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HAMPDEN-WILBRAHAM REGIONAL SCHOOL DISTRICT

TABLE OF CONTENTS

FOR THE YEAR ENDED JUNE 30, 2015

PAG

Independent Auditors' Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-1

Management's Discussion and Analysis (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-1

Basic Financial Statements:

Exhibits

Government-Wide Financial Statements:

A Statement of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1

B Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-2

Fund Financial Statements:

C Governmental Funds - Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-1

D Governmental Funds - Statement of Revenues, Expenditures, and Changes in Fund Balances. . . . . . . . . . . . . . . . . . . . 4-2

E General Fund - Statement of Revenues and Expenditures - Budget and Actual (Budgetary Basis) . . . . . . . . . . . . . . . . . 4-3

F Fiduciary Funds - Statement of Fiduciary Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-5

G OPEB and Private-Purpose Trust Funds - Statement of Changes in Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-5

H Notes to the Basic Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1

Combining Fund and Other Schedules:

Schedules

1 Nonmajor Governmental Funds - Combining Schedule of Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1

2 Nonmajor Governmental Funds - Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances . . . . . . . 6-2

3 Nonmajor Special Revenue Funds - Combining Schedule of Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3

4 Nonmajor Special Revenue Funds - Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances . . . . 6-6

5 Nonmajor Capital Project Funds - Combing Schedule of Other Financing Sources, Expenditures,

and Changes in Fund Balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-12

6 Fiduciary Funds - Combining Schedule of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-13

7 OPEB and Private-Purpose Trust Funds - Combining Schedule of Changes in Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . 6-13

8 Reconciliation of Treasurer's Pooled Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-14

Required Supplementary Information:

Schedules

9 Other Post-Employment Benefits Funding Progress (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-15

10 Schedule of the District's Proportionate Share of the Net Pension Liability (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-16

11 Schedule of the District's Pension Contributions (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-17

Government Auditing Standards and OMB Circular A-133 Reports and Schedules:

Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based

on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards . . . . . . . . . . . . . . . . 7-1

Independent Auditor's Report on Compliance for Each Major Program and on Internal Control Over Compliance

Required by OMB Circular A-133 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-2Schedule of Findings and Questioned Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-4

Schedule of Expenditures of Federal and Other Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-6

Notes to the Schedule of Expenditures of Federal and Other Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-8

Summary of Prior Year's Findings and Correction Action Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-9

Independent Accountant's Report on Applying Agreed-Upon Procedures Over Compliance Applicable to

Massachusetts School Districts' End-Of-Year Pupil and Financial Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1

Report to Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1


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Stanley H. Kulas, CPAsku l a s0 9 1 9 @ a o l . co m

STANLEY H. KULASC e r t i f i e d P u b l i c A c c o u n t a n t

Co n n e c t i cu tP . O . B o x 6 4 4W i n d so r , CT 0 6 0 9 5T e l ( 8 6 0 ) 6 8 8 -4 5 8 0

M a ssa ch u se t t sT e l . ( 4 1 3 ) 7 4 8 -6 1 7 5

INDEPENDENT AUDITOR’S REPORT

To the School Committee of theHampden-Wilbraham Regional School District:

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregateremaining fund information of the Hampden-Wilbraham Regional School District of the Commonwealth of Massachusetts (the"District") as of and for the year ended June 30, 2015, and the related notes to the financial statements, which collectively comprisethe District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accountingprinciples generally accepted in the United State of America; this includes the design, implementation, and maintenance of internalcontrol relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordancewith auditing standards generally accepted in the United States of America and the standards applicable to financial auditscontained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controlrelevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures th at areappropriate in the circumstances, but not for the purpose of expressing an opinion o n the effectiveness of the entity’s internalcontrol. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of significant accounting estimates made by management, as well as evaluating the overallpresentation of the financial statements.

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

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial positionof the governmental activities, each major fund, and the aggregate remaining fund information of the District as of June 30, 2015,and the respective changes in financial position thereof and the respective budgetary comparison for the general fund for the yearthen ended in accordance with accounting principles generally accepted in the United States of America.

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Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysison pages 2-1 through 2-9, the schedule of other post-employment benefits funding progress on page 6-15, the schedule of theDistrict’s proportionate share of the net pension liability on page 6-16, and the schedule of the District’s pension contributions onpage 6-17 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 financialreporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have appliedcertain limited procedures to the required supplementary information in accordance with auditing standards generally accepted inthe United States of America, which consisted of inquiries of management about the methods of preparing the information andcomparing the information for consistency with management’s responses to our inquiries, the basic financial statements, andother knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide anyassurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion orprovide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s

basic financial statements. The combining and other schedules are presented for purposes of additional analysis and are not arequired part of the basic financial statements. The schedule of expenditures of federal and other awards is presented for purposesof additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governmentsand Non-Profit Organizations, and is also not a required part of the basic financial statements.

The combining and other schedules, and the schedule of expenditures of federal and other awards are the responsibility ofmanagement and were derived from and relate directly to the underlying accounting and other records used to prepare the basicfinancial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financialstatements and certain additional procedures, including comparing and reconciling such information directly to the underlyingaccounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, andother additional procedures in accordance with auditing standards generally accepted in the United States of America. In ouropinion, the combining and other schedules, and the schedule of expenditures of federal and other awards are fairly stated in all

material respects in relation to the basic financial statements as a whole.

The management’s discussion and analysis, the schedule of other post-employment benefits funding progress, the schedule ofthe District’s proportionate share of the net pension liability, and the schedule of the District’s pension contributions have not beensubjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express anopinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated February 23, 2016, on our considerationof the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws,regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing

of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internalcontrol over financial reporting or on compliance. That report is an integral part of an audit performed in accordance withGovernment Auditing Standards in considering the District’s internal control over financial reporting and compliance.

Stanley H. Kulas CPA

STANLEY H. KULASCertified Public Accountant

February 23, 2016

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HAMPDEN-WILBRAHAM REGIONAL SCHOOL DISTRICTMANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)


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As management of the Hampden-Wilbraham Regional School District of the Commonwealth of Massachusetts, we offerreaders of the District’s financial statements this narrative overview and analysis of the financial activities of the District forthe fiscal year ended June 30, 2015. We encourage readers to consider the information presented here in conjunction withadditional information provided throughout this document.

