school district of southampton township...required supplementary information – part ii c....

SCHOOL DISTRICT OF

SOUTHAMPTON TOWNSHIP

SOUTHAMPTON BOARD OF EDUCATION Southampton, New Jersey

County of Burlington

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

COMPREHENSIVE ANNUAL FINANCIAL REPORT

OF THE

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATION

SOUTHAMPTON, NEW JERSEY

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

Prepared by

Southampton Township Board of Education Finance Department

OUTLINE OF CAFR

PAGE INTRODUCTORY SECTION Letter of Transmittal 1 Organizational Chart 11 Roster of Officials 12 Consultants and Advisors 13 FINANCIAL SECTION Independent Auditor’s Report 17

REQUIRED SUPPLEMENTARY INFORMATION – PART I Management’s Discussion and Analysis 23 BASIC FINANCIAL STATEMENTS A. District-wide Financial Statements: A-1 Statement of Net Position 37 A-2 Statement of Activities 38 B. Fund Financial Statements: B-1 Balance Sheet 45 B-2 Statement of Revenues, Expenditures & Changes in Fund Balances 46 B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund Balances of Governmental Funds to the Statement of Activities 48 Proprietary Funds: B-4 Statement of Net Position 51 B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 52 B-6 Statement of Cash Flows 53 Fiduciary Funds: B-7 Statement of Fiduciary Net Position 57 B-8 Statement of Changes in Fiduciary Net Position 58 Notes to Financial Statements 61

REQUIRED SUPPLEMENTARY INFORMATION – PART II C. Budgetary Comparison Schedules: C-1 Budgetary Comparison Schedule – General Fund 87 C-1a Combining Schedule of Revenues, Expenditures & Changes in Fund Balance - Budget & Actual (if applicable) N/A C-2 Budgetary Comparison Schedule – Special Revenue Fund 95 (continued)

OUTLINE OF CAFR (continued):

PAGE Notes to the Required Supplementary Information: C-3 Budget-to-GAAP Reconciliation 99 D. School Based Budget Schedules (if applicable): D-1 Combining Balance Sheet N/A D-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource Type - Actual N/A D-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget and Actual N/A E. Special Revenue Fund: E-1 Combining Schedule of Revenues & Expenditures Special Revenue Fund – Budgetary Basis 107 E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis N/A F. Capital Projects Fund: F-1 Summary Schedule of Project Expenditures 111 F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance – Budgetary Basis 112 F-2a Schedule of Revenues, Expenditures Project Balance & Project Status – Project Status – School Number 2 Renovations 113 F-2b Schedule of Revenues, Expenditures Project Balance & Project Status – Project Status – School Number 2 Cafeteria Renovations 114 G. Proprietary Funds: Enterprise Fund: G-1 Combining Schedule of Net Position 119 G-2 Combining Schedule of Revenues, Expenses & Changes in in Fund Net Position 120 G-3 Combining Schedule of Cash Flows 121 Internal Service Fund – G-4 Combining Schedule of Net Position N/A G-5 Combining Schedule of Revenues, Expenses & Changes in Fund Net Position N/A G-6 Combining Schedule of Cash Flows N/A H. Fiduciary Funds: H-1 Combining Statement of Fiduciary Net Position 127 H-2 Combining Statement of Changes in Fiduciary Net Position 128 H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 129 H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 129 (continued)

OUTLINE OF CAFR (continued): PAGE

I. Long-Term Debt: I-1 Schedule of Serial Bonds 133 I-2 Schedule of Obligations Under Capital Leases N/A I-3 Debt Service Fund Budgetary Comparison Statement 134 I-4 Schedule of Compensated Absences 135

STATISTICAL SECTION (unaudited) Financial Trends: J-1 Net Position by Component 139 J-2 Changes in Net Position 140 J-3 Fund Balances – Governmental Funds 143 J-4 Changes in Fund Balances – Governmental Funds 144 J-5 General Fund Other Local Revenue by Source 146 Revenue Capacity: J-6 Assessed Value & Estimated Actual Value of Taxable Property 147 J-7 Direct & Overlapping Property Tax Rates 148 J-8 Principal Property Taxpayers 149 J-9 Property Tax Levies & Collections 150 Debt Capacity: J-10 Ratios of Outstanding Debt by Type 150 J-11 Ratios of General Bonded Debt Outstanding 151 J-12 Direct & Overlapping Governmental Activities Debt 151 J-13 Legal Debt Margin Information 152 Demographic & Economic Information: J-14 Demographic & Economic Statistics 153 J-15 Principal Employers 154 Operating Information: J-16 Full-Time Equivalent District Employees by Function/Program 155 J-17 Operating Statistics 156 J-18 School Building Information 157 J-19 Schedule of Required Maintenance 158 J-20 Insurance Schedule 159 K SINGLE AUDIT SECTION K-1 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 163 K-2 Report on Compliance with Requirements Applicable to Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 and New Jersey OMB Circular Letter 04-04 165 K-3 Schedule of Expenditures of Federal Awards, Schedule A (see additional information) K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 169 K-5 Notes to Schedules of Awards and Financial Assistance 170 K-6 Schedule of Findings and Questioned Costs 172 K-7 Summary Schedule of Prior Audit Findings 174 (concluded)

This page intentionally left blank.

INTRODUCTORY SECTION

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.

Expenditures Amount Percentage of Total Current: Instruction $ 5,754,075 38.5% Undistributed Expenditures 8,206,161

54.9%

Capital Outlay 83,272 0.6% Debt Service 899,724 6.0% Total $ 14,943,232 100%

8) DEBT ADMINISTRATION: At June 30, 2014 the District’s outstanding debt issues include

$2,230,000 of refunded general obligation bonds. The District originally issued $5,305,000 of general obligation bonds in June 2003. The proceeds for this issue were placed in the District’s Capital Projects Funds for use to provide major renovations to School #1 and School #2, minor renovations to School #3, and construction of a new parking lot. The State of New Jersey has committed to matching 39% of actual costs up to $3,370,000 for these projects. To date, more than $7,000,000 from combined state and local sources have been expended.

9) CASH MANAGEMENT: The investment policy of the District is guided in large part by state

statute as detailed in “Notes to the Financial Statements”, Note 2. The District has adopted a cash management plan, which requires it to deposit public funds in public depositories protected from loss under the provision of the Governmental Unit 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.

10) RISK MANAGEMENT: The Board carries various forms of insurance, including but not

limited to general liability, automobile liability and comprehensive/collision, hazard and theft insurance on property and contents, student accident, and fidelity bonds.

11) OTHER INFORMATION: State statutes require an annual audit by independent certified

public accountant. The accounting firm of Holman Frenia Allison, P.C. was selected by the Board. The auditor’s report on the basic financial statements and combining individual fund statements and schedules is included in the financial section of this report. The auditor’s reports relating specifically to the single audit are included in the single audit section of this report.

8


10

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATION 177 Main Street

Southampton, New Jersey 08088

ORGANIZATIONAL CHART

SUPPORT STAFF

INSTRUCTIONAL STAFF

SUPERINTENDENT

BOARD OF EDUCATION

PRINCIPAL

BOARD SECRETARY

11



ROSTER OF OFFICIALS

JUNE 30, 2014

MEMBERS OF THE BOARD OF EDUCATION TERM EXPIRES December 31,

Betty Wright, President 2015 Russell Hann, Vice President 2015 Joseph Caputo 2016 Stacey Donnelly 2014 Jeffrey Hicks 2016 Kristen Kaminski 2015 Suzanne Phillips 2016 Charles Roseboro 2014 Tracey Walker 2014 OTHER OFFICIALS Michael L. Harris, Superintendent of Schools Barbara A. Godfrey, School Business Administrator/Board Secretary Dawn Emmons, Treasurer David Serlin, Esq., Solicitor

12


Vincentown, New Jersey 08088

CONSULTANTS AND ADVISORS

ARCHITECT

Regan Young England and Butera Architects Rt. 38, Box 480

Hainesport, New Jersey 08036

AUDIT FIRM

Holman Frenia Allison, P.C. Kevin P. Frenia, CPA, PSA

618 Stokes Road Medford, New Jersey 08055

ATTORNEY

David M. Serlin Blason II Suite 120

505 South Lenola Road Moorestown, New Jersey 08057

OFFICIAL DEPOSITORIES

Investors Bank 52 Main Street


Beneficial Bank Route 70 & Red Lion Road


TD Bank 1006 Astoria Boulevard

Cherry Hill, New Jersey 08034

13


14

FINANCIAL SECTION

15


16

INDEPENDENT AUDITOR’S REPORT Honorable President and Members of the Board of Education Southampton Township County of Burlington Vincentown, New Jersey 08088 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 Southampton Township Board of Education, County of Burlington, 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.

17

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 Southampton Township Board of Education, County of Burlington, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Note 1 to the financial statements, during the fiscal year ended June 30, 2014 the District adopted new accounting guidance, GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information as presented in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Southampton Township 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 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, long-term debt schedules and the accompanying Schedule of 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

18

directly to the underlying accounting other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements, long-term debt schedules and the accompanying Schedule of 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 8, 2014 on our consideration of the Southampton Township 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 Southampton Township Board of Education’s internal control over financial reporting and compliance.

Respectfully Submitted,

HOLMAN FRENIA ALLISON, P.C.

Kevin P. Frenia Certified Public Accountant Public School Accountant, No. 1011

Medford, New Jersey October 08, 2014

19


20

REQUIRED SUPPLEMENTARY INFORMATION – PART I

Management’s Discussion and Analysis

21


22

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATION SOUTHAMPTON, NEW JERSEY

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

UNAUDITED

The discussion and analysis of the Southampton Township Board of Education’s financial performance provides an overall review of the School District’s financial activities for the fiscal year ended June 30, 2014. The intent of this discussion and analysis is to look at the School District’s financial performance as a whole; readers should also review the basic financial statements and notes to the basic financial statements to enhance their understanding of the School District’s financial performance. The Management’s Discussion and Analysis (MD&A) is an element of Required Supplementary Information specified in the Governmental Accounting Standards Board’s (GASB) Statement No. 34-Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments issued in June 1999. Certain comparative information between the current year (2013-2014) and the prior year (2012-2013) is required to be presented in MD&A. Financial Highlights Key Financial highlights for 2013-2014 are as follows:

- A significant deposit was made into Capital Reserve in anticipation of a few capital improvement initiatives including, but not limited to, replacement of School #1 roof, technology infrastructure, and enhanced security.

- Considerable resources for professional development, supplies and materials were dedicated for Special Education and Response to Intervention for students.

- In January 2012, the Southampton Township Board of Education approved changing the annual election date for its members from the third Tuesday in April to the first Tuesday after the first Monday in November (the General Election), beginning in 2012, in accordance with P.L. 2011, Chapter 202. This effectively eliminates the annual voter referendum on the proposed general fund tax levy (i.e., the base budget which is at or below the statutory tax levy cap). The Board of Education did so because it believes that the financial interest of its constituents is safeguarded by the state’s tax levy cap and the thorough review of the proposed school budget by the Executive County Superintendent and the Executive County School Business Administrator. This change will remain in effect at least through November 2015. Members of the Southampton Board of Education whose terms expire in 2014 will continue to serve in office until December 31, 2014. Newly elected / re-elected Board members will take office at the January 05 2015 organization meeting.

Using This Comprehensive Annual Financial Report (CAFR) The annual report consists of a series of financial statements and notes to those statements. These statements are organized so the reader can understand the Southampton Township Board of Education as a financial whole; and entire operating entity. The statements then provide a detailed analysis of the financial activities of each fund. In addition, this report also contains other supplementary and statistical information.

23

Reporting the School District as a Whole (Government-wide Financial Statements) Statement of Net Position and the Statement of Activities The Statement of Net Position and Statement of Activities provides information about the activities of the whole School District, presenting both an aggregate view of the School District’s finances and a longer term view of those finances. Fund financial statements provide the next level of detail. For governmental activities and business-type activities, these statements tell how services were financed in the short-term as well as what remains for future spending. The fund financial statements also look at the School District’s individual funds with all funds presented. In the case of the Southampton Township Board of Education, the General Fund is by far the most significant fund. The governmental activities are mainly supported by taxes and intergovernmental revenues, while the business-type activities are intended to recover all or a significant portion of their costs through user fees and charges. While this document contains all of the funds used by the School District to provide programs and activities, the view of the School District as a whole looks at all financial transactions and asks the question, “How did we do financially during 2014?” The Statement of Net Position and the Statement of Activities answers this question. The Statement of Net Position includes all assets and liabilities, while the Statement of Activities shows the cost of program services and the charges for those services and the grants offsetting those services. They use the accrual basis of accounting similar to the accounting used by most private-sector businesses. Using this basis of accounting takes into account all of the current year’s revenues and expenses regardless of when the timing of the related cash is received or paid. These two statements report the School District’s net position and changes to those positions. This change in net position is important because it tells the reader that, for the School District as a whole, the financial position of the School District has improved or diminished. The causes of this change may be the result of many factors, some financial and some not. Non-financial factors include the School District’s property tax base, current laws in New Jersey restricting revenue growth, facility condition, required educational programs, and other factors. In the Statement of Net Position and the Statement of Activities, the School District is divided into two distinct kinds of activities:

Governmental Activities – These activities report on the School District’s programs and services including instruction, support services, operation and maintenance of plant facilities, pupil transportation, extracurricular activities, grant programs, and capital outlay. The School District’s governmental funds are the General Fund, Special Revenue Fund, Capital Projects Fund, and the Debt Service Fund. Business Type Activities – These activities provide for a charge for goods or services to recover the expenses of the goods and services provided. The food service operations and community interest programs (i.e. summer recreation) are reported here.

Reporting the School District’s Most Significant Funds

Fund Financial Statements Fund Financial reports provide detailed information about the School District’s activities that are segregated for specific activities or objectives. The School District uses many funds to account for a multitude of financial transactions. These funds are divided into three categories: Governmental, Proprietary, and Fiduciary Funds.

24

Governmental Funds The School District maintains four individual governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end available for spending in the future years. These funds are reported using an accounting method called modified accrual accounting, which measure cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District’s general government operations and the basic services it provides. Governmental fund information helps the reader determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or difference) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds is reconciled in the financial statements. The School District adopts an annual appropriated budget for its general, special revenue, and debt service funds. A budgetary comparison statement has been provided for each of these funds to demonstrate compliance with these budgets. The basic governmental fund financial statements can be found in Exhibits B-1 through B-3 of this report. Proprietary Funds The School District maintains one proprietary fund, which consists of two enterprise funds that report on the food service operations and the community interest programs. This fund uses the same basis of accounting as business-type activities; therefore, these statements are essentially the same. The basic proprietary fund financial statements can be found in Exhibits B-4 through B-6 of this report. Fiduciary Funds The School District’s fiduciary funds are used to account for resources held for the benefit of parties outside the government. These funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the School District’s activities. The accounting method used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial statement can be found in Exhibit B-7 through B-8 of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 61 to 82 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents statistical and single audit information and schedules relative to the School District and/or its serving community.

The School District as a Whole Recall that the Statement of Net Position provides the perspective of the School District as a whole. Net position may serve over time as a useful indicator of government’s financial position. The District’s financial position is the product of several financial transactions including the net results of activities, the acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of capital assets.

25

Table 1 provides a summary of the School District’s net position for fiscal year 2014. A detailed analysis can be found in Exhibit A-1.

Table 1 - Net Position

BUSINESS - GOVERNMENTAL TYPE JUNE 30,

ASSETS ACTIVITIES ACTIVITIES 2014

Cash & Cash Equivalents $ 21,452 $ 77,330 $ 98,782 Receivables, Net 676,871 6,883 683,754

Inventory

- 10,760 10,760

Restricted Cash & Cash Equivalents 898,108 - 898,108 Capital Assets, Non-Depreciable (Note 5) 564,918 564,918 Capital Assets, Depreciable (Note 5) 15,845,390 122,139 15,967,259

Total Assets 18,006,739 217,112 18,223,851

DEFERRED OUTFLOW OF RESOURCES Deferred Charge on Refunding of Debt 34,564 - 34,564 Total Deferred Outflow of Resources 34,564 - 34,564 Total Assets and Deferred Outflow of Resources 18,041,303 217,112 18,258,415

LIABILITIES

Accounts Payable 188,232 84,912 273,144 Unearned Revenues - 1,678 1,678 Accrued Interest Payable 4,542 - 4,542 Noncurrent Liabilities (Note 6): Due Within One Year 431,368 - 431,368 Due Beyond One Year 2,246,463 - 2,246,463

Total Liabilities 2,870,605 86,590 2,957,195

NET POSITION

Invested in Capital Assets, Net of Related Debt 14,423,126 122,139 13,980,347 Restricted For: Other Purposes 957,878 - 957,878 Debt Service 12,810 - 12,810 Unrestricted (223,116) 8,383 (214,733)

Total Net Position $ 15,170,698 $ 130,522 $15,301,220

As noted earlier, the District’s net position may serve over time as a useful indicator of a government’s financial position. The largest portion of the District’s net position (91 percent) reflects its investment in capital assets (e.g. land, buildings, machinery, and equipment); less any related debt used to acquire those assets that is still outstanding. The District uses these capital assets to provide the educational programs,

26

consequently, these assets are not available for future spending. Although the District’s investment in its capital assets are reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the government’s ongoing obligations. Table 2 shows changes in net position for fiscal year 2014. A detailed analysis can be found in Exhibit A-2.

Table 2 - Changes in Net Position

Governmental Activities

Business-Type

Activities

Total June 30,

2014

Revenues: Program Revenues:

Charges for Food Services $ - $ 160,612 $ 160,612Charges for Summer Recreation - - - Operating Grants & Contributions 373,563 104,534

478,097

General Revenues: Property Taxes:

Debt Service 820,943 - 820,943General Purposes 10,133,516 - 10,133,516

Federal & State Aid Not Restricted 3,204,263 - 3,204,263Other Revenues 58,122 366 58,122Transfers 1,207 (1,207) - Cancellation of Prior Year A/R (30,583) - (30,583)Cancellation of Current Year A/P 10,940 - 10,940Total Revenues 14,571,971 264,305 14,836,276

Expenses: Instruction Services 5,754,075 5,754,075

Tuition- Special Education 552,655 552,655 Student Related Services 1,382,701 1,382,701 Administrative Services 1,155,802 1,155,802 Plant Operations & Maintenance 1,242,042 1,242,042 Student Transportation 528,380 528,380 Business Support Services 752 752 Employee Benefits 3,343,829 3,343,829

Interest on Long-Term Debt 141,803 95,893Increase / (Decrease) in Compensated Absences (34,738)

(34,738)

Unallocated Depreciation 464,041 464,041Food Service Operations 270,434 270,434Community Summer Recreation Total Expenses 14,531,342 270,434 14,801,776

27

Table 2 - Changes in Net Position (continued):

Governmental Activities

Business-Type

Activities

Total June 30,

2014

Change in Net Position 40,629 (6,129) 34,500 Net Position, Beginning July 1, 15,130,069 136,651 15,266,720 Net Position, Ending June 30 $15,170,698 $130,522 $15,301,220

Governmental Activities The unique nature of property taxes in New Jersey creates the legal requirements to annually seek voter approval for the School District operations. Property taxes made up 75 percent of revenues for fiscal year 2014. Federal and state aid, accounted for another 25 percent. The District’s total governmental activities revenues were $14,571,971 and expenses were $14,531,342 for the year ended June 30, 2014. A detailed analysis of these revenues and expenditures are found in Exhibit B-2. Business-Type Activities Revenues for the District’s business-type activities (food service program) were comprised of charges for services and federal and state reimbursements.

Business-type expenses did exceed revenues by $6,129. Charges for services are amounts paid by patrons for daily food service operations.

Federal and state operating grant revenues are for the reimbursement for meals, including payments for free and reduced priced lunches and donated commodities. The District did not make a contribution to the operation of the food service program. The School District’s Funds Governmental funds (i.e. general fund, special revenue fund, capital projects fund, and debt service fund) presented in the fund-based statements are accounted for using the modified accrual basis of accounting. Total revenues amounted to $14,590,407 and expenditures were $14,943,232. The net position change in overall fund balance for the year was $(326,460). 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. Table 3 presents a summary of the revenues of the governmental funds for the fiscal year ended June 30, 2014 and the amount and percentage of increases and decreases in relation to prior year revenues. Further details are found in Exhibit B-2.

28

Table 3 - Revenues of the Governmental Funds

Amount 2013-2014

Percent of Total

Amount 2012-2013

Increase/ (Decrease) from 2013

Percent of Increase/

(Decrease) Revenues:

Local Sources $ 11,012,581 75.5% $ 10,622,439 $ 390,142 3.7%State Sources 3,269,463 22.4% 3,407,887 (138,424) (4.1)%Federal Sources 308,363 2.1% 319,380 (11,017) (3.4)%Total $14,590,407 100.00% $ 14,349,706 240,704

(1) (2) (3) (1) From B-2 (2) Function of each item over total (3) Function of each item over the previous year. The increase in local revenue was largely due to a $381,952 local property tax increase and a $8,190 decrease in interest income and miscellaneous revenues. The decrease in State Sources was primarily due to the State of New Jersey decreasing aid to support the general fund operating budget in the amount of $166,003. Federal revenues decreased slightly due to smaller awards being received for No Child Left Behind and I.D.E.A. Table 4 represents a summary of the combined general fund, special revenue fund, capital projects 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. Further details are found in Exhibit B-2.

Table 4 - Expenditures of the Governmental Funds

Amount 2013-2014

Percent of Total

Amount 2012-2013

Increase/ (Decrease) from 2013

Percent of Increase/(Decrease)

Expenditures Current Expense

Instruction $ 5,754,075 38.5% $ 5,654,199 $ 99,876 1.8%Undistributed 7,122,418 47.6% 6,343,118 779,300 12.3%

Capital Outlay 83,272 0.6% 134,882 (51,610) (38.3%)On-Behalf State 1,083,743 7.3% 1,243,751 256,667 (12.9%)

Debt Service Principal 770,000 5.1% 760,000 10,000 1.3%

Interest 129,724 0.9% 140,750 (11,026) (7.8%)

Total $14,943,232 100.00% $14,276,700

$666,532 Changes in expenditures were the results of varying factors. Current expenses increased due to increased instructional staff and professional development in the areas of special education instruction, and On-behalf State Contributions.

29

GENERAL FUND BUDGETING HIGHLIGHTS The School District’s budget is prepared in accordance with New Jersey law, and is based on accounting for certain transactions on a cash basis of receipts, disbursements and encumbrances. The most significant fund is the General Fund. Over the course of the year, the District revised the annual operation budget several times. Revisions in the budget were made to recognize revenues that were not anticipated and to prevent over-expenditures in specific line item accounts. The District experienced significant cost savings in several areas; including salaries, primarily due to retirements, special education tuition, transportation, and employee benefits. This afforded the district to focus on replacing computers to support classroom instruction. Several material transfers were necessary. Detail of individual program budget revisions are reflected in Exhibit C-1 of the CAFR. Instruction expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and student, including extracurricular activities. Pupils and instruction staff include the activities involved with assisting staff with the content and process of teaching to students, including curriculum and staff development. General administration, school administration, and business operations include expenses associated with administrative and financial supervision of the District, and legal, architectural, telecommunication services. Operation and maintenance of facilities involve keeping the school grounds, buildings, and equipment in an effective working condition. Pupil transportation includes activities involved with the conveyance of students to and from school, as well as to and from school activities, as provided by State law.

FUND BALANCES Table 5 shows a comparison of the fund balances in each of the District’s Governmental and Business-type activities funds.

Table 5 - Changes in Fund Balances

Governmental Funds Amount

2013-2014 Amount

2012-2013 Increase/

(Decrease) from 2013

General Fund (Exhibit C-1) Restricted Reserves:

Capital Reserve $ 763,624 $ 487,795 $ 275,829 Emergency Reserve 840 125,651 (124,811) Maintenance Reserve 18,644 128,277 (109,633) Tuition Reserve 115,000 115,625 (625) Excess Surplus Current -0- 59,770 (59,770) Excess Surplus Prior Year 59,770 271,257 (211,487)

Encumbrances 34,131 173,025 (138,894)Designated for Subsequent Year 61,986 4,757 57,229

Unassigned Fund Balance 48,124 254,350 (206,226) Total General Fund Balance $ 1,102,119 $ 1,620,507 $ (518,388) Special Revenue Fund (Exhibit E-1) -0- -0- -0-

30

Table 5 - Changes in Fund Balances (continued):

Governmental Funds Amount

2013-2014 Amount

2012-2013 Increase/

(Decrease) from 2013

Capital Projects Fund (Exhibit F-1) 288,728 264,362 -0-Debt Service Fund (Exhibit I-3) 17,352 -0- -0-Proprietary Fund (Exhibit G-1) 130,522 136,651 (6,129)Fiduciary Fund (Exhibit H-1) 121,826 117,700 4,126

Reservations of fund balance with material changes were Emergency Reserve and Capital Reserve. A $125,000 decrease in Emergency Reserve was used to support the 2014/2015 budget. An increase of $275,000 to Capital Reserve was a result of a year-end contribution by June resolution and a decrease of $110,000 to Maintenance Reserve was a result of an increase to the 2013-2014 budget passed by resolution in March.

CAPITAL ASSETS At the end of the fiscal year 2014, the School District had $16,937,021 in land, buildings, furniture, equipment, and vehicles, as shown in Table 6 below:

Table 6 - Capital Assets (Net of Depreciation) at June 30

Governmental Activities Business-Type

Activities Total

2014 2013 2014 2013 2014 2013

Land & Improvements $ 564,918 $ 564,918 $ - $564,918 $564,918

Building 22,445,129 22,403,579 - 22,445,129 22,419,018

Machinery & Equipment 1,235,885 1,217,968 $172,992 74,827 1,408,877 1,292,795

Vehicles 19,934 19,934 19,934 19,934

Subtotal 24,265,866 24,206,399 172,992 74,827 24,438,858 24,281,226

Accumulated Depreciation (7,855,558) (7,391,517) (50,853) (47,749) (7,906,411) (7,439,266)

Total $16,410,308 $16,814,882 $ 122,139 $ 27,078 $16,532,447 $16,841,960

Land is not depreciated. Overall capital assets increased by a net of $95,061 from fiscal year 2014 to fiscal year 2013. For more detailed information, refer to the Note 5 of the Notes to the Financial Statements.

