Idea Transcript
Cabrillo Unified School District Continuing Disclosure Annual Report Fiscal Year Ended June 30, 2012 Prepared by: Cabrillo Unified School District 498 Kelly Ave. Half Moon Bay, CA 94019
Table of Contents I.
Introduction ............................................................................................................................ 3
II.
Audited Financial Statements ................................................................................................. 3
III. Average Daily Attendance ...................................................................................................... 3 IV. Enrollment .............................................................................................................................. 3 V.
Pension Plan Contributions .................................................................................................... 4
VI. Short‐Term Borrowing ............................................................................................................ 4 VII. Lease Obligations .................................................................................................................... 4 VIII. Long‐Term Obligations ........................................................................................................... 5 IX. General Fund Revenues and Expenditures from Audited Financial Statements .................... 6 X.
General Fund Revenues and Expenditures from Adopted Budget ......................................... 7
XI. Revenue Limit (Preceding & Current FY) ................................................................................ 8 XII. State Funding .......................................................................................................................... 8 XIII. Secured Tax Charges and Delinquencies ................................................................................ 8 XIV. Assessed Valuation (Preceding & Current FY) ........................................................................ 8 XV. Largest Taxpayers (Preceding & Current FY) .......................................................................... 9 Appendix A .................................................................................................................................... 11
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I. Introduction The Cabrillo Unified School District (“District”) hereby provides its continuing disclosure annual report pursuant to the Continuing Disclosure Agreements in connection with the following financings for the fiscal year ended June 30, 2012 (“Annual Report”): Exhibit 1 Financings Cabrillo Unified School District
Base CUSIP 127127 127127
Financing 1996 General Obligation Bonds, Series A General Obligation Bonds, Election of 2012, Series A
II. Audited Financial Statements The District’s audited financial statements for the fiscal year ended June 30, 2012 have been submitted separately on EMMA (Electronic Municipal Market Access). III. Average Daily Attendance The following exhibit displays Average Daily Attendance for the District. Exhibit 2 Average Daily Attendance Cabrillo Unified School District Fiscal Year Average Daily Attendance(1) 2011‐12 3,165 (1) Second Period Report
Source: Cabrillo Unified School District Audited Financial Statement dated June 30, 2012.
IV. Enrollment The following exhibit displays Enrollment for the District. Exhibit 3 Enrollment Cabrillo Unified School District Fiscal Year Enrollment 2011‐12 3,313 Source: Cabrillo Unified School District
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V. Pension Plan Contributions Qualified employees are covered under multiple‐employer defined benefit pension plans maintained by agencies of the state of California. Certificated employees are members of the California State Teachers’ Retirement System (CalSTRS), and classified employees are members of the California Public Employees’ Retirement System (CalPERS). California State Teachers’ Retirement System (CalSTRS) Exhibit 4 California State Teachers’ Retirement System (CalSTRS) Cabrillo Unified School District Fiscal Year Contribution Amount(1) 2011‐12 $1,134,463 (1)
The required employer contribution rate was 8.25% of annual payroll.
Source: Cabrillo Unified School District Audited Financial Statement dated June 30, 2012.
California Public Employees Retirement System (CalPERS) Exhibit 5 California Public Employees Retirement System (CalPERS) Cabrillo Unified School District Fiscal Year Contribution Amount(1) 2011‐12 $721,241 (1)
The required employer contribution rate was 10.923% of annual payroll.
Source: Cabrillo Unified School District Audited Financial Statement dated June 30, 2012.
VI. Short‐Term Borrowing On July 1, 2011, the District issued $1,265,000 in Tax and Revenue Anticipation Notes (TRAN) maturing on June 1, 2012, with interest rate of 2%. The TRAN is a general obligation of the District, and are payable from revenues and cash receipts to be generated by the District. There are no contractual obligations related to the issuance other than the TRAN agreement. The funds are used to supplement cash flow. Source: Cabrillo Unified School District Audited Financial Statement dated June 30, 2012.
