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HOBOKEN PUBLIC SCHOOLS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR
THE FISCAL YEAR ENDED JUNE 30, 2014
Hoboken, New Jersey
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
of the
Hoboken School District
Hoboken, New Jersey
For The Fiscal Year Ended June 30,2014
Prepared by
Business Office
Letter of Transmittal Organizational Chart Roster of Officials Consultants and Advisors
HOBOKEN PUBLIC SCHOOLS TABLE OF CONTENTS
INTRODUCTORY SECTION
Certificates of Achievement for Excellence in Financial Reporting
Independent Auditor's Repmi
Management's Discussion and Analysis
Basic Financial Statements
A. District-wide Financial Statements
A-1 A-2
Statement of Net Position Statement of Activities
B. Fund Financial Statements
Governmental Funds B-1 Balance Sheet
FINANCIAL SECTION
B-2 Statement of Revenues, Expenditures, and Changes in Fund Balances B-3 Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances with the District-Wide Statements
Proprietary Funds B-4 Statement ofNet Position B-5 Statement of Revenues, Expenses, and Changes in Fund Net Position B-6 Statement of Cash Flows
Fiduciary Funds B-7 Statement of Fiduciary Net Position B-8 Statement of Changes in Fiduciary Net Position
Notes to the Financial Statements
OTHER SUPPLEMENTARY INFORMATION
C. Budgetary Comparison Schedules
C-1 C-Ia C-2 C-3
Budgetary Comparison Schedule- General Fund Combining Budgetary Comparison Schedule- General Fund Budgetary Comparison Schedule- Special Revenue Fund Required Supplementary Information -Budgetary Comparison Schedule -Notes to the Required Supplementary Information
i-v vi
vii viii ix-x
1-3
4-16
17 18-19
20 21
22
23 24 25
26 27
28-53
54-61 62-69
70
71
HOBOKEN PUBLIC SCHOOLS TABLE OF CONTENTS
OTHER SUPPLEMENTARY INFORMATION (Continued)
D. School Level Schedules
D-1 D-2
D-3
Combining Balance Sheet- General Fund Statement of Expenditures Allocated by Resource Type- Actual -Blended Resource Fund IS
Schedule of Blended Expenditures- Budget and ActualBlended Resource Fund IS
E. Special Revenue Fund
E-1-E-IB
E-2
E-2a
Combining Schedule of Revenues and Expenditures Special Revenue Fund- Budgetary Basis
Preschool Education Program Aid Schedule of Expenditures -Budgetary Basis
Early Childhood Program Aid Schedule of ExpendituresBudgetary Basis
F. Capital Projects Fund
F-1 F-2 F-2a
F-2f
Summary Statement of Project Expenditures Summary Schedule of Revenues, Expenditures and Changes in Fund Balance Schedule of Project Revenues, Expenditures, Project Balance and Project Status- Budgetary Basis
G. Enterprise Fund
G-1 G-2
G-3
Combining Statement of Net Position Combining Statement of Revenues, Expenses and Changes in Net Position
Combining Statement of Cash Flows
H. Fiduciary Funds
H-1 H-2 H-3 H-4
Combining Statement of Agency Assets and Liabilities Combining Statements of Changes in Fiduciary Net Position Student Activity Agency Fund Schedule of Receipts and Disbursements Payroll Agency Fund Schedule of Receipts and Disbursements
72
73-79
99-104
lOS
106
107 108
109-114
liS
116 117
118 119 120 121
HOBOKEN PUBLIC SCHOOLS TABLE OF CONTENTS
OTHER SUPPLEMENTARY INFORMATION (Continued)
I. Long-Term Debt
1-1 Schedule of Bonds Payable- Not Applicable 1-2 Schedule of Obligations Under Capital Leases/Lease Purchase Agreements 1-3 Schedule of Loans Payable 1-4 Debt Service Fund - Budgetary Comparison
J. STATISTICAL SECTION (Unaudited)
J-1 Net Position by Component J-2 Changes in Net Position J-3 Fund Balances- Governmental Funds J-4 Changes in Fund Balances - Governmental Funds J-5 General Fund Other Local Revenue by Source J-6 Assessed Value and Actual Value of Taxable Property J-7 Direct and Overlapping Property Tax Rates J-8 Principal Property Taxpayers J-9 Property Tax Levies and Collections J-10 Ratios of Outstanding Debt by Type J-11 Ratios of Net General Bonded Debt Outstanding J-12 Computation of Direct and Overlapping Bonded Debt J-13 Legal Debt Margin Information J-14 Demographic and Economic Statistics J-15 Principal Employers J-16 Full-Time Equivalent District Employees by Function/Program J-17 Operating Statistics J-18 School Building Information J-19 Schedule of Required Maintenance for School Facilities J-20 Schedule of Insurance
K. SINGLE AUDIT SECTION
K-1 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- Independent Auditor's Report
K-2 Report on Compliance for each Major Federal and State Program; Report on Internal Control Over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by U.S. OMB Circular A-133 and Schedule of Expenditures of State Financial Assistance Required by New Jersey OMB Circular 04-04-Independent Auditor's Report
K-3 Schedule of Expenditures of Federal Awards K-4 Schedule of Expenditures of State Financial Assistance K-5 Notes to the Schedules of Expenditures of Federal Awards
and State Financial Assistance K-6 Schedule of Findings and Questioned Costs K-7 Summary Schedule of Prior Audit Findings
122 123 124 125
126 127-128
129 130 .
131 132 133
.134 135 136 137 138 139 140 141 142 143 144 145
146-147
148-149
150-152 153-154 155-156
157-158 159-164
165
INTRODUCTORY SECTION
Hoboken Board of Education BUSINESS OFFICE 158 Fourth Street •!• Hoboken, NJ 07030 •!• 201.3 ~6.361 0 •!• Fax: 201.356.3642
Honorable President and Members of the Hoboken Board ofEducation County of Hudson, New Jersey
31 October 2014
Dear Board Members and Constituents. of Hoboken:
William P. Moffitt Business Adminislr~tor/ Board Secretary Email: [email protected]
The comprehensive annual financial report of the Hoboken Board of Education (Board) for the :fiscal year enged June 30, 2014 is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests wi:th the management of the Board. To the best of our knowledge and belief, the data presented in this repmt is accurate in all matel'ia1 respects and is rep01ted ~ a manner designed to present fairly the financial position and reswts of operations of the various funds of the Board. All disclosw:es necessary to enable the reader to gain an understanding of the Boards' financial activities have been included.
The comprehensive annual financial report. is presented in four sections: introductory, financial, statistical and single audit. The introductory section includes this transmittal letter, the Board organizational chart and a list of principal officials. The fmancial se.ction includes the Districtwide Statements as now required by GASB 34, general purpose financial statements, schedules and footnotes as well as the auditor's repol't thereon. The statistical section includes selected financial and demographic ihformation, generally presented on a multi-year basis. The Board is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1984 as amended by the Single Audit Act Amendments of 1996; the U.S. Office of Management and ·Budget Circular A-133, Audits of States, Local Governments~ and Non-Profit Organizations; and New Jersey OMB's Circulat 04-04 OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and Stqte Aid. Information related to this single audit, including the auditor's reports covering compliance with applicable laws, regulations and reqtur~ments, and intemal control over compliance and financial reporting, as well as a schedule of related findings, is included in the single audit section of this repoit.
REPORTING ENTITY AND ITS SERVICES: The Hoboken Board of Education is. an independent reporting entity within the criteria adopted by the Governmental Accounting Standards Board (GASB) as established by Statement No. 14. All funds and account groups of the Board are included in this repmt. The Hoboken Board of Education and all its schools constitute the Board's repolting entity. For the past five yeats the Board provided a full range of educational services appropriate to grade levels Pre-K through 12. These include regular and special education for handicapped youngsters. The Board completed the 2013-2014 fiscal year with an average daily emollment of 1,938 students,. which is 228 students above the previous year's average daily emollment due tna1nly to the reporting of new district educated preschool
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Hobol{en Board of Education
students. The following details the changes in the student enrolJment of the District over the. last five years.
Hoboken School District Average Daily Enrollment
Last Five Years
Fiscal Year Student
Enrollment 2013-2014 2012-2013 2011-2012 2010-2011 2009-2010
1,938 1,710 1,788 1,816 1,954
Percent Change 13.31% (4.36%) (1.5%)
(0.07%) 4.27%
MAJOR INITIATIVES: The Hobol~en Public School District continued to unde~take a rigorous and comprehensive school improvement process designed to increase academic perfom1ance for all students. The district goals, budgeting process, teclmology program, educational materials selection processes, staff evaluation system, student performance assessment tools, curricula revisions, facility improvements, and a variety of work in other areas is aligned in suppmt of teaching, learning, and the new Common Core State Standards.
New textbooks and professional activities continued district wide as the district implemented changes related to the Common Core State Standards. A new language ruts program and textbook was adopted for gl'ades K-8. This new language ruts program is aligned with national standards as well as those of the state. Language ruts program strengths are developing conceptual understanding, divergent thinking and problem solving skills ne.cessary for academic success in the 21st century. Professional development activities included job embedded coaching, strong benchmark testing a~~mg With a new teacher evaluation system. Another important step in raising standards for the district was the introduction of the Response to Intervention (RTI) model at aU elementary schools. RTI was pa1t of a school district goal and our unique program was development during the course of the prior school year. The district conshucted suppmt material, adjusted sta~ng allowing RTI to be rolled-out for first grade use this school year.
Th~ Hoboken Boru·d of Education supported the continued expansion of the Advanced Behavior Analysis (ABA) and Autism Program at Wallace School by converting additional office space into instructional space to house a highly specialized program. The expansion of the program is a significant achievement for the district because it meets the needs of children for a highly speCialized program in a neighborhood school setting as opposed to an out of district placement.
A number uf facility issues and concerns have been addressed including the expansion of specialized instructional space and a growing preschool program. The district renovated an instructional space for the occupation~} and physical therapy at Wallace school supporting the c_ontinue.d expansion ofthe districtspe_cial education programs. Nine preschool classrooms were renovated district wide with three at Connors and six in Wallace. These renovated classtooms
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Hoboken Board of Education
will improve the general educational environment, support program reorganization and advance the delivery of preschools services. Connors received a much needed replacement boiler to keep the heating system operational and improv~ efficiency. The Hoboken Junioi' Senior High School will enjoy two renovated batbl.'ooms and new lockers in the Junior High wing. The district also installed a new scoreboard at John F. Kennedy stadium to replace the one lost to Hunicane Sandy for the athletic program. Redistribution of student enrollment and district reconfiguration continued to open educational options. and supported the expansion of the district's preschool and specialized educational programs.
A food service deficit, accumulated over a period of many years, is still reflected on our financial statements and its reduction remained a priority. The Board of Education has continued to work diligently to rectify the issue ~nd made significant progress in reducing the deficit. The privatization of the food service program was a first step i_!l rectifying the inability to supp011 food service operatiohs with earned revenue. The Qistrict has invested in technology to better track purchases and also revised policies to avoid allowing extensive debt to accumulate. New menu items, enhanced food quality, debt analysis, scheduling restrictions for students and a continued guarantee to break-even, along with other changes, all are serving to rectify many of the problems. The district continued to conect operational issues and will address the deficit in the budget process.
District wide energy efficiency projects were completed at the beginning ofthe fiscal period. The extensive retrofitting of district lighting systems at all schools allow the community to enjoy savings on utility bills while providing students with a much better school climate due to excellent lighting in the classrooms! Because the majority of the work was done by retrofitting existing fixtures and wiring, the district saved a significant amount of money mi tllis extensive project.
ECONOMIC CONDITION AND OUTLOOK: Refer to the section of this report titled "Management Discussion and Analysis" for jnformation on the economic condition and outlook.
INTERNAL ACCOUNTING CONTROLS: Management of the Board is ,responsible for establishing and maintaining internal accounting control designed to ensure that the asset~ of the Board are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with accounting principles which are generally accepted in the United States of America. Internal control is designed to provide reasonable. but not absolute assu~·ance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the .benefits lilcely to be derived and, (2) the valuation of costs and benefits requires estimates and judgments by management.
As a recipient of federal awards and state financial assistance~ the Board also is responsible for ensuring that adequate intemal controls are in place to ensure compliance with applicable laws and regulations related to those programs. Internal control is also subject to periodic evaluation. by the Board management
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Hoboken Board of Education
As part of the Board's single audit described earlier, tests are made to dete1mine the adequacy of internal control, including that pmtion related to federal awards and state financial assistance programs, as well as to detetmine that the Board has complied with applicable laws and regulations.
BUDGETARY CONTROLS: In addition to intemal accounting controls, the Board maintains budgetary controls. The. objective of these budgetary controls is to ensure compliance with legal provisjons embodied in the annual appropriated budget approved by the voters of Hoboken. Almual appropdated budgets are adopted for the general fund, the special revenue fund, and the debt service fund. Project-length budgets are approved for the capital improvements accounted for in the capital projects fund. The final budget amount as amended for the fiscal year is reflected in the financial section.
An encumbrance accounting system is used to record outstanding purchase commitments on a line item basis. Open encumbrances at year-end are . either canceled or are included as reappropriations of fund balance in the subsequent year. Those amounts to be reappropriated are repmted as reservations of fund balance at June 30,2014.
ACCOPNTING SYSTEM AND REPORTS: The Board's accounting records reflect accounting principles generally accepted in the United States of America, as promulgated by the Governmental Accounting Standards Board (GASB). The accounting system of the B<;>ar<;l is organized on the basis that will comply with GASB. Refer to the Management Discussion and Analysis sectjon of this report for a detailed explanation.
CASH MANAGEMENT: The investment policy of the Board is guided in large pait by state statute as detailed in "Notes to the Basic Financial Statements". The Board has adopted a cash management plan which requites 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 a loss of funds on deposit with a failed banking institution in New Jersey. The law requires govemmental units to deposit public funds only in public depositories located in New Jersey, whei'e the funds are secured in accordance with the Act.
DEBT ADMINISTRATION: The Boards outstanding debt issues jncluded general obligation bonds, loans from the New Jersey Economic Development Authority and a loan from the United States Environmental Protection Agency. There were no new debt issue~ in the fiscal year ended Jun~ 30, 2014. Specific details of Debt can be found in the fmancial section of this .repmt and notes thereto.
FINANCIAL INFORMATION AT FISCAL YEAR END: Refer to the section of this report titled "Management Discussion and Analysis" fo1· year end highlighted fmancial information.
RISK MANAGEMENT: The Boai·d carries various fmms of insurance, including but not limited to general liability, automobile liability and comprehensive/collision~ hazard and theft insurance on prope1ty and contents, excess work.er' s campensation and fidelity bonds.
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Hobol{en Board of Education
OTI:IER INFORMATION, INDEPENDENT AUDIT: State statutes require and annt1al audit by independent ce11ified public accountants or registered municipal ac<;:ouutants. The accounting firm of Lerch, Vinci & Higgins, LLP was selected by the Board. ~n addition to meetiug the requirements set forth in state· stawtes, the audit a1so was desi.gned to meet the reqtiirements of the Single A\ldit Act and the re~ated OMB Circular A-133 and New Jersey OMB's Circular 04-04. The auditor's report on the basic financial statements and combining and individual fund statements and schedules is included in the financial -section of this report. The auditor's reports related specifically to the single audit are included in the single audit section of this report.
AWARDS AND ACKNOWLEDGEMENTS':
AWARDS: The Govemment Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement . for Excellence in Flnancial Reporting to the Board ofE.du.cation ofthe City of Hoboken for its comprehensive annual financial repm1 for the fiscal year ended June 30, 2013. The Certificate of Achievement is a prestigious national award, recognizing conformance with the highest standards for preparation of state and lo.cal government financial reports. This was the second. year the District Sl1bmitted for consideration and received the award. Hoboken Board of Education also received the Ce11ificate of Excellence foi' Financial Repm:ting from the Association of School Business Officials International for the year ended June 30, 2013 which was the District's second consecutive year receiving this award.
ACKNOWLEDGEMENTS: We would like to express our appreciation to the members of the Hoboken Board of Education for their concem in providing fiscal accountability to the citizens and taxpayers of the school district and thereby contributing their full support to the development and maintenance of our financial operations. The preparation of this report could not have been accomplished without the efficient and de.dicated services of our business office personnel.
School Business Administtator I Board Secretary
v
< 1-'·
,nfldentiat Executive Secreta/l
I HOBOKEN BOARD OF EDUCATION ORGANIZATIONAL I
Board Secretary .)
Superintendent ol Schools t-------- --- ---- - ---jconfldentlal Executive Socretal')
Ass istant Supe_rintendent 1-----------....<Contldenrlal Executive Secreta/)
Principa l with Additiona l ResponslbJiitJn Over tho Early Childhood Program
Supervisor of Special Services
Child Study Team
Instructional Aides
Nurses
Title I I NCLB I Coordinate I of Grants & Prof . Oev.
District Attendance Officer
HOBOKEN BOARD OF EDUCATION
ROSTER OF OFFICIALS JUNE 30, 2014
Board of Education Leon Gbld, President Ruth McAllister, Vice President P~ter Biancamano Jennifer Evans Catmelo Garcia1
Thomas Kluepfel Jean Marie Mitchell Frances-Rhodes Kearns Irene Sobolov Monica Stromwall2
Superintendent o(Schools Dr. Mark Toback
Assistant Superintendent o(Schools Dr. Miguel Hernandez
School Business Administrator/Board Secretary Edward J. Applet011 (Interim, 07/01/13- 07/14/13) William P. Moffitt (07 /15/13 - present)
Term Year 2016 2015 2014 2016 2014 2015 2015 2014 2016 2014
Assistant to the School Business Administrator/Assistant Board Secretary Dianne Botti
1 Resigned as of January 14, 2014 2 Appointed to 1 year term on JanumJ' 28, 2014 to jiflpacant seat (C. Garcia)
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Architect
( Audit Firm
Board Counsel
HOBOI<EN BOARD OF EDUCATION
CONSULTANTS AND ADVISOR JlJNE 30,2014
Mount Vemon Group 24 Commerce Street, Suite #1827
Newark, New Jersey 07102
Lerch, Vinci & Higgins, LLP 17-17 State Highway 20 8 North Fair Lawn, New Jersey 07410
Porzio, Bromberg & Newman P.C. 100 Southgate Parkway
P.O. Box 1997 Monistown, NJ 07962~ 1997
Engineer of Record (General) Boswell Engineering 330 Phillips Avenue
PO Box 3152 South Hackensack, New Jersey, 07606
Engineer of Record (Environmentql) Pennjersey Environmental Consulting
326 Willow Grove Road Stewartsville, NJ 08886
&
Partner Engineering and Science, Inc. 1 0 Mountainview Road, Suite N21 S
Ramsey, NJ 07458
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~ '.: .·.· .. ~ -. .' . ; ;
! '
·: li-
Government Finance Officers Association
Certificate of Achievement for Excellence
in Financial Reporting
Presented to
Hoboken Board of Education
New Jersey
For its Comprehensive Annual Financial Report
for the Fiscal Year Ended
June 30, 2013
~~ ---·· -. --· -·· ~ ' _--_-' . ' ..
Executive Director/CEO
ix
Association of School Business Officials International
rz1ie Certificate of~cefknce in Pinancia{ ~ortino )f. ward is presented to
Hoboken Board of Education Por Its Compreliensive)lnnua{Pinancia{~ort (CJI~
Portli£ Pisca{%arP.ntferfJune 30, 2013
The CAFR has been reviewed and met or exceeded
ASBO International's Certificate of Excellence standards
~ .s,.s'
TerrieS. Simmons, RSBA, CSBO President
John D. Musso, CAE, RSBA Executive Director
FINANCIAL SECTION
LERCH, VINCI & HIGGINS,LLP CERTIFIED PUBLIC ACCOUNTANTS REGISTERED MUNICIPAL ACCOUNTANTS
DIETER P. LERCH, CPA, RMA, PSA
GARY J. VINCI, CPA, RMA, PSA
GARY W. HIGGINS, CPA, RMA, PSA
JEFFREY C. BLISS, CPA, RMA, PSA
PAUL J. LERCH, CPA, RMA, PSA
DONNA L. JAPHET, CPA, PSA
JULIUS B. CONSONI, CPA, PSA
ELIZABETH A. SHICK, CPA, RMA, PSA
ANDREW PARENTE, CPA, RMA, PSA
ROBERT W. HAAG, CPA, PSA
DEBORAH K. LERCH, CPA, PSA
RALPH M. PICONE, CPA, RMA, PSA
Honorable President and Members of the Board of Trustees
Hoboken Public Schools Hoboken, New Jersey
INDEPENDENT AUDITOR'S REPORT
Report on the Financial Statements
DEBRA GOLLE, CPA
CINDY JANACEK, CPA, RMA
LORI T. MANUKIAN, CPA, PSA
MARK SACO, CPA
VOLNEY V. JACKSON, CPA
CHYNNA C. DESTEFANO, CPA, PSA
KEVIN LOMSKI, CPA
EDWARD P. MURPHY, CPA
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 Hoboken Public Schools as of and for the fiscal year ended June 30, 2014 and the related notes to the financial statements, which collectively comprise the Board of Education'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 the 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
17-17 ROUTE 208 • FAIR LAWN, NJ 07410 • TELEPHONE (201J 791-7100 • FACSIMILE (201) 791-3035
WWW.LVHCPA.COM
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Opinions
In our opinion, the financial statements referred to previously 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 Hoboken Public Schools as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
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 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 l'lformation
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Hoboken Public Schools' basic financial statements. The introductory section, combining and individual nonmajor fund financial statements, financial schedules, statistical section, schedule of expenditures of federal awards as required by U.S. Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and schedule of expenditures of state financial assistance as required by New Jersey OMB Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, are presented for purposes of additional analysis and are not a required part of the basic financial statements of the Hoboken Public Schools.
The combining and individual nonrnajor fund financial statements, schedule of expenditures of federal awards and schedule of expenditures of state financial assistance are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and 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 nonmajor fund financial statements, schedules of expenditures of federal awards and state financial assistance are fairly stated in all material respects in relation to the basic financial statements as a whole.
The introductory section, financial schedules and statistical section have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.
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Other Reporting Required by GovernmentAuditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 24, 2014 on our consideration of the Hoboken Public Schools' 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 the Hoboken Public Schools' internal control over financial reporting and compliance.
Fair Lawn, New Jersey October 24, 2014
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~tr~· ~· 11.~ J;r ERCH, VINCI & IDGG~s/&fp
Certified Public Accountants
Public School countant PSA Number CS00756
MANAGEMENT'S DISCUSSION AND ANALYSIS
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30,2014
This section of the Hoboken Public Schools' annual financial report presents our discussion and analysis of the District's financial performance during the fiscal year that ended on June 30, 2014. Please read it in conjunction with the transmittal letter at the front of this report and the District's financial statements, which immediately follows this section.
FINANCIAL HIGHLIGHTS
Key fmancial highlights for the 2013-2014 fiscal year include the following:
• The assets of the Hoboken Public School exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $15,672,120 (Net Position).
• The District's total net position increased $1,845,636.
• Overall district revenues were $66,611,180. General revenues accounted for $44,495,659 or 67% of all revenues. Program specific revenues in the form of charges for services and grants and contributions accounted for $22,115,52 I or 33% of total revenues.
• Overall district expenses were $64,765,544. Governmental activities accounted for $63,634,505 or 98% of all expenses. Business-type activities accounted for$ I, I 3 1,039 or 2% of all expenses.
• The school district had $63,634,505 in expenses for governmental activities; only $21,073,384 of these expenses were offset by program specific charges, grants or contributions. General revenues (predominantly property taxes and unrestricted State and Federal aid) of $44,414,400 were adequate to provide for these programs.
• As of the close of the current fiscal year, the District's governmental funds reported a combined ending fund balance of$3,603,540 an increase of$1,056,156 when compared to the previous year's ending fund balance.
• The General Fund unassigned fund balance on a GAAP basis at June 30, 2014 was a deficit of $156,961 a decrease of $27,061 when compared with the beginning balance at July I, 2013 of a deficit of $129,900. The deficit in the unassigned fund balance is a result of a delay in the payment of state aid until the following fiscal year.
• The General Fund unassigned budgetary fund balance at June 30, 2014 was $1,132,208, which represents a slight increase of $114,170 when compared to the ending unassigned fund balance at June 30, 2013 of $1,018,038.
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HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2014
OVERVIEW OF THE FINANCIAL STATEMENTS
The fmancial section of the annual report consists of four parts - Independent Auditor's Report, required supplementary information which includes the management's discussion and analysis (this section), the basic financial statements, and supplemental information. The basic financial statements include two kinds of statements that present different views of the District:
• The first two statements are district wide financial statements that provide both short-term and long-term information about the District's overall financial status.
• The remaining statements are fund financial statements that focus on individual parts of the District, reporting the District's operations in more detail than the district-wide statements.
The governmental funds statements tell how basic services were financed in the short term as well as what remains for future spending.
Proprietary funds statements offer short-term and long-term financial information about the activities the district operated like businesses.
Fiduciary funds statements provide information about the financial relationships in which the District acts solely as a trustee or agent for the benefit of others to whom the resources belong.
The financial statements also include notes that explain the information in the statements and provide more detailed data. The following illustration shows how the various parts of this annual report are arranged and related to one another.
J. Management's
Discussion and
Analysis
GovernmentWide
Financial Statements
t
J. Basic
Financial Statements
Fund Financial
Statements
t
Required Supplementary
Information
Notes to the
Financial Statements
Summary I~ •1'-_D_e_t_ai_l--'
5
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2014
The following table summarizes the major features of the District's financial statements, including the portion ofthe District's activities they cover and the types of information they contain. The remainder of this overview section of management's discussion and analysis highlights the structure and contents of each of the statements.
Major Features of the District~Wide and Fund Financial Statements
District-Wide Fund Financial Statements
Statements Governmental Funds Proprietary Funds Fiduciary Funds
Scope ntire district (except h"he activities of the district that are fActivities the district nstances in which the district fiduciary funds ot proprietary or fiduciary, such as pperates similar to dministers resources held in trust,
Regular and Special Education tprivate businesses: uch as Unemployment, Payroll nstruction and Building maintenance Enterprise Fund gency and Student Activities
Required financial tatements of Net Position Balance Sheet fStatement of Net Position tatements of
statements tatement of Activities ~tatement of Revenues, fStatement of Revenue, iduciary Net Position
~xpenditures and Changes in Expenses, and Changes in tatement of Changes
~und Balances lrund Net Position n Fiduciary Net Position
Statement of Cash Flows
Accounting Basis and Accrual accounting and Modified accrual accounting !Accrual accounting and Accrual accounting
Measurement focus conomic resources focus nd current financial focus conomic resources focus nd economic resources
ocus
Type of asset! Ali assets, liabilities, and penerally assets expected to be !All assets, liabilities and All assets and liabilities,
eferred inflows of eferred inflows of sed up and liabilities and deferred nd deferred inflows of oth short-term and
resources/liability esources both financial · nflows of resources that come esources, both ong-term funds do not
information nd capital, short-term ue during the year or soon there mancial and capital, urrently contain
nd long-term fter; no capital assets or long-term nd short-term and long- apital assets.
iabilities included erm
ype of inflow/outflow ~11 revenues and expenses Revenues for which cash is received All revenues and expens.es All additions and
information ~uring year, regardless of uring or soon after the end of the uring the year, regardless edications during the
when cash is received or ear; expenditures when goods or f when cash is received ear, regardless of when
aid ervices have been received and the pr paid. ash is received or paid.
elated liability is due and payable.
District-wide financial statements
The district-wide statements report information about the District as a whole using accounting methods similar to those used by private-sector companies. The statement of net position includes all of the District's assets, liabilities and deferred inflows of resources. All of the current year's revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid.
The two district-wide statements report the District's net position and how they have changed. Net position- the difference between the District's assets, liabilities and deferred inflows of resources - is one way to measure the District's financial health or position.
6
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2014
District-wide financial statements (continued)
• Over time, increases or decreases in the District's net position are an indicator of whether its financial position is improving or deteriorating, respectively.
• To assess the overall health of the District you need to consider additional non-financial factors such as changes in the District's property tax base and the condition of school buildings and other facilities.
In the district-wide financial statements the District's activities are shown in two categories:
• Governmental activities- Most of the District's basic services are included here, such as regular and special education, transportation, administration and plant operations and maintenance. Property taxes and state aids fmance most of these activities.
• Business type activities -These funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. The District's Food Service Fund and After Care Program Fund are included under this category.
Fund financial statements
The fund fmancial statements provide more detailed information about the District's funds - focusing on its most significant or "major" funds - not the District as a whole. Funds are accounting devices the District uses to keep track of specific sources of funding and spending on particular programs:
• Some funds are required by State law and bond covenants.
• The District establishes other funds to control and manage money for particular purposes or to show that it is properly using certain revenues (federal and state grants).
The District has three kinds of funds:
• Governmental funds- Most of the District's basic services are included in governmental funds, which generally focus on (I) how cash and other fmancial assets that can readily be converted to cash flow in and out and (2) the balances left at year-end that are available for spending. Consequently, the governmental funds statements provide a detailed short-term view that helps to determine whether there are more or fewer financial resources that can be spent in the near future to fmance the District's programs. Because this information does not encompass the additional long-term focus of the district-wide statements, we provide additional information at the bottom of the governmental funds statements that explains the relationship (or differences) between them.
• Proprietary funds - Services for which the District charges a fee are generally reported in proprietary funds. Proprietary funds are reported in the same way as the district-wide statements.
7
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30,2014
Fund financial statements (continued)
Enterprise Funds - This fund is established to account for operations that are fmanced and operated in a manner similar to private business enterprises. The stated intent is that costs of providing goods or services to the students on a continuing basis are financed or recovered primarily through user charges. The District currently has two enterprise funds.
• Food Service (Cafeteria) • After Care Program
• Fiduciary funds - The District is the trustee, or fiduciary, for assets that belong to others. The District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. All of the District's fiduciary activities are reported in a separate statement of fiduciary net position and a statement of changes in fiduciary net position. We exclude these activities from the district-wide financial statements because the District cannot use these assets to finance its operations.
Notes to the financial statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found following the financial statements.
Other Information
In addition to the basic fmancial statements and accompanying notes, this report also presents certain required supplementary information concerning the District's budget process. The District adopts an annual expenditure budget for the general, special revenue and debt service funds. A budgetary comparison statement has been provided for the general, special revenue and debt service funds as required supplementary information. The required supplementary information can be found following the notes to the financial statements.
Combining statements and schedules are presented immediately following the major budgetary comparisons.
DISTRICT-WIDE FINANCIAL ANALYSIS
Net position may serve over time as a useful indicator of a government's financial position. In the case of the District, assets exceeded liabilities and deferred inflows of resources by $15,672,120 as of June 30, 2014 and $13,826,484 as of June 30, 2013.
8
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2014
By far the largest portion of the District's net position reflects its investment in capital assets (e.g., land and improvements, buildings and improvements, construction in progress, vehicles, furniture and equipment); less any related debt used to acquire those assets that are still outstanding. The District uses these capital assets to provide services to its students; consequently, these assets are not available for future spendiug. Although the District's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
Net Position As of June 30, 2014 and 2013
Governmental Activities Business~ Ty12e Activities Total 2014 2013 2014 2013 2014
Current Assets $ 6,524,504 $ 7,636,260 $ (490,183) $ (865,558) $ 6,034,321 $ Capital Assets 19,420,955 20,746,108 9,996 19,679 19,430,951
Total Assets 25,945,459 28,382,368 ( 480, 187) (845,879) 25,465,272
Long-Term Liabilities 6,770,961 8,403,998 6,770,961 Other Liabilities 2,926,201 1,915,392 93,196 203,536 3,019,397
Total Liabilities 9,697,162 10,319,390 93,196 203,536 9,790,358
Unavailable Revenue-Property Taxes 3,185,000
Deferred Commodities Revenues 2,794 2,079 2,794
Total .Deferred Inflows of Resources 3,185,000 2,794 2,079 2,794
Net Position Net Investment in Capital Assets 18,665,885 19,673,114 9,996 19,679 18,675,881
Restricted 849,225 74,152 849,225
Unrestricted (Deficit) (3,266,813) (4,869,288) (586,173) (1,071,173) (3,852,986)
Total Net Position $ 16,248,297 $ 14,877,978 $ (576,177) $ (1,051,494) $ 15,672,120 $
9
2013
6,770,702 20,765,787
27,536,489
8,403,998 2,118,928
10,522,926
3,185,000
2,079
3,187,079
19,692,793 74,152
(5,940,461)
13,826,484
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2014
Change in Net Position For The Fiscal Years Ended June 30,2014 and 2013
Governmental Activities Business-TyQe Activities Total
2014 2013 2014 2013 2014 2013
Revenues
Program Revenues
Charges for Services $ 437,980 $ 686,053 $ 401,065 $ 191,564 $ 839,045 $ 877,617
Operating Grants and Contributions 20,604,088 21,080,906 641,072 632,231 21,245,160 21,713,137
Capital Grants and Contributions 31,316 31,316
General Revenues
Property Taxes 38,220,173 36,755,753 38,220,173 36,755,753
State and Federal Aid 6,048,614 5,437,678 6,048,614 5,437,678 Other 145,613 521,799 81,259 125,000 226,872 646,799
Total Revenues 65,487,784 64,482,189 1,123,396 948,795 66,611,180 65,430,984
Expenses
Instruction
Regular 32,250,508 31,452,283 32,250,508 31,452,283
Special Education 6,628,785 7,704,906 6,628,785 7,704,906
Other Instruction 115,067 377,032 115,067 377,032
School Sponsored Activities and Athletics 1,079,547 1,196,697 1,079,547 1,196,697
Adult/Continuing Education 4,883 111,956 4,883 111,956
Support Services
Student and Instruction Related Services 10,209,494 9,517,130 10,209,494 9,517,130
School Administrative Services 2,327,720 2,183,241 2,327,720 2,183,241
General Administrative Services 913,777 1,013,937 913,777 1,013,937
Central and Other Support Services 1,073,621 969,084 1,073,621 969,084
Plant Operations and Maintenance 7,467,784 7,843,598 7,467,784 7,843,598
Pupil Transportation 1,551,318 1,524,452 1,551,318 1,524,452
tnterest on Long-Term Debt 12,001 17,824 12,001 17,824
Food Services 1,023,661 1,074,759 1,023,661 1,074,759 After Care Program 107,378 107,378
Total Expenses 63,634,505 63,912,140 1,131,039 1,074,759 64,765,544 64,986,899
Increase/(Decrease) in Net Position Before Transfers 1,853,279 570,049 (7,643) (125,964) 1,845,636 444,085
Transfers (482,960) 482,960
Change in Net Position 1,370,319 475,317 1,845,636
Net Position, Beginning of Year 14,877,978 42,006,737 (1,051,494) (925,530) 13,826,484 41,081,207
Prior Period Adjustment (27,698,808) (27,698,808)
Net Position, End of Year $ 16,248,297 $ 14,877,978 $ (576,177) $ (1,051,494) $ 15,672,120 $ 13,826,484
10
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2014
Governmental Activities. The District's total governmental activities' revenues, which includes State and Federal grants, were $65,487,784 and $64,482,189 for the years ended June 30,2014 and June 30, 2013, respectively. Property taxes of $38,220,173 and $36,755,753 which represented 58% and 57% of the revenues for the fiscal years ended June 30, 2014 and 2013, respectively. Another significant portion of revenues came from State aid; total State, Federal and formula aid was $26,684,018 and $26,518,584 which represented 41% and 41% of the revenues for the fiscal years ended June 30, 2014 and 2013, respectively. Charges for services from tuition, transportation fees and rentals of$437,980 and $686,053 represented less than 1% of total revenues for the fiscal years ended June 30, 2014 and 2013, respectively. In addition, misceiJaneous income is earned which includes items such as interest, prior year refunds and other miscellaneous items.
The total cost of all governmental activities programs and services were $63,634,505 and $63,912,140 for the fiscal years ended June 30,2014 and 2013, respectively. The District's expenses are predominantly related to educating and caring for students. Instruction totaled $40,078,790 and $40,842,874 (63% and 64%) of total expenditures for the fiscal years ended June 30, 2014 and 2013, respectively. Support services inclusive of interest on long-term debt totaled $23,555,715 and $23,069,266 (37% and 36%) of total expenditures.
Revenues by Source- Governmental Activities For Fiscal Year 2014
Federal, State Aid and
Other
Expenditures by Type- Governmental Activities For Fiscal Year 2014
School, Central &
GeneraiAdmin.
Pupil Transportation
2%
Plant Oper. & Maint. 12%
Student and
Instruction Services
16%
11
Instruction 63%
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2014
Total and Net Cost of Governmental Activities. The District's total cost of services were $63,634,505 and $63,912,140 for the fiscal years ended June 30, 2014 and 2013, respectively. After applying program revenues, derived from charges for services of $437,980 and $686,053 operating grants and contributions of $20,604,088 and $21 ,080,906; and capital grants and contributions of $31,316, for the fiscal year ended June 30, 20 14; the net cost of services of the District were $42,561,121 and $42,145,181 for the fiscal years ended June 30, 2014 and 2013, respectively.
Total and Net Cost of Governmental Activities For the Fiscal Years Ended June 30, 2014 and 2013
Net Cost Total Cost of Services of Services 2014 2013 2014 2013
Instruction Regular $ 32,250,508 $ 31,452,283 $ 19,169,665 $ 18,548,717
Special Education 6,628,785 7,704,906 3,792,183 3,994,854
Other Instruction 115,067 377,032 115,067 182,693 School Sponsored Activities and Athletics 1,079,547 1,196,597 997,821 1,070,153 Adult & Continuing Education 4,883 111,956 4,883 109,464
Support Services
Student and Instruction Related Services 10,209,494 9,517,130 7,042,916 6,537,267
General Administrative Services 913,777 1,013,937 791,482 591,663 School Administrative Services 2,327,720 2,183,241 1,829,315 1,963,461 Central and Other Support Services 1,073,621 969,084 949,442 845,913 Plant Operations and Maintenance 7,467,784 7,843,598 6,318,132 6,812,415 Pupil Transportation 1,551,318 1,524,452 1,538,214 1,470,757
Interest on Long-Term Debt 12,001 17,824 12,001 17,824
Total $ 63,634,505 $ 63,912,040 $ 42,561,121 $ 42,145,181
Business-Type Activities- The District's total business-type activities revenues were $1,123,396 and $948,795 for the fiscal years ended June 30,2014 and June 30,2013. Charges for services accounted for 36% and 20% of total revenues and operating grants and contributions accounted for 57% and 67% of total revenue for the fiscal years ended June 30, 2014 and 2013. The balance of the revenue for the fiscal years ended June 30, 2014 and 2013, respectively, is a guaranteed profit provision received from the food service management company.
The total cost of all business-type activities programs and services were $1,131,039 and $1,074,759 for the fiscal years ended June 30,2014 and 2013. The District's expenses are related to Food Service programs provided to all students, teachers and administrators within the District as well as the expenses related to the After Care Program available in Wallace and Calabro Schools. The Food Service Program was also subsidized by transfers from the General Operating Fund during the fiscal year ended June 30, 2014. These transfers are part of the District's corrective action plan to fund the accumulated deficit in the fund.
12
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management'sDiscussion and Analysis For the Fiscal Year Ended June 30,2014
FINANCIAL ANALYSIS OF THE DISTRICT'S FUNDS
As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with fmance-related legal requirements.
Governmental Funds
The focus of the District's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District's financing requirements. In particular, unassigned fund balance may serve as a useful measure of the District's net resources available for spending at the end of the fiscal year.
The fmancial performance of the District as a whole is reflected in its governmental funds as well. As the District completed the year, its governmental funds reported a combined fund balance of $3,603,540 for the fiscal year ended June 30, 2014 compared to a fund balance of $2,547,384 for the year ended June 30, 2013, an increase of $1,056,156 for the year.
Revenues for the District's governmental funds were $65,487,784 and $65,482,991, while total expenses and other financing uses, net were $64,431,628 and $65,297,635 for the fiscal years ended June 30, 2014 and 2013.
General Fund - The General Fund is the chief operating fund of the District and includes the primary operations in providing educational services to students from pre-kindergarten through grade 12 including pupil transportation activities and capital outlay projects.
The following schedule presents a comparison of General Fund Revenues for the fiscal years ended June 30, 2014 and 2013:
Fiscal Year Ended Amount of June 30, Increase Percent
2014 2013 (Decrease) Change
Local Sources Property Tax Levy $ 37,946,477 $ 36,479,095 $ 1,467,382 4% Tuition 100,636 316,516 (215,880) -68% Miscellaneous 482,941 874,246 (391,305) -45%
State Sources 14,133,204 13,942,931 190,273 1% Federal Sources 281,505 233,071 48,434 21%
Total General Fund Revenues $ 52,944,763 $ 51,845,859 $ 1,098,904 2%
Local property taxes increased by 4% from the previous year. State aid revenues increased $190,273, predominantly attributable to an additional State Aid allocation. The Federal aid revenues increased by $48,434 or 21% which was mainly due to FEMA reimbursements owed to the District. Miscellaneous revenues decreased $391,305 or 45% due primarily to the non-recurring revenue from the insurance proceeds received as a result of the damage incurred from Hurricane Sandy in the prior year, as well as a decrease in transportation fees.
13
General Fund (Continued)
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30,2014
The following schedule presents a comparison of General Fund expenditures for the fiscal years ended June 30, 2014 and2013:
Fiscal Year Ended Amount of June 30 Increase Percent
2014 2013 (Decrease) Change
Instruction $ 32,286,788 $ 32,468,063 $ (181,275) -0.6%
Support Services 18,878,501 19,055,182 (176,681) -0.9o/o
Capital Outlay 429,338 602 429 {173,091) -28.7%
Total Expenditures $ 51,594,627 $ 52,125,674 $ ~531,047> -1 °/o
Total General Fund expenditures decreased $531,047 or 1% from the previous year. This decrease is the result of careful monitoring of district budget expenditures.
Special Revenue Fund - The Special Revenue Fund includes all restricted Federal, State and Local sources utilized in the operations of the district in providing educational services to students with special needs.
Revenues of the Special Revenue Fund were $12,237,993 and $12,360,412, for the fiscal years ended June 30, 2014 and 2013. State sources accounted for the majority of Special Revenue Fund's revenue which represented 84% and 80% of the total revenues for the fiscal years ended June 30, 2014 and 2013, respectively.
Total Special Revenue Fund revenues decreased $122,419 or 1% from the previous year. State sources increased $621,524 or 6%, Federal sources decreased by $739,849 or 28% and local sources decreased $4,094. There was also a transfer of$343,320 from the general operating fund budget for the fiscal year ended June 30, 2014. This was to fund the inclusion of prekindergarten students.
Expenditures and other fmancing uses of the Special Revenue Fund were $12,423,571 and $12,518,154 for the fiscal years ended June 30, 2014 and 2013. Instructional expenditures were $8,264,091 and $9,044,538 or 70% and 77% and expenditures for the support services were $3,395,431 and $2,712,350 or 29% and 23% of total expended for the fiscal years ended June 30, 2014 and 2013. There was a transfer of $549,841 and $737,625 to School Based Budgets within the General Fund during fiscal years ended June 30, 2014 and 2013, respectively.
Proprietary Funds
The District maintains Enterprise Funds to account for activities which are supported in part through user fees.
Enterprise Funds - The District uses Enterprise Funds to report activities related to the Food Services and After Care programs. The District's Enterprise Funds provide the same type of information found in the district-wide financial statements, business-type activities, but in more detail. Factors concerning the finances of these Funds have already been addressed in the discussion of the District's business-type activities.
