Comprehensive Annual
Financial Report

Sylvania	Schools

Innovation •  Diversity • Achievement • Collaboration • Leadership • Integrity

Preparing students to be life-long learners and engaged citizens

www.sylvaniaschools.org

Sylvania, OH
Fiscal Year Ending June 30,
2018

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COMPREHENSIVE ANNUAL FINANCIAL REPORT

OF THE

NEWARK CITY SCHOOL DISTRICT

FOR THE

FISCAL YEAR ENDED JUNE 30, 2002

PREPARED BY TREASURER'S DEPARTMENT BRIAN WILSON, TREASURER

85 EAST MAIN STREET	NEWARK, OHIO  43055

COMPREHENSIVE ANNUAL FINANCIAL REPORT

OF THE

SYLVANIA CITY SCHOOL DISTRICT

FOR THE

FISCAL YEAR ENDED JUNE 30, 2018

PREPARED BY TREASURER'S DEPARTMENT LISA SHANKS, TREASURER/CFO

4747 N. HOLLAND SYLVANIA RD.
SYLVANIA, OHIO  43560

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SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018

TABLE OF CONTENTS

TITLE PAGE

TABLE OF CONTENTS ........................................................................................................................	i - iv

I.   INTRODUCTORY SECTION

Letter of Transmittal ............................................................................................................................	I 1 - 6
List of Principal Officials ....................................................................................................................	I 7
Management Team ..............................................................................................................................	I 8
Organizational Chart............................................................................................................................	I 9
Certificate of Achievement for Excellence in Financial Reporting .....................................................	I 10

II. FINANCIAL SECTION

INDEPENDENT AUDITOR’S REPORT...........................................................................................	F 1 - 3

MANAGEMENT’S DISCUSSION AND ANALYSIS ......................................................................	F 5 - 18

BASIC FINANCIAL STATEMENTS: Government-Wide Financial Statements:
Statement of Net Position .........................................................................................................	F 19
Statement of Activities .............................................................................................................	F 20

Fund Financial Statements:

Balance Sheet - Governmental Funds.......................................................................................	F 21

Reconciliation of Total Governmental Fund Balances to Net Position
of Governmental Activities.......................................................................................................	F 22

Statement of Revenues, Expenditures and Changes in Fund
Balances - Governmental Funds ...............................................................................................	F 23

Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities ................................	F 24

Statement of Fiduciary Net Position - Fiduciary Funds............................................................	F 25

Statement of Changes in Fiduciary Net Position - Fiduciary Fund ..........................................	F 26

Notes to the Basic Financial Statements ........................................................................................	F 27 - 73

REQUIRED SUPPLEMENTARY INFORMATION:

Schedule of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual (Non-GAAP Budgetary Basis) - General Fund .........................	F 76 - 77

i

REQUIRED SUPPLEMENTARY INFORMATION (Continued):

Schedule of the District’s Proportionate Share of the Net Pension Liability:

School Employees Retirement System (SERS) of Ohio........................................................	F 78
State Teachers Retirement System (STRS) of Ohio ..............................................................	F 79

Schedule of District Pension Contributions:

School Employees Retirement System (SERS) of Ohio.......................................................	F 80 - 81
State Teachers Retirement System (STRS) of Ohio .............................................................	F 82 - 83

Schedule of the District’s Proportionate Share of the Net OPEB Liability:

School Employees Retirement System (SERS) of Ohio........................................................	F 84
State Teachers Retirement System (STRS) of Ohio ..............................................................	F 85

Schedule of District OPEB Contributions

School Employees Retirement System (SERS) of Ohio.......................................................	F 86 - 87
State Teachers Retirement System (STRS) of Ohio .............................................................	F 88 - 89

Notes to Required Supplementary Information ..............................................................................	F 90 - 91

COMBINING STATEMENTS AND INDIVIDUAL FUND SCHEDULES: Combining Statements - Major Funds:
Fund Descriptions - Major Governmental Funds ...........................................................................	F 94

Schedule of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual (Non-GAAP Budgetary Basis) - Major Funds:

General Fund ............................................................................................................................	F 95 - 97
Debt Service Fund ....................................................................................................................	F 98

Combining Statements - Nonmajor Funds:

Fund Descriptions - Nonmajor Governmental Funds.....................................................................	F 99 - 101

Combining Balance Sheet - Nonmajor Governmental Funds ........................................................	F 102

Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Governmental Funds.....................................................................	F 103

Combining Balance Sheet - Nonmajor Special Revenue Funds ...............................................	F 104 - 106

Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Special Revenue Funds .................................................................	F 108 - 110

Individual Fund Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Non-GAAP Budgetary Basis) - Nonmajor Special Revenue Funds:

Food Service.........................................................................................................................	F 111
Other Grants .........................................................................................................................	F 111
District Managed Student Activity .......................................................................................	F 111
Auxiliary Services ................................................................................................................	F 112
Data Communications for Schools .......................................................................................	F 112
Vocational Educational Enhancements ................................................................................	F 112
Miscellaneous State Grants ..................................................................................................	F 112
Adult Basic Education ..........................................................................................................	F 113
IDEA Part B .........................................................................................................................	F 113
Vocational Education ...........................................................................................................	F 113
Title III - Limited English Proficiency .................................................................................	F 114

ii

COMBINING STATEMENTS AND INDIVIDUAL FUND SCHEDULES (Continued):

Individual Fund Schedules of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual (Non-GAAP Budgetary Basis) - Nonmajor Special Revenue Funds (continued):

Title I ....................................................................................................................................	F 114
Pre-school for the Handicapped Grant .................................................................................	F 114
Improving Teacher Quality ..................................................................................................	F 115

Nonmajor Special Revenue Funds included in the General Fund on GAAP basis:

Uniform School Supplies .....................................................................................................	F 115
Special Services Rotary Fund ...............................................................................................	F 115
Natatorium............................................................................................................................	F 116
Rotary Fund ..........................................................................................................................	F 116
Public School Support ..........................................................................................................	F 116

Combining Balance Sheet - Nonmajor Capital Projects Funds ..................................................	F 117

Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Capital Projects Funds ...............................................................	F 118

Individual Fund Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Non-GAAP Budgetary Basis) - Nonmajor Capital Projects Funds:

Permanent Improvement ......................................................................................................	F 119
Building ................................................................................................................................	F 119

Combining Statements - Fiduciary Funds:

	Fund Descriptions - Fiduciary Funds .......................................................................................

Individual Fund Schedules of Revenues, Expenditures and Changes in Fund Balance -	F 120	
	Budget and Actual (Non-GAAP Budgetary Basis) - Private-Purpose Trust Fund:		
	Scholarship ...........................................................................................................................	F 121	
	Statement of Changes in Assets and Liabilities - Agency Funds .............................................	F 122	
III.	STATISTICAL SECTION		
	Table of Contents .........................................................................................................................	S 1	
	Net Position by Component - Last Ten Fiscal Years ..................................................................	S 2 - 3	
	Changes in Net Position - Last Ten Fiscal Years ........................................................................	S 4 - 7	
	Fund Balances, Governmental Funds - Last Ten Fiscal Years ....................................................	S 8 - 9	
	Changes in Fund Balances, Governmental Funds - Last Ten Fiscal Years ..................................	S 10 - 11	
	Assessed Valuation and Estimated Actual Value of Taxable Property -
Last Ten Years..........................................................................................................................	
S 12 - 13	
	Direct and Overlapping Property Tax Rates - Last Ten Years ....................................................	S 14	
Principal Taxpayers, Real Property - December 31, 2017 and
December 31, 2008 ..................................................................................................................	S 15

Principal Taxpayers, Tangible and Public Utility Personal Property -
December 31, 2017 and December 31, 2008 ............................................................................	S 16

Property Tax Levies and Collections - Last Ten Fiscal Years .....................................................	S 18 - 19

Ratio of Outstanding Debt by Type - Last Ten Fiscal Years ......................................................	S 20

Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years .........................................	S 21

iii

STATISTICAL SECTION (Continued)

Direct and Overlapping Governmental Activities Debt
as of June 30, 2018 ..................................................................................................................	S 22

Legal Debt Margin Information - Last Ten Fiscal Years ............................................................	S 23

Demographic and Economic Statistics - Last Ten Fiscal Years ...................................................	S 24

Principal Employers - Current Year .............................................................................................	S 25

Staffing Statistics, Full Time Equivalents (FTE) by Type -
Last Ten Fiscal Years ...............................................................................................................	S 26

Operating Indicators by Function - Last Ten Fiscal Years ..........................................................	S 27

Capital Asset Statistics - Last Ten Fiscal Years ..........................................................................	S 28 - 29

School Building Information - Last Ten Fiscal Years .................................................................	S 30 - 31

Operating Statistics - Last Ten Fiscal Years ................................................................................	S 32 - 33

Teacher Statistics - June 30, 2018 ................................................................................................	S 34

iv

Sylvania	City	Schools

Introductory	Section

Increasing academic achievement for all students is a top priority for our district. Students pictured are working independently in an elementary classroom (upper left), receiving recognition from the Sylvania Area Chamber of Commerce (upper right), presenting research at the Elementary GATE fair (lower left), and collaborating in teams in a junior high science classroom (lower right.)

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Office of the Treasurer
Lisa Shanks, Treasurer/CFO

December 21, 2018

Board of Education Members and Citizens of the Sylvania City School District:

As the Superintendent and Treasurer/CFO of the Sylvania City School District (the “District”), we are pleased to submit to you the twenty-second Comprehensive Annual Financial Report (CAFR) issued by the District. This report provides full disclosure of the financial operation of the District for the fiscal year ended June 30, 2018.  This CAFR, which includes an opinion from Dave Yost, Auditor of State, who performed the District’s audit, conforms to accounting principles generally accepted in the United States of America (GAAP) as applicable to governmental entities.   The responsibility  for  the accuracy  of  the  data presented  and  the  completeness  and  fairness  of  the presentation, including all disclosures, rests with the District.  This report will provide the taxpayers of the District with comprehensive financial data in a format which will enable them to gain an understanding of the District’s financial affairs.  This report is available to the Chamber of Commerce, major taxpayers, the public library, financial rating services, and other interested parties.

The District is located in Northwestern Ohio on the Ohio-Michigan border and is comprised of the City of Sylvania, Sylvania Township, a portion of the City of Toledo and a portion of the Village of Ottawa Hills, which are all part of Lucas County.  As a suburb of Toledo, Sylvania is basically a residential community with a broad service-based economy.  Socioeconomic indicators continue to describe Sylvania as an affluent community with housing values and income levels well above state and county norms.

The  District  provides  a  full  range  of  educational  programs  and  services.	These  include  diverse  learning opportunities at the elementary and secondary levels.  Educational opportunities range from comprehensive career and technical programs to college preparatory classes with an emphasis on honors and Advanced Placement course work.  A broad range of clubs, co-curricular and extracurricular activities are available to students so that they may have a well-rounded educational experience in Sylvania Schools.  Special education services are in-depth and provide the support necessary for our students with disabilities to be successful.  The district also provides support for adult and community learning.  In addition, the District provides state-financed assistance to non-public schools located within its boundaries.  This assistance is accounted for in a non-major governmental fund.   The District currently serves approximately 7,700 students in grades pre-K through 12th Grade.

Statutorily, the District operates under standards prescribed by the Ohio State Board of Education as provided in division (D) of Section 3301.07 and Section 119.01 of the Ohio Revised Code for the purpose of providing educational services authorized by charter and further mandated by State and/or Federal agencies.  A five member Board of Education (the “Board”) serves as the taxing authority, contracting body and policy maker for the District. The Board adopts the annual operating budget and approves all expenditures of District monies.

The Superintendent is the chief administrative officer of the District, responsible for both education and support operations.  The Treasurer/CFO is the chief financial officer of the District, responsible for maintaining records of all financial matters, issuing warrants in payment of liabilities incurred by the District, acting as custodian of all District funds, and investing idle funds as specified by Ohio law.

Other Board appointed officials includes directors of educational and support services and building principals.

THE REPORTING ENTITY

The District has reviewed its reporting entity definition in order to ensure conformance with GASB.  In evaluating how to define the District for financial reporting purposes, management has considered all agencies, departments, and organizations making up the District (the primary government) and its potential component units.  The District has no component units nor is it a component unit of any other governmental entity.

The Cities of Sylvania and Toledo, Sylvania Township, and the Village of Ottawa Hills have all been excluded from the accompanying financial statements.  The Northwest Ohio Computer Association (NWOCA) and the Sylvania Area Joint Recreation District (SAJRD) are reported as jointly governed organizations.

QUALITY IN EDUCATION

The District strives to maintain quality schools that not only reflect the philosophy of the community, but help to maintain property values as well. While the emphasis is on the educational program itself, the District continues to maintain expectations for excellence in our students, staff, and programs.  We feel it is appropriate to briefly review some of the District’s quality benchmarks that define the foundation upon which the success of our programs are built.

Curriculum Development. The District is implementing Ohio’s Learning Standards in the four core areas: English Language Arts, Mathematics, Science, and Social Studies and in all supporting discipline areas. Teachers are continuing to participate in intensive training that emphasizes ways to raise student achievement with a heavy emphasis on differentiation and closing the gap. The District is continuing to focus on and support innovative thought-provoking learning experiences.  Teacher leadership teams at all levels have targeted areas to help train academic leaders in each building. Teachers are continuing to design rigorous lessons for their students and are creating hands-on, 21st century skills to help prepare them to be life-long learners and engaged citizens.  As the new standards continue to take shape over the next year, resources will be chosen to best support the new curriculum. The District is now 1:1, assigning a digital device to each student 6-12 and providing access at all grades in the elementary. Through the daily use of technology students become better prepared for college and careers.

Technology. Technology is one of the District’s top initiatives in preparing our students for their future. We utilize technology in a variety of ways to enhance differentiated learning, digital citizenship and increased access to up to date curriculum tools. We have also implemented a pervasive wireless access system to provide staff and student access to the internet from anywhere in all of our buildings. Lastly, we are continuing with our district-wide Digital Learning Initiative which includes professional development for staff to integrate technology into our rich student experience. The goal is to ensure that our students develop into contributing community members.

Testing. Our SAT and ACT scores continue to improve from year to year and are higher than the national and State average. 77.9% of the students participating in advance placement testing qualify for college credit. The District continues to grow the number of students qualifying as National Merit Scholars and now boasts over 15 perfect scores on the PSAT and ACT tests in the past four years.  Over 92% of the graduates pursue post-secondary/military education, earning millions in scholarships each year.

Class Size. There is an average of 22-23 students per class in grades K through 5. The class size for grades 6 – 12 is dependent upon the class offered and ranges from 25-30 students. This range compares very favorably among our comparable districts across the State as well as other districts in the area.

Co-curricular and Extra-curricular. Over 90% of our students are involved in inter-scholastic athletics, programs, clubs, AP/honors, and contests representing about 120 academic and athletic teams and organizations.   Many of these teams and clubs receive regional and state rankings in contests annually.

Staff Development. Professional development is a top focus of the District to help teachers learn new ways to differentiate learning through digital instruction directly in the classroom. Teacher leaders have been developing the training framework and supporting teachers in every department and grade level in each of the District’s 12 schools.  As Ohio’s Learning Standards are implemented, the professional development efforts are combining with technology to help teachers best create a 21st century learning environment for students.

Comprehensive Support for Special Needs. The District is prepared to meet the needs of all students, but extra attention has been given to ensure that the District provides an outstanding and comprehensive special-needs and gifted program, along with interventions for identified students in specific areas. With the digital classrooms, the ability to differentiate education to better meet individual needs of every student increases and allows us to focus on closing the gap for all our students. The District is implementing new schedules to meet the needs of all students and to help provide time and support for continued student growth at all levels.

ECONOMIC CONDITIONS AND OUTLOOK

The District’s population has been stable the past several years with only minimal changes, if any, from year to year. The U.S. Census completed in 2010, represented a combined population of 63,000 people in 25,000 households living in the City of Sylvania and Sylvania Township. Sylvania Township has realized the most residential growth as it encompasses land available for expansion. Unfortunately, the City of Sylvania has limited land available for residential development.  On the other hand, commercial development has increased modestly in both Sylvania Township and the City of Sylvania.

In November of 2016, the District passed a combination operating-permanent improvement levy. The levy generates an  additional  $6.4  million  annually  for  operating  expenditures  and  $1.4  million  for  general  permanent improvements. The District began collecting on this levy in February 2017 and realized full collection in fiscal year
2018. The need for additional revenue became unavoidable when real estate receipts declined as a result of the depreciation of property values that occurred in 2009 and 2012. Through calendar year 2018 collections, the District realized an accumulated shortfall of real estate receipts totaling $14.7 million. Additional operating revenues will eliminate the immediate need for drastic reductions to the normal operations of the District. However, a conservative long-term spending plan is necessary to preserve tax dollars indefinitely.

The State of Ohio is in the second year of the biennial budget. The District is expecting to receive slightly more funding in fiscal year 2019 than it received in 2018. However, the funding cap limit prohibits the District from receiving in excess of 3.0% of what it received in the prior fiscal year. This places additional financial hardship on the District and moves the funding mechanism away from a true per pupil calculation. The funding cap limit further shifts the financial responsibility from the State of Ohio to Sylvania Schools and its taxpayers.

MAJOR INITIATIVES FOR THE FUTURE

Full implementation of the newly revised Strategic Plan will keep the District focused on student learning through high-quality, differentiated instruction, efficiency and effectiveness of district operations, and vibrant school- community partnerships.

Fundraising efforts by the Sylvania Schools’ Athletic Foundation and Academic Excellence Foundation will raise money privately to help support the District’s ongoing initiatives.  The Athletic Foundation is providing support to renovate and replace athletic facilities, while the Academic Excellence Foundation is currently raising funds to support the Digital Learning Initiative.

With the full implementation of these plans and directives, the District will continue the academic excellence and fiscal accountability standards that the community has come to expect of the Sylvania City School District.

LONG-TERM FINANCIAL PLANNING

The Ohio Department of Education requires school districts to submit a five year forecast in October and May each year. The forecast provides three years of historical financial data and five years of revenue and expenditure estimates. The forecast is a benchmark used by administrators and the Sylvania Board of Education to determine the current and future costs of existing educational programs and sustainability of proposed educational initiatives.

The need for general permanent improvements  is  at the  forefront of  concerns.  The  recent passage  of  a new permanent improvement levy will allow the District to plan for the necessary repairs to its buildings and grounds. Building administrators are working closely together to prioritize and develop preventative maintenance plans and replacement schedules so resources are allocated effectively.

FINANCIAL INFORMATION

Internal Accounting and Budgetary Control.  The District’s accounting system is organized on a “fund” basis. Each fund is a distinct self-balancing accounting entity.   Governmental fund operations are presented on the modified accrual basis, whereby revenues are recognized when measurable and available, and expenditures are recognized when goods and services are received.  Proprietary funds and the private-purpose trust fund operations are presented on the accrual basis, whereby revenues are recognized when earned, and expenses when incurred.

In  developing  the  District’s  accounting  system,  much  consideration  was  given  to  the  adequacy  of  internal accounting controls.   Internal accounting controls are designed to provide reasonable, but not absolute assurance regarding the safeguarding of assets against loss from unauthorized use or disposition and the reliability of financial records for preparing financial statements and maintaining accountability for assets.  The concept of reasonable assurance is based on the assumption that the cost of internal accounting controls should not exceed the benefits expected to be derived from the implementation.

The District utilizes a fully automated accounting system, as well as an automated system of control for capital assets and payroll.  These systems, coupled with the manual auditing of each voucher prior to payment, ensure that the financial information generated is both accurate and reliable.

At the beginning of each fiscal year, the Board of Education adopts either a temporary appropriation measure or a permanent appropriation measure for that fiscal year.  If a temporary appropriation is first adopted, the permanent appropriation measure must be adopted upon receipt from the County Auditor of an amended certificate of estimated resources based on final assessed values and tax rates, which is usually within the first three months of the fiscal year.  Annual appropriations may not exceed the County Budget Commission’s official estimate of resources.  The County Auditor must certify that the Board of Education’s appropriation measures, including any supplements or amendments, do not exceed the amount set forth in the latest of those official estimates.

All disbursements and transfers of cash between funds require appropriation authority from the Board.  Budgets are controlled at the fund level for all budgeted funds.  All purchase order requests must be approved by the Director of Business Affairs and certified by the Treasurer/CFO; necessary funds are then encumbered and purchase orders released to vendors.   Those requests which exceed the available appropriation are rejected until additional appropriations are secured.

The accounting system used by the District provides interim financial reports, which detail year-to-date expenditures and encumbrances versus the original appropriation, plus any additional appropriations made to date.  In addition to interim financial statements, each administrator and school principal is furnished monthly reports showing the status of the budget accounts for which they are responsible.  As an additional safeguard, a blanket bond covers all employees, and a separate, higher limit bond covers certain individuals in policy-making roles.

The basis of accounting, the basis of presentation of the District’s various funds, and information on budgetary accounting can be found in Note 2 to the financial statements.

FINANCIAL REPORTING

The basic financial statements for reporting on the District’s financial activities are as follows:

Government-wide  financial  statements:     These  statements  are  prepared  on  an  accrual  basis  of accounting, which is similar to the basis of accounting followed by business enterprises.  The government- wide statements distinguish between those activities of the District that are governmental and those that are considered business-type activities.  The District did not have any business-type activities.

Fund financial statements:  These statements present information for individual major funds rather than by fund type.  Non-major funds are presented in total in one column.  Governmental funds use the modified accrual basis of accounting and include a reconciliation to the governmental activities accrual information presented in the government-wide financial statements.   Proprietary and fiduciary funds use the accrual basis of accounting. The District has no proprietary funds.

Schedule of budgetary comparisons:   This schedule presents comparisons of actual information to the legally adopted budget.  The budgetary basis as provided by law is based upon accounting for certain transactions on a basis of cash receipts, disbursements and encumbrances.  The budgetary comparison for the general fund has been presented as required supplementary information and is not considered part of the basic financial statements.

Management is responsible for preparing a Discussion and Analysis (MD&A) of the District.   This discussion appears after the Report of Independent Auditors in the financial section of this report.  The MD&A provides an assessment of the District’s finances for 2018.  The MD&A is intended to be read in conjunction with this letter of transmittal.

INDEPENDENT AUDIT

State statutes require the District to be subjected to an annual examination by an independent auditor. An annual audit serves to maintain and strengthen the District’s accounting and budgetary controls. Independent auditor Dave Yost, Auditor of State, was selected to render an opinion on the District’s financial statements as of and for the year ended June 30, 2018. The opinion appears at the beginning of the financial section of this report.

Pursuant to statute, the State prescribes a uniform accounting system to standardize accounting classification and financial reporting for all school governments in Ohio. The District adopted and has been in conformance with that system beginning with its financial report for the 1979 year.

AWARDS

Certificate of Achievement.  The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Sylvania City School District for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2017.

In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report, whose content conforms to program standards.  Such a report must satisfy both accounting principles generally accepted in the United States of America as applied to governmental units and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only.  We believe our current report continues to conform to the Certificate of Achievement Program requirements, and we are submitting it to GFOA for review.

ACKNOWLEDGMENTS 
 
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, 6 

List of Principal Officials

MEMBERS OF THE BOARD OF EDUCATION

The Board of Education is a body politic and corporate with the responsibility of managing and controlling affairs of the District and is, together with the District, governed by laws of the State of Ohio.   The Board is comprised of five members who are elected for overlapping four-year terms.  The current members of the Board of Education of the Sylvania City School District are:

Began Service as	Present Term
Board Member	a Board member	Expires

Julie Hoffman, President	January, 2010	December 31, 2021

Vicki Donovan Lyle, Vice President	January, 2004	December 31, 2019

Jim Nusbaum, Member	January, 2004	December 31, 2019

Stephen Rothschild, Member	January, 2014	December 31, 2021

Shannon Szyperski, Member	January, 2018	December 31, 2021

SUPERINTENDENT OF SCHOOLS

The superintendent is the executive officer of the District and is responsible for administering policies  adopted  by  the  Board  of  Education.    The  superintendent  is  expected  to  provide leadership in all phases of policy formulation and is the chief advisor to the Board on all aspects of the educational program and total operation of the District.  Scott Nelson was appointed on July 1, 2015 to serve in this capacity.  Scott left the district July 31, 2017.  Adam Fineske was appointed by the board to be Superintendent effective August 1, 2017.  Adam has been with the district for seventeen years prior to this appointment.

TREASURER/CFO

The treasurer serves as the chief financial officer of the District and, with the Board president, executes all conveyances made by the Board of Education.  The Board appointed Lisa Shanks, Treasurer/CFO of the Sylvania City School District effective September 1, 2016.

MANAGEMENT TEAM

Adam Fineske	Superintendent of Schools
Lisa Shanks	Treasurer/CFO
Keith Limes	Asst Superintendent/Operations
Tim Zieroff	Asst Superintendent/Academic Affairs Sheryl O’Shea	 Dir Technology/Instructional Assessment Alan Bacho	 Director Facilities
Rose Gaiffe	Director Disability Services Bob Verhelst	Director Student Services Neal Applin	Director Transportation
Joe Shamy	Director Student Nutrition/Business Affairs
Gwen Clark	Director Human Resources Julie Sanford	 Director Teaching/Learning Dawn Watson	 Director Custodial Services
James Hall	Director Development/Alumni Relations
Chet Trail	Director Diversity
Darren Estelle	Assistant Director Technology
Eric Ulas	Assistant Director Human Resources
Amy Addington	Communications Coordinator Steve Swaggerty	 Northview High School Principal Kasey Vens	 Southview High School Principal
Mellisa McDonald	Arbor Hills Junior High School Principal Josh Tyburski	McCord Junior High School Principal Mike Bader	Timberstone Principal
Amanda Ogren	Central Elementary Principal Mark Pugh	 Highland Elementary Principal Chad Kolebuck	 Hill View Elementary Principal John Duwve	 Maplewood Elementary Principal Jeremy Bauer	Stranahan Elementary Principal Julie Gault	 Sylvan Elementary Principal Andrew Duncan	 Whiteford Elementary Principal

SYLVANIA CITY SCHOOL DISTRICT
2018/19 ADMINISTRATIVE ORGANIZATIONAL CHART

I 9

Government Finance Officers Association

Certificate of Achievement for Excellence in Financial Reporting

Presented to

Sylvania City School District

Ohio

For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended

June 30,2017

Executive Director/CEO

I 10

Financial	Section

2018 Educators of the Year: Students, parents, alumni, colleagues, and members of the community nominate deserving staff each spring for the Educator of the Year award. The awards are announced at the beginning of the school year.
Pictured: Cindy Reyna, Jill Barnes, Jeremy Davis, Sara Badiuk, Betty Strawcutter, Brittany Robbins, Terah Webster (parent volunteer) and Tim Zieroff.

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INDEPENDENT AUDITOR’S REPORT

Sylvania City School District
Lucas County
4747 North Holland-Sylvania Road
Sylvania, Ohio 43560

To the Board of Education:

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Sylvania City School District, Lucas County, Ohio (the District), as of and for the year ended June 30, 2018, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for preparing and fairly presenting these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes designing, implementing, and maintaining internal control relevant to preparing and fairly presenting financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to opine on these financial statements based on our audit. We audited in accordance with auditing standards generally accepted in the United States of America and the financial audit standards in the Comptroller General of the United States’ Government Auditing Standards. Those standards require us to plan and perform the audit to reasonably assure the financial statements are free from material misstatement.

An audit requires obtaining evidence about financial statement amounts and disclosures. The procedures selected depend on our judgment, including assessing the risks of material financial statement misstatement, whether due to fraud or error. In assessing those risks, we consider internal control relevant to the District’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not to the extent needed to opine on the effectiveness of the District's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of management’s accounting policies and the reasonableness of their significant accounting estimates, as well as our evaluation of the overall financial statement presentation.

We believe the audit evidence we obtained is sufficient and appropriate to support our audit opinions.

 
One Go vernm e nt C ente r, S uite 1420 , To ledo , Ohio 43604 ‐22 46 Ph o n e:  41 9‐ 24 5‐ 2811 o r 800‐443‐ 92 76            F ax:  419 ‐ 2 4 5 ‐248 4 ww w. oh i o aud i tor . g o v  

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of Sylvania City School District, Lucas County, Ohio, as of June 30, 2018, and the respective changes in financial position thereof for the year then ended in accordance with the accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Note 3 to the financial statements, during fiscal year 2018, the District adopted new accounting guidance in Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. We did not modify our opinion regarding this matter.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require this presentation to include management’s discussion and analysis, required budgetary comparison schedules, and schedules of net pension and other post-employment benefit liabilities and pension and other post-employment benefit contributions listed in the table of contents, to supplement the basic financial statements. Although this information is not part of the basic financial statements, the Governmental Accounting Standards Board considers it essential for placing the basic financial statements in an appropriate operational, economic, or historical context. We applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, consisting of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, to the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not opine or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to opine or provide any other assurance.

Supplementary and Other Information

Our audit was conducted to opine on the District’s basic financial statements taken as a whole.

The introductory section, the financial section’s combining statements, individual fund statements and schedules and the statistical section information present additional analysis and are not a required part of the basic financial statements.

The statements and schedules are management’s responsibility, and derive from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. We subjected this information to the auditing procedures we applied to the basic financial statements. We also applied certain additional procedures, including comparing and reconciling this information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves in accordance with auditing standards generally accepted in the United States of America.  In our opinion, this information is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

We did not subject the introductory section and statistical section information to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion or any other assurance on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 21,
2018, on our consideration of the District’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. That report describes the scope of our internal control testing over financial reporting and compliance, and the results of that testing, and does not opine on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

Dave Yost
Auditor of State

Columbus, Ohio

December 21, 2018

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The discussion and analysis of Sylvania City School District’s (“the District”) financial performance provides an overall review of the District’s financial activities for the fiscal year ended June 30, 2018.  The intent of this discussion and analysis is to look at the District’s financial performance as a whole; readers should also review the transmittal letter, the basic financial statements and the notes to the basic financial statements to enhance their understanding of the District’s financial performance.

Financial Highlights

Key financial highlights for 2018 are as follows:

•	In total, the net position of governmental activities increased $52,293,874 which represents a 38.94% increase from 2017’s restated net position.

•	General revenues accounted for $96,215,238 in revenue or 88.39% of all revenues.  Program specific revenues in the form of charges for services and sales, operating grants and contributions, and capital grants and contributions accounted for $12,642,289 or 11.61% of total revenues of $108,857,527.

•	The  District  had  $56,563,653  in  expenses  related  to  governmental  activities;  only  $12,642,289  of  these expenses was offset by program specific charges for services, operating grants or contributions or capital grants and contributions.  General revenues supporting governmental activities (primarily taxes and unrestricted grants and entitlements) of $96,215,238 were adequate to provide for these programs.

•     The  general fund  and debt service  fund  are  the only  major  funds of  the District.  The general  fund had
$93,102,519 in revenues and $86,544,068 in expenditures and other financing uses.  During fiscal year 2018, the general fund’s fund balance increased $6,558,451 from a balance of $2,481,346 to $9,039,797.

•	The debt service fund had $7,619,376 in revenues and $7,759,778 in expenditures.  During fiscal year 2018, the debt service fund’s fund balance decreased $140,402 from $4,032,001 to $3,891,599.

Using this Comprehensive Annual Financial Report (CAFR)

This annual report consists of a series of financial statements and notes to those statements.  These statements are organized so the reader can understand the District as a financial whole, an entire operating entity.  The statements then proceed to provide an increasingly detailed look at specific financial activities.

The statement of net position and statement of activities provide information about the activities of the whole District, presenting both an aggregate view of the District’s finances and a longer-term view of those finances.  Fund financial statements provide the next level of detail.   For governmental funds, these statements tell how services were financed in the short-term as well as what remains for future spending.  The fund financial statements also look at the District’s most significant funds with all other nonmajor funds presented in total in one column.  In the case of the District, the general fund and debt service fund are by far the most significant funds, and the only governmental funds reported as major funds.

Reporting the District as a Whole

Statement of net position and the statement of activities

While this document contains the large number of funds used by the District to provide programs and activities, the view of the District as a whole looks at all financial transactions and asks the question, “How did we do financially during 2018?”  The statement of net position and the statement of activities answer this question. These statements include all assets, deferred outflows of resources, liabilities, deferred inflows of resources, revenues and expenses using the accrual basis of accounting similar to the accounting used by most private-sector companies.  This basis of accounting will take into account all of the current year’s revenues and expenses regardless of when cash is received or paid.

These two statements report the District’s net position and changes in that position.  This change in net position is important because it tells the reader that, for the District as a whole, the financial position of the District has improved or diminished.  The causes of this change may be the result of many factors, some financial, some not. Non-financial factors include the District’s property tax base, current property tax laws in Ohio restricting revenue growth, facility conditions, required educational programs and other factors.

The statement of net position and the statement of activities include the District’s programs and services, including instruction, support services, operation and maintenance of plant, pupil transportation, extracurricular activities, food service operations, uniform school supplies activities and natatorium operations.

The District’s statement of net position and statement of activities can be found on pages F19 – F20 of this report.

Reporting the District’s Most Significant Funds

Fund Financial Statements

The analysis of the District’s major governmental funds begins on page F15.  Fund financial reports provide detailed information about the District’s major funds.  The District uses many funds to account for a multitude of financial transactions.  However, these fund financial statements focus on the District’s most significant funds.  The District’s major governmental funds are the general fund and debt service fund.  All other governmental funds are considered nonmajor.

Governmental Funds

Most of the District’s activities are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end available for spending in future periods.  These funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash.  The governmental fund financial statements provide a detailed short-term view of the District’s general government operations and the basic services it provides.   Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs.  The relationship (or differences) between governmental activities (reported in the statement of net position and the statement of activities) and governmental funds is reconciled in the basic financial statements.  The basic governmental fund financial statements can be found on pages F21 and F23 of this report.  Reconciliations between amounts reported in the governmental funds and amounts reported on the statement of net position and the statement of activities is presented on pages F22 and F24.

Reporting the District’s Fiduciary Responsibilities

The District is the trustee, or fiduciary, for its scholarship programs.  This activity is presented as a private-purpose trust fund.  The District also acts in a trustee capacity as an agent for students.  These activities are reported in an agency fund.  All of the District’s fiduciary activities are reported in separate statements of fiduciary net position and changes in fiduciary net position on pages F25 and F26.  These activities are excluded from the District’s other financial statements because the assets cannot be utilized by the District to finance its operations.

Notes to the Basic Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.  These notes to the basic financial statements can be found on pages F27 - F73 of this report.

Required Supplementary Information

The  Schedule  of  Revenues,  Expenditures,  and  Changes  in  Fund  Balance  –  Budget  and  Actual  (Non-GAAP Budgetary Basis) for the general fund is provided on pages F76 and F77 of this report.

Required supplementary information concerning the District’s net pension liability and net OPEB liability can be found on pages F78 - F91 of this report.

THIS SPACE INTENTIONALLY LEFT BLANK

The District as a Whole

The statement of net position provides the perspective of the District as a whole.   The table below provides a summary of the District’s net position for the fiscal years ended June 30, 2018 and 2017.	The net position at June
30, 2018 has been restated as described in Note 3.A.

 	Net Position - Governmental Activities 	

Assets

Restated
 	2018 		 	2017 	

Current and other assets

$	94,527,919

$	85,606,376

Capital assets, net	 	98,415,591 	     100,722,378
Total assets	    192,943,510  	     186,328,754

Deferred outflows of resources
Unamortized deferred charges	5,930,000	6,281,628
Pension	31,409,596	26,791,854
OPEB	 	1,054,693 	 	200,787
Total deferred outflows	 	38,394,289 	 	33,274,269

Liabilities
Current liabilities	9,629,945	8,852,917
Long-term liabilities:
Due within one year	5,665,735	5,948,811
Due in more than one year:
Net pension liability	105,393,296	145,579,330
Net OPEB liability	23,515,160	29,532,154
Other amounts	 	92,739,800 	 	97,068,320
Total liabilities	    236,943,936  	     286,981,532

Deferred inflows of resources
Property taxes and PILOTS	68,998,603	66,294,753
Pensions	4,504,706	621,277
OPEB	 		2,891,219 	 		- Total deferred inflows	 	76,394,528 	 	66,916,030

Net Position
Net investment in capital assets	15,489,254	15,023,837
Restricted	4,346,761	4,579,852
Unrestricted (deficit)	   (101,836,680)  	   (153,898,228)

Total net position (deficit)

$	(82,000,665)

$  (134,294,539)

Net Pension Liability

The net pension liability (NPL) is the largest single liability reported by the District at June 30, 2018 and is reported pursuant to GASB Statement 68, “Accounting and Financial Reporting for Pensions—an Amendment of GASB Statement 27.”   For fiscal year 2018, the School District adopted GASB Statement 75, “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions,” which significantly revises accounting for costs and liabilities related to other postemployment benefits (OPEB).  For reasons discussed below, many end users of this financial statement will gain a clearer understanding of the District’s actual financial condition by adding deferred inflows related to pension and OPEB, the net pension liability and the net OPEB liability to the reported net position and subtracting deferred outflows related to pension and OPEB.

Governmental Accounting Standards Board standards are national and apply to all government financial reports prepared in accordance with generally accepted accounting principles.  Prior accounting for pensions (GASB 27) and postemployment benefits (GASB 45) focused on a funding approach.  This approach limited pension and OPEB costs to contributions annually required by law, which may or may not be sufficient to fully fund each plan’s net pension liability or net OPEB liability.  GASB 68 and GASB 75 take an earnings approach to pension and OPEB accounting; however, the nature of Ohio’s statewide pension/OPEB plans and state law governing those systems requires additional explanation in order to properly understand the information presented in these statements.

