Little Rock School District of Pulaski County, Arkansas

Combined financial statements and supplemental information with independent auditors' reports by Thomas and Thomas, certified accountants
The transcript for this item was created using Optical Character Recognition (OCR) and may contain some errors.
THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Combined Financial Statements and Supplemental Information (~ith Independent Auditors' Reports Thereon) June 30, 1990 ' THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Combined Financial Statements and Supplemental Information (~ith Independent Auditors' Reports Thereon) June 30, 1990 LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Table of Contents June 30, 1990 INDEPENDENT AUDITORS' REPORT ON COMBINED FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types and Account Groups Combined Statement of Revenues, Expenditures and Changes in Fund Balance - All Governmental Fund Types Combined Statement of Revenues and Expenditures - Budget and Actual - All Budgeted Governmental Fund Types Notes to Financial Statements SUPPLEMENTARY SCHEDULES Combining Schedule of Revenues and Expenditures - Special Revenue Funds Rockefeller Day Care Center - Schedule of Revenues and Expenditures (Cash Basis) - Budget and Actual Revenues of Teachers Salary, Operating and Debt Service Funds (Basis of Accounting as prescribed by Handbook II) Expenditures of Teachers Salary, Operating and Debt Service Funds (Basis of Accounting as prescribed by Handbook II) Reconciliation of General and Debt Service Fund Balances - Generally Accepted Accounting Principles and Handbook II Basis of Accounting Schedule of Long-Term Debt OTHER REPORTS AND SUPPLEMENTAL INFORMATION Independent Auditors' Report on Internal Controls (Accounting and Administrative) - Based on a Study and Evaluation Made as a Part of an Audit of the Basic Financial Statements Performed in Accordance with Government Auditing Standards and the Additional Tests Required by the Single Audit Act Page No. 1 4 6 8 12 27 28 29 30 31 32 35 LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Table of Contents (Continued) June 30, 1990 Independent Auditors' Report on Compliance Based on an Audit of the Basic Financial Statements Performed in Accordance with Government Auditing Standards Independent Auditors' Report on Compliance with General Requirements Applicable to Major Federal Financial Assistance Programs Independent Auditors' Report on Compliance with Specific Requirements Applicable to Major Federal Financial Assistance Programs Independent Auditors' Report on Compliance with Requirements Applicable to Nonmajor Federal Financial Assistance Program Transactions Independent Auditors' Report on Schedule of Federal Financial Assistance Schedule of Federal Financial Assistance Page No. 39 40 41 43 44 45 :Zk,
iu an/ !iZ.,md CERTIFIED PUBLIC ACCOUNTANTS Llltle Rock Office: 201 E. Markham Suite 500 Lillie Rock. AR 72201 (50 11 375-2025 FAX (501) 3758704 Texarkana Oll1ce: 701 Arkansas Blvd. Texarkana, AR 75502 (501) 773-2168 FAX (501) 774.7240 INDEPENDENT AUDITORS' REPORT ON COMBINED FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES The Board of Directors The Little Rock School District of Pulaski County, Arkansas Little Rock, Arkansas We have audited the combined financial statements of The Little Rock School District of Pulaski County, Arkansas (the School District) as of, and for the year ended, June 30, 1990, as listed in the accompanying table of contents. The financial statements are the responsibility of the School District's management . Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of Office of Management and Budget Circular A-128, Audits of State and Local Governments. Those standards require that we plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described more fully in Note 1 (F) of the financial statements, the School District does not record the valuation base of its property, buildings, and equipment at historical cost in the general fixed asset group of accounts as required by generally accepted accounting principles. In our opinion, except for the effect of the failure to record the general fixed asset account group at historical cost, as discussed in the preceding paragraph, the combined financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of the Little Rock School District of Pulaski County, Arkansas as of June 30, 1990, and the results of its operations for the year then ended in conformity with generally accepted accounting principles. 1 Members American lnslttute of Certified Public Accountants Private Companies Practice Section and S. E.C. Prac11ce Sectron I The Board of Directors The Little Rock School District of Pulaski County, Arkansas Page Two Our audit was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The information included at pages twentyseven through thirty-three is presented for purposes of additional analysis and is not a required part of the basic combined financial statements. The information has been subjected to the procedures applied in the audit of the basic combined financial statements of the Little Rock School District of Pulaski County, Arkansas and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. As discussed in Note 13 to the financial statements, the School District is party to several legal actions regarding expenses and other issues. The ultimate outcome of these legal actions cannot presently be determined. Accordingly, no provision for any payables that may result has been made in the accompanying combined financial statements or schedules. November 16, 1990 Little Rock, Arkansas 2 Certified Public Accountants FINANCIAL STATEMENTS 3 Assets and Amounts to be Provided Cash (Note 10) $ Investments (Note 10) Property taxes receivable (Note 3) Accrued interest and other receivables Due fro other governments (Notes 8 and 11) Due fro other funds Inventories Fixed assets (Notes l(F) and 4) Prepaids and deferred charges Total assets A ount available in debt service funds Amount to be provided for retire-ment of general long-term debt Total assets and amounts to be provided $ THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Combined Balance Sheet - All Fund Types and Account Groups June 30, 1990 Govern ental Fund Tr11es Fiduciary Special Debt Capital Fund Tr11e General Revenue Service Projects Agencr 741,986 250 244,548 35,647 4,940,000 1,450,000 3 , 500,000 775,000 2,466,897 738,406 266,199 6,482 1,554 7,309,571 536,868 35,625 793,149 63,814 405,755 96,120 9 305 263 673,401 15,397,727 2,867,344 1,412,057 4,539,251 874,461 15,397,727 2,867,344 1.412,057 4,539,251 874,461 The accompanying notes are an integral part of these financial state ents. 4 Account GrOUQS General General Total Fixed Long-Term (Me111orandUJ1 Assets Debt Onlrl $ 1,022,431 10,665,000 3,205,303 274,235 7,846,439 892,588 501,875 134,197,617 134,197,617 682,969 134,197,617 159,288,457 98,639 98,639 52,415,960 52,415,960 134,197,617 52,514,599 $ 211,803.056 (Continued) Liabilities and Fund Eguitv Liabilities: Bank overdrafts Accounts payable and accrued eirpenses Accrued payroll taxes and withholdings Deferred revenues Due to school activity groups and other agencies (Notes 2 and 9) Dua to other funds Note payable (Note 12) Long-term debt payable {Note 5) Contracts payable Total liabilities Commitments and contingencies (Notes 5, 6, 7, 8, 11, 12 and 13) Fund Equity: Investment in general fixed assets {Notes l(f) and 4) Fund Balance: Reserved for prepaids and deferred charges Reserved for inventories Unreserved: Designated for debt service Designated for capital projects Undesignated Total fund equity (Note 2) Total liabilities and fund equity LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Combined Balance Sheet - All Fund Types and Account Groups (Continued) June 30, 1990 Governmental Fund TyPes Special Debt General Revenue Service $ 3,051,737 2,230,911 2,636,381 155,000 252,571 6,532,150 12 175 14,870,925 9,305 405,755 111, 742 526,802 $ 15,397.727 38,615 376,514 415,129 263 96,120 2,355,832 2,452,215 2,867,344 640,017 640 017 673,401 98,639 772 040 1.412,057 Capital Projects 394,488 394,488 4,144,763 4,144,763 4,539,251 Fiduciary Fund Type Agency 874,461 874,461 874,461 Account Groups General General Fixed Long-Term Assets Debt 52,514,599 52,514,599 134,197,617 134,197,617 134,197,617 52,514,599 The acco panying notes are an integral part of these financial statements. 5 $ Total (Memorandum Only) 3,051,737 2,664,014 2,636,381 531,514 874,461 892,588 6,532,150 52,514,599 12 175 69,709,619 134,197,617 682,969 501,875 98,639 4,144,763 2,467,574 142,093,437 $ 211,803,056 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Combined Statement of Revenues, Expenditures and Changes in Fund Balance All Governmental Fund Types Year Ended June 30, 1990 Governmental Fund T:x:11es Total Special Debt Capital (Me111orandum General Revenue Service Projects Onl:x:) Revenues Local Sources: Property taxes (Notes 3 and 12) $ 39,644,968 $ $ 12,016,064 $ $ 51,661,032 Tuition 358,192 22,317 380,509 Interest 297,123 46,648 96,443 81,102 521,316 Food sales 1,202,118 1,202,118 Food services and other 714,238 779,827 170,670 1,664,735 Magnet schools funding (Note 11) 5,886,880 103,922 5,990,802 Total local sources 41,014,521 7,937,790 12,216,429 251,772 61,420,512 State Sources: Minimum foundation progra111s (Note 8) 22,775,499 22,775,499 Desegregation settleaent (Note 8) 12,559,250 12,559,250 Magnet schools funding (Note 11) 5,886,883 5,886,883 Handicapped children aid 467,841 467,841 Vocational aid 1,167,117 1,167,117 Transportation aid 2,444,837 2,444,837 Other 429 841 623,276 1,053.117 Total state sources 39,844,385 6,510,159 46,354,544 Federal Sources: Elementary and Secondary Education Act 3,289,346 3,289,346 Vocational Education Act 443,476 443,476 Food service 3,194,146 3,194,146 Other 75 237 474 164 549 401 Total Federal sources 75 237 7,401,132 7 476 369 Total revenues $ 80,934.143 $ 21,849,081 $ 12,216,429 $ 251. 