2012 2011 1) Beginning Net OPEB Obligation (Asset) July 1 $ 1,815,012 $ 787,466 2) Annual Required Contribution 5,327,913 5,122,993 3) hiterest on Net OPEB Obhgation (Asset): .04 X [1] 72,600 31,499 4) ARC Adjustment: [1 }/17.292 (104.962) ( 45.539) 5) OPEB Cost: [2]+[3]-[4] 5,295,551 5,108,953 6) Contribution 0 0 7) Current year retiree premium f4.407.92O) (4.081.407) 8) Change in Net OPEB Obligation: [5]-[6]-[7] 887.631 1.027.546 9) Ending Net OPEB Obligation :

(Asset) June 30: [l]+[8] $ 2.702.643 $1.815.012

Trend Information

Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. The following table shows the St. Bemard Parish School Board's annual post employment benefits (PEB) cost, percentage of the cost contributed, and net unfunded post employment benefits (PEB) liability for last year and this year:

Percentage

Fiscal Year Ended

June 30, 2012 June 30, 2011 June 30, 2010

Annual OPEB Cost $5,295,551 $5,108,953 $4,691,554

Of Annual Cost

Contributed 83.24% 79.89% 89.74%

Net OPEB Obhgation

$2,702,643 $1,815,012 $ 787,466

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http://f4.407.92O



Funded Status and Funding Progress

In the fiscal years 2011 and 2012, St. Bemard Parish School Board made no contributions to its post-employment benefits plan. The plan was not funded at all, has no assets, and hence has a funded ratio of zero. As of June 30, 2012 and 2011, the end of the last two fiscal years, the Accraed Actuarial Liability (AAL) was $65,660,032 and $63,134,646, respectively. The AAL is defined as that portion, as determined by a particular actuarial cost method (St. Bemard Parish School Board uses the Projected Unit Credit Cost Method), of the actuarial present value of post-employment plan benefits and expenses which is not provided by normal cost. Since the plan was not funded in fiscal years 2012 and 2011, the entire respective actuarial accraed Hability of $65,660,032 and $63,134,646 was unfunded.

2012 Actuarial Accraed liability (AAL) Actuarial Value of Plan Assets

Unfunded Act. Accmed Liability (UAAL) Funded Ratio (Act. Val. Assets/AAL)

Covered Payroll (Active Plan Members)

UAAL as a percentage of covered payroll

Actuarial Methods and Assumptions

$ 65,660,032 0

2011 $63,134,646

0

$ 65.660.032 $63.134.646 0% 0%

$ 35,943,382 $34,434,701

182.68% 183.35%

Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of events far into the future. The actuarial valuation of post-employment benefits includes estimates and assumptions regarding (1) turnover rate; (2) retirement rate; (3) health care cost and trend rate; (4) mortality rate; (5) discount rate (investment retum assumption); (6) the period to which the costs apply (past, current, or future years of service by employees). Actuarially determined amounts are subject to continual revision as actual results are compared to past expectations and new estimates are made about the future.

The actuarial calculations are based on the types of benefits provided under the terms of the substantive plan (the plan as understood by St. Bemard Parish School Board and its employee plan members) at the time of the valuation and on the pattem of sharing costs between St. Bemard Parish School Board and its plan members to that point. The projection

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of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations on the pattem of cost sharing between St. Bemard Parish School Board and plan members in the future. Consistent with the long-term perspective of actuarial calculations, the actuarial methods and assumptions used include techniques that are designed to reduce short-term volatility in actuarial liabihties and the actuarial value of assets.

Actuarial Cost Method

The ARC is determined using the Projected Unit Credit Cost Method. The employer portion of the cost for retiree medical care in each fiiture year is determined by projecting the current cost levels using the healthcare cost trend rate and discounting this projected amount to the valuation date using the other described pertinent actuarial assumptions, including the investment retum assumptions (discount rate), mortality, and tumover.

Actuarial Value of Plan Assets

Since the OPEB obligation has not yet been funded, there are not any assets. It is anticipated that in future valuations, should funding take place, a smoothed market value consistent with Actuarial Standards Board Actuarial Standards of Practice Number 6 (ASOP 6), as provided in paragraph number 125 of GASB Statement 45, will be used.

Turnover Rate

An age-related tumover scale based on actual experience as described by administrative staff has been used. The rates, when applied to the active employee census, produce an annual tumover of approximately 8%). The rate for each age are below:

Age 18-25 26-40 41-54

55+

Percent Tumover 20.0% 12.0% 8.0% 6.0%

Post-Employment Benefit Plan Eligibility Requirements

It is assumed that entitlement to benefits will commence five years after earliest eligibihty to enter the Deferred Retirement Option Plan (DROP) as described earher in this note under the heading "Plan Description". This consists of a three year DROP period plus an additional two year delay. Medical benefits are provided to employees upon actual retirement from either the Teachers' Retirement System of Louisiana (TRSL) or the Louisiana School

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Employees' Retirement System (LSERS). The retirement eligibility (DROP entry) provisions in TRSL are as follows: 30 years of service at any age; age 55 and 25 years of service; or, age 65 and 20 years of service. The provisions in LSERS are the same except that eligibility applies at age 60 and 10 years of service also. Entitlement to benefits continue through Medicare to death.

Investment Return Assumption (Discount Rate)

GASB Statement 45 states that the investment retum assumption should be the estimated long-term investment yield on the investments that are expected to be used to fmance the payment of benefits (that is, for a plan which is funded). Since the ARC is not currently being funded and not expected to be funded in the near future, we have performed this valuation using a 4%) annual investment rate of retum. This is a conservative estimate of the rate of retum used in the course of its financial activity.

Health Care Cost Trend Rate

The expected rate of increase in medical cost is based on projections performed by the Office of the Actuary at the Centers for Medicare & Medicaid Services as published in National Health Care Expenditures Projections: 2003 to 2013, Table 3: National Health Expenditures, Aggregate and per Capita Amounts, Percent Distribution and Average Annual Percent Change by Source of Funds: Selected Calendar Years 1990-2013, released in January, 2004 by the Health Care Financing Administration (www.cms.hhs.gov). "State and Local" rates for 2008 through 2013 from this report were used, with rates beyond 2013 graduated down to an ultimate annual rate of 5.0%) for 2018 and later, as set forth below:

Calendar Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

2022 and Later

Rate 7.9% 7.8% 7.7% 7.6% 6.7% 6.0% 5.0% 5.0% 5.0% 5.0% 5.0%

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Mortality Rate

The 1994 Group Annuity Reserving (94GAR) table, projected to 2002, based on a fixed blend of 50% of the unloaded male mortality rate and 50%o of the unloaded female mortality rates, was used. This is a published mortality table which the Intemal Revenue Service has used in determining the value of accraed benefits in defined benefit pension plans. Since GASB 45 requires the use of "unblended" rates, we have used the 94GAR mortality table described above to "unblend" the rates so as to reproduce the composite blended rate overall as the rate stmcture to calculate the actuarial valuation results for life insurance.

Method of Determining Value of Benefits

The "value of benefits" has been assumed to be the portion of the premium after retirement date expected to be paid by the employer for each retiree and has been used as the basis for calculating the actuarial present value of OPEB benefits to be paid. The "State Share" premiums in the OGB medical rate schedule provided are "unblended" rates for active and retired as required by GASB 45 and have been used for valuation purposes. It has been assumed that ultimately an average of 50% of future retirees will elect the OGB Medicare Advantage program and that 50%) of current retirees not on Medicare Advantage already will do likewise in the future.

Inflation Rate - Included in both the Investment Retum Assumption and the Healthcare Cost Trend rates above is an implicit inflation assumption of 2.50% annually.

Projected Salary Increases - This assumption is not apphcable since neither the benefit stmcture nor the valuation methodology involves salary.

Post-retirement Benefit Increases - The plan benefit provisions in effect for retirees as of the valuation date have been used and it has been assumed for valuation purposes that there will not be any changes in the future.

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Below is a summary of OPEB cost and contributions for the last three fiscal calender years:

FY2010 FY2011 FY2012 OPEB Cost $4,691,554 $5,108,953 $5,295,551

Contribution - - -Retiree premium 4.210.223 4.081.407 4.407.920

Total contribution and premium 4.210.223 4.081.407 4.407.920

Change in net OPEB Obligation $ 481.331 $ 1.027.546 $ 887.631

%ofcontributiontocost 0.00% 0.00% 0.00% % of contribution plus premium to cost 89.74% 79.89% 83.24%

M. LONG-TERM DEBT

Long-term debt expected to be financed from govemmental funds are reported in the Statement of Net Assets. Expenditures for principal and interest payments for long-term debt are recognized in the govemmental funds when due. Long-term debt expected to be financed from proprietary fund operations are accounted for in that fund.

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N. FUND EQUITY

Beginning in fiscal year 2011, the School Board implemented GASB Statement 54, Fund Balance Reporting and Governmental Fund Type Definitions. This Statement provides more clearly defined fund balance categories to make the nature and extent of the constraints placed on a government's fund balance more transparent. The following classifications describe the relative strength of the spending constraints placed on the purposes for which resources can be used.

* Nonspendable Fund Balance - amounts that are not in a spendable form (such as inventory) or are required to be maintained intact.

« Restricted Fund Balance - amounts constrained to specific purposes by their providers (such as grantors, bondholders and higher levels of government) through constitutional provisions, or by enabling legislation. The School Board considers restricted amounts to be spent when an expenditure is incurred for purposes for which the restricted fund balance is available.

« Committed Fund Balance - amounts constrained to specific purposes by a government itself, using its highest level of decision making authority; to be reported as committed, amounts cannot be used for any other purpose unless the government takes the same highest level action to remove or change the constraint. The School Board considers committed amounts to be spent when an expenditure is incurred for purposes for which the committed fund balance is available.

« Assigned Fund Balance - amounts a government intends to use for a specific purpose; intent can be expressed by the goveming body or an official or body which the goveming body delegates the authority. The School Board delegates this authority to the Superintendent. The School Board considers assigned amounts to be spent when an expenditure is incurred for purposes for which the assigned fund balance is available.

• Unassigned Fund Balance - amounts that are available for any purpose.

In the General Fund, the School Board strives to maintain an unrestricted fund balance to be used for unanticipated emergencies of between 5 and 10%) of actual revenues, which is the State recommended level for such fund balances.

The govemmental funds unrestricted fund balances are $98,627,579 at June 30, 2012.

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O. INTERFUND TRANSACTIONS

Interfund services provided and used are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed.

All other interfund transactions, except interfund services provided and used, are reported as transfers in or out.

P. SALES AND USE TAX

A five percent local sales and use tax is levied and collected within St. Bemard Parish of which two percent is received by the School Board. The sales and use tax received by the School Board is pledged as security for the sales tax bonds. The amount received in excess of the debt service requirements on the sales tax bonds may be used for any other lawful purpose.

The tax is collected by the St. Bemard Parish Sheriffs Office, except those taxes levied on the sale of motor vehicles, which are collected by the State of Louisiana. The Sheriffs Office receives a commission of eight percent on the gross amount of one and one-half percent of the two percent sales tax collected for the School Board. The Sheriffs Office receives no commission in the collection of the additional one-half percent. The sales tax revenues reported in the accompanying financial statements are shown net of the sheriffs commission.

Q. AD VALOREM TAX

The ad valorem tax is due and becomes an enforceable lien on property on the first day of the month following the fihng of the tax rolls by the assessor with the Louisiana Tax Commission (usually December 1). The tax is delinquent thirty days after the due date. The tax is levied based on property values determined by the St. Bemard Parish Assessor's Office. Land and improvements are assessed at 10 percent of fair market value and all other property is assessed at 15 percent of fair market value. The tax is billed and collected by the St. Bemard Parish Sheriffs Office.



The following is a summary of authorized and levied ad valorem taxes:

Parishwide taxes: Constitutional Operations & Maintenance Operations & Maintenance Operations & Maintenance Bond and Interest

Authorized Millage

3.75 9.25 3.00

19.00 10.00

Levied Millage

3.75 9.25 3.00

19.00 10.00

Expiration Date

Constitutional December 31, 2018 December 31, 2018 December 31, 2018 Various

R. 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 habilities at the date of the financial statements and the reported amounts of revenues, expenditures and expenses during the reported period. Actual results could differ from those estimates.

S. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

Deposits and Investment Laws and Regulations In accordance with state law, all uninsured deposits in financial institutions must be secured with acceptable collateral valued at the lower of market or par. The School Board was in compliance with the deposits and investment laws and regulations.

Excess of Expenditures over Appropriations

As of June 30, 2012, expenditures exceeded budgeted appropriations in one fund, the Lunch Special Revenue Fund. The excess of $98,999, caused by increases in retiree insurance premiums and food costs, did not reach the level that would have required a budget amendment.

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2. CASH AND CASH EQUIVALENTS

At June 30, 2012, the School Board has cash and cash equivalents (book balances) totaling $69,760,207 as follows:

Interest-Bearing Demand Deposits $64,745,132 Time Deposits 125,000 hivestment in LAMP 3,480,118 Investment in Education Excellence Fund 1.409.957

Total Cash and Cash Equivalents $69.760.207

These deposits are stated at cost, which approximates market. Under state law, deposits held by banks must be secured by federal deposit insurance or the pledge of securities owned by the fiscal agent bank or through letters of credit issued by the Federal Home Loan Bank. The fair value of the pledged securities plus the federal deposit insurance and letters of credit must at all times equal the amount on deposit with the fiscal agent.

Custodial credit risk is the risk that in the event of bank failure, the School Board's deposit may not be retumed to it. The School Board does not have a deposit policy for custodial credit risk. At June 30, 2012, the School Board has collected bank balances of $70,323,458 deposited in two FDIC insured banks. These deposits are secured from risk by $500,000 of federal deposit insurance per institution, and $69,323,458 of pledged securities held by the custodial bank (Federal Reserve Bank) in the name of the School Board and fiscal agent bank or a letter of credit issued by the Federal Home Loan Bank, which serves to mitigate the custodial credit risk of the School Board's deposits.

Louisiana Revised Statutes 39:1229 imposes a statutory requirement on the custodian bank to advertise and sell pledged securities within 10 days of being notified by the School Board that the fiscal agent has failed to pay deposited funds upon demand.

In accordance with GASB Codification Section 150.126, the investment in LAMP at June 30, 2012, is not categorized in the three risk categories provided by GASB Codification Section 150.125 because the investment is in the pool of funds and, therefore, not evidenced by securities that exist in physical or book entry form.

LAMP is administered by LAMP, Inc., a non-profit corporation organized under the laws of the State of Louisiana. Only local government entities having contracted to participate in LAMP have an investment interest in its pool of assets. The primary objective of LAMP is to provide a safe environment for the placement of public funds in short-term, high quality investments. The LAMP portfoho includes only securities and other obligations in which local govemments in Louisiana are authorized to invest in accordance with LSA-R.S. 33:2955. Accordingly, LAMP investments are restricted to securities issued, guaranteed, or

60



backed by the U.S. Treasury, the U.S. Government, or one of its agencies, enterprises, or instmmentalities, as well as repurchase agreements collateralized by those securities.

Effective August 1, 2001, LAMP'S investment guidelines were amended to permit the investment in government-only money market funds. In its 2001 Regular Session, the Louisiana Legislature (Senate Bill No. 512, Act 701) enacted LSA-R.S. 33:2955(A)(l)(h) which allows all municipalities, parishes, school boards, and any other political subdivisions of the State to invest in "Investment grade (A-l/P-1) commercial paper of domestic United States corporations." Effective October 1,2001, LAMP's Investment Guidelines were amended to allow the limited investment in A-1 or A-1+ commercial paper.

The dollar weighted average portfolio maturity of LAMP assets is restricted to not more than 90 days, and consists of no securities with a maturity in excess of 397 days. LAMP is designed to be highly liquid to give its participants immediate access to their account balances. The investments in LAMP are stated at fair value based on quoted market rates. The fair value is determined on a weekly basis by LAMP and the value of the position in the external investment pool is the same as the value of the pool shares.

LAMP, Inc. is subject to the regulatory oversight of the state treasurer and the board of directors. LAMP is not registered with the SEC as an investment company. LAMP eamed a Standard & Poor's rating of AAAm, the highest designation available.

Credit Risk: As disclosed previously in Note 1(G), state statutes limit the investment type in which the School Board may invest. The School Board has no investment policy that would further limit its investment choices.

3. RECEIVABLES

The receivables of $55,961,409 at June 30, 2012, are as follows:

Class of Receivable

Taxes: Sales and Use Ad Valorem

Grants: Federal State

Other TOTAL

General Fund

$2,116,446 65,113

2,218 83,528

306,145 $ 2,573,450

Lunch Fund

$ --

40,971 -

1,136 $42,107

Education Recovery Act immediate Aid

To Restart Schools

Fund

$ -

287,812 -

_ $ 287,812

Ad Valorem FEMA Tax Bond Project Sinking Fund Fund

$ - $ -18,604

51,887,748 -

_ $51,887,748 $18,604

other Governmental

Funds

$ --

1,115,465 30,611

_ $1,146,076

Workers' Compensation

Fund

$ -

--

5,612 $ 5,612

Total

$2,116,446 83,717

53,334,214 114,139

312,893 $55,961,409

61



Management considers all of the receivables outstanding at June 30, 2012 to be fully collectible. As such, no provision for uncollectible receivables has been recorded. The receivable in the FEMA Project Fund pertains to expenditures incurred on obligated project worksheets. Reimbursement for these expenditures is subject to review and approval by state officials.

