2014 CAFR EHTBOE

SCHOOL DISTRICT

OF

EGG HARBOR

TOWNSHIP

Egg Harbor Township Board of EducationEgg Harbor Township, New Jersey

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

Comprehensive AnnualFinancial Report

of the

Egg Harbor Township Board of Education

Egg Harbor Township, New Jersey

For the Fiscal Year Ended June 30, 2014

Prepared by


Business Administration

INTRODUCTORY SECTION Page

Letter of Transmittal 1-12

Certificate of Excellence in Financial Reporting Award 13

Organizational Chart 14

Roster of Officials 15

Consultants and Advisors 16

FINANCIAL SECTION

Independent Auditor's Report 17-19

Required Supplementary Information - Part I

Management's Discussion and Analysis 20-29

Basic Financial Statements

A District-wide Financial Statements:

A-1 Statement of Net Position 30

A-2 Statement of Activities 31

B Fund Financial Statement

Governmental Funds:

B-1 Balance Sheet 32

B-2 Statement of Revenues, Expenditures, and Changes in Fund Balances 33

B-3 Reconciliation of the Statement of Revenues, Expenditures, and

Changes in Fund Balances of Governmental Funds to the Statement

of Activities 34

Proprietary Funds:

B-4 Statement of Net Position 35

B-5 Statement of Revenues, Expenses, and Changes in Net Position 36

B-6 Statement of Cash Flows 37

Fiduciary Funds:

B-7 Statement of Fiduciary Net Position 38

B-8 Statement of Changes in Fiduciary Net Position 39

Notes to the Financial Statements 40-62

TABLE OF CONTENTS

Required Supplemental Information - Part II Page

C Budgetary Comparison Schedules

C-1 Budgetary Comparison Schedule - General Fund 63-74

C-1a Combining Schedule of Revenues, Expenditures, and Changes

in Fund Balance - Budget to Actual N/A

C-1b Community Development Block Grant - Budget and Actual N/A

C-2 Budgetary Comparison Schedule - Special Revenue Fund 75-76

Notes to the Required Supplementary Information

C-3 Budget-to-GAAP Reconciliation 77

Other Supplementary Information

D School Based Budget Schedules

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 Program Revenues and

Expenditures Special Revenue Fund - Budgetary Basis 78-81

E-2 Preschool Education aid Schedule of

Expenditures - Budgetary Basis N/A

F Capital Projects Fund:

F-1 Summary Schedule of Project Expenditures 82

F-2 Summary Schedule of Revenues, Expenditures, and Changes

in Fund Balance - Budgetary Basis 83

F-2a -

F-2n Schedules of Project Revenues, Expenditures, Project Balance,

and Project Status - Budgetary Basis 84-98

G Proprietary Funds

Enterprise Fund:

G-1 Combining Statement of Net Position N/A

G-2 Combining Statement of Revenues, Expenses, and

Changes in Fund Net Position N/A

G-3 Combining Statement of Cash Flows N/A

TABLE OF CONTENTS (continued)

Page

Internal Service Fund:

G-4 Combining Statement of Net Position N/A

G-5 Combining Statement of Revenues, Expenses, and

Changes in Fund Net Position N/A

G-6 Combining Statement of Cash Flows N/A

H Fiduciary Funds:

H-1 Combining Statement of Fiduciary Net Position 99

H-2 Combining Statement of Changes in Fiduciary Net Position 100

H-3 Student Activity Agency Fund Schedule of Receipts and

Disbursements 101

H-4 Payroll Agency Fund Schedule of Receipts and

Disbursements 102-103

I Long-Term Debt:

I-1 Schedule of Serial Bonds 104-105

I-2 Schedule of Obligations under Capital Leases 106

I-3 Debt Service Fund Budgetary Comparison Schedule 107

STATISTICAL SECTION (Unaudited)

Introduction to the Statistical Section

Financial Trends

J-1 Net Position by Component 108

J-2 Changes in Net Position 109-111

J-3 Fund Balances - Governmental Funds 112

J-4 Changes in Fund Balances - Governmental Funds 113-114

J-5 General Fund Other Local Revenue by Source 115

Revenue Capacity

J-6 Assessed Value and Estimated Actual Value of Taxable Property 116

J-7 Direct and Overlapping Property Tax Rates 117

J-8 Principal Property Taxpayers 118

J-9 Property Tax Levies and Collections 119

Debt Capacity

J-10 Ratios of Outstanding Debt by Type 120

J-11 Ratios of General Bonded Debt Outstanding 121

J-12 Direct and Overlapping Governmental Activities Debt 122

J-13 Legal Debt Margin Information 123


Page

STATISTICAL SECTION (Unaudited) - continued

Demographic and Economic Information

J-14 Demographic and Economic Statistics 124

J-15 Principal Employers 125

Operating Information

J-16 Full-time Equivalent District Employees by Function/Program 126

J-17 Operating Statistics 127

J-18 School Building Information 128-129

J-19 Schedule of Required Maintenance Expenditures

by School Facility 130

J-20 Insurance Schedule 131-132

SINGLE AUDIT SECTION

K-1 Independent Auditor's Report - Government Auditing Standards 133-134

K-2 Independent Auditor's Report - OMB Circular A-133 and New

Jersey OMB Circular Letter 04-04 135-136

K-3 Schedule of Expenditures of Federal Awards, Schedule A 137

K-4 Schedule of Expenditures of State Financial Assistance,

Schedule B 138

K-5 Notes to the Schedules of Awards and Financial Assistance 139-141

K-6 Schedule of Findings and Question Costs

Part I - Summary of Auditor's Results 142-143

Part 2 - Schedule of Financial Statement Findings 144

Part 3 - Schedule of State Award Findings and Questioned Costs 144

K-7 Summary Schedule of Prior Audit Findings 144


Introductory Section

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Egg Harbor Township Schools 13 Swift Drive

Egg Harbor Township, NJ 08234 www.eht.k12.nj.us

Dr. Scott McCartney Superintendent’s Office

Superintendent Phone: (609)646-7911 Dr. Kimberly Gruccio Telefax: (609)383-8749

Assistant Superintendent Pedro Bretones

Assistant Superintendent Kateryna W. Bechtel, CPA Business Office School Business Administrator/ Phone: (609)646-8441

Board Secretary Telefax: (609)484-9432

December 2, 2014 Citizens, Honorable President and Members of the Board of Education Township of Egg Harbor School District Atlantic County, NJ The comprehensive annual financial report of the Township of Egg Harbor School District (District) for the fiscal year ended June 30, 2014 is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Board of Education (Board). To the best of our knowledge and belief, the data presented in this report is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operation of the various funds of the District. All disclosures necessary to enable the reader to gain an understanding of the District’s financial activities have been included.

The comprehensive annual financial report is presented in four sections: introductory, financial, statistical and single audit. The introductory section includes this transmittal letter, the District’s organizational chart and a list of principal officials. The financial section includes the Management’s Discussion and Analysis, basic financial statements and schedules, as well as the auditor’s report thereon. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act Amendment of 1996 and the US Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and the New Jersey OMB Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid Payments. Information related to this single audit, including the auditor’s report on the internal control structure and compliance with applicable laws and regulations and findings and recommendations, are included in the single audit section of this report.

1) REPORTING ENTITY AND ITS SERVICES: The Township of Egg Harbor School District is an independent reporting entity as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards. All funds and account groups of the District are included in this report. The Township of Egg Harbor Board of Education and all its schools constitute the District’s reporting entity. For the 2013-2014 school year, the District’s schools were organized as follows: H. R. Swift School – This school houses a portion of the pre-kindergarten and the kindergarten through third grade classes. The pre-kindergarten classes are for handicapped children and are subsidized through a Federal Grant. Centralized registration offices, the Kids Klub (latchkey) coordinator and a child study team are located here in modular buildings. The school was built in 1956, and has undergone several renovations and additions in 1967, 1970 and 2003. E. H. Slaybaugh School Complex – There is a primary school building and elementary school building housed on this campus. The primary school houses a portion of the District’s pre-kindergarten and kindergarten through first grade classes. The elementary school houses a portion of the District’s second and third grade classes. The elementary school building was built in 1970 and was renovated in 1989 and 2003. The primary school building was constructed in 2007.

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C. J. Davenport School Complex – There is a primary school building and elementary school building housed on this campus. The primary school houses a portion of the District’s pre-kindergarten and kindergarten through first grade classes. The elementary school houses a portion of the District’s second and third grade classes, as well as the elementary autistic special education program. The elementary school building was built in 1976 and renovated in 2003. The primary school was constructed in 2007. Dr. Joyanne D. Miller School – This school houses the District’s entire fourth and fifth grade population. This building was constructed in 2003. Alder Avenue Middle School – This school houses a portion of the District’s sixth through eighth grade classes. The Board of Education public meeting room is also at this location. The building was constructed in 1992, and was renovated in 2007. Fernwood Avenue Middle School – The District’s remaining sixth, seventh and eighth grade classes are housed in this school. This school also has a large auditorium that is used by the community. This building was constructed in 1992. EHT High School – The ninth, tenth, eleventh and twelfth grade classes are housed in this school. The Arthur O. Marinelli Athletic Field House is also on this site. This structure contains locker rooms for home and away teams, athletic trainer treatment room, boys’ and girls’ coaches’ offices, a concession stand and public rest rooms for sporting events. The athletic complex contains an artificial turf field that is used by a majority of the varsity school athletic programs. The building was constructed in 1983 and was renovated in 2003 and 2012. Eagle Academy – This school is an alternative school for grades 7-12. The District is leasing this building from the Township of Egg Harbor. The school building is almost 100 years old. The district is currently upgrading the HVAC and electrical systems, and replacing all the windows. District officials are working with the Township officials to transfer title to the school district as the Township has no current planned use for this facility.

In addition to the basic elementary curriculum emphasizing English Language Arts and Mathematics, each District school provides:

Remedial instruction Resource room instruction for classifiable learning disabilities Speech and language development services Occupational and physical therapy services Enrichment classes Computer instruction Art and music instruction STEM and media instruction Library programs Health and physical education Guidance and child study team services Full time nurses Before and after school child care (grades 1-5)

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The District provides a full range of educational services appropriate to grade levels K-12. These include regular, vocational, as well as special education for handicapped children. The District completed the 2013-2014 fiscal year with an enrollment of 7,660 students. The average daily enrollment for 2013-2014 was 7,508 students, which is 177 students below the previous year’s average daily enrollment. The following details the changes in the student enrollment in the District over the last ten years.

Average Daily Enrollment Fiscal Student Percent Year Enrollment Change

2013/2014 7,508 -2.30% 2012/2013 7,685 -0.59% 2011/2012 7,731 -2.44% 2010/2011 7,924 2.71% 2009/2010 7,715 1.07%

2008/2009 7,633 0.71% 2007/2008 7,579 1.17%

2006/2007 7,491 2.80% 2005/2006 7,287 3.70%

2004/2005 7,027 4.28% 2) ECONOMIC CONDITION AND OUTLOOK: The severe economic down-turn has continued to have an impact on our school district. The past explosive growth in residential real estate development from 2000 through 2010 has seen a marked decrease and the area’s economic engine, the Atlantic City Casino industry, has not been immune to the recession. Recent casino closings have severely impacted the Egg Harbor Township residents with over 1,066 losing their jobs from four recent casino closings. If the Taj Mahal also closes as is planned, another 453 residents will be unemployed. The unemployment rate in Atlantic County was 10.8% in September 2014 while the unemployment rate in New Jersey was 6.5% and the national rate was 5.9%. The NextGen Aviation and Technology Park, located at the Federal Aviation Administration’s William J. Hughes Technical Center in Egg Harbor Township, was expected to add 2,000 new, stable, high-paying engineering and technical jobs to start, with more to follow. However, the park has faced continued difficulties, ranging from attracting tenants to alleged financial mismanagement by a top development official. The park and Richard Stockton College signed a memorandum of understanding that marks the end of one of the park’s major hurdles and provides it with an established development partner. The college is supplementing the park’s expenses for three to five years, and in exchange, the college would benefit from research opportunities and student internships. In October 2014, one in every 440 homes in Egg Harbor Township were in foreclosure. There are currently 738 properties in Egg Harbor Township that are in some stage of foreclosure. In October 2014, the number of properties that received a foreclosure filing in Egg Harbor Township was 58% lower than the previous month and 9% higher than the same time last year. Home sales for September 2014 were down 6% compared with the previous month, and up 32% compared with a year ago. The Egg Harbor Township median sales price of a non-distressed home was $215,000. The median sales price of a foreclosure home was $171,950 or 20% lower than non-distressed home sales. Egg Harbor Township continues to be underfunded under the New Jersey state aid funding formula. Because of revenue caps that have been in existence under every funding formula since 2000, our district’s state aid has not kept pace with the student population growth. During the 2013-14 school year, our calculated state aid was reduced by $23,859,985 due to revenue caps and state aid freezes. This on-going state aid gap was financed through higher property taxes during this period. According to the funding formula, Egg Harbor Township’s local fair share is for the 2013-14 school year was $452,339,929 but the actual school property tax levy was $69,175,095. The Governor’s two percent tax levy cap coupled with current real estate market conditions are presenting challenges to maintaining student programs and current staffing levels. This slow-down presents both opportunities and challenges for the district. The decrease in the rate of growth allows time to assess our long-term growth projections against actual figures and to adjust future initiatives accordingly. As a designated growth zone of the State of New Jersey’s Pinelands region, the challenge will be to continue to manage

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growth as the economy rebounds and the Township comes into compliance with affordable housing requirements mandated by the State.

3) MAJOR INITIATIVES: During the 2013-2014 school year the Egg Harbor Township School District successfully implemented the three major objectives as follows:

A. To continue alignment of district curricula in Mathematics and Language Arts Literacy to the new Common Core Curriculum Standards (CCCS) and to provide professional development to fully implement the standards in the classroom.

B. To continue to implement the new teacher/administrator evaluation instrument as per state mandate for greater accountability and student achievement.

C. To continue to explore, develop and implement a comprehensive plan for the expansion of Science, Technology, Engineering, and Mathematics (STEM) across grades K-12.

In addition to meeting these goals, the district sustained its HERO theme for the second year. The theme gave the school district the opportunity to continue awareness of the great things being done by our students, faculty, staff and extended school community. Through our partnership with the HERO Campaign we have raised well over twenty thousand dollars for the organization to continue their mission of raising awareness of the dangers of drinking and driving. The district enjoined with over 40 other states in the union to align to and prepare for the implementation and assessment of the CCCS. Our district has aligned the curriculum, organized and supplemented instructional materials, provided professional development for our key stakeholders, improved technology infrastructure and has worked diligently to ensure that our students are being prepared for college and careers as measured by the State of New Jersey and by the CCCS Consortium. The district also has continued to enjoy success in its energy conservation program by monitoring and modifying energy consumption. We have engaged in a 4 year program with the assistance of Cenergistic, a national energy savings consulting firm, which resulted in nearly $4.5 million in energy cost avoidance. We have enhanced that program with a new electricity demand response program through Enernoc, a national firm that works with utility companies to provide opportunities for payments in exchange for being on call to significantly reduce consumption during possible brownouts. Together these tools provide district leadership with valuable resources and assistance to enable the district and its employees to save energy and energy costs so as to maximize available resources so that we can continue to keep our focus on students and learning. The Egg Harbor Township Board of Education and Administration understand that 21st Century Schools need to work in a changing fiscal and academic paradigm. Working creatively and working together as a community of learners we can and will continue to be “Proud to Be EHT!” Curriculum and professional development activities: 1. The professional development structures and designs offered included:

a. District wide in-services b. In service days which are building and/or district directed c. Professional days – teacher choice d. School Business days – District generated e. Monthly staff meetings f. Weekly Professional Learning Communities g. Before, during, and after school building based opportunities h. Summer workshops i. NJEA convention attendance

Grade levels and/or departments were partnered. Teams utilized Professional Learning Community (PLC) time to review student work and collaborate about successful strategies. In addition, the District adopted the Charlotte Danielson Framework for Teaching and Learning. Teachers will discuss and become proficient in the framework in order to prepare for the new evaluation system mandated by the NJDOE.

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Partnerships have been developed with Atlantic Cape Community College, Richard Stockton College and Rowan University for teacher preparation. Additional partnerships include Southern Regional Institute & Educational Technology Training Center (SRI & ETTC) and online and on-site professional development course offerings from New Jersey Education Association.

Common assessments (i.e. quarterly and trimester benchmark tests) were developed by teachers across the grade levels, inclusive of special education staff, during summer curriculum workshops/institutes sponsored by the District.

PLC’s, staff meetings, School Leadership Team and I & RS play a major role in providing additional feedback to supplement professional development needs assessment results in developing school professional development opportunities. 2. We continue to work on the alignment of curriculum to the Common Core State Standards, creating pacing guides and assessment tools to create learning experiences that allow students to integrate knowledge, skills, and methods of inquiry in all academic areas. 3. The District supports professional development needs by providing job-embedded opportunities to assist teachers in developing an expanding range of strategies to accommodate a wide array of student learners. 4. The District continues to address professional learning gaps not addressed in schools by sustaining learning communities through team, department, and grade level meetings regarding the different buildings’ needs and concerns with a focus on data analysis. 5. The Egg Harbor School Township School District has implemented Professional Learning Communities throughout all schools. Through this the District is able to support the development of productive team structures for teachers and administration to analyze data results to drive instruction. 6. The District plan is communicated to staff through school-based staff meetings and then posted on the District’s common network server; which is accessible to all staff members. Furthermore, the plan is communicated to the community via www.eht.k12.nj.us. 7. The connection between student goals and professional development opportunities includes the establishment of Professional Learning Communities which analyze data in order to guide future instruction and offer new professional development opportunities. 8. Two (2) in-service days in October 2013 and one (1) in-service day in March 2014 were dedicated to Student Growth Objectives planning, development and completion and professional development aimed to address the district goals of alignment to the CCCS in mathematics and English Language Arts, was provided at the in-service days. Information Technology Services During the 2013-2014 school year, the Information Technology Services Department dedicated itself in the following areas: HARDWARE:

A district wide inventory of hardware with the focus of maintaining the minimum 5/1 student computer ratios across the district was performed. The current student computer ratio is 2.94 students for each computer. Repairs tickets documented in the IT Direct application total 755. The number of Help Desk calls during the 2013-2014 school year totaled 2,145.

Increasing our district WIFI availability with the addition of access points. We increased WIFI coverage from 90% in 2012-2013 to 100% coverage for the 2013-2014 school year. This is all in support of the District’s Bring Your Own Device (BYOD) and other wireless implementations.

Continued replacement of aging district equipment including the District’s core router. Upgraded and enhanced the current District Wide Area Network (WAN). This resulted in not only

redundant network communications, but faster network speeds to ensure compatibility and up time related to curriculum, PARCC testing, and support processes.

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Developed and budgeted for the addition of four (4) computer labs with 26 student computers each at the Dr. Joyanne D. Miller School. This is not only to support digital curriculum, but also to ensure the school’s PARCC compliance. Project target completion is October 2014.

COMMUNICATIONS: Negotiated pricing with new phone and internet provider resulting in reduced costs and

approximate savings of over $35,000. This does not include the savings that will be realized from unlimited local and national long distance calls that are now included in the plan.

Upgraded the district phone system, including the addition of classroom phones at the Swift Elementary, Slaybaugh Elementary, and Davenport Elementary Schools. This upgrade resulted in provided approximately 120 classrooms with phone communications and provided additional reporting and safety related features.

CONSTRUCTION: The ITS Department, in order to reduce construction associated costs, completed the data and phone

line installation for the new Central Registration, Kids Club, and Swift Child Study Team offices.

TRAINING: The district regularly conducts building level and district level technology training and coordination

with the assistance of the Director of Human Resources and the cooperation from the Southern Regional Institute & Educational Technology Training Center (ETTC). Our district hosts and facilitates any requests from the ETTC in order to have our faculty and staff be able to participate in technology training within our own district facilities. During the 2013-2014 school year, we fully utilized the hours attributed to our district.

EHT TV2: The community/district broadcast channel, EHT TV2 has continued to provide excellent

programming during the 2013-2014 school year due to the addition of a Part Time TV studio assistant. These productions range from various High School sports and performing arts productions, informative sessions such as the “Superintendent’s Round Table,” and Township productions such as the “Mayor’s Forum” and the filming of Township public meetings. The ITS Department has continued to upgrade equipment beyond the generous donation of new High Definition equipment provided by the local education foundation during the 2012-2013 school year.

The department utilizes the Telvue Video Message Board System and digital video servers for video programming. This also includes PEGTV video archives for distribution on the internet, live internet distribution of the EHTTV2 video channels and other emergency management features through the new interface. During the 2013-2014 school year, EHT TV2 responded quickly to emergency snow closures, Township notifications and information, as well as school events and programming.

SOFTWARE:

Continued focus and support of the new staff evaluation system Baseline Edge. Developed parent approval letters and setup of Edmoto for staff and student use. Investigation of savings resulted in moving from Novell to Microsoft as the network operating

system. A plan will be developed during the 2014-2015 school year with migration targeted to begin late spring of 2015.

Supported the PARCC field test at the Dr. Joyanne D. Miller School. We were required to provide consistent network communication and speeds, proctor caching server, computer system configurations, support, and training to field test staff and equipment.

SECURITY:

Focus in security projects has dealt with the maintenance and replacement of aging cameras and DVRs.

Participation in crisis teams and continued evaluation of emergency procedures.

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NJSMART (NJ Standards Measurement and Resource for Teaching (NJ SMART)

NJ Smart continues to evolve and have more requirements. Student ID (SID) management, Staff Member ID (SMID) management, pre-ID labels for state testing, etc. New to NJ Smart reporting for the 2013-2014 school year was the addition of staff evaluation submission. Working with Baseline Edge, we were responsible for developing a data export and ensuring data accuracy for submission to the State of NJ.

STUDENT INFORMATION SYSTEM: Standard support and upgrades of Infinite Campus were conducted throughout the 2013-2014

school year. The most significant change was related to the teacher instruction module in Infinite Campus. This required us to coordinate with the teacher trainers and develop instruction manuals and provide video prior to the start of the 2014-2015 school year.

ESEA-NCLB

FY 2014 July 1, 2013-June 30, 2014 Title I, II-A, III, III-Immigrant

Grant Implementation

An ESEA-NCLB program management team facilitated the grant application development as well as program articulation, implementation, and supervision under Title I, II-A, III and III-Immigrant. Student achievement goals focused on the improvement of learning for the identified at-risk population in the areas of English Language Arts and Mathematics.

Below are some exciting programs funded by ESEA-NCLB funds approved by the Board of Education:

1. An after school program during the 2013-2014 school year for 166 Miller School Title I students to enhance academic achievement. This program ran for 2 hours per week from November 2013 through May 2014. Transportation services home from the after-school services were also supplied for these Title I students.

2. Title I parent coordinators were hired at Davenport Elementary School (2) and Miller Elementary School (2) to educate Title I parents regarding the reading and math curricula in each grade level. They also instructed parents in helping children with homework and how to meaningfully participate in parent-teacher conferences. Over 500+ parents and children attended these trainings during 2013-2014.

