CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
Mullica Hill, New Jersey
County of Gloucester
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Clearview Regional High School District
Finance Department
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
MULLICA HILL, NEW JERSEY
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Prepared by
PAGE
Letter of Transmittal 1
Organizational Chart 5
Roster of Officials 6
Consultants and Advisors 7
Independent Auditors' Report 11
REQUIRED SUPPLEMENTARY INFORMATION - PART I
Management's Discussion & Analysis 17
BASIC FINANCIAL STATEMENTS
A. Government-Wide Financial Statements:
A-1 Statement of Net Position 37
A-2 Statement of Activities 38
B. Fund Financial Statements:
Governmental Funds:
B-1 Balance Sheet 45
B-2 Statement of Revenues, Expenditures & Changes in Fund Balance 46
B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund
Balance of Governmental Funds to the Statement of Activities 47
Proprietary Funds:
B-4 Statement of Net Position 51
B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 52
B-6 Statement of Cash Flows 53
Fiduciary Funds:
B-7 Statement of Fiduciary Net Position 57
B-8 Statement of Changes in Fiduciary Net Position 58
Notes to Financial Statements 61
REQUIRED SUPPLEMENTARY INFORMATION - PART II
C. Budgetary Comparison Schedules:
C-1 Budgetary Comparison Schedule - General Fund 97
C-1a Combining Schedule of Revenue, Expenditures & Changes in Fund Balance -
Budget & Actual N/A
C-1b Education Jobs Fund Program - Budget & Actual N/A
C-2 Budgetary Comparison Schedule - Special Revenue Fund 108
Notes to the Required Supplementary Information - Part II
C-3 Budget-to-GAAP Reconciliation 111
OUTLINE OF CAFR - GASB #34
INTRODUCTORY SECTION
FINANCIAL SECTION
REQUIRED SUPPLEMENTARY INFORMATION - PART III
L. Schedules Related to Accounting and Reporting for Pensions (GASB 68):
L-1 Schedule of the District's Proportionate Share of the Net Pension
Liability - PERS 117
L-2 Schedule of District Contributions - PERS 118
L-3 Schedule of the District's Proportionate Share of the Net Pension 119
Liability - TPAF
Notes to the Required Supplementary Information - Part III 123
D. School Based Budget Schedules Fund:
D-1 Combining Balance Sheet N/A
D-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource
Type - Actual N/A
D-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget & Actual N/A
E. Special Revenue Fund:
E-1 Combining Schedule of Revenues & Expenditures - Special Revenue Fund -
Budgetary Basis 131
E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis N/A
F. Capital Projects Fund:
F-1 Summary Statement of Project Expenditures 137
F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budgetary Basis 138
F-2a Schedule of Revenues, Expenditures, Project Balance & Project Status -
Budgetary Basis 139
G. Proprietary Funds:
Enterprise Funds:
G-1 Combining Statement of Net Position 145
G-2 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 146
G-3 Combining Statement of Cash Flows 147
Internal Service Funds:
G-4 Combining Statement of Net Position 151
G-5 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 152
G-6 Combining Statement of Cash Flows 153
H. Fiduciary Funds:
H-1 Combining Statement of Fiduciary Net Position 157
H-2 Combining Statement of Changes in Fiduciary Net Position 158
H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 159
H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 159
I. Long-Term Debt:
I-1 Schedule of Serial Bonds 163
I-2 Schedule of Obligations Under Capital Leases N/A
I-3 Debt Service Fund Budgetary Comparison Schedule 164
I-4 Debt Service Fund Schedule of Compensated Absences 165
Financial Trends:
J-1 Net Position by Component 169
J-2 Changes in Net Position 170
J-3 Fund Balances - Governmental Funds 173
J-4 Changes in Fund Balance - Governmental Funds 174
J-5 Other Local Revenue by Source - General Fund 176
Revenue Capacity:
J-6 Assessed Value & Estimated Actual Value of Taxable Property 177
J-7 Direct & Overlapping Property Tax Rates 178
J-8 Principal Property Taxpayers 179
J-9 Property Tax Levies & Collections 180
Debt Capacity:
J-10 Ratios of Outstanding Debt by Type 181
J-11 Ratios of General Bonded Debt Outstanding 182
J-12 Direct & Overlapping Governmental Activities Debt 183
J-13 Legal Debt Margin Information 184
Demographic & Economic Information:
J-14 Demographic & Economic Statistics 185
J-15 Principal Employers 186
Operating Information:
J-16 Full-Time Equivalent District Employees by Function/Program 187
J-17 Operating Statistics 188
J-18 School Building Information 189
J-19 Schedule of Required Maintenance 190
J-20 Insurance Schedule 191
K-1 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
195
K-2 Independent Auditors' Report on Compliance for Each Major Program and
on Internal Control Over Compliance Required by OMB Circular A-133 and
New Jersey OMB Circular(s) 04-04 and/or 15-08 197
K-3 Schedule of Expenditures of Federal Awards, Schedule A 201
K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 202
K-5 Notes to Schedules of Awards and Financial Assistance 203
K-6 Schedule of Findings & Questioned Costs 205
K-7 Summary Schedule of Prior Audit Findings 208
STATISTICAL SECTION (unaudited)
SINGLE AUDIT SECTION
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INTRODUCTORY SECTION
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1
2
3
4
5
5
MEMBERS OF THE BOARD OF EDUCATION TERM EXPIRES
Patrick Campbell, President
2016
Michele Giaquinto, Vice President
2017
David Burgin
2017
Debbie Lundberg
2016
Gregory Fuller
2017
Vincent Caltaldi, Jr.
2016
Karen Vick
2015
Ron Moore
2015
Paul Ware
2015
OTHER OFFICIALS
John Horchak, III, Superintendent
Esther R. Pennell, CPA, School Business Administrator
Frank P. Cavallo, Jr., Esquire, Solicitor
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
420 Cedar Road
Mullica Hill, New Jersey 08062
ROSTER OF OFFICIALS
June 30, 2015
6
P.O. Box 5054
OFFICIAL DEPOSITORY
Parker McCay
Mount Laurel, New Jersey 08054-1539
618 Stokes Road
Medford, New Jersey 08055
ATTORNEY
Mullica Hill, New Jersey 08062
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
MULLICA HILL, NEW JERSEY
CONSULTANTS AND ADVISORS
AUDIT FIRM
Holman Frenia Allison, P.C.
Michael Holt, CPA, PSA
100 N. Main Street
9000 Midlantic Drive, Suite 300
Century Savings Bank
7
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8
FINANCIAL SECTION
9
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10
INDEPENDENT AUDITOR’S REPORT
Honorable President and Members
of the Board of Education
Clearview Regional High School District
County of Gloucester
Mullica Hill, New Jersey 08062
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund and the aggregate remaining fund information of the Clearview Regional High
School District, County of Gloucester, State of New Jersey, as of and for the fiscal year ended June 30,
2015, and the related notes to the financial statements, which collectively comprise the District’s basic
financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America; and
the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the
Comptroller General of the United States; and audit requirements as prescribed by the Office of School
Finance, Department of Education, State of New Jersey. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. Accordingly, we express no such opinion.
An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
11
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the Clearview Regional High School District, County of
Gloucester, State of New Jersey, as of June 30, 2015, and the respective changes in financial position and,
where applicable, cash flows thereof for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
Emphasis of Matter
Change in Accounting Principle
As discussed in Note 1 to the financial statements, during the fiscal year ended June 30, 2015 the District
adopted Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and
Financial Reporting for Pensions - an Amendment of GASB Statement No.27. Our opinion is not modified
with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, budgetary comparison information and other required supplemental information
as listed in the table of contents be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of management
about the methods of preparing the information and comparing the information for consistency with
management’s responses to our inquiries, the basic financial statements, and other knowledge we
obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Clearview Regional High School District’s basic financial statements. The accompanying
combining statements and related major fund supporting statements and schedules and Schedules of
Expenditures of Federal Awards and State Financial Assistance as required by U.S. Office of
Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit
Organizations and New Jersey OMB’s Circular(s) 04-04 and/or 15-08, Single Audit Policy for Recipients
of Federal Grants, State Grants and State Aid respectively, are presented for purposes of additional
analysis and are not a required part of the basic financial statements.
The accompanying combining statements and related major fund supporting statements and schedules and
the Schedules of Expenditures of Federal Awards and State Financial Assistance are the responsibility of
management and were derived from and relates directly to the underlying accounting and other records
used to prepare the basic financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting other records
12
used to prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the accompanying combining statements and related major fund supporting
statements and schedules and Schedules of Expenditures of Federal Awards and State Financial
Assistance are fairly stated in all material respects in relation to the basic financial statements taken as a
whole.
The introductory section and statistical information have not been subjected to the auditing procedures
applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or
provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 4,
2015 on our consideration of the Clearview Regional High School District’s internal control over
financial reporting and on our tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of
our testing of internal control over financial reporting and compliance and the results of that testing, and
not to provide an opinion on internal control over financial reporting or on compliance.
That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering
Clearview Regional High School District’s internal control over financial reporting and compliance.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Michael Holt
Certified Public Accountant
Public School Accountant
No. 1148
Medford, New Jersey
December 4, 2015
13
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14
REQUIRED SUPPLEMENTARY INFORMATION - PART I
15
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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
Mullica Hill, New Jersey
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2015
UNAUDITED
The District’s management discussion and analysis of financial performance provides an overview of the
District’s financial activities for the fiscal year ended June 30, 2015. The intent of the discussion and
analysis is to look at the District’s financial performance as a whole. Interested parties should review the
basic financial statements and notes in connection with this document in order to enhance and clarify their
understanding of the finances of the District.
The Management’s Discussion and Analysis (MD&A) is an element of the Required Supplementary
Information specified in the Governmental Accounting Standards Board’s (G.A.S.B.) Statement No. 34 –
Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments
issued in June 1999. Comparative information between the current year (2014-2015) and the prior year
(2013-2014) is required to be present in the MD&A.
As described in Note 1 to the financial statements, "Change in Accounting Principle", the District has
adopted the provisions of GASB Statement No. 68, Accounting and Financial Reporting for Pensions, for
the year ended June 30, 2015. The adoption of this principle resulted in a restatement of the District's
opening net position as of July 1, 2015 in the amount of $10,771,945, as indicated in Note 19 to the
financial statements. Prior year balances reflected in MD&A have not been updated to reflect this change.
Financial Areas of Interest for 2014/2015
Overview
During the budget preparation process, Clearview was notified that it would receive a $50,400
increase in general fund state aid (half for PARCC Readiness and half for Per Pupil Growth Aid)
and a ($83,990) decrease in debt service state aid. The State only funded 85% of its promised
Debt Service Aid, type 2. In addition, the State charged Clearview a $217,620 SDA Assessment
Charge. This assessment represents 15% of the State’s principle and interest cost coming due on
facility grants that were awarded to Clearview in prior years. Once again the lack of sufficient
State Aid and the inability to raise taxes above the 2% cap, caused significant shortages in various
2014/2015 budget appropriation line items. A large increase in the cost of special education
tuition caused an increase in the District’s general fund tax levy. The district was forced to use
banked cap in the amount of $352,363. The general fund levy was increased by a total amount of
$683,914 and caused a 1 cent per $100 of assessed value increase in taxes in the Harrison
community and a 3 cent per $100 of assessed value increase in taxes in the Mantua community.
In recent prior years, the lack of state aid created a financial crisis in many school districts across
the State of New Jersey, including Clearview. This caused communities, especially growing ones
like ours, to increase local property taxes to meet the needs of the District. The number of
students attending Clearview Regional over the past seven years increased by approximately 92,
which is a 4% increase in the student population.
17
School Year Students
2007/2008 2399
2008/2009 2454
2009/2010 2441
2010/2011 2501
2011/2012 2498
2012/2013 2489
2013/2014 2516
2014/2015 2491
Delay in State Aid Payments
The Commissioner of Education again announced that the last two State aid payments for
2014/15 in the amount of $1,363,684 would be delayed until July 2015. This measure along with
S1701 (reduction of surplus to 2%) has resulted in severe cash flow issues for all New Jersey
School Districts.
Staffing
The need for additional staff continues to have a substantial impact on the District
budget. The District is committed to meeting the staffing needs in order to accommodate
the growing special education student population.
Special Education
The costs for the out-of-district placements continued to rise. The District incurred costs
of $2,473,228 for tuition. This does not include the cost for the transportation related to
these students. The District continues to closely monitor these costs as they represent a
substantial portion of the budget.
Vocational School Tuition
The district incurred costs of $338,391 for tuition to the County Vocational School. Prior
to the 2010/11 school year, the County Vocational School did not charge local districts
tuition. This is a new expenditure over the past five years that is paid for with the local
tax levy. These students are not reported on our rolls so we do not receive any State Aid
for them.
Transportation
The District’s growth in student population over the past ten years continues to impact
the transportation department. Additional drivers, buses, activity routes, and outside
contracted routes resulted in considerable expenditure increases. The increase in staff
time required to perform the tasks of transporting approximately 2,491 students is
significant and costly. The Transportation Department expenditures for operations and
salaries were approximately $1,745,864 which is $63,461 more than 2013/14. The
District continues to provide transportation services to the Mantua Township School
District. This adds another 1,650 students to the daily responsibilities of the
Transportation Department. We continue to realize cost efficiencies in this area by
maximizing fleet utilization.
18
Facility Projects
High School LGI:
During the summer of 2014, the District awarded a contract to Allied Equipment
Company, Inc. in the amount of $82,022 to install new seating and tables in the High
School’s Large Group Instruction classroom which comfortably seats 96 students. This
room was utilized for PARCC testing during 2014/15.
Middle School Partial Roof Replacement and High School EPDM Warranty
Extension:
In May 2015, the District awarded a contract to Roof Management, Inc. in the amount of
$638,000 for roof renovations in both schools. The project was funded with funds which
were available in the capital reserve for that purpose. This project was substantially
completed in September 2015.
Middle School Secure Vestibule:
In 2014/15, the District awarded a contract to W.J. Gross, Inc. in the amount of $17,990
to install a secure vestibule in the lobby of the Middle School. The project was funded
with capital reserve funds which were available for that purpose.
State Aid
While State Aid has been approximately level for seven fiscal years (2001-02, 2002-03,
2003-04, 2004-05, 2005-06, 2006-07 and 2007-08), due to the School Funding Reform
Act of 2008, the district received an increase in State Aid for 2008-09 and 2009-10. For
2009/10 this 5% increase totaled $624,684. While the District was originally awarded a
5% increase in State Aid when developing its budget for 2009/10, we were notified on
February 11, 2010 that $1,498,592 would be withheld from 2009/10 state aid payments in
the amount of surplus and reserve account monies available to the District. The District
opted to reduce 2009/10 appropriations by $961,819 to offset this reduction. The
remaining $536,773 came from the reserves.
The 2010/11 State Aid to the District was reduced by $1,839,530 causing the entire
budget to be reduced by $2,000,939.
For 2012/13 the District received a net increase in State Aid of $692,518.
For 2013/14 the District received a net increase in State Aid of $103,549.
For 2014/15 the District received a net increase in State Aid of $50,400.
Tax Rate and Base
The final budget resulted in a tax increase of 1.14 cents per hundred of assessed value for
Harrison Township residents and increased 3.15 cents per hundred of assessed value for
Mantua Township residents.
Mantua Township’s ratable base decreased by ($423,338) for 2014. The increase in the
ratable base in Harrison Township was $20,023,755 (1.48% inc.). The municipal tax is
shared between the towns with Mantua’s absorbing 51.92% while Harrison’s is 48.08%
during the 2014-15 school year.
19
Surplus
The District was able to make substantial “deposits” into surplus in 2014-15. There was
a total of $1,992,382 from unspent appropriations and excess of actual revenues to budget
of $239,610 (these figures exclude non-budgeted TPAF pension and Social Security
contributions). Of these amounts, $695,290 was deposited into the capital reserve and
$100,000 was deposited into the maintenance reserve. The “deposit” into surplus was a
result of savings in several areas including salaries, supplies, special education tuition,
maintenance of school facilities, health benefits, and tuition revenue.
Using this Comprehensive Annual Financial Report (C.A.F.R.)
This annual report consists of a series of financial statements and notes to those statements. These
statements are organized so the reader can understand the Clearview Regional District as a financial
whole, an entire operating entity. The statements then proceed to provide an increasingly detailed look at
specific financial activities.
The Statement of Net Position and Statement of Activities provide information about the activities of the
whole School District, presenting both an aggregate view of the School District’s finances and a longer-
term view of those finances. Fund financial statements provide the next level of detail. For governmental
funds, these statements tell how services were financed in the short-term as well as what remains for
future spending. The fund financial statements also look at the School District’s most significant funds
with all other non-major funds presented in total in one column. The General Fund is by far the most
significant fund.
Reporting the School District as a Whole
Statement of Net Position and the Statement of Activities
While this document contains the large number of funds used by the School District to provide programs
and activities, the view of the School District as a whole, looks at all of the financial transactions and asks
the question, “How did we do financially during 2014-2015?” The Statement of Net Position and the
Statement of Activities answers this question. These statements include all assets and liabilities using the
accrual basis of accounting, which is similar to the accounting used by most private-sector businesses.
These bases of accounting take into account all of the current year’s revenues and expenses regardless of
when cash is received or paid.
These two statements report the School District’s net position and changes in those assets. This change in
net position is important because it tells the reader that, for the School District as a whole, the financial
position of the School District and whether it has improved or diminished. The causes of this change may
be the result of many factors, some financial and some non-financial. Non-financial factors include the
School District’s property tax base, current laws in New Jersey restricting revenue growth, facility
condition, required educational programs and other factors.
In the Statement of Net Position and the Statement of Activities, the School District is divided into two
distinct kinds of activities:
Governmental activities – All of the School District’s programs and services are reported here
including instruction, support services, operation and maintenance of plant facilities, pupil
transportation and extracurricular activities.
20
Business-Type Activities – This service is provided on a charge for goods or services basis to
recover all the expenses of the goods or services provided. The Food Service and School Store
enterprise funds are reported as business activities.
Reporting the School District’s Most Significant Funds
Fund Financial Statements
Fund financial reports provide detailed information about the School District’s funds. The School District
uses many funds to account for a multitude of financial transactions. The School District’s governmental
funds are the General Fund, Special Revenue Fund, Capital Projects Fund, and Debt Service Fund.
Governmental Funds
The School District’s activities are reported in governmental funds, which focus on how money flows
into and out of those funds and the balances left at year-end available for spending in the future years.
These funds are reported using an accounting method called modified accrual accounting, which
measures cash and all other financial assets that can readily be converted to cash. The governmental fund
statements provide a detailed short-term view of the School District’s general government operations and
the basic services it provides. Governmental fund information helps the reader determine whether there
are more or fewer financial resources that can be spent in the near future to finance educational programs.
The relationship (or differences) between governmental activities (reported in the Statement of Net
Position and the Statement of Activities) and governmental funds is reconciled in the financial statements.
Enterprise Fund
The enterprise funds use the same basis of accounting as business-type activities; therefore, these
statements are essentially the same.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in
the District-wide and fund financial statements. The notes to the financial statements can be found on
pages 61 – 91 of this Report.
The School District as a Whole
The Statement of Net Position provides the perspective of the School District as a whole. Net position
may serve over time as a useful indicator of a government’s financial position. The District’s financial
position is the product of several financial transactions including the net results of activities, the
acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of
capital assets.
Table 1 provides a summary of the School District’s net position for FY 2015 compared to FY2014.
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Table
1
Business- Business-
T
otal
T
otal
Governmental
Typ
e Governmental
Typ
e 2015 2014
A
ssets
Current and Other Assets 5,198,846 367,413 4,628,093 380,401 5,566,259 5,008,494
Ca
p
ital Assets 43,831,501 9,866 45,137,587 4,467 43,841,367 45,142,054
T
otal Assets 49,030,347 377,279 49,765,680 384,868 49,407,626 50,150,548
Deferred Outflow of Resources
Deferred Char
g
es of Refundin
g
Debt 685,496 - 823,027 - 685,496 823,027
Deferred Outflows Related
to Pensions 811,048 - - - 811,048 -
T
otal Deferred Outflo
w
of Resources 1,496,544 823,027 1,496,544 823,027
T
otal Deferred Outflow o
f
Resources and Assets 50,526,891 377,279 50,588,707 384,868 50,904,170 50,973,575
Liabilities
Current Liabilities 1,043,485 86,071 446,608 24,447 1,129,556 471,055
Noncurrent Liabilities 30,469,967 60,237 21,955,936 68,391 30,530,204 22,024,327
T
otal Liabilities 31,513,452 146,308 22,402,544 92,838 31,659,760 22,495,382
Deferred Inflow of Resources
Deferred Inflows Related
to Pensions 670,224 - - - 670,224 -
T
otal Deferred Inflo
w
of Resources 670,224 - - - 670,224 -
T
otal Deferred Inflow o
f
Resources and Liabilities 32,183,676 146,308 22,402,544 92,838 32,329,984 22,495,382
Net Position - -
Net Investment in Ca
p
ital Assets 25,823,501 9,866 25,259,587 4,467 25,833,367 25,264,054
Restricted 5,265,951 - 4,829,648 - 5,265,951 4,829,648
Unrestricted
(
12,746,237
)
221,075
(
1,903,072
)
287,563
(
12,525,162
)
(
1,615,509
)
T
otal Net Position 18,343,215 230,941 28,186,163 292,030 18,574,156 28,478,193
2015 2014
Clearview Regional High School District's Net Position
22
Table 2 shows changes in net position for fiscal year
2015.
Table 2 Governmental Business-type Governmental Business-type
Total Total
2015 2015 2014 2014 2015 2014
Revenues
Program Revenues:
Charges for Services 1,092,305 668,429 1,182,320 773,209 1,760,734 1,955,529
Operating Grants & Contributions 7,264,298 157,846 1,327,801 169,415 7,422,144 1,497,216
General Revenues:
Property Taxes 19,372,310 18,662,177 19,372,310 18,662,177
Grants and Entitlements 15,298,114 17,685,796 15,298,114 17,685,796
Other 733,574 202,588 617,069 3,213 936,162 620,282
Total Revenues 43,760,601 1,028,863 39,475,163 945,837 44,789,464 40,421,000
Program Expenses:
Instruction 14,461,278 14,069,087 14,461,278 14,069,087
Support Services:
Tuition 2,843,925 2,546,942 2,843,925 2,546,942
Student & instructional related 2,861,254 2,987,274 2,861,254 2,987,274
School administrative services 1,550,592 1,440,069 1,550,592 1,440,069
General administration 511,964 518,845 511,964 518,845
Central services 378,779 380,167 378,779 380,167
Administrative info technology 451,437 337,575 451,437 337,575
Plant operations & maintenance 2,701,354 2,839,811 2,701,354 2,839,811
Pupil transportation 2,720,369 2,695,591 2,720,369 2,695,591
Employee benefits 11,435,299 8,286,479 11,435,299 8,286,479
Special schools 60,908 72,318 60,908 72,318
Interest and Charges on
Long- Term Debt 1,000,410 1,071,875 1,000,410 1,071,875
Unallocated depreciation 1,854,035 1,870,974 1,854,035 1,870,974
Food service 1,026,744 865,226 1,026,744 865,226
Other business-type activities 63,208 64,683 63,208 64,683
Total expenses 42,831,604 1,089,952 39,117,007 929,909 43,921,556 40,046,916
Increase (Decrease) in Net Position 928,997 (61,089) 358,156 15,928 867,908 374,084
Activities Activities
23
Governmental Activities
Property taxes made up 44.27 percent of revenues for governmental activities for the fiscal year 2015.
Property tax revenues, increased by, $710,133, which equates to a 3.81% increase over the prior year
Governmental Fund tax revenues. The increase was needed to fund the additional expenditures
associated with an increase in enrollment, higher operating costs, and maintenance projects. The District’s
total governmental revenues were $43,760,601 including the Capital Projects fund. The revenue breakout
for all funds is as follows:
Revenues for Governmental Funds for Fiscal Year 2015
Percentage
Federal and state aid unrestricted 34.96%
Property taxes 44.27%
Federal and state aid restricted 19.09%
Miscellaneous (Adult school,
interest, other) 1.68%
100.00%
Expenses for Governmental Funds for Fiscal Year 2015 compared to 2014
2015 2014
Percentage Percentage
Instruction 33.76% 35.97%
Student support services 13.32% 14.15%
School administration 3.62% 3.68%
General administration 1.20% 1.33%
Central administration 0.88% 0.97%
Administrative info. Technology 1.05% 0.86%
Operations & maintenance 6.31% 7.26%
Transportation 6.35% 6.87%
Employee benefits 26.70% 21.19%
Special schools 0.14% 0.18%
Interest on debt 2.34% 2.74%
Depreciation 4.33% 4.79%
100.00% 100.00%
24
Business-Type Activities
Revenues for the District’s business-type activities (food service program) were comprised of charges for
services and federal and state reimbursements.
Food service, summer camp, the Little Pioneers Preschool Program and school store expenses
exceeded revenues by $61,089. Charges for services represent $668,429 of revenue. This
represents amounts paid by patrons for daily food service, summer camps, the Little Pioneers
Preschool Program and school store sales. Federal and state reimbursement for meals, including
payments for free and reduced lunches and breakfast, and donated commodities was $157,846.
Governmental Activities
The Statement of Activities shows the cost of program services and the charges for services and grants
offsetting those services. Table 3 shows the total cost of services and the net cost of services. The net cost
shows the financial burden that was placed on the District’s taxpayers by each of these functions.
Table 3
Table 3 Total Cost of Net Cost of Total Cost of Net Cost of
Governmental 2015 2015 2014 2014
Instruction 14,461,278 14,024,280 14,069,087 13,528,007
Support services:
Student & instructional staff 5,705,179 5,450,526 5,534,216 5,247,612
School administrative services 1,550,592 1,550,592 1,440,069 1,440,069
General administration 511,964 511,964 518,845 518,845
Central services 378,779 378,779 380,167 380,167
Administrative info. Technology 451,437 451,437 337,575 337,575
Plant operations & maintenance 2,701,354 2,701,354 2,839,811 2,839,811
Pupil transportation 2,720,369 1,767,752 2,695,591 1,682,403
Employee benefits 11,435,299 5,198,910 8,286,479 8,117,347
Special schools 60,908 60,908 72,318 72,318
Interest and Charges on Long-Term
Debt 1,000,410 524,464 1,071,875 571,758
Depreciation 1,854,035 1,854,035 1,870,974 1,870,974
Total governmental expenses 42,831,604 34,475,001 39,117,007 36,606,886
Business-type
Food Service 1,026,744 255,298 865,226 (1,970)
Other business-type activities 63,208 8,379 64,683 14,685
Total business-type expenses 1,089,952 263,677 929,909 12,715
Total expenses 43,921,556 34,738,678 40,046,916 36,619,601
Services Services
Instruction expenses include activities directly dealing with the teaching of pupils and the interaction
between teacher and student, including extracurricular activities.
25
Pupils and instructional staff include the activities involved with assisting staff with the content and
process of teaching to students, including curriculum and staff development. General administration,
school administration, and business include expenses associated with administrative and financial
supervision of the District.
Operation and maintenance of facilities involve keeping the school grounds, buildings, and equipment in
an effective working condition.
Pupil transportation includes activities involved with the conveyance of students to and from school, as
well as to and from school activities, as provided by State law.
Interest and Charges on Long-Term Debt involves the transactions associated with the payment of interest
and other related charges to debt of the School District.
“Other” includes special schools and unallocated depreciation and amortization.
The School District’s Funds
All governmental funds (i.e., general fund, special revenue fund, capital projects fund and debt service
fund presented in the fund-based statements) are accounted for using the modified accrual basis of
accounting. Total revenues amounted to $39,470,067 and expenditures were $39,027,961. The net
change in fund balance for the year was most significant in the General Fund, with an increase of
$522,108. The schedules (see Exhibit B-2) included in the financial section of this Report demonstrate
that the District continues to meet its responsibility for sound financial management.
As demonstrated by the various statements and schedules included in the financial section of this Report,
the District continues to meet its responsibility for sound financial management. The following schedules
present a summary of the revenues of the governmental funds for the fiscal year ended June 30, 2015, and
the amount and percentage of increases and decreases in relation to prior year revenues.
Table 4
Increase Percent of
Percent of (Decrease) Increase
Revenue Amount Total from 2014 (Decrease)
Local sources 20,105,884 50.94% 826,638 4.99%
State sources 18,701,824 47.38% 392,203 2.58%
Federal sources 662,356 1.68% (41,620) -5.77%
39,470,064 100.00% 1,177,221 3.62%
The increase in revenue was due to an increase of tax levy revenue of $710,133 and a federal aid decrease
of $41,620 offset by an increase of state aid of $392,206.
The following schedules present a summary of general fund, special revenue fund, and debt service fund
expenditures for the fiscal year ended June 30, 2015, and the amount and percentage of increases and
decreases in relation to prior year expenditures.
26
Increase Percent of
Percent of (Decrease) Increase
Expenditures Amount Total from 2014 (Decrease)
Current expense:
Instruction 14,461,278 37.05% 392,191 3.00%
Undistributed 21,068,713 53.98% 220,980 1.33%
Capital Outlay 770,297 1.97% 387,382 61.98%
Special Schools 60,908 0.16% (11,410) -12.42%
Debt Service:
Principal 1,870,000 4.79% 85,000 5.70%
Interest 796,765 2.04% (82,447) -6.38%
39,027,961 100.00% 991,696 3.28%
The largest portion of General Fund expenditures is for salaries and benefits. The District is a service
entity and as such is labor intensive. This is typical for a service industry in both the public sector and
private industry.
Expenditures are up $991,696 over the prior year mostly due to increase in Capital Outlay and Tuition
expenditures.
General Fund Budgeting Highlights
The School District’s budget is prepared according to New Jersey law, and is based on accounting for
certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significant
budgeted fund is the General Fund.
Over the course of the year, the District revised the annual operating budget several times. Revisions were
made to recognize revenues that were not anticipated and to prevent over-expenditures in specific line
item accounts. The major areas are addressed below.
Cost Savings Initiated
The Clearview Regional Board of Education continued to implement cost savings initiatives
throughout 2014-15, including but not limited to:
Special Education Alternative Program
The aforementioned self-contained educationally handicapped component was continued at the
alternative high school program. This program reduced the number of students in need of out of
District placement by providing the environment and special services needed on campus.
Health Benefits
The “Opt-out” program allowed the District to realize additional savings in this area. The “Opt-
out” program enables employees to receive cash in-lieu-of benefits under the Section 125 Plan.
On July 1, 2015, the Board of Education approved to move out of the Southern NJ Regional
Employee Benefits Fund for provision of health benefits and to utilize Horizon. This resulted in
savings in the 2014/15 district budget.
27
Split School Staffing
Teachers were assigned to deliver instructional services at both schools, thereby negating the
need for some additional staff.
Tiered Bus Schedules
There are two bus runs which enabled to utilize the buses twice for pickup and twice for dropoff.
Clearview also transports all Mantua Elementary children.
Solar System
In March 2010, the district completed the installation of a new solar photovoltaic system on the
Middle School roof. Savings on the Middle School electricity is realized annually. In 2014/15 the
District sold Solar Renewable Energy Credits (SREC) and brought additional revenues in the
amount of $50,343 into the District budget.
Interest Income
The District realized $9,790 in interest income during the 2014-2015 school year. This was an
increase of $1,220 over the prior year.
Grants
The District continues to pursue competitive grants. In 2014-2015, the District took advantage of
the Perkins Technology grant in the amount of $46,793. The Federal award for Perkins Funds
decreased by ($4,322) in 2014/15.
Financial Concerns
The budget will continue to be impacted by the increasing costs in the following areas: special
education, workers compensation insurance, property/casualty insurance, medical costs and
salaries.
The areas of transportation, maintenance, substitute teachers, home-instruction, athletic and
energy all continue to increase as the size of the District increases. These areas are often
overlooked when reviewing the true impact of a growing District. The Business Office continues
to monitor every line item in an effort to contain costs in every area.
Prior Recommendations
None
28
Statewide Performance Goals
Because the State has transitioned to a new assessment, the previous attainment goals are no longer valid.
2014-15 assessment results established a new baseline of performance data; however, the district can
report its performance in comparison with New Jersey’s passing averages on all applicable assessments.
In ELA, Grade 11, Clearview’s passing percentage was 40%, compared to 41% for the State; in Grade 10,
Clearview’s passing percentage was 39%, compared to 36% for the State; in Grade 9, Clearview’s
passing percentage was 48%, compared to 39% for the State; in Grade 8, Clearview’s passing percentage
was 44%, compared to 51% for the State; and in Grade 7, Clearview’s passing percentage was 53%,
compared to 52% for the State. In Mathematics, in Algebra II, Clearview’s passing percentage was 33%
compared to 24% for the State; in Geometry, Clearview’s passing percentage was 27% compared to 23%
for the State; and in Algebra I, Clearview’s passing percentage was 44% compared to 36% for the State.
High School Report
The 2014-2015 school year was most successful. Our students continued to excel in many areas
including the classroom, athletic fields, concert halls, artist studios, and other co-curricular activities.
Developing and supporting the “whole student” with 21
st
Century Skills continues to be our objective.