4. CAPITAL ASSETS

A summary of changes in capital assets follows:

Capital assets, not being depreciated: Land Construction in Progress Total capital assets, not being depreciated

Capital assets, being depreciated: Buildings and Improvements Fumiture and Equipment

Total capital assets, being depreciated

Less Accumulated Depreciation: Buildings and Improvements Fumiture and Equipment

Total accumulated depreciation

Total capital assets, being depreciated, net

Capital assets, net

Balance My 1, 2011

$ 1,237,546 44.822.080 46.059,626

282,822,329 14.415,006

297.237.335

28,893,437 10.735.700 39.629,137

257.608,198

$303,667,824

Additions

$ 141,842 42.964.280 43,106,122

34,595,996 581,340

35,177.336

9,467,879 915.718

10.383.597

24,793,739

$ 67.899.861

Deletions

$ -34.595,996 34,595,996

-29.902 29,902

29,902 29.902

$ 34.595,996

Balance June 30, 2012

$ 1,379,388 53,190.364 54.569.752

317,418,325 14,966,444

332.384.769

38,361,316 11.621.516 49.982.832

282,401,937

336,971,689

62



Depreciation expense of $10,383,597 for the year ended June 30, 2012 was charged to the following govemmental functions:

Instmction: Regular programs $ 9,258,675

Support Services: Instmctional staff support 118,290 General administration 74,362 School administration 10,594 Business services 70,599 Plant services 474,616 Transportation services 222,487 Central Services 144,374 Food Services 9.600

Total $10.383.597

5. RETIREMENT PLANS

Substantially all employees of the School Board are members of two statewide retirement systems. In general, professional employees (such as teachers and administrators) and lunchroom workers are members of the Teachers' Retirement System of Louisiana; other employees, such as custodial personnel and bus drivers are members of the Louisiana School Employees' Retirement System. These systems are cost-sharing, multiple-employer defined benefit pension plans administered by separate boards of tmstees. Pertinent information, as required by the Govemmental Accounting Standards Board Statement No. 27, relative to each plan follows:

A. Teachers' Retirement System of Louisiana (TRSL)

Plan Description:

The School Board participates in two membership plans of the TRSL, the Regular Plan and Plan A. The TRSL provides retirement benefits as well as disability and survivor benefits. Ten years of service credit is required to become vested for retirement benefits and five years to become vested for disability and survivor benefits. Benefits are established and amended by state statute. The TRSL issues a publicly available financial report that includes financial statements and required supplementary information of the TRSL. That report may be obtained by writing to the Teachers' Retirement System of Louisiana, Post Office Box 94123, Baton Rouge, Louisiana 70804-9123, or by calling (225) 925-6446.

63



Funding Policy:

Plan members are required to contribute 8.0% and 9.1% of their annual covered salary for the Regular Plan and Plan A, respectively. The School Board is required to contribute at an actuarially determined rate. Member contributions and employer contributions for the TRSL are established by state law and rates are established by the Public Retirement Systems' Actuarial Committee. The School Board's employer contribution to the TRSL, as provided by state law, is funded by the State of Louisiana through annual appropriations, by deductions from local ad valorem taxes, and by remittances from the School Board.

The School Board's contribution rates and required contributions for the last three years are as follows:

Fiscal Year Contribution Rate Total Required Contribution 2010 15.5% $4,603,542 2011 20.2% $6,117,542 2012 23.7% $9,374,457

B. Louisiana School Employees' Retirement System (LSERS)

Plan Description:

The LSERS provides retirement benefits as well as disability and survivor benefits. Ten years of service credit is required to become vested for retirement benefits and five years to become vested for disability and survivor benefits. Benefits are established and amended by state statute. The LSERS issues a publicly available financial report that includes financial statements and required supplementary information for the LSERS. That report may be obtained by writing to the Louisiana School Employees' Retirement System, Post Office Box 44516, Baton Rouge, Louisiana 70804, or by calling (225) 925-6484.

Funding Policy:

Plan members hired before July 1, 2010 are required to contribute 7.5% of their annual covered salary and plan members hired after July 1, 2010 are required to contribute 8% of their annual covered salary. The School Board is required to contribute at an actuarially determined rate. Member contributions and employer contributions for the LSERS are established by state law and rates are established by the Public Retirement Systems' Actuarial Committee. The School Board's employer contribution for the LSERS is funded by the State of Louisiana through annual appropriations and by remittances from the School Board.

64



The School Board's contribution rates and required contributions for the last three years are as follows:

Fiscal Year Contribution Rate Total Required Contribution 2010 17.6% $410,843 2011 24.3% $606,092 2012 28.6%. $943,929

6. POST-RETIREMENT HEALTH CARE AND LIFE INSURANCE BENEFITS

The School Board provides certain continuing health care and hfe insurance benefits for its retired employees. In accordance with Louisiana Revised Statute Title 42 chapter 12, substantially all of the School Board's employees become eligible for these benefits if they reach normal retirement age while working for the School Board. A portion of the retiree premium is funded through mandated state contributions. The School Board has further elected to treat retirees in the same manner as active employees and provide a local contribution toward their premium. These benefits for retirees and similar benefits for active employees are provided through the State Employees Group Benefits Program, whose monthly premiums are paid jointly by the employee and the School Board. The School Board recognizes the cost of providing these benefits as an expenditure when the monthly premiums are due. For the year ended June 30, 2012 the cost of retiree benefits totaled $6,044,821, of which $5,375,857 was paid by the employer (the St. Bemard Parish School Board pays a portion of the employee premium, in excess of the employer contribution required by law) and $668,964 was paid by the employee. Benefits are provided for approximately 630 retirees.

7. CHANGES IN AGENCY FUND DEPOSITS DUE OTHERS

A summary of changes in Agency Fund deposits due others follows:

Balance at My 1,2011 Additions Deductions Balanceat June 30, 2012

School Activity

Fund $ 992,700

1,551,420 n.493.673) $ 1.050.447

65



8. ACCOUNTS, SALARIES AND OTHER PAYABLES

The payables of $12,678,329 at June 30, 2012, are as follows:

Salaries payable Withholding payable Accounts payable

TOTAL

General Fund

$ 2,444,286 1,004,992

38,254 $ 3,487,532

Lunch Fund

$ 90,202

139 $ 90,341

FEMA Project Fund

S -

7,742,138 $7,742,138

Capital Projects Fund

$ -

7,012 $ 7.012

Workers' Compensation

Other Intemal Govemmental Service

Funds Fund $556,267 $ -

795.039 $556,267 $795,039

Total $3,090,755 1,004,992 8,582,582

$12,678,329

9. CHANGES IN GENERAL LONG-TERM DEBT

The following is a summary of the long-term debt transactions for the year ended June 30, 2012:

Long-term Debt at July 1,2011 Additions Deductions Long-term Debt at June 30, 2012

Bonded Debt

and CDL

$ 17,504,325

ri.825,000)

$15,679,325

Compensated Absences

$ 2,407,841 1,128,638

( 387,067)

$3,149,412

Other Post

Employment Benefits

$ 1,815,012 887,631

$ 2.702.643

Total

$21,727,178 2,016,269

f 2.212.067)

$21,531,380

The following is a summary of the current (due in one year or less) and the long-term (due in more than one year) portions of long-term obligations as of June 30, 2012 :

Bonded Debt

and CDL Compensated

Absences

Other Post

Employment Benefits Total

Current portion $ 1,895,000 $ 387,067 $ - $2,282,067 Long-term portion 13.784.325 2.762.345 2.702.643 19.249.313

Total $15.679.325 $3.149.412 $ 2.702.643 $21.531.380

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Bonded Debt

School Board bonds outstanding at June 30, 2012 in the amount of $11,155,000 are general obligation bonds with maturities from 2017 to 2018 and interest rates from 3.5 to 5.25 percent. The individual issues are as follows:

Bond Issue

General Obligation: 2/18/04 6/30/05

Original Issue

$14,370,000 5,095,000

Final Interest Interest Payments to Principal Rates Due Maturity Outstanding

3.5-5.25% 3/1/17 $1,243,988 $7,790,000 4.75-5.0% 3/1/18 592,837 3,365,000

Funding Source

Ad valorem Ad valorem

Total $ 1,836.825 $11.155,000

All principal and interest requirements are funded in accordance with Louisiana law by the annual ad valorem tax levy on taxable property within the Parish and sales tax. At June 30, 2012, the School Board has accumulated $4,119,647 in the Debt Service Funds for future debt requirements. The bonds are due as follows:

Year Ending June 30

2013 2014 2015 2016 2017 2018

Total

Principal Payments

$1,895,000 1,985,000 2,095,000 2,210,000 2,330,000

640,000 $11,155,000

Interest Payments

$ 548,000 474,400 371,475 262,850 149,700 30.400

$ 1,836,825

Total

$2,443,000 2,459,400 2,466,475 2,472,850 2,479,700

670,400 $12,991,825

In accordance with Louisiana Revised Statute 39:562, the School Board is legally restricted from incurring long-term general obligation bonded debt in excess of 35 percent of the assessed value of taxable property. At June 30, 2012, the statutory limit is $125,187,347 and outstanding general obligation bonded debt totals $11,155,000.

The long-term liability for compensated absences and other post-employment benefits is typically liquidated through the General Fund.

During the year ended June 30, 2006, the School Board obtained a Special Community Disaster Loan through the Federal Emergency Management Agency. The approved loan amount is $35,739,850, from which the School Board has drawn $4,524,325 as of June 30, 2012. The loan bears an interest rate of 2.68% and is due December 12, 2015. Interest accraed at June 30, 2012 totaled $778,881.

67



10. OTHER INDIVIDUAL FUND DISCLOSURES

A. Interfund Receivables/Payables (FFS Level Only)

The primary purpose of interfund receivables/payables are to (1) loan monies from the General Fund to individual federal fiinds to cover grant expenditures pending reimbursement from the respective granting agencies and (2) reflect operating transfers due from the General Fund to other funds. All interfund payables are expected to be repaid within the next fiscal year. Individual fund balances due from/to other funds at June 30, 2012 are as follows:

Fund

Major Funds: General Fund Special Revenue Funds: Lunch Fund Hurricane Education Recovery Act FEMA Project Fund

Capital Project Fund Nonmajor Funds:

Special Revenue Funds

Totals

Due From Other Funds

$ 3,558,382

125,218 --

27,888,201

150,965

$31,722,766

Due To Other Funds

$ 138,390

3,048 287,812

30,276,068 -

1,017,448

$31,722,766

68



B. Transfers

Transfers between funds primarily serve two purposes: (1) transfer of indirect cost reimbursements from federal funds to the General Fund, and (2) transfer of operating monies from the General Fund to the Capital Projects and Workers' Compensation Funds. Individual fimd interfund transfers for the year ended June 30, 2012 were as follows:

Fund Transfers in Transfers out Major Funds:

General Fund $ 822,153 $ Capital Projects Fund 1,439,090 FEMA Project Fund - 1,439,090

Non-Major Funds: Special Revenue Funds - 822,153

Totals $2.261.143 $ 2.261.243

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11. FUND BALANCES

The Non-Spendable, Restricted, Assigned and Unassigned components of fund balances consist of the following:

Ad Valorem FEMA Tax Bond Capital Other

General Lunch Project Sinking Projects Govemmental Fund Fund Fund Fund Fund _ _ Funds.__ Total

Non-Spendable for: Prepaid Items Inventory Scholarships

Total Non-Spendable

Restricted for: Construction Debt Service Scholarships

Total Restricted

Committed to: Encumbrances

Total Committed

Assigned to: Special Programs Media Services Self Insurance Telecommunications Services Construction

Total Assigned

Unassigned

TOTAL FUND BALANCE

$1,540,857

1,540,857

1,307,752

1,307,752

388,405 388,405

890,715 699,336

1,900,000 822,525

4,312,576

2,649,339

$10,198,929

$ 121,288

121,288

_

-

290,793

290,793

$412,081

$ -

-

-

-

-

13,872,321 13,872,321

$13,872,321

$ -

-

4,119,647

4,119,647

-

-

-

$4,119,647

$ -

-

5,303,206

5.303,206

-

77,114,145 77,114,145

$82,417,351

$ -

15,000

-

158,510

158,510

-

-

-

$ 173,510

$ 1,540,857 121,288

15,000

1,677,145

1,307,752 9,422,853

158,510

10,889,115

388,405 388 ,405

1,181,508 699,336

1,900,000 822,525

90,986,466 95,589,835

2,649,339

$111,193,839

The nature and purpose of the fund balance designations are as follows:

Non-Spendable for Prepaid Items

Amount of prepaid expenses which are a component of year-end fund balances but will be recognized as an expenditure in the next fiscal period.

Non-Spendable for Inventory

Established for food inventories in the School Lunch Fund which will be used in the future fiscal period.

70



Non-Spendable for Scholarships

This amount represents the original contribution to the Joseph Accardo Scholarship. This amount is restricted from use in providing scholarships to students and is maintained as principal in the fund.

Restriction for Construction

This represents a restriction of fiinds received as a confribution to the School Board dedicated to the systems reconstruction efforts.

Restricted for Debt Service

This restriction represents the amounts restricted for payment of principal and interest maturing in fiiture years on bonded debt.

Restriction for Scholarships

This restriction represents the fund balance in excess of the original contribution to the Joseph Accardo Scholarship. This amount is restricted from use in providing scholarships to students.

Committed to Encumbrances

This commitment was established for outstanding purchase orders that the School Board intends to honor.

Assigned for Special Programs

This represents the unexpended portion of unrestricted monies received by the School Board and assigned for Special Programs.

Assigned for Media Services

This represents an assignment of funds received from Bell South Interactive Media to provide additional media services for the School Board.

Assigned for Self Insurance Retention

This represents an assignment by the School Board to cover the cost of the deductible on claims against the Liability Insurance and Property insurance policies.

71



Assigned for Telecommunications Services

This represents, a assignment of funds received from the School and Libraries Corporation E-Rate program to fund telecommunications service and improvements for the School Board.

Assigned for Construction

This represents funds in the Capital Projects Funds that are assigned for construction and renovation projects.

12. EXCESS OF EXPENDITURES OVER APPROPRIATIONS

For those fiinds for which a budget-to-actual comparison was made, actual expenditures exceeded budgeted expenditures on a line item basis as follows:

Expenditures Unfavorable Budget Actual Variance

Lunch Fund: Support Services:

Food Service Programs $3,824,655 $3,923,654 ($98,999)

An unfavorable variance resulted due to the increased food cost and cost of retiree health benefits. The variance was not large enough to require the School Board to adopt a budget revision.

13. COMMITMENTS AND CONTINGENCIES

A. Claims and Judgements

At June 30, 2012, the School Board is involved in several lawsuits. In the opinion of legal counsel for the School Board, the potential claims against the School Board not covered by insurance would not materially affect the financial statements. Currently, the School Board has no actual claims or obligations which would be payable within the next year.

72



B. Federal Programs

The School Board participates in a number of federally financed grant programs. Although the grant programs have been subject to the audit requirements of the Single Audit Act through June 30, 2012, these programs are also subject to compliance audits by the grantors. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. However, the School Board expects such amounts, if any, to be immaterial.

C. Risk Management

The School Board estabhshed a limited risk management program for workers' compensation in 1989-90. Premiums are paid into the Intemal Service Fund by the General and Special Revenue School Lunch Funds and are available to pay claims, claim reserves and administrative costs of the program. During fiscal year 2011-2012, a total of $429,970 was expended for benefits and administrative costs. An excess coverage insurance policy covers individual claims in excess of $300,000 per occurrence. The cost of this policy and the accompanying surety bond required by the State of Louisiana totaled $35,715 for the 2011-2012 fiscal year. Incurred but not reported claims of $795,039 have been accrued as a liability based primarily upon an actuary's estimate. As the School Board cannot determine which claims will be resolved in the next fiscal period and which will carry-forward to future periods, the entire liability is considered current and is included in accounts, salaries and other payables on Statement G.

Changes in the Fund's claims hability amount in fiscal years 2011 and 2012 were:

Beginning of Claims and Balance at Fiscal Year Changes in Claims Fiscal

Liabilitv Estimates Pavments Year-End

2010-2011 $867,502 ($171,529) $170,014 $525,959 2011-2012 525,959 932,694 663,614 795,039

The School Board purchases conventional insurance for all other risks of loss including property, flood, fleet, liability and errors and omissions. Settled claims have not exceeded coverage in any of the past three fiscal years. There have been no significant reductions in insurance coverage from the prior year.

73



D. Construction

At the end of the 2011-2012 fiscal year, the School Board was in the final phase of its rebuilding plan following Hurricane Katrina. The estimated cost to complete current projects under construction at June 30, 2012 is $53,757,076. The School Board has sufficient funding to complete these projects.

