Dover-Sherborn Regional School Committee

Dover-Sherborn Regional School Committee Meeting Agenda March 15, 2017

(IF TUESDAY’S MEETING IS CANCELED) 6:30 pm

Dover Sherborn Middle School Library

1. Call to Order

2. Community Comments

3. Reports:

DSHS Student Report – Ms. Virginia Daukas

DSHS Principal’s Report – Mr. Smith

DSMS Student Report- Mr. Calvin Kocher

DSMS Principal’s Report – Mr. Kellet

Assistant Superintendent Report – Dr. LeDuc

4. Financial Reports A.R.

Audited Fiscal Year 2016 Financials Mr. James Eggert, Regional District Treasurer

Mr. Robert Brown, Principal, RE Brown and Company

Monthly Financial Report – FY17 Operating Budget

5. Annual Vote on MA School Choice Law A.R.

6. Policy – First Reading

Student Driving and Parking

7. Consent Agenda A.R.

Approval of Minutes December 16, 2016 and February 28, 2017

Overnight Trip

8. Communications (For Members Information)

FY18 Assessment Letter to Towns

Sherborn School Committee Minutes January 17, 2017 and February 14, 2017

9. Adjournment

Note: The listings of matters are those reasonably anticipated by the Chair, which may be discussed at the meeting. Not all items

listed may, in fact, be discussed and other items not listed may also be raised for discussion to the extent permitted by law.

The Public Schools of Dover and Sherborn do not discriminate on the basis of age, race, color, sex/gender,

gender identity, religion, national origin, sexual orientation, disability, or homelessness.

The Public Schools of Dover and Sherborn

Memo from

Interim Superintendent Bill McAlduff

The Public Schools of Dover and Sherborn do not discriminate on the basis of race, color, sex/gender, gender identity,

religion, national origin, sexual orientation, disability, or homelessness

TO: Dover-Sherborn Regional School Committee

From: William H. McAlduff, Jr.

Interim Superintendent

Date: March 10, 2017

RE: Agenda Item #3

Attached please find the following reports:

DSHS Student Report – Ms. Virginia Daukas

DSHS Headmaster’s Report – Mr. Smith

DSMS Student Report- Mr. Calvin Kocher

DSMS Headmaster’s Report – Mr. Kellett

Assistant Superintendent Report – Dr. LeDuc

John Smith Ellen Chagnon

Headmaster Director of Guidance

Ann Dever-Keegan Jeff Parcells

Assistant Headmaster Athletic Director

The Public Schools of Dover and Sherborn do not discriminate on the basis of age, race, color, sex/gender, gender identity, religion, national

origin, sexual orientation, disability, or homelessness.

Dover-Sherborn High School

9 Junction Street

Dover, MA 02030

Phone: 508-785-1730 Fax: 508-785-8141

TO: Mr. William McAlduff, Interim Superintendent

FROM: John G. Smith, Headmaster, DSHS

RE: Headmaster’s Monthly Report

DATE: March 14, 2017

Headmaster’s Reflections

On Wednesday April 12th

, Dover Sherborn High School will be participating in a seminar day

program. All students in grades 9-12 will participate in this full day assembly whereby there will

be a keynote speaker, an afternoon musical entertainment as well as thirty various presenters

who will present to our students. Students will choose their four seminars based upon interest

and available space. Thanks to a generous DSEF grant of $15,000 we were able to secure

prominent speakers/ DS alumni as well as some local community members who will be able to

provide our students with a variety of perspectives whether it is their career or their passion.

HS Events:

Monday March 9th

- Athletic Advisory Committee 6 -8 PM

Monday March 13th

- School Council

Wednesday March 15th

Early release/PTO Faculty Appreciation Luncheon

Thursday March 16- March 18th

Spring Musical Pippin- Mudge Auditorium

Monday March 20th

- Start of spring sports

Student Recognition:

David Kennan will be representing Dover Sherborn High School at Symphony Hall on March

9th

and 10. David was chosen as an All State musician as a clarinetist.

Curriculum and Learning:

The Social Studies Department hosted a History Night at the Movies in Lindquist Commons, on

Thursday, March 2nd. Nearly three hundred students viewed the documentary film, Defying the

Nazis: The Sharps' War. The documentary is an account of a daring rescue mission that occurred

on the eve of World War II. It tells the story of Waitstill & Martha Sharp, a Unitarian minister

and his wife 1from Wellesley, Massachusetts, who left their children behind in the care of their

parish and bravely committed to several life-threatening missions in order to help save hundreds

1



of imperiled political dissidents and Jewish refugees fleeing Nazi occupied Europe. This film

which aired on P.B.S. last fall, was directed by Ken Burns and local Sherborn resident and

grandson of the Sharps’, Artemis Joukowsky. Mr. Joukowsky and one of the refugee survivors

attended and provided a discussion forum at the end of the film.

Athletics: Our Swim and Dive Team competed in the TVL Championship. Some highlights were Chelsea

Zhang taking home two TVL Championships (100 butterfly and 100 backstroke), Zach

Lawrence finishing 2nd in the dive competition, and many more PR’s and people moving on to

Sectionals at MIT. Our 200 Relay Team then participated at the Sectionals (Marissa Badeau,

Riley Correll, Charlotte Moore and Lizzy Olson) and performed nicely. Chelsea Zhang and Zach

Lawrence participated in the MIAA Swim/Dive State Championship. Chelsea finished in 3rd in

the State in the fly (58.69) and 8th in the State in the backstroke (1:00.96) while Zach Lawrence

finished in 10th place in the State in Diving (only a sophomore)!

Indoor Track also competed in the TVL Championship. Some highlights from that competition

were freshmen Jillian Davis qualifying for States in the 600m, Erik Linden becoming the TVL

Champion in the 1000m and qualifying for States along with many more great performances and

PR’s. DS participants in the D5 States were: Emma Lesser 55H, Jillian Davis 600M, Angus

Goodearl 55M, Matt Strong 300M, Jacob Robin 600M, Erik Linden 1000M, Scott Sirri 2-mile,

Nathan Brace HJ, 4x800 Relay (Robin, Sean Dougherty, Martin Bleakley and Danny Bennett).

Erik Linden then competed in the MIAA All-States and the New England High School

Championships (finished 9th in New England in the 1000m!!)

Boys and Girls Nordic Ski both qualified for the State Championship, The highlights from that

event were Peter Phelan finishing in 4th and Owen Searle finishing in 12th, in the entire State!!

Also from Nordic, Peter and Owen both qualified for the MA State Nordic Team for the Eastern

US High School Championships while Lucas Bodkins, Eli Gleason and Adam Fam qualified for

the MA State U16 Nordic Team for the U16 Eastern US High School Championships.

The boys hockey team celebrated a great Senior Night and punched their ticket to the MIAA

post-season tournament. They drew a very good Hanover team in the first round and bowed out

of the tourney. Tarik El-Hilali scored the lone DS goal!

Our MADS Gymnastics Team has been doing awesome!! They finished in 2nd place at

Sectionals and last night finished in 3rd place in the MIAA State Championship and qualified for

New England’s!! Sophia Cutler had a fantastic night in all four rotations. Sophia and Lian Galley

have been great for the MADS team this year.

And finally, our Alpine Ski Team competed in the MIAA State Championship on Tuesday the

7th

at Wachusett Mountain. We had some great results on the day, highlighted by Bailey



Laidman’s 2nd

and 3rd

place finish in the Giant Slalom and Slalom races! There were 150

different competitors in both the boys and girls competitions. A great day by all who

participated!

Guidance:

Course Selection:

Course Selection for the 2017-2018 school year is closing on March 9th

. All students will meet

with a counselor individually by appointment (grades 9 & 11) or individually through sophomore

seminars between March 20th

and 31st for a course registration appointment. Students must

return a signed (by parent/guardian AND student) Course Request Form to the guidance office

by March 31st in order for their courses to be scheduled.

Senior Transition Assembly:

All seniors will participate in an assembly on March 15th

during second period. Guidance will

show the final 10 minute SOS closure video which focuses on how students can get help with

sadness and depression when they are away from home and Ms. Loando will process the movie

with the group. The seniors will then listen to a panel of 3-4 recent graduates who will be speaking

to the group about life after high school.

AP Pre-Registration:

All students taking an AP exam(s) will take part in a pre-registration session at the beginning of

quarter four. By completing the initial paperwork before AP exams it saves the students about 30-

40 minutes of time on test day making the administration of the exams less stressful for the

students.

Local Scholarships:

Local scholarships will be available beginning April 1st; emails will go out to students and families

as the date approaches.


157 Farm Street

Dover, MA 02030

Phone: 508-785-0036 Fax: 508-785-2239

URL: www.doversherborn.org

Mr. William McAlduff, Interim Superintendent

Dr. Karen L. LeDuc, Assistant Superintendent

Ms. Christine Smith, Director of Special Education

Ms. Dawn Fattore, Interim Business Manager

Dover- Sherborn

Middle School

155 Farm Street

Dover, MA 02030

Phone: 508-785-0635

Fax: 508-785-0796

Mr. Scott Kellett

Headmaster

Mr. Brian Meringer

Assistant Headmaster

Ms. Jill Arkin

Special Education

Team Chair

Ms. Ellen Chagnon

Guidance Director

Mr. Jeff Parcells

Athletic Director

TO: Mr. William McAlduff, Interim Superintendent

FROM: Mr. Scott Kellett, Headmaster, DSMS

RE: Headmaster’s Monthly Report

DATE: March 10, 2017

MS Happenings:

Monday, March 13th

: MS School Council 3:15 PM

Wednesday, March 15th

: Early Release (10:50 AM Dismissal)

Friday, March 17th

: Annual Student/Faculty Basketball Game

Tuesday, March 21st: MS Challenge Success Parent Forum 6:30 PM

Wednesday, March 29th

: DS Choral Festival 6:30 PM

Student Recognition

Our six regional students participated in the state regional music festival over the weekend of

March 3rd

. They were:

Anna Davis - Alto 1 in the Treble Chorus

Jenna Eiten - Soprano 1 in the Treble Chorus

Ashley Gong - 2nd Oboe, 2nd Chair in the Orchestra

Taylor Melenofsky - Alto 1 in the Mixed Chorus

Jordyn DeVellis - 2nd Soprano in the Mixed Chorus

Devin Patel - 1st Trumpet, 4th Chair in the Band

Congratulations to Eric Yang who placed 4th

at the State MathCounts Competition on Saturday,

March 4th

. Eric will travel to Orlando, Florida in May as part of the Massachusetts MathCounts

Team to compete against teams from other states in the national competition.

http://www.doversherborn.org/

Curriculum & Learning

English:

Sixth graders have just completed a novel unit where they worked in small groups to analyze a fictional text.

They have been practicing writing multi-paragraph papers in preparation for the upcoming changes in the

MCAS exam.

Seventh graders continue to analyze the relationships between characters, setting, and plot. In addition,

students are learning about the two new types of writing assessments on this year's MCAS: text-based essays

and narrative essays.

Eighth grade students are exploring themes of empathy and citizenship through the novel To Kill A

Mockingbird. They also continue to practice the two-column note taking skill as a method for gathering

evidence about the text.

This year, eighth graders will take their ELA MCAS on Chromebooks. We will give students time to practice

with the electronic format prior to the April testing.

Several eighth graders have successfully submitted work outside of the Dover-Sherborn Middle School

community. Sophia Katz had an excerpt from her short story published in Ink Magazine and Evan Charneski,

Lynna Truong, Emma Goodness and Reilly Uiterwyk had book reviews displayed on the Sherborn Public

Library website.

Sixth graders have also written reviews for the Sherborn Public Library Website. The reviews are available

under the "Teens" tab on the home page: http://library.sherbornma.org/

Math:

On March 3rd and 4th

, Karen Raymond attended the MidSchoolMath National Conference in Santa Fe, New

Mexico.

The attendees included over 300 teaching math professionals including: administrators, math coaches ,

university professors, and curriculum leaders from over 40 states .The conference featured the key note

speaker, Jo Boaler, author of the book , Mathematical Mindsets- Unleashing Student’s POTENTIAL Through

Creative Math, Inspiring Messages and INNOVATIVE TEACHING.

This unique 2-day conference focused entirely on middle school math topics. Unlike conferences with

thousands of sessions they were able to select specific workshops to learn and co-create with some of the

nation's most extraordinary teachers using a combination of the oldest and newest forms of pedagogy, from

story-telling and mathematics to cutting edge software.

The conference emphasized that teacher developed curriculum still shows the greatest effect size gains on

tests and offered workshops to build and develop your own unique projects that will show improvement that

far exceeds published curriculum alone. Topics include developing your own curriculum; building a

mathematical culture in the classroom; motivation and drive, the importance of a growth mindset in

mathematics, teaching to understand why, not just how; universal design for learning and more.

Many thanks to the POSITIVE organization for funding this professional opportunity to collaborate with math

professionals from urban, suburban and rural schools across the country.

Eight Assumptions of Instructional Design discussed at the MidSchool Math Conference

http://library.sherbornma.org/

1. Students need to know why they are learning a concept.

2. Students need to grapple before teacher instruction.

3. Defining the problem and variables is the work of math, not just computation.

4. Good mathematics is not about how many answers you know… it’s about what you do when you

don’t know.

5. Students need problems worth caring about.

6. Students learn from “ rethink”

7. Failure is a mechanism for success.

World Language:

Sixth Grade: They have begun research on their culture project. Each student selects a topic from Ancient

Rome based on his or her personal interest, researches it, and then prepares to teach it to the class by creating

a visual aid and an assessment. The assessment is designed to help focus the presentation on what the student

felt was most interesting and important. The sixth graders presented their culture projects before and just after

break. They were inspired and inspiring. The students learned so much from each other, and really used their

own interest and enthusiasm to engage their peers to feel the same.

Eighth Grade: The 8th Grade is beginning a unit on the poetry of Catullus. This unit requires understanding not only how to

translate the Latin, but how to recognize and interpret the poems for their literary value. The culmination is a

project with nine options, ranging from illustrating each poem, to writing a journal as the poet or the recipient

of the poems, to writing an essay connecting the final poem to the previous eight -- all requiring the use of

text-based evidence. The eighth graders are not fully into their unit on Catullus, learning how poets use

language differently -- meter, word order, poetic devices, imagery -- to convey emotion in a condensed

package. The fact that they have to translate it means they can't rush through it! ;-)

French:

During the month of February, the French students in the 6th, 7th, and 8th grades learned about the history

and culture of Mardi Gras celebrations. The culminating activity was to make Mardi Gras masks using the

traditional colors (violet-for justice-, green-for faith-, gold- for power), and marching around the school with

Tom Duprey and 6th grade band students leading the charge playing "When the Saints Come Marching In".

Geoff Hermann's choral group kept us all on key as we paraded and sang joyously through the school during

H block!

Science:

Sixth grade is working on layers of the earth, plate tectonics and continental drift. Students were required to

draw and label an accurate drawing (flat or cutaway) of Earth's major layers. In addition, they are learning

elements of the rock cycle and heat transfer through the elements of subduction and the movement of magma.

They will build on these concepts so that they understand the cause and effect of earthquakes and volcanoes.

Seventh grade life science students have been studying the field of Citizen Science and the writing of Loree

Griffin Burns. Via Google Classroom and other technological tools, students have been exploring

investigation design and how to conduct informative experiments. Simultaneously, students have been

expanding their study of genetics into how genes are inherited over time and are now transitioning into their

study of evolution. During this unit, students will evaluate various sources of evidence for evolution and

work on their persuasive writing skills in preparation for upcoming ELA MCAS in April.

The eighth grade is wrapping up their study of motion, forces and gravity. Students have measured the speed

of domino chains and other moving objects, created "balanced forces" in a simple paper tower, and made

models of centripetal acceleration and orbits with socks, string, and apples. Our next topic is energy and we

will use computer models and hands-on exploration to especially explore potential and kinetic energy.

