1. finance
2. accounting and auditing

FLORAL PARK·BELLEROSE UNION FREE SCHOOL DISTRICT
FJNA NCI/\ L STA TEM ENTS
AND SlJPPLEMENTARY INFORMATION
FOR THE fiSCAL YEAR ENDED
JUNE .'0,2014
nt1,' ....J<;,nt1.",nt
Auditors' Report..
1-2
REQUIRED SUPPLEMENTARY INFORMATION
and Analysis .................... .. .. .................... .
3-17
BASIC FINANCIAL STATEMENTS
Activities and
In
Net Position ................................................................... .
20
of the Governmental Funds Balance Sheet 10
of Nel Poshion ............................................................. , .............................. .
and
in Fund Balances ......
Revenues.
of the Governmental
Statement of
Expenditures,
Statement of Activities.... .. .. ............. .. .......... ..
in Fund Balances 10
Statements
Net Position ................... .
Net Position .... .
I../Q,!"nr,r.ll.ahr,n
",'omont
21
22
23
24
25
Statements ...................................................................................................................
Notes to
REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN
MANAGEMENT DISCUSSION AND ANAL YSIS
and Changes In
Balances -
wU'"'Y""
and
50-51
52
lor Other Postemployment Benefits
OTHER SUPPLEMENTARY INFORMATION
from '-"""'1-',,,,,", ""':..1'-'\.1\0' to Final
and Section 1318
Real Property
Schedule of Project
Net Investment in
nrit, .... o.nrf,o,u
-Capital
Fund
53
Fund ...................................................................... .
Assets ................................................................................
Auditors' Report on Internal
Over Financial Reporting and on
Other Matters Based on an Audit of Financial Statements
with Government Auditing Standards.................................. ... ............... .... .................
54
55
56-57
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' RE PORT
To the Board of Education
Floral Park- Bell erose Union Free School District
Floral Park, New York
We have audited the accompanying financial statements of the governmental activities, each major fu nd, and
the aggregate remaining fund information of the Floral Park-Bellerose Un ion Free School District (the
"Dist rict"), New York, as of and for the year ended June 30. 2014, and the related notes to the financi al
statements, whic h collectively comprise the District's basic financial statements as listed in the tabl e of
contents .
Management 's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting prinCiples generally accepted in the United States of America; this includes the
design , implementation, and maintenance of internal conlrol relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, wh ether due to fraud or error.
Auditors' Responsibility
Our responsibi li ty is to express opinions on these financial statements based on our audit. We conducted our
audit in accorda nce with auditing standards generally accepted in the United States of America and th e
standards applicab le to financial audits contained in Government Auditing Standards, issued by the
Comptroller General 01 the United States . Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from mat erial misstatement.
An audit involves periorming procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors' judgment. including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In maki ng those
risk assessments, the auditor considers internal control relevant to the District's preparation and fair
presentation of the financial statements in order to design audit procedures thai are appropriate in th e
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District's internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness 01 Significant accounting estimates made by management,
as well as eval uating the overall presentation of the financial statements.
W e believe that the audit evidence we have obtained is sufficient and appropnate to provide a basis for ou r
audit opinio ns.
PERSONA L SERVICE. TRUSTE D ADV ICE.
ALBRECHT, VIGGIANO, ZURECK & COMPA IY, PC
245 PARK AVENUE, 39TH FLOOR
NEW YORK, NY 10167
T' 212.792.4075
-1-
25 SUFFOLK COURT
HAUPPAUGE, NY 11788-3715
T. 631434950 F: 631 .434 .9518
www.avz.com
~
Opinions
faIrly. In all material respects, the respective
fund, and the aggregate remaining fund
New
as of June
2014, and the
ended in accordance with accounting
Other Matters
Required V<.J,I.'I-"'C:'
Information
accepted in the United Stales 01 America
comparison information and the
to supplement the basic financial
is
the
be an essential part of financial
for ,",'''NM,n
or historical context. We have
certain
in accordance with
standards generally
consisted of
ot
about the methods of
the information for
with
statements, and olher knowledge
any
nol express an opinion or
or
any assurance.
not provide us with suFficient evidence to express an
Other Information
purpose of forming opinions on the financial statements Ihat
Union Free School District, New York's basic hnancial statements. The
as lisled in
lable 01
by the New York
lor the
01
and is not a
part of
information is Ihe responsibility of management and was derived from and relate
accounting and other records used to prepare the basic financial statements. Such
been subjected to the auditing procedures
in the audit of the basic financial statements
additional procedures, including comparing and
such information directly
the
and olher records used 10 prepare the basic finanCIal statements or to the basic
in accordance with auditing
themselves, and other additional
"''-':'''<;:IJICV in the Uniled Slates 01 America. In our opinion, the other
information is
in relation 10 the basic financial statements as a whole,
with Government Auditing Standards, we have also Issued our
dated October 6,2014. on
01 the Floral Park-Bellerose Union Free School District, New York's internal control over
and on our lests of ils compliance with certain provisions 01
regulations. contracts, and
of
and other matters, The purpose of that report is 10 describe the scope or our
and not to
over financial
and compliance and the results of thai
conlrol over financial reporting or on compliance. Thai
part
in accordance with Government Auditing Standards in "r..'.... c'rlonnl"l
New York's internal control over financial
,nO,r"t,r.n
-2 -
FLORAL PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
The following is a discussion and analysis of the Floral Park-Bellerose Union free School District's (the
"District") financial performance for the fiscal year ended June 30. 2014. This section is a summary of (he
District's financial activities based on cun-ently known facts, decisions, or conditions. II is also based on
both the District-Wide and Fund Financial Statement~ . The results of the cun-ent year are discLls ed in
comparison with tile prior year, wilh an emphasis placed on the currenl year. This section is only an
introducti on and should be rend in conjunction with the District'S financial statements. ",;hich immediately
fo lJ o w [hi s section.
1. FINANCIAL HIGHLIGHTS
•
The District continued to offer programs, withollt reducing services while maintaining the
maximum fund balance permitted by law .
•
The District'~ expenses for the year, as reflected in the Dislrict-Wide Financial Statements. tot(\led
$27,274,566. Of this amount, $784.604 was offset by program charges for services and $622.291
was offset by operating grants. General reve nues of $26,4 25 , 192 amount (0 94.95% of tolal
reven ues .
•
The general fund total fund balance, as reflected in the Fund Financial Statements, increased by
$J81,000. This was due to an excess of revenues rmd operaling rransfers in over expenditures and
operating transfers Ollt based on the modified accrual bas is of accounling.
•
On September 19, 2013 the Dislrict closed on an installment purchase lease agreemenc in the
amounr of $20 1,362 for the purchase of four buses with a net interest rate of 2.26% payable over 5
years.
•
On September 10, 2013 the District issued $2,320,000 in serial bonds with an average interest rate
of 3.25% payabJe over 15 years. This was approved by voters on May 15. 20 l2 to fund various
building improvements at the John Lewis Childs and Floral Park - Bellerose Schools. The facility
improvements which included roof replacements, masonry restoration, electric panel upgrades, field
drainage, and the clock tower renovation have a.1I been completed on-time and within budget.
•
Despite the effects of the tax cap, the District has been able to:
);- Maintain or decrease class size by rep!;~cing all retiring teachers in the 2013-J4 budget.
adding a technology teacher, and increasing a music teacher position: as well as providing a
bnderganen aide in each class.
>-
Over the past two years the Di~trict has replaced its mathematics and reading sl.:ries, both
aligned to the new common core standards . The Diqrict has also increased its commitment
to technology by acquiring over 250 computers for use in the classrooms.
3
FLORAL
RK-BELLEROSE UNION FREE SCHOOL DISTRI
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
2.
repon consists of four parts' management's di~cussion and
(this
the basic
statements. required supplementary information
other supplementclrY information. The
1.11 statements incl
two kinds of statements that
different
of the Oi
..
first two statements are Dis/ricJ~ Wide
and long-feml in
about
District's
..
The
both
sllOrt-feJ711
statements are Fund Financial SfalemenfS that fOCllS on illdil'idual parI\' of the
the
in more
than the District-\Vide
..
were
..
Statements that
financial status.
Fund
how
services
in the shorl1erm as well as what remains
as instruction and support
future
about the
the benefit
Financial SWfelllenfs
acts
include notes that provide additional .
about
rinancial
financial statements
The statements are followed by a section of
stalements and
balances
and supports the financial staEemenrs
information lhal fUl1her ex
following shows how the
parts of
comparison of
s budget
the year.
annual
ru-e arranged and related to one anmber.
4
FLORAL PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Organization of the District's Annual Financial Repol1
Management's
Di sclls sion
And
An:.llysi s
District- Wide
Financial
Statements
I Summary
Basic
Financial
Statements
Su pplementary
Information
NOLes to the
financial
Statements
Fund Financial
Statements
<::::,------.,. . ------::::>
Detail
The following table summarizes (he major features of the Di~trict's financial statements, includ ing the
port ion of the District ' s activities [hat they cover and the types of inform{Hion (hat they conwin. The
remainder of this overview section of Managemenl's Discussion and AnaJysi s highlights the st ruclure
:.Ind conLents of each of the statements .
5
FLORAL PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Majo r Features of the District- Wide Financial Statements and Fund Financial Statements
District- Wide Financi al
Statements
Scope
Entire entit y (except
fiduciary funds)
Required finan cial
_latemCnlS
•
•
Accoun ting basis and
measurement focus
Type of asset/deferred
utflow of resources
and Ii abi Iity/de ferred
inflo w of resources
informatio n
Type of infl ow and
outfl ow information
Fund Fi nanc ial S talemcn ts
Governmental
The day-to-day operating
activities of the District,
such as special education
an d instruction
Statement of Net
Position
Statement of
Activities
•
•
Acc rual accounting and
economic resources
focus
All assets, deferred
outflows of resources,
liabilities. and deferred
innows of resources
both financial and
capital. short-term and
long-term
All revenues and
expense during the
year; reg;]rdless of when
cash js received or paid
6
Balance Sheet
Statement of
Revenues,
Expenditures and
Changes in Fund
Ba\;mce
Modified accrual and
current financial resources
measu re ment focu s
Current as. elS and deferred
outflows of resource s
expected to be used up and
liabilities and deferred
inflows of resources thal
come due or available
during the year or soon
thereafter: no capital assets
or long-term liabililies
incl uded
Revenues for which cash is
reeei ved during the year or
soon thereafter;
expenditures when goods
or services have been
receiv ed and the related
liabili ty is due and payClble
Fiduci ary
In tance in which
the Dislric t
admi ni , tel'S
resollrc . on behalf
of others, slIch as
employee ben efits
• Statement of
Fi duciary Net
Position
• Statement of
Changes in
Fiduc ia ry Net
Posi tion
Accru al account ing
and e onomic
resources foclI s
All fi na ncial asset ',
deferred ollltlows
of resources (i f
any). liabililies, and
deferred inJlow of
resourc e .. (if any),
short-term and
long-t erm
Al l addi tions and
deductions during
the year, re gardless
of ,,,,'hen cas h is
received or p;]icl
FLORAL PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
IVIANAGEMENT'S DISCUSSION AND ANALYSIS
FOR
FISCAL YEAR ENDED JUNE 30, 2014
Di:-,trict-Wide
inflows
Statemems report information about the District as a whole
ar to those
by
The Statement
of resources, liabilities. and
District's assets, deferred out
s revenues and
are
resources. All of the ClIrren(
of Act
les
of when
IS
or paid.
