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Basis of Presentation
Government-wide Financial Statements - Government-wide financial statements, including the statement of net position and the statement of activities, present information about the District as a whole. These statements include the nonfiduciary financial activity of the primary government and its component units.
Government-wide financial statements are prepared using the economic resources measurement focus. The statement of activities presents a comparison between direct expenses and program revenues for each function or program of the District’s governmental activities. Direct expenses are those that are specifically associated with a service, program, or department and are thereby clearly identifiable to a particular function. Depreciation expenses are allocated to function/programs of the primary government. Program revenues include charges paid by the recipient of the goods or services offered by program and grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues, with certain exceptions.
The comparison of direct expenses with program revenues identifies the extent to which each governmental function is self-financing or draws from the general revenues of the District.
The effects of interfund activities have been eliminated from the government-wide financial statements. Interfund transactions, consisting of transactions involving the internal service funds, were eliminated by allocating the change in net position of internal service funds in direct proportion as they were charged as expenses to the various functions.
Fund Financial Statements - Fund financial statements report detailed information about the District in the governmental, proprietary, and fiduciary funds. The focus of governmental fund financial statements is on major funds rather than reporting funds by type. Each major fund is reported in a separate column. Nonmajor funds are aggregated and reported in a single column. Because the focus of governmental fund financial statements differs from the focus of government-wide financial statements, a reconciliation is presented with each of the governmental fund financial statements.
The District reports the following major governmental funds:
• General Fund – to account for all financial resources not required to be accounted for in another fund, and for certain revenues from the State that are legally restricted to be expended for specific current operating purposes.
• Debt Service Fund – Other Fund – to account for the accumulation of resources that are restricted, committed, or assigned for the payment of principal and interest on long-term obligations of governmental funds
• Capital Projects – Other Fund – to account for the financial resources such as sales tax proceeds, impact fees, certificates of participation and capital leases which are used for capital outlay needs.
• Special Revenue – Other Federal Programs Fund – to account for and report on certain Federal grant program resources.
• Special Revenue – Federal Education Stabilization Fund – to account for and report on Federal funding of Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Additionally, the District reports the following major proprietary fund:
• Enterprise Fund – After School Enrichment Program (ASEP) Fund – to account for the financial resources of the District’s ASEP program, a before and after-school child care program.
Additionally, the District reports the following proprietary and fiduciary fund types:
• Enterprise Fund – Vending Program – to account for the operation of food and beverage machines throughout the District.
• Internal Service Funds – to account for the District's fully-insured program for employees’ life insurance; individual self-insurance programs for property/casualty, liability, auto, workers’ compensation, medical, pharmacy and behavioral health programs; the employee benefits program; the energy management program; and exclusive agreements administered by the School Board.
• Pension Trust Fund – to account for resources used to finance the early retirement program.
• Private-Purpose Trust Fund – to account for resources of various scholarship funds that provide for medical benefits and educational support.
• Custodial Funds – to account for resources of the school internal funds, which are used to administer monies collected at the District’s schools in connection with school, student athletic, class and club activities.