DEBT ADMINISTRATION In the governmental funds, at June 30, 2014, the School District had $2,597,357 of outstanding debt. Of this amount $367,357 is for compensated absences and $2,230,000 from serial bonds outstanding from the 2014 bond refunding. There was no debt outstanding in the business-type activities funds the District’s credit rating as determined by Moody’s continues to be AA for general obligation debt. State statutes limit the amount of general obligation debt a governmental entity may issue. The District’s limit is 3 percent of its equalized valuation basis. The current debt limitation for the District is $33,776,228. The District’s outstanding general obligation debt is $2,230,000. The remaining school borrowing margin available is $31,546,228.

31

Additional information on the District’s long-term debt can be found in note 6 in the notes to the basic financial statements.

FOR THE FUTURE The Southampton Township Board of Education is in good financial condition presently. The School District is proud of its community support. As evidenced by the financial statement contained herein, the district exhibits fiscal restraint while continuing to provide an excellent educational program for its students. A major concern is the lack of state and federal revenues, which have resulted in increased property taxes. The delay of payment into the next fiscal year of the June payment, now representing ten percent (10%) of total State aid is of great concern to the Board of Education. The State of New Jersey has continued to diminish its’ share of funding for the Southampton Township School District. In fiscal year 1992, direct state aid was $2,350,000, representing 36% of the $6.7 million general operating budget. In fiscal year 2014 direct state aid was $2,113,686, representing a mere 16.6% of the $13 million general operating budget. Consequently the lack of proportionate state support has shifted the burden to the taxpayers of the community with tax levy now representing 79.4% of the general operating budget versus 56% in fiscal year 1992. In conclusion, the Southampton Township Board of Education has committed itself to financial excellence for many years. In addition, the School District’s system for financial planning, budgeting, and internal financial controls are well regarded. The School District plans to continue its sound fiscal management to meet the challenges of the future.

CONTACTING THE SCHOOL DISTRICT’S FINACIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, investors, and creditors with a general overview of the School District’s finances and to show the School District’s accountability for the money it receives. Questions regarding this report or if additional information is needed, kindly contact Mrs. Barbara A. Godfrey, School Business Administrator/Board Secretary, at the Southampton Township Board of Education, 177 Main St., Southampton, New Jersey 08088-8874

32

BASIC FINANCIAL STATEMENTS

33


34

A. District-Wide Financial Statements

35


36

EXHIBIT A-1

BUSINESS -GOVERNMENTAL TYPE JUNE 30,

ACTIVITIES ACTIVITIES 2014

Cash & Cash Equivalents 21,452$ 77,330$ 98,782$ Receivables, Net 676,871 6,883 683,754Inventory - 10,760 10,760Restricted Cash & Cash Equivalents 898,108 - 898,108Capital Assets, Non-Depreciable (Note 5) 564,918 - 564,918Capital Assets, Depreciable (Note 5) 15,845,390 122,139 15,967,529

Total Assets 18,006,739 217,112 18,223,851

Deferred Charge on Refunding of Debt 34,564 - 34,564

Total Deferred Outflow of Resources 34,564 - 34,564

Total Assets and Deferred Outflow of Resources 18,041,303 217,112 18,258,415

LIABILITIES

Accounts Payable 188,232 84,912 273,144Unearned Revenues - 1,678 1,678Accrued Interest Payable 4,542 - 4,542Noncurrent Liabilities (Note 6): Due Within One Year 431,368 - 431,368 Due Beyond One Year 2,246,463 - 2,246,463

Total Liabilities 2,870,605 86,590 2,957,195

Net Investment in Capital Assets 14,423,126 122,139 14,545,265Restricted For: Other Purposes 957,878 - 957,878 Debt Service 12,810 - 12,810 Unrestricted (223,116) 8,383 (214,733)

Total Net Position 15,170,698$ 130,522$ 15,301,220$

NET POSITION

STATEMENT OF NET POSITIONSOUTHAMPTON TOWNSHIP BOARD OF EDUCATION

TOTALS

JUNE 30, 2014

DEFERRED OUTFLOW OF RESOURCES

ASSETS

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

37

EX

HIB

IT A

-2

TO

TA

LS

CH

AR

GE

SO

PE

RA

TIN

GB

US

INE

SS

-F

OR

GR

AN

TS

&G

OV

ER

NM

EN

TA

LT

YP

EJU

NE

30,

FU

NC

TIO

NS

/PR

OG

RA

MS

EX

PE

NS

ES

SE

RV

ICE

SC

ON

TR

IBU

TIO

NS

AC

TIV

ITIE

SA

CT

IVIT

IES

2014

Gov

ernm

enta

l Act

ivit

ies:

I

nstr

ucti

on:

Re g

ular

3,87

7,88

5$

-

$

302,

867

$

(3,5

75,0

18)

$

-$

(3

,575

,018

)$

Spe

cial

Edu

cati

on1,

312,

127

-

-

(1,3

12,1

27)

-

(1,3

12,1

27)

Oth

er S

peci

al I

nstr

ucti

on55

6,09

8

-

-

(556

,098

)-

(5

56,0

98)

Oth

er I

nstr

ucti

on7,

965

-

-

(7

,965

)-

(7

,965

)

Sup

port

Ser

vice

s &

Und

istr

ibut

ed C

osts

:

I

nstr

ucti

o n55

2,65

5

-

-

(552

,655

)-

(5

52,6

55)

Rel

ated

Ser

vice

s32

1,80

8

-

-

(321

,808

)-

(3

21,8

08)

Hea

lth

Ser

vice

s11

7,68

8

-

-

(117

,688

)-

(1

17,6

88)

Stu

dent

& I

nstr

ucti

on R

elat

ed S

ervi

ces

839,

002

-

-

(8

39,0

02)

-

(839

,002

)

E

duca

tion

al M

edia

Ser

vice

s/S

choo

l

L

ibra

r y10

4,20

3

-

-

(104

,203

)-

(1

04,2

03)

Sch

ool A

dmin

istr

ativ

e S

ervi

ces

522,

149

-

-

(5

22,1

49)

-

(522

,149

)

C

entr

al S

ervi

ces

238,

955

-

-

(2

38,9

55)

-

(238

,955

)

O

ther

Adm

inis

trat

ive

Ser

vice

s39

4,69

8

-

-

(394

,698

)-

(3

94,6

98)

Pla

nt O

pera

tion

s &

Mai

nten

ance

1,24

2,04

2

-

-

(1

,242

,042

)-

(1

,242

,042

)

P

upil

Tra

nspo

rtat

ion

528,

380

-

-

(5

28,3

80)

-

(528

,380

)

B

usin

ess

& O

ther

Sup

port

Ser

vice

s75

2

-

752

-

-

-

Una

lloc

ated

Ben

efit

s3,

343,

829

-

18

,612

(3,3

25,2

17)

-

(3,3

25,2

17)

I

nter

est &

Oth

er C

harg

es o

n L

ong-

Ter

m D

ebt

141,

803

-

51,3

32(9

0,47

1)-

(9

0,47

1)

Dec

reas

e in

Com

pens

ated

Abs

ence

s -

U

nall

ocat

ed(3

4,73

8)

-

-

34

,738

-

34,7

38

Una

lloc

ated

De p

reci

atio

n46

4,04

1

-

-

(464

,041

)-

(4

64,0

41)

T

otal

Gov

ernm

enta

l Act

ivit

ies

14,5

31,3

42-

373,

563

(14,

157,

779)

-

(14,

157,

779)

Bus

ines

s-T

ype

Act

ivit

ies:

F

ood

Ser

vice

270,

434

$

16

0,61

2$

10

4,53

4$

-

$

(5,2

88)

$

(5,2

88)

$

T

otal

Bus

ines

s-T

ype

Act

ivit

ies

270,

434

160,

612

104,

534

-

(5

,288

)(5

,288

)

Tot

al P

rim

ary

Gov

ernm

ent

14,8

01,7

76$

16

0,61

2$

47

8,09

7$

(1

4,15

7,77

9)(5

,288

)(1

4,16

3,06

7)

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

N

PR

OG

RA

M R

EV

EN

UE

S

FO

R T

HE

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

STA

TE

ME

NT

OF

AC

TIV

ITIE

S

NE

T (

EX

PE

NS

E)

RE

VE

NU

E A

ND

CH

AN

GE

S I

N N

ET

AS

SE

TS

The

acc

ompa

nyin

g N

otes

to F

inan

cial

Sta

tem

ents

are

an

inte

gral

par

t of

this

sta

tem

ent.

38

EX

HIB

IT A

-2

TO

TA

LS

BU

SIN

ES

S-

GO

VE

RN

ME

NT

AL

TY

PE

JUN

E 3

0,A

CT

IVIT

IES

AC

TIV

ITIE

S20

14G

ener

al R

even

ues:

T

axes

:

P

rope

rty

Tax

es, L

evie

d fo

r G

ener

al P

urpo

ses,

Net

10,1

33,5

16-

10

,133

,516

Tax

es L

evie

d fo

r D

ebt S

ervi

ce82

0,94

3-

82

0,94

3

Fed

eral

& S

tate

Aid

Not

Res

tric

ted

3,20

4,26

3-

3,

204,

263

I

nves

tmen

t Ear

nin g

s7

366

373

M

isce

llan

eous

Inc

ome

58,1

15-

58

,115

T

rans

fers

1,20

7(1

,207

)

-

Can

cell

atio

n of

Pri

or Y

ear

Acc

ount

s R

ecei

vabl

e(3

0,58

3)-

(3

0,58

3)

Can

cell

atio

n of

Pri

or Y

ear

Acc

ount

s P

a yab

le10

,940

-

10,9

40

T

otal

Gen

eral

Rev

enue

s, S

peci

al I

tem

s, E

xtra

ordi

nary

Ite

ms

& T

rans

fers

14,1

98,4

08(8

41)

14,1

97,5

67

C

hang

e In

Net

Pos

itio

n40

,629

(6,1

29)

34,5

00

N

et P

osit

ion

- B

egin

ning

15,1

30,0

69

136,

651

15

,266

,720

N

et P

osit

ion-

End

ing

15,1

70,6

98$

130,

522

$

15

,301

,220

$

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NST

AT

EM

EN

T O

F A

CT

IVIT

IES

FO

R T

HE

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

NE

T (

EX

PE

NS

E)

RE

VE

NU

E A

ND

CH

AN

GE

S I

N N

ET

AS

SE

TS

The

acc

ompa

nyin

g N

otes

to F

inan

cial

Sta

tem

ents

are

an

inte

gral

par

t of

this

sta

tem

ent.

39


40

B. Fund Financial Statements

41


42

Governmental Funds

43


44

EXHIBIT B-1

(MEMORANDUM ONLY)

SPECIAL CAPITAL DEBT JUNE 30, JUNE 30,ASSETS GENERAL REVENUE PROJECTS SERVICE 2014 2013

Cash & Cash Equivalents 46,003$ -$ 1,961$ 17,351$ 65,315$ 393,173$ Accounts Receivable: State 23,757 - 586,249 - 610,006 587,905 Federal - 57,817 - - 57,817 - Interfund 306,684 - - - 306,684 299,476 Other 375 6,470 - 2 6,847 33,447Restricted Cash & Cash Equivalents 898,108 - - - 898,108 857,348

Total Assets 1,274,927$ 64,287$ 588,210$ 17,353$ 1,944,777$ 2,171,349$

LIABILITIES & FUND BALANCES

Liabilities: Cash Deficit -$ 43,863$ -$ -$ 43,863$ -$ Accounts Payable 172,808 15,424 - - 188,232 125,310 Interfund Payables - 5,000 299,482 1 304,483 311,380

Total Liabilities 172,808 64,287 299,482 1 536,578 436,690

Fund Balances: Restricted for:

Capital Reserve Account 763,624 - - - 763,624 487,795Emergency Reserve 840 - - - 840 125,651Maintenance Reserve 18,644 - - - 18,644 128,277Tuition Reserve 115,000 - - - 115,000 115,625 Excess Surplus - - - - - 59,770 Excess Surplus Designated for Subsequent Year's Expenditures 59,770 - - - 59,770 271,257Debt Service - - - 17,352 17,352 - Capital Projects Fund - - 288,728 - 288,728 264,362

Committed to:Other Purposes 34,131 - - - 34,131 173,025

Assigned to:Designated for Subsequent Year's Expenditures 61,986 - - - 61,986 4,757

Unassigned Fund Balance 48,124 - - - 48,124 104,140 Total Fund Balances 1,102,119 - 288,728 17,352 1,408,199 1,734,659

Total Liabilities & Fund Balances 1,274,927$ 64,287$ 588,210$ 17,353$

Amounts reported for governmental activities in the statement of net assets (A-1) aredifferent because: Capital assets used in governmental activities are not financial resources & therefore are not reported in the funds. The cost of the assets is $24,265,866 and the accumulated depreciation is $7,855,558. 16,410,308 16,814,882 Accrued interest payable is not recorded in the fund financial due to the fact that payable is not due in the current period. (4,542) (12,377) Deferred charge on Refunding of Debt net of bond premium on refunding is not recorded in the fund financials but is recorded on the district wide financials. (45,910) - 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 6) (2,597,357) (3,407,095)

Net position of Governmental Activities 15,170,698$ 15,130,069$

(With Comparative Totals for June 30, 2013)TOTALS


COMBINED BALANCE SHEETGOVERNMENTAL FUNDS

JUNE 30, 2014


45

EXHIBIT B-2

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

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

Revenues: Local Sources: Local Tax Levy 10,133,516$ -$ -$ 820,943$ 10,954,459$ 10,572,507$ Tuition - - - - - 1,000 Interest Earned on Reserve Funds 1,397 - - - 1,397 3,597 Interest on Investments - - 7 - 7 14 Miscellaneous 42,850 13,868 - - 56,718 45,321

Total Revenues - Local Sources 10,177,763 13,868 7 820,943 11,012,581 10,622,439

State Sources 3,190,552 - 27,579 51,332 3,269,463 3,407,887 Federal Sources - 308,363 - - 308,363 319,380

Total Revenues 13,368,315 322,231 27,586 872,275 14,590,407 14,349,706

Expenditures: Current Expense: Instruction - Regular Programs 3,575,018 302,867 - - 3,877,885 3,864,214 Special Education 1,312,127 - - - 1,312,127 1,272,287 Other Special Instruction 556,098 - - - 556,098 507,334 Other Instruction 7,965 - - - 7,965 10,364 Undistributed Expense: Instruction 552,655 - - - 552,655 393,415 Related Services 321,808 - - - 321,808 293,904 Health Services 117,688 - - - 117,688 114,965 Attendance & Social Work 25,193 - - - 25,193 14,133 Other Support Services 610,522 - - - 610,522 575,056 Improvement of Instructional Staff 203,287 - - - 203,287 198,378 Educational Media Services 104,203 - - - 104,203 98,590 Support Services General Administration 394,698 - - - 394,698 345,307 Support Services School Administration 522,149 - - - 522,149 494,484 Maintenance for School Facilities 378,114 - - - 378,114 191,744 Operation & Maintenance of Plant Services 863,928 - - - 863,928 799,817

(With Comparative Totals for June 30, 2013)

TOTALS

FOR FISCAL YEAR ENDED JUNE 30, 2014


STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS


46

EXHIBIT B-2

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

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


TOTALS



STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS

Expenditures (continued): Current Expense (continued): Student Transportation Services 528,380 - - - 528,380 494,134 Business & Other Support Services - 752 - - 752 4,613 Central Services 238,955 - - - 238,955 235,230 Unallocated Benefits 2,241,474 18,612 - - 2,260,086 2,089,348 Nonbudgeted Expenditures 1,083,743 - - - 1,083,743 1,243,751 Capital Outlay 83,272 - - - 83,272 134,882 Debt Service: Principal - - - 770,000 770,000 760,000 Interest & Other Charges - - - 129,724 129,724 140,750

Total Expenditures 13,721,277 322,231 - 899,724 14,943,232 14,276,700

Excess/(Deficiency) of Revenues Over/(Under) Expenditures (352,962) - 27,586 (27,449) (352,825) 73,006

Other Financing Sources/(Uses): Operating Transfers Out - - (7) - (7) (14) Operating Transfers In 1,214 - - - 1,214 14 Cancellation of Prior Year Accounts Receivable (27,370) - (3,213) - (30,583) - Cancellation of Prior Year Accounts Payable 10,940 - - - 10,940 - Proceeds of Refunding Bonds - - - 2,712,294 2,712,294 - Deposit to Refunding Escrow - - - (2,667,493) (2,667,493) -

Total Other Financing Sources/(Uses (15,216) - (3,220) 44,801 26,365 -

Excess/(Deficiency) of Revenues & Other Financing Sources Over/(Under) Expenditures & Other Financing Uses (368,178) - 24,366 17,352 (326,460) 73,006

Fund Balance - July 1 1,470,297 - 264,362 - 1,734,659 1,661,653

Fund Balance - June 30 1,102,119$ -$ 288,728$ 17,352$ 1,408,199$ 1,734,659$


47

EXHIBIT B-3

Total Net Change in Fund Balances - Governmental Funds (From B-2) (326,460)$

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

Capital outlays are reported in governmental funds as expenditures. However, in thestatement of activities, the cost of those assets is allocated over their estimated usefullives as depreciation expense. This is the amount by which capital outlays exceededdepreciation in the period:

Depreciation Expense (464,041)$ Capital Outlays 59,467 (404,574)

Repayment of bond principal is an expenditure in the governmental funds, but therepayment reduces long-term liabilities in the statement of net assets and is notreported in the statement of activities. 3,400,000

In the governmental funds, Bond Proceeds are reported as an other financingsource. These proceeds are liabilities and are a reduction to the reconciliation. (2,625,000)

Amortization of losses on early extinguishments of debt and premiums from refundeddebt issuances are recorded when incurred in the governmental funds but are accruedand expensed over time in the statement of activities.

Loss on Refunding 34,564Original Issue Premium (80,474) (45,910)

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

Accrued Interest Prior Year 12,377Accrued Interest Current Year (4,542) 7,835

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

Current Year (367,357)Prior Year 402,095 34,738

Change in Net Position of Governmental Activities 40,629$

FOR THE YEAR ENDED JUNE 30, 2014

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

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


48

Proprietary Funds

49


50

EXHIBIT B-4

BUSINESS-TYPEACTIVITIES -

ENTERPRISE FUNDS (MEMORANDUM ONLY)

FOOD JUNE 30, JUNE 30,ASSETS SERVICE 2014 2013

Current Assets: Cash & Cash Equivalents 77,330$ 77,330$ 73,927$ Accounts Receivable: State 376 376 745 Federal 6,507 6,507 15,803 Interfund - - 11,904 Inventories 10,760 10,760 9,723

Total Current Assets 94,973 94,973 112,102

Noncurrent Assets: Equipment 172,992 172,992 74,827 Less: Accumulated Depreciation (50,853) (50,853) (47,749)

Total Capital Assets 122,139 122,139 27,078

Total Assets 217,112 217,112 139,180

LIABILITIES

Unearned Revenue 1,678 1,678 2,529Accounts Payable 84,912 84,912 -

Total Liabilities 86,590 86,590 2,529

NET POSITION

Net Position: Net Investment in Capital Assets 122,139 122,139 27,078 Unrestricted 8,383 8,383 109,573

Total Net Position 130,522$ 130,522$ 136,651$

TOTALS


SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONPROPRIETARY FUNDS

AS OF JUNE 30, 2014STATEMENT OF NET POSITION


51

EXHIBIT B-5

STATEMENT OF REVENUES, EXPENSES AND



SUMMER FOOD JUNE 30, JUNE 30,RECREATION SERVICE 2014 2013

Operating Revenues: Local Sources: Daily Sales - Reimbursable Programs -$ 107,517$ 107,517$ 115,312$ Daily Sales - Nonreimbursable Programs - 53,095 53,095 59,327

Total Operating Revenue - 160,612 160,612 174,639

Operating Expenses: Salaries - 95,871 95,871 95,634 Employee Benefits - 18,981 18,981 18,666 Management Fee - 18,020 18,020 17,765 Insurance - 4,558 4,558 - Repairs & Miscellaneous Expenses - 17,252 17,252 6,827 Supplies and Materials - 7,513 7,513 3,047 Cost of Sales - 105,135 105,135 126,215 Depreciation - 3,104 3,104 2,000

Total Operating Expenses - 270,434 270,434 270,154

Operating Income/(Loss ) - (109,822) (109,822) (95,515)

Nonoperating Revenues (Expenses): State Sources: State School Lunch Program - 2,925 2,925 3,023 Federal Sources: National School Lunch Program - 75,373 75,373 68,300 National School Breakfast Program - 8,154 8,154 9,375 Special Milk Program - 87 87 127 Food Distribution Program - 17,995 17,995 22,869

Total Nonoperating Revenues/Expenses - 104,534 104,534 103,694

Net Income/(Loss) Before Other Financing Sources/(Uses) - (5,288) (5,288) 8,179

Other Financing Sources/(Uses): Interest Revenue - Board Contribution - 366 366 481 Transfer to General Fund (1,207) - (1,207) -

Total Other Financing Sources/(Uses) (1,207) 366 (841) 481

Change in Net Position (1,207) (4,922) (6,129) 8,660Total Net Position - Beginning 1,207 135,444 136,651 127,991

Total Net Position - Ending -$ 130,522$ 130,522$ 136,651$

TOTALS

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


CHANGES IN FUND NET POSITION

PROPRIETARY FUNDS


52

EXHIBIT B-6



SUMMER FOOD JUNE 30, JUNE 30,RECREATION SERVICE 2014 2013

Cash Flows From Operating Activities: Receipts from Customers -$ 171,665$ 171,665$ 171,598$ Payments to Employees - (95,871) (95,871) (95,634) Payments for Employee Benefits - (18,981) (18,981) (18,666) Payments to Suppliers - (153,515) (153,515) (154,867)

Net Cash Provided/(Used) by Operating Activities - (96,702) (96,702) (97,569)

Cash Flows From Noncapital Financing Activities: State Sources - 3,294 3,294 2,430 Federal Sources - 110,905 110,905 88,768

Net Cash Provided/(Used) by Noncapital Financing Activities - 114,199 114,199 91,198

Cash Flows From Capital & Related FinancingActivities: Purchases of Capital Assets - (13,253) (13,253) -

Net Cash Provided/(Used) by Capital & Related Financing Activities - (13,253) (13,253) -

Cash Flows From Investing Activities: Interest & Dividends - 366 366 481 Transfer to General Fund (1,207) - (1,207)

Net Cash Provided/(Used) by Investing Activities (1,207) 366 (841) 481

Net Increase/(Decrease) in Cash & Cash Equivalents (1,207) 4,610 3,403 (5,890)Balances - Beginning of Year 1,207 72,720 73,927 79,817

Balances - End of Year -$ 77,330$ 77,330$ 73,927$

Operating Income/(Loss) -$ (109,822)$ (109,822)$ (95,515)$ Adjustments to Reconcile Operating Income/(Loss)to Net Cash Provided/(Used) by Operating Activities: Depreciation & Net Amortization - 3,104 3,104 2,000 Increase/(Decrease) in Unearned Revenue - (851) (851) 756 (Increase)/Decrease in Accounts Receivable - 11,904 11,904 (3,797) (Increase)/Decrease in Inventories - (1,037) (1,037) (1,013)

Total Adjustments - 13,120 13,120 (2,054)

Net Cash Provided/(Used) by Operating Activities -$ (96,702)$ (96,702)$ (97,569)$

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


STATEMENT OF CASH FLOWSPROPRIETARY FUNDS

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

TOTALS


53


54

Fiduciary Fund

55


56

EXHIBIT B-7

UNEMPLOYMENT AGENCY (MEMORANDUM ONLY)

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

Cash & Cash Equivalent 4,742$ 117,430$ 8,747$ 7,337$ 138,256$ 133,105$

Total Assets 4,742 117,430 8,747 7,337 138,256 133,105

LIABILITIES

Payroll Deductions & Withholdings - - - 5,136 5,136 6,369Due to Student Groups - - 8,747 - 8,747 9,036Accounts Payable - 346 - - 346 - Interfund Payable - - - 2,201 2,201 -

Total Liabilities - 346 8,747 7,337 16,430 15,405

NET POSITION

Restricted 4,742 - - - 4,742 4,945Unrestricted - 117,084 - - 117,084 112,755

Total Net Position 4,742$ 117,084$ -$ -$ 121,826$ 117,700$


TOTALS


STATEMENT OF FIDUCIARY NET POSITIONFIDUCIARY FUNDS

JUNE 30, 2014

PRIVATE PURPOSE


57

EXHIBIT B-8

UNEMPLOYMENT (MEMORANDUM ONLY)

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

Contributions: Other -$ 12,057$ 12,057$ 11,648$

Total Contributions - 12,057 12,057 11,648

Investment Earnings: Interest 12 405 417 681

Net Investment Earnings 12 405 417 681

Total Additions 12 12,462 12,474 12,329

DEDUCTIONS

Unemployment Claims - 8,133 8,133 10,301Scholarships Awarded 215 - 215 200

Total Deductions 215 8,133 8,348 10,501

Change in Net Position (203) 4,329 4,126 1,828Net Position - Beginning of the Year 4,945 112,755 117,700 115,872

Net Position - End of the Year 4,742$ 117,084$ 121,826$ 117,700$


TOTALS


STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFIDUCIARY FUNDS

FOR THE YEAR ENDED JUNE 30, 2014

PRIVATE PURPOSE


58


NOTES TO THE FINANCIAL STATEMENTS

JUNE 30, 2014

59


60


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2014

Note 1. Summary of Significant Accounting Policies The financial statements of the Southampton Township Board of Education District (the ‘District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounting policies. A. Reporting Entity The Southampton Township Board of Education is a Type II district located in the County of Burlington, State of New Jersey. As a Type II district, the School District functions independently through a Board of Education. The Board is comprised of 9 members elected 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 8. These include regular, vocational, as well as special education for handicapped youngsters. The operations of the District include two elementary schools and one middle school located in Southampton Township. The Southampton Township Board of Education has an approximate enrollment at June 30, 2014 of 725 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 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

61


NOTES TO THE FINANCIAL STATEMENTS (continued): FOR THE YEAR ENDED JUNE 30, 2014

Note 1. Summary of Significant Accounting Policies (continued): C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (continued): 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 Southampton Township Board of Education District are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net

62



Note 1. Summary of Significant Accounting Policies (continued): E. Fund Accounting (continued): 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 Southampton Township 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 Southampton Township 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 businesses in the private sector. The following is a description of the Proprietary Funds of the District:

63



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

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 appropriate for capital maintenance, public policy, management control, accountability or other purposes.