Social Studies:

During the month of March, grade six social studies students will complete their study of ancient Israel. The

next unit will explore ancient Greece. During the Greece unit students will learn about early trading cultures,

mythology, government, the golden age of Athens, the Peloponnesian War and the legacy of the ancient

Greek world. At the beginning of the unit, each student will be assigned a different god or goddess to

research. They will then write paragraphs from the perspective of the Greek character and share them with the

class. Students will also participate in a simulation of the four types of government of monarchy, oligarchy,

tyranny and democracy. Thanks to the contributions of POSITIVE, we are looking forward to our Greek

Mythology assembly; Chariot of the Sun. On Friday, March 31st, the entire sixth grade will view and

participate in the performance of Greek myths. Also through the generosity of DSEF, Kevin Quackenbush, an

avocational archaeologist, will return to present this year. He is a Trustee at the Massachusetts Archaeological

Society. During the presentation, students will be able to view and touch artifacts found here in Massachusetts

and surrounding states.

In February, seventh graders wrapped up their 7-week unit on Africa. In the Africa unit, students researched

individual countries, and learned the complex map, which entailed labeling all 55 countries and major cities,

landforms and bodies of water. One of the highlights was a visit from a Maasai warrior from Tanzania, who

taught them about his culture, including dance, songs and his encounter with a lion. This visit was generously

funded by DSEF. This was the culmination of students' research about the challenges of indigenous peoples,

and specifically the Maasai.

Students are currently studying Latin America, with particular focus on the issues of migration and a rain

forest conference, where students will research and play the role of various stakeholders (government

officials, ranchers, environmentalists, native Amazonians, rubber tappers and settlers).

Eighth grade students are preparing for their Mock Trial of President Andrew Jackson. While an actual trial

never occurred, we use this as a vehicle to examine events of the Jacksonian Era from the Indian Removal

Act, to Constitutional issues surrounding the Bank War, Nullification Crisis and Jackson's refusal to uphold

Supreme Court rulings. We charge him with “Crimes Against Humanity and Abuse of the Constitution.”

Students serve as Judges, Lawyers and actual historical witnesses from the era. Students work to integrate

their research on the characters and the actions, and understand the mindset of the times--this historical

thinking is a challenge! Typically, the rulings in each class vary greatly and are based on the "evidence"

presented in class and the skill of the student witnesses and advocates. Next we will look at Western

Expansion and the groups that settled the American West and how we acquired land "from sea to shining sea".

Wellness:

Physical Education:

Our seventh and eighth grade students continue to use the Polar heart monitors during this fitness unit. The

goal is for students to elevate their heart rate for 20 - 25 minutes of a 52 minute class into the moderate to

vigorous target zone. They spend each class with a peer group of their choosing, playing basketball, hockey,

Triball, Team Handball and the use of the CV equipment.

Our sixth grade students are working out in the fitness center and getting a feel for our cardiovascular

stations as they watch cartoons on the television. They too spend time in the gym circulating through the

winter sports unit. Students spend a great deal of class time working on basketball skills and hockey skills.

We have been working on our fitness levels by practicing the Pacer test, pushups, plank poses and flexibility

stations.

Coming Soon: Teambuilding Games!

Health Education:

Eighth grade Health classes will soon be testing on their CPR/AED Adult rescue skills. Students will follow

the new regulations from the recent updates provided by the American Heart Association. Compressions are

now done at a rate of 100 - 120 beats per minute. Adult compression depth is 2 inches with 30 compressions

completed between 15 and 18 seconds. Our students are doing an amazing job with these very specific

guidelines.

Seventh grade Health classes continue to explore the three main dimensions of wellness: physical health,

mental health, and social health. With an emphasis on mental health, students are exploring ways to enhance

this side of the health triangle by appreciating our common humanity and exploring ways to demonstrate

empathy and understanding around diversity.

Get ready for our 2nd annual Raiders Rock: Run, Roll or Walk event! On Thursday afternoon, just prior to the

close of school on April 13th, our DSMS Peer Leadership Club, with guidance from Mrs. Merritt and

Sherborn Detective James Godinho will run our school-wide 1 mile/2.6 mile fitness event. We are hoping for

beautiful weather, just like last year. This truly was a community event as we had local rescue teams, along

with police and fire department representative from Sherborn and Dover on board, to ensure the course was

fun and safe. Stay tuned for updates!

Technology & Engineering:

Grade 6 Quarter 2 students continue focusing on their computational thinking skills concentrating on

variables as robots with functions and conditional statements. Students are creating and playing each other's

games that have been programmed in Quarter 3 class. Students have also cracked each other's Binary Code

Image puzzles, to understand zero's and one's. Students created games such as basketball, soccer and bounce

which are easily accessible and shared online on Ms. Sammarco's Google online Classroom, providing

debugging solutions as well as peer feedback.

Grade 7 welcomes the other half of the 7th grade for semester 2. Students review computational thinking

strategies focusing on designing, creating and sharing their Technology Literacy projects. Grade 7 students

have met with Guidance to explore Careers and discuss what "types of learners" they are, using the Career

Cruising portal. Students have selected stocks to watch this semester, tracking weekly data into a spreadsheet

and chart. Students are maintaining and sharing all of their work on their individual portfolio websites via

Ms. Sammarco's Google Classroom online.

Grade 8 Q2 Engineering students have completed their Electrical and Telecommunications Engineering unit

projects. The design process continues into the 2nd half of quarter 2, focusing on Mechanical Engineering

and design of tabletop trebuchets. Students are introduced to Tinkercad, collaborating, creating and

printing their 3D printed subsystem sling/pouch of their team trebuchets on the new Multimaker 3 D Printer.

Code @ Lunch program is still in full force. Special thanks to a combination of the cold weather and

students that love to Code!

DSMS Microsoft DigiGirlz Day: 10 girls ranging from grades 6-8 have been selected to attend this exciting

opportunity in April. Students were selected from Ms. Sammarco's Technology Literacy and Engineering

classes as well as students that showed a high level of interest in the DSMS Student IT Help Desk and Code

@ Lunch programs. An exciting opportunity for our young female students that are excited about technology

and their future!

DSMS will celebrate the MIT's global Scratch Day (May 13, 2017) from Monday, May 15th through Friday,

May 19th. Scratch Day is a day where students can collaborate, share and create code.

Cyber Ed Family Tip this month: Protecting Teens and Tweens Online @ Microsoft

Music:

Seventh Grade Blues has entered its third term. Tom Duprey and Geoff Herrmann continue to refine the

curriculum, adding more focus on the creativity of composition and giving students freedom to be expressive

within the blues form. Students are taking on the new freedoms and becoming quite inventive as they form

blues bands and write a song together.

The middle school and high school choruses are busy preparing for the Dover Sherborn Choral Festival

on March 29th

. The High School and 7th-8th grade chorus are working together on a large piece (Bohemian

Rhapsody), which will be a great preview for the middle school student’s of what high school chorus can be

like, as our current 8th graders choose their schedules. Sixth grade chorus is also working on a unique project

as we work together to arrange a song composed by one of the members of the choir.

Lastly, the High School Drama Club is preparing for its production of Pippin on March 16, 17, and 18th

.

Students are hard at work to bring this unique story to life, learning very different singing, acting, and dancing

styles from past shows that the students have performed in.

Library:

Sixth Grade:

Last week, sixth grade students were introduced to another monthly theme related to Effective Effort. The

theme for this month is commitment – being determined to finish and do their very best work, no matter how

difficult the task is to complete. Sixth grade teachers will continue to emphasize this theme along with

previous monthly themes such as Use of Feedback, Resourcefulness, Strategies, Focus, and Time. Thanks to

a donation from POSITIVE, at the end of this month, students on both teams will attend an assembly titled

“Chariot of the Sun." The assembly, which has been well-received in the past, includes performances of a

few tales from ancient Greek mythology and allows for student participation.

Eighth Grade:

Student Council:

The Dover-Sherborn Middle School Student Council has recently chosen The Dana Farber Cancer Research

Fund as their charity for the year. Through School Store profits and lei profits, they have made $280 for the

charity. They plan to run a spirit week on the week of March 13. The next meeting is the March 20th.

Professional Development:

https://www.microsoft.com/about/philanthropies/browsepdf.ashx?path=http://go.microsoft.com/?linkid=9677455

Several members of our staff will be attending the Medfield Technology and later in the month several folks

will be attending the annual NELMS Conference in Rhode Island.

Chris Allen and Scott Kellett attended Brookline METCO Programs: “Boys to Men, Fulfilling the Dream”

workshop at Emmanuel College on March 9th

.

DS Professional Growth & Evaluation System Update:

Brian Meringer and Scott Kellett are continuing with our classroom observations as the April 15th

deadline

approaches.

School Council:

Dover Sherborn Middle School

School Advisory Council Agenda

Monday, January 9, 2017

3:00 PM

MS Conference Room

Present: Lauren Leahy, Caroline Melchionda, Kim Nehiley, Julie McKee, Joanne Draper, Wendy Lutz, Anita

Sebastian, Scott Kellett, Ellen Bendremer, Lori Krusell, Joelle Sobin

Handbook Update: Revision to the handbook in terms of books and materials was reviewed. "When leaving

the building to go to lunch, physical education classes, etc., students should leave their books on designated

tables and shelves near exits to cafeteria and the gymnasium. Books and other belongings may not be left on

the floor, as this is a fire hazard. Any student's belongings that are left on the floor will be held in the office

until the end of the day." All agreed the addition is fine, with the exception that it was missing an "a" in front

of "fire hazard."

School Improvement Plan is up in the air, in the sense that the Superintendent will be coming on board later

in the year. But both Scott and the high school headmaster were considering a cultural proficiency goal and

working with a Natick-based group called

Roots and Wings. This group could coordinate workshops for student leaders and faculty, who would then, in

turn, work with the student body at large.

Other ideas and concerns for potential goals were:

LGBTQ Awareness

Social/Emotional Wellness

Peer Counseling

Security

Budget Update: The process for next year has started. In terms of middle school needs, a big ticket item is

new science textbooks, although the Curriculum Leader has found the copies and online subscription (now

seems to be in perpetuity) at a good price. New furniture for room 203 is also an important expense. They

need tables to better fit the needs for students and current room usage. A new Language-Based teacher is also

on the list of high needs, so that hopefully there could be a teacher based at both the middle and the high

school.

Discussion morphed to new supports proposed to assist students who have seriously struggled with school

attendance-- often for emotional reasons-- but this attention centers on staffing additions at the high school.

Estimates: 10% of high school population.

Other Business Praise to the middle school for the monthly briefings in the School Committee reports to keep an eye on the

happenings in the middle school.

Geography Bee/Ellis Island Simulation Day went well and will be highlighted in the monthly report. There is

a bulletin board of artifacts from the day, including "postcards" sent by student "immigrants" from Ellis

Island.

DSMS School Advisory Council

Meeting Dates

for

2016-2017

February 13, 2017 3:00 PM in Middle School Conference Room (Cancelled due to snow day)

March 13, 2017 3:00 PM in Middle School Conference Room

April 10, 2017 3:00 PM in Middle School Conference Room

May 8, 2017 3:00 PM in Middle School Conference Room

The Public Schools of Dover and Sherborn do not discriminate on the basis of race, color, sex/gender,

gender identity, religion, national origin, sexual orientation, disability, or homelessness.

The Public Schools of Dover and Sherborn 157 Farm Street, Dover, MA 02030

Phone: 508-785-0036 Fax: 508-785-2239

www.doversherborn.org

Mr. William H. McAlduff, Jr., Interim Superintendent

Dr. Karen L. LeDuc, Assistant Superintendent

Ms. Christine Smith, Director of Special Education

Ms. Dawn Fattore, Interim Business Manager


religion, national origin, sexual orientation, disability, or homelessness.

To: William McAlduff, Jr.

From: Karen LeDuc

Re: School Committee meeting

Date: March 2, 2017

Educator Evaluation System

Two components of the educator evaluation system are in full swing at this time of the year. Our

educators, who are on year one of a two year plan, are working with their Qualified Peer

Observer on goals that were determined at the beginning of the year. Students and educators will

be participating in educator and administrator surveys, a component of the

Educator Evaluation system as required by the MA DESE, where feedback from students and

staff is used to inform instruction and reflect on teaching and learning. Many educators

commented last year that the survey afforded them an opportunity to reflect on teaching and

learning. The surveys will be administered sometime during the March 6-17 timeframe. The

results of these surveys will be reported to individual educators, and individual educator trends

will be reported at the school level. Administrator results will be reported at the school and

district level.

MCAS 2017

As has been noted in previous reports, Next Generation ELA and Mathematics MCAS 2017 will

be computer-based (CB) for our grades four and eight students, and paper-based (PB) for our

grades three, five, six, and seven students. See attached schedule for administration. High School

ELA, mathematics and Science MCAS remains the same as in previous years.

Our administrative team has participated in many webinars and conference sessions to prepare

for the new version of this assessment.

The PB and CB assessment will incorporate new types of questions that more deeply assess

students’ level of knowledge and ability. Questions will be drawn from legacy MCAS items,

newly developed MCAS items and PARCC items. For the CB assessment, technology-enhanced

questions will ask students to use technology tools to drag-and-drop, access a drop-down menu,

etc.

Anthony Ritacco, Director of Technology, and his team have tested the infrastructure at our

schools to assure that the computer-based assessment is cached and will run with ease. Our

administrators have provided professional development to our educators on accessibility and

accountability, the use of new technology tools, and oversight of the particulars of

administration. Our educators have taken a sample CB assessment and worked collaboratively

with their grade/team to discuss any supports that our students might need. During the first few

weeks of March, our students will participate in a mock session to afford them an opportunity to

see the CB assessment, test the technology tools, and assure that the systems are operating to

assure access. We are ready!

2017 MCAS

ELA

Grades 4 and 8 are computer-based assessments (CB)

Grades 3, 5, 6, and 7 are paper-based assessments (PB)

April 5-7 Gr. 3 and 5 (PB)

April 25-27 Gr. 4 (CB)

April 3 and 7 Gr. 8 Team Fire only (CB)

April 4 and 6 Gr. 6-7, 8 Team Ice (Gr. 6-7 PB; Gr. 8 CB)

March 21-23 Gr. 10 (PB)

Mathematics

May 9 and 10 Gr. 3 and 5 (PB)

May 11and 12 Gr. 4 (CB)

May 9 and 12 Gr. 8, Team Fire (CB)

May 9 and 11 Gr. 6 and 7 (PB)

May 11 and 15 Gr. 8, Team Ice (CB)

May 16 and 17 Grade 10 (PB)

STE

May 22 and 23 Gr. 5 (PB)

May 16 and 17 Gr. 8 (PB)

June 5 and 6 Gr. 9 (PB)

Proposed length of sessions

Spring 2017 Grades 3–8 MCAS ELA Tests Gr. Session 1

recommended testing

time

Session 2

recommended testing

time

Session 3

recommended testing

time

Total recommended

testing time

3 60 60 45 165

4 60 60 45 165

5 60 75 45 180

6 110 100 NA 210

7 110 100 NA 210

8 110 100 NA 210

Spring 2017 Grades 3–8 MCAS Mathematics Tests Gr. Session 1 recommended testing

time Session 2 recommended testing

time Total recommended testing time

3 65 65 130

4 70 70 140

5 70 70 140

6 70 70 140

7 70 70 140

8 70 70 140

Spring 2017 Grades 5 and 8 MCAS STE Tests Gr. Session 1 recommended testing

time Session 2 recommended testing

time Total recommended testing time

5 45 45 90

8 45 45 90


Memo from








RE: Agenda Item #4

Attached please find the following reports:

Audited Fiscal Year 2016 Financials

Mr. James Eggert, Regional District Treasurer

Mr. Robert Brown, Principal, RE Brown and Company

Monthly Financial Report – FY17 Operating Budget

DOVER - SHERBORN REGIONAL SCHOOL DISTRICT

REPORT ON EXAMINATION OF BASIC FINANCIAL STATEMENTS

JUNE 30, 2016

DOVER - SHERBORN REGIONAL SCHOOL DISTRICT REPORT ON EXAMINATION OF

BASIC FINANCIAL STATEMENTS JUNE 30, 2016

TABLE OF CONTENTS

PAGE Independent Auditor’s Report 1 - 2 Management’s Discussion and Analysis 3 – 9 Basic Financial Statements Statement of Net Position 10 Statement of Activities 11 – 12 Governmental Funds – Balance Sheet 13 Governmental Funds – Statement of Revenues, Expenditures, and

Changes in Fund Balances

14 Reconciliation of the Governmental Funds Balance Sheet Total Fund Balances to the Statement of Net Position

15

Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities

16 General Fund – Statement of Revenues, Expenditures, and

Changes in Fund Balance – Budget and Actual

17

Fiduciary Funds – Statement of Fiduciary Net Position 18 Fiduciary Funds – Statement of Changes in Fiduciary Net Position 19 Notes to Basic Financial Statements 20– 48 Required Supplementary Information: Norfolk County Contributory Retirement System Schedules: Schedules of Funding Progress and Employer Contributions

49

DOVER - SHERBORN REGIONAL SCHOOL DISTRICT REPORT ON EXAMINATION OF

BASIC FINANCIAL STATEMENTS JUNE 30, 2016

TABLE OF CONTENTS Schedule of the District’s Proportionate Share of the Net Pension Liability Schedule of District’s Contribution

PAGE

50

51 Massachusetts Teachers Retirement System Schedule: Schedule of the State’s Proportionate Share of the Net Pension Liability

52

Other Postemployment Benefit Plan Schedules: Schedules of Funding Progress and Employer Contributions

53 – 54 Notes to Required Supplementary Information

55

R. E. BROWN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS

25 CEMETERY STREET – P.O. BOX 230 Mendon, Massachusetts 01756

Phone: (508) 478-3941 Fax: (508) 478-1779

INDEPENDENT AUDITOR’S REPORT

To the Honorable School Committee Dover – Sherborn Regional School District

We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the Dover – Sherborn Regional School District, as of and for the year ended June 30, 2016, 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. 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 an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Dover – Sherborn Regional School District, as of June 30, 2016, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, Norfolk County Contributory Retirement System schedules of funding progress, employer contributions, District’s proportionate share of the net pension liability, District’s contribution, and Massachusetts Teachers Retirement system’s proportionate share of the net pension liability, and other post-employment benefits – schedules of funding progress and employer contributions and notes to the retirement system on pages 3 – 9. 49 –51, 52, 53 – 54 and 55 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.

