Newspaper Archive of
The Glenville Democrat
Glenville, West Virginia
Lyft
September 26, 2013     The Glenville Democrat
PAGE 21     (21 of 24 available)        PREVIOUS     NEXT      Full Size Image
 
PAGE 21     (21 of 24 available)        PREVIOUS     NEXT      Full Size Image
September 26, 2013
 

Newspaper Archive of The Glenville Democrat produced by SmallTownPapers, Inc.
Website © 2019. All content copyrighted. Copyright Information.     Terms Of Use.     Request Content Removal.




] ': Thursday, September 26, 2013 - The Glenville Democrat/Pathfinder. Page 9B ANNUAL nnlANCIAL A m a:tqnie- OF mE 61LllnER COUNTY BOARD OF EDUCATION ON A 6AAP BASIS, INCLUDING GASB STATEMEMlr 34 AS OF AND FOR THE FISCAL YEAR ENDED JUNE 30, 2013 GILMER COUNTY, WEST VIRGINIA, BOARD OF EDUCATION STATEMENT OF NET POSITION Govemmental Activities ASSETS Cash and cash equivalents $ 2,644,402 Investments Taxes receivable, net of allowance for uncollectible taxes 29,481 Food services receivable Other receivables 36,419 Prepaids 32,442 Deposits- CPRB 60,352 Deposits- Forfeitures from CPRB 14,961 Deterred Charges- issuance costs Due from. other governments: State aid receivable 50,620 PEIA allocation receivable 143,160 Reimbursements receivable 436,976 Capital Assets: Land 145,000 Buildings and improvements 16,733,562 Furniture and equipment 168,495 Vehicles 1,329,630 Construction in process Less accumulated depreciation (13,526,333) Total capital assets, net of depreciation 4,850,254 Total Assets 8,299,066 DEFERRED OUTFLOWS OF RESOURCES Total deferred outflows of resources LIABILITIES Salaries payable and related payroll liabilities 638,014 PEIA premiums payable Compensated absences 53,614 Accounts payable 49,787 Other post employment benefit payable 412,455 Deferred revenues 295,399 Long-term obligations: Due within one year: Bonds, capital leases, and contracts 35,694 Accrued interest 95 Accrued sick leave payable Due beyond one year: Bonds, capital leases, and contracts 21,705 Accrued sick leave payable Total Liabilities 1,501,763 DEFERRED INFLOWS OF RESOURCES Total deferred inflows of resources NET POSITION Net Investment in Capital Assets 4,792,855 Restricted for: Excess Levies 302,667 Debt service Special projects (59,703) ARRA projects (58,930) Capital projects Unrestricted: , 1,820,415 Total net position $ 6,797,303 *The notes are an integral part of the financial statements, however, to conserve space, they are not included in the publication, but are available for review at the Board office. Functions Net (Expense) Revenue & Changes in Net Assets Governmental AcUvitles GILMER COUNTY, WEST VIRGINIA, BOARD OF EDUCATION STATEMENT OF ACTIVITIES Program Revenues Operetlng Capltal Charges for Grants end Grants and Expenses Services Contributions Contributions $ 10,05o $ (5,027,200) - (517,489) (382,403) , ...... - , , (335,347) (687,521) (18o,931) (1,005,910) 108,406 (819,278) Governmental activities: Instruction $ 5,771,204 $ 734,004 Supporting services: Students 566,914 49,426 Instructional staff 438,125 ....... ,  ..... 55,722 District administration 384,212 48,865 School administration 787,704 100,183 Business services 207,296 26,365 Operation and maintenance of facilities 1,152,487 146,577 Student transportation 1,062,863 135,179 Other Food services 788,744 00,975 Community services 25,000 Interest on long-term debt 3,147 Total governmental activities 11,187,695 100,315 (627,453) 3,180 (21,820) 398 2,000 (749) 60,975 1,400,214 120,406 (9,606,100) 3,054,711 7,009,825 3,874 342,174 174,734 (174,734) 10,410,584 804,483 5,992,820 5,992,820 $ 6,797,303 General revenues: Property taxes Unrestricted state aid Unrestricted investment earnings Unrestricted grants and contributions Extraordinary item - other post employment benefits Transfers in Transfers (out) Total general revenues ,extraordinary items and transfers Change in net assets Net assets - beginning Cumulative effect of adoption of accounting policy (see note_) Net position - beginning; as restated Net assets - ending *The notes are an integra part of the f nanc a statements, however, to conserve apace, they are not included in the publication, but are available for review at the Board office. GLIMER COUNTY, WEST VIRGINIA, BOARD OF EDUCATION BALANCE SHEET - GOVERNMENTAL FUNDS General Special Special Revenue Current Revenue ARRA Total Expense Fund Fund Governmental $ 2,530,929 $ 113,472 $- $ 2,644,402 29,481 29,481 34,747 1,672 36,419 47,480 3,140 50,620 143,160 143,160 313,444 123,532 436,976 9,783 9,783 22,659 22,659 68,352 