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

Depreciation of all exhaustive capital assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows: Buildings & Improvements 10-50 years Equipment 12 years

Light Trucks & Vehicles 4 years Heavy Trucks & Vehicles 6 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 a Scholarship Trust Fund as a private purpose trusts.

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.

64



Note 1. Summary of Significant Accounting Policies (continued): 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 Southampton Township 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 Southampton Township 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 and private purpose trust funds. 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.

65



Note 1. Summary of Significant Accounting Policies (continued): G. Budgets/Budgetary Control (continued): Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year-end. The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports. The budget, as detailed on Exhibits C-1 and C-2, includes all amendments to the adopted budget, if any. The following presents a reconciliation of the special revenue fund revenues and expenditures from the budgetary basis of accounting as presented in the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual – General, Special Revenues and Debt Service Funds to the GAAP basis of accounting as presented in the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types: 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 Southampton Township Board of Education has received advances are reflected in the balance sheet as unearned 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.

66



Note 1. Summary of Significant Accounting Policies (continued): I. Cash and Cash Equivalents (continued): Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on deposit with a failed banking institution in New Jersey. N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include Savings and Loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental Units. J. Tuition Receivable/Payable Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined. These adjustments are recorded upon certification by the State Board of Education, which is normally two years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable. The tuition rate adjustments for the years 2011-2012 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.

67



Note 1. Summary of Significant Accounting Policies (continued): M. Short-Term Interfund Receivables/Payables Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the Southampton Township 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 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 20-50 Years Machinery and Equipment 5-10 Years Improvements 10-20 Years O. 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.

P. 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.

68



Note 1. Summary of Significant Accounting Policies (continued): Q. 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. R. 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. S. Fund Balance Fund Balance Reporting and Governmental Fund Type Definitions, the Southampton Township 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.

T. 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.

69



Note 1. Summary of Significant Accounting Policies (continued): T. Net Position (continued):

Restricted – Net position is reported as restricted when there are limitations imposed on their use

either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.

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

U. 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. 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. S. Subsequent Events The Southampton Township Board of Education has evaluated subsequent events occurring after June 30, 2014 through the date of October 8, 2014, which is the date the financial statements were available to be issued.

70



Note 2. Cash and Cash Equivalents The District is governed by the deposit and investment limitations of New Jersey state law. The cash and cash equivalents held at June 30, 2014, are reported at carrying value as follows:

CarryingType Value

DepositsDemand Deposits 1,135,146$

Total Deposits 1,135,146$

The District's Cash and Cash Equivalents are Reported as Follows:Government Activities 919,560$ Business-Type Activities 77,330 Fiduciary Funds 138,256

Total Cash and Cash Equivalents 1,135,146$

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 $1,838,412 was exposed to custodial credit risk as follows:

Insured Under FDIC $ 262,533 Uninsured and uncollateralized 228,256 Collateralized in the District’s Name Under GUDPA 1,347,623 Total $1,838,412

71



Note 3. Reserve Accounts A. Capital Reserve A capital reserve account was established by the Southampton Township Board of Education by inclusion of $1 on September 25, 2000, for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget. Funds placed in the capital reserve account are restricted to capital projects in the district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also 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 July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 487,795$

Interest Earnings 829 Deposit by Board Resolution, June 23, 2014 275,000

Ending Balance, June 30, 2014 763,624$

B. Maintenance Reserve The maintenance reserve account is used to accumulate funds for the required maintenance of a facility in accordance with the EFCFA (N.J.S.A.18A:7G-9) as amended by P.L. 2004, c.73(S1701). Districts may only increase the balance in the maintenance reserve account by appropriating funds in the annual general fund budget certified for taxes (N.J.A.C.6A:23A-14.2) or by deposit of any unanticipated revenue or unexpended line-item appropriation by board resolution at year end. The board resolution for deposit at year end into a maintenance reserve account must be made between June 1 and June 20 of the budget year. EFCFA requires that upon District completion of a school facilities project, the District must submit a plan for the maintenance of that facility. Auditors and District staff should refer to the regulations, N.J.A.C.6A:26A, for further guidance. A separate line is provided in the AUDSUM for this reserve account. GASBS No. 54 requires the further categorization of the maintenance reserve account balance on the Governmental Funds Balance Sheet (Exhibit B-1) as restricted, committed, and/or assigned. The Department recommends reporting the maintenance reserve under “Restricted” fund balance due to the statutory and regulatory restrictions on withdrawals from maintenance reserve. The same categorization is applicable to the General Fund Budgetary Comparison Schedule (Exhibit C-1) The activity of the maintenance reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

72



Note 3. Reserve Accounts B. Maintenance Reserve (continued):

Beginning Balance, July 1 2013 128,277$

Interest Earnings 367 Withdrawal by Board Resolution, March 24, 2014 (110,000)

Ending Balance June 30 , 2014 18,644$

C. Emergency Reserve Account The emergency reserve account is used to accumulate funds in accordance with N.J.S.A. 18A:7F-41c(1) to finance unanticipated general fund expenditures required for a thorough and efficient education. Unanticipated means reasonably unforeseeable and shall not include additional costs caused by poor planning. The maximum balance permitted at any time in this reserve is the greater of $250,000 or 1 percent of the general fund budget not to exceed $1 million. Deposits may be made to the emergency reserve account by board resolution at year end of any unanticipated revenue or unexpended line item appropriation or both. The department has defined year end for the purpose of depositing surplus into reserve accounts as an amount approved by the district board of education between June 1 and June 30. Withdrawals from the reserve require the approval of the Commissioner unless the withdrawal is necessary to meet an increase in total health care costs in excess of 4 percent. GASBS No. 54 requires the further categorization of the emergency reserve account balance on the Governmental Funds Balance Sheet (Exhibit B-1). The emergency reserve has significant externally imposed restrictions on its withdrawal and should be categorized as “Restricted” fund balance. The same categorization is applicable to the General Fund Budgetary Comparison Schedule (Exhibit C-1) The activity of the emergency reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1 2013 125,651$

Interest Earnings 202 Withdraw to support 13-14 budget (125,013)

Ending Balance June 30 , 2014 840$

D. Tuition Reserve Account A tuition reserve account may be established in accordance with N.J.A.C.6A:23-3.1(f) for tuition between two Boards of Education that are in a formal sending/receiving relationship. The maximum amount that may be restricted at year end is 10% of the estimated contract year. Upon certification of tuition rates in the second year following the contract year, full appropriation of the applicable year's reserve must be liquidated and any remaining balance related to that year must be reserved and budgeted for tax relief. The District's tuition reserve account balance of $115,000 as of June 30, 2014 is comprised of $40,000 established during 2012/2013 which will be used to pay for any tuition adjustments for the fiscal year ending June 30, 2014 and $75,000 established during 2013/2014 which will be used to pay for any tuition adjustments for the fiscal year ending June 30, 2015.

73



Note 4. Accounts Receivable Accounts receivable at June 30, 2014 consisted of accounts and intergovernmental grants. All receivables are considered collectible in full due to the stable condition of state programs and the current fiscal year guarantee of federal funds. Accounts receivable as of fiscal year end for the School District’s individual major and fiduciary funds, in the aggregate, are as follows:

Special Capital DebtGeneral Revenue Projects Service Proprietary

Fund Fund Fund Fund Funds Total

State Aid 23,757$ -$ 586,249$ -$ 376$ 610,382$ Federal Aid - 57,817 - - 6,507 64,324 Other 375 6,470 - 2 - 6,847

Total 24,132$ 64,287$ 586,249$ 2$ 6,883$ 681,553$

Note 5. Capital Assets The schedule on the following page is a summarization of the capital assets by source for the fiscal year ended June 30, 2014.

June 30, June 30,2013 Additions Deletions Adjustments 2014

Non-Depreciable AssetsLand 564,918$ -$ -$ -$ 564,918$

Total Non-Depreciable Assets 564,918 - - - 564,918

Depreciable AssetsLand Improvements - - - - - Buildings & Improvements 22,403,579 41,550 - - 22,445,129 Machinery 1,217,968 17,917 - - 1,235,885 Equipment 19,934 - - - 19,934

Subtotal 24,206,399 59,467 - - 24,265,866

Accumulated Depreciation (7,391,517) (464,041) - - (7,855,558)

Total 16,814,882$ (404,574)$ -$ -$ 16,410,308$

The following schedule is a summary of the proprietary fund type capital assets at June 30, 2014:

74



Note 5. Capital Assets (continued):

June 30, June 30,2013 Additions Deletions Adjustments 2014

Depreciable AssetsMachinery & Equipment 74,827$ 98,165$ -$ -$ 172,992$

Subtotal 74,827 98,165 - - 172,992

Accumulated Depreciation (47,749) (3,104) - - (50,853)

Total 27,078$ 95,061$ -$ -$ 122,139$

Note 6. Long-Term Obligations A. Long-Term Obligation Activity During the fiscal year ended June 30, 2014 the following changes occurred in liabilities reported in the long-term obligations:

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

Governmental Activities:General Obligation Bonds 3,005,000$ 2,625,000$ (3,400,000)$ 2,230,000$ 415,000$ Add: Bond Premium* - 80,474 - 80,474 16,368 Compensated Absences 402,095 - (34,738) 367,357 -

Total 3,407,095$ 2,705,474$ (3,434,738)$ 2,677,831$ 431,368$

*Bond premiums, previously shown separately on the Statement of Net Position, are now part of General Obligation Bonds Payable. B. Bonds Payable The voters of the municipality through referendums authorize bonds in accordance with State Law. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the Board are general obligation bonds. Principal and interest due on the outstanding bonds are as follows:

Year EndingJune 30, Principal Interest Total

2015 415,000$ 54,500$ 469,500$ 2016 430,000 46,200 476,200 2017 460,000 33,300 493,300 2018 465,000 31,700 496,700 2019 460,000 9,200 469,200

Total 2,230,000$ 174,900$ 2,404,900$

75



Note 6. Long-Term Obligations (continued): C. Bonds Authorized But Not Issued As of June 30, 2014, the District had no authorized but not issued bonds. D. Capital Leases As of June 30, 2014, the District had no capital leases. Note 7. Interfund Receivables and Payables The following interfund balances remained on the balance sheet at June 30, 2014:

Interfund InterfundFund Receivable Payable

General Fund 306,684$ -$ Special Revenue Fund - 5,000 Capital Projects Fund - 299,482 Debt Service Fund - 1 Payroll Trust Fund - 2,201

Total 306,684$ 306,684$

The purpose of interfunds are short-term borrowings. Note 8. Inventory Inventory recorded at June 30, 2014 in business-type activities on the government-wide statement of net position, and on the food service enterprise fund statement of net position, consisted of the following:

Food $ 7,990 Supplies 2,770

Total $ 10,760

Note 9. 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.

76



Note 9. Pension Plans (continued): Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified. Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction. 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:6C 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

77



Note 9. Pension Plans (continued): were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced. New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension. Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service.

All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”. Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs. 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. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for both 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 101,877$ 100% -6/30/2013 105,713 100% -6/30/2012 149,752 100% -

Three-Year Trend Information for PERS

78



Note 9. Pension Plans (continued):

Annual Percentage Net Year Pension of APC Pension

Funded Cost (APC) Contributed Obligation

6/30/2014 661,600$ 100% -6/30/2013 808,357 100% -6/30/2012 560,743 100% -

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

During the year ended June 30, 2014 the State of New Jersey contributed $661,600 to the TPAF for normal 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 $422,643 for the year ended June 30, 2014 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27. Note 10. 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 11. 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.

79



Note 11. Risk Management (continued): Property and Liability Insurance – The District maintains commercial insurance coverage for property, liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report. New Jersey Unemployment Compensation Insurance – The District has elected to fund its 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 district contributions, employee contributions, reimbursements to the state for benefits paid and the ending balance of the district’s trust fund for the current and previous two years:

District Interest Amount EndingFiscal Year Contributions Earned Reimbursed Balance

2013-2014 12,057$ 405$ 8,133$ 117,084$ 2012-2013 11,648 662 10,301 112,755 2011-2012 11,363 1,404 21,811 110,746

Note 12. Contingent Liabilities 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 financial statements for such contingencies. Note 13. Joint Insurance Fund The District participates in the Burlington County Insurance Pool Joint Insurance Fund (BCIPJIF), public entity risk pool. Coverage under this joint plan offers workers’ compensation, boiler and machinery, automobile liability, general liability, property, crime and school board legal liability coverage. The District is assessed for the contributions for those funds and is responsible for any reserve deficiencies. No contingency provision has been made in these financial statements as no deficiencies occurred as of June 30, 2014 for the joint insurance pool.

80



Note 14. Economic Dependency The District receives a substantial amount of its support from federal and state governments. A significant reduction in the level of support, if this were to occur, could have an effect on the District’s programs and activities. Note 15. Deferred Compensation The Board offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows:

Lincoln Investment Equitable Valic

Note 16. Compensated Absences The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits. District employees are granted varying amounts of vacation and sick leave in accordance with the district’s school personnel policy. Upon termination, employees are paid for accrued vacation. The district’s school’s policy permits employees to accumulate unused sick leave and carry forward the full amount to subsequent years. Upon retirement employees shall be paid by the district school for the unused sick leave in accordance with district’s agreements with various employee unions. 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 $367,357. 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. Fund Balance Disclosure General Fund – Of the $1,102,119 General Fund fund balance at June 30, 2014, $763,624 has been restricted for future capital activity; $840 has been restricted for future emergencies; $18,644 has been restricted for future maintenance activity; $115,000 has been restricted for future tuition adjustments; $59,770 has been appropriated and included as anticipated revenue for the year ending June 30, 2015; $0

81



Note 17. Fund Balance Disclosure (continued): is restricted for excess surplus; $34,131 has been reserved for encumbrances; $61,986 is designated for subsequent year’s expenditures; and $48,124 is unassigned. Capital Projects Fund – Of the Capital Projects Fund fund balance at June 30, 2014, $288,728 has been restricted for future Capital Projects. Debt Service Fund – Of the Debt Service Fund fund balance at June 30, 2014, $17,352 is reserved in accordance with N.J.S.A 7F-41c(2). Note 18. Calculation of Excess Surplus The designation for Reserved Fund Balance – Excess Surplus is a required calculation pursuant to N.J.S.A. 18A:7F-7, as amended. New Jersey school districts are required to reserve General Fund fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. There was no excess fund balance at June 30, 2014. Note 19. Subsequent Events – Bond Referendum On September 30, 2014 the registered voters of the Southampton Township community voted to pass a bond referendum for use to acquire air conditioning systems at all three of the school facilities and for the installation of a generator at School #2 for the use of the facility as a community shelter during emergencies. The total project costs amount to $7,535,000. The district has obtained grant approval from the New Jersey School Development Authority that will provide funding in the amount of $3,014,000, which amounts to 40% of total eligible costs. The remaining project costs of $4,521,000 will be funded through a bond issuance.

82

REQUIRED SUPPLEMENTARY INFORMATION – PART II

83


84

C. Budgetary Comparison Schedules

85


86

EX

HIB

IT C

-1

PO

SIT

IVE

/P

OS

ITIV

E/

(NE

GA

TIV

E)

(NE

GA

TIV

E)

AC

CO

UN

TO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

OO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

ON

UM

BE

RS

BU

DG

ET

TR

AN

SF

ER

SB

UD

GE

TA

CT

UA

LA

CT

UA

LB

UD

GE

TT

RA

NS

FE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

Rev

enue

s:

Loc

al S

ourc

es:

Loc

al T

ax L

evy

10-1

210

10,1

33,5

16$

-

$

10

,133

,516

$

10

,133

,516

$

-

$

9,72

7,81

8$

-$

9,72

7,81

8$

9,72

7,81

8$

-$

T

uiti

on10

-130

0-

-

-

-

-

-

-

-

1,00

0

1,00

0

I

nter

est E

arne

d on

Cur

rent

Exp

ense

Em

erge

ncy

Res

erve

10-x

xxx

-

-

-

20

1

201

60

0

-

600

1,23

8

638

I

nter

est E

arne

d on

Cur

rent

Exp

ense

Mai

nten

ance

Res

erve

10-x

xxx

75

-

75

367

29

2

75

-

75

765

690

I

nter

est E

arne

d on

Cap

ital

Res

erve

Fun

ds10

-150

090

0

-

90

0

829

(7

1)

10

0

-

100

1,59

4

1,49

4

M

isce

llan

eous

10-1

900

40,0

00

-

40

,000

42

,850

2,

850

24,5

25

-

24,5

25

34

,443

9,

918

T

otal

Loc

al S

ourc

e s10

,174

,491

-

10,1

74,4

91

10,1

77,7

63

3,27

2

9,

753,

118

-

9,75

3,11

8

9,

766,

858

13

,740

Sta

te S

ourc

es:

Cat

egor

ical

Spe

cial

Edu

cati

on A

id10

-313

245

5,45

3

-

45

5,45

3

45

5,45

3

-

45

0,68

9

-

450,

689

45

0,68

9

-

Equ

aliz

atio

n A

id10

-317

642

5,89

7

-

42

5,89

7

42

5,89

7

-

36

9,98

6

-

369,

986

36

9,98

6

-

Cat

egor

ical

Sec

urit

y A

id10

-317

771

,701

-

71,7

01

71,7

01

-

70

,953

-

70

,953

70,9

53

-

A

djus

tmen

t Aid

10-3

178

793,

866

-

793,

866

793,

866

-

825,

114

-

82

5,11

4

825,

114

-

C

ateg

oric

al T

rans

port

atio

n A

id10

-312

136

6,76

9

-

36

6,76

9

36

6,76

9

-

36

7,47

4

-

367,

474

36

7,47

4

-

Oth

er S

tate

Aid

-

-

-

2,

535

2,53

5

-

-

-

4,35

0

4,35

0

N

onbu

dget

ed:

O

n-B

ehal

f T

PA

F P

ensi

on C

ontr

ibut

ions

-

-

-

25

0,45

3

250,

453

-

-

-

379,

377

379,

377

On-

Beh

alf

Pos

t Ret

irem

ent M

edic

al C

ontr

ibut

ions

-

-

-

41

0,64

7

410,

647

-

-

-

428,

980

428,

980

Rei

mbu

rsed

TP

AF

Soc

ial S

ecur

ity

Con

trib

utio

ns-

-

-

422,

643

42

2,64

3

-

-

-

43

5,39

4

43

5,39

4

T

otal

Sta

te S

ourc

es2,

113,

686

-

2,

113,

686

3,

199,

964

1,08

6,27

8

2,

084,

216

-

2,08

4,21

6

3,

332,

317

1,

248,

101

Tot

al R

even

ues

12,2

88,1

77

-

12

,288

,177

13

,377

,727

1,

089,

550

11,8

37,3

34

-

11,8

37,3

34

13

,099

,175

1,26

1,84

1

Ex p

endi

ture

s: C

urre

nt E

x pen

se:

Inst

ruct

ion

- R

e gul

ar P

rogr

ams:

S

alar

ies

of T

each

ers:

Pre

scho

ol/K

inde

r gar

ten

11-1

10-1

00-1

0131

8,24

5

24

,000

34

2,24

5

33

7,01

8

5,22

7

31

3,33

2

(3

,500

)

309,

832

30

8,82

5

1,

007

Gra

des

1 -

511

-120

-100

-101

1 ,61

1,78

1

(20,

400)

1,59

1,38

1

1,56

9,82

7

21

,554

1,63

7,80

2

6,06

0

1,64

3,86

2

1,

638,

939

4,

923

Gra

des

6 -

811

-130

-100

-101

1 ,12

5,62

9

5,90

0

1,

131,

529

1,

131,

476

53

1,

111,

165

(8

,700

)

1,10

2,46

5

1,

099,

353

3,

112

Re g

ular

Pro

gram

s -

Hom

e In

stru

ctio

n:

Sal

arie

s of

Tea

cher

s11

-150

-100

-101

5,70

0

-

5,70

0

3,

173

2,52

7

5,

400

(1

,000

)

4,40

0

3,99

6

404

Pur

chas

ed P

rofe

ssio

nal/

Edu

cati

ona l

Ser

vice

s11

-150

-100

-320

3,00

0

-

3,00

0

1,

360

1,64

0

1,

000

4,

500

5,

500

4,

734

76

6

R

e gul

ar P

rogr

ams

- U

ndis

trib

uted

Ins

truc

tion

:

O

ther

Sal

arie

s fo

r In

stru

ctio

n11

-190

-100

-106

88,2

30

-

88

,230

87

,229

1,

001

90,4

39

(5

,000

)

85,4

39

82

,472

2,

967

Pur

chas

ed P

rofe

ssio

nal/

Edu

cati

ona l

Ser

vice

s11

-190

-100

-320

87,0

00

40

,000

12

7,00

0

12

5,20

1

1,79

9

10

1,30

0

(3

6,00

0)

65

,300

37,5

10

27,7

90

Gen

eral

Su p

plie

s11

-190

-100

-610

351,

375

(18,

922)

332,

453

269,

767

62

,686

265,

402

(46,

802)

218,

600

18

6,00

5

32

,595

T

extb

ooks

11-1

90-1

00-6

4 012

3,58

4

(1

00,3

75)

23,2

09

14,5

38

8,67

1

12

5,50

0

29

,400

154,

900

15

4,36

0

54

0

Oth

er O

b jec

ts11

-190

-100

-890

50,5

00

22

9

50,7

29

35,4

29

15,3

00

49

,000

(8,7

00)

40

,300

39,1

15

1,18

5

T

otal

Re g

ular

Pro

gram

s3,

765,

044

(6

9,56

8)

3,

695,

476

3,

575,

018

120,

458

3,

700,

340

(6

9,74

2)

3,

630,

598

3,55

5,30

9

75,2

89

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NG

EN

ER

AL

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

87

EX

HIB

IT C

-1

PO

SIT

IVE

/P

OS

ITIV

E/

(NE

GA

TIV

E)

(NE

GA

TIV

E)

AC

CO

UN

TO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

OO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

ON

UM

BE

RS

BU

DG

ET

TR

AN

SF

ER

SB

UD

GE

TA

CT

UA

LA

CT

UA

LB

UD

GE

TT

RA

NS

FE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NG

EN

ER

AL

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

Spe

cial

Edu

cati

on:

Lea

rnin

g an

d/or

Lan

guag

e D

isab

ilit

ies:

S

alar

ies

of T

each

ers

11-2

04-1

00-1

0120

2,91

5

-

20

2,91

5

20

1,32

0

1,59

5

20

9,30

1

(1

3,80

0)

19

5,50

1

192,

802

2,69

9

Oth

er S

alar

ies

for

Inst

ruct

ion

11-2

04-1

00-1

0677

,175

-

77,1

75

75,4

28

1,74

7

76

,204

600

76,8

04

76

,447

35

7

Tot

al L

earn

ing

and/

or L

angu

age

Dis

abil

itie

s28

0,09

0

-

28

0,09

0

27

6,74

8

3,34

2

28

5,50

5

(1

3,20

0)

27

2,30

5

269,

249

3,05

6

Res

ourc

e R

oom

/ Res

ourc

e C

ente

r:

Sal

arie

s of

Tea

cher

s11

-213

-100

-101

922,

369

13,0

00

935,

369

930,

145

5,

224

849,

143

43,0

00

89

2,14

3

891,

126

1,01

7

P

urch

ased

Pro

fess

iona

l/E

duca

tion

a l

S

ervi

ces

11-2

13-1

00-3

20-

-

-

-

-

14

,400

-

14

,400

7,52

3

6,87

7

T

extb

ooks

11-2

13-1

00-6

4 0-

-

-

-

-

7,

500

(7

,500

)

-

-

-

Tot

al R

esou

rce

Roo

m92

2,36

9

13

,000

93

5,36

9

93

0,14

5

5,22

4

87

1,04

3

35

,500

906,

543

89

8,64

9

7,

894

Pre

scho

ol D

isab

ilit

ies

- P

art-

Tim

e :

Sal

arie

s of

Tea

cher

s11

-215

-100

-101

84,6

95

(5

00)

84,1

95

83,8

30

365

84

,663

-

84

,663

82,7

66

1,89

7

Oth

er S

alar

ies

for

Inst

ruct

ion

11-2

15-1

00-1

0620

,175

500

20

,675

19

,897

77

8

19,5

55

20

0

19

,755

19,3

22

433

Gen

eral

Su p

plie

s11

-215

-100

-610

2,00

0

-

2,00

0

1,

507

493

2,

500

-

2,50

0

2,30

1

199

Tot

al P

resc

hool

Dis

abil

itie

s -

Par

t-T

ime

106,

870

-

106,

870

105,

234

1,

636

106,

718

200

106,

918

10

4,38

9

2,

529

Tot

al S

peci

al E

duca

tion

1,30

9,32

9

13,0

00

1,32

2,32

9

1,31

2,12

7

10

,202

1,26

3,26

6

22,5

00

1,

285,

766

1,27

2,28

7

13,4

79

B

asic

Ski

lls/

Rem

edia

l:

S

alar

ies

of T

each

ers

11-2

30-1

00-1

0148

3,60

1

(2

3,40

0)

46

0,20

1

43

8,70

9

21,4

92

44

5,38

2

(2

5,00

0)

42

0,38

2

400,

092

20,2

90

Pur

chas

ed P

rofe

ssio

nal/

Edu

cati

ona l

Ser

vice

s11

-230

-100

-320

80,0

00

(3

9,87

8)

40

,122

18

,521

21

,601

76,4

80

(4

01)

76,0

79

26

,061

50

,018

G

ener

al S

u ppl

ies

11-2

30-1

00-6

102,

400

86

8

3,26

8

3,

264

4

2,40

0

-

2,

400

1,

403

99

7

T

otal

Bas

ic S

kill

s/R

emed

ial

566,

001

(62,

410)

503,

591

460,

494

43

,097

524,

262

(25,

401)