VII. Lease Obligations As of June 30, 2012 the District had no outstanding lease obligations. Source: Cabrillo Unified School District Audited Financial Statement dated June 30, 2012.
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VIII.
Long‐Term Obligations
Changes in Long‐Term Debt The following is a summary of changes in long‐term debt: Exhibit 6 Changes in Long Term Debt Cabrillo Unified School District
Balance July 1, 2011 $14,562,917 353,117 $14,916,034
General Obligation Bonds Compensated absences Totals
Additions $0 0 $0
Deductions $1,378,246 51,480 $1,429,726
Balance June 30, 2012 $13,184,671 301,637 $13,486,308
Due in One Year $1,364,866 0 $1,364,866
Source: Cabrillo Unified School District Audited Financial Statement dated June 30, 2012.
Bonded Debt The outstanding general obligation bonded debt is as follows:
Exhibit 7 Bonded Debt Cabrillo Unified School District
Issue Name
Issue Date
Maturity Date
Interest Rate
1996 GOBs
8/1/1996
8/1/2021
3.75‐6.0%
Amount of Original Issue
Outstanding June 30, 2011
Redeemed
Outstanding June 30, 2012
$34,996,263
$14,562,917
$1,378,246
$13,184,671
$34,996,263
$14,562,917
$1,378,246
$13,184,671
Totals Source: Cabrillo Unified School District Audited Financial Statement dated June 30, 2012.
Subsequent Events General Obligation Bonds On October 25, 2012, the District issued $19,715,860 in General Obligation Bonds. This included principal of $18,000,000, with a premium of $1,715,860. The bonds mature on August 1, 2037. Total debt service for the bonds is $27,843,608. Bond proceeds will be used for improvements and construction at the District’s school sites. Tax Revenue Anticipation Notes On July 2, 2012, the District issued $2,220,000 in Tax and Revenue Anticipation Notes (TRAN) maturing on June 1, 2013, with an interest rate of 2%. The TRANs are a general obligation of the District, and are payable from revenues and cash receipts to be generated by the District. There are no contractual obligations related to the issuance other than the TRAN agreement. The funds are used to supplement cash flow. Source: Cabrillo Unified School District Audited Financial Statement dated June 30, 2012.
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IX. General Fund Revenues and Expenditures from Audited Financial Statements Exhibit 8 General Fund Revenues and Expenditures from 2011‐12 Audited Financial Statements Cabrillo Unified School District
REVENUES Revenue Limit Sources Federal Sources Other State Sources Other Local Sources Total Revenues EXPENDITURES Certificated Salaries Classified Salaries Employee Benefits Books and Supplies Services and Other Operating Expenditures Capital Outlay Other Outgo Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Total Other Financing Sources and Uses Change in Fund Balance Fund Balance – Beginning of Year Fund Balance – End of Year
Actual $19,979,296 2,217,328 2,612,540 4,782,230 29,591,394
12,412,118 4,143,851 6,897,447 576,449 2,907,909 1,707,429 454,716 29,099,919
491,475 (36,573) 454,902 3,266,902 $3,721,804
Source: Cabrillo Unified School District Audited Financial Statement dated June 30, 2012.
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X. General Fund Revenues and Expenditures from Adopted Budget Exhibit 9 General Fund Adopted Budget for Fiscal Year 2012‐13 Cabrillo Unified School District REVENUES Revenue Limit Sources Federal Revenue Other State Revenue Other Local Revenue Total Revenues EXPENDITURES Certificated Salaries Classified Salaries Employee Benefits Books and Supplies Services and Other Operating Expenses Capital Outlay Other Outgo Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Total Other Financing Sources (Uses) Net Increase (Decrease) in Fund Balance Fund Balance (Deficit), July 1 Fund Balance (Deficit), June 30
Adopted Budget $19,784,097 1,506,971 2,006,505 2,511,603 25,809,176
12,797,878 3,734,319 6,767,468 844,116 3,078,679 0 329,193 27,551,653
(1,742,477) (37,245) (1,779,722) 3,011,716 $1,231,993
Source: Cabrillo Unified School District 2012‐13 Adopted Budget.
