adams county school district 14 2010-11 final 11-16-11.pdf · (gfoa) awarded a certificate of...

ADAMS COUNTY SCHOOL DISTRICT 14

COMMERCE CITY, COLORADO

COMPREHENSIVE

ANNUAL

FINANCIAL REPORT

For the Fiscal Year Ended June 30, 2011

Board of Education

Mrs. Jeannette Lewis, President

Mr. Robert Vashaw, Vice President

Mr. Larry Quintana, Treasurer

Mr. Bill Klocker, Secretary

Mr. Adrian Schimpf, Director

Superintendent of Schools

Dr. Susan Chandler

Issued by Division of Financial Services

Martha A. Baldwin, C.P.A., M.P.A.

Director of Finance

ADAMS COUNTY SCHOOL DISTRICT 14 Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2011

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Table of Contents

INTRODUCTORY SECTION

Letters of Transmittal .......................................................................................................................... 1 Association of School Business Officials – Certification of Excellence in Financial Reporting .......... 7 Government Finance Officers Association of the United States and Canada – Certificate of

Achievement for Excellence in Financial Reporting ...................................................................... 8 Board Members, District Coordinating Team, and Directors .............................................................. 9 Central Administration Organizational Chart ...................................................................................... 10

FINANCIAL SECTION

Independent Auditors’ Report ............................................................................................................. 11 Management’s Discussion and Analysis ............................................................................................ 13

BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Assets .............................................................................................................. 24 Statement of Activities .................................................................................................................. 25 Fund Financial Statements Balance Sheet – Governmental Funds ........................................................................................ 26 Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Assets ............. 27 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental

Funds ........................................................................................................................................ 28 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund

Balances of Governmental Funds to the Statement of Activities ............................................. 29 Statement of Net Assets – Proprietary Funds.............................................................................. 30 Statement of Revenues, Expenses and Changes in Net Assets – Proprietary Funds ................ 31 Statement of Cash Flows – Proprietary Funds ............................................................................ 32 Statement of Fiduciary Assets and Liabilities .............................................................................. 33 Notes to Financial Statements ............................................................................................................ 34 REQUIRED SUPPLEMENTARY INFORMATION Budgetary Comparison Schedules General Fund ............................................................................................................................... 52 Grants Fund ................................................................................................................................. 53 Notes to Required Supplementary Information .................................................................................. 54 SUPPLEMENTARY INFORMATION Budgetary Comparison Schedules Bond Redemption Fund ............................................................................................................... 56 Combining and Individual Fund Statements and Schedules

Combining Balance Sheet – Nonmajor Governmental Funds ..................................................... 57 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Governmental Funds ................................................................................ 58

Budgetary Comparison Schedules Capital Reserve – Special Revenue Fund ................................................................................... 59 Capital Projects – Building Fund .................................................................................................. 60 Capital Reserve – Building Fund ................................................................................................. 61 Food Service Fund ....................................................................................................................... 62 Adult Education Fund ................................................................................................................... 63

ADAMS COUNTY SCHOOL DISTRICT 14 Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2011

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Table of Contents (continued)

Statement of Changes in Fiduciary Assets and Liabilities ................................................................. 64 Combining Statement of Net Assets – Component Units .................................................................. 65 Combining Statement of Activities – Component Units ...................................................................... 66 STATISTICAL SECTION Statistical Tables Table Financial Trends Net Assets by Component .............................................................................................. 1 70 Changes in Net Assets .................................................................................................... 2 71 Fund Balances of Governmental Funds ......................................................................... 3 72 Change in Fund Balances, Governmental Funds ........................................................... 4 74 Revenue Capacity Summary of Revenue by Source and Other Financing Sources – General Fund .......... 5 78 Assessed Value and Estimated Actual Value of Taxable Property ................................ 6 80 Property Tax Rates, Direct and Overlapping Government ............................................. 7 81 Principal Taxpayers ......................................................................................................... 8 82 Property Tax Levies and Collections .............................................................................. 9 83 Debt Capacity Ratios of Outstanding Debt by Type ............................................................................... 10 86 Ratio of General Bonded Debt to Assessed Value and Bonded Debt per Capita .......... 11 87 Ratio of Direct and Overlapping Debt ............................................................................. 12 88 Legal Debt Margin Information ........................................................................................ 13 89 Ratio of Debt Service Expenditures for General Bonded Debt to General Fund Expenditures ............................................................................................................... 14 90 Demographic and Economic Information Demographic Statistics ................................................................................................... 15 92 Property Values and Construction .................................................................................. 16 93 City of Commerce City, Colorado Principal Employers .................................................. 17 94 Operating Information Full-time Equivalent Employees by Fund ........................................................................ 18 96 Miscellaneous Statistical Data ........................................................................................ 19 97 Capital Asset Statistics by Function/Program ................................................................. 20 98 COMPLIANCE SECTION Federal Financial Assistance Independent Auditors’ 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 ............................................ 99 Independent Auditors’ Report on Compliance 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 .................................................... 101 Schedule of Findings and Questioned Costs ............................................................................... 103 Schedule of Expenditures of Federal Awards .............................................................................. 106 Notes to Schedule of Expenditures of Federal Awards ............................................................... 107 State Compliance Independent Auditors’ Report on Auditor’s Integrity Report ........................................................ 108 Colorado Department of Education Auditor’s Integrity Report ..................................................... 109

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November 15, 2011

Board of Education Adams County School District 14 5291 E. 60th Avenue Commerce City, CO 80022

Dear Members of the Board of Education,

I am so pleased to submit to you the Comprehensive Annual Financial Report (CAFR) of Adams County School District 14 for the fiscal year ended June 30, 2011.

The CAFR, for the fiscal year ended June 30, 2010, received the Certificate of Excellence in Financial Reporting from the Association of School Business Officials International and the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada. These awards represent acknowledgement from our peers that our District has prepared and presented our fiscal information in a clear, open and user-friendly format for stakeholders that qualifies the report for its recognition of excellence. I am confident that this year’s CAFR will continue to qualify for these prestigious awards.

The Division of Financial Services is to be congratulated for their leadership in moving the District towards the highest standards of fiscal accountability. The quality and completeness of this report is designed to continue to increase the confidence of all our stakeholders in the fiscal competence of our district. A review of this document provides clear evidence of the progress the District has made in achieving its fiscal goals.

I would also extend my thanks to the members of the Board of Education for their support and direction in establishing clear and attainable fiscal goals for the District.

Sincerely,

Dr. Susan Chandler Superintendent

Educational Support Services 5291 E. 60th Avenue

Commerce City, CO 80022-3203 P: 303.289.3940 F: 303.286.9753

www.adams14.org

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November 15, 2011

Citizens and Members of the Board of Education of Adams County School District 14:

We are pleased to submit the fiscal year 2011 Comprehensive Annual Financial Report (CAFR) of Adams County School District 14 (District) for the fiscal period from July 1, 2010, to June 30, 2011. The District’s Division of Financial Services prepared this report. Responsibility for both accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the District. We believe the data as presented is accurate in all material respects, and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included.

All funds within the District are required under Colorado statute (C.R.S. 1973, 29-1-603) to have an annual audit performed on its financial statements by an independent certified public accountant. The District’s financial statements have been audited by RubinBrown LLC, a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the District for the fiscal year ended June 30, 2011, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial 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 that the District’s financial statements are fairly presented in conformity with Generally Accepted Accounting Principles (GAAP). The independent auditors’ report is presented as the first component of the financial section of this report.

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. These reports can be found in the compliance section along with information related to the single audit, schedule of expenditures of Federal awards and schedule of findings and questioned costs. The Auditor’s Electronic Financial Data Integrity Check required by the Colorado Department of Education is also included in this section.

GAAP requires that management provide a narrative introduction, overview and analysis to accompany the financial statements in the form of Management’s Discussion and Analysis (MD&A).

Martha A. Baldwin, C.P.A.. M.P.A. ESS Bulding

5291 E. 60th Avenue Commerce City, CO 80022

P: 303.853.3209 F: 303.853.3334

[email protected] www.adams14.org

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This letter is designed to complement the MD&A and should be read in conjunction with it. The MD&A immediately follows the report of the independent auditors.

THE SCHOOL DISTRICT

The District lies immediately north of Denver, Colorado, and serves a population of 33,116 according to the 2000 U.S. census. The District boundaries cover 52 square miles and serve Commerce City, parts of the City of Thornton and unincorporated Adams County. We are fortunate to enjoy culture and ethnic diversity in our school district. Our ethnic composition is about 0.3% Asian, 0.9% American Indian, 2.5% African American, 81.7% Hispanic, 14.1% Anglo and 0.5% of two or more ethnicities. Adams County School District 14, a state and nationally recognized leader in innovative education, has 462 teachers, 37 administrators, and 413 support staff for a total of 912 employees. The District, inclusive of a charter school, serves 6,970.5 funded full-time equivalent students. These students were housed in two preschools, six elementary schools, one pre-kindergarten to eighth grade school, two middle schools, two high schools and one charter school. This was an increase of 147.5 funded full-time equivalent students from the prior fiscal year.

ORGANIZATION OF THE SCHOOL DISTRICT

A five member Board of Education (Board) serves as the taxing authority, contracting body and policy maker for the District. The Board adopts the annual operating budget, certifies the property tax mill levy and appropriates all expenditures that use District revenues. One Board member is designated as the Treasurer for the District.

The Superintendent is the Chief Executive Officer and is accountable to the Board for the education and support operations within the District. The Assistant Treasurer is the Director of Finance and is accountable to the Board for maintaining all financial records, issuing checks to pay the District’s liabilities, acting custodian of all District funds and investing the District’s idle cash as stipulated by Colorado law. Other Board appointed officials are the Chief Academic Officer, Chief Communications and Strategy Officer, Chief Human Resources Officer, Chief Operating Officer, School Principals and the Directors of the many various educational, operational and support services within the District, all of whom report to the Superintendent.

THE REPORTING ENTITY

The District has reviewed its reporting entity definition in accordance with the Governmental Accounting Standards Board (GASB), which defines the governmental reporting entity. This report includes all funds, organizations and activities for which the Board has oversight responsibility as further described in Note A in the Notes to Financial Statements. Our financial statements include two component units: one charter school, Community Leadership Academy, and the Adams 14 Education Foundation. Detail financial information can be referenced in the combining statements for component units.

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SERVICES PROVIDED

The District provides a wide variety of education and support services as mandated by State statute or public desires. These include regular and vocational instruction, English language development programs, special education programs, student guidance and health services, preschool and many extracurricular activities. Enterprise fund services include adult education programs and nutritional service operations.

ECONOMIC CONDITION AND OUTLOOK

According to the Legislative Council Forecast (June 2011), Colorado’s economy… “gained momentum and its rate of economic growth began to surpass the national economy in late 2010. Both nonfarm employment and consumer spending have begun to increase at rates faster than in the nation. The state’s economy was boosted in 2010 by tourism, robust agricultural markets, and a recovery in the energy industry. Despite these clear signs that the economy is expanding, there are ongoing challenges that are restraining the recovery. Growth in small and medium-sized businesses will continue to be restrained by tight credit and a struggling commercial real estate sector. Consumers will also be restrained by tight credit, falling home prices and high levels of debt and unemployment. In addition, the financial and housing markets will continue to work through the imbalances that caused the recession. ”

According to the City of Commerce City’s website, Commerce City has 1,014 businesses of varying sizes that include the industrial, commercial, service and retail sectors. The Prairie Gateway Project opened in the spring of 2007 and continues to provide our constituents with job opportunities and more retail outlets. In addition, the northern areas of Commerce City that are outside of the District’s boundaries continue to expand in residential and retail development. The District welcomes the continued prosperity in our community, but remains cautiously optimistic and conservative in fiscal policy and management.

MAJOR INITIATIVES

In November 2006, District voters approved a bond initiative that provided us with the resources to pursue academic opportunities for all students. This includes building a new high school on a 55-acre parcel donated to the District by the City of Commerce City, retrofitting air-conditioning in all schools that did not already have it, building full-day kindergarten classrooms in our elementary schools and equipping our middle schools with state-of-the-art science labs. The high school opened for the 2009-10 school year and all other projects were completed by October 2008.

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FINANCIAL INFORMATION

District management is responsible for establishing and maintaining a system of internal controls that are designed to provide reasonable, but not absolute, assurance that District assets are protected from material loss, theft or misuse. Furthermore, this system of internal controls shall provide accurate, reliable and sufficient accounting data to prepare financial statements in conformity with GAAP. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits that are likely to be derived from it; and (2) the valuation of those costs and benefits may require certain accounting estimates and professional judgment by District management. Accordingly, we believe that the District's internal controls do provide adequate safeguards of District assets and provide reasonable assurance that financial transactions are properly recorded.

Single Audit As a recipient of Federal and State financial assistance, the District is responsible for maintaining adequate internal controls to ensure compliance with applicable laws and regulations related to those programs. These internal controls are subject to periodic evaluation by District management.

Budgeting Controls The Board adopts the annual budget (appropriation) for the District in June for the next fiscal year. Colorado statutes provide that the Board can make changes to this adopted budget through January 31st. All disbursements and transfers of cash between funds require appropriate authorization from the Board. All purchase order requests must comply with District’s purchasing practices and must be approved by the Assistant Treasurer or her designee. Upon approval, the necessary funds are encumbered and the purchase orders are released to the appropriate vendor. Appropriations within a fund that exceed the amount available are prohibited by law and rejected until additional funds have been secured. Management has the authority to modify budget line items as long as the total fund appropriation is not exceeded.

The finance system used by the District provides interim financial reports which details year-to-date expenditures and encumbrances with comparative data to the original appropriation plus any authorized additional appropriations. Every administrator and school principal has the ability to retrieve financial and budgetary information about their department or school that they are responsible for. These reports detail monthly transactions and summarize the amounts available for future expenditures of goods and services among the various programs. In addition, the Board of Education receives quarterly General Fund financial reports as required by law.

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Cash Management District funds are deposited and invested in accordance with the Public Deposit Protection Act of 1975 and other applicable Colorado statutes. Income on investments for all government wide funds for the fiscal year ended June 30, 2011, was $16,651.

OTHER INFORMATION

Awards The Association of School Business Officials (ASBO) awarded a Certificate of Excellence in Financial Reporting to Adams County School District 14 for its Comprehensive Annual Financial Report for fiscal year ended June 30, 2010. These certificates are awarded to government units that publish an easy-to-read and well-organized Comprehensive Annual Financial Report, whose content conforms to the program standards. Such reports must satisfy both generally accepted accounting principles and any other applicable legal requirements.

In addition, the Government Finance Officers Association of the United States and Canada (GFOA) awarded a certificate of Achievement for Excellence in Financial Reporting to Adams County School District 14 for the fiscal year ended June 30, 2010. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

Certificates from both ASBO and GFOA are valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Excellence and Certificate of Achievement Programs’ requirements and we are submitting it to both ASBO and GFOA to determine its eligibility for another certificate.

Acknowledgment We want to extend a special thanks to our independent certified public accountant, RubinBrown LLP, for their professional assistance helping us prepare our Comprehensive Annual Financial Report.

In closing, we commend the Board for their continued interest and support in planning and conducting the financial operations of the District in a responsible and progressive manner.

Respectfully submitted,

Martha Baldwin, C.P.A., M.P.A. Director of Finance

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ADAMS COUNTY SCHOOL DISTRICT 14 5291 E. 60th Avenue

Commerce City, CO 80022-3203

BOARD OF EDUCATION

Fiscal Year 2010-2011

Mrs. Jeannette Lewis ................................................................................................. President

Mr. Robert Vashaw. ........................................................................................... Vice President

Mr. Larry Quintana .....................................................................................................Treasurer

Mr. Bill Klocker. .......................................................................................................... Secretary

Mr. Adrian Schmipf .......................................................................................................Director

DISTRICT COORDINATING TEAM

Dr. Susan Chandler ........................................................................ Superintendent of Schools

Ms. Lynn Heintzman ............................................................................ Chief Academic Officer

Mr. John Albright .................................................. Chief Communications and Strategy Officer

Mr. Leon Cerna ...................................................................... Chief Human Resources Officer

Ms. Sandy Mutchler, C.P.A. ................................................................ Chief Operating Officer

DIRECTORS

Mr. Brian Fuller ...................................... Director of Assessment, Evaluation and Technology

Ms. Martha Baldwin, C.P.A., M.P.A. ........................................................... Director of Finance

Ms. Janell Sueltz ................................................................... Director of Student Achievement

Ms. Dawn Loge-Greer .................................................................. Director of Student Services

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MANAGEMENT’S DISCUSSION AND ANALYSIS

As management of Adams County School District 14 (District), we offer readers of the District’s Comprehensive Annual Financial Report this narrative and analysis of the financial activities of the District for the fiscal year ended June 30, 2011. We encourage readers to consider the information presented here in conjunction with additional information that can be found in the letters of transmittal on pages 1 - 6 of this report.

FINANCIAL HIGHLIGHTS

The total assets of primary government, including land, buildings and equipment exceeded liabilities, including long term bonds payable at the close of fiscal year 2010-11 by $46,422,623 (net assets). Of this amount, $14,770,918 (unrestricted net assets) may be used to meet the District’s ongoing obligations to citizens and creditors.

The District’s total net assets for the primary reporting entity increased by $5,132,769 while unrestricted net assets increased by $6,282,089.

The District’s Governmental Funds fund balance increased by $5,964,127 to an ending fund balance of $24,171,653.

Business-type activities have net assets totaling $1,686,465 after reporting a net gain for the fiscal year of $957,965. Of this net gain, the Adult Education Fund realized a net gain of $140,683. Furthermore, the Food Service Fund realized a net gain of $817,282 in conjunction with offering free breakfast and lunch to every student in the District.

The Governmental Funds reported combined unassigned fund balance of $11,846,338.

At June 30, 2011, $2,653,819 of the $17,850,437 fund balance of the General Fund was restricted for the Colorado Preschool Program and the emergency contingency required by Article X, Section 20 of the Colorado Constitution. In addition, $814,630 was considered nonspendable as it was held in inventories, prepaid items and a deposit in the insurance pool. The $11,846,338 unassigned portion of the fund balance is equivalent to 20.9% of the total General Fund expenditures.

OVERVIEW OF THE FINANCIAL STATEMENTS

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

GOVERNMENT-WIDE FINANCIAL STATEMENTS

The government-wide financial statements are designed to provide readers a broad overview of the school district’s financial activities in a manner similar to a private sector business.

For the most part, the effect of interfund activity has been removed from these statements; only the net residual amounts due between governmental and business-type activities are presented as internal balances.

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The statement of net assets presents information on all of the District’s assets and liabilities. The difference between assets and liabilities is reported as net assets. Over time, changes in net assets may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the net assets of the District changed during the current fiscal year. Changes in net assets are recorded in the statement of activities when the underlying event occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods (example: levied but uncollected property taxes and earned but unused employees’ vacation leave).

The government-wide financial statements distinguish between the activities that are governmental (supported by taxes) and business-type (supported by user fees and charges). Governmental type funds include the General Fund, Special Revenue Fund, Debt Service Fund and Capital Projects Funds. Business-type funds include the enterprise funds: the Food Service Fund and the Adult Education Fund.

The government-wide financial statements include not only the District itself (known as the primary government), but also one legally separate charter school and a foundation for which the District is financially accountable. Financial information for the component units are reported separately from the financial information presented for the primary government itself.

The government-wide financial statements can be found on pages 24 - 25 of this report.

FUND FINANCIAL STATEMENTS

Fund financial statements are designed to demonstrate compliance with finance-related legal requirements. 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 District, like other governments, uses fund accounting to ensure and demonstrate compliance. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds and fiduciary funds.

Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide statements, governmental fund financial statements focus on near-term financial resources and fund balances (which are spendable resources available at the end of the fiscal year). Such information may be useful in evaluating the District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenue, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three governmental funds that are classified as major funds. They are the General Fund, the Grants Fund, and the Bond Redemption Fund. The General and Grant funds account for funds received from other government entities. The Bond Redemption Fund is used to account for property tax collections used to pay off the District’s general obligation debt. Other governmental funds, classified as non-major funds, include the Capital Projects Fund – Building Fund and the Capital Projects Fund –Capital Reserve Fund.

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The District adopts an annual appropriated budget for each of the individual governmental funds. A budgetary comparison schedule for the General and Grants funds are included in the Required Supplementary Information to demonstrate compliance with the adopted budget. The remaining governmental funds budgetary comparisons are reported as Supplementary Information and can be found after the Required Supplementary Information section of this report.

Proprietary Funds The District maintains one type of proprietary fund, which is called an enterprise fund. Enterprise funds are used to report the same functions as the business-type activities presented in the government-wide financial statements. The District uses enterprise funds to account for its food service operation and adult education program.

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 statements because these sources are not available to support direct educational programs. The pupil activity fund is the only fiduciary fund the District currently operates.

NEW PRONOUNCEMENTS The Governmental Accounting Standards Board (GASB) issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. The changes in financial presentation required by this pronouncement are reflected in these statements.

