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HUBER HEIGHTS CITY
SCHOOLS
Huber Heights, Ohio
Annual Comprehensive Financial Report
For the Year Ended June 30,2022
HUBER HEIGHTS CITY SCHOOL DISTRICT
Huber Heights, Ohio
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2022
Prepared by: Huber Heights City School's Treasurer
and Treasurer's Staff
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INTRODUCTORY SECTION
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Huber Heights City School District, Ohio
Annual Comprehensive Financial Report
For the Fiscal Year Ended lune 30, 2022
TABLE OF CONTENTS
I. INTRODUCTORY SECTION Pa�e
Letterof Transmittal............................................................................................................ i
List of Principal Officials.................................................................................................... vii
OrganizationalChart.........................................................................................................viii
Certificate of Achievement, Government Finance Officers Association ........................... ix
Certificate of Excellence,Association of School Business Officials International............... x
II. FINANCIAL SECTION
Independent Auditors' Report........................................................................................... 1
Management's Discussion and Analysis............................................................................5
Basic Financial Statements
Government-wide Financial Statements:
Statement of Net Position ................................................................................... 15
Statement of Activities ........................................................................................ 17
Fund Financial Statements
Balance Sheet—Governmental Funds................................................................. 18
Reconciliation of Total Governmental Fund Balances to
Net Position of Governmental Activities....................................................... 19
Statement of Revenues, Expenditures and Changes in
Fund Balances—Governmental Funds..........................................................20
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities..................................................................................21
Statement of Revenues, Expenditures and Changes in
Fund Balance—Budget(Non-GAAP Basis)
And Actual -General Fund ............................................................................22
Statement of Fiduciary Net Position—Fiduciary Funds.......................................23
Statement of Changes in Fiduciary Net Position—Fiduciary Fund......................24
Notes to the Basic Financial Statements ..................................................................25
Huber Heights City School District, Ohio
Annual Comprehensive Financial Report
For the Fiscal Year Ended lune 30, 2022
TABLE OF CONTENTS(Continued)
Required Supplementary Information Pa�e
Schedule of the District's Proportionate Share of the
Net Pension Liability......................................................................................72
Schedule of the District's Contributions—Pension Plans....................................73
Schedule of the District's Proportionate Share of the
Net OPEB Liability (Asset)..............................................................................74
Schedule of the District's Contributions—OPEB Plans........................................75
Notes to the Required Supplementary Information............................................76
Combining Statements and Individual Fund Schedules
Combining Statements—Nonmajor Governmental Funds:
FundDescriptions................................................................................................80
Combining Balance Sheet—Nonmajor Governmental Funds .............................83
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances—Nonmajor Governmental Funds.........................................84
Combining Balance Sheet—Nonmajor Special Revenue Funds ..........................85
Combining Balance Sheet—Nonmajor Capital Projects Funds............................91
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances—Nonmajor Special Revenue Funds......................................92
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances—Nonmajor Capital Projects Funds.......................................98
Schedule of Revenues, Expenditures and Changes in Fund Balance—
Budget (Non-GAAP Basis) and Actual— Nonmajor Special Revenue Funds:
FoodService Fund................................................................................................99
Miscellaneous Special Trusts Fund ......................................................................99
Miscellaneous Grants Fund..................................................................................99
Educational Foundation Fund............................................................................ 100
Facilities Maintenance Fund.............................................................................. 100
Student Managed Activities Fund...................................................................... 100
District Managed Student Activity Fund............................................................ 101
Auxiliary Services Fund ...................................................................................... 101
Student Wellness and Success Grant Fund........................................................ 101
Miscellaneous State Grants Fund ...................................................................... 102
Elementary&Secondary School Emergency Relief Grant Fund........................102
Coronavirus Relief Fund..................................................................................... 102
Title VI-B Grant Fund.......................................................................................... 103
Supplemental School Improvement Grant Fund............................................... 103
Title III Grant Fund............................................................................................. 103
TitleI Grant Fund............................................................................................... 104
Huber Heights City School District, Ohio
Annual Comprehensive Financial Report
For the Fiscal Year Ended lune 30, 2022
TABLE OF CONTENTS(Continued)
Combining Statements and Individual Fund Schedules(continued) Pa�e
Title IV-A Grant Fund ......................................................................................... 104
IDEA Preschool Grant Fund................................................................................ 104
Title II-A Grant Fund........................................................................................... 105
Miscellaneous Federal Grants Fund .................................................................. 105
Uniform School Supply Fund.............................................................................. 105
Public School Support Fund............................................................................... 106
Underground Storage Tank Fund....................................................................... 106
Schedule of Revenues, Expenditures and Changes in Fund Balance—
Budget (Non-GAAP Basis) and Actual— Nonmajor Capital Projects Funds:
Permanent Improvement Fund ......................................................................... 107
BuildingFund ..................................................................................................... 107
Schedule of Revenues, Expenditures and Changes in Fund Balance—
Budget(Non-GAAP Basis) and Actual— Nonmajor Debt Service Fund:
Bond Retirement Fund....................................................................................... 108
Fiduciary Funds- Fund Descriptions............................................................................... 109
III. STATISTICAL SECTION
Description of Schedules................................................................................................. 111
Net Position by Component........................................................................1.................113
Changes in Net Position..............................................................................2.................114
Fund Balances, Governmental Funds .........................................................3.................117
Changes in Fund Balances, Governmental Funds.......................................4.................118
Assessed Value and Actual Value of Taxable Property...............................5.................120
Direct and Overlapping Property Tax Rates................................................6.................121
Principal PropertyTaxpayers......................................................................7.................122
Property Tax Levies and Collections...........................................................8.................123
Ratios of Outstanding Debt by Type...........................................................9.................124
Ratios of General Bonded Debt Outstanding .............................................10...............125
Direct and Overlapping Governmental Activities Debt ..............................11...............126
Legal Debt Margin Information...................................................................12...............127
Demographic and Economic Statistics........................................................13...............128
PrincipalEmployers..................................................................................... 14...............129
StaffingStatistics......................................................................................... 15...............130
Operating Indicators by Function ...............................................................16...............131
Operating Statistics..................................................................................... 17...............132
Capital Asset Statistics................................................................................18...............133
Capital Asset Statistics by Building..............................................................19...............134
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-- Huber Heights City School District
=,��= 5954 Longford Road
1�—
Huber Heights, Ohio 45424
Telephone(937) 237-6300�FAX(937)237-2178
HUBER HEIGHTS
CIiY SCHOOLS
Jason Enix,Superintendent
Penelope Rucker,Treasurer
January 30, 2023
To the Citizens and Board of Education of the Huber Heights City School District:
We are pleased to present the 4th consecutive Annual Comprehensive Financial Report (ACFR) of the
Huber Heights City School District, (the "District"). The information reported is for the fiscal year ended
June 30, 2022. The report contains financial statements, required supplemental information,
supplemental statements and other financial and statistical information to provide complete and full
disclosure of all material financial aspects of the District for the current fiscal year.
Management assumes full responsibility for the completeness and reliability of the information contained
in this report, based upon a comprehensive framework of internal control that it has established for this
purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to
provide reasonable, rather than absolute assurance that the financial statements are free of any material
misstatements. Responsibility for the accuracy, completeness and fairness of this report rests with the
District and more specifically, the Office of the Treasurer. To the best of our knowledge and belief, this
report and the enclosed data are accurate in all material aspects. Our report is designed to present fairly
the financial position of the various funds of the District.
This report includes an unmodified ("clean")audit report regarding the District's financial statements.The
audit was conducted by James G.Zupka, CPA, Inc., under contract by the Auditor of State's Office and the
District. The Independent Auditors' Report is located at the front of the financial section of this report.
This report is prepared in conformance with accounting principles generally accepted in the United States
of America, (GAAP), as set forth by the Governmental Accounting Standards Board (GASB) and other
recognized authoritative services, and is representative of the District's continuing commitment to
provide meaningful financial information to the citizens of the District.
Management's discussion and analysis(MD&A)immediatelyfollows the independent auditor's report and
provides a narrative, introduction, overview and analysis of the basic financial statements. MD&A
complement this letter of transmittal and should be read in conjunction with it.
District Profile
The District is located in southwestern Ohio, primarily within Montgomery County; and encompasses
approximately 22 square miles. The Huber Heights City School District is a body politic and corporate
established for the purpose of exercising the rights and privileges conveyed to it by the constitution and
laws of the State of Ohio. The District is a city district as defined by Section 3311.02 of the Ohio Revised
Code. The District operates under a locally elected five-member board and is responsible for the provision
of public education to residents of the District.
i
Within the City of Huber Heights, the District is the largest employer. The community's population for
fiscal year 2022 was 43,272 which encompass the City of Huber Heights and Bethel Township and small
portions of the City of Fairborn, the population has increased over 10% in the past ten years. The
socioeconomic profile of district residents, as measured by income levels and housing values, is below
average for the State.
The Huber Heights City School District provided services to 5,653 students during fiscal year 2022. As
such, the District provides a full range of educational services including regular, special and vocational
instruction for Pre-K through 12t" grades, student guidance, extracurricular activities, food service,
educational media, student transportation and care and upkeep of buildings.
The District underwent an extensive building project approximately 12 years ago building 7 new buildings
including 5 elementary buildings,a junior high and high school.The District's student enrollment projected
to continue at a steady increase over the next several years,therefore adequate school facilities continue
to be a significant focal point for the District's administrative team.
The table below presents some pertinent information regarding the District's school facilities.
