city of woodbury board of education - new jersey · 2015-08-11 · city of woodbury board of...

CITY OF WOODBURY BOARD OF EDUCATION

County of Gloucester

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2014

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City of Woodbury Board of EducationFinance Department

COMPREHENSIVE ANNUAL FINANCIAL REPORT

OF THE


WOODBURY, NEW JERSEY

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

Prepared by

PAGE

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

Independent Auditors' Report 13

REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion & Analysis 19

BASIC FINANCIAL STATEMENTS

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

B. Fund Financial Statements:Governmental Funds:

B-1 Balance Sheet 37B-2 Statement of Revenues, Expenditures & Changes in Fund Balance 38B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund

Balance of Governmental Funds to the Statement of Activities 39Proprietary Funds:

B-4 Statement of Net Position 43B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 44B-6 Statement of Cash Flows 45

Fiduciary Funds:B-7 Statement of Fiduciary Net Position 49B-8 Statement of Changes in Fiduciary Net Position 50

Notes to Financial Statements 53

REQUIRED SUPPLEMENTARY INFORMATION - PART II

C. Budgetary Comparison Schedules:C-1 Budgetary Comparison Schedule - General Fund 79C-1a Combining Schedule of Revenue, Expenditures & Changes in Fund Balance -

Budget & Actual N/AC-1b Education Jobs Fund Program - Budget & Actual N/AC-2 Budgetary Comparison Schedule - Special Revenue Fund 86

Notes to the Required Supplementary Information:C-3 Budget-to-GAAP Reconciliation 89

OUTLINE OF CAFR

INTRODUCTORY SECTION

FINANCIAL SECTION

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

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

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

Budgetary Basis 97E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis 101

F. Capital Projects Fund:F-1 Summary Statement of Project Expenditures 105F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance -

Budgetary Basis 106F-2a Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis 107F-2b Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis 108

G. Proprietary Funds:Enterprise Funds:

G-1 Combining Statement of Net Position 113G-2 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 114G-3 Combining Statement of Cash Flows 115

Internal Service Funds:G-4 Combining Statement of Net Position N/AG-5 Combining Statement of Revenues, Expenses & Changes in Fund Net Position N/AG-6 Combining Statement of Cash Flows N/A

H. Fiduciary Funds:H-1 Combining Statement of Fiduciary Net Position 121H-2 Combining Statement of Changes in Fiduciary Net Position 122H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 123H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 123

I. Long-Term Debt:I-1 Schedule of Serial Bonds 127I-2 Schedule of Obligations Under Capital Leases 128I-3 Debt Service Fund Budgetary Comparison Schedule 129I-4 Debt Service Fund Schedule of Compensated Absences 130

Financial Trends:J-1 Net Position by Component 133J-2 Changes in Net Position 134J-3 Fund Balances - Governmental Funds 136J-4 Changes in Fund Balance - Governmental Funds 137J-5 Other Local Revenue by Source - General Fund 138

STATISTICAL SECTION (unaudited)

Revenue Capacity:J-6 Assessed Value & Estimated Actual Value of Taxable Property 139J-7 Direct & Overlapping Property Tax Rates 140J-8 Principal Property Taxpayers 141J-9 Property Tax Levies & Collections 142

Debt Capacity:J-10 Ratios of Outstanding Debt by Type 143J-11 Ratios of General Bonded Debt Outstanding 144J-12 Direct & Overlapping Governmental Activities Debt 144J-13 Legal Debt Margin Information 145

Demographic & Economic Information:J-14 Demographic & Economic Statistics 146J-15 Principal Employers 147

Operating Information:J-16 Full-Time Equivalent District Employees by Function/Program 148J-17 Operating Statistics 149J-18 School Building Information 150J-19 Schedule of Required Maintenance 151J-20 Insurance Schedule 152

K-1 Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 155

K-2 Independent Auditors' Report on Compliance for Each Major State Program; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of State Financial Assistance Required by New Jersey OMB Circular 04-04 157

K-3 Schedule of Expenditures of Federal Awards, Schedule A 161K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 162K-5 Notes to Schedules of Awards and Financial Assistance 163K-6 Schedule of Findings & Questioned Costs 165K-7 Summary Schedule of Prior Audit Findings 168

SINGLE AUDIT SECTION

INTRODUCTORY SECTION

WOODBURY CITY PUBLIC SCHOOLS A Leader in Personalizing Education

Woodbury City Board of Education • 25 North Broad Street • Woodbury, New Jersey 08096

Phone: 856-853-0123 • Fax: 856-853-0704

October 31, 2014 Kathleen Mangeri, President Members of the Woodbury City Board of Education and Citizens of Woodbury Woodbury City School District Woodbury, Gloucester County, New Jersey 08096 Dear President, Board Members and Citizens of Woodbury: The Comprehensive Annual Financial Report of the Woodbury City School District for the fiscal year ended 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 with the management of the Woodbury City Board of Education. To the best of our knowledge and belief, the data presented in this report is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the District. All disclosures necessary to enable the reader to gain an understanding of the District’s 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 District’s organizational chart and a list of principal officials. The financial section includes the basic financial statements and schedules, as well as the auditor’s report thereon. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1984 and the U. S. Office of Management and Budget Circular A-133, “Audits of State and Local Governments”, and the State Treasury Circular Letter 04-04 OMB, “single Audit Policy for Recipients of Federal Grants, State Grants and State Aid Payments”. Information related to this single audit, including the auditor’s report on the internal control structure and compliance with applicable laws and regulations and findings, and recommendations are included in the single audit section of this report. REPORTING ENTITY AND ITS SERVICES: Woodbury City School District is an independent reporting entity within the criteria adopted by the GASB as established by NCGA Statement No. 3. All funds and account groups of the District are included in this report. The Woodbury City Board of Education and all its schools constitute the District reporting entity. The District provides a full range of educational services for grade levels Pre-K through 12. These include regular, vocational (through the Gloucester County Institute of Technology) and special education services. The District completed the 2013-2014 fiscal year with an average of daily enrollment of 1510 students. The following details the changes in the student enrollment of the District over the last eleven years.

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Phone: 856-853-0123 • Fax: 856-853-0704

Average Daily Enrollment Fiscal Year Student Enrollment Percent Change 2004-05 1,454 2.18% 2005-06 1,526 4.97% 2006-07 1,565 2.54% 2007-08 1,576 0.70% 2008-09 1,582 0.38% 2009-10 1,574 (0.51%) 2010-11 1,517 (3.62%) 2011-12 1,488 (1.91%) 2012-13 1,506 1.18% 2013-14 1,510 0.29%

ECONOMIC CONDITION AND OUTLOOK: Woodbury has experienced a substantial decrease in tax ratables due to property value appeals. This has negatively affected the property tax rates which worsens the burden on the individual tax payer. Currently, there appears to be some gradual growth in the community, the amount of business property growth has been flat (new businesses are balanced out by those leaving the city) and the turnaround in converting housing to single family and/or owner-occupied is slow. However, Main Street, the Chamber of Commerce and other business and civic associations are positive forces in the community. MAJOR INITIATIVES: During the 2013-14 school year, the District continued to formally implement its Strategic Plan. Important areas to highlight include:

• Continued support of the Advancement Via Individual Determination (AVID) program in grades 6-12 and an expansion of this college preparatory program into the upper-elementary grades (grades 4 and 5).

• Continued professional development in the area of differentiated instruction for teachers; during the 2013-14 school year, a select group of Junior-Senior High School teachers and Instructional Assistants were the primary participants in this training.

• Continuation of the afterschool Workplace concept at all schools. • Continuation of the Responsive Classroom effort in the primary grade classrooms, including the

necessary staff development associated with the growth of the program. • Continuation of the Option II program for high school students, including a focus on the local

Board of Education “Service Learning” requirement. • Continued support of the Developmental Designs program in the Junior High. • Expansion of the effort to develop more personalized learning plans by extending the elementary

grade “student-led” approach to the typical parent conference into the Junior-Senior High School High grades.

• Continued efforts to support personalized learning plans at the Junior-Senior high school through the use of the Naviance software system.

• College trips for all students in grades 4 (Rowan University), 8 (Howard University), and 10 (The College of New Jersey).

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Phone: 856-853-0123 • Fax: 856-853-0704

The implementation of the Strategic Plan will continue into the upcoming school year; this document is scheduled for community-wide attention and revision during the fall/winter of the current 2014-15 school year. Another new initiative that began last year, still within the scope of the district’s Strategic Plan, occurred on the technology front. The district provided push-in instruction on technology in all elementary classrooms. A Technology Teacher provided support in grades 2 through 5 on laptops and an Instructional Assistant worked with teachers in grades K and 1 to introduce the students to the iPad tablet. Also, the district continued efforts to maintain the new curriculum mapping database program that now allows for much easier access to the documents and for the ability to search the content to facilitate horizontal and vertical articulation efforts. Finally, the district expanded wireless computer capabilities in anticipation of a 1 to 1 computer initiative targeted for grades 2 through 6 for the 2014-15 school year. With respect to facilities, significant portions of the Jr.-Sr. High School roofing were replaced; this places all district roofs in full warranty status with no roof upgrades needed on the near horizon. Finally, our “Breakfast in the Classroom” effort in all elementary schools expanded to the high school in the form of “Breakfast After the Bell;” the bell schedule was changed so that students were able to be have breakfast during the early part of the school day. Breakfast is now provided to all students grades K-12 free of charge. INTERNAL ACCOUNTING CONTROLS: Management of the District is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the District 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 generally accepted accounting principles (GAAP). The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognized that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. As a recipient of federal and state financial assistance, the District also is responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. This internal control structure is also subject to periodic evaluation by the District management. As part of the structure, including that portion related to federal and state financial assistance programs, as well as to determine that the District has complied with applicable laws and regulations. In addition, the District is periodically monitored by various State and federal agencies for compliance with all State and federally funded programs. Most recently, the District has been monitored through the NJDOE’s Quality Single Accountability Continuum (QSAC) process. The District also undergoes an annual audit by an independent auditing firm, which reviewing all aspects of our financial and internal controls.

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Phone: 856-853-0123 • Fax: 856-853-0704

BUDGETARY CONTROLS: In addition to internal accounting controls, the District maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the voters of the municipality. Annual appropriated budgets are adopted for the general fund and special revenue fund. Project-length budgets are approved for the capital improvements accounted for in the capital project 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 either canceled or are included as reappropriations of fund balance in the subsequent year. Those amounts to be reappropriated are reported in the financial section of this document. ACCOUNTING SYSTEM AND REPORTS: The District’s accounting records reflect generally accepted accounting principles, as promulgated by the Governmental Accounting Standards (GASB). The accounting system of the District is organized on the basis of funds and account groups. These funds and account groups are explained in “Notes to the Financial Statements,” Note 1. FINANCIAL INFORMATION AT FISCAL YEAR – END: As demonstrated by the various statements and schedules included in the financial section of this report, the District continues to meet its responsibility for sound financial management. The following schedule presents a summary of the general fund, special revenue fund, capital projects and debt service fund for the fiscal year ended June 30, 2014 and the percentage of increases and decreases in relation to prior year revenues.

(Decrease)/ PercentagePercentage Increase Decrease/

Revenue of Total From 2013 Increase

Local Sources 13,302,704$ 44.84% 64,361$ 0.49%State Sources 14,782,701 49.83% 174,875 1.20%Federal Sources 1,582,983 5.34% (91,868) -5.49%

Total 29,668,388$ 100.00% 147,368$

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Phone: 856-853-0123 • Fax: 856-853-0704

The following schedule presents a summary of general fund, special revenue fund, capital projects, and debt service expenditures for the fiscal year ended June 30, 2014 and the percentage of increases and decreases in relation to prior year amounts:


Expenditure of Total From 2013 Increase

Current Expenditures:Instruction 10,461,045$ 35.11% 166,996$ 1.60%

Support Services& Undistributed Costs 13,767,041 46.21% 22,980 0.17%

Special Revenue:Instruction 1,444,411 4.85% 312,795 21.66%

Support Services& Undistributed Costs 525,253 1.76% (420,448) -80.05%

Debt Service:Principal 1,350,000 4.53% (180,000) -13.33%Interest 400,358 1.34% (86,095) -21.50%

Capital Outlay 1,844,242 6.19% 1,119,528 60.70%

Total 29,792,350$ 100.00% 935,756$

DEBT ADMINISTRATION: Capital leases in the amount of $2,015,000 and serial bonds in the amount of $7,505,000 are outstanding as of June 30, 2014. The obligations under serial bonds were issued in order to finance additions and or renovations at all four schools. The capital leases were issued for emergent structural repairs at two schools. CASH MANAGEMENT: The investment policy of the District is guided in large part by State statue as detailed in “Notes to the Financial Statements”, Note 2. The District has adopted a cash management plan which requires it to deposit 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 governmental units to deposit public funds only in public depositories located in New Jersey, where the funds are secured in accordance with the Act. RISK MANAGEMENT: The Board carries forms of insurance including but not limited to general liability, automobile liability and comprehensive/collision, hazard and theft on property and contents, student accident, and fidelity bonds.

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POLICY WOODBURY

BOARD OF EDUCATION

ADMINISTRATION

1110/Page 1 of 1

Organizational Chart

1110 ORGANIZATIONAL CHART

Adopted: 21 December 2004

Amended: 11 July 2007

Amended: 23 February 2011

Superintendent

Board Consultants:

Attorney, Physician, etc. School Business

Administrator

Board Office

Support Personnel

Drivers

and Aides Support

Staff Computer

Technicians

Custodial,

Maintenance,

Support

Personnel

Director of

Facilities

Technology

Coordinator

Cafeteria

Service

Manager

Transportation

Supervisor

Principal

West End

Principal

Evergreen

Supervisor of

Curriculum &

Instruction

Pk-5

Principal

Walnut

Director of

Special Services

Director of

Pupil Personnel

Services

Principal

Jr.-Sr.

High School

Supervisor of Curriculum & Instruction 6-12

Supervisor of Alternative Education

Faculty

Department

and Team

Leaders,

Support

Personnel

Faculty

Support

Personnel

Faculty

Academic

Coaches,

ESL,

Enrichment,

Support

Personnel

Faculty

CST,

Case

Profess-

ionals,

Support

Personnel

Counselors

SAC,

Social

Worker,

Nurses,

Support

Personnel

Coaches and Activity Advisors

Assistant Principal – Senior High School

Assistant Principal – Junior High School

Director of Athletics and Activities

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MEMBERS OF THE BOARD OF EDUCATION TERM

Kathy Mangeri Board President 2013-2017

Steven R. Abbott Vice President 2013-2017

Anthony Chiesa Member 2014-2015

Lynn Jennings Dennen Member 2011-2015

Jerry Lonabaugh Member 2011-2015

Elizabeth Mcilvaine Member 2013-2017

Peggy A. Ulmer Member 2012-2016

Eliza White Member 2012-2016

William Toole Member 2014-2015

Michael Sennett Student Representative 2013-2015

OTHER OFFICIALS

Kara L. Huber- School Business Administrator/Board Secretary

Joseph Jones, III - Superintendent

CITY OF WOODBURY BOARD OF EDUCATION25 North Broad Street

Woodbury, New Jersey 08096

ROSTER OF OFFICIALS

JUNE 30, 2014

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CONSULTANTS AND ADVISORS

AUDIT FIRM

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

618 Stokes Road

Colonial Bank

P.O. Box 5054Mt. Laurel, New Jersey 08054

Sewell, NJ

Parker McCay

271 Lambs Road

Medford, New Jersey 08055

ATTORNEY

Frank P. Cavallo, Jr. Esquire

9000 Midlantic Drive, Suite 300

OFFICIAL DEPOSITORY

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10

FINANCIAL SECTION

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INDEPENDENT AUDITOR’S REPORT Honorable President and Members of the Board of Education City of Woodbury Board of Education Woodbury, New Jersey Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of Woodbury Board of Education, County of Gloucester, State of New Jersey, as of and for the fiscal year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States; and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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rchandran

Letterhead

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of Woodbury Board of Education, County of Gloucester, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information as presented in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Woodbury Board of Education’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements, long-term debt schedules and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance are presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid respectively, and is also not a required part of the financial statements. The combining and individual fund financial statements and the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements, long-term debt schedules and the accompanying

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Schedule of Expenditures of Federal Awards and State Financial Assistance are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory section, comparative totals for June 30, 2013, and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 31, 2014 on our consideration of the City of Woodbury Board of Education’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City of Woodbury Board of Education’s internal control over financial reporting and compliance.

Respectfully Submitted,

HOLMAN FRENIA ALLISON, P.C.