In the area of academics, there was a great deal of accomplishment. Many of our students excelled in
their courses, and the colleges and universities that our seniors were admitted to provided testimony to the
quality of our academic programs, our staff, and our student body. As a district we offered 16 Advanced
Placement courses and the results of the district’s SAT scores continue to be among the best in our county
and all of Southern New Jersey.
In the area of athletics and extra-curricular activities, the 2014-15 school year was also very successful.
Overall, our athletic teams were very competitive, with several teams qualifying for tournaments and/or
winning their division during each season.
Athletics & Student Activities
The Department of Athletics and Student Activities had another successful year in its athletic programs
for the 2014-2015 school year. We've continued our ongoing success in the competitive Tri-
County/Olympic Conferences. The focus on athletics continues to be augmented by a district-wide
approach of incorporating a sportsmanship philosophy in addition to being competitive. We've been
recognized in several venues for our ongoing efforts to infuse the sportsmanship mindset in each athletic
program and at every level of competition.
The clubs and activities continue to offer award winning programs and experiences for our student body.
The Department continues to oversee 52 high school clubs/activities, 14 middle school clubs/activities
both with 98 advisors, 26 varsity sports, and 41 sub-varsity sports (inclusive of JV, F, and MS programs)
with a total of 82 coaches.
29
Administration
At June 30, 2015, the School District had $30,530,204 of outstanding debt. Of this amount, $1,096,810 is
for compensated absences, $924,354 is for unamortized bond premiums associated with bond refunding
costs, $10,501,040 is for the Net Pension Liability and $18,008,000 of serial bonds for school
construction.
Table 6
2015
1997 General obligation bonds 880,000
2010 General obligation bonds 923,000
2010 School Refunding Bonds 16,205,000
Total 18,008,000
Outstanding Debt at June 30
For the Future
The Clearview Regional High School District is currently in sound financial condition. The District
appreciates the support of our communities and understands the financial pressure placed on the taxpayers
as taxes continue to rise. We will strive to become more effective and efficient as we continue to balance
the needs of the students with the resources of the community. We remain committed to being a
community center and will offer facilities and services that will be a source of pride for our communities.
We are being proactive with facilities, financial resources and personnel in an effort to maintain services
without financially burdening our communities.
Capital Projects
The District is committed to appropriating funds in order to keep our facilities up to date and safe
for our students and staff. Preventive maintenance will continue to be our insurance policy that
will ensure that we continue to have quality facilities to offer our public.
In July 2014, the District awarded a contract to Allied Equipment Company, Inc. in the amount
of $82,022 for the renovation of the High School LGI. Brand new furniture along with 96
laptops have been installed. This will provide an area for PARCC testing. The project is funded
with funds which are available in the reserves for that purpose. This project is almost complete.
NCLB Implications
The District is currently monitoring the No Child Left Behind, Federal legislation to ensure
compliance with all of these new regulations.
30
Contacting the School District’s Financial Management
This financial report is designed to provide the taxpayers, bondholders, creditors and other interested
parties with a general overview of the District’s finances and to show the District’s accountability for the
resources it receives. If you have questions about this report or need additional information, please
contact Mr. John Horchak III, Superintendent or Esther R. Pennell, Business Administrator at the address
below or visit our web site at www.clearviewregional.edu.
Clearview Regional Board of Education
Administration Building
420 Cedar Road
Mullica Hill, NJ 08062
856-223-2764
31
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32
BASIC FINANCIAL STATEMENTS
33
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34
A. Government-Wide Financial Statements
35
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36
EXHIBIT A-1
TOTALS
GOVERNMENTA
L
BUSINESS-TYPE JUNE 30,
ACTIVITIES ACTIVITIES 2015
Cash & Cash Equivalent
s
1,525,347$ 335,975$ 1,861,322$
Receivables, Ne
t
968,635 8,009 976,644
Internal Balance
s
66,177 - 66,177
Inventor
y
- 23,399 23,399
Restricted Cash & Cash Equivalent
s
2,638,687 - 2,638,687
Capital Assets, Non-Depreciable (Note 5
)
1,626,240 - 1,626,240
Capital Assets, Depreciable, Net (Note 5
)
42,205,261 9,866 42,215,127
Total Asset
s
49,030,347 377,249 49,407,596
Deferred Charges of Refunding of Deb
t
685,496 - 685,496
Deferred Outflows Related to Pension
s
811,048 - 811,048
Total Deferred Outflow of Resource
s
1,496,544 - 1,496,544
Total Assets and Deferred Outflow of Resource
s
50,526,891 377,249 50,904,140
Accounts Payabl
e
250,114 1,181 251,295
Accrued Interest Payabl
e
280,624 - 280,624
Internal Balance
s
- 65,227 65,227
Payable to State Governmen
t
26,834 - 26,834
Unearned Revenu
e
5,074 19,663 24,737
PERS Pension Payabl
e
480,839 - 480,839
Noncurrent Liabilities (Note 6)
:
Due Within One Yea
r
2,072,051 - 2,072,051
Due Beyond One Yea
r
28,397,916 60,237 28,458,153
Total Liabilitie
s
31,513,452 146,308 31,659,760
Deferred Inflows Related to Pension
s
670,224 - 670,224
Total Deferred Inflow of Resource
s
670,224 - 670,224
Total Assets and Deferred Inflow of Resource
s
32,183,676 146,308 32,329,984
Net Investment in Capital Asset
s
25,823,501 9,866 25,833,367
Restricted For:
Capital Projects 58,421 - 58,421
Other Purpose
s
5,211,420 - 5,211,420
Unrestricte
d
(12,750,127) 221,075 (12,529,052)
Total Net Positio
n
18,343,215$ 230,941$ 18,574,156$
The accompanying Notes to Financial Statements are an integral part of this statemen
t
NET POSITION
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
STATEMENT OF NET POSITION
JUNE 30, 2015
DEFERED OUTFLOW OF RESOURCES
ASSETS
LIABILITIES
DEFERED INFLOW OF RESOURCES
37
EXHIBIT A-2
(
Pa
g
e 1 of 2
)
TOTALS
CHARGES OPERATIN
G
BUSINESS-
FO
R
GRANTS & GOVERNMENTA
L
TYPE JUNE 30,
FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS ACTIVITIES ACTIVITIES 2015
Governmental Activities:
Instruction:
Re
g
ular 10,545,751$ -$ -$
(
10,545,751
)
$ -$
(
10,545,751
)
$
S
p
ecial Education 2,857,568 - 436,998
(
2,420,570
)
-
(
2,420,570
)
Other Instruction 1,057,959 - -
(
1,057,959
)
-
(
1,057,959
)
Su
pp
ort Services:
Tuition 2,843,925 - -
(
2,843,925
)
-
(
2,843,925
)
Student & Instruction Related Services 2,342,772 - 254,653
(
2,088,119
)
-
(
2,088,119
)
Health Services 260,174 - -
(
260,174
)
-
(
260,174
)
Educational Media Services/School Librar
y
258,308 - -
(
258,308
)
-
(
258,308
)
School Administrative Services 1,550,592 - -
(
1,550,592
)
-
(
1,550,592
)
General Administration 511,964 - -
(
511,964
)
-
(
511,964
)
Central Services 378,779 - -
(
378,779
)
-
(
378,779
)
Administrative Information Technolo
gy
451,437 - -
(
451,437
)
-
(
451,437
)
Plant O
p
erations & Maintenance 2,701,354 - -
(
2,701,354
)
-
(
2,701,354
)
Pu
p
il Trans
p
ortation 2,720,369 952,617 -
(
1,767,752
)
-
(
1,767,752
)
Unallocated Benefits 11,240,782 139,688 6,096,701
(
5,004,393
)
-
(
5,004,393
)
S
p
ecial Schools 60,908 - -
(
60,908
)
-
(
60,908
)
Interest and Char
g
es on Lon
g
-Term Deb
t
1,000,410 - 475,946
(
524,464
)
-
(
524,464
)
Unallocated De
p
reciation 1,854,035 - -
(
1,854,035
)
-
(
1,854,035
)
Total Governmental Activities 42
,
637
,
087 1
,
092
,
305 7
,
264
,
298
(
34
,
280
,
484
)
-
(
34
,
280
,
484
)
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
STATEMENT OF ACTIVITIE
S
FOR FISCAL YEAR ENDED JUNE 30, 201
5
PROGRAM REVENUES
NET (EXPENSE) REVENUE AND CHANGES IN NET POSITIO
N
38
EXHIBIT A-2
(Page 2 of 2)
TOTALS
CHARGES OPERATIN
G
BUSINESS-
FO
R
GRANTS & GOVERNMENTA
L
TYPE JUNE 30
,
FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS ACTIVITIES ACTIVITIES 2015
Business-T
yp
e Activities:
Food Service 1
,
026
,
744 613
,
600 157
,
846 -
(
255
,
298
)
(
255
,
298
)
Other Activities 63
,
208 54
,
829 - -
(
8
,
379
)
(
8
,
379
)
Total Business-T
yp
e Activities 1
,
089
,
952 668
,
429 157
,
846 -
(
263
,
677
)
(
263
,
677
)
Total Primar
y
Governmen
t
43
,
727
,
039$ 1
,
760
,
734$ 7
,
422
,
144$
(
34
,
280
,
484
)
(
263
,
677
)
(
34
,
544
,
161
)
General Revenues:
Taxes:
Pro
p
ert
y
Taxes
,
Levied for General Pur
p
oses
,
Ne
t
17
,
261
,
493 - 17
,
261
,
493
Taxes Levied for Debt Servic
e
2
,
110
,
817 - 2
,
110
,
817
Federal & State Aid Not Restricted 15
,
298
,
114 - 15
,
298
,
114
Tuition Char
g
es 493
,
235 - 493
,
235
Investment Earnin
g
s 13
,
216 525 13
,
741
Miscellaneous Income 227
,
123 - 227
,
123
Transfers
(
194
,
517
)
194
,
517 -
Ca
p
ital Asset Ad
j
ustment - 7
,
546 7
,
546
Total General Revenues
,
S
p
ecial Items
,
Extraordinar
y
Items & Transfers 35
,
209
,
481 202
,
588 35
,
412
,
069
Chan
g
e In Net Positio
n
928
,
997
(
61
,
089
)
867
,
908
Net Position - Beginning 17,414,218 292,030 17,706,248
Net Position - Ending 18,343,215$ 230,941$ 18,574,156$
The accom
p
an
y
in
g
Notes to Financial Statements are an inte
g
ral
p
art of this statement.
NET (EXPENSE) REVENUE AND CHANGES IN NET POSITIO
N
PROGRAM REVENUES
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
STATEMENT OF ACTIVITIES
FOR FISCAL YEAR ENDED JUNE 30, 2015
39
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40
B. Fund Financial Statements
41
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42
Governmental Funds
43
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44
EXHIBIT B-1
TOTALS
SPECIAL CAPITAL DEBT
GENERAL REVENUE PROJECTS SERVICE JUNE 30
,
ASSETS FUND FUND FUND FUND 2015
Cash & Cash E
q
uivalents 1
,
899
,
867$ -$ 58
,
421$ -$ 1
,
958
,
288$
Receivables from Other Governments 458
,
104 197
,
921 - - 656
,
025
Other Accounts Receivable 14
,
459 - - - 14
,
459
Interfund Accounts Receivable 66
,
177 - - 66
,
177
Restricted Cash & Cash E
q
uivalents 2
,
638
,
687 - - - 2
,
638
,
687
Total Assets 5
,
077
,
294$ 197
,
921$ 58
,
421$ -$ 5
,
333
,
636$
LIABILITIES & FUND BALANCES
Liabilities:
Cash Overdraft -$ 161
,
311$ -$ -$ 161
,
311$
Accounts Pa
y
able 215
,
220 8
,
373 - 223
,
593
Inter
g
overnmental Pa
y
able:
State - 26
,
834 - - 26
,
834
Unearned Revenue 3
,
671 1
,
403 - 5
,
074
Total Liabilities 218
,
891 197
,
921 - - 416
,
812
Fund Balances:
Restricted for:
Maintenance Reserve 261
,
277 - - - 261
,
277
Ca
p
ital Reserve Account 2
,
377
,
410 - - - 2
,
377
,
410
Excess Sur
p
lus - Desi
g
nated
for Subse
q
uent Year's
Ex
p
enditures 1
,
281
,
957 - - - 1
,
281
,
957
Excess Sur
p
lus 1
,
290
,
776 - - - 1
,
290
,
776
Ca
p
ital Pro
j
ects Fund - - 58
,
421 - 58
,
421
Unassi
g
ned:
General Fund
(
353
,
017
)
- - -
(
353
,
017
)
Total Fund Balances 4
,
858
,
403 - 58
,
421 - 4
,
916
,
824
Total Liabilities & Fund Balances 5
,
077
,
294$ 197
,
921$ 58
,
421$ -$
Amounts re
p
orted for
g
overnmental activities in the statement of Net Position
(
A-1
)
are different because:
Ca
p
ital assets used in
g
overnmental activities are not financial resources and therefore
are not re
p
orted in the funds. The cost of the assets is $73
,
850
,
066 and the
accumulated de
p
reciation is $30
,
018
,
565. 43
,
831
,
501$
Accrued interest
p
a
y
able and PERS
p
ension
p
a
y
able are not recorded in the fund
Financial Statements due to the fact that the
p
a
y
ables are not due in the
p
eriod.
(
761
,
463
)
Deferred outflows and inflows of resources related to
p
ensions and deferred char
g
es or
credits on debt refundin
g
s are a
pp
licable to future re
p
ortin
g
p
eriods and
,
therefore
,
are not re
p
orted in the funds.
826
,
320
Internal service funds are used b
y
mana
g
ement to char
g
e the costs of certain activities
,
such a
s
trans
p
ortation and food service to other
g
overnments. Assets and liabilities of the internal
service funds of $29
,
410 are included in
g
overnmental activities in the Statement of Net Positio
n
-
Lon
g
-term liabilities
,
includin
g
bonds
p
a
y
able
,
are not due and
p
a
y
able in the current
p
eriod
and therefore are not re
p
orted as liabilities in the funds.
(
30
,
469
,
967
)
Net
p
osition of Governmental Activities 18
,
343
,
215$
The accom
p
an
y
in
g
Notes to Financial Statements are an inte
g
ral
p
art of this statement.
JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GOVERNMENTAL FUNDS
BALANCE SHEET
45
EXHIBIT B-2
TOTALS
SPECIA
L
CAPITA
L
DEBT
GENERA
L
REVENUE PROJECTS SERVICE JUNE 30,
FUND FUND FUND FUND 2015
Revenues:
Local Sources:
Local Tax Lev
y
17,261,493$ -$ -$ 2,110,817$ 19,372,310$
Tuition 493,235 - - - 493,235
Trans
p
ortation 4,942 - - - 4,942
Interest Earned on Investments 9,790 - - - 9,790
Interest Earned on Ca
p
ital
Reserve Funds 3,426 - - - 3,426
Miscellaneous 211,876 10,305 - - 222,181
Total Local Sources 17,984,762 10,305 - 2,110,817 20,105,884
State Sources 18,142,213 83,668 - 475,946 18,701,827
Federal Sources 14,769 647,587 - - 662,356
Total Revenues 36,141,744 741,560 - 2,586,763 39,470,067
Ex
p
enditures:
Current Ex
p
ense:
Re
g
ular Instruction 10,545,751 - - - 10,545,751
S
p
ecial Education Instruction 2,420,570 436,998 - - 2,857,568
Other Instruction 1,057,959 - - - 1,057,959
Su
pp
ort Services:
Tuition 2,843,925 - - - 2,843,925
Student & Instruction Related
Services 2,088,119 254,653 - - 2,342,772
Health Services 260,174 - - - 260,174
Educational Media Services/
School Librar
y
258,308 - - - 258,308
Instructional Staff Trainin
g
66,626 - - - 66,626
General Administrative 445,338 - - - 445,338
School Administrative Services 1,550,592 - - - 1,550,592
Central Services 378,779 - - - 378,779
Administrative Information
Technolo
gy
451,437 - - - 451,437
Plant O
p
erations & Maintenance 2,696,626 - - - 2,696,626
Pu
p
il Trans
p
ortation 1,745,864 - - - 1,745,864
Em
p
lo
y
ee Benefits 7,833,755 - - - 7,833,755
S
p
ecial Schools 60,908 - - - 60,908
Debt Service:
Princi
p
al - - - 1,870,000 1,870,000
Interest & Other Char
g
es - - - 796,765 796,765
Ca
p
ital Outla
y
720,388 49,909 - - 770,297
Total Ex
p
enditures 35,425,119 741,560 - 2,666,765 38,833,444
Excess/
(
Deficienc
y)
of Revenues
Over/
(
Under
)
Ex
p
enditures 716,625 - -
(
80,002
)
636,623
Other Financin
g
Sources/
(
Uses
)
:
Transfers In - - - 80,000 80,000
Transfers Out
(
194,517
)
- - -
(
194,517
)
Transfers to Debt Service - -
(
80,000
)
-
(
80,000
)
Total Other Financin
g
Sources & Uses
(
194,517
)
-
(
80,000
)
80,000
(
194,517
)
N
et Chan
g
e in Fund Balances 522,108 -
(
80,000
)
(
2
)
442,106
Fund Balances Jul
y
1, 2014 4,336,295 - 138,421 2 4,474,718
Fund Balances June 30, 2015 4,858,403$ -$ 58,421$ -$ 4,916,824$
The accom
p
an
y
in
g
Notes to Financial Statements are an inte
g
ral
p
art of this statement.
FOR FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GOVERNMENTAL FUND
S
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
S
46
EXHIBIT B-3
Total Net Chan
g
e in Fund Balances - Governmental Funds
(
From B-2 442,106$
Amounts re
p
orted for
g
overnmental activities in the statement o
f
activities
(
A-2
)
are different because
:
Ca
p
ital outla
y
s are re
p
orted in
g
overnmental funds as ex
p
enditure
s
However, in the statement of activities, the cost of those assets i
s
allocated over their estimated useful lives as de
p
reciation ex
p
ens
e
This is the amount b
y
which ca
p
ital outla
y
s exceeded de
p
reciatio
n
in the
p
eriod:
De
p
reciation Ex
p
ens
e
(
1,854,035
)
$
Ca
p
ital Outla
y
s Ad
j
ustment
s
(
4,728
)
Ca
p
ital Outla
y
s 552,677
(
1,306,086
)
Re
p
a
y
ment of debt
p
rinci
p
al is an ex
p
enditure in the
g
overnment
a
funds, but the re
p
a
y
ment reduces lon
g
-term liabilities in the stateme
n
of net
p
osition and is not re
p
orted in the statement of activities
Bond Princi
p
al Pa
y
ment
s
1,870,000
Interest on lon
g
-term debt in the statement of activities is accrued, re
g
ardless of whe
n
due. In the
g
overnmental funds, interest is re
p
orted when due
Prior
y
ea
r
315,121
Current Yea
r
(
280,624
)
34,497
Amortization of losses on earl
y
extin
g
uishments of debt and
p
remiums from refunded de
b
issuances are recorded when incurred in the
g
overnmental funds but are accrued an
d
ex
p
ensed over time in the statement of activities 3,064
District
p
ension contributions are re
p
orted as ex
p
enditures in the
g
overnment
a
funds when made. However, the
y
are re
p
orted as deferred outflows of resource
s
in the Statement of Net Position because the re
p
orted net
p
ension liabilit
y
is measure
d
a
y
ear before the District's re
p
ort date. Pension ex
p
ense, which is the chan
g
e in the ne
p
ension liabilit
y
ad
j
usted for chan
g
es in deferred outflows and inflows of resources relate
d
to
p
ensions, is re
p
orted in the Statement of Activities
Pension Ex
p
ense - PERS Contribution - 201
5
462,374
Unfunded TPAF Pension Ex
p
ens
e
(
3,198,229
)
State Share of Unfunded TPAF Pension Ex
p
ens
e
3,198,229
Pension Ex
p
ens
e
(
531,484
)
(
69,110
)
Internal service funds are used b
y
mana
g
ement to char
g
e the cost
s
of certain activities, such as shared business services. The o
p
eratin
g
g
ain of $7,522, are included in the
g
overnmental activities and Statemen
of Net Position
(
see Exhibit G-5
).
(
21,888
)
In the statement of activities, certain o
p
eratin
g
ex
p
enses, e.
g
., com
p
ensated absence
and s
p
ecial termination benefits are measured b
y
the amounts earned durin
g
the
y
ea
r
In
g
overnmental funds, however, ex
p
enditures for these items are re
p
orted in th
e
amount of financial resources used/
(p
aid
)
. When the earned amount exceeds the
p
ai
d
amount, the difference is a reduction in the reconciliation; when the
p
aid amoun
t
exceeds the earned amount the difference is an addition to the reconciliatio
n
(
23,586
)
Chan
g
e in Net Position of Governmental Activitie
s
928,997$
The accom
p
an
y
in
g
Notes to Financial Statements are an inte
g
ral
p
art of this statemen
t
FOR THE YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
47
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48
Proprietary Funds
49
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50
EXHIBIT B-
4
GOVERNMENTAL TOTALS
FOOD ACTIVITIES-
SERVICE OTHER INTERNAL JUNE 30,
ASSETS FUND FUNDS SERVICE FUND 2015
Current Assets:
Cash & Cash E
q
uivalents 245,830$ 90,145$ -$ 335,975$
Receivables from Othe
r
Governments 6,229 - 298,151 304,380
Other Receivable 1,780 - - 1,780
Interfund Receivable - 83 - 83
Inventories 3,484 19,915 - 23,399
Total Current Assets 257,323 110,143 298,151 665,617
Fixed Assets:
E
q
ui
p
men
t
305,844 - - 305,844
Accumulated De
p
reciation
(
295,978
)
- -
(
295,978
)
Total Fixed Assets 9,866 - - 9,866
Total Assets 267,189 110,143 298,151 675,483
LIABILITIES
Current Liabilities:
Cash Overdraft - - 271,630 271,630
Accounts Pa
y
able 104 1,077 26,521 27,702
Unearned Revenue 14,338 5,325 - 19,663
Interfund Pa
y
able 65,310 - - 65,310
Total Current Liabilities 79,752 6,402 298,151 384,305
N
oncurrent Liabilities:
Com
p
ensated Absences 60,237 - - 60,237
Total Noncurrent Liabilities 60,237 - - 60,237
Total Liabilities 139,989 6,402 298,151 444,542
NET POSITION
N
et Investments in,
Ca
p
ital Assets 9,866 - - 9,866
Unrestricted 117,334 103,741 - 221,075
Total Net Positio
n
127,200$ 103,741$ -$ 230,941$
The accom
p
an
y
in
g
Notes to Financial Statements are an inte
g
ral
p
art of this statement.
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
FOR FISCAL YEAR ENDED JUNE 30, 2015
ENTERPRISE FUNDS
ACTIVITIES
BUSINESS-TYPE
51
EXHIBIT B-5
GOVERNMENTAL TOTALS
ACTIVITIES
-
SERVICE OTHER INTERNA
L
JUNE 30,
FUND FUNDS SERVICE FUN
D
2015
O
p
eratin
g
Revenue:
Dail
y
Sales - Reimbursable Pro
g
rams 238,264$ -$ -$ 238,264$
Dail
y
Sales - Nonreimbursable Pro
g
rams 362,080 - - 362,080
Trans
p
ortation Fees - - 952,617 952,617
S
p
ecial Functions 12,456 - - 12,456
Miscellaneous Income 800 54,829 - 55,629
Total - Dail
y
Sales - Reimbursable
Pro
g
rams 613,600 54,829 952,617 1,621,046
O
p
eratin
g
Ex
p
enses:
Salaries 456,755 42,705 464,595 964,055
Em
p
lo
y
ee Benefits 230,097 3,302 139,688 373,087
Su
pp
lies and Materials 39,523 4,823 119,400 163,746
Other Purchased Services 10,511 22,118 32,629
Cleanin
g
, Re
p
air & Maintenance
Services - - 84,017 84,017
De
p
reciation 2,147 - - 2,147
Miscellaneous Other Ex
p
enses - - 521 521
Cost of Sales 287,711 12,378 - 300,089
Contracted Services
(
Between Home
& School Vendors - - 64,323 64,323
Contracted Services
(
S
p
ecial Education
(
Students
)
- Joint A
g
reements - - 18,461 18,461
Aid in Lieu - - 61,382 61,382
Total O
p
eratin
g
Ex
p
enses 1,026,744 63,208 974,505 2,064,457
O
p
eratin
g
(
Loss
)
/Gain
(
413,144
)
(
8,379
)
(
21,888
)
(
443,411
)
N
ono
p
eratin
g
Revenues/
(
Ex
p
enses
)
:
State Sources:
State School Lunch Pro
g
ram 4,865 - - 4,865
Federal Sources:
National School Lunch Pro
g
ram 119,442 - - 119,442
Food Distribution Pro
g
ram 33,539 - - 33,539
Interest Revenue 525 - - 525
Board Contribution 194,517 - - 194,517
Ca
p
ital Asset Ad
j
ustment 7,546 - - 7,546
Total Nono
p
eratin
g
Revenues 360,434 - - 360,434
Chan
g
e in Net Position
(
52,710
)
(
8,379
)
(
21,888
)
(
82,977
)
N
et Position - Be
g
innin
g
of Year 179,910 112,120 21,888 313,918
Total Net Position - End of Year 127,200$ 103,741$ -$ 230,941$
The accom
p
an
y
in
g
Notes to Financial Statements are an inte
g
ral
p
art of this statement.
ENTERPRISE FUN
D
ACTIVITIE
S
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN FUND NET POSITION
FOR FISCAL YEAR ENDED JUNE 30, 2015
BUSINESS-TYP
E
52
EXHIBIT B-
6
GOVERNMENTA
L
TOTALS
FOOD ACTIVITIES
-
SERVICE OTHE
R
INTERNA
L
JUNE 30,
FUND FUNDS SERVICE FUN
D
2015
Cash Flows From O
p
eratin
g
Activities:
Recei
p
ts from Customers 627,518$ 53,870$ 863,928$ 1,545,316$
Pa
y
ments to Em
p
lo
y
ees
(
464,909
)
(
42,705
)
(
455,377
)
(
962,991
)
Pa
y
ments for Em
p
lo
y
ee Benefits
(
230,097
)
(
3,302
)
(
139,688
)
(
373,087
)
Pa
y
ments to Su
pp
liers
(
289,871
)
(
18,017
)
(
370,222
)
(
678,110
)
N
et Cash Provided/
(
Used
)
b
y
O
p
eratin
g
Activities
(
357,359
)
(
10,154
)
(
101,359
)
(
468,872
)
Cash Flows From Nonca
p
ital Financin
g
Activities:
Cash Received From Board Contribution 194,517 - - 194,517
Cash Received From State & Federal
Reimbursements 160,030 - - 160,030
N
et Cash Provided b
y
Nonca
p
ital Financin
g
Activities 354,547 - - 354,547
Cash Flows From Investin
g
Activities:
Interest & Dividends 525 - - 525
N
et Cash Provided b
y
Investin
g
Activities 525 - - 525
N
et Increase/
(
Decrease
)
in Cash & Cash E
q
uivalents
(
2,287
)
(
10,154
)
(
101,359
)
(
113,800
)
Cash & Cash E
q
uivalents, Jul
y
1 248,117 100,299
(
170,271
)
178,145
Cash & Cash E
q
uivalents, June 30 245,830$ 90,145$
(
271,630
)
$ 64,345$
RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:
Cash Provided/
(
Used
)
b
y
O
p
eratin
g
Activities:
O
p
eratin
g
Income/
(
Loss
)
(
413,144
)
$
(
8,379
)
$
(
21,888
)
$
(
443,411
)
$
Ad
j
ustments to Reconcile O
p
eratin
g
Income/
(
Loss
)
to Cash Provided/
(
Used
)
b
y
O
p
eratin
g
Activities:
De
p
reciation Ex
p
ense 2,147 - - 2,147
Chan
g
e in Assets & Liabilities:
(
Increase
)
/Decrease in Accounts Receivable
(
420
)
484
(
88,689
)
(
88,625
)
(
Increase
)
/Decrease in Inventor
y
(
1,093
)
(
94
)
-
(
1,187
)
Increase/
(
Decrease
)
in Unearned Revenue 14,338
(
1,243
)
- 13,095
Increase/
(
Decrease
)
in Accounts Pa
y
able 48,967
(
922
)
9,218 57,263
Increase/
(
Decrease
)
in Com
p
ensated Absences
(
8,154
)
- -
(
8,154
)
Total Ad
j
ustments 55,785
(
1,775
)
(
79,471
)
(
25,461
)
N
et Cash Provided/
(
Used
)
b
y
O
p
eratin
g
Activities
(
357,359
)
$
(
10,154
)
$
(
101,359
)
$
(
468,872
)
$
The accom
p
an
y
in
g
Notes to Financial Statements are an inte
g
ral
p
art of this statement.
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
FOR FISCAL YEAR ENDED JUNE 30, 2015
ENTERPRISE FUN
D
BUSINESS-TYP
E
ACTIVITIE
S
53
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54
Fiduciary Fund
55
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56
EXHIBIT B-7
TOTALS
UNEMPLOYMENT
HALL OF SCHOLARSHIP COMPENSATION PAYROLL STUDENT JUNE 30
,
ASSETS HONOR FUND TRUST FUND ACTIVITIES 2015
Cash & Cash E
q
uivalents 1
,
064$ 5
,
307$ 226
,
919$ 188
,
990$ 421
,
003$ 843
,
283$
Total Assets 1
,
064 5
,
307 226
,
919 188
,
990 421
,
003 843
,
283
LIABILITIES
Pa
y
roll Deductions & Withholdin
g
s- - - 188
,
743 - 188
,
743
Accounts Pa
y
able - - - - 858 858
Due to Student Grou
p
s- - - - 419
,
442 419
,
442
Interfund Accounts Pa
y
able - - - 247 703 950
Total Liabilities - - - 188
,
990 421
,
003 609
,
993
N
ET POSITION
Reserved:
Unem
p
lo
y
ment Claim
s
- - 226
,
919 - - 226
,
919
Reserved for Scholarshi
p
s1
,
064 5
,
307 - - - 6
,
371
Total Net Position 1
,
064$ 5
,
307$ 226
,
919$ -$ -$ 233
,
290$
The accom
p
an
y
in
g
Notes to Financial Statements are an inte
g
ral
p
art of this statement.
STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2015
AGENCY
PRIVATE PURPOSE
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
FIDUCIARY FUNDS
57
EXHIBIT B-
8
TOTALS
UNEMPLOYMENT
HALL OF SCHOLARSHIP COMPENSATION JUNE 30,
HONOR FUND TRUST 2015
ADDITIONS:
Contributions:
Plan Member -$ -$ 33,428$ 33,428$
Other - 1,410 - 1,410
Total Contributions - 1,410 33,428 34,838
Investment Earnings:
Interest on Investments - 25 449 474
Total Investment Earnings - 25 449 474
Total Additions - 1,435 33,877 35,312
DEDUCTIONS:
Unemployment Claims - - 25,838 25,838
Scholarship Payments - 4,380 - 4,380
Total Deductions - 4,380 25,838 30,218
Change in Net Position - (2,945) 8,039 5,094
Net Position - Beginning of Year 1,064 8,252 218,880 228,196
Net Position - End of Year 1,064$ 5,307$ 226,919$ 233,290$
The accompanying Notes to Financial Statements are an integral part of this statement.
FOR FISCAL YEAR ENDED JUNE 30, 2015
PRIVATE PURPOSE
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
FIDUCIARY FUND
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
58
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
59
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60
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies
The accompanying financial statements of the Clearview Regional High School District have been
prepared in conformity with generally accepted accounting principles as prescribed by the Governmental
Accounting Standards Board (GASB). The following is a summary of more significant accounts policies.
For the year ended June 30, 2015, the District implemented the provisions of GASB Statement No. 68,
Accounting and Financial Reporting for Pensions, as amended by GASB Statement No. 71, Pension
Transition for Contributions Made Subsequent to the Measurement Date. GASB Statement Nos. 68 and
71 establish standards for measuring and recognizing net pension liabilities, deferred outflows of
resources, deferred inflows of resources, and expenses/expenditures related to pension benefits provided
through defined benefit pension plans. In addition, Statement No. 68 requires disclosure of information
related to pension benefits.
Reporting Entity
The Clearview Regional High School District is a Type II District located in the County of Gloucester,
State of New Jersey. As a Type II District, the School District functions independently through a Board
of Education. The Board is comprised of nine members elected to three-year terms. These terms are
staggered so that three member’s terms expire each year. The purpose of the School District is to educate
students in grades 7-12 received from the Townships of Harrison and Mantua. The Clearview Regional
High School District has an approximate enrollment at June 30, 2015 of 2,491 students.
The primary criterion for including activities within the District’s reporting entity, as set forth in Section
2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is
whether:
the organization is legally separate (can sue or be sued in their own name)
the District holds the corporate powers of the organization
the District appoints a voting majority of the organization’s board
the District is able to impose its will on the organization
the organization has the potential to impose a financial benefit/burden on the District
there is a fiscal dependency by the organization on the District
There were no additional entities required to be included in the reporting entity under the criteria as
described above. Furthermore, the District is not includable in any other reporting entity on the basis of
such criteria.