772 $ 115,251,425 (Continued) The accompanying notes are an integral part of these financial statements. 6 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Combined Statement of Revenues, Expenditures and Changes in Fund Balance (Continued) Expenditures Instructional services: Basic programs Exceptional child progra s Vocational-technical programs Adult continuing education progra s Compensatory education programs Other instructional progras Total instructional services Instructional support services Pupil transportation services Operation and maintenance of plant School administration General ad inistration (Note 12) Capital outlay (Note 4) Principal retirement of long-term debt (Note 5) Interest charges (Notes 5 and 12) Fiscal agent's fees Food services Co unity services Magnet School expenses, net (Note 11) Indirect and other (Note 11) Total expenditures Excess of revenues over (under) expenditures Other Financing Sources (Uses) Contributed assets Proceeds of long-term debt (Note 5) Operating transfers in (Note 3) Operating transfers out (Note 3) Total other financing sources (uses) Excess of revenues and other financing sources over (under) expenditures and other uses Fund equity (deficit) - beginning of period Fund equity - end of period (Notes 2 and 8) All Governmental Fund Types Year Ended June 30, 1990 $ 34,809,433 4,455,522 3,799,945 42,486 746,434 901,200 $ 44,755,020 7,775,548 4,399,206 9,452,136 4,924,052 4,694,728 3,907,957 612,656 3,535,925 5 986 84,063,214 (3 p 129,071) 49,659 3,097,928 6,312,392 (1. 741,591) 7,718,388 4,589,317 (4,062,515) 526,802 $ Govern ental Fund Types Special Debt Revenue Service 7,641,657 537,986 825,325 713,277 2,485,660 288 63L 12,492,539 1,546,063 944,122 1,113,360 164,316 4,938,025 224,830 295,887 21,719,142 129,939 (152,522) (152,522) (22,583) 2,474,798 $ 4,841,016 3,015,537 61,937 7,918,490 4,297,939 1,894,113 (6 I 231. 290) (4,337,177) (39,238) 811,278 $ 2,452.215 s 772.040 The accompanying notes are an integral part of these financial statements. 7 $ Capital Projects 4,664,865 90 706 4,755,571 (4,503,799) 8,164,100 (81,102) 8,082,998 3,579,199 565,564 S 4,144,763 Total (l1e11orandu111 Only) $ 42,451,090 4,993,508 4,625,270 755,763 3,232,094 1,189,834 57,247,559 $ 9,321,611 4,399,206 10,396,258 4,924,052 5,808,088 8,737,138 4,841,016 3,015,537 61,937 4,938,025 837,486 3,535,925 392 579 118,456,417 (3,204,992) 49,659 11,262,028 8,206,505 (8,206,505) 11,311,687 8,106,695 (210,875) 7,895.820 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Cobined State ent of Revenues and Expenditures - Budget and Actual All Budgeted Govern ental Fund Types Year Ended June 30, 1990 General Fund S11ecial Revenue Funds Variance - Variance - Favorable Favorable Budget Actual (Unfavorable) Budget Actual !Unfavorable) Revenues Local Sources: Property taxes (Notes 3 and 12) $ 39,832,151 $ 39,644,968 $ (187,183) $ $ $ Tuition 358,192 358,192 22,317 22,317 Interest 499,067 297,123 (201,944) 60,000 46,648 (13,352) Food sales 1,833,894 1,202,118 (631,776) Food services and other 834,861 714,238 (120,623) 589,768 779,827 190,059 Magnet schools (Note 11) 6,076,000 5,886,880 (189,120) Total local sources 41,166,079 41,014,521 (151. 558) 8,559,662 7,937,790 (621,872) State Sources: Mini um foundation progra s (Note 8) 22,583,088 22,775,499 192.,411 Desegregation settle ent (Note 8) 15,559,2.50 12.,559,2.50 (3,000,000) Magnet schools funding (Note 11) 6,076,000 5,886,883 (189,117) Handicapped children aid 562,064 467,841 (94,223) Vocational aid 1,357,960 1,167,117 (190,843) Transportation aid 2. ,472, 241 2,444,837 (27,404) Other 661,588 429,841 (231,747) 62.3,276 623. 2.76 Total state sources 43,196,191 39,844,385 (3. 351. 806) 6,076,000 6,510,159 434,159 Federal Sources: Ele entary and Secondary Education Act 3,173,592 3,289,346 115,754 Vocational Education Act 448,681 443,476 (5,205) Food service 3,007,285 3,194,146 186,861 Other 645. 009 75 237 (569,772) 547,368 474 164 (73,204) Total Federal sources 645,009 75,237 {569, 772) 7,176,926 7,401,132 2.24, 206 Total revenues $ 85,007,279 $ 80,934,143 $(4,073,136) $ 21,812,588 $ 21. 849. 081 $ 36,493 (Continued) The accompanying notes are an integral part of these financial statements. 8 Expenditures Instructional services: Basic programs Exceptional child programs Vocational-technical programs Adult continuing education programs Compensatory education programs Other instructional programs Total instructional services Instructional support services Pupil transportation services Operations and maintenance of plant School administration General ad inistration (Note 12) Capital outlay (Note 4) Food service Community services Magnet schools expenses, net (Note 11) Indirect and other (Note 11) Total expenditures Excess of revenues over (under) expenditures Other Financing Sources (Uses) Contributed assets Proceeds of long-term debt (Note 5) Operating transfers in (Note 3) Operating transfers out (Note 3) Total other financing sources (uses) Excess of revenues and other financing sources over (under) expendi- THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Combined Statement of Revenues and Expenditures - Budget and Actual (Continued) All Budgeted Govern ental Fund Types Year Ended June 30, 1990 Budget $ 36,681,093 4,648,156 3,823,070 736,140 746,390 957,012 47,591,861 7,995,787 4,296,288 10,044,238 4,859,204 4,924,345 2,190,337 1,115,090 1,570,520 1 647 647 86,235,317 (1,228,038) 223,517 223,517 General Fund $ 34,809,433 4,455,522 3,799,945 42,486 746,434 901,200 44,755,020 7,775,548 4,399,206 9,452,136 4,924,052 4,694,728 3,907,957 612,656 3,535,925 5 986 84,063,214 (3,129,071) 49,659 3,097,928 6,312,392 (1,741,591) 7,718,388 Variance - Favorable (Unfavorable) $1,871,660 192,634 23,125 693,654 (44) 55,812 2,836,841 220,239 (102,918) 592,102 (64,848) 229,617 (1,717,620) 502,434 (1,965,405) 1,641,661 2,172,103 (1,901,033) 49,659 3,097,928 6,088,875 (1,741.591) 7,494,871 tures and other financing uses $ (1,004,521) $ 4,589,317 The accompanying notes are an integral part of these financial statements. 9 Special Revenue Funds $ 7,998,198 675,249 747,725 35,426 2,623,215 __ .:,.27:....:,5,896 12,355,709 1,603,258 2,016,549 200,821 7,091,720 466,959 455,886 24,190,902 (2,378,314) $ (2,378,314) Actual $ 7,641,657 537,986 825,325 713,277 $ 2,485,660 288,634 12,492,539 1,546,063 944,122 1,113,360 164,316 4,938,025 224,830 295,887 21,719 I 142 129,939 (152,522) (152,522) (22,583) Variance - Favorable (Unfavorable ) $ 356,541 137,263 (77,600) (677,851) 137,555 (12,738) (136,830) 57,195 (944,122) 903,189 36,505 2,153,695 242,129 159,999 2,471,760 2,508,253 (152,522) (152,522) $ 2,355,731 (Continued) THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Coabined Statement of Revenues and Expenditures - Budget and Actual (Continued) All Budgeted Governmental Fund Types Year Ended June 30, 1990 Debt Service Fund Total (Memorandum Onlv) Var i ance - Variance - Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Revenues Local sources: Property taxes (Notes 3 and 12) $ 11,995,678 $ 12,016,064 $ 20,386 $ 51,827,829 $ 51,661,032 $ (166,797) Tuition 380,509 380,509 Interest 124,949 96,443 (28,506) 684,016 440,214 (243,802) Food sales 1,833,894 1,202,118 (631,776) Food services and other 1,424,629 1,494,065 69,436 Magnet schools and other (Note 11 ) 103,922 103,922 6,076,000 5,990,802 (85,198) Total local sources 12,120,627 12,216,429 95,802 61,846,368 61,168,740 (677,628) State Sources: Minimum foundation programs (Note 8) 22,583,088 22,775,499 192,411 Desegregation settlement (Note 8) 15,559,250 12,559,250 (3,000,000) Magnet schools funding (Note 11) 6,076,000 5,886,883 (189,117) Handicapped children aid 562,064 467,841 (94,223) Vocational aid 1,357,960 1,167,117 (190,843) Transportation aid 2,472,241 2,444,837 (27,404) Other 661,588 1,053,117 391,529 Total state sources 49,272,191 46 354 544 (2,917,647) Federal Sources: Elementary and Secondary Education Act 3,173,592 3,289,346 115,754 Vocational Education Act 448,681 443,476 (5,205) Food service 3,007,285 3,194,146 186,861 Other 1,192,377 549 401 (642 I 976) Total Federal sources 7,821,935 7 476 369 (345,566) Total revenues $ 12.120,627 $ 12,216,429 $ 95,802 $ 118,940,494 $ 114,999,653 $(3,940,841) (Continued) The accompanying notes are an integral part of these financial statements. 