14. RECENT REPORTING AND DISCLOSURE DEVELOPMENTS

As of June 30, 2012, the Government Accounting Standards Board has issued several statements not yet implemented by the School Board. The Statements, which might impact the School Board, are as follows:

Governmental Accounting Standards Board Statement No. 60 (GASB 60)

The GASB issued Statement No. 60, Accounting and Reporting for Service Concession Arrangements, in November 2010. The requirements of the related Statement are effective for fmancial statements for periods beginning after December 15, 2011. The provisions of this Statement generally are required to be applied retroactively for all periods presented.

Government Accounting Standards Board Statement No. 61 (GASB 61)

The GASB issued Statement No. 61, The Financial reporting Entity : Omnibus - an amendment of GASB Statements No. 14 and No. 34, in November 2010. The requirements of the related Statement are effective for financial statements for periods beginning after June 15, 2012.


The GASB issued Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements, in December 2010. The requirements of the related Statement are effective for financial statements for periods beginning after December 15, 2011. The provisions of this Statement generally are required to be applied retroactively for all periods presented.


The GASB issued Statement No. 63, Financial Reporting of Deferred Outflows of resources, Deferred Inflows of Resources, and Net Position in June 2011. This Statement amends Statement No. 34 relating to net asset reporting requirements. The requirements of the related Statement are effective for financial statements for periods beginning after December 15, 2011.

74




The GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities, in March 2012. This Statement establishes accounting and financial reporting standards that reclassify, as deferred inflows of resources, certain items that were previously reported as assets and liabilites and recognizes, as outflows of resources and inflows of resources, certain items that were previously reported as assets and liabilities. The provisions of this Statement are effective for fmancial statements for periods beginning after December 15,2012.


The GASB issued Statement No. 66, Technical Corrections - 2012 - an amendment of GASB Statements No. 10 and No. 62, in March 2012. The objective of this Statement is to improve accounting and financial reporting for a govemmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2012.


The GASB issued Statement No. 67, Financial Reporting for Pension Plans - an amendment of GASB Statement No. 25, in June 2012. The objective of this Statement is to improve financial reporting by state and local govemmental pension plans. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2013.


The GASB issued Statement No. 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27, in June 2012. The objective of this Statement is to improve accounting and financial reporting by state and local govemments for pension plans. The provisions of this Statement are effective for fmancial statements for periods beginning after June 15,2014.

75


76

ST, BERNARD PARISH SCHOOL BOARD Chalmette, Louisiana

GENERAL FUND Budgetary Comparison Schedule For the Year Ended June 30, 2012

REVENUES: local sources:

Ad valorem tax sales and use tax Rentals, leases and royalties Tuition Interest earnings Other

State sources: Unrestricted grants-in-aid Restricted granls-in-aid

Federal sources: Restricted grants-in-aid:

Direct Subgrants

Total Revenues



Support Services: Student services Instructional staff support General administration School administration Business services Plant ser /ices Student transportation services Central services Community service programs

Total Expenditures

EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES): Transfers in Transfers to other agencies

Total Other financing Sources (Uses):

BUDGETED AMOUNTS ORIGINAL BUDGET

$ 10,057,773 17,019,941

139,271 143,000 26,000

275,000

27,577,334 120,022

53,566

55,411,907

FINAL BUDGET

$ 10,508,057 15,286,421

252,375 193,000 26,000

630,161

29,174,150 976,714

62,653

57,109,531

ACTUAL (ADJUSTED TO BUDGETARY

BASIS)

$ 10,600,785 13,783,159

205,037 178,126 30,533

574,576

28,558,500 676,320

54,949 756

54,662,741

VARIANCE WITH FINAL BUDGET

POSITIVE (NEGATIVE)

$ 92,728 (1,603,262)

(47,338) (14,874)

4,533 (55,585)

(615,650) (300,394j

(7,704) 756

(2,446,790)

ACTUAL AMOUNTS

GAAP BASIS

$ 10,600,785 13,783,159

205,037 178,126 30,533

574,576

28,558,500 676,320

54,949 766

54,662,741

ACTUAL BUDGETARY BASIS

TO GAAP DIFFERENCE

OVER (UNDER)

56,697,465

(1,285,548)

550,000

550,000

61,034,871

(3,925,340)

700,000 (51,968)

648,032

69,400,272

(4,737,531)

822,153 (51,971)

770,182

1,634,599

(812,191)

122,153 (3)

122,150

59,011,867

(4,349,126)

822,163 (51,971)

770,182

28,349,047 5,937,920

31,075,308 5,612,433

30,469,339 5,446,636

615,969 165,797

30,352,067 5,446,581

(107,272) (55)

2,324,017 1,973,295 2,501,733 3,453,590

660,481 7,603,157 3,369,571

523,144 8,000

2,760,477 2,323,544 2,547,367 3,475,568

687,134 8,430,259 3,581,518

529,763 8,000

2,685,705 2,218,927 2,167,612 3,378,432

652,800 8,415,632 3,492,106

471,783 8,000

74,772 104,617 379,755

97,136 34,334 14,627 89,412 67,980

2,676,361 2,101,306 2,166,316 3,377,432

652,800 8,304,304 3,451,617

471,783 8,000

(9,344) (117,621)

(1,296) (1,000)

(111,328) (40,489)

(388,405)

388,405

EXCESS (DEFICIENCY) OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES


(735,648)

13,777,873

(3,277,308)

13,777,873

(3,967,349) (690,041) (3,576,944)

13,777,873 - 13,777,873

388,405

FUND BALANCES AT END OF YEAR J 13,042,325 10,500,565 9,810,524 $ (690,041) $ 10,198,929 $_

SEE ACCOMPANYING INDEPENDENT AUDITORS REPORT


LUNCH FUND Budgetary Comparison Schedule For the Year Ended June 30, 2012


Food service Income interest earnings

State sources: Unrestricted grants-in-aid

Federal sources: Restricted grants-in-aid:

Subgrants Other- Commodities

Total Revenues

EXPENDITURES: Cun-ent:

Support Services: Food service programs

Total Expenditures

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES

BUDGETED AMOUNTS ORIGINAL BUDGET

$ 346,000 4,000

FINAL BUDGET

$ 346,000 4,000

ACTUAL (ADJUSTED TO

BUDGETARY BASIS)

$ 361,321 658


POSITIVE (NEGATIVE)

$ 15,321 (3,342)

ACTUAL AMOUNTS

GAAP BASIS

$ 361,321 658

ACTUAL BUDGETARY BASIS

TO GAAP DIFFERENCE

OVER (UNDER)

$

2,691,637 120,000

3,777,287

2,691,637 120,000

3,777,287

2,617,485 131,751

3,726,865

(74,152) 11,751

(50,422)

2,617,485 131,751

3,726,865

3,824,655 3,923,654

(98,999)

(98,999)

(47,368) (47,368) (196,789) (149,421) JISMIZ)

13,472


FUND BALANCES AT END OF YEAR 548,030 $ 548,030 S (149,421) $ 412,081 $_ (13,472)

SEE ACCOMPANYING INDEPENDENT AUDITOR'S REPORT


HURRICANE EDUCATION RECOVERY ACT • IMMEDIATE AID TO RESTART SCHOOLS

Budgetary Comparison Schedule For the Year Ended June 30, 2012

Exhibit 3

REVENUES: Federal sources:

Restricted grants-in-aid

Total Revenues


Instruction: Regular programs Special programs

Support Services: Student services Instructional staff support School administration Plant services

Total Expenditures




BUDGETED AMOUNT ORIGINAL BUDGET

$ 1,875,410

1,875,410

FINAL BUDGET

$ 1,875,410

1,875,410


BASIS)

$ 1,875,410

1,875,410


POSITIVE (NEGATIVE)

$

$

1,764,602 8,431

7,834 1,969

27,354 65,220

1,875,410

1,764,602 8,431

7,834 1,969

27,354 65,220

1,875,410

$ - s

1,764,602 8,431

7,834 1,969

27,354 65,220

1,875,410


79


FEMA PROJECT FUND Budgetary Comparison Schedule For the Year Ended June 30, 2012

Exhibit 4


Restricted grants-in-aid - subgrants

Total Revenues


Instruction: Regular programs

Support Services: Business services

Facility acquisition and construction

Total Expenditures

EXCESS OF REVENUES OVER EXPENDITURES

OTHER FINANCING USES

Transfers out

Total Other Financing Uses

NET CHANGE IN FUND BALANCES

FUND BALANCE AT BEGINNING OF YEAR

FUND BALANCE AT END OF YEAR



$ 61,482,201

61,482,201

FINAL BUDGET

$ 61,482,201

61,482,201

(ADJUSTED TO BUDGETARY

BASIS)

$ 61,482,201

61,482,201

FINAL BUDGET POSITIVE

(NEGATIVE)

$

3,666,354

56,183 41,085,812

44,808,349

16,673,852

3,666,354

56,183 41,085,812

44,808,349

16,673,852

3,666,354

56,183 41,085,812

44,808,349

16,673,852

(1,439,090)

(1,439,090)

15,234,762

(1,362,441)

13,872,321

(1,439,090)

(1,439,090)

15,234,762

(1,362,441)

13,872,321

(1,439,090)

(1,439,090)

15,234,762

(1,362,441)

$ 13,872,321

80


Notes to Budgetary Comparison Schedules June 30, 2012

Budget and Budgetary Accounting

The St. Bemard Parish School Board utilizes the following procedures in estabhshing the budgetary data reflected in the financial statements:

(1) hi May, 2012, the Superintendent submits to the School Board proposed annual appropriated budgets for the General Fund and Special Revenue Funds for the fiscal year commencing July 1. A public hearing is held to obtain taxpayer comments. Prior to September 15, the School Board legally enacts the budget through adoption. The only legal requirement is that the School Board adopts a balanced budget; that is, total budgeted revenues and other fmancing sources (including fund balance) must equal or exceed total budgeted expenditures and other financing uses. The budget is revised periodically throughout the year, when deemed appropriate, but a balanced budget is always approved.

(2) Appropriations in the General Fund and Special Revenue Funds lapse at the end of the fiscal year whereas encumbered appropriations are carried forward to the following year. Budgeted amounts are as originally adopted or as amended by the School Board.

(3) Formal budget integration is employed as a management control device during the year for the General Fund and Special Revenue Funds. All budgets are operational at the department level. The Superintendent is authorized to transfer budget amounts between line item activity and between any functions of an individual fund. The effects of budget revisions passed during the year for the General Fund were to increase net revenues by $1,697,624 due to increased state revenues as a result of growth in student enrollment from initial estimates and the movement of State grants into the General Fund. Expenditure estimates were increased by $4,337,416 as additional staff were employed and materials purchased to accommodate increased em-oUment as well as the movement of the expenditures of the aforementioned State grants into the General Fund

(4) The budgets are prepared on a basis which differs from generally accepted accounting principles in that the School Board's budget includes encumbered amounts. Accordingly, the budgetary basis expenditure data reflected in the Budgetary Comparison Schedule (Exhibit 1) includes encumbrances and, thus, differs from the expenditure data reflected in the Statement of Revenues, Expenditures and Changes in Fund Balances -Govemmental Funds (Statement E) by the amount of the encumbrances outstanding at year end. Unencumbered appropriations lapse at year end.

(5) The budgeted amounts of revenues and expenditures for the FEMA Project Fund were set equal to actual since expenditures could not be reasonably estimated due to the uncertainty as to the timing of when expenditures were incurred and the uncertainty of the amount that would be reimbursed by FEMA.

Excess of Expenditures Over Budget

For the year ended June 30, 2012, actual expenditures exceeded budgeted appropriations in the Support Services - Food Service Programs section of the Lunch Fund budget. This excess resulted due to increases in retiree health insurance premiums and food costs. Since the Lunch Fund budget is adopted at the fund level, and overall expenditures did not exceed appropriations by 5%, no budget amendment was required.

82


EXHIBITS

REQUIRED SUPPLEMENTAL INFORMATION Other Post-Employment Benefits Information June 30, 2012

Fiscal Year

2010 2011 2012

Actuarial Valuation

Date June 30,2010 June 30,2011 June 30, 2012

Actuarial Value

of Assets $ -

--

Actuarial Accrued Liability (AAL)

$ 59,428,358 63,134,646 65,660,032

Unfunded AAL

(UAAL) $ 59,428,358

63,134,646 65,660,032

Funded Ratio

-

Annual Covered Payroll

$32,167,193 34,434,701 36,943,382

UAAL as a % of Covered Payroll 184.7% 183.3% 182.7%

Actuarial Assumptions 2010

Actuarial Cost Method Amortization Method Amortization Period Asset Valuation Method Investment Rate of Return Projected Salary Increases

Projected Unit Credit Cost Level Percent of Payroll 29 years - closed period Not Funded

4% Varies by age and service


Actuarial Cost Method Amortization Method Amortization Period Asset Valuation Method investment Rate of Retum Projected Salary Increases




Actuarial Cost Method Amortization Method Amortization Period Asset Valuation Method Investment Rate of Retum Projected Salary Increases




83


84


NON-MAJOR GOVERNMENTAL FUNDS Combining Balance Sheet - By Fund Type June 30, 2012

ASSETS: Cash and cash equivalents Interfund receivables Receivables

TOTAL ASSETS

LIABILITIES AND FUND BALANCES: Liabilities:

Accounts, salaries and other payables Interfund payables

Total Liabilities

Fund Balances; Non-Spendable for:

Scholarships Restricted for:

Scholarships

Total Fund Balances

TOTAL LIABILITIES AND FUND BALANCES


SPECIAL REVENUE

FUNDS

$ 276,674 150,965

1,145,076

$ 1,573,715

$

1

PERMANENT FUND

173,510

173,510

$

L

TOTALS

450,184 150,965

1,146,076

1,747,225

556,267 1,017,448

1,573,715

173,510

173,510

556,257 1,017.448

15,000 15,000

158,510 158,510

173,510

ST. BERNARD PARISH SCHOOL BOARD Chalnnette, Louisiana

NON-MAJOR GOVERNIVlENTAL FUNDS Comtiining Statement of Revenues, Expenditures and Changes in Fund Balances - By Fund Type For the Year Ended June 30, 2012

Exhibit 7

REVENUES: Local sources;

Interest earnings State sources;

Restricted grants-in-aid Federal sources;

Unrestricted - indirect cost recoveries Restricted grants-in-aid;

Direct Subgrants

SPECIAL REVENUE

FUNDS

$

259,821

PERMANENT FUND

$ 608 $

TOTALS

608

259,821

822,153

736,372 8,513,587

822,153

736,372 8,513,587

Total Revenues

EXPENDITURES; Current;

Instruction; Regular programs Special programs Adult and continuing education programs

Support Services; Student services instructional staff support Student transportation services

10,331,933

5,321,155 565,365

314,909

1,763,568 1,493,230

51,553

608

1,000

10,332,541

5,322,155 565,365

314,909

1,763,568 1,493,230

51,553

Total Expenditures

EXCESS {DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES); Transfers out

Total Other Financing Sources (Uses):

EXCESS (DEFICIENCY) OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES

9,509,780

822,153

(822,153)

(822,153)

1,000

(392)

(392)

9,510,780

821,761

(822,153)

(822,153)

(392)



173,902

173,510

173,902

173,510

SEE ACCOMPANYING INDEPENDENT AUDITOR'S REPORT.

86

NON-MAJOR SPECIAL REVENUE FUNDS

IMPROVING AMERICA'S SCHOOLS ACT FUNDS

Title I of Pubhc Law 100-297, the No Child Left behind Act (NCLB), is a program for educationally deprived school children residing in areas having high concentrations of children from low-income families. Title 1 services are provided through various projects that are designed to meet the special needs of educationally deprived children. The activities supplement, rather than replace, state and locally mandated activities.

Title II of Public Law 107-110, the No Child Left Behind Act, is a federally financed program designed to strengthen the skills of teachers in mathematics, science, foreign languages and computer leaming.

LA 4 EARLY CHILDHOOD PROGRAM

The purpose of the Cecil J. Picard LA 4 Early Childhood Program is to provide high quality early childhood educational experiences to four-year-old children who are considered to be at-risk of achieving later academic success. The LA 4 program provides six hours per day of educational experiences and four hours of before and after school enrichment activities.

TANF JOBS FOR AMERICA'S GRADUATES

The Jobs for America's Graduates program is a dropout prevention/recovery and workforce preparation program for at-risk youth. It keeps at-risk students in school through graduation to obtain a high school diploma or a GED, and during the time improve their rate of success in acquiring employability and occupational competencies.

ECONOMIC OPPORTUNITY ACT FUND - HEADSTART

Headstart is a federally financed program designed to benefit economically disadvantaged preschool age children. Medical, dental, mental health and social services as well as adult education and literacy programs are provided for Headstart students, their parents and their families.

HURRICANE EDUCATOR ASSISTANCE PROGRAM

The Hurricane Educator Assistance Program is a federally funded program primarily for recruiting, retaining and compensating new and current teachers and school based administrators who commit to work for at least three years in school-based positions in public elementary and secondary schools located in an area with respect to which a major disaster was declared under Section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act. These funds may be used to pay salary premiums, performance bonuses, housing subsidies, signing bonuses, relocation costs and for providing loan forgiveness.

87

SPECIAL EDUCATION FUNDS

Public Law 108-446 Flow-Thru and Preschool is a federally financed program of free education in the least restrictive environment for children with exceptionalities. The Pre-School Intervention Program serves pre-school children with disabilities.