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

Medford, New Jersey October 31, 2014

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16

REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion and Analysis

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WOODBURY CITY PUBLIC SCHOOL DISTRICT

MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2014

UNAUDITED

This section of the Woodbury City Board of Education’s Comprehensive 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 follow this section. Management’s Discussion and Analysis (MD&A), is a new element of Required Supplementary Information specified in the Governmental Accounting Standards Board’s (GASB) Statement No. 34-Basic Financial Statements – Management’s Discussion and Analysis-for State and Local Governments issued in June 1999 that is now being required by the New Jersey State Department of Education. Certain comparative information between the current fiscal year (2013-2014) and the prior fiscal year (2012-2013) is required to be presented in the MD&A. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements comprise three components: 1) District-wide financial statements, 2) Fund financial statements, and 3) Notes to the financial statements. This report also contains required supplementary information and other supplementary information in addition to the basic financial statements themselves. District-Wide Financial Statements - The district-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business. The statement of net position (A-1) presents information on all of the assets and liabilities of the District, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District improving or deteriorating. The statement of activities (A-2) presents information showing how the net position of the District changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in the future fiscal periods. The district-wide financial statements can be found as Exhibits A-1 and A-2 in this report. Fund Financial Statements - A fund is a group of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal

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requirements. All of the funds of the District can be divided into three categories; governmental funds, proprietary funds and fiduciary funds. Governmental Funds - Governmental funds are used to account for essentially the same functions reported as governmental activities in the district-wide financial statements. However, unlike the district-wide financial statements, governmental fund financial statements focus on the near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluation the District’s near term financing requirements. Because of the focus of governmental funds is narrower than that of the district-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the district-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decision. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains four individual governmental funds. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balance for the general fund, special revenue fund, capital projects fund, debt service fund and permanent fund, all of which are considered to be major funds. The general and special revenue funds utilize a legally adopted annual budget. A budgetary comparison statement has been provided for the general fund and special revenue fund to demonstrate compliance with this budget. The basic governmental fund financial statements can be found as Exhibits B-1 through B-3 in this report. Proprietary Funds - The District maintains one proprietary fund type, an enterprise fund. The enterprise fund is used to account for operations that are financed and operated in a manner similar to private business enterprises, where the intent of the District is that the costs of providing goods or services be financed through user charges. The food services enterprise fund provides for the operation of food services in all schools within the District. The proprietary fund has been included within business-type activities in the district-wide financial statements. The food services fund detail financial statements can be found as Exhibits B-4 through B-6 in this report. Fiduciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the governmental entity. Fiduciary funds are not reflected in the district-wide financial statement because the resources of those funds are not available to support the District’s own programs. The District uses trust and agency funds to account for resources held for student activities and groups, for payroll transactions and for the District’s unemployment trust fund. The basic fiduciary fund financial statements can be found as Exhibits B-7 and B-8 in this report. Notes to the Financial Statements - The notes provide additional information that is essential for a full understanding of the data provided in the district-wide and fund financial statements. The notes to the financial statements can be found after the fund financial statements in this report.

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Other Information - The combining and individual fund statements referred to earlier in connection with governmental and enterprise funds are presented immediately following the notes to the financial statements. FINANCIAL STATEMENTS Key financial highlights for the 2013-2014 fiscal year include the following:

• The General Fund excess surplus decreased by $48,808 and the total General Fund expenditures

increased by $1,117,464. • The general fund local tax levy increased from 2013-2014 by $234,145 to a total amount of

$11,342,413.

District-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of the District’s financial position. The following table provides a summary of net position:

TOTALSBUSINESS-

GOVERNMENTAL TYPE JUNE 30,ASSETS ACTIVITIES ACTIVITIES 2014

Cash & Cash Equivalents 960,752$ 83,052$ 1,043,804$ Receivables, Net 604,695 64,326 669,021 Inventory - 11,797 11,797 Restricted Assets: Capital Reserve Account - Cash 1,873,318 - 1,873,318 Capital Assets, Net (Note 5) 31,026,572 146,317 31,172,889

Total Assets 34,465,337 305,492 34,770,829

DEFERRED OUTFLOW OF RESOURCES

Deferred Charges of Refunding of Debt 468,657 - 468,657

Total Deferred Outflow of Resources 468,657 - 468,657 Total Assets and Deferred Outflow of Resources 34,933,994 305,492 35,239,486

LIABILITIES

Accrued Interest Payable 15,756 - 15,756 Accounts Payable - 8,647 8,647 Unearned Revenue 256,649 1,139 257,788

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TOTALSBUSINESS-

GOVERNMENTAL TYPE JUNE 30,ACTIVITIES ACTIVITIES 2014

LIABILITIES (continued):

Noncurrent Liabilities (Note 7): Due Within One Year 1,245,585 - 1,219,550 Due Beyond One Year 10,531,162 - 10,557,197

Total Liabilities 12,049,152 9,786 12,058,938

NET POSITION

Net Investment in Capital Assets 21,260,321 146,317 21,406,638 Restricted For: Debt Service 14,915 - 14,915 Other Purposes 3,266,599 - 3,266,599 Unrestricted (1,656,993) 149,389 (1,507,604)

Total Net Position 22,884,842$ 295,706$ 23,180,548$

The District’s investment in capital assets within the net position above; less any related debt used to acquire those assets that is still outstanding, shows a balance of $21,406,638. Restricted net position represents resources that are subject to external restrictions on how they may be used. Within this category, reserved for Debt Service is $14,915 and restricted for other purposes is $3,266,599. The unrestricted net position decreased $596,775 from 2013-2014. The unrestricted net position includes the amount of long-term obligations that are not invested in capital assets, such as compensated absences. The following table provides a summary of revenues and expenses for the Districts governmental and business type activities and the change in net position from the current and prior year.

Governmental Business-Type 2014Activities Activities Total

Revenues:Program Revenues:

Charges for Services -$ 145,344$ 145,344$ Operating Grants & Contributions 2,163,420 698,672 2,862,092

General Revenues:Property Taxes 12,929,685 - 12,929,685

Federal & State Aid 14,202,264 - 14,202,264 Miscellaneous 310,916 1,199 312,115

Total Revenues 29,606,285 845,215 30,451,500

22

Governmental Business-Type 2014Activities Activities Total

Program Expenses:Instruction 11,905,456 - 11,905,456 Support Services & Undistributed Costs 14,517,647 - 14,517,647 Interest and Charges on Long-Term Debt 628,577 - 628,577 Increase in Compensated Absences (137,638) - (137,638) Unallocated Depreciation 1,428,825 1,428,825 Food Service - 830,491 830,491

Total Expenditures 28,342,867 830,491 29,173,358

Change in Net Position 1,263,418 14,724 1,278,142 Net Position- Beginning 21,621,424 280,982 21,902,406

Net Position-Ending 22,884,842$ 295,706$ 23,180,548$

Financial Analysis of the District’s Funds As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-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. The unreserved fund balance is divided between designated balances and undesignated balances. The capital projects fund is restricted by state law to be spent for the purpose of the fund and is not available for spending at the District’s discretion. Financial Information at Fiscal Year End The following schedule presents a summary of the general fund, special revenue fund and debt service fund for the fiscal year ended June 30, 2014 and the amount and percentage of increases and (decreases) in relation to prior year revenues. The Capital Projects Fund has been excluded as amounts vary substantially from year to year.

23


Revenue of Total From 2013 Increase

Local Sources 13,302,704$ 44.84% 64,361$ 0.49%State Sources 14,782,701 49.83% 174,875 1.20%Federal Sources 1,582,983 5.34% (91,868) -5.49%

Total 29,668,388$ 100.00% 147,368$

The increase in Local Sources was due primarily to the increase of tuition revenue the district received from other LEAs. The increase in State Sources was due to an increase in state equalization aid and school choice aid, which was received in the 13-14 school year for the first time. The decrease in Federal Aid was primarily due to the District receiving less NCLB and IDEA reimbursement funds during fiscal year 2013-14. The following schedule presents a summary of general fund, special revenue fund and debt service fund expenditures for the fiscal year ended June 30, 2014 and the percentage of increases and (decreases) in relation to prior year amounts.


Expenditure of Total From 2013 Increase

Current Expenditures:Instruction 10,461,045$ 35.11% 166,996$ 1.60%

Support Services& Undistributed Costs 13,767,041 46.21% 22,980 0.17%

Special Revenue:Instruction 1,444,411 4.85% 312,795 21.66%

Support Services& Undistributed Costs 525,253 1.76% (420,448) -80.05%

Debt Service:Principal 1,350,000 4.53% (180,000) -13.33%Interest 400,358 1.34% (86,095) -21.50%

Capital Outlay 1,844,242 6.19% 1,119,528 60.70%

Total 29,792,350$ 100.00% 935,756$

Undistributed expenditures increased as a result of the annual increase in health benefits costs and an increase in TPAF allocations. Capital Outlay shows an increase as a result of the cost incurred during fiscal year 2013-14 to fund the extensive roof renovation. The net decrease in debt service was due to the principal and interest payments changing as debt is paid off. Additionally, the outstanding 2006 Bond was refinanced in fiscal year 2013-2014, which resulted in a lower interest payment paid in June 2014.

24

General Fund Budgetary Highlights Woodbury City Public School District was notified in February 2013 that their state aid for the 2013-2014 school year had been increased by 2.4% of the previous year’s state aid amount. Ultimately, for Woodbury, that increase of state aid equaled $280,397 for the 2013-2014 school year. Though the state continues to significantly underfund the state aid formula in relation to what Woodbury City Public Schools should receive, the District was pleased to receive an increase which helped to offset increased costs. Woodbury was able to provide students with a superior level of education and extra-curricular programing with a minor overall school tax levy decrease due to the added state aid and a reduction in taxes related to debt service. During the 2013-2014 school year, there was a reintroduction of Spanish teachers at the elementary schools and the further expansion of the Option II program at the high school. In addition, important aspects of the district’s Strategic Plan were advanced – particularly the expansion of the AVID program into the upper elementary grades. Proprietary Funds. The District’s proprietary fund provides the same type of information found in the district-wide financial statements, but in more detail. The Food Services Enterprise Fund had a net gain of $14,724 during the 2013-2014 school year. The unrestricted net position of the food service program was $295,706 at June 30, 2014. The food services program continues to be self-sustaining, and does not require any appropriation of funds from the District’s general fund budget. Capital Assets At June 30, 2014 the District has capital assets of $31,026,572 net of accumulated depreciation, which includes land, land improvements, buildings/construction, machinery and equipment and vehicles. The following provides a summary of the capital assets held by the District:

2014 2013 2014 2013Governmental Governmental Business-Type Business-Type

Activities Activities Activities Activities

Land 138,500$ 138,500$ -$ -$ Construction in Progress 191,198 - - - Site & Building 42,744,989 41,312,143 - - Equipment 899,521 1,041,693 288,836 266,492 Leased Vehicles 300,949 303,005 - -

Subtotal 44,275,157 42,795,341 288,836 266,492

Accumluated Depreciation (13,248,585) (11,819,760) (142,519) (132,831)

Total 31,026,572$ 30,975,581$ 146,317$ 133,661$ An independent asset appraisal company was contracted to determine land and asset values at June 30, 2014 in compliance with GASB No. 34. Additional information on the District’s capital assets can be found in Note 6 to the basic financial statements.

25

Debt Administration and Other Obligations At June 30, 2014, the District’s outstanding debt issues included $7,505,000 of serial bonds, $2,015,000 of capital leases and $1,541,839 in compensated absences payable. Additional information on the District’s debt administration and other obligations can be found in Note 7 to the basic financial statements. Next Year’s Budget The District anticipates that the approved 2014-15 budget will be adequate to satisfy all 2014-15 financial needs barring any significant unexpected situations or conditions unforeseen at this time, in addition to fund district’s portion of the district renovations partially funded by ROD grants. Request for Information This financial report is designed to provide a general overview of the Woodbury City Public School District’s finances for all those with an interest in the District’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Business Administrator/Board Secretary’s Office, Woodbury City Public Schools, 25 N. Broad St., Woodbury, NJ 08096.

26

BASIC FINANCIAL STATEMENTS

27


28

A. District-Wide Financial Statements

29


30

EXHIBIT A-1

TOTALSBUSINESS-

GOVERNMENTAL TYPE JUNE 30,ASSETS ACTIVITIES ACTIVITIES 2014

Cash & Cash Equivalents 960,752$ 83,052$ 1,043,804$ Receivables, Net 604,695 64,326 669,021 Inventory - 11,797 11,797 Restricted Assets: Capital Reserve Account - Cash 1,873,318 - 1,873,318 Capital Assets, Net (Note 5) 31,026,572 146,317 31,172,889

Total Assets 34,465,337 305,492 34,770,829

DEFERRED OUTFLOW OF RESOURCES

Deferred Charges of Refunding of Debt 468,657 - 468,657

Total Deferred Outflow of Resources 468,657 - 468,657

Total Assets and Deferred Outflow of Resources 34,933,994 305,492 35,239,486

LIABILITIES

Accrued Interest Payable 15,756 - 15,756 Accounts Payable - 8,647 8,647 Unearned Revenue 256,649 1,139 257,788 Noncurrent Liabilities (Note 7): Due Within One Year 1,245,585 - 1,245,585 Due Beyond One Year 10,531,162 - 10,531,162

Total Liabilities 12,049,152 9,786 12,058,938

NET POSITION

Net Investment in Capital Assets 21,260,321 146,317 21,406,638 Restricted For: Debt Service 14,915 - 14,915 Other Purposes 3,266,599 - 3,266,599 Unrestricted (1,656,993) 149,389 (1,507,604)

Total Net Position 22,884,842$ 295,706$ 23,180,548$

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

CITY OF WOODBURY BOARD OF EDUCATIONSTATEMENT OF NET POSITION

JUNE 30, 2014

31

EXH

IBIT

A-2

TOTA

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HA

RG

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PER

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SA

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2014

Gov

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iviti

es:

In

stru

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R

egul

ar8,

974,

792

$

-$

1,

444,

411

$

(7

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)$

-

$

(7,5

30,3

81)

$

Spe

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Edu

catio

n1,

883,

722

-

-

(1

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)

-

(1,8

83,7

22)

Oth

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stru

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n35

7,68

6

-

-

(3

57,6

86)

-

(357

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)

O

ther

Inst

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ion

689,

256

-

-

(689

,256

)

-

(6

89,2

56)

S

uppo

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rvic

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:

T

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)

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(1,4

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27,3

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(27,

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)

G

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425,

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-

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110,

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& M

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for G

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7

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-

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(9,4

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(7

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)

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(63,

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65

(8

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21

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- En

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84,8

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29

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6$

23

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$

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32

B. Fund Financial Statements

33


34

Governmental Funds

35


36

EXHIBIT B-1

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

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

Cash & Cash Equivalents 885,382$ 44,699$ -$ 30,671$ 960,752$ 1,422,071$ Interfund Accounts Receivable 204,549 - - - 204,549 321,353 Receivables From Other Governments 303,214 149,284 117,582 - 570,080 595,792 Other Accounts Receivable 136 21,128 - - 21,264 58,414 Restricted Cash & Cash Equivalents 1,873,318 - - - 1,873,318 1,483,176

Total Assets 3,266,599$ 215,111$ 117,582$ 30,671$ 3,629,963$ 3,880,806$

LIABILITIES & FUND BALANCE

Liabilities: Intergovernmental: Accounts Payable - - - - - 120,233 Interfund Payable - - 191,198 - 191,198 312,103 Unearned Revenue - 256,649 - - 256,649 78,534

Total Liabilities - 256,649 191,198 - 447,847 510,870

Fund Balances: Restricted for: Excess Surplus - Prior Year Designated for Subsequent Year's Expenditures 681,256 - - - 681,256 670,691 Capital Reserve Account 1,873,318 - - - 1,873,318 2,383,176 Excess Surplus - Current Year 632,448 - - - 632,448 681,256 Debt Service Fund - - - 30,671 30,671 1 Committed to: Capital Projects - - (73,616) - (73,616) - Assigned: Designated by the BOE for Subsequent Year's Expenditures 79,577 - - - 79,577 225,737 Unassigned: General Fund - - - - - (558,972) Special Revenue Fund - (41,538) - - (41,538) (31,953)

Total Fund Balances 3,266,599 (41,538) (73,616) 30,671 3,182,116 3,369,936

Total Liabilities & Fund Balances 3,266,599$ 215,111$ 117,582$ 30,671$

Amounts reported for governmental activities in the statement of net position (A-1) are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. The cost of the Assets is $44,275,156 and the accumulated depreciation is $13,248,584 31,026,572 30,975,581 Accrued interest payable is not recorded in the fund financial due to the fact that interest payable is not due in the current period. (15,756) (18,616) Unamortized bond issuance loss on refunding net of Bond Premium is not recorded in the fund financials But is recorded on the district wide financials (246,251) - Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. (see Illustrative Note 7) (11,061,839) (12,705,477)