498,

861

42

7,55

6

71

,305

R

i ght

to I

nter

vent

ion:

Sal

arie

s11

-231

-100

-101

-

-

-

-

-

-

-

-

-

-

T

otal

Ri g

ht to

Int

erve

ntio

n-

-

-

-

-

-

-

-

-

-

S

choo

l Spo

nsor

ed C

ocur

ricu

lar

Act

ivit

ies:

Sal

arie

s11

-401

-100

-101

33,7

52

-

33

,752

24

,564

9,

188

22,8

66

1,

800

24

,666

24,1

58

508

P

urch

ased

Ser

vice

s11

-401

-100

-500

125

2,25

0

2,

375

2,34

0

35

125

-

12

5

50

75

Su p

plie

s &

Mat

eria

ls11

-401

-100

-610

7,35

0

(1,3

00)

6,

050

5,43

4

61

6

5,16

0

(3,9

00)

1,

260

97

6

28

4

T

otal

Sch

ool S

pons

ored

Coc

urri

cula

r A

ctiv

itie

s41

,227

950

42

,177

32

,338

9,

839

28,1

51

(2

,100

)

26,0

51

25

,184

86

7

S

choo

l Spo

nsor

ed A

thle

tics

:

S

alar

ies

11-4

02-1

00-1

0146

,405

450

46

,855

44

,965

1,

890

43,3

91

1,

500

44

,891

44,3

07

584

P

urch

ased

Ser

vice

s11

-402

-100

-500

6,10

6

-

6,10

6

5,

079

1,02

7

6,

450

(7

00)

5,75

0

5,26

7

483

S

u ppl

ies

& M

ater

ials

11-4

02-1

00-6

1012

,412

850

13

,262

13

,222

40

9,38

5

(4,0

65)

5,

320

5,

020

30

0

T

otal

Sch

ool S

pons

ored

Ath

leti

cs64

,923

1,30

0

66

,223

63

,266

2,

957

59,2

26

(3

,265

)

55,9

61

54

,594

1,

367

88

EX

HIB

IT C

-1

PO

SIT

IVE

/P

OS

ITIV

E/

(NE

GA

TIV

E)

(NE

GA

TIV

E)

AC

CO

UN

TO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

OO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

ON

UM

BE

RS

BU

DG

ET

TR

AN

SF

ER

SB

UD

GE

TA

CT

UA

LA

CT

UA

LB

UD

GE

TT

RA

NS

FE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NG

EN

ER

AL

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

O

ther

Ins

truc

tion

Pro

gram

s

S

alar

ies

11-4

10-1

00-1

0110

,000

(8,0

35)

1,

965

1,91

8

47

9,70

0

(3,8

60)

5,

840

5,

714

12

6

PS

H S

umm

er S

alar

ies

- A

ides

11-4

10-1

00-1

06-

6,13

5

6,

135

6,04

7

88

4,50

0

200

4,70

0

4,65

0

50

P

SD

Sum

mer

Enr

ichm

ent

11-4

10-1

00-3

20-

-

-

-

-

-

-

-

P

urch

ased

Ser

vice

s11

-410

-100

-500

4,20

0

(4,2

00)

-

-

-

-

-

-

-

-

T

otal

Oth

er I

nstr

ucti

onal

Pro

gram

s14

,200

(6,1

00)

8,

100

7,96

5

13

5

14,2

00

(3

,660

)

10,5

40

10

,364

17

6

Tot

al -

Ins

truc

tion

5,76

0,72

4

(122

,828

)

5,

637,

896

5,

451,

208

186,

688

5,

589,

445

(8

1,66

8)

5,

507,

777

5,34

5,29

4

162,

483

Und

istr

ibut

ed E

xpen

ditu

res:

I

nstr

ucti

on:

Tui

tion

Oth

er L

EA

's -

In

Sta

te

Reg

ular

11-0

00-1

00-5

61-

10,3

11

10,3

11

-

10,3

11

-

10,3

15

10

,315

-

10,3

15

Tui

tion

Oth

er L

EA

's -

In

Sta

te

Spe

cial

Edu

cati

on11

-000

-100

-562

129,

738

11,4

88

141,

226

140,

414

81

2

151,

455

(38,

780)

112,

675

11

1,88

4

79

1

Tui

tion

to C

SS

D &

Reg

iona

l Day

Sch

ools

11-0

00-1

00-5

6546

5,69

8

(1

81,3

00)

284,

398

284,

365

33

270,

039

(3,6

00)

26

6,43

9

266,

403

36

T

uiti

on to

Pri

vate

Sch

ools

for

the

Han

dica

pped

- S

tate

11-0

00-1

00-5

66-

129,

174

129,

174

127,

876

1,

298

-

21

,165

21,1

65

15

,128

6,

037

T

otal

Ins

truc

tion

595,

436

(30,

327)

565,

109

552,

655

12

,454

421,

494

(10,

900)

410,

594

39

3,41

5

17

,179

A

tten

danc

e &

Soc

ial W

ork

Ser

vice

s:

S

alar

ies

11-0

00-2

11-1

0116

,000

-

16,0

00

16,0

00

-

12

,000

-

12

,000

12,0

00

-

O

ther

Pur

chas

ed P

rofe

ssio

nal

& T

echn

ical

Ser

vice

s11

-000

-211

-390

10,0

00

-

10

,000

9,

193

807

2,

500

(3

60)

2,14

0

2,13

3

7

T

otal

Att

enda

nce

& S

ocia

l Wor

k S

ervi

ces

26,0

00

-

26

,000

25

,193

80

7

14,5

00

(3

60)

14,1

40

14

,133

7

H

ealt

h S

ervi

ces:

Sal

arie

s11

-000

-213

-101

108,

850

-

108,

850

108,

425

42

5

105,

250

2,00

0

107,

250

10

6,22

5

1,

025

Pur

chas

ed P

rofe

ssio

nal &

Edu

cati

onal

Ser

vice

s11

-000

-213

-320

6,67

5

(1,5

00)

5,

175

5,00

7

16

8

6,67

5

(400

)

6,

275

4,

909

1,

366

Sup

plie

s an

d M

ater

ials

11-0

00-2

13-6

106,

800

(2

,402

)

4,39

8

4,

156

242

5,

400

(1

,000

)

4,40

0

3,83

1

569

O

ther

Obj

ects

11-0

00-2

13-8

9040

0

-

40

0

100

30

0

400

-

40

0

-

40

0

T

otal

Hea

lth

Ser

vice

s12

2,72

5

(3

,902

)

118,

823

117,

688

1,

135

117,

725

600

118,

325

11

4,96

5

3,

360

O

ther

Su p

port

Ser

vice

s -

Stu

dent

s -

Rel

ated

Ser

vice

s:

S

alar

ies

11-0

00-2

16-1

0111

3,52

5

4,

475

118,

000

117,

561

43

9

91,9

15

(1

8,94

0)

72

,975

71,7

98

1,17

7

P

urch

ased

Pro

fess

iona

l &-

-

E

duca

tion

al S

ervi

ces

11-0

00-2

16-3

2015

4,86

8

82

,275

23

7,14

3

18

9,33

9

47,8

04

15

1,35

6

63

,725

215,

081

20

7,27

4

7,

807

Sup

plie

s &

Mat

eria

ls11

-000

-216

-610

15,3

50

11

7

15,4

67

14,9

08

559

17

,600

(1,7

06)

15

,894

14,8

32

1,06

2

T

otal

Oth

er S

ervi

ces

- S

tude

nts

- R

elat

ed S

ervi

ces

283,

743

86,8

67

370,

610

321,

808

48

,802

260,

871

43,0

79

30

3,95

0

293,

904

10,0

46

89

EX

HIB

IT C

-1

PO

SIT

IVE

/P

OS

ITIV

E/

(NE

GA

TIV

E)

(NE

GA

TIV

E)

AC

CO

UN

TO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

OO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

ON

UM

BE

RS

BU

DG

ET

TR

AN

SF

ER

SB

UD

GE

TA

CT

UA

LA

CT

UA

LB

UD

GE

TT

RA

NS

FE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NG

EN

ER

AL

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

O

ther

Sup

port

Ser

vice

s -

Stu

dent

s -

Reg

ular

:

S

alar

ies

of O

ther

Pro

fess

iona

l

S

taff

11-0

00-2

18-1

0413

9,95

0

9,

750

149,

700

147,

522

2,

178

165,

850

(14,

975)

150,

875

14

6,10

0

4,

775

Pur

chas

ed P

rofe

ssio

nal &

Edu

cati

onal

Ser

vice

s11

-000

-218

-320

9,25

0

4,70

0

13

,950

12

,313

1,

637

7,50

0

1,70

0

9,20

0

7,66

3

1,53

7

O

ther

Pur

chas

ed P

rofe

ssio

nal

& T

echn

ical

Ser

vice

s11

-000

-218

-390

8,80

0

(80)

8,

720

8,25

1

46

9

8,80

0

(200

)

8,

600

5,

459

3,

141

Sup

plie

s &

Mat

eria

ls11

-000

-218

-610

1,70

0

1,40

5

3,

105

3,08

3

22

1,70

0

-

1,

700

56

9

1,

131

Oth

er O

bjec

ts11

-000

-218

-890

600

-

600

18

582

60

0

-

600

504

96

T

otal

Oth

er S

u ppo

rt S

ervi

ces

- S

tude

nts

- R

egul

ar16

0,30

0

15

,775

17

6,07

5

17

1,18

7

4,88

8

18

4,45

0

(1

3,47

5)

17

0,97

5

160,

295

10,6

80

O

ther

Su p

port

Ser

vice

s -

Stu

dent

s -

Spe

cial

Ser

vice

s:

S

alar

ies

of O

ther

Pro

fess

iona

l Sta

ff11

-000

-219

-104

273,

575

31,6

50

305,

225

274,

964

30

,261

272,

293

(750

)

27

1,54

3

237,

739

33,8

04

Sal

arie

s of

Sec

reta

rial

& C

leri

cal

Ass

ista

nts

11-0

00-2

19-1

0532

,675

-

32,6

75

31,5

05

1,17

0

31

,950

700

32,6

50

31

,339

1,

311

Pur

chas

ed P

rofe

ssio

nal &

Edu

cati

onal

Ser

vice

s11

-000

-219

-320

2,75

0

2,28

0

5,

030

5,03

0

-

2,75

0

-

2,

750

2,

750

-

Sup

plie

s &

Mat

eria

ls11

-000

-219

-610

6,00

0

1,82

0

7,

820

7,48

3

33

7

4,50

0

6,65

0

11,1

50

11

,086

64

Oth

er O

bjec

ts11

-000

-219

-800

600

350

95

0

946

4

30

0

65

0

95

0

35

6

59

4

T

otal

Oth

er S

u ppo

rt S

ervi

ces

- S

tude

nts

- S

peci

al S

ervi

ces

315,

600

36,1

00

351,

700

319,

928

31

,772

311,

793

7,25

0

319,

043

28

3,27

0

35

,773

O

ther

Su p

port

Ser

vice

s -

Stu

dent

s -

Ext

raor

dina

ry S

ervi

ces:

Sal

arie

s 11

-000

-217

-106

128,

800

(8,4

75)

12

0,32

5

11

9,40

7

918

12

2,87

6

10

,900

133,

776

13

0,38

1

3,

395

Oth

er O

bjec

ts11

-000

-217

-890

500

-

500

-

50

0

500

800

1,30

0

1,11

0

190

T

otal

Oth

er S

u ppo

rt S

ervi

ces

- S

tude

nts

- E

xtra

ordi

nary

S

ervi

ces

129,

300

(8,4

75)

12

0,82

5

11

9,40

7

1,41

8

12

3,37

6

11

,700

135,

076

13

1,49

1

3,

585

I

mpr

ovem

ent o

f In

stru

ctio

nal S

taff

Sal

arie

s of

Sup

ervi

sors

of

Inst

ruct

ion

11-0

00-2

21-1

0271

,170

(22,

000)

49,1

70

46,2

66

2,90

4

11

2,74

6

95

0

11

3,69

6

113,

688

8

Sal

arie

s of

Sec

reta

rial

& C

leri

cal

Ass

ista

nts

11-0

00-2

21-1

0525

,900

1

25

,901

25

,900

1

-

-

-

-

-

P

urch

ased

Pro

fess

iona

l &

E

duca

tion

al S

ervi

ces

11-0

00-2

21-3

2025

,000

(1)

24

,999

15

,050

9,

949

-

-

-

-

-

Oth

er P

urch

ased

Pro

fess

iona

l &

T

echn

ical

Ser

vice

s11

-000

-221

-390

23,7

40

1,

000

24,7

40

24,4

74

266

25

,860

(7,0

00)

18

,860

18,6

92

168

T

otal

Ins

truc

tion

al S

taff

Tra

inin

g14

5,81

0

(2

1,00

0)

12

4,81

0

11

1,69

0

13,1

20

13

8,60

6

(6

,050

)

132,

556

13

2,38

0

17

6

90

EX

HIB

IT C

-1

PO

SIT

IVE

/P

OS

ITIV

E/

(NE

GA

TIV

E)

(NE

GA

TIV

E)

AC

CO

UN

TO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

OO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

ON

UM

BE

RS

BU

DG

ET

TR

AN

SF

ER

SB

UD

GE

TA

CT

UA

LA

CT

UA

LB

UD

GE

TT

RA

NS

FE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NG

EN

ER

AL

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

I

nstr

ucti

onal

Sta

ff T

rain

ing:

Sal

arie

s of

Sup

ervi

sors

of

Inst

ruct

ion

11-0

00-2

23-1

0242

,170

14,4

00

56,5

70

42,1

83

14,3

87

23

,478

-

23

,478

22,5

00

978

S

alar

ies

of O

ther

Pro

fess

iona

l Sta

ff11

-000

-223

-104

-

-

13

,000

-

13

,000

12,5

17

483

O

ther

Obj

ects

11-0

00-2

23-8

0044

,000

13,0

00

57,0

00

49,4

14

7,58

6

65

,500

(8,5

00)

57

,000

30,9

81

26,0

19

T

otal

Ins

truc

tion

al S

taff

Tra

inin

g86

,170

27,4

00

113,

570

91,5

97

21,9

73

10

1,97

8

(8

,500

)

93,4

78

65

,998

27

,480

E

duca

tion

al M

edia

Ser

vice

s/S

choo

l Lib

rar y

:

S

alar

ies

11-0

00-2

22-1

0178

,724

(16,

089)

62,6

35

61,8

63

772

59

,411

425

59,8

36

59

,730

10

6

Sal

arie

s -

Aid

es11

-000

-222

-106

-

17

,289

17

,289

15

,702

1,

587

16,2

89

10

0

16

,389

15,4

52

937

P

urch

ased

Pro

fess

iona

l &

T

echn

ical

Ser

vice

s11

-000

-222

-320

3,00

0

-

3,00

0

2,

380

620

3,

000

-

3,00

0

2,38

0

620

S

uppl

ies

and

Mat

eria

ls11

-000

-222

-610

30,0

00

1,

582

31,5

82

24,2

58

7,32

4

30

,000

2,30

1

32,3

01

21

,028

11

,273

Tot

al E

duca

tion

al M

edia

Ser

vice

s/S

choo

l Lib

rar y

111,

724

2,78

2

11

4,50

6

10

4,20

3

10,3

03

10

8,70

0

2,

826

11

1,52

6

98,5

90

12,9

36

S

u ppo

rt S

ervi

ces

Gen

eral

Adm

inis

trat

ion:

Sal

arie

s11

-000

-230

-101

208,

649

(1,3

75)

20

7,27

4

20

7,27

2

2

207,

662

93

207,

755

20

6,20

2

1,

553

Leg

al S

ervi

ces

11-0

00-2

30-3

3115

,000

43,3

65

58,3

65

53,0

08

5,35

7

10

,000

23,0

00

33

,000

19,9

52

13,0

48

Aud

it F

ees

11-0

00-2

30-3

3218

,500

(2,0

00)

16

,500

16

,500

-

17,5

00

1,

000

18

,500

18,5

00

-

A

rchi

tect

ural

/Eng

inee

ring

Ser

vice

s11

-000

-230

-334

11,0

00

23

,920

34

,920

34

,911

9

1,

500

12

,000

13,5

00

7,

061

6,

439

Com

mun

icat

ions

/Tel

epho

ne11

-000

-230

-530

35,5

00

(7

83)

34,7

17

34,2

28

489

37

,000

16,1

00

53

,100

49,2

74

3,82

6

O

ther

Pur

chas

ed S

ervi

ces

11-0

00-2

30-5

9016

,000

(450

)

15

,550

15

,540

10

15,9

50

50

16

,000

15,9

91

9

Gen

eral

Sup

plie

s11

-000

-230

-610

3,00

0

700

3,

700

3,63

5

65

4,00

0

1,90

0

5,90

0

5,83

3

67

M

isce

llan

eous

Exp

endi

ture

s11

-000

-230

-890

17,0

00

6,

881

23,8

81

23,1

71

710

17

,000

1,05

0

18,0

50

16

,061

1,

989

BO

E M

embe

rshi

p D

ues

& F

ees

11-0

00-2

30-8

956,

500

-

6,

500

6,43

3

67

6,50

0

-

6,

500

6,

433

67

T

otal

Su p

port

Ser

vice

s G

ener

al A

dmin

istr

atio

n33

1,14

9

70

,258

40

1,40

7

39

4,69

8

6,70

9

31

7,11

2

55

,193

372,

305

34

5,30

7

26

,998

S

u ppo

rt S

ervi

ces

Sch

ool A

dmin

istr

atio

n:

S

alar

ies

of P

rinc

ipal

s &

Ass

ista

nt

P

rinc

ipal

s11

-000

-240

-103

298,

619

22,4

75

321,

094

320,

994

10

0

271,

997

7,80

0

279,

797

27

0,79

6

9,

001

Sal

arie

s of

Sec

reta

rial

& C

leri

cal

A

ssis

tant

s11

-000

-240

-105

86,8

15

(4

61)

86,3

54

86,3

39

15

10

5,63

1

(6

,300

)

99,3

31

98

,875

45

6

Pur

chas

ed P

rofe

ssio

nal S

ervi

ces

11-0

00-2

40-3

305,

000

(5

,000

)

-

-

-

27,4

00

27

,400

26,3

36

1,06

4

O

ther

Pur

chas

ed S

ervi

ces

11-0

00-2

40-5

801,

000

(3

94)

606

60

3

3

1,00

0

500

1,50

0

1,23

3

267

S

uppl

ies

and

Mat

eria

ls11

-000

-240

-610

12,5

00

(3

,431

)

9,06

9

8,

994

75

13

,900

(4,1

99)

9,

701

8,

290

1,

411

Oth

er O

bjec

ts11

-000

-240

-800

3,50

0

-

3,50

0

3,

488

12

4,

000

71

0

4,

710

4,

704

6

T

otal

Su p

port

Ser

vice

s S

choo

l Adm

inis

trat

ion

407,

434

13,1

89

420,

623

420,

418

20

5

396,

528

25,9

11

42

2,43

9

410,

234

12,2

05

C

entr

al S

ervi

ces:

Sal

arie

s 11

-000

-251

-10 0

222,

315

(91,

552)

130,

763

130,

762

1

12

7,88

5

-

127,

885

12

7,88

5

-

Sal

arie

s -

Sta

ff11

-000

-251

-105

-

91

,873

91

,873

91

,872

1

89

,769

153

89,9

22

89

,922

-

Pur

chas

ed P

rofe

ssio

nal S

ervi

ces

11-0

00-2

51-3

309,

000

(2

25)

8,77

5

8,

774

1

10,0

00

(1

,000

)

9,00

0

8,77

4

226

S

uppl

ies

and

Mat

eria

ls11

-000

-251

-610

7,00

0

(1,7

15)

5,

285

5,16

6

11

9

6,30

0

159

6,45

9

6,20

2

257

M

isce

llan

eous

Exp

endi

ture

s11

-000

-251

-800

2,50

0

(119

)

2,

381

2,38

1

-

2,80

0

-

2,

800

2,

447

35

3

T

otal

Cen

tral

Ser

vice

s24

0,81

5

(1

,738

)

239,

077

238,

955

12

2

236,

754

(688

)

23

6,06

6

235,

230

836

91

EX

HIB

IT C

-1

PO

SIT

IVE

/P

OS

ITIV

E/

(NE

GA

TIV

E)

(NE

GA

TIV

E)

AC

CO

UN

TO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

OO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

ON

UM

BE

RS

BU

DG

ET

TR

AN

SF

ER

SB

UD

GE

TA

CT

UA

LA

CT

UA

LB

UD

GE

TT

RA

NS

FE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NG

EN

ER

AL

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

A

dmin

istr

ativ

e In

form

atio

n T

echn

olog

y:

S

alar

ies

11-0

00-2

52-1

001,

026

(1

,026

)

-

-

-

2,

289

-

2,28

9

-

2,28

9

P

urch

ased

Pro

fess

iona

l Ser

vice

s11

-000

-252

-330

80,0

00

61

0

80,6

10

80,6

09

1

60,0

00

24

,250

84,2

50

84

,250

-

Pur

chas

ed T

echn

ical

Ser

vice

s11

-000

-252

-340

7,50

0

13,6

25

21,1

25

21,1

22

3

T

otal

Adm

inis

trat

ive

Info

rmat

ion

Tec

hnol

ogy

88,5

26

13

,209

10

1,73

5

10

1,73

1

4

62,2

89

24

,250

86,5

39

84

,250

2,

289

I

nter

est E

arne

d on

Cur

rent

Exp

ense

Mai

nten

ance

Res

erve

10-6

0675

-

75

-

75

75

-

75

-

75

T

otal

Int

eres

t Ear

ned

on C

urre

nt E

xpen

se

M

aint

enan

ce R

eser

ve75

-

75

-

75

75

-

75

-

75

A

llow

able

Mai

nten

ance

for

Sch

ool F

acil

itie

s:

C

lean

ing,

Rep

air

& M

aint

enan

ce

S

ervi

ces

11-0

00-2

61-4

2091

,809

274,

213

366,

022

360,

860

5,

162

69,1

50

21

4,06

9

28

3,21

9

177,

738

105,

481

S

uppl

ies

11-0

00-2

61-6

1019

,000

2,17

5

21

,175

17

,254

3,

921

18,0

00

(2

,350

)

15,6

50

14

,006

1,

644

T

otal

All

owab

le M

aint

enan

ce f

or S

choo

l Fac

ilit

ies

110,

809

276,

388

387,

197

378,

114

9,

083

87,1

50

21

1,71

9

29

8,86

9

191,

744

107,

125

O

pera

tion

& M

aint

enan

ce o

f P

lant

Ser

vice

s:

S

alar

ies

11-0

00-2

62-1

0147

5,53

6

(1

2,92

2)

46

2,61

4

46

1,04

6

1,56

8

43

9,57

0

9,

500

44

9,07

0

442,

738

6,33

2

S

alar

ies

- A

ides

11-0

00-2

62-1

06-

3,68

7

3,

687

3,68

5

2

10

,321

(4,0

00)

6,

321

5,

818

50

3

Pur

chas

ed P

rofe

ssio

nal/

Tec

hnic

al

S

ervi

ces

11-0

00-2

62-3

001,

300

(3

55)

945

94

2

3

1,30

0

-

1,

300

94

2

35

8

Cle

anin

g, R

epai

r &

Mai

nten

ance

Ser

vice

s11

-000

-262

-420

20,4

00

7,

000

27,4

00

26,1

11

1,28

9

22

,000

9,35

0

31,3

50

31

,341

9

O

pera

tion

& M

aint

enan

ce o

f P

lant

Ser

vice

s (c

onti

nued

):

O

ther

Pur

chas

ed P

rope

rty

Ser

vice

s11

-000

-262

-490

36,5

00

(9

,255

)

27,2

45

27,2

44

1

48,5

00

(2

0,85

0)

27

,650

22,6

28

5,02

2

I

nsur

ance

11-0

00-2

62-5

2025

,500

(1,1

30)

24

,370

24

,369

1

30

,000

(4,5

00)

25

,500

24,6

31

869

G

ener

al S

uppl

ies

11-0

00-2

62-6

1062

,000

1,06

7

63

,067

61

,719

1,

348

59,0

00

4,

300

63

,300

59,7

10

3,59

0

E

nerg

y (E

lect

rici

ty)

11-0

00-2

62-6

2217

0,00

0

20

,688

19

0,68

8

18

2,68

7

8,00

1

90

,000

80,3

00

17

0,30

0

145,

843

24,4

57

Ene

rgy

(Nat

ural

Gas

)11

-000

-262

-621

80,0

00

(4

,598

)

75,4

02

75,2

00

202

19

0,00

0

(1

21,3

46)

68

,654

65,7

91

2,86

3

O

ther

Obj

ects

11-0

00-2

62-8

002,

500

(1

,000

)

1,50

0

92

5

575

2,

500

(1

,600

)

900

375

525

T

otal

Ope

rati

on &

Mai

nten

ance

of

Pla

nt S

ervi

ces

873,

736

3,18

2

87

6,91

8

86

3,92

8

12,9

90

89

3,19

1

(4

8,84

6)

84

4,34

5

799,

817

44,5

28

S

tude

nt T

rans

port

atio

n S

ervi

ces:

Con

trac

ted

Ser

vice

s (B

etw

een

Hom

e

&

Sch

ool)

- V

endo

rs11

-000

-270

-511

320,

000

(1,7

51)

31

8,24

9

31

1,69

2

6,55

7

31

5,00

0

(1

0,00

0)

30

5,00

0

303,

104

1,89

6

C

ontr

acte

d S

ervi

ces

(Oth

er T

han

Bet

wee

n

H

ome

& S

choo

l) -

Ven

dors

11-0

00-2

70-5

1222

,750

(2,8

15)

19

,935

19

,140

79

5

33,2

50

(1

,100

)

32,1

50

17

,895

14

,255

C

ontr

acte

d S

ervi

ces

(Spe

cial

Edu

cati

on

S

tude

nts)

- J

oint

Agr

eem

ent

11-0

00-2

70-5

1317

,250

2,54

0

19

,790

19

,789

1

20

,900

-

20

,900

18,6

82

2,21

8

C

ontr

acte

d S

ervi

ces

- (J

oint

ures

Spe

cial

Edu

cati

on)

11-0

00-2

70-5

1520

3,20

3

(3

6,06

0)

