RED BANK REGIONAL HIGH SCHOOL DISTRICT - State

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

County of MonmouthLittle Silver, New Jersey

RED BANK REGIONAL HIGH SCHOOL DISTRICT

Red Bank Regional High School District

Business Administrator's Office

COMPREHENSIVE ANNUAL FINANCIAL REPORT

OF THE


LITTLE SILVER, NEW JERSEY

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

Prepared by

PAGE

Letter of Transmittal 1Organizational Chart 2Roster of Officials 3Consultants and Advisors 4

Independent Auditors' Report 7

REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion & Analysis 13

BASIC FINANCIAL STATEMENTS

A. District-Wide Financial Statements:A-1 Statement of Net Position 25A-2 Statement of Activities 26

B. Fund Financial Statements:Governmental Funds:B-1 Balance Sheet 33B-2 Statement of Revenues, Expenditures & Changes in Fund Balance 34B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund 35

Balance of Governmental Funds to the Statement of ActivitiesProprietary Funds:B-4 Statement of Net Position 39B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 40B-6 Statement of Cash Flows 41Fiduciary Funds:B-7 Statement of Fiduciary Net Position 45B-8 Statement of Changes in Fiduciary Net Position 46

Notes to Financial Statements 49

REQUIRED SUPPLEMENTARY INFORMATION - PART II

C. Budgetary Comparison Schedules:C-1 Budgetary Comparison Schedule - General Fund 77C-1a Combining Schedule of Revenue, Expenditures & Changes in Fund Balance -

Budget & Actual N/AC-2 Budgetary Comparison Schedule - Special Revenue Fund 83

Notes to the Required Supplementary Information:C-3 Budget-to-GAAP Reconciliation 87

TABLE OF CONTENTS

INTRODUCTORY SECTION

FINANCIAL SECTION

PAGE

TABLE OF CONTENTS

REQUIRED SUPPLEMENTARY INFORMATION - PART II (continued):

D. School Based Budget Schedules Fund:D-1 Combining Balance Sheet N/AD-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource Type - Actual N/AD-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget & Actual N/A

E. Special Revenue Fund:E-1 Combining Schedule of Revenues & Expenditures - Special Revenue Fund - Budgetary Basis 95E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis N/A

F. Capital Projects Fund:F-1 Summary Statement of Project Expenditures 99F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance -

Budgetary Basis 100F-2a Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis - Various Capital Improvements 101F-2b Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis - Auditorium Renovations 102

G. Proprietary Funds:Enterprise Funds:G-1 Combining Statement of Net Position N/AG-2 Combining Statement of Revenues, Expenses & Changes in Fund Net Position N/AG-3 Combining Statement of Cash Flows N/AInternal Service Funds:G-4 Combining Statement of Net Position N/AG-5 Combining Statement of Revenues, Expenses & Changes in Fund Net Position N/AG-6 Combining Statement of Cash Flows N/A

H. Fiduciary Funds:H-1 Combining Statement of Fiduciary Net Position 109H-2 Combining Statement of Changes in Fiduciary Net Position 110H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 111H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 112

I. Long-Term Debt:I-1 Schedule of Serial Bonds 115I-2 Schedule of Obligations Under Capital Leases N/AI-3 Debt Service Fund Budgetary Comparison Schedule 116

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TABLE OF CONTENTS

Financial Trends:J-1 Net Position by Component 121J-2 Changes in Net Position 122J-3 Fund Balances - Governmental Funds 124J-4 Changes in Fund Balance - Governmental Funds 125J-5 Other Local Revenue by Source - General Fund 127Revenue Capacity:J-6 Assessed Value & Estimated Actual Value of Taxable Property 131J-7 Direct & Overlapping Property Tax Rates 134J-8 Principal Property Taxpayers 137J-9 Property Tax Levies & Collections 140Debt Capacity:J-10 Ratios of Outstanding Debt by Type 143J-11 Ratios of General Bonded Debt Outstanding 144J-12 Direct & Overlapping Governmental Activities Debt 145J-13 Legal Debt Margin Information 146Demographic & Economic Information:J-14 Demographic & Economic Statistics 149J-15 Principal Employers 152Operating Information:J-16 Full-Time Equivalent District Employees by Function/Program 157J-17 Operating Statistics 158J-18 School Building Information 159J-19 Schedule of Required Maintenance 160J-20 Insurance Schedule 161

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

Accordance with Government Auditing Standards 165K-2 Independent Auditors' Report on Compliance for Each Major State Program;

Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of State Financial Assistance Required by New Jersey OMB Circular 04-04 167

K-3 Schedule of Expenditures of Federal Awards, Schedule A 170K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 171K-5 Notes to Schedules of Awards and Financial Assistance 173K-6 Schedule of Findings & Questioned Costs 175K-7 Summary Schedule of Prior Audit Findings 178

SINGLE AUDIT SECTION

STATISTICAL SECTION (unaudited)

INTRODUCTORY SECTION

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BOARD OF EDUCATION

SUPERINTENDENT OF SCHOOLS

BUSINESS ADMINISTRATOR& BOARD SECRETARY

RED BANK REGIONAL HIGH SCHOOLADMINISTRATIVE CHART

2013-2014

PRINCIPAL/ELL SUPR.

TRANSPORTATION

STAFFACCOUNTANT

SUPERVISOR OF SCHOOL COUNSELING ANDHEALTH SERVICES

ADMIN. ASSISTANT TOBUSINESS

ADMINISTRATOR

BUSINESS OFFICEPAYROLL

BOOKKEEPING

CUSTODIAL

TECHNOLOGY

MAINTENANCE

CAFETERIA

ADMIN. ASSIST. TOSUPERINTENDENT

ASSISTANT PRINCIPALWORLD LANGUAGE

AVIDRobert Donohoe

SUPERVISORAcademy of Math & Science

SUPERVISORHEALTH & PHYSICAL

EDUCATIONDEAN OF STUDENTS

DIRECTOR OF SUMMERSCHOOL

Academy of Sports Medicine &Management

SUPERVISOR OFSPECIAL SERVICES

SUPERVISORMEDIA CENTER, ELLAcademy of Humanities

and Social Sciences

DIRECTOR OFATHLETICS, SUPERVISOROF STUDENT ACTIVITIES

SUPERVISORTECHNOLOGY, BUSINESS EDUCATION

(AOIT, AOF) & FAMILY &CONSUMER SCIENCESVISUAL PERFORMING ARTS

SUPERVISORSCHOOL-BASED YOUTH

SERVICES PROGRAM/FRESHMAN ACADEMY

Approved 7/13/13

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Members of the Board of Education

John Garofalo, President 2014

Emily A. Doherty, Vice-President 2016

Frank Neary, Jr. 2014

Seth Rosen 2014

Mehmet Ors 2016

Nilsa Samol 2016

Michael N. Megill 2015

Patrick Noble 2015

Randy Mendelson 2015

Other Officials

James M. Stefankiewicz, Superintendent

Christina M. Galvao, Board Secretary/Business Administrator

Anthony Sciarrillo, Esq., Board Attorney

Term Expires

RED BANK REGIONAL BOARD OF EDUCATIONLITTLE SILVER, NEW JERSEY

ROSTER OF OFFICIALS

June 30, 2014

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Investors Savings Bank20 White Street

Red Bank, New Jersey 07701

FISCAL AGENTS

McManimon & Scotland1037 Raymond Boulevard, Suite 400

Newark, New Jersey 07102

OFFICIAL DEPOSITORY

TD Bank

Fair Haven, New Jersey 07704568 River Road

Freehold, New Jersey 07728

ATTORNEY

Anthony Sciarrillo, Esq.PO Box 2369

Westfield, New Jersey 07091

912 Highway 33, Suite 2

RED BANK REGIONAL BOARD OF EDUCATIONLITTLE SILVER, NEW JERSEY

CONSULTANTS AND ADVISORS

AUDIT FIRM

Robert W. Allison, CPA, RMAHolman Frenia Allison, P. C.

ARCHITECT

The Gibson Tarquini Group764 Cuthbert Boulevard

Cherry Hill, New Jersey 08002

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FINANCIAL SECTION

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

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Letterhead

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Red Bank Regional Board of Education, County of Monmouth, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Note 1 to the financial statements, during the fiscal year ended June 30, 2014 the District adopted new accounting guidance, GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information as presented in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Red Bank Regional Board of Education’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements, long-term debt schedules and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance are presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid respectively, and is also not a required part of the financial statements. The combining and individual fund financial statements, long-term debt schedules and the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing

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procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements, long-term debt schedules and the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory section, comparative totals for June 30, 2013, and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 01, 2014 on our consideration of the Red Bank Regional Board of Education’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Red Bank Regional Board of Education’s internal control over financial reporting and compliance.

Respectfully Submitted,

HOLMAN FRENIA ALLISON, P.C.

Robert W. Allison Certified Public Accountant Public School Accountant, No. 897

Freehold, New Jersey December 01, 2014

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REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion and Analysis

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RED BANK REGIONAL HIGH SCHOOL DISTRICT 101 RIDGE ROAD, LITTLE SILVER, NJ 07739

MONMOUTH COUNTY

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

Introduction The discussion and analysis of Red Bank Regional High School District’s financial performance provides an overall review of the School District’s financial activities for the fiscal year ended June 30, 2014. The intent of this discussion and analysis is to look at the School District’s financial performance as a whole; readers should also review the notes to the basic financial statements and financial statements to enhance their understanding of the School District’s financial performance. The Statement of Net Position presents the district’s assets and liabilities in order of liquidity, except for liabilities with current and long-term elements that will be presented accordingly. Net position represents the difference between assets and liabilities, and will be presented in three categories: invested in capital assets net of related debt, restricted assets and unrestricted assets. Using this methodology requires depreciation of capital assets. The Statement of Activities provides an overview of the cost of providing educational services by major categories of expense and revenue. These two statements report the district’s net position and how they have changed year to year, reflecting a variety of influences such as the current change in educational philosophy (resulting in increased purchases of new materials, consultants, etc.), voter approval of tax levy, interest income, successful grant applications, etc. An additional factor influencing these results is the level of state funding received, which has remained at a flat level over the past five years. Financial Highlights Key financial highlights for 2014 are as follows: ♦ General revenues accounted for 22,362,366.66 in revenue or 77.19% of all revenues. Program

specific revenues in the form of charges for services, operating grants and contributions, and capital grants and contributions accounted for $6,608,520.81 or 22.81% of total revenues of $28,970,887.47.

♦ Total net position decreased by $118,541.78.

♦ The School District had $29,089,429.25 in expenses; only $6,608,520.81 of these expenses

were offset by program specific charges for services, grants or contributions. General revenues (primarily property taxes) of $22,362,366.66 were not adequate to provide for these programs.

♦ The General Fund had $26,468,129.66 in revenues and other financing sources and

$26,240,790.82 in expenditures and other financing uses. The General Fund’s balance increased $227,338.84 from 2013.

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Using this General Accepted Accounting Principles Report (GAAP) The Statement of Net Position provides the perspective of the School District as a whole. Table 1 provides a summary of the School District's net position as of June 30, 2013 and June 30, 2014.

Table 1

Net Position

2014 2013Assets:

Cash & Cash Equivalents 2,128,771.55$ 4,528,902.06$ Accounts Receivable 745,533.95 1,001,314.12 Inventory 1,080.91 5,093.18 Restricted Cash & Cash Equivalents 2,310,333.59 Capital Assets, Net 22,562,977.23 23,055,043.00

Total Assets 27,748,697.23 28,590,352.36

Liabilities:Accounts Payable 166,532.22 299,185.29 Accrued Expenses 77,656.87 93,607.50 Payable to State Government 51,257.63 20,812.37 Unearned Revenue 28,134.35 55,121.69 Noncurrent Liabilities:

Due Within One Year 559,905.07 520,000.00 Due Beyond One Year 4,380,338.00 4,998,210.64

Total Liabilities 5,263,824.14 5,986,937.49

Net Position:Net Investment in Capital Assets 17,730,516.66 17,696,024.86 Restricted for:

Capital Projects 1,557,503.14 1,325,562.77 General Fund 2,023,825.10 3,257,337.52 Debt Service Fund (77,655.57) 0.38

Unrestricted 1,250,683.76 324,489.34

Total Net Position 22,484,873.09$ 22,603,414.87$

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Table 2

Changes in Net Position

2014 2013RevenuesProgram Revenues:

Charges for Services 4,434,391.38$ 4,497,868.30$ Operating Grants and Contributions 2,174,129.43 2,472,844.77 General Revenues:Property Taxes 20,098,758.04 19,719,059.00 Grants and Entitlements 2,107,978.70 2,205,897.36 Other 155,629.92 176,553.07

Total Revenues 28,970,887.47 29,072,222.50

Program ExpensesInstruction 11,093,602.48 10,414,506.15 Support Services:

Pupils and Instructional Staff 4,508,516.99 4,252,650.06 General Administration, School Administration,

Business Operations & Maintenance of Facilities 4,515,004.16 3,691,652.92 Pupil Transportation 1,445,221.28 1,313,757.18 Employee Benefits 5,564,526.01 6,101,162.77 Special Schools 7,530.96 14,112.96

Interest on Long-Term Debt 260,922.37 264,995.63 Food Service 596,389.72 719,844.72 Other 1,097,715.28 1,155,489.53

Total Expenses 29,089,429.25 27,928,171.92

Increase/(Decrease) in Net Position (118,541.78)$ 1,144,050.58$

Governmental Activities On February 1, 2012, the Board of Education approved eliminating the vote on its annual school budget that is within the statutory cap imposed by the State of New Jersey and moving the annual school election to November in accordance with Public Law S-1348. The decision was made based on the Board’s determination that the statutory restrictions on the local tax levy increase for the annual school appropriations is appropriate and sufficient to control and maintain a thorough and efficient education for the students of the Red Bank Regional School District.

The Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services, identifying the cost of these services supported by tax revenue and unrestricted State entitlements. The net cost shows the financial burden that was placed on the District’s taxpayers by each of these functions.

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Table 3

Governmental Activities

Total Cost of Net Cost of Total Cost of Net Cost of Services Services Services Services

Instruction 11,093,602.48$ 7,235,352.62 10,414,506.15$ 6,594,749.38$ Support Services:

Pupils and Instructional Staff 4,508,516.99 4,508,516.99 4,252,650.06 4,252,650.06 General Administration,

School Administration, Business 1,917,843.72 1,917,843.72 1,807,130.82 1,807,130.82

Operations & Maintenance of Facilities 2,597,160.44 2,597,160.44 1,884,522.10 1,884,522.10

Pupil Transporation 1,445,221.28 1,075,713.74 1,313,757.18 923,327.05 Employee Benefits 5,564,526.01 3,749,956.01 6,101,162.77 4,003,997.84 Special Schools 7,530.96 7,530.96 14,112.96 14,112.96

Interest on Long-Term Debt 260,922.37 260,922.37 264,995.63 264,995.63 Other 1,097,715.28 1,097,715.28 1,054,448.03 1,054,448.03

Total Expenses 28,493,039.53$ 22,450,712.13$ 27,107,285.70$ 20,799,933.87$

20132014

Instruction expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and pupil. Pupils and instructional staff include the activities involved with assisting staff with the content and process of teaching to pupils including curriculum and staff development. Curriculum and staff development includes expenses associated with research, planning, development and evaluation of educational materials and methodology intended to accomplish the District’s mission “to ensure the academic success and personal growth of all students while developing a passion for learning.” General administration, school administration and business include expenses associated with administrative and financial supervision of the district. Operation and maintenance of plant activities involve keeping the school grounds, buildings, and equipment operating efficiently and effectively. The district’s in-house staff of maintenance workers and the contracted custodial service is charged with keeping the district’s facilities functioning. Pupil transportation includes activities involved with the conveyance of students to and from school, as well as to and from school activities, as provided by state law. Additionally it provides for the transportation for those students attending out of district schools by school or parent designation. Interest and fiscal charges involves the transactions associated with the payment of interest and other related charges to debt of the School District. Other includes unallocated depreciation and amortization.

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The School District's Funds Information about the School District’s major funds is included in the 2013-14 comprehensive annual financial report as presented by the School District. These funds are accounted for using the modified accrual basis of accounting. All governmental funds had total revenues and other financing sources of $28,404,694.06 and expenditures of $28,602,277.98. This reflects the bond proceeds that are not included in revenue on the District’s Statement of Activities. As demonstrated by the various statements and schedules included in the financial section of this report, the District continues to meet its responsibility for sound financial management. The following schedules present a summary of the revenues of the governmental funds (excluding Capital Projects) for the fiscal year ended June 30, 2014, and the amount and percentage of increases and decreases in relation to prior-year revenues.

Increase/(Decrease) Percent of

Percent of From Increase/Reveneus Amount Total 2012/13 (Decrease)

Local Sources 24,244,665.36$ 85.35% 413,234.65$ 1.70%State Sources 3,593,878.43 12.65% (308,162.30) -8.57%Federal Sources 566,150.27 1.99% (85,430.05) -15.09%

Total 28,404,694.06$ 100.00% 19,642.30$ -21.96%

The increase in Local Sources is attributed to an increase in District taxes. The decrease in State Sources is attributed to a decrease in On-Behalf Pension Contributions. The decrease in Federal Sources is attributed to a decrease in IDEA expenditures. The following schedule presents a summary of General Fund, Special Revenue Fund and Debt Service Fund expenditures for the fiscal year ended June 30, 2014:

Increase/(Decrease) Percent of

Percent of From Increase/Expenditures Amount Total 2012/13 (Decrease)

Current Expenses:Instruction 11,093,602.48$ 38.79% 699,610.23$ 6.31%Undistributed

Expenditures 16,092,209.40 56.26% 734,397.10 4.56%Capital Outlay 658,656.10 2.30% 440,338.12 66.85%Debt Service:

Principal 520,000.00 1.82% 20,000.00 3.85%Interest 237,810.00 0.83% (19,582.50) -8.23%

Total 28,602,277.98$ 100.00% 1,874,762.95$ 73.34%

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The increase in Instruction is attributed to an increase in salaries and purchased services. The increase in Undistributed Expenditures is due to an increase in maintenance costs. The increase in Capital Outlay is due to an increase in building repair costs from an interior renovations project. The increase in debt service is due to a decrease in interest payments. General Fund Budgeting Highlights The School District's budget is prepared according to New Jersey legislative code and Department of Education guidelines and is based on accounting for certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significant budgeted fund is the General Fund. The original and final General Fund budget estimated revenue was $24,099,781.00. During fiscal year 2013-14, final budgetary area in the General Fund that exceeded the original budget was limited to Administration. These changes were based on an increase in legal costs Capital Assets At the end of the fiscal year 2014, the School District had $22,562,977.23 invested in Land, Construction in Progress, Site Improvements, Building and Building Improvements, and Machinery and Equipment.

Table 4

Capital Assets (Net of Depreciation) at June 30, 2014 and 2013

2014 2013

Land 5,379,640.00$ 5,379,640.00$ Construction in Progress 66,831.72 66,831.72 Site Improvements 1,133,391.00 1,244,430.00 Building and Improvements 15,428,941.35 15,693,724.27 Equipment and Machinery 554,173.16 590,844.84

22,562,977.23$ 22,975,470.83$

The District has continued to train its faculty on differentiated instruction to address the core of the District mission statement, “to ensure the academic success…of all students.” The implementation of this training in the classroom relies heavily on a flexible technology infrastructure. The continued establishment of this infrastructure, including the purchase of new technology, has also contributed to the increased value of the District’s Capital Assets.

