Page 74 - Hudson CAFR Report 2018

HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

NOTE 4 - INTERFUND TRANSACTIONS - (Continued)

The primary purpose of the due to/from other funds is to cover deficit cash balances due to the advance
spending of approved grant monies. The interfund balances will be repaid once the anticipated
revenues are received, which is expected to be within one year. Interfund balances between
governmental funds are eliminated on the government-wide financial statements; therefore, no internal
balances at June 30, 2018 are reported on the statement of net position.

B. Interfund transfers for the fiscal year ended June 30, 2018, consisted of the following, as reported on
the fund statements:

Transfers from: Transfer to: Amount

General fund Building fund $ 500,000
General fund Nonmajor governmental funds 46,000
Building fund Nonmajor governmental funds
1,238,000
Total
$ 1,784,000

Transfers are used to move revenues from the fund that statute or budget required to collect them to the
fund that statute or budget requires to expend them and to use unrestricted revenues collected in the
general fund to finance various programs accounted for in other funds in accordance with budgetary
authorizations. Interfund transfers between governmental funds are eliminated on the government-wide
financial statements. All transfers were made in compliance with Ohio Revised Code Sections
5705.14, 5705.15 and 5705.16.

NOTE 5 - PROPERTY TAXES

Property taxes are levied and assessed on a calendar year basis while the District fiscal year runs from July
through June. First half tax collections are received by the District in the second half of the fiscal year.
Second half tax distributions occur in the first half of the following fiscal year.

Property taxes include amounts levied against all real property and public utility property. Real property
tax revenues received in calendar year 2018 represent the collection of calendar year 2017 taxes. Real
property taxes received in calendar year 2018 were levied after April 1, 2017, on the assessed values as of
January 1, 2017, the lien date. Assessed values for real property taxes are established by State statute at 35
percent of appraised market value. Real property taxes are payable annually or semiannually. If paid
annually, payment is due December 31; if paid semiannually, the first payment is due December 31, with
the remainder payable by June 20. Under certain circumstances, State statute permits alternate payment
dates to be established. Public utility property tax revenues received in calendar year 2018 represent the
collection of calendar year 2017 taxes. Public utility real and personal property taxes received in calendar
year 2018 became a lien on December 31, 2016, were levied after April 1, 2017, and are collected with real
property taxes. Public utility real property is assessed at 35 percent of true value; public utility tangible
personal property is currently assessed at varying percentages of true value.

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