GASB 68 and GASB 75 require the net pension liability and the net OPEB liability to equal the District’s proportionate share of each plan’s collective:

1.  Present value of estimated future pension/OPEB benefits attributable to active and inactive employees’ past service.
2.  Minus plan assets available to pay these benefits.

GASB notes that pension and OPEB obligations, whether funded or unfunded, are part of the “employment exchange” – that is, the employee is trading his or her labor in exchange for wages, benefits, and the promise of a future pension and other postemployment benefits.   GASB noted that the unfunded portion of this promise is a present obligation of the government, part of a bargained-for benefit to the employee, and should accordingly be reported by the government as a liability since they received the benefit of the exchange.  However, the District is not responsible for certain key factors affecting the balance of these liabilities.  In Ohio, the employee shares the obligation of funding pension benefits with the employer.   Both employer and employee contribution rates are capped by State statute.   A change in these caps requires action of both Houses of the General Assembly and approval of the Governor.  Benefit provisions are also determined by State statute.  The Ohio Revised Code permits, but does not require, the retirement systems to provide healthcare to eligible benefit recipients.  The retirement systems may allocate a portion of the employer contributions to provide for these OPEB benefits.

The employee enters the employment exchange with the knowledge that the employer’s promise is limited not by contract but by law.  The employer enters the exchange also knowing that there is a specific, legal limit to its contribution to the retirement system.  In Ohio, there is no legal means to enforce the unfunded liability of the pension/OPEB plan as against the public employer.  State law operates to mitigate/lessen the moral obligation of the public employer to the employee, because all parties enter the employment exchange with notice as to the law.  The retirement system is responsible for the administration of the pension and OPEB plans.

Most long-term liabilities have set repayment schedules or, in the case of compensated absences (i.e. sick and vacation leave), are satisfied through paid time-off or termination payments.  There is no repayment schedule for the net pension liability or the net OPEB liability.   As explained above, changes in benefits, contribution rates, and return on investments affect the balance of these liabilities but are outside the control of the local government.  In the  event  that  contributions,  investment  returns,  and  other  changes  are  insufficient  to  keep  up  with  required payments, State statute does not assign/identify the responsible party for the unfunded portion.  Due to the unique nature of how the net pension liability and the net OPEB liability are satisfied, these liabilities are separately identified within the long-term liability section of the statement of net position.

In accordance with GASB 68 and GASB 75, the District’s statements prepared on an accrual basis of accounting include an annual pension expense and an annual OPEB expense for their proportionate share of each plan’s change in net pension liability and net OPEB liability, respectively, not accounted for as deferred inflows/outflows.

As a result of implementing GASB 75, the District is reporting a net OPEB liability and deferred inflows/outflows of resources related to OPEB on the accrual basis of accounting.   This implementation also had the effect of restating net position at June 30, 2017, from deficit of $104,963,172 to a deficit of $134,294,539.

Analysis of Net Position

Over time, net position can serve as a useful indicator of a government’s financial position.  At June 30, 2018, the
District’s liabilities plus deferred inflows exceeded assets plus deferred outflows by $82,000,665.   Of this total
$4,346,761 is restricted in use and $15,489,254 is invested in capital assets (net of related debt), resulting in a deficit in unrestricted net position of $101,836,680.

At year-end, capital assets represented 51.01% of total assets.  Capital assets include land, construction in progress, land improvements, buildings and improvements, furniture and equipment, and vehicles.  The net investment in capital assets at June 30, 2018, was $15,489,254.  These capital assets are used to provide services to the students and are not available for future spending.   Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources to repay the debt must be provided from other sources, since capital assets may not be used to liquidate these liabilities.

Long-term liabilities decreased primarily due to a decrease in the net pension liability. This factor is outside of the control of the District. The District contributes its statutorily required contributions to the pension systems; however, it’s the pension systems that collect, hold and distribute pensions to District employees, not the District.

Governmental Activities

$400,000,000
$300,000,000
$200,000,000
$100,000,000
$-
$(100,000,000)
$(200,000,000)

$313,338,464	$353,897,562

$231,337,799	$219,603,023

$(82,000,665)	$(134,294,539)

2018	2017 (Restated)

Net Position
Assets plus deferred outflows
Liabilities plus deferred inflows

The table below shows the change in net position for fiscal years 2018 and 2017.  The net position at June 30, 2017 has been restated as described in Note 3.A.

 	Change in Net Position - Governmental Activities 	 Restated
Revenues	 	2018 		 	2017 	
Program revenues:

Charges for services and sales

$	3,895,560

$	3,108,905

Operating grants and contributions	8,746,729	8,586,582
General revenues:
Property taxes	71,533,396		67,170,754	
Payments in lieu of taxes	398,566		336,593	
Grants and entitlements	23,686,204		23,480,318	
Investment earnings	378,977		137,152	
Miscellaneous	 	218,095		 	357,984	
Total revenues	 	108,857,527		 	103,178,288	
Expenses				
Program expenses:				
Instruction:				
Regular	17,467,589		38,598,123	
Special	7,063,906		14,555,048	
Vocational	1,221,311		2,517,544	
Adult/continuing	27,869		93,014	
Other	2,032,109		2,286,573	
Support services:	
Pupil	2,701,436		6,235,878	
Instructional staff	1,043,280		2,257,483	
Board of education	28,886		35,293	
Administration	4,321,384		8,114,875	
Fiscal	1,585,485		1,950,168	
Business	107,107		209,399	
Operations and maintenance	6,956,354		9,945,554	
Pupil transportation	2,520,832		4,780,637	
Central	835,751		1,328,922	
Operation of non-instructional services:	
Food service operations	1,847,751		2,495,494	
Other non-instructional services	1,053,190		1,136,233	
Extracurricular activities	1,804,350		2,999,186	
Interest and fiscal charges	 	3,945,063		 	4,074,233	
Total expenses	 	56,563,653		 	103,613,657	
Change in net position	52,293,874		(435,369)	
Net position (deficit) at beginning of year (restated)	 	(134,294,539)		 	N/A	
Net position (deficit) at end of year	$	(82,000,665)		$	(134,294,539)	

Governmental Activities

Net position of the District’s governmental activities increased $52,293,874.   Total governmental expenses of
$56,563,653 were offset by program revenues of $12,642,289 and general revenues of $96,215,238.  Program revenues supported 22.35% of the total governmental expenses.

The primary sources of revenue for governmental activities are derived from property taxes and grants and entitlements.  These revenue sources represent 87.47% of total governmental revenue. In the general revenues area, property taxes increased due to the passage of a combined operating-permanent improvements levy in November
2016. Collections on this levy began in February 2017. Full collection on the levy was realized in fiscal year 2018. Unrestricted grants and entitlements revenue increased as the District received more unrestricted State Foundation aid from the State of Ohio in fiscal year 2018.  Investment earnings increased as the District had more monies to invest and earned higher interest rates. In the program revenues area, operating grants and contributions remained comparable to the prior year.  Charges for services and sales revenue increased due to increased tuition revenue.

The information necessary to restate the 2017 beginning balances and the 2017 OPEB expense amounts for the effects of the initial implementation of GASB 75 is not available.  Therefore, 2017 functional expenses still include OPEB expense of $200,787 computed under GASB 45.  GASB 45 required recognizing OPEB expense equal to the contractually required contributions to the plan.  Under GASB 75, OPEB expense represents additional amounts earned, adjusted by deferred inflows/outflows.  The contractually required contribution is no longer a component of OPEB expense.  Under GASB 75, the 2018 statements report negative OPEB expense of $3,723,228.  Consequently, in order to compare 2018 total program expenses to 2017, the following adjustments are needed:

Total 2018 program expenses under GASB 75	$    56,563,653	
Negative OPEB expense under GASB 75	3,723,228	
2018 contractually required contributions	 	256,453	
Adjusted 2018 program expenses	60,543,334	
Total 2017 program expenses under GASB 45	   103,613,657	
Decrease in program
expenses not related to OPEB	
$  (43,070,323)	

Overall, expenses of the governmental activities decreased $47,050,004 or 45.41%.  This decrease is primarily the result of the State Teachers Retirement System (STRS) indefinitely suspending the Cost of Living Adjustment (“COLA”) and the School Employee Retirement System (SERS) lowering the COLA from 3.00% to 2.50%.  On an accrual basis, the District reported ($33,597,194) in pension expense and ($3,723,228) in OPEB expense mainly due to these benefit changes by the retirement systems.  Fluctuations in the pension expense reported under GASB 68 makes it difficult to compare financial information between years.  Pension expense is a component of program expenses reported on the statement of activities.   To assess fluctuations in program expenses, the increase or decrease in pension expense should be factored into the analysis.  Pension expense, by function, for 2018 and 2017 follows:

2018
Pension	2017
Pension	

Increase	
rogram expenses:	    Expense 		    Expense 		    (Decrease) 		
Instruction:	
Regular	$  (16,084,131)	$	5,292,706	$	(21,376,837)	
Special	(5,295,713)	1,893,960	(7,189,673)	
Vocational	(715,372)	240,873	(956,245)	
Adult/continuing	(48,107)	15,992	(64,099)	
upport services:				
Pupil	(2,587,203)	863,779	(3,450,982)	
Instructional staff	(552,636)	233,001	(785,637)	
Board of education	(8,124)	2,779	(10,903)	
Administration	(2,882,648)	955,675	(3,838,323)	
Fiscal	(298,233)	97,362	(395,595)	
Business	(31,662)	18,720	(50,382)	
Operations and maintenance	(2,106,087)	715,559	(2,821,646)	
Pupil transportation	(1,581,042)	534,518	(2,115,560)	
Central	(247,906)	86,270	(334,176)	

P

S

Other non-instructional services	(43,457)	-	(43,457)	
Food service operations	(476,564)	170,851	(647,415)	
xtracurricular activities	 	(638,309)	 	213,526	 	(851,835)	

Operation of non-instructional services:

E

Total

$  (33,597,194)

$   11,335,571

$	(44,932,765)

The graph below presents the District’s governmental activities revenue and expenses for fiscal years 2018 and
2017.

Governmental Activities - Revenues and Expenses

$120,000,000
$100,000,000
$80,000,000
$60,000,000
$40,000,000
$20,000,000
$-

$56,563,653

$108,857,527

$103,613,657	$103,178,288

Expenses
Revenues

Fiscal Year 2018	Fiscal Year 2017

The statement of activities shows the cost of program services and the charges for services and grants offsetting those services.   That is, it identifies the cost of these services supported by tax revenue and unrestricted State grants and entitlements.

The following table shows, for governmental activities, the total cost of services and the net cost of services.

Governmental Activities

Total Cost of	Net Cost of	Total Cost of	Net Cost of	
Services	Services	Services	Services	
 	2018 		 	2018 		 	2017 		 	2017 		

Program expenses
Instruction: Regular

$	17,467,589

$  15,747,896

$	38,598,123

$  37,781,901

Special	7,063,906	1,224,301	14,555,048	8,613,511
Vocational	1,221,311	538,728	2,517,544	1,826,129
Adult/continuing	27,869	(63,930)	93,014	5,413
Other	2,032,109	2,032,109	2,286,573	2,286,573
Support services:
Pupil	2,701,436	2,618,241	6,235,878	6,035,215
Instructional staff	1,043,280	1,028,265	2,257,483	2,221,271
Board of education	28,886	28,886	35,293	35,293
Administration	4,321,384	4,321,384	8,114,875	8,114,875
Fiscal	1,585,485	1,585,485	1,950,168	1,950,168
Business	107,107	107,107	209,399	209,399
Operations and maintenance	6,956,354	6,896,607	9,945,554	9,869,933
Pupil transportation	2,520,832	2,473,937	4,780,637	4,734,459
Central	835,751	814,151	1,328,922	1,307,322
Operations of non-instructional services:
Food service operations	1,847,751		(361,106)		2,495,494		524,340	
Other non-instructional services	1,053,190		(37,646)		1,136,233		81,040	
Extracurricular activities	1,804,350		1,021,886		2,999,186		2,247,095	
Interest and fiscal charges	 	3,945,063		 	3,945,063		 	4,074,233		 	4,074,233	
Total expenses	$	56,563,653		$  43,921,364		$  103,613,657		$  91,918,170	

The dependence upon tax and other general revenues for governmental activities is apparent, 70.04% of instruction activities are supported through taxes and other general revenues.  For all governmental activities, general revenue support is 77.65%.  The District’s taxpayers and unrestricted grants and entitlements from the State of Ohio, as a whole, are by far the primary support for the District’s students.   The graph below presents the District’s governmental activities revenue for fiscal years 2018 and 2017.

Governmental Activities - General and Program Revenues

$150,000,000

$100,000,000

$50,000,000

$-

$96,215,238

$12,642,289

$91,482,801

$11,695,487

General Revenues
Program Revenues

Fiscal Year 2018	Fiscal Year 2017

The District’s Funds

The District’s governmental funds reported a combined fund balance of $14,751,749, which is higher than last year’s total of $8,674,120.  The schedule below indicates the fund balance and the total change in fund balance as of June 30, 2018 and 2017.

Fund Balance
June 30, 2018		Fund Balance
June 30, 2017		Increase
  (Decrease) 		
General	$	9,039,797		$	2,481,346		$	6,558,451	
Debt service	3,891,599		4,032,001		(140,402)	
Nonmajor Governmental	 	1,820,353		 	2,160,773		 	(340,420)	
Total	$	14,751,749		$	8,674,120		$	6,077,629	

General Fund						

The District’s general fund balance increased $6,558,451.  The table that follows assists in illustrating the financial activities of the general fund.
General Fund

2018
Revenues	  Amount 			2017
  Amount 			Increase
(Decrease)	Percentage
   Change 		
Taxes	$   63,223,548		$   59,084,836		$	4,138,712	7.00	%	
Tuition	1,262,137		752,934		509,203	67.63	%	
Earnings on investments	378,977		137,152		241,825	176.32	%	
Intergovernmental	26,590,163		26,270,298		319,865	1.22	%	
Other revenues	 	1,647,694		 	1,612,910		 	34,784	2.16	%	
Total	$   93,102,519		$   87,858,130		$	5,244,389	5.97	%	

Expenditures								
Instruction	$   51,608,158		$   48,368,195		$	3,239,963	6.70	%	
Support services	32,476,803		32,490,631		(13,828)	(0.04)	%	
Operation of non-instructional services	161,221		105,177		56,044	53.29	%	
Extracurricular activities	1,725,533		1,652,589		72,944	4.41	%	
Facilities acquisition and construction	23,060		3,310		19,750	596.68	%	
Debt service	 	458,200		 	459,350		 	(1,150)	(0.25)	%	
Total	$   86,452,975		$   83,079,252		$	3,373,723	4.06	%	

As can be seen in the above table, revenues generated are sufficient to cover expenditures in the general fund.

Tax revenue increased due to the passage of a combined operating-permanent improvement levy in November 2016. Collections on the levy began in February 2017. Full collection on the levy was realized in fiscal year 2018. The remaining increase in tax revenue is due to an increase in tax advances available at June 30, 2018 versus June 30,
2017 which are recorded as revenue. The amount of tax advance available can vary depending upon when the tax bills are sent by the County Auditor. Earnings on investment revenues increased due to the District having more monies to invest and improved interest rates. Tuition revenues increased due to the District receiving more tuition from other districts from open enrollment. Instruction expenditures increased primarily in the area of regular programs.  All other revenue and expenditures remained comparable to the prior year or were immaterial in amount.

Debt Service Fund

The debt service fund had $7,619,376 in revenues and $7,759,778 in expenditures.  During fiscal year 2018, the debt service fund’s fund balance decreased $140,402 from $4,032,001 to $3,891,599.

General Fund Budgeting Highlights

The District’s budget is prepared according to Ohio law and is based on accounting for certain transactions on a basis of cash receipts, disbursements and encumbrances.  The most significant budgeted fund is the general fund.

During the course of fiscal 2018, the District did amend its general fund budget.  For the general fund, original and final budgeted revenues and other financing sources were $89,773,376 and $94,973,744 respectively.  Actual revenues and other financing sources for fiscal 2018 was $95,232,412.  This represents a $258,668 increase, or less than three percent, from final budgeted revenues.   This increase is primarily due to intergovernmental revenues being more than estimated.  General fund original and final appropriations (appropriated expenditures plus other financing uses) were $89,256,710 and $89,359,482 respectively.   The actual budget basis expenditures and other financing uses for fiscal year 2018 totaled $86,490,338, which was $2,869,144 less than the final budget appropriations.  Actual expenditures were less than budgeted expenditures as salary and fringe benefit costs proved to be lower than anticipated in the original and final budget.

The budgetary statement for the general fund has been presented as required supplementary information.

Capital Assets and Debt Administration

Capital Assets

At  the  end  of  fiscal  2018,  the  District  had  $98,415,591  invested  in  land,  construction  in  progress,  land improvements, buildings and improvements, furniture and equipment, and vehicles.  This entire amount is reported in governmental activities.  The following table shows fiscal 2018 balances compared to 2017:

Capital Assets at June 30 (Net of Depreciation)

 	Governmental Activities 	
    2018    	    2017 	

Land	$	2,694,493	$	2,694,493	
Land improvements	3,582,083	3,959,012	
Buildings and improvements	85,578,456	86,087,682	
Furniture and equipment	5,321,141	5,766,744	
Vehicles	630,801	266,413	
Construction in progress	 	608,617	 	1,948,034	

Total

$	98,415,591

$  100,722,378

The overall decrease in capital assets of $2,306,787 is primarily due to depreciation expense of $4,621,173 being greater than the increase in to capital assets of $2,314,386.

The graphs below present the District’s capital assets for fiscal 2018 and fiscal 2017.

Capital Assets - Governmental Activities
2018

Capital Assets - Governmental Activities
2017

Vehicles
0.6% Furniture
and
equipment
5.4%

CIP
0.6%

Land
2.7%

Land Imp.
3.7%

Vehicles
0.3% Furniture
and
equipment
5.7%

CIP
1.9%

Land
2.7%

Land Imp.
3.9%

Buildings & Imp.
87.0%

Buildings & Imp.
85.5%

See Note 8 for further information on the District’s capital assets.

Debt Administration

At June 30, 2018, the District had $82,785,420 in general obligation bonds, energy conservation bonds and lease purchase obligations outstanding.  Of this total, $4,937,090 is due within one year and $77,848,330 is due within greater than one year.

The following table summarizes the bonds, notes and leases outstanding.

Outstanding Debt, at Year End

Governmental	Governmental
Activities	Activities
	 	2018 			 	2017 		
General obligation bonds	$   76,062,946		$  79,780,922	
Lease purchase obligation	2,597,474		2,850,000	
Energy conservation bonds	 	4,125,000		 	4,435,000	
Total	$   82,785,420		$  87,065,922	

The District’s lease purchase obligation was issued in fiscal year 2017 to provide financing for boilers, chillers and HVAC (see Note 16). The energy conservation notes were issued in fiscal year 2014 to provide financing for HVAC, electrical, and plumbing system upgrades to create energy savings by reducing energy consumption.  The project will be funded from the savings created from reduced energy consumption.  Prior to the issuance of the financial statements, these energy conservation notes were refinanced on a long-term basis through the issuance of energy conservation bonds (see Note 9).

The District has issued various general obligation bonds to provide resources to finance construction projects throughout the District and to refund previous bonds outstanding.  The District’s general obligation bonds consist of both current interest bonds and capital appreciation bonds.

The District’s general obligation bond, energy conservation bond and lease purchase obligation activity is detailed in
Note 9 to the basic financial statements.

Current Financial Related Activities

The District’s largest revenue source is property taxes and state reimbursements associated with property taxes. Real estate receipts generate approximately 66% of annual revenues received by Sylvania Schools. Sylvania residents approved a combination Operating-Permanent Improvement Levy in November 2016. The proceeds from this levy will help alleviate the financial stress experienced by District over the past several years. The revenue will stabilize the District’s financial position in the short-term. However, a conservative long-term spending plan is necessary to ensure a healthy financial environment in future years.  Currently, the state is operating in the first year of a two year budget cycle. Revenue shortfall experienced at the state level led to a reduction of $2.4 million in state funding under the current budget through a reduction to the funding cap limit. Since fiscal year 2013, the funding cap limit has restricted the amount the District would otherwise receive through the normal calculation process.

The District entered into a three-year agreement with the Sylvania Education Association and OAPSE, effective July
1, 2017. Base increases were awarded in each year of the contract in the amount of 3%, 1.25% and 1.25%, respectively. The District extended its contract with Paramount Insurance Company Inc. through December 31,
2019. Insurance premiums will increase 8% in calendar year 2018 and increases are capped at 10% in 2019.

Contacting the District’s Financial Management

This financial report is designed to provide our citizen’s taxpayers, and investors and creditors with a general overview of the District’s finances and to show the District’s accountability for the money it receives.  If you have questions about this report or need additional financial information contact Ms. Lisa Shanks, Treasurer/CFO, Sylvania City School District, 4747 N. Holland Sylvania Rd., Sylvania, Ohio 43560.

STATEMENT OF NET POSITION
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Assets:
Equity in pooled cash and cash equivalents.  .  .

Governmental
Activities

$ 	21,677,996

Cash with escrow agent  .  .  .  .  .  .  .  .  .  .  .  .  . 	45,622
Receivables:
Property taxes  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	71,369,496
Payment in lieu of taxes  .  .  .  .  .  .  .  .  .  .  . 	434,268
Accounts.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	86,394
Intergovernmental .  .  .  .  .  .  .  .  .  .  .  .  .  . 	772,808
Prepayments .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	138,022
Inventory held for resale.  .  .  .  .  .  .  .  .  .  .  . 	3,313
Capital assets:
Nondepreciable capital assets  .  .  .  .  .  .  .  . 	3,303,110
Depreciable capital assets, net.  .  .  .  .  .  .  . 	95,112,481
Capital assets, net .  .  .  .  .  .  .  .  .  .  .  .  .  . 	98,415,591
Total assets.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	192,943,510

Deferred outflows of resources:
Unamortized deferred charges on debt refunding 	5,930,000
Pension (Note 11).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	31,409,596
OPEB (Note 12).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	1,054,693
Total deferred outflows of resources .  .  .  .  .  .  . 	38,394,289

Liabilities:
Accounts payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	333,861
Contracts payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	404,095
Retainage payable  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	35,144
Accrued wages and benefits payable .  .  .  .  .  . 	7,003,312
Intergovernmental payable .  .  .  .  .  .  .  .  .  .  . 	160,116
Pension and postemployment benefits payable.  . 	1,410,962
Accrued interest payable .  .  .  .  .  .  .  .  .  .  .  . 	282,455
Long-term liabilities:
Due within one year.  .  .  .  .  .  .  .  .  .  .  .  .  . 	5,665,735
Due in more than one year:
Net pension liability (Note 11) .  .  .  .  .  .  . 	105,393,296
Net OPEB liability (Note 12) .  .  .  .  .  .  .  . 	23,515,160
Other amounts due in more than one year  . 	92,739,800
Total liabilities .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	236,943,936

Deferred inflows of resources:
Property taxes levied for the next fiscal year.  .  .  . 	68,564,335
Payment in lieu of taxes levied for the next fiscal year 	434,268
Pension (Note 11).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	4,504,706
OPEB (Note 12).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	2,891,219
Total deferred inflows of resources .  .  .  .  .  .  . 	76,394,528

Net position:
Net investment in capital assets .  .  .  .  .  .  .  .  . 	15,489,254
Restricted for:
Capital projects .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	2,290,516
Debt service.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	1,782,769
Locally funded programs  .  .  .  .  .  .  .  .  .  .  . 	1,071
State funded programs.  .  .  .  .  .  .  .  .  .  .  .  . 	43,063
Federally funded programs  .  .  .  .  .  .  .  .  .  . 	288
Student activities  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	229,054
Unrestricted (deficit) .  .  .  .  .  .  .  .  .  .  .  .  .  . 	(101,836,680)

Total net position (deficit).  .  .  .  .  .  .  .  .  .  .  .

$    (82,000,665)

SEE ACCOMPANYING  NOTES TO THE BASIC FINANCIAL STATEMENTS

STATEMENT  OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Program Revenues

Net (Expense) Revenue and Changes in Net Position

Governmental activities:
Instruction:

Charges for	Operating Grants	Governmental
Expenses 	Services and Sales 	and Contributions 	Activities

Regular  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	$ 	17,467,589		$ 	1,551,071		$ 	168,622		$ 	(15,747,896)	
Special  . . . . . . . . . . . . . . .	7,063,906		235,872		5,603,733		(1,224,301)	
Vocational  . . . . . . . . . . . . .	1,221,311		-		682,583		(538,728)	
Adult/continuing.   .  .  .  .  .  .  .  .  .  .	27,869		-		91,799		63,930	
Other . . . . . . . . . . . . . . . .	2,032,109		-		-		(2,032,109)	
Support services:	
Pupil.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	2,701,436		-		83,195		(2,618,241)	
Instructional staff . . . . . . . . . .	1,043,280		-		15,015		(1,028,265)	
Board of education  .  .  .  .  .  .  .  .  .	28,886		-		-		(28,886)	
Administration.   .  .  .  .  .  .  .  .  .  .  .	4,321,384		-		-		(4,321,384)	
Fiscal. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,585,485		-		-		(1,585,485)	
Business. . . . . . . . . . . . . . .	107,107		-		-		(107,107)	
Operations and maintenance  .  .  .  .	6,956,354		59,747		-		(6,896,607)	
Pupil transportation. . . . . . . . .	2,520,832		46,895		-		(2,473,937)	
Central . . . . . . . . . . . . . . .	835,751		-		21,600		(814,151)	
Operation of non-instructional  services:								
Food service operations . . . . . .	1,847,751		1,181,388		1,027,469		361,106	
Other non-instructional  services .  .	1,053,190		102,080		988,756		37,646	
Extracurricular activities. . . . . . .	1,804,350		718,507		63,957		(1,021,886)	
Interest and fiscal charges .  .  .  .  .  .	3,945,063		-		-		(3,945,063)	

Total governmental activities . . . . .

$	56,563,653	$

3,895,560	$

8,746,729

(43,921,364)

General revenues:

General purposes . . . . . . . . . . . . . . . . . .	63,111,469	
Debt service.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	6,698,458	
Capital outlay. . . . . . . . . . . . . . . .  . . . .	1,723,469	
Payments in lieu of taxes. . . . . . . . . . . . . . . .	398,566	
to specific programs . . . . . . . . . . . . . . . .	23,686,204	
Investment earnings . . . . . . . . . . . . . . . . .	378,977	
Miscellaneous   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	218,095	
Total general revenues .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	96,215,238	
Change in net position . . . . . . . . . . . . . . . . .	52,293,874	

Property taxes levied for

Grants and entitlements not restricted

Net position (deficit) at beginning of year (restated). .	(134,294,539)

Net position (deficit) at end of year.  .  .  .  .  .  .  .  .  .

$ 	(82,000,665)

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

BALANCE SHEET GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Assets:

Nonmajor	Total
Debt 	Governmental 	Governmental
General 	Service 	Funds 	Funds

Equity in pooled cash and cash equivalents .  .  .  .

$ 	15,420,926

$ 	3,700,172 	$

2,556,898

$ 	21,677,996

Cash with escrow agent. . . . . . . . . . . . .	-	-	45,622	45,622
Receivables:
Property taxes. . . . . . . . . . . . . . . . .	62,628,827	6,951,571	1,789,098	71,369,496
Payment in lieu of taxes  .  .  .  .  .  .  .  .  .  .  . 	385,056 	39,808 	9,404 	434,268
Accounts .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	69,406 	- 	16,988 	86,394
Interfund loans  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	277,062 	- 	- 	277,062
Intergovernmental.  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	268,547 	- 	504,261 	772,808
Prepayments. . . . . . . . . . . . . . . . . . .	138,022	-	-	138,022
Inventory held for resale. . . . . . . . . . . . .	-	-	3,313	3,313

Total assets . . . . . . . . . . . . . . . . . . .

$	79,187,846

$	10,691,551	$

4,925,584

$	94,804,981

Liabilities:
Accounts payable .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$ 	315,590 	$

- 	$ 	18,271 	$

333,861

Contracts payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	- 	404,095 	404,095
Retainage payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	- 	35,144 	35,144
Accrued wages and benefits payable . . . . . .	6,655,287	-	348,025	7,003,312
Compensated absences payable . . . . . . . . .	457,817	-	-	457,817
Intergovernmental payable . . . . . . . . . . .	151,708	-	8,408	160,116
Pension and postemployment benefits payable . .	1,324,138	-	86,824	1,410,962
Interfund loans payable. . . . . . . . . . . . .	-	-	277,062	277,062
Total liabilities. . . . . . . . . . . . . . . . . .	8,904,540	-	1,177,829	10,082,369

Deferred inflows of resources:
Property taxes levied for the next fiscal year.  .  . 	60,159,320 	6,683,573 	1,721,442 	68,564,335
Payment in lieu of taxes levied for the next fiscal year. 	385,056 	39,808 	9,404 	434,268
Delinquent property tax revenue not available.  .  . 	699,133	76,571	18,098	793,802
Intergovernmental revenue not available.  .  .  .  . 	-	-	178,458	178,458
Total deferred inflows of resources . . . . . . .	61,243,509	6,799,952	1,927,402	69,970,863

Fund balances:
Nonspendable:
Prepaids. . . . . . . . . . . . . . . . . . .	138,022	-	-	138,022

Debt service .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	- 	3,891,599		-		3,891,599	
Capital improvements . . . . . . . . . . . .	-	-		1,833,179		1,833,179	
Non-public schools  .  .  .  .  .  .  .  .  .  .  .  .  .	- 	-		39,720		39,720	
Other purposes.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	- 	-		1,071		1,071	
Extracurricular . . . . . . . . . . . . . . . .	-	-		229,054		229,054	

Student instruction .  .  .  .  .  .  .  .  .  .  .  .  .  .	
8,566 	-		
-		
8,566	
Student and staff support.  .  .  .  .  .  .  .  .  .  .	186,457 	-		-		186,457	
Other purposes. . . . . . . . . . . . . . . .	100,865	-		-		100,865	
Unassigned (deficit) .  .  .  .  .  .  .  .  .  .  .  .  .  .	8,605,887 	-		(282,671)		8,323,216	
Total fund balances . . . . . . . . . . . . . . . .	9,039,797	3,891,599		1,820,353		14,751,749	

Restricted:

Assigned:

Total liabilities, deferred inflows and fund balances .	$

79,187,846

$	10,691,551	$

4,925,584

$	94,804,981

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Total governmental fund balances

$	14,751,749

Amounts reported for governmental activities on the statement of net position are different because:

Capital assets used in governmental activities are not financial
resources and therefore are not reported in the funds. 	98,415,591

Other long-term assets are not available to pay for current-
period expenditures and therefore are deferred inflows in the funds.
Delinquent property taxes receivable	$

793,802

Intergovernmental receivable	178,458
Total	972,260
Unamortized premiums on bonds issued are not recognized in the funds.	(7,580,246) Unamortized deferred charges on debt refundings are not recognized in
the funds. 	5,930,000

Accrued interest payable is not due and payable in the
current period and therefore is not reported in the funds.	(282,455)

The net pension liability is not due and payable in the current period;

Deferred outflows - Pension	31,409,596		
Deferred Inflows - Pension	(4,504,706)		
Net pension liability	(105,393,296)		
Total		(78,488,406)	

therefore, liability and related deferred inflows are not reported in governmental funds.

The net OPEB liability is not due and payable in the current period;

Deferred outflows - OPEB	1,054,693		
Deferred Inflows - OPEB	(2,891,219)		
Net OPEB liability	(23,515,160)		
Total		(25,351,686)	

therefore, liability and related deferred inflows are not reported in governmental funds.

Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported
in the funds.
General obligation bonds	(80,187,946)		
Lease-purchase obligation	(2,597,474)		
Compensated absences	(7,582,052)		
Total		(90,367,472)	

Net position (deficit) of governmental activities

$	(82,000,665)

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

STATEMENT OF REVENUES, EXPENDITURES  AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Revenues:
From local sources:

Nonmajor 	Total
Debt 	Governmental 	Governmental
General 	Service 	Funds 	Funds

Property taxes .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$ 	63,223,548

$ 	6,708,112

$ 	1,726,166

$ 	71,657,826

Payment in lieu of taxes .  .  .  .  .  .  .  .  .  .  . 	354,688 	36,229 	7,649 	398,566
Tuition.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	1,262,137 	- 	- 	1,262,137
Transportation fees.  .  .  .  .  .  .  .  .  .  .  .  .  . 	46,895 	- 	- 	46,895
Earnings on investments .  .  .  .  .  .  .  .  .  .  . 	378,977 	- 	3,131 	382,108
Charges for services .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	- 	1,181,388 	1,181,388
Extracurricular.   .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	228,763 	- 	491,452 	720,215
Classroom materials and fees  .  .  .  .  .  .  .  . 	524,806 	- 	- 	524,806
Rental income .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	58,039 	- 	- 	58,039
Contributions and donations .  .  .  .  .  .  .  .  . 	116,828 	- 	- 	116,828
Contract services.  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	102,080 	- 	- 	102,080
Other local revenues .  .  .  .  .  .  .  .  .  .  .  .  . 	215,595 	- 	9,217 	224,812
Intergovernmental  - state .  .  .  .  .  .  .  .  .  .  . 	26,421,173 	875,035 	1,012,515 	28,308,723
Intergovernmental  - federal . .  .  .  .  .  .  .  .  . 	168,990 	- 	4,289,716 	4,458,706
Total revenues .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	93,102,519 	7,619,376 	8,721,234 	109,443,129

Expenditures: Current: Instruction:
Regular.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	36,018,606 	- 	161,230 	36,179,836
Special .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	11,631,117 	- 	2,252,501 	13,883,618
Vocational  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	1,926,326 	- 	94,255 	2,020,581
Adult/continuing   .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	- 	92,160 	92,160
Other .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	2,032,109 	- 	- 	2,032,109
Support services:
Pupil  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	6,040,250 	- 	79,210 	6,119,460
Instructional staff .  .  .  .  .  .  .  .  .  .  .  .  .  . 	1,635,841 	- 	14,975 	1,650,816
Board of education  .  .  .  .  .  .  .  .  .  .  .  .  . 	39,743 	- 	- 	39,743
Administration   .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	7,981,231 	- 	- 	7,981,231
Fiscal .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	1,829,928 	103,180 	24,584 	1,957,692
Business.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	125,821 	- 	161,570 	287,391
Operations and maintenance  .  .  .  .  .  .  .  . 	9,132,043 	- 	371,542 	9,503,585
Pupil transportation .  .  .  .  .  .  .  .  .  .  .  .  . 	4,581,315 	- 	433,776 	5,015,091
Central  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	1,110,631 	- 	21,600 	1,132,231
Operation of non-instructional services:
Food service operations.  .  .  .  .  .  .  .  .  .  . 	- 	- 	2,222,223 	2,222,223
Other non-instructional  services .  .  .  .  .  .  . 	161,221 	- 	947,203 	1,108,424
Extracurricular activities  .  .  .  .  .  .  .  .  .  .  . 	1,725,533 	- 	448,843 	2,174,376
Facilities acquisition and construction.  .  .  .  . 	23,060 	- 	1,497,391 	1,520,451
Debt service:
Principal retirement.  .  .  .  .  .  .  .  .  .  .  .  .  . 	310,000 	3,369,981 	252,526 	3,932,507
Interest and fiscal charges  .  .  .  .  .  .  .  .  .  . 	148,200 	3,076,598 	75,810 	3,300,608
Accretion on capital appreciation bonds.  .  .  . 	- 	1,210,019 	- 	1,210,019
Total expenditures   .  .  .  .  .  .  .  .  .  .  .  .  .  . 	86,452,975 	7,759,778 	9,151,399 	103,364,152

Excess of revenues over (under) expenditures . 	6,649,544 	(140,402) 	(430,165) 	6,078,977

Other financing sources (uses):
Transfers in.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	- 	91,093 	91,093
Transfers (out) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	(91,093) 	- 		- 	(91,093) Total other financing sources (uses)  .  .  .  .  .  . 	(91,093) 	- 	91,093 		-
Net change in fund balances .  .  .  .  .  .  .  .  .  . 	6,558,451 	(140,402) 	(339,072) 	6,078,977

Fund balances at beginning of year.  .  .  .  .  . 	2,481,346 	4,032,001 	2,160,773 	8,674,120
(Decrease) in reserve for inventory .  .  .  .  .  . 	- 	- 	(1,348) 	(1,348)

Fund balances at end of year.  .  .  .  .  .  .  .  .  .

$ 	9,039,797

$ 	3,891,599

$ 	1,820,353

$ 	14,751,749

SEE ACCOMPANYING  NOTES TO THE BASIC FINANCIAL STATEMENTS

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Net change in fund balances - total governmental funds

Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities, the costs of those assets are allocated over their estimated useful lives as depreciation expense.
Capital asset additions 	$

$

2,314,386

6,078,977

Current year depreciation 	(4,621,173)
Total 	(2,306,787)

Governmental funds report expenditures for inventory when purchased. However,
in the statement of activities, they are reported as an expense when consumed.	(1,348)

Delinquent property tax revenue	(124,430)		
Intergovernmental	(461,172)		
Total		(585,602)	

Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds.