16

7,14

3

16

4,13

7

3,00

6

15

8,53

1

(1

4,90

0)

14

3,63

1

140,

595

3,03

6

C

ontr

acte

d S

ervi

ces

- (A

id in

Lie

u

of

Pay

men

ts)

11-0

00-2

70-5

0311

,492

(400

)

11

,092

10

,372

72

0

15,9

12

(5

,000

)

10,9

12

10

,608

30

4

Oth

er O

bjec

ts11

-000

-270

-890

3,50

0

(250

)

3,

250

3,25

0

-

7,20

0

(3,9

00)

3,

300

3,

250

50

T

otal

Stu

dent

Tra

nspo

rtat

ion

Ser

vice

s57

8,19

5

(3

8,73

6)

53

9,45

9

52

8,38

0

11,0

79

55

0,79

3

(3

4,90

0)

51

5,89

3

494,

134

21,7

59

92

EX

HIB

IT C

-1

PO

SIT

IVE

/P

OS

ITIV

E/

(NE

GA

TIV

E)

(NE

GA

TIV

E)

AC

CO

UN

TO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

OO

RIG

INA

LB

UD

GE

TF

INA

LF

INA

L T

ON

UM

BE

RS

BU

DG

ET

TR

AN

SF

ER

SB

UD

GE

TA

CT

UA

LA

CT

UA

LB

UD

GE

TT

RA

NS

FE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NG

EN

ER

AL

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

I

nter

est E

arne

d on

Cur

rent

Exp

ense

Em

erge

ncy

Res

erve

10-6

07-

-

-

-

-

60

0

-

600

-

600

T

otal

Int

eres

t Ear

ned

on C

urre

nt E

x pen

se E

mer

genc

y

R

eser

ve-

-

-

-

-

60

0

-

600

-

600

U

nall

ocat

ed B

enef

its

- E

mpl

oyee

Ben

efit

s

S

ocia

l Sec

urit

y -

Oth

er11

-000

-291

-220

127,

000

11,0

00

138,

000

136,

532

1,

468

119,

500

(2,9

00)

11

6,60

0

116,

591

9

Oth

er R

etir

emen

t Con

trib

utio

ns-P

ER

S11

-000

-291

-241

124,

000

(20,

924)

103,

076

101,

877

1,

199

118,

649

(11,

024)

107,

625

10

5,71

3

1,

912

Wor

kmen

's C

ompe

nsat

ion

11-0

00-2

91-2

6051

,000

70

51,0

70

51,0

69

1

43,0

00

4,

300

47

,300

47,2

42

58

H

ealt

h B

enef

its

11-0

00-2

91-2

701,

889,

535

(3

6,39

7)

1,

853,

138

1,

849,

897

3,24

1

1,

806,

247

(9

7,40

0)

1,

708,

847

1,69

3,97

6

14,8

71

Tui

tion

Rei

mbu

rsem

ents

11-0

00-2

91-2

8020

,000

-

20,0

00

20,0

00

-

20

,000

(4,4

75)

15

,525

15,5

22

3

Oth

er E

mpl

oyee

Ben

efit

s11

-000

-291

-290

74,0

68

8,

320

82,3

88

82,0

99

289

71

,267

24,2

00

95

,467

93,5

64

1,90

3

-

-

Tot

al U

nall

ocat

ed B

enef

its

- E

mpl

oyee

Ben

efit

s2,

285,

603

(3

7,93

1)

2,

247,

672

2,

241,

474

6,19

8

2,

178,

663

(8

7,29

9)

2,

091,

364

2,07

2,60

8

18,7

56

N

onbu

d get

ed:

On-

Beh

alf

TP

AF

Pen

sion

Con

trib

utio

ns-

-

-

250,

453

(2

50,4

53)

-

-

-

379,

377

(379

,377

)

O

n-B

ehal

f P

ost R

etir

emen

t Med

ical

Con

trib

utio

ns-

-

-

410,

647

(4

10,6

47)

-

-

-

428,

980

(428

,980

)

R

eim

burs

ed T

PA

F S

ocia

l Sec

urit

y C

ontr

ibut

ions

-

-

-

42

2,64

3

(422

,643

)

-

-

-

43

5,39

4

(4

35,3

94)

T

otal

Und

istr

ibut

ed E

x pen

ditu

res

6,89

3,15

0

403,

041

7,29

6,19

1

8,18

6,79

7

(8

90,6

06)

6,

506,

648

17

1,51

0

6,

678,

158

7,56

5,51

6

(887

,358

)

Tot

al E

x pen

ditu

res

- C

urre

nt E

xpen

se12

,653

,874

280,

213

12,9

34,0

87

13,6

38,0

05

(703

,918

)

12,0

96,0

93

89

,842

12,1

85,9

35

12

,910

,810

(724

,875

)

Ca p

ital

Out

lay:

I

nter

est t

o C

apit

al R

eser

ve90

0

-

90

0

-

900

10

0

-

100

-

100

Equ

ipm

ent:

Oth

er P

urch

ased

Pro

pert

y S

ervi

ces

12-0

00-2

60-7

3086

,250

(11,

610)

74,6

40

49,2

82

25,3

58

67

,000

(55,

138)

11,8

62

11

,862

-

T

otal

Equ

ipm

ent

86,2

50

(1

1,61

0)

74

,640

49

,282

25

,358

67,0

00

(5

5,13

8)

11

,862

11,8

62

-

Fac

ilit

ies

Ac q

uisi

tion

& C

onst

ruct

ion

Ser

vice

s:

Pur

chas

ed P

rofe

ssio

nal S

ervi

ces

12-0

00-4

00-3

20-

11,8

26

11,8

26

10,1

85

1,64

1

8,

000

35

,200

43,2

00

42

,854

34

6

L

egal

Ser

vice

s12

-000

-400

-331

-

-

-

-

-

-

21

,000

21,0

00

20

,303

69

7

C

onst

ruct

ion

Ser

vice

s12

-000

-400

-450

-

-

-

-

-

-

44

,448

44,4

48

44

,424

24

O

ther

Obj

ects

12-0

00-4

00-8

0023

,805

-

23,8

05

23,8

05

-

15

,439

-

15

,439

15,4

39

-

Tot

al F

acil

itie

s A

cqui

siti

on &

Con

stru

ctio

n S

ervi

ces

23,8

05

11

,826

35

,631

33

,990

1,

641

23,4

39

10

0,64

8

12

4,08

7

123,

020

1,06

7

Tot

al C

apit

al O

utla

y11

0,95

5

21

6

111,

171

83,2

72

27,8

99

90

,539

45,5

10

13

6,04

9

134,

882

1,16

7

Tot

al E

xpen

ditu

res

12,7

64,8

29

28

0,42

9

13

,045

,258

13

,721

,277

(6

76,0

19)

12

,186

,632

135,

352

12,3

21,9

84

13

,045

,692

(723

,708

)

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s O

ver/

(Und

er)

E

xpen

ditu

res

Bef

ore

Oth

er F

inan

cing

Sou

rces

/(U

ses)

(476

,652

)

(280

,429

)

(7

57,0

81)

(343

,550

)

41

3,53

1

(349

,298

)

(135

,352

)

(484

,650

)

53,4

83

538,

133

93

EX

HIB

IT C

-1

PO

SIT

IVE

/P

OS

ITIV

E/

(NE

GA

TIV

E)

(NE

GA

TIV

E)

AC

CO

UN

TO

RIG

INA

LB

UD

GE

TFI

NA

LFI

NA

L T

OO

RIG

INA

LB

UD

GE

TFI

NA

LFI

NA

L T

ON

UM

BE

RS

BU

DG

ET

TR

AN

SFE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

BU

DG

ET

TR

AN

SFE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NG

EN

ER

AL

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

Oth

er F

inan

cing

Sou

rces

/(U

ses)

:

Ca p

ital

Res

erve

:

T

rans

fer

to C

apit

al P

roje

cts

-

(2

,596

)

(2,5

96)

-

2,

596

-

(2

,596

)

(2,5

96)

-

2,59

6

T

rans

fer

from

Sum

mer

Rec

reat

ion

Pro

gram

-

-

-

1,

207

1,20

7

-

-

-

-

-

I

nter

est f

rom

Cap

ital

Pro

ject

s-

-

-

7

7

-

-

-

14

14

C

ance

llati

on o

f P

rior

Yea

r A

ccou

nts

Rec

eiva

ble

-

-

-

(2

7,37

0)

(27,

370)

-

-

-

-

-

C

ance

llati

on o

f P

rior

Yea

r A

ccou

nts

Pay

able

-

-

-

10

,940

10

,940

-

-

-

-

-

T

otal

Oth

er F

inan

cing

Use

s-

(2,5

96)

(2

,596

)

(15,

216)

(1

2,62

0)

-

(2

,596

)

(2,5

96)

14

2,61

0

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s O

ver/

(Und

er)

E

xpen

ditu

res

Aft

er O

ther

Fin

anci

ng S

ourc

es/(

Use

s)(4

76,6

52)

(2

83,0

25)

(759

,677

)

(3

58,7

66)

400,

911

(3

49,2

98)

(1

37,9

48)

(4

87,2

46)

53

,497

54

0,74

3

Fund

Bal

ance

s , J

uly

11,

620,

507

-

1,

620,

507

1,

620,

507

-

1,

567,

010

1,

567,

010

1,56

7,01

0

Fund

Bal

ance

s, J

une

301,

143,

855

$

(2

83,0

25)

$

860,

830

$

1,

261,

741

$

400,

911

$

1,

217,

712

$

(1

37,9

48)

$

1,07

9,76

4$

1,62

0,50

7$

540,

743

$

Pri

or Y

ear

Enc

umbr

ance

s17

3,02

5$

Cur

rent

Yea

r W

ithd

raw

al f

rom

Mai

nten

ance

Res

erve

110,

000

Tot

al28

3,02

5$

Res

tric

ted

Fund

Bal

ance

:

C

a pit

al R

eser

ve76

3,62

4$

Em

erge

ncy

Res

erve

840

M

aint

enan

ce R

eser

ve18

,644

T

uiti

on R

eser

ve -

Cur

rent

Yea

r75

,000

T

uiti

on R

eser

ve -

Pri

or Y

ear

40,0

00

Exc

ess

Sur

plus

-

Res

erve

d E

xces

s S

urpl

us D

esig

nate

d fo

r S

ubse

quen

t Yea

r's E

xpen

ditu

res

59,7

70

Com

mit

ted

Fund

Bal

ance

:

Yea

r-en

d E

ncum

bran

ces

34,1

31

Ass

i gne

d Fu

nd B

alan

ce:

Des

igna

ted

for

Sub

sequ

ent Y

ear's

Exp

endi

ture

s61

,986

U

nass

igne

d Fu

nd B

alan

ce20

7,74

6

S

ubto

tal

1 ,26

1,74

1

Rec

onci

liati

on to

Gov

ernm

enta

l Fun

ds S

tate

men

ts (

GA

AP

):

Las

t Tw

o S

tate

Aid

Pay

men

ts N

ot R

ecog

nize

d on

GA

AP

Bas

is(1

59,6

22)

Fund

Bal

ance

per

Gov

ernm

enta

l Fun

ds (

GA

AP

)1,

102,

119

$

RE

CA

PIT

UL

AT

ION

OF

FU

ND

BA

LA

NC

E:

RE

CA

PIT

UL

AT

ION

OF

BU

DG

ET

TR

AN

SF

ER

S

94

EX

HIB

IT C

-2

VA

RIA

NC

EV

AR

IAN

CE

PO

SIT

IVE

/P

OS

ITIV

E/

(NE

GA

TIV

E)

(NE

GA

TIV

E)

OR

IGIN

AL

BU

DG

ET

FIN

AL

FIN

AL

TO

OR

IGIN

AL

BU

DG

ET

FIN

AL

FIN

AL

TO

RE

VE

NU

ES

BU

DG

ET

TR

AN

SF

ER

SB

UD

GE

TA

CT

UA

LA

CT

UA

LB

UD

GE

TT

RA

NS

FE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

Loc

al S

ourc

es-

$

17

,028

$

17

,028

$

13,7

88$

(3

,240

)$

-

$

14,1

20$

14,1

20$

10

,958

$

(3,1

62)

$

F

eder

al S

ourc

es25

8,07

2

50

,291

308,

363

30

8,36

3

-

30

5,51

4

14,6

18

32

0,13

2

319,

380

(7

52)

T

otal

Rev

enue

s25

8,07

2

67

,319

325,

391

32

2,15

1

(3,2

40)

305,

514

28

,738

334,

252

33

0,33

8

(3,9

14)

EX

PE

ND

ITU

RE

S:

Inst

ruct

ion:

S

alar

ies

of T

each

ers

62,7

76

18,1

48

80

,924

80,9

24

-

58,2

09

25

,492

83,7

01

83

,701

-

P

urch

ased

Pro

fess

iona

l & T

echn

ical

Ser

vice

s10

,952

(1

0,95

2)

-

-

-

13,9

62

(6

8)

13

,894

13,8

94

-

Tui

tion

170,

366

37,7

09

20

8,07

5

208,

075

-

204,

716

(4

,285

)

200,

431

20

0,43

1

-

G

ener

al S

uppl

ies

1

17

,027

17,0

28

13

,788

3,24

0

-

14,1

21

14

,121

10,9

59

3,

162

T

otal

Ins

truc

tion

244,

095

61,9

32

30

6,02

7

302,

787

3,

240

276,

887

35

,260

312,

147

30

8,98

5

3,16

2

Sup

port

Ser

vice

s:

Per

sona

l Ser

vice

s -

Em

ploy

ee B

enef

its

12,5

55

6,05

7

18,6

12

18

,612

-

11

,626

5,11

4

16,7

40

16

,740

-

P

urch

ased

Pro

fess

iona

l Ser

vice

s85

8

(858

)

-

-

-

17,0

01

(1

1,63

6)

5,

365

4,61

3

75

2

Oth

er P

urch

ased

Ser

vice

s56

4

188

752

75

2

-

-

-

-

-

-

T

otal

Sup

port

Ser

vice

s13

,977

5,

387

19

,364

19,3

64

-

28,6

27

(6

,522

)

22,1

05

21

,353

752

Tot

al E

xpen

ditu

res

258,

072

67,3

19

32

5,39

1

322,

151

3,

240

305,

514

28

,738

334,

252

33

0,33

8

3,91

4

Tot

al O

utfl

ows

258,

072

67,3

19

32

5,39

1

322,

151

3,

240

305,

514

28

,738

334,

252

33

0,33

8

3,91

4

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s O

ver/

(

Und

er)

Exp

endi

ture

s &

Oth

er

Fin

anci

ng S

ourc

es/(

Use

s)-

$

-

$

-

$

-$

-

$

-$

-

$

-

$

-$

-

$

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NS

PE

CIA

L R

EV

EN

UE

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

F

OR

TH

E F

ISC

AL

YE

AR

S E

ND

ED

JU

NE

30,

201

4 A

ND

201

3

95


96

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

97


98

EXHIBIT C-3

SPECIALGENERAL REVENUE

FUND FUNDSources/Inflows of Resources: Actual Amounts (Budgetary Basis) "Revenue" From the Budgetary Comparison Schedule (C-Series) 13,377,727$ 322,151$

Difference - Budget to GAAP: State aid payment recognized for GAAP statements in the current year, previously recognized for budgetary purposes. 150,210 -

State aid payment recognized for budgetary purposes, not recognized for GAAP statements until the subsequent year. (159,622) -

Encumbrances for supplies and equipment ordered but not received is reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes.

Current Year - - Prior Year 80

Total Revenues as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds. (B-2) 13,368,315$ 322,231$

Uses/outflows of resources: Actual amounts (budgetary basis) "total expenditures" from the budgetary comparison schedule 13,721,277$ 322,151$

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. - 80

Total Expenditures as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds (B-2) 13,721,277$ 322,231$

GAAP Revenues and Expenditures

FOR FISCAL YEAR ENDED JUNE 30, 2014 NOTE TO RSI

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONREQUIRED SUPPLEMENTARY INFORMATION

BUDGETARY COMPARISON SCHEDULE

Note A - Explanation of Differences between Budgetary Inflows and Outflows and

99


100

OTHER SUPPLEMENTARY INFORMATION

101


102

D. School Based Budget Schedules

Not Applicable

103


104

E. Special Revenue Fund

105


106

EXHIBIT E-1

TITLE II - I.D.E.A.TITLE I PART A PART B BASIC

Revenues: Federal Sources 74,339$ 25,949$ 195,558$ Local Sources - - -

Total Revenues 74,339$ 25,949$ 195,558$

Expenditures: Instruction: Salaries of Teachers 59,827$ 21,097$ -$ Other Technical Services - - - Tuition - - 195,558

Total Instruction 59,827 21,097 195,558

Support Services: Employee Benefits 13,760 4,852 - Other Purchased Services 752 - -

Total Support Services 14,512 4,852 -

Total Expenditures 74,339$ 25,949$ 195,558$

NO CHILD LEFT BEHIND


SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONSPECIAL REVENUE FUND

COMBINING SCHEDULE OF PROGRAM REVENUES AND EXPENDITURESBUDGETARY BASIS


107

EXHIBIT E-1

I.D.E.A.PRESCHOOL STARPROGRAM FOUNDATION 2014 2013

Revenues: Federal Sources 12,517$ -$ 308,363$ 319,380$ Local Sources - 13,788 13,788 10,958

Total Revenues 12,517$ 13,788$ 322,151$ 330,338$

Expenditures: Instruction: Salaries of Teachers -$ -$ 80,924$ 83,701$ Other Technical Services - - - 13,894 Tuition 12,517 - 208,075 200,431 General Supplies - 13,788 13,788 10,959

Total Instruction 12,517 13,788 302,787 308,985

Support Services: Employee Benefits - - 18,612 16,740 Purchase of Professional Services - - - 4,613 Other Purchased Services - - 752 -

Total Support Services - - 19,364 21,353

Total Expenditures 12,517$ 13,788$ 322,151$ 330,338$


SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONSPECIAL REVENUE FUND

COMBINING SCHEDULE OF PROGRAM REVENUES AND EXPENDITURESBUDGETARY BASIS

108

F. Capital Projects Fund

109


110

EX

HIB

IT F

-1

UN

EX

PE

ND

ED

BA

LA

NC

E

OR

IGIN

AL

PR

IOR

CU

RR

EN

TJU

NE

30,

PR

OJE

CT

TIT

LE

/IS

SU

ED

AT

EA

PP

RO

PR

IAT

ION

SY

EA

RS

YE

AR

2014

Com

plet

ion

of V

ario

us I

mpr

ovem

ents

6/01

/03

3,52

9,14

9$

3,24

0,42

1$

-

$

288,

728

$

& R

enov

atio

ns a

t Sch

ool N

o. 2

Com

plet

ion

of C

afet

eria

Ren

ovat

ions

a

t Sch

ool N

o. 2

10/1

5/09

86,0

01

86,0

01

-

-

T

otal

3,61

5,15

0$

3,32

6,42

2$

-

$

288,

728

$

EX

PE

ND

ITU

RE

ST

O D

AT

E

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NC

AP

ITA

L P

RO

JEC

TS

FU

ND

SU

MM

AR

Y S

CH

ED

UL

E O

F P

RO

JEC

T E

XP

EN

DIT

UR

ES

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

111

EXHIBIT F-2

Fund Balance - Beginning 264,362$

Revenues: State Sources - SDA Grant 27,579

Total Revenues 27,579

Other Financing Sources/(Uses): Cancellation of Prior Year Accounts Receivable (3,213)

Total Other Financing Sources/Uses (3,213)

Fund Balance - Ending 288,728$


SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONCAPITAL PROJECTS FUND

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

112

EXHIBIT F-2a

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COSTRevenues & Other Financing Sources: State Sources - SDA Grant 1,752,980$ 27,579$ 1,780,559$ 1,780,559$ Bond Proceeds & Transfers 2,325,342 - 2,325,342 2,325,342

Total Revenues 4,078,322 27,579 4,105,901 4,105,901

Expenditures & Other Financing Uses: Purchased Professional & Technical Technical Services 573,877 - 573,877 573,877 Land & Improvements 2,599,184 - 2,599,184 2,887,912 Equipment Purchases 67,360 - 67,360 67,360

Total Expenditures 3,240,421 - 3,240,421 3,529,149

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures 837,901 27,579 865,480 576,752

Other Financing Sources/(Uses): Cancellation of Prior Year Receivable (576,752) - (576,752) (576,752)

Total Other Financing Sources/Uses (576,752) - (576,752) (576,752)

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures & Other Financing Sources/(Uses) 261,149$ 27,579$ 288,728$ -$

Project Number 4930-060-02-1103Grant Date October 30, 2002Grant Award $1,752,980Bond Authorization Date May 15, 2003Bonds Authorized $2,629,469Bonds Issued $2,629,469Original Authorized Cost $4,382,449Reduced Authorized Cost (276,548)Revised Authorized Cost $4,105,901Percentage Increase Over Original Authorized Cost -6.31%Percentage Completion 79%Original Target Completion Date September 1, 2004Revised Target Completion Date 1-Sep-07


ADDITIONAL PROJECT INFORMATION


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

SOUTHAMPTON - SCHOOL #2 RENOVATIONS

113

EXHIBIT F-2b

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COSTRevenues & Other Financing Sources: State Sources - SDA Grant 35,686$ -$ 35,686$ 35,686$ Bond Proceeds & Transfers 53,528 - 53,528 53,528

Total Revenues 89,214 - 89,214 89,214

Expenditures & Other Financing Uses: Purchased Professional & Technical Technical Services 23,126 - 23,126 23,126 Land & Improvements 62,875 - 62,875 62,875

Total Expenditures 86,001 - 86,001 86,001

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures 3,213 - 3,213 3,213

Other Financing Sources/(Uses): Cancellation of Prior Year Receivable - (3,213) (3,213) (3,213)

Total Other Financing Sources/Uses - (3,213) (3,213) (3,213)

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures & Other Financing Sources/(Uses) 3,213$ (3,213)$ -$ -$

Project Number 4930-060-09-1003Grant Date October 15, 2009Grant Award $35,686Bond Authorization Date n/aBonds Authorized n/aBonds Issued n/aOriginal Authorized Cost $89,214Additional Authorized Cost n/aRevised Authorized Cost $89,214Percentage Increase Over Original Authorized Cost n/aPercentage Completion CompletedOriginal Target Completion Date October 15, 2010Revised Target Completion Date October 15, 2010

ADDITIONAL PROJECT INFORMATION


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

SOUTHAMPTON - SCHOOL #2 CAFETERIA RENOVATIONSFOR FISCAL YEAR ENDED JUNE 30, 2014

114

G. Proprietary Funds

115


116

Enterprise Funds

117


118

EXHIBIT G-1

BUSINESS-TYPEACTIVITIES -ENTERPRISE

FUNDSFOOD

ASSETS SERVICE 2014 2013

Current Assets: Cash & Cash Equivalents 77,330$ 77,330$ 73,927$ Accounts Receivable: State 376 376 745 Federal 6,507 6,507 15,803 Interfund Receivable - - 11,904 Inventories 10,760 10,760 9,723

Total Current Assets 94,973 94,973 112,102

Noncurrent Assets: Equipment 172,992 172,992 74,827 Less: Accumulated Depreciation (50,853) (50,853) (47,749)

Total Capital Assets 122,139 122,139 27,078

Total Assets 217,112 217,112 139,180

LIABILITIES

Unearned Revenue 1,678 1,678 2,529Accounts Payable 84,912 84,912 -

Total Liabilities 86,590 86,590 2,529

NET POSITION

Net Investment in Capital Assets 122,139 122,139 27,078Unrestricted 8,383 8,383 109,573

Total Net Position 130,522$ 130,522$ 136,651$


SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONENTERPRISE FUND

COMBINING SCHEDULE OF NET POSITIONAS OF JUNE 30, 2014

119

EXHIBIT G-2


SUMMER FUNDSRECREATION FOOD

FUND SERVICE 2014 2013Operating Revenues: Local Sources: Daily Sales - Reimbursable Programs -$ 107,517$ 107,517$ 115,312$ Daily Sales - Nonreimbursable Programs - 53,095 53,095 59,327

Total Operating Revenue - 160,612 160,612 174,639

Operating Expenses: Salaries - 95,871 95,871 95,634 Employee Benefits - 18,981 18,981 18,666 Management Fee - 18,020 18,020 17,765 Insurance - 4,558 4,558 - Repairs & Miscellaneous Expenses - 17,252 17,252 6,827 Supplies and Materials - 7,513 7,513 3,047 Cost of Sales - 105,135 105,135 126,215 Depreciation - 3,104 3,104 2,000

Total Operating Expenses - 270,434 270,434 270,154

Operating Income/(Loss) - (109,822) (109,822) (95,515)

Nonoperating Revenues (Expenses): State Sources: State School Lunch Program - 2,925 2,925 3,023 Federal Sources: National School Lunch Program - 75,373 75,373 68,300 National School Breakfast Program - 8,154 8,154 9,375 Special Milk Program - 87 87 127 Food Distribution Program - 17,995 17,995 22,869

Total Nonoperating Revenues/ (Expenses) - 104,534 104,534 103,694

Net Income/(Loss) Before Other Financing Sources/(Uses) - (5,288) (5,288) 8,179

Other Financing Sources/(Uses) Interest Revenue - Board Contribution - 366 366 481 Transfer to General Fund (1,207) - (1,207) -

Total Other Financing Sources/(Uses (1,207) 366 (841) 481

Change in Net Position (1,207) (4,922) (6,129) 8,660Total Net Position - Beginning 1,207 135,444 136,651 127,991

Total Net Position - Ending -$ 130,522$ 130,522$ 136,651$



COMBINING SCHEDULE OF REVENUES, EXPENSES ANDCHANGES IN FUND NET POSITION

120

EXHIBIT G-3


SUMMER FUNDSRECREATION FOOD

FUND SERVICE 2014 2013Cash Flows From Operating Activities: Receipts from Customers -$ 171,665$ 171,665$ 171,598$ Payments to Employees - (95,871) (95,871) (95,634) Payments for Employee Benefits - (18,981) (18,981) (18,666) Payments to Suppliers - (153,515) (153,515) (154,867)