February 10, 2017

DOVER-SHERBORN REGIONAL SCHOOL DISTRICT Management's Discussion and Analysis

Fiscal Year Ended June 30, 2016

As management of the Dover-Sherborn Regional School District (the School District), we offer readers this narrative overview and analysis of the financial activities of the School District for the fiscal year ended June 30, 2016. The intent of this discussion and analysis is to look at the School District's financial performance as a whole. Readers should also review notes to the basic financial statements and financial statements to enhance their understanding of the School District's financial performance.

FINANCIAL HIGHLIGHTS

• The assets of the School District exceeded its liabilities at June 30, 2016 by $10,743,555. Of this

amount, ($13,171,695) is considered an Unrestricted Net Deficit. The Total Net Position decreased by ($1,707,891) from the balance at June 30, 2015.

• The School District has adopted the requirement of GASB Statement No. 45 related to Other Post-

Employment Benefits (OPEB), resulting in the recognition of a liability and associated expense of $1,204,960 in 2016 and $1,104,181 in 2015. The total cumulative non-current liability for OPEB is $8,228,810 at June 30, 2016 and $7,023,850 at June 30, 2015.

• The School District has adopted the requirement of GASB Statement No. 68 implemented in Fiscal

Year 2015, as related to net pension liability (Norfolk County Retirement). The total net pension liability is $6,163,337 at June 30, 2016 and $5,649,714 at June 30, 2015; an increase of $513,623.

• The School District had $29,650,847 in expenses related to governmental activities; only

$6,327,268 of these expenses were offset by program specific charges for services, and operating grants and contributions. General revenues totaling $21,327,945 were received primarily from two sources; Member Town operating assessments were $19,287,679 or 90 percent of total general revenues and unallocated State aid totaled $2,006,832, or 9.4 percent of the total.

• The General Fund's total fund balance decreased by $229,179 to $1,491,640. At June 30, 2016

unassigned fund balance for the General Fund was $907,862 or approximately 4.2 percent of total General Fund expenditures reported on the budgetary basis.

• The majority of the School District’s cost is related to salary, benefits and associated operating

expenses which amount to $19,066,761 in Fiscal Year 2016, or 68 percent of the total expenditures of the School District.

OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis also serves as an introduction to the School District's basic financial statements. The basic financial statements are comprised of three components:

Government-wide Financial Statements Fund Financial Statements Notes to Basic Financial Statements

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of our finances in a manner similar to a private-sector business.

- 3 -

OVERVIEW OF FINANCIAL STATEMENTS (Continued) Government-Wide Financial Statements

The Statement of Net Position presents information on all assets and liabilities, with the difference between the two reported as Net Position. Over time, increases or decreases in Net Position may serve as a useful indicator of whether the financial position is improving or deteriorating. The Statement of Activities presents information showing how the government's Net Position changed during the most recent fiscal year. All changes in Net Position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., earned but unused vacation leave). Governmental Activities - All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant, pupil transportation and extracurricular activities.

Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Fund accounting is used to ensure and demonstrate compliance with finance-related legal requirements. All of the funds can be divided into two categories: governmental funds and fiduciary funds.

Governmental Funds Governmental funds are used to account for essentially the same functions reported as

governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near- term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial

statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

An annual appropriated budget is adopted for the general fund. A budgetary comparison statement

has been provided for the general fund to demonstrate compliance with this budget. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the

government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the School District's own programs.

- 4 -

Notes to Basic Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

FY 2016 FY 2015 $ Change % ChangeASSETS: Current Assets 4,935,364$ 5,227,661$ (292,297)$ -5.59% Capital Assets 30,023,920 31,027,727 (1,003,807) -3.24% Total Assets 34,959,284 36,255,388 (1,296,104) -3.57%

DEFERRED OUTFLOW OF RESOURCES 911,892 233,305 678,587 391%

LIABILITIES: Current Liabilities (excluding debt) 2,028,047 1,970,683 57,364 2.91% Non-Current Liabilities 14,392,147 12,673,564 1,718,583 13.56% Current Debt 1,315,000 1,563,000 (248,000) -15.87% Non-Current Debt 6,585,000 7,510,000 (925,000) -12.32% Total Liabilities 24,320,194 23,717,247 602,947 2.54%

DEFERRED INFLOWS OF RESOURCES 807,427 320,000 487,427 252.32%

NET POSITION: Net Investment in Capital Assets 22,225,920 22,327,727 (101,807) -0.46% Restricted 1,689,330 1,503,552 185,778 12.36% Unrestricted (13,171,695) (11,379,833) (1,791,862) -15.75% Total Net Position 10,743,555$ 12,451,446$ (1,707,891)$ -13.72%

NET POSITION

Governmental Activities

The largest of the School District's assets totaling $30,023,920 in 2016 and $31,027,727 in 2015 is invested in capital assets (land, buildings and equipment), and has accumulated depreciation applied since acquisition, where applicable. These capital assets are used to provide services to students; consequently, these assets are not available for future spending. Although the investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of Net Position, $1,689,330 in 2016 and $1,503,552 in 2015, represents resources that are subject to internal and external restrictions on how they may be used. The remaining balance of unrestricted Net Position was a deficit of ($13,171,695) in 2016 and ($11,379,833) in 2015.

The deficit in Unrestricted Net Position is largely a result of recognizing an OPEB (Other Post- Employment Benefit) liability of $8,228,810 and the School District’s proportionate share of the net pension liability related to Norfolk County Contributory Retirement System which totals $6,163,337 for 2016. The combined liability of OPEB and pension totaling $14,392,147at June 30, 2016 is an increase of $1,718,583 over the June 30, 2015 liability.

- 5 -

FY 2016 FY 2015 $ Change % ChangeRevenues: Program Revenues Charges for Services 1,594,178$ 1,575,083$ 19,095$ 1.21% Operating Grants and Contributions 4,733,090 3,436,626 1,296,464 37.72% Capital Grants and Contributions 287,743 358,000 (70,257) -19.62% General Revenues State aid, not restricted to specific program 2,006,832 2,051,405 (44,573) -2.17% Assessments to Member Towns 19,287,679 19,462,678 (174,999) -0.90% Unrestricted Investment Income 21,489 23,182 (1,693) -7.30% Other Revenues 11,945 13,618 (1,673) -12.29%

Total Revenues 27,942,956 26,920,592 1,022,364 3.80%

Expenses: Administration 896,303 984,407 (88,104) -8.95% Instructional Leadership 1,050,323 999,501 50,822 5.08% Classroom and Specialist Teacher 9,861,475 9,524,896 336,579 3.53% Instructional Material and Technology 467,502 427,998 39,504 9.23% Guidance and Psychological 826,556 758,614 67,942 8.96% Other Teaching Services 1,589,865 1,510,981 78,884 5.22% Professional Development 129,888 110,362 19,526 17.69% Pupil Services 1,311,947 1,000,821 311,126 31.09% Transportation 389,673 603,055 (213,382) -35.38% Operations and Maintenance 1,855,458 1,934,534 (79,076) -4.09% Employee Benefits and Fixed Charges 7,993,347 6,258,094 1,735,253 27.73% Community Education 604,162 551,338 52,824 9.58% Food Services 597,142 590,530 6,612 1.12% Federal and State Grants 593,614 525,124 68,490 13.04% State Assessments 50,967 28,929 22,038 76.18% Capital Outlay 83,502 - 83,502 100.00% Interest 143,298 480,154 (336,856) -70.16% Depreciation 1,205,825 1,195,542 10,283 0.86%

Total Expenses 29,650,847 27,484,880 2,165,967 7.88%

Changes in Net Position (1,707,891) (564,288) (1,143,603) -202.66%

Net Position - Beginning of Year 12,451,446 13,015,734 (564,288) -4.34%

Net Position - End of Year 10,743,555$ 12,451,446$ (1,707,891)$ -13.72%

Changes in Net Position

Governmental Activities

- 6 -

THE SCHOOL DISTRICT FUNDS At June 30, 2016, the School District's governmental funds reported a combined ending fund balance of $2,597,192 which represents a decrease of $82,831 over June 30, 2015 balances. General Fund The general fund is the chief operating fund. At the end of the current fiscal year, unassigned fund balance of the general fund was $907,862 while total fund balance was $1,491,640. The fund balance of the School District's general fund was decreased by $229,179 during the current fiscal year. Key factors in this change are as follows:

• The fund balance decreased by $229,179 which reflects actual revenues and expenditures incurred,

regardless of the fiscal year they were budgeted. The decrease from 2015 to 2016 resulted primarily because the District used $1,350,000 of excess and deficiency (a non-revenue source of funds) to balance the Fiscal Year 2016 budget. This decrease was mitigated by the favorable positive variance (surplus) in the operating results for Fiscal Year 2016 of $1,096,717.

• On a budgetary basis, the School District under-expended its Fiscal Year 2016 appropriations by

$1,086,771 primarily due to favorable variances in personnel and related benefits and transportation costs. This coupled with a favorable revenue variance of $9,946 resulted in the overall favorable operating results shown above of $1,096,717.

Community Education Funds The fund balances of the various community education programs was increased by $41,077 during Fiscal Year 2016 resulting in an ending balance of $711,540. Capital Improvements Fund The School district has $390,000 outstanding in Bond Anticipation notes which were used to fund air conditioning in the Middle School and to fund capital equipment purchases and other capital improvements.

- 7 -

GENERAL FUND BUDGET During the fiscal year, the School Committee authorizes revisions to the original budget to accommodate differences from the original budget to the actual expenditures of the School District. The following table summarizes the Fiscal Year 2016 actual budgetary totals by major functions with comparable totals for Fiscal Year 2015.

Actual Actual Budgetary

Amounts Budgetary

Amounts

2016 2015 Administration $887,641 $896,436 Instructional leadership 1,050,323 999,501 Classroom and specialist teacher 9,861,475 9,524,896 Instructional materials and technology 467,502 427,998 Guidance and Psychological 826,566 758,614 Other teaching services 662,800 587,546 Professional development 129,888 110,362 Pupil services 1,020,920 948,019 Transportation 389,673 603,055 Operations and maintenance 1,842,197 1,961,091 Employee benefits and fixed charges 3,335,152 3,094,220 State Assessments 50,967 28,929 Debt service 1,083,290 1,290,247 Transfers to other funds 319,074 604,972 Total $21,927,458 $21,835,886

Fiscal 2017 The approved total Fiscal 2017 budget of $23,211,685 is approximately 1% higher than the Fiscal 2016 budget. The member town assessments are $20,545,384, or $379,840 higher than the Fiscal 2016 assessments.

- 8 -

CAPITAL ASSETS

Total investment in capital assets at year-end amounted to $30,023,920 (net of accumulated depreciation), a decrease of $(1,003,807) from the prior year. The investment in capital assets includes land, buildings and facilities, machinery and equipment, and other depreciable costs.

Major capital asset events during the current fiscal year included the following:

Well Additions (In Process) $ 27,260 Middle School and High School Carpeting 79,042 Middle School and High School Crack Sealing 14,008 Middle School and High School Lighting Upgrade 49,091 Middle School Gym Divider 11,039 High School Gym Divider 11,828 Generator 9,750 TOTAL ADDITIONS 202,018 Current Year Depreciation (1,205,825) Net Decrease in Capital Assets $ (1,003,807)

DEBT ADMINISTRATION Debt Obligations Payable Outstanding obligations payable at June 30, 2015 $8,380,000

Less: Debt retired (870,000) Outstanding obligations payable at June 30, 2016 $7,510,000 CONTACTING THE SCHOOL DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, investors and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional information, contact Dawn M. Fattore, Interim Business Manager of the Dover-Sherborn Regional School District, 157 Farm Street, Dover, Massachusetts 02030.

- 9 -

PRIMARY

GOVERNMENTALACTIVITIES

ASSETS

CURRENT:CASH AND SHORT-TERM INVESTMENTS 2,875,335$ INVESTMENTS 1,714,924 RECEIVABLES, NET OF ALLOWANCE FOR UNCOLLECTIBLES:

INTERGOVERNMENTAL 345,105

NONCURRENT:CAPITAL ASSETS, NET OF ACCUMULATED DEPRECIATION 30,023,920

TOTAL ASSETS 34,959,284

DEFERRED OUTFLOWS OF RESOURCESRELATED TO PENSIONS 911,892

LIABILITIES

CURRENT:ACCOUNTS PAYABLE 127,341 ACCRUED PAYROLL 1,337,605 PAYROLL WITHHOLDINGS AND OTHER LIABILITIES 147,977 INTERGOVERNMENTAL PAYABLE 249,146 DEPOSITS PAYABLE 86,103 ACCRUED INTEREST 56,325 BONDS AND NOTES PAYABLE 1,315,000 COMPENSATED ABSENCES 23,550

NONCURRENT:POSTEMPLOYMENT BENEFITS 8,228,810 NET PENSION LIABILITY 6,163,337 BONDS AND NOTES PAYABLE 6,585,000

TOTAL LIABILITIES 24,320,194

DEFERRED INFLOWS OF RESOURCESDEFERRED AMOUNT ON REFUNDING 288,000 RELATED TO PENSIONS 519,427

807,427 NET POSITION

NET INVESTMENT IN CAPITAL ASSETS 22,225,920 RESTRICTED FOR:

CAPITAL PROJECTS 55,116 OTHER PURPOSES 1,634,214

UNRESTRICTED (13,171,695)

TOTAL NET POSITION 10,743,555$

DOVER-SHERBORN REGIONAL SCHOOL DISTRICTSTATEMENT OF NET POSITION

JUNE 30, 2016

GOVERNMENT

See accompanying notes to the basic financial statements

- 10 -

OPERATING CAPITALCHARGES FOR GRANTS AND GRANTS AND NET (EXPENSE)

FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS REVENUE

PRIMARY GOVERNMENT:

GOVERNMENTAL ACTIVITIES:ADMINISTRATION 896,303$ -$ 47,011$ -$ (849,292)$ INSTRUCTIONAL LEADERSHIP 1,050,323 - - - (1,050,323) CLASSROOM AND SPECIALIST TEACHER 9,861,475 - - - (9,861,475) INSTRUCTIONAL MATERIALS AND TECHOLOGY 467,502 - - - (467,502) GUIDANCE & PSYCHOLOGICAL 826,556 - - - (826,556) OTHER TEACHING SERVICES 1,589,865 - 922,742 - (667,123) PROFESSIONAL DEVELOPMENT 129,888 - - - (129,888) PUPIL SERVICES 1,311,947 343,013 - - (968,934) TRANSPORTATION 389,673 30,796 - - (358,877) OPERATIONS AND MAINTENANCE 1,855,458 - - - (1,855,458) EMPLOYEE BENEFITS AND FIXED CHARGES 7,993,347 - 3,097,275 - (4,896,072) COMMUNITY EDUCATION 604,162 645,239 - - 41,077 FOOD SERVICES 597,142 575,130 58,220 - 36,208 FEDERAL AND STATE GRANT PROGRAMS 593,614 - 607,842 - 14,228 STATE & COUNTY ASSESSMENTS 50,967 - - - (50,967) CAPITAL OUTLAY 83,502 - - 287,743 204,241 INTEREST 143,298 - - - (143,298) DEPRECIATION 1,205,825 - - - (1,205,825)

TOTAL GOVERNMENTAL ACTIVITIES 29,650,847$ 1,594,178$ 4,733,090$ 287,743$ (23,035,836)$

(continued)

DOVER-SHERBORN REGIONAL SCHOOL DISTRICTSTATEMENT OF ACTIVITIES

FISCAL YEAR ENDED JUNE 30, 2016

PROGRAM REVENUES


- 11 -

PRIMARYGOVERNMENT

GOVERNMENTALACTIVITIES

CHANGES IN NET POSITION:

NET (EXPENSE) REVENUE FROM PREVIOUS PAGE (23,035,836)$

GENERAL REVENUES:STATE AID, NOT RESTRICTED TO SPECIFIC PROGRAMS 2,006,832 ASSESSMENTS TO MEMBER TOWNS 19,287,679 INVESTMENT EARNINGS 21,489 OTHER REVENUES 11,945

TOTAL GENERAL REVENUES 21,327,945

CHANGE IN NET POSITION (1,707,891)

NET POSITION:

BEGINNING OF YEAR 12,451,446

END OF YEAR 10,743,555$

(concluded)

DOVER-SHERBORN REGIONAL SCHOOL DISTRICTSTATEMENT OF ACTIVITIES

FISCAL YEAR ENDED JUNE 30, 2016


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DOVER-SHERBORN REGIONAL SCHOOL DISTRICTGOVERNMENTAL FUNDS

BALANCE SHEETJUNE 30, 2016

COMMUNITY CAPITAL NONMAJOR TOTALEDUCATION IMPROVEMENTS GOVERNMENTAL GOVERNMENTAL

ASSETS GENERAL FUNDS FUNDS FUNDS FUNDS

CASH AND SHORT-TERM INVESTMENTS 1,312,458$ 801,555$ 157,498$ 603,824$ 2,875,335$ INVESTMENTS 1,714,924 - - - 1,714,924 RECEIVABLES

INTERGOVERNMENTAL - - 287,618 57,487 345,105

TOTAL ASSETS 3,027,382$ 801,555$ 445,116$ 661,311$ 4,935,364$

LIABILITIES AND FUND BALANCES

LIABILITIES:ACCOUNTS PAYABLE 119,486$ -$ -$ 7,855$ 127,341$ ACCRUED PAYROLL 1,268,279 29,670 - 39,656 1,337,605 PAYROLL WITHHOLDINGS AND OTHER LIABILITIES 147,977 - - - 147,977 INTERGOVERNMENTAL PAYABLE - - - 249,146 249,146 DEPOSITS PAYABLE - 60,345 - 25,758 86,103 NOTES PAYABLE - - 390,000 - 390,000

TOTAL LIABILITIES 1,535,742 90,015 390,000 322,415 2,338,172

FUND BALANCES: RESTRICTED - 711,540 445,116 251,410 1,408,066 ASSIGNED 583,778 - - 87,486 671,264 UNASSIGNED 907,862 - (390,000) - 517,862

TOTAL FUND BALANCES 1,491,640 711,540 55,116 338,896 2,597,192

TOTAL LIABILITIES AND FUND BALANCES 3,027,382$ 801,555$ 445,116$ 661,311$ 4,935,364$


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COMMUNITY CAPITAL NONMAJOR TOTALEDUCATION IMPROVEMENTS GOVERNMENTAL GOVERNMENTAL

GENERAL FUNDS FUNDS FUNDS FUNDSREVENUES:

ASSESSMENTS TO MEMBER TOWNS 19,287,679$ -$ 287,743$ -$ 19,575,422$ INTERGOVERNMENTAL 2,006,832 - - 1,588,804 3,595,636 INTERGOVERNMENTAL - ON-BEHALF PAYMENTS 3,096,937 - - - 3,096,937 CHARGES FOR SERVICES

SCHOOL LUNCH - - - 575,130 575,130 FEES 301,986 - - 71,823 373,809 COMMUNITY EDUCATION - 645,239 - - 645,239

INVESTMENT INCOME 21,489 - - - 21,489 CONTRIBUTIONS & DONATIONS - - - 47,011 47,011 DEPARTMENTAL 11,945 - - 338 12,283

TOTAL REVENUES 24,726,868 645,239 287,743 2,283,106 27,942,956

EXPENDITURES:

CURRENT:ADMINISTRATION 887,641 - - 8,662 896,303 INSTRUCTIONAL LEADERSHIP 1,050,323 - - - 1,050,323 CLASSROOM AND SPECIALIST TEACHER 9,861,475 - - - 9,861,475 INSTRUCTIONAL MATERIALS AND TECHOLOGY 467,502 - - - 467,502 GUIDANCE & PSYCHOLOGICAL 826,556 - - - 826,556 OTHER TEACHING SERVICES 662,800 - - 927,065 1,589,865 PROFESSIONAL DEVELOPMENT 129,888 - - - 129,888 PUPIL SERVICES 1,020,920 - - 291,027 1,311,947 TRANSPORTATION 389,673 - - - 389,673 OPERATIONS AND MAINTENANCE 1,842,197 - - 13,261 1,855,458 EMPLOYEE BENEFITS AND FIXED CHARGES 6,432,089 - - 15 6,432,104 COMMUNITY EDUCATION - 604,162 - - 604,162 FOOD SERVICES - - - 597,142 597,142 FEDERAL AND STATE GRANT PROGRAMS - - - 593,614 593,614

STATE & COUNTY ASSESSMENTS 50,967 - - - 50,967 CAPITAL OUTLAY - - 285,518 - 285,518 DEBT SERVICE:

PRINCIPAL 870,000 - - - 870,000 INTEREST 213,290 - - - 213,290

TOTAL EXPENDITURES 24,705,321 604,162 285,518 2,430,786 28,025,787

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 21,547 41,077 2,225 (147,680) (82,831)

OTHER FINANCING SOURCES (USES)

OPERATING TRANSFERS IN 68,348 - 304,528 14,546 387,422 OPERATING TRANSFERS OUT (319,074) - (1,348) (67,000) (387,422)

TOTAL OTHER FINANCING SOURCES (USES) (250,726) - 303,180 (52,454) -

NET CHANGE IN FUND BALANCES (229,179) 41,077 305,405 (200,134) (82,831)

FUND BALANCES AT BEGINNING OF YEAR 1,720,819 670,463 (250,289) 539,030 2,680,023

FUND BALANCES AT END OF YEAR 1,491,640$ 711,540$ 55,116$ 338,896$ 2,597,192$

DOVER-SHERBORN REGIONAL SCHOOL DISTRICTGOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESFISCAL YEAR ENDED JUNE 30, 2016


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TOTAL GOVERNMENTAL FUND BALANCES 2,597,192$

CAPITAL ASSETS (NET) USED IN GOVERNMENTAL ACTIVITIES ARE NOT FINANCIAL RESOURCESAND, THEREFORE, ARE NOT REPORTED IN THE FUNDS 30,023,920

IN THE STATEMENT OF ACTIVITIES, INTEREST IS ACCRUED ON OUTSTANDING LONG-TERM DEBT,WHEREAS IN GOVERNMENTAL FUNDS INTEREST IS NOT REPORTED UNTIL DUE (56,325)

LONG-TERM LIABILITIES ARE NOT DUE AND PAYABLE IN THE CURRENT PERIOD AND, THEREFORE,ARE NOT REPORTED IN THE GOVERNMENTAL FUNDS

BONDS AND NOTES PAYABLE (7,510,000)NET PENSION LIABILITY (6,163,337)DEFERRED INFLOWS OF RESOURCES (519,427)DEFERRED OUTFLOWS OF RESOURCES 911,892DEFERRED AMOUNT ON REFUNDING (288,000)OTHER POSTEMPLOYMENT BENEFITS (OPEB) (8,228,810)COMPENSATED ABSENCES (23,550)

NET EFFECT OF REPORTING LONG-TERM LIABILITIES (21,821,232)

NET POSITION OF GOVERNMENTAL ACTIVITIES 10,743,555$

DOVER-SHERBORN REGIONAL SCHOOL DISTRICTRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET

TOTAL FUND BALANCES TO THE STATEMENT OF NET POSITIONJUNE 30, 2016


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NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS (82,831)$

GOVERNMENTAL FUNDS REPORT CAPITAL OUTLAYS AS EXPENDITURES. HOWEVER, IN THESTATEMENT OF ACTIVITIES THE COST OF THOSE ASSETS IS ALLOCATED OVER THEIRESTIMATED USEFUL LIVES AND REPORTED AS DEPRECIATION EXPENSE.

CAPITAL OUTLAY 202,018DEPRECIATION EXPENSE (1,205,825)

NET EFFECT OF REPORTING CAPITAL ASSETS (1,003,807)

THE ISSUANCE OF LONG-TERM DEBT (E.G., BONDS) PROVIDES CURRENT FINANCIALRESOURCES TO GOVERNMENTAL FUNDS, WHILE THE REPAYMENT OF THE PRINCIPAL OF LONG-TERM DEBT CONSUMES THE FINANCIAL RESOURCES OF GOVERNMENTAL FUNDS. NEITHERTRANSACTION, HOWEVER, HAS ANY EFFECT ON NET ASSETS. ALSO, GOVERNMENTAL FUNDSREPORT THE EFFECT OF ISSUANCE COSTS, PREMIUMS, DISCOUNTS, AND SIMILAR ITEMS WHENDEBT IS FIRST ISSUED, WHEREAS THESE AMOUNTS ARE DEFERRED AND AMORTIZED IN THESTATEMENT OF ACTIVITIES.

DEBT SERVICE PRINCIPAL PAYMENTS 870,000

NET EFFECT OF REPORTING LONG-TEM DEBT 870,000

SOME EXPENSES REPORTED IN THE STATEMENT OF ACTIVITIES DO NOT REQUIRE THE USE OFCURRENT FINANCIAL RESOURCES AND, THEREFORE, ARE NOT REPORTED AS EXPENDITURESIN THE GOVERNMENTAL FUNDS.

NET CHANGE IN COMPENSATED ABSENCES ACCRUAL (1,822)NET CHANGE IN ACCRUED INTEREST ON LONG-TERM DEBT 37,992NET CHANGE IN DEFERRED AMOUNT ON REFUNDING 32,000NET CHANGE IN OTHER POSTEMPLOYMENT BENEFITS (1,204,960)NET CHANGE IN NET PENSION LIABILITY (513,623)NET CHANGE IN DEFERRED INFLOWS OF RESOURCES (519,427)NET CHANGE IN DEFERRED OUTFLOWS OF RESOURCES 678,587

NET EFFECT OF RECORDING LONG-TERM LIABILITIES (1,491,253)

CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (1,707,891)$

DOVER-SHERBORN REGIONAL SCHOOL DISTRICTRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIESFISCAL YEAR ENDED JUNE 30, 2016


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AMOUNTS AMOUNTSCARRIED ACTUAL CARRIED VARIANCE

FORWARD FROM ORIGINAL FINAL BUDGETARY FORWARD TO OVER PRIOR YEAR BUDGET BUDGET AMOUNTS NEXT YEAR (UNDER)

REVENUES:

ASSESSMENTS:DOVER -$ 10,864,479$ 10,410,834$ 10,395,907$ -$ (14,927)$ SHERBORN - 9,301,064 8,904,709 8,891,772 - (12,937)

TOTAL ASSESSMENTS - 20,165,543 19,315,543 19,287,679 - (27,864)

STATE AID:CHAPTER 70 - 1,613,552 1,613,552 1,659,576 - 46,024 CHARTER SCHOOL TUITION REIMBURSEMENTS - - - 15,859 - 15,859 TRANSPORTATION - 373,390 373,390 320,448 - (52,942) OTHER - - - 10,949 - 10,949

TOTAL STATE AID - 1,986,942 1,986,942 2,006,832 - 19,890

LOCAL:INVESTMENT INCOME - 11,000 11,000 21,489 - 10,489 FEES - 296,500 296,500 301,986 - 5,486 DEPARTMENTAL - 10,000 10,000 11,945 - 1,945

TOTAL LOCAL REVENUES - 317,500 317,500 335,420 - 17,920

TOTAL REVENUES - 22,469,985 21,619,985 21,629,931 - 9,946

EXPENDITURES:

CURRENT:ADMINISTRATION 5,500 962,021 967,521 887,641 25,960 53,920 INSTRUCTIONAL LEADERSHIP - 1,055,620 1,055,620 1,050,323 1,256 4,041 CLASSROOM AND SPECIALIST TEACHER - 10,105,640 10,105,640 9,861,475 356 243,809 INSTRUCTIONAL MATERIALS AND TECHOLOGY 3,395 471,819 475,214 467,502 13,729 (6,017) GUIDANCE & PSYCHOLOGICAL 495 824,052 824,547 826,556 - (2,009) OTHER TEACHING SERVICES - 679,417 679,417 662,800 - 16,617 PROFESSIONAL DEVELOPMENT - 124,470 124,470 129,888 585 (6,003) PUPIL SERVICES 12,439 1,052,692 1,065,131 1,020,920 - 44,211 TRANSPORTATION - 674,733 674,733 389,673 - 285,060 OPERATIONS AND MAINTENANCE 22,519 1,995,543 2,018,062 1,842,197 41,292 134,573 EMPLOYEE BENEFITS AND FIXED CHARGES - 3,705,067 3,705,067 3,335,152 - 369,915

STATE ASSESSMENTS - - - 50,967 - (50,967) DEBT SERVICE:

PRINCIPAL - 870,000 870,000 870,000 - - INTEREST - 212,911 212,911 213,290 - (379)

TOTAL EXPENDITURES 44,348 22,733,985 22,778,333 21,608,384 83,178 1,086,771

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (44,348) (264,000) (1,158,348) 21,547 (83,178) 1,096,717

OTHER FINANCING SOURCES (USES):

OPERATING TRANSFERS IN - 67,000 67,000 68,348 - 1,348 OPERATING TRANSFERS OUT - (303,000) (303,000) (319,074) - (16,074)

TOTAL OTHER FINANCING SOURCES (USES) - (236,000) (236,000) (250,726) - (14,726)

NET CHANGE IN BUDGETARY FUND BALANCE (44,348)$ (500,000)$ (1,394,348)$ (229,179)$ (83,178)$ 1,081,991$

OTHER BUDGETARY ITEMSUSE OF UNRESERVED FUND BALANCE -$ 500,000$ 1,350,000$ PRIOR YEAR ENCUMBRANCES 44,348 - 44,348

TOTAL OTHER BUDGETARY ITEMS 44,348 500,000 1,394,348

NET BUDGET -$ -$ -$

DOVER-SHERBORN REGIONAL SCHOOL DISTRICTGENERAL FUND

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUALFISCAL YEAR ENDED JUNE 30, 2016


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DOVER-SHERBORN REGIONAL SCHOOL DISTRICTFIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITIONJUNE 30, 2016

PRIVATEPURPOSE AGENCY

TRUST FUNDS FUNDSASSETS

CASH AND SHORT-TERM INVESTMENTS 23,349$ 138,512$

LIABILITIES

ACCOUNTS PAYABLE - 700 OTHER LIABILITIES - 137,812

TOTAL LIABILITIES - 138,512

NET POSITION

NET POSITION - HELD IN TRUST FOR PRIVATE PURPOSES 23,349$ -$


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PRIVATEPURPOSE

TRUST FUNDSADDITIONS:CONTRIBUTIONS:

PRIVATE DONATIONS 500$

NET INVESTMENT INCOME (LOSS):INVESTMENT INCOME 102

TOTAL ADDITIONS 602

DEDUCTIONS:EDUCATIONAL SCHOLARSHIPS 400

CHANGE IN NET POSITION 202

NET POSITION AT BEGINNING OF YEAR 23,147

NET POSITION AT END OF YEAR 23,349$

DOVER-SHERBORN REGIONAL SCHOOL DISTRICTFIDUCIARY FUNDS

STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFISCAL YEAR ENDED JUNE 30, 2016


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DOVER-SHERBORN REGIONAL SCHOOL DISTRICT NOTES TO BASIC FINANCIAL STATEMENTS

JUNE 30, 2016

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NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying basic financial statements of the Dover-Sherborn Regional School District in Dover, Massachusetts (the District) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Governmental Accounting Standards Board (GASB) is the recognized standard-setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the more significant District accounting policies: A. Reporting Entity Primary Government The Dover-Sherborn Regional School District was formed under Chapter 71 of the Massachusetts General Laws. The District is comprised of the Towns of Dover and Sherborn. The District was established in 1953 and operates under a regional agreement serving the educational needs of students in Grades 6 through 12. The form of government is an elected six-member School Committee that is responsible for appointing a Superintendent who is the chief operating officer for the District. For financial reporting purposes, the basic financial statements include all funds, organizations, account groups, agencies, boards, commissions and institutions that are not legally separate from the District The District has also considered all potential component units, blended or discretely presented, for which it is financially accountable as well as other organizations for which the nature and significance of their relationship with the District are such that exclusion would cause the basic financial statements to be misleading or incomplete. Blended component units, although legally separate entities, are, in substance, part of the District’s operations and discretely presented component units are reported in a separate column in the government-wide financial statements to emphasize that they are legally separate from the District. It has been determined that there are no component units (blended or discretely presented) for inclusion in the primary government’s financial reporting entity. B. Government-Wide and Fund Financial Statements Government-Wide Financial Statements The government-wide financial statements (i.e., statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. The District reports Governmental Activities, which are primarily supported by member Town assessments and intergovernmental revenues. Fund Financial Statements Separate financial statements are provided for governmental funds, and fiduciary funds, even though fiduciary funds are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. Nonmajor funds are aggregated and displayed in a single column.