FINANCIAL HIGHLIGHTS

On a government-wide basis: The assets and the deferred outflow of resources of the District exceeded its liabilities and deferred inflow of

resources at the close of the most recent fiscal year by $4,156,803 (see Exhibit A). The District’s total net position decreased by $4,379,282 (see Exhibit B) primarily because of the $4,491,225 and

$2,501,000 in OPEB and depreciation expenses, respectively.On a governmental fund basis:

As of the close of the current fiscal year, the District’s governmental funds reported combined ending fund balanceof $4,910,319 (Exhibit C), an increase of $7,402,659 in comparison with the prior year (Exhibit D).

The $7,042,659, increase in total fund balance was attributable primarily to the issuance of $5,030,000 of bondsand the receipt of $1,330,097 from the Massachusetts School Building Authority in the high school construction

fund.

OVERVIEW OF THE FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. The District’sbasic financial statements comprise three components: 1) government-wide financial statements; 2) fund financialstatements, and 3) notes to the financial statements. This report also contains other supplementary information in additionto the basic financial statements themselves.

Government-wide financial statements. The government-wide financial statements are designed to provide readers witha broad overview of the District’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all of the District’s assets and liabilities, with the difference betweenthe two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator ofwhether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the District’s net position changed during the most recentfiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs,regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some itemsthat will only result in cash flows in future fiscal periods (e.g. uncollected state grants are recognized as receivables duefrom other governments, and earned but unused vacation leave is recognized as a liability for compensated absences).

Both of the government-wide financial statements distinguish functions of the District that are principally supported byassessments and intergovernmental revenues (governmental activities) from other functions that are intended to recover

all or a significant portion of their costs through user fees and charges (business-type activities). The District has nobusiness-type activities. The governmental activities of the District include administration, instruction, ancillary schoolcharges, maintenance and operations, insurance and other fixed charges, programs with other schools, transportation,and capital improvements.

The government-wide financial statements can be found in Exhibits A and B of this report.


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Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources thathave been segregated for specific activities or objectives. The District, like other state and local governments, uses fundaccounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Districtcan be divided into two categories: governmental funds and fiduciary funds.

Governmental funds. Governmental funds are used to account for essentially the same functions reported asgovernmental activities in the government-wide financial statements. However, unlike the government-wide financialstatements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, aswell as on balances of spendable resources available at the end of the fiscal year. Such information may be useful inevaluating a government's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful tocompare the information presented for governmental funds with similar information presented for governmental activitiesin the government-wide financial statements. By doing so, readers may better understand the long-term impact of thegovernment’s near -term financing decisions. Reconciliations to facilitate this comparison between governmental funds andgovernmental activities are provided in Exhibit C and Exhibit D.

The District maintains numerous individual governmental funds. Information is presented separately in the governmentalfund balance sheet (Exhibit C) and in the governmental fund statement of revenues, expenditures, and changes in fundbalances (Exhibit D) for the general fund, the high school construction fund, and the state payments on-behalf of teacherretirement fund, all of which are considered to be major funds. Data from the other governmental funds are combined intoa single aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in theform of combining schedules 1 through 5 in this report.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison statement has beenprovided for the general fund to demonstrate compliance with this budget (Exhibit E).

The basic governmental fund financial statements can be found in Exhibits C through E of this report.

Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government.Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are notavailable to support the District’s own programs. The accounting used for fiduciary funds is the accrual basis.

The basic fiduciary fund financial statements can be found in Exhibits F and G of this report. Combining schedules of netposition and changes to net position can be found in Schedules 6 and 7 of this report.

Notes to the basic financial statements. The notes provide additional information that is essential to a full understandingof the data provided in the government-wide and fund financial statements. The notes to the basic financial statementscan be found in Exhibit H of this report.

Other information. The combining schedules referred to earlier in connection with nonmajor governmental funds are

presented immediately following the notes to the financial statements. Combining and individual fund schedules and othertypes of schedules can be found in Schedules 1 through 11 of this report.


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Summary of the major features of the government-wide and fund financial statements.

----------------Fund Financial Statements--------------Government-wideStatements Governmental Proprietary (*) Fiduciary

Scope Entire District(except fiduciaryfunds)

The activity of theDistrict that is notproprietary orfiduciary, such asgeneral government,public safety, andeducation.

Activities the Districtoperates similar toprivate businesses.

Assets held by theDistrict on behalf ofsomeone else.Students and otherorganizations thathave funds ondeposit with theDistrict are reportedhere.

Required financialstatements

Statement of netposition, & statementof activities

Balance sheet, andstatement ofrevenues,

expenditures andchanges in fundbalance.

Statement of netposition, andstatement of

revenues, expensesand changes in netposition, andstatement of cashflows.

Statement offiduciary net position,and statement of

changes in fiduciarynet position.

Basis of accountingand measurementfocus.

Accrual accounting

Economic resourcesfocus

Modified accrualaccounting.

Current financialresources focus

Accrual accounting


Accrual accounting


Type of asset andliability information

All assets andliabilities, both

financial and capital,short-term and long-term

Generally, assetsexpected to be used

up and liabilities thatcome due during theyear or soonthereafter. No capitalasserts or long-termliabilities included


financial and capital;short-term and long-term


financial and capital;short-term and long-term. These funds donot currently containany capital assets,although they can

Type of inflow andoutflow information

All revenues andexpenses during theyear, regardless ofwhen cash isreceived or paid

Revenues for whichcash is receivedduring or soon afterthe end of the year;expenditures whengoods or services

have been receivedand the relatedliability are due andpayable

All revenues andexpenses during theyear, regardless ofwhen cash isreceived or paid.