Net Cash Provided/(Used) by Operating Activities - (96,702) (96,702) (97,569)

Cash Flows From Noncapital Financing Activities: State Sources - 3,294 3,294 2,430 Federal Sources - 110,905 110,905 88,768

Net Cash Provided/(Used) by Noncapital Noncapital Financing Activities - 114,199 114,199 91,198

Cash Flows From Capital & Related FinancingActivities: Purchases of Capital Assets - (13,253) (13,253) -

Net Cash Provided/(Used) by Capital & Related Financing Activities - (13,253) (13,253) -

Cash Flows From Investing Activities: Interest & Dividends - 366 366 481 Transfer to General Fund (1,207) - (1,207) -

Net Cash Provided/(Used) by Investing Activities (1,207) 366 (841) 481

Net Increase/(Decrease) in Cash & Cash Equivalents (1,207) 4,610 3,403 (5,890) Balances - Beginning of Year 1,207 72,720 73,927 79,817

Balances - End of Year -$ 77,330$ 77,330$ 73,927$

Operating Income/(Loss) -$ (109,822)$ (109,822)$ (95,515)$ Adjustments to Reconcile Operating Income/(Loss)to Net Cash Provided/(Used) by Operating Activities: Depreciation & Net Amortization - 3,104 3,104 2,000 Increase/(Decrease) in Unearned Revenue - (851) (851) 756 (Increase)/Decrease in Accounts Receivable - 11,904 11,904 (3,797) (Increase)/Decrease in Inventories - (1,037) (1,037) (1,013)

Total Adjustments - 13,120 13,120 (2,054)

Net Cash Provided/(Used) by Operating Activities -$ (96,702)$ (96,702)$ (97,569)$

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

COMBINING SCHEDULE OF CASH FLOWS


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

121


122

Internal Service Fund

Not Applicable

123


124

H. Fiduciary Fund

125


126

EXHIBIT H-1

UNEMPLOYMENTSCHOLARSHIP COMPENSATION STUDENT

ASSETS ACCOUNT TRUST ACTIVITY PAYROLL 2014 2013

Cash & Cash Equivalents 4,742$ 117,430$ 8,747$ 7,337$ 138,256$ 133,105$

Total Assets 4,742 117,430 8,747 7,337 138,256 133,105

LIABILITIES

Payroll Deductions & Withholdings - - - 5,136 5,136 6,369Due to Student Groups - - 8,747 - 8,747 9,036Accounts Payable - 346 - - 346 - Interfund Payable - - - 2,201 2,201 -

Total Liabilities - 346 8,747 7,337 16,430 15,405

NET POSITION:

Restricted 4,742 - - - 4,742 4,945Held in Trust for Unemployment Claims & Other Purposes - 117,084 - - 117,084 112,755

Total Net Position 4,742$ 117,084$ -$ -$ 121,826$ 117,700$

AGENCY

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONFIDUCIARY FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITIONJUNE 30, 2014


PRIVATE PURPOSE

127

EXHIBIT H-2

UNEMPLOYMENTSCHOLARSHIP COMPENSATION

ADDITIONS ACCOUNT TRUST 2014 2013

Contributions: Other -$ 12,057$ 12,057$ 11,648$

Total Contributions - 12,057 12,057 11,648

Investment Earnings: Interest 12 405 417 681

Net Investment Earnings 12 405 417 681

Total Additions 12 12,462 12,474 12,329

DEDUCTIONS

Unemployment Claims - 8,133 8,133 10,301 Miscellaneous 215 - 215 200

Total Deductions 215 8,133 8,348 10,501

Change in Net Position (203) 4,329 4,126 1,828Net Position - Beginning of the Year 4,945 112,755 117,700 115,872

Net Position - End of the Year 4,742$ 117,084$ 121,826$ 117,700$

PRIVATE PURPOSE


SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONFIDUCIARY FUNDS

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

128

EXHIBIT H-3

BALANCE BALANCEJULY 1, CASH CASH JUNE 30,

2013 RECEIPTS DISBURSEMENTS 2014

Kindergarten to Eighth Grades 9,036$ 12,902$ 13,191$ 8,747$

Total All Activity 9,036$ 12,902$ 13,191$ 8,747$

EXHIBIT H-4

BALANCE BALANCEJULY 1, JUNE 30,

ASSETS 2013 ADDITIONS DELETIONS 2014

Cash & Cash Equivalents 6,369$ 8,177,674$ 8,176,706$ 7,337$

Total Assets. 6,369$ 8,177,674$ 8,176,706$ 7,337$

LIABILITIES

Payroll Deductions & Withholdings 6,369$ 3,460,283$ 3,461,516$ 5,136$ Net Payroll - 4,715,190 4,715,190 - Interfund Payable - 2,201 - 2,201

Total Liabilities 6,369$ 8,177,674$ 8,176,706$ 7,337$


SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONSTUDENT ACTIVITY AGENCY FUND

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

PAYROLL AGENCY FUNDSCHEDULE OF CHANGES IN ASSETS AND LIABILITIES

SCHEDULE OF RECEIPTS AND DISBURSEMENTS

129


130

I. Long-Term Debt

131


132

EX

HIB

IT I

-1

AM

OU

NT

BA

LA

NC

EB

AL

AN

CE

DA

TE

OF

OF

INT

ER

ES

TJU

NE

30,

JUN

E 3

0,IS

SU

EIS

SU

EIS

SU

ED

AT

EA

MO

UN

TR

AT

E20

13IS

SU

ED

RE

TIR

ED

2014

Con

stru

ctio

n of

an

Add

itio

n4/

01/9

45,

935,

000

$4/

01/1

437

5,00

0$

5.50

%37

5,00

0$

-$

375,

000

$

-$

to S

choo

l No.

2, S

ite

Impr

ovem

ents

, Acc

ess

Roa

ds&

Oth

er I

mpr

ovem

ents

Acq

uisi

tion

of

Fur

nitu

re,

Equ

ipm

ent &

Fix

ture

s fo

r S

uch

Fac

ilit

ies

& I

mpr

ovem

ents

Com

plet

ion

of V

ario

us I

mpr

ovem

ents

6/01

/03

5,30

5,00

0

6/01

/15

410,

000

3.25

0%2,

630,

000

-

2,

630,

000

-

&

Ren

ovat

ions

at S

choo

l No.

1 &

6/01

/16

430,

000

3.25

0%S

choo

l No.

2 &

Ins

tall

atio

n an

d/or

6/01

/17

460,

000

3.25

0%U

pgra

ding

of

the

Hea

ting

, Ven

tila

tion

6/01

/18

470,

000

3.25

0%an

d A

ir-c

ondi

tion

ing

Sys

tem

for

Sch

ool

6/01

/19

470,

000

3.50

0%N

o. 3

, Con

stru

ctio

n of

a P

arki

ng L

ot &

the

Acq

uisi

tion

of

Fur

nitu

re, F

ixtu

res

&E

quip

men

t for

Sai

d Im

prov

emen

ts

Ref

undi

ng B

ond,

Ser

ies

2014

6/01

/14

2,62

5,00

0

6/01

/15

415,

000

2.00

0%-

2,

625,

000

39

5,00

0

2,

230,

000

6/

01/1

643

0,00

03.

000%

6/01

/17

460,

000

3.00

0%6/

01/1

846

5,00

02.

500%

6/01

/19

460,

000

2.00

0%

Tot

al3,

005,

000

$

2,62

5,00

0$

3,40

0,00

0$

2,23

0,00

0$

AN

NU

AL

MA

TU

RIT

IES

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NL

ON

G-T

ER

M D

EB

T A

CC

OU

NT

GR

OU

PS

CH

ED

UL

E O

F S

ER

IAL

BO

ND

SJU

NE

30,

201

4

133

EX

HIB

IT I

-3

PO

SIT

IVE

/P

OSI

TIV

E/

AC

TU

AL

(NE

GA

TIV

E)

AC

TU

AL

(NE

GA

TIV

E)

OR

IGIN

AL

BU

DG

ET

FIN

AL

(GA

AP

FIN

AL

TO

OR

IGIN

AL

BU

DG

ET

FIN

AL

(GA

AP

FIN

AL

TO

BU

DG

ET

TR

AN

SFE

RS

BU

DG

ET

BA

SIS)

AC

TU

AL

BU

DG

ET

TR

AN

SFE

RS

BU

DG

ET

BA

SIS)

AC

TU

AL

Rev

enue

s:

Loc

al S

ourc

es:

Loc

al T

ax L

evy

820,

943

$

-

$

820,

943

$ $8

20,9

43-

$

844,

689

$

-$

84

4,68

9$

844,

689

$ -

$

S

tate

Sou

rces

:

D

ebt S

ervi

ce A

id T

ype

II51

,332

-

51,3

32

51

,332

-

56

,061

-

56

,061

56,0

61

-

T

otal

Rev

enue

s87

2,27

5

-

872,

275

87

2,27

5

-

90

0,75

0

-

90

0,75

0

900,

750

-

Exp

endi

ture

s:

Re g

ular

Deb

t Ser

vice

:

I

nter

est

107,

275

(5

,000

)

10

2,27

5

84,9

23

17

,352

140,

750

-

140,

750

14

0,75

0

-

R

edem

ptio

n of

Pri

ncip

al76

5,00

0

5,00

0

77

0,00

0

770,

000

-

760,

000

-

760,

000

76

0,00

0

-

-

-

-

44

,801

(44,

801)

-

-

-

-

-

T

otal

Exp

endi

ture

s87

2,27

5

-

872,

275

89

9,72

4

(27,

449)

90

0,75

0

-

90

0,75

0

900,

750

-

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s

Ove

r/(U

nder

) E

xpen

ditu

res

-

-

-

(27,

449)

27,4

49

-

-

-

-

-

Oth

er F

inan

cing

Sou

rces

(U

ses)

:

Pro

ceed

s of

Ref

undi

ng B

onds

-

-

-

2,71

2,29

4(2

,712

,294

)

-

-

-

-

De p

osit

to R

efun

ding

Esc

row

-

-

-

(2,6

67,4

93)

2,66

7,49

3

-

-

-

-

Tot

al O

ther

Fin

anci

ng S

ourc

es (

Use

s)-

-

-

44

,801

(44,

801)

-

-

-

-

-

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s an

d O

ther

F

inan

cing

Sou

rces

Ove

r/(U

nder

) E

xpen

ditu

res

a

nd O

ther

Fin

anci

ng S

ourc

es (

Use

s)-

-

-

17

,352

(17,

352)

-

-

-

-

-

Fund

Bal

ance

, Jul

y 1

-

-

-

-

-

-

-

-

-

-

Fund

Bal

ance

, Jun

e 30

-$

-

$

-$

17

,352

$

(17,

352)

$

-$

-$

-

$

-$

-

$

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

FO

R T

HE

FIS

CA

L Y

EA

RS

EN

DE

D J

UN

E 3

0, 2

014

AN

D 2

013

SOU

TH

AM

PT

ON

TO

WN

SHIP

BO

AR

D O

F E

DU

CA

TIO

ND

EB

T S

ER

VIC

E F

UN

DSC

HE

DU

LE

OF

RE

VE

NU

ES,

EX

PE

ND

ITU

RE

S A

ND

CH

AN

GE

S IN

FU

ND

BA

LA

NC

EB

UD

GE

T A

ND

AC

TU

AL

134

EXHIBIT I-4

OUTSTANDING OUTSTANDINGBALANCE BALANCE

2013 ADDITIONS REDUCTIONS 2014

Compensated Absences 402,095$ - 34,738$ 367,357$

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONLONG-TERM DEBT

SCHEDULE OF COMPENSATED ABSENCESJUNE 30, 2014

135


136

STATISTICAL SECTION (Unaudited)

137


138

EX

HIB

IT J

-1

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gov

ernm

enta

l Act

ivit

ies:

N

et I

nves

tmen

t in

Cap

ital

Ass

ets

14,4

23,1

26$

14

,074

,244

$

13

,708

,862

$ 13

,394

,708

$ 13

,010

,129

$ 12

,796

,231

$

12,3

17,2

84$

11,8

19,1

67$

11,4

91,7

75$

12,4

00,6

34$

Res

tric

ted

970,

688

1,39

2,96

793

1,00

261

4,56

065

6,68

890

4,76

855

5,58

886

2,91

574

3,16

981

0,09

0

Unr

estr

icte

d(2

23,1

16)

(337

,142

)(1

4,95

9)60

,880

(218

,809

)(7

47,8

76)

(248

,510

)(4

98,2

41)

(171

,486

)(3

92,7

51)

Tot

al G

over

nmen

tal A

ctiv

itie

s

Net

Pos

itio

n15

,170

,698

$

15,1

30,0

69$

14,6

24,9

05$

14,0

70,1

48$

13,4

48,0

08$

12,9

53,1

23$

12

,624

,362

$ 12

,183

,841

$ 12

,063

,458

$ 12

,817

,973

$

Bus

ines

s-T

ype

Act

ivit

ies:

N

et I

nves

tmen

t in

Cap

ital

Ass

ets

122,

139

$

27,0

78$

29

,078

$

14

,062

$

27

,078

$

-

$

-

$

-

$

-

$

-

$

Unr

estr

icte

d8,

383

109,

573

98,9

1310

7,82

310

4,82

610

4,75

995

,887

83,6

4871

,265

26,0

94

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s

Net

Pos

itio

n13

0,52

2$

13

6,65

1$

127,

991

$

12

1,88

5$

131,

904

$

10

4,75

9$

95,8

87$

83,6

48$

71,2

65$

26,0

94$

Dis

tric

t-W

ide:

N

et I

nves

tmen

t in

Cap

ital

Ass

ets

14,5

45,2

65$

14

,101

,322

$

13

,737

,940

$ 13

,408

,770

$ 13

,037

,207

$ 12

,796

,231

$

12,3

17,2

84$

11,8

19,1

67$

11,4

91,7

75$

12,4

00,6

34$

Res

tric

ted

970,

688

1,39

2,96

793

1,00

261

4,56

065

6,68

890

4,76

855

5,58

886

2,91

574

3,16

981

0,09

0

Unr

estr

icte

d(2

14,7

33)

(227

,569

)83

,954

168,

703

(113

,983

)(6

43,1

17)

(152

,623

)(4

14,5

93)

(100

,221

)(3

66,6

57)

Tot

al D

istr

ict N

et P

osit

ion

15,3

01,2

20$

15

,266

,720

$

14

,752

,896

$ 14

,192

,033

$ 13

,579

,912

$ 13

,057

,882

$

12,7

20,2

49$

12,2

67,4

89$

12,1

34,7

23$

12,8

44,0

67$

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NN

ET

PO

SIT

ION

BY

CO

MP

ON

EN

TL

AS

T T

EN

FIS

CA

L Y

EA

RS

(Acc

rual

Bas

is o

f A

ccou

nti

ng)

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

139

EX

HIB

IT J

-2

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Exp

ense

s: G

over

nmen

tal A

ctiv

itie

s

Ins

truc

tion

:

R

egul

ar(3

,877

,885

)$

(3,8

64,2

14)

$

(3

,931

,818

)$

(3,9

13,8

95)

$

(3

,853

,066

)$

(3,7

88,1

17)

$

(3

,779

,713

)$

(3,6

42,6

05)

$

(3

,664

,019

)$

(3,6

85,8

51)

$

S

peci

al E

duca

tion

(1,3

12,1

27)

(1

,272

,287

)

(1,2

58,5

10)

(1

,153

,052

)

(1,3

80,1

95)

(1

,360

,493

)

(1,2

22,7

60)

(1

,154

,406

)

(1,0

29,1

11)

(9

75,7

19)

Oth

er S

peci

al E

duca

tion

(556

,098

)

(5

07,3

34)

(492

,174

)

(4

17,3

83)

(426

,364

)

(4

01,3

85)

(396

,121

)

(3

56,7

05)

(338

,715

)

(3

18,7

05)

Oth

er I

nstr

ucti

on(7

,965

)

(1

0,36

4)

(9,2

58)

-

(19,

007)

(4,2

00)

(1

8,57

5)

(1

7,11

7)

(1

3,90

2)

(3

,207

)

S

uppo

rt S

ervi

ces

& U

ndis

trib

uted

Cos

ts:

Ins

truc

tion

(552

,655

)

(3

93,4

15)

(359

,975

)

(3

79,7

75)

(323

,524

)

(2

79,6

80)

(275

,281

)

(3

35,8

98)

(206

,927

)

(2

20,5

06)

Rel

ated

Ser

vice

s(3

21,8

08)

(293

,904

)

(2

70,4

35)

(239

,514

)

(2

47,3

21)

(238

,735

)

(2

09,5

33)

(227

,412

)

(2

37,6

74)

(186

,450

)

H

ealt

h S

ervi

ces

(117

,688

)

(1

14,9

65)

(112

,028

)

(1

13,5

86)

(184

,355

)

(1

74,4

48)

(165

,706

)

(1

58,3

77)

(148

,995

)

(1

42,3

13)

Stu

dent

& I

nstr

ucti

on R

elat

ed S

ervi

c(8

39,0

02)

(787

,567

)

(7

70,5

05)

(728

,361

)

(7

04,8

98)

(606

,263

)

(5

80,4

73)

(574

,417

)

(4

56,8

55)

(420

,873

)

E

duca

tion

al M

edia

Ser

vice

s/S

choo

l

L

ibra

ry(1

04,2

03)

(98,

590)

(9

8,30

6)

(9

1,80

0)

(9

2,25

2)

(9

3,36

8)

(84,

979)

(105

,496

)

(9

8,00

9)

(1

61,4

40)

Sch

ool A

dmin

istr

ativ

e S

ervi

ces

(522

,149

)

(4

94,4

84)

(466

,596

)

(4

67,5

53)

(451

,196

)

(4

72,8

98)

(460

,380

)

(5

12,6

03)

(475

,742

)

(4

51,1

40)

Cen

tral

Ser

vice

s(2

38,9

55)

(235

,230

)

(2

37,5

17)

(226

,022

)

(2

46,7

50)

(221

,872

)

(2

15,5

51)

(201

,800

)

(1

94,8

08)

(185

,067

)

O

ther

Adm

inis

trat

ive

Ser

vice

s(3

94,6

98)

(345

,307

)

(3

41,5

04)

(323

,661

)

(3

76,4

83)

(358

,732

)

(3

19,3

75)

(328

,547

)

(3

24,9

97)

(298

,159

)

P

lant

Ope

rati

ons

& M

aint

enan

ce(1

,242

,042

)

(991

,561

)

(8

57,1

84)

(917

,225

)

(8

55,6

23)

(964

,501

)

(9

24,5

82)

(896

,595

)

(8

70,1

69)

(833

,956

)

P

upil

Tra

nspo

rtat

ion

(528

,380

)

(4

94,1

34)

(495

,948

)

(4

86,3

21)

(561

,349

)

(8

10,5

75)

(849

,789

)

(8

15,3

85)

(776

,932

)

(7

35,7

43)

Bus

ines

s an

d O

ther

Sup

port

Ser

vice

s(7

52)

(4

,613

)

(18,

015)

(1,5

90)

(9

3,32

4)

(1

3,35

9)

(13,

346)

(13,

989)

(1,2

28)

(2

,764

)

Una

lloc

ated

Ben

efit

s(3

,343

,829

)

(3,3

33,0

99)

(2

,925

,218

)

(2,7

78,0

83)

(2

,631

,428

)

(2,5

00,4

93)

(2

,830

,475

)

(2,6

91,4

32)

(2

,318

,992

)

(2,0

57,4

89)

Int

eres

t on

Lon

g-T

erm

Deb

t(1

41,8

03)

(149

,824

)

(1

78,5

14)

(218

,838

)

(2

31,0

73)

(261

,051

)

(2

90,3

09)

(319

,097

)

(3

47,7

05)

(372

,632

)

Dis

posa

l of

Cap

ital

Ass

ets

-

-

-

-

-

-

-

-

5,

043

(9

,900

)

I

ncre

ase

in C

ompe

nsat

ed A

bsen

ces

-

Una

lloc

ated

34,7

38

60,4

11

5,23

1

(22,

777)

4,52

3

(23,

817)

3,

138

48

,700

(4

07)

(52,

937)

Una

lloc

ated

Dep

reci

atio

n(4

64,0

41)

(514

,061

)

(6

00,0

00)

(619

,543

)

(5

91,8

26)

(583

,742

)

(4

89,1

94)

(482

,798

)

(4

61,2

51)

(410

,497

)

T

otal

Gov

ernm

enta

l Act

ivit

ies

Exp

ense

(14,

531,

342)

(13,

844,

542)

(13,

418,

274)

(13,

098,

979)

(13,

265,

511)

(13,

157,

729)

(13,

123,

004)

(12,

785,

979)

(11,

961,

395)

(11,

525,

348)

Bus

ines

s-T

ype

Act

ivit

ies:

F

ood

Ser

vice

(270

,434

)

(2

70,1

54)

(283

,376

)

(2

81,9

16)

(266

,916

)

(2

64,4

58)

(263

,935

)

(2

65,5

49)

(257

,172

)

(2

74,2

57)

S

umm

er R

ecre

atio

n-

-

-

(1

1,02

2)

(1

0,69

0)

(1

0,67

1)

(10,

839)

(9,4

94)

(9

,120

)

-

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s E

xpen

se(2

70,4

34)

(270

,154

)(2

83,3

76)

(292

,938

)(2

77,6

06)

(275

,129

)(2

74,7

74)

(275

,043

)(2

66,2

92)

(274

,257

)

T

otal

Dis

tric

t Exp

ense

s(1

4,80

1,77

6)$

(1

4,11

4,69

6)$

(1

3,70

1,65

0)$

(1

3,39

1,91

7)$

(1

3,54

3,11

7)$

(1

3,43

2,85

8)$

(1

3,39

7,77

8)$

(1

3,06

1,02

2)$

(1

2,22

7,68

7)$

(1

1,79

9,60

5)$

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NC

HA

NG

ES

IN

NE

T P

OS

ITIO

N -

(A

CC

RU

AL

BA

SIS

OF

AC

CO

UN

TIN

G)

LA

ST

TE

N F

ISC

AL

YE

AR

S

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

140

EX

HIB

IT J

-2

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NC

HA

NG

ES

IN

NE

T P

OS

ITIO

N -

(A

CC

RU

AL

BA

SIS

OF

AC

CO

UN

TIN

G)

LA

ST

TE

N F

ISC

AL

YE

AR

S

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

Pro

gram

Rev

enue

s:

Gov

ernm

enta

l Act

ivit

ies:

Ope

rati

ng G

rant

s &

Con

trib

utio

ns37

3,56

3$

386,

319

$

376,

193

$

400,

421

$

545,

022

$

476,

520

$

489,

942

$

403,

182

$

444,

151

$

424,

713

$

Tot

al G

over

nmen

tal A

ctiv

itie

s P

rogr

am

Rev

enue

s37

3,56

338

6,31

937

6,19

340

0,42

154

5,02

247

6,52

048

9,94

240

3,18

244

4,15

142

4,71

3

Bus

ines

s-T

ype

Act

ivit

ies:

C

harg

es f

or S

ervi

ces:

Foo

d S

ervi

ce16

0,61

217

4,63

918

1,13

319

1,30

819

8,09

420

5,57

521

0,21

420

7,78

320

1,78

017

1,33

0

S

umm

er R

ecre

atio

n-

-

10

,150

10,5

2012

,005

10,4

559,

488

8,75

0

Ope

rati

ng G

rant

s &

Con

trib

utio

ns10

4,53

410

3,69

410

8,34

991

,621

84,2

9165

,856

62,7

1554

,746

57,9

4048

,697

Tot

al B

usin

ess

Typ

e A

ctiv

itie

s P

rogr

am

Rev

enue

s26

5,14

627

8,33

327

8,33

328

9,48

229

3,07

929

2,90

528

3,43

628

3,38

427

2,01

726

8,47

0

Tot

al D

istr

ict P

rogr

am R

even

ues

638,

709

$

66

4,65

2$

65

4,52

6$

68

9,90

3$

83

8,10

1$

76

9,42

5$

77

3,37

8$

68

6,56

6$

71

6,16

8$

69

3,18

3$

Net

(E

xpen

se)/

Rev

enue

:

Gov

ernm

enta

l Act

ivit

ies

(14,

157,

779)

$

(13,

458,

223)

$

(13,

042,

081)

$

(12,

698,

558)

$

(12,

720,

489)

$

(12,

681,

209)

$

(12,

633,

062)

$

(12,

382,

797)

$

(11,

517,

244)

$

(11,

100,

635)

$

B

usin

ess-

Typ

e A

ctiv

itie

s(5

,288

)8,

179

(5,0

43)

(3,4

56)

15,4

7317

,776

8,66

28,

341

5,72

5(5

,787

)

Tot

al D

istr

ict-

Wid

e N

et E

xpen

se(1

4,16

3,06

7)$

(1

3,45

0,04

4)$

(1

3,04

7,12

4)$

(1

2,70

2,01

4)$

(1

2,70

5,01

6)$

(1

2,66

3,43

3)$

(1

2,62

4,40

0)$

(1

2,37

4,45

6)$

(1

1,51

1,51

9)$

(1

1,10

6,42

2)$

Gen

eral

Rev

enue

s &

Oth

er C

hang

es in

Net

Ass

ets

G

over

nmen

tal A

ctiv

itie

s:

P

rope

rty

Tax

es L

evie

d fo

r G

ener

al

P

urpo

ses,

Net

10,1

33,5

16$

9,72

7,81

8$

9,

537,

076

$

9,

557,

076

$

9,

189,

002

$

8,

871,

637

$

8,55

9,26

6$

8,08

6,17

9$

7,87

7,00

0$

7,60

8,22

4$

Tax

es L

evie

d fo

r D

ebt S

ervi

ce82

0,94

3

844,

689

854,

731

864,

122

861,

498

854,

565

859,

611

838,

422

876,

770

705,

162

Unr

estr

icte

d G

rant

s &

Con

trib

utio

ns3,

204,

263

3,34

0,94

83,

138,

373

2,75

7,99

53,

088,

269

3,19

2,71

63,

520,

833

3,36

9,84

52,

960,

517

2,86

9,53

0

I

nves

tmen

t Ear

ning

s7

1424

2424

1,54

626

,290

45,6

9241

,786

59,4

81

R

educ

tion

of

SC

C G

rant

-

-

-

-

-

-

-

(1,1

17,2

40)