STATE EXTENDED SCHOOL YEAR PROGRAM FUND

The State Extended School Year Program is a state funded program to provide a summer program for the more severely handicapped children whose educational development would be hampered by regression that cannot be compensated for in the regular school year.

8G MODEL EARLY CHILDHOOD DEVELOPMENT PROGRAM FUND

The Early Childhood Development Program is a program that includes children who are at high risk of being insufficiently ready for the regular school program and who have not been identified as eligible for special education services.

VOCATIONAL EDUCATION FUND

The Vocational Education Fund accounts for Carl D. Perkins Vocational and Applied Technology Education federal funds allocated for business education, guidance and counseling.

ADULT EDUCATION FUND

The Adult Education Fund accounts for federal and State funds allocated to programs serving undereducated individuals sixteen years of age and above whose goal is to achieve a general equivalency diploma.

STRIVING READERS COMPREHENSIVE LITERACY PROGRAM

The Striving Readers Comprehensive Literacy Program provides funds to improve the school readiness and success of disadvantaged youth, birth through grade 12, by advancing their hteracy skills; establishing a comprehensive approach to literacy development based on Louisiana's Comprehensive Literacy Plan; and addressing established louisiana Department of Education priorities related to common core implementation, birth to 5 systems and teacher effectiveness.

21^^ CENTURY COMMUNITY LEARNING CENTERS GRANT

The 2P' Century Community Leaming Centers Grant is used to provide opportunities for academic enrichment, as well as recreation, enhancement of social skills, parent education and other enhancement s for children in grades pre-K through 12 and their families in community centers located predominately at Title I schools.

EDUCATIONAL TECHNOLOGY STATE GRANTS

The Educational Technology State Grant is used to develop, adapt or expand existing and new applications of technology to support school reform efforts, fund projects to improve student leaming and support professional development and administrative support, and acquire connectivity linkages, resources and services to include the acquisition of hardware and software.

STEMESTER OF SERVICE GRANT

The Youth Service America STEMester of Service Program provided funding for the planning and implementation of a semester-long service-learning program at Chalmette High School.

AMERICAN RECOVERY AND REINVESTMENT ACT

Special Education Grants to States (IDEA Part B) of Pubhc Law 108-446, the Individuals with Disabilities Act and American Recovery and Reinvestment Act, insures that all children with disabilities have available to them a free appropriate public education which emphasizes special education and related services designed to meet their unique needs; and insure that the rights of children with disabilities and their parents or guardians are protected.

Education Technologv State Grants of Public Law 107-110 the Elementary and Secondary Education Act and the American Recovery and Reinvestment Act, assists high need school systems in improving student achievement through the effective use of technology. Grant funding will serve to enhance ongoing efforts to improve teaching and leaming through the use of technology to support 2P' Century technology classrooms.

Special Education - Preschool Grants Recovery Funds of Public law 108-446/111-5, the American Recovery and Reinvestment Act, is to provide grants to States and Local Education Agencies to assist in: (1) providing special education and related services to children with disabilities ages three through five; (2) planning and developing a statewide comprehensive delivery system for children with disabilities from birth through five years; and (3) providing direct and support services to children with disabilities ages three through five.

School Improvement Fund 1003 (s) of Public Law 107-110, The American Recovery and Reinvestment Act, is to strengthen the capacity of States to carry out their programn improvement responsibilities required under Section 1116 and 1117 of Title I of the ESEA by (1) building State capacity to provide leadership in implementing effective school improvement strategies for local education agencies (LEAs) and schools that have been identified for improvement, are in corrective action, and are in the restracturing process and (2) providing resources to LEAs to support school improvement activities, including the development and implementation of effective restructuring plans.

89

EDUCATION JOBS FUND

The Education Jobs Fund of Public Law 111-226 was established to provide assistance to districts to save or create education and related services jobs in the areas of early childhood, elementary and secondary education.

90


91


NON-MAJOR SPECIAL REVENUE FUNDS Combining Balance Sheet June 30,2012


TOTAL ASSETS

LIABILITIES AND FUND BALANCES: Liabilities:

Accounts, salaries and other payables Interfund payables Deferred revenue

Total Liabilities

Fund Baiances: Unassigned

Total Fund Balances

TOTAL LIABIUTIES AND FUND BALANCES


IMPROVING AMERICA'S SCHOOLS ACT

TITLE 1 TITLE il

$ 7,092 9,478

560,304

$ 1,000

117,447

LA4 EARLY

CHILDHOOD PROGRAM

$ 730 138,390

11,510

TANF JOBS FOR AMERICA'S

GRADUATES

$ 10,972

6,768

ECONOMIC OPPORTUNITY

ACT-HEADSTART

$ 83,422

97,496 $ 479,378

46,497 $ 71,950

5,382 $ 12,358

62,427 20,995

Exhibit 8 continued

HURRICANE EDUCATOR

ASSISTANCE PROGRAM

• $ 9,400

$ 9,400

$ • . 9.400

9,400

$ 9,400

$

$_

$

$

SPECIAL EDUCATION PUBLIC LAW 108-446

FLOW-THRU

3,463

32,393

35,856

32,755 3,101

35,856

35,856

PRESCHOOL

$

$

$

$

2,898

12,879

15,777

5,947 9,830

15,777

15,777

$

1

$

$

STATE EXTENDED

SCHOOL YEAR

PROGRAM

78

17,351

17,429

12,476 4,953

17,429

17,429

MODEL EARLY

CHILDHOOD DEVELOPMENT

PROGRAM

$

1

$

$

1,526

13,260

14,786

8.674 6,112

14,786

14,786

\

$

1

$

$

raCATIONAL EDUCATION

97

27,534

27,631

1,500 26,131

27,631

27,631


NON-MAJOR SPECIAL REVENUE FUNDS Combining Balance Siieet June 30, 2012


TOTAL ASSETS

LiABILITiES AND FUND BALANCES: Liabilities:

Accounts, saiahes and other payables Interfund payables Deferred revenue

Total Liabilities

Fund Balances: Unassigned

Total Fund Baiances

TOTAL LIABILITIES AND FUND BALANCES

$

L

$

-

L

ADULT EDUCATION

146,493

46,608

193.101

193.101

193.101

193,101

STRIVING READERS

COMPREHENSIVE LITERACY PROGRAM

$

$ _

$

—

$_

30

75.145

76.175

27.010 48.165

76.175

75,175

21 ST CENTURY COMMUNITY LEARNING CENTERS

$

1

-

i

B.336

8.336

8,336

8.336

8.336

EDUCATIONAL TECHNOLOGY

STATE GRANTS

$

$

$

$_

-

$

1

$

$_

STEMESTER OF SERVICE

GRANT

830

830

830

830

830

ARRA IDEA PART B

$

$

-

L

96 3.097

3.193

3.193

3.193

3.193


Exhibits concluded

ARRA EDUCATION

TECHNOLOGY STATE

GRANTS

$ 55

$ 55

$ 55

56

i

L

$

EDUCATION JOBS FUND

154

133.928

134,082

79,964 54,118

134,082

ARRA PRESCHOOL

GRANT

$

S

$

ARRA SCHOOL

IMPROVEMENT FUND

1003 (g)

$

$_

$

-

2

90,949

90.951

25,609 65,442

90,951

$

$_

$

—

TOTALS

276,674 150,965

1.146,076

1,573.715

556,267 1,017,448

1.573.715

$ 55 1 134,082 $_ $_ 90,351 S_ 1,573,715

ST. BERNARD PARISH SCHOOL BOARD Chainrtette, Louisiana

NON-MAJOR SPECIAL REVENUE FUNDS Combining Statement of Revenues. Expenditures and Changes in Fund Balances For the Year Ended June 30. 2012

REVENUES: State sources:

Restricted grants-in-aid Federal sources:

Unrestricted - indirect cost recoveries

Restricted grants-in-aid: Direct Subgrants

LA4 IMPROVING AMERICA'S SCHOOLS ACT EARLY

CHILDHOOD TITLE I TITLE II PROGRAM

TANF JOBS FOR AMERICA'S

GRADUATES

ECONOMIC OPPORTUNITY

ACT: HEADSTART

81.650

732,819 50,000

Total Revenues 50,000



Support Services: Student services Instructional staff support Plant services Student transportation services Central services Food service programs

450,162 773,231

132,039 74,961

Total Expenditures


OTHER FINANCING SOURCES (USES):

Transfers out


(233,188)

(233,188)

(33,246)

(33,246)

(142,927)

(142,927)

(81,650)

(81,650)

EXCESS (DEFICIENCY) OF REVENUES AND OTHER SOURCES OVER EXPENDITURES AND OTHER USES




Exhibit 8 continued

HURRICANE EDUCATOR

ASSISTANCE PROGRAM

SPECIAL EDUCATION PUBLIC LAW 108-446

STATE EXTENDED

SCHOOL YEAR

PROGRAM

8G MODEL EARLY

CHILDHOOD DEVELOPMENT

PROGRAM VOCATIONAL EDUCATION

183,729

1,648,993

1,832,722 87,547

185,498

1,144,448 363,544

(183,729)

(163,728)

(7,612)

(7,612)


NON-MAJOR SPECIAL REVENUE FUNDS Combining Statement of Revenues, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2012

REVENUES: State sources:

Restricted grants-in-aid Federal sources:

Unrestricted - indirect cost recoveries

Restricted grants-in-aid: Direct SutJgrants

Total Revenues


Instmction: Regular programs Special programs Adiilt and continuing education programs

Support Services; Student services instructional staff support Plant services Student transportation services Central services Food service programs

Totai Expenditures


OTHER FINANCING SOURCES (USES):

Transfers out


EXCESS (DERCiENCY) OF REVENUES AND OTHER SOURCES OVER EXPENDITURES AND OTHER USES

ADULT EDUCATION

$ 136,438

5,760

178.471

320.669

STRIVING READERS

COMPREHENSIVE LITERACY PROGF5AM

$

7.533

67.612

75.145

21ST CENTURY COMMUNITY

LEARNING CENTERS

$

38.517

342.553

381,070

EDUCATIONAL TECHNOLOGY

STATE GRANTS

S

152

152

STEMESTER OF SERVICE

GRANT

$

3,653

3,553

ARRA IDEA PART B

$

51,536

334,610

386,146

5,760

(5,760)

(5,760)

(7,533)

(7,533)

15,652

44,007

(38,517)

(38.517)

(51,536)

(51,536)

FUND BALANCES AT BEGINNING OF YEAR _

FUND BALANCES AT END OF YEAR $


Exhibit 9 concluded

ARRA EDUCATION

TECHNOLOGY STATE

GRANTS

EDUCATION JOBS FUND

ARRA PRESCHOOL

GRANT

ARRA SCHOOL

IMPROVEMENT FUND

1003 (g) TOTALS

4,445

42,294

46.739

736,372 8,513.587

5,321,155 565,366 314,909

1,763,668 1,493,230

264,683

(4,445)

(4,445)

(32,010)

(32,010)

<822,1S3)

(822,153)


Exhibit 10

NON-MAJOR SPECIAL REVENUE FUND TITLE I Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012


Unrestricted indirect cost recoveries Restricted grants-in-aid: Subgrants

Total Revenues



Support Services: student services Instructional staff support

Total Expenditures


OTHER FINANCING USES: Transfers out

BUDGE 1 ED AMOUNT ORIGINAL BUDGET

$ 233,188

2,700,436

2,933,624

S

FINAL BUDGET

233,188

2,700,436

2,933,624


BASIS)

$ 233,188

2,700,436

2,933,624


POSITIVE (NEGATIVE)

$

1,477,043 1,477,043 1,477,043

450,162 773,231

2,700,436

233,188

(233,188)

450,162 773,231

2,700,436

233,188

(233,188)

450,162 773,231

2,700,436

233,188

(233,188)

EXCESS OF REVENUES OVER EXPENDITURES AND OTHER USES




100


Exhibit 11

NON-MAJOR SPECIAL REVENUE FUND TITLE II Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012


Unrestricted indirect cost recoveries Restricted grants-in-aid: Subgrants

Total Revenues



Support Services: Instructional staff support

Total Expenditures







$ 33,246

540,095

573,341

$

, FINAL BUDGET

33,246

540,095

573,341


BASIS)

$ 33,246

540,095

573,341


POSITIVE (NEGATIVE)

$

283,482

256,613-

540,095

33,246

(33,246)

283,482

256,613

540,095

33,246

(33,246)

283,482

256,613

540,095

33,246

(33,246)


101


NON-MAJOR SPECIAL REVENUE FUND LA4 EARLY CHILDHOOD PROGRAM Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 12


Unrestricted - indirect cost recoveries Restricted grants-in-aid:

Subgrants


$ 142,927

1,282,785

FINAL BUDGET

$ 142,927

1,282,785


BASIS)

$ 142,927

1,282,785


POSITIVE (NEGATIVE)

$

Total Revenues 1,425,712 1,425,712 1,425,712



Support Services: Student transportation services

Total Expenditures



1,282,618

167

1,282,785

142,927

(142,927)

1,282,618

167

1,282,785

142,927

(142,927)

1,282,618

167

1,282,785

142,927

(142,927)





102


NON-MAJOR SPECIAL REVENUE FUND TANF JOBS FOR AMERICA'S GRADUATES Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 13


Restricted grants-in-aid: Subgrants


FINAL BUDGET

50,000 $ 50,000


BASIS)

50,000


POSITIVE (NEGATIVE)

Total Revenues



50,000

50,000

50,000 50,000

50,000 50,000

Total Expenditures 50,000 50,000 50,000





103


NON-MAJOR SPECIAL REVENUE FUND ECONOMIC OPPORTUNITY ACT: HEADSTART Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 14


Unrestricted indirect cost recoveries Restricted grants-in-aid:

Direct

Total Revenues


$ 81,650

732,819

814,469

$

FINAL BUDGET

81,650

732,819

814,469


BASIS)

$ 81,650

732,819

814,469


POSITIVE (NEGATIVE)

$

.



Support Services: Student services Instructional staff support Student transportation services

Total Expenditures



525,082 525,082 525,082

132,039 74,961

737

732,819

81,650

(81,650)

132,039 74,961

737

732,819

81,650

(81,650)

132,039 74,961

737

732,819

81,650

(81,650)





104


NON-MAJOR SPECIAL REVENUE FUND HURRICANE EDUCATOR ASSISTANCE PROGRAM Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 15

REVENUES: Federal Sources:


Total Revenues


$ 195,498

195,498

FINAL BUDGET

$ 195,498

195,498


BASIS)

$ 195,498

195,498


POSITIVE (NEGATIVE)

$


Instruction: Regular programs 195,498 195,498 195,498

Total Expenditures


195,498 195,498 195,498




105


NON-MAJOR SPECIAL REVENUE FUND PUBLIC LAW 108-445 FLOW THRU Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 16



Subgrants

Total Revenues


$ 183,729

1,648,993

1,832,722

$

FINAL BUDGET

183,729

1,648,993

1,832,722


BASIS)

$ 183,729

1,648,993

1,832,722


POSITIVE (NEGATIVE)

$


Instruction: Special programs

Support Services: Student services Instructional staff support Student transportation sen/ices

Total Expenditures



139,776 139,776 139,776

1,144,448 363,544

1,225

1,648,993

183,729

(183,729)

1,144,448 363,544

1,225

1,648,993

183,729

(183,729)

1,144,448 363,544

1,225

1,648,993

183,729

(183,729)





106


NON-MAJOR SPECIAL REVENUE FUND PUBLIC LAW 108-446 PRESCHOOL Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 17



Subgrants

Total Revenues



Total Expenditures

BUDGE 1 ED AMOUNT ORIGINAL BUDGET

$ 7,612

68,323

75,935

$

FINAL BUDGET

7,612

68,323

75,935


BASIS)

$ 7,612

68,323

75,935


POSITIVE (NEGATIVE)

s

68,323 68,323 68,323

68,323 68,323 68,323

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 7,612 7,612 7,612



(7,612) (7,612) (7,612)




107


NON-MAJOR SPECIAL REVENUE FUND STATE EXTENDED SCHOOL YEAR PROGRAM Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibits

REVENUES: State Sources;


Total Revenues



Support Services: Student transportation services

Total Expenditures






$ 22,698

22,698

FINAL BUDGET

$ 22,698

22,698


BASIS)

$ 22,698

22,698


POSITIVE (NEGATIVE)

$

$

17,281

5,417

22,698

-

$

17,281

5,417

22,698

-

$

17,281

5,417

22,698

-

108


NON-MAJOR SPECIAL REVENUE FUND 8G MODEL EARLY CHILDHOOD DEVELOPMENT PROGRAM Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 19

REVENUES: State Sources;


Total Revenues



Total Expenditures


$ 100,685

100,685

FINAL BUDGET

$ 100,685

100,685


BASIS)

$ 100,685

100,685


POSITIVE (NEGATIVE)

$

100,685

100,685

100,685 100,685

100,685 100,685





109


NON-MAJOR SPECIAL REVENUE FUND VOCATIONAL EDUCATION Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 20




FINAL BUDGET

87,547 87,547


BASIS)

87,547


POSITIVE (NEGATIVE)

Total Revenues 87,547 87,547 87,547



Total Expenditures





87,547

87,547

$

87,547 87,547

87,547 87,547

110


NON-MAJOR SPECIAL REVENUE FUND ADULT EDUCATION Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 21

REVENUES: State Sources:

Restricted grants-in-aid Federal Sources:


Subgrants

Total Revenues


$ 136,438

5,760

178,471

320,669

$

FINAL BUDGET

136,438

5,760

178,471

320,669


BASIS)

$ 136,438

5,760

178,471

320,669


POSITIVE (NEGATIVE)

$

-

-

.