GASB Statement No. 54 is intended to improve the usefulness of information provided to financial report users about fund balances by providing clearer, more structured fund balance classifications, and by clarifying the definitions of existing governmental fund types. Fund balance information is among the most widely and frequently used information in school district financial reports. The GASB developed this standard to address the diversity of practice and the resulting lack of consistency that had evolved in fund balance reporting. To reduce confusion, the new standard establishes a hierarchy of fund balance classification based primarily on the extent to which a school district is bound to observe spending constraints.

Under Statement No. 54, the definition of certain fund types used by the District require further distinction and board authorization to maintain the current presentation of these funds. Special revenue funds are now defined as funds used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects. The term “proceeds of specific revenue sources” establish that one or more specific restricted or committed revenues should be the foundation for a special revenue fund.

Statement 54 also redefines the categorization of fund balance. Under the new statement there are five components of fund balance: 1) nonspendable, 2) restricted, 3) committed, 4) assigned and 5) unassigned. Nonspendable fund balance is defined as a) assets that will never convert to cash, b) assets that will not convert to cash soon enough to affect the current period and c) resources that must be maintained intact pursuant to legal or contractual requirements. Restricted fund balance is defined as a) limitations imposed by creditors, grantors, contributors, or laws and regulations of other governments and b) limitations imposed by law through constitutional provisions or enabling legislation. Committed fund balance is defined as self-imposed limitations set in place by the highest level of decision making powers. Assigned fund balance is defined as amounts that are constrained by the school district’s intent to be used for specific purposes. Assigned fund balances should be expressed by a) the school board or b) an official to whom the school board has delegated the authority to assign amounts to be used for specific

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purposes. Unassigned fund balance is defined as the residual fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes.

NOTES TO THE FINANCIAL STATEMENTS The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

OTHER INFORMATION

In addition to the financial statements and accompanying notes, this report also contains Supplementary Information concerning the District’s non-major governmental fund. The non-major fund statement is presented after the Required Supplementary Information to the financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS

The assets of the District are classified as current assets, non-current assets and capital assets. Cash and investments, receivables and inventories are current assets available to provide resources for the near-term operations of the District. Non-current assets include restricted investments and deferred charges, net of accumulated amortization. Capital assets are used in the operations of the District and include buildings, land, machinery and equipment.

As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. The assets of the primary government exceed liabilities by $46,464,828. The investment of $22,840,966 in buildings, land, machinery and equipment net of related debt represents approximately 49.2% of the District’s net assets.

Adams County School District 14

Net Assets

For June 30, 2011 and 2010

2011 2010 2011 2010 2011 2010

As s ets :

Current as s ets 29,250,867$ 23,701,957$ 1,356,848$ 314,592$ 30,607,715$ 24,016,549$

Non-current as s ets 1,803,498 2,012,955 0 0 1,803,498 2,012,955

Capital as s ets 114,667,447 117,844,050 478,541 560,670 115,145,988 118,404,720

Total as s ets 145,721,812 143,558,962 1,835,389 875,262 147,557,201 144,434,224

Liabilities :

Current liabilities 8,612,780 8,902,924 108,026 144,292 8,720,806 9,047,216

Non-current liabilities 92,372,874 94,094,684 40,898 2,470 92,413,772 94,097,154

Total liabilities 100,985,654 102,997,608 148,924 146,762 101,134,578 103,144,370

Net as s ets :Inves ted in capital as s ets , net of related debt 22,362,425 23,205,012 478,541 560,670 22,840,966 23,765,682

Res tricted 8,810,739 9,035,343 0 0 8,810,739 9,035,343

Unres tricted 13,562,994 8,320,999 1,207,924 167,830 14,770,918 8,488,829

Total net as s ets 44,736,158$ 40,561,354$ 1,686,465$ 728,500$ 46,422,623$ 41,289,854$

Governm ental activities Bus ines s -type activities Total

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GOVERNMENT-WIDE ACTIVITIES

Governmental activities increased the net assets of the District by $4,174,804 during the current fiscal year. The increase was realized from an unanticipated Impact Aid payment and a change to consolidated school-wide accounting for Title grants that allowed a more accurate capture of expenses to be paid for through grant funding. Business-type activities increased net assets by $957,965 during the same period. The increase was primarily realized from implementing free breakfast in the classroom for every student along with maintaining tight control over food and personnel costs.

The main sources of revenue for the primary government are received through local property tax, state equalization payments and grants. Property taxes and specific ownership taxes account for 32.4% of the revenue received by the District with 40.8% being received from state equalization payments. Operating grants and contributions provide an additional 18.1%. Other sources, including general revenue grants, account for the remaining 8.7% of revenue.

Governmental expenses totaled 95.0% of the total expenses, with business-type activities accounting for 5.0% of the total expenses for the District. Instructional and instructional support expenses and services totaled 59.5% of the total governmental expenses.

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Changes in Net Assets

For June 30, 2011 and 2010

2011 2010 2011 2010 2011 2010

REVENUESProgram revenues

Charges for services 171,408$ 0$ 642,205$ 787,287$ 813,613$ 787,287$

Operating grants and contributions 11,016,989 11,819,682 4,243,148 2,966,365 15,260,137 14,786,047

General revenues

Taxes:

Property taxes 25,567,977 25,493,529 0 0 25,567,977 25,493,529

Specific ownership taxes 1,759,336 1,742,041 0 0 1,759,336 1,742,041 Grants not restricted to specific programs 4,601,222 1,601,233 0 0 4,601,222 1,601,233

State equalization 34,452,245 36,775,469 0 0 34,452,245 36,775,469

Investment earnings 16,651 103,498 284 20 16,935 103,518 Miscellaneous 1,874,840 1,863,812 0 0 1,874,840 1,863,812

Total revenues 79,460,668 79,399,264 4,885,637 3,753,672 84,346,305 83,152,936

EXPENSESInstructional services 34,686,243 35,852,977 0 0 34,686,243 35,852,977

Operation and maintenance 8,674,271 9,806,015 0 0 8,674,271 9,806,015

Pupil services 5,908,477 6,075,319 0 0 5,908,477 6,075,319

Central support services 3,281,133 3,249,458 0 0 3,281,133 3,249,458

School administration 4,792,929 3,832,092 0 0 4,792,929 3,832,092

Instructional staff 4,219,442 5,153,995 0 0 4,219,442 5,153,995

Pupil transportation 1,865,482 2,348,355 0 0 1,865,482 2,348,355

Business administration 1,006,205 1,075,206 0 0 1,006,205 1,075,206

General administration 740,524 744,823 0 0 740,524 744,823

Community services 743,152 301,941 0 0 743,152 301,941

Adult education 694,677 88,847 398,361 552,879 1,093,038 641,726

Other support services 728,150 577,063 0 0 728,150 577,063

Nutrition services 234,235 131,700 3,529,311 2,990,867 3,763,546 3,122,567

Interest and fiscal charges 4,268,348 3,208,339 0 0 4,268,348 3,208,339 Charter school 3,442,596 3,367,398 0 0 3,442,596 3,367,398

Total expenses 75,285,864 75,813,528 3,927,672 3,543,746 79,213,536 79,357,274

Change in net assets 4,174,804 3,585,736 957,965 209,926 5,132,769 3,795,662

Net assets - beginning 40,561,354 36,975,618 728,500 518,574 41,289,854 37,494,192

Net assets - ending 44,736,158$ 40,561,354$ 1,686,465$ 728,500$ 46,422,623$ 41,289,854$

Governmental activities Business-type activities Total

19

FUND FINANCIAL ANALYSIS

Adams County School District 14 uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

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 financing requirements. In particular, unreserved fund balance may serve as a useful measure of the District’s net resources available for spending at the end of the fiscal year.

At the end of the current fiscal year the District’s governmental funds reported a combined ending fund balance of $24,171,653.

Major Governmental Funds

General Fund The General Fund is the major operating fund of the District, providing the majority of the resources for the educational and support programs. Revenues for the General Fund totaled $63.7 million in fiscal year 2010-11 compared to $63.2 million in fiscal year 2009-10, an increase of 0.7%. Federal revenues increased while State revenues decreased; local revenues remained fairly constant. The most significant changes in Federal revenues were a result of the American Recovery & Reinvestment Act (ARRA) funds that supplemented the reduction to state equalization and the increase in Impact Aid payments resulting from collection of back payments. The most significant decrease in State revenues was in state equalization payments because the per pupil amount was decreased by $420 from fiscal year 2009-10.

FY2010-11 FY2009-10Amount

of ChangePercentageof Change

RevenuesFederal

Impact Aid 2,636,733$ 1,487,646$ 1,149,087$ 77.2%

American Recovery & Reinvestment Act (ARRA) 1,843,092 0 1,843,092 100.0%Other 111,215 113,587 (2,372) -2.1%

Subtotal 4,591,040 1,601,233 2,989,807

StateEqualization payments 34,452,245 36,775,469 (2,323,224) -6.3%Vocational education (11,274) 310,827 (322,101) -103.6%Exceptional children's act (ECEA) 1,599,090 1,326,514 272,576 20.5%Transportation reimbursement 352,331 431,658 (79,327) -18.4%ELPA reimbursement 266,455 350,616 (84,161) -24.0%Other 0 210 (210) -100.0%

Subtotal 36,658,847 39,195,294 (2,536,447)

LocalProperty taxes 20,524,867 20,683,827 (158,960) -0.8%Payment in lieu of taxes 58,747 82,545 (23,798) -28.8%Tuition 171,408 0 171,408 0.0%Miscellaneous 1,697,145 1,673,168 23,977 1.4%Investment income 9,553 7,133 2,420 33.9%

Subtotal 22,461,720 22,446,673 15,047

Total revenues 63,711,607$ 63,243,200$ 468,407$ 0.7%

20

Fiscal year 2010-11 General Fund expenditures, which include the accrual for teacher salaries and benefits, totaled $56.7 million, compared to $57.9 million in fiscal year 2009-10. This represents a decrease of $1.2 million (2.0%) from the previous fiscal year. The following table compares expenditures for fiscal years 2010-11 and 2009-10 using the full accrual basis of accounting.

FY2010-11 FY2009-10Amount

of ChangePercentageof Change

ExpendituresInstructional services 28,709,298$ 29,934,319$ (1,225,021)$ -4.1%Operations and maintenance 6,555,161 6,740,118 (184,957) -2.7%Pupil services 4,321,125 4,137,481 183,644 4.4%Central support services 2,839,161 2,758,548 80,613 2.9%School administration 3,478,058 3,757,805 (279,747) -7.4%Instructional staff 1,509,919 2,014,962 (505,043) -25.1%Pupil transportation 1,838,033 1,857,519 (19,486) -1.0%Business administration 794,683 867,596 (72,913) -8.4%General administration 614,792 625,626 (10,834) -1.7%Other supporting services 612,357 263,261 349,096 132.6%Community services 402,520 162,473 240,047 147.7%Food service operations 25,331 19,247 6,084 31.6%Education for adults 509,288 481,078 28,210 5.9%Capital outlay 1,068,840 870,956 197,884 22.7%Charter school 3,442,596 3,367,398 75,198 2.2%

Total Expenditures 56,721,162$ 57,858,387$ (1,137,225)$ -2.0%

Grants Fund

The Grants Fund, a special revenue fund, maintains a separate accounting for Federal, State and local grant-funded programs which normally could have a different fiscal period than that of the District. Funds are received for a specific purpose to address a particular student group or need related to student achievement. The funds must be supplemental to the efforts of the District and are not used to supplant District funding responsibilities. Specific rules, statutes and regulations guide these programs, and the money received is accounted for independently of local budget funds. Board of Education policy regulates the application and receipt of these funds. Fiscal year 2010-11 grant revenues totaled $9.0 million and expenditures totaled $8.8 million compared to grant revenues of $9.2 million and expenditures of $9.4 in the 2009-10 fiscal year.

Bond Redemption Fund

The Bond Redemption Fund is reported as a major fund for the fiscal year 2010-11. The Bond Redemption Fund is used to account for the requirements of the general obligation bonds. The primary revenue source is from a voter approved mill levy to satisfy principal and interest requirements on the debt. Principal and interest payments were $6.2 million for fiscal year 2010-11 compared to $6.0 million for the fiscal year 2009-10.

21

Non-major Governmental Funds

Special Revenue Capital Reserve Fund

The Special Revenue Capital Reserve Fund is considered a non-major fund for fiscal year 2010-11 reporting purposes. The beginning fund balance of $1.9 million was transferred to the Capital Projects Capital Reserve Fund in order to be in compliance with the new guidelines of Governmental Accounting Standards Board Statement No. 54.

Capital Projects Building Fund

Also reported as a non-major fund for fiscal year 2010-11, the Capital Projects Building Fund is used to account for the voter approved projects. Total revenues for the Capital Projects Building Fund were $48.4 thousand for fiscal year 2010-11. Total expenditures were $50.5 thousand which related to the completion of the new high school that opened in August 2009.

Capital Projects Capital Reserve Fund

The Capital Projects Capital Reserve Fund, reported as a non-major fund for fiscal year 2010-11, is used to account for Board approved capital outlay and routine preventative and repair maintenance. Capital Projects Capital Reserve Fund revenues and other financing sources totaled $3.3 million and included a transfer of $1.9 million from the Special Revenue Capital Reserve Fund. Total expenditures and other financing uses were $2.5 million and included a $1.0 million transfer back to the General Fund for three multi-year instructional and instructional support programs: Kindergarten Jumpstart, Ninth Grade Bridges and Writers’ Workshop.

Proprietary Funds

The District’s proprietary funds provide the same type of information found in the district-wide financial statements, but in more detail. Proprietary funds account for operations that are organized to be self-supporting through user charges. The District’s proprietary funds consist of the Food Service Fund and the Adult Education Fund.

Food Service Fund

The Food Service Fund provides complete food services for the District including National School Lunch Program, National Breakfast Program and Summer Food Service Program. Primary revenues come from these program reimbursements. Fiscal year 2010-11 reported a net gain of $817,282 resulting in total net assets of $1,477,475. This gain is from implementing breakfast in the classroom for every student along with maintaining tight control over personnel and food costs.

Adult Education Fund

The Adult Education Fund provides education services for adults within the community. Net assets increased by $140,683 resulting in ending net assets of $208,990 in the 2010-11 fiscal year. Revenues decreased to $539,044 in fiscal year 2010-11 from $621,123 in fiscal year 2009-10. Expenditures decreased to $398,361 in fiscal year 2010-11 from $552,879 in fiscal year 2009-10. Both of these decreases were a result of the STARS before and after school program being moved to the General Fund.

22

GENERAL FUND BUDGETARY HIGHLIGHTS

The proposed budget for fiscal year 2010-11 was presented to the Board of Education on April 13, 2010, with total General Fund appropriations of $56,047,330, net of the charter school allocation. A series of public budget hearings in March and April brought clarification and further refinement of our financial resources to our District goals, student achievement and our contractual obligations. On June 22, 2010, the budget was adopted and was later amended on January 25, 2011, to include the salary and benefit negotiated settlement.

Overall actual revenues were higher than budgeted revenues by $1,424,335. Total operating expenditures were $5,835,114 under budget. Together, these increased the fund balance by $6,645,507.

CAPITAL ASSETS AND DEBT ADMINISTRATION

The District’s governmental activities net investment in capital assets totaled $114,667,447 for fiscal year 2010-11, which is a decrease of $3,176,603 over the prior year. The decrease is a result of the annual depreciation of capital assets.

At June 30, 2011, the District had total bonded debt outstanding of $87,440,000 backed by the full faith and credit of the District. In November 2006, the voters in our District approved $78 million in general obligation bonds along with a 6.876 mill levy increase to fund the construction of a new high school/community learning center, install air conditioning in schools that do not already have it, expand our full-day kindergarten facilities and upgrade our middle school science labs. The final $3.375 million of general obligation bonds were issued on January 3, 2008.

Additional information on the District’s capital assets and debt administration can be found in note E and F of this report.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS

The largest source of revenue for the District’s operating funds is derived from the Public School Finance Act funding formula. In April 1994, the Colorado state legislature enacted the Public School Finance Act of 1994, which remains in effect. Funding is based on a statewide base per pupil funding formula that is adjusted for individual school districts by recognizing differences in personnel costs, non-personnel costs, local cost of living and school district size. Additional funding is also provided based on the presence of at-risk pupils. For FY 2011-2012, the state reduced K-12 funding by $227.5 million, reducing the per pupil revenue to the District from $7,274 to $6,902. As of November 1, 2011, the state is projecting to face a $679 million short-fall in revenue in FY 2011-2012 of which there is a likely potential for a significant portion of that short-fall to be rescinded from K-12 education funding.

In November 2000, Colorado voters approved Amendment 23, “Funding for Public Schools”, which requires funding to increase by at least the rate of inflation plus one percent for a ten-year period beginning FY 2001-2002, and by at least the rate of inflation thereafter. In addition, State revenues collected from a tax of one-third of one-percent on Federal taxable income shall be deposited into the State Education Fund.

Therefore, actual and projected student enrollment counts influence the District’s current and future operating budgets. Enrollments for FY 2011-12 are estimated to increase by about 1% compared to FY 2010-11 levels.

23

REQUESTS FOR INFORMATION

This financial report is designed to provide a general overview of Adams County School District 14’s finances for all those with an interest in the District. Questions concerning any of the information provided in this report or requests for additional information should be addressed to:

Division of Financial Services Adams County School District 14

5291 East 60th Avenue Commerce City, Colorado 80022-3203

The notes to the financial statements are an integral part of this statement.

24


Statement of Net AssetsJune 30, 2011

Governmental Activities

Business-type Activities Total

Component Units

ASSETSCurrent assets:

Cash and investments $ 25,534,466 $ 697,857 $ 26,232,323 $ 1,562,104Accounts receivable 740,152 0 740,152 46,269Property taxes receivable 1,631,779 0 1,631,779 0Due from other governments 1,162,520 444,205 1,606,725 0Inventories 83,605 214,786 298,391 0Prepaid expenses 98,345 0 98,345 404

Total current assets 29,250,867 1,356,848 30,607,715 1,608,777Non-current assets:

Deposit in insurance pool 632,680 0 632,680 0Deferred charges, net of accumulated amortization 1,170,818 0 1,170,818 270,581Capital assets, not depreciated

Land 11,796,953 0 11,796,953 820,000Capital assets, net of accumulated depreciation

Buildings and improvements 145,281,970 0 145,281,970 6,729,688Machinery and equipment 9,140,922 1,683,005 10,823,927 265,874Accumulated depreciation (51,552,398) (1,204,464) (52,756,862) (45,523)

Total non-current assets 116,470,945 478,541 116,949,486 9,160,967

Total assets 145,721,812 1,835,389 147,557,201 10,769,744

LIABILITIESCurrent liabilities:

Accounts payable 495,381 5,801 501,182 211,117Accrued liabilities 1,319,498 0 1,319,498 0Accrued salaries and benefits 2,711,030 88,488 2,799,518 110,864Unearned revenue 409,590 0 409,590 2,402Accrued interest payable 344,926 0 344,926 272,313Due within one year 3,332,355 13,737 3,346,092 125,000

Total current liabilities 8,612,780 108,026 8,720,806 721,696Non-current liabilities:

Due in more than one year 92,372,874 40,898 92,413,772 8,473,210

Total liabilities 100,985,654 148,924 101,134,578 9,194,906

NET ASSETSInvested in capital assets, net of related debt 22,362,425 478,541 22,840,966 (557,590)Restricted for:

Debt service 5,524,240 0 5,524,240 809,559Emergencies 2,053,853 0 2,053,853 108,500Insurance 632,680 0 632,680 0Colorado Preschool Program 599,966 0 599,966 0Repair and replacement 0 0 0 38,475

Unrestricted 13,562,994 1,207,924 14,770,918 1,175,894

Total net assets $ 44,736,158 $ 1,686,465 $ 46,422,623 $ 1,574,838

Primary Government

25


Statement of Activities

For the Year Ended June 30, 2011

Program Revenues

Functions/Programs Expenses

Chargesfor

Services

Operating Grants and

Contributions Governmental

Activities Business-type

Activities Total Component

Units

Primary Government

Governmental activities:Instructional services $ 34,686,243 $ 0 $ 5,244,361 $ (29,441,882) $ 0 $ (29,441,882) $ 0

Operation and maintenance 8,674,271 0 0 (8,674,271) 0 (8,674,271) 0

Pupil services 5,908,477 0 1,509,698 (4,398,779) 0 (4,398,779) 0

Central support services 3,281,133 0 0 (3,281,133) 0 (3,281,133) 0

School administration 4,792,929 0 130,560 (4,662,369) 0 (4,662,369) 0

Instructional staff 4,219,442 0 2,667,170 (1,552,272) 0 (1,552,272) 0

Pupil transportation 1,865,482 0 352,331 (1,513,151) 0 (1,513,151) 0

Business administration 1,006,205 0 191,769 (814,436) 0 (814,436) 0

General administration 740,524 0 120,877 (619,647) 0 (619,647) 0

Other supporting services 728,150 0 65,298 (662,852) 0 (662,852) 0

Community services 743,152 171,408 340,632 (231,112) 0 (231,112) 0

Food service operations 234,235 0 208,904 (25,331) 0 (25,331) 0

Education for adults 694,677 0 185,389 (509,288) 0 (509,288) 0

Interest and fiscal charges 4,268,348 0 0 (4,268,348) 0 (4,268,348) 0

Charter school 3,442,596 0 0 (3,442,596) 0 (3,442,596) 0

Total governmental activities 75,285,864 171,408 11,016,989 (64,097,467) 0 (64,097,467) 0

Business activities:Nutrition services 3,529,311 103,370 4,243,148 0 817,207 817,207 0

Adult education 398,361 538,835 0 0 140,474 140,474 0

Total business-type activities 3,927,672 642,205 4,243,148 0 957,681 957,681 0

Total primary government $ 79,213,536 $ 813,613 $ 15,260,137 (64,097,467) 957,681 (63,139,786) 0

Component units activities $ 3,789,191 $ 25,598 $ 304,867 (3,458,726)

General revenues:

Taxes:

Property taxes 25,578,159 0 25,578,159 0

Specific ownership taxes 1,759,336 0 1,759,336 0

Grants not restricted to specific programs 4,591,040 0 4,591,040 42,623

State equalization 34,452,245 0 34,452,245 0

Investment earnings 16,651 284 16,935 133,179

Miscellaneous 1,874,840 0 1,874,840 3,462,793

Total general revenues 68,272,271 284 68,272,555 3,638,595

Change in net assets 4,174,804 957,965 5,132,769 179,869

Net assets - beginning 40,561,354 728,500 41,289,854 1,394,969

Net assets - ending $ 44,736,158 $ 1,686,465 $ 46,422,623 $ 1,574,838

Net (Expense) Revenue and Changes in Net Assets

Th

e n

ote

s to fin

an

cial sta

tem

en

ts are

an

inte

gra

l pa

rt of th

is state

me

nt.

