Page 77 - 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 8 - LONG-TERM OBLIGATIONS

A. During the fiscal year 2018, the following changes occurred in the District’s long-term obligations.

Restated Additions Deletions Balance Amount
Balance Outstanding Due in
Outstanding One Year
6/30/17 6/30/18

Governmental activities: $ 16,165,000 $ - $ (640,000) $ 15,525,000 $ 665,000
Certificates of participation:
Series 2012 refunding 1,105,000 - (200,000) 905,000 215,000

General obligation bonds: 1,285,000 - (150,000) 1,135,000 155,000
Energy conservation bonds - 81,550,000 - 81,550,000 3,710,000
Qualified school

construction bonds
School improvement bonds

Total bonds and 18,555,000 81,550,000 (990,000) 99,115,000 4,745,000
certificates of participation

Capital leases 355,113 1,190,970 (520,195) 1,025,888 222,944
Compensated absences 3,814,297 410,431 (396,529) 3,828,199 431,297
Net pension liability 107,200,357 - (29,623,033) 77,577,324
Net OPEB liability 22,117,747 - (4,438,980) 17,678,767 -
-

Total, governmental activities $ 152,042,514 $ 83,151,401 $ (35,968,737) $ 199,225,178 $ 5,399,241

Add: unamortized premium on bonds 3,590,364

Total on statement of net position $ 202,815,542

Business-type activities: $ 25,252 $ 14,802 $ (8,845) $ 31,209 $ 13,465
Compensated absences 1,253,576 - (194,293) 1,059,283 -
Net pension liability 424,206 -
Net OPEB liability 11,687 (13,310) 422,583
$ 1,703,034 $ 13,465
Total, business-type activities 26,489 $ (216,448) $ 1,513,075 $

All bonds and certificates of participation are backed by the full faith and credit of the District and are
paid from the general fund or bond retirement fund. The capital leases are paid from the general fund;
see Note 9 for more detail. Compensated absences, the net pension liability, and the net OPEB liability
will be paid from the fund from which the employee is paid, which is primarily the general fund and
the food service fund (a nonmajor governmental fund). See Note 12 for more detail on the net pension
liability. See Note 13 for more detail on the net OPEB liability.

Certificates of Participation, Series 2012 Refunding

The refunding certificates of participation (COPs) were issued on July 10, 2012 in order to advance
refund the previously outstanding COPs, which were issued to finance various construction projects
throughout the District. The refunding issue consisted of serial COPs, par value $13,570,000, and term
COPs, par value $5,155,000. The refunding COPs range in interest rates from 2.0% - 4.0% and the
final maturity date stated in the issue is June 1, 2034.

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