Grade Year Current Estimated
School Buildin� Levels Constructed Enrollment Capacity
Wayne High 9-12 2010 1,614 2,607
Weisenborn Middle 7-8 2010 902 1,745
Charles Huber Elementary K-5 2010 593 690
Monticello Elementary K-5 2010 554 690
Rushmore Elementary K-S 2010 624 690
Valley Forge Elementary K-5 2010 521 690
Wright Brothers Elementary K-S 2010 656 690
Studebaker Preschool * PK 1970 189 850
* -ADM based on 1/2 day pre-k student count
Local Economy
The City of Huber Heights is located within a few miles of the intersection of Interstate 70(east-west) and
Interstate 75 (north-south) which is commonly referred to as the "Crossroads of America". In addition,
the City is within 10 miles or less from the Dayton International Airport. The area that currently includes
the incorporated limits of the City of Huber Heights was originally formed in 1810 as Wayne Township,
named after Major General Anthony Wayne of the United State Army.The City has seen significant growth
over the past ten years including commercial and residential development. Commercial development
includes a mixed 100-acre mixed use development at the northeast corner of the District. This
development includes The Rose Music Center and Tru by Hilton, that recently opened for business.
Residential development includes several new developments underway. Developers are expecting
another successful year in 2023.
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Long-term Financial Planning
The District has approved a new Strategic Plan. The process to produce this new plan began in fall of 2020
and included community leaders, parents,staff,and students with the task of developing a student profile
that will provide the District the structure to develop students to for success during and after their time
at Huber Heights City Schools.
In November 2022, the District completed and adopted its most recent five-year financial forecast, as
required by the Ohio Department of Education. Prepared for the general operating fund only, this cash
basis document forecasts cash receipts and cash disbursements for the next five fiscal years, as well as
the ending balance available to carry over to the next fiscal year. This document is important to provide
information to decision makers as it shows if available resources are adequate to meet anticipated
spending levels.
As with any forecast, the further out amounts are forecasted, the less reliable the projections become.
This is particularly true about unrestricted State Foundation funding which is subject to change with each
State biennium budget. The current fiscal budget for the State of Ohio runs through June 30, 2022. In
addition, the State Foundation is based on a very complex and numerous different variables which are
difficult, at best,to project into the future.
Based on information available at the date the forecast was prepared,total receipts are anticipated to be
within 2% of the receipt total reported for fiscal year 2022 through the end of the five-year forecasted
period.State Foundation funding which encompasses nearly 50%of all District revenue is projected to see
little growth over the forecast period.
Expenditures for wages and benefits of personnel were approximately 84.6% of the total general fund
expenditures for fiscal year 2022. As such, accurately predicting and managing personnel related
expenditures are particularly important to provide a reliable forecast. Over the five-year period covered
by the forecast, the District anticipates the personnel services expenditures to increase nearly 22% and
employee related benefits to increase by approximately 29%. Overall, total disbursements and other
financing uses of the general fund are anticipated to increase approximately 21%through the end of fiscal
year 2027 compared with the actual amounts reported for fiscal year 2022.
Relevant Financial Policies
The District's accounting system is organized on a "fund" basis. Each fund is a distinct, self-balancing
entity. Records for general governmental operations are maintained on a cash basis system of accounting
as prescribed by the Auditor of State. Cash basis of accounting differs from GAAP as promulgated by the
Governmental Accounting Standards Board (GASB). GAAP, as more fully described in the notes to the
financial statements, provides for a modified accrual basis of accounting for the general fund, special
revenue funds,debt service fund, and capital projects fund, and for full accrual basis of accounting for the
fiduciary funds.
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Internal Controls
The management of the District is responsible for establishing and maintaining an internal control
structure designed to ensure the assets of the District are protected from loss, theft, or misuse and to
ensure that adequate accounting data are compiled to allow for the preparation of financial statements
in conformity with GAAP. The internal control structure is designed to provide reasonable, but not
absolute, assurance that those objectives are met. The concept of reasonable assurance recognizes that:
(1)the cost of a control should not exceed the benefits likely to be derived from its implementation; and
(2)the valuation of cost and benefits requires estimates and judgments by management.
Budgetary Controls
The District maintains its accounts, appropriations and other financial records in accordance with the
procedures established and prescribed by the Ohio Auditor of State. The objective of these budgetary
controls is to ensure compliance with legal provisions embodied in the annual appropriation resolution
approved by the Board of Education. Activities of all funds are included in the annual appropriation
resolution. The level of budgetary control (the level at which expenditures cannot legally exceed the
appropriated amount) is at the fund level for all funds of the District. The District also maintains an
encumbrance accounting system as a technique of accomplishing budgetary control.
Major Initiatives
Huber Heights City Schools continues to incorporate practices that prepare students for their choice of
careers. Wayne High Schools has been able to expand learning opportunities through a new Agricultural
Science class and the offering of College Credit Plus classes. We have continued to incorporate STEM
learning with Project Lead the Way at the middle and high school levels.
The District has also been designated "Purple Star" by the Ohio Department of Education in all of its
building indicating military-friendly schools.
Huber Heights High School is also able to offer an AFJROTC program, gifted programming in grades 2-12,
music,fine art and social emotional learning. Huber Heights City Schools has also vested their energies in
developing community relations that offer opportunities for students to tour and visit manufacturing
facilities,co-op at local businesses and provide community service in and around the Dayton metropolitan
area.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to Huber Heights City School District for
its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2021. The Certificate of
Achievement is the highest form of recognition for excellence in state and local government financial
reporting.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable
and efficiently organized Annual Comprehensive Financial Report, whose contents conform to program
standards.Such reports must satisfy both accounting principles generally accepted in the United States of
America and applicable legal requirements.
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A Certificate of Achievement is valid for a period of one year only. We believe our current report will
conform to the high standards required by the Certificate of Achievement program.
The District also received the Association of School Business Officials (ASBO) Certificate of Excellence in
Financial Reporting for the fiscal year ended June 30, 2021. This award certifies that an Annual
Comprehensive Financial Report substantially conforms to the principles and standards of financial
reporting as recommended and adopted by the ASBO. This award is granted only after an extensive
review of the report by an expert panel of certified public accountants and practicing school business
officials.
The ASBO certificate is also valid for a period of one year only. The District believes our current report
meets ASBO requirements.
The preparation and publication of this Annual Comprehensive Financial Report would not have been
possible without the support of the entire treasurer's office staff, administrative team, and the Board of
Education's commitment to excellence in financial accountability.
Respectfully submitted,
�.,�.��,��
Penelope Rucker, M.Ed.
Treasurer/CFO
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HUBER HEIGHTS
CITY SCHOOLS
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Huber Heights City School District, Ohio
List of Principal Officials
For the Fiscal Year Ended June 30, 2022
Elected Board of Education
Kelly Bledsoe, Member
Mark Combs, President
William Harris, Member
Robert Mullins, Vice-President
Shannon Weldon, Member
Appointed Administration
Jason Enix
Superintendent
Sam Braun
Treasurer, CFO
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Huber Heights City School District
Ohio
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2021
C�i�r�a�w,. P• 7J�eh%u-�-�
Executive Director/CEO
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ASSOCIATION OF
SCHOOL BUSINESS OFFICIALS
INTERNATIONAL
The Certificate of Excellence in Financial Reporting
is presented to
Huber Heights City School District
for its Annual Comprehensive Financial Report
for the Fiscal Year Ended June 30, 2021 .
The district report meets the criteria established for
ASBO International's Certificate of Excellence in Financial Reporting.
■ g C E RT lo I CAT E
� EXCELLENCE
■ ■ ■ IN FINANCIAL REPORTING
�
William A. Sutter David J. Lewis
President Executive Director
FI NANCIAL SECTION
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&ASSOCIATES Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
Huber Heights City School District
Montgomery County
5954 Longford Road
Huber Heights, Ohio 45424
To the Members of the Board of Education:
Report on the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund,
and the aggregate remaining fund information of the Huber Heights City School District, Montgomery
County, Ohio, (the District) as of and for the year ended June 30, 2022, and the related notes to the
financial statements, which collectively comprise the DistricYs basic financial statements as listed in the
table of contents.
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 the Huber Heights City School District as of June 30, 2022, and the respective
changes in financial position and the budgetary comparison for the General Fund for the year then ended
in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards (Government Auditing Standards), issued by the Comptroller General of the United States. Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit
of the Financial Statements section of our report. We are required to be independent of the District, and to
meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our
audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the DistricYs ability to continue as
a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
5240 East 98t''Street,Garfield Heights,OH 44125 (216)475-6136 www.zupkacpa.com
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Huber Heights City School District
Montgomery County
Independent Auditor's Report
Page 2
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we
• exercise professional judgment and maintain professional skepticism throughout the audit.
• identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the District's internal control. Accordingly, no such opinion is expressed.
• evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that
raise substantial doubt about the DistricYs ability to continue as a going concern for a reasonable
period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Emphasis of Matter
As discussed in Note 18 to the basic financial statements, the financial impact of COVID-19 and the
continuing emergency measures may impact subsequent periods of the District. Our opinion is not
modified with respect to this matter.
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Huber Heights City School District
Montgomery County
Independent Auditor's Report
Page 3
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's
Discussion and Analysis and Schedules of Net Pension and Postemployment Benefit Liabilities and
Pension and Postemployment Benefit Contributions, as listed in the table of contents, be presented to
supplement the basic financial statements. Such information is the responsibility of management and,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the basic
financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management's responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the District's basic financial statements. The combining and individual nonmajor fund financial
statements and schedules are presented for purposes of additional analysis and are not a required part of
the basic financial statements. Such information is the responsibility of management and was derived
from and relates directly to the underlying accounting and other records used to prepare the basic
financial statements. The information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the combining and individual nonmajor fund financial statements and schedules are fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical sections but does not include the basic financial statements and
our auditor's report thereon. Our opinions on the basic financial statements do not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
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Huber Heights City School District
Montgomery County
Independent Auditor's Report
Page 4
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated January 30,
2023, on our consideration of the DistricYs internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the DistricYs 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.