The notes to financial statements are an integral part of this statement.

26


Balance Sheet

Governmental Funds

June 30, 2011

10,12,18,13 22 31 21,41,43

GeneralFund

GrantsFund

Bond Redemption

Fund

Nonmajor Governmental

Funds

Total Governmental

FundsASSETS

Cash and investments $ 19,337,216 $ 0 $ 5,391,831 $ 805,419 $ 25,534,466Accounts receivable 740,152 0 0 0 740,152Property taxes receivable 1,252,708 0 379,071 0 1,631,779Due from other funds 678,525 0 0 0 678,525Due from other governments 0 1,162,520 0 0 1,162,520Inventories 83,605 0 0 0 83,605Prepaid items 98,345 0 0 0 98,345Deposit in Insurance Pool 632,680 0 0 0 632,680

Total assets $ 22,823,231 $ 1,162,520 $ 5,770,902 $ 805,419 $ 30,562,072

LIABILITIES AND FUND BALANCESLiabilities:

Accounts payable $ 395,441 $ 91,497 $ 0 $ 8,443 $ 495,381Accrued liabilities 1,319,498 0 0 0 1,319,498Accrued salaries and benefits 2,529,014 182,016 0 0 2,711,030Due to other funds 0 678,525 0 0 678,525Deferred revenue 728,841 210,482 246,662 0 1,185,985

Total liabilities 4,972,794 1,162,520 246,662 8,443 6,390,419

Fund balance:Nonspendable

Inventories 83,605 0 0 0 83,605Prepaid items 98,345 0 0 0 98,345Deposit in insurance pool 632,680 0 0 0 632,680

RestrictedTABOR 2,053,853 0 0 0 2,053,853Colorado Preschool Program 599,966 0 0 0 599,966Debt service 0 0 5,524,240 0 5,524,240

Committed 475,000 0 0 796,976 1,271,976Assigned 2,060,650 0 0 0 2,060,650Unassigned 11,846,338 0 0 0 11,846,338

Total fund balance 17,850,437 0 5,524,240 796,976 24,171,653

Total liabilities and fund balance $ 22,823,231 $ 1,162,520 $ 5,770,902 $ 805,419 $ 30,562,072


27


Reconciliation of Governmental Funds Balance Sheet

to the Statement of Net Assets

June 30, 2011

Total fund balances for governmental funds 24,171,653$

Amounts reported for governmental activities in the statement of net assets are different because:

Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds 114,667,447

Other long-term assets are not available to pay for current period expenditures and therefore are deferred in the funds 776,395

Long-term liabilities, including long-term debt outstanding ($95,705,229) accrued interest payable of ($344,926), net of unamortized bond issuance costs $1,170,818 are not due and payable in the current period and therefore are not reported in the funds (94,879,337)

Total net assets of governmental activities 44,736,158$


28


Statement of Revenues, Expenditures and Changes in Fund Balances

Governmental Funds

For The Year Ended June 30, 2011

General Fund

GrantsFund

Bond Redemption

Fund

Nonmajor Governmental

Funds

Total Governmental

Funds

REVENUES

Federal $ 4,591,040 $ 8,173,306 $ 0 $ 0 $ 12,764,346

State 36,658,847 378,452 0 0 37,037,299

Local:

Taxes 20,524,867 0 6,429,086 0 26,953,953

Payments in lieu of taxes 58,747 0 19,179 0 77,926

Tuition 171,408 0 0 0 171,408

Miscellaneous 1,697,145 457,737 0 99,769 2,254,651

Investment income 9,553 0 4,424 2,674 16,651Total revenues 63,711,607 9,009,495 6,452,689 102,443 79,276,234

EXPENDITURESCurrent:

Instructional services 28,709,298 3,368,000 0 0 32,077,298

Operations and maintenance 6,555,161 0 0 463,636 7,018,797

Pupil services 4,321,125 1,340,755 0 0 5,661,880

Central support services 2,839,161 0 0 0 2,839,161

School administration 3,478,058 130,560 0 0 3,608,618

Instructional staff 1,509,919 2,667,170 0 0 4,177,089

Pupil transportation 1,838,033 0 0 0 1,838,033

Business administration 794,683 191,769 0 0 986,452

General administration 614,792 120,877 0 0 735,669

Other supporting services 612,357 65,298 0 0 677,655

Community services 402,520 340,632 0 0 743,152

Food service operations 25,331 208,904 0 0 234,235

Education for adults 509,288 185,389 0 0 694,677

Capital outlay 1,068,840 191,033 0 705,925 1,965,798

Debt Service:

Principal retirement 0 0 1,960,000 295,115 2,255,115

Interest and fiscal charges 0 0 4,250,145 105,737 4,355,882

Charter school 3,442,596 0 0 0 3,442,596

Total expenditures 56,721,162 8,810,387 6,210,145 1,570,413 73,312,107

Excess (deficiency) of revenues over (under) expenditures 6,990,445 199,108 242,544 (1,467,970) 5,964,127

OTHER FINANCING SOURCES (USES)Transfers in 955,062 0 0 3,217,924 4,172,986

Transfers out (1,300,000) 0 0 (2,872,986) (4,172,986)

Total other financing sources (uses) (344,938) 0 0 344,938 0

Net change in fund balances 6,645,507 199,108 242,544 (1,123,032) 5,964,127

Fund balance - beginning 11,204,930 (199,108) 5,281,696 1,920,008 18,207,526

Fund balance - ending $ 17,850,437 $ 0 $ 5,524,240 $ 796,976 $ 24,171,653


29

Adams County School District 14Reconciliation of the Statement of Revenues

Expenditures, and Changes in Fund Balances of Governmental Fundsto the Statement of Activities


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

Net change in fund balances - total governmental funds 5,964,127$

Governmental funds report capital outlays as expenditures. However, in the statement ofactivities the cost of those assets is allocated over their estimated useful lives and reported asdepreciation expense. This is the amount by which the sum of depreciation expense of($3,761,578) exceeded the sum of capital outlays of $584,975. (3,176,603)

Revenues in the statement of activities that do not provide current financial resources are deferredin the funds. This amount represents property taxes and grants not available at year end. 184,434

Bond proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net assets. This amount is the net effect ofthese differences in the treatment of long-term debt and related items: amortization of bondissuance costs ($73,909), amortization of bond premium $279,574, amortization of bonddiscount ($6,153), amortization of loss on refunding ($123,527) and a decrease in accruedinterest payable of $6,549. 82,534

Compensated absences and early retirement are not recorded as an expenditure in thegovernmental statements until it becomes due and payable. However, in the statement of activities they are reported as an expense when earned or incurred. (1,139,803)

Repayments of bond principal of $1,965,000 and capital leases of $295,115 are expenditures inthe governmental funds, but they reduce long-term liabilities in the statement of net assets anddo not affect the statement of activities. 2,260,115

Change in net assets of governmental activities 4,174,804$


30

Major Fund - Food Service

Fund

Nonmajor Fund - Adult Education

Fund Total

ASSETSCurrent assets:

Cash and cash equivalents $ 461,215 $ 236,642 $ 697,857Due from other governments 444,205 0 444,205Inventories:

Purchased food 200,568 0 200,568Non-food 14,218 0 14,218

Total current assets 1,120,206 236,642 1,356,848Non-current assets:

Capital assets, net of accumulated depreciationMachinery and equipment 1,634,734 48,271 1,683,005Accumulated depreciation (1,156,193) (48,271) (1,204,464)

Total non-current assets 478,541 0 478,541

Total assets 1,598,747 236,642 1,835,389


Accounts payable 5,801 0 5,801Accrued salaries and benefits 80,863 7,625 88,488Compensated absences due within one year 10,054 3,683 13,737

Total current liabilities 96,718 11,308 108,026Non-current liabilities:

Compensated absences due in more than one year 24,554 16,344 40,898

Total liabilities 121,272 27,652 148,924

NET ASSETSInvested in capital assets 478,541 0 478,541Unrestricted 998,934 208,990 1,207,924

Total net assets $ 1,477,475 $ 208,990 $ 1,686,465

Enterprise Funds

Adams County School District 14Statement of Net Assets

Proprietary FundsJune 30, 2011

Business-type Activities


31

Adams County School District 14Statement of Revenues, Expenses and Changes in Net Assets

Proprietary FundsFor The Year Ended June 30, 2011

Major Fund - Nonmajor Fund - Food Service Adult Education

Fund Fund TotalOPERATING REVENUES

Food sales $ 103,370 $ 0 $ 103,370Tuition and fees 0 538,835 538,835

Total operating revenues 103,370 538,835 642,205

OPERATING EXPENSESSalaries and benefits 1,371,317 328,341 1,699,658

Contracted services 37,612 17,679 55,291

Food and supplies 1,834,972 33,261 1,868,233

Equipment repairs and replacement 63,114 0 63,114

Other 140,376 12,444 152,820

Depreciation 81,920 6,636 88,556Total operating expenses 3,529,311 398,361 3,927,672

Operating income (loss) (3,425,941) 140,474 (3,285,467)

NONOPERATING REVENUESFederal aid:

Lunch reimbursements 2,260,228 0 2,260,228Breakfast reimbursements 1,619,670 0 1,619,670Summer food reimbursements 85,355 0 85,355USDA commodity food donations 175,146 0 175,146

State nutrition match 36,737 0 36,737Other state revenue 66,012 0 66,012Investment income 75 209 284

Total nonoperating revenues 4,243,223 209 4,243,432

Change in net assets 817,282 140,683 957,965

Total net assets - beginning 660,193 68,307 728,500Total net assets - ending $ 1,477,475 $ 208,990 $ 1,686,465

Business-type Activities

Enterprise Funds


32

Adams County School District 14Statement of Cash Flows

Proprietary FundsFor The Year Ended June 30, 2011

Major Fund - Nonmajor Fund - Food Service Adult Education

Fund Fund Total

CASH FLOWS FROM OPERATING ACTIVITIESCash received from users $ 103,370 $ 538,835 $ 642,205Cash paid to suppliers (1,968,092) (65,154) (2,033,246)Cash paid to employees (1,358,969) (329,141) (1,688,110)

Net cash provided (used) by operating activities (3,223,691) 144,540 (3,079,151)

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIESFederal and state financial assistance received 3,915,836 0 3,915,836Cash received from other funds (225,663) 0 (225,663)

Net cash provided by noncapital financing activities 3,690,173 0 3,690,173

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES

Purchase of equipment (6,427) 0 (6,427)Net cash provided (used) by capital and related financing activities (6,427) 0 (6,427)

CASH FLOWS FROM INVESTING ACTIVITIESInterest and dividends on investments 75 209 284

Net cash provided by investing activities 75 209 284

Net increase in cash and cash equivalents 460,130 144,749 604,879

Cash and cash equivalents - beginning 1,085 91,893 92,978

Cash and cash equivalents - ending $ 461,215 $ 236,642 $ 697,857

OPERATING INCOME (LOSS) $ (3,425,941) $ 140,474 $ (3,285,467)

Adjustments to reconcile operating income (loss) to net cashprovided (used) by operating activities

Commodities (included in food cost) 175,146 0 175,146Depreciation 81,920 6,636 88,556Change in assets and liabilities:

(Increase) in purchased food inventories (62,291) 0 (62,291)Decrease in non-food inventories 2,743 0 2,743(Decrease) in accounts payable (7,616) (1,770) (9,386)(Decrease) in accrued salaries and benefits (6,597) (8,811) (15,408)Increase in compensated absences payable 18,945 8,011 26,956

Total adjustments 202,250 4,066 206,316

Net cash provided (used) by operating activities $ (3,223,691) $ 144,540 $ (3,079,151)

Non-cash transactions: Commodity donations $ 175,146 $ 0 $ 175,146

Business-type ActivitiesEnterprise Funds


33

Adams County School District 14Statement of Fiduciary Assets and Liabilities

Fiduciary FundJune 30, 2011

AgencyASSETS

Cash and investments $ 245,313 Total assets $ 245,313

LIABILITIESAccounts payable $ 578 Due to student organizations 244,735

Total liabilities $ 245,313

ADAMS COUNTY SCHOOL DISTRICT 14 NOTES TO FINANCIAL STATEMENTS

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NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of Adams County School District 14 (The “District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental entities. The Governmental Accounting Standards Board (GASB) is the acceptable standard-setting body for establishing governmental accounting and financial reporting principles.

A summary of the District’s significant policies consistently applied in the preparation of these financial statements follows. These policies are presented to assist the reader in interpreting the financial statements and other data in the report. The policies are considered essential and should be read in conjunction with the accompanying financial statements.

1. Reporting Entity

The financial reporting entity consists of the District and organizations for which the District is financially accountable. All funds, organizations, institutions, agencies, departments and offices that are not legally separate are part of the District. In addition, any legally separate organizations for which the District is financially accountable are considered part of the reporting entity. Financial accountability exists if the District appoints a voting majority of the organization’s governing board and is able to impose its will on the organization, or if the organization provides benefits to or imposes financial burdens on the District. The definition of the reporting entity is based primarily on financial accountability. The District includes Community Leadership Academy and the Adams 14 Education Foundation within its reporting entity because the charter school and foundation are fiscally dependent on the District, provide resources exclusively to the District, and their exclusion would render the District’s financial statements incomplete. Since the charter school and foundation have a separately elected board, the balances and transactions of the charter school and foundation are discretely presented in the financial statements. The charter school and foundation are considered nonmajor for financial reporting purposes. Separate financial statements for Community Leadership Academy and Adams 14 Education Foundation may be obtained by contacting them at the corresponding addresses listed below.

Community Leadership Academy Adams 14 Education Foundation

6880 Holly Street 5291 E 60th Avenue

Commerce City, CO 80022-2536 Commerce City, CO 80022-3203

2. Government-Wide and Fund Financial Statements

The government-wide financial statements (i.e., the statement of net assets and the statement of activities) report information on all of the nonfiduciary activities of the District and its component units. For the most part, the effect of interfund activity has been removed from these statements. Exceptions to this general rule are charges for interfund services that are reasonably equal to the services provided. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. Likewise, the primary government is reported separately from the legally separate component units for which the District is financially accountable.


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The statement of activities demonstrates the degree to which the direct expenses of a given function or a segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to students or others who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Internally dedicated revenues are reported as general revenues rather than as program revenues.

Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the District’s financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.

3. Measurement Focus, Basis of Accounting and Financial Statement Presentation

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. The fiduciary fund financial statements are reported using the accrual basis of accounting.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Property tax revenues are considered to be available if collected within 60 days after year-end. All other revenues are considered to be available in the period earned if the receipt of the money is expected to be collected within 90 days.

Property taxes, specific ownership taxes, grants and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when the District receives cash.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, are recorded only when payment is due.

The District reports the following major governmental funds:

The General Fund is the District’s primary operating fund. It accounts for all financial resources of the District, except those that are required to be accounted for in another fund.

The Grants Fund is provided to maintain a separate accounting for fully funded Federal, State and local grant programs.


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The Bond Redemption Fund is provided to maintain a separate accounting for the District’s bond principal and interest payments using property taxes dedicated for debt service.

The District designates the following major proprietary fund:

The Food Service Fund accounts for the financial activities associated with the District’s school breakfast and lunch programs.

Additionally, the District reports the following fund type:

The Agency Fund is used to account for resources legally held in trust for use by individual school administration for selected programs. All resources of the fund, including any earnings on invested resources, may be used to support the school activities. There is no requirement that any portion of these resources be preserved as capital. The District holds all resources in a purely custodial capacity.

Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in both the government-wide and proprietary fund financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. Governments also have the option of following subsequent private-sector guidance for their business-type activities and enterprise funds, subject to the same limitation. The District has elected not to follow subsequent private-sector guidance.

Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s Nutrition Services Fund, and the Adult Education Fund come from various sources which include grants and charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.

When both restricted and unrestricted resources are available for use, it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed.

4. Assets, Liabilities and Net Assets or Fund Balance

Deposits and Investments

The District’s cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturities of three months or less from the date of acquisition.

Investments for the District are reported at fair value.

Receivables and Payables

Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as “due to/from other funds” (i.e., the current portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances.”


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All trade and property tax receivables are shown net of an allowance for uncollectibles.

The County bills and collects property taxes for all taxing districts within the County. Property tax receipts are remitted to the District in the subsequent month. The taxes are recorded as a receivable and reported as deferred revenue if not available.

The County collects specific ownership taxes on motor vehicles registered within the District’s assessment area. Tax receipts collected by the County are remitted to the District in the subsequent month.

Prepaid Items

Payments made to vendors for services that will benefit periods beyond year-end are recorded as prepaid items using the consumption method. A current asset for the prepaid amount is recorded at the time of payment, and an expenditure/expense is reported in the year in which the services are consumed.

Inventories

General Fund purchased inventories are stated at cost, determined by the weighted average cost method and recorded under the consumption method. Inventory in the General Fund consists of expendable supplies held for consumption. Expenditures for supplies are recorded upon delivery of these items to the various schools and departments from the District warehouse.

Food Service Fund purchased inventories are stated at cost, determined by the weighted average cost method and recorded under the consumption method. Expenses for food items are recorded when used.

Capital Assets

Capital assets, which include property and equipment, are reported in the applicable governmental or business-type activities column in the government-wide financial statements and proprietary funds in the fund financial statements. The District defines capital assets as assets with an individual cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materiality extend assets lives are not capitalized.

Property and equipment of the District is depreciated using the straight line method over the following estimated useful lives:

Assets Years

Buildings & Improvements 25 - 40

Machinery & Equipment 3 – 7


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Accrued Salaries and Benefits

Salaries and retirement benefits of certain contractually employed personnel are paid over a twelve-month period from August through July, but are incurred over the school year which is approximately ten months. Accordingly, the accrued compensation is reflected as a liability in the General, Grants, Food Service and Adult Education Funds in the accompanying fund financial statements.

Deferred Revenues

Deferred revenues arise when resources are received by the District before it has legal claim to them or when assets are not available as current financial resources in the governmental funds. Grant funds that have been collected but the corresponding expenditures have not been incurred are reported as deferred revenues. Property taxes and grants earned but not available are also recorded as deferred revenue in the governmental fund financial statements.

Compensated Absences/Early Retirement

Vacation pay is accrued for eligible classified, support & technical and administrative personnel at a rate based upon years of service. District policy allows eligible classified employees to accumulate up to thirty (30) days of vacation leave and eligible support & technical and administrative employees to accumulate up to forty (40) days of vacation leave. Payment is made to eligible employees upon separation with the District.

Sick pay is accumulated for all certificated, classified, support & technical and administrative full-time personnel. District policy allows employees to accumulate up to 90 days of unused sick leave. Payment is made to employees upon separation with the District and is paid out at an employee’s per diem rate for 50% of the unused leave. Sick pay is reported as a liability in the government-wide financial statements.

The District provides a financial incentive for early retirement to employees with at least 20 years of continuous full-time service with the District. The retirement request must be submitted to the District no later than five years after they qualify. The maximum salary on which the early retirement benefit will be computed shall be the employee’s twentieth (20th) year salary. The early retirement incentive is equal to eighty percent (80%) of the twentieth year salary. The retirement incentive is made in three (3) equal annual installments. Early retirement is reported as a liability in the government-wide financial statements upon acceptance by the retiring employees and as a liability in the fund financial statements when due.