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Debt Administration At June 30, 2014, the District had a 17-year Refunding School Bond with an unpaid principal balance of $770,000.00 for the refinancing of an early retirement pension obligation due to the State of New Jersey. The District also had a 12-year Refunding School Bond with an unpaid principal balance of $4,010,000.00. Table 5 Outstanding Debt at June 30, 2014 and 2013

2014 2013

2010 Refunding Bonds 4,010,000.00$ 4,440,000.00$ 2003 Refunding Bonds 770,000.00 860,000.00

Total 4,780,000.00$ 5,300,000.00$

At June 30, 2014, the School District’s overall legal debt margin was $87,778,030.67. Current Financial Issues and Concerns The Red Bank Regional High School District is in very good financial condition presently earning an AA bond rating from Standard and Poor’s in August 2013. A major concern is the funding mechanism for state aid to education that causes an increased reliance on local property taxes. The Red Bank Regional constituent towns (Little Silver, Red Bank and Shrewsbury) are primarily residential communities, with comparatively few commercial ratables; thus the burden is focused on homeowners to foot the tax burden. The Board of Education and Administration annually conduct a review of cost centers in the District to determine where costs savings may be effectuated. Additionally, the District continues to add to the number of shared services agreements with other local school districts and municipalities that will result in cost savings to the residents of the District. The Board and administration remain extremely sensitive to the financial concerns of the taxpayers, particularly those on fixed incomes, and will be diligently searching for alternate sources of revenue and cost reductions. Consistent with this concern, the District utilizes a five-year budget model that assesses the tactical and strategic impact that legislative changes and operational efficiencies place upon the District’s future year budgets. In general, the Red Bank Regional Board of Education has consistently committed itself to sound, conservative fiscal management, providing the most efficient and effective education possible given the demands and challenges associated with the need to improve students’ academic performances, and there is no reason to believe that this commitment will not continue as the District moves forward.

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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 on this report or need additional financial information, please contact Christina M. Galvao, School Business Administrator/Board Secretary at Red Bank Regional Board of Education, 101 Ridge Road, Little Silver, NJ 07739 or send an e-mail to [email protected].

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mailto:[email protected]

BASIC FINANCIAL STATEMENTS

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A. District-Wide Financial Statements

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EXHIBIT A-1

Governmental Business -Type June 30,Activities Activities 2014

Cash & Cash Equivalents 2,119,688.56$ 9,082.99$ 2,128,771.55$ Accounts Receivable 727,660.75 17,873.20 745,533.95 Interfund Receivable - 13,824.73 13,824.73 Inventory - 1,080.91 1,080.91 Restricted Cash & Cash Equivalents 2,310,333.59 - 2,310,333.59 Capital Assets, Net (Note 5) 22,490,791.08 72,186.15 22,562,977.23

- Total Assets 27,648,473.98 114,047.98 27,762,521.96

Accounts Payable 147,954.59 18,577.63 166,532.22 Accrued Interest Payable 77,656.87 - 77,656.87 Interfunds Payable 13,824.73 - 13,824.73 Payable To State Government 51,257.63 - 51,257.63 Unearned Revenue 28,134.35 - 28,134.35 Noncurrent Liabilities (Note 6): -

Due Within One Year 559,905.07 - 559,905.07 Due Beyond One Year 4,380,338.00 - 4,380,338.00

Total Liabilities 5,259,071.24 18,577.63 5,277,648.87

Net Investment in Capital Assets 17,658,330.51 72,186.15 17,730,516.66 Restricted for:

Capital Projects 1,557,503.14 - 1,557,503.14

Debt Service Fund (77,655.57) - (77,655.57) General Fund 2,023,825.10 - 2,023,825.10

Unrestricted 1,227,399.56 23,284.20 1,250,683.76

Total Net Position 22,389,402.74$ 95,470.35$ 22,484,873.09$

NET POSITION


ASSETS

LIABILITIES

June 30, 2014STATEMENT OF NET POSITION

The accompanying Notes to Basic Financial Statements are an integral part of this statement. 25

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27


28

B. Fund Financial Statements

29


30

Governmental Funds

31


32

EXHIBIT B-1

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

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

Cash and Cash Equivalents 2,286,604.87$ -$ -$ 1.30$ 2,286,606.17$ 3,267,495.47$ Due From Other Funds 22,431.93 - - - 22,431.93 22,431.93Receivables From Other Governments:

State 185,359.00 17,106.13 30,257.00 - 232,722.13 223,506.27 Federal - 180,510.31 - - 180,510.31 447,231.95

Other Receivables 236,442.90 55,553.48 - - 291,996.38 268,356.34 Restricted Cash 2,310,333.59 - - - 2,310,333.59 1,603,344.54

Total Assets 5,041,172.29 253,169.92 30,257.00 1.30 5,324,600.51 5,832,366.50

Liabilities:Cash Deficit - 159,003.16 7,914.45 - 166,917.61 411,611.33 Accounts Payable 133,179.81 14,774.78 - - 147,954.59 177,344.38 Interfund Payable 13,824.73 - - - 13,824.73 30,949.28 Payable To Federal Government - - - - - - Payable To State Government - 51,257.63 - - 51,257.63 20,812.37 Unearned Revenue - 28,134.35 - - 28,134.35 55,121.69

Total Liabilities 147,004.54 253,169.92 7,914.45 - 408,088.91 695,839.05

Fund Balances:Restricted:

Reserved Excess Surplus:Designated for Subsequent Year's

Expenditures 885,682.67 - - - 885,682.67 611,657.06 Reserve for Excess Surplus 362,969.43 - - - 362,969.43 885,682.67

Capital Reserve 1,535,160.59 - - - 1,535,160.59 878,296.54 Maintenance Reserve 650,600.00 - - - 650,600.00 600,475.00 Emergency Reserve 124,573.00 - - - 124,573.00 124,573.00 Capital Projects Fund - - 22,342.55 - 22,342.55 447,266.23 Debt Service Fund - - - 1.30 1.30 0.38

Assigned:Other Purposes 629,146.31 - - - 629,146.31 858,016.85 Designated for Subsequent Year's

Expenditures 121,968.33 - - - 121,968.33 176,932.94 Unassigned 584,067.42 - - - 584,067.42 531,194.85

Total Fund Balances 4,894,167.75 - 22,342.55 1.30 4,916,511.60 5,114,095.52

Total Liabilities and Fund Balances 5,041,172.29$ 253,169.92$ 30,257.00$ 1.30$

Amounts reported for governmental activities in the statement of net position (A-1) are different because:

Capital assets used in governmental activities are not financial resources andtherefore are not reported in the funds. The cost of the assets is $40,203,792.03and the accumulated depreciation is $17,713,000.95 22,490,791.08 22,975,470.83

Accrued interest on long-term liabilities is not reported as liabilitiesin the fund. (77,656.87) (93,607.50)

Long-term liabilities, including bonds payable, capital leases, post retirement liability, Unamortized Bond Premium and compensated absences are not due and payable in the current period and therefore are not reported as liabilities in the funds. (4,940,243.07) (5,518,210.64)

Net Position of Governmental Activities 22,389,402.74$ 22,477,748.21$

ASSETS

TOTALS

LIABILITIES & FUND BALANCES


BALANCE SHEETJUNE 30, 2014

(With Comparative Totals for June 30, 2013)

GOVERNMENTAL FUNDS


EXHIBIT B-2

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

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

Revenues:Local Sources:

Local Tax Levy 19,340,947.12$ -$ -$ 757,810.92$ 20,098,758.04$ 19,719,059.00$ Tuition Charges 3,858,249.86 - - - 3,858,249.86 3,819,756.77 Transportation Fees 132,027.54 - - - 132,027.54 139,871.37 Interest Earned on Capital Reserve Funds 1,634.58 - - - 1,634.58 2,432.04 Interest Earned on Emergency Reserve - - - - - 125.00 Interest Earned on Maintenance Reserve 125.00 - - - 125.00 125.00 Miscellaneous 138,485.56 15,384.78 - - 153,870.34 150,061.53

Total - Local Sources 23,471,469.66 15,384.78 - 757,810.92 24,244,665.36 23,831,430.71

State Sources 2,996,660.00 597,218.43 - - 3,593,878.43 3,902,040.73 Federal Sources - 566,150.27 - - 566,150.27 651,580.32

- - Total Revenues 26,468,129.66 1,178,753.48 - 757,810.92 28,404,694.06 28,385,051.76

Expenditures:Current:

Regular Instruction 7,774,477.07 947,148.98 - - 8,721,626.05 7,907,968.68 Special Education Instruction 1,071,221.66 - - - 1,071,221.66 1,089,032.32 Other Special Instruction 387,082.19 - - - 387,082.19 400,070.98 Other Instruction 913,672.58 - - - 913,672.58 996,920.27 Support Services and Undistributed Costs:

Tuition 1,470,994.74 - - - 1,470,994.74 1,304,222.47 Student and Instruction Related Services 2,826,537.75 210,984.50 - - 3,037,522.25 2,948,427.59 General Administration 673,806.25 - - - 673,806.25 673,264.68 School Administrative Services 633,560.60 - - - 633,560.60 577,587.48 Central Services 438,479.49 - - - 438,479.49 418,632.12 Administrative Information Technology 171,997.38 - - - 171,997.38 137,646.54 Plant Operations and Maintenance 2,597,160.44 - - - 2,597,160.44 1,845,459.10 Pupil Transportation 1,445,221.28 - - - 1,445,221.28 1,313,757.18 Employee Benefits 5,615,936.01 - - - 5,615,936.01 6,124,702.18

Special Schools 7,530.96 - - - 7,530.96 14,112.96 Debt Service:

Principal - - - 520,000.00 520,000.00 500,000.00 Interest and Other Charges - - - 237,810.00 237,810.00 257,392.50

Capital Outlay 118,341.89 20,620.00 519,694.21 - 658,656.10 253,923.44 -

Total Expenditures 26,146,020.29 1,178,753.48 519,694.21 757,810.00 28,602,277.98 26,763,120.49

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 322,109.37 - (519,694.21) 0.92 (197,583.92) 1,621,931.27

Other Financing Sources/(Uses):Capital Reserve - Transfer to Capital Projects (94,770.53) - 94,770.53 - - - FEMA reimbursements - - - - - 4,691.94 Insurance reimbursements - - - - - 19,117.56

Total Other Financing Sources/(Uses) (94,770.53) - 94,770.53 - - 23,809.50

Net Change in Fund Balances 227,338.84 - (424,923.68) 0.92 (197,583.92) 1,645,740.77 Fund Balance - July 1 4,666,828.91 - 447,266.23 0.38 5,114,095.52 3,468,354.75

Fund Balance - June 30 4,894,167.75$ -$ 22,342.55$ 1.30$ 4,916,511.60$ 5,114,095.52$

TOTALS



STATEMENT OF REVENUES, EXPENDITURES,

FOR THE YEAR ENDED JUNE 30, 2014

GOVERNMENTAL FUNDS

AND CHANGES IN FUND BALANCES


EXHIBIT B-3

Total Net Change in Fund Balances - Governmental Funds (From B-2) (197,583.92)$

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

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

Capital Outlays 619,593.10 Depreciation Expense (1,104,272.85) (484,679.75)

Repayment of bond principal is an expenditure in the governmentalfunds, but the repayment reduces long-term liabilities in the statementof net position and is not reported in the statement of activities. 520,000.00

Accrual of interest of capital leases and bonds is not an expenditurein the governmental funds, but the adjustment is charged to expenseand is reported in the statement of activities.

Prior Year 101,210.63 Current Year (85,260.00) 15,950.63

Loss on the early extinguishments of debt and original issue premiumsare recorded when incurred in the governmental funds but are deferred and recognized in the statement of activities over the life of the refunding:

Amortization of Original Issue Premiums 6,557.57

Repayment of compensated absences is an expenditure in thegovernmental funds, but the repayment reduces long-termliabilities in the statement of net position and is not reported in thestatement of activities.

Prior Year 159,192.50 Current Year (107,782.50) 51,410.00

Change in Net Position of Governmental Activities (88,345.47)$

RED BANK REGIONAL HIGH SCHOOL DISTRICTRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS




36

Proprietary Funds

37


38

EXHIBIT B-4

BUSINESS TYPEACTIVITIESENTERPRISE (MEMORANDUM ONLY)

FUND JUNE 30, JUNE 30,FOOD SERVICE 2014 2013

Current Assets:Cash and Cash Equivalents 9,082.99$ 9,082.99$ 69,673.38$ Accounts Receivable: -

State 308.80 308.80 186.60 Federal 6,530.93 6,530.93 6,868.92 Other 11,033.47 11,033.47 55,164.04

Interfund Receivable 13,824.73 13,824.73 30,949.28 Inventories 1,080.91 1,080.91 5,093.18

Total - Current Assets 41,861.83 41,861.83 167,935.40

Noncurrent Assets:Furniture, Machinery and Equipment 169,926.35 169,926.35 169,926.35 Less:

Accumulated Depreciation (97,740.20) (97,740.20) (90,354.18)

Total - Noncurrent Assets 72,186.15 72,186.15 79,572.17

Total Assets 114,047.98 114,047.98 247,507.57

Current Liabilities:Accounts Payable 18,577.63 18,577.63 121,840.91

Total Liabilities 18,577.63 18,577.63 121,840.91

Net Position:Net Investment in Capital Assets 72,186.15 72,186.15 79,572.17 Unrestricted 23,284.20 23,284.20 46,094.49

Total Net Position 95,470.35$ 95,470.35$ 125,666.66$


STATEMENT OF FUND NET POSITION


LIABILITIES

ASSETS

TOTALS

PROPRIETARY FUNDS

JUNE 30, 2014


EXHIBIT B-5

BUSINESS TYPEACTIVITIESENTERPRISE TOTALS

FUND JUNE 30,FOOD SERVICE 2014

Operating Revenues:Charges for Services:

Daily Sales - Reimbursable Programs 163,364.12$ 163,364.12$ Daily Sales - Non-Reimbursable Programs 216,762.36 216,762.36 Other LEAs 63,987.50 63,987.50

Total Operating Revenues 444,113.98 444,113.98

Operating Expenses:Cost of Goods Sold 282,442.90 282,442.90 Salaries & Wages 196,789.56 196,789.56 Payroll Taxes 30,205.47 30,205.47 Uniform Expense 2,846.00 2,846.00 Workers Comp & Liability Insurance 16,159.38 16,159.38 Administrative Expense 7,832.38 7,832.38 Management Fee 29,000.00 29,000.00 Depreciation Expense 7,386.02 7,386.02 Miscellaneous Expenditures 23,728.01 23,728.01

Total Operating Expenses 596,389.72 596,389.72

Operating Loss (152,275.74) (152,275.74)

Nonoperating Revenues:Interest Earnings 64.06 64.06 State Sources: -

State School Lunch Program 3,034.81 3,034.81 Federal Sources:

Federal School Lunch Program 85,333.84 85,333.84 Healthy Hunger-Free Kids Act 3,403.08 3,403.08 Federal School Breakfast Program 11,861.82 11,861.82 Food Distribution Program 18,381.82 18,381.82

Total Nonoperating Revenues 122,079.43 122,079.43

Change in Net Position (30,196.31) (30,196.31) Total Net Position - Beginning 125,666.66 125,666.66

Total Net Position - Ending 95,470.35$ 95,470.35$

PROPRIETARY FUNDS



STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION


EXHIBIT B-6

BUSINESS-TYPEACTIVITIES

ENTERPRISE (MEMORANDUM ONLY)

FUND JUNE 30, JUNE 30,FOOD SERVICE 2014 2013

Cash Flows From Operating Activities:Receipts From Customers 505,369.10$ 505,369.10$ 554,612.65$ Payments to Employees (196,789.56) (196,789.56) - Payments To Suppliers (473,083.33) (473,083.33) (797,429.99)

Net Cash Used For Operating Activities (164,503.79) (164,503.79) (242,817.34)

Cash Flows From Noncapital Financing Activities:Federal and State Sources 103,849.34 103,849.34 73,655.03 Transfers From Other Funds - - 30,276.16

Net Cash Provided By Noncapital Financing Activities 103,849.34 103,849.34 103,931.19

Cash Flows From Investing Activities:Interest Earnings 64.06 64.06 -

Net Cash Provided/(Used) by Investing Activities 64.06 64.06 -

Net Increase in Cash and Cash Equivalents (60,590.39) (60,590.39) (138,886.15) Balance - Beginning of Year 69,673.38 69,673.38 208,559.53

Balance - End of Year 9,082.99$ 9,082.99$ 69,673.38$

Reconciliation of Operating Loss To Net CashUsed For Operating Activities:

Operating Income/(Loss) (152,275.74)$ (152,275.74)$ (181,604.56)$ Adjustments To Reconcile Operating Loss To

Net Cash Used For Operating Activities:Depreciation 7,386.02 7,386.02 6,068.09 Food Distribution Program 18,381.82 18,381.82 17,993.74 (Increase)/Decrease in Interfund Receivable 17,124.55 17,124.55 - (Increase)/Decrease in Accounts Receivable 44,130.57 44,130.57 (10,538.79) (Increase)/Decrease in Inventories 4,012.27 4,012.27 (4,141.43) Increase/(Decrease) in Accounts Payable (103,263.28) (103,263.28) (66,546.78) Increase/(Decrease) in Unearned Revenue - - (4,047.61)

Net Cash Used For Operating Activities (164,503.79)$ (164,503.79)$ (242,817.34)$

TOTALS


STATEMENT OF CASH FLOWS

RED BANK REGIONAL HIGH SCHOOL DISTRICTPROPRIETARY FUNDS




42

Fiduciary Fund

43


44

EXHIBIT B-7

PRIVATEUNEMPLOYMENT PURPOSE (Memorandum Only)

COMPENSATION SCHOLARSHIPS AGENCY JUNE 30, JUNE 30,TRUST FUND FUNDS 2014 2013

Cash and Cash Equivalents 96,772.44$ 3,018,136.00$ 578,355.17$ 3,693,263.61$ 3,525,766.96$ Interfund Receivable 3,285.32 - - 3,285.32 21,234.33 Accounts Receivable - - 297.36 297.36 710.34

Total Assets 100,057.76$ 3,018,136.00$ 578,652.53$ 3,696,846.29$ 3,547,711.63$

Interfund Payable -$ -$ 25,717.25$ 25,717.25$ 21,234.33$ Due to State 2,835.57 - - 2,835.57 2,627.35 Payable To Student Groups - - 196,020.53 196,020.53 212,636.19 Payroll Deductions and Withholdings - - 356,914.75 356,914.75 187,553.68

- Total Liabilities 2,835.57 - 578,652.53 581,488.10 424,051.55

Held in Trust for Unemployment Claims and Other Purposes 97,222.19 - - 97,222.19 88,906.56

Nonexpendable Scholarship - 2,852,769.72 - 2,852,769.72 2,852,769.72 Reserved for Scholarships - 165,366.28 - 165,366.28 181,983.80