Financial Statements repon the District's net
outflows of resources,
Net position,
difference between the
inflows of resources is one way to measure the School District's
in net
is an indici::ltor of
and
improvi or deteriorating, respectively.
of the
I health of the District, additional non-financial
of
ildings and
and the
property lax
•
should be
Net position of the governmental activities
ffer from
governmental fund
transactions
or providing current
fund level statements oniy
Also,
assets arc reponed as expenditures
financial resources
asselS. Li
the financial resources that may
principal and
payments arc
are considered revenue when they are
expenditures \I.. hen paid.
is nol calculated if it
nol provide or
current financial resources. Final capital i.lssets and long-term
are both accounted
in account
and
not
the fund
an economic resources measurement focus
Statements are reported util
to
Statement of Net
following
that involves
..
•
current outlays
capital assels:
debt as a liability;
ate capital assets and allocate the
ion LO the proper program/act
Calculate revenue and expense
the economic resources measurement focus and the
basis of accounting: and
net position bahlllces as follows:
•
in vestment
capital
• Resfricled net position are those with constraints placed on the use by external sources
(creditors,
contributors or laws or regulations of
or approved by law
through constitulional provisions or
legislation; and
.. Unrestricted Hel posilion are net position that
not meet
of the above restrictions.
7
FLORAL PARK·BELLEROSE UNION
SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
The
more detailed information about the Di5.trict's
Funds
an::: ac<;ounting devices that the District llses to
of
revenue sources and spending
on particular
ha ve been
0f
Stare of New Yark
two kinds of funds:
the
the governmental fund statemenrs n",-,,,,,.
whether there are more or
financial resources
can be spent in the near
programs of the District.
this jnformation does nol
of
Dislrict-Wide
additional information in
lialion schedule explains the relationship (or di
In
Governmenral Fund Financial
focus primarily on the sources, uses,
of current financial resources and
a
orientation.
fund,
ell aid fu nci ,
lunch
ond capital projects
statements are the Balance Sheet and the
Fund Balance.
•
The District is the trustee or fiduciary for assets that
as
funds and student activities fllnds. The Dist
IS
assels reponed in
are u<,ed only for their Intended
by tho:)e to whom
belong. The District excludes these activities from the District-Wide Financial
U\..\~'''":),", it cannot lise these assets to finance its operations. fiduciary fund reporting
focuses on net position and
in net position.
3.
A) Net Position:
The
net
in the table that follows.
increased by
I in the
8
30,2014 as
led
PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Condensed Stalement of Net
Po~ition
Fiscal Year
Year
assets
accumulaled depreciation
$3531
16.003.1 ~2
$ 19.534.666
In
$3.650,717
t
$ I
assets
and Nel Position
current
by $1,746,296 from
13 LO
14.
of $1
at
end. CapitaJ as~e(s (net
This was allribmable [0 the increase in the number
construction projects
at the end of the
offsel by occumulatecl deprecialion.
$11 1
ThiS is primarily auributable to
accoums
the liability for teacher retirement
ies
which was
due 10 the 0
's net other
benefit obligation increasing as well as
of [he $2,320,000 bond,
principal paymems.
net investment in capital assets relates to [he in vestment in capital asse[s at cost slIch as land,
and furniture equipment, net of Jcpreciat
construction in
buildings
from
prior
by $113,984 due to capital additions
related debt.
number
debt issued plus
by the CUlTent
depreciation and (he bond and installment
current
bond principal payments.
ncr po~ition at June
14, relates to the District' reserves and restricted amounts
projects fund for projects funded by the capital reserve. Restricted net position
by $1
1,948. This was primari auributed LO the funding
reserves of
I ,321
10 Ihe reserves of $9.698,
by use of the reserve~ of $150,000 in the
in
fund balance for capital projects
$100,071.
reserves are discussed further in
4 of this
and Analysis
9
FLORAL PARK-BELLEROSE UNION
SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
entitled
Analysis of the
Highlights".
The unrestricted net defIcit at June 30,
unrestricted net deficit i
's
and section
14 of $9,0 J 8,364
by
II.
results of operations as a whole are ,-",,-,/,\,.1,,,,
the years
June 30, 2014
in Net
from
"Genenil Fund Budgetary
to the balance of the District's net
of Activit
A
Results
seal Year
2014
$784.604
622,291
13
$984,781
147
21,366,888
taxes and
3.988,873
I
Pupi I transp0rlntion
Community
Deb! service - interest
21
! ,040,820
449.433
103,038
School lunch program
Total Expenses
Total
in Net
's
fjSC<l)
2014 revenues tOlaled $27,832,087. Property taxes and stare aid
of tOlal
most of the District's revenue by contributing 79.7% and J
revenue. The remainder came from
charged for
operati
lise
money and
or 3.4%. This
and other miscellaneous sources. Total revenues increa~ed by
was primarily attributable 10 an
property taxes and :;-;late aid.
cost of all
and services
$27,274,566 for tiscal
predominantly rela£ed to instruction, which account for 78.4% of District
10
FLORAL PARK·BELLEROSE UNION FREE SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
general support activities accounted for 14.5% of tOlal co~r". TOlal expense~ decreased by $349.016
or 1.3% . Thi~ was primarily attributable to a decrease in instructional cost~.
The users of the Dist rict' s programs fi nanced $784,604 of t he cost.
The federal and state governments subsidized certain programs with operating gmnts of $622.29 I.
Most of the District's net costs of $25,867,671 were financed by District taxpayers and state aid.
C) Governmental Activities:
The continuation of the overall financial position
following:
IS
expected
10
be positive and
IS
due to the
• Continued leadership of (he District's Board and administration:
• Strategic use of services from (he Nassau BOCES:
• Improved curriculum ;.l1ld community support.
Reven ues for Fi seal Year 2014
at"c~" rtf £nID
2S'lr
0lU"
O.9'Jr
Q1:1rl il ~C'rJ1S
22!lr
IQ,......Hrrpny lax 11tlT'6 & .
SfAR
79.7%
II
FLORAL PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED ,JUNE 30, 2014
Ex penditures for Fiscal Year 2014
DC!>I S,~ ,,' icc
O.4'}
Conunu n;ly S 0"";'"
1.7'7c
Sch od w nch Progra m
1.20/<
Tr.1nspofl :~io n
-'.
')(
/
----. . , ---- ....
..
/
Cc IllT;lI S uppo-I
1451;
~
hlslr uC(ion
7 8 .~?("
4. FINANCIAL ANALYSrS OF THE DISTRICT'S FUNDS
V ari ances between years for the fund Financial Statements are not the same as variances between yeJrs
for the District-Wide Financial Statements. The Di~lrict's governmental funds are presented on the
current financial resources measurement focus and the modified accrual basis of accounting.
BLlsed on this presentation, governmental funds do nor include long-term debt liabilities for the funds'
projects LInd capital assets purchased by the Dis(rict. Government;)1 funds wjj) include the proceed~
received from the issuance of debt , (he current payments for capital assets, and the current payments for
debt .
As of June 30, 2014, the District's combined governmental funds reported a rotal fund balance of
$9,606,129 which is an increase of $1 ,909,641 from the prior ye<lr.
12
FLORAL
RK-BELLEROSE UNION FREE SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE fISCAL YEAR ENDED JUNE 30~ 2014
in fund bahmce for nil the funds is as follows:
the
A
Tow. I
Fiscal
Year
Increasel
Fund
unemployment insurance
retirement contribution!)
1,897.768
1,943.390
1.098,169
2,071,904
1,102,572
1,430.603
benefit
I
(4,403)
641.30 I
149,856
121,710
4,875
1,570.000
- Genera! Fund
Total
(320.000)
21
$381
School
Fund
Nonspendable
- unappropriated
- School Lunch Fund
Fund
30.1
-I
Capital ProjeCl'i Fund
$1
( 18,602)
(deficit)
Balance (Deficit) Fund
II
(160,996)
$1.386,166
1236.85%
$1
24.81 Yc
- All
can ;)({ribule
I
fund balances and reserves primarily due to
use
to support appropriations, Board approved transfers. and allocation
10
interest and
A) General Fund
fund fund bal:.mce is an increase of
The net
in the
and other finnncing source~ of $27,034.503 exceedi
prior
Revenues and other financing sources i
Iy due (0 I
real
(axes
13
1.000, as a result of re, enues
and other financing U::;C$ of
$882,408 or 3.
to the
state aid.
FLORAL PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE
YEAR ENDED JUNE 30,2014
other uses increased $1
or 5.44% compared to the prior
of $1,430,000 from the capital reserve 10
capita! projects fund
(he taxpayers on January
reserve referendum voted on and approved
and window replacement projects al both
This was
roa
B) School Lunch Fund
to
nel
jn the school lunch fund
fund balance is an increase of $81. This i
excess of revenues over expendilures due to a current
surplus.
C)
change in the capita! projecls fund
fund balance is an increase of $1
This
to an excess
revenues over expenditures primarily due [0
in bonds and
$1,670,000 transfer from the capital reserve and
transfer
in the
offset by capital project expenditures. This also included projects with
funded
prior
The unassigned defici t fund
of $18.602 is temporary
by debt thaL is aUI
but nOI yet issued.
s.
A) =;:;.::::...=~===
s
fund adopted
,712. Thi;:, amount was
the amounL of $209,21
and various
$1,437,000 for a final budget of $29,503,928.
