KINGSWAY REGIONAL SCHOOL DISTRICT - New · PDF file · 2015-08-111; Organizational...

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

KINGSWAY REGIONAL SCHOOL DISTRICT

Woolwich Township, New JerseyCounty of Gloucester

COMPREHENSIVE ANNUAL FINANCIAL REPORT

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Kingsway Regional School District Board of Education

Woolwich Township, New Jersey

Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2014

Prepared by: Jason Schimpf School Business Administrator/

Board Secretary

PAGE

Letter of Transmittal 1Organizational Chart 7Roster of Officials 8Consultants and Advisors 9

Independent Auditors' Report 13

REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion & Analysis 19

BASIC FINANCIAL STATEMENTS

A. District-Wide Financial Statements:A-1 Statement of Net Position 31A-2 Statement of Activities 32

B. Fund Financial Statements:Governmental Funds:

B-1 Balance Sheet 39B-2 Statement of Revenues, Expenditures & Changes in Fund Balance 40B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund

Balance of Governmental Funds to the Statement of Activities 41Proprietary Funds:

B-4 Statement of Net Position 45B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 47B-6 Statement of Cash Flows 49

Fiduciary Funds:B-7 Statement of Fiduciary Net Position 53B-8 Statement of Changes in Fiduciary Net Position 54

Notes to Financial Statements 57

REQUIRED SUPPLEMENTARY INFORMATION - PART II

C. Budgetary Comparison Schedules:C-1 Budgetary Comparison Schedule - General Fund 83C-1a Combining Schedule of Revenue, Expenditures & Changes in Fund Balance -

Budget & ActualC-1b Education Jobs Fund Program - Budget & Actual N/AC-2 Budgetary Comparison Schedule - Special Revenue Fund N/A

Notes to the Required Supplementary Information:C-3 Budget-to-GAAP Reconciliation 97

D. School Based Budget Schedules (if applicable):D-1 Combining Balance Sheet N/AD-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource

Type - Actual N/AD-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget & Actual N/A

OUTLINE OF CAFR

INTRODUCTORY SECTION

FINANCIAL SECTION

E. Special Revenue Fund: PAGEE-1 Combining Schedule of Revenues & Expenditures - Special Revenue Fund -

Budgetary Basis 105E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis N/A

F. Capital Projects Fund:F-1 Summary Statement of Project Expenditures 109F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance -

Budgetary Basis 110F-2a Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis 111F-2b Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis 112F-2c Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis 113F-2d Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis 114

G. Proprietary Funds:Enterprise Funds:

G-1 Combining Statement of Net Position 119G-2 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 120G-3 Combining Statement of Cash Flows 121

Internal Service Funds:G-4 Combining Statement of Net Position 125G-5 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 126G-6 Combining Statement of Cash Flows 127

H. Fiduciary Funds:H-1 Combining Statement of Fiduciary Net Position 131H-2 Combining Statement of Changes in Fiduciary Net Position 132H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 133H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 134

I. Long-Term Debt:I-1 Schedule of Serial Bonds 137I-2 Schedule of Obligations Under Capital Leases 139I-3 Debt Service Fund Budgetary Comparison Schedule 140

Financial Trends:J-1 Net Position by Component 143J-2 Changes in Net Position 144J-3 Fund Balances - Governmental Funds 146J-4 Changes in Fund Balance - Governmental Funds 147J-5 Other Local Revenue by Source - General Fund 149

Revenue Capacity:J-6 Assessed Value & Estimated Actual Value of Taxable Property 150J-7 Direct & Overlapping Property Tax Rates 151J-8 Principal Property Taxpayers 152J-9 Property Tax Levies & Collections 154

Debt Capacity:J-10 Ratios of Outstanding Debt by Type 155J-11 Ratios of General Bonded Debt Outstanding 156J-12 Direct & Overlapping Governmental Activities Debt 157J-13 Legal Debt Margin Information 158

Demographic & Economic Information:J-14 Demographic & Economic Statistics 159J-15 Principal Employers 160

Operating Information:J-16 Full-Time Equivalent District Employees by Function/Program 161J-17 Operating Statistics 162

STATISTICAL SECTION (unaudited)

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J-18 School Building Information 163J-19 Schedule of Required Maintenance 164J-20 Insurance Schedule 165

K-1 Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 169

K-2 Independent Auditors' Report on Compliance for Each Major State Program; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of State Financial Assistance Required by New Jersey OMB Circular 04-04 171

K-3 Schedule of Expenditures of Federal Financial Assistance, Schedule A 175K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 176K-5 Notes to Schedules of Awards and Financial Assistance 177K-6 Schedule of Findings & Questioned Costs 179K-7 Summary Schedule of Prior Audit Findings 182

SINGLE AUDIT SECTION

INTRODUCTORY SECTION

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MEMBERS OF THE BOARD OF EDUCATION

Mark Kehoe, President 2014

Lauren A. Boerlin, Vice President 2016

James Mueller 2015

Barry Jenkins 2016

Deborah Cunningham 2016

Mia Randazzo 2015

Daniel Battisti 2014

Patrick M. Daley 2014

Michele A. Blair 2015

Frank Donnelly, Logan Representative 2014

OTHER OFFICIALS

Dr. James J. Lavender, Superintendent

Jason Schimpf, Business Administrator/Board Secretary

TERM EXPIRES


ROSTER OF OFFICIALS

JUNE 30, 2014

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Woolwich Township, New Jersey 08085

Fulton Bank of New Jersey179 Kings Highway

713 Creek RoadBellmawr, NJ 08031

OFFICIAL DEPOSITORY

Architect

Garrison Architects

Michael Holt, CPA, PSAHolman Frenia Allison, P. C.

618 Stokes Road

Attorney

Schwartz, Simon, Edelstein & Celso, LLC


CONSULTANTS AND ADVISORS

Audit Firm

Medford, New Jersey 08055

44 Whippany Road, Suite 210Morristown, New Jersey 07960

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FINANCIAL SECTION

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INDEPENDENT AUDITOR’S REPORT Honorable President and Members of the Board of Education Kingsway Regional School District Woolwich Township, New Jersey 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 Kingsway Regional School District, County of Gloucester, State of New Jersey, as of and for the fiscal year ended June 30, 2014, 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; 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 District’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 District’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.

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Letterhead

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Kingsway Regional School District, County of Gloucester, State of New Jersey, as of June 30, 2014, 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. Change in Accounting Principle As discussed in Note 1 to the financial statements, during the fiscal year ended June 30, 2014 the District adopted new accounting guidance, GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. 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 and budgetary comparison information as presented 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 Kingsway Regional School District’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements, long-term debt schedules and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance are presented for purposes of additional analysis 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 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid respectively, and is also not a required part of the financial statements. The combining and individual fund financial statements and the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is the responsibility of management and was 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

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of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting other records 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 combining and individual fund financial statements, long-term debt schedules and the accompanying Schedule 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, comparative totals for June 30, 2013, and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no 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 1, 2014 on our consideration of the Kingsway Regional 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 Kingsway Regional 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 1, 2014

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16

REQUIRED SUPPLEMENTARY INFORMATION - PART I

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KINGSWAY REGIONAL SCHOOL DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS

FOR FISCAL YEAR ENDED JUNE 30, 2014

UNAUDITED The discussion and analysis of the Kingsway Regional School District’s (“District”) financial performance provides a narrative overview and analysis of the District’s financial activities for the fiscal year ended June 30, 2014. The intent of this discussion and analysis is to look at the District’s financial performance as a whole. Readers should also review the basic financial statements and notes to enhance their understanding of the District’s financial performance.

Financial Highlights In total, the net position of the District was $22,735,425, an increase of $252,232. The

District’s net position consists of $22,334,190 in governmental activities, and $401,235 in business-type activities.

Total revenue of $37,894,869 was comprised of general revenues in the amount of

$35,695,856, or 94 percent, and program specific revenues from charges for services, grants, and contributions in the amount of $2,199,013, or 6 percent.

The District had $37,757,592 in governmental activity expenses; only $2,199,013 of

these expenses were offset by program specific charges for services, operating grants and contributions. General revenues of $35,695,856 were adequate to provide for these programs.

In the governmental funds, the General fund had $32,088,737 in revenues and

$33,000,752 in expenditures. Other financing sources accounted for an additional $147,438. The General fund’s fund balance decreased by $764,577 from fiscal year ended June 30, 2013.

Overview of the Basic Financial Statements

This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. Comparison to the prior year’s activity is provided within this document. The basic financial statements are comprised of three components: 1) District-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains other supplementary information in addition to the basic financial statements.

District-wide Financial Statements

The district-wide financial statements are designed to provide the reader with a broad overview of the financial activities in a manner similar to a private-sector business. The district-wide financial statements include the statement of net position and the statement of activities.

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Statement of Net Position (A-1) The statement of net position presents information about the District’s assets and liabilities. The difference between the assets and liabilities is reported as net position. Over time, changes in net position may serve as an indicator of whether the overall financial position of the District has improved or diminished. Statement of Activities (A-2) The statement of activities presents information showing how the net position of the District changed during the fiscal year. Changes in net position are recorded in the statement of activities when the underlying event occurs, regardless of the timing of the related cash flows. Therefore, revenues and expenses are reported in this statement even though the resulting cash flows may be recorded in a future period. In the statement of net position and statement of activities, the District is divided into two distinct kinds of activities:

Governmental activities – the District’s programs and services are reported here including instruction, support services, maintenance and operation of plant, transportation, and extra-curricular activities.

Business-type activities – services provided on a charge-for-goods-or-services

basis. These activities attempt to recover all their costs from user fees and charges. The District’s food service and community education & recreation programs are recorded here.

Fund Financial Statements Fund financial statements provide a more detailed analysis of the District’s separate funds. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific purposes. The District’s funds are divided into three categories: governmental, proprietary, and fiduciary. Governmental Funds The District’s activities are reported in governmental funds. These funds are reported utilizing a modified accrual basis of accounting, which measures cash and all other assets that can be readily converted to cash. The governmental fund category includes the general fund, special revenue fund, capital projects fund, and debt service fund. The governmental fund financial statements provide a detailed short-term view of the District’s general government operations and the basic services it provides. This information assists the reader in determining whether there are sufficient resources available to finance future educational programs. Since the governmental funds and the governmental activities report information using the same functions, it may be useful to compare the information presented. The focus of each report differs, therefore, a reconciliation of the statements is provided within the fund financial statements to assist the reader.

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The District adopts an annual appropriations budget for the general, special revenue, and debt service funds. A budgetary comparison statement has been provided for each of these funds to demonstrate compliance with budgetary requirements. Proprietary Funds The funds used to account for District activities for which a fee is charged to external users for goods or services. The proprietary fund includes enterprise and internal service funds. Proprietary funds present the same functions as the business-type activities presented in the district-wide financial statements. Fiduciary Funds Fiduciary fund types are used to account for assets held by the District as a trustee or agent for individuals, private organizations, or other governmental units and, therefore, are not available to support the District’s programs. Fiduciary funds are not reflected in the district-wide financial statements. Notes to the Basic 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. Please consult the table of contents to locate these notes. District-wide Financial Analysis Recall that the statement of net position provides the perspective of the District as a whole. Net position may serve over time as a useful indicator of the District’s financial position. The District’s financial position is the product of various financial transactions which includes the net results of activities, addition and repayment of debt, acquisition and disposal of capital assets, and the depreciation of capital assets. Table 1 provides a summary of the District’s net position for fiscal years ending 2014 and 2013.

FY 2014 FY 2013 FY 2014 FY 2013Assets Current and Other Assets 6,794,361$ 16,184,089$ 473,135$ 336,753$ Capital Assets, Net 63,305,930 58,599,462 10,215 10,762 Deferred Outflow of Resources 1,159,107 - - - Total Assets 71,259,398 74,783,551 483,350 347,515

Liabilities Current and Other Liabilities 1,243,238 2,546,542 39,155 24,365 Long-term Liabilities 48,182,070 49,763,928 42,960 36,870 Total Liabilities 49,425,308 52,310,470 82,115 61,235

Net Position Invested in Capital Assets, Net of Related Debt 17,827,660 17,607,415 10,215 10,762 Restricted Assets 3,406,386 4,725,703 - Unrestricted Assets 1,100,144 139,963 391,020 275,518

Total Net Position 22,334,190$ 22,473,081$ 401,235$ 286,280$

Governmental Activities Business-type Activities

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Table 2 illustrates changes in net position for fiscal years ending 2014 and 2013.

FY 2014 FY 2013 FY 2014 FY 2013Revenues Charges for Services 1,742,380 1,165,354 992,547 871,149 Operating Grants and Contributions 456,633 436,803 291,482 255,493 Property Taxes 20,471,088 20,198,210 Grants and Entitlements 11,491,582 11,779,848 Other 3,733,186 3,185,194 (753) (21,245) Total Revenues 37,894,869 36,765,409 1,283,276 1,105,397

Expenses Instruction 17,048,387 16,100,834 Tuition 2,045,704 2,097,428 Related Services 3,980,590 3,504,324 Administrative Services 3,053,956 2,900,757 Operations and Maintenance of Plant Services 3,790,087 3,137,022 Pupil Transportation 3,702,236 3,156,947 Interest on Debt 1,838,789 1,715,834 Food Service 1,155,055 1,046,087 Unallocated Depreciation 1,880,234 1,679,247 Other 417,609 8,255 13,266 16,409 Total Expenses 37,757,592 34,300,648 1,168,321 1,062,496 Increase/(Decrease) in Net Position 137,277 2,464,761 114,955 42,901

Governmental Activities Business-type Activities

Governmental Activities Property taxes made up 54 percent of revenues for fiscal year 2014 and 55 percent for fiscal year 2013. Property tax revenues increased $272,878, or 1.3 percent over the prior fiscal year.

Sources of Revenue for Fiscal Year 2014

Grants/Contributions, 1.2%

Charges for Services, 4.6%

Miscellaneous, 9.9%

Federal/State Aid, 30.3%

Property Taxes 54.0%

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The cost of all programs and services was $37,757,592. Instruction comprised 45.2 percent of District expenses.

Expenses for Fiscal Year 2014

Business-Type Activities Revenues for the District’s business-type activities (Food service and community education) were comprised of charges for services and federal and state reimbursements. Business type activity revenues exceeded expenses by $114,955. Food service program

revenues exceeded expenditures by $98,195, while community education program revenues exceeded expenditures by $16,760. This result was consistent with expectations of the program.

Charges for services represented $992,547 of revenue. $962,521 was paid by patrons of

the daily food service and $30,026 was paid by participants of the community education program.

Federal and state reimbursement for meals, including payments for free and reduced price

lunches, and donated commodities totaled $291,482.

Governmental Funds Financial Analysis The governmental funds (General, special revenue, capital projects, and debt service funds presented in the fund-based statements) are accounted for utilizing the modified accrual basis of accounting. Total revenues amounted to $36,137,533 and expenditures were $42,621,620. The net change in fund balance was $6,321,693 after adjusting for an additional $162,394 in other financing sources.

Instruction 45.2%

Student Support 16.0%

Administration 8.1%

Plant Maintenance & Operations 10.0%

Transportation 9.8%

Other 11.0%

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General Fund Budgetary Highlights The School District’s budget is prepared in accordance with New Jersey state 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.

Capital Assets At the end of the fiscal year 2014, the District had $58,599,462 invested in land, buildings, machinery and equipment, net of depreciation. The table below shows fiscal year 2014 balances compared to 2013.

Capital Assets (net of accumulated depreciation) June 30, 2014 and 2013

Overall capital assets increased $4,705,921 from fiscal year 2013 to fiscal year 2014. The reason for the increase in net capital assets is the ongoing construction of additions and renovations to the High school and Middle School buildings.

Debt Administration At June 30, 2014, the District had $48,182,070 in outstanding liabilities. This total consists of $987,537 in compensated absences, $46,364,000 of serial bonds for school construction, $600,000 in capital leases, and $230,533 of unamortized bond premium. On March 1, 1999, the District issued $18,500,000 of general obligation bonds at 4.65% for the construction of additions and renovations to the existing Kingsway Regional School. On May 19, 2005, the District issued refunding bonds for $15,780,000 of this series at 4.05%. On August 15, 2004, the District completed the sale of $16,914,000 of serial bonds with interest ranging from 4.5% to 4.875% in 2031. The proceeds of the bonds were used to finance the District’s capital projects approved by the voters on September 30, 2003. On November 15, 2006, the District issued refunding bonds for $9,075,000 of this series at 4.17%, On March 8, 2012; the District issued refunding bonds for $5,935,000 of the original 2004 series at 2.49%. On September 27, 2011, the voters of the District approved a bond referendum in the amount of $22,659,000. The proceeds will fund the construction of additions and renovations to the existing middle and high schools. The interest rate on the bonds issued on January 18, 2012 is 3.106%.

2014 2013 2014 2013 2014 2013Land 2,481,278$ 2,481,278$ 2,481,278$ 2,481,278$ Construction in Progress 28,484,915 22,912,843 28,484,915 22,912,843 Buildings and Structures 26,967,395 27,376,486 26,967,395 27,376,486 Land Improvements 1,949,592 2,235,372 1,949,592 2,235,372 Machinery and Equipment 3,422,750 3,593,483 10,215 10,762 3,432,965 3,604,245

Net Assets 63,305,930$ 58,599,462$ 10,215$ 10,762$ 63,316,145$ 58,610,224$

Governmental Business-Type District-Wide

24

The District maintains an AA- rating from Standard and Poor’s.

For the Future As one of the State’s fastest growing school district’s, Kingsway serves the two fastest growing municipalities in the state – The Townships of Woolwich and East Greenwich. Woolwich Township’s population alone has swelled to more than 11,000 residents, more than tripling the census totals in 2000. East Greenwich’s population currently exceeds 10,200 residents. Today, there are over 3,400 children in Woolwich alone, more than its entire population ten years ago. As a result, the District’s enrollment has increased by close to 100 pupils per year each of the last ten years. Since 2001 more than 1,100 students have entered Kingsway, placing demands on facilities, programs, and staff, resulting in increased costs to our School District. Looking ahead, enrollment will exceed 3,000 students by 2020, placing additional pressure on Kingsway’s resources and facilities. The burden to fund our school district has consistently shifted to our local tax payers. This shift of responsibility has made it increasingly difficult to maintain our quality school system.

Contacting the School District’s Financial Department This financial report is designed to provide the district’s citizens, taxpayers, bond holders, and creditors with a general overview of the District’s finances to demonstrate the district’s accountability for the resources it receives. If you have questions regarding this report or require additional information, please contact the School Business Administrator at the Kingsway Regional School District Administrative Offices, 213 Kings Highway, Woolwich Township, New Jersey 08085. Our website provides additional district information and can be located at www.kingsway.k12.nj.us.

25

http://www.kingsway.k12.nj.us/


26

BASIC FINANCIAL STATEMENTS

27


28

A. District-Wide Financial Statements

29


30

The accompanying Notes to Financial Statments are an integral part of this statement.