14
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30,2014
GENERAL FUND BUDGETARY HIGHLIGHTS
The District's budget is prepared according to New Jersey Department of Education guidelines, and is based on accounting for certain transactions on the basis of cash receipts, disbursements and encumbrances. The most significant budgetary fund is the General Fund.
Over the course of the year, the District revised the annual operating budget several times. These budget amendments were due to adjusted budgets for specially funded projects, which include both federal and state grants.
General Fund budgetary revenues and other financing sources exceeded budgetary expenditures and other financing uses increasing budgetary fund balance $1 ,214,928 over the previous year. After deducting statutory restrictions, commitments and assignments, the unassigned budgetary fund balance increased $114,170 from a balance of $1,018,038 at June 30, 2013 to a balance of$1,132,208 at June 30, 2014.
CAPITAL ASSETS
The District's investment in capital assets for its governmental and business type activities as of June 30, 2014 and 2013 amounted to $19,430,951 and $20,765,787 (net of accumulated depreciation). The capital assets consist of land, land improvements, buildings, building improvements, computers, specialized machinery and various other types of equipment. Depreciation charges for fiscal years 2013-2014 and 2012-2013 amounted to $2,175,304 and $2,596,905 for governmental activities and $9,683 and $9,683 for business-type activities.
Land Improvements Building and Building Improvements Machinery and Equipment
Total Capital Assets, Net
Capital Assets at June 30, 2014 and 2013 (Net of Accumulated Depreciation)
Governmental Activities Business-Tyge Activities 2014 2013 2014 2013
$ 1,859,744 $ 1,871,195 15,870,471 17,630,372
1,690,740 1,244,541 $ 9,996 $ 19,679
$ 19,420,955 $ 20,746,108 $ 9,996 $ 19,679
Total 2014 2013
$ 1,859,744 $ 1,871,195 15,870,471 17,630,372 1,700,736 1,264,220
$ 19,430,951 $ 20,765,787
Additional information on the District's capital assets is presented in the Notes to the Financial Statements of this report.
LONG TERM LIABILITIES
At year end, the District's long-term liabilities consisted of intergovernmental loans payable of $-0- and $268,280, compensated absences payable of $5,704,529 and $6,784,468, claims and judgements of $266,432 and $351,250, and capital leases payable of $800,000 and $1,000,000 for the fiscal years ended June 30, 2014 and 2013, respectively.
Additional information of the District's long-term liabilities is presented in the Notes to the Financial Statements of this report.
15
HOBOKEN PUBLIC SCHOOLS HOBOKEN, NEW JERSEY
Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2014
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
Many factors were considered by the District's administration during the process of developing the fiscal year 2013-2014 budget. The primary factors were the District's projected student population, anticipated state and federal aid as well as increasing salary and related benefit costs.
These indicators were considered when adopting the budget for fiscal year 2014-2015. Budgeted expenditures in the General Fund increased 2 percent to $52,519,917 in fiscal year 2014-2015.
CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, and investors and creditors with a general overview of the District's finances and to demonstrate the District's accountability for the money it receives. If you have questions about this report or need additional information contact the School Business Administrator, Hoboken Board of Education, !58 Fourth Street Street, Hoboken, NJ 07030.
16
BASIC FINANCIAL STATEMENTS
EXHIBIT A-1
HOBOKEN PUBLIC SCHOOLS STATEMENT OF NET POSITION
AS OF JUNE 30, 2014
Governmental Business-Type Activities Activities Total
ASSETS
Cash and Cash Equivalents $ 2,941,570 $ 46,356 $ 2,987,926 Cash with Fiscal Agents 45,007 45,007 Receivables, Net 2,712,041 202,217 2,914,258 Internal Balances 780,154 (780,154) Inventories 41,398 41,398 Prepaid Items 45,732 45,732 Capital Assets, Net
Capital Assets, Being Depreciated 19,420,955 9,996 19,430,951
Total Assets 25,945,459 (480,187) 25,465,272
LIABILITIES
Accounts Payable and Other Current Liabilities 674,635 93,196 767,831
Accrued Interest 5,237 5,237
Payable to State Government 90,846 90,846
Unearned Revenue 2,155,483 2,155,483
Noncurrent Liabilities Due Within One Year 1,466,432 1,466,432
Due Beyond One Year 5,304,529 5,304,529
Total Liabilities 9,697,162 93,!96 9,790,358
DEFERRED INFLOW OF RESOURCES Deferred Commodities Revenue 2,794 2,794
Total Deferred Inflow of Resources 2,794 2,794
NET POSITION
Net Investment in Capital Assets !8,665,885 9,996 18,675,88!
Restricted for: Capital Projects 149,225 !49,225
Other Purposes 700,000 700,000
Unrestricted (3,266,813) (586,!73) (3,852,986)
Total Net Position $ !6,248,297 $ (576,!77) $ !5,672,!20
The accompanying Notes to the Financial Statements are an Integral Part of this Statement.
17
EXHIBIT A-2
HOBOKEN PUBLIC SCHOOLS STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2014 Net (Expense) Revenue and
Program Revenues Changes in Net Position Operating Capital
Charges for Grants and Grants and Governmental Business-Type Functions/Programs ~enses Services Contributions Contributions Activities Activities Total
Governmental Activities
Instruction
Regular $ 32,250,508 $ 13,080,843 $ (19,169,665) $ (19,169,665) Special Education 6,628,785 $ 100,636 2,735,966 (3,792,183) (3,792,183)
Other Instruction 115,067 (115,067) (115,067) School Sponsored Activities and Athletics 1,079,547 81,726 (997,821) (997,821)
Adult/Continuing Education 4,883 (4,883) (4,883) Support Services
Student and Instruction Related Svcs. 10,209,494 3,166,578 (7,042,916) (7,042,916) School Administrative Services 2,327,720 498,405 (1,829,315) (1,829,315) General Administrative Svcs. 913,777 122,295 (791,482) (791,482) Plant Operations and Maintenance 7,467,784 324,240 794,096 $ 31,316 (6,318,132) (6,318, 132) Central Services & Adm. In£ Technology 1,073,621 124,179 (949,442) (949,442) Pupil Transportation 1,551,318 13,104 (1,538,214) (1,538,214)
Interest on Long-Tenn debt 12,001 (12,001) (12,001)
Total Governmental Activities ~634,505 437,980 :;;
20,604,088 31,316 (42,561,121) (42,561,121)
Business-Type Activities
Food Service 1,023,661 247,331 641,072 $ (135,258) (135,258) After Care Program 107,378 153,734 46,356 46,356
Total Business-Type Activities 1,131,039 401,065 641,072 (88,902) (88,902)
Total Primary Government _$~.?§,5,544 $ 839,045 $ 21,245,160 $ 31,316 (42,561,121) (88,902) (42,650,023)
The accompanying Notes to the Financial Statements are an Integral Part ofthis Statement. (Continued)
,;;
HOBOKEN PUBLIC SCHOOLS STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30.2014
General Revenues and Transfers General Revenues
Taxes:
Property Taxes, Levied for General Purposes
Property Taxes, Levied for Debt Service
Unrestricted State and Federal Aid
Miscellaneous
Transfers
Total General Revenues and Transfers
Change in Net Position
Net Position, Beginning of Year
Net Position, End of Year
The accompanying Notes to the Financial Statements are an Integral Part of this Statement.
$
$
Governmental Activities
37,946,477
273,696
6,048,614
145,613
(482,960)
43,931,440
1,370,319
14,877,978
16,248,297
Net (Expense) Revenue and Changes in Net Position
$
$
Business-Type
Activities
81,259
482,960
564,219
475,317
(1,051,494)
(576,177)
$
$
EXHIBIT A-2
Total
37,946,477
273,696
6,048,614
226,872
44,495.:.659
_1,845,636
13,826,484
15,672,120
(Continued)
FUND FINANCIAL STATEMENTS
ASSETS Cash and Cash Equivalents Due From Other Funds Receivables Fmm Other Governments Accounts Receivables Prepaid Items Cash with Fiscal Agents
Total Assets
LIABILITIES Liabilities Accounts Payable Due to Other Funds Payable to State Government Other Current Liabilities Unearned Revenue
Total Liabilities
I'UND BALANCI!:S Restricted
Capital Reserve Maintenance Reserve Capital Projects
Assigned Year End Encumbrances Designated for Subsequent Year's Expenditures
Unassigned General
Total Fund Balances
Total Liabilities and Fund Balances
HOBOKEN PUBLIC SCHOOLS GOVERNMENTAL FUNDS
BALANCE SHEET AS OF JUNE 30,2014
Special Capital General Revenue Projects
Fund Fund Fund
$ I ,828,716 $ I, 112,854 I ,872,403
313,958 415,507 $ I ,528,421 13,096 45,732
45,007
$ 4,073,905 $ 1,528,361 $ I ,573,428
$ 309,346 $ I 10,116 $ 651,190
90,846 255,173
l ,327,399 828,084
564,519 l ,528,361 1,479,274
100,001 700,000
94,154
1,566,346 1,300,000
( 156,961)
3,509,386 94,154
$ 4,073,905 $ 1,528,36! $ l ,573,428
Amounts reported for G(!Vemmental Activities in the Statement of Net Position (A~ I) arc 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 $66,095,124 and the accumulated depreciation is $46,674,169.
The District has financed capital assets through the issuance of long-term debt. The interest accrued at year end is:
Long-term liabilities, including capital leases payable, self-insurance claims and compensated absences, are not due
Debt Service Fund
$
$
and payable in the current period andthercfore arc not reported as liabilities in the funds.
Compensated Absences Claims and Judgments for Self Insurance Claims Capital Leases Payable
Net Position of Government;• I Activities (Exhibit A-I)
(5,704,529) (266,432) (800,000)
The accompanying Notes to the Financial Statements are an Integral Part of this Statement
20
EXHIBIT B-1
Total Governmental
Funds
$ 2,941,570 I ,872,403 2,257,886
13,096 45,732 45,007
$ 7,175,694
$ 419,462 651,190
90,846 255,173
2,155,483
3,572,154
100,001 700,000 94,154
I ,566,346 I ,300,000
(156,961)
3,603,540
19,420,955
(5,237)
(6,770,961)
$ 16,248,297
HOBOKEN PUBLIC SCHOOLS GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Special General Revenue
Fund Fund
REVENUES Local Sources
Local Property Tax Levy $ 37,946,477 Tuition * LEA's 100,636 Transportation Fees- Other LEAs !3,!04 Rentals 261,645 E-Rate 62,595 Interest on Investments !26 Miscellaneous 145,471 $ 12,934
Total -Local Sources 38,530,054 !2,934
State Sources 14,133,204 10,336,400
Federal Sources 28!,505 1,888,659
Total Revenues 52,944,763 12,237,993
EXPENDITURES Current
Instruction Regular Instruction 25,!54,899 7,525,3!8 Special Education Instruction 5,90!,059 738,773 Other Instruction !!9,448 School Sponsored Cocurricular/Athletics !,!06,30! Adult Education 5,08!
Support Services Student and Instruction Related Services 7,545,562 2,897,026 School Administrative Services 1,743,305 498,405 General Administrative Services 1,051,102 Plant Operations and Maintenance 5,636,573 Central Svs. & Adm. Info. Technology 1,101,454 Pupi!' Transportation 1,587,651
Debt SerVice Principal 200,000 Interest and Other Charges 12,854
Capital Outlay 429,338 214,208
Total Expenditures 5!,594,627 11,873,730
Excess (Deficiency) of Revenues Over (Under) Expenditures 1,350,136 364,263
OTHER FINANCING SOURCES (USES) Transfers In 549,841 343,320 Transfers Out (826,280) (549,84!)
Total Other Financing Sources and Uses (276,439) (206,52!)
Net Change in Fund Balances !,073,697 !57,742
Fund Balance, Beginning of Year 2,435,689 (!57,742)
Fund Balance, End ofYear $ 3,509,386 $
The accompanying Notes to the Financial Statements are an Integral Part of this Statement. 2!
Capital Projects
Fund
$ !6
!6
3!,3!6
3!,332
206,605
206,605
(!75,273)
(!75,273)
269,427
$ 94,!54
Debt Service Fund
$ 273,696
273,696
273,696
268,280 5,426
273,706
(!0)
(!0)
!0
$
EXHIBIT B*2
Total Governmental
Funds
$ 38,220,173 !00,636
13,104 26!,645 62,595
!42 158,405
38,816,700
24,500,920
2,170,164
65,487,784
32,680,2!7 6,639,832
!!9,448 !,!06,30!
5,08!
!0,442,588 2,24!,7!0 1,051,102 5,636,573 !,!0!,454 1,587,651
468,280 !8,280
850,!5!
63,948,668
1,539,116
893,!6! (!,376,!2!)
(482,960)
!,056,!56
2,547,384
$ 3,603,540
HOBOKEN PUBLIC SCHOOLS RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF
REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES WITH THE DISTRICT-WIDE STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Total Net Change in Fund Balances -Governmental Funds (Exhibit B-2)
Amounts reported for governmental activities in the statement of activities are different because:
Capital outlays to purchase or build capital assets are reported in governmental funds as expenditures. However, for governmental activities those costs are shown in the statement and allocated over their estimated useful lives as annual depreciation expense. This is the amount by which depreciation exceeds capital outlay in the current period.
Capital Outlays Depreciation Expense
The issuance of long-term debt (e.g., bonds, leases) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current finacial resources of governmental funds. Neither transaction, however, has any effect on net position,
Principal repayments: Down Payment on Capital Lease Paydown on Loans
In the statement of activities, certain operating expenses- compensated absences and claims and judgements- are measured by the amounts earned during the year. In the governmental funds, however, expenditures for these items are measured by the amount of financial resources used (paid):
Compensated Absences, Net Claims and Judgments for Self Insurance
Interest on long-term debt in the statement of activities differs from the amount reported in the governmental funds because interest is recorded as an expenditure in the funds when it is due, and thus requires the use of current financial resources. In the statement of activities, however, interest expense is recognized as the interest accrues, regardless of when it is due.
Decrease in Accrued Interest
Change in Net Position of Governmental Activities (Exhibit A-2)
The accompanying Notes to the Financial Statements are an Integral Part of this Statement 22
$ 850,151 (2, 175,304)
200,000 268,280
1,079,939 84,818
EXHIBITB-3
$ 1,056,156
(1,325,153)
468,280
1,164,757
6,279
$ 1,370,319
ASSETS
Current Assets Cash Accounts Receivable
Federal State Other
Inventories
Total Current Assets
Capital Assets Furniture, Machinery, and Equipment Less: Accumulated Depreciation
Total Capital Assets , Net
Total Assets
LIABILITIES
Current Liabilities Due to Other Funds Accounts Payable
Total Current Liabilities
DEFERRED INFLOWS OF RESOURCES Deferred Commodities Revenue
Total Deferred Inflows of Resources
NET POSITION
Investment in Capital Assets Unrestricted
Total Net Position (Deficit)
HOBOKEN PUBLIC SCHOOLS PROPRIETARY FUNDS
STATEMENT OF NET POSITION AS OF JUNE 30,2014
The accompanying Notes to the Financial Statements are an Integral Part of this Statement. 23
$
$
EXHIBIT B-4
Business-Type Activities- Enterprise Funds
Food Service Fund
118,367 2,591
81,259 41,398
243,615
127,900 (117,904)
9,996
253,611
780,154 93,196
873,350
2,794
2,794
9,996 (632,529)
$
(622,533) $
Non-Major Enterprise
46,356
46,356
46,356
46 356
$
46,356 $
46,356
118,367 2,591
81,259 41 398
289,971
127,900 (117,904)
9,996
299,967
780,154 93,196
873 350
2,794
2,794
9,996 (586,173)
(576, 177)
EXHIBIT B-5
HOBOKEN PUBLIC SCHOOLS
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Business ·Tree Activities- Enteq~rise Funds
OPERATING REVENUES
Charges for Services
Daily Sales-Reimbursable Programs School Lunch Program
Program Fees
Miscellaneous
Total Operating Revenues
OPERATING EXPENSES
Cost of Sales Salaries & Benefits
Purchased Service
Management Fee Administrative Management Fee (General Support Services)
Supplies and Materials
Miscellaneous Depreciation
Total Operating Expenses
Operating Income/(Loss)
NONOPERATING REVENUES/EXPENSES
State Sources
State School Lunch Program
Federal Sources National School Lunch Program
National School Breakfast Program After School Snack Program
Total Nonoperating Revenues/Expenses
Net lncome/(Loss) Before Transfers
TRANSFERS Transfer In
Change in Net Position
Net Position (Deficit), Beginning of Year
Net Position (Deficit), End of Year
The accompanying Notes to the Financial Statements are an Integral Part of this Statement. 24
Food Service
Fund
$ 247,331
81,259
328,590
360,595
425,313
39,932
56,969
70,642
60,043
484 9,683
1,023,661
(695,071)
10,303
511,121
117,316 2,332
641,072
(53,999)
482,960
428,961
(1,051,494)
$ (622,533)
Non-Major
Enterprise
Fund Totals
$ 247,331
$ 153,734 153,734
81,259
153,734 482,324
360,595
106,971 532,284
39,932
56,969
70,642
407 60,450
484 9,683
107,378 1,\31,039
46,356 (648,715)
10,303
511,121
117,316 2,332
641,072
46,356 (7,643)
482,960
46,356 475,317
(I 051,494)
$ 46,356 $ (576,177)
HOBOKEN PUBLIC SCHOOLS PROPRIETARY FUNDS
STATEMENTS OF CASH FLOWS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
EXHIBIT B-6
Business -T~[!e Activities- Enterprise Funds
Cash Flows from Operating Activities Cash Receipts tl·om Customers Cash Receipts from Other Sources (Prior Year Guarantee) Cash Payments for Salaries and Benefits Cash Payments to Suppliers for Goods and Services
Net Cash Used By Operating Activities
Cash Flows from Noncapital Financing Activities Cash Received from State and Federal Sources Advance /'rom General Fund
Net Cash Provided By Noncapita[ Financing Activities
Net Increase/( Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning of Year
Cash and Cash Equivalents, End of Year
Reconciliation of Operating lncome/(Loss) to Net Cash Provided (Used) By Operating Activities:
Operating lncome/(Loss}
Adjustments to Reconcile Operating Jncome/(Loss) to Net Cash Provided (Used) by Operating Activities
Depreciation Expense Non-Cash Federal Assistance-Food Distribution Program Changes in Assets, Liabilities and Deferred Inflows of Resources
(lncrease)/Decrease in Other Receivables (lncrease)/Decrease in Inventories lncrease/(Decrease) in Deterred lntlows of Resources Jncrease/(Decrease) in Accounts Payable
Total Adjustments
Net Cash Used by Operating Activities
Non-Cash Investing Capital and Financing Activities Value Received for Food Distribution Program
The accompanying Notes to the Financial Statements are an Integral Part of this Statement. 25
Food Service Fund
$ 247,331 $ 125,000
(425,313) (636,577)
(689,559)
574,156 115,403
689,559
$ $
$ (695,071) $
9,683 64,383
43,741 (2,670)
715 (II 0,340)
5,512
$ (689,559) $
$ 65,098
Non-Major Enterprise
Fund Totals
153,734 $ 401,065 125,000
(I 06,971) (532,284) (407.00) (636,984)
46,356 (643,203)
574,156 115,403
689,559
46,356 46,356
46,356 ~$ ~~4"'6,3;;,;5:;;,6
46,356 $ (648,715)
9,683 64,383
43,741 (2,670)
715 (II 0,340)
5,512
46,356 $ (643,203)
HOBOKEN PUBLIC SCHOOLS FIDUCIARY FUNDS
STATEMENT OF FIDUCIARY NET POSITION AS OF JUNE 30,2014
Scholarship
ASSETS Cash and Cash Equivalents Prepaid !tern
Total Assets
LIABILITIES Payroll Deductions and Withholdings
Due to Other Funds Accrued Salaries and Wages (Deficit)
Due to Student Groups
Total Liabilities
NET POSITION
Reserved for Scholarships
Funds
$ 5,773
$ 5,773
$ 5,773
The accompanying Notes to the Financial Statements are an Integral Part of this Statement. 26
EXHIBIT B-7
$
$
$
$
Agency Fund
804,738 472
805,210
272,970
441,059 (3,540)
94,721
805,210
HOBOKEN PUBLIC SCHOOLS FIDUCIARY FUNDS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE FISCAL YEAR ENDED JUNE 30, 2014
ADDITIONS
Investment Earnings Interest
Total Additions
DEDUCTIONS Scholarships Awarded Other - Funds Returned to Donors
Total Deductions
Change in Net Position
Net Position, Beginning of Year
Net Position, End of Year
$
$
EXHIBITB-8
Scholarship Funds
73
73
1,800 6,536
8,336
(8,263)
14,036
5,773
The accompanying Notes to the Financial Statements are an Integral Part of this Statement. 27
NOTES TO THE FINANCIAL STATEMENTS
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
The Hoboken Public Schools (the "Board" or the "District") is an instrumentality of the State of New Jersey, established to function as an education institution. The Board consists of nine elected officials and is responsible for the fiscal control of the District. A superintendent is appointed by the Board and is responsible for the administrative control of the District. Under existing statutes, the Board's duties and powers include, but are not limited to, the development and adoption of a school program; the establishment, organization and operation of schools; and the acquisition, maintenance and disposition of school property.
The Board also has broad financial responsibilities, including the approval of the annual budget and the establishment of a system of accounting and budgetary controls.
The reporting entity is composed of the primary government, component units, and other organizations that are included to ensure that the financial statements of the District are not misleading. The primary government consists of all funds, departments, boards and agencies that are not legally separate from the District. For the Hoboken Public Schools this includes general operations, food service, after school child care and student related activities of the District.
Component units are legally separate organizations for which the District is financially accountable. The District is financially accountable for an organization if the District appoints a voting majority of the organization's governing board and (I) the District is able to significantly influence the programs or services performed or provided by the organization; or (2) the District is legally entitled to or can otherwise access the organization's resources; the District is legally obligated or has otherwise assumed the responsibility to finance the deficits of, or provide financial support to, the organization; or the District is obligated for the debt of the organization. Component units may also include organizations that are fiscally dependent on the District in that the District approves the budget, the issuance of debt or the levying of taxes. Based on the foregoing criteria, the District has no component units. Furthermore, the District is not includable in any other reporting entity as a component unit.
B. New Accounting Standards
During fiscal year 2014, the District adopted the following GASB statements:
• GASB 66, Technical Corrections - 2012, an Amendment of GASB Statements I 0 and 62. The objective of this Statement is to improve 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.
Other accounting standards that the District is currently reviewing for applicability and potential impact on the financial statements include:
• GASB 68, Accounting and financial Reporting for Pensions, will be effective beginning with the fiscal year ending June 30, 2015. The objective of this Statement is to improve 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 replaces the requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, as well as the requirements of Statement No. 50, Pension Disclosures, as they relate to pensions that are provided through pension plans administered as trusts or equivalent arrangements that meet certain criteria.
28
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
B. New Accounting Standards (Continued)
• GASB 69, Government Combinations and Disposals of Government Operations will be effective beginning with the fiscal year ending June 30, 2015. The objective of this Statement is to establish accounting and fmancial reporting standards for mergers, acquisitions, and transfers of operations (i.e., govermnent combinations). The Statement also provides guidance on how to determine the gain or loss on a disposal of govermnent operations. This Statement applies to all state and local governmental entities. The District does not expect this statement to impact its financial statements.
C. Basis of Presentation - Financial Statements
The financial statements include both district-wide financial statements (based on the District as a whole) and fund financial statements (based on specific District activities or objectives). Both the district-wide and fund financial statements categorize activities as either governmental activities or business-type activities. Whiie separate district-wide and fund financial statements are presented, they are interrelated. In the district-wide financial statements, the governmental activities column incorporates data from governmental funds, while business-type activities incorporate data from the District's enterprise funds. Fiduciary funds are excluded from the district-wide financial statements.
District-Wide Financial Statements
The district-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Board of Education. All fiduciary activities are reported only in the fund fmancial statements. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by property taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. In the statement of net position, both the governmental and business-type activities columns (a) are presented on a consolidated basis by column, and (b) reflect on a full accrual economic resource basis, which incorporates long-term assets and receivables as well as long-term debt and obligations.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include I) charges to customers or other governmental entities, including other school districts, who purchase, use, or directly benefit from goods or services provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Property taxes, unrestricted state aid, federal and state grants for school-based budgeting and other items not properly included among program revenues are reported instead as general revenues.
As a general rule the effect of interfund activity has been eliminated from the district-wide financial statements. Exceptions to this general rule are charges between the Board's proprietary and fiduciary funds since elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned.
Fund Financial Statements
Separate fund financial statements are provided for governmental, proprietary, and fiduciary activities, even though the latter are excluded from the district-wide financial statements. The emphasis of fund financial statements is on major individual governmental and enterprise funds, each reported as separate columns in the fund financial statements. All remaining govermnental and enterprise funds are aggregated and reported as nonmajor funds. The District considers all of its govermnental and food service enterprise funds to be major funds.
29
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Basis of Presentation - Financial Statements
Fnnd Financial Statements (Continued)
The District reports the following major governmental funds:
The general fund is the School District's primary operating fund. It accounts for all financial resources of the District, except those to be accounted for in another fund.
The special revenue fund accounts for the proceeds of specific revenue sources legally restricted to expenditures for specified purposes. This fund accounts for federal, state and local financial programs, with the exception of grants for major capital projects and the child nutrition programs.
The capital projects fund accounts for the proceeds from the sale of bonds, lease purchases and other revenues used for the acquisition or construction of capital facilities and other capital assets, other than those financed by the proprietary funds.
The debt service fund accounts for the accumulation of resources that are restricted, committed or assigned for the payment of principal and interest on long-term general obligation debt of governmental funds.
The District reports the following major proprietary fund which is organized to be self-supporting through user charges:
The food service fund accounts for the activities of the school cafeteria, which provides food service to students as well as a la carte and catering services for teachers and special events.
The District reports the following non- major proprietary fund which is organized to be self-supporting through user charges:
The after care program fund accounts for the activities of the District's after care program which provides extended school day program activities.
Additionally, the government reports the following fund type:
The fiduciary trust fund is used to account for resources legally held in trust for private donations for scholarship awards and agency fund. All resources of the fund, including any earnings on invested resources, may be used to support the intended purpose. There is no requirement that any portion of these resources be preserved as capital. The agency funds account for assets held by the district as an agent for student activities, payroll deductions and withholding and state unemployment insurance claims. The funds for the student activities fund are solely for Noninstructional student activities and the school administration does not have management involvement. The funds for the state unemployment insurance claims funds are held to reimburse the State for unemployment benefits for terminated employees. The payroll funds are held to remit withholdings to respective state, federal and other agencies.
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as "due to/from other funds". Any residual balances outstanding between the governmental activities and business-type activities are reported in the district-wide financial statements as "internal balances".
30
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Basis of Presentation- Financial Statements (Continued)
Reclassifications
Certain amounts presented in the prior year data have been reclassified in order to be consistent with the current year's presentation.
D. Measurement Focus and Basis of Accounting
The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources or economic resources. The basis of accounting indicates the timing of transactions or events for recognition in the financial statements.
The district-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements with the exception of the agency fund which does not have a measurement focus. All assets, all liabilities and all deferred outflows/inflows of resources associated with these operations (with the exception of the fiduciary funds) are included on the Statement of Net Position. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized when susceptible to accrual (i.e. when 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 Board considers revenues to be available if they are collected within 60 days after year-end. Expenditures are recorded when a liability is incurred, as under accrual basis of accounting, with the exception of debt service expenditures as well as expenditures related to compensated absences and claims and judgments which are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt and acquisitions under capital leases are reported as other financing sources.
Property taxes, tuition, transportation fees, unrestricted state aid, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Entitlements (formula-type grants and aid) are recorded as revenues when all eligibility requirements are met, including any time requirements, and the amount is received during the period or within the availability period for this revenue source. Expenditure-driven grants and similar awards (reimbursement-type grants and awards) are recognized as revenue when the qualifYing expenditures have been incurred and all other eligibility requirements imposed by the grantor or provider have been met, and the amount is received during the period or within the availability period for this revenue source. All other revenue items are considered to be measurable and available only when cash is received by the District.
When both restricted and unrestricted resources are available for use, it is the government's policy to use restricted resources first, then unrestricted resources as they are needed.
31
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E. Assets, Liabilities, Deferred Inflows of Resources, and Net Position/Fund Balance
1. Cash, Cash Equivalents and Investments
Cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturities of three months or less from the date of acquisition.
Investments are reported at fair value and are limited by N.J.S.A. l8A:20-37.
2. Receivables
All receivables are reported at their gross value, and where appropriate, are reduced by the estimated portion that is expected to be uncollectible.
3. Inventories
The cost of inventories of the governmental fund types are recorded as expenditures at the time individual inventory items are purchased.
Food Service Fund inventories, exclusive of the federal commodities, are valued at cost, using the first-in first-out (FIFO) method and consist of food and expendable supplies. The cost of such inventories is recorded as expenses when consumed rather than when purchased. The United States Department of Agriculture (USDA) commodity portion of the Food Service Fund inventory consists offood donated by the USDA. It is valued at estimated market prices by the USDA. The amount of unused commodities at year-end is reported as deferred inflows of resources.
4. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both district-wide and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased.
5. Restricted Assets
Certain assets are classified as restricted on the balance sheet because they are maintained in separate bank accounts and/or their use is limited by Lease-Purchase Agreements for capital projects.
6. Capital Assets
Capital assets, which include property, plant and equipment, are reported in the applicable govermnental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the Board as assets with an initial, individual cost of$2,000 and an estimated useful life in excess of two years. The District was able to estimate the historical cost for the initial reporting of these capital assets through back trending. As the District constructs or acquires additional capital assets each period, they are capitalized and reported at historical cost. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.
32
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E. Assets, Liabilities, Deferred Inflows of Resources, aud Net Position/Fund Balance (Continued)
6. Capital Assets (Continued)
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constructed.
Land and construction in progress are not depreciated. The other property, plant, and equipment of the District is depreciated using the straight line method over the following estimated useful lives:
Land Improvements Buildings Building Improvements Machinery and Equipment
7. Deferred Inflows of Resources
20 20-50
20 5-10
In additions to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to future periods and so will not be recognized as an inflow of resources (revenue) until that time. The goverrunent has only one type of item, which arises only under the accrual basis of accounting that qualifies for reporting in this category. It is the deferred commodities revenue, reported in both the district-wide and the proprietary funds statements of net position. The deferred commodities revenue represents the estimated market value of the donated and unused Federal commodities at year end. This amount is deferred and recognized as an inflow of resources in the period the commodities are consumed.
8. Compensated Absences
It is the District's policy to permit employees to accumulate (with certain restrictions) earned but unused vacation, and sick leave benefits. A long-term liability of accumulated vacation, and sick leave and salary related payments has been recorded in the goverrunental activities in the district-wide financial statements, representing the Board's commitment to fund such costs from future operations. Proprietary Funds accrue accumulated vacation, personal and sick leave and salary related payments in the period that they are earned. A liability is reported in the goverrunental funds only to the amount actually due at year end as a result of employee resignations and retirements.
9. Long-Term Obligations
In the district-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable govermnental activities, business-type activities, or proprietary fund type statement of net position.
33
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E. Assets, Liabilities, Deferred Inflows of Resources, and Net Position/Fund Balance (Continued)
10. Net Position/Fund Balance
District-Wide Statements
In the district-wide statements, there are three classes of net position:
• Net Investment in Capital Assets - consists of net capital assets (cost less accumulated depreciation) reduced by outstanding balances of related debt obligations from the acquisition, construction or improvement of those assets. Deferred outflows of resources and deferred inflows of resources attributable to the acquisition, construction or improvement of those assets or related debt also should be included.
• Restricted Net Position -reports net position when constraints placed on the residual amount of noncapital assets are either externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments, or imposed by law through constitutional provisions or enabling legislation.
• Unrestricted Net Position - any portion of net position not already classified as either net investment in capital assets or net position- restricted is classified as net position- unrestricted.
Governmental Fund Statements
Fund balance categories are designed to make the nature and extent of the constraints placed on the District's fund balance more transparent. These categories are comprised of a hierarchy based primarily on the extent to which the District is bound to observe constraints imposed upon the use of the resources reported in governmental funds.
Restricted Fund Balance- Amounts constrained to specific purposes by their providers (such as grantors, bondholders, and higher levels of government), through constitutional provisions, or by enabling legislation.
Capital Reserve- This restriction was created by the District in accordance with NJAC 6A:23A-14.1 to fund future capital expenditures (See Note 2.)
Maintenance Reserve- This restriction was created by the Board in accordance with NJAC 6A:23A-14.2 to accumulate funds for the required maintenance of school facilities in accordance with the EFCA (NJSA 18A:7G-9) for a thorough and efficient education.
Capital Projects - Represents fund balance restricted specifically for capital acquisitions and improvements in the Capital Projects Fund.
Assigned Fund Balance - Amounts a government intends to use for a specific purpose; intent can be expressed by the governing body or by an official or body to which the governing body delegates the authority.
Year-End Encumbrances -Represent outstanding purchase orders for goods or services approved by management for specific purposes from available resources of the current year for which the goods and materials have not yet been received or the services have not yet been rendered at June 30.
Designated for Subsequent Year's Expenditures - This designation was created to dedicate the portion of fund balance appropriated in the adopted 2014/2015 District budget certified for taxes.
34
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E. Assets, Liabilities, Deferred Inflows of Resources, and Net Position/Fund Balance (Continued)
10. Net Position/Fund Balance (Continued)
Governmental Fund Statements (Continued)
Unassigned Fund Balance - Represents fund balance that has not been restricted, committed or assigned to specific purposes within the governmental funds.
In the general operating fund and other governmental funds (capital projects and debt service fund types), it is the District's policy to consider restricted resources to have been spent first when an expenditure is incurred for purposes for which both restricted and unrestricted (i.e., committed, assigned or unassigned) fund balances are available, followed by committed and then assigned fund balances. Unassigned amounts are used only after the other resources have been used.
11. Fund Balance Policies
Fund balance of governmental funds is reported in various categories based on the nature of any limitations requiring the use of resources for specific purposes. The government itself can establish limitations on the use of resources through either a commitment (committed fund balance) or an assignment (assigned fund balance).
The committed fund balance classification includes amounts that can be used only for the specific purposes determined by a formal action of the government's highest level of decision-making authority. The Board of Trustees is the highest level of decision-making authority for the government that can, by adoption of a resolution or formal Board action prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the resolution remains in place until a similar action is taken (the adoption of another resolution) to remove or revise the limitation.
Amounts in the assigned fund balance classification are intended to be used by the government for specific purposes but do not meet the criteria to be classified as committed. The Board has authorized the School Business Administrator/Board Secretary to assigned fund balance. The Board may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year's appropriated budget. Unlike commitments, assignments generally only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment. Conversely, as discussed above, an additional action is essential to either remove or revise a commitment.
F. Revenues and Expenditures/Expenses
1. Program Revenues
Amounts reported as program revenues in the district-wide statement of activities include 1) charges to customers or applicants for goods or services, provided, 2) operating grants and contributions, and 3) capital grants and contributions. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all property taxes, unrestricted state aid, federal and state grants for school-based budgeting, investment earnings and miscellaneous revenues.
35
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
F. Revenues and Expenditures/Expenses (Continued)
2. Property Taxes
Property taxes are levied pursuant to law and are collected by the municipality and are transferred to the District as requested. Property tax revenue is recognized in the year they are levied and become available. Property taxes collected in advance of the year-end for which they are levied and transferred to the District are reported as deferred inflows of resources. The tax bills are mailed annually in June by the municipal tax collector and are levied and due in four quarterly installments on August I, November 1, February 1 and May 1 of the fiscal year. When unpaid, taxes or any other municipal lien, or part thereof, on real property, remains in arrears on April 1" in the year following the calendar year levy when the same became in arrears, the tax collector of the municipality shall, subject to the provisions of New Jersey Statute, enforce the lien by placing the property on a tax sale. The municipality may institute annual "in rem" tax foreclosure proceedings to enforce the tax collection or acquisition oftitle to the property.
3. Tuition Revenues and Expenditures
Tuition Revenues - Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs are determined and certified by the State Department of Education.
Tuition Expenditures- Tuition charges for the fiscal years 2012-2013 and 2013-2014 were based on rates established by the receiving district. These rates are subject to change when the actual costs have been certified by the State Department of Education.
4. Proprietary Funds, Operating and Non-Operating Revenues and Expenses
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the food service enterprise fund and of the after care program enterprise fund are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Federal and State subsidies for the food service operation are considered nonoperating revenues.
NOTE 2 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. Budgetary Information
In accordance with the requirements of the New Jersey Department of Education ("the Department"), the District armually prepares its operating budget for the forthcoming year. The budget, except for the general fund and special revenue fund, which is more fully explained below and in the notes to the required supplementary information, is prepared in accordance with accounting principles generally accepted in the United States of America and serves as a formal plan for expenditures and the proposed means for financing them. Capital lease transactions are accounted for on the GAAP basis.
36
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 2 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued)
A. Budgetary Information (Continued)
The annual budget is adopted in the spring of the preceding year for the general, special revenue and debt service funds. The District is not required to adopt an annual budget for the capital projects fund. The budget is submitted to the county superintendent for review and approval prior to adoption. Prior to the 2012/2013 budget year, the annual budget was required to be voted upon at the annual school election held on the third Tuesday in April. On January 17, 2012, Chapter 202 of the Laws ofP.L. 2011 was approved which established procedures for moving the date of a school district's annual school election from April to the general election in November. Under the new law, districts that have their school board members elected in November no longer have to submit their budgets that meet levy cap requirements for voter approval beginning with the 2012/2013 budget year. Only a school board decision to exceed the tax levy cap would require voter approval for the additional amount on the November ballot. On February 14,2012, the Board adopted a resolution to move its annual election to the date of the general elections in accordance with the law; therefore voter approval of the annual budget is not required.
Budget adoptions and amendments are recorded in the District's board minutes. The budget is amended by the Board of Trustees as needed throughout the year. The budget for revenues, other resources, other uses, and fund balances is prepared by fund source and amount. The budget for expenditures is prepared by fund, program, function, object and amount. The legal level of budgetary control is established at the line item account 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.2(m)l. The Board approved several budget transfers during 2013/2014. Also, during 2013/2014 the Board increased the original general fund budget by $1,247,528 and the original special revenue fund budget by $2,845,423. The increases were funded by additional surplus appropriated, grant awards and the reappropriation of prior year general fund encumbrances.
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 accounting principles generally accepted in the United States of America, with the exception of the legally mandated revenue recognition of certain state aid payments for budgetary purposes only and the treatment of encumbrances in the special revenue fund as described in the Notes to Required Supplementary Information (RSI). Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year end.
Encumbrance accounting is employed in the governmental funds. 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 committed and/or assigned fund balances at fiscal year end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services which are reappropriated and honored during the subsequent fiscal year.
B. Deficit Fund Equity
The Food Service Enterprise Fund has a cumulative deficit in net position of $622,533 as of June 30, 2014. This District expects to reduce this deficit through operations and appropriations in subsequent General Fund budgets. The District has appropriated $200,000 in the 2014/15 adopted budget for a transfer towards the reduction of the deficit.
37
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 2 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued)
B. Deficit Fund Equity (Continued)
The District has an unassigned fund deficit of $156,961 in the General Fund as of June 30, 2014 as reported in the fund financial statements (modified accrual basis). NJSA l8A:22-44.2 provides that in the event a state school aid payment is not made until the following school budget year, districts must record these delayed state aid payments as revenue, for budget purposes only, in the current school budget year. The statute provides legal authority for school districts to recognize this revenue in the current budget year. GASB Statement No. 33, "Accounting and Financial Reporting for Nonexchange Transactions", requires that intergovernmental transactions (revenue, expenditure, asset, liability) should be recognized in symmetry (i.e., if one government recognizes an asset, the other government recognizes a liability). Since the State of New Jersey is recording certain 2013/2014 budgeted state aid payments in the subsequent fiscal year, the school district cannot recognize such payments on the GAAP (fund) financial statements until the year the State records the payable. Due to the timing difference of recording these delayed state aid payments, the General Fund deficit does not alone indicate that the District is facing financial difficulties; however, unless the State of New Jersey budgets the delayed payments in future years, the District may also report fund deficits in the future.
Pursuant to NJSA l8A:22-44.2, any negative unreserved, undesignated (i.e., unassigned) general fund balance that is reported as a direct result of a delay in the payment of state aid until the following fiscal year, is not considered as a violation of New Jersey Statute or regulation and is not considered an item in need of corrective action. The District deficit in the GAAP (fund) financial statements of$156,961 in the General Fund is less than the delayed state aid payments.
C. Capital Reserve
A capital reserve account was established by the District on October 10, 2000. The accumulation of funds will be used for capital outlay expenditures in subsequent fiscal years. The capital reserve is maintained in the general fund and its activity is included in the general fund annual budget.
Funds placed in the capital reserve are restricted to capital projects in the district's approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the Department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by board resolution at year end of any unanticipated revenue or unexpended line-item appropriation amounts or both. A district may also appropriate additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A. 19:60-2. Pursuant to N.J.A.C. 6:23A-14.1 (g), the balance in the reserve cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP.
The activity of the capital reserve for the fiscal year ended June 30,2014 is as follows:
Balance, July l, 2013 $ 1
Increased by Deposits Approved in District Budget 100,000
Balance, June 30,2014 $ 100,001
D. Transfers to Capital Outlay
During the 2013/2014 school year, the district transferred $467,470 to the non-equipment capital outlay accounts. The transfer was approved by the County Superintendent to support an emergent circumstance pursuant to N.J.A.C. 6A:23A-13 .3(h) including costs relating to repair and replacement of items damaged/destroyed by Hurricane Sandy.
38
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 3 DETAILED NOTES ON ALL FUNDS
A. Cash Deposits and Investments
Cash Deposits
The Board's deposits are insured through either the Federal Deposit Insurance Corporation (FDIC), Securities Investor Protection Corporation (SJPC) or New Jersey's Governmental Unit Deposit Protection Act (GUDPA). The Board is required to deposit their funds in a depository which is protecting such funds pursuant to GUDPA. The New Jersey Governmental Unit Deposit Protection Act requires all banks doing business in the State of New Jersey to pledge collateral equal to at least 5% of the average amount of its public deposits and 100% of the average amount of its public funds in excess of the lesser of 75% of its capital funds or $200 million for all deposits not covered by the FDIC.
Bank balances are insured up to $250,000 in the aggregate by the FDIC for each banlc. SJPC replaces cash claims up to a maximum of $250,000 for each failed brokerage firm. At June 30, 2014, the book values of the Board's deposits were $3,843,444 and bank and brokerage firm balances of the Board's deposits amounted to $5,051,131. The Board's deposits which are displayed on the various fund balance sheets as "cash" or "cash and cash equivalents" are categorized as:
Bank Depository Account Balance
Insured
Cash and Cash Equivalents $ 4,783,653
Uninsured and Uncollateralized
Cash with Fiscal Agent 45,007
Cash and Cash Equivalents 222,471
$ 5,051,131
Custodial Credit Risk - Deposits - Custodial credit risk is the risk that in the event of a bank failure, the government's deposits may not be returned to it. The Board does not have a policy for custodial credit risk. As of June 30, 2014 the Board's bank balance of$267,478 was exposed to custodial credit risk as follows:
Depository Account
Uninsured and Uncollateralized Collateral Held by Pledging Financial Institution's Trust
Department in the Board's Name Uninsured and Uncollateralized
39
$
Bank Balance
45,007 222,471
$ 267,478
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 3 DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash Deposits and Investments (Continued)
Investments
The Board is permitted to invest public funds in accordance witb the types of securities authorized by N.J.S.A. 18A:20-37. Examples of the allowable investments are bonds or other obligations of the United States or obligations guaranteed by tbe United States of America, Government Money Market Mutual Funds, bonds or other obligations of the school district or bonds or other obligations oftbe local unit or units within which the school district is located, Local Government investment pools, and agreements or the repurchase of fully collateralized securities, if transacted in accordance witb the above statute.