STAR revenue of
1
carried fOl"\vard from
resulting in <lddilional
the fundi
B)
fund unassigned fund balance is a component to total fund balance that is the residual
excess revenues over expe
net
transfers to reserves and
\0 as
budgets. It is this balance rhat is commonly
in this balance demonstrated through a comparison
the actual revenues
expenditures for the year compared to budget is as follows:
14
FLORAL PARK-BELLEROSE UNION
SCHOOL DISTRlCT
'MANAGEMENT'S DISCUSSION AND ANALYSIS
FISCAL YEAR
JUNE 30,2014
Openi ng. unassi
fund balance
4308
over
889.79 !
hIres and encumbran<.:es
to reserves
2,554,059
I
I)
(9,698)
allocated to reserves
, appropriated
June 30.2015 Budget
unassigned fund balance
( 1.250,000)
139
opening unassigned fund balance of $ L 114,308 is the June 30, 20 J 3
fund balance.
in s£::]{e aid and
of prior year
aid as a result of a
13-2014 yeur.
in stale aid.
in the
$260.000 in bullet
initiative Ihal
also recognized
$2.554,059 were
The expenditures and encumbrances under
In
instrucLion,
programs for children with special needs <lnd
were as follows:
1 to the retirement
fit accrued liability reserve and $2,070,000 to
Transfers to reserves in the amount of $2, I
contribution reserve, $50,000 to [he employee
the capital
May 2l, 2013.
$1,430,000 that was
Iha! was funded in the 2013-2014
reserve.
was also allocated to
reserves as
msunmce reserve,
to the retirement con bution reserve',
accrued liability reserve and $1,301 to the capital reserve.
of
The assigned, appropriated fund balance of $1 ,250,000 for the June 30,
the
to use to fund
budget for 20 I
15.
The Disrrict will
Property
District's budget for
limit.
to
I
unemployment
employee benefit
15 budget is the amount
[\mount not
fund balance is
A) Capital Assets:
building
assels net
15
the
FLORAL PARK·BELLEROSE UNION FREE SCHOOL DISTRICT
:MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE
2014
Assets (Net of Depreciarion)
Year
2014
S 127,900
& Building Improvements
16.392.028
890
in Progress
& Equipment
2,909,410
I
)02
Fiscal Year
2013
$127,900
996,732
I
19,037
1.038,528
930,683
I
Net
Increasel
Percentage
o
472,99 J
I
21
ILl
Depreciation
Total Net Capital Assets
15
$1
from the capital project fund and
$73,503 were retired during Ihe year.
's capital outlay
the year was
the general fund. Fully deprec
At
2014.
District had 10Lai
of
175,416.
inslallmem
debt and serial bonds
represent new
during the yedr,
current
payments. The
performance contract debt
principal
debt is
led in the Notes
More detailed information abolll the
A summary
outstandi
debt at June 30, 2014 and
13 is as
purchase debt
7.
A)
nnrnu"rI
fund budget for I
2014-15 school year in
by voters. This is an [nerense of $545,767 or l
was primarily due 10
in personnel costs and
16
PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
MANAGEl\IIENT'S DISCUSSION AND ANALYSIS
FOR THE
YEAR ENDED
30,2014
B)
is
y impacted by certain trends impact'
school distriClS.
Include significant increases in retirement contributions and health insurance costs.
20!4-15
has introduced and
C)
a properly {ax cap
growth to the
in the 20 1
of two
cap are provided
Limited exemptions to
(he
voter-approved capital expenditures. pension rate increases, court
and tons over
of Ihe prior
levy. If the tax levy
to I
voters is within the
cap, then a majority vote would
requ
for approval. If t
the
lax levy
the threshold req
for approval would
in the
vote.
despite the constraints of lhe property [i.!X
several new educational initiatives.
1
the
been able to
which
by addi
The 201
15 budget
provides additional instructional
of a full-time Curriculum
position.
8.
financial repon is des!
to provide ci
tors with a general overview of the fin<.mces
accounrabiliLy with. the money we
If you
addiilonaI financial information, contact:
<Iny queslions abollt {his
lerose Union
School District
Mr. Michael F<1biano
Superintendent for
Poppy Plnce
Flora!
NY 11001
17
our
or need
FLORAL PARK-BELLEIWSE UNION FREE SCHOOL DISTRICT
STATEMENT Of NET POSITION
JUNE 30,2014
:\SSETS
C:l5h
SJ ,949.082
6.787.940
Unrestricted
ReSlriclcd
R~~eivahles
State and federal aid
Due from other governments
Taxc receivable
Due from fi duciary fund s
In ventories
Capital assets nOI h~in g deprecia ted
Capital assets bei ng deprecia ted. ne t of Jccu mulatc.d depreciation
TOTAL ASSETS
1.05-',869
128.768
1)96.459
203 .825
8.883
3.03VIO
9.397,3 17
25.563.453
UA[lILiTIES
Payable:;
Account. payab le
Accrued liabil ilies
Accrued inieresl payable
Due to fiduciary fun ds
Due to teacher, ' retireme nt system
Duc lO employees' relirement system
Compensatl'd ab:c nce's p~y~b lc
Due to ot.her governmcnts
Unea rned credits
Co l kc lion ~ in advJn~c
Long-teml liabililics
Due and payable with in o ne year
Installment pu rcha~e deb t payJble
Bonds payal Ie
ncrgy pcrforTnJnce contract deot payahk
Compensated ab. enccs payable
Due and p~ yJble :Jfter one year
Insla li mcnl purchase debt payah le
Bonds payable
Energy pcrfornlunce comraCI debt payable
Compensaled absences payable
Net other pos lCmpl ymcni bendil ' obligalion
TOTAL UABILlTlES
5553. 106
240.647
8.847
3.969
1.977.1 07
129. 188
57.173
558.328
) . 179
3 .795
125.000
1_1.287
50.000
121 .7 0
2.055.000
1.7 1 1.554
1.089. 171
10.688.535
19.534.666
NET POSITION
Net LnveSlmClIt in
~apital
asselS
Rc -tricted
Unempl oyment
Retirement con uibution s
Employee benefit accrued liability
Capital
8.: 1.- .448
296.5 22
1.897.768
1.098.169
3.439.244
6.73 1.703
Unresllictcd (deficit)
(9 .01 .364)
TOTAl. NET POSITION
56.028.787
S~c
18
AC('om pa nying Notc!> 10 Financial St:llement
FLORAL PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
STATEI'vIENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Program Revenues
Charges for
Operating
Services
Grants
Expenses
FUNCTIONS / PROGRAMS
General suppor!
Instruction
Pupi I lransp nat ion
Debt service-Interest
Commu nity Service
Food servi 'e program
TOTAL FUNCTIONS AND PROGRAMS
($3,963.j24)
(21.390.2 63)
( I .040.820)
( 103.038)
(449.433)
(327.688 )
($27,274.566)
$563.798
$517.998
220. 806
$ 784.604
I04 ,2!}3
$622 .29 1
GENERAL REVENUES
Real properly laxes
Olher tax items - including STAR reimbur sement
Use of money & properly
Sale of propeny and compensalion for loss
Net (Expense)
Revenue and
Changes in
Net Position
($3 .96" .324)
(20.308 .467)
( ! .040.R20)
( 103.038)
(449.433)
(2,5 89)
('25.867 .67 1)
19. 2 14,286
2.964,787
32 . 148
14,442
132,355
3,988,873
78.30 1
26,425.192
Nl i cellaneous
Slal e source
M edicai d reimbursement
TOTAL GENERAL REVENUES
557.521
CHANGE IN NET POSITrON
5.47 1.266
TOTAL NET POSITION - BEG INNING OF YEAR
$6.028.7,7
TOTAL NET POSITION - END OF YEAR
19
See Accompanying NOles
10
Financials Slatements
FLORAL PARK· BELLEROSE UNION FREE SCHOOL DISTRICT
BALANCE SHEin· GOVERNMENTAL FUNDS
JUNE :10. 2014
Speciltl
General
Aid
Sl .94: .."I77
6.73 1.703
:, 2 .5
School
Lunch
C:Jpil:J1
Project..'
Tolal
Go "ern men lal
Funds
ASSETS
Ca h
Unrestricted
Restricted
Receivables
Due from state and federa l
Due from other governments
Taxes receivable
DUt: from other funds
Inventories
69 1.998
1- .768
996.459
1.500.609
';
S 176.648
353.9:9
7.91 2
11-l .542
S500.472
56.237
IA45.554
8.883
lOT A L ASSETS
UABTUTIES ANU FUND BALANCE
Payables
Accounts payahle
Accrut:d liahilitie
Dut: to other govcrnmc nt s
Due to other funds
Due to tcacht:rs retirement ,y ~ t em
Due to employee -' retirement s)' - tcrn
Compensated absences pa yJ bJe
nearned credi ts
Collcctions in ad \',lncc
TOTAL LLAnlJ_TTLES
3.949.082
6.787.940
1.0:,\ ' . ' 69
128.768
996.459
3.060.705
8.88:1
SI2.992.9 14
5797.086
SI93 A 43
52.002.163
$15.9 5.706
5474."\77
23 5.6 15
536.-'69
1.535 .517
1.977. 107
129 188
10.. 6-1
126
21.296
755 .300
.. 1.10 I
4.906
163
29.808
$57 ,06-+
55_'.106
240.647
558.32
2.860.849
1.977. !O7
129.188
57. 173
797.086
3. 179
39. 157
540.224
.~ 7 . 1 73
4.946.046
597.288
3.179
6.379.577
ru
lJ BALANCES
Nonspendable: Inventor y
Restricted
Unemployment
Retiremen t contrih ut io ns
Employee bl!nefi t ;·tccrucd liab ility
C apital
Unspent hond procc~ ds
Assigned
Appropriated fund balance
U napprop ri 3tl~ fund balance
Unassigned
TOTAL fU ND BA.LANCES
8.8 .'
296S22
1.897 .768
1.098. 169
2.07 1.904
I .J67.340
: 6.237
1.250.000
296.366
I A 04.975
$193.44 3
S2.002.263
$ 15.985.706
( 18.602 )
$797 .086
196.5_ 2
1.897.76
1.098.169
_.43 .244
S6,237
1:"4.286
l.1Jo. n9
5J2.992.9 14
J
1.250.000
441.769
1.117.537
9.606.129
145.403
8.04 6.868
TOTAL L1ABtLlTIES AND FUND BALANCES
8.
