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Mountain Messenger
Lewisburg, West Virginia
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October 10, 2009     Mountain Messenger
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WWw.mountainmessenaer.com GREENBRIER COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS FISCAL YEAR END JUNE 30, 2009 The Weekend Paper for the Greenbrier Valley - Mountain Messenger Oct. 3, 2009 3B Governmental Activities ASSETS ~stments~Sh and cash equivalents Iria~es receivable, net of allowance for uncollectible taxes 42, 391,731 819, 875 992,775 Food services receivable 60,809 ~therreceivables 500,220 ~eferred Charges - issuance costs ue from other governments: tate aid receivable ~EIA allocation receivable eimbursements receivable ~apital Assets: ~and uildings and improvements urniture and equipment 122,363 254,184 703,412 897,686 ~ehicles onstruction in process Less accumulated depreciation Total capital assets, net of depreciation f0tal assets ~IABILITIES AND NET ASSETS ~.iabilities: ~alaries payable and related payroll liabilities ank Overdraft A premiums payable ~ompensated absences Accounts payable ~3ther post employment benefit payable - state aid funded ioemplyees ther post employment benefit payable - all other employees eferred revenues ng-term obligations: I Due within one year: Bonds, capital leases, and contracts ! Accrued interest ! Accrued sick leave payable i Due beyond one year: Bonds capital leases and contracts Accrued sick leave payable : Total liabilities ~iet Assets: 4,383,958 70,070,487 9,767,377 6,081,505 966,909 (41.434.163) 49,836,073 96.579.128 3,861,730 188,189 777,592 89,915 830,175 637,900 148,782 611,807 2,736,973 64,121 42,579,209 52,526,392 IDvested in capital assets, net of related debt estricted for: ebt service 1,318,621 i Special projects 375,180 Capital projects 36,008,261 Unrestricted 1,830,783 ~otal net assets 44.052.736 4,519,891 $ Fhe notes are an integral part of the financial statements, however, to conserve space they are not included in the publication but are available for review at i the Board Office. GREENBRIER COUNTY BOARD OF EDUCATION RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES ~,mounts reported for governmental activities in the istatement of activites are different due to: (2,621,697) (2,071,353) 2,695,613 153,236 339,227 1,589,692 (2,963 Net change in fund balances - total governmental funds $ 3overnmental funds report capital outlays as expenditures. -Iowever, n the statement of net assets, the cost of those assets s allocated over their estimated useful lives and reported as Jepreciation expense. The effect on net assets is the amount by ~hich capital outlays exceed depreciation in the current period. Depreciation expense Capital outlays 3ertain receivables will be collected this year but are not available ;oon enough to pay for the current period's expenditures. This is the ~mount by which such receivables increased (decreased). Property taxes receivable :)ther miscellaneous conversion adjustment rhe repayment of the principal of long-term debt (e.g., bonds, eases) consumes the current financial resources of governmental