Total Net Position 97,222.19 3,018,136.00 - 3,115,358.19 3,123,660.08

Total Liabilities and Net Position 100,057.76$ 3,018,136.00$ 578,652.53$ 3,696,846.29$ 3,547,711.63$

ASSETS

LIABILITIES

NET POSITION

TOTALS


STATEMENT OF NET POSITION


FIDUCIARY FUNDS

JUNE 30, 2014


EXHIBIT B-8

PRIVATEUNEMPLOYMENT PURPOSE (Memorandum Only)

COMPENSATION SCHOLARSHIPS June 30, June 30,TRUST FUND 2014 2013

Employee Contributions 29,601.54$ -$ 29,601.54$ 28,118.22$ Donations - 15,137.03 15,137.03 50.00

Total Contributions 29,601.54 15,137.03 44,738.57 28,168.22

Investment Earnings:Interest 83.69 2,870.06 2,953.75 55,370.67

Net Investment Earnings 83.69 2,870.06 2,953.75 55,370.67

Total Additions 29,685.23 18,007.09 47,692.32 83,538.89

Quarterly Contribution Reports 8,989.37 - 8,989.37 8,269.69 Unemployment Claims 12,380.23 - 12,380.23 27,367.84 Scholarships Awarded - 34,624.61 34,624.61 48,704.00 Administrative Expenses - - - 1,357.50

Total Deductions 21,369.60 34,624.61 55,994.21 85,699.03

Change in Net Position 8,315.63 (16,617.52) (8,301.89) (2,160.14) Net Position - Beginning of Year 88,906.56 3,034,753.52 3,123,660.08 3,125,820.22

Net Position - End of Year 97,222.19$ 3,018,136.00$ 3,115,358.19$ 3,123,660.08$

RED BANK REGIONAL HIGH SCHOOL DISTRICTFIDUCIARY FUNDS


ADDITIONS

DEDUCTIONS

TOTALS


STATEMENT OF CHANGES IN NET POSITION


NOTES TO THE FINANCIAL STATEMENTSJUNE 30, 2014


47


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

Note 1. Summary of Significant Accounting Policies The financial statements of the Red Bank Regional Board of Education (the ‘District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounting policies. A. Reporting Entity The Red Bank Regional Board of Education is a Type II district located in the County of Monmouth, State of New Jersey. As a Type II district, the School District functions independently through a Board of Education. The Board is comprised of nine members elected to three-year staggered terms. These terms are staggered so that three members’ terms expire each year. The District provides a full range of educational services appropriate to grade levels 9 through 12. These include regular, vocational, as well as special education for handicapped youngsters. The Red Bank Regional Board of Education has an approximate enrollment at June 30, 2014 of 1,165 students. B. Component Units The primary criterion for including activities within the District’s reporting entity, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:

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

Based on the aforementioned criteria, the District has no significant component units. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation District-Wide Financial Statements – The governmental fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental Fund Financial Statements – The Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal year-end. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and

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

Note 1. Summary of Significant Accounting Policies (continued): C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (continued): transportation. Other revenues are considered to be measurable and available only when cash is received by the state. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. D. District-Wide and Fund Financial Statements The district-wide financial statements (the statement of Net Position and the statement of activities) report information of all of the nonfiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function, segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions. Net Position are restricted when constraints placed on them are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted Net Position. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed. Separate financial statements are provided for governmental funds, proprietary funds, fiduciary funds and similar component units, and major component units. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. E. Fund Accounting The accounts of the Red Bank Regional Board of Education are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. An account group, on the other hand, is a financial reporting device designed to provide accountability for

50



Note 1. Summary of Significant Accounting Policies (continued): E. Fund Accounting (continued): certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:

Governmental Funds

General Fund - The general fund is the general operating fund of the Red Bank Regional Board of Education and is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or noninstructional equipment which are classified in the Capital Outlay sub-fund. As required by the New Jersey Department of Education, Red Bank Regional Board of Education includes budgeted Capital Outlay in this fund. Generally accepted accounting principles (GAAP) as they pertain to governmental entities state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues.

Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, interest earnings and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to fixed assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by board resolution. Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes. Capital Projects Fund - The capital projects fund is used to account for all financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). Debt Service Fund - The debt service fund is used to account for the accumulation of resources for, and the payment of principal and interest on bonds issued to finance major property acquisition, construction and improvement programs.

Proprietary Fund

The focus of Proprietary Fund measurement is upon determination of net income, financial position and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the Proprietary Funds of the District:

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

Enterprise - The enterprise fund is used to account for the operations that are financed and operated in a manner similar to a private business enterprise. The costs of providing goods or services are financed primarily through user charges; or, where the District has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. All Proprietary funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that all assets and all liabilities, whether current or noncurrent, associated with their activity are included on their balance sheets. Their reported fund equity (net total position) is segregated into contributed capital and unreserved net position, if applicable. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total net position.

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

Light Trucks & Vehicles 4 years Heavy Trucks & Vehicles 6 years

The District’s Enterprise Fund is comprised of the following:

• Food Service Fund – This fund accounts for the financial activity related to the food service operations of the School District.

Fiduciary Fund

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

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

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Note 1. Summary of Significant Accounting Policies (continued): F. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due. In its accounting and financial reporting, the Red Bank Regional Board of Education follows the pronouncements of the Governmental Accounting Standards Board (GASB) and the pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. The Red Bank Regional Board of Education’s proprietary funds have elected not to apply the standards issued by FASB after November 30, 1989. The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types and trust funds. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred. G. Budgets/Budgetary Control: Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and debt service funds. The budgets are submitted to the county office and are voted upon at the annual school election on the third Tuesday in April. Effective January 17, 2012, P.L.2011 c.202 eliminated the annual voter referendum on budgets which met the statutory tax levy cap limitations and the board of education members are elected at the November general election. Budgets are prepared using the modified accrual basis of accounting. The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C.6:20-2A(m)1. All budget amendments must be approved by School Board resolution.

53



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

54



Note 1. Summary of Significant Accounting Policies (continued): I. Cash and Cash Equivalents (continued): Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on deposit with a failed banking institution in New Jersey. N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include Savings and Loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental Units. J. Tuition Receivable/Payable Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined. These adjustments are recorded upon certification by the State Board of Education, which is normally three years following the contract year. The cumulative adjustments through June 30, 2013, which have not been recorded, are not determinable. The tuition rate adjustments for the years 2011-2012 have been established and the District has billed/paid the school boards that have adjustments. K. Inventories Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method. The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed. L. Prepaid Expenses Prepaid expenses, which benefit future periods, are only recorded in the government-wide financial statements and in the proprietary fund statements. Prepaid expenses in the proprietary fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014. They are recorded as expenditure during the year of purchase. M. Short-Term Interfund Receivables/Payables Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the Red Bank Regional Board of Education and that are due within one year.

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Note 1. Summary of Significant Accounting Policies (continued): N. Capital Assets General capital assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of one year or more. Donated capital assets are valued at their estimated fair market value on the date received. The general capital assets acquired or constructed were valued by an independent appraisal company. General capital assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively. General capital assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows: Buildings 20-50 Years Machinery and Equipment 5-10 Years Improvements 10-20 Years O. Accrued Salaries and Wages District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve-month year. Therefore, there is no accrual as of June 30, 2014 for such salaries. P. Compensated Absences Compensated absences are those absences for which employees will be paid, such as vacation, sick leave and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the District and its employees, are accounted for in the period in which such services are rendered or in which such events take place. In the District-Wide financial statements, under governmental activities, compensated absences are reported as an expenditure and noncurrent liabilities. Q. Unearned Revenue Unearned revenue in the general and special revenue fund represents cash, which has been received but not yet earned.

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

R. Long-Term Obligations In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred. S. Fund Balance In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the Red Bank Regional Board of Education classifies governmental fund balances as follows:

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

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

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

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

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

The Red Bank Regional Board of Education uses restricted/committed amounts to be spent first when both restricted and unrestricted fund balance is available, unless prohibited by law or regulation. Additionally, the Red Bank Regional Board of Education would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made. T. Net Position Net position, represents the difference between summation of assets and deferred outflows of resources, and the summation of liabilities and deferred inflows of resources. Net position is classified in the following three components:

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

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

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

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Note 1. Summary of Significant Accounting Policies (continued): U. Impact of Recently Issued Accounting Principles

Recently Issued and Adopted Accounting Pronouncements

In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements. In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities. GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement is effective for periods beginning after December 15, 2012. Management has implemented this Statement in the District’s financial statements for the year ended June 30, 2014 with a prior period adjustment to beginning net position. See Note 19 for more information. Recently Issued Accounting Pronouncements In June 2012, the GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27. GASB 68 improves accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency. This Statement is effective for fiscal years beginning after June 15, 2014. Management is currently evaluating the impact of the adoption of this statement on the District’s financial statements. V. Subsequent Events: The Red Bank Regional Board of Education has evaluated subsequent events occurring after June 30, 2014 through the date of December 01, 2014, which is the date the financial statements were available to be issued. Note 2. Cash and Cash Equivalents The District is governed by the deposit limitations of New Jersey state law. The Deposits held at June 30, 2014, and reported at fair value are as follows:

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Note 2. Cash and Cash Equivalents (continued):

CarryingType Value

DepositsDemand Deposits 8,132,368.75$

Total Deposits 8,132,368.75$

The District's Cash and Cash Equivalents are Reported as Follows:Government Activities 4,430,022.15$ Business-Type Activities 9,082.99 Fiduciary Funds 3,693,263.61

Total Cash and Cash Equivalents 8,132,368.75$

Custodial Credit Risk – Custodial credit risk is the risk that, in the event of a bank failure, the Board’s deposits may not be recovered. Although the Board does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, student activity funds or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. As of June 30, 2014, the District’s bank balance of $8,281,341.53 was exposed to custodial credit risk as follows: Insured Under FDIC $ 500,000.00 Uninsured and uncollateralized 657,125.39 Collateralized in the District’s Name Under GUDPA 7,124,216.14 Total $8,281,341.53

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Note 3. Reserve Accounts A. Capital Reserve Account A capital reserve account was established by the Red Bank Regional Board of Education for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget. Funds placed in the capital reserve account are restricted to capital projects in the district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriate additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP. The activity of the capital reserve for the July 01, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 878,296.54$

Increase per Original Budget 350,000.00 Transfer per June Resolution 400,000.00 Interest Earnings 1,634.58

Withdrawals - Transfer to Capital Projects (94,770.53)

Ending Balance, June 30, 2014 1,535,160.59$

The June 30, 2014 capital reserve balance does not exceed the LRFP balances of local support costs of uncompleted projects. The withdrawals from the capital reserve were for use in Department of Education approved facilities projects, consistent with District’s LRFP. B. Maintenance Reserve Account The Red Bank Regional Board of Education established a Maintenance Reserve Account for the accumulation of funds for use as maintenance expenditures in subsequent fiscal years. The Maintenance Reserve Account is maintained in the general fund and its activity is included in the general fund annual budget. Funds placed in the maintenance reserve account are restricted to maintenance projects in the District’s approved Maintenance Plan (M-1). A district may increase the balance in the maintenance reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both.

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Note 3. Reserve Accounts (continued): B. Maintenance Reserve Account (continued): The activity of the maintenance reserve for the June 30, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 600,475.00$

Increase per Orginal Budget 200,000.00 Interest Earnings 125.00

Withdrawals (150,000.00)

Ending Balance, June 30, 2014 650,600.00$

C. Emergency Reserve Account

An Emergency Reserve Account was established by the Red Bank Regional Board of Education for the accumulation of funds in accordance with N.J.S.A. 18A:7F-41c(1). The Emergency Reserve Account is maintained in the General Fund and its activity is included in the General Fund annual budget. Funds placed in the Emergency Reserve Account are to finance unanticipated general fund expenditures required for a thorough and efficient education.

The activity of the emergency reserve for the June 30, 2013 to June 30, 2014 fiscal year is as follows:

Ending Balance, June 30, 2014 124,573.00$

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

Special CapitalGeneral Revenue Projects Proprietary Fidcuiary

Fund Fund Fund Funds Funds Total

State Aid 185,359.00$ 17,106.13$ 30,257.00$ 308.80$ -$ 233,030.93$ Federal Aid - 180,510.31 - 6,530.93 - 187,041.24 Other 236,442.90 55,533.48 - 11,033.47 297.36 303,307.21

Total 421,801.90$ 253,149.92$ 30,257.00$ 17,873.20$ 297.36$ 723,379.38$

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Note 5. Capital Assets

June 30, June 30,2013 Additions Deletions 2014

Governmental Activities:Capital assets that are not being depreciated:

Land 5,379,640.00$ -$ -$ 5,379,640.00$ Construction in progress 66,831.72 - - 66,831.72

Total capital assets not being depreciated 5,446,471.72 - - 5,446,471.72

Site Improvements 2,598,358.00 - - 2,598,358.00 Buildings and improvements 27,669,879.27 519,694.21 - 28,189,573.48 Machinery and equipment 3,869,489.94 99,898.89 - 3,969,388.83

Subtotal 34,137,727.21 619,593.10 - 34,757,320.31

Less: accumulated depreciation: Site Improvements (1,353,928.00) (111,039.00) - (1,464,967.00)

Buildings and improvements (11,976,155.00) (784,477.13) - (12,760,632.13) Machinery and equipment (3,278,645.10) (208,756.72) - (3,487,401.82)

Total accumulated depreciation (16,608,728.10) (1,104,272.85) - (17,713,000.95)

Total capital assets being depreciated, net 17,528,999.11 (484,679.75) - 17,044,319.36

Governmental activities capital assets, net 22,975,470.83$ (484,679.75)$ -$ 22,490,791.08$

Business-Type Activities:Capital assets being depreciated:

Equipment 169,926.35$ -$ -$ 169,926.35$

Subtotal 169,926.35 - - 169,926.35

Less: accumulated depreciation:Equipment (90,354.18) (7,386.02) (97,740.20)

Total accumulated depreciation (90,354.18) (7,386.02) - (97,740.20)

Total capital assets being depreciated, net 79,572.17 (7,386.02) - 72,186.15

Business-type activities capital assets, net 79,572.17$ (7,386.02)$ -$ 72,186.15$

62



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

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

Governmental Activities:General Obligation Bonds 5,300,000.00$ -$ (520,000.00)$ 4,780,000.00$ 535,000.00$ Bond Premiums on Refunding 59,018.14 - (6,557.57) 52,460.57 6,557.57 Compensated Absences 159,192.50 (51,410.00) 107,782.50 18,347.50

Total 5,518,210.64$ -$ (577,967.57)$ 4,940,243.07$ 559,905.07$

B. Bonds Payable Bonds are authorized in accordance with State law by the voters of the District through referendums. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the District are general obligation bonds. On March 15, 2003, the District issued School Refunding Bonds totaling $1,600,000.00 for the purpose of refinancing its Early Retirement Incentive Program obligation. The Bonds bear interest rating of 1.50% to 5.30% per annum payable semi-annually on the fifteenth day of January and July of each year, until maturity. The principal is due annually on the fifteenth day of July through 2021, installments range from $65,000.00 to $125,000.00. On April 24, 2010, the District issued School Refunding Bonds totaling $5,300,000.00 for the purpose of for the purpose of refunding 2002 General Obligation Bonds. The Bonds bear interest rating 2.00% to 5.40% per annum payable semi-annually on the fifteenth day of February and March of each year, until maturity. The principal is due annually on the fifteenth day of February through 2022, installments range from $40,000.00 to $565,000.00.

63



Note 6. Long-Term Obligations (continued): B. Bonds Payable (continued): Principal and Interest due on the outstanding bonds is as follows:

Year-endingJune 30, Principal Interest Total

2015 535,000.00$ 216,307.50$ 751,307.50$ 2016 550,000.00 197,600.00 747,600.00 2017 575,000.00 173,692.50 748,692.50 2018 610,000.00 147,245.00 757,245.00 2019 620,000.00 122,532.50 742,532.50

2020-2022 1,890,000.00 177,367.50 2,067,367.50

Total 4,780,000.00$ 1,034,745.00$ 5,814,745.00$

C. Bonds Authorized But Not Issued As of June 30, 2014, the District had no authorized but not issued bonds. D. Capital Leases As of June 30, 2014 the District had no capital leases.

E. Compensated Absences Compensated Absences will be paid from the fund from which the employees’ salaries are paid. Note 7. Interfund Receivables and Payables The following interfund balances remained on the balance sheet at June 30, 2014:

Interfund InterfundFund Receivable Payable

General Fund 22,431.93$ 13,824.73$ Food Service Fund 13,824.73 - Unemployment Trust 3,285.32 - Payroll Trust Fund - 25,717.25

Total 39,541.98$ 39,541.98$

The purpose of interfunds are for short-term borrowings.

64



Note 8. Inventory Inventory recorded at June 30, 2014 in business-type activities on the government-wide statement of net position, and on the food service enterprise fund statement of net position, consisted of the following: Food & Supplies $ 1,080.91

Total $ 1,080.91 Note 9. Pension Plans Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625. Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified. Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction. Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15A and 43.3B and N.J.S.A.18A:6C for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 55 and are generally determined to be 1/55 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits

65



Note 9. Pension Plans (continued): for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System. Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members’ beneficiaries are entitled to full interest credited to the members’ accounts. Chapter 78, P.L. 2011 changed this for employees enrolled after June 28, 2011. See Significant Legislation below. Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced. New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension. Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service. All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”.

Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs.

66



Note 9. Pension Plans (continued): Contribution Requirements – The contribution policy is set by N.J.S.A.43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A.18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5%, effective October 1, 2011, of employees’ annual compensation, as defined. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for both cost-of-living adjustments, noncontributory death benefits and post-retirement medical premiums. Under current statute the District is a noncontributing employer of the TPAF.

Annual Percentage Net Year Pension of APC Pension

Funded Cost (APC) Contributed Obligation

6/30/2014 225,278.43$ 100% -6/30/2013 244,893.00 100% -6/30/2012 262,940.00 100% -

Three-Year Trend Information for PERS

Annual Percentage Net Year Pension of APC Pension

Funded Cost (APC) Contributed Obligation

6/30/2014 1,071,219.00$ 100% -6/30/2013 1,419,008.00 100% -6/30/2012 902,516.00 100% -

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

During the year ended June 30, 2014 the State of New Jersey contributed $1,071,219.00 to the TPAF for normal and medical post-retirement benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $743,351.00 for the year ended June 30, 2014 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.

67



Note 10. Post-Retirement Benefits P.L. 1987, c. 384 and P.L. 1990, c.6 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical benefits for those State Employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007, c.103 amended the law to eliminate the funding of post-retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for the funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2014, there were 100,134 retirees receiving post-retirement medical benefits, and the state contributed $1.07 billion on their behalf.. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical benefits changed from a pre-funding basis to a pay-as-you-go basis beginning in Fiscal Year 1994. The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides employer paid health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2014.