20
Sec ACC(lmpanying Note to Fi nanci als Sta tcmc nt.,
FLORAL PARK·BELLEROSE UNION
SCHOOL orSTRlCT
RECONCILIATION OF GOVERNMENTAL FUNDS
BALANCE
TO STATEMENT OF NET POSITION
JUNE 30, 2014
TOlal
Fund Balances
Amounts
$ 9,606.129
activities
Ifl
the Slatement of Nel Position art: difkrcnl because:
ng capaal assets (land.
financed
...",,,,-1£,,1 as expend ilurc~ in the
arc incurred.
Posilion
However. Ihe Statement
District as a whole. and (heir
lives.
Accumulah:U
not due and payable in Ihe currenl
inlhc funds.
liabilities at
and thercrore are
!lll!
consist of:
8,84
nf'II'I"rrnCtnty.
contract debt
bcndilS
21
See
NOles 10 Fina",:ials SI:llCmCnlS
FLORAL PARK-BELLEROSE UNION FREE SCHOOL DISTRlCT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Tot.:ll
General
Special
School
Capit.:ll
GO\'emml:nLal
Aid
Lund1
P rojects
Fund ..
REVENUES
Real property taxes
19.21 4 .286
SI9.214 .2 6
2.964 .787
2.964.7 7
Other t:LX item. - includ ing STA R
reimbursement
Ch::trgcs for s'rvi ('.
Use of money and propeny
563.798
563.798
3 1.79 7
S~ 5 1
.3 2.148
14. 44 2
Sale of propcny and compcnsmion for loss
Mi cellanC0115
State our<:.:,
Federal sources
14.442
124.95 1
57.-104
4. 0:25.999
86.953
6. 1-12
4.119.094
78 ..:101
4. 1.045
7 1.306
5 80.6 - 2
Surp lus food
Salcs
TOTAL REVENUES
27 .01 .. 6 )
515 .401
132.355
26.84:
16.8-1 5
220.806
220.806
315.450
27.869.2)3
EXPENDITURES
Gcnt'r'JI uppon
3.133.6 16
Instructiun
3. 133 .616
560.911
14 .04 5 .33 1
.606.253
747.9 4
Pupil transpon3tion
747. 984
Community servic e
Empl(>yee benefits
299. 250
299.250
6. 324 .41 6
6.324.-1 16
30 1.394
301.39-1
95.99 2
95.992
Debt servicc - princ ipal
Debt crvict' - intere I
32:.369
Cost of sales
Capital ou tlay
TOTAL
EXPENOfTlJl~ES
560.912
24 .94 7. 983
315.369
3 25.369
52 .64 6. 660
2.646.660
2.646.660
28.-180.934
EXCESS (DEFICrENCY)
OF REVENUES OVER EXPENDTTURES
(3 5510)
2.070.37
81
(2.646.660)
(611.72 1)
OTHER Fl.t"IAN C[N G SOURCES AND USES
16 .1 42
Operating transfers in
Operating lran frrs (ou t)
Procecds from install ment purchase
1.670.000
( 16.142)
( 1.705.5 20 )
d ~bl
Proceed ' from serial bonds
TOTAL OTHER FINANCING SOURCES AND (USES)
NET CHANGE IN FUND IJALANCES
FL!Nn BALANCES· B8Gl1'\,INC; OF YEAR
FUND BALANCES - £ND OF YEAH
(1.6 89.3 7 )
35 .520
8 1.000
81
7.665.86 '
154 .205
s
58.046.868
S1 54. 286
22
S.::.: Accompa nyi ng
I
ult:.
10 Fj n~Jlc j al s
Slalements
1.721.662
(1.72 1.66 2)
20 1.:1 62
201 ..162
_._ 20.000
2.320.000
4 . 175.220
2.52 1..161
1.528.560
1.909.641
( 1~ 3 .5 8 5)
5 1.404.975
7.696.-188
59.606. 129
FLORAL PARK·BELLEROSE UNION FREE SCHOOL DISTRICT
RECONCILIATION OF (;OV£lm"ME:NTAL FUND REVE 'UES, EXPENDITURES AND
CHANGES IN FUND BALANCES TO HIE STATEMENT OF ACTl\TflES
FOR THE FISCAL YEAR ENDED JUNE 30. 2014
Net Change in Fu nd Balances
$1.909.64 1
Amoun t reported for go vern men(a l ac(ivitie ill the St 3t ement of Act iviti es are different he 'aus t' :
Long-Teml Revenue and
E xp ~n se Di lTe ren ce~
In the talcmcn t of Activi tic . compensated absences are mea ured by the amounts e~ med or incurred
during tht: yeor. In the gove rn mental funds. ex pcndilU res tor these items arc measured by the amoun t
of financial re -ources used. Compensated absences payable for the year euded June 30.2014 changed by
8.3 81
Net other Ixnemploymellt benefits obligation payable in (he St ate ment of A c ti v it i e ~ di ffer from the amount
reponed in thc govern menta l funds because the expense is r~co r(kd as an expe nditure in the funds whe n it
i due. In the St 3temen t o f Activilic:s. the pa yable is recognizcd as it acenlcs rc gardles~ of whcn it is due.
Net ot her poslcmploymcnt bellelits obligation payable for the year endcd J U I1l; 30. 20 1~ changed by
Unearned re\'enue . The StJtcmenl of Net Position recognized re venucs recej ved undcr th", full
accrual mcthod. Govern mcntal fund s recogn ize revenue under the modifi ed :lccru al method.
( 1.374.076)
<37. 126)
Capital Rela tcd lLem
Capi tal olltlay to pll rc hase or build capita l a sct 3re reportcd in gOl'emment ill funds 3 ~ expendi tures.
H wcver. for go \'cmmen tal a 'Ii "itie>. those costs 3re capitalized and shown in the Statement of Net
PO' ition and al located ovcr their usefu l live :1. ann u31 deprcciation cxpense in (he St Jtclllent of Activit ics.
Capital out lays
Depreciation cx pcn e
£2.705.745
(428 .030)
2.277.71 5
ng-Ternl Debt Transactions
Repay ment of inst:1J1 me nt purchase debt principal is <111 ex pelldi lLl re in th", go\'ernmcrH al funds. btl t i l
reduce long-Iernl liabi li ties in the Sw tement orNel Posil ion :md docs not affect the St atement of A li"itics.
Repayment of bond princi pal iS ::I n expendilure in the govc mmcntnl fund s. but it reduced
in the SWlement of Nel Position and docs nOI afft:ct the St atcment o f Ac ti vities.
l on~- tc rnl li 3bili t i
s
Repayment of em;rgy pcrfonnancc Olll ral"t debt payable is an expendi lU re in the governme nt31 fund . but
il reduces long-lenn liabil ities in the Statemcnt o f Net Pos;(ion and does not affect thc S(atement of Acti\'it ies.
Intt:res t on long·(eml dcbt in th> St atemen t of Acti vities diHer from the amounts re port ~d in the go vl'mme llt al
fund becau 'c interest is recorded as an cxpencl ilU re in the funds when i( i ~ cl ue. and till! requi re the usc of
current financial resourc
In th S (al ~ m cnt oi Activilies. interest ex pens ' is recognized as it acc ru e '. Accrued
interest fro m June 30. ~O 13 [ 0 June 30. 20 1~ cha nged by·
Proceed ' from seri al bonds is an olha ri n a n ~' i ng source in the go ern men tal fund s. but it increa ' ing lung· term
liabili ties in the Statement of Net Po ition and docs not affect the Statement of AC l i vi l ie ~ .
~ 0. 787
140.000
120.607
(7.046)
(2.320.000)
Proceed from insta ll ment purchase debl is an other fu nding source in Ih", go vernmental funds . bu t
it increJses Jong- te nn liabi lities in the Statement of Net Position and docs nOI affect the St :ltemcnt of A ~· t i vi ti e . _ _..:.(::.
20:::.. .1.:,:.
:. ; 3.::,6.::.2,}
Change in NCI Posit ion
$557.521
23
See Accompun ying No tes to Financ ials Statements
FLORAL PARK·BELLEROSE UNION FREE SCHOOL DISTRICT
STATEMENT OF FIDUCIARY NET POSITION FIDUCIA
FUNDS
JUNE 30, 2014
Private
Purpose
Funds
Agency
Funds
ASSETS
Cash
Accounts receivable
from
)7
funds
17
LIABILITIES
Due to governmental funds
balance
liabi 1i
$\
16,121
TOTAL LIABILITIES
POSITION
scholarships
TOTAL LIABILITIES AND NET POSITION
29,692
17
Accompanying Notes to financials Statements
FLORAL PARK·BELLEROSE UNION FREE SCHOOL DISTRICT
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Private
Purpose
Trust Fund
ADDITIONS
and contributions
and
ADDITIONS
$800
860
DEDUCTIONS
Scholarships
awards
DEDUCTIONS
CHANGE IN NET POSITION
POSITION - BEGINNING OF YEAR
POSITION - END OF YEAR
See Accompanying Notes to
(365)
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 1- SUMiVIARY OF CERTAIN SIGNIFICANT ACCOUNTING POLICIES:
The financi al statements of Floral Park - Bellerose Union Free School District (the "District") have been
prepared in co nformity with generally accepted accounting principles (GAAP) as apply ro governmentlll
units. Those principles are prescribed by the Governmental Accollilting Standards Board (GASB). which
is the accepted stand ard-5euing body for e5tablisi1ing governmental acco unting and financial reporting
princ iples.
Cenain signifi c3nr accounting principles and policies utilized by the Dis[rict are described below:
A)
Reporting entity:
The Dis[rict is governed by the laws of New York State. The District is an indepcndent entity
governed by an elected Board of EducJtion consisting of 5 members. The President of the Boa rd
serves as the chief fiscal officer and the Superintendent is the chief executive officer. The Board
is responsible for, and controls all activities related to public school edUCation within the Di stri ct.
Board members have authority to make decisions . pov.'er to appoint management, and primary
accountability for all fiscal malrers.
