Page 36 - Hudson CAFR Report 2018
P. 36
HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018
(UNAUDITED)
Business-Type Activities
Business-type activities include the District’s community education program which had operating revenues of $1,492,116
and operating expenses of $1,318,933 for fiscal year 2018, resulting in operating income of $173,183. Operating
revenues increased 3.39% compared to the prior year, whereas operating expenses decreased 10.15%. The decrease in
expenses is primarily due to changes in the COLA reported by STRS and SERS, as described on page F 11. The change
in net position for the fiscal year 2018 was an increase of $261,727. 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 $122,598,786, which is $90,232,948 higher than
last year’s total. The schedule below indicates the fund balance as of June 30, 2018 and 2017, and the total change in
fund balance.
General fund Fund Balance Fund Balance Change
Building fund June 30, 2018 June 30, 2017
Nonmajor governmental funds $ 2,669,918
$ 33,520,041 $ 30,850,123 81,533,683
81,951,331 417,648 6,029,347
7,127,414
1,098,067
Total $ 122,598,786 $ 32,365,838 $90,232,948
General Fund
Fund balance for the general fund increased $2,669,918 or 8.65%. 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 51.30% of total general fund expenditures, while total fund balance represents 53.60% of that same
amount.
The following table assists in illustrating the revenues of the general fund.
Revenues 2018 2017 Percentage
Property taxes Amount Amount Change
Payments in lieu of taxes
Tuition $ 44,769,905 $ 37,540,120 19.26 %
Interest earnings 658,751 566,274 16.33 %
Intergovernmental 814,892 22.84 %
Other revenues 1,000,995 303,765 47.28 %
447,398 (6.82) %
17,594,005
16,393,747 1,236,821 2.18 %
1,263,839
Total $ 64,534,635 $ 58,055,877 11.16 %
F 15