EXHIBIT A-1

TOTALSBUSINESS-

GOVERNMENTAL TYPE JUNE 30,ACTIVITIES ACTIVITIES 2014

Cash & Cash Equivalents 4,435,278$ 440,590$ 4,875,868$ Receivables, Net 2,367,423 16,441 2,383,864 Internal Balances (8,340) 8,340 - Inventory - 7,764 7,764 Restricted Cash & Cash Equivalents 500,100 - 500,100 Capital Assets, Net (Note 4) 63,305,930 10,215 63,316,145

Total Assets 70,600,391 483,350 71,083,741

Deferred Charge on Refunding of Debt 1,159,107 - 1,159,107

Total Deferred Outflow of Resources 1,159,107 - 1,159,107

Total Assets and Deferred Outflow of Resources 71,759,498 483,350 72,242,848

Accounts Payable 640,751 17,653 658,404 Unearned Revenue 585 21,502 22,087 Accrued Interest Payable 601,902 - 601,902 Noncurrent Liabilities (Note 6): Due Within One Year 2,408,978 - 2,408,978 Due Beyond One Year 45,773,092 42,960 45,816,052

Total Liabilities 49,425,308 82,115 49,507,423

Net Investment in Capital Assets 17,827,660 10,215 17,837,875 Restricted For: Capital Projects 500,100 - 500,100 Other Purposes 2,906,285 - 2,906,285 Unrestricted 1,100,145 391,020 1,491,165

Total Net Position 22,334,190$ 401,235$ 22,735,425$

KINGSWAY REGIONAL SCHOOL DISTRICTSTATEMENT OF NET POSITION

JUNE 30, 2014

NET POSITION

LIABILITIES

ASSETS

DEFERRED OUTFLOW OF RESOURCES

31

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33


34

B. Fund Financial Statements

35


36

Governmental Funds

37


38

The accompanying Notes to Financial Statements are an integral part of this statement.

EXHIBIT B-1

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,ASSETS & OTHER DEBITS FUND FUND FUND FUND 2014 2013

Cash & Cash Equivalents 1,840,436$ -$ 2,689,500$ -$ 4,529,936$ 9,858,511$ Receivables from Other Governments 1,266,196 36,263 423,170 183,076 1,908,705 4,537,393 Due from Other Funds 556,770 - - - 556,770 392,554 Receivables, Net 59,107 - - - 59,107 58,322 Restricted Cash & Cash Equivalents 500,100 - - - 500,100 -

Total Assets 4,222,609$ 36,263$ 3,112,670$ 183,076$ 7,554,618$ 14,846,780$

LIABILITIES & FUND BALANCES

Liabilities: Cash Deficit -$ 31,759$ -$ 135,914$ 167,673$ 127,392$ Unearned Revenue - 585 - - 585 11,336 Accounts Payable 253,143 3,919 - - 257,062 278,283 Due to Other Funds 8,340 - 98,184 - 106,524 95,668 Construction Contract Payable - - - - - 974,681 Construction Contract Payable - Retainage - - 369,649 - 369,649 384,602

Total Liabilities 261,483 36,263 467,833 135,914 901,493 1,871,962

Fund Balances: Restricted for: Capital Reserve Account 500,100 - - - 500,100 1 Excess Surplus - Designated for Subsequent Year's Expenditures 1,894,984 - - - 1,894,984 1,711,091 Excess Surplus 1,475,015 - - - 1,475,015 1,894,984 Capital Projects Fund - - 2,513,829 - 2,513,829 3,777,425 Debt Service Fund - - - 47,162 47,162 47,162 Committed to: Other Purposes 3,877 - 131,008 - 134,885 4,424,528 Assigned to: Other Purposes - - - - - 319,627 Designated for Subsequent Year's Expenditures 87,149 - - - 87,149 800,000

Total Fund Balances 3,961,125 - 2,644,837 47,162 6,653,124 12,974,818

Total Liabilities & Fund Balances 4,222,608$ 36,263$ 3,112,670$ 183,076$

Amounts reported for governmental activities in the statement of Net Position (A-1)are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. The cost of the assets is $90,805,704 and the accumulated depreciation is $27,499,774. 63,305,930 58,599,462 Unamortized portion of the loss on refunding and the bond premium are not reported as an deferred outflow or liability in the fund financials. 928,574 1,008,137 Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. (47,951,537) (49,763,928) Interest on Long-Term debt in the statement of activities is accrued, regardless of when due. (601,902) (621,577)

Net Position of Governmental Activities 22,334,189$ 22,196,912$


BALANCE SHEETGOVERNMENTAL FUNDS

JUNE 30, 2014(With Comparative Totals for June 30, 2013)

TOTALS

39


EXHIBIT B-2

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,FUND FUND FUND FUND 2014 2013

Revenues: Local Sources: Local Tax Levy 17,431,770$ -$ -$ 3,039,318$ 20,471,088$ 20,198,210$ Tuition 3,360,599 - - - 3,360,599 2,855,074 Miscellaneous 340,923 16,708 - - 357,631 330,703

- Total Local Sources 21,133,292 16,708 - 3,039,318 24,189,318 23,383,987

State Sources 10,941,366 - - 552,845 11,494,211 11,785,650 Federal Sources 14,079 439,925 - - 454,004 431,001

Total Revenues 32,088,737 456,633 - 3,592,163 36,137,533 35,600,638

Expenditures: Current Expense: Regular Instruction 8,764,411 - - - 8,764,411 8,277,245 Special Education Instruction 2,383,258 34,924 - - 2,418,182 2,083,582 Other Instruction 5,992 - - - 5,992 401 School Sponsored 1,078,460 - - - 1,078,460 1,047,621 Support Services: Tuition 1,693,253 352,451 - - 2,045,704 2,097,428 Attendance Services 72,210 - - - 72,210 75,372 Health Services 256,642 - - - 256,642 233,328 Student & Instruction Related Services 1,993,324 65,831 - - 2,059,155 1,664,015 Educational Media Services/School Library 225,699 - - - 225,699 189,410 Instructional Staff Training 82,917 - - - 82,917 82,227 General Administration 459,094 - - - 459,094 532,048 School Administration 1,457,917 - - - 1,457,917 1,265,636 Central Services 339,410 - - - 339,410 369,867 Administrative Information Technology 388,259 - - - 388,259 380,745 Plant Operations & Maintenance 2,893,133 - - - 2,893,133 2,400,574 Pupil Transportation 2,269,025 - - - 2,269,025 2,058,100 Allocated Employee Benefits 4,891,551 - - - 4,891,551 4,037,238 Unallocated Employee Benefits 2,314,831 3,427 - - 2,318,258 3,037,827 Debt Service: Principal - - - 1,930,000 1,930,000 2,018,600 Interest & Other Charges - - - 1,662,163 1,662,163 1,695,165 Capital Outlay 1,431,367 - 5,572,072 - 7,003,439 18,356,424

Total Expenditures 33,000,753 456,633 5,572,072 3,592,163 42,621,621 51,902,853

Excess/(Deficiency) of Revenues - Over/(Under) Expenditures (912,016) - (5,572,072) - (6,484,088) (16,302,215)

Other Financing Sources\(Uses) Bond Anticipation Note - - - - - 153,600 Cancellation of Account Payable - - 14,956 - 14,956 4,325 Cancellation of Account Receivable - - - - - (16,133) Cancellation of Prior Year Encumbrances - - - - - 11,225 Transfers In 147,438 - - - 147,438 151,392 Transfers Out - - - - - (34,164)

Total Other Financing Sources/(Uses) 147,438 - 14,956 - 162,394 270,245

Excess/(Deficiency) of Revenues & Other Financing Sources Over/(Under) Expenditures & Other Financing (Uses) (764,578) - (5,557,116) - (6,321,694) (16,031,970) Fund Balances July 1, 2013 4,725,703 - 8,201,953 47,162 12,974,818 29,006,788

- Fund Balances June 30, 2014 3,961,125$ -$ 2,644,837$ 47,162$ 6,653,124$ 12,974,818$

(With Comparative Totals for June 30, 2013)


STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS


TOTALS

40


EXHIBIT B-3

Total Net Change in Fund Balances - Governmental Funds (From B-2) (6,321,694)$

Amounts reported for governmental activities in the statement ofactivities (A-2) are different because:

Capital outlays are reported in governmental funds as expenditures.However, in the statement of activities, the cost of those assets isallocated over their estimated useful lives as depreciation expense.This is the amount by which capital outlays exceeded depreciation in the period:

Depreciation Expense (1,880,234)$ Capital Outlay 6,586,702 4,706,468

Repayment of bond principal is an expenditure in the governmentalfunds, but the repayment reduces long-term liabilities in the statementof net position and is not reported in the statement of activities.

Bond Principal 1,930,000

Government funds report the effect of issuance costs, premiums, discounts andsimilar items when debt is first issued, whereas, these amounts are deferred and amortized in the statement of activities. This amount is the net effect of thesedifferences in the Treatment of long-term debt and related activities.

Loss on Refunding (103,542) Original Issue Premium 23,978 (79,564)

In the statement of activities, the reduction for Capital Leases should not be anexpenditure. Thus the change in net position will differ from the change in fundbalance by the cost of the asset removed (-). 300,000

Interest on long-term debt in the statement of activities is accrued, regardless of when due. In the governmental funds, interest is reported when due.

Prior Year 621,577 Current Year (601,902) 19,675

Increase in compensated absences is not an expenditure in the governmental funds, but increases long-term liabilities in the statement of net position and is not reported in the statement of activities.

Prior Year 569,928 Current Year (987,537) (417,609)

Change in Net Position of Governmental Activities 137,276$

FOR THE YEAR ENDED JUNE 30, 2014

KINGSWAY REGIONAL SCHOOL DISTRICTRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDSTO THE STATEMENT OF ACTIVITIES

41


42

Proprietary Funds

43


44


EXHIBIT B-4Page (1 of 2)

FOODSERVICE COMMUNITY TRANSPORTATION MAINTENANCE

ASSETS FUND EDUCATION SERVICES SERVICES

Current Assets: Cash & Cash Equivalents 388,097$ 52,493$ 57,640$ -$ Interfund Receivable 8,340 - - 3,334 Accounts Receivable 16,441 - 341,654 47,134 Inventories 7,764 - - -

Total Current Assets 420,642 52,493 399,294 50,468

Noncurrent Assets: Equipment 593,394 - - - Accumulated Depreciation (583,179) - - -

Total Capital Assets 10,215 - - -

Total Assets 430,857 52,493 399,294 50,468

LIABILITIES:

Current Liabilities: Cash Deficit - - - 50,468 Accounts Payable 17,653 - 14,040 - Interfund Payable - - 385,254 - Unearned Revenue 21,502 - - -

Total Current Liabilities 39,155 - 399,294 50,468

Noncurrent Liabilities: Compensated Absences 42,960 - - -

Total Noncurrent Liabilities 42,960 - - -

Total Liabilities 82,115 - 399,294 50,468

NET POSITION

Net Investment in Capital Assets 10,215 - - Unrestricted Net Position 338,527 52,493 - -

Total Net Position 348,742$ 52,493$ -$ -$

BUSINESS-TYPEACTIVITIES

ENTERPRISE FUNDS

KINGSWAY REGIONAL SCHOOL DISTRICTPROPRIETARY FUNDS

STATEMENT OF NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)

GOVERNMENTAL ACTIVITIES

45



(MEMORANDUM ONLY)GENERAL TECHNOLOGY JUNE 30, JUNE 30,

ASSETS ADMINISTRATION SERVICES 2014 2013

Current Assets: Cash & Cash Equivalents 5,320$ 60,523$ 564,073$ 449,323$ Interfund Receivable - - 11,674 - Accounts Receivable - - 405,229 177,004 Other Receivables - 10,500 10,500 24,744 Inventories - - 7,764 16,618


Noncurrent Assets: Equipment - - 593,394 589,005 Accumulated Depreciation - - (583,179) (578,243)

Total Capital Assets - - 10,215 10,762

Total Assets 5,320 71,023 1,009,455 678,451

LIABILITIES:

Current Liabilities: Cash Deficit - - 50,468 12,956 Accounts Payable - - 31,693 36,375 Interfund Payable 5,320 71,023 461,597 296,428 Unearned Revenue - - 21,502 9,542

Total Current Liabilities 5,320 71,023 565,260 355,301

Noncurrent Liabilities: Compensated Absences - - 42,960 36,870

Total Noncurrent Liabilities - - 42,960 36,870

Total Liabilities 5,320 71,023 608,220 392,171

NET POSITION

Net Investment in Capital Assets - - 10,215 10,762 Unrestricted Net Position - - 391,020 275,518

Total Net Position -$ -$ 401,235$ 286,280$

GOVERNMENTAL ACTIVITIES TOTALS


STATEMENT OF NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)

46



FOODSERVICE COMMUNITY TRANSPORTATION MAINTENANCE

FUND EDUCATION SERVICES SERVICESOperating Revenue: Local Sources: Transportation Fees Charged to Other LEA's -$ -$ 1,395,430$ -$ Sale of Gasoline - - 33,197 - Daily Sales - Reimbursable Programs 509,505 - - - Daily Sales - Nonreimbursable Programs 415,532 - - - Vending Machine Sales 15,803 - - - Special Function 21,083 - - - Program Fees - 30,026 - - Service Fees - - - 143,158 Miscellaneous 598 - - -

Total Operating Revenue 962,521 30,026 1,428,627 143,158

Operating Expenses: Salaries & Employee Benefits 600,956 3,585 817,837 146,713 Supplies and Materials 44,777 4,236 177,002 399 Repairs & Other Expenses 12,761 - 2,869 - Other Purchased Services-Contracted 1,006 5,445 60,030 - Miscellaneous Purchased Services - - 222,960 - Depreciation 4,936 - - - Miscellaneous Expense 249 - 236 - Cost of Sales 490,370 - - -

Total Operating Expenses 1,155,055 13,266 1,280,934 147,112

Operating (Loss)/Gain (192,534) 16,760 147,693 (3,954)

Nonoperating Revenues:Gain on Adjustment to Capital Assets 4,389 - - - State Sources: State School Lunch Program 9,760 - - - Federal Sources: National School Lunch Program 196,183 - - - Healthy Hunger-Free Kids Act 12,630 - - - Food Distribution Program 72,909 - - - Interest & Dividends 948 - - -

Total Nonoperating Revenues 296,819 - - -

Net Income/(Loss) 104,285 16,760 147,693 (3,954)

Other Financing Sources/(Uses): Operating Transfer In/(Out): Change in Compensated Absences (6,090) - - - Transfer to General Fund - - (147,693) 3,954

Total Other Financing Sources/(Uses) (6,090) - (147,693) 3,954

Change in Net Position 98,195 16,760 - - Total Net Position - Beginning 250,547 35,733 - -

Total Net Position - Ending 348,742$ 52,493$ -$ -$


STATEMENT OF REVENUES, EXPENSES AND CHANGESIN NET POSITION


BUSINESS-TYPE


ENTERPRISE FUNDSACTIVITIES


47



(MEMORANDUM ONLY)

GENERAL TECHNOLOGY JUNE 30, JUNE 30,ADMINISTRATION SERVICES 2014 2013

Operating Revenue: Local Sources: Transportation Fees Charged to Other LEA's -$ -$ 1,395,430$ 1,046,089$ Sale of Gasoline - - 33,197 20,557 Daily Sales - Reimbursable Programs - - 509,505 461,401 Daily Sales - Nonreimbursable Programs - - 415,532 343,379 Vending Machine Sales - - 15,803 24,286 Special Function - - 21,083 1,706 Program Fees - - 30,026 28,790 Service Fees 149,595 21,000 313,753 98,708 Miscellaneous - - 598 11,587

Total Operating Revenue 149,595 21,000 2,734,927 2,036,503

Operating Expenses: Salaries & Employee Benefits 141,100 20,879 1,731,070 1,345,032 Supplies and Materials 2,296 121 228,831 175,390 Repairs & Other Expenses - - 15,630 23,081 Other Purchased Services-Contracted - - 66,481 82,949 Miscellaneous Purchased Services 2,500 - 225,460 4,790 Depreciation - - 4,936 33,030 Miscellaneous Expense - - 485 3,228 Cost of Sales - - 490,370 459,644

Total Operating Expenses 145,896 21,000 2,763,263 2,127,144

Operating (Loss)/Gain 3,699 - (28,336) (90,641)

Nonoperating Revenues:Gain on Adjustment to Capital Assets - - 4,389 - State Sources: State School Lunch Program - - 9,760 8,446 Federal Sources: National School Lunch Program - - 196,183 172,009 Healthy Hunger-Free Kids Act - - 12,630 - Food Distribution Program - - 72,909 75,038 Interest & Dividends - - 948 1,627

Total Nonoperating Revenues - - 296,819 257,120

Net Income/(Loss) 3,699 - 268,483 166,479

Other Financing Sources/(Uses): Operating Transfer In/(Out): Change in Compensated Absences - - (6,090) (22,872) Transfer to General Fund (3,699) - (147,438) (117,228)

Total Other Financing Sources/(Uses) (3,699) - (153,528) (140,100)

Change in Net Position - - 114,955 26,379 Total Net Position - Beginning - - 286,280 259,901

Total Net Position - Ending -$ -$ 401,235$ 286,280$

IN NET POSITION


STATEMENT OF REVENUES, EXPENSES AND CHANGES

GOVERNMENTAL ACTIVITIESTOTALS

FOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)

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FOOD SERVICE COMMUNITY TRANSPORTATION MAINTENANCEFUND EDUCATION SERVICES SERVICES

Cash Flows From Operating Activities: Receipts from Customers 955,457$ 30,026$ 1,258,220$ 92,690$ Payments to Employees (450,092) (3,330) (625,928) (135,935) Payments for Employee Benefits (150,864) (255) (191,909) (10,778) Payments to Suppliers (537,479) (9,681) (308,518) (1,019)

Net Cash Provided/(Used) by Operating Activities (182,978) 16,760 131,865 (55,042)

Cash Flows From Investing Activities: Interest & Dividends 948 - - -

Net Cash Provided by Investing Activities 948 - - -

Cash Flows From Noncapital Financing Activities: Transfer to General Fund - - (147,693) 3,954 State Sources 9,760 - - - Federal Sources 281,722 - - -

Net Cash Provided by Noncapital Financing Activities 291,482 - (147,693) 3,954

Net Increase/(Decrease) in Cash & Cash Equivalents 109,452 16,760 (15,828) (51,088) Cash and Cash Equivalents, July 1 278,645 35,733 73,468 620

Cash & Cash Equivalents, June 30 388,097$ 52,493$ 57,640$ (50,468)$

Cash Provided/(Used) by Operating Activities: Operating Income/(Loss) (192,534)$ 16,760$ 147,693$ (3,954)$ Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense 4,936 - - - Change in Assets & Liabilities: (Increase)/Decrease in Inventory 8,854 - - - (Increase)/Decrease in Interfund Receivable (8,340) - - (3,334) (Increase)/Decrease in Accounts Receivable, Net (10,684) - (170,407) (47,134) (Increase)/Decrease in Accounts Payable 2,830 - (7,512) - Increase/(Decrease) in Interfund Payable - - 162,091 (620) Increase/(Decrease) in Prepaid Lunches 11,960 - - -