Repayment of bond and lease-purchsase  principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities
on the statement of net position. Principal payments during the year were:
Bonds	2,900,000		
Capital appreciation bonds	779,981		
Accreted interest on capital appreciation bonds	1,210,019		
Lease-purchase	252,526		
Total		5,142,526	

Decrease in accrued interest payable	82,289		
Accreted interest on capital appreciation bonds	(862,024)		
Amortization of bond premiums	486,908		
Amortization of deferred charges on debt refundings	(351,628)		
Total		(644,455)	

In the statement of activities, interest is accrued on outstanding bonds, whereas in the funds, an interest expenditure is reported when due.  The following items contributed in additional interest being reported in the statement of activities:

Contractually required pension contributions are reported as expenditures in the funds;
however, the statement of activities reports these amounts as deferred outflows.	7,323,153

Except for amounts reported as deferred inflows/outflows,  changes in the net pension
liability are reported as pension expense in the statement of activities. 	33,597,194

Contractually required OPEB contributions are reported as expenditures in the funds;
however, the statement of activities reports these amounts as deferred outflows. 	256,453

Except for amounts reported as deferred inflows/outflows, changes in the net OPEB
liability are reported as OPEB expense in the statement of activities. 	3,723,228

Some expenses reported in the statement of activities, such as compensated absences, do not require the use of current financial resources and therefore are not reported as
expenditures in the funds.	 	(289,465)

Change in net position of governmental activities

$ 	52,293,874

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL  STATEMENTS

STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Private-Purpose
 	Trust 	

Assets:

Scholarship	Agency

Equity in pooled cash and cash equivalents .

 $  	8,490

 $  	113,667

Total assets.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	8,490

$ 	113,667

Liabilities:
Accounts payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	$

4,225

Intergovernmental  payable .  .  .  .  .  .  .  .  .  . 	- 	2,133
Due to students. . . . . . . . . . . . . . . .	 	- 	 	107,309

Total liabilities . . . . . . . . . . . . . . . .	-

Net position:
Held in trust for scholarships . . . . . . . . .	 	8,490

$	113,667

Total net position.  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$ 	8,490

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Private-Purpose
 	Trust 	

Scholarship

Additions:
Interest. . . . . . . . . . . . . . . . . . . .	
$	124	
Gifts and contributions.  .  .  .  .  .  .  .  .  .  .  .	7,687	
Total additions.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	7,811	

Deductions:
Scholarships awarded . . . . . . . . . . . .	

 	8,750	

Change in net position . . . . . . . . . . .	
(939)	
Net position at beginning of year.  .  .  .  .	 	9,429	
Net position at end of year  .  .  .  .  .  .  .  .	$ 	8,490	

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

NOTE 1 - DESCRIPTION OF THE SCHOOL DISTRICT

Sylvania City School District (the “District”) is located in the greater metropolitan Toledo area of Lucas County in northwestern Ohio.   The District encompasses all of the City of Sylvania, and portions of Sylvania Township.

The District is organized under Section 2 and 3, Article VI of the Constitution of the State of Ohio.  Under such laws, there is no authority for a school district to have a charter or adopt local laws.  The legislative power of the District is vested in the Board of Education, consisting of five members elected at large for staggered four-year terms.

The District currently operates 7 elementary schools, 3 middle schools, and 2 comprehensive high schools. The District employs 278 non-certified, 45 administrative, and 510 certified employees (full time equivalents) to provide services to 7,707 students in grades K through 12 and various community groups.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The basic financial statements of the District have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.  The District’s significant accounting policies are described below.

A.   Reporting Entity

The reporting entity has been defined in accordance with GASB Statement No. 14, “The Financial Reporting Entity” as amended by GASB Statement No. 39, “Determining Whether Certain Organizations Are Component Units” and GASB Statement No. 61, “The Financial Reporting Entity: Omnibus an Amendment of GASB Statements No. 14 and No. 34”.  The reporting entity is composed of the primary government and component units.  The primary government consists of all funds, departments, boards and agencies that are not legally separate from the District.  For the District, this includes general operations, food service, and student related activities of the District.

Component units are legally separate organizations for which the District is financially accountable. The District is financially accountable for an organization if the District appoints a voting majority of the organization’s Governing Board and (1) the District is able to significantly influence the programs or services performed or provided by the organization; or (2) the District is legally entitled to or can otherwise access the organization’s resources; or (3) the District is legally obligated or has otherwise assumed the responsibility to finance the deficits of, or provide financial support to, the organization; or (4) the District is obligated for the debt of the organization.  Component units may also include organizations that are fiscally dependent on the District in that the District approves the budget, the issuance of debt or the levying of taxes.  Certain organizations are also included as component units if the nature and significance of the relationship between the primary government and the organization is such that exclusion by the primary government would render the primary government’s financial statements incomplete or misleading.  Based upon the application of these criteria, the District has no component units.   The basic financial statements of the reporting entity include only those of the District (the primary government).

The following organizations are described due to their relationship to the District:

JOINTLY GOVERNED ORGANIZATIONS

Northwest Ohio Computer Association (NWOCA)
The District is a participant with 41 other public entities in a jointly governed organization to operate NWOCA.    NWOCA  was  formed  for  the  purpose  of  providing  computer  services.    NWOCA  is governed by a board of directors consisting of the superintendents of the member school districts.  The degree of control exercised by any participating school district is limited to its representation on the board.  The District does not have an ongoing financial interest or responsibility in NWOCA.

Sylvania Area Joint Recreation District (SAJRD)
The District, in conjunction with the City of Sylvania and the Sylvania Township, formed the Sylvania Area Joint Recreation District under the authority of Ohio Revised Code Section 755.14(C).  The SAJRD Board of Trustees is composed of twelve members, four of whom are appointed by each of the separate governmental entities identified above.  Funding for the SAJRD is provided by a voter- approved tax levy on all real property located within the Sylvania School District.  Taxes are collected by the County Auditor and remitted to the SAJRD Board of Trustees.

B.   Fund Accounting

The District uses funds to maintain its financial records during the year.  A fund is defined as a fiscal and accounting entity with a self balancing set of accounts.  There are three categories of funds: governmental, proprietary and fiduciary.

GOVERNMENTAL FUNDS

Governmental funds are those through which most governmental functions typically are financed. Governmental fund reporting focuses on the sources, uses and balances of current financial resources. Expendable assets are assigned to the various governmental funds according to the purposes for which they may or must be used.  Current liabilities are assigned to the fund from which they will be paid. The difference between governmental fund assets plus deferred outflows of resources and liabilities plus deferred inflows of resources is reported as fund balance.  The following are the District’s major governmental funds:

General fund - The general fund is used to account for and report all financial resources not accounted for and reported in another fund. The general fund balance is available for any purpose provided it is expended or transferred according to the general laws of Ohio.

Debt service fund - The debt service fund is used to account for the resources restricted for the payment of general long-term debt principal, interest and related costs including the retirement of current interest term and serial bonds, capital appreciation bonds and both short-term and long- term notes and loans.  All revenues derived from general or special levies, either within or exceeding the statutory unvoted ten mill limitation, which is levied for debt service on bonds or loans are paid into this fund.

Other governmental funds of the District are used to account for (a) financial resources that are restricted, committed, or assigned to expenditures for capital outlays including the acquisition or construction of capital facilities and other capital assets, and (b) specific revenue sources that are restricted or committed to an expenditure for specified purposes other than debt service or capital projects.

PROPRIETARY FUNDS

Proprietary funds are used to account for the District's ongoing activities which are similar to those often found in the private sector.  The District has no proprietary funds.

FIDUCIARY FUNDS

Fiduciary fund reporting focuses on net position and changes in net position.  The fiduciary fund category is split into four classifications: pension trust funds, investment trust funds, private-purpose trust funds and agency funds.  Trust funds are used to account for assets held by the District under a trust agreement for individuals, private organizations, or other governments and are therefore not available to support the District’s own programs.  The District’s only trust fund is a private purpose trust which accounts for scholarship programs for students.   Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations.   The District’s agency fund accounts for student activities.

C.   Basis of Presentation and Measurement Focus

Government-wide Financial Statements - The statement of net position and the statement of activities display information about the District as a whole.  These statements include the financial activities of the primary government, except for fiduciary funds.  These statements distinguish between those activities that are governmental and those that are considered business-type activities.  The District has no business-type activities.

The government-wide statement of activities presents a comparison between direct expenses and program revenues for each function or program of the governmental activities of the District.  Direct expenses are those that are specifically associated with a service, program or department and therefore clearly identifiable to a particular function.  Program revenues include amounts paid by the recipient of goods or services offered by the program and grants and contributions that are restricted to meeting the operational or capital requirements of a particular program.  Revenues not classified as program revenues are presented as general revenues of the District.

The government-wide financial statements are prepared using the economic resources measurement focus.    All  assets,  deferred  outflows  of  resources,  liabilities  and  deferred  inflows  of  resources associated with the operation of the District are included on the statement of net position.

Fund Financial Statements - Fund financial statements report detailed information about the District. The focus of governmental fund financial statements is on major funds rather than reporting funds by type.  Each major fund is presented in a separate column, and all nonmajor funds are aggregated into one column.  Fiduciary funds are reported by fund type.

All governmental funds are accounted for using a flow of current financial resources measurement focus.  With  this  measurement  focus,  only  current  assets,  current  deferred  outflows  of  resources, current liabilities and current inflows of resources are generally included on the balance sheet.  The statement of revenues, expenditures and changes in fund balances reports on the sources (i.e., revenues and other financing sources) and uses (i.e., expenditures and other financing uses) of current financial resources.   This approach differs from the manner in which the governmental activities of the government-wide financial statements are prepared.  Governmental fund financial statements therefore include a reconciliation with brief explanations to better identify the relationship between the government-wide statements and the statements for governmental funds.

Like the government-wide statements, the private-purpose trust fund is accounted for on a flow of economic resources measurement focus.  All assets, deferred outflows of resources, liabilities and deferred inflows of resources associated with the operation of this fund are included on the statement of fund net position.  The statement of changes in net position presents increases (i.e., revenues) and decreases (i.e., expenses) in total net position.

Agency funds do not report a measurement focus as they do not report operations.

D.   Basis of Accounting

Basis of accounting determines when transactions are recorded in the financial records and reported on the financial statements.  Government-wide financial statements are prepared using the accrual basis of accounting.  Governmental funds use the modified accrual basis of accounting.  Fiduciary funds also use the accrual basis of accounting.  Differences in the accrual and the modified accrual basis of accounting  arise  in  the  recognition  of  revenue,  the  recording  of  deferred  inflows,  and  in  the presentation of expenses versus expenditures.

Revenues - Exchange and Non-exchange Transactions - Revenue resulting from exchange transactions, in which each party gives and receives essentially equal value, is recorded on the accrual basis when the exchange takes place.  On a modified accrual basis, revenue is recorded in the fiscal year in which the resources are measurable and become available.  Available means that the resources will be collected within the current fiscal year or are expected to be collected soon enough thereafter to be used to pay liabilities of the current fiscal year.   For the District, available means expected to be received within sixty days of fiscal year end.

Nonexchange transactions, in which the District receives value without directly giving equal value in return, include property taxes, grants, entitlements and donation.   On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied (See Note 6).

Revenue from grants, entitlements and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.  Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the fiscal year when use is first permitted, matching requirements, in which the District must provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are provided to the District on a reimbursement basis.  On a modified accrual basis, revenue from nonexchange transactions must also be available before it can be recognized.

Under the modified accrual basis, the following revenue sources are considered to be both measurable and available at fiscal year-end: property taxes available as an advance, interest, tuition, grants, and student fees.

Deferred Outflows of Resources and Deferred Inflows of Resources - In addition to assets, the government-wide statement of net position will report a separate section for deferred outflows of resources.  Deferred outflows of resources, represents a consumption of net position that applies to a future period and will not be recognized as an outflow of resources (expense/expenditure) until then. For the District, see note 11 and 12 for deferred outflows of resources related to the District’s net pension liability and net OPEB liability, respectively. In addition, deferred outflows of resources include  a  deferred  charge  on  debt  refunding.    A  deferred  charge  on  refunding  results  from  the difference in the carrying value of refunded debt and its reacquisition price.  This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.

In addition to liabilities, both the government-wide statement of net position and the governmental fund financial statements report a separate section for deferred inflows of resources.  Deferred inflows of resources represent an acquisition of net position that applies to a future period and will not be recognized as an inflow of resources (revenue) until that time.  For the District, deferred inflows of resources include property taxes, payments in lieu of taxes and unavailable revenue. Property taxes and payments in lieu of taxes represent amounts for which there is an enforceable legal claim as of June 30,
2018, but which were levied to finance fiscal year 2019 operations. These amounts have been recorded as a deferred inflow of resources on both the government-wide statement of net position and the governmental fund financial statements.  Unavailable revenue is reported only on the governmental funds balance sheet, and represents receivables which will not be collected within the available period. For the District unavailable revenue includes, but is not limited to, delinquent property taxes and intergovernmental grants.  These amounts are deferred and recognized as an inflow of resources in the period the amounts become available.

For the District, see Note 11 and 12 for deferred inflows of resources related to the District’s net pension  liability  and  net  OPEB  liability,  respectively.  This  deferred  inflow  of  resources  is  only reported on the government-wide statement of net position.

Expenses/Expenditures - On the accrual basis of accounting, expenses are recognized at the time they are incurred.  The entitlement value of donated commodities received during the year is reported in the statement of revenues, expenditures and changes in fund balances as an expenditure with a like amount reported as intergovernmental revenue.

The measurement focus of governmental fund accounting is on decreases in net financial resources (expenditures) rather than expenses.  Expenditures are generally recognized in the accounting period in which the related fund liability is incurred, if measurable. Allocations of cost, such as depreciation and amortization, are not recognized in governmental funds.

E.   Budgets

The  budgetary  process  is  prescribed  by  provisions  of  the  Ohio  Revised  Code  and  entails  the preparation of budgetary documents within an established timetable.  The major documents prepared are the tax budget, the certificate of estimated resources, and the appropriation resolution, all of which are prepared on the budgetary basis of accounting.  The Certificate of Estimated Resources and the Appropriations Resolution are subject to amendment throughout the year with the legal restriction that appropriations cannot exceed estimated resources, as certified.  All funds, other than agency funds, are legally required to be budgeted and appropriated. The legal level of budgetary control has been established by the Board of Education at the fund level for all budgeted funds.

Although the legal level of budgetary control was established at the fund level of expenditures, the District has elected to present budgetary statement comparisons at the fund and function level of expenditures.  Any budgetary modifications at this level may only be made by resolution of the Board of Education.

Tax Budget:

Prior to January 15, the Superintendent and Treasurer submit to the Board of Education a proposed operating budget for the fiscal year commencing the following July 1.  The budget includes proposed expenditures and the means of financing for all funds.  Public hearings are publicized and conducted to obtain taxpayers’ comments.  The express purpose of this budget document is to reflect the need for existing (or increased) tax rates.  By no later than January 20, the Board-adopted budget is filed with the Lucas County Budget Commission for rate determination.

Estimated Resources:

By April 1, the Board of Education accepts, by formal resolution, the tax rates as determined by the Budget Commission and receives the Commissions’ certificate of estimated resources, which states the projected revenue of each fund.  Prior to June 30, the District must revise its budget so that total contemplated expenditures from any fund during the ensuing year will not exceed the amount stated in the certificate of estimated resources.  The revised budget then serves as the basis for the appropriation measure.  On or about July 1, the certificate is amended to include any unencumbered cash balances from the preceding year.  The certificate may be further amended during the year if projected increases or decreases in revenue are identified by the District Treasurer.  The amounts reported as the original budgeted amounts in the budgetary statements reflect the amounts from the certificate of estimated resources that was in effect at the time the original permanent appropriations covering the entire fiscal year were passed by the Board of Education.  The amounts reported as the final budgeted amounts in the budgetary statements reflect the amounts from the certificate of amended resources that was in effect at the time the final appropriations were passed by the Board of Education.

Appropriations:

Upon receipt from the County Auditor of an amended certificate of estimated resources based on final assessed values and tax rates or a certificate saying no new certificate is necessary, the annual appropriation resolution is enacted by the Board of Education.  Prior to the passage of the annual appropriation measure, the Board may pass a temporary appropriation measure to meet the ordinary expenses of the District.   The District’s legal level of budgetary control has been established at the fund level for all budgeted funds.  The appropriation resolution, established at the legal level of control funds, must be within the estimated resources as certified by the County Budget Commission and the total of expenditures may not exceed the appropriation totals at the legal level of control.   Any revisions that alter the legal level of budgetary control must be approved by the Board of Education.

The Board may pass supplemental fund appropriations so long as the total appropriations by fund do not exceed the amounts set forth in the most recent certificate of estimated resources.  During the year, all supplemental appropriations were legally enacted.

The appropriation resolution is subject to amendment by the Board throughout the year with the restriction  that  appropriations  may  not  exceed  estimated  revenues.  The  amounts  reported  as  the original budget amounts reflect the first appropriation for that fund covering the entire fiscal year, including amounts automatically carried over from the prior year.  The amounts reported as the final budgeted amounts represent the final appropriation amounts passed by the Board during the year.

Lapsing of Appropriations:

Unencumbered appropriations lapse at year end.  Encumbered appropriations are carried forward to the succeeding fiscal year and need not be re-appropriated.  Cash disbursements plus encumbrances may not legally exceed budgeted appropriations at the legal level of control.

F.   Cash and Investments

To improve cash management, cash received by the District is pooled.  Monies for all funds are maintained in this pool.  Individual fund integrity is maintained through the District’s records.  Each fund’s interest in the pool is presented as “equity in pooled cash and cash equivalents” on the basic financial statements.

During fiscal year 2018, the District invested in the State Treasury Asset Reserve of Ohio (STAR Ohio).  STAR Ohio is an investment pool managed by the State Treasurer’s Office which allows governments within the State to pool their funds for investment purposes. STAR Ohio is not registered with the SEC as an investment company, but has adopted Governmental Accounting Standards Board (GASB), Statement No. 79, “Certain External Investment Pools and Pool Participants.” The District measures its investment in STAR Ohio at the net asset value (NAV) per share provided by STAR Ohio. The NAV per share is calculated on an amortized cost basis that provides an NAV per share that approximates fair value.

For fiscal year 2018, there were no limitations or restrictions on any participant withdrawals due to redemption notice periods, liquidity fees, or redemption gates. However, notice must be given 24 hours in advance of all deposits and withdrawals exceeding $25 million. STAR Ohio reserves the right to limit the transaction to $100 million, requiring the excess amount to be transacted the following business day(s), but only to the $100 million limit. All accounts of the participant will be combined for these purposes.

Under existing Ohio statutes all investment earnings are assigned to the general fund unless statutorily required to be credited to a specific fund or the Board of Education has, by resolution, specified the funds to receive an allocation of interest earnings.  Interest revenue credited to the general fund during fiscal year 2018 amounted to $378,977, which includes $132,190 assigned from other District funds.

For presentation on the basic financial statements, investments purchased by the cash management pool and investments with original maturities of three months or less at the time they are purchased by the District are considered to be cash equivalents.  Investments with an initial maturity of more than three months are reported as investments.  An analysis of the District’s investment account at fiscal year end is provided in Note 4.

G.   Inventory

On government-wide and fund financial statements, inventories of supplies are reported at cost, inventories held for resale are reported at the lower of cost or market, and donated commodities are presented at their entitlement value.   Inventories are recorded on a first-in, first-out basis and are expensed when received.   Inventories are accounted for using the purchase method on the fund statements and using the consumption method on the government-wide statements.

On the fund financial statements, reported materials and supplies inventory is equally offset by nonspendable fund balance in the governmental funds which indicates that it does not constitute available spendable resources even though it is a component of net current assets.  Inventory consists of expendable supplies held for consumption, donated food and purchased food.

H.   Capital Assets

General capital assets are those assets specifically related to governmental activities.   These assets result from expenditures in the governmental funds.  These assets are reported in the governmental activities column of the government-wide statement of net position, but are not reported in the fund financial statements.

All capital assets are capitalized at cost (or estimated historical cost) and updated for additions and retirements during the year.  Donated capital assets are recorded at their acquisition value.  The District maintains a capitalization threshold of $5,000.  The District does not possess any infrastructure. Improvements are capitalized; the costs of normal maintenance and repairs that do not add to the value of the asset or materially extend an asset’s life are not.

All reported capital assets except land and construction in progress are depreciated.  Improvements are depreciated over the remaining useful lives of the related capital assets.   Depreciation is computed using the straight-line method over the following useful lives:

Governmental
Activities
        Description                                                                            Estimated Lives

Land improvements                                                                             5 - 50 years Buildings and improvements                                                                7 - 45 years Furniture and equipment                                                                       5 - 20 years Vehicles                                                                                               5 - 15 years

I.	Interfund Balances

On fund financial statements, receivables and payables resulting from short-term interfund loans are classified as “interfund loans receivable/payable.”  Interfund balances between governmental funds are eliminated in the governmental activities column on the statement of net position.

J.	Compensated Absences

In accordance with the provisions of GASB Statement No. 16, “Accounting for Compensated Absences”, a liability for vacation leave is accrued if a) the employees’ rights to payment are attributable to services already rendered; and b) it is probable that the employer will compensate the employees for the benefits through paid time off or other means, such as cash payment at termination or retirement.  An accrual for earned sick leave is made to the extent that it is probable that the benefits will result in termination (severance) payments.  A liability for sick leave is accrued using the vesting method; i.e., the liability is based on the sick leave accumulated at the balance sheet date by those employees who are currently eligible to receive termination (severance) payments, as well as those employees expected to become eligible in the future.  For purposes of establishing a liability for sick leave on employees expected to become eligible to retire in the future, all employees age 50 or greater with at least 10 years of service; or 20 years service at any age were considered expected to become eligible to retire in accordance with GASB Statement No. 16.

The total liability for vacation and sick leave payments has been calculated using pay rates in effect at June 30, 2018, and reduced to the maximum payment allowed by labor contract and/or statute, plus any additional salary related payments.

The entire compensated absence liability is reported on the government-wide financial statements.

For governmental fund financial statements, compensated absences are recognized as liabilities and expenditures as payments come due each period upon the occurrence of employee resignations and retirements.

K.   Accrued Liabilities and Long-Term Obligations

All  payables,  accrued  liabilities  and  long-term  obligations  are  reported  in  the  government-wide financial statements.

In general, governmental fund payables and accrued liabilities that, once incurred, are paid in a timely manner and in full from current financial resources are reported as obligations of the funds.  However, compensated absences that will be paid from governmental funds are reported as a liability in the fund financial statements only to the extent that they are due for payment during the current year.  Bonds and notes are recognized as a liability on the fund financial statements when due.

L.   Fund Balance

Fund balance is divided into five classifications based primarily on the extent to which the District is bound to observe constraints imposed upon the use of the resources in the governmental funds.  The classifications are as follows:

Nonspendable - The nonspendable fund balance classification includes amounts that cannot be spent because they are not in spendable form or legally required to be maintained intact.  The “not in spendable form” criterion includes items that are not expected to be converted to cash.

Restricted - Fund balance is reported as restricted when constraints are placed on the use of resources  that  are  either  externally  imposed  by  creditors  (such  as  through  debt  covenants), grantors, contributors, or laws or regulations of other governments, or imposed by law through constitutional provisions or enabling legislation.

Committed - The committed fund balance classification includes amounts that can be used only for the specific purposes imposed by a formal action (resolution) of the District Board of Education (the highest level of decision making authority).  Those committed amounts cannot be used for any other purpose unless the District Board of Education removes or changes the specified use by taking the same type of action (resolution) it employed to previously commit those amounts. Committed fund balance also incorporates contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements.

Assigned - Amounts in the assigned fund balance classification are intended to be used by the District for specific purposes but do not meet the criteria to be classified as restricted nor committed.  In governmental funds other than the general fund, assigned fund balance represents the remaining amount that is not restricted or committed.  In the general fund, assigned amounts represent intended uses established by policies of the District Board of Education, which includes giving the Treasurer the authority to constrain monies for intended purposes.  When unassigned fund balance is a deficit in the general fund, assigned fund balance may not be presented in the general fund.

Unassigned - Unassigned fund balance is the residual classification for the general fund and includes all spendable amounts not contained in the other classifications.  In other governmental funds, the unassigned classification is only used to report a deficit fund balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned.

The District applies restricted resources first when expenditures are incurred for purposes for which restricted and unrestricted (committed, assigned, and unassigned) fund balance is available. Similarly, within unrestricted fund balance, committed amounts are reduced first followed by assigned, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

M.  Net Position

Net position represents the difference between assets and deferred outflows and liabilities and deferred inflows.  The net position component “net investment in capital assets,” consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowing used for the acquisition, construction or improvement of those assets.  Deferred outflows of resources and deferred inflows of resources that are attributable to the acquisition, construction or improvement of those assets or related debt also should be included in this component of net position.   Net position is reported as restricted when there are limitations imposed on its use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.

The District applies restricted resources first when an expense is incurred for purposes for which both restricted and unrestricted net position is available.

N.   Estimates

The preparation of the basic financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the basic financial statements and accompanying notes.  Actual results may differ from those estimates.

O.   Interfund Activity

Exchange transactions between funds are reported as revenues in the seller funds and as expenditures/expenses in the purchaser funds.   Flows of cash or goods from one fund to another without  a  requirement  for repayment  are  reported  as  interfund  transfers.    Interfund  transfers  are reported as other financing sources/uses in governmental funds.  Repayments from funds responsible for particular expenditures/expenses to the funds that initially paid for them are not presented on the financial statements.   Transfers between governmental funds are eliminated for reporting on the government-wide statement of activities.  Interfund services provided and used are not eliminated for reporting on the government-wide statement of activities.

P.   Nonpublic Schools

Within the District boundaries, St. Joseph school is operated through the Toledo Catholic Diocese; and Toledo Junior, Emmanual Baptist, and Toledo Islamic are operated as private schools.  All of these schools  provide  instruction  for  grades  K-8.    Current  state  legislation  provides  funding  to  these parochial schools.  These monies are received and disbursed on behalf of the parochial schools by the Treasurer of the District, as directed by the parochial school. The receipt and expenditure of these state monies by the District are reflected in a nonmajor governmental fund for financial reporting purposes.

Q.   Issuance Costs/Bond Premiums and Discounts and Accounting Gain or Loss on Debt Refunding

On the governmental fund financial statements, issuance costs, bond premiums, bond discounts, and deferred charges from debt refunding are recognized in the current period.

On the government-wide financial statements, issuance costs are recognized in the current period and are not amortized.  Bond premiums and discounts are amortized over the term of the bonds using the straight-line method.  Unamortized bond premiums are presented as an addition to the face amount of the bonds reported on the statement of net position.  Unamortized bond discounts are presented as a reduction to the face amount of the bonds reported on the statement of net position.  The reconciliation between the bonds face value and the amount reported on the statement of net position is presented in Note 9.

For advance refunding resulting in the defeasance of debt, the difference between the reacquisition price and the net carrying amount of the old debt is deferred and amortized as a component of interest expense.  This accounting gain or loss is amortized over the remaining life of the old debt or the life of the new debt, whichever is shorter, and is presented as a deferred outflow of resources.

R.   Pensions/Other Postemployment Benefits (OPEB)

For purposes of measuring the net pension/OPEB liability, information about the fiduciary net position of the pension/OPEB plans and additions to/deductions from their fiduciary net position have been determined on the same basis as they are reported by the pension/OPEB plan.  For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms.  The pension/OPEB plans report investments at fair value.

S.   Extraordinary and Special Items

Extraordinary items are transactions or events that are both unusual in nature and infrequent in occurrence. Special items are transactions or events that are within the control of the Board of Education and that are either unusual in nature or infrequent in occurrence.  Neither one of these transactions occurred during fiscal year 2018.

NOTE 3 - ACCOUNTABILITY AND COMPLIANCE

A.   Change in Accounting Principles/Restatement of Net Position

For  fiscal  year  2018,  the  District  has  implemented  GASB  Statement  No.  75,  “Accounting  and Financial Reporting for Postemployment Benefits Other Than Pensions”, GASB Statement No. 81 “Irrevocable Split-Interest Agreements” GASB Statement No. 85, “Omnibus 2017” and GASB Statement No. 86, “Certain Debt Extinguishments”.

GASB Statement No. 75 improves the accounting and financial reporting by state and local governments for postemployment benefits other than pensions (OPEB).  It also improves information provided by state and local governmental employers about financial support for OPEB that is provided by other entities.   The implementation of GASB Statement No. 75 affected the District’s postemployment benefit plan disclosures, as presented in Note 12 to the basic financial statements, and added required supplementary information which is presented on pages F74 - F89.

GASB Statement No. 81 improves the accounting and financial reporting for irrevocable split-interest agreements by providing recognition and measurement guidance for situations in which a government is a beneficiary of the agreement.  The implementation of GASB Statement No. 81 did not have an effect on the financial statements of the District.

NOTE 3 - ACCOUNTABILITY AND COMPLIANCE - (Continued)

GASB Statement No. 85 addresses practice issues that have been identified during implementation and application of certain GASB Statements. This Statement addresses a variety of topics including issues related to blending component units, goodwill, fair value measurement and application, and OPEB. The implementation of GASB Statement No. 85 did not have an effect on the financial statements of the District.

GASB Statement No. 86 improves consistency in accounting and financial reporting for in-substance defeasance of debt by providing guidance for transactions in which cash and other monetary assets acquired with only existing resources - resources other than the proceeds of refunding debt - are placed in an irrevocable trust for the sole purpose of extinguishing debt. This Statement also improves accounting and financial reporting for prepaid insurance on debt that is extinguished and notes to financial statements for debt that is defeased in substance.  The implementation of GASB Statement No. 86 did not have an effect on the financial statements of the District.

A  net  position  restatement  is  required  in  order  to  implement  GASB  Statement  No  75.  The governmental activities at July 1, 2017 have been restated as follows:

Net position as previously reported
Deferred outflows - payments

Governmental
    Activities 	
$ (104,963,172)

subsequent to measurement date 	200,787
Net OPEB liability 	   (29,532,154)

Restated net position at July 1, 2017

$ (134,294,539)

Other than employer contributions subsequent to the measurement date, the District made no restatement for deferred inflows/outflows of resources as the information needed to generate these restatements was not available.  The restatement had no effect on fund balances.

B.   Deficit Fund Balances

Fund balances at June 30, 2018 included the following individual fund deficits:

Nonmajor funds                                                           Deficit
Food service	$   41,080	
Adult basic education	1,451	
IDEA Part B	148,567	
Vocational education	114	
Title III - limited english proficiency	281	
Title I	77,073	
IDEA Part B - preschool stimulus	1,242	
Improving teacher quality	12,863	

The general fund is liable for any deficit in these funds and provides transfers when cash is required, not when accruals occur.  The deficit fund balances resulted from adjustments for accrued liabilities.

NOTE 4 - DEPOSITS AND INVESTMENTS

The District maintains a cash and investment pool used by all funds.  Each fund type’s portion of this pool is displayed on the financial statements as “equity in pooled cash and cash equivalents”.  State statutes require the classification of monies held by the District into three categories.

Active deposits are public deposits necessary to meet current demands on the treasury.  Such monies must be maintained either as cash in the District treasury, in commercial accounts payable or withdrawable on demand, including negotiable order of withdrawal (NOW) accounts, or in money market deposit accounts.

Inactive deposits are public deposits the Board of Education has identified as not required for use within the current five-year period of designation of depositories.  Inactive deposits must either be evidenced by certificates of deposit maturing not later than the end of the current period of designation of depositories, or by savings or deposit accounts including, but not limited to, passbook accounts.

Interim deposits are deposits of interim monies.  Interim monies are those monies which are not needed for immediate use but which will be needed before the end of the current period of designation of depositories.

Interim deposits must be evidenced by time certificates of deposit maturing not more than one year from the date of deposit or by savings accounts, including passbook accounts.

Interim monies may be deposited or invested in the following securities:

1.    United States Treasury Notes, Bills, Bonds, or any other obligation or security issued by the United
States Treasury or any other obligation guaranteed as to principal or interest by the United States;

2.	Bonds, Notes, Debentures, or any other obligations or securities issued by any federal government agency or instrumentality, including but not limited to, the Federal National Mortgage Association, Federal Home Loan Bank, Federal Farm Credit Bank, Federal Home Loan Mortgage Corporation, Government National Mortgage Association, and Student Loan Marketing Association.  All federal agency securities shall be direct issuances of federal government agencies or instrumentalities;

3.	Written repurchase agreements in the securities listed above provided that the market value of the securities subject to the repurchase agreement must exceed the principal value of the agreement by at least 2% and be marked to market daily, and that the term of the agreement must not exceed thirty days;

4.    Bonds and other obligations of the State of Ohio;

5.	No-load money market mutual funds consisting exclusively of obligations described in items (1) and (2) above and repurchase agreements secured by such obligations, provided that investments in securities described in this division are made only through eligible institutions;

6.    The State Treasury Asset Reserve of Ohio (STAR Ohio);

7.	Certain bankers’ acceptances and commercial paper notes for a period not to exceed 180 days in an amount not to exceed 25% of the interim monies available for investment at any one time; and

8.	Under limited circumstances, corporate debt instruments rated in either of the two highest rating classifications by at least two nationally recognized rating agencies.

Protection of the District’s deposits is provided by the Federal Deposit Insurance Corporation (FDIC), by eligible securities pledged by the finance institution as security for repayment, by surety company bonds deposited with the Treasurer by the financial institution or by a single collateral pool established by the financial institution to secure the repayment of all public monies deposited with the institution.

Investments in stripped principal or interest obligations, reverse repurchase agreements and derivatives are prohibited.  The issuance of taxable notes for the purpose of arbitrage, the use of leverage and short selling are also prohibited.  An investment must mature within five years from the date of purchase unless matched to a specific obligation or debt of the District, and must be purchased with the expectation that it will be held to maturity.  Investments may only be made through specified dealers and institutions.  Payment for investments may be made only upon delivery of the securities representing the investments to the Treasurer or qualified trustee or, if the securities are not represented by a certificate, upon receipt of confirmation of transfer from the custodian.

A.   Cash with Escrow Agent

At June 30, 2018, the District had $45,622 in a separate escrow account related to unspent proceeds of a lease-purchase agreement (see Note 16) that is held separate from the District’s internal investment pool.   The balance of this escrow account is not included in “deposits with financial institutions” below.

B.   Deposits with Financial Institutions

At June 30, 2018, the carrying amount of all District deposits was $2,542,637.  Based on the criteria described in GASB Statement No. 40, “Deposits and Investment Risk Disclosures”, as of June 30,
2018, $1,686,738 of the District’s bank balance of $4,012,254 was exposed to custodial risk as discussed below, while $2,325,516 was covered by the Federal Deposit Insurance Corporation.

Custodial credit risk is the risk that, in the event of bank failure, the District will not be able to recover deposits or collateral securities that are in the possession of an outside party. The District has no deposit policy for custodial credit risk beyond the requirements of State statute. Ohio law requires that deposits either be insured or protected by (1) eligible securities pledged to the District and deposited with a qualified trustee by the financial institution as security for repayment whose market value at all times shall be at least 105 percent of the deposits being secured, or (2) participation in the Ohio Pooled Collateral System (OPCS), a collateral pool of eligible securities deposited with a qualified trustee and pledged to the Treasurer of State to secure the repayment of all public monies deposited in the financial institution. OPCS requires the total market value of the securities pledged to be 102 percent of the deposits being secured or a rate set by the Treasurer of State. For 2018, the District’s financial institutions were approved for a reduced collateral rate of 50 percent through the OPCS. Although all statutory requirements for the deposit of money had been followed, noncompliance with Federal requirements could potentially subject the District to a successful claim by the FDIC.

B.   Investments

As of June 30, 2018, the District had the following investments and maturities:

Investmnet
Maturity Measurement/ 		Measurement 		6 months or Investment type	 		Value 	   		less 	
Amortized Cost:

STAR Ohio

$ 	19,257,516 	$

19,257,516

The District’s weighted average length to maturity for investments in STAR Ohio is one day.

Interest Rate Risk:  As a means of limiting its exposure to fair value losses arising from rising interest rates and according to state law, the District’s investment policy limits investment portfolio maturities to five years or less.   State law and the District policy requires that repurchase agreements cannot exceed thirty (30) days.  In addition, securities subject to repurchase agreements must exceed the principal value by greater or equal to two (2) percent.

Credit Risk:  STAR Ohio must maintain the highest letter or numerical rating provided by at least one nationally recognized standard service.  Standard & Poor’s has assigned STAR Ohio an AAAm money market rating.  The District’s investment policy does not specifically address credit risk beyond the adherence to Chapter 135 of the Ohio Revised Code, of which all relevant provisions are described previously in this note disclosure (Note 4).

Custodial Credit Risk:   For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party.   The District has no investment policy dealing with investment custodial risk beyond the requirement in State statute that prohibits payment for investments prior to the delivery of the securities representing such investments to the treasurer or qualified trustee.

Concentration of Credit Risk:  The District’s investment policy places no limit on the amount that may be invested in any one issuer.  The following table includes the percentage of each investment type held by the District at June 30, 2018:

Measurement/                                        Measurement
Investment type                                          Value            % of Total 
Amortized Cost:

STAR Ohio

$ 	19,257,516

100.00

C.   Reconciliation of cash and investments to the Statement of Net Position

The following is a reconciliation of cash and investments as reported in the note above to cash and investments as reported above on the statement of net position as of June 30, 2018:

Cash and investments per note
Carrying amount of deposits	$	2,542,637	
Cash with escrow agent	45,622	
Investments	 	19,257,516	

Total

$	21,845,775

Cash and investments per statement of net position
Governmental activities	$	21,723,618	
Private-purpose trust funds	8,490	
Agency funds	 	113,667	

Total

$	21,845,775

NOTE 5 - INTERFUND TRANSACTIONS

A.   Interfund loans receivable/payable consisted of the following at June 30, 2018, as reported on the fund statements:

Receivable fund	Payable fund	 Amount

General fund	Nonmajor governmental funds

$	277,062

The primary purpose of the interfund balances is to cover costs in specific funds where revenues were not received by June 30.  These interfund balances will be repaid once the anticipated revenues are received.  Interfund balances between governmental funds are eliminated on the government-wide financial statements.