Component Units
GASB Statement No.14. The Financial Reporting Entity, provides guidance that all entities associated
with a primary government are potential component units and should be evaluated for inclusion in the
financial reporting entity. A primary government is financially accountable not only for the organizations
that make up its legal entity but also for legally separate organizations that meet the criteria established by
GASB Statement No. 14, as amended by GASB Statement No. 39, Determining Whether Certain
Organizations are Component Units. The District had no component units as of for the year ended June
30, 2015.
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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
Government-Wide Financial Statements
The District’s Government-Wide Financial Statements include a Statement of Net Position and a
Statement of Activities. These statements present summaries of Governmental and Business-Type
Activities for the District accompanied by a total column. Fiduciary activities of the District are not
included in these statements.
These statements are presented on an “economic resources” measurement focus and the accrual basis of
accounting. Accordingly, all of the District’s assets, deferred outflows of resources, liabilities, and
deferred inflows of resources, including capital assets and long-term liabilities, are included in the
accompanying Statement of Net Position. The Statement of Activities presents changes in net position.
Under the accrual basis of accounting, revenues are recognized in the period in which they are earned
while expenses are recognized in the period in which the liability is incurred, regardless of the timing of
related cash flows. The types of transactions reported as program revenues for the District are reported in
three categories: 1) charges for services, 2) operating grants and contributions, and 3) capital grants and
contributions.
Certain eliminations have been made to interfund activities, payables, and receivables. All internal
balances in the Statement of Net Position have been eliminated except those representing balances
between the governmental activities and the business-type activities, which are presented as internal
balances and eliminated in the total primary government column. In the Statement of Activities, internal
service fund transactions have been eliminated; however, those transactions between governmental and
business-type activities have not been eliminated.
Governmental Fund Financial Statements
Governmental fund financial statements include a Balance Sheet and a Statement of Revenues,
Expenditures and Changes in Fund Balances for all major governmental funds and non-major funds
aggregated. An accompanying schedule (Exhibit B-3) is presented to reconcile and explain the differences
in fund balances and changes in fund balances as presented in these statements to the net position and
changes in net position presented in the Government-Wide financial statements. The District has
presented all major funds that met those qualifications.
All governmental funds are accounted for on a spending or “current financial resources” measurement
focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities
are included on the Balance Sheets. (The District’s deferred outflows of resources and deferred inflows of
resources are noncurrent.) The Statement of Revenues, Expenditures and Changes in Fund Balances
present increases (revenues and other financing sources) and decreases (expenditures and other financing
uses) in net current assets. Under the modified accrual basis of accounting, revenues are recognized in the
accounting period in which they become both measurable and available to finance expenditures of the
current period. Accordingly, revenues are recorded when received in cash, except that revenues subject to
accrual (generally 60 days after year-end) are recognized when due. The primary revenue sources, which
have been treated as susceptible to accrual by the District, are property tax and intergovernmental
revenues and other taxes. Expenditures are recorded in the accounting period in which the related fund
liability is incurred.
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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
Proprietary Fund Financial Statements
Proprietary fund financial statements include a Statement of Net Position, a Statement of Revenues,
Expenses and Changes in Fund Net Position, and a Statement of Cash Flows for each major proprietary
fund and for the non-major funds aggregated. A column representing internal service funds is also
presented in these statements. However, internal service funds balances and activities have been
combined with the governmental activities in the Government-Wide financial statements.
Proprietary funds are accounted for using the “economic resources” measurement focus and the accrual
basis of accounting. Accordingly, all assets, deferred outflows of resources, liabilities (whether current or
noncurrent), and deferred inflows of resources are included on the Statement of Net Position. The
Statement of Revenues, Expenses and Changes in Fund Net Position presents increases (revenues) and
decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized
in the period in which they are earned while expenses are recognized in the period in which the liability is
incurred, regardless of the timing of related cash flows.
Operating revenues in the proprietary funds are those revenues that are generated from the primary
operations of the fund. All other revenues are reported as non-operating revenues. Operating expenses are
those expenses that are essential to the primary operations of the fund. All other expenses are reported as
non-operating expenses.
Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Position. The District’s fiduciary funds are
Agency Funds, which are custodial in nature (assets equal liabilities) and do not involve measurement of
results of operations. The Agency funds are accounted for on a spending or “economic resources”
measurement focus and the accrual basis of accounting as are the proprietary funds explained above.
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 and fiduciary 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 in 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.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services,
or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions.
Internally dedicated resources are reported as general revenues rather than as program revenues.
Likewise, general revenues include all taxes.
While government-wide and fund financial statements are presented separately, they are interrelated. The
governmental activities column of the government wide statements incorporates data from governmental
funds and internal service funds, while business-type activities incorporate data from the District’s
enterprise funds. Separate financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds. However, data from the fiduciary funds is not incorporated in the government-wide
financial statements
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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both
measurable and available. Revenues are considered to be available when they are collectible within the
current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the
District considers revenues to be available if they are collected within 60 days of the end of the current \
fiscal year-end. 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
and claims and judgments, are recorded only when payment is due. General capital assets acquisitions are
reported as expenditures in the governmental funds. Issuance of long-term debt and acquisitions under
capital leases are reported as other financing sources.
Property taxes, charges for services, licenses, and interest on notes receivable associated with the current
fiscal period are all considered to be susceptible to accrual and accordingly have been recognized as
revenues of the current fiscal period. Entitlements are recorded as revenues when all eligibility
requirements are met, including any time requirements, and the amount is received during the period or
within the availability period for this revenue source (within 60 days of year-end). Expenditure-driven
grants are recognized as revenue when the qualifying expenditures have been incurred and all eligibility
requirements have been met, and the amount is received during the period or within the availability period
for this revenue source (within 60 days of year-end). All other revenue items are considered to be
measurable and available when cash is received.
Proprietary funds distinguish operating revenues and expenses from nonoperating 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 Food Service Fund, School Store Fund, Little Pioneers Fund and Summer Camps Fund are charges to
customers for sales and services. Operating expenses for enterprise funds include the cost of sales and
services, employee salaries and benefits, administrative expenses, and depreciation on capital assets. All
revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the District’s policy to use
restricted resources first, then unrestricted resources as they are needed.
Internal service funds are used to account for those operations which provide benefits to other funds,
departments, or agencies of the primary government and its component unit. Although internal service
funds are reported as a proprietary fund in the fund financial statements, it is incorporated into
governmental activities in the government-wide financial statements. The District maintains a
Transportation Consortium in the Internal Service Funds.
The District reports the following major governmental funds:
General Fund - The general fund is the general operating fund of the District and is used to
account for all financial resources except those required to be accounted for in another fund.
Included are certain expenditures for vehicles and movable instructional or noninstructional
equipment which are classified in the Capital Outlay sub-fund.
As required by the New Jersey Department of Education the District includes budgeted
capital outlay in this fund. Generally accepted accounting principles as they pertain to
governmental entities state that General Fund resources may be used to directly finance
capital outlays for long-lived improvements as long as the resources in such cases are derived
exclusively from unrestricted revenues.
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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
Resources for budgeted capital outlay purposes are normally derived from State of New
Jersey Aid, interest earnings and appropriated fund balance. Expenditures are those that
result in the acquisition of or additions to capital assets for land, existing buildings,
improvements of grounds, construction of buildings, additions to or remodeling of buildings
and the purchase of built-in equipment. These resources can be transferred from and to
Current Expense by board resolution.
Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of
specific revenue from State and Federal Government, (other than major capital projects, Debt
Service or the Enterprise Funds) and local appropriations that are legally restricted to
expenditures for specified purposes.
Capital Projects Fund - The capital projects fund is used to account for all financial
resources to be used for the acquisition or construction of major capital facilities (other than
those financed by proprietary funds).
Debt Service Fund - The debt service fund is used to account for the accumulation of
resources for, and the payment of principal and interest on bonds issued to finance major
property acquisition, construction and improvement programs.
The District reports the following major proprietary funds:
Food Service Fund – This fund accounts for the revenues and expenses pertaining to the
District’s cafeteria operations.
Summer Camps Program – This fund accounts for the revenues and expenses pertaining to the
District’s summer camp program.
School Store – This fund accounts for the revenues and expenses pertaining to the school store
that operates in the high school.
Little Pioneers Program – This fund accounts for the revenues and expenses pertaining to the
District’s child day care program.
Additionally, the District reports the following major fiduciary funds:
Private Purpose Trust Funds - Private-purpose trust funds are used to account for the
principal and income for trust arrangements that benefit individuals, private organizations, or
other governments. The district currently maintains the following private purpose trust
funds:
Unemployment Trust Fund – Revenues consist of employee payroll withholdings,
interest income, and contributions through the annual budget process of the District.
Expenditures consist of unemployment reimbursement claims.
Scholarship Fund – Revenues consist of interest income and donations. Expenditures
consist of scholarships provided to students.
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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
Agency Funds - Agency funds are assets held by a governmental entity (either as trustee or
as an agent) for other parties that cannot be used to finance the governmental entity’s own
operating programs. The district currently maintains Payroll funds and Student Activity
Funds as Agency Funds.
During the course of operations, the District has activity between funds for various purposes. Any
residual balances outstanding at year end are reported as due from/to other funds and advances to/from
other funds. While these balances are reported in fund financial statements, certain eliminations are made
in the preparation of the government-wide financial statements. Balances between the funds included in
governmental activities (i.e., the governmental funds and internal service funds) are eliminated so that
only the net amount is included as internal balances in the governmental activities column. Similarly,
balances between the funds included in business-type activities (i.e., the enterprise funds) are eliminated
so that only the net amount is included as internal balances in the business-type activities column.
Further, certain activity occurs during the year involving transfers of resources between funds. In fund
financial statements these amounts are reported at gross amounts as transfers in/out. While reported in
fund financial statements, certain eliminations are made in the preparation of the government-wide
financial statements. Transfers between the funds included in governmental activities are eliminated so
that only the net amount is included as transfers in the governmental activities column. Similarly,
balances between the funds included in business-type activities are eliminated so that only the net amount
is included as internal balances in the business-type activities column.
Budgets/Budgetary Control
Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and
debt service funds. The budgets are submitted to the county office. In accordance with P.L.2011 c.202,
which became effective January 17, 2012, the District eliminated the April annual voter referendum on
budgets which met the statutory tax levy cap limitations and the board of education members are elected
at the November general election. Budgets are prepared using the modified accrual basis of accounting.
The legal level of budgetary control is established at line item accounts within each fund. Line item
accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum
chart of accounts referenced in N.J.A.C. 6A:23-2-2(f)1. Transfers of appropriations may be made by
School Board resolution at any time during the fiscal year in accordance with N.J.A.C. 6A:23-2-11.
Formal budgetary integration into the accounting system is employed as a management control device
during the year. For governmental funds there are no substantial differences between the budgetary basis
of accounting and generally accepted accounting principles with the exception of the legally mandated
revenue recognition of the last state aid payment for budgetary purposes only and the special revenue
fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary
integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year-end.
The accounting records of the special revenue fund are maintained on the grant accounting budgetary
basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary
basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the
GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of
GAAP basis financial reports.
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NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
The budget, as detailed on Exhibit C-1, Exhibit C-2, and Exhibit I-3, includes all amendments to the
adopted budget, if any.
Exhibit C-3 presents a reconciliation of the general fund revenues and special revenue fund revenues and
expenditures from the budgetary basis of accounts as presented in the General Fund Budgetary
Comparison Schedules and the Special Revenue Fund Budgetary Comparison Schedule to the GAAP
basis of accounting as presented in the Statement of Revenues, Expenditures and Changes in Fund
Balance – Governmental Funds. Note that the District does not report encumbrances outstanding at fiscal
year-end as expenditures in the general fund since the general fund budget follows modified accrual basis
with the exception of the revenue recognition policy for the last state aid payments.
Encumbrances
Under encumbrance accounting purchase orders, contracts and other commitments for the expenditure of
resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in
governmental funds other than the special revenue fund are reported as assigned fund balances at fiscal
year-end as they do not constitute expenditures or liabilities but rather commitments related to
unperformed contracts for goods and services.
Open encumbrances in the special revenue fund for which the District has received advances are reflected
in the balance sheet as a reduction of the accounts receivables or as unearned revenue at fiscal year-end.
The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at
the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the
outstanding encumbrance amount as of the current fiscal year-end.
Cash and Cash Equivalents
Cash and Cash equivalents include petty cash, change funds, cash in banks and all highly liquid
investments with a maturity of three months or less at the time of purchase and are stated at cost plus
accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one
year or less when purchased are stated at cost.
New Jersey School Districts are limited as to the types of investments and types of financial institutions
they may invest in. N.J.S.18A:20-37 provides a list of permissible investments that may be purchased by
New Jersey school districts.
Additionally, the District has adopted a cash management plan that requires it to deposit public funds in
public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection
Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on
deposit with a failed banking institution in New Jersey.
N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units.
The statute requires that no governmental unit shall deposit public funds in a public depository unless
such funds are secured in accordance with the Act. Public depositories include Savings and Loan
institutions, banks (both state and national banks) and savings banks the deposits of which are federally
insured. All public depositories must pledge collateral, having a market value at least equal to five
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NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
percent of the average daily balance of collected public funds, to secure the deposits of Governmental
Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public
depositories, is available to pay the full amount of their deposits to the Governmental Units.
Tuition Payable/Receivable
Tuition rates for the fiscal year end June 30, 2015 were established by the receiving district based on
estimated costs. The charges are subject to adjustment when the final costs have been determined.
Inventories
Inventories are valued at cost, using the first-in/first-out (FIFO) method. The costs of inventories are
recorded as expenditures when consumed rather when purchased.
Short-Term Interfund Receivables/Payables
Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods
or services rendered to/from a particular fund in the District and that are due within one year. The
amounts are eliminated in the governmental and business-type activities, which are presented as Internal
Balances. Balances with fiduciary funds are not considered Internal Balances; therefore those balances are
reported on the Statement of Net Position.
Capital Assets
Capital assets are reported in the applicable governmental or business-type activities column in the
government-wide financial statements. Purchased or constructed assets are recorded at actual cost or
estimated historical cost if actual cost is unavailable. Donated capital assets are recorded at estimated fair
value at the date of donation. The District has established a threshold of $2,000 for capitalization of
depreciable assets.
Major outlays for capital assets and improvements are capitalized as projects are constructed. The costs
of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives
are not capitalized.
Capital assets of the District are depreciated or amortized using the straight-line method over the
following estimated lives:
Site Improvements 20 Years
Building & Improvements 20-50 Years
Machinery and Equipment 5–20 Years
Compensated Absences
Compensated absences are those absences for which employees will be paid, such as vacation, sick leave
and sabbatical leave. A liability for compensated absences that are attributable to services already
rendered, and that are not contingent on a specific event that is outside the control of the District and its
employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate
to future services, or that are contingent on a specific event that is outside the control of the District and
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NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
its employees, are accounted for in the period in which such services are rendered or in which such events
take place.
In the Government-Wide financial statements, under governmental activities, compensated absences are
reported as an expenditure and noncurrent liabilities.
Unearned Revenue
Unearned revenue arises when assets are recognized before revenue recognition criteria have been
satisfied and is recorded as a liability until the revenue is both measureable and the District is eligible to
realize the revenue.
Accrued Liabilities and Long-Term Obligations
All payables, accrued liabilities, and long-term obligations are reported in the government-wide financial
statements, and all payables, accrued liabilities and long-term obligations payable from proprietary funds
are reported on the proprietary fund financial statements. In general, government fund payables and
accrued liabilities that, once incurred, are paid in a timely manner and in full from current financial
resources, are reported as obligations of the funds. However, claims and judgments, compensated
absences, special termination benefits and contractually required pension contributions that will be paid
from governmental funds, are reported as a liability in the fund financial statements only to the extent that
they are normally expected to be paid with expendable available financial resources.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumption that affect certain
reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Fund Balance
In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and
Governmental Fund Type Definitions, the District classifies governmental fund balances as follows:
Non-spendable – This classification includes amounts that cannot be spent because they are either
not in spendable form or are legally or contractually required to be maintained intact. Non-
spendable items are not expected to be converted to cash or are not expected to be converted to
cash within the next year.
Restricted – This classification includes amounts for which constraints have been placed on the
use of the resources either externally imposed by creditors (such as through a debt covenant),
grantors, contributors, or laws or regulations of other governments, or imposed by law through
constitutional provisions or enabling legislation.
Committed – This classification includes amounts that can be used only for specific purposes
pursuant to constraints imposed by formal action of the Board of Education. These amounts
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NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
cannot be used for any other purpose unless the Board of Education removes or changes the
specified use by taking the same type of action (resolution) that was employed when the funds
were initially committed. This classification also includes contractual obligations to the extent
that existing resources have been specifically committed for use in satisfying those contractual
requirements. The School Board did not have any committed resources as of June 30, 2015.
Assigned – This classification includes amounts that are constrained by the School District’s
intent to be used for a specific purpose but are neither restricted nor committed. This intent can be
expressed by the Board of Education or through the Board of Education delegating this
responsibility to the business administrator through the budgetary process. This classification also
includes the remaining positive fund balance for all governmental funds except for the General
Fund.
Unassigned – This classification includes the residual fund balance for the General Fund. The
Unassigned classification also includes negative residual fund balance of any other governmental
fund that cannot be eliminated by offsetting of Assigned fund balance amounts.
When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is
available, it is the District’s policy to consider restricted funds to have been spent first. When an
expenditure is incurred for which committed, assigned, or unassigned fund balances are available, it is the
District’s policy to consider amounts to have been spent first out of committed funds, then assigned
funds, and finally unassigned funds, as needed, unless the Board has provided otherwise in its
commitment or assignment actions.
Net Position
Net position, represents the difference between summation of assets and deferred outflows of resources,
and the summation of liabilities and deferred inflows of resources. Net position is classified in the
following three components:
Net Investment in Capital Assets – This component represents capital assets, net of accumulated
depreciation, net of outstanding balances of borrowings used for acquisition, construction, or
improvement of those assets.
Restricted – Net position is reported as restricted when there are limitations imposed on their use
either through the enabling legislation adopted by the District or through external restrictions
imposed by creditors, grantors or laws or regulations of other governments.
Unrestricted – Net position is reported as unrestricted when it does not meet the criteria of the
other two components of net position.
Impact of Recently Issued Accounting Principles
Recently Issued and Adopted Accounting Pronouncements
The GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of
GASB Statement 27 effective for fiscal years beginning after June 15, 2014. GASB 68 improves
accounting and financial reporting by state and local governments for pensions. It also improves
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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
information provided by state and local governmental employers about financial support for pensions that
is provided by other entities. This Statement results from a comprehensive review of the effectiveness of
existing standards of accounting and financial reporting for pensions with regard to providing decision-
useful information, supporting assessments of accountability and inter-period equity, and creating
additional transparency.
Bond Premiums, Discounts and Issuance Costs
In the government-wide financial statements and in the proprietary fund financial statements, bond
premiums and discounts are deferred and amortized over the life of the bonds using the effective interest
method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs
are expensed when bonds are issued.
In governmental fund financial statements, bond premiums and discounts, as well as debt issuance costs
are recognized in the current period. The face amount of the debt is reported as other financing sources.
Premiums received on debt issuance are also reported as other financing sources. Issuance costs, whether
or not withheld from the actual debt proceeds, are reported as debt service expenditures.
Deferred Loss on Refunding Debt
Deferred loss on refunding debt arising from the issuance of the refunding bonds is recorded as deferred
outflows of resources. It is amortized in a systematic and rational manner over the shorter of the duration
of the related debt or the new debt issues as a component of interest expense.
Deferred Outflows and Deferred Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows of resources,
represents a consumption of net position that applies to a future period(s) and so will not be recognized as
an outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of net position will sometimes report a separate section for deferred
inflows of resources. This separate financial statement element, deferred inflows of resources, represents
an acquisition of net position that applies to a future periods and so will not be recognized as an inflow of
resources (revenue) until that time.
Subsequent Events
The District has evaluated subsequent events occurring after June 30, 2015 through the date of December
4, 2015, which is the date the financial statements were available to be issued.
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NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 1. Summary of Significant Accounting Policies (continued):
Pensions Section
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows
of resources related to pensions, and pension expense, information about the pension plan’s fiduciary net
position and additions to/deductions from the plan’s fiduciary net position have been determined on the
same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of
employee contributions) are recognized when due and payable in accordance with the benefit terms.
Investments are reported at fair value.
Note 2. Cash
Cash Deposits
Custodial Credit Risk – Custodial credit risk is the risk that, in the event of a bank failure, the Board’s
deposits may not be recovered. Although the Board does not have a formal policy regarding custodial
credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public
depositories protected from loss under the provisions of GUDPA. Under the Act, the first $250,000 of
governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board
in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect
intermingled trust funds such as salary withholdings, student activity may pass to the Board relative to the
happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule
below. As of June 30, 2015, the District’s bank balance of $6,078,866 was exposed to custodial credit
risk as follows:
Insured Under FDIC $ 250,000
Collateralized by securities held by
Pledging financial institution 4,906,577
Uninsured & Uncollateralized 922,289
Total $ 6,078,866
Investments
New Jersey statues permit the Board to purchase the following types of securities:
1. Bonds and other obligations of the United State or obligations guaranteed by the United States.
2. Bonds of any Federal Intermediate Credit Bank, Federal Home Loan Bank, Federal National
Mortgage Agency or of any United States Bank , which have a maturity date not greater than
twelve months from the date of purchase.
3. New Jersey Cash Management Fund, New Jersey Asset and Rebate Management Fund and
MBIA CLASS.
Custodial credit risk - This is the risk that in the event of the failure of the counterparty (e.g., broker-
dealer) to a transaction, a government will not be able to recover the value of its investment or collateral
securities that are in the possession of another party. The District does not have custodial credit risk
policies for investments.
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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 2. Cash Deposits and Investments (continued):
Interest rate risk - This is the risk that changes in market interest rates will adversely affect the fair value
of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair
value to changes in market interest rates. The District does not have a formal investment policy that limits
investment maturities as a means of managing its exposure to fair value losses arising from increasing
interest rates.
Credit risk - Generally, credit risk is the risk that an issuer of a debt type investment will not fulfill its
obligation to the holder of the investment. This is measured by assignment of a rating by a nationally
recognized rating organization. U.S. Government securities or obligations explicitly guaranteed by the
U.S. government are not considered to have credit risk exposure..
Concentrations - The District places no limit in the amount the District may invest in any one issuer
The District did not hold any investments at June 30, 2015.
Note 3. Reserve Accounts
A. Capital Reserve
A capital reserve account was established by the Board of Education by inclusion of $5,000 on September
28, 2000, for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years.
The capital reserve account is maintained in the general fund and its activity is included in the general
fund annual budget. Funds placed in the capital reserve account are restricted to capital projects in the
district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department,
a district may increase the balance in the capital reserve by appropriating funds in the annual general fund
budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or
unexpended line-item appropriation amounts, or both. A district may also appropriate additional amounts
when the express approval of the voters has been obtained either by a separate proposal at budget time or
by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant
to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of
uncompleted capital projects in its approved LRFP.
The activity of the capital reserve for the July 1, 2014 to June 30, 2015 fiscal year is as follows:
Beginning Balance, July 1, 2014 1,826,318$
Withdrawals (147,624)$
Transfer per June Resolution 695,290
Interest Earnings 3,426
Ending Balance, June 30, 2015 2,377,410$
73
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 3. Reserve Accounts (continued):
B. Maintenance Reserve Account
The District established a Maintenance Reserve Account for the accumulation of Funds for use as
maintenance expenditures in subsequent fiscal years. The Maintenance Reserve Account is maintained in
the general fund and its activity is included in the general fund annual budget.
Funds placed in the maintenance reserve account are restricted to maintenance projects in the District’s
approved Maintenance Plan (M-1). A district may increase the balance in the maintenance reserve by
appropriating funds in the annual general fund budget certified for taxes or by transfer by Board
resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or
both.
The activity of the maintenance reserve for the July 1, 2014 to June 30, 2015 fiscal year is as follows:
Beginning Balance, July 1, 2014 277,880$
Withdrawals (116,603)
Transfer per June Resolution 100,000
Ending Balance, June 30, 2015 261,277$
Note 4. Accounts Receivable
Accounts receivable at June 30, 2015 consisted of accounts and intergovernmental grants. All receivables
are considered collectible in full due to the stable condition of state programs and the current fiscal year
guarantee of federal funds. Accounts receivable as of fiscal year end for the School District’s individual
major and fiduciary funds, in the aggregate, are as follows:
Special
General Revenue Proprietary
Fund
Fund Funds Total
Intergovernmental 458,104$ 197,921$ 304,380$ 960,405$
Other 14,459 - 1,780 16,239
Total 472,563$ 197,921$ 306,160$ 976,644$
74
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 5. Capital Assets
The following schedule is a summarization of the capital assets by source for the fiscal year ended June
30, 2015:
June 30, Transfers/ June 30,
2014 Additions Deletions Adjustments 2015
Governmental Activities:
Capital assets not being depreciated:
Land
1,556,708$ -$ -$ -$ 1,556,708$
Construction in Progress
- 69,532 - - 69,532
Total assets not being depreciated
1,556,708 69,532 - - 1,626,240
Capital Assets being depreciated:
Buildings & Improvements
61,739,455 127,155 (57,106) - 61,809,504
Land Improvements
3,760,959 - - - 3,760,959
Machinery & Equipment
6,404,354 355,990 (110,880) 3,899 6,653,363
Total Historical Cost
71,904,768 483,145 (167,986) 3,899 72,223,826
Less: accumulated depreciation
Buildings & Improvements
(20,825,216) (1,478,595) - - (22,303,811)
Land Improvements
(2,180,270) (136,926) - - (2,317,196)
Machinery & Equipment
(5,318,403) (238,514) 167,986 (8,627) (5,397,558)
Total accumulated depreciation
(28,323,889) (1,854,035) 167,986 (8,627) (30,018,565)
Capital assets being depreciated, net
43,580,879 (1,370,890) - (4,728) 42,205,261
Total Governmental Activities, net
45,137,587$ (1,301,358)$ -$ (4,728)$ 43,831,501$
The following is a summary of proprietary fund type fixed assets at June 30, 2015:
June 30, Transfers/ June 30,
2014 Additions Adjustments 2015
Business-Type Activities:
Capital assets being depreciated:
Machinery & Equipment 301,442$ 4,402$ -$ 305,844$
Less: accumulated depreciation:
Equipment (296,975) (2,147) 3,144 (295,978)
Business-type activities
capital assets, net 4,467$ 2,255$ 3,144$ 9,866$
75
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 6. Long-Term Obligations
Bonds are authorized in accordance with State law by the voters of the Municipality through referendums.
All Bonds are retired in serial installments within the statutory period of usefulness. Bonds Issued by the
Board are General Obligation Bonds.
A. Defeased Debt:
On December 1, 1997, the District issued General Obligation Bonds of $10,105,000 (par value) with
interest rates ranging from 3.70% to 5.375% to advance refund 1994 General Obligation Bonds with an
interest rate of 6.10% and a par value of $9,255,000. Maturities of the 1994 Bonds range from 2005 to
2015 and they are callable, at par, on or after August 1, 2005. The 1997 General Obligation Bonds were
issued with a net bond premium of $153,806 that was used, in part, to pay issuance costs of $137,147.
The net proceeds from the issuance of the General Obligation Bonds were used to purchase U.S.
Government securities and those securities were placed on deposit in an irrevocable trust with an escrow
agent to provide debt service payments on the 1994 Bonds. The advance refunding met the requirements
of an in-substance defeasance and the 1994 Bonds were removed from the District’s debt. As a result of
the advance refunding, the District reduced its total debt service requirements by $399,191, which
resulted in an economic gain (difference between the present value of the debt service payments on the
old and new debt) of $295,453. Also as a result of the refunding the district incurred an accounting loss
of $712,853 which is being amortized over the remaining life of the defeased bond issue.
On December 23, 2009, the District issued Bonds of $1,303,000 (par value) with interest rates ranging
from 2% to 3.5%. Maturities of the 2009 Bonds range from 2011 to 2025 and they are callable, at par, on
or after January 15, 2025. The proceeds from the sale of the Bond will be used to finance the installation
of solar panels at the Middle School.
On October 13, 2010 the School District received approval from the Local Finance Board to finally adopt
a refunding bond ordinance to effectuate the issuance of not-to-exceed $20,500,000 School Refunding
Bonds for the purpose of refunding the 2003 Bonds. The Refunding Bonds were priced on the morning
of Wednesday, October 27, 2010 by Roosevelt & Cross Incorporated, acting as Sole Manager for the
Refunding Bonds. The Refunding Bonds were received well by the market and effectively priced by the
underwriter, resulting in most of the maturities fully sold. The remaining unsold balances were
underwritten by Roosevelt & Cross. The rates achieved on the Refunding Bonds produced present value
savings of 5.205% for the School District, greatly exceeding the target of 3.00%. The Refunding Bonds
were issued over the same term as the 2003 Bonds, with maturities of February 15, 2011 through
February 12, 2023 with coupons of 2.00% to 5.00% and interest rates ranging from 0.75% to 3.35%. The
structure of the Refunding Bonds consisted of all serial bonds. The Refunding Bonds are subject to
optional redemption prior to maturity. The Board will realize a total of $1,163,814 in debt service
savings through 2023 as a result of this refunding. On a present value basis, the savings equate to
$987,246 (net of all costs of issuing the bonds), or 5.205% of the bonds refunded.
B. Long-Term Obligation Activity:
During the fiscal year ended June 30, 2015 the following changes occurred in liabilities reported in the
general long-term debt account group:
76
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 6. Long-Term Obligations (continued):
June 30
,
June 30
,
Due Within
2014
Additions Retired 2015 One Year
Bonds Pa
y
able 19
,
878
,
000$ -$ 1
,
870
,
000$ 18
,
008
,
000$ 1
,
940
,
000$
Unamortized Bond Premiu
m
1
,
064
,
949 - 140
,
595 924
,
354 132
,
051
Net Pension Liabilit
y
10
,
771
,
945 - 270
,
905 10
,
501
,
040 -
Com
p
ensated Absences Pa
y
able:
Governmental 1
,
012
,
987 23
,
586 - 1
,
036
,
573 -
Business-T
yp
e68
,
391 - 8
,
154 60
,
237 -
Total 32
,
796
,
272$ 23
,
586$ 2
,
289
,
654$ 30
,
530
,
204$ 2
,
072
,
051$
C. Bonds Payable:
The voters of the municipality through referendums authorize bonds in accordance with State Law. All
bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the
Board are general obligation bonds.
Principal and interest due on serial bonds outstanding is as follows:
Year-endin
g
June 30
,
Princi
p
al Interest Total
2016 1
,
940
,
000$ 711
,
459$ 2
,
651
,
459$
2017 1
,
990
,
000 648
,
209 2
,
638
,
209
2018 2
,
030
,
000 574
,
496 2
,
604
,
496
2019 2
,
160
,
000 483
,
934 2
,
643
,
934
2020 2
,
265
,
000 387
,
734 2
,
652
,
734
2021-2025 7
,
623
,
000 589
,
650 8
,
212
,
650
Total 18
,
008
,
000$ 3
,
395
,
482$ 21
,
403
,
482$
Note 7. Operating Leases
The District has commitments to lease copiers under non-cancellable operating leases for five years.
Total lease payments made during the year ended June 30, 2015 amounted to $73,213. Future minimum
lease payments are as follows:
Year-ending
June 30,
2016 $ 99,840
2017 97,775
2018 84,213
2019 21,392
Total Minimum Lease Payments $303,220
77
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 8. Pension Plans
A. Public Employees’ Retirement System (PERS)
Plan Description - The State of New Jersey, Public Employees' Retirement System (PERS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey,
Division of Pensions and Benefits (the Division). For additional information about PERS, please refer to
Division's Comprehensive Annual Financial Report (CAFR) which can be found at
www.state.nj.us/treasury/pensions/annrprts.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides retirement, death and
disability benefits. All benefits vest after ten years of service, except for medical benefits, which vest after
25 years of service or under the disability provisions of PERS.
The following represents the membership tiers for PERS:
Tier Definition
1 Members who were enrolled prior to July 1, 2007
2 Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
3 Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
4 Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
5 Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits of 1/5 5th of final average salary for each year of service credit is available to
tiers 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service
retirement benefits of 1/60th of final average salary for each year of service credit is available to tier 4
members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement benefits are
available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 before age 62 with 25 or more
years of service credit and tier 5 with 30 or more years of service credit before age 65. Benefits are
reduced by a fraction of a percent for each month that a member retires prior to the age at which a
member can receive full early retirement benefits in accordance with their respective tier. Tier 1 members
can receive an unreduced benefit from age 55 to age 60 if they have at least 25 years of service.
Deferred retirement is available to members who have at least 10 years of service credit and have not
reached the service retirement age for the respective tier.
Basis of Presentation - The schedules of employer allocations and the schedules of pension amounts by
employer (collectively, the Schedules) present amounts that are considered elements of the financial
statements of PERS or its participating employers. Accordingly, they do not purport to be a complete
presentation of the financial position or changes in financial position of PERS or the participating
employers. The amounts presented in the Schedules were prepared in accordance with U.S. generally
accepted accounting principles. Such preparation requires management of PERS to make a number of
estimates and assumptions relating to the reported amounts. Due to the inherent nature of these estimates,
actual results could differ from those estimates.
Contributions - The contribution policy for PERS is set by N.J.S.A. 15A and requires contributions by
active members and contributing employers. State legislation has modified the amount that is contributed
by the State. The State's pension contribution is based on an actuarially determined amount which
includes the employer portion of the normal cost and an amortization of the unfunded accrued liability.