All additions ordeductions duringthe year, regardlessof when cash isreceived or paid

(*) – The District has no proprietary funds


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Before the effect of implementing GASB 68, which restated the District’s beginning net position by a reduction of$15,455,702, governmental activities for fiscal year 2015 decreased the District’s net position by $4,379,282 (Exhibit B)compared to a decrease of $5,463,388 for fiscal year 2014. Key elements of these activities are as follows:

DISTRICT'S CHANGES IN NET POSITION

Description 2015 2014

Revenues:

Program revenues:

Operating grants and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . 9,162,484$ 12,530,227$

Member town assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,261,235 3,861,116

Fees and charges for services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,378,194 1,412,483

Capital grants and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,330,097 254,195

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,772 191,770

General revenues:

Assessments to member towns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,912,268 25,032,537 Grants and contributions not restricted to specific purposes . . . . . . . 11,409,794 11,379,726

Interest and miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,088 36,028

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,655,932 54,698,082

Expenses:

Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,679,069 24,644,398

Insurance and employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,219,518 17,893,165

Maintenance and operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,728,745 3,412,842

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,256,699 3,053,290

Ancillary school services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,067,436 3,403,667

Unallocated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,107,722 2,088,103

Programs with other schools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,769,669 2,493,996

Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,501,460 1,493,017

Debt service - interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,389,097 1,345,603

Payment of prior year encumbrances . . . . . . . . . . . . . . . . . . . . . . . . 96,709 172,856

Bond issuance payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,918 -

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,873,042 60,000,937

Special item - payment to member towns . . . . . . . . . . . . . . . . . . . . . . . 162,172 -

Special item - transfer to the OPEB trust fund . . . . . . . . . . . . . . . . . . . . - 160,533

Total expenses and special items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,035,214 60,161,470 Change in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,379,282)$ (5,463,388)$

On-behalf payments to the MTRS decreased by $3,313,232 between years which contributed to the $2,127,895 decreasein total expenses between fiscal 2015 and fiscal 2014.


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FINANACIAL ANALYSIS OF THE GOVERNMENTAL FUNDS

As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legalrequirements.

Governmental funds. The focus of the District’s governmental funds is to provide information on near-term inflows,outflows, and balances of spendable resources. Such information is useful in assessing the District’s financingrequirements. In particular, unreserved fund balance may serve as a useful measure of a government’s net re sourcesavailable for spending at the end of the fiscal year.

At the end of fiscal year 2015 and fiscal year 2014, the District’s governmental funds reported a combined ending funddeficit of $4,910,319 (Exhibit C) and $(2,132,340), respectively, an increase of $7,042,659 in comparison with the prioryear, caused by the increase in the high school construction fund of $6,368,273 (Exhibit D). A summary of the componentscomprising this fund balance is described below.

Description 2015 2014Restricted for designated expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,545,219$ 1,166,833$

Unreserved - available for spending at the government's discretion . . . . . . . . . 1,495,099 1,189,819 High school construction fund balance/(deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . 831,982 (5,536,291)

Assigned to reduce subsequent year's operating assessments . . . . . . . . . . . . . 562,465 631,000 Committed for maintenance obligations (stabilization fund). . . . . . . . . . . . . . . . . 150,588 100,332 Restricted to reduce subsequent years' capital assessments . . . . . . . . . . . . . . . 138,178 180,863

Assigned for encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,777 114,209 Committed for OPEB obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 - Nonspendable assets associated for food services inventory . . . . . . . . . . . . . . 16,613 18,497

Assigned for petty cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,398 2,398

Total fund balances/(deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,910,319$ (2,132,340)$

The general fund is the chief operating fund of the District. At the end of the current fiscal year, total fund balance was

$2,516,505 of which $1,495,099 was the unreserved fund balance of the general fund. As a measure of the general fund’s liquidity, it may be useful to compare both unreserved fund balance and total fund balance to the general fund’s budget forthe subsequent fiscal year. Unreserved fund balance represents 3.31% of the general fund ’s budget for the subsequentfiscal year, while total fund balance represents 5.58% of that same amount.

The fund balance of the District’s general fund increased by $297,884 during the current fiscal year (Exhibit D). Key factorsin this change are as follows:

State aid revenue was $3,968 less than budget. Local revenue was $12,912 less than budget. Use of $1,123,787 of opening fund balance to finance operations. Operating expenditures were $1,439,125 less than budget.


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GENERAL FUND BUDGETARY HIGHLIGHTS

The District’s original budget of $44,073,208 was increased by $8,000, to $44,081,208. There were also transfers betweenindividual line items throughout the year (Exhibit E).

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets. The District’s investment in capital assets as of the end of the current fiscal year amounts to $77,379,747(net of accumulated depreciation). This investment in capital assets includes buildings, furniture, fixtures, and equipment,vehicles, and land. The District had additions to capital assets of $130,076 during the year. Depreciation expense for thecurrent fiscal year was $2,501,000.

DISTRICT'S CAPITAL ASSETS

Amount

Description 2015 2014

Capital assets - beginning of the year. . . . . . . . . 89,401,962$ 87,917,127$

Less accumulated depreciation . . . . . . . . . . . . . . (9,651,291) (7,265,124)

Capital assets at the beginning of the year

net of accumulated depreciation. . . . . . . . . . . 79,750,671 80,652,003

Current year additions. . . . . . . . . . . . . . . . . . . . . 130,076 1,534,172

Less current year depreciaiton. . . . . . . . . . . . . . . (2,501,000) (2,435,504)

Total capital assets - net. . . . . . . . . . . . . . . . . 77,379,747$ 79,750,671$

Additional information on the District’s capital assets can be found in Exhibit H - Note 4 of this report.

Debt. The District’s debt and other long-term obligations, which are backed by the full faith and credit of the District andits member towns, are summarized below.

DISTRICT'S DEBT AND OTHER LONG-TERM OBLIGATIONS

AmountDescription 2015 2014

Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,725,000$ 29,670,000$Other post-employment benefits obligation . . . 24,698,191 20,206,966Hampshire county pension obligation . . . . . . . 15,659,305 15,455,702

Compensated absences . . . . . . . . . . . . . . . . . 2,051,271 1,723,071Sewer assessments payable . . . . . . . . . . . . . 946,120 1,013,700

Unamortized bond premium . . . . . . . . . . . . . . . 370,667 159,918

Capital lease obligations . . . . . . . . . . . . . . . . . 198,160 460,414Special assessments payable . . . . . . . . . . . . . 57,465 63,465

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,706,179$ 68,753,236$

The District has an “ Aa3” bond rating from Moody’s and it issued $5,800,000 and retired $11,600,000 of bond anticipationnotes during the year. Additional information on the District’s debt can be found in Exhibit H - Note 4 of this report.