Note 11. Risk Management The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Property and Liability Insurance – The District maintains commercial insurance coverage for property, liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report. New Jersey Unemployment Compensation Insurance – The District has elected to fund their New Jersey Unemployment Compensation Insurance under the “Benefit Reimbursement Method”. Under this plan the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for amounts due to the State. The following is a summary of District contributions, employee contributions, reimbursements to the State for benefits paid and the ending balance of the District’s private purpose trust fund for the current and previous two years:

Employee Interest Amount EndingFiscal Year Contributions Earnings Reimbursed Balance

2013-2014 29,601.54$ 83.69$ 21,369.60$ 97,222.19$ 2012-2013 28,118.22 84.76 35,637.53 88,906.56$ 2011-2012 26,890.96 119.94 56,829.14 96,341.11

68



Note 11. Risk Management (continued): Joint Insurance Pool – The Red Bank Regional Board of Education is a member of New Jersey School Alliance Insurance Fund. The Fund provides its members with the following coverage’s: Property – Blanket Building & Grounds Excess Liability General and Automobile Liability Workers’ Compensation School Board Legal Liability Comprehensive Crime Coverage Employers Liability Environmental Impairment Liability Note 12. Contingent Liabilities The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; therefore, no provisions have been recorded in the accompanying combined financial statements for such contingencies. Note 13. Economic Dependency The District receives a substantial amount of its support from federal and state governments. A significant reduction in the level of support, if this were to occur, could have an effect on the District’s programs and activities.

Note 14. Deferred Compensation The Red Bank Regional Board of Education offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows: Siracusa Benefits Program Lincoln Investment Planning Variable Annuity Life Insurance Company Compass Capital Management AXA/Equitable MG Trust

69



Note 15. Compensated Absences The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits. District employees are granted vacation and sick leave in varying amounts under the District's personnel policies. In the event of termination, an employee is reimbursed for accumulated vacation. Sick leave benefits provide for specified dollar amount per sick day accumulated and begin vesting with the employee after one year of service. The liability for vested compensated absences of the governmental fund types is recorded in the statement of Net Position under governmental activities. The current portion of the compensated absence balance is not considered material to the applicable funds total liabilities, and is therefore not shown separately from the long-term liability balance of compensated absences. The amount at June 30, 2014 is $107,782.50. The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2014 there was no liability for compensated absences in the proprietary fund types. Note 16. Fund Balance Disclosure General Fund – of the $4,894,167.75 General Fund fund balance at June 30, 2014, $1,535,160.59 has been restricted for the Capital Reserve Account; $650,600.00 has been restricted for Maintenance Reserve Account; $124,573.00 has been restricted for Emergency Reserve Account; $885,682.67 is restricted for excess surplus designated for subsequent years expenditures; $362,969.43 is restricted current year excess surplus; $629,146.31 is assigned to Year-end Encumbrances; $121,986.33 is assigned to designated by the Board of Education for subsequent year’s expenditures and $584,067.42 is unassigned. Capital Projects Fund – The fund balance of $22,342.55 has been restricted for future Capital Projects. Debt Service Fund – of the Debt Service Fund fund balance at June 30, 2014, $1.30 is restricted in accordance with N.J.S.A 7F-41c(2). Note 17. Calculation of Excess Surplus In accordance with N.J.S.A.18A:7F-7, as amended by P.L. 2004, c.73 (S1701), the designation for Restricted Fund Balance – Excess Surplus is a required calculation pursuant to the New Jersey School Funding Reform Act of 2008 (SFRA). New Jersey school districts are required to restrict General Fund fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $362,969.43.

70



Note 18. Deficit in Net Position Restricted Net Position – The School District had a deficit in restricted net position for Debt Service in the amount of $77,655.57 at June 30, 2014. The deficit is caused by the accrual of bond interest in the government-wide financial statements. Note 19. Prior Period Restatement As discussed in Note 1, the District has implemented GASB Statement 65, Items Previously Reported as Assets and Liabilities in the District’s financial statements for the year ended June 30, 2014. As a result, net position as of July 1, 2013 has been restated as follows:

Original Net Restated Balance Adjustment Balance

Unamortized Bond Issuance Costs (1) $ 101,041.50 ($101,041.50) $ -0-

Net Position, July 1, 2013 $22,578,789.71 ($101,041.50) $22,477,748.21 (1) Previously reported as an asset on the Statement of Net Position and amortized over the life of related debt.

71


72

REQUIRED SUPPLEMENTARY INFORMATION - PART II

73


74

C. Budgetary Comparison Schedules

75


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Gen

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Sup

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Und

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Tot

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Gen

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83


84

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

85


86

EXHIBIT C-3

SPECIALGENERAL REVENUE

FUND FUND

the Budgetary Comparison Schedules 26,466,404.66$ 1,203,605.63$

Grant accounting budgetary basis differs fromGAAP in that encumbrances are recognized

as expenditures, and the related revenue isrecognized.

Less: Current Year Encumbrances - (59,118.62) Add: Prior Year Encumbrances - 34,266.47

State aid payment recognized for GAAP statementsin the current year, previously recognized for

budgetary purposes. 91,541.00 -

not recognized for GAAP statements until the

subsequent year. (89,816.00) -

Total revenues as reported on the Statement of Revenues,Expenditures and Changes in Fund Balances -

Governmental Funds. 26,468,129.66$ 1,178,753.48$

from the Budgetary Comparison Schedule 26,146,020.29$ 1,203,605.63$

Encumbrances for supplies and equipment orderedbut not received are reported in the year the order

is placed for budgetary purposes, but in the yearthe supplies are received for financial reporting

purposes.Less: Current Year Encumbrances - (59,118.62) Add: Prior Year Encumbrances - 34,266.47

Revenues, Expenditures and Changes in Fund Balances -Governmental Funds. 26,146,020.29$ 1,178,753.48$

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


BUDGETARY COMPARISON SCHEDULE


REQUIRED SUPPLEMENTARY INFORMATION

NOTE TO RSI

Actual amounts (budgetary basis) “total outflows”

Difference - budget to GAAP:

Total expenditures as reported on the Statement of

GAAP Revenues and Expenditures

SOURCES/INFLOWS OF RESOURCESActual amounts (budgetary) “revenues” from

Difference - budget to GAAP:

State aid payment recognized for budgetary purposes,

USES/OUTFLOWS OF RESOURCES

87


88

OTHER SUPPLEMENTARY INFORMATION

89


90

D. School Based Budget Schedules

Not Applicable

91


92

E. Special Revenue Fund

93


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037.

98$

3,92

0.00

$

9,

737.

82$

23,5

33.0

0$

4,

787.

04$

1,20

3,60

5.63

$

1,34

8,35

9.64

$

88,6

01.7

5$

3,53

2.78

$

5,

396.

70$

1,67

5.00

$

-

$

-$

-

$

-$

37

3,85

0.69

$

385,

207.

04$

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

27

2,62

1.17

186,

433.

54

-

-

-

-

-

-

-

-

16

5,11

6.30

189,

097.

54

52

,874

.66

-

1,49

9.90

1,

234.

24

9,73

7.82

23

,533

.00

4,

787.

04

105,

216.

19

12

2,39

5.74

-

-

-

-

-

-

-

-

56,5

50.0

0

55,4

88.3

7

-

-

-

-

-

-

-

-

-

54

7.45

141,

476.

41

3,

532.

78

6,89

6.60

2,

909.

24

-

9,

737.

82

23,5

33.0

0

4,78

7.04

97

3,35

4.35

939,

169.

68

-

1,

399.

00

4,45

0.44

-

-

12

8.74

-

-

-

-

7,20

5.04

7,

531.

99

11,8

70.0

0

-

-

-

-

-

-

-

15

7,99

0.31

323,

333.

23

12

,136

.84

7,

271.

04

-

-

-

-

-

-

28,9

75.4

4

31,9

52.9

6

-

9,

324.

00

-

-

3,92

0.00

-

-

-

13,2

44.0

0

-

-

-

-

-

-

-

-

2,21

6.49

24

,458

.88

28,4

57.2

8

16,5

95.0

4

-

12

8.74

3,92

0.00

-

-

-

209,

631.

28

38

8,67

6.06

-

-

-

-

-

-

-

-

20,6

20.0

0

20,5

13.9

0

-

-

-

-

-

-

-

-

20,6

20.0

0

20,5

13.9

0

169,

933.

69$

20

,127

.82

$

6,89

6.60

$

3,

037.

98$

3,92

0.00

$

9,

737.

82$

23,5

33.0

0$

4,

787.

04$

1,20

3,60

5.63

$

1,34

8,35

9.64

$

No

Chi

ld L

eft B

ehin

dT

otal

s

96

F. Capital Projects Fund

97


98

EXHIBIT F-1

Original Cancelled Prior Current UnexpendedProject Title/Issue Date Appropriations Prior Years Years Year Balance

Various Capital Improvements 08/02 15,091,810.39$ 614,149.81$ 13,941,731.47$ 519,694.21$ 16,234.90$ Auditorium Renovation 04/11 244,731.00 - 238,623.35 - 6,107.65

15,336,541.39$ 614,149.81$ 14,180,354.82$ 519,694.21$ 22,342.55$

RED BANK REGIONAL HIGH SCHOOL DISTRICTCAPITAL PROJECTS FUND

SUMMARY STATEMENT OF PROJECT EXPENDITURESFor the year ended June 30, 2014

Total Expenditures

99

EXHIBIT F-2

BUDGETARY BASIS

Revenues and Other Financing Sources:Transfer From Capital Reserve 94,770.53$

Total Revenues 94,770.53

Expenditures and Other Financing Sources:Purchased Professional and Technical Services 6,239.18 Construction Services 513,455.03

Total Expenditures 519,694.21

Excess/(Deficiency) of Revenues Over/(Under) Expenditures (424,923.68)

Fund Balance - July 1 447,266.23

Fund Balance - June 30 22,342.55$


SUMMARY SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

For the year ended June 30, 2014

100

EXHIBIT F-2a

RevisedPrior Current Authorized

Periods Year Totals CostRevenues and Other Financing Sources:

State Sources - SCC Grant 5,327,803.66$ -$ 5,327,803.66$ 5,327,803.66$ Bond Proceeds and Transfers 8,500,000.00 - 8,500,000.00 8,500,000.00 Transfer From Capital Reserve 62,100.00 94,770.53 156,870.53 156,870.53 Transfer From Capital Outlay 492,986.39 - 492,986.39 492,986.39

Total Revenues 14,382,890.05 94,770.53 14,477,660.58 14,477,660.58

Expenditures and Other Financing Uses:Purchased Professional and Technical Services 1,400,861.49 6,239.18 1,407,100.67 1,407,606.03 Construction Services 12,540,869.98 513,455.03 13,054,325.01 13,070,054.55

13,941,731.47 519,694.21 14,461,425.68 14,477,660.58 Total Expenditures

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 441,158.58$ (424,923.68)$ 16,234.90$ -$

Additional Project Information:Project Date April 2002Grant Date August 2002Bond Authorization Date June 24, 2002Bonds Authorized 8,500,000.00$ Bonds Issued 8,500,000.00$ Original Authorization Cost 15,091,810.39$ Additional Authorization Cost Not ApplicableRevised Authorization Cost 14,477,660.58$

Percentage Increase over OriginalAuthorized Cost Not Applicable

Percentage Completion 100%Original Target Completion Date September 2005Revised Target Completion Date December 2014

From inception and for the year ended June 30, 2014


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

VARIOUS CAPITAL IMPROVEMENTS

101

EXHIBIT F-2b

RevisedPrior Current Authorized

Periods Year Totals CostRevenues and Other Financing Sources:

State Sources - ROD Grant 80,116.00$ -$ 80,116.00$ 80,116.00$ Transfer From Capital Reserve 164,615.00 - 164,615.00 164,615.00

- Total Revenues 244,731.00 - 244,731.00 244,731.00

Expenditures and Other Financing Uses:Purchased Professional and Technical

Services 25,923.85 - 25,923.85 25,923.85 Construction Services 212,699.50 - 212,699.50 218,807.15

- Total Expenditures 238,623.35 - 238,623.35 244,731.00

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 6,107.65$ -$ 6,107.65$ -$

Additional Project Information:Project Date September 2010Grant Date April 2011Bond Authorization Date Not ApplicableBonds Authorized Not ApplicableBonds Issued Not ApplicableOriginal Authorization Cost 200,290.00$ Additional Authorization Cost 44,441.00$ Revised Authorization Cost 244,731.00$

Percentage Increase over OriginalAuthorized Cost Not Applicable

Percentage Completion 98%Original Target Completion Date October 2011Revised Target Completion Date Not Applicable

From inception and for the year ended June 30, 2014


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

AUDITORIUM RENOVATIONS

102

G. Proprietary Funds

103


104

Enterprise Funds

This section has already been included in Statements B-4, B-5 and B-6

105


106

H. Fiduciary Fund

107


108

EX

HIB

IT H

-1

Pri

vate

Une

mpl

oym

ent

Pur

pose

(Mem

oran

dum

Onl

y)

Com

pens

atio

nS

chol

arsh

ipA

genc

yJu

ne 3

0,Ju

ne 3

0,T

rust

Fun

dF

und

2014

2013

Cas

h an

d C

ash

Equ

ival

ents

96,7

72.4

4$

3,

018,

136.

00$

57

8,35

5.17

$

3,

693,

263.

61$

3,

525,

766.

96$

In

terf

und

Rec

eiva

ble

3,28

5.32

-

3,

285.

32

21,2

34.3

3

A

ccou

nts

Rec

eiva

ble

-

-

297.

36

297.

36

71

0.34

Tot

al A

sset

s10

0,05

7.76

$

3,

018,

136.

00$

578,

652.

53$

3,

696,

846.

29$

3,

547,

711.

63$

Inte

rfun

d P

ayab

le-

-

25

,717

.25

25,7

17.2

5

21

,234

.33

Due

to S

tate

2,83

5.57

-

-

2,

835.

57

2,62

7.35

P

ayab

le T

o S

tude

nt G

roup

s-

-

19

6,02

0.53

19

6,02

0.53

21

2,63

6.19

P

ayro

ll D

educ

tion

s an

d W

ithh

oldi

ngs

-

-

356,

914.

75

356,

914.

75

187,

553.

68

Tot

al L

iabi

liti

es2,

835.

57

-

578,

652.

53

581,

488.

10

424,

051.

55

Hel

d in

Tru

st f

or U

nem

ploy

men

tC

laim

s an

d O

ther

Pur

pose

s97

,222

.19

-

-

97,2

22.1

9

88

,906

.56

Non

expe

ndab

le S

chol

arsh

ip-

2,

852,

769.

72

-

2,

852,

769.

72

2,

852,

769.

72

R

eser

ved

for

Sch

olar

ship

s-

16

5,36

6.28

-

16

5,36

6.28

18

1,98

3.80

Tot

al N

et P

osit

ion

97,2

22.1

9$

3,01

8,13

6.00

$

-

$

3,11

5,35

8.19

$

3,12

3,66

0.08

$

NE

T P

OS

ITIO

N

FID

UC

IAR

Y F

UN

DS

Jun

e 30

, 201

4

Tot

als

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

T

CO

MB

ININ

G S

TA

TE

ME

NT

OF

FID

UC

IAR

Y N

ET

PO

SIT

ION

(Wit

h C

omp

arat

ive

Tot

als

for

Jun

e 30

, 201

3)

AS

SE

TS

LIA

BIL

ITIE

S

109

EXHIBIT H-2

PrivateUnemployment Purpose (Memorandum Only)

Compensation Scholarship June 30, June 30, Trust Fund 2014 2013

Additions:Employee Contributions 29,601.54$ -$ 29,601.54$ 28,118.22$ Donations - 15,137.03 15,137.03 50.00

Total Contributions 29,601.54 15,137.03 44,738.57 28,168.22

Investment Earnings:Interest 83.69 2,870.06 2,953.75 55,370.67

Total Investment Earnings 83.69 2,870.06 2,953.75 55,370.67

Total Additions 29,685.23 18,007.09 47,692.32 83,538.89

Deductions:Quarterly Contribution Reports 8,989.37 - 8,989.37 8,269.69 Unemployment Claims 12,380.23 - 12,380.23 27,367.84 Scholarships Awarded - 34,624.61 34,624.61 48,704.00 Administrative Expenses - - - 1,357.50

Total Deductions 21,369.60 34,624.61 55,994.21 85,699.03

Change in Net Position 8,315.63 (16,617.52) (8,301.89) (2,160.14) Net Position - Beginning of Year 88,906.56 3,034,753.52 3,123,660.08 3,125,820.22

Net Position - End of Year 97,222.19$ 3,018,136.00$ 3,115,358.19$ 3,123,660.08$

Totals


COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION


FIDUCIARY FUNDS


110

EXHIBIT H-3

Balance BalanceJuly 1, Cash Cash June 30,2013 Receipts Disbursements 2014

Cash and Cash Equivalents 222,179.69$ 426,864.65$ 453,023.81$ 196,020.53$

Total Assets 222,179.69$ 426,864.65$ 453,023.81$ 196,020.53$

Senior High School:Red Bank Regional 209,627.05$ 326,846.68$ 341,607.24$ 194,866.49$ Red Bank Regional Athletic Fund 3,009.14 100,017.97 101,873.07 1,154.04 Due to Payroll Agency Fund 9,543.50 - 9,543.50 -

Total Liabilities 222,179.69$ 426,864.65$ 453,023.81$ 196,020.53$

LIABILITIES

STUDENT ACTIVITY AGENCY FUNDRED BANK REGIONAL HIGH SCHOOL DISTRICT

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

ASSETS

111

EXHIBIT H-4

Balance BalanceJuly 1, June 30,2013 Additions Deletions 2014

Cash and Cash Equivalents 166,608.97$ 7,230,144.39$ 7,014,418.72$ 382,334.64$ Due from Student Activities Fund 9,543.50 - 9,543.50 - Due from Unemployment Trust Fund 11,397.34 - 11,397.34 - Other Accounts Receivable 297.36 - - 297.36

Total Assets 187,847.17$ 7,230,144.39$ 7,035,359.56$ 382,632.00$

Due To Unemployment Trust Fund 293.49$ 3,285.32$ 293.49$ 3,285.32$ Due To General Fund - 22,431.93 - 22,431.93 Payroll Deductions and

Withholdings 187,553.68 7,204,427.14 7,035,066.07 356,914.75

Total Liabilities 187,847.17$ 7,230,144.39$ 7,035,359.56$ 382,632.00$

LIABILITIES

RED BANK REGIONAL HIGH SCHOOL DISTRICTPAYROLL AGENCY FUND

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

ASSETS

112

I. Long-Term Debt

113


114

EX

HIB

IT I

-1

Bal

ance

Ret

ired

Bal

ance

Dat

e of

Am

ount

of

Ann

ual M

atur

itie

sIn

tere

stJu

ly 1

,C

urre

ntJu

ne 3

0,Is

sue

Issu

eIs

sue

Dat

eA

mou

ntR

ate

2013

Yea

r20

14

Ref

undi

ng S

choo

l Bon

ds03

/15/

031,

600,

000.

00$

07/1

5/14

95,0

00.0

0$

4.70

%86

0,00

0.00

$

90

,000

.00

$

77

0,00

0.00

(Pen

sion

Ser

ies

2003

)07

/15/

1510

0,00

0.00

4.75

%07

/15/

1610

5,00

0.00

5.30

%07

/15/

1711

0,00

0.00

5.30

%07

/15/

1811

5,00

0.00

5.30

%07

/15/

1912

0,00

0.00

5.30

%07

/15/

2012

5,00

0.00

5.30

%

Ref

undi

ng S

choo

l Bon

ds04

/24/

105,

300,

000.

