City of Camden NJ School District 2015.pdf

Financial highlights key financial highlights for

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Financial Highlights Key financial highlights for 2015 are as follows: During the fiscal year ended June 30, 2015, the School District was required to implement Governmental Accounting Standard Board (GASB) Statement No. 68 – Accounting and Financial Reporting for Pensions and GASB Statement No. 71 - Pension Transition for Contributions Made Subsequent to the Measurement Date, see below discussion. In addition, the notes to the financial statements provide a more thorough discussion of the implementation of GASB 68 and the 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 contributions and 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 were offset 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 balance increased $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
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