As of June 30, 2014, tbe Board had no outstanding investments.
B. Receivables
Receivables as of June 30,2014 for the district's individual major funds are as follows:
Special Capital Food General Revenue Projects Service Total
Receivables: Accounts $ 13,096 $ 81,259 $ 94,355 Intergovernmental-
Federal 187,348 $413,228 118,367 718,943 State 126,610 2,279 $1,528,421 2,591 1,659,901
Net Total Receivables $327,054 $415,507 $1,528,421 $202,217 $ 2,473,199
C. Unearned Revenue
Governmental funds report unearned revenue in connection witb resources tbat have been received, but not yet earned. At the end of the current fiscal year, the various components of unearned revenue reported in the governmental funds were as follows:
Special Revenue Fund Unencumbered Grant Draw Downs Grant Draw Downs Reserved for Encumbrances
Capital Projects Fund Unrealized School Facilities Grants
Total Unearned Revenue for Governmental Funds
40
$
$
1,039,023 288,376
828,084
2,155,483
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 3 DETAILED NOTES ON ALL FUNDS (Continued)
D. Capital Assets
Capital asset activity for the fiscal year ended June 30, 2014 was as follows:
Balance, Balance, June 30,2013 Increases June 30,2014
Governmental Activities: Capital Assets, Not Being Depreciated:
Construction in Progress
Total Capital Assets, Not Being Depreciated
Capital Assets, Being Depreciated: Land Improvements $ 2,781,847 $ 6,295 $ 2,788,142
Buildings 59,921,681 371,037 60,292,718
Machinery and Equipment 2,541,445 472,819 3,014,264
Total Capital Assets Being Depreciated 65,244,973 850,151 66,095,124
Less Accumulated Depreciation for: Land Improvements (91 0,652) (17,746) (928,398)
Buildings (42,291,309) (2, 130,938) (44,422,247) Machinery and Equipment (1,296,904) (26,620) (1,323,524)
Total Accumulated Depreciation ( 44,498,865) (2, 175,304) (46,674,169)
Total Capital Assets, Being Depreciated, Net 20,746,108 (1,325,153) 19,420,955
Governmental Activities Capital Assets, Net $ 20,746,108 $ (1,325,153) $ 19,420,955
Balance, Balance, June 30, 2013 Increases June 30,2014
Business-Type Activities: Capital Assets, Being Depreciated:
Machinery and Equipment $ 127,900 $ 127,900
Total Capital Assets Being Depreciated 127,900 127,900
Less Accumulated Depreciation for: Machinery and Equipment (108,221) $ (9,683) (117,904)
Total Accumulated Depreciation (108,221) (9,683) (117,904)
Total Capital Assets, Being Depreciated, Net 19,679 (9,683) 9,996
Business-Type Activities Capital Assets, Net $ 19,679 $ (9,683) $ 9,996
41
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 3 DETAILED NOTES ON ALL FUNDS (Continued)
D. Capital Assets (Continued)
Depreciation expense was charged to functions/programs of the District as follows:
Governmental Activities: Instruction
Regular
Total Instruction
Support Services Student and Instruction Related Services General Administration Operations and Maintenance of Plant Student Transportation Services
Total Support Services
Total Depreciation Expense- Governmental Activities
Business-Type Activities: Food Service Fund
Total Depreciation Expense-Business-Type Activities
Construction and Other Significant Commitments
The District has other significant commitments at June 30, 2014 as follows:
Hurricane Disaster Costs - General Fund Hurricane Disaster Costs- Special Revenue Fund
42
$ 161,694
161,694
2,226 21,319
1,980,224 9,841
2,013,6!0
$ 2,175,304
$ 9,683 $ 9,683
Remaining Commitment
$ 312,159 87,771
$ 399,930
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 3 DETAILED NOTES ON ALL FUNDS (Continued)
E. Interfund Receivables, Payab1es, and Transfers
The composition ofinterfund balances as of June 30,2014, is as follows:
Due to/from other funds
Receivable Fund
General Fund General Fund General Fund
Payable Fund
Capital Projects Fund Food Service-Enterprise Fund Payroll Agency Fund
Amount
$ 651,190 780,154 441,059
$ 1,872,403
The above balances are the result of revenues earned or other financing sources received in one fund which are due to another fund and/or expenditures paid by one fund on behalf of another fund and/or to cover cash balances which were in an overdraft position.
The District expects all interfund balances to be liquidated within one year except the amount due from the Food Service Enterprise Fund.
Interfund transfers
Transfer In:
Special Revenue General Fund Fund Total
Transfer Out: Special Revenue Fund $ 549,841 $ 549,841 Food Service Fund 482,960 482,960 General Fund $ 343,320 343,320
Total $ 1,032,801 $ 343,320 $ 1,376,121
The above transfers are the result of revenues earned and/or other financing sources received in one fund to finance expenditures in another fund.
43
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 3 DETAILED NOTES ON ALL FUNDS (Continued)
F. Leases
Operating Leases
The District leases copiers under noncancelable operating leases. Lease payments for the fiscal year ended June 30, 2014 were $13,728. The future minimum lease payments for these operating leases are as follows:
Capital Leases
Fiscal
Year Ending June 30
2015 2016 2017 2018 2019
Total
$
$
Amount
82,372 82,372 82,372 82,372 68,643
398,131
The District is leasing lighting and lighting equipment totaling $1,000,000 under capital leases. The leases are for terms of5 years.
The capital assets acquired through capital leases are as follows:
Machinery and Equipment
Total
Governmental Activities
$ 955,070
$ 955,070
The unexpended proceeds from capital leases in the amount of $45,007 at June 30, 2014 are held with the Fiscal Agent.
The future minimum lease obligations and the net present value of these minimum lease payments as of June 30, 2014 were as follows:
Fiscal Year Ending June 30
2015 2016 2017 2018
Total minimum lease payments Less: amount represtenting interest Present value of minimum lease payments
44
$
$
Governmental Activities
209,998 207,141 204,285 201,428 822,852 (22,852) 800,000
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 3 DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-Term Debt
Intergovernmental Loan Payable
The Board had previously entered into loan agreements with the New Jersey Economic Development Agency to provide funds for the acquisition and construction of major capital facilities and other capital assets. The remaining balances of the loans were paid in full during the fiscal year ended June 30,2014.
Statutory Borrowing Power
The Board's remaining borrowing power under N.J.S. 18A:24-19, as amended, at June 30, 2014 was as follows:
4% of Equalized Valuation Basis (Municipal) Less: Net Debt
Remaining Borrowing Power
H. Other Long-Term Liabilities
Changes in Long-Term Liabilities
$ 405,303,795
$ 405,303,795
Long-term liability activity for the fiscal year ended June 30, 2014, was as follows:
Governmental Activities: Intergovernmental Loans Claims and Judgments Capital Leases Payable Compensated Absences
Governmental activity Long-term liabilities
Balance, June 30, 2013
$ 268,280 351,250
1,000,000 6,784,468
Additions
$ 8,403,998 $;:;,._ __ ~
Due Balance, Within
Reductions June 30.2014 One Year
$ 268,280 84,818
200,000 1,079,939
$ 266,432 $ 800,000
5,704,529
266,432 200,000
1,000,000
$ 1,633,037 $ 6,770,961 $ 1,466,432
For the governmental activities, the liabilities for compensated absences are generally liquidated by the general fund.
NOTE 4 OTHER INFORMATION
A. Risk Management
The District is exposed to various risks of loss related to property, general liability, automobile coverage, theft of, damage to and destruction of assets; errors and omissions; injuries to employees; student accident; termination of employees and natural disasters. The Board has obtained commercial insurance coverage to guard against these events to minimize the exposure to the District should they occur. A complete schedule of insurance coverage can be found in the statistical section of this Comprehensive Annual Financial Report.
45
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 4 OTHER INFORMATION (Continued)
A. Risk Management (Continued)
The District had previously established a worker's compensation plan for its employees. Effective January 2013, the District elected to participate in an insurance pool rather than remain self-insured. However, the District remains liable for the run out of those claims incurred prior to this date. Transactions related to the plan are accounted for in the General Fund. The District funds the entire cost of the plan. Claims are paid directly by the plan up to a maximum of $350,000 for any one accident or occurrence, with any excess benefit being reimbursed through a Re-Insurance Agreement with Amerihealth. The reinsurance policy also contains an aggregate loss provision in the amount of $1,000,000 employers limit $750,000. A contingent liability exists with respect to reinsurance, which would become an actual liability in the event the reinsuring company may not be able to meet their obligations to the District under existing reinsurance agreements.
Estimates of claims payable and of claims incurred, but not reported (IBNR) at June 30, 2014, are reported as claims and judgments payable and accrued liability for insurance claims, respectively. These estimates were determined based on claim information supplied by the claims administrator and actuary. The unpaid claims liability of $500,000 reported at June 30, 2014 is based on the requirements of the Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated.
Changes in the balances of claims liabilities for the workmen's compensation plan for the fiscal years ended June 30, 2014 and 2013 are as follows:
Governmental Activities:
Unpaid Claims, Beginning of Year Incurred Claims Claims Paid
Unpaid Claims, End of Fiscal Year
General Fund Other Current Liabilities
Governmental Activities Noncurrent Liabilities
46
Fiscal Year Ended June 30, 2014
$ 583,516
(83,516)
$ 500,000
Fiscal Year Ended June 30, 2014
$ 233,568
266,432
$ 500,000
Fiscal Year Ended June 30, 2013
$ 1,433,000
(849,484)
$ 583,516
Fiscal Year Ended June 30, 2013
$ 232,266
351,250
$ 583,516
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 4 OTHER INFORMATION (Continued)
A. Risk Management (Continued)
The District is a member of the New Jersey School Board's Association Insurance Group (NJSBAIG). The Group is a risk sharing public entity pool, established for the purpose of insuring against various types of coverage.
The relationship between the Board and the insurance fund is governed by a contract and by-laws that have been adopted by resolution of each unit's governing body. The Board is contractually obligated to make all annual and supplementary contributions to the fund, to report claims on a timely basis, cooperate with the management of the fund, its claims administrator and attorneys in claims investigation and settlement, and to follow risk management procedures as outlined by the fund. Members have a contractual obligation to fund any deficit of the fund attributable to a membership year during which they were a member.
NJSBAIG provides its members with risk management services, including the defense of and settlement of claims and to establish reasonable and necessary loss reduction and prevention procedures to be followed by the members. Complete financial statements of the respective insurance fund are on file with the School's Business Administrator.
There has been no significant reduction in insurance coverage from the previous year nor have there been any settlements in excess of insurance coverage's in any of the prior three years.
B. Contingent Liabilities
The District is a party defendant in some lawsuits, none of a kind unusual for a school district of its size and scope of operation. In the opinion of the Board's Attorney the potential claims against the District not covered by insurance policies would not materially affect the financial condition of the District.
Federal and State Awards - The Board participates in a number of federal and state programs that are fully or partially funded by grants received from other governmental units. Expenditures fmanced by grants are subject to audit by the appropriate grantor government. If expenditures are disallowed due to noncompliance with grant program regulations, the Board may be required to reimburse the grantor government. As of June 30, 2014, significant amounts of grant expenditures have not been audited by the various grantor agencies but the Board believes that disallowed expenditures, if any, based on subsequent audits will not have a material effect on any of the individual governmental funds or the overall financial position of the District.
C. Federal Arbitrage Regulations
The District is subject to Section 148 of the Internal Revenue Code as it pertains to the arbitrage rebate on all tax-exempt obligations, both long and short-term debt. Under the 1986 Tax Reform Act, the Internal Revenue Service (IRS) required that all excess earnings from investment proceeds be rebated to the IRS. Arbitrage, for purposes of these regulations, is defined as the difference between the yield on the investment and the yield on the obligations issued. If there are excess earnings, this amount may be required to be rebated to the IRS. At June 30, 2014, the District has not estimated its arbitrage earnings due to the IRS, if any.
D. Employee Retirement Systems and Pension Plans
The State of New Jersey sponsors and administers the following contributory defmed benefit public employee retirement systems (retirement systems) covering substantially all eligible Board employees:
47
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 4 OTHER INFORMATION (Continued)
D. Employee Retirement Systems and Pension Plans (Continued)
Public Employees' Retirement System (PERS)- Established in January 1955, under the provisions ofN.J.S.A. 43: 15A to provide coverage, including post-retirement health care, to substantially all full time employees of the State or any county, municipality, school district, or public agency provided the employee is not a member of another State-administered retirement system. Membership is mandatory for such employees and vesting occurs after I 0 years of service for pension benefits and 25 years for post-retirement health care coverage. PERS is a cost sharing multi-employer defined benefit pension plan.
Teachers' Pension and Annuity Fund (TPAF)- Established in January 1955, under the provisions ofN.J.S.A. 18A:66 to provide coverage including post-retirement health care to substantially all full time certified teachers or professional staff of the public school systems in the State. Membership is mandatory for such employees and vesting occurs after 10 years of service for pension benefits and 25 years for post-retirement health care coverage. TP AF is a cost sharing plan with special funding situations.
The State of New Jersey sponsors and administers the following defined contribution public employee retirement program covering certain state and local government employees which include those Board employees who are eligible for pension coverage.
Defined Contribution Retirement Program (DCRP)- established under the provisions of Chapter 92, P.L. 2007 and Chapter I 03, P.L. 2008 to provide coverage to elected, certain appointed officials, and certain Board employees not eligible for enrollment in PERS or TPAF. Effective July I, 2007 membership is mandatory for such individuals with vesting occurring after one (I) year of membership.
Other Pension Funds
The State established and administers a Supplemental Annuity Collective Trust Fund (SACT) which is available to active members of the State-administered retirement systems to purchase annuities to supplement the guaranteed benefits provided by their retirement system. The state or local government employers do not appropriate funds to SACT.
The cost of living increase for PERS and TPAF, are funded directly by each of the respective systems, but are currently suspended as a result of reform legislation.
According to state law, all obligations of each retirement system will be assumed by the State of New Jersey should any retirement system be terminated.
The State of New Jersey, Department of the Treasury, Division of Pensions and Benefits, issues publicly available financial reports that include the financial statements and required supplementary information of each of the above systems. The financial reports may be accessed via the New Jersey, Division of Pensions and Benefits, website at www.state.nj.us/treasury/pensions.
Basis of Accounting
The financial statements of the retirement systems are prepared on the accrual basis of accounting. Employer contributions are recognized when payable to the retirement systems. Benefits or refunds are recognized when due and payable in accordance with the terms of the retirement systems.
48
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 4 OTHER INFORMATION (Continued)
D. Employee Retirement Systems and Pension Plans (Continued)
Significant Legislation
P.L. 2011, c.78, effective June 28, 2011, made various changes to the manner in which TPAF and PERS operate and to the benefit provisions of those systems.
The legislation's provisions impacting employee pension and health benefits include:
• For new members ofTPAF and PERS hired on or after June 28, 2011 (Tier 5 members), the years of creditable service needed for early retirement benefits increased from 25 to 30 years and the early retirement age increased from 55 to 65.
• The eligibility age to qualify for a service retirement in the TP AF and PERS increased from age 62 to 65 for Tier 5 members.
• The annual benefit under special retirement for new PFRS members enrolled after June 28, 2011 (Tier 3 members) decreased from 65 percent of final compensation to 60 percent of final compensation after 25 years of service and from 70 percent of final compensation to 65 percent of final compensation after 30 or more years of service.
• It increased the TPAF and PERS active member rates from 5.5 percent of annual compensation to 6.5 percent plus an additional 1 percent phased-in over 7 years for members hired or reappointed on or after June 28, 2011. For Fiscal Year 2012, the member contribution rates increased in October 2011. The phase-in of the additional incremental member contributions for TPAF and PERS members takes place in July of each subsequent fiscal year.
• The payment of automatic cost-of-living adjustment (COLA) additional increases to current and future retirees and beneficiaries was suspended. COLA increases may be reactivated at a future date as permitted by this law.
• It changed the method for amortizing the pension system's unfunded accrued liability (from a level percent of pay method to a level dollar of pay method).
Investment Valuation
Investments are reported at fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Mortgages are valued on the basis of future principal and interest payments, and are discounted at prevailing interest rates for similar instruments. The fair value of real estate investments is based on independent appraisals. Investments that do not have an established market are reported at estimated fair values.
The State of New Jersey, Department of the Treasury, Division of Investment, issues publicly available financial reports that include the financial statements of the State of New Jersey Cash Management Fund. The financial reports may be obtained in writing to the State of New Jersey, Department of the Treasury, Division of Investment, P.O. Box 290, Trenton, New Jersey 08625-0290.
49
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 4 OTHER INFORMATION (Continued)
D. Employee Retirement Systems and Pension Plans (Continued)
Funding Status and Funding Progress
As of July I, 2012, the most recent actuarial valuation date, the aggregate funded ratio for all the State administered retirement systems including TP AF and PERS, is 64.5 percent with an unfunded actuarial accrued liability of $4 7.2 billion. The aggregate funded ratio and unfunded accrued liability for the State-funded systems is 56.7 percent and $34.4 billion, and the aggregate funded ratio and unfunded accrued liability for local PERS and Police and Firemen's Retirement System ("PFRS") is 76.1 percent and $12.8 billion.
The funded status and funding progress of the retirement systems is based on actuarial valuations which involve estimates of the value of reported amounts and assumptions about the probability of events far into the future. These amounts are subject to continual revision as actual results are compared to past expectations and new estimates are made about the probability of future events.
Actuarial calculations reflect a long-term perspective and are based on the benefits provided under the terms of the retirement systems in effect at the time of each valuation and also consider the pattern of the sharing of costs between the employer and members at that point in time. The projection of benefits for financing reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations on the pattern of cost sharing between the employer and members in the future.
Actuarial Methods and Assumptions
In the July I, 2012 actuarial valuation, the projected unit credit was used as the actuarial cost method, and the five year average of market value was used as the asset valuation method for the retirement systems. The actuarial assumptions included (a) an investment rate of return for the retirement systems from 7.95 percent to 7.90 percent and (b) projected salary increases of 4.22 percent for the PERS and 3.51 % percent for TPAF.
Employer and Employee Pension Contributions
The contribution policy is set by laws of the State of New Jersey and contributions are required by active members and participating employers. Plan member and employer contributions may be amended by State of New Jersey legislation with the amount of contributions by the State of New Jersey contingent upon the Annual Appropriations Act. As defined, the retirement systems require employee contributions based on 6.6% for PERS, 6.6% for TPAF and 5.50% for DCRP of the employee's annual compensation.
Annual Pension Costs (APC)
Per the requirements of GASB Statement No. 27 Accounting for Pensions by State and Local Government Employees, for the fiscal year ended June 30, 2014 for TPAF, which is a cost sharing plan with special funding situations, the annual pension cost differs from the annual required contribution. For PERS, which is a cost sharing multi-employer defined benefit pension plan, the annual pension cost equals contributions made. TP AF employer contributions are made annually by the State of New Jersey to the pension system on behalf of the Board. PERS employer contributions are made annually by the Board to the pension system in accordance with Chapter 114, P.L. 1997. In the DCRP, which is a defined contribution plan, member contributions are matched by a 3% employer contribution.
50
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 4 OTHER INFORMATION (Continued)
D. Employee Retirement Systems and Pension Plans (Continued)
Annual Pension Costs (APC) (Continued)
During the fiscal years ended June 30, 2014, 2013 and 2012 the Board was required to contribute for PERS and DCRP and the State of New Jersey was required to contribute for TPAF for normal cost pension and accrued liability contributions (including non-contributory group life insurance (NCGI)) the following amounts:
Fiscal Year Ended On-behalf
June 30, PERS TPAF DCRP
2014 $ 568,471 $ 778,215 $ 16,882 2013 581,636 1,252,888 11,119 2012 592,103 631,277 3,241
During fiscal year 2013/2014 the State did not contribute to the TPAF for accrued liability but did contribute $778,215 for normal cost pension and NCGI premium. For fiscal years 2012/2013 and 2011/2012, the state contributed $1,252,888 and $631,277, respectively for normal cost pension, accrued liability and the NCGI premium.
Also, in accordance with N.J.S.A. 18A:66-66 the State of New Jersey reimbursed the Board $1,451,304 during the fiscal year ended June 30, 2014 for the employer's share of social security contributions for TP AF members as calculated on their base salaries. This amount, along with the on-behalf TP AF pension contribution, has been included in the district-wide financial statements and the fund financial statements as a revenue and expenditure in accordance with GASB No. 24.
E. Post-Retirement Medical Benefits
The State of New Jersey sponsors and administers the post-retirement health benefit program plans for school districts. The Plans are classified as either single employer plans or cost sharing multiple employer defined benefit plans depending on the plan the eligible employee is covered under.
As a result of implementing Governmental Accounting Standards Board (GASB) Statement No. 43, Financial Reporting for Post-employment Benefit Plans Other than Pension Plans (OPEB), effective for Fiscal Year 2007, the State Health Benefits Program (SHBP), and the Prescription Drug Program (PDP), and Post-Retirement Medical (PRM) of the PERS and TPAF are combined and reported as Pension and Other employee Benefit Trust Funds in the State's Comprehensive Annual Financial Report (CAFR). Specifically, SHBP-State, and the PRM of the PERS are combined and reported as a Health Benefits Program Fund - State classified as a single employer plan. The SHBP-Local, PDP-Local, and the PRM of the TPAF-Local are combined and reported as Health Benefits Program Fund -Local Government classified as a cost-sharing multiple-employer plan in the State's CAFR. The post-retirement benefit programs had a total of 585 state and local participating employers and contributing entities for Fiscal Year 2013.
The State of New Jersey sponsors and administers the following health benefit programs covering certain state and local government employees, including those Board employees and retirees eligible for coverage.
51
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,2014
NOTE 4 OTHER INFORMATION (Continued)
E. Post-Retirement Medical Benefits (Continued)
Health Benefits Program Fund (HBPF) - Local Education (including Prescription Drug Program Fund) - The State of New Jersey provides paid coverage to members of the Teachers' Pension and Annuity Fund who retire from a board of education or county college with 25 years of service or on a disability retirement. Under the provisions ofP.L. 1992, c.l26, the State also provides paid coverage to members of the Public Employees' Retirement System and Alternate Benefits Program who retire from a board of education or county college with 25 years of service or on a disability retirement if the member's employer does not provide this coverage. Certain local participating employers also provide post-retirement medical coverage to their employees. Retirees who are not eligible for state paid health coverage at retirement can continue in the program if their employer participates in this program or if they are participating in the health bendits plan of their former employer and are enrolled in Medicare parts A and B by paying the cost of the insurance for themselves and their covered dependents. Also, education employees are eligible for the PDP coverage after 60 days of employment.
The State of New Jersey, Department of the Treasury, Division of Pensions and Benefits, issues publicly available financial reports that include the financial statements and required supplementary information of the above Fund. The financial reports may be accessed via the State ofNew Jersey, Department of the Treasury, Division of Pensions and Benefits, website at www.state.nj.us/treasury/pensions.
Basis of Accounting
The financial statements of the health benefit programs are prepared on the accrual basis of accounting. Employer contributions are recognized when payable to the health benefit programs. Benefits or refunds are recognized when due and payable in accordance with the terms of the health benefit programs.
Significant Legislation
P.L. 2011, c.78, effective October 2011, sets new employee contribution requirements towards the cost of employerprovided health benefit coverage. Employees are required to contribute a certain percentage of the cost of coverage. The rate of contribution is determined based on the employee's annual salary and the selected level of coverage. The increased employee contributions will be phased in over a 4-year period for those employed prior to this new legislation's effective date with a minimum contribution required to be at least 1.5% of salary.
Investment Valuation
Investments are reported at fair value. Investments that do not have an established market are reported at estimated fair values.
Funded Status and Funding Progress
As of July 1, 2012, the most recent actuarial valuation date, the State had a $51.5 billion unfunded actuarial accrued liability for other post-employment benefits (OPEB) which is made up to $19.3 billion for state active and retired members and $32.2 billion for education employees and retirees that become the obligation of the State of New Jersey upon retirement.
The funded status and funding progress of the OPEB includes actuarial valuations which involve estimates of the value of reported amounts and assumptions about the probability of events far into the future. These amounts are subject to continual revision as actual results are compared to past expectations and new estimates are made about the probability of future events.
52
HOBOKEN PUBLIC SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 4 OTHER INFORMATION (Continued)
E. Post-Retirement Medical Benefits (Continued)
Funded Status and Funding Progress (Continued)
Actuarial calculations reflect a long-tenn perspective and are based on the benefits provided under the tenns of the OPEB in effect at the time of each valuation and also consider the pattern of the sharing of costs between the employer and members at the point in time. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations on the pattern of cost sharing between the employer and members in the future.
Actuarial Methods and Assumptions
In the July I, 2012, OPEB actuarial valuation, the projected unit credit was used as the actuarial cost method. The actuarial assumptions included an assumed investment rate of return of 4.50 percent.
Post-Retirement Medical Benefits Contributions
P.L. 1987, c. 384 and P.L. 1990, c.6 required the Teachers' Pension and Annuity Fund (TPAF) and Public Employees' Retirement System (PERS), respectively to fund post-retirement medical benefits for those State employees and education employees who retire after accumulating 25 years of credited service or on a disability retirement. As of June 30, 2013, 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 and 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 atrributable to P.L. 1992, c.l26, which provides 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 2013.
The State sets the contribution rate based on a pay as you go basis and not on the annual required contribution of the employers (ARC), an amount actuarially detennined in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover nonnal cost each year and amortize any unfunded actuarial liabilities (or funding excess) of the plan over a period not to exceed thirty years. The State's contributions to the State Health Benefits Program Fund for TPAF retirees' post-retirement benefits on behalf of the School District for the fiscal years ended June 30, 2014,2013 and 2012 were $1,275,980, $1,416,701 and $1,269,304, respectively, which equaled the required contributions for each year. The State's contributions to the State Health Benefits Program Fund for PERS retirees' post-retirement benefits on behalf of the School District was not detennined or made available by the State of New Jersey.
F. Hurricane Sandy
On October 29, 2012 Hurricane Sandy, the largest Atlantic hurricane on record made landfall in New Jersey and resulted in severe damage in numerous communities and a federal disaster was declared throughout the State. The District has incurred significant costs in the clean up and recovery from this federal disaster. The Federal Emergency Management Agency ("FEMA") provides emergency grant assistance (voluntary nonexchange transaction) to help government's cope with losses. Although the District has applied for reimbursement from FEMA, the total amount to be received in conjunction with this event is not considered to be measurable with sufficient reliability and therefore has not been recognized in the financial statements as of June 30, 2014. As of June 30, 2014, the District has received $308,558 in FEMA reimbursements relating to Hurricane Sandy which have been reflected in the financial statements.
53
BUDGETARY COMPARISON SCHEDULES
EXHIBIT C-1 HOBOKEN PUBLIC SCHOOLS
GENERAL FUND BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Variance Original Final Final Budget Budget Adjustments Budget Actual to Actual
REVENUES Local Sources Local Property Tax Levy $ 37,946,477 $ 37,946,477 $ 37,946,477 Tuition~ Other LEAs 265,864 265,864 100,636 $ (165,228) Transportation Fees from Other LEAs 13,104 13,104 Rentals 300,554 300,554 261,645 (38,909) E~Rate 154,582 154,582 62,595 (91,987)
Interest on Investments 8,730 8,730 126 (8,604) Unrestricted Misce!laneous Revenues 151,310 151,310 145,471 (5,839)
Total Local Sources 38,827 517 38,827,517 38,530,054 (297,463)
State Sources Public Schools Choice Aid 2,821,203 2,821,203 2,821,203
Transportation Aid 124,289 124,289 124,289
Special Education Aid 1,463,760 1,463,760 1,463,760
Security Aid 725,704 725,704 725,704
Adjustment Aid 5,392,689 5,392,689 5,392,689
Extraordinary Aid 184,546 184,546 241,291 56,745 On BehalfTPAF Pension System Contrib.(Nonnal) 715,096 715,096 On BehalfTPAF Pension System Contrib.(NCGI) 63,119 63,119 On-Behalf Post Retirement Medical Benefit Contr 1,275,980 1,275,980 Reimbursed TP AF Social Security Contribution (Non Budgeted) 1,451,304 1,451,304
Total State Sources 10 712,191 10,712,191 14,274,435 3,562,244
Federal Sources Impact Aid 200,000 200,000 117,811 (82,189)
Medicaid Reimbursement 100,000 100,000 94,157 (5,843) FEMA (Hurricane Sandy) 69,537 69,537
Total Federal Sources 300,000 300,000 281,505 (18,495)
Total Revenues 49,839 708 49,839,708 53,085,994 3,246,286
EXPENDITURES CURRENT EXPENDITURES
Instruction - Regular Programs Salaries of Teachers Kindergarten 1,198,706 $ (29,569) 1,169,137 1,167,397 1,740 Grades l-5 4,080,121 170,053 4,250,174 4,228,515 21,659 Grades 6-8 1,655,418 (253,995) 1,401,423 1,401,423
Grades 9-12 3,128,779 410,779 3,539,558 3,532,888 6,670 Home Instruction Salaries of Teachers 2,820 16,361 19,181 18,880 301
Purchased Professional Educational Services 9,794 25,112 34,906 13,098 21,808
Regular Programs- Undistributed Instruction Other Salaries for Instruction 324,056 (!66,254) 157,802 146,690 11,112 Purchased Professional Educational Services 22,021 (13,951) 8,070 7,500 570 Purchased Technical Services 47,216 2,616 49,832 49,832 Other Purchased Services 42,612 42,612 19,951 22,661
General Supplies 800,206 313,567 1,113,773 452,510 661,263
Textbooks 346,320 5,040 351,360 338,604 12,756 Other Objects 43,741 13 164 56,905 45,275 11,630
Total Regular Programs 11,659,198 535,535 12,194,733 11,422,563 772,170
54
EXHIBITC-1 HOBOKEN PUBLIC SCHOOLS
GENERAL FUND BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance Original Final Final Budget Budget Adjustments Budget Actual to Actual
EXPENDITURES CURRENT EXPENDITURES (Continued) Special Education
Cognitive - Moderate Salaries of Teachers $ 64,867 $ 8,272 $ 73,139 $ 73,139 Other Salaries for Instruction Purchased Professional Educational Services 400 (400) Other Purchased Services 1,800 (1,800)
General Supplies 5,412 (4,706) 706 147 $ 559
Total Cognitive- Moderate 72,479 1,366 73,845 73,286 559
Learning and/or Language Disabilities Salaries of Teachers 93,387 (2, ISO) 91,237 91,237 Other Purchased Services 660 (660)
General Supplies I 867 (1,293) 574 285 289
Total Learning and/or Language Disabilities 95,914 (4,103) 91,811 91,522 289
Behavioral Disabilities Salaries of Teachers 93,387 (2,150) 91,237 91,237
Other Salaries for Instruction Purchased Professional/Educational Services 300 (300)
Other Purchased Services 100 (100) General Supplies I !64 (866) 298 298
Total Behavioral Disabilities 94,951 (3,416) 91,535 91,535
Multiple DisabiHties Salaries of Teachers 591,974 (91,071) 500,903 500,903
Other Salaries for Instruction 93,229 27,205 120,434 119,449 985
Purchased Professional/Educational Services 300 (300)
Other Purchased Services 320 (320)
General Supplies 6,496 (1 ,3!1) 5,185 4,871 314 Other Objects 1,414 (164) 1250 1,250
Total Multiple Disabilities 693,733 (65,961) 627,772 626,473 1,299
Resource Room Salaries of Teachers 2,256,417 (389,383) 1,867,034 1,866,034 !,000
Other Salaries for Instruction Purchased Professional/Educational Services 2,850 (2,645) 205 205 Purchased Technical Services 1,470 (!,369) 101 100 1
Other Purchased Services 21,030 (20,715) 315 282 33 General Supplies 5,269 (2,375) 2,894 2,050 844
Total Resource Room 2,287 036 (416,487) 1,870,549 1,868,671 1,878
Autism Salaries of Teachers Other Salaries for Instruction General Supplies 2,346 534 2,880 2,535 345
Total Autism 2,346 534 2 880 2,535 345
55
EXHIBIT C-1 HOBOKEN PUBLIC SCHOOLS
GENERAL FUND BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance Original Final Final Budget Budget Adjustments Budget Actual to ACtual
EXPENDITURES CURRENT EXPENDITURES (Continued)
Preschool Disabilities- Full Time
Salaries of Teachers $ 358,847 $ 73,439 $ 432,286 $ 432,286 Other Salaries for Instruction 193,065 (163,766) 29,299 28,314 $ 985 Purchased Professional-Educational Services 29,840 (7,820) 22,020 22,020 Other Purchased Services 440 (115) 325 325 General Supplies 25,049 (4,026) 21,023 17,364 3,659
Total Preschool Disabilities- Full Time 607,241 (102,288) 504,953 500,309 4,644
Home Instruction
Salaries of Teachers 5,801 1,827 7,628 7,554 74 Purchased Professional/Educational Services 55,040 (43,735) 11,305 8,856 2,449
Total Home Instruction 60,841 (41,908) 18,933 16,410 2 523
Total Special Education 3,914,541 (632,263) 3,282,278 3,270,741 11,537
Bilingual Education Salaries of Teachers 232,660 (232,660) Other Salaries for Instruction Purchased Professional/Educational Services 200 (200) Other Purchased Services 1,480 (1,480)
General Supplies 6,701 (5, 170) 1,531 1,530 Other Objects 195 (195)
Total Bilingual Education 241,236 (239,705) 1,531 1,530
School Sponsored Cocurricular Activities Salaries 327,732 (112,057) 215,675 215,585 90
Other Purchased Services 17,844 10,760 28,604 23,658 4,946
Supplies and Materials 78,778 (15,705) 63,073 50,816 12,257 Other Objects 84,635 (2,627) 82,008 65,202 16,806
Total School Sponsored Cocurricular Activities 508,989 (119,629) 389,360 355,261 34,099
School Sponsored Athletics Salaries 403,478 (22,145) 381,333 380,585 748 Other Purchased Services 23,000 (336) 22,664 6,990 15,674 Supplies and Materials 114,631 336 114,967 109,218 5,749 Other Objects 215,350 (128,579) 86,771 70,277 16,494
Total Athletics 756,459 (150,724) 605,735 567 070 38 665
Summer School
Salaries of Teachers 82,391 (12,303) 70,088 70,088 Other Salaries for Instruction 22,618 22,618 22,618 Salaries of Teacher Tutors 9,914 (9,914) General Supplies 2,000 2,000 1,352 648
Other Objects 3,000 3,000 3,000
Total Summer School 92,305 5,401 97,706 94,058 3,648
Other Supplemental/At-Risk Programs-fnstruction Salaries of Teacher Tutors 9,914 (9,914)
Total Other Supplemental/At-Risk Programs-Instrucion 9,914 (9,914)
Total- Instruction 17,182,642 (611,299) 16,571,343 15,711,223 860,120
56
EXHIBITC-1 HOBOKEN PUBLIC SCHOOLS
GENERAL FUND BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance Original Final Final Budget Budget Adjustments Budget Actual to Actual
EXPENDITURES CURRENT EXPENDITURES (Continued)
Undistributed Expenditures Instruction Tuition to Other LEAs Within the State- Special $ 67,487 $ 67,487 $ !3,487 $ 54,000 Tuition to County Special Services- School
Districts & Regional Day Schools $ !99,760 27,!30 226,890 209,020 !7,870 Tuition to Private Schools for the Disabled
Within the State !,949,827 (447,684) !,502,!43 1,385,836 116,307
Tuition- State Facilities 3!,500 3!,500 3!,365 !35 Tuition - Other
Total Undistributed Expenditures- Instruction 2,!8!,087 (353,067) l ,828,020 l ,639,708 !88,3!2
Attendance and Social Work Services Salaries 325,924 152,456 478,380 478,380 Supplies and Materials 2,923 (2,923)
Total Attendance and Social Work Services 328 847 !49 533 478 380 478 380
Health Services Salaries 376,437 3,!33 379,570 379,3!7 253 Purchased Professional & Technical Services 7,400 25,!85 32,585 !2,460 20,!25 Other Purchased Services 770 23,230 24,000 !4,634 9,366 Suppltes and Materials 19,483 (3,043) !6,440 !3,97! 2,469 Other Objects 640 7,430 8,070 4,972 3,098
Total Health Services 404 730 55 935 460 665 425 354 35 3!!
Speech, OT, PT & Related Services Salaries 407,500 (!3,!0!) 394,399 394,048 35! Purchased Professional/Educational Services 374,839 (88,828) 286,0!! 270,186 15,825 Supplies and Materials 6 770 (20) 6,750 3,209 3,54!
Total Speech, OT, PT & Related Services 789,!09 (!0!,949) 687,!60 667,443 !9,7!7
Other Supp. Serv. Students~Extra Serv.