0002

/15/

1520

0,00

0.00

2.25

0%4,

440,

000.

0043

0,00

0.00

4,01

0,00

0.00

02/1

5/15

240,

000.

004.

000%

02/1

5/16

250,

000.

003.

500%

02/1

5/16

200,

000.

005.

000%

02/1

5/17

200,

000.

003.

625%

02/1

5/17

270,

000.

005.

000%

02/1

5/18

500,

000.

003.

750%

02/1

5/19

505,

000.

005.

000%

02/1

5/20

530,

000.

005.

000%

02/1

5/21

100,

000.

004.

000%

02/1

5/21

450,

000.

005.

000%

02/1

5/22

565,

000.

005.

000%

5,30

0,00

0.00

$

52

0,00

0.00

$

4,78

0,00

0.00

$

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

T

SC

HE

DU

LE

OF

SE

RIA

L B

ON

DS

JUN

E 3

0, 2

014

LO

NG

-TE

RM

DE

BT

115

EX

HIB

IT I

-3

Var

ianc

eV

aria

nce

Pos

itive

/P

ositi

ve/

Ori

gina

lB

udge

tFi

nal

(Neg

ativ

e)O

rigi

nal

Bud

get

Fina

l(N

egat

ive)

Bud

get

Tra

nsfe

rsB

udge

tA

ctua

lFi

nal T

o A

ctua

lB

udge

tT

rans

fers

Bud

get

Act

ual

Fina

l To

Act

ual

Rev

enue

sL

ocal

Sou

rces

:L

ocal

Tax

Lev

y75

7,81

0.00

$

-

$

75

7,81

0.00

$

75

7,81

0.92

$

0.

92$

729,

405.

00$

-$

729,

405.

00$

729,

405.

00$

-$

Tot

al R

even

ues

757,

810.

00

-

757,

810.

00

757,

810.

92

0.92

72

9,40

5.00

-

72

9,40

5.00

72

9,40

5.00

-

Exp

endi

ture

sR

egul

ar D

ebt S

ervi

ce:

Inte

rest

on

Ear

ly R

etir

emen

t Bon

ds41

,760

.00

-

41

,760

.00

41

,760

.00

-

45,7

43.0

0

-

45,7

43.0

0

45,7

42.5

0

0.50

R

edem

ptio

n of

Pri

ncip

al -

Ear

ly-

-

-

-

R

etir

emen

t Bon

ds-

-

85,0

00.0

0

-

85,0

00.0

0

85,0

00.0

0

-

In

tere

st o

n B

onds

196,

050.

00

-

196,

050.

00

196,

050.

00

-

21

1,65

0.00

-

21

1,65

0.00

21

1,65

0.00

-

Red

empt

ion

of P

rinc

ipal

520,

000.

00

-

520,

000.

00

520,

000.

00

-

41

5,00

0.00

-

41

5,00

0.00

41

5,00

0.00

-

Tot

al R

egul

ar D

ebt S

ervi

ce75

7,81

0.00

-

75

7,81

0.00

75

7,81

0.00

-

757,

393.

00

-

757,

393.

00

757,

392.

50

0.50

Tot

al E

xpen

ditu

res

757,

810.

00

-

757,

810.

00

757,

810.

00

-

75

7,39

3.00

-

75

7,39

3.00

75

7,39

2.50

0.

50

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

sO

ver/

(Und

er)

Exp

endi

ture

s-

-

0.

92

0.

92

(27,

988.

00)

-

(2

7,98

8.00

)

(27,

987.

50)

(0

.50)

Fund

Bal

ance

, Jul

y 1

0.38

0.38

0.38

0.00

27

,987

.88

-

27

,987

.88

27

,987

.88

-

Fund

Bal

ance

, Jun

e 30

0.38

$

0.00

0.38

$

1.30

$

0.92

$

(0

.12)

$

-$

(0

.12)

$

0.38

$

(0.5

0)$

June

30,

201

3Ju

ne 3

0, 2

014R

ED

BA

NK

RE

GIO

NA

L H

IGH

SC

HO

OL

DIS

TR

ICT

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R T

HE

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

AN

D 2

013

DE

BT

SE

RV

ICE

FU

ND

116

STATISTICAL SECTION (Unaudited)

117


118

FINANCIAL TRENDS/INFORMATION SCHEDULES

119


120

EX

HIB

IT J

-1

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Gov

ernm

ent A

ctiv

itie

s:N

et I

nves

tmen

t in

Cap

ital

Ass

ets

16,2

98,6

32.0

0$

16,7

40,7

72.3

3$

17,1

16,1

53.8

4$

17,2

78,9

30.0

0$

17,5

86,9

72.0

0$

17,7

71,7

75.1

5$

17,5

42,0

94.7

3$

17,9

80,5

44.2

8$

17,6

16,4

52.6

9$

17,6

58,3

30.5

1$

Res

tric

ted

2,94

6,42

1.11

2,

893,

633.

16

3,

690,

296.

13

3,

898,

494.

14

4,

033,

476.

56

3,

193,

507.

74

3,

236,

233.

86

2,

885,

448.

52

4,58

2,90

0.67

3,

503,

672.

67

Unr

estr

icte

d(8

8,60

3.99

)

(30,

216.

39)

24

3,70

2.44

87

3,30

6.92

27

,751

.77

63

7,37

1.40

40

3,44

7.27

41

1,22

1.35

379,

436.

35

1,

227,

399.

56

Tot

al G

over

nmen

t Act

ivit

ies

Net

Pos

itio

n19

,156

,449

.12

$

19

,604

,189

.10

$

21

,050

,152

.41

$

22

,050

,731

.06

$

21

,648

,200

.33

$

21

,602

,654

.29

$

21

,181

,775

.86

$

21

,277

,214

.15

$

22,5

78,7

89.7

1$

22

,389

,402

.74

$

Bus

ines

s-T

ype

Act

ivit

ies:

Net

Inv

estm

ent i

n C

apit

al A

sset

s22

,170

.65

$

20

,604

.11

$

19

,037

.57

$

39

,704

.36

$

36

,604

.49

$

52

,168

.53

$

52

,180

.05

$

85,6

40.2

6$

79,5

72.1

7$

72,1

86.1

5$

Unr

estr

icte

d64

,700

.92

40

,514

.41

46

,557

.88

59

,676

.97

99

,380

.91

91

,457

.51

10

2,99

9.77

96

,509

.88

46

,094

.49

23

,284

.20

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s N

et P

osit

ion

86,8

71.5

7$

61,1

18.5

2$

65,5

95.4

5$

99,3

81.3

3$

135,

985.

40$

14

3,62

6.04

$

155,

179.

82$

182,

150.

14$

12

5,66

6.66

$

95,4

70.3

5$

Dis

tric

t-w

ide:

Net

Inv

estm

ent i

n C

apit

al A

sset

s16

,320

,802

.65

$

16

,761

,376

.44

$

17

,135

,191

.41

$

17

,318

,634

.36

$

17

,623

,576

.49

$

17

,823

,943

.68

$

17

,594

,274

.78

$

18

,066

,184

.54

$

17

,696

,024

.86

$

17

,730

,516

.66

$

R

estr

icte

d2,

946,

421.

11

2,89

3,63

3.16

3,69

0,29

6.13

3,89

8,49

4.14

4,03

3,47

6.56

3,19

3,50

7.74

3,23

6,23

3.86

2,88

5,44

8.52

4,

582,

900.

67

3,50

3,67

2.67

U

nres

tric

ted

(23,

903.

07)

10

,298

.02

29

0,26

0.32

93

2,98

3.89

12

7,13

2.68

72

8,82

8.91

50

6,44

7.04

50

7,73

1.23

425,

530.

84

1,

250,

683.

76

Tot

al D

istr

ict N

et P

osit

ion

19,2

43,3

20.6

9$

19,6

65,3

07.6

2$

21,1

15,7

47.8

6$

22,1

50,1

12.3

9$

21,7

84,1

85.7

3$

21,7

46,2

80.3

3$

21,3

36,9

55.6

8$

21,4

59,3

64.2

9$

22

,704

,456

.37

$

22,4

84,8

73.0

9$

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

TN

ET

PO

SIT

ION

BY

CO

MP

ON

EN

TL

AS

T T

EN

FIS

CA

L Y

EA

RS

(AC

CR

UA

L B

AS

IS O

F A

CC

OU

NT

ING

)

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

121

EX

HIB

IT J

-2

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Exp

ense

s:G

over

nmen

tal A

ctiv

ities

:In

stru

ctio

n:R

egul

ar(8

,110

,735

.51)

$

(8,3

74,3

58.7

1)$

(9

,084

,606

.15)

$

(9,8

41,0

69.5

9)$

(9

,920

,702

.40)

$

(10,

616,

755.

56)

$

(1

1,13

1,96

0.10

)$

(10,

968,

926.

40)

$

(7

,928

,482

.58)

$

(8,7

21,6

26.0

5)$

S

peci

al E

duca

tion

(1,0

72,1

49.0

7)

(1

,232

,853

.70)

(1,2

46,8

32.1

0)

(1

,431

,563

.23)

(1,6

94,4

62.2

5)

(1

,762

,250

.28)

(1,4

90,7

56.1

4)

(1

,570

,561

.49)

(1,0

89,0

32.3

2)

(1

,071

,221

.66)

Oth

er S

peci

al E

duca

tion

(421

,058

.38)

(3

91,2

20.1

0)

(575

,572

.94)

(6

71,3

03.5

0)

(605

,405

.76)

(6

00,6

40.0

1)

(603

,075

.71)

(5

94,0

70.1

4)

(400

,070

.98)

(3

87,0

82.1

9)

Oth

er I

nstr

uctio

n(6

81,1

01.6

3)

(797

,858

.80)

(8

33,2

19.8

3)

(976

,572

.01)

(1

,011

,346

.44)

(1,0

79,3

18.1

0)

(1

,251

,201

.28)

(1,1

05,7

85.0

6)

(9

96,9

20.2

7)

(913

,672

.58)

S

uppo

rt S

ervi

ces:

Tui

tion

(1,6

63,6

33.4

7)

(1

,510

,959

.56)

(1,3

06,9

06.2

9)

(1

,127

,838

.95)

(1,4

78,4

20.3

9)

(1

,115

,016

.22)

(1,1

62,6

61.6

8)

(1

,178

,396

.15)

(1,3

04,2

22.4

7)

(1

,470

,994

.74)

Stu

dent

and

Ins

truc

tion

Rel

ated

Ser

vice

s(2

,803

,889

.92)

(3,0

42,7

29.5

1)

(3

,405

,431

.48)

(3,5

99,1

80.8

2)

(3

,777

,452

.71)

(3,9

48,2

34.3

4)

(4

,171

,262

.66)

(4,0

89,9

20.2

8)

(2

,948

,427

.59)

(3,0

37,5

22.2

5)

G

ener

al A

dmin

istr

atio

n(9

30,7

77.3

5)

(1,1

62,7

15.9

7)

(5

06,6

24.4

7)

(716

,243

.29)

(6

74,6

77.7

0)

(837

,403

.52)

(8

03,4

17.5

9)

(983

,492

.10)

(6

73,2

64.6

8)

(673

,806

.25)

S

choo

l Adm

inis

trat

ive

Ser

vice

s(9

82,5

58.6

3)

(793

,872

.65)

(7

66,3

52.2

5)

(780

,916

.77)

(7

48,7

82.9

4)

(865

,665

.30)

(6

13,6

91.8

6)

(839

,967

.23)

(5

77,5

87.4

8)

(633

,560

.60)

C

entr

al S

ervi

ces

(520

,452

.17)

(3

42,5

88.3

7)

(367

,562

.58)

(4

02,4

36.5

8)

(651

,994

.83)

(4

35,9

67.7

7)

(418

,632

.12)

(4

38,4

79.4

9)

Ad m

in I

nfor

mat

ion

Tec

hnol

ogy

(100

,317

.45)

(1

02,1

29.8

1)

(105

,593

.90)

(1

37,6

46.5

4)

(171

,997

.38)

P

lant

Ope

ratio

ns a

nd M

aint

enan

ce(2

,047

,973

.09)

(2,0

88,0

27.5

3)

(2

,197

,949

.29)

(2,3

06,5

82.2

1)

(2

,744

,542

.10)

(2,2

70,9

26.5

9)

(2

,230

,290

.20)

(2,7

64,7

16.4

4)

(1

,884

,522

.10)

(2,5

97,1

60.4

4)

P

upil

Tra

nspo

rtat

ion

(1,3

96,3

66.6

4)

(1

,503

,564

.12)

(1,6

19,3

43.2

1)

(1

,505

,862

.67)

(1,7

04,6

08.1

7)

(1

,571

,358

.54)

(1,4

58,2

74.7

9)

(1

,373

,948

.18)

(1,3

13,7

57.1

8)

(1

,445

,221

.28)

Una

lloca

ted

Ben

efits

-

-

-

-

-

-

-

-

(6,1

01,1

62.7

7)

(5

,564

,526

.01)

Spe

cial

Sch

ools

(182

,951

.22)

(2

19,2

07.9

6)

(294

,227

.93)

(2

70,4

26.9

9)

(309

,475

.60)

(2

23,8

01.7

3)

(31,

094.

44)

(21,

938.

39)

(14,

112.

96)

(7

,530

.96)

Inte

rest

on

Lon

g-T

erm

Deb

t(3

87,5

01.5

0)

(377

,745

.96)

(3

63,9

21.4

7)

(349

,180

.12)

(3

33,4

97.5

1)

(316

,949

.38)

(1

22,6

77.5

8)

(162

,953

.27)

(2

64,9

95.6

3)

(260

,922

.37)

U

nallo

cate

d D

epre

ciat

ion

(310

,026

.00)

(2

96,8

81.0

0)

(312

,514

.00)

(7

86,3

34.0

0)

(810

,877

.00)

(8

26,0

75.0

0)

(895

,674

.17)

(8

95,6

74.1

7)

(1,0

54,4

48.0

3)

(1

,097

,715

.28)

Tot

al G

over

nmen

tal A

ctiv

ities

Exp

ense

s(2

0,99

0,72

2.41

)

(21,

791,

995.

57)

(2

3,03

3,95

3.58

)

(24,

705,

662.

52)

(2

6,18

1,81

3.55

)

(26,

537,

148.

60)

(2

6,72

0,16

2.84

)

(27,

091,

910.

97)

(2

7,10

7,28

5.70

)

(28,

493,

039.

53)

Bus

ines

s-T

ype

Act

iviti

es:

Food

Ser

vice

(601

,548

.90)

(6

20,8

19.8

0)

(605

,127

.63)

(7

16,1

73.8

7)

(684

,412

.52)

(6

56,6

05.9

8)

(720

,630

.98)

(7

13,2

21.6

3)

(719

,844

.72)

(5

96,3

89.7

2)

Tot

al B

usin

ess-

Typ

e A

ctiv

ities

Exp

ense

s(6

01,5

48.9

0)

(620

,819

.80)

(6

05,1

27.6

3)

(716

,173

.87)

(6

84,4

12.5

2)

(656

,605

.98)

(7

20,6

30.9

8)

(713

,221

.63)

(7

19,8

44.7

2)

(596

,389

.72)

Tot

al D

istr

ict

Exp

ense

s(2

1,59

2,27

1.31

)$

(22,

412,

815.

37)

$

(2

3,63

9,08

1.21

)$

(25,

421,

836.

39)

$

(2

6,86

6,22

6.07

)$

(27,

193,

754.

58)

$

(2

7,44

0,79

3.82

)$

(27,

805,

132.

60)

$

(2

7,82

7,13

0.42

)$

(29,

089,

429.

25)

$

Pro

gram

Rev

enue

s:G

over

nmen

tal A

ctiv

ities

:C

harg

es f

or S

ervi

ces:

Inst

ruct

ion

(Tui

tion)

2,89

7,04

5.84

$

2,

741,

737.

22$

2,67

6,49

4.99

$

3,

064,

078.

24$

3,30

6,93

9.62

$

3,

194,

333.

00$

3,40

5,64

4.26

$

3,

488,

725.

95$

3,81

9,75

6.77

$

3,85

8,24

9.86

$

P

upil

Tra

nspo

rtat

ion

235,

329.

75

249,

144.

09

246,

783.

94

263,

835.

66

262,

015.

00

266,

706.

00

282,

375.

26

215,

262.

20

139,

871.

37

132,

027.

54

Cen

tral

and

Oth

er S

uppo

rt S

ervi

ces

Ope

ratin

g G

rant

s an

d C

ontr

ibut

ions

162,

466.

00

162,

466.

00

162,

466.

00

162,

466.

00

3,57

0.67

93

,671

.00

13,7

53.2

6

21

9,00

8.43

2,

347,

723.

69

2,

052,

050.

00

C

apita

l Gra

nts

and

Con

trib

utio

ns1,

679,

904.

52

13

5,07

2.52

-

-

-

260,

298.

00

(184

,758

.73)

-

-

Tot

al G

over

nmen

tal A

ctiv

ities

Pro

gram

Rev

enue

s4,

974,

746.

11

3,

288,

419.

83

3,

085,

744.

93

3,

490,

379.

90

3,

572,

525.

29

3,

815,

008.

00

3,

517,

014.

05

3,

922,

996.

58

6,

307,

351.

83

6,

042,

327.

40

Bus

ines

s-T

ype

Act

iviti

es:

Cha

rges

for

Ser

vice

s:Fo

od S

ervi

ce54

8,45

6.77

54

5,11

1.76

56

1,87

6.38

66

2,97

2.00

63

2,16

0.31

56

6,36

5.92

61

8,56

6.56

60

5,68

0.30

53

8,24

0.16

444,

113.

98

Ope

ratin

g G

rant

s an

d C

ontr

ibut

ions

43,3

55.0

5

48

,730

.95

47,7

28.1

8

63

,987

.75

84,5

80.5

3

93

,532

.20

113,

618.

20

134,

511.

65

125,

121.

08

12

2,07

9.43

Tot

al B

usin

ess-

Typ

e A

ctiv

ities

Pro

gram

Rev

enue

s59

1,81

1.82

59

3,84

2.71

60

9,60

4.56

72

6,95

9.75

71

6,74

0.84

65

9,89

8.12

73

2,18

4.76

74

0,19

1.95

66

3,36

1.24

56

6,19

3.41

Tot

al D

istr

ict

Pro

gram

Rev

enue

s5,

566,

557.

93$

3,88

2,26

2.54

$

3,69

5,34

9.49

$

4,21

7,33

9.65

$

4,28

9,26

6.13

$

4,47

4,90

6.12

$

4,24

9,19

8.81

$

4,66

3,18

8.53

$

6,97

0,71

3.07

$

6,60

8,52

0.81

$

Net

(E

xpen

se)/

Rev

enue

:G

over

nmen

tal A

ctiv

ities

(16,

015,

976.

30)

$

(1

8,50

3,57

5.74

)$

(19,

948,

208.

65)

$

(2

1,21

5,28

2.62

)$

(22,

609,

288.

26)

$

(2

2,72

2,14

0.60

)$

(23,

203,

148.

79)

$

(2

3,16

8,91

4.39

)$

(20,

799,

933.