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ECOMONIC FACTORS AFFECTING THE FISCAL 2016 BUDGET AND RELATED ASSESSMENTS

The theme for our budget presentation is Sustainability in Light of Structural Budget Issues. The intent for this budget isto continue our work through the District Improvement Goals to ensure that we remain focused on the safety and well-being of the District, that we improve and expand communication to the wider community, that we remain fiscally

responsible, that we sustain our commitment of educational excellence for all learners, and that the 21 st Centuryframeworks and use of technology is strengthened in the District’s approach to education. Our guiding principles for thebudget development process were as follows:

To develop a budget that is reflective of the District’s vision and that is based on Improvement Goals To sustain the District’s commitment to excellence To provide adequate, but cost effective programming and staffing To develop manageable assessments to the towns of Hampden and Wilbraham To be proactive rather than reactive To clearly communicate to all stakeholders To allocate funds strategically to create an aligned system

The District continues to perform at a high level academically, even while dealing with the implementation of manyunfunded mandates, and the economic difficulties arising from declining enrollment, rising fixed costs, and stagnant growthin revenues. As has been the case in prior years, the annual budget process began with a budgetary shortfall. At thestate level, the story was the same with a beginning gap between anticipated revenues and expenditures. The membertowns have high expectations for student achievement and have been committed to investing in education, but they, too,are experiencing the cost shifts associated with a weak national economy, the increase in their cost share required by thestate, declining enrollment, and health care and benefit costs that continue to outpace the overall financial growth.

The FY16 budget proposal is a balanced plan that incorporates the economic realities of the District and the towns, whileresponding to the needs of the schools in a fiscally responsible way. The District has been mindful of the member towns’ability to fund the assessments within the levy limit, and recognizes the efforts of both towns who contribute above theminimum local contribution required by the state on an annual basis. This level of support has allowed the District to keep

the core mission intact, but this budget cycle continued to highlight the reality of the increased responsibility at the locallevel, and the need to make even greater investments above these levels in order to provide the educational experiencethe communities want for the children. These objectives have been met through staffing and operational reductions inresponse to declining enrollment, systemic and creative contract negotiations, the pursuit of revenue opportunities, andthe development of strategic cost saving initiatives and efficiencies.

The FY16 budget at $45,036,613 represents a 2.14% increase, or 941,505 dollar growth, over the FY15 budget of$44,095,108 voted by the School Committee. The School Committee is committed to its goal of maintaining a fiscallystable and well managed organization. The Excess & Deficiency Reserve was certified at $1,349,190 which is 3% of theDistrict’s Operating and Capital Budget. The District may keep up to 5% in this reserve, and has worked diligently theselast years to bring this reserve to its highest fund balance to date. The Committee has also voted to contribute to aStabilization Fund for maintenance and repair needs of the District’s facilities, and to the Other Post Employment Benefit

Trust Fund.


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2-9

This budget encompasses the results of the District’s plan to continue to educate students at the highest level within theconstraints of local and national economic realities. Revenues required to meet negotiated contracts, to support mandates,to provide programming and services needed to meet the District’s vision are inadequate to do so. The budgetrecommendations for the last several years have reflected the inability to truly provide a 21st Century teaching and learningenvironment because of the need to make reductions and difficult allocation decisions. The challenge the District strives

to conquer each budget season, is to communicate the District’s needs to all stakeholders, to determine what thestakeholders want this District to be, and to allocate the resources available to provide the best educational experience forthe children in the communities.

REQUESTS FOR INFORMATION

The financial report is designed to provide a general overview of the District’s finances for all those with an interest in thegovernment’s finances. Questions concerning any of the information provided in this report or requests for additionalfinancial information should be addressed to the Business Office, Hampden-Wilbraham Regional School District, 621 MainStreet, Wilbraham, MA 01095.


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EXHIBIT A


GOVERNMENT-WIDE

STATEMENT OF NET POSITION

JUNE 30, 2015

Governmental Activities

Assets:

Current assets:

Pooled cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,908,675

Due from other governments . . . . . . . . . . . . . . . . . . . . . 438,221 Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,026

Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,613

Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,366,535

Capital assets (net of accumulated depreciation) . . . . . . . . . . . . . . . . . . . . . 77,379,747

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,746,282

Deferred outflow of resources related to pensions . . . . . . . . . . . . . . . . . . . . . . 46,677

Liabilities:

Current liabilities:

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304,716

Accrued payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,752,503

Payroll withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,280

Accrued interest payable . . . . . . . . . . . . . . . . . . . . . . . . 560,512 Unearned revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,446

Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,808,457

Noncurrent liabilities:

Due within one year:

Premiums on debt issuance . . . . . . . . . . . . . . . . . . . . 14,914

Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,075,000

Sewer assessment payable . . . . . . . . . . . . . . . . . . . . . 67,580

Special assessments payable . . . . . . . . . . . . . . . . . . . 7,465

Capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . 97,379

Compensated absences . . . . . . . . . . . . . . . . . . . . . . . 208,271

Total due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,470,609

Due in more one year:

Premiums on debt issuance . . . . . . . . . . . . . . . . . . . . 355,753 Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,650,000

Sewer assessment payable . . . . . . . . . . . . . . . . . . . . . 878,540

Special assessments payable . . . . . . . . . . . . . . . . . . . 50,000

Capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . 100,781

Compensated absences . . . . . . . . . . . . . . . . . . . . . . . 1,843,000

Other post-employment benefits ("OPEB") obligation. . 24,698,191

Hampden county pension obligation. . . . . . . . . . . . . . . 15,659,305

Total due in more than one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,235,570

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,514,636

Deferred inflow of resources related to pensions . . . . . . . . . . . . . . . . . . . . . . . 121,520

Net position:

Invested in capital assets, net of related debt . . . . . . . . . . . . . . . . . . . . . . . 42,510,467 Restricted for:

Grants and revolving activity . . . . . . . . . . . . . . . . . . . . . . 1,539,745

Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,613

Capital projects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837,456

Total restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,393,814

Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (40,747,478)

Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,156,803

See accompanying notes to the basic financial statements.