Long-term Obligations

In the government-wide financial statements and in the proprietary fund type statement of net assets, long-term debt and other long-term obligations are reported as liabilities. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the straight-line method.

In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources.


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Net Assets/Fund Balance

In the government-wide financial statements and the proprietary funds in the fund financial statements, net assets are restricted when constraints placed on the net assets are externally imposed.

In the fund financial statements, fund balances of the governmental funds are classified as follows:

Nonspendable – amounts that cannot be spent either because they are in nonspendable form or because they are legally or contractually required to be maintained intact.

Restricted – amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation or because of constraints that are externally imposed by creditors, grantors, contributors, or the laws or regulations of other governments.

Committed – amounts that can be used only for specific purposes determined by a formal action of the Board of Education. The Board of Education is the highest level of decision-making authority for the District. Commitments may be established, modified, or rescinded only through resolutions approved by the Board of Education.

Assigned – amounts that do not meet the criteria to be classified as restricted or committed but that are intended to be used for specific purposes. Under the Board of Education’s adopted policy, only the Superintendent or his/her designee may assign amounts for specific purposes.

Unassigned – all other spendable amounts.

The details of the fund balances are included in the Governmental Funds Balance Sheet.

When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the District considers restricted funds to have been spent first. When an expenditure is incurred for which committed, assigned, or unassigned fund balances are available, the District considers amounts to have been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed, unless the Board of Education has provided otherwise in its commitment or assignment actions.


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NOTE B – CASH, CASH EQUIVALENTS AND INVESTMENTS

Cash and investments reported in the financial statements are as follows:

Cash and investments 26,232,323$ Fiduciary fund cash and investments 245,313

Total 26,477,636$

A summary of deposits and investments at June 30, 2011 follows:

Petty cash 730$ Deposits 2,540,855 Investments 23,936,051

Total 26,477,636$

1. Deposits

The Colorado Public Deposit Protection Act (PDPA) requires that all units of local government deposit cash in eligible public depositories. Eligibility is determined by state regulations. Amounts on deposit in excess of Federal insurance levels must be collateralized by eligible collateral as determined by the PDPA. PDPA allows the financial institution to create a single collateral pool for all public funds held. The pool is to be maintained by another institution or held in trust for all the uninsured public deposits as a group. The market value of the collateral must be at least equal to 102% of the uninsured deposits. At June 30, 2011, the District had bank deposits of $2,350,000 collateralized by securities held by the financial institution’s agent but not in the District’s name.


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2. Investments The District’s investment policy, DFAA, defines eligible investments as well as the requirements to comply with State statutes which specify investment instruments meeting defined rating, maturity and concentration risk criteria in which local governments may invest. State statutes do not address custodial risk. Following is a list of the investment instruments that comply with State statutes:

Obligations of the United States and certain U.S. Agency securities Certain international agency securities General obligation and revenue bonds of U.S. local government entities Bankers’ acceptances of certain banks Commercial paper Written repurchase agreements collateralized by certain authorized securities Certain money market funds Guaranteed investment contracts Local government investment pools

Maturity

Fair Value

S&P

Rating

12 Months or

Less

Local Government Investment Pool 21,078,153$ AAA 21,078,153$ Repurchase Agreement (Vectra Bank) 2,857,898 N/A 2,857,898

23,936,051$ 23,936,051$

The District has invested $21,078,153 in the Colorado Surplus Asset Fund Trust (CSAFE). CSAFE is a local government investment pool trust fund organized under C.R.S. §24-75-701, et seq. The Colorado Division of Securities administers and enforces the requirements of creating and operating CSAFE. CSAFE operates similarly to a money market fund as all funds are available without limitation on a daily basis and each share is equal in value to $1.00. Investments of CSAFE consist of U.S. Treasury, U.S. Agency securities and repurchase agreements. The designated custodial bank provides safekeeping and depository services to CSAFE in connection with the direct investment and withdrawal functions of CSAFE. Substantially all securities owned by CSAFE are held by the Federal Reserve Bank in an account maintained for the custodial bank. The custodian’s internal records identify the investments owned by the participating governments.

To minimize credit risk, or the risk that an insurer or other counterparty to an investment will not fulfill its obligations, the District’s investment policy and State statutes limit direct investments in U.S. government agency securities to the highest rating issued by at least two nationally recognized statistical rating organizations (NRSROs). In addition, repurchase agreements must be collateralized at no less than 102% of the market value with U.S. agency or treasury securities. The District’s investment policy and state statutes also limit investments of money market funds to those that maintain a constant share price, with a maximum remaining maturity in accordance with Rule 29-7, and either have assets of one billion dollars or the highest rating issued by a NRSRO.


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The concentration of credit risk, or the risk of loss attributed to the magnitude of a government’s investment in a single issuer, occurs when investments are not diversified. District policy states that its intent is to maintain a proportionate mix of investments of no more than 25% of the total investment portfolio in Jumbo CDs and 75% of the total in government securities. Of the portion invested in government securities and no more than one-third in government agency securities. At June 30, 2011, the District’s investment in a repurchase agreement was 14% of the District’s total investments.

Interest rate risk is the extent to which changes in interest rates will adversely affect the fair value of an investment. The District does not have a formal investment policy that limits investment maturities as means of managing its exposure to fair value losses arising from increasing interest rates. However, the District’s investment policy follows State statutes. State statutes generally limit investments to an original maturity of five years unless the governing board authorizes the investment for a period in excess of these limits.

NOTE C – PROPERTY TAXES

Under Colorado law, all property taxes become due and payable in the year following that in which they are levied. Property taxes are recognized as revenue based upon when received by the County Treasurer. The 2011 fiscal year property tax calendar for Adams County was as follows:

Assessor certifies total assessed valuation ..................... December 11, 2010 Levy date .......................................................................... January 1, 2011 Lien date ........................................................................... January 1, 2010 Tax bills mailed................................................................. January 15, 2011 First installment due ......................................................... February 28, 2011 Second installment due .................................................... June 15, 2011 If paid in full, due .............................................................. April 30, 2011 Tax sale: Delinquent property taxes ................................ November 13, 2011


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NOTE D – INTERFUND BALANCES AND TRANSACTIONS Interfund balances at June 30, 2011, were as follows:

FUND

General Fund $ 678,525 $ 0Grants Fund 0 678,525

Total $ 678,525 $ 678,525

DUE FROM

OTHER FUNDS

DUE TO

OTHER FUNDS

The District maintains a pooled cash account that all funds use to deposit money into and write checks out of. Periodically, usually monthly, an accounting and settlement is made of all applicable interfund transactions. A due to interfund balance represents the net amount owed to other funds for transactions incurred since the last settlement. A due from interfund balance represents the net amount due from other funds for transactions incurred since the last settlement. Interfund transfer activity for the year ended June 30, 2011 is as follows:

FUND

Governmental FundsGeneral Fund $ 955,062 $ 1,300,000Special Revenue Fund - Capital Reserve Fund 0 1,917,924Building Fund - Capital Reserve Fund 3,217,924 955,062

Total Governmental Funds 4,172,986 4,172,986Total all funds $ 4,172,986 $ 4,172,986

TRANSFERS

OUT

TRANSFERS

IN

Under Governmental Accounting Standards Board Statement No. 54, the Capital Reserve Fund had to be re-categorized as a Building Fund; therefore, the ending fund balance from the Special Revenue Fund – Capital Reserve Fund as of June 30, 2010, was transferred to the Building Fund – Capital Reserve Fund on July 1, 2010.


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NOTE E – CAPITAL ASSETS

Activity for capital assets, which are capitalized by the District, is summarized below:

Balance

June 30, 2010 Additions Deletions

Balance

June 30, 2011

Governmental Activities Capital AssetsNot Being Depreciated

Land 11,796,953$ 0$ 0$ 11,796,953$ Total Not Being Depreciated 11,796,953 0 0 11,796,953

Being DepreciatedBuildings 145,239,660 42,310 0 145,281,970 Machinery and Equipment 8,598,257 557,465 14,800 9,140,922

Total Being Depreciated 153,837,917 599,775 14,800 154,422,892

Less: Accumulated DepreciationBuildings 40,535,075 3,372,689 0 43,907,764 Machinery and Equipment 7,255,745 388,889 0 7,644,634

Total Accumulated Depreciation 47,790,820 3,761,578 0 51,552,398

Total Being Depreciated, Net 106,047,097 (3,161,803) 14,800 102,870,494 Total Governmental Activities

Capital Assets, Net 117,844,050$ (3,161,803)$ 14,800$ 114,667,447$

Business-Type Activities Capital AssetsBeing Depreciated

Equipment 1,676,578 6,427 0 1,683,005 Total Being Depreciated 1,676,578 6,427 0 1,683,005

Less: Accumulated DepreciationEquipment 1,115,908 88,556 0 1,204,464

Total Accumulated Depreciation 1,115,908 88,556 0 1,204,464

Total Being Depreciated, NetTotal Business-Type Activities 560,670 (82,129) 0 478,541

Capital Assets, Net 560,670$ (82,129)$ 0$ 478,541$


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Depreciation expense was charged to programs of the District as follows:

Governmental ActivitiesInstruction 2,369,757$ Operations & Maintenance 1,390,664 Business-Type Activities 1,157

Total Governmental Activities 3,761,578 Business-Type Activities

Food Services 81,920 Adult Education 6,636

Total Business-Type Activities 88,556 Total Depreciation 3,850,134$

NOTE F – LONG-TERM DEBT

1. Changes in Long-Term Debt

The changes in long-term debt for the year ended June 30, 2011, are as follows:

Balance at

June 30, 2010 Additions Deletions

Balance at

June 30, 2011

Due Within

One Year


General Obligation BondsDated February 24, 2005 11,645,000$ 0$ 1,550,000$ 10,095,000$ 1,615,000$ Dated December 21, 2006 64,500,000 0 325,000 64,175,000 525,000 Dated January 23, 2007 10,000,000 0 0 10,000,000 0Dated January 3, 2008 3,260,000 0 90,000 3,170,000 95,000

Bond Premium (2005) 417,703 0 59,670 358,033 59,670Bond Premium (2006) 4,499,420 0 209,272 4,290,148 209,272Bond Discount (2007) (107,676) 0 (6,153) (101,523) (6,153)Bond Premium (2008) 217,959 0 10,632 207,327 10,632Deferred Amount on Refunding (864,683) 0 (123,527) (741,156) (123,527)Compensated Absences 527,062 1,503,698 280,136 1,750,624 552,012 Early Retirement 562,524 233,596 317,355 478,765 249,645 Capital Lease (2008) 2,162,278 0 139,267 2,023,011 145,804 Capital Lease (2009) 155,848 0 155,848 0 0

Totals 96,975,435$ 1,737,294$ 3,007,500$ 95,705,229$ 3,332,355$

Business-Type Activities

Compensated Absences 27,679$ 39,828$ 12,872$ 54,635$ 13,737$

Totals 27,679$ 39,828$ 12,872$ 54,635$ 13,737$

The governmental activities’ compensated absences and early retirement are expected to be liquidated with revenues from the General Fund.


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The Series 2005 General Obligation Bonds dated February 25, 2005, were issued for a total of $15,480,000 to finance improvements to school buildings. Principal payments are due annually on December 1 through 2016. Interest payments are due semi-annually on June 1 and December 1, with interest accruing at rates ranging from 3.5% to 5%.

The Series 2006 General Obligation Bonds dated December 21, 2006, were issued for a total of $64,625,000 to finance a new high school and make improvements to school buildings. Principal payments are due annually beginning on December 1, 2009, through 2031. Interest payments are due semi-annually on June 1 and December 1, with interest accruing at rates ranging from 4.0% to 5.125%.

The Series 2007 General Obligation Bonds dated January 23, 2007, were issued for a total of $10,000,000 to finance improvements to school buildings. Principal payments are due annually beginning on December 1, 2024, through 2027. Interest payments are due semi-annually on June 1 and December 1, with interest accruing at rates ranging from 4.0% to 5.25%.

The Series 2008 General Obligation Bonds dated January 3, 2008, were issued for a total of $3,375,000 to finance improvements to school buildings. Principal payments are due annually beginning on December 1, 2008, through 2031. Interest payments are due semi-annually on June 1 and December 1, with interest accruing at rates ranging from 4.0% to 5.25%.

The capital lease agreement dated October 3, 2008, is for energy performance equipment, including but not limited to lighting upgrades, HVAC systems, water/sewer improvements and an energy management system for a total of $2,242,942. Lease payments are due annually beginning on September 11, 2009, through 2021, with interest accruing at 4.64% per annum. The lease has been capitalized at the present value of future lease payments. The capital lease is an obligation of the capital reserve fund.

The capital lease agreement dated July 31, 2009, is a master equipment lease/purchase agreement for school buses. The first lease payment was due on November 1, 2009. Final payment on the lease was made prior to June 30, 2011, with interest accruing at 3.39%. The lease has been capitalized at the present value of future lease payments. The capital lease was an obligation of the capital reserve fund. The assets acquired through the capital lease were in the amount of $471,999. The title to the assets was not received by June 30, 2011, so neither the assets nor related accumulated depreciation was recorded in fiscal year 2010-11.


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2. Summary of Debt Service Requirements to Maturity

The following schedule reflects the debt service requirements to maturity for the District’s general obligation bonded debt at June 30, 2011

Year Ended June 30, Principal Interest Total

2012 2,235,000$ 4,163,976$ 6,398,976$ 2013 2,525,000 4,061,160 6,586,160 2014 2,640,000 3,948,032 6,588,032 2015 2,750,000 3,842,474 6,592,474 2016 2,860,000 3,723,944 6,583,944

2017-2021 17,425,000 16,236,387 33,661,387 2022-2026 22,350,000 11,319,213 33,669,213 2027-2031 34,655,000 5,521,727 40,176,727

Totals 87,440,000$ 52,816,913$ 140,256,913$

The following schedule reflects the future minimum lease payments required under capital lease obligation at June 30, 2011:

2012 238,000$ 2013 238,000 2014 238,000 2015 250,000 2016 250,000

2017-2021 1,355,457 Total m inimum lease payments 2,569,457

Less: Interest portion (546,446) Present Value of M inimum Lease Payments 2,023,011$

NOTE G – RISK MANAGEMENT – EQUITY IN INSURANCE POOL

The District has combined with four other Adams County school districts to form the Adams County BOCES Self-Insurance Pool. The pools provide insurance to the participating districts in the areas of liability, property and workers’ compensation. Assets held by the pools include reserves restricted under the various pool agreements, including statutory reserves required by the Colorado Commissioner of Insurance. Pool assets consist primarily of direct obligations of the United States government or funds collateralized by such obligations.

The pools’ board of directors consists of one member appointed by the Board of Education of each participating school district. All members of the pools’ board of directors has an equal vote in the administration of the pools’ activities and they are responsible for selection of management and have complete responsibility for all fiscal matters in the operation of the pools.


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The market value of assets approximates the book value. This pooling plan allows the participating districts to set self-insurance retention amounts under the various purchased insurance policies. Types of coverage, self-insured retention and excess insurance are as follows:

Self-Insured Retentions

(per occurrence)

Excess Insurance

(per occurrence) Liability $150,000 $5,000,000 Property 100,000 75,000,000 Workers’ Compensation 300,000 1,000,000

(plus statutory)

As of June 30, 2011, the District has recorded equity in insurance pool of $632,680 in the General Fund to reflect the District’s equity in the insurance pool.

The pools are administered in accordance with the Colorado Pooling Statutes and insurance regulations of the Division of Insurance. Annual examinations by the Division of Insurance are conducted in accordance with statute. A designated custodial bank serves as the trustee for the funds of the self-insurance pools and limits their investments to government securities. Summit Point Consulting is the claims administrator as well as the pools’ administrator. Losses in the pool are adjusted by Summit Point Consulting.

The allocation of required premiums for the self-insurance pools is determined by the pooling agreements. Each district pays a pro rata portion of their average daily attendance entitlement for liability coverage and a pro rate portion of their property values for property coverage into the combined liability and property Pool, and a pro rata portion of their payroll for coverage in the workers’ compensation pool. The contributions are based on an overall budget, which is determined by the board of directors on an annual basis.

In developing a budget, the board of directors consults an independent actuary for a determination of expected losses for liability and workers’ compensation claims including a provision for incurred but not reported claims. Expected losses for property are determined by the amount that claims have depleted the pool from the previous year. Settled claims resulting from these risks have not exceeded insurance coverage in the past three fiscal years.

NOTE H – COMMITMENTS AND CONTINGENCIES

1. Defined Benefit Pension Plan

Plan Description The District contributes to the School Division Trust Fund (SDTF), a cost-sharing multiple-employer defined benefit pension plan administered by the Public Employees’ Retirement Association of Colorado (PERA). The SDTF provides retirement and disability, annual increases and death benefits for members of their beneficiaries. All employees of the District are members of the SDTF. Title 24, Article 51 of the Colorado Revised Statutes, as amended, assigns the authority to establish benefit provisions to the State Legislature. PERA issues a publicly available annual financial report that includes financial statements and required supplementary information for the SDTF. That report


June 30, 2011

49

may be obtained by writing to Colorado PERA, 1301 Pennsylvania Street, Denver, Colorado 80203 or by calling PERA’s InfoLine at 1-800-759-PERA (7372) or Denver metro area 303-832-9550.

Funding Policy Plan members and the District are required to contribute at a rate set by statute. The contribution requirements of plan members and the District are established under Title 24, Article 51, Part 4 of the Colorado Revised Statutes, as amended. The contribution rate for members was 8.0%. The District’s contribution rate for calendar years 2009, 2010, and 2011 was 12.95%, 13.85%, and 14.75% of covered salary, respectively. A portion of the District’s contribution (1.02% of covered salary) is allocated for the Health Care Trust Fund. The District’s contributions to the SDTF for the years ending June 30, 2011, 2010, and 2009 were $5,465,143, $5,552,035, and $5,033,794, respectively, equal to their required contributions for each year.

2. Post Employment Healthcare Benefits

Plan Description The District contributes to the Health Care Trust Fund (HCTF), a cost-sharing multiple-employer post-employment healthcare plan administered by PERA. HCTF provides a healthcare premium subsidy to PERA participating benefit recipients and their eligible beneficiaries. Title 24, Article 51, Part 12 of the Colorado Revised Statutes, as amended, assigns the authority to establish the HCTF benefit provisions to the State Legislature. PERA issues a publicly available annual financial report that includes financial statements and required supplementary information for the HCTF. That report may be obtained by writing to Colorado PERA, 1301 Pennsylvania Street, Denver, Colorado 80203 or by calling PERA’s InfoLine at Denver metro area 303-832-9550 or 1-800-759-PERA (7372).

Funding Policy The District was required to contribute at a rate of 1.02% for all PERA members as set by statute. No member contributions are required. The contribution requirements for the District are established under Title 24, Article 51, Part 4 of the Colorado Revised Statutes, as amended. The apportionment of the contribution to the HCTF is established under Title 24, Article 51, Section 208 of the Colorado Revised Statutes, as amended. The District’s contributions to HCTF for the years ending June 30, 2011, 2010, and 2009 were $389,844, $422,122, and $410,665, respectively, equal to their required contributions for each year.

3. Taxpayer’s Bill of Rights (TABOR) Amendment

In November 1992, the voters of the State of Colorado approved Article X, Section 20 to the State Constitution. This amendment is referred to as the Taxpayer’s Bill of Rights (TABOR). TABOR contains tax, spending, revenue and debt limitations which apply to the State of Colorado and all local governments.

TABOR requires, with certain exceptions, voter approval prior to imposing new taxes, increasing a tax rate, imposing a mill levy that will produce property tax revenue in excess of the amount collected in the previous year adjusted by the growth factor, extending an expiring tax or implementing a tax policy change which directly causes a net tax revenue gain.

Except for bond refinancing at lower interest rates or adding employees to existing pension plans, TABOR specifically prohibits the creation of multiple-fiscal year debt or other financial obligations without voter approval or without irrevocably pledging present cash reserves for all future payments.


June 30, 2011

50

In November 1999, the voters approved a ballot issue authorizing the District to “…collect, retain and expend all excess revenues and other funds collected in the 1999-2000 budget year and in each subsequent budget year thereafter, notwithstanding the limitations of Article X, Section 20 of the Colorado Constitution or any other law, with the restriction that no local tax rate or property tax mill levy shall be increased without voter approval.”

TABOR requires the District to maintain an emergency reserve of 3 percent of fiscal year eligible expenditures. At June 30, 2011, the District reserves of $2,053,853 are recorded as reserved fund balance in the General Fund and as restricted net assets in the government-wide financial statements. The District believes it is in compliance with the requirement of TABOR. However, TABOR is complex and subject to interpretation. Ultimate interpretation may depend upon litigation and legislative guidance.

