Page 30 - Hudson City Schools CAFR 2017

HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2017
(UNAUDITED)

Net Position

Governmental Activities Business-Type Activities Total

2017 2016 2017 2016 2017 2016
Assets
Current assets $ 81,728,048 $ 78,786,400 $ 1,292,281 $ 1,194,257 $ 83,020,329 $ 79,980,657
Capital assets, net 57,059,076 56,989,719 - - 57,059,076 56,989,719
Total assets 138,787,124 135,776,119 1,292,281 1,194,257 140,079,405 136,970,376

Deferred outflows of resources
Other amounts 1,372,405 1,453,532 - - 1,372,405 1,453,532
Pensions 19,263,885 8,662,704 285,733 93,297 19,549,618 8,756,001
Total deferred
outflows of resources 20,636,290 10,116,236 285,733 93,297 20,922,023 10,209,533
Liabilities
Current liabilities 7,729,004 7,828,260 125,250 105,823 7,854,254 7,934,083
Long-term liabilies:
Due within one year 1,584,316 1,544,563 8,845 7,560 1,593,161 1,552,123
Net pension liability 107,200,357 89,223,912 1,253,576 999,770 108,453,933 90,223,682
Other amounts 21,216,693 22,099,790 16,407 13,397 21,233,100 22,113,187
Total liabilities 137,730,370 120,696,525 1,404,078 1,126,550 139,134,448 121,823,075

Deferred inflows of resources
Other amounts 39,173,715 33,985,604 - - 39,173,715 33,985,604
Pensions 2,243,672 7,101,983 27,137 46,108 2,270,809 7,148,091
Total deferred
inflows of resources 41,417,387 41,087,587 27,137 46,108 41,444,524 41,133,695

Net Position
Net investment in capital assets 40,576,526 39,524,689 - - 40,576,526 39,524,689
Restricted 1,694,486 2,167,394 - - 1,694,486 2,167,394
Unrestricted (61,995,355) (57,583,840) 146,799 114,896 (61,848,556) (57,468,944)

Total net position $ (19,724,343) $ (15,891,757) $ 146,799 $ 114,896 $ (19,577,544) $ (15,776,861)

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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