Total Adjustments 9,556 - (15,828) (51,088)

Net Cash Provided/(Used) by Operating Activities (182,978)$ 16,760$ 131,865$ (55,042)$


STATEMENT OF CASH FLOWSFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)

RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:

GOVERNMENTAL ACTIVITIESENTERPRISE FUNDS

BUSINESS-TYPEACTIVITIES

49



(MEMORANDUM ONLY)

GENERAL TECHNOLOGY JUNE 30, JUNE 30,ADMINISTRATION SERVICES 2014 2013

Cash Flows From Operating Activities: Receipts from Customers 149,595$ 20,666$ 2,506,654$ 2,089,225$ Payments to Employees (122,824) (20,879) (1,358,988) (1,055,917) Payments for Employee Benefits - - (353,806) (215,850) Payments to Suppliers (4,796) (121) (861,614) (718,483)

Net Cash Provided/(Used) by Operating Activities 21,975 (334) (67,754) 98,975

Cash Flows From Investing Activities: Interest & Dividends - - 948 1,627 Purchase of Equipment - - - (2,500)

Net Cash Provided by Investing Activities - - 948 (873)

Cash Flows From Noncapital Financing Activities: Transfer to General Fund (3,699) - (147,438) - State Sources - - 9,760 8,446 Federal Sources - - 281,722 247,047

Net Cash Provided by Noncapital Financing Activities (3,699) - 144,044 255,493

Net Increase/(Decrease) in Cash & Cash Equivalents 18,276 (334) 77,238 353,595 Cash and Cash Equivalents, July 1 (12,956) 60,857 436,367 82,772

Cash & Cash Equivalents, June 30 5,320$ 60,523$ 513,605$ 436,367$

Cash Provided/(Used) by Operating Activities: Operating Income/(Loss) 3,699$ -$ (28,336)$ (90,641)$ Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense - - 4,936 33,030 Change in Assets & Liabilities: (Increase)/Decrease in Inventory - - 8,854 (5,501) (Increase)/Decrease in Accounts Receivable, Net - (334) (228,559) 53,406 (Increase)/Decrease in Interfund Receivable 14,578 - 2,904 - Increase/(Decrease) in Accounts Payable - - (4,682) 36,100 Increase/(Decrease) in Interfund Payable 3,698 - 165,169 73,265 Increase/(Decrease) in Prepaid Lunches - - 11,960 (684)

Total Adjustments 18,276 (334) (39,418) 189,616

Net Cash Provided/(Used) by Operating Activities 21,975$ (334)$ (67,754)$ 98,975$




STATEMENT OF CASH FLOWSFOR FISCAL YEAR ENDED JUNE 30, 2014

GOVERNMENTAL ACTIVITIESTOTALS

50

Fiduciary Fund

51


52


EXHIBIT B-7

UNEMPLOYMENT (MEMORANDUM ONLY)

COMPENSATION SCHOLARSHIP AGENCY JUNE 30, JUNE 30,ASSETS TRUST FUND FUND 2014 2013

Cash & Cash Equivalents 204,793$ 196,442$ 238,195$ 639,430$ 655,519$ Interfund Receivable - - - - 5,123

Total Assets 204,793 196,442 238,195 639,430 660,642

LIABILITIES

Payroll Deductions & Withholdings - - 15,276 15,276 36,494 Due to Student Groups - - 222,597 222,597 260,899 Interfund Payable - - 322 322 5,581

Total Liabilities - - 238,195 238,195 302,974

NET POSITION

Held in Trust for Unemployment Claims & Other Purposes 204,793 - - 204,793 158,642 Reserved for Scholarships - 196,442 - 196,442 199,026

Total Net Position 204,793$ 196,442$ -$ 401,235$ 357,668$


TOTALS

STATEMENT OF FIDUCIARY NET POSITIONFIDUCIARY FUNDS

JUNE 30, 2014(With Comparative Totals for June 30, 2013)

PRIVATE PURPOSE

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EXHIBIT B-8

UNEMPLOYMENTCOMPENSATION (MEMORANDUM ONLY)

INSURANCE JUNE 30, JUNE 30, ADDITIONS: TRUST FUND SCHOLARSHIPS 2014 2013

Local Sources: Contributions 17,895$ 1,100$ 17,895$ 1,600$ Board Contributions 50,000 - 50,000 100,000

Total Contributions 67,895 1,100 67,895 101,600

Investment Earnings: Interest on Investments 256 216 256 776

Total Investment Earnings 256 216 256 776

Total Additions 68,151 1,316 68,151 102,376

DEDUCTIONS:

Unemployment Claims 22,000 - 22,000 67,769 Scholarship Payments - 3,900 - 4,100

Total Deductions 22,000 3,900 22,000 71,869

Change in Net Position 46,151 (2,584) 46,151 30,507 Net Position - Beginning of Year 158,642 199,026 158,642 327,161

Net Position - End of Year 204,793$ 196,442$ 204,793$ 357,668$

TOTALS

KINGSWAY REGIONAL SCHOOL DISTRICTFIDUCIARY FUND

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)

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NOTES TO THE FINANCIAL STATEMENTSJUNE 30, 2014

55


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NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014

Note 1. Summary of Significant Accounting Policies The financial statements of the Kingsway Regional School District (the ‘District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounting policies. A. Reporting Entity The Kingsway Regional 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 District is governed by a nine (9) member board elected to three-year staggered terms and one (1) sending district member appointed annually by the Logan Township School District. B. Component Units The primary criterion for including activities within the District’s reporting entity as a component unit, 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

Based on the aforementioned criteria, the District has no component units. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation District-Wide Financial Statements – The governmental fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental Fund Financial Statements – The 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. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and transportation. Other revenues are considered to be measurable and available only when cash is received by the state. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.

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Note 1. Summary of Significant Accounting Policies (continued): D. District-Wide and Fund Financial Statements The district-wide financial statements (the statement of net position and the statement of activities) report information of all of the non-fiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function, segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions. Net position is restricted when constraints placed on them are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted net position. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. E. Fund Accounting The accounts of the Kingsway Regional School District are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:

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Note 1. Summary of Significant Accounting Policies (continued): E. Fund Accounting (continued):

Governmental Funds

General Fund - The general fund is the general operating fund of Kingsway Regional School 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 non-instructional equipment which are classified in the Capital Outlay sub-fund.

As required by the New Jersey Department of Education Kingsway Regional School 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. 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.

Proprietary Funds

The focus of Proprietary Fund measurement is upon determination of net income, financial position and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the Proprietary Funds of the District:

Enterprise - The enterprise fund is used to account for the operations that are financed and operated in a manner similar to a private business enterprise. The costs of providing goods

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or services are financed primarily through user charges; or, where the District has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes.

All Proprietary funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that all assets and all liabilities, whether current or noncurrent, associated with their activity are included on their balance sheets. Their reported fund equity (net total position) is segregated into contributed capital and unreserved net position, if applicable. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total net position.

Depreciation of all exhaustive capital assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows: Equipment 5-20 years The District’s enterprise fund is comprised of the following:

• Food Service Fund – This fund accounts for the revenues and expenses pertaining to the District’s cafeteria operations.

• Community Education Fund- This fund accounts for the revenues and expenses pertaining to the District’s Community Education Program.

Internal Service Fund – Internal service funds are cost accounting and distribution entities, and are intended to “break even” annually and/or over a period of years. The use of an internal service fund does not provide additional revenue or expenses to the district by acts as a means to document the sharing of the costs. The internal service fund has been established to account for the financing of transportation, maintenance, technology, and general administration services provided by the Kingsway Regional School District for use by various other districts within the County of Gloucester. Services are provided on a cost reimbursement basis.

Fiduciary Fund

Fiduciary funds are used to account for assets held by a governmental entity for other parties (either as trustee or as an agent) and that cannot be used to finance the governmental entity’s own operating programs which includes private purpose trust funds and agency funds. Private Purpose Trust Funds - used to account for the principal and income for trust arrangements that benefit individuals, private organizations, or other governments. The District currently maintains an Unemployment Trust Fund and Scholarship Fund as a private purpose trust.

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Agency Funds - 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 and Student Activity Funds as Agency Funds.

F. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and private purpose trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total position) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total position. The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, private purpose trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due. In its accounting and financial reporting, the Kingsway Regional School District follows the pronouncements of the Governmental Accounting Standards Board (GASB) and the pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. The Kingsway Regional School District’s proprietary funds have elected not to apply the standards issued by FASB after November 30, 1989. The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred. G. 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 and are approved by the County Superintendent. Budgets are prepared using the modified accrual basis of accounting. The legal level of

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Note 1. Summary of Significant Accounting Policies (continued): G. Budgets/Budgetary Control (continued): 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.6:20-2A(m)1. All budget amendments must be approved by School Board resolution. 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. The budget, as detailed on Exhibit C-1, C-2, and I-3 includes all amendments to the adopted budget, if any. H. 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 reservations of 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 Kingsway Regional School District has received advances are reflected in the balance sheet as deferred revenues 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. I. 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.

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Note 1. Summary of Significant Accounting Policies (continued): I. Cash and Cash Equivalents (continued): 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 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. J. Tuition Receivable/Payable Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined. These adjustments are recorded upon certification by the State Board of Education, which is normally two years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable. The tuition rate adjustments for the years 2012-2013 have been established. According to the School District’s records, these amounts of adjustments are immaterial to the financial statements. K. Inventories Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method. The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed. L. Prepaid Expenses Prepaid expenses, which benefit future periods, are only recorded in the government-wide financial statements and in the proprietary fund statements. Prepaid expenses in the proprietary fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014. They are recorded as expenditure during the year of purchase.

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Note 1. Summary of Significant Accounting Policies (continued): M. 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 Kingsway Regional School District and that are due within one year. N. Capital Assets General capital assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of one year or more. Donated capital assets are valued at their estimated fair market value on the date received. The general capital assets acquired or constructed were valued by an independent appraisal company. General capital assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively. General capital assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows: School Buildings 50 Years Electrical/Plumbing 30 Years HVAC Systems 20 Years Roofing 20 Years Machinery & Tools 15 Years Computer Software 5 to 10 Years Computer Hardware 5 Years Athletics Equipment 10 Years Vehicles/Buses 8 Years Grounds Equipment 15 Years O. Deferred Outflow of Resources In addition to assets, the statement of financial 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. The District has only one item that qualifies for reporting in this category which is the deferred charge on refunding reported in the government-wide statement of net position. A deferred charge on refunded debt results from the difference in the carrying value of the refunded debt and its acquisition price. The amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.

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Note 1. Summary of Significant Accounting Policies (continued): P. Accrued Salaries and Wages District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve-month year. Therefore, there is no accrual as of June 30, 2014 for such salaries.

Q. 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 its employees, are accounted for in the period in which such services are rendered or in which such events take place. In the District-Wide financial statements, under governmental activities, compensated absences are reported as an expenditure and noncurrent liabilities. R. 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. S. Long-Term Obligations In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred. T. Fund Balance In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the Kingsway Regional School District classifies governmental fund balances as follows:

• Non-spendable – includes fund balance amounts that cannot be spent either because it is not in spendable form or because legal or contractual constraints.

• Restricted – includes fund balance amounts that are constrained for specific purposes which are externally imposed by external parties, constitutional provision or enabling legislation.

• Committed – includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority and does not lapse at year-end.

• Assigned – includes fund balance amounts that are intended to be used for specific purposes that are neither considered restricted or committed. Fund Balance may be assigned by the Business Administrator.

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Note 1. Summary of Significant Accounting Policies (continued): T. Fund Balance (continued):

• Unassigned – includes balance within the General Fund which has not been classified within the

above mentioned categories and negative fund balances in other governmental funds.

The District uses restricted/committed amounts to be spent first when both restricted and unrestricted fund balance is available, unless prohibited by law or regulation. Additionally, the District would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made.

U. 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.

V. Impact of Recently Issued Accounting Principles

Recently Issued and Adopted Accounting Pronouncements

In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements. In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities. GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement is effective for periods beginning after December 15, 2012. Management has implemented this Statement in the District’s financial statements for the year ended June 30, 2014 with a prior period restatement to beginning net position. See Note 17 for more information.

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Note 1. Summary of Significant Accounting Policies (continued): V. Impact of Recently Issued Accounting Principles (continued): Recently Issued Accounting Pronouncements In June 2012, the GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27. GASB 68 improves accounting and financial reporting by state and local governments for pensions. It also improves 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. This Statement is effective for fiscal years beginning after June 15, 2014. Management is currently evaluating the impact of the adoption of this statement on the District’s financial statements. W. Subsequent Events The Kingsway Regional School District has evaluated subsequent events occurring after June 30, 2014 through the date of December 1, 2014, which is the date the financial statements were available to be issued. Note 2. Cash and Cash Equivalents The District is governed by the deposit and investment limitations of New Jersey state law. The Deposits and investments held at June 30, 2014, and reported at fair value are as follows:

CarryingType Value

DepositsDemand Deposits 6,015,398$

Total Deposits 6,015,398$

The District's Cash & Cash Equivalents are Reported as Follows:

Governmental Actvities 4,935,378$ Business-Type Actvities 440,590 Fiduciary Funds 639,430

Total Cash & Cash Equivalents 6,015,398$

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Note 2. Cash and Cash Equivalents (continued): 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 the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. 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 funds or funds that 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, 2014, the District’s bank balance of $7,360,094 was exposed to custodial credit risk as follows: Insured $ 250,000 Uninsured 639,000 Collateralized in the District’s Name Under GUDPA 6,471,094 Total $7,360,094

Note 3. Capital Reserve Account A capital reserve account was established by the Kingsway Regional School District by inclusion of $1 on October 3, 2000, for the accumulation of funds for use as capital outlay expenditures in subsequent 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 appropriated 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.

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Note 3. Capital Reserve Account (continued): The activity of the capital reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 1$

Add: Budgeted Transfer 300,099 Add: Transfers by Resolution- June 23, 2014 200,000

Ending Balance, June 30, 2014 500,100$

Note 4. Capital Assets The following schedule is a summarization of the general capital assets by source for the fiscal year ended June 30, 2014:

June 30, June 30,2013 Additions Deletions Adjustments 2014

Non-Depreciable AssetsLand 2,481,278$ -$ -$ -$ 2,481,278 Construction in Progress 22,912,843 5,572,072 - - 28,484,915

Total Non-Depreciable Assets 25,394,121 5,572,072 - - 30,966,193

Depreciable AssetsBuilding & Structures 46,575,522 682,450 - - 47,257,972 Land Improvements 6,042,156 - - - 6,042,156 Machinery & Equipment 6,207,203 332,180 - - 6,539,383

Subtotal 58,824,881 1,014,630 - - 59,839,511

Accumulated Depreciation (25,619,540) (1,880,234) - - (27,499,774)

Total 58,599,462$ 4,706,468$ -$ -$ 63,305,930$

Business-Type Activities June 30, June 30,

2013 Additions Deletions Adjustments 2014

Machinery & Equipment 589,005$ 4,389$ -$ -$ 593,394$

Subtotal 589,005 4,389 - - 593,394 Accumulated Depreciation (578,243) (4,936) - - (583,179)

Total 10,762$ (547)$ -$ -$ 10,215$

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Note 5. Receivables Receivables at June 30, 2014 consisted of tuition fees, shared service fees charged other governmental units, and governmental grants. All receivables are considered collectable in full due to the stable condition of the other governmental units, State programs and the current year guarantee of federal funds. Receivables as of year-end for the School District’s individual major and proprietary funds, in the aggregate, are as follows:

Special Capital Debt InternalGeneral Revenue Projects Service Enterprise Service

Fund Fund Fund Fund Funds Fund TotalIntergovernmental 1,266,196$ 36,263$ 423,170$ 183,076$ 16,441$ -$ 1,925,146$ Other 59,107 - - - - 399,288 458,395

Total 1,325,303$ 36,263$ 423,170$ 183,076$ 16,441$ 399,288$ 2,383,541$

Note 6. Long-Term Debt During the fiscal year ended June 30, 2014 the following changes occurred in liabilities reported in the Long-Term Debt Account Group:

Balance Balance Due Within6/30/13 Issued Retired 6/30/14 One Year

Compensated Absences 569,928$ 417,609$ -$ 987,537$ -$ Capital Leases Payable 900,000 - (300,000) 600,000 300,000 Unamortized Bond Premium 254,511 - (23,978) 230,533 23,978 Bonds Payable 48,294,000 - (1,930,000) 46,364,000 2,085,000

Total 50,018,439$ 417,609$ (2,253,978)$ 48,182,070$ 2,408,978$

A. Bonds Payable Bond 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. On August 17, 2004, the District issued Bonds of $16,914,000 (par value) with interest rates ranging from 4.5% to 4.875%. Maturities of the 2004 Bonds range from 2006 to 2031 and they are callable, at par, on or after January 15, 2031. The proceeds from the sale of the Bond will be used to finance the construction of the middle school and renovations to the existing school building. During 2013, the maturities due in 2015 through 2024 were refinanced and during 2006 the 2025 through 2031 maturities were refinanced. Only the 2013 and 2014 amounts are still due as of June 30, 2014.

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Note 6. Long-Term Debt (continued): A. Bonds Payable (continued): On May 15, 2005, the School District issued $15,780,000 in Refunding Bonds with interest rates ranging from 1.250% to 3.900% to advance refund $15,050,000 of outstanding 1999 General Obligation Bonds with interest rates ranging from 4% to 5%. On November 21, 2006, the School District issued $9,075,000 in Refunding Bonds with interest rates ranging from 1.250% to 3.900% to advance refund $8,400,000 of outstanding 2004 General Obligation Bonds with interest rates ranging from 4.00% to 4.125%. On January 18, 2012, the District issued Bonds of $22,659,000 (par value) with interest rates ranging from 2.5% to 3.5%. Maturities of the 2012 Bonds range from 2013 to 2037 and they are callable, at par, on or after February 1, 2037. The proceeds from the sale of the Bond will be used to finance the Additions and Renovations of the Existing School Buildings. On January 27, 2012, the School District issued $5,935,000 in Refunding Bonds with interest rates ranging from 2% to 4% to advance refund $5,514,000 of outstanding 2004 General Obligation Bonds with interest rates ranging from 4.00% to 4.125%.

Principal and interest due on serial bonds outstanding is as follows:

Year BalanceEnding 6/30/14 Issued RetiredJune 30, Principal Interest Total

2015 2,085,000 1,590,063 3,675,063 2016 2,200,000 1,516,413 3,716,413 2017 2,190,000 1,444,138 3,634,138 2018 2,255,000 1,372,213 3,627,213 2019 2,345,000 1,303,413 3,648,413

2020-2024 12,690,000 5,335,337 18,025,337 2025-2029 10,835,000 3,213,171 14,048,171 2030-2034 8,165,000 1,339,906 9,504,906 2035-2037 3,599,000 250,695 3,849,695

Total 46,364,000$ 17,365,349$ 63,729,349$

B. Capital Leases Payable As of June 30, 2014, the Board had Capital Leases outstanding for Technology Equipment in the amount of $600,000.