Net position of Governmental Activities 22,884,842$ 21,621,424$


BALANCE SHEETGOVERNMENTAL FUNDS

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


TOTALS

37

EXHIBIT B-2

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

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

Revenues: Local Tax Levy 11,342,413$ -$ -$ 1,587,272$ 12,929,685$ 12,929,830$ Tuition Charges 170,997 - - - 170,997 119,922 Capital Reserve 7,052 - - - 7,052 11,008 Miscellaneous 107,107 87,863 - - 194,970 182,440 State Sources 14,070,222 401,141 117,582 193,756 14,782,701 14,607,826 Federal Sources 111,067 1,471,916 - - 1,582,983 1,674,851

Total Revenues 25,808,858 1,960,920 117,582 1,781,028 29,668,388 29,525,878

Expenditures: Current: Regular Instruction 7,530,381 1,444,411 - - 8,974,792 7,333,744 Special Education Instruction 1,883,722 - - - 1,883,722 2,977,928 Other Special Instruction 357,686 - - - 357,686 439,490 Other Instruction 689,256 - - - 689,256 494,104 At Risk Programs - - - - - 180,396 Support Services & Undistributed Costs: Tuition 1,459,087 - - - 1,459,087 1,376,868 Attendance & Social Work Services 27,306 - - - 27,306 27,893 Health Services 286,142 - - - 286,142 272,161 Student & Instruction Related Services 2,016,420 525,253 - - 2,541,673 2,952,910 Educational Media Services/School Library 152,770 - - - 152,770 138,940 Instructional Staff Training 46,061 - - - 46,061 38,832 General Administrative Services 425,381 - - - 425,381 474,686 School Administrative Services 904,387 - - - 904,387 878,268 Central Services 333,758 - - - 333,758 352,197 Admin Information Technology 110,885 - - - 110,885 124,116 Plant Operations & Maintenance 1,736,256 - - - 1,736,256 1,606,399 Pupil Transportation 737,591 - - - 737,591 599,269 Unallocated Benefits 5,530,997 - - - 5,530,997 5,847,224 Debt Service: Principal - - - 1,350,000 1,350,000 1,530,000 Interest - - - 400,358 400,358 486,453 Capital Outlay 1,652,203 841 191,198 - 1,844,242 724,917

Total Expenditures 25,880,289 1,970,505 191,198 1,750,358 29,792,350 28,856,794

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures (71,431) (9,585) (73,616) 30,670 (123,962) 669,084

Other Financing Sources/(Uses): Transfers Out (63,858) - - - (63,858) (51,888)

Total Other Financing Sources & Uses (63,858) - - - (63,858) (51,888)

Net Change in Fund Balances (135,289) (9,585) (73,616) 30,670 (187,820) 617,196Fund Balance - July 1 3,401,888 (31,953) - 1 3,369,936 2,752,540

Fund Balance - June 30 3,266,599$ (41,538)$ (73,616)$ 30,671$ 3,182,116$ 3,369,736$


TOTALS


STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS

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

38

EXHIBIT B-3

Total Net Change in Fund Balances - Governmental Funds (From B-2) (187,820)$

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

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

Depreciation Expense (1,428,825)$ Adjustments to fixed assets 1,755 Fixed Asset Deletions (202,311) Capital Outlays 1,680,372 50,991

Repayment of bond principal is an expenditure in the governmentalfunds, but the repayment reduces long-term liabilities in the statementof net position and is not reported in the statement of activities. 900,000

Net Difference Accrued interest on bonds and capital leases is not recorded in thefund financial statements. 2,860

Repayment of capital lease principal is an expenditure in the governmentalfunds, but the repayment reduces long-term liabilities in the statementof net position and is not reported in the statement of activities. 450,000

Proceeds from debt issues are a financing source in the governmental funds. They arenot revenue in the statement of activities; issuing debt increases long-term liabilitiesin the statement of net position. Proceeds of long-term debt - Net (6,155,000) Bonds Refunded 6,311,000 Premiums, Costs of Issuance and Loss on Refundings (250,590)

Unamortized bond issuance loss on refunding net of bond premium is Not recorded in the fund financials but is recorded on the district Wide financials

Current Year 4,339

Increase of compensated absences is an expenditure in the governmentalfunds, but the repayment reduces long-term liabilities in the statement of netposition and is not reported in the statement of activities. 137,638

Change in Net Position of Governmental Activities 1,263,418$


FOR THE YEAR ENDED JUNE 30, 2014

CITY OF WOODBURY BOARD OF EDUCATIONRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

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

39


40

Proprietary Funds

41


42

EXHIBIT B-4

BUSINESS-TYPEACTIVITIES -

ENTERPRISE FUNDS (MEMORANDUM ONLY)

FOOD JUNE 30, JUNE 30,SERVICE 2014 2013

Current Assets: Cash & Cash Equivalents 83,052$ 83,052$ 41,995$ Due from Other Governments 64,326 64,326 107,800 Inventories 11,797 11,797 12,902

Total Current Assets 159,175 159,175 162,697

Noncurrent assets: Furniture, Machinery & Equipment 288,836 288,836 266,492 Less: Accumulated Depreciation (142,519) (142,519) (132,831)

Total Noncurrent Assets 146,317 146,317 133,661

Total Assets 305,492 305,492 296,358

LIABILITIES

Unearned Revenue 1,139 1,139 1,453 Accounts Payable 8,647 8,647 13,403 Interfund Payable - - 520

Total Liabilities 9,786 9,786 15,376

NET POSITION

Net Investment in Capital Assets 146,317 146,317 124,534 Unrestricted 149,389 149,389 156,448

Total Net Position 295,706$ 295,706$ 280,982$


ASSETS


STATEMENT OF NET POSITIONPROPRIETARY FUNDS

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

TOTALS

43

EXHIBIT B-5




Operating Revenues: Charges for Services: Daily Sales - Reimbursable Programs 80,113$ 80,113$ 88,720$ Daily Sales - Nonreimbursable Programs 56,716 56,716 51,309 Miscellaneous 8,515 8,515 3,597

Total Operating Revenues 145,344 145,344 143,626

Operating Expenses: Cost of Sales 366,011 366,011 301,437 Salaries 303,859 303,859 329,242 Employee Benefits 47,218 47,218 5,776 Purchased Services 36,500 36,500 31,181 Miscellaneous 32,492 32,492 12,494 General Supplies 25,266 25,266 29,950 Depreciation 9,688 9,688 15,525

Total Operating Expenses 821,034 821,034 725,606

Operating Income/(Loss) (675,690)$ (675,690)$ (581,979)$

Nonoperating Revenues/(Expenses): Loss on Adjustment to Fixed Asset (9,457) (9,457) 1,838 State Sources: State School Lunch Program 9,034 9,034 8,811 Federal Sources: National School Lunch Program 400,685 400,685 394,775 National School Breakfast Program 227,059 227,059 168,307 Food Distribution Program 42,681 42,681 29,141 Healthy Hunger-Free Kids Act 9,771 9,771 - National Snack Program 9,442 9,442 - Fresh Fruit and Vegetable Program - - 12,100 Interest & Investment Revenue 1,199 1,199 909

Total Nonoperating Revenues/(Expenses) 690,414 690,414 615,880

Income/(Loss) Before Contributions & Transfers 14,724 14,724 33,901

Change in Net Position 14,724 14,724 33,901Total Net Position - Beginning 280,982 280,982 247,081

Total Net Position - Ending 295,706$ 295,706$ 280,982$


STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITIONPROPRIETARY FUNDS



TOTALS

44

EXHIBIT B-6




Cash Flows From Operating Activities: Receipts from Customers 145,030$ 145,030$ 144,021$ Payments to Employees (303,859) (303,859) (329,242) Payments for Employee Benefits (47,218) (47,218) (5,776) Payments to Suppliers (464,440) (464,440) (373,101)

Net Cash Provided/(Used) by Operating Activities (670,487) (670,487) (564,098)

Cash Flows From Noncapital Financing Activities: State Sources 9,785 9,785 7,178 Federal Sources 732,361 732,361 523,558

Net Cash Provided/(Used) by Noncapital Financing Activities 742,146 742,146 530,736

Cash Flows From Investing Activities: Purchase of Equipment (31,801) (31,801) (24,653) Interest & Dividends 1,199 1,199 909

Net Cash Provided/(Used) by Investing Activities (30,602) (30,602) (23,744)

Net Increase/(Decrease) in Cash & Cash Equivalents 41,057 41,057 (57,105)Balances - Beginning of Year 41,995 41,995 99,101

Balances - End of Year 83,052$ 83,052$ 41,996$

Operating Income/(Loss) (675,690)$ (675,690)$ (581,979)$ Adjustments to Reconcile Operating Income/(Loss)to Net Cash Provided/(Used) by Operating Activities: Depreciation & Net Amortization 9,688 9,688 15,525 Loss on Adjustment to Fixed Assets - (Increase)/Decrease in Inventories 1,105 1,105 236 Increase/(Decrease) in Unearned Revenue (314) (314) 395 Increase/(Decrease) in Interfund Payable (520) (520) (11,678) Increase/(Decrease) in Accounts Payable (4,756) (4,756) 13,403

Total Adjustments 5,203 5,203 17,881

Net Cash Provided/(Used) by Operating Activities (670,487)$ (670,487)$ (564,098)$


STATEMENT OF CASH FLOWSPROPRIETARY FUNDS



TOTALS

Reconciliation of Operating Income/(Loss) to Net Cash Provided/(Used) by Operating Activities:

45


46

Fiduciary Fund

47


48

EXHIBIT B-7

UNEMPLOYMENT (MEMORANDUM ONLY)

COMPENSATION SCHOLARSHIP STUDENT PAYROLL JUNE 30, JUNE 30,ASSETS TRUST FUND ACTIVITY FUND 2014 2013

Cash & Cash Equivalents 149,688$ 583,309$ 120,391$ 17,237$ 870,625$ 440,707$

Total Assets 149,688 583,309 120,391 17,237 870,625 440,707

LIABILITIES

Accounts Payable 1,304 - - - 1,304 27,612 Interfund Payable - - - 13,351 13,351 9,249 Due to Employees - - - 3,886 3,886 3,695 Due to Student Groups - - 120,391 - 120,391 135,523

Total Liabilities 1,304 - 120,391 17,237 138,932 176,079

NET POSITION

Reserved 148,384 583,309 - - 731,693 264,628

Total Net Position 148,384$ 583,309$ -$ -$ 731,693$ 264,628$


AGENCYPRIVATE PURPOSE

(With Comparative Totals for June 30, 2013)

TOTALS


STATEMENT OF FIDUCIARY NET POSITIONFIDUCIARY FUNDS

JUNE 30, 2014

49

EXHIBIT B-8

UNEMPLOYMENT (MEMORANDUM ONLY)

COMPENSATION SCHOLARSHIP JUNE 30, JUNE 30,ADDITIONS TRUST FUND 2014 2013

Contributions: Other 53,962$ 469,826$ 523,788$ 133,150$ Board Contribution 30,000 - 30,000 -

Total Contributions 83,962 469,826 553,788 133,150

Investment Earnings: Interest 967 2,261 3,228 3,827

Net Investment Earnings 967 2,261 3,228 3,827

Total Additions 84,929 472,087 557,016 136,977

DEDUCTIONS

Unemployment Claims 61,204 - 61,204 80,470Miscellaneous - 28,747 28,747 24,550

Total Deductions 61,204 28,747 89,951 105,020

Change in Net Position 23,725 443,340 467,065 31,957

Net Position - Beginning 124,659 139,969 264,628 232,671

Net Position - Ending 148,384$ 583,309$ 731,693$ 264,628$


STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFIDUCIARY FUNDS



TOTALSPRIVATE PURPOSE

50


NOTES TO THE FINANCIAL STATEMENTSJUNE 30, 2014

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52

WOODBURY CITY BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014

Note 1. Summary of Significant Accounting Policies The financial statements of the City of Woodbury Board of Education (the ‘District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounting policies. A. Reporting Entity The City of Woodbury Board of Education is a Type II district located in the County of Gloucester, State of New Jersey. As a Type II district, the School District functions independently through a Board of Education. The operations of the District include 3 elementary schools and one junior-senior high school, located in Woodbury City. The Board is comprised of nine members appointed to three-year terms. These terms are staggered so that three members’ terms expire each year. The District provides a full range of educational services appropriate to grade levels K through 12. These include regular, vocational, as well as special education for handicapped youngsters. The Woodbury City Board of Education has an approximate enrollment at June 30, 2014 of 1,506 students. B. Component Units The primary criterion for including activities within the District’s reporting entity as a component unit, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:

♦ the organization is legally separate (can sue or be sued in their own name) ♦ the District holds the corporate powers of the organization ♦ the District appoints a voting majority of the organization’s board ♦ the District is able to impose its will on the organization ♦ the organization has the potential to impose a financial benefit/burden on the District ♦ there is a fiscal dependency by the organization on the District

Based on the aforementioned criteria, the District has no component units. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation District-Wide Financial Statements – The governmental fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental Fund Financial Statements – The Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they

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C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (continued): Governmental Fund Financial Statements (continued): are collected within 60 days of the end of the current fiscal year-end. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and transportation. Other revenues are considered to be measurable and available only when cash is received by the state. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. D. District-Wide and Fund Financial Statements The district-wide financial statements (the statement of net assets and the statement of activities) report information of all of the non-fiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function, segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions. Net position is restricted when constraints placed on them are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted net position. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. E. Fund Accounting The accounts of the City of Woodbury Board of Education are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. An

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E. Fund Accounting (continued): account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:

Governmental Funds

General Fund - The general fund is the general operating fund of City of Woodbury Board of Education and is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or non-instructional equipment which are classified in the Capital Outlay sub-fund.

As required by the New Jersey Department of Education City of Woodbury Board of Education includes budgeted Capital Outlay in this fund. Generally accepted accounting principles as they pertain to governmental entities state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues. Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, interest earnings and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to capital assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by board resolution. Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes. Capital Projects Fund - The capital projects fund is used to account for all financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). Debt Service Fund - The debt service fund is used to account for the accumulation of resources for, and the payment of principal and interest on bonds issued to finance major property acquisition, construction and improvement programs.

Proprietary Funds

The focus of Proprietary Fund measurement is upon determination of net income, financial position and cash flows. The generally accepted accounting principles applicable are those similar to

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E. Fund Accounting (continued): businesses in the private sector. The following is a description of the Proprietary Funds of the District:

Enterprise - The enterprise fund is used to account for the operations that are financed and operated in a manner similar to a private business enterprise. The costs of providing goods or services are financed primarily through user charges; or, where the District has decided that periodic determination of revenues earned, expenses incurred, and/or net income is propriate for capital maintenance, public policy, management control, accountability or other purposes.

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

Depreciation of all exhaustive capital assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows: Buildings & Improvements 10-50 years Equipment 5-7 years The District’s enterprise fund is comprised of the following:

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

Fiduciary Fund

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

Agency Funds - assets held by a governmental entity (either as trustee or as an agent) for other parties that cannot be used to finance the governmental entity’s own operating programs. The District currently maintains Payroll and Student Activity Funds as Agency Funds.

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F. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and private purpose trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total position) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total position. The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, private purpose trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due. In its accounting and financial reporting, the City of Woodbury Board of Education follows the pronouncements of the Governmental Accounting Standards Board (GASB) and the pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. The City of Woodbury Board of Education’s proprietary funds have elected not to apply the standards issued by FASB after November 30, 1989. The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred. G. Budgets/Budgetary Control Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and debt service funds. The budgets are submitted to the county office and are approved by the County Superintendent. Budgets are prepared using the modified accrual basis of accounting. The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C.6:20-2A(m)1. All budget amendments must be approved by School Board resolution. Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis

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G. Budgets/Budgetary Control (continued): of accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year-end. The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports. The budget, as detailed on Exhibit C-1, C-2, and I-3 includes all amendments to the adopted budget, if any. H. Encumbrances Under encumbrance accounting purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as reservations of fund balances at fiscal year-end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services. Open encumbrances in the special revenue fund for which the City of Woodbury Board of Education has received advances are reflected in the balance sheet as deferred revenues at fiscal year-end. The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year-end. I. Cash and Cash Equivalents Cash and Cash equivalents include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost. New Jersey School Districts are limited as to the types of investments and types of financial institutions they may invest in. N.J.S.18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts. Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on deposit with a failed banking institution in New Jersey. N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless

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I. Cash and Cash Equivalents (continued): such funds are secured in accordance with the Act. Public depositories include Savings and Loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental Units. J. Tuition Receivable/Payable Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined. These adjustments are recorded upon certification by the State Board of Education, which is normally two years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable. The tuition rate adjustments for the years 2012-2013 have been established. According to the School District’s records, these amounts of adjustments are immaterial to the financial statements. K. Inventories Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method. The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed. L. Prepaid Expenses Prepaid expenses, which benefit future periods, are only recorded in the government-wide financial statements and in the proprietary fund statements. Prepaid expenses in the proprietary fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014. They are recorded as expenditure during the year of purchase. M. Short-Term Interfund Receivables/Payables Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the City of Woodbury Board of Education and that are due within one year. N. Capital Assets General capital assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of

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N. Capital Assets (continued): one year or more. Donated capital assets are valued at their estimated fair market value on the date received. The general capital assets acquired or constructed were valued by an independent appraisal company. General capital assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively. General capital assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows: Buildings 10-20 Years Machinery and Equipment 5-10 Years Improvements 10-20 Years O. Deferred Outflow of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District has only one item that qualifies for reporting in this category which is the deferred charge on refunding reported in the government-wide statement of net position. A deferred charge on refunded debt results from the difference in the carrying value of the refunded debt and its acquisition price. The amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. P. Accrued Salaries and Wages District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve-month year. Therefore, there is no accrual as of June 30, 2014 for such salaries.

