Page 75 - 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 5 - PROPERTY TAXES - (Continued)

The District receives property taxes from Summit County. The County Fiscal Officer periodically
advances to the District its portion of the taxes collected. Second-half real property tax payments collected
by the County by June 30, 2018, are available to finance fiscal year 2018 operations. The amount available
as an advance at June 30, 2018 was $5,138,967 in the general fund, $574,659 in the building fund, and
$151,004 in the permanent improvement fund (a nonmajor governmental fund). This amount is recorded as
revenue. The amount available as an advance at June 30, 2017 was $4,852,223 in the general fund and
$141,592 in the permanent improvement fund (a nonmajor governmental fund). The amount of second-
half real property taxes available for advance at fiscal year-end can vary based on the date the tax bills are
sent.

Accrued property taxes receivable includes real property, public utility property and delinquent tangible
personal property taxes which are measurable as of June 30, 2018 and for which there is an enforceable
legal claim. Although total property tax collections for the next fiscal year are measurable, only the amount
of real property taxes available as an advance at June 30 was levied to finance current fiscal year operations
and is reported as revenue at fiscal year end. The portion of the receivable not levied to finance current
fiscal year operations is offset by a credit to deferred inflows.

On the accrual basis of accounting, collectible delinquent property taxes have been recorded as a receivable
and revenue, while on a modified accrual basis of accounting the revenue has been reported as a deferred
inflow of resources.

The assessed values upon which the fiscal year 2018 taxes were collected are:

2017 Second 2018 First

Half Collections Half Collections

Amount Percent Amount Percent

Agricultural/residential $ 948,759,150 99.12 $ 1,077,345,980 98.75
and other real estate 8,461,030 0.88 13,613,760 1.25
Public utility personal
$ 957,220,180 100.00 $ 1,090,959,740 100.00
Total
$ 86.93 $ 86.93
Tax rate per $1,000 of - 4.97
assessed valuation for: 1.50 1.50

General operations
Debt service
Permanent improvement

NOTE 6 - RECEIVABLES

Receivables at June 30, 2018, as reported on the statement of net position, consisted of property taxes,
payments in lieu of taxes, accrued interest, and intergovernmental grants and entitlements. Receivables
have been disaggregated on the face of the basic financial statements. All receivables are considered
collectible in full due to the ability to foreclose for the nonpayment of taxes, the stable condition of State
programs and the current year guarantee of federal funds. All receivables are expected to be collected
within the subsequent year.

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