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Note 6. Long-Term Debt (continued): B. Capital Leases Payable (continued): The following is a schedule of the future minimum lease payments under these capital leases and present value of the net minimum lease payments at June 30, 2014:

Year Amount

2015 319,020$ 2016 309,510

Total Minimum Lease Payments 628,530 Less: Amount Representing Interest 28,530

Present Value of net minimum lease payments 600,000$

Note 7. Pension Plans Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625. Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified. Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction.

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Note 7. Pension Plans (continued): Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15A and 43.3B and N.J.S.A.18A:66 for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 55 and are generally determined to be 1/55 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System. 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. Chapter 78, P.L. 2011 changed this for employees enrolled after June 28, 2011. See Significant Legislation below. Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced. New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension. Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service. All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”. Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs.

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Note 7. Pension Plans (continued): Contribution Requirements – The contribution policy is set by N.J.S.A.43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A.18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5%, effective October 1, 2011, of employees’ annual compensation, as defined. The rate will increase over the next seven years to 7.5%. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for cost-of-living adjustments, noncontributory death benefits and post-retirement medical premiums. Under current statute the District is a noncontributing employer of the TPAF.

Three-Year Trend Information for PERS

Annual Percentage Net

Year Pension of APC PensionFunding Cost (APC) Contributed Obligation

6/30/2014 314,178$ 100% -$ 6/30/2013 393,638 100% - 6/30/2012 428,045 100% -

Three-Year Trend Information for TPAF (Paid on behalf of the District)

Annual Percentage NetYear Pension of APC Pension

Funding Cost (APC) Contributed Obligation

6/30/2014 1,253,571$ 100% -$ 6/30/2013 1,577,616 100% - 6/30/2012 1,059,415 100% -

During the year ended June 30, 2014 the State of New Jersey contributed $1,253,571 to the TPAF for normal and post-retirement benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $952,416 for the year ended June 30, 2014 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the Basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.

Note 8. Post-Retirement Benefits P.L. 1987, c. 384 and P.L. 1990, c.6 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

74



Note 8. Post-Retirement Benefits (continued): funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2014, there were 100,134 retirees receiving post-retirement medical benefits, and the state contributed $1.07 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 employer paid 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 $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2014.

Note 9. 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 Interest Amount Ending

Fiscal Year Contributions Earned Reimbursed Balance

2013-2014 67,895$ 256$ 22,000$ 204,793$ 2012-2013 100,000 353 67,769 158,642 2011-2012 150,000 30,163 164,655 126,058

Note 10. Contingencies The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and

75



Note 10. Contingencies (continued): regulations governing the respective grants; therefore, no provisions have been recorded in the accompanying combined statements for such contingencies. Note 11. Economic Dependency The District participates in numerous state and federal grant programs. The programs are subject to compliance audits under the single audit approach. Such audits could lead to requests for reimbursement by the grantor agency for expenditures disallowed under terms of the grants. Management believes that the amount from future audits, if any, would not be material. The School District is dependent on the State of New Jersey for a substantial portion of its operating funds. Due to funding uncertainties at the State level, funding for school districts may be reduced. The ultimate effect of this possible reduction in funding on the District’s future operation is not yet determinable. Note 12. Interfund Receivables and Payables The following interfund balances remained on the balance sheet at June 30, 2014:

Interfund Interfund Fund Receivable Payable

General Fund 556,770$ 8,340$ Capital Projects Fund - 98,184 Food Service Fund 8,340 - Internal Service Fund 3,334 461,598 Fiduciary Fund- Payroll - 322

Total 568,444$ 568,444$

The purpose of interfunds are for short-term borrowings. Note 13. 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. Siracusa Benefits Programs The Equitable Life Assurance Society of the US 403(b) ASP

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Note 14. Compensated Absences District employees who are employed for ten months are entitled to ten paid sick leave days per fiscal school year. District employees who are employed for twelve months are entitled to twelve paid sick leave days per fiscal school year. Unused sick leave may be accumulated and carried forward to the subsequent years. Upon retirement and those with ten (10) years of service in the District, the District shall pay the employee for unused sick leave in accordance with the Districts' agreements with the various employee unions. Vacation days not used during the year may only be carried forward with approval from the Superintendent. The liability for vested compensated absences of the governmental fund types is recorded in the general long-term debt account group, 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. This liability of $1,030,497 is reflected on the statement of net position Exhibit A-1. The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2014, $42,960 liability existed for compensated absences in the Food Service Fund. Note 15. Calculation of Excess Surplus In accordance with J.J.S.A. 18A:7F-7, the designation for Reserved Fund Balance- Excess Surplus is a required calculation pursuant to the New Jersey Comprehensive Educational Improvement and Financing Act of 1996 (CEIFA). New Jersey school districts are required to reserve 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, 2014 is $1,475,016. Note 16. Fund Balance General Fund – Of the $3,961,126 General Fund fund balance at June 30, 2014, $500,100 has been restricted for future capital activity; $1,982,133 has been appropriated and included as anticipated revenue for the year ending June 30, 2015; $1,475,016 is restricted for current year excess surplus; and $3,877 has been reserved for encumbrances. Capital Projects Fund – Of the $2,644,837 Capital Projects Fund fund balance at June 30, 2014, $2,513,829 has been restricted for Capital Projects; and $131,008 has been reserved for encumbrances. Debt Service Fund – The Debt Service Fund fund balance of $47,162 has been restricted for Debt Service. Note 17. Prior Period Restatement As discussed in Note 1, the District has implemented GASB Statement 65, Items Previously Reported as Assets and Liabilities in the District’s financial statements for the year ended June 30, 2104. As a result, net position as of July 1, 2013 has been restated as follows:

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Note 17. Prior Period Restatement (continued):

Original Net Restated Balance Adjustment Balance

Unamortized Bond Issuance Costs (1) $ 276,168 $ (276,168) $ -0-

Net Position, July 1, 2013 $ (22,473,081) $ 276,168 $ (22,196,913) (1) Previously reported as an asset on the Statement of Net Position and amortized over the life of related debt. Note 18. Subsequent Event-Bond Refunding On November 4, 2014, the Kingsway Regional School District issued $8,730,000 of General Obligation School Bonds. The Bonds are being issued for the purpose of: (i) the current refunding of all of the outstanding callable principal amount of the originally issued $15,780,000 Refunding School Bonds of the Board dated May 15, 2005 and maturing on or after March 1, 2016 and (ii) paying the costs of issuance with respect to the Bonds. Principal and interest on the Bonds will be payable semiannually on March 1 and September 1 commencing on March 1, 2015.

78

REQUIRED SUPPLEMENTARY INFORMATION - PART II

79


80

C. Budgetary Comparison Schedules

81


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NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

95


96

EXHIBIT C-3

SPECIALGENERAL REVENUE

FUND FUNDSources/Inflows of Resources: Actual Amounts (Budgetary Basis) "Revenue" From the Budgetary Comparison Schedule (C-Series) 32,200,144$ 453,783$ Difference - Budget to GAAP: Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.

Prior Year 3,100 Current Year - (250)

State aid payment recognized for GAAP statements in the current year, previously recognized for budgetary purposes. 692,696 -

State aid payment recognized for budgetary purposes, not recognized for GAAP statements until the subsequent year. (804,103) -

Total Revenues as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds. (B-2) 32,088,737$ 456,633$

Uses/outflows of resources: Actual amounts (budgetary basis) "total expenditures" from the budgetary comparison schedule 33,000,753$ 453,783$ Differences - budget to GAAP Encumbrances for supplies and equipment ordered but not received is reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes.

Current Year - 2,850

Total Expenditures as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds (B-2) 33,000,753$ 456,633$

Note A - Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures


KINGSWAY REGIONAL SCHOOL DISTRICTREQUIRED SUPPLEMENTARY INFORMATION

BUDGETARY COMPARISON SCHEDULE NOTE TO RSI

97


98

OTHER SUPPLEMENTARY INFORMATION

99


100

D. School Based Budget Schedules

Not Applicable

101


102

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103


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otal

s for

Jun

e 30

, 201

3)

105


106

F. Capital Projects Fund

107


108

EXH

IBIT

F-1

UN

EXPE

ND

EDO

RIG

INA

LB

UD

GET

AR

YPR

IOR

CU

RR

ENT

BA

LAN

CE

PRO

JEC

T TI

TLE

DA

TEA

PPR

OPR

IATI

ON

SY

EAR

YEA

R20

14

Und

erta

ke th

e co

nstru

ctio

n of

a b

uild

ing

add

ition

for s

cien

ce la

bs a

nd to

acq

uire

the

nec

essa

ry e

quip

men

t and

und

erta

ke a

ny a

ssoc

iate

d si

te w

ork

04/2

1/09

449,

600

$

449,

600

$

-$

-

$

01/0

6/12

5,35

0,01

2

3,40

1,13

6

1,29

5,15

5

653,

721

01/0

6/12

10,3

83,8

13

6,

659,

170

1,

894,

818

1,

829,

825

01/0

6/12

15,3

88,6

25

12

,864

,516

2,36

2,81

8

161,

291

31,5

72,0

50$

23

,374

,422

$

5,55

2,79

1$

2,64

4,83

7$

KIN

GSW

AY

RE

GIO

NA

L S

CH

OO

L D

IST

RIC

TSU

MM

AR

Y S

CH

ED

UL

E O

F PR

OJE

CT

EX

PEN

DIT

UR

ES

FOR

FIS

CA

L Y

EA

R E

ND

ED

JU

NE

30,

201

4

Con

stru

ctio

n of

Mid

dle

Scho

ol

Add

ition

s and

Ren

ovat

ions

to H

igh

Scho

ol

Add

ition

s and

Ren

ovat

ions

to M

iddl

e

Sch

ool

A

uxili

ary

Gym

Tot

al

EXPE

ND

ITU

RES

109

EXHIBIT F-2

Revenues and Other Financing Sources: Bond Anticipation Note -$

Total Revenues -

Expenditures and Other Financing Uses: Purchased Professional & Technical Services 99,940 Construction Services 4,315,229 Equipment Purchases 1,156,903

Total Expenditures 5,572,072

Other Financing Sources/(Uses) Cancellation of Account Payable 14,956

Total Other Financing Sources/(Uses) 14,956

Excess/(Deficiency) of Revenues Over/(Under) Expenditures (5,557,116) Fund Balance - Beginning 8,201,953

Fund Balance - Ending 2,644,837$


KINGSWAY REGIONAL SCHOOL DISTRICTCAPITAL PROJECTS FUND

SUMMARY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE-BUDGETARY BASIS

110

EXHIBIT F-2a

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COST

Revenues & Other Financing Sources: Bond Anticipation Note 449,600$ -$ 449,600$ 449,600$

Total Revenues 449,600 - 449,600 449,600

Expenditures & Other Financing Uses: Purchased Professional & Technical Services 41,160 - 41,160 50,000 Construction Services 309,190 - 309,190 324,600 Equipment Purchases 44,046 - 44,046 75,000

Total Expenditures 394,396 - 394,396 449,600

Other Financing Sources/(Uses) Transfer to Debt Service (55,204) - (55,204) -

Total Other Financing Sources/(Uses) (55,204) - (55,204) -

Excess/(Deficiency) of Revenues Over/(Under) Expenditures -$ -$ -$ -$

Project Number 2440-050-08-1000 Grant Date N/A Bond Authorization Date 04/21/09 Bonds Authorized 449,600$ Bonds Issued -$ Original Authorized Cost 449,600$ Revised Authorized Cost 449,600$ Percentage Increase Over Original Authorized Cost 0% Original Target Completion Date 10/01/09 Actual Completion Date 11/01/09

ADDITIONAL PROJECT INFORMATION


SCHEDULE OF REVENUES, EXPENDITURES, PROJECT BALANCE ANDPROJECT STATUS - BUDGETARY BASIS

RENOVATION OF SCIENCE LABORATORIES AT HIGH SCHOOLFOR THE YEAR ENDED JUNE 30, 2014

111

EXHIBIT F-2b



Revenues & Other Financing Sources: State Sources - SDA Grant 1,221,326$ -$ 1,221,326$ 1,221,326$ Bond Proceeds & Transfers 4,128,686 - 4,128,686 4,128,686

Total Revenues 5,350,012 - 5,350,012 5,350,012

Expenditures & Other Financing Uses: Purchased Professional & Technical Services 481,686 17,433 499,119 1,070,001 Construction Services 2,919,450 1,277,722 4,197,172 4,124,994 Equipment Purchases - - - 155,017

Total Expenditures 3,401,136 1,295,155 4,696,291 5,350,012

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 4,837,068$ (1,295,155)$ 653,721$ -$

Project Number 2440-060-10-G0ZP Grant Date 01/06/2012 Bond Authorization Date 09/27/2011 Bonds Authorized 4,128,686$ Bonds Issued 4,128,686$ Original Authorized Cost 5,350,012$ Revised Authorized Cost 5,350,012$ Percentage Increase Over Original Authorized Cost 0% Original Target Completion Date 09/01/2013 Actual Completion Date N/A





CONSTRUCTION OF MIDDLE SCHOOL AUXILIARY GYMNASIUM

112

EXHIBIT F-2c




Total Revenues 10,383,813 - 10,383,813 10,383,813

Expenditures & Other Financing Uses: Purchased Professional & Technical Services 899,083 34,498 933,581 2,076,762 Construction Services 5,541,116 1,356,246 6,897,362 8,006,257 Equipment Purchases 218,971.00 504,074 723,045 300,794


Excess/(Deficiency) of Revenues Over/(Under) Expenditures 3,724,643$ (1,894,818)$ 1,829,825$ -$

Project Number 2440-060-10-G0ZQ Grant Date 01/06/2012 Bond Authorization Date 09/27/2011 Bonds Authorized 7,517,346$ Bonds Issued 7,517,346$ Original Authorized Cost 10,383,813$ Revised Authorized Cost 10,383,813$ Percentage Increase Over Original Authorized Cost 0% Original Target Completion Date 09/01/2013 Revised Target Completion Date N/A




ADDITIONS AND RENOVATIONS TO MIDDLE SCHOOLFOR THE YEAR ENDED JUNE 30, 2014

113

EXHIBIT F-2d




Total Revenues 15,388,625 - 15,388,625 15,388,625

Expenditures & Other Financing Uses: Purchased Professional & Technical Services 1,432,052 48,009 1,480,061 3,077,725 Construction Services 10,829,292 1,681,261 12,510,553 11,807,291 Equipment Purchases 603,172.00 652,829 1,256,001 503,609


Other Financing Sources/(Uses) Cancellation of Account Payable 4,325 14,956 19,281 -

Total Other Financing Sources/(Uses) 4,325 14,956 19,281 -

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 2,528,434$ (2,367,143)$ 161,291$ -$

Project Number 2440-050-10-G0ZO Grant Date 01/06/2012 Bond Authorization Date 09/27/2011 Bonds Authorized 11,013,017$ Bonds Issued 11,013,017$ Original Authorized Cost 15,388,625$ Revised Authorized Cost 15,388,625$ Percentage Increase Over Original Authorized Cost 0% Original Target Completion Date 09/01/2013 Revised Target Completion Date N/A




ADDITIONS AND RENOVATIONS TO HIGH SCHOOLFOR THE YEAR ENDED JUNE 30, 2014

114

G. Proprietary Funds

115


116

Enterprise Funds

117


118

EXHIBIT G-1

FOODSERVICE COMMUNITY

ASSETS FUND EDUCATION 2014 2013

Current Assets: Cash & Cash Equivalents 388,097$ 52,493$ 440,590$ 314,378$ Accounts Receivable: State 1,180 - 1,180 802 Federal 15,261 - 15,261 4,955 Interfund Receivable 8,340 - 8,340 - Inventories 7,764 - 7,764 16,618


Noncurrent Assets: Furniture, Machinery & Equipment 593,394 - 593,394 589,005 Accumulated Depreciation (583,179) - (583,179) (578,243)

Total Capital Assets 10,215 - 10,215 10,762

Total Assets 430,857 52,493 483,350 347,515

LIABILITIES:

Current Liabilities: Accounts Payable 17,653 - 17,653 14,823.00 Unearned Revenue 21,502 - 21,502 9,542

Total Current Liabilities 39,155 - 39,155 24,365

Noncurrent Liabilities: Compensated Absences 42,960 - 42,960 36,870

Total Noncurrent Liabilities 42,960 - 42,960 36,870

Total Liabilities 82,115 - 82,115 61,235

NET POSITION

Net Investment in Capital Assets 10,215 - 10,215 10,762 Unrestricted Net Position 338,527 52,493 391,020 275,518

Total Net Position 348,742$ 52,493$ 401,235$ 286,280$

KINGSWAY REGIONAL SCHOOL DISTRICTENTERPRISE FUND

COMBINING SCHEDULE OF NET POSITIONAS OF JUNE 30, 2014


119

EXHIBIT G-2


FUND EDUCATION 2014 2013Operating Revenue: Local Sources: Daily Sales - Reimbursable Programs 509,505$ -$ 509,505$ 461,401$ Daily Sales - Nonreimbursable Programs 415,532 - 415,532 343,379 Vending Machine Sales 15,803 - 15,803 24,286 Special Function 21,083 - 21,083 1,706 Program Fees - 30,026 30,026 28,790 Miscellaneous 598 - 598 11,587.00

Total Operating Revenue 962,521 30,026 992,547 871,149

Operating Expenses: Salaries 450,092 3,330 453,422 392,836 Employee Benefits 150,864 255 151,119 104,246 Other Professional Services 1,006 5,445 6,451 15,815 Supplies and Materials 44,777 4,236 49,013 31,996 Cleaning, Repair & Maintennace Services 12,761 - 12,761 21,932 Other Expenses 249 - 249 2,997 Depreciation 4,936 - 4,936 33,030 Cost of Sales 490,370 - 490,370 459,644

Total Operating Expenses 1,155,055 13,266 1,168,321 1,062,496

Operating (Loss)/Gain (192,534) 16,760 (175,774) (191,347)

Nonoperating Revenues:Gain on Adjustment to Capital Assets 4,389 - 4,389 - State Sources: State School Lunch Program 9,760 - 9,760 8,446 Federal Sources: National School Lunch Program 196,183 - 196,183 172,009 Healthy Hunger-Free Kids Act 12,630 - 12,630 - Food Distribution Program 72,909 - 72,909 75,038 Interest Revenue 948 - 948 1,627

Total Nonoperating Revenues 296,819 - 296,819 257,120

Net Income/(Loss) 104,285 16,760 121,045 65,773 Net Change in Compensated Absences (6,090) - (6,090) (22,872)

Change in Net Position 98,195 16,760 114,955 42,901 Total Net Position - Beginning 250,547 35,733 286,280 243,379