3. The EHT ESEA/NCLB website was improved to increase parent, teacher, student and administrator knowledge of ESEA/NCLB. The ELA and Math Pacing Guides for 2013-2014 were added and other academic websites were added to increase parent participation and knowledge of ESEA/NCLB as well as various resources. During 2013-2014, the ESEA-NCLB district website received a total of 5,498 hits!

4. Test data analysts were hired through Title IIA funds. The purpose of these teacher data analysts was to identify student strengths and weaknesses on benchmark assessments to improve student test scores. Additional hours were given to Fernwood and the High School as they are identified RAC schools for 13-14.

Program objectives were consistent with Egg Harbor Township district goals established by the Board of Education and the new QSAC regulations. The educational needs of the Non-Public schools, i.e. Trocki Hebrew Academy, Atlantic Christian and English Creek Academy, were also met via multiple consultations with the non-public officials.

English Language Learners: Egg Harbor Township had already completed its 2011-2014 Three Year Program Plan. During 2013-2014, 221 ELL students district-wide received ELL services consistent with Title III. We have completed the development of a four year “cycle” for coursework with ELL high school students. This is designed to help ELL students meet required HSPA standards as well as the revised WIDA standards which are assessed by the ACCESS testing, additional state testing for ELL students.

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Focus School Status for Fernwood Avenue Middle School and EHT High School Due to the NJDOE receiving a waiver from the USDE, there is no longer the concept of Adequate Yearly Progress (AYP), nor Schools in Need of Improvement. Based on state test data for three years (Spring 2009, 2010 and 2011), EHT High School and Fernwood Avenue Middle School continued to be designated as Focus Schools during 2013-2014. They received this designation as a result of having large achievement gaps within subgroups. Title I programs were implemented in the Targeted Assistance Title I Schools, i.e. Davenport and Miller Elementary Schools. Multiple assessment measures were used to determine eligibility. Examples of other assessments used for eligibility and/or progress measurement were: Story-Town tests, Math End of Book tests and teacher recommendations. Title I funds paid for 18 split funded remedial teachers. The programs were as follows: Davenport (K-3) and Miller Schools (4-5)

Eligible students were serviced in an in-class support or pull-out structure from 2 to 5 times per week for 30 to 40 minute sessions. Title I teachers reinforced the reading and math skills introduced by way of the newly revised pacing guides in ELA and Math. The revised pacing guides are aligned with the CCCS and teaching the necessary skills prior to state testing dates. A Phonics First Morning Program for Title I students was conducted with a total of 32 third grade Title I students attending. An after-school program was provided for 166 Miller Title I students.

Title I parents were provided with workshops by parent coordinators (Davenport and Miller), to inform them of the Title I regulations, how to monitor their child’s performance, and how to work with their child to improve achievement. At both schools, parents were also instructed in how to use the EHT ESEA/NCLB website for educational opportunities for their children. Title IIA funds were utilized to fully fund one Class Size Reduction teacher. They were also used to pay for the following stipend positions: Grades K-5 ELA and Math Trimester Test Data Analysis professionals and Grades 6-8 and grade 11 ELA and Math Quarterly Test Data Analysis Professionals,. Title III funds were utilized to pay for one split funded bilingual teacher and for one split funded ELL teacher as well as for instructional supplies. Title III-Immigrant funds were utilized to support an after-school program for immigrant students at the EHT High School, Fernwood and Alder Avenue Middle Schools. Non-Public School NCLB Activities

Title IIA funds were utilized to pay for professional conferences for Atlantic Christian School.

Individuals with Disabilities Education Act (IDEIA) FY 2014

2013-2014 Grant Implementation

During the 2013-2014 school year, the IDEIA grant period was changed. As a result, FY 2014 funds had to be used by June 30, 2014 rather than August 31, 2014. Unused funds became carryover for the FY 2015 grant period. The 2014 summer program was required to be funded through the FY2015 grant; consequently, no FY 2014 grant funds were used for summer programs due to this change over. Of the FY 2014 IDEIA grant, $262,462 had to be allocated to Coordinated Early Intervention Services (CEIS) due to an over-representation of minorities in the special education population. In addition, CEIS funding was carried forward from the FY 2013 grant in the amount of $229,205. CEIS funds were used to purchase license renewal for ST Math for the Miller School and Phonics First Training and materials for all general education 4th and 5th grade teachers to use with at risk students who were struggling with decoding and fluency. In addition, $168,771 of CEIS money was used to purchase American Reading teacher handbooks, leveled readers and professional development for all 2nd, 3rd, and 4th grade teachers, Basic Skills teachers, ELL teachers, Reading Specialists and Literacy Coaches. American Reading Company provides high-interest, low vocabulary books for students reading below grade level and scripted instructional strategies for identifying and teaching higher level comprehension

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skills. The building principals used local funds to purchase the same program for special education teachers. Training began in June 2014 so that teachers could have access to the materials over the summer to prepare to launch the program in September 2014. The remainder of the 2014 CEIS money, in the amount of $170,053.57 was carried over into the FY2015 grant.

FY 2014 IDEIA funds paid for approximately $1,000,000 in out of district tuition placements for disabled students from pre-school through grade 12. Such placements included Atlantic County Special Services School District, Cape May County Special Services School District, Yale Academy, and Coastal Academy, among other private placements. As in the past, IDEIA funds also provided for an Out of District case manager/consultant, independent contractors to provide physical and occupational therapy services, translation services, substitute sign language interpreter services and two Child Study Team secretaries. Funds also were used to purchase special instructional materials for the lower functioning students who require unique books, curriculum, etc. as well as special equipment for disabled students. IDEIA funds also provided home instruction services for disabled students throughout the 2013-2014 school year. This permitted disabled students to continue to meet the goals of their IEPs. In addition, IDEIA funds also were used to purchase testing supplies for the district’s Child Study Teams and evaluation and instructional materials for the preschool disabled students. Funds also were used to pay for substitutes for teachers to attend annual review meetings as well as to provide for Child Study Team services throughout the summer for students referred late in the previous school year.

STUDENT TESTING The following tables reflect our district’s student assessment results for the 2013-2014 school year:

NEW JERSEY ASSESSMENT OF SKILLS AND KNOWLEDGE (NJASK3) 3TH Grade

TOTAL STUDENTS Content

Partially Proficient

Proficient

Advanced Proficient

Math 23.1% 42.0% 35.0%

Language Arts Literacy 38.8% 58.5% 2.7%




Proficient

Advanced Proficient

Math 37.8% 41.3% 20.9%


Science 12.3% 46.3% 41.4%




Proficient

Advanced Proficient

Math 27.5% 47.5% 25.0%


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NEW JERSEY ASSESSMENT OF SKILLS AND KNOWLEDGE (NJASK6)

6TH Grade TOTAL STUDENTS

Content


Proficient

Advanced Proficient

Math 24.1% 50.7% 25.1%





Proficient

Advanced Proficient

Math 36.8% 42.9% 20.3%





Proficient

Advanced Proficient

Math 25.6% 39.8% 34.6% Language Arts Literacy 21.6% 70.5% 7.9%

Science 21.0% 57.0% 22.0%

HIGH SCHOOL PROFICIENCY ASSESSMENT (HSPA) 11TH Grade

TOTAL STUDENTS

Content Partially

Proficient

Proficient Advanced Proficient

Mathematics 24.9% 54.3% 20.8% Language Arts 8.7% 64.7% 26.6%

SCHOLASTIC APTITUDE TEST (SAT)

Year Test Takers Reading Math Writing Composite 2004-2005 228 507 510 n/a 1017 2005-2006 275 478 493 n/a 971 2006-2007 314 477 486 n/a 963 2007-2008 295 481 503 486 1470 2008-2009 328 477 498 470 1445 2009-2010 338 493 507 484 1484 2010-2011 403 477 497 475 1449 2011-2012 393 488 507 479 1474 2012-2013 413 490 504 485 1479 2013-2014 409 482 504 473 1459

10

2013-2014 SCHOLASTIC APTITUDE TEST (SAT) EHTHS COMPARISONS

WITH NJ AND NATIONAL SCORES Test-Takers WRITING MATH READING

EHTHS 409 473 504 482 NEW JERSEY 83,431 502 523 501

NATIONAL 1,672,395 487 513 497

2014 GRADUATES CONTINUING EDUCATION Year Four-Year

School Two-Year

School Voc/Tech School

Military Work

2005 39% 39% 26%

2006 43% 41% 5%

2007 40% 43% 5%

2008 41% 45% 5% 2% 7%

2009 43% 42% 4% 4% 7%

2010 42% 42% 4% 4% 7%

2011 44% 42% 5% 4% 5%

2012 43% 42% 5% 4% 6%

2013 44% 43% 5% 4% 6%

2014 49% 34% 5% 7% 5% 4) INTERNAL ACCOUNTING CONTROLS: Management of the District is responsible for establishing and

maintaining internal controls designed to ensure that the assets of the District are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). Internal control is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management.

As a recipient of federal awards and state financial assistance, the District also is responsible for ensuring that

an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. This internal control structure is also subject to periodic evaluation by the District management.

As part of the District’s single audit described earlier, tests are made to determine the adequacy of the internal

control structure including that portion related to federal awards and state financial assistance programs, as well as to determine that the District has complied with applicable laws and regulations.

5) BUDGETARY CONTROLS: In addition to internal accounting controls, the District maintains budgetary

controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the voters of the municipality. Annual appropriated budgets are adopted for the general fund, the special revenue fund, and the debt service fund. Project-length budgets are approved for capital improvements accounted for in the capital projects fund. The final budget amount as amended for the fiscal year is reflected in the financial section.

An encumbrance accounting system is used to record outstanding purchase commitments on a line item

basis. Open encumbrances at year-end are either canceled or are included as re-appropriations of fund balance in the subsequent year. Those amounts to be re-appropriated are reported as reservations of fund balance at June 30, 2014.

11

6) A9COUNTINF SYSTEM AND BEPORTS: The District's accounting records reflect generatty acceptedaccounting principles_, as promulgated by the Govemmental Accounting Standards Bo;rd (GASB). Theaccounting system of the District is organized on the basis of funds and lccount groups. These funds andaccount groups are explained in "Notes to the Financial Statements.', Note 1.

DFBT ADMINISTRAII:O!: At June 30.2014. the Drstricts outstandrng debt issues inctuded $66,490,000 rnrerundrng bonds and $26'385,000 in general obligation bonds. The proceeds ofthese bond issues were toprovide.funds for capital lmprovement to the oistiict's buildings. These improvements include repairs andrenovations-to the High School, Davenport, Slaybaugh and Sirvift elementary schools, additions to the HighSchooland swn elementary school, the construciion oitwo new elemenlary schoots aswellas anotheradditionto the High school, boirer and chifler repracements, window repracements, roof repracements, sorar pan;rinstallation, upgrades to the high schoor athretic comprex, and the construc{ion of a fuering canopy.

OTHER INFORMATION:

Certificate of Excellence - The Association of School Business Officials International (ASBO) awarded acertificate ofExcellence in Financial Reporting Award tothe Egg HiooiTownsnip s"noo ciistria, state oir.te*Jersey, for its comprehensive annualfinancial report for the fiiialyear ended June 30, 2012. The district wasalso awarded a cedmcate of Excelence for the frscar year ended June 30, 201 .r . In order to be awarded acertificate of Excellence in Financial Reporting, a diitrict must puotist'

"n easily readable and efficienfly

organized comprehensive annualfinancial report This report must satisfy both generally a*"ptJ "*"r"ii"gprinciples and applicable legal requirements.

A certificate of Excellence is valid for a period of one year only ho/vever it was filed in December 2013 afterthefiscalyaar20l3 report had been filed with ttre state oiNewl#ef.'we oer,eue thal our cunent comprehensiveannual Jinancial report continues to meet the certificate of Excifience program,s requiremenG i; ;;;.submitting it to the ASBO to determine etigibitity for another ce;ifi;e-.-

Independent Audit - State statute_s require an annual audit by indep€ndent certified public accountants orregrstered municapar accountants. The accounting firm of Ford, Scott & Associates, t_t_c, cpns wai sJeaeoy-tl^".P""d ln addition to me€ting the requiremints s"t ro'tn r J"i" .t"trtes, the audit also was designed tomeet the requirements of the sinore Audit Act of |996 and the related oMB circurarA_133 and Ne;ie;;yoMB circular o4{4 The auditoi's report on the general-purpose financrat statements and combinina andindividuarfund statements and schedures is incrude; in the rinJ"i;i";J;;;ith;i"pi;. #J#i;ilr:i#:related specifcally to lhe single audit are included in the singte auoit iectron or tnis reoort.

SxN9,w!E99qExrs: we wourd rike to express our appreciation to the members of the Egg HarborTo/vnship Board of Education for theirconcern in i:roviding fi[iaccouniauility to tn" "it,r"ni "no

t"iiayJJJrthe school districl and thereby contributing thelrfuli support-to the development and maintenance ofourfinancialoperation .The

preparation of this report couh not have been ""*.liiJn"o *itnout the efficient and dedicatedservices of our financial and accountino slaff

8)

9)

,q) 4^%*,WSchool Business Administrator/

Board Secretary

P. Mccartney,

Association of School Business Officials International

The Certificate of Excellence in Financial Reporting Award

is presented to

Egg Harbor Township School District

For Its Comprehensive Annual Financial Report (CAFR) For the Fiscal Year Ended June 30, 2012

The CAFR has been reviewed and met or exceeded

ASBO International’s Certificate of Excellence standards

Ron McCulley, CPPB, RSBO John D. Musso, CAE, RSBA

President Executive Director

13

14

TermMembers of the Board of Education Expires

James W. Galvin, President 2016

Louis Della Barca, Vice-President 2016

Pete Castellano 2015

Lisa Dagit 2015

Mark Deebold 2014

Ray R. Ellis, Jr. 2016

John "Jack" Haines 2015

Thor Himley 2014

Mary Ann Spiker 2014

Other Officials

Scott McCartney, Ed. D., Superintendent

Kateryna W. Bechtel, CPA, Board Secretary/Business Administrator

William Donio, Esq., Solicitor

EGG HARBOR TOWNSHIP BOARD OF EDUCATION

EGG HARBOR TOWNSHIP, NEW JERSEY

ROSTER OF OFFICIALSJune 30, 2014

15

Architect

The Spiezle Group120 Sanhican DriveTrenton, NJ 08618

Audit Firm

Ford Scott & Associates, LLCCertified Public Accountants

1535 Haven AvenuePO Box 538

Ocean City, NJ 08226

Attorney

Cooper Levenson April Neidleman Wagenheim1125 Atlantic Avenue

Atlantic City, NJ 08401

Engineer

Polistina & Associates6684 Washington Avenue

Egg Harbor Township, NJ 08234

Bond Counsel

McManimon & Scotland, LLCOne Riverfront Plaza, 4th Floor

Newark, NJ 07102

Official Depository

Ocean City Home Bank1184 Ocean Heights Avenue

Egg Harbor Township, NJ 08234

EGG HARBOR TOWNSHIP BOARD OF EDUCATIONConsultants and Advisors

16

Financial Section


Independent Auditor’s Report

Honorable President and Members of the Board of Education Egg Harbor Township School District County of Atlantic, New Jersey Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Egg Harbor Township School District, Egg Harbor Township, 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 Government Auditing Standards issued by the Comptroller General of the United States, and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free 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 entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing and opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

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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 Egg Harbor Township School District, Egg Harbor Township, New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis and Budgetary Comparison Information identified 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 Egg Harbor Township School District’s basic financial statements. The introductory section, combining and individual nonmajor fund financial statements, schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, the schedule of state financial assistance as required by NJ OMB 04-04, and statistical information are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The introductory section, combining statements, and individual nonmajor fund financial statements, schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, the schedule of state financial assistance as required by NJ OMB 04-04, and statistical information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements, schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, the schedule of state financial assistance as required by NJ OMB 04-04 is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subject to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 2, 2014 on our consideration of the Egg Harbor Township School District's internal control over financial

18

reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Egg Harbor Township School District’s internal control over financial reporting and compliance.

Very truly yours,

Ford, Scott & Associates, L.L.C. FORD, SCOTT & ASSOCIATES, L.L.C.

CERTIFIED PUBLIC ACCOUNTANTS

Leon P. Costello Leon P. Costello Certified Public Accountant Licensed Public School Accountant No. 767 December 2, 2014

19


Required Supplementary InformationPart I


MANAGEMENT’S DISCUSSION AND ANALYSIS This section of the Egg Harbor Township School District (“District”) annual financial report presents our discussion and analysis of the District’s financial performance during the fiscal year that ended on June 30, 2014. Please read it in conjunction with the transmittal letter at the front of this report and the District’s financial statement. FINANCIAL HIGHLIGHTS

In the District’s Governmental Activities, the net position of the District increased $605,766. This increase is the result of the District realizing revenue in the amount of $966,404 due to the termination of the holding period from a prior health insurance plan. The State of New Jersey continued to defer both June state aid payments until July 2014. The District approved fund balance transfers from Capital Reserve in the amount of $1,480,277 to fund the roof replacement at Alder Avenue Middle School, replacement/upgrade to the WAN, renovations at Eagle Academy, and Upgrades to the auditorium lighting at Fernwood Middle School. During the 2013 fiscal year, $466,600 was transferred from Capital Reserve to fund the renovations/expansion of the high school field house and concession stand, modular building project at the Swift Elementary School, and upgrades to the building automation system at the Swift Elementary School.

The State of New Jersey reimbursed the District $3,707,996 during the fiscal year ended June 30, 2014 for the employer’s share of social security contributions and pension contributions for TPAF members as calculated on their base salaries. Also, the State of New Jersey paid $5,418,366 on behalf of the District for TPAF Pension Contributions. These amounts, which are not budgeted, are included as both a revenue and appropriation in the financial statements.

In accordance with New Jersey State Statutes, the unassigned fund balance of the general fund is limited to the greater of 2% of the total general fund expenditures or $250,000. Any excess is required to be designated as Restricted Fund Balance – Excess Surplus and included in next year’s budget as budgeted fund balance. As of June 30, 2014 the District had excess surplus of $12,500,605, or approximately 10.7% of the district’s general fund budget, of which $5,813,799 was applied to the 2014-15 budget. As of June 30, 2013 the District had excess surplus of $9,035,850, or approximately 8.1% of the district’s general fund budget, of which $3,222,051 was applied to the 2013-14 school budget.

During the fiscal year ended June 30, 2014, the District’s General Fund revenue realized was $2,908,905 more than total expenditures. The District realized more revenue due to the release of funds previously reserved for employee health insurance, as well as an increase in property tax revenue. In addition, the District transferred more funds to the capital projects fund during the 2013 fiscal year. During the prior fiscal year, revenue realized was $789,324 greater than total expenditures.

In the District’s business-type activities, net position decreased $33,336 during fiscal 2014 as compared to a net decrease of $254,888 in fiscal year 2013. Due to declining economic conditions in the region, more students were eligible for free or reduced price meals which resulted in an increase in federal and state reimbursements. In addition, to keep costs down, the food service program continued to enter into consortiums for the purchase of food and supplies. During the 2014 and 2013 fiscal years, the General Fund did not transfer funds to the Food Service Fund to cover operating deficits. The Enterprise Fund also includes the Kids Klub latchkey program which operated at a loss of $10,422 for the fiscal year ended June 30, 2014.


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OVERVIEW OF THE FINANCIAL STATEMENTS This annual report consists of four parts – management’s discussion and analysis (this section), the basic financial statements, required supplementary information, and an optional section that presents combining statements for special revenue, proprietary, and fiduciary funds. The basic financial statements include two kinds of statements that present different views of the District.

The first two statements are government-wide financial statements that provide both long-term and short-term information about the District’s overall financial status.

The remaining statements are fund financial statements that focus on individual parts of the District’s government, reporting on the District’s operations in more detail than the government-wide statements.

The governmental funds statements tell how general government services like instruction were financed in the short term as well as what remains for future spending.

Proprietary fund statements offer short- and long-term financial information about the activities the District operates like businesses, such as the food service area.

Fiduciary fund statements provide information about the financial relationships – like the unemployment trust fund – in which the District acts solely as a trustee or agent for the benefit of others, to whom the resources in question belong.

The financial statements also include notes that explain some of the information in the financial statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the formation in the financial statements. The following schedule shows how the required parts of this annual report are arranged and relate to one another. The following table summarizes the major features of the District’s financial statements, including the portion of the District’s government they cover and the types of information they contain. The remainder of this overview section of management’s discussion and analysis explains the structure and contents of each of the statements.


21

Major Features of Egg Harbor Township Board of Education’s

Government-wide and Fund Financial Statements Fund Statements Government wide Governmental Proprietary Fiduciary Statements Funds Funds Funds

Scope Entire District (except fiduciary

funds)

The activities of the District that

are not proprietary or

fiduciary, such as food service and student activities

Activities the District operates similar to private businesses; food

service and latchkey

Instances in which the District is the

trustee or agent for someone else’s

resources, such as payroll agency and student activities.

Required financial

statements

Statement of net position

Statement of

activities

Balance sheet

Statement of revenues,

expenditures, and changes in fund balances

Statement of net position

Statement of

revenues, expenses, and changes in net

position

Statement of cash flows

Statement of fiduciary net position

Statement of

changes in fiduciary net position

Accounting basis and

measurement focus

Accrual accounting and economic

resources focus

Modified accrual accounting and current financial resources focus

Accrual accounting and

economic resources focus

Accrual accounting and economic

resources focus

Type of asset/liability information

All assets and liabilities, both

financial and capital, and short-term and

long-term.

Only assets expected to be used up and liabilities that

come due during the year or soon

thereafter; no capital assets

included.

All assets and liabilities, both financial and capital, and

short-term and long-term.

All assets and liabilities, both short-term and long-term.

Type of inflow/outflow information

All revenues and expenses during the year, regardless of

when cash is received or paid.

Revenues for which cash is

received during or soon after the end of the year;

expenditures when goods or services have been received and payment is due during the year or soon

thereafter

All revenues and expenses,

regardless of when cash is

received or paid.

All revenues and expenses during

year, regardless of when cash is

received or paid.

22

Government-wide Statements The government-wide statements report information about the District as a whole using accounting methods similar to those used by private-sector companies. The statement of net position includes all of the government’s assets and liabilities. All of the current year’s revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid. The two government-wide statements report the District’s net position and how it has changed. Net position – the difference between the District’s assets and liabilities – is one way to measure the District’s financial health, or position.

Over time, increases or decreases in the District’s net position are an indicator of whether its financial health is improving or deteriorating, respectively.

To assess the overall health of the District you need to consider additional nonfinancial factors such as changes in the Township’s property tax base and the condition of the District’s facilities.

The government-wide financial statements of the District are divided into two categories:

Governmental activities – most of the District’s basic services are included here, such as instruction, transportation, administration, and plant operations. Property taxes and state and federal grants finance most of these activities.

Business-type activities – the District charges fees to customers to help it cover the costs of certain services it provides. The District’s food service and latchkey programs are included here.