10 Expenditures Instructional services: Basic programs Exceptional child programs Vocational - technical programs Adult continuing education programs Compensatory education programs Other instructional programs Total instructional services Instructional support services Pupil transportation services Operations and maintenance of plant School administration General administration (Note 12) Capital outlay (Note 4) Principal retirement of long-term debt (Note 5) Interest charges (Note 12) Fiscal agents' fees Food service Community services Magnet School expenses, net (Note 11) Indirect and other (Note 11) Total expenditures Excess of revenues over expenditures Other Financing Sources (Uses) Contributed assets Proceeds of long-term debt (Note 5) Operating transfers in (Note 3) Operating transfers out (Note 3) Total other financing sources (uses) Excess of revenues and other financing sources over (under) expenditures and other financing uses THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Combined Statement of Revenues and Expenditures - Budget and Actual (Continued) $ All Budgeted Governmental Fund Types Year Ended June 30, 1990 3,284,798 2,666,888 6,500 5,958,186 6,162,441 Debt Service Fund $ 4,841,016 3,015,537 61,937 7,918,490 4,297,939 1,894,113 (6,231,290) (4,337,177) Variance - Favorable (Unfavorable) $ (1, 556,218) (348,649) (55,437) (1,960,304) (1,864,502) 1,894,113 (6,231,290) (4,337,177) $ 6,162,441 $ (39,238) $(6,201,679) The accompanying notes are an integral part of these financial statements. 11 Total (Memorandum Only) $ 44,679,291 5,323,405 4,570,795 771,566 3,369,605 1,232,908 59,947,570 $ 9,599,045 4,296,288 10,044,238 4,859,204 6,940,894 2,391,158 3,284,798 2,666,888 6,500 7,091,720 1,582,049 1,570,520 2,103,533 116,384,405 2,556,089 223,517 223,517 2,779,606 $ 42,451,090 4,993,508 4,625,270 755,763 3,232,094 1. 189,834 $ 57,247,559 9,321,611 4,399,206 10,396,258 4,924,052 5,808,088 4,072,273 4,841,016 3,015,537 61,937 4,938,025 837,486 3,535,925 301 873 113,700,846 1,298,807 49,659 3,097,928 8,206,505 (8,125,403) 3,228,689 4,527,496 Variance - Favorable (Unfavorable) $ 2,228,201 329,897 (54,475) 15,803 137,511 43 074 2,700,011 277,434 (102,918) (352,020) (64,848) 1,132,806 (1,681,115) (1,556,218) (348,649) (55,437) 2,153,695 744,563 (1,965,405) 1,801 . 660 2,683,559 (1,257,282) 49,659 3,097,928 7,982,988 (8,125,403) 3,005.172 $1,747,890 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements June 30, 1990 Note 1: Summary of Significant Accounting Policies The accounting policies of The Little Rock School District of Pulaski County, Arkansas {the School District) conform to generally accepted accounting principles applicable to governmental units, except for the practice of recording various co~ponents of its general fixed assets at appraised values rather than at cost {Note 1 {Fl). The following is a summary of the 111ore significant accounting policies. {A) Fund Accounting The accounts of the School District are organized on the basis of funds or groups of accounts, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self-balancing accounts which comprise its assets, liabilities, fund equity, revenues and expenditures. The following fund types and account groups are used by the School District: Governmental Fund Types: General Fund - The General Fund is the primary operating fund of the School District. All general tax revenues and other revenues that are not allocated by law or contractual agreement to another fund are accounted for in this fund. The general operating expenditures, the fixed charges, and the capital improvement costs that are not paid through other funds are paid from this fund. Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources, other than major capital projects, requiring separate accounting because of legal or regulatory provisions or administrative action. Debt Service Funds - Debt Service Funds are used to account for the accumulation of resources for the annual payments of principal, interest, and fees on long-term general obligation debt. Capital Projects Funds - Capital Projects Funds are used to account for financial resources segregated for the acquisition or construction of major capital facilities. Fiduciary Fund Type: Agency Fund - The Agency Fund is used to account for the school activity groups and other agencies. The assets in this fund are held by the School District in a fiduciary capacity. 12 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 1: Summary of Significant Accounting Policies {Continued) Account Groups: General Fixed Asset Account Group - This account group is established to account for the fixed assets of the School District. General Long-Term Debt Account Group - This account group is established to account for the long-term debt that is guaranteed by the full faith and credit of the School District. (B) Basis of Accounting The modified accrual basis of accounting is utilized by all funds. Revenues are recognized in the accounting period in which they become available and measurable. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable, except for unmatured interest on general long-term debt which is recognized when the interest is due. Resources from special grants are generally recognized as revenues to the extent of expenditures made under the provisions of the grants. Significant funds received before the revenue recognition criteria have been met are reported as deferred revenue. (C} Budgetary Accounting Certain revenues and expenditures are budgeted in accordance with various legal requirements which govern the School District's operations. The annual budget is submitted to the Arkansas State Department of Education for approval. Revisions by subsequent budget amendments, if any, are not submitted to the Department of Education. Budgeted revenues and expenditures, as revised and amended, were approved by the School Board at their March 20, 1990 meeting. No amendments were adopted subsequent to this date. The budgets formally approved by the Board of Directors include the General Fund {teacher salary, desegregation and other operating}, the Debt Service Fund, and certain construction and special revenue expenditures. The budgets of the School District utilized in its internal budgetary accounting systems and for financial reporting vary in some regards from those required by applicable state statutes to be formally approved by the Board of Directors. {D} Investments Investments are stated at cost, which approximates market value. Investments consist of certificates of deposit and repurchase agreements. 13 II Ii THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements {Continued) June 30, 1990 Note 1: Summary of Significant Accounting Policies {Continued) (E) Inventory Inventories are stated at the lower of cost (first-in, first-out) or market (net realizable value). Inventories are recorded as expenditures when transferred to schools and departmental offices for utilization. (F) General Fixed Assets In the general fixed asset group of accounts, land is valued at historical cost. Certain other components are stated at costs estimated by independent appraisers and by School District employees at various appraisal dates. Valuations of land improvements and buildings are intended to approximate fair market values at the latest appraisal dates (1965 and 1971, respectively)
furniture and fixtures are stated at appraisal values determined for insurance purposes in 1975. Additions since the date of the last appraisals are recorded at cost. The amount that such valuations vary from historical cost has not been determined. (G) Property Taxes Property taxes are recognized and recorded as current period revenues in accordance with the provisions of Interpretation 3 of the National Council of Governmental Accounting's (NCGA) Statement 1, which states that: ( 1l property tax revenues should be recognized when they become available
and (2) available means when due and receivable within the current period and collected within the current period or expected to be collected soon enough thereafter (generally not to exceed sixty days) to be used to pay liabilities of the current period. (H) Accumulated Vacation and Sick Leave School District employees do not receive vacation pay per se. Certain employees contracted to work 240 days per year receive additional pay however, if they work more than 240 days in any particular year. These employees are paid upon termination for any unpaid days accumulated in this manner. Due to the small number of employees contracted for 240 days per year who have accumulated unpaid days in this manner, the School District's liability for this type of compensated absence is not considered material and, therefore, has not been recorded in the accompanying financial statements. 14 r I THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 1: Summary of Significant Accounting Policies (Continued) (H) Accumulated Vacation and Sick Leave (Continued) School District employees are granted a specific number of sick leave days with pay. Certain employees are also granted a specific number of personal leave days with pay. Employees may accumulate a maximum of 175 sick days. Employees are not paid for accumulated sick pay upon termination and, accordingly, the School District has not recorded a liability for accumulated sick pay in the accompanying financial statements since the payment is not probable and the amount of any ultimate payment is not determinable. (I) Encumbrances Encumbrances for goods or purchased services are documented by purchase orders or contracts. Encumbrances outstanding at year end are not reported as expenditures, for financial statement purposes, as the related goods have not been received or the services performed. (J) Total Columns on Combined Statements Total columns on the combined statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns does not present financial position, results of operations, or changes in fund equity in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. (K) Tax Exempt Status The School District is a tax exempt organization, since its revenues are nontaxable under Section 115 of the Internal Revenue Code. Note 2: Reconciliation of Fund Equity The School District issued unaudited