-

M

isce

llan

eous

Inc

ome

58,1

15

49,9

1866

,634

84,3

9976

,581

89,5

0610

8,48

217

5,66

616

3,89

643

,696

Tra

nsfe

rs1,

207

-

-

-

-

-

(899

)(1

2,62

4)(4

0,00

0)(5

0,00

0)

C

ance

llat

ion

of P

rior

Yea

r A

ccou

nts

Acc

ount

s R

ecei

vabl

e(3

0,58

3)

-

-

-

-

-

-

-

-

-

Can

cell

atio

n of

Cur

rent

Yea

r

A

ccou

nts

Pay

able

10,9

40

-

-

-

-

-

-

-

-

-

T

otal

Gov

ernm

enta

l Act

ivit

ies

14,1

98,4

0813

,963

,387

13,5

96,8

3813

,263

,616

13,2

15,3

7413

,009

,970

13,0

73,5

8312

,503

,180

10,7

62,7

2911

,236

,093

141

EX

HIB

IT J

-2

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NC

HA

NG

ES

IN

NE

T P

OS

ITIO

N -

(A

CC

RU

AL

BA

SIS

OF

AC

CO

UN

TIN

G)

LA

ST

TE

N F

ISC

AL

YE

AR

S

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

Bus

ines

s-T

ype

Act

ivit

ies:

I

nves

tmen

t Ear

ning

s36

648

1

-

885

801

565

2,73

02,

785

2,99

32,

183

T

rans

fers

(1,2

07)

-

-

-

-

-

899

12,6

2440

,000

50,0

00

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s(8

41)

481

-

88

580

156

53,

629

15,4

0942

,993

52,1

83

Tot

al D

istr

ict-

Wid

e14

,197

,567

$

13

,963

,868

$

13

,596

,838

$

13

,264

,501

$

13

,216

,175

$

13

,010

,535

$

13

,077

,212

$

12

,518

,589

$

10

,805

,722

$

11

,288

,276

$

Cha

nge

in N

et P

osit

ion:

G

over

nmen

tal A

ctiv

itie

s40

,629

$

50

5,16

4$

55

4,75

7$

56

5,05

8$

49

4,88

5$

32

8,76

1$

44

0,52

1$

12

0,38

3$

(7

54,5

15)

$

135,

458

$

Bus

ines

s-T

ype

Act

ivit

ies

(6,1

29)

8,66

0(5

,043

)(2

,571

)16

,274

18,3

4112

,291

23,7

5048

,718

46,3

96

Tot

al D

istr

ict

34,5

00$

513,

824

$

549,

714

$

562,

487

$

511,

159

$

347,

102

$

452,

812

$

144,

133

$

(705

,797

)$

18

1,85

4$

142

EX

HIB

IT J

-3

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gen

eral

Fun

d:

Res

tric

ted

957,

878

$

77

8,67

6$

1,30

2,46

9$

1,

009,

751

$

868,

551

$

1,

014,

082

$

574,

388

$

80

5,58

8$

646,

688

$

41

8,90

7$

C

omm

itte

d34

,131

173,

025

-

-

-

-

-

-

-

-

Ass

igne

d61

,986

4,75

7

-

-

-

-

-

-

-

-

U

nass

igne

d48

,124

513,

839

94

,822

158,

478

45

,596

(370

,197

)

201,

963

30

,583

413,

212

51

3,17

3

Tot

al G

ener

al F

und

1,10

2,11

9$

1,

470,

297

$

1,39

7,29

1$

1,

168,

229

$

914,

147

$

64

3,88

5$

776,

351

$

83

6,17

1$

1,05

9,90

0$

93

2,08

0$

All

Oth

er G

over

nmen

tal F

unds

:

Res

erve

d-

$

-$

-

$

-$

-

$

-$

81

4,73

7$

-$

12

2,26

3$

182,

835

$

Res

tric

ted:

Spe

cial

Rev

enue

Fun

d-

-

-

-

-

-

(9

48)

(9

48)

(9

48)

(9

48)

C

apit

al P

roje

cts

Fun

d28

8,72

8

264,

362

26

4,36

2

264,

362

26

1,14

9

261,

149

94

,356

1,30

9,64

8

1,

209,

256

2,37

0,01

0

D

ebt S

ervi

ce F

und

17,3

52

-

-

-

-

-

763

7,54

945

,363

24,2

52

Tot

al A

ll O

ther

Gov

ernm

enta

l

Fun

ds30

6,08

0$

264,

362

$

26

4,36

2$

264,

362

$

26

1,14

9$

261,

149

$

90

8,90

8$

1,31

6,24

9$

1,

375,

934

$

2,57

6,14

9$

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NF

UN

D B

AL

AN

CE

S A

ND

GO

VE

RN

ME

NT

AL

FU

ND

SL

AS

T T

EN

FIS

CA

L Y

EA

RS

(Mod

ifie

d A

ccru

al B

asis

of

Acc

oun

tin

g)

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

143

EX

HIB

IT J

-4

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Rev

enue

s:

Tax

Lev

y10

,954

,459

$

10,5

72,5

07$

10,3

91,8

07$

10,4

21,1

98$

10,0

50,5

00$

9,72

6,20

2$

9,

418,

877

$8,

924,

601

$

8,75

3,77

0$

8,

313,

386

$

T

uiti

on C

har g

es1,

000

2,00

01,

000

2,00

026

,333

2,00

01,

600

1,30

06,

803

I

nter

est E

arni

n gs

1,40

43,

611

7,99

71,

958

1,53

92,

223

32,3

5753

,129

41,7

8659

,481

M

isce

llan

eous

56,7

1845

,321

56,6

6181

,465

73,0

6662

,496

100,

415

166,

629

162,

596

36,8

93

Sta

te S

ourc

es3 ,

269,

463

3,40

7,88

73,

125,

417

2,84

2,98

43,

163,

567

3,38

7,79

33,

736,

313

3,48

8,59

93,

110,

335

2,98

5,82

9

Fed

eral

Sou

rces

308 ,

363

319,

380

389,

149

315,

432

469,

724

281,

443

274,

462

284,

428

294,

333

308,

414

T

otal

Rev

enue

14,5

90,4

0714

,349

,706

13,9

73,0

3113

,664

,037

13,7

60,3

9613

,486

,490

13,5

64,4

2412

,918

,986

12,3

64,1

2011

,710

,806

Ex p

endi

ture

s: I

nstr

ucti

on:

R

e gul

ar I

nstr

ucti

on3,

877,

885

3,86

4,21

4

3,

931,

818

3,91

3,89

5

3,

853,

066

3,

788,

117

3,77

9,71

3

3,64

2,60

5

3,

664,

019

3,68

5,85

1

S

peci

al E

duca

tion

Ins

truc

tion

1,31

2,12

7

1,

272,

287

1,25

8,51

0

1,

153,

052

1,38

0,19

5

1,36

0,49

3

1,

222,

760

1,

154,

406

1,02

9,11

1

97

5,71

9

Oth

er S

peci

al I

nstr

ucti

on55

6,09

8

507,

334

49

2,17

4

417,

383

42

6,36

4

40

1,38

5

39

6,12

1

35

6,70

5

338,

715

31

8,70

5

Oth

er I

nstr

ucti

on7 ,

965

10

,364

9,25

8

-

19

,007

4,

200

18,5

75

17

,117

13

,902

3,

207

Su p

port

Ser

vice

s:

Ins

truc

tion

552 ,

655

39

3,41

5

359,

975

37

9,77

5

323,

524

279,

680

275,

281

335,

898

20

6,92

7

220,

506

A

tten

danc

e an

d H

ealt

h S

ervi

ces

142 ,

881

12

9,09

8

119,

378

12

0,93

6

184,

605

174,

698

165,

736

172,

815

14

9,24

5

142,

563

S

tude

nt &

Ins

truc

tion

Rel

ated

Ser

vice

s1 ,

239,

820

1,16

5,92

8

1,

131,

896

1,05

2,32

5

1,

044,

221

93

8,11

6

87

4,95

5

89

2,88

7

792,

288

76

9,98

8

Sch

ool A

dmin

istr

ativ

e S

ervi

ces

394 ,

698

34

5,30

7

341,

504

32

3,66

1

376,

483

358,

732

319,

375

328,

547

32

4,99

7

298,

159

G

ener

al &

Bus

ines

s

A

dmin

istr

atio

n S

ervi

ces

522 ,

149

49

4,48

4

466,

596

46

7,55

3

451,

196

472,

898

460,

380

512,

603

47

5,74

2

451,

140

P

lant

Ope

rati

ons

&

M

aint

enan

ce1 ,

242,

042

991,

561

85

7,18

4

917,

225

85

5,62

3

96

4,50

1

92

4,58

2

89

6,59

5

870,

169

83

3,95

6

Pu p

il T

rans

port

atio

n52

8,38

0

494,

134

49

5,94

8

486,

321

56

1,34

9

81

0,57

5

84

9,78

9

81

5,38

5

776,

932

73

5,74

3

Oth

er S

u ppo

rt S

ervi

ces

752

4,61

3

18

,015

1,

590

93,3

24

13,3

59

13,3

46

13

,989

1,

228

2,76

4

Cen

tral

Ser

vice

s23

8 ,95

5

235,

230

23

7,51

7

226,

022

24

6,75

0

22

1,87

2

21

5,55

1

20

1,80

0

194,

808

18

5,06

7

Em

ploy

ee B

enef

its

2,26

0,08

6

2,

089,

348

1,93

8,13

4

1,

941,

321

1,76

6,05

5

1,66

2,81

6

1,

685,

797

1,

591,

036

1,60

7,80

7

1,

460,

772

N

onbu

dget

Exp

endi

ture

s1,

083,

743

1,24

3,75

1

98

7,08

4

836,

762

86

5,37

3

83

7,67

7

1,

144,

678

1,

100,

396

711,

185

59

6,71

7

C

a pit

al O

utla

y83

,272

134,

882

18

5,40

3

300,

253

10

5,72

4

1,

045,

633

737,

866

247,

061

26

3,67

5

4,33

4,77

5

Deb

t Ser

vice

:

Pri

nci p

al77

0,00

0

760,

000

74

0,00

0

720,

000

70

0,00

0

66

5,00

0

65

0,00

0

63

5,00

0

630,

000

53

5,00

0

Int

eres

t & O

ther

Cha

r ges

129,

724

14

0,75

0

173,

575

20

5,75

0

237,

275

266,

963

296,

181

324,

931

35

3,52

5

377,

369

T

otal

Ex p

endi

ture

s14

,943

,232

14,2

76,7

0013

,743

,969

13,4

63,8

2413

,490

,134

14,2

66,7

1514

,030

,686

13,2

39,7

7612

,404

,275

15,9

28,0

01

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NC

HA

NG

ES

IN

FU

ND

BA

LA

NC

ES ,

GO

VE

RN

ME

NT

AL

FU

ND

S,

LA

ST

TE

N F

ISC

AL

YE

AR

S(M

odif

ied

Acc

rual

Bas

is o

f A

ccou

nti

ng)

144

EX

HIB

IT J

-4

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NC

HA

NG

ES

IN

FU

ND

BA

LA

NC

ES ,

GO

VE

RN

ME

NT

AL

FU

ND

S,

LA

ST

TE

N F

ISC

AL

YE

AR

S(M

odif

ied

Acc

rual

Bas

is o

f A

ccou

nti

ng)

Exc

ess

(Def

icie

ncy)

of

Rev

enue

s

Ove

r/(U

nder

) E

xpen

ditu

res

(352

,825

)

73,0

06

22

9,06

2

200,

213

27

0,26

2

(7

80,2

25)

(466

,262

)

(320

,790

)

(4

0,15

5)

(4,2

17,1

95)

Oth

er F

inan

cin g

Sou

rces

/(U

ses)

:

Can

cell

atio

n of

Pri

or Y

ear

A/R

(30,

583)

-

-

-

-

-

-

-

-

-

C

ance

llat

ion

of C

urre

nt Y

ear

A/P

10,9

40

-

-

-

-

-

-

-

-

-

R

educ

tion

in S

CC

Gra

nt-

-

-

-

-

-

-

-

(1

,117

,240

)

-

I

ncre

ase

in C

apit

al R

eser

ve-

-

-

-

-

-

-

50

,000

(1

25,0

00)

-

T

rans

fers

in1,

214

14

24

-

-

19

1,54

6

-

-

-

-

T

rans

fers

Out

(7)

(14)

(2

4)

-

-

(191

,546

)

(8

99)

(12,

624)

(4

0,00

0)

(50,

000)

P

roce

eds

of R

efun

ding

Bon

ds2,

712,

294

-

-

-

-

-

-

-

-

-

Dep

osit

to R

efun

ding

Esc

row

(2,6

67,4

93)

-

-

-

-

-

-

-

-

-

Tot

al O

ther

Fin

anci

n g S

ourc

es/

(

Use

s)26

,365

-

-

-

-

-

(899

)

37

,376

(1

,282

,240

)

(50,

000)

Net

Cha

nge

in F

und

Bal

ance

s(3

26,4

60)

$

73

,006

$

229,

062

$

20

0,21

3$

270,

262

$

(7

80,2

25)

$

(467

,161

)$

(2

83,4

14)

$

(1,3

22,3

95)

$ (4

,267

,195

)$

Deb

t Ser

vice

as

a P

erce

nta g

e of

N

onca

pita

l Exp

endi

ture

s6.

05%

6.37

%6.

74%

7.03

%7.

00%

7.05

%7.

12%

7.39

%8.

10%

7.87

%

Sou

rce:

Dis

tric

t rec

ords

Not

e: N

onca

pita

l exp

endi

ture

s ar

e to

tal e

xpen

ditu

res

less

cap

ital

out

lay.

145

EXHIBIT J-5

FISCAL INTERESTYEAR ENDING ON

JUNE 30, INVESTMENTS TUITION MISCELLANEOUS TOTAL

2014 1,397$ -$ 42,850$ 44,247$ 2013 16,713 1,000 21,327 39,0402012 34,530 2,000 18,191 54,7212011 26,511 1,000 89,323 116,8342010 32,469 2,000 27,124 61,5932009 27,162 26,333 17,569 71,0642008 70,862 2,000 19,898 92,7602007 132,166 1,600 25,183 158,9492006 102,813 1,300 18,996 123,1092005 45,905 6,803 20,695 73,403

Source: District records

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONGENERAL FUND - OTHER LOCAL REVENUE BY SOURCE

LAST TEN FISCAL YEARS(Modified Accrual Basis of Accounting)

146

EX

HIB

IT J

-6

ES

TIM

AT

ED

FIS

CA

LT

OT

AL

AC

TU

AL

YE

AR

T

OT

AL

NE

TD

IRE

CT

(CO

UN

TY

EN

DE

DV

AC

AN

TF

AR

MA

SS

ES

SE

DP

UB

LIC

VA

LU

AT

ION

SC

HO

OL

EQ

UA

LIZ

ED

)D

EC

EM

BE

R 3

1L

AN

DR

ES

IDE

NT

IAL

RE

G.

QF

AR

MC

OM

ME

RC

IAL

IND

US

TR

IAL

VA

LU

EU

TIL

ITIE

ST

AX

AB

LE

TA

X R

AT

EV

AL

UE

2014

15,3

20,3

00$

83

4,64

3,30

0$

50

,398

,400

$

6,72

7,50

0$

79,3

16,7

00$

9,

611,

500

$

996,

017,

700

$

2,18

7,87

3$

998,

205,

573

$

1.78

91,

081,

686,

129

$ 20

1315

,867

,500

833,

580,

300

53,6

35,9

006,

801,

400

81,4

91,7

009,

611,

500

1,00

0,98

8,30

02,

653,

045

1,00

3,64

1,34

51.

736

1,10

8,68

1,10

820

1217

,056

,300

837,

588,

300

53,1

65,7

006,

761,

800

80,9

28,6

009,

720,

000

1,00

5,22

0,70

03,

367,

457

1,00

8,58

8,15

71.

722

1,18

3,58

7,30

720

1111

,861

,800

645,

005,

000

39,7

67,4

006,

926,

200

50,4

16,9

006,

803,

600

760,

780,

900

2,07

7,81

676

2,85

8,71

62.

296

1,26

5,85

8,40

320

1011

,496

,900

647,

353,

100

40,3

10,3

006,

907,

100

52,3

41,3

006,

445,

600

764,

854,

300

2,17

8,09

476

7,03

2,39

42.

304

1,35

3,00

6,01

520

0911

,627

,600

646,

829,

500

40,9

67,9

007,

017,

700

50,9

39,1

006,

445,

600

763,

827,

400

2,10

9,84

076

5,93

7,24

02.

233

1,38

2,78

7,32

320

0812

,746

,200

640,

443,

000

41,1

26,5

006,

080,

900

50,7

42,9

006,

445,

600

757,

585,

100

2,01

4,60

675

9,59

9,70

62.

219

1,32

9,71

9,97

320

0715

,006

,300

627,

973,

000

41,4

78,8

006,

085,

400

48,9

50,3

006,

760,

600

746,

254,

400

2,08

7,13

074

8,34

1,53

02.

198

1,24

6,24

9,83

320

0620

,693

,200

601,

442,

700

40,0

96,6

006,

079,

800

47,5

76,6

007,

205,

800

723,

094,

700

2,20

4,73

272

5,29

9,43

22.

221

1,09

7,09

5,66

620

0520

,135

,300

600,

156,

700

37,8

06,3

006,

231,

700

45,8

29,5

007,

205,

800

717,

365,

300

2,74

4,21

972

0,10

9,51

92.

221

946,

343,

708

Rea

sses

smen

t occ

urs

whe

n or

dere

d by

the

Cou

nty

Boa

rd o

f T

axat

ion

a. T

axab

le V

alue

of

Mac

hine

ry, I

mpl

emen

ts a

nd E

quip

men

t of

Tel

epho

ne, T

eleg

raph

and

Mes

seng

er S

yste

m C

ompa

nies

b. T

ax r

ates

are

per

$10

0T

otal

Dir

ect S

choo

l Tax

Rat

e is

a c

omm

bine

d to

tal o

f S

outh

ampt

on T

owns

hip

Boa

rd o

f E

duca

tion

and

Len

ape

Reg

iona

l Hig

h S

choo

l Dis

tric

t as

deta

iled

in E

xhib

it J

-7

Rea

l pro

pert

y is

req

uire

d to

be

asse

ssed

at s

ome

perc

enta

ge o

f tr

ue v

alue

(fa

ir o

r m

arke

t val

ue)

esta

blis

hed

by e

ach

coun

ty b

oard

of

taxa

tion

.

AS

SE

SS

ED

VA

LU

E A

ND

AC

TU

AL

VA

LU

E O

F T

AX

AB

LE

PR

OP

ER

TY

,L

AS

T T

EN

FIS

CA

L Y

EA

RS

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

N

147

EX

HIB

IT J

-7

FIS

CA

LT

OT

AL

YE

AR

TO

WN

SH

IPT

OW

NS

HIP

CO

UN

TY

DIR

EC

T A

ND

EN

DE

DL

OC

AL

RE

GIO

NA

LT

OT

AL

OF

OP

EN

BU

RL

ING

TO

NC

OU

NT

YO

PE

NO

VE

RL

AP

PIN

GJU

NE

30,

SC

HO

OL

SC

HO

OL

DIR

EC

TS

OU

TH

AM

PT

ON

SP

AC

EC

OU

NT

YL

IBR

AR

YS

PA

CE

TA

X R

AT

E

2014

1.09

60.

693

1.78

90.

349

0.02

00.

363

0.03

40.

016

2.57

120

131.

070

0.66

61.

736

0.33

00.

020

0.36

90.

034

0.01

72.

506

2012

1.05

00.

672

1.72

20.

311

0.02

00.

364

0.03

60.

047

2.50

020

111.

364

0.93

22.

296

0.40

60.

020

0.51

30.

049

0.06

73.

351

2010

1.34

20.

962

2.30

40.

371

0.02

00.

548

0.05

20.

071

3.36

620

091.

297

0.93

62.

233

0.36

50.

020

0.56

00.

054

0.07

23.

304

2008

1.26

70.

952

2.21

90.

350

0.02

00.

559

0.05

20.

070

3.27

020

071.

236

0.96

22.

198

0.31

60.

020

0.58

30.

055

0.06

73.

239

2006

1.22

11.

000

2.22

10.

281

0.02

00.

557

0.05

00.

060

3.18

920

051.

196

0.93

92.

135

0.25

00.

020

0.50

30.

044

0.05

33.

005

Sou

rce:

Mun

icip

al T

ax C

olle

ctor

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

N

SC

HO

OL

DIS

TR

ICT

DIR

EC

T R

AT

E

DIR

EC

T A

ND

OV

ER

LA

PP

ING

PR

OP

ER

TY

TA

X R

AT

ES

LA

ST

TE

N F

ISC

AL

YE

AR

S(R

ate

per

$100

of

Ass

esse

d V

alu

e) OV

ER

LA

PP

ING

RA

TE

S

148

EX

HIB

IT J

-8

% O

F T

OT

AL

% O

F T

OT

AL

TA

XA

BL

ED

IST

RIC

T N

ET

TA

XA

BL

ED

IST

RIC

T N

ET

AS

SE

SS

ED

AS

SE

SS

ED

AS

SE

SS

ED

AS

SE

SS

ED

TA

XP

AY

ER

VA

LU

ER

AN

KV

AL

UE

TA

XP

AY

ER

VA

LU

ER

AN

KV

AL

UE

Mob

ile

Est

ates

of

Sou

tham

pton

9,95

1,30

0$

1

0.90

%D

R N

orto

n In

c.5,

642,

100

$

10.

81%

Sin

gh R

eal E

stat

e E

nt. I

nc.

5,61

1,20

02

0.51

%M

obil

e E

stat

es o

f S

outh

ampt

on4,

863,

600

20.

70%

AR

A 1

869,

LL

C3,

764,

900

30.

34%

Dia

mon

d M

. Lum

ber

3,97

5,30

03

0.57

%D

iam

ond

M. L

umbe

r3,

688,

100

40.

33%

Sin

gh R

eal E

stat

e E

nter

pris

es3,

212,

900

40.

46%

Waw

a, I

nc.

2,94

8,60

05

0.27

%V

eriz

on2,

744,

219

50.

39%

Ver

izon

- N

J2,

653,

045

60.

24%

RC

C P

rope

rtie

s1,

390,

700

60.

20%

Lio

n S

elf

Sto

rage

2,20

5,40

07

0.20

%O

rlea

ns1,

353,

600

70.

19%

RC

C P

rope

rtie

s, I

nc1,

975,

300

80.

18%

Spr

ingl

and

Cor

p.1,

314,

800

80.

19%

Tax

paye

r #1

1,95

5,80

09

0.18

%T

axpa

yer

#1

1,07

3,40

09

0.15

%S

outh

ampt

on I

ndus

tria

l Par

k, L

LC

1,76

0,00

010

0.16

%S

KG

Par

tner

s, L

LC

1,06

1,60

010

0.15

%

Tot

al36

,513

,645

$

3.29

%26

,632

,219

$ 3.

81%

Sou

rce:

Mun

icip

al T

ax A

sses

sor

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NP

RIN

CIP

AL

PR

OP

ER

TY

TA

X P

AY

ER

S,

CU

RR

EN

T Y

EA

R A

ND

NIN

E Y

EA

RS

AG

O

2014

2005

149

EXHIBIT J-9

FISCAL TAXES COLLECTIONSYEAR LEVIED FOR IN

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

2014 25,166,915$ 24,702,473$ 98.15% 464,442$ 2013 25,243,041 24,687,919 97.80% 555,122 2012 25,628,056 25,155,714 98.16% 472,342 2011 25,851,279 25,297,238 97.86% 554,041 2010 25,373,366 24,813,294 97.79% 560,072 2009 24,993,965 24,554,597 98.24% 439,368 2008 24,585,081 24,120,245 98.11% 464,836 2007 23,176,446 22,630,674 97.65% 545,772 2006 21,717,658 21,362,310 98.36% 355,348 2005 19,889,253 19,540,877 98.25% 348,376

Source: Municipal Audit Reports

EXHIBIT J-10

GOVERNMENTALFISCAL ACTIVITIES PERCENTAGEYEAR GENERAL OF

ENDED OBLIGATION PERSONALJUNE 30, BONDS INCOME PER CAPITA

2014 2,230,000$ N/A N/A2013 3,005,000 N/A 2892012 3,765,000 0.71% 3602011 4,305,000 0.83% 4112010 5,225,000 1.04% 4992009 5,925,000 1.15% 5452008 6,590,000 1.26% 6062007 7,240,000 1.43% 6652006 7,875,000 1.61% 7192005 8,505,000 1.86% 785

RATIOS OF OUTSTANDING DEBT BY TYPELAST TEN FISCAL YEARS


YEAR OF THE LEVY

PROPERTY TAX LEVIES AND COLLECTIONSLAST TEN FISCAL YEARS

COLLECTED WITHIN THE FISCAL

150

EXHIBIT J-11

NET PERCENTAGEFISCAL GENERAL OF ACTUALYEAR GENERAL BONDED TAXABLE

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

2014 2,230,000$ -$ 2,230,000$ 0.22% N/A2013 3,005,000 - 3,005,000 0.39% 214.772012 3,765,000 - 3,765,000 0.49% 359.812011 4,505,000 - 4,505,000 0.59% 430.522010 5,225,000 - 5,225,000 0.68% 480.902009 5,925,000 - 5,925,000 0.78% 546.392008 6,590,000 - 6,590,000 0.87% 634.392007 7,240,000 - 7,240,000 0.97% 656.512006 7,875,000 - 7,875,000 1.09% 722.872005 8,505,000 - 8,505,000 1.18% 780.70

EXHIBIT J-12

ESTIMATED SHARE OFDEBT PERCENTAGE OVERLAPPING

OUTSTANDING APPLICABLE DEBT

Debt Repaid With Property Taxes: Southampton Township 11,317,996$ 100.000% 11,317,996$ Lenape Regional School District 80,110,000 6.244% 5,002,174 Local School District 2,230,000 100.000% 2,230,000 Burlington County 318,797,148 2.600% 8,288,726

Subtotal, Overlapping Debt 26,838,895

Total Direct & Overlapping Debt 26,838,895$

Sources: Assessed value data used to estimate applicable percentages provided by the County Board of Taxation.