4. Operating Agreement

The District entered into an operating agreement with the City of Commerce City for a building, which was renovated to be a preschool. The agreement requires an annual payment of $12. The property will revert back to the city at the end of the agreement. The District is responsible for the utilities and maintenance on the property and those expenditures are included in the Preschool enterprise fund.

5. Grants

The District participates in a number of federal and state programs that are fully or partially funded by grants received from other governmental entities. Expenditures financed by grants are subject to audit by the appropriate grantor government. If expenditures are disallowed due to noncompliance with grant program regulations, the District may be required to reimburse the grantor government. At June 30, 2011, significant amounts of grant expenditures have not been audited but the District believes that disallowed expenditures, if any, based on subsequent audits will not have a material effect on the overall financial position of the District.

6. Litigation

The District is involved in various pending or threatened litigation. The outcome of the litigation cannot be predicted at this time.

NOTE I – ACCOUNTING CHANGE

The Governmental Accounting Standards Board (GASB) issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. This statement establishes accounting and financial reporting standards for all governments that report governmental funds. It establishes criteria for classifying fund balances into specifically defined classifications and clarifies definitions for governmental fund types. The District has adopted a formal policy specific to GASB 54 (see Note A) and it has implemented the standard with its fiscal year ended June 30, 2011.

REQUIRED SUPPLEMENTARY

INFORMATION

REQUIRED SUPPLEMENTARY

INFORMATION

See the accompanying independent auditors’ report.

52

Adams County School District 14Budgetary Comparison Schedule

General FundFor The Year Ended June 30, 2011

Original Budget

Final Budget Actual

Variance Favorable

(Unfavorable) REVENUES

Federal:Impact aid $ 1,806,000 $ 1,806,000 $ 2,636,733 $ 830,733American Recovery & Reinvestment Act (ARRA) 0 0 1,843,092 1,843,092Other 100,760 100,760 111,215 10,455

Subtotal 1,906,760 1,906,760 4,591,040 2,684,280State:

Equalization payments 36,299,613 36,564,073 34,452,245 (2,111,828)Vocational education 203,513 203,513 (11,274) (214,787)Exceptional Children's Educational Act (ECEA) 1,041,840 1,300,000 1,599,090 299,090Transportation reimbursement 421,824 414,626 352,331 (62,295)ELPA reimbursement 309,371 250,000 266,455 16,455

Subtotal 38,276,161 38,732,212 36,658,847 (2,073,365)Local:

Property taxes 19,401,860 20,061,505 20,524,867 463,362Payments in lieu of taxes 82,540 82,540 58,747 (23,793)Tuition 101,750 183,475 171,408 (12,067)Miscellaneous 1,194,320 1,314,280 1,697,145 382,865Investment income 10,000 6,500 9,553 3,053

Subtotal 20,790,470 21,648,300 22,461,720 813,420

Total revenues 60,973,391 62,287,272 63,711,607 1,424,335

EXPENDITURESCurrent operating:

Instructional services 30,345,566 30,795,111 28,709,298 2,085,813Operation and maintenance 7,381,673 7,442,870 6,555,161 887,709Pupil services 3,681,370 4,000,834 4,321,125 (320,291)Central support services 2,780,856 2,867,349 2,839,161 28,188School administration 3,848,038 3,930,843 3,478,058 452,785Instructional support 2,262,701 2,106,306 1,509,919 596,387Pupil transportation 1,904,427 2,148,927 1,838,033 310,894Business administration 878,226 878,226 794,683 83,543General administration 750,150 703,990 614,792 89,198Other supporting services 1,964,580 2,113,010 612,357 1,500,653Community services 65,000 373,729 402,520 (28,791)Food service operations 0 25,000 25,331 (331)Education for adults 464,760 509,290 509,288 2Capital outlay 939,868 1,217,423 1,068,840 148,583Charter school 3,411,631 3,443,368 3,442,596 772

Total expenditures 60,678,846 62,556,276 56,721,162 5,835,114

Excess (deficiency) of revenues over (under) expenditures 294,545 (269,004) 6,990,445 7,259,449

Other financing (uses)Transfers in 0 955,062 955,062 0Transfers out (1,300,000) (1,300,000) (1,300,000) 0

Total other financing (uses) (1,300,000) (344,938) (344,938) 0

Net change in fund balance (1,005,455) (613,942) 6,645,507 7,259,449

Fund balance - beginning 6,241,077 11,204,930 11,204,930 0

Fund balance - ending $ 5,235,622 $ 10,590,988 $ 17,850,437 $ 7,259,449


53

Adams County School District 14Budgetary Comparison Schedule

Grants FundFor The Year Ended June 30, 2011

Original Budget

Final Budget Actual

Variance Favorable


Federal $ 11,045,020 $ 10,500,191 $ 8,173,306 $ (2,326,885)State 329,024 337,535 378,452 40,917Local 2,760,576 630,189 457,737 (172,452)

Total revenues 14,134,620 11,467,915 9,009,495 (2,458,420)

EXPENDITURESInstructional services 3,942,195 4,436,987 3,368,000 1,068,987Operation and maintenance 21,008 0 0 0Pupil services 2,150,100 1,484,086 1,340,755 143,331School administration 158,852 136,738 130,560 6,178Instructional support 4,449,020 3,159,886 2,667,170 492,716Pupil transportation 18,000 0 0 0Business administration 201,240 222,935 191,769 31,166General administration 161,166 167,912 120,877 47,035Other supporting services 210,354 500,000 65,298 434,702Community services 2,554,302 531,745 340,632 191,113Food service operations 0 221,407 208,904 12,503Education for adults 56,000 219,287 185,389 33,898Capital Outlay 212,383 187,824 191,033 (3,209)

Total expenditures 14,134,620 11,268,807 8,810,387 2,458,420

Net change in fund balance 0 199,108 199,108 0

Fund balance - beginning 0 (199,108) (199,108) 0Fund balance - ending $ 0 $ 0 $ 0 $ 0

ADAMS COUNTY SCHOOL DISTICT 14 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

June 30, 2011

54

NOTE J – BUDGETS AND BUDGETARY ACCOUNTING

The District adheres to the following procedures in establishing the budgetary data reflected in the financial statements:

Budgets are required by State law for all funds. The Superintendent submits to the Board of Education a proposed budget for the fiscal year commencing the following July 1. The budget includes proposed expenditures and the means of financing them. It also includes a statement describing the major objectives of the educational program to be undertaken by the District and the manner in which the budget proposes to fulfill such objectives.

Public hearings are conducted by the Board of Education to obtain public comments.

Prior to June 30, the budget is adopted by formal resolution. After the adoption of the budget, the board may review and change the budget at any time prior to January 31 of the fiscal year for which the budget was adopted. After January 31, the board shall not review or change the budget except that, where money for a specific purpose from other than ad valorem taxes becomes available to meet a contingency. Authorization to transfer budgeted amounts between departments within any fund and the reallocation of budget line items within any department in the General Fund rests with the Superintendent. Revisions that alter the total expenditures in any fund must be approved by the Board of Education. Appropriations are based on total funds expected to be available in each budget year, including beginning fund balances as established by the Board of Education.

Budgets for all fund types are adopted on a basis consistent with Generally Accepted Accounting Principles. Budgeted amounts reported in the accompanying financial statements are as originally adopted and as amended by the Superintendent and/or Board of Education throughout the year.

All appropriations lapse at the end of each fiscal year.

SUPPLEMENTARY INFORMATION


56


Budgetary Comparison Schedule

Bond Redemption Fund


Original Budget

Final Budget Actual

Variance Favorable

(Unfavorable)

REVENUES

Taxes:

Property taxes $ 6,242,677 $ 6,448,098 $ 6,429,086 $ (19,012)

Payments in lieu of taxes 0 0 19,179 19,179

Investment income 7,500 5,000 4,424 (576)

Total revenues 6,250,177 6,453,098 6,452,689 (409)

EXPENDITURES

Principal retirement 1,965,000 1,965,000 1,960,000 5,000

Interest and fiscal charges 4,249,448 4,249,448 4,250,145 (697)

Total expenditures 6,214,448 6,214,448 6,210,145 4,303

Net change in fund balance 35,729 238,650 242,544 3,894

Fund balance - beginning 5,257,613 5,281,696 5,281,696 0

Fund balance - ending $ 5,293,342 $ 5,520,346 $ 5,524,240 $ 3,894


57

Adams County School District 14Combining Balance Sheet

Nonmajor Governmental FundsJune 30, 2011

Special Revenue

Fund

Capital Reserve

Building Fund

Capital Reserve

FundASSETS

Cash and cash equivalents $ 0 $ 0 $ 805,419 $ 805,419Total assets $ 0 $ 0 $ 805,419 $ 805,419

LIABILITIESAccounts payable $ 0 $ 0 $ 8,443 $ 8,443

Total liabilities 0 0 8,443 8,443

FUND BALANCECommitted 0 0 796,976 796,976

Total fund balance 0 0 796,976 796,976

Total liabilities and fund balance $ 0 $ 0 $ 805,419 $ 805,419

Total Nonmajor

Governmental Funds

Capital Projects


58

Special Revenue

Fund

Capital Reserve

Building Fund

Capital Reserve

FundREVENUES

Miscellaneous $ 0 $ 48,281 $ 51,488 $ 99,769Investment income 0 130 2,544 2,674

Total revenues 0 48,411 54,032 102,443

EXPENDITURESOperations and maintenance 0 0 463,636 463,636Capital outlay 0 50,495 655,430 705,925Debt service

Principal retirement 0 0 295,115 295,115Interest and fiscal charges 0 0 105,737 105,737

Total expenditures 0 50,495 1,519,918 1,570,413

Excess (deficiency) of revenues over (under) expenditures 0 (2,084) (1,465,886) (1,467,970)

OTHER FINANCING SOURCES (USES)Transfers in 0 0 3,217,924 3,217,924Transfers out (1,917,924) 0 (955,062) (2,872,986)

Total other financing sources (uses) (1,917,924) 0 2,262,862 344,938

Net change in fund balance (1,917,924) (2,084) 796,976 (1,123,032)

Fund balance - beginning 1,917,924 2,084 0 1,920,008

Fund balance - ending $ 0 $ 0 $ 796,976 $ 796,976

Total Nonmajor

Governmental Funds

Adams County School District 14Combining Statement of Revenues, Expenditures and Changes in Fund Balances

Nonmajor Governmental FundsFor The Year Ended June 30, 2011

Capital Projects


59

Budgetary Comparison ScheduleCapital Reserve - Special Revenue Fund


Original Budget

Final Budget Actual

Variance Favorable


Investment income $ 1,500 $ 0 $ 0 $ 0Total revenues 1,500 0 0 0

EXPENDITURESOperations and maintenance 1,810,326 0 0 0Capital outlay 731,339 0 0 0Debt service

Principal retirement 401,000 0 0 0Interest and fiscal charges 0 0 0 0

Total expenditures 2,942,665 0 0 0

Excess (deficiency) of revenues over (under) expenditures (2,941,165) 0 0 0

OTHER FINANCING SOURCES (USES)Transfers in 1,300,000 0 0 0Transfers out 0 0 (1,917,924) (1,917,924)

Total other financing sources (uses) 1,300,000 0 (1,917,924) (1,917,924)

Net change in fund balance (1,641,165) 0 (1,917,924) (1,917,924)

Fund balance - beginning 1,873,133 0 1,917,924 1,917,924

Fund balance - ending $ 231,968 $ 0 $ 0 $ 0



60



Capital Projects - Building Fund


OriginalBudget

Final Budget Actual

Variance Favorable

(Unfavorable)

REVENUES

Miscellaneous $ 0 232,750 $ 48,281 $ (184,469)

Investment income 0 166 130 (36)

Total revenues 0 232,916 48,411 (184,505)

EXPENDITURES

Capital outlay 0 235,000 50,495 184,505

Total expenditures 0 235,000 50,495 184,505

Net change in fund balance 0 (2,084) (2,084) 0

Fund balance - beginning 0 2,084 2,084 0

Fund balance - ending $ 0 $ 0 $ 0 $ 0


61

Budgetary Comparison ScheduleCapital Reserve - Building Fund


Original Budget

Final Budget Actual

Variance Favorable


Miscellaneous $ 0 $ 51,490 $ 51,488 $ (2)Investment income 0 3,000 2,544 (456)

Total revenues 0 54,490 54,032 (458)

EXPENDITURESOperations and maintenance 0 824,213 463,636 360,577Capital outlay 0 930,825 655,430 275,395Debt service

Principal retirement 0 295,267 295,115 152Interest and fiscal charges 0 105,733 105,737 (4)

Total expenditures 0 2,156,038 1,519,918 636,120

Excess (deficiency) of revenues over (under) expenditures 0 (2,101,548) (1,465,886) 635,662

OTHER FINANCING SOURCES (USES)Transfers in 0 1,300,000 3,217,924 1,917,924Transfers out 0 (955,062) (955,062) 0

Total other financing sources 0 344,938 2,262,862 1,917,924

Net change in fund balance 0 (1,756,610) 796,976 2,553,586

Fund balance - beginning 0 1,917,924 0 (1,917,924)

Fund balance - ending $ 0 $ 161,314 $ 796,976 $ 635,662



62


Food Service Fund


Original Budget

Final Budget Actual

Variance Favorable

(Unfavorable)

OPERATING REVENUES

Food sales:

Lunch $ 19,300 $ 19,300 $ 42 $ (19,258)

Breakfast 2,620 2,620 0 (2,620)

Ala carte 81,200 81,200 41,671 (39,529)

Catering 8,000 8,000 31,504 23,504

Other 360 360 30,153 29,793

Total operating revenues 111,480 111,480 103,370 (8,110)

OPERATING EXPENSES

Salaries and benefits 1,283,995 1,300,570 1,371,317 (70,747)

Contracted services 92,040 92,040 37,612 54,428

Food costs:

Purchased food 1,874,965 1,874,965 1,599,065 275,900

Donated commodities 185,931 185,931 195,086 (9,155)

Supplies 29,180 29,180 40,821 (11,641)

Equipment repairs and replacement 91,180 91,180 63,114 28,066

Other 156,300 156,300 140,376 15,924

Depreciation 95,000 95,000 81,920 13,080

Total operating expenses 3,808,591 3,825,166 3,529,311 295,855

Operating loss (3,697,111) (3,713,686) (3,425,941) 287,745

NON-OPERATING REVENUES

Federal aid:

Lunch reimbursements 1,963,830 1,963,830 2,260,228 296,398

Breakfast reimbursements 1,947,969 1,947,969 1,619,670 (328,299)

Summer food reimbursements 29,000 29,000 85,355 56,355

Commodity food donations 169,341 169,341 175,146 5,805

State nutrition match 41,250 41,250 36,737 (4,513)

Other state revenue 0 0 66,012 66,012

Investment income 0 0 75 75

Total non-operating revenues 4,151,390 4,151,390 4,243,223 91,833

Change in net assets 454,279 437,704 817,282 379,578

Net assets - beginning 557,851 660,193 660,193 0

Net assets - ending $ 1,012,130 $ 1,097,897 $ 1,477,475 $ 379,578



63


Adult Education Fund


Original Budget

Final Budget Actual

Variance Favorable

(Unfavorable)

OPERATING REVENUES

Local

Tuition and fees $ 621,735 $ 538,290 $ 538,835 $ 545

Total operating revenues 621,735 538,290 538,835 545

OPERATING EXPENSES

Salaries and benefits 528,156 311,505 328,341 (16,836)

Contracted services 15,655 19,830 17,679 2,151

Supplies 24,725 32,269 33,261 (992)

Other 31,369 30,200 12,444 17,756

Depreciation 6,636 6,636 6,636 0

Total operating expenses 606,541 400,440 398,361 2,079

Operating income 15,194 137,850 140,474 2,624

NON-OPERATING REVENUES

Investment income 20 180 209 29

Change in net assets 15,214 138,030 140,683 2,653

Net assets - beginning 0 68,307 68,307 0

Net assets - ending $ 15,214 $ 206,337 $ 208,990 $ 2,653



64

Statement of Changes in Fiduciary Assets and Liabilities

Fiduciary Fund


June 30, 2010 Additions Deletions June 30, 2011

ASSETS

Cash and investments $ 219,342 $ 225,558 $ 199,587 $ 245,313

Total assets $ 219,342 $ 225,558 $ 199,587 $ 245,313

LIABILITIES

Accounts payable $ 0 $ 578 $ 0 $ 578

Due to student organizations 219,342 225,558 200,165 244,735

Total liabilities $ 219,342 $ 226,136 $ 200,165 $ 245,313



65

Adams County School District 14Combining Statement of Net Assets

Component UnitsJune 30, 2011

Community Leadership Academy

Adams 14 Education

Foundation

Total Component

UnitsASSETS

Current assets:Cash and investments $ 895,430 $ 666,674 $ 1,562,104Accounts receivable 33,985 12,284 46,269Prepaid expenses 0 404 404

Total current assets 929,415 679,362 1,608,777

Non-current assets:Restricted cash and investments 1,120,347 0 1,120,347Debt issuance costs 270,581 0 270,581Capital assets, not depreciated 820,000 0 820,000Capital assets, net of accumulated depreciation 6,950,039 0 6,950,039

Total non-current assets 9,160,967 0 9,160,967

Total assets 10,090,382 679,362 10,769,744


Accounts payable 210,249 868 211,117Accrued salaries and benefits 104,155 6,709 110,864Accrued interest payable 272,313 0 272,313Unearned revenues 2,402 0 2,402Non-current liabilities due within one year 125,000 0 125,000

Total current liabilities 714,119 7,577 721,696

Non-current liabilities:Due in more than one year 8,473,210 0 8,473,210

Total non-current liabilities 8,473,210 0 8,473,210

Total liabilities 9,187,329 7,577 9,194,906

NET ASSETSInvested in capital assets, net of related debt (557,590) 0 (557,590)Restricted for debt service 809,559 0 809,559Restricted for repair and replacement 38,475 0 38,475Restricted for emergencies 108,500 0 108,500Unrestricted 504,109 671,785 1,175,894

Total net assets $ 903,053 $ 671,785 $ 1,574,838


66

Adams County School District 14Combining Statement of Activities

Component UnitsFor The Year Ended June 30, 2011

FUNCTIONS/PROGRAMS

Community Leadership Academy

Adams 14 Education

Foundation

Total Component

Units

EXPENSESInstruction $ 1,982,476 $ 0 $ 1,982,476Supporting services 1,011,101 128,822 1,139,923Building corporation 666,792 0 666,792

Total expenses 3,660,369 128,822 3,789,191

PROGRAM REVENUESCharges for services 25,598 0 25,598Operating grants and contributions 135,378 119,891 255,269Capital grants and contributions 49,598 0 49,598

Total program revenues 210,574 119,891 330,465

Net program (expense) (3,449,795) (8,931) (3,458,726)

GENERAL REVENUESPer pupil revenue 3,442,596 0 3,442,596Capital construction funding 42,623 0 42,623Investment income 1,622 131,557 133,179Miscellaneous 20,082 115 20,197

Total general revenues 3,506,923 131,672 3,638,595

Change in net assets 57,128 122,741 179,869

Net assets - beginning 845,925 549,044 1,394,969

Net assets - ending $ 903,053 $ 671,785 $ 1,574,838

67

STATISTICAL SECTION

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

This part of the Adams County School District 14 comprehensive annual financial report presents detailed data as a context for understanding the information in the financial statements, note disclosures, and required supplementary information.

Contents Table Financial Trends These schedules contain trend information to help the reader understand how the District’s financial performance and well-being have changed over time.

1 – 4

Revenue Capacity These schedules contain information to help the reader assess the District’s most significant local revenue source, the property tax.

5 – 9

Debt Capacity These schedules provide the reader with information to assess the affordability of the District’s current levels of outstanding debt and the District’s ability to issue additional debt in the future.

10 – 13

Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the District’s financial activities take place.

14 – 16

Operating Information These schedules contain service data to help the reader understand how the information in the District’s financial report relates to the services the District provides and the activities it performs.

17 – 19

STATISTICAL SECTION

This part of the Adams County School District 14 comprehensive annual financial report presents detailed data as a context for understanding the information in the financial statements, note disclosures, and required supplementary information.

Contents Table Financial Trends These schedules contain trend information to help the reader understand how the District’s financial performance and well-being have changed over time.

1 – 4


5 – 9

Debt Capacity These schedules provide the reader with information to assess the affordability of the District’s current levels of outstanding debt and the District’s ability to issue additional debt in the future.

10 – 14


15 – 17

Operating Information These schedules contain service data to help the reader understand how the information in the District’s financial report relates to the services the District provides and the activities it performs.

18 – 20

STATISTICAL SECTION

Financial Trends These schedules contain trend information to help the reader understand how the District’s financial performance and well-being have changed over time.

Table 1 Net Assets by Component

Table 2 Change in Net Assets

Table 3 Fund Balances of Governmental Funds

Table 4 Change in Fund Balances, Governmental Funds

FINANCIAL TRENDS

Table 1

Note: Normally ten years of data is presented, however, we’re reporting this data only in the years in which the District reported under GASB 34.