Salaries 2!7,746 542,!68 759,9!4 715,635 44,279 Purchased Professiona!~Educational Services !00,000 !00,000 52,215 47,785 Supplies and Materials
Total Other Supp. Serv. Students~Extra. Serv. 2!7,746 642,!68 859,9!4 767,850 92,064
Guidance Salaries of Other Professional Staff 445,276 (47,760) 397,5!6 397,516
Salaries of Secretarial and Clerical Assistants 55,317 !,697 57,0!4 57,014 Purchased Professional ~ Educational Services 1,000 (!,000) Supplies and Materials 6,72! (2,607) 4,!!4 4,!!3 l Other Objects 5,500 (1,587) 3,9!3 3 757 ---!56
Total Guidance 513 814 (5! 257) 462 557 462 400 !57
Child Study Teams Salaries of Other Professional Staff !,398,048 (!!4,3!!) !,283,737 !,282,33! !,406 Salaries of Secretarial and Clerical Assist. 43,9!1 (266) 43,645 4!,36! 2,284 Purchased Professional Educational Svcs. 3,035 !,500 4,535 2,599 !,936 Other Purchased Prof. and Tech. Services !4,595 !4,595 !3,992 603
Other Purchased Services !,000 !,000 977 23 Residential Costs Supplies and Materials !5,8!7 20,0!6 35,833 !5,8!4 20,019 Other Objects !,000 !,000 327 673
Total Child Study Teams l 476 406 (92 061} 1 384 345 l 357 40! 26 944
57
EXHIBIT C-1 HOBOKEN PUBLIC SCHOOLS
GENERAL FUND BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance Original Final Final Budget Budget Adjustments Budget Actual to Actual
EXPENDITURES CURRENT EXPENDITURES (Continued) Undistributed Expenditures (Continued) Improvement of Instructional Services Salaries of Supervisors of Instruction $ 333,374 $ 70,344 $ 403,718 $ 403,718 Salaries of Other Professional Staff 379,059 (136,172) 242,887 242,887 Salaries of Secretarial and Clerical Assist 383,720 (165,525) 218,195 218,195 Other Salaries 6,418 56,623 63,041 63,041 Salaries of Facilitators, Math & Literacy Coaches 95,640 3,389 99,029 99,029
Other Purchased Services 3,500 100 3,600 3,600
Purchased Professional Educational Svcs. 24,764 (19,017) 5,747 5,651 $ 96 Other Purchased Prof & Tech Services 1,000 (1,000) Supplies & Materials 66,785 (63,080) 3,705 2,778 927 Other Objects 1,500 1,500 1,000 500
Total Improvement oflnstructional Services 1,294,260 (252,838) 1,041 422 1,039,899 1,523
Educational Media Services/School Library Salaries 593,703 64,087 657,790 657,790
Purchased Professional and Technical Services 13,746 (2,746) 11,000 11,000
Other Purchased Services 1,750 (860) 890 890
Supplies and Materials 61,519 14,477 75,996 68,831 7,165 Other Objects 8,931 (8,931)
Total Educational Media Services/School Library 679,649 66,027 745,676 727,511 18,165
Instructional Staff Training Services Purchased Professional Educational Svcs. 19,330 (17,393) 1,937 1,786 151
Other Purchased Prof. and Tech. Services 1,000 15,166 16,166 16,166
Other Purchased Services 62,173 (45,368) 16,805 15,299 1,506 Supplies and Materials 4,080 (4,080)
Total Instructional Staff Training Services 86,583 (51,675) 34,908 33,251 1,657
Support Services General Administration Salaries 220,575 54,179 274,754 274,754
Legal Services 164,293 159,758 324,051 180,614 143,437
Audit Fees 51,735 3,909 55,644 55,644 Other Purchased Professional Services 15,600 15,600 15,323 277
Purchased Technical Services 36,000 (27,839) 8,161 7,500 661
Communications/Telephone 165,149 (4,717) 160,432 136,615 23,817
BOE Other Purchased Services 3,045 (1,065) 1,980 1,980 Misc. Purchased Services 81,955 166,585 248,540 230,785 17,755
General Supplies 13,925 8,800 22,725 22,052 673
BOE In-House Training/Meeting Supplies 2,040 (2,040) Judgements Against the School District Miscellaneous Expenditures 5,000 6,510 11,510 l1,148 362 BOE Membership Dues and Fees 27,066 (120) 26,946 26,801 145
Total Support Services General Administration 786,383 363,960 1,150,343 963,216 187,127
Support Services School Administration Salaries of Principals/Asst. Principals 818,847 73,269 892,116 892,116
Salaries of Other Professional Staff 19,250 19,250 18,500 750
Salaries of Secretarial and Clerical Assistants 257,888 93,938 351,826 351,698 128
Purchased Professional & Technical Svcs. 3,553 (3,354) 199 199 Other Purchased Services 5,479 (5,478) Supplies and Materials 152,567 (64,689) 87,878 77,318 \0,560 Other Objects 8,225 5,610 13 835 9,763 4,072
Total Support Services School Administration 1 246 559 118 546 1 365 105 1 349 594 15 511
58
EXHIBIT C-1 HOBOKEN PUBLIC SCHOOLS
GENERAL FUND BUD(;-ETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance Original Final Final Budget Budget Adjustments Budget Actual to Actual
EXPENDITURES CURRENT EXPENDITURES (Continued) Undistributed Expenditures (Continued) Support Services Central Services Salaries $ 415,614 $ 128,808 $ 544,422 $ 544,422 Purchased Professional Services 7,976 2,974 10,950 $ 10,950 Purchased Technical Services 160,463 (14,202) 146,261 133,806 12,455 Misc. Purch. Services 55,525 3,847 59,372 48,382 10,990 Sale/Lease-Back Payments Supplies and Materials 19,154 21,320 40,474 38,330 2,144 Interest on Lease Purchase Agreements 14,342 (1,400) 12,942 12,854 88 Misc. Expenditures 8,061 (2,000) 6,061 3,265 2,796
Total Support Services Central Services 681 135 139 347 820 482 781 059 39423
Admin. Info. Tech. Salaries 57,912 (13,349) 44,563 44,563
Purchased Professional Services 9,610 9,610 4,120 5,490
Purchased Technical Services 4,900 4,900 1,400 3,500
Other Purchased Services 78,237 (4,701) 73,536 69,570 3,966 Supplies and Materials 27,757 2,369 30,126 25,097 5,029
Total Admin. Info Tech. 173 516 (10 781) 162 735 144 750 17 985
Required Maintenance For School Facilities Salaries 731,357 109,781 841,138 841,138 Cleaning, Repair, and Maintenance Services 245,121 174,322 419,443 363,815 55,628 General Supplies 95,670 4,486 100,156 96,508 3,648
Total Required Maintenance For School Facilities 1,072,148 288,589 1 360,737 1,301,461 59,276
Custodial Services Salaries 1,388,770 (53,016) 1,335,754 1,315,308 20,446
Salaries of Non-Instructional Aides 19,719 (12,380) 7,339 6,883 456
Cleaning, Repair, and Maintenance Services 557,556 (235,444) 322,112 247,730 74,382
Other Purchased Property 114,173 32,185 146,358 136,371 9,987
Insurance 175,169 5,636 180,805 180,805
Miscellaneous Purchased Services 71,890 27,887 99,777 93,486 6,291
General Supplie·s 277,508 (1,554) 275,954 150,350 125,604
Energy (Heat and Electricity) 720,217 18,124 738,341 605,847 132,494 Energy (Natural Gas) 522 175 (31,905) 490,270 299,827 190,443
Total Custodial Services 3,847,177 (250,467) 3,596,710 3,036,607 560,103
Care & Upkeep of Grounds Salaries 108,231 (3,734) 104,497 104,497
Cleaning, Repair, and Maintenance Services General Supplies 13,160 (10,692) 2,468 1 193 1,275
Total Care & Upkeep of Grounds 108 231 (1,062) 107,169 105,690 1,479
Security Salaries 350,750 (45,110) 305,640 299,690 5,950
Cleaning, Repair, and Maintenance Services 1,664 1,664 1,664 General Supplies 14,585 (10,979) 3,606 3,106 500
Total Security 365,335 (56,089) 309,246 302,796 6,450
59
EXHIBIT C-I HOBOKEN PUBLIC SCHOOLS
GENERAL FUND BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance Original Final Final Budget Budget Adjustments Budget Actual to Actual
EXPENDITURES CURRENT EXPENDITURES (Continued) Student Transportation Services
Salaries ofNon~Instructional Aides $ 214,148 $ 25,110 $ 239,258 $ 231,847 $ 7,411 Salaries for Pupil Transportation (Between
Home and School) - Special 727,472 (61,423) 666,049 651,722 14,327 Salaries for Pupil Transportation (Other Than Between
Home and School) 50,367 45,969 96,336 93,564 2,772 Contracted Services (Other than Btw Home and
School)- Vendors 46,441 (31,415) 15,026 15,026 Other Purchased Professional & Technical Svces 69,850 6,777 76,627 73,707 2,920 Cleaning Repair & Maintenance Services 23,787 28,930 52,717 48,300 4,417 Contracted Services (Oth. Than Bet Home & Sch)- Vend 882 882 882 Contracted Services (Spec Ed Students) Vendors 1,373 1,373 1,373 Contracted Services (Spec Ed Students) Joint Agreements 40,302 40,302 27,708 12,594 Misc. Purchased Services • Transportation 19,486 (17,000) 2,486 2,208 278 General Supplies 3 80,262 80,265 76,093 4,172 Transportation Supplies 80,325 80,325 60,147 20,178 Other Objects 12,200 12,200 4 831 7,369
Total Student Transportation Services 1,286,636 77,210 1,363,846 1,285 153 78,693
Unallocated Benefits - Employee Benefits Social Security Contributions 853,073 21,576 874,649 82!,285 53,364 Other Retirement Contributions-PER$ 630,298 6,125 636,423 568,471 67,952
Other Retirement Contributions-DCRP 10,000 7,000 17,000 16,882 118
Unemployment Compensation 136,451 (35,912) 100,539 80,915 19,624
Workers Compensation 347,584 224,040 571,624 524,811 46,813
Health Benefits 5,037,096 127,323 5,164,419 4,274,640 889,779 Tuition Reimbursement 50,000 20,000 70,000 46,254 23,746 Other Employee Benefits 890,676 168,339 1,059,015 1,048,404 10,611
Total Unallocated Benefits 7 955 178 538 491 8 493 669 7 381 662 I 112 007
On BehalfTPAF System Pension Contrib. (Non Budget) Normal 715,096 (715,096)
NCGI 63,119 (63,119)
Post Retirement Medical Benefit Contribution 1,275,980 (1,275,980)
On BehalfTPAF Social Security Contribution (Non Budgeted) 1,451 304 (1,451,304)
Total Undistributed Expenditures 25,494,529 1,218,560 26 713 089 27,756,684 (1,043,595)
Total Expenditures- Current Expense 42,677,171 607,261 43,284,432 43,467,907 (183,475)
CAPITAL OUTLAY Equipment
Grades 1-5 99,699 (57,643) 42,056 7,866 34,190
Grades 6-8 18,808 18,808 18,808 Grades 9-12 3,882 3,882 3,882
Undistributed Expenditures Required Maintenance 7,500 (7,500) School Buses-Special 23,400 23,400 21,450 1,950 Non-Instructional
Total Equipment 130,599 (42,453) 88,146 52,006 36,140
Facilities Acquisition and Construction Services Architectural/Engineering Svcs. 67,372 186,997 254,369 79,698 174,671
Construction Services 707,406 466,760 1,174,166 291,339 882,827
Land Improvements 6,295 6,295 6,295 Lease Purchase Agreements- Principal 200,000 200,000 200,000
Total Facilities Acquis. and Canst. Services 974,778 660,052 1,634,830 577,332 1,057,498
Total Capital Outlay 1,105,377 617,599 1,722,976 629,338 1,093,638
60
EXHIBIT C-1 HOBOKEN PUBLIC SCHOOLS
GENERAL FUND BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance Original Final Final Budget Budget Adjustments Budget Actual to Actual
EXPENDITURES (Continued) SPECIAL SCHOOLS
Other Special Schools- Support Services
Salaries $ 4,195 $ 4,195 $ 4,195 Personal Services - Employee Benefits Supplies & Materials
Total Other Special Schools- Support Services 4,195 4 195 4,195
Total Special Schools 4,195 4,195 4,195
CHARTER SCHOOLS Transfer of Funds to Charter Schools $ 7,807,674 (314,487) 7,493,187 7,493,187
Total Transfer of Funds to Charter Schools 7,807,674 (314,487) 7 493,187 7,493,187
Total Expenditures- General Fund 51,590,222 914,568 52,504,790 51,594,627 $ 910,163
Excess (Deficiency) of Revenues Over (Under) Expenditures (1,750,514) (914,568) (2,665,082) 1,491,367 4,156,449
Other Financing Sources(Uses) Transfers In-SBB-General Fund 21,235,050 (101,313) 21,133,737 20,511,939 (621,798)
Transfers In·SBB·Special Revenue Fund 565,225 565,225 549,841 (!5,384)
Transfers Out· Special Revenue Fund (343,320) (343,320) (343,320) Transfer Out· Food Service Fund (150,000) (332,960) (482,960) (482,960) Transfers Out·SBB (21 ,235,050) 101,313 (21,133,737) (20,511,939) 621 798
Total Other Financing Sources(Uses) 71,905 (332,960) (261,055) (276,439) (15,384)
Excess(Deficiency) of Revenues and Other Financing Sources Over(Under) Expenditures and Other Financing Uses (I ,678,609) (1,247,528) (2,926,137) 1,214,928 4,141,065
Fund Balances, Beginning of Year 3,583 627 3,583,627 3,583,627
Fund Balances, End of Year $ 1,905,018 $ (1,247,528) $ 657,490 $ 4,798,555 $ 4,14!,065
Recapitulation: Restricted
Maintenance Reserve $ 700,000
Capital Reserve 100,001
Assigned Year End Encumbrances 1,566,346
Designated for Subsequent Year's Expenditures 1,300,000 Unassigned 1,132,208
4,798,555
Reconciliation to Governmental Fund Statements (GAAP): Less: State Aid Payments Not Recognized on a GAAP Basis (1,289,169)
Fund Balance per Governmental Funds (GAAP) $ 3,509,386
61
EXHIBIT C-IA HOBOKEN PUBLIC SCHOOLS
GENERAL FUND COMBINING BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Adjustments! Original Budget Budget Trusrer Final Bud t Actu~J
Budget Budget Budget Actual Operating Blended Totlll Operating Blended Total Operating Blended Total Operating Blended Total
Fund Resource General Fund Rc.wurce General Fund Resource General Fund Resource General Fund 11-13 Fund IS Fund Fund Il-13 Fund IS Elli Fund 11-13 Fund 15 Fund Fund 11-13 Fund IS Fund
REVENUES Local sources
Local Tax Levy ' 37,946,477 ' 37,946,477 s 37,946,417 ' 37,946,477 ' 37,946,417 ' 37,946,477 Tuition- Other LEAs 265,864 265,86-t 265,864 265,864 IOU,636 100,636 Transportation Fees from Other LEAs 13,104 13,104 RenLOls 300,554 30U,554 300,554 300,554 261,645 261,645 E-Rate 154,5&2 154,582 154,582 154,582 62,595 62,595 Interest on lnvestmelllli 8,730 8,730 8,730 8,730 "' 126
Unrestricted Miscellaneous Revenues 151,310 151,310 151310 151 310 145 471 145 471
Total Local Sources 38,827,511 38,827,517 38,827,517 38,827,517 38,530,054 38,530,054
State sources School Choice Aid 2,821,203 2,821,203 2,821,203 2,821,203 2,821,203 2,821,203 Transportation Aid 124,289 124,289 124,289 124,289 124,289 124,289 Special Education Aid 1,463,760 1,463,760 1,463,760 1,463,760 1,463,760 1,463,760 Security Aid 125,704 125,704 125,704 725,704 125,104 725,704 A<ijusrmeot Aid 5,392,689 5,392,6a9 5,392,689 5,392,689 5,392,689 5,392;689 Extraordinary Aid IS4,546 184,546 184,546 184,546 241,291 241,291 On BchalfTPAF Pension Cantrib. (Noo Budgeted)
Normal Costs 115,096 715,096 Non-contributory iosurance 63,119 63,1l9 Post - Retirement Medical CantributiOJIS 1,275,980 1,275,980
Reimbursed TPAF Social Security Contribution (Non Budgeted) l 45!,304 1451.304
Total State Sources 10.112191 10 712,191 10112,191 10,712)91 14 274,435 ~435
Federal Sources
Impact Aid 200,0UO 200,000 200,0UO 200,000 117,811 117,811 Medicaid Reimbursement 100,000 100,000 100,000 100,000 94,151 94,157 FEMA 69 531 69,537
Total Federal Sources 300 000 300,000 300 000 300,000 281,505 281,505
Total Revenues 49 839,708 49,839,708 49,839708 49,839,708 53,085 994 53.085.994
EXPENDITURES CURRENT EXPENDITURES
lnslruction - Regular Programs Salaries ofTeachers
Kindetgarten 474,093 ' 124,613 1,193,706 ' (457,653) $ 428,084 ' (29,569) 16,440 ' 1,152,697 1,169,137 15,290 s 1,152,107 1,167,397 Grades l-5 414,011 3,666,050 4,080,121 88,604 81,449 170,053 502,675 3,747,499 4,250,174 495,085 3,733,430 4,228,515 Grades 6-8 2,800 1,652,618 1,655,418 (80) (253,915) {253,995) 2,120 1,398,703 1,401,423 2,720 1,398,703 1,401,423 Grades 9-12 56,103 3,072,676 3,128,179 36,576 374,203 410,179 92,679 3,446,879 3,539,558 86,009 3,446,879 3,532,888
Home lnsuuction Salaries of Teachers 2,820 2,a20 16,361 16,361 19,131 19,181 18,880 18,880 Purchased Professional Educational Services 9,794 9,194 25,112 25,112 34,906 34,906 13,098 13,098
Regular Programs - Undistributed losuuctioo Other Salaries for iosuuction 324,056 324,056 (166,254} (166,254) 157,802 157,802 146,690 146,690 Purchased Professional Educational Services "' 21,451 22,021 (13,951) {13,951) "' 7,500 &,070 7,500 7,500 Purchased Technical Services 46,965 251 47,216 2,&61 (251) 2,616 49,832 49,832 49,832 49,832 Other Purchased Sl:rvices 42,612 42,612 42,612 42,612 19,951 19,951 General Supplies 144,630 655,516 800,206 13,595 299,972 313,567 158,225 955,548 1,113,773 13,144 439,366 452,510 Textbooks 310,288 36,032 346,320 31,763 (26,723) 5,040 342,051 9,309 351,360 329,520 9,084 338,604 OlherObjects ;o"' 13 097 43,741 (4,907) 18.071 13164 25737 31,168 56905 16021 29,254 45 275
Total Regular Programs 1,816 834 9 842 364 ]1659198 (414,016) ~!- -~~~,-~35 !,~()~_.m_ _l_Q.m.n~ g,J?4,m LH§,m 10,236,274 11,422,563
62 (Continued)
EXHIBIT C-IA HOBOKEN PUBLIC SCHOOLS
GENERAL FUND COMBINING BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Adjustments/ Original Bud!!£1 Bu!!.get Tra~srer Final Bad et Actual
Budget Budget Budget Actual Operating Blended Total Operating Blended Total Operating Blended Total Op¢nting Blended Total
Fund Resource General Fund Resource G.oneral Fund Reoource General Fund Resource General
fu!..l.H:l. Fund IS Fund Fund 11-13 Fund IS El!ru! Fund 11-JJ Fund IS Fond Fund !I-I3 Fund 15 Fund
EXPENDITURES CURRENT EXPENDITURES (Continued) Special Education
Cognitive- Moderate Salaries ofT eachers ' 64,867 ' 64,867 ' 8,272 ' 8,272 ' 73,139 ' 73,139 ' 73,139 ' 73,139 Other Salaries for htstruction Purchased Professional Educational Services 400 400 (400) (400)
Other Purchased Services 1,800 1,800 (1,800) {l,SOO) General Supplies 5,412 5,412 (4,706) (4,706) ,,.
"' "' w
Total Cognitive Moderate Z1,479 72.479 lJ66 I 366 73 845 13,&45 73,2&6 ___ ,_.286
Learning and/or Language Disabilities Salaries of Teachers 93,387 93,Jg7 (2,150) {2,150) 91,237 91,237 91,237 91,237 Other Purchased Services 660 660 (660) (660) General Supplies I 867 1,867 (1293) (1,293) "' 5'< '"' '"'
Total Learning and/or Language Disabilities 95,914 95 914 (4103) (4,103) 918ll 91.811 91,522 ___ ,_1,522
&havioral Disabilities Salaries of Teachers 93,387 93,387 (2,150) (2,150} 91,237 91,237 91,237 91,237 Oth~ Salaries for instruction Purchased Professional Educational Ser.ices 300 300 (300) (300)
Other Purchased Services 100 100 (100) (100) General Supplies l 164 »64 \866) (866) "' "' "' "'
Total Behavioral Disabilities 94,951 94951 (3 416) p 416) 91,535 91.535 91 535 ___ ,_1,535
Multiple Disabilities Salaries of Teachers 591,974 591,974 (91,071) (91,071) 500,903 500,903 500,903 500,903 Other Salaries for Instruction 93,229 93,229 27,205 27,205 120,434 120,434 119,449 119,449 Purchased Professional Educational Services 300 300 (300) (300) Other Purchased Services 3>0 no (320) {320)
GCJ!eral Supplies 6,496 6,496 (1,311) (1,311) 5,185 5,185 4,871 4,871 Other Objects 1,414 1414 (164) {164) 1,250 1,250 1,250 I 250
Total Multiple Disabilities 693 733 693 733 (65 961) (65,961) 627 772 627,772 626 473 ~473
Resource Room Salaries of Teachers 2,256,417 2,256,417 {389,383) (389,383) 1,867,034 1,867,034 1,866,034 1,866,034 Other Salaries for Instruction Purchased Professional/Educational Services 2,850 2,850 (2,645) (2,645) ,, '05 '"' "' Purchased Technical Services 1,470 1,470 (1,369} (1,369) 10> 101 100 100 Other Purchased Services 21,030 21,030 (20,715) (20,715) 3i5 315 '" '" Geoeral Supplies 5 269 5 269 (2275) (2,375) 2 894 -- 2,894 2 050 2,050
Total Resource Room 2,287,036. 2,787.0.3§ (416,4$7) {416,487} 1,870,549 1,870,549 1,&6&,671 1,86&,671
63 {Continued)
EXPENDITURES CURRENT EXPENDITURES (Continued)
Autism
Salaries of Teachers Oilier Salaries for Instruction General Supplies
Total Autism
Preschool Disabilities- Full Time
Salaries ofT eacbers Oilier Salaries for Instruction Purchased Professional-Educational Services
Other Purchased Services General Supplies
Total Preschool Disabilities
Home Instruction
Salaries of Teachers Purchased Professional/EducatiOI!al Services
Total Home Instruction
Total Special Education
Bilingual Education Salaries of Teachers Other Salaries for Instruction Purchased Profcssional!Educational Services Other Purchased Services General Supplies Other Objects
Total Bilingual Education
School Sponsored Co/Extra-Curricular Activities
Salaries Other Purchased Services Supplies and Materials Other Objects
Total School Sponsored Co/Extra-Curricular Activities
School Sponsored Athletics Salaries Other Purchased Services Supplies and Materials Other Objects
Total Scl!C>Ol S)XIll'ored Athleties
Summer School - Instruction
Salaries ofTeacl!ers Other Salaries for Instruction Salaries ofT eacl!er Tutors General Supplies Other Objects
Total Summer School
Olher Supplemental/At-Risk Programs-Instruction Salaries of Teacher Tutors
Total Other Supplemental/At-Risk Programs-lnstruction
Total-Instruction
Original Bud~et
Otxrating Fund
~
330,169 185,280 29,840
545.289
5,801 55.Q40
60.841
60<i.l30
35,366 17,124 51,409 53.210
157.109
403,478
2,580 131,791
537.&49
82,391
9,914
92.305
9,914
9.914
3.220,141
Budget Blended Resnurce
"""-"
2,346
2.346
28,678 1,185
440 25.049
61,952
3 308 4ll
232,660
,00
1,480 6,701
195
241.236
292,366 720
27,369 31,425
351.880
23,000
112,051 83.559
218,610
13 962 501
HOBOKEN PUBLIC SCHOOLS GENERAL FUND
COMBINING BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEAR ENDED JUNE 30,2014
Total General
f!!!!l!
2,346
2.346
358,847 193,065 29,840
440 25,049
607.241
5.801 55.040
60.841
3 914 541
232,660
,00
1,480 6,701
195
241.236
327,732 17,844 78,778 &4.635
508.989
403,478 23,000
114,631 215.350
756,459
82,391
9,914
92.305
9,914
9,914
17 182 641
Adjustmeutsf Bud2e1 Trall!lfer
Operating F~nd
.E!!mW.::!1._
(330,169) (170,820)
(7,S20)
(508,809)
1,827 (43.735)
(41.908)
(550,711}
12,118 9,000
21,718
(22,367)
"'
B~dget
Blended Resource Fund 15
'" 534
403,608 7,054
(liS) (4,026)
406.521
(81,546)
(232,660}
Tol.lll General
Fund
534
534
73,439 (163,766)
(7,820) (1!5)
(4,026)
(102288)
1,827 (43.735)
(41,908)
(631,263)
(232,660)
(200) (200) (1,480) (1,480) (5,170) (5,170)
__ _1(~1925) (195)
(239 705) (239 705)
(124.775) (112.051) 1,760 10,760
(15,705) (15,705}
--~'~'·'~'~7) (2.621}
i!!!Ji7)
"' (336}
(119629}
(22,145) (336)
---~'"13"1'".7"'91) 3 211 "' (128,579)
---~(l~"~··ofbll) 3.098
(12,303) 22,618 (9,914) 2,000 3.000
5.401
(150.724)
(12,303) 22,618 (9,914) 2,000 3,000
5.401
----"""·'"14") (9,914)
----""'·'"14") (9,914)
~ 490051 (6ll,299)
"
Operating Fund
Fund 11-13
14,460 22,020
36.480
7,628 11.305
1&,933
55,413
48,0&4 26,124 51,4()9 53.210
17U27
381,111
2,916
384.027
70,088 22,618
2.000 3.000
97,706
2,118,791
Final Bud~et
Budget Blended Reso~rce
Fund 15
2.880
2.880
432,286 14,839
"' 21.023
468,473
3,226,865
1,531
1,531
167,591 2,480
11,664 28.798
210,533
"' 22,664 112,051 86.771
Total General
Fund
2.880
2.880
432,286 29,299 22,020
"' 21,023
504,953
7,628 11,305
18,933
3,282,278
1,531
1,531
215,675 28,604 63,073 82.008
389.360
381,333 22,664
114,967 86,771
221708 -~
14.452552
70,088 22,618
2,000 3.000
97,706
16.571343
Operating Fund
Fund 11-13
14,460 22,020
36,480
1,554 8,856
16.410
52,890
48,0&4 22,255 40,524 37,976
148.839
380,363
2,368
382.731
70,088 22,618
1,352
94.058
l 864.807
Actual
Actual Bleuded Reso~rce
Fund 15
2,535
2.535
432,286 13,854
325 17,364
463,829
3,217851
1,530
1,530
167,501 1,403
10,292 27,226
206.422
"' 6,990 l06,S50 70,277
184.339
13 846 416
EXHIBIT C-IA
Tmal General
Fund
2.535
2.535
432,286 28,314 22,020
"' 17,364
500,309
7,554 8.856
16.410
3 270 741
1,530
1.530
215,585 23,658 50,Sl6 65,202
355,261
380,585 6,990
!09,218 70.277
567,070
70,088 22,618
1,352
94.058
15711223
(Cnntinued)
EXHIBIT C-IA
HOBOKEN PUBLIC SCHOOLS GENERAL FUND
COMBINING BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEAR ENDED JUNE 30,2014
Adjutmeutsl Original Budget Budget Transfer Final Bud et Actual
Budget Budget Budget Actual
Operating Blended Total Operating Blended Tntal Operating Blended Total Operatiug Blended Total
Fund Resuurce General Fund Resnurce General Fund Resource General Fund Resource Gen•rnl Fund 11-IJ Fund 15 &!.!!.!! Fund 11-IJ Fund 1S Fund Fund 11-13 Fuud IS ~ Fund 11-13 Fund IS Fuud
EXPENDITURES CURRENT EXPENDITURES (Continued)
Undistributed Expenditures Instruction Tuition to Other LEAs Within the State- Special ' 67,487 ' 67,487 ' 67,487 ' 67,487 ' 13,487 ' 13,487 Tuition to County Special Services- School
Districts & Regional Day Schools ' 199,76() ' 199,761l 27,13() 27,13() 226,8% 226,890 209,(}2(} 209,1l21l
T uitinn to Private Schools for the Disabled Within the State 1,949,827 1,949,827 (447,684) (447,684) 1,51l2,143 1,502,143 1,385,&36 1,385,&36
Tuition- State Facilities 31,500 31,5!l0 31,50ll 31,500 31,365 31,365 Tuition- Other ----Total Undistributed Expenditures -Instruction 2 181087 2181.087 (353,067) (353 067) I 828 020 I 828 020 l 639708 ~708
Attendance and Social Work Services Salaries 16,611 ' 309,313 325,924 108,309 ' 44,147 152,456 124,920 ' 353,460 418,380 124,920 ' 353,460 478,3a0 Supplies and Materials 2923 2,923 (2,923) (2 923)
Total Attendance and Social Work Senices 16,611 312,236 328,847 108~09 41,224 149,533 124920 353 460 478,380 124 920 353,460 ~380
Health Services Salaries 79,954 296,483 376,437 (79,954) 83,087 3,133 379,570 379,570 379,317 379,317
Purchased Professional and Te.:hnlcal Se!'>'ices 7,00() <00 7,400 25,350 (165) 25,185 32,350 ns 32,585 12,225 "' 12,46()
Other Purchased Services 770 770 24,00ll (770) 23,23() 24,000 24,000 14,634 14,634
Supplies and Materials 19,483 19,483 (3,043) (3,043) 16,440 l6,44il 13,971 13,971 Other Objects 640 640 7,430 7,430 8 070 8!l70 4,9n 4972
Total H"'llth Services 86954 311,776 404,730 (20 604) 86~39 55,935 56d50 404315 46!l665 26 859 39&.495 __ £~~}54
Speech, OT, PT & Related Services Salaries 407,500 407,500 (13,101) (13,101) 394,399 394,399 394,048 394,048 Purchased Professional- Educational Services 374,839 374,839 (88,828) (88,828) 286,011 286,0!1 270,186 270,186 Supplies and Materials 6770 6770 (20) (20) 6750 6750 3 209 3 209
Total Speech, OT, PT & Related Services 189 109 789 109 {llll.949) {101 949) 687,160 687160 667 443 _____§g_443
Other Supp. Serv. Students-Extra Serv.
Salaries 217,746 217,746 542,168 542,168 759,914 759,914 715,635 715,635
Purchased Professional-Educational Services 100,000 100,000 100,000 lOO,OOO 52,215 52,2!5
Supplies and Materials
Total Other Supp. Serv. Students-Extra. Serv. 211,746 217,746 642,168 642,168 859,914 859,9!4 767,850 767,850
Guidance Salaries oi O~~er Professional Staff 445,276 445,276 (47,760) (47,760) 397,516 397,516 397,516 397,516
Salaries nf Secretarial and Clerical Assisumts 55,317 55,317 1,697 1,697 57,014 57,014 51,014 57,014
Purchased Professional- Educational Services I,Oml 1,000 (1,000) (1,000) Supplies and Materials 6,721 6,721 (2,601} (2,601} 4,114 4,114 4,1\3 4,113
Othe.-Obje.:ts 5,500 5 500 (1,587) (1,587) 3 913 3 913 3,757 3,157
To!al Guidance 513,814 513,814 __ (51,257) (51,257) 462,557 462.557 462,400 462,400
Child Study Teams Salaries of Oilier Professional Staff 1,398,048 1,39S,Il48 (114,311) (114,311) 1,283,737 1,283,737 1,282,331 1,282,331
Salaries of Secretarial and Clerical Assistants 43,9ll 43,9ll (266) (266) 43,645 43,645 41,361 41,361
Purcluosed Professional Educational Svcs. 3,035 3,035 1,500 !,SilO 4,535 4,535 2,599 2,599
Other Purchased Prof. and Tech. Services 14,595 14,595 14,595 14,595 13,992 13,992
Other Purchased Services 1,000 1,000 1,000 1,000 "' "' Residential Costs Supplies and Materials 15,817 15,817 20,016 20,016 35,833 35,833 15,814 15,814
O!herObjects l,OO!l l 000 l 000 l 000 m m
Total Child Study Teams L47M_0_6 - 1476406 !2£ 061j (92 06lj I 384 345 I 384 345 L~E.49! 1.357,401
6S (Continued)
EXHIBIT C-IA HOBOKEN PUBLIC SCHOOLS
GENERAL FUND COMBINING BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Adjustments/ Original Budget Bud!!!:! Transfer Final Bud!!Ct Actual
Budget Bndget Budget Actual Operaling Blended Total Operatiag Blended Total Operating Blended Totul Opeuting Blended Total
Fund Resource General Fnnd Resource General Fund Re.sourtt General Fnnd Resource Geueral
Ew!J..l:U. Fund 15 Fund Fnnd 11-13 Fuod 15 ""' fHrul!l:!1. fuill ""' Fund 11-13 Fund 15 Fund EXPENDITURES CURRENT EXPENDITURES (Continued) Undistributed Expendirures (Continued) Improvement of Instructional Services
Salaries of Supervisors of lnstruclioo ' 214,395 ' 118,979 ' 333,374 ' 70,966 ' (622) s 70,344 ' 285,361 ' 118,357 ' 403,71& ' 285,361 ' 118,357 ' 403,718 Salaries of Other Professional Staff 379,()59 379,059 (136,172) (136,172) 242,887 242,887 242,887 242,887 Salaries of Secretarial and Clerical Assisl 333,058 50,662 383,720 (187,898) 22,373 (165,525) 145,160 73,035 218,195 145,160 73,035 218,195 Other Salaries 6,418 6,418 56,623 56,623 63,041 63,041 63,041 63,041 Salaries of Facilitators, Math & Literacy Coaches 95,640 95,640 3,389 3,389 99,()29 99,029 99,029 99,()29
Other ?urchased Services 1,000 2,50() 3,500 2,600 (2,500) '"' 3,600 3,600 3,600 3,60() Purchased Professional Educational Svcs. 1,800 22,964 24,764 1,700 (20,717) (19,017) 3,500 2,247 5,747 3,500 2,151 5,651 Oiher Purcb Prof & Tech Services 1,000 1,000 (1,000) (1,000) Supplies and Malerials 66,785 66,785 {63,080) (63,080) 3,705 3,705 2,778 2,778 Other Objects 1,500 1,500 150() 1500 1,000 1,000
Total lmprovementoflnslnlctional Services I 09& 155 196,1()5 1,294,260 (25(),372) (2,466) {252,838) 847,783 193,639 1,041,422 846 356 193 543 ~899
Educational Media Services/School Library Salaries 276,960 316,743 593,703 29,332 34,755 64,()87 306,292 351,498 657,790 306,292 351,498 657,790
Purchased Professional and Technical Services 11,000 2,746 13,746 (2,746) (2,746) 11,000 11,000 Other Purchased Services 1,750 1,750 (860) (860) '" "' 890 890 Supplies and Materials 61,519 61,519 "' 14,294 14,477 "' 75,813 75,996 68,831 68,831 Oilier Objects 8,931 8,931 {8,931) (8,931)
Total Educational Media Services/School Library 287 960 74946 679,649 29 515 36,512 66 027 317 475 428 201 745,676 ~292 421,219 727.511
lnslnlctional Staff Training Services Purchased Professional Educational S'I'CS. 19,330 19,330 (17,393) (17,393) 1,937 1,937 1,786 1,786 Other Purchased Prof. and Tech. Services 1,0()0 1,000 3,166 12,00() 1:5,166 3,166 13,00() 16,166 3,166 13,000 16,166 Other Purchased Services 62,173 62,173 (45,368) (45,368) 16,805 16,805 15,299 15,299 Supplies & Materials 4 080 4080 (4,080) {4,080)
Total instructional Staff Training Services 86 583 86583 3166 (54,841) {51,675) 3 166 31,742 34 908 3 166 30085 ___ n_.251
Support Services General Administration Salaries 220,575 220,575 54,179 54,179 274,754 274,754 274,754 274,754 Legal Services 164,293 164,293 159,758 159,758 324,051 324,0:51 180,614 180,614 Audit Fees 51,735 51,135 3,91)9 3,909 55,644 55,644 55,644 55,644 Other Purchased Professional Services 15,600 15,60() 15,600 15,600 15,323 15,323 ?urchased Technical Services 36,000 36,00() (27,&39) (27,839) 8,161 8,161 7,500 7,500
Communicationsffelephone: 165,149 165,149 (4,717) (4,717) 160,432 160,432 136,615 136,615 BOE Other Purchased Services 3,045 3,045 (1,065) (l,Q65) 1,980 1,980 1,980 1,98() Mise Purchased Services 81,955 81,955 166,585 166,585 248,540 248,540 230,785 230,785 General Supplies 13,925 13,925 8,800 8,800 22,725 22,72:5 22,052 22,052 BOE In-House Training/Meeting Supplies 2,040 2,040 {2,040) (2,040) Judgments Against the School District Miscellaneous Expenditures 5,000 5,000 6,51() 6,510 11,510 11,5!0 11,148 11,148 BOE Membership Dues and Fees 27()66 27 066 (12fl) (12()) 26946 26946 26,8()1 26,801
Total Support Services General Adminislration 786,383 7&6,383 363,960 363,960 1 150,343 1,150~43 963,216 ~16
Support Services School Administration Salaries of Principal:<! Asst. Principals 818,847 $18,847 3,000 7(),269 73,269 3,000 S89,116 892,116 3,000 889,116 892,ll6 Salaries of Other Professional Staff 19,250 19,250 19,250 19,25() 18,50() 18,500 Salaries of Secretarial and Clerical Assistants 257,88& 257,888 93,938 93,938 351,826 351,&26 351,69& 351,698 Purchased Professional and Technical Sv~s. 3,553 3,553 (3,354) (3,354) 199 199 199 199 0~1er ?urchased Services 5,479 5,479 (5,47S) (5,47&) I Supplies and Materials 152,567 152,567 (64,689) (64,689) 87,878 87,878 77,318 77,318 OtherObject.s 8,225 8,225 5,610 5,610 13 835 13 835 9763 9,763
Total Support Srn'ices School Administration 1 246 559 1 246 559 22250 96 296 118 546 22,250 I 342 855 1,365,105 21,5()0 1 328 094 ~594
,. (Continued)
EXHIBIT C-IA HOBOKEN PUBLIC SCHOOLS
GENERAL FUND COMBINING BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Adjustments/ Oricinal Budget Badget Transfer Final Bud et Attual
Budget Budget Budget Actual Operating Blended Total Operating Blended Total Operating Blended Total Operating Blended Tom]
Fund Resource General Fund Resource General Fund Resource General Fund Resource General
~ Fund IS "" Fnnd 11-13 Fund 15 Fund Fund 11-13 Fund 15 Fund Fund 11-13 Fund IS Fund EXPENDITURES CURRENT EXPENDITURES (Continued) Undistributed Expenditures (Continued)
Support Services Central Services Salaries • 415,614 ' 415,614 ' 128,808 ' 128,808 ' 544,422 ' 544,422 $ 544,422 • 544,422 Purchased Professional Services 7,976 7,976 2,974 1,974 10,950 10,950 Purchased Technical Services 160,463 160,463 (14,102) (14,202) 146,261 146,261 133,806 133,806 Misc. Purch. Services 55,525 55,525 3,847 3,847 59,372 59,372 48,382 48,382 Sale/Lease-ba~k Payments Supplies and Materials 19,154 19,154 21,32() 21,32() 40,474 40,474 38,330 38,330 Imerest on Lease Purchase Agreements 14,342 14,341 (1,400) (1,400) 12,942 12,942 12,854 12,854 Misc. Expenditures s 061 8 061 (2 000) )1,000) 6,061 6,061 3.165 3 265
Total Support Services Central Services 68l.l35 681 135 139J:47 139J:47 820,482 820 482 7111,059 ___1!!_,_059
Admin. Info. Tech. Salaries 57,912 57,912 (13,349) {13,349) 44,563 44,563 44,563 44,563 Purohased Professional Services 9,610 9,610 9,610 9,610 4,120 4~120 Purchased Technical Services 4,900 4,900 4,900 4,900 1,400 1,400 Other Purchased Services 78,237 78,237 {4,701) {4,701) 73,536 73,536 69,570 69,570 Supplies and Materials 27,757 27757 2 369 2 369 30 126 30,126 15 097 25 097
Total Admin. info Tech. !73,516 173.,516 (10,781) (10,781) 162,735 162,735 144,750 ~750
Required Mainlellance For Sehool Facilities Salaries 73!,357 731,357 109,781 109,781 &41,138 841,138 84!,138 841,138 Cleaning, Repair, and Maintenance Services 145,121 245,121 174,312 174,322 419,443 419,443 363,815 363,815 General Supplies 95.670 95,670 4.486 4486 100 !56 100,156 96 508 96 508
Total Required Maintenance For &:bool Facilities 1,07;148 1,072,148 288.;!89 288.589 1,360 737 I 360 737 1.301,461 ~461
CusiOdial Services Salaries 1,388,770 1,388,770 (53,016) (53,016) 1,335,754 1,335,754 1,315,308 1,315,308 Salaries ofNon-iliSirllctional Aides 19,719 19,719 {12,380) {12,380) 7,339 7,339 6,883 6,883 Cleaning, Repair, and Maintenance Services 551,556 557,556 (235,444) (235,444) 322,Jl2 312,112 247,730 147,730 O!her Purchased Proporty Services 114,173 114,173 32,185 32,185 146,358 146,358 136,371 136,371 , __
175,169 175,169 5,636 5,636 180,805 !S0,805 180,805 180,805 Miscellaneous Purchased Services 71,890 71,890 17,887 17,887 99,777 99,777 93,486 93,486 GeooraiSopplies 263,693 13,815 177,508 (5,443) 3,889 (1,554) 258,150 17,704 175,954 132,646 17,704 150,350 Energy (Eleclricity} 720,217 720,217 18,124 18,124 73S,341 738,341 605,847 605,847 Energy (Natural Gas) 522 175 522175 (31,905) (31,905) 490,270 490,270 299 817 299,827
Total Custodial Sen-ices 3 813,643 33,534 3,847,177 (241,976) (8,491) (250,467) 3,571 667 25 043 3 596 710 3 012 020 14,587 ~607
Care & Upkeep of Grounds Salaries 108,231 108,231 (3,734) (3,734) 104,497 104,497 104,497 104,497
Cleaning, Repair, and Maintenance Services Gomeral Supplies "" 2,672 2672 1,672 1193 1.193
Total Care & Upkeep of Grounds 108 231 108~31 (1,062) (1,062) 107 169 107 169 ~690 !05,690
Security
Salaries 7,953 342,797 350,750 196,570 (341,680) (45,110) 304,523 1,!17 305,640 299,690 299,690 Cleaning, Repair & Maintenance Services General Supplies 14,585 14.585 500 (11,479) (10,979) 500 3 !06 3606 3106 3.106
Total Security 7.953 357,381 365~35 297.070 (353,159) (56,089) 305,023 4,223 309,246 299 690 ~~-3_,106 301,796
07 {Continuo:!)