financial statements (the "State Report") on August 28, 1990 to the Arkansas State Department of Education. These financial statements were prepared in accordance with accounting methods prescribed in Handbook II, as required by applicable state regulations. In that report, the "Operating Fund" is generally the equivalent of the General Fund for purposes of this report. The "Federal Grants Fund" corresponds to the Special Revenue Fund, except that it does not include activity in the "Revolving Funds" and the "Food Service Fund." The "Debt Service Fund" and the "Building Fund" per the State Report correspond to the Debt Service Fund and Capital Projects Fund, respectively. Activity within the Operating and Debt Service Funds is presented in a combined format for presentation in the State Report. Balances and transactions related to the Agency Fund are reflected in the State Report as the "Student Activity Fund." 15 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 2: Reconciliation of Fund Equity (Continued) The following is a reconciliation of fund equity as shown on the State Report and in the accompanying financial statements for the year ended June 30, 1990: Fund equity at June 30, 1990 per General Special Revenue State Report $ 119,571 143,575 Prior years' equity adjustments and other (225,653) 232,939 Net Handbook II audit adjustments (132,409) Adjust property taxes receivable (2,501,935) Record Revolving Funds and Food Service Fund equity 2,437,403 Record deferred revenue Reclassify debt service fund equity Record KLRE-FM/ KUAR-FM fund equity Fund transfer Fund equity per financial statements Due to school activity groups and other agencies per financial statements $ (376,514) 3,282,040 (14,812) 14 I 812 526,802 2,452,215 16 Debt Service 4,054,080 (3,282,040) 772,040 Capital Projects Agency 3,529,742 $ 848,745 799,083 (184,062) 4,144,763 25,716 $ 874,461 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued} June 30, 1990 Note 3: Property Taxes Pulaski County, Arkansas (the County} levies a property tax each February on the assessed value listed as of January 1 of the prior year for all real and personal property located in the County. Assessed values are established by the County Assessor's office. All taxes are due from property holders on an installment basis by October 10 and related amounts collected on behalf of the Little Rock School District are receivable from the County as collected. Taxes to be levied upon January 1, 1989 assessment values are as follows: Real Estate Personal property Utilities Valuation (Millions} $ 1,066 339 68 $ 1,473 Millage General Debt Fund Service 28.50 25.20 34.70 7.40 13.50 9.90 During 1985, a reassessment was completed for all property located in Pulaski County, Arkansas. Based upon the results of this reassessment, the assessed value of all property within the sphere of taxation by the School District at January 1, 1985 was approximately $944.1 million, as compared to $545.5 million at January 1, 1984. In addition, there was an overall reduction of millage under Amendment 59. The School District will be liable for its pro rata share of the cost incurred by the State of Arkansas in relation to the reassessment. It is understood that reimbursement of this cost to the State, totaling approximately $513,000, will be made over a five year period beginning in fiscal year 1987 through semi-annual withholdings from the School District's revenues. Property tax revenues are reflected net of such withholdings. Property tax revenues of the Debt Service Fund totaling approximately $6,200,000 (the excess of funds necessary to meet current debt service requirements} have been transferred to the General Fund during the year ended June 30, 1990 as provided for under the statutes of the State of Arkansas. 17 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 4: Fixed Assets The following is a summary of the major components of fixed assets of the School District as of June 30, 1990: Land Land improvements Buildings Furniture and equipment Totals Note 5: Long-Term Debt Balance June 30, 1989 $ 2,861,085 925,255 100,370,981 21,303,158 $ 125,460,479 Additions $ 4,664,865 4,072,273 $ 8,737,138 Balance June 30, 1990 $ 2,861,085 925,255 105,035,846 25,375,431 $ 134,197,617 A summary of long-term debt transactions of the School District for the year ended June 30, 1990, is as follows: Balance at July 1, 1989 New debt issued: Construction school bonds - Capital Projects Fund Present value of capital lease obligations related to purchases of equipment and buses - General Fund Total new debt issued Debt retired: School Bonds Capital lease obligations Revolving loan Pulaski County, Arkansas Special School District (Note 8) Total debt retired Balance at June 30, 1990 $ 46,093,587 8,164,100 3,097,928 11.262,028 1,990,000 1,556,218 60,000 1,234,798 4,841,016 $ 52,514,599 Long-term debt at June 30, 1990 is comprised of the following: School bonds, construction and refunding issues Pulaski County Special School District (Note 8) Principal Balance $ 35,986,850 11,070,666 18 Interest Rates Maturities Semiannually
3.25% - 7.7% through 2008 Semiannually
4.2% - 10% through 2003 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Ndte 5: Long-Term Debt (Continued) Principal Interest Balance Rates Arkansas State Department of Education Revolving Loan $ 240,000 9% Capital lease obligations, secured by related buses and computer equipment 5,217,083 6.6% - 8.5% $ 52,514,599 Maturities Semiannually
through 1994 Annually
through 1994 The annual requirements to amortize all long-term debt outstanding at June 30, 1990 are as follows: Year Ending June 30 Amount 1991 $ 5,212,004 1992 5,091,529 1993 4,712,969 1994 3,876,525 1995 3,822,217 Thereafter 29,799,355 Total Debt $ 52,514,599 The total interest payable in the future on debt outstanding at June 30, 1990 is approximately $22 million. In September 1990, approximately $17 million of second lien bonds were issued to finance future capital expenditures. Note 6: Prior-Year Defeasance of Debt In prior years, the School District defeased certain 1984 and 1985 construction bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the def eased bonds are not included in the School District's financial statements. At June 30, 1990, $3 million of bonds outstanding are considered defeased. 19 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 7: Retirement Plans All employees are required by law to be covered by the Arkansas Teacher Retirement System except the following: (1) bus drivers, cafeteria workers and janitors who are required by law to be covered by the Arkansas Public Employees Retirement System and (2) part-time teachers, teacher aides and foreign exchange teachers who may elect in writing to exclude themselves from coverage. Both systems are multiple-employer, cost-sharing public employee retirement systems (the Systems). The payroll for employees covered by the Systems, for the year ended June 30, 1990, was approximately $63,000,000
the School District's total payroll was approximately $71,800,000. For the year ended June 30, 1990, employees had the option to contribute 6.0% of full salary. Federal funds of the School District were used to provide the 12% matching contribution for all eligible employees who are paid through Federal programs, while the state provided the matching contribution for employees paid with state and local funds. For the year ended June 30, 1990, the School District's share of contributions and matching was approximately $2,100,000. The amount of unfunded prior service cost of the retirement plan and the excess of the actuarially computed value of vested benefits over the total of the retirement fund are not available for the School District as a separate entity. However, as of June 30, 1989, the date of its latest actuarial report, the Arkansas Teacher Retirement system had total unfunded prior service costs of approximately $360 million. Note 8: Desegregation and Related Funding Issues During 1982, the School District brought litigation to consolidate the three school districts in Pulaski County, Arkansas. This was an interdistrict school desegregation case involving complex federal litigation in both trial and appellate courts. In relation to the remedy issues of this litigation, the Pulaski County Special School District (PCSSD) and the Little Rock School District entered into agreements, which were approved by the Courts, for the transfers of certain schools, buildings and related personal property between the districts. The Little Rock School District assumed approximately $14. 6 million in long-term debt (see Note 5) related to the properties transferred to them. The transfer of property also resulted in approximately $300 million in property assessment values being transferred to the Little Rock School District affective upon the January 1, 1987 assessments. 