�
Zupka &Associates
Certified Public Accountants
January 30, 2023
4
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
Our discussion and analysis of Huber Heights City School District's, (the District), financial performance
provides an overview of the District's financial activities for the fiscal year ended June 30, 2022. The
intent of this discussion and analysis is to look at the District's financial performance as a whole; readers
should also review the basic financial statements and the notes to the basic financial statements to
enhance their understanding of the District's financial performance.
Financial Highlights
• At June 30, 2022, the District's assets and deferred outflows of resources exceeded its liabilities
and deferred inflows of resources by$90.7 million.
• The District's net position decreased by $11.0 million compared with the $2.2 million decrease
reported in the prior year.The increases in pooled cash and cash equivalents and net OPEB asset
coupled with the decrease in long-term liabilities resulted in the current year increase in net
position.
• At the end of the current fiscal year, the unassigned fund balance for the general fund, the
District's operating fund, was$51.5 million or 72.3%of the general fund expenditures.
• The District's total general obligation debt, including unamortized premiums, decreased by $2.9
million or 4.2%.
Using this Comprehensive Annual Financial Report
This comprehensive annual financial report consists of a series of financial statements and notes to
those statements. The statements are organized so the reader can understand the District as a whole,
and then proceed to provide an increasingly detailed look at specific financial activities.
Reporting the District as a Whole
The Statement of Net Position and Statement of Activities
One of the most important questions asked about the District's finances is, "Is the District better off or
worse off as a result of the year's activities?" The Statement of Net Position and the Statement of
Activities report information about the District as a whole and about its activities in a manner that helps
to answer this question. These statements include all assets, deferred outflows of resources, liabilities
and deferred inflows of resources using the accrual basis of accounting prescribed for governmental
entities. All the current year's revenues and expenses are taken into consideration regardless of when
cash is received or paid.
These two statements report the District's net position and changes in that position providing the reader
a tool to assist in determining whether the District's financial health is improving or deteriorating. The
reader will need to consider other non-financial factors such as property tax base, current property tax
laws, student enrollment growth, and facility conditions in arriving at their conclusion regarding the
overall health of the District.
5
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
Reporting the District's Most Significant Funds
Fund Financial Statements
The fund financial statements provide detailed information about the most significant funds — not the
District as a whole. Some funds are required to be established by State statute, while many other funds
are established by the District to help manage money for particular purposes and compliance with
various grant provisions. The District's different types of funds, governmental and fiduciary, use
different accounting approaches as further described in the notes to the financial statements.
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 other financial assets that can readily be converted to cash. The governmental fund
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 less financial resources available to spend in the near future to finance the District's 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.
Fiduciary Funds
The District is the trustee, or fiduciary, for its scholarship programs as well as for various student
managed activities. All of the District's fiduciary activities are reported as either private purpose trust
fund or custodial fund types. We exclude these activities 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.
Required Supplementary Information
As required, the District provides certain schedules and disclosures related to the State-wide pension
and post-employment benefit plans in which District employee participate in. This information is
required by the Government Accounting Standards Board to place the basic financial statements in the
appropriate operational, economic or historical context.
6
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
The District as a Whole
The statement of net position provides the perspective of the District as a whole.A comparative analysis
of fiscal year 2022 to 2021 follows:
TABLE 1
NET POSITION JUNE 30
2022 2021
Assets:
Current and Other Assets $ 119,602,644 113,550,513
Capital Assets 146,825,980 148,513,114
Total Assets 266,428,624 262,063,627
Deferred Outflows of Resources:
Deferred Charge on Refundings 6,866,594 7,427,336
Pension and OPEB 22,923,361 19,181,121
Total Deferred Outflows of Resources 29,789,955 26,608,457
Liabilities:
Current Liabilities 8,748,597 8,449,985
Noncurrent Liabilities:
Due Within One Year 3,446,685 2,988,231
Due in More than One Year:
Net Pension Liability 45,146,614 82,149,882
Net OPEB Liability 4,875,559 5,573,666
Other Obligations 70,372,207 69,176,040
Total Liabilities 132,589,662 168,337,804
Deferred Inflows of Resources:
PropertyTaxes and Payments in Lieu 27,396,070 31,706,576
Pension and OPEB 45,561,988 8,920,819
Total Deferred Inflows of Resources 72,958,058 40,627,395
Net Position (Deficit):
Net Investment in Capital Assets 87,836,516 87,059,684
Restricted 18,144,167 11,113,385
Unrestricted (15,309,824) (18,466,184)
Total Net Position $ 90,670,859 79,706,885
The net pension liability (NPL) is reported pursuant to GASB 68, "Accounting and Financial Reporting for
Pensions—an Amendment of GASB Statement 27", and the net OPEB asset/liability is reported pursuant
to GASB Statement 75, "Accounting and Financial Reporting for Postemployment Benefits Other Than
Pensions". 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 net OPEB asset and deferred outflows related to pension and OPEB.
7
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
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 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 to properly
understand the information presented in these statements.
GASB 68 and GASB 75 required 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 systems. 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 pension system is responsible for
the administration of the plan.
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
8
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
outside the control of the local government. In the event the 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 asset/liability, respectively, not
accounted for as deferred inflows/outflows.
As noted earlier, increases or decreases in net position may serve over time as a useful indicator of a
government's financial position. In the case of the District, assets and deferred outflows of resources
exceeded liabilities and deferred inflows of resources by $90.7 million at the close of the most recent
fiscal year compared with the $79.7 million amount reported at the end of the prior year.
During fiscal year 2022, the total assets of the District increased by 1.7%, or $4.4 million. Capital assets
decreased by $1.7 million (1.1%) as current year depreciation expense recognized was more than the
capital asset additions recorded for the year. At year end, capital assets represented 55.1% of total
assets. Current and other asset accounts increased by $6.1 million during the year or 5.3%, due to
increases primarily in pooled cash and cash equivalents, due to the $S.0 million in unspent lease-
purchase proceeds at year-end reported in the Building Fund as well additional revenue reported within
the Food Service Fund for the year.
Total liabilities reported at June 30, 2022 decreased by $35.7 million (21.2%) from the amounts at the
beginning of the year. The net pension and OPEB liabilities reported for the current year were $37.7
million less than the amount reported for those liabilities a year ago based on annual information
provided by the retirement systems. Combined, these two liabilities represent 37.7% of the total
liabilities reported by the District. The District's proportionate share of the net pension liability and net
OPEB liabilities will fluctuate significantly from year to year primarily based on the return on
investments realized by the pension/OPEB plans during the measurement year, as well as any change in
the actuarial assumptions adopted by the plans. Remaining components of total liabilities increased by
$2.0 million during the year due to the new lease-purchase liability recorded for the year which was
partially offset by the scheduled debt service payments on debt obligations during the year.
The changes reported for total deferred inflows and outflows of resources directly relate to the District
recording the components of the net pension and OPEB liabilities due to change in proportionate share
of the net pension liability and net OPEB asset/liability for fiscal year 2022 compared to the prior year as
well as amortization of actual earnings versus projected over a period of time.
Net position at June 30, 2022 was $11.0 million more than the amount at the beginning of the year.
Increase in restricted net position resulted from additional resources reported for capital projects,
primarily associated with the lease-purchase agreement, as well as food service due to additional
funding received during the fiscal year.
9
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
The unrestricted net position (deficit) improved during the current year by $3.2 million (17.1%) due to
the large decrease in the net pension liability recorded for the year. However, if the components of
recording the net pension liabilities and the net OPEB asset and liability are removed from the
Statement of Net Positon, the District's ending unrestricted net position would be a positive $51.5
million instead of the reported $15.3 million deficit. We feel this is important to mention as the
management of the District has no control over the management of the State-wide pension/OPEB plans
or the benefits offered; both of which control the net pension and OPEB components which significantly
effects the District's financial statements.
A comparative analysis of change in net position for fiscal year 2022 and 2021 follows:
TABLE 2
CHANGE IN NET POSITION,JUNE 30
2022 2021
Revenues:
Program Revenues:
Charges for Services $ 2,118,033 1,459,281
Operating Grants and Contributions 9,778,496 9,974,992
General Revenues:
Property Taxes 38,084,755 32,838,761
Grants and Entitlements 39,531,536 41,485,167
Investment Earnings (1,500,796) 126,356
Miscella neous 2,264,901 2,581,414
Total Revenues 90,276,925 88,465,971
Expenses:
Instruction 48,504,120 59,361,656
Support Services:
Pupils and Instructional Staff 6,793,710 7,694,289
Board of Education,Administration
Fiscal and Business 6,487,369 7,394,759
Operation and Maintenance of Plant 5,718,898 5,146,606
Pupil Transportation 3,158,607 2,786,060
Centra I 2,014,312 1,612,401
Operation of Non-Instructional Services 2,841,066 2,754,538
Extracurricular Activities 1,184,406 1,166,438
Interest and Issuance Costs 2,610,463 2,706,177
Total Expenses 79,312,951 90,622,924
Change in Net Position 10,963,974 (2,156,953)
Net Position, Beginning of Year 79,706,885 81,863,838
Net Position, End of Year $ 90,670,859 79,706,885
10
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
Governmental Activities
Total governmental expenses of $79.3 million exceeded program revenues of $11.9 million, leaving the
remaining $67.4 million to be covered by general revenues. Program revenues supported 15.0% of the
total governmental expenses. The primary sources of revenue for governmental activities are derived
from property taxes and unrestricted grants and entitlements which are reported as general revenues.
These two revenue sources represent 85.0%of total governmental revenue.
The property tax laws in Ohio create the need to periodically seek voter approval for additional
operating funds. In general, tax revenues generated from a levy do not increase as a result of inflation.
An operating levy is approved for a fixed millage rate, but the rate is reduced for inflation with the effect
of providing the District the same amount of tax dollars as originally approved. Therefore, school
districts, must periodically return to the ballot and ask voters for additional resources to maintain
current programs. Due to revenue growth limitations, management of the resources provided is of
paramount concern to District administration. The District utilizes a five-year cash financial forecast to
estimate revenues and control expenditures whenever possible.