EXHIBIT C-IA HOBOKEN PUBLIC SCHOOLS
GENERAL FUND COMBINING BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED JlJNE 30, l014
Adjustmcnul Original Budget Budget Transfer Final Bud el Actual
BQdget Budget Bud gel Actual O~raling Blended Total O~rating Blended Total O~rating Blended Total O~raling Blended Tollll
Fund Resource General Fund Resource General Fund Re•ourcc G.:ncral Fund Re~nurce General Fund 11-13 Fund IS Fund Fund ll-13 Fund 15 Fund
EXPENDITURES Fund 11-13 Fund 15 - Fund ll-13 Fund 15 Fund
CURRENT EXPENDITURES (Continued) Undistributed Expenditures (Continued)
Srudent Tramportation S=ices Salaries of Non-Instructional Aides ' 214,148 ' 214,148 ' 25,110 ' 25,110 ' 239,258 ' 239,258 ' 231,847 ' 231,847 Salaries for Pupil T ransprutation (B¢~:w¢eo Home and School)- Special 727,472 727,472 (61,423) (61,423) 666,049 666,049 651,722 651,722
Salaries for Pupil T ransportotion (Oilier than Btw Home and School) 50,367 50,367 45,969 45,969 96,336 96,336 93,564 93,564
Contrae1ed S.:rvices (Other Than Between Home and School)- Vendors ' 46,441 46,441 ' (31,415) (31,415) ' 15,026 15,026 ' 15,026 15,026
Oilier !>urchased Prof. and Technical Serv. 69,850 69,850 6,n7 6,n7 76,627 76,627 73,707 73,707 Cleaning Repair & Maintenance Services 23,787 23,7117 28,930 28,930 52,717 52,717 48,300 48,300 Contrae!ed Svcs.. (Oth, Than Bet Home & Sch)- Vend '" '" '" '" Contracted Svcs. (Spec Ed Srudents) Vendors ''" 1,373 1,373 ,,,
Contracled Svcs. (Spec Ed Srudents) Joinl Agreements 40,302 40,302 40,302 40,302 27,708 27,708 Misc. Purchased Services- Transportation 19,486 19,486 (17,000) (17,000) 2,486 2,486 2,208 2,208 General Supplies 3 3 80,262 80,262 80,265 80,265 76,093 76,093 Transportation Supplies 80,325 80,325 80,325 80,325 60,147 60,147 Other Objects 12,200 12.200 12 200 12,200 4,831 U31
Tolal Student Transportation Services 1240195 46441 I 286 636 108,625 {31415) 77,210 1.348 820 IS 026 1.363 846 1,270,127 15,026 ~153
Unallocated Benefits - Employee Benefits S<.>c:iai Security Contributions 606,493 246,580 853,073 21,576 21,576 628,069 246,580 874,649 574,705 246,580 821,285 Other Retirement Connibutions-PERS 630,298 630,298 6,125 6,125 636,423 636,423 568,471 56&,471 Other Retirement Connihutions - DCRP 10,000 10,000 7,000 7,000 17,000 17,000 16,882 16,882 Unemplo}llleol CowJ)<'nsation 87,524 48,927 136,451 (35,912) (35,912) 87,524 !3,015 100,539 67,900 13,015 80,915 Workers Compen<ation 347,584 347,584 224,040 224,040 571,624 571,624 524,8ll 524,&11 Health&nefiiS 996,948 4,040,148 5,037,096 441,717 (314,394) 127,323 1,438,665 3,725,754 5,164,419 548,886 3,725,754 4,274.640 hition Reimbursement 50,000 50,000 20,000 20,000 70,000 70,000 46,254 46,254 Other Employee &nefiiS 890,676 890,676 168,339 168,339 I 059015 1,059,015 I 048,404 1 048 404
Total Unallocated Benefits 3,619.523 4,335,655 7955,178 888,797 (350.306) 538491 4,508 320 3,985,349 8 493 669 3,396,313 3,985,349 ~662
On BehalfTPAf Pension Connib. (Not1 Budgeted) Normal Pension Benefit Contribution 715,096 715,096 NCGI 63,119 63,119 Post Reliremenl Medical Beru>fil Contribution 1,275,980 1,275,980
On BehalfTPAF Social Security Con1nOution (Non Budgeted) 1,451,304 1451304
Total Undistributed Expenditures 17656755 7,521,031 25 494,529 l 8()9,924 (591,364) 1,218,560 19.466 679 7 246 410 26,713 089 20541320 7.215,364 27.756,684
Total Expenditures - Current Expense 20 876 896 21,483 532 42677,171 708,574 {101,313) 607,261 21.585 470 21.698 962 43 284 432 22 406,127 21061,780 43,467.907
CAPITAL OUTLAY Equipment
Grades 1-5 99,69'} 99,699 (57,643) (57,643) 42,056 42,056 7,866 7,S66 Grades 6-8 18,808 18,808 18,808 18,808 18,808 18,808
Grades 9-12 3,882 3,882 3,882 3,882 3,8&2 3,882 Undistributed Expenditures
Required Maintenance 7,500 7,500 (7,500) (7,500) School Buses-Special 23,400 23,400 23,400 23,400 21,450 21.450 No~-lnstructional Services
Tolal Equipment !30,599 130.;!99 (42 453) (42,453) 88146 88146 52,006 ___ ,_.006
" (Continued)
EXHIBIT C-IA HOBOKEN PUBLIC SOIOOLS
GENERAL FUND COMBINING BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED .IUNEJO, 2014
Adjustments! Origjnal Budget Budget Transfer Final B~d et Actual
Budget Budget Bndgd Actual Operating Blended TOJtal Opera.ting Blended TOJtal Operating Blended Total Operating Blended Total
Fund Resource General Fund Reronrcc General Fund Resource Gencr;aJ Fund Resource Gencr;al Fond 11-13 Fund IS Fund Fund 11-13 Fund IS - Fond 11-I3 Fund IS !.!!l!.Q Fund 11-13 Fund 15 l!.!!.!!Q
CAPITAL OUTLAY (Continued)
Facilitieo Acquisition and Construction Services An::IUtectural/EngU!eering Svcs. ' 61;312 ' 67,372 $ 136,997 ' 186,997 ' 254,369 ' 254,369 s 79,698 ' 79,698 Construction Services 707,406 707,406 466,760 466,760 1,174,166 1,174,166 291,339 291,339 Land Improvements 6,295 6,295 6,295 6,295 6,295 6,295 Lease Purchase Agreements - Principal 200 000 200 000 200,000 200.000 200 000 200 000
Total F~cilitiesAcquis. and Const Setvlces 974 778 974 778 660 052 660 052 1£34,p0 1,634~0 s11,;p2 577J.32
Total Capital Outlay 1 lOS 377 1,105,277 617 599 617.599 1 722 976 Lm976 629,338 ~38
SPECIAL SCHOOLS Other Special Schools- Support Services
Salaries 4,195 4,195 4,195 4,195 4,195 4,195 Personal Servioes - Employee Benefits Supplies and Materials
Total Other Special Schools- Support Services 4195 4195 4,195 4195 4,195 4195
Total Spocial Schools 4195 ' "" 4,195 4,195 4,195 4,195
CHARTER SCHOOLS Transfer ofFWlds to Charter Schools 7807 674 7,807,674 (314 48?) (314,487) 7 493 187 7,4931&7 7,493187 7,493,187
Total Transfer cfFWlds to Charter Schools 7 807 674 7 807 674 Q14,48?) Ql4,487) 7.493.187 7493187 7 493 187 7493187
Total Expenditures- General Fund 297&9947 ' 21,483 532 51,590222 I 015 881 ' (101.313) 914 568 30 805,828 ' 21.698 962 52 504 790 30 532 847 ' 21 061 780 ____1!.,_594.627
EXC<:SS (Deficiency) of Revenues Over (Under) Expenditures 20,049,761 (21,483.532) (1.750,514) (1,015,881) 101,:313 (914,568) 19.033.880 (21,698,962) (2,665,082) 22 553 147 (21,061,780) ~67
Other Financing Somces(Uses) Transfers In-SBB-G.:nera1 Fund 21,235,050 21,235,050 (101,313) (101,313) 21,133,737 21,133,737 20,511,939 20,5ll,939 Transfers In-SBB-Spocial Revenue Fund 565,225 565,225 565,225 565,225 549,841 549,841 Transfer Out- Special Revenue fUDd (343,320) (343,320) (343,320) (343,320) (343,320) (343,320) Transfers Out-SBB (21,235,050} (21,235,050) 101,313 101,313 (21,133,737) (21,133,737) (20,511,939) (20,511,939) Transfers Out- Food Service Fund ~150,000) (150,000) Q32.960) (332,960) (4&;960) (481,960) (482,960) {482,960)
Total Other Fmancing Somces(Uses) {?,1.728,370) 21 800 275 71,905 Q31,647) (101313) (332,960) Q1,960,01?) 21 698 962 {261,055) (21,338,219) 21,061,780 Q76,439)
Exoess(Deficiency) ofReve= and Other Fmancing Sources Over(Under) Expenditures and Other Financing Uses (1,678,609) 316,743 (1,678,609) (1,247,528) (1,247,528) (2,926,137) (2,926,137) 1,214,928 1,214,928
Fund Bolanoes, Beginning of Year 3 583 627 3,583 627 3 583,627 3,283.627 3,583.627 3 583.627
F!Dld Balances, End ofY ear ' 1,905,013 ' 316,743 ' 1,905,018 ' (1,247,528) s ' (1,247,528) ' 657,490 ' s 657,490 s 4,?_98,?_5~ ' s 4,798,555
69
EXHIBIT C-2
HOBOKEN PUBUC SCHOOLS SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Original Final Variance Final Budget Adjustments Budget Actual Budget to Actual
REVENUES State Sources ' !0,614,676 ' 1,978,662 ' 12,593,338 ' l0,308,801 ' (2,284,537) Federal Sources 1,505,055 868,167 2,373,222 1,!W3,842 (569,380) Other Sources 32,347 (1,406) 30,941 12,934 (18,007)
Total Revenues 12,152 078 2,845,423 14,997,501 12,125,577 {2,871,924)
EXPENDITURES Instruction
Salaries of Teachers 1,l04,474 (77,834) 1,026,640 988,953 37,687 Other Salaries for Instruction 249,210 107,830 357,040 211,152 145,888 Salaries for Pupul Transportation (Between Home and
School)- Non-Public 320 320 320 Purchased Prof. and Tech. Svcs. 276,762 276,762 151,898 124,864 Purchased Professional-Educational Services 848 (698) 150 150 Tuition 565,585 565,585 557,046 8,539 Other Purchased Services 545,630 (545,090) 540 540 General Supplies 44,953 154,975 199,928 141,343 58,585 Textbooks 49,881 3,818 53,699 52,718 981 Travel 1,978 1,978 1,978 Other Objects 354 27,376 27,730 16 590 ll,140
Tota1Instruction 1,995,350 515,022 2,510,372 2,122,538 387,834
Support Services Salaries 256,966 232,215 489,181 408,528 80,653 Salaries of Program Directors 82,686 (10,407) 72,279 69,326 2,953 Salaries of Other Professional Staff 504,492 (36,505) 467,987 410,323 57,664 Salaries of Secretarial and Clerical Asst. 72,962 51,518 124,480 l06,437 18,043 Salaries ofC01nmunity Parent Involvement Specialists 57,422 57,422 56,980 442 Salaries of Master Teachers 229,090 1,332 230,422 230,108 314 Other Salaries 358,603 7,271 365,874 363,039 2,835 Personnel Services- Employee Benefits 1,122,220 157,735 1,279,955 1,012,602 267,353 Purchased Prof./Educ. Svcs. 334,729 5,410 340,139 253,450 86,689 Purchased Educational Services-Conttacted Pre-K 6,255,195 537,839 6,793,034 6,270,015 523,019 Purchased Professional and Technical Services 117,290 117,290 82,442 34,848 Other Purchased Professional-Education Services 50,000 1,034 51,034 3,516 47,518 Other Purchased Professional Services 11,034 25,000 36,034 1,370 34,664 Cleaning, Repair and Maintenance Services 223,783 211,871 435,654 168,558 267,096 Contracted Services (Other than Between Home & School) 26,000 (10,000) 16,000 1,680 14,320 Travel 15,000 10,000 25,000 907 24,093 Other Purchased Services 26,732 26,732 [0,525 16,207 Miscellaneous Purchased Services 69,423 7,689 77,112 77,112 Supplies and Materials 50,56! 88,230 138,791 31,430 107,36! Other Objects 167,529 36,382 203,911 51;092 152,819 Miscelleneous Expenditures 190 186 376 376
Total Student and Instruction Related Services 9 887,885 1,460,822 11348 707 9,609,440 1,739 267
Capital Outlay Instructional Equipment 145,000 145,000 145,000 Non-instructional Equipment 46,938 724 579 771,5 !7 187,078 584,439
Total Capital Outlay 46 938 869,579 916,517 187,078 729,439
Total Expenditures 11,930,173 2,845 423 14,775,596 11919,056 2,856,540
Excess (Deficiency) of Revenues Over {Under) Expenditures 221,905 221,905 206,521 {15,384)
Other Financing Sources (Uses} Transfer In- General Fmtd 343,320 343,320 343,320 Transfer Out- Contribution to School Based Budgets (SBB) {565,225) (565,225) (549,840 15,384
Total Other Financing Sources (Uses) {221,905) {221,905) {206,521) 15,384
Excess (Deficiency) of Revenues and Other Financing Sources Over/(Under)
Expenditures and Other Financing (Uses)
Fund Balances, Beginning of Year
Fund Balances, End ofYear ' $ ' ' '
70
HOBOKEN PUBLIC SCHOOLS REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Formal budgetary integration into the accounting system is employed as a management control device during the year. For govenunental funds there are no substantial differences between the budgetary basis of accounting and accounting principles generally accepted in the United States of America, with the exception of the legally mandated revenue recognition of certain state aid payments for budgetary purposes only and the treatment of encumbrances in the special revenue fund as described below. Encumbrance accounting is also employed as an extension of formal budgetary integration of 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 following presents a reconciliation of the General and Special Revenue Funds from the budgetary basis of accounting as presented in the Budgetary Comparison Schedule~ General Fund and Special Revenue Fund to the GAAP basis of accounting as presented in the Statement of Revenues, Expenditures and Changes in Fund Balance~ Governmental Funds.
Sources/Inflows of Resources Actual amounts (budgetary basis) "revenue"
General Fund
EXHIBIT C-3
Special Revenue
Fund
from the budgetary comparison schedule (Exhibits C~ l, C~2) $ 53,085,994 $ 12,125,577 Difference- Budget to GAAP:
Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.
Encumbrances, June 30, 2014 Encumbrances, June 30,2013 (Net of Cancellations)
State Aid payments recognized for GAAP purposes not recognized for Budgetary statements (June 30, 2013)
State Aid payments recognized for Budgetary purposes not recognized for GAAP statements (June 30, 2014)
Total revenues as reported on the Statement of Revenues, Expenditures and Changes in Fund Balances- Governmental Funds (Exhibit B~2)
Uses/Outflows of Resources Actual amounts (budgetary basis) "total outflows" from the
budgetary comparison schedule (Exhibits C-1, C-2)
Differences ~Budget to GAAP Encumbrances for supplies and equipment ordered but not received are reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes.
Encumbrances, June 30, 2014
Encumbrances, June 30, 2013 (Net of Cancellations)
Total expenditures as reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances ~ Governmental Funds (Exhibit B-2)
71
(288,376) 243,050
1,147,938 157,742
(1,289,169)
$ 52,944,763 $ 12,237,993
$ 51,594,627 $ ll,9l9,056
(288,376)
243,050
$ 51,594,627 $ 11,873,730
OTHER SUPPLEMENTARY INFORMATION
SCHOOL LEVEL SCHEDULES
ASSETS Cash and Cash Equivalents Receivables, Net
Intergovernmental State Federal
Other Accounts Receivable Due !rom Other Funds Prepaid Items
Total Assets
LIABILITIES Accounts Payable Other Current Liabilities
Total Liabilities
FUND BALANCES Restricted Capital Reserve Maintenance Reserve
Assigned Year End Encumbrances
HOBOKEN PUBLIC SCHOOLS GENERAL FUND
COMBINING BALANCE SHEET AS OF JUNE 30,2014
Operating Fund
Fund 11-13
$ 1,807,660 $
126,610 187,348
13,096 1,872,403
45,732
$ 4,052,849 $
$ 288,291 $ 255,173
543,464
100,001 700,000
1,566,346 Designated for Subsequent Year's Expenditures 1,300,000
Unassigned (156,961)
Total Fund Balances 3,509,386
Total Liabilities and Fund Balances $ 4,052,850 $
72
Blended Resource Fund 15
EXHIBIT D-1
Total General
Fund
21,056 $ I ,828,716
126,610 187,348
13,096 1,872,403
45,732
21 056 $ 4,073,905
21,056 $ 309,347 255,173
21 056 564,520
I 00,00 I 700,000
1,566,346 1,300,000 (156,961)
3,509,386
21,056 $ 4,073,906
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND IS SCHEDULE OF EXPENDITURES ALLOCATED BY RESOURCE TYPE-ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 20I4
Districtwide
Resources
General Fund Contribution to School Based Budgets General Fund Encumbrances- June 30,2013
Combined General Fund Contribution and State Resources
Restricted Federal Resources
Title I, Part A Title II Part A
Restricted Federal Resources Total
Totals
$
$
73
Resource Amount
(Final Budget)
21,054,28I 79,456
21 133 737
21,I33,737
482,651 82,574
565,225
2I,698,962
Total
District-Wide Expenditures
Blended Allocated as a
%of Total %of Total Resources Resources
$ 20,432,483 79,456
20 511 939
97.39% 20,511,939
2.23% 469,514 0.38% 80,327
2.61% 549,841
100.00% $ 21,061,780
EXHIBIT D-2
Total/Surplus
Carryover
$ 621,798
621 798
621,798
13,137 2,247
15,384
$ 637,182
HOBOKEN PUBLIC SCHOOLS BLENDED RESOURCE FUND 15
SCHEDULE OF EXPENDITURES ALLOCATED BY RESOURCE TYPE-ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30,2014
School ~ High School
Resources
General Fund Contribution to School Based Budgets General Fund Encumbrances~ June 30, 20!3
Combined Genera! Fund Contribution and State Resources
Restricted Federal Resources
Title I, Part A Title II Part A
Restricted Federal Resources Total
Totals
74
Resource Amount
$ 8,818,181 63,847
8 882 028
8,882,028
178,694 30,552
209,246
$ 9,091,274
Total Expenditures
0/c, of Total %of Total Resources Resources
$ 8,518,430 63,847
8 582 277
97.70% 8,582,277
1.97% 172,663 0.34% 29,521
2.30% 202,184
100.00% $ 8,784,461
EXHIBIT D-2. I
Total/Surplus Carryover %of Total Resources
$ 299,751
299 751
299,751
6,031 1,031
7,062
$ 306,813
HOBOKEN PUBLIC SCHOOLS BLENDED RESOURCE FUND 15
SCHEDULE OF EXPENDlTURES ALLOCATED BY RESOURCE TYPE~ACTUAL FOR THE FISCAL YEAR ENDED .JUNE 30, 201"
School~ Wallace
Resources
General Fund Contribution to School Based Budgets General Fund Encumbrances- June 30,2013
Combined General Fund Contribution and State Resources
Restricted Federal Resources
Title I, Part A Title fl Part A
Restricted Federal Resources Total
Totals
$
$
Resource Amount
6,072,297 8,849
6081 146
6,081,!46
164,040 28,075
192,115
6,273,261
75
%of Total Resources
96.94%
2.61% 0.45%
3.06%
100.00%
$
$
Total Expenditures %of Total Resources
5,942,378 8,849
5 951 227
5,951,227
160,535 27,475
188,011
6,139,238
EXHIBIT 0~2.2
Total/Surplus Carryover %of Total Resources
$ 129,919
129 919
129,919
3,505 600
4,104
$ 134,023
HOBOKEN PUBLIC SCHOOLS BLENDED RESOURCE FUND IS
SCHEDULE OF EXPENDITURES ALLOCATED BY RESOURCE TYPE~ACTUAL FOR THE FISCAL YEAR ENDED ,JUNE 30,2014
School~ Calabro
Resources
General Fund Contribution to School Based Budgets General Fund Encumbrances- June 30, 2013
Combined General Fund Contribution and State Resources
Restricted Federal Resources
Title I, Part A Title II Part A
Restricted Federal Resources Total
Totals
$
$
Resource Amount
1,671,233 1,132
1 672 365
I ,672,365
38,598 6,606
45,204
I, 717,569
76
%of Total Resources
97.37%
2.25% 0.38%
2.63%
100.00%
$
$
Total Expenditures
'%of Total Resources
1,617,851 1,132
1 618 983
1,618,983
37,366 6,395
43,761
1,662,744
EXHIBIT 0~2.3
Total/Surplus Carryover %of Total Resources
$ 53,382
53 382
53,382
1,232 211
!,443
$ 54,825
HOBOKEN PUBLIC SCHOOLS BLENDED RESOURCE FUND 15
SCHEDULE OF EXPENDITURES ALLOCATED BY RESOURCE TYPE~ACTUAL FOR THE FISCAL YEAR ENDED ,JUNE 30,2014
School~ Connors
Resources
General Fund Contribution to School Based Budgets General Fund Encumbrances- June 30, 2013
Combined General Fund Contribution and State Resources
Restricted Federal Resources
Title I, Part A Title If Part A
Restricted Federal Resources Total
Totals
$
$
Resource Amount
3,377,964 5,309
3 383 273
3,383,273
101,319 17,341
118,660
3,50 I ,933
77
%or Total Resources
96.61%
2.89% 0.50%
3.39%
100.00%
$
$
Total Expenditures %or Total Resources
3,298,84! 5,309
3304150
3,304,150
98,950 16,935
115,885
3,420,035
EXHIBIT D~2.4
Total/Surplus Carryover "/o or Total Resources
$ 79,123
79 123
79,123
2,369 406
2,775
$ 81,898
EXHIBIT D-2.5
HOBOKEN PUBLIC SCHOOLS BLENDED RESOURCE FUND IS
SCHEDULE OF EXPENDITURES ALLOCATED Y RESOURCE TYPE-ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30,2014
School- Brandt Total Total/Surplus
Expenditures Carryover Resource %of Total %of Total %of Total Amount Resources Resources Resources
Resources
General Fund Contribution to School Based Budgets $ 1,093,278 $ I ,054,983 $ 38,295 General Fund Encumbrances- June 30,2013 319 319
I 093 597 I 055 302 38 295
Combined General Fund Contribution and State Resourc 1,093,597 100.00% I ,055,302 38,295
Restricted Federal Resources
Title I, Part A 0.00% Title I! Part A 0.00%
Restricted Federal Resources Total 0.00%
Totals $ 1,093,597 !00.00% $ I ,055,302 $ 38,295
78
HOBOKEN PUBLIC SCHOOLS BLENDED RESOURCE FUND 15
SCHEDULE OF EXPENDITURES ALLOCATED Y RESOURCE TYPE-ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 2014
School- Demarest
Resources
General Fund Contribution to School Based Budgets General Fund Encumbrances- June 30,2013
Combined General Fund Contribution and State Resources
Restricted Federal Resources
Title I, Part A Title II Part A
Restricted Federal Resources Total
Totals
$
$
79
Resource Amount
21,328
21 328
21,328
21,328
%of Total Resources
100.00%
0.00% 0.00%
0.00%
~%
$
$
Total Expenditures %of Total Resources
$
$
EXHIBIT D-2.6
Total/Surplus Carryover %of Total Resources
21,328
21 328
21,328
21,328
EXHffiiT D-3
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND IS
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACfUAL
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Variance
Original Final Final Budget to
Budget Adiustments Budget Actual Actual
EXPENDITURES
CURRENT EXPENDITURES
Oistrittwide
Regular Programs-Instruction
Salaries ofTeachers
Kindergarten 724,613 $ 428,084 1,!52,697 \,152,107 $ 590
Grades 1-5 3,666,050 81,449 3,747,499 3,733,430 14,069
Grades 6- 8 1,652,618 (253,915} 1,398,703 1,398,703
Grndes 9- 12 3 072,676 374 203 3,446 879 ) 446,879
Total 9115957 629 821 9 745 778 9 731 119 14 659
R~gular Programs Undistributed Instruction
Other Salaries for Instruction
Purchased Professional Educational Services 21,451 (13,951) 7,500 7,500
Purchased Technical Services 251 (251)
Other Purchased Services 42,612 42,612 19,951 22,661
General Supplies 655,576 299,972 955,548 439,366 516,182
Textbooks 36,032 (26,723) 9,309 9,084 225 Other Objects 13 097 18,071 3\ 168 29 254 1 914
Total 726 407 319730 1 046 131 505 !55 ~4Q 2ll2
Total Rogulnr Programs -Instruction 9 842 364 949551 10791915 10 236 274 555 641
Special Education- Instruction
Cognitive- Moderate
Salaries ofT eachcrs 64,867 8,272 73,!39 73,139
Other Salaries for Instruction
Purchased Professional Educational Services 400 (400)
Other Purchased Service~ 1,800 {1,800)
General Supplies 5,412 (4,706) 706 147 559 T<mtbooks
Total Cognitive- Moderate 724]9 I 366 73 845 73 286
Lcnming and/or Disabilities
Salaries of Teachers 93,387 (2,150) 9\,237 9!,237
Other Salaries for Instructions
Purchnsed Professional Educational Services
Other Purchased Services 660 (660)
General Supplies 1,867 (1,293) 574 285 289
Textbooks Other Objects
Total 95 914 (4 103) 9] 811 91 522 282
Behavioral Disabilities
Salaries ofTenchcrs 93,387 (2,[50) 91,237 91,237
Other Snlaries for Instruction
Purchosed Professional Educational Services 300 (300)
Other Purcl1nsed Services 100 (100)
General Supplies [,164 (866) 298 298 Textbooks
Total 94,951 (3,416) 9[ 535 91 535
Multiple Disabilities
Sahuies of Teachers 591,914 (91,071) 500,903 500,903
Other Salaries for Instruction 93,229 27,205 120,434 119,449 985
Purchased Professional Educational Services 300 (300)
Other Purchased Scrvicos 320 (320)
General Supplies 6,496 (1,311) 5,185 4,871 314
Textbooks Other Objects l 414 (!64) 1 250 l 250
Total 693,733 (65,961) 627 772 626,473 l 299
80
EXHIDITD·l HOBOKEN PUBLIC SCHOOLS
BLENDED RI!:SOURCE FUND 15
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACfUAL
FOR nm FISCAL YEAR ENDED JUNE JO, 2014
Variance
Original Final Final Budget to
Budgd Adj1tstments Ru!!get Adunl Actual
EXPENDITURES
CURRENT EXPENDITURES
Districtwide
ReBOUfC\l Room
Sal~ries of Teachers 2,256,417 (389,383) 1,867,034 1,866,034 1,000 Other Salaries for Instruction
Purchused Professional f:.ducational Services 2,850 (2,645) 205 205 Purchased Technical Services !,470 (1,369) 101 100 Other Purchosed Services 21,030 (20,715) 315 282 3J General Supplie,s 5,269 (2,375) 2,894 2,050 844 Textbooks Other Objects
Total 2 287 036 (416487) 187Q 5:12 1868671 ___u:za
Autism:
Salaries ofTeachcrs
Other Salaries for lnstructi011
Other Purchased Services Geneml Supplies 2,346 534 2 880 2 535 345
Total 2 J46 534 2 880 2 535
Preschool Disabilities· Full-Time
Salaries of Teachers 28,678 403,608 432,286 432,286 Other Salaries for Instruction 7,785 7,054 14,339 !3,854 985 Other Purchased Services 440 (I 15) 325 325
General Supplies 25,049 (4 026) 21 023 17,364 3 659
Total 61 952 406 521 46!! 1ZJ 463 829 1611
Total Special Education Instruction 3308111 (81 546) 3 226 865 3 21H;i! 2 QJ1
Bilingual Education
Salaries of Teachers 232,660 (232,660) Other Salaries for lustruction
Purchased Professional-Educational Services 200 (200) Purchased Technical Service~
Other Purchased Services 1,480 (1,480) General Supplies 6,701 (5,170) 1,531 1,530
Te."~:tbooks
Other Objects 195 (195)
Total 241 2J6 (2;1:9 705) I 530
School Sponsored Co!Extrac'urricular Activities
Salaries 292,366 (124,775) 167,591 167,501 90 Purchased Services 720 1,760 2,480 1,403 1,071 Supplies and Materials 27,369 (15,705) 1!,664 10,292 1,372 Other Objects 31,425 (2,627) 28 798 27,226 I 572
Total 351880 (141 341) 2\Q 533 206 422 4 Ill
School Sponsored Athletics
Salaries 222 222 222 Purchased Services 23,000 (JJ6) 22,664 6,990 15,674 Supplies and Materials 112,051 112,051 106,850 5,201 Other Objects 83,559 3 212 86 771 70 277 16 494
Total 218 610 J 098 22] 1!l8 ~~-1_8_4 339 37 Jfi2
Total instruction 13 962 50! 490 051 l41nm !3846416 \iOi! IJ!.i
Attendance and Social Work
Salaries 309,313 44,147 353,460 353,460
Other Purchased Services
Supplies and Materials 2,923 (2,923) Other Objects
Total 312 216 4] 224 353 ~QQ 353 460
Health Services
Salaries 296,483 83,087 379,570 379,317 253 Purchase<! Professional and Teclmical Services 400 (165) 235 235
Other Purchased Services 770 (770) Supplies and Materials 19,483 (3,043) 16,440 13,971 2,469 Other Objects 640 7,430 8 070 4,972 J 098
Total 317776 86 539 404 31~ 398 495 5 !!2Q
81
EXHffiiTD-3
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND 15
SCHIWULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, llll4
Variance
Original Final Finn! Budgd to
Budget Adjustments Budget Actual Adual
EXPENDITURES
CURRENT EXPENDITURES
Districtwide
Guidance
Salaries of Other Professional Staff 445,276 $ (47,760) 397,516 $ 397,516
Sal~ries of Secretarial and Clerical Assistants 55,317 1,697 57,014 57,014
Od1er Salaries
Purcha!:ed Professional Educational Services \,000 (1,000)
Other Purchased Technical Services
Other Purchased Services
Supplies and Materials 6,72! (2,607) 4,1 !4 4,113
Other Obje<:ts 5,500 (1,587) 3913 3 757 156
Total 513 8\4 (51 257) 462 557 462 400 157
Improvement of Instructional Services
Salaries Supervisors of Instruction J 18,979 (622) I 18,357 118,357
Salaries of Other f'rofes.iona! Staff
Salaries of Secretarial and Clerical Assistants 50,662 22,373 73,035 73,035
Other f'urchascd Services 2,500 (2,500)
f'urchased f'rofcssiorml Educational Services 22,964 (20,717) 2,247 2,151 96
Other Purch. Prof. and Tech. Services 1,000 (1,000)
Supplies and Materials Other Objects
Total 196105 (2 466) 193 639 ]93 543 96
Educational Media/School Library
Salaries 316,743 34,755 351,498 351,498
Purchased Professional Educational Services
Purchased Professional and Technical Services 2,746 (2,746)
Other Purchased Services 1,750 (860) 890 890
Supplies and Materials 61,519 14,294 75,813 68,831 6,982
Other Objects 8,931 (8,931)
Total 391 689 36 512 428 201 421 219 6 982
Instructional Staff Training Services
Purchased Professional Educational Services 19,330 (17,393) 1,937 1,786 151
Other Purchased Prof. and Tech. Services 1,000 12,000 13,000 13,000
Other Purchased Services 62,173 (45,368) 16,805 15,299 \,506
Supplies and Materials 4,080 (4,080) Other Objects
Total 86 583 (54,841) 31,742 30 085 1657
Support Service· School Administration
Salaries of Principals/Assistant Principals 818,847 70,269 889,116 889,116
Salaries of Other Professional Starr
Salaries of Sec'! and Clerical Assistants 257,888 93,938 35!,826 351,698 128
Purchased Professional and Tcdmica! Services 3,553 (3,354) 199 199
Other Salaries
Other Purchased Services 5,479 (5,478)
Supplies and Materials !52,567 (64,689) 87,878 77,318 !0,560 Other Objects 8 225 5,610 13 835 9 763 4 072
Total 1246559 96 296 l 342 855 1 328 094 14 761
82
HOBOKEN PUBUC SCHOOLS
BLENDED RESOURCE FUND IS
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30,2014
EXPENDITURES
CURRENT EXPENDITURES
Districtwide
Custodial Services
Salaries ofNon-lnstructional Aides Supplies and Materials
Total
Security
Salaries
Cleaning, Repair & Maintenance Svcs. General Supplies
Total
Student Transportation Servie<:s
Contracted Services {Other than Bctwccn Home & School}Vcndors
Total
Unallocated Employee Benefits
Social Security Contributions
Unemployment Compensation Health Benefits
Total
Total Undistributed E~pe!lditures
Total School Based Budget Current Expense
TOTAL SCHOOL BASED EXPENDITURES
Other Financing Sources: Operating Transfer In
Total Other Financing Sources:
Excess (Deficiency) of Other Financing Sources Over
(Under) Expenditures and Other Financing (Uses)
Fund Balance, Beginning of Year
Fund Balance, End ofYear
Original
Budget
19,719 13,815
3J 534
342,797
14,585
357 382
46,441
46,441
246,580
48,927 4,040,148
4 335 655
7 837 774
21 800 275
21,800,275
21800275
21,800,275
'
Adjustments
(12,380) 3,889
(8 49!l
(341,680)
(11,479)
{J5J 1~2)
{3!,415)
(35,912) (314,394)
050 3061
(591 364)
(\01313)
(101,313)
101 313
101,313
83
Final
Budget
7,339 17,704
25 043
1,117
3 !06
4 223
15,026
15 026
246,580
13,015 3,725,754
3 285 349
7246410
21 698 962
21,698,962
21,698,962
21,698,962
Actual
6,883 17 704
24 587
3 106
3 106
15.026
15,026
246,580
13,015 J 725,754
3 985 349
7215364
21061780
21 06!,780
21,06!,780
21 061 780
EXHIBIT D-3
Variance
Final Budget to
Actual
' 456
456
1,117
! 117
31 04§
637 182
637 182
637 182
637,182
EXPENDITURES
CURRENT EXPENDITURES
Hoboken High School
Regular Programs-lnstruction
Salaries of Teachers
Kindergarten
Grades 1 - 5
Grades 6-8 Grades 9- 12
Total
Regular Programs- Undistributed fnsuuction
Other Salaries for Instruction
Purchased Professional Educational SeNices
Purchased Technical Services
Other Purchased SeNices
General Supplies
Textbooks Other Objects
Total
Total Regular Programs -lnstruction
Special Education -Instruction
Cognitive- Moderate
Salaries ofTeachers
Other Salaries for Instruction
Purchased Professional Educational SeNices
Other Purchased Services
General Supplies Textbooks
Total Cognitive- Moderate
Resource Room/ Resource Center
Salaries ofTeachers
Other Salaries for Instruction
Purchased Professional Educational Services
Purchased Technical Sel"llices
Other Purchased Services
General Supplies
Textbooks Other Objects
Total
Total Special Education -Instruction
Bilingual Education
Salaries of Teachers
Other Salaries for Instruction
Purchased Professional-Educational Services
Purchased Technical Services
Other Purchased Services
General Supplies
Textbooks Other Objects
Total
HOBOKEN PUBLlC SCHOOLS
BLENDED RESOURCE FUND lS
SCHEDULE OF- BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30,2014
$
84
Original
Budget
413,571 3,072,676
3,486,247
19,900
265,482
26,000
311,382
3,797,629
64,867
400
65 267
1,165,929
2,400
21,030
1,189,359
1 254 626
200
600
3,310
4,110
$
Adjustments
230,456 374,203
604,659
{19,900)
18,407
240,331
(!6,691) 17,019
239,166
843,825
8,272
(400)
7 872
(103,360)
(2,195)
(21,030)
(126,585)
{118 713)
(200)
(600)
(3,310)
(4,110)
$
Final
Budget
644,027 3,446,879
4,090,906
18,407
505,813
9,309 17,019
550,548
4,641,454
73,139
73 139
1,062,569
205
1,062,774
!135 913
Acllml
$ 644,027 3,446,879
4,090,906
12,739
259,675
9,084 16 976
298 474
4,389 380
73,!39
73 139
1,06!,569
205
1,061 774
1 134 913
EXHIBIT D-3.1
Varinnce Fin~[ Budget to
Actual
$ 5,668
246,138
225 43
252,074
252,074
1,000
1,000
l 000
EXHIBIT D-3.1
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND 15
SCHEDULE Of: BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance
Original Final Final Budget to
Budget Adju~tti1CIItS Budget Actual Actual
EXPENDITURES
CURRENT EXPENDITURES
Hoboken High School
School Sponsored Co/Extracurricular Activities
Salaries $ 250,739 $ (l15,582) $ !35,!57 $ 135,157
Purchased Services 1,760 1,760 1,403 $ 357
Supplies and Materials 26,349 (14,685) 11,664 10,292 [,372 Other Objects 31,425 {2,627) 28,798 27,226 1,572
Total 308,513 {131,134) 177,379 174,078 3,30!
