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HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2016
(UNAUDITED)
Net Position
Governmental Activities Business-Type Activities Total
2016 2015 2016 2015 2016 2015
Assets $ 78,786,400 $ 75,263,536 $ 1,194,257 $ 1,127,252 $ 79,980,657 $ 76,390,788
Current assets 56,989,719 57,382,419 - - 56,989,719 57,382,419
Capital assets, net
Total assets 135,776,119 132,645,955 1,194,257 1,127,252 136,970,376 133,773,207
Deferred outflows of resources 1,453,532 1,534,659 - - 1,453,532 1,534,659
Unamortized deferred charges 8,662,704 5,792,976 93,297 74,566 8,756,001 5,867,542
Pension
Total deferred 10,116,236 7,327,635 93,297 74,566 10,209,533 7,402,201
outflows of resources
Liabilities 7,828,260 7,584,058 105,823 128,497 7,934,083 7,712,555
Current liabilities
Long-term liabilies: 1,544,563 2,087,308 7,560 5,108 1,552,123 2,092,416
89,223,912 79,909,354 999,770 892,573 90,223,682 80,801,927
Due within one year 22,099,790 23,116,688 22,113,187 23,125,902
Net pension liability 13,397 9,214
Other amounts
Total liabilities 120,696,525 112,697,408 1,126,550 1,035,392 121,823,075 113,732,800
Deferred inflows of resources 33,985,604 33,943,078 - - 33,985,604 33,943,078
Property taxes and PILOTs 7,101,983 14,447,242 46,108 148,694 7,148,091 14,595,936
Pension
41,087,587 48,390,320 46,108 148,694 41,133,695 48,539,014
Total deferred
inflows of resources
Net Position 39,524,689 38,781,982 - - 39,524,689 38,781,982
Net investment in capital assets 2,167,394 2,510,271 - - 2,167,394 2,510,271
Restricted (57,583,840) 114,896 17,732
Unrestricted (62,406,391) (57,468,944) (62,388,659)
Total net position $(15,891,757) $(21,114,138) $ 114,896 $ 17,732 $(15,776,861) $(21,096,406)
The District has adopted GASB Statement 68, “Accounting and Financial Reporting for Pensions—an Amendment of
GASB Statement 27,” which significantly revises accounting for pension costs and liabilities. For reasons discussed
below, many end users of this financial statement will gain a clearer understanding of the District’s actual financial
condition by adding deferred inflows related to pension and the net pension liability to the reported net position and
subtracting deferred outflows related to pension.
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