Fund Financial Statements The fund financial statements provide more detailed information about the District’s most significant funds – not the District as a whole. Funds are accounting devices that the District uses to keep track of specific sources of funding and spending for particular purposes. The District has three kinds of funds:

Governmental funds – Most of the District’s basic services are included in governmental funds, which focus on (1) how cash and other financial assets that can readily be converted to cash flow in and out and (2) the balances left at year-end that are available for spending. Consequently, the governmental funds statements provide a detailed short-term view that helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the District’s programs. Because this information does not encompass the additional long-term focus of the government-wide statements, we provide additional information at the bottom of the governmental funds statement that explains the relationship (or differences) between them.

Proprietary funds – Services for which the District charges customers a fee are generally reported in proprietary funds. Proprietary funds, like the government-wide statements, provide both long- and short-term financial information. In fact, the District’s enterprise funds (one type of proprietary fund) are the same as its business-type activities, but provide more detail and additional information, such as cash flows.

Fiduciary funds – The District is the trustee, or fiduciary, for its employees’ unemployment compensation plan. It is also responsible for other assets that - because of a trust arrangement – can be used only for the trust beneficiaries. The District is responsible for ensuring that the assets reported in these funds are used for their intended purposes. All of the District’s fiduciary activities are reported in separate statement of fiduciary net position and a statement of changes in fiduciary net position. We exclude these activities

23

from the District’s government-wide financial statements because the District cannot use these assets to finance its operations.

FINANCIAL ANALYSIS OF THE DISTRICT AS A WHOLE Net position. During the 2013-2014 school year, net position for governmental funds increased by $605,766. This net increase is due to the overall increase in revenue, in particular property taxes levied on properties within the District and the realization of prior year employee health insurance reserve. The employee health insurance reserve amounted to $966,404. Also, the District realized $640,920 in tuition that was not anticipated as a result of homeless students from other districts. The expenditures of the District remained stable between the 2014 and 2013 fiscal years. The financial condition of the District, excluding depreciation expense, improved during the 2014 fiscal year with $6,686,806 in excess fund balance available to apply to the 2016 fiscal year budget. The business-type activities net position decreased due to the allocation of indirect costs, including workers’ compensation insurance, employer pension contribution, and custodial salaries, to the food service program. Although program revenue decreased by $25,515, this decrease was offset with an increase in federal and state funding for the school nutrition program in the amount of $62,611 as a result of additional families qualifying for free or reduced lunch. Expenditures decreased by $129,303 primarily due to decreased cost of food and milk supplies, including the allocation of indirect costs from the general fund.

Business- Business- Governmental Type Total Governmental Type Total Activities Activities 2014 Activities Activities 2013 Current and other assets $20,779,186 1,425,854 22,205,040 17,981,950 1,445,001 19,426,951Capital assets 198,321,562 151,742 198,473,304 204,540,290 147,741 204,688,031 Total assets 219,100,748 1,577,596 220,678,344 222,522,240 1,592,742 224,114,982Deferred outflows of resources 1,887,303 1,887,303 1,896,182 1,896,182Long-term liabilities 99,009,755 46,966 99,056,721 104,060,447 106,209 104,166,656Other liabilities 4,291,352 77,433 4,368,785 3,175,708 3,175,708 Total liabilities 103,301,107 124,399 103,425,506 107,236,155 106,209 107,342,364Deferred inflows of resources 1,550,338 1,550,338 1,651,427 1,651,427Net position Invested in capital assets 104,590,050 151,742 104,741,792 106,080,616 147,741 106,228,357 Restricted 2,635,593 2,635,593 3,937,303 3,937,303 Unrestricted 8,910,963 1,301,455 10,212,418 5,512,921 1,338,792 6,851,713 Total net position $116,136,606 1,453,197 117,589,803 115,530,840 1,486,533 117,017,373

Changes in net position. The total governmental activities revenue of the District increased by $1,794,059 when compared to the prior fiscal year. During the 2014 fiscal year, the District realized an increase in taxes levied on the property owners of the Township, as well as employee health insurance funds reserved in prior years. The local tax levy is 55.98% of total revenues. The municipality levies this tax on properties located in the Township and remits the collections on a monthly basis to the District.

24

Approximately 31% of the District’s revenue comes from the State of New Jersey in the form of non-restricted state aid. This aid is based on the District’s enrollment as well as other factors. The District expenses are primarily related to instruction, administration, and plant operations. Governmental Activities

2014 2013 Amount Percentage Amount Percentage Property taxes $74,906,875 55.98% 72,943,484 55.25% Federal and State aid Unrestricted 40,929,770 30.59% 40,238,195 30.48% Restricted 3,253,736 2.43% 3,250,869 2.46% Tuition 758,420 0.57% 723,162 0.55% Operating grants and Contributions 12,593,881 9.41% 13,904,322 10.53% Other 1,378,263 1.02% 966,854 0.73% Totals $133,820,945 100.00% 132,026,886 100.00%

The following schedule summarizes the governmental and business-type activities of the District during the 2014 and 2013 fiscal years.

Govern- Business- Govern- Business- Mental Type 2014 Mental Type 2013 Activities Activities Total Activities Activities Total Revenues Program revenue Charges for srvs 1,671,233 1,671,233 1,696,748 1,696,748 Federal grants $3,356,773 1,838,914 5,195,687 3,520,497 1,776,303 5,296,800 State grants and

Entitlements 50,130,423 35,155 50,165,578 50,622,020 35,405 50,657,425General revenues Property taxes 74,906,875 74,906,875 72,943,484 72,943,484 Tuition 758,420 758,420 723,162 723,162 State aid Entitlements 3,253,736 3,253,736 3,250,869 3,250,869 Other 1,414,718 2,265 1,416,983 966,854 2,827 969,681 Total revenues $133,820,945 3,547,567 137,368,512 132,026,886 3,511,283 135,538,169


25

Govern- Business- Govern- Business- mental Type 2014 mental Type 2013 Activities Activities Total Activities Activities Total Expenses Instruction: Regular $50,450,296 50,450,296 50,851,116 50,851,116 Special Education 11,493,725 11,493,725 11,368,892 11,368,892 Other special instr. 3,252,789 3,252,789 3,139,061 3,139,061 Other Instruction 1,771,611 1,771,611 1,925,211 1,925,211 Nonpublic school programs 228,199 228,199 89,559 89,559Support services: Tuition 6,214,391 6,214,391 6,355,186 6,355,186 Student & instr related services 19,490,668 19,490,668 19,522,106 19,522,106 School admin srvs 5,867,838 5,867,838 6,006,631 6,006,631 General & business admin services 4,276,394 4,276,394 4,368,385 4,368,385 Plant operations & maintenance 13,966,789 13,966,789 13,998,124 13,998,124 Pupil transport 10,273,699 10,273,699 10,075,822 10,075,822Capital outlay 2,000 2,000Interest on Long Term Debt 4,742,049 4,742,049 4,333,013 4,333,013Business-type Activities 3,636,868 3,636,868 3,766,171 3,766,171 Total expenses 132,028,448 3,636,868 135,665,316 132,035,106 3,766,171 135,801,277Excess/(Deficit) Before special Items 1,792,497 (89,301) 1,703,196 (8,220) (254,888) (263,108)Special items (1,186,731) 55,965 (1,130,766) (167,573) (167,573)Increase/(Decrease) in net position $605,766 (33,336) 572,430 (175,793) (254,888) (430,681)

Business-type Activities Operating revenues of the District’s business-type activities increased $36,284 from the previous year while expenses decreased by $129,303. Factors contributing to these results included:

Slight decrease in student participation in the school lunch programs, however there was an increase in the number of families eligible for free and reduced lunches.

The cost of food products and related shipping costs decrease as a result of the District participating in various consortiums which are able to obtain lower costs. The lunch prices are within New Jersey limits.

The allocation of indirect costs, such as custodial salaries and related benefits, to the food service program.

FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS As of the year ended June 30, 2014, the governmental funds reported a combined fund balance of $18,112,286, which is $1,607,195 higher than the beginning of the year. This increase is due to additional revenues realized during the fiscal year, in particular additional taxes and a prior year employee health insurance reserve.

26

The business-type enterprise fund reported a combined net position of $1,453,197 as of June 30, 2014. This is $33,336 lower than the prior fiscal year. Although the district saw significant savings in the cost of food and other supplies the revenue realized through operating these programs was not sufficient to offset those savings. General Fund Budgetary Highlights As further explained in the Notes to the Financial Statements, 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, as a Type II School District that has elected to have November elections, requires approval by the voters only when statutory limits are exceeded. Transfers of appropriations may be made by Board resolution at any time during the fiscal year and are subject to two-thirds majority vote by the board and under certain circumstances require approval by the County Executive Superintendent of Schools. The District is permitted to encumber funds throughout the year for purchases ordered but not yet received. Any open encumbrances as of June 30th carry over to the next fiscal year and are added to the appropriation reflected in the certified budget. After adjusting total revenue reported on Exhibit C-1 for the Reimbursed TPAF Social Security Contribution and on-behalf TPAF Pension Contributions, which are not budgeted, the District’s actual revenue exceeded the budget by $1,930,834. This is a result of additional tuition received as well as realizing revenue from a prior employee health insurance reserve. Again, after adjusting for the Reimbursed TPAF Social Security Contribution, on-behalf TPAF Pension Contributions and capital leases, actual expenditures were below the budgeted appropriations by $6,966,568. The most significant variances occurred as a result of the continued decreases in tuition costs to special services school districts, savings in energy costs, decreases in transportation costs, and decreases in employee health benefits. CAPITAL ASSET AND DEBT ADMINISTRATION Capital Assets At the end of 2014, the District had invested $198,473,304, net of accumulated depreciation, in a broad range of capital assets, including land, buildings, vehicles and machinery. This amount represents a net decrease (including additions and deductions) of $6,214,727, or 3.04%, over last year. The decrease is due largely to current year depreciation expense.

Govern- Business- Govern- Business- Mental Type 2014 Mental Type 2013 Activities Activities Total Activities Activities Total Land $1,847,000 1,847,000 1,847,000 1,847,000Const in Progress 4,790,811 4,790,811 4,223,276 4,223,276Buildings & Bldg improv 187,116,633 187,116,633 193,749,513 193,749,513Machinery & equipment 455,128 151,742 606,870 794,937 147,741 942,678Vehicles 4,111,990 4,111,990 3,925,564 3,925,564Total $198,321,562 151,742 198,473,304 204,540,290 147,741 204,688,031

During the 2014 fiscal year the district continued to upgrade facilities and equipment for use throughout the district. These upgrades included renovations and upgrades at various schools, as well as the District as a whole. In addition, the District continued construction on the high school field house and concession stand renovations and expansion. More detailed information about the District’s capital assets is presented in Note 4 to the financial statements.

27

Long-term Debt All bonds are authorized in accordance with State law by the voters of the District. At the end of the current fiscal year, the District had total bonded debt outstanding of $92,875,000 and obligations under capital leases of $856,512.

Balance Retired/ Balance 6/30/13 Issued Adjusted 6/30/14 Governmental Activities: Bonds payable $97,495,000 4,620,000 92,875,000Obligations under Capital leases 964,674 374,534 482,696 856,512Compensated absences Payable 5,600,773 322,530 5,278,243Total Governmental Activities 104,060,447 374,534 5,425,226 99,009,755 Business-Type Activities Obligations under Capital leases 55,965 55,965 -Compensated absences Payable 50,244 3,278 46,966Total Business-Type Activities 106,209 - 59,243 46,966Total $104,166,656 374,534 5,484,469 99,056,721

More detailed information about the District’s long-term debt is presented in Note 7 to the financial statements. ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES The student population in the District has increased by over 1,700 students over the past 12 years, reflecting a 29% enrollment growth, second highest in the state. This enrollment growth has resulted in a significant strain on the school district and the local taxpayers and despite slight decreases in student enrollments during the past three years, the District continues to provide a thorough and efficient education with significant under-funding of state support. Under the school funding formula, the District’s categorical state aid for 2013-14 was $39,877,948, reflecting an increase of $70,558 from the 2012-13. The district’s 2014-15 tax levy was not required to be approved by the voters due to the district moving the annual election to November, in accordance with State statute. The statute provides districts the option to move their school elections to the general election in November, and tax levies within the 2% statutory cap in increases did not require voter approval. The 2014-15 tax levy is $71,015,418, which is at the statutory maximum tax levy increase of 2% over the 2013-14 tax levy plus an allowable tax levy adjustment for increases in health benefits. The District’s state aid of $39,877,948 increased due to a new aid category, Under Adequacy Aid. In addition, the district’s share of state aid continues to be reduced because of revenue growth caps. The 2014-15 state aid calculated and uncapped should be $66,646,972, but the actual aid received was $40,025,978. Under the school funding formula, the required local share to be raised by taxes for 2013-14 was $61,170,656. The actual tax levy was $71,015,418, which reflects an additional tax burden of $9,844,762 resulting from many years of flat funding and state aid caps, coupled with the mandated growth as a Pinelands High Density Growth area. The housing market and economy has slowed down the rate of student growth, but many developments have been approved and can be built out as the economy recovers.

28

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to present users (residents, receiving districts, and creditors) with a general overview of the District’s finances and to demonstrate the District’s accountability. If you have questions about the report or need additional financial information, contact the District’s business administrator at 13 Swift Drive, Egg Harbor Township, New Jersey 08234.

29

DISTRICT - WIDE FINANCIAL STATEMENTS


Exhibit A-1

Governmental Business-typeActivities Activities Total

ASSETSCash and cash equivalents 18,699,653$ 1,189,629 19,889,282 Receivables, net 701,728 701,728 Internal balances 163,354 (165,114) (1,760) Due from other governments 1,214,451 338,577 1,553,028 Inventory 62,762 62,762

Capital assets not being depreciated Construction in progress 4,793,223 4,793,223 Land 1,847,000 1,847,000 Capital assets, net 191,681,339 151,742 191,833,081 Total Assets 219,100,748 1,577,596 220,678,344

DEFERRED OUTFLOWS OF RESOURCESLoss on bond issue refunding 1,887,303 1,887,303

LIABILITIESAccounts payable 2,259,689 33,619 2,293,308 Other liabilities 1,644,187 1,644,187 Payable to state government 103,998 103,998 Unearned revenue 283,478 43,814 327,292

Noncurrent liabilities: Due within one year 5,429,228 5,429,228 Due beyond one year 93,580,527 46,966 93,627,493 Total liabilities 103,301,107 124,399 103,425,506

DEFERRED INFLOWS OF RESOURCESGain on bond issue refunding 1,550,338 1,550,338

NET POSITIONInvested in capital assets, net of related debt 104,590,050 151,742 104,741,792 Restricted for: Debt service 51,307 51,307 Capital projects 2,584,286 2,584,286 Unrestricted 8,910,963 1,301,455 10,212,418 Total net position 116,136,606$ 1,453,197 117,589,803

EGG HARBOR TOWNSHIP SCHOOL DISTRICTStatement of Net Position

June 30, 2014

The accompanying notes are an integral part of these financial statements30

Exh

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4,75

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31

FUND FINANCIAL STATEMENTS


Exhibit B-1

Special Capital Debt TotalGeneral Revenue Projects Service Governmental

Fund Fund Fund Fund Funds

ASSETS Cash and cash equivalents 16,054,888$ 2,593,458 51,307 18,699,653 Receivables, net 23,128 678,600 701,728 Due from other funds 432,783 3,508 436,291 Receivables from other governments 1,148,247 66,204 - 1,214,451 Total assets 17,659,046 744,804 2,596,966 51,307 21,052,123

LIABILITIES AND FUND BALANCES Liabilities: Accounts payable 2,053,623 193,386 12,680 2,259,689 Due to other governments 103,998 103,998 Due to other funds 272,937 - 272,937 Other liabilities 19,735 19,735 Unearned revenue 108,995 174,483 283,478 Total liabilities 2,182,353 744,804 12,680 - 2,939,837

Fund Balances: Restricted for: Excess Surplus 6,686,806 6,686,806 Excess Surplus - Designated for Subsequent Year's Expenditures 5,813,799 5,813,799 Capital Reserve Fund 3,171,526 3,171,526 Capital Projects 439,744 439,744 Debt service fund 13,564 13,564 Committed for: Encumbrances 2,144,542 2,144,542 Assigned to: Designated for subsequent year's expenditures - 37,743 37,743 Unassigned, reported in: General fund (195,438) (195,438) Total Fund balances 15,476,693 - 2,584,286 51,307 18,112,286 Total liabilities and fund balances 17,659,046$ 744,804 2,596,966 51,307

Amounts reported for governmental activities in the statement of net position (A-1) are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. 198,321,562

Deferred inflow of resourcesGain on 10/1/04 refunding bond issue (1,550,338)

Deferred outflows of resourcesLoss on 12/5/06 refunding bond issue 1,768,225 Loss on 12/1/12 refunding bond issue 119,078

Long-term liabilities, including bonds payable, are not due andpayable in the current period and therefore are not reported

in the funds. Bond payable (92,875,000) Capital leases (856,512) Accrued interest payable (1,624,452) Compensated absences (5,278,243)

Net position of governmental activities 116,136,606$

EGG HARBOR TOWNSHIP SCHOOL DISTRICT

Balance SheetGovernmental Funds

June 30, 2014


Exhibit B-2

Special Capital Debt Total

General Revenue Projects Service GovernmentalFund Fund Fund Fund Funds

REVENUES

Local tax levy 69,175,095$ 5,731,780 74,906,875 Tuition Charges 758,420 758,420 Interest 37,315 37,315 Miscellaneous 1,327,384 13,564 1,340,948 Local sources 36,455 36,455 State sources 49,874,426 255,997 3,253,736 53,384,159 Federal sources 181,708 3,175,065 3,356,773

Total revenues 121,354,348 3,467,517 - 8,999,080 133,820,945

EXPENDITURESCurrent: Regular instruction 32,757,816 2,448,109 35,205,925 Special education instruction 7,585,720 7,585,720 Other special instruction 2,075,277 2,075,277 Other instruction 1,313,499 1,313,499 Nonpublic school programs 228,199 228,199 Support services and undistributed costs: Tuition 3,724,846 3,724,846 Student & instruction related services 12,451,909 781,861 13,233,770 School administrative services 3,509,442 3,509,442 Other administrative services 2,839,377 2,839,377 Plant operations and maintenance 9,266,653 9,266,653 Pupil transportation 6,838,838 6,838,838 Unallocated Benefits 33,907,585 33,907,585 Debt service: Principal 4,620,000 4,620,000 Interest and other charges 4,365,516 4,365,516 Capital outlay 2,549,015 9,348 1,161,634 3,719,997 Total expenditures 118,819,977 3,467,517 1,161,634 8,985,516 132,434,644

Excess (Deficiency) of revenues over expenditures 2,534,371 - (1,161,634) 13,564 1,386,301

OTHER FINANCING SOURCES (USES)Capital leases (non-budgeted) 374,534 374,534 Cancellation of prior year receivable (153,640) (153,640) Total other financing sources and uses 374,534 (153,640) - 220,894

Net change in fund balances 2,908,905 - (1,315,274) 13,564 1,607,195 Fund balance—July 1 12,567,788 - 3,899,560 37,743 16,505,091 Fund balance—June 30 15,476,693$ - 2,584,286 51,307 18,112,286

EGG HARBOR TOWNSHIP SCHOOL DISTRICTStatement of Revenues, Expenditures, And Changes in Fund Balances

Governmental FundsFor the Year Ended June 30, 2014


Exhibit B-3

Total net change in fund balances - governmental funds (from B-2) 1,607,195$

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

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

Depreciation expense (8,362,494) Loss on disposition of capital assets (1,033,091)

Capital outlays 3,176,857 (6,218,728)

Repayment of long term debt is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position and is not reported in the statement of activities. 5,102,696

Proceeds from debt issues are a financing source in the governmental funds. They are not revenue in the statement of activities; issuing debt increases long-term liabilities in the statement of net assets. Capital lease proceeds (374,534)

In the statement of activities, interest on long-term debt in the statement of activities is accrued, regardless of when due. In the governmental funds, interest is reported when due. The accrued interest is an addition in the reconciliation. (+) 74,397

In the statement of activities, certain operating expenses, e.g., compensated absences (vacations) are measured by the amounts earned during the year. In the governmental funds, however, expenditures for these items are reported in the amount of financial resources used (paid). When the earned amount exceeds the paid amount, the difference is reduction in the reconciliation (-);when the paid amount exceeds the earned amount the difference is an addition to the reconciliation (+). Compensated absences 322,530 Amortization of gain on 2004 refunding bond issue 101,089 Amortization of loss on 2006 refunding bond issue (8,349) Amortization of loss on 2012 refunding bond issue (530)

Change in net position of governmental activities 605,766$

For the Year Ended June 30, 2014

EGG HARBOR TOWNSHIP SCHOOL DISTRICTReconciliation of the Statement of Revenues, Expenditures,

and Changes in Fund Balances of Governmental Fundsto the Statement of Activities

The accompanying notes are an integral part of these financial statements

34

Exhibit B-4

Non-MajorFund

Food Latchkey Service Program Total

ASSETS

Current assets:Cash and cash equivalents 790,762$ 398,867 1,189,629 Accounts receivable 338,577 338,577 Inventories 62,762 62,762 Total current assets 1,192,101 398,867 1,590,968

Noncurrent assets:

Furniture, machinery & equipment 307,292 307,292

Less accumulated depreciation (155,550) (155,550) Total noncurrent assets 151,742 - 151,742 Total assets 1,343,843 398,867 1,742,710

LIABILITIES

Current liabilities:Accounts payable 28,095 5,524 33,619 Interfund payable 165,009 105 165,114 Deferred revenue 43,814 - 43,814 Total current liabilities 236,918 5,629 242,547

Noncurrent liabilities:Compensated absences 46,966 46,966 Total noncurrent liabilities 46,966 - 46,966

Total liabilities 283,884 5,629 289,513

NET POSITION

Invested in capital assets 151,742 151,742 Unrestricted 908,217 393,238 1,301,455 Total net position 1,059,959$ 393,238 1,453,197

EGG HARBOR TOWNSHIP SCHOOL DISTRICTStatement of Net Position

June 30, 2014Proprietary Funds

Business-type Activities -Enterprise Funds


Exhibit B-5

Non-MajorFund


Operating revenues:Charges for services: Daily sales - reimbursable programs 1,256,643$ 1,256,643 Daily sales - non-reimbursable programs 53,784 53,784 Special functions 42,513 42,513 Latchkey program revenue 318,293 318,293 Total operating revenues 1,352,940 318,293 1,671,233

Operating expenses:Cost of sales 1,499,632 1,499,632 Salaries 1,255,562 265,892 1,521,454 Employee benefits 501,402 29,774 531,176 General supplies & materials 27,521 33,655 61,176 Depreciation 23,430 23,430 Total Operating Expenses 3,307,547 329,321 3,636,868 Operating (loss) (1,954,607) (11,028) (1,965,635)

Nonoperating revenues:State sources: State school lunch program 35,155 35,155 Federal sources: National school lunch program 1,449,094 1,449,094 National school breakfast program 198,864 198,864 Special milk program 8,114 8,114 Food distribution program 182,842 182,842 Interest and investment revenue 1,659 606 2,265 Total nonoperating revenues 1,875,728 606 1,876,334

(Loss) before contributions & transfers (78,879) (10,422) (89,301)

Other financing sources:Cancellation off prior year liability 55,965 55,965

(22,914) (10,422) (33,336) 1,082,873 403,660 1,486,533

Change in net position Total net position—beginningTotal net position—ending 1,059,959$ 393,238 1,453,197