60,352 14,961 14,961 58,030 58,930 ASSETS AND DEFERRED OUTFLOWS OF RESOURCES Assets: Cash and cash equivalents Investments Taxes receivable, net Food service receivable, net Other receivables Due from other governments: State aid receivable PEIA allocation receivable Reimbursements receivable Prepaid Insurance Asset Prepaid Worker's Compensation Premiums Depost - CPRB Deposit - Forfeitures from CPRB Due from other funds Total Assets Deferred Outflows of Resources ' Total deferred outflows of resources TOTAL ASSETS PLUS DEFERRED OUTFLOWS OF RESOURCES $ 3,265,926 $ 241,816 $ - $ ' 3,507,742 $ 3,265,926 $ 241,816 $ - $ 3,507,742 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities: Salaries payable and related payroll liabilities Other post employment benefits payable PEIA premiums payable Accounts payable Deferred revenue Due to other funds Total liabilities Deferred inflows of Resources Total deferred inflows of resources Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total fund balances TOTAL LIABILITIES, DEFERRED INFLOWS OF 638,014 638,014 412,455 412,455 38,667 11,120 49,787 304,657 290,399 595,057 58,930 58,930 $ 1,393,793 $ 301,519 $58,930 $ 1,754,243 i 32,442 - 32,442 302,687 302,667 1,537,024 (59,703) (58,930) 1,418,391 1,872,133 (59,703) (58,930) 1,753,500 $ 3,265,926 $ 241,816 $ 0 $ 3,507,742 Continued to next Column Continued from previous column GLIMER COUNTY, WEST VIRGINIA, BOARD OF EDUCATION " BALANCE SHEET - GOVERNMENTAL FUNDS RESOURCES AND FUND BALANCES Amounts reporte d for governmental activities in the statement of net assets differ due to: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds $4,850,254 Deferred charges are not reported in the funds Property taxes receivable and food service billings receivable will be collected this year but are not available soon enough to pay for the current period's expenditures, and are therefore deferred in the funds' 304,657 Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the funds. Bonds payable, due within one year Bonds payable, due beyond one year Accrued interest on bonds (95) Capital leases payable (57,399) Accrued sick leave payable Compensated absences (53.614) Net position of governmental activities $ 6,797,303 *The notes are an integral part of the financial statements, however, to conserve space, they are not included in the publication, but are available for review at the board office GILMER COUNTY, WEST VIRGINIA, BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS General Special Current Special Revenue Total Expense Revenue ARRA Governmental |1 Revenues: Property taxes $ 3,054,711 . $ 3,000 $ 3,037,711 Other Local sources 106,344 64,087 170,431 State sou rces 6,537,912 652,945 7,190,857 Federal sources 187,105 1,253,017 241 1,440,362 Miscellaneous sources 26,824 , 26,824 Total revenues 9,912,896 1,973,049 241 11,886,187 Expenditures: Instruction 4,815,654 793,434 241 5,599,328 Supporting services: Students 488,997 79,391 568,388 Instructional staff 143,822 298,955 442,777 Central administration 385,923 2,335 388,250 School administration 736,069 55,450 791,519 Business 204,920 5,745 210,666 Operation.and maintenance of facilities 1,155,585 2,86.1 1,158,446 Student transportation 944,523 106,364 1,050,887 Other 11,759 11,759 Food services 10,152 765,889 776,041 Community services 25,000 25,000 Capital outlay . . Debt service: Principal retirement 39,083 39,083 Interest and fiscal charges 3,147 -. 3,147 Total expenditures 8,964,635 2,100,422 241 11,065,298 Excess (deficiency) of revenues over expenditures 948,261 (127,372) 0 820,889 Other financing sources (uses): Transfers in 23,717 151,017 174,734 Transfers (out) (151,017) (23,717) (174,734) Total other financing sources (uses) (127,300) 127,300 Extraordinary Item: Other post employment benefits Net change in fund balances Fund balances - beginning Cumulative Effect of Adoption of Accounting Policy (See Note__) Fund balances - beginning, as restated Fund balances - ending 820,961 (72) (0) 820,889 1,051,172 (59,631) (58,930) 932,611 1,051,172 (59,631) (58,930) 932,611 $ 1,872,133 $ (59,703 ) $ (50,930) $ 1,753,500 *The notes are an integral part of the financial statements, however, to conserve space, they are not included in the publication but are available for review at the board office.. GILMER COUNTY BOARD F EDUCATION ..... SUPPLEMENTAL SCHEDULE OF EXPENDITURES FOR THE FISCAL ENDED JUNE 30, 2013 Salaries expenditures: Board officials: Carl L. Armour Misty Pritt Thomas R. Ratliff William Simmons Phyllis M. Starkey = 3.260 3200 3.s=o Superintendent .............................................. .'i .................................................................................................................... 