Total program revenues increased slightly for the year as additional charges for services revenue
associated with student activities increased as activities returned to a sense of normalcy after the global
pandemic caused disruptions and cancellations to these activities in prior years. Operating grants and
contributions revenues decreased slightly as certain intergovernmental receipts were viewed as
reimbursement grants by the State of Ohio in the current fiscal year. These same grant programs were
viewed more as general or entitlement grants in prior years. Property taxes increased by 16.0% over
those reported for the prior year due to significant higher amounts available for advance at the end of
the current year reported by the County as opposed to the amount reported one year before.
The expenses reported for fiscal year 2022 are $11.3 million less than those reported for the prior year
as a result of the decrease in the net pension and OPEB expense adjustments reported for the current
year. In the prior year, the required adjustments to functional expenses increased total expenses by
$11.5 million. For the current fiscal year, these same adjustments resulted in increasing functional
expenses as well, but only by $707,168. The $10.8 million swing in net pension and OPEB expense
accounts for the majority of the overall decrease in expenses reported for the fiscal year.
The largest expense of the District is for instructional programs. Instructional expenses total $48.5
million or 61.2% of the total governmental expenses reported for fiscal year 2022 compared with 65.5%
reported for the prior year. The pension and OPEB expense reduction associated with the teacher's
retirement system was significantly more than that associated with the non-teaching employees
retirement system which resulted in lower instructional expenses being reported.
11
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
The Statement of Activities shows the cost of program services and the charges for services and grants
offsetting those services. The table below reflects the cost of program services and the net cost of those
services after taking into account the program revenues for the governmental activities. General
revenues including tax revenue, investment earnings and unrestricted State entitlements must support
the net cost of program services. Comparisons to 2021 are as follows:
TABLE 3
TOTAL AND COST OF PROGRAM SERVICES
FOR THE FISCAL YEAR ENDED JUNE 30,
2022 2021
Total Cost Net Cost Total Cost Net Cost
of Service of Service of Service of Service
Instruction $ 48,504,120 (42,605,438) 59,361,656 (52,360,141)
Support Services 24,172,896 (22,941,615) 24,634,115 (22,818,107)
Operation of Non-Instructional Services 2,841,066 1,284,577 2,754,538 (604,331)
Extracurricular Activities 1,184,406 (543,483) 1,166,438 (699,895)
Interest and Issuance Costs 2,610,463 (2,610,463) 2,706,177 (2,706,177)
Total Expenses $ 79,312,951 (67,416,422) 90,622,924 (79,188,651)
It is apparent from the information presented in Table 3 above,that funding the operation of the District
remains heavily reliant on general revenues. During fiscal year 2022, general revenues accounted for
86.8% of total revenues for governmental activities. The reliance on general revenues to support
governmental activities is indicated by the net services column reflecting the need for approximately
$67.4 million of support to finance the functions, or 85.0% of the total expenses for the governmental
activities. Non-instructional services, primarily food service operations, was the only significant
functional area reported a significant percentage of expenses covered by program revenue due to
increased assistance provided associated with school breakfast and lunch programs.
The District's Funds
The District's governmental funds are accounted for using the modified accrual basis of accounting. All
governmental funds had total revenues of$90.9 million and expenditures of$86.4 million. Overall fund
balance of governmental funds increased $9.5 million over those at June 30, 2021.
The general fund is the only major fund and the primary operating fund of the District. The general fund
balance decreased by$2.4 million during the year compared with a $2.5 million increase reported in the
prior year. General fund revenues increased slightly over those reported for fiscal year 2021 as the
increase in property taxes was offset by the significant decrease in entitlements and investment
earnings. Entitlements decreased as the State of Ohio changed its school funding processed during the
current year. Investment earnings decreased as a negative fair value adjustment for the current year
significantly exceeded the earnings for the year. Expenditures of the fund increased by $1.4 million
(2.1%) over those reported in the prior year due to increased cost associated with personnel (wages and
benefits). The ending unassigned fund balance of the general fund at June 30, 2022 ($51.5 million)
represents 72.3%of the total expenditures reported by the general fund for the year then ended.
12
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
General Fund Budget Information
During fiscal year 2022, the District modified the general fund's budget on a few occasions. Revenues,
excluding other financing sources, were originally budgeted at $71.9 million which was decreased to
$70.5 million over the course of the year. Expenditures, excluding other financing uses, were initially
budgeted at $75.6 million but were decreased to $71.4 million to reflect actual spending patterns as the
year progressed. Actual budgetary revenues were $556,367 more than the final budgeted revenues
while actual budgetary expenditures ended only$4,580 less than the final budgeted expenditures.
The ending actual budgetary fund balance of the general fund ended fiscal year 2022 at $56.9 million, or
$93,438 less more than the original budgeted ending balance. The ending general fund balance on a
budget basis represents 79.7% of the budgetary expenditures reported for the year, excluding other
financing uses.
Capital Assets
At the end of the fiscal year 2022, the District had $146.8 million invested in land, construction in
progress, land improvements, buildings and improvements, machinery and equipment, and vehicles.
During the year, the District reported only minor capital asset additions ($145,672) while depreciation
expense on all capital assets was$1.8 million for the fiscal year.
Additional information regarding capital assets can be found in Note 8 of this report.
Table 4 shows the fiscal year 2022 balances compared to fiscal year 2021.
TABLE 4
CAPITAL ASSETS,JUNE 30
2022 2021
Land $ 915,794 915,794
Construction in Progress 495,450 495,450
Land Improvements 843,318 932,812
Buildings and Improvements 142,793,804 144,250,770
Machinery and Equipment 473,938 479,087
Vehicles 1,303,676 1,439,201
Total Net Capital Assets $ 146,825,980 148,513,114
13
Huber Heights City School District, Ohio
Management's Discussion &Analysis
For the Fiscal Year Ended June 30, 2022
Debt Administration
At June 30, 2022, the District had $65.2 million in outstanding general obligation bonds, including $5.4
million of unamortized bond premiums. During the fiscal year, the District paid $2.4 million in principal
on bonds and another$2.5 million of principal is due to mature within one year.
The District's other debt obligation, lease-purchase agreements, totaled $5.7 million at June 30, 2022
compared with the $835,582 obligation at the beginning of the fiscal year. During the fiscal year, the
District entered into a $5.1 million lease-purchase agreement to provide financing facility improvement
and furnishing.
Detailed information regarding long term debt obligations is included in Note 11 to the basic financial
statements.
Contacting the District
This financial report is designed to provide our citizens, taxpayers, creditors and investors with a general
overview of the District's financial position and to show the District's accountability for the funds it
receives. Should you have any questions about this report or any other financial matter, contact the
Treasurer's Office at Huber Heights City School District, 5954 Longford Road, Huber Heights, Ohio 45424.
14
Huber Heights City School District,Ohio
Statement of Net Position
June 30,2022
Governmental
Activities
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ 78,828,857
Inventory Held for Resale 23,839
Materials and Supplies Inventory 102,689
Accounts Receivable 195,409
Intergovernmental Receivable 1,112,875
Property Taxes Receivable 32,277,226
Payments in Lieu of Taxes Receivable 1,185,000
Net OPEB Asset 5,876,749
Nondepreciable Capital Assets 1,411,244
Depreciable Capital Assets,net 145,414,736
Total Assets 266,428,624
DEFERRED OUTFLOWS OF RESOURCES:
Deferred Charge on Refunding 6,866,594
Pension 20,823,750
OPEB 2,099,611
Total Deferred Outflows of Resources 29,789,955
LIABILITIES:
Accounts Payable 815,930
Accrued Wages and Benefits 6,236,677
Intergovernmental Payable 1,393,115
Accrued Interest Payable 196,137
Matured Compensated Absences Payable 106,738
Long-Term Liabilities:
Due Within One Year 3,446,685
Due in More Than One Year:
Net Pension Liability 45,146,614
Net OPEB Liability 4,875,559
Other Amounts 70,372,207
Total Liabilities 132,589,662
DEFERRED INFLOWS OF RESOURCES:
Property Taxes not Levied to Finance Current Year Operations 26,211,070
Payments in Lieu of Taxes not Levied to Finance Current Year 1,185,000
Pension 36,087,415
OPEB 9,474,573
Total Deferred Inflows of Resources 72,958,058
NET POSITION:
Net Investment in Capital Assets 87,836,516
Restricted for Debt Service 3,359,014
Restricted for Capital Outlay 8,033,825
Restricted for Classroom Maintenance 4,535,768
Restricted for Food Service 1,915,949
Restricted for Federal and State Educational Grants 86,426
Restricted for Other Purposes 213,185
Unrestricted (15,309,824)
Total Net Position $ 90,670,859
The notes to the financial statements are an integral part of this statement.