Instruction: Adult and continuing education 314,909 314,909 314,909







5,760

(5,760)

5,760

(5,760)

5,760

(5,760)


111


Exhibit 22

NON-MAJOR SPECIAL REVENUE FUND STRIVING READERS COMPREHENSIVE LITERACY PROGRAM Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012



Subgrants

Total Revenues


$ 7,533

67,612

75,145

$

FINAL BUDGET

7,533

67,612

75,145

ACTUAL (ADJUSTED TO

BUDGETARY BASIS)

$ 7,533

67,612

75,145



Support Services: Instructional staff support

Total Expenditures


OTHER FINANCING USES: Transfers Out




$

58,552

9,060

67,612

7,533

(7,533)

$

58,552

9,060

67,612

7,533

(7,533)

$

58,552

9,060

67,612

7,533

(7,533)


POSITIVE (NEGATIVE)

112


Exhibit 23

NON-MAJOR SPECIAL REVENUE FUND 21 ST CENTURY COMMUNITY LEARNING CENTERS Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012


Unrestricted indirect cost recoveries Restricted grants-in-aid;

Subgrants

Total Revenues


$ 38,517

342,553

381,070

$

FINAL BUDGET

38,517

342,553

381,070


BASIS)

S 38,517

342,553

381,070


POSITIVE (NEGATIVE)

$

.



Support Services: Instructional staff support Student transportation services

Total Expenditures



282,894 282,894 282,894

15,652 44,007

342,553

38,517

(38,517)

15,652 44,007

342,553

38,517

(38,517)

15,652 44,007

342,553

38,517

(38,517)





113


NON-MAJOR SPECIAL REVENUE FUND EDUCATIONAL TECHNOLOGY STATE GRANTS Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 24




152

FINAL BUDGET

152


BASIS)

152


POSITIVE (NEGATIVE)

Total Revenues 152 152 152


Support Services: Instructional staff support 152 152 152

Total Expenditures 152 152 152





114


Exhibit 25

NON-MAJOR SPECIAL REVENUE FUND STEMESTER OF SERVICE GRANT Schedule of Revenues, Expenditures and Changes In Fund Balance - Budget and Actual For the Year Ended June 30, 2012


Restricted grants-in-aid: Direct


FINAL BUDGET

3,553 3,553


BASIS)

3,553


POSITIVE (NEGATIVE)

Total Revenues 3,553 3,553 3,553


Instruction: Regular programs 3,553 3,553 3,553






115


Exhibit 26

NON-MAJOR SPECIAL REVENUE FUND ARRAIDEA PART B Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012


Unrestricted indirect cost recoveries Restricted grants-in-aid;

Subgrants

Total Revenues


$ 51,536

334,610

386,146

$

FINAL BUDGET

51,536

334,610

386,146


BASIS)

$ 51,536

334,610

386,146


POSITIVE (NEGATIVE)

$



Support Services Pupil support services

Total Expenditures


OTHER FINANCING USES; Transfers out

297,691

36,919

334,610

51,536

(51,536)

297,691

36,919

334,610

51,536

(51,536)

297,691

36,919

334,610

51,536

(51,536)





116


NON-MAJOR SPECIAL REVENUE FUND ARRA EDUCATION TECHNOLOGY STATE GRANTS Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012



Total Revenues

EXPENDITURES; Current:

Support Services Instructional staff support

Total Expenditures


FINAL BUDGET

17 17

17 17


BASIS)

17

17

Exhibit 27


POSITIVE (NEGATIVE)

17 17 17

17 17 17





117


Exhibit 28

NON-MAJOR SPECIAL REVENUE FUND EDUCATION JOBS FUND Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

REVENUES: Federal Sources;

Restricted grants-in-aid; Subgrants


689,518

FINAL BUDGET


BASIS)

689,518 $ 689,518


POSITIVE (NEGATIVE)

Total Revenues 689,518 689,518 689,518


Instruction; Regular programs 689,518 689,518 689,518






118


NON-MAJOR SPECIAL REVENUE FUND ARRA SPECIAL EDUCATION - PRESCHOOL GRANTS Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2011

Exhibit 29



Subgrants

Total Revenues

EXPENDITURES: ( i Current;

Instruction; i i Special programs


$ 4,445

42,294

46,739

42,294

$

FINAL BUDGET

4,445

42,294

46,739

42,294


BASIS)

$ 4,445

42,294

46,739

42,294


POSITIVE (NEGATIVE)

$

Total Expenditures




42,294

4,445

(4,445)

42,294

4,445

(4,445)

42,294

4,445

(4,445)




119


NON-MAJOR SPECIAL REVENUE FUND ARRA SCHOOL IMPROVEMENT FUND 1003 (g) Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2012

Exhibit 30

REVENUES; Federal Sources;

Unrestricted Indirect cost recoveries Restricted grants-in-aid;

Subgrants

Total Revenues


$ 32,010

284,683

316,693

$

FINAL BUDGET

32,010

284,683

316,693


BASIS)

$ 32.010

284,683

316,693


POSITIVE (NEGATIVE)

$

EXPENDITURES; Current;


Total Expenditures

284,683

284,683

284,683

284,683

284,683

284,683

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 32,010 32,010 32,010



(32,010) (32,010) (32,010)




120

NON-MAJOR PERMANENT FUND

The Non-Major Pennanent Fund is used to report resources that are legally restricted to the extent that only earnings generated, and not in principal, may be used to support programs.

THE JOSEPH ACCARDO SCHOLARSHIP FUND

The Joseph Accardo Scholarship Fund accounts for a $15,000 donation received from the widovv? of Joseph Accardo in March, 1970. The principal remains intact, and the earnings from investment of the principal are used for an annual scholarship. The scholarship is awarded annually to a deserving student attending a St. Bemard Parish public high school.

121


Exinibit 31

NON-MAJOR PERIVIANENT FUND Balance Sheet June 30, 2012

JOSEPH ACCARDO SCHOLARSHIP

FUND

ASSETS: Cash and cash equivalents 173,510

TOTAL ASSETS 173,510

FUND BALANCE:

Fund Balance: Non-Spendable for:

Scholarships Restricted For:

Scholarships

Total Fund Balances

TOTAL FUND BALANCE

$ 15,000

158,510

173,510

$ 173,510


122


NON-MAJOR PERMANENT FUND Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended June 30, 2012

Exhibit 32


Interest earnings

Total Revenues



Total Expenditures

JOSEPH ACCARDO SCHOLARSHIP

FUND

608

608

1,000

1,000

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (392)

FUND BALANCE AT BEGINNING OF YEAR

FUND BALANCE AT END OF YEAR

173,902

173,510


123


124

FIDUCIARY FUNDS

School Activity Agency Fund

The activities of the various individual school accounts are accounted for in the School Activity Fund. While the accounts are under the supervision of the School Board, they belong to the individual schools or their student bodies and are not available for use by the School Board,

125


Exhibit 33

TRUST AND AGENCY FUNDS SCHOOL ACTIVITY AGENCY FUND Statement of Changes in Assets and Liabilities For the Year Ended June 30, 2012

ASSETS

Cash and cash equivalents

TOTAL ASSETS

Balance July 1,2011 Additions Deductions

$992,700 $1,551,420 $1,493,673

$992,700 $1,551,420 $1,493,673

Balance June 30, 2012

$1,050,447

$1,050,447

LIABILITIES

Deposits due others

TOTAL LIABILITIES

$992,700 $1,551,420 $1,493,673

$992,700 $1,551,420 $1,493,673

$1,050,447

$1,050,447


126


Exhibit 34

SCHOOL ACTIVITY AGENCY FUND Schedule of Changes in Deposit Balances • For the Year Ended June 30, 2012

By School

SCHOOL

Chalmette High Chalmette High- Athletic Chalmette Elementary Adult Education Center Andrew Jackson Elementary Andrew Jackson Middle School Arabi Elementary Joseph Davies Elementary J.F. Gauthier Elementary C.F. Rowley Elementary W. Smith Elementary St. Bernard Middle N.P. Trist Middle

BALANCE JULY1,

2011

$ 284,901 82,816 92,919 22,245 4,426

14,541 74,778 64,395

180,306 5,803

33,151 60,004 72,415

ADDITIONS

$ 525,249 242,242

99,845 18,049

16 121,531 51,798 92,542

126,925 7,120

22,869 81,738

161,496

DEDUCTIONS

$ 496,020 243,936 102,069

14,216 -

131,318 52,390 84,873 97,697

8,748 33,188 75,489

153,729

BALANCE JUNE 30,

2012

$ 314,130 81,122 90,695 26,078 4,442 4,753

74,186 72,064

209,534 4,175

22,832 66,253 80,182

TOTAL $ 992,700 $ 1,551,420 $ 1,493,673 $ 1,050,447


127


128

CAPITAL ASSETS INFORMATION

The Capital Assets schedule records the capital assets of the School Board which are used in govemmental fund-type operations.

129

ST. BERNARD PARISH SCHOOL BOARD Exhibit 35 Chalmette, Louisiana

SCHEDULE OF CAPITAL ASSETS By Source June 30, 2012

Capital assets: Land and Construction in Progress 54,569,753 Buildings and Improvements 317,418,325 Furniture and Equipment 14,966,443 Total Capital Assets $386,954,521

Capital Assets From: General Fund $7,826,854 Special Revenue Funds 7,116,614 Capital Project Funds 372,011,053 Total Investment in Capital Assets $386,954,521


130


Exhibit 36

SCHEDULE OF CAPITAL ASSETS By Function June 30, 2012

Function Instruction: Regular Special

Support Services: Student Services Instructional Staff Support General Administration School Administration Business Services Plant Services Student Transportation Central Services Food Sen/ices Total

Land and Construction in Progress

$54,569,752 -

--

---

--

$54,569,752

Buildings and

Improvements

$302,844,109 -

--

2,511,963 --

11,839,923 222,330

--

$317,418,325

Furniture and

Equipment

7,267,086 116,724 11,906

452,409 1,148,371

120,871 323,138 218,509 559,067

3,353,705 1,262,520

132,138 $14,966,444

Total

$364,680,947 $116,724 $11,906

$0 $452,409

$1,148,371 $2,632,834

$323,138 $218,509

$12,398,990 $3,576,035 $1,262,520

$132,138 $386,954,521


131


Exhibit 37

SCHEDULE OF CHANGES IN CAPITAL ASSETS By Function For the Year Ended June 30, 2012

Function

Instruction: Regular Special Adult

Support Services: Student Services Instructional Staff Support General Administration School Administration Business Services Plant Services Student Transportation Central Services Food Services Total

Capital Assets June 30, 2011

$321,559,023 33,626

-

2,809.00 1,578,518 2,701,258

302,150 125,851

12,362,066 3,559,743

947,227 124,690

$343,296,961

ADDITIONS

$42,173,124 86,921 11,906

-1,840

1,161,899 1,840

70,599 32,275

-147,058

-$43,687,462

DEDUCTIONS

$ --

11,299 7,619

-1,392

--

9,592 -

$29,902

Capital Assets June 30, 2012

$363,732,147 $120,547

$11,906

$2,809 $1,569,059 $3,855,538

$303,990 $195,058

$12,394,341 $3,559,743 $1,084,693

$124,690 $386,954,521


132


133


STATISTICAL SECTION CONTENTS

Table Page No.

Financial Trends:

These schedules contain trend information to help the reader imderstand how the School Board's financial performance and well being has changed over time.

Net Assets by Component Changes in Net Assets Fund Balances of Govemmental Funds Changes in Fund Balances of Govemmental Funds

1 2 3 4

136 138 140 142

Revenue Capacity:

These schedules contain information to help the reader assess the School Board's most significant local revenue sources, property tax and sales tax.

Assessed Value and Estimated Actual "Value of Taxable Property Overlapping Govemments Principal Property Taxpayers Property Tax Levies and Collections Sales and Use Tax Rates and Collections - All Govemments

5 6 7 8 9

144 147 148 150 152

Debt Capacity:

These schedules present information to help the reader assess the affordability of the School Board's current levels of outstanding debt and the School Board's ability to issue debt in the future.

Ratios of Outstanding Debt by Type Ratios of General Obligation Bonded Debt Outstanding Computation of Direct and Underlying Bonded Debt Legal Debt Margin hiformation

10 11 12 13

154 156 158 160

(continued)

134


STATISTICAL SECTION CONTENTS

Table Page No.

Demographic and Economic Information:

This schedule offers demographic and economic indicators to help the reader understand the environment within which the School Board's fmancial activities take place.

Demographic and Economic Statistics Principal Employers

Operating Information:

These schedules contain service and infrastmcture data to help the reader understand how the information in the School Board's fmancial report relates to the services the School Board provides and the activities it performs.

School Building Information School Personnel Operating Statistics

14 15

162 164

16 17 18

166 170 172

Other Information:

Schedule of hasurance in Force Schedule of Compensation Paid to Board Members

19 20

173 174

Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial report (CAFR) for the relevant year.

(Concluded)

135


Net Assets by Component 2003-2012 (Unaudited)

2003 2004 2005 2006

Governmental Activities: Invested In capital assets, net of related debt $ 22,108,395 $ 23,039,383 $ 24,898,645 $ 10,777,328 Restricted 3,387,118 3,159,437 6,219,006 27,605,496 Unrestricted 2.374,745 5,015,258 5,007,822 11,472,936

Total govemmental activities net assets $ 27,870,258 $ 31,214,078 $ 36,125,473 $ 49,855,760

136

TABLE 1

2007 2008 2009 2010 2011 2012

$ 52,110,649 $ 121,008,265 $ 179,632,729 $ 242,969,078 $ 284,257,335 $ 325,816,689 75,659,836 85,502,545 78,374,888 78,783,458 86,958,471 87,122,789 15,405,511 26,338,584 4,955,586 19,029,545 11,193,142 14,517,282

$ 143,175,996 $ 232,849,394 $ 262,963,203 $ 340,782,081 $ 382,408,948 $ 427,456,760

137


Changes in Net Assets 2003-2012 (Unaudited)

Function 2003 2004 2005 2006 Expenses: Instruction: Regular programs Special programs Adult and Continuing Education

Support Services: Pupil support services Instructional staff services General administration School administration Business services Plant services student transportation services Central services Food service operations

Community service programs Interest on long term debt

Total expenses

$30,117,122 8,296,487

295,652

3,241,474 3.306,126 1,336,057 3,144,029

493,949 5,148,549 2,893,015

473,240 3,505,535

4,100 1,998,264

64,253.599

$31,616,538 7,950,908

305,508

3,281,629 3,655,623 1,286,063 3,290,337

502,010 5,465,105 3,474,556

619,718 3,674,309

4,100 1,511,117

66,637.521

$32,991,328 8,300,474

337,512

3,441,581 4,051,232 1,447,782 3,451,490

507,893 5,859,787 3,454,016

462,361 3,798,990

4,100 1,114,809

69,223,355

$14,173,245 2,518,038

135,779

1,301,108 2,028,571 1,073,228 1,538,730

402,406 83,208,207 2,879,528

422,766 1,691,880

4,100 1,105,526

112,483,112

Program Revenues: Charges for services: Regular programs Food services operations

Operating grants and contributions Total program revenues

Net (Expense)/Revenu6

711,197 512,938

9,840,188 11,064,323

(53,189,276)

651,325 506,747

10,808,985 11,967,057

(54,670,464)

641,530 514,830

12,298,574 13,454,934

(55,768,421)

369,752 36,520

94,453,338 94,859,610

(17,623,502)

General Revenues and Other Changes in Net Assets: Taxes: Ad valorem taxes levied for general purposes Ad valorem taxes levied for debt service purposes Sales taxes levied for salaries, benefits and general purposes State revenue sharing Grants and contributions not restricted to specific programs Interest earnings Other

Total

8,393,958 3,029,017

14,991,124 345,061

28,910,271 18,319

857,245 56,544,995

9,228,387 2,867,586

15,130,078 335,734

29,757,151 143,188 461,420

57,923,544

10,439,273 3,031,077

15,575,128 343,960

29,693,503 347,706

1,249,169 60,679,816

7,314,463 2,918,388

10,513,823 348,304

19,552,108 842,642

5,082,129 46,571,857

Impairment Loss Due to Hurricane Katrina

Change In Net Assets 3,355,719 3,253,080 4,911,395

(15,252,492)

13,695,863

138

TABLE 2

2007 2008 2009 2010 2011 2012

$ 17,716,768 3,218,736

217,576

i 2,173,854 2,682,221 1,159,265 1,794,200

; 500,605 6,928,972 4,544,209

519,469 2.615,368

4,100 1,078,101

; 45,153,444

15,024 73,402

99,452,072

99,540,498

1 54.387,054

$ 10,609,666 4,603,523

220,705

2,699,714 3,613,670 1,281,815 2,382,788

643,621 6,248,218 3,581,061

737,312 2,760,969

4,100 727,732

40,114,895

24,370 179,855

84,604,272

84,808,497

44,693,602

$ 39,124,235 5,829,382

211,629

2,742,254 3,961,060 1,382,616 2,868,132

666,384 8,216,740 2,927,631

733,819 3,135,325

4,100 824,240

72,627,547

72,630 291,330

51,705,891

52,069,851

(20,557,696)

