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HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
(UNAUDITED)
Net Position
Governmental Activities Business-Type Activities Total
Restated Restated Restated
2015 2014 2015 2014 2015 2014
Assets $ 75,263,536 $ 73,035,348 $ 1,127,252 $ 988,261 $ 76,390,788 $ 74,023,609
Current assets 57,382,419 56,297,750 - - 57,382,419 56,297,750
Capital assets, net
Total assets 132,645,955 129,333,098 1,127,252 988,261 133,773,207 130,321,359
Deferred outflows of resources 1,534,659 1,615,787 - - 1,534,659 1,615,787
Unamortized deferred charges 5,792,976 4,734,043 74,566 66,345 5,867,542 4,800,388
Pension
Total deferred 7,327,635 6,349,830 74,566 66,345 7,402,201 6,416,175
outflows of resources
Liabilities 7,584,058 8,003,804 128,497 118,607 7,712,555 8,122,411
Current liabilities
Long-term liabilies: 2,087,308 1,915,791 5,108 17,459 2,092,416 1,933,250
79,909,354 95,004,806 892,573 994,525 80,801,927 95,999,331
Due within one year 23,116,688 24,433,043 23,125,902 24,444,456
Net pension liability 9,214 11,413
Other amounts
Total liabilities 112,697,408 129,357,444 1,035,392 1,142,004 113,732,800 130,499,448
Deferred inflows of resources 33,943,078 35,986,269 - - 33,943,078 35,986,269
Property taxes and PILOTs 14,447,242 - 148,694
Pension - 14,595,936 -
148,694
Total deferred 48,390,320 35,986,269 - 48,539,014 35,986,269
inflows of resources
Net Position 38,781,982 36,460,488 - - 38,781,982 36,460,488
Net investment in capital assets 2,510,271 3,842,694 - - 2,510,271 3,842,694
Restricted (62,406,391) 17,732 (87,398)
Unrestricted (69,963,967) (62,388,659) (70,051,365)
Total net position $(21,114,138) $(29,660,785) $ 17,732 $ (87,398) $(21,096,406) $(29,748,183)
During 2015, the District 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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