The reporting entity of the District is based upon criteria set [01111 by GASB Statement 14. The
FiJlancial Reporring Entity. as amended by GASB Statement 39. Determining Whether Certain
OrgoJliz,{[tiolls (Ire COl1lponellf Vllits and GASB Statement 61. The Final/ciol Reponing Entity:
OJJ1Jlihlls-An A",eJldment oj CASB Sf{[femel1/s No. 14 {[lid No. 34. The financial reportin g entity
consists of the primary government, organizations for which the primary government is
fin ancia lly accountable, and other organizations for which the nature and signifiumce of the ir
relationship \vith the primary government Jre such that exclusion would calise the reporting
entity's financial statements to be misleading or incomplete.
The acco mpanying financi~1I statements present the activil ies of the Dist riet and its component
unit and other organizational entities determined to be includable in (he District's financial
report ing entity. The District is not a component unit of another reporting entity. The decision
to incl ude a potential component unit in the District's reporting entilY is based all several criteri a
includi ng legal standing, fiscal dependency, and fi nancial accountabi I ity. Based on the
application of these criteria, the District does not have a component unit in the financial reporting
entity.
B)
Joint venture:
The District is a component district in the Nassau Board of Cooperative Education;)1 Services
(BOCES). A BOCES is a voluntary, cooperative association of school districts in a geographic
area that shares planning, services. and programs, which provide educational and 'iupport
act ivities. There is no aULhority or process by which a school district can terminate its status as a
BOCES component.
26
FLORAL PARK BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR
CAL
ENDED JUNE 30) 20
BOCES are organ
a corporate
boards in accordance
All BOCES property is
'--''--,LJU Boards
are
with 01
Slate
Board Me nominated
of § 1950 of the
York
Board as a corporation (§ 1950(6».
to permit them to contract
(a) of the
York
General
Munic
is comprised of separate budgets for administrat
of administrative
capital cost
enrollmem, as deft
in the
addition. component districts
tuition or a
parricipate.
C)
i)
the Statement of Acti
The
nt in its
except
made LO minimize the double counti
of internal transactions. Gove
Iy are
through
slate aid.
and non-exchange
(eiiher operating or
and
revenues
Statement of Aclivi
a comparison
that are
the Di
s governmental activit
are
associated
and are clearly identifiable [Q a pal1icular funerion.
principal employee
are al
to functional areas in proportion to
payroll expended for those areas.
revenues include
paid by the
offered
the programs,
and contributions that are
the operational or
requirements of a particular program. Revenues that are not
fied as program revenues, including all taxes, are
as
revenues.
i i)
Statements provide information about the District's
funds. Separate stalements for
fund
(governmental and
The emphasis of fund financial sratements is on major governmental
column.
The District
major
fund is the District's
to
financinl transactions (hal are not
tal funds:
fund.
ft accounts for all
FLORAL PARK - BELLEROSE UNION
SCHOOL DISTRICT
NOTES
FINANCIAL STA TEMENTS
FOR THE FISCAL
ENDED JUNE 30! 2014
These funds account for I proceeds of specific revenue sources,
such as
and Slale grants, that
Iy
to expenditures for
purposes, child nutrition or other
funds are reslricred as to use.
restric[ions may
imposed either
governments thClt provide the funds, or
panies.
This fund is used to account for the fi
of
The District reports
fol
resources
funds:
funds are lIsed to accoum for <lctl \lities in which
trustee or
re~ourccs thaI
<lcti v ities tire not
to the District,
Dislrict- Wide fi nancial statements,
are not
lable 10
used. The Di::,!
strictly custodia! in nature and do not involve the
measurement of results
ions.
are held
the District as
for
group<; and for payroll or
to account [or trust
These funds are
which principal and income benefits annual third party
cmd
criteria
the use of the funds and members of
of (he donors may serve on committees to determine who
D)
District-Wide Financial Statements and
when earned and expenses are
transac!ion takes
the faxes are levied,
year in which all eligibility requiremcn!s ht.lve
are reponed using
satisfied.
current financial resources measurement
U
this method, revenues are rpr'non
of accoun[i
District considers all revenues
available if the revenues are
leC«;;d within six months
real properly taxes, which are considered to be available if
after the end of
III
the
end of the fiscal
within
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
tures are
when the related fund I
lity is incurred,
interest on general
debt. claims and judgments, and compensated
recognized as expenditures to Ihe extent Ihey have matured.
as expenditures in governmental funds.
under capital leases are reported as other financing sources.
E)
i)
taxes are levied annu,lIly by
no
a I ten on OClober IS! tlnd Apri I I st. Taxes urc collected
I S( through
and
during the period
through May 10'" without penalty and are remitted to the Distric!
than
the Towns
10'1\ and A pri I
\0
i i)
Uncol
real propel1y taxes m"e
which the District is located.
taxes transmiued 10 I
July Ist.
by
County
Counry'")
an amount representing uncollected real
enforcement to the Districi nn later than the
F)
an expense is incurred
arc avaiJable, the District's policy
and wi[h associated
and un
which (0 apply first vJries with the
which are described elsewhere in t
G)
transactions may be
of the District include
District lypically loans resources
temporary in nature,
interfund
and payables
funds for the
of providing
lhe
of
expected to be repaid within one year. Permanent transfers of funds i
and revenues to provide
or olher
In the District-Wide
for interfund
fiduci
nancial Statements, the amounts reponed on the Sratement of Net Position
and
represent amounts due
different fund
activities .md
funds). Eliminations
made
all'
and payables
funds, with the exception of those due from or
funds.
mental funds repan all inlerfund transactions as
payables may be
's
it is the Dis!
ly
Interfund
on the accompanying governmental funds balance sheet
amounts at a nel
upon t right of
FLORAL PARK· BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR
FISCAL YEAR ENDED JUNE 30, 2014
to Note 9 for a detailed disclosure
individual fund for interfund receivables,
and revenues acti vily.
II)
ion of financial statements in conformity wilh
the (.Tnited Stales of America requires
the reponed amount of assets and liabil
dale
the financial statements
I
at
period. Actual results could di ffer from
made in a
computat
benefits.
claims, potential
1)
cash equi
consist of cash on hand and demand deposits.
J)
under the direct write-off
are shown
allowance for uncollectible accounts has
not
material.
it is believed
I
such
of food in the school lunch fund are recorded at cost on a first-in, first-oul
or III
food donated by the U
Department
Agriculture, at the Government's
which approximates
. Purchases of inventoriable
in other funds arc
purchase, and are considered immaterial in amount.
as expenditures at the lime
fund balance
ify that a
non-liquid assets (inventories) has
Ion
fund balance is not
lable
in the
IS extend beyond yearpayments made by the District for which
applicable to fmure accounting
are
payments to vendors renect
as prepaid
in both
Districl-W
fund financia1 statemenrs.
Position or balance sheet usi
as assets on the
A current asset
the prepaid amounts is recorded at the time of
is reported in
year the
or
items at June
2014.
30
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
L)
are retlected in
formation is available, or
assets arc
at estimated fair market
~lt
(he time
land and construction in
are depreciated on a straight line basis
useful lives. Capital
ion thresholds (\
which
methods, and estimated
to the capital asset accounts),
in (he Dislricl- W
sWtements are
TPT\nT'II'n
Capital ization
Threshold
Deprecia! 100
Method
$500
Si te i
rilS
BuiJdj,ngs ;)nd improvements
hlrniture and equi pmenl
Vehicles
$500
line
year~
line
50 years
5-20
8
straight line
straight line
M)
Collections in advance
when the Districi receives resources before it has Jegal claim to
t mon
are
prior to the incidence of qualifying
Lures. In
when bOLh
are met, or
rhe District
In
is removed and revenues are
N)
consist of unpaid accumul
eligibility and accumulation is
contracts. Upon
vc a payment based on unused accumulated sick
annual sick
and vacation
labor contracts. Lind in individual
may contraclUally
on
vacation in varying amounts, based
forfeited if not taken within
earned benefits may
time periods.
calculated
the vesling method and an accmal
thaI liabili IS
The liability has
included in the District-Wide financial stalements. The compensated absences liability IS
cnlcu1ated
on the
rates in e
at year-end.
31
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEIVlliNTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
In
Fund
Stalemenrs only, the amount
liabilities is
within the
based upon expendable
available financial resources. These amolln[s are
pel)seo on a pay-as-yoll
basis. The Jiability is reported on for payments due
unused
employees that
igmed themselves to separalc
for
th
by June 30 .
0)
. Retirement
partlclpale in the New York Slale
Retirement
plans
employees may choose to part
in the Dis!
ished under Internal Revenue Code Section
In
to
District provides postemploymenr health
and survivor
employees
their survjvo(s in
with the
provision of various employment contmcts in
at the
of retirement. Substanlially
of
the
employees
become
benefits if
working
the
Health care benefils are
premiums are based on the
paid during the year.
healrh insurance by recording its share of
Thc District may issue Revenue Anticipation NOles (RAN)
Anticipalion NOles (TAN), in
of revenues. These notes are recorded as a liability of t fund that will
proceeds
the issuance of t
notes. The RANs
TANs represent a
11 be extinguished by the use of
availab!e resources of the fund.
notes up to an amount
during
fiscal year for expenditures
in the annual budge!. The
nOte
the year in which the nOle
not to exceed
of the <ltnOl1nt of the
fo( which there is an insufficient ()f no
must
no later than the close
was
District may
subsequent sale of
NOles (BAN), in anticipation of
notes are
as currenl liabililies of
proceeds from the issuance of bonds.
requires that
be convened to long-term financi
wilhin five years
Q)
Payables,
and long-term obi
arc reported in the Distric( -Wide
governmental funds, payables and accrued liabil
are paid In a timely
manner and in full
current
resources.
ms
Judgments, and
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL 8T ATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
thut
II
paid from governmental
liability in t
funds
stalements only (0
extent that they :..Ire
in the current year.
long-term obligations that will
paid from governmental funds are recognized as a
lity in the Fund Financial Statements when due.
represent the
s
or future economic outflows.