$ 45,265,103 5,531,110

212,789

3,442,160 3,741,384 2,242,031 3,034,265

704,228 7,827,179 3,347,419

525,286 3,287,115

8,000 860,563

80,028,632

80,903 314,467

105,533,436

105,928,806

25,900,174

$ 48,699,135 6,244,365

236,647

3,685,342 3,788,637 2,487,539 3,305,087

998,861 9,354,032 3,855,945

751,205 3,856,990

8,000 528,102

87,799,887

157,319 348,285

68,764,876

69,270,480

(18,529,407)

$ 49,962,938 6,020,377

318,209

4,447,763 3,714,795 2,335,750 3,415,380

779,582 10,298,306 3,725,657

616,157 3,919,782

8,000 591,639

90,154,335

383,163 361,321

76,970,805

77,715,289

(12,439,046)

7,859,069 2,945,310

11,496,157 347,404

14,317,022 1,939,567

18,653

38,933,182

93,320,236

7,967,843 2,752,933

11,814,389 343,058

16,489,864 1,848,756 3,762,953

44,979,796

89,673,398

9,620,229 3,242,818

11,260,126

18,111,348 742,704

7,694,280 50,671,505

30,113,809

9,996,851 3,054,988

14,582,831

21,641,108 214,301

2,428,625

51,918,704

77,818,878

10,285,650 2,846,721

18,503,059 26,659

27,337,170 221,667 935,348

60,156,274

41,626,867

10,600,785 2,928,164

13,788,159 9,218

29,174,150 211,805 774,576

57,486,857

45,047,811

139


Fund Balances of Governmental Funds 2003-2012 (Unaudited)

2003 2004 2005 2006

General Fund: Reserved Unreserved

Total general fund

$ 555,041 5,305,010

$ 5,860,051

$ 880,486 7,081,774

$ 7,962,260

$ 1,078,795 9,596,529

$10,675,324

$ 4,710,331 30,867,021

$35,577,352

All Other Governmental Funds: Reserved: Unreserved, reported in: Special revenue funds Capital projects funds Premanent fund

Total all other governmental funds

$3,172,880

123,498 2,576,904

75,740

$ 5,949,022

$ 2,935,371

113,784 3,048,317 110,282

$ 6,207,754

$ 2,336,620

89,728 3,661,921 130,737

$ 6,219,006

$ 3,700,460

(14,842,507) 23,391,217

144,945

$12,394,115

General Fund: Non-Spendable Restricted Committed Assigned Unassigned

Total general fund

All Other Governmental Funds: Non-Spendable Restricted Committed Assigned Unassigned

Total all other governmental funds

(1) Effective on its 2010-2011 Financial Statements, the St Bernard Parish School Board implemented the new Fund Balance designations mandated by GASB Statement No. 54.

140

$ 3,194,954 $18,013,059 $ 3,903,425 $ 3,528,843

141

TABLE 3

2007 2008 2009 2010 2011 ( i ; 2012

5 3,034,320 19,294,355

522,328,675

$ 1,344,650 18,501,430

$19,846,080

$ 391,433 13,072,716

$13,464,149

$ 700,071 11,950,948

$12,651,019

6,163,289 66,150,741

150,852 $75,659,836

849,333 79,210,880

153,982 $98,227,254

(1,746,130) 73,531,465

158,813 $75,847,573

14,775,700 74,443,957

160,426 $92,908,926

1,686,239 1,557,752

596,812 4,237,200 5,699,870

13,777,873

1,540,857 1,696,157

4,312,576 2,649,339

10,198,929

148,872 9,065,023

136,288 9,581,363

77,744,576 (1,362,441) 85,596,030

91,277,259

100,994,910


Changes in Fund Balances of Governmental Funds 2003-2012 (Unaudited)

2003 2004 2005 2006 2007 2008

Revenues: Ad valorem taxes Sales & use taxes Royalties and leases Tuition Food services income interest earnings Other revenues

Total revenues from local sources

$11,422,975 14,991,124

225,017 711,197 512,938 155,805 565,161

28,584,217

$12,095,973 15,130,078

250,298 651,325 506,747 143,188 509,876

29,287,485

$13,470,350 15,575,128

652,604 641,530 514,830 347,706 670,039

31,872,187

$10,232,851 10,513,823

227,736 369,752

36,520 842,642

2,123,075 24,346,399

$10,814,379 11,496,157

176,173 15,024 73,402

1,939,567 3,140,898

27,655,600

$10,720,776 11,814,389

93,208 24,370

179,855 1,848,756 3,669,745

28,351,099

Revenues from state sources: Equalization Other

Total revenues from state sources

Revenue from federal sources

Total Revenues

28,910,271 1,982,173

30,892,444

1,131,555

67,608,216

29,757,151 2,030,192

31,787,343

9,114,527

70,189,355

29,693,503 1,880.156

31,573,659

10,748,600

74,194,446

19,552,108 4,033,434

23,585,542

93,499,526

141,431,467

14,317,022 1,582,969

15,899,991

94,918,089

138,473,680

16,489,864 7,212,848

23,702,712

77,734,482

129,788,293

Expenditures: Current: Regular Instructional Programs Special instructional Programs Adult and Community College Programs Student Support Services Instructional Staff Support Services General Administration Services School Administration Services Business Services Plant Sen/ices Student Transportation Sen/ices Central Services Food Services Community Services

Capital Outlay Debt Service: Principal Interest

Totai Expenditures

Excess of revenues over (under) expenditures

Other Financing Sources (Uses): Sale of equipment Insurance proceeds from loss Settlements Proceeds from sale of bonds Premium on refunding bond issue Proceeds from Community Disaster Loan Payment to Escrow Agent Bond Issuance Costs Local revenues transferred to

other educational agencies Transfers in Transfers Out

Total other financing sources (uses)

Net change in fund balances

28,994,862 8,301,505

293,298 3,237,051 3,289,429 1,258,179 3,137,505

478,572 5,156,520 2,935,308

401,253 3,487,876

4,100 2,186,396

1,789,000 1,580,036

66,530,890

1,077,326

7,665

-

30,266,125 8,204,017

309,783 3,273,424 3,557,710 1,206,281 3,283,960

492,027 5,437,971 3,295,716

615,726 3,681,468

4,100 1,014,782

1,685,917 1,491,552

67,820,559

2,368,796

2,305 21,848

32,661,319 8,268,582

332,982 3,434,458 3,941,399 1,369,402 3,445,967

498,216 5,829,612 3,258,394

440,981 3,758,046

4,100 507,029

1,975,000 1,248,752

70,974,239

3,220,207

6,237

-

15,356,935 2,517,983

135,779 1,301,108 2,008,624 1,035,724 1,538,730

394,423 74,565,523 3,274,868

402,233 1,690,964

4,100 29,331,169

2,045,000 1,030,321

136,633,484

4,797,983

178,222 22,172,177

24,424,490 3,218,681

217,576 2,173,854 2,976,940 1,101,625 1,794,200

478,949 6,912,658 4,496,891

490,258 2,614,452

4,100 38,507,707

2,155,000 1,034,638

92,602,019

45,871,661

1,200,000

32,351,380 4,761,535

220,705 2,699,714 3,006,610 1,177,601 2,353,727

592,041 4,318,328 3,375,118

551,583 2,744,675

4,100 71,000,175

2,245,000 941,450

132,343,742

(2,555,449)

23,000,000

1,755,698 (1,762,261)

1,102

$ 1,078,428

3,342,083 14,370,000 7,755,000 1,124,034 357,015

(15,443,961) (8,352,611) (42,748) (157,102)

1,276,735 1,345,109 (1.331,068) (1,449,539)

(22,855)

$ 2,345,941

(495,891)

2.724,316

4,524,325

6,029,046 (6,529,046)

26,374,724

$31,172,707

38,040,637 (38,437,337)

4,145,383

$50,017,044

31,853,712 (32,213,440)

22,640,272

$20,084.823

Debt service as a percentage of non-capital expenditures 5.2% 4.8% 4.6% 2.9% 5.9% 5.2%

142

TABLE 4

2009 2010 2011 2012

! $ 12,863,047 11,260,126

130,219 72,630

291,330 ; 742,704

2,233,397

$ 13,051,839 14,582,831

287,554 80,903

314,467 214,301

2,235,685

$13,132,371 18,503,059

304,020 157,319 348,285 221,667

1,050,143

$ 13,528,949 13,783,159

205,037 178,126 361,321 211,805 774,576

27,593,453

18,111,348 7,157,037

25,266,385

52,220,221

30,767,580

21,641,108 2,012,357

23,653,465

103,426,465

33,716,864

27,337,170 1,442,551

28,779,721

66,930,169

29,042,973

29,174,150 736,141

29,910,291

76,234,664

105,082,059 157,847,510 129,426,754 135,187,928

35,825,717 5,829,382

211,629 2,742,254 4,222,905 1,327,248 2,894,863

666,598 8,262,358 2,917,346

630,864 3,134,681

4,100 61,647,344

2,340,000 842,163

133,499,452

33,681,510 5,527,927

212,789 3,441,599 3,718,378 2,169,508 2,931,265

703,136 7,598,817 3,122,271

469,286 8,000

3,279,115 72,005,177

2,440,000 770,538

142,079,316

41,740,800 6,242,298

236,647 3,683,094 3,419,145 2,416,047 3,246,817

998,136 8,886,644 3,631,682

548,138 8,000

3,843,487 54,035,146

1,765,000 667,554

135,368,635

41,105,178 6,020,377

318,209 4,447,763 3,596,505 2,261,388 3,404,786

708,983 9,823,690 3,520,753

471,783 8,000

3,910,182 41,298,052

1,825,000 612,955

123,333,604

(28,417,393) 15,768,194 (5,941,881) 11,854,324

265 127,516

480,029

! 24,794,782 (25,266,782)

(344,219)

$(28,761,612)

8,921,104 (8,921,104)

480,029

$ 16,248,223

11,069,726 (11,313,887)

(244,161)

$ (6,186,042)

(51,971) 2,261,243

(2,261,243)

(51,971)

$ 11,802,353

4.4% 4.6% 3.0% 3,0%

143


Assessed and Estimated Actual Value of Taxable Property 2003-2012 (Unaudited)

LAND AND IMPROVEMENTS (1] OTHER PROPERTY

YEAR ENDED JUNE 30

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

ASSESSED VALUE

$186,715,064

192,470,245

200,804,349

102,277,434

102,525,465

87,471,257

124,850,048

143,915,887

152,336,273

162,492,455

ESTIMATED ACTUAL VALUE

$1,867,150,640

1,924,702,450

2,008,043,490

1,022,774,340

1,025,254,650

874,712,570

1,248,500,480

1,439,158,870

1,523,362,730

1,624,924,550

ASSESSED VALUE

$ 164,770,363

178,976,006

185,357,860

173,925,041

174,734,920

178,911,263

200,837,534

195,649,366

195,854,906

195,185,678

ESTIMATED ACTUAL VALUE

$987,798,367

1,052,800,035

1,090,340,353

1,023,088,467

1,027,852,471

1,071,273,860

1,181,397,259

1,163,249,240

1,164,471,293

1,160,492,343

(2)

(1) Land and Improvements are assessed at 10% of estimated actual value.

(2) Public Service Properties are assessed at 25% of estimated actual value. All other properties are assessed at 15% of estimated actual value.

(3) A Homestead Exemption is allowed for up to $7,500 of the assessed value of the taxpayer's principal residence.

Source: St. Bernard Parish Assessor's Office

144

TABLE 5

EXEMPTIONS (3)

LAND AND IMPROVEMENTS

$ 111,287,009

112,131,987

113,253,307

60,927,308

55,882,439

36,117,327

46,255,247

51,782,932

55,273,736

57,776,586

TOTAL DIRECT

TAX RATE

48.09

46.25

45.50

49.00

49.00

47.50

45.55

45.84

45.00

45.00

ASSESSED VALUE

$240,198,418

259,314,264

272,908,902

215,275,167

221,377,946

230,265,193

279,432,335

287,782,321

292,917,443

299,901,547

rOTAL ESTIMATED

ACTUAL VALUE

$2,854,949,007

2,977,502,485

3,098,383,843

2,045,862,807

2,053,107,121

1,945,986,430

2,429,897,739

2,602,408,110

2,687,834,023

2,785,416,893

RATIO OF TOTAL ASSESSED VALUE

TO TOTAL ESTIMATED ACTUAL VALUE

8.41%

8.71%

8.81%

10.52%

10.78%

11.83%

11.50%

11.06%

10.90%

10.77%

145


146


TABLE 6

Overlapping Governments 2003-2012 (Unaudited)

YEAR ENDED JUNE 30

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

SCHOOL DISTRICT DIRECT RATE

OPERATING MILLAGE

35.00

35.00

35.00

35.00

35.00

35.00

33.55

34.84

35.00

35.00

DEBT SERVICE MILLAGE

13.09

11.25

9.30

14.00

14.00

12.50

12.00

11.00

10.00

10.00

TOTAL SCHOOL MILLAGE

48.09

46.25

44.30

49.00

49.00

47.50

45.55

45.84

45.00

45.00

OVERLAPPING RATES ST. BERNARD

PARISH GOVERNMENT

21.10

20,85

20.09

19.93

19.68

19.18

18.44

18.44

25.50

29.20

OTHER ENTITIES

35.83

34.58

35.53

34.61

34.86

35,11

33.78

32.28

32.26

32.26

TOTAL DIRECT OVERLAPPING

RATES

105.02

101.68

99.92

103.54

103.54

101.79

97.77

96.56

102.76

106,46

Source: St, Bernard Parish Assessor's Office

147


Principal Property Taxpayers June 30 2012 and Nine Years Ago (Unaudited)

FISCAL YEAR 2012

TAXPAYER

Chalnnette Refining

Murphy Oil

Colonial Pipeline Co.

Entergy Louisiana, Inc.

Southern Natural Gas

American Sugar / Domino

CM Carbon, LLC

Moem Pipeline

Tennessee Gas Pipeline

Shell Oil

Bellsouth

Aroc (Texas)

Hibemia National Bank

Universal Health Realty

TYPE OF BUSINESS

Oil and Gas

Oil and Gas

Oil and Gas

Electric Utility

Gas Utility

Sugar Refinery

Refinery

Oil and Gas

Oil and Gas

Oil and Gas

Telephone Utility

Oil and Gas

Financial Services

Health Services

Totals

TAXABLE ASSESSED VALUATION

$55,832,596

42,170,213

21,609,610

9,299,700

9,212,180

8,681,552

3,600,152

3,050,360

2,655,800

1,990,000

-

-

-

-

$158,102,163

RANK

1

2

3

4

5

6

7

8

9

10

PERCENTAGE OF ASSESSED

VALUATION

18.62%

14.06%

7.21%

3.10%

3.07%

2.89%

1.20%

1.02%

0.89%

0.66%

-

-

-

-

52.72%

Source: St. Bernard Parish Assessor's Office

148

TABLE 7

FISCAL YEAR 2003 TAXABLE

ASSESSED VALUATION

$ 48,937,354

23,244,095

16,107,280

6,275,230

4,353,580

RANK

1

2

3

5

9

PERCENTAGE OF ASSESSED

VALUATION

20.37%

9.68%

6.71%

2.61%

1.81%

5,452,068

1 ! 7,474,333

5,315,162

4,822,678

3,381,477

$125,363,257

6

4

7

8

10

2.27%

3.11%

2.21%

2.01%

1.41%

52.19%

149


Property Tax Levies and Collections 2003-2012 (Unaudited)

YEAR ENDED JUNE 30

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

TAX MILLAGE

48.09

46.25

44.30

49.00

49.00

47.50

45.55

45.84

45.00

45.00

1

2

3

4

5

6

7

8

TAXES LEVIED (1)

11,545,393

12,259,849

13,470,350

10,542,635

10,841,667

• 11,147,513

12,722,680

13,186,442

13,175,882

13,175,882

TAXES COLLECTED

11,412,471

12,095,973

13,470,350

10,232,851

10,814,379

10,720,776

12,722,680

13,051,839

13,132,371

13,132,371

General Fund

Debt Service

Total

Recap of Tax Millage per $1,000 of assessed value

35.00 35.00 35.00 35.00

13.09 11.25 9.30 14.00 2 3

48.09 1

35.00

12.50 5

47.50

33.55

12.00

45.55

(1) Figures provided by the St. Bernard Parish Assessor's Office. Some of the assessed properties are exempted from this tax millage. But since these exempt properties are not identifiable by the School Board their values remain in the Taxable Assessed amount.