78
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 8: Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS) (continued)
Funding for noncontributory group insurance benefits is based on actual claims paid. For fiscal year 2014
and 2013, the State's pension contribution was less than the actuarial determined amount. The local
employers' contribution amounts are based on an actuarially determined rate which includes the normal
cost and unfunded accrued liability. Chapter 19, P.L. 2009 provided an option for local employers of
PERS to contribute 50% of the normal and accrued liability contribution amounts certified for payments
due in State fiscal year 2009. Such employers will be credited with the full payment and any such
amounts will not be included in their unfunded liability. The actuaries will determine the unfunded
liability of those retirement systems, by employer, for the reduced normal and accrued liability
contributions provided under this law. This unfunded liability will be paid by the employer in level
annual payments over a period of 15 years beginning with the payments due in the fiscal year ended June
30, 2012 and will be adjusted by the rate of return on the actuarial value of assets.
Annual Percentage Net
Year Pension of APC Pension
Funded Cost (APC) Contributed Obligation
6/30/2015 484,322$ 100% 10,501,040$
6/30/2014 444,423 100% 10,771,945
6/30/2013 442,314 100% -
Three-Year Trend Information for PERS
Components of Net Pension Liability - At June 30, 2015, the District reported a liability of $10,501,040
for its proportionate share of the PERS net pension liability. The net pension liability was measured as of
June 30, 2014. The total pension liability used to calculate the net pension liability was determined using
update procedures to roll forward the total pension liability from an actuarial valuation as of June 30,
2013, to the measurement date of June 30, 2014. The District’s proportion of the net pension liability was
based on the District’s actual contributions to the plan relative to the total of all participating employers’
contributions for the year ended June 30, 2014. The District’s proportion measured as of June 30, 2014,
was .05609%, which was an decrease of .00027% from its proportion measured as of June 30, 2013.
6/30/2015 6/30/2014
Actuarial valuation date July 1, 2014 July 1, 2013
Deferred Outflows of Resources 811,048$ 462,374$
Deferred Inflows of Resources 670,224$ -$
Net Pension Liability 10,501,040$ 10,771,945$
District's portion of the Plan's total
net pension Liability
0.05609% 0.05636%
Collective Balances at June 30, 2015 and June 30, 2014
79
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 8: Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS) (continued)
Pension Expense and Deferred Outflows/Inflows of Resources - For the year ended June 30, 2015, the
District recognized pension expense of $670,224. At June 30, 2015, the District reported deferred
outflows of resources and deferred inflows of resources related to PERS from the following sources:
Deferred Outflows Deferred Inflows
of Resources
of Resources
Changes of assumptions 330,209$ -$
Net difference between projected and actual
earnings on pension plan investments - 670,224
Changes in proportion and differences
b
etween District contributions and proportionate
share of contributions - -
District contributions subsequent to the
measurement date 480,839 -
Total 811,048$ 670,224$
The $480,839 reported as deferred outflows of resources related to pensions resulting from school district
contributions subsequent to the measurement date (i.e. for the school year ending June 30, 2015, the plan
measurement date is June 30, 2014) will be recognized as a reduction of the net pension liability in the
year ended June 30, 2016. Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as follows:
Year Ended June 30: PERS
2016 (82,770)$
2017 (82,770)
2018 (82,770)
2019 (82,770)
2020 (82,770)
Thereafter 73,836
Actuarial Assumptions - The total pension liability for the June 30, 2014 measurement date was
determined by an actuarial valuation as of July 1, 2013, which was rolled forward to June 30, 2014. The
total pension liability for the June 30, 2013 measurement date was determined by an actuarial valuation as
of July 1, 2013. This actuarial valuation used the following actuarial assumptions, applied to all periods
in the measurement:
80
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 8: Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS) (continued)
PERS
Measurement date June 30, 2014
Actuarial valuation date July 1, 2013
Interest rate 7.90%
Salary scale 2012-2021 - 2.15-4.40%
Based on Age
Thereafter - 3.15-5.40%
Based on Age
Inflation rate
3.01%
Mortality rates were based on the RP-2000 Combined Healthy Male or Female Mortality Tables (setback
1 year for females) with adjustments for mortality improvements from base year of 2012 based on
Projection Scale AA.
The actuarial assumptions used in the July 1, 2013 valuation were based on the results of an actuarial
experience study for the period July 1, 2008 to June 30, 2011.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments is determined by the State Treasurer, after consultation with the Directors of
the Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries.
Best estimates of arithmetic real rates of return for each major asset class included in PERS's target asset
allocation as of June 30, 2014 are summarized in the following table:
Target Long-Term Expected
Asset Class
Allocation Real Rate of Return
Cash 6.00% 0.80%
Core Bonds 1.00% 2.49%
Intermediate - Term Bonds 11.20% 2.26%
Mortgages 2.50% 2.17%
High Yield Bonds 5.50% 4.82%
Inflation-Indexed Bonds 2.50% 3.51%
Broad US Equities 25.90% 8.22%
Developed Foreign Equities 12.70% 8.12%
Emerging Market Equities 6.50% 9.91%
Private Equity 8.25% 13.02%
Hedge Funds/Absolute Return 12.25% 4.92%
Real Estate (Property) 3.20% 5.80%
Commodities 2.50% 5.35%
Total 100%
81
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 8: Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS) (continued)
Discount Rate - The discount rate used to measure the total pension liability was 5.39% as of June 30,
2014. The single blended discount rate was based on long-term expected rate of return on pension plan
investments of 7.9%, and a municipal bond rate of 4.29% as of June 30, 2014, based on the Bond Buyer
Go 20-Bond Municipal Bond Index which includes tax-exempt general obligation municipals bonds with
an average rating of AA/Aa or higher. The projection of cash flows used to determine the discount rate
assumed that employee contributions will be made at the current member contribution rates and that
contributions from employers will be made on the average of the last five years of contributions made in
relation to the last five years of recommended contributions. Based on those assumptions, the plan’s
fiduciary net position was projected to be available to make projected future benefit payments of current
plan members through 2033. Therefore, the long-term expected rate of return on plan investments was
applied to projected benefit payments through 2033, and the municipal bond rate was applied to projected
benefit payments after that date in determining the total pension liability.
Sensitivity of the Collective Net Pension Liability to Changes in the Discount Rate - The following
presents the collective net pension liability of the participating employers as of June 30, 2014, calculated
using the discount rate as disclosed above, as well as what the collective net pension liability would be if
it were calculated using a discount rate that is 1-percentage-point lower (4.39%) or 1-percentage-point
higher (6.39%) than the current rate:
1% Current 1%
Decrease
Discount Increase
(4.39%) Rate (5.39%) (6.39%)
District's proportionate share of
the net pension liability 13,210,666 10,501,040 8,225,644
B. Teachers’ Pension and Annuity Fund (TPAF)
Plan Description - The State of New Jersey, Teachers' Pension and Annuity Fund (TPAF) is a cost
sharing multiple-employer defined benefit pension plan with a special-funding situation, by which the
State of New Jersey (the State) is responsible to fund 100% of the employer contributions, excluding any
local employer early retirement incentive (ERI) contributions. TPAF is administered by the State of New
Jersey, Division of Pensions and Benefits (the Division). For additional information about TPAF, please
refer to Division's Comprehensive Annual Financial Report (CAFR) which can be found at
www.state.nj.us/treasury/pensions/annrprts.shtml.
The vesting and benefit provisions are set by N.J.S.A. 18A:66. TPAF provides retirement, death and
disability benefits. All benefits vest after ten years of service, except for medical benefits, which vest after
25 years of service or under the disability provisions of TPAF. Members are always fully vested for their
own contributions and, after three years of service credit, become vested for 2% of related interest earned
on the contributions. In the case of death before retirement, members' beneficiaries are entitled to full
interest credited to the members' accounts.
82
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 8: Pension Obligations (continued)
B. Teachers’ Pension and Annuity Fund (TPAF) (continued)
The following represents the membership tiers for TPAF:
Tier Definition
1 Members who were enrolled prior to July 1, 2007
2 Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
3 Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
4 Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
5 Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits of 1/60th of final average salary for each year of service credit is available to
tier 4 members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement benefits
are available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 before age 62 with 25 or more
years of service credit, and tier 5 before age 65 with 30 or more years of service credit. Benefits are
reduced by a fraction of a percent for each month that a member retires prior to the retirement age for
his/her respective tier. Deferred retirement is available to members who have at least 10 years of service
credit and have not reached the service retirement age for the respective tier.
Basis of Presentation - The schedules of employer and nonemployer allocations and the schedules of
pension amounts by employer and nonemployer (collectively, the Schedules) present amounts that are
considered elements of the financial statements of TPAF and the State as an employer/nonemployer
entity. Accordingly, they do not purport to be a complete presentation of the financial position or changes
in financial position of TPAF or the State. The amounts presented in the Schedules were prepared in
accordance with U.S. generally accepted accounting principles. Such preparation requires management of
TPAF to make a number of estimates and assumptions relating to the reported amounts. Due to the
inherent nature of these estimates, actual results could differ from those estimates.
Contributions - The contribution policy for TPAF is set by N.J.S.A 18A:66 and requires contributions by
active members and contributing employers. State legislation has modified the amount that is contributed
by the State. The State's pension contribution is based on an actuarially determined amount which
includes the employer portion of the normal cost and an amortization of the unfunded accrued liability.
Funding for noncontributory group insurance benefits is based on actual claims paid. For fiscal year 2014
and 2013, the State's pension contribution was less than the actuarial determined amount.
Special Funding Situation - The employer contributions for local participating employers are legally
required to be funded by the State in accordance with N.J.S.A 18:66-33. Therefore, these local
participating employers are considered to be in a special funding situation as defined by GASB Statement
No. 68 and the State is treated as a nonemployer contributing entity. Since the local participating
employers do not contribute directly to the plan (except for employer specific financed amounts), there is
no net pension liability or deferred outflows or inflows to report in the financial statements of the local
participating employers. However, the notes to the financial statements of the local participating
employers must disclose the portion of the nonemployer contributing entities' total proportionate share of
the net pension liability that is associated with the local participating employer.
83
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 8: Pension Obligations (continued)
B. Teachers’ Pension and Annuity Fund (TPAF) (continued)
Annual Percentage Net
Year Pension of APC Pension
Funded Cost (APC) Contributed Obligation
6/30/2015 1,872,127$ 100% -
6/30/2014 1,522,739 100% -
6/30/2013 1,868,031 100% -
Three-Year Trend Information for TPAF Pension & Post Retirement Medical Contributions
(Paid on behalf of the District)
Teachers Pensions and Annuity Fund (TPAF) - For purposes of measuring the net pension liability,
deferred outflows of resources and deferred inflows of resources related to pensions, and pension
expense, information about the fiduciary net position of the Teachers Pension and Annuity Fund (TPAF)
and additions to/deductions from the TPAF’s fiduciary net position have been determined on the same
basis as they are reported by the TPAF. For this purpose, benefit payments (including refunds of
employee contributions) are recognized when due and payable in accordance with the benefit terms.
Investments are reported at fair value.
TPAF
Measurement date June 30, 2014
Acturial valuation date July 1, 2013
Interest rate 7.90%
Salary scale
Inflation rate
2.50%
Varies Based On
Experience
Mortality rates based on the RP-2000 Health Annuitant Mortality Table for Males or Females, as
appropriate, with adjustments for mortality improvements based on Scale AA. Pre-retirement mortality
improvements for active members are projected using Scale AA from the base year 2000 until the
valuation date plus 15 years to account for future mortality improvement. Post-retirement mortality
improvements for non-disabled annuitants are projected using Scale AA from the base year of 2000 for
males and 2003 for females until the valuation date plus 7 years to account for future mortality
improvement.
The actuarial assumptions used in the July 1, 2013 valuation were based on the results of an actuarial
experience study for the period July 1, 2009 to June 30, 2012.
84
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 8: Pension Obligations (continued)
B. Teachers’ Pension and Annuity Fund (TPAF) (continued)
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments is determined by the State Treasurer, after consultation with the Directors of
the Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries.
Best estimates of arithmetic real rates of return for each major asset class included in TPAF's target asset
allocation as of June 30, 2014 are summarized in the following table:
Target Long-Term Expected
Asset Class
Allocation Real Rate of Return
Cash 6.00% 0.50%
Core Fixed Income 0.00% 2.19%
Core Bonds 1.00% 1.38%
Short-Term Bonds 0.00% 1.00%
Intermediate-Term Bonds 11.20% 2.60%
Long-Term Bonds 0.00% 3.23%
Mortgages 2.50% 2.84%
High Yield Bonds 5.50% 4.15%
Non-US Fixed Income 0.00% 1.41%
Inflation-Indexed Bonds 2.50% 1.30%
Broad US Equities 25.90% 5.88%
Large Cap US Equities 0.00% 5.62%
Mid Cap US Equities 0.00% 6.39%
Small Cap US Equities 0.00% 7.39%
Developed Foreign Equities 12.70% 6.05%
Emerging Market Equities 6.50% 8.90%
Private Equit
y
8.25% 9.15%
Hedge Funds/Absolute Return 12.25% 3.85%
Real Estate (Property) 3.20% 4.43%
Real Estate (REITS) 0.00% 5.58%
Commodities 2.50% 3.60%
Long Credit Bonds 0.00% 3.74%
Total 100%
Discount rate - The discount rate used to measure the total pension liability was 7.75 percent. The
projection of cash flows used to determine the discount rate assumed that employee contributions will be
made at the current contribution rate, contributions from school districts will be made at contractually
required rates (actuarially determined), and contributions from the State will be made at current statutorily
required rates. Based on those assumptions, the pension plan’s fiduciary net position was projected to be
available to make all projected future benefit payments of current active and inactive employees.
Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of
projected benefit payments to determine the total pension liability.
85
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 8: Pension Obligations (continued)
B. Teachers’ Pension and Annuity Fund (TPAF) (continued)
Pension plan fiduciary net position. Detailed information about the pension plan’s fiduciary net position
is available in the separately issued PERS & TPAF financial report.
C. Defined Contribution Retirement Program (DCRP)
The District contributes to the New Jersey Defined Contribution Retirement Program (DCRP) which is a
defined contribution retirement benefit plan, along with life insurance and disability coverage, for its
employees who are ineligible for PERS or TPAF.
When enrolled in the DCRP, members contribute 5.5 percent of their base salary to a tax-deferred
investment account established with Prudential Financial, which jointly administers
the DCRP investments with the Division of Pension and Benefits. Member contributions are matched by
a 3 percent employer contribution. For the year ended June 30, 2015, employee contributions totaled
$23,409, and the District recognized pension expense of $17,412, which included $3,272 towards life
insurance.
Employees are immediately vested in their own contributions and earnings on those contributions and
become vested in District contributions and earnings on District contributions after commencement of
their second year of employment, with some exceptions. Nonvested District contributions and earnings
are forfeited upon separation from covered employment. Such forfeitures are reverted back to a forfeiture
account for the employer and may be used to reduce pension expenses. For the year ended June 30, 2015,
the District did not apply forfeitures to reduce the District’s pension expense.
Note 9. Post-Retirement Benefits
Chapter 384 of Public Laws 1987 and Chapter 6 of Public Laws 1990 required Teachers’ Pensions and
Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-
retirement medical benefits for those State Employees who retire after accumulating 25 years of credited
service or on a disability retirement. P.L. 2007, c.103 amended the law to eliminate the funding of post-
retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension
plans for the funding and payment of post-retirement medical benefits for retired State employees and
retired educational employees. As of June 30, 2015, there were 103.432 retirees receiving post-retirement
medical benefits, and the state contributed $1.04 billion on their behalf.. The cost of these benefits is
funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement
medical benefits changed from a pre-funding basis to a pay-as-you-go basis beginning in Fiscal Year
1994.
The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides free health
benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or
county college with 25 years of service. The State paid $165.8 million toward Chapter 126 benefits for
18,122 eligible retired members in Fiscal Year 2014.
86
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 10. Risk Management
The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of
assets; errors and omissions; injuries to employees; and natural disasters.
Property and Liability Insurance – The District maintains commercial insurance coverage for property,
liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in
the Statistical Section of this Comprehensive Annual Financial Report.
New Jersey Unemployment Compensation Insurance – The District has elected to fund their New
Jersey Unemployment Compensation Insurance under the “Benefit Reimbursement Method”. Under this
plan the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to
its former employees and charged to its account with the State. The District is billed quarterly for
amounts due to the State. The following is a summary of School District contributions, reimbursements
to the State for benefits paid and the ending balance of the School District’s expendable trust fund for the
current and previous two years:
District Em
p
lo
y
ee Amount Endin
g
Fiscal Year Contributions Contributions Reimbursed Balance
2014-2015 -$ 33
,
877$ 25
,
838$ 226
,
919$
2013-2014 - 42
,
103 6
,
106 218
,
880
2012-2013 - 33
,
650 40
,
860 182
,
883
Annual contributions to the Fund are determined by the Fund’s Board of Trustees. The District is jointly
and personally liable for claims insured by the Fund and its members during the period of its membership,
including liability for supplemental assessments, if necessary. The Fund’s Board of Trustees may
authorize refunds to its members in any fund year for which contributions exceed the amount necessary to
fund all obligations for that year.
Note 11. Contingent Liabilities
In the opinion of the Administration and Legal Counsels, there are no material litigation or contingent
liabilities that are pending against the Clearview Regional High School District.
Note 12. Economic Dependency
The District receives a substantial amount of its support from federal and state governments. A
significant reduction in the level of support, if this were to occur, could have an effect on the District’s
programs and activities.
87
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 13. Interfund Receivables and Payables
The following interfund balances remained on the balance sheet at June 30, 2015:
Interfund Interfund
Fund Receivable Pa
y
able
General Fund 66
,
177$ -$
Enter
p
rise Funds 83 65
,
310
Fiduciar
y
Funds - 950
66
,
260$ 66
,
260$
The interfund receivables and payables above predominately resulted from payment made by certain
funds on behalf of other funds. All interfund balances are expected to be repaid within one year.
The summary of interfund transfers follows:
Fund Transfers In Transfers Out
General Fund 60,468$ -$
Food Service Fund - 60,468
Capital Projects Fund - 80,000
Debt Service Fund 80,000 -
140,468$ 140,468$
The purpose of interfund transfers were for the liquidation of prior year interfund receivables and
payables and for payments made on behalf of other funds.
Note 14. Fund Balance Disclosures
General Fund (Exhibit B-1) – Of the $4,858,403 General Fund fund balance at June 30, 2015,
$1,281,957 is restricted for excess surplus – designated for subsequent years expenditures; $261,277 is
restricted to establish the Maintenance Reserve Account; $2,377,410 is restricted to establish the Capital
Reserve Account; $1,286,886 is restricted for excess surplus in accordance with N.J.S.A.18A:7F-7; and
$(349,127) is unassigned.
Capital Projects Fund (Exhibit B-1) – The fund balance of $58,421 has been restricted for the Capital
Projects Fund.
88
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 15. Deferred Compensation
The Board offers its employees a choice of the following deferred compensation plans created in
accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities
listed below, permits participants to defer a portion of their salary until future years. Amounts deferred
under the plans are not available to employees until termination, retirement, death or unforeseeable
emergency. The plan administrators are as follows:
Lincoln Investment Planning, Inc. AXA Equitable
Met Life Aspire
Note 16. Compensated Absences
The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by
Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated
Absences”. A liability for compensated absences attributable to services already rendered and not
contingent on a specific event that is outside the control of the employer and employee is accrued as
employees earn the rights to the benefits.
District employees who are employed for ten months are entitled to ten paid sick leave days per fiscal
school year. Employees who are employed for twelve months are entitled to twelve paid sick days per
fiscal school year. Unused sick leave may be accumulated and carried forward to the subsequent years.
However, an employee must have 25 years of service or their contract must specifically allow the
payment of unused sick leave. District employees are entitled to three personal days, which may be
carried forward to subsequent years. Vacation days not used during the year may not be accumulated and
carried forward. Benefits paid in any future year will be calculated according to formulas outlined in the
District’s agreements with the various employee unions and included in the current years’ budget.
The liability for vested compensated absences of the governmental fund types is recorded in the statement
of net position under governmental activities. The current portion of the compensated absence balance is
not considered material to the applicable funds total liabilities, and is therefore not shown separately from
the long-term liability balance of compensated absences. The amount at June 30, 2014 is $1,036,573 for
governmental activities and $60,237 for business-type activities.
Note 17. Calculation of Excess Surplus
In accordance with N.J.S.A.18A:7F-7, as amended by P.L. 2004, c.73 (S1701), the designation for
Restricted Fund Balance – Excess Surplus is a required calculation pursuant to the New Jersey School
Funding Reform Act of 2008 (SFRA). New Jersey school districts are required to restrict General Fund
fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as
budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2015 is
$1,286,886.
89
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 18. Transfers to Capital Outlay
During the year ending June 30, 2015, the District transferred $196,498 to the capital outlay accounts.
Note 19. Deficit Fund Balance
The District has a deficit fund balance of $349,127 in the General Fund as of June 30, 2015 as reported in
the fund statements (modified accrual basis). N.J.S.A. 18A:22-44.2 provides that in the event a state
school aid payment is not made until the following school budget year, districts must record the delayed
one or more June state aid payments as revenue, for budget purposes only, in the current school budget
year. The bill provides legal authority for school districts to recognize this revenue in the current budget
year. For intergovernmental transactions, GASB Statement No. 33 requires that recognition (revenue,
expenditure, asset, liability) should be in symmetry, i.e., if one government recognizes an asset, the other
government recognizes a liability. Since the State is recording the June state aid payment(s) in the
subsequent fiscal year, the school district cannot recognize the June state aid payment(s) (on the GAAP
financial statements) until the year the State records the payable. Due to the timing difference of
recording the June state aid payment, the General Fund balance deficit does not alone indicate that the
district is facing financial difficulties.
Note 20. Deficit Unrestricted Net Position
As reflected on Exhibit A-1, Statement of Net position, a deficit in unrestricted net position
of $(12,746,237) existed as of June 30, 2015 for governmental activities. The primary causes of this
deficit is the District not recognizing the receivable for the last two state aid payments and the recording
of the long-term liability for compensated absences and net pension. In accordance with full accrual
accounting, which is the basis of accounting for Exhibit A-1, Statement of Net position, such liabilities
are required to be recorded in the period in which they are incurred. However, in accordance with the
rules and regulations that govern the District in the formulation of their annual budget (see Note 1),
compensated absences and pension liabilities that relate to future services, or that are contingent on a
specific event outside the control of the District and its employees, are funded in the period in which such
services are rendered or in which such events that place. Therefore, this deficit in unrestricted net
position for governmental activities does not indicate that the District is facing financial difficulties.
90
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2015
Note 21. Prior Period Adjustment/Restatement of Net Position
Net position as of July 1, 2014, has been restated as follows for the implementation of GASB Statement
No. 68, Accounting and Financial Reporting for Pensions, as amended by GASB Statement No. 71,
Pension Transition for Contributions Made Subsequent to the Measurement Date.
Governmental
Activities
Net Position as previously
reported at June 30, 2014 $28,186,163
Prior period adjustment -
Implementation of GASB 68:
N
et Pension Liability (measurement
date as of June 30, 2013)
(10,771,945)
Deferred Outflows – district
contributions made during fiscal year
2014
462,374
PERS Pension Payable (2015 district
PERS Pension Contribution)
(462,374)
Total prior period adjustment (10,771,945)
Net Position as restated, July 1, 2014. $ 17,414,218
Note 22. Subsequent Events – Bond Issue
In December 2015, the Clearview Regional High School District issued $1,995,000 of School Bonds for
various improvements and/or renovations at the High School, Middle School and Administration
Building. Payments are due each February 1st and August 1st commencing August, 2016.