In
Statement of Net
reported as due within one
R)
i)
In the District-Wide Financial Statements
are three cbJsses of net position:
in capital £IsseiS consists of net capital assets (cost less acell mulated
rei
lkprecialion) reduced by outstanding
obligations from the
acqUl ion, constructions or improvements of those assets.
rieted net
Ion -
externally imposed by
of other
or regu
or enabling
net posit
constrainrs
(such as through debt
s. or
on the assets are
net
- reports all other net position that do not meet the definition of the
two cJassificarions and are deemed to be available for
use by the District.
i i)
of fund
as detai
ficalions of fund balance
however,
In
the
includes amollnts thar cannot be
they are either
form or legally or contraclU111
reqUIred to be maintained in!aCL Nonincludes
inventory
in the school lunch fund of £8.883.
includes amounts with constraints placed on t
externally imposed by creditors, grantors, contributors. or laws or
governments: or impo~ed
law through constitutional provisions or enabling
The
ha~
established the following as restricted:
insurance reserve (GML§6-m), must
lIsed to pay the cost of
Unemployment Insurance Fund for payments made to claimants
33
)·'LORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STA TEMENTS
YEAR ENDED JUNE 30, 20
FOR THE HS
employer has
established by
as
amounts may
appropriations
elected to use the benefit reimbursement method. The reserve mClY
Board action and is funded by budget<lfY appropriations and
other [unds
after the end of any fiscal
excess
appropriated. Within sixty
either be transferred to
reserve or the excess applied to the
of the next succeeding
budget. If the District
to convert to
, excess resources
the fund over the sum
be Irans
to
other reserve
under restricted fund balance.
ribUlion Reserve (GML§6-r), mllst
used for financing rei
reserve must
accolln(ed for
and apart from all other
report
tbe operation
condition of the fund must
provided to the Board.
in the general fund under
fund balance.
reserve is accounted
liability reserve
ML*6-p), must be used for
's
employee benefit due an employee upon termination of the
reserve may be eSLablished by a majority VOle
the Board, and is funded by
II y appropriated.
approprial
and such other reserves and funds thaI may be
reserve is accounted
in the general fund under restricted fund
cost of
which
by a
reserve fund requires aUI
establi::.hing the purpose of the reserve; the ultimate amOllnt, ils
term and the source of
funds. Expenditures may be made from
reserve only
purpose fun her aUlhorized by the vmers. The form for the required legal
VOle on
and funding
reserve and the form of the
to be
I of the
This reserve is accounted
on I ballot are set forth
for in (he
fund under
fund includes the fund balance
for capita! in the capital
by the capi wI reserve.
bond proceeds are
to external
contained
for in the capital projects fund.
as
In
34
fund
the debt agreement.
projects Ihat are
because they are
restricted funds arc
PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR
FISCAL YEAR ENDED JUNE 30,2014
~=:..;;.;;..;;;;,=..-=-=;:..;;..=:.....;;;;;..;=;..;:..:.::::..::.
District's intent to
Includes amounts that are cons/rained by
but are not restricted. This lnten( can be
by
or
I
responsibility 10
rici
through Board
The District
I
a
Balance policy Ihal allows
Board of
to set fonh the fund balance lhat is assigned. This
fication also includes the
fund balance
all
funds
for the
fund.
-
residual fund balance
4)
any olher governmental
balance amounts.
A""
N YS Real ProperlY Tax
~ UI8 limits the amount
unexpended
Ius funds a District
can retain to no more than 4% of the District's budget for the
fund for the ensuing
fiscal
. Non-spendable and restricted fund balance
the general fund are excluded
Amounts appropricued for
and encumbrances included
are abo
from
where an expendilure is incurred for a purpose for
in mulripJe fund balance
ions (i.e. expenditures
will assess
current financial condition of the
<lnd [hen
!cation of expenditures
\0
which fund balance clilssificJtion will be charged.
S)
Reporting for Pensions AccollntiJlg and
Statemenr No.
June 30, 2015.
ve for
year end!
GASB Sfmemelll 27,
GASB
{/II
Statement No.
Govemmew Combinmiolls and Disposals of Government
ve for the ye<lr endi
June 30,
J 5.
Statement No. 71,
DaTe -{III amendll1eJlf
Transitioll for Contribl/tions Made
GASB S/(Ilemellf No. 68,
. for the
wil!
impac[ each of these pronouncements may have on
statemenlS and will implement lhem as applicahle
materi
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
STATElVIENTS AND DISTRICT-WIDE STATEMENTS:
to the
differences in [he measurement
and basis of accounting used in the Fund Financial
ments, cerwin financial rransactions are
Statemenb :l!1d the District-Wide Financial
statements contain a full
iation of thcst:' items. The
of the Statement of
, compared with
I
funds.
(A)
Ion.
focus of the Statement of
fund Balance
(B)
governmental funds Statemem of
the
of
vities fall
one of the
Oi
The
amounts shown below
0)
revenues
revenue di
are considered
revenues when earned. Di
repol1 on a modified accruals
of
(i i)
di
assets
reported all
expenditure
include the difference
on the
the
on [Ilose items as '·"Pen'f,,,,n
(ii i)
Long-term
transaction di
occur because
are recorded as expenditures in (he fund statements,
in [he Statement Acti
35 incurred, and principr.1I payments are
a reduction of liabil
in (he Statement orNet Position.
36
as
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
(iv)
benefits are not allocaled to a speci
funclion on the
Expenditures, <lnd Changes 111 Fund
based on the
ts of New York State. These costs
been allocaled based on total
each function in the Statement of Activit
NOTE 3 - STE\VARDSHIP. COMPLIANCE AND ACCOUNTABILITY:
A)===
a proposed
for approval by
governmental funds [or which legal (appropriated)
are
District
t
appropriation
for the
are adopted at the program line item level.
constitute a limitation on expenditures
established by the adoplion of the
, which
be incurred. Appropriations
at
end of the
or encumbered.
will lapse if not expended in the
authorized
by the
reserves.
budget amendmenis
of Education as a
(when permiued
revenue' sources not included in
supplememal appropriations may occur subject to
ions. if the
of a need thaI exists which was not determined at
time i
appropriations Ihat occurred duri
the
year are shown on the other
information schedule of
from adopted
to final budget
B
are adopted annually on a basis consistent with GAAP, Appropriations
the year are increased
the amount encumbrances carried
for
are established and
for individual capita} project funds expendilures as
referendum of
District's voters. The maximum project amount
upon the cost of [he project, plus any requirements for external
appropriations.
budgets do not lapse and are carried over to
completion of the
B)
is used for budget control and 1l10niLOring purposes and is
al funds. Under this method.
orders, contracts
of mon
are
to reserve applicable
Outstanding encumbrances as of year-cnd are
as amounts
in the
commitments wiJl be honored in the
do not reprCSCf)[ expenditures or Iiabi
subsequent period. Related expenditures are
at that time, as the liability is incurred or
the
tment is paid.
37
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 4 - DEPOSITS WITH FINANCIAL INSTITUTIONS AND INVESTMENTS:
A)
Cash:
New York Stare law governs the District's investment poljcies . Resources must be deposited in
FDIC-in ured commercial banks or trust companies located within the srate . Permi ss ible
investmen ts include obligations of the United States Treas ury , United States agenc ies, repurchase
agreeme nts and obligations of New York State or its localities. CoII(J(eraJ is required for de man d
an d time deposits and cel1ificates of depo~it not covered by FDIC insurance. Obligations that
m ay be pledged as collateral are obligations of the United States and its agencies llnd obli gations
of the state and its municipalities and districts .
C ustod ia l c redit risk is the risk thai in the event of a bank failure, the Di stric[' s deposits may not
be retu rned to ir. Deposits are required to be disclosed as e xposed to custod ial credit risk if they
are not covered by depository insurance and the deposits are as follows :
A) Uncollalerai ized ;
B) Collateralized with sccuriLies held by the pledging financial institution in the District's
name: or
C) Col lateral ized with securities held by the pledging financial inst iturion' s trust
depal1ment or agent, but not in the District's name.
None o f the District's aggregate bank balances, not covered by depository Insurance, were
exposed to custodial credit ri~k as described above at year end.
Restricted c ash:
Re stricted cash re presents cash Jnd c(lsh equivalents where use is limited by legal requireme nts.
T hese a sets represent amounts required by statute to be reserved for various purposes. Res tricted
cash at June 30, 2014 included $6,787.940 within the governmental funds for capital p roj e ct ~ and
general reserve purposes.
I nvest ment s:
The Dist rict does not typically purchase inve~tments for a long enou g h duration to c au e it to
belie ve lh a t it is exposed to any material inlereS( rate risk . The District also doe s no t ty pi ca lly
purchase investments denominated in a foreign currency , and is nor exposed to foreign currency
risk.
NOTE 5 - PARTICIPATION IN BOCES:
During the yG<lr, the District \vas billed $1,040,577 for BOCES admjnistrative and pr g ram costs. The
Dis trict's share of BOCES aid amounted to $522,504. Financi aJ stat e me nts for the BOC ES are available
from the BOCES administrative office located at 7 t Clinton Road, Garden City, NY, 11530.
38
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 6 - DUE FROM OTHER GOVERNMENTS:
Due from othe r governments in the general fund CIt June 30, 2014 consisted of the following:
Tuition and health services billings
$
128,768
Tota I due from other governme nts
$
128,768
Di tricl management ha: d emed th e e a mounts to be fully collectible.
NOTE 7 - STATE AND FEDERAL AID RECEIVABLE:
S tate and fe de ra l aid receivable at June 30, 2014 consisted of [he fo ll o wing:
General Fund
Boees aid
Excess cost aid
June tedc!"<tl snack aid
Total-General fund
$375,348
316,492
158
$691.99 8
Special Aid Fund
Federal grants
Slate gr~tnts
Toral-Speci~1 Aid Fund
S350.267
3.692
$3 53.959
School Lunch Fund
Lunc h - fedcr ~ d
Lunch - state
Total School Lunch Fund
$6.590
1.322
$7,912
$1.05 3,869
Total-All Funds
OJ tri
I
management has deemed these "mounts
(0
be fully collectible.
39
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
as~et
and activity for the year ended June
Beglnning
&1.IllIlCe
2014 were as follows:
Additions
Balance
$127,~
$127,<;0)
Total
depreciated
1,058.583
15,919.037
16,310
l6392,028
102
I
i,m940
and equipm::nt
996,732
I
Total capital assets
& lrrproverrents
equipm:nl
8.186,946
7,930.243
l,372,212
fJ9,779
37,ffJ7
3()),
,503)
(32JXX})
428,030
Total acauntlated dtU1Xl2luon
J7
capiraJ assets
Total capital
rd
u'rnr"",nt
functiffi() as follo\\-s:
In"..lrtlCtiOO
GeneralSl1piXll1
Schcol tunch program
Trdl1sr::orul1i on
Total depreciation
",""',",,"rK',,"
40
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30~ 2014
District typically
from
general fund 10
fund 10 tlnance capital
construction projecLs.