Source: St. Bernard Parish Assessor's Office 150

TABLE 8

PERCENTAGE OF LEVY

98.85%

98.66%

100.00%

97.06%

99.75%

96.17%

100.00%

98.98%

99.67%

99.67%

SUBSEQUENT YEAR

COLLECTIONS

-

-

-

-

-

-

-

-

-

TOTAL COLLECTIONS

TO DATE

11,412,471

12,095,973

13,470,350

10,232,851

10,814,379

10,720,776

12,722,680

13,051,839

13,132,371

13,132,371

TOTAL COLLECTIONS

TO DATE PERCENTAGE

OF LEVY

98.85%

98.66%

100.00%

97.06%>

99.75%

96.17%

100.00%

98.98%.

99.67%o

99.67%

34.84

11.00 7

45.84

35.00

10.00

45.00 8

151


Sales and Use Tax Rates and Collections - All Governments Last Ten Fiscal Years (Unaudited)

Sales and Use Tax Rates

Fiscal Year

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

School Board

2.00% 2.00% 2.00% 2.00%> 2.00% 2.00%> 2.00% 2.00%o 2.00% 2.00%)

Parish Council

2.00%. 2.00%o 2.00%) 2.00%o 2.00%o 2.00%o 2.00%o 2.00%> 2.00%o 2.00%

Parishwide Water/ Sewer District

0.50% 0.50% 0.50% 0.50%> 0.50%, 0.50%o 0.50% 0.50% 0.50% 0.50%.

Law Enforcement

0.50%, 0.50% 0.50% 0.50%o 0.50% 0.50% 0.50% 0.50%. 0.50% 0.50%,

Total Rate

5.00% 5.00%, 5.00% 5.00%, 5.00%o 5.00% 5.00% 5.00% 5.00% 5.00%,

(1) Information provided by the St. Bernard Parish Sheriff's Department (2) Total rate represents the maximum amount that may be assessed by local taxing

authorities. These rates do not include State sales and use tax. (3) Sales taxes collected by the St. Bernard Parish Sheriff's Office are on the cash basis. (4) On August 29, 2005, St. Bernard Parish suffered a direct hit by Hurricane Katrina. The effect

on the Parish economy resulted in a significant decrease in sales tax revenues. (5) On April 20, 2010 an oil drilling platform in the Gulf of Mexico exploded resulting in a massive

oil spill off of the southeastern Louisiana coast. St. Bernard Parish experienced a spike in Sales Tax Revenue in the subsequent months attributable in part to the oil spill cleanup efforts.

152

TABLE 9

Tax Collections Parishwide

School Board

$14,991,124 15,130,078 15,575,128 10,513,823 11,496,157 11,814,389 11,260,126 14,582,831 18,503,059 13,783,159

Parish Council

$14,991,124 15,130,078 15,575,128 10,513,823 11,496,157 11,814,389 11,260,126 14,583,831 18,503,059 13,783,159

Water/ Sewer District

$ 3,747,781 3,782,520 3,893,782 2,628,456 2,874,039 2,953,597 2,815,032 3,645,958 4,569,145 3,247,602

Law Enforcement

$ 3,747,781 3,782,520 3,893,782 2,628,456 2,874,039 2,953,597 2,815,032 3,645,958 4,569,145 3,247,602

Total Collections

$ 37,477,810 37,825,196 38,937,820 26,284,558 28,740,392 29,535,972 28,150,316 36,458,578 46,144,408 34,061,522

(4)

(5)

153


Ratios of Outstanding Debt by Type 2003-2012 (Unaudited)

YEAR ENDED JUNE 30

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

ESTIMATED POPULATION (1)

66,486

66,113

65,972

25,489 *

25,592

33,439

37,669

40,655

35,897

39,558

NUMBER OF STUDENTS

8,383

8,495

8,433

2,460 *

3,816

4,405

4,802

5,424

5,950

6,377

GENERAL OBLIGATION

BONDS

$25,925,000

24,905,000

23,310,000

21,755,000

20,115,000

18,400,000

16,610,000

14,745,000

12,980,000

11,155,000

SALES TAX

BONDS

$3,820,000

3,360,000

2,660,000

2,170,000

1,655,000

1,125,000

575,000

-

-

-

* Enrollment and population decreases due to devastation caused by Hurricane Katrina. ** In January and February 2006, amounts were borrowed through the Federal Community

Disaster Loan Program. Repayment is due 12/12/2015.

(1) Source: Louisiana Technical University/U.S. Census Bureau (2) Source: St. Bernard Parish Assessor's Office

154

TABLE 10

SPECIAL COMMUNITY

DISASTER LOAN **

-

-

i

4,524,325

4,524,325

4,524,325

4,524,325

4,524,325

4,524,325

4,524,325

TOTAL DEBT

OUTSTANDING

$ 29,745,000

28,265,000

25,970,000

28,449,325

26,294,325

24,049,325

21,709,325

19,269,325

17,504,325

15,679,325

PERCENTAGE OF PERSONAL

INCOME

1.85%,

1.67%.

1.09%,

2.61%,

s.osyo

2.10yo

1.43%

1.22%

1.90%

1.82%o

NET BONDED DEBT

PER CAPITA

$ 447

428

394

1,116

1,027

719

576

474

488

396

NET BONDED DEBT

PER STUDENT

$ 3,548

3,327

3,080

11,565

6,891

5,460

4,521

3,553

2,942

2,459

155


Ratios of General Obligation Bonded Debt Outstanding 2003-2012 (Unaudited)

YEAR ENDED JUNE 30

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

ESTIMATED POPULATION (1)

66,466

66,113

65,972

25,489 *

25,592

33,439

37,669

40,655

35,897

39,558

ASSESSED VALUE OF TAXABLE

PROPERTY

$ 240,198,418

259,314,264

272,908,902

215,275,167

221,377,946

230,265,193

279,432,335

287,782,321

292,917,443

299,901,547

ESTIMATED ACTUAL

VALUE OF TAXABLE

PROPERTY (2)

$ 2,854,949,007

2,977,502,485

3,098,383,843

2,045,862,807

2,053,107,121

1,945,986,430

2,429,897,739

2,602,408,110

2,687,834,023

2,785,416,893

GENERAL OBLIGATION

BONDS

$ 25,925,000

24,905,000

23,310,000

21,755,000

20,115,000

18,400,000

16,610,000

14,745,000

12,980,000

11,155,000

* Enrollment and population decreases due to devastation caused by Hurricane Katrina.

(1) Source: Louisiana Technical University (2) Source: St. Bernard Parish Assessor's Office

156

TABLE 11

LESS: AMOUNTS , . AVAILABLE IN DEBT

f SERVICE FUNDS

$ 1,133,210

1,399,346

1,629,542

1,991,119

2,333,476

2,463,376

3,037,159

3,391,730

i ! 3,724,250

( ; 4,119,647

NET GENERAL

OBLIGATION BONDS

$ 24,791,790

23,505,654

21,680,458

19,763,881

17,781,524

15,936,624

13,572,841

11,353,270

9,255,750

7,035,353

RATIO OF NET BONDED

DEBT TO ASSESSED VALUE

10.32%

9.06%

7.94%

9.18%

8.03%

6.92%

4.86%

3.95%

3.16%

2.35%

RATIO OF NET BONDED

DEBT TO ESTIMATED

ACTAUL VALUE

0.87%

0.79%

0.70%

0.97%

0.87%

0.82%

0.56%

0.44%

0.34%

0.25%

NET BONDED DEBT

PER CAPITA

$ 373

356

329

775

695

477

360

279

258

178

157


TABLE 12

Computation of Direct and Underlying Bonded Debt General Obligation Bonds June 30, 2012 (Unaudited)

Jurisdiction

Direct:

St. Bernard Parish School Board

Underlying: (2)

None

Total Underlying Debt

Total

General Obligation

Bonded Debt Outstanding

$11,155,000

$11,155,000

Percentage Applicable

to Government

100%,

looyo

Amount Applicable

to Government

$11,155,000

$11,155,000

Total Assessed Valuation

of Property Applicable to Bonded Debt (1)

$357,678,133

(1) Taxable assessed value of property subject to School Board's assessment - $299,901,547

(2) There is no underlying General Obligation Debt for other Governmental Entities as of June 30, 2012.

Source: Respective Government Entities

158


159


Legal Debt Margin Information June 30, 2012 (Unaudited)

2003 2004 2005 2006

Debt Limit $123,019,899 $130,006,188 $135,156,773 $ 96,670,866

Total net debt applicable to limit 24,791,790 23,505,654 21,680,458 19,802,905

Legal debt margin $ 98.228,109 $106,500,534 $113,476,315 $ 76,867,961

Total net debt applicable to the limit as a percentage of debt limit 20.15% 18.08%, 16.04% 20.48%

Legal Debt Margin for Fiscal Year 2012:

Assessed Valuation: Taxable Assessed Value $299,901,547 Add: Exempt Property (Homestead Exemptions) 57,776,586

Total Assessed Value $357,678,133

Legal Debt Margin: Debt Limitation - 35%, of

Total Assessed Value $125,187,347

Debt Applicable to Limitation: Total General Obligation Bonded Debt $11,155,000

Less: Amount Available for Repayment of General Obligation Bonds 4,119,647

Total General Obligation Debt Applicable to Limitation 7,035,353

Legal Debt Margin $118,151,994

Source : St. Bernard Parish Assessor

160

161

TABLE 13

2007 2008 2009 2010 2011 2012

$ 97,041,135 $ 93,233,882 $113,990,654 $118,847,839 $121,866,913 $125,187,347

17,781,524 15,277,185 14,147,841 11,353,270 9,255,750 7,035,353

$ 79,259,611 $ 77,956,697 $ 99,842,813 $107,494,569 $112,611,163 $118,151,994

18.32%o 16.39% 12.41% 9.55% 7.59% 5.62%


TABLE 14

Demographic and Economic Statistics 2003-2012 (Unaudited)

FISCAL YEAR

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

POPULATION (1)

66,486 ;

66,113

65,972

25,489

25,592

33,439

37,669

40,655

35,897

39,558

PERSONAL INCOME

$ 1,603,575,834

1,693,815,060

2,391,155,140

916,049,171

705,878,544

952,757,433

1,201,764,221

1,121,346,210

1,078,592,600

1,051,530,756

CAPITA INCOME (2)

$ 24,119

25,620

54,810

35,939

27,582

31,589

35,939

27,582

30,047

26,582

SCHOOL U ENROLLMENT (3)

8,383

8,495

8,433

2,460

3,816

4,405

4,802

5,424

5,950

6,377

NEMPLOYMENT RATE (2)

6.2%

5.5%o

6.7%

3.9%

3.8%

4.5%,

6.8%

8.1%.

7.8%o

8.4%

* Information not yet available

(1) Estimated population as of December 31 of Fiscal Year.

(2) Source: Bureau of Labor Statistics, Survey of Current Business.

(3) Source: Louisiana Annual Financial and Statistical Report.

162


163

ST. BERNARD PARISH SCHOOL BOARD Chalmette, LA

Principal Employers Current Year and Three Prior Years * (Unaudited)

2011-2012

Employer

St. Bemard Parish School Board Exxon Mobil St. Bemard Parish Government Domino Sugar SDT Waste and Disposal St. Bemard Parish Sheriff Valero Oil Boasso America Associated Terminals Allegiance Security Group

Number of Employees

900 522 460 375 300 290 290 201 150 130

% of Total Employment

8.28% 4.80% 4.23% 3.45% 2.76% 2.67% 2.67% 1.85% 1.38% 1.20%

2010-2011

Employer

St. Bemard Parish School Board Exxon Mobil St. Bemard Parish Government St. Bemard Parish Sheriff Domino Sugar Murphy Oil USA Boasso America SDT Waste and Disposal Associated Terminals Allegiance Security Group

Number of Employees

870 522 460 400 364 279 210 200 136 130


8.00% 4.80% 4.23% 3.68% 3.35% 2.57% 1.93% 1.84% 1.25% 1.20%

Source: St. Bemard Chamber of Commerce

* Information not available prior to 2008-2009.

164

Table 15

2009-2010

Employer

St. Bemard Parish School Board Exxon Mobil St. Bemard Parish Government Domino Sugar Murphy Oil USA St. Bemard Parish Sheriff SDT Waste and Disposal Wal-Mart Boasso America Associated Terminals

Number of Employees

822 598 460 351 307 285 200 190 180 130


8.98% 6.53% 5.03% 3.84% 3.35% 3.11% 2.19% 2.08% 1.97% 1.42%

2008-2009

Employer

Exxon Mobil St. Bemard Parish School Board St. Bemard Parish Government Domino Sugar Murphy Oil USA Boasso America SDT Waste and Disposal Associated Terminals

Number of Employees

1,100 765 450 375 300 180 145 130


12.02% 8.36% 4.92% 4.10% 3.28% 1.97% 1.58% 1.42%

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Sctiool Personnel 2003-2012 (Unaudited)

2003 2004 2005 2006

Teachers: Less than a Bachelor's degree 2 2 2 - 1 Bachelor 450 451 450 50 151 Master 152 145 153 26 47 Master+30 44 40 37 6 16 Specialist in Education . . . . Ph.DorEd.D 3 3 1 : _ 1„

Total 651 641 643 82 216

Principals & Assistant Principals: Bachelor - - . . Master 20 23 26 11 11 Master+30 13 12 10 9 7 Specialist in Education . . . . Ph.DorEd.D . . . .

Total 33 35 36 20

Source: Agreed upon procedures report on performance and statistical data accompanying the financial statements.

170

TABLE 17

2008 2009 2010 2011 2012

1 224 56 16 -1

298

1 289 63 15 -1

369

1 329 69 18 -1

418

1 350 75 20 1 1

448

1 344 95 21 1 1

463

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25

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24

171


TABLE 18

Operating Statistics 2003-2012 (Unaudited)

YEAR ENDED JUNE 30

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

EXPENSES

$ 64,253,599

66,637,521

69,223,355

112,483,112

45,153,444

40,733,090

72,627,547

80,028,632

87,799,887

90,154,335

ENROLLMENT

8,383

8,495

8,433

(1) 2,460

3,816

4,405

4,802

5,424

5,950

6,377

COST PER PUPIL

$ 7,655

7,844

8,209

45,725

11,833

9,247

15,124

14,755

14,756

14,137

PERCENTAGE CHANGE

0.00%

2.34%

4.64%

457.03%

-74.12%

-21.85%

63.56%

-2.45%

0.01%

-4.19%

TEACHING STAFF

651

641

643

82

216

298

369

418

448

463

PUPIL7 TEACHER

RATIO

14.07

13.86

13.69

24.5

23.32

26.15

25.39

25.21

24.32

N/A

(1) Expenses include FEMA related cleanup costs following Hurricane Katrina.

Source: Louisiana Department of Education

172

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173


TABLE 20

Schedule of Compensation Paid to Board Members For the Year Ended June 30, 2012 With Comparative Totals for the Year Ended June 30, 2011 (Unaudited)

2011 (1) 2012

Darleen P. Asevedo (Term Began 1/2011) Herman J. Bonnette, Sr. (Term Ended 12/2010) Donald D. Campbell Hugh C. Craft Lynette Difatta Diana B. Dysart - President (from 1/2012) William H. Egan Clifford M. Englande - President (through 12/2011) Sharon A. Hanzo (Term ended 12/2010) Henderson Lewis, Jr. Joseph V. Long Ronald J. Nicosia Sean K. Warner (Term Began 1/2011)

(1) Effective 1/2011, School Board Member compensation increased from $600 monthly to $800 monthly and President's compensation increased from $650 monthly to $900 monthly.

$ 4,800 3,600 8,400 8,400 8,400 8,400 8,400 9,300 8,400 8,400 8,400 8,400 4,800

$98,100

$ 9,600 -

9,600 9,600 9,600

10,200 9,600

10,200 -

9,600 9,600 9,600 9,600

$106,800

174


175

L A F O P T B C P A s u F U S I N E S S A D V

LaPorte, APAC 111 Veterans Blvd. i Suite 600

Metairie, LA 70005 504.835.5522 | Fax 504.835.5535

LaPorte.com

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

To tlie Members of the St. Bemard Parish School Board


We have audited the fmancial statements of the govemmental activities, each major fund and the aggregate remaining fund information of St. Bemard Parish School Board as of and for the year ended June 30, 2012, which collectively comprise the St. Bemard Parish School Board's basic fmancial statements and have issued our report thereon dated October 22, 2012. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to fmancial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.

Intemal Control Over Financial Reporting

Management of St. Bemard Parish School Board is responsible for establishing and maintaining effective intemal control over financial reporting. In planning and performing our audit, we considered St. Bemard Parish School Board's intemal control over fmancial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the fmancial statements, but not for the purpose of expressing an opinion on the effectiveness of St. Bemard Parish School Board's intemal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of St. Bemard Parish School Board's intemal control over fmancial reporting.

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 combination of deficiencies, in intemal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis.

Our consideration of intemal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in intemal control over financial reporting that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in intemal control over financial reporting that we consider to be material weaknesses, as defined previously.

lEW OF^LEANS HOUSTON f3AT0N ROUGE COVINGTON

An Indepentiently Owned Member, McGladrey Alliance Tlie McGladrey Alliance is a premier affiliation of independent accounting and corisulting finris. Ttie McGladrey Alliance meniper firms maintain tlieir riarne, autonomy and Independence anrl are responsiloie for their own client fee arrangements, delivery of setvlces and maintenance of client relationships.