20 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 8: Desegregation and Related Funding Issues (Continued) The litigation also resulted in the courts ordering the School District to initiate certain desegregation programs with the Arkansas Department of Education (the State) being liable for certain aspects of funding the programs. All major financial aspects of this litigation have been settled and accepted by the courts. Under the terms of the settlement agreements, the Arkansas Department of Education agreed to pay the School district a total of $71 million, net of $2 million in legal fees awarded the NAACP Legal Defense and Education Fund, Inc. This amount included approximately $57,130,000 for compensatory education and other desegregation programs and $13,870,000 for cash equivalent payments in lieu of formula guarantees. In addition, the State agreed to loan the District an amount up to $20 million. During the year ended June 30, 1990, the School District recorded settlement proceeds of $12,559,250 in the General fund for compensatory education programs and other desegregation expenses. Included in this amount is a receivable of $4,609,250 due the School District on July 1, 1990 for reimbursement of desegregation expenditures made prior to year end. In addition, the School District received and recorded additional payments from the State of $2,000,000 as cash equivalent payments in lieu of Minimum Foundation Program Aid (11FPA) formula guarantees which are recorded as 11FPA revenue in the general fund. As of June 30, 1990, no funds have been received in regard to the loan provisions of the agreement. Net amounts of future funding under the above described agreements (excluding potential loan proceeds) at June 30, 1990 are as follows: 11FPA Year Ending Desegregation Guarantees Total June 31, 1991 $ 8,356,778 $ 2,000,000 $ 10,356,778 June 31, 1992 8,637,482 2,000,000 10,637,482 June 31, 1993 8,926,606 2,000,000 10,926,606 June 31, 1994 8,094,112 2,000,000 10,094,112 June 31, 1995 6,042,591 2,000,000 8,042,591 Future years 4,513,067 1,870,114 6,383,181 Total $ 44,570,636 $ 11,870,114 $ 56,440,750 21 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 9: Agency Funds As the School District serves only in a fiduciary capacity for the school activity funds and other agency funds, related transactions are not reflected in the combined statement of revenues, expenditures and changes in fund balance. A summary of transactions in these school activity and other funds during the year ended June 30, 1990, and the resulting change in amounts due to the school activity groups and other agencies, is as follows: Due to school activity groups and other agencies at June 30, 1989 Transactions during the year ended June 30, 1990: School activities and other agencies revenues Interest on investments School activities and other agencies expenditures Due to school activity groups and other agencies at June 30, 1990 Note 10: Cash and Investments $ 867,835 3,308,366 28,447 (3,330,187) $ 874,461 Arkansas statutes authorize school districts to deposit their funds in any bank located in the State of Arkansas. In addition, they may invest in bonds of the United States of America, general obligation bonds of the State of Arkansas, and bank certificates of deposit or repurchase agreements from a bank or savings and loan that has pledged direct obligations of, or obligations which are fully guaranteed by, the United States of America. The carrying amount of the School District's deposits (including Agency Funds) with financial institutions was $1,022,431 and the bank balance was $2,080,069. The bank balance is categorized as follows: Amount insured by the FDIC Amount collateralized with securities held by the Federal Reserve Bank in the School District's name Uncollateralized Total bank balance $ 101,100 1,000,000 978,969 $ 2,080,069 Investments of the School District (including Agency Funds) at June 30, 1990, are summarized on the following page. Investments represented by specific identifiable investment securities are classified as to credit risk by the three categories described as follows: 22 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 10: Cash and Investments (Continued) Category 1 - Insured or registered, or securities held by the School District or its agent in the School District's name. Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the School District's name. Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent, but not in the School District's name. Certificates of deposit $ Repurchase agreement $ Note 11: Magnet School Funding 1 150,000 150,000 Category _2_ $ - $ $ - $ 3 1,800,000 $ 8,715,000 10,515,000 $ Total Carrying Amount 1,950,000 8,715,000 10,665,000 As a part of its desegregation program (see Note 8), the Federal court directed the School District to participate in a "Magnet School" system and has vested control of these schools in a Magnet Review Committee (MRC). During the year ended June 30, 1988, six schools from the Little Rock School District were organized as a separate reporting group under the control of the MRC. The MRC received its authority from the Federal court as the result of desegregation litigation (see Note 8). The approved funding level of these schools ( "the Magnets") totals $3,100 per average daily membership (ADM) from the State of Arkansas, Pulaski County Special School District (PCSSD), North Little Rock School District (NLRSD) and Little Rock School District (LRSD). The State pays $1,550 plus the "table rate" for each ADM from the respective school districts, with each school district paying the difference ("contribution rate") between $1,550 and their respective "table rate". Beginning in fiscal year 1990, the State paid its portion of the NLRSD and PCSSD contributions direct to the respective district's for subsequent remission to the LRSD. 23 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 11: Magnet School Funding (Continued) STATE LRSD NLRSD PCSSD Contribution rate $ 1,550 $ 1,550 $ 1,550 $ 1,550 Times Average ADM 3,756.61 2,400.02 422.79 933.80 Total 5,822,746 3,720,031 655,325 1,447,390 Additional contributions receivable 64,135 40 979 7 217 15,940 Total Magnet School Funding $5,886,881 $3,761,010 $662,542 $1,463,330 Total $11,645,492 128,271 $11,773 I 763 During the year ended June 30, 1990, expenses of the Magnet Fund exceeded total MRC contributions from the State and other districts. In order to maintain a balance between revenues and expense, additional contributions totaling $128,271 (as shown above) will be collected from the participants during the year ended June 30, 1991. Such amounts are recorded as due from other governments in the special revenue fund, except for the LRSD's portion, totaling $40,979, which was paid prior to year end. The Little Rock School District accounts for the Magnet School's operating revenues and expenses within its Special Revenue Funds since these funds are restricted to the operations of the Magnets. The School District's portion of the total costs ($3,761,010 as shown above) consist of $3,535,925 transferred from, and reflected as an expense of the General Fund, with the balance of $225,085 being indirect administrative cost contributions. In addition to the above discussed operating revenues, the School District is also reimbursed by the NLRSD and PCSSD for debt service payments for capital improvements to the Magnets. The total of such reimbursements (which are reflected in revenues of the Debt Service Fund) for the year ended June 30, 1990 are as follows: North Little Rock School District Pulaski County Special School District Total 24 $ 29,422 74,500 $ 103,922 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Notes to Financial Statements (Continued) June 30, 1990 Note 12: Note Payable During the year ended June 30, 1990, the School District borrowed funds under various short term line-of-credit agreements to meet cash flow requirements. At June 30, 1990, the existing line-of-credit is due November 15, 1990, bearing interest at .5% over the Worthen bank prime rate, not to exceed 12% per annum. Collateral for the loan is all revenues of the School District. At June 30, 1990, the outstanding balance of $6,532,150 is reflected as a liability of the General Fund. Subsequent to June 30, 1990, the line-ofcredit agreement was increased to $15 million, and the due date extended to December 31, 1990. Total interest charges under the line-of-credit for the year 1990 were approximately $460,000. For financial statement charges are reflected in the General Fund as general expenditures. Note 13: Other Litigation and Contingencies ended June 30, purposes, such administration At June 30, 1990, the School District is a defendant in various legal actions. Several involve claims by former employees asserting discriminatory hiring practices. The School District intends to vigorously contest these cases. Management and legal counsel are of the opinion that the likelihood of an unfavorable outcome is small and, thus, no provision has been made in the financial statements for any potential liabilities. In addition, the School District's former attorneys have asserted a claim regarding services they performed on behalf of the District, although no litigation has been filed. Management and current legal counsel believe the prospect of the School District prevailing in this matter is substantial. Due to the uncertainties involved, no provision has been made for the related liabilities, however counsel has estimated the potential loss on the claim of up to $800,000 if an unfavorable judgment is rendered. During the year ended June 30, 1990, the Internal Revenue Service (IRS) conducted an audit of the School District's method of reporting compensation to summer school teachers as contract labor. The IRS asserted that payments to these individuals were wages subject to payroll withholdings. An assessment of approximately $167,000 was paid by the School District subsequent to year end. The School may recover up to 100% of the assessment upon substantiation to the IRS that the payments to these individuals were properly reported as income. The School District intends to vigorously pursue such action. Expected unrecoverable amounts are not considered material to the financial statements, thus no accrual of a payroll tax liability based on the IRS determination has been recorded. 