School Sponsored Athletics
Salaries 222 222 222
Purchased Services 23,000 (336) 22,664 6,990 15,674
Supplies and Materials 112,051 ll2,051 106,850 5,201 Other Objects 83,559 3,212 86,771 70,277 16,494
Total 218,610 3,098 221,708 184,339 37,369
Total Instruction 5 583 488 592 966 6 !76454 5 882 7!0 293 744
Attendance and Social Work
Salaries 197,689 (10,787) 186,902 186,902
Other Purchased Services
Supplies and Materials 2,923 (2,923) Other Objects
Total 200,612 (13,710) 186,902 186,902
Health Services
Salaries 91,453 91,453 91,453
Supplies and Materials 11,195 (3,758) 7,437 6,671 766 Other Objects 640 7,430 8,070 4,972 3,098
Total 11,835 95,125 106,960 103,096 3,864.00
Guidance
Salaries of Other Professional Staff 326,591 13,679 340,270 340,270
Salaries of Secretarial and Clerical Assistants 55,317 1,697 57,014 57,014
Other Salaries
Purchased Professional Educational Services 1,000 (1,000)
Supplies and Materials 4,752 (2,229) 2,523 2,522 t Other Objects 4,500 {587) 3,913 3,757 [56
Total 392,160 11,560 403,720 403,563 [57
Improvement oflnstructiooal Services
Salaries Supervisors oflnstruction 118,979 (622} 118,357 118,357
Salaries of Other Professional Staff
Salaries of Secretarial and Clerical Assistants 50,662 22,373 73,035 73,035
Other Purchased Services 2,500 (2,500)
Purchased Professional Educational Services 9,500 (9,500)
Other Purch. Prof. and Tech. Services 1,000 (1,000)
Supplies and Materials
Other Objects
Total 182,641 8,751 191,392 191,392
Educational Media/School Library
Salaries 95,641 (2,203) 93,438 93,438
Purchased Professional Educational Services
Purchased Professional and Technical Services 2,596 (2,596)
Other Purchased Services 1,200 (310) 890 890
Supplies and Materials 43,856 17,692 61,548 54,645 6,903
Other Objects 8,931 (8,931)
Total 152,224 3,652 155,876 148,973 6,903
85
EXHIBIT D-3.1
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND 15
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance
Original Final Final Budget to
Budget Adjustments Budget Actual Actual
EXPENDITURES
CURRENT EXPENDITURES
Hoboken High School
Instructional StaffTraining Services
Purchased Professional Educational Services $ 11,300 $ {11,261) $ 39 $ 38 $
Other Purchased Prof. and Tech. Services 13,000 13,000 13,000
Other Purchased Services 35,173 (23,986) 11,187 10,061 1,126
Supplies and Materials 4,080 (4,080)
Other Objects
Total 50,553 (26,327) 24,226 23,099 1,127
Support Service- School Administration
Salaries ofPrindpals/Assistant Principals 161,900 72,985 234,885 234,885
Salaries of Other Professional Staff
Salaries ofSec't and Clerical Assistants 1,752 47,743 49,495 49,495
Purchased Professional and Tuchnical Services
Other Salaries
Other Purchased Services
Supplies and Materials 108,267 (61,429) 46,838 46,315 523
Other Objects 1,224 1,547 2,771 2,588 183
Total 273,143 60,846 333,989 333,283 706
Security
Salaries 226,814 (226,502) 312 312
General Supplies 9,380 {6,274) 3,106 3,106
Total 236,194 {232,776) 3,418 3,106 312
Student Transportation Services
Contracted Services (Other than Between Home & School)-
Vendors 27,740 (14,914) 12,826 12,826
Total 27,740 (14,914) 12,826 12,826
Unallocated Employee Benefits
Social Security Contributions 110,809 110,809 110,809
Unemployment Compensation 20,223 (15,448) 4,775 4,775
Health Benefits 1,496,370 (116,443) 1,379,927 1,379,927
Total 1,627,402 (131,891) 1,495,511 1,495,511
Total Undistributed Expenditures 3 154 504 (239 684) 2 914 820 2 901751 13 069
Total School Based Budget Current Expense 8 737 992 353 282 9 091 274 8784461 306813
TOTAL SCHOOL BASED EXPENDITURES 8,737,992 353,282 9,091,274 8,784,461 306,813
Other Financing Sources: Operating Transfer In 8,737,992 353,282 9,091,274 8,784,461 306,813
Total Other Financing Sources; 8,737,992 353,282 9,091,274 8,784,46[ 306,813
Excess (Deficiency) of Other Financing Sources Over
(Under) Expenditures and Other Financing (Uses)
Fund Balance , Beginning of Year
Fund Balance, End of Year $ $ $ $ $
86
EXHIBIT D-3.2
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND !5
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED .rUNE JO, 2014
Variance
Original Final Float Budget lo
Budget Ad!ustmcnts Budget Actual Aclual
EXPENDITURES
CURRENT EXPENDITURES
School- Wallace
Regular Programs-Instruction Salaries of Teachers
Kindergarten 389,521 {89,232) 300,289 300,289
Grndcs l -5 2,029,782 140,427 2,170,209 2,170,209
Grades 6-8 702,356 {317,182) 385,174 385,174 Grudcs 9- 12
Total 3 121 659 (fc65 287} z ~s~ 6n 2 855 676
Regular Programs Undistributed Instruction
Otl!er Salaries for Instruction
Purchased Professional Educational Service>
Pnr~hased Technical Services
Other Purchased Services 10,814 10,814 1,147 9,667
General Supplies \79,!29 6,666 !85,795 73,201 Jl2,594
Te~tbooks
Other Objects 8,225 (170) 8,055 7,819 ___lli. Total 187,354 17,3!0 204,664 82 167 ~
To~1l Regular Programs -Instruction 3,309 013 (248,677) 3,060 336 2,937,839 - 122,497
Special Education - Instruction
Cognitive- Moderate
Salaries of Teachers
Otl!er Salaries for Instruction
Pur<:hased Professional Educ.1tional Services
Other Pu..:hased Services 1,800 (1,800)
General Supplies 5,412 (4,706) 706 147 559 Textbooks
To~1l Cognitive- Moderate 7 212 16 506) 06 ____,., Learning and/or Disabilities
Salaries ofTeachers 93,387 (2,150) 91,237 91,237
Other Salaries for Instruction
P11n:hascd Professimtal Educmionnl Services
Other Purchased Services 660 {660)
General Supplies 1,867 (1,293) 574 285 289
Textbooks Other Objects
Total 95 914 (4,103) 91 811 91,522 ---'-"-' Multiple Disabilities
Salaries of Teachers 487,944 (134,012) 353,932 353,932
Other Salaries for Instruction 64,199 (60,663) 3,536 3,536
Purchased Professional Educational Services
Other Pu..:lmscd Services 220 {220)
General Supplies 1,959 {326) 1,633 !,320 313
Textbooks OtherObje<.:t.s
TOlal 554 322 (195,221) 359 101 358 788 ___ 3_13
Resource Room/ Resource Center
Salaries ofTe:1chers 583,635 {!53,062) 430,573 430,573
Other Salaries for Instruction
Purchased Professional Education Services
Purchased Technical Scrvi<X!s 1,320 (1,320)
Other Purchased Services
Gcnerul Supplies 4,266 {2,422) 1,844 1,000 844
Textbooks (){hcrObjcels
Tot• I 589,221 (156 804) 432,417 43\ 513 ~
Autism:
General Supplies 2,346 534 2 880 2 535 ___ 34_5
Total 2 346 534 2,880 2 535 ___ 34_5
87
EXHlBIT 0-3,2
I:IOBOKEN PUBLIC SCfiOOLS
BLENDED RESOURCE FUND IS
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 201.(
Variance
Original Fin•l Final Budget In
Budget Adjustments Budget Ach1al Actual
EXPENDITURES
CURRENT EXPENDITURES
,Scbool- Wallace
Preschool Disabilities- Full-Time
Salaries of Teachers 28,678 395,629 424,307 424,307
Other Sat .. rics for hlslructiou 7,185 7,054 14,839 13,854 935
Other Purchased Services 440 {115) 325 325 Geneml Supplies 25 049 (4,026) 21,023 17,364 ~
Total 61,952 398 542 460,494 455,850 ~
Total S!)CCiat &litcation lnstmclinn !,310 967 36,442 1,347 409 1,340,415 ~
Bilingnalllducalion
Salaries of Teachers 232,660 (232,660)
Other Salaries for lnstn<ction
Purchased Professional-Educational Services
Purchased Technical Services
Other Purchased Services 880 {880)
General Supplies 3,391 (1,860) \,531 !,530
Te~tbooks
Other Objects 195 ~\95)
Total 237 126 1235 5951 I 531 ! 530 ----' School Sponsored Co/Extracurricular Activities
Salaries 15,229 (4,708) 10,521 10,521
Other Purchased Scrvi<;e~;
Supplies and Materials Other Objects
Total !5 229 (4 708) 10 52\ ton1 ----
Total Instruction +.872.335 (452,538) 4419.797 4.290.305 ~
Al!endance and Social Work
Salaries 66,751 44,581 I 11,332 11!,332
Other Purchased Services
Supplies and Materials Other Objects
Total 66 751 44 581 Ill 332 Ill 332
Health Services
Salaries \08,179 (1,7!0) 106,469 106,469
Purchased Profcs.sional and Technical Services
Other Purchased Services 220 (220)
Supplies and Materials 2,270 (179) 2,091 1,684 401
Other Objects
Total 110,669 (2109) 108,560 108,153 ~
Guidance
Salaries of Other Professlonol Staff 50,453 6,793 57,246 57,246
Salaries of Secretarial and Clerical
Other Salaries
Purchased Profcssionnl Educmiottal Servio;:<:s
Other Purchased Technical Services
Other Purchased Servl=
Supplies and Materials "" (16) 800 800 Other Objects
Total 51269 6,777 58 046 58,046
Improvement oflns!mct!oMl Servi=
Salaries S~porviscrs of Instruction
Salaries of Other Pmfessional Staff
Salaries of Secretarial and Clerical
Other Purcltased Services
Purchased Professional Educational Servi= 1,000 (1,000)
O!l!cr Pure!!. Prof. and Tech. Scrvio;:<:s
Supplies and Materials O!hcr Objects
To!al 1 000 (I 000)
88
EXHIBIT D-3.2
IJODOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND IS
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 3U, lUI~
Variance
Original Final Final Budget to
Budget Adlu•tmcnt• lludgct Actual Actunl
EXPENDITURES
CUIUtENT EXPENDITURES
School- Wallace
Educntional McdilliSchool Library
Salaries 111,678 (55,980) 55,698 55,698
Purchased Professional Educational Service&
Purchased Professional and Teclmical Services
Other Purchased Services
Supplic.s and Materials 8,210 (745) 7,465 7,389 76
OtherObjccls
Total 119 888 (56,725) 63,163 63,087 ___ 7_6
lnslruclional StaffTraining Services
Purchased Professional Educmionul Services 5,030 (5,030)
Other Purchased Prof. and Tech. Services
Other Purchased Services 13,400 {3,501) 4,899 4,8\9 80
Supplies and Malcrials Other Objects
Total 18 430 (13 531) 4 899 4 819 ___ 8_0
Support Service School Administmtion
Salaries ofPrincip.,ls/Assi&tant Principals 267,728 {876) 266,852 266,852
Salaries of Olhcr Professional SWI'
Salaries ofSec't and Clerical Assistants 105,900 29,372 135,272 135,272
Purchased Profcssiollnl and Technical Services 2,738 {2,738)
Other Salaries
Other Pnrchased Services
Supplies and Materials 9,9% (360) 9,636 6,928 2,708 OU>er Objccls 2,040 {189) I 851 1,592 ___ 2_5_9
Total 388 402 25 209 413 611 410,644 ______l!1!iL
Custodial Services
Salaries ofNou-ln.>ln!ctional Aides 19,719 {12,380) 7,339 6,383 456 Supplies and Materials
Total 19 719 (12,380) 7 339 6 883 ___ 4_5_6
Security
Salaries 56,928 {56,383) 545 545 Oeneml Supplies 4 815 (4,815)
Total 61,743 {61,198) 545 ___ 5_4_5
Student Transportation Services
Contracted Services (Other than Between Home & School)-
Vendors 7,270 {5 845) 1425 I 425
Total 7,270 (5 845) 1425 I 425
Unallocated Employee Benefits
Social Security Contributions 63,050 63,050 63,050
Unemployment Compensation 15,357 {11,731) 3,626 3,626 Health Benefits I 103 258 (85 3<10) 1017868 1017868
Total 1 181665 (97 121) I 084,544 1,084,544
Total Undistributed Expenditures 2 026 806 (!73 342) 1 853 464 1 848 933 __1.lli
Total School Based Budget Curreat Expenso 6 899 141 <625 880\ 6 273 261 6 139238 ~
TOTAL SCHOOL BASED EXPENDffiJRES 6899141 (625 880) 6,273 261 6 139,238 $ 134 023
Other Financing Sources:
Operating Transfer In 6,899141 (625,880) 6 273 261 6,139,238 ~
Total Other Financing Sources: 6,899,141 {625 880) 6 273 261 6 139,238 $ 134,023
Excess (Deficiency) of Other Financing Sources Over
(Under) E:"penditures nnd Other Financing {Uses)
Fund Balance, Beginning of Year
Fund Balnnce, End ofYear '----
89
EXHIBIT D-3.3
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND 15
SCHEDULE OF BLENDED EXPENDITURES· BUDGET A!'l!l) ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance
Original Final Final Budget to
Budget Adjustments Budget Actual Actual
EXPENDITURES
CURRENT EXPENDITURES
School- Calabro
Regular Programs-Instruction
Salaries of Teachers
Kindergarten $ 157,304 $ (8,768) $ 148,536 $ 148,536
Grades I- 5 618,499 (111,907) 506,592 506,592
Grades 6- 8 175,188 24,468 199,656 199,656
Grades 9- 12
Total 950,991 (96,207) 854,784 854,784
Regular Programs- Undistributed Instruction
Other Salaries for Instruction
Purchased Professional Educational Services 250 (250)
Purchased Technical Services 251 (251)
Other Purchased Services 3,026 3,026 1,721 $ 1,305
General Supplies 75,894 1,755 77,649 30,799 46,850
Textbooks 7,000 (7,000) Other Objects 2,368 2,368 1,708 660
Total 83 395 (352) 83 043 34 228 48 815
Total Regular Programs - [nstruction I 034 386 (96 559) 937 827 889 012 48 815
Special Education - Instruction
Multiple Disabilities
Salaries ofTeachers 101,400 101,400 101,400
Other Salaries for Instruction
Purchased Professional Educational Services
Other Purchased Services
General Supplies
Textbooks
Total 101,400 101,400 101,400
Total Special Education -Instruction 101,400 101,400 101,400
School Sponsored Co/Extracurricular Activities
Salaries 12,397 (4,163) 8,234 8,234
Purchased Services 720 720 720
Supplies and Materials 1,020 (1,020) Other Objects
Total 14,137 (5,183) 8,954 8,234 720
Total Instruction I 048 523 (342) I 048 181 998 646 49 535
Health Services
Salaries 93,387 (2,150) 91,237 91,237
Purchased Professional and Technical Services
Other Purchased Services 450 (450)
Supplies and Materials 1,530 (19) 1,511 1,050 461
Other Objects
Total 95,367 (2,619) 92,748 92,287 461
90
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND 15
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE30, 2014
EXPENDITURES
CURRENT EXPENDITURES
School~ Calabro
Educational Media/School Library
Salaries
Purchased Professional Educational Services
Purchased Professional and Technical Services
Other Purchased Services
Supplies and Materials
Other Objects
Total
Instructional Staff Training Services
Purchased Professional Educational Services
Other Purchased Prof. and Tech. Services
Other Purchased Services
Supplies and Materials
Other Objects
Total
Support Service~ School Administration
Salaries of Principals/Assistant Principals
Salaries of Other Professional Staff
Salaries ofSec't and Clerical Assistants
Purchased Professional and Technical Services
Other Salaries
Other Purchased Services
Supplies and Materials
Other Objects
Total
Security
Salaries
General Supplies
Total
Custodial Services
Salaries ofNon-Instructional Aides
Supplies and Materials
Total
Student Transportation Services
Contracted Services (Other than Between Home & School)
Vendors
Total
Unallocated Employee Benefits
Social Security Contributions
Unemployment Compensation
Health Benefits
Total
Total Undistributed Expenditures
Total School Based Budget Current Expense
$
Original
Budget
500
7,453
7,953
3,800
3,800
139,915
45,535
215
500
8,007
1,020
195,192
43,152
43,152
13,815
13,815
6,899
--~
17,670
4,212
285,272
307,154
673 332
1 721 855
91
$
Adjustmeuts
95,675
(500)
(2,580)
92,595
(3,141)
(3,141)
(16, 185)
4,286
(215)
(500)
(2,500)
1,766
(13,348)
(43,152)
(43,152)
6,218
(6,218)
(6,899)
(6,899)
(1,755)
(19,407)
(21,162)
(3 944)
(4 286)
$
Final
Budget
95,675
4,873
100,548
659
659
123,730
49,821
5,507
2,786
181,844
7,597
7,597
17,670
2,457
265,865
285,992
669 388
1 717 569
$
Actual
95,675
4,871
100,546
360
360
123,730
49,752
3,468
366
177,316
7,597
7,597
17,670
2,457
265,865
285,992
664 098
l 662 744
EXHIBIT D-3.3
Variance
Final Budget to
Actual
$ 2
2
299
299
69
2,039
2,420
4,528
5 290
54 825
EXPENDlTURES
CURRENT EXPENDITURES
School- Calabro TOTAL SCHOOL BASED EXPENDITURES
Other Financing Sources: Operating Transfer fn
Total Other Financing Sources:
Excess (Deficiency) of Other Financing Sources Over
(Under) Expenditures and Other Financing (Uses)
Fund Balance , Beginning of Year
Fund Balance, End of Year
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND 15
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Original
Budget Adjustments
Final
Budget
$ 1,721,855 $ (4,286) '$~_,1_,,7_o17'",5"'6"'9
1,721,855 (4,286) 1,717,569
1,721,855 (4,286) 1,717,569
$ $ $
92
$
$
Actual
EXHIBIT D-3.3
Variance
Final Budget to
Actual
1,662,744 ,$_c>:54~,8~2""5
1,662,744 54,825
1,662,744 54,825
$
EXHIBIT D-3.4
HOBOKICN PUBLIC SCHOOLS
BLENDED RESOURCE FUND tS
SCHEDULE OF BLENDED EXPENDITURES· BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Variance
Original Final Final Budget to
Dud get Adjustrn~nts Budget Actual Actual
EXPENDITURES
CURRENT EXPENDITORICS
ScboQI• Connors
Regular Programs-Instruction
Salaries ofTea~hers
Kindergarten $ 177,788 $ (2,760) $ 175,028 $ I 75,028
Grades I- 5 !,017,769 52,929 1,070,698 1,056,629 $ 14,069
Grades 6-8 361,503 (191,657) 169,846 169,846 Grades 9- 12
Total I 557 060 (141 488) 1415572 1401503 14069
Regular Programs- Undistributed Instruction
Other Salaries for Instruction
Purchased Professional Educational Services 1,301 (1,301)
Purchased Technical Services
Other Purchased Services 4,743 4,743 2,581 2,162
General Supplies 87,451 27,276 114,727 57,549 57,178
Te.'<tbcoks 3,032 (3,032) Other Objects 4,000 {4,000)
Total 95 784 23 686 119 470 60 !30 59 340
Total Regular Programs- Instruction I 652 844 (] 17 802) 1 535 042 1 461 633 73 409
Special Education- Instruction
Behavioral Disabilities
Salaries ofTeachers 93,387 (2,150) 91,237 91,237
Other Salaries for Instruction
Purchased Professional Educational Services 300 {300)
Other Purchased Services 100 (100)
General Supplies 1,164 (866) 298 298 Textbooks
Tow 94 951 (3 416) 91 535 91 535
Multiple Disabilities
Salaries of Teachers 104,030 42,941 146,971 146,971
Other Salaries for Instruction 29,030 (13,532) 15,498 14,513 985
Purchased Professional Educational Services 300 (300)
Other Purchased Services 100 (100)
General Supplies 4,537 (985) 3,552 3,551
Textbooks Other Objects 1,414 {164) 1,250 1,250
Total 139,411 27,860 167,271 166,285 986
Resource Room/ Resource Center
Salaries of Teachers 373,125 (131,511) 241,614 241,614
Other Salaries for Instruction
Purchased Professional Educational Services 450 (450)
Purchased Te<:hnical Services 150 (49) 101 100
Other Purchased Services 315 315 282 33
General Supp!les 1,003 47 1,050 1,050
Textbooks Other Objects
Total 374 728 (131648} 243 080 243 046 34
Total Special Education- Instruction 609 090 (107204) 501 886 500 866 I 020
93
EXHIBIT D-3.4
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND 15
SCHEDULE OF BLENDED EXPENIHTURES • BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance
Original Fin11l Final Budget to
Budget Adjustments Budget Actual Actual
EXPENDITURES
CURRENT EXPENDITURES
School- Connors
School Sponsored Co/Extracurricular Activities
Salaries $ 14,001 $ (6,046) $ 7,955 $ 7,955
Purchased Services
Supplies and Materials Other Objects
Total 14001 (6 046) 7 955 7 955
Total Instruction 2,275,935 (231 052) 2 044 883 1,970,454 74 429
Attendancl! and Social Work
Salaries 44,873 10,353 55,226 55,226
Other Purchased Services
Supplies and Materials OH1er Objects
Total 44,873 10,353 55,226 55,226
Health Services
Salaries 93,387 (3,998) 89,389 89,389
Purchased Professional and Technical Services 400 (165) 235 235
Other Purchased Services 100 (100)
Supplies and Materials 4,488 913 5,401 4,566 835
Other Objects
Total 98,375 (3,350) 95,025 94,190 835
Guidance
Salaries of Other Professional Staff 68,232 (68,232)
Salaries of Secretarial and Clerical Assistants
Other Salaries
Purchased Professional Educational Services
Other Purchased Technical Services
Other Purchased Services
Supplies and Materials 1,153 (362) 791 791 Other Objects 1,000 f\,000)
Total 70,385 (69,594} 791 791
Improvement of Instructional Services
Salaries Supervisors oflnstruction
Salaries of Other ProfesSional Staff
Salaries of Secretarial and Clerical Assistants
Other Purchased Services
Purchased Professional Educational Services 12,464 (10,217) 2,247 2,151 96
Other Purch. Prof. and Tech. Services
Supplies and Materials Other Objects
Total 12464 (10 217) 2 247 2 !51 96
Educational Media/School Library
Salaries 109,424 (2,737) !06,687 106,687
Purchased Professional Educational Services
Purchased Professional and Technical Services 150 (150)
Other Purchnsed Services 50 (50}
Supplies and Materials 2,000 (73) 1,927 1,926 Other Objects
Total Ill 624 {3 010) 108 6\4 108 613
94
EXHIBIT D-3,4
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND IS
SCHEDULE OF BLENDED EXPENDITURES- BUDGET ANn ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Variance
Origirml Final Final Budget to
Budget Adjustments Budget Actual Actual
EXPENDITURES
CURRENT EXPENDITURES
School- Connors
Instructional StaiiTraining Services
Purchased Professional Educational Services $ 3,000 $ (1,102) $ 1,898 $ 1,748 $ 150
Other Purchased Prof. and Tech. Services 1,000 (1,000)
Other Purchased Services 6,500 (6,500)
Supplies and Materials OUter Objects
Total 10 500 (8,602) l 898 I 748 150
Support Service- School Administration
Salaries of Principals/Assistant Principals 249,304 (6,184) 243,120 243,120
Salaries of Other Professional Staff
Salaries of Sec't and Clerical Assistants 96,197 3,853 100,050 100,050
Purchased Professional and Teclutical Serl'ices 600 (401) 199 199
Other Salaries
Other Purchased Services 2,590 (2,590)
Supplies and Materials 26,297 (400) 25,897 20,607 5,290 Other Objects 3,941 355 4,296 3,459 837
Total 378,929 {5,367) 373,562 367 435 6,127
Security
Salaries 15,903 (15,643) 260 260 General Supplies 390 {390)
Total 16,293 {16,033) 260 260
Student Transportation Services
Contracted Services (Other than Between Home & School)·
Vendors 2,452 {1,677) 775 775
Total 2,452 (1,677) 775 775
Unallocated Employee Benefits
Social Security Contributions 55,051 55,051 55,051
Unemplo)'ltlent Compensation 9,135 (6,978) 2,157 2,157 Health Benefits 827,428 65,984 761,444 761,444
Total 891,614 {72,962) 818,652 818,652
Total Undistributed Expenditures 1,637 509 $ (180,459) 1,457,050 1,449,581 7,469
Total School Based Budget Current Expense 3,9!3,444 {411,511) 3,501,933 3 420 035 81,898
TOTAL SCHOOL BASED EXPENDITURES 3,9!3,444 (41\,511) 3,501,933 3,420,035 81,898
Other Financing Sources:
Operating Transfer In 3,913,444 (411,511) 3,501,933 3,420,035 81,898
Total Other Financing Sources: 3,9!3 444 {411,511) 3,50!,933 3,420,035 8!,898
Excess (Deficiency) of Other Financing Sources Over
(Under) Expenditures and Other Financing (Uses)
Fund Balance, Beginning of Year
Fund Balance, End of Year ' $ $ $ $
95
EXHIBIT D-3.5
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND IS
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Variance
Original Final Final Budget to
Budget Adiustments Budget Actual Actual
EXPENDlTURES
CURRENT EXPENDITURES
School- Brandt
Regular Programs-Instruction
Salaries ofTeachers
Kindergarten $ 528,844 $ 528,844 $ 528,254 $ 590
Grades 1- 5
Grades 6- 8 Grades9-12
Total 528,844 528,844 528,254 590
Regular Programs- Undistributed Instruction
Other Salaries for Instruction
Purchased Professional Educational Services 7,500 7,500 7,500
Other Purchased Services 5,622 5,622 1,763 3,859
General Supplies $ 47,620 2,616 50,236 18,142 32,094
Textbooks Other Objects 872 2,854 3,726 2,751 975
Total 48,492 18,592 67,084 30,156 36,928
Total Regular Programs- Instruction 48 492 547 436 595 928 558 410 37 518
Special Education- Instruction
Resource Room
Salaries ofTeachers 133,728 (1,450) !32,278 132,278
Other Purchased Services
General Supplies
Total 133 728 (1 450) 132 278 132 218
Preschool Disabilities- Full-Time
Salaries of Teachers 7,979 7,979 7,979
Total 7 979 7 979 7 912
Total Special Education- Instruction 133 728 6 529 140 257 140 257
School Sponsored Co!Extracurricular Activities
Salaries 5,724 5,724 5,634 90
Supplies and Materials Other Obje.;ts
Total 5 724 5 724 5 614 90
Total Instruction \82,220 559 689 74!,909 704 301 37,608
Health Services
Salaries [,530 (508) [,022 769 253
Purchased Professional and Technical Services
Other Purchased Services
Supplies and Materials
Other Objects
Total [,530 {508) [,022 769 253
96
EXHIBIT D-3.5
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND 15
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Variance
Original Fiual Final Budget to
Budget Adiustments Budget Actual Actual
EXPENDITURES
CURRENT EXPENDITURES
School- Brandt
Instructional StaffTraining Services
Purchased Professional Educational Services
Other Purchased Services $ 3,300 $ (3,240) $ 60 $ 59 Other Objects
Total 3,300 {3,240) 60 59
Support Service- School Administration
Salaries ofPrincipa!s/Assistant Principals 20,529 20,529 20,529
Salaries ofSec't and Clerical Assistants 8,504 8,684 17,188 17,129 59
Purchased Professional and Technical Services
Other Purchased Services 2,389 (2,388)
Supplies and Materials Other Obj~ts 2,13 L 2,131 1,758 373
Total 10,893 28,956 39,849 39,416 433
Custodial Services
Salaries ofNon-lnstructiona! Aides General Supplies 10,107 10,107 10,107
Total 10,107 10,107 10,107
Student Transportation Services
Contracted Services (Other than Between Home & School) -
Vendors 2.080 {2,080)
Total 2.080 (2,080)
Unallocated Employee Benefits
Social Security Contributions
Unemployment Compensation Health Benefits 327,820 {27,170) 300,650 300,650
Total 327 820 (27 170} 300 650 300 650
Total Undistributed Expenditures 345,623 6,065 351,688 351.001 687
Total School Based Budget Current Expense 527,843 565 754 1.093,597 1,055,302 38.295
TOTAL SCHOOL BASED EXPENDITURES 527,843 565,754 1,093,597 1,055,302 38.295
Other Financing Sources:
Operating Transfer In 527,843 565,754 1,093,597 1,055,302 38,295
Total Other Financing Sources: 527,843 565,754 1,093,597 1,055,302 38,295
Excess {Deficiency} of Other Financing Sources Over
(Under) Expeoditures and Other Financing {Uses}
Fund Balance, Beginning ofYear
Fund Balance, End of Year $ $ $ $ $
97
EXPENDITURES
CURRENT EXPENDITURES
School· Demarest
Regular Programs- Undistributed Instruction
Other Salaries for Instruction
Purchased Professional Educational Services
Other Purchased Services
General Supplies
Textbooks
Other Objects
Total
Total Regular Programs- Instruction
Total Instruction
Total SchO<JI Based Budget Current Expense
TOTAL SCHOOL BASED EXPENDITURES
Other Financing Sources:
Operating Transfer In
Total Other Financing Sources:
HOBOKEN PUBLIC SCHOOLS
BLENDED RESOURCE FUND 15
SCHEDULE OF BLENDED EXPENDITURES- BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Original
Budget
'
Adjustments
21,328 ' 21,328
21 328
21,328
21,328
21,328
21,328
21,328
Excess (Deficiency) of Other Financing Sources Over
(Under) Expenditures and Other Financing (Uses)
Fund Balance, Beginning of Year
Fund Balance, End ofY ear ' $ $
98
Final
Budget
21,328
21,328
21 328
21,328
21,328
21,328
21,328
21,328
Actu~l
'
EXHIBIT D-3,6
Variance
Final Budget to
Aaual
' 21,328
21,328
21 328
21,328
21,328
21,328
21,328
21,328
'
SPECIAL REVENUE FUND
REVENUES Intergovernmental
State Federal Other
Total Revenues
EXPENDITURES Instruction
Salaries of Teachers Other Salaries for Instruction
Salaries tbr Pupil Transportation (Between Home and School)- Non-Public
Purchased Prof. and Technical Services Tuition
Other Purchased Services
"' Miscellaneous Purchased Services ~
General Supplies
Textbooks Other Objects
Total Jnstructioll
Support Services
Salaries
Salaries of Program Directors Salaries of Other Professional Staff
Salaries of Secretarial and Clerical
Salaries of Community Parent Specialist
Salaries of Master Teachers
Other Salaries Personal Services Employee-Benefits
Purchased Professional Educ Svcs
Purchased Professional and Technical Services Purchased Educ. Service-Contracted Pre-K
Cleaning, Repairs and Mainte11ance Services Other Purchased Professional-Education Services
Other Purchased Professional Services Contracted Services (Other than Between Home & School)
Travel Other Purchased Services Miscellaneous Purchased Services
Supplies and Materials Other Objects
Total Support Services
Nonpublic Nonpublic
Technology Nursing
HOBOKEN PUBLIC SCHOOLS
SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Nonpublic Textbooks
Nonpublic
ESL
Nonpublic Nonpublic Comp. Ed. Suppl. lnst.
193 Services
Nonpublic Exam. and
Class Nonpublic
Speech Corr.
$ !5.487 76,737 $ 52.718 1,354 $ 91.362 s 43.296 s 69.412 $ 31.912 s
Positive Behavior
925
Sub-totals Exhibit E-lA
s 1.778.549 12.934
$
Sub-totals Exhibit E-lB
EXHIBIT E-1
Page I
Grand
I!!!!!
9.924.598 $ 10.308.801 25,293 1.803.842
12.934
~ ~ ~ ~ ~ L..il..l2ti ~ s 1!9!? s. 9?'i $ 1791481 $ 9949891 $ 1?!?5'i77
$ 52,718
---- ---- ---- ----
52,718
15,487 s 92,362 $ 43.296 $ 69.412 s s 1.354
$ 76,737
15,487 ~ ~ 92,362 43,296 69.412
925 s
925
31.912
31.912
153.443
151.898
557.046 540
64,792
13.669
941.388
167.055
48,265
56.290
6,756
10.525 375
!.493 9.495
300.254
834585 $ 988.953
211.152 211.152
320 320 151.898
557.046 540
1.978 1.978
76.551 141.343 52.718
2.921 16.590
1.127.507 2.122.538
241.473 408.528
69.326 69.326
410.323 410.323
106.437 106.437 56,980 56.980
230.108 230.108 363,039 363.039
964.337 1.012.602
981 253.450 24.798 82.442
6.270.015 6.270.015
161,802 168.558 3.516 3.516
1370 1.370 1.680 1.680
907 907 10,525
77.112 29,937 31.430 41,597 51,092
8,978,626 9,609,440
Transfer of Funds to SBB
Facilities Acquisition and Construction Serv.
Instructional Equipment Noninstructional Equipment
Total Facilities Acquisitions and Construction Serv.
Total Expenditures
Excess (Deficiency) of Revenues and Other
Financing Sources Overi(Under) Expenditures
g Other Financing Sources Transfer In- General Fund
Nonpublic Technology
----
$ 15.487
$
HOBOKEN PUBLIC SCHOOLS
SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
192 Services 193 Services
Non public Nonpublic Non public Nonpublic Non public Nonpublic Exam. and Non public
Nursing ~ ESL Comp. Ed. Suppl. lost. Class Speech Cor[.
---- -------- ---- ---- ----
$ 76,737 $ 52,718 s 1,354 $ 92,362 $ 43.296 s 69.412 s 31.912
_! ____ , ___ , ___ _, ____ , ___ _, ___ $
EXHIBIT E-1
Page 2
Positive Sub-totals Sub-totals Grand
Behavior E"Xhibit !1;-lA Exhibit E-IB Total
$ 549.841 ' 549.841
!87.078 187.078
187.078 187.078
$ 925 1,79!.483 10.293,211 12.468.897
(343.320) (343,320)
$ $ ' 343.320 s 343.320
EXHIBIT E-lA
Page I
HOBOKEN PUBLIC SCHOOLS
SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES
BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
I.D.E.A.
Pu-t I.D.E.A.
Local B-Basic Part B-
Donations FEMA Title I Reg. Proo-. Preschool Title II A Title III Subtotals
REVENUES
Intergovernmental
State
Federal $ 6,756 $ 843,493 $ 672,034 $ 18,255 $ 223,267 $ 14,744 $ 1,778,549 Other $ 12,934 12,934
Total Revenues $ 12,934 $ 6,756 $ 843,493 $ 672,034 $ 18,255 $ 223,267 $ 14,744 $ 1,791,483
EXPENDITURES
Instruction
Salaries of Teachers $ 103,578 $ 49,865 $ 153,443
Purchased Prof. and Tech. Services 18,655 $ 133,243 151,898 0 Tuition 538,791 $ 18,255 557,046
Other Purchased Services 540 540
General Supplies $ 12,559 38,341 $ 13,892 64,792
Textbooks Other Objects 13,281 388 13,669
Total Instruction 121.559 174,395 672,034 18,255 49,865 14,280 941,388
Support Services
Salaries 138,175 $ 28,880 167,055
Salaries of Program Directors
Salaries of Other Professional Staff
Salaries of Seer. And Clerical Ass is.
Other Salaries
Personal Services - Employee Benefits 35,770 12,495 48,265
Purchased ProfEduc Services
Purchased Prof. and Tech. Services 14,800 41,490 56,290
Cleaning, Repair and Maintenance Services $ 6,756 6,756
Travel
Other Purchased Services 78 9,983 464 10,525
Miscellaneous Purchased Services 375 375
Supplies and Materials 1,266 227 1,493 Other Objects 9,495 _____ 9,495
Total Support Services 375 6,756 199,584 93,075 464 300,254
B
Facilities Acquisition and Construction Serv.
Instructional Equipment Noninstructional Equipment
Total Facilities Acquisitions and Construction Serv.
Transfer of Funds to SBB
Total Expenditures
Excess (Deficiency) of Revenues and Other
Financing Sources Overi(Under) Expenditures
Other Financing Sources
Transfer In- General Fund
HOBOKEN PUBLIC SCHOOLS
SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES
BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Local
Donations
$ J? ,934
$
FEMA
6,756
$
Title I
$ 469,514
843,493
$
I.D.E.A.
Part I.D.E.A.
B-Basic
Reg. Prog.
672,034
$ $
Part B
Preschool
18,255
Title II A Title III
$ 80,327
223,267 14,744
$ $
$
$
EXHIBIT E-lA
Pagel
Subtotals
Page 2
549,841
1,791,483
EXHIBIT E-lB
Page 1
HOBOKEN PUBUC SCHOOLS
SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES
BUDGETARY BASIS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Hurricane NJ School
Race to Sandy New Family Based Preschool
th< Jersey Friendly Youth Education
ProjectSERV ill Relief Fund Centers Services Ai.Q Subtotals
REVENUES
Intergovernmental
State $ 25,432 s 156,852 $ 44,871 $ 262,472 $ 9,434,971 s 9.924,598
Federal $ 25,293 25,293 Other
Total Revenues s 25.432 $ 25.293 $ 156.852 $ 44.871 $ 262.472 ' 9.434.971 $ 9.949.891
EXPENDITURES
Instruction Salaries of Teachers $ 1,485 s 34,915 $ 798,185 $ 834,585
Other Salaries for Instruction 211,152 211,152
Salaries for Pupil Transportation (Between Home
and School)- Non-Public 320 320
Purchased Pro[ and Tech. Services
Purchased Professional-Educational Services
Other Purchased Services
8 Miscellaneous Purchased Services 1,978 1,978
General Supplies $ 20,000 3,179 53,372 76,551
Textbooks Other Objects 2,338 583 2.921
Total instruction 6,121 20,000 38.677 1,062,709 1,127,507
Support Services
Salaries 6,194 ' 235,279 241,473
Salaries of Program Directors $ 69,326 69,326
Salaries of Supervisors of Instruction
Salaries of Other Professional Staff 410,323 410,323
Salaries of Seer. and Clerical Assistants 106,437 106,437
Other Salaries 18,416 344,623 363,039
Salaries of Community Parent Specialist 56,980 56,980
Salaries of Master Teachers 230,108 230,108
Personal Services - Employee Benetits 964,337 964,337
Purchased Professional Educational Services 98\ 98\
Purchased Prof. and Tech. Services ' 24,798 24,798
Purchased Educ. Services-Contracted Pre-K 6,270,015 6,270,015
Other Purchased Prof Tech. Services Other Purchased Professional-Education Services 3,516 3,516
Other Purchased Professional Services 1,370 1,370
Cleaning, Repairs and Maintenance Services 675 161,127 161,802
Contracted Services (Other than Between Home & School) 1,680 1,680
Travel 907 907
Other Purchased Services Supplies and Materials 495 4,494 24.948 29,937 Other Objects 220 21,718 19,659 41,597
Total Support Sen•ices 19,311 ~293 6.194 262.472 8,665,356 8,978,626
Facilities Acquisition and Construction Serv.
Instructional Equipment Noninstructional Equipment
Total Facilities Acquisitions and Construction Serv.
Transl!:r of Funds to SBB
Total Expenditures
Excess (Deficiency) of Revenues and Other
Financing Sources Over/(Under) Expenditures
'i: Other Financing Sources Transfer !n- General Fund
HOBOKEN PUBLIC SCHOOLS SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Hurricane
""" Sandy New Family to the Jersey Friendly
ProiectServ Thn Relief Fund Centers
136.852
136.852
$ 25.432 $ 25,293 156,852 $ 44,871
$ $ $
NJ School Based Youth
Services
$
---
$ 262,472
$ $
Preschool Education
Aid
45,578 4.648
50.226
9,778,291
(343,320)
343.320
$
EXHIBIT E-IB
Page 2
fu!.!lli?.!lli
45,578 141.500 -------
187.2.078
l0,293,2ll
(343,320)
$ 343,320
HOBOKEN PUBLIC SCHOOLS
SPECIAL REVENUE FUND
PRESCHOOL EDUCATION PROGRAM AID SCHEDULE OF EXPENDITURES
PRESCHOOL- ALL PROGRAMS BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Variance
Final Original Final Budget to Budget Adjustments Budget Actual Actual
EXPENDITURES Instruction Services
Salaries of Teachers $ 668,059 $ 147,702 $ 815,761 $ 798,185 $ 17,576 Other Salaries for Instruction 249,210 107,830 357,040 211,152 145,888 General Supplies 26,000 46,618 72,618 53,372 19,246
Total Instruction Services 943,269 302,150 1,245,419 1,062,709 182,710
Support Services
Salaries of Program Directors 82,686 5,088 87,774 69,326 18,448 Salaries of Other Professional Staff 504,492 (51,970) 452,522 410,323 42,199 Salaries of Seer. and Clerical Assistants 72,962 51,518 124,480 106,437 18,043 Other Salaries 358,603 (II ,145) 347,458 344,623 2,835
Salaries of Community Parent Involvement Spec. 57,422 57,422 56,980 442 Salaries of Master Teachers 229,090 1,332 230,422 230,108 314 Personal Services -Employee Benefits 1,122,220 85,270 !,207,490 964,337 243,153 Purchased Professional- Educational Services- Contracted Pre-K 6,255,195 537,839 6,793,034 6,270,015 523,019
Other Purchased Professional-Ed Services 50,000 1,034 51,034 3,516 47,518
Other Purchased Professional Services 11,034 11,034 1,370 9,664
Cleaning, Repair and Maintenance Services 223,783 11,707 235,490 16{,127 74,363
Contracted Services (Other than Between Home and School) 26,000 (10,000) 16,000 \,680 14,320 Travel 15,000 10,000 25,000 907 24,093 Supplies and Materials 32,341 40,276 72,617 24,948 47,669 Other Objects 161,724 161,724 19,659 142,065
Total Support Services 9,202,552 670,949 9,873,501 8,665,356 1,208,145
Facilities Acquisition and Construction Svcs.
Instructional Equipment 145,000 145,000 45,578 99,422 Non-Instructional Equipment 46,938 46,938 4,648 42,290
Total Facilities Acquisition and Construction 46,938 145,000 191,938 50,226 141,712
Total Expenditures $ 10,192,759 $ 1,118,099 $ 11,310,858 $ 9,778,291 $ 1,532,567
Calculation of Budget Carryover
Total 2013-2014 Preschool Education Allocation $ 9,700,959
Add: Actual ECPA Carryover (June 30, 20l3) 760,939
Add: Prior Year Payab!es Cancelled 523,019 Add: Budgeted Transfer from the General Fund 2013-2014 Inclusion 343,320
Total Preschool Education Aid Funds Available for 2013-2014 Budget 11,328,237 Less: 2012-2013 Budgeted Preschool Education Aid (Including
prior year budgeted carryover) ll 310 858
Available & Unbudgeted Preschool Education Aid Funds as of June 30, 2014 17,379
Add: June30, 2014 Unexpended Preschool Education Aid 1,532,567
2013-2014 Actual Carryover- Preschool Education Aid $ 1,549,946
2013-2014 Preschool Education Aid Canyover Budgeted for Preschool Education in 2014-2015 $ 17,379
105
HOBOKEN PUBLIC SCHOOLS
SPECIAL REVENUE FUND
EARLY CHILDHOOD PROGRAM AID SCHEDULE OF EXPENDITURES
PRESCHOOL- FULL DA V 3YR & 4YR- REGULAR
BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Original Final Budget Adjustment Budget
EXPENDITURES
Instruction Salaries of Teachers $ 668,059 $ 147,702 $ 815,761
Other Salaries for Instruction 249,210 107,830 357,040 General Supplies 26,000 46,618 72,618
Total Instruction Services 943,269 302,150 1,245,419
Support Services
Salaries of Program Directors 82,686 5,088 87,774
Salaries of Other Professional Staff 504,492 (51,970) 452,522
Salaries of Seer, and Clerical Assistants 72,962 51,518 124,480
Other Salaries 358,603 (11,145) 347,458
Salaries of Community Parent Involvement Spec. 57,422 57,422
Salaries of Master Teachers 229,090 1,332 230,422
Personal Services ~ Employee Benefits 1,122,220 85,270 1,207,490
Purchased Professional -Educational Services- Contracted Pre-K 6,255,195 537,839 6,793,034
Other Purchased Professional-Ed Services 50,000 1,034 51,034
Other Purchased Professional Services 11,034 11,034
Cleaning, Repair and Maintenance Services 223,783 1!,707 235,490
Contracted Services (Other than Between Home and School) 26,000 (10,000) 16,000
Travel 15,000 10,000 25,000
Supplies and Materials 32,341 40,276 72,617 Other Objects 161,724 161,724
Total Support Services 9,202,552 670,949 9,873,501
Facilities Acquisition and Construction Svcs.