91
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92
REQUIRED SUPPLEMENTARY INFORMATION - PART II
93
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94
C. Budgetary Comparison Schedules
95
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96
EXHIBIT C-1
(
Pa
g
e 1 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Revenues:
Local Tax Lev
y
10-1210 17,261,493$ -$ 17,261,493$ 17,261,493$ -$
Tuition from Individual
s
10-1310 - - - 6,536 6,536
Tuition from Other LEA's Within the Stat
e
10-1320 366,500 - 366,500 483,557 117,057
Tuition from Summer Schoo
l
10-1350 2,500 - 2,500 3,142 642
Trans
p
ortatio
n
10-1420-1440 10,000 - 10,000 4,942
(
5,058
)
Interest on Investment
s
- - - 9,790 9,790
Interest on Ca
p
ital Reserve Fund
s
10-1XXX 6,000 - 6,000 3,426
(
2,574
)
Miscellaneous Revenue
s
10-1XXX 155,000 - 155,000 211,876 56,876
Total Local Source
s
17,801,493 - 17,801,493 17,984,762 183,269
State Sources:
E
q
ualization Ai
d
10-3176 12,725,860 - 12,725,860 12,725,860 -
Cate
g
orical Securit
y
Ai
d
10-3177 195,116 - 195,116 195,116 -
Cate
g
orical Trans
p
ortation Ai
d
10-3121 409,464 - 409,464 409,464 -
Cate
g
orical S
p
ecial Education Ai
d
10-3132 1,397,198 - 1,397,198 1,397,198 -
Extraordinar
y
Ai
d
10-3131 244,535 - 244,535 292,383 47,848
Non-Public Trans
p
ortation Ai
d
10-3190 - - 41,572 41,572
Other State Ai
d
10-3xxx 175,097 - 175,097 175,097 -
Nonbud
g
eted:
On-Behalf TPAF Pension Contributio
n
- - - 723,528 723,528
On-Behalf TPAF Post-Retirement Medical Contributio
n
- - - 1,148,599 1,148,599
Reimbursed TPAF Social Securit
y
Contributio
n
- - - 1,026,345 1,026,345
Total State Source
s
15,147,270 - 15,147,270 18,135,162 2,987,892
Federal Sources:
Medicaid Reimbursemen
t
- - - 14,769 14,769
Total Federal Source
s
- - - 14,769 14,769
Total Revenue
s
32,948,763 - 32,948,763 36,134,693 3,185,930
Ex
p
enditures:
Current Ex
p
ense:
Instruction - Re
g
ular Pro
g
rams
:
Salaries of Teachers:
Grades 6 - 8 11-130-100-101 3,521,618
(
60,200
)
3,461,418 3,403,756 57,662
Grades 9 - 12 11-140-100-101 6,334,858
(
79,759
)
6,255,099 6,241,615 13,484
Home Instruction:
Salaries of Teacher
s
11-150-100-101 40,000
(
884
)
39,116 39,116 -
Purchased Professional
-
Educational Service
s
11-150-100-320 30,000
(
2,816
)
27,184 26,073 1,111
JUNE 30, '2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
97
EXHIBIT C-1
(
Pa
g
e 2 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Ex
p
enditures
(
continued
)
:
Re
g
ular Pro
g
rams - Undistributed Instruction
:
Other Salaries for Instructio
n
11-190-100-106 41,614 - 41,614 41,194 420
Other Purchased Service
s
11-190-100-500 123,151 442 123,593 103,909 19,684
General Su
pp
lies 11-190-100-610 647,844
(
36,771
)
611,073 546,471 64,602
Textbooks 11-190-100-640 144,800 843 145,643 141,605 4,038
Miscellaneous Ex
p
enditure
s
11-190-100-890 9,049 482 9,531 2,012 7,519
Total Re
g
ular Pro
g
ram
s
10,892,934
(
178,663
)
10,714,271 10,545,751 168,520
S
p
ecial Education:
Learnin
g
and/or Lan
g
ua
g
e Disabilities
:
Salaries of Teacher
s
11-204-100-101 87,483 - 87,483 87,483 -
Total Learnin
g
and/or Lan
g
ua
g
e Disabilitie
s
87,483 - 87,483 87,483 -
Behavior Disabilities
:
Salaries of Teacher
s
11-209-100-101 50,810 - 50,810 50,810 -
Other Salaries for Instructio
n
11-209-100-106 15,481 8,289 23,770 23,375 395
General Su
pp
lies 11-209-100-610 1,556 - 1,556 278 1,278
Total Behavioral Disabilitie
s
67,847 8,289 76,136 74,463 1,673
Multi
p
le Disabilities
:
Salaries of Teacher
s
11-212-100-101 286,639
(
1,850
)
284,789 284,681 108
Other Salaries for Instructio
n
11-212-100-106 302,778
(
114,881
)
187,897 187,897 -
Purchased Professional/Educatio
n
Service
s
11-212-100-320 - 209,218 209,218 200,263 8,955
General Su
pp
lies 11-212-100-610 10,665 500 11,165 10,323 842
Other Ob
j
ects 11-212-100-800 2,000 - 2,000 1,902 98
Total Multi
p
le Disabilitie
s
602,082 92,987 695,069 685,066 10,003
Resource Room:
Salaries of Teacher
s
11-213-100-101 1,348,535
(
7,988
)
1,340,547 1,313,307 27,240
Other Salaries for Instructio
n
11-213-100-106 238,196
(
32,700
)
205,496 200,294 5,202
Purchased Professional/Educatio
n
Service
s
11-213-100-320 23,770 23,770 21,274 2,496
General Su
pp
lies 11-213-100-610 6,488
(
500
)
5,988 5,490 498
Total Resource Roo
m
1,593,219
(
17,418
)
1,575,801 1,540,365 35,436
JUNE 30, '2015
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
98
EXHIBIT C-1
(
Pa
g
e 3 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
S
p
ecial Education
(
continued
)
:
Home Instruction:
Purchased Professional
-
Educational Service
s
11-219-100-320 17,000 16,200 33,200 33,193 7
Total Home Instructio
n
17,000 16,200 33,200 33,193 7
Total S
p
ecial Educatio
n
2,367,631 100,058 2,467,689 2,420,570 47,119
School S
p
onsored Cocurricular Activities
:
Salaries 11-401-100-100 157,028 - 157,028 136,776 20,252
Purchased Service
s
11-401-100-500 13,600 2,000 15,600 15,038 562
General Su
pp
lies 11-401-100-600 18,320 - 18,320 18,320 -
Other Ob
j
ects 11-401-100-800 5,975
(
2,000
)
3,975 3,935 40
Transfers to Cover Deficit 11.401-100-930 10,000 - 10,000 9,902 98
Total School S
p
onsored Cocurricular Activitie
s
204,923 - 204,923 183,971 20,952
School S
p
onsored Athletics - Instruction
:
Salaries 11-402-100-100 545,532 5,600 551,132 533,214 17,918
Other Purchased Service
s
11-402-100-500 134,409
(
5,600
)
128,809 85,474 43,335
Su
pp
lies and Material
s
11-402-100-600 89,460 768 90,228 86,037 4,191
Other Ob
j
ects 11-402-100-800 45,838 - 45,838 42,926 2,912
Total School S
p
onsored Athletics Instructio
n
815,239 768 816,007 747,651 68,356
Total Other Instructional Pro
g
ram
s
1,020,162 768 1,020,930 931,622 89,308
Before/After School Pro
g
rams - Instruction
:
Salaries 11-421-100-100 - - - - -
Total Before/After School Pro
g
rams - Instructio
n
- - - - -
Summer School - Instruction
:
Salaries of Teacher
s
11-422-100-101 35,400
(
2,370
)
33,030 33,018 12
General Su
pp
lies 11-422-100-610 1,000
(
6
)
994 - 994
-
Total Summer School - Instructio
n
36,400
(
2,376
)
34,024 33,018 1,006
Alternative Education Pro
g
ram - Instruction
:
Salaries of Teacher
s
11-423-100-100 50,000
(
7,236
)
42,764 40,649 2,115
Other Salaries for Instructio
n
11-423-100-106 9,000 - 9,000 5,393 3,607
Other Purchased Service
s
11-423-100-500 7,050 - 7,050 5,075 1,975
General Su
pp
lies 11-423-100-600 2,000 - 2,000 - 2,000
Total Alternative Education Pro
g
ram - Instructio
n
68,050
(
7,236
)
60,814 51,117 9,697
JUNE 30, '2015
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
BUDGETARY COMPARISON SCHEDULE
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
99
EXHIBIT C-1
(
Pa
g
e 4 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Alternative Education Pro
g
ram - Su
pp
ort Services
:
Salaries 11-423-200-100 45,750 - 45,750 37,825 7,925
Total Alternative Education Pro
g
ram - Su
pp
ort Service
s
45,750 - 45,750 37,825 7,925
Total Alternative Education Pro
g
ra
m
113,800
(
7,236
)
106,564 88,942 17,622
Other Su
pp
lemental/At-Risk Pro
g
rams - Instruction
:
Salaries 11-424-100-100 6,000 - 6,000 4,377 1,623
Total Other Su
pp
lemental/At-Risk Pro
g
ram - Instructio
n
6,000 - 6,000 4,377 1,623
Total Instructio
n
14,436,927
(
87,449
)
14,349,478 14,024,280 325,198
Undistributed Ex
p
enditures:
Instruction :
Tuition to Other LEAs Within
the State - Re
g
ula
r
11-000-100-561 10,000 7,520 17,520 17,520 -
Tuition to Other LEAs Within
the State - S
p
ecia
l
11-000-100-562 56,368
(
56,368
)
- - -
Tuition to Count
y
Vocationa
l
District/Re
g
ular Da
y
School
s
11-000-100-563 270,000 69,120 339,120 338,391 729
Tuition to Count
y
S
p
ecial Service
s
District/Re
g
ional Da
y
School
s
11-000-100-565 1,394,820
(
32,869
)
1,361,951 1,359,438 2,513
Tuition to Private School fo
r
the Handica
pp
ed - Stat
e
11-000-100-566 1,214,612
(
21,203
)
1,193,409 1,096,270 97,139
Tuition to Private School Othe
r
LEAs Outside Stat
e
11-000-100-567 - - - - -
Tuition - State Facilitie
s
11-000-100-568 32,306 - 32,306 32,306 -
Total Undistributed Ex
p
enditures - Instructio
n
2,978,106
(
33,800
)
2,944,306 2,843,925 100,381
Attendance & Social Work Services
:
Salaries 11-000-211-100 51,570 29,002 80,572 80,572 -
Total Attendance & Social Work Service
s
51,570 29,002 80,572 80,572 -
Health Services:
Salaries 11-000-213-100 231,423 5,996 237,419 237,295 124
Purchased Professional
&
Technical Service
s
11-000-213-300 17,100 246 17,346 17,342 4
Other Purchased Service
s
11-000-213-500 - - - - -
Su
pp
lies and Material
s
11-000-213-600 5,850
(
634
)
5,216 4,819 397
Other Ob
j
ects 11-000-213-800 584 134 718 718 -
Total Health Service
s
254,957 5,742 260,699 260,174 525
JUNE 30, '2015
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
100
EXHIBIT C-1
(
Pa
g
e 5 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Other Su
pp
ort Services - Students - Related Services
:
Salaries of Teacher
s
11-000-216-100 113,500
(
7,875
)
105,625 101,114 4,511
Purchased Professional-Educational
Service
s
11-000-216-320 24,000 2,400 26,400 26,400 -
Su
pp
lies and Material
s
11-000-216-800 1,267 - 1,267 - 1,267
Total Other Su
pp
ort Services - Students - Related Service
s
138,767
(
5,475
)
133,292 127,514 5,778
Other Su
pp
ort Services - Students - Extra Services
:
Purchased Educational Service
s
11-000-217-320 350,080
(
118,000
)
232,080 158,610 73,470
Total Other Su
pp
ort Services - Students - Extra Service
s
350,080
(
118,000
)
232,080 158,610 73,470
Other Su
pp
ort Services - Students - Re
g
ular
:
Salaries of Other Professiona
l
Staf
f
11-000-218-104 686,946 - 686,946 683,994 2,952
Salaries of Secretarial & Clerica
l
Assistant
s
11-000-218-105 168,807
(
23,000
)
145,807 144,327 1,480
Other Salarie
s
11-000-218-110 55,308 - 55,308 55,308 -
Purchased Professional-Educationa
l
Service
s
11-000-218-320 2,000 - 2,000 - 2,000
Other Purchased Service
s
11-000-218-500 5,500 150 5,650 5,347 303
Su
pp
lies and Material
s
11-000-218-600 5,905
(
650
)
5,255 3,702 1,553
Other Ob
j
ects 11-000-218-800 7,065 - 7,065 6,690 375
Total Other Su
pp
ort Services - Students - Re
g
ula
r
931,531
(
23,500
)
908,031 899,368 8,663
Other Su
pp
ort Services - Students - S
p
ecial Services
:
Salaries of Other Professiona
l
Staf
f
11-000-219-104 335,339
(
2,751
)
332,588 280,719 51,869
Salaries of Secretarial & Clerica
l
Assistant
s
11-000-219-105 41,545 1,141 42,686 41,736 950
Purchased Professional-Educationa
l
Service
s
11-000-219-320 1,500 - 1,500 1,405 95
Other Purchased Service
s
11-000-219-500 1,500
(
1,500
)
- - -
Miscellaneous Purchased Service
s
11-000-219-592 1,500 1,500 3,000 883 2,117
Su
pp
lies and Material
s
11-000-219-600 8,072 1,700 9,772 9,546 226
Other Ob
j
ects 11-000-219-800 2,000 - 2,000 1,939 61
Total Other Su
pp
ort Services - Students - S
p
ecial Service
s
391,456 90 391,546 336,228 55,318
Im
p
rovement of Instruction Services/Other Su
pp
ort Services
-
Instruction Staff:
Salaries of Su
p
ervisors o
f
Instructio
n
11-000-221-102 139,250 - 139,250 139,196 54
Salaries of Other Professiona
l
Staf
f
11-000-221-104 312,257 - 312,257 278,947 33,310
Salaries of Secretarial & Clerica
l
Assistant
s
11-000-221-105 65,846 - 65,846 62,509 3,337
JUNE 30, '2015
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
101
EXHIBIT C-1
(
Pa
g
e 6 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Im
p
rovement of Instruction Services/Other Su
pp
ort Services
-
Instruction Staff
(
continued
):
Other Purchased Service
s
11-000-221-500 18,500 2,600 21,100 2,899 18,201
Su
pp
lies and Material
s
11-000-221-600 33,000
(
17,800
)
15,200 2,276 12,924
Total Im
p
rovement of Instruction Services/Othe
r
Su
pp
ort Service
s
Instructional Staf
f
568,853
(
15,200
)
553,653 485,827 67,826
Educational Media Services/School Librar
y:
Salaries 11-000-222-100 198,716 - 198,716 198,716 -
Other Purchased Service
s
11-000-222-500 35,748 770 36,518 36,497 21
Su
pp
lies and Material
s
11-000-222-600 33,331
(
770
)
32,561 23,095 9,466
Total Educational Media Services/School Librar
y
267,795 - 267,795 258,308 9,487
Su
pp
ort Services Instructional Staff Trainin
g
Service
Salaries of Other Professiona
l
11-000-223-104 31,788 16,856 48,644 48,643 1
Purchased Professional-Educationa
l
Service
s
11-000-223-320 17,200
(
3,040
)
14,160 2,825 11,335
Other Purchased Service
s
11-000-223-500 34,200
(
265
)
33,935 10,750 23,185
Other Ob
j
ects 11-000-223-800 6,600 - 6,600 4,408 2,192
Total Su
pp
ort Services Instructional Staf
f
Trainin
g
Service
s
89,788 13,551 103,339 66,626 36,713
Su
pp
ort Services General Administration
:
Salaries 11-000-230-100 237,537 37,000 274,537 234,283 40,254
Le
g
al Service
s
11-000-230-331 20,000 13,500 33,500 31,670 1,830
Audit Service
s
11-000-230-332 24,500 - 24,500 24,000 500
Architectural/En
g
ineerin
g
Service
s
11-000-230-334 10,000 1,252 11,252 3,780 7,472
Other Purchased Professiona
l
Service
s
11-000-230-339 12,000 8,110 20,110 20,108 2
Communications/Tele
p
hon
e
11-000-230-530 67,500
(
10,000
)
57,500 55,503 1,997
BOE Other Purchased Professiona
l
Service
s
11-000-230-585 4,750
(
1,114
)
3,636 3,185 451
Other Purchased Service
s
11-000-230-590 50,975 4,190 55,165 51,785 3,380
Su
pp
lies & Material
s
11-000-230-610 6,800
(
3,392
)
3,408 1,378 2,030
BOE In-House Trainin
g
/Meetin
g
Su
pp
lies 11-000-230-630 300 10 310 308 2
Jud
g
ements A
g
ainst Distric
t
11-000-230-820 - - - - -
Miscellaneous Ex
p
enditure
s
11-000-230-890 12,200
(
40
)
12,160 4,750 7,410
BOE Membershi
p
Dues & Fees 11-000-230-895 14,550 40 14,590 14,588 2
Total Su
pp
ort Services General Administratio
n
461,112 49,556 510,668 445,338 65,330
JUNE 30, '2015
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
102
EXHIBIT C-1
(
Pa
g
e 7 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Su
pp
ort Services School Administration
:
Salaries of Princi
p
als & Assistan
t
Princi
p
al
s
11-000-240-103 692,645 148,500 841,145 729,495 111,650
Salaries of Other Professiona
l
Staf
f
11-000-240-104 328,352 9,500 337,852 337,768 84
Salaries of Secretarial
&
Clerical Assistant
s
11-000-240-105 342,166 1,200 343,366 304,986 38,380
Purchased Technical Service
s
11-000-240-300 44,500 - 44,500 31,723 12,777
Other Purchased Service
s
11-000-240-500 129,520
(
405
)
129,115 102,821 26,294
Su
pp
lies and Material
s
11-000-240-600 39,000
(
843
)
38,157 36,642 1,515
Other Ob
j
ects 11-000-240-800 9,800 - 9,800 7,157 2,643
Total Su
pp
ort Services School Administratio
n
1,585,983 157,952 1,743,935 1,550,592 193,343
Central Services:
Salaries 11-000-251-100 330,093 1,330 331,423 331,085 338
Purchased Professiona
l
Service
s
11-000-251-330 2,000 - 2,000 - 2,000
Purchased Technical Service
s
11-000-251-340 34,604 - 34,604 29,773 4,831
Other Purchased Service
s
11-000-251-592 14,550 - 14,550 9,054 5,496
Su
pp
lies & Material
s
11-000-251-600 10,000 - 10,000 6,313 3,687
Interest on Lease Purchase A
g
reement
s
11-000-251-832 1,209 - 1,209 1,209 -
Other Ob
j
ects 11-000-251-890 2,025 - 2,025 1,345 680
Total Central Service
s
394,481 1,330 395,811 378,779 17,032
Administrative Information Technolo
gy
Salaries 11-000-252-100 239,870 11,070 250,940 250,861 79
Other Purchased Service
s
11-000-252-500 104,677 50,909 155,586 146,098 9,488
Su
pp
lies & Material
s
11-000-252-600 62,786
(
7,916
)
54,870 54,478 392
Total Administrative Information Technolo
gy
407,333 54,063 461,396 451,437 9,959
Allowance Maintenance for School Facilities
:
Salaries 11-000-261-100 163,701 2,070 165,771 165,769 2
Cleanin
g
, Re
p
air & Maintenanc
e
Service
s
11-000-261-420 429,033 41,952 470,985 303,482 167,503
General Su
pp
lies 11-000-261-610 121,900 2,170 124,070 62,014 62,056
Other Ob
j
ects 11-000-261-800 500 - 500 - 500
Total Allowance Maintenance for School Facilitie
s
715,134 46,192 761,326 531,265 230,061
JUNE 30, '2015
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
103
EXHIBIT C-1
(
Pa
g
e 8 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Other O
p
eration & Maintenance of Plant Services
:
Salaries 11-000-262-100 774,735
(
20,767
)
753,968 694,870 59,098
Purchased Professional
&
Technical Service
s
11-000-262-300 3,000 - 3,000 - 3,000
Cleanin
g
, Re
p
air & Maintenanc
e
Service
s
11-000-262-420 42,000 - 42,000 27,246 14,754
Other Purchased Pro
p
ert
y
Service
s
11-000-262-490 69,000 - 69,000 68,855 145
Insurance 11-000-262-520 159,928 - 159,928 155,308 4,620
Other Purchased Service
s
11-000-262-590 5,200 - 5,200 1,412 3,788
General Su
pp
lies 11-000-262-610 143,200 3,887 147,087 55,555 91,532
Ener
gy
(
Electricit
y)
11-000-262-622 610,000 37,330 647,330 642,954 4,376
Ener
gy
(
Natural Gas
)
11-000-262-621 250,000
(
4,330
)
245,670 217,839 27,831
Miscellaneous Ex
p
enditure
s
11-000-262-800 2,000 - 2,000 182 1,818
Total Other O
p
eration & Maintenance of Plant Service
s
2,059,063 16,120 2,075,183 1,864,221 210,962
Care & U
p
kee
p
of Grounds:
Salaries 11-000-263-100 136,480 2,200 138,680 138,656 24
Cleanin
g
, Re
p
air
&
-
Maintenance Service
s
11-000-263-420 32,500 4,172 36,672 35,446 1,226
General Su
pp
lies 11-000-263-610 66,500
(
2,771
)
63,729 46,467 17,262
Total Care & U
p
kee
p
of Ground
s
235,480 3,601 239,081 220,569 18,512
Securit
y:
Salaries 11-000-266-100 78,416 2,536 80,952 80,571 381
Total Securit
y
78,416 2,536 80,952 80,571 381
Total O
p
eration & Maintenance of Plant Service
s
3,088,093 68,449 3,156,542 2,696,626 459,916
Student Trans
p
ortation Services
:
Salaries for Pu
p
il Trans
p
ortatio
n
(
Between Home & School
)
-
Re
g
ula
r
11-000-270-160 434,356
(
48,000
)
386,356 360,696 25,660
Salaries for Pu
p
il Trans
p
ortatio
n
(
Between Home & School
)
-
S
p
ecial 11-000-270-161 350,511
(
103,710
)
246,801 241,928 4,873
Salaries for Pu
p
il Trans
p
ortatio
n
(
Other Than Between Hom
e
& School
)
11-000-270-162 120,000 5,020 125,020 125,017 3
Purchased Professional
&
Technical Service
s
11-000-270-390 3,000 - 3,000 1,196 1,804
JUNE 30, '2015
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
104
EXHIBIT C-1
(
Pa
g
e 9 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Student Trans
p
ortation Services
(
continued
):
Cleanin
g
, Re
p
air & Maintenanc
e
Service
s
11-000-270-420 190,600
(
18,546
)
172,054 172,053 1
Aid in Lieu of Pa
y
ments
-
Non
p
ublic 11-000-270-503 142,904
(
24,127
)
118,777 114,281 4,496
Contracted Services
Between Home & School -
Vendors 11-000-270-511 126,309
(
16,212
)
110,097 106,375 3,722
Contracted Services
(
Othe
r
Than Between Home &
School
)
- Vendor
s
11-000-270-512 5,000
(
5,000
)
- - -
Contracted Services
(
Othe
r
Than Between Home &
School
)
- Joint A
g
reement
s
11-000-270-513 - - - - -
Contracted Services
(
S
p
ecia
l
Education Students
)
- Vendor
s
11-000-270-514 - 128,306 128,306 128,306 -
Contracted Services
(
S
p
ecia
l
Education Students
)
- Join
t
A
g
reement
s
11-000-270-515 44,500 59,698 104,198 97,458 6,740
Contracted Services
(
Other Than Betwee
n
Home & School
)
- ESC/CTS
A
11-000-270-517 - 44,127 44,127 43,148 979
Contracted Services
(
S
p
ecia
l
Education Students
)
-
ESC/CTS
A
11-000-270-518 171,803
(
109,009
)
62,794 62,793 1
Trave
l
11-000-270-580 - 1,400 1,400 - 1,400
Miscellaneous Purchase
d
Services - Trans
p
ortatio
n
11-000-270-593 59,680
(
1,500
)
58,180 44,100 14,080
Su
pp
lies and Material
s
11-000-270-600 200,000
(
68,000
)
132,000 106,873 25,127
Trans
p
ortation Su
pp
lie
s
11-000-270-615 18,695 122,035 140,730 140,730 -
Other Ob
j
ects 11-000-270-800 800 517 1,317 910 407
-
Total Student Trans
p
ortation Service
s
1,868,158
(
33,001
)
1,835,157 1,745,864 89,293
Unallocated Benefits - Em
p
lo
y
ee Benefits
:
Social Securit
y
11-000-291-220 405,000 - 405,000 377,205 27,795
Other Retirement Benefit
s
11-000-291-241 551,250
(
66,888
)
484,362 484,322 40
Worker's Com
p
ensatio
n
11-000-291-260 226,000
(
2,526
)
223,474 223,474 -
Health Benefit
s
11-000-291-270 4,126,707
(
5,145
)
4,121,562 3,609,167 512,395
Tuition Reimbursemen
t
11-000-291-280 55,000 - 55,000 44,234 10,766
Other Em
p
lo
y
ee Benefit
s
11-000-291-290 237,739
(
4,000
)
233,739 196,881 36,858
Total Unallocated Benefits - Em
p
lo
y
ee Benefit
s
5,601,696
(
78,559
)
5,523,137 4,935,283 587,854
Nonbud
g
eted:
On-Behalf TPAF Pension Contributio
n
- - - 723,528
(
723,528
)
On-Behalf TPAF Post-Retirement Medical Contributio
n
- - - 1,148,599
(
1,148,599
)
Reimbursed TPAF Social Securit
y
Contributio
n
- - - 1,026,345
(
1,026,345
)
Total Nonbud
g
ete
d
- - - 2,898,472
(
2,898,472
)
Total Undistributed Ex
p
enditure
s
19,429,759 72,200 19,501,959 20,619,543
(
1,117,584
)
Total Ex
p
enditures - Current Ex
p
ens
e
33,866,686
(
15,249
)
33,851,437 34,643,823
(
792,386
)
JUNE 30, '2015
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
105
EXHIBIT C-1
(
Pa
g
e 10 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Ca
p
ital Outla
y:
E
q
ui
p
ment:
Increase in Ca
p
ital Reserv
e
10-604 6,000 - 6,000 - 6,000
Re
g
ular Pro
g
rams - Instruction
:
Grades 6 - 8 12-130-100-730 4,653 - 4,653 - 4,653
Grades 9 - 12 12-140-100-730 31,932 31,481 63,413 37,739 25,674
Undistributed Ex
p
enditures:
Su
pp
ort Services - Re
g
ula
r
12-000-210-730 - 5,700 5,700 5,652 48
Administration Informatio
n
Technolo
gy
12-000-252-730 59,906 58,825 118,731 112,762 5,969
Custodial Service
s
12-000-262-730 - 26,117 26,117 26,117 -
Care and U
p
kee
p
of Grounds 12-000-263-730 6,000 30 6,030 6,030 -
Student Trans
p
ortation
:
Non-instructional E
q
ui
p
men
t
12-000-270-732 - 11,738 11,738 7,887 3,851
School Buses - Re
g
ula
r
12-000-270-733 180,000
(
14,968
)
165,032 165,020 12
School Buses - S
p
ecia
l
12-000-270-734 - - - - -
Total E
q
ui
p
men
t
288,491 118,923 407,414 361,207 46,207
Facilities Ac
q
uisition & Construction Services
Assessment for Debt Service o
n
Architectural/En
g
ineerin
g
Service
s
12-000-400-334 - 77,575 77,575 71,512 6,063
Construction Service
s
12-000-400-450 84,500 - 84,500 70,049 14,451
SDA Fundin
g
12-000-400-896 217,620 - 217,620 217,620 -
Total Facilities Ac
q
uisition & Construction Service
s
302,120 77,575 379,695 359,181 20,514
Total Ca
p
ital Outla
y
590,611 196,498 787,109 720,388 66,721
Adult Education - Local - Instruction
:
Salaries of Teacher
s
13-602-100-101 3,000 - 3,000 2,840 160
Total Adult Education - Local - Instructio
n
3,000 - 3,000 2,840 160
Adult Education - Local - Su
pp
ort Service
:
Salaries 13-602-200-100 22,000 - 22,000 14,927 7,073
Em
p
lo
y
ee Benefit
s
13-602-200-200 2,200 - 2,200 1,333 867
Purchased Professional
&
Technical Service
s
13-602-200-300 30,000
(
3,667
)
26,333 26,333 -
Other Purchased Service
s
13-602-200-500 11,500
(
33
)
11,467 5,770 5,697
Su
pp
lies & Material
s
13-602-200-600 6,000 3,705 9,705 9,705 -
Miscellaneous Ex
p
enditure
s
13-602-200-800 300
(
5
)
295 - 295
Total Adult Education - Local - Su
pp
ort Service
s
72,000 - 72,000 58,068 13,932
Total Adult Education - Loca
l
75,000 - 75,000 60,908 14,092
Total S
p
ecial School
s
75,000 - 75,000 60,908 14,092
Total Ex
p
enditure
s
34,532,297 181,249 34,713,546 35,425,119
(
711,573
)
Excess/
(
Deficienc
y)
of Revenues Over/
(
Under
)
Ex
p
enditures
(
1,583,534
)
(
181,249
)
(
1,764,783
)
709,574 2,474,357
JUNE 30, '2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
106
EXHIBIT C-1
(
Pa
g
e 11 of 11
)
POSITIVE
/
(
NEGATIVE
)
ACCOUNT ORIGINAL BUDGET FINAL FINAL TO
NUMBERS BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Other Financin
g
Sources/
(
Uses
)
:
Transfer to Enter
p
rise Fun
d
- - -
(
194,517
)
194,517
Total Other Financin
g
Sources/
(
Uses
)
- - -
(
194,517
)
194,517
Excess/
(
Deficienc
y)
of Revenues & Other Financin
g
Source
s
Over/
(
Under
)
Ex
p
enditures & Other Financin
g
Sources/
(
Uses
)
(
1,583,534
)
(
181,249
)
(
1,764,783
)
515,057 2,668,874
Fund Balances, Jul
y
1 5,707,030 - 5,707,030 5,707,030 -
Fund Balances, June 30 4,123,496$
(
181,249
)
$ 3,942,247$ 6,222,087$ 2,668,874$
Prior Year Encumbrance
s
77,071$
Transfer in from Ca
p
ital Reserv
e
77,575
Transfer in from Maintenance Reserv
e
26,603
Tota
l
181,249$
Restricted for:
Ca
p
ital Reserv
e
2,377,410$
Maintenance Reserv
e
261,277
Excess Sur
p
lus 1,290,776
Excess Sur
p
lus Desi
g
nated for Subse
q
uent Year's Ex
p
enditure
s
1,281,957
Assi
g
ned to:
Year-End Encumbrances 120,356
Desi
g
nated for Subse
q
uent Year's Ex
p
enditure
s
150,114
Unassi
g
ned Fund Balance 740,197
Subtota
l
6,222,087
Reconciliation to Governmental Fund Statements
(
GAAP
):
Last Two State Aid Pa
y
ments Not Reco
g
nized on GAAP Basi
s
(
1,363,684
)
Fund Balance Per Governmental Funds
(
GAAP
)
4,858,403$
JUNE 30, '2015
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
RECAPITULATION OF BUDGET TRANSFERS
RECAPITULATION OF FUND BALANCE:
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND
107
EXHIBIT C-2
POSITIVE
/
BUDGET
(
NEGATIVE
)
ORIGINAL TRANSFERS/ FINAL FINAL TO
BUDGET ADJUSTMENTS BUDGET ACTUAL ACTUAL
Revenues:
Federal Sources 527
,
054$ 243
,
420$ 770
,
474$ 647
,
587$
(
122
,
887
)
$
State Sources 60
,
169 25
,
354 85
,
523 83
,
668
(
1
,
855
)
Local Sources - 11
,
478 11
,
478 10
,
305
(
1
,
173
)
Total Revenues 587
,
223 280
,
252 867
,
475 741
,
560
(
125
,
915
)
Ex
p
enditures:
Instruction:
Salaries of Teachers 30
,
000 9
,
473 39
,
473 36
,
965 2
,
508
Purchased Professional Technical Services - 8
,
713 8
,
713 8
,
713 -
Other Professional Services 316
,
500 19
,
881 336
,
381 336
,
381 -
General Su
pp
lies 57
,
890
(
9
,
111
)
48
,
779 46
,
193 2
,
586
Textbooks 11
,
000 3
,
001 14
,
001 3
,
999 10
,
002
Other Ob
j
ects 5
,
000
(
193
)
4
,
807 4
,
747 60
Total Instruction 420
,
390 31
,
764 452
,
154 436
,
998 15
,
156
Su
pp
ort Services:
Salaries 17
,
000 83
,
990 100
,
990 54
,
470 46
,
520
Salaries of Other Professional Staff 30
,
000 23
,
264 53
,
264 18
,
808 34
,
456
Salaries of Secretaries & Clerical Assistants 41
,
545 189 41
,
734 41
,
734 -
Personal Services - Em
p
lo
y
ee Benefits 13
,
690 12
,
690 26
,
380 16
,
832 9
,
548
Purchased Professional Services 24
,
800 47
,
135 71
,
935 69
,
789 2
,
146
Other Purchased Services 36
,
109 18
,
980 55
,
089 40
,
396 14
,
693
Travel - - - - -
Su
pp
lies and Materials 3
,
689 12
,
331 16
,
020 12
,
624 3
,
396
Total Su
pp
ort Services 166
,
833 198
,
579 365
,
412 254
,
653 110
,
759
Facilities Ac
q
uisition & Construction Services:
Instructional E
q
ui
p
ment - 49
,
909 49
,
909 49
,
909 -
Total Facilities Ac
q
uisition & Construction
Services - 49
,
909 49
,
909 49
,
909 -
Total Ex
p
enditures 587
,
223 280
,
252 867
,
475 741
,
560 125
,
915
Total Outflows 587
,
223 280
,
252 867
,
475 741
,
560 125
,
915
Excess/
(
Deficienc
y)
of Revenues Over/
(
Under
)
Ex
p
enditures & Other Financin
g
Sources/
(
Uses
)
-$ -$ -$ -$ -$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
108
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION - PART II
109
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110
EXHIBIT C-3
GENERAL SPECIAL
FUND REVENUE
N
-1 FUND
Sources/Inflows of Resources:
Actual Amounts
(
Bud
g
etar
y
Basis
)
"Revenue"
From the Bud
g
etar
y
Com
p
arison Schedule
(
C-Series
)
36,134,693$ 741,560$
State aid
p
a
y
ment reco
g
nized for GAAP statements in
the current
y
ear,
p
reviousl
y
reco
g
nized for bud
g
etar
y
p
ur
p
oses. 1,370,735 -
State aid
p
a
y
ment reco
g
nized for bud
g
etar
y
p
ur
p
oses,
not reco
g
nized for GAAP statements until the subse
q
uent
y
ear.
(
1,363,684
)
-
Total Revenues as Re
p
orted on the Statement of Revenues,
Ex
p
enditures, and Chan
g
es in Fund Balances - Governmental
Funds.
(
B-2
)
36,141,744$ 741,560$
Uses/outflows of resources:
Actual amounts
(
bud
g
etar
y
basis
)
"total ex
p
enditures" from the
bud
g
etar
y
com
p
arison schedule 35,425,119$ 741,560$
Differences - bud
g
et to GAAP
Encumbrances for su
pp
lies and e
q
ui
p
ment ordered but
not received is re
p
orted in the
y
ear the order is
p
laced for
bud
g
etar
y
p
ur
p
oses, but in the
y
ear the su
pp
lies are receive
d
for
f
inancial re
p
ortin
g
p
ur
p
oses.
General Su
pp
lies - -
Total Ex
p
enditures as Re
p
orted on the Statement of Revenues,
Ex
p
enditures, and Chan
g
es in Fund Balances - Governmental Funds
(
B-2
)
35,425,119$ 741,560$
N
-1 The
g
eneral fund bud
g
et uses GAAP basis therefore no reconciliation is necessar
y
.
Note A - Explanation of Differences between Budgetary Inflows and Outflows and
GAAP Revenues and Expenditures
FOR FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
NOTE TO RSI
111
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112
REQUIRED SUPPLEMENTARY INFORMATION - PART III
113
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114
L. Schedules Related to Accounting and Reporting for Pensions (GASB 68)
115
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116
EXHIBIT L-1
2015
2014
District's proportion of the net pension liability
(asset) 0.05609% 0.05636%
District's proportionate share of the net
pension liability (asset) 10,501,040$ 10,771,945$
District's covered-employee payroll 3,686,581$ 3,894,596$
District's proportionate share of the net
pension liability (asset) as a percentage of its
covered-employee payroll 284.84% 276.59%
Plan fiduciary net position as a percentage of
the total pension liability 52.08% 48.72%
**This schedule is presented to illistrate the requirement to show information for 10 years. However, until a full 10
-
year trend is compiled, governments should present information for those years for which information is available.
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
LAST TWO FISCAL YEARS
117
EXHIBIT L-2
2015
2014
Contractually required contribution 480,839$ 462,374$
Contributions in relation to the
contractually required contribution 480,839 462,374
Contribution deficiency (excess) -$ -$
District's covered-employee payroll 3,686,581$ 3,894,596$
Contributions as a percentage of covered-
employee payroll 13.04% 11.87%
**This schedule is presented to illustrate the requirement to show information for 10 years. However, until
a full 10-year trend is compiled, governments should present information for those years for which
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SCHEDULE OF DISTRICT CONTRIBUTIONS
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
LAST TWO FISCAL YEARS
118
EXHIBIT L-3
2015
2014
District's proportion of the net pension liability
(asset) 0.13636% 0.13568%
State's proportionate share of the net
pension liability (asset) associated with the District 72,882,396$ 68,571,504$
District's covered-employee payroll 14,140,016$ 13,833,389$
District's proportionate share of the net
pension liability (asset) as a percentage of its
covered-employee payroll 0.00% 0.00%
Plan fiduciary net position as a percentage of
the total pension liability 33.64% 33.76%
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
TEACHERS' PENSION AND ANNUITY FUND
LAST TWO FISCAL YEARS
**This schedule is presented to illustrate the requirement to show information for 10 years. However, until a
full 10-year trend is compiled, governments should present information for those years for which information is
119
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120
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION - PART III
121
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122
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2015
Teachers Pension and Annuity Fund (TPAF)
Changes of benefit terms. The vesting and benefit provisions are set by N.J.S.A. 18A:66. TPAF
provides retirement, death and disability benefits. All benefits vest after ten years of service, except for
medical benefits, which vest after 25 years of service or under the disability provisions of TPAF.
Members are always fully vested for their own contributions and, after three years of service credit,
become vested for 2% of related interest earned on the contributions. In the case of death before
retirement, members’ beneficiaries are entitled to full interest credited to the members’ accounts.
Changes of assumptions. Mortality rates were based on the RP-2000 Health Annuitant Mortality Table
for Males or Females, as appropriate, with adjustments for mortality improvements based on Scale AA.
Pre-retirement mortality improvements for active members are projected using Scale AA from the base
year of 2000 until the valuation date plus 15 years to account for future mortality improvement. Post-
retirement mortality improvements for non-disabled annuitants are projected using Scale AA from the
base year of 2000 for males and 2003 for females until the valuation date plus 7 years to account for
future mortality improvement.
Public Employees' Retirement System (PERS)
Changes of benefit terms. The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides
retirement, death and disability benefits. All benefits vest after ten years of service, except for medical
benefits, which vest after 25 years of service or under the disability provisions of PERS.
Changes of assumptions. Mortality rates were based on the RP-2000 Combined Healthy Male and
Female Mortality Tables (setback 1 year for females) with adjustments for mortality improvements from
the base year of 2012 Based on Projection Scale AA.
123
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124
OTHER SUPPLEMENTARY INFORMATION
125
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126
D. School Based Budget Schedules
Not Applicable
127
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128
E. Special Revenue Fund
129
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130
EXHIBIT E-1
(
Pa
g
e 1 of 4
)
AUXILIAR
Y
AUXILIAR
Y
SERVICES
NONPUBLIC SERVICES NONPUBLIC NONPUBLIC NONPUBLIC
NURSIN
G
NONPUBLIC SUPPLEMENTAL COMPENSATOR
Y
EXAM &
SERVICES TRANSPORTATIO
N
INSTRUCTIO
N
EDUCATIOI
N
CLASSIFICATIO
N
Revenues:
State Sources 22,384$ 1,695$ 4,787$ 11,287$ 7,566$
Total Revenues 22,384$ 1,695$ 4,787$ 11,287$ 7,566$
Ex
p
enditures:
Su
pp
ort Services:
Purchased Professional
Services 22,384$ -$ -$ -$ -$
Other Purchased Services - 1,695 4,787 11,287 7,566
Total Su
pp
ort Services 22,384 1,695 4,787 11,287 7,566
Total Ex
p
enditures 22,384$ 1,695$ 4,787$ 11,287$ 7,566$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SPECIAL REVENUE FUN
D
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES - BUDGETARY BASI
S
FOR FISCAL YEAR ENDED JUNE 30, 201
5
131
EXHIBIT E-1
(
Pa
g
e 2 of 4
)
TITLE II -
TITLE II - PART A
PART A TEACHER &
TEACHER & PRINCIPAL
TITLE I - PRINCIPAL TRAINING &
TITLE I PART A TRAINING & RECRUITING
PART A CARRYOVE
R
RECRUITING CARRYOVE
R
Revenues:
Federal Sources 73,469$ 5,015$ 19,689$ 1,593$
Total Revenues 73,469$ 5,015$ 19,689$ 1,593$
Ex
p
enditures:
Instruction:
Salaries of Teachers 31,000$ -$ -$ -$
General Su
pp
lies 12,338 5,015 - -
Total Instruction 43,338 5,015 - -
Su
pp
ort Services:
Salaries 20,054 - 10,585 1,480
Em
p
lo
y
ee Benefits 9,244 - 809 113
Purchased Professional Services - - 5,000 -
Other Purchased Services - - 3,295 -
Su
pp
lies & Materials 833 - - -
Other Ob
j
ects - - - -
Total Su
pp
ort Services 30,131 - 19,689 1,593
Total Ex
p
enditures 73,469$ 5,015$ 19,689$ 1,593$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES - BUDGETARY BASIS
FOR FISCAL YEAR ENDED JUNE 30, 2015
132
EXHIBIT E-1
(
Pa
g
e 3 of 4
)
I.D.E.A.
PART B I.D.E.A. -
BASIC PART B CARL D.
