Financial Highlights Key financial highlights for 2015 are as follows: During the fiscal year ended June 30, 2015, the School District was required to implementGovernmental Accounting Standard Board (GASB) Statement No. 68 – Accounting and FinancialReporting for Pensions and GASB Statement No. 71 - Pension Transition for Contributions MadeSubsequent to the Measurement Date, see below discussion. In addition, the notes to thefinancial statements provide a more thorough discussion of the implementation of GASB 68 andthe effects to the financial statements.In total, net position increased $225,656.92 which represents a .10 percent increase from 2014,mainly attributable the results of fiscal year operations in the General Fund.General revenues accounted for $302,572,347.67 in revenue or 74.18 percent of all revenues.Program specific revenues in the form of charges for services, operating grants and contributionsand capital grants accounted for $105,309,078.61 or 25.82 percent of total revenues of$407,881,426.28.For governmental and business-type activities, cash and cash equivalents increased by$2,965,874.52, receivables decreased by $2,715,988.16, accounts payable increased$4,477,003.96 and capital assets increased by $4,559,058.56.The School District had $406,952,148.36 in expenses; $105,309,078.61 of these expenses wereoffset by program specific charges for services, grants or contributions. General revenues of$302,572,647.67 consisted primarily of federal and state aid.Among governmental funds, the General Fund had $315,370,334.26 in revenues and$319,011,760.87 in expenditures (excluding transfers). The General Fund's fund balanceincreased $26,835.89 from 2014.Using this Comprehensive Annual Financial Report (CAFR) This annual report consists of a series of financial statements and notes to those statements. These statements are organized so the reader can understand City of Camden School District as a financial whole, an entire operating entity. The statements then proceed to provide an increasingly detailed look at specific financial activities. 21
has intentionally blurred sections.
Sign up to view the full version.