87)

$

(2

2,45

0,71

2.13

)$

Bus

ines

s-T

ype

Act

iviti

es(9

,737

.08)

(26,

977.

09)

4,47

6.93

10

,785

.88

32,3

28.3

2

3,

292.

14

11,5

53.7

8

26

,970

.32

(56,

483.

48)

(3

0,19

6.31

)

Tot

al D

istr

ict-

wid

e N

et (

Exp

ense

)/R

even

ue(1

6,02

5,71

3.38

)$

(18,

530,

552.

83)

$

(1

9,94

3,73

1.72

)$

(21,

204,

496.

74)

$

(2

2,57

6,95

9.94

)$

(22,

718,

848.

46)

$

(2

3,19

1,59

5.01

)$

(23,

141,

944.

07)

$

(2

0,85

6,41

7.35

)$

(22,

480,

908.

44)

$

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

TC

HA

NG

ES

IN

NE

T P

OS

ITIO

N -

(A

CC

RU

AL

BA

SS

IS O

F A

CC

OU

NT

ING

)L

AS

T T

EN

FIS

CA

L Y

EA

RS

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

122

EX

HIB

IT J

-2

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

TC

HA

NG

ES

IN

NE

T P

OS

ITIO

N -

(A

CC

RU

AL

BA

SS

IS O

F A

CC

OU

NT

ING

)L

AS

T T

EN

FIS

CA

L Y

EA

RS

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

Gen

eral

Rev

enue

s an

d O

ther

Cha

nges

in N

et A

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over

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tal A

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ities

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rope

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es L

evie

d fo

r G

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al P

urpo

ses,

Net

14,0

05,3

42.0

0$

14

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.00

$

15,9

53,6

19.0

0$

16

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$

17,2

55,4

35.0

0$

17

,886

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.00

$

18,2

70,8

90.0

0$

18

,617

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.00

$

18,9

89,6

54.0

0$

19

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$

Tax

es L

evie

d fo

r D

ebt

Ser

vice

758,

042.

00

762,

801.

00

769,

396.

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774,

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00

773,

529.

00

781,

420.

00

744,

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729,

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00

757,

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92

Unr

estr

icte

d G

rant

s an

d C

ontr

ibut

ions

3,48

2,56

1.69

3,65

8,61

4.28

4,42

5,68

9.61

4,70

3,12

7.34

4,05

7,63

3.17

3,82

4,49

1.85

3,62

3,02

1.41

3,83

2,25

4.84

2,20

5,89

7.36

2,10

7,97

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Inve

stm

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Ear

ning

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108,

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29

157,

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62

23,6

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8,47

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81

2,68

2.04

1,

759.

58

Spe

cial

Ite

ms:

FEM

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ts-

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4,

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In

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M

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Inco

me

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Tot

al G

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18,4

47,5

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18

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6

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22,7

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ines

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23,0

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0

4,

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75

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e A

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224.

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23

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al D

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$

18,9

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21

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$

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38,8

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22

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$

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6$

22

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$

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52.6

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$

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Cha

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in N

et P

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94$

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$

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(402

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)$

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usin

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Typ

e A

ctiv

ities

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)

4,

476.

93

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85.8

8

36

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7,64

0.64

11

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70.3

2

(5

6,48

3.48

)

(30,

196.

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Tot

al D

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2,42

1,86

8.86

$

42

1,98

6.93

$

1,

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122,

408.

61$

1,24

5,09

2.08

$

(118

,541

.78)

$

123

EX

HIB

IT J

-3

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Gen

eral

Fun

d:R

eser

ved

1,25

9,04

6.95

$

1,

821,

459.

51$

2,84

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$

3,

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59$

3,37

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6.71

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2,

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-

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Unr

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773,

296.

34

32

2,20

7.45

349,

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326,

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44

87

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-

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2,13

2,87

0.70

1,74

3,33

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3,55

8,98

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61

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58

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53

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Tot

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2,

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78$

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0,61

4.15

$

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343,

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3,38

7,97

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$

2,95

7,49

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$

4,66

6,82

8.91

$

4,89

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All

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5,78

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ll O

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31$

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9.41

$

724,

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46

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$

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0,85

9.57

$

44

7,26

6.61

$

22

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$

RE

D B

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G J

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0,

124

EX

HIB

IT J

-4

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Tax

Lev

y14

,763

,384

.00

$

15,1

59,0

66.0

0$

16

,723

,015

.00

$

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0$

18

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2,

676,

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3,

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2,65

2.23

3,56

2,88

3.80

4,12

8,44

9.67

4,34

6,25

3.04

3,39

4,94

3.11

3,31

5,86

9.71

2,47

0,27

5.19

3,26

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2,04

0.73

3,59

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Tot

al R

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23,4

22,3

28.3

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22

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7

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481.

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721,

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5,31

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438,

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412,

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Sch

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2,75

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62

9,25

5.85

64

4,80

6.55

49

1,26

9.00

45

4,04

1.88

83

0,84

2.85

93

9,26

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7,50

8.35

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6,92

0.27

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3,67

2.58

S

uppo

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tion

1,66

3,63

3.47

1,51

0,95

9.56

1,30

6,90

6.29

1,12

7,83

8.95

1,47

8,42

0.39

1,11

5,01

6.22

1,16

2,66

1.68

1,17

8,39

6.15

1,30

4,22

2.47

1,47

0,99

4.74

Stu

dent

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Ins

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-

Ser

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222,

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2,

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2,

661,

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2,

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2,

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G

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4,24

3.71

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3,08

2.69

41

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1.52

51

9,88

7.58

46

9,23

7.95

55

4,82

2.92

52

9,35

5.39

66

1,47

8.93

67

3,26

4.68

67

3,80

6.25

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choo

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s74

9,47

0.87

64

7,45

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61

9,72

3.58

58

2,00

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57

8,90

7.36

64

1,53

2.25

62

3,75

4.76

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3,67

7.41

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7,58

7.48

63

3,56

0.60

C

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326,

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56

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Adm

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317.

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102,

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Pla

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9.48

1,88

0,05

9.22

1,96

3,69

4.42

2,07

0,07

4.13

2,52

6,53

9.14

2,06

5,73

5.65

2,01

0,36

9.17

2,50

6,52

2.41

1,84

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7,16

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Pup

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1,

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1,

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1,

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349,

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1,

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4,

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3.91

16

3,33

9.29

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1,86

6.90

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2.26

24

3,16

1.74

15

2,38

3.15

26

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19,6

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3.33

596,

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60

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951.

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251,

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38

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44

658,

656.

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Spe

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Rev

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-

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Deb

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Inte

rest

and

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er C

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5,28

6.26

38

2,80

1.27

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9,39

6.26

35

5,02

6.26

33

9,72

8.76

39

2,49

4.77

23

8,45

3.75

26

9,12

5.00

25

7,39

2.50

23

7,81

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Tot

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xpen

ditu

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25,4

81,5

63.6

7

22

,346

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23,4

55,7

83.6

3

24

,863

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26,4

89,4

76.1

5

26

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26,5

15,7

38.1

5

27

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26,7

63,1

20.4

9

28

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Exc

ess/

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icie

ncy)

of

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enue

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ver/

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er)

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endi

ture

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595.

95)

1,

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133.

26

86

5,93

4.92

(6

45,9

17.5

9)

(287

,763

.41)

(2

16,4

53.6

5)

(383

,113

.25)

1,

621,

931.

27

(1

97,5

83.9

2)

Oth

er F

inan

cing

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rces

/(U

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:F

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-

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-

-

-

-

4,

691.

94

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Insu

ranc

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ents

-

-

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19,1

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6

-

C

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l Lea

ses

(Non

-Bud

gete

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,350

.00

-

-

-

-

-

-

-

-

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Cap

ital R

eser

ve to

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roje

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-

-

-

-

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Pro

ceed

s F

rom

Ref

undi

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-

-

-

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5,

714,

883.

20

-

-

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-

Rev

enue

s:

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

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TC

HA

NG

ES

IN

FU

ND

BA

LA

NC

ES

, GO

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RN

ME

NT

AL

FU

ND

SL

AS

T T

EN

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L Y

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assi

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ting)

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

125

EX

HIB

IT J

-4

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

TC

HA

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ES

IN

FU

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BA

LA

NC

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, GO

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RN

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NT

AL

FU

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T T

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30,

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men

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o E

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gent

-

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-

-

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T

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fers

In

253,

585.

54

-

-

2,80

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(4

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(253

,585

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ther

Fin

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)

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-

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0

-

Net

Cha

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in F

und

Bal

ance

s(2

,031

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.32)

$

(88,

819.

99)

$

1,

024,

133.

26$

84

2,93

4.92

$

(7

10,1

93.3

4)$

(2

92,1

11.9

1)$

(2

16,4

53.6

5)$

(3

83,1

13.2

5)$

1,

645,

740.

77$

(1

97,5

83.9

2)$

Deb

t Ser

vice

as

a P

erce

ntag

e of

Non

capi

tal E

xpen

ditu

res

3.65

%3.

51%

3.35

%3.

19%

3.02

%3.

23%

2.87

%2.

83%

2.86

%2.

71%

Sour

ce: D

istr

ict r

ecor

ds

126

EX

HIB

IT J

-5

Ref

und

ofIn

tere

st E

arne

dF

isca

l Yea

rP

rior

Yea

rIn

tere

st o

non

Cap

ital

Tra

nspo

rtat

ion

End

ing

June

30,

Exp

endi

ture

Ren

tals

Inve

stm

ents

Mis

cell

aneo

usR

eser

veT

uiti

onF

ees

Tot

als

2005

68,0

41.7

8$

8,

998.

00$

26,9

84.4

1$

51

,088

.27

$

-$

2,89

7,04

5.84

$

235,

329.

75$

3,28

7,48

8.05

$

2006

18,6

35.2

11,

320.

0095

,844

.56

9,78

8.59

-

2,74

1,73

7.22

249,

144.

093,

116,

469.

6720

0727

,785

.05

780.

0015

2,69

4.49

36,5

76.3

1-

-

24

6,78

3.94

464,

619.

7920

08-

-

-

15

1,60

7.53

-

3,06

4,07

8.24

263,

835.

663,

479,

521.

4320

0910

,690

.40

8,34

4.00

23,6

95.8

728

,428

.11

-

3,30

6,93

9.62

262,

015.

003,

640,

113.

0020

1012

,800

.56

8,60

4.25

19,9

67.8

110

4,03

0.31

-

3,19

4,33

3.01

266,

706.

043,

606,

441.

9820

1122

,501

.12

13,0

13.5

06,

483.

3249

,596

.28

1,98

9.88

3,40

5,64

4.26

282,

375.

263,

781,

603.

6220

1214

,746

.15

4,78

0.50

4,44

4.09

25,2

91.2

863

6.77

3,48

8,72

5.95

215,

262.

203,

753,

886.

9420

1314

,026

.83

59,9

79.0

025

0.00

25,7

47.1

22,

432.

043,

819,

756.

7713

9,87

1.37

4,06

2,06

3.13

2014

10,3

94.1

161

,887

.50

125.

0066

,203

.95

1,63

4.58

3,85

8,24

9.86

132,

027.

544,

130,

522.

54

Sou

rce:

Dis

tric

t rec

ords

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

TG

EN

ER

AL

FU

ND

- O

TH

ER

LO

CA

L R

EV

EN

UE

BY

SO

UR

CE

LA

ST

TE

N F

ISC

AL

YE

AR

S(M

odif

ied

Acc

rual

Bas

sis

of A

ccou

nti

ng)

127


128

REVENUE CAPACITY INFORMATION

129


130

EX

IHIB

IT J

-6(P

age

1 of

3)

Yea

rE

ndin

g D

ecem

ber

31,

Vac

ant L

and

Res

iden

tial

Far

m R

eg.

Qfa

rmC

omm

erci

alIn

dust

rial

Apa

rtm

ent

2005

12,9

32,1

00.0

0$

595,

638,

800.

00$

--

256,

379,

900.

00$

23

,662

,400

.00

$

71,1

81,8

00.0

0$

20

0613

,292

,600

.00

60

2,33

1,30

0.00

--

260,

839,

600.

00

22

,019

,300

.00

70,3

57,5

00.0

0

20

07R

20,0

91,7

00.0

0

1,34

6,96

6,10

0.00

--

659,

393,

500.

00

54

,245

,000

.00

147,

770,

000.

00

20

0820

,991

,400

.00

1,

353,

253,

700.

00

-

-68

5,71

3,60

0.00

54,2

93,5

00.0

0

14

8,47

7,60

0.00

2009

27,0

96,4

00.0

0

1,35

9,50

4,50

0.00

--

692,

196,

800.

00

53

,777

,800

.00

145,

835,

600.

00

20

1018

,514

,900

.00

1,

369,

449,

500.

00

-

-67

6,47

4,30

0.00

52,0

48,7

00.0

0

14

2,89

5,20

0.00

2011

19,7

43,7

00.0

0

1,36

6,10

9,73

1.00

--

668,

896,

500.

00

50

,437

,500

.00

143,

148,

400.

00

20

1224

,247

,600

.00

1,

355,

504,

971.

00

-

-66

3,88

3,70

0.00

49,8

73,8

00.0

0

14

3,21

8,40

0.00

2013

27,4

56,5

00.0

0

1,34

1,47

1,54

1.00

--

663,

668,

500.

00

44

,789

,400

.00

142,

412,

000.

00

20

1426

,904

,400

.00

1,

304,

980,

421.

00

-

-

656,

484,

700.

00

43

,564

,600

.00

153,

793,

800.

00

Tot

alL

ess:

Est

imat

ed A

ctua

lD

irec

tT

otal

Ass

esse

dT

ax -

Exe

mpt

Pub

lic

Net

Val

uati

on(C

ount

yS

choo

lV

alue

Pro

pert

yU

tili

ties

aT

axab

leE

qual

ized

) V

alue

Tax

Rat

eb

2005

1,13

4,90

6,40

0.00

$

17

5,11

1,40

0.00

$

5,

309,

265.

00$

96

5,10

4,26

5.00

$

1,58

7,64

4,64

9.00

$

1.

165

2006

1,15

0,82

1,60

0.00

18

1,98

1,30

0.00

4,33

3,34

3.00

973,

173,

643.

00

1,

941,

693,

630.

00

1.20

020

07R

2,61

0,18

6,30

0.00

38

1,72

0,00

0.00

10,0

65,6

29.0

0

2,23

8,53

1,92

9.00

2,

206,

288,

322.

00

0.53

420

082,

644,

113,

800.

00

381,

384,

000.

00

8,

998,

871.

00

2,

271,

728,

671.

00

2,32

9,03

2,38

3.00

0.

538

2009

2,65

1,65

9,80

0.00

37

3,24

8,70

0.00

9,34

5,27

6.00

2,28

7,75

6,37

6.00

2,

391,

495,

945.

00

0.53

020

102,

633,

662,

800.

00

374,

280,

200.

00

9,

542,

164.

00

2,

268,

924,

764.

00

2,35

0,73

5,91

1.00

0.

556

2011

2,62

2,77

2,33

1.00

37

4,43

6,50

0.00

10,7

21,3

03.0

0

2,25

9,05

7,13

4.00

2,

233,

687,

962.

00

0.56

920

122,

610,

849,

771.

00

374,

121,

300.

00

10

,572

,944

.00

2,

247,

301,

415.

00

2,14

3,20

9,23

2.00

0.

588

2013

2,59

8,05

8,44

1.00

37

8,26

0,50

0.00

8,34

8,14

5.00

2,22

8,14

6,08

6.00

2,

013,

589,

296.

00

0.61

620

142,

564,

370,

721.

00

378,

642,

800.

00

6,

675,

440.

00

2,

192,

403,

361.

00

1,99

0,21

3,71

1.00

0.

683

Sou

rce:

Mun

icip

al T

ax A

sses

sor

Not

e:R

eal p

rope

rty

is r

equi

red

to b

e as

sess

ed a

t som

e pe

rcen

tage

of

true

val

ue (

fair

or

mar

ket v

alue

) es

tabl

ishe

d by

eac

h C

ount

y B

oard

of

Tax

atio

n.R

eass

essm

ent (

R)

occu

rs w

hen

the

Cou

nty

Boa

rd o

f T

axat

ion

requ

ests

Tre

asur

y to

ord

er a

rea

sses

smen

t.

aT

axab

le V

alue

of

Mac

hine

ry, I

mpl

emen

ts a

nd E

quip

men

t of

Tel

epho

ne, T

eleg

raph

and

Mes

seng

er S

yste

m C

ompa

nies

bT

ax r

ates

are

per

$10

0N

/AA

t the

tim

e of

CA

FR

Com

plet

ion,

this

dat

a w

as n

ot y

et a

vail

able

RE

D B

AN

K B

OR

OU

GH

LA

ST

TE

N F

ISC

AL

YE

AR

S

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

TA

SS

ES

SE

D V

AL

UE

AN

D A

CT

UA

L V

AL

UE

OF

TA

XA

BL

E P

RO

PE

RT

Y

131

EX

HIB

IT J

-6(P

age

2 of

3)

Yea

rE

ndin

g D

ecem

ber

31,

Vac

ant L

and

Res

iden

tial

Far

m R

eg.

Qfa

rmC

omm

erci

alIn

dust

rial

Apa

rtm

ent

2005

11,9

32,1

00.0

0

1,12

7,21

4,70

0.00

3,37

6,50

0.00

15

,800

.00

81

,976

,200

.00

--

2006

10,6

74,3

00.0

0

1,13

7,66

0,40

0.00

3,37

6,50

0.00

15

,800

.00

83

,486

,600

.00

--

2007

13,8

82,9

00.0

0

1,14

4,02

5,30

0.00

3,37

6,50

0.00

15

,800

.00

83

,976

,300

.00

--

2008

15,4

09,6

00.0

0

1,14

9,91

3,90

0.00

3,37

6,50

0.00

15

,800

.00

83

,930

,100

.00

--

2009

14,2

15,7

00.0

0

1,13

4,85

5,60

0.00

3,37

6,50

0.00

15

,800

.00

84

,643

,500

.00

--

2010

9,47

4,70

0.00

1,14

6,43

4,30

0.00

3,37

6,50

0.00

15

,800

.00

84

,557

,900

.00

--

2011

9,55

7,90

0.00

1,15

2,26

3,40

0.00

3,37

6,50

0.00

15

,500

.00

84

,557

,900

.00

--

2012

11,9

34,4

00.0

0

1,15

2,14

1,40

0.00

3,37

6,50

0.00

15

,500

.00

84

,456

,800

.00

--

2013

15,3

17,4

00.0

0

1,23

3,71

4,80

0.00

4,05

1,20

0.00

17

,300

.00

10

0,89

7,60

0.00

-

-20

1424

,062

,400

.00

1,

330,

815,

200.

00

4,

128,

500.

00

17,3

00.0

0

100,

937,

900.

00

-

-

Tot

alL

ess:

Est

imat

ed A

ctua

lD

irec

tT

otal

Ass

esse

dT

ax-E

xem

ptP

ubli

cN

et V

alua

tion

(Cou

nty

Sch

ool

Val

ueP

rope

rty

Uti

liti

esa

Tax

able

Equ

aliz

ed)

Val

ueT

ax R

ateb

2005

1,29

1,21

7,30

0.00

66,7

02,0

00.0

0

1,

116,

203.