N
J
REGULAR BASIC PERKINS
N
JSBAIG ACHIEVEMENT
PROGRAM CARRYOVER SECONDARY SAFETY GRANT GRANT
Revenues:
Federal Sources 456,502$ 41,913$ 46,766$ -$ -$
State Sources - - - - 23,219
Local Sources - - - 9,925 -
Total Revenues 456,502$ 41,913$ 46,766$ 9,925$ 23,219$
Ex
p
enditures:
Instruction:
Salaries of Teachers 4,700$ -$ -$ -$ 1,265$
Purchased Professional/
Technical Services - 6,417 2,296 - -
Other Purchased Services 326,080 10,301 - - -
General Su
pp
lies 9,727 3,025 16,088
Other Ob
j
ects 3,970 777 - - -
Total Instructio
n
344,477 20,520 18,384 - 1,265
Su
pp
ort Services:
Salaries - - - - 20,436
Salaries - Other Professional Staff 4,648 14,160 - - -
Salaries - Secretarial & Clerical 41,734 - - - -
Em
p
lo
y
ee Benefits 3,919 1,083 - - 1,518
Purchased Professional Services 35,697 6,150 - - -
Other Purchased Services 2,655 - - - -
Travel - - - - -
Su
pp
lies & Materials 11,770 - - - -
Total Su
pp
ort Services 100,423 21,393 - - 21,954
Facilities Ac
q
uisition &
Construction Services:
Instructional E
q
ui
p
men
t
11,602 - 28,382 9,925 -
Total Facilities Ac
q
uisition &
Construction Services 11,602 - 28,382 9,925 -
Total Ex
p
enditures 456,502$ 41,913$ 46,766$ 9,925$ 23,219$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES - BUDGETARY BASIS
FOR FISCAL YEAR ENDED JUNE 30, 2015
133
EXHIBIT E-1
(
Pa
g
e 4 of 4
)
N
ONPUBLIC
N
ONPUBLIC
N
ONPUBLIC HOME DREXEL
TEXTBOOKS TECHNOLOGY INSTRUCTION GRANT 2015
Revenues:
State Sources 3,619$ 7,351$ 1,760$ -$ 83,668$
Federal Sources - - - - 647,587
Local Sources - - - 380 10,305
Total Revenues 3,619$ 7,351$ 1,760$ 380$ 741,560$
Ex
p
enditures:
Instruction:
Salaries of Teachers -$ -$ -$ -$ 36,965$
Purchased Professional /
Technical Services - - - - 8,713
Other Purchased
Services - - - - 336,381
General Su
pp
lies - - - - 46,193
Textbooks 3,619 - - 380 3,999
Other Ob
j
ects - - - - 4,747
Total Instruction 3,619 - - 380 436,998
Su
pp
ort Services:
Salaries - - - - 54,470
Salaries - Other Professional
Staff - - - - 18,808
Salaries - Secretarial & Clerical - - - - 41,734
Em
p
lo
y
ee Benefits - - - - 16,832
Purchased Professional Services - - - - 69,789
Purchased Professional /
Technical Services - - - - -
Other Purchased Services - 7,351 1,760 - 40,396
Travel - - - - -
Su
pp
lies & Materials - - - - 12,624
Total Su
pp
ort Services - 7,351 1,760 - 254,653
Facilities Ac
q
uisition &
Construction Services:
Instructional E
q
ui
p
men
t
- - - - 49,909
Total Facilities Ac
q
uisition &
Construction Services - - - - 49,909
Total Ex
p
enditures 3,619$ 7,351$ 1,760$ 380$ 741,560$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES - BUDGETARY BASIS
FOR FISCAL YEAR ENDED JUNE 30, 2015
134
F. Capital Projects Fund
135
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136
EXHIBIT F-1
UNEXPENDED
ORIGINAL PRIOR CURRENT TRANSFER TO TRANSFER TO BALANCE
PROJECT TITLE DATE APPROPRIATIONS YEAR YEAR DEBT SERVICE GENERAL FUND JUNE 30, 2015
Athletic Fields
Phase II 07/01/12 1,025,000 886,579$ -$ 80,000$ -$ 58,421$
Total 886,579$ -$ 80,000$ -$ 58,421$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SUMMARY SCHEDULE OF PROJECT EXPENDITURES
FOR FISCAL YEAR ENDED JUNE 30, 2015
EXPENDITURES
137
EXHIBIT F-2
Expenditures & Other Financing Uses:
Other Financing Sources/(Uses):
Transfer to Debt Service
(80,000)$
Total Other Financing Sources/(Uses)
(80,000)
Total Expenditures & Other Financing Sources/(Uses)
80,000
Excess/(Deficiency) of Revenues Over/(Under) Expenditures (80,000)
Fund Balance - Beginning 138,421
Fund Balance - Ending 58,421$
YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
CAPITAL PROJECTS FUND
SUMMARY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE-BUDGETARY BASIS
138
EXHIBIT F-2a
REVISED
PRIOR CURRENT AUTHORIZED
PERIODS YEAR TOTALS COST
Revenues & Other Financing Sources:
Bond Proceeds & Transfers 1,025,000$ -$ 1,025,000$ 1,025,000$
Total Revenues 1,025,000 - 1,025,000 1,025,000
Expenditures & Other Financing Uses:
Construction Services 857,991 - 857,991 996,412
Supplies 1,675 - 1,675 1,675
Equipment 26,913 - 26,913 26,913
Transfer ot Debt Service - 80,000 80,000 -
Total Expenditures 886,579 80,000 966,579 1,025,000
Excess/(Deficiency) of Revenues Over/
(Under) Expenditures 138,421$ (80,000)$ 58,421$ -$
Project Number 0870-020-12-1000
Grant Date N/A
Bond Authorization Date N/A
Bonds Authorized N/A
Bonds Issued N/A
Original Authorized Cost $1,025,000
Additional Authorized Cost -
Revised Authorized Cost 1,025,000
Percentage Increase Over Original Authorized Cost N/A
Percentage Completion 86.50%
Original Target Completion Date May 2013
Revised Target Completion Date
ADDITIONAL PROJECT INFORMATION
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, PROJECT BALANCE AND
PROJECT STATUS - BUDGETARY BASIS
ATHLETIC FIELDS PHASE II
YEAR ENDED JUNE 30, 2015
139
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140
G. Proprietary Funds
141
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142
Enterprise Funds
143
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144
EXHIBIT G-1
FOOD
SERVICE SUMMER SCHOOL LITTLE
ASSETS FUND CAMPS STORE PIONEERS 2015
Current Assets:
Cash & Cash E
q
uivalents 245,830$ 16,549$ 46,275$ 27,321$ 335,975$
Accounts Receivable:
State 365 - - - 365
Federal 5,864 - - - 5,864
Other 1,780 - - - 1,780
Interfund Receivable - - - 83 83
Inventor
y
3,484 - 19,915 - 23,399
Total Current Assets 257,323 16,549 66,190 27,404 367,466
N
oncurrent Assets:
Furniture, Machinery & Equipmen
t
305,844 - - -
305,844
Less: Accumulated Depreciatio
n
(295,978) - - -
(
295,978
)
Total Noncurrent Assets 9,866 - - - 9,866
Total Assets 267,189 16,549 66,190 27,404 377,332
LIABILITIES
Current Liabilities:
Accounts Pa
y
able 104 805 - 272 1,181
Unearned Revenue 14,338 5,325 - - 19,663
Interfund Pa
y
able 65,310 - - - 65,310
Total Current Liabilities 79,752 6,130 - 272 86,154
N
oncurrent Liabilities:
Compensated Absences
60,237 - - - 60,237
Total Noncurrent Liabilities
60,237 - - - 60,237
Total Liabilities
139,989 6,130 - 272 146,391
NET POSITION
N
et Investments i
n
Ca
p
ital Assets 9,866 - - - 9,866
Unrestricted 117,334 10,419 66,190 27,132 221,075
Total Net Position 127,200$ 10,419$ 66,190$ 27,132$ 230,941$
BUSINESS-TYPE ACTIVITIES
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
ENTERPRISE FUND
COMBINING SCHEDULE OF NET POSITION
AS OF JUNE 30, 2015
145
EXHIBIT G-2
FOOD
SERVICE SUMMER SCHOOL LITTLE
FUND CAMPS STORE PIONEERS 2015
Local Sources:
Dail
y
Sales - Reimbursable Pro
g
rams 238
,
264$ -$ -$ -$ 238
,
264$
Dail
y
Sales Nonreimbursable
Pro
g
rams 362
,
080 - - - 362
,
080
S
p
ecial Functions 12
,
456 - - - 12
,
456
Miscellaneous 800 6
,
568 25
,
119 23
,
142 55
,
629
Total O
p
eratin
g
Revenue 613
,
600 6
,
568 25
,
119 23
,
142 668
,
429
O
p
eratin
g
Ex
p
enses:
Salaries 456
,
755 1
,
075 3
,
000 38
,
630 499
,
460
Em
p
lo
y
ee Benefits 230
,
097 - 230 3
,
072 233
,
399
Su
pp
lies and Materials 39
,
523 - - 4
,
823 44
,
346
Other Purchased Services 10
,
511 - - - 10
,
511
De
p
reciation 2
,
147 - - - 2
,
147
Miscellaneous - - - - -
Cost of Sales 287
,
711 - 12
,
378 - 300
,
089
Total O
p
eratin
g
Ex
p
enses 1
,
026
,
744 1
,
075 15
,
608 46
,
525 1
,
089
,
952
O
p
eratin
g
/
(
Loss
)
/Gai
n
(
413
,
144
)
5
,
493 9
,
511
(
23
,
383
)
(
421
,
523
)
N
ono
p
eratin
g
Revenues/
(
Ex
p
enses
)
:
State Sources:
State School Lunch Pro
g
ram 4
,
865 - - - 4
,
865
Federal Sources:
National School Lunch Pro
g
ram 119
,
442 - - - 119
,
442
Food Distribution Pro
g
ram 33
,
539 - - - 33
,
539
Interest & Investment Revenu
e
525 - - - 525
Board Contribution 194
,
517 - - - 194
,
517
Ca
p
ital Asset Ad
j
ustmen
t
7
,
546 - - - 7
,
546
Total Nono
p
eratin
g
Revenues/
(
Ex
p
enses
)
360
,
434 - - - 360
,
434
N
et Income/
(
Loss
)
(
52
,
710
)
5
,
493 9
,
511
(
23
,
383
)
(
61
,
089
)
N
et Position - Beginning,
179
,
910 4
,
926 56
,
679 50
,
515 292
,
030
Total Net Position - Ending
127,200$ 10,419$ 66,190$ 27,132$ 230,941$
CHANGES IN FUND NET POSITION
AS OF JUNE 30, 2015
BUSINESS-TYPE ACTIVITIES
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
ENTERPRISE FUND
COMBINING SCHEDULE OF REVENUES, EXPENSES AND
146
EXHIBIT G-3
FOOD
SERVICE SUMMER SCHOOL LITTLE
FUND CAMPS STORE PIONEERS 2015
Cash Flows From O
p
eratin
g
Activities:
Recei
p
ts from Customers 627,518$ 5,325$ 24,919$ 23,626$ 681,388$
Pa
y
ments to Su
pp
liers
(
289,871
)
805
(
12,472
)
(
6,350
)
(
307,888
)
Pa
y
ments to Em
p
lo
y
ees
(
464,909
)
(
1,075
)
(
3,000
)
(
38,630
)
(
507,614
)
Pa
y
ments for Em
p
lo
y
ee Benefits
(
230,097
)
-
(
230
)
(
3,072
)
(
233,399
)
N
et Cash Provided/
(
Used
)
b
y
O
p
eratin
g
Activities
(
357,359
)
5,055 9,217
(
24,426
)
(
367,513
)
Cash Flows From Non-Ca
p
ital Financin
g
Activities:
Cash Received from Board Contribution 194,517 - - - 194,517
Cash Received from State & Federal
Reimbursements 160,030 - - - 160,030
N
et Cash Provided b
y
Non-Ca
p
ital Financin
g
Activities 354,547 - - - 354,547
Cash Flows From Investin
g
Activities:
Interest Income 525 - - - 525
N
et Cash Provided b
y
Investin
g
Activities 525 - - - 525
N
et Increase/
(
Decrease
)
in Cash &
Cash E
q
uivalents
(
2,287
)
5,055 9,217
(
24,426
)
(
12,441
)
Cash & Cash E
q
uivalents, Jul
y
1 248,117 11,494 37,058 51,747 348,416
Cash & Cash E
q
uivalents, June 30 245,830$ 16,549$ 46,275$ 27,321$ 335,975$
RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:
O
p
eratin
g
Income/
(
Loss
)
(
413,144
)
$ 5,493$ 9,511$
(
23,383
)
$
(
421,523
)
$
Ad
j
ustments to Reconcile O
p
eratin
g
Income/
(
Loss
)
in Cash Provided/
(
Used
)
by
O
p
eratin
g
Activities:
De
p
reciation Ex
p
ense 2,147 - - - 2,147
Chan
g
e in Assets & Liabilities:
(
Increase
)
/Decrease in Accounts
Receivable
(
420
)
- - 484 64
(
Increase
)
/Decrease in Inventor
y
(
1,093
)
-
(
94
)
-
(
1,187
)
Increase/
(
Decrease
)
in Deferred Revenue 14,338
(
1,243
)
- - 13,095
Increase/
(
Decrease
)
in Accounts Pa
y
able 48,967 805
(
200
)
(
1,527
)
48,045
Increase/
(
Decrease
)
in Com
p
ensated
Absences
(
8,154
)
- - -
(
8,154
)
Total Ad
j
ustments 55,785
(
438
)
(
294
)
(
1,043
)
54,010
N
et Cash Provided/
(
Used
)
b
y
O
p
eratin
g
Activities
(
357,359
)
$ 5,055$ 9,217$
(
24,426
)
$
(
367,513
)
$
AS OF JUNE 30, 2015
BUSINESS-TYPE ACTIVITIES
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
ENTERPRISE FUND
COMBINING SCHEDULE OF CASH FLOWS
147
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148
Internal Service Fund
149
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150
EXHIBIT G-4
GOVERNMENTAL
ACTIVITIES
TRANSPORTATION
ASSETS CONSORTIUM 2015
Current Assets:
Receivables from Other Governments 298,151$ 298,151$
Total Assets 298,151 298,151
LIABILITIES
Cash Overdraft 271,630 271,630
Accounts Payable 26,521 26,521
Total Liabilities 298,151 298,151
NET POSITION
Unrestricted - -
Total Net Position -$ -$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
INTERNAL SERVICE FUND
COMBINING STATEMENT OF NET POSITION
AS OF JUNE 30, 2015
151
EXHIBIT G-5
GOVERNMENTAL
ACTIVITIES
TRANSPORTATION
CONSORTIUM 2015
OPERATING REVENUES:
Local Sources:
Transportation Fees 952,617$ 952,617$
Total Operating Revenue 952,617 952,617
OPERATING EXPENSES:
Salaries 464,595 464,595
Aid in Lieu 61,382 61,382
Contracted Services (Between
Home & School) - Vendors 64,323 64,323
Contracted Services (Special
Education Students) - Joint
Agreements 18,461 18,461
Other Purchased Services 22,118 22,118
Cleaning, Repair & Maintenance
Services 84,017 84,017
Supplies & Materials 119,400 119,400
Miscellaneous Expenditures 521 521
Benefits 139,688 139,688
Total Operating Expenses 974,505 974,505
N
et Income/
(
Loss
)
(
21
,
888
)
(
21
,
888
)
Total Net Position - July 1 21,888 21,888
Total Net Position - June 30 -$ -$
AS OF JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
INTERNAL SERVICE FUND
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET POSITION
152
EXHIBIT G-6
GOVERNMENTAL
ACTIVITIES
TRANSPORTATION
CONSORTIUM 2015
Cash Flows From Operating Activities:
Receipts from Customers 863,928$ 863,928$
Payments to Suppliers (370,222) (370,222)
Payments to Employees (455,377) (455,377)
Payments for Employee Benefits (139,688) (139,688)
Net Cash Provided/(Used) by
Operating Activities (101,359) (101,359)
Net Increase/(Decrease) in Cash
& Cash Equivalents (101,359) (101,359)
Cash & Cash Equivalents, July 1 (170,271) (170,271)
Cash & Cash Equivalents, June 30 (271,630)$ (271,630)$
RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES
Reconciliation of Operating Income (Loss) (21,888)$ (21,888)$
to Cash Provided/(Used) by Operating Activities:
Operating Income (Loss)
Adjustments to Reconcile Operating
Income/(Loss) in Cash Provided/(Used)
by Operating Activities:
Change in Assets & Liabilities:
(Increase)/Decrease in Accounts Receivable (88,689) (88,689)
Increase/(Decrease) in Accounts Payable 9,218 9,218
Total Adjustments (79,471) (79,471)
Net Cash Provided/(Used) by Operating
Activities (101,359)$ (101,359)$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
INTERNAL SERVICE FUND
COMBINING STATEMENT OF CASH FLOWS
AS OF JUNE 30, 2015
153
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154
H. Fiduciary Fund
155
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156
EXHIBIT H-1
UNEMPLOYMENT
HALL OF SCHOLARSHIP COMPENSATION PAYROLL STUDENT TOTAL
ASSETS HONOR FUND TRUST FUND ACTIVITIES 2015
Cash & Cash E
q
uivalents 1
,
064$ 5
,
307$ 226
,
919$ 188
,
990$ 421
,
003$ 843
,
283$
Total Assets 1
,
064 5
,
307 226
,
919 188
,
990 421
,
003 843
,
283
LIABILITIES
Pa
y
roll Deductions & Withholdin
g
s- - - 188
,
743 - 188
,
743
Due to Student Grou
p
s- - - - 419
,
442 419
,
442
Accounts Pa
y
able - - - - 858 858
Interfund Accounts Pa
y
able - - - 247 703 950
Total Liabilities - - - 188
,
990 421
,
003 609
,
993
N
ET POSITION
Held in Trust for Unem
p
lo
y
ment Claim
s
& Other Pur
p
oses - - 226
,
919 - - 226
,
919
Reserved for Scholarshi
p
s1
,
064 5
,
307 - - - 6
,
371
Total Net Position 1
,
064$ 5
,
307$ 226
,
919$ -$ -$ 233
,
290$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
FIDUCIARY FUNDS
COMBINING STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2015
PRIVATE PURPOSE
AGENCY
157
EXHIBIT H-2
UNEMPLOYMENT
HALL OF SCHOLARSHIP COMPENSATION TOTAL
ADDITIONS: HONOR FUND TRUST 2015
Contributions:
Plan Member -$ -$ 33,428$ 33,428$
Other - 1,410 - 1,410
Total Contributions - 1,410 33,428 34,838
Investment Earnings:
Interest - 25 449 474
Total Additions - 1,435 33,877 35,312
DEDUCTIONS:
Unemployment Claims - - 25,838 25,838
Scholarship Payments - 4,380 - 4,380
Total Deductions - 4,380 25,838 30,218
Change in Net Position - (2,945) 8,039 5,094
Net Position - Beginning 1,064 8,252 218,880 228,196
Net Position - End 1,064$ 5,307$ 226,919$ 233,290$
COMBINING STATEMENT CHANGES IN FIDUCIARY NET POSITION
JUNE 30, 2015
PRIVATE PURPOSE
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
FIDUCIARY FUNDS
158
EXHIBIT H-3
BALANC
E
BALANC
E
JULY 1, CASH CASH JUNE 30,
2014 RECEIPTS DISBURSEMENTS 2015
ASSETS
Middle School 59,745$ 82,310$ 97,085$ 44,970$
Hi
g
h School 357,339 896,606 888,040 365,905
Athletics 10,217 67,965 68,054 10,128
Total Assets 427,301$ 1,046,881$ 1,053,179$ 421,003$
EXHIBIT H-4
BALANC
E
BALANC
E
JULY 1, JUNE 30,
ASSETS 2014 ADDITIONS DELETIONS 2015
Cash & Cash E
q
uivalents 253,672$ 27,005,937$ 27,070,619$ 188,990$
Interfunds Receivable - - - -
Total Assets 253,672$ 27,005,937$ 27,070,619$ 188,990$
LIABILITIES
N
et Pa
y
roll Deductions &
Withholdin
g
s 248,907$ 27,003,609$ 27,063,773$ 188,743$
Academic Ban
q
ue
t
- - - -
Interfunds Pa
y
able 4,765 2,328 6,846 247
Total Liabilities 253,672$ 27,005,937$ 27,070,619$ 188,990$
PAYROLL AGENCY FUND
SCHEDULE OF RECEIPTS AND DISBURSEMENTS
FOR FISCAL YEAR ENDED JUNE 30, 2015
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
STUDENT ACTIVITY AGENCY FUND
SCHEDULE OF RECEIPTS AND DISBURSEMENTS
FOR FISCAL YEAR ENDED JUNE 30, 2015
159
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160
I. Long-Term Debt
161
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162
EXHIBIT I-1
AMOUNT BALANC
E
BALANC
E
DATE OF OF INTERES
T
JUNE 30, JUNE 30,
ISSUE ISSUE ISSUE DATE AMOUNT RATE 2014 ISSUED RETIRE
D
2015
Au
g
ust 1,
School Refundin
g
Bond
s
12/1/1997 10,105,000$ 2015 880,000 5.375% 1,790,000$ 910,000$ 880,000$
Januar
y
15
Installation of Solar Panels on the Middle Schoo
l
12/23/2009 1,303,000$ 2016 80,000 3.000% 1,003,000 80,000 923,000
2017 85,000 3.250%
2018 85,000 3.250%
2019 90,000 3.500%
2020 90,000 4.250%
2021 95,000 4.250%
2022 95,000 4.250%
2023 100,000 4.250%
2024 100,000 4.250%
2025 103,000 4.250%
Februar
y
15,
School Refundin
g
Bond
s
11/10/2010 18,745,000$ 2016 980,000 3.796% 17,085,000 880,000 16,205,000
2017 1,905,000 3.724%
2018 1,945,000 4.514%
2019 2,070,000 4.495%
2020 2,175,000 4.057%
2021 2,300,000 4.435%
2022 2,415,000 3.901%
2023 2,415,000 3.250%
Tota
l
19,878,000$ - 1,870,000$ 18,008,000$
ANNUAL MATURITY
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
LONG-TERM DEBT
SCHEDULE OF SERIAL BONDS
JUNE 30, 2015
163
EXHIBIT I-3
POSITIVE/
NEGATIVE
ORIGINAL BUDGET FINAL FINAL TO
BUDGET TRANSFERS BUDGET ACTUAL ACTUAL
Revenues:
Local Sources:
Local Tax Levy 2,110,817$ -$ 2,110,817$ 2,110,817$ -$
Miscellaneous 80,000 - 80,000 80,000 -
State Sources:
Debt Service Aid Type II 475,946 - 475,946 475,946 -
Total Revenues 2,666,763 - 2,666,763 2,666,763 -
Expenditures:
Regular Debt Service:
Interest 796,765 - 796,765 796,765 -
Principal 1,870,000 - 1,870,000 1,870,000 -
Total Expenditures 2,666,765 - 2,666,765 2,666,765 -
Excess/(Deficiency) of Revenues
Over/(Under) Expenditures (2) - (2) (2) -
Fund Balance, July 1 2 - 2 2 -
Fund Balance, June 30 -$ -$ -$ -$ -$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
DEBT SERVICE FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
JUNE 30, 2015
164
EXHIBIT I-4
OUTSTANDING OUTSTANDIN
G
BALANCE BALANCE
2014 ADDITIONS DELETIONS 2015
Governmental Compensated Absences 1,012,987$ 23,586$ -$ 1,036,573$
Business-Type Compensated Absences 68,391 - (8,154) 60,237
Total Compensated Absences 1,081,378$ 23,586$ (8,154)$ 1,096,810$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
LONG-TERM DEBT
SCHEDULE OF COMPENSATED ABSENCES
JUNE 30, 2015
165
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166
STATISTICAL SECTION (Unaudited)
167
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168
EXHIBIT J-1
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Governmental Activities:
Net Investment in,
Capital Assets 25,823,501$ 25,259,587$ 25,182,966$ 24,107,126$ 23,014,071$ 20,778,036$ 20,055,146$ 19,201,338$ 18,703,670$ 18,386,953$
Restricted 5,269,841 4,829,648 4,457,608 4,680,040 2,725,737 2,890,240 5,198,085 2,228,328 1,885,766 1,641,785
Unrestricted (12,750,127) (1,903,072) (1,656,726) (1,242,422) 15,534 (1,612,410) (3,571,905) (1,082,671) (256,726) (504,987)
Total Governmental Activities
Net Position 18,343,215$ 28,186,163$ 27,983,848$ 27,544,744$ 25,755,342$ 22,055,866$ 21,681,326$ 20,346,995$ 20,332,710$ 19,523,751$
Business-Type Activities:
Net Investment in,
Capital Assets 9,866$ 4,467$ 4,475$ 6,913$ 9,351$ -$ 23,418$ 38,939$ 54,770$ 70,629$
Unrestricted 221,075 287,563 271,627 244,319 280,872 279,863 306,780 288,269 317,912 217,996
Total Business-Type Activities
Net Position 230,941$ 292,030$ 276,102$ 251,232$ 290,223$ 279,863$ 330,198$ 327,208$ 372,682$ 288,625$
District-Wide:
Net Investment in,
Capital Assets 25,833,367$ 25,264,054$ 25,187,441$ 24,114,039$ 23,023,422$ 20,778,036$ 20,078,564$ 19,240,277$ 18,758,440$ 18,457,582$
Restricted 5,269,841 4,829,648 4,457,608 4,680,040 2,725,737 2,890,240 5,198,085 2,228,328 1,885,766 1,641,785
Unrestricted (12,529,052) (1,615,509) (1,385,099) (998,103) 296,406 (1,332,547) (3,265,125) (794,402) 61,186 (286,991)
Total District Net Position 18,574,156$ 28,478,193$ 28,259,950$ 27,795,976$ 26,045,565$ 22,335,729$ 22,011,524$ 20,674,203$ 20,705,392$ 19,812,376$
FISCAL YEAR ENDING JUNE 30,
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NET POSITION BY COMPONENT
LAST TEN FISCAL YEAR
S
(Accrual Basis of Accounting)
169
EXHIBIT J-2
(
Pa
g
e 1 of 3
)
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Ex
p
enses:
Governmental Activities
Instruction:
Re
g
ula
r
10,545,751$ 10,415,660$ 10,396,548$ 10,149,928$ 9,915,997$ 10,022,303$ 9,724,632$ 10,022,531$ 8,918,946$ 8,621,926$
S
p
ecial Educatio
n
2,857,568 2,616,839 2,467,266 2,469,007 2,665,925 2,680,000 2,403,481 2,536,204 2,189,399 2,005,842
Other S
p
ecial Instructio
n
- - - - - - - - - 20,764
Other Instructio
n
1,057,959 1,036,588 1,043,130 992,280 945,019 1,040,843 942,411 929,641 775,817 791,348
Su
pp
ort Services:
Tuitio
n
2,843,925 2,546,942 2,276,335 2,311,183 1,854,027 1,518,183 1,545,688 1,394,985 1,493,244 1,249,386
Student & Instruction Related Services 2,342,772 2,479,145 2,339,322 2,156,421 2,008,698 2,081,122 1,983,246 2,322,905 2,108,723 2,201,652
Health Services 260,174 250,426 243,164 227,527 222,492 210,694 190,890 - - -
Educational Media Services/School
Librar
y
258,308 257,703 256,457 248,439 237,334 252,299 246,988 - - -
School Administrative Services 1,550,592 1,440,069 1,380,923 1,347,192 1,344,021 1,384,234 1,396,326 1,281,321 1,224,773 1,195,480
General Administrative 511,964 518,845 518,657 609,313 480,870 513,154 535,255 547,617 508,473 447,203
Central Services 378,779 380,167 401,679 360,385 384,884 385,847 343,512 318,293 344,542 302,614
Administrative Information Technolo
gy
451,437 337,575 331,690 314,798 294,408 337,071 288,704 211,271 178,311 190,846
Plant O
p
erations & Maintenance 2,701,354 2,839,811 2,874,443 2,393,098 2,533,372 3,046,405 2,505,800 3,088,083 2,880,766 2,725,302
Pu
p
il Trans
p
ortatio
n
2,720,369 2,695,591 2,690,554 2,586,439 2,410,004 2,381,253 2,285,153 2,373,346 2,251,586 2,146,184
Em
p
lo
y
ee Benefits 11,240,782 8,286,479 8,002,781 6,955,585 6,305,315 6,300,479 6,160,832 6,426,994 6,188,658 5,237,119
S
p
ecial Schools 60,908 72,318 66,383 85,530 77,868 85,782 91,834 69,370 82,704 111,464
Ad
j
ustment to Ca
p
ital Assets - -
(
2,545
)
(
138,099
)
(
1,202,690
)
885,563 15,803 - - -
Interest on Long-Term Deb
t
1,000,410 1,071,875 1,049,503 805,946 1,397,228 1,218,307 1,266,312 1,351,969 1,404,224 1,450,636
Ca
p
ital Outla
y
- - - - - - - - 3,490 67,457
Unallocated De
p
reciatio
n
1,854,035 1,870,974 1,855,719 1,823,702 1,812,101 1,847,437 1,463,037 503,386 546,698 553,358
Amortization of Debt Issuance Costs
- - 20,178 20,177 20,177 38,678 38,677 - - -
Reduction of Ca
p
ital Leases - - - -
(
66,649
)
(
101,638
)
(
217,634
)
- - -
Unallocated Com
p
ensated Absences - -
(
18,267
)
25,309
(
38,973
)
(
40,642
)
(
162,703
)
- - -
Total Governmental Activities Ex
p
enses 42,637,087 39,117,007 38,193,920 35,744,160 33,601,428 36,087,374 33,048,244 33,377,916 31,100,354 29,318,581
Business-T
yp
e Activities:
Food Service 1,026,744 865,226 836,903 891,201 852,813 920,212 869,871 919,370 791,018 808,067
Other Activities 63,208 64,683 73,359 73,791 80,212 78,507 91,963 39,851 28,273 20,139
Total Business-T
yp
e Activities Ex
p
ense 1,089,952 929,909 910,262 964,992 933,025 998,719 961,834 959,221 819,291 828,206
Total District Ex
p
enses 43,727,039$ 40,046,916$ 39,104,182$ 36,709,152$ 34,534,453$ 37,086,093$ 34,010,078$ 34,337,137$ 31,919,645$ 30,146,787$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
CHANGES IN NET POSITION - (ACCRUAL BASIS OF ACCOUNTING)
LAST TEN FISCAL YEARS
FISCAL YEAR ENDING JUNE 30,
170
EXHIBIT J-2
(
Pa
g
e 2 of 3
)
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Pro
g
ram Revenues:
Governmental Activities:
Char
g
es for Services & O
p
eratin
g
Grants
Instruction
(
S
p
ecial Education
)
436,998$ 541,080$ 495,430$ 513,301$ 683,177$ 723,996$ 442,589$ 561,416$ 377,014$ 470,982$
Su
pp
ort Services:
Student & Instruction & Related Services 254,653 286,604 265,418 203,473 206,594 283,751 222,626 227,289 208,917 205,251
Pu
p
il Trans
p
ortatio
n
952,617 1,013,188 1,046,377 1,072,569 998,489 921,909 809,862 788,872 843,111 785,507
Em
p
lo
y
ee Benefits 6,236,389 169,132 141,811 133,722 130,394 129,504 135,262 156,367 138,583 130,048
Interest on Lon
g
-Term Deb
t
475,946 500,117 522,113 545,637 569,699 633,759 606,185 - - -
Ca
p
ital Outla
y
- - - - - - - - - 50,965
Total Governmental Activities Pro
g
ram
Revenues 8,356,603 2,510,121 2,471,149 2,468,702 2,588,353 2,692,919 2,216,524 1,733,944 1,567,625 1,642,753
Business-T
yp
e Activities:
Char
g
es for Services:
Food Service 613,600 693,841 667,265 683,169 688,132 683,644 701,134 735,872 715,896 665,790
School Store 54,829 79,368 97,037 79,794 100,860 92,394 84,255 38,292 29,790 25,702
O
p
eratin
g
Grants & Contributions 157,846 169,415 170,016 160,518 149,496 165,285 141,561 124,086 117,122 104,308
Total Business T
yp
e Activities Pro
g
ram
Revenues 826,275 942,624 934,318 923,481 938,488 941,323 926,950 898,250 862,808 795,800
Total District Pro
g
ram Revenues 9,182,878$ 3,452,745$ 3,405,467$ 3,392,183$ 3,526,841$ 3,634,242$ 3,143,474$ 2,632,194$ 2,430,433$ 2,438,553$
N
et/
(
Ex
p
ense
)
/Revenue:
Governmental Activities
(
34,280,484
)
$
(
36,606,886
)
$
(
35,722,771
)
$
