Page 36 - Hudson City Schools CAFR 2017
P. 36
HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2017
(UNAUDITED)
Business-Type Activities
Business-type activities include the District’s community education program which had operating revenues of $1,443,154
and operating expenses of $1,467,886 for fiscal year 2017, resulting in an operating loss of $24,732. Both operating
revenues (1.95%) and operating expenses (7.42%) increased compared to the prior year. The increase in expenses is
primarily due to the increase in the District’s pension expense in fiscal year 2017, a portion of which was allocated to the
community education program. Other revenues consisted of nonoperating grants of $56,635. The change in net position
for the fiscal year was an increase of $31,903. These operations are self-supporting through user fees and charges.
Management assesses its performance to ensure that they are run efficiently.
The District’s Funds
The District’s governmental funds reported a combined fund balance of $32,365,838, which is $1,165,271 or 3.48%
lower than last year’s total. The schedule below indicates the fund balance as of June 30, 2017 and 2016, and the total
change in fund balance.
Fund Balance Fund Balance
June 30, 2017 June 30, 2016 Change
General fund $ 30,850,123 $ 31,589,192 $ (739,069)
Nonmajor governmental funds 1,515,715 1,941,917 (426,202)
Total $ 32,365,838 $ 33,531,109 $ (1,165,271)
General Fund
Fund balance for the general fund decreased $739,069. As a measure of the general fund’s liquidity, it is useful to
compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance
represents 50.93% of total general fund expenditures, while total fund balance represents 52.98% of that same amount.
The following table assists in illustrating the revenues of the general fund.
2017 2016 Percentage
Amount Amount Change
Revenues
Property taxes $ 37,540,120 $ 42,139,812 (10.92) %
Payments in lieu of taxes 566,274 472,588 19.82 %
Tuition 814,892 792,968 2.76 %
Interest earnings 303,765 138,708 119.00 %
Intergovernmental 17,594,005 17,693,378 (0.56) %
Other revenues 1,236,821 1,161,906 6.45 %
Total $ 58,055,877 $ 62,399,360 (6.96) %
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