123.000 . Total salaries paid to other profbssional personnel ............................................................................................................................ Total salaries paid to service personnel .............................................................................................................................................. Total salaries paid to students for work performed ...................................................................................................................... . ..................... . Total salary expenditures .................................................................................................................................................................... Non-salary expenditures: Expenditures paid in excess of two hundred fifty dollars ($250): (List the name of each firm, corporation and person to whom more than two hundred fifty dollars ($250) in the aggregate from all funds was paid during the fiscal year, together with the aggregate amount paid and the purpose for which paid.) Total non-salary expenditures paid in excess of two hundred fifty dollars ($250) ............................................................ 3.8.755 Total non-salary expenditures paid of less than two hundred fifty dollars ($250) ................................................................. 17.379 Total accrued expenditures, refunds, and-other non-cash transactions ....................................................................... "......1.1.648 Total non-salary expenditures ...............  .......................................................................................................................... 557.781 Total expenditures per financial statements ................................................................................................................. =11.065.298 Supplemental Schedule of Expenditures GILMER COUNTY, WEST VIRGINIA, BOARD OF EDUCATION RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES Amounts reported for governmental activities in the statement of activites are different due to: Net change in fund balances - total governmental funds Governmental funds report capital outlays as expenditures. However, in the statement of net assets, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. The effect on net assets is the amount by which capital outlays exceed depreciation in the current period, Depreciation expense Capital outlays Certain receivables will be collected this year but are not available soon enough to .pay for the current period's expenditures. This is the amount by which such receivables increased (decreased) Deferred Revenues E-Rate and Medicaid Other miscellaneous conversion adjustment The repayment of the principal of long-term debt (e.g., bonds, leases) consumes the current financial resources of governmental funds However, such repayment has no effect on net assets. Differences in the cost and accumulated depreciation on disposed capital assets are reported as a loss and reduction in net assets in the statement of activities. Cost of assets disposed Accumulated depreciation of assets disposed Compensated absences are reported as liabilities in the statement of net assets, but are 0nly reported in government funds to the extent they have matured. This is the amount by which compensated absences (increased)/decreased. Accrued vacation payable Amortization of bond issuance costs are reported in the statement of activities but do not require the use of current financial resources and, therefore, are not reported as expenditures in government funds Interest on long-term debt in the statement of activities differs from ihe amount reported in the governmental funds because interest is recognized as an expenditure in the funds when it is due, and thus requires the use of current financial resources. In the statement of activities, however, interest expense is recognized as the interest accrues, regardless of when it is due. Change in net assets of governmental activities $ 820,889 (303,620) 103,033 105,992 9,543 39,083 (90,253) 90,253 29,499 95 894,483 * The notes are an integral part of the financial statement; however to conserve space, they are not included in the publication but are available for review at the board office. Continued to next Page