15
TH IS PAG E I NTENTIONALLY LEFT BLAN K
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HUBER HEIGHTS
CITY SCHOOLS
16
Huber Heights City School District,Ohio
Statement of Activities
For the Fiscal Year Ended lune 30,2022
Net(Expense)
Revenue and
Change in Net
Program Revenues Position
Charges for Operating Grants Governmental
Expenses Services and Sales and Contributions Activities
Governmental Activities:
Instruction:
Regular $ 32,011,738 $ 528,249 $ 1,128,982 $ (30,354,507)
Special 15,888,981 868,975 2,754,390 (12,265,616)
Vocational 10,763 - 22,338 11,575
Other 592,638 - 595,748 3,110
Support Services:
Pupils 4,459,504 - 32,835 (4,426,669)
Instructional Staff 2,334,206 - 589,652 (1,744,554)
Board of Education 26,332 - - (26,332)
Administration 4,714,557 - 189,959 (4,524,598)
Fiscal 1,426,193 - - (1,426,193)
Business 320,287 - - (320,287)
Operation and Maintenance of Plant 5,718,898 - 418,835 (5,300,063)
Pupil Transportation 3,158,607 - - (3,158,607)
Central 2,014,312 - - (2,014,312)
Operation of Non-Instructional Services 2,841,066 87,886 4,037,757 1,284,577
ExtracurricularActivities 1,184,406 632,923 8,000 (543,483)
Interest and Fiscal Charges 2,610,463 - - (2,610,463)
Total Governmental Activities $ 79,312,951 $ 2,118,033 $ 9,778,496 (67,416,422)
General Revenues:
Grants and Entitlements not Restricted to Specific Programs 39,531,536
Investment Earnings (1,500,796)
Miscellaneous 2,264,901
Property Taxes Levied for:
General Purposes 32,001,704
Debt Service 5,042,407
Capital Projects 698,018
Facilities Maintenance 342,626
Total6eneral Revenues 78,380,396
Change in Net Position 10,963,974
Net Position-Beginning of Year 79,706,885
Net Position-End of Year $ 90,670,859
The notes to the financial statements are an integral part of this statement.
17
Huber Heights City School District,Ohio
Balance Sheet
Governmental Funds
June 30,2022
Non-Malor Total
Governmental Governmental
GeneralFund Funds Funds
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ 56,407,369 $ 22,398,504 $ 78,805,873
Restricted:Cash and Cash Equivalents - 22,984 22,984
Inventory Held for Resale - 23,839 23,839
Materials and Supplies Inventory 90,817 11,872 102,689
Accounts Receivable 185,249 10,160 195,409
Interfund Receivable 391,500 - 391,500
Intergovernmental Receivable - 1,112,875 1,112,875
Property Taxes Receivable 27,140,093 5,137,133 32,277,226
Payments in Lieu of Taxes Receivable 1,185,000 - 1,185,000
TotalAssets $ 85,400,028 $ 28,717,367 $ 114,117,395
LIABILITIES:
Accounts Payable $ 465,755 $ 350,175 $ 815,930
Accrued Wages and Benefits 5,841,058 395,619 6,236,677
Interfund Payable - 391,500 391,500
Intergovernmental Payable 1,308,920 84,195 1,393,115
Matured Compensated Absences Payable 106,738 - 106,738
Total Liabilities 7,722,471 1,221,489 8,943,960
DEFERRED INFLOWS OF RESOURCES
Property Taxes not Levied to Finance
Current Year Operations 22,058,320 4,152,750 26,211,070
Payments in Lieu of Taxes not Levied
to Finance Current Year Operations 1,185,000 - 1,185,000
Unavailable Revenue 800,312 836,503 1,636,815
Total Deferred Inflows of Resources 24,043,632 4,989,253 29,032,885
FUND BALANCES:
Nonspendable:
Materials and Supplies Inventory 90,817 11,872 102,689
Restricted:
Capital0utlay - 13,021,749 13,021,749
Debt Service - 3,456,492 3,456,492
Food Service - 2,043,062 2,043,062
Facilities Maintenance - 4,529,076 4,529,076
State and Federal Grant Programs - 57,119 57,119
OtherPurposes - 203,025 203,025
Committed:
Pollution Remediation 11,000 - 11,000
Assigned:
School Supported Activities 212,118 - 212,118
School Supplies 905 - 905
Future Purchase Commitments 382,755 - 382,755
Subsequent Year Appropriations 1,480,089 - 1,480,089
Unassigned(Deficit) 51,456,241 (815,770) 50,640,471
Total Fund Balances 53,633,925 22,506,625 76,140,550
Total Liabilities,Deferred Inflows of
Resources and Fund Balances $ 85,400,028 $ 28,717,367 $ 114,117,395
The notes to the financial statements are an integral part of this statement.
1g
Huber Heights City School District,Ohio
Reconciliation of Total Governmental Fund ealances to
Net Position of Governmental Activities
June 30,2022
Total Governmental Fund Balances $ 76,140,550
Amounts reported for governmental activities in the
statement of net position are different because:
Capital assets used in governmental activities are not current
financial resources and therefore are not reported in the funds. 146,825,980
Other long-term assets are not available to pay for current-period
expenditures and therefore are reported as deferred inflows of
resources in the funds.
Taxes 733,798
Tuition and Fees 195,409
Intergovernmental Receivable 707,608
Certain items will not be recognized as expenditures for the
current period and therefore are reported as deferred outflows
of resources in the funds.
Deferred Charge on Refunding 6,866,594
The net OPEB asset is not a current asset and the net pension and
OPEB liabilities are not due and payable in the current period;
therefore those assets and liabilities and related deferred
outflows/inflows are not reported in governmental funds.
Net OPEB Asset 5,876,749
Deferred Outflows-Pension and OPEB 22,923,361
Deferred Inflows-Pension and OPEB (45,561,988)
Net Pension and OPEB Liabilities (50,022,173)
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 (59,735,000)
Direct Borrowings-Lease Purchases (5,689,169)
Compensated Absences (2,961,526)
Unamortized Bond Premium (5,433,197)
Accrued Interest on Long-Term Debt (196,137)
Net Position of Governmental Activities $ 90,670,859
The notes to the financial statements are an integral part of this statement.
19
Huber Heights City School District,Ohio
Statement of Revenues,Expenditures and Changes in Fund Balances
Governmental Funds
For the Fiscal Year Ended lune 30,2022
Non-Maior Total
Governmental Governmental
GeneralFund Funds Funds
REVENUES:
Property and Other Local Taxes $ 30,456,520 $ 6,159,341 $ 36,615,861
Payments in Lieu of Taxes 1,949,662 - 1,949,662
I nte rgovern m e nta I 38,690,315 10,240,931 48,931,246
Interest (1,501,478) 682 (1,500,796)
Tuition and Fees 1,602,309 - 1,602,309
Rent 77,095 - 77,095
Extracurricular Activities 240,995 491,491 732,486
Gifts and Donations - 108,943 108,943
Customer Sales and Services - 87,886 87,886
Miscellaneous 2,263,780 - 2,263,780
Total Revenues 73,779,198 17,089,274 90,868,472
EXPENDITURES:
Current:
Instruction:
Regular 32,668,919 983,755 33,652,674
Special 13,754,274 2,716,345 16,470,619
Vocational 10,763 - 10,763
Other 121,864 667,597 789,461
Support Services:
Pupils 5,032,731 188,393 5,221,124
Instructional Staff 1,705,382 739,603 2,444,985
Board of Education 26,332 - 26,332
Administration 5,152,136 197,560 5,349,696
Fiscal 1,318,130 87,911 1,406,041
Business 364,788 - 364,788
Operation and Maintenance of Plant 4,979,584 268,435 5,248,019
Pupil Transportation 3,315,898 5,804 3,321,702
Central 1,999,688 29,232 2,028,920
Operation of Non-Instructional Services - 3,168,411 3,168,411
Extracurricular Activities 716,749 502,858 1,219,607
CapitalOutlay - 498,231 498,231
Debt Service:
Principal - 2,607,413 2,607,413
Interest - 2,541,354 2,541,354
Issuance Costs - 64,692 64,692
Total Expenditures 71,167,238 15,267,594 86,434,832
Excess(DeficiencyJ of Revenues Over Expenditures 2,611,960 1,821,680 4,433,640
OTHER FINANCING SOURCES(USES):
Transfers In - 5,045,000 5,045,000
Transfers Out (5,045,000) - (5,045,000)
Lease-Purchase Agreement - 5,066,000 5,066,000
Total Other Financing Sources(Uses) (5,045,000) 10,111,000 5,066,000
Net Change in Fund Balances (2,433,040) 11,932,680 9,499,640
Fund Balance at Beginning of Year 56,066,965 10,573,945 66,640,910
Fund Balance at End of Vear $ 53,633,925 $ 22,506,625 $ 76,140,550
The notes to the financial statements are an integral part of this statement.
2�
Huber Heights City School District, Ohio
Reconciliation of the Statement of Revenues,Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities
for the Fiscal Vear Ended June 30,2022
Net Change in Fund Balances-Total Governmental Funds $ 9,499,640
Amounts reported for governmental activites in the statement of activities are different because:
Governmental funds report capital outlays as expenditues. However,in the statement of
activities,the cost of those assets is allocated over their estimated useful lives as
depreciation expense. This is the amount by which depreciation expense exceeded
capital outlay in the current period.
Capital asset additions 145,672
Depreciation expense (1,832,806)
Revenues in the statement of activities that do not provide current financial resources are
not reported as revenues in the funds. (591,547)
The issuance of long-term debt(e.g.,bonds,leases)provides current financial resources to
governmental funds,while the repayment of the principal of long-term debt consumes
the current financial resources of governmental funds.Neither transaction,however,
has any effect on net position. Also,governmental funds report the effects of premiums,
discounts,deferred loss on refundings when debt is first issued,whereas these amounts
are amortized in the statement of activities.
Repayment of long-term bonds and capital leases 2,607,413
Current year amortization of bond premium 481,987
Current year amortization of deferred charge on refunding (560,742)
Lease-Purchase Agreement (5,066,000)
Some expenses reported in the statement of activities do not require the use of current
financial resources and therefore are not reported as expenditures in the
governmental funds.
Accrued interest payable 9,646
Compensated absences 321,979
Contractually required pension and OPEB plan contributions are reported as
expenditures in the governmental funds,however,the statement of activities
reports these amounts as deferred outflows. 6,655,900
Except for amounts reported as deferred outflows/inflows,changes in the net pension and
OPEB liabilities are reported as negative pension and OPEB expense among the
functions in the statement of activities. (707,168)
Change in Net Positon of Governmental Activities $ 10,963,974
The notes to the financial statements are an integral part of this statement.