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

Transfers from general fund to:                                                                                             Amount 

Nonmajor governmental funds

$	91,093

Interfund transfers represent the use of unrestricted revenues collected in the general fund that are used to finance various programs accounted for in other funds in accordance with budgetary authorizations. The transfer above was made from the general fund to supported food service operations.  Interfund transfers between governmental funds are eliminated for reporting on the statement of activities.  All transfers were made in compliance with Ohio Revised Code Sections 5705.14, 5705.15 and 5705.16.

NOTE 6 - PROPERTY TAXES

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

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

The District receives property taxes from Lucas County.  The County Auditor periodically advances to the District its portion of the taxes collected.  Second-half real property tax payments collected by the County by June 30, 2018, are available to finance fiscal year 2018 operations.  The amount available as an advance at June 30, 2018 was $1,770,374 in the general fund, $191,427 in the debt service fund and $49,558 in the permanent improvement fund (a nonmajor governmental fund).  This amount is recorded as revenue.  The amount available for advance at June 30, 2017 was $3,294,357 in the general fund, $351,251 in the debt service fund and $91,286 in the permanent improvement fund (a nonmajor governmental fund).   The amount of second-half real property taxes available for advance at fiscal year-end can vary based on the date the tax bills are sent.

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

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

NOTE 6 - PROPERTY TAXES - (Continued)

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

2017 Second 	2018 First
Half Collections 	Half Collections
     Amount      	Percent 	     Amount      	Percent

Agricultural/residential and other real estate

$   1,361,791,310

97.58

$    1,373,628,590

97.33

Public utility personal 	 	33,742,650         2.42 	 	37,748,060      	2.67

Total

$   1,395,533,960

100.00

$    1,411,376,650

100.00

Tax rate per $1,000 of assessed valuation

$ 	88.45

$ 	88.56

NOTE 7 - RECEIVABLES

Receivables at June 30, 2018 consisted of taxes, payments in lieu of taxes, accounts (billings for user charged services and student fees), and intergovernmental grants and entitlements.  All receivables are considered collectible in full due to the ability to foreclose for the nonpayment of taxes, the stable condition of State programs and the current year guarantee of federal funds.  A summary of the principal items of receivables reported on the statement of net position follows:

Governmental Activities
Property taxes

$ 71,369,496

Payments in lieu of taxes	434,268
Accounts	86,394
Intergovernmental	 	772,808

Total

$ 72,662,966

Receivables have been disaggregated on the face of the basic financial statements.   All receivables are expected to be collected within the subsequent year.

THIS SPACE IS INTENTIONALLY LEFT BLANK

NOTE 8 - CAPITAL ASSETS

Capital asset activity for the fiscal year ended June 30, 2018, was as follows:

Balance	Balance
Governmental activities:	    06/30/17   	 Additions	Deductions	    06/30/18 	
Capital assets, not being depreciated:
Land
Construction in progress	$	2,694,493	$	-	$	-	$	2,694,493	
	 	1,948,034	 	1,464,961	   (2,804,378)     	608,617	
Total capital assets, not being depreciated	 	4,642,527	 	1,464,961	   (2,804,378)     	3,303,110	
Capital assets, being depreciated:			
Land improvements	9,011,825	-	-	9,011,825	
Building and improvements	128,112,639	2,871,853	-	130,984,492	
Furniture and equipment	11,649,679	298,108	-	11,947,787	
Vehicles	 	6,464,711	 	483,842	 	(340,666)     	6,607,887	
Total capital assets, being depreciated	   155,238,854	 	3,653,803	 	(340,666)        158,551,991	
Less: accumulated depreciation			
Land improvements	(5,052,813)	(376,929)	-	(5,429,742)	
Building and improvements	(42,024,957)	(3,381,079)	-	(45,406,036)	
Furniture and equipment	(5,882,935)	(743,711)	-	(6,626,646)	
Vehicles	 	(6,198,298)	 	(119,454)     	340,666	 	(5,977,086)	
Total accumulated depreciation	   (59,159,003)	    (4,621,173)     	340,666	     (63,439,510)	
Governmental activities capital assets, net	$ 100,722,378	$	497,591	$  (2,804,378)  $	98,415,591	

Depreciation expense was charged to governmental functions as follows:

Instruction: Regular

$ 2,560,138

Special	164,486
Vocational	250,863

Support Services:
Pupil	12,010	
Instructional staff	144,324	
Administration	141,141	
Fiscal	13,040	
Business	23,081	
Operations and maintenance	403,548	
Pupil transportation	98,282	

Operation of non-instructional services:	
Food service operations	254,869	
Other non-instructional services	2,843	
Extracurricular activities	 	552,548	
Total depreciation expense	$ 4,621,173	

NOTE 9 - LONG-TERM OBLIGATIONS A.   General Obligation Bonds
General obligation bonds are general obligations of the District for which the full faith and credit of the District is pledged for repayment.   Accordingly, such unmatured obligations are reported on the statement of net position.  Payments of principal and interest relating to these liabilities are recorded as expenditures in the debt service fund. The source of payment is derived from bonded debt tax levies.

Series 2006 Refunding General Obligation Bonds
On December 27, 2006, the District issued general obligation bonds (Series 2006 Refunding Bonds) to advance refund the callable of the Series 2001 and Series 2002 school improvement current interest bonds.  This refunded debt is considered defeased (in-substance) and accordingly, has been removed from the statement of net position.  The balance of the refunded current interest bonds at June 30, 2018 is $5,940,000. The Series 2006 refunding general obligation bonds were advance refunded in fiscal year 2017 with the issuance of the Series 2017 refunding general obligation bonds described below.

The refunding issue is comprised of both current interest bonds, par value $8,315,000, and capital appreciation bonds par value $509,990.   The interest rates on the current interest bonds range from
3.75% - 4.00%.  The capital appreciation bonds matured on December 1, 2014 (effective interest rate
11.8708%) and December 1, 2015 (effective interest rate 16.0366%) at a redemption price equal to
100% of the principal, plus accrued interest to the redemption date.  The accreted value at maturity for the capital appreciation bond which matured December 1, 2014 was $580,000.  The accreted value at maturity for the capital appreciation bond which matured December 1, 2015 was $1,100,000.

Interest payments on the current interest bonds are due on June 1 and December 1 of each year.  The final maturity stated in the issue is December 1, 2021.

The reacquisition price exceeded the net carrying amount of the old debt by $597,320.  This amount is being netted against the new debt and amortized over the remaining life of the refunded debt, which is equal to the life of the new debt issued.

Series 2009 School Improvement General Obligation Bonds
During fiscal year 2009, the voters of the District authorized the issuance of $78,999,981 in general obligation bonds, for the purpose of renovating and otherwise improving school facilities.   These bonds will be retired from proceeds of an additional 2.89 (average) mil bonded debt tax levy.  On April
9, 2015, the District advance refunded $70,580,000 of these bonds with proceeds from the Series 2015
refunding bonds (see below). After the refunding, there were $3,130,000 of Series 2009 School Improvement current interest bonds remaining.  The Series 2009 School Improvement current interest bonds matured in fiscal year 2017.

The remaining portion of the Series 2009 School Improvement bonds are capital appreciation bonds. The capital appreciation bonds matured on December 1, 2017 (effective interest rate 11.517%) at a redemption price equal to 100% of the principal, plus accrued interest to the redemption date.  The accreted value at maturity for the capital appreciation bond matured December 1, 2017 at $1,990,000.

Series 2011 Refunding General Obligation Bonds
On September 7, 2011, the District issued general obligation bonds (Series 2011 Refunding Bonds) to advance refund the callable of the Series 1998 refunding current interest bonds, the Series 2001 refunding current interest bonds and the Series 2002 school improvement current interest bonds.  This refunded debt is considered defeased (in-substance) and accordingly, has been removed from the statement of net position.   The balance of the refunded current interest bonds that is considered defeased at June 30, 2018, is $4,770,000. At June 30, 2018 the balance of the Series 2011 refunding bonds is $4,325,000.

The refunding issue is comprised of both current interest bonds, par value $8,615,000, and capital appreciation bonds par value $415,000.   The interest rates on the current interest bonds range from
2.00% - 4.00%.  The capital appreciation bonds matured on December 1, 2014 (effective interest rate
4.55%) at an accreted value of $485,000.

Interest payments on the current interest bonds are due on June 1 and December 1 of each year.  The final maturity stated in the issue is December 1, 2022.

The reacquisition price exceeded the net carrying amount of the old debt by $312,919.  This amount is being netted against the new debt and amortized over the remaining life of the refunded debt, which is equal to the life of the new debt issued.

Series 2014 Energy Conservation Bonds
On July 29, 2014, the District issued $5,255,000 of House Bill 264 (H.B. 264) energy conservation bonds to retire energy conservation notes previously issued on January 17, 2014.   Proceeds of the
issuances are to provide financing to perform various energy improvement capital projects at the
District.  HVAC, electrical, and plumbing systems are being updated further to create energy savings by reducing energy consumption.  The project will be funded from the savings created from reduced energy consumption.  The bonds bear an interest rates from 1.00% - 4.00% and mature on December 1,
2028.

Series 2015 Refunding General Obligation Bonds
On April 9, 2015, the District issued general obligation bonds (Series 2015 Refunding Bonds) to advance refund the callable of the Series 2009 refunding current interest bonds.  The refunded debt is considered defeased (in-substance) and accordingly, has been removed from the statement of net position.  The balance of the refunded Series 2009 current interest bonds that is considered defeased at June 30, 2018, is $67,450,000. At June 30, 2018 the balance of the Series 2015 refunding bonds is
$63,210,000.

The refunding issue is comprised of both current interest bonds serial bonds, par value $55,855,000, current interest term bonds, par value $9,750,000, and capital appreciation bonds par value $1,845,000. The interest rates on the current interest bonds range from 2.00% - 5.00%.  The capital appreciation bonds mature on December 1, 2018 (effective interest rate 24.173%) and December 1, 2019 (effective interest rate 24.259%) at a redemption price equal to 100% of the principal, plus accrued interest to the redemption date.  The accreted value at maturity for the capital appreciation bonds maturing December
1, 2018 and December 1, 2019 are $2,325,000 and $2,345,000, respectively.  Total accreted interest of
$1,902,946 has been included in the statement of net position at June 30, 2018.

Interest payments on the current interest bonds are due on June 1 and December 1 of each year.  The final maturity stated in the issue is December 1, 2036.

is being netted against the new debt and amortized over the remaining life of the refunded debt, which is equal to the life of the new debt issued.

Series 2017 Refunding General Obligation Bonds
On April 11, 2017, the District issued general obligation bonds (Series 2017 Refunding General Obligation Bonds) to advance refund the callable portion of the Series 2006 Refunding General Obligation Bonds (principal $5,940,000; interest rate of 3.75% to 4.00%).   Issuance proceeds of
$6,046,260 were used to purchase securities which were placed in an irrevocable trust to provide resources for all future debt service payments on the refunded debt.  This refunded debt is considered defeased (in-substance) and accordingly, has been removed from the statement of net position. The balance of the refunded bonds that is considered defeased at June 30, 2018, is $4,770,000. At June 30,
2018 the balance of the Series 2017 refunding bonds is $4,780,000.

The refunding issue is comprised of current interest bonds, par value $5,940,000.  The interest rate on the current interest bonds is 2.100%.

The reacquisition price exceeded the net carrying amount of the old debt (including unamortized deferred changes and unamortized premiums) by $47,789.   This amount is being netted against the new debt and amortized over the remaining life of the refunded debt, which is equal to the life of the new debt issued.  The refunding was undertaken to reduce future debt service payments by $372,090.

Payments of principal and interest relating to the Series 2017 refunding general obligation bonds are recorded as expenditures in the bond retirement fund. Interest payments on the current interest bonds are due on June 1 and December 1 each year.  The final maturity stated in the issue is December 1,
2021.

B.   Other Long-Term Obligations

Net pension liability: The District’s net pension liability is described in Note 11.  The District pays obligations related to employee compensation from the fund benefitting from their service.

Net OPEB liability: The District’s net OPEB liability is described in Note 12.  The District pays obligations related to employee compensation from the fund benefitting from their service.

Compensated absences: The liability for compensated absences will be paid from the fund from which the employee was paid. For the District, this is primarily the general fund.

Lease-Purchase Obligation: The District’s lease-purchase obligation is described in Note 16.

obligations. The long-term obligations at June 30, 2017 have been restated as described in Note 3.A.

General Obligation Bonds

Series 2009, Improvement:
Capital Appreciation Bonds (11.5170% average effective)

Restated	Amount
Balance	Balance	Due in
  06/30/17   	 Additions 	 Deletions 	  06/30/18 	 One Year

12/01/17 maturity

$	779,981   $

-	$	(779,981) $

-	$	-

Capital Appreciation Bonds - Accreted interest	1,104,462	105,557	(1,210,019)	-	- Series 2011, Refunding:
Current Interest Bonds (2.00% - 4.00%, 12/01/12 maturity	5,325,000	-	(1,000,000)	4,325,000	1,035,000

Series 2014, Energy:
Current Interest Bonds (1.00% - 4.00%, 12/01/28 maturity	4,435,000	-	(310,000)	4,125,000	315,000
Series 2015, Refunding:
Current Interest Bonds (2.00% - 5.00%, 12/01/36 maturity	63,640,000	-	(430,000)	63,210,000	-	
Capital Appreciation Bonds (24.22% average effective)					
12/01/18 and 12/01/19 maturity	1,845,000	-	-	1,845,000	1,025,000	
Capital Appreciation Bonds - Accreted interest	1,146,479	756,467	-	1,902,946	1,052,847

Series 2017, Refundings
Current Interest Bonds (2.100%, 12/01/21 maturity	5,940,000	-	(1,160,000)	4,780,000	1,250,000

Total General Obligation Bonds	84,215,922	862,024	(4,890,000)	80,187,946	4,677,847

Other Obligations:

Net Pension Liability	145,579,330		-	(40,186,034)	105,393,296		- Net OPEB Liability		29,532,154		-	  (6,016,994)	  23,515,160		- Compensated Absences		  7,884,055	957,679		(801,865)		8,039,869	728,645
Lease-Purchase Obligation	2,850,000	-	(252,526)	2,597,474	259,243

Total Other Obligations	185,845,539	957,679	(47,257,419)	139,545,799	987,888

Total All Governmental Activities Long-Term Liabilities	270,061,461

$   1,819,703  $

(52,147,419)

219,733,745  $

5,665,735

Add: Unamortized Bond Premiums	8,067,154	7,580,246

Total on Statement on Net Position

$ 278,128,615

$ 227,313,991

D.   Principal and interest requirements to retire general obligation school improvement bonds and general obligation refunding bonds outstanding at June 30, 2018, are as follows:

Current Interest	Current Interest
Fiscal Year	Refunding Bonds	Energy Conservation Bonds
Ending June 30     Principal   	    Interest    	     Total     	  Principal  	  Interest  	     Total 	

2019	$	2,285,000	$	3,004,143	$	5,289,143	$	315,000	$	141,950	$	456,950	
2020	2,350,000	2,936,681	5,286,681	325,000	133,925	458,925	
2021	4,775,000	2,809,515	7,584,515	335,000	124,025	459,025	
2022	4,220,000	2,625,763	6,845,763	345,000	113,825	458,825	
2023	3,235,000	2,495,569	5,730,569	355,000	103,325	458,325	
2024 - 2028	16,345,000	10,383,100	26,728,100	2,000,000	296,000	2,296,000	
2029 - 2033	20,100,000	6,597,500	26,697,500	450,000	9,000	459,000	
2034 - 2037	   19,005,000	 	1,903,200	 	20,908,200	 	-	 	-	 	-	

Total	$  72,315,000		$  32,755,471		$  105,070,471		$   4,125,000		$	922,050		$  5,047,050	

Capital Appreciation
Fiscal Year	 	Refunding Bonds 	 Ending June 30    Principal  		 Interest	    Total 	 

2019

$  1,025,000

$  1,300,000

$   2,325,000

2020	 	820,000	   1,525,000	    2,345,000

Total

$  1,845,000

$  2,825,000

$   4,670,000

E.   Legal Debt Margin

The Ohio Revised Code provides that voted net general obligation debt of the District shall never exceed 9% of the total assessed valuation of the District.  The code further provides that unvoted indebtedness shall not exceed 1/10 of 1% of the property valuation of the District.   The code additionally states that unvoted indebtedness related to energy conservation debt shall not exceed 9/10 of 1% of  the property valuation of the District.   The assessed valuation use  in determining  the District’s legal debt margin has been modified by House Bill 530 which became effective March 30,
2006.   In accordance with House Bill 530, the assessed valuation used in the District’s legal debt margin calculation excluded tangible personal property used in business, telephone or telegraph property, interexchange telecommunications company property, and personal property owned or leased
by a railroad company and used in railroad operations.  The effects of these debt limitations at June 30,
2018, are a voted debt margin of $56,755,498 (including available funds of $3,891,599), an unvoted debt margin of $1,411,377, and an energy conservation debt margin of $8,577,390.

NOTE 10 - RISK MANAGEMENT A.   Comprehensive
The District is exposed to various risks of loss related to torts; theft or damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters.  During fiscal year 2018, the District purchased commercial coverage through the Ohio School Plan for property and contents with a limit of $248,263,721 and a $1,000 deductible.

General  liability  is  protected  by  the  Ohio  School  Plan  with  an  $8,000,000  general aggregate/$6,000,000 single occurrence limit and a $0 deductible.

Vehicles  are  covered  by  The  Ohio  School  Plan  and  hold  $1,000  deductible  for  comprehensive coverage.  Vehicles have been insured under a liability policy, with a $6,000,000 per occurrence limitation and a $0 deductible.

Settled claims have not exceeded this commercial coverage in any of the past three fiscal years.  There was no significant reduction in coverage from the prior year.

B.   Group Health and Dental Insurance

The District is fully insured through commercial carriers for group health and dental benefits.

The District provides employee medical/surgical benefits through a Paramount health insurance program.   This plan provides employees a choice of four levels of HMO coverage.   Paramount administers the health insurance program.   The District pays $1,940.51 (100% co-ins), $1,865.17 (90/10 co-ins), $1,795.62 (80/20 co-ins), $1,628.77 (High Deductible) and $1,865.17 (out of area
90/10 co-ins) for family coverage or $760.97 (100% co-ins), $731.42 (90/10 co-ins), $704.14 (80/20 co-ins), $638.71 (High Deductible) and $731.42 (out of area 90/10 co-ins) for individual coverage per month for full-time employees. The premium is paid by the fund that pays the salary for the employee.

The District provides employee dental benefits through a managed-care dental program.  This plan provides dental benefits with a $50 family and $25 single deductible.  Delta Dental administers the dental program.  The District pays $97.45 family or $32.28 single per employee per month, which represents the entire premium required.  The premium is paid by the fund that pays the salary for the employee.

C.   Workers’ Compensation

For fiscal year 2018, the District paid the State Workers’ Compensation System a premium based on a rate per $100 of salaries. This rate is calculated based on accident history and administrative costs.

NOTE 11 - DEFINED BENEFIT PENSION PLANS

Net Pension Liability

The net pension liability reported on the statement of net position represents a liability to employees for pensions. Pensions are a component of exchange transactions––between an employer and its employees— of salaries and benefits for employee services.  Pensions are provided to an employee—on a deferred- payment basis—as part of the total compensation package offered by an employer for employee services each financial period.  The obligation to sacrifice resources for pensions is a present obligation because it was created as a result of employment exchanges that already have occurred.

The net pension liability represents the District’s proportionate share of each pension plan’s collective actuarial present value of projected benefit payments attributable to past periods of service, net of each pension plan’s fiduciary net position.  The net pension liability calculation is dependent on critical long- term variables, including estimated average life expectancies, earnings on investments, cost of living adjustments and others.   While these estimates use the best information available, unknowable future events require adjusting this estimate annually.

The Ohio Revised Code limits the District’s obligation for this liability to annually required payments. The District cannot control benefit terms or the manner in which pensions are financed; however, the District does receive the benefit of employees’ services in exchange for compensation including pension.

GASB 68 assumes the liability is solely the obligation of the employer, because (1) they benefit from employee services; and (2) State statute requires all funding to come from these employers.   All contributions to date have come solely from these employers (which also includes costs paid in the form of withholdings from employees).  State statute requires the pension plans to amortize unfunded liabilities within 30 years.  If the amortization period exceeds 30 years, each pension plan’s board must propose corrective action to the State legislature.  Any resulting legislative change to benefits or funding could significantly affect the net pension liability.    Resulting adjustments to the net pension liability would be effective when the changes are legally enforceable.

The proportionate share of each plan’s unfunded benefits is presented as a long-term net pension liability on the accrual basis of accounting.   Any liability for the contractually-required pension contribution outstanding at the end of the year is included in pension and postemployment benefits payable on both the accrual and modified accrual bases of accounting.

Plan Description - School Employees Retirement System (SERS)

Plan Description - The District non-teaching employees participate in SERS, a cost-sharing multiple- employer defined benefit pension plan administered by SERS.  SERS provides retirement, disability and survivor benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Authority to establish and amend benefits is provided by Ohio Revised Code Chapter 3309.  SERS issues a publicly available, stand-alone financial report that includes financial statements, required supplementary information and detailed information about SERS’ fiduciary net position.  That report can be obtained by visiting the SERS website at www.ohsers.org under Employers/Audit Resources.

Age and service requirements for retirement are as follows:

	Eligible to
Retire on or before	Eligible to
Retire after	
	 	August 1, 2017 * 		 	August 1, 2017 		

Full benefits	
Any age with 30 years of service credit	
Age 67 with 10 years of service credit; or	
		Age 57 with 30 years of service credit	

Actuarially reduced benefits	
Age 60 with 5 years of service credit	
Age 62 with 10 years of service credit; or	
	Age 55 with 25 years of service credit	Age 60 with 25 years of service credit	
*  Members with 25 years of service credit as of August 1, 2017, will be included in this plan.

Annual retirement benefits are calculated based on final average salary multiplied by a percentage that varies based on years of service; 2.2 percent for the first thirty years of service and 2.5 percent for years of service credit over 30.  Final average salary is the average of the highest three years of salary.

One year after an effective benefit date, a benefit recipient is entitled to a three percent cost-of-living adjustment (COLA).  This same COLA is added each year to the base benefit amount on the anniversary date of the benefit.

Funding Policy - Plan members are required to contribute 10 percent of their annual covered salary and the District is required to contribute 14 percent of annual covered payroll.  The contribution requirements of plan members and employers are established and may be amended by the SERS’ Retirement Board up to statutory  maximum  amounts  of  10  percent  for  plan  members  and  14  percent  for  employers.    The Retirement Board, acting with the advice of the actuary, allocates the employer contribution rate among four of the System’s funds (Pension Trust Fund, Death Benefit Fund, Medicare B Fund, and Health Care Fund).  For the fiscal year ended June 30, 2018, the allocation to pension, death benefits, and Medicare B was 13.5 percent.  The remaining 0.5 percent of the employer contribution rate was allocated to the Health Care Fund.

The District’s contractually required contribution to SERS was $1,597,213 for fiscal year 2018.  Of this amount, $104,994 is reported as pension and postemployment benefits payable.

Plan Description - State Teachers Retirement System (STRS)

Plan Description - Licensed teachers participate in STRS Ohio, a cost-sharing multiple-employer public employee retirement system administered by STRS.  STRS provides retirement and disability benefits to members and death and survivor benefits to beneficiaries.  STRS issues a stand-alone financial report that includes financial statements, required supplementary information and detailed information about STRS’ fiduciary net position.  That report can be obtained by writing to STRS, 275 E. Broad St., Columbus, OH
43215-3771, by calling (888) 227-7877, or by visiting the STRS website at www.strsoh.org.

New  members  have  a  choice  of  three  retirement  plans;  a  Defined  Benefit  (DB)  Plan,  a  Defined
Contribution (DC) Plan and a Combined Plan.   Benefits are established by Ohio Revised Code Chapter
3307.  The DB Plan offers an annual retirement allowance based on final average salary multiplied by a percentage that varies based on years of service.   Effective August 1, 2015, the calculation will be 2.2
percent of final average salary for the five highest years of earnings multiplied by all years of service.
Effective July 1, 2017, the cost-of-living adjustment was reduced to zero.  Members are eligible to retire at age 60 with five years of qualifying service credit, or age 55 with 26 years of service, or 31 years of service regardless of age.  Eligibility changes will be phased in until August 1, 2026, when retirement eligibility for unreduced benefits will be five years of service credit and age 65, or 35 years of service credit and at least age 60.

The DC Plan allows members to place all their member contributions and 9.5 percent of the 14 percent employer contributions into an investment account.  Investment allocation decisions are determined by the member.  The remaining 4.5 percent of the 14 percent employer rate is allocated to the defined benefit unfunded liability.  A member is eligible to receive a retirement benefit at age 50 and termination of employment.  The member may elect to receive a lifetime monthly annuity or a lump sum withdrawal.

The Combined Plan offers features of both the DB Plan and the DC Plan.   In the Combined Plan, 12 percent of the 14 percent member rate goes to the DC Plan and the remaining 2 percent is applied to the DB Plan.  Member contributions to the DC Plan are allocated among investment choices by the member, and contributions to the DB Plan from the employer and the member are used to fund the defined benefit payment at a reduced level from the regular DB Plan.  The defined benefit portion of the Combined Plan payment is payable to a member on or after age 60 with five years of service.  The defined contribution portion of the account may be taken as a lump sum payment or converted to a lifetime monthly annuity after termination of employment at age 50 or later.

New members who choose the DC Plan or Combined Plan will have another opportunity to reselect a permanent plan during their fifth year of membership.  Members may remain in the same plan or transfer to another STRS plan.  The optional annuitization of a member’s defined contribution account or the defined contribution portion of a member’s Combined Plan account to a lifetime benefit results in STRS bearing the risk of investment gain or loss on the account.  STRS has therefore included all three plan options as one defined benefit plan for GASB 68 reporting purposes.

A DB or Combined Plan member with five or more years of credited service who is determined to be disabled may qualify for a disability benefit.  Eligible survivors of members who die before service retirement may qualify for monthly benefits.  New members on or after July 1, 2013, must have at least ten years of qualifying service credit that apply for disability benefits.  Members in the DC Plan who become disabled are entitled only to their account balance.  If a member of the DC Plan dies before retirement benefits begin, the member’s designated beneficiary is entitled to receive the member’s account balance.

Funding Policy - Employer and member contribution rates are established by the State Teachers Retirement Board and limited by Chapter 3307 of the Ohio Revised Code.  For fiscal year 2018, plan members were required to contribute 14 percent of their annual covered salary.  The District was required to contribute 14 percent; the entire 14 percent was the portion used to fund pension obligations.  The fiscal year 2018 contribution rates were equal to the statutory maximum rates.

The District’s contractually required contribution to STRS was $5,725,940 for fiscal year 2018.  Of this amount, $1,030,832 is reported as pension and postemployment benefits payable.

Net Pension Liability

The net pension liability was measured as of June 30, 2017, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The District's proportion of the net pension liability was based on the District's share of contributions to the pension plan relative to the  projected  contributions  of  all  participating  entities.     Following  is  information  related  to  the proportionate share and pension expense:

Proportion of the net pension

 	SERS 		 	STRS 		 	Total 	

liability prior measurement date	0.36520450%	0.35506133% Proportion of the net pension
liability current measurement date	 0.35483890%		0.35441674% Change in proportionate share	-0.01036560%	-0.00064459%
Proportionate share of the net

pension liability
Pension expense

$   21,200,840
$	(1,189,725)

$   84,192,456
$  (32,407,469)

$  105,393,296
$   (33,597,194)

At June 30, 2018, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred outflows of resources
Differences between expected and

SERS	STRS	Total

actual experience

$	912,409

$	3,251,117

$	4,163,526

Changes of assumptions	1,096,312	18,413,815	19,510,127
Difference between District contributions and proportionate share of contributions/
change in proportionate share	-	412,790	412,790
District contributions subsequent to the
measurement date	   1,597,213	 	5,725,940	 	7,323,153

Total deferred outflows of resources

$  3,605,934

$  27,803,662

$  31,409,596

Deferred inflows of resources
Differences between expected and

SERS	STRS	Total

actual experience
Net difference between projected and

$	-	$

678,558

$	678,558

actual earnings on pension plan investments	100,639	2,778,451	2,879,090
Difference between District contributions and proportionate share of contributions/
change in proportionate share	   838,794	 	108,264	 	947,058

Total deferred inflows of resources

$  939,433

$  3,565,273

$  4,504,706

$7,323,153  reported  as  deferred  outflows  of  resources  related  to  pension  resulting  from  District contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2019.  Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pension will be recognized in pension expense as follows:

Fiscal Year Ending June 30:

SERS 	STRS 	Total

2019	$ 	423,636		$ 	3,890,130		$ 	4,313,766	
2020	957,127		7,669,774		8,626,901	
2021	182,762		5,499,151		5,681,913	
2022	(494,235)		1,453,394		959,159	
2020	(2)		-		(2)	

Total

$ 	1,069,288

$ 	18,512,449

$ 	19,581,737

Actuarial Assumptions - SERS

SERS’ total pension liability was determined by their actuaries in accordance with GASB Statement No.
67, as part of their annual actuarial valuation for each defined benefit retirement plan.  Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts (e.g., salaries, credited service) and assumptions about the probability of occurrence of events far into the future (e.g., mortality, disabilities,
retirements, employment termination).  Actuarially determined amounts are subject to continual review and
potential modifications, as actual results are compared with past expectations and new estimates are made about the future.

Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employers and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing benefit costs between the employers and plan members to that point.  The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations.

Actuarial calculations reflect a long-term perspective.  For a newly hired employee, actuarial calculations will take into account the employee’s entire career with the employer and also take into consideration the benefits, if any, paid to the employee after termination of employment until the death of the employee and any applicable contingent annuitant.  In many cases actuarial calculations reflect several decades of service with the employer and the payment of benefits after termination.

Key methods and assumptions used in calculating the total pension liability in the latest actuarial valuation, prepared as of June 30, 2017, are presented below:

Wage inflation                                                                                                     3.00 percent
Future s alary increas es , including inflation                                      3.50 percent  to 18.20 percent
COLA  or ad hoc COLA                                                                                      2.50 percent
Inves tment rate of return                                         7.50 percent  net of inves tments  expens e, including inflation
Actuarial cos t method                                                             Entry age normal (level percent  of payroll)

Prior to 2017, an assumption of 3 percent was used for COLA or Ad Hoc COLA.

For  2017,  the  mortality  rates  were  based  on  the  RP-2014  Blue  Collar  Mortality  Table  with  fully generational projection and a five-year age set-back for both males and females.  Mortality among service retired members, and beneficiaries were based upon the RP-2014 Blue Collar Mortality Table with fully generational  projection  with  Scale  BB,  120  percent  of  male  rates,  and  110  percent  of  female  rates. Mortality among disabled members was based upon the RP-2000 Disabled Mortality Table, 90 percent for male rates and 100 percent for female rates, set back five years is used for the period after disability retirement.

The most recent experience study was completed for the five year period ended June 30, 2015.

The long-term return expectation for the Pension Plan Investments has been determined using a building- block approach and assumes a time horizon, as defined in SERS’ Statement of Investment Policy.  A forecasted rate of inflation serves as the baseline for the return expectation.  Various real return premiums over the baseline inflation rate have been established for each asset class.  The long-term expected nominal rate of return has been determined by calculating a weighted average of the expected real return premiums for each asset class, adding the projected inflation rate, and adding the expected return from rebalancing uncorrelated asset classes.

The target allocation and best estimates of arithmetic real rates of return for each major assets class are summarized in the following table:

Target
As s et Clas s 	Allocation

Long Term Expected
Real Rate of Return

Cas h 		1.00   % 	0.50   % US Equity 	22.50 	4.75
International Equity 	22.50 	7.00
Fixed Income 	19.00 	1.50
Private Equity 	10.00 	8.00
Real As s ets 	15.00 	5.00
Multi-As s et Strategies 	10.00 	3.00

Total 	100.00   %

Discount Rate - The total pension liability was calculated using the discount rate of 7.50 percent.  The projection of cash flows used to determine the discount rate assumed the contributions from employers and from the members would be computed based on contribution requirements as stipulated by State statute. Projected inflows from investment earning were calculated using the long-term assumed investment rate of return (7.50 percent).  Based on those assumptions, the plan’s fiduciary net position was projected to be available to make all future benefit payments of current plan members.  Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefits to determine the total pension liability.

Sensitivity of the District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - Net pension liability is sensitive to changes in the discount rate, and to illustrate the potential impact the following table presents the net pension liability calculated using the discount rate of 7.50 percent, as well as what each plan’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower (6.50 percent), or one percentage point higher (8.50 percent) than the current rate.

District's proportionate share

1% Decrease	Discount Rate	1% Increase
(6.50%)	(7.50%)	(8.50%)

of the net pension liability

$  29,421,257	$

21,200,840

$  14,314,565

Actuarial Assumptions - STRS Ohio

Key methods and assumptions used in the latest actuarial valuation, reflecting experience study results used in the July 1, 2017, actuarial valuation, compared with July 1, 2016 are presented below:

July 1, 2017 	July 1, 2016

Inflation	
2.50 percent		
2.75 percent	
Projected  s alary increas es	12.50 percent at age 20 to		12.25 percent at age 20 to	
	2.50 percent at age 65		2.75 percent at age 70	
Inves tment rate of return	7.45 percent, net of inves tment		7.75 percent, net of inves tment	
	expens es , including  inflation		expens es , including  inflation	
Payroll increas es	3 percent		3.5 percent	
Cos t-of-living  adjus tments	0.0 percent, effective  July 1, 2017		2 percent s imple applied as follows :	
(COLA)			for members  retiring before	
			Augus t 1, 2013, 2 percent per year;	
			for members  retiring  Augus t 1, 2013,	
			or later, 2 percent COLA commences	
			on fifth annivers ary of retirement  date.	

For the July 1, 2017, actuarial valuation, post-retirement mortality rates for healthy retirees are based on the RP-2014 Annuitant Mortality Table with 50 percent of rates through age 69, 70 percent of rates between ages 70 and 79, 90 percent of rates between ages 80 and 84, and 100 percent of rates thereafter, projected forward generationally using mortality improvement scale MP-2016.  Post-retirement disabled mortality rates are based on the RP-2014 Disabled Mortality Table with 90 percent of rates for males and 100 percent of rates for females, projected forward generationally using mortality improvement scale MP-2016.  Pre- retirement mortality rates are based on RP-2014 Employee Mortality Table, projected forward generationally using mortality improvement scale MP-2016.

For the July 1, 2016 actuarial valuation, mortality rates were based on the RP-2000 Combined Mortality Table (Projection 2022—Scale AA) for Males and Females.  Males’ ages are set-back two years through age 89 and no set-back for age 90 and above.  Females younger than age 80 are set back four years, one year set back from age 80 through 89, and no set back from age 90 and above.

Actuarial assumptions used in the July 1 2017, valuation are based on the results of an actuarial experience study for the period July 1, 2011 through June 30, 2016.  Actuarial assumptions used in the June 30, 2016, valuation are based on the results of an actuarial experience study, effective July 1, 2012.

STRS Ohio’s investment consultant develops an estimate range for the investment return assumption based on the target allocation adopted by the Retirement Board.  The target allocation and long-term expected rate of return for each major asset class are summarized as follows:

Target
As s et Clas s 	Allocation

Long Term Expected
Real Rate of Return *

Domes tic Equity 	28.00   % 	7.35   % International Equity 	23.00 	7.55
Alternatives 	17.00 	7.09
Fixed Income 	21.00 	3.00
Real Es tate 	10.00 	6.00
Liquidity  Res erves 	1.00 	2.25

Total 	100.00   %

*10-Year geometric nominal returns, which include the real rate of return and inflation of 2.25% and does not include investment expenses.  Over a 30-year period, STRS’ investment consultant indicates that the above target allocations should generate a return above the actuarial rate of return, without net value added by management.

Discount Rate - The discount rate used to measure the total pension liability was 7.45 percent as of June
30, 2017.  The discount rate used to measure the total pension liability was 7.75 percent as of June 30,
2016.  The projection of cash flows used to determine the discount rate assumes member and employer contributions will be made at the statutory contribution rates in accordance with rate increases described above.   For this purpose, only employer contributions that are intended to fund benefits of current plan
members and their beneficiaries are included.  Projected employer contributions that are intended to fund
the service costs of future plan members and their beneficiaries, as well as projected contributions from future plan members, are not included.  Based on those assumptions, STRS’ fiduciary net position was projected to be available to make all projected future benefit payments to current plan members as of June
30, 2017.  Therefore, the long-term expected rate of return on pension plan investments of 7.45 percent was applied to all periods of projected benefit payment to determine the total pension liability as of June 30,
2017.

Sensitivity of the District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The following table presents the District's proportionate share of the net pension liability calculated using  the  current  period  discount  rate  assumption  of  7.45  percent,  as  well  as  what  the  District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is one-percentage-point lower (6.45 percent) or one-percentage-point higher (8.45 percent) than the current rate:

District's proportionate share

1% Decrease	Discount Rate	1% Increase
(6.45%)	(7.45%)	(8.45%)

of the net pension liability

$   120,687,021	$

84,192,456

$  53,451,256

NOTE 12 - DEFINED BENEFIT OPEB PLANS

Net OPEB Liability

The net OPEB liability reported on the statement of net position represents a liability to employees for OPEB. OPEB is a component of exchange transactions-–between an employer and its employees—of salaries and benefits for employee services.  OPEB are provided to an employee—on a deferred-payment basis—as part of the total compensation package offered by an employer for employee services each financial period.  The obligation to sacrifice resources for OPEB is a present obligation because it was created as a result of employment exchanges that already have occurred.