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Major Fund Criteria

A fund is considered major if it is the primary operating fund of the District or it meets the following criteria:

a. If the total assets, liabilities, revenues, or expenditures of an individual governmental fund are

at least 10 percent of the corresponding element (assets, liabilities, etc.) for all funds of that category or type (total governmental funds), and

b. If the total assets, liabilities, revenues, or expenditures of the individual governmental fund

are at least 5 percent of the corresponding element for all governmental funds combined.

Additionally, any other governmental fund that management believes is particularly significant to the basic financial statements may be reported as a major fund. Fiduciary funds are reported by fund type. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation Government-Wide Financial Statements The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are recorded when the liabilities are incurred. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. The statement of activities demonstrates the degree to which the direct expenses of a particular function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include the following:

a. Charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment.

b. Grants and contributions that are restricted to meeting the operational requirements of a

particular function or segment.

c. Grants and contributions that are restricted to meeting the capital requirements of a particular function or segment.

Assessments and other items not identifiable as program revenues are reported as general revenues. The effect of interfund activity has been removed from the government-wide financial statements.


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Fund Financial Statements Governmental Fund Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). Measurable means the amount of the transaction can be determined and available means collectible within the current period or soon enough thereafter to pay liabilities of the current period. Expenditures are recorded when the related fund liability is incurred, except for interest on general long-term debt which is recognized when due, and the non-current portion of net pension liability, and other post-employment benefits (OPEB) which are recognized when the obligations are expected to be liquidated with current expendable available resources. Member assessments are apportioned among capital and operating costs, less intergovernmental and other revenues, and are based upon student enrollment. In applying the susceptible to accrual concept to intergovernmental revenues, there are essentially two types of revenues. In one, moneys must be expended on the specific purpose or project before any amounts will be paid to the District; therefore, revenues are recognized based upon the expenditures incurred. In the other, moneys are virtually unrestricted and are usually revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met. Investment income is susceptible to accrual. Other receipts and revenue become measurable and available when the cash is received and are recognized as revenue at that time. The District reports the following major governmental funds: The General fund is the primary operating fund of the District. It is used to account for all

financial resources, except those that are required to be accounted for in another fund. The Community Education fund is used to reflect the operations of the various extended day and

enrichment programs offered on a fee-based revenue structure.

The Capital Improvements Fund is used to account for capital equipment purchases and other capital improvements.

The Nonmajor Governmental funds consist of other special revenue funds that are aggregated and

presented in the nonmajor governmental funds column on the governmental funds financial statements. The following describes the general use of this fund type:

• The Special Revenue fund is used to account for the proceeds of specific revenue sources

(other than capital projects funds) that are restricted by law or administrative action to expenditures for specified purposes.


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Fiduciary Fund Financial Statements Fiduciary fund financial statements are reported using the flow of economic resources measurement focus and use the accrual basis of accounting. Fiduciary funds are used to account for assets held by the District in a trustee capacity for others that cannot be used to support the governmental programs. The following fiduciary fund types are reported: The Private-Purpose Trust fund is used to account for various scholarship awards.

The Agency fund is used to account for assets held in a purely custodial capacity.

Government-Wide and Fund Financial Statements Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in the government-wide, and fiduciary funds financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. D. Cash and Investments Government-Wide and Fund Financial Statements Cash and short term investments are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition. Investments are reported at fair value. E. Fair Value Measurements The District reports required types of financial instruments in accordance with the fair value standards. These standards require an entity to maximize the use of observable inputs (such as quoted prices in active markets) and minimize the use of unobservable inputs (such as appraisals or valuation techniques) to determine fair value. Fair value standards also require the government to classify these financial instruments into a three-level hierarchy, based on the priority of inputs to the valuation technique or in accordance with net asset value practical expedient rules, which allow for either Level 2 or Level 3 depending on lock up and notice periods associated with the underlying funds. Instruments measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 – Quoted prices are available in active markets for identical instruments as of the reporting date. Instruments, which are generally included in this category, include actively traded equity and debt securities, U.S. government obligations, and mutual funds with quoted market prices in active markets. Level 2 – Pricing inputs are other than quoted in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Certain fixed income securities, primarily corporate bonds, are classified as Level 2 because fair values are estimated using pricing models, matrix pricing, or discounted cash flows.


JUNE 30, 2016

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Level 3 – Pricing inputs are unobservable for the instrument and include situations where there is little, if any, market activity for the instrument. The inputs into the determination of fair value require significant management judgment or estimation. In some instances the inputs used to measure fair value may fall into different levels of the fair value hierarchy and is based on the lowest level of input that is significant to the fair value measurement. Market price is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Instruments with readily available active quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. It is reasonably possible that change in values of these instruments will occur in the near term and that such changes could materially affect amounts reported in these financial statements. For more information on the fair value of the District’s financial instruments, see Note 3 – Fair Market Value of Investments. F. Accounts Receivable Government-Wide and Fund Financial Statements The recognition of revenue related to accounts receivable reported in the government-wide financial statements and fiduciary funds financial statements are reported under the accrual basis of accounting. The recognition of revenue related to accounts receivable reported in the governmental funds financial statements are reported under the modified accrual basis of accounting. As of June 30, 2016 there were no accounts receivables outstanding. Intergovernmental Various federal and state grants for operating and capital purposes are applied for and received annually. For non-expenditure driven grants, receivables are recognized as soon as all eligibility requirements imposed by the provider have been met. For expenditure driven grants, receivables are recognized when the qualifying expenditures are incurred and all other grant requirements are met. These receivables are considered 100% collectible. G. Inventories Government-Wide and Fund Financial Statements Inventories of the governmental funds are recorded as expenditures at the time of purchase. Such inventories are not material in total to the basic financial statements, and therefore are not reported. H. Capital Assets Government-Wide Financial Statements Capital assets, which include land, buildings and improvements, machinery, vehicles, equipment and furnishings, intangible assets, and construction in progress are reported in the applicable governmental activities column of the government-wide financial statements. Capital assets are recorded at historical cost, or at estimated historical cost, if actual historical cost is not available. Donated capital assets are recorded at the estimated fair market value at the date of donation. All purchases and construction costs in excess of $5,000 are capitalized at the date of acquisition or construction, respectively, with expected useful lives of five years or greater.


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Capital assets (excluding land and construction in progress) are depreciated on a straight-line basis. The estimated useful lives of capital assets are as follows:

The cost of normal maintenance and repairs that do not add to the value of the assets or materially extend asset lives are not capitalized and are treated as expenses when incurred. Improvements are capitalized. Governmental Fund Financial Statements Capital asset costs are recorded as expenditures in the fiscal year of purchase for the various funds. I. Interfund Receivables and Payables During the course of its operations, transactions occur between and within individual funds that may result in amounts owed between funds. Government-Wide Financial Statements Transactions of a buyer/seller nature between and within governmental funds are eliminated from the governmental activities in the Statement of Net Position. Fund Financial Statements Transactions of a buyer/seller nature between and within funds are not eliminated from the individual fund statements. J. Interfund Transfers During the course of its operations, resources are permanently reallocated between and within funds. These transactions are reported as operating transfers in and operating transfers out. Government-Wide Financial Statements Operating transfers between and within governmental funds are eliminated from the governmental activities in the Statement of Net Position. Fund Financial Statements Operating transfers between and within funds are not eliminated from the individual fund statements and are reported as operating transfers in and operating transfers out.

Asset Class

Estimated Useful Life (in years)

Buildings and improvements 10-40 Machinery, vehicles, equipment and furnishings 5-10 Debt issue costs (Intangible Assets) 20


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K. Net Position and Fund Equity Government-Wide Financial Statements (Net Position) Net Position are classified into three components:

a. Net Investment in capital assets – consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets.

b. Restricted net position – Consists of net position with constraints placed on the use by external

groups such as creditors, grantors, contributors, or laws or regulations of other governments.

Net position have been “restricted” for the following:

• Capital Projects represents amounts used for capital equipment and improvements. • Other purposes represent restrictions placed on assets from outside parties.

c. Unrestricted net position – All other net position that do not meet the definition of “restricted” or

“net investment in capital assets.” Fund Financial Statements (Fund Balances) The District uses the following criteria for fund balance classification:

• For restricted fund balance: when constraints placed on the use of the resources are either (1) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; or (2) imposed by law trough constitutional provisions or enabling legislation.

• For assigned fund balance: (1) the body or official authorized to assign amounts to a specific

purpose and (2) the policy established by the governing body pursuant to which the authorization is given.

• For unassigned fund balance: is the residual classification for the general fund. In other

governmental funds, if expenditures incurred for specific purposes exceeded the amounts restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance.

The District uses the following criteria for fund balance policies and procedures:

• When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the unrestricted amount will be considered to have been spent.

• When an expenditure is incurred for purposes for which assigned, or unassigned fund balance is available, and the least restricted amount will be considered to have been spent.


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L. Deferred Outflows/Inflows of Resources Government-Wide Financial Statements (Net Position) In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expenditure) until then. The District reported deferred outflows of resource related to pensions in this category. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District reported deferred inflows of resource related to pensions in this category. Governmental Fund Financial Statements In addition to liabilities, the governmental funds balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents assets that have been recorded in the governmental fund financial statements but the revenue is not available and so will not be recognized as an inflow of resources (revenue) until it becomes available. There were no deferred inflows of resources outstanding as of June 30, 2016. M. Long-term debt Government-Wide Financial Statements Long-term debt is reported as liabilities in the government-wide statement of net position. Material bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Governmental Fund Financial Statements The face amount of governmental funds long-term debt is reported as other financing sources. Bond premiums and discounts, as well as issuance costs, are recognized in the current period. Bond premiums are reported as other financing sources and bond discounts are reported as other financing uses. Issuance costs, whether or not withheld from the actual bond proceeds received, are reported as general government expenditures. N. Investment Income Investment income derived from major and nonmajor governmental funds is legally assigned to the general fund unless otherwise directed by Massachusetts General Laws (MGL). O. Compensated Absences The District grants to employees sick and vacation leave, in varying amounts based upon collective bargaining agreements, state laws and executive policies.


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Government-Wide Financial Statements Vested or accumulated vacation and sick leave are reported as liabilities and expensed as incurred. Governmental Fund Financial Statements The portion of the liability related to unused vacation time that has matured or is due as of June 30, 2016 is recorded in the governmental fund financial statement. P. Net Pension Liability Governmental Accounting Standards Board (GASB) Statement #68 requires employers participating in a cost-sharing pension plan to recognize pension liabilities as employees provide services to the government and earn their pension benefits. Employers participating in cost-sharing plans are required to recognize their proportionate share of the plan’s collective pension amounts for all benefits provided through the plan including the net pension liability, deferred outflows of resources, deferred inflows of resources, and pension expense. Q. Post Retirement Benefits Government-Wide and Fund Financial Statements In addition to providing pension benefits, health insurance coverage is provided for retired employees and their survivors in accordance with Chapter 32B, of Massachusetts General Laws, under various contributory plans. The cost of providing health insurance is recognized by recording the employer's 70% share of insurance premiums (depending on the plan selected) in the general fund in the fiscal year paid. All benefits are provided through third-party insurance carriers and health maintenance organizations that administer, assume, and pay all claims. R. Use of Estimates Government-Wide and Fund Financial Statements The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could vary from estimates that were used. S. Total Column Fund Financial Statements The total column on the fund financial statements is presented only to facilitate financial analysis. Data in this column is not comparable to the consolidated financial information.


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NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY A. Budgetary Basis of Accounting Municipal law requires the adoption of a balanced budget that is approved by the School District’s members and committees. Annually, the School Committee prepares a tentative budget, including capital costs. In accordance with the District agreement, the School Committee adopts the annual operating and maintenance budget not later than 45 days to the earliest date on which the first business session of the annual Town meeting of any member Town is held but no later than March 31st of any year, providing that such annual budget need not to be adopted prior to February 1st on any year. The final budget, divided between operating costs and capital costs, is then apportioned among the Member Towns. The apportioned amount for each Member Town must be certified to the Treasurers of such Towns within 30 days from the date on which said annual budget is adopted. B. Assessments Assessments are levied annually to the Member Towns of the District for the fiscal year beginning on July 1, and are due and payable in monthly installments. Capital costs, as defined by the District’s Regional Agreement, generally relate to costs incurred to construct or improve school plant operations. Capital costs shall include payment for principal and interest on indebtedness incurred to meet capital outlay. Each Member Town’s proportionate share of the annual capital costs shall be determined to the nearest one hundredth of one percent by dividing the equalized valuation of the Town by the total of the equalized valuations of all Member Towns of the School District. Operating costs include all other expenses not listed as capital costs, as well as interest on temporary notes issued by the District in anticipation of revenue. The current year’s operating costs are apportioned utilizing the statutory method of assessment. The contributions and expenditures break downs for Fiscal Year 2016 are as follows:

Additional Transportation CapitalMinimum Local and Other and Debt Total

Contribution Contribution Expenditures Expenditures AssessmentDover 5,515,348$ 3,703,108$ 422,816$ 915,321$ 10,556,593$ Sherborn 4,655,512 3,235,559 369,416 758,208 9,018,695

Totals 10,170,860$ 6,938,667$ 792,232$ 1,673,529$ 19,575,288$

C. Budgetary – GAAP Reconciliation While the School District is reporting financial position, results of operations and changes in fund balance on the basis of generally accepted accounting principles (GAAP), the budgetary basis as provided by law is based upon accounting for certain transactions on a basis of cash receipts, disbursements and encumbrances.


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The statement of revenues, expenditures, and changes in fund balances – budget and actual presented for the general fund is presented on the budgetery basis to provide a meaningful comparison of actual results with the budget. The adjustments necessary to reconcile the GAAP and Budgetary Basis Statements are as follows:

D. Deficit Fund Balances Several individual fund deficits exist within the capital improvements funds. These individual deficits will be eliminated through subsequent fiscal year budget transfers, grants, or proceeds of long-term debt during fiscal year 2017. NOTE 3 – DEPOSITS AND INVESTMENTS A cash pool is maintained that is available for use by all funds. Each fund type’s portion of this pool is displayed on the balance sheet as “cash and short term investments.” Deposits Custodial Credit Risk – Deposits

Custodial credit risk is the risk that in the event of bank failure, the School District’s deposits may not be returned. The District does not have a formal deposit policy for custodial credit risk. The District carries deposits that are fully insured by the Federal Deposit Insurance Corporation (FDIC) or Shared Insurance Fund (SIF). The district also carries deposits that are uninsured, and uncollateralized.