25 SUPPLEMENTARY SCHEDULES 26 Schedule 1 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Co111bining Schedule of Revenues and Expenditures - Special Revenue Funds Year Ended June 30, 1990 Total Federal Food Other Magnet (Me11orandum Progra11s Service Progra111s Schools Only) Revenues Meal sales $ $ 1,202,118 $ $ $ 1,202,118 State, local and other assistance 22,317 492,809 910,294 11,773,763 13,199,183 Federal financial assistance 4,206,986 3,194,146 7,401,132 Interest inco111e 46 648 46 648 Total revenues 4,229,303 4,935,721 910,294 11,773,763 21,849,081 Ex2enditures Basic programs 38,644 7,603,013 7,641,657 Exceptional child progra11s 345,264 192,722 537,986 Vocational-technical progra11s 266,219 80,672 478,434 825,325 Adult continuing education programs 33,454 679,823 713,277 Compensatory education programs 2,475,282 10,378 2,485,660 Other instructional programs 7,230 22,799 258,605 288,634 Instructional support services 716,348 4,483 825,232 1,546,063 Operation and 11aintenance of plant 1,442 942,680 944,122 General administration 68,363 24,805 1,020,192 1,113,360 Capital outlay 20,069 68,970 75,277 164,316 Food services 4,938,025 4,938,025 Co111munity services 224,830 224,830 Indirect and other 70,802 225,085 295 887 Total expenditures 4,229,303 5,006,995 861,604 11,621,240 21,719,142 Excess of revenues over (under) expenditures (71,274) 48,690 152,523 129,939 Other Financing Uses Operating transfers out for Magnet School equip11ent lease payRtents (152 I 523) (152,523) Excess of revenues over (under) expend-itures and other financing uses $ $ (71,274) $ 48,690 $ 22,584 27 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Rockefeller Day Care Center Schedule of Revenues and Expenditures (Cash Basis) - Budget and Actual Year ended June 30, 1990 Revenues Federal funds Tuition Non-Federal matching contribution DCFS State contract LRSD (Development program and line item reimbursement) Total revenues Expenditures Salaries and fringe Program supplies General Non-Federal matching expenditures Total eXl)enditures Excess of revenues over (under) expenditures Units Eligible Non-eligible Total Note: Budget 10-1-88 to 10-1-89 to $ $ 9-30-89 9-30-90 133,770 38,180 3,775 3,600 167,239 346,564 322,713 17,806 2,500 3 775 346,794 (230) 19,436 3,491 22,927 $ $ 133,770 41,780 3,525 167,239 346,314 322,763 17,806 2,450 3,525 346,544 (230) 14,376 3,179 17,555 Schedule 2 $ $ Actual 6-30-90 70,759 22,317 39,494 132,570 84,518 1,005 39,494 125,017 7,553 9,696 1. 723 11,419 The budget amounts as reflected above are by grant periods. The actual amounts, which reflect transactions during both of the budget periods, are based on the School District's fiscal year ending June 30. 28 Schedule 3 LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Revenues of Teachers Salary, Operating and Debt Service Funds (Basis of Accounting as Prescribed by Handbook II) Revenue - Local Sources Current taxes Delinquent taxes 40% pullback Excess treasurer's fee Depository interest Revenue in lieu of taxes Miscellaneous and rents Interest on investments Athletic receipts Revenue - County Sources County General Severance tax Revenue - State Sources MFPA Apportionment Vocational Handicapped children Orphan children Transportation Incentive fund Adult education Desegregation settlement Revenue - Other Sources Mineral lease Public law 874 Transfer from Federal grant Transfer from bond account Total revenues Year Ended June 30, 1990 Total General and Debt Service Funds (Memorandum Only) Budget $ 31,399,224 3,690,486 16,624,076 114,044 416,496 283,030 298,676 207,520 129,181 53,162,733 123,967 123,967 22,583,087 75,805 1,357,960 562,064 12,720 2,472,241 573,063 639,020 15,559,250 43,835,210 7 5,989 150,000 73 517 229,513 $ 97,351,423 29 Unadjusted Net Adjusted Handbook II Audit Handbook II Revenues $ 31,399,221 3,818,496 16,514,086 114,083 328,190 285,620 244,379 65,376 93 402 52,862,853 75,270 15 567 90 837 22,054,472 74,267 1,525,310 467,841 12,210 2,444,837 343,364 679,824 12,559,250 40,161,375 75,237 89,325 81,102 245,664 $ 93,360,729 Adjustments $ (24,748) (24 748) 1,894,113 1,894,113 $ 1,869,365 Revenues $ 31,399,221 3,818,496 16,514,086 114,083 328,190 285,620 244,379 65,376 93 402 52,862,853 75,270 15 567 90,837 22,029,724 74,267 1,525,310 467,841 12,210 2,444,837 343,364 679,824 12,559,250 40,136,627 75,237 89,325 1,975,215 2,139,777 $ 95,230,094 LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Schedule 4 Expenditures of Teachers Salary, Operating and Debt Service Funds (Basis of Accounting as Prescribed by Handbook II) Year Ended June 30, 1990 Total General and Debt Service Funds (Memorandum Onll) Unadjusted Net Adjusted Handbook II Audit Handbook II Budget E,cpenditures Adjustments Ex:Qenditures Certified salaries $ 42,705,810 $ 43,196,383 $ $ 43,196,383 Non-certified salaries 12,593,914 12,319,992 12,319,992 Substitute salaries 1,479,154 1,424,809 1,424,809 Employee benefits 7,271,123 6,652,750 6,652,750 Purchased services 7,685,854 7,207,561 56,644 7,264,205 Supplies and materials 6,076,627 3,574,181 (29,561) 3,544,620 Capital outlay 4,599,420 2,875,669 48 I 811 2,924,480 Debt service 6,432,286 6,325,499 6,325,499 Other objects 3,349,315 4,507,893 1,925,880 6,433,773 Total expenditures $ 92,193,503 $ 88,084,737 $ 2,001, 774 $ 90,086,511 30 LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Schedule 5 Reconciliation of General and Debt Service Fund Balances - Generally Accepted Accounting Principles and Handbook II Basis of Accounting June 30, 1990 Total adjusted beginning Handbook II fund balances Adjusted Handbook II Revenues (Schedule 3) Adjusted Handbook II Expenditures (Schedule 4) Adjustments to convert to generally accepted accounting principles (GAAP): Property taxes - debt services Property taxes - general fund Special revenue fund adjustments Total general and debt service GAAP fund balances at June 30, 1990 General fund Debt service fund Total 31 $ (5,382,074) 95,230,094 (90,086,511) 4,054,080 (2,501,935) (14,812) $ 1,298,842 $ 526,802 772,040 $ 1,298,842 THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Schedule of Long-Term Debt June 30, 1990 Long-term debt at June 30, 1990 is comprised of the following: $4,485,000 December, 1965 Construction School Bonds
payable in annual installments through 1995
interest at 3.25 to 3.6% $1,586,200 December, 1970 Construction School Bonds
payable in annual installments through 1990
interest at 4.75 to 5.0% $2,051,000 June, 1973 Construction School Bonds
payable in annual installments through 1993
interest at 4.7 to 5.0% $6,482,700 June, 1977 Construction School Bonds
payable in annual installments through 1996
interest at 4.25 to 5.1% $6,134,565 March, 1979 Construction School Bonds
payable in annual installments through 1999
interest at 5.4 to 6.0% $4,889,200 March, 1980 Surplus Revenue Construction School Bonds
payable in annual installments through 1994
interest at 5.75 to 6.0% $7,826,000 June, 1987 Construction School Bonds
payable in annual installments through 2007
interest at 6.7 to 7.7% $5,512,750 May, 1988 Construction School Bonds
payable in annual installments through 2007
interest at 6.2 to 7.2% $3,371,000 June, 1988 Refunding School Bonds
payable in annual installments through 1999
interest at 5.6 to 6.6% $8,164,100 September, 1989 Construction School Bonds
payable in annual installments through 2008
interest at 6.1 to 6.75% Total bonds 32 Schedule 6 $ 1,400,000 124,000 580,000 3,200,000 3,885,000 2,305,000 7,701,000 5,512,750 3,115,000 8 z 164 I 100 35,986,850 (Continued) Schedule 6 (Continued) THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Schedule of Long-Term Debt (Continued) June 30, 1990 Installment purchase contract
payable in annual installments through July 1990
interest at 7.2% Installment purchase contract
payable in annual installments through March 1991
interest at 6.6% Installment purchase contract
payable in annual installments through June 1991
interest at 7.0% Installment purchase contract
payable in annual installments through July 1991
interest at 6.6% Installment purchase contract
payable in annual installments through October 1991
interest at 8.38% Installment purchase contract
payable in annual installments through October 1991, interest at 8.38% Installment purchase contract
payable in annual installments through October 1992, interest at 7.0% Installment purchase contract
payable in annual installments through April 1993
interest at 8.0% Installment purchase contract
payable in monthly installments through July 1993
interest at 7.8% Installment purchase contract
payable in semi-annual installments through July 1994
interest at 8.5% Installment purchase contract
payable in annual installments through February 1993
interest at 5.9% Installment purchase contract
payable in annual installments through April 1994
interest at 8.9% Total capital lease obligations $14,632,725 debt payable to the Pulaski County Special School District semi-annually through 2003 Revolving loan
payable in semi-annual installments through January 1994 at 9% Total Long-Term Debt 33 121,624 154,629 40,164 732,333 262,019 37,977 43,773 65,594 151,170 749,101 2,803,572 55,127 5,217,083 11,070,666 240,000 ~ 52,514,599 OTHER REPORTS AND SUPPLEMENTAL INFORMATION 34 % puzd anc/ !:11.u:vmad CERTIFIED PUBLIC ACCOUNTANTS o,.