The  net  OPEB  liability  represents  the  District’s  proportionate  share  of  each  OPEB  plan’s  collective actuarial present value of projected benefit payments attributable to past periods of service, net of each OPEB plan’s fiduciary net position.  The net OPEB liability calculation is dependent on critical long-term variables,  including  estimated  average  life  expectancies,  earnings  on  investments,  cost  of  living adjustments and others.   While these estimates use the best information available, unknowable future events require adjusting these estimates annually.

The Ohio Revised Code limits the District’s obligation for this liability to annually required payments. The District cannot control benefit terms or the manner in which OPEB are financed; however, the District does receive the benefit of employees’ services in exchange for compensation including OPEB.

GASB  75  assumes  the  liability  is  solely  the  obligation  of  the  employer,  because  they  benefit  from employee services.  OPEB contributions come from these employers and health care plan enrollees which pay a portion of the health care costs in the form of a monthly premium.  The Ohio Revised Code permits, but does not require the retirement systems to provide healthcare to eligible benefit recipients. Any change to benefits or funding could significantly affect the net OPEB liability. Resulting adjustments to the net OPEB liability would be effective when the changes are legally enforceable. The retirement systems may allocate a portion of the employer contributions to provide for these OPEB benefits.

The proportionate share of each plan’s unfunded benefits is presented as a long-term net OPEB liability on the accrual basis of accounting.  Any liability for the contractually-required OPEB contribution outstanding at the end of the year is included in pension and postemployment benefits payable on both the accrual and modified accrual bases of accounting.

Plan Description - School Employees Retirement System (SERS)

Health Care Plan Description - The District contributes to the SERS Health Care Fund, administered by SERS for non-certificated retirees and their beneficiaries.  For GASB 75 purposes, this plan is considered a cost-sharing other postemployment benefit (OPEB) plan.  SERS’ Health Care Plan provides healthcare benefits to eligible individuals receiving retirement, disability, and survivor benefits, and to their eligible dependents. Members who retire after June 1, 1986, need 10 years of service credit, exclusive of most types of purchased credit, to qualify to participate in SERS’ health care coverage. In addition to age and service retirees, disability benefit recipients and beneficiaries who are receiving monthly benefits due to the death of a member or retiree, are eligible for SERS’ health care coverage. Most retirees and dependents choosing SERS’ health care coverage are over the age of 65 and therefore enrolled in a fully insured Medicare Advantage plan; however, SERS maintains a traditional, self-insured preferred provider organization for its non-Medicare retiree population. For both groups, SERS offers a self-insured prescription drug program. Health care is a benefit that is permitted, not mandated, by statute.  The financial report of the Plan is included in the SERS Comprehensive Annual Financial Report which can be obtained on SERS’ website at www.ohsers.org under Employers/Audit Resources.

Access to health care for retirees and beneficiaries is permitted in accordance with Section 3309 of the Ohio Revised Code. The Health Care Fund was established and is administered in accordance with Internal Revenue Code Section 105(e). SERS’ Retirement Board reserves the right to change or discontinue any health plan or program. Active employee members do not contribute to the Health Care Plan.  The SERS Retirement Board established the rules for the premiums paid by the retirees for health care coverage for themselves and their dependents or for their surviving beneficiaries.  Premiums vary depending on the plan selected, qualified years of service, Medicare eligibility, and retirement status.

Funding  Policy  -  State  statute  permits  SERS  to  fund  the  health  care  benefits  through  employer contributions.  Each year, after the allocation for statutorily required pensions and benefits, the Retirement Board may allocate the remainder of the employer contribution of 14 percent of covered payroll to the Health Care Fund in accordance with the funding policy. For fiscal year 2018, .5 percent of covered payroll was made to health care. An additional health care surcharge on employers is collected for employees earning less than an actuarially determined minimum compensation amount, pro-rated if less than a full year of service credit was earned. For fiscal year 2018, this amount was $23,700. Statutes provide that no employer shall pay a health care surcharge greater than 2 percent of that employer’s SERS-covered payroll; nor may SERS collect in aggregate more than 1.5 percent of the total statewide SERS-covered payroll for the health care surcharge.  For fiscal year 2018, the District’s surcharge obligation was $197,297.

The surcharge added to the allocated portion of the 14 percent employer contribution rate is the total amount assigned to the Health Care Fund.  The District’s contractually required contribution to SERS was
$256,453 for fiscal year 2018.    Of this amount, $201,186 is reported as pension and postemployment benefits payable.

Plan Description - State Teachers Retirement System (STRS)

Plan Description – The State Teachers Retirement System of Ohio (STRS) administers a cost-sharing Health Plan administered for eligible retirees who participated in the defined benefit or combined pension plans offered by STRS.   Ohio law authorizes STRS to offer this plan.   Benefits include hospitalization, physicians’ fees, prescription drugs and partial reimbursement of monthly Medicare Part B premiums. Medicare Part B premium reimbursements will be discontinued effective January 1, 2020.  The Plan is included in the report of STRS which can be obtained by visiting www.strsoh.org or by calling (888) 227-
7877.

Funding Policy – Ohio Revised Code Chapter 3307 authorizes STRS to offer the Plan and gives the Retirement Board discretionary authority over how much, if any, of the health care costs will be absorbed by STRS.  Active employee members do not contribute to the Health Care Plan.  Nearly all health care plan enrollees, for the most recent year, pay a portion of the health care costs in the form of a monthly premium. Under Ohio law, funding for post-employment health care may be deducted from employer contributions, currently 14 percent of covered payroll.  For the fiscal year ended June 30, 2018, STRS did not allocate any employer contributions to post-employment health care.

Net OPEB Liability

The net OPEB liability was measured as of June 30, 2017, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of that date. The District's proportion of the net OPEB liability was based on the District's share of contributions to the respective retirement systems relative to the contributions of all participating entities.   Following is information related to the proportionate share and OPEB expense:

Proportion of the net OPEB

 	SERS 		 	STRS 		 	Total 	

liability prior measurement date	0.36989523%	0.35506133% Proportion of the net OPEB
liability current measurement date	 0.36095660%		0.35441674% Change in proportionate share	-0.00893863%	-0.00064459%
Proportionate share of the net

OPEB liability
OPEB expense

$	9,687,127
$	501,267

$   13,828,033
$	(4,224,495)

$   23,515,160
$	(3,723,228)

At June 30, 2018, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Deferred outflows of resources
Differences between expected and

SERS	STRS	Total

actual experience
District contributions subsequent to the

$	-	$

798,240

$	798,240

measurement date	 	256,453	 	-	 	256,453

Total deferred outflows of resources

$	256,453

$	798,240

$  1,054,693

Deferred inflows of resources
Net difference between projected and

SERS	STRS	Total

actual earnings on pension plan investments

$	25,582

$	591,042

616,624

Changes of assumptions	919,258	1,113,894	2,033,152
Difference between District contributions and proportionate share of contributions/
change in proportionate share	 	211,895	 	29,548	 	241,443

Total deferred inflows of resources

$   1,156,735

$   1,734,484

$  2,891,219

$256,453 reported as deferred outflows of resources related to OPEB resulting from District contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in the year ending June 30, 2019.  Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Fiscal Year Ending June 30:

SERS	STRS	Total

2019	$	(416,234)		$	(205,295)		$	(621,529)	
2020	(416,234)		(205,295)		(621,529)	
2021	(317,870)		(205,295)		(523,165)	
2022	(6,395)		(205,293)		(211,688)	
2023	(2)		(57,534)		(57,536)	
Thereafter	-		(57,532)		(57,532)	

Total	
$	(1,156,735)		
$	(936,244)		
$	(2,092,979)	

Actuarial Assumptions - SERS						

The total OPEB liability is determined by SERS’ actuaries in accordance with GASB Statement No. 74, as part of their annual actuarial valuation for each retirement plan. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts (e.g., salaries, credited service) and assumptions about the probability of occurrence of events far into the future (e.g., mortality, disabilities, retirements, employment terminations). Actuarially determined amounts are subject to continual review and potential modifications, as actual results are compared with past expectations and new estimates are made about the future.

Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employers and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing benefit costs between the employers and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations.

Actuarial calculations reflect a long-term perspective. For a newly hired employee, actuarial calculations will take into account the employee's entire career with the employer and also take into consideration the benefits, if any, paid to the employee after termination of employment until the death of the employee and any applicable contingent annuitant. In many cases, actuarial calculations reflect several decades of service with the employer and the payment of benefits after termination.

Key methods and assumptions used in calculating the total OPEB liability in the latest actuarial valuation date of June 30, 2017, are presented below:

Wage inflation 	3.00 percent
Future s alary increas es , including  inflation 	3.50 percent to 18.20 percent
Inves tment rate of return 	7.50 percent net of inves tments expens e, including  inflation
Municipal bond index rate:
Meas urement  date 	3.56 percent
Prior meas urement  date 	2.92 percent
Single equivalent  interes t rate, net of plan inves tment expens e, including  price inflation:
Meas urement  date 	3.63 percent
Prior meas urement  date 	2.98 percent
Medical trend as s umption:
Medicare 	5.50 to 5.00 percent
Pre-Medicare	7.50 to 5.00 percent

Mortality rates were based on the RP-2014 Blue Collar Mortality Table with fully generational projection and Scale BB, 120 percent of male rates and 110 percent of female rates. RP-2000 Disabled Mortality Table with 90 percent for male rates and 100 percent for female rates set back five years.

The most recent experience study was completed for the five year period ended June 30, 2015.

The  long-term  expected  rate  of  return  on  plan  assets  is  reviewed  as  part  of  the  actuarial  five-year experience study. The most recent study covers fiscal years 2010 through 2015, and was adopted by the Board  on  April  21,  2016.  Several  factors  are  considered  in  evaluating  the  long-term  rate  of  return assumption including long-term historical data, estimates inherent in current market data, and a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return were developed by the investment consultant for each major asset class. These ranges were combined to produce the long-term expected rate of return, 7.50 percent, by weighting the expected future real rates of return by the target asset allocation percentage and then adding expected inflation. The capital market assumptions developed by the investment consultant are intended for use over a 10-year horizon and may not be useful in setting the long- term rate of return for funding pension plans which covers a longer timeframe. The assumption is intended to be a long-term assumption and is not expected to change absent a significant change in the asset allocation, a change in the inflation assumption, or a fundamental change in the market that alters expected returns in future years.

The target asset allocation and best estimates of arithmetic real rates of return for each major asset class, as used in the June 30, 2015 five-year experience study, are summarized as follows:

Target
As s et Clas s 	Allocation

Long-Term Expected
Real Rate of Return

Cas h 	  1.00   % 	0.50   % US Stocks 	22.50 	4.75
Non-US Stocks 	22.50 	7.00
Fixed Income 	19.00 	1.50
Private Equity 	10.00 	8.00
Real As s ets 	15.00 	5.00
Multi-As s et Strategies 	10.00 	3.00

Total 	100.00   %

Discount Rate - The discount rate used to measure the total OPEB liability at June 30, 2017 was 3.63 percent. The discount rate used to measure total OPEB liability prior to June 30, 2017 was 2.98 percent. The projection of cash flows used to determine the discount rate assumed that contributions will be made from members and the System at the state statute contribution rate of 2.00 percent of projected covered employee payroll each year, which includes a 1.50 percent payroll surcharge and 0.50 percent of contributions from the basic benefits plan. Based on these assumptions, the OPEB plan’s fiduciary net position was projected to become insufficient to make future benefit payments during the fiscal year ending June 30, 2025. Therefore, the long-term expected rate of return on OPEB plan assets was used to present value the projected benefit payments through the fiscal year ending June 30, 2024 and the Fidelity General Obligation 20-year Municipal Bond Index rate of 3.56 percent, as of June 30, 2017 (i.e. municipal bond rate), was used to present value the projected benefit payments for the remaining years in the projection. The total present value of projected benefit payments from all years was then used to determine the single rate of return that was used as the discount rate. The projection of future benefit payments for all current plan members was until the benefit payments ran out.

Sensitivity of the District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate and Changes in the Health Care Cost Trend Rates - The net OPEB liability is sensitive to changes in the discount rate and the health care cost trend rate. The following table presents the net OPEB liability of SERS, what SERS' net OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower (2.63%) and higher (4.63%) than the current discount rate (3.63%).  Also shown is what SERS' net OPEB liability would be based on health care cost trend rates that are 1 percentage point lower (6.5% decreasing to 4.0%) and higher (8.5% decreasing to 6.0%) than the current rate.

District's proportionate share

1% Decrease	Discount Rate	1% Increase
 	(2.63%) 	   	(3.63%) 	   	(4.63%) 	

of the net OPEB liability

$	11,698,439	$

9,687,127	$

8,093,654

1% Decrease	Trend Rate	1% Increase	
(6.5 % decreasing	(7.5 % decreasing	(8.5 % decreasing	
 	to 4.0 %) 		 	to 5.0 %) 		 	to 6.0 %) 		

District's proportionate share
of the net OPEB liability

$	7,860,377	$

9,687,127	$

12,104,861

Actuarial Assumptions - STRS

Key methods and assumptions used in the latest actuarial valuation, reflecting experience study results used in the June 30, 2017, actuarial valuation are presented below:

Inflation                                                        2.50 percent
Projected s alary  increas es                               12.50  percent at age 20 to
2.50 percent at age 65
Inves tment  rate of return 	7.45 percent, net of inves tment expens es , including inflation
Payroll increas es                                                3 percent
Cos t-of-living adjus tments 	0.0 percent, effective July  1, 2017 (COLA)
Blended dis count  rate of return                   4.13 percent
Health care cos t trends                                6 to 11 percent initial, 4.5 percent ultimate

Projections of benefits include the historical pattern of sharing benefit costs between the employers and retired plan members.

For healthy retirees the mortality rates are based on the RP-2014 Annuitant Mortality Table with 50 percent of rates through age 69, 70 percent of rates between ages 70 and 79, 90 percent of rates between ages 80 and 84, and 100 percent of rates thereafter, projected forward generationally using mortality improvement scale MP-2016. For disabled retirees, mortality rates are based on the RP-2014 Disabled Mortality Table with 90 percent of rates for males and 100 percent of rates for females, projected forward generationally using mortality improvement scale MP-2016.

Actuarial  assumptions  used  in  the  June  30,  2017,  valuation  are  based  on  the  results  of  an  actuarial experience study for the period July 1, 2011 through June 30, 2016.

Since the prior measurement date, the discount rate was increased from 3.26 percent to 4.13 percent based on the methodology defined under GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (OPEB) and the long term expected rate of return was reduced from 7.75 percent to 7.45 percent. Valuation year per capita health care costs were updated, and the salary scale was modified. The percentage of future retirees electing each option was updated based on current data and the percentage of future disabled retirees and terminated vested participants electing health coverage were decreased. The assumed mortality, disability, retirement, withdrawal and future health care cost trend rates were modified along with the portion of rebated prescription drug costs.

Also since the prior measurement date, the subsidy multiplier for non-Medicare benefit recipients was reduced from 2.1 percent to 1.9 percent per year of service. Medicare Part B premium reimbursements were discontinued for certain survivors and beneficiaries and all remaining Medicare Part B premium reimbursements will be discontinued beginning January 2019.   Subsequent to the current measurement date, the date for discontinuing remaining Medicare Part B premium reimbursements was extended to January 2020.

STRS’ investment consultant develops an estimate range for the investment return assumption based on the target allocation adopted by the Retirement Board.  The target allocation and long-term expected rate of return for each major asset class are summarized as follows:

Target
As s et Clas s 	Allocation

Long Term Expected
Real Rate of Return *

Domes tic Equity 	28.00   % 	7.35   % International Equity 	23.00 	7.55
Alternatives 	17.00 	7.09
Fixed Income 	21.00 	3.00
Real Es tate 	10.00 	6.00
Liquidity  Res erves 	1.00 	2.25

Total 	100.00   %

*10-Year geometric nominal returns, which include the real rate of return and inflation of 2.25% and does not include investment expenses.  Over a 30-year period, STRS’ investment consultant indicates that the above target allocations should generate a return above the actuarial rate of return, without net value added by management.

Discount Rate - The discount rate used to measure the total OPEB liability was 4.13 percent as of June 30,
2017. The projection of cash flows used to determine the discount rate assumes STRS Ohio continues to allocate no employer contributions to the health care fund. Based on these assumptions, the OPEB plan’s fiduciary net position was not projected to be sufficient to make all projected future benefit payments of
current plan members. The OPEB plan’s fiduciary net position was projected to become insufficient to
make future benefit payments during the fiscal year ending June 30, 2037.  Therefore, the long-term expected rate of return on OPEB plan assets was used to determine the present value of the projected benefit payments through the fiscal year ending June 30, 2036 and the Bond Buyer 20-year municipal bond rate of 3.58 percent as of June 30, 2017 (i.e. municipal bond rate), was used to determine the present value of the projected benefit payments for the remaining years in the projection.  The total present value of projected benefit payments from all years was then used to determine the single rate of return that was used as the discount rate. The blended discount rate of 4.13 percent, which represents the long-term expected rate of return of 7.45 percent for the funded benefit payments and the Bond Buyer 20-year municipal bond rate of 3.58 percent for the unfunded benefit payments, was used to measure the total OPEB liability as of June 30, 2017.  A blended discount rate of 3.26 percent which represents the long term expected rate of return of 7.75 percent for the funded benefit payments and the Bond Buyer 20-year municipal bond rate of
2.85 percent for the unfunded benefit payments was used to measure the total OPEB liability at June 30,
2016.

Sensitivity of the District's Proportionate Share of the Net OPEB Liability to Changes in the Discount and Health Care Cost Trend Rate - The following table represents the net OPEB liability as of June 30,
2017, calculated using the current period discount rate assumption of 4.13 percent, as well as what the net
OPEB liability would be if it were calculated using a discount rate that is one percentage point lower (3.13 percent) or one percentage point higher (5.13 percent) than the current assumption.  Also shown is the net OPEB liability as if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current health care cost trend rates.

	Current		
1% Decrease	Discount Rate	1% Increase	
 	(3.13%) 		 	(4.13%) 		 	(5.13%) 		

District's proportionate share
of the net OPEB liability

$	18,563,913

$	13,828,033

$	10,085,141

District's proportionate share

Current
   1% Decrease            Trend Rate             1% Increase 	

of the net OPEB liability

$ 	9,607,125

$ 	13,828,033

$ 	19,383,243

NOTE 13 - STATUTORY RESERVES

The District is required by State law to annually set-aside certain general fund revenue amounts, as defined by statutory formula, for the acquisition and construction of capital improvements.  Amounts not spent by the end of the fiscal year or offset by similarly restricted resources received during the year must be held in cash at fiscal year-end.  This amount must be carried forward to be used for the same purpose in future years.  Expenditures exceeding the set-aside requirement may not be carried forward to the next fiscal year.

The following cash-basis information describes the change in the fiscal year-end set-aside amount for capital improvements.  Disclosure of this information is required by State statute.

Capital
Improvements

Set-aside balance June 30, 2017	$	-

Current year set-aside requirement	1,339,375
Current year qualifying expenditures		(896,576) Current year offsets	 	(442,799)

Total	$	-

Balance carried forward to fiscal year 2019	$	-

Set-aside balance June 30, 2018	$	-

NOTE 14 - CONTINGENCIES A.   Grants
The District receives significant financial assistance from numerous federal, State and local agencies in the form of grants.  The disbursement of funds received under these programs generally requires compliance with terms and conditions specified in the grant agreements and are subject to audit by the grantor agencies.  Any disallowed claims resulting from such audits could become a liability of the District.  However, in the opinion of management, any such disallowed claims will not have a material effect on the financial position of the District.

B.   Litigation

The District is not involved in material litigation as either plaintiff or defendant that management believes would have a material adverse effect on the financial statements.

C.   Foundation Funding

School district foundation funding is based on the annualized full-time equivalent (FTE) enrollment of each student. The Ohio Department of Education (ODE) is legislatively required to adjust/reconcile funding as enrollment information is updated by schools throughout the State, which can extend past the fiscal year end.  As of the date of this report, additional ODE adjustments for fiscal year 2018 are not finalized. As a result, the impact of future FTE adjustments on the fiscal year 2018 financial statements  is  not  determinable,  at  this  time.  Management  believes  this  may  result  in  either  an additional receivable to, or a liability of, the District.

NOTE 15 - OTHER COMMITMENTS

The District utilizes encumbrance accounting as part of its budgetary controls. Encumbrances outstanding at year end may be reported as part of restricted, committed, or assigned classifications of fund balance to the extent fund balance is available.  For the general fund, fund balance is not reported as assigned for encumbrances as unassigned fund balance is negative.   At year end, the District’s commitments for encumbrances (less amounts already reported as payables) in the governmental funds were as follows:

Year-End
Fund	Encumbrances

General fund

$	58,605

Nonmajor governmental	 	797,031

Total

$	855,636

NOTE 16 - LEASE-PURCHASE AGREEMENT

On March 31, 2017, the District entered into a $2,850,000 lease-purchase agreement with U.S. Bancorp Government Leasing and Finance, Inc. to finance the acquisition of boilers, chillers, and an HVAC unit. The source of revenue to fund the principal and interest payments will be derived from general operating revenues of the District.

NOTE 16 - LEASE-PURCHASE AGREEMENT - (Continued)

As of June 30, 2018, the District expended $2,804,378 of the available $2,850,000.  The remaining $45,622 is recorded as cash with escrow agent and will be used in fiscal year 2019 to complete the construction project.

Lease-purchase payments are reported as function expenditures on a budgetary basis.   However, on a GAAP basis, these payments have been reclassified and are reported as debt service expenditures in the permanent improvement fund (a nonmajor governmental fund).  During fiscal year 2018, the District made
$252,526 and $75,810 in principal and interest payments, respectively, on the lease-purchase agreement.

A liability in the amount of the present value of minimum lease payments has been recorded on the statement of net position.  Capital assets consisting of vehicles and equipment have been capitalized to the extent the capital assets acquired exceeded the District’s capitalization threshold.  At June 30, 2018, capital assets in the amount of $2,804,378 have been capitalized under buildings and improvements.

The following is a schedule of the future minimum lease payments required under the lease-purchase agreement and the present value of the future minimum lease payments as of June 30, 2018:

Fiscal Year Ending June 30,	  Amount 	

2019	$ 	328,336	
2020	328,335	
2021	328,336	
2022	328,335	
2023	328,335	
2024 - 2027	     1,313,342	
Total minimum lease payments	2,955,019	
Less: amount  representing interest	 	(357,545)	
Total	$ 	2,597,474	

NOTE 17 - TAX ABATEMENTS ENTERED INTO BY OTHER GOVERNMENTS

Other governments have entered into property tax abatement agreements with property owners under the Ohio Community Reinvestment Area (“CRA”) program within taxing districts of the District.  The CRA program is a direct incentive tax exemption program benefiting property owners who renovate existing buildings or construct new buildings.  Under this program, the other governments have designated areas to encourage revitalization of the existing structures and the development of new structures.

NOTE 17 - TAX ABATEMENTS ENTERED INTO BY OTHER GOVERNMENTS - (Continued)

The District has incurred a reduction in property tax receipts due to agreements entered into by other governments.  During fiscal year 2018, the District’s property tax receipts were reduced under agreements entered into by other governments as follows:

Tax Abatement
Government Entering	 	Program 	
Into Agreement 		 	CRA 	

Sylvania Township

$	15,435

City of Sylvania	 	43,718

Total

$	59,153

The District is not receiving any amounts from these other governments in association with the forgone property tax receipts.

THIS PAGE IS INTENTIONALLY LEFT BLANK

REQUIRED SUPPLEMENTARY INFORMATION

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

SCHEDULE OF REVENUES, EXPENDITURES  AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Budgeted Amounts

Variance with Final Budget Positive

Revenues:
From local sources:
Property taxes .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . Payments in lieu of taxes.  .  .  .  .  .  .  .  .  .  .  . Tuition.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . Transportation fees.  .  .  .  .  .  .  .  .  .  .  .  .  . Earnings on investments .  .  .  .  .  .  .  .  .  .  . Classroom materials and fees  .  .  .  .  .  .  .  . Rental income .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . Contributions and donations .  .  .  .  .  .  .  .  . Other local revenues .  .  .  .  .  .  .  .  .  .  .  .  . Intergovernmental - state .  .  .  .  .  .  .  .  .  .  . Intergovernmental  - federal . .  .  .  .  .  .  .  .  . Total revenues .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

Original 	Final 	Actual 	(Negative)

$ 	61,182,804		$ 	64,747,531		$ 	64,747,531		$ 	-	
354,688		354,688		354,688		-	
1,193,841		1,262,997		1,261,447		(1,550)	
42,536		45,000		39,385		(5,615)	
321,682		340,316		378,977		38,661	
514,163		543,947		503,627		(40,320)	
48,021		50,803		54,824		4,021	
95		100		-		(100)	
375,408		397,155		400,562		3,407	
24,955,958		26,401,600		26,676,832		275,232	
145,555		153,987		168,990		15,003	
89,134,751		94,298,124		94,586,863		288,739	

Expenditures:
Current:
Instruction:
Regular .  .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
36,226,177		
36,267,890		
35,829,969		
437,921	
Special.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	12,074,795		12,088,697		11,652,201		436,496	
Vocational.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,660,709		1,662,621		1,879,361		(216,740)	
Other.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . Support services:
Pupil.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	2,192,930

6,200,379		2,195,455

6,207,518		2,022,137

6,056,580		173,318

150,938	
Instructional staff  .  .  .  .  .  .  .  .  .  .  .  .  .	2,167,529		2,170,026		1,749,916		420,110	
Board of education  .  .  .  .  .  .  .  .  .  .  .  .	40,084		40,129		39,750		379	
Administration.  .  .  .  .  .  .  .  .  .  .  .  .  .  .	8,385,918		8,395,574		7,930,939		464,635	
Fiscal  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,923,499		1,925,713		1,841,516		84,197	
Business .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	190,973		191,193		128,966		62,227	
Operations and maintenance.  .  .  .  .  .  .  .	9,748,671		9,759,896		9,202,287		557,609	
Pupil transportation .  .  .  .  .  .  .  .  .  .  .  .	4,826,001		4,831,558		4,656,897		174,661	
Central.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . Operation of non-instructional  services:
Other non-instructional services .  .  .  .  .  .  .	1,152,761

19,977		1,154,089

20,000		1,094,553

13,000		59,536

7,000	
Extracurricular activities.  .  .  .  .  .  .  .  .  .  .	1,488,388		1,490,101		1,448,152		41,949	
Facilities acquisition and construction .  .  .  . Debt service:
Principal  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	23,733

309,643		23,760

310,000		23,060

310,000		700

-	
Interest and fiscal charges.  .  .  .  .  .  .  .  .	148,030		148,200		148,200		-	
Total expenditures  .  .  .  .  .  .  .  .  .  .  .  .  .  .	88,780,197		88,882,420		86,027,484		2,854,936	

Excess of revenues over expenditures .  .  .  .  .	
354,554		
5,415,704		
8,559,379		
3,143,675	

Other financing sources (uses):
Transfers in  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	

4,726		

5,000		

45,488		

40,488	
Transfers (out).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	(199,770)		(200,000)		(185,792)		14,208	
Advances in.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	522,153		552,400		552,400		-	
Advances (out)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	(276,743)		(277,062)		(277,062)		-	
Refund of prior year's expenditures .  .  .  .  .	94,524		100,000		20,467		(79,533)	
Sale of capital assets  .  .  .  .  .  .  .  .  .  .  .  .	17,222		18,220		27,194		8,974	
Total other financing sources (uses)  .  .  .  .  .	162,112		198,558		182,695		(15,863)	

Net change in fund balance  .  .  .  .  .  .  .  .  .	516,666		5,614,262		8,742,074		3,127,812	
Fund balance at beginning of year .  .  .  .  .  .	6,064,425		6,064,425		6,064,425		-	
Prior year encumbrances  appropriated .  .  .	222,224		222,224		222,224		-	
Fund balance at end of year  .  .  .  .  .  .  .  .  .	$ 	6,803,315		$ 	11,900,911		$ 	15,028,723		$ 	3,127,812	

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) GENERAL FUND (CONTINUED)
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

BUDGETARY BASIS OF ACCOUNTING

While reporting financial position and changes in financial position/fund balance on the basis of accounting principals generally accepted in the United States of America (GAAP), the budgetary basis as provided by law is based upon accounting for certain transactions on a basis of cash receipts and disbursements plus encumbrances.

The statement of revenue, expenditures and changes in fund balance - budget and actual (non-GAAP budgetary basis) presented for the general fund is presented on the budgetary basis to provide a meaningful comparison of actual results with the budget.  The major differences between the budget basis and the GAAP basis are that:

(a)  Revenues and other financing sources are recorded when received in cash (budget basis) as opposed to when susceptible to accrual
(GAAP basis);
(b)  Expenditures and other financing uses are recorded when paid in cash (budget basis) as opposed to when the liability is incurred
(GAAP basis);

(c)  In order to determine compliance with Ohio law, and to reserve that portion of the applicable appropriation, total outstanding encumbrances (budget basis) are recorded as the equivalent of an expenditure, as opposed to assigned or committed fund balance for that portion of outstanding encumbrances not already recognized as an account payable (GAAP basis)

(d)  Advances-in and advances-out are operating transactions (budget basis) as opposed to balance sheet transactions (GAAP basis);
and

(e)  Some funds are included in the general fund (GAAP basis), but have separate legally adopted budgets (budget basis).

The adjustments necessary to convert the changes in financial position/fund balance for the year on the budget basis to the GAAP basis for the general fund are as follows:

Net Change in Fund Balance

    General Fund 	

Budget basis	$	8,742,074	
Net adjustment for revenue accruals	(1,932,015)	
Net adjustment for expenditure accruals	(111,027)	
Net adjustment for other sources/uses	(322,999)	
Funds budgeted elsewhere	49,312	
Adjustment for encumbrances	133,106	
GAAP basis	$	6,558,451	

Certain funds that are legally budgeted in separate special revenue funds are considered part of the general fund on a GAAP basis. These include the public school support fund, the uniform school supplies fund, the natatorium fund, the special services rotary fund, and the rotary fund.

SCHEDULES OF REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
SCHOOL EMPLOYEES RETIREMENT SYSTEM (SERS) OF OHIO

LAST FIVE FISCAL YEARS

2018	2017	2016	2015	2014

District's proportion of the net pension liability	

0.35483890%		

0.36520450%		

0.37531480%		

0.37966100%		

0.37966100%	

District's proportionate share of the net pension liability	

$	21,200,840		

$	26,729,600		

$	21,415,826		

$	19,214,427		

$	22,577,221	

District's covered payroll	
$	11,585,579		
$	11,137,893		
$	11,298,938		
$	11,032,186		
$	10,474,176	

District's proportionate share of the
net pension liability as a percentage of its covered payroll	

182.99%		

239.99%		

189.54%		

174.17%		

215.55%	

Plan fiduciary net position as a percentage of the total pension liability	

69.50%		

62.98%		

69.16%		

71.70%		

65.52%	

Note: Information prior to 2014 was unavailable.  Schedule is intended to show information for 10 years.  Additional years will be displayed as they become available.

Amounts presented for each fiscal year were determined as of the
District's measurement date which is the prior year-end.

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

net pension liability	$	84,192,456	$   118,849,730	$	97,548,060	$	85,934,466	$   102,364,574	

District's covered payroll	
$	39,999,943	
$	38,017,786	
$	36,825,550	
$	36,097,362	
$	37,587,531	

District's proportionate share of the
net pension liability as a percentage of its covered payroll	

210.48%	

312.62%	

264.89%	

238.06%	

272.34%	

Plan fiduciary net position as a percentage of the total pension liability	

75.30%	

66.80%	

72.10%	

74.70%	

69.30%	

Note: Information prior to 2014 was unavailable.  Schedule is intended to show information for 10 years.  Additional years will be displayed as they become available.

Amounts presented for each fiscal year were determined as of the
District's measurement date which is the prior year-end.

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

SCHOOL EMPLOYEES RETIREMENT SYSTEM (SERS) OF OHIO

LAST TEN FISCAL YEARS

2018	2017	2016	2015

Contractually required contribution

$	1,597,213

$	1,621,981

$	1,559,305

$	1,489,200

Contributions in relation to the
contractually required contribution	(1,597,213)	(1,621,981)	(1,559,305)	(1,489,200)

Contribution deficiency (excess)

$	-	$	-	$	-	$	-

District's covered payroll

$	11,831,207

$	11,585,579

$	11,137,893

$	11,298,938

Contributions as a percentage of
covered payroll	13.50%	14.00%	14.00%	13.18% SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

2014		2013		2012		2011		2010		2009	

$	1,529,061		
$	1,449,626		
$	1,424,025		
$	1,436,569		
$	1,586,889		
$	1,109,650	

(1,529,061)		
(1,449,626)		
(1,424,025)		
(1,436,569)		
(1,586,889)		
(1,109,650)	

$	-		
$	-		
$	-		
$	-		
$	-		
$	-	

$	11,032,186		
$	10,474,176		
$	10,587,546		
$	11,428,552		
$	11,720,007		
$	11,276,931	

13.86%		
13.84%		
13.45%		
12.57%		
13.54%		
9.84%	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO
SCHEDULES OF REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF DISTRICT PENSION CONTRIBUTIONS
STATE TEACHERS RETIREMENT SYSTEM (STRS) OF OHIO

LAST TEN FISCAL YEARS

2018	2017	2016	2015

Contractually required contribution

$	5,725,940

$	5,599,992

$	5,322,490

$	5,155,577

Contributions in relation to the
contractually required contribution	(5,725,940)	(5,599,992)	(5,322,490)	(5,155,577)

Contribution deficiency (excess)

$	-	$	-	$	-	$	-

District's covered payroll

$	40,899,571

$	39,999,943

$	38,017,786

$	36,825,550

Contributions as a percentage of
covered payroll	14.00%	14.00%	14.00%	14.00%

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

2014		2013		2012		2011		2010		2009	

$	4,692,657		
$	4,886,379		
$	4,828,217		
$	5,247,089		
$	5,275,129		
$	5,135,368	

(4,692,657)		
(4,886,379)		
(4,828,217)		
(5,247,089)		
(5,275,129)		
(5,135,368)	

$	-		
$	-		
$	-		
$	-		
$	-		
$	-	

$	36,097,362		
$	37,587,531		
$	37,140,131		
$	40,362,223		
$	40,577,915		
$	39,502,831	

13.00%		
13.00%		
13.00%		
13.00%		
13.00%		
13.00%	

net OPEB liability

$	9,687,127

$	10,543,382

District's covered payroll

$	11,585,579

$	11,137,893

District's proportionate share of the
net OPEB liability as a percentage of its
covered payroll	83.61%	94.66%

Plan fiduciary net position as a percentage
of the total OPEB liability	12.46%	11.49%

Note: Information prior to 2017 was unavailable.  Schedule is intended to show information for 10 years.  Additional years will be displayed as they become available.

Amounts presented for each fiscal year were determined as of the
District's measurement date which is the prior year-end.

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

net OPEB liability

$	13,828,033

$	18,988,772

District's covered payroll

$	39,999,943

$	38,017,786

District's proportionate share of the
net OPEB liability as a percentage of its
covered payroll	34.57%	49.95%

Plan fiduciary net position as a percentage
of the total OPEB liability	47.10%	37.33%

Note: Information prior to 2017 was unavailable.  Schedule is intended to show information for 10 years.  Additional years will be displayed as they become available.

Amounts presented for each fiscal year were determined as of the
District's measurement date which is the prior year-end.

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

SCHOOL EMPLOYEES RETIREMENT SYSTEM (SERS) OF OHIO

LAST TEN FISCAL YEARS

2018	2017	2016	2015

Contractually required contribution

$	256,453	$

200,787	$

186,313	$

238,348

Contributions in relation to the
contractually required contribution	(256,453)	(200,787)	(186,313)	(238,348)

Contribution deficiency (excess)

$	-	$	-	$	-	$	-

District's covered payroll

$	11,831,207

$	11,585,579

$	11,137,893

$	11,298,938

Contributions as a percentage of
covered payroll	2.17%	1.73%	1.67%	2.11% SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

2014	2013	2012	2011	2010	2009

$	203,950		
$	180,282		
$	235,069		
$	412,737		
$	295,163		
$	696,108	

(203,950)		
(180,282)		
(235,069)		
(412,737)		
(295,163)		
(696,108)	

$	-		
$	-		
$	-		
$	-		
$	-		
$	-	

$	11,032,186		
$	10,474,176		
$	10,587,546		
$	11,428,552		
$	11,720,007		
$	11,276,931	

1.85%		
1.72%		
2.22%		
3.61%		
2.52%		
6.17%	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO
SCHEDULES OF REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF DISTRICT OPEB CONTRIBUTIONS
STATE TEACHERS RETIREMENT SYSTEM (STRS) OF OHIO

LAST TEN FISCAL YEARS

2018	2017	2016	2015

Contractually required contribution	$

-	$	-	$

-	$	-

Contributions in relation to the
contractually required contribution	-	-	-	-

Contribution deficiency (excess)

$	-	$	-	$	-	$	-

District's covered payroll

$	40,899,571

$	39,999,943

$	38,017,786

$	36,825,550

Contributions as a percentage of
covered payroll	0.00%	0.00%	0.00%	0.00% SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

2014	2013	2012	2011	2010	2009

$	368,635		
$	375,875		
$	371,401		
$	403,622		
$	405,799		
$	395,028	

(368,635)		
(375,875)		
(371,401)		
(403,622)		
(405,799)		
(395,028)	

$	-		
$	-		
$	-		
$	-		
$	-		
$	-	

$	36,097,362		
$	37,587,531		
$	37,140,131		
$	40,362,223		
$	40,577,915		
$	39,502,831	

1.00%		
1.00%		
1.00%		
1.00%		
1.00%		
1.00%	

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2018

 	PENSION 	

SCHOOL EMPLOYEES RETIREMENT SYSTEM (SERS) OF OHIO

Changes in benefit terms: There were no changes in benefit terms from the amounts reported for fiscal years 2014-2017.  For fiscal year
2018, SERS changed from a fixed 3% annual increase to a Cost of Living Adjustment (COLA) based on the changed in the Consumer Price
Index (CPI-W), with a cap of 2.5% and a floor of 0%.