RATIOS OF OVERLAPPING GOVERNMENTAL ACTIVITIES DEBTAS OF JUNE 30, 2014

GOVERNMENTAL UNIT

GENERAL BONDED DEBT OUTSTANDING

RATIOS OF NET GENERAL BONDED DEBT OUTSTANDINGLAST TEN FISCAL YEARS

151

EX

HIB

IT J

-13

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Deb

t Lim

it33

,776

,228

$

35,6

71,7

27$

38

,024

,517

$

39

,485

,844

$ 39

,289

,758

$ 36

,730

,655

$

34,3

18,1

32$

31,0

94,1

20$

28,1

61,4

54$

24,0

94,0

20$

Tot

al N

et D

ebt A

ppli

cabl

e to

Lim

it2,

230,

000

3,00

5,00

03,

765,

000

4,50

5,00

05,

225,

000

5,92

5,00

06,

590,

000

7,24

0,00

07,

875,

000

8,50

5,00

0

Leg

al D

ebt M

argi

n31

,546

,228

$

32,6

66,7

27$

34

,259

,517

$

34

,980

,844

$ 34

,064

,758

$ 30

,805

,655

$

27,7

28,1

32$

23,8

54,1

20$

20,2

86,4

54$

15,5

89,0

20$

Tot

al N

et D

ebt A

ppli

cabl

e to

the

Lim

it

as

a P

erce

ntag

e of

Deb

t Lim

it6.

60%

8.42

%9.

90%

11.4

1%13

.30%

16.1

3%19

.20%

23.2

8%27

.96%

35.3

0%

Equ

aliz

ed V

alua

tion

Bas

is20

131,

083,

086,

237

$

20

121,

108,

780,

829

$

20

111,

185,

755,

767

3,37

7,62

2,83

3$

Ave

rage

Equ

aliz

ed V

alua

tion

of

Tax

able

Pro

pert

y1,

125,

874,

278

$

Deb

t Lim

it (

3 %

of

Ave

rage

Equ

aliz

atio

n V

alue

)33

,776

,228

$

N

et B

onde

d S

choo

l Deb

t2,

230,

000

Leg

al D

ebt M

argi

n31

,546

,228

$

Sou

rce:

Equ

aliz

ed v

alua

tion

bas

es w

ere

obta

ined

fro

m th

e B

urli

ngto

n C

ount

y B

oard

of

Tax

atio

n,A

bstr

act o

f R

atab

les

Leg

al D

ebt

Mar

gin

Cal

cula

tion

for

Fis

cal Y

ear

2013

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

N

FIS

CA

L Y

EA

R

LE

GA

L D

EB

T M

AR

GIN

IN

FO

RM

AT

ION

LA

ST

TE

N F

ISC

AL

YE

AR

S(D

olla

rs in

Th

ousa

nds

)

152

EXHIBIT J-14

BURLINGTONCOUNTY

PER CAPITA

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

2014 N/A N/A N/A N/A2013 10,391 N/A N/A 6.40%2012 10,453 533,928,787 51,079 11.90%2011 10,484 520,278,984 49,626 11.50%2010 10,474 501,170,426 47,849 11.50%2009 10,865 516,978,430 47,582 11.10%2008 10,867 521,452,995 47,985 6.50%2007 10,890 506,439,450 46,505 4.80%2006 10,953 489,785,301 44,717 5.30%2005 10,839 456,983,079 42,161 5.00%

Source: a Population information provided by the NJ Dept of Labor and Workforce Developmentb Column (a) x Column (c) c Per Capita Bureau of Economic Analysis: Regional Economic Information Systemd Unemployment data provided by the NJ Dept of Labor and Workforce Development

DEMOGRAPHIC AND ECONOMIC STATISTICSLAST TEN FISCAL YEARS


153

EX

HIB

IT J

-15

PE

RC

EN

TA

GE

PE

RC

EN

TA

GE

RA

NK

OF

TO

TA

LR

AN

KO

F T

OT

AL

EM

PL

OY

EE

S(O

PT

ION

AL

)E

MP

LO

YM

EN

TE

MP

LO

YE

ES

(OP

TIO

NA

L)

EM

PL

OY

ME

NT

Sou

tham

pton

Boa

rd o

f E

duca

tion

118

177

.12%

134

179

.29%

Sou

tham

pton

Tow

nshi

p35

222

.88%

352

20.7

1%

153

100.

00%

169

100.

00%

Sou

rce:

Tow

nshi

p an

d B

oard

of

Edu

cati

on O

ffic

ials

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

N

2005

2014P

RIN

CIP

AL

EM

PL

OY

ER

SC

UR

RE

NT

YE

AR

AN

D N

INE

YE

AR

S A

GO

154

EX

HIB

IT J

-16

FU

NC

TIO

N/P

RO

GR

AM

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Inst

ruct

ion:

R

egul

ar55

55

55

52

54

57

56

56

57

59

S

peci

al E

duca

tion

23

23

23

25

25

25

31

28

27

26

O

ther

Spe

cial

Edu

cati

on3

3

3

3

3

3

3

3

2

2

S

uppo

rt S

ervi

ces:

S

tude

nt &

Ins

truc

tion

Rel

ated

Ser

vice

s16

16

16

13

13

15

13

13

11

11

S

choo

l Adm

inis

trat

ive

Ser

vice

s7

7

7

7

7

7

7

7

8

8

G

ener

al &

Bus

ines

s A

dmin

istr

ativ

e

S

ervi

ces

5

5

5

5

5

5

5

5

5

5

Pla

nt O

pera

tion

s &

Mai

nten

ance

9

9

9

9

9

9

10

10

10

10

F

ood

Ser

vice

7

Tot

al11

8

118

11

8

114

11

6

121

12

5

122

12

0

128

Sou

rce:

Dis

tric

t Per

sonn

el R

ecor

ds

SO

UT

HA

MP

TO

N T

OW

NS

HIP

SC

HO

OL

DIS

TR

ICT

FU

LL

-TIM

E E

QU

IVA

LE

NT

DIS

TR

ICT

EM

PL

OY

EE

S B

Y F

UN

CT

ION

/PR

OG

RA

ML

AS

T T

EN

FIS

CA

L Y

EA

R

155

EX

HIB

IT J

-17

PU

PIL

/A

VE

RA

GE

AV

ER

AG

E%

CH

AN

GE

IN

OP

ER

AT

ING

CO

ST

TE

AC

HE

R

DA

ILY

DA

ILY

AV

ER

AG

E

ST

UD

EN

T

FIS

CA

LE

XP

EN

DIT

UR

ES

PE

RP

ER

CE

NT

AG

ET

EA

CH

ING

RA

TIO

EN

RO

LL

ME

NT

AT

TE

ND

AN

CE

DA

ILY

A

TT

EN

DA

NC

EY

EA

RE

NR

OL

LM

EN

T(a

)P

UP

ILC

HA

NG

ES

TA

FF

(b)

EL

EM

EN

TA

RY

(AD

E)

(c)

(AD

A)

(c)

EN

RO

LL

ME

NT

PE

RC

EN

TA

GE

2014

725

$

13,9

60,2

36

19,2

55

0.00

65%

78

9.29

72

3.2

714.

3 -2

.144

8%98

.52%

2013

767

13,2

41,0

68

17,2

63

0.00

67%

78

9.83

73

9.0

729.

5 -5

.727

8%95

.11%

2012

790

12,6

44,9

91

16,0

06

0.00

67%

78

9.83

78

3.9

751.

9 -1

.247

2%95

.18%

2011

792

12,2

41,5

57

15,4

57

0.00

65%

80

9.88

79

3.8

757.

7 -0

.488

9%95

.67%

2010

805

12,4

47,1

35

15,4

62

0.00

65%

83

9.54

79

7.7

762.

4 0.

0753

%94

.71%

2009

797

12,2

89,1

19

15,4

19

0.00

65%

83

9.70

79

7.1

763.

4 -0

.697

6%95

.78%

2008

802

12,3

46,6

39

15,3

95

0.00

69%

83

9.60

80

2.7

768.

1 -0

.260

9%95

.77%

2007

804

12,0

32,7

84

14,9

66

0.00

79%

78

10.2

9 80

4.8

751.

3 -0

.789

0%93

.45%

2006

811

11,1

57,0

75

13,7

57

0.00

95%

78

11.7

0 81

1.2

771.

1 -3

.001

3%95

.08%

2005

836

10,0

84,1

40

12,0

62

0.00

94%

85

10.1

0 83

6.3

779.

2 -3

.060

2%93

.21%

Sou

rces

: D

istr

ict r

ecor

dsN

ote:

Enr

ollm

ent b

ased

on

annu

al O

ctob

er d

istr

ict c

ount

. a.

Ope

rati

ng e

xpen

ditu

res

equa

l tot

al e

xpen

ditu

res

less

deb

t ser

vice

and

cap

ital

out

lay.

b. T

each

ing

staf

f in

clud

es o

nly

full

-tim

e eq

uiva

lent

s of

cer

tifi

cate

d st

aff.

c. A

vera

ge d

aily

enr

ollm

ent a

nd a

vera

ge d

aily

att

enda

nce

are

obta

ined

fro

m th

e S

choo

l Reg

iste

r S

umm

ary

(SR

S).

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NO

PE

RA

TIN

G S

TA

TIS

TIC

SL

AS

T T

EN

FIS

CA

L Y

EA

RS

156

EX

HIB

IT J

-18

DIS

TR

ICT

BU

ILD

ING

S20

1420

1320

1220

1120

1020

0920

0820

0720

0620

05

Ele

men

tar y

Sch

ools

:

Sch

ool #

1 (1

921,

192

2,19

52, 1

959)

Squ

are

Fee

t35

,109

35,1

0935

,109

35,1

0935

,109

35,1

0935

,109

35,1

0935

,109

35,1

09

C

a pac

ity

(Stu

dent

s)22

322

322

322

322

322

322

322

322

322

3

E

nrol

lmen

t23

924

123

824

923

824

624

124

424

925

6

Sch

ool #

2 (1

962,

196

9)

S

quar

e F

eet

40,6

7440

,674

40,6

7440

,674

40,6

7440

,674

40,6

7440

,674

40,6

7440

,674

Ca p

acit

y (S

tude

nts)

279

279

279

279

279

279

279

279

279

279

Enr

ollm

ent (

a)23

123

223

725

127

525

828

427

427

927

5M

iddl

e S

choo

l:

Sch

ool #

3 (

1994

)

S

quar

e F

eet

52,2

8052

,280

52,2

8052

,280

52,2

8052

,280

52,2

8052

,280

52,2

8052

,280

Ca p

acit

y (S

tude

nts)

417

417

417

417

417

417

417

417

417

417

Enr

ollm

ent

255

255

292

292

281

276

271

281

286

297

Tot

al D

istr

ict E

nrol

lmen

t:72

572

876

779

279

478

079

679

981

482

8

Oth

er B

uild

ings

:

Adm

inis

trat

ion

Bui

ldin

g (1

910)

Squ

are

Fee

t4,

394

4,39

44,

394

4,39

44,

394

4,39

44,

394

4,39

44,

394

4,39

4

Sto

rage

Bui

ldin

g -

Gar

age

(193

0)

S

quar

e F

eet

900

900

900

900

900

900

900

900

900

900

S

tora

ge B

uild

ing

- B

arn

(193

0)

S

quar

e F

eet

1,52

01,

520

1,52

01,

520

1,52

01,

520

1,52

01,

520

1,52

01,

520

S

tora

ge B

uild

ing

- S

tabl

e (1

930)

Squ

are

Fee

t39

639

639

639

639

639

639

639

639

639

6

Sto

rage

Bui

ldin

g -

Bus

Gar

age

(193

8)

S

quar

e F

eet

2,51

62,

516

2,51

62,

516

2,51

62,

516

2,51

62,

516

2,51

62,

516

Num

ber

of S

choo

ls a

t Jun

e 30

, 201

3:

Ele

men

tar y

= 2

M

iddl

e S

choo

l = 1

S

enio

r H

i gh

Sch

ool =

0

Sou

rce:

Dis

tric

t Fac

ilit

ies

Off

ice

Not

e: Y

ear

of o

rigi

nal c

onst

ruct

ion

is s

how

n in

par

enth

eses

. E

nrol

lmen

t is

base

d on

the

annu

al O

ctob

er d

istr

ict c

ount

.C

a pac

ity

is f

rom

fiv

e ye

ar L

ong

Ran

ge F

acil

ity

Pla

n O

ctob

er 2

005

SO

UT

HA

MP

TO

N T

OW

NS

HIP

SC

HO

OL

DIS

TR

ICT

SC

HO

OL

BU

ILD

ING

IN

FO

RM

AT

ION

LA

ST

TE

N F

ISC

AL

YE

AR

157

EXHIBIT J-19

UNDISTRIBUTED EXPENDITURES - REQUIRED MAINTENANCE FOR SCHOOL FACILITIES

11-000-261-xxxDISTRICT

* SCHOOL #1 SCHOOL#2 SCHOOL #3 TOTAL

2014 167,949$ 79,742$ 130,423$ 378,114$ 2013 35,660 73,485 82,599 191,7442012 18,917 15,275 19,175 53,3672011 23,958 42,511 34,859 101,3282010 13,508 14,136 13,191 40,8352009 26,022 27,686 28,761 82,4692008 16,479 30,977 41,330 88,7862007 25,312 33,751 27,042 86,1052006 25,662 23,895 27,785 77,3422005 26,383 8,003 9,908 44,294

* School facilities as defined under EFCFA. (N.J.A.C. 6A:26-1.2 and N.J.A.C. 6A:26A-1.3)

Source: District records

SOUTHAMPTON TOWNSHIP SCHOOL DISTRICTSCHEDULE OF REQUIRED MAINTENANCE

LAST TEN FISCAL YEARS

158

EXHIBIT J-20

COVERAGE DEDUCTIBLEBurlington County Insurance Pool, Joint Insurance Fund (BCIPJIF): Property / Inland Marine / Automobile Physical Damages (per occurrence) 250,000$ 500$ General Liability / Auto Liability 250,000 Educators Legal Liability 100,000 Workers Compensation 250,000 Crime 250,000 500School Pool For Excess Liability Limits Property / Inland Marine / Automobile Physical Damages (per occurrence) 150,000,000 Crime 500,000 Workers Compensation Statutory Employers Liability 10,000,000 General Liability / Auto Liability 10,000,000 Educators' Legal Liability 10,000,000Hartford Steam Boiler Insurance Company: Boiler and Machinery 125,000,000 1,000AIG Environmental Pollution Liability 3,000,000 25,000Western Surety: Surety - Treasurer of Monies 215,000 Surety - Board Secretary 120,000

Source: District Records

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATIONINSURANCE SCHEDULE

JUNE 30, 2014

159


160

SINGLE AUDIT SECTION

161


162

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 Southampton Township County of Burlington Vincentown, New Jersey 08088 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 Southampton Township Board of Education, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise Southampton Township Board of Education’s basic financial statements, and have issued our report thereon dated. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Southampton Township 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 Southampton Township Board of Education’s internal control. Accordingly, we do not express an opinion on the effectiveness of Southampton Township 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.

163

rchandran

Letterhead

Compliance and Other Matters As part of obtaining reasonable assurance about whether Southampton Township 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. We also noted certain administrative findings that we reported to management of the Southampton Board of Education, as described in a separate auditor’s management report dated October 08, 2014. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the 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.





164

EXHIBIT K-2

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY NEW JERSEY OMB

CIRCULAR 04-04.

Honorable President and Members of the Board of Education Southampton Township County of Burlington Vincentown, New Jersey 08088 Report on Compliance for Each Major State Program We have audited Southampton Township Board of Education’s compliance with the types of compliance requirements described in the New Jersey Aid/Grant Compliance Supplement that could have a direct and material effect on each of the District’s major state programs for the year ended June 30, 2014. Southampton Township Board of Education’s major 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 state programs. Auditor’s Responsibility Our responsibility is to express an opinion on compliance for each of Southampton Township Board of Education’s major 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; 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

165

rchandran

Letterhead

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 state program occurred. An audit includes examining, on a test basis, evidence about Southampton Township 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 state program. However, our audit does not provide a legal determination of Southampton Township Board of Education’s compliance with those requirements. Opinion on Each Major State Program In our opinion, Southampton Township Board of Education 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 state programs for the year ended June 30, 2014. Report on Internal Control Over Compliance Management of Southampton Township Board of Education 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 Southampton Township Board of Education’s internal control over compliance with the types of requirements that could have a direct and material effect on each major 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 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 Southampton Township 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 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 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 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.

166

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.





167


168

EX

HIB

IT K

-4S

CH

ED

UL

E B

BA

LA

NC

E(A

CC

OU

NT

SG

RA

NT

OR

AT

RE

CE

IVA

BL

E)

CU

MU

LA

TIV

E

ST

AT

E G

RA

NT

OR

/S

TA

TE

PR

OJE

CT

AW

AR

DG

RA

NT

JUN

E 3

0,C

AS

HB

UD

GE

TA

RY

AT

JU

NE

30,

BU

DG

ET

AR

YT

OT

AL

P

RO

GR

AM

TIT

LE

NU

MB

ER

AM

OU

NT

PE

RIO

D20

13R

EC

EIV

ED

EX

PE

ND

ITU

RE

S20

14R

EC

EIV

AB

LE

EX

PE

ND

ITU

RE

S

Sta

te D

epar

tmen

t of

Ed

uca

tion

:

Equ

aliz

atio

n A

id14

-495

-034

-512

0-07

842

5,89

7$

7/

1/13

-6/3

0/14

-$

425,

897

$

(425

,897

)$

-

$

(3

2,16

3)$

425,

897

$

C

ateg

oric

al S

peci

al E

duca

tion

Aid

14-4

95-0

34-5

120-

083

455,

453

7/1/

13-6

/30/

14-

455,

453

(455

,453

)

-

(3

4,39

5)

455,

453

A

djus

tmen

t Aid

14-4

95-0

34-5

120-

085

793,

866

7/1/

13-6

/30/

14-

793,

866

(793

,866

)

-

(5

9,95

1)

793,

866

C

ateg

oric

al S

ecur

ity

Aid

14-4

95-0

34-5

120-

084

71,7

017/

1/13

-6/3

0/14

-

71

,701

(7

1,70

1)

-

(5

,415

)

71,7

01

C

ateg

oric

al T

rans

port

atio

n A

id14

-495

-034

-512

0-01

436

6,76

97/

1/13

-6/3

0/14

-

36

6,76

9

(3

66,7

69)

-

(27,

698)

36

6,76

9

Non

Pub

lic

Tra

nspo

rtat

ion

Cos

ts14

-495

-034

-512

0-01

42,

535

7/1/

13-6

/30/

14-

-

(2,5

35)

(2

,535

)

-

2,53

5

Non

Pub

lic

Tra

nspo

rtat

ion

Cos

ts13

-495

-034

-512

0-01

44,

350

7/1/

12-6

/30/

13(4

,350

)

4,35

0

-

-

-

-

O

n-B

ehal

f T

PA

F P

ensi

on C

ontr

ibut

ions

14-4

95-0

34-5

095-

001

250,

453

7/1/

13-6

/30/

14-

250,

453

(250

,453

)

-

-

25

0,45

3

On

Beh

alf

TP

AF

Pos

t-R

etir

emen

t14

-495

-034

-509

5-00

141

0,64

77/

1/13

-6/3

0/14

-

41

0,64

7

(4

10,6

47)

-

-

410,

647

R

eim

burs

ed T

PA

F S

ocia

l Sec

urit

y14

-495

-034

-509

5-00

242

2,64

37/

1/13

-6/3

0/14

-

40

1,42

1

(4

22,6

43)

(21,

222)

-

42

2,64

3

Rei

mbu

rsed

TP

AF

Soc

ial S

ecur

ity

13-4

95-0

34-5

095-

002

435,

394

7/1/

12-6

/30/

13(2

1,67

2)

21

,672

-

-

-

-

Tot

al G

ener

al F

und

Ass

ista

nce

(26,

022)

3,20

2,22

9

(3,1

99,9

64)

(2

3,75

7)

(159

,622

)

3,

199,

964

Ca p

ital

Pro

ject

s F

und:

S

DA

Gra

nt11

-493

0-06

0-09

-100

335

,686

Inde

fini

te(3

5,68

6)

-

-

(3

5,68

6)

-

-

S

DA

Gra

nt11

-493

0-07

0-09

-100

423

,580

Inde

fini

te(2

3,58

0)

-

-

(2

3,58

0)

-

-

S

DA

Gra

nt04

-493

0-07

0-02

-110

412

0,16

9

In

defi

nite

(54,

219)

-

-

(54,

219)

-

-

SD

A G

rant

04-4

930-

050-

02-1

102

982,

165

Inde

fini

te(2

10,7

16)

(2

10,7

16)

S

DA

Gra

nt04

-493

0-06

0-02

-110

31,

208,

912

Inde

fini

te(2

62,0

48)

-

-

(2

62,0

48)

-

-

Tot

al C

a pit

al P

roje

cts

Fun

d(5

86,2

49)

-

-

(5

86,2

49)

-

-

Deb

t S

ervi

ce F

un

d:

D

ebt S

ervi

ce T

ype

II

14-4

95-0

34-5

120-

125

51,3

327/

1/13

-6/3

0/14

-

51

,332

(5

1,33

2)

-

-

51

,332

Tot

al D

ebt S

ervi

ce F

und

Ass

ista

nce

-

51

,332

(5

1,33

2)

-

-

51

,332

En

terp

rise

Fu

nd

: N

atio

nal S

choo

l Lun

ch P

rogr

am14

-100

-010

-336

0-06

72,

925

7/1/

13-6

/30/

14-

2,54

9

(2,9

25)

(3

76)

-

2,92

5

N

atio

nal S

choo

l Lun

ch P

rogr

am13

-100

-010

-336

0-06

73,

023

7/1/

12-6

/30/

13(7

45)

745

-

-

-

-

Tot

al E

nter

pris

e F

und

(745

)

3,

294

(2

,925

)

(376

)

-

2,

925

Tot

al S

tate

Ass

ista

nce

(613

,016

)$

3,

256,

855

$ (3

,254

,221

)$

(610

,382

)$

(1

59,6

22)

$

3,25

4,22

1$

On-

Beh

alf

TP

AF

Pen

sion

Con

trib

utio

ns25

0 ,45

3$

O

n-B

ehal

f T

PA

F P

ost-

Ret

irem

ent

410,

647

Tot

al S

tate

Fin

anci

al A

ssis

tanc

e R

e por

ted

on

Sin

gle

Aud

it S

umm

ary

(2,5

93,1

21)

$

ME

MO

SO

UT

HA

MP

TO

N T

OW

NS

HIP

BO

AR

D O

F E

DU

CA

TIO

NS

CH

ED

UL

E O

F S

TA

TE

FIN

AN

CIA

L A

SS

IST

AN

CE

FO

R F

ISC

AL

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

169

EXHIBIT K-5

(Page 1 of 2) SOUTHAMPTON TOWNSHIP BOARD OF EDUCATION

NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE JUNE 30, 2014

1. General The accompanying schedules of expenditures of state financial assistance include state award activity of the Southampton Township Board of Education. The Board of Education is defined in Note 1 to the Board’s basic financial statements. All state awards received directly from state agencies, as well as state financial assistance passed through other government agencies is included on the schedule of expenditures of 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. These basis of accounting are described in Note 1 to the Board’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 $(9,412) for the general fund and $0 for the special revenue fund. See Note 1 for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the Board’s basic financial statements on a GAAP basis as presented as follows:

170

EXHIBIT K-5 (Page 2 of 2)

SOUTHAMPTON TOWNSHIP BOARD OF EDUCATION NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE

JUNE 30, 2014 3. Relationship to Basic Financial Statements (continued): State

General Fund $ 3,190,552 Capital Projects Fund 27,579 Debt Service Fund 51,332 Food Service Fund 2,925

Total Financial Assistance $3,272,388

4. Relationship to Federal & State Financial Reports Amounts reported in the accompanying schedules agree with the amounts reported in the related state financial reports. 5. Other 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 represent 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 Southampton Township Board of Education had no loan balances outstanding at June 30, 2014.

171


SOUTHAMPTON TOWNSHIP 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? Yes Noncompliance material to basic financial Statements noted? None Reported State Awards Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? Yes Type of auditor’s report issued on compliance for major programs Unmodified Internal Control over major programs: 1) Material weakness(es) identified? None Reported 2) Significant deficiencies identified that are not considered To be material weaknesses? No Any audit findings disclosed that are required to be reported in accordance With NJ OMB Circular Letter 04-04 None Reported Identification of major programs: GMIS Number(s) Name of State Program 13-495-034-5120-078 Equalization Aid

13-495-034-5120-083 Categorical Special Education Aid 13-495-034-5120-034 Adjustment Aid 13-495-034-5120-084 Categorical Security Aid

172


SOUTHAMPTON TOWNSHIP BOARD OF EDUCATION SCHEDULE OF FINDINGS & QUESTIONED COSTS (continued):

For the Fiscal Year Ended June 30, 2014

Section II – Financial Statement Findings This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements and abuse related to the financial statements for which Government Auditing Standards requires reporting in a Circular A-133 audit. Finding 2014-001: Criteria or Specific Requirement: That client records be updated periodically for changes in capital assets, including calculating annual depreciation. Condition: The School District is not adequately maintaining an accounting of their capital assets, including additions, deletions, and depreciation of assets. Context: The School District is not adequately maintaining a capital asset ledger that includes additions, deletions, and depreciation of capital assets. Effect: The capital asset accounting presented in the annual audit does not reflect all additions, deletions, and depreciation of district capital assets accurately. Cause: The School District has not maintained an accounting of changes in capital assets. Recommendation: That the School District maintains an accounting of capital assets that includes additions, deletions and depreciation that is updated annually. Views of Responsible Officials and Planned Corrective Action: The District is taking the necessary steps to monitor and record changes in capital assets.

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

173

EXHIBIT K-7 SOUTHAMPTON TOWNSHIP 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. Finding 2013-01: Condition: The School District is not adequately maintaining an accounting of their capital assets, including additions, deletions, and depreciation of assets. Current Status: This condition has not been corrected.

174

school district of southampton township...required supplementary information – part ii c....

Documents