Union Public Schools – Notes to Financial Statements Year Ended June 30, 2012 NOTE D--CAPITAL ASSETS--Continued Depreciation expense was charged to functions of the District as follows: Governmental Activities
Business-Type Activities
Instruction
$
Pupil services Instructional services General administration School administration Business services Operations and maintenance services Transportation services
10,120,036
Child nutrition fund
$
119,293
118,483 301,501 78,053 220,294 1,302,374 1,147,571 1,336,592
Community services
14,367 $
14,639,271
NOTE E--LONG-TERM DEBT State statutes prohibit the District from becoming indebted in an amount exceeding the revenue to be received for any fiscal year without approval by the District’s voters. Bond issues have been approved by the voters and issued by the District for various capital improvements. State law requires these bonds be fully paid serially within 25 years from the date of issue. Long-term debt of the District consists of bonds payable, obligations for compensated absences, a liability for the early retirement incentive plan, and a liability for other post employment benefits. Debt service requirements for bonds are payable solely from the fund balance and future revenues of the sinking fund. In prior years, the liability for compensated absences has been primarily liquidated from the fund balance of the General Fund. The OPEB liability would be primarily liquidated from the fund balance of the General Fund. The following is a summary of long-term debt activity of the District for the year ended June 30, 2012:
Governmental activities Bonds payable Premium on debt issuance Compensated absences Early retirement incentive OPEB
2011
Additions
Deductions
2012
Due in One Year
$ 73,050,000 479,341 4,059,752 1,345,063 3,666,449
$ 19,000,000 118,750 308,070 817,123 865,843
$ (19,725,000) (124,565) (442,432) (758,868) (581,920)
$ 72,325,000 473,526 3,925,390 1,403,318 3,950,372
$ 20,875,000 148,315 1,471,246 833,627 -
$ 82,600,605
$ 21,109,786
$ (21,632,785)
$ 82,077,606
$ 23,328,188
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