Changes in assumptions: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal years 2014-2016.  For fiscal year 2017, the following changes of assumptions affected the total pension liability since the prior measurement date: (a) the assumed rate of inflation was reduced from 3.25% to 3.00%, (b) payroll growth assumption was reduced from
4.00% to 3.50%, (c) assumed real wage growth was reduced from 0.75% to 0.50%, (d) Rates of withdrawal, retirement and disability were updated to reflect recent experience, (e) mortality among active members was updated to RP-2014 Blue Collar Mortality Table with fully generational projection and a five year age set-back for both males and females, (f) mortality among service retired members, and beneficiaries was updated to the following RP-2014 Blue Collar Mortality Table with fully generational projection with Scale BB, 120% of male rates, and 110% of female rates, (g) mortality among disabled members was updated to RP-2000 Disabled Mortality Table, 90% for male rates and 100% for female rates, set back five years is used for the period after disability retirement and (h) the discount rate was reduced from 7.75% to 7.50%.  There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2018.

STATE TEACHERS RETIREMENT SYSTEM (STRS) OF OHIO

Changes in benefit terms: There were no changes in benefit terms from the amounts reported for fiscal years 2014-2017.  For fiscal year
2018, STRS decreased the Cost of Living Adjustment (COLA) to zero.

Changes in assumptions: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal years 2014-2017.  For fiscal year 2018, the following changes of assumption affected the total pension liability since the prior measurement date: (a) the long term expected rate of return was reduced from 7.75% to 7.45%, (b) the inflation assumption was lowered from 2.75% to 2.50%, (c) the payroll growth assumption was lowered to 3.00%, (d) total salary increases rate was lowered by decreasing the merit component of the individual salary increases, in addition to a decrease of 0.25% due to lower inflation (e) the healthy and disabled mortality assumptions were updated to the RP-2014 mortality tables with generational improvement scale MP-2016 and (f) rates of retirement, termination and disability were modified to better reflect anticipated future experience.

- - continued

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED) FOR THE FISCAL YEAR ENDED JUNE 30, 2018

                                                                     OTHER POSTEMPLOYMENT BENEFITS (OPEB)                                                                     

SCHOOL EMPLOYEES RETIREMENT SYSTEM (SERS) OF OHIO

Changes in benefit terms: There were no changes in benefit terms from the amounts reported for fiscal years 2017-2018.

Changes in assumptions: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal years 2017.  For fiscal year 2018, the following changes of assumptions affected the total OPEB liability since the prior measurement date: (a) assumed rate of inflation was reduced from 3.25% to 3.00%, (b) payroll growth assumption was reduced from 4.00% to 3.50%, (c) assumed real wage growth was reduced from 0.75% to 0.50%, (d) rates of withdrawal, retirement, and disability were updated to reflect recent experience, (e) mortality among active members was updated to the following: RP-2014 Blue Collar Mortality Table with fully generational projection and a five-year age set-back for both males and females, (f) mortality among service retired members, and beneficiaries was updated to the following: RP-2014 Blue Collar Mortality Table with fully generational projection with Scale BB, 120% of male rates, and 110% of female rates, (g) mortality among disabled members was updated to the following: RP-2000 Disabled Mortality Table, 90% for male rates and 100% for female rates, set back five years is used for the period after disability retirement.

STATE TEACHERS RETIREMENT SYSTEM (STRS) OF OHIO

Changes in benefit terms: There were no changes in benefit terms from the amounts reported for fiscal year 2017.  For fiscal year 2018, STRS reduced the subsidy multiplier for non-Medicare benefit recipients from 2.1% to 1.9% per year of service. Medicare Part B premium reimbursements were discontinued for certain survivors and beneficiaries and all remaining Medicare Part B premium reimbursements will be discontinued beginning January 2019.

Changes in assumptions: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for  fiscal  year 2017.   For  fiscal  year 2018,  the  following  changes  of  assumption  affected the  total  OPEB  liability  since  the  prior measurement date: (a) the discount rate was increased from 3.26% to 4.13% based on the methodology defined under GASB Statement No.
74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (OPEB), (b) the long term expected rate of return was reduced from 7.75% to 7.45%, (c) valuation year per capita health care costs were updated, and the salary scale was modified, (d) the percentage of future retirees electing each option was updated based on current data and the percentage of future disabled retirees and terminated vested participants electing health coverage were decreased and (e) the assumed mortality, disability, retirement, withdrawal and future health care cost trend rates were modified along with the portion of rebated prescription drug costs.

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COMBINING STATEMENTS AND INDIVIDUAL FUND SCHEDULES

MAJOR FUNDS

General Fund

The General fund accounts for and reports all Financial resources not accounted for and reported in another fund. These general fund's activities include, but are not limited to, general instruction, pupil services, operation and maintenance of facilities, student transportation and administration.

Other Major Fund

Debt Service Fund

The debt service fund is used to account for and report financial resources that are restricted committed or assigned to expenditure for principal and interest.

GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Budgeted Amounts

Variance with Final Budget- Positive

Revenues:
From local sources:

Original 	Final 	Actual 	(Negative)

Property taxes .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	$ 	61,182,804		$ 	64,747,531		$ 	64,747,531		$ 	-	
Payments in lieu of taxes.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	354,688		354,688		354,688		-	
Tuition .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,193,841		1,262,997		1,261,447		(1,550)	
Transportation fees.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	42,536		45,000		39,385		(5,615)	
Earnings on investments .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	321,682		340,316		378,977		38,661	
Classroom materials and supplies  .  .  .  .  .  .  .  .  .  .  .	514,163		543,947		503,627		(40,320)	
Rental income .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	48,021		50,803		54,824		4,021	
Contributions and donations.  .  .  .  .  .  .  .  .  .  .  .  .  .	95		100		-		(100)	
Other local revenue  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	375,408		397,155		400,562		3,407	
Intergovernmental-state .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	24,955,958		26,401,600		26,676,832		275,232	
Intergovernmental-federal.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	145,555		153,987		168,990		15,003	
Total revenues  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	89,134,751		94,298,124		94,586,863		288,739	

Expenditures:
Current:

Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	24,739,101		24,767,587		24,618,959		148,628	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	9,969,377		9,980,856		9,820,274		160,582	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	361,964		362,381		324,179		38,202	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,155,146		1,156,476		1,065,967		90,509	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	589		590		590		-	
Total instruction-regular.  .  .  .  .  .  .  .  .  .  .  .  .  .	36,226,177		36,267,890		35,829,969		437,921	

nstruction-special	
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	7,083,322		7,091,478		6,815,311		276,167	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	3,252,051		3,255,795		3,255,794		1	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,689,636		1,691,581		1,538,663		152,918	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	49,786		49,843		42,433		7,410	
Total instruction-special.  .  .  .  .  .  .  .  .  .  .  .  .  .	12,074,795		12,088,697		11,652,201		436,496	

nstruction-vocational								
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,154,805		1,156,135		1,100,719		55,416	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	187,753		187,969		465,031		(277,062)	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	41,150		41,197		38,518		2,679	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	229,538		229,802		228,663		1,139	
Capital outlay .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	13,793		13,809		13,809		-	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	33,670		33,709		32,621		1,088	
Total instruction-vocational .  .  .  .  .  .  .  .  .  .  .  .	1,660,709		1,662,621		1,879,361		(216,740)	

nstruction-other								
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	2,192,930		2,195,455		2,022,137		173,318	
Total instruction-other.   .  .  .  .  .  .  .  .  .  .  .  .  .  .	2,192,930		2,195,455		2,022,137		173,318	

upport services-pupil								
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	4,077,051		4,081,745		3,966,243		115,502	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,614,188		1,616,047		1,616,047		-	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	429,329		429,823		426,608		3,215	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	3,215		3,219		2,050		1,169	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	76,596		76,684		45,632		31,052	
Total support services-pupil .  .  .  .  .  .  .  .  .  .  .  .	6,200,379		6,207,518		6,056,580		150,938	

Instruction-regular

I

I

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- - continued

Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,096,239		1,097,501		886,115		211,386	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	790,004		790,914		626,691		164,223	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	77,731		77,821		47,083		30,738	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	195,989		196,215		182,452		13,763	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	7,566		7,575		7,575		-	
Total support services-instructional staff  .  .  .  .  .	2,167,529		2,170,026		1,749,916		420,110	

upport services-board of education	
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	12,486		12,500		12,500		-	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	2,512		2,515		2,403		112	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	7,182		7,190		7,188		2	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	9,886		9,897		9,897		-	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	8,018		8,027		7,762		265	
Total support services-board of education.  .  .  .  .	40,084		40,129		39,750		379	

upport services-administration								
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	4,566,016		4,571,273		4,484,115		87,158	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	2,675,942		2,679,023		2,369,863		309,160	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	741,385		742,239		683,446		58,793	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	128,233		128,381		124,167		4,214	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	274,342		274,658		269,348		5,310	
Total support services-administration .  .  .  .  .  .  .	8,385,918		8,395,574		7,930,939		464,635	

upport services-fiscal								
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	459,550		460,079		458,881		1,198	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	229,579		229,843		229,843		-	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	166,964		167,156		94,829		72,327	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	30,139		30,174		24,040		6,134	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,037,267		1,038,461		1,033,923		4,538	
Total support services-fiscal.   .  .  .  .  .  .  .  .  .  .  .	1,923,499		1,925,713		1,841,516		84,197	

upport services-business								
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	88,359		88,461		48,717		39,744	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	31,436		31,472		26,859		4,613	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	64,163		64,237		46,886		17,351	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	3,869		3,873		3,354		519	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	3,146		3,150		3,150		-	
Total support services-business   .  .  .  .  .  .  .  .  .  .	190,973		191,193		128,966		62,227	

upport services-operations & maintenance								
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	3,374,471		3,378,356		3,239,191		139,165	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,933,926		1,936,153		1,883,752		52,401	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	3,405,278		3,409,199		3,148,721		260,478	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	934,852		935,928		842,330		93,598	
Capital outlay .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	59,541		59,610		57,462		2,148	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	40,603		40,650		30,831		9,819	
Total support services-operations & maintenance .	9,748,671		9,759,896		9,202,287		557,609	

Support services-instructional staff

S

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S

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S

- - continued

Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	2,522,932		2,525,837		2,432,695		93,142	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,424,140		1,425,780		1,390,482		35,298	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	254,356		254,649		251,613		3,036	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	624,573		625,292		582,107		43,185	
Total support services-pupil transportation  .  .  .  .	4,826,001		4,831,558		4,656,897		174,661	

upport services-central	
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	407,197		407,666		381,445		26,221	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	212,347		212,592		203,689		8,903	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	347,403		347,803		328,540		19,263	
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	176,325		176,528		173,303		3,225	
Capital outlay .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	999		1,000		-		1,000	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	8,490		8,500		7,576		924	
Total support services-central  .  .  .  .  .  .  .  .  .  .  .	1,152,761		1,154,089		1,094,553		59,536	

Support services-pupil transportation

S

Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	19,977		20,000		13,000		7,000	
Total other non-instructional  services  .  .  .  .  .  .  .  .	19,977		20,000		13,000		7,000	

Extracurricular  activities	
Salaries and wages  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	991,314		992,455		964,538		27,917	
Fringe benefits  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	209,393		209,634		199,280		10,354	
Purchased services  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	223,460		223,717		222,155		1,562	
Other  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	64,221		64,295		62,179		2,116	
Total extracurricular activities.  .  .  .  .  .  .  .  .  .  .	1,488,388		1,490,101		1,448,152		41,949	

Facilities acquisition and construction
Supplies and materials  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	

23,733		

23,760		

23,060		

700	
Total facilities acquisition and construction.  .  .  .  .	23,733		23,760		23,060		700	

Debt service:
Principal retirement .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	

309,643		

310,000		

310,000		

-	
Interest and fiscal charges.  .  .  .  .  .  .  .  .  .  .  .  .  .	148,030		148,200		148,200		-	
Total debt service.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	457,673		458,200		458,200		-	

Total expenditures .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
88,780,197		
88,882,420		
86,027,484		
2,854,936	

Excess of revenues over	
expenditures .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	354,554		5,415,704		8,559,379		3,143,675	

ther financing sources (uses):	
Transfers in .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	4,726		5,000		45,488		40,488	
Transfers out  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	(199,770)		(200,000)		(185,792)		14,208	
Advances in.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	522,153		552,400		552,400		-	
Advances out .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	(276,743)		(277,062)		(277,062)		-	
Refund of prior year expenditures .  .  .  .  .  .  .  .  .  .	94,524		100,000		20,467		(79,533)	
Sale of capital assets .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	17,222		18,220		27,194		8,974	
Total other financing sources (uses)  .  .  .  .  .  .  .  .	162,112		198,558		182,695		(15,863)	

Net change in fund balance .  .  .  .  .  .  .  .  .  .  .  .  .	
516,666		
5,614,262		
8,742,074		
3,127,812	
und balance at beginning of year .  .  .  .  .  .  .  .  .	6,064,425		6,064,425		6,064,425		-	
rior year encumbrances  appropriated.   .  .  .  .  .  .	222,224		222,224		222,224		-	
und balance at end of year.  .  .  .  .  .  .  .  .  .  .  .  .	$ 	6,803,315		$ 	11,900,911		$ 	15,028,723		$ 	3,127,812	

Other non-instructional  services

O

F P F

Budgeted Amounts

Variance with Final Budget- Positive

Original 	Final 	Actual 	(Negative)

Total Revenues and Other Sources. .  .  .  .	
$ 	7,810,000		
$ 	7,810,000		
$ 	7,779,200		
$ 	(30,800)	
Total Expenditures and Other Uses. .  .  .  .	
 	7,767,300		
 	7,767,300		
 	7,759,778		
 	7,522	
Net Change in Fund Balance  .  .  .  .  .  .  .	42,700		42,700		19,422		(23,278)	

Fund balance at beginning of year .  .  .  .  .	
 	3,680,750		
 	3,680,750		
 	3,680,750		
 	-	

Fund balance at end of year  .  .  .  .  .  .  .  .	
 $  	3,723,450		
$ 	3,723,450		
$ 	3,700,172		
$ 	(23,278)	

Nonmajor Special Revenue Funds

The special revenue funds are established to account for revenues from specific sources which, legally or otherwise, are restricted to expenditures for specific purposes. A description of the District's special revenue funds follows:

Food Service	Section 3313.81, Revised Code

This fund is used to record financial transactions related to food service operations.

Other Grants	Sections 5705.09 and 5705.13, Revised Code

A fund used to account for the proceeds of specific revenue sources (except for state and federal grants) that are legally restricted to expenditures for specified purposes.

District Managed Student Activity	Section 3313.062, Revised Code

A fund provided to account for those student activity programs which have student participation in the activity, but do not have student management of the programs.  This fund would usually include athletic programs but could also include the band, cheerleaders, flag corps, and other similar types of activities.

Auxiliary Services	Current Budget Bill, appropriation line item 200-511

A fund to account for receipts and expenditures incurred in providing services and materials to pupils attending non-public schools within the District.

Data Communications for Schools	Section 5705.09, Revised Code

A fund provided to account for money appropriated for the costs incurred in connecting schools to the Ohio Educational Computer
Network.

Vocational Educational Enhancements                                                                          State Line Item Appropriation GRF 200-545

A fund used to account for Vocational Education Enhancements that: 1) expand the number of students enrolled in tech prep programs, 2) enable students to develop career plans, to identify initial educational and career goals, and to develop a career passport which provides a clear understanding of the student's knowledge, skills, and credentials to present to future employers, universities, and other training institutes and 3) replace or update equipment essential for the instruction of students in job skills taught as part of a vocational program or programs approved for such instruction by the State Board of Education.

Miscellaneous State Grants	Section 5705.12, Revised Code

A fund used to account for various monies received from State agencies not classified elsewhere.

Adult Basic Education	PL 91-230, Title III

This fund accounts for Federal monies used to provide programs in reading, writing and math competency for adults who have not earned a high school diploma.

IDEA Part B	Education of the Handicapped Act, PL 91-230

To account for Federal monies which assist states in the identification of handicapped children, and provision of full educational opportunities to handicapped children at the preschool, elementary, and secondary levels.

Vocational Education	Carl D. Perkins Vocational Education Act of 1984, PL 98-524

Provision of funds to boards of education, teacher training institutions, and the state administering agency for cooperating in development of vocational education programs in the following categories: secondary, post-secondary, adult, disadvantaged and handicapped persons, exemplary programs, cooperative education, construction of area vocational schools, ancillary services, research,  advisory  committees, and  work-study projects,  including sex  equity  grants.   Funds  are  administered by  the  Ohio Department of Education, Division of Vocational and Career Education.

Nonmajor Special Revenue Funds (Continued)

Title III - Limited English Proficiency                                                                     Catalog of Federal Domestic Assistance #84.365

Funds to develop and carry out elementary and secondary school programs, including activities at the pre-school level, to meet the educational needs of children of limited English proficiency. These programs provided structured English language instruction, with the respect to the years of study to which the program is applicable, and instruction in the child's native language to the extent necessary to allow a child to achieve competence in English.  The instruction must be, to the extent necessary, in all courses or subjects of study which will allow a child to meet grade promotion and graduation standards.

Title I	Catalog of Federal Domestic Assistance #84.010

To provide financial assistance to State and Local educational agencies to meet the special needs of educationally deprived children. Included are the Even Start and Comprehensive School Reform programs.

Pre-school for the Handicapped Grant	Education of the Handicapped Act Amendments, PL 99-457.
Catalog of Federal Domestic Assistance #84-173

The Pre-school Grant Program addresses the improvement and expansion of services for handicapped children ages three (3)
through five (5) years.

Improving Teacher Quality	Title VI ESEA

A fund used to account for monies to hire additional classroom teachers in grades 1 through 3, so that the number of students per teacher will be reduced.

The following funds are included in the general fund (GAAP basis), but have separate legally adopted budgets (budget basis). These funds are not included in the combining statements for the nonmajor special revenue funds since they are reported in the general fund (GAAP basis); however, the budgetary schedules for these funds are presented in this section.

Uniform School Supplies	Section 3313.81, Revised Code

This fund accounts for the purchase and sale of school supplies for use in the District.  Profits derived from such sales are used for school purposes or activities connected with the school.

Special Services Rotary Fund	Section 5705.12, Revised Code

A fund provided to account for income and expenses made in connection with goods and services provided by a school district. Activities in this fund tend to be cirricular in nature.

Natatorium	Section 755.14, Revised Code

A fund provided to account for monies received and expended in connection with a community recreation program.

Rotary Fund	Section 5705.12, Revised Code

A fund provided to account for operations that provide goods or services to other governmental units on a cost-reimbursement basis. The use of the fund may be applied to situations where the district acts as fiscal agent for a multi-district program.

Public School Support	Section 5705.12, Revised Code

A fund provided to account for specific local revenue sources, other than taxes or expendable trusts (i.e., profits from vending machines, sales of pictures, etc.), that are restricted to expenditures for specified purposes approved by Board resolution.  Such expenditures may include curricular and extra-curricular related purchases.

Nonmajor Capital Projects Fund

Capital projects funds are used to account for financial resources that are restricted, committed or assigned for the construction or acquisition of major capital facilities and other capital assets (other than those financed by proprietary funds and trust funds).  A description of the District's nonmajor capital projects fund follows:

Permanent Improvement	Section 5705.10, Revised Code

This fund is provided to account for all transactions related to the acquisition or construction of such permanent improvements as are authorized by Chapter 5705 of the Revised Code.

Building Fund                                                                                                                                        Section 5705.09, Revised Code

This fund accounts for the receipts and expenditures related to all special bond funds in the District and to account for receipts and expenditures involved in the replacement or updating of equipment essential for the instruction of students in job skills.  All proceeds from the sale of bonds, notes, or certificates of indebtedness, except premium and accrued interest, must be paid into this fund. Expenditures recorded here represent the costs of acquiring capital facilities, including real property.

COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2018

Total
Nonmajor 	 Nonmajor 	  Nonmajor Special Revenue 	Capital Projects 	 Governmental Funds 	 Fund 	Funds

Assets:
Equity in pooled cash and cash equivalents.  .  .  .  .  . 	$

376,180

$ 	2,180,718 	$

2,556,898

Cash with escrow agent .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	45,622 	45,622
Receivables:
Property taxes  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	1,789,098 	1,789,098
Payment in lieu of taxes.  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	9,404 	9,404
Accounts.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	16,988 	- 	16,988
Intergovernmental  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	504,261 	- 	504,261
Inventory held for resale .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	3,313 	- 	3,313

Total assets.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	$

900,742

$ 	4,024,842 	$

4,925,584

Liabilities:
Accounts payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	$

14,791 	$

3,480 	$

18,271

Contracts payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	404,095 	404,095
Retainage payable  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	35,144 	35,144
Accrued wages and benefits payable .  .  .  .  .  .  .  .  . 	348,025 	- 	348,025
Intergovernmental  payable .  .  .  .  .  .  .  .  .  .  .  .  .  . 	8,408 	- 	8,408
Pension and postemployment  benefits payable .  . 	86,824 	- 	86,824
Interfund loan payable .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	277,062 	- 	277,062

Total liabilities.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	735,110 	442,719 	1,177,829

Deferred inflows of resources:

Property taxes levied for the next fiscal year.  .  . 	- 	1,721,442 	1,721,442
Payment in lieu of taxes levied for
the next fiscal year .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	9,404 	9,404
Delinquent property tax revenue not available.  .  . 	- 	18,098 	18,098
Intergovernmental  revenue not available .  .  .  .  .  .  . 	178,458 	- 	178,458

Total deferred inflows of resources .  .  .  .  .  .  .  .  .  . 	178,458 	1,748,944 	1,927,402

Fund balances:
Restricted:
Capital improvements   .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	- 	1,833,179 	1,833,179
Non-public schools .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	39,720 	- 	39,720
Other purposes .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	1,071 	- 	1,071
Extracurricular  . .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	229,054 	- 	229,054
Unassigned (deficit) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	(282,671) 	- 	(282,671)

Total fund balances (deficit).  .  .  .  .  .  .  .  .  .  .  .  .  . 	(12,826) 	1,833,179 	1,820,353

Total liabilities and fund balances.  .  .  .  .  .  .  .  .  .  .

$ 	900,742

$ 	4,024,842 	$

4,925,584

COMBINING STATEMENT OF REVENUES, EXPENDITURES  AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Total
Nonmajor		Nonmajor		Nonmajor	
Special Revenue		Capital Projects		Governmental	
Funds		Fund		Funds	
Revenues:
From local sources:
Property taxes .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	$ 	-		$ 	1,726,166		$ 	1,726,166	
Payment in lieu of taxes   .  .  .  .  .  .  .  .  .  .  .	-		7,649		7,649	
Earnings on investments .  .  .  .  .  .  .  .  .  .  .	3,131		-		3,131	
Charges for services  .  .  .  .  .  .  .  .  .  .  .  .  .	1,181,388		-		1,181,388	
Extracurricular  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	491,452		-		491,452	
Other local revenues .  .  .  .  .  .  .  .  .  .  .  .  .	6,717		2,500		9,217	
Intergovernmental  - state  .  .  .  .  .  .  .  .  .  .  .	932,793		79,722		1,012,515	
Intergovernmental  - federal .  .  .  .  .  .  .  .  .  .	4,289,716		-		4,289,716	
Total revenue.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	6,905,197		1,816,037		8,721,234	

Regular.  .  .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	161,230	- 	161,230	
Special  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	2,252,501	- 	2,252,501	
Vocational  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	94,255	- 	94,255	
Adult/continuing  .  .  .  .  .  .  .  .  .  .  .  .  .  .	92,160	- 	92,160	
Support services:	
Pupil  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	79,210		-		79,210	
Instructional staff.  .  .  .  .  .  .  .  .  .  .  .  .  .	14,975		-		14,975	
Fiscal.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-		24,584		24,584	
Business  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-		161,570		161,570	
Operations and maintenance .  .  .  .  .  .  .  .	1,565		369,977		371,542	
Pupil transportation  .  .  .  .  .  .  .  .  .  .  .  .	-		433,776		433,776	
Central .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	21,600		-		21,600	
Operation of non-instructional  services:						
Food service operations .  .  .  .  .  .  .  .  .  .  .	2,222,223		-		2,222,223	
Other non-instructional  services .  .  .  .  .  .	947,203		-		947,203	
Extracurricular  activities.  .  .  .  .  .  .  .  .  .  .	448,843		-		448,843	
Facilities acquisition and construction  .  .  .	-		1,497,391		1,497,391	
ebt service:	
Principal retirement .  .  .  .  .  .  .  .  .  .  .  .  .	-		252,526		252,526	
Interest and fiscal charges.  .  .  .  .  .  .  .  .  .	-		75,810		75,810	
Total expenditures .  .  .  .  .  .  .  .  .  .  .  .  .	6,335,765		2,815,634		9,151,399	

Expenditures: Current: Instruction:

D

Excess of revenues
(under) expenditures  .  .  .  .  .  .  .  .  .  .  . 	569,432 	(999,597) 	(430,165)

Other financing sources:
Transfers in.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	91,093 	- 	91,093

Total other financing sources  .  .  .  .  .  .  .  .	91,093		-		91,093	
Net change in fund balances  .  .  .  .  .  .  .  .	660,525		(999,597)		(339,072)	
Fund balances (deficit) at beginning of year .	(672,003)		2,832,776		2,160,773	
(Decrease) in reserve for inventory  .  .  .  .  .  .	(1,348)		-		(1,348)	
Fund balances (deficit) at end of year  .  .  .  .	$ 	(12,826)		$ 	1,833,179		$ 	1,820,353	

COMBINING BALANCE SHEET NONMAJOR SPECIAL REVENUE FUNDS JUNE 30, 2018

District
Managed	Vocational
Food	Other	Student	Auxiliary	Educational
 	Service  	  	Grants  	  	Activity  	        Services           Enhancements

Assets:
Equity in pooled cash and cash equivalents.  .  .  .  .  . Receivables:

$	64,291	$

1,071	$

258,125	$

40,192	$

811

Accounts   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	14,511	-	2,477	-		- Intergovernmental .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .		-	-		-	-	2,221
Inventory held for resale .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	3,313	-	-	-	-

Total assets.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$	82,115	$

1,071	$

260,602	$

40,192	$

3,032

Liabilities:
Accounts payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$	3,886	$

-	$	8,321	$

472	$

739

Accrued wages and benefits payable .  .  .  .  .  .  .  .  .                      77,770                             -                             -                              -                              - Intergovernmental payable .  .  .  .  .  .  .  .  .  .  .  .  .  .                           719                             -                        460                              -                              - Pension and postemployment benefits payable .  .                           40,820                             -                        438                              -                              - Interfund loan payable  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .                                -                             -                   22,329                              -                      2,293
Total liabilities.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .                     123,195                             -                   31,548                         472                      3,032

Deferred inflows of resources:
Intergovernmental revenue not available .  .  .  .  .  .  .                                 -                             -                             -                              -                              -

Fund balances:
Restricted:
Non-public schools  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .			-			-		   -	39,720		- Other purposes  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .		-		1,071			-		-		- Extracurricular .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .		-			-		229,054		-		- Unassigned (deficit)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	(41,080)			-		   -			-		-
Total fund balances (deficit)  .  .  .  .  .  .  .  .  .  .  .  .  .                       (41,080)                    1,071                 229,054                    39,720                              -

Total liabilities and fund balances  .  .  .  .  .  .  .  .  .  .

$	82,115	$

1,071	$

260,602	$

40,192	$

3,032

	Title III -	Pre-school		
Miscellaneous	Adult			Limited	for the	Improving	
State	Basic	IDEA	Vocational	English	Handicapped	Teacher	
 	Grants 	  Education          Part B         Education      Proficiency     	Title I 	 	Grant 	  	Quality 	

$	-

-		$	-

-		$	5,717

-		$	623

-		$	-

-		$	5,350

-		$	-	$	-

-	-	
3,652		4,214		297,967		1,426		21,971		142,758		-	30,052	
-		-		-		-		-		-		-	-	
$	3,652		$	4,214		$	303,684		$	2,049		$	21,971		$	148,108		$	-	$	30,052	

$	-	$	-		

$	1,195		

$	178		

$	-		

$	-		

$	-	

$	-	
-	2,549		161,598		114		-		91,546		-	14,448	
-	35		5,908		-		-		1,107		-	179	
-	1,810		25,958		-		282		13,833		1,242	2,441	
 	309      	1,271		 	167,744 		 	1,469		 	21,970		 	45,781		 	-	 	13,896	
 	309      	5,665		 	362,403 		 	1,761		 	22,252		 	152,267 		 	1,242	 	30,964	

 	3,343      	-      	89,848      	402      	-      	72,914      	-	 	11,951

-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-
-	(1,451)	(148,567)	(114)	(281)	(77,073)	(1,242)	(12,863)

-	(1,451)	(148,567)	(114)	(281)	(77,073)	(1,242)	(12,863)

$	3,652	$

4,214

$	303,684	$

2,049	$

21,971	$

148,108	$

-	$	30,052

- - continued

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

COMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS (CONTINUED) JUNE 30, 2018

Total Nonmajor Special
 	Revenue 	

Assets:
Equity in pooled cash and cash equivalents.  .  .  .  .  .	$ Receivables:

376,180

Accounts   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	16,988
Intergovernmental .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	504,261
Inventory held for resale .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	3,313

Total assets.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$	900,742

Liabilities:
Accounts payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	$

14,791

Accrued wages and benefits payable .  .  .  .  .  .  .  .  .	348,025
Intergovernmental payable .  .  .  .  .  .  .  .  .  .  .  .  .  .	8,408
Pension and postemployment benefits payable .  .	86,824
Interfund loan payable  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	277,062  Total liabilities.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	735,110 

Deferred inflows of resources:
Intergovernmental revenue not available .  .  .  .  .  .  .	 	178,458 

Fund balances:
Restricted:
Non-public schools  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	39,720
Other purposes  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,071
Extracurricular .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	229,054
Unassigned (deficit)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	(282,671)

Total fund balances (deficit)  .  .  .  .  .  .  .  .  .  .  .  .  .	(12,826)

Total liabilities and fund balances  .  .  .  .  .  .  .  .  .  .

$	900,742

THIS PAGE IS INTENTIONALLY LEFT BLANK

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

District	Data
Managed	Communications
Food	Other	Student	Auxiliary	for
 	Service  	  	Grants  	  	Activity  	      Services      	Schools

Revenues:
From local sources:
Earnings on investments  .  .  .  .  .  .  .  .  .  .  .	$

41	$	-	$

-	$	3,090	$	-

Charges for services  .  .  .  .  .  .  .  .  .  .  .  .  .	1,181,388			-		  -			-		  - Extracurricular .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .			-		-		491,452		-			- Other local revenues .  .  .  .  .  .  .  .  .  .  .  .  .		4,700	2,017			-		-			- Intergovernmental - state  .  .  .  .  .  .  .  .  .  .  .		14,984			-		  -	852,284	21,600
Intergovernmental - federal .  .  .  .  .  .  .  .  .  .	 	1,007,744       		-	 		-	 		-	 		- Total revenue.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	2,208,857       	2,017	 	491,452       	855,374       	21,600

Regular.  .  .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	2,416	-	-	-	
Special  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	-	-	-	
Vocational  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	-	-	-	
Adult/continuing .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	-	-	-	
upport services:	
Pupil  .  . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	-	-	-	
Instructional staff.  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	-	-	-	
Operations and maintenance .  .  .  .  .  .  .  .	-	-	1,565	-	-	
Central .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	-	-	21,600	

Expenditures: Current: Instruction:

S

Operation of non-instructional services:
Food service operations .  .  .  .  .  .  .  .  .  .  .		2,222,223			-			  -		-		  - Other non-instructional services .  .  .  .  .  .  .			-		-				-	829,221			- Extracurricular activities  .  .  .  .  .  .  .  .  .  .	 		  -	 		-	 	448,843       		-	 	  -
Total expenditures .  .  .  .  .  .  .  .  .  .  .  .  .	 	2,222,223       	2,416	 	450,408       	829,221       	21,600

 	(13,366)	 	(399)	 	41,044	 	26,153	 	-	

Excess of revenues
over (under) expenditures  .  .  .  .  .  .  .  .

Other financing sources:
Transfers in.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	91,093	 	-	 	-	 	-	 	-	
Total other financing sources.  .  .  .  .  .  .  .	 	91,093	 	-	 	-	 	-	 	-	

Net change in fund balances  .  .  .  .  .  .  .	77,727	(399)	41,044	26,153	-

Fund balances (deficit)
at beginning of year .  .  .  .  .  .  .  .  .  .  .  .	(117,459)	1,470	188,010	13,567	-
(Decrease) in reserve for inventory .  .  .  .  .	 	(1,348)      	-	 	-	 	-	 	-

Fund balances (deficit) at end of year  .  .  .

 $  	(41,080)	$

1,071	$

229,054	$

39,720	$	-

Title III - Vocational                 Miscellaneous               Adult                                                                               Limited Educational                       State                       Basic                    IDEA                Vocational              English
 	Enhancements 	 	Grants 	    Education       	Part B 	    Education         Proficiency      	Title I 	

$	-	$

-	$	-	$	-	$	-	$	-	$	-

-	-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	-	-	-	-
14,415	29,510	-	-	-	-	-
 	-     	-     	91,799     	2,041,591    	104,770    	49,002     	772,271 
 	14,415     	29,510     	91,799     	2,041,591    	104,770    	49,002     	772,271 

-
-
8,228
-	-
-
-
-	-
-
-
92,160	-
1,506,251
-
-	-
-
86,027
-	-
39,334
-
-	-
681,304
-
-	

-	
29,510	
-	
48,350	
-	
-	
1,350	
1,276	-	-	-	13,699	-	-	
-	-	-	-	-	-	-	
-	-	-	-	-	-	-	

-	
-	
-	
-	
-	
-	
-	
-	-	-	74,718	-	2,887	29,807	
 	-	 	-	 	-	 	-	 	-	 	-	 	-	
 	9,504     	29,510     	92,160     	1,629,319    	99,726     	42,221     	712,461 

 	4,911       	-       	(361)     	412,272      	5,044       	6,781       	59,810

 	-       	-       	-       	-       	-       	-       	-
 	-       	-       	-       	-       	-       	-       	-

4,911	-	(361)	412,272	5,044	6,781	59,810

(4,911)	-	(1,090)	(560,839)	(5,158)	(7,062)	(136,883)
 	-       	-       	-       	-       	-       	-       	-

 $  	-	$

-	$	(1,451)	$

(148,567)	$

(114)	$

(281)	$

(77,073)

- - continued

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR SPECIAL REVENUE FUNDS (CONTINUED)
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Pre-school			Total for the	Improving	Nonmajor
Handicapped	Teacher	Special
 	Grant 	  	Quality 	  	Revenue 	

Revenues:
From local sources:
Earnings on investments  .  .  .  .  .  .  .  .  .  .  .

$	-	$

-	$	3,131

Charges for services  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	1,181,388
Extracurricular .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	491,452
Other local revenues .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	6,717
Intergovernmental - state  .  .  .  .  .  .  .  .  .  .  .	-	-	932,793
Intergovernmental - federal .  .  .  .  .  .  .  .  .  .	 	27,558	 	194,981       	4,289,716  Total revenue.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	27,558	 	194,981     	6,905,197 

Expenditures: Current: Instruction:
Regular.  .  .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	158,814	161,230
Special  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	25,612	-	2,252,501
Vocational  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	94,255
Adult/continuing .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	92,160
Support services:
Pupil  .  . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	79,210
Instructional staff.  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	14,975
Operations and maintenance .  .  .  .  .  .  .  .	-	-	1,565
Central .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	-	21,600
Operation of non-instructional services:
Food service operations .  .  .  .  .  .  .  .  .  .  .	-	-	2,222,223
Other non-instructional services .  .  .  .  .  .  .	-	10,570	947,203
Extracurricular activities  .  .  .  .  .  .  .  .  .  .	 		-	 		-	 	   448,843  Total expenditures .  .  .  .  .  .  .  .  .  .  .  .  .	 	25,612	 	169,384     	6,335,765 

Excess of revenues
over (under) expenditures  .  .  .  .  .  .  .  .	 	1,946	 	25,597	 	569,432 

Other financing sources:
Transfers in.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	-	 	-	 	91,093
Total other financing sources.  .  .  .  .  .  .  .	 	-	 	-	 	91,093

Net change in fund balances  .  .  .  .  .  .  .	1,946	25,597	660,525

Fund balances (deficit)
at beginning of year .  .  .  .  .  .  .  .  .  .  .  .	(3,188)	(38,460)	(672,003)
(Decrease) in reserve for inventory .  .  .  .  .	 	-	 	-	 	(1,348)

Fund balances (deficit) at end of year  .  .  .

 $  	(1,242)	$

(12,863)	$

(12,826)

SCHEDULE OF REVENUES, EXPENDITURES  AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP BUDGETARY  BASIS) NONMAJOR SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Budgeted Amounts

Variance with Final Budget- Positive

Original 	Final 	Actual 	(Negative)

Food Services

Total Revenues and Other Sources. .  .  .  .

$ 	2,044,442

$ 	2,107,987

$ 	2,109,943 	$

1,956

Total Expenditures and Other Uses.  .  .  .  . 	 	2,045,443 	 	2,108,317 	 	2,050,208 	 	58,109

Net Change in Fund Balance  .  .  .  .  .  .  . 	(1,001) 	(330) 	59,735 	60,065

Fund balance (deficit) at beginning of year .  . 		(4,569) 		(4,569) 		(4,569) 		- Prior year encumbrances appropriated.  .  . 	 	 5,570 	 	 5,570 	 	 5,570 	 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	- 	$

671 	$

60,736 	$

60,065

Other Grants

Total Revenues and Other Sources. .  .  .  .