(
33,275,458
)
$
(
31,013,075
)
$
(
33,394,455
)
$
(
30,831,720
)
$
(
31,643,972
)
$
(
29,532,729
)
$
(
27,675,828
)
$
Business-T
yp
e Activities
(
263,677
)
12,715 24,056
(
41,511
)
5,463
(
57,396
)
(
34,884
)
(
60,971
)
43,517
(
32,406
)
Total District-Wide Net Ex
p
ense
(
34,544,161
)
$
(
36,594,171
)
$
(
35,698,715
)
$
(
33,316,969
)
$
(
31,007,612
)
$
(
33,451,851
)
$
(
30,866,604
)
$
(
31,704,943
)
$
(
29,489,212
)
$
(
27,708,234
)
$
LAST TEN FISCAL YEARS
FISCAL YEAR ENDING JUNE 30,
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
CHANGES IN NET POSITION - (ACCRUAL BASIS OF ACCOUNTING)
171
EXHIBIT J-2
(
Pa
g
e 3 of 3
)
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
General Revenues & Other Chan
g
es in Net Position:
Governmental Activities:
Pro
p
ert
y
Taxes Levied for General
Pur
p
oses, Ne
t
17,261,493$ 16,577,579$ 15,750,227$ 15,441,399$ 15,289,560$ 14,701,500$ 14,444,883$ 14,036,426$ 13,321,073$ 11,774,979$
Taxes Levied for Debt Service 2,110,817 2,084,598 2,096,715 2,083,045 2,166,807 2,175,364 2,176,412 2,068,825 1,946,686 1,979,049
Unrestricted Grants & Contributions 15,298,114 17,685,796 17,786,446 16,915,904 16,153,147 16,182,596 15,307,883 15,084,865 14,603,656 13,708,802
Tuition Received 493,235 367,146 285,698 169,243 185,411 138,002 171,444 145,057 124,389 74,400
Trans
p
ortation Fees - - - - - - - - 10,637 25,511
Investment Earnin
g
s 13,216 11,635 23,576 40,864 81,258 110,040 75,769 133,209 174,665 133,379
Miscellaneous Income 227,123 238,288 218,504 415,504 836,528 611,493 226,205 197,865 180,008 350,585
Othe
r
- - - - - - -
(
7,990
)
- -
Transfers
(
194,517
)
- -
(
1,099
)
(
160
)
(
150,000
)
- -
(
19,426
)
(
37,050
)
Total Governmental
Activities 35,209,481 36,965,042 36,161,166 35,064,860 34,712,551 33,768,995 32,402,596 31,658,257 30,341,688 28,009,655
Business-T
yp
e Activities:
Investment Earnin
g
s 525 513 814 2,520 4,737 6,539 7,371 15,497 21,114 13,096
Ca
p
ital Asset Ad
j
ustmen
t
7,546 - - - - - - - - -
Transfers/Othe
r
194,517 - - - 160 522 - - 19,426 37,050
Total Business-T
yp
e Activities 202,588 513 814 2,520 4,897 7,061 7,371 15,497 40,540 50,146
Total District-Wide 35,412,069$ 36,965,555$ 36,161,980$ 35,067,380$ 34,717,448$ 33,776,056$ 32,409,967$ 31,673,754$ 30,382,228$ 28,059,801$
Chan
g
e in Net Position:
Governmental Activities 928,997$ 358,156$ 439,104$ 1,789,402$ 3,699,476$ 374,540$ 1,570,876$ 14,285$ 808,959$ 333,827$
Business-T
yp
e Activities
(
61,089
)
13,228 24,870
(
38,991
)
10,360
(
50,335
)
(
27,513
)
(
45,474
)
84,057 17,740
Total Distric
t
867,908$ 371,384$ 463,974$ 1,750,411$ 3,709,836$ 324,205$ 1,543,363$
(
31,189
)
$ 893,016$ 351,567$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
CHANGES IN NET POSITION - (ACCRUAL BASIS OF ACCOUNTING)
LAST TEN FISCAL YEARS
FISCAL YEAR ENDING JUNE 30,
172
EXHIBIT J-3
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
General Fund:
Restricted 5,211,420$ 4,691,227$ 1,833,600$ 4,851,556$ 3,491,912$ 2,838,742$ 3,342,513$ 2,087,353$ 1,877,038$ 1,226,607$
Unrestricted (353,017) (354,932) 2,166,620 (171,032) (525,713) (772,153) (522,502) 54,245 42,822 13,452
Total General Fund 4,858,403$ 4,336,295$ 4,000,220$ 4,680,524$ 2,966,199$ 2,066,589$ 2,820,011$ 2,141,598$ 1,919,860$ 1,240,059$
All Other Governmental Funds:
Restricted 58,421$ 138,423$ 217,920$ -$ -$ 195,271$ -$ -$ 4,858$ 87,904$
Unrestricted, Reported in:
Capital Projects Fund - - 223,942 1,436,639 299,514 126,214 239,689 279,639 395,151
Debt Service Fund - - - 89,641 1 1 - 1 3
Total All Other Governmental
Funds 58,421$ 138,423$ 217,920$ 223,942$ 1,526,280$ 494,786$ 126,215$ 239,689$ 284,498$ 483,058$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
FUND BALANCES AND GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(Modified Accrual Basis of Accounting)
FISCAL YEAR ENDING JUNE 30,
173
EXHIBIT J-4
(
Pa
g
e 1 of 2
)
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Revenues:
Taxes Loca
l
19,372,310$ 18,662,177$ 17,846,942$ 17,524,444$ 17,456,367$ 16,876,864$ 16,621,295$ 16,105,251$ 15,267,759$ 13,754,028$
Tuition Char
g
e
s
493,235 367,146 285,698 169,243 185,411 138,002 171,444 145,057 124,389 74,400
Trans
p
ortatio
n
4,942 4,287 49,739 44,475 31,448 22,915 8,037 - 10,637 25,511
Interest Earnin
gs
13,216 11,635 23,576 40,864 81,258 110,040 75,769 133,209 174,665 133,379
Miscellaneou
s
222,181 234,001 168,765 371,029 805,080 588,578 218,168 197,865 180,008 350,585
State Sources 18,701,827 18,309,621 18,417,919 17,037,663 16,789,952 14,635,581 15,994,794 15,173,779 14,691,318 13,842,691
Federal Sources 662,356 703,976 652,197 1,140,652 822,665 3,188,521 584,489 721,075 519,187 610,956
Total Revenu
e
39,470,067 38,292,843 37,444,836 36,328,370 36,172,181 35,560,501 33,673,996 32,476,236 30,967,963 28,791,550
Ex
p
enditures:
Instruction:
Re
g
ular Instructio
n
10,545,751 10,415,660 10,396,548 10,149,928 9,915,997 10,022,303 9,724,632 9,573,755 8,967,748 8,661,551
S
p
ecial Education Instructio
n
2,857,568 2,616,839 2,467,266 2,469,007 2,665,925 2,680,000 2,403,481 2,506,885 2,188,428 2,004,960
Other S
p
ecial Instructio
n
- - - - - - - - - 30,764
Other Instructio
n
1,057,959 1,036,588 1,043,130 992,280 945,019 1,040,843 942,411 927,232 773,408 788,939
Undistributed:
Tuitio
n
2,843,925 2,546,942 2,276,335 2,311,183 1,854,027 1,518,183 1,545,688 1,394,985 1,493,244 1,249,386
Attendance & Social Work Service
s
80,572 78,543 76,630 74,991 70,710 83,860 82,898 81,856 78,639 73,419
Health Service
s
260,174 250,426 243,164 227,527 222,492 210,694 190,890 200,137 192,000 221,365
Related Service
s
382,167 418,766 399,308 318,366 294,601 361,663 290,260 51,909 60,360 54,900
Extraodinar
y
Service
s
158,610 173,828 119,750 81,604 28,566 22,823 11,043 20,207 6,904 200,172
Su
pp
ort Services - Students
:
Re
g
ular 899,368 903,111 911,577 878,294 859,004 851,845 852,089 823,806 733,441 731,898
S
p
ecial 336,228 375,410 315,226 305,270 289,251 308,135 307,465 544,087 513,429 505,468
Im
p
rovement of Instructio
n
485,827 529,487 516,831 497,896 466,566 452,796 439,491 296,185 271,038 141,783
Educational Media Service
s
258,308 257,703 256,457 248,439 237,334 252,299 246,988 248,003 245,062 236,221
Instructional Staff Trainin
g
66,626 69,266 76,965 56,054 48,979 40,847 18,601 9,759 8,380 74,847
General Administratio
n
445,338 449,579 441,692 553,259 431,891 472,307 516,654 517,043 480,882 402,925
School Administratio
n
1,550,592 1,440,069 1,380,923 1,347,192 1,344,021 1,384,234 1,396,326 1,258,848 1,229,004 1,191,311
Central Administratio
n
378,779 380,167 401,679 360,385 384,884 385,847 343,512 317,997 343,896 331,739
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS,
LAST TEN FISCAL YEARS
(Modified Accrual Basis of Accounting)
174
EXHIBIT J-4
(
Pa
g
e 2 of 2
)
Ex
p
enditures
(
continued
)
: 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Administration Information Technolo
gy
451,437 337,575 331,690 314,798 294,408 337,071 288,704 216,815 177,744 188,951
Allowable Maintenance for School Facilitie
s
531,265 586,055 759,324 424,605 460,011 915,645 418,131 309,706 309,875 280,449
O
p
eration & Maintenance of Plant Service
s
2,165,361 2,251,056 2,115,119 1,968,493 2,073,361 2,130,760 2,087,669 1,999,859 1,863,122 1,753,913
Student Trans
p
ortatio
n
1,745,864 1,682,403 1,653,508 1,515,071 1,390,972 1,488,065 1,477,110 1,617,066 1,569,365 1,447,380
Unallocated Benefit
s
7,833,755 8,117,347 7,860,970 6,821,863 6,174,921 6,170,975 6,025,570 6,267,565 6,069,425 5,121,456
Ca
p
ital Outla
y
770,297 382,915 1,326,861 1,128,196 846,621 3,072,252 625,014 349,263 595,614 1,887,402
S
p
ecial Schools 60,908 72,318 66,383 85,530 77,868 85,782 91,834 69,370 82,704 111,464
Debt Service Exenditures:
Princi
p
a
l
1,870,000 1,785,000 1,740,000 1,750,000 1,880,000 1,585,000 1,490,000 1,345,000 1,130,000 1,135,000
Interes
t
796,765 879,212 953,826 1,035,053 983,488 1,224,123 1,292,596 1,351,969 1,404,224 1,450,636
Total Ex
p
enditure
s
38,833,444 38,036,265 38,131,162 35,915,284 34,240,917 37,098,352 33,109,057 32,299,307 30,787,936 30,278,299
Excess
(
Deficienc
y)
of Revenue
s
Over/
(
Under
)
Ex
p
enditure
s
636,623 256,578
(
686,326
)
413,086 1,931,264
(
1,537,851
)
564,939 176,929 180,027
(
1,486,749
)
Other Financin
g
Sources/
(
Uses
)
:
Sale of Bonds - - - - 1,303,000 - - - -
Ca
p
ital Leases
(
Non-Bud
g
eted
)
- - - - - 320,640 320,640 181,290 488,333
Transfers Out - Food Servic
e
- - -
(
160
)
-
(
19,426
)
(
19,426
)
(
37,050
)
(
35,124
)
Transfers Out - Unem
p
lo
y
ment - - - -
(
150,000
)
- - - -
Total Other Financin
g
Sources/
(
Uses
)
- - - -
(
160
)
1,153,000 301,214 301,214 144,240 453,209
Net Chan
g
e in Fund Balances $636,623 $256,578
(
686,326
)
413,086 1,931,104
(
384,851
)
866,153 478,143 324,267
(
1,033,540
)
Debt Service as a Percenta
g
e o
f
Nonca
p
ital Ex
p
enditure
s
7.01% 7.08% 7.32% 8.01% 8.57% 8.26% 8.57% 8.44% 8.39% 9.11%
Source: District Record
s
(Modified Accrual Basis of Accounting)
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS,
LAST TEN FISCAL YEARS
175
EXHIBIT J-5
FISCAL
YEAR FACILITY PRIOR PRIOR
ENDING USE/ ENERGY CORE YEAR INSURANCE PAYABLE ADULT SPORTS SREC GATE INSURANCE
JUNE 30, RENTAL SAVINGS MISC Rebate REFUNDS DIVIDEND ADJUSTMENT SCHOOL PROGRAM SALES RECEIPTS SETTLEMENT TOTAL
2015 1,370$ 21,410$ 5,990$ -$ 45,472$ -$ 1,050$ 57,113$ -$ 50,343$ 20,628$ 8,500$ 211,876$
2014 - - 95,387 - 18,725 - - 56,043 - - 21,360 - 191,515
2013 2,268 - 22,303 - 17,474 - - 61,992 - - 24,351 - 128,388
2012 1,856 - 41,141 - 147,266 - - 76,112 - - 17,264 - 283,639
2011 2,340 - 21,297 421,594 73,803 - - 64,427 - 97,413 23,031 638 704,542
2010 3,218 - 22,484 - 57,958 - 1 74,555 - - 15,461 406,819 173,677
2009 15,935 - 33,885 - 23,438 33,214 3,285 80,849 - - 27,562 - 218,168
2014
2,746 -
21,981 - 60,196 - - 91,641 - - 21,301 - 197,865
2007 1,863 - 1,820 - 52,128 - - 100,747 - - 23,450 - 180,008
2006 830 92,708 466 - 81,105 39,313 - 99,337 12,159 - 24,667 - 350,585
Source: District records
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
GENERAL FUND - OTHER LOCAL REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(Modified Accrual Basis of Accounting)
176
EXHIBIT J-6
ESTIMATED
FISCA
L
TOTAL ACTUAL
YEAR TOTAL NET DIRECT
(
COUNTY
ENDED VACANT FARM ASSESSED PUBLIC VALUATION SCHOOL EQUALIZED
)
JUNE 30, LAND RESIDENTIA
L
REG. QFARM COMMERCIAL INDUSTRIA
L
APARTMENT VALUE UTILITIE
S
TAXABLE TAX RATE VALUE
Harrison
2015 24,430,700 1,229,510,600 29,569,200 2,845,900 95,725,500 321,700 7,297,300 1,389,700,900 2,969,606 1,392,670,506 0.697 1,441,299,419
2014 25,368,500 1,208,175,300 31,077,500 2,864,300 92,196,500 N/A 7,297,300 1,366,979,400 2,975,643 1,369,955,043 0.679 1,373,202,019
2013 25,357,800 1,187,245,000 31,111,900 2,874,300 92,675,600 N/A 7,297,300 1,346,561,900 3,369,388 1,349,931,288 0.668 1,373,202,019
2012 28,662,100 1,175,818,900 31,758,500 2,866,900 89,881,800 N/A 7,297,300 1,336,285,500 3,724,475 1,340,009,975 0.644 1,416,201,622
2014 32,150,900 1,162,559,600 32,733,200 2,866,800 84,819,400 N/A 7,297,300 1,322,427,200 3,683,324 1,326,110,524 0.646 1,444,106,776
2010 36,974,600 1,147,615,700 32,252,500 2,054,900 92,451,900 N/A 7,297,300 1,318,646,900 4,538,574 1,323,185,474 0.642 1,514,985,628
2009 27,824,900 728,280,000 18,219,200 2,152,600 42,036,700 N/A 4,531,500 823,044,900 2,362,052 825,406,952 1.030 1,541,193,020
2008 27,451,400 706,145,500 19,247,600 3,046,700 41,229,100 N/A 4,531,500 801,651,800 2,338,529 803,990,329 1.032 1,509,866,503
2007 31,226,000 664,202,700 19,726,300 3,193,000 40,081,600 N/A 4,531,500 762,961,100 2,350,519 765,311,619 1.036 1,376,957,601
2006 34,589,800 606,152,600 20,890,700 3,306,300 36,465,600 N/A 4,531,500 705,936,500 2,540,406 708,476,906 1.016 1,134,787,600
Mantua
2015 22,212,800 1,103,487,500 22,332,500 1,600,100 164,595,800 10,801,900 2,935,200 1,327,965,800 2,514,259 1,330,480,059 0.771 1,371,440,463
2014 24,093,800 1,098,246,900 25,239,000 1,606,900 169,010,200 11,086,200 2,935,200 1,332,218,200 2,453,312 1,334,671,512 0.754 1,366,097,416
2013 22,472,300 1,094,921,600 26,702,400 2,182,700 171,412,300 11,356,300 2,935,200 1,331,982,800 3,112,020 1,335,094,820 0.722 1,375,588,970
2012 20,729,200 1,097,392,800 26,728,600 1,677,400 185,562,100 13,942,400 2,980,000 1,349,012,500 3,863,440 1,352,875,940 0.680 1,455,873,624
2014 12,371,200 650,155,200 14,066,000 1,209,800 84,685,900 5,612,300 1,672,000 769,772,400 2,126,051 771,898,451 1.160 1,519,056,575
2010 13,462,900 646,079,800 14,473,400 1,230,900 83,909,100 5,845,300 1,672,000 766,673,400 2,261,469 768,934,869 1.166 1,569,795,709
2009 16,329,000 644,079,700 14,380,700 1,225,800 78,278,400 7,187,200 1,672,000 763,152,800 2,246,773 765,399,573 1.094 1,556,819,257
2008 17,614,100 636,102,700 14,432,000 1,236,400 74,828,500 7,217,800 1,672,000 753,103,500 2,307,158 755,410,658 1.101 1,486,736,190
2007 16,885,400 617,292,200 14,091,000 1,325,000 74,808,500 7,217,800 1,914,100 733,534,000 2,405,109 735,939,109 1.110 1,336,157,452
2006 17,752,100 600,727,300 14,159,800 1,362,200 71,000,200 7,790,800 1,914,100 714,706,500 2,657,281 717,363,781 1.124 1,172,544,290
b
. Tax rates are
p
er $100
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY,
LAST TEN FISCAL YEARS
177
EXHIBIT J-7
FISCA
L
GENERA
L
TOTAL
YEAR OBLIGATIO
N
TOTAL DIRECT TOWNSHIP TOWNSHIP TOWNSHIP DIRECT AND
ENDED BASIC DEBT SCHOOL TAX TOWNSHIP OF HARRISON OF HARRISON OF HARRISON GLOUCESTE
R
OVERLAPPIN
G
JUNE 30, RATE SERVICES RATE OF HARRISON SCHOOL DISTRICT FIRE DISTRIC
T
OPEN SPACE COUNTY TAX RATE
Harrison
2015 0.6215 0.0751 0.697 0.4440 0.8930 0.0820 0.060 0.7300 2.906
2014 0.605 0.074 0.679 0.4116 0.8778 0.0830 0.060 0.6759 2.787
2013 0.594 0.075 0.668 0.3656 0.8777 0.0968 0.060 0.6610 2.730
2012 0.569 0.075 0.644 0.4070 0.8590 0.0970 0.043 0.5840 2.634
2014 0.569 0.077 0.646 0.2870 0.8600 0.0980 0.060 0.6290 2.580
2010 0.562 0.080 0.642 0.2720 0.8650 0.0970 0.060 0.6750 2.611
2009 0.897 0.133 1.030 0.3330 1.3180 0.1490 0.060 1.1070 3.997
2008 0.899 0.133 1.032 0.3210 1.3490 0.1500 0.060 1.1130 4.025
2007 0.904 0.132 1.036 0.2990 1.3940 0.1490 0.060 1.0680 4.006
2006 0.870 0.146 1.016 0.2660 1.4150 0.1360 0.060 1.0160 3.909
Mantua
2015 0.688 0.083 0.771 0.640 0.992 0.0720 0.020 0.724 3.219
2014 0.672 0.082 0.754 0.616 0.973 0.0670 0.020 0.681 3.111
2013 0.683 0.037 0.720 0.596 0.959 0.0590 0.020 0.668 3.022
2012 0.600 0.080 0.680 0.571 0.978 0.0600 0.200 0.641 3.130
2014 1.022 0.138 1.160 0.920 1.471 0.0970 0.020 1.146 4.814
2010 1.025 0.141 1.166 0.920 1.595 0.1010 0.020 1.206 5.008
2009 0.953 0.141 1.094 0.919 1.569 0.1000 0.020 1.040 4.742
2008 0.960 0.141 1.101 0.864 1.534 0.0970 0.020 1.165 4.781
2007 0.968 0.142 1.110 0.781 1.550 0.0990 0.020 1.078 4.638
2006 0.962 0.162 1.124 0.171 1.520 N/A 0.020 1.038 3.873
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
DIRECT AND OVERLAPPING PROPERTY TAX RATES
LAST TEN FISCAL YEARS
(Rate per $100 of Assessed Value)
SCHOOL DISTRICT DIRECT RATE
OVERLAPPING RATES
178
EXHIBIT J-8
HARRISON TOWNSHIP
% OF TOTAL % OF TOTAL
TAXABLE DISTRICT NET TAXABLE DISTRICT NET
ASSESSED ASSESSED ASSESSED ASSESSED
VALUE VALUATION VALUE VALUATION
AEW SCT Mullica Hill
,
LLC 14
,
000
,
000$ 1.01% -$
Madison/Canuso 8
,
170
,
000$ 0.59% 4
,
095
,
000 0.67%
Mullica West Ltd. 6
,
224
,
000 0.45% 3
,
105
,
200 0.51%
Mantec Associates 5
,
884
,
000 0.42% -
Stora
g
e
Q
ues
t
4
,
575
,
000 0.33% -
Beazer Homes Cor
p
4
,
222
,
800 0.30% -
Ins
p
ira Medical 4
,
200
,
000 0.30% -
Woodland Four LLC 4
,
017
,
600 0.29% -
Ins
p
ira Medical Center Woodbur
y,
Inc. 3
,
969
,
600 0.29% -
Mullica Hill Commons
,
LL
C
3
,
200
,
000 0.23% -
Bell Atlantic Pro
p
ert
y
Tax De
p
t. - 3
,
335
,
530 0.55%
Mullica Hill Self Stora
g
e- 1
,
640
,
900 0.27%
Mullica Hill Plaza Associates - 1
,
233
,
400 0.20%
Mullica Associates CVS - 990
,
400 0.16%
Grou
p
Ten Associates - 864
,
000 0.14%
Tunlaw
,
Inc. - 827
,
800 0.14%
Holdin
g
Smith
,
Inc. - 817
,
200 0.13%
Farmers National Ban
k
- 798
,
000 0.13%
Total 58
,
463
,
000$ 4.21% 17
,
707
,
430$ 2.90%
MANTUA TOWNSHIP
% OF TOTAL % OF TOTAL
TAXABLE DISTRICT NET TAXABLE DISTRICT NET
ASSESSED ASSESSED ASSESSED ASSESSED
VALUE VALUATION VALUE VALUATION
Tar
g
et Cor
p
oration 14
,
676
,
900$ 1.11% -$
Lowes Home Center
,
Inc. 14
,
623
,
700 1.10% -
Home De
p
ot
,
U.S.A. Inc. 10
,
197
,
000 0.77% 6
,
535
,
000 0.10%
Kohl's De
p
artment Store 9
,
200
,
000 0.69% -
Route 553 Retail
,
LLC 6
,
713
,
900 0.51% -
Wilkins Industrial Par
k
6
,
646
,
900 0.50% -
Timberline Plaza 6
,
388
,
200 0.48% -
Belina Dev & Brooklawn Out Lot LLC 6
,
260
,
300 0.47% -
S
p
irit Master Fundin
g
6
,
033
,
600 0.45% -
Bristol Develo
p
ment Cor
p
- 6
,
259
,
700 0.09%
Wilkins Industrial Par
k
- 4
,
624
,
800 0.07%
Verizon - 4
,
355
,
210 0.06%
Mantua Partners
,
NJ - 4
,
188
,
400 0.06%
Frezza LLC 4
,
922
,
500 0.37% 3
,
965
,
800 0.06%
K-Tron - 3
,
327
,
500 0.05%
Cam
p
bell's Auto Ex
p
ress - 2
,
432
,
100 0.04%
Public Stora
g
e
,
Inc. - 1
,
826
,
800 0.03%
Ea
g
les Nest Golf Club LLC - 1
,
561
,
900 0.02%
Total 85
,
663
,
000$ 6.45% 39
,
077
,
210 0.58%
TAXPAYER
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
PRINCIPAL PROPERTY TAX PAYERS,
CURRENT YEAR AND NINE YEARS AGO
2015
TAXPAYER
2015 2006
2006
179
EXHIBIT J-9
HARRISON TOWNSHIP
TAXES LEVIED COLLECTIONS
YEAR ENDED FOR THE PERCENT OF IN SUBSEQUENT
DECEMBER 31 FISCAL YEAR AMOUNT LEVY YEAR
2015 $8,299,314 8,299,314 100.00%
2014 8,013,981 8,013,981 100.00% -
2013 7,626,499 7,626,499 100.00% -
2012 7,550,040 7,550,040 100.00% -
2014 7,436,680 7,436,680 100.00% -
2010 7,407,108 7,407,108 100.00% -
2009 7,215,213 7,215,213 100.00% -
2008 6,911,356 6,911,356 100.00% -
2007 6,284,724 6,284,704 100.00% -
2006 5,667,508 5,667,508 100.00% -
MANTUA TOWNSHIP
TAXES LEVIED COLLECTIONS
YEAR ENDED FOR THE PERCENT OF IN SUBSEQUENT
DECEMBER 31 FISCAL YEAR AMOUNT LEVY YEAR
2015 $8,962,179 8,962,179 100.00%
2014 8,563,598 8,563,598 100.00% -
2013 8,123,728 8,123,728 100.00% -
2012 7,891,359 7,891,359 100.00% -
2014 7,852,880 7,852,880 100.00% -
2010 7,294,392 7,294,392 100.00% -
2009 7,229,670 7,229,670 100.00% -
2008 7,125,070 7,125,070 100.00% -
2007 7,036,349 7,036,349 100.00% -
2006 6,788,778 6,788,778 100.00% -
Source: District records including the Certificate and Report of School Taxes (A4F Form).
COLLECTED WITH THE FISCAL YEAR
COLLECTED WITH THE FISCAL YEAR
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
180
EXHIBIT J-1
0
BUSINESS-
FISCA
L
BOND TYPE PERCENTAG
E
YEA
R
GENERA
L
CERTIFICATE
S
ANTICIPATIO
N
ACTIVITIE
S
OF
ENDED OBLIGATIO
N
OF CAPITA
L
NOTES CAPITA
L
TOTA
L
PER CAPIT
A
JUNE 20, BONDS PARTICIPATIO
N
LEASES
(
BANs
)
LEASES DISTRIC
T
INCOME
2015 $18,008,000 N/A N/A N/A N/A 18,008,000 N/A
2014 19,878,000 N/A N/A N/A N/A 19,878,000 N/A
2013 19,923,000 N/A N/A N/A N/A 19,923,000 N/A
2012 23,403,000 N/A N/A N/A N/A 23,403,000 N/A
2014 25,153,000 N/A N/A N/A N/A 25,153,000 4.78%
2010 27,255,000 N/A 66,649 N/A N/A 27,321,649 5.32%
2009 27,537,000 N/A 168,287 N/A N/A 27,705,287 5.56%
2008 29,027,000 N/A 385,922 N/A N/A 29,412,922 6.06%
2007
30,372,000
N/A 685,491 N/A N/A 31,057,491 6.40%
2006
31,502,000
N/A 734,824 N/A N/A 32,236,824 3.00%
Note: Details re
g
ardin
g
the district's outstandin
g
debt can be found in the notes to the financial statements
GOVERNMENTAL ACTIVITIES
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
181
EXHIBIT J-11
NET PERCENTAGE
FISCAL GENERAL OF ACTUAL
YEAR GENERAL BONDED TAXABLE
ENDED OBLIGATION DEBT VALUE OF
JUNE 30, BONDS DEDUCTIONS OUTSTANDING PROPERTY PER CAPITA
2015
$18,008,000 18,008,000 N/A N/A
2014
19,878,000 19,878,000 N/A N/A
2013
19,923,000 19,923,000 N/A N/A
2012
23,403,000 23,403,000 1.75% N/A
2014
25,153,000 25,153,000 1.90% 2,020
2010
27,255,000 27,255,000 2.06% 2,165
2009
27,537,000 27,537,000 3.34% 2,188
2008
29,027,000 29,027,000 3.52% 2,338
2007
30,372,000 30,372,000 3.98% 2,481
2006
31,502,000 31,502,000 4.46% 2,668
GENERAL BONDED DEBT OUTSTANDING
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
182
EXHIBIT J-12
DEBT PERCENTAGE OVERLAPPING
OUTSTANDING APPLICABLE DEBT
Harrison
Debt Re
p
aid With Pro
p
ert
y
Taxes:
Harrison Townshi
p
$37,980,493 100.000% $37,980,493
Gloucester Count
y
General Obli
g
ation Debt 247,990,608 5.693% 14,116,978
Re
g
ional School Debt 18,008,000 48.080% 8,658,246
Total Direct & Overla
pp
in
g
Debt $60,755,718
Mantua
Debt Re
p
aid With Pro
p
ert
y
Taxes:
Mantua Townshi
p
$10,484,683 100.000% $10,484,683
Gloucester Count
y
General Obli
g
ation Debt 247,990,608 5.415% 13,429,472
Re
g
ional School Debt 18,008,000 51.920% 9,349,754
Total Direct & Overla
pp
in
g
Debt $33,263,908
Sources: Assessed value data used to estimate a
pp
licable
p
ercenta
g
es
p
rovided b
y
the Burlin
g
ton Count
y
Board of Taxation.
Debt outstandin
g
data
p
rovided b
y
each
g
overnmental unit.
NOTE - Overla
pp
in
g
g
overnments are those that coincide, at least in
p
art, with the
g
eo
g
ra
p
hic boundaries
of the District.
This schedule estimates the
p
ortion of the outstandin
g
debt of those overla
pp
in
g
g
overnments that is borne
by
the residents and businesses of the above Townshi
p
s. This
p
rocess reco
g
nizes that, when considerin
g
the
District's abilit
y
to issue and re
p
a
y
Lon
g
-Term debt, the entire debt burden borne b
y
the residents and businesses
should be taken into account. However, this does not im
p
l
y
that ever
y
tax
p
a
y
er is a resident, and therefore
res
p
onsible for re
p
a
y
in
g
the debt, of each overla
pp
in
g
p
a
y
ment.
a. For debt re
p
aid with
p
ro
p
ert
y
taxes, the
p
ercenta
g
e of overla
pp
in
g
debt a
pp
licable is estimated usin
g
taxable
assessed
p
ro
p
ert
y
values. A
pp
licable
p
ercenta
g
es were estimated b
y
determinin
g
the
p
ortion of anothe
r
g
overnment unit's taxable value that is within the District's boundaries and dividin
g
it b
y
each unit's tota
l
taxable value.
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
RATIOS OF OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF JUNE 30, 2015
GOVERNMENTAL UNIT
183
EXHIBIT J-13
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Debt Limi
t
$96,681,483 $97,340,095 99,735,831 103,083,916 105,222,596 104,451,175 98,907,428 88,869,408 76,708,527 65,091,200
Total Net Debt Applicable to Limi
t
18,008,000 19,878,000 21,663,000 23,403,000 25,153,000 27,255,000 27,537,000 29,027,000 30,372,000 31,502,000
Legal Debt Margi
n
$78,673,483 $77,462,095 78,072,831 79,680,916 80,069,596 77,196,175 71,370,428 59,842,408 46,336,527 33,589,200
Total Net Debt Applicable to the Limi
t
as a Percentage of Debt Limi
t
18.63% 20.42% 21.72% 22.70% 23.90% 26.09% 27.84% 32.66% 39.59% 48.40%
Harriso
n
Mantu
a
Tota
l
2014 1,417,734,287 1,375,832,077 2,793,566,364
2013 1,371,663,339 1,365,856,030 2,737,519,369
2012 1,362,722,313 1,393,176,185 2,755,898,498
$8,286,984,231
Average Equalized Valuation of Taxable Propert
y
$2,762,328,077
Debt Limit (3.5 % of Average Equalization Value
)
$96,681,483
Net Bonded School Deb
t
18,008,000
Legal Debt Margi
n
$78,673,483
Source: Equalized valuation bases were obtained from the Annual Report of the State of New Jersey
Department of Treasury, Division of Taxatio
n
Equalized Valuation Basis
Le
g
al Debt Mar
g
in Calculation for Fiscal Year 2014
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
184
EXHIBIT J-14
PER CAPITA
PERSONAL PERSONAL UNEMPLOYMENT
YEAR POPULATION
(
a
)
INCOME INCOME
(
c
)
RATE
(
d
)
Harrison
2015
N
/
A
N
/
A
N
/
A
N
/
A
2014 12
,
818
N
/
A
N
/
A
5.6%
2013 12
,
705 573
,
872
,
145 45
,
169 6.4%
2012 12
,
575 563
,
362
,
608 44
,
868 8.1%
2014 * 12
,
513 525
,
865
,
284 42
,
228 7.9%
2010 12
,
435 513
,
281
,
529 41
,
337 8.1%
2009 12
,
587 498
,
331
,
917 39
,
591 7.6%
2008 12
,
415 485
,
501
,
440 39
,
040 5.2%
2007 12
,
224 456
,
558
,
130 37
,
331 4.0%
2006 11
,
812 425
,
841
,
104 36
,
076 4.4%
Mantua
2015
N
/
A
N
/
A
N
/
A
N
/
A
2014 15
,
150
N
/
A
N
/
A
6.5%
2013 15
,
090 681
,
600
,
210 45
,
169 6.8%
2012 15
,
132 677
,
910
,
612 44
,
868 9.4%
2014 * 15
,
183 644
,
357
,
052 42
,
228 9.2%
2010 15
,
216 629
,
025
,
129 41
,
337 9.4%
2009 15
,
216 602
,
416
,
656 39
,
591 8.9%
2008 15
,
187 592
,
510
,
080 39
,
040 6.0%
2007 15
,
204 567
,
468
,
531 37
,
331 4.7%
2006 15
,
142 546
,
262
,
792 36
,
076 5.1%
Source:
a
Population information provided by the NJ Dept of Labor and Workforce Development
b Personal income
c
Per Capita
d
Unemployment data provided by the NJ Dept of Labor and Workforce Development
* 2010 Census
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
185
EXHIBIT J-15
PERCENTAGE
RANK OF TOTAL
EMPLOYER EMPLOYEES (OPTIONAL) EMPLOYMENT
Inspira Health 1,825 1 15.79%
Kennedy Hospital 1,675 2 14.49%
Washington Township School District 1,631 3 14.11%
Rowan University 1,483 4 12.83%
County of Gloucester 1,398 5 12.10%
Missa Bay, LLC 950 6 8.22%
Monroe Township School District 807 7 6.98%
U.S. Food Services 725 8 6.27%
Exxon Mobile Research & Development 540 9 4.67%
LaBrea Bakery 525 10 4.54%
11,559 100.00%
Source: Information provided by the Gloucester County Office of Economic Development and Employer Directly.
