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HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2016

NOTE 8 - LONG-TERM OBLIGATIONS

A. During the fiscal year 2016, the following changes occurred in the District’s long-term obligations.

Balance Additions Deletions Balance Amount
Outstanding Outstanding Due in
One Year
07/01/15 06/30/16

Governmental activities: $ 17,385,000 $ - $ (600,000) $ 16,785,000 $ 620,000
Certificates of participation: 1,505,000
Series 2012 refunding 1,580,000 - (200,000) 1,305,000 200,000

General obligation bonds: - (145,000) 1,435,000 150,000
Energy conservation bonds
Qualified school

construction bonds

Total bonds and 20,470,000 - (945,000) 19,525,000 970,000
certificates of participation

Capital leases 712,899 - (172,875) 540,024 184,911
Software license obligation 61,158 - (61,158) - -
Compensated absences 534,324 (908,275)
Net pension liability 3,870,023 9,314,558 3,496,072 389,652
79,909,354 - 89,223,912 -

Total, governmental activities $ 105,023,434 $ 9,848,882 $ (2,087,308) $ 112,785,008 $ 1,544,563

Add: unamortized premium on bonds 83,257

Total on statement of net position $ 112,868,265

Business-type activities: $ 14,322 $ 11,743 $ (5,108) $ 20,957 $ 7,560
Compensated absences - 999,770 -
Net pension liability 892,573 107,197
(5,108) $ 1,020,727 $ 7,560
Total, business-type activities $ 906,895 $ 118,940 $

The energy conservation bonds and qualified school construction bonds will be paid from the general
fund. All bonds are backed by the full faith and credit of the District. The capital leases and computer
software obligation are paid from the general fund; see Note 9 for more detail on capital leases.
Compensated absences will be paid from the fund from which the employee is paid, which is primarily
the general fund and the following nonmajor governmental funds: food service and auxiliary services.
See Note 12 for more detail on the net pension liability.

Certificates of Participation, Series 2012 Refunding

The refunding certificates of participation (COPs) were issued on July 10, 2012 in order to advance
refund the previously outstanding COPs issue. The refunding issue consisted of serial COPs, par value
$13,570,000, and term COPs, par value $5,155,000. The refunding COPs range in interest rates from
2.0% - 4.0% and the final maturity date stated in the issue is June 1, 2034.

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