70

ADAMS COUNTY SCHOOL DISTRICT 14NET ASSETS BY COMPONENT

LAST NINE FISCAL YEARS(accrual basis of accounting)

2011 2010 2009 2008 2007 2006 2005 2004 2003

Governmental activities

Invested in capital assets, net of related debt 22,362,425$ 23,205,012$ 23,343,291$ 25,012,252$ 21,723,897$ 13,196,266$ 7,147,174$ 6,954,573$ 7,382,808$

Restricted 8,956,973 9,035,343 9,774,162 7,291,149 6,751,861 4,615,613 1,433,611 3,862,762 3,351,252

Unrestricted 13,458,965 8,320,999 3,858,165 4,776,052 5,070,033 7,710,076 17,657,466 9,997,364 7,668,887

Total governmental activities net assets 44,778,363$ 40,561,354$ 36,975,618$ 37,079,453$ 33,545,791$ 25,521,955$ 26,238,251$ 20,814,699$ 18,402,947$

Business-type activities

Invested in capital assets, net of related debt 478,541$ 560,670$ 667,501$ 764,118$ 908,861$ 704,184$ 697,603$ 613,298$ 506,707$

Unrestricted 1,207,924 167,830 (148,927) 145,373 1,031,808 1,227,647 1,403,261 1,497,414 1,485,193

Total business-type activities net assets 1,686,465$ 728,500$ 518,574$ 909,491$ 1,940,669$ 1,931,831$ 2,100,864$ 2,110,712$ 1,991,900$

Total primary government

Invested in capital assets, net of related debt 22,840,966$ 23,765,682$ 24,010,792$ 25,776,370$ 22,632,758$ 13,900,450$ 7,844,777$ 7,567,871$ 7,889,515$

Restricted 8,956,973 9,035,343 9,774,162 7,291,149 6,751,861 4,615,613 1,433,611 3,862,762 3,351,252

Unrestricted 14,666,889 8,488,829 3,709,238 4,921,425 6,101,841 8,937,723 19,060,727 11,494,778 9,154,080

Total primary government activities net assets 46,464,828$ 41,289,854$ 37,494,192$ 37,988,944$ 35,486,460$ 27,453,786$ 28,339,115$ 22,925,411$ 20,394,847$

Fiscal Year

Table 2

Note: Normally ten years of data is presented, however, we’re reporting this data only in the years in which the District reported under GASB 34.

71

ADAMS COUNTY SCHOOL DISTRICT 14CHANGES IN NET ASSETSLAST NINE FISCAL YEARS

(accrual basis of accounting)

2011 2010 2009 2008 2007 2006 2005 2004 2003

Expenses

Governmental activities:

Instructional services 34,686,243$ 35,852,977$ 36,357,316$ 34,934,261$ 36,839,177$ 36,755,855$ 34,621,606$ 36,075,979$ 35,545,861$

Supporting services 0 0 0 0 0 0 0 21,764,917 19,317,061

Operations and maintenance 8,674,271 9,806,015 8,375,355 6,894,201 6,857,327 5,991,205 5,192,975 0 0

Pupil services 5,908,477 6,075,319 5,271,708 5,982,422 5,868,731 5,507,022 5,639,509 0 0

Central support services 3,281,133 3,249,458 3,033,224 3,861,785 5,271,015 3,938,497 4,878,483 0 0

School administration 4,792,929 3,832,092 4,248,702 4,625,588 2,518,456 3,715,263 4,590,251 0 0

Instructional staff 4,219,442 5,153,995 4,365,083 3,704,366 2,337,101 1,608,486 1,091,414 0 0

Pupil transportation 1,865,482 2,348,355 1,883,602 2,153,311 1,875,279 1,560,089 1,411,556 0 0

Business administration 1,006,205 1,075,206 1,078,572 2,186,755 2,315,962 980,759 1,791,664 0 0

General administration 740,524 744,823 731,859 940,499 659,136 608,818 597,505 0 0

Community services & education for adults 1,437,829 390,788 103,991 55,753 76,543 675,508 22,394 0 0

Other support services 728,150 577,063 408,042 271,812 270,028 4,381,319 1,294,485 0 0

Non-instructional services 0 0 442 0 0 0 0 0 0

Food service operations 234,235 131,700 31,681 0 0 0 0 0 0

Interest and fiscal charges 4,268,348 3,208,339 4,614,771 4,848,089 2,996,063 833,932 892,584 857,534 1,074,653

Charter schools 3,442,596 3,367,398 3,134,349 3,084,601 3,878,927 0 0 0 0

Total governmental activities expenses 75,285,864 75,813,528 73,638,697 73,543,443 71,763,745 66,556,753 62,024,426 58,698,430 55,937,575

Business-type activities:

Nutrition services 3,529,311 2,990,867 3,105,226 2,660,863 2,626,161 2,290,709 2,088,806 2,124,416 2,052,708

Child care services 0 0 0 1,003,972 934,550 849,234 746,897 591,726 261,641

Adult education 398,361 552,879 556,261 557,358 367,978 383,544 229,538 454,867 475,158

Total business-type activities expenses 3,927,672 3,543,746 3,661,487 4,222,193 3,928,689 3,523,487 3,065,241 3,171,009 2,789,507

Total primary government expenses 79,213,536$ 79,357,274$ 77,300,184$ 77,765,636$ 75,692,434$ 70,080,240$ 65,089,667$ 61,869,439$ 58,727,082$

Program revenues


Charges for services 171,408$ 0$ 0$ 0$ 0$ 114,759$ 99,879$ 94,665$ 66,138$

Operating grants and contributions 11,016,989 11,819,682 9,838,136 10,450,685 10,933,696 11,191,123 9,869,357 10,646,008 8,826,701

Capital grants and contributions 0 0 0 0 4,791,600 0 0 0 0

Total governmental activities program revenues 11,188,397 11,819,682 9,838,136 10,450,685 15,725,296 11,305,882 9,969,236 10,740,673 8,892,839


Food services:

Charges for services 103,370 166,164 203,832 147,144 268,448 274,984 362,713 449,782 444,105

Operating grants and contributions 4,243,148 2,966,365 2,613,710 1,925,508 2,051,079 1,997,928 1,694,642 1,610,649 1,617,022

Preschool and daycare:

Charges for services 0 0 0 1,085,063 973,567 699,164 732,874 514,750 289,911

Operating grants and contributions 0 0 0 54,286 32,993 0 0 0 0

Capital grants and contributions 0 0 0 0 0 0 0 164,800 0

Community education:

Charges for services 538,835 621,123 452,488 358,278 510,471 348,357 197,360 539,384 507,055

Total business-type activities program revenues 4,885,353 3,753,652 3,270,030 3,570,279 3,836,558 3,320,433 2,987,589 3,279,365 2,858,093

Total primary government revenues 16,073,750$ 15,573,334$ 13,108,166$ 14,020,964$ 19,561,854$ 14,626,315$ 12,956,825$ 14,020,038$ 11,750,932$

Net (expense) / revenue

Governmental activities (64,097,467)$ (63,993,846)$ (63,800,561)$ (63,092,758)$ (56,038,449)$ (55,250,871)$ (52,055,190)$ (47,957,757)$ (47,044,736)$

Business-type activities 957,681 209,906 (391,457) (651,914) (92,131) (203,054) (77,652) 108,356 68,586

Total primary government net (expense) / revenue (63,139,786)$ (63,783,940)$ (64,192,018)$ (63,744,672)$ (56,130,580)$ (55,453,925)$ (52,132,842)$ (47,849,401)$ (46,976,150)$

General revenues and other changes in net assets


Property and specific ownership taxes 27,327,313$ 27,235,570$ 27,000,313$ 26,577,916$ 23,422,316$ 19,871,008$ 19,007,653$ 19,431,483$ 19,720,012$

State equalization 34,452,245 36,775,469 32,960,291 31,296,829 31,307,659 30,274,580 28,063,611 27,009,855 25,946,614

Investment earnings 16,651 103,498 245,932 3,751,244 2,558,588 535,445 369,260 118,143 143,508

Grants not restricted to specific programs 4,601,222 1,601,233 1,614,789 2,335,192 5,897,732 3,087,907 6,844,819 3,771,590 1,608,213

Miscellaneous 1,874,840 1,863,812 1,875,401 2,255,024 931,290 765,635 582,999 38,438 378,557

Transfers and special items 0 0 0 410,215 (55,300) 0 0 0 0

Total governmental activities 68,272,271 67,579,582 63,696,726 66,626,420 64,062,285 54,534,575 54,868,342 50,369,509 47,796,904


Investment earnings 284 20 540 18,891 45,669 34,021 19,155 10,456 12,719

Miscellaneous revenues 0 0 0 11,407 0 0 0 0 0

Transfers 0 0 0 (410,216) 55,300 0 0 0 0

Total business-type activities 284 20 540 (379,918) 100,969 34,021 19,155 10,456 12,719

Total primary government 68,272,555$ 67,579,602$ 63,697,266$ 66,246,502$ 64,163,254$ 54,568,596$ 54,887,497$ 50,379,965$ 47,809,623$

Change in net assets

Governmental activities: 4,174,804$ 3,585,736$ (103,835)$ 3,533,662$ 8,023,836$ (716,296)$ 2,813,152$ 2,411,752$ 752,168$

Business-type activities 957,965 209,926 (390,917) (1,031,832) 8,838 (169,033) (58,497) 118,812 81,305

Total primary government 5,132,769$ 3,795,662$ (494,752)$ 2,501,830$ 8,032,674$ (885,329)$ 2,754,655$ 2,530,564$ 833,473$

Fiscal Year

Table 3

72

ADAMS COUNTY SCHOOL DISTRICT 14FUND BALANCES OF GOVERNMENTAL FUNDS

LAST TEN FISCAL YEARS(modified accrual basis of accounting)

2011 2010 2009 2008 2007

General Fund

Reserved 6,004,099$ 3,859,906$ 3,657,139$ 2,496,851$ 2,912,029$

Unreserved 11,846,338 7,345,024 5,173,549 5,821,687 5,557,073

Total general fund net assets 17,850,437$ 11,204,930$ 8,830,688$ 8,318,538$ 8,469,102$

All other governmental funds

Reserved for

Encumbrances and other 0$ 0$ 0$ 0$ 0$

Capital 0 2,685 3,816,210 42,532,820 70,524,273

Debt service 5,524,240 5,281,696 4,757,543 4,187,177 3,540,506

Special revenue 796,976 1,718,215 1,380,439 821,700 971,155

Total other governmental funds 6,321,216$ 7,002,596$ 9,954,192$ 47,541,697$ 75,035,934$

Total governmental funds 24,171,653$ 18,207,526$ 18,784,880$ 55,860,235$ 83,505,036$

Fiscal Year

Table 3

73

2006 2005 2004 2003 2002

General Fund

2,644,168$ 2,122,495$ 1,870,016$ 1,638,710$ 1,535,318$ Reserved

5,912,722 12,532,298 12,131,703 9,623,012 8,234,144 Unreserved

8,556,890$ 14,654,793$ 14,001,719$ 11,261,722$ 9,769,462$ Total general fund net assets

Reserved for

0$ 66,484$ 61,510$ 91,457$ 0$ Encumbrances and other

2,000,670 2,687,947 275,025 209,672 824,436 Capital

1,772,305 1,606,822 1,717,873 1,355,907 1,338,079 Debt service

837,923 499,337 453,985 884,198 988,076 Special revenue

4,610,898$ 4,860,590$ 2,508,393$ 2,541,234$ 3,150,591$ Total other governmental funds

13,167,788$ 19,515,383$ 16,510,112$ 13,802,956$ 12,920,053$ Total governmental funds

Fiscal Year

Table 4

74

ADAMS COUNTY SCHOOL DISTRICT 14CHANGE IN FUND BALANCES, GOVERNMENTAL FUNDS

LAST TEN FISCAL YEARS(modified accrual basis of accounting)

2011 2010 2009 2008 2007

Revenues

Taxes 27,031,879$ 27,319,353$ 27,148,442$ 26,717,975$ 23,402,674$

Intergovernmental 49,801,645 49,587,607 44,200,103 43,471,567 47,782,466

Investment income 16,651 103,498 245,932 3,751,244 2,558,588

Tuition 171,408 0 0 0 0

Miscellaneous 2,254,651 2,156,540 1,975,166 2,574,511 1,287,910

Total revenues 79,276,234 79,166,998 73,569,643 76,515,297 75,031,638

Expenditures

Instructional services 32,077,298 33,585,669 34,263,432 34,784,970 36,488,172

Operations and maintenance 7,018,797 8,676,448 9,296,945 7,366,272 7,242,177

Pupil services 5,661,880 5,923,728 5,261,300 5,971,764 5,874,467

Central support services 2,839,161 2,768,538 3,302,839 2,993,066 5,285,580

School administration 3,608,618 3,955,457 4,295,356 4,414,123 3,947,833

Instructional staff 4,177,089 5,049,373 4,363,771 3,700,806 2,337,101

Pupil transportation 1,838,033 1,869,139 1,996,520 2,153,309 1,875,279

Business administration 986,452 1,084,317 1,076,730 1,157,667 1,306,855

General administration 735,669 737,353 729,086 933,763 659,136

Other supporting services 677,655 531,990 408,042 271,812 270,028

Non-instructional services 743,152 0 442 0 0

Community services & education for adults 2,200,033 373,114 103,991 55,753 76,543

Preschool food service operations 694,677 131,700 31,681 0 0

Construction in progress and capital outlay 0 5,567,652 38,713,890 35,401,836 10,262,207

Charter school 3,442,596 3,367,398 3,134,349 2,939,537 3,878,927

Debt service

Principal 2,255,115 2,121,815 1,500,000 1,425,412 1,364,144

Interest and fiscal charges 4,355,882 4,472,660 4,409,566 4,320,821 2,267,160

Bond issuance cost 0 0 0 80,849 1,286,443

Total expenditures 73,312,107 80,216,351 112,887,940 107,971,760 84,422,052

Excess of revenues over (under) expenditures 5,964,127 (1,049,353) (39,318,297) (31,456,463) (9,390,414)

Other financing sources (uses)

Transfers in 4,172,986 3,010,571 1,286,000 1,509,920 1,786,160

Transfers out (4,172,986) (3,010,571) (1,286,000) (1,317,800) (1,786,160)

Bonds issued 0 0 0 3,375,000 74,625,000

Bond premium 0 0 0 244,542 5,231,872

Bond discount 0 0 0 0 (129,210)

Promissory note 0 0 0 0 0

Payment to refunded bond escrow agent 0 0 0 0 0

Capital Lease 0 471,999 2,242,942 0 0

Total other financing sources (uses) 0 471,999 2,242,942 3,811,662 79,727,662

Net change in fund balances 5,964,127$ (577,354)$ (37,075,355)$ (27,644,801)$ 70,337,248$

Debt service as a percentage of noncapital expenditures 9.0% 8.8% 8.0% 7.9% 4.9%

Fiscal Year

Table 4

75

2006 2005 2004 2003 2002

Revenues

19,866,347$ 19,114,024$ 19,431,483$ 19,720,012$ 19,358,349$ Taxes

44,328,857 44,179,572 41,178,568 35,319,110 32,160,967 Intergovernmental

535,445 369,260 118,143 143,508 224,691 Investment income

114,759 99,879 0 0 0 Tuition

956,240 1,181,214 38,438 378,557 454,143 Miscellaneous

65,801,648 64,943,949 60,766,632 55,561,187 52,198,150 Total revenues

Expenditures

35,945,597 33,962,369 33,574,194 31,901,344 30,512,912 Instructional services

6,240,072 6,146,720 0 0 0 Operations and maintenance

5,515,023 5,639,509 0 0 0 Pupil services

9,123,549 3,981,101 21,292,161 18,876,229 17,426,643 Central support services

3,979,360 4,590,251 0 0 0 School administration

1,958,313 1,091,414 0 0 0 Instructional staff

1,787,939 1,411,556 0 0 0 Pupil transportation

1,013,759 784,987 0 0 0 Business administration

608,818 597,505 0 0 0 General administration

761,135 448,380 1,508,333 2,051,659 0 Other supporting services

0 0 0 0 0 Non-instructional services

43,693 22,394 0 0 0 Community services & education for adults

0 0 0 0 0 Preschool food service operations

0 0 0 0 2,295,653 Construction in progress and capital outlay

3,469,203 1,124,585 0 0 0 Charter school

Debt service

1,267,940 1,327,824 956,461 889,399 815,238 Principal

751,431 810,083 793,674 1,074,653 1,107,357 Interest and fiscal charges

0 0 261,018 0 0 Bond issuance cost

72,465,832 61,938,678 58,385,841 54,793,284 52,157,803 Total expenditures

(6,664,184) 3,005,271 2,380,791 767,903 40,347 Excess of revenues over (under) expenditures

Other financing sources (uses)

7,007,041 4,335,952 65,347 0 140,949 Transfers in

(6,690,452) (4,335,952) 0 0 0 Transfers out

0 0 15,480,000 0 0 Bonds issued

0 0 835,393 0 0 Bond premium

0 0 0 0 0 Bond discount

0 0 0 115,000 0 Promissory note

0 0 (16,054,375) 0 0 Payment to refunded bond escrow agent

0 0 0 0 0 Capital Lease

316,589 0 326,365 115,000 140,949 Total other financing sources (uses)

(6,347,595)$ 3,005,271$ 2,707,156$ 882,903$ 181,296$ Net change in fund balances

2.8% 3.5% 3.0% 3.6% 3.9%Debt service as a percentage of noncapital expenditures

Fiscal Year


Table 5 Summary of Revenue by Source and Other Financing Sources, General Fund

Table 6 Assessed and Estimated Actual Value of Taxable Property

Table 7 Property Tax Rates – Direct and Overlapping Governments

Table 8 Principal Taxpayers

Table 9 Property Tax Levies and Collections

REVENUE CAPACITY

Table 5

78

ADAMS COUNTY SCHOOL DISTRICT 14SUMMARY OF REVENUE BY SOURCE AND OTHER FINANCING SOURCES

GENERAL FUNDLAST TEN FISCAL YEARS

(modified accrual basis of accounting)

2011 2010 2009 2008 2007

Revenue from Local Sources

Property taxes 15,923,645$ 25.0 % 18,941,786$ 30.0 % 18,692,716$ 31.6 % 18,310,153$ 31.2 % 16,236,006$ 27.7 %

Specific ownership taxes 4,601,222 7.2 % 1,742,041 2.8 % 1,940,348 3.3 % 2,048,647 3.5 % 1,944,077 3.3 %

Investment income 9,553 0.0 % 7,133 0.0 % 66,907 0.1 % 276,350 0.5 % 330,594 0.6 %

Tuition 171,408 0.3 % 0 0.0 % 0 0.0 % 0 0.0 % 0 0.0 %

Other 1,755,892 2.7 % 1,755,713 2.8 % 1,735,767 2.9 % 2,198,948 3.7 % 858,003 1.5 %

Total local sources 22,461,720 35.2 % 22,446,673 35.5 % 22,435,738 37.9 % 22,834,098 38.9 % 19,368,680 33.1 %

Revenue from State Sources

Equalization aid 34,452,245 54.1 % 36,775,469 58.1 % 32,872,044 55.5 % 31,296,829 53.4 % 31,307,659 53.4 %

Amendment 23 revenue 0 0.0 % 0 0.0 % 0 0.0 % 0 0.0 % 0 0.0 %

Vocational education (11,274) 0.0 % 310,827 0.5 % 114,366 0.2 % 108,280 0.2 % 201,060 0.3 %

Exceptional children's act (ECEA) 1,599,090 2.5 % 1,326,514 2.1 % 1,389,331 2.3 % 1,342,921 2.3 % 1,302,830 2.2 %

Transportation reimbursement 352,331 0.6 % 431,658 0.7 % 475,045 0.8 % 475,703 0.8 % 379,728 0.7 %

ELPA reimbursement 266,455 0.4 % 350,616 0.6 % 295,526 0.5 % 235,314 0.4 % 188,776 0.3 %

Other 0 0.0 % 210 0.0 % 1,020 0.0 % 1,988 0.0 % 10,683 0.0 %

Total state sources 36,658,847 57.6 % 39,195,294 62.0 % 35,147,332 59.4 % 33,461,035 57.1 % 33,390,736 56.8 %

Revenue from Federal Sources

Impact aid 2,636,733 4.1 % 1,487,646 2.4 % 1,501,390 2.5 % 2,243,392 3.8 % 5,797,215 9.9 %

Other 1,954,307 3.1 % 113,587 0.2 % 113,399 0.2 % 91,800 0.2 % 92,327 0.1 %

Total federal sources 4,591,040 7.2 % 1,601,233 2.5 % 1,614,789 2.7 % 2,335,192 4.0 % 5,889,542 10.0 %

Total revenue 63,711,607$ 100.0 % 63,243,200$ 100.0 % 59,197,859$ 100.0 % 58,630,325$ 100.0 % 58,648,958$ 100.0 %