.o
Qllrce 20' E Marlcharn Suite 500 l11Ue AOC'< AR 7220 R 1501) 375-,025 FAX (501) 375-8704 Texarkana Olflce. 701 Anca,..sas 81 a Te.<arkana AA 7550~ (501) 773-2"68 FAX (501) 77J 7244 INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROLS (ACCOUNTING AND ADMINISTRATIVE) - BASED ON A STUDY AND EVALUATION MADE AS A PART OF AN AUDIT OF THE BASIC FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS AND THE ADDITIONAL TESTS REQUIRED BY THE SINGLE AUDIT ACT The Board of Directors The Little Rock School District of Pulaski County, Arkansas We have audited the combined financial statements of The Little Rock School District of Pulaski County, Arkansas (the School District), as of and for the year ended June 30, 1990, and have issued our report thereon dated November 16, 1990. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and Office of Management and Budget (0MB) Circular A-128, Audits of State and Local Governments. Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement . In planning and performing our audit of the combined financial statements of the School District for the year ended June 30, 1990, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our op1n1on on the combined financial statements and not to provide assurance on the internal control structure. During the year ended June 30, 1990, the School District expended 88% of its total federal financial assistance under major federal financial assistance programs. As required by 0MB Circular A-128, our consideration of the internal control structure also included: 1) Tests of controls to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with specific requirements, general requirements, and requirements governing claims for advances and reimbursements and amounts claimed or used for matching that are applicable to each of the School District's major federal financial assistance programs, which are identified in the accompanying schedule of federal financial assistance. Our procedures were less in scope that would be necessary t o render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. 35 Members Amencan lm
t11u1e of Ceruf1eo Public Accoun1an1s P~rvate Companies Practice Sec11on and S E.C Practice Seel/on The Board of Directors The Little Rock School District of Pulaski County, Arkansas Page Two 2) Obtaining an understanding of (a) the design of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with specific requirements, general requirements, and requirements governing claims for advances and reimbursements and amounts claimed or used for matching that are applicable to the School District's non-major federal financial assistance programs and (bl whether they have been placed in operation. The management of The Little Rock School District of Pulaski County, Arkansas is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of combined financial statements in accordance with generally accepted accounting principles, and that federal financial assistance programs are managed in compliance with applicable laws and regulations. Because of inherent limitations in any internal control structure, errors or irregularities, or instances of noncompliance may nevertheless occur and not be detected . Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: 1. Accounting Controls Cash Revenues/receivables Cash receipts Expenditures/payables Cash disbursements - Fund balances - Payrolls - Fixed assets - Investments - Property taxes receivable 2. Controls Used in Administering Federal Programs General Requirements: Political Activity Davis-Bacon Act Civil Rights Cash Management Federal Financial Reports 36 Specific Requirements: Types of Services Eligibility Matching Level of Effort Reporting Cost Allocation Special Requirements The Board of Directors The Little Rock School District of Pulaski County, Arkansas Page Three For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. We noted certain matters involving the internal control structure and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions of management in the general-purpose financial statements or to administer federal financial assistance programs in accordance with applicable laws and regulations. Fixed Assets At present, the School District does not have a complete inventory or detail subsidiary ledger of all fixed assets which can be agreed or reconciled to total general fixed assets as reported in the combined financial statements. The School District's fixed asset tracking system should be expanded to include all of its assets and to provide for a complete annual physical inventory count of capital assets . The inventory should be used to determine that all assets purchased are still in possession of the School District and that assets are being utilized in an effective and efficient manner. A material weakness is a reportable condition in which the design or operation of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general-purpose financial statements being audited or that noncompliance with laws and regulations that would be material to a federal financial assistance program may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe the reportable condition described above is not a material weakness. 37 The Board of Directors The Little Rock School District of Pulaski County, Arkansas Page Four This report is intended for the information of the Board of Directors, management, all applicable Federal and State agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. November 16, 1990 Little Rock, Arkansas Certified Public Accountants 38 XmaJ t:z?ld !://2c).,ma
J CERTI FIED PUBLIC ACCOUNTANTS L.i:t:e Roel( Olfce 20' E Mar,<t-am Su,te 500 L,!lle Rock. AA -:-2~ 1501) 375-2025 FAX ,so 375-8704 Texar,<ana Olf,ce. 701 Arkansas Blvd Texarl<a"la , AR 75502 (501) 773-~68 FAX (501) 774-7244 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE BASED ON AN AUDIT OF THE BASIC FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS The Board of Directors The Little Rock School District of Pulaski County, Arkansas We have audited the combined financial statements of The Little Rock School District of Pulaski County, Arkansas (the School District), as of and for the year ended, June 30, 1990, and have issued our report thereon dated November 16, 1990. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of Office of Management and Budget Circular A-128, Audits of State and Local Governments. Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Compliance with laws, regulations, contracts, and grants applicable to The Little Rock School District of Pulaski County, Arkansas is the responsibility of the School District' management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of the School District' compliance with certain provisions of laws, regulations, contracts, and grants. However, our objective was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. The results of our tests indicate that, with respect to the items tested, The Little Rock School District of Pulaski County, Arkansas complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing ca e to our attention that caused us to believe that the School District had not complied, in all material respects, with those provisions . This report is intended for the information of the Board of Directors, management, and all applicable Federal and state agencies. This restriction is not intended to limit the distribution of this report, which is a matter of public record . November 16, 1990 Little Rock, Arkansas ~<,~dAI Certified Public Accountants 39 MPmoers American 1ns111u1e of Certified Pubhc Accoun1an1s Private Ccmoan1es Practice Section ano S EC. Pac11ce Sec1,on Y~ //Uv.1 and !::bf uM CERTIFIED PUBLIC ACCOUNTANTS L. 1we Roel< 0 1ftce 201 E Ma,~!iam Surte 500 L1111e Roci<. AR 12201 (501) 3i5-2025 FAX ,so) 375-8704 Texar"ana O!hce. 701 Arkansas Siva Tellarkana AR 75502 (501) 773-2168 FAX 1501) 774 7244 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH GENERAL REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS The Board of Directors The Little Rock School District of Pulaski County, Arkansas Little Rock, Arkansas We have applied procedures to test The Little Rock School District of Pulaski County, Arkansas' (the School District) compliance with the following requirements applicable to each of its major federal financial assistance programs, which are identified in the schedule of federal financial assistance, for the year ended June 30, 1990: Political Activity Civil Rights Cash Management Federal Financial Reports Our procedures were limited to the applicable procedures described in the Office of Management and Budget's Compliance Supplement for Single Audits of State and Local Governments. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the School District's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the first paragraph of this report. With respect to items not tested, nothing came to our attention that caused us to believe that the School District had not complied, in all material respects, with those requirements. Also, the results of our procedures did not disclose any immaterial instances of noncompliance with those requirements. This report is intended for the information of the Board of Directors, management, and all applicable Federal and state agencies. This restriction is not intended to limit the distribution of this report, which is a matter of public record. November 16, 1990 Little Rock, Arkansas ~oAJ J., ~ ().,.., aa,J Certified Public Accountants 40 Memoers Amencan lns111u1e of Cerltfled Pubhc Accountants Pnva,e Comoanies Practice Secuon ano S.E C Pracuce Sec11on !:fbmaJ and 5:ao,mad CERTIFIED PUBLIC ACCOUNTANTS L11t1e Reck Ofl1ce 20' E Ma~tlam Su11e 500 l,"!le ROCi<. AA 722~1 ,so, 375-2025 FAX 1501) 375-8'04 Texarkana Olf1ce 701 Arkansas Blvd Texarkana AA 75502 150') 773-2168 FAX (501) 7'J-7244 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS The Board of Directors The Little Rock School District of Pulaski County, Arkansas Little Rock, Arkansas We have audited the Little Rock School District of Pulaski County, Arkansas' (the School District) compliance with the requirements governing types of services allowed or unallowed