Total Net Position - Ending 348,742$ 52,493$ 401,235$ 286,280$

AS OF JUNE 30, 2014


COMBINING SCHEDULE OF REVENUES, EXPENSES ANDCHANGES IN FUND NET POSITION


120

EXHIBIT G-3


FUND EDUCATION 2014 2013Cash Flows From Operating Activities: Receipts from Customers 955,457$ 30,026$ 985,483$ 869,338$ Payments to Employees (450,092) (3,330) (453,422) (392,836) Payments for Employee Benefits (150,864) (255) (151,119) (104,246) Payments to Suppliers (537,479) (9,681) (547,160) (523,062)

Net Cash Provided/(Used) by Operating Activities (182,978) 16,760 (166,218) (150,806)

Cash Flows From Investing Activities: Interest & Dividends 948 - 948 1,627 Purchase of Equipment - - - (2,500)

Net Cash Provided by Investing Activities 948 - 948 (873)

Cash Flows From Noncapital Financing Activities: State Sources 9,760 - 9,760 8,446 Federal Sources 281,722 - 281,722 247,047

Net Cash Provided by Noncapital Financing Activities 291,482 - 291,482 255,493

Net Increase/(Decrease) in Cash & Cash Equivalents 109,452 16,760 126,212 103,814 Cash & Cash Equivalents, July 1 278,645 35,733 314,378 210,564

Cash & Cash Equivalents, June 30 388,097$ 52,493$ 440,590$ 314,378$

Cash Provided/(Used) by Operating Activities: Operating Income/(Loss) (192,534)$ 16,760$ (175,774)$ (191,347)$ Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense 4,936 - 4,936 33,030 Change in Assets & Liabilities: (Increase)/Decrease in Inventory 8,854 - 8,854 (5,501) (Increase)/Decrease in Accounts Receivable, Net (10,684) - (10,684) (1,127) (Increase)/Decrease in Interfund Receivable (8,340) - (8,340) - Increase/(Decrease) in Accounts Payable 2,830 - 2,830 14,823 Increase/(Decrease) in Prepaid Lunches 11,960 - 11,960 (684)

Total Adjustments 9,556 - 9,556 40,541

Net Cash Provided/(Used) by Operating Activities (182,978)$ 16,760$ (166,218)$ (150,806)$

AS OF JUNE 30, 2014(With Comparative Totals for June 30, 2013)


COMBINING SCHEDULE OF CASH FLOWS


121


122

Internal Service Fund

123


124

EXH

IBIT

G-4

TRA

NSP

OR

TATI

ON

MA

INTE

NA

NC

EG

ENER

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TEC

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ASS

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60

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$

123,

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$

134,

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A

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399,

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385,

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-

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71

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461,

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296,

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399,

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NET

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-

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-$

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KIN

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125

EXH

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:

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porta

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1,39

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1,

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430

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9$

S

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of G

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33,1

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-

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20

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-

143,

158

149,

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9

10,7

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-

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202,

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11

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2,86

9

-

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of T

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60,0

30

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67

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ased

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-

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8

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147,

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145,

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594,

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(Los

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(3,9

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3,

699

-

147,

438

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/(Use

s):

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(147

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)

(117

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)

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(3,6

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)

(117

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)

Cha

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-

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126

EXH

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1,25

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1,

521,

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1,

219,

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P

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mpl

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s(6

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Net

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1,86

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98

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h Fl

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(147

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3,95

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(3

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47,4

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Net

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(147

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Incr

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/(Dec

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n C

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& C

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(5

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18,2

76

(3

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249,

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C

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& C

ash

Equi

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173

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121,

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(127

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h Eq

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Rec

onci

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Ope

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147,

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$

(3,9

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3,69

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14

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to C

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Prov

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in A

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vabl

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14,5

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11

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ncre

ase/

(Dec

reas

e) in

Inte

rfund

Pay

able

162,

091

(620

)

3,69

8

-

165,

169

73,2

65.0

0

I

ncre

ase/

(Dec

reas

e) in

Acc

ount

s Pay

able

(7,5

12)

-

-

-

(7

,512

)

21,2

77

T

otal

Adj

ustm

ents

(15,

828)

(51,

088)

18

,276

(334

)

(48,

974)

14

9,07

5

Net

Cas

h Pr

ovid

ed/(U

sed)

by

Ope

ratin

g

Act

iviti

es13

1,86

5$

(5

5,04

2)$

21,9

75$

(3

34)

$

98

,464

$

24

9,78

1$

RE

CO

NC

ILIA

TIO

N O

F O

PER

AT

ING

INC

OM

E/(L

OSS

) TO

NE

T C

ASH

PR

OV

IDE

D/(U

SED

) BY

OPE

RA

TIN

G A

CT

IVIT

IES:

KIN

GSW

AY

RE

GIO

NA

L S

CH

OO

L D

IST

RIC

TIN

TE

RN

AL

SE

RV

ICE

FU

ND

CO

MB

ININ

G S

TA

TE

ME

NT

OF

CA

SH F

LO

WS

AS

OF

JUN

E 3

0, 2

014

(With

Com

para

tive

Tot

als f

or J

une

30, 2

013)

GO

VER

NM

ENTA

L A

CTI

VIT

IES

127


128

H. Fiduciary Fund

129


130

EXHIBIT H-1

UNEMPLOYMENTCOMPENSATION PAYROLL STUDENT

ASSETS TRUST SCHOLARSHIP FUND ACTIVITY 2014 2013

Cash & Cash Equivalents 204,793$ 196,442$ 15,598$ 222,597$ 639,430$ 655,519$ Interfund Receivable - - - - - 5,123

Total Assets 204,793 196,442 15,598 222,597 639,430 660,642

LIABILITIES

Payroll Deductions & Withholdings - - 15,276 - 15,276 36,494 Due to Student Groups - - - 222,597 222,597 260,899 Interfund Payable - - 322 - 322 5,581

Total Liabilities - - 15,598 222,597 238,195 302,974

NET POSITION

Restricted for Unemployment Trust Claims & Other Purposes 204,793 - - - 204,793 158,642 Restricted for Scholarships - 196,442 - - 196,442 199,026

Total Net Position 204,793$ 196,442$ -$ -$ 401,235$ 357,668$

AGENCYPRIVATE PURPOSE


KINGSWAY REGIONAL SCHOOL DISTRICTFIDUCIARY FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITIONJUNE 30, 2014

131

EXHIBIT H-2

UNEMPLOYMENTCOMPENSATION

ADDITIONS: TRUST SCHOLARSHIPS 2014 2013

Local Sources: Contributions 17,895$ 1,100$ 17,895$ 1,600$ Board Contributions 50,000 - 50,000 100,000

Total Contributions 67,895 1,100 67,895 101,600

Investment Earnings: Interest on Investments 256 216 256 776

Total Investment Earnings 256 216 256 776

Total Additions 68,151 1,316 68,151 102,376

DEDUCTIONS:

Unemployment Claims 22,000 - 22,000 67,769 Scholarship Payments - 3,900 - 4,100

Total Deductions 22,000 3,900 22,000 71,869

Change in Net Position 46,151 (2,584) 46,151 30,507 Net Position - Beginning of Year 158,642 199,026 158,642 327,161

Net Position - End of Year 204,793$ 196,442$ 204,793$ 357,668$


KINGSWAY REGIONAL SCHOOL DISTRICTFIDUCIARY FUND

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014

PRIVATE PURPOSE

132

EXHIBIT H-3

JULY 1, CASH CASH JUNE 30,2013 RECEIPTS DISBURSEMENTS 2014

Kingsway Regional High School 228,442$ 530,914$ 569,723$ 189,633$

Kingsway Regional Middle School 29,016 101,371 97,459 32,928

Kingsway Regional Athletics 3,441 98,585 101,990 36

Total 260,899$ 730,870$ 769,172$ 222,597$

EXHIBIT H-4

BALANCE BALANCEJULY 1, JUNE 30,

ASSETS 2013 ADDITIONS DELETIONS 2014

Cash & Cash Equivalents: Payroll Account 126$ 12,744,053$ 12,744,095$ 84$ Payroll Agency Account 31,703 8,535,682 8,551,871 15,514 Interfund Account Receivable 5,123 - 5,123 -

Total Assets 36,952$ 21,279,735$ 21,301,089$ 15,598$

LIABILITIES

Net Payroll -$ 12,744,095$ 12,744,095$ -$ Net Payroll Deductions & Withholdings 36,494 8,535,318 8,556,536 15,276 Interfund Account Payable 458 322 458 322

Total Liabilities 36,952$ 21,279,735$ 21,301,089$ 15,598$

PAYROLL AGENCY FUNDSCHEDULE OF RECEIPTS AND DISBURSEMENTS


KINGSWAY REGIONAL SCHOOL DISTRICTSTUDENT ACTIVITY AGENCY FUND

SCHEDULE OF RECEIPTS AND DISBURSEMENTSFOR FISCAL YEAR ENDED JUNE 30, 2014

133


134

I. Long-Term Debt

Not Applicable

135


136

EXH

IBIT

I-1

BA

LAN

CE

BA

LAN

CE

AM

OU

NT

JUN

E 30

,R

EDEE

MED

/JU

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TER

EST

2013

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ND

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14

Con

stru

ctio

n of

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dle

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004

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00$

40

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0$

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000

$

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$

& R

enov

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ns to

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stin

gSc

hool

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ldin

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ool R

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ding

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ds05

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0003

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2015

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000

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00

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000

10

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of 0

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0,00

04.

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1/20

2096

0,00

04.

000%

03/0

1/20

211,

105,

000

4.15

0%03

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2022

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04.

200%

03/0

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231,

185,

000

4.25

0%03

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2024

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04.

250%

2006

Sch

ool R

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ding

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ds11

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2006

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001

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15-2

018

25,0

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8,82

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0

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25

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of 0

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sue

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18-2

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4.00

0%01

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2022

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35,0

004.

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1/20

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000

4.00

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2026

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0,00

04.

000%

03/0

1/20

271,

220,

000

4.12

5%03

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2028

1,21

5,00

04.

125%

03/0

1/20

291,

210,

000

4.12

5%03

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2030

1,20

0,00

04.

125%

03/0

1/20

311,

190,

000

4.12

5%

Serie

s 201

2 A

dditi

ons &

1/18

/201

222

,659

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02/0

1/20

1565

0,00

02.

500%

22,0

59,0

00

-

650,

000

21

,409

,000

Ren

ovat

ions

of E

xist

ing

Scho

ol02

/01/

2016

-17

675,

000

2.50

0%B

uild

ings

02/0

1/20

1870

0,00

02.

500%

02

/01/

2019

710,

000

2.50

0%02

/01/

2020

725,

000

2.50

0%02

/01/

2021

750,

000

2.50

0%02

/01/

2022

775,

000

2.50

0%02

/01/

2023

800,

000

2.50

0%02

/01/

2024

850,

000

3.00

0%02

/01/

2025

875,

000

3.00

0%02

/01/

2026

900,

000

3.00

0%02

/01/

2027

950,

000

3.00

0%02

/01/

2028

975,

000

3.00

0%02

/01/

2029

1,02

5,00

03.

000%

02/0

1/20

301,

075,

000

3.00

0%02

/01/

2031

1,12

5,00

03.

000%

02/0

1/20

321,

175,

000

3.12

5%02

/01/

2033

-36

1,20

0,00

03.

250-

3.50

0%02

/01/

2037

1,19

9,00

03.

500%

AN

NU

AL

MA

TUR

ITY

KIN

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RE

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EB

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HE

DU

LE

OF

SER

IAL

BO

ND

SJU

NE

30,

201

4

137

EXH

IBIT

I-1

BA

LAN

CE

BA

LAN

CE

AM

OU

NT

JUN

E 30

,R

EDEE

MED

/JU

NE

30,

DA

TE O

FO

FIN

TER

EST

2013

ISSU

EDR

EFU

ND

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NN

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L M

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IAL

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ND

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NE

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201

4

Serie

s 201

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efun

ding

Bon

ds

1/27

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25,

935,

000

01/1

5/15

470,

000

2.00

0%5,

835,

000

-

65,0

00

5,

770,

000

of

08/

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004

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e01

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1656

0,00

03.

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3.00

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000

2.00

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02.

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000

3.00

0%01

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2459

0,00

03.

831%

Tota

l48

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$

-$

1,93

0,00

0$

46

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,000

$

138

EXH

IBIT

I-2

AM

OU

NT

AM

OU

NT

AM

OU

NT

INTE

RES

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FO

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TAN

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IRED

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OF

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INA

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NE

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RR

ENT

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RR

ENT

JUN

E 30

,

SE

RIE

SLE

ASE

LEA

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YA

BLE

ISSU

E20

13Y

EAR

YEA

R20

14

Tech

nolo

gy E

quip

men

t07

/15/

2010

5 Y

ears

3.17

%1,

500,

000

$

900,

000

$

-$

300,

000

$

600,

000

$

T

otal

900,

000

$

-$

300,

000

$

600,

000

$

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RE

GIO

NA

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OF

OB

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AT

ION

S U

ND

ER

CA

PIT

AL

LE

ASE

SJU

NE

30,

201

4

139

EXH

IBIT

I-3

NEG

ATI

VE

NEG

ATI

VE

OR

IGIN

AL

BU

DG

ETFI

NA

LFI

NA

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OR

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DG

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AN

SFER

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DG

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AN

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GET

AC

TUA

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AL

Rev

enue

s: L

ocal

Sou

rces

:

Loc

al T

ax L

evy

3,03

9,31

8$

-$

3,

039,

318

$

3,03

9,31

8$

-

$

3,

108,

239

$

-$

3,

108,

239

$

3,10

8,23

9$

-

$

S

tate

Sou

rces

:

Deb

t Ser

vice

Aid

Typ

e II

552,

845

-

55

2,84

5

552,

845

-

63

5,90

2

-

63

5,90

2

635,

902

-

M

isce

llane

ous

-

-

-

-

-

-

-

-

16

,786

16

,786

Tot

al R

even

ues

3,59

2,16

3

-

3,

592,

163

3,59

2,16

3

-

3,

744,

141

-

3,

744,

141

3,76

0,92

7

16

,786

Expe

nditu

res:

Reg

ular

Deb

t Ser

vice

:

In

tere

st1,

662,

163

-

1,66

2,16

3

1,

662,

163

-

1,82

9,54

1

(1

04,0

00)

1,

725,

541

1,69

5,16

5

30

,376

Pr

inci

pal

1,93

0,00

0

-

1,

930,

000

1,93

0,00

0

-

1,

914,

600

104,

000

2,

018,

600

2,01

8,60

0

-

Tot

al E

xpen

ditu

res

3,59

2,16

3

-

3,

592,

163

3,59

2,16

3

-

3,

744,

141

-

3,

744,

141

3,71

3,76

5

30

,376

Exce

ss/(D

efic

ienc

y) o

f Rev

enue

s O

ver/(

Und

er) E

xpen

ditu

res

-

-

-

-

-

-

-

-

47

,162

47

,162

Fu

nd B

alan

ce Ju

ly 1

, 201

347

,162

-

47,1

62

47,1

62

-

-

-

-

-

-

Fund

Bal

ance

June

30,

201

447

,162

$

-

$

47,1

62$

47,1

62$

-$

-

$

-$

-

$

47

,162

$

47

,162

$

FOR

TH

E F

ISC

AL

YE

AR

S E

ND

ED

JU

NE

30,

201

4 A

ND

201

3

JUN

E 30

, 201

4JU

NE

30, 2

013

KIN

GSW

AY

RE

GIO

NA

L S

CH

OO

L D

IST

RIC

TD

EB

T S

ER

VIC

E F

UN

DB

UD

GE

TA

RY

CO

MPA

RIS

ON

SC

HE

DU

LE

140

STATISTICAL SECTION (Unaudited)

141


142

EXH

IBIT

J-1

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gov

ernm

enta

l Act

iviti

es:

N

et In

vest

men

t in

Cap

ital A

sset

s17

,827

,660

$

17,6

07,4

15$

16

,354

,079

$

8,71

7,23

5$

9,

449,

419

$

9,88

5,66

0$

10

,836

,455

$

9,81

6,86

7$

5,

411,

503

$

(2,7

74,4

84)

$

R

estri

cted

3,40

6,38

5

4,

725,

703

3,58

4,37

9

2,

733,

713

2,90

8,69

2

3,

904,

704

4,58

4,52

4

4,

872,

361

5,15

5,83

0

16

,798

,234

U

nres

trict

ed1,

100,

145

139,

963

53

,340

(1,0

31,8

40)

(1,2

36,9

04)

(929

,075

)

(1,0

80,6

26)

(852

,021

)

(1,0

73,9

46)

(755

,150

)

Tota

l Gov

ernm

enta

l Act

iviti

es

Net

Pos

ition

22,3

34,1

90$

22

,473

,081

$

19,9

91,7

98$

10

,419

,108

$

11,1

21,2

07$

12

,861

,289

$

14,3

40,3

53$

13

,837

,207

$

9,49

3,38

7$

13

,268

,600

$

Bus

ines

s-Ty

pe A

ctiv

ities

:

N

et In

vest

men

t in

Cap

ital A

sset

s10

,215

$

10,7

62$

41

,293

$

74,3

22$

10

6,66

7$

135,

707

$

14

2,25

3$

170,

703

$

52

,494

$

104,

988

$

Unr

estri

cted

391,

020

27

5,51

8

218,

608

12

9,75

2

38,5

42

39

0,26

2

427,

480

40

1,86

8

322,

985

25

3,48

3

Tota

l Bus

ines

s-Ty

pe A

ctiv

ities

N

et P

ositi

on40

1,23

5$

286,

280

$

25

9,90

1$

204,

074

$

14

5,20

9$

525,

969

$

56

9,73

3$

572,

571

$

37

5,47

9$

358,

471

$

Dis

trict

-Wid

e:

N

et In

vest

men

t in

Cap

ital A

sset

s17

,837

,875

$

17,6

18,1

77$

16

,395

,372

$

8,79

1,55

7$

9,

556,

086

$

10,0

21,3

67$

10

,978

,708

$

9,98

7,57

0$

5,

463,

997

$

(2,6

69,4

96)

$

R

estri

cted

3,40

6,38

5

4,

725,

703

3,58

4,37

9

2,

733,

713

2,90

8,69

2

3,

904,

704

4,58

4,52

4

4,

872,

361

5,15

5,83

0

16

,798

,234

U

nres

trict

ed1,

491,

165

415,

481

27

1,94

8

(902

,088

)

(1,1

98,3

62)

(538

,813

)

(653

,146

)

(450

,153

)

(750

,961

)

(501

,667

)

Tota

l Dis

trict

Net

Pos

ition

22,7

35,4

25$

22

,759

,361

$

20,2

51,6

99$

10

,623

,182

$

11,2

66,4

16$

13

,387

,258

$

14,9

10,0

86$

14

,409

,778

$

9,86

8,86

6$

13

,627

,071

$

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

KIN

GSW

AY

REG

ION

AL

SCH

OO

L D

ISTR

ICT

NET

PO

SITI

ON

BY

CO

MPO

NEN

TLA

ST T

EN F

ISC

AL

YEA

RS

(Acc

rual

Bas

is of

Acc

ount

ing)

