Page 8 - Hudson City Schools CAFR 2017

INTRODUCTION

December 19, 2017

Citizens and Board of Education, Hudson City School District:

We are pleased to submit to you the Comprehensive Annual Financial Report (CAFR) of the Hudson City School District (the
“District”) for the fiscal year ended June 30, 2017. This CAFR, which includes an opinion from the auditors, Charles E. Harris &
Associates, conforms to accounting principles generally accepted in the United States of America (GAAP) as applicable to
governmental entities. Responsibility for both the accuracy of the data presented and the completeness and fairness of the
presentation, including all disclosures, rests with the District. To the best of our knowledge and belief, the enclosed data is
accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of
operations of the District. All disclosures necessary to enable the reader to gain an understanding of the District’s financial
activities have been included.

The report provides the taxpayers of the District, bond rating agencies, and other interested parties with comprehensive financial
information, enabling them to gain a clear understanding of the District’s finances. This report is intended to meet the
accountability requirements of the District to the public.

Copies of this report will be widely distributed throughout the District. A copy will be sent to all school buildings, the Chamber of
Commerce, major taxpayers, Hudson Public Library, banks, the District’s Financial Advisory Committee, and any other interested
parties.

The District provides a full range of traditional and non-traditional educational programs and services. These include elementary
and secondary curriculum offerings at the general, college preparatory and vocational levels; a broad range of co-curricular and
extracurricular activities; adult and community education and recreation offerings; and special education programs and facilities.

The Reporting Entity

The District has reviewed its reporting entity definition in order to insure conformance with Governmental Accounting Standards
Board (GASB) Statement No. 14, “The Financial Reporting Entity” as amended by GASB Statement No. 39, “Determining
Whether Certain Organizations Are Component Units”. In evaluating how to define the District for financial reporting purposes,
management has considered all agencies, departments and organizations making up the District, the primary government and its
potential component units.

The District has administrative responsibility for state funds distributed to private schools located within District boundaries. The
private schools served are: Hudson Montessori School, Cuyahoga Valley Christian Academy, Seton Catholic School, Western
Reserve Academy, Walsh Jesuit High School, and Le Chaperon Rouge. While these organizations share operational and service
similarity with the District, all are separate and distinct entities. Because of their independent nature, none of these organizations’
financial statements are included in this report. Their Boards are not appointed by the District, nor are they fiscally dependent on
the District.

HUDSON CITY SCHOOL DISTRICT
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