Colorado Springs School District No. 11

2008 Comprehensive Annual Financial Report

  

 

General Fund 

The General Fund is used to account for all transactions of the District not required to be accounted for in another fund. This fund accounts for the District’s ordinary operations financed primarily from property taxes and state aid. It is the most significant fund in relation to the District’s overall operations and a major fund for financial reporting purposes.

There are two sub-funds within the General Fund. The Preschool Fund and the Risk Management Fund, which was created for the 06-07 fiscal year. 

General Fund

178,034182,456

200,724

213,269

14,247 16,691 19,91112,120

19,74828,011

188,478

191,964

0

50,000

100,000

150,000

200,000

250,000

05/06 06/07 07/08

Fiscal Year

In T

ho

usa

nd

sRevenues Expenditures Fund Balance Net Transfers In (Out)

 

Capital Reserve Fund

   

The Capital Reserve Fund is a special revenue fund and is considered a major fund for financial reporting purposes. The Capital Reserve Fund was authorized by Colorado School Law and is used to fund ongoing capital needs, such as site acquisition, building additions, and equipment purchases. 

Capital Reserve Fund

6,863

7,627

8,862

13,974

14,723

3,097

466 4660 226 0

7,4857,571 7,334

15,341

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

05/06 06/07 07/08

Fiscal Year

In T

ho

usa

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s

Revenues Expenditures Fund Balance Transfers In Other f inancing sources

Debt Service FundThe Debt Service Fund was created to account for resources to be used to service general obligation long-term debt. The District has the following Debt Service Fund:

Bond Redemption Fund

The fund was created to account for a bond redemption mill levy. This fund accounts for the restricted general obligation property tax used to finance principal and interest payments on the 1996 and 2006A and 2006B bonds.

For financial reporting purposes, the Bond Redemption Fund is presented as a major fund of the District for the current fiscal year.

Bond Redemption Fund

18,572

22,325

10,593

17,68617,055

12,62413,511

17,369

18,780

0

5,000

10,000

15,000

20,000

25,000

05/06 06/07 07/08

Fiscal Year

In T

ho

usa

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Revenues Expenditures Fund Balance

Capital Projects Fund 

Generally accepted accounting principles provide for the use of a capital projects fund to account for financial resources used for the acquisition or construction of major capital facilities.

Building FundThis fund was created to account for resources received from the issuance of the $127.7 million voter-approved general obligation bonds and from proceeds of 4.0 million received from indebtedness created through the Qualified Zone Academy Bonds (QZAB) program offered by the Colorado Department of Education. Building Fund resources may be expended only for approved projects in the District’s Capital Plan. This fund is a major fund for financial reporting purposes.

Building Fund

2,6656,488

1,3575,023

138,536

215 0 0

136,677

0 0

54,116

52,622

92,402

39,644

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

05/06 06/07 07/08

Fiscal Year

In T

ho

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Revenues Expenditures Fund Balance Transfers In Bonds issued

Designated Purpose Grants Fund

This fund is provided to maintain a separate accounting for federal, state, and local grant

funded programs, which normally have a different fiscal period than that of the District.

Designated Purpose Grants Fund

18,430

20,451

21,849

18,605

20,648

22,029

0 0 0175 197 180

0

5,000

10,000

15,000

20,000

25,000

05/06 06/07 07/08

Fiscal Year

In T

ho

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Revenues Expenditures Fund Balance Transfers In

Mill Levy Override Fund

This fund accounts for the use of funds from a November 2000 voter-approved mill levy

override.

Mill Levy Override Fund

23,508 24,405

26,599

56 157 67

4,2412,992 2,751

(21,639)

(25,496)(26,773)

(30,000)

(20,000)

(10,000)

0

10,000

20,000

30,000

05/06 06/07 07/08

Fiscal Year

In T

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Revenues Expenditures Fund Balance Transfers Out

Proprietary Funds 

    

Proprietary Funds account for operations that areorganized to be self-supporting through user charges.

The District’s Proprietary Funds consist of twoEnterprise Funds and two Internal Service Funds.

Enterprise Funds are used to account for operations thatare financed and operated in a manner similar to private

business enterprises, where the intent of the Board ofEducation is that the cost of providing goods or service

to the general public on a continuing basis be financed orrecovered primarily through user charges. The District

has two Enterprise Funds: Food Service Fund

Community Education Fund

 

Food Service Fund

This fund accounts for all financial activities associated with the District school

lunch and other food related programs.

Food Service Fund

8,040

9,059

8,141

8,917

1,126 1,115

90 90 900 0174

7,7237,719

1,521

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

05/06 06/07 07/08

Fiscal Year

In T

ho

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Revenues Expenses Net Assets Transfers In Capital Contributions

Community Education Fund

This fund is used to account for tuition and fees charged for community and adult

education programs.

Community Education Fund

301

273

220

145

161

248

289289

189

0

50

100

150

200

250

300

350

05/06 06/07 07/08

Fiscal Year

In T

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Revenues Expenses Net Assets

Proprietary Funds

Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the District and

to other government units, on a cost reimbursement basis. The District has two Internal

Service Funds as follows:

Production Printing Fund

Risk Related Activities Fund 

Production Printing Fund

This fund accounts for all financial activities associated with the District’s printing

services.

Production Printing Fund

1,7781,817

9511,015 1,015

0 0 0

1,937 1,925

1,881

1,925

0

500

1,000

1,500

2,000

2,500

05/06 06/07 07/08

Fiscal Year

In T

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Revenues Expenses Net Assets Transfers Out

Risk Related Activities Fund

This fund is used to account for the financial transactions of the risk related programs, such as employee health, vision, and life

insurance benefits, and long term disability expenses.

Risk Related Activities Fund

27,208

30,50930,229

27,915

30,902

2,594 2,933 2,540

1,000 1,0470

28,726

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

05/06 06/07 07/08

Fiscal Year

In T

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Revenues Expenses Net Assets Net transfers In

Statistical Section

This part of the Colorado Springs School District 11 Comprehensive Annual Financial Report presents detailed data as a context for understanding the information in the financials statements, note disclosures, and required supplementary information.

Financial TrendsThese schedules contain trend information to help the reader understand how the District’s financial performance and wellbeing have changed over time.

Revenue CapacityThese schedules contain information to help the reader assess the District’s most significant local revenue source, property tax.

Debt CapacityThese schedules present information to help the reader assess the affordability of the District’s current levels of outstanding debt and the District’s ability to issue additional debt in the future. 

Statistical Section - Continued

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the reader understand the environment within which the District’s financial activities take place.

Operating Information

These schedules contain service data to help the reader understand how the information in the District’s financial report relates to the services the District provides and the activities it performs.