143

EXH

IBIT

J-2

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Expe

nses

: G

over

nmen

tal A

ctiv

ities

In

struc

tion:

Reg

ular

12,5

36,2

45$

11,9

78,5

88$

11,2

43,2

22$

7,

878,

158

$

8,

763,

250

$

8,

789,

020

$

7,

546,

067

$

7,71

0,99

0$

6,82

8,00

4$

6,64

3,07

2$

Spe

cial

Edu

catio

n3,

317,

324

2,

965,

920

3,

056,

553

2,

194,

808

2,

149,

129

1,

955,

353

1,

756,

123

1,64

0,33

8

1,35

8,88

5

1,10

3,00

7

Oth

er In

struc

tion

5,99

2

40

1

4,85

0

56,1

62

31,2

61

31,2

89

9,67

7

2,

690

7,69

1

7,

325

S

choo

l Spo

nsor

ed1,

188,

826

1,

155,

925

1,

073,

294

75

5,01

1

1,

095,

130

1,

157,

586

98

4,29

6

983,

472

759,

215

738,

060

S

uppo

rt Se

rvic

es:

Tui

tion

2,04

5,70

4

2,09

7,42

8

1,65

8,41

2

1,86

2,67

4

1,72

9,18

7

1,56

6,99

0

1,34

7,85

6

1,

280,

284

1,

325,

259

1,

337,

573

S

tude

nt &

Instr

uctio

n R

elat

ed S

ervi

ces

3,98

0,59

0

3,50

4,32

4

3,24

9,06

7

2,13

2,38

7

2,21

2,31

1

2,09

7,25

1

1,92

9,46

7

1,

773,

372

1,

581,

452

1,

443,

468

S

choo

l Adm

inist

rativ

e Se

rvic

es1,

587,

333

1,

392,

634

1,

464,

383

1,

272,

945

1,

326,

729

1,

254,

410

1,

196,

511

1,07

6,29

1

1,01

1,85

6

997,

582

Gen

eral

& B

usin

ess A

dmin

istra

tive

Serv

ices

717,

954

682,

990

618,

884

537,

466

439,

397

410,

818

456,

780

42

6,56

9

43

5,40

9

42

2,73

4

C

entra

l Offi

ce &

Tec

hnol

ogy

Serv

ices

748,

669

825,

133

584,

884

569,

573

626,

864

615,

387

563,

748

62

4,71

8

46

6,85

0

50

4,17

8

P

lant

Ope

ratio

ns &

Mai

nten

ance

3,79

0,08

7

3,13

7,02

2

3,17

1,68

7

2,52

8,09

5

2,71

1,37

6

3,08

0,26

4

2,99

5,77

2

2,

795,

334

2,

287,

650

1,

857,

328

P

upil

Tran

spor

tatio

n3,

702,

236

3,

156,

947

3,

112,

014

2,

821,

829

3,

080,

396

2,

946,

272

3,

384,

766

3,18

2,15

5

2,94

8,60

2

2,83

0,67

7

Allo

cate

d B

enef

its-

-

-

4,40

8,27

9

4,71

6,00

7

4,80

8,10

5

4,37

6,66

2

3,

788,

563

-

-

U

nallo

cate

d B

enef

its-

-

-

1,94

0,70

8

1,68

6,11

1

1,63

9,60

6

2,17

9,47

8

2,

012,

548

4,

450,

911

3,

782,

342

Spe

cial

Sch

ools

-

-

-

-

-

-

-

19

,470

20

,683

19

,703

Inte

rest

on L

ong-

Term

Deb

t1,

838,

789

1,

715,

834

1,

448,

736

1,

245,

834

1,

287,

509

1,

324,

177

1,

357,

997

1,27

7,24

8

1,46

8,11

5

1,39

7,20

4

U

nallo

cate

d D

epre

ciat

ion

1,88

0,23

4

1,67

9,24

7

1,90

4,13

5

1,43

9,52

1

676,

384

675,

162

1,45

7,20

1

62

9,46

3

30

5,49

6

26

6,64

5

Cap

ital A

sset

Adj

ustm

ent

-

-

72,1

43

-

-

-

-

-

-

-

Am

ortiz

atio

n of

Deb

t Iss

uanc

e C

osts

-

10

2,26

8

75

,192

-

-

-

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-

-

-

U

nallo

cate

d C

ompe

nsat

ed A

bsen

ces

417,

609

(94,

013)

26

5,95

7

-

-

-

-

-

-

-

T

otal

Gov

ernm

enta

l Act

iviti

es E

xpen

ses

37,7

57,5

92

34,3

00,6

48

33,0

03,4

13

31

,643

,450

32

,531

,041

32,3

51,6

90

31,5

42,4

01

29,2

23,5

05

25,2

56,0

78

23,3

50,8

98

Bus

ines

s-Ty

pe A

ctiv

ities

:

Com

mun

ity E

duca

tion

Prog

ram

13,2

66

16,4

09

13,8

32

2,91

2

-

-

-

-

-

-

Foo

d Se

rvic

e1,

155,

055

1,

046,

087

1,

042,

778

1,

003,

315

94

9,24

1

1,

005,

978

99

9,51

1

985,

159

741,

889

742,

926

Tota

l Bus

ines

s-Ty

pe A

ctiv

ities

Exp

ense

1,16

8,32

1

1,06

2,49

6

1,05

6,61

0

1,00

6,22

7

949,

241

1,00

5,97

8

999,

511

98

5,15

9

74

1,88

9

68

0,89

9

T

otal

Dist

rict E

xpen

ses

38,9

25,9

13$

35,3

63,1

44$

34,0

60,0

23$

32

,649

,677

$

33

,480

,282

$

33,3

57,6

68$

32,5

41,9

12$

30,2

08,6

64$

25,9

97,9

67$

24,0

31,7

97$

Prog

ram

Rev

enue

s: G

over

nmen

tal A

ctiv

ities

:

Cha

rges

for S

ervi

ces:

Pup

il Tr

ansp

orta

tion

-$

-

$

-$

94

3,22

1$

1,

184,

917

$

1,

055,

760

$

1,

623,

513

$

1,56

5,27

3$

1,39

7,35

1$

1,39

8,39

0$

O

pera

ting

Gra

nts &

Con

tribu

tions

1,74

2,38

0

1,16

5,35

4

1,10

4,91

2

1,13

4,11

4

1,09

1,33

3

1,13

5,86

8

1,07

5,72

5

1,

071,

949

1,

073,

525

1,

979,

700

Cap

ital G

rant

s & C

ontri

butio

ns45

6,63

3

43

6,80

3

44

9,71

1

-

-

-

-

-

-

-

Tota

l Gov

ernm

enta

l Act

iviti

es P

rogr

am

Rev

enue

s2,

199,

013

1,

602,

157

1,

554,

623

2,

077,

335

2,

276,

250

2,

191,

628

2,

699,

238

2,63

7,22

2

2,47

0,87

6

3,37

8,09

0

Bus

ines

s-Ty

pe A

ctiv

ities

:

Cha

rges

for S

ervi

ces:

Com

mun

ity E

duca

tion

Prog

ram

30,0

26

28,8

54

26,3

78

13,6

15.0

0

-

-

-

-

-

-

Foo

d Se

rvic

e96

2,52

1

84

2,29

5

83

7,86

4

87

2,76

6

82

2,76

9

79

8,79

6

77

3,20

9

702,

206

620,

217

563,

693

Tec

hnol

ogy

Serv

ices

-

-

16

,522

.00

-

-

-

-

-

-

-

O

pera

ting

Gra

nts &

Con

tribu

tions

291,

482

255,

493

230,

539

180,

597

172,

749

162,

759

136,

379

11

4,45

3

10

7,88

9

11

8,35

1

Tota

l Bus

ines

s Typ

e A

ctiv

ities

Pro

gram

R

even

ues

1,28

4,02

9

1,12

6,64

2

1,11

1,30

3

1,06

6,97

8

995,

518

961,

555

909,

588

81

6,65

9

72

8,10

6

68

2,04

4

Tota

l Dist

rict P

rogr

am R

even

ues

3,48

3,04

2$

2,72

8,79

9$

2,66

5,92

6$

3,14

4,31

3$

3,27

1,76

8$

3,15

3,18

3$

3,60

8,82

6$

3,

453,

881

$

3,

198,

982

$

4,

060,

134

$

KIN

GSW

AY

RE

GIO

NA

L S

CH

OO

L D

IST

RIC

TC

HA

NG

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IN N

ET

PO

SIT

ION

- (A

CC

RU

AL

BA

SIS

OF

AC

CO

UN

TIN

G)

LA

ST T

EN

FIS

CA

L Y

EA

RS

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

144

EXH

IBIT

J-2

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

KIN

GSW

AY

RE

GIO

NA

L S

CH

OO

L D

IST

RIC

TC

HA

NG

ES

IN N

ET

PO

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ION

- (A

CC

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AL

BA

SIS

OF

AC

CO

UN

TIN

G)

LA

ST T

EN

FIS

CA

L Y

EA

RS

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

Net

/(Exp

ense

)/Rev

enue

:

Gov

ernm

enta

l Act

iviti

es(3

5,55

8,57

9)$

(3

2,69

8,49

1)$

(3

1,44

8,79

0)$

(2

9,56

6,11

5)$

(3

0,25

4,79

1)$

(3

0,16

0,06

2)$

(2

8,84

3,16

3)$

(2

6,58

6,28

3)$

(2

2,78

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2)$

(1

9,97

2,80

8)$

Bus

ines

s-Ty

pe A

ctiv

ities

115,

708

64,1

46

54,6

93

60,7

51

46,2

77

(44,

423)

(8

9,92

3)

(168

,500

)

(1

3,78

3)

1,

145

T

otal

Dist

rict-W

ide

Net

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ense

(35,

442,

871)

$

(32,

634,

345)

$

(31,

394,

097)

$

(29,

505,

364)

$

(30,

208,

514)

$

(30,

204,

485)

$

(28,

933,

086)

$

(26,

754,

783)

$

(22,

798,

985)

$

(19,

971,

663)

$

Gen

eral

Rev

enue

s & O

ther

Cha

nges

in N

et P

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on:

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l Act

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es:

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axes

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ied

for G

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al

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urpo

ses,

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17,4

31,7

70$

17,0

89,9

71$

16,3

23,6

59$

15

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,649

$

14

,194

,655

$

13,2

48,4

25$

13,0

10,6

90$

13,4

02,7

16$

9,88

3,96

9$

9,36

7,55

6$

T

axes

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ied

for D

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ce3,

039,

318

3,

108,

239

1,

888,

351

1,

803,

669

1,

703,

432

1,

688,

110

1,

627,

323

1,68

3,65

9

2,08

1,89

6

634,

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U

nres

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ed G

rant

s & C

ontri

butio

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11

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18

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8,88

3,64

0

7,34

3,34

3

8,76

3,00

2

8,34

6,30

6

8,

014,

904

7,

322,

645

6,

156,

554

Tui

tion

Rec

eive

d3,

360,

599

2,

855,

074

2,

798,

202

3,

332,

156

4,

342,

882

4,

587,

891

4,

623,

432

4,16

8,92

4

3,79

0,80

8

3,53

2,37

7

In

vestm

ent E

arni

ngs

7,09

8

11

,659

-

39,1

78

88,3

75

123,

493

205,

915

25

6,41

8

32

9,00

9

31

3,29

6

Misc

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s Inc

ome

350,

533

319,

044

379,

629

269,

421

173,

387

215,

139

162,

927

13

9,02

9

16

8,50

9

11

4,08

1

Tra

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om O

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15

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19

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2

10

6,63

7

28

3,14

4

235,

697

178,

047

201,

956

T

rans

fers

-

-

-

-

425,

600

-

(8

7,50

0)

(163

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)

(2

6,05

0)

(5

9,60

0)

Net

Pro

ceed

s of B

ond

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-

-

-

-

-

-

-

(6

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-

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C

ance

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/

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14,9

56

(583

)

-

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-

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e)/D

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ase

in

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(32,

419)

11,2

40

55,8

80

97,4

71

115,

983

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32

-

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(Inc

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e)/D

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ase

in

Cap

ital A

sset

s-

-

-

(984

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)

32

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18

2,50

3

2,

399,

830

2,75

1,77

5

(3,7

83,9

74)

1,

849,

634

T

otal

Gov

ernm

enta

l Act

iviti

es35

,695

,856

35

,163

,252

39

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28,8

64,0

16

28,5

14,7

07

28

,971

,080

30

,669

,538

29

,931

,105

20

,009

,991

22

,110

,629

Bus

ines

s-Ty

pe A

ctiv

ities

:

Inve

stmen

t Ear

ning

s94

8

1,62

7

1,

383

85

0

867

556

2,

518

5,73

0

4,

643

1,36

9

T

rans

fers

-

-

-

-

(425

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-

87,5

00

163,

000

26,0

50

59,6

00

C

ontri

bute

d C

apita

l-

-

-

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-

-

-

199,

154

-

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N

et (I

ncre

ase)

/Dec

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e in

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l Ass

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4,38

9

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-

-

958

-

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in

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)

(22,

872)

(2

48)

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(3

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)

102

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)

(2,2

90)

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(2

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T

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Bus

ines

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pe A

ctiv

ities

(753

)

(2

1,24

5)

1,13

5

(1,8

87)

(4

27,0

37)

658

87

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36

5,59

4

30

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58

,240

Tota

l Dist

rict-W

ide

35,6

95,1

03$

35,1

42,0

07$

39,9

81,8

49$

28

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$

28

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,670

$

28,9

71,7

38$

30,7

56,6

23$

30,2

96,6

99$

20,0

40,7

83$

22,1

68,8

69$

Cha

nge

in N

et P

ositi

on:

G

over

nmen

tal A

ctiv

ities

137,

277

$

2,46

4,76

1$

8,53

1,92

4$

(702

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)$

(1

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)$

(1,1

88,9

82)

$

1,

826,

375

$

3,34

4,82

2$

(2,7

75,2

11)

$

2,

137,

821

$

Bus

ines

s-Ty

pe A

ctiv

ities

114,

955

42,9

01

55,8

28

58,8

64

(380

,760

)

(4

3,76

5)

(2,8

38)

19

7,09

4

17

,009

59

,385

T

otal

Dist

rict

252,

232

$

2,50

7,66

2$

8,58

7,75

2$

(643

,235

)$

(2

,120

,844

)$

(1,2

32,7

47)

$

1,

823,

537

$

3,54

1,91

6$

(2,7

58,2

02)

$

2,

197,

206

$

145

EXH

IBIT

J-3

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gen

eral

Fun

d:

Res

trict

ed3,

873,

976

$

4,40

6,07

6$

3,

584,

379

$

2,

728,

509

$

2,85

8,69

2$

3,

943,

036

$

4,

584,

524

$

4,83

9,29

4$

4,

408,

975

$

4,13

0,73

6$

A

ssig

ned

87,1

49

319,

627

-

-

-

-

-

-

-

-

U

nass

igne

d-

-

-

759,

943

55

2,73

1

659,

534

530,

489

22

6,94

8

141,

609

37

7,19

9

Tota

l Gen

eral

Fun

d3,

961,

125

$

4,72

5,70

3$

3,

584,

379

$

3,

488,

452

$

3,41

1,42

3$

4,

602,

570

$

5,

115,

013

$

5,06

6,24

2$

4,

550,

584

$

4,50

7,93

5$

All

Oth

er G

over

nmen

tal F

unds

:

Res

trict

ed2,

513,

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146

EXH

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2012

2011

2010

2009

2008

2007

2006

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Rev

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34,5

66,6

00

3,

695,

400

21,4

37,3

00

-

-

36

7,56

8,50

0

521,

058

36

8,08

9,55

8

0.85

1

36

5,48

7,58

0

2013

10,6

92,1

00

328,

052,

400

38,6

52,8

00

3,

701,

000

23,7

85,5

00

-

-

40

4,88

3,80

0

703,

216

40

5,58

7,01

6

0.73

8

36

6,22

5,20

4

2012

12,4

12,2

00

323,

062,

100

42,3

37,0

00

3,

622,

100

23,6

94,3

00

-

-

40

5,12

7,70

0

743,

659

40

5,87

1,35

9

0.69

4

37

1,16

7,39

7

2011

13,3

69,5

00

317,

392,

500

43,4

81,0

00

3,

686,

500

24,0

13,8

00

-

-

40

1,94

3,30

0

782,

657

40

2,72

5,95

7

0.64

4

38

3,25

9,32

7

2010

13,7

94,5

00

316,

892,

600

43,3

21,2

00

4,

766,

800

21,3

13,9

00

-

-

40

0,08

9,00

0

978,

729

40

1,06

7,72

9

0.61

2

37

2,66

1,16

3

2009

6,93

4,70

0

18

4,09

0,00

0

27

,418

,300

2,67

5,10

0

8,

322,

300

-

-

22

9,44

0,40

0

581,

640

23

0,02

2,04

0

1.00

8

38

2,27

3,24

2

2008

6,87

2,10

0

-

-

-

-

-

-

6,87

2,10

0

51

8,28

3

7,39

0,38

3

1.

013

371,

852,

725

20

076,

337,

100

-

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-

-

6,

337,

100

485,

985

6,

823,

085

1.14

0

34

8,30

1,70

0

2006

35,9

96,3

00

-

-

-

-

-

-

35

,996

,300

51

8,14

5

36,5

14,4

45

1.16

2

28

6,76

0,35

2

2005

49,6

14,9

00

-

-

-

-

-

-

49

,614

,900

57

0,94

3

50,1

85,8

43

1.04

2

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5,52

2,33

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141,

516,

500

146,

211,

800

-

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34,2

04,5

00

1,

663,

900

1,

122,

400

184,

744,

400

1,

703,

659

186,

448,

059

0.

867

181,

333,

040

20

131,

962,

600

148,

474,

600

-

24

,700

34,9

01,0

00

1,

695,

500

1,

122,

400

188,

180,

800

1,

833,

117

190,

013,

917

0.

870

192,

277,

907

20

122,

146,

800

148,

633,

300

-

24

,700

35,7

97,6

00

1,

695,

500

1,

122,

400

189,

420,

300

2,

354,

496

191,

774,

796

0.

785

197,

364,

832

20

112,

511,

200

147,

909,

300

-

24

,700

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35,8

40,6

00

1,

695,

500

1,

122,

400

189,

103,

700

2,

399,

420

191,

503,

120

0.

713

202,

130,

113

20

102,

218,

200

72,8

47,7

00

-

-

13

,511

,400

902,

800

1,00

0,70

0

90

,480

,800

1,

123,

014

91,6

03,8

14

1.40

3

19

3,46

3,77

0

2009

2,67

0,60

0

69

,283

,500

-

-

13,4

89,6

00

90

2,80

0

1,

000,

700

87,3

47,2

00

1,12

2,89

8

88

,470

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1.

304

187,

421,

942

20

083,

807,

000

-

-

-

-

-

-

3,

807,

000

1,36

9,05

1

5,

176,

051

1.33

7

15

8,51

5,15

2

2007

4,35

2,80

0

-

-

-

-

-

-

4,35

2,80

0

1,

474,

720

5,82

7,52

0

1.