EGG HARBOR TOWNSHIP SCHOOL DISTRICTStatement of Revenues, Expenses, and Changes in Fund Net Position

Proprietary FundsFor the Year Ended June 30, 2014

Business-type Activities - Enterprise Fund


36

Exhibit B-6

EGG HARBOR TOWNSHIP SCHOOL DISTRICT Statement of Cash Flows

Proprietary Funds

Non-MajorFund


1,352,940$ 318,293 1,671,233 (1,255,562) (265,892) (1,521,454)

(504,680) (29,774) (534,454) (27,521) (28,131) (55,652)

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customersPayments to employeesPayments for employee benefitsPayments to suppliersPayments to cost of sales (1,247,808) (1,247,808) Net cash (used for) operating activities (1,682,631) (5,504) (1,688,135)

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIESState Sources 30,771 30,771 Federal Sources 1,439,366 1,439,366 Payments from other funds (186,351) (2,104) (188,455) Net cash provided by non-capital financing activities 1,283,786 (2,104) 1,281,682

CASH FLOWS FROM INVESTING ACTIVITIESInterest and dividends 1,659 606 2,265 Net cash provided by investing activities 1,659 606 2,265 Net increase/(decrease) in cash and cash equivalents (424,617) (7,002) (431,619) Balances—beginning of year 1,215,379 405,869 1,621,248 Balances—end of year 790,762 398,867 1,189,629

Reconciliation of operating (loss) to net cash (used) by operating activities: Operating (loss) (1,954,607) (11,028) (1,965,635)

Adjustments to reconcile (loss) to net cash (used for) operating activities Depreciation and net amortization 23,430 23,430 Federal commodities 182,842 182,842 (Increase) in inventories (2,927) (2,927) (Decrease) in accounts payable 28,095 5,524 33,619 Increase in deferred revenue 43,814 43,814 Increase in compensated absences (3,278) (3,278) Total adjustments 271,976 5,524 277,500 Net cash (used for) operating activities (1,682,631)$ (5,504) (1,688,135)

For the Year Ended June 30, 2014

Business-type Activities -Enterprise Funds


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Exhibit B-7

Unemployment Private Purpose Agency

Compensation Trust Scholarship Fund Fund

ASSETS

Cash and cash equivalents 1,025,731$ 652,989

Interfunds receivable - 200,000 1,760

Total assets 1,025,731 200,000 654,749

LIABILITIES

Payable to student groups 327,499

Interfunds payable 200,000

Conduit activities payable 103,140

Payroll deductions and withholdings 24,110

Total liabilities - - 654,749

NET POSITION

Held in trust for unemployment

claims and other purposes 1,025,731$

Reserved for scholarships 200,000

EGG HARBOR TOWNSHIP SCHOOL DISTRICT

Statement of Fiduciary Net Position

Fiduciary Funds

June 30, 2014


Exhibit B-8

Unemployment Private PurposeCompensation Trust Scholarship Fund

ADDITIONSContributions: Plan member 113,808$ Total Contributions 113,808 -

Investment earnings: Interest 1,500 Net investment earnings 1,500 - Total additions 115,308 -

DEDUCTIONSUnemployment claims 157,958 Total deductions 157,958 - Change in net position (42,650) - Net position—beginning of the year 1,068,381 200,000 Net position—end of the year 1,025,731$ 200,000

EGG HARBOR TOWNSHIP SCHOOL DISTRICTStatement of Changes in Fiduciary Net Position

Fiduciary FundsFor the Year Ended June 30, 2014


Notes to the Financial Statements


Egg Harbor Township School District Notes to Financial Statements June 30, 2014

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Egg Harbor Township School District is an instrumentality of the State of New Jersey, established to function as an educational institution. The Board consists of elected officials and is responsible for the fiscal control of the District. A superintendent is appointed by the Board and is responsible for the administrative control of the District. The financial statements of the Board of Education (Board) of the Egg Harbor Township School District (District) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. In its accounting and financial reporting, the District follows the pronouncements of the Governmental Accounting Standards Board (GASB). The more significant accounting policies established in GAAP and used by the District are discussed below. A. REPORTING ENTITY: The Egg Harbor Township School District is a Type II district located in the County of Atlantic, State of New Jersey. As a Type II District, the School District functions independently through a Board of Education. The board is comprised of nine members elected to three-year terms. The purpose of the district is to educate students in grades K-12. The Egg Harbor Township School District had an enrollment at June 30, 2014 and 2013 of 7,660 and 7,804 students. The primary criterion for including activities within the District's reporting entity, 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. B. BASIC FINANCIAL STATEMENTS – GOVERNMENT-WIDE STATEMENTS: The District’s basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District’s major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business type. The District’s general, special revenue, capital projects, and debt service activities are classified as governmental activities. The District’s food service and Kids Klub (latchkey) program are classified as business-type activities. In the governmental-wide Statement of Net Position, both the governmental and business-type activities columns (a) are presented on a consolidated basis by column, (b) and are reported on a full accrual, economic resource basis, which recognizes all long-term assets and receivables as well as long-term debt and obligations. The District’s net position are reported in three parts-invested in capital assets, net of related debt; restricted net position; and unrestricted net position. The District first utilizes restricted resources to finance qualifying activities.

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The government-wide Statement of Activities reports both the gross and net cost of each of the District’s functions and business-type activities (food service and latchkey). The functions are also supported by general government revenues (property taxes, tuition, certain intergovernmental revenues, etc.). The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, operating and capital grants. Program revenues must be directly associated with the function (regular instruction, vocational programs, student & instruction related services, etc.) or a business-type activity. Operating grants include operating-specific and discretionary (either operating or capital) grants while the capital grants column reflects capital-specific grants. The net costs (by function or business-type activity) are normally covered by general revenue (property taxes, tuition, interest income, etc.).

a. The District does allocate indirect costs such as on-behalf TPAF Pension Contributions, and Reimbursed TPAF Social Security Contributions.

The government-wide focus is more on the sustainability of the District as an entity and the change in the District’s net position resulting from the current year’s activities. Fiduciary funds are excluded from the government-wide financial statements. C. BASIC FINANCIAL STATEMENTS – FUND FINANCIAL STATEMENTS The financial transactions of the District are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities, reserves, fund equity, revenues and expenditures/expenses. The various funds are reported by generic classification within the financial statements. The emphasis in fund financial statements is on the major funds in either the governmental or business-type activities categories. Nonmajor funds by category are summarized into a single column. GASBS sets forth minimum criteria (percentage of the assets, liabilities, revenues or expenditures/expenses of either fund category or the governmental and enterprise combined) for the determination of major funds. The nonmajor funds are combined in a column in the fund financial statements. The State of New Jersey Department of Education has mandated that all New Jersey School districts must report all governmental funds a major, regardless of the fund meeting the GASB definition of a major fund. However, the criteria are applied to proprietary funds. The following fund types are used by the District:

1. Governmental Funds: The focus of the governmental funds’ measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the District.

a. General fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

b. Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for a specific purpose. The special revenue fund is specifically used to account for state and federal grant monies that have been allocated to the District.

c. Capital projects funds are used to account for all financial resources to be used for the acquisition or construction of major capital facilities. The financial resources are derived from temporary notes or serial bonds that are specifically authorized by the voters as a separate question on the ballot either during the annual election or at a special election.

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d. Debt service funds are 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.

Fund Balances – Governmental Funds In the fund financial statements, governmental funds report the following classifications of fund balance:

Nonspendable – includes amounts that cannot be spent because they are either not spendable in form or are legally or contractually required to be maintained intact.

Restricted – includes amounts restricted by external sources (creditors, laws of other

governments, etc.) or by constitutional provision or enabling legislation.

Committed – includes amounts that can only be used for specific purposes. Committed fund balance is reported pursuant to resolutions passed by the Board of Education, the District’s highest level of decision making authority. Commitments may be modified or rescinded only through resolutions approved by the Board of Education.

Assigned – includes amounts that the District intends to use for a specific purpose, but do not meet the definition of restricted or committed fund balance. Under the District’s policy, amounts may be assigned by the Business Administrator.

Unassigned – includes amounts that have not been assigned to other funds or restricted, committed or assigned to a specific purpose within the General Fund. The District reports all amounts that meet the unrestricted General Fund Balance Policy described below as unassigned:

The details of the fund balances are included in the Governmental Funds Balance Sheet. When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the District considers restricted funds to have been spent first. When an expenditure is incurred for which committed, assigned, or unassigned fund balance are available, the District considers amounts to have been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed. 2. Proprietary Funds: The focus of proprietary fund measurement is upon determination of operating income, changes in net position, 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:

a. Enterprise funds are required to be used to account for operations for which a fee is charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c) establishes fees and charges based on a pricing policy designated to recover similar costs.

Food Services Fund – provides for the operation of food services in all schools within the school district. Latchkey – accounts for the operation of an after school program for all children within the district.

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3. Fiduciary Funds: Fiduciary funds are used to report assets held in a trustee or agency capacity for others and therefore are not available to support District programs. The reporting focus is on net position and changes in net position, and are reported using accounting principles similar to proprietary funds. The District’s fiduciary funds are presented in the fiduciary fund financial statements by type (pension, private purpose and agency). Since by definition these assets are being held for the benefit of a third party (other local governments), private parties, pension participants, etc.) and cannot be used to address activities or obligations of the government, these funds are not incorporated into the government-wide statements. D. BASIS OF ACCOUNTING Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized in the accounts and reported in the financial statements. It relates to the timing of the measurements made regardless of the measurement focus applied. 1. Accrual: Both governmental and business-type activities in the government-wide financial statements and the proprietary and fiduciary fund financial statements are presented on the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. 2. Modified Accrual: The governmental fund financial statements are presented on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual; i.e., both measurable and available. “Available” means collectible within the current period or within 60 days after year end. Expenditures are generally recognized under the modified accrual basis of accounting when the related liability is incurred. The exception to this general rule is that principal and interest on general obligation long-term debt, if any, is recognized when due. E. FINANCIAL STATEMENT AMOUNTS 1. 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. All other investments are stated at fair value. New Jersey school districts are limited as to the types of investments and types of financial institutions they may invest in. New Jersey statute 18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts. Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from a loss of funds on deposit with a failed banking institution in New Jersey.

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NJSA 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. 2. Investments: Investments, including deferred compensation and pension funds, are stated at fair value, (quoted market price or the best available estimate). Interest earned in the Capital Projects Fund is recognized in the District’s General Fund. 3. Inventories: Inventories in the general fund consist of expendable supplies held for the District’s use and are carried at cost using the first-in, first-out method. Inventories in the enterprise fund are valued at cost, which approximates market, using the first-in, first –out method. As of June 30, 2014, the District did not have inventory in the general fund and had the following inventory in the enterprise fund:

Food $ 55,698 Supplies 7,064 $ 62,762

The value of Federal donated commodities as reflected on Schedule A (required by the Single Audit Law of 1996) is the difference between market value and cost of the commodities at the date of purchase and has been included as an item of nonoperating revenue in the financial statements. The value of commodities included in the food service inventory on June 30, 2014 is $43,814. 4. Capital Assets: Capital assets purchased or acquired with an original cost of $2,000 or more are reported at historical cost or estimated historical cost. Contributed assets are reported at fair market value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. Depreciation on all assets is provided on the straight-line basis over the following estimated useful lives:

Buildings 20-50 years Machinery and equipment 5-10 years Improvements 10-20 years

Infrastructure assets include roads, parking lots, underground pipe, etc. All infrastructure assets are reported in the financial statements and are being depreciated over their useful lives. 5. Revenues: Substantially all governmental fund revenues are accrued. Property taxes are susceptible to accrual and under New Jersey State Statutes a municipality is required to remit to its school district the entire balance

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of taxes in the amount voted upon or certified, prior to the end of the school year. The District records the entire approved tax levy as revenue (accrued) at the start of the fiscal year, since the revenue is both measurable and available. Subsidies and grants to proprietary funds, which finance either capital or current operations, are reported as non operating revenue. In respect to grant revenues, the provider recognizes liabilities and expenses and recipient recognizes receivables and revenue when the applicable eligibility requirements, including time requirements are met. Resources transmitted before the eligibility requirements are met are reported as advances by the provider and deferred revenue by the recipient. Program revenues, including tuition revenue, are reported as reductions to expenses in the Statement of Activities. 6. Expenditures: Expenditures are recognized when the related fund liability is incurred. Inventory costs are reported in the period when inventory items are used, rather than in the period purchased. 7. 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 governmental and similar trust funds, compensated absences that are expected to be liquidated with expendable available financial resources are reported as an expenditure and fund liability in the fund that will pay for the compensated absences. The remainder of the compensated absences liability is reported in the District-wide Financial Statements as a Governmental Activity. In proprietary and similar trust funds, compensated absences are recorded as an expense and liability of the fund that will pay for them. 8. Interfund Activity: Interfund activity is reported as either loans, services provided, reimbursements or transfers. Loans are reported as interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related costs as reimbursement. All other interfund transactions are treated as transfers. Transfers between governmental or proprietary funds are netted as part of the reconciliation to the government-wide financial statements. All funds internal activity is eliminated when carried to the Government-wide statements. 9. 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 for approval and, as long as the District budget is within State mandated CAPs, there is no public vote on the budget. If the budget exceeds State mandated CAPs, the voters have an opportunity approve or reject the budget at the regular election held in November. Budgets are prepared using the modified accrual basis of accounting, except for the special revenue fund as described later. The legal level of budgetary control is established

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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. 6:23-2.2(f). Transfers of appropriations may be made by School Board resolution at any time during the fiscal year and are subject to two-thirds majority vote by the School Board and under certain circumstances require approval by the Executive County Superintendent of Schools. The Board of Education approved the following significant budgetary appropriation transfers during the 2014 fiscal year:

Account Name Amount Salaries of Teachers – Grades 1-5 ($177,000)Salaries of Teachers – Grades 9-12 (99,235)Learning and Language Disabilities – Salaries 150,000Tuition to CSSD & Regional Day Schools (246,000)Other Support Services – Students – Extra Services Salaries 203,608Required Maintenance for School Facilities Cleaning, Repair, and Maintenance Services 106,374Custodial Services Energy (Electricity) (129,200) Energy (Natural Gas) 120,000Student Transportation Services Salaries (Between Home and School)-Regular (150,000) Salaries (Other Than Between Home and School) 128,357 Contracted Srvs (Between Home and School)-Joint Agree. 344,230 Contracted Srvs (Between Home and School)-Vendors (428,230) Contracted Srvs (Special Ed Students)-Joint Agree. 197,000Facilities Acquisition and Construction Services: Construction Services 1,836,396 Other Objects-Debt Service Assessment (193,844) Other Objects (171,121)

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 one or more June state aid payments 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. 10. Tuition Receivable 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.

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11. Tuition Payable Tuition charges for the fiscal year 2013/14 were based on rates established by the receiving district. These rates are subject to change when the actual costs have been determined. 12. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those results. 13. Allocation of Costs In the government-wide statement of activities, the District has allocated unallocated benefits to various programs based on the original budgetary expenditures by program. F. RECENT ACCOUNTING PRONOUNCEMENTS In June 2012, the Governmental Accounting Standards Board (GASB) issued Statement No. 68, “Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No 27”. This statement is effective for fiscal periods beginning after June 15, 2014. Although not determinable, the impact of this statement on the net position of the entity is anticipated to be significant. In January 2013, the Governmental Accounting Standards Board (GASB) issued Statement No. 69 “Government Combinations and Disposals of Government Operations”. This statement, which is effective for fiscal periods beginning after December 15, 2013, will not have any effect on the District’s financial reporting. In April 2013, the Governmental Accounting Standards Board (GASB) issued Statement No. 70 “Accounting and Financial Reporting for Nonexchange Financial Guarantees”. This statement, which is effective for fiscal periods beginning after June 15, 2013, will not have any impact on the District’s financial statements. In November 2013, Governmental Accounting Standards Board (GASB) issued Statement No. 71 “Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment of GASB Statement No. 68”. The provisions of this statement are required to be applied simultaneously with the provisions of Statement 68 which is effective for periods beginning after June 15, 2014. Although not determinable, the impact of this statement on the net position of the entity is anticipated to be significant. NOTE 2. INVESTMENTS As of June 30, 2014, the District had no investments. Interest Rate Risk. The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. However, New Jersey Statutes 18A:20-37 limits the length of time for most investments to 397 days. Credit Risk. New Jersey Statutes 18A:20-37 limits District investments to those specified in the Statutes. The type of allowable investments are Bonds of the United States of America or of the District or the local units in which the District is located; obligations of federal agencies not exceeding 397 days; government

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money market mutual funds; the State of New Jersey Cash Management Plan; local government investment pools; or repurchase of fully collateralized securities. Concentration of Credit Risk. The District places no limit on the amount the District may invest in any one issuer. NOTE 3. CASH Custodial Credit Risk – Deposits. Custodial credit risk is the risk that in the event of a bank failure, the government’s deposits may not be returned to it. The District’s policy is based on New Jersey Statutes requiring cash be deposited only in New Jersey based banking institutions that participate in the New Jersey Governmental Depository Protection Act (GUDPA) which mandates the collateralization of all government deposits, or in qualified investments established in New Jersey Statutes 18A:20-37 that are treated as cash equivalents. As of June 30, 2014, $2,380,877 of the District’s bank balance of $20,360,038 was exposed to custodial credit risk.


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NOTE 4. CAPITAL ASSETS Capital asset activity for the year ended June 30, 2014 was as follows: Balance

June 30, 2013 Additions

Disposals/ Adjustments

Balance June 30, 2014

Governmental Activities: Capital assets that are not being depreciated:

Construction in progress $4,223,276 2,146,178 (1,578,643) 4,790,811 Land 1,847,000 1,847,000Total capital assets not being depreciated 6,070,276 2,146,178 (1,578,643) 6,637,811 Bldg and bldg improve 281,592,526 192,598 281,785,124Machinery & equipment 14,685,015 919,151 15,604,166Vehicles 7,788,114 464,482 8,252,596 Total at historical cost 304,065,655 1,576,231 - 305,641,886Less accum depr for: Bldg and bldg improve (87,843,013) (6,825,478) (94,668,491) Machinery & equipment (13,890,078) (1,258,960) (15,149,038) Vehicles (3,862,550) (278,056) (4,140,606) Total accum deprec (105,595,641) (8,362,494 - (113,958,135)Total capital assets being depr, net of accum depr 198,470,014 (6,786,263) - 191,683,751 Governmental activities capital assets, net $204,540,290 (4,640,085) (1,578,643) 198,321,562 Business-type activities: Equipment $279,861 27,431 307,292Less accum depr for: Equipment (132,120) (23,430) (155,550)Business-type activities capital assets, net $147,741 4,001 - 151,742

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Depreciation expense charged to governmental functions is as follows:

Regular instruction $ 3,135,285 Special education 779,084 Other special instruction 234,744 Other instruction 91,327 Tuition 496,306 Student & instruction related services 1,247,350 School administrative expenses 470,160 General and business administration 286,478 Plant operations and maintenance 937,000 Student transportation services 684,760 $ 8,362,494

No interest on debt was capitalized during the year and the amount of interest expense paid on long term debt was $4,365,516. NOTE 5. CAPITAL RESERVE ACCOUNT A capital reserve account was established by the Egg Harbor Township Board of Education on October 28, 1997 for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. During the 2008 fiscal year, the District transferred $2,140,725 from the unreserved fund balance in order to fund the capital reserve fund. A 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 (June 1 to June 30) of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriate additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to NJSA 19:60-2. Pursuant to NJAC 6A:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP.


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The activity of the capital reserve for the 2014 fiscal year is as follows:

Beginning balance, July 1 $ 3,379,001Interest earnings 2,000Deposits – by Board resolution adopted 6/24/14 1,500,000Withdrawals Board resolution - 8/7/13 – Replacement of roof At Alder Avenue Middle School (383,800) Board resolution - 10/8/13 – District telephone Replacement/upgrade to the Wide Area Network (WAN) (608,000) Board resolution – 5/13/13 – Eagle Academy Renovations - HVAC system, replacement of doors and windows, and Related professional service fees (457,675) Board resolution – 6/24/13 – Upgrades to Auditorium Lighting at Fernwood Avenue Middle School (260,000)Ending balance, June 30 $ 3,171,526

NOTE 6. TRANFERS TO CAPITAL OUTLAY During the year ended June 30, 2014, the District transferred $1,709,475 to the capital outlay accounts. The transfer was made from the general fund capital reserve account to fund the following projects at various buildings within the District.