00

1,22

5,63

1,50

3.00

1,

305,

630,

189.

00

0.

815

2006

1,30

1,89

4,90

0.00

66,6

81,3

00.0

0

92

1,40

3.00

1,23

6,13

5,00

3.00

1,

457,

638,

870.

00

0.

848

2007

1,31

1,84

0,50

0.00

66,5

63,7

00.0

0

1,

037,

264.

00

1,24

6,31

4,06

4.00

1,

602,

673,

685.

00

0.

871

2008

1,31

9,37

3,20

0.00

66,7

27,3

00.0

0

1,

054,

252.

00

1,25

3,70

0,15

2.00

1,

663,

930,

297.

00

0.

859

2009

1,30

3,73

5,50

0.00

66,6

28,4

00.0

0

1,

227,

857.

00

1,23

8,33

4,95

7.00

1,

672,

532,

650.

00

0.

885

2010

1,31

0,48

7,60

0.00

66,6

28,4

00.0

0

2,

303,

833.

00

1,24

6,16

3,03

3.00

1,

672,

771,

740.

00

0.

909

2011

1,31

7,26

2,90

0.00

67,4

91,7

00.0

0

1,

021,

967.

00

1,25

0,79

3,16

7.00

1,

630,

286,

375.

00

0.

919

2012

1,31

9,28

1,10

0.00

67,3

56,5

00.0

0

98

9,44

1.00

1,25

2,91

4,04

1.00

1,

621,

138,

834.

00

0.

934

2013

1,44

3,27

5,50

0.00

89,2

77,2

00.0

0

1,

395,

197.

00

1,35

5,39

3,49

7.00

1,

577,

836,

354.

00

0.

882

2014

1,55

4,91

9,10

0.00

94,9

57,8

00.0

0

97

4,14

0.00

1,46

0,93

5,44

0.00

1,

719,

005,

830.

00

0.

834

Sou

rce:

Mun

icip

al T

ax A

sses

sor

Not

e:R

eal p

rope

rty

is r

equi

red

to b

e as

sess

ed a

t som

e pe

rcen

tage

of

true

val

ue (

fair

or

mar

ket v

alue

) es

tabl

ishe

d by

eac

h C

ount

y B

oard

of

Tax

atio

n.R

eass

essm

ent (

R)

occu

rs w

hen

the

Cou

nty

Boa

rd o

f T

axat

ion

requ

ests

Tre

asur

y to

ord

er a

rea

sses

smen

t.

aT

axab

le V

alue

of

Mac

hine

ry, I

mpl

emen

ts a

nd E

quip

men

t of

Tel

epho

ne, T

eleg

raph

and

Mes

seng

er S

yste

m C

ompa

nies

bT

ax r

ates

are

per

$10

0N

/AA

t the

tim

e of

CA

FR

Com

plet

ion,

this

dat

a w

as n

ot y

et a

vail

able

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

TA

SS

ES

SE

D V

AL

UE

AN

D A

CT

UA

L V

AL

UE

OF

TA

XA

BL

E P

RO

PE

RT

YL

AS

T T

EN

FIS

CA

L Y

EA

RS

LIT

TL

E S

ILV

ER

BO

RO

UG

H

132

EX

HIB

IT J

-6(P

age

3 of

3)

Yea

rE

ndin

g D

ecem

ber

31,

Vac

ant L

and

Res

iden

tial

Far

m R

eg.

Qfa

rmC

omm

erci

alIn

dust

rial

Apa

rtm

ent

2005

7,39

5,60

0.00

$

494,

432,

700.

00$

77

8,70

0.00

$

10,9

00.0

0$

28

6,90

9,80

0.00

$

--

2006

8,10

1,30

0.00

500,

826,

900.

00

77

8,70

0.00

10,9

00.0

0

28

4,95

2,80

0.00

--

2007

6,46

9,40

0.00

511,

903,

900.

00

77

8,70

0.00

10,9

00.0

0

28

6,79

4,00

0.00

--

2008

5,15

4,20

0.00

517,

858,

900.

00

77

8,70

0.00

10,9

00.0

0

28

6,89

8,20

0.00

--

2009

7,69

3,00

0.00

522,

019,

400.

00

77

8,70

0.00

10,9

00.0

0

28

1,70

8,50

0.00

--

2010

7,66

8,10

0.00

518,

386,

500.

00

91

4,50

0.00

10,9

00.0

0

27

6,62

5,90

0.00

--

2011

7,54

2,60

0.00

517,

700,

300.

00

91

4,50

0.00

5,20

0.00

26

4,05

1,00

0.00

--

2012

13,6

12,6

00.0

0

516,

029,

100.

00

91

4,50

0.00

5,20

0.00

25

8,31

5,60

0.00

--

2013

R21

,767

,200

.00

61

6,77

6,80

0.00

1,11

9,60

0.00

12

,000

.00

360,

260,

400.

00

-

-20

1418

,647

,200

.00

62

2,88

9,20

0.00

1,11

9,60

0.00

12

,000

.00

359,

911,

200.

00

Tot

alL

ess:

Est

imat

ed A

ctua

lD

irec

tT

otal

Ass

esse

dT

ax-E

xem

ptP

ubli

cN

et V

alua

tion

(Cou

nty

Sch

ool

Val

ueP

rope

rty

Uti

liti

esa

Tax

able

Equ

aliz

ed)

Val

ueT

ax R

ateb

2005

821,

478,

500.

00$

31,9

50,8

00.0

0$

1,80

4,83

1.00

$

79

1,33

2,53

1.00

$

86

0,91

6,63

4.00

$

0.79

220

0682

6,62

1,40

0.00

31

,950

,800

.00

1,

583,

800.

00

796,

254,

400.

00

975,

612,

287.

00

0.

809

2007

837,

126,

900.

00

31,1

70,0

00.0

0

1,46

6,51

1.00

80

7,42

3,41

1.00

1,

109,

817,

465.

00

0.83

520

0884

2,34

0,00

0.00

31

,639

,100

.00

1,

437,

683.

00

812,

138,

583.

00

1,15

8,95

3,61

5.00

0.

860

2009

853,

879,

700.

00

41,6

69,2

00.0

0

1,46

8,81

2.00

81

3,67

9,31

2.00

1,

258,

816,

266.

00

0.88

520

1084

4,73

1,40

0.00

41

,125

,500

.00

1,

560,

706.

00

805,

166,

606.

00

1,17

8,26

3,69

2.00

0.

920

2011

831,

339,

100.

00

41,1

25,5

00.0

0

1,37

3,89

5.00

79

1,58

7,49

5.00

1,

121,

262,

327.

00

0.93

420

1283

0,51

8,90

0.00

41

,641

,900

.00

1,

391,

280.

00

790,

268,

280.

00

1,06

1,76

9,67

4.00

0.

749

2013

R1,

057,

440,

200.

00

57

,504

,200

.00

1,

487,

693.

00

1,00

1,42

3,69

3.00

1,01

1,64

5,21

6.00

0.

749

2014

1,05

9,84

7,20

0.00

57,2

68,0

00.0

0

1,02

2,02

1.00

1,

003,

601,

221.

00

1,

054,

941,

192.

00

0.76

2

Sou

rce:

Mun

icip

al T

ax A

sses

sor

Not

e:R

eal p

rope

rty

is r

equi

red

to b

e as

sess

ed a

t som

e pe

rcen

tage

of

true

val

ue (

fair

or

mar

ket v

alue

) es

tabl

ishe

d by

eac

h C

ount

y B

oard

of

Tax

atio

n.R

eass

essm

ent o

ccur

s w

hen

the

Cou

nty

Boa

rd o

f T

axat

ion

requ

ests

Tre

asur

y to

ord

er a

rea

sses

smen

t.

aT

axab

le V

alue

of

Mac

hine

ry, I

mpl

emen

ts a

nd E

quip

men

t of

Tel

epho

ne, T

eleg

raph

and

Mes

seng

er S

yste

m C

ompa

nies

bT

ax r

ates

are

per

$10

0N

/AA

t the

tim

e of

CA

FR

Com

plet

ion,

this

dat

a w

as n

ot y

et a

vail

able

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

TA

SS

ES

SE

D V

AL

UE

AN

D A

CT

UA

L V

AL

UE

OF

TA

XA

BL

E P

RO

PE

RT

YL

AS

T T

EN

FIS

CA

L Y

EA

RS

SH

RE

WS

BU

RY

BO

RO

UG

H

133

EX

HIB

IT J

-7

(Pag

e 1

of 3

)

(Fro

m J

-6)

Tot

alB

orou

gh

Gen

eral

Dir

ect

of

Reg

iona

lT

otal

Dir

ect a

nd

Yea

rO

blig

atio

n D

ebt

Sch

ool T

axR

edS

choo

lM

onm

outh

Ove

rlap

ping

End

ing

Dec

embe

r 31

,B

asic

Rat

eaS

ervi

ceb

Rat

eB

ank

Rat

eC

ount

yT

ax R

ate

2005

1.10

50.

060

1.16

50.

792

0.74

50.

521

3.22

3

2006

1.14

00.

060

1.20

00.

836

0.83

40.

558

3.42

8

2007

0.50

60.

028

0.53

40.

384

0.37

10.

252

1.54

1

2008

0.51

10.

027

0.53

80.

445

0.36

50.

246

1.59

4

2009

0.50

40.

026

0.53

00.

462

0.36

70.

254

1.61

3

2010

0.53

20.

024

0.55

60.

484

0.37

40.

265

1.67

9

2011

0.54

30.

026

0.56

90.

509

0.37

70.

257

1.71

2

2012

0.56

20.

026

0.58

80.

523

0.38

50.

261

1.75

7

2013

0.59

30.

023

0.61

60.

555

0.38

40.

255

1.81

0

2014

0.65

70.

026

0.68

30.

543

0.39

60.

247

1.86

9

Sou

rce:

Mun

icip

al T

ax A

sses

sor

Not

e:N

.J.S

.A. 1

8A:7

F-5

d li

mit

s th

e am

ount

that

the

Dis

tric

t can

sub

mit

for

a g

ener

al f

und

tax

levy

. T

he le

vy, w

hen

adde

d to

oth

er c

ompo

nent

s of

the

Dis

tric

t's n

et b

udge

t, m

ay n

ot e

xcee

d th

e pr

ebud

get y

ear

net b

udge

t by

mor

e th

an th

e sp

endi

ng g

row

th li

mit

atio

n ca

lcul

ated

as

foll

ows:

the

pre

budg

et y

ear

net b

udge

t inc

reas

ed b

y

the

cost

of

livi

ng o

r 2.

5 pe

rcen

t, w

hich

ever

is g

reat

er, p

lus

any

spen

ding

gro

wth

adj

ustm

ents

.

aT

he D

istr

ict's

bas

ic ta

x ra

te is

cal

cula

ted

from

the

A4F

for

m w

hich

is s

ubm

itte

d w

ith

the

budg

et a

nd th

e

Net

Val

uati

on ta

xabl

e.

bR

ates

for

deb

t ser

vice

are

bas

ed o

n ea

ch y

ear's

req

uire

men

ts.

N/A

At t

he ti

me

of C

AF

R C

ompl

etio

n, th

is d

ata

was

not

yet

ava

ilab

le

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

T

Sch

ool D

istr

ict D

irec

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ng R

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ND

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S

(RA

TE

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R $

100

OF

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SE

SS

ED

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D B

AN

K B

OR

OU

GH

134

EX

HIB

IT J

-7(P

age

2 of

3)

(Fro

m J

-6)

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alB

orou

ghG

ener

alD

irec

tof

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egio

nal

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al D

irec

t and

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rO

blig

atio

n D

ebt

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ool T

axL

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eS

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lM

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outh

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rlap

ping

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ing

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embe

r 31

,B

asic

Rat

eaS

ervi

ceb

Rat

eS

ilve

rR

ate

Cou

nty

Tax

Rat

e

2005

0.77

30.

042

0.81

50.

450

0.39

10.

356

2.01

220

060.

805

0.04

30.

848

0.46

40.

424

0.35

02.

086

2007

0.40

10.

019

0.87

10.

468

0.43

40.

347

2.12

020

08N

/AN

/A0.

859

0.49

20.

446

0.33

82.

135

2009

N/A

N/A

0.88

50.

512

0.47

50.

347

2.21

920

10N

/AN

/A0.

909

0.50

80.

479

0.36

32.

259

2011

N/A

N/A

0.91

90.

521

0.49

30.

366

2.29

920

12N

/AN

/A0.

934

0.52

80.

534

0.37

72.

373

2013

0.84

90.

033

0.88

20.

498

0.51

01.

890

2014

0.80

30.

031

0.83

40.

469

0.48

20.

365

2.15

0

Sou

rce:

Mun

icip

al T

ax A

sses

sor

Not

e:N

.J.S

.A. 1

8A:7

F-5

d li

mit

s th

e am

ount

that

the

Dis

tric

t can

sub

mit

for

a g

ener

al f

und

tax

levy

. T

he le

vy, w

hen

adde

d to

oth

er c

ompo

nent

s of

the

Dis

tric

t's n

et b

udge

t, m

ay n

ot e

xcee

d th

e pr

ebud

get y

ear

net b

udge

t by

mor

e th

an th

e sp

endi

ng g

row

th li

mit

atio

n ca

lcul

ated

as

foll

ows:

the

pre

budg

et y

ear

net b

udge

t inc

reas

ed b

yth

e co

st o

f li

ving

or

2.5

perc

ent,

whi

chev

er is

gre

ater

, plu

s an

y sp

endi

ng g

row

th a

djus

tmen

ts.

aT

he D

istr

ict's

bas

ic ta

x ra

te is

cal

cula

ted

from

the

A4F

for

m w

hich

is s

ubm

itte

d w

ith

the

budg

et a

nd th

eN

et V

alua

tion

taxa

ble.

bR

ates

for

deb

t ser

vice

are

bas

ed o

n ea

ch y

ear's

req

uire

men

ts.

N/A

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he ti

me

of C

AF

R C

ompl

etio

n, th

is d

ata

was

not

yet

ava

ilab

le

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rlap

ping

Rat

esS

choo

l Dis

tric

t Dir

ect R

ate

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

RIC

TD

IRE

CT

AN

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VE

RL

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PIN

G P

RO

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RT

Y T

AX

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TE

SL

AS

T T

EN

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CA

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EA

RS

(RA

TE

PE

R $

100

OF

AS

SE

SS

ED

VA

LU

E)

LIT

TL

E S

ILV

ER

BO

RO

UG

H

135

EX

HIB

IT J

-7(P

age

3 of

3)

(Fro

m J

-6)

Tot

alG

ener

alD

irec

tB

orou

ghR

egio

nal

Tot

al D

irec

t and

Yea

rO

blig

atio

n D

ebt

Sch

ool T

axof

S

choo

lM

onm

outh

Ove

rlap

ping

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ing

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embe

r 31

,B

asic

Rat

eaS

ervi

ceb

Rat

eS

hrew

sbur

yR

ate

Cou

nty

Tax

Rat

e

2005

0.38

00.

021

0.73

80.

650

0.40

10.

363

2.15

220

060.

752

0.04

00.

792

0.68

90.

423

0.36

32.

267

2007

0.39

80.

019

0.80

90.

724

0.45

20.

371

2.35

620

08N

/AN

/A0.

835

0.74

50.

511

0.36

32.

454

2009

N/A

N/A

0.86

00.

755

0.54

00.

399

2.55

420

10N

/AN

/A0.

885

0.78

60.

570

0.39

32.

634

2011

N/A

N/A

0.92

00.

802

0.59

10.

396

2.70

920

12N

/AN

/A0.

934

0.81

90.

554

0.38

72.

694

2013

0.72

10.

028

0.74

90.

649

0.46

30.

307

2.16

820

140.

733

0.02

90.

762

0.66

30.

521

0.32

52.

271

Sou

rce:

Mun

icip

al T

ax A

sses

sor

Not

e:N

.J.S

.A. 1

8A:7

F-5

d li

mit

s th

e am

ount

that

the

Dis

tric

t can

sub

mit

for

a g

ener

al f

und

tax

levy

. T

he le

vy, w

hen

adde

d to

oth

er c

ompo

nent

s of

the

Dis

tric

t's n

et b

udge

t, m

ay n

ot e

xcee

d th

e pr

ebud

get y

ear

net b

udge

t by

mor

e th

an th

e sp

endi

ng g

row

th li

mit

atio

n ca

lcul

ated

as

foll

ows:

the

pre

budg

et y

ear

net b

udge

t inc

reas

ed b

yth

e co

st o

f li

ving

or

2.5

perc

ent,

whi

chev

er is

gre

ater

, plu

s an

y sp

endi

ng g

row

th a

djus

tmen

ts.

aT

he D

istr

ict's

bas

ic ta

x ra

te is

cal

cula

ted

from

the

A4F

for

m w

hich

is s

ubm

itte

d w

ith

the

budg

et a

nd th

eN

et V

alua

tion

taxa

ble.

bR

ates

for

deb

t ser

vice

are

bas

ed o

n ea

ch y

ear's

req

uire

men

ts.