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15/85

EXHIBIT B


GOVERNMENT-WIDESTATEMENT OF ACTIVITIES


Governmental ActivitiesProgram Revenues

Expenses Operating Capital Net Revenue/

for all Grants Member Fees and Grants (Expense) andFunctions and and Town Charges for and Changes in

Functions/Programs Programs (*) Contributions Assessments Services Contributions Other Net Position

Administration . . . . . . . . . . . . . . . . . . . . . . . . . 1,501,460 - - - - - (1,501,460) Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,679,069 1,998,933 - 134,554 - 135,457 (23,410,125)

Ancillary school services. . . . . . . . . . . . . . . . . . 3,067,436 1,042,279 - 1,151,425 - 10,101 (863,631) Transportation . . . . . . . . . . . . . . . . . . . . . . . . . 3,256,699 1,424,818 1,871,313 - - - 39,432 Maintenance and operations . . . . . . . . . . . . . . 3,728,745 - - 92,215 - 3,775 (3,632,755) Insurance and employee benefits . . . . . . . . . . 15,219,518 4,096,659 - - - 5,098 (11,117,761)

Programs with other schools . . . . . . . . . . . . . . 1,769,669 599,795 - - - - (1,169,874)

Payment of prior year encumbrances . . . . . . . 96,709 - - - - - (96,709) Capital improvements . . . . . . . . . . . . . . . . . . . - - - - 1,330,097 - 1,330,097

Unallocated depreciation (**) . . . . . . . . . . . . . . 2,107,722 - - - - - (2,107,722)

Debt service - interest. . . . . . . . . . . . . . . . . . . . 1,389,097 - 2,389,922 - - 8,341 1,009,166 Bond issuance payments. . . . . . . . . . . . . . . . . 56,918 - - - - - (56,918)

Total activities . . . . . . . . . . . . . . . . . . . . . 57,873,042 9,162,484 4,261,235 1,378,194 1,330,097 162,772 (41,578,260)

General revenues:

Assessments to member towns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,912,268

Grants and contributions not restricted to specific purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,409,794 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,478

Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,610

Total general revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,361,150

Special item - unused bond premiums returned to member towns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (162,172)

Changes in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,379,282)

Net position - beginning of the year before restatement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,991,787

Restatement of beginning of the year net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,455,702)

Net position - beginning of the year after restatement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,536,085

Net position - end of the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,156,803

(*) - Imbedded within these function and program costs are depreciation and other post-employment expenses of

$2,501,000 and $4,491,225, respectively.

(**) - This line item excludes depreciation expensed directly to various programs totaling $393,278. Total depreciation expense is $2,501,000, which equals $2,107,722 + 393,278.


3-2


16/85

EXHIBIT C


GOVERNMENTAL FUNDS

BALANCE SHEET

AS OF JUNE 30, 2015

High Other

School Nonmajor Total

General Construction Governmental Governmental

Fund Fund Funds Funds

Assets: Pooled cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,504,588 831,982 1,572,105 7,908,675

Due from other governments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,675 - 320,546 438,221

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,026 - - 3,026

Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - 16,613 16,613

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,625,289 831,982 1,909,264 8,366,535

Liabilities and fund balances:

Liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156,591 - 148,125 304,716

Accrued payroll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,593,642 - 158,861 2,752,503

Payroll withholdings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,280 - - 150,280

Compensated absences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208,271 - - 208,271

Unearned revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - 40,446 40,446

Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,108,784 - 347,432 3,456,216

Fund balances:

Nonspendable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - 16,613 16,613

Spendable:

Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,178 831,982 1,545,219 2,515,379

Committed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,588 - - 200,588

Assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 682,640 - - 682,640

Unassigned - available for appropriation . . . . . . . . . . . . . . . . . . . . . . . 1,495,099 - - 1,495,099

Total fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,516,505 831,982 1,561,832 4,910,319

Total liabilities and fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,625,289 831,982 1,909,264

Reconciliation of fund balances to government-wide statement of net position. Amounts reported for governmental activities in the statement of net position are different because:

Capital assets used in governmental activities are not financial resources and therefore are not

reported in the governmental funds statement:

Gross capital assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,489,525

Less: accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,109,778

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,379,747

Long-term liabilities are not due and payable in the current period and therefore

are not reported in the governmental funds statement:

Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (33,725,000)

Sewer assessments payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (946,120)

Special assessments payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (57,465)

Other post-employment benefits obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,698,191)

Hampden county pension obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,659,305)

Capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (198,160) Compensated absences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,843,000)

Unamortized bond premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (370,667)

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (77,497,908)

Accrued interest payable is not recognized as an expenditure and therefore is not reported in the

governmental funds statements . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . (560,512)

Unamortized deferred outflow of resources related to pensions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,677

Unamortized deferred inflow of resources related to pensions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (121,520)

Net position (Exhibit A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,156,803


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17/85

EXHIBIT D


GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES


State Payments

High On-behalf of Other

School Teacher Nonmajor Total

General Construction Retirement Governmental Governmental

Fund Fund Fund Funds Funds

Revenues:

Town assessments - operating and capital. . . . . . . . . . . . . 30,173,503 - - - 30,173,503

Intergovernmental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,727,948 1,330,097 3,804,659 4,039,671 21,902,375

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,478 - - - 27,478

Fees and charges for services . . . . . . . . . . . . . . . . . . . . . . - - - 1,378,194 1,378,194

Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,610 - - 154,431 166,041

Total revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,940,539 1,330,097 3,804,659 5,572,296 53,647,591

Other financing sources:

Proceeds from the issuance of bonds. . . . . . . . . . . . . . . . . - 5,030,000 - - 5,030,000

Premiums on the issuance of bonds. . . . . . . . . . . . . . . . . . - 219,090 - - 219,090

Proceeds from the issuance of capital lease obligations. . . - - - 21,547 21,547

Transfers from the general fund . . . . . . . . . . . . . . . . . . . . . . - 145,000 - - 145,000

Total other financing sources . . . . . . . . . . . . . . . . . . . . . - 5,394,090 - 21,547 5,415,637

Total revenues and other financing sources. . . . . . . . . . . . . . 42,940,539 6,724,187 3,804,659 5,593,843 59,063,228

Expenditures:

Operating:

Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,432,202 - - - 1,432,202

Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,097,713 - - 2,095,972 25,193,685

Ancillary school services . . . . . . . . . . . . . . . . . . . . . . . . . 820,340 - - 2,159,790 2,980,130

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,211,750 - - 44,949 3,256,699

Maintenance and operations. . . . . . . . . . . . . . . . . . . . . . 3,884,547 - - 87,754 3,972,301

Insurance and employee benefits. . . . . . . . . . . . . . . . . . . 6,341,433 - 3,804,659 303,755 10,449,847