371

140,

236,

957

20

061,

929,

600

-

-

-

-

-

-

1,

929,

600

1,79

1,01

3

3,

720,

613

1.28

3

10

8,81

1,94

0

2005

18,1

52,9

00

-

-

-

-

-

-

18

,152

,900

2,

118,

333

20,2

71,2

33

1.19

6

96

,161

,600

Woo

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2014

17,4

21,3

00

923,

944,

400

18,4

81,4

00

4,

344,

600

51,7

71,1

00

44

,073

,200

22,2

29,8

00

1,08

2,26

5,80

0

1,

901,

162

1,08

4,16

6,96

2

0.

798

1,11

0,61

4,10

8

20

1319

,999

,300

90

5,09

7,60

0

20

,677

,300

4,29

1,50

0

55

,082

,700

45,9

53,2

00

22

,229

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1,

073,

331,

400

2,30

3,22

8

1,

075,

634,

628

0.76

7

1,

099,

949,

222

2012

15,1

10,9

00

543,

765,

600

14,1

30,2

00

4,

968,

700

25,1

46,4

00

21

,639

,600

7,70

1,10

0

63

2,46

2,50

0

1,36

9,35

0

63

3,83

1,85

0

1.20

7

1,

150,

834,

822

2011

17,2

00,9

00

534,

786,

500

14,2

80,8

00

4,

979,

500

24,1

87,9

00

23

,097

,100

8,74

1,40

0

62

7,27

4,10

0

1,27

9,78

2

62

8,55

3,88

2

1.09

0

1,

188,

696,

871

2010

20,0

88,0

00

526,

066,

000

14,0

63,4

00

4,

954,

300

21,9

96,9

00

23

,006

,100

8,74

1,40

0

61

8,91

6,10

0

1,54

3,33

5

62

0,45

9,43

5

1.02

9

1,

207,

715,

607

2009

23,3

10,9

00

-

14,1

72,7

00

4,

975,

600

45,1

69,8

00

-

12,6

11,3

00

100,

240,

300

1,

409,

722

101,

650,

022

0.

943

1,24

4,29

0,40

5

20

0825

,487

,400

-

-

-

-

-

-

25,4

87,4

00

1,27

6,72

9

26

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0.

903

1,18

8,59

2,29

1

20

0720

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,700

-

-

-

-

-

-

20,0

50,7

00

1,28

2,22

7

21

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951

1,04

9,58

3,00

6

20

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-

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00

1,31

1,72

2

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0.

937

852,

888,

629

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-

-

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-

-

99,0

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1,50

1,00

2

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0,57

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150

EXHIBIT J-7

TOTALFISCAL YEAR COUNTY DIRECT &

ENDED LOCAL REGIONAL TOTAL GLOUCESTER COUNTY OPEN OVERLAPPINGJUNE 30, SCHOOL SCHOOL DIRECT MUNICIPALITY COUNTY LIBRARY SPACE TAX RATE

East Greenwich Township2014 1.150 0.726 1.876 0.327 0.600 0.047 0.042 2.8922013 1.090 0.720 1.810 0.320 0.596 0.046 0.044 2.8162012 1.018 0.708 1.726 0.301 0.571 0.047 0.045 2.6902011 1.611 1.115 2.726 0.416 0.920 0.075 0.074 4.2112010 1.618 1.080 2.698 0.390 0.980 0.077 0.077 4.2222009 1.527 1.074 2.601 0.374 1.156 - - 4.1312008 1.542 1.158 2.700 0.364 1.173 - - 4.2372007 1.467 1.229 2.696 0.327 1.060 - - 4.0832006 1.485 1.202 2.687 0.327 1.012 - - 4.0262005 1.508 1.080 2.588 0.188 0.975 - - 3.751

South Harrison Township2014 0.999 0.851 1.850 0.198 0.564 0.045 0.040 2.6972013 0.889 0.738 1.627 0.171 0.508 0.039 0.037 2.3822012 0.874 0.694 1.568 0.177 0.467 0.039 0.037 2.2882011 0.861 0.644 1.505 0.175 0.475 0.039 0.038 2.2322010 0.842 0.612 1.454 0.101 0.474 0.038 0.038 2.1052009 1.404 1.008 2.412 0.176 0.989 - - 3.5772008 1.378 1.013 2.391 0.177 0.994 - - 3.5622007 1.357 1.139 2.496 0.149 0.980 - - 3.6252006 1.142 1.160 2.302 0.099 0.917 - - 3.3182005 1.130 1.042 2.172 0.097 0.920 - - 3.189

Borough of Swedesboro2014 1.324 0.867 2.191 0.833 0.559 0.044 0.039 3.6662013 1.279 0.870 2.149 0.802 0.569 0.044 0.042 3.6062012 1.197 0.785 1.982 0.775 0.524 0.044 0.042 3.3672011 1.144 0.713 1.857 0.745 0.529 0.043 0.043 3.2172010 2.296 1.403 3.699 1.563 1.081 0.085 0.085 6.5132009 1.855 1.304 3.159 1.739 1.251 - - 6.1492008 1.554 1.337 2.891 1.710 1.194 - - 5.7952007 1.247 1.350 2.597 1.159 1.082 - - 4.8382006 1.220 1.262 2.482 1.133 0.927 - - 4.5422005 1.241 1.196 2.437 1.085 0.892 - - 4.414

Woolwich Township2014 1.390 0.798 2.188 0.506 0.590 0.047 0.041 3.3722013 1.325 0.767 2.092 0.486 0.575 0.045 0.042 3.2402012 2.187 1.207 3.394 0.735 0.926 0.077 0.073 5.2052011 2.126 1.090 3.216 0.705 0.936 0.077 0.075 5.0092010 2.117 1.029 3.146 0.705 0.992 0.078 0.078 4.9992009 1.908 0.943 2.851 0.705 1.190 - - 4.7462008 1.865 0.903 2.768 0.660 1.177 - - 4.6052007 1.540 0.951 2.491 0.586 1.104 - - 4.1812006 1.453 0.935 2.388 0.511 1.061 - - 3.9602005 1.426 0.833 2.259 0.471 1.043 - - 3.773

Source: Gloucester County Abstract of Ratables

SCHOOL DISTRICT DIRECT RATE

KINGSWAY REGIONAL SCHOOL DISTRICTDIRECT AND OVERLAPPING PROPERTY TAX RATES

LAST TEN FISCAL YEARS(Rate per $100 of Assessed Value)

OVERLAPPING RATES

151

EXHIBIT J-8(Page 1 of 2)

% OF TOTAL % OF TOTALTAXABLE DISTRICT NET TAXABLE DISTRICT NETASSESSED ASSESSED ASSESSED ASSESSED

EAST GREENWICH TOWNSHIP VALUE VALUE VALUE VALUE

Travelcenters Properties LP 4,446,000$ 0.43%Saint Gobain Performance Plastics 3,768,700 0.36%Colonial Pipeline Co. 3,538,200 0.34%Columbia Gas Transmission Co. 3,517,300 0.34%Transcontinental Gas Pipeline Co. 2,351,500 0.23%Storage World of NJ LLC 2,235,100 0.22%Summer Skye LLC 2,066,700 0.20%Mt. Royal Plaza Real Estate Inc. 1,921,900 0.19%Jemm Holdings LLC 1,872,900 0.18%Taxpayer #1 1,500,000 0.14%Corporate Associates 3,024,500 1.09%Travel Port & Easekt & McCaleb 2,134,800 0.77%Colonial Pipeline Company 1,842,500 0.66%Columbia Gas Transmission Co. 1,831,600 0.66%Taxpayer #1 1,466,300 0.53%Transcontinental Gas Pipeline Co. 1,224,500 0.44%Taxpayer #2 1,199,467 0.37%Bell Atlantic - NJ, Inc. 1,041,000 0.37%Media Realty Co. 1,015,100 0.37%Transcontinental Gas Pipeline Co. 926,000 0.33%

Total $27,218,300 2.62% 15,705,767 5.59%

SOUTH HARRISON TOWNSHIP

Mullica Hill Group Co LLC 3,115,000$ 0.85%Mullica Hill Group Companies LLC 2,533,600 0.69%Taxpayer #1 2,200,000 0.60%Taxpayer #2 2,171,000 0.59%South Harrsion 500 Assoc LLC 2,160,000 0.59%Mullica Hill Group Companies LLC 2,010,500 0.55%American Tower Asset Sub LLC 1,605,300 0.44%Taxpayer #3 1,272,000 0.35%Harrisonville Mobile Home Park Inc 1,012,500 0.28%Taxpayer #4 884,900 0.24%Taxpayer #1 2,127,749 1.58%Paxon Communications 1,006,100 0.75%HFM Properties 685,700 0.51%Taxpayer #2 525,900 0.39%Taxpayer #3 524,300 0.39%Taxpayer #4 475,600 0.35%Taxpayer #5 437,700 0.33%Harrison Mobile Home Park 433,000 0.32%Taxpayer #6 428,000 0.32%Taxpayer #7 416,800 0.31%

Total $18,964,800 5.15% 7,060,849 5.25%

Source: Municipal Tax Assessor

2014 2005

KINGSWAY REGIONAL SCHOOL DISTRICTPRINCIPAL PROPERTY TAX PAYERS,

CURRENT YEAR AND NINE YEARS AGO

152

EXHIBIT J-8(Page 2 of 2)

% OF TOTAL % OF TOTALTAXPAYERS TAXABLE DISTRICT NET TAXABLE DISTRICT NET

ASSESSED ASSESSED ASSESSED ASSESSEDBOROUGH OF SWEDESBORO VALUE VALUE VALUE VALUE

Botto Sons, LLC 1,932,000$ 1.04%Verizon - New Jersey 1,774,301 0.95%D & D Properties of Swedesboro Inc. 1,721,500 0.92%Swedesboro Housing LTD Partnership 1,693,800 0.91%Taxpayer #1 1,634,400 0.88%Raccoon Creek, LLC 1,615,400 0.87%D & D Properties of Swedesboro Inc. 1,267,000 0.68%Bank of America 984,000 0.53%GI Advo Propco LLC 833,400 0.45%R&R Real Estate, LLC 775,300 0.42%New Jersey Bell 1,100,000 1.51%Taxpayer #1 909,000 1.25%Rawl Equipment Co. 854,200 1.17%National Westminster Bank 640,300 0.88%NJ Bell Telephone Co, 505,600 0.69%Botto Sons, LLC 429,800 0.59%Russo Rentals, LLC 422,600 0.58%Teledyne Wirz 408,000 0.56%Bank of America 398,300 0.55%Reliable Garage, Inc. 396,600 0.54%

Total $14,231,101 7.63% 6,064,400 8.32%

WOOLWICH TOWNSHIP

Westbrook at Weatherby, LLC 12,250,000$ 1.13%Liberty Property LTD Partnership 8,830,900 0.81%Pond View at Westbrook, LLC 8,804,900 0.81%USF Propco, LLC 7,300,000 0.67%Liberty NJ 3 Industrial LLC 7,111,800 0.66%JMJ Warehouse Associates 6,304,500 0.58%Liberty Property LTD Partnership 5,963,000 0.55%Columbia Gas Transmission 4,441,200 0.41%Appleseed NJ, LLC 3,787,500 0.35%Auburn Road Associates LLC 3,708,900 0.34%OP&F Woolwich Township, LLC 6,923,000 4.87%Columbia Gas Transmission 3,925,000 2.76%Crown Cork Seal Co. 3,588,900 2.52%Del Monte Corp. 3,528,900 2.48%Liberty Property LTD Partnership 3,024,300 2.13%Gloucester New Communities, Inc. 2,538,100 1.79%Taxpayer #1 1,427,800 1.00%Triangle Land Co., Inc. 1,295,500 0.91%Matlack, Inc. 1,159,400 0.82%WPM Realty Co. 902,100 0.63%

Total $68,502,700 6.32% 28,313,000 19.91%

Source: Municipal Tax Assessor

KINGSWAY REGIONAL SCHOOL DISTRICTPRINCIPAL PROPERTY TAX PAYERS,


2014 2005

153

EXHIBIT J-9

FISCAL TAXES COLLECTIONSYEAR LEVIED FOR IN

ENDED THE FISCAL PERCENTAGE SUBSEQUENTJUNE 30, YEAR AMOUNT OF LEVY YEARS

East Greenwich Township2014 7,398,551$ 7,398,551$ 100.00% - 2013 7,449,553 7,449,553 100.00% - 2012 6,983,548 6,983,548 100.00% - 2011 6,940,378 6,940,378 100.00% - 2010 6,053,317 6,053,317 100.00% - 2009 6,158,276 6,158,276 100.00% - 2008 5,894,220 5,894,220 100.00% - 2007 6,165,224 6,165,224 100.00% - 2006 4,165,434 4,165,434 100.00% - 2005 4,258,408 4,258,408 100.00% -

South Harrison Township2014 3,053,996 3,053,996 100.00% - 2013 2,932,492 2,932,492 100.00% - 2012 2,705,173 2,705,173 100.00% - 2011 2,485,214 2,485,214 100.00% - 2010 2,425,297 2,425,297 100.00% - 2009 2,210,899 2,210,899 100.00% - 2008 2,306,380 2,306,380 100.00% - 2007 2,514,391 2,514,391 100.00% - 2006 2,089,320 2,089,320 100.00% - 2005 1,856,541 1,856,541 100.00% -

Borough of Swedesboro2014 1,688,729 1,688,729 100.00% - 2013 1,634,313 1,634,313 100.00% - 2012 1,393,609 1,393,609 100.00% - 2011 1,338,014 1,338,014 100.00% - 2010 1,233,201 1,233,201 100.00% - 2009 1,094,878 1,094,878 100.00% - 2008 1,090,706 1,090,706 100.00% - 2007 1,020,090 1,020,090 100.00% - 2006 889,946 889,946 100.00% - 2005 777,758 777,758 100.00% -

Woolwich Township2014 8,329,812 8,329,812 100.00% - 2013 8,181,872 7,129,680 100.00% - 2012 7,129,680 6,576,712 100.00% - 2011 6,576,712 6,186,272 100.00% - 2010 6,186,272 5,472,485 100.00% - 2009 5,472,485 5,346,707 100.00% - 2008 5,346,707 5,396,670 100.00% - 2007 5,396,670 4,165,434 100.00% - 2006 4,165,434 3,109,624 100.00% - 2005 3,109,624 3,063,890 100.00% -

YEAR OF THE LEVY

PROPERTY TAX LEVIES AND COLLECTIONSLAST TEN FISCAL YEARS

COLLECTED WITHIN THE FISCAL


154

EXHIBIT J-10

FISCAL BOND PERCENTAGEYEAR GENERAL ANTICIPATION OF

ENDED OBLIGATION NOTES CAPITAL TOTAL PER CAPITAJUNE 20, BONDS (BANs) LEASES DISTRICT INCOME PER CAPITA

2014 46,364,000$ -$ 600,000$ 46,964,000$ N/A 1,7202013 48,294,000 - 900,000 49,194,000 4.06% 1,8202012 50,159,000 153,600 1,200,000 51,512,600 2.85% 2,0142011 28,239,000 299,600 1,500,000 30,038,600 3.20% 1,1772010 29,349,000 449,600 169,000 29,967,600 3.43% 1,2842009 30,419,000 - 405,666 30,824,666 3.96% 1,3842008 31,454,000 - 642,333 32,096,333 4.45% 1,5082007 32,389,000 - 684,881 33,073,881 5.20% 1,6272006 32,749,000 - 866,645.00 33,615,645 6.00% 1,7942005 33,794,000 - - 33,794,000 4.32% 1,979

Note: Details regarding the district's outstanding debt can be found in the notes to the financial statements.


KINGSWAY REGIONAL SCHOOL DISTRICTRATIOS OF OUTSTANDING DEBT BY TYPE

LAST TEN FISCAL YEARS

155

EXHIBIT J-11

NET PERCENTAGEFISCAL GENERAL OF ACTUALYEAR GENERAL BONDED TAXABLE

ENDED OBLIGATION DEBT VALUE OFJUNE 30, BONDS DEDUCTIONS OUTSTANDING PROPERTY PER CAPITA

2014 46,364,000$ -$ 46,364,000$ 1.69% 1,6982013 48,294,000 - 48,294,000 1.79% 1,7872012 50,159,000 - 50,159,000 2.23% 1,9612011 28,239,000 - 28,239,000 1.64% 1,1062010 29,349,000 - 29,349,000 1.71% 1,2572009 30,419,000 - 30,419,000 2.02% 1,3662008 31,454,000 - 31,454,000 2.21% 1,4782007 32,389,000 - 32,389,000 2.41% 1,5932006 32,749,000 - 32,749,000 2.64% 1,7472005 33,794,000 - 33,794,000 3.02% 1,979

GENERAL BONDED DEBT OUTSTANDING

KINGSWAY REGIONAL SCHOOL DISTRICTRATIOS OF NET GENERAL BONDED DEBT OUTSTANDING


156

EXHIBIT J-12

ESTIMATEDESTIMATED SHARE OF

DEBT PERCENTAGE OVERLAPPINGGovernmental Unit OUTSTANDING APPLICABLE (a) DEBT

Debt Repaid With Property Taxes: East Greenwich Township 13,118,972$ 100.00% 13,118,972$ South Harrison Township - 100.00% - Swedesboro Borough 3,655,518 100.00% 3,655,518 Woolwich Township 18,083,047 100.00% 18,083,047

Other Debt:County of Gloucester 265,668,874 East Greenwich Township 4.211% 11,185,989 South Harrison Township 1.424% 3,782,259 Swedesboro Borough 0.692% 1,837,700 Woolwich Township 4.328% 11,498,957

Subtotal, Overlapping Debt 63,162,442 Kingsway Regional School District Debt 46,364,000

Total Direct & Overlapping Debt 109,526,442$

Sources: Assessed value data used to estimate applicable percentages provided by the Gloucester County Board of Taxation. Debt outstanding data provided by each governmental unit.

NOTE: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the distri This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the above. This process recognizes that, when considering the District's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesse should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping payment.

(a) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxableassessed property values. Applicable percentages were estimated by determining the portion of anothergovernmental unit's taxable value that is within the District's boundaries and dividing it by each unit's totaltaxable value.