N/A

At t

he ti

me

of C

AF

R C

ompl

etio

n, th

is d

ata

was

not

yet

ava

ilab

le

Sch

ool D

istr

ict D

irec

t Rat

eO

verl

appi

ng R

ates

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

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TD

IRE

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D O

VE

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PIN

G P

RO

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RT

Y T

AX

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TE

SL

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T T

EN

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L Y

EA

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(RA

TE

PE

R $

100

OF

AS

SE

SS

ED

VA

LU

E)

SH

RE

WS

BU

RY

BO

RO

UG

H

136

EX

HIB

IT J

-8(P

age

1 of

3)

Tax

able

% o

f T

otal

Tax

able

% o

f T

otal

Ass

esse

dR

ank

Dis

tric

t Net

Ass

esse

dR

ank

Dis

tric

t Net

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

Tax

paye

r 1

11

Tax

paye

r 2

22

Tax

paye

r 3

33

Tax

paye

r 4

44

Tax

paye

r 5

55

Tax

paye

r 6

66

Tax

paye

r 7

77

Tax

paye

r 8

88

Tax

paye

r 9

99

Tax

paye

r 10

1010

Tot

al-

$

-

$

2014

2005

DA

TA

NO

T A

VA

ILA

BL

E

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

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TP

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CIP

AL

PR

OP

ER

TY

TA

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AY

ER

SC

UR

RE

NT

YE

AR

AN

D N

INE

YE

AR

S A

GO

RE

D B

AN

K B

OR

OU

GH

137

EX

HIB

IT J

-8(P

age

2 of

3)

Tax

able

% o

f T

otal

Tax

able

% o

f T

otal

Ass

esse

dR

ank

Dis

tric

t Net

Ass

esse

dR

ank

Dis

tric

t Net

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

Tax

paye

r 1

11

Tax

paye

r 2

22

Tax

paye

r 3

33

Tax

paye

r 4

44

Tax

paye

r 5

55

Tax

paye

r 6

66

Tax

paye

r 7

77

Tax

paye

r 8

88

Tax

paye

r 9

99

Tax

paye

r 10

1010

Tot

al-

$

-

$

DA

TA

NO

T A

VA

ILA

BL

E

RE

D B

AN

K R

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ION

AL

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UR

RE

NT

YE

AR

AN

D N

INE

YE

AR

S A

GO

LIT

TL

E S

ILV

ER

BO

RO

UG

H

2014

2005

138

EX

HIB

IT J

-8P

age

3 of

3

Tax

able

% o

f T

otal

Tax

able

% o

f T

otal

Ass

esse

dR

ank

Dis

tric

t Net

Ass

esse

dR

ank

Dis

tric

t Net

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

Val

ue(O

ptio

nal)

Ass

esse

d V

alue

Tax

paye

r 1

11

Tax

paye

r 2

22

Tax

paye

r 3

33

Tax

paye

r 4

44

Tax

paye

r 5

55

Tax

paye

r 6

66

Tax

paye

r 7

77

Tax

paye

r 8

88

Tax

paye

r 9

99

Tax

paye

r 10

1010

Tot

al-

$

-

$

Sou

rce:

Mun

icip

al T

ax A

sses

sor

DA

TA

NO

T A

VA

ILA

BL

E

RE

D B

AN

K R

EG

ION

AL

HIG

H S

CH

OO

L D

IST

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TP

RIN

CIP

AL

PR

OP

ER

TY

TA

XP

AY

ER

SC

UR

RE

NT

YE

AR

AN

D N

INE

YE

AR

S A

GO

SH

RE

WS

BU

RY

BO

RO

UG

H

2014

2005

139

EXHIBIT J-9

Collections inYear Ended Taxes Levied for Percentage Subsequent

December 31, the Fiscal Year Amount of Levy Years

2005 14,763,384.00$ 14,763,384.00$ 100.00% -2006 15,159,066.00 15,159,066.00 100.00% -2007 17,337,509.00 17,337,509.00 100.00% -2008 17,361,791.00 17,361,791.00 100.00% -2009 18,030,164.00 18,030,164.00 100.00% -2010 18,660,279.00 18,660,279.00 100.00% -2011 19,052,310.00 19,052,310.00 100.00% -2012 19,361,708.00 19,361,708.00 100.00% -2013 19,361,708.00 19,361,708.00 100.00% -2014 20,098,758.04 20,098,758.04 100.00% -

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

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

of the LevyaCollector Within the Fiscal Year

LAST TEN FISCAL YEARS

RED BANK REGIONAL HIGH SCHOOL DISTRICTPROPERTY TAX LEVIES AND COLLECTIONS

140

DEBT CAPACITY INFORMATION

141


142

EXHIBIT J-10

General Percentage ofFiscal Year Obligation Capital Total Personal Per

Ending June 30, Bondsb Leases District Incomea Capitaa

2005 9,070,000.00$ 27,350.00$ 9,097,350.00$ N/A 416.92$ 2006 8,690,000.00 17,437.67 8,707,437.67 N/A 394.43 2007 8,290,000.00 9,094.16 8,299,094.16 N/A 373.88 2008 7,875,000.00 - 7,875,000.00 N/A 354.73 2009 7,440,000.00 - 7,440,000.00 N/A 306.01 2010 6,800,000.00 - 6,800,000.00 N/A N/A2011 6,285,000.00 - 6,285,000.00 N/A 285.85 2012 5,800,000.00 - 5,800,000.00 N/A N/A2013 5,300,000.00 - 5,300,000.00 N/A 241.29 2014 4,780,000.00 - 4,780,000.00 0.47% 217.99

Note: Details regarding the District's outstanding debt can be found in the Notes to the Financial Statements.

a See Exhibit NJ J-14 for personal income and population data. These ratios are calculatedusing personal income and population for the prior calendar year.

b Includes Early Retirement Incentive Plan ("ERIP") refundingN/A At the time of CAFR completion, data was not yet available

RED BANK REGIONAL HIGH SCHOOL DISTRICTRATIOS OF OUTSTANDING DEBT BY TYPE


Governmental Activities

143

EXHIBIT J-11

Net Percentage ofGeneral General Actual Taxable

Fiscal Year Obligation Bonded Debt Valuea of PerEnding June 30, Bonds Outstanding Property Capitab

2005 9,070,000.00$ 9,070,000.00$ 0.30% 416.92$ 2006 8,690,000.00 8,690,000.00 0.29% 394.43 2007 8,290,000.00 8,290,000.00 0.19% 373.88 2008 7,875,000.00 7,875,000.00 0.16% 354.73 2009 7,440,000.00 7,440,000.00 0.13% 306.01 2010 6,800,000.00 6,800,000.00 0.13% N/A2011 6,285,000.00 6,285,000.00 0.15% 285.85 2012 5,800,000.00 5,800,000.00 0.14% N/A2013 5,300,000.00 5,300,000.00 0.12% 241.29 2014 4,780,000.00 4,780,000.00 0.10% 217.99

Note: Details regarding the District's outstanding debt can be found in the Notes to the Financial Statements.

a See Exhibit NJ J-6 for property tax data. b Population data can be found in Exhibit NJ J-14.

General Bonded Debt Outstanding

RED BANK REGIONAL HIGH SCHOOL DISTRICTRATIOS OF NET GENERAL BONDED DEBT OUTSTANDING


144

EXHIBIT J-12

EstimatedEstimated Share of

Debt Percentage OverlappingGovernmental Unit Outstanding Applicablea Debt

Debt Repaid with Property Taxes:Red Bank Borough 11,116,844.50$ 100.00% 11,116,844.50$ Little Silver Borough 3,274,213.28 100.00% 3,274,213.28 Shrewsbury Borough 8,361,452.86 100.00% 8,361,452.86

Monmouth County General Obligation Debt:Red Bank Borough (1.810502%) 441,364,986.00 7,990,921.90 Little Silver Borough (1.563784%) 6,782,826.49 Shrewsbury Borough (0.959683%) 4,235,704.74

Subtotal, Overlapping Debt 41,761,963.76

Red Bank Regional High School District Direct Debt 4,780,000.00

Total Direct and Overlapping Debt 46,541,963.76$

Sources: Assessed value data used to estimate applicable percentages provided by the Monmouth County Board of Taxation.Debt Outstanding data provided by each governmental unit.

Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the District.This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by theresidents and businesses of Red Bank Borough, Little Silver Borough and Shrewsbury Borough. This processrecognized that, when considering the District's ability to issue and repay long-term debt, the entire debt burden borneby the residents and businesses should be taken into account. However, this does not imply that every taxpayer is aresident, and therefore responsible for repaying the debt, of each overlapping payment.

a For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of another governmental unit'staxable value that is within the District's boundaries and dividing it by each unit's total taxable value.

N/A At the time of CAFR Completion, this data was not yet available

RED BANK REGIONAL HIGH SCHOOL DISTRICTDIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

AS OF JUNE 30, 2014

145

EX

HIB

IT J

-13

Red

Ban

kL

ittl

e S

ilve

rS

hrew

sbur

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otal

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ough

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ough

Bor

ough

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aliz

ed V

alua

tion

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is20

134,

667,

198,

142.

33$

2,04

1,89

9,83

8.67

$

$1

,591

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.00

1,03

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$

20

124,

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369,

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00

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1,

592,

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530.

00

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20

114,

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433,

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00

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00

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00

(A)

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$

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019,

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00$

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048,

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00$

Ave

rage

Equ

aliz

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alua

tion

of

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able

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pert

y(A

/3)

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7,68

9.00

$

Deb

t Lim

it (

3% o

f A

vera

ge E

qual

izat

ion

Val

ue)

a(B

)92

,558

,031

Tot

al N

et D

ebt A

ppli

cabl

e T

o L

imit

(C)

4,78

0,00

0

Leg

al D

ebt M

argi

n(B

-C)

87,7

78,0

30.6

7$

2005

2006

2007

2008

2009

Deb

t Lim

it57

,437

,032

.00

$

64

,203

,646

.00

$

13

0,47

9,15

7.00

$

144,

456,

406.

00$

15

3,66

2,30

2.00

$

Tot

al N

et D

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imit

9,07

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000.

00

8,29

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0.00

7,

875,

000.

00

7,44

0,00

0.00

Leg

al D

ebt M

argi

n48

,367

,032

.00

$

55,5

13,6

46.0

0$

12

2,18

9,15

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$

136,

581,

406.

00$

14

6,22

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al N

et D

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cabl

e to

the

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itas

a P

erce

ntag

e of

Deb

t Lim

it15

.79%

13.5

4%6.

35%

5.45

%4.

84%

2010

2011

2012

2013

2014

Deb

t Lim

it10

4,74

7,61

2.00

$

155,

098,

529.

00$

95

,143

,791

.63

$

95

,143

,792

.00

$

92

,558

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.67

$

T

otal

Net

Deb

t App

lica

ble

To

Lim

it6,

800,

000.

00

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0.00

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800,

000.

00

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000.

00

Leg

al D

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argi

n97

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148,

813,

529.

00$

89

,343

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.63

$

89,8

43,7

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0$

87

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$

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al N

et D

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the

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itas

a P

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ntag

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t Lim

it6.

49%

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%6.

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16%

Sou

rce:

Equ

aliz

ed v

alua

tion

bas

es w

ere

obta

ined

fro

m th

e A

nnua

l Rep

ort o

f th

e S

tate

of

New

Jer

sey,

Dep

artm

ent o

f T

reas

ury,

Div

isio

n of

Tax

atio

n.

aL

imit

set

by

N.J

.S.A

. 18A

:24-

19 f

or a

9 th

roug

h 12

Dis

tric

t; o

ther

per

cent

age

lim

its

wou

ld b

e ap

plic

able

for

oth

er D

istr

ict t

ypes

.

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al D

ebt M

argi

n C

alcu

lati

on f

or F

isca

l Yea

r 20

14

RE

D B

AN

K R

EG

ION

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H S

CH

OO

L D

IST

RIC

TL

EG

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DE

BT

MA

RG

IN I

NF

OR

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TIO

NL

AS

T T

EN

FIS

CA

L Y

EA

RS

146

DEMOGRAPHIC AND ECONOMIC STATISTICS

147


148

EXHIBIT J-14(Page 1 of 3)

Per Capita UnemploymentYear Populationa Personal Incomeb Personal Incomec Rated

2005 12,042 N/A N/A 5.60%2006 12,105 N/A N/A 5.60%2007 12,124 N/A N/A 5.10%2008 12,144 N/A N/A 6.50%2009 12,146 N/A N/A N/A2010 N/A N/A N/A 10.70%2011 12,218 648,707,724.00$ 54,771.00$ 10.80%2012 12,187 N/A N/A 11.30%2013 12,206 N/A N/A N/A2014 12,213 433,072,980 35,460.00 8.90%

Source:a Population information provided by the Monmouth County Planning Board 2009 Demographicsb Personal income has been estimated based upon the municipal population and per capita

personal income presented.c Per capita personal income by municipality estimated based upon the 2000 Census published

by the US Bureau of Economic Analysis.d Unemployment data provided by the Monmouth County Planning Board 2009 Demographics

N/A At the time of CAFR completion, data was not yet available

RED BANK BOROUGH


RED BANK REGIONAL HIGH SCHOOL DISTRICTDEMOGRAPHIC AND ECONOMIC STATISTICS

149



2005 6,232 N/A N/A 3.10%2006 6,221 N/A N/A 3.10%2007 6,224 N/A N/A 2.80%2008 6,240 N/A N/A 3.60%2009 6,257 N/A N/A N/A2010 N/A N/A N/A 6.10%2011 5,956 N/A N/A 6.10%2012 5,982 N/A N/A 6.40%2013 5,950 N/A N/A N/A2014 5,906 391,514,646 66,291 4.70%







LITTLE SILVER BOROUGH

150



2005 3,784 N/A N/A 1.20%2006 3,796 N/A N/A 1.20%2007 3,825 N/A N/A 1.10%2008 3,816 N/A N/A 1.40%2009 3,819 N/A N/A N/A2010 N/A N/A N/A 2.40%2011 3,813 N/A N/A 2.50%2012 3,809 N/A N/A 2.60%2013 3,809 N/A N/A N/A2014 3,809 202,970,183 53,287 2.50%







SHREWSBURY BOROUGH

151

EX

HIB

IT J

-15

(Pag

e 1

of 3

)

Per

cent

age

ofP

erce

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mpl

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men

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11

22

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1010

Tot

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Sou

rce:

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2014

2005

152

EX

HIB

IT J

-15

(Pag

e 2

of 3

)

Per

cent

age

ofP

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2014

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153

EX

HIB

IT J

-15

(Pag

e 3

of 3

)

Per

cent

age

ofP

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ntag

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66

77

88

99

1010

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al0

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BO

RO

UG

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2014

2005

154

OPERATING INFORMATION

155


156

EX

HIB

IT J

-16

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Inst

ruct

ion:

132

132

133

132

132

132

129

129

129

130

Reg

ular

Spe

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Edu

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tude

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nstr

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on R

elat

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3434

3434

3332

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3534

Gen

eral

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inis

trat

ion

22

22

33

33

33

Sch

ool A

dmin

istr

ativ

e S

ervi

ces

96

88

88

77

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157

EX

HIB

IT J

-17

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rage

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Per

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Per

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2005

1,14

819

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17,2

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162.

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074.

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0%20

061,

148

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12,3

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0

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51%

112

N/A

N/A

1:10

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150.

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0-0

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93.0

0%20

071,

086

22,6

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37.0

0

20

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158

EX

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-18

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159

EXHIBIT 19

UNDISTRIBUTED EXPENDITURES - REQUIREDMAINTENANCE FOR SCHOOL FACILITIES

Red Bank Regional

Project # (s) High School Total

2005 N/A 133,267.81$ 133,267.81$ 2006 N/A 125,088.69 125,088.69 2007 N/A 151,475.50 151,475.50 2008 N/A 195,954.07 195,954.07 2009 N/A 507,472.10 507,472.10 2010 N/A 347,366.00 347,366.00 2011 N/A 337,442.12 337,442.12 2012 N/A 859,005.27 859,005.27 2013 N/A 475,519.11 475,519.11 2014 N/A 606,937.69 606,937.69

- Total School Facilities 3,739,528.36$ 3,739,528.36$

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

Source: District records

RED BANK REGIONAL HIGH SCHOOL DISTRICTSCHEDULE OF REQUIRED MAINTENANCE


160

EXHIBIT J-20

Coverage Deductible

School Package Policy (1):Building and Contents (All Locations) 47,945,406.00$ 2,500.00$ Blanket Extra Expense 50,000,000.00 2,500.00 Electronic Data Processing Equipment & Software 1,000,000.00 1,000.00 Boiler and Machinery IncludedCemprehensive General Liability Per Occurrence 11,000,000.00 General Aggregate 11,000,000.00 General Automobile Liability 11,000,000.00 - Employee Benefit Liability 11,000,000.00 1,000.00 School Board Legal Liability 2,000,000.00 5,000.00 Workers' Compensation 2,000,000.00 Employee Dishonesty 500,000.00 1,000.00

Student Accident Insurance (2) 500,000.00

Surety Bonds (3):Board Secretary/Business Administrator 250,000.00 Payroll Clerk 100,000.00 Payroll Administrator 100,000.00

(1) New Jersey School Boards Ins. Assoc. Group(2) Berkley(3) Selective

Source: District records

RED BANK REGIONAL HIGH SCHOOL DISTRICTINSURANCE SCHEDULE

JUNE 30, 2014

161


162

SINGLE AUDIT SECTION

163


164

EXHIBIT K-1

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF

FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

Honorable President and Members of the Board of Education Red Bank Regional High School District County of Monmouth Little Silver, New Jersey We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental and business-type activities, each major fund and the aggregate remaining fund information of the Red Bank Regional Board of Education, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise Red Bank Regional Board of Education’s basic financial statements, and have issued our report thereon dated December 01, 2014. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Red Bank Regional Board of Education's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Red Bank Regional Board of Education’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Red Bank Regional Board of Education’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

165

rchandran

Letterhead

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





166

EXHIBIT K-2

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

133 AND NEW JERSEY OMB CIRCULAR 04-04.

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

167

rchandran

Letterhead

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

168

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





169

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172

EXHIBIT K-5 (Page 1 of 2)


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

1. General The accompanying schedules of expenditures of federal awards and state financial assistance include federal awards and state financial assistance programs of the Red Bank Regional Board of Education. The Board of Education is defined in Note 1 to the District’s basic financial statements. All Federal and State awards received directly from Federal and State agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance. 2. Basis of Accounting The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. This basis of accounting is described in Note 1 to the District’s basic financial statements. 3. Relationship to Basic Financial Statements The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made. The general fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP purposes that payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A.18A:22-4.2. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $1,725.00 for the general fund and $(24,852.15) for the special revenue fund. See Note 1 for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the District’s basic financial statements on a GAAP basis as presented as follows:

173

EXHIBIT K-5 (Page 2 of 2)


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

3. Relationship to Basic Financial Statements (continued):

State Federal Total

General Fund 2,996,660.00$ -$ 2,996,660.00$ Special Revenue Fund 597,218.43 566,150.27 1,163,368.70 Food Service Fund 3,034.81 118,980.56 122,015.37

Total Financial Assistance 3,596,913.24$ 685,130.83$ 4,282,044.07$

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

174

EXHIBIT K-6(Page 1 of 3)

Financial Statements

Type of auditor's report issued:

Internal control over financial reporting:

1) Material weakness(es) identified? yes X no

2) Significant deficiencies identified that arenot considered to be material weaknesses? yes X none reported

Noncompliance material to basic financial statements noted? yes X no

Federal Awards

Internal control over major programs:



Type of auditor's report issued on compliance for major programs:

Any audit findings disclosed that are required to be reportedin accordance with section .510(a) of Circular A-133? yes X no

Identification of major programs:

CFDA Number(s) Name of Federal Program or Cluster

84.027 IDEA, Part B, Basic

Dollar threshold used to distinguish between type A and type B programs:

Auditee qualified as low-risk auditee? X yes no

$300,000.00

Unmodified

Unmodified

RED BANK REGIONAL HIGH SCHOOL DISTRICTSCHEDULE OF FINDINGS AND QUESTIONED COSTS

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

Section I - Summary of Auditor's Results

175

EXHIBIT K-6(Page 2 of 3)

State Awards

Dollar threshold used to distinguish between type A and type B programs?

Auditee qualified as low-risk auditee? X yes no

Type of auditor's report issued in compliance for major programs:

Internal Control over major programs:



Any audit findings disclosed that are required to be reportedin accordance with NJOMB Circular 04-04? yes X no

Identification of major programs:

State Grant/Project Number(s) Name of State Program

State Aid Cluster:14-495-034-5120-078 Equalization Aid14-495-034-5120-089 Special Education Aid14-495-034-5120-084 Security Aid14-495-034-5120-085 Adjustment Aid


Unmodified

$300,000.00

Section I - Summary of Auditor's Results (continued)

FOR THE FISCAL YEAR ENDED JUNE 30, 2014SCHEDULE OF FINDINGS AND QUESTIONED COSTS

176

EXHIBIT K-6

(Page 3 of 3) RED BANK REGIONAL HIGH SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS

For the Fiscal Year Ended June 30, 2014

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

No Current Year Findings

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

No Current Year Findings

177

EXHIBIT K-7 RED BANK REGIONAL HIGH SCHOOL DISTRICT

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

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

No Prior Year Findings

178

Documents

RED BANK REGIONAL HIGH SCHOOL DISTRICT - State