$ 	1,000 	$

2,017 	$

2,017 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	- 	 	2,417 	 	2,416 	 	1

Net Change in Fund Balance  .  .  .  .  .  .  . 	1,000 	(400) 	(399) 	1

Fund balance at beginning of year .  .  .  .  . 	1,470 	1,470 	1,470 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	2,470 	$

1,070 	$

1,071 	$ 	1

District Managed Student Activity

Total Revenues and Other Sources. .  .  .  .

$ 	513,170 	$

528,070 	$

516,804 	$

(11,266)

Total Expenditures and Other Uses.  .  .  .  . 	 	642,516 	 	660,950 	 	550,572 	 	110,378

Net Change in Fund Balance  .  .  .  .  .  .  . 	(129,346) 	(132,880) 	(33,768) 	99,112

Fund balance at beginning of year .  .  .  .  . 		213,532 		213,532 		213,532 		- Prior year encumbrances appropriated.  .  . 	 	  24,831 	 	  24,831 	 		24,831 	 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

 $  	109,017 	$

105,483 	$

204,595 	$

99,112

Auxiliary Services		
Total Revenues and Other Sources. .  .  .  .	$ 	689,530		$ 	855,434		$ 	855,374		$ 	(60)	

Total Expenditures and Other Uses.  .  .  .  .	 	720,148		 	884,271		 	857,900		 	26,371	
Net Change in Fund Balance  .  .  .  .  .  .  .	(30,618)		(28,837)		(2,526)		26,311	
Fund balance at beginning of year .  .  .  .  .	1,845		1,845		1,845		-	
Prior year encumbrances appropriated.  .  .	 	28,773		 	28,773		 	28,773		 	-	
Fund balance at end of year  .  .  .  .  .  .  .  .	$ 	-		$ 	1,781		$ 	28,092		$ 	26,311	

Data Communications  for Schools

Total Revenues and Other Sources. .  .  .  .

$ 	- 	$

21,600 	$

21,600 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	- 	 	21,600 	 	21,600 	 	- Net Change in Fund Balance  .  .  .  .  .  .  . 		- 			- 			- 		-
Fund balance at beginning of year .  .  .  .  . 	- 	- 	- 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	- 	$

- 	$ 	- 	$ 	-

Vocational Educational Enhancements

Total Revenues and Other Sources. .  .  .  .

$ 	14,911 	$

14,486 	$

14,486 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	14,911 	 	14,486 	 	14,486 	 	- Net Change in Fund Balance  .  .  .  .  .  .  . 			- 			- 			- 		-
Fund balance at beginning of year .  .  .  .  . 	- 	- 	- 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	- 	$

- 	$ 	- 	$ 	-

Miscellaneous  State Grants

Total Revenues and Other Sources. .  .  .  .

$ 	27,288 	$

29,509 	$

29,509 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	27,288 	 	29,509 	 	32,852 	 	(3,343) Net Change in Fund Balance  .  .  .  .  .  .  . 			- 			- 		 (3,343) 		(3,343)
Fund balance at beginning of year .  .  .  .  . 	- 	- 	- 	-

Fund balance (deficit) at end of year.  .  .  .

$ 	- 	$

- 	$ 	(3,343) 	$

(3,343)

Adult Basic Education

Total Revenues and Other Sources. .  .  .  .

$ 	101,138 	$

98,155 	$

98,155 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	101,138 	 	98,155 	 	98,155 	 	- Net Change in Fund Balance  .  .  .  .  .  .  . 			- 			- 			- 		-
Fund balance at beginning of year .  .  .  .  . 	- 	- 	- 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	- 	$

- 	$ 	- 	$ 	-

IDEA Part B

Total Revenues and Other Sources. .  .  .  .

$ 	2,137,762

$ 	2,002,373

$ 	2,001,216 	$

(1,157)

Total Expenditures and Other Uses.  .  .  .  . 	 	2,140,971 	 	2,005,582 	 	2,004,335 	 	1,247

Net Change in Fund Balance  .  .  .  .  .  .  . 	(3,209) 	(3,209) 	(3,119) 	90

Fund balance at beginning of year .  .  .  .  . 			254 			254 			254 		- Prior year encumbrances appropriated.  .  . 	 	2,955 	 	2,955 	 	2,955 	 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	- 	$

- 	$ 	90 	$ 	90

Vocational Education

Total Revenues and Other Sources. .  .  .  .

$ 	103,194 	$

105,215 	$

105,215 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	103,653 	 	105,674 	 	105,674 	 	- Net Change in Fund Balance  .  .  .  .  .  .  . 			(459) 			(459) 			(459) 		-
Fund balance at beginning of year .  .  .  .  . 		167 		167 		167 		- Prior year encumbrances appropriated.  .  . 	 	292 	 	292 	 	292 	 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

 $  	- 	$

- 	$ 	- 	$ 	-

Title III - Limited English Proficiency

Total Revenues and Other Sources. .  .  .  .

$ 	38,322 	$

49,001 	$

49,001 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	38,322 	 	49,001 	 	49,001 	 	- Net Change in Fund Balance  .  .  .  .  .  .  . 			- 			- 			- 		-
Fund balance at beginning of year .  .  .  .  . 	- 	- 	- 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	- 	$

- 	$ 	- 	$ 	-

Title I

Total Revenues and Other Sources. .  .  .  .

$ 	871,521 	$

748,208 	$

748,208 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	857,207 	 	748,208 	 	748,208 	 	- Net Change in Fund Balance  .  .  .  .  .  .  . 		  14,314 			- 			- 		-
Fund balance at beginning of year .  .  .  .  . 	- 	- 	- 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	14,314 	$ 	- 	$ 	- 	$ 	-

Pre-school for the Handicapped Grant

Total Revenues and Other Sources. .  .  .  .

$ 	- 	$

27,558 	$

27,558 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	- 	 	27,558 	 	27,558 	 	- Net Change in Fund Balance  .  .  .  .  .  .  . 		- 			- 			- 		-
Fund balance at beginning of year .  .  .  .  . 	- 	- 	- 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	- 	$

- 	$ 	- 	$ 	-

Improving Teacher Quality

Total Revenues and Other Sources. .  .  .  .

$ 	212,125 	$

190,776 	$

190,776 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	213,725 	 	192,376 	 	192,376 	 	- Net Change in Fund Balance  .  .  .  .  .  .  . 			(1,600) 			(1,600) 			(1,600) 		-
Fund balance at beginning of year .  .  .  .  . 			- 			- 			- 		- Prior year encumbrances appropriated.  .  . 	 	1,600 	 	1,600 	 	1,600 	 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	- 	$

- 	$ 	- 	$ 	-

Uniform School Supplies

Total Revenues and Other Sources. .  .  .  .

$ 	1,058 	$

1,058 	$

1,058 	$ 	-

Total Expenditures and Other Uses.  .  .  .  . 	 	1,072 	 	1,058 	 	1,058 	 	- Net Change in Fund Balance  .  .  .  .  .  .  . 			(14) 			- 			- 		-
Fund balance (deficit) at beginning of year . 		(1,072) 		(1,072) 		(1,072) 		- Prior year encumbrances appropriated.  .  . 	 	 1,072 	 	 1,072 	 	 1,072 	 	-

Fund balance (deficit) at end of year  .  .  .

$ 	(14) 	$ 	- 	$ 	- 	$ 	-

Special Services Rotary Fund		
Total Revenues and Other Sources. .  .  .  .	$ 	28,500		$ 	28,500		$ 	32,070		$ 	3,570	

Total Expenditures and Other Uses.  .  .  .  . 	 	25,500 	 	39,065 	 	32,288 	 	6,777	
Net Change in Fund Balance  .  .  .  .  .  .  .	3,000		(10,565)		(218)		10,347	
Fund balance at beginning of year .  .  .  .  .	18,542		18,542		18,542		-	

Fund balance at end of year  .  .  .  .  .  .  .  .	
$ 	21,542		
$ 	7,977		
$ 	18,324		
$ 	10,347	

Natatorium

Total Revenues and Other Sources. .  .  .  .

$ 	190,535 	$

125,825 	$

110,910 	$

(14,915)

Total Expenditures and Other Uses.  .  .  .  . 	 	198,106 	 	133,382 	 	118,481 	 	14,901
Net Change in Fund Balance  .  .  .  .  .  .  . 	(7,571) 	(7,557) 	(7,571) 	(14) Fund balance at beginning of year .  .  .  .  . 	 7,171 	 7,171 	 7,171 		-
Prior year encumbrances appropriated.  .  . 	 	400 	 	400 	 	400 	 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

 $  	- 	$

14 	$

- 	$ 	(14)

Rotary Fund

Total Revenues and Other Sources. .  .  .  .

$ 	50,000 	$

50,000 	$

52,871 	$

2,871

Total Expenditures and Other Uses.  .  .  .  . 	 	98,800 	 	100,800 	 	66,599 	 	34,201

Net Change in Fund Balance  .  .  .  .  .  .  . 	(48,800) 	(50,800) 	(13,728) 	37,072

Fund balance at beginning of year .  .  .  .  . 	100,174 	100,174 	100,174 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	51,374 	$

49,374 	$

86,446 	$

37,072

Public School Support

Total Revenues and Other Sources. .  .  .  .

$ 	423,769 	$

480,354 	$

292,830 	$

(187,524)

Total Expenditures and Other Uses.  .  .  .  . 	 	412,575 	 	477,690 	 	296,397 	 	181,293
Net Change in Fund Balance  .  .  .  .  .  .  . 	  11,194 		2,664 		(3,567) 	(6,231) Fund balance at beginning of year .  .  .  .  . 	148,638 	148,638 	148,638 		-
Prior year encumbrances appropriated.  .  . 	 	796 	 	796 	 	796 	 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	160,628 	$

152,098 	$

145,867 	$

(6,231)

JUNE 30, 2018

	Total	
	Nonmajor	
Permanent		Capital	
   Improvement 		 	Building 		 	Projects 		

Assets:
Equity in pooled cash and cash equivalents.  .  .  .  .  .

$	2,180,718	$

-	$	2,180,718

Cash with escrow agent  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	-	45,622	45,622
Receivables:
Property taxes  .  .  .  .  .  .  .  .  .  .  . .  .  .  .  .  .  .  .	1,789,098	-	1,789,098
Payment in lieu of taxes .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	9,404	 		 	9,404

Total assets.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

 $  	3,979,220  	$

45,622

$	4,024,842

LIABILITIES, EQUITY AND OTHER CREDITS

Liabilities:
Accounts payable .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	$

3,480	$

-	$	3,480

Contracts payable.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	404,095	-	404,095
Retainage payable .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	  35,144  	 	-	 		35,144  Total liabilities.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	442,719 	 	-	 	442,719 
Deferred inflows of resources:
Property taxes levied for the next fiscal year.  .  .	1,721,442	-	1,721,442
Payment in lieu of taxes levied for
the next fiscal year .  .  .  .  .  .  .  .  . .  .  .  .  .  .	9,404	-	9,404
Delinquent property tax revenue not available.  .  .	 		18,098  	 	-	 		18,098  Total deferred inflow of resources  .  .  .  .  .  .  .  .  .  .  .	 	1,748,944 	 	-	 	1,748,944 
Fund balances:
Restricted:
Capital improvements  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,787,557		45,622		1,833,179	
Total fund balances.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	1,787,557		45,622		1,833,179	

Total liabilities, deferred inflows and fund balance  .  .  .	$

3,979,220	$

45,622

$	4,024,842

FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Total
Nonmajor
Permanent	Capital
  Improvement      	Building 	  	Projects 	

Revenues:
From local sources:
Property taxes.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$	1,726,166	$

-	$	1,726,166

Payment in lieu of taxes   .  .  .  .  .  .  .  .  .  .  .	7,649	-	7,649
Other local revenues .  .  .  .  .  .  .  .  .  .  .  .  .	2,500	-	2,500
Intergovernmental - state .  .  .  .  .  .  .  .  .  .  .	 		79,722       	-	 		79,722  Total revenue.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 	1,816,037     	-	 	1,816,037 

Expenditures:
Current:
Support services:
Fiscal.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	24,584	-	24,584
Business  .  .  .  . .  .  .  .  .  .  .  .  .  .  .  .  .  .	161,570	-	161,570
Operations and maintenance .  .  .  .  .  .  .  .	369,977	-	369,977
Pupil transportation   .  .  .  .  .  .  .  .  .  .  .  .	433,776	-	433,776
Facilities acquisition and construction  .  .  .	641,047	856,344	1,497,391
Debt service:
Principal retirement .  .  .  .  .  .  .  .  .  .  .  .  .	252,526	-	252,526
Interest and fiscal charges .  .  .  .  . .  .  .  .  .	75,810	-	75,810

Total expenditures .  .  .  .  .  .  .  .  . .  .  .  .	1,959,290	856,344	2,815,634

Net change in fund balances.  .  .  .  .  .  .  .	(143,253)	(856,344)	(999,597)

Fund balances at beginning of year .  .  .  .  .	 	1,930,810     	901,966     	2,832,776 

Fund balances at end of year  .  .  .  .  .  .  .  .

 $  	1,787,557  	$

45,622

$	1,833,179

FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP BUDGETARY  BASIS)
NONMAJOR CAPITAL PROJECTS FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Budgeted Amounts

Variance with Final Budget- Positive

Original 	Final 	Actual 	(Negative)

Permanent Improvement

Total Revenues and Other Sources. .  .  .  .

$ 	1,754,000

$ 	1,754,000

$ 	1,857,765 	$

103,765

Total Expenditures and Other Uses.  .  .  .  . 	 	2,114,194 	 	2,289,467 	 	2,247,171 	 	42,296

Net Change in Fund Balance  .  .  .  .  .  .  . 	(360,194) 	(535,467) 	(389,406) 	146,061

Fund balance at beginning of year .  .  .  .  . 		1,742,892 		1,742,892 		1,742,892 		- Prior year encumbrances appropriated.  .  . 	 		96,632 	 		96,632 	 		96,632 	 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	1,479,330

$ 	1,304,057

$ 	1,450,118 	$

146,061

Building

Total Revenues and Other Sources. .  .  .  .

$ 	901,966 	$

901,966 	$

856,344 	$

(45,622)

Total Expenditures and Other Uses.  .  .  .  . 	 	901,966 	 	901,966 	 	856,344 	 	45,622
Net Change in Fund Balance  .  .  .  .  .  .  . 		- 		- 		- 	- Fund balance (deficit) at beginning of year . 	(901,966) 	(901,966) 	(901,966) 	-
Prior year encumbrances appropriated.  .  . 	 	901,966 	 	901,966 	 	901,966 	 	-

Fund balance at end of year  .  .  .  .  .  .  .  .

$ 	- 	$

- 	$ 	- 	$ 	-

FIDUCIARY FUNDS

Fiduciary fund reporting focuses on net position and changes in net position.  The fidicuary fund category is split into four classifications: Pension trust funds, investment trust funds, private purpose trust and agency funds. Trust funds are used to account for assets held by the District under a trust agreement for individuals, private organizations, or other governments and are therefore not available to support the District's own programs.  Agency funds are purely custodial (assets equal liabilities) and thus do not involve the measure of results of operations

Private-Purpose Trust Fund

Scholarship Fund	Section 5705.09, Revised Code

This fund acconts for monies to be set aside for college scholarships for students enrolled in the School District. The income from such a fund may be expended, but the principal must remain intact.

Agency Funds

OHSAA Tournaments Fund 	Section 5705.12, Revised Code

This fund reflects resources that are collected for various tournaments and remitted to the Ohio High School Athletic Association
(OHSAA).

Student Managed Activity Fund	Section 3315.062, Revised Code

This fund accounts for those student activity programs which have student participation in the activity and have students involved in the management of the program.

SCHEDULE OF REVENUES, EXPENDITURES  AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP BUDGETARY  BASIS) SCHOLARSHIP  FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Budgeted Amounts

Variance with Final Budget- Positive

Original 	Final 	Actual 	(Negative)

Total Revenues and Other Sources. .  .  .  .	
$ 	1,700		
$ 	7,200		
$ 	7,811		
$ 	611	

Total Expenditures and Other Uses.  .  .  .  . 	 	8,200 	 	15,420 	 	8,750 	 	6,670	
Net Change in Fund Balance  .  .  .  .  .  .  .	(6,500)		(8,220)		(939)		7,281	
Fund balance at beginning of year .  .  .  .  .	9,429		9,429		9,429		-	

Fund balance at end of year  .  .  .  .  .  .  .  .	
$ 	2,929		
$ 	1,209		
$ 	8,490		
$ 	7,281	

STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

OHSAA Tournaments Fund

Beginning	Ending
Balance	Balance
July 1, 2017	Additions	Deletions	June 30, 2018

Assets:
Equity in pooled cash and cash equivalents.  .  .  .  .

$  	518

$  	14,788

$  	13,173

$  	2,133

Total assets .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$  	518

$  	14,788

$  	13,173

$  	2,133

Liabilities:
Loans payable .  . .  .  .  .   .  .  .  .  .  .  .  .  .  .  .  .	$

201	$

-	$	201	$	-

Intergovernmental payable.  .  .  .  .  .  .  .  .  .  .  .	 	317	 	14,788	 	12,972	 	2,133

Total liabilities .  .  .  .  .  .  .  .  .  .  . .  .  .  .  .  .  .  .

$  	518

$  	14,788

$  	13,173

$  	2,133

Student Managed Activities Fund

Assets:
Equity in pooled cash and cash equivalents.  .  .  .  .

$  	99,079

$  	208,962

$  	196,507

$  	111,534

Total assets .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$  	99,079

$  	208,962

$  	196,507

$  	111,534

Liabilities:
Accounts payable .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$	3,486	$

4,225	$

3,486	$

4,225

Due to students .  .  .  .  .  .  .  .  .  .  . .  .  .  .  .  .  .	 	95,593	 	204,737	 	193,021	 	107,309

Total liabilities .  .  .  .  .  .  .  .  .  .  . .  .  .  .  .  .  .  .

$  	99,079

$  	208,962

$  	196,507

$  	111,534

Total - All Agency Funds

Assets:
Equity in pooled cash and cash equivalents.  .  .  .  .

$  	99,597

$  	223,750

$  	209,680

$  	113,667

Total assets .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$  	99,597

$  	223,750

$  	209,680

$  	113,667

Liabilities:
Accounts payable .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$	3,486	$

4,225	$

3,486	$

4,225

Loans payable .  . .  .  .  .   .  .  .  .  .  .  .  .  .  .  .  .	201		-		201		- Intergovernmental payable.  .  .  .  .  .  .  .  .  .  .  .	317	14,788	12,972	2,133
Due to students .  .  .  .  .  .  .  .  .  .  . .  .  .  .  .  .  .	 	95,593	 	204,737	 	193,021	 	107,309

Total liabilities .  .  .  .  .  .  .  .  .  .  . .  .  .  .  .  .  .  .

$  	99,597

$  	223,750

$  	209,680

$  	113,667

Statistical	Section

In the classrooms across our district, educators are fulfilling our mission by preparing students to be
life-long learners and engaged citizens. Students pictured are in classrooms in Central Trail (upper left), Arbor Hills (upper right), and Hill View (lower left, lower right.)

THIS PAGE IS INTENTIONALLY LEFT BLANK

STATISTICAL SECTION

This part of the Sylvania City School District's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the District's overall financial health.

Contents	Page

Financial Trends	S2 - S11
These schedules contain trend information to help the reader understand how the District's financial performance and well- being have changed over time.

Revenue Capacity	S12 - S19

These schedules contain information to help the reader assess the District's most significant local revenue source, the property tax.

Debt Capacity	S20 - S23
These 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.

Demographic and Economic Information	S24 - S25

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	S26 - S34

These schedules contain service and infrastructure 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.

NET POSITION BY COMPONENT LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)

	2018		2017 (3)		2016		2015	
Governmental activities
Net investment in capital assets	
$	15,489,254		
$	15,023,837		
$	15,548,098		
$	13,948,002	
Restricted	4,346,761		4,579,852		4,145,252		5,007,886	
Unrestricted (deficit)	(101,836,680)		(153,898,228)		(124,221,153)		(126,197,699)	
Total governmental activities net position (deficit)	$    (82,000,665)		$  (134,294,539)		$  (104,527,803)		$  (107,241,811)	

(1) New terminology in accordance with GASB Statement No. 63 which was implemented in 2013.
Amounts for 2012 and 2011 have been restated to reflect the implementation of GASB Statement No. 65.

(2)  The District implemented GASB Statement No. 68 and 71 in 2015.
Amounts for 2014 have been restated to reflect the implementation of these statements.

(3)  The District implemented GASB Statement No. 75 in 2018.
Amounts for 2017 have been restated to reflect the implementation of this statement.

Source: School District financial records

 	2014 (2) 		 	2013 		 	2012 (1) 		 	2011 (1) 		 	2010 		 	2009 		

$	13,968,477		$	14,760,435		$	16,273,543		$	15,807,676		$	18,997,215		$	17,939,259	
3,546,425		1,289,863		4,388,544		3,631,117		3,569,858		4,202,610	
(127,708,471)		(8,345,758)		(12,095,096)		(12,940,736)		(10,741,455)		(4,397,614)	
$  (110,193,569)		$	7,704,540		$	8,566,991		$	6,498,057		$	11,825,618		$	17,744,255	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

CHANGES IN NET POSITION LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)

	2018		2017		2016		2015	
Expenses								
Governmental activities:								
Instruction:								
Regular	$	17,467,589		$	38,598,123		$	35,316,565		$	35,427,259	
Special	7,063,906		14,555,048		13,291,068		12,642,540	
Vocational	1,221,311		2,517,544		1,814,688		2,020,980	
Adult/Continuing	27,869		93,014		71,055		64,496	
Other instructional	2,032,109		2,286,573		2,186,237		2,366,766	
Support services:								
Pupil	2,701,436		6,235,878		5,521,918		4,980,915	
Instructional staff	1,043,280		2,257,483		1,926,976		1,898,434	
Board of education	28,886		35,293		32,820		32,869	
Administration	4,321,384		8,114,875		7,358,021		7,102,339	
Fiscal	1,585,485		1,950,168		1,800,082		1,807,046	
Business	107,107		209,399		242,293		235,270	
Operations and maintenance	6,956,354		9,945,554		9,336,202		9,130,167	
Pupil transportation	2,520,832		4,780,637		4,477,720		4,690,537	
Central	835,751		1,328,922		784,648		830,846	
Operation of non-instructional services:								
Food service operations	1,847,751		2,495,494		2,215,835		2,045,249	
Other non-instructional services	1,053,190		1,136,233		1,125,676		1,210,717	
Extracurricular activities	1,804,350		2,999,186		2,666,350		2,806,529	
Interest and fiscal charges	3,945,063		4,074,233		4,165,290		3,791,038	
Total governmental activities expenses	56,563,653		103,613,657		94,333,444		93,083,997	

2014		2013		2012		2011		2010		2009	

$	35,625,734		$	36,103,261		$	33,248,216		$	35,895,798		$	35,544,660		$	36,243,051	
13,019,704		10,332,087		8,384,850		9,006,976		9,262,000		8,332,050	
2,063,861		1,804,791		1,791,409		2,250,516		2,300,740		2,503,138	
47,053		68,943		63,024		36,094		52,272		93,991	
2,192,544		2,021,759		1,723,810		1,717,014		1,682,695		1,688,636	
5,045,935		5,601,668		5,497,493		6,767,500		5,776,063		5,894,790	
1,800,484		4,672,021		3,982,751		4,133,007		5,046,879		4,806,033	
37,034		24,426		28,371		16,401		26,884		18,684	
6,311,703		4,874,391		8,391,763		9,461,636		8,895,047		7,475,022	
1,780,334		1,807,481		1,882,065		1,627,076		1,740,510		1,614,397	
234,835		229,418		209,741		220,908		192,197		111,813	
9,484,736		9,122,893		8,742,706		9,626,916		9,670,074		10,023,645	
5,180,802		4,894,939		4,964,367		5,130,207		5,310,349		5,302,161	
723,274		947,814		981,385		1,216,292		1,207,259		1,167,987	
1,998,400		1,974,761		1,797,621		2,182,491		2,158,276		1,996,133	
1,174,416		1,304,715		1,168,920		1,269,893		1,098,748		1,368,054	
2,756,821		2,724,876		2,536,129		2,540,167		2,540,507		2,583,209	
4,618,615		4,840,501		4,927,828		5,221,783		5,315,060		2,398,739	
94,096,285		93,350,745		90,322,449		98,320,675		97,820,220		93,621,533	
										
- - continued	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

CHANGES IN NET POSITION - (Continued) LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)

Program Revenues	2018	2017	2016	2015
Governmental activities:
Charges for services and sales: Instruction:

Regular

$	1,551,071	$

678,788	$

698,828	$

613,813

Special                                                                                                   235,872                          501,889                          329,996                          588,192
Support services:
Operations and maintenance                                                                    59,747                            75,621                            50,136                            66,297
Pupil transportation                                                                                  46,895                            46,178                            41,382                            42,206
Operation of non-instructional services:
Food service operations                                                                     1,181,388                       1,082,254                       1,008,406                          803,036
Other non-instructional services                                                            102,080                            72,992                            89,579                            92,858
Extracurricular activities                                                                          718,507                          651,183                          682,246                          685,329
Operating grants and contributions: Instruction:
Regular                                                                                                  168,622                          137,434                          237,963                            72,817
Special                                                                                                5,603,733                       5,439,648                       5,588,930                       5,243,752
Vocational                                                                                              682,583                          691,415                          610,794                          456,329
Adult/Continuing                                                                                     91,799                            87,601                            54,455                            84,000
Other instructional                                                                                             -                                     -                                      -                                      - Support services:
Pupil                                                                                                         83,195                          200,663                          141,276                            62,385
Instructional staff                                                                                     15,015                            36,212                            27,381                            39,995
Administration                                                                                                  -                                      -                                      -                                      - Operations and maintenance                                                                             -                                      -                              9,210                                      - Pupil transportation                                                                                           -                                      -                                      -                                      - Central                                                                                                     21,600                            21,600                            21,600                            21,600
Operation of non-instructional services:
Food service operations                                                                     1,027,469                          888,900                          822,667                          705,986
Other non-instructional services                                                            988,756                          982,201                       1,023,043                       1,065,230
Extracurricular activities                                                                            63,957                          100,908                            57,403                            43,523
Capital grants and contributions: Instruction:
Pupil transportation                                                                                           -                                     -                                      -                                      - Extracurricular activities                                                                                     -                                      -                                      -                       1,291,581
Total governmental program revenues	12,642,289	11,695,487	11,495,295	11,978,929
Net (Expense)

Governmental activities
General Revenues and Other Changes in Net Position
Governmental activities: Property taxes levied for:
General purposes

$	(43,921,364)

$	63,111,469

$	(91,918,170)

$	59,250,144

$	(82,838,149)

$	55,372,937

$	(81,105,068)

$	53,213,017

Debt service	6,698,458	6,793,908	7,213,104	7,082,651
Capital outlay	1,723,469	1,126,702	353,647	342,279
Payments in lieu of taxes	398,566	336,593	384,847	371,564
Grants and entitlements not restricted
to specific programs	23,686,204	23,480,318	21,821,964	22,401,241
Investment earnings	378,977	137,152	41,732	16,758
Gain on disposal of capital assets		-		-		-		- Miscellaneous	218,095	357,984	363,926	629,316
Total governmental activities	96,215,238	91,482,801	85,552,157	84,056,826
Change in Net Position

Governmental activities
Source: School District financial records

$	52,293,874	$

(435,369)	$

2,714,008	$

2,951,758

2014	2013	2012	2011	2010	2009

$	772,685	$	859,887	$	816,979	$	745,254	$	630,020	$	628,892	
541,882	450,174	577,689	583,790	386,364	391,503	
35,484	51,828	36,751	42,930	25,739	59,104	
46,593	41,078	45,138	39,895	38,757	33,327	
723,307	761,741	894,810	1,120,849	1,128,880	1,137,131	
102,620	110,085	107,421	85,053	63,346	76,395	
714,648	804,211	806,730	686,944	739,515	692,951	

207,589	267,004	126,350	1,938,637	592,268	167,597	
4,845,548	1,826,419	1,430,140	1,679,330	1,069,864	1,419,441	
355,483	202,460	285,263	306,940	333,075	288,929	
46,334	67,392	63,869	36,070	-	91,099	
-	-	-	116,596	84,022	-	
61,060	127,232	134,789	107,694	17,762	28,231	
61,801	1,549,121	1,414,055	2,560,064	2,218,541	1,528,516	
-	1,924	1,193	50,330	87,801	7,174	
-	-	200	-	-	35,446	
-	5,137	895	-	-	261,628	
21,600	21,600	21,600	32,300	264,920	61,398	
713,033	728,378	709,741	677,473	572,922	407,951	
1,078,237	1,087,534	1,087,744	1,123,574	1,113,597	1,133,874	
47,219	32,926	36,251	38,383	47,713	20,011	

-		-		-		-		-		79,049	
707,288		-		-		-		-		-	
11,082,411		8,996,131		8,597,608		11,972,106		9,415,106		8,549,647	

$	(83,013,874)

$	(84,354,614)

$	(81,724,841)

$	(86,348,569)

$	(88,405,114)

$	(85,071,886)

$	52,713,354		$	53,568,191		$	51,929,769		$	48,100,515		$	48,890,899		$	49,851,399	
7,058,597		7,075,823		7,216,887		6,945,741		6,953,432		5,605,623	
337,993		349,968		365,998		359,711		362,513		361,561	
386,395		372,462		619,100		511,286		-		-	
21,384,855		22,190,182		23,302,354		24,526,349		25,119,293		24,162,588	
18,533		23,857		50,031		153,599		668,567		565,673	
1,478,878		-		75,727		-		-		25,674	
457,237		1,113,287		233,909		423,807		491,773		439,111	
83,835,842		84,693,770		83,793,775		81,021,008		82,486,477		81,011,629	
$	821,968		$	339,156		$	2,068,934		$	(5,327,561)		$	(5,918,637)		$	(4,060,257)	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

FUND BALANCES, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)

 	2018 		 	2017 		 	2016 		 	2015 	

General Fund: Nonspendable

$ 	138,022 	$

134,559 	$

73,013 	$ 	-

Assigned 		   295,888 			353,699 			- 			- Unassigned (deficit) 		8,605,887 		1,993,088 		(2,259,970) 		(3,494,715) Reserved 			- 				- 			- 			- Unreserved (deficit)	 		- 	 			- 	 		- 	 		-

Total general fund	 	9,039,797 	2,481,346	(2,186,957)	(3,494,715)

All Other Governmental Funds: Nonspendable

$ 	- 	$

- 	$ 	- 	$ 	-

Restricted	5,994,623	7,067,824	5,294,525	5,866,756
Unassigned (deficit)	(282,671)	(875,050)	(498,405)	(201,520) Reserved		-		-		-		- Unreserved (deficit), reported in:
Special revenue funds                                                          -                                    -                                    -                                    - Debt service fund fund                                                    -                                  -                                  -                                  - Capital projects funds                                                     -                                 -                                 -                                 -

Total all other governmental funds	5,711,952	6,192,774	4,796,120	5,665,236

Total governmental funds

$ 	14,751,749

$ 	8,674,120

$ 	2,609,163

$ 	2,170,521

Source: School District financial records

(1) The School District implemented GASB 54 in 2011, which reclassified fund balances and some fund types into the general fund.

 	2014 		 	2013 		 	2012 		 	2011 (1) 		 	2010 		 	2009 		

$ 	-
-		$ 	-
-		$ 	-
-		$ 	-
1,087,493		$ 	-
-		$ 	-
-	
(2,890,645)		(1,060,384)		(982,632)		(4,482,477)		-		-	
-		-		-		-		2,839,596		2,148,337	
 	-		 	-		 	-		 	-		 	(3,723,495)		 	2,776,713	

 	(2,890,645) 	(1,060,384)	(982,632)	(3,394,984)	(883,899)	4,925,050	

$	33,965		

$	73,012		

$	63,093		

$	16,798		

$	-		

$	-	
5,154,451		3,457,211		8,218,721		18,705,111		-		-	
(343,549)		(477,621)		(208,808)		(507,025)		-		-	
-		-		-		-		34,640,246		2,868,561	

-		
-		
-		
-		
(625,521)		
(235,385)	
-		-		-		-		1,001,212		18,279,097	
 	-		 	-		 	-		 	-		 	16,427,935		 	75,967,037	

4,844,867		
3,052,602		
8,073,006		
18,214,884		
51,443,872		
96,879,310	

$	1,954,222

$ 	1,992,218

$ 	7,090,374

$ 	14,819,900

$ 	50,559,973

$ 	101,804,360

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
	2018		2017		2016		2015	
Revenues								
From local sources:								
Property taxes	$ 	71,657,826		$ 	66,987,022		$ 	63,057,138		$ 	61,267,404	
Payment in lieu of taxes	398,566		336,593		384,847		371,564	
Tuition	1,262,137		752,934		593,769		750,543	
Transportation fees	46,895		46,178		41,382		42,206	
Charges for services	1,181,388		1,082,254		1,008,406		803,036	
Earnings on investments	382,108		139,115		42,430		16,891	
Extracurricular	720,215		655,773		682,246		685,329	
Classroom materials and fees	524,806		427,743		435,055		451,462	
Rental income	58,039		71,031		50,136		66,297	
Contributions and donations	116,828		152,317		107,233		1,385,717	
Contract services	102,080		72,992		89,579		92,858	
Other local revenues	224,812		360,959		395,910		637,316	
Intergovernmental - Intermediate	-		-		-		-	
Intergovernmental - State	28,308,723		28,007,776		26,447,971		26,568,775	
Intergovernmental - Federal	4,458,706		4,117,332		3,092,155		3,621,882	
Total revenues	109,443,129		103,210,019		96,428,257		96,761,280	
Expenditures								
Current:								
Instruction:								
Regular	36,179,836		33,419,171		32,932,675		34,158,787	
Special	13,883,618		13,658,240		13,251,685		12,807,784	
Vocational	2,020,581		1,976,820		1,572,817		1,833,318	
Adult/Continuing	92,160		87,211		72,470		66,915	
Other	2,032,109		2,286,573		2,186,237		2,366,766	
Current:								
Pupil	6,119,460		5,957,758		5,573,399		5,222,189	
Instructional staff	1,650,816		2,027,511		1,805,898		1,808,666	
Board of education	39,743		34,285		32,820		32,869	
Administration	7,981,231		7,668,128		7,348,252		7,303,136	
Fiscal	1,957,692		1,896,449		1,793,342		1,795,406	
Business	287,391		211,435		243,842		233,984	
Operations and maintenance	9,503,585		9,263,748		9,038,818		8,954,812	
Pupil transportation	5,015,091		4,634,774		4,464,648		4,597,749	
Central	1,132,231		1,308,997		789,630		839,158	
Operation of non-instructional services:
Food service operations 	2,222,223 	2,108,408 	1,966,316 	1,785,128
Other non-instructional services 	1,108,424 	1,133,390 	1,122,837 	1,206,768
Extracurricular activities 	2,174,376 	2,085,442 	2,126,904 	2,156,334
Facilities acquisitions and construction 	1,520,451 	1,971,835 	399,891 	2,588,527
Capital outlay 	- 	- 	- 	- Debt service:
Principal retirement 	3,932,507 	4,755,000 	5,670,000 	9,432,780
Interest and fiscal charges 	3,300,608 	3,354,006 	3,590,900 	2,797,264
Accretion on capital appreciation bonds 	1,210,019 		- 	- 		- Bond and note issuance costs 		- 	52,275 	- 	731,730
Total expenditures 	103,364,152 	99,891,456 	95,983,381 	102,720,070
Excess of revenues over (under) expenditures 	6,078,977 	3,318,563 	444,876 	(5,958,790)
Other Financing Sources (Uses)
Transfers in 	91,093 	110,575 	123,902 	312,996
Transfers (out) 	(91,093) 	(110,575) 	(123,902) 	  (312,996) Premium on notes sold 		- 		- 		- 		- Sale of capital assets 		- 		- 		- 		- Capital lease transaction 		- 		- 		- 		- Premium on bonds sold 		- 		- 		- 	8,539,849
Payment to refunded bond escrow 	- 	(6,046,260) 	- 	(75,044,036) Inception of lease-purchase obligation 	- 		2,850,000 			- Sale of bonds 	- 		5,940,000 	- 	  72,705,000
Sale of notes 	- 		- 	- 		- Total other financing sources (uses) 	- 	2,743,740 	- 	6,200,813
Increase (decrease) in reserve for inventory 	(1,348) 	2,654 	(6,234) 	(25,724)

Net change in fund balances

$ 	6,077,629

$ 	6,064,957 	$

438,642 	$

216,299

Capital expenditures (included in expenditures above) 	2,314,386 	2,100,991 	499,022 	2,676,717
Debt service principal and interest as a percentage of
noncapital expenditures 	7.16% 	8.29% 	9.70% 	12.22%
Source: School District financial records