6/30/14 Replacement of roof at Alder Avenue Middle School $ 383,800 District telephone replacement/upgrade to the Wide Area Network (WAN) 608,000 Eagle Academy Renovations – HVAC system, replacement of doors and windows, and related Professional service fees 457,675 Upgrades to auditorium lighting at Fernwood Avenue Middle School 260,000 $ 1,709,475


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NOTE 7. GENERAL LONG-TERM DEBT Long-term liability activity for the year ended June 30, 2014 was as follows:

Amounts

Balance

Balance Due Within

06-30-13 Issued

Retired 6-30-14 One year

Governmental Activities Bonds & loans payable: School bonds $97,495,000 4,620,000 92,875,000 4,815,000 Obligations under capital Leases 964,674 374,534 482,696 856,512 414,670 98,459,674 374,534 5,102,696 93,731,512 5,229,670 Other liabilities: Compensated absences Payable 5,600,773 322,530 5,278,243 199,558 Governmental activities long- Term liabilities 104,060,447 374,534 5,425,226 99,009,755 5,429,228 Business-type Activities: Other liabilities: Capital Lease Payable 55,965 55,965 - - Other liabilities: Compensated absences Payable 50,244 3,278 46,966 - Business-type activities long- Term-liabilities $106,209 - 59,243 46,966 -

Bonds and loans payable are budgeted and paid through the general fund operating budget. A. Bonds Payable: Bonds are authorized in accordance with State law by the voters of the District through referendums. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the Board are general obligation bonds. Long-term debt as of June 30, 2014 consisted of the following: $50,735,000 Refunding Bonds dated October 1, 2004 payable in annual installments on January 15, 2005 and each July 15 thereafter commencing in 2012 and continuing through 2025. Semi-annual interest payments are due, at rates ranging from 3.00% to 5.75%, on January 15 and July 15, commencing January 15, 2005. The total savings to the District was $1,588,925, or 3.021% as a result of refunding the 2001 bond issue. The refunding bonds are not subject to redemption prior to their stated maturities. The balance remaining as of June 30, 2014 was $44,925,000. $23,052,000 School Bonds dated 4/1/05 payable in annual installments through 4/1/30. Interest is paid semiannually at varying rates ranging from 3.75% to 4.00% per annum. On December 14, 2006 the

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District, through a refunding bond issue, called the bonds maturing on 4/1/22 and 4/1/25 through 4/1/30 totaling $13,572,000. On November 15, 2012 the District, through a refunding bond issue, called the bonds maturing on 4/1/16 through 4/1/24 totaling $6,685,000. The balance remaining as of June 30, 2014 was $740,000. $15,410,000 Refunding Bonds dated December 14, 2006 payable in annual installments through April 1, 2030. Interest is paid semiannually at varying rates ranging from 3.50% to 4.125% per annum. The total savings to the District was $413,095, or 3.04% as a result of refunding the 2005 bond issue. Bonds maturing on or after 4/1/17 are redeemable at the option of the Board in whole or in part, on any date on or after 4/1/16 at par, plus unpaid accrued interest to the date fixed for redemption. The balance remaining as of June 30, 2014 was $14,825,000. $27,924,000 School bonds dated 9/15/08 payable in annual installments beginning 9/15/12 and continuing through 9/15/28. Interest is paid semiannually at varying rates between 4.00% per annum and 4.25% per annum. Bonds maturing on or after 9/15/19 are redeemable at the option of the Board in whole or in part, on any date on or after 9/15/18 at par, plus unpaid accrued interest to the date fixed for redemption. The balance remaining as of June 30, 2014 was $25,645,000. On November 15, 2012 the District issued $6,805,000 in refunding school bonds. These bonds were authorized by a board of education approved refunding bond ordinance in September 2012 which provided for the refunding of all or a portion of the callable portion of the $23,052,000 issue dated April 1, 2005. The total savings to the District was $403,186, or 6.03% as a result of refunding the 2005 bond issue. The callable portion refunded includes the bonds maturing on April 1, 2016 and annually thereafter through April 1, 2024 and total $6,685,000. Semi-annual interest payments are due, at rates ranging from 2.00% to 4.00%, on April 1 and October 1, commencing April 1, 2013. The bonds will mature annually on April 1, commencing in 2013 through 2024. Refunding bonds maturing on or after April 1, 2023 are subject to redemption prior to maturity at the option of the Board on any date on or after April 1, 2022. The balance remaining as of June 30, 2014 was $6,740,000. Principal and interest due on serial bonds outstanding is as follows:

Principal

Interest

Total

Year ending June 30, 2015 $ 4,815,000 4,477,735 9,292,735 2016 5,030,000 3,997,192 9,027,192 2017 5,260,000 3,769,641 9,029,641 2018 5,525,000 3,516,079 9,041,079 2019 5,760,000 3,249,354 9,009,354

2020-2024 33,145,000 11,736,555 44,881,555 2025-2029 30,315,000 3,707,118 34,022,118

2030 3,025,000 124,781 3,149,781 $ 92,875,000 34,578,455 127,453,455

B. Bonds Authorized But Not Issued: As of June 30, 2014 the Board had authorized but not issued bonds in the amount of $1,357. C. Capital Leases Payable: The District is leasing various equipment, vehicles, and facilities totaling $3,918,183 under capital leases. Semiannual lease payments are made to First Niagara, Blue Bird Body Company, SunTrust Leasing Co.,

53


Banc of America, and TD Equipment Finance, and include interest at a rate of 3.75% to 5.80% per annum. The following is a schedule of the future minimum lease payments under this capital lease and the net minimum lease payments at June 30, 2014.

Amount Year ending June 30,

2015 $ 443,440 2016 226,588 2017 81,413 2018 52,245 2019 52,245

Thereafter 52,245 Total minimum lease payments 908,176

Less amount representing interest 51,664

Present value of lease payments $ 856,512 The following schedule lists the equipment, along with the accumulated depreciation, that has been obtained through capital leases:

Accumulated Remaining Description Cost Depreciation Value

Transportation Equipment $ 3,918,183 2,799,915 1,118,268

NOTE 8. SCHOOL CONSTRUCTION PROJECTS The District was awarded $1,756,742 in grant funding through the New Jersey Department of Education to fund various capital maintenance projects for repairs and replacement of building systems at various district buildings. The district has also transferred $1,657,522 from capital outlay and capital reserve to fund these projects. As of June 30, 2014, the District expended $3,064,293 on these projects. Also, as of June 30, 2014, the District received $1,603,101 of the grant funding amount. The remaining balance of $153,641 will not be received and has been cancelled. NOTE 9. PENSION PLANS Description of Plans All required employees of the District are covered by either the Public Employees’ Retirement System or the Teacher’s Pension and Annuity Fund cost-sharing multiple-employer defined benefit pension plans 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, PO Box 295, Trenton, New Jersey, 08625 or the reports can be accessed on the internet at: http://www.state.nj.us/treasury/pensions/financial-rpts-home.shtml.

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Teachers' Pension and Annuity Fund 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 non-contributing 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 The Public Employees' Retirement System 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 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. Defined Contribution Retirement Program (DCRP) The Defined Contribution Retirement Program (DCRP) was established as of July 1, 2008 under the provisions of Chapter 92, P.L. 2008 and Chapter 103, P.L. 2008 (NJSA 43:15C-1 et seq). The DCRP is a cost-sharing multiple-employer defined contribution pension fund. The DCRP provides eligible members, and their beneficiaries with a tax-sheltered, defined contribution retirement benefit, along with life insurance and disability coverage. Vesting and benefit provisions are established by NJSA 43:15C-1 et seq. Funding Policy 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% of employees’ annual compensation, as defined. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The current TPAF rate is 11.0% and the PERS rate is 10.77% of covered payroll. The School District’s contributions to TPAF for the years ending June 30, 2014, 2013, and 2012 were $5,418,366, $6,663,901, and $4,487,824, respectively, and paid by the State of New Jersey on behalf of the board, equal to the required contributions for each year. The School District’s contributions to PERS for the years ending June 30, 2014, 2013, and 2012 were $1,332,587, $1,223,404, and $1,354,251, respectively, equal to the required contributions for each year. The Board’s total payroll for the years ended June 30, 2014, 2013, and 2012 was $66,708,087, $67,101,735, and $65,410,587, covered payroll was $49,227,235, $49,131,489, and $47,417,604 for TPAF; and $12,372,353, $12,234,369, and $11,967,967 for PERS.

55


Significant Legislation Chapter 78, P.L. 2011, effective June 28, 2011 made various changes to the manner in which the Public Employees’ Retirement System (PERS) and the Teacher’s Pension and Annuity Fund (TPAF) operate and to the benefit provisions of those systems. Chapter 78’s provisions impacting employee pension and health benefits include:

New members of the PERS and TPAF hired on or after June 28, 2011 (Tier 5 members) will need 30 years of creditable service and age 65 for receipt of the early retirement benefit without a reduction of ¼ of 1% for each month that the member is under age 65.

The eligibility age to qualify for a service retirement in the systems is increased from age 63 to 65 for Tier 5 members.

Increases in active member contribution rates. PERS active member rates increase from 5.5% of annual compensation to 6.5% plus an additional 1% phased-in over 7 years; PFRS active member rate increase from 8.5% to 10%. For fiscal year 2013, the member contribution rates increased in October 2012. The phase-in of the additional incremental member contribution rates for PERS members will take place in July of each subsequent fiscal year.

The payment of automatic cost-of-living adjustment (COLA) additional increases to current and future retirees and beneficiaries is suspended until reactivated as permitted by this law.

New employee contribution requirements towards the cost of employer-provided health benefit coverage. Employees are required to contribute a certain percentage of the cost of coverage. The rate of contribution is determined based on the employee’s annual salary and the selected level of coverage. The increased employee contributions will be phased in over a 4-year period for those employed prior to Chapter 78’s effective date with a minimum contribution required to be at least 1.5% of salary.

In addition, this new legislation changes the method for amortizing the pension systems’ unfunded accrued liability (from a level percent of pay method to a level dollar of pay).

Chapter 1, P.L. 2010, effective May 21, 2010, made a number of changes to the State-administered retirement systems concerning eligibility, the retirement allowance formula, the definition of compensation, the positions eligible for service credit, the non-forfeitable right to a pension, and employer contributions to the retirement systems. Also, Chapter 1, P.L. 2010 changed the membership eligibility criteria for new members of PERS from the amount of annual compensation to the number of hours worked weekly. Also, it returned the benefit multiplier for new members of PERS and TPAF to 1/60th from 1/55th, and it provided that new members of PERS and TPAF have the retirement allowance calculated using the average annual compensation for the last five years of service instead of the last three years of service. New members of PERS and TPAF will no longer receive pension service credit from more than one employer. Pension service credit will be earned for the highest paid position only. The law also requires the State to make its full pension contribution, defined a 1/7th of the required amount, beginning in fiscal years 2012. Chapter 3, P.L. 2010, effective May 21, 2010, replaced the accidental and ordinary disability retirement for new members of the PERS with disability insurance coverage similar to that provided by the State to individuals enrolled in the State’s Defined Contribution Retirement Program. Chapter 92, P.L. 2007 implemented certain recommendations contained in the December 1, 2006 report of the Joint Legislative Committee on Public Employee Benefits Reform; established a DCRP for elected and certain appointed officials, effective July 1, 2007; the new pension loan interest rate became 4.69% per year, and an $8.00 processing fee per loan was charged, effective January 1, 2008. The legislation

56


also removed language from existing law that permits the State Treasurer to reduce employer pension contributions needed to fund the Funds and Systems when excess assets are available. NOTE 10. LABOR CONTRACTS As of June 30, 2014, the District’s employees are organized in two collective bargaining units.

Bargaining Unit Employees Covered Expiration

EHT Education Association

All regularly employed certified personnel, secretarial, and

clerical personnel, and paraprofessional. This contract

also includes regularly employed custodial, grounds, maintenance, and cafeteria personnel, except

supervisors.

June 30, 2013 (District ratified a new 3 year contract in October

2014)

Principals’ and Supervisors’ Association

All certified administrative personnel, excluding the

Superintendent, Asst Superintendents, Business

Administrator, and all employees considered confidential by law.

June 30, 2015

In addition to the above contracts, the Board of Education has entered into individual employment agreements with the Superintendent, Assistant Superintendents, Business Administrator and Central Office employees. The expiration of these contracts will vary depending on the position. NOTE 11. 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, 2013, there were 100,134 retirees eligible for 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 Chapter 62, P.L. 1994. Funding of post-retirement medical premiums 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 free health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2013. NOTE 12. SPECIAL PAY DEFERRAL PLAN Effective July 1, 2003 the District implemented a Special Pay Deferral Plan in accordance with Section 403(b) of the Internal Revenue Code. This plan will allow employees who are 50 years of age or older and have a minimum accumulated leave of $1,000 to contribute the value of these benefits to a Tax-

57


Sheltered Custodial Account for distribution after the participant reaches age 70 1/2. Distribution may be made in the form of a life annuity, 50% qualified joint and survivor annuity, installments, or as a lump sum distribution. NOTE 13. DEFERRED COMPENSATION The Board offers its employees a deferred compensation plan 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:

Equitable Vanguard Lincoln Investment Planning Retirement Annuity Consultants, Inc. Siracusa Benefits Program TSA Consulting Group

NOTE 14. COMPENSATED ABSENCES The District accounts for compensated absences (e.g. 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 vacation and sick leave in varying amounts under the District’s personnel policies. Sick leave benefits provide for ordinary sick pay and is capped based on the various employee contracts. In the district-wide Statement of Net Position, the liabilities whose average maturities are greater than one year should be reported in two components – the amount due within one year and the amount due in more than one year. The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. NOTE 15. LITIGATION From time to time, the District is a defendant in legal proceedings relating to its operations as a school district. In the best judgment of the District’s management, there are potential legal proceedings that may have a material affect on the accompanying financial statements. NOTE 16. FUND BALANCE APPROPRIATED General Fund (Exhibit B-1) – Of the $15,476,693 General Fund fund balance at June 30, 2014, $0 is committed for encumbrances (actual encumbrances of $1,260,687 less deficit in unassigned fund balance of $1,260,687); $12,500,605 is restricted as excess surplus in accordance with NJSA 18A:7F-7 ($5,813,799 of the total restricted for excess surplus has been appropriated and included as anticipated revenue for the year ending June 30, 2015); $3,171,526 has been restricted in the Capital Reserve Account; $0 has been appropriated and included as anticipated revenue for the year ending June 30, 2015; and $(195,438) is unassigned. During the fiscal year, authorized and approved appropriations of $1,480,277 in surplus were made on June 30, 2014.

58


Debt Service Fund – Of the Debt Service Fund fund balance at June 30, 2014, $13,564 is restricted in accordance with N.J.S.A. 7F-41c(2) and $37,743 is unassigned. NOTE 17. CALCULATION OF EXCESS SURPLUS The designation for Restricted 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 restrict General Fund fund balance at the fiscal year end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $12,500,605, of which $5,813,799 has been included in the 2014-15 budget. The excess fund balance at June 30, 2013 was $9,035,850. NOTE 18. DEFICIT FUND BALANCE The District has a deficit fund balance of $195,438 in the General Fund as of June 30, 2014 as reported in the fund statements (modified accrual basis). NJSA 18A:22-44.2 provides that in the event a state school aid payment is not made until the following school budget year, districts must record the delayed one or more June state aid payments as revenue, for budget purposes only, in the current school budget year. The bill provides legal authority for school districts to recognize this revenue in the current budget year. For intergovernmental transactions, GASB Statement No. 33 requires that recognition (revenue, expenditure, asset, liability) should be in symmetry, i.e., if one government recognizes an asset, the other government recognizes a liability. Since the State is recording the June state aid payments in the subsequent fiscal year, the school district cannot recognize the June state aid payments (on the GAAP financial statements) until the year the State records the payable. This amount was $3,684,067 in the General Fund. Due to the timing difference of recording the June state aid payments, the General Fund balance deficit does not alone indicate that the district is facing financial difficulties. NOTE 19. ECONOMIC DEPENDENCY The District is heavily reliant on local property taxation and State Aid to fund the District operations and debt service. During the 2013-14 fiscal year, 94% of the Districts operations were funded through property taxes and State aid. NOTE 20. RISK MANAGEMENT The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Property and Liability Insurance – The District maintains commercial insurance coverage for property, liability and surety bonds. During the fiscal year ended June 30, 2014 the District did not incur claims in excess of their coverage and the amount of coverage did not significantly decrease. 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 expendable trust fund for the current and prior year:

59


District Employee Amount Ending

Fiscal Year Contributions Contributions Reimbursed Balance 2013-2014 None 115,308 157,958 1,025,7312012-2013 None 116,302 168,439 1,068,3812011-2012 189,982 112,229 194,735 1,120,518

Worker’s Compensation Fund – Through February 1, 1999, the District retained risk through an established self-funded workers compensation fund with Berkley Risk Managers, Inc. Premiums were paid into the fund and were available to pay claims, claim reserves and administrative costs of the program. The Board currently maintains traditional insurance for its worker’s compensation coverage. Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported. Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount of payouts and other economic and social factors. The workers compensation account is reported in the general fund. Only amounts that are current liabilities have been included as a charge against the budget line item. For the fiscal year ended June 30, 2014, $0 was charged to the worker’s compensation budget line item. The balance of estimated unpaid claims and settlement expense as of June 30, 2014 and 2013 was $19,737 and $38,686, respectively. There is a potential contingent liability that exceeds the amount the District has in the worker’s compensation fund.

Fiscal Year Balance Claims Claims Balance Ended Beginning of Year Incurred Paid End of Year 6/30/14 $38,686 18,949 19,7376/30/13 39,025 339 38,6866/30/12 43,075 4,050 39,025

NOTE 21. BLUE CROSS/BLUE SHIELD – IBNR CLAIMS RESERVE Effective January 1, 2010 the District changed their health insurance plan to a minimum premium billing plan with Blue Cross/Blue Shield of New Jersey. This plan requires that a liability be maintained on the balance sheet of the District to cover the claims that have been incurred but not reported to the carrier. The District’s insurance consultant obtains the amount to be maintained annually from reports obtained from Blue Cross/Blue Shield. The balance in the reserve fund as of June 30, 2014 was $0 and $947,121 as of June 30, 2013. Effective September 1, 2010, the District terminated the above agreement and is now covered through the State Health Benefits Plan. The reserve fund was required to be maintained for a period of three years after termination. Based on this, the balance in the reserve was transferred to the general fund and is available to the District for use in their 2015-16 fiscal year budget.


60


NOTE 22. INTERFUND RECEIVABLES AND PAYABLES As of June 30, 2014, several interfunds remained on the various balance sheets of the Egg Harbor Township Board of Education.

From To General Fund: Special Revenue Fund $272,937 Capital Projects Fund 3,508 Enterprise Fund 165,114 Trust and Agency Fund 1,760 Special Revenue Fund: General Fund 272,937 Capital Projects Fund: General Fund 3,508 Enterprise Fund: General Fund 165,114 Trust and Agency Fund: General Fund 1,760 $443,319 443,319

All interfunds are created as a result of timing differences between cash requirements in various funds and the receipt of cash from funding agencies. It is anticipated that all interfunds will be liquidated during the fiscal year. NOTE 23. SUBSEQUENT EVENTS The Egg Harbor Township Board of Education and the Egg Harbor Township Education Association ratified a Memorandum of Agreement on October 27, 2014. The duration of the contract is July 1, 2013 through June 30, 2016. The salary distribution is still to be determined; however, the average annual increase in salary costs are calculated to be 2.56%. As of June 30, 2014, $1,455,912 has been accrued for the payment of the retroactive salaries related to the fiscal year ending June 30, 2014. In addition, subsequent to June 30, 2014, the District entered into the following capital lease agreement:

Effective October 29, 2014, lease purchase of various school buses. Lease is payable in annual principal installments ranging from $74,732 to $83,000. Interest at a rate of 1.495% per annum, is payable semiannually. The first payment of principal and interest is due October 29, 2015. $ 468,000

61


The following is a schedule of the future minimum lease payments under this capital lease and the net minimum lease payments:

Year ending June 30, Amount 2015 $ 83,000 2016 80,488 2017 80,488 2018 80,488 2019 80,488

Thereafter 80,488 Total minimum lease payments 485,440

Less amount representing interest 17,440 Present value of lease payments $ 468,000

The District has evaluated subsequent events through December 2, 2014, the date which the financial statements were available to be issued and no other items were noted for disclosure or adjustment.

62


Required Supplementary InformationPart II


BUDGETARY COMPARISON SCHEDULES


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Reg

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Inst

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Sal

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Hom

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R

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Ins

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Tot

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O

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72

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73

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4,44

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414,

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76

Exhibit C-3

Note A - Explanation of Difference between Budgetary Inflows andOutflows and GAAP Revenues and Expenditures

General SpecialFund Revenue

Sources/inflows of resourcesActual amounts (budgetary basis) "revenue" from the budgetary

comparison schedule 121,057,685$ 3,395,774

Difference - budget to GAAP:Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized

Prior year 228,627 Current year (156,884)

State aid payment rcognized for GAAP statements inthe current year, previously recognized for budgetarypurposes. 3,980,730

State aid payment recognized for budgetary purposes,not recognized for GAAP statements until thesubsequent year. (3,684,067)

Total revenues reported on the statement of revenues,expenditures and changes in fund balances -governmental funds 121,354,348 3,467,517

Uses/outflows of resourcesActual amounts (budgetary basis) "total outflows" from the

budgetary comparison schedule 118,819,977 3,395,774

Differences - budget to GAAP:Encumbrances for supplies and equipment ordered butnot received are reported in the year the order is placedfor budgetary purposes, but in the year the suppliesare received for financial reporting purposes

Prior year 228,627 Current year (156,884)

Total expenditures as reported on the statement of revenues,expenditures, and changes in fund balances -governmental funds 118,819,977$ 3,467,517

For the Fiscal Year Ended June 30, 2014

EGG HARBOR TOWNSHIP SCHOOL DISTRICTRequired Supplementary Information

Budgetary Comparison ScheduleNotes to Required Supplementary Information

See Accompanying Auditor's Report77


SPECIAL REVENUE FUND


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Acc

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Rep

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78

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79

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Acc

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nyin

g A

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Rep

ort

81

CAPITAL PROJECTS FUND


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See

Acc

ompa

nyin

g A

udit

or's

Rep

ort

82

F-2

Revenues and other Financing SourcesState sources - School Facilities Grant Program -$ NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers - Township of Egg Harbor - Transfer from capital reserve - Transfer from capital outlay - Total revenues -

Expenditures and other Financing UsesSalaries - Purchased professional and technical services 12,680 Legal services - Land and improvements - Construction services 1,148,954 Equipment purchases - Total expenditures 1,161,634

Excess (deficiency) of revenues over (under) expenditures (1,161,634)

Fund balance - beginning 3,979,211

Fund balance - ending 2,817,577$

EGG HARBOR TOWNSHIP SCHOOL DISTRICTCapital Projects Fund

Sumary Schedule of Revenues, Expenditures, and Changes

For the Year Ended June 30, 2014in Fund Balance - Budgetary Basis


F-2a

RevisedPrior Current Authorized

Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program - NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers 21,670,374$ 21,670,374 Township of Egg Harbor - Transfer from capital reserve - Transfer from capital outlay - Total revenues 21,670,374 - 21,670,374 -

Expenditures and other Financing UsesSalaries - Purchased professional and technical services 74,592 74,592 Legal services 21,528 21,528 Contingency 57,505 57,505 Construction services 20,510,154 20,510,154 Furniture & equipment purchases 770,214 770,214 Total expenditures 21,433,993 - 21,433,993 -

Excess (deficiency) of revenues over (under) expenditures 236,381$ - 236,381 -

Additional project information:Project number SP-200324Grant Date N/ABond Authorization Date 3/28/00Bonds Authorized 21,800,000 Bonds Issued 21,800,000 Original Authorized Cost 21,800,000 Additional/Reduction in Authorized Cost (129,626) Revised Authorized Cost 21,670,374

Percentage Increase over Original Authorized Cost -0.59%Percentage Completion 100.00%Original target completion date 9/1/03Revised target completion date 6/30/13

From Inception and for the Year Ended June 30, 2014


Schedule of Project Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisConstruction of Dr. Joyanne D. Miller Elementary School


F-2b


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program - NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers 4,501,331$ 4,501,331 4,501,331 Township of Egg Harbor - Transfer from capital reserve - Transfer from capital outlay - Total revenues 4,501,331 - 4,501,331 4,501,331

Expenditures and other Financing UsesSalaries 15,898 15,898 Purchased professional and technical services 285,962 12,680 298,642 Legal services 111 111 Contingency - Construction services - Furniture & equipment purchases 4,186,680 4,186,680 Total expenditures 4,488,651 12,680 4,501,331 -

Excess (deficiency) of revenues over (under) expenditures 12,680$ (12,680) - 4,501,331

Additional project information:Project number 01-1310-033-08-1000Grant date N/ABond Authorization Date 4/15/08Bonds Authorized 5,226,777 Bonds Issued - Original Authorized Cost 5,226,777 Additional Authorized Cost (725,446) Revised Authorized Cost 4,501,331




Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at Davenport Elementary School


F-2c



13,358 13,358 182,165 182,165

98 98 -

3,587,788 3,587,788

Expenditures and other Financing Uses SalariesPurchased professional and technical services Legal servicesContingencyConstruction servicesFurniture & equipment purchases - Total expenditures 3,783,409 - 3,783,409 -

Excess (deficiency) of revenues over (under) expenditures 608,255$ - 608,255 4,391,664

Additional project information:Project number 01-1310-035-08-1000Grant date N/ABond Authorization Date 4/15/08Bonds Authorized 4,391,664 Bonds Issued - Original Authorized Cost 4,391,664 Additional Authorized Cost - Revised Authorized Cost 4,391,664

