Page 38 - Hudson CAFR Report 2018

HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

(UNAUDITED)

For the general fund, original budgeted revenues and other financing sources were $66,430,007. This was increased
slightly to $68,522,740 in the final budget. Actual revenues and other financing sources were $63,541,218, or $4,981,522
(7.27%) less than the final budget, primarily due to lower than expected property tax collections and intergovernmental
reimbursements from the State.

General fund original and final budget appropriations (expenditures and other financing uses) were $63,771,206. The
actual budget basis expenditures and other financing uses for fiscal year 2018 totaled $61,967,011, which is $1,804,195
(2.83%) less than the final budget appropriations. The District routinely appropriates more resources than actually
projected to reflect what expenditures would be in a worst-case scenario in order to ensure a sufficient general fund
carryover balance.

Capital Assets and Debt Administration

Capital Assets

At the end of fiscal year 2018, the District had $56,894,545 invested in land, construction in progress, land
improvements, buildings and improvements, furniture and equipment, vehicles and computer software. This entire
amount is reported in governmental activities.

The following table shows fiscal year 2018 balances compared to 2017:

Capital Assets at June 30
(Net of Depreciation)

Governmental Activities

2018 2017

Land $ 1,032,204 $ 1,032,204
Construction in progress (CIP) 444,165 -
Land improvements
Building and improvements 4,322,623 4,482,595
Furniture and equipment 45,748,796 46,896,497
Vehicles
Computer software 3,871,362 3,191,443
1,456,567 1,431,092
Total
18,828 25,245

$ 56,894,545 $ 57,059,076

The overall decrease in capital assets is a result of depreciation expense of $2,349,504 and net disposals of $358,556
slightly exceeding capital asset additions of $2,543,529. Significant capital asset activity for the year included a roof
replacement project at the High School, the acquisition of copiers District-wide, and the acquisition of buses and other
vehicles to replace older vehicles that had reached the end of their useful lives.

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