Unds. However, such repayment has no effect on net assets. )ifferences in the cost and accumulated depreciation on disposed "apital assets are reported as a loss and reduction in net assets n the statement of activities. Cost of assets disposed Accumulated depreciation of assets disposed .3ompensated absences are reported as liabilities in the statement of ~et assets, but are only reported in government funds to the extent I~ey have matured. This is the amount by which compensated absences increased)/decreased. Accrued vacation payable ~,mortization of bond =ssuance costs are reported in the statement of ]ctivities but do not require the use of current financial resources ~and, therefore, are not reported as expenditures in government funds. Interest on long-term debt in the statement of activities differs from lhe amount reported in the governmental funds because interest is ecognized as an expenditure in the funds when it s due and thus ! . 1 requires the use of current financial resources. In the statement of ~ctivities, however, interest expense is recognized as the interest (122,363 bccrues, regardless of when it is due. (4,072 ~Change in net assets of governmental activities $ (44 680) GREENBRIER COUNTY BOARD OF EDUCATION SCHEDULE OF DEBTS OWED AS OF 6130109 Balance ~onds payable Beginnina of Year Restatement Additions Deductions General obligation : debt $ 8,375,000 $ 40,400,000$ 4,015,000 E;ompensated absences 86,952 ~ccrued sickleave 5,618,404 ~apitallease payable 625.874 Long-term i ~liabilities $ 14.706.230~ I Balance Bonds payable End of Year General obhgation I debt $ 44,760,000 ~ompensated ! absences 89,915 ~ccrued sickleave (5,618,404) 2,963 $ 40,402,963 $(5.618,404) Amounts due one year $ 2,665,000 within 69 692 $ 4,084,692 Amounts due past one year $ 42,095,000 89,915 ]Capital lease payable 556,182 71,973 484 209 ILong-term . liabilities $ 45.406.097 $ 2.736 973 $ 42,669,124 ~he service requirements for bonded debt is as follows: Board's future debt Year Ending June 30 Principal Interest Total ~"2010 2,665,000 1.904,196 4,569,196 2011 3,050,000 1,641,483 4,691,483 012-2024 39,045,000 11,734,663 50,779,663 Total 44,760,000 15,280,341 60,040,341 GREENBRIER COUNTY BOARD OF EDUCATION CAPITAL ASSETS AS OF 6130109 Balance. Beginning of Year Restatement Balance Additions Retirements End of Year 935 000 4.383.958 764 507 70,070,487 101 727 9,767,377 464 900 6.081.505 966.909 (537.430~966,909 3,233,043(537,430)91,270,236 (1,388,485) (28,849,753) (423,616) (8,139,447). (259. 242~ (4,444,963) (2. 071,343) (41,434,163) 1,161.700 (537.430~ 49,836,073 overnmental activities: Land 3,448 958 Buildings 69,305,980 Furniture and equipment 9.665,650 Vehicles 5.616.605 Construction in process 537,430 Total 88.574,623 rss accumulated depreciation Buildings (27,461,268) Furniture and equipment (7,715,831) Vehicles (4.185. 721] Total (39.362,820~ lapital Assets. net 49,211.803 GREENBRIER COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES FISCAL YEAR END JUNE 30, 2009 Program Revenues Net (Expense), A&S COMPUTER~;, INC.