District typically
fund to [he special aid fund to
s local share of summer
handicap ex penses required by
York
Distrkl lypically t
from [he capital projects fund to the
fund to return
on proJects funded by
fund
Iy loans resources between funds for
purpose of
the
Revenues
Receivable
$1,500,609
$16,142
II
1 142
activities
3,060,705
2.860,849
203.825
Totals
Distric( did not
shorl-term debt
year.
41
1.721,662
of I
FLORAL PARK UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEIVfENTS
FOR THE
YEAR ENDED JUNE 30, 2014
balances and
viry for the
are summarized below:
Due within
Balance
Issued
40.000)
$2,180.000
201
$1
1.147.552
14.459
Total
liabilities
II
19.120
50.000
SI
====-=
typically been used to I
long-term liabilities such as
performance debt. installment purchase debt and
ms payable.
,320,000 in serial bonds with an
imerest rale
13 the District issued
by voters 011
IS,
15 years and maturing on June t, 2028. This was
and Floral Park bu
improvements at the John Lewis
authorized bue unissued debl in
bond authorization was approved
$3AOO.OOO le:lVi
$1,080,000 as of June 30, 2014.
The
is a summary
debt
requirements for the bond
Fiscal Year Ended
I
2016
2017
2018
2019
130,000
135,000
135.000
140.000
785,000
203.531
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
On Sep[ember
I
2013, the District closed on an instal
purchase
4
with a net interest rate
I.
J 8.
The following is a summary of debt
purchase contract in the amount of
and
Ie over 5 years
for the installment purchase debt:
Fiscal Year Ended
The
is a summary of
performance contrJC!S:
Issue
Dale
81712012
2012
The
Inlere<;t
Rate
Final
Malu
6115/2027
]9(;
is a summary of debt service requirements for the
Fiscal
June
2015
2016
20
2018
9
2020-2024
performunce contract:
Interest
123.287
$
128,827
131,689
16
$1
43
$
39,873
t33
34,332
31
28,543
1
Total
$
163, I
1 159
163,159
163,159
163~ 159
815,
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STA TE1VIENTS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
on long-term debt for the
was composed of:
Interest paid
$95,992
(1,801)
interest accrued in the prior
Plus interest accrued in the current
Total expense
$1
A)
are cost-sharing multiple employer public
wide range of plans and benefits, which Clre
vesting of retIrement benefits, death. and disability_
Retirement System
System (NYSTRS) (the
systems. The
of service and final
B)
i)
Retirement Board
NYSTRS.
and neficiaries as authorized by I Education Law and
a publicly
Law of the Slale or New York. NYSTRS
lhal
financial stalernents and requ
~upplemenlary
Information
the
The report may be obtained by writ
to N
, 10
Corporate Woods Drive, Albany, New York 1221l
ii
N
ret
benefits as well as death and disability be
New York
State Rc(iremen( and Social Security Law governs obliga!
of
and
10
contribute. and benefits to empJoyees. The System
a publicly available financial
that includes financial statements and required supplementary information. That report may
Albany.
obtained by writing to NYSERS. Office of the State Comptroller, I) 0
or
at www.osc.statc.ny.us!retire!pubJications/index.php.
York J
C)
The
are noncontributory, except as
I.
a.
folJow~:
Retirement System:
system after July
1976
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
I.
of [heir salary,
that employees in
required to cOnlribUle.
syslemonorafterJanuary 1, 2010 before
'11,2012
cOl1{ribmc
of their sal
membership.
who joi
the
on or
April I,
contribute between 3% and 6% dependent upon their
ary
Ihroughout active membership.
are no
b.
c.
2.
Retirement System
who joined [he
after July 27,1976
l. Employees contribute 3% of their ~alary, except that employees
are no longer required to contribute.
more than ten
b. Employees who jO'lned the system on or
Janum'Y 1,20 I 0 before April I
L Employees contribllle
of their salary throughout active membership.
c.
who
the
on or after April L 2012
between 3% and
dependenL upon their
throughout
a.
the
certi
the rates expressed as proportions of
' payroll
For NYS
computi the contributions
made by employers to the
annually, which ure used
pension accumulation fund. Pursuant to Art
II
the
the New York SLate
irement Board establishes rales annually for N
ired to contribute at an aCluarially determined rate. The
The District is
were equal [0 100%
the contributions required
made lO
S
the eunenL
and two precedi
years were:
required contribulions
NYSTRS
14
2013
12
$
$
1
102
IAl9,499
1,289,307
The
has adopted a 403 (b) phm
all cl"
employees.
may
up
of their
subject to internal Revenue Code
ve defelTal limitations. The
to 1
non-elective contributions of
on
District may also
made
the District and the employees for the
collectively bargained
$760,870 respectively.
ended June 30,201
E)
compensation plan in
with Jnternal
The District makes no contributions into this Plan. The amounl
30. 2014 totaled $31 17.
for
ended
/"II"1,,,,,,.,-p/1
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STA TElVIENTS
THE FISCAL YEAR ENDED JUNE 30, 2014
A)
New York State Heal£h Insurance Program Empire Plan (the "Plan")
plan administered by :\cw York
The Plan
and their eligible dependents. Al1icle
of the Statutes of
y to establi
and amend benefu
to the school district.
a sland alone. publicly
lable repon since there arc no (J,>scts legal
of paYll1g benefits under the Plan.
B)
Plan members and (he District are
fiscal
2014, the District contributed
dependents, depending on
healthcare plan annual as expendilUres in the
fund financial statements as
Currently,
is no provision in
Ii:lW
the
to fund other
benefits by any means other than the "pay as you go" method.
C)
District's annual
postemploymenl
cost
is calculated based on
the annual required contriblltion of (he employer (ARC). an amount
i:, actllariaHy
.ned
ARC
a level of fundi
that. if paid on an ongoing
is projected (0 cover
l1urm~d C(),t
any unfunded aClllaria! liabili
(or funding excess) oVer a
period
table shows the components of the
cost for the
amount actually contributed to the
and
in [he
's net OPEB obligation to [he plan'
Annual requi
contrihution
Interest on net OPES obligation
Adjustment Lo Annual Requ
Contribution
Annual OPEB cost (expense)
$
2,364.481
made
Increase in net
obligation
Net OPES obligation-beginni of
OPEB obligation-end of
The District's annu,tl
cost, the
net
obli ion for the current and
I
46
cost contributed to
was as follows:
Plan and
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Fiscal
Year
Endi ng
June 30, 2014
June 30.2013
June 30.2012
D)
Annual
OPEB
Cost
OPEB
Cont,; bUlions
52,219,120
$2,198.278
$2.455.622
$845,044
$758,720
$760,358
Perce ntage
of Annual
OPES Cost
ConlIibuted
38 .1CJo
34.5%
31 .0%
Net
OPEB
Obi igation
$10 .688,5 35
$9,314,459
$7.874,90 1
Funded Status and Fundjng Progress:
As of July I, 2012, the mo~t recent acwarial valuation dilte, (he plan \-va Ze ro percenl fun ded.
T he ac tuarial accrued liability for benefits was $26,016,260 and the actuarial value of assets was
$0, resu lt ing in an unfunded actuarial accrued liability (UAAL) of $26,016,260. The c vered
payroll (annual payroJl of aClive employees covered by the plan) was $13,355,121 and the ratio of
the UAAL to the covered payroll was 194.8%.
Actuarial valuations involve estimates of the value of reported amounts and assumptions about
the probability or events in the future. Amounts determined regarding the funded status of the
plan and the ilnnllal required contributions of [he employer are subject to continual revision' as
act ual results are compared to past ex.pectations and new estimates are made abollt the futl\re.
The required schedule of funding progress presented as required supplementary information
provides multiyear trend information that ~hows whether the act uarial value of plan a sets is
increa-in g or decreasing over time relative to the acmarial ilccrued liability for benefits.
E)
Actuarial Methods and Assumptions:
Proj ections of benefits are based on (he subst3mive plan (the plan as understood by the employer
and plan members) and include the types of benefits in force al the valuation date and the pattern
of sharing benefit costs between the District amJ the Plan members to that poine. Actuarial
calculations renect a long-term perspective Jnd employ methods and assumptions that are
designed to reduce shorl-term volatility in actuarial accll.Ied liilhilities and the actuarial value of
assets. Various assumptions are made in deriving OPEB liabilities and related costs. The key
act uarial as umplions are di~count rale, healthcare trend rates , mortality rates, turnover rates,
retirement rates, and disability rales . Additional information is as follows:
In the July I, 2012 actuarial valuation prepared by an outside actuarial firm. the projected unit
credi t actllarj(j\ COSI method was used to v<llue the actuarial accrued liability and normal cost. The
actuarial assumptions included a discount rate of 4.0% and an Jnnual heal(hcare costlrend rate of
9.0% in itially, reduced by decrements to an ultimate rate of 5% after six years. The UAAL is
being amortized al a level percentage of projected payroll on an open basis. The remammg
amorti zation period at June 30,1014, was 24 ye<lrs .
47
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30 l 20 l4
A)
errors
are
by
i nSLIrance
Sellied claims from these risks have not exceeded
two
B)
Nassau County Schools Cooperative Self Insured Plan for
a ri sharing pool, to insure
Compensation claims. Thi~ is a
Workers' Compensation
pool created under AI1icle 5
related LO Workers'
ion clLlim:-..
's total liability for unbil
and open claims at June
20
was 13,569,378. The Workers' Compensation
has net assets of $1
30. 20
to pay
liabilities. If
District
the plan or 'f
plan is
be liable for the
s open claims al (hm
to
A)
amolln! of $1,250,000
taxes
the fiscal
been
as the amount estimated to be
ending June 30, 2015 jn the
fund.
as
the follov,/I
or
fund balance. Al J line
amounts:
. Unappropriated Fund Balance
General Fund
Support
I nstructi on
School lunch fund
Re~tricled:
fund
Capita!
48
$174.656
121 10
$296,366
to
2014, the
FLORAL PARK - BELLEROSE UNION FREE SCHOOL DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
The
grants, wh
are subject to audit
the state and federal
a return of
on
may result in disallowances and a reques1
audits, (he district's administration bel
disallowances. if any. will
B)
The District
various equipment under non-cancelable
was approximately $10,332.
minimum remaining
Fiscal Year
Total
Rental
Amount
2015
Payments
Statement of
aled for
Position dale but
events
at the
financial statements. Subsequent events which provide
abOlll
in the accompanyi
note~.