Programs with other schools. . . . . . . . . . . . . . . . . . . . . . 1,266,095 - - 503,574 1,769,669

Payment of prior year encumbrances. . . . . . . . . . . . . . . . 96,709 - - - 96,709

Capital improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 136,824 - 21,547 158,371

Debt service:

Bond principal payments . . . . . . . . . . . . . . . . . . . . . . . . . 975,000 - - - 975,000 Bond interest payments . . . . . . . . . . . . . . . . . . . . . . . . . . 1,313,594 - - - 1,313,594

Bond issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 56,918 - - 56,918

Unused bond premium returned to member towns . . . . . - 162,172 - - 162,172

Special assessment payments . . . . . . . . . . . . . . . . . . . . 6,000 - - - 6,000

Bond anticipation note interest payments. . . . . . . . . . . . 52,272 - - - 52,272

Total expenditures. . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,497,655 355,914 3,804,659 5,217,341 51,875,569

Other financing uses -

Transfers to the high school construction fund. . . . . . . . . . . 145,000 - - - 145,000

Total expenditures and other financing uses. . . . . . . . . . . . . . 42,642,655 355,914 3,804,659 5,217,341 52,020,569

Net changes in fund balances . . . . . . . . . . . . . . . . . . . . . . . . . 297,884 6,368,273 - 376,502 7,042,659

Fund balance - beginning of the year. . . . . . . . . . . . . . . . . . . . 2,218,621 (5,536,291) - 1,185,330

Fund balance - end of the year. . . . . . . . . . . . . . . . . . . . . . . . . 2,516,505 831,982 - 1,561,832

Reconciliation of the statement of revenues, expenditures, and changes in fund balances

to the statement of activities (See footnote 2 for additional information):

Capital outlays net of depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,370,924)

Net change in certain accrued liabilities including debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,976,174)

Changes in net deferred inflow of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (74,843)

Change in net position of the government-wide statement of activities (Exhibit B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,379,282)


4-2


18/85

EXHIBIT E


GENERAL FUND

STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (BUDGETARY BASIS)


Actual Over/

Original Revised Revenues and (Under)

Budget Budget Expenditures Encumbrances Total Budget

Regional Budget:

Revenues:

Town assessments:Hampden - regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,441,792 7,441,477 7,441,477 - 7,441,477 -

Wilbraham - regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,398,562 22,397,600 22,397,598 - 22,397,598 (2)

Total town assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,840,354 29,839,077 29,839,075 - 29,839,075 (2)

State aid:

Chapter 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,405,264 11,405,264 11,405,264 - 11,405,264 -

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,625,490 1,185,652 1,188,633 - 1,188,633 2,981

Medicaid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,000 141,000 129,521 - 129,521 (11,479)

Charter schools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - 4,530 - 4,530 4,530

Total state aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,171,754 12,731,916 12,727,948 - 12,727,948 (3,968)

Local:

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000 52,000 27,478 - 27,478 (24,522)

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - 11,610 - 11,610 11,610

Total local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000 52,000 39,088 - 39,088 (12,912)

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,064,108 42,622,993 42,606,111 - 42,606,111 (16,882)

Other financing sources:

Transfers from general fund beginning fund balance. . . . . . 631,000 1,080,115 1,080,115 - 1,080,115 -

Total revenues and other financing sources . . . . . . . . . . . . . . . 43,695,108 43,703,108 43,686,226 - 43,686,226 (16,882)

Expenditures:

Operating:

Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,623,852 1,437,194 1,432,202 13,543 1,445,745 8,551

Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,788,916 23,622,975 23,097,713 51,115 23,148,828 (474,147)

Ancillary school services . . . . . . . . . . . . . . . . . . . . . . . . . 824,387 824,387 820,340 - 820,340 (4,047)

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,213,271 3,213,271 3,211,750 - 3,211,750 (1,521)

Maintenance and operations. . . . . . . . . . . . . . . . . . . . . . 3,841,881 3,843,981 3,884,547 5,619 3,890,166 46,185

Insurance and employee benefits. . . . . . . . . . . . . . . . . . 6,798,118 6,761,824 6,341,433 - 6,341,433 (420,391)

Programs with other schools. . . . . . . . . . . . . . . . . . . . . . 1,395,057 1,789,850 1,266,095 30,000 1,296,095 (493,755)

Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 100,000 - - - (100,000) Total operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,585,482 41,593,482 40,054,080 100,277 40,154,357 (1,439,125)

Bond principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660,000 660,000 660,000 - 660,000 -

Bond interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,395,494 1,250,494 1,250,494 - 1,250,494 -

Special assessment payments . . . . . . . . . . . . . . . . . . . . 6,000 6,000 6,000 - 6,000 -

Bond anticipation note interest payments. . . . . . . . . . . . 48,132 48,132 52,272 - 52,272 4,140

Total debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,109,626 1,964,626 1,968,766 - 1,968,766 4,140

Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,695,108 43,558,108 42,022,846 100,277 42,123,123 (1,434,985)

Other financing uses -

Transfers to the high school construction fund. . . . . . . . . . . - 145,000 145,000 - 145,000 -

Total expenditures and other financing uses. . . . . . . . . . . . . . . 43,695,108 43,703,108 42,167,846 100,277 42,268,123 (1,434,985)

Net changes in fund balances from operating budget . . . . . . . . - - 1,518,380 (100,277) 1,418,103 1,418,103

See accompanying notes to the basic financial statements. (Continued)

4-3


19/85

EXHIBIT E


GENERAL FUND

STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (BUDGETARY BASIS)


Actual Over/

Original Revised Revenues and (Under)

Budget Budget Expenditures Encumbrances Total Budget

Wilbraham Capital Budget:

Revenues - assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,428 100,428 100,428 - 100,428 -

Other financing sources:Transfers from general fund beginning fund balance. . . . . . 43,672 43,672 43,672 - 43,672 -

Total revenues and other financing sources . . . . . . . . . . . . . . . 144,100 144,100 144,100 - 144,100 -

Expenditures - debt service:

Bond principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,000 135,000 135,000 - 135,000 -

Bond interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,100 9,100 9,100 - 9,100 -

Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,100 144,100 144,100 - 144,100 -

Net changes in fund balances - Wilbraham capital budget . . . . - - - - - -

Hampden Capital Budget:

Revenues - assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,000 234,000 234,000 - 234,000 -

Expenditures - debt service:

Bond principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 180,000 180,000 - 180,000 -

Bond interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,000 54,000 54,000 - 54,000 -

Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,000 234,000 234,000 - 234,000 -

Net changes in fund balances - Hampden capital budget . . . . . - - - - - -

Total Consolidated Budget:

Total revenues and other financing sources . . . . . . . . . . . . . . . 44,073,208 44,081,208 44,064,326 - 44,064,326 (16,882)

Total expenditures and other financing uses . . . . . . . . . . . . . . . 44,073,208 44,081,208 42,545,946 100,277 42,646,223 (1,434,985)

Net change in fund balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - 1,518,380 (100,277) 1,418,103 1,418,103

Reconciliation of GAAP bases to budgetary basis:

(See Exhibit D) Transfers From Current Payment of

GAAP Beginning Fund Year Prior Year Budgetary

Description Basis Balance Encumbrances Encumbrances Basis

Revenues and other financing sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,940,539 1,123,787 - - 44,064,326

Expenditures and other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,642,655 - 100,277 (96,709) 42,646,223

Net changes in fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297,884 1,123,787 (100,277) 96,709 1,418,103

See accompanying notes to the basic financial statements. (Concluded)

4-4


20/85

EXHIBIT F


FIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITION

JUNE 30, 2015

Student Private-

Activities OPEB Purpose

Agency Trust TrustFunds Fund Funds Totals

Assets - pooled cash. . . . . . . . . . . . . . . . . . . 261,234 161,366 7,420 430,020

Liabilities - due to student groups . . . . . . . . . 261,234 - - 261,234

Net position . . . . . . . . . . . . . . . . . . . . . . . . . - 161,366 7,420 168,786


EXHIBIT G


OPEB AND PRIVATE-PURPOSE TRUST FUNDS

STATEMENT OF CHANGES IN NET POSITION


Private-

OPEB Purpose

Trust TrustFund Funds Totals

Additions:

Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 1,125 1,125

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 - 408

Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 1,125 1,533

Deductions - scholarship awards . . . . . . . . . . . . . . . . . . . . . - 1,000 1,000

Changes in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 125 533

Net position beginning of the year . . . . . . . . . . . . . . . . . . . . 160,958 7,295 168,253

Net position end of the year . . . . . . . . . . . . . . . . . . . . . . . . . 161,366 7,420 168,786


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21/85

EXHIBIT HHAMPDEN-WILBRAHAM REGIONAL SCHOOL DISTRICT

NOTES TO THE BASIC FINANCIAL STATEMENTSFOR THE YEAR ENDED JUNE 30, 2015

5-1

`1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Reporting entity

The Hampden-Wilbraham Regional School District of the Commonwealth of Massachusetts (the District) is comprisedof the Towns of Hampden, and Wilbraham. The District operates under a regional agreement established in 1994,and serves the educational needs of students in grades K through 12. The District operates seven school buildings,five of which are located in the Town of Wilbraham, and two in the Town of Hampden. Schools in Hampden servestudents in grades K-8; the buildings are owned by the Town of Hampden and leased to the District for $1. Schoolsin Wilbraham serve students in grades K-12; the Town of Wilbraham owns all the school buildings except the highschool and leases them to the District for $1. The District owns and operates the high school and is responsible forboth the operating and capital costs related to the high school.

The form of government is an elected seven-member school committee, which is responsible for appointing aSuperintendent who is the chief operating official for the District.

The School Committee is deemed to be the budget making authority and is responsible for financial and assessmentmatters as prescribed by the District agreement, and is responsible for presenting fiscal operating budgets for membertown approval.

The District has the power to incur indebtedness by issuing bonds or notes as provided by Massachusetts GeneralLaw.

The accounting policies of the District conform to generally accepted accounting principles (GAAP) as applicable togovernmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting bodyfor establishing governmental accounting and financial reporting principles. The following is a summary of the moresignificant policies.

As required by generally accepted accounting principles, these financial statements present the District and itscomponent units, entities for which the District is considered to be financially accountable. Blended component units,although legally separate entities are, in substance, part of the government’s operations and so data from these unitsare combined with data of the primary government. Each discretely presented component unit (if any), on the otherhand, is reported in a separate column in the government-wide financial statements to emphasize it is legally separatefrom the District. Any blended or discretely presented component unit present has a June 30 year-end. Based uponthe foregoing criteria, the District has no component units that would require either blended or discrete presentationin these basic financial statements.

The District, along with several other regional school districts and towns, is a member of the Lower Pioneer ValleyEducational Collaborative (the “Collaborative”). The Collaborative bills its members for various educational programsit provides to its members, which would not be feasible for individual school systems to provide, as well as providing

transportation services. The District paid the Collaborative approximately $4,275,800 for its various services in fiscal2015.

The Collaborative is separately governed and issues its own financial statements, which are available from theCollaborative’s business office.


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5-3

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

B. Basis of presentation (continued)

Governmental activities

Governmental funds are identified as either general, special revenue, or capital projects funds based upon thefollowing guidelines.

General fund – is the general operating fund of the District and is always classified as a major fund. It is used toaccount for all financial resources except those required to be accounted for in another fund.

Special revenue funds – are used to account for the proceeds of specific revenue sources (other than majorcapital projects) that are legally restricted to expenditures for specified purposes.

Capital project funds – are used to account for financial resources to be used for the acquisition or construction

of major capital facilities (other than those financed by trust funds).

Fiduciary funds (not included in government-wide statements)

Fiduciary funds are identified as either private-purpose trust funds or agency funds based upon the followingguidelines.

Private-purpose trust funds – are used to account for resources legally held in trust for scholarship payments.

OPEB trust fund – used to account for resources legally held in trust for retiree health insurance payments.

Agency funds – are used to account for assets held by the District as an agent for individuals, private

organizations, and/or other governmental units.

Major Funds

The District reports the following major governmental funds.