21
Huber Heights City School District,Ohio
Statement of Revenues,Expenditures and Changes
in Fund Balance-Budget(Non-GAAP BasisJ and Actual
GeneralFund
For the Fiscal Vear Ended lune 30,2022
Original Final Variance with
Budget Budget Actual Final Budget
Revenues:
PropertyTaxes $ 27,697,622 $ 27,697,622 $ 28,246,310 $ 548,688
Intergovernmental 41,929,118 38,797,939 38,690,315 (107,624)
Interest 480,600 320,600 321,314 714
Tuition and Fees 872,072 1,447,579 1,474,193 26,614
ExtracurricularActivities 155,625 155,625 141,431 (14,194)
Gifts and Donations 1,000 1,000 - (1,000)
Rent 72,000 72,000 77,095 5,095
Miscellaneous 648,581 2,023,581 2,121,655 98,074
Total Revenues 71,856,618 70,515,946 71,072,313 556,367
Expenditures:
Current:
Instruction:
Regular 32,506,673 32,375,227 32,376,742 (1,515)
Special 13,936,932 13,750,343 13,750,210 133
Vocational 6,000 11,100 10,860 240
Student Intervention Services 26,041 13,098 14,557 (1,459)
Other 3,913,068 115,090 114,630 460
Support Services:
Pupils 5,080,739 4,964,151 4,963,720 431
Instructional Staff 1,438,971 1,649,348 1,648,768 580
Board of Education 16,571 26,877 26,332 545
Administration 5,305,388 5,174,684 5,174,316 368
Fiscal 1,308,417 1,286,091 1,284,775 1,316
Business 387,687 373,623 373,422 201
Operation and Maintenance of Plant 5,470,624 5,452,443 5,452,071 372
Pupil Transportation 3,119,775 3,313,801 3,313,048 753
Central 2,419,882 2,143,689 2,142,830 859
Extracurricular Activities 696,892 722,595 721,299 1,296
Total Expenditures 75,633,660 71,372,160 71,367,580 4,580
Excess(Deficiency)of Revenues Over Expenditures (3,777,042) (856,214) (295,267) 560,947
Other Financing Sources(Uses):
Advances In 700,000 1,254,400 1,254,400 -
Proceeds from Sale of Capital Assets 10,562 10,562 - (10,562)
Refund of Prior Year Expenditures - 140,000 142,125 2,125
Transfers Out (950,000) (5,120,000) (5,119,676) 324
Advances Out (300,000) (391,500) (391,500) -
Total Other Financing Sources(UsesJ (539,438) (4,106,538) (4,114,651) (8,113)
Net Change in Fund Balance (4,316,480) (4,962,752) (4,409,918) 552,834
Fund Balance,July 1 59,259,881 59,259,881 59,259,881 -
Prior Year Encumbrances 2,054,306 2,054,306 2,054,306 -
Fund Balance,June 30 $ 56,997,707 $ 56,351,435 $ 56,904,269 $ 552,834
The notes to the financial statements are an integral part of this statement.
22
Huber Heights City School District,Ohio
Statement of Fiduciary Net Position
Fiduciary Funds
June 30,2022
Private
Purpose Trust Custodial
Fund Fund
ASSETS:
Current Assets:
Equity in Pooled Cash and Cash Equivalents $ 10,849 $ 39,331
Total Assets 10,849 39,331
NET POSITION:
Restricted forStudent Scholarships 10,849 -
Restricted for Individuals,Organizations,and
Other Governments - 39,331
Total Net Position $ 10,849 $ 39,331
The notes to the financial statements are an integral part of this statement.
23
Huber Heights City School District,Ohio
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Fiscal Vear Ended lune 30,2022
Private
Purpose Trust Custodial
Fund Fund
ADDITIONS:
Gifts and Donations $ 1,311 $ 500
Investment Earnings 3 -
Extracurricular Amounts Collected for Other Governments - 18,771
Total Additions 1,314 19,271
DEDUCTIONS:
Extracurricular Disbursements to Other Organizations - 4,642
Total Deductions - 4,642
Change in Net Position 1,314 14,629
Net Position at Beginning of Year 9,535 24,702
Net Position at End of Year $ 10,849 $ 39,331
The notes to the financial statements are an integral part of this statement.
24
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
1. Description of the District and Reporting Entity
The Huber Heights City School District (the "District") is a body politic and corporate established
for the purpose of exercising the rights and privileges conveyed to it by the constitution and
laws of the State of Ohio. The District is a city district as defined by Section 3311.02 of the Ohio
Revised Code. The District operates under a locally elected five member board and is
responsible for the provision of public education to residents of the District. The Board controls
the District's instructional/support facilities staffed by 213 non-certificated staff, 413 certificated
staff inembers and 41 administrative staff to provide services to 5,653 students.
Reporting Entity
The reporting entity is comprised of the primary government, component units and other
organizations that are included to ensure that the basic financial statements of the District are
not misleading.
The primary government consists of all funds and departments, which provide various services
including instruction, student guidance, extracurricular activities, food service, pre-school,
educational media and care and upkeep of grounds and buildings. The operation of each of
these activities is directly controlled by the Board of Education.
Current State legislation provides funding to parochial schools, as well as the community and
Montessori schools within the District boundaries. These monies are received and disbursed on
behalf of the non-public school by the treasurer of the District, as directed by the non-public
school. The State monies received/disbursed by the District are reflected as a governmental
activity for financial reporting purposes.
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 body 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; (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 for which the District approves
the budget, the issuance of debt or the levying of taxes. The District does not have any
component units.
The District is associated with five organizations, which are defined as jointly governed, and one
public entity risk pool. These organizations include the Metropolitan Educational Technical
Association (META), the Southwestern Ohio Educational Purchasing Council, the Miami Valley
Career Technology Center, Southwestern Ohio Instructional Technology Association, the Shared
Resources Center Regional Council of Governments, and the Southwestern Ohio Educational
Purchasing Council Employee Benefit Plan Trust.
25
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies
The significant accounting policies followed in the preparation of these financial statements are
summarized below. These policies conform to 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 more significant of the District's
policies are described below.
a. Fund Accounting
The District uses funds to maintain its financial records during the fiscal year. A fund is defined
as a fiscal and accounting entity with a self-balancing set of accounts. The funds of the District
are divided into the categories governmental and fiduciary.
Governmental Funds
Governmental funds are those through which most governmental functions of the District 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 and liabilities
and deferred inflows of resources is reported as fund balance. The following is the District's
major governmental fund:
General Fund - The general fund is used to account for all financial resources except
those required to be accounted for 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.
Other governmental funds of the District may be used to account for specific resources that are
restricted or committed to specified purposes.
Fiduciary Funds
Fiduciary Funds are used to account for assets held by the District in a trustee capacity or as an
agent for individuals, private organizations, other governmental units and/or other funds. The
District's one private purpose trust fund is used to account for scholarship resources for
students. Custodial funds are used to account for fiduciary activity not accounted for within
trust funds. The District's custodial fund accounts resources collected, disbursed and
undistributed funds related to state athletic tournament games held within the District for
which the District acts as the fiscal agent.
26
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
b. Basis of Presentation
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.
The government-wide 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. This
approach differs from the manner in which governmental fund financial statements are
prepared. Governmental fund financial statements therefore include reconciliation with brief
explanations to better identify the relationship between the government-wide statements and
the statements for governmental funds.
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 requirements of a particular
program. Revenues not classified as program revenues are presented as general revenues.
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 non-major funds are aggregated into
one column. Fiduciary funds are reported by fund type.
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. All governmental funds are accounted for using a flow of current financial
resources measurement focus. With this measurement focus, only current assets and liabilities,
as well as deferred inflows of resources, are generally included on the balance sheet. Operating
statements of these funds present increases (i.e., revenues and other financing sources) and
decreases (i.e., expenditures and other financing uses) in current fund balances. Like the
government-wide statements, fiduciary funds are accounted for on a flow of economic
resources measurement focus.
27
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
c. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the
accounts and reported in the financial statements. Government-wide financial statements are
prepared using the accrual basis of accounting. The Fund financial statements are prepared
using either modified accrual for governmental funds or accrual basis for fiduciary funds.
Revenues, Exchange and Non-exchange Transactions
Revenue resulting from exchange transactions is recorded on the accrual basis when the
exchange takes place. On a modified accrual basis, revenues are recognized in the accounting
period when they become both measurable and available. Available means collectible within
the current period or soon enough thereafter to be used to pay liabilities of the current fiscal
year. The available period of the District is sixty(60) days after year end.
Non-exchange transactions, in which the District receives value without directly giving equal
value in return, include property taxes, grants, entitlements and donations. 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 met. On the modified accrual basis, revenue from
non-exchange transactions must also be available before it can be recognized.
In applying the susceptible to accrual concept under the modified accrual basis, the following
revenue sources are deemed both measurable and available: property taxes available for
advance,tuition, grants and student fees.
Deferred Outflows/Inflows of Resources
In addition to assets, the statements of financial position will sometimes report a separate
section for deferred outflows of resources. Deferred outflows of resources represent a
consumption of net assets that applies to a future period and will not be recognized as an
outflow of resources (expense/expenditure) until then. For the District, deferred outflows of
resources are reported on the government-wide statement of net position for deferred charges
on refunding, pension, and OPEB. 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. The deferred outflows
of resources related to pension and OPEB plans are explained further in Notes 12 and 13.
28
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
In addition to liabilities, the statements of financial position report a separate section for
deferred inflows of resources. Deferred inflows of resources represent an acquisition of net
assets that applies to a future period and will not be recognized as an inflow of resources until
that time. For the District, deferred inflows of resources include property taxes, unavailable
revenue, pension, and OPEB. Property taxes represent amounts for which there is an
enforceable legal claim as of June 30, 2022, but which were levied to finance fiscal year 2023
operations. These amounts have been recorded as a deferred inflow on both the government-
wide statement of net position and 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 delinquent property taxes, intergovernmental grants, student fees, and tuition. These
amounts are deferred and recognized as an inflow of resources as an inflow of resources in the
period the amounts become available. Deferred inflows of resources related to pension and
OPEB plans are reported on the government-wide statement of net position (see Notes 12 and
13).