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XI. Revenue Limit (Preceding & Current FY) See Appendix A for the District’s total revenue limit for the preceding fiscal year (2010‐11) and the current fiscal year (2011‐12). XII. State Funding For the last completed fiscal year, 2011‐12, the District received $3,612,540.03 in state funding. Source: Cabrillo Unified School District
XIII.Secured Tax Charges and Delinquencies The following exhibit shows real property tax charges and delinquencies in the District. Exhibit 10 Secured Tax Charges and Delinquencies Cabrillo Unified School District Amount Delinquent Percent Delinquent (1) Fiscal Year Secured Tax Charge June 30, June 30 2011‐12 $2,542,879.52 $40,943.99 1.61% (1) District’s general obligation bonds debt service levy only.
Source: California Municipal Statistics, Inc.
XIV. Assessed Valuation (Preceding & Current FY) The exhibit below shows the assessed valuation of taxable properties in the District. Exhibit 11 Assessed Valuations Cabrillo Unified School District Fiscal Year Local Secured Utility Unsecured Total 2011‐12 4,931,615,881 150,000 89,651,741 5,021,417,622 2012‐13 $5,016,918,165 $150,000 $83,256,937 $5,100,325,102 Source: California Municipal Statistics, Inc.
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XV. Largest Taxpayers (Preceding & Current FY) See the District’s Annual Report for FY 2010‐11, which has been submitted separately on EMMA (Electronic Municipal Market Access), for the top taxpayers in the District for the preceding fiscal year (2011‐12). The exhibit below shows the top taxpayers in the District for the current fiscal year (2012‐13). Exhibit 12 Largest Local Secured Taxpayers Cabrillo Unified School District Property Owner
Primary Land Use
SHC Half Moon Bay LLC Martins Beach 1 & 2 LLC Keet Nerhan Point Pillar Project Developer Ocean Colony Partners LP Lifemark Group Inc. South Wavecrest LLC M. Keith Waddell, Trust Regency Centers LP Francesco and Concettiana Carrubba Saguaro National Insurance Co. IWF Half Moon Bay LLC 2651 North Cabrillo Highway LLC Bay City Flower Co. KSF Properties LLC Todd E. Gelfand, Trust Browning‐Ferris Industries Inc. Longs Drug Stores Inc. Edward and Linda J. Andreini, Trust Growers Building Partners LLC
Hotel Coastal Property Hotel Hotel Golf Course Cemetery Golf Course Agricultural Shopping Center Office Building Undeveloped Hotel Agricultural Agricultural Commercial Rural Residential Agricultural Shopping Center Warehouse Commercial
2012‐13 Assessed Valuation $137,258,214 25,627,915 25,512,285 24,982,984 22,952,881 20,661,550 20,036,155 17,321,335 14,251,244 13,358,706 13,148,756 9,397,374 9,056,617 8,915,025 8,903,254 8,678,468 8,258,908 8,143,014 6,867,284 6,479,424 $409,811,393
%of Total(1) 2.72% 0.51 0.50 0.49 0.45 0.41 0.40 0.34 0.28 0.26 0.26 0.19 0.18 0.18 0.18 0.17 0.16 0.16 0.14 0.13 8.11%
(1) 2012‐13 Local Secured Assessed Valuation: $5,054,274,595.
Source: California Municipal Statistics, Inc.
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Appendix A
Cabrillo Unified San Mateo County
July 1 Budget (Single Adoption) General Fund Revenue Limit Summary
Principal Appt. Software Data ID
Description BASE REVENUE LIMIT PER ADA 1. Base Revenue Limit per ADA (prior year) 2. Inflation Increase
3. All Other Adjustments 4. TOTAL, BASE REVENUE LIMIT PER ADA