Q. Compensated Absences Compensated absences are those absences for which employees will be paid, such as vacation, sick leave and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the District and its employees, are accounted for in the period in which such services are rendered or in which such events take place. In the District-Wide financial statements, under governmental activities, compensated absences are reported as an expenditure and noncurrent liabilities.

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R. Unearned Revenue Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied and is recorded as a liability until the revenue is both measureable and the District is eligible to realize the revenue. S. Long-Term Obligations In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred. T. Fund Balance In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the City of Woodbury Board of Education classifies governmental fund balances as follows:

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

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

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

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

• Unassigned – includes balance within the General Fund which has not been classified within the above mentioned categories and negative fund balances in other governmental funds.

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

U. Net Position Net position, represents the difference between summation of assets and deferred outflows of resources, and the summation of liabilities and deferred inflows of resources. Net position is classified in the following three components:

• Net Investment in Capital Assets – This component represents capital assets, net of accumulated depreciation, net of outstanding balances of borrowings used for acquisition, construction, or improvement of those assets.

• Restricted – Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.

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U. Net Position (continued):

• Unrestricted – Net position is reported as unrestricted when it does not meet the criteria of the other two components of net position.

V. Impact of Recently Issued Accounting Principles

Recently Issued and Adopted Accounting Pronouncements

In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements. In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities. GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement is effective for periods beginning after December 15, 2012. Management has implemented this Statement in the District’s financial statements for the year ended June 30, 2014 with a prior period restatement to beginning net position. See Note 18 for more information. Recently Issued Accounting Pronouncements In June 2012, the GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27. GASB 68 improves accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency. This Statement is effective for fiscal years beginning after June 15, 2014. Management is currently evaluating the impact of the adoption of this statement on the District’s financial statements. W. Subsequent Events The City of Woodbury Board of Education has evaluated subsequent events occurring after June 30, 2014 through the date of October 31, 2014, which is the date the financial statements were available to be issued. Note 2. Cash and Cash Equivalents The District is governed by the deposit limitations of New Jersey state law. The Deposits held at June 30, 2014 and reported at fair value are as follows:

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Note 2. Cash and Cash Equivalents (continued):

CarryingType Value

DepositsDemand Deposits 3,787,748$

Total Deposits 3,787,748$

The District's Cash and Cash Equivalents are Reported as Follows:Government Activities 2,834,070$ Business-Type Activities 83,053 Fiduciary Funds 870,625

Total Cash and Cash Equivalents 3,787,748$

Custodial Credit Risk – Custodial credit risk is the risk that, in the event of a bank failure, the Board’s deposits may not be recovered. Although the Board does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, student activity funds or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. As of June 30, 2014, the District’s bank balance of $5,053,056 was exposed to custodial credit risk as follows: Insured $ 250,000 Uninsured 541,861 Collateralized in the District’s Name Under GUDPA 4,261,375 Total $5,053,056

Note 3. Capital Reserve Account A capital reserve account was established by the Woodbury City Board of Education by inclusion of $1 during 2000-2001 for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget.

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Note 3. Capital Reserve Account (continued): Funds placed in the capital reserve account are restricted to capital projects in the District’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriated additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP. The activity of the capital reserve for the June 30, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 2,383,176$ Add: Interest 7,053 Less: Budgeted Withdrawls 1,416,911 Add: Transfers by Resolution- June 18, 2014 900,000

Ending Balance, June 30, 2014 1,873,318$

Note 4. Transfers to Capital Outlay During the year ending June 30, 2014, the District transferred $16,048 to capital outlay accounts. Note 5. Fixed Assets The following schedule is a summarization of the general fixed assets recorded at historical cost by source for the fiscal year ended June 30, 2014:

June 30, Transfers/ June 30,2013 Additions Deletions Adjustments 2014

Governmental Activities:Capital assets that are not being depreciated:

Land 138,500$ -$ -$ -$ 138,500$ Construction in Process - 191,198 - - 191,198

Total capital assets not being depreciated 138,500 191,198 - - 329,698

Buildings and improvements 41,312,143 1,431,091 - 1,755 42,744,989 Machinery and equipment 1,344,697 58,084 (202,311) - 1,200,470

Subtotal 42,656,840 1,489,175 (202,311) 1,755 43,945,459

64



Note 5. Fixed Assets (continued):

June 30, Transfers/ June 30,2013 Additions Deletions Adjustments 2014

Less: accumulated depreciation:Buildings and improvements - - - Machinery and equipment (11,819,759) (1,533,747) 104,921 - (13,248,585)

Total accumulated depreciation (11,819,759) (1,533,747) 104,921 - (13,248,585)

Total capital assets being depreciated, net 30,837,081 (44,572) (97,390) 1,755 30,888,852

Governmental activities capital assets, net 30,975,581$ 146,626$ (97,390)$ 1,755$ 31,026,572$

Business-Type Activities

June 30, June 30,2013 Additions Deletions Adjustments 2014

Machinery & Equipment 266,492$ 31,801$ -$ (9,457)$ 288,836$

Subtotal 266,492 31,801 - (9,457) 288,836 Accumulated Depreciation (132,831) (9,688) - - (142,519)

Total 133,661$ 22,113$ -$ (9,457)$ 146,317$

Note 6. Receivables Receivables at June 30, 2014 consisted of tuition fees charged other governmental units and governmental grants. All receivables are considered collectable in full due to the stable condition of the other governmental units, State programs and the current year guarantee of federal funds. Receivables as of year-end for the School District’s individual major and proprietary funds, in the aggregate, are as follows:

Special CapitalGeneral Revenue Projects Proprietary

Fund Fund Fund Funds TotalState Aid 303,214$ -$ 117,582$ 1,307$ 422,103$ Federal Aid - 168,059 - 63,018 231,077 Other 136 21,128 - - 21,264

Total 303,350$ 189,187$ 117,582$ 64,325$ 674,444$

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Note 7. Long-Term Obligations During the fiscal year ended June 30, 2014 the following changes occurred in long-term obligations:

June 30, Accrued/ Retired/ June 30, Due Within2013 Increases Decreases 2014 One Year

Compensated AbsencesPayable 1,679,477$ -$ (137,638)$ 1,541,839$ -$

Capital Lease Payable 2,465,000 - (450,000) 2,015,000 470,000 Unamortized Bond Premium - 727,506 (12,593) 714,913 75,585 Bonds Payable 8,561,000 6,155,000 (7,211,000) 7,505,000 700,000

Total 12,705,477$ 6,882,506$ (7,811,231)$ 11,776,752$ 1,245,585$

A. Capital Leases Payable – Upgrades: On February 18, 1998 the Board of Education of the City of Woodbury entered into a Lease/Purchase Agreement as described below: Purpose of Issue The Certificates are being issued pursuant to an Agent Agreement dated as of August 27, 1998 (the “Agent Agreement”) by and among the Board, the corporation, TD Bank and National Association, which has its principal corporate trust office located in Cherry Hill, New Jersey (the “Agent”) to finance (i) electrical upgrades to each school located in the school district; (ii) heating upgrades to each school located in the school district; (iii) general renovations and upgrades to each school located in the school district; (iv) various architectural, engineering construction management fees and other consultant and permit fees associated with the construction of the project; and (v) various fees for legal, auditing financial advisory, underwriting leasing company, title insurance, credit enhancement, rating agency, printing, agent fees and other miscellaneous costs required to sell and issue the Certificates (collectively, the “Project”). The estimated cost of the Project is $7,395,000.

Year-endingJune 30, Amount

2015 565,712$ 2016 563,387 2017 565,112 2018 565,650

Total Minimum Lease Payments 2,259,861 Less: Amount Representing Interest (244,861)

Present Value of Lease Payments 2,015,000$

66



B. Bonds Payable: In 2006 and 2014, the voters of the municipality through referendums authorized Bonds in accordance with state law. All Bonds are retired in serial installments within the statutory period of usefulness. These Bonds, issued by the Board, are General Obligation Bonds. Purpose of Issue The proceeds of the Bonds will be used to finance various improvements to the Junior-Senior High School, Evergreen Avenue Elementary, West End Memorial and Walnut Street Elementary Schools. In conjunction with the issuance of the Bonds, a grant was obtained from the New Jersey Economic Development Authority to assist with the funding of these various improvements.

Principal and Interest due on the Bond outstanding is as follows: Year Principal Interest Total 2015 $ 700,000 $ 269,950 $ 969,950

2016 650,000 246,325 896,325 2017 590,000 226,100 816,100 2018 535,000 209,225 744,225 2019 840,000 184,400 1,024,400

2020-2024 4,190,000 422,200 4,612,200 Total $ 7,505,000 $1,558,200 $9,063,200

Note 8. Pension Plans Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625. Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified.

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Note 8. Pension Plans (continued): Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction. Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15A and 43.3B and N.J.S.A.18A:66 for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 55 and are generally determined to be 1/55 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System. Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members’ beneficiaries are entitled to full interest credited to the members’ accounts. Chapter 78, P.L. 2011 changed this for employees enrolled after June 28, 2011. See Significant Legislation below. Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced. New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides

68



Note 8. Pension Plans (continued): that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension. Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service. All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”. Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs. Contribution Requirements – The contribution policy is set by N.J.S.A.43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A.18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5%, effective October 1, 2011, of employees’ annual compensation, as defined. The rate will increase over the next seven years to 7.5%. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for cost-of-living adjustments, noncontributory death benefits and post-retirement medical premiums. Under current statute the District is a noncontributing employer of the TPAF.

Annual Percentage Net Year Pension of APC Pension

Funded Cost (APC) Contributed Obligation

6/30/2014 275,753$ 100% -6/30/2013 317,021 100% -6/30/2012 331,918 100% -

Three-Year Trend Information for PERS

Annual Percentage Net Year Pension of APC Pension

Funded Cost (APC) Contributed Obligation

6/30/2014 1,189,382$ 100% -6/30/2013 1,481,845 100% -6/30/2012 985,013 100% -

Three-Year Trend Information for TPAF Pension & Post Retirement Medical Contributions(Paid on behalf of the District)

During the year ended June 30, 2014 the State of New Jersey contributed $1,189,382 to the TPAF for normal and post-retirement benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $786,037 for the year ended June 30, 2014 for the

69



Note 8. Pension Plans (continued): employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the Basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.

Note 9. Post-Retirement Benefits P.L. 1987, c. 384 and P.L. 1990, c.6 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical benefits for those State Employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007, c.103 amended the law to eliminate the funding of post-retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for the funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2014, there were 100,134 retirees receiving post-retirement medical benefits, and the state contributed $1.07 billion on their behalf.. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical benefits changed from a pre-funding basis to a pay-as-you-go basis beginning in Fiscal Year 1994. The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides employer paid health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2014.

Note 10. Risk Management The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Property and Liability Insurance – The District maintains commercial insurance coverage for all risks of loss, including property, liability, employee health, accident insurance and public official surety bonds. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. A complete schedule of insurance coverage can be found in the “Statistical Section” of the report. New Jersey Unemployment Compensation Insurance – The District has elected to fund their New Jersey Unemployment Compensation Insurance under the “Benefit Reimbursement Method”. Under this plan the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for Amounts due to the State. The following is a summary of School District contributions, reimbursements to the State for benefits paid and the ending balance of the School District’s expendable trust fund for the current and previous two years:

70



Note 10. Risk Management (continued):

Distict Employee EndingFiscal Year Contributions Contributions Interest Claims Balance

2013-2014 30,000$ 53,962$ 967$ 61,204$ 148,384$ 2012-2013 75,000 25,368 831 80,470 124,659 2011-2012 - 50,022 1,338 119,407 103,930

Note 11. Contingencies The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; therefore, no provisions have been recorded in the accompanying combined statements for such contingencies. Note 12. Economic Dependency The District participates in numerous state and federal grant programs. The programs are subject to compliance audits under the single audit approach. Such audits could lead to requests for reimbursement by the grantor agency for expenditures disallowed under terms of the grants. Management believes that the amount from future audits, if any, would not be material. The School District is dependent on the State of New Jersey for a substantial portion of its operating funds. Due to funding uncertainties at the State level, funding for school districts may be reduced. The ultimate effect of this possible reduction in funding on the District’s future operation is not yet determinable. The School Funding Reform Act of 2008 (SFRA) was enacted to distribute aid to all school districts in an equitable and predicable basis and takes into account the needs of all students, including at-risk students, limited English proficient students, and students with special education needs. At that time, the funding formula showed the school district was being significantly underfunded by the State of New Jersey. Though some effort was made by the state government to rectify this shortfall during the first couple years of the formula, the district has been allowed to lag in terms of the percentage of SFRA funding received in comparison to most other districts in the state during the most recent years. This SFRA funding shortfall is a significant reason for the Woodbury City taxpayer’s high property tax rate.

71



Note 13. Fund Balance Disclosures General Fund – of the $3,266,599 General Fund fund balance at June 30, 2014, $1,873,318 has been restricted for the Capital Reserve Account; $681,256 is restricted for excess surplus designated for subsequent years expenditures; $632,448 is restricted for excess surplus; and $79,577 is assigned to designated by the School District for subsequent year’s expenditures. Note 14. Interfund Receivables and Payables The following interfund balances remained on the balance sheet at June 30, 2014:

Interfund InterfundFund Receivable Payable

General Fund 204,549$ -$ Capital Projects Fund - 191,198 Trust & Agency Fund - 13,351

Total 204,549$ 204,549$

The purpose of the interfunds are for short-term borrowings.

Note 15. Deferred Compensation The Board offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows: Fidelity Investments Lincoln Investment Planning Met Life The Equitable Financial Company Oppenheimer Fund

Note 16. Compensated Absences The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits.

72



Note 16. Compensated Absences (continued): District employees are granted vacation and sick leave in varying amounts under the District's personnel policies. In the event of termination, an employee is reimbursed for accumulated vacation. Sick leave benefits provide for specified dollar amount per sick day accumulated and begin vesting with the employee after one year of service. The liability for vested compensated absences of the governmental fund types is recorded in the statement of net position under governmental activities. The current portion of the compensated absence balance is not considered material to the applicable funds total liabilities, and is therefore not shown separately from the long-term liability balance of compensated absences. The amount at June 30, 2014 is $1,541,839. The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2014 no liability existed for compensated absences in the proprietary fund types.

Note 17. Calculation of Excess Surplus In accordance with N.J.S.A.18A:7F-7, as amended by P.L. 2004, c.73 (S1701), the designation for Restricted Fund Balance – Excess Surplus is a required calculation pursuant to the New Jersey School Funding Reform Act of 2008 (SFRA). New Jersey school districts are required to restrict General Fund fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $632,448. Note 18. Prior Period Restatement As discussed in Note 1, the District has implemented GASB Statement 65, Items Previously Reported as Assets and Liabilities in the District’s financial statements for the year ended June 30, 2104. As a result, net position as of July 1, 2013 has been restated as follows:

Original Net Restated Balance Adjustment Balance

Unamortized Bond Issuance Costs (1) $ 28,192 $ (28,192) $ -0-

Net Position, July 1, 2013 $ (21,649,616) $ 28,192 $ (21,621,424) (1) Previously reported as an asset on the Statement of Net Position and amortized over the life of related debt.