Expenditures/Expenses
The measurement focus of governmental fund accounting is on flow of current financial
resources. Expenditures are generally recognized in the accounting period in which the related
fund liability is incurred except for (1) principal and interest on general long-term debt, which is
recorded when due, and (2) the costs of accumulated unpaid vacation and sick leave are
reported as fund liabilities to the extent that payments come due each period upon the
occurrence of employee resignations and retirements. Allocation of costs, such as depreciation
and amortization, are not recognized in governmental funds.
The accrual basis of accounting utilized by the government-wide recognize revenues when they
are earned, and expenses are recognized at the time they are incurred.
Budgets and BudgetaryAccounting
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, certificate of estimated resources, and the appropriations
resolution, all of which are prepared on the budgetary basis of accounting. The certificate of
estimated resources and the appropriation resolution are subject to amendment throughout the
year with the legal restriction that appropriations cannot exceed estimated resources, as
certified.
All funds, other than custodial funds, are legally required to be budgeted and appropriated,
however the District elects to adopt appropriations and budgets for its custodial fund. The legal
level of control is at the fund level. Any budgetary modifications at this level may only be made
by resolution of the Board of Education.
29
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
Advances in and advances out are not required to be budgeted since they represent a
temporary cash flow resource and are intended to be repaid.
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 on the following July 1. The budget
includes proposed expenditures and means of financing for all funds. Public hearings are
publicized and conducted to obtain taxpayer's 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 Montgomery County
Budget Commission for rate determination.
Estimated Resources
Prior to April 1, the Board of Education accepts, by formal resolution, the tax rates as
determined by the Budget Commission and receives the Commission's 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 unencumbered cash balances from the preceding year. The certificate may
be further amended during the year if the fiscal officer determines that the revenue collected is
greater or less than the current estimates. The amounts reported on the budgetary statement
reflect the amounts in the final amended official certificate of estimated resources issued during
fiscal year 2022.
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 legally enacted by the Board of Education at the fund-
function level of expenditures for the general fund and fund level for all other funds, which is
the legal level of budgetary control. 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 appropriation resolution, by fund, 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 appropriation
above the legal level of control, must be approved by the Board of Education.
The Board may pass supplemental fund appropriations so long as the total appropriation by
fund does not exceed the amounts set forth in the most recent Certificate of Estimated
Resources. The budget figures, which appear in the statements of budgetary comparison,
represent the final appropriation amounts, including all amendments and modifications.
30
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
As part of formal budgetary control, purchase orders, contracts and other commitments for the
expenditure of monies are recorded as the equivalent of expenditures on the non-GAAP
budgetary basis in order to reserve that portion of the applicable appropriation and to
determine and maintain legal compliance. The Ohio Revised Code prohibits expenditures from
exceeding appropriations. On the fund financial statement encumbrances are reported within
the restricted, committed or assigned fund balances depending on the restrictions placed upon
the resources encumbered. For the general fund, encumbrances are reported as a component
of assigned fund balance indicating that amount is not currently available. Encumbrances are
reported as part of expenditures on a non-GAAP budgetary basis.
Lapsing of Appropriations
At the close of each year, the unencumbered balance of each appropriation reverts to the
respective fund from which it was appropriated and becomes subject to future appropriations.
Encumbered appropriations are carried forward to the succeeding fiscal year and are not re-
appropriated.
d. Cash and Cash Equivalents
The District maintains a cash and investment pool used by all funds. The cash and investment
pool has the same characteristics as demand deposits. Each fund type's portion of this pool is
displayed in the financial statements as cash and cash equivalents. The District utilizes a
financial institution to service bonded debt as principal and interest payments come due. The
monies are either maintained in a central bank account or used to purchase legal investments.
The Ohio Revised Code authorizes the District to invest in United States and State of Ohio bonds,
notes and other obligations; bank certificates of deposit; bankers' acceptances; commercial
paper notes rated prime and issued by United States corporations; and 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 GASB Statement No. 79,
"Certain External Investment Pools and Participants". The District measures their 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 the NAV per share that approximates fair
value.
For fiscal year 2022, 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 for all deposits or withdrawals exceeding $100 million. STAR Ohio
reserves the right to limit the transaction to $250 million, requiring the excess amount to be
transacted the following business day(s), but only to the $250 million limit. All accounts of the
participants will be combined for these purposes.
31
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
The District reports investment at fair value, with the exception of its investment in STAR Ohio
and mutual fund which are based on a per share basis. All investments of the cash management
pool and those with an original maturity of three months or less when purchased are considered
to be cash equivalents.
Under existing Ohio statutes, all investment earnings accrue to the general, food service fund
and auxiliary service fund. Interest earnings allocated to the food service and auxiliary service
funds are based on average monthly cash balances. Investment income credited to the general
fund during the fiscal year amounted to ($1,501,478), as investments are reported at fair value
within these financial statements.
e. Interfund Balances
On fund financial statements, receivables and payables resulting from short-term interfund
loans are classified as interfund receivables/payables. These amounts are eliminated in the
statement of net position.
f. Capital Assets and Depreciation
General capital assets are reported in 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 acquisition values as of
the date received.The District follows the policy of not capitalizing assets with a cost of less than
$5,000 and a useful life of less than 1 year.The District does not possess any infrastructure.
All reported capital assets, except for 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 with a salvage value of 10 percent over
the following useful lives:
Description Useful Life(Yrs)
Land Improvements 20
Buildings & Improvements 25- 100
Machinery& Equipment 5-20
Vehicles 10
32
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
g. Compensated Absences
Vacation benefits are accrued as a liability as the benefits are earned if the employee's right to
receive compensation is attributable to services already rendered and it is probable that the
employer will compensate the employees for the benefits through paid time off or some other
means. Sick leave benefits are accrued as a liability using the vesting method. The liability is
based on the sick leave accumulated at June 30 by those employees who are currently eligible to
receive termination payments and those employees for whom it is probable they will become
eligible to receive termination benefits in the future. The criteria for determining the vacation
and sick leave liability is derived from Board policy, negotiated agreements, and state laws. The
liability is based upon pay rates in effect at the balance sheet date for all employees with 20 or
more years of service with the District.
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. These amounts are recorded in the account "matured
compensated absences payable" in the fund from which the employee will be paid.
h. 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 from current financial resources, are reported as
obligations of the funds. However, compensated absences and claims and judgments 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 fiscal year. Net pension and
OPEB liabilities should be recognized in the governmental funds to the extent that benefit
payments are due and payable and the pension and OPEB plans' fiduciary net position is not
sufficient for payment of those benefits.
i. Pensions/Other Postemployment Benefits(OPEB)
For purposes of ineasuring the net pension liabilities, net OPEB asset and liability, deferred
outflows of resources and deferred inflows of resources related to pensions and OPEB, and
pension and OPEB expense, information about the fiduciary net position of the retirement
systems and additions to/deductions from their fiduciary net position have been determined on
the same basis as they are reported by the retirement systems. For this purpose, benefit
payments (including refunds of employee contributions) are recognized when due and payable
in accordance with the benefit terms. The retirement systems report investments at fair value.
33
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
j. Fund Balance
The District reports classifications of fund balance based on the extent to which the District is
bound to honor constraints on the specific purposes for which amounts in those funds can be
spent. The following categories are used:
Nonspendable — amounts that cannot be spent because they are either (a) not in
spendable form or(b) legally required to be maintained intact.
Restricted — amounts that have constraints placed on the use of resources that are
either (a) externally imposed by creditors, grantors, contributors, or laws or regulations
of other governments, or (b) imposed by law through constitutional provisions or
enabling legislation.
Committed — amounts that can only be used for specific purposes pursuant to
constraints imposed by formal action (resolution) of the District's highest level of
decision-making authority, the Board of Education.
Assi�ned — amounts that are constrained by the District's intent to be used for specific
purpose, but are neither restricted not committed. Assigned amounts include those
approved through the District's formal purchasing procedure by the Treasurer. Through
the District's purchasing policy, the Board of Education has given the Treasurer the
authority to constrain monies for intended purposes.
Unassi�ned — residual fund balance within the general fund that is in spendable form
that is not restricted, committed or assigned. In other governmental funds, the
unassigned classification is used only to report a deficit balance resulting from
overspending for specific purposes for which amounts had been restricted, committed
or assigned.
The District applies restricted resources first when an expenditure is incurred for purposes for
which restricted and unrestricted fund balance is available. The District considers committed,
assigned, and unassigned fund balances, respectively, to be spent when expenditures are
incurred for purposes for which any of the unrestricted fund balance classifications could be
used.
34
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
k. Net Position
Net position represents the difference between assets and deferred outflows of resources
compared with liabilities and deferred inflows of resources. Net investment in capital assets
represents capital assets, net of accumulated depreciation, reduced by the outstanding balances
of any borrowings used for the acquisition, construction or improvements of those assets. Net
position is reported as restricted when there are limitations imposed on their use either through
the enabling legislation adopted by the District or through external restrictions imposed by
creditors, grantors or laws, regulations or other governments.
The District applies restricted resources when an expense is incurred for purposes for which
both restricted and unrestricted net position is available.