$ 40,320.00 Operating Capital Revenue & Changes AT&T MOBILITY 20,179.11 Chargesfor Grants and Grants and in Net Assets ABC SCHOOL SUPPLY 513.50 Functions Expenses Services ContributionsContributionsGovmtl. Activities ABtLITATIONS 413.95 Governmental activities: ACCUCUT 727.90 Instruction $ 34,471,515 $ 604.874 $ 5,780,941 $ $ (28,085,700) ACP 4,997.06 ACT PLAN/ACT LINKAGE 450.00 Supporting services: ADAMS MARK 595.61 Students 648,134 140,763 (507,371) ADVANCED SYSTEMS Instructional staff 1,800,632 667,222 (1,133,410) TECHNOLOGY 1,597.99 District administration 1,364,187 32,452 (.1,331,735)ALDERSON ELEMENTARY 4,294.98 School administration 2,641,901 - (2,641,901) ALDERSON PUBLIC LIBRARY2,500.00 Business services 339,549 2,500 (337,049) ALESHIRE, BRIDGET 665.28 Operation & maintenance of facilities 5,704,632 5,716 465,027 (5,233,889) ALFAX 435.63 Student transportation 4,333,629 33,615 452,947 (3,847,067) ALGY TEAM COLLECTION 684.75 Food services 3,149,956 417,075 1,524.971 (1,207,910) ALIGN COMMUNICATIONS 18,707.75 Community services 114,001 55,671 (58,330) ALL DATA COLLISION SALES 1.500.00 Interest on long-term debt 443 233 .... (443,233) ALL HEART CHEFS 308.24 Total governmental activities 55,011,369 1,021,949 8,243,851 917,974 (44,827,595) ALL PRO SOUND 1,180.42 General revenues: ALLEGHANY T-SHIRTS 418.20 Property taxes ALLEGHENY POWER 542,721.82 ALPHA MUSIC, INC. 700.00 Unrestricted state aid ALPINE TREE Unrestricted investment earnings SERVICES, INC. 14,830.00 Unrestricted grants and contributions ALVAH M. SQUIBB CO., INC. 1,997.61 Transfers in AMBLER BUILDING 847.63 Transfers (out) AMBLER-MORGAN, CINDY 636.22 Total general revenues and transfers AMERI.COM 5,242.79 Change in net assets Net assets - beginning Cumulative effect of adoption of accounting Net assets - beginning, as restated Net assets - ending policy (See note 3) $ 14,424,550 28,860,131 140,540 1,357,694 1,326,034 (1.326.034~ 44.782.915 (44,680) 38,872,090 5,225,326 44.097.416 44,052,736 GREENBRIER COUNTY BOARD OF EDUCATION BALANCE SHEET - GOVERNMENTAL FUNDS FISCAL YEAR END JUNE 30, 2009 General Special Debt Bond Capital Current Reven ue Service Construction Projects Expenses Fund Fund Fund Fund ASSETS Cash and cash equivalents $ $ nvestments 5,833,055 Taxes receivable, net 875,065 Food service receivable, net 60,809 Other receivables 455,754 Due from other governments: State aid receivable 246,751 7,433 PEIA allocation receivable 703.412 Reimbursements receivable 897,686 Due from other funds 38,745 43 481 Total assets $ 8.152.782$1.009.409 Total Governmental $ 391 268 $ 463 909.328 36,077,492 117.710 44.466 $ $ 391,731 42,819,875 992,775 60,809 500,220 $1.462.772 $ 36.077.956 $ - $ 254,184 703,412 897,686 82,226 46,702,918 LIABILITIES AND FUND BALANCES Liabilities: Bank Overdraft 188,189 $ 188,189 Salaries payable and related payroll liabilities $ 3,861,730 $ 3,861,730 Other post employment benefits payable - state aid funded$ 637,900 637,900 Other post employment benefits payable- all other employees $ 146.782 148,782 PEIA premiums payable 777,592 777,592 Accounts payable 776,804 22.421 30,950 830,175 Deferred revenue 589,352 611,808 80.030 1,281,190 Due to other funds 43,481 - 38,745 82,226 Total Liabilities 7.023.830 634 229 80..030 69,695 7,807,783 Fund Balances: Reserved for: Encumbrances 