KINGSWAY REGIONAL SCHOOL DISTRICTDIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

AS OF JUNE 30, 2014

157

EXH

IBIT

J-13

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Deb

t Lim

it95

,850

,403

$

97

,981

,635

$

99

,390

,738

$

98,4

13,4

94$

95,5

23,2

43$

88

,311

,077

$

46,4

72,8

03$

66

,555

,731

$

46,2

81,9

27$

43

,949

,343

$

Tota

l Net

Deb

t App

licab

le to

Lim

it46

,364

,000

48

,294

,000

50

,159

,000

28,2

39,0

00

29,7

98,6

00

30

,419

,000

31,4

54,0

00

32

,389

,000

32,7

49,0

00

33

,794

,000

Lega

l Deb

t Mar

gin

49,4

86,4

03$

49,6

87,6

35$

49,2

31,7

38$

70

,174

,494

$

65

,724

,643

$

57,8

92,0

77$

15

,018

,803

$

34,1

66,7

31$

13

,532

,927

$

10,1

55,3

43$

Tota

l Net

Deb

t App

licab

le to

the

Lim

it

as a

Per

cent

age

of D

ebt L

imit

48.3

7%49

.29%

50.4

7%28

.69%

31.2

0%34

.45%

67.6

8%48

.66%

70.7

6%76

.89%

East

Gre

enw

ich

Sout

h H

arris

onSw

edes

boro

Woo

lwic

hTo

tal

2013

1,07

5,98

7,04

6

384,

484,

810

17

4,71

7,70

7

1,

147,

155,

977

2,

782,

345,

540

$

2012

1,07

0,28

7,77

4

367,

611,

961

18

0,59

3,25

8

1,

100,

003,

576

2,

718,

496,

569

2011

1,07

8,52

7,02

7

365,

657,

819

18

9,88

0,78

1

1,

080,

841,

103

2,

714,

906,

730

8,

215,

748,

839

$

Ave

rage

Equ

aliz

ed V

alua

tion

of T

axab

le P

rope

rty2,

738,

582,

946

$

Deb

t Lim

it (3

.5 %

of A

vera

ge E

qual

izat

ion

Val

ue)

95,8

50,4

03$

Net

Bon

ded

Scho

ol D

ebt

46,3

64,0

00

Lega

l Deb

t Mar

gin

49,4

86,4

03$

Sour

ce:

Equa

lized

val

uatio

n ba

ses w

ere

obta

ined

from

the

Ann

ual R

epor

t of t

he S

tate

of N

ew Je

rsey

,D

epar

tmen

t of T

reas

ury,

Div

isio

n of

Tax

atio

n

Equa

lized

Val

uatio

n B

asis

Lega

l Deb

t Mar

gin

Cal

cula

tion

for

Fisc

al Y

ear

2013

KIN

GSW

AY

REG

ION

AL

SCH

OO

L D

ISTR

ICT

LEG

AL

DEB

T M

AR

GIN

INFO

RM

ATI

ON

LAST

TEN

FIS

CA

L Y

EAR

S

158

EXHIBIT J-14

PER CAPITAPERSONAL UNEMPLOYMENT

YEAR POPULATION (a) INCOME (c) RATE (d)East Greenwich

2013 10,203 N/A 3.8%2012 10,065 44,868 7.5%2011 9,583 43,658 7.3%2010 9,555 41,663 7.5%2009 8,317 41,072 7.0%2008 7,788 40,898 4.7%2007 7,250 39,052 3.7%2006 6,763 37,630 4.0%2005 6,345 35,694 3.3%2004 6,110 34,143 5.0%

South Harrison2013 3,211 N/A 6.0%2012 3,189 44,868 7.4%2011 3,172 43,658 7.2%2010 3,162 41,663 7.5%2009 3,190 41,072 7.0%2008 3,134 40,898 4.7%2007 3,062 39,052 3.6%2006 2,945 37,630 4.0%2005 2,871 35,694 3.7%2004 2,838 34,143 2.8%

Swedesboro Borough2013 2,630 N/A 8.3%2012 2,833 44,868 10.8%2011 2,591 43,658 10.6%2010 2,584 41,663 10.9%2009 2,372 41,072 10.2%2008 2,250 40,898 7.0%2007 2,071 39,052 5.4%2006 2,037 37,630 6.0%2005 2,039 35,694 5.5%2004 2,055 34,143 7.1%

Woolwich2013 11,258 N/A 4.6%2012 10,937 44,868 7.3%2011 10,228 43,658 7.1%2010 10,209 41,663 7.3%2009 9,469 41,072 6.9%2008 9,174 40,898 4.6%2007 8,922 39,052 3.6%2006 8,579 37,630 4.0%2005 7,502 35,694 2.9%2004 6,083 34,143 6.8%

Source: a Population information provided by the NJ Dept of Labor and Workforce Developmentb Personal incomec Per Capitad Unemployment data provided by the NJ Dept of Labor and Workforce Development

KINGSWAY REGIONAL SCHOOL DISTRICTDEMOGRAPHIC AND ECONOMIC STATISTICS


159

EXHIBIT J-15

PERCENTAGEOF TOTAL

EMPLOYEES RANK EMPLOYMENT

Underwood Memorial Hospital 1,825 1 1.28%Kennedy Memorial Hospital 1,675 2 1.18%Rowan University 1,598 3 1.12%Missa Bay, LLC 1,483 4 1.04%U.S. Foodservice 1,425 5 1.00%Exxonmobil Research and Engineering Co. 950 6 0.67%LaBrea Bakery 792 7 0.56%Delaware Valley Wholesale Florist 725 8 0.51%Drugstore.com 540 9 0.38%Heritage Dairy Stores 525 10 0.37%

11,538 8.10%

Source: Comprehensive Annual Financial Reports of Individual School Districts

NOT AVAILABLE

2014

KINGSWAY REGIONAL SCHOOL DISTRICTPRINCIPAL EMPLOYERS


2005

160

EXH

IBIT

J-16

Func

tion/

Prog

ram

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Inst

ruct

ion:

R

egul

ar14

4.0

136.

012

7.0

133.

012

6.5

130.

013

0.0

125.

012

0.0

112.

0

Spe

cial

Edu

catio

n55

.048

.051

.051

.029

.028

.028

.028

.028

.023

.0

Oth

er In

stru

ctio

n8.

02.

03.

02.

020

.014

.011

.08.

08.

09.

0

Ath

letic

s & E

xtra

-Cur

ricul

ar3.

03.

0Su

ppor

t Ser

vice

s:

Stu

dent

& In

stru

ctio

n R

elat

ed

S

ervi

ces

36.0

40.0

27.5

28.0

29.0

29.0

30.0

25.0

24.0

25.5

S

choo

l Adm

inis

trativ

e Se

rvic

es15

.016

.015

.016

.016

.016

.016

.014

.014

.014

.0

Gen

eral

Adm

inis

trativ

e Se

rvic

es3.

02.

02.

02.

02.

52.

52.

52.

52.

52.

5

Pla

nt O

pera

tions

& M

aint

enan

ce36

.030

.027

.030

.037

.538

.038

.038

.028

.028

.0

Pup

il Tr

ansp

orta

tion

44.0

42.0

33.0

33.0

34.0

33.0

31.0

28.0

28.0

32.5

B

usin

ess &

Oth

er S

uppo

rt Se

rvic

es10

.010

.08.

08.

09.

09.

08.

58.

59.

08.

0

Foo

d Se

rvic

e24

.024

.024

.0-

-

-

-

-

-

-

Tota

l37

8.0

353.

031

7.5

303.

030

3.5

299.

529

5.0

277.

026

1.5

254.

5

Sour

ce: D

istri

ct P

erso

nnel

Rec

ords

KIN

GSW

AY

RE

GIO

NA

L S

CH

OO

L D

IST

RIC

TFU

LL

-TIM

E E

QU

IVA

LE

NT

DIS

TR

ICT

EM

PLO

YE

ES

BY

FU

NC

TIO

N/P

RO

GR

AM

LA

ST T

EN

FIS

CA

L Y

EA

R

161

EXH

IBIT

J-1

7

AV

ERA

GE

AV

ERA

BE

DA

ILY

DA

ILY

% C

HA

NG

E IN

STU

DEN

TFI

SCA

LO

PER

ATI

NG

CO

ST P

ERPE

RC

ENTA

GE

TEA

CH

ING

MID

DLE

HIG

HEN

RO

LLM

ENT

ATT

END

AN

CE

AV

ERA

GE

DA

ILY

ATT

END

AN

CE

YEA

REN

RO

LLM

ENT

EXPE

ND

ITU

RES

(a)

PUPI

LC

HA

NG

EST

AFF

(b)

SCH

OO

LSC

HO

OL

(AD

E) (c

)(A

DA

) (d)

ENR

OLL

MEN

TPE

RC

ENTA

GE

2014

2,46

3 $

31,5

69,3

86

12

,817

2.

87%

175

1.14

1.

15

2,44

2.1

2,31

1.4

4.82

%94

.65%

2013

2,36

5

29,4

68,4

44

12

,460

2.

81%

167

1.22

1.

23

2,32

9.9

2,18

9.9

3.03

%93

.99%

2012

2,28

4

27,6

82,6

27

12

,120

4.

31%

152

1.25

1.

24

2,26

1.3

2,12

1.3

1.31

%93

.81%

2011

2,23

2

25,9

35,4

06

11

,620

-2

.01%

159

1.20

1.

22

2,23

2.1

2,08

6.1

1.10

%93

.46%

2010

2,20

8

26,1

82,8

24

11

,858

-3

.39%

165

1.14

1.

26

2,20

7.9

2,06

8.1

3.64

%93

.67%

2009

2,13

0

26,1

43,7

09

12

,274

1.

19%

162

1.11

1.

14

2,13

0.4

2,00

0.0

4.18

%93

.88%

2008

2,04

4

24,7

92,2

66

12

,129

3.

36%

157

1.12

1.

14

2,04

4.9

1,93

5.3

1.27

%94

.64%

2007

2,01

9

23,6

93,4

98

11

,735

4.

52%

153

1.22

1.

20

2,01

9.2

1,89

4.2

6.29

%93

.81%

2006

1,90

0

21,3

33,3

92

11

,228

2.

49%

148

1.12

1.

14

1,89

9.7

1,78

7.3

6.55

%94

.08%

2005

1,78

5

19,5

55,4

17

10

,955

1.

93%

135

1.11

1.

15

1,78

2.9

1,67

4.6

4.18

%93

.93%

Sour

ces:

D

istri

ct re

cord

sN

ote:

Enr

ollm

ent b

ased

on

annu

al O

ctob

er d

istri

ct c

ount

.

(a) O

pera

ting

expe

nditu

res e

qual

tota

l exp

endi

ture

s les

s deb

t ser

vice

and

cap

ital o

utla

y(b

) Tea

chin

g st

aff i

nclu

des o

nly

full-

time

equi

vale

nts o

f cer

tific

ated

staf

f(c

) Ave

rage

dai

ly e

nrol

lmen

t and

ave

rage

dai

ly a

ttend

ance

are

obt

aine

d fr

om th

e Sc

hool

Reg

iste

r Sum

mar

y (S

RS)

PUPI

L/TE

AC

HER

RA

TIO

KIN

GSW

AY

REG

ION

AL

SCH

OO

L D

ISTR

ICT

OPE

RA

TIN

G S

TATI

STIC

SLA

ST T

EN F

ISC

AL

YEA

RS

162

EXH

IBIT

J-18

DIS

TRIC

T B

UIL

DIN

GS

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Hig

h Sc

hool

(Gra

des 9

-12)

Squ

are

Feet

259,

484

222,

351

222,

351

222,

351

222,

351

222,

351

222,

351

222,

351

222,

351

222,

351

Cap

acity

(Stu

dent

s)2,

000

1,45

41,

454

1,45

41,

454

1,45

41,

454

1,45

41,

454

1,45

4

E

nrol

lmen

t1,

597

1,54

01,

504

1,48

81,

488

1,47

01,

436

1,47

61,

952

1,79

0M

iddl

e Sc

hool

(Gra

des 7

-8)

Squ

are

Feet

146,

888

104,

436

104,

436

104,

436

104,

436

104,

436

104,

436

104,

436.

00

-

-

C

apac

ity (S

tude

nts)

1,00

080

080

080

080

080

080

080

0.00

-

-

Enr

ollm

ent

866

825

780

743

720

660

608

582.

00

-

-

Num

ber o

f Sch

ools

at J

une

30, 2

014:

M

iddl

e Sc

hool

= 1

S

enio

r Hig

h Sc

hool

= 1

O

ther

= 0

Sour

ce: D

istri

ct F

acili

ties O

ffic

eEn

rollm

ent i

s bas

ed o

n th

e an

nual

Oct

ober

dis

trict

cou

nt.

KIN

GSW

AY

RE

GIO

NA

L S

CH

OO

L D

IST

RIC

TSC

HO

OL

BU

ILD

ING

INFO

RM

AT

ION

LA

ST T

EN

FIS

CA

L Y

EA

R

163

EXH

IBIT

J-19

UN

DIS

TRIB

UTE

D E

XPE

ND

ITU

RES

- R

EQU

IRED

M

AIN

TEN

AN

CE

FOR

SC

HO

OL

FAC

ILIT

IES

Fisc

al Y

ear E

nded

June

30,

20

1420

1320

1220

1120

1020

0920

0820

0720

0620

05TO

TAL

Dist

rict F

acili

ties:

Kin

gsw

ay R

egio

nal S

choo

l Dist

rict

-

-

-

-

-

-

133,

375

19

1,70

0

100,

849

42

5,92

4

Kin

gsw

ay R

egio

nal M

iddl

e Sc

hool

141,

108

12

5,20

2

24,6

50

21,6

55

21,7

38

21,4

28

11,3

58

-

-

-

367,

139

K

ings

way

Reg

iona

l Hig

h Sc

hool

320,

229

20

2,99

7

73,5

35

61,9

91

76,5

67

223,

596

14

2,75

8

-

-

-

1,10

1,67

3

Tota

l Sch

ool

F

acili

ties

$461

,337

328,

199

98,1

8583

,646

98,3

0524

5,02

415

4,11

613

3,37

519

1,70

010

0,84

91,

894,

736

* S

choo

l fac

ilitie

s as d

efin

ed u

nder

EFC

FA.

(N.J.

A.C

. 6A

:26-

1.2

and

N.J

.A.C

. 6A

:26A

-1.3

)

Sour

ce:

Dist

rict r

ecor

ds

KIN

GSW

AY

RE

GIO

NA

L S

CH

OO

L D

IST

RIC

TSC

HE

DU

LE

OF

RE

QU

IRE

D M

AIN

TE

NA

NC

EL

AST

TE

N F

ISC

AL

YE

AR

S

164

EXHIBIT J-20

COVERAGE DEDUCTIBLESchool Package Policy (1) Commercial Property 98,194,116$ 1,000$ Commercial General Liability 3,000,000 - Commercial Automotive 1,000,000 1,000 Commercial Crime 100,000 1,000 Commercial Inland Marine 3,000,000 1,000

Student Accident Insurance (2) Base 25,000 500.00 Catastrophic 2,500,000 25,000

Umbrella Liability (3) 10,000,000 -

Surety Bonds (4) Business Administrator/Board Secretary 250,000 -

Workmen's Compensation (5) 2,000,000

(1) Utica(2) Berkley Life and Health Insurance Company(3) Utica(4) Utica(5) NJSIG

Source: District records

KINGSWAY REGIONAL SCHOOL DISTRICTINSURANCE SCHEDULE

JUNE 30, 2014

165


166

SINGLE AUDIT SECTION

167


168

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 Kingsway Regional School District Woolwich Township, New Jersey 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 Kingsway Regional School District, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the Kingsway Regional School District’s basic financial statements, and have issued our report thereon dated December 1, 2014 . Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Kingsway Regional 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 the Kingsway Regional School District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Kingsway Regional 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.

169

rchandran

Letterhead

Compliance and Other Matters As part of obtaining reasonable assurance about whether the Kingsway Regional 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, and federal and state awarding agencies and pass-through entities, in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.



Michael Holt Certified Public Accountant Public School Accountant, No.1148


170

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.

Honorable President and Members of the Board of Education Kingsway Regional School District Woolwich, New Jersey Report on Compliance for Each Major Federal and State Program We have audited the Kingsway Regional 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, 2014. The Kingsway Regional 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 the Kingsway Regional 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 Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, OMB Circular A-133 and New Jersey OMB’s Circular 04-04, 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

171

rchandran

Letterhead

occurred. An audit includes examining, on a test basis, evidence about the Kingsway Regional 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 the Kingsway Regional School District’s compliance with those requirements. Opinion on Each Major Federal and State Program In our opinion, the Kingsway Regional School District’s 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, 2014. Report on Internal Control Over Compliance Management of the Kingsway Regional School District’s 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 the Kingsway Regional 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 04-04, 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 the Kingsway Regional 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.

172

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 04-04. Accordingly, this report is not suitable for any other purpose.



Michael Holt Certified Public Accountant Public School Accountant No. 1148


173


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176

EXHIBIT K-5

(Page 1 of 2) KINGSWAY REGIONAL SCHOOL DISTRICT

NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE FOR THE YEAR ENDED JUNE 30, 2014

1. General The accompanying schedules of expenditures of federal awards and state financial assistance include federal awards and state financial assistance programs of the Kingsway Regional School District. The School District is defined in Note 1 to the District’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. 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. This basis of accounting is described in Note 1 to the District’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 $(111,407) for the general fund and $2,850 for the special revenue fund. See Note 1 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:

177

EXHIBIT K-5 (Page 2 of 2)

KINGSWAY REGIONAL SCHOOL DISTRICT NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE (continued)

FOR THE YEAR ENDED JUNE 30, 2014 3. Relationship to Basic Financial Statements (continued):

State Federal Total

General Fund 10,941,366$ 14,079$ 10,955,445$ Debt Service Fund 552,845 - 552,845 Special Revenue Fund - 439,925 439,925 Food Service Fund 9,760 281,722 291,482

Total Financial Assistance 11,503,971$ 735,726$ 12,239,697$

4. Relationship to Federal and State Financial Reports Amounts reported in the accompanying schedules agree with the amounts reported in the related state financial reports. 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, 2014 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, 2014. Note 6. Federal and State Loans Outstanding The Kingsway Regional School District had no loan balances outstanding at June 30, 2014.

178


KINGSWAY REGIONAL SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS

For the Fiscal Year Ended June 30, 2014

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? No 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 84.391 & 84.027 Special Education Cluster Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? Yes

179


KINGSWAY REGIONAL SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS

For the Fiscal Year Ended June 30, 2014

Section I – Summary of Auditor’s Results (continued) State 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 NJ OMB Circular Letter 04-04? No Identification of major programs:

GMIS Number(s) Name of State Program 495-034-5120-078 Equalization Aid 495-034-5120-084 Security Aid 495-034-5120-094 495-034-5120-089 495-034-5095-002 495-034-5120-125

Supplemental Enrollment Growth Aid Categorical Special Education Aid Reimbursed TPAF Social Security Contributions Debt Service Aid

Dollar threshold used to distinguish between type A and type B programs: $310,854 Auditee qualified as low-risk auditee? Yes

180

EXHIBIT K-6

(Page 3 of 3) KINGSWAY REGIONAL SCHOOL DISTRICT

SCHEDULE OF FINDINGS & QUESTIONED COSTS For the Fiscal Year Ended June 30, 2014

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

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 04-04.

No Current Year Findings

181

EXHIBIT K-7

KINGSWAY REGIONAL SCHOOL DISTRICT SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS

AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT For the Fiscal Year Ended June 30, 2014

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

182

KINGSWAY REGIONAL SCHOOL DISTRICT - New · PDF file · 2015-08-111; Organizational...

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