Instructional Equipment 145,000 145,000 Noninstructional Equipment 46,938 46,938
Total Facilities Acquisition and Construction Svcs. 46,938 145,000 191,938
Total Expenditures $ 10,192,759 $ 1,118,099 $ 11,310,858
106
EXHIBIT E-2a
Variance Final
Actual Budget to Actual
$ 798,185 $ 17,576
211,152 145,888 53,372 19,246
1,062,709 182,710
69,326 18,448
410,323 42,199
106,437 18,043
344,623 2,835
56,980 442
230,108 314
964,337 243,153
6,270,015 523,019
3,516 47,518
1,370 9,664
161,127 74,363
1,680 14,320
907 24,093
24,948 47,669 19,659 142,065
8,665,356 1,208,145
45,578 99,422 4,648 42,290
50,226 141,712
$ 9,778,291 $ 1,532,567
CAPITAL PROJECTS FUND
HOBOKEN PUBLIC SCHOOLS CAPITAL PROJECTS FUND
EXHIBIT F-1
SUMMARY STATEMENT OF PROJECT EXPENDITURES FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Issue/Project Title
Public School Capital Finance Act Loans for Construction, Renovation, Repair or Alterations of Public Schools
Public School Capital Finance Act Loans for Construction, Renovation, Repair or Alterations of Public Schools
Lighting Upgrade Lease Purchase
sub-total Local Projects
Schools Development Authority- Educational Facilities Construction Aid
On-Behalf Payments
A.J. Demarest M.S. 2210-0\0-00-0626 Hoboken H.S. 2210-005-00-0691 Hoboken H.S. 2210-005-03-0786
Hoboken H.S. 2210-005-05-0APR Joseph F. Brandt 2210-050-01-0782 Joseph F. Brandt 2210-050-00-0624
New Hoboken Elementary Schooi2210-N01-03-0642 New Hoboken High Schooi2210-N02-03-0643
New Hoboken Middle School 2210-N03-03-0644 Salvatore R. Calabro, No. 4 E.S. 2210-063-00-0625
Salvatore R. Calabro, No. 4 E.S. 2210-063-01-0780 Thomas G. Connors 2210-065-00-0627 Thomas G. Connors 2210-065-01-0783 Wallace No.6 E.S. 2210-070-01-0781 Wallace No.6 E.S. 2210-070-00-0692 A.J. Demarest M.S. 2210-010-08-0FAC Brandt Middle School221 0-050-08-0lAQ Hoboken High School 2210-005-08-0F AD Wallace No.6 School2210-070-08-0IAR
sub-total On-Behalf SDA Payments
Direct Payments
A.J. Demarest M.S. 2210-010-08-0FAC-00
Brandt Middle School 22l0-050-08-0IAQ-OO
Hoboken High School2210-005-08-0FAD-OO
Wallace No.6 School 2210-070-08-0IAR Brandt Middle School2210-050-12-1400
sub-total Direct SDA Payments
Total Expenditures
Original Date Appropriations
Cancelled State Grant
Expenditures to Date Prior Years Current Year
Balance, June 30. 2014
81\8/1993 $ 1,510,571 $ 1,510,571
8/18/1993 2,602,000 2,602,000
1,000,000 804,714 $
5,112,571 4,917,285
4,889,591 4,889,591 2,867,759 2,867,759 1,148,682 1,148,682
18,500 18,500 1,045,576 1,045,576 8,525,289 8,525,289
53,226 53,226 80,881 80,881
436,538 436,538 1,252,577 1,252,577
10,593,680 10,593,680 6,328,970 6,328,970 1,143,886 1,143,886 1,684,539 1,684,539 5,549,562 5,549,562
36,514 36,514 11,245 11,245 14,734 14,734 12,761 12,761
45,694,510 45,694,5\0
948,345 876,095
620,374 $ 24,451 590,445
664,032 53,174 599,950
30,483 2,023 26,700 843,084
3,106,318 79,648 2,093,190
$ 53,913,399 "$~--''"'''"'64"'8 $ 52,704,985 $
Reconciliation of Fund Balance
Project Balances Interest Earning to be Utilized for Payment of Lease Purchase
Principal and Interest Less: Unearned SDA Grant Revenue
Total Fund Balance, June 30,2014 (GAAP Basis)
107
150,356 ~·~~442,9~3~0
150,356
56,249
56,249
44,930
16,001
5,478
10,908
1,760 843,084
877,231
206,605 ~$~-''"''':..·'"''""'
$
$
922,161
77 (828,084)
94,154
HOBOKEN PUBLIC SCHOOLS CAPITAL PROJECTS FUND
EXHIBIT F-2
SUMMARY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Revenues and Other Financing Sources Revenues
SDA Grant Receivable Interest
Total Revenues
Expenditures and Other Financing Uses Expenditures
Construction Services
Total Expenditures and Other Financing Uses
Excess (Deficiency) of Revenues and Other Financing Sources over (under) Expenditures
and Other Financing Uses
Fund Balance- Beginning of Year
Fund Balance- End of Year
Reconciliation to Governmental Funds Statements (GAAP): Fund Balance per Governmental Funds (Budgetary)
Less Unearned Revenue SDA Grant Revenue
Fund Balance per Governmental Funds (GAAP)
Recal!itulation of Fund Balance (GAAP) Year End Encumbrances Available for Capital Project Expenditures
Total Fund Balance - Restricted for Capital Projects
108
$
$
$
$
$
$
859,401
15
859,416
206,605
206,605
652,811
269,427
922,238
922,238
(828,084)
94,154
18,988 75,166
94,154
HOBOKEN PUBLIC SCHOOLS CAPITAL PROJECTS FUND
SCHEDULE F-2a
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE AND PROJECT STATUS- BUDGETARY BASIS
DISTRICT WIDE LIGHTING UPGRADE PROJECT FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Revenues and Other Financing Sources Lease Purchase Proceeds
Total Revenues and Other Financing Sources
Expenditures and Other Financing Uses
Purchased Professional and Technical Services Construction Services
Total Expenditures and Other Financing Uses
Excess of Revenue Over Expenditures
Additional Project Information: SDA Project Number SDA Grant Number Grant Date Bond Authorization Date Bonds Authorized Bonds Issued Original Authorized Cost Additional Authorized Cost Revised Authorized Cost
Percentage Increase Over Original Authorized Cost
Percentage Completion Original Target Completion Date Revised Target Completion Date
Prior Periods Current Period
1,000,000
1,000,000
804,714 $ 150,356
$ 1,000,000 ;:;_$ ~~~
N/A N/A N/A
$ 1,000,000
$ 1,000,000
0.00% 95.51%
2013/2014 2013/2014
109
Revised Authorized
Cost
$ 1,000,000 $ 1,000,000
1,000,000 1,000,000
955,070 1,000,000
955,070 1,000,000
$ 44,930 ;:;_$ ~~~
SCHEDULE F-2b
HOBOKEN PUBLIC SCHOOLS CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE AND PROJECT STATUS- BUDGETARY BASIS
A.J. DEMAREST MIDDLE SCHOOL-EY ALUA TION OF EXISTING HVAC SYSTEM AND ROOFING CONDITIONS
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Revised Authorized
Revenues and Other Financing Sources State Sources-SDA Grant
Total Revenues and Other Financing Sources
Expenditures and Other Financing Uses
Purchased Professional and Technical Services
Construction Services
Total Expenditures and Other Financing Uses
Excess (Deficit) of Revenue Over Expenditures
Additional Project Information: SDA Project Number SDA Grant Number Grant Date Bond Authorization Date Bonds Authorized Bonds Issued Original Authorized Cost Additional Authorized Cost Revised Authorized Cost
Percentage Increase Over Original Authorized Cost
Percentage Completion Original Target Completion Date Revised Target Completion Date
Prior Periods Current Period Totals Cost
$
$
932,028
932,028
17,680
858,415
876,095
$
55,933 $
2210-0 I 0-08-0 FA C GB-0168-DOI
$ $ $
2009 N/A N/A N/A
15,000 917,028 948,345
0.00% 94% N/A
2013/2014
110
16,317
16,317
56,249
56,249
$ 948,345
948,345
17,680
914,664
932,344
$ 948,345
948,345
17,680
930,665
948,345
(39,932) $ 16,001 ;:;_$ ~~~
HOBOKEN PUBLIC SCHOOLS CAPITAL PROJECTS FUND
SCHEDULE F-2c
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE AND PROJECT STATUS- BUDGETARY BASIS
JOSEPH F. BRANDT NO.2 MIDDLE SCHOOL- EVALUATION OF EXISTING HVAC SYSTEM AND ROOFING CONDITIONS
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Revenues and Other Financing Sources State Sources-SDA Grant
Total Revenues and Other Financing Sources
Expenditures and Other Financing Uses
Purchased Professional and Technical Services
Construction Services Cancelled SDA Grant Receivable
Total Expenditures and Other Financing Uses
Excess (Deficit) of Revenue Over Expenditures
Additional Project Information: SDA Project Number SDA Grant Number Grant Date Bond Authorization Date Bonds Authorized Bonds Issued Original Authorized Cost Additional Authorized Cost Revised Authorized Cost
Percentage Increase Over Original Authorized Cost
Percentage Completion Original Target Completion Date Revised Target Completion Date
Revised Authorized
Prior Periods Current Period Totals Cost
$ 598,103
598,103
12,280
578,165 2,180
592,625
$ 5,478 $
2210-050-08-01AQ GB-0169-D01
2009 N/A N/A N/A
$ 620,374 $ (22,271) $ 598,103
0.00% 99% N/A
2012/2013
111
$598,103 $ 598,103
598,103 598,103
12,280 12,280
578,165 585,823 2,180
592,625 598,103
$ 5,478 $
HOBOKEN PUBLIC SCHOOLS CAPITAL PROJECTS FUND
SCHEDULE F-2d
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE AND PROJECT STATUS- BUDGETARY BASIS
HOBOKEN HIGH SCHOOL-EVALUATION OF EXISTING CURTAIN WALL SYSTEM FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Revenues and Other Finaucing Sources State Sources-SDA Grant
Total Revenues and Other Financing Sources
Expenditures and Other Financing Uses
Purchased Professional and Technical Services Construction Services Cancelled SDA Grant Receivable
Total Expenditures and Other Financing Uses
Excess (Deficit) of Revenue Over Expenditures
Additional Project Information: SDA Project Number SDA Grant Number Grant Date Bond Authorization Date Bonds Authorized Bonds Issued Original Authorized Cost Additional Authorized Cost Revised Authorized Cost
Percentage Increase Over Original Authorized Cost
Percentage Completion Original Target Completion Date Revised Target Completion Date
Prior Periods Current Period
$ 664,032
664,032
81,180 518,770
$
599,950
$ 64,082 $
221 0-005-08-0F AD GB-0170-D01
2009 N/A N/A N/A
$ 15,000 $ 649,032 $ 664,032
2.31% 98.36%
2010/2011 2010/2011
112
53,174
53,174
(53, 174)
Revised Authorized
Cost
$ 664,032 $ 664,032
664,032 664,032
81,180 81,180 518,770 582,852
53,174
653,124 664,032
$ 10,908 $
HOBOKEN PUBLIC SCHOOLS CAPITAL PROJECTS FUND
SCHEDULE F-2e
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE AND PROJECT STATUS- BUDGETARY BASIS
WALLACE NO. 6 ELEMENTARY SCHOOL-REVIEW OF ELECTRICAL SERVICE INTERRUPTION AND ROOFING CONDITIONS
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Revenues and Other Financing Sources State Sources-SDA Grant
Total Revenues and Other Financing Sources
Expenditures and Other Financing Uses
Purchased Professional and Technical Services Construction Services Cancelled SDA Grant Receivable
Total Expenditures and Other Financing Uses
Excess (Deficit) of Revenue Over Expenditures
Additional Project Information: SDA Project Number SDA Grant Number Grant Date Bond Authorization Date Bonds Authorized Bonds Issued Original Authorized Cost Additional Authorized Cost Revised Authorized Cost
Percentage Increase Over Original Authorized Cost
Percentage Completion Original Target Completion Date Revised Target Completion Date
Revised Authorized
Prior Periods Current Period Totals Cost
$ 30,483
30,483
6,960 19,740
$
26,700
$ 3,783 $
2210-070-08-01AR GB-0171
2009 N/A N/A N/A
$ 15,000 $ 15,483 $ 30,483
0.00% 94% N/A
2012/2013
113
$ 30,483 $ 30,483
30,483 30,483
6,960 6,960 19,740 23,523
2,023 2,023
2,023 28,723 30,483
(2,023) $ 1,760 $
SCHEDULE F-2f
HOBOKEN PUBLIC SCHOOLS CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE AND PROJECT STATUS- BUDGETARY BASIS
JOSEPH F. BRANDT SCHOOL-REHABILITATION: BUILDING ENVELOPE- EXTERIOR MASONRY REPAIR
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Revenues and Other Financing Sources State Sources-SDA Grant
Total Revenues and Other Financing Sources
Expenditures and Other Financing Uses
Purchased Professional and Technical Services Construction Services
Total Expenditures and Other Financing Uses
Excess (Deficit) of Revenue Over Expenditures
Additional Project Information: SDA Emergent Project Number SDA Grant Number Grant Date Bond Authorization Date Bonds Authorized Bonds Issued Original Authorized Cost Additional Authorized Cost Revised Authorized Cost
Percentage Increase Over Original Authorized Cost
Percentage Completion Original Target Completion Date Revised Target Completion Date
Prior Periods Current Period Totals
Revised Authorized
Cost
$ 843,084 $ 843,084 $ 843,084
843,084 843,084 843,084
843,084
843,084
$ $ 843,084 $ 843,084 ~$ ~~~
2210-050-12-1400 GB-0222
2014 N/A N/A N/A
$ 864,365 $ (21,281) $ 843,084
114
0.00% 0%
2014/15 N/A
ENTERPRISE FUND
ASSETS
Cash
Total Assets
LIABILITIES
Current Liabilities Due to Other Funds Accounts Payable
Total Current Liabilities
NET POSITION
Unrestricted
Total Net Position
HOBOKEN PUBLIC SCHOOLS
ENTERPRISE FUNDS- NON-MAJOR
STATEMENT OF NET POSITION
EXHIBIT G-1
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Non-Major Enterprise Funds
After Care Program Total
$ 46,356 'C$ __ --'4"-'6'"-'35"'-6
46,356 46,356
46,356 46,356
$ 46,356 ""$ ----'4"'6,;;,;35""6
115
HOBOKEN PUBLIC SCHOOLS ENTERPRISE FUND- NON-MAJOR
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
EXHIBITG-2
Non-Major Enterprise Fund
After Care Program Total
OPERATING REVENUES Charges for Services
Program Fees $ 153,734 $ 153,734
153,734 153,734
Total Operating Revenues
OPERATING EXPENSES Salaries and Employee Benefits 106,971 106,971
Supplies and Materials 407 407
Total Operating Expenses 107,378 107,378
Operating lncome/(Loss) 46,356 46,356
Change in Net Position 46,356 46,356
Total Net Position, Beginning of Year
Total Net Position, End of Year $ 46,356 $ 46,356
116
HOBOKEN PUBLIC SCHOOLS
ENTERPRISE FUND- NON-MAJOR
STATEMENT OF CASH FLOWS
EXHIBITG-3
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Cash Flows from Operating Activities
Cash Received from Customers
Cash Payments for Employees
Salaries & Benefits
Cash Payments to Suppliers for Goods and Services
Net Cash Provided by Operating Activities
Net Increase in Cash
Cash, Beginning of Year
Cash, End of Year
Reconciliation of Operating Income/(Loss) to
Net Cash Provided/(Used) by Operating Activities Operating lncome/(Loss)
Adjustments to Reconcile Operating Income/(Loss) to Net Cash
Provided/(Used) by Operating Activities
Increase/(Decrease) in Due to Other Funds lncrease/(Decrease) in Accounts Payable
Total Adjustments
Net Cash Provided by Operating Activities
$
$
$
$
117
Non-Major Enterprise Fund
After Care
Program Total
153,734 $ 153,734
(106,971) (106,971)
(407) (407)
46,356 46,356
46,356 46,356
46,356 $ 46,356
46,3 56 ,_$ ___ 4_:..:6"',3"'5"'-6
46,356 ""$ ~~~4""6,~35""6
ASSETS
HOBOKEN PUBLIC SCHOOLS FIDUCIARY FUNDS
COMBINING STATEMENT OF AGENCY ASSETS AND LIABILITIES AS OF JUNE 30, 2014
Agency Student Activity Payroll
Cash and Cash Equivalents $ 94,721 $ 710,017 Prepaid Items 472
Total Assets $ 94,721 $ 710,489
LIABILITIES
Liabilities
EXHIBITH-1
Total
$ 804,738 472
$ 805,210
Accrued Salaries and Wages (Deficit) $ (3,540) $ (3,540)
Payroll Deductions and Withholdings Payable 272,970 272,970
Due to Other Funds 441,059 441,059 Due to Student Groups $ 94,721 94,721
Total Liabilities $ 94,721 $ 710,489 $ 805,210
118
Additions: Local Sources:
HOBOKEN PUBLIC SCHOOLS FIDUCIARY FUNDS
COMBINING STATEMENTS OF CHANGES IN FIDUCIARY NET POSITION FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Doris Seinkewicz Scholarship
Fund
John Sacci
Scholarship Fund
Judge Zamrin
Memorial Fund
EXHIBIT H-2
Contributions Interest ~$ ______ ~7~3 ~$ ______ ~7~3
Total Additions
Deductions:
Scholarships Awarded Other
Total Deductions
Change in Net Position
Net Position -Beginning of the Year
Net Position- End of the Year
$ 2,838 $
2,838
(2,838)
2,838
$ $
119
73 73
1,800 1,800 3,698 6,536
3,698 1,800 8,336
(3,698) (1,727) (8,263)
3,698 7,500 14,036
$ 5,773 $ 5,773
Elementary Schools Wallace School Salvatore R. Calabro School Thomas G. Connors
Total Elementary Schools
High School General Activity Fund/ Athletic
Total High School
Total
HOBOKEN PUBLIC SCHOOLS STUDENT ACTIVITY AGENCY FUND
SCHEDULE OF RECEIPTS AND DISBURSEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Balance, Cash July 1, 2013 Receipts
$ 1,535
532 $ I 1,336 7,875
3,403 7,876
88,903 141,691
88,903 141,691
$ 92,306 $ 149,567
120
EXHIBIT H-3
Cash Balance, Disbursements June 30, 2014
$ 1,535
533 $ 9,131 80
9,131 2,148
138,021 92,573
138,021 92,573
$ 147,152 $ 94,721
Due to/(From) Other Funds
Payroll Deductions and Withholdings
Accrued Salaries and Wages (Deficit) Reserve for Flexible Spending
Total
HOBOKEN PUBLIC SCHOOLS
PAYROLL AGENCY FUND
SCHEDULE OF RECEIPTS AND DISBURSEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Balance, Cash July 1, 2013 Receipts
$ 416,637 $ 4,728,364
295,513 13,054,174
(4,872) 17,904,751 11,800
$ 707,278 $ 35,699,089
121
EXHIBITH-4
Cash Balance, Disbursements June 30, 2014
$ 4,703,942 $ 441,059
13,076,717 272,970 17,903,419 (3,540)
11,800
$ 35,695,878 $ 710,489
HOBOKEN PUBLIC SCHOOLS LONG TERM DEBT
SCHEDULE OF BONDS PAYABLE FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOT APPLICABLE
122
EXHIBIT 1-1
N w
HOBOKEN PUBLIC SCHOOLS SCHEDULE OF OBLIGATIONS UNDER CAPITAL LEASES/LEASE PURCHASE AGREEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Description ·nate of
Issue Amount of
Issue Interest
Rate Balance,
June 30,2013 Decreases
EXHIBIT 1-2
Balance, June 30, 2014
Lighting and Lighting Control Equipment 8/15/2012 $ 1,000,000 1.42% $ 1,000,000 $ 200,000 $ 800,000
$ 1,000,000 $ 200,000 $ 800,000
Paid by Budget Appropriation $ 200JOOO
Purpose
Date of Issue
New Jersey Public School Facilities Loans Payable
Facilities Loan- Low Interest 08/18/93
Facilities Loan- Small Project 08/18/93
Safe Facilities Loan- Low Interest 08/18/93
Safe Facilities Loan- Small Project 08/18/93
HOBOKEN PUBLIC SCHOOLS
LONG-TERM DEBT
SCHEDULE OF LOANS PAYABLE
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Amount of Original
Issue
$ 1,301,000
1,301,000
376,249
1,128,747
Annual Maturities Date Amount
7/15/13 $ 68,474
7/15/13 96,385
7/15/13 19,800
7/15/13 83,623
124
Rate of Interest
1.500%
5.288%
1.500%
5.288%
Balance, June 30.2013
$ 68,471
96,386
19,800
83,623
$ 268,280
Paid by Budget Appropriation
Retired
$ 68,471
96,386
19,800
83,623
$ 268,280
$ 268,280
EXHIBIT I-3
Balance, June 30,2014
$
$
REVENUES
Local Sources Local Property Tax Levy
Total Revenues
EXPENDITURES
Loan Principal Loan Interest
Total Expenditures
Excess (Deficiency) of Revenues Over (Under) Expenditures
Fund Balances, Beginning of Year
Fund Balances, End of Year
HOBOKEN PUBLIC SCHOOLS
DEBT SERVICE FUND
BUDGETARY COMPARISON
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Original Final
Budget Adjustments Budget
$ 273,696 $ 273,696
273,696 273,696
268,284 (4) 268,280 5,422 4 5,426
273,706 273,706
(10) (I 0)
10 10
$ $ $
125
EXHIBIT I-4
Variance
Final Budget
Actual to Actual
$ 273,696
273,696
268,280 5,426
273,706
(I 0)
10
$ $
-----lQ.Q.L_ 2006
Governmental activities Net lrJYestment in Capital Assets s 40,098,463 $ 39,995,645 $ Restricted 1,059,174 3,011,251 Unrestricted (7,743,274) (8,618,453)
Total governmental activities net position $ 33,414,36~ $ 34,388,443 $
Business-type activities Net Investment in Capital Assets $ 69,201 $ 63,192 $ Restricted Unrestricted (406,216) (37,971)
Total business-type activities net position $ (337,015) $ 25,221 $
District-wide Net Investment in Capital Assets $ 40,167,664 $ 40,058,837 $ Restricted 1,059,174 3,011,251 Unrestricted (8,149,490) (8,656,424)
Total district net position $ 33,077,348 $ 34,4\3,664 $
Source: District's financial statements
~
2007
45,521,136 1,001
(5,296,036) 40,226,101
67,918
(185,479) (117,561)
45,589,054 1,001
(5,481,515) 40,108,540
HOBOKEN PUBLIC SCHOOLS NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS (Unaudited)
(accrual basis of accounting)
Fiscal Year Ended June 30, 2008 2009 2010
(Restated)
$ 41,544,984 $ 47,190,268 $ 47,090,368 750,000 810,000 750,000
(9,337,045) (7,865,224) (6,694,230) $ 32,957,939 $ 40,135,044 $ 41,146,138
$ 142,427 $ 126,787 $ 142,310
(42,208) (244,992) (434,425} $ !00,219 $ (1!8,205) $ (292,115)
$ 41,687,411 $ 47,317,055 $ 47,232,678 750,000 810,000 750,000
(9,379,253) (8,110,216) (7,128,655) $ 33,058,158 $ 40,016,839 $ 40 854,023
EXHIBIT J-1
·---- -----2011 2012 2013 2014
$ 48,192,434 s 48,829,477 $ 19,673,114 $ 18,665,885 750,000 514,814 74,152 849,225
(8,488,185) (7,337,554) (4,869,288) {3,266,813) $ 40,454,249 s 42,006,737 $ 14,877,978 $ 16,248,297
$ 122,664 $ 48,955 $ 19,679 $ 9,996
(783,849) (974,485) (1,071,173) (586,173) $ _(§§_!,)~?) $ (!:17~.?39) $ (1,051,494) $ (576,177)
$ 48,315,098 $ 48,878,432 $ 19,692,793 $ 18,675,881 750,000 514,8\4 74,152 849,225
(9,272,034) (8,312,039) (5,940,461) (3,852,986) $ 39,793,064 $ 41,081,207 $ 13,826,484 $ 15,672,\20
EXIIIBIT J-2 HOBOKEN PUBLIC SCHOOLS CHANGES IN NET POSITION
LAST TEN FISCAL YEARS (Unaudited)
(accrual basis of accouming)
Fiscal Year Ended June 30, -2005 2006 2007 2008 2009 ___ 20_10 2011 2012 2013 2014
Expenses Governmental activities
Instruction Regular $ 13,393,131 $ 16,632,659 $ 22,434,017 $ 26,549,093 $ 25,275,975 $ 28,384,653 $ 28,844,002 $ 29,461,070 $ 31,452,283 ' 32,250,508 Special education 3,887,742 3,883,020 5,558,549 6,588,100 5,200,818 6,428,338 6,608,002 7,256,560 7,704,906 6,628,785 Other special education 486,176 473,235 Other instruction 522,687 838,857 486,386 576,634 439,467 793,236 507,227 391,025 377,032 115,067 School Sponsored Activities and Athletics 1,411,411 1,557,039 1,181,554 1,305,913 1,286,586 1,284,573 1,196,697 1,079,547 Adult Continuing Education 84,451 72,996 203,062 194,604 149,219 215,509 lll,956 4,883
Support Services· Tuition 1,4ll,330 872,407 Student & instruction related services 11,226,463 12,488,974 9,783,809 12,500,371 11,665,895 8,642,936 10,047,684 9,612,865 9,517,130 10,209,494 School administrative services 2,419,522 2,423,233 1,509,025 1,624,710 1,058,298 3,252,194 2,611,085 2,362,057 2,183,241 2,327,720 General administrative services 1,743,351 1,684,758 2,025,964 2,045,647 1,96!,797 1,826,507 1,582,886 1,255,631 1,013,937 913,777 Plant operations and maintenance 7,137,763 7,187,236 7,423,023 8,165,353 7,248,281 6,652,937 6,610,137 6,337,611 7,843,598 7,467,784 Central and other support services 930,351 1,095,308 887,778 970,882 617,419 1,200,727 1,179,722 942,232 969,084 1,073,621 Pupil transportation 1,415,667 1,543,476 1,485,719 1,781,575 1,520,871 1,574,379 1,670,164 1,659,517 1,524,452 1,551,318
Special Schools 204,532 221,408 Charter Schools 3,077,721 3,777,889 2,872,596 Interest on long-term debt 102 351 112,523 I 19,472 59,759 50,741 41,408 31,733 21,698 17,824 12 001
Total governmental activities expenses 47,958,787 53,234,983 56,082,200 62 492 !59 56,424,178 60,297,832 61,128,447 60,800,348 63,912,140 63,634,505
Business-type activities: Food service 1,208,924 1,215,367 1,246,906 1,067,242 1,301,220 1,293,551 968,736 871,727 1,074,759 1,023,661 After Care 107,378
Total business-type activities expense 1,208,924 1,215,367 1,246,906 I 067 242 1,301,220 1,293,551 968 736 871,727 1,074,759 1,131,039 Total district expenses s 49,167,711 $ 54,450,350 $ 57,329,106 $ 63,559,401 $ 57,725,398 ' 61,591,383 $ 62,097,183 ' 61,672,075 ' 64,986,899 $ 64,765,544
Program Revenues Governmental activities·
Charges for services: Instruction $ 520,539 $ 442,111 $ 424,848 ' 384,930 $ 263,215 ' 432,095 $ 316,516 $ 100,636 Support Services 980,117 289,568 315,722 369,537 337,344
Operating Grants and Contributions $ 16,389,549 ' 18,051,448 17,855,925 18,139,548 15,236,370 16,121,194 16,288,055 18,711,728 21,080,906 20,604,088 Capital grants and contributions 5,366,115 118,852 5,505,504 517,006 1,746,672 373 106 31,316
Total governmental activities program revenues 16,389,549 18,051,448 23,742,579 18,700,511 21,166,722 18,003,247 18,587,510 19,832,651 21,766,959 21,073,384
Business-type activities· Charges for services
Food service 93,345 110,708 115,360 136,453 108,605 151,984 124,967 171,199 19!,564 247,331
After Care Program 153,734
Operating grants and contributions 647,250 633,562 602,227 632,248 574,191 633,414 474,699 500,209 632,231 641,072
Capital grants and contributions 28,417 Total business type activities program reventles 740,595 744,270 . 717,587 768,701 682,796 813,815 599,666 671408 823,795 1 ,042,137 Total district program revenues $ )},_!}9_,1_~±- $ 18,795,718 $ 24,460,166 ' 19,469,212 $ 21,849,518 $ 18,817,062 $ 19,187,176 $ 20,504,059 $ 22,590,754 $ 22,115,521
Net (Expense)/Revenue Governmental activities $ (31,569,238) $ (35,183,535) $ (32,339,621) $ (43,791,648) $ (35,257,456) ' (42,294,585) $ (42,540,937) $ (40,967,697) s (42,145,181) s {42,561,121) Btlsiness-type activities (468,329) (471,097) (529,319) p98,541) (618,424) (479,736) (369,070) (200,319) (250,964} (88,902) Total district-wide net expense $ (32,037,567) $ (35,654,632) $ (32,868,940) $ {44,090,189) $ (35,875,880) ' (42,774,321) $ (42,910,007) ..1...Ji11_~~,_Q)§I_ -~~~,~2_~.)45)
127
EXHIBIT J-2 HOBOKEN PUBLIC SCHOOLS CHANGES IN NET POSITION
LAST TEN FISCAL YEARS (Unaudited)
(accrual basis of accounting)
Fiscal Year Ended June 30, -2005 2006 2007 2008 _lQQ2_ 2010 2011 2012 2013 2014
General Revenues and Other Changes in Net Position Governmental activities·
Property taxes levied for general purposes, net $ 29,584,589 $ 31,750,000 $ 33,450,000 $ 34,700,000 $ 36,073,367 $ 36,764,796 $ 36,761,743 ' 36,758,684 $ 36,755,753 $ 38,220,173 investment earnings 14,581 27,922 Miscellaneous income 277,422 650,015 253,391 420,182 544,585 227,433 420,331 140,773 521,799 145,613 Tuition received 701,550 606,075 Federal & State aid not received 2 (6,221) Federal & State aid not restricted 3,589,549 4,254,659 4,809,712 5,069,308 6,216,609 6,619,276 4,666,974 6,235,078 5,437,678 6,048,614
Special item 827 Accounts receivable canceled (8,099) Various special items 1,357 NJ EDA Projects Completed (Non-Cash) 34,502,734 Adjustment to fixed asset inventory 293,636 (285,035) Credit from state facilities loans payable 100,016 Transfers (124,743) (833,333) (386,537) (425,000) (305,826) (482,960) Miscellaneous adjustment (6,4671
Total governmental activities 68,933,421 36,157,615 38,126,566 39,764,490 42,834,561 43,305,679 41,849,048 43,134,535 42,715,230 43,931,440
Business-type activities Miscellaneous income 10,760 125,000 81,259 Transfers 124,743 833 333 386 537 425 000 305,826 482,960
Total business-type activities 135,503 833,333 386,537 425,000 305,826 125,000 564,219 Total district-wide $ 69,068,924 $ 36,990,948 $ 38 513,103 $ 40,189,490 $ 42,834,561 $ 43,611,505 $ 41,849,048 $ 43,134,535 ' 42,840,230 $ 44,495,659
Change in Net Ponition Governmental activities $ 37,364,183 $ 974,080 $ 5,786,945 $ (4,027,158) $ 7,577,105 $ 1,011,094 $ (691,889) $ 2,166,838 $ 570,049 $ 1,370,319 Business-type activities (332,826} 362,236 ~142,782) 126,459 (618,424) (173,910) {369,070} {200,319) ~125,964) 475,317 Total district $ 37,031,357 $ 1336,316 $ 5,644,163 $ (3,900,699) $ 6,958,681 $ 837,184 $ (1,060,959) s 1,966,519 $ 444,085 $ 1,845,636
Source: District'• fln>.nCU>l statements
128
~
HOBOKEN PUBLIC SCHOOLS FUND BALANCES-GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS (Unaudited)
(modified ace mal basis of accounling)
Fiscal Year Ended June 30, -2005 2006 2007 2008 2009
General Fund Reserved $ 2,661,933 $ 3,272,640 $ 2,826,479 $ 2,341,718 $ 1,924,576 Unreserved 635,724 662,020 564,771 1,029,001 940,462 Restricted Committed Assigned Unassigned 635,724 662,020 564,771 1,029,001 940,462
Total general fund $ 3,933,381 $ 4,596,680 $ 3,956,021 $ 4,399,720 $ 3,805,500
All Other Governmental Funds Reserved $ 237,729 $ $ 554 Unreserved 258,224 62,021 261,824 165,435 225,989 Restricted Unassigned
Total all other governmental funds $ 258,224 $ 299,750 $ 261,824 $ 165,9~9 $ 225,989
Begi~ng wil.h Fiscal Year 2()1 l, lhe District implemented GASB St>.tement No. 54, "Fund Salone<: Reporting and Governmental Fund Type Definitions". The St>.temel'l! provides more
clearly defined fund balanc<: categories 10 lfl(!ke l.he nature nnd e:<tont of the consrrainrs placed on a government's fund bal•nce more transparent. nus Sw.tement established fund
balance classifications d>at comprise a hierarchy based primarily on the extent to which a government is bound to obs<:n~e constraints imposed upon the use of the resources reported
in governmental funds. Reclassification of prior year fund balance amounts ro comp!ywil.h Statement No. 54 is not required.
Source: District's financial statements
2010
$ 1,695,143 1,735,257
1,735,257
$ 5,165,657
$ 537,758 (263,860)
$ 273,898
EXHIBIT J-3
2011 2012 2013 ______2Ql4
$ 750,000 $ 130,665 $ l $ 800,001 203,765
1,258,749 1,872,333 2,361,823 2,866,346 (62,683} (25,119) (129,900) (156,961}
$ 1,946,066 $ 1,977,879 $ 2,435,689 ~509,386
616,428 384,149 269,437 94,154 (278,330) (157 ,742}
$ 338,098 ' 384,149 $ 111,695 $ 94,154
EXHIBIT J-4
HOBOKEN PUBLIC SCHOOLS CHANGES IN FUND BALANCES- GOVERNMENTAL FUNDS,
LAST TEN FISCAL YEARS (Unaudited)
(modified accnml basis afacca~ntingi
Fiscal Year Ended June 30 ~ 2006 2007 2008 2009 2010 20\J 2012 2013 ~
Revenues Tax levy $ 29,5S4,589 $ 31,750,000 $ 33,450,000 $ 34,700,000 $ 36,073,367 $ 36,764,796 ' 36,761,743 $ 36,758,684 ' 36,755,753 $ 38,220,173 Interest Earned 14,581 2~,922 12,5!6 7,352 2,793 7,7&3 1<2 Miscellam:ous 206,462 223,047 253,391 420,182 551,096 214,917 432,035 154,344 591,167 221,000 Tuition- LEA's 543,500 450,981 358,725 247,577 228,057 176,804 149,409 249,632 180,276 100,636 Tuition- Individuals 94,725 71,815 77,697 77,385 89,571 88,118 113,806 13,710 Tuition- Other 63,325 83,279 84,117 117,149 107,220 120,008 168,753 136,240 Transportation Fees-Other LEAs 173,448 57,100 54,252 53,695 13,104 Rentals 70,960 426,968 806,669 232,468 261,470 238,691 261,645 State sources 16,196,564 !7,6!2,887 24,161,576 19,917,726 23,873,047 19,978,903 19,477,211 22,365,442 23,657,807 24,500,920 Federal sources 3,7S2,536 4,552,899 3,870,176 3,349,9&2 3,078,925 3,278_573 3.205,434 2,938.106 2 861 579 2,170,164
Total revo:nue 50 557,242 55,\99,798 62,255 682 58,890.001 640012&3 61 614.752 60,436.558 62,967)86 64,482,991 ~487.784
Expenditures ln.struc!ion
Regular Instruction 11,311,744 12,562)88 22,876,916 25,202,133 26,065,513 28,532,851 28,688,302 29,802,945 31,763,869 32,680,217
Special education instruction 2,847,735 2,795,067 5,680,512 6,229,156 5,442,924 6,463,972 6,562,400 7)73,851 7,993,013 6,639,832 Other special instruction 358,316 342,723 Scbool Sponsored CoCurricular/Ath1etics 1,441,715 1,475,320 1,208,959 1,309,947 1,277,799 \,304,7!8 1,236,547 1,106,301 Other instruction 452,410 707,1!3 494,689 540,620 462,898 796,685 500,218 399,523 399,911 119,448 Adult/Continuing Education 84,451 71,226 203,062 194,604 147,750 221,215 !!9,261 5,081
Support Services: Tuition 1,411,330 872,407 Stud.:nt & ins!. related services 9,559,822 10,436,362 9,995,087 11,679,584 12,133,524 8)17,932 9,383,661 9,169,1&5 9,918,673 10,442,588 School administrative services 1,94!,804 1,724,721 2,044,123 1,486,104 \,ll\,135 3,259,971 2,592,430 2,404,902 2,275,171 2,241,710 Other administrative services 1,463,587 1,684,006 1,462,208 1,937,255 1,912,839 1,752,651 1,495,815 1,189,244 971,938 1,051,102 Plant operations and maintenance 4,664,297 5,004,741 6,611,606 6,797,797 7)52,543 6,354,684 6,229,894 6,084,369 6,085,938 5,636,573 Central services 754,794 858,706 909,198 916,077 634,830 1,203,290 1,178,786 969,891 1,005,041 1,101,454 Pupil transportation 1,015,598 1,123,968 1,502,233 1,629,763 1,557,104 1,548,945 1,613,055 1,643,440 1,568,148 1,587,651
0 Employee benefits 8,985,811 10,292,481 Special schools 155,396 164,788 Transfer to charter school 3,077,721 3,777,889 2,872,596
Debt service: Principal 405,865 477,133 515,144 261,727 267,641 256,827 246,474 253,276 260,597 468,280 Interest and other charges 102,351 112,523 88,253 63,755 54,881 45,692 36,114 26)04 16,061 18,280 Capital Outlay 323.852 845,114 5,871,480 291.!20 5839111 857 604 1,903,934 2,046,459 !,683,467 850_151
Total expenditures 48,832 433 53 781 930 62 450,211 58,581,637 64,046,964 60,695,655 6[.8)6,692 62,889,322 65,297,635 63,948,668 Excess (Ddiciency) of revenues
over (under) expenditures 1,724,809 L417,868 (194,529) 308_364 (45.681) 919,097 (1,420,134) 77,864 (8!4,644) ___ 1,539,!!6
Other Financing sources (uses) Lease Purchase Procceds 1,000,000
Transfers in 93,994 674,347 746,851 741,615 737,625 893,161 Transfers out (124,743) (833,333) (386,537) (425,000) 1400,000) (980,173) (746.851) (741,615) (737 625) (I 376,121)
Total other financing sources (uses) 024343) 039,339) (386.537) 1425,000) (400,000) (305,826} 1,000.000 (482_960)
Special item Prior year adjustment Prior year expenditure Accounts receivable canceled (8,099)
Current Year expenditure (11,254) Accounts payable canceled 827
Total special ilem (18,526) ------Net change in fund balances $ !.58!.540 $ 678_529 ' (581,066) $ (116,636) ' (445,681) ' 6!3,271 ' (1,420,134) $ 77,864 $ 185,356 $ 1,056,156
Debt service as a percentage of noncapita1 expenditures 0.87% L78% 9.54% 0.61% 9.20% L49% 3.14% 3.30% 2.60% 0.77%
• Noncapita1 expenditures are total e~penditures less capital outlay_
Source: District's financial statements
2005 2006
General Fund Interest on Investments $ 14,581 $ 27,922
Hoboken Charter School 13,411 309,435
Rentals (lncl.Charter Schools) 70,960 117,533
Transportation Fees-Other LEAs E- Rate Reimbursements Unspent Insurance Proceeds Other Miscellaneous 193,051 223,047
Total Miscellaneous 292,003 677,937
Tuition 701,550 606,075
$ 993,553 $ 1,284,012
Source: District's financial records
HOBOKEN PUBLIC SCHOOLS GENERAL FUND OTHER LOCAL REVENUE BY SOURCE
LAST TEN FISCAL YEARS
2007 2008 2009 2010
$ 106,625 $ 38,540 $ 12,516 $
I 1,670 44,800 806,669
173,448
258,420 146,103
$ 253,391 301,887 202,825 68,814
253,391 420,182 544,585 1,207,550
520,539 442,111 424,848 384,930
$ 773,930 $ 862,293 $ 969,433 $ 1,592,480 $
131
EXHIBIT J-5
2011 2012 2013 2014
7,352 $ 2,793 $ 7,721 $ 126
232,468 261,470 238,691 261,645
57,100 54,252 53,695 13,104
162,198 77,151 62,595
203,765 250,781 137,980 293,223 145,471
709,899 456,495 874,246 482,941
263,215 432,095 316,516 100,636
973,114 $ 888,590 $ 1,190,762 $ 583,577
w N
Fiscal y,, Ended
June 30, Vacant Land Residential
2005 $ 53,724,200 $1,588,634,900 $
2006 58,412,900 1,788,136,500 2007 60,492,100 1,875,359,700 2008 58,627,900 1,991,674,700 2009 56,644,700 2,053,752,500 2010 47,937,300 2,081,892,900 2011 34,761,900 2,056,679,800 2012 29,298,900 2,033,032,900 2013 27,472,900 2,076,548,000 2014 •• 60,609,700 7,573,678,200
Sources: Fonn SR~3a, City of Hoboken Final Equalization Table, County ofHudson
HOBOKEN PUBLIC SCHOOLS ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN YEARS (Unaudited)
Total Assessed Commercial Industrial A.£_artment Value
464,629,900 $ 52,450,400 $ 420,345,800 $ 2,579,785,200 480,042,500 46,940,600 348,108,400 2,721,640,900 475,425,100 45,659,400 360,566,700 2,817,503,000 493,320,000 43,943,600 351,720,700 2,939,286,900 482,531,900 41,402,400 362,582,400 2,996,913,900 480,581,300 40,665,300 383,948,000 3,035,024,800 480,933,310 40,165,300 396,556,000 3,009,096,310 469,684,110 39,401,600 397,316,700 2,968,734,210 483,852,510 37,722,600 401,669,100 3,027,265,110
1,829,715,500 110,075,800 1,445,195,800 11,019,275,000
Certificate and Report of School Taxes (A-4F), Hoboken School District
*>~-The City of Hoboken completed a revaluation in 2014.
a Tax rates are per$100
EXHIBIT J~6
Total
Estimated Actual Direct
Net Valuation (County Equalized) School
Public Utilities Taxable Value Tax Rate a
$ 1,652,195 $ 2,581,437,395 $ 6,102,261,657 $ 1.211 1,399,918 2,723,040,818 7,300,114,264 1.221 1,295,604 2,818,798,604 8,330,233,088 1.210 1,173,590 2,940,460,490 10,031,152,769 1.210 1,161,126 2,998,075,026 10,400,532,184 1.176 1,118,246 3,036,143,046 11,178,729,919 1.199 1,134,399 3,010,230,709 10,442,072,491 1.221 1,348,479 2,970,082,689 10,327,001,819 1.238 1,751,720 3,029,016,830 9,847,950,817 1.241 5,831,894 11,025,106,894 10,132,594,885 0.352
Calendar Year
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 *
*
HOBOKEN PUBLIC SCHOOLS DIRECT AND OVERLAPPING PROPERTY TAX RATES
LAST TEN YEARS
Total Direct School Tax
Rate
Hoboken Local School
District
$ 1.210 1.220 1.210 1.210 1.176 1.199 1.221 1.238 1.241 0.352
(Unaudited) (rate per $100 of assessed value)
Overlapping Rates
Municipality County of of Hoboken Hudson
$ 0.833 $ 1.244 0.977 1.236 1.064 1.217 1.791 1.292 1.957 1.356 2.042 1.504 1.731 1.556 1.732 1.672 1.698 1.754 0.489 0.554
The City of Hoboken completed a revaluation in 2014.
133
Library Tax
$
$ 0.113 0.108 0.105 0.033
EXHIBIT J-7
Total Direct and Overlapping Tax
Rate
$ 3.287 3.433 3.491 4.293 4.489 4.745 4.621 4.750 4.798 1.428
Taxpayer
Sovereign Limited LP ASN Hoboken I & I LLC DSF IV Hoboken Owner LLC BIT Investment Twenty-Eight LLC Machine Shop Associates c/o Applied North Independence Associates LP PT Maxwell c/o Toll Brothers MPT of Hoboken CPT Juliana, LLC South Independence Assoc LP Hoboken Lot Adg c/o Hoboken Prop Co Hoboken Lot Adg c/o Hoboken Prop Co Just Apartments LLC c/o Pegasus Group Machine Shop Associates c/o Applied N. Independence Clinton St. Apartments LLC c/o Albert Group Hoboken Building Associates, LLC Courtyard at Jefferson LLC South Independence Assoc LP North Constitution Assoc. LP
HOBOKEN PUBLIC SCHOOLS PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO (Unaudited)
$
2014 Taxable Assessed
Value
102,913,000 102,706,000 90,588,000 79,661,000 78,570,000 75,121,000 68,176,100 63,554,800 61,750,000 51,193,000
$774,232,900
%of Total District Net
Assessed Value
0.93% 0.93% 0.82% 0.72% 0.71% 0.68% 0.62% 0.58% 0.56% 0.46%
7.03%
Source: Municipal Tax Assessor, 2005 Audit Report
134
$
$
EXHIBIT J-8
2005 Taxable Assessed
Value
35,669,500 32,330,550 29,800,000 18,116,700 17,575,000 16,051,200 15,857,100 15,555,600 14,250,000 12,540,500
207,746,150
o/oofTotal District Net
Assessed Value
1.38% 1.25% 1.16% 0.70% 0.68% 0.62% 0.61% 0.60% 0.55% 0.49% 8.05%
Fiscal
Year Ended
June 30,
2005 * 2006 2007 2008 2009 2010 2011 2012 2013 2014
HOBOKEN PUBLIC SCHOOLS PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS (Unaudited)
Percent of
Current Tax Tax Levy
Total Tax Levv Collections Collected
$ 82,598,886 $ 82,556,442 99.95% 31,750,000 31,750,000 100.00% 33,450,000 33,450,000 100.00% 34,700,000 34,700,000 100.00% 36,073,367 36,073,367 100.00% 36,764,796 36,764,796 100.00% 36,761,743 36,761,743 100.00% 36,758,684 36,758,684 100.00% 36,755,753 36,755,753 100.00% 38,220,173 38,220,173 100.00%
* Amounts reported is total tax levy of the City.
Source: District financial records
135
EXHIBIT J-9
Fiscal Year Ended June 30,
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: District records
N/A- Not Available
$
HOBOKEN PUBLIC SCHOOLS RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS (Unaudited)
Governmental Activities
Percentage of Personal
Loans Total District Income
2,891,453 $ 2,891,453 N/A 2,380,682 2,380,682 N/A 1,814,824 I ,814,824 N/A 1,553,096 I ,553,096 N/A 1,285,454 1,285,454 N/A 1,028,627 1,028,627 N/A
782,153 782, !53 N/A 528,877 528,877 N/A 268,280 268,280 N/A
NONE N/A
136
EXHIBIT J-10
Per Capita
$ 73 60 45 38
N/A N/A N/A N/A N/A N/A
Fiscal Year
Ended June 30,
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HOBOKEN PUBLIC SCHOOLS RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS (Unaudited)
General Bonded Debt Outstanding
Percentage of
General Net General Actual Taxable
Obligation Bonded Debt Value' of Bonds/ Loans Deductions Outstanding Property
$ 2,891,453 $ 2,891,453 0.11% 2,380,682 2,380,682 0.09% 1,814,824 1,814,824 0.06% 1,553,096 1,553,096 0.05% 1,285,454 1,285,454 0.04% 1,028,627 1,028,627 0.03%
782,153 782,153 0.03% 528,877 528,877 0.02% 268,280 268,280 0.01% NONE NONE N/A
Source: District records
137
EXHIBIT J-11
Per Capita b
$ 73 59.87 44.75 38.30
N/A N/A N/A N/A N/A N/A
HOBOKEN PUBLIC SCHOOLS COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
FOR THE YEAR ENDED DECEMBER 31, 2013 (Unaudited)
Gross Debt
MUNICIPAL DEBT: Self Liquidating Debt $ 37,589,000 City of Hoboken !02, 181,559
$ 139,770,559
OVERLAPPING DEBT APPORTIONED TO THE MUNICIPALITY County of Hudson (A) North Hudson Sewerage Authority
Net Debt
City's Share
Total Direct and Overlapping Outstanding Debt
SOURCE: (I) City of Hoboken 20 13 Annual Debt Statement
County of Hudson 2013 Annual Debt Statement Final Equalization Table, County of Hudson 2014
Deduction
$ 37,589,000 341,000
$ 37,930,000
(A) The debt for this entity was apportioned to City of Hoboken by dividing the municipality's 2014 equalized value by the total 2014 equalized value for the County of Hudson.
138
EXHIBIT J-12
$
Net Debt
101,840,559
101,840,559
92,511,482 125,474,002
217,985,484
32,697,823
$ 134,538,382
2005
Debt limit $ 193,679,431 w ~
Total net debt applicable to limit 2,891,453
Legal debt margin $ 190,787,978
Total net debt applicable to the limit as a percentage of debt limit 1.49%
So1.1rce: Annual Debt Statements
HOBOKEN PUBLIC SCHOOLS LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS (Unaudited)
Legal Debt Margin Calculation for Fiscal Year 2014
Equalized valuation basis 2011 2012 2013
Average equalized valuation of taxable property
$
$
Debt limit (4% of average equalization value) Total Net Debt Applicable to Limit
Legal debt margin
2006 2007 2008
228,456,720 $ 270,772,978 $ 321,936,907
2,380,682 1,814,819 1,553,096
226,076,038 $ 268,958,159 $ 320,383,811
1.04% 0.67% 0.48%
2009
$ 365,426,531 $
1,285,454
$ 364,141,077 ' 0.35%
9,703,632,086 9,597,139,703
li,097m2,867 30,397' 784,656
10,132,594,885
405,303,795
405,303,795
2010
407,213,582
1,028,627
406,184,955
0.25%
2011
$ 417,682,900 s
782,153
$ 416,900,747 $
0.19%
EXHIBIT J-13
2012 2013 2014
413,080,073 ' 405,303,795 $ 405,303,795
528,877 268,280
412,551,196 ' 405,035,515 $ 405,303,795
0.13% 0.07% 0.00%
Year
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
HOBOKEN PUBLIC SCHOOLS DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS (Unaudited)
County Per Capita Personal
Population Income
39,753 (E) $ 32,527 (R) 39,435 (E) 34,412 (R) 39,259 (E) 36,976 (R) 39,930 (E) 39,447 (R) 40,314 (E) 42,884 (R) 41,015 (E) 42,824 (R) 50,060 (E) 44,926 (R) 50,545 (E) 47,377 (R) 52,034 (E) 50,033 52,575 (E) N/A
Source: New Jersey State Department of Education
(E) - Estimate (R) - Revised N/A- Not Available
140
EXHIBIT J-14
Unemployment Rate
4.1% 2.6% 2.8% 2.4% 3.1% 5.7% 5.6%
5% 5%
4.3%
Employer
John Wiley & Sons Inc. Marsh USA, Inc.
HOBOKEN PUBLIC SCHOOLS PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO (Unaudited)
2014
Percentage of Total Municipal
Employees Employment
1,519 8.64% 1,500 8.53%
Hoboken University Medical Center (formerly St. Mary Hospital) 1,300 7.39% NJ Transit Corp. Stevens Institute of Technology Academy Bus Tours Inc. Guy Carpenter and Co. Mindlance, Inc. Starwood Hotels and Resorts Worldwide Sumitorno Trust & Banking Co. USA
700 500 250 250 225 180 156
3.98% 2.84% 1.42% 1.42% 1.28% 1.02% 0.89%
6,580 20.24%
Sources: NJ Dept of Labor- Employment and Wage Data, Municipal Annual Report Hudson County Economic Development Commission, Major Employers List
N/A- Not Available
141
Employees
N/A
EXHIBIT J-15
2005
Percentage of Total Municipal
Employment
N/A
HOBOKEN PUBLIC SCHOOLS FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY FUNCTION/PROGRAM
LAST EIGHT FISCAL YEARS (Unaudited)
2007 2008 Function/Program
Instruction 202.6 210.8
Support Services: Student & instruction related services 86.0 89.5 General administration 3.0 3.0 School administrative services 9.0 9.0 Central and Other Support Services 8.0 7.2 Plant operations and maintenance 50.5 55.1 Pupil transportation 22.0 25.6 Special Revenue 15.8 13.3 Other 9.0 17.6
Total 405.9 431.1
Source: District Personnel Records
Note:
GASB requires that ten years of statistical data be presented. As a result of the implementation of GASB No. 44
in fiscal year 2006 only seven years of information is available. Each year thereafter, an additional year's data will be
included until ten years of data is present.