Percentage Increase over Original Authorized Cost 0.00%Percentage Completion 86.15%Original target completion date 6/30/09Revised target completion date 6/30/13



Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at Slaybaugh Elementary School


F-2d



7,851 7,851 153,330 153,330

52 52 -

2,401,648 3,429 2,405,077

Expenditures and other Financing Uses SalariesPurchased professional and technical services Legal servicesContingencyConstruction servicesFurniture & equipment purchases - Total expenditures 2,562,881 3,429 2,566,310 -

Excess (deficiency) of revenues over (under) expenditures 3,429$ (3,429) - 2,566,310





Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at Alder Avenue Middle School


F-2e



5,789 5,789 108,972 108,972

60 60 -

1,349,631 9,024 1,358,655


Excess (deficiency) of revenues over (under) expenditures 81,704$ (9,024) 72,680 1,546,156

Additional project information:Project number 01-1310-050-08-1000Grant date N/ABond Authorization Date 4/15/08Bonds Authorized 1,903,196Bonds Issued - Original Authorized Cost 1,903,196Additional Authorized Cost (357,040) Revised Authorized Cost 1,546,156




Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at Swift Elementary School


F-2f



6,957 6,957 132,457 132,457

69 69 -

1,765,696 1,765,696

Expenditures and other Financing Uses SalariesPurchased professional and technical services Legal servicesContingencyConstruction servicesFurniture & equipment purchases - Total expenditures 1,905,179 - 1,905,179 -

Excess (deficiency) of revenues over (under) expenditures -$ - - 1,905,179





Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at Miller Elementary School


F-2g


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program - NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers 6,425,900$ 6,425,900 6,425,900 Township of Egg Harbor - Transfer from capital reserve 2,005,126 2,005,126 2,005,126 Transfer from capital outlay - Total revenues 8,431,026 - 8,431,026 8,431,026

19,545 19,545 329,980 329,980

169 169 68,729 68,729

7,972,754 25,098 7,997,852



Additional project information:Project number 01-1310-005-08-1000Grant date N/ABond Authorization Date 4/15/08Bonds Authorized 6,425,900 Bonds Issued - Original Authorized Cost 6,425,900 Additional Authorized Cost 2,005,126 Revised Authorized Cost 8,431,026




Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at the High School


F-2h


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program - NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers 1,479,500$ 1,479,500 1,479,500 Township of Egg Harbor - Transfer from capital reserve - - Transfer from capital outlay - Total revenues 1,479,500 - 1,479,500 1,479,500

- - - - -

Expenditures and other Financing Uses SalariesPurchased professional and technical services Legal servicesContingencyConstruction servicesFurniture & equipment purchases - Total expenditures - - - -

Excess (deficiency) of revenues over (under) expenditures 1,479,500$ - 1,479,500 1,479,500

Additional project information:Project number 01-1310-005-08-1000Grant date N/ABond Authorization Date 4/15/08Bonds AuthorizedBonds Issued - Original Authorized CostAdditional Authorized Cost 1,479,500 Revised Authorized Cost 1,479,500



Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisSwift and Slaybaugh Elementary Schools Roof ProjectFrom Inception and for the Year Ended June 30, 2014


F-2i


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program 24,203$ 24,203 24,203 NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers - Township of Egg Harbor - Transfer from capital reserve 24,203 24,203 24,203 Transfer from capital outlay - Total revenues 48,406 - 48,406 48,406

- 5,186 5,186

- -

35,421 35,421

Expenditures and other Financing Uses SalariesPurchased professional and technical services Legal servicesContingencyConstruction servicesFurniture & equipment purchases - Total expenditures 40,607 - 40,607 -

Excess (deficiency) of revenues over (under) expenditures 7,799$ - 7,799 48,406

Additional project information:Project number 01-1310-005-10-1001Grant date 8/26/10Bond Authorization Date N/ABonds Authorized - Bonds Issued - Original Authorized Cost 45,800 Additional Authorized Cost 2,606 Revised Authorized Cost 48,406



Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at the High School



F-2j


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program 439,853$ 439,853 439,853 NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers - Township of Egg Harbor - Transfer from capital reserve 51,596 51,596 51,596 Transfer from capital outlay 361,108 2,646 363,754 363,754 Total revenues 852,557 2,646 855,203 855,203

Expenditures and other Financing UsesSalaries - Purchased professional and technical services 49,178 49,178 Legal services - Contingency - Construction services 803,554 803,554 Furniture & equipment purchases - Total expenditures 852,732 - 852,732 -

Excess (deficiency) of revenues over (under) expenditures (175)$ 2,646 2,471 855,203

Additional project information:Project number 01-1310-039-10-1006Grant date 8/26/10Bond Authorization Date N/ABonds Authorized - Bonds Issued - Original Authorized Cost 929,985 Additional Authorized Cost (77,428) Revised Authorized Cost 852,557



Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at Fernwood Middle SchoolFrom Inception and for the Year Ended June 30, 2014


F-2k


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program 259,014$ 259,014 259,014 NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers - Township of Egg Harbor - Transfer from capital reserve 30,525 30,525 30,525 Transfer from capital outlay 203,501 203,501 203,501 Total revenues 493,040 - 493,040 493,040

- 28,079 28,079

- -

373,770 373,770


Excess (deficiency) of revenues over (under) expenditures 91,191$ - 91,191 493,040

Additional project information:Project number 01-1310-038-10-1004Grant date 8/26/10Bond Authorization Date N/ABonds Authorized - Bonds Issued - Original Authorized Cost 1,272,725 Additional Authorized Cost (779,685) Revised Authorized Cost 493,040



Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at Alder Middle School



F-2l


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program 437,304$ 437,304 437,304 NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers - Township of Egg Harbor - Transfer from capital reserve - Transfer from capital outlay 390,221 3,027 393,248 393,248 Total revenues 827,525 3,027 830,552 830,552

- 43,344 43,344

- -

787,208 787,208


Excess (deficiency) of revenues over (under) expenditures (3,027)$ 3,027 - 830,552

Additional project information:Project number 01-1310-033-10-1002Grant date 8/26/10Bond Authorization Date N/ABonds Authorized - Bonds Issued - Original Authorized Cost 827,525 Additional Authorized Cost - Revised Authorized Cost 827,525



Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at Davenport Elementary School



F-2m


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program 596,368$ 596,368 596,368 NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers - Township of Egg Harbor - Transfer from capital reserve - Transfer from capital outlay 596,368 (5,673) 590,695 590,695 Total revenues 1,192,736 (5,673) 1,187,063 1,187,063

- 69,879 69,879

- -

868,674 868,674



Additional project information:Project number 01-1310-035-10-1003Grant date 8/26/10Bond Authorization Date N/ABonds Authorized - Bonds Issued - Original Authorized Cost 1,307,425 Additional Authorized Cost (115,689) Revised Authorized Cost 1,191,736



Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRepairs and Renovations at Slaybaugh Elementary School



F-2n


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program - NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers - Township of Egg Harbor - Transfer from capital reserve 799,350$ 799,350 799,350 Transfer from capital outlay - Total revenues 799,350 - 799,350 799,350

- - - -

87,645 681,275 768,920 799,350

Expenditures and other Financing Uses SalariesPurchased professional and technical services Legal servicesContingencyConstruction servicesFurniture & equipment purchases - Total expenditures 87,645 681,275 768,920 799,350

Excess (deficiency) of revenues over (under) expenditures 711,705$ (681,275) 30,430 -

Additional project information:Project number N/AGrant date N/ABond Authorization Date N/ABonds Authorized - Bonds Issued - Original Authorized Cost 799,350 Additional Authorized Cost - Revised Authorized Cost 799,350



Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisRenovation/Expansion of High School Field House and Concession Stand



F-2o


Periods Year Totals CostsRevenues and other Financing SourcesState sources - School Facilities Grant Program - NJ Department of Treasury Grant - NJ Economic Development Authority - Bond proceeds and transfers - Township of Egg Harbor - Transfer from capital reserve 483,800$ 483,800 483,800 Transfer from capital outlay - Total revenues 483,800 - 483,800 483,800

- - - -

28,063 430,128 458,191 483,800

Expenditures and other Financing Uses SalariesPurchased professional and technical services Legal servicesContingencyConstruction servicesFurniture & equipment purchases - Total expenditures 28,063 430,128 458,191 483,800

Excess (deficiency) of revenues over (under) expenditures 455,737$ (430,128) 25,609 -

Additional project information:Project number N/AGrant date N/ABond Authorization Date N/ABonds Authorized - Bonds Issued - Original Authorized Cost 483,800 Additional Authorized Cost - Revised Authorized Cost 483,800



Schedule of Projects Revenues, Expenditures, Project Balance, and Project Status - Budgetary BasisSwift School Modular Building Project




FIDUCIARY FUNDS


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99

EGG HARBOR TOWNSHIP SCHOOL DISTRICT H-2Combining Statement of Changes in Fiduciary Net Position

Trust FundsJune 30, 2014

PrivateUnemployment PurposeCompensation Scholarship Total

Trust Trust Trusts

OPERATING REVENUES: Local sources: Interest on investments 1,500$ 1,500 Scholarship Contribution - Employee Contributions 113,808 113,808

Total operating revenues 115,308 - 115,308

OPERATING EXPENSES: Payments of unemployment claims 157,958 157,958

Total operating expenses 157,958 - 157,958

Operating (Loss) (42,650) - (42,650)

Net Income (42,650) - (42,650)

Net position, July 1 1,068,381 200,000 1,268,381

Net position, June 30 1,025,731$ 200,000 1,225,731


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EGG HARBOR TOWNSHIP SCHOOL DISTRICT H-4bAgency Fund - Conduit

Schedule of Receipts and DisbursementsFor the Fiscal Year ended June 30, 2014

OPERATING REVENUES: Local sources: Contributions 30,070$

Total operating revenues 30,070

OPERATING EXPENSES: Purchased professional services 32,303

Total operating expenses 32,303

Operating Income (2,233)

Net position, July 1 105,373

Net position, June 30 103,140$



LONG-TERM DEBT


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1,92

0,00

0

4.00

0%9/

15/2

52,

010,

000

4.

125%

9/15

/26

2,10

5,00

0

4.20

0%9/

15/2

72,

205,

000

4.

250%

9/15

/28

2,31

0,00

0

4.25

0%26

,810

,000

1,

165,

000

25,6

45,0

00

Gen

eral

Obl

igat

ion

- R

efun

ding

Bon

ds12

/5/1

26,

805,

000

4/1/

1530

,000

2.

000%

4/1/

1681

5,00

0

3.

000%

4/1/

1782

5,00

0

3.

000%

4/1/

1884

5,00

0

3.

000%

4/1/

1983

5,00

0

3.

000%

4/1/

20-2

185

0,00

0

3.

000%

4/1/

2383

5,00

0

4.

000%

4/1/

2485

5,00

0

3.

500%

6,77

0,00

0

30,0

00

6,74

0,00

0

97,4

95,0

00$

-

4,

620,

000

92,8

75,0

00

See

Acc

ompa

nyin

g A

udit

or's

Rep

ort

105

EG

G H

AR

BO

R T

OW

NS

HIP

SC

HO

OL

DIS

TR

ICT

I-2

Lo

ng

-Ter

m D

ebt

Sch

edu

le o

f O

blig

atio

ns

un

der

Cap

ital

Lea

ses

Jun

e 30

, 201

4

Am

ount

of

Am

ount

Am

ount

Dat

e of

Inte

rest

Orig

inal

Out

stan

ding

Issu

edR

etire

dO

utst

andi

ngS

erie

sIn

cept

ion

Rat

e P

ayab

leIs

sue

June

30,

201

3C

urre

nt Y

ear

Cur

rent

Yea

rJu

ne 3

0, 2

014

Typ

e D

24

pass

enge

r bu

ses

(5)

9/1/

045.

800%

378,

844

$

47

,978

47,9

78

-

Blu

e B

ird T

ype

D (

refin

ance

) 5

4 pa

ssen

ger

buse

s (2

2)8/

15/0

64.

155%

1,43

8,80

5

40

4,74

8

198,

255

20

6,49

3

Blu

e B

ird 5

4 pa

ssen

ger

buse

s (1

4)8/

15/0

64.

155%

941,

000

28

5,94

8

91,4

63

19

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5

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e B

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74.

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530,

000

10

6,00

0

25,0

00

81

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54

pass

enge

r bu

ses

(3)

29

pass

enge

r bu

ses

(3)

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pass

enge

r bu

s (1

)

with

whe

elch

air

lift

Inte

rnat

iona

l 5

4 pa

ssen

ger

buse

s (2

) 2

9 pa

ssen

ger

buse

s (1

)9/

9/09

4.25

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5,00

0

120,

000

40

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00

Blu

e B

ird1/

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41.

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374,

534

37

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4

80,0

00

29

4,53

4

54

pass

enge

r bu

ses

(4)

964,

674

$

37

4,53

4

482,

696

85

6,51

2

See

Acc

ompa

nyin

g A

udit

or's

Rep

ort

106

Exh

ibit

I-3

Var

ianc

eO

rigin

alB

udge

tF

inal

Und

er/(

Ove

r)B

udge

tT

rans

fers

Bud

get

Act

ual

Fin

al to

Act

ual

RE

VE

NU

ES

:Lo

cal S

ourc

es:

Loca

l Tax

Lev

y5,

731,

780

$

-

5,

731,

780

5,73

1,78

0

-

Oth

er M

isce

llane

ous

13,5

64

13,5

64

5,73

1,78

0

-

5,73

1,78

0

5,

745,

344

13,5

64

Sta

te S

ourc

es:

Deb

t Ser

vice

Aid

Typ

e II

3,25

3,73

6

-

3,25

3,73

6

3,

253,

736

-

Tot

al -

Sta

te S

ourc

es3,

253,

736

-

3,

253,

736

3,25

3,73

6

-

To

tal R

even

ues

8,98

5,51

6

-

8,98

5,51

6

8,

999,

080

13,5

64

EX

PE

ND

ITU

RE

S:

Reg

ular

Deb

t Ser

vice

:In

tere

st4,

365,

516

-

4,

365,

516

4,36

5,51

6

-

Red

empt

ion

of P

rinci

pal

4,62

0,00

0

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4,62

0,00

0

4,

620,

000

-

Tot

al R

egul

ar D

ebt S

ervi

ce8,

985,

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-

8,

985,

516

8,98

5,51

6

-

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tal e

xpen

dit

ure

s8,

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-

8,

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8,98

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6

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Exc

ess

(Def

icie

ncy)

of R

even

ues

Ove

r (U

nder

) E

xpen

ditu

res

-

-

-

13

,564

13

,564

Fun

d B

alan

ce, J

uly

137

,743

-

37,7

43

37,7

43

-

Fun

d B

alan

ce, J

une

3037

,743

$

-

37,7

43

51,3

07

13,5

64

Rec

apit

ula

tio

n o

f F

un

d B

alan

ce:

Des

igna

ted

for

Sub

sequ

ent Y

ear's

Exp

endi

ture

s37

,743

R

estr

icte

d F

und

Bal

ance

13,5

64

51

,307

Fo

r th

e F

isca

l Yea

r E

nd

ed J

un

e 30

, 201

4

EG

G H

AR

BO

R T

OW

NS

HIP

SC

HO

OL

DIS

TR

ICT

Bu

dg

etar

y C

om

par

iso

n S

ched

ule

D

ebt

Ser

vice

Fu

nd

See

Acc

ompa

nyin

g A

udit

or's

Rep

ort

107

Statistical Section

Financial Trends (J-1 through J-5)

These schedules contain trend information to help the reader understandhow the School District's financial position has changed over time.

Revenue Capacity (J-6 through J-9)

These schedules contain information to help the reader understand and

assess the factors affecting the School District's ability to generate

its most significant local revenue source, the propery tax.

Debt Capacity (J-10 through J-13)

These schedules present information to help the reader assess the affordabilityof the School District's current levels of outstanding debt and the School

District's ability to issue additional debt in the future.

Demographic and Economic Information (J-14 and J-15)

These schedules offer economic and demographic indicators to help thereader understand the environment within which the School District's

financial activities take place and to provide information that facilitatescomparisons of financial information over time and among governments.

Operating Information (J-16 through J-20)

These schedules contain service and infrastructure data to help the readerunderstand how the information in the School District's financial report

relates to the services the School District provides and the activities it performs.


J-1

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Gov

ernm

enta

l act

iviti

esN

et in

vest

men

t in

capi

tal a

sset

s$

41,2

08,0

35

39

,306

,247

38

,524

,993

65

,409

,682

68

,517

,439

78

,925

,882

80

,245

,144

10

7,59

6,50

9

106,

080,

616

10

4,59

0,05

0

Res

tric

ted

31,8

78,4

93

34

,697

,055

35

,134

,539

34

,240

,661

39

,309

,721

17

,240

,873

9,

181,

319

4,

661,

596

3,93

7,30

3

2,

635,

593

U

nres

tric

ted

(11,

021,

150)

(9

,456

,186

)

(9

,020

,267

)

(7

,336

,108

)

(1

8,15

5,05

6)

(12,

189,

021)

(2

,941

,253

)

3,44

8,52

8

5,

512,

921

8,91

0,96

3

Tot

al g

over

nmen

tal a

ctiv

ities

net

pos

ition

62,0

65,3

78

64

,547

,116

64

,639

,265

92

,314

,235

89

,672

,104

83

,977

,734

86

,485

,210

11

5,70

6,63

3

115,

530,

840

11

6,13

6,60

6

Bus

ines

s-ty

pe a

ctiv

ities

Net

inve

stm

ent i

n ca

pita

l ass

ets

23,8

75

8,

247

59,6

31

64

,568

154,

785

13

9,76

4

124,

316

113,

406

14

7,74

1

151,

742

Unr

estr

icte

d63

,506

77,1

92

26

2,48

0

291,

589

51

1,87

3

912,

539

1,

339,

255

1,

628,

015

1,33

8,79

2

1,

301,

455

T

otal

bus

ines

s-ty

pe a

ctiv

ities

net

pos

ition

87,3

81

85

,439

322,

111

35

6,15

7

666,

658

1,

052,

303

1,46

3,57

1

1,74

1,42

1

1,

486,

533

1,45

3,19

7

Dis

tric

t-w

ide

Net

inve

stm

ent i

n ca

pita

l ass

ets

41,2

31,9

10

39

,314

,494

38

,584

,624

65

,474

,250

68

,672

,224

79

,065

,646

80

,369

,460

10

7,70

9,91

5

106,

228,

357

10

4,74

1,79

2

Res

tric

ted

31,8

78,4

93

34

,697

,055

35

,134

,539

34

,240

,661

39

,309

,721

17

,240

,873

9,

181,

319

4,

661,

596

3,93

7,30

3

2,

635,

593

U

nres

tric

ted

(10,

957,

644)

(9

,378

,994

)

(8

,757

,787

)

(7

,044

,519

)

(1

7,64

3,18

3)

(11,

276,

482)

(1

,601

,998

)

5,01

3,46

1

6,

851,

713

10,2

12,4

18

T

otal

dis

tric

t net

pos

ition

$62

,152

,759

64,6

32,5

55

64,9

61,3

76

92,6

70,3

92

90,3

38,7

62

85,0

30,0

37

87,9

48,7

81

117,

384,

972

11

7,01

7,37

3

117,

589,

803

N

ote:

As

a re

sult

of im

plem

entin

g G

over

nmen

tal A

ccou

ntin

g S

tand

ards

Boa

rd (

GA

SB

) S

tate

men

t No.

63

and

65, t

he D

istr

ict

has

rest

ated

the

June

30,

201

2 G

over

nmen

tal A

ctiv

ities

Unr

estr

icte

d ne

t pos

ition

. T

he r

esta

tmen

t res

ulte

d in

an

incr

ease

of $

68,0

83 to

net

pos

ition

.