Statement
Net Position date reqUIre .
I
activity of the District
the dale of Ihis
and concluded thm no
events have occurred that would require
lion in the financial statements or
losure
the notes to
ial statements.
FLORAL PARK-BELLEROSE UNION fREE SCHOOL DISTR[CT
REQUIRED SUPPLEMENTARY INFOR.MATION
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES [~ FUND BALANCEBUDCeT AND ACTUAL - CENERAL FL'ND
FOR THE fiSCAL YEAR ENDED .!UNE 30.2014
Original Budget
final Budget
Actual
(B ud getarv Basis)
Fin al Budget
Va ria nce
with Budgetary
Actual
REVENUES
Local Source~
Real property laxe
Other rt:al property ta~ ilems
Charge. for en'icc.
U~C of money & property
Sale of property and compensat ion fo r los.
Miscellaneous
522. 1 ) 0.1 9 5
63.627
SO
S I9.21-t.2 6
2.964.787
563.798
.'\ 1.797
14.442
124.951
14.442
124.-151
4.025 .999
571 .225
Federal Sources
78 .~OI
7 .301
Olher Financing . ourccs
Tran fers from other fund
16.142
16.142
-27 .034.503
S 89.79 1
4~ 9. :00
20. 11 6
SOO
500
3.'1".3.774
State Soun:es
TOTA.1. RE VENUES A ND OTHER SOUI~CES _ _ 2..:..
6.,-1;....37...;..7_1_2_
~.4 5 J . 77 4
26.1 44.712
5.25 1
67.298
I 1.6 I
J ..570.000
1.5 70.000
t\ ppropriated Fund Bal nnce
Appropri~ted
S 19.21-t.286
2.959.536
496.500
20.116
1.789.2 16
Re servcs
1 OTAL RE\'1::N ES, OTHER SOURCES &
APPROPRJATED FUN D UAI.ANCE
528 .066.928
NOIe
[0
S29.503.9 28
Required Supple mentary Informa tion
Bud£el Bas is o f Accouming
Budgets arc adopted on the modified ac 'rual basis of accounlin g consis te£Jt
wi th accouming pri nc ipk gene rall y accepted In t h ~ United Slates o f Amcri cn.
50
Sce Paragraph on Require.d Su pp lcmc nt:HY In forma tion Included in Audil ors ' Report
FLORAL PARK-nELLEkOSE UNION FREE SCHOOL D[STR[CT
REQUI RED SlJPPLEtltENTARY IN fORMA TION
SCHEDULJ:: OF REVENUES, EXPENDITURES AND CHANGES IN fUND nAI.ANCEBUDGET AND ACllJAL - GENERAL FUND
fOR THE FISC\ t YEAR ENDED JUNE 30, 20J4
Final Uud get
with
lllldgctnry Actual
Varian~c
Original Budget
Filial nudgel
Actual
(lJudgctan nas i~)
Ye::.r-Cnd
En('umbrances and
Encumb ra nc e,~
EXPENDITURES
General Support
Board of education
Central admini lrmion
Finance
Staff
Centra I servict:s
pecial items
- 73 .. ~ 5
556m 2
25 2.156
S6 .40('
2.2.295
531.977
251.691
1.723.940
,<25 ._<07
~ 37.05 3
5~ 5.44 2
,4 .939
4. 758
18 .423
16.447
IS0.877
682
232.182
1.90SAn
. 23.15 3
55 0AOO
26 .1 ~S
2.079.473
325.989
867 .186
9.5 I 6.: 2
9.~ 65. 6~
3. 9S6.7~8
~ .0 56 . 5 93
7 ~li.93 9
667.030
836.287
672.713
830._3,
8.4 I 2.23-·j
3.406.7 9
786. 112
609.958
Pupil Iransportation
800.747
795. 746
747.9S4
J, 7.762
Community er\ ices
355.(141
355.64 1
299.250
56.39 1
6.9 J9.8: :
6.824.502
6.324..116
500.086
380.359
15 1.303
27.731 .92,'
:1 12.711
1 22.3~1
30 1.394
95.992
26.3~9
27.738.92 '
2~.9~7.98 :'
335.000
1.765 .000
1.705.520
528.066.92 8
29.503.928
26.653.503
174656
In"lruetional
In.>lruC\ion. adm. & iml .
Teaching - regular school
Programs for child ren wit h handicap con Jiti ons
Instructional medi;1
Pupil _en'iees
Employee bene fit s
Debt s~n ice - principa l
Deht sa vice - interest
TOTAL EXPENDITURES
Other fjnanl-ing U c.
Transfers to other funJ
TOTAL EXPENDITURES AND OTHER USES
6~. 1 _ .t
38 1.000
Net change in fund ba lances
7.665J(6
Fund halance - beginning of year
Fund balanc es - end of year
No tt: to Required Supp le mc r1!nry Information
BudQet Bnsis of Accoulltim!
Budgets are adopted 011 Ihe modified ac cru al basis of accounl ing can is ten t
with accounling principles gCllaa li y accepted in the Uni tl'd S late~ of Americ a.
5)
Set: Paragraph o n Req ui n:d Sup pleme nt ary In t' nnntion In cluded ;n Au li tors' Report
J I. S 6
116.77 1
535
.~O
~.354
~.
6. 57
649.269
50.12 5
__ All
11.317
296.366
2.494.579
59.480
296.366
-2.554.059
FLORAL PARK-BELLEROSE UNION fREE SCHOOL DISTRlCT
REQUlRED SUPPLEMENTARY INFORMA nON
SCHEDULE OF FUNDING PROGRESS FOR OTHER POSTEMPLOYM£NT BENEFITS (OPEB)
JUNE
2014
July I.
'1;0
16,260
$0
$26.954.137
$26,954,137
0.0')(
$13.810.457
so
16
$26.852.716
0.0%
$1
52
See
on Required Suppicmenwry Infonnatlon Included in Auditors'
1959'(
FLORAL PARK-BELLEROSE UNION FREE SCHOOL DISTRICT
SUPPLEMENTARY INFORMA nON
SCHEDULE OF CHANGE FROM ADOPTED BUDGET TO FJNAL BUDGET -GENERAL FUND
AND SECTION 1318 OF REAL PROPERTY TAX LAW LIMIT CALCULATION
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
CHANGE FROM ADOPTED BUDGET TO FINAL BUDGET
12
Add: Prior
encumbrances
16
Budgel
Capital reserve transfer 10 capital projects fund
Musical instrument maintenance due to increased participation
Final BUdget
1318 OF REAL PROPERTY TAX LAW LIMIT
201
LCULATION
vott:r "","A,!.;>n expendilUre
allowed (49c of 2014-2015 budge!)
General fund fund balance subject to
Real Property Tax Law
1318 of
Assigned fund balance
fund balance
TOIaI unresfricted fund balance
$1,546.366
139
$2.682.505
Less:
Appropriated fund balance
Encumbrances included in
assigned fund balance
Total adjustments
10
1,250,000
fund fund balance
Seclion 1318 of Real Properly Tax Law
AClUal percentage
53
on Olher Supplementary Information Included in Auditors'
4.00'k
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,...:
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....
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~
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~
fI',
':""
~.
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r"'".
V'":
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r--..
v-. o
~ ~ ~
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.......
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r--!"
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....;
r..-, =-
i!l§§
~g ;i
•
- . -r
'-
"
FLORAL
UNION FREE SCHOOL
OTHER SUPPLEMENTARY INFORMATION
NET INVESTMENT IN CAPITA L ASSETS
30,2014
net
$l
portion of installment pu
portion of installment pll
Shoft-term portion of bonds payable
term portion of bonds payable
($38,795)
(121.780)
([25,000)
(2,055,000)
: unspent bond
portion energy performance contract
pOl1ion of
contract
Net investment in capital assets
on Other Supplementary
in Auditors' Report
CERTIFIED PUBLIC ACCOU NTANTS
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
To the Board of Educatio n
Floral Park-Bellerose Union Free School District
Flo ral Park , New York
W e have audited , in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the finanCial statements of the governmental activities, each
major fund , and the aggregate remaining fund information of the Floral Park -Bellerose Union Free School
District, New York (the "District"), as of and for the year ended June 30, 2014 , and the related notes to the
fi nancial statements, which collectively comprise the Floral Park-B ellerose Union Free School District. New
York 's basic financial statements and have issued our report thereon dated October 6, 2014.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Floral Park-Belle rose
Union Free School District, New York's internal control over financial reporting (internal control) to determin e
the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on
the financial state ments. but not for the purpose of expressing an opinion on the ef fectiveness of the Floral
Park- Bellerose Union Free School District, New York's internal control. Accordingly, we do not express an
opinion on the effectiveness of the Floral Park-Bellerose Union Free School District. New York's internal
control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees . in the normal course of performing their assigned functions. to prevent or detect and co rrect
m isstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement ot the District"s
financial statements will not be prevented, or detected and corrected on a timely bas is. A significant deficiency
is a de ficiency. or a combination of deficiencies, in internal control thai is less severe than a material
weakness , yet important enough to ment attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weak nesses or
significant deficiencies . Given these limitations, during our audit, we did not identify any deficiencies in internal
control that we consider to be material weaknesses . However, material weaknesses may exist that have not
been identified.
PERSONAL SERVICE. T RUSTED ADVICE .
ALBRECHT. VIGGIAN
245 PARK AVENUE, 39TH FLOOR
EW YORK. NY 10167
l' 212 .792 4075
- 56 -
, ZURECK & COMPANY, PC
25 SUFFOLK COURT
HAUPPAUGE. NY 11788-3715
T. 631 .434 9500 F: 631 .4349518
wwwavz.com
~~
Compliance and Other Matters
As part 01 obtaining reasonable assurance about whether the Floral
Union
School
New
financial statements are free from material misstatement, we performed tests of its "1"\,,,,,,,I,!!>,,,,o
01 laws, regulations, contracts, and granl
with
and material
on the determination of financial statement amounts, However,
with those provisions was nol an
01 our audlt, and
opinion, The results of our tests disclosed no instances 01 n,-\l"I''-'rTI.,,\1I
under Government Auditing Standards.
r'crr::!.II'"
maners thaI we have reported 10 the Board of
Union Free School District, New York, in a
Purpose of this Report
report is solely 10 describe the scope of our testing 01
lesling, and not
is an Inlegral
of an
In",,,n,('\ the District's internal control and
..,
York
. 57 -