Fiscal Year

Table 5

79

2006 2005 2004 2003 2002

Revenue from Local Sources

15,833,884$ 29.4 % 15,491,616$ 28.8 % 18,210,142$ 37.2 % 17,938,601$ 39.5 % 15,389,728$ 35.7 % Property taxes

1,911,476 3.5 % 1,673,306 3.1 % 0 0.0 % 0 0.0 % 2,123,078 4.9 % Specific ownership taxes

414,996 0.8 % 328,374 0.6 % 0 0.0 % 0 0.0 % 191,427 0.4 % Investment income

114,759 0.2 % 99,879 0.2 % 0 0.0 % 0 0.0 % 0 0.0 % Tuition

731,487 1.4 % 585,968 1.1 % 0 0.0 % 0 0.0 % 454,143 1.1 % Other

19,006,602 35.3 % 18,179,143 33.8 % 18,210,142 37.2 % 17,938,601 39.5 % 18,158,376 42.1 % Total local sources

Revenue from State Sources

30,274,580 56.1 % 28,063,611 52.1 % 26,858,960 54.9 % 25,746,590 56.8 % 21,660,689 50.3 % Equalization aid

0 0.0 % 0 0.0 % 0 0.0 % 0 0.0 % 122,870 0.3 % Amendment 23 revenue

119,464 0.2 % 116,463 0.2 % 0 0.0 % 0 0.0 % 224,771 0.5 % Vocational education

991,769 1.8 % 891,634 1.6 % 0 0.0 % 0 0.0 % 816,026 1.9 % Exceptional children's act (ECEA)

307,556 0.6 % 299,497 0.6 % 0 0.0 % 0 0.0 % 291,884 0.7 % Transportation reimbursement

142,313 0.3 % 111,885 0.2 % 0 0.0 % 0 0.0 % 0 0.0 % ELPA reimbursement

0 0.0 % 0 0.0 % 0 0.0 % 0 0.0 % 621,001 1.4 % Other

31,835,682 59.0 % 29,483,090 54.7 % 26,858,960 54.9 % 25,746,590 56.8 % 23,737,241 55.1 % Total state sources

Revenue from Federal Sources

2,963,855 5.5 % 6,169,121 11.4 % 3,834,682 7.9 % 1,663,885 3.7 % 1,138,203 2.7 % Impact aid

102,198 0.2 % 28,509 0.1 % 0 0.0 % 0 0.0 % 52,649 0.1 % Other

3,066,053 5.7 % 6,197,630 11.5 % 3,834,682 7.9 % 1,663,885 3.7 % 1,190,852 2.8 % Total federal sources

53,908,337$ 100.0 % 53,859,863$ 100.0 % 48,903,784$ 100.0 % 45,349,076$ 100.0 % 43,086,469$ 100.0 % Total revenue

Fiscal Year

Table 6

80

ADAMS COUNTY SCHOOL DISTRICT 14ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY

LAST TEN FISCAL YEARS

AssessmentYear

Residential Property

Commercial Property

Personal Property

Industrial,Agricultural,and NaturalResources

StateAssessed,

Vacant Land,And Other

TotalAssessed

Value

Total DirectTax Rate

Per $1,000of Valuation

EstimatedActual

TaxableValue

AssessedValue as a

Percentage ofActual Value Residential All Others

2001 97,761,820$ 125,203,590$ 97,560,380$ 17,874,820$ 16,738,630$ 355,139,240$ 48.335 1,955,869,537$ 18.16% 9.15% 29.00%

2002 100,630,150 131,140,510 102,075,630 17,760,220 16,115,810 367,722,320 47.214 2,020,775,834 18.20% 9.15% 29.00%

2003 109,811,630 151,152,370 101,687,880 19,316,190 17,023,920 398,991,990 43.886 2,376,642,852 16.79% 9.15% 29.00%

2004 110,892,470 155,421,690 95,649,290 18,965,620 16,072,610 397,001,680 43.839 2,379,649,510 16.68% 7.96% 29.00%

2005 117,308,050 167,308,150 108,872,810 22,444,120 19,914,010 435,847,140 41.340 2,572,040,130 16.95% 7.96% 29.00%

2006 117,694,190 172,330,910 120,966,680 23,056,900 19,237,790 453,286,470 47.443 2,635,714,000 17.20% 7.96% 29.00%

2007 110,229,390 179,036,050 209,620,020 24,188,130 19,626,910 542,700,500 45.279 2,876,050,891 18.87% 7.96% 29.00%

2008 110,503,470 191,136,810 212,244,550 25,585,290 19,001,000 558,471,120 44.961 2,932,950,578 19.04% 7.96% 29.00%

2009 85,196,620 201,631,020 241,542,710 24,684,940 19,059,300 572,114,590 44.813 2,772,628,789 20.63% 7.96% 29.00%

2010 86,314,120 200,703,510 233,626,070 24,293,490 17,745,300 562,682,490 44.908 2,726,997,791 20.63% 7.96% 29.00%

Source: Adams County Assessor's Office.

Assessment Rate

Table 7

81

ADAMS COUNTY SCHOOL DISTRICT 14PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS

(PER $1,000 OF ASSESSED VALUE)LAST TEN CALENDAR YEARS

(Unaudited)

Taxing Authority 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


General Fund 43.718 41.962 38.802 38.949 36.450 35.677 33.804 33.486 33.338 33.433

Bond Redemption Fund 4.617 5.252 5.084 4.890 4.890 11.766 11.475 11.475 11.475 11.475

Adams County School District 14 Total 48.335 47.214 43.886 43.839 41.340 47.443 45.279 44.961 44.813 44.908

Adams County 23.541 26.370 26.779 26.903 26.804 26.974 26.899 26.809 26.824 26.883

Cities & Towns

Commerce City 3.280 3.280 3.033 3.280 3.280 3.280 3.280 3.280 3.280 3.206

City of Thornton 10.210 10.210 10.210 10.210 10.210 10.210 10.210 10.210 10.210 10.210

Fire Districts

North Metro Fire Rescue District #1 8.527 7.909 7.955 7.930 8.135 11.179 11.301 11.268 11.307 11.225

North Washington Fire District #3 12.828 13.783 13.677 13.684 13.569 13.595 13.562 13.451 13.335 17.403

South Adams Fire District #4 2.643 4.300 4.300 4.300 4.300 4.300 4.300 4.300 4.300 4.300

North Metro Fire Dist #1 Fire Pension 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500

Sanitation & Water Districts

South Adams Water & Sanitation District 3.508 3.467 3.215 3.292 3.102 3.102 3.102 3.102 3.102 3.102 Hazeltine Heights Water & Sanitation District 4.461 4.595 4.125 5.000 5.500 4.500 4.500 4.500 4.500 4.500

Metropolitan Districts

Eagle Creek Metropolitan District 50.000 50.000 62.000 62.000 64.000 51.000 45.000 54.000 80.000 80.000

Special Districts

Central Colo Water Conservancy District 0.871 0.871 0.871 0.703 0.607 0.590 0.487 0.540 0.425 0.425

Central Colo. Ground Water Subdistrict 1.428 3.850 3.850 3.518 3.350 3.221 0.746 1.306 1.338 1.339

Urban Drainage & Flood Control District 0.521 0.531 0.533 0.538 0.532 0.542 0.507 0.528 0.508 0.523

Urban Drainage South Platte 0.069 0.071 0.065 0.066 0.065 0.066 0.061 0.063 0.061 0.053

Rangeview Library f/k/a Adams County Library System 1.388 1.391 1.387 1.394 1.388 3.659 3.504 3.659 3.659 3.659

Notes: (1)

(2)


Totals are not shown since individual properties are not subject to all levies.

Industrial Park Water & Sanitation District and Regional Transportation District also overlap the School District, but have not assessed a mill levy.

Table 8

82

ADAMS COUNTY SCHOOL DISTRICT 14PRINCIPAL TAXPAYERS

FOR THE ASSESSMENT YEARS ENDING

December 31, 2010 December 31, 2001

Taxpayer Type of Business

TaxableAssessed

Value Rank

Percentage ofTotal Taxable

AssessedValue

TaxableAssessed

Value Rank

Percentage ofTotal Taxable

AssessedValue

Suncor Energy USA Inc. (formerly Conoco, Inc.) Oil & Gas 406,660,640$ 1 72.30% 24,694,590$ 1 7.00%

Rentech Energy Technology Center Renewal energy technologies 56,203,896 2 10.00%

Qwest Corp (formerly U.S. West, Inc.) Telecommunications 32,754,819 3 5.80% 7,969,400 2 2.20%

Public Service CO of Colorado Public Utility 28,729,497 4 5.10% 6,292,330 3 1.80%

FEDEX Ground Package System Air delivery & freight services 23,993,928 5 4.30%

Setzer Properties Commerce City LLC Property management 19,726,761 6 3.50%

Con Agra Flour Milling CO Processed & packed foods 19,113,259 7 3.40% 4,821,760 4 1.40%

Continental World Leasing Real Estate Real estate leasing 16,580,091 8 2.90% 2,958,000 8 0.80%

CalEast Nat, LLC Real estate investment 14,496,701 9 2.60%

1480 Welton Inc. Subsidiary of Public Service CO 14,078,236 10 2.50% 3,851,920 5 1.10%

Colorado Refining CO Oil & Gas 3,598,430 6 1.00%

United Parcel Services Air delivery & freight services 3,120,950 7 0.90%

Shamrock Foods Company Food Distributior 2,722,350 9 0.80%

Wal-Mart Real Estate Business Trust Commercial Property 2,380,000 10 0.70%

Totals 632,337,828$ 62,409,730$

Total Assessed Valuation 562,682,490$ 355,139,040$

Source: Adams County Abstract of Assessments.

Table 9

83

ADAMS COUNTY SCHOOL DISTRICT 14PROPERTY TAX LEVIES AND COLLECTIONS


AssessmentYear

CollectionYear

CurrentTax Levy

CurrentTax

Collections

Percent ofCurrent Taxes

Collected

DelinquentTax

Collections

TotalTax

Collections

Ratio of TotalTax Collections to

Total Tax Levy(1)

EstimatedOutstandingDelinquent

Taxes

Ratio ofEstimated

Delinquent Taxesto Total Tax Levy

2001 2002 17,165,646$ 17,105,060$ 99.65% (91,961)$ 17,013,099$ 99.11% 60,600$ 0.35%

2002 2003 17,361,671 16,992,968 97.88% 66,388 17,059,356 98.26% 368,700 2.12%

2003 2004 17,510,266 17,611,478 100.58% 82,996 17,694,474 101.05% 0 0.00%

2004 2005 17,404,157 17,403,103 99.99% 37,615 17,440,718 100.21% 1,100 0.01%

2005 2006 18,017,847 17,953,023 99.64% 19,913 17,972,936 99.75% 64,800 0.36%

2006 2007 21,505,270 20,687,213 96.20% 20,845 20,708,058 96.29% 818,100 3.80%

2007 2008 24,572,936 24,480,450 99.62% 42,291 24,522,741 99.80% 92,500 0.38%

2008 2009 25,109,420 25,061,903 99.81% 32,844 25,094,747 99.94% 47,500 0.19%

2009 2010 25,579,243 25,468,476 99.57% 25,053 25,493,529 99.66% 110,800 0.43%

2010 2011 25,268,945 25,303,253 100.14% (108,636) 25,194,617 99.71% (34,300) -0.14%

Note:

(1) In accordance with modified accrual accounting, delinquent taxes are recorded in the year collected, not the year assessed. Ratios above 100% represent

collections of prior year delinquent taxes.

Source: Adams County Abstract of Assessments.

Debt Capacity These schedules present information to help the reader assess the affordability of the District’s current levels of outstanding debt and the District’s ability to issue additional debt in the future.

Table 10 Ratio of Outstanding Debt by Type

Table 11 Ratio of General Obligation Debt to Assessed Value and Bonded Debt per Capita

Table 12 Ratio of Direct and Overlapping Debt

Table 13 Legal Debt Margin Information

Table 14 Ratio of Debt Service Expenditures for General Bonded Debt to General Fund Expenditures

DEBT CAPACITY

Table 10

86

Fiscal

Year

General

Obligation

Bonds

Capital

Leases

Total Primary

Government

Percentage of

Personal

Income (1)

Per

Capita (1)

2002 20,455,000$ 136,178$ 20,591,178$ 190.23% 955$ 2003 19,635,000 66,779 19,701,779 182.06% 860 2004 19,890,000 31,028 19,921,028 180.82% 854 2005 18,615,000 0 18,615,000 162.40% 682 2006 17,370,000 0 17,370,000 144.21% 549 2007 90,655,000 0 90,655,000 709.80% 2,559 2008 92,630,000 0 92,630,000 683.43% 2,446 2009 91,130,000 2,242,943 93,372,943 663.26% 2,197 2010 89,405,000 2,318,126 91,723,126 655.56% 2,160 2011 87,440,000 2,023,011 89,463,011 633.10% 2,099

(Unaudited)

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

(1) See the Schedule of Demographic Statistics on page 92 for personal income and population data.


ADAMS COUNTY SCHOOL DISTRICT 14RATIOS OF OUTSTANDING DEBT BY TYPE


Table 11

87

ADAMS COUNTY SCHOOL DISTRICT 14RATIO OF GENERAL BONDED DEBT TO ASSESSED VALUE

AND BONDED DEBT PER CAPITALAST TEN FISCAL YEARS

(Unaudited)

AssessmentYear

CollectionYear

AssessedValue

GeneralBonded Debt

Ratio ofGeneral Bonded

Debt toAssessed Value Population (1)

NetBonded DebtPer Capita

2001 2002 355,139,040$ 20,455,000$ 5.76% 21,947 932$

2002 2003 367,722,320 19,635,000 5.34% 24,600 798

2003 2004 398,991,990 19,890,000 4.99% 24,742 804

2004 2005 397,001,680 18,615,000 4.69% 26,805 694

2005 2006 435,847,140 17,370,000 3.99% 29,670 585

2006 2007 453,286,470 90,655,000 20.00% 35,159 2,578

2007 2008 542,700,500 92,630,000 17.07% 37,874 2,446

2008 2009 558,471,120 91,130,000 16.32% 42,500 (2) 2,144

2009 2010 572,114,590 89,405,000 15.63% 42,473 (3) 2,104

2010 2011 562,682,490 87,440,000 15.54% 42,630 (3) 2,057

Source: (1) Colorado Department of Local Affairs, Demography Section, last modified November 2008

(2) City of Commerce City - estimate

(3) US Census Bureau

Table12

88

ADAMS COUNTY SCHOOL DISTRICT 14

RATIO OF DIRECT AND OVERLAPPING DEBT (1)

JUNE 30, 2010(Unaudited)

Outstanding Percent

2010 General Applicable

Assessed Obligation To The Overlapping

Valuation (3) Debt (4) District Debt (2)

Direct Debt:

Adams County School District 14 4,487,370,260$ 87,440,000$ 100.000% 87,440,000$

Overlapping Debt: (1)

North Metro Fire Rescue District 298,783,890 24,050,000 0.155% 37,374

Central Colorado Ground Water Subdivision 92,810,270 16,743,925 38.452% 6,438,290

Aberdeen Metropolitan District No 1 1,042,100 7,337,380 56.826% 4,169,510

South Adams County Water & Sanitation 592,219,250 24,435,515 66.260% 16,190,923

Hazeltine Heights Water & Sanitation 1,261,600 348,281 0.220% 768

Eagle Creek Metropolitan District 4,272,490 3,150,000 100.159% 3,155,005

Total Overlapping Debt 990,389,600$ 76,065,101$ 29,991,871$

TOTAL 5,477,759,860$ 163,505,101$ 117,431,871$

Notes: (1)

(2)

(3) Sources: Adams County Assessor's Office

(4) Sources: Overlapping debt confirmed with overlapping entities

Adams County, City of Commerce City, City of Thornton, Rangeview Library District, Central Colorado WaterConservancy District, Hazeltine Heights Water and Sanitation District, Industrial Park Water and SanitationDistrict, South Adams County Fire District #4, Regional Transportation District, Urban Drainage Flood Control,and Urban Drainage South Platte also overlap the School District, but have no general obligation debtoutstanding.

Overlapping debts are general obligations of local and county governments that apply to property ownerswithin Adams County School District 14. Not all overlapping rates apply to all District property owners becausethe rates for special districts apply only to the proportion of the District's property owners whose property islocated within the geographic boundaries of the special district.

Table 13

89

DEBT LIMIT COMPUTATIONS

Fiscal

Year

Assessment

Year

Assessed

Value

Debt limit

(20% of

Assessed

Value)

Total net debt

applicable to

limit

Legal debt

margin

2002 2001 355,139,040$ 71,027,808$ - 20,455,000$ = 50,572,808$ 28.80%

2003 2002 367,722,320$ 73,544,464$ - 19,635,000$ = 53,909,464$ 26.70%

2004 2003 398,991,990$ 79,798,398$ - 19,890,000$ = 59,908,398$ 24.93%

2005 2004 397,001,680$ 79,400,336$ - 18,615,000$ = 60,785,336$ 23.44%

2006 2005 435,847,140$ 87,169,428$ - 17,370,000$ = 69,799,428$ 19.93%

2007 2006 453,286,470$ 90,657,294$ - 90,655,000$ = 2,294$ 100.00%

2008 2007 542,700,500$ 108,540,100$ - 92,630,000$ = 15,910,100$ 85.34%

2009 2008 558,471,120$ 111,694,224$ - 91,130,000$ = 20,564,224$ 81.59%

2010 2009 572,114,590$ 114,422,918$ - 89,405,000$ = 25,017,918$ 78.14%

2011 2010 562,682,490$ 112,536,498$ - 87,440,000$ = 25,096,498$ 77.70%


Percentage of

Total net debt

applicable to the

limit to Debt

limit

ADAMS COUNTY SCHOOL DISTRICT 14LEGAL DEBT MARGIN INFORMATION


Table 14

90

ADAMS COUNTY SCHOOL DISTRICT 14RATIO OF DEBT SERVICE EXPENDITURES FOR

GENERAL BONDED DEBT TO GENERAL FUND EXPENDITURESLAST TEN FISCAL YEARS

(Unaudited)

FiscalYear

Annual DebtService

Expenditures forGeneral Bonded Debt

TotalGeneral Fund

Expenditures (1)

Ratio of Annual DebtService Expenditures for

General Bonded Debt to TotalGeneral Fund Expenditures

2002 1,879,243$ 51,457,268$ 3.65%

2003 1,919,663 43,856,816 4.38%

2004 2,078,406 46,163,787 4.50%

2005 2,170,801 48,870,837 4.44%

2006 1,992,625 53,632,377 3.72%

2007 3,631,304 56,950,586 6.38%

2008 5,746,233 54,715,672 10.50%

2009 5,909,566 54,265,360 10.89%

2010 6,036,769 54,490,989 11.08%

2011 4,250,145 53,236,361 7.98%

Notes:(1) The expenditures are net of charter school expenditures in the General Fund.


Table 15 Demographic Statistics

Table 16 Property Values and Construction

Table 17 City of Commerce City Principal Employers

DEMOGRAPHIC and

ECONOMIC INFORMATION

Table 15

92

ADAMS COUNTY SCHOOL DISTRICT 14DEMOGRAPHIC STATISTICS

LAST TEN CALENDAR YEARS(Unaudited)

Year Per capita

Ending Personal Personal Median Age School Unemployment

December 31, Population (1) Income (2) Income (2) (in years) (4) Enrollment Rate (5)

2001 21,567 $10,824,151 $28,701 31.78 6,450 4.2%

2002 22,897 $10,821,289 $29,107 32.04 6,587 6.4%

2003 23,320 $11,017,051 $29,085 32.50 6,698 7.0%

2004 27,291 $11,462,211 $29,644 32.80 6,731 6.5%

2005 31,647 $12,044,664 $30,304 33.00 6,487 5.2%

2006 35,432 $12,771,890 $31,187 32.40 6,648 5.0%

2007 37,874 $13,553,627 $32,301 32.30 6,591 4.8%

2008 42,500 $14,077,872 $32,770 32.10 6,731 5.5%

2009 42,473 $13,991,470 $31,727 32.80 7,058 8.6%

2010 42,630 $14,131,000 (3) $32,000 (3) 32.40 7,048 10.0%

Sources:(1)

(2) U.S. Department of Commerce, Bureau of Economic Analysis for Adams County, Colorado.(3)

(4) 2010 US Census for Adams County, Colorado.(5) Colorado Department Labor & Employment and for Adams County, Colorado.

Colorado Bureau of Labor Statistics for Commerce City, Colorado. The District boundaries include parts oftwo different cities and unincorporated Adams County, however, the majority of the District is located withinthe City of Commerce City. Population information for the District is generally not available until the UnitedStates decennial census has been published. The 2010 population is an estimate provided by the City ofCommerce City.

Estimate based upon information from U.S. Department of Commerce, Bureau of EconomicAnalysis for Adams County, Colorado.