Sou

rce:

CA

FR

Sce

hdul

e A

-1

Un

aud

ited

Las

t T

en F

isca

l Yea

rsN

et P

osi

tio

n b

y C

om

po

nen

t,T

OW

NS

HIP

OF

EG

G H

AR

BO

R S

CH

OO

L D

IST

RIC

T

108

J-2

Pag

e 1

of 3

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Exp

ense

sG

over

nmen

tal a

ctiv

ities

Inst

ruct

ion

Reg

ular

$29

,800

,740

32,8

56,1

71

35,7

55,6

79

44,6

10,7

60

45,6

12,9

15

49,7

02,0

67

46

,770

,376

48

,007

,801

50

,851

,116

50

,450

,298

S

peci

al e

duca

tion

7,12

7,99

7

8,04

1,86

3

9,24

3,10

0

10,4

47,7

61

10,3

59,3

91

10,9

75,6

13

9,

832,

790

10,2

77,8

68

11,3

68,8

92

11,4

93,7

25

Oth

er s

peci

al e

duca

tion

1,19

9,45

9

1,58

1,79

1

1,83

3,47

0

2,02

2,92

3

2,

845,

120

2,85

7,77

9

2,38

8,64

6

3,

194,

760

3,13

9,06

1

3,

252,

789

Oth

er in

stru

ctio

n99

2,90

5

1,

182,

748

1,

341,

128

1,

592,

984

1,62

7,34

3

2,

305,

275

1,

610,

354

1,79

5,68

3

1,

925,

211

1,77

1,61

1

N

onpu

blic

sch

ool p

rogr

ams

310,

826

331,

811

247,

722

326,

339

27

1,03

6

327,

404

233,

225

22

8,31

2

89,5

59

228,

199

Sup

port

Ser

vice

s:T

uitio

n3,

357,

383

4,

669,

094

4,

326,

100

4,

617,

756

5,33

9,04

4

4,

539,

129

4,

110,

824

5,59

5,48

1

6,

355,

186

6,21

4,39

1

S

tude

nt &

inst

ruct

ion

rela

ted

serv

ices

9,37

0,87

2

10,6

75,0

35

11,2

11,5

89

13,2

84,5

17

14,2

16,4

29

15,9

27,1

55

15

,643

,313

17

,002

,463

19

,522

,106

19

,490

,668

G

ener

al a

dmin

istr

ativ

e se

rvic

es3,

178,

383

3,

497,

578

3,

824,

605

3,

984,

247

4,06

4,64

3

4,

208,

735

3,

867,

251

3,95

6,52

8

4,

368,

385

4,27

6,39

4

S

choo

l adm

inis

trat

ive

serv

ices

3,15

9,82

7

3,50

7,99

1

3,87

4,44

7

4,10

0,13

0

4,

312,

650

5,09

3,24

6

5,11

8,73

4

5,

484,

702

6,00

6,63

1

5,

867,

838

Pla

nt o

pera

tions

and

mai

nten

ance

12,6

70,8

28

10

,994

,484

12

,201

,742

14

,110

,569

15

,299

,962

15

,135

,986

13,9

28,0

61

13,9

04,9

27

13,9

98,1

24

13,9

66,7

89

Pup

il tr

ansp

orta

tion

5,99

3,44

2

9,10

6,02

3

9,44

5,93

0

8,82

1,33

3

9,

113,

711

9,69

6,29

0

9,37

1,62

8

9,

806,

929

10,0

75,8

22

10,2

73,6

99

Spe

cial

Sch

ools

64,8

19

18

2,84

4

19

8,06

0

24

6,12

0

251,

555

-

In

tere

st o

n lo

ng-t

erm

deb

t3,

258,

006

4,

577,

714

4,

385,

934

4,

245,

200

4,41

1,12

3

5,

606,

697

4,

942,

981

4,67

9,46

7

4,

333,

013

4,74

2,04

9

C

apita

l Out

lay

309,

664

2,00

0

-

T

otal

gov

ernm

enta

l act

iviti

es e

xpen

ses

80,4

85,4

87

91

,205

,147

98

,199

,170

11

2,41

0,63

911

7,72

4,92

2

126,

375,

376

11

7,81

8,18

312

3,93

4,92

113

2,03

5,10

613

2,02

8,45

0

Bus

ines

s-ty

pe a

ctiv

ities

:F

ood

serv

ice

2,56

9,63

1

2,90

1,38

1

2,90

4,52

6

3,31

6,66

2

3,

367,

972

3,28

2,61

3

2,77

0,32

4

2,

924,

766

3,42

3,98

3

3,

307,

547

Chi

ld C

are

284,

686

308,

349

333,

692

379,

271

39

5,16

6

354,

299

312,

264

31

9,20

6

342,

188

32

9,32

1

Tot

al b

usin

ess-

type

act

iviti

es e

xpen

se2,

854,

317

3,

209,

730

3,

238,

218

3,

695,

933

3,76

3,13

8

3,

636,

912

3,

082,

588

3,24

3,97

2

3,

766,

171

3,63

6,86

8

T

otal

dis

tric

t exp

ense

s83

,339

,804

94,4

14,8

77

101,

437,

388

116,

106,

572

121,

488,

060

13

0,01

2,28

8

120,

900,

771

127,

178,

893

135,

801,

277

135,

665,

318

Pro

gra

m R

even

ues

Gov

ernm

enta

l act

iviti

es:

Cha

rges

for

serv

ices

:S

peci

al s

choo

ls10

,514

5,72

5

4,69

5

4,

205

-

-

Tui

tion

52,0

02

77

,136

54

,619

86

,606

11

7,35

5

68,3

62

32

2,02

0

503,

161

72

3,16

2

758,

420

O

pera

ting

gran

ts a

nd c

ontr

ibut

ions

6,74

2,19

1

7,86

0,73

0

10,6

08,7

85

11,4

23,5

27

9,12

6,72

8

10

,533

,002

10,7

33,1

73

11,6

72,7

36

13,9

04,3

22

12,5

93,8

81

Tot

al g

over

nmen

tal a

ctiv

ities

pro

gram

rev

enue

s6,

804,

707

7,

943,

591

10

,668

,099

11

,514

,338

9,

244,

083

10,6

01,3

64

11

,055

,193

12

,175

,897

14

,627

,484

13

,352

,301

Un

aud

ited

Ch

ang

es in

Net

Po

siti

on

, Las

t T

en F

isca

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OF

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AR

BO

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OO

L D

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RIC

T

109

J-2

Pag

e 2

of 3

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Bus

ines

s-ty

pe a

ctiv

ities

:C

harg

es fo

r se

rvic

esF

ood

serv

ice

1,35

4,10

5

1,44

8,14

7

1,51

9,02

7

1,61

3,89

0

1,

762,

168

1,71

3,23

7

1,62

4,98

0

1,

508,

441

1,37

0,92

4

1,

352,

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Chi

ld c

are

314,

645

379,

599

418,

344

416,

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40

2,20

2

376,

114

363,

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33

8,58

8

325,

824

31

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3

Ope

ratin

g gr

ants

and

con

trib

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ns86

2,33

0

98

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6

1,

109,

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1,

281,

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1,46

0,90

0

1,

566,

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1,

494,

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1,66

9,25

1

1,

811,

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1,87

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9

Tot

al b

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type

act

iviti

es p

rogr

am r

even

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2,53

1,08

0

2,80

9,99

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6,97

0

3,31

1,66

0

3,

625,

270

3,65

6,13

0

3,48

3,43

9

3,

516,

280

3,50

8,45

6

3,

545,

302

Tot

al d

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rogr

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9,33

5,78

7

10,7

53,5

83

13,7

15,0

69

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14,2

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16

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Net

(E

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(73,

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780)

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Bus

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3,00

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110

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2007

2008

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Ch

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Net

Po

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es5,

721,

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108,

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111

J-3

2005

2006

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2014

Gen

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Fun

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3,28

8,88

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5,

918,

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7,47

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112

J-4

Pag

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of 2

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Rev

enu

esT

ax le

vy$

46,2

43,3

60

52

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55,0

65,5

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52,0

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ital o

utla

y1,

246,

016

2,

832,

868

5,72

8,64

6

4,26

4,99

5

11

,211

,686

13,1

37,3

61

3,

745,

614

30

,696

,942

2,35

3,52

2

3,71

9,99

7

Deb

t ser

vice

:P

rinci

pal

3,24

5,00

0

2,80

0,00

0

2,

980,

000

3,

035,

000

3,18

5,00

0

3,26

5,00

0

3,40

0,00

0

3,41

0,00

0

4,42

9,22

6

4,62

0,00

0

Inte

rest

and

oth

er c

harg

es3,

178,

276

4,

656,

069

4,36

2,45

4

4,32

1,53

8

4,

172,

324

5,

688,

175

4,

985,

108

4,

817,

207

4,

522,

886

4,

365,

516

T

otal

exp

endi

ture

s83

,359

,647

92,7

84,8

97

10

3,35

7,56

0

11

4,90

1,33

3

125,

973,

357

137,

053,

220

119,

324,

525

15

1,28

4,65

8

130,

764,

765

13

2,43

4,64

4

E

xces

s (D

efic

ienc

y) o

f rev

enue

s o

ver

(und

er)

expe

nditu

res

3,12

1,02

4

2,63

3,91

3

(2

,581

,404

)

51

0,37

2

(10,

663,

186)

(16,

218,

096)

1,32

4,82

1

1,37

4,80

9

1,26

2,12

1

1,38

6,30

1

Un

aud

ited

Las

t T

en F

isca

l Yea

rsC

han

ges

in F

un

d B

alan

ces,

Go

vern

men

tal F

un

ds,

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

113

J-4

Pag

e 2

of 2

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Oth

er F

inan

cin

g s

ou

rces

(u

ses)

Cap

ital l

ease

s (n

on-b

udge

ted)

483,

069

1,76

9,52

8

1,

645,

382

53

0,00

0

700,

000

255,

000

-

-

-

37

4,53

4

D

ebt s

ervi

ce a

sses

smen

t(4

00,3

47)

C

ance

llatio

n of

prio

r ye

ar r

ecei

vabl

es(1

53,6

40)

C

ance

llatio

n of

prio

r ye

ar p

ayab

les

32,0

80

13,1

37

14,8

54

1,10

1

79,0

16

3,

654

B

ond

proc

eeds

73,7

87,0

00

27

,924

,000

Pro

ceed

s of

ref

undi

ng d

ebt

13,5

72,0

00

6,

805,

000

P

aym

ent t

o re

fund

ed d

ebt e

scro

w a

gent

(50,

735,

000)

(13,

572,

000)

(6,8

05,0

00)

Rec

over

ies

for

stor

m d

amag

e

Insu

ranc

e39

8,70

0

FE

MA

74,8

83

E

xpen

ses

rela

ted

to s

torm

dam

age

In

sura

nce

(398

,700

)

F

EM

A(7

4,88

3)

T

rans

fers

in10

3,71

1

1,

322,

563

3,05

7,61

1

60,0

00

1,

431,

704

10

6,82

2

1,

657,

522

46

6,60

0

1,

406,

400

T

rans

fers

out

(524

,116

)

(1,7

02,5

63)

(3,4

50,6

11)

(453

,401

)

(1,8

16,7

37)

(463

,983

)

(1,6

57,5

22)

(466

,600

)

(1,4

06,4

00)

Tot

al o

ther

fina

ncin

g so

urce

s (u

ses)

23,1

14,6

64

1,

389,

528

1,28

4,46

2

136,

599

28

,252

,104

(87,

307)

(399

,246

)

79,0

16

3,

654

22

0,89

4

Net

cha

nge

in fu

nd b

alan

ces

$26

,235

,688

4,02

3,44

1

(1

,296

,942

)

64

6,97

1

17,5

88,9

18

(1

6,30

5,40

3)

92

5,57

5

1,

453,

825

1,

265,

775

1,

607,

195

Deb

t ser

vice

as

a pe

rcen

tage

of

nonc

apita

l exp

endi

ture

s7.

82%

8.29

%7.

52%

6.65

%6.

41%

7.23

%7.

25%

6.82

%6.

97%

6.98

%

Sou

rce:

CA

FR

Sch

edul

e B

-2

Un

aud

ited

Las

t T

en F

isca

l Yea

rsC

han

ges

in F

un

d B

alan

ces,

Go

vern

men

tal F

un

ds,

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

114

J-5

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

Gen

eral

Fu

nd

Oth

er L

oca

l Rev

enu

e b

y S

ou

rce

Las

t T

en F

isca

l Yea

rsU

nau

dit

ed

Adu

lt E

veni

ngR

efun

d of

Gai

n/Lo

ssF

isca

l Yea

rS

choo

lP

rior

Yea

rLa

wsu

itU

se o

fon

Sal

e of

Eas

emen

tS

ale

ofE

nded

Jun

e 30

,T

uitio

nE

xpen

ditu

res

Set

tlem

ents

Fac

ilitie

sC

apita

l Ass

ets

Fee

sS

RE

CS

Mis

c.T

otal

2005

$10

,514

47,9

74

11

,474

24,6

91

81,3

90

176,

043

2006

5,72

5

62,8

04

21

,736

58,1

91

148,

456

2007

4,69

5

74,9

97

32

,839

170,

000

24

,158

30

6,68

9

20

084,

205

83

,476

7,97

5

40,2

80

135,

936

2009

-

259,

784

11

,587

9,00

0

28

0,37

1

20

1091

9

26

,492

350

395,

221

42

2,98

2

20

111,

845

20

,054

26,3

58

99

8,53

8

430,

802

1,

477,

597

20

122,

032

17

,455

44,1

43

47

5,37

8

34,8

13

573,

821

2013

2,02

5

10,9

64

62

1,31

9

44,3

28

19

6,13

5

51,4

40

926,

211

2014

2,79

0

1,04

6,09

0

88

,597

172,

175

17

,732

1,

327,

384

Sou

rce:

Dis

tric

t Rec

ords

115

J-6

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

Ass

esse

d V

alu

e an

d A

ctu

al V

alu

e o

f T

axab

le P

rop

erty

Las

t T

en F

isca

l Yea

rsU

nau

dit

ed

Fis

cal

Yea

r E

nded

Ju

ne 3

0,

Vac

ant L

and

Res

iden

tial

Far

m R

eg.

Qfa

rm C

omm

erci

al

Indu

stria

l A

part

men

t

Tot

al A

sses

sed

Val

ue

Les

s:

T

ax-

Exe

mpt

Pro

pert

y C

lass

I R

ailro

ad

Pub

lic U

tiliti

es a

Net

Val

uatio

n T

axab

le

Tot

al D

irect

Sch

ool T

ax R

ate

b

Est

imat

ed A

ctua

l (C

ount

y E

qual

ized

V

alue

)

2005

174,

390,

925

1,

550,

498,

400

3,

732,

900

477,

300

427,

746,

000

-

8,

452,

000

2,

165,

297,

525

15

,300

8,83

1,18

0

2,17

4,14

4,00

5

2.28

3,18

6,49

2,75

2

2006

161,

498,

900

1,

675,

678,

100

3,

272,

800

430,

100

432,

335,

600

-

8,

452,

000

2,

281,

667,

500

15

,300

7,00

6,90

5

2,28

8,68

9,70

5

2.36

3,99

4,92

0,06

5

2007

159,

294,

300

1,

800,

348,

500

2,

783,

000

399,

800

444,

702,

400

-

8,

452,

000

2,

415,

980,

000

15

,300

6,35

4,50

0

2,42

2,34

9,80

0

2.53

4,75

2,50

1,07

9

2008

137,

144,

000

1,

911,

350,

500

3,

363,

500

508,

400

426,

413,

900

27,2

95,2

008,

210,

400

2,

514,

285,

900

15

,300

6,38

2,20

0

2,52

0,68

3,40

0

2.60

5,29

4,44

1,08

4

2009

125,

401,

800

1,

971,

682,

300

3,

875,

800

527,

000

423,

293,

700

28,6

33,7

008,

210,

400

2,

561,

624,

700

15

,300

7,02

0,90

0

2,56

8,66

0,90

0

2.58

5,34

0,25

1,35

1

2010

118,

169,

900

1,

988,

870,

600

3,

888,

200

527,

000

422,

623,

800

28,6

33,7

008,

210,

400

2,

570,

923,

600

15

,300

6,85

1,80

0

2,57

7,79

0,70

0

2.65

5,04

8,55

2,09

6

2011

113,

010,

400

1,

989,

216,

200

3,

707,

300

529,

100

427,

410,

800

28,6

33,7

008,

210,

400

2,

570,

717,

900

15

,300

6,20

2,90

0

2,57

6,93

6,10

0

2.68

4,75

7,12

7,74

6

2012

108,

161,

300

1,

980,

745,

900

3,

730,

300

439,

800

430,

765,

500

28,6

33,7

008,

210,

400

2,

560,

686,

900

15

,300

6,46

5,89

0

2,56

7,16

8,09

0

2.52

4,43

6,09

4,85

1

*20

1317

7,62

5,20

0

3,02

2,05

7,30

0

5,71

7,20

0

53

5,30

0

79

7,60

8,10

047

,398

,600

16,1

92,0

004,

067,

133,

700

15

,300

10,2

99,7

344,

077,

448,

734

1.

79

4,

181,

141,

032

20

1416

6,47

8,00

0

3,04

6,69

5,00

0

5,08

4,90

0

55

4,10

0

79

8,15

0,90

043

,509

,200

16,1

92,0

004,

076,

664,

100

15

,300

8,17

5,82

9

4,08

4,85

5,22

9

1.83

4,18

8,73

5,87

9

Sou

rce:

Dis

tric

t rec

ords

Tax

list

sum

mar

y &

Mun

icip

al T

ax A

sses

so

No

te:

*R

eass

essm

ent o

ccur

s w

hen

orde

red

by

the

Cou

nty

Boa

rd o

f Tax

atio

n

aT

axab

le V

alue

of M

achi

nery

, Im

plem

ents

and

Equ

ipm

ent o

f Tel

epho

ne, T

eleg

raph

and

Mes

seng

er S

yste

m C

ompa

nie

bT

ax r

ates

are

per

$10

0

Rea

l pro

pert

y is

req

uire

d to

be

asse

ssed

at s

ome

perc

enta

ge o

f tru

e va

lue

(fai

r or

mar

ket v

alue

) es

tabl

ishe

d by

eac

h co

unty

bo

ard

of ta

xatio

n.

116

J-7TOWNSHIP OF EGG HARBOR SCHOOL DISTRICT

Direct and Overlapping Property Tax RatesRate per $100 of Assessed Value

Last Ten Fiscal YearsUnaudited

Basic Rate a

General Obligation Debt

Service b Total Direct

Egg Harbor

Township Atlantic County

Total Direct and Overlapping Tax

Rate

Fiscal Year

Ended June 30,

2005 2.114 0.163 2.277 0.360 0.610 3.247 2006 2.174 0.182 2.357 0.363 0.639 3.359 2007 2.354 0.172 2.526 0.448 0.605 3.579 2008 2.439 0.163 2.602 0.518 0.605 3.725 2009 2.398 0.182 2.580 0.606 0.624 3.810 2010 2.459 0.189 2.648 0.706 0.619 3.973 2011 2.481 0.201 2.682 0.755 0.664 4.101 2012 2.609 0.224 2.832 0.754 0.641 4.227

* 2013 1.646 0.167 1.813 0.519 0.481 2.813 2014 1.717 0.141 1.858 0.538 0.508 2.904

Source: District Records and Municipal Tax Collector

Note: NJSA 18A:7F-5d limits the amount that the district can submit for a general fund tax levy . The levy when added to othercomponents of the district's net budget may not exceed the prebudget year net budget by more than the spending growthlimitation calculation.

* A revaluation of properties was performed in order to bring the property values in line with their true value. Thisrevaluation was effective for the 2013 tax year.

a The district's basic tax rate is calculated from the A4F form which is submitted with the budget and the Net valuation taxable.

b Rates for debt service are based on each year's requirements.


117

J-8

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

Pri

nci

pal

Pro

per

ty T

ax P

ayer

s,C

urr

ent

Yea

r an

d N

ine

Yea

rs A

go

Un

aud

ited

Tax

able

% o

f Tot

alT

axab

le%

of T

otal

Ass

esse

dR

ank

Dis

tric

t Net

A

sses

sed

Ran

kD

istr

ict N

et

Tax

paye

rV

alue

[Opt

iona

l]A

sses

sed

Val

ueV

alue

[Opt

iona

l]A

sses

sed

Val

ue

US

Rea

lty F

inan

cial

Cor

p35

,259

,200

1

0.

86%

Sho

re M

all A

ssoc

iate

s34

,083

,600

1

1.

57%

Eng

lish

Cre

ek P

artn

ers,

LLC

18,0

77,3

00

2

0.44

%10

,242

,600

3

0.

47%

Low

e's

Hom

e C

ente

rs, I

nc.

15,6

24,5

00

3

0.38

%A

tlant

ic C

ity E

lect

ric C

o.15

,038

,400

4

11

,172

,900

2

0.

51%

Atla

ntic

are

Hea

lth S

ervi

ces,

Inc.

13,6

82,1

00

5

0.33

%C

ardi

ff C

ente

r LL

C11

,362

,500

6

0.

28%

9,20

0,00

0

4

0.42

%H

idde

n C

reek

Gol

f Clu

b, L

LC11

,309

,000

7

0.

28%

5,84

7,50

0

8

0.27

%H

ome

Dep

ot D

evel

opm

ent C

o of

MD

10,8

31,2

00

8

0.27

%7,

397,

100

5

0.

34%

Mar

gate

Brid

ge C

ompa

ny9,

710,

900

9

0.

24%

5,91

4,00

0

7

0.27

%T

rock

i Hot

els

LP9,

561,

800

10

0.23

%P

ar-R

uffo

Rea

lty C

o.6,

294,

200

6

0.

29%

Spe

ncer

Gift

s, In

c.5,

699,

000

9

0.

26%

Eag

le C

reek

Par

tner

s, L

LC5,

469,

200

10

0.

25%

Tot

al15

0,45

6,90

0

3.

32%

101,

320,

100

4.66

%

Dis

tric

t Net

Ass

esse

d V

alue

4,08

4,85

5,22

9

2,17

4,14

4,00

5

Sou

rce:

Dis

tric

t CA

FR

& M

unic

ipal

Tax

Ass

esso

r

D

istr

ict T

otal

Tax

able

Val

ue

201 4

2005

118


Property Tax Levies and Collections,Last Ten Fiscal Years

Unaudited

AmountPercentage of

Levy

2005 $ 46,243,360 46,243,360 100% - 2006 52,954,341 52,954,341 100% - 2007 55,065,582 55,065,582 100% - 2008 67,362,828 67,362,828 100% - 2009 63,917,735 63,917,735 100% - 2010 68,362,708 68,362,708 100% - 2011 68,509,298 68,509,298 100% - 2012 69,682,812 69,682,812 100% - 2013 72,943,484 72,943,484 100%2014 74,906,875 74,906,875 100% -

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

Note: School taxes are collected by the Municipal Tax Collector. Under New Jersey State Statute, a municipality is required to remit to the school district the entire property tax balance, in the amount voted upon or certified prior to the end of the school year.

Fiscal Year

Ended June 30,

Taxes Levied for the Fiscal Year

Collected within the Fiscal Year of the Levy Collections in

Subsequent Years

119

J-10

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

Rat

ios

of

Ou

tsta

nd

ing

Deb

t b

y T

ype

Las

t T

en F

isca

l Yea

rsU

nau

dit

ed

Bus

ines

s-T

ype

Act

iviti

es

Fis

cal

Yea

r E

nded

Ju

ne 3

0,

Gen

eral

O

blig

atio

n B

onds

Cap

ital

Leas

esC

apita

l Lea

ses

Tot

al D

istr

ict

Per

cent

age

of

Per

sona

l

Inco

me

aP

er C

apita

a

2005

$94

,117

,000

3,45

3,13

2

-

97,5

70,1

32

7.

13%

2,58

4

2006

91,3

17,0

00

3,

788,

173

95,1

05,1

73

6.

54%

2,46

8

2007

90,1

75,0

00

4,

631,

798

59,6

18

94,8

66,4

16

6.

20%

2,40

6

2008

87,1

40,0

00

4,

273,

454

55,4

19

91,4

68,8

73

5.

77%

2,29

2

2009

111,

879,

000

3,94

2,66

9

55

,965

11

5,87

7,63

4

7.33

%2,

880

20

1010

8,61

4,00

0

3,

264,

010

55,9

65

111,

933,

975

6.

50%

2,58

3

2011

105,

214,

000

2,28

4,17

7

55

,965

10

7,55

4,14

2

6.83

%2,

485

20

1210

1,80

4,00

0

1,

530,

055

55,9

65

103,

390,

020

5.

63%

2,37

0

2013

97,4

95,0

00

96

4,67

4

55,9

65

98,5

15,6

39

5.

36%

2,25

8

2014

92,8

75,0

00

85

6,51

2

-

93

,731

,512

5.07

%2,

136

Sou

rce:

Dis

tric

t CA

FR

Sch

edul

es I-

1, I-

2

No

te:

Det

ails

reg

ard

ing

th

e d

istr

ict'

s o

uts

tan

din

g d

ebt

can

be

fou

nd

in t

he

no

tes

to t

he

fin

anci

al s

tate

men

ts.

aS

ee E

xhib

it N

J J-

14 fo

r pe

rson

al in

com

e an

d po

pula

tion

data

. T

hese

rat

ios

are

calc

ulat

ed u

sing

per

sona

l inc

ome

and

popu

latio

n fo

r th

e pr

ior

cale

ndar

yea

r.

Gov

ernm

enta

l Act

iviti

es

120

J-11TOWNSHIP OF EGG HARBOR SCHOOL DISTRICTRatios of Net General Bonded Debt Outstanding

Last Ten Fiscal YearsUnaudited

Fiscal Year

Ended June 30,

General Obligation

Bonds Deductions

Net General Bonded Debt Outstanding

Percentage of Actual Taxable

Value a of Property Per Capita b

2005 $ 94,117,000 - 94,117,000 4.33% 2,493 2006 91,317,000 - 91,317,000 3.99% 2,370 2007 90,175,000 - 90,175,000 3.72% 2,287 2008 87,140,000 - 87,140,000 3.46% 2,184 2009 111,879,000 - 111,879,000 4.36% 2,780 2010 108,614,000 - 108,614,000 4.21% 2,506 2011 105,214,000 - 105,214,000 4.08% 2,431 2012 101,804,000 - 101,804,000 3.97% 2,333 2013 97,495,000 - 97,495,000 2.39% 2,235 2014 92,875,000 - 92,875,000 2.27% 2,117

Note: Details regarding the district's outstanding debt can be found in the notes to the financial statements.a See Exhibit NJ J-6 for property tax data. b Population data can be found in Exhibit NJ J-13.