281,868 210,485 492,353 Del~ service 1,382,742 1,382,742 Special projects 164,695 164,695 Arbitrage payments Excess levies Capital projects 36,008,261 36,008,261 Unreserved: Designated Undesignated 847,084 (0) (0) 847,084 Total fund balances 1,128,952 375,180 1,382,742 36,008,261 - 38,895,134 TOTAL LIABILITIES AND FUND BALANCES $ 8.152.782$1,009,409 $1,462,772 $ 36,077,956 $ Amounts reported for governmental activities in the statement of net assets differ due to: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds 49,836,073 Deferred charges are not reported in the funds 122,363 Property taxes receivable and food service billings receivable_will be collected this year but are not available soon enough to pay for the current period's expenditures, and are therefore deferred in the funds 669,382 Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore are not reported in the funds Bonds payable, due within one year (2,665,000) Bonds payable, due beyond one year (42,095,000) Accrued interest on bonds (64,121) Capital leases payable (556,182) Accrued sick leave payable Compensated absences (89,915) Net assets of governmental activites $ 44,052,736 GREENBRIER COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS FOR YEAR END JUNE 30, 2009 General Special Debt Bond Capital Current Special Service Construction Projects Expense Revenue Fund Fund Fund Revenues: Property taxes Other Local sources State sources Federal sources Miscellaneous sources Total revenues Expenditures: Instruction Supporting services: Students Instructional staff Central administration School administration Business Operation and maintenance of facilities Student transportation Food services Community services Capital outlay Debt service: Princi pal retirement Interest and fiscal charges Total expenditures Excess (deficiency) of revenues over expenditures $ 13,040,720 $ $1,593,807 694.053 476,875 23,940 28,881,203 1.996,712 1,535,402 6,523,976 392 32,643 166,966 44,151,770 8,997,563 1,617,747 32,643 166,966 28,436,121 5,051,052 515,444 89,192 1,036,398 761,754 1,088,232 267,830 2,622,016 338,306 5,215,493 307,259 4,012,857 485,675 500 3,114,451 113,702 299 34,079 1,901,909 166 966 43.379.068 10.111.591 1,589,692 374,211 1.963.903 64,950 1.966.859 166.966 772,702 (1,114,027) (346,156) (1',934,216) Total Governmental $ 14,634,527 1,227,511 31,044,881 8,059,378 392 54,966,689 33,487,173 604,636 1,798,152 1,356,062 2,622,016 338,306 5,522~752 4,498,532 3,114,951 114,001 2,102,954 1,589,692 439,161 57 588.387 (2,621,697) Other financing sources (uses): 1997 Bond Refunding (uses) (2,597,988) 1997 Bond Refunding Sources 2,655,000 2009 Bond Issuance 37,942,477 Transfers in 8,932 1,259,66257,440 Transfers (out) (1,326,034) Total other financing sources (uses) (1,3"17,102) 1,259,662 114,453 37,942,477 Net change in fund balances (544,400) 145,635 (231,703) 36,008,26t Fund balances - beginning 2,066,430 229,545 1,614,445 Cumulative Effect of Adoption of Accounting Policy (See Note 3) (393.078) Fund balances - beginning, as restated 1,673,352 229,5451,614,445 Fund balances -ending $1,128,952 $ 375,180 91,382,742 $ 36,008,261 $ (2,597,988) 2,655,000 37,942,477 1,326,034 (1,326,034) 37,999,489 35,377,792 3,910,420 (393,078) - 3,517,342 $ 38,895,134 Greenbrier Co. Board of Education Listing of Expenditres $250 or more FY 2009 AMERICAN INTERNATIONAL14,794.68 AMERICAN RED CROSS 326.50 AMERICAN SOCIETY OF 612.80 AMERICAN TRAILERS 5,295.00 AMERICAN 3B SCIENTIFIC 524.90 AMERIGAS-LEWISBURG,WV25 254.21 AMSTERDAM PRINTING 369.81 ANDREWS FOOD EQUIP. 