73


74

REQUIRED SUPPLEMENTARY INFORMATION - PART II

75


76

C. Budgetary Comparison Schedules

77


78

Exhi

bit C

-1(P

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107,

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67

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74,6

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44

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Tot

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11,4

48,9

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11

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11

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178,

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11

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83

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147

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93

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93

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610

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78

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78

6,03

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786,

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-

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786,

387

78

6,38

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tate

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11,9

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57

-

11

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14

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2,15

2,45

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11

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-

11,6

72,6

60

14,0

48,5

41

2,37

5,88

1

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111,

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64

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48

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70

25,8

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173

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396,

460

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315

403,

775

40

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39

3,05

2

(25,

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367,

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Faci

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Exce

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f Rev

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s Ove

r/

(Und

er) E

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Oth

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Fin

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ourc

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ses)

-$

-

$

-$

-

$

-$

-$

-

$

-$

-

$

-

$

JUN

E 30

, 201

4JU

NE

30, 2

013

CIT

Y O

F W

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DB

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Y B

OA

RD

OF

EDU

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DG

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MPA

RIS

ON

SC

HED

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SP

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L R

EVEN

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FUN

D

FOR

TH

E FI

SCA

L Y

EAR

S EN

DED

JU

NE

30, 2

014

AN

D 2

013

86

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

87


88

EXHIBIT C-3

SPECIALGENERAL REVENUE

FUND FUNDSources/Inflows of Resources: Actual Amounts (Budgetary Basis) "Revenue" From the Budgetary Comparison Schedule (C-Series) 25,844,143$ 2,152,915$ Difference - Budget to GAAP: Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.

Prior Year - 67,628Current Year - (250,038)

State aid revenue adjustment due to last state aid payment not being recognized in accordance with GASB No. 33

Current Year (1,111,285) (41,538)Prior Year 1,076,000 31,953

Total Revenues as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds. (B-2) 25,808,858$ 1,960,920$

Uses/outflows of resources: Actual amounts (budgetary basis) "total expenditures" from the budgetary comparison schedule 25,944,147$ 2,152,915$ Differences - budget to GAAP Encumbrances for supplies and equipment ordered but not received is reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes.

Student & Instruction Related Services - (182,410)

Total Expenditures as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds (B-2) 25,944,147$ 1,970,505$


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

CITY OF WOODBURY BOARD OF EDUCATIONREQUIRED SUPPLEMENTARY INFORMATION

BUDGETARY COMPARISON SCHEDULE NOTE TO RSI

89


90

OTHER SUPPLEMENTARY INFORMATION

91


92

D. School Based Budget Schedules

Not Applicable

93


94

E. Special Revenue Fund

95


96

EXHIBIT E-1(Page 1 of 4)

2014 2013 GLOUCESTER GLOUCESTER JJDP

PRESCHOOL TEACHING COUNTY COUNTY SUMMER EXXON EDUCATION AMERICAN YOUTH YOUTH EXPANSION MOBILE

AID HISTORY SERVICES SERVICES GRANT GRANTRevenues: Local Sources -$ -$ 21,128$ 47,403$ -$ 3,000$ State Sources 396,849 - - - 13,427 - Federal Sources - 10,145 - - - -

Total Revenues 396,849$ 10,145$ 21,128$ 47,403$ 13,427$ 3,000$

Expenditures: Instruction: Salaries of Teachers 186,948$ -$ 15,725$ -$ 11,618$ -$ Salaries Other Staff 49,202 - - 25,745 - - Purchased Professional Services - - - - 420 - Other Purchased Services (400-500 series) - - - - - - General Supplies 8,896 - 845 17,249 - 3,000 Miscellaneous - - 3,337 645 - -

Total Instruction 245,046 - 19,907 43,639 12,038 3,000

Support Services: Salaries of Other Professional Staff 89,955 2,145 - - - - Purchased Educational Services 2,635 8,000 - - - - Other Purchased Professional Services - - - 1,800 500 - Personal Services - Employee Benefits 58,372 - 1,221 1,964 889 - Supplies & Materials - - - - - -

Total Support Services 150,962 10,145 1,221 3,764 1,389 -

Facilities Acquisition & Construction Services: Instructional Equipment 841 - - - - -

Total Facilities Acquisition & Construction Services 841 - - - - -

Total Expenditures 396,849$ 10,145$ 21,128$ 47,403$ 13,427$ 3,000$

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

CITY OF WOODBURY BOARD OF EDUCATIONSPECIAL REVENUE FUND

COMBINING SCHEDULE OF PROGRAM REVENUESAND EXPENDITURES - BUDGETARY BASIS

97


2014 2013 I.D.E.A.I.D.E.A. I.D.E.A. PART B U GOT

PART B PART B PRESCHOOL BRAINSBASIC BASIC INCENTIVE GRANT

Revenues: State Sources -$ -$ -$ 450$ Federal Sources 442,833 54,634 19,432 -

Total Revenues 442,833$ 54,634$ 19,432$ 450$

Expenditures: Instruction: Salaries of Teachers -$ 26,000$ -$ -$ Salaries Other Staff 68,518 - 19,432 - Other Purchased Services (400-500 series) 300,000 6,846 - - General Supplies 6,567 1,988 - -

Total Instruction 375,085 34,834 19,432 -

Support Services: Services 60,982 19,800 - - Other Purchased Professional Services 1,447 - - - Personal Services - Employee Benefits 5,319 - - - Miscellaneous - - - 450

Total Support Services 67,748 19,800 - 450

Total Expenditures 442,833$ 54,634$ 19,432$ 450$

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



98


2014 20132014 2013 TITLE II TITLE II 2014 2013

TITLE I TITLE I PART A PART A TITLE III TITLE IIIRevenues: Federal Sources 706,711$ 232,289$ 84,247$ 46,974$ 10,614$ 1,552$

Total Revenues 706,711$ 232,289$ 84,247$ 46,974$ 10,614$ 1,552$

Expenditures: Instruction: Salaries of Teachers 210,935$ 88,751$ 52,723$ 5,910$ -$ -$ Salaries Other Staff 233,075 - - - - - Purchased Professional Services 1,817 16,250 - - - - General Supplies 160,517 87,530 - - - -

Total Instruction 606,344 192,531 52,723 5,910 - -

Support Services: Salaries of Other Professional Staff - - - - 3,159 1,178 Purchased Professional Services 29,878 22,916 15,631 27,760 1,628 - Personal Services - Employee Benefits 68,011 7,846 15,893 453 219 106 Supplies & Materials - - - - 5,608 268 Miscellaneous 2,478 8,996 - 12,851 - -

Total Support Services 100,367 39,758 31,524 41,064 10,614 1,552

Total Expenditures 706,711$ 232,289$ 84,247$ 46,974$ 10,614$ 1,552$

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



99


RACE TOEE 4 NJ WPTO THE TOP 2014 2013

Revenues: Local Sources -$ 16,332$ -$ 87,863$ 107,635$ State Sources - - - 410,726 381,615 Federal Sources 1,291 - 43,604 1,654,326 1,593,512

Total Revenues 1,291$ 16,332$ 43,604$ 2,152,915$ 2,082,762$

Expenditures: Instruction: Salaries of Teachers -$ -$ -$ 598,610$ 621,213$ Salaries Other Staff - - - 395,972 336,368 Purchased Professional Services - - - 18,487 99,836 Other Purchased Services (400-500 series) - - - 306,846 970 General Supplies - 16,332 - 302,924 68,226 Miscellaneous - - - 3,982 1,410

Total Instruction - 16,332 - 1,626,821 1,128,023

Support Services: Salaries of Other Professional Staff - - - 96,437 99,880 Purchased Educational Services 1,291 - 20,130 210,651 594,832 Other Purchased Professional Services - - 22,220 25,967 24,097 Personal Services - Employee Benefits - - - 160,293 164,147 Supplies & Materials - - 1,254 7,130 18,568 Miscellaneous - - - 24,775 48,216

Total Support Services 1,291 - 43,604 525,253 949,740

Facilities Acquisition & Construction Services: Instructional Equipment - - - 841 4,999

Total Facilities Acquisition & Construction Services - - - 841 4,999

Total Expenditures 1,291$ 16,332$ 43,604$ 2,152,915$ 2,082,762$





100

EXHIBIT E-2

2014BUDGETED ACTUAL VARIANCE

Expenditures: Instruction: Salaries of Teachers 186,948$ 186,948$ -$ Other Salaries for Instruction 52,828 49,202 3,626 Purchased Educational Services - General Supplies 9,643 8,896 747

Total Instruction 249,419 245,046 4,373

Support Services: Salaries of Other Professional Staff 54,017 53,960 57 Other of Secretaries and Other Clerical Staff 7,617 7,522 95 Other Salaries 28,473 28,473 - Personal Services - Employee Benefits 58,372 58,372 - Purchased Educational Services 2,677 2,635 42

Total Support Services 151,156 150,962 194

Facilities Acquisition & Construction Services: Instructional Equipment 15,048 841 14,207

Total Facilities Acquisition & Construction Services 15,048 841 14,207

Total Expenditures 415,623$ 396,849$ 18,774$

Total Revised 2013-2014 Preschool Education Aid Allocation 415,623$ Add: Actual ECPA Carryover June 30, 2013 6,856

Total Preschool Education Aid Funds Available for 2013-2014 Budget 422,479 Less: 2013-2014 Budgeted Preschool Education Aid (Prior Year Budget Carryover) (415,623)

Available & Unbudgeted Preschool Education Aid Funds June 30, 2014 6,856 Add: June 30, 2014 Unexpended Preschool Education Aid 18,774

Total Actual Preschool Education Aid Carryover 25,630$

2013-2014 Preschool Education Aid Carryover Budgeted in 2014-2015 6,611$

CALCULATION OF BUDGET AND CARRYOVER


SCHEDULE OF PRESCHOOL EDUCATION AIDSTATEMENT OF EXPENDITURES

BUDGETARY BASISFOR THE FISCAL YEAR ENDED JUNE 30, 2014

101


102

F. Capital Projects Fund

103


104

EXHIBIT F-1

UNEXPENDEDBALANCE

PRIOR CURRENT JUNE 30,APPROPRIATIONS YEARS YEAR 2014

Various Capital Improvements: Transfer from Capital Reserve 1,179,363$ -$ 73,616 1,105,747$ State School Building Aid - (ROD) Grants 1,883,725 - 117,582 1,766,143

Total 3,063,088$ -$ 191,198$ 2,871,890$

Reconciliation - Unexpended Capital Project Balances to Fund Balance - June 30, 2014:

Unexpended Project Balances June 30, 2013 2,871,890$

Less: Capital Reserve Budgeted in 2014-2015 (1,179,363)

Total Fund Balance (Budgetary Basis) - June 30, 2014 1,692,527$

Less: Unexpended State Aid - ROD Grants (1,766,143)

Total Fund Balance (GAAP Basis) - June 30, 2014 (73,616)$

CITY OF WOODBURY BOARD OF EDUCATIONCAPITAL PROJECTS FUND

SUMMARY SCHEDULE OF PROJECT EXPENDITURESFOR THE FISCAL YEAR ENDED JUNE 30, 2014

EXPENDITURES TO DATE

PROJECT TITLE/ISSUE

105

EXHIBIT F-2

Revenues & Other Financing Sources: Rod Grants 1,883,725$

Total Revenues 1,883,725

Expenditures & Other Financing Uses: Purchased Professional & Technical Services 189,493 Other Miscellaneous 1,705

Total Expenditures 191,198

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 1,692,527 Fund Balance - Beginning -

Fund Balance - Ending 1,692,527$


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


106

EXHIBIT F-2a

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COST

Revenues & Other Financing Sources: State Sources - ROD Grant -$ 1,812,503$ 1,812,503$ 1,812,503$ Transfer from Capital Reserve - - - 1,134,772

Total Reserve - 1,812,503 1,812,503 2,947,275

Expenditures & Other Financing Uses: Purchased Professional & Technical Services - 183,563 183,563 253,557 Construction Services - - - 2,692,013 Other Miscellaneous - 1,705 1,705 1,705

Total Expenditures & Other Financing Uses - 185,268 185,268 2,947,275

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures -$ 1,627,235$ 1,627,235$ -$

Project Number 5860-050-14-1001Grant Date 2014-2015Bond Authorization Date N/ABonds Authorized N/ABonds Issued N/AOriginal Authorized Cost 2,947,275$ Additional Authorized Cost -$ Revised Authorized Cost 2,947,275$

Percentage Increase Over Original Authorized CostPercentage Completion 6%Original Target Completion Date 2014-2015Revised Target Completion Date N/A

ADDITIONAL PROJECT INFORMATION


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

JR/SR HIGH SCHOOL RENOVATIONS AND HVAC UPGRADEFROM INCEPTION AND FOR THE YEAR ENDED JUNE 30, 2014

107

EXHIBIT F-2b

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COST

Revenues & Other Financing Sources: State Sources - ROD Grant -$ 71,222$ 71,222$ 71,222$ Transfer from Capital Reserve - - - 44,591

Total Reserve - 71,222 71,222 115,813

Expenditures & Other Financing Uses: Purchased Professional & Technical Services - 5,930 5,930 9,265 Construction Services - - - 106,548

Total Expenditures & Other Financing Uses - 5,930 5,930 115,813

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures -$ 65,292$ 65,292$ -$

Project Number 5860-100-14-1003Grant Date 2014-2015Bond Authorization Date N/ABonds Authorized N/ABonds Issued N/AOriginal Authorized Cost 115,813$ Additional Authorized Cost -$ Revised Authorized Cost 115,813$

Percentage Increase Over Original Authorized CostPercentage Completion 5%Original Target Completion Date 2014-2015Revised Target Completion Date N/A

ADDITIONAL PROJECT INFORMATION


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

WALNUT ELEMENTARY RENOVATIONS AND HVAC UPGRADEFROM INCEPTION AND FOR THE YEAR ENDED JUNE 30, 2014

108

G. Proprietary Funds

109


110

Enterprise Funds

111


112

EXHIBIT G-1


ENTERPRISE FUNDSFOOD

ASSETS SERVICE 2014 2013

Current Assets: Cash & Cash Equivalents 83,052$ 83,052$ 41,995$ Due from Other Governments: State 1,308 1,308 2,059 Federal 63,018 63,018 105,741 Inventories 11,797 11,797 12,902

Total Current Assets 159,175 159,175 162,697

Noncurrent Assets: Furniture, Machinery & Equipment 288,836 288,836 266,492 Less: Accumulated Depreciation (142,519) (142,519) (132,831)

Total Noncurrent Assets 146,317 146,317 133,661

Total Assets 305,492 305,492 296,358

LIABILITIES

Unearned Revenue 1,139 1,139 1,453 Accounts Payable 8,647 8,647 13,403 Interfund Payable - - 520

Total Liabilities 9,786 9,786 15,376

NET POSITION

Net Investment in Capital Assets 146,317 146,317 124,534 Unrestricted 149,389 149,389 156,448

Total Net Position 295,706$ 295,706$ 280,982$

CITY OF WOODBURY BOARD OF EDUCATIONENTERPRISE FUND

COMBINING SCHEDULE OF NET POSITIONAS OF JUNE 30, 2014


113

EXHIBIT G-2



SERVICE 2014 2013Operating Revenues: Charges for Services: Daily Sales - Reimbursable Programs 80,113$ 80,113$ 88,720$ Daily Sales - Nonreimbursable Programs 56,716 56,716 51,309 Miscellaneous 8,515 8,515 3,597

Total Operating Revenues 145,344 145,344 143,626

Operating Expenses: Cost of Sales 366,011 366,011 301,437 Salaries 303,859 303,859 329,242 Employee Benefits 47,218 47,218 5,776 Purchased Services 36,500 36,500 31,181 Miscellaneous 32,492 32,492 12,494 General Supplies 25,266 25,266 29,950 Depreciation 9,688 9,688 15,525

Total Operating Expenses 821,034 821,034 725,606

Operating Income/(Loss) (675,690) (675,690) (581,979)

Nonoperating Revenues/(Expenses): Loss on Adjustment to Fixed Asset (9,457) (9,457) 1,838 State Sources: State School Lunch Program 9,034 9,034 8,811 Federal Sources: National School Lunch Program 400,685 400,685 376,855 National School Breakfast Program 227,059 227,059 168,307 Food Distribution Program 42,681 42,681 29,141 Healthy Hunger-Free Kids Act 9,771 9,771 8,587 National Snack Program 9,442 9,442 9,333 Fresh Fruit and Vegetable Program - - 12,100 Interest & Investment Revenue 1,199 1,199 909

Total Nonoperating Revenues/(Expenses) 690,414 690,414 615,881

Income/(Loss) Before Contributions & Transfers 14,724 14,724 33,901

Change in Net Position 14,724 14,724 33,901Total Net Position - Beginning 280,982 280,982 247,081

Total Net Position - Ending 295,706$ 295,706$ 280,982$

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


COMBINING SCHEDULE OF REVENUES, EXPENSES ANDCHANGES IN FUND NET POSITION

ENTERPRISE FUND

114

EXHIBIT G-3



SERVICE 2014 2013Cash Flows From Operating Activities: Receipts from Customers 145,030$ 145,030$ 144,021$ Payments to Employees (303,859) (303,859) (329,242) Payments for Employee Benefits (47,218) (47,218) (5,776) Payments to Suppliers (464,440) (464,440) (373,101)