General Bonded Debt Outstanding

121

J-12

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

Rat

ios

of

Ove

rlap

pin

g G

ove

rnm

enta

l Act

ivit

ies

Deb

tA

s o

f Ju

ne

30, 2

014

Un

aud

ited

Go

vern

men

tal U

nit

Deb

t O

utst

andi

ng

Est

imat

ed

Per

cent

age

App

licab

le a

Est

imat

ed

Sha

re o

f O

verla

ppin

g D

ebt

Deb

t re

pai

d w

ith

pro

per

ty t

axes

Tow

nshi

p of

Egg

Har

bor

$35

,563

,965

100.

00%

35,5

63,9

65

Oth

er d

ebt E

gg H

arbo

r T

owns

hip

Gol

f Cor

pora

tion

8,76

0,00

0

100.

00%

8,76

0,00

0

Atla

ntic

Cou

nty

112,

039,

000

10

.58%

11,8

55,7

57

Sub

tota

l, ov

erla

ppin

g de

bt56

,179

,722

To

wn

ship

of

Eg

g H

arb

or

Sch

oo

l Dis

tric

t d

ebt

92,8

75,0

00

10

0.00

%92

,875

,000

To

tal d

irec

t an

d o

verl

app

ing

deb

t$

149,

054,

722

So

urc

es:

Tow

nshi

p of

Egg

Har

bor

Fin

ance

Offi

cer

and

Atla

ntic

Cou

nty

Fin

ance

Offi

ce

No

te:

Ove

rlapp

ing

gove

rnm

ents

are

thos

e th

at c

oinc

ide,

at l

east

in p

art,

with

the

geog

raph

ic b

ound

arie

s of

the

Dis

tric

t.

Thi

s sc

hedu

le e

stim

ates

the

port

ion

of th

e ou

tsta

ndin

g de

bt o

f tho

se o

verla

ppin

g go

vern

men

ts th

at is

bor

ne b

y th

e re

side

nts

and

bu

sine

sses

of E

gg H

arbo

r T

owns

hip.

Thi

s pr

oces

s re

cogn

izes

that

, whe

n co

nsid

erin

g th

e D

istr

ict's

abi

lity

to is

sue

and

repa

y lo

ng-t

erm

deb

t,th

e en

tire

debt

bur

den

born

e by

the

resi

dent

s an

d bu

sine

sses

sho

uld

be ta

ken

into

acc

ount

. H

owev

er th

is d

oes

not i

mpl

y th

at

ever

y ta

xpay

er is

a r

esid

ent,

and

ther

efor

e re

spon

sibl

e fo

r re

payi

ng th

e de

bt, o

f eac

h ov

erla

ppin

g pa

ymen

t.

aF

or d

ebt r

epai

d w

ith p

rope

rty

taxe

s, th

e pe

rcen

tage

of o

verla

ppin

g de

bt a

pplic

able

is e

stim

ated

usi

ng ta

xabl

e as

sess

ed p

rope

rty

valu

es.

App

licab

le p

erce

ntag

es w

ere

estim

ated

by

dete

rmin

ing

the

port

ion

of a

noth

er g

over

nmen

tal u

nit's

taxa

ble

valu

e th

at is

with

in th

e di

stric

t's b

ound

arie

s an

d di

vidi

ng it

by

each

uni

t's to

tal t

axab

le v

alue

.

122

J-13

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

Leg

al D

ebt

Mar

gin

Info

rmat

ion

,L

ast

Ten

Fis

cal Y

ears

Un

aud

ite d

Leg

al D

ebt

Mar

gin

Cal

cula

tio

n f

or

Fis

cal Y

ear

2013

Equ

aliz

ed v

alua

tion

basi

s20

134,

345,

228,

312

20

124,

222,

768,

635

20

114,

442,

228,

961

13,0

10,2

25,9

08

Ave

rage

equ

aliz

ed v

alua

tion

of ta

xabl

e pr

oper

ty4,

336,

741,

969

173,

469,

679

Net

bon

ded

scho

ol d

ebt

92,8

75,0

00

Lega

l deb

t mar

gin

80,5

94,6

79

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Deb

t lim

it$

99,8

67,3

11

122,

328,

896

14

9,20

1,96

417

7,74

0,68

819

7,04

2,91

8

20

4,24

8,25

4

199,

868,

338

189,

401,

983

17

8,81

3,68

0

173,

469,

679

Tot

al n

et d

ebt a

pplic

able

to li

mit

94,1

17,0

00

91,3

17,0

00

90

,175

,000

87

,140

,000

11

1,87

9,00

0

10

8,61

4,00

0

105,

214,

000

101,

804,

000

97

,495

,000

92,8

75,0

00

Lega

l deb

t mar

gin

$5,

750,

311

31,0

11,8

96

59

,026

,964

90

,600

,688

85

,163

,918

95

,634

,254

94,6

54,3

38

87,5

97,9

83

81

,318

,680

80,5

94,6

79

Tot

al n

et d

ebt a

pplic

able

to th

e lim

itas

a p

erce

ntag

e of

deb

t lim

it94

.24%

74.6

5%60

.44%

49.0

3%56

.78%

53.1

8%52

.64%

53.7

5%54

.52%

53.5

4%

Sou

rce:

Abs

trac

t of R

atab

les

and

Dis

tric

t Rec

ords

CA

FR

Sch

edul

e J-

11

Deb

t lim

it (4

% o

f ave

rage

)

123


Demographic and Economic StatisticsLast Ten Fiscal Years

Unaudited

Year Population a

Personal Income

(thousands of

dollars) b

Per Capita Personal

Income c

Unemployment

Rate d

2005 37,753 1,367,527 36,223 4.20%2006 38,538 1,454,887 37,752 4.20%2007 39,431 1,529,410 38,787 4.80%2008 39,900 1,584,389 39,709 5.10%2009 40,239 1,580,950 39,289 6.20%2010 43,341 1,721,114 39,711 11.00%2011 43,288 1,575,598 41,187 11.30%2012 43,628 1,836,695 42,099 11.60%2013 43,872 1,846,967 42,099 12.20%2014 43,872 1,846,967 42,099 10.80%

Source: a Population information provided by the NJ Dept of Labor and Workforce Developmentb Personal income is calculated by multiplying per capita income by the populationc Per Capita Income US Department of Commerce, Bureau of Economic Analysis, November 21, 2013d Unemployment data provided by the NJ Dept of Labor and Workforce Development

124

J-15

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

Pri

nci

pal

Em

plo

yers

,C

urr

ent

Yea

r an

d N

ine

Yea

rs A

go

Un

aud

ited

Em

plo

yer

Em

plo

yees

Ran

k (O

pti

on

al)

Per

cen

tag

e o

f T

ota

l E

mp

loym

ent

Em

plo

yees

Ran

k (O

pti

on

al)

Per

cen

tag

e o

f T

ota

l E

mp

loym

ent

Info

rmat

ion

not a

vaila

ble

Fed

eral

Avi

atio

n A

dmin

istr

atio

n3,

500

1

16%

0.00

%E

gg H

arbo

r T

owns

hip

Sch

ool D

istr

ict

1,16

8

2

5%

0.00

%A

tlant

iCar

e54

6

3

3%0.

00%

Air

Nat

iona

l Gua

rd40

0

4

2%0.

00%

Bos

cov'

s27

5

5

1%0.

00%

U.S

. Coa

st G

uard

255

6

1%

0.00

%H

ome

Dep

ot24

8

7

1%0.

00%

Egg

Har

bor

Tow

nshi

p24

6

8

1%0.

00%

Spe

ncer

Gift

s21

0

9

1%0.

00%

Low

e's

208

10

1%

0.00

%

7,05

6

33

%-

-

GA

SB

req

uire

s th

is ta

ble

pres

ent t

he p

rinci

pal t

axpa

yers

for

the

curr

ent y

ear

and

nine

yea

rs a

go, h

owev

er in

form

atio

n fr

om 2

005

was

not

ava

ilabl

e.A

lso,

the

Tow

nshi

p do

es n

ot u

pdat

e th

is in

form

atio

n on

an

annu

al b

asis

, the

refo

re th

e m

ost r

ecen

t inf

orm

atio

n is

rep

orte

d.

Sou

rce:

T

owns

hip

of E

gg H

arbo

r T

ax A

sses

sor

2014

2005

125

J-16

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Fu

nct

ion

/Pro

gra

m

Inst

ruct

ion

Reg

ular

409.

0

396.

9

43

2.0

48

4.0

49

9.6

49

1.6

45

7.6

45

0.0

45

4.0

45

2.0

S

peci

al e

duca

tion

92.0

96.0

98

.0

10

3.2

10

0.8

10

9.0

10

7.0

11

8.5

13

1.5

13

1.0

V

ocat

iona

l12

.0

12

.0

13.0

15.6

15.4

15.4

14.4

6.0

6.0

6.0

O

ther

inst

ruct

ion

76.6

87.6

87

.0

99

.8

99

.8

99

.9

93

.2

51

.5

51

.5

50

.0

Sup

port

Ser

vice

s:S

tude

nt &

inst

ruct

ion

rela

ted

serv

ices

165.

0

149.

0

14

2.0

17

7.0

17

7.0

17

7.0

16

8.0

16

9.0

17

6.0

22

6.0

G

ener

al a

dmin

istr

ativ

e se

rvic

es7.

0

8.0

8.0

8.

0

8.5

8.

5

8.0

8.0

8.5

8.5

S

choo

l adm

inis

trat

ive

serv

ices

46.0

46.0

46

.0

48

.0

49

.0

49

.0

49

.0

50

.0

50

.5

52

.0

C

entr

al s

ervi

ces

9.0

10

.0

10.0

10.0

10.0

10.0

9.0

9.0

9.0

10.0

Adm

inis

trat

ive

info

rmat

ion

tech

nolo

gy7.

0

6.0

6.0

6.

0

6.0

6.

0

6.0

6.0

6.0

6.0

P

lant

ope

ratio

ns a

nd m

aint

enan

ce73

.0

76

.0

92.0

104.

0

111.

0

106.

0

113.

0

117.

5

122.

5

122.

5

Pup

il tr

ansp

orta

tion

92.0

107.

0

11

2.0

11

5.0

11

5.0

11

5.0

11

8.0

12

3.0

12

0.5

11

8.5

F

ood

Ser

vice

45.0

52.0

47

.0

48

.0

46

.0

44

.5

44

.5

30

.5

30

.5

42

.0

Tot

al1,

033.

6

1,

046.

5

1,09

3.0

1,21

8.6

1,23

8.1

1,23

1.9

1,18

7.7

1,13

9.0

1,16

6.5

1,22

4.5

1:1

para

prof

essi

onal

s ch

arge

d to

Sup

port

Ser

vice

s: S

tude

nt &

inst

ruct

ion

rela

ted

serv

ices

wer

e no

tin

clud

ed a

s fu

ll-tim

e eq

uiva

lent

s pr

ior

to th

e 20

14 fi

scal

yea

r. A

lso,

the

hour

s of

par

t-tim

e fo

od s

ervi

ceem

ploy

ees

wer

e in

crea

sed

durin

g th

e 20

14 fi

scal

yea

r w

hich

res

ulte

d in

add

ition

al fu

ll-tim

e eq

uiva

lent

s.

So

urc

e: D

istr

ict P

erso

nnel

Rec

ords

Un

aud

ited

Las

t T

en F

isca

l Yea

rsF

ull-

tim

e E

qu

ival

ent

Dis

tric

t E

mp

loye

es b

y F

un

ctio

n/P

rog

ram

,T

OW

NS

HIP

OF

EG

G H

AR

BO

R S

CH

OO

L D

IST

RIC

T

126

J-17

TO

WN

SH

IP O

F E

GG

HA

RB

OR

SC

HO

OL

DIS

TR

ICT

Op

erat

ing

Sta

tist

ics

Las

t T

en F

isca

l Yea

rsU

nau

dit

e d

Fis

cal

Yea

r E

nro

llmen

t

Op

erat

ing

Exp

end

itu

res

a C

ost

Per

P

up

il P

erce

nta

ge

Ch

ang

e

Tea

chin

g S

taff

b

Ele

men

tary

M

idd

le S

cho

ol

Hig

h S

cho

ol

Ave

rag

e D

aily

E

nro

llmen

t

(AD

E)

c

Ave

rag

e D

aily

A

tten

dan

ce

(AD

A)

c

% C

han

ge

in

Ave

rag

e D

aily

E

nro

llmen

t

Stu

den

t A

tten

dan

ce

Per

cen

tag

e

2005

7,

289

75,

690,

355

10,

384

3.44

%

628

12

.6:1

13.0

:110

.7:1

7,02

7

6,65

9 4.

23%

94.7

6%20

06

7,51

3

8

2,49

5,96

0

1

0,98

0 5.

74%

6

90

12.5

:112

.3:1

10.9

:1

7,

287

6,

885

3.70

%94

.48%

2007

7,86

9

90

,286

,460

1

1,47

4 4.

49%

690

12

.5:1

12.7

:111

.0:1

7,49

0

7,10

0

2.

79%

94.7

9%20

087,

982

103,

279,

800

1

2,93

9 12

.77%

692

12

.5:1

12.7

:111

.0:1

7,57

9

7,21

9

1.

19%

95.2

5%20

097,

978

107,

404,

347

1

3,46

3 4.

05%

714

11

.0:1

9.85

:111

.4:1

7,63

3

7,37

0

0.

71%

96.5

5%20

107,

984

114,

962,

684

1

4,39

9 6.

96%

716

10

.8:1

9.25

:112

.1:1

7,71

5

7,46

4

1.

07%

96.7

5%20

117,

875

107,

193,

803

1

3,61

2 -5

.47%

672

10

.6:1

9.00

:112

.2:1

7,92

4

7,53

6

2.

71%

95.1

0%20

128,

109

112,

360,

509

1

3,85

6 2.

92%

676

11

.9:1

9.65

:111

.2:1

7,73

2

7,37

3

0.

22%

95.3

6%20

137,

804

119,

459,

131

1

5,30

7 13

.70%

691

10

.6:1

10.0

:110

.0:1

7,68

5

7,32

4

-0

.39%

95.3

0%20

147,

648

119,

729,

131

1

5,65

5 8.

72%

661

11

.5:1

11.0

:110

.0:1

7,50

8

7,17

4

-5

.25%

95.5

5%

So

urc

es:

Dis

tric

t re

cord

s, A

SS

A a

nd

Sch

edu

les

J-12

, J-1

4

No

te:

En

rollm

ent

bas

ed o

n a

nn

ual

Oct

ob

er d

istr

ict

cou

nt.

aO

pera

ting

expe

nditu

res

equa

l tot

al e

xpen

ditu

res

less

deb

t ser

vice

and

cap

ital o

utla

y; S

ched

ule

J-1

bT

each

ing

staf

f inc

lude

s on

ly fu

ll-tim

e eq

uiva

lent

s of

cer

tific

ated

sta

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52

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52

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52

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52

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128

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11-0

00-2

61-X

XX

130

J-20

Page 1 of 2

Coverage Deductible

Property, Inland Marine and Automobile Physical DamagesA. Limit of Liability 150,000,000

ACCASBOJIF Self Insured Retention, per occurrence 250,000

Members District Deductible, per occurrence 500

Perils Included "All Risk"

B. Property Valuation

Buildings and Contents Replacement Cost

Contractors Equipment Actual Cash Value

Automobiles Actual Cash Value

Boiler and MachineryA. Limit of Liability 125,000,000

ACCASBOJIF Self Insured Retention None

Members District Deductible 1,000

CrimeA. Limit of Liability 500,000

ACCASBOJIF Self Insured Retention 250,000

Members District Deductible 500

General and Automobile LiabilityA. Limit of Liability 15,000,000


Members District Deductible None

Workers' CompensationA. Limit of Liability Statutory



Educator's Legal LiabilityA. Limit of Liability 15,000,000



TOWNSHIP OF EGG HARBOR SCHOOL DISTRICTInsurance Schedule

June 30, 2014

Unaudited

131

J-20

Page 2 of 2

Coverage Deductible

Pollution Legal Liability/Mold Legal LiabilityA. Limit of Liability

Pollution 3,000,000

Mold 3,000,000


Members District Deductible

Pollution 25,000

Mold 50,000

Cyber Liability

A. Limit of Liability 1,000,000


Members District Deductible 25,000

Flood Policy Coverage - Administrative Building 500,000 2,000

Storage Tank Systems Limit of Liability, each occurrence 2,000,000 5,000

Aggregate 2,000,000

Student Activity Policy All Students and Athletes 6,000,000 None

Student Disability 1,500,000 None

Athletic Disability 1,500,000 None

Source: District Records (Coverage is through the Atlantic & Cape May Counties

Association of School Business Officials Joint Insurance Fund (ACCASBOJIF),

Harleysville Insurance Co. of NJ, Zurich American Insurance Company, and

Peoples Benefit Life Insurance Company.

June 30, 2014

Unaudited

EGG HARBOR TOWNSHIP SCHOOL DISTRICTInsurance Schedule

132


Single Audit Section



The Honorable President and Members of the Board of Education Egg Harbor Township School District County of Atlantic Egg Harbor Township, New Jersey We have audited, in accordance with the auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Egg Harbor Township School District, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the Egg Harbor Township School District’s basic financial statements, and have issued our report thereon dated December 2, 2014. Internal Control over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Egg Harbor Township School District’s control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements but not for the purpose of expressing an opinion on the effectiveness of the Egg Harbor Township School District’s internal control. Accordingly, we do not express an opinion on the effectiveness of District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Egg Harbor Township School District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do

133

not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Very truly yours,




134


Honorable President and Members of the Board of Education Egg Harbor Township School District County of Atlantic, New Jersey

Report on Compliance for Each Major State Program

We have audited the Egg Harbor Township School District’s compliance with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement and the New Jersey State Aid/Grant Compliance Supplement that could have a direct and material effect on each of the Egg Harbor Township School District’s major federal and state programs for the year ended June 30, 2014. The Egg Harbor Township School District’s major federal and state programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.

Management’s Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of the Egg Harbor Township School District’s major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; OMB Circular A-133, and New Jersey 04-04 State Aid/Grant Compliance Supplement. Those standards and Circulars require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program occurred. An audit includes examining, on a test basis, evidence about the Egg Harbor Township School District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of the Egg Harbor Township School District’s compliance.

Opinion on Each Major Federal and State Program

In our opinion, the Egg Harbor Township School District 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 federal and major state programs for the year ended June 30, 2014.

135

Report on Internal Control Over Compliance

Management of the Egg Harbor Township School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Egg Harbor Township School District’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal and state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal and state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and NJ OMB 04-04, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Egg Harbor Township School District’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

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

Very truly yours,




136

EG

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138

Egg Harbor Township Board of Education Notes to the Schedules of Financial Assistance June 30, 2014

NOTE 1. GENERAL The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state award activity of the Board of Education, Egg Harbor Township School District. The Board of Education is defined in Note 1(A) to the Board's basic financial statements. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance. NOTE 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 bases of accounting are described in Note 1 to the Board's basic financial statements. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. NOTE 3. RELATIONSHIP TO GENERAL PURPOSE 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 NJSA 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 NJSA 18A:22-44.2. The net adjustment to reconcile from budgetary basis to GAAP basis is $296,663 for the general fund and $71,743 for the special revenue fund. See the following schedule 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 follows:


139


Special Debt General Revenue Service Food Fund Fund Fund Service Total State Assistance: Actual amounts (budgetary) “revenues” from the Schedule of Expenditures of State Financial Assistance $44,159,397 118,481 3,253,736 35,155 47,566,769 Difference – budget to “GAAP” Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized. 137,516 137,516 On-behalf payments recognized for GAAP statements but not included in the Schedule of Expenditures of State Financial Assistance 5,418,366 5,418,366 The last state aid payment is recognized as revenue for budgetary purposes, and differs from GAAP which does not recognize this revenue until the subsequent year when the State recognizes the related expense (GASB 33). 296,663 296,663 Total State revenue as reported on the statement of revenues, expenditures and changes in fund balances $49,874,426 255,997 3,253,736 35,155 53,419,314

140


General Special Food Fund Revenue Fund Service Total Federal Assistance: Actual amounts (budgetary) “revenues” from the Schedule of Expenditures of Federal Awards $181,708 3,240,860 1,838,914 5,261,482 Difference – budget to “GAAP” Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized. (65,795) (65,795) Total Federal revenue as reported on the statement of revenue, expenditures, and changes in fund balances $181,708 3,175,065 1,838,914 5,195,687

NOTE 4. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports. NOTE 5. OTHER Revenues and expenditures reported under the Food Distribution Program represent current year value received and current year distributions, respectively. The amounts reported as TPAF Pension Contributions represents the amount paid by the State on behalf of the district for the year ended June 30, 2014. TPAF Social Security Contributions represents the amount reimbursed by the State for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2014.

141

EGG HARBOR TOWNSHIP SCHOOL DISTRICTSCHEDULE OF FINDINGS AND QUESTIONED COSTS

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

Part I -- Summary of Auditor's Results

Financial Statement Section

Type of auditor's report issued: Unmodified

Internal control over financial reporting:1) Material weakness(es) identified? yes X no

2) Significant deficiencies identifiedthat are not considered to be materialweaknesses? yes X none reported

Noncompliance material to basic financialstatements noted? yes X no

Federal Awards Section

Internal Control over major programs:1) Material weakness(es) identified? yes X no

2) Significant deficiencies identified yes X none reported

Type of auditor's report on compliance for major programs Unmodified

Any audit findings disclosed that are requiredto be reported in accordance section 510(a)of OMB Circular A-133? yes X no

Identification of major programs:

CFDA Number(s) Name of Federal Program or Cluster

84.010 No Child Left Behind, Title I Part A

84.027 IDEA Part B, Basic

84.173 IDEA Part B, Preschool

Dollar threshold used to determine Type A programs: $300,000

Auditee qualified as low-risk auditee? X yes no

142

EGG HARBOR TOWNSHIP SCHOOL DISTRICTSCHEDULE OF FINDINGS AND QUESTIONED COSTS


Part I -- Summary of Auditor's Results

State Awards Section

Internal Control over major programs:1) Material weakness(es) identified? yes X no

2) Significant deficiencies identified yes X none reported

Type of auditor's report on compliance for major programs Unmodified

Any audit findings disclosed that are requiredto be reported in accordance NJOMB CircularLetter 04-04? yes X no

Identification of major programs:

GMIS Number(s) Name of State Program

495-034-5120-078 Equalization Aid

495-034-5120-083 Educational Adequacy Aid

495-034-5120-089 Special Education Categorical Aid

495-034-5120-084 Security Aid

N) Dollar threshold used to determine Type A programs: $1,427,003

O) Auditee qualified as low-risk auditee? X yes no

143

EGG HARBOR TOWNSHIP SCHOOL DISTRICT SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONT’D)


Part 2 – Schedule of Financial Statement Findings

NONE

Part 3 – Schedule of Federal and State Award Findings and Questioned Costs

NONE

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


STATUS OF PRIOR YEAR FINDINGS

NONE

144

Documents

2014 CAFR EHTBOE