 	2014 		 	2013 		 	2012 		 	2011 		 	2010 		 	2009 		

$ 	60,176,130		$ 	61,110,516		$ 	59,720,574		$ 	55,292,168		$ 	56,029,767		$ 	55,740,104	
386,395		372,462		619,100		511,286		-		-	
874,183		863,327		947,290		953,134		628,608		623,148	
46,593		41,078		45,138		39,895		37,357		33,327	
723,307		761,741		894,810		1,120,849		1,128,880		1,137,131	
18,579		25,992		53,988		193,750		669,752		556,054	
714,648		804,261		806,730		686,944		739,515		693,851	
440,384		457,932		460,403		388,681		397,334		407,022	
35,484		51,828		36,751		42,930		25,739		59,104	
813,893		81,859		150,951		75,578		76,625		51,757	
102,620		98,837		94,396		72,282		55,188		68,322	
509,383		1,195,912		322,057		549,655		580,141		524,748	
51,754		24,021,850		25,129,019		26,275,123		26,470,370		26,647,470	
25,073,435		24,021,850		25,129,019		26,275,123		26,470,370		26,647,470	
3,591,280		3,759,704		4,216,964		5,976,370		4,808,657		3,043,596	
93,558,068		117,669,149		118,627,190		118,453,768		118,118,303		116,233,104	

34,231,949		34,296,886		32,474,747		34,635,264		34,206,575		35,263,158	
12,914,876		9,528,072		8,209,854		8,852,749		8,946,696		8,198,587	
1,882,384		1,635,976		1,548,556		2,131,379		2,200,271		2,297,048	
47,053		68,943		63,024		36,094		52,272		93,991	
2,192,544		2,021,759		1,723,810		1,717,014		1,682,695		1,688,636	
5,048,743		5,649,438		5,485,054		6,732,942		5,790,967		5,934,009	
1,647,915		4,473,310		3,827,134		4,126,904		4,957,257		4,800,929	
37,034		24,426		28,371		16,401		26,884		18,684	
6,597,710		6,132,986		8,431,030		7,680,862		8,736,588		7,534,408	
1,764,547		1,792,979		1,833,047		1,632,530		1,729,267		1,600,507	
233,933		229,131		209,414		218,664		190,572		122,173	
9,231,475		8,685,570		8,243,929		8,295,728		18,839,729		9,981,168	
4,809,757		4,412,722		4,567,005		4,975,182		5,273,090		5,484,889	
724,807		941,378		966,564		1,211,604		1,206,456		1,164,865	
1,695,672		1,763,873		1,648,252		2,006,415		2,068,218		1,864,424	
1,169,622		1,299,921		1,163,593		1,263,501		1,089,442		1,364,505	
2,211,094		2,199,049		2,063,570		2,196,638		2,256,782		2,192,606	
7,807,339		5,781,148		11,526,387		32,505,915		18,646,795		1,251,259	
-		-		51,023		-		-		90,637	
3,367,729		3,648,486		3,144,340		3,182,766		19,953,102		3,207,843	
4,149,847		4,202,192		4,198,634		4,521,810		5,132,149		1,059,486	
-		-		-		-		-		-	
18,842		-		165,673		-		-		1,070,065	
101,784,872		98,788,245		101,573,011		127,940,362		142,985,807		96,283,877	
(8,226,804)		18,880,904		17,054,179		(9,486,594)		(24,867,504)		19,949,227	

259,598		
184,934		
930		
364,690		
380,559		
363,311	
(259,598)		(184,934)		(930)		(364,690)		(380,559)		(363,311)	
18,245		-		-		-		-		16,350	
2,779,610		32,871		75,727		45,693		69,193		25,674	
-		-		51,023		-		-		90,637	
-		-		935,188		-		-		1,070,085	
-		-		(9,792,919)		-		-		-	
-		-		-		-		-		-	
-		-		9,030,000		-		-		78,999,981	
5,430,000		-		-		-		-		15,500,000	
8,227,855		32,871		299,019		45,693		69,193		95,702,727	
-		9,919		46,295		(24,049)		24,294		(5,518)	
$ 	1,051		$ 	18,923,694		$ 	17,399,493		$ 	(9,464,950)		$ 	(24,774,017)		$ 	115,646,436	
8,036,137		5,932,077		11,706,546		31,964,785		28,746,691		2,354,873	

8.02%		
8.45%		
8.17%		
8.03%		
21.96%		
4.54%	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

ASSESSED VALUATION AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN YEARS

Tangible
 	Real Property 	  	Personal Property 	  	Public Utility 	

Collection	

Assessed	Estimated
Actual	

Assessed	Estimated
Actual	

Assessed	Estimated
Actual	
 	Year 		 	Value 		 	Value 		 	Value 		 	Value 		 	Value 		 	Value 		

2018	
$   1,373,628,590	
$  3,924,653,114	
$ 	-	
$ 	-	
$ 	37,748,060	
$ 	150,992,240	

2017	
1,361,791,310	
3,890,832,314	
-	
-	
33,742,650	
134,970,600	

2016	
1,341,184,900	
3,831,956,857	
-	
-	
27,592,880	
110,371,520	

2015	
1,300,991,340	
3,717,118,114	
-	
-	
22,940,560	
91,762,240	

2014	
1,288,169,390	
3,680,483,971	
-	
-	
21,292,440	
85,169,760	

2013	
1,292,525,480	
3,692,929,943	
-	
-	
19,641,350	
78,565,400	

2012	
1,429,020,350	
4,082,915,286	
-	
-	
18,166,960	
72,667,840	

2011	
1,434,631,250	
4,098,946,429	
-	
-	
17,370,810	
69,483,240	

2010	
1,440,591,120	
4,115,974,629	
967,770	
19,355,400	
16,775,400	
67,101,600	

2009	
1,600,669,850	
4,573,342,429	
1,985,195	
19,851,950	
15,167,840	
60,671,360	

Source: Lucas County Auditor's Office

 	Total 	

Assessed
 	Value 		Estimated
Actual
 	Value 		

 	% 		Total
Direct Tax
 	Rate 		

$  1,411,376,650	
$  4,075,645,354	
34.63%	
$ 	88.56	

1,395,533,960	
4,025,802,914	
34.66%	
88.45	

1,368,777,780	
3,942,328,377	
34.72%	
83.30	

1,323,931,900	
3,808,880,354	
34.76%	
83.50	

1,309,461,830	
3,765,653,731	
34.77%	
83.60	

1,312,166,830	
3,771,495,343	
34.79%	
83.60	

1,447,187,310	
4,155,583,126	
34.83%	
83.00	

1,452,002,060	
4,168,429,669	
34.83%	
78.30	

1,458,334,290	
4,202,431,629	
34.70%	
77.70	

1,617,822,885	
4,653,865,739	
34.76%	
77.69	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

DIRECT AND OVERLAPPING PROPERTY TAX RATES (RATE PER $1,000 OF ASSESSED VALUE)
LAST TEN YEARS

 	Direct Rates 	

Tax Year/		Voted		
Collection
 	Year 		
    General 		Debt
     Service 		Permanent
 Improvement	
     Unvoted 		
 	Total 		
2017/2018	$	76.80	$	5.46	$	1.30	$	5.00	$	88.56	
2016/2017	76.80	5.35	1.30	5.00	88.45	
2015/2016	72.10	5.90	0.30	5.00	83.30	
2014/2015	72.10	6.10	0.30	5.00	83.50	
2013/2014	72.10	6.20	0.30	5.00	83.60	
2012/2013	72.10	6.20	0.30	5.00	83.60	
2011/2012	72.10	5.60	0.30	5.00	83.00	
2010/2011	67.20	5.80	0.30	5.00	78.30	
2009/2010	67.20	5.20	0.30	5.00	77.70	
2008/2009	67.20	5.19	0.30	5.00	77.69	

 	Overlapping Rates 	

Tax Year/	Toledo Area	Sylvania Area
Collection	Lucas	City of	City of	Sylvania	Regional Transit	Joint Recreation	Olander Park	Toledo
 	Year 	      County             Toledo             Sylvania          Township            Authority          	District 	  	District 	      Public         	Total 	

2017/2018

$	17.37	$

4.40	$

5.10	$

23.07	$

2.50	$

2.11	$

1.00	$

3.70	$

59.25

2016/2017	17.37	4.40	5.10	23.07	2.50	2.11	0.20	2.90	57.65

2015/2016	19.77	4.40	5.10	22.97	2.50	2.10	0.70	2.90	60.44

2014/2015	19.77	4.40	5.10	22.97	2.50	2.10	0.70	2.90	60.44

2013/2014	19.62	4.40	5.10	21.47	2.50	2.10	0.70	2.90	58.79

2012/2013	17.77	4.40	5.10	21.47	2.50	2.10	0.70	2.90	56.94

2011/2012	16.17	4.40	5.10	20.72	2.50	1.65	0.70	2.00	53.24

2010/2011	16.17	4.40	3.60	19.97	2.50	1.65	0.70	2.00	50.99

2009/2010	16.17	4.40	3.60	19.97	2.50	1.62	0.70	2.00	50.96

2008/2009	16.17	4.40	5.92	19.97	2.50	1.62	0.70	2.00	53.28

Source: Lucas County Auditor's Office

REAL PROPERTY
DECEMBER 31, 2017 AND DECEMBER 31, 2008

 	December 31, 2017 	

Percentage of Taxable                                                 Total District Assessed                                                   Real Esate
 	Taxpayer 		 	Value 		  Rank  	     Assessed Value 	

Toledo Hospital

$	19,760,820

1	1.44%

Louisville Title Agency	11,120,700		2	  0.81% DFG - Monroe LLC	7,656,260	3	0.56% Crestview of Ohio, Inc		5,430,830		4	  0.40%
DFG-Franklin Place Shops LLC			5,301,220				 5			 0.39% Chelsea Garden Apartments LLC		    4,920,690				6			0.36% Realty Income Properties 25 LLC			3,857,060				 7			 0.28% Wal-Mart Real Estate	3,761,670		8			0.27% Regency Hospital of Toledo		3,745,000			9			0.27% Meijer Properties, Inc	3,473,860	 10			0.25%

Total

$	69,028,110

5.03%

Total Real Property Assessed Valuation

$	1,373,628,590

December 31, 2008

Percentage of Taxable                                                 Total District Assessed                                                   Real Esate
 	Taxpayer 		 	Value 		  Rank  	     Assessed Value 	

Reynolds Road Fitness Center

$	7,851,020

1	0.49%

Naiasher Ogdensburg Accoc.				6,385,430				 2			  0.40% National Amusements		 5,955,230			3			 0.37% Regency Hospital of Toledo				4,639,880				 4			  0.29% Barone Brothers	 4,542,870		5			 0.28% Meijer Properties, Inc.			4,197,270			 6			 0.26% Wal-Mart Real Estate		 4,007,610			7			0.25% Centro NP Residual Pool 1			    3,850,020				8			 0.24% DJ James Yark/Yark Olds			   3,684,000			   9			0.23% Harvey Tolson	3,404,190	10			0.21%

Total

$	48,517,520

3.02%

Total Real Property Assessed Valuation

$	1,600,669,850

Source: Lucas County Auditor's Office

TANGIBLE AND PUBLIC UTILITY PERSONAL PROPERTY DECEMBER 31, 2017 AND DECEMBER 31, 2008

 	December 31, 2017 	

Percentage of
Total District Taxable                                                     Tangible and Assessed                                                    Public Utility
 	Taxpayer 		 	Value 		  Rank  	 	Assessed Value 	

American Transmission Systems, Inc.

$	17,541,430

1	46.47%

Toledo Edison		14,105,370		2		37.37% Columbia Gas of Ohio		  5,657,550		3		14.99% Ohio Gas Co	443,710	4		1.18%

Total

$	37,748,060

100.00%

Total Tangible and Public Utility
Personal Property Assessed Valuation

 $  	37,748,060

December 31, 2008

Percentage of
Total District Taxable                                                     Tangible and Assessed                                                    Public Utility
 	Taxpayer 		 	Value 		  Rank  	 	Assessed Value 	

Verizon North, Inc.

$	1,669,250

1	9.73%

Yark Automotive Group, Inc.	1,630,550	2	9.51% Vin Devers Inc.		828,470	3	 4.83%
Block Communications Inc.			776,780			4			4.53% Dave White Chevrolet Inc.		741,330		5			4.32% Brown Motor Sales Company, Inc.			731,470			6			4.26% Jim White Company	585,870	7			3.42%
Meijer Stores Limited Partnership	442,030	8	2.58% Anderson's Inc.	441,730	9	2.58%
Wal-Mart Stores East LP	378,220	10	2.20%

Total

$	8,225,700

47.96%

Total Tangible and Public Utility
Personal Property Assessed Valuation

 $  	17,153,035

Source: Lucas County Auditor's Office

THIS PAGE IS INTENTIONALLY LEFT BLANK

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

PROPERTY TAX LEVIES AND COLLECTIONS (1) LAST TEN FISCAL YEARS

Tax Year/ Collection
 	Year 		

Current
 	Levy (1) 		

Delinquent
 	Levy (2) 		

Total
 	Levy 		

Current
   Collection (1) 		Percent of
Current Levy
 	Collected 		

2017/2018	
$	80,583,027	
$	2,938,149	
$	83,521,176	
$	79,102,264	
98.16%	

2016/2017	
79,402,179	
2,448,165	
81,850,344	
77,513,470	
97.62%	

2015/2016	
70,627,019	
2,409,298	
73,036,317	
69,099,930	
97.84%	

2014/2015	
69,616,591	
2,456,089	
72,072,680	
67,405,776	
96.82%	

2013/2014	
69,079,188	
2,714,553	
71,793,741	
66,751,405	
96.63%	

2012/2013	
68,901,963	
3,092,972	
71,994,935	
65,180,247	
94.60%	

2011/2012	
71,080,864	
3,942,499	
75,023,363	
68,179,989	
95.92%	

2010/2011	
64,241,502	
3,504,056	
67,745,558	
61,446,180	
95.65%	

2009/2010	
63,289,576	
2,703,343	
65,992,919	
59,719,127	
94.36%	

2008/2009	
64,717,610	
2,392,811	
67,110,421	
61,476,985	
94.99%	

Source: Lucas County Auditor's Office

(1) Includes state-mandated tax-reduction amounts, which are subsequently reimbursed to the District by the State, and reported as
Intergovernmental revenue.

(2) This amount cannot be calculated from other data in this table because of retroactive additions and deletions.

Delinquent
 	Collection 		

Total
 	Collection 		Total Collection
As a Percent of
 	Total Levy 		

$	1,736,706	
$	80,838,970	
96.79%	

1,339,124	
78,852,594	
96.34%	

1,399,897	
70,499,827	
96.53%	

2,314,810	
69,720,586	
96.74%	

2,256,836	
69,008,241	
96.12%	

2,231,985	
67,412,232	
93.63%	

2,593,370	
70,773,359	
94.34%	

1,971,812	
63,417,992	
93.61%	

2,319,387	
62,038,514	
94.01%	

1,807,807	
63,284,792	
94.30%	

RATIOS OF OUTSTANDING  DEBT BY TYPE LAST TEN FISCAL YEARS

Governmental  Activities

Fiscal		

General
Obligation		

General
Obligation		
Lease- Purchase/ Capital		
(1) Total Primary		

(2) Per		
(2) Percentage of Personal		

(2) Per	
Year		Bonds		Notes		Leases		Government		Capita		Income		ADM	

2018		
$ 	87,768,192		
$ 	-		
$2,597,474		
$ 	90,365,666		
$  1,340		
1.50%		
$11,725	

2017		
92,283,076		
-		
2,850,000		
95,133,076		
1,510		
1.71%		
12,585	

2016		
97,004,075		
-		
-		
97,004,075		
1,540		
1.73%		
12,944	

2015		
99,343,363		
-		
-		
99,343,363		
1,577		
1.86%		
13,459	

2014		
93,299,499		
5,430,000		
12,780		
98,742,279		
1,567		
1.80%		
13,831	

2013		
96,244,183		
-		
25,509		
96,269,692		
1,528		
1.93%		
13,094	

2012		
99,305,052		
-		
48,995		
99,354,047		
1,577		
2.10%		
13,423	

2011		
101,184,414		
-		
162,312		
101,346,726		
1,609		
2.20%		
13,860	

2010		
103,604,778		
-		
310,078		
103,914,856		
1,649		
2.12%		
14,319	

2009		
107,336,058		
15,500,000		
454,219		
123,290,277		
1,957		
2.35%		
16,465	

Sources:															

(1)  See  notes  to  the  financial  statements  regarding  the  District's  outstanding   debt  information.    Includes  unamortized premiums and accreted interest on capital appreciation bonds.

(2) See schedule  " Demographic  and Economic  Statistic,  Last Ten Years" for personal  income, population  and enrollment information.

RATIOS OF GENERAL BONDED DEBT OUTSTANDING LAST TEN FISCAL YEARS

Percentage of
Total General	Debt Service	Net General	Actual Taxable
Fiscal	Obligation	Available	Obligation	Value of	Per
 	Year 	  Bonded Debt (1)    	Balance (2)            Bonded Debt          Property (3)        	Capita (4) 	

2018

$	87,768,192	$

3,891,599	$

83,876,593

2.06%	$

1,244

2017	92,283,076	4,032,001	88,251,075	2.19%	1,401

2016	97,004,075	4,210,039	92,794,036	2.35%	1,473

2015	99,343,363	4,887,379	94,455,984	2.48%	1,499

2014	93,299,499	3,255,221	90,044,278	2.39%	1,429

2013	96,244,183	2,729,486	93,514,697	2.48%	1,484

2012	99,305,052	2,611,096	96,693,956	2.33%	1,535

2011	101,184,414	1,587,159	99,597,255	2.39%	1,581

2010	103,604,778	1,310,824	102,293,954	2.43%	1,624

2009	107,336,058	18,527,665	88,808,393	1.91%	1,410

Source:

(1)  Details regarding the District's outstanding debt can be found in the notes to the financial statements.  Total includes unamortized premiums and accreted interest on capital appreciation bonds.

(2) Represents resources that have been legally restricted for the repayment of principal of debt.

(3) See schedule "Assessed Valuation and Estimated Actual Value of Taxable Property" for assessed valuation of property.

(4) See schedule "Demographic and Economic Statistic, Last Ten Years" for population information.

DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT AS OF JUNE 30, 2018

Estimated	Estimated
Debt	Percentage	Share of
 Governmental Unit 		 	Outstanding 		 	Applicable     	  Overlapping Debt 	

Direct debt:
Sylvania City School District (1)

$	78,285,000

100.00%	$

78,285,000

Total direct debt	78,285,000	78,285,000

Overlapping debt:
Lucas County	82,076,000	19.39%	15,914,536
City of Sylvania	17,980,000	100.00%	17,980,000
Sylvania Area Joint Recreation District	6,860,848	100.00%	6,860,848
Sylvania Township	6,475,000	99.54%	6,445,215
City of Toledo	82,909,992	3.16%	2,619,956
Total overlapping debt	196,301,840	49,820,555

Total direct and overlapping debt

$	274,586,840

$	128,105,555

Source: Ohio Municipal Advisory Council

Note: Percent applicable to Sylvania City School District calculated using assessed valuation of the District area value contained within the noted governmental unit divided by assessed valuation of the governmental unit.

(1)  Includes general obligation bonds, notes payable and capital lease obligations outstanding at fiscal year end.

LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS

Fiscal
Year		
Voted Debt Limit (2)		
Total Debt Applicable to Limit (1)		
Debt Service Available Balance		
Net Debt Applicable to Limit		
Voted Legal Debt Margin		Total Net Debt Applicable to Limit as a Percentage
of Debt Limit	

2018		
$ 	127,023,899		
$ 	74,160,000		
$ 	3,891,599		
$ 	70,268,401		
$ 	56,755,498		
55.32%	

2017		
125,598,056		
71,589,981		
4,032,001		
67,557,980		
58,040,076		
53.79%	

2016		
123,190,000		
81,979,981		
4,210,039		
77,769,942		
45,420,058		
63.13%	

2015		
119,153,871		
83,397,491		
4,887,379		
78,510,112		
40,643,759		
65.89%	

2014		
117,851,565		
88,992,854		
3,255,221		
85,737,633		
32,113,932		
72.75%	

2013		
118,095,015		
91,468,337		
2,729,486		
88,738,851		
29,356,164		
75.14%	

2012		
130,246,858		
93,616,589		
2,611,096		
91,005,493		
39,241,365		
69.87%	

2011		
130,680,185		
96,749,720		
1,587,159		
95,162,561		
35,517,624		
72.82%	

2010		
131,162,987		
99,197,454		
1,310,824		
97,886,630		
33,276,357		
74.63%	

2009		
145,422,617		
102,882,912		
18,527,665		
84,355,247		
61,067,370		
58.01%	

Source: Lucas County Auditor and School District financial records

(1)  Excludes unamortized premiums, accreted interest on capital appreciation bonds, and energy conservation bonds.

(2)  Voted Debt Limit Calculation for Fiscal Year 2018

Assessed Value

$ 	1,411,376,650

Debt Limit (9% of assessed value) 	X   9%

Voted Debt Limit

$ 	127,023,899

Voted Debt Margins are determined without reference to applicable monies in the District's debt service fund.

Note: Ohio Bond Law sets a limit of 9% for voted debt, 1/10 of 1% for unvoted debt and  9/10 of 1% for energy conservation debt.

DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS

Per Capita	Total
Fiscal	Personal	Personal	School
Year	Population (1)	Income (2)	Income (3)	Enrollment (4)	Unemployment Rates (5)

Lucas
County	Ohio

United
States

2018	
67,445	
$	89,558	
$	6,040,239,310	
7,707	
5.9%		
4.6%		
4.4%	

2017	
63,000	
88,055	
5,547,465,000	
7,559	
6.7%		
5.0%		
4.4%	

2016	
63,000	
89,230	
5,621,490,000	
7,494	
5.0%		
5.0%		
4.9%	

2015	
63,000	
84,663	
5,333,769,000	
7,381	
5.0%		
4.4%		
5.0%	

2014	
63,000	
87,273	
5,498,199,000	
7,139	
5.8%		
5.6%		
5.8%	

2013	
63,000	
78,979	
4,975,677,000	
7,352	
8.5%		
7.2%		
7.3%	

2012	
63,000	
74,999	
4,724,937,000	
7,402	
8.3%		
7.2%		
8.2%	

2011	
63,000	
73,113	
4,606,119,000	
7,312	
10.0%		
9.1%		
9.1%	

2010	
63,000	
77,766	
4,899,258,000	
7,257	
12.0%		
10.5%		
9.5%	

2009	
63,000	
83,295	
5,247,585,000	
7,488	
8.3%		
10.8%		
10.2%	

Sources:										

(1) 2018 District's Communication's Department, 2009-2017 U.S. Census Bureau

(2) Ohio Department of Taxation (per household)

(3) Equals "Population" times "Per Capita Personal Income"

(4) School District records

(5) Bureau of Labor Statistics

PRINCIPAL EMPLOYERS CURRENT YEAR (2)

 	December 31, 2015 	

Percentage of Total City Employment per
                                Employer                                      Employees        Number of Employees  

Flower Hospital/ProMedica                                                  1,635                             24.07% Sylvania City School District                                                 909                              13.38% Lourdes University                                                                 403                               5.93% Meijer                                                                                     296                               4.36% Sylvania Township                                                                 165                               2.43% City of Sylvania                                                                      138                               2.03% Root Learning                                                                         125                               1.84%

Total                                                                                      3,671                             54.05% Total Number of Employees (1)                                           6,792

Source: City of Sylvania Area Chamber of Commerce

(1) Estimated employee count located within the City of Sylvania.

(2) Information for the current year was not available.
Last information available provided.

Note:  Information for previous years is not available.

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

STAFFING STATISTICS
FULL TIME EQUIVALENTS (FTE) BY TYPE LAST TEN FISCAL YEARS

Type		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009	

Professional Staff:																					
Teaching Staff: Elementary		
164.70		
159.30		
162.30		
165.30		
133.50		
169.60		
172.50		
173.70		
152.40		
133.50	
Junior HS		92.50		91.50		94.50		96.50		83.33		101.17		110.75		120.17		121.17		83.33	
High School		133.01		130.34		135.01		130.68		116.67		136.85		158.11		168.79		174.63		116.67	
Tutors  (1)		23.00		22.00		23.00		22.50		27.00		19.00		19.00		-		-		14.00	
Special Education Teaching (2)		-		-		-		-		71.00		38.00		40.67		-		-		71.00	
Vocational Ed Teaching (3)		-		-		-		-		27.00		-		-		-		-		27.00	
Others		53.50		53.50		71.85		69.07		33.46		20.16		21.33		53.52		56.33		32.46	
Administration: District		
45.00		
43.00		
48.32		
44.16		
41.00		
43.75		
53.32		
52.16		
54.16		
40.00	
Auxiliary Positions: Counselors		
21.00		
21.00		
20.50		
19.50		
20.00		
17.50		
18.78		
21.78		
21.70		
20.00	
Speech		6.00		7.00		7.00		7.00		6.00		7.00		7.50		7.50		7.50		6.00	
Occupational		6.00		6.00		8.00		6.00		1.00		3.00		6.11		3.00		3.00		1.00	
Psychologist		7.00		6.00		6.00		6.00		5.00		7.00		6.60		6.60		6.60		5.00	
Social Worker		-		-		-		-		1.00		-		-		-		-		-	
Librarian/Media		3.00		3.00		4.00		5.00		5.00		4.00		7.12		14.28		14.28		13.90	
Extracurricular		197.20		164.36		109.80		98.45		58.03		46.15		48.02		23.11		24.11		15.00	
Support Staff: Secretarial/clerical		
49.56		
50.06		
60.88		
62.72		
50.70		
56.10		
71.66		
78.14		
67.30		
50.70	
Aides		72.91		62.56		80.57		77.11		14.39		80.80		79.55		81.35		72.88		6.49	
Hall monitor/Security		11.95		11.49		17.72		18.00		15.20		16.47		16.36		19.06		16.96		15.20	
Cafeteria		27.52		25.39		29.02		29.92		30.36		28.47		28.95		31.43		31.38		30.35	
Custodial		52.00		50.50		60.50		61.50		47.00		54.50		58.00		58.00		57.00		47.00	
Maintenance		9.00		8.00		10.00		8.00		8.00		8.00		8.00		10.00		10.00		8.00	
Bus Driver		41.21		42.74		46.32		45.76		49.65		45.53		51.04		48.59		51.94		49.65	
Mechanics		5.00		5.00		5.00		5.50		5.50		5.50		6.50		6.50		6.50		5.50	
Other		8.70		7.70		10.74		8.86		48.50		8.82		9.51		11.33		12.33		47.25	
Extracurricular (4)		-		-		-		-		10.62		32.72		29.11		-		91.97		68.65	

Total		
1,029.76		
970.44		
1,011.03		
987.53		
908.91		
950.09		
1,028.49		
989.01		
1,054.14		
907.65	

Source: School District records																					

(1) Information for 2011 and 2010 are not available to be broken out. The numbers for these positions and included in the Teaching Staff - Other number.

(2) Information for 2018, 2017, 2016, 2015, 2011 and 2010 are not available to be broken out. The numbers for these positions and included in the Teaching Staff - Other number.

(3) Information for 2018, 2017, 2016, 2015 and 2010-2013 are not available to be broken out. The numbers for these positions and included in Teaching Staff - High School number.

(4) Information for 2018, 2017, 2016, 2015 and 2011 are not available to be broken out. The numbers for these positions are included in Auxillary Serices - Extracurricular number.

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

OPERATING INDICATORS BY FUNCTION LAST TEN FISCAL YEARS

 	Function 	    2018          2017          2016          2015          2014          2013          2012          2011          2010          2009 	

Instruction:
Regular and Special
Enrollment (students) 	7,707 	7,559 	7,494 	7,381 	7,139 	7,352 	7,402 	7,312 	7,257 	7,488
Graduates 	N/A 	N/A 	N/A 	576 	567 	618 	584 	550 	641 	623

Support services: Board of education
Regular meetings per year	12	12	12	12	12	12	12	12	12	12
Work sessions	10	11	10	11	11	10	10	13	13	12
Special meetings per year	6	16	8	4	7	7	7	11	14	10
Administration
Student attendance rate 	95.4% 	95.0% 	95.0% 	95.0% 	95.0% 	95.0% 	95.0% 	95.0% 	95.0% 	95.4% Fiscal

issued	5,852	5,888	5,999	5,899	5,691	5,664	5,647	5,781	7,058	6,530	
Pupil transportation
Avg. students transported	
daily	4,018	3,606	3,755	3,567	3,635	4,717	4,580	4,558	4,723	5,412	

Meals served to students Number of lunches served at free or reduced cost	
435,735

180,567	
509,680

245,030	
476,694

231,652	
359,132

160,180	
386,433

189,553	
406,610

188,816	
422,412

176,256	
419,762

176,207	
393,586

146,498	
362,766

123,056	

Source: School District records											

Nonpayroll checks

Food service operations

N/A - Information is not available.

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

CAPITAL ASSET STATISTICS LAST TEN FISCAL YEARS

 	2018 		 	2017 		 	2016 		 	2015 		 	2014 		

Land	$	2,694,493	$	2,694,493	$	2,694,493	$	2,694,493	$	2,694,493	
Construction in progress	608,617	1,948,034	1,096,909	2,806,094	9,043,723	
Land improvements	3,582,083	3,959,012	4,330,392	4,707,106	3,481,812	
Buildings and improvements	85,578,456	86,087,682	89,455,632	92,827,988	94,903,363	
Furniture, fixtures and equipment	5,321,141	5,766,744	6,452,510	5,341,291	254,872	
Vehicles	 	630,801	 	266,413	 	273,904	 	245,945	 	451,239	

  $  	98,415,591		$	100,722,378		$	104,303,840		$    108,622,917		$    110,829,502	

Total Governmental Activities
Capital Assets, net

Source: School District financial records

Note: Amounts above are presented net of accumulated depreciation.

 	2013 		 	2012 		 	2011 		 	2010 		 	2009 		

$	2,890,933	$	2,421,246	$	2,421,246	$	2,040,544	$	2,040,544	
1,497,493	12,664,855	29,225,947	28,268,341	1,407,820	
3,598,322	3,633,189	3,936,624	4,240,059	4,429,478	
99,084,118	86,360,692	61,148,430	33,715,339	34,868,610	
352,624	382,016	588,709	816,562	679,817	
 	873,597	 	1,317,639	 	1,636,739	 	1,878,392	 	1,954,470	

  $     108,297,087		$	106,779,637		$	98,957,695		$	70,959,237		$	45,380,739	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

SCHOOL BUILDING INFORMATION LAST TEN FISCAL YEARS

 	2018 	 	2017 	 	2016 	 	2015 	 	2014 	 	2013 	

Central Elementary (1929 original, 2013 new)
Square feet 	72,557 	72,557 	72,557 	72,557 	72,557 	72,557
Capacity (students) 	630 	630 	630 	630 	630 	630
Enrollment 	594 	609 	617 	577 	507 	571
Highland Elementary (1965)
Square feet 	75,210 	75,210 	75,210 	75,210 	75,210 	75,210
Capacity (students) 	625 	625 	625 	625 	625 	625
Enrollment 	719 	674 	664 	678 	612 	631
Hill View Elementary (1929)
Square feet 	54,783 	54,783 	54,783 	54,783 	54,783 	54,783
Capacity (students) 	500 	500 	500 	500 	500 	500
Enrollment 	419 	413 	419 	437 	388 	406
Maplewood Elementary (1929)
Square feet 	64,230 	64,230 	64,230 	64,230 	64,230 	64,230
Capacity (students) 	384 	384 	384 	384 	384 	384
Enrollment 	419 	420 	414 	425 	398 	386
Stranahan Elementary (1955)
Square feet 	67,282 	67,282 	67,282 	67,282 	67,282 	67,282
Capacity (students) 	650 	650 	650 	650 	650 	650
Enrollment 	577 	551 	524 	429 	488 	481
Sylvan Elementary (1963)
Square feet 	47,469 	47,469 	47,469 	47,469 	47,469 	47,469
Capacity (students) 	475 	475 	475 	475 	475 	475
Enrollment 	343 	342 	347 	354 	326 	350
Whiteford Elementary (1967)
Square feet 	50,624 	50,624 	50,624 	50,624 	50,624 	50,624
Capacity (students) 	525 	525 	525 	525 	525 	525
Enrollment 	487 	453 	435 	434 	423 	398
Arbor Hills Jr. High School (1970)
Square feet 	80,995 	80,995 	80,995 	80,995 	80,995 	80,995
Capacity (students) 	700 	700 	700 	700 	700 	700
Enrollment 	549 	532 	512 	497 	501 	521
McCord Jr. High School (1963)
Square feet 	76,534 	76,534 	76,534 	76,534 	76,534 	76,534
Capacity (students) 	800 	800 	800 	800 	800 	800
Enrollment 	706 	687 	688 	655 	638 	629
Timberstone Jr. High School (1998)
Square feet 	10,515 	10,515 	10,515 	105,105 	105,105 	105,105
Capacity (students) 	700 	700 	700 	700 	700 	700
Enrollment 	555 	564 	547 	551 	523 	524
Northview High School (1960)
Square feet 	213,730 	213,730 	213,730 	213,730 	213,730 	213,730
Capacity (students) 	1,340 	1,340 	1,340 	1,340 	1,340 	1,340
Enrollment 	1,294 	1,247 	1,241 	1,214 	1,139 	1,215
Southview High School (1976)
Square feet 	209,478 	209,478 	209,478 	209,478 	209,478 	209,478
Capacity (students) 	1,340 	1,340 	1,340 	1,340 	1,340 	1,340
Enrollment 	1,045 	1,067 	1,086 	1,130 	1,196 	1,240
Administrative Building (1929)
Square feet 	22,180	22,180	22,180	22,180	22,180	22,180	
Support Services Facility (2004)	
Square feet	33,741	33,741	33,741	33,741	33,741	33,741	
Total square feet	1,079,328	1,079,328	1,079,328	1,173,918	1,173,918	1,173,918	
Total capacity (students)	8,669	8,669	8,669	8,669	8,669	8,669	
Total enrollment	7,707	7,559	7,494	7,381	7,139	7,352	
Source: District records							

 	2012 	 	2011 	  	2010 	  	2009 	

53,932	53,932	48,725	48,725	
575	575	575	575	
574	542	510	532	

75,210	
75,210	
56,294	
56,294	
625	625	773	773	
630	642	607	646	

54,783	
54,783	
46,994	
46,994	
500	500	500	500	
412	415	349	377	

64,230	
64,230	
44,328	
44,328	
550	550	450	450	
384	362	327	371	

67,282	
67,282	
50,169	
50,169	
650	650	650	650	
462	473	411	458	

47,469	
47,469	
39,160	
39,160	
475	475	475	475	
337	334	318	344	

50,624	
50,624	
47,272	
47,272	
525	525	525	525	
407	382	366	378	

80,995	
80,995	
80,635	
80,635	
700	700	700	700	
542	554	568	576	

76,534	
76,534	
76,363	
76,363	
800	800	800	800	
642	608	634	601	

105,105	
105,105	
103,100	
103,100	
700	700	700	700	
553	549	584	578	

213,730	
213,730	
201,592	
201,592	
1,340	1,340	1,300	1,300	
1,215	1,213	1,292	1,325	

209,478	
209,478	
209,700	
209,700	
1,340	1,340	1,400	1,400	
1,244	1,213	1,291	1,302	

22,180	
22,180	
21,854	
90,600	

33,741	
33,741	
27,994	
27,994	
1,155,293	1,155,293	1,054,180	1,122,926	
8,780	8,780	8,848	8,848	
7,402	7,287	7,257	7,488	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

OPERATING STATISTICS LAST TEN FISCAL YEARS

General Government	Governmental Activities

Fiscal
Year		
Expenditures (1)		Cost per
pupil		
Expenses (1)		Cost per
pupil		
Enrollment		Percent
Change	

2018		
$	94,921,018		
$	12,316		
$	52,618,590		
$	6,827		
7,707		
1.96%	

2017		
91,730,175		
12,135		
99,539,424		
13,168		
7,559		
0.87%	

2016		
86,722,481		
11,572		
90,168,154		
12,032		
7,494		
1.53%	

2015		
89,758,296		
12,161		
89,292,959		
12,098		
7,381		
3.39%	

2014		
94,248,454		
13,202		
89,496,512		
12,536		
7,139		
-2.90%	

2013		
90,937,567		
12,369		
88,510,244		
12,039		
7,352		
-0.68%	

2012		
94,064,364		
12,708		
85,394,621		
11,537		
7,402		
1.23%	

2011		
120,235,786		
16,444		
93,098,892		
12,732		
7,312		
0.76%	

2010		
117,900,556		
16,246		
92,505,160		
12,747		
7,257		
-3.08%	

2009		
90,946,483		
12,146		
91,222,794		
12,183		
7,488		
-2.65%	

Source: School District records

(1) Debt Service totals have been excluded.

(2) Classroom teachers only.

Teaching		

Pupil/Teacher		Student
Attendance	
Staff (2)		Ratio		Percentage	

495		
15.57		
95.4%	

457		
16.54		
95.0%	

486		
15.42		
95.0%	

484		
15.25		
95.0%	

474		
15.06		
95.0%	

508		
14.47		
95.0%	

487		
15.20		
95.0%	

493		
14.83		
95.0%	

487		
14.90		
95.0%	

491		
15.26		
95.4%	

SYLVANIA CITY SCHOOL DISTRICT LUCAS COUNTY, OHIO

TEACHER STATISTICS JUNE 30, 2018

Degree

Number	Percentage of		of
Teachers	Total	Pay Range

Bachelor's Degree	165	30.05%	$37,290 - $75,699

Master's Degree	377	68.67%	$40,646 - $85,767

Educational Specialist	5	0.91%	$41,429 - $83,269

Ph.D.	2	0.36%	$43,033 - $85,767

549	100.00%

Years of Experience

Number	Percentage of		of
Teachers	Total

0 - 5	167	30.42%

6 - 10	145	26.41%

11 and over	237	43.17%

549	100.00%

Source:  School District Personnel Records

Note:  The salary schedule contained in the current teachers' union collective bargaining agreement does not recognize degrees less than a bachelor's.

Note:  The number of teachers reported above is actual head count and not full time equivalents (FTE).