Net Cash Provided/(Used) by Operating Activities (670,487) (670,487) (564,098)

Cash Flows From Noncapital Financing Activities: State Sources 9,785 9,785 7,178 Federal Sources 732,361 732,361 523,558

Net Cash Provided/(Used) by Noncapital Financing Activities 742,146 742,146 530,736

Cash Flows From Investing Activities: Purchase of Equipment (31,801) (31,801) (24,653) Interest & Dividends 1,199 1,199 909

Net Cash Provided/(Used) by Investing Activities (30,602) (30,602) (23,744)

Net Increase/(Decrease) in Cash & Cash Equivalents 41,057 41,057 (57,106)Balances - Beginning of Year 41,995 41,995 99,101

Balances - End of Year 83,052$ 83,052$ 41,995$

Operating Income/(Loss) (675,690)$ (675,690)$ (581,979)$ Adjustments to Reconcile Operating Income/(Loss)to Net Cash Provided/(Used) by Operating Activities: Depreciation & Net Amortization 9,688 9,688 15,525 Loss on Adjustment to Fixed Asset - - - (Increase)/Decrease in Inventories 1,105 1,105 236 Increase/(Decrease) in Unearned Revenue (314) (314) 395 Increase/(Decrease) in Accounts Payable (4,756) (4,756) 13,403 Increase/(Decrease) in Interfund Payable (520) (520) (11,678)

Total Adjustments 5,203 5,203 17,881

Net Cash Provided by/(Used For) Operating Activities (670,487)$ (670,487)$ (564,098)$

Reconciliation of Operating Income/(Loss) to Net Cash Provided/(Used) by Operating Activities:

CITY OF WOODBURY BOARD OF EDUCATIONENTERPRISE FUND

COMBINING SCHEDULE OF CASH FLOWSAS OF JUNE 30, 2014


115


116

Internal Service Fund

Not Applicable

117


118

H. Fiduciary Fund

119


120

EXHIBIT H-1

UNEMPLOYMENTCOMPENSATION SCHOLARSHIP STUDENT PAYROLL

ASSETS TRUST FUND ACTIVITY FUND 2014 2013

Cash & Cash Equivalents 149,688$ 583,309$ 120,391$ 17,237$ 870,625$ 440,708$

Total Assets 149,688 583,309 120,391 17,237 870,625 440,708

LIABILITIES

Accounts Payable 1,304 - - - 1,304 27,612 Interfund Payable - - - 13,351 13,351 9,250 Due to Employees - - - 3,886 3,886 3,695 Due to Student Groups - - 120,391 - 120,391 135,523

Total Liabilities 1,304 - 120,391 17,237 138,932 176,080

NET POSITION

Reserved 148,384 583,309 - - 731,693 264,628

Total Net Position 148,384$ 583,309$ -$ -$ 731,693$ 264,628$

AGENCYPRIVATE PURPOSE


CITY OF WOODBURY BOARD OF EDUCATIONFIDUCIARY FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITIONJUNE 30, 2014

121

EXHIBIT H-2

UNEMPLOYMENTCOMPENSATION SCHOLARSHIP

ADDITIONS TRUST FUND 2014 2013

Contributions: Other 53,962$ 469,826$ 523,788$ 58,150$ Board Contribution 30,000 - 30,000 75,000

Total Contributions 83,962 469,826 553,788 133,150

Investment Earnings: Interest 967 2,261 3,228 3,827

Net Investment Earnings 967 2,261 3,228 3,827

Total Additions 84,929 472,087 557,016 136,977

DEDUCTIONS

Unemployment Claims 61,204 - 61,204 80,470Miscellaneous - 28,747 28,747 24,550

Total Deductions 61,204 28,747 89,951 105,020

Change in Net Position 23,725 443,340 467,065 31,957

Total Net Position - Beginning 124,659 139,969 264,628 232,671

Total Net Position - Ending 148,384$ 583,309$ 731,693$ 264,628$

PRIVATE PURPOSE


CITY OF WOODBURY BOARD OF EDUCATIONFIDUCIARY FUNDS

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

122

EXHIBIT H-3

BALANCE BALANCEJULY 1, CASH CASH JUNE 30,

2013 RECEIPTS DISBURSEMENTS 2014

Elementary Schools: Evergreen 2,884$ 7,850$ 9,363$ 1,371$ Walnut Street 534 1,406 1,373 567 West End 6,450 4,774 2,388 8,836

Total Elementary Schools 9,868 14,030 13,124 10,774

Senior High School: Woodbury 125,654 222,319 238,356 109,617

Student Athletics - 29,885 29,885 -

Total Student Activity 135,522$ 266,234$ 281,365$ 120,391$

EXHIBIT H-4

BALANCE BALANCEJULY 1, JUNE 30,

ASSETS 2013 ADDITIONS DELETIONS 2014

Cash & Cash Equivalents 12,945$ 17,082,390$ 17,078,098$ 17,237$

Total Assets 12,945$ 17,082,390$ 17,078,098$ 17,237$

LIABILITIES

Due Current Fund 9,250$ 4,101$ -$ 13,351$ Accounts Payable 3,695 - 3,695 - Due to Employees - 17,078,289 17,074,403 3,886

Total Liabilities 12,945$ 17,082,390$ 17,078,098$ 17,237$

PAYROLL AGENCY FUNDSCHEDULE OF RECEIPTS AND DISBURSEMENTS


CITY OF WOODBURY BOARD OF EDUCATIONSTUDENT ACTIVITY AGENCY FUND

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

123


124

I. Long-Term Debt

125


126

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127

EXHIBIT I-2

AMOUNT AMOUNT AMOUNTOF OUTSTANDING ISSUED RETIRED OUTSTANDING

ORIGINAL JUNE 30, CURRENT CURRENT JUNE 30, SERIES ISSUE 2013 YEAR YEAR 2014

Various Improvements - Lease Purchase 1998 $7,395,000 2,465,000$ -$ 450,000$ 2,015,000$

Total 2,465,000$ -$ 450,000$ 2,015,000$

JUNE 30, 2014

CITY OF WOODBURY BOARD OF EDUCATIONLONG-TERM DEBT ACCOUNT GROUP

SCHEDULE OF OBLIGATIONS UNDER CAPITAL LEASES

128

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028

1,75

0,35

8

30

,670

2,

016,

453

-

2,

016,

453

2,01

6,45

3

1

Exce

ss/(D

efic

ienc

y) o

f Rev

enue

s O

ver/(

Und

er) E

xpen

ditu

res

-

-

-

30

,670

30

,670

(9

90)

-

(990

)

(990

)

1

Fund

Bal

ance

, Jul

y 1

1

-

1

1

-

991

-

99

1

991

-

Fund

Bal

ance

, Jun

e 30

1$

-

$

1$

30

,671

$

30

,670

$

1

$

-

$

1$

1

$

1$

JUN

E 30

, 201

4JU

NE

30, 2

013

CIT

Y O

F W

OO

DB

UR

Y B

OA

RD

OF

EDU

CA

TIO

N

BU

DG

ETA

RY

CO

MPA

RIS

ON

SC

HED

ULE

D

EBT

SER

VIC

E FU

ND

FOR

TH

E FI

SCA

L Y

EAR

S EN

DED

JU

NE

30, 2

014

AN

D 2

013

129

EXHIBIT I-4

OUTSTANDING OUTSTANDINGBALANCE BALANCE

2013 DELETIONS 2014

Compensated Absences 1,679,477$ (137,638)$ 1,541,839$

CITY OF WOODBURY BOARD OF EDUCATIONLONG-TERM DEBT

SCHEDULE OF COMPENSATED ABSENCESJUNE 30, 2014

130

STATISTICAL SECTION (Unaudited)

131


132

EXH

IBIT

J-1

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gov

ernm

enta

l Act

iviti

es:

N

et in

vest

men

t in

Cap

ital A

sset

s21

,260

,321

$

19,9

49,5

81$

19

,276

,222

$

18,8

61,0

79$

18

,695

,965

$

17,8

05,3

62$

15

,074

,528

$

12,8

98,4

03$

6,

970,

940

$

3,91

0,05

9$

Res

trict

ed3,

281,

514

3,

960,

862

2,76

2,82

72,

167,

421

2,98

8,99

13,

656,

080

4,43

3,40

65,

870,

169

9,98

8,69

411

,370

,049

U

nres

trict

ed(1

,656

,993

)

(2

,260

,827

)(1

,472

,121

)(1

,394

,511

)(1

,890

,424

)(1

,454

,565

)(5

47,0

97)

(659

,378

)(7

94,5

91)

(1,5

34,7

38)

Tota

l Gov

ernm

enta

l Act

iviti

es

Net

Ass

ets

22,8

84,8

42$

21

,649

,616

$

20,5

66,9

28$

19

,633

,989

$

19,7

94,5

32$

20

,006

,877

$

18,9

60,8

37$

18

,109

,194

$

16,1

65,0

43$

13

,745

,370

$

Bus

ines

s-Ty

pe A

ctiv

ities

:

N

et in

vest

men

t in

Cap

ital A

sset

s14

6,31

7$

12

4,53

4$

122,

696

$

60,4

82$

71

,953

$

82,3

22$

49

,779

$

53,5

03$

56

,853

$

61,8

97$

Unr

estri

cted

149,

389

156,

448

124,

385

156,

894

147,

496

94,2

6197

,767

53,0

6320

,163

7,03

0

Tota

l Bus

ines

s-Ty

pe A

ctiv

ities

N

et P

ositi

on29

5,70

6$

28

0,98

2$

247,

081

$

217,

376

$

219,

449

$

17

6,58

3$

14

7,54

6$

106,

566

$

77,0

16$

68

,927

$

Dist

rict-W

ide:

N

et in

vest

men

t in

Cap

ital A

sset

s21

,406

,638

$

20,0

74,1

15$

19

,398

,918

$

18,9

21,5

61$

18

,767

,918

$

17,8

87,6

84$

15

,124

,307

$

12,9

51,9

06$

7,

027,

793

$

3,97

1,95

6$

Res

trict

ed3,

281,

514

3,

960,

862

2,76

2,82

7

2,16

7,42

1

2,98

8,99

1

3,

656,

080

4,

433,

406

5,87

0,16

9

9,98

8,69

4

11

,370

,049

Unr

estri

cted

(1,5

07,6

04)

(2,1

04,3

79)

(1,3

47,7

36)

(1,2

37,6

17)

(1,7

42,9

28)

(1,3

60,3

04)

(449

,330

)

(606

,315

)

(774

,428

)

(1,5

27,7

08)

Tota

l Dist

rict N

et P

osito

n23

,180

,548

$

21,9

30,5

98$

20

,814

,009

$

19,8

51,3

65$

20

,013

,981

$

20,1

83,4

60$

19

,108

,383

$

18,2

15,7

60$

16

,242

,059

$

13,8

14,2

97$

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

CIT

Y O

F W

OO

DB

UR

Y S

CH

OO

L D

IST

RIC

TN

ET

ASS

ET

S B

Y C

OM

PON

EN

TL

AST

TE

N F

ISC

AL

YE

AR

S(A

ccru

al B

asis

of A

ccou

ntin

g)

133

Exhi

bit J

-2(P

age

1 of

2)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Expe

nses

: G

over

nmen

tal A

ctiv

ities

In

stru

ctio

n:

R

egul

ar8,

974,

792

$

7,

333,

744

$

8,

813,

918

$

8,

995,

533

$

8,

632,

040

$

8,

524,

922

$

9,

147,

888

$

8,

267,

480

$

7,

771,

841

$

8,

280,

213

$

S

peci

al E

duca

tion

1,88

3,72

2

2,97

7,92

8

1,69

0,45

0

1,69

2,89

8

1,52

4,87

2

1,44

5,22

6

1,19

6,32

2

1,17

8,14

1

1,06

8,18

7

1,04

5,72

9

Oth

er S

peci

al E

duca

tion

357,

686

439,

490

271,

613

396,

957

625,

917

650,

740

103,

547

130,

873

151,

714

201,

069

Oth

er In

stru

ctio

n68

9,25

6

67

4,50

0

73

0,98

4

70

0,45

4

68

2,30

7

57

8,20

6

51

8,14

8

51

4,65

1

54

7,89

5

53

6,44

5

Sup

port

Serv

ices

:

T

uitio

n1,

459,

087

1,

376,

870

1,

303,

916

1,

160,

778

1,

493,

803

1,

430,

669

1,

593,

383

1,

141,

627

1,

145,

135

1,

086,

365

A

ttend

ance

& S

ocia

l Rel

ated

Serv

ices

27,3

06

27,8

93

27,1

31

24,5

77

29

,370

28

,539

41

,965

37

,652

53

,971

52,9

19

H

ealth

Ser

vice

s28

6,14

2

27

2,16

1

27

5,99

9

25

7,47

0

24

6,69

5

23

6,79

8

22

5,08

2

21

8,84

2

19

7,48

6

19

1,16

2

S

tude

nt &

Inst

ruct

ion

Rel

ated

Serv

ices

2,54

1,67

3

2,95

2,91

0

2,43

8,87

5

2,19

3,97

2

1,90

9,24

6

2,08

5,74

2

1,94

5,77

0

1,92

7,30

2

1,83

5,03

3

1,95

3,19

0

Edu

catio

n M

edia

Ser

vice

s15

2,77

0

13

8,94

0

13

0,33

8

17

9,79

9

19

4,47

8

19

9,60

9

16

4,65

0

15

6,76

7

18

3,67

8

25

6,67

6

I

nstru

ctio

nal S

taff

Trai

ning

46,0

61

38,8

32

61,0

08

45,3

22

10

9,54

9

29

,029

15

1,34

0

15

5,81

3

11

7,65

8

19

4,08

5

S

choo

l Adm

inist

rativ

e Se

rvic

es90

4,38

7

87

8,26

8

88

3,04

1

90

4,19

7

90

9,25

1

85

2,48

0

81

6,16

5

80

6,91

4

82

4,26

3

85

2,56

8

G

ener

al &

Bus

ines

s Adm

inist

rativ

e

Se

rvic

es42

5,38

1

47

4,68

6

57

3,46

8

59

8,40

2

54

3,02

2

64

3,31

0

70

1,84

2

58

1,87

0

51

0,22

2

63

3,73

8

C

entra

l Ser

vice

s33

3,75

8

35

2,19

7

31

5,75

4

31

1,35

7

26

8,92

5

41

7,51

9

48

0,92

4

22

7,76

1

21

3,64

9

21

1,04

7

A

dmin

istra

tive

Info

rmat

ion

Tech

nolo

gy11

0,88

5

12

4,11

6

10

2,53

4

14

2,15

8

14

8,06

6

18

8,97

8

13

7,02

6

12

1,41

1

56

,765

67,0

95

P

lant

Ope

ratio

ns &

Mai

nten

ance

1,96

1,60

9

1,60

6,39

9

1,71

3,42

0

2,08

0,64

8

1,88

1,51

5

1,78

7,13

7

2,44

7,62

4

1,76

0,84

3

1,96

2,91

1

1,56

5,36

0

Pup

il Tr

ansp

orta

tion

737,

591

599,

269

622,

976

579,

843

554,

373

537,

829

503,

694

564,

612

519,

632

521,

482

Una

lloca

ted

Bene

fits

5,53

0,99

7

5,84

7,22

4

5,55

0,05

5

4,98

6,79

5

4,84

2,03

7

4,61

3,78

7

5,05

0,64

7

4,84

9,75

1

3,94

5,30

0

3,83

0,61

1

Int

eres

t on

Long

-Ter

m D

ebt

628,

577

483,

994

607,

634

704,

212

641,

205

574,

276

705,

414

914,

489

818,

290

564,

407

Inc

reas

e in

Com

pens

ated

Abs

ence

s(1

37,6

38)

207,

962

31,4

74

193,

360

4,10

6

18,4

64

(130

,482

)

2,

810

(1

98,9

87)

47

,935

Disp

osal

of C

apita

l Ass

ets

-

12

9,57

2

23

,616

17

, 338

252,

215

253,

953

(23,

561)

(123

)

66

, 835

2,92

0

Una

lloca

ted

Am

ortiz

atio

n-

2,56

2

2,

563

2,

562

2,

563

3,

566

3,

566

3,

565

3,

566

3,

566

U

nallo

cate

d D

epre

ciat

ion

1,42

8,82

5

1,45

1,78

5

1,44

4,29

9

1,40

4,71

9

1,29

2,24

5

198,

133

537,

803

523,

937

475,

084

510,

930

T

otal

Gov

ernm

enta

l Act

iviti

es

E

xpen

ses

28,3

42,8

67

28

,391

,302

27

,615

,066

27

,573

,351

26,7

87,8

00

25,2

98,9

12

26,3

18,7

57

24,0

86,9

88

22,2

70,1

28

22

,609

,512

Busin

ess-

Type

Act

iviti

es:

F

ood

Serv

ice

821,

034

723,

768

637,

256

622,

783

661,

385

645,

575

553,

349

488,

445

475,

034

462,

817

Tota

l Bus

ines

s-Ty

pe A

ctiv

ities

Exp

ense

821,

034

723,

768

637,

256

622,

783

661,

385

645,

575

553,

349

488,

445

475,

034

462,

817

T

otal

Dist

rict E

xpen

ses

29,1

63,9

01$

29

,115

,070

$

28

,252

,322

$

28

,196

,134

$

27,4

49,1

85$

25,9

44,4

87$

26,8

72,1

06$

24,5

75,4

33$

22,7

45,1

62$

23

,072

,329

$

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

CIT

Y O

F W

OO

DB

UR

Y S

CH

OO

L D

IST

RIC

TC

HA

NG

ES

IN N

ET

PO

SIT

ION

- (A

CC

RU

AL

BA

SIS

OF

AC

CO

UN

TIN

G)

LA

ST T

EN

FIS

CA

L Y

EA

RS

134

Exhi

bit J

-2(P

age

2 of

2)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

CIT

Y O

F W

OO

DB

UR

Y S

CH

OO

L D

IST

RIC

TC

HA

NG

ES

IN N

ET

PO

SIT

ION

- (A

CC

RU

AL

BA

SIS

OF

AC

CO

UN

TIN

G)

LA

ST T

EN

FIS

CA

L Y

EA

RS

Prog

ram

Rev

enue

s: G

over

nmen

tal A

ctiv

ities

:

Cha

rges

for S

ervi

ces:

Int

eres

t on

Long

-Ter

m D

ebt

193,

756

$

193,

901

$

193,

722

$

193,

218

$

228,

446

$

358,

964

$

359,

491

$

359,

348

$

358,

574

$

359,

205

$

Cap

ital G

rant

s & C

ontri

butio

ns1,

969,

664

2,

076,

723

2,

056,

972

2,

199,

323

1,

766,

762

1,

744,

030

2,

937,

857

2,

609,

787

2,

658,

450

2,

771,

330

Tota

l Gov

ernm

enta

l Act

iviti

es P

rogr

am

Rev

enue

s2,

163,

420

2,

270,

624

2,

250,

694

2,

392,

541

1,

995,

208

2,

102,

994

3,

297,

348

2,

969,

135

3,

017,

024

3,

130,

535

Busin

ess-

Type

Act

iviti

es:

C

harg

es fo

r Ser

vice

s:

F

ood

Serv

ice

145,

344

143,

626

146,

492

163,

068

162,

373

184,

889

198,

299

187,

370

196,

576

194,

716

Cap

ital G

rant

s & C

ontri

butio

ns69

8,67

2

61

3,13

3

51

9,06

5

45

6,57

0

54

1,68

6

44

7,41

4

39

4,91

7

32

9,29

4

28

5,95

5

28

2,25

7

Tota

l Bus

ines

s Typ

e A

ctiv

ities

Pro

gram

R

even

ues

844,

016

756,

760

665,

557

619,

638

704,

059

632,

303

593,

216

516,

664

482,

531

476,

973

Tota

l Dist

rict P

rogr

am R

even

ues

3,00

7,43

6$

3,02

7,38

4$

2,91

6,25

1$

3,01

2,17

9$

2,69

9,26

7$

2,73

5,29

7$

3,89

0,56

4$

3,48

5,79

9$

3,49

9,55

5$

3,60

7,50

8$

Net

(Exp

ense

)/Rev

enue

:

Gov

ernm

enta

l Act

iviti

es(2

6,17

9,44

7)$

(2

6,12

0,67

8)$

(2

5,36

4,37

2)$

(2

5,18

0,81

0)$

(2

4,79

2,59

2)$

(2

3,19

5,91

8)$

(2

3,02

1,40

9)$

(2

1,11

7,85

3)$

(1

9,25

3,10

4)$

(1

9,47

8,97

7)$

Bus

ines

s-Ty

pe A

ctiv

ities

22,9

82

32,9

92

28,3

01

(3,1

45)

42

,674

(1

3,27

2)

39

,867

28

,219

7,

497

14

,156

T

otal

Dist

rict-W

ide

Net

Exp

ense

(26,

156,

465)

$

(26,

087,

686)

$

(25,

336,

071)

$

(25,

183,

955)

$

(24,

749,

918)

$

(23,

209,

190)

$

(22,

981,

542)

$

(21,

089,

634)

$

(19,

245,

607)

$

(19,

464,

821)

$

Gov

ernm

enta

l Act

iviti

es:

P

rope

rty T

axes

Lev

ied

for G

ener

al

P

urpo

ses,

Net

11,3

42,4

13$

11

,108

,268

$

11

,108

,268

$

10

,944

,106

$

10,6

33,1

91$

10,2

24,2

22$

11,1

99,6

50$

10,9

63,5

12$

10,3

62,4

65$

9,

715,

506

$

Tax

es L

evie

d fo

r Deb

t Ser

vice

1,58

7,27

2

1,82

1,56

2

1,36

4,18

4

834,

197

595,

257

1,02

9,48

8

950,

219

943,

840

988,

467

979,

469

U

nres

trict

ed G

rant

s &

C

ontri

butio

ns14

,202

,264

14,1

19,8

28

13,5

65,8

50

12,7

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C

ance

llatio

n of

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r Yea

r Gra

nt-

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(7

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)

(790

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(6

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n on

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alua

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of F

ixed

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r to

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Type

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es:

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ning

s1,

199

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192

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A

djus

tmen

t to

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d A

sset

s(9

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-

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-

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T

otal

Bus

ines

s-Ty

pe A

ctiv

ities

(8,2

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Tota

l Dist

rict-W

ide

27,4

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$

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$

24,5

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$

Cha

nge

in N

et P

ositi

on:

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over

nmen

tal A

ctiv

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50

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14,5

69

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otal

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rict

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(162

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89

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3$

1,

973,

701

$

2,

427,

762

$

11

,063

,861

$

135

EXH

IBIT

J-3

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gen

eral

Fun

d:

Res

trict

ed3,

187,

022

$

3,93

5,23

3$

2,

675,

088

$

1,79

3,50

7$

1,

068,

920

$

1,58

8,84

5$

2,

419,

578

$

3,31

6,29

5$

2,

454,

309

$

1,03

0,44

9$

Ass

igne

d79

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225,

737

107,

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80

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12

8,34

6

-

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nass

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d-

(7

59,0

82)

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(229

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60

3,66

1

591,

753

51

4,64

1

189,

605

Tota

l Gen

eral

Fun

d3,

266,

599

$

3,40

1,88

8$

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782,

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$

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1,

197,

266

$

1,35

8,98

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$

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8$

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968,

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$

1,22

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All

Oth

er G

over

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tal F

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:

Res

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ed-

$

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$

-

$

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$

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$

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$

259,

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A

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Cap

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Tota

l All

Oth

er G

over

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tal F

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(84,

483)

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FISC

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S(M

odifi

ed A

ccru

al B

asis

of A

ccou

ntin

g)

136

EXH

IBIT

J-4

2014

2013

2012

2011

2013

2009

2008

2007

2006

2005

Rev

enue

s

Tax

Lev

y12

,929

,685

$

12,9

29,8

30$

12

,472

,452

$

11

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Sta

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eral

Sou

rces

1,58

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31,

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81,

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T

otal

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29,6

68,3

8829

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28,5

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26,5

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Expe

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Rel

ated

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541,

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438,

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246

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8,94

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0,33

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tive

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6,91

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4,26

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2,56

8

Cen

tral S

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333,

758

352,

197

315,

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311,

357

268,

925

417,

519

480,

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227,

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Tech

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12,

447,

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962,

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0

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il Tr

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tion

737,

591

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269

622,

976

579,

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554,

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usin

ess &

Oth

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rt Se

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es

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lloca

ted

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efits

5,53

0,99

75,

847,

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5,55

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54,

986,

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74,

613,

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5,05

0,64

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5,30

03,

830,

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N

onbu

dget

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n-B

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f TPA

F

Rei

mbu

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TPA

F So

cial

Sec

urity

Cap

ital O

utla

y1,

844,

242

724,

716

574,

537

453,

919

1,26

0,06

32,

260,

113

5,35

0,55

011

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5,32

3,44

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5,50

5D

ebt S

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ce:

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rinci

pal

1,35

0,00

01,

530,

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1,37

6,00

01,

250,

000

1,15

0,00

01,

185,

000

1,09

7,02

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3,00

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0

Inte

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& O

ther

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rges

400,

358

486,

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314

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28,8

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Exce

ss (D

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f Rev

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s

Ove

r/(U

nder

) Exp

endi

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s(1

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62)

669,

274

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946

(133

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)(1

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1,92

0)(3

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Oth

er F

inan

cing

Sou

rces

/(Use

s):

P

roce

eds f

rom

Bor

row

ing

-

-

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-

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13,0

52,2

10

Cap

ital L

ease

s - N

on B

udge

ted

-

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-

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44

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C

ance

llatio

n of

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r Yea

r Gra

nt-

-

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-

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(6

2,40

5)-

21

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C

ance

llatio

n of

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r Yea

r A/P

-

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-

-

-

-

27,0

65-

-

C

ance

llatio

n of

200

1 Le

ase

Purc

hase

-

-

-

-

-

-

-

-

-

(1

8,66

8)

Can

cella

tion

of E

DA

Rec

eiva

bles

-

-

-

-

(7

,674

)(7

90,3

30)

-

-

-

-

Tra

nsfe

rs in

-

-

-

36

1,72

087

2,60

719

,600

198,

150

750,

434

491,

194

224,

226

T

rans

fers

Out

(63,

858)

(51,

888)

-

(3

61,7

20)

(872

,607

)(1

9,60

0)(1

98,1

50)

(750

,434

)(4

91,1

94)

(205

,558

)

Tota

l Oth

er F

inan

cing

Sou

rces

/(Use

s)(6

3,85

8)(5

1,88

8)-

-

(7,6

74)

(790

,330

)-

(35,

340)

-

13,1

17,6

82

Net

Cha

nge

in F

und

Bal

ance

s(1

87,8

20)

$

61

7,38

6$

57

2,94

6$

(133

,161

)$

(1

,099

,634

)$

(2

,037

,829

)$

(5

,252

,934

)$

(1

0,14

7,26

0)$

(3,5

05,7

35)

$

23,3

54,9

95$

Deb

t Ser

vice

as a

Per

cent

age

of

Non

capi

tal E

xpen

ditu

res

6.3%

7.2%

7.0%

6.8%

6.8%

7.2%

6.8%

7.3%

7.2%

5.3%

Sour

ce: D

istric

t rec

ords

* D

ebt S

ervi

ce N

ot In

clud

ed

Not

e: N

onca

pita

l exp

endi

ture

s are

tota

l exp

endi

ture

s les

s cap

ital o

utla

y.

CIT

Y O

F W

OO

DB

UR

Y S

CH

OO

L D

ISTR

ICT

CH

AN

GES

IN F

UN

D B

ALA

NC

ES, G

OV

ERN

MEN

TAL

FUN

DS,

LAST

TEN

FIS

CA

L Y

EAR

S(M

odifi

ed A

ccru

al B

asis

of A

ccou

ntin

g)

137

EXHIBIT J-5

FISCALYEAR INTEREST

ENDING ON GATE SALES & JUNE 30, INVESTMENTS TUITION RECEIPTS RENTALS REBATES ERATES MISCELLANEOUS TOTAL

2014 7,052$ 170,997$ -$ -$ -$ 21,890$ 85,217$ 285,156$ 2013 31,995 231,541 - 1,729 - - 21,596 286,8612012 33,586 183,196 - 928 - - 78,985 296,6952011 28,021 237,970 - 1,031 - - 73,834 340,8562010 7,356 211,427 - 1,529 24,629 - 10,909 255,8502009 30,563 139,036 12,016 1,379 18,061 44,123 462 245,6402008 335,408 203,188 6,780 1,090 17,005 20,746 584,2172007 321,415 159,486 4,208 66 803 16,815 60,794 563,5872006 112,441 72,738 5,466 4,470 - - 69,189 264,3042005 44,818 95,731 8,925 5,975 13,772 - 78,844 248,065

Source: District records

CITY OF WOODBURY SCHOOL DISTRICTGENERAL FUND - OTHER LOCAL REVENUE BY SOURCE

LAST TEN FISCAL YEARS(Modified Accrual Basis of Accounting)

138

EXH

IBIT

J-6

ESTI

MA

TED

FISC

AL

TOTA

LA

CTU

AL

YEA

R

TOTA

LN

ETD

IREC

T(C

OU

NTY

END

EDV

AC

AN

TA

SSES

SED

PUB

LIC

VA

LUA

TIO

NSC

HO

OL

EQU

ALI

ZED

)JU

NE

30,

LAN

DR

ESID

ENTI

AL

CO

MM

ERC

IAL

IND

UST

RIA

LA

PAR

TMEN

TV

ALU

EU

TILI

TIES

TAX

AB

LETA

X R

ATE

VA

LUE

2014

4,78

2,60

0$

40

5,05

5,58

0$

14

8,30

0,30

0$

3,55

6,80

0$

25,1

05,4

00$

586,

800,

680

$

4,63

1,47

1$

59

1,43

2,15

1$

2.

202

647,

058,

436

$

2013

5,66

3,60

040

6,08

8,05

015

2,44

1,00

03,

556,

800

25,6

80,6

0059

3,43

0,05

05,

197,

770

598,

627,

820

2.16

068

1,45

3,15

220

125,

238,

600

407,

179,

750

166,

709,

700

4,60

2,80

027

,936

,400

611,

667,

250

5,19

7,77

161

6,86

5,02

12.

056

696,

199,

443

2011

3,47

7,60

026

7,16

1,90

085

,626

,000

2,02

8,00

011

,810

,000

370,

103,

500

4,00

7,48

637

4,11

0,98

63.

241

681,

453,

152

2010

3,70

2,30

026

7,83

0,50

087

,875

,600

2,01

7,80

011

,991

,100

373,

417,

300

3,92

2,79

837

7,34

0,09

83.

049

696,

199,

443

2009

3,92

9,90

026

8,46

2,40

088

,116

,300

2,01

7,80

011

,991

,100

374,

517,

500

2,68

8,72

537

7,20

6,22

52.

981

738,

750,

930

2013

4,51

9,50

026

7,65

6,30

087

,780

,900

2,01

7,80

011

,991

,100

373,

965,

600

2,82

3,28

037

6,78

8,88

03.

105

712,

131,

695

2007

4,57

5,30

026

6,40

7,40

086

,964

,300

2,01

7,80

011

,991

,100

371,

955,

900

3,06

1,74

337

5,01

7,64

33.

208

628,

907,

669

2006

4,72

1,80

026

5,52

5,00

087

,426

,500

2,01

7,80

011

,991

,100

371,

682,

200

3,42

2,79

337

5,10

4,99

33.

100

555,

628,

785

2005

4,82

5,50

026

5,17

5,30

087

,743

,100

2,01

7,80

011

,991

,100

371,

752,

800

4,07

2,47

837

5,82

5,27

82.