General fundHigh school construction fundState payments on-behalf of teacher retirement fund

Nonmajor funds

The District reports the following nonmajor funds.Special revenue funds:

Revolving fundsFederal, state, and other grant funds

Capital project funds:Mile Tree and Stony Hill project fundCapital lease obligations fund


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5-4


B. Basis of presentation (continued)

Fiduciary funds

The District reports the following fiduciary funds.Private-purpose trust funds – scholarships fundsOPEB trust fund – retiree health insurance payments

Agency fund - student activities funds

C. Basis of accounting

Government-wide financial statements

The government-wide financial statements are reported using the economic resources measurement focus and the

accrual basis of accounting. Under the accrual basis of accounting, revenues are recorded when earned and expensesare recorded when a liability is incurred or an economic asset used, regardless of the timing of related cash flows.Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactionsare recognized when the exchange takes place.

Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally arefollowed in the government-wide financial statements to the extent that those standards do not conflict with orcontradict guidance of the Governmental Accounting Standards Board.

Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, orprivileges provided including specific member town assessments, 2) operating grants and contributions, and 3) capitalgrants and contributions. Revenues not classified as program revenues (e.g. general member town assessments) are

presented as general revenues.

When both restricted and unrestricted resources are available for use, except in the case of debt service, it is theDistrict’s policy to generally use restricted resources first, then unrestricted resources as they are needed.

Fund financial statements

Financial statements for governmental fund types are reported using the current financial resources measurementfocus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurableand available. Revenues are considered to be available when they are collectible within the current period or soonenough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to beavailable if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded

when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expendituresrelated to compensated absences and claims and judgments, are recorded only when payment is due.


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5-6


E. Assets, liabilities, and net position or equity (continued)

2.

Receivables and payables

Receivables from and payables to other governments (i.e., the Commonwealth of Massachusetts and its politicalsubdivisions) are reported as “due from other governments” and “due to other governments”, respectively.

3. Inventories

Inventories, if any, are valued at cost using the first-in/first-out (FIFO) method. Inventories of governmental fundsare recorded as expenditures when consumed rather than when purchased.

4. Capital assets


In the fund financial statements, fixed assets used in governmental fund operations are accounted for as capitaloutlay expenditures of the governmental fund upon acquisition. Fixed asset are not capitalized and relateddepreciation is not reported in the fund financial statements.


Capital assets, which include construction in progress, buildings, machinery and equipment, computers, andvehicles, are reported in the applicable governmental or business type activities, if any, columns in thegovernment-wide financial statements. Capital assets are defined by the District as assets with an initial, individualcost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded at

historical cost or estimated historical cost if purchased or constructed. Significant donated capital assets arerecorded at estimated fair market value at the date of donation.

The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend theasset’s life are not capitalized. Major outlays for capital assets and improvements, for which the District has titleare capitalized as projects are constructed.


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5-7



4. Capital assets (continued)

Government-wide financial statements (continued)

Property, plant, and equipment of the District are depreciated using the straight line method over the followingestimated useful lives:

Assets Years

Buildings . . . . . . . . . . . . . . . . . . . . . . . 50

Infrastructure . . . . . . . . . . . . . . . . . . . . 50

Land improvements . . . . . . . . . . . . . . . 20

Furniture, fixtures and equipment . . . . 5 - 20

Vehicles . . . . . . . . . . . . . . . . . . . . . . . . 8

5. Long-term obligations

In the government-wide financial statements long-term debt and other long-term obligations are reported asliabilities. Bond premiums and discounts, as well as significant issuance costs, are amortized over the life of thebonds using the effective interest method. Bonds payable are reported net of the applicable bond premium ordiscount.

In the fund financial statements governmental fund types recognize bond premiums and discounts, as well asbond issuance costs, during the current period. The face amount of debt issued is reported as other financingsources. Premiums received on debt issuances are reported as other financing sources. Issuance costs, whetheror not withheld from the actual debt proceeds received, are reported as debt service expenditures.

6. Compensated absences

It is the District’s policy to permit employees to accumulate earned but unused vacation benefits. All vacation payis accrued when incurred in the government-wide financial statements. A liability for these amounts is reported ingovernmental funds only if they have matured, for example, as a result of employee resignations and retirement.


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5-8



7.

Economic dependency

The District provides education to the children of the Towns of Hampden and Wilbraham. It receives a substantialportion of its revenues from these towns, as well as from the Commonwealth of Massachusetts, and as such, isdependent on the economic environment of these towns and the Commonwealth.

8. Fund equity


Equity is classified as net position and displayed in three components:

Invested in capital assets, net of related debt – consists of capital assets including restricted capital assets,net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes,or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. Ifthere are significant unspent related debt proceeds at year-end, the portion of the debt attributable to theunspent proceeds are not included in the calculation of invested in capital assets, net of related debt.

Restricted net position – consists of net position with constraints placed on the use either by 1) externalgroups such as creditors, grantors, contributors, or laws or regulations of other governments or, 2) lawthrough constitutional provisions or enabling legislation.

Unrestricted net position – consists of all other net position that do not meet the definition of “restricted” or“invested in capital assets, net of related debt”.


In the fund financial statements, governmental funds report aggregate amounts for five classifications of fundbalances based on the constraints imposed on the use of these resources. The nonspendable fund balanceclassification includes amounts that cannot be spent because they are either (a) not in spendable form – prepaiditems or inventory; or (b) legally or contractually required to be maintained intact:

The spendable portion of the fund balance comprises the remaining four classifications: restricted, committed,assigned, and unassigned.

Restricted fund balance. This classification reflects the constraints imposed on resources either (a) externally

by creditors, grantors, and contributors, of laws or regulations of other governments; or (b) imposed by lawthrough constitutional provisions or enabling legislation.


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5-10

2. RECONCILIATION OF GOVERNMENT-WIDE AND GOVERNMENTAL FUND FINANCIAL STATEMENTS

A. Explanation of differences between the net changes in fund balances for governmental funds (Exhibit D)and the change in net position of the government-wide statement of activities (Exhibit B)

The reconciliation between net changes in fund balances reported in the governmental funds statement of revenues,expenditures, and changes in fund balances (Exhibit D) and the change in net position of the government-widestatement of activities (Exhibit B) is explained below.

Net changes in fund balances - total governmental funds (Exhibit D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,042,659$Variance between the two statements occur as a result of the following items:

Governmental funds report capital outlays as expenditures. However, in the government-wide statement of activities, the cost of those assets are allocated over their estimateduseful lives as depreciation expense. The components of this reconciling item are:

Additions to capital assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,076$Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,501,000)

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,370,924)Changes in the balance of accrued liabilities from th

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