N/A- Not Available
142
2009 2010 2011
197.4 184.00 208.40
71.7 89.60 73.50 2.0 3.00 2.00 5.0 5.00 15.00 2.6 1.60 6.00
48.3 64.50 42.20 21.0 20.00 28.50 14.2 10.90 19.60 6.0 10.00 10.50
368.2 388.6 405.7
EXHIBIT J-16
2012 2013 2014
206.80 206.80
66.50 66.50 2.00 2.00
14.20 14.20 8.00 8.00
50.00 50.00 25.00 25.00 20.10 20.10
392.6 392.6 N/A
E
Operating Cost Per Pertentage Teaching Fiscal Year Enrollment• Expenditures b Pupil< Chan,[e Staff
2005 2,0]4 $ 48,000,365 $ 23,833 0.03% "' 2006 2,234 52,347,160 23,432 0.16% 237 2007 2,212 55,975,334 25,305 7.99% 261 2008 2,194 57,965,035 26A20 4.40% 237 2009 2,223 58,003,291 26,092 ·1.24% 230 2010 2,340 59,535,532 25,443 -2.49% 2l8 2011 2,317 59,670,110 25,753 1.22% 227 2012 2,343 60,563,283 25,849 0.37% 227 2013 2,363 63,337,510 26,804 3.70% '" 2014 2,431 62,611,957 25,756 -3.91% 221
HOBOKEN PUBLIC SCHOOLS OPERATING STATISTICS LAST TEN FISCAL YEARS
(Unaudited)
Teacher/Pupil Ratio
Average Daily p~
kindergarten Elementary d Middle School e High School f Enrollment (ADE)
9.15 10.60 8.24 2,324 8.82 7.46 7.16 2,232 10,03 7.60 7.34 2,226
15.61 11.54 13.67 7.18 2,290 NIA NIA NIA N/A 1,874
9.52 9.07 7.30 1,937 8.93 8.77 7.93 1,790 NIA NIA N/A 1,812 NIA NIA NIA 1,710 NIA NIA N/A 1,719
Sources: District records
Note: a Enrollment based on annual October district count. Operating expenditures equal total expenditures less debt service and capital outlay. Cost per pupil represents operating expenditures divided by enrollment.
d For 2007, elementary consists of Calabro (K-5), Connors (K-6) and Wallace (K-6) Schools. For 2008, elementary consists of Calabro (K-6), Connors (K-6) and Wallace (K-6) Schools. For 2007, middle school consists solely of Brandt (7-8) School. For 2008, middle school consists of Brandt (8}, Calabro (7), Connors (7) and Wallace (7) Schools. For 2007 and 2008, high school consists of Hoboken High (9-12) and Demarest Alternate (7-12) Schools. For 2008, pre-kindergarten consists of Brandt, Calabro, Connors and Wallace Schools. Beginning in Fiscal Year 2012, the District utilized the SMID to gather the traching staff data. The amounts include teachers, CST, Librarains, Nurses, Counselors, Athletics and SBY certificated staff Beginning in Fiscal Year 2012, ADE does not inlcude Pre--k enrollment
Average Daily Attendance
(ADA)
2,121 2,041 2,041 2,097 1,719 1,791 1,656 1,691 1,609 1,6ll
% Clo.ange in Average Daily
Enrollment
-2.06% -3.96% -0.27% 2.88%
-18.17% 3.36% -7.59% 1.23% -5.63% 0.53%
EXHIBIT J-17
Student Attendance Percentage
91.27% 91.44% 91.69% 91.57"/o 91.73% 92.46% 92.51% 93.32% 94.09% 93.72%
EXHIBIT J-18
HOBOKEN PUBLIC SCHOOLS SCHOOL BUILDING INFORMATION
LAST TEN FISCAL YEARS
(Unaudited)
~ 2006 1007 1008 2009 2010 1011 1012 2013 _____1Q!4 District Building Elementary School Wallace No.6 <1972\
Square Feet 122,300 122,300 125,500 125,500 152,094 152,094 152,094 152,094 152,094 152,094
Capacity (Students) 591 591 59! 565 565 565 565 565 565 565 Enrollment 572 622 584 746 713 744 666 666 590 605
Thomas G. Connors f1908l Square Feet 60,265 60,265 60,265 60,265 65,799 65,799 65,799 65,799 65,799 65,799
Capacity (Students) 339 339 339 339 338 338 338 338 338 338 Enrollment 300 302 311 415 383 346 267 267 257 257
Salvatore R. Calabro No.4 (1976) Square Feet 30,750 30,750 30,750 30,750 41,550 41,550 41,550 41,550 41,550 41,550
Capacity (Students) 448 448 448 222 137 137 137 137 137 137 Enrollment 195 128 93 266 162 * 160 * 134 134 132 128
Middle School Joseph F. Brandt No.2 (1920)
:;;: Square Feet 79,290 79,290 79,290 79,290 77,945 77,945 77,945 77,945 77,945 77,945 ~ Capacity (Students) 637 637 637 469 469 469 469 469 469 469
Enrollment 420 399 209 321 490 82 56 56 60 Ill A.J. Demarest Cl910)
Square Feet 82,435 82,435 82,435 82,435 89,042 89,042 89,042 89,042 89,042 89,042
Capacity (Students) 425 425 425 425 425 425 425 425 425 425 Enrollment 215 180 123 69 70 73
Senior High School Hoboken High f1961)
Square Feet 193,780 193,780 193,780 193,780 193,780 193,780 193,780 193,780 193,780 193,780
Capacity (Students) 838 838 838 829 829 829 829 829 829 829 Enrollment 582 597 572 539 537 508 667 667 586 683
JFK Athletic Complex Square Feet 154,358 154,358 154,358 154,358 154,358 154,358 154,358 154,358 154,358 154,358
Capacity (Students) 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2000 2000
Enrollment l N/A l N/A 1 N/A 1 N/A l N/A l N/A 1 N/A N/A N/A N/A
Number of Schools at June 30, 2014
Elementary - 3 Middle School- I Senior High School- 2
• Swing Space enrollment included
Source: District Records, Department ofBuildings and Grounds
*School Facilities Project# (s)
Hoboken High School N/A $
A.J. Demarest N/A Joseph F. Brandt No.2 N/A
Salvatore R. Calabro No. 4 N/A Thomas G. Connors N/A
Wallace No. 6 N/A JFK Stadium N/A **
Grand Total School Facilities $
Source: District Records
**-information not available
HOBOKEN PUBLIC SCHOOLS GENERAL FUND
SCHEDULE OF REQUIRED MAINTENANCE FOR SCHOOL FACILITIES LAST TEN YEARS
(Unaudited)
2005 2006 2007 200M 2009 2010
302,244 $ 421,541 $ 283,580 $ 376,860 $ 437,396 $ 329,283
125,870 179,285 57,760 107,361 165,665 133,241
122,969 169,530 176,446 191,484 107,077 93,637
55,210 66,800 17,299 6,097 45,959 40,073
98,799 131,006 99,949 51,513 135,095 101,903
203,667 266,580 464,120 623,647 463,790 332,411
4,815 4,721 6,326 4,272 4,726
908,759 $ 1,239,557 $ 1,103,875 $ 1,363,288 $ 1,359,254 $ 1,035,274
145
EXHIBIT J-19
2011 2012 2013 2014
$ 358,918 $ 252,949 $ 179,318 $ 291,276
147,390 166,447 179,087 164,827
101,228 109,312 129,657 145,145
41,599 68,530 97,272 91,497
119,915 166,447 248,677 267,180
340,285 142,947 156,833 298,468 17,180 7,493 6,773 43,068
$ 1,126,515 $ 914,125 $ 997,617 $ 1,301,461
HOBOKEN PUBLIC SCHOOLS INSURANCE SCHEDULE
JUNE 30, 2014 (Unaudited)
School Package Policy - N.J.S.B.A.I.G. Blanket Real and Personal Property Extra Expense Valuable Papers and Records Flood Special Flood Hazard Area Flood Zones
All Other Flood Zones Earthquake Increase Cost of Construction Terrorism
Electronic Data Processing- N.J.S.B.A.I.G. Limit- Hardware Equipment & Software (blanket) Coverage Extension- Transit Coverage Extension - Loss of Income
Boiler and Machinery - N.J.S.B.A.I.G. Liability Limit- Property Damage and Business Income Perishable Goods Expediting Expenses Hazardous Substances Off-Premise Property Damage Extra Expense Service Interruption Data Restoration Contingent Business Income Demolition Ordinance or Law Newly Acquired Locations- 120 Days Notice
General Liability- N.J.S.B.A.I.G. Bodily Injury and Property Damage (combined single limit) Bodily Injury from Products and Completed Operations Child Molestation/Sexual Abuse Personal Injury and Advertising Injury Employee Benefit Liability Premises Medical Payments
Per Person Each Accident
Terrorism
Source: District's records
Coverage
$ 350,000,000 I occurrence 50,000,000 10,000,000 10,000,000
146
50,000,000 50,000,000 10,000,000
1,000,000
1,500,000 25,000 10,000
100,000,000 500,000 500,000 500,000 100,000
10,000,000 10,000,000
100,000 100,000
1,000,000 1,000,000
250,000
11,000,000 11,000,000 11,000,000 11,000,000 11,000,000
5,000 10,000
1,000,000
EXHIBIT J-20
Deductible
$ 5,000 5,000 5,000
500,000 Per Building 500,000 Per Building Contents
10,000 5,000 5,000 5,000
1,000 1,000 1,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
1,000
HOBOKEN PUBLIC SCHOOLS INSURANCE SCHEDULE
JUNE 30, 2014 (Unaudited)
Crime- N.J.S.B.A.I.G. Public Employee Dishonesty with Faithful Performance Limit Forgery or Alteration Money and Securities Limit Money Orders/Counterfeit Currency Computer Fraud
School Leaders Errors & Omissions - N.J.S.B.A.I.G. Coverage A: each policy period Coverage B: each claim Coverage B: each policy period
Public Official Bonds- N.J.S.B.A.I.G. Board Secretary
Automobile- N.J.S.B.A.I.G. Combined Single Limits for Bodily
Injury and Property Damage Uninsured/Underinsured Motorist
Private Passenger Auto All Other Vehicles - Bodily Injury Per Person All Other Vehicles - Bodily Injury Per Accident All Other Vehicles -Property Damage Per Accident
Personal Injury Protection (Including Pedestrians)
Medical Payments Private Passenger Vehicles
All Other Vehicles Terrorism
Student Accident Coverage- People's Benefit Life Insurance Interscholastic Sports and Compulsory Plans
All Athletes Athletic Disability
Excluding Interscholastic Sports and Compulsory Plans Volunteers
Excess Workers Compensation- AmeriHealth Casualty Insur. Co. Occurrence Aggregate Countrywide Aggregate
Source: District's records
147
$
Coverage
500,000 500,000
50,000 50,000
500,000
11,000,000 100,000 300,000
317,500
11,000,000
1,000,000 15,000 30,000
5,000
250,000
10,000 5,000
1,000,000
5,000,000 1,500,000 1,000,000
25,000
1,000,000 1,000,000
EXHIBIT J-20
Deductible
$ 1,000 1,000
500 500
1,000
15,000 15,000 15,000
1,000
1,000
250,000 250,000
SINGLE AUDIT SECTION
LERCH, VINCI & HIGGINS,LLP
D!ETER P. LERCH, CPA, RMA, PSA
GARY 1. VINCI, CPA, RMA, PSA
GARY W. HIGGINS, CPA, RMA, PSA
JEFFREY C. BLISS, CPA, RMA, PSA
PAUL I. LERCH, CPA, RMA, PSA
DONNA L. JAPHET, CPA, PSA
JULIUS B. CONSONI, CPA, PSA
ELIZABETH A. SHICK, CPA, RMA, PSA
ANDREW PARENTE, CPA, RMA, PSA
ROBERT W. HAAG, CPA, PSA
DEBORAH K. LERCH, CPA, PSA
RALPH M. PICONE, CPA, RMA, PSA
CERTIFIED PUBLIC ACCOUNTANTS REGISTERED MUNICIPAL ACCOUNTANTS
EXHIBITK-1
DEBRA GOLLE, CPA
CINDY JANACEK, CPA, RMA
LOR! T. MANUKlAN, CPA, PSA
MARK SACO, CPA
VOLNEY V. JACKSON, CPA
CHYNNA C. DESTEFANO, CPA, PSA
KEVIN LOMSKI, CPA
EDWARD P. MURPHY, CPA
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
INDEPENDENT AUDITOR'S REPORT
Honorable President and Members of the Board of Trustees
Hoboken Public Schools Hoboken, New Jersey
We have audited, in accordance with the 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 audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Hoboken Public Schools as of and for the fiscal year ended June 30, 2014 and the related notes to the financial statements, which collectively comprise the Hoboken Public Schools' basic financial statements and have issued our report thereon dated October 24,2014.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Hoboken Public Schools' 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 Hoboken Public Schools' internal control. Accordingly, we do not express an opinion on the effectiveness of the Hoboken Public Schools' 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 entity'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.
17·17 ROUTE 208 ° FAIR LAWN, NJ 07410 • TELEPHONE (20ll 791-7100 • FACSIMILE (201) 791-3035
WWW.LVHCPA.COM 148
EXHIBIT K-1
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.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Hoboken Public Schools' 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.
We noted certain matters that are not required to be reported under Government Auditing Standards that we reported to management of the Hoboken Public Schools in a separate report entitled, "Auditor's Management Report on Administrative Findings -Financial, Compliance and Performance" dated October 24, 2014.
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 Hoboken Public Schools' internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Hoboken Public Schools' internal control and compliance. Accordingly, this communication is not
suitable for any other purpose. / /- , ·~ .
1 ~ / {/1 b'-<-<.- ~ '/'VI ) ) ifRCH,VJNcr & HIGGINS, P
Certified Public Accountants
Fair Lawn, New Jersey October 24,2014
149
Public School ccountant PSA Number CS00756
LERCH, VINCI & HIGGINS,LLP
DIETER P. LERCH, CPA, RMA, PSA
GARY J. VINCI, CPA, RMA, PSA
GARY W. HIGGINS, CPA, RMA, PSA
JEFFREY C. BLISS, CPA, RMA, PSA
PAUL J. LERCH, CPA, RMA, PSA
DONNA L. JAPHET, CPA, PSA
JULIUS B. CONSONI, CPA, PSA
ELIZABETH A. SHICK, CPA, RMA, PSA
ANDREW PARENTE, CPA, RMA, PSA
ROBERTW. HAAG, CPA, PSA
DEBORAH K. LERCH, CPA, PSA
RALPH M. PICONE, CPA, RMA, PSA
CERTIFIED PUBLIC ACCOUNTANTS REGISTERED MUNICIPAL ACCOUNTANTS
EXHIBITK-2
DEBRA GOLLE, CPA
CINDY JANACEK, CPA, RMA
LORIT. MANUKIAN, CPA, PSA
MARK SACO, CPA
VOLNEYV. JACKSON, CPA
CHYNNA C. DESTEFANO, CPA, PSA
KEVIN LOMSKI, CPA
EDWARD P. MURPHY, CPA
REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL AND STATE PROGRAM; REPORT ON INTERNAL CONTROL OVER COMPLIANCE; AND REPORT ON SCHEDULE
OF EXPENDITURES OF FEDERAL AWARDS REQUIRED BY U.S. OMB CIRCULAR A-133 AND SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE REQUIRED BY NEW JERSEY
OMB CIRCULAR 04-04
Honorable President and Members of the Board of Trustees
Hoboken Public Schools Hoboken, New Jersey
INDEPENDENT AUDITOR'S REPORT
Report on Compliance for Each Major Federal and State Program
We have audited the Hoboken Public Schools' compliance with the types of compliance requirements described in the U.S. Office of Management and Budget lOMB) Circular A-133 Compliance Supplement and the New Jersey OMB Circular 04-04 State Aid/Grant Compliance Supplement that could have a direct and material effect on each of the Hoboken Public Schools' major federal and state programs for the fiscal year ended June 30, 2014. The Hoboken Public Schools' 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 Hoboken Public Schools'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; audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey; U.S. OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards and Circulars require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program occurred. An audit includes examining, on a test basis, evidence about the Hoboken Public Schools's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.
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WWW.LVHCPA.COM 150
EXHIBITK-2
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 Hoboken Public Schools' compliance.
Opinion on Each Major Federal and State Program
In our opinion, the Hoboken Public Schools 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 fiscal year ended June 30,2014.
Other Matters
The results of our auditing procedures disclosed instances of noncompliance, which are required to be reported in accordance with U.S. OMB Circular A-133 and New Jersey OMB Circular 04-04 which are described in the accompanying schedule of findings and questioned costs as items 2014-001, 2014-002, and 2014-003. Our opinion on each major federal and state program is not modified with respect to these matters.
The Hoboken Public Schools' responses to the noncompliance findings identified in our audit are described in the accompanying schedule of findings and questioned costs. The Hoboken Public Schools' responses were not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the responses.
Report on Internal Control Over Compliance
Management of the Hoboken Public Schools 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 Hoboken Public Schools' internal control over compliance with the types of requirements that could have a direct and material effect on each major federal and 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 and state program and to test and report on internal control over compliance in accordance with U.S. OMB Circular A-133 and New Jersey OMB 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 Hoboken Public Schools' 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.
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 U.S. OMB Circular A-133 and New Jersey OMB Circular 04-04. Accordingly, this report is not suitable for any other purpose.
151
EXHIDITK-2
Report on Schedule of Expenditures of Federal Awards Required by U.S. OMB Circular A-133 and Schedule of Expenditures of State Financial Assistance Required by New Jersey OMB Circular 04-04
We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Hoboken Public Schools as of and for the fiscal year ended June 30, 2014 and the related notes to the financial statements, which collectively comprise the Board of Education's basic financial statements. We issued our report thereon dated October 24, 2014, which contained unmodified opinions on those financial statements. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements. The accompanying schedule of expenditures of federal awards as required by U.S. OMB Circular A-133 and schedule of expenditures of state financial assistance as required by New Jersey OMB Circular 04-04 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information 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. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and 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 schedule of expenditures of federal awards and schedule of expenditures of state financial assistance are fairly stated in all material respects in relation to the basic financial statements as a whole.
Fair Lawn, New Jersey October 24, 2014
152
~d~·/r~I~Jj;O ERCH, VINCI & HIGGIN~
Certified Public Accountants Public School Ac
EXHIBIT K-3
HOBOKEN PUBLIC SCHOOLS
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE FISCAL YEAR ENDED JUNE 30,201~
Federal Grant or State Program or Balance Carryover/ BalanccatJune30 2014 Mcmu
Fcderal!Gr~nror/Pass-Through Gran tor/ CFDA Project Award Project at June 30, (Walkover) Cash Budgetary Adjust Adjustments (Account Unearned One IO GAAP
Proaram Title Number Number Amnunt ~ 2013 Amuunt Received E:<penditures Receivables ill Receivable) Revenue Grantor Recci\·able
U.S. Department ur Agriculture Passed-through State Department
nf Education Entefj.lrise Fund
National School Lunch Program 10.555 Nun-Cash Assistance (Food Distribution) ' 62.304 7/1 /13-6/J0/14 $ 65,098 $ 62.304 $ 2,794
Non-Cash Assistance (Food Distribution) 63,149 7/1/12-6/30/13 $ 2,079 2.079
Cash Assistance 446,738 7/1!13-6/30/14 354,453 446,738 $ (92,285} $ (92,285)
Cash Assistance 453,554 7/1!12-6/30/lJ (93,012) 93,012
National School Breakfast 10.553 NIA 1!7.316 7/l!l3-6/30/l4 93,566 117,316 (23,750} (23,750)
National School Breakfast 10.553 N/A W6.026 711!12-6/30!13 (22,723) 22,723 After Care Snack NIA 2,332 7/l/13-6/30!l4 __________bill. ---- ---- (2,332) ---- ___ (2.332)
To!al Enterprise Fund ( 113,656) 628,852 ~ ---- ---- (118,367) 2,794 (118,367)
U.S. Department of Heal!h & Human
Services-- Passed through Stale Dc(lt. of Education
" General Fund
Medical Assistance Program 93.778 NIA 94,157 7/1/13-6/30/14 ~~
Total U.S. Dept of Health & Human Svc ~~-------- ---- ------U.S. Department of Education- Direct Aid
General fund
Impact Aid 84.041 40-NJ-01-2901 117,811 7/11!3-6/30/14 117,811 (117,811) (117,811) Education Jobs Fund 84.410A ARRA-1610-12 802 7/1/12-6/30/13 (802) ___ 8_0_2
Total U.S. Dept of Education (802) ----~ ________!__1_1, ---- ---- (117.811) (117,811)
U.S. Department or Education Passed-through St~te Department
MEducation
General fund FEMA- Hurricane Sandy 97.036 69,537 ----~ (69,537) ---- -- (69.537)
Total General fund illD ~-~ (187,348) ---- (187,348)
Special Revenue fund
Title I 84.010A NCLB-2210-14 809,746 7/1113-6/J0/14 $ 110,533 770,725 675,082 ' (110,533) $ 11,157 $ {149,554) $ 256,354
Title I 84.010A NCLB-2210-13 1,044,524 9/1!12-8/31/13 (71,371) (110,533) 239,782 168.411 110,533
l.D.E.A. Part B, Basic Regular 84.027 IDEA-2210-14 709,676 7/1113-6/30!14 92,008 469.004 672,034 (92.008) (332,680) 129,650 (203.030)
I.D.E.A. Part B, Basic Regular 84.027 IDEA-2210-13 706,918 9/1112-8/31/13 (186,534) {92,008) 180,340 92,008 6.194
I.D.E.A. Pan B, Preschool 84.173 !DEA-2210-14 19,066 7/l!l3-6/3014 18,255 18,255 (811) 811
FEMA- Hurricane Sandy 97.036 954,322 (337,782) 167.148 6,756 (645,769) 468,379 (177,390)
Race to the Top 84.413A Race To The Top-2210 91,611 9/1!11-11/30/15 (33,690) 43,935 25,293 2,250 (17,391} 4.593 (12,798)
Continued
The Notes m the Schedules of Expenditures of Federal Awards and State Financial Assistance are an Jntegral Part of this Schedule
EXHIBIT K-3
HOBOKEN PUBLIC SCHOOLS SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Federal Graul or Slate Program or Balance Carryover/ Balance at June 30,2014 Memo
Fedeni/Grautor/Pass-Tbrough Grantor/ CFDA Project Award P_roj~ct al June 30, (Walkover) Cash Budgetary Adjust Adjustments (Account Unearned Due to GAAP
Program Title Number Number AmouJU Period _ill_,}_ Amount Received Exreuditures Receivables ill Receivable! Revenue Gnwtor Receivable
U.S. Department or Education Passed-through State Department
of Education Special R~venue Fund (Continued) Title II Part A 84.367A NCLB-2210-14 $ 309,304 711/13-6/30!14 $ 42,864 $ 207,455 $ 223,267 $ (42,864) $ (144,713) $ 128,901 $ (15,812)
Title Jl Pan A 84.367A NCLB-2210-13 210,207 911!12-8/31!13 $ (85,653) {42,864) 73,545 42.864 $ 12,108
Tille IJ Pan D 84.318X NCLB-2210-12 2,103 911111-8/JI/12 '" 8'0 Tille Ill 84.365A NCLB-2210-14 23,173 711!13-6/30!14 13,251 14,744 (15,956) (25,878) 21,680 (4,198)
Tille Ill 84.365A NCLB-2210-13 24,022 9!1/12-8/31113 (18,837) (13,251) 28,963 15.956 420 Title V 84.298A NCLB-2210-09 7,082 9/l/08-&/31/09 1.465 ---- ---- ---- ---- ___ 1,465
< Total Special Revenue Fund {731.562) 2,199,152 I ,803,842 32,129 (1,316,796) 1,012,673 (413,228) ----Total Federal Awards $ (846,020) $ $ 2.922,963 $ 2.716,116 _, ___ $ 32,129 $ (1.622,511) $ 1.015,467 , _____ , _(718,943)
(1) Represems cancelled encumbrances/payables and cancelled accounts receivable in the Special Revenue Fund.
*Includes consortium amount of$12,099.
The Notes to the Schedules of Expenditures of Federal Awards and State Financial Assistance are an lmegral Part of this Schedule
EXHIBIT K-4
HOBOKEN PUBLIC SCHOOLS
SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE FOR THE FtSCAL YEAR ENDED JUNE 30, 2014
Program Balance, Repayment Balance at June 30, 2014 MEMO Grant or State or Award Grant at June 30, Cash Budgetary of Prior Years' (Accounts Unearned Due to GAAP Cnm. Total
Stale Gr:tn!or/Prognom Title Proicct Number Amount Period 2013 Received E~penditures Adjustments Balances Rcceivablel Revenue Gr-.1.ntorat Receivable Expenditure~
State Department of Education General Fund Transponation Aid 14-495-034-5120-014 $ 124,289 7/l/13-6/30114 $ 111,870 $ 124,289 $ (12,419) $ 124,289
Transponation Aid 13-495-034-5120-014 123,174 7/1112-6130113 $ {12,317) 12,317 Special Education Categorical Aid 14-495-034-5120-089 1,463,760 7/l/13-6/30/14 1,322,275 1,463_760 (141,485) 1,463,760
Special Education Categorical Aid 13-495-034-5120-089 1,449,681 7/1112-6130/13 (140,699) 140,699 School Choice Aid 14-495-034-5068-00 I 2,821,203 7/1113-6130/14 2,539,080 2,821,203 (282J23) 2,821,203
School Choice Aid 13-495-034-5068-00 I 2,154,784 7/1112-6/30113 (215,478) 215,478 Security Aid 14-495-034-5120-084 725,704 7/1113-6/30/14 653,130 725,704 (72,574) 725,704
Security Aid 13-495-034-5120-084 714,291 7/1112-6/30!13 (71,429) 71,429 Adju~tment Aid 14-495-034-5120-085 5,392,689 7/l/13-6/30114 4,853A 12 5,392,689 (539,277) 5,392,689 Adjustment Aid 13-495-034-5120-085 5,275,416 7/1!12-6/30!13 (527,542) 527,542
Extraordinary Aid 14-495-034-5120-473 241,291 7/1!13-6/30114 241,291 (241,291) 241,291
Extraordinary Aid 13-495-034-5120-473 180,473 7/l/12-6/30113 (180,473) 180,473
TPAF Social Security Ta~ 14-495-034-5095-002 1,451,304 7/1!13-6/30!14 1,324,694 1,451,304 (126,610) $ (126,610) 1,451,304
TPAF Social Security Tax 13-495-034-5095-002 1,433,506 7/1112-6130113 {119,805) 119,805 TPAF On Behalf Pension
NCGJ 14-495-034-5095-007 63,119 7!1/13-6/30/14 63,119 63,119 63,119 Normal Costs 14-495-034-5095-006 715,096 7/1/13-6130114 715,096 715,096 715,096 Post Relirement Med. Cantril>. 14-495-034-5095-00 l 1,275,980 7/l/13-6130/14 1,275,980 1,275,980 ---- 1.275,980
Total General Fund (1,267,743) 14,126,399 14,274,435 (1,415,779) (126,610) 14,274,435 ----
' Special Revenue Fund Preschool Expansion Aid 14-495-034-5120-086 9,700,959 711/13-6130/14 9,072,096 9,017,352 $ 523,019 $ (972,183) $ 1,549,946 9,017,352 Preschool Expansion Aid 13-495-034-5120-086 9,186,807 7/1!12-6130!13 $ (157,742) 918,681 760,939 760,939 Family Friendly C~nters 14-100-034-5120-344 45,463 711/13-6/30/14 45,463 44,871 $ 592 44,871 Family Friendly Cent~rs 13-100-034-5120-344 45,463 7/l/!2-6!30/13 582 582 NJ School Based Youth Services 14-7550-l 00-452-05 263,976 7/l/13-6/30/14 263,976 262,472 1,504 262,472 NJ School Bas~d Youth Services 13-7550-l 00-452-05 268,776 7!1/12-6/30113 (1,542) 2,300 "' 1.060 NJ School Based Youth Services 12-7550-1 00-4 52-05 263,976 711/11-6/30/12 (25,240) 25,240 Project SERV 25,432 25,432 25,432
Nonpublic Aid Nonpublic T~xtbooks 14-1 00-034-5120-064 53,699 7/1113-6/30/14 53,699 52,718 "' 52,718 Nanpublic Textbooks 13-100-034-5120-064 49,881 7/1/12-6/30!13 10,188 3,302 $ 10,188 3,302
Nonpublic Nursing 14- j 00-034-5120-070 76,737 7/1!13-6!30!14 76,737 76,737 76,737
Nonpublic Technology 14-1 00-034-5 I 20-373 19,580 711!13-6130114 19,580 15,487 4,093 15.~87
Nonpublic Technology 13-100-034-5120-373 18,410 7/1112-6130113 11,581 155 11,581 155
The Notes to the Schedules of Expenditures ofFed~ral Awards and State Financial AS£istance are an integral pall of this schedule.
~
Stale Grantor/Program Tille
State Department of Education No~public Auxiliary
Compensatory Education Compensatory Education
Nonpublic Handicapped Supplementary Instruction Supplementary Instruction Examination and Classification Examination and Classilication Corrective Speech Corrective Speech Home Instruction Home Instruction
Home Instruction PBSlS HSNJRF
Total Special Revenue Fund
Capital Projects Fund School Construction Corporation {SCC)
SDA- Direct Payments- Brandt
SDA- Direct Payments- Brandt SDA· Dir~ct Payments- Demarest
Total Capital Projects
State Department of Agriculture Enterprise Fund School Lunch Program School Lunch Program
Total Enterprise Fund
Total State Financial Assistance
State Financial Assistance Not Subject to Single Audi1 Determination
General Fund
G.-ant or State Project Number
14-100-034-5120-067 13- t 00-034-5120-067
14-1 00-034-5120..{)66 13-1 00-034-5 t 20-066 14-100-034-5120-066 13-1 00-034-5 t 20-066 14· I 00-034-5 120-066 13-100-034-5120-066 14-100-034·5120-067 13-1 00-034-5 120-067
12-100-034-5120-067
2210-050-12-0ADP
2210-050-12-1400 2210-010..{)8-0FAC
14-1 00-0 I 0-3360-067 13-1 00·0 I 0-3360-067
On-BehalfTPAF Pension System Contributions NCGI On-BehalfTPAF Pension System Contributions Nomml Co5ls On-BehalfTPAF Post-Retirement Medical Contributions
Total State Financial Assistance Subject to Single Audit
(I )Caned led prior year payabl~
N!A- Not Applicable
$
HOBOKEN PUBLIC SCHOOLS SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE
f'.-ogram or Award Amount
139,525 178,085
47,251 37,121 69,412 64,644
59,371 66,402
1,354 1,982
57)
5,000 819,000
15,000
828,084 700,338
10,303 10,007
FOR THE FISCAL YEAR ENDED JUNE 30,2014
Grant Period
7/1/13-6/30/14 7/1112-6/30/13
7/1113-6/30/14 7/1112-6!30!13 7/1/13-6!30/!4 7/1/12-6!30/13 7/1/13-6!30/14 7/1/12-6/30/13 7/l/13-6/30/14 7/l/12-6/30/13
7/1111-6/30/12
NIA
NIA NIA
9/l/13-6130/l4 911/12-6/30/13
Balance, at June 30,
2013
s
' 91,632
21 l
(10,983)
26,639
{1,982) (573)
(31,797)
15,000
{684,021)
(669,021)
{2,690)
{2,690)
$ {1,971,251) $
Cash Received
139,525
47,251
69,4!1
10,983 59,371
1,982
573
491,000
11,297,869
7,712 2,690
10,402
25,434,670
{63,1 19)
(715,096) {1,275,980)
Budgetary Expenditure~
'
'
92,362
43,296
69,412
31,912
1,354
925 156,852
!0,652,121
15,000
16,316
31,316
10,303
10,303
24,968,175
(63,119) {715,096)
{1,275,980)
Adjustments (1)
' 526,778
$ 526,778
$ (1,971,251) $ 23,380,475 $ 22,913,980 $ 526,778
The Nates to the Schedules of Expenditures of Federal Awards and State Financial Assistance are an integral part of this schedule.
Repayment Balance at Juoe 30, 2014 of Prior Years· {Accounts Uoearoed Due to
Balances Receivable) Revenue Grantor at
s 47,163
' 91,632
3,955 211
27.459 26,639
$ {1,354)
{5,000) $ 4,075
---- {328,000) 662,148
140,251 (1,306,537) 2,216,169 ~
(828,084} 828,084
---- (700,337) ----
---- {1,528,421) - 828,084 -----
(2,591)
---- ----(2,591) ---- ----
$ 140,251 ' {4,253,328) $ 3,044,253 ~
$ 140,251 $ {4,253,328) $ 3,044,253 ~
EXHIBIT K-4
MEMO GAAP Cutn. Total
Receivable Expenditures
' 92,362
43,296
69,412
31,912
$ (1,354) 1,354
{925) 925 156,852
__ (2,279) ~121
(828,084) {700,337) 700,338
.....J.!.228,42..!J ~338
{2,591) 10,303
(2,591) !0,303
$ {1,659,901) $ 25>637,197
(63,119) (61,179)
(1,275,980)
$ (1,659,901) $ 24,236,919
HOBOKEN PUBLIC SCHOOLS NOTES TO THE SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 1 GENERAL
The accompanying schedules present the activity of all federal and state financial assistance programs of the Hoboken Public Schools. The Board of Education is defined in Note !(A) to the Board's financial statements. All federal financial assistance received directly from federal agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance.
NOTE 2 BASIS OF ACCOUNTING
The accompanying schedules are prepared and presented using the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. These bases of accounting are described in Notes !(C) to the Board's fmancial statements. The information in these schedules is presented in accordance with requirements of U.S. OMB Circular A-133, "Audits of States, Local Governments and Non-Profit Organizations" and New Jersey OMB Circular 04-04, "Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid". Therefore, some amounts presented in these schedules may differ from the amounts presented in, or used in the preparation of, the financial statements.
NOTE 3 RELATIONSHIP TO FINANCIAL STATEMENTS
The 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 fmance-related legal compliance in which certain revenue is permitted by law or grant agreement to he 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 a modified accrual basis with the exception of the revenue recognition of the delayed state aid payments in the current budget year, which is mandated pursuant to N.J.S.A. 18A:22-44.2.. For GAAP purposes, those payments are not recognized until the subsequent year due to the state deferral and recording of certain state aid payments 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, which may include the delayed state aid payments, whereas the GAAP basis does not. The special revenue fund also recognizes the delayed state aid payments in the current budget year, consistent with N.J.S.A. 18A:22-44.2.
The net adjustment to reconcile from the budgetary basis to the GAAP basis is a decrease of $141,231 for the general fund and an increase of $112,416 for the special revenue fund. See the Notes to Required Supplementary Information for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and fmancial assistance revenues are reported in the Board's financial statements on a GAAP basis as presented as follows:
Federal State Total
General Fund $ 281,505 $ 14,133,204 $ 14,414,709 Special Revenue Fund 1,888,659 10,336,400 12,225,059 Capital Projects Fund 31,316 31,316 Food Service Fund 630,769 10,303 641,072
Total Financial Assistance $ 2,800,933 $ 24,511,223 $ 27,312,156
157
HOBOKEN PUBLIC SCHOOLS NOTESTOTHESCHEDULESOFEXPENDITURESOF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED JUNE 30, 2014
NOTE 4 RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
EXlllBIT K-5
Amounts reported in the accompanying schedules may not necessarily agree with the amounts reported in the related federal and state financial reports due to timing differences between the District's fiscal year and grant program years.
NOTE 5 OTHER INFORMATION
Revenues and expenditures reported under the National School Lunch Program as non-cash assistance represent current year value received and current year distributions, respectively of the Federal Food Distribution Program. TPAF Social Security contributions in the amount of $1,451,304 represents the amount reimbursed by the State for the employer's share of social security contributions for TPAF members for the fiscal year ended June 30, 2014. The amount reported as TPAF Pension System Contributions in the amount of $778,215 and TPAF Post-Retirement Medical Benefits Contributions in the amount of$1,275,980 represents the amount paid by the State on behalf of the District for the fiscal year ended June 30, 2014.
NOTE 6 ON-BEHALF PROGRAMS NOT SUBJECT TO STATE SINGLE AUDIT
On-behalf State Programs for TP AF Pension and Post-Retirement Medical Benefits Contributions as well as on-behalf School Development Authority Educational Facility Construction and Financing Act Program payments are not subject to a State single audit and, therefore, are excluded from major program determination. The Schedule of State Financial Assistance provides a reconciliation of State financial assistance reported in the District's financial statements and the amount subject to State single audit and major program determination.
NOTE 7 SCHOOL WIDE PROGRAM FUNDS
Schoolwide programs are not separate federal programs as defined in OMB Circular A-133; amounts used in schoolwide programs (i.e., school based budgets) are included in the total expenditures of the program contributing the funds in the Schedule of Expenditure of Federal Awards. The following funds by program are included in schoolwide programs in the District.
Federal Program
Title I, Part A: Grants to Local Educational Agencies Title II, Part A: Teacher and Principal Training and Recruiting
Total
158
Amount
$469,514 80,327
$549.841
HOBOKEN PUBLIC SCHOOLS SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Part I- Summary of Auditor's Results Financial Statement Section
Type of auditor's report issued: Unmodified
Internal control over financial reporting:
1) Material weakness(es) identified? yes
2) Were significant deficiency(ies) identified that were not considered to be material weaknesses? yes
Noncompliance material to the basic financial statements noted? yes
Federal Awards Section
Internal Control over compliance:
I) Material weakness(es) identified? yes
2) Were significant deficiency(ies) identified that were not considered to be material weaknesses? yes
Type of auditor's report on compliance for major programs: Unmodified
Any audit findings disclosed that are required to be reported in accordance with OMB Circular A-133 (section.510(a))? X yes
Identification of major programs:
EXHIBITK-6
X no
X none reported
X no
X no
X none reported
none
CFDA Number(s) Name of Federal Program or Cluster
I 0.555
I 0.530
84.010
84.027
84.173
Dollar threshold used to distinguish between Type A and Type B Programs
Auditee qualified as low-risk auditee?
159
National School Lunch
National School Breakfast
Title I
IDEA Basic
IDEA Preschool
$300,000
______ yes X no --'---
EXHIBITK-6
HOBOKEN SCHOOL DISTRICT SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONT'D)
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Part I- Summary of Auditor's Results
State Awards Section
lotemal Control over compliance:
1) Material weakness( es) identified?
2) Were significant deficiency(ies) identified that were not considered to be material weaknesses?
Type of auditor's report on compliance for major programs:
Any audit findings disclosed that are required to be reported in accordance with N.J. OMB Circular 04-04, as amended?
Identification of major programs:
State Grant/Project Number (s)
495-034-5120-089
495-034-5068-001
495-034-5120-084
495-034-5120-085
495-034-5095-002
495-034-5120-086
Dollar threshold used to distinguish between Type A and Type B Programs
Auditee qualified as low-risk auditee?
160
____ yes _ _:_:xc..__ no
____ yes _ __:X.:__ none reported
Unmodified
__ X __ yes none ----
Name of State Program
Special Education Categorical Aid
School Choice Aid
Security Aid
Adjustment Aid
TPAF Social Security Tax
Preschool Expansion Aid
$ 687,419
____ yes _-:..:Xc..__no
HOBOKEN PUBLIC SCHOOLS SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Part 2 -Schedule of Financial Statement Findings
EXHIBIT K-6
This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance related to the financial statements that are required to be reported in accordance with Chapter 5.18 of Government Auditing Standards.
THERE ARE NONE.
161
HOBOKEN PUBLIC SCHOOLS SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Part 3- Schedule of Federal and State Award Findings and Questioned Costs
EXIITBITK-6
This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance, including questioned costs, related to the audit of major federal and state programs, as required by OMB Circular A-133 and New Jersey OMB's Circular 04-04.
CURRENT YEAR FEDERAL AWARDS
Finding 2014-001
Our audit of free and reduced meal applications found that applications are not being signed by determining District official(s).
Federal program information
School Breakfast National School Lunch After School Snack
Criteria or specific requirement
Grant Compliance Supplement
Condition
10.553 10.555 10.556
Free and reduced meal applications are not being signed by District officials to document certification of eligibility determination.
Questioned Costs
Unknown
Context
There was no evidence of determining District officials' certification signatures.
District may be claiming meals for reimbursement for students who are ineligible.
Recommendation
It is recommended that all free and reduced meal applications be signed by determining District official( s ).
Views of Responsible Officials and Planned Corrective Actions
Management has reviewed this finding and has indicated it will review and revise its procedures to ensure corrective action is taken.
162
HOBOKEN PUBLIC SCHOOLS SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Part 3- Schedule of Federal and State Award Findings and Questioned Costs
EXHIBITK-6
This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance, including questioned costs, related to the audit of major federal and state programs, as required by OMB Circular A-133 and New Jersey OMB's Circular 04-04.
CURRENT YEAR STATE AWARDS
Finding 2014-002
The District is not maximizing its efforts under the Special Education Medicaid Initiative (SEMI) Program for obtaining Federal reimbursement for special education services.
State program information:
Special Education Categorical Aid Security Aid Adjustment Aid School Choice Aid
Criteria or specific requirement:
State Grant Compliance Supplement- State Aid Public
Condition:
495-034-5120-089 495-034-5120-084 495-034-5120-085 495-034-5120-068
The District did not realize revenues as budgeted for Special Education Medicaid Initiative (SEMI) Program
Questioned Costs:
None
Context:
District did not achieve one hundred (I 00) percent of budgeted revenues.
Effect:
District is not obtaining the maximum Federal reimbursement for special education costs.
Recommendation
The District should establish procedures to ensure that it maximizes its efforts under the SEMI program for obtaining Federal reimbursement for special education costs.
Views of Responsible Officials and Planned Corrective Actions
Management has reviewed this finding and has indicated it will review and revise its procedures to ensure corrective action is taken.
163
HOBOKEN PUBLIC SCHOOLS SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
Part 3- Schedule of Federal and State Award Findings and Questioned Costs
EXHIBITK-6
This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance, including questioned costs, related to the audit of major federal and state programs, as required by OMB Circular A-133 and New Jersey OMB's Circular 04-04.
CURRENT YEAR STATE AWARDS (Continued)
Finding 2014-003
Our audit indicates several instances where post travel reports that substantiated tbe purpose and relevance of the travel were not maintained with tbe payment packet.
State program information:
Special Education Categorical Aid Security Aid Adjustment Aid School Choice Aid
Criteria or specific requirement:
State Grant Compliance Supplement- State Aid Public
Condition:
495-034-5120-089 495-034-5120-084 495-034-5120-085 495-034-5120-068
Post travel reports were not obtained in accordance with State travel expense guidelines.
Questioned Costs:
None
Context:
Two (2) out of four ( 4) travel expense reimbursements received did not have a post travel report on file with the payment packet.
Effect:
Certain travel expense procedures were not in compliance witb State travel expense guidelines.
Recommendation
It is recommended that post travel reports be properly obtained and filed witb travel expense voucher documentation.
Views of Responsible Officials and Planned Corrective Actions
Management has reviewed this finding and has indicated it will review and revise its procedures to ensure corrective action is taken.
164
HOBOKEN PUBLIC SCHOOLS SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
FOR THE FISCAL YEAR ENDED JUNE 30, 2014
EXHIBIT K-7
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.
STATUS OF PRIOR YEAR FINDINGS
Finding 2013-1
Our audit revealed that governmental activities' capital assets destroyed or impaired due to damage caused by Hurricane Sandy were not properly accounted for on the capital asset report.
Current Status
Corrective action has been taken.
Finding 2013-2
During our test of transactions, it was noted that the salaries of the payroll clerks were being charged to Improvement of Instruction Services rather than central services.
Current Status
Corrective action has been taken.
165