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HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO

STATEMENT OF NET POSITION
JUNE 30, 2016

Governmental Business-type Total
Activities Activities
$ 35,371,004
Assets: $ 34,176,747 $ 1,194,257
Equity in pooled cash and investments . . . . . . . 43,648,041
Receivables: 43,648,041 - 509,572
509,572 - 383,536
Property taxes . . . . . . . . . . . . . . . . . . . 383,536 - 12,061
Payment in lieu of taxes . . . . . . . . . . . . . . 12,061 - 2,076
Intergovernmental . . . . . . . . . . . . . . . . . 2,076 - 54,367
Accrued interest . . . . . . . . . . . . . . . . . . 54,367 -
Materials and supplies inventory. . . . . . . . . . . 1,032,204
Inventory held for resale . . . . . . . . . . . . . . . 1,032,204 - 55,957,515
Capital assets: 55,957,515 - 56,989,719
Nondepreciable capital assets . . . . . . . . . . . 56,989,719 - 136,970,376
Depreciable capital assets, net . . . . . . . . . . . 135,776,119 1,194,257
Capital assets, net . . . . . . . . . . . . . . . . . 1,453,532
Total assets . . . . . . . . . . . . . . . . . . . . . . 7,146,835
1,609,166
Deferred outflows of resources: 1,453,532 - 10,209,533
Unamortized deferred charges on debt refunding. . . 7,125,010 21,825
Pension - STRS. . . . . . . . . . . . . . . . . . . . 1,537,694 71,472 663,047
Pension - SERS . . . . . . . . . . . . . . . . . . . . 10,116,236 93,297 105,750
Total deferred outflows of resources . . . . . . . . . 5,443,132
873,388
Liabilities: 620,914 42,133 169,748
Accounts payable . . . . . . . . . . . . . . . . . . . 105,750 -
Contracts payable . . . . . . . . . . . . . . . . . . . 5,392,601 60,668
Accrued wages and benefits payable. . . . . . . . . . 860,952 50,531 618,350
Pension and postemployment benefits payable . . . . 169,025 12,436
Intergovernmental payable. . . . . . . . . . . . . . . 1,552,123
Accrued interest payable. . . . . . . . . . . . . . . . 60,668 723
Claims payable. . . . . . . . . . . . . . . . . . . . . 618,350 - 90,223,682
Long-term liabilities: - 22,113,187
Due within one year. . . . . . . . . . . . . . . . . . 1,544,563 121,823,075
Due in more than one year: 7,560
89,223,912
Net pension liability (See Note 12) . . . . . . . . . 22,099,790 999,770
Other amounts due in more than one year. . . . . . 120,696,525 13,397

Total liabilities . . . . . . . . . . . . . . . . . . . . . 1,126,550

Deferred inflows of resources: 33,476,032 - 33,476,032
Property taxes levied for the next fiscal year . . . . . . 509,572 - 509,572
Payment in lieu of taxes levied for the next fiscal year . 20,037
Pension - STRS . . . . . . . . . . . . . . . . . . . . . 6,541,082 26,071 6,561,119
Pension - SERS . . . . . . . . . . . . . . . . . . . . . 560,901 46,108 586,972
Total deferred inflows of resources . . . . . . . . . . .
41,087,587 41,133,695
Net position:
Net investment in capital assets . . . . . . . . . . . . . 39,524,689 - 39,524,689
Restricted for:
Capital projects . . . . . . . . . . . . . . . . . . . . . 1,472,308 $ - 1,472,308
Locally funded programs . . . . . . . . . . . . . . . . 101,969 - 101,969
State funded programs . . . . . . . . . . . . . . . . . 71,126 - 71,126
141,907 - 141,907
Federally funded programs . . . . . . . . . . . . . . . 157,831 - 157,831
Student activities . . . . . . . . . . . . . . . . . . . . 222,253 - 222,253
Other purposes . . . . . . . . . . . . . . . . . . . . . 114,896
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . (57,583,840) (57,468,944)
114,896
Total net position (deficit) . . . . . . . . . . . . . . . . $ (15,891,757) $ (15,776,861)

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

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