General Fund Revenues Expenditures

GAAP Basis 24,726,868$ 24,705,321$

To reverse the effect of non-budgeted State contributions for teacher's retirement (3,096,937) (3,096,937)

Budgetary Basis 21,629,931$ 21,608,384$


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The following table illustrates how much of the District’s bank deposits are insured, and how much of the District’s bank deposits are uninsured and uncollateralized as of June 30, 2016:

Total Bank Balances 4,925,770$

Bank Balances Covered by Deposit Insurance

Federal Deposit Insurance Corporation (FDIC) 908,851 Shared Insurance Fund (SIF) 1,956,424

Total Bank Balances Covered by Deposit Insurance 2,865,275

Bank Balances Uninsured and Uncollateralized 2,060,495

Total Bank Balances 4,925,770$

Investments Investments can also be made in securities issued by or unconditionally guaranteed by the U.S. government or agencies that have a maturity of less than one year from the date of purchase, repurchase agreement guaranteed by the U.S. government or agencies that have a maturity of less than one year from the date of purchase, repurchase agreements guaranteed by such securities with maturity dates of no more than 90 days from the date of purchase, and units in the Massachusetts Municipal Depository Trust (MMDT). The Treasurer of the Commonwealth of Massachusetts oversees the financial management of the MMDT, a local investment pool for cities, towns, districts, and other state and local agencies within the Commonwealth.

a) Credit Risk Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. For short-term investments that were purchased using surplus revenues, Massachusetts General Law Chapter 44, Section 55, limits the District’s investments to the top rating issued by at least one nationally recognized statistical rating organization (NRSROs). Presented below is the actual rating as of year-end for the investment type of the District.

Investment type Fair valueMinimum

Legal Rating Unrated

Certificate of Deposit 1,714,924$ N/A 1,714,924$

Ratings as of Year End

The District has not adopted a formal policy related to Credit Risk.


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b) Custodial Credit Risk

For an investment, this is the risk that, in the event of a failure by the counterparty, the District will not be able to recover the value of its investments or collateral security that are in possession of an outside party. The investment in the certificate of deposit is not exposed to custodial risk because it is fully insured by the Federal Depositors Insurance Corporation (FDIC) and the Shared Insurance Fund (SIF).The District does not have an investment policy for custodial credit risk.

c) Interest Rate Risk

Interest rate risk is the risk of changes in market interest rates which will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the risk of its fair value to change with the market interest rates. 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. Information about the sensitivity of the fair values of the District's investment to market interest rate fluctuations is as follows:

Investmentmaturities (in years)

Investment type Fair value 1-5

Certificate of Deposit 1,714,924$ 1,714,924$

d) Concentration of Credit Risk

The District places no limit on the amount that may be invested in any one issuer. More than 5% of the District's investment is in the following security:

Issuer Percentage of Total Investment

Certificate of Deposit 100% e) Fair Market Value of Investments

The District holds an investment that is measured at fair value on a recurring basis. Investing is not a core part of the District's mission; the District determines that the disclosure related to this investment only needs to be disaggregated by the major type. The District chooses a tabular format for disclosing the level within the fair value hierarchy. The District categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets, Level 2 inputs are significant other observable inputs, and Level 3 inputs are significant unobservable inputs.


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Significant Unobervable Inputs

(Level 3)

1,714,924$ 1,714,924$ -$ -$

Fair Value Measurements Using

Investment Type

Investment Measured at Fair ValueCertificate of Deposit

June 30, 2016

Quoted Price in Active Markets for

Identical Assets (Level 1)

Significant Other Observable Inputs

(Level 2)

Certificate of Deposit classified in Level 1 of the fair value hierarchy is valued using prices quoted in active markets for this security. NOTE 4 – INTERGOVERNMENTAL RECEIVABLES The School District’s intergovernmental receivable balance represents reimbursements from other governments for expenditures incurred, aid awarded, or debt incurred, and consisted of the following at June 30, 2016.

Governmental Funds:

Capital Improvements Fund:Town of Dover 160,692$ Town of Sherborn 126,926

Non-Major Governmental Funds:U.S. Department of Agriculture

School Lunch 2,463

Commonwealth of MassachusettsSpecial Education - PL 94-142 18,043 School Lunch 600 Metco D/S Program 33,785 Sports Gift 2,500 Title IIA 96

Total 345,105$


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NOTE 5 – CAPITAL ASSETS Capital asset activity for the fiscal year ended June 30, 2016, was as follows:

Beginning EndingGovernmental Activities: Balance Increases Decreases Balance

Capital assets not being depreciated :

Land 843,835$ -$ -$ 843,835$ Construction in Progress - 27,260 - 27,260

Total capital assets not being depreciated 843,835$ 27,260$ -$ 871,095$

Capital assets being depreciated :

Building and improvements 41,661,051 165,008 - 41,826,059 Machinery, vehicles, equipment and furnishings 3,837,392 9,750 - 3,847,142 Intangible Assets 142,069 - - 142,069

Total capital assest being depreciated 45,640,512 174,758 - 45,815,270

Less accumulated depreciation for :

Building and improvements (12,610,176) (1,040,473) - (13,650,649) Machinery, vehicles, equipment and furnishings (2,775,409) (156,313) - (2,931,722) Intangible Assets (71,035) (9,039) - (80,074)

Total accumulated depreciation (15,456,620) (1,205,825) - (16,662,445)

Total capital assets being depreciated, net 30,183,892 (1,031,067) - 29,152,825

Total governmental activities capital assets, net 31,027,727$ (1,003,807)$ -$ 30,023,920$

Depreciation expense was not charged to functions of the School District, but was recorded as unallocated in the Statement of Activities in the amount of $1,205,825.


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NOTE 6 – INTERFUND TRANSFERS Interfund transfers for the fiscal year ended June 30, 2016, are summarized as follows:

(1) Represents budgeted transfers to supplement the operating budget. (2) Represents budgeted transfer to the Capital Improvements Fund. (3) Represents other transfers.

NOTE 7 – SHORT-TERM FINANCING Under state law, and with the appropriate authorization, the District is authorized to borrow funds on a temporary basis as follows: • To fund current operations prior to the collection of revenues by issuing revenue anticipation notes

(RANS). • To fund grants prior to reimbursement by issuing grant anticipation notes (GANS). • To fund Capital project costs incurred prior to selling permanent debt by issuing bond anticipation

notes (BANS). • To fund current project costs and other approved expenditures incurred, that are anticipated to be

reimbursed by the Commonwealth through the issuance of State Aid anticipation notes (SAANS). Short-term loans are general obligations of the District and maturity dates are governed by statute. Interest expenditures for short term borrowings are accounted for in the General Fund.

Capital NonmajorGeneral Improvements Governmental

Fund Fund Funds Total

Nonmajor Governmental FundsAthletic Fee Revolving 30,000$ -$ -$ 30,000$ (1)Building Rental Revolving 20,000 - - 20,000 (1)School Lunch Fund 17,000 - - 17,000 (1)

General Fund - 303,000 - 303,000 (2)General Fund - 1,528 14,546 16,074 (3)Capital Improvements 1,348 - - 1,348 (3)

Total 68,348$ 304,528$ 14,546$ 387,422$

Operating Transfers In

Operating Transfers Out:


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The following is a summary of changes in short-term debt for the year ended June 30, 2016:

NOTE 8 – LONG-TERM DEBT Municipal law permits the District, under the provision of Chapter 71, Section 16, to authorize indebtedness not to exceed an amount approved by the Emergency Finance Board. Furthermore, written notice of the amount of debt authorized and general purpose of the debt must be given to the Board of Selectmen in each of the Towns comprising the District. Details related to the outstanding indebtedness and other long-term obligations payable at June 30, 2016, and the debt service requirements are as follows: Bonds and Notes Payable Schedule -Governmental Funds

ProjectInterest Rate

(%) Date IssuedMaturity

DateOutstanding at June 30, 2015 Issued Redeemed

Outstanding at June 30, 2016

General Obligation Bonds:Middle School Construction - Refunding 2.00% 2/15/2015 5/15/2025 8,380,000$ -$ (870,000)$ 7,510,000$

Type PurposeRate (%)

Due Date

Balance at June 30, 2015

Renewed/ Issued

Retired/ Redeemed

Balance at June 30, 2016

Governmental Funds

BAN Middle School 0.55% 6/24/2016 511,800$ -$ (511,800)$ -$

BAN Capital Items 0.55% 6/24/2016 73,200 - (73,200) -

BAN Repair Waste Treatment 0.55% 6/24/2016 108,000 - (108,000) -

BAN Middle School 0.80% 6/23/2017 - 341,200 - 341,200

BAN Capital Items 0.80% 6/23/2017 - 48,800 - 48,800

Total Governmental Funds 693,000$ 390,000$ (693,000)$ 390,000$


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The annual debt service requirements for principal and interest for Governmental bonds and notes outstanding at June 30, 2016 are as follows:

Changes in Long-term Liabilities The following is a summary of changes in long-term liabilities for the fiscal year ended June 30, 2016:

The governmental activities long-term liabilities are generally liquidated by the general fund. Advance and Current Year Refunding On February 15, 2015, the District issued general obligation refunding bonds in the amount of $8,380,000 with an interest rate of 2.00% to advance refund $8,700,000 of general obligation bonds with an interest rates ranging from 3.75% to 5.00%. The refunded bonds mature on May 15, 2025 and are callable on May 15, 2015. The general obligation refunding bonds were issued at a net interest cost of 1.34% and, after receiving a bond premium of $332,267, making a net additional payment of $78,119, and paying issuance costs of $90,386, the net proceeds were $8,700,000. The net proceeds from the issuance of the general obligation refunding bonds were used to purchase U.S. government securities and those securities were deposited in an irrevocable trust with an escrow agent to provide debt service payments until the advance refunded bonds are called on May 15, 2025. The refunding resulted in a net present value benefit of $1,453,807 in future debt service costs. The advance refunding met the requirements of an in-substance debt defeasance and the term bonds were removed from the District’s financial statements.

Fiscal Year Principal Interest Total

2017 925,000$ 150,200$ 1,075,200$ 2018 905,000 131,700 1,036,700 2019 890,000 113,600 1,003,600 2020 870,000 95,800 965,800 2021 845,000 78,400 923,400 2022 - 2025 3,075,000 150,300 3,225,300

Total 7,510,000$ 720,000$ 8,230,000$

Beginning Ending CurrentGovernmental Activities: Balance Additions Reductions Balance Portion

Bonds and notes payable 8,380,000$ -$ (870,000)$ 7,510,000$ 925,000$ Net pension liablility 5,649,714 513,623 - 6,163,337 - Postemployment benefits 7,023,850 1,204,960 - 8,228,810 -

Total governmental activities long-term liabilities 21,053,564$ 1,718,583$ (870,000)$ 21,902,147$ 925,000$


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NOTE 9 – GOVERNMENTAL FUND BALANCE CLASSIFICATIONS The District has classified its governmental fund balances with the following hierarchy.

Community Capital NonmajorGeneral Education Improvements Governmental

Fund Major Fund Major Fund Funds Total

Fund BalancesRestricted For:

Community education -$ 711,540$ -$ -$ 711,540$ Capital projects - - 445,116 - 445,116 Grants and gifts - - - 107,969 107,969 Fee-based revolving funds - - - 88,962 88,962 School lunch - - - 54,479 54,479

- 711,540 445,116 251,410 1,408,066

Assigned To:Encumbrances 83,178 - - - 83,178 Unemployment benefits - - - 87,486 87,486 Subsequent Years Expenditures 500,000 - - - 500,000 Petty Cash 600 - - - 600

583,778 - - 87,486 671,264

UnassignedGeneral Fund 907,862 - - - 907,862 Capital Projects

Capital Items - - (49,405) - (49,405) Middle School HVAC - - (340,595) - (340,595)

907,862 - (390,000) - 517,862 Total Governmental Fund Balances 1,491,640$ 711,540$ 55,116$ 338,896$ 2,597,192$


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NOTE 10 – RISK FINANCING The District is exposed to various risks of loss related to torts; theft of, damage to or destruction of assets; errors and omissions; injuries to employees; employee’s health, and natural disasters. Buildings are fully insured against fire, theft, and natural disaster to the extent that losses exceed $1,000 per incident. The fully insurable value of District buildings is $68,474,257. The District is insured for general liability; however, Chapter 258 of the Massachusetts General Laws limits the District’s liability to a maximum of $100,000 per claim in all matters except in actions relating to federal civil rights, eminent domain and breach of contract. Such claims are charged to the general fund. There were no such claims in 2016. The District is a member of the West Suburban Health Group, which is a Massachusetts Municipal Health Insurance joint purchase group. The group includes ten Towns, one school district, one vocational school and one educational collaborative as participants. The group offers a variety of self-funded health plans. Specifically, the group has the following self-insured plans: Blue Cross Blue Shield of MA (BCBSMA) Network Blue New England Exclusive Provider Organization (EPO) plans, Fallon Health Select Care and Direct Care EPO plans, Harvard Pilgrim Health Care (HPHC) EPO plans and Preferred Provider Organization (PPO) plan, and Tufts Health Plan EPO plan. Each of the EPO plans is offered at two plan design levels, i.e. Rate Saver and Benchmark plan designs. The Group also offers two Medicare plans that are self-funded for medical claims and fully insured for pharmacy claims through Medicare Prescription Drug Plans (PDPs). These are BCBSMA Medex 2 with Blue Medicare Rx PDP and HPHC Medicare Enhance with Aetna PDP. The Group offers the following health plans on a fully insured basis: BCBSMA Managed Blue for Seniors, Fallon Senior Plan, Tufts Medicare Prime Supplement, and Tufts Medicare Preferred HMO. The District pays monthly premiums to the Group. These payments are funded in part from the School District, and payroll withholdings from active employees, or direct payments from retired and certain eligible former employees. In general, the District pays between 50 percent and 70 percent of the cost of insurance for active and retired employees. As of June 30, 2016, the West Suburban Health Group had $18,569,426 in assets and $12,332,457 in liabilities. The net position were $6,236,969. NOTE 11 – POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS

GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, requires the following disclosures with regard to the retiree medical and life insurance benefits:

Plan Description. The School District provides medical and life insurance benefits to eligible retirees and their spouses. District meeting vote is the authority to establish and amend benefit provisions to the District. The District has accepted various sections of Massachusetts General Laws Chapter 32B to provide ½ of the premium cost of retirees’ health and life insurance costs.


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Funding Policy. The contribution requirements of plan members and the District are established and may be amended through school district ordinances. The required contribution is based on projected pay-as-you-go financing requirements. For fiscal year 2016, the total District’s premiums plus implicit costs for the retiree medical program are $679,808. Annual OPEB Cost and Net OPEB Obligation. The District’s annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The following table shows the components of the District’s annual OPEB cost for the fiscal year, the amount actually contributed to the plan, and changes in the District’s net OPEB obligation to the plan:

GovernmentalActivities

Annual required contribution 1,797,754$

Interest on net OPEB obligation 280,954

Amortization of Acturial (Gains)/Losses 196,628

Adjustment to annual required contribution (ARC) (390,568)

Annual OPEB cost (expense) 1,884,768

Contributions made (679,808)

Increase in net OPEB obligation 1,204,960

Net OPEB obligation - beginning of year 7,023,850

Net OPEB obligation - end of year 8,228,810$


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The District's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for 2016 and the six previous years were as follows:

Funded Status and Funding Progress. As of July 1, 2014, the most recent actuarial valuation date, the plan was 0.0% funded. The actuarial accrued liability for benefits was $17.888 million, and the actuarial value of assets was $0.0, resulting in an unfunded actuarial accrued liability (UAAL) of $17.888 million. The covered payroll (annual payroll of active employees covered by the plan) was $14.275 million, and the ratio of the UAAL to the covered payroll was 125.3%.

Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits.

Fiscal Year Ended Annual OPEB Cost

Percentage of Annual OPEB Cost

Contributed

Increase in Net OPEB Obligation

Net OPEB Obligation

6/30/2010 $ 1,713,863 34.8% $ 1,117,012 $ 2,218,987 6/30/2011 $ 1,411,901 44.1% $ 789,846 $ 3,008,833 6/30/2012 $ 1,435,063 38.7% $ 880,033 $ 3,888,866 6/30/2013 $ 1,611,896 39.0% $ 983,888 $ 4,872,754 6/30/2014 $ 1,712,340 38.9% $ 1,046,915 $ 5,919,669 6/30/2015 $ 1,783,659 38.1% $ 1,104,181 $ 7,023,850 6/30/2016 $ 1,884,768 36.1% 1,204,960$ 8,228,810$


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Actuarial Methods and Assumptions. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. In the July 1, 2014, actuarial valuation, the projected unit credit actuarial cost method was used. Under this method, the normal cost and actuarial accrued liability are both based on an accrual of projected benefits over the period for which benefits are accrued. The normal cost is the actuarial present value of one year’s benefit accrual on this basis. The actuarial accrued liability is the actuarial present value of the projected benefit times the ratio of past service to expected total service. The actuarial assumptions included a 4.00% investment rate of return (net of administrative expenses), which is a blended rate of the expected long-term investment returns on plan assets and on the employer’s own investments calculated based on the funded level of the plan at the valuation date, and an annual healthcare cost trend rate of 6% declining to 5% over one year. The actuarial value of assets was determined using market value. The UAAL is being amortized as a level dollar amount over 30 years at transition. The remaining amortization period at July 1, 2016, was 22 years. NOTE 12 – PENSION PLANS A. Plan Descriptions The District is a member of the Norfolk County Contributory Retirement System (The System), a multiple-employer, cost sharing contributory defined benefit pension plan covering eligible employees of the 41 member units deemed eligible by the system. Chapter 32 of the Massachusetts General Law assigns authority to establish and amend benefit provisions of the system. Substantially all employees are members of the system except for public school teachers and certain school administrators who are members of the Massachusetts Teachers’ Retirement System (MTRS) to which the District does not contribute. The “System” and the MTRS are contributory defined benefit plans and membership in both the “System” and the MTRS is mandatory upon commencement of employment for all permanent, full-time employees. The System issues a publically available audited financial report that may be obtained by contacting the system’s executive director at 480 Neponset Street, Building #15, Canton, Massachusetts 02021. The report can also be obtained online at www.norfolkcountyretirement.org. The MTRS issues a publically available audited financial report that may be obtained by contacting MTRS at One Charles Park, Cambridge, Massachusetts 02142-1206.


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B. Benefits Provided The System and MTRS provide retirement, disability and death benefits to plan members and beneficiaries. Massachusetts Contributory Retirement System benefits are with certain minor exceptions, uniform from system to system. The System provides for retirement allowance benefits up to a maximum of 80% of a member’s highest three-year average annual rate of regular compensation. For persons who became members on or after April 2, 2012, average salary is the average annual rate of regular compensation received during the five consecutive years that produce the highest average, or, if greater, during the last five years (whether or not consecutive) preceding retirement. Benefit payments are based upon a member’s age, length of creditable service, level of compensation, and group classification. Members become vested after ten years of creditable service. There are three classes of membership in the retirement system: group 1, group 2, and group 4. Group 1 consists of general employees which includes clerical and administrative positions. Group 2 consist of positions that have even been specified as hazardous. Lastly, group 4 consist of police officers, firefighters, and other hazardous positions. Members become vested after ten years of creditable service. A superannuation retirement allowance may be received upon the completion of 20 years of service or upon reaching the age of 55 with 10 years of service if hired after1978 and if classified in groups 1 or 2. A person who became a member on or after April 2, 2012 is eligible for a superannuation retirement allowance upon reaching the age of 60 with 10 years of service in group 1, 50 years of age with 10 years of service if in group 2 and 55 years of age if hired prior to 1978 or if classified in group 4. Normal retirement for most employees occurs at age 65 (except for certain hazardous duty and public safety positions, whose normal retirement is at age 55). Members who become permanently and totally disabled for further duty may be eligible to receive a disability retirement allowance. The amount of benefits to be received in such cases is dependent on several factors, including whether or not disability is work related, the employee’s age, years of creditable service, level of compensation, veterans’ status and group classification. Employees who resign from service and who are not eligible to receive a retirement allowance or are under the age of 55 are entitled to request a refund of their accumulated total deductions. In addition, with at least ten years of creditable service, such employees are entitled to receive one hundred (100%) percent of the regular interest which has accrued upon those deductions. Survivor benefits are extended to eligible beneficiaries of members whose death occurs prior to or following retirement. Cost-of living adjustments granted through June 30, 1998, and any increase in other benefits imposed by the Commonwealth’s state law during those years are borne by the Commonwealth and are deposited in to the pension fund. Cost-of-living adjustments granted subsequent to June 30, 1998 must be approved by the system and all costs are borne by the system.


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C. Contributions Norfolk County Contributory Retirement System Chapter 32 of MGL governs the contributions of plan members and member employees. Active plan members are required to contribute to the system at rates ranging from 5 to 9% of their gross compensation. Members joining the system after January 1, 1979 must contribute an additional 2% on regular compensation earnings at a rate in excess of $30,000. The rate is keyed to the date upon which an employee’s membership commences. The member units are required to pay into the system, a legislatively mandated actuarial determined contribution that is apportioned among the employers based on active current payroll. The District’s proportionate share of the required contribution for the year ended June 30, 2016 which was $560,895 and 18.25% of covered payroll, actuarially determined as an amount that when combined with plan member contributions, is expected to finance the costs of benefits earned by plan members during the year, with an additional amount to finance any unfunded accrued liability. Massachusetts Teachers’ Retirement System As required by State statutes, teachers of the District are covered by the Massachusetts Teachers Retirement System (MTRS). Plan members (at varying rates of annual covered compensation) and the Commonwealth of Massachusetts fund contributes to the MTRS. The Pension benefits and administrative expenses paid by the Teachers Retirement Board are the legal responsibility of the Commonwealth of Massachusetts, and thus the District is not required to contribute. The Commonwealth of Massachusetts contributed “on-behalf” payments to the MTRS totaling $3,096,937 for fiscal year 2016. In accordance with GASB Statement No. 68, these on-behalf” payments have been recorded in the general fund as intergovernmental revenues and pension expenditures. D. Pension Liabilities, Pension Expense, Deferred Outflows of Resource, and Deferred Inflows of Resources Related to Pensions Pension Liabilities At June 30, 2016 the District reported a liability of $6,163,337 for its proportionate share of the net pension liability. The net pension liability was measured as of December 31, 2015 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of January 1, 2016. Accordingly, updated procedures were used to roll forward the total pension liability to the measurement date. The District’s proportion of the net pension liability was based on a projection of the District’s long-term share of contributions to the pension plan relative to the projected contributions of all participating members. At December 31, 2015, the District’s proportion was 1.13% which was a minor increase from its proportion measured as of December 31, 2014.


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Pension Expense and Deferred Outflows/Inflows of Resources For the year ended June 30, 2016 the District recognized pension expense of $712,655. At June 30, 2016 the District reported deferred outflows/inflows of resources related to pensions of $392,465 from the net difference between projected and actual investment earnings on pension plan investments. Since the system performs an actuarial valuation bi-annually, there are no reported differences between expected and actual experience or changes of assumptions as of December 31, 2015. The deferred outflows/inflows of resources related to pensions will be recognized in future pension expense are as follows:

Year ended June 30 Amount

2017 106,829$ 2018 106,829 2019 106,829 2020 71,978

Totals 392,465$

E. Actuarial assumptions The total pension liability in the January 1, 2016 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement that was updated to December 31, 2015. Valuation date January 1, 2016 Actuarial cost method Entry age normal cost method Amortization method Open-level percent of payroll. Cost of Living Increase 3.0% of first $15,000 of retirement income Asset valuation method market value

Inflation rate 4.0% Projected Salary increases 3.5% - 5.5% Mortality rates The RP-2014 blue collar mortality table adjusted with scale

MP-2014. Investment rate of return 8.0%


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F. Long-Term Expected Rate of Return The long-term expected rate of return on pension plan investments was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class included in the pension plan’s target asset allocation as of December 31, 2015 are summarized in the following table:

Asset Class Target AllocationLong-Term Expected Real Rate of Return

Domestic Equity 32.0% 9.40%International Equities 17.5% 9.70%Fixed Income 19.0% 3.40%Private Equity 8.5% 13.60%Real Estate 9.0% 7.70%Real Assets 5.0% 7.90%Hedge Funds 9.0% 7.90% Total 100%

For the year ended December 31, 2015 the System’s annual money-weighted rate of return on pension plan investments net of pension plan investment expense was -0.75%. The money-weighted rate of return expresses investment performance, net of pension plan investment expense, adjusted for the changing amounts actually invested. G. Discount Rate The discount rate used to measure the total pension liability was 8.00%. The projection of cash flows used to determine the discount rate assumed plan member contributions will be made at the current contribution rates and that member employer contributions will be made at contractually required rates, actuarially determined. Under Chapter 32 of the MGL, employers are required to make the necessary contributions such that the plan reaches full funding status by 2040. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.


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H. Sensitivity of the net pension liability to changes on the discount rate The following presents the net pension liability of the system, as of December 31, 2015 calculated using the discount rate of 8.00%, as well as what the system’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower (7.00%) or one percentage point higher (9.00%) than the current rate:

1% Decrease (7.00%)

Current Discount Rate

(8.00%)1% Increase

(9.00%)

The Districts proportionate share of the net pension liability 7,729,560$ 6,163,337$ 4,826,437$

Detailed information about the pension plan’s fiduciary net position is available in a separately issued Norfolk County Contributory Retirement System financial report. NOTE 13 – COMMITMENTS AND CONTINGENCIES The District participates in a number of federal award programs. However the District is not subject to the provisions of the Single Audit Act Amendments of 1996, since the District did not expend more than $750,000 of federal awards during the period ended June 30, 2016.These programs may still be subject to financial and compliance audits. Accordingly, the amount of expenditures which may be disallowed by the granting agencies cannot be determined at this time, although it is believed the amount, if any, would not be material. Litigation is subject to many uncertainties, and the outcome of individual litigated matters is not always predictable. Although the amount of liability, if any, at June 30, 2016, cannot be ascertained, management believes any resulting liability should not materially affect the financial position at June 30, 2016. NOTE 14 – IMPLEMENTATION OF NEW GASB PRONOUNCEMENTS During fiscal year 2016, the following GASB pronouncements were implemented: The GASB issued Statement #72. Fair Value Measurement and Application, which is required to be implemented in 2016. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements. The GASB issued Statement #76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, which is required to be implemented in 2016. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements. The GASB issued Statement #79, Tax Abatement Disclosures which is required to be implemented in 2015. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements.


JUNE 30, 2016

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Future GASB Pronouncements: The GASB issued Statement #73, Accounting and Financial Reporting for Pension and Related Assets that are not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statement 67 and 68. The provisions of this Statement are effective for 2016 – except those provisions that address employers and governmental non-employer contributing entities for pensions that are not within the scope of Statements 68, which are effective for 2017. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements. The GASB issued Statement #74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, which is required to be implemented in 2017. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements. The GASB issued Statement #75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, which is required to be implemented in 2018. Management’s current assessment is that this pronouncement will have a significant impact on the Basic Financial Statements. The GASB issued Statement #77, Tax Abatement Disclosures which is required to be implemented in 2017. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements. The GASB issued Statement #78, Pension Provided through Certain Multiple-Employer Defined Benefit Pension Plans, which is required to be implemented in 2017. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements. The GASB issued Statement #80, Blending Requirements for Certain Component Units – an amendment of GASB Statement #14, which is required to be implemented in 2017. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements. The GASB issued Statement #81, Irrevocable Split-Interest Agreements, which is required to be implemented in 2018. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements. The GASB issued Statement #82, Pension Issues – an amendment of GASB Statements No. 67, No. 68, and No. 73, which is required to be implemented in 2017. Management’s current assessment is that this pronouncement will not have a significant impact on the Basic Financial Statements.

DOVER-SHERBORN REGIONAL SCHOOL DISTRICT REQUIRED SUPPLEMENTARY INFORMATION

NORFOLK COUNTY CONTRIBUTORY RETIREMENT SYSTEM JUNE 30, 2016

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The following schedules are presented in accordance with GASB Statement No. 27: Schedules of Funding Progress

Actuarial Valuation

Date

Actuarial Value of Assets

(a)

Actuarial Accrued Liability (AAL) -

Entry Age (b)

Unfunded AAL (UAAL) (b - a)

Funded Ratio (a/b)

Covered Payroll

(c)

UAAL as a Percentage of

Covered Payroll [(b - a)/c]

1/1/2016 814,225,634$ 1,310,561,438$ 496,335,804$ 62.1% 267,454,300$ 185.6%1/1/2014 696,682,779 1,247,596,772 550,913,993 55.8% 246,722,941 223.3%1/1/2012 608,235,096 1,128,960,288 520,725,192 53.9% 229,095,409 227.3%1/1/2010 600,790,835 1,001,881,055 401,090,220 60.0% 223,332,595 179.6%1/1/2008 596,157,147 907,719,124 311,561,977 65.7% 223,814,977 139.2%1/1/2007 533,077,948 855,677,413 322,599,465 62.3% 219,620,865 146.9%1/1/2005 467,186,566 762,900,650 295,714,084 61.2% 196,639,163 150.4%1/1/2003 415,150,776 675,275,257 260,124,481 61.5% 185,281,985 140.4%

Schedule of Employer Contributions

Fiscal Year Ended June 30

Annual Required

Contributions

(A) Actual

ContributionsPercentage Contributed

(B) Actual

Contributions

(B/A) District's Percentage

of System Wide Actual

Contributions

2016 $ 53,201,068 53,201,068$ 100% 560,895$ 1.05%2015 48,383,549 48,383,549 100% 527,073 1.09%2014 44,800,000 44,800,000 100% 514,281 1.15%2013 42,714,639 42,714,639 100% 487,439 1.14%2012 41,206,587 41,206,587 100% 473,884 1.15%2011 42,794,150 42,794,150 100% 471,274 1.10%

System Wide Regional School DistrictDover-Sherborn



The following schedules are presented in accordance with GASB Statement No. 68 Schedule of the District’s Proportionate Share of the Net Pension Liability

December 31, 2014 December 31, 2015District's proportion of the net pension liability 1.09% 1.13%

District's proportionate share of the net pension liability 5,649,714$ 6,163,337$

District's covered-employee payroll 2,660,800$ 3,073,720$

District's proportionate share of the net pension liability as a percentage of it's covered-employee payroll 212.33% 200.52%

Plan fiduciary net position as a percentage of the total pension liability 60.10% 58.60%

Note: This District schedule is intended to present information for 10 years. Until a 10 year trend is compiled by the (System), information is presented for those years for which the information is available. See notes to Required Supplementary Information

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December 31 ,2014 December 31 ,2015Actuarily determined contribution 527,073$

Contribution in relation to the actuarilly determined contribution (527,073)

Contribution deficency (excess) -$

District's covered-employee payroll 2,660,800$

Contribution as a percentage of covered - employee payroll 19.81% 18.25%

SCHEDULE OF DISTRICTS CONTRIBUTION

560,895$

(560,895)$

-$

3,073,720$

Note: This District schedule is intended to present information for 10 years. Until a 10 year trend is compiled by the (System), information is presented for those years for which the information is available. See notes to Required Supplementary Information

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MASSACHUSETTS TEACHERS RETIREMNT SYSTEM JUNE 30, 2016

SCHEDULE OF THE STATE’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY

Teacher’s Pension Plan

2015 2016District's proportion of the net pension liability (asset) 0% 0%

Commonweath's proportion of the net peansion liability (assets) 100% 100%

Commonwealth's proportionate share of the net pension liability associated with the district 29,235,743$ 38,182,457$

Employer pension expense and revenue for Commonwealth support 2,031,147$ 3,096,937$