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
2015
2006
NOT AVAILABLE
186
Function/Progra
m
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Instruction:
Regular 149.8 150.5 150.0 149.6 160.2 155.0 155.0 150.5 149.5 148.0
Special Education 46.8 35.7 37.1 37.9 26.5 36.0 36.0 40.5 39.5 37.0
Other Special Education
Other Instruction 3.0 3.0 3.0 3.0 3.0 2.5 2.5 2.5
Adult/Continuing Education
Program 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
Support Services:
Attendance & Social
Work 2.7 2.7 2.7 2.7 3.0 3.0 3.0 3.0 3.0 3.0
Health Services 4.3 4.3 4.3 4.4 4.2 4.2 4.2 3.7 3.7 3.7
Related Services 2.0 2.0 2.0 1.6 1.6 1.6 1.6 1.0 1.0 1.0
Extraordinary Services
Guidance Services 14.0 14.8 15.1 14.2 14.0 14.0 14.0 11.7 11.7 11.5
Child Study Team 6.4 6.0 5.4 5.2 6.0 6.0 6.0 6.0 6.0 6.5
Improvement o
f
Instruction 5.0 5.0 4.9 5.0 5.0 5.0 5.0 3.0 3.0 2.0
Media Services 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 4.0
Professional Development 0.5 0.5 0.5 0.5 0.5 1.0 1.0
General Administration 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
School Administration 17.0 15.9 15.5 15.5 15.5 16.0 16.0 14.5 14.5 14.0
Central Services 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.2 5.2 5.0
Administrative Information
Technolog
y
4.5 4.5 4.5 4.5 4.5 4.5 4.5 3.0 3.0 3.0
Plants Operations &
Maintenance 22.7 27.1 26.8 26.8 29.0 28.0 28.0 22.5 22.5 21.5
Pupil Transportation 24.5 26.8 26.8 23.9 40.0 37.0 37.0 38.2 38.2 38.0
Other Support Services 3.0 3.0 3.0 3.0 3.5 3.5 3.5 0.5 0.4 0.4
Food Servic
e
20.0 20.0 20.0 20.0 20.0 21.0 22.0 22.0 22.0 23.0
Total 333.7 329.3 332.1 328.3 347.0 349.3 350.3 333.3 331.2 326.6
Source: District Personnel Records
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY FUNCTION/PROGRA
M
LAST TEN FISCAL YEARS
EXHIBIT J-16
187
EXHIBIT J-17
AVERAGE AVERAGE % CHANGE IN
OPERATIN
G
DAILY DAILY AVERAGE STUDENT
FISCA
L
EXPENDITURES COST PER PERCENTAGE ENROLLMENT ATTENDANCE DAILY ATTENDANCE
YEAR ENROLLMENT (a) PUPIL CHANGE STAFF RATIO STAF
F
RATIO (ADA) (c) (ADA) (c) ENROLLMENT PERCENTAGE
2015
2,491 $ 34,704,731 13,932 4.19% 65 12.8 109 15.2 2,320.7 2,320.7 -5.01%
95.16%
2014
2,516 34,161,454 13,578 1.54% 66 13.2 110 14.9 2,464.2 2,359.6 0.86%
95.76%
2013
2,489 33,282,535 13,372 7.06% 65 13.8 110 14.3 2,443.2 2,324.8 -1.00%
95.15%
2012
2,498 31,199,731 12,490 5.64% 65 14.0 110 14.4 2,467.8 2,350.5 -1.05%
95.25%
2014
2,501 29,563,169 11,823 -4.20% 65 13.6 110 14.7 2,494.0 2,372.0 2.17%
95.11%
2010
2,441 30,123,448 12,341 4.63% 65 13.6 115 13.5 2,441.0 2,311.3 2.15%
94.69%
2009
2,454 28,944,398 11,795 -3.27% 69 12.0 119 13.7 2,389.7 2,257.8 -0.33%
94.48%
2008
2,399 29,253,075 12,194 5.46% 67 12.9 111 13.8 2,397.5 2,290.3 0.26%
95.53%
2007
2,392 27,658,098 11,563 2.39% 67 13.3 116 13.0 2,391.2 2,282.2 4.36%
95.44%
2006
2,285 25,805,261 11,293 2.74% 65 12.3 113 13.2 2,291.2 2,172.1 3.39%
94.80%
Sources: District record
s
Note: Enrollment based on annual October district count.
a Operating expenditures equal total expenditures less debt service and capital outla
y
b
Teaching staff includes only full-time equivalents of certificated staf
f
c Average daily enrollment and average daily attendance are obtained from the School Register Summary (SRS
)
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
OPERATING STATISTICS
LAST TEN FISCAL YEARS
MIDDLE SCHOOL HIGH SCHOOL
PUPIL/TEACHER RATIO
188
EXHIBIT J-18
DISTRICT BUILDINGS 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Middle School:
Middle School (1968 & 2003):
Square Feet 130,715 130,715 130,715 130,715 130,715 130,715 130,715 130,715 130,715 130,715
Capacity (Students) 764 764 764 764 764 764 764 764 764 764
Enrollmen
t
864 865 914 916 888 888 827 881 894 797
High School:
High School (1960, 1996, 2003):
Square Feet 250,947 250,947 250,947 250,947 250,947 250,947 250,947 250,947 250,947 250,947
Capacity (Students) 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462
Enrollmen
t
1,627 1,651 1,575 1,582 1,613 1,613 1,627 1,555 1,498 1,491
Administration Building:
Square Feet 5,260 5,260 5,260 5,260 5,260 5,260 5,260 5,260 5,260 5,260
Transportation Building:
Square Feet 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400
Maintenance Building/Field House:
Square Feet 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500
N
umber of Schools at June 30, 2013:
Middle School = 1
Senior High School = 1
Other = 0
Source: District Facilities Office
N
ote: Year of original construction is shown in parentheses. Increases in square footage and capacity are the result of
and additions. Enrollment is based on the annual October district count.
CLEARVIEW REGIONAL HIGH SCHOOL DISTRIC
T
SCHOOL BUILDING INFORMATIO
N
LAST TEN FISCAL YEARS
189
EXHIBIT J-19
UNDISTRIBUTED EXPENDITURES - REQUIRED
MAINTENANCE FOR SCHOOL FACILITIES
GROSS
SQUARE
* FOOTAGE 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 TOTAL
High School 250,947 423,860$ 425,318$ 515,605$ 270,681$ 285,734$ 328,912$ 284,615$ 203,074$ 190,088$ 160,495$ 3,088,382$
Middle School 130,715 96,411 129,812 206,869 134,375 157,258 565,247 122,455 97,799 112,299 110,854 1,733,379
Administration 5,260 10,995 30,925 36,850 19,549 17,019 21,486 10,682 8,833 7,488 9,100 172,927
Total School
Facilities 531,266$ 586,055$ 759,324$ 424,605$ 460,011$ 915,645$ 417,753$ 309,706$ 309,875$ 280,449$ 4,994,688$
* School facilities as defined under EFCFA.
(N.J.A.C. 6A:26-1.2 and N.J.A.C. 6A:26A-1.3)
Source: District records
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SCHEDULE OF REQUIRED MAINTENANCE
LAST TEN FISCAL YEARS
190
EXHIBIT J-20
COVERAGE DEDUCTIBLE
School Package Policy - Utica National Insurance Group
Property - Blanket Building & Contents $79,189,042 1,000
Commercial General Liability
General Aggregate Limit 3,000,000 None
Products Completed Operations, Aggregate Limit 3,000,000 None
Personal & Advertising Injury 1,000,000 None
Fire Damage Limit Any One Fire 1,000,000 None
Medical Expense - any One Person 10,000 None
Commercial Automobile Liability
Bodily Injury & Property Damage 1,000,000 1,000
Inland Marine
Business Computers 675,893 250
Head of the Class Uni-Flex 100,000 500
Valuable Papers & Records 100,000 100
Signs 30,000 250
Musical Instruments & Related 500,000 250
Miscellaneous School Equipment 500,000 250
Educators Legal Liability 1,000,000 7,500
Umbrella
General Liability 10,000,000 10,000
Excess Liability Policy - Fireman's Fund Indemnity Corp. 50,000,000 None
Workmens' Compensation - Educational Risk Insurance Consortium South
Bodily Injury - By Accident 2,000,000 None
Bodily Injury - By Disease 2,000,000 None
Student Accident - The Berkley LH&A Insurance Program Trust Various
Public Employees' Faithful Performance Bonds -
Selective Insurance Company of America
Employee Bond - Esther R. Pennell, Business
Administrator/Board Secretary 265,000 None
Source: District Records.
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
INSURANCE SCHEDULE
JUNE 30, 2015
191
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192
SINGLE AUDIT SECTION
193
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194
EXHIBIT K-1
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Honorable President and Members
of the Board of Education
Clearview Regional High School District
County of Gloucester
Mullica Hill, New Jersey 08062
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States and audit requirements as prescribed by the Office
of School Finance, Department of Education, State of New Jersey, the financial statements of the
governmental and business-type activities, each major fund and the aggregate remaining fund information
of the Clearview Regional High School District, as of and for the year ended June 30, 2015, and the
related notes to the financial statements, which collectively comprise Clearview Regional High School
District’s basic financial statements, and have issued our report thereon dated December 4, 2015.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered Clearview Regional High
School District's internal control over financial reporting (internal control) to determine the audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the
financial statements, but not for the purpose of expressing an opinion on the effectiveness of Clearview
Regional High School District’s internal control. Accordingly, we do not express an opinion on the
effectiveness of Clearview Regional High School District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the District’s financial statements will not be prevented, or detected and corrected on a timely basis. A
significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less
severe than a material weakness, yet important enough to merit attention by those charged with
governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
195
Compliance and Other Matters
As part of obtaining reasonable assurance about whether Clearview Regional High School District's
financial statements are free from material misstatement, we performed tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could
have a direct and material effect on the determination of financial statement amounts. However, providing
an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do
not express such an opinion. The results of our tests disclosed no instances of noncompliance or other
matters that are required to be reported under Government Auditing Standards and audit requirements as
prescribed by the Office of School Finance, Department of Education, State of New Jersey.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards and audit requirements as prescribed by the Office of School Finance,
Department of Education, State of New Jersey, in considering the District’s internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Michael Holt
Public School Accountant
Certified Public Accountant
No. 1148
Medford, New Jersey
December 4, 2015
196
EXHIBIT K-2
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM
AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-
133 AND NEW JERSEY OMB CIRCULAR 04-04 AND/OR 15-08.
Honorable President and Members
of the Board of Education
Clearview Regional High School District
County of Gloucester
Mullica Hill, New Jersey 08062
Report on Compliance for Each Major Federal and State Program
We have audited Clearview Regional High School District’s compliance with the types of compliance
requirements described in the OMB Circular A-133 Compliance Supplement and the New Jersey
Aid/Grant Compliance Supplement that could have a direct and material effect on each of the District’s
major federal and state programs for the year ended June 30, 2015. The Clearview Regional High School
District’s major federal and state programs are identified in the Summary of Auditor’s Results section of
the accompanying Schedule of Findings and Questioned Costs.
Management’s Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts, and
grants applicable to its federal and state programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for each of Clearview Regional High School
District’s major federal and state programs based on our audit of the types of compliance requirements
referred to above. We conducted our audit of compliance in accordance with auditing standards generally
accepted in the United States of America; the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States; and OMB
Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; the New Jersey
State Aid/Grant Compliance Supplement; the audit requirements prescribed by the Office of School
Finance, Department of Education, State of New Jersey; and New Jersey OMB’s Circulars 04-04 and 15-
08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards,
197
OMB Circular A-133 and New Jersey OMB’s Circulars 04-04 and 15-08, require that we plan and
perform the audit to obtain reasonable assurance about whether noncompliance with the types of
compliance requirements referred to above that could have a direct and material effect on a major federal
or state program occurred. An audit includes examining, on a test basis, evidence about the Clearview
Regional High School District’s compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major
federal and state program. However, our audit does not provide a legal determination of Clearview
Regional High School District’s compliance with those requirements.
Opinion on Each Major Federal and State Program
In our opinion, Clearview Regional High School District complied, in all material respects, with the types
of compliance requirements referred to above that could have a direct and material effect on each of its
major federal and state programs for the year ended June 30, 2015.
Report on Internal Control Over Compliance
Management of Clearview Regional High School District is responsible for establishing and maintaining
effective internal control over compliance with the types of compliance requirements referred to above.
In planning and performing our audit of compliance, we considered Clearview Regional High School
District’s internal control over compliance with the types of requirements that could have a direct and
material effect on each major federal or state program to determine the auditing procedures that are
appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major
federal or state program and to test and report on internal control over compliance in accordance with
OMB Circular A-133 and New Jersey OMB’s Circular’s 04-04 and 15-08, but not for the purpose of
expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not
express an opinion on the effectiveness of Clearview Regional High School District’s internal control
over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal or state program on a timely basis. A material weakness in internal control over compliance is a
deficiency, or combination of deficiencies, in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a type of compliance requirement of a federal or
state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency
in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control
over compliance with a type of compliance requirement of a federal or state program that is less severe
than a material weakness in internal control over compliance, yet important enough to merit attention by
those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over
compliance that might be material weaknesses or significant deficiencies. We did not identify any
deficiencies in internal control over compliance that we consider to be material weaknesses. However,
material weaknesses may exist that have not been identified.
198
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control over compliance and the results of that testing based on the requirements of
OMB Circular A-133 and New Jersey OMB’s Circular(s) 04-04 and/or 15-08. Accordingly, this report is
not suitable for any other purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Michael Holt
Public School Accountant
Certified Public Accountant
No. 1148
Medford, New Jersey
December 4, 2015
199
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200
EXHIBIT K-3
SCHEDULE
A
GRANT O
R
BALANC
E
REPAYMENT
(
ACCOUNTS UNEARNED DUE TO
FEDERAL GRANTO
R
FEDERA
L
STATE AT OF PRIO
R
RECEIVABLE
)
REVENUE GRANTO
R
PASS THROUGH GRANTO
R
CFD
A
PROJECT AWAR
D
GRAN
T
JUNE 30, CASH BUDGETAR
Y
YEARS' AT JUNE 30, AT JUNE 30, AT JUNE 30,
PROGRAM TITL
E
NUMBE
R
NUMBE
R
AMOUNT PERIOD 2014 RECEIVED EXPENDITURES BALANCE
S
2015 2015 2015
U.S. DEPARTMENT OF AGRICULTURE PASSED-THROUG
H
STATE DEPARTMENT OF EDUCATION:
Enter
p
rise Fund:
Food Distribution Pro
g
ra
m
10.565 33,539 7/1/14-6/30/15 -$ 33,539$
(
33,539
)
$ -$ -$ -$ -$
National School Lunch Pro
g
ra
m
10.555 123,700 7/1/13-6/30/14
(
7,780
)
7,780 - - - - -
National School Lunch Pro
g
ra
m
10.555 119,442 7/1/14-6/30/15 - 113,578
(
119,442
)
-
(
5,864
)
- -
Total U.S. De
p
artment of Educatio
n
(
7,780
)
154,897
(
152,981
)
-
(
5,864
)
- -
U.S. DEPARTMENT OF AGRICULTURE PASSED-THROUG
H
STATE DEPARTMENT OF EDUCATION:
General Fund
:
Medical Assistance Pro
g
ra
m
93.778 14,769 7/1/14-6/30/15 - 14,769
(
14,769
)
- - - -
Total General Fun
d
- 14,769
(
14,769
)
- - - -
S
p
ecial Revenue Fund
:
Title I - Part
A
84.010 NCLB087015 84,197 7/1/14-6/30/15 - 61,037
(
73,469
)
-
(
12,432
)
- -
Title I - Part
A
84.010 NCLB087014 67,002 7/1/13-6/30/14
(
9,399
)
14,414
(
5,015
)
- - -
Title I - Part
A
84.010 NCLB087013 77,541 9/1/12-8/31/13
(
16,162
)
16,162 - - - -
Title II - Part
A
84.367 NCLB087015 27,225 7/1/14-6/30/15 - 13,564
(
19,689
)
-
(
6,125
)
- -
Title II - Part
A
84.367 NCLB087014 25,216 7/1/13-6/30/14
(
11,612
)
12,345
(
1,593
)
-
(
860
)
- -
Title II - Part
A
84.367 NCLB087013 25,770 9/1/12-8/31/13
(
684
)
684 - - - - -
Title II - Part D 84.318 NCLB087010 659 9/1/09-8/31/10
(
201
)
- - -
(
201
)
- -
Title II
I
84.365
A
NCLB087015 2,869 7/1/14-6/30/15 - 2,869
(
2,640
)
- - 229 -
I.D.E.A. Part B, Basic Re
g
ula
r
84.027 IDEA087015 539,390 7/1/14-6/30/15 - 303,179
(
456,502
)
-
(
153,323
)
- -
I.D.E.A. Part B, Basic Re
g
ula
r
84.027 IDEA087014 489,631 7/1/13-6/30/14
(
206,279
)
248,192
(
41,913
)
- - - -
I.D.E.A. Part B, Basic Re
g
ula
r
84.027 IDEA087013 494,422 9/1/12-8/31/13
(
9,921
)
9,921 - - - - -
Carl D. Perkins - Secondar
y
84.048 N/
A
46,793 7/1/14-6/30/15 - 46,766
(
46,766
)
- - - -
Carl D. Perkins - Secondar
y
84.048 N/
A
51,115 7/1/13-6/30/14
(
3,429
)
3,429 - - - - -
Carl D. Perkins - Secondar
y
84.048 N/
A
66,858 7/1/12-6/30/13
(
1
)
1 - - - - -
Total S
p
ecial Revenue Fun
d
(
257,688
)
732,563
(
647,587
)
-
(
172,941
)
229 -
Total Federal Financial Assistanc
e
(
265,468
)
$ 902,229$
(
815,337
)
$ -$
(
178,805
)
$ 229$ -$
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
FOR FISCAL YEAR ENDED JUNE 30, 2015
201
EXHIBIT K-4
SCHEDULE B
BALANCE REPAYMENT
(
ACCOUNTS DUE TO
GRANT OR A
T
OF RECEIVABLE
)
GRANTOR CUMULATIVE
STATE GRANTOR
/
STATE PROJECT AWARD GRANT JUNE 30, CASH BUDGETARY PRIOR YEAR AT JUNE 30, AT JUNE 30, BUDGETARY TOTA
L
PROGRAM TITLE NUMBER AMOUNT PERIOD 2014 RECEIVED EXPENDITURES BALANCES 2015 2015 RECEIVABLE EXPENDITURES
State De
p
artment of Education:
General Fund:
E
q
ualization Ai
d
15-495-034-5120-078 $12,725,860 7/1/14-6/30/15 -$ 12,725,860$
(
12,725,860
)
$ -$ -$ -$
(
1,164,488
)
$ 12,725,860$
Cate
g
orical Trans
p
ortation Ai
d
15-495-034-5120-014 409,464 7/1/14-6/30/15 - 409,464
(
409,464
)
- - -
(
37,468
)
409,464
S
p
ecial Education Cate
g
orical Ai
d
15-495-034-5120-089 1,397,198 7/1/14-6/30/15 - 1,397,198
(
1,397,198
)
- - -
(
127,851
)
1,397,198
Cate
g
orical Securit
y
Ai
d
15-495-034-5120-084 195,116 7/1/14-6/30/15 - 195,116
(
195,116
)
- - -
(
17,854
)
195,116
Under Ade
q
uac
y
Ai
d
15-495-034-5120-083 124,697 7/1/14-6/30/15 - 124,697
(
124,697
)
- - -
(
11,411
)
124,697
Per Pu
p
il Growth Ai
d
15-495-034-5120-097 25,200 7/1/14-6/30/15 - 25,200
(
25,200
)
- - -
(
2,306
)
25,200
PARCC Readiness Ai
d
15-495-034-5120-098 25,200 7/1/14-6/30/15 - 25,200
(
25,200
)
- - -
(
2,306
)
25,200
Extraordinar
y
Ai
d
14-100-034-5120-473 276,711 7/1/13-6/30/1
4
(
276,711
)
276,711 - - - - - -
Extraordinar
y
Ai
d
15-100-034-5120-473 292,383 7/1/14-6/30/15 - -
(
292,383
)
-
(
292,383
)
- - 292,383
Nonbud
g
eted:
Reimbursed TPAF Socia
l
Securit
y
Contributio
n
15-495-034-5095-002 1,026,345 7/1/14-6/30/15 - 976,188
(
1,026,345
)
-
(
50,157
)
- - 1,026,345
Reimbursed TPAF Socia
l
Securit
y
Contributio
n
14-495-034-5095-002 1,023,383 7/1/13-6/30/1
4
(
50,097
)
50,097 - - - - - -
On-Behalf TPAF Pension Contribution
s
14-495-034-5095-001 723,528 7/1/14-6/30/15 - 723,528
(
723,528
)
- - - - 723,528
On-Behalf TPAF Post-Retirement Medica
l
14-495-034-5095-001 1,148,599 7/1/14-6/30/15 - 1,148,599
(
1,148,599
)
- - - - 1,148,599
Non-Public Trans
p
ortation Aid 15-495-034-5120-473 41,572 7/1/14-6/30/15 - -
(
41,572
)
-
(
41,572
)
- - 41,572
Non-Public Trans
p
ortation Aid 14-495-034-5120-473 64,223 7/1/13-6/30/1
4
(
64,223
)
64,223 - - - - - -
Homeless Tuitio
n
N\A 11,000 7/1/13-6/30/1
4
(
11,000
)
11,000 - - - - - -
Homeless Tuitio
n
N\A 4,690 7/1/14-6/30/15 - -
(
4,690
)
-
(
4,690
)
- - 4,690
S
p
ecial Revenue Fund:
Passed-State De
p
artment of Education
:
N.J. Achievement Gran
t
N/A 70,000 7/1/14/6/30/15 - -
(
23,220
)
-
(
23,220
)
- - 23,220
N.J. Non
p
ublic Aid:
Textbook Ai
d
15-100-034-5120-064 14,001 7/1/14-6/30/15 - 14,001
(
3,619
)
- - 10,382 - 3,619
Textbook Ai
d
14-100-034-5120-064 14,097 7/1/13-6/30/1
4
4,715 - -
(
4,715
)
- - - -
Nursin
g
Service
s
15-100-034-5120-070 22,384 7/1/14-6/30/15 - 22,384
(
22,384
)
- - - - 22,384
Technolo
gy
15-100-034-5120-373 7,520 7/1/14-6/30/15 - 7,520
(
7,351
)
- - 169 - 7,351
Technolo
gy
14-100-034-5120-373 5,140 7/1/13-6/30/1
4
25 - -
(
25
)
- - - -
Auxiliar
y
Services
:
Com
p
ensator
y
Educatio
n
15-100-034-5120-067 19,719 7/1/14-6/30/15 - 19,719
(
11,287
)
- - 8,432 - 11,287
Com
p
ensator
y
Educatio
n
14-100-034-5120-067 21,400 7/1/13-6/30/1
4
7,449 - -
(
7,449
)
- - - -
Home Instructio
n
14-100-034-5120-067 6,558 7/1/13-6/30/1
4
(
6,559
)
6,559 - - - - - -
Home Instructio
n
15-100-034-5120-067 1,760 7/1/14-6/30/15 - -
(
1,760
)
-
(
1,760
)
- - 1,760
Trans
p
ortatio
n
14-100-034-5120-068 6,286 7/1/13-6/30/1
4
1,345 - -
(
1,345
)
- - - -
Trans
p
ortatio
n
15-100-034-5120-068 2,823 7/1/14-6/30/15 - 2,823
(
1,695
)
- - 1,128 - 1,695
Handica
pp
ed Services:
Corrective S
p
eec
h
15-100-034-5120-066 2,650 7/1/14-6/30/15 - 2,650 - - - 2,650 - -
Corrective S
p
eec
h
14-100-034-5120-066 2,344 7/1/13-6/30/1
4
782 - -
(
782
)
- - - -
Examination & Classificatio
n
15-100-034-5120-066 9,372 7/1/14-6/30/15 - 9,372
(
7,566
)
- - 1,806 - 7,566
Examination & Classificatio
n
14-100-034-5120-066 15,765 7/1/13-6/30/1
4
1,596 - -
(
1,596
)
- - - -
Su
pp
lementar
y
Instructio
n
15-100-034-5120-066 7,054 7/1/14-6/30/15 - 7,054
(
4,787
)
- - 2,267 - 4,787
Su
pp
lementar
y
Instructio
n
14-100-034-5120-066 6,800 7/1/13-6/30/1
4
556
(
556
)
- - - -
Subtotal State Financial Assistanc
e
(
392,122
)
18,245,163
(
18,223,521
)
(
16,468
)
(
413,782
)
26,834
(
1,363,684
)
18,223,521
State De
p
artment of Education:
Debt Service Fund:
Debt Service Aid T
yp
e I
I
15-495-034-5120-075 475,946 7/1/14-6/30/15 - 475,946
(
475,946
)
- - - - 475,946
State De
p
artment of A
g
riculture
:
Enter
p
rise Fund:
National School Lunch Pro
g
ra
m
(
State Share
)
14-100-010-3360-067 5,578 7/1/13-6/30/1
4
(
633
)
633 - - - - - -
National School Lunch Pro
g
ra
m
(
State Share
)
15-100-010-3360-067 4,865 7/1/14-6/30/15 - 4,500
(
4,865
)
-
(
365
)
- - 4,865
Subtotal State Financial Assistanc
e
(
633
)
481,079
(
480,811
)
-
(
365
)
- - 480,811
Grand Total State Financial Assistanc
e
(
392,755
)
$ 18,726,242$
(
18,704,332
)
(
16,468
)
$
(
414,147
)
$ 26,834$
(
1,363,684
)
$ 18,704,332$
Less: Grants Not Sub
j
ect to New Jerse
y
OMB Circular 04-04
:
On-Behalf TPAF Pension Contribution
s
15-495-034-5095-001 723,528 7/1/14-6/30/15 723,528
On-Behalf TPAF Post-Retirement Medica
l
15-495-034-5095-001 1,148,599 7/1/14-6/30/15 1,148,599
Total State Financial Assistance sub
j
ect to New Jerse
y
OMB Circular 04-0
4
(
16,832,205
)
$
MEMO
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SCHEDULE OF STATE FINANCIAL ASSISTANCE
FOR FISCAL YEAR ENDED JUNE 30, 2015
202
EXHIBIT K-5
(Page 1 of 2)
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE
JUNE 30, 2015
Note 1. General
The accompanying schedules of expenditures of federal awards and state financial assistance include
federal and state award activity of the Board of Education, Clearview Regional High School District. The
Board of Education is defined in Note 1 to the Board’s basic financial statements. All federal and state
awards received directly from federal and state agencies, as well as federal awards and state financial
assistance passed through other government agencies is included on the schedule of expenditures of
federal awards and state financial assistance.
Note 2. Basis of Accounting
The accompanying schedules of expenditures of awards and financial assistance are presented on the
budgetary basis of accounting with the exception of programs recorded in the food service fund, which
are presented using the accrual basis of accounting. These basis of accounting are described in Note 1 to
the Board’s basic financial statements.
Note 3. Relationship to Basic Financial Statements
The basic financial statements present the general fund and special revenue fund on a GAAP basis.
Budgetary comparison statements or schedules (RSI) are presented for the general fund and special
revenue fund to demonstrate finance related legal compliance in which certain revenue is permitted by
law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not
recognized until the subsequent year or when expenditures have been made.
The general fund is presented in the accompanying schedules on the modified accrual basis with the
exception of the revenue recognition of the last state aid payment in the current budget year, which is
mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP purposes that payment is not recognized until the
subsequent budget year due to the state deferral and recording of the last state aid payment in the
subsequent year. The special revenue fund is presented in the accompanying schedules on the grant
accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the
related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last
state aid payment in the current budget year, consistent with N.J.S.A.18A:22-4.2.
The net adjustment to reconcile from the budgetary basis to the GAAP basis is $7,051 for the general
fund and $0 for the special revenue fund. See Exhibit C-3 for a reconciliation of the budgetary basis to
the modified accrual basis of accounting for the general and special revenue funds. Awards and financial
assistance revenues are reported in the Board’s basic financial statements on a GAAP basis as presented
as follows:
203
EXHIBIT K-5
(Page 2 of 2)
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE
JUNE 30, 2015
Note 3. Relationship to Basic Financial Statements (continued):
Federal State Total
General Fund $ 14,769 $18,142,213 $18,156,982
Special Revenue Fund 647,587 83,668 731,255
Food Service Fund 152,981 4,865 157,846
Debt Service Fund - 475,946 475,946
Total Financial Assistance $815,337 $18,706,692 $19,522,029
Note 4. Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal
and state financial reports.
Note 5. Other
Revenues and expenditures reported under the Food Distribution Program represents current year value
received and current year distributions respectively. The amount reported as TPAF Pension Contributions
represents the amount paid by the state on behalf of the District for the year ended June 30, 2015. TPAF
Social Security Contributions represents the amount reimbursed by the state for the employer’s share of
social security contributions for TPAF members for the year ended June 30, 2015.
Note 6. Federal and State Loans Outstanding
The Clearview Regional High School Board of Education had no loan balances outstanding at June 30,
2015.
204
EXHIBIT K-6
(Page 1 of 3)
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SCHEDULE OF FINDINGS & QUESTIONED COSTS
For the Fiscal Year Ended June 30, 2015
Section I – Summary of Auditor’s Results
Financial Statements
Type of auditor’s report issued: Unmodified
Internal control over financial reporting:
1) Material weakness(es) identified? No
2) Significant deficiencies identified that are not
considered to be material weaknesses? None Reported
Noncompliance material to basic financial
Statements noted? None Reported
Federal Awards
Internal Control over major programs:
1) Material weakness(es) identified? No
2) Significant deficiencies identified that are not
considered to be material weaknesses? None Reported
Type of auditor’s report issued on compliance for major programs Unmodified
Any audit findings disclosed that are required to be reported in accordance
With Section .510(a) of Circular A-133? No
Identification of major programs:
CFDA Number(s) Name of Federal Program or Cluster
84.027 I.D.E.A. B, Regular
Dollar threshold used to distinguish between type A and type B programs: $300,000
Auditee qualified as low-risk auditee? Yes
205
EXHIBIT K-6
(Page 2 of 3)
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SCHEDULE OF FINDINGS & QUESTIONED COSTS
For the Fiscal Year Ended June 30, 2015
Section I – Summary of Auditor’s Results (continued):
State Awards
Dollar threshold used to distinguish between type A and type B programs: $504,966
Auditee qualified as low-risk auditee? Yes
Type of auditor’s report issued on compliance for major programs Unmodified
Internal Control over major programs:
1) Material weakness(es) identified? No
2) Significant deficiencies identified that are not considered
To be material weaknesses? None Reported
Any audit findings disclosed that are required to be reported in accordance
With NJ OMB Circular Letter(s) 04-04 and/or 15-08? None Reported
Identification of major programs:
GMIS Number(s) Name of State Program
15-495-034-5120-078 Equalization Aid
15-495-034-5120-084 Security Aid
15-495-034-5120-089 Special Educational Categorical Aid
15-495-034-5120-083 Educational Adequacy Aid
15-495-034-5120-097 Per Pupil Growth Aid
15-495-034-5120-098 PARCC Readiness Aid
Section II – Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of
provisions of contracts and grant agreements and abuse related to the financial statements for which
Government Auditing Standards requires reporting in a Circular A-133 audit.
No Current Year Findings
206
EXHIBIT K-6
(Page 3 of 3)
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SCHEDULE OF FINDINGS & QUESTIONED COSTS (continued):
For the Fiscal Year Ended June 30, 2015
Section III – Federal Awards & State Financial Assistance Finding & Questioned Costs
This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and
New Jersey OMB’s Circular Letter(s) 04-04 and/or 15-08.
No Current Year Findings
207
EXHIBIT K-7
CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT
For the Fiscal Year Ended June 30, 2015
This section identifies the status of prior-year findings related to the basic financial statements and federal
and state awards that are required to be reported in accordance with Chapter 6.12 of Government
Auditing Standards, U.S. OMB Circular A-133 (section .315 (a)(b)) and New Jersey OMB’s Circular 04-
04.
No Prior Year Findings
208