eligibility
matching, level of effort, or earmarking
reporting
levels of service
annual assessment of educational needs
services provided to children enrolled in private schools
commitment of funds
record retention
claims for advances and reimbursements
and amounts claimed or used for matching that are applicable to each of its major federal financial assistance progra11s, which are identified in the accompanying schedule of federal financial assistance, for the year ended June 30, 1990. The management of the School District is responsible for compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and 0MB Circular A-128, Audits of State and Local Governments. Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the School District's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. The results of our audit procedures did not disclose any instances of noncompliance with the requirements referred to above. 41 Memoers American lns111u1e of Cerufled Pubhc Accountants Prn,a1e Comoanies Prac11ce Sec11on and SEC Pracuce Section The Board of Directors The Little Rock School District of Pulaski County, Arkansas Page Two In our opinion, The Little Rock School District of Pulaski County, Arkansas complied, in all material respects, with the requirements governing types of services allowed or unallowed
eligibility
matching, level of effort, or earmarking
reporting
levels of service
annual assessment of educational needs
services provided to children enrolled in private schools
commitment of funds
record retention
claims for advances and reimbursements
and amounts claimed or used for matching that are applicable to each of its major federal financial assistance programs for the year ended June 30, 1990. November 16, 1990 Little Rock, Arkansas 42 ~{~~ Certified Public Accountants Y~ma: and' !://4:
.m a..1 CERTIFIED PUBLIC ACCOUNTANTS L11t1e RocK Oll1ce 201 E Markham Sute 500 Lil!le Roc1' AR 7220" 150:) 375-2025 FAX 1501) 375-870< Te,:arJ(ana Olf1ce 701 Arkansas Blvd Texarkana.AR 75502 1501) 773-2168 FAX (501) 774-7244 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS The Board of Directors The Little Rock School District of Pulaski County, Arkansas Little Rock, Arkansas In connection with our audit of the combined financial statements of The Little Rock School District of Pulaski County, Arkansas (the School District), as of and for the year ended June 30, 1990, and with our study and evaluation of the School District' internal control systems used to admini ster federal financial assistance programs, as required by Office of Management and Budget Circular A-128, Audi ts of State and Local Governments, we selected certain transactions applicable to certain nonmajor federal financial assistance programs for the year ended June 30, 1990. As required by 0MB Circular A-128, we have performed auditing procedures to test compliance with the requirements governing types of services allowed or unallowed
eligibility and cost allocation that are applicable to those transactions. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the School District' compliance with these requirements. Accordingly, we do not express such an opinion. With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the preceding paragraph. With respect to i teJAs not tested, nothing came to our attention that caused us to believe that The Little Rock School District of Pulaski County, Arkansas had not complied, in all material respects, with those requirements. Also, the results of our procedures did not disclose any immaterial instances of noncompliance with those requirements. This report is intended solely for the information of the Board of Directors, management, and all applicable Federal and state agencies. This restriction is not intended to limit the distribution of this report, which is a matter of public record. November 16, 1990 Little Rock, Arkansas Certified Public Accountants 43 Members American lns11tute ol Certified Public Accounlants P"vate Comoan1es Pracuce Section and S E C. Pracr,ce Section % mu a:?u/ :1/c
,,/?uz.:t CERTIFIED PUBLIC ACCOUNTANTS Little Reel< Office 20' E Mark:ham Suite 500 Little Rocic AR 72201 1501) 3:5-2025 FAX 15011 375-8704 Texarkana Office 701 Arl(ansas Blvd Texancana, AR 75502 (501) 773-2168 FAX (501) 774-72'4 INDEPENDENT AUDITORS' REPORT ON SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE The Board of Directors The Little Rock School District of Pulaski County, Arkansas We have audited the combined financial statements of The Little Rock School District of Pulaski County, Arkansas for the year ended June 30, 1990, and have issued our report thereon dated November 16, 1990. These combined financial statements are the responsibility of management. Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of Office of Management and Budget Circular A-128, Audits of State and Local Governments. Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Our audit was made for the purpose of forming an op1n1on on the combined financial statements of The Little Rock School District of Pulaski County, Arkansas taken as a whole. The accompanying Schedule of Federal Financial Assistance is presented for purposes of additional analysis and is not a required part of the combined financial statements. The information in that schedule has been subjected to the auditing procedures applied in the audit of the combined financial statements and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. November 16, 1990 Little Rock, Arkansas ~4,il)<~a.A) Certified Public Accountants 44 Members American tns111u1e of Cerulied Pubhc Accountants Private Comoames Pact1ce Section and S.E C Prac11ce Secuon Federal Grantor/Pass-Through Grantor/Program Title U. S. Department of Education Passed Through State Department of Education: CHAPTER I Compensatory EESA TITLE II Title VI-B Handicapped Public Law 874 ECIA CHAPTER II CHAPTER I Handicapped Indochinese Refugee Child Assistance Drug Free Schools and Communities Act of 1986 Vocational Education Act (Carl Perkins) Adult Basic Education Total U.S . Department of Education U.S. Department of Labor Passed Through State Department of Education: CETA/Vocational Job Training Partnership Act Total U.S. Department of Labor U.S . Department of Agriculture Passed Through State Department of Education: National School Lunch Program Nutritional Education Total U. S. Department of Agriculture U.S. Department of Health and Human Services Passed Through State Department of Human Services: Development Disabilities Planning Council Development Disabilities Planning Council Title XX Daycare Title XX New Futures Title XX Dropout THE LITTLE ROCK SCHOOL DISTRICT OF PULASKI COUNTY, ARKANSAS Schedule of Federal Financial Assistance Year Ended June 30, 1990 Federal CFDA Number 84.010 84 . 164 84.027 84.041 84. 151 84.009 84.146 84 .184 84.048 84.002 17. 250 17 . 250 10.555 10.564 13.630 13 . 630 13.667 13.667 13.667 Total U.S . Department of Health and Human Services Total Federal Financial Assistance 45 $ Program or Award AIRount 2,491,902 57,067 526,637 319,199 72,461 7,394 121,366 448,585 35,427 55,552 154,278 11,932 45,405 36,070 178,360 31,056 2,100 Federal Funds $ Revenues Recognized 2,491,902 37,832 460,966 75,237 278,134 58,344 6,270 114,079 443,476 33 454 3,999,694 50,218 84 289 134 507 3,194,146 11 932 3,206,078 8,274 23,723 68,561 23, 762 2 100 126,420 $ 7,466,699 Expenditures $ 2,491,902 37,832 460,966 75,237 278,134 58,344 6,270 114,079 443,476 33 454 3,999,694 50,218 84 289 134,507 3,194,146 11 932 3,206,078 8,274 23,723 68,561 23,762 2 100 126,420 $ 7,466,699
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<dcterms_creator>Little Rock School District</dcterms_creator>