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OTHER POSTEMPLOYMENT BENEFITS JUNE 30, 2016

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The following schedules are presented in accordance with GASB Statement No. 45: Schedules of Funding Progress and Employer Contributions Projected Schedule of Funding Progress:

Schedule of Employer Contributions:

The required information presented above was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation follows:

Valuation date July 1, 2014 Discount Rate 4.00% Medical Trend 5% for 2015

Cost Method Projected Unit Credit Cost Method Amortization Method Level dollar amount over 30 years at transition Remaining Amortization Period 22 Mortality RP-2000 Table for males

RP-2000 Table for females

Fiscal Year Ended

Annual OPEB Cost

Actual Contributions

Made

Percentage of Annual OPEB Cost

ContributedNet OPEB Obligation

6/30/2010 $ 1,713,863 $ 596,851 34.82% $ 2,218,987 6/30/2011 $ 1,411,901 $ 622,055 44.06% $ 3,008,883 6/30/2012 $ 1,435,063 $ 555,080 38.68% $ 3,888,866 6/30/2013 $ 1,611,896 $ 628,008 38.96% $ 4,872,754 6/30/2014 $ 1,712,340 $ 665,425 38.86% $ 5,919,669 6/30/2015 $ 1,783,659 $ 679,478 38.09% $ 7,023,850 6/30/2016 $ 1,884,768 679,808$ 36.07% 8,228,810$

Actuarial Valuation

Date

Actuarial Value of Assets

(a)

Actuarial Accrued

Liability (AAL) Entry Age

(b)

Unfunded AAL (UAAL)

(b - a)

Funded Ratio (a/b)

Covered Payroll

(c)

UAAL as a Percentage of

Covered Payroll [(b - a)/c]

7/1/2009 -$ 18,295,960$ 18,295,960$ 0.0% 12,024,144$ 152.2%7/1/2010 -$ 14,197,136$ 14,197,136$ 0.0% 13,150,000$ 108.0%7/1/2011 -$ 14,608,767$ 14,608,767$ 0.0% 13,741,750$ 106.3%7/1/2012 -$ 16,323,116$ 16,323,116$ 0.0% 14,500,093$ 112.6%7/1/2014 -$ 17,887,829$ 17,887,829$ 0.0% 14,275,181$ 125.3%


OTHER POSTEMPLOYMENT BENEFITS JUNE 30, 2016

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Plan Membeship:

Current retirees, beneficiaries, and dependents 157 Current active members 203

360


NORFOLK COUNTY CONTRIBUTORY RETIREMENT JUNE 30, 2016

Pension Plan Schedules A. Schedule of the District’s Proportionate Share of the Net Pension Liability The Schedule of District’s Proportionate Share of the Net Pension Liability details the allocated percentage of the net pension liability; the proportionate share of the net pension liability, and the covered employee payroll. It also demonstrates the net position as a percentage of the pension liability and the net pension liability as a percentage of covered payroll. B. Schedule of District’s Contribution Governmental employees are required to pay an annual appropriation as established by PERAC. The total appropriation includes the amounts to pay the pension portion of each member’s retirement allowance, an amount to amortize the actuarially determined unfunded liability to zero in accordance with the System’s funding schedule, and additional appropriations in accordance with adopted early retirement incentive programs. The appropriations are payable on July 1, and January 1. The District may choose to pay the entire appropriation in July at a discounted rate. Accordingly, actual contributions may be less than the “total appropriation”. The pension fund appropriation is allocated to the District based on covered payroll.

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Memo from








RE: Agenda Item #5

Massachusetts General Law Chapter 76, Section 12 requires local school committees to vote annually as

to whether or not the district will participate in School Choice.

Our school committees have historically voted not to participate in School Choice.

Should the committees decide not to participate, the recommended motion is:

Move to have the Dover Sherborn Regional Schools not participate in School Choice program for the

2017-2018 school year.


Memo from








RE: Agenda Item #6

Attached please find the following policy for a first reading.

JLIE – Student Driving and Parking

STUDENT DRIVING AND PARKING

File: JLIE

The only students who may regularly drive to school are seniors who have registered their cars with the main office of the Dover-Sherborn Regional High School and who comply with school driving regulations. Seniors who abuse the driving regulations will lose their driving privilege. All cars must display the student parking permit on the right rear bumper and be parked in the upper parking lot opposite the Lindquist Commons. Juniors with special needs for purposes of employment may be granted permission to drive to school by the Headmaster.

Updated Version The only students who may regularly drive to school are Seniors who comply with the requirements and process detailed in our high school student handbooks. Juniors will be eligible to drive to school if space is available. Details for junior requirements and the lottery system are included in our high school student handbook. Sophomores will be allowed to drive to school after graduation. They must follow the same procedures and requirements as Juniors.

REF.: Intro. 1973-74 Dover-Sherborn Regional High School

Dover Sherborn High School Student Handbook

FIRST READING: January 25, 2011

March 14, 2017

SECOND READING: May 22, 2012

ADOPTED: May 22, 2012

SOURCE: Dover-Sherborn Regional Committee


Memo from








RE: Agenda Item #7

The following communications and information are included on the Consent Agenda. The items on the

Consent Agenda will be approved by the Committee in its entirety unless a member asks that a particular

item be put on hold for further discussion.

Approval of Minutes December 16, 2016 and February 28, 2017

Overnight Trip

Dover-Sherborn Regional School Committee Meeting of December 16, 2016

Members Present Clare Graham, Chair Dana White, Secretary

Richard Robinson Carolyn Ringel

Also Present: Bill McAlduff, Interim Superintendent Dawn Fattore, Interim Business Manager Robyn Hunter, Chair, Dover Selectmen Beth Greenblatt

1) Call to Order Ms. Graham called the meeting to order at 8:32 am in the Chickering School conference room.

2) Net Metering Contract Ms. Hunter and Ms. Greenblatt reviewed the discussions and actions to date that brought a net metering opportunity to the Dover Sherborn Regional Schools. These discussions and the follow up discussions included licensing, what net metering is and how net metering works, the deadlines, the components of a net metering agreements, other districts who have entered into these agreements (Lincoln/Sudbury), are there risks, can the region enter into a 20 year lease like Lincoln/Sudbury and more. Ms. Graham made a motion, seconded by Ms. Ringel to express our approval of the decision that the district enter into a Solar & Power Services Agreement. Vote: 4-0

3) Green Schools Community Energy Management Plan- There was a discussion on the Dover Green Community Plan. Mr. Robinson made a motion, seconded by Ms. Ringel to accept the Dover Green Community Plan. Vote: 4 – 0 Meeting adjourned at 9:25 am Respectfully submitted, Clare Graham

DRAFT

Dover-Sherborn Regional School Committee Meeting of February 28, 2017

Members Present Clare Graham, Chair Lori Krusell, Vice Chair Dana White, Secretary

Michael Lee Richard Robinson

Also Present: Bill McAlduff, Interim Superintendent Dawn Fattore, Interim Business Manager Christine Smith, Special Education Director

1) Call to Order Ms. Graham called the meeting to order at 6:30 pm in the Middle School Library

2) Community Comments – Several teachers spoke on behalf of many more that were in attendance about the ongoing Contract Negotiations. The teachers believe their compensation has fallen behind comparable school districts over the past 6 years and asked for the community to support their proposed increases to the salary matrix.

3) FY18 DS Regional Schools Budget Hearing - Ms. Graham called the Open Hearing to order at 6:15 pm and made a presentation outlining the FY18 Budget. The Open Hearing was closed at 6:25 pm.

4) Town Warrants and Inter-Municipal Agreement (IMA) - The IMA has been signed by the Board of Selectmen of both towns and now needs approval of the School Committee. Mr. Robinson made a motion to accept the 2017-18 Inter-Municipal Agreement. Ms. Krusell seconded. 17-06 VOTE: 5 - 0

5) Discussion and Vote on FY18 Operating Budget - There was discussion about the FY18 Budget specifically around the changes to the Special Education programs and the inception of the BRYT program (only if grant monies are received for the remaining cost of the program). Mr. Lee expressed his concerns that the percentage increase of the budget is unsustainable for the Town of Sherborn. Ms. White made a motion to to adopt the 2017-2018 budget in the amount of $24,105,585 which is reduced by estimated receipts and available funds in the amount of $2,930,152 for a net amount to be assessed to the member town of $21,175,433. This assessment is comprised of $20,149,466 in operating expenses and $1,025,967 in debt expenses, and that the Treasurer be authorized to certify this budget in the apportioned share of each town based on the statutory method. Ms. Krusell seconded. 17-07 VOTE: 4 - 1 (Mr. Lee) Ms. White made a motion to approve the utilization of $137,290 of June 30, 2016 certified Excess & Deficiency funds for the FY18 Budget. Ms. Krusell seconded. 17-08 VOTE: 4 - 1 (Mr. Lee)

6) Consent Agenda

a) RSC Meeting Minutes of February 16, 2017 - correct spelling of “Kellett”. Mr. Lee made a motion to approve the minutes of February 16, 2017 as amended. Mr. Robinson seconded. 17-09 VOTE: 5 - 0

7) Adjournment at 7:30 pm. Respectfully submitted, Amy Davis


Memo from








RE: Agenda Item #8

The following communications are for member’s information.

FY18 Assessment letter to towns

Sherborn School Committee Minutes January 17, 2017 and February 14, 2017

APPROVED FEBRUARY 14, 2017

Sherborn School Committee Meeting of January 17, 2017

Members Present: Greg Garland, Chair Anne Hovey Scott Embree Kate Potter Jennifer Debin Also Present: Bill McAlduff, Interim Superintendent Christine Smith, Special Education Director Dawn Fattore, Interim Business Manager

1) Call to Order Mr. Garland called the meeting to order at 6:35 pm in the Sherborn Town Hall.

2) Community Comments

3) Reports

• Principal's Report - Dr. Brown reported on recent and upcoming events at Pine Hill.

• Assistant Superintendent Report - Dr. LeDuc's report was provided and Mr. McAlduff updated the committee on the Coordinated Program Review. The preliminary report will be provided as soon as March.

4) FY17 Monthly Financial Report

• Status of Appropriations - The report as of December 31st was provided. Since last month’s report, the nurse leader stipend has been adjusted to account for the portions covered by Dover and the Region. Assuming no changes to the current staffing and the remaining budget for substitutes and custodial services are utilized, an approximately $30,000 positive variance is projected. Under the direction of Sherborn’s Energy Committee, Pine Hill purchased 1,500 LED lights under a MASS Save program for $1 each. It is estimated that the year one savings will cover the purchase price of the bulbs.

• FY17 Special Education OOD (Out of District) Update - There has been one increase in services of $5,000 since the last report. And since December 31st, there is another known OOD placement increasing the projected negative budget variance to $86,000 (up from $45,000 in November). The Administration is still working to close this gap within the FY17 budget but has submitted an Annual Town Meeting warrant article for any variance that cannot be closed.

5) Proposed FY18 Operating Budget

• Proposed Special Education Initiatives for FY18 - Ms. Smith discussed her recommendation for the expansion of the services provided to students with Language Based Disabilities from 1.0 FTE shared by the MS and HS to 1.0 FTE for both the MS and HS. She believes this additional teacher, along with the contract with Landmark, would reduce the number of out of district (OOD) placements going forward. Ms. Smith also recommends a 1.0 FTE increase to the Life Skills Program to facilitate the return of 1-2 students to the District as well as provide space for younger students to remain in the District going forward. Finally, Ms. Smith recommends changing the current Board Certified Behavior Analyst (BCBA) from a separate model of service at each of the schools to a 1.0 District wide position. Ms. Smith took questions from committee members and the audience.

• Proposed Adjustments to FY18 Draft Budget - Mr. McAlduff presented a total of ($61,168) in recommended budget adjustments including: utilization of Non-Resident Tuition - ($39,068); Professional Development including use of grant monies for literacy consultant -

APPROVED FEBRUARY 14, 2017

($13,700); and various classroom supplies to bring amounts to level budgeting - ($8,400). This brings the FY18 In-District request to $5,811,346 which is $67,276 or 1.17% over FY17. Adjustments to the Out of District (OOD) Tuition & Transportation are: Elementary transportation provided by ACCEPT - ($2,688); Region transportation provided by ACCEPT - ($37,694); and new Region placements since November 15, 2016 plus an amount to account for a spreadsheet formula error - $84,454 for a total increase of $45,072. This brings the FY18 OOD request to $948,116 which is $202,911 or 27.23% over FY17. The total FY18 Budget amount is $6,759,462 which is $270,187 or 4.16% over FY17. The Advisory Budget Guidance for FY18 is $6,489,275.

6) Consent Agenda

• Approval of Minutes: November 15 and December 15, 2016

• Donation: Sawin Fund - $13,000 to supplement field trip costs, naturalist experiences via Broadmoor and Hale Reservation, after school enrichment clubs, and guidance needs. Ms. Hovey made a motion to accept the Consent Agenda. Ms. Potter seconded. 17-01 VOTE: 5 - 0

7) Communications

• 2017 Town Meeting Warrant Submittal

• Regional School Committee minutes of November 1 and December 6, 2016

• Circuit Breaker: Q&A

8) Items for Proposed February 14 meeting - FY18 Budget Version 3 including a list of items to discuss to get the Advisory’s Guidance number.


APPROVED MARCH 7, 2017

Sherborn School Committee Meeting of February 14, 2017

Members Present: Greg Garland, Chair Anne Hovey Scott Embree Kate Potter Jennifer Debin Also Present: Bill McAlduff, Interim Superintendent Karen LeDuc, Assistant Superintendent Christine Smith, Special Education Director Dawn Fattore, Interim Business Manager Barbara Brown, Principal

1) Call to Order Mr. Garland called the meeting to order at 6:35 pm in the Sherborn Town Hall.

2) Community Comments

3) Reports

• Principal's Report - Dr. Brown reported on recent and upcoming events at Pine Hill.

• Superintendent Report - Mr. McAlduff updated the Committee on enrollment numbers. Since last month, enrollment is down by 1 student. Since October 1st, enrollment has increased by 4 students compared to 12 students at this same time last year.

4) FY17 Monthly Financial Report

• Status of Appropriations - The report as of January 31st was provided. There are no changes to report since last month.

• FY17 Special Education OOD (Out of District) Update - The report now reflects additional increases in services reported to the Committee last month. The negative variance to date is $141,373.

• Special Revenue/Revolving Funds - Account balances as of December 31st were provided.

5) FY18 Capital Budget - The Building Committee met with the Capital Budget Committee to review the window project proposal and to discuss the unused appropriated monies from prior Annual Town Meeting warrant articles which could fully fund the window project. The projects are as follows: window replacement $137,940, exterior painting $29,440, ceiling fans for auditorium $12,740, and rear projection & speakers for auditorium $24,434 (offset by $10,000 private gift) totaling $204,554, Ms. Hovey made a motion to approve the FY18 Capital Budget in the amount of $204,554. Mr. Embree seconded. 17-02 VOTE: 5 - 0

6) FY18 Operating Budget

• Proposed Adjustments to FY18 Budget - Reduction of $23,156 to BCBA Salary due to SPED reorganization. This bring the FY18 In-District request to $5,788,190 which is $44,120 or 0.77% over FY17. Adjustments to the Out of District (OOD) Tuition & Transportation are: Increase of $133,043 due to new placements at the Region and reduction of $11,000 to transportation resulting from new placements. This brings the FY18 OOD request to $1,070,159 which is $324,954 or 43.61% over FY17.

APPROVED MARCH 7, 2017

The total FY18 Budget amount is $6,858,349 which is $369,074 or 5.69% over FY17. The Advisory Budget guidance for FY18 is $6,489,275. The School Committee is meeting with the Advisory Committee tomorrow night to discuss the budget request versus the Advisory guidance.

7) Consent Agenda

• Approval of Minutes: January 17, 2017 Ms. Hovey made a motion to accept the Consent Agenda. Mr. Embree seconded. 17-04 VOTE: 5 - 0

8) Communications

• Regional School Committee minutes - none

• Dover School Committee minutes of November 22 and December 19, 2016

9) Items for Future Meetings

• Meeting with Advisory Committee on February 15

• March 7th Meeting - Annual Budget Hearing, vote on FY18 Budget request


Documents

Dover-Sherborn Regional School Committee