Table 16

93

ADAMS COUNTY SCHOOL DISTRICT 14PROPERTY VALUES AND CONSTRUCTION

LAST TEN CALENDAR YEARS(Unaudited)

Year

City of Commerce CityCommercial and Residential

Construction (1)


Property Values (2)

Ending No. of Estimated

December 31, Permits Value Assessed Actual (3)

2001 3,992 134,466,122$ 355,139,040$ 1,955,869,536$

2002 5,733 228,264,901 367,722,320 2,020,775,834

2003 7,919 286,894,893 398,991,990 2,376,642,852

2004 10,113 419,809,515 397,001,680 2,379,649,510

2005 10,264 390,524,489 435,847,140 2,572,040,130

2006 6,100 270,298,925 453,286,470 2,635,714,000

2007 2,856 123,055,856 542,700,500 2,876,050,891

2008 1,604 129,165,777 558,471,120 2,932,950,578

2009 1,477 49,765,432 572,114,590 2,772,628,789

2010 4,770 116,568,290 562,682,490 2,726,997,791

Notes:

(1)

(2)

(3)

Actual value in the above table is defined as base year for assessment purposes. Thebase year is f rom 6 to 9 years prior to the collection year. Current market values areconsiderably higher than the actual values shown in the above table.

Source: Commerce City Building Department.

Source: Adams County Assessor's Of f ice.

Table 17

94

Name of Employer (1) Industry (1)

Number of

Employees (1)

Rank

Percentage to

Total County

Employment

Number of

Employees (1)

Rank

Percentage to

Total County

Employment

United Parcel Service Parcel Delivery Service 2,487 1 10.9% 2,921 1 34.4%

Adams County School District 14 Public School District 1,063 2 4.7% 796 2 9.4%

FedEX Ground Package System INC Parcel Delivery Service 767 3 3.4%

United Food Service, Inc. Food Service Distribution 569 4 2.5% 539 3 6.3%

City of Commerce City City Government 414 5 1.8% 332 7 3.9%

Suncor Energy USA INC Refinery 410 6 1.8%

FedEx Freight Trucking 341 7 1.5%

Earl F. Douglass Roofing Company Manufacturer 288 8 1.3%

Waste Management of Colorado INC Waste Removal 272 9 1.2%

Wal-Mart Supper Center Retail 252 10 1.1% 417 5 4.9%

Navajo Express, Inc. Trucking 450 4 5.3%

BWI Waste Systems of North America Waste Removal 335 6 3.9%

Safeway Steel Products, Inc. Manufacturer 328 8 3.9%

United States Postal Service Postal Service 324 9 3.8%

Laidlaw Transit Inc. Transportation 265 10 3.1%

Total 6,863 30.2% 6,707 78.9%

22,716 8,497 (2)

Sources:(1) Commerce City Economic Development Department(2) US 2000 Census

Note: Normally data for the period nine years prior to the current period is presented, however, this information is unavailable.

Total Employers' Employees

December 31, 2010 December 31, 2002

ADAMS COUNTY SCHOOL DISTRICT 14CITY of COMMERCE CITY, COLORADO PRINCIPAL EMPLOYERS

(Unaudited)For the Calendar Years Ended December 21, 2010 and 2002

Operating Information These schedules contain service data to help the reader understand how the information in the District’s financial report relates to the services the District provides and activities it performs.

Table 18 Full-time Equivalent Employees by Fund

Table 19 Miscellaneous Statistical Data

Table 20 Capital Asset Statistics by Function/Program

OPERATING INFORMATION

Table 18

96

(Unaudited)

2010-11 2009-10 2008-09 2007-08 2006-07 2005-06 2004-05

GENERAL FUNDAdministrators 32.82 33.82 32.82 33.28 33.50 34.42 30.34 Teachers 366.89 382.56 394.86 394.67 409.57 430.11 416.46 Counselors 6.00 6.50 7.00 5.93 6.00 7.00 6.00 Coordinators / managers / directors 9.67 8.75 4.76 1.31 1.31 2.73 1.50 Teachers on special assignment 1.00 1.00 3.00 2.00 2.00 6.00 4.25 Child advocates 8.04 7.90 8.05 8.93 9.75 7.00 8.42 Secretarial 24.56 26.56 20.90 24.00 23.00 22.55 22.05 Technology 10.00 8.00 7.00 6.00 7.00 7.00 7.00 Paraprofessionals 123.27 143.65 144.78 137.53 127.40 144.24 128.38 Office or clerical staff 24.58 23.13 29.10 24.15 23.45 16.55 28.55 Building engineers 38.38 45.00 45.00 45.00 42.00 41.50 42.50 Bus drivers 23.18 22.25 24.50 24.73 22.80 19.21 20.00 Operations and maintenance 16.75 19.75 17.35 17.00 17.00 14.00 14.00 Mechanics 3.00 3.00 3.00 3.00 3.00 3.00 3.00 Other service professionals 2.80 2.00 11.00 9.80 6.80 2.98 3.80

Total General Fund 690.94 733.87 753.12 737.33 734.58 758.29 736.25

GRANTSAdministrators 0.18 2.18 2.18 1.22 2.00 2.00 2.00 Teachers 38.88 33.20 44.00 53.49 53.16 53.17 53.17 Child advocates 3.36 3.22 3.45 1.58 4.30 4.30 4.30 Coordinators / managers / directors 5.83 4.25 3.74 1.67 1.67 1.67 1.67 Counselors 1.50 2.00 0.00 0.08 0.08 0.00 0.00 Secretarial 0.00 0.00 1.95 2.65 3.63 3.63 3.63 Teachers on special assignment 0.00 1.00 1.00 2.00 2.00 2.00 2.00 Office or clerical staff 4.55 1.55 1.50 1.35 1.55 1.55 1.55 Paraprofessionals 17.32 21.96 20.50 7.05 14.65 14.65 14.65

Total grants 71.62 69.36 78.32 71.09 83.04 82.97 82.97

ENTERPRISE FUNDSAdministrators 1.00 1.00 1.50 2.50 2.50 2.50 3.50 Teachers 3.00 3.00 3.00 3.20 7.50 7.50 7.50 Coordinators / managers / directors 0.00 0.00 2.00 2.50 2.00 2.00 2.00 Paraprofessionals 4.25 4.69 8.15 25.50 16.50 16.50 16.50 Secretarial 0.00 0.00 3.63 4.00 2.00 2.00 2.00 Building engineers 0.00 0.00 0.00 1.00 1.00 1.00 1.00 Office or clerical staff 1.00 1.00 0.00 3.88 4.00 4.00 4.00 Other service professionals 0.00 0.00 1.20 1.20 1.00 1.00 1.00 Nutrition services 34.05 34.23 34.25 35.45 33.89 33.89 33.89

Total enterprise funds 43.30 43.92 53.73 79.23 70.39 70.39 71.39

ALL FUNDSAdministrators 34.00 37.00 36.50 37.00 38.00 38.92 35.84 Teachers 408.77 418.76 441.86 451.36 470.23 490.78 477.13 Counselors 7.50 8.50 7.00 6.01 6.08 7.00 6.00 Coordinators / managers / directors 15.50 13.00 10.50 5.48 4.98 6.40 5.17 Teachers on special assignment 1.00 2.00 4.00 4.00 4.00 8.00 6.25 Child advocates 11.40 11.12 11.50 10.51 14.05 11.30 12.72 Secretarial 24.56 26.56 26.48 30.65 28.63 28.18 27.68 Technology 10.00 8.00 7.00 6.00 7.00 7.00 7.00 Paraprofessionals 144.84 170.30 173.43 170.08 158.55 175.39 159.53 Office or clerical staff 30.13 25.68 30.60 29.38 29.00 22.10 34.10 Building engineers 38.38 45.00 45.00 46.00 43.00 42.50 43.50 Bus drivers 23.18 22.25 24.50 24.73 22.80 19.21 20.00 Operations and maintenance 16.75 19.75 17.35 17.00 17.00 14.00 14.00 Mechanics 3.00 3.00 3.00 3.00 3.00 3.00 3.00 Other service professionals 2.80 2.00 12.20 11.00 7.80 3.98 4.80 Nutrition services 34.05 34.23 34.25 35.45 33.89 33.89 33.89

Total all funds 805.86 847.15 885.17 887.65 888.01 911.65 890.61

(1) Source: Adams County School District 14; Position Control

ADAMS COUNTY SCHOOL DISTRICT 14FULL-TIME EQUIVALENT EMPLOYEES BY FUND

Note: Normally ten years of data is presented, however, we're reporting this data only in the years in which the District reported under GASB 34.

Full Time Equivalents

Table 19

97

School

Year

Student

Enrollment

Funded

Pupil Count

2001-2002 6,587 6,144

2002-2003 6,698 6,240

2003-2004 6,731 6,116

2004-2005 6,487 6,024

2005-2006 6,304 5,903

2006-2007 6,210 5,833

2007-2008 6,296 5,952

2008-2009 6,606 6,098

2009-2010 6,950 6,424

2010-2011 7,048 7,020

Number of

Teachers (2)

% of

Total

Number of

Teachers (2)

% of

Total

99 22.20% 98 21.97%13 2.91% 55 12.33%26 5.83% 50 11.21%12 2.69% 32 7.17%19 4.26% 18 4.04%

159 35.65% 33 7.40%27 6.05% 71 15.92%23 5.16% 53 11.88%22 4.93% 19 4.26%38 8.52% 13 2.91%8 1.79% 4 0.90%

446 100.00% 446 100.00%

(1) Source: Colorado Department of Education(2) June 30, 2011 data

At least 20 years, but less than 2525 or more years

At least 3 years, but less than 4At least 4 years, but less than 5At least 5 years, but less than 6At least 6 years, but less than 10At least 10 years, but less than 15At least 15 years, but less than 20

Master's Degree + 15 Qtr HrsMaster's Degree + 30 Qtr HrsMaster's Degree + 45 Qtr HrsMaster's Degree + 60 Qtr HrsDoctorate (EDD or PhD)

Summary of Teachers by Years of Service

Years of Service

Less than 1 yearAt least 1 year, but less than 2At least 2 years, but less than 3

BA + 75 Qtr Hrs or Master's Degree

Bachelor of Arts (BA)BA + 15 Qtr HrsBA+ 30 Qtr HrsBA + 45 Qtr HrsBA + 60 Qtr Hrs

* Geographical area: 52 Square miles all within Adams County

* Accreditation: North Central Association of Colleges and Schools

* Twenty-fifth (25th) largest school district (by student population) in the state fiscal year 2010-11

* Fifth (5th) largest school district (by student population) in Adams County fiscal year 2010-11

Enrollment and Funded Pupil Count (1)

Education Level

Summary of Teachers by Education Level

ADAMS COUNTY SCHOOL DISTRICT 14MISCELLANEOUS STATISTICAL DATA

(Unaudited)

District Statistics:* Year of organization: 1902

* Year of consolidation: 1947

2

6 1

2

2

1

Number of Schools in FY2010‐11

Preschools

Pre‐Kindergarten ‐ 5th Grade

Pre‐Kindergarten ‐ 8th Grade

Middle Schools

High Schools

Charter Schools

Table 20

98

ADAMS COUNTY SCHOOL DISTRICT 14CAPITAL ASSET STATISTICS BY FUNCTION / PROGRAM

Last Seven Fiscal Years(Unaudited)

SchoolsYear of Original

Construction 2011 2010 2009 2008 2007 2006 2005Sanville Preschool 1954

Square feet 5,440 5,440 5,440 5,440 5,440 5,440 5,440Capacity (students) 50 50 50 50 50 50 50Enrollment (head count) 83 92 90 92 87 92 92

Stars Early Learning Center Preschool 1981Square feet 7,005 7,005 7,005 7,005 7,005 7,005 7,005Capacity (students) 94 94 94 94 94 94 94Enrollment (head count) 78 110 140 115 101 111 104

Alsup Elementary 1959Square feet 50,114 50,114 50,114 47,762 47,762 47,762 47,762Capacity (students) 477 477 477 477 477 477 477Enrollment (head count) 640 591 581 537 502 493 489

Central Elementary 1954Square feet (3) 54,790 54,790 54,790 54,790 50,790 50,790 50,790Capacity (students) 548 548 548 548 508 508 508Enrollment (head count) 634 638 605 563 571 588 585

Dupont Elementary 1956Square feet 51,599 51,599 51,599 51,599 50,099 50,099 50,099Capacity (students) 516 516 516 516 501 501 501Enrollment (head count) 586 572 549 551 543 539 553

Kemp Elementary 1951Square feet (3) 44,963 44,963 44,963 44,963 42,463 40,963 40,963Capacity (students) 450 450 450 450 425 410 410Enrollment (head count) 483 432 387 365 364 368 404

Monaco Elementary 1956Square feet 37,496 37,496 37,496 37,496 37,496 37,496 37,496Capacity (students) 375 375 375 375 375 375 375Enrollment (head count) 480 494 475 435 413 396 459

Rose Hill Elementary 1952Square feet (3) 56,542 56,542 56,542 56,542 54,042 54,042 54,042Capacity (students) 565 565 565 565 540 540 540Enrollment (head count) 453 424 417 418 424 414 425

Hanson PK-8 1968Square feet (3) 50,355 50,355 50,355 50,355 47,855 38,621 37,173Capacity (students) 419 419 419 419 399 322 310Enrollment (head count) 501 513 511 425 348 316 276

Adams City Middle School 2009Square feet 96,900 96,900 96,900 96,900 96,900 96,900 96,900Capacity (students) 808 808 808 808 808 808 808Enrollment (head count) 717 691 653 611 594 596 699

Kearney Middle School 1953Square feet 120,601 120,601 120,601 120,601 120,601 120,601 120,601Capacity (students) 1,005 1,005 1,005 1,005 1,005 1,005 1,005Enrollment (head count) 538 525 470 543 561 649 719

Lester Arnold Alternative High School 1949Square feet 19,972 19,972 19,972 19,972 19,972 19,972 19,972Capacity (students) 133 133 133 133 133 133 133Enrollment (head count) 160 203 213 213 249 241 208

Adams City High School 2009Square feet 293,000 293,000 296,000 258,062 258,062 258,062 258,062Capacity (students) 1,720 1,720 1,720 1,720 1,720 1,720 1,720Enrollment (head count) 1,695 1,665 1,515 1,428 1,455 1,501 1,474

Community Leadership Academy - Charter School 2008Square feet 50,000 50,000 21,700 21,700 21,700 21,700 0Capacity (students) 450 450 450 450 450 450 0Enrollment (head count) 501 472 452 435 381 344 0

Other capital assets (Square feet)ESS Building 1971 43,020 43,020Administration building 1956 14,020 14,020Bus Terminal 1956 15,113 15,113Warehouse 1971 12,096 12,096Operations and Maintenance 1971 5,568 5,568

(1) Source: District Facilities Office (Original Construction, Square Feet & Capacity)(2) Source: Colorado Department of Education ( Enrollment)(3) Increases in square footage are the result of renovations and additions.

Note: Normally ten years of data is presented, however, we're reporting this data only in the years in which the District reported under GASB 34.

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Federal Grantor/Pass‐Through Grantor / Program Title

Federal CFDA

Number

Grant Expenditures

2010-11

U.S. Department of Education

Passed Through the Colorado Department of Education:

Title I 84.010 $ 2,228,474 School Improvement 84.377 420,654

ARRA - Title IA 84.389 837,985

Migrant Education 84.011 6,604

Improving Teacher Quality 84.367 495,146

ARRA - State Fiscal Stabilization Fund 84.397 353,966Education Jobs Fund 84.410 1,489,123Education Technology 84.318 182,278ARRA - Education Technology 84.386 148,294English Language Acquisition 84.365 274,619Special Education 84.027 1,378,582ARRA - Special Education 84.391 638,217Special Education - Preschool 84.173 46,648ARRA - Special Education - Preschool 84.392 12,178

Safe and Drug Free Schools & Communities 84.186 19,772Colorado Graduation Pathways 84.360 13,998McKinney Vento Homeless Children and Youth 84.196 15,396ARRA - Education for Homeless Children and Youth 84.387 28,278

Adult Education 84.002 156,907

Reading First 84.357 157,857

21st Century Community Learning Centers 84.287 229,200Passed through Colorado Community College System

Career and Technical Education 84.048 86,118Passed Through the Colorado Dept of Human Services:

Rehabilitation Services ‐ Vocational Rehabilitation 84.126 123,930

Direct Program:Impact Aid 84.041 2,636,733

Total U.S. Department of Education 11,980,957

U. S. Department of Agriculture

Passed Through the Colorado Department of Education:School Breakfast Program 10.553 1,619,670

National School Lunch Program 10.555 2,260,228

Summer Food Service Program for Children 10.559 85,355

Fresh Fruit & Vegetable Program 10.582 182,704

Passed Through the Colorado Department of Human Services:Food Donation 10.555 175,146

Passed Through Colorado Department of Public Health and Environment:

Child and Adult Care Food Program 10.558 34,175

Total U.S. Department of Agriculture 4,357,277

Department of Health and Human ServicesPassed Through Adams County:

Promoting Safe and Stable Families 93.556 1,108Child Care Development 93.596 43,995Communities Putting Prevention to Work (CPPW) 93.724 94,140

Total U.S. Department of Health and Human Services 139,243

U.S. Department of Defense

Direct Program

ROTC 12.000 76,147Total U.S. Department of Defense 76,147

Total $ 16,553,625

1) Modified Accrual Basis of Accounting was used to prepare this report.

See the Accompanying Independent Auditors' Report.

Adams County School District 14Schedule of Expenditures of Federal Awards


ADAMS COUNTY SCHOOL DISTRICT 14 NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS


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NOTE 1 – BASIS OF PRESENTATION

The accompanying Schedule of Expenditures of Federal Awards, which includes the federal grant activity of the Adams County School District 14 (District), is presented on the modified accrual basis of accounting, except for the U.S. Department of Education grants, which are presented on the full accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the District’s financial statements for the year ended June 30, 2011.

NOTE 2 – NON-CASH

The District receives food commodities from the U.S. Department of Agriculture for use in its food service program. The commodities are recognized as revenue when received. The commodities are recognized as expenses when used by the schools. The majority of the commodities are stored at the individual schools, instead of a central warehouse. As such, the District has determined that the title to the commodities passes to the District upon receipt of the commodities. Since the District has received title to the commodities, the unused commodities are not reflected as deferred revenue.

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11/16/2011 Colorado Department of Education ADAMS ADAMS COUNTY 14 11:39 AM Fiscal Year 2010-2011 District Code: 0030 Colorado School District/BOCES Auditor's Integrity Report Revenues, Expenditures, & Fund Balance by Fund 1000 - 5999 0001 - 0999 6700 - 6799 Fund Type & Beg Fund Balance & Total Revenues & Total Expenditures & & Prior Per Adj (6880*) Number Prior Per Adj (6880*) + Other Sources - Other Uses = Ending Fund Balance ------------ -------------------- -------------------- -------------------- -------------------- Governmental 10 General Fund 10,932,079 59,309,055 52,586,461 17,654,673 18 Risk Mgmt Sub-Fund of General Fund 272,849 615,018 692,102 195,764 19 Colorado Preschool Program Fund 0 0 0 0 Subtotal 11,204,928 59,924,072 53,278,563 17,850,437 11 Charter School Fund 605,981 3,713,383 3,706,757 612,607 20,26-29 Special Revenue Fund 0 0 0 0 21 Capital Reserve Spec Revenue Fund 1,917,925 -1,917,924 0 1 22 Govt Designated-Purpose Grants Fund -199,108 9,009,495 8,810,387 0 23 Pupil Activity Special Revenue Fund 0 0 0 0 24 Full Day Kindergarten Mill Levy Override 0 0 0 0 25 Transportation Fund 0 0 0 0 30 Debt Service Fund 0 0 0 0 31 Bond Redemption Fund 5,281,696 6,452,689 6,210,145 5,524,240 39 Non-Voter Approved Debt Service Fund 0 0 0 0 41 Building Fund 2,085 48,410 50,495 0 42 Special Building Fund 0 0 0 0 43 Capital Reserve Capital Projects Fund -1 2,316,895 1,519,918 796,976 TOTALS 18,813,506 79,547,020 73,576,264 24,784,262 Proprietary 51 Food Service Fund 660,193 4,346,593 3,529,311 1,477,475 50 Other Enterprise Funds 308,250 1,212,782 1,065,152 455,881 64 (63) Risk-Related Activity Fund 0 0 0 0 60,65-69 Other Internal Service Funds 0 0 0 0 TOTALS 968,443 5,559,375 4,594,462 1,933,356 Fiduciary 70 Other Trust and Agency Funds 0 0 0 0 72 Private Purpose Trust Fund 0 0 0 0 73 Agency Fund 0 0 0 0 74 Pupil Activity Agency Fund 219,342 224,559 199,165 244,735 79 GASB 34:Permanent Fund 0 0 0 0 85 Foundations 549,044 251,563 128,821 671,785 TOTALS 768,385 476,122 327,986 916,521 *If you have a prior period adjustment in any fund (Balance Sheet 6880), the amount of your prior period adjustment is added into both your ending and beginning fund balances on this report. From submitted data file: fd0030.12a Program: fdrdh.sqr File: fd0030.dha FINAL

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