176

http://LaPorte.com

Compliance and Other Matters

As part of obtaining reasonable assurance about whether St. Bernard Parish School Board's fmancial statements are free of 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 statements amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

This report is intended solely for the information and use of St. Bemard Parish School Board, the State of Louisiana, federal awarding agencies and pass-through entities, and the Legislative Auditor of the State of Louisiana, and is not intended to be and should not be used by anyone other than those specified parties. Under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.


October 22, 2012

177

T A T'* ^ IRnP'i""^ LaPorte, APAC J L / . A . JC 'UJ K 1 X!. I l l Veterans Blvd. I Suite 600

rPAs i. Bjsir^Pss ADvisofl Mctairie, LA 70005

504,835.5522 | Rix 504.835.5535

LaPorte.com

REPORT ON COMPLIANCE WITH REQUIREMENTS THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND ON INTERNAL CONTOL

OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133



Compliance

We have audited St. Bemard Parish School Board's compliance with the types of compliance requirements described in the U. S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement that could have a direct and material effect on each of St. Bemard Parish School Board's major federal programs for the year ended June 30, 2012. St. Bemard Parish School Board's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major federal programs is the responsibility of St. Bemard Parish School Board's management. Our responsibility is to express an opinion on St. Bemard Parish School Board's compliance based on our audit.

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 Govemments, and Non-Profit Organizations. Those standards and OMB Circular A-133 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 program occurred. An audit includes examining, on a test basis, evidence about St. Bemard Parish School Board's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination of St. Bemard Parish School Board's compliance with those requirements.

In our opinion, St. Bemard Parish School Board complied, in all material respects, with the 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 30,2012.

NEW ORLEANS HOUSTON BATON ROUGE COVINGTON

An Independently Owned Mctnber, McCdadrey Alliance The McGladrey Alliance is a premier affiliation of independent accotjnting and consulting finris. The McGladrey Alliance meml'rer firms maintain their name, autonomy and independence and are responstoie tor ttreir own client tee airarrgements, delivery ot services and iriaii itenance of 1 7 H ciirjnt reiationshitrs.

http://LaPorte.com

Intemal Control Over Compliance

Management of St. Bemard Parish School Board is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to federal programs. In planning and performing our audit, we considered St. Bemard Parish School Board's intemal control over compliance with requirements that could have a direct and material effect on a major federal program to determine the auditing procedures for the purpose of expressing our opinion on compliance and to test and report on intemal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of intemal control over compliance. Accordingly, we do not express an opinion on the effectiveness of St. Bemard Parish School Board's intemal control over compliance.

A deficiency in intemal 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 program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in intemal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above.

This report is intended solely for the information and use of management, St. Bemard Parish School Board, the State of Louisiana, federal awarding agencies and pass-through entities, and the Legislative Auditor of the State of Louisiana, and is not intended to be and should not be used by anyone other than those specified parties. Under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.

cir^ A Professional Accounting Corporation

October 22, 2012

179


Exiiibit 38

Schedule of Expenditures of Federal Awards For the Year Ended June 30, 2012

FEDERAL GRANTOR/ PASS THROUGH GRANTOR/

PROGRAM NAME

FEDERAL CFDA

NUMBER

PASS-THROUGH GRANTORS'

AWARD NUMBER EXPENDITURES

United States Department of Agriculture: Passed through Louisiana Department of Agriculture and Forestry:

Food Distribution Program 10.550 Passed through Louisiana Department of Education: School Breakfast Program National School Lunch Program Summer Food Service Program for Children

Total United States Department of Agriculture

United states Department of Health and Human Services: Direct Program: 2012 Headstart

Passed through Louisiana Department of Education: Temporary Assistance to Needy Families:

2012 Jobs for America's Graduates 2012 Cecil J. Picard LA 4 Early Childhood Program 2012 Strategies to Empower People

Total United States Department of Health and Human Services

United States Department of Defense: 2010 Department of the Air Force - JROTC

Total United States Department of Defense

Passed through Louisiana Department of Education: 2011 Adult Education - Basic Grant 2012 Adult Education - Basic Grant 2012 Adult Education - Federal Work Ready U-Pilot

Educationally Deprived Children: 2012 Title I

SEE ACCOMPANYING INDEPENDENT AUDITOR'S REPORT AND NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS.

N/A

10.553 10.555 10.559

N/A N/A N/A

06GHO392/21

$131,751

707,486 1,869,028

40,971

2,749,236

814,469 814,469

93.558 93.558 93.558

N/A

84.002A 84.002A 84.002A

84.010

28-12-JA-44 28-12-36-44 28-12-EP-44

N/A

08-44-44 08-44-44

V022A100018

28-12-T1-44

50,000 1,425,712

5,645 1,481,357

2,295,826

54,949

54,949

31,780 90,126 62,325

184,231

2,933,624 2,933,624


Exhibit 38 concluded

Schedule of Expenditures of Federal Awards For the Year Ended June 30, 2012

FEDERAL GRANTOR/ PASS THROUGH GRANTOR/

PROGRAM NAME

Handicapped School Programs: 2012 Flow-Through 2012 SALSA - SLPC Leadership Academy 2012 Preschool Incentive

Strengthening The Skills of Teachers: 2012 lASA Title II

Drug Free Schools and Communities: 2010 Title IV After School Learning Centers

Education Technology State Grants: 2010 Enhancing Education Through Technology

FEDERAL PASS-THROUGH CFDA GRANTORS'

NUMBER AWARD NUMBER EXPENDITURES

84.027A 84.027A 84.173A

84.367

84.287C

84.318X

12-B1-44 28-12-SE-44 12-P1-44

12-50-44

28-10-CC-44

28-10-49-44

1,832,722 786

75,935 1,909,443

573,341 573,341

381,070 381,070

152 152

Vocational Education: Title II A: 2012 Basic Grant 1.048 28-12-02-44 87,547

87,547

Striving Readers Comperhensive Literacy Program: 2012 Striving Readers Comprehensive Literacy Grant

Elementary and Secondary Education Hurricane Relief -

2006 Immediate Aid to Restart School Operations 2008 Hurricane Educators Assistance Program

1.371C

84-938A 84-938K

28-12-SN-44

2806IR - 44 28-08-HE-44

75,145

1,875,410 195,498

2,070,908

American Recovery and Reinvestment Act:

2010 Education Technology State Grants - ARRA 2010 IDEAS-ARRA 2010 Preschool-ARRA 2012 Education Jobs Fund 2012 School Improvement Fund 1003 (g) 2011 School Improvement Fund 1003 (g)

Totai United States Department of Education

Corporation for National and Community Sen/ice:

Direct Program: 2012 STEMester of Service Grant

84.386A 84.391 84.392A 84.410A 84.388A 84.388A

28-09-59-44

28-09-AP-44 28-12-EJ-44 28-09-TG-44 28-09-TG-44

17 386,146 46,739

689,518 316,693

1,439,113

9,654,574

94.004 N/A 3,553

Total Corporation for National and Community Service

U.S. Department of Homeland Security: Federal Emergency Management Agency: Passed through the State of Louisiana: Public Assistance Grant 97.036

Total United States Department of Homeland Security

U.S. Department of Housing and Urban Development: Passed Through the State of Louisiana: Community Development Block Grant 14.228

Total United States Department of Housing and Urban Development

3,553

N/A 39,069,560

39,069,560

5,738,789

5,738,789

Total Federal Financial Assistance $59,566,487

SEE ACCOMPANYING INDEPENDENT AUDITOR'S REPORT AND NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS.

181


Notes to Schedule of Expenditures of Federal Awards

June 30,2012

1. General

The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs of the St. Bemard Parish School Board. The School Board reporting entity is defined in Note 1 to the basic financial statements for the year ended June 30, 2012. All federal awards received directly from federal agencies are included on the schedule as well as federal awards passed through other government agencies.

2- Basis of Accounting

The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the St. Bemard Parish School Board's basic financial statements for the year ended June 30, 2012.

3. Relationship to General Purpose Financial Statements

Federal Award revenues are reported in the School Board's basic financial statements as follows:

From Federal Sources

General Fund $ 55,735

Special Revenue Funds 59.510,752

Total $59.566,487

4- Relationship to Federal Financial Reports Amounts reported in the Schedule of Expenditures of Federal Awards agree with the amounts reported in the related federal financial reports.

5- USDA Commodities

Non-monetary assistance is reported in the Schedule at the fair market value of the commodities received.

182

ST. BERNARD PARISH SCHOOL BOARD SCHEDULE OF FINDINGS AND QUESTIONED COSTS

For The Year Ended June 30, 2012

A. SUMMARY OF AUDIT RESULTS

1. The auditor's report expresses an unqualified opinion on the financial statements of the St. Bemard Parish School Board.

2. No significant deficiencies relating to the audit of the financial statements are reported in the Report on Compliance With Requirements Applicable to each Major Program and Intemal Control Over Compliance in Accordance With OMB Circular A-133.

3. No instances of noncompliance material to the fmancial statements of the St. Bemard Parish School Board were disclosed during the audit.

4. No significant deficiencies relating to the audit of the major federal award programs are reported in the Report on Compliance With Requirements Applicable to Each Major Program and Internal Control Over Compliance in Accordance with OMB Circular A-133.

5. The auditor's report on compliance for the major federal award programs for the St. Bemard Parish School Board expresses an unqualified opinion.

6. Audit findings that are required to be reported in accordance with Section 510(a) of OMB Circular A-133 are reported in Part C. of this Schedule.

7. The programs tested as major programs included:

PROGRAM CFDA No.

Federal Emergency Management Agency Public Assistance Grants 97.036 School Improvement Fund 1003 (g) - ARRA 84.388A Education Hurricane Relief Cluster: Immediate Aid to Restart School Operations 84.938A Hurricane Educators Assistance Program 84.938K

8. The threshold for distinguishing Types A and B programs was $1,786,995.

9. The School Board was determined to be a low-risk auditee.

B. FINDINGS - FINANCIAL STATEMENTS AUDIT

None

C. FINDINGS AND QUESTIONED COSTS - MAJOR FEDERAL AWARD PROGRAMS AUDIT

None

183


184

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.504.835..5522 i Fax 504.835.5535 LaPorte.com

Independent Accountant's Report On Applying Agreed-Upon Procedures



We have performed the procedures included in the Louisiana Governmental Audit Guide and enumerated below, which were agreed to by the management of St. Bemard Parish School Board and the Legislative Auditor, State of Louisiana, solely to assist the users in evaluating management's assertions about the performance and statistical data accompanying the annual fmancial statements of St. Bemard Parish School Board and to determine whether the specified schedules are free of obvious errors and omissions as provided by the Board of Elementary and Secondary Education (BESE). Management of St. Bemard Parish School Board is responsible for its performance and statistical data. This agreed-upon procedures engagement was performed in accordance with attestation standards established by the American Institute of Certified Public Accountants and applicable standards of Government Auditing Standards. The sufficiency of these procedures is solely the responsibility of the specified users of the report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

Our procedures and findings relate to the accompanying schedules of supplemental information and are as follows:

General Fund Instructional and Support Expenditures and Certain Local Revenue Sources (Schedule 1)

1. We selected a random sample of 25 transactions and reviewed supporting documentation to determine if the sampled expenditures/revenues are classified correctly and are reported in the proper amounts for each of the following amounts reported on the schedule:

' Total General Fund Instructional Expenditures, ^ Total General Fund Equipment Expenditures, " Total Local Taxation Revenue, " Total Local Eamings on Investment in Real Property, " Total State Revenue in Lieu of Taxes, 1 Nonpublic Textbook Revenue, and ^ Nonpublic Transportation Revenue.

No differences were noted.

NEW ORLEANS HOUSTON BATON F K ) U G E : COVINGTON

An Independently Owned Mcmbef, McGladrey Alliance The McGladrey Alliance is a premier affiliaiion of inciepertclenl accounting and corisniting iirf7is. The McGladrey Alliarice member firms maintain ttteir name, autonomy arte! indepondonce and ai'e responsiiole for liioir own client fee arcartgements. delivery of senyices arid maintenance of 1 8 5 cfient refalionshlps.

http://LaPorte.com

Education Levels of Public School Staff (Schedule 2)

2. We reconciled the total number of full-time classroom teachers per the schedule "Experience of Public Principals, Assistant Principals, and Full-time Classroom Teachers" (Schedule 4) to the combined total number of full-time classroom teachers per this schedule and to school board supporting payroll records as of October V\


3. We reconciled the combined total of principals and assistant principals per the schedule "Experience of Public Principals, Assistant Principals, and Full-time Classroom Teachers" (Schedule 4) to the combined total of principals and assistant principals per this schedule.


4. We obtained a list of principals, assistant principals, and full-time teachers by classification as of October T' and as reported on the schedule. We traced a random sample of 25 teachers to the individual's personnel file and detennined if the individual's education level was properly classified on the schedule.


Number and Type of Public Schools (Schedule 3)

5. We obtained a list of schools by type as reported on the schedule. We compared the list to the schools and grade levels as reported on the Title 1 Grants to Local Educational Agencies (CFDA 84.010) application and/or the National School Lunch Program (CFDA 10.555) application.


Experience of Public Principals. Assistant Principals, and Full-time Classroom Teachers (Schedule 4)

6. We obtained a list of principals, assistant principals, and full-time teachers by classification as of October 1"" and as reported on the schedule and traced the same sample used in Procedure 4 to the individual's personnel file and determined if the individual's experience was properly classified on the schedule.


Public School Staff Data: Average Salaries (Schedule 5)

1. We obtained a list of all classroom teachers including their base salary, extra compensation, and ROTC or rehired retiree status as well as full-time equivalent as reported on the schedule and traced a random sample of 25 teachers to the individual's personnel file and determined if the individual's salary, extra compensation, and full-time equivalents were properly included on the schedule.


186

Public School Staff Data: Average Salaries (Schedule 5) (Continued)

8. We recalculated the average salaries and full-time equivalents reported in the schedule.


Class Size Characteristics (Schedule 6)

9. We obtained a list of classes by school, school type, and class size as reported on the schedule and reconciled school type classifications to Schedule 3 data, as obtained in Procedure 5. We then traced a random sample of 10 classes to the October 1 ' roll books (electronic attendance system) for those classes and determined if the class was properly classified on the schedules.


Louisiana Educational Assessment Program (LEAP) (Schedule 7)

10. We obtained test scores as provided by the testing authority and reconciled scores as reported by the testing authority to scores reported in the schedule by St. Bernard Parish School Board.


Graduation Exit Examination (GEE) (Schedule 8)



iLEAP Tests (Schedule 9)



i i ' k ' k ' k - k ' k i i i i i i - k

187

We were not engaged to perfomi, and did not perform, an audit, the objective of which would be the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This report is intended solely for the use of management of St. Bemard Parish School Board, the Louisiana Department of Education, the Louisiana Legislature, and the Legislative Auditor, State of Louisiana, and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. Under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.


October 22, 2012


189


Schedules Required by State Law (R.S. 24:514 - Performance and Statistical Data) As of and for the Year Ended June 30, 2012

Schedule LA-1 - General Fund Instructional and Support Expenditures and Certain Local Revenue Sources This schedule includes general fund instructional and equipment expenditures. It also contains local taxation revenue, eamings on investments, revenue in lieu of taxes, and nonpublic textbook and transportation revenue. This data is used either in the Minimum Foundation Program (MFP) formula or is presented annually in the MFP 70% Expenditure Requirement Report.

Schedule LA-2 - Education Levels of Public School Staff This schedule includes the certificated and uncertificated number and percentage of full-time classroom teachers and the number and percentage of principals and assistant principal's with less than a Bachelor's; Master's; Master's +30; Specialist in Education; and Ph. D or Ed. D. degrees. This data is currentiy reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule LA-3 - Number and Type of Public Schools This schedule includes the number of elementary, middle/junior high, secondary and combination schools in operation during the fiscal year. This data is currently reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule LA-4 - Experience of Public Principals, Assistant Principals, and Full-time Classroom Teachers This schedule includes the number of years of experience in teaching for assistant principals, principals, and full-time classroom teachers. This data is currentiy reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule LA-5 - Public School Staff Data This schedule includes average classroom teachers salary using full-time equivalents, including and excluding ROTC and rehired retiree teachers. This data is currentiy reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule LA-6 - Class Size Characteristics This schedule includes the percent and number of classes with student enrollment in the following ranges: 1-20, 21-26, 27-33, and 34+ students. This data is currentiy reported to the Legislature in the Annual School Report (ASR).

Schedule LA-7 - Louisiana Educational Assessment Program (LEAP) This schedule represents student performance testing data and includes summary scores by district for gi-ades 4 and 8 in each category tested. Scores are reported as Advanced, Proficient, Basic, Approaching Basic, and Unsatisfactory. This schedule includes three years of data.

Schedule LA-8 - The Graduation Exit Exam This schedule represents student performance testing data and includes summary scores by district for grades 10 and 11 in each category tested. Scores are reported as Advanced, Proficient, Basic, Approaching Basic, and Unsatisfactoiy. This schedule includes three years of data.

190

Schedule LA-9 - The IOWA and /-LEAP Tests This schedule represents student performance testing data and includes a summary score for grades 3, 5, 6, 7 and 9 for each district. The summary score reported is the National Percentile Rank showing relative position or rank as compared to a large, representative sample of students in the same grade from the entire nation. This schedule includes three years of data.

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