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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 8 - LONG-TERM OBLIGATIONS

A. During the fiscal year 2015, the following changes occurred in the District’s long-term obligations.
July 1, 2014 amounts have been restated as described in Note 3.A.

Restated Additions Deletions Balance Amount
Balance Outstanding Due in
Outstanding One Year
07/01/14 06/30/15

Governmental activities: $ 17,825,000 $ - $ (440,000) $ 17,385,000 $ 600,000
Certificates of participation: 1,705,000
Series 2012 refunding 1,725,000 - (200,000) 1,505,000 200,000
435,000
General obligation bonds: - (145,000) 1,580,000 145,000
Energy conservation bonds
Qualified school - (435,000) --

construction bonds
Series 2003, refunding

Current interest bonds

Total bonds and 21,690,000 - (1,220,000) 20,470,000 945,000
certificates of participation

Capital leases 874,520 - (161,621) 712,899 172,875
Software license obligation 175,380 - (114,222) 61,158 61,158
Compensated absences 3,512,360 777,611 (419,948)
Net pension liability 95,004,806 - (15,095,452) 3,870,023 908,275
79,909,354 -

Total, governmental activities $ 121,257,066 $ 777,611 $ (17,011,243) $ 105,023,434 $ 2,087,308
89,916
Add: unamortized premium on bonds
$ 105,113,350
Total on statement of net position

Business-type activities: $ 28,872 $ 2,909 $ (17,459) $ 14,322 $ 5,108
Compensated absences 892,573 -
Net pension liability 994,525 122,399 (224,351)
906,895 $ 5,108
Total, business-type activities $ 1,023,397 $ 125,308 $ (241,810) $

The energy conservation bonds and qualified school construction bonds will be paid from the general
fund. All bonds are backed by the full faith and credit of the District. The capital leases and computer
software obligation are paid from the general fund; see Note 9 for more detail on capital leases.
Compensated absences will be paid from the fund from which the employee is paid, which is primarily
the general fund and the following nonmajor governmental funds: food service, auxiliary services, and
Title VI-B. See Note 12 for more detail on the net pension liability.

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