30.045.76 APPALACHIAN FIRE & SECURITY 15,215.06 APPALACHIAN MEMORIES 259.58 APPALACHIAN POWER 279,265.21 APPALACHIAN SIGNALS & PRODUCTS 25,331.87 APPALACHIAN TIRE 2,073.39 APPERSON PRINT MANAGMENT 310.69 APPLAUSE LEARNING RESOURCES 395.40 ARNOLDT, JASON 810.00 ASCD 1,519.09 ASSESSMENT TECHNOLOGIES, INC. 1,752.45 ATCO INTERNATIONAL 2.808.16 ATD-AMERICAN COMPANY 2,300.98 AUDIT HEAD, LLC 5,239.02 AUTO BODY PAINT SUPPLY 739.61 AUTO JET MUFFLER 3,1.59.20 AUTO VALUE 12,770.34 AUTOMOTIVE SERVICE EQUIP, LLC 1.040.00 AUTOMOTIVE YOUTH EDUCATIONAL 1,076.92 AUVIL, RANDALL 506.06 B & B BOILER 17,095.85 B WA B INTERNATIONAL 516,355.60 BIB EXCAVATING 1,900.00 BAKER & BAKER MASONRY 11,250.00 BAKER DEBRA 834.59 BAKER TRUCK EQUIPMENT COMPANY 716.36 BAKER, CONNIE 380.90 BAKER, REBECCA L. 377.00 BAKER, ROBERT B. 2,252.83 BAKER, SHERI 1,292.48 BALL, LINDA TEREK 520.73 BANK OF AMERICA 57,442.00 BANTON. SAM E. 285.00 BASS COMPUTERS, INC 24,272.29 BEALE. SANDRA 470.99 BECKELHIMER STEVE 990.56 BECKLEY NEWSPAPERS, INC. 568.63 BECKLEY WELDING SUPPLY 6,399.23 BELLETTO, MARILYN 381.00 BELT, TAMMY 4.763.88 BEN MEADOWS COMPANY 1,060.94 BENEFIT ASSISTANCE CORP. 13,978.90 BENNETT, SUE 1,303.32 BEST BUY BIZ A-1 4,793.71 BEST BUY COMMERCIAL 6,911.35 BEVERAGE, PATRICIASUE 2,025.00 BITTINGER. RACHEL 550.68 BJW PRINTING & OFFICE 48.464.84 BLAND'S AUTO SALES 827.50 BUCK ART MATERIALS 2,636.96 BOGGUS, KRISTINA 271.86 BOONE TRACTOR 393.46 BOONE, STEVEN 643.50 BOSTIC PAVING 62,334.00 BOSTIC, LYNNE 3,033.54 BOSWELL, LORIE 392.43 BOWLES RICE MCDAVID 56,760.00 BOXLEY AGGREGATES 1,829.37 BRADLEY. MELANIE E. 443.97 BRIER INN & CONFERENCE CENTER 2,266.48 BROOKS. BRENDA 336.91 BROWN, ANGEL 705.00 BROWN, CONNIE SUE 597.06 BROWNING. ASHLEY 1,670.85 BRYANT, TERESA 665.37 BUDGETEXT CORP. 13,569.60 BURDETTE, DORIS 935.00 BURDETTE, PATTI-ANN S. 874.30 BUREAU OF LECTURES 440.00 BURNS. AMANDA 902.92 BURNS, CHAD 1,303.03 BURNS, JUDY W. 386.12 BURTON, NANCY G. 850.00 C & M SERVICE CENTER, LLC 305.49 CALLISON, CHARLES 1 900.40 CALLOWAY HOUSE INC. 1,499.52 CAMCOR, INC. 14,582.68 CANAAN VALLEY 481.20 CAPITOL BUSINESS 6,087.68 CARDINAL PRINTING 7,324.50 CAREER CRUISING 5,940.00 CARLEX 741.07 CARNEGIE HALL 26,538.05 CAROLINA BIOLOGICAL SUPPLY 4,153.45 CARRIER CORPORATION 11,322.60 CARTER, APRIL 833.39 CARVER TRAFFIC ~AINTING 400.00 CASCIO INTERSTA'E MUSIC 424 82 CASTO TECHNICALSRVS. 2,994.10 CCC TRUCK PARTSCO. 4,400.86 CDW EDUCATIoNALsALES15, 840.00 CENCO INC 7,942.57 CENGAGE LEARNINg, INC 3,334.04 CENTER FOR APPLI|D LINGUISTICS 950.00 CENTER FOR COMPREHENSIVE A~ 537.00 CENTRAL PRINTING ~O. 9,410.00 CENTRAL RESTAUR/NT PRODUCTS 1,611.50 CERTIFIED LABS 519.63 CHAMBERS, CHRISTI~IA 2,421.27 CHAMPION GRAPHIC 9,099.75 CHANNING L. BETE COMPANY, INC. 742.56 CHAPMAN PRINTING CO. 5,571.45 CHARLESTON ACOUSTICS 21,048.53 See Expenditures on next page