933

491,

917,

903

CIT

Y O

F W

OO

DB

UR

Y S

CH

OO

L D

IST

RIC

TA

SSE

SSE

D V

AL

UE

AN

D A

CT

UA

L V

AL

UE

OF

TA

XA

BL

E P

RO

PER

TY

,L

AST

TE

N F

ISC

AL

YE

AR

S

139

EXHIBIT J-7

FISCAL SCHOOL DISTRICT TOTALYEAR DIRECT RATE CITY COUNTY DIRECT AND

ENDED LOCAL OF GLOUCESTER OPEN OVERLAPPINGJUNE 30, SCHOOL WOODBURY COUNTY SPACE TAX RATE

2014 2.202 1.505 0.628 0.044 4.3792013 2.160 1.500 0.612 0.045 4.3172012 2.056 1.489 0.525 0.042 4.1122011 3.241 2.402 0.910 0.073 6.6262010 3.049 2.324 0.943 0.075 6.3912013 2.981 2.226 1.001 0.079 6.2872013 3.105 2.102 0.968 0.076 6.2512007 3.208 1.911 0.860 0.068 6.0472006 3.100 1.787 0.820 0.060 5.7672005 2.933 1.532 0.847 0.027 5.339

Source: Municipal Tax Collector

OVERLAPPING RATES

CITY OF WOODBURY SCHOOL DISTRICTDIRECT AND OVERLAPPING PROPERTY TAX RATES

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

140

EXHIBIT J-8

% OF TOTALTAXABLE DISTRICT NETASSESSED ASSESSED

TAXPAYER VALUE RANK VALUE

AEW SCT Mullica Hill, LLC 14,000,000$ 1 2.39%Mullica West LTD 6,224,000 2 1.05%Mantec Associates 5,884,000 3 0.96%Inspira Medical Center 3,400,000 4 0.57%Mullica Hill Commons 3,000,000 5 0.49%Verizon - New Jersey 2,975,643 6 0.80%Storage Quest NJ LP 2,500,000 7 0.67%Lambs Road Assoc. 2,465,000 8 0.66%Harrisonville Road 2,095,400 9 0.56%Storage Quest NJ LP 2,075,000 10 0.56%

Total 44,619,043$ 8.71%

% OF TOTALTAXABLE DISTRICT NETASSESSED ASSESSED

TAXPAYER VALUE RANK VALUE

Verizon/New Jersey Bell 7,056,091$ 1 1.88%Underwood- Memorial Hospital 4,505,600 2 1.20%Woodbury Meadows 3,672,900 3 0.98%American Stores Realty Corporation 3,513,200 4 0.93%Evergreen Associates 2,636,000 5 0.70%Woodbury Club LLC 2,200,000 6 0.59%Woodbury County Club 2,063,500 7 0.55%Lawland Associates 1,741,700 8 0.46%Ace Motor Sales 1,475,500 9 0.39%Wood Properties 1,416,100 10 0.38%

Total 30,280,591$ 8.06%

Source: Municipal Tax Assessor

2014

CITY OF WOODBURY SCHOOL DISTRICTPRINCIPAL PROPERTY TAX PAYERS,

CURRENT YEAR AND NINE YEARS AGO

2005

141

EXHIBIT J-9

TAXES COLLECTIONSYEAR LEVIED FOR IN

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

2014 12,929,685$ 12,929,685$ 100.00% -2013 12,929,830 12,929,830 100.00% -2012 12,472,452 12,472,452 100.00% -2011 11,778,303 11,778,303 100.00% -2010 11,228,448 11,228,448 100.00% -2009 11,253,710 11,253,710 100.00% -2008 12,149,869 12,149,869 100.00% -2007 11,907,352 11,907,352 100.00% -2006 11,350,932 11,350,932 100.00% -2005 10,694,975 10,694,975 100.00% -

Source: District records including the Certificate and Report of School Taxes (A4F form)

YEAR OF THE LEVY

CITY OF WOODBURY SCHOOL DISTRICTPROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN FISCAL YEARS

COLLECTED WITHIN THE FISCAL

142

EXH

IBIT

J-10

BU

SIN

ESS-

FISC

AL

TYPE

PER

CEN

TAG

EY

EAR

GEN

ERA

LC

ERTI

FIC

ATE

SA

CTI

VIT

IES

OF

END

EDO

BLI

GA

TIO

NO

FC

API

TAL

CA

PITA

LTO

TAL

PER

SON

AL

JUN

E 20

,B

ON

DS

PAR

TIC

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TIO

NLE

ASE

SLE

ASE

SD

ISTR

ICT

INC

OM

EPE

R C

API

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2014

7,50

5,00

0$

2,01

5,00

0$

-

-

9,52

0,00

0$

N/A

N/A

2013

8,56

1,00

02,

465,

000

-

-

11,0

26,0

00N

/A1,

070

2012

9,66

1,00

02,

895,

000

-

-

12,5

56,0

004.

32%

1,24

520

1110

,627

,000

3,30

5,00

0-

-

13

,932

,000

4.79

%1,

366

2010

11,4

87,0

003,

695,

000

-

-

15,1

82,0

003.

61%

1,49

120

0912

,262

,000

4,07

0,00

025

,000

-

16,3

57,0

003.

91%

1,56

620

0812

,772

,000

4,74

5,00

049

,000

-

17,5

66,0

004.

16%

1,67

920

0713

,207

,000

5,39

0,00

073

,000

-

18,6

70,0

004.

68%

1,78

320

0613

,562

,000

6,00

5,00

016

1,22

6-

19

,728

,226

5.19

%1,

896

2005

13,7

62,0

006,

590,

000

6,99

2,72

9-

27

,344

,729

7.63

%2,

632

GO

VER

NM

ENTA

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IES

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CA

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RS

143

EXHIBIT J-11

NETFISCAL GENERAL RATIO OFYEAR GENERAL BONDED BONDED DEBT

ENDED OBLIGATION DEBT TO ASSESSEDJUNE 30, BONDS DEDUCTIONS OUTSTANDING VALUE PER CAPITA

2014 7,505,000$ -$ 7,505,000$ 1.16% 7282013 8,561,000 - 8,561,000 1.43% 8492012 9,661,000 - 9,661,000 1.57% 9472011 10,627,000 - 10,627,000 2.84% 1,0442010 11,487,000 - 11,487,000 3.04% 1,1002009 12,262,000 - 12,262,000 3.25% 1,1722008 12,772,000 - 12,772,000 3.39% 1,2202007 13,207,000 - 13,207,000 3.52% 1,2692006 13,562,000 - 13,562,000 3.62% 1,3062005 13,762,000 - 13,762,000 3.66% 1,318

EXHIBIT J-12

ESTIMATED SHARE OFDEBT PERCENTAGE OVERLAPPING

OUTSTANDING APPLICABLE DEBT

Debt Repaid With Property Taxes: City of Woodbury $12,213,784 100.000% $12,213,784 Gloucester County General Obligation Debt 265,688,874 2.512% 6,674,105

Subtotal, Overlapping Debt 18,887,889City of Woodbury School District Direct Debt 7,505,000

Total Direct & Overlapping Debt $26,392,889

Sources: Gloucester County 2014 Abstract of Ratables, City of Woodbury, County of Gloucester

GOVERNMENTAL UNIT

CITY OF WOODBURY SCHOOL DISTRICTRATIOS OF NET GENERAL BONDED DEBT OUTSTANDING


CITY OF WOODBURY SCHOOL DISTRICTRATIOS OF OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

GENERAL BONDED DEBT OUTSTANDING

AS OF JUNE 30, 2014

144

EXH

IBIT

J-13

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Deb

t Lim

it25

,794

,581

$

26

,363

,896

$

26

,657

,441

$

28

,029

,507

$

27

,308

,069

$

27

,367

,646

$

25

,898

,699

$

24

,898

,767

$

21

,155

,437

$

17

,802

,900

$

Tota

l Net

Deb

t App

licab

le to

Lim

it7,

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000

8,56

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09,

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000

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0011

,487

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0013

,562

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13,7

62,0

00

Lega

l Deb

t Mar

gin

18,2

89,5

81$

17,8

02,8

96$

16,9

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17,4

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t App

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le to

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it

as a

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cent

age

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ebt L

imit

29.1

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36.2

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6%45

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49.3

2%53

.04%

64.1

1%77

.30%

Equa

lized

Val

uatio

n B

asis

2013

$586

,800

,680

2012

668,

975,

778

2011

678,

817,

124

$1,9

34,5

93,5

82

Ave

rage

Equ

aliz

ed V

alua

tion

of T

axab

le P

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t Lim

it (4

% o

f Ave

rage

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aliz

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n V

alue

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et B

onde

d Sc

hool

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t7,

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000

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l Deb

t Mar

gin

$18,

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Sour

ce:

Equa

lized

val

uatio

n ba

ses w

ere

obta

ined

from

the

Ann

ual R

epor

t of t

he S

tate

of N

ew Je

rsey

,D

epar

tmen

t of T

reas

ury,

Div

isio

n of

Tax

atio

n

Leg

al D

ebt M

argi

n C

alcu

latio

n fo

r Fi

scal

Yea

r 20

14

FISC

AL

YEA

R

CIT

Y O

F W

OO

DB

UR

Y S

CH

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L D

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AL

DE

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MA

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IN IN

FOR

MA

TIO

NL

AST

TE

N F

ISC

AL

YE

AR

S

145

EXHIBIT J-14

PER CAPITA

PERSONAL PERSONAL UNEMPLOYMENTYEAR POPULATION (a) INCOME (b) INCOME (c) RATE (d)

2014 10,307 N/A 26,089 6.6%2013 10,085 N/A N/A 8.5%2012 10,201 290,901,825 28,845 11.3%2011 10,183 420,934,671 41,337 11.6%2010 10,447 418,402,350 40,050 10.9%2009 10,464 422,703,744 40,396 7.4%2008 10,469 398,806,086 38,094 5.8%2007 10,407 380,126,082 36,526 6.4%2006 10,388 358,375,612 34,499 5.9%2005 10,445 344,350,760 32,968 8.0%

10,453 327,586,567 31,339 9.0%

Source: a Population information provided by the NJ Dept of Labor and Workforce Developmentb Personal income estimated c Per Capita information provided by the US Department of Commerce, Bureau of Economic Analysisd Unemployment data provided by the NJ Dept of Labor and Workforce Development

CITY OF WOODBURY SCHOOL DISTRICTDEMOGRAPHIC AND ECONOMIC STATISTICS


146

EXHIBIT J-15

PERCENTAGEOF TOTAL

EMPLOYEES RANK EMPLOYMENT

Inspira Health 1,825 1 N/AKennefy Memorial Hospital 1,675 2 N/AWashington Township School District 1,598 3 N/ARowan University 1,483 4 N/ACounty of Gloucester 1,425 5 N/AMissa Bay, LLC 950 6 N/AMonroe Township School District 792 7 N/AU.S. Food Services 725 8 N/AExxon Mobil Reseach and Engineering 540 9 N/ALaBrea Bakery 525 10 N/A

Total 11,538 -

PERCENTAGEOF TOTAL

EMPLOYEES RANK EMPLOYMENT

Source: Gloucester County Department of Economic Development, Gloucester County School Districts

NOT AVAILABLE

2005

2014

COUNTY OF GLOUCESTERPRINCIPAL EMPLOYERS

CURRENT YEAR AND NINE YEARS AGO

147

EXH

IBIT

J-16

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ram

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8077

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EXH

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J-17

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Elem

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151

EXHIBIT J-20

COVERAGE DEDUCTIBLESchool Package Policy (1): Property - Blanket Building & Contents (All Locations) Limits of Liability per Occurrence 60,226,788$ 2,500$ Boiler & Machinery included 2,500 Comprehensive General Liability 5,000,000 General Automobile Liability 5,000,000 1,000 Excess Umbrella Policy 15,000,000 Pollution Policy per Occurrence 1,000,000 10,000 School Leaders Errors & Omissions Liability Limits of Liability 6,000,000 5,000Surety Bonds Board Secretary 250,000 -

(1) New Jersey School Boards Association Insurance Group

Source: District records

CITY OF WOODBURY SCHOOL DISTRICTINSURANCE SCHEDULE

JUNE 30, 2014

152

SINGLE AUDIT SECTION

153


154

EXHIBIT K-1

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS Honorable President and Members of the Board of Education City of Woodbury Board of Education Woodbury, New Jersey We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental and business-type activities, each major fund and the aggregate remaining fund information of the City of Woodbury Board of Education, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the City of Woodbury Board of Education’s basic financial statements, and have issued our report thereon dated October 31, 2014 . Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the City of Woodbury Board of Education's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City of Woodbury Board of Education’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City of Woodbury Board of Education’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

155

rchandran

Letterhead

Compliance and Other Matters As part of obtaining reasonable assurance about whether the City of Woodbury Board of Education's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, and federal and state awarding agencies and pass-through entities, in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.



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


156

EXHIBIT K-2

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-

133 AND NEW JERSEY OMB CIRCULAR 04-04.

Honorable President and Members of the Board of Education City of Woodbury Board of Education Woodbury, New Jersey Report on Compliance for Each Major Federal and State Program We have audited the City of Woodbury Board of Education’s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the New Jersey Aid/Grant Compliance Supplement that could have a direct and material effect on each of the District’s major federal and state programs for the year ended June 30, 2014. The City of Woodbury Board of Education’s major federal and state programs are identified in the Summary of Auditor’s Results section of the accompanying Schedule of Findings and Questioned Costs. Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs. Auditor’s Responsibility Our responsibility is to express an opinion on compliance for each of the City of Woodbury Board of Education’s major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; the New Jersey State Aid/Grant Compliance Supplement; the audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey; and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, OMB Circular A-133 and New Jersey OMB’s Circular 04-04, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program

157

rchandran

Letterhead

occurred. An audit includes examining, on a test basis, evidence about the City of Woodbury Board of Education’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of the City of Woodbury Board of Education’s compliance with those requirements. Opinion on Each Major Federal and State Program In our opinion, the City of Woodbury Board of Education’s complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2014. Report on Internal Control Over Compliance Management of the City of Woodbury Board of Education’s is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the City of Woodbury Board of Education’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal or state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal or state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and New Jersey OMB’s Circular 04-04, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City of Woodbury Board of Education’s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

158

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133 and New Jersey OMB’s Circular 04-04. Accordingly, this report is not suitable for any other purpose.



Michael Holt Certified Public Accountant Public School Accountant No. 1148


159


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162

EXHIBIT K-5

(Page 1 of 2) CITY OF WOODBURY BOARD OF EDUCATION

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

1. General The accompanying schedules of expenditures of federal awards and state financial assistance include federal awards and state financial assistance programs of the City of Woodbury Board of Education. The School District is defined in Note 1 to the District’s basic financial statements. All Federal and State awards received directly from Federal and State agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance. 2. Basis of Accounting The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. This basis of accounting is described in Note 1 to the District’s basic financial statements. 3. Relationship to Basic Financial Statements The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made. The general fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP purposes that payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A.18A:22-4.2. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(35,285) for the general fund and $(191,995) for the special revenue fund. See Note 1 for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the District’s basic financial statements on a GAAP basis as presented as follows:

163

EXHIBIT K-5 (Page 2 of 2)

CITY OF WOODBURY BOARD OF EDUCATION NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE (continued)

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

State Federal Total

General Fund 14,070,222$ 111,067$ 14,181,289$ Capital Projects Fund 117,582 - 117,582 Debt Service Fund 193,756 - 193,756 Special Revenue Fund 401,141 1,473,961 1,875,102 Food Service Fund 9,034 689,638 698,672

Total Financial Assistance 14,791,735$ 2,274,666$ 17,066,401$

4. Relationship to Federal and State Financial Reports Amounts reported in the accompanying schedules agree with the amounts reported in the related state financial reports. 5. Other Revenues and expenditures reported under the Food Distribution Program represents current year value received and current year distributions respectively. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of the District for the year ended June 30, 2014 TPAF Social Security Contributions represents the amount reimbursed by the state for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2014. Note 6. Federal and State Loans Outstanding The City of Woodbury Board of Education had no loan balances outstanding at June 30, 2014.

164


CITY OF WOODBURY BOARD OF EDUCATION SCHEDULE OF FINDINGS & QUESTIONED COSTS

For the Fiscal Year Ended June 30, 2014

Section I – Summary of Auditor’s Results Financial Statements Type of auditor’s report issued: Unmodified Internal control over financial reporting: 1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported Noncompliance material to basic financial Statements noted? No Federal Awards Internal Control over major programs: 1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported Type of auditor’s report issued on compliance for major programs Unmodified Any audit findings disclosed that are required to be reported in accordance With Section .510(a) of Circular A-133? No Identification of major programs:

CFDA Number(s) Name of Federal Program or Cluster 10.553 & 10.555 Child Nutrition Cluster Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? Yes

165




Section I – Summary of Auditor’s Results (continued) State Awards Internal Control over major programs: 1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered To be material weaknesses? None Reported Type of auditor’s report issued on compliance for major programs Unmodified Any audit findings disclosed that are required to be reported in accordance With NJ OMB Circular Letter 04-04? No Identification of major programs:

GMIS Number(s) Name of State Program 495-034-5120-078 Equalization Aid 495-034-5120-084 Security Aid 495-034-5120-068 495-034-5120-089

School Choice Categorical Special Education Aid

Dollar threshold used to distinguish between type A and type B programs: $409,417 Auditee qualified as low-risk auditee? Yes

166




Section II – Financial Statement Findings This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements and abuse related to the financial statements for which Government Auditing Standards requires reporting in a Circular A-133 audit.

No Current Year Findings

Section III – Federal Awards & State Financial Assistance Finding & Questioned Costs This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and New Jersey OMB’s Circular Letter 04-04.

No Current Year Findings

167

EXHIBIT K-7 CITY OF WOODBURY BOARD OF EDUCATION

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT

For the Fiscal Year Ended June 30, 2014 This section identifies the status of prior-year findings related to the basic financial statements and federal and state awards that are required to be reported in accordance with Chapter 6.12 of Government Auditing Standards, U.S. OMB Circular A-133 (section .315 (a)(b)) and New Jersey OMB’s Circular 04-04.

No Prior Year Findings

168

city of woodbury board of education - new jersey · 2015-08-11 · city of woodbury board of...

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