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HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO
NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
NOTE 2 - ACCOUNTABILITY AND COMPLIANCE - (Continued)
A net position restatement is required in order to implement GASB Statement No 68 and 71. The net
position at July 1, 2014 has been restated as follows:
Net position as previously reported Governmental Business-Type
Deferred outflows - payments Activities Activities
subsequent to measurement date
Net pension liability $ 60,609,978 $ 840,782
4,734,043 66,345
(95,004,806) (994,525)
Restated net position at July 1, 2014 $ (29,660,785) $ (87,398)
Other than employer contributions subsequent to the measurement date, the District made no
restatement for deferred inflows/outflows of resources as the information needed to generate these
restatements was not available. The restatement had no effect on fund balances.
B. Deficit Fund Balances
Fund balances at June 30, 2015 included the following individual fund deficits:
Nonmajor funds Deficit
Title VI-B $ 14,163
Title I
EHA preschool grant 7,605
Classroom reduction 780
Other federal grants 2,786
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The general fund is liable for any deficits in these funds and provides transfers when cash is required,
not when accruals occur. The deficit fund balances resulted from adjustments for accrued liabilities.
C. Compliance
Contrary to Ohio Revised Code 5705.39 and 5705.36, the District had appropriations in excess of
estimated resources in the classroom reduction fund and the scholarship fund in the amount of $15,000
and $8,386, respectively.
NOTE 3 - DEPOSITS AND INVESTMENTS
State statutes classify monies held by the District into three categories.
Active deposits are public deposits necessary to meet current demands on the treasury. Such monies must
be maintained either as cash in the District treasury, in commercial accounts payable or withdrawable on
demand, including negotiable order of withdrawal (NOW) accounts, or in money market deposit accounts.
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