I. Interfund Activity
As a general rule, the effect of interfund activity has been eliminated from the government-wide
financial statements to avoid "doubling up" revenues and expenses. Transfers within
governmental activities are eliminated on the government-wide financial statements. Internal
allocations of overhead expenses from one function to another or within the same function are
also eliminated. Payments for interfund services provided and used are not eliminated.
m. Unamortized Bond Premium and Discount/Accounting Gain or Loss
On government-wide financial statements, long-term debt and other long-term obligations are
reported as liabilities in the applicable government activities statement of net position. Bond
premiums and discounts, as well as deferred gain or loss on refunding, are deferred and
amortized over the life of the bonds using the effective interest method. Bonds payable are
reported net of the applicable bond premium or discount. Unamortized deferred gain or loss on
refunding are reported as a component of deferred inflows of resources or deferred outflows of
resources, respectively. Bond issuance costs are reported as current period expense when
incurred.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of debt
issued is reported as other financing sources. Premiums received on debt issuances are
reported as other financing sources while discounts on debt issuances are reported as other
financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received,
are reported as debt service expenditures.
35
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
2. Summary of Si�nificant Accounting Policies (continued)
n. Estimates
The preparation of financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the amounts reported on the financial statements and
accompanying notes. Actual results may differ from those estimates.
3. Accountability—Deficit Fund Balances
Individual fund deficits reported at June 30, 2022 include the following:
Non-Major Funds Deficit
Elementary and Secondary School Emergency Relief $ 181,355
IDEA, Part B Grant 216,574
Title III, Limited English Proficiency Grant 9,757
Title I Grant 307,177
Title IV-A Grant 6,229
IDEA Preschool Grant 6,216
Title I I-A Grant 59,227
Miscellaneouse Federal Grants 29,235
These deficit balances resulted from adjustments for accrued liabilities. The general fund is
liable for any deficit in these funds and will provide transfers when cash is required, not when
accruals occur.
4. Budgetary Basis of Accounting
While the District is reporting financial position, results of operations and changes in fund
balance on the basis of GAAP, the budgetary basis as provided by law is based upon accounting
for certain transactions on a basis of cash receipts, disbursements and encumbrances. The
Statement of Revenues, Expenditures and Changes in Fund Balances— Budget (Non-GAAP Basis)
and Actual 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 GAAP basis are that:
• Revenues and other financing sources are recorded when received in cash (budget
basis) as opposed to when susceptible to accrual (GAAP basis);
• Expenditures and other financing uses are recorded when paid in cash (budget basis) as
opposed to when the liability is incurred (GAAP basis);
• In order to determine compliance with Ohio law, and reserve that portion of the
applicable appropriation, total outstanding encumbrances (budget basis) are recorded
36
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
4. Budgetary Basis of Accountin�(Continued)
as the equivalent of an expenditure, as opposed to an assignment of fund balance for
that portion of outstanding encumbrances not already recognized as an account payable
(GAAP basis); and,
• Some funds are included in the general fund (GAAP basis), but have separate legally
adopted budgets (budget basis).
The adjustments necessary to convert the results of operations 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 $ (4,409,918)
Adjustments:
Revenue Accruals 2,337,080
Expenditure Accruals (418,146)
Encumbra nces 846,237
Other Financing Sources(Uses) (788,224)
Perspective Budgeting Difference ** (69)
GAAP Basis $ (2,433,040)
** As part of GASB Statement No. 54, "Fund Balance Reportin�', certain funds that are legally
budgeted in separate special revenue funds are considered part of the general fund on a GAAP
basis. This includes the uniform school supply fund, public school support fund, and summer
school fund. These funds have legally adopted budgets and have a schedule of revenues,
expenditures and changes in fund balance—budget (Non-GAAP basis) and actual presented.
5. Deposits and Investments
State statutes require the classification of monies held by the District into three categories.
Active Monies - Those monies required to be kept in a "cash" or "near-cash" status for
immediate use by the district. Such monies must be maintained either as cash in the District
Treasury, in depository accounts payable or withdrawable on demand, including negotiable
order of withdrawal (NOW) accounts, or in money market deposit accounts.
Inactive Monies - Those monies not required for use within the current five-year period of
designation of depositories. Inactive monies may be deposited or invested as certificates of
deposit maturing not later than the end of the current period of designation of depositories, or
as savings or deposit accounts including, but not limited to, passbook accounts.
37
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
5. Deposits and Investments (continued)
Interim Monies - 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. Ohio law permits
interim monies to be invested in legal securities (see Note 2d), including any of the following:
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 and interest by the
United States;
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;
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;
Bonds and other obligations of the State of Ohio;
No-load money market mutual funds consisting exclusively of obligations described in
division (1) or (2) of this section and repurchase agreements secured by such obligations,
provided that investments in securities described in this division are made only through
eligible institutions;
The State Treasurer's investment pool (STAR Ohio);
Certain banker's acceptance and commercial paper notes for a period not to exceed one
hundred eighty days from purchase date in an amount not to exceed 40% of the interim
monies available for investment at any one time, and under limited circumstances,
corporate debt interests rated in either of the two highest classifications by at least two
nationally recognized rating agencies.
Investments in stripped principal or interest obligations reverse repurchase agreements and
derivatives are prohibited. The issuance of table 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 of 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, if the securities
are not represented by a certificate, upon receipt of confirmation of transfer from the
custodian.
38
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
5. Deposits and Investments (continued)
Deposits
At June 30, 2022, the carrying amount of all District deposits was $3,314,191, including cash on
hand. Based on the criteria described in GASB Statement 40, Deposits and Investment Risk
Disclosures, $250,000 of the District's bank balance of $3,958,084 was covered by Federal
Deposit Insurance Corporation and $2,087,251 was uninsured and collateralized with securities
held by the pledging financial institution's trust department or agent, but not in the District's
name, and $1,620,833 was uninsured and uncollateralized. The District's financial institution
was approved for a reduced collateral rate of 50% through the Ohio Pooled Collateral System,
resulting in uninsured and uncollateralized balance.
Custodial credit risk is the risk that, in the event of bank failure, the District's deposits may not
be returned. The District's policy for deposits is that any balance not covered by depository
insurance will be collateralized by the financial institution with pledged securities. Ohio law
requires that deposits either be insured or be protected by:
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
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 to be 102 percent of the deposits being
secured or a rate set by the Treasurer of State.
Investments
As of June 30, 2022,the District had the following investments and maturities:
Measurement Maturity(in years)
Investment Type Value less than 1 1 to 3 4 to 5
U.S.Agencies $ 23,649,490 $ 977,249 $ 17,305,270 $ 5,366,971
U.S.Treasury Note 3,369,241 - 2,869,495 499,746
Negotiable CDs 4,522,155 2,833,085 1,689,070 -
Commercial Paper 26,529,337 26,529,337 - -
Money Market Funds 5,305,994 5,305,994 - -
STAROhio 12,188,629 12,188,629 - -
Total $ 75,564,846 $ 47,834,294 $ 21,863,835 $ 5,866,717
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.
39
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
5. Deposits and Investments (continued)
Credit Risk
The District's investment in securities of Federal agencies were rated Aaa by Moody's and AA+
by Standard & Poor's; commercial paper held was rated P-1 by Moody's; and the mutual fund
and STAR Ohio were rated AAAm by Standard & Poor's. Negotiable Certificates of Deposits (CDs)
were fully insured by FDIC. The District has no policy limiting investments based on credit risk
other than those established by ORC.
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 investment or collateral
securities that are in the possession of an outside party. The District's investment policy does
not specifically address custodial credit risk beyond the adherence to those investments
permitted by the ORC. Requirements in State statute prohibit 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 places a limit on the percentage of the portfolio that may be held in the form of
commercial paper, other than this stipulation, the District 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, 2022:
Measurement %of
Investment Type Value Portfolio
U.S.Agencies $ 23,649,490 31.30%
U.S.Treasury Note 3,369,241 4.46%
Negotiable CDs 4,522,155 5.98%
Commercial Paper 26,529,337 35.11%
Money Market Funds 5,305,994 7.02%
STAROhio 12,188,629 16.13%
Total $ 75,564,846
Fair Value Measurement
The District's investments measured and reported at fair value are classified according to the
following hierarchy:
Level 1— Investments reflect prices quoted in active markets.
Level 2— Investments reflect prices that are based on a similar observable asset either
directly or indirectly, which may include inputs in markets that are not
considered to be active.
Level 3— Investments reflect prices based upon unobservable sources.
40
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
5. Deposits and Investments (continued)
The categorization of investments within the hierarchy is based upon the transparency of the
instrument and should not be perceived as the particular investment's risk. The District had the
following reoccurring fair value measurements as of June 30, 2022:
Identical Observable Unobservable
Assets Inputs Inputs
Investment Type Total (Level 1) (Level 2) (Level 3)
U.S.Agencies $ 23,649,490 $ - $ 23,649,490 $ -
U.S.Treasury Note 3,369,241 - 3,369,241 -
Negotiable CDs 4,522,155 - 4,522,155 -
Commerical Paper 26,529,337 - 26,529,337 -
Total $ 58,070,223 $ - $ 58,070,223 $ -
Investments classified in Level 2 of the fair value hierarchy are valued using matrix pricing
sources and valuation techniques as provided by the investment managers.
6. Property Taxes
Property taxes are levied and assessed on a calendar year basis. Distributions from the second
half occur in a new fiscal year and are intended to finance the operations of that year. Property
taxes include amounts levied against all real, public utility and tangible personal (used in
business) property located in the District. All property taxes are collected on behalf of the
District by the auditors of Miami and Montgomery Counties. Montgomery County collects
approximately 98% and Miami County collects approximately 2% of the District's taxes.
Taxpayers remit payment to their respective county, Montgomery or Miami, which then
distributes funds to the District on settlement dates that vary each year.
Real property taxes and public utility taxes are levied in April on the assessed value listed as of
the prior January 1, the lien date. Assessed values for real property taxes are established by
State law at 35% of appraised market value. All property is required to be revalued every six
years. Real property taxes are payable annually or semi-annually. If paid annually, payment is
due January 20; if paid semi-annually, the first payment is due January 20 with the remainder
payable by June 20. Settlement dates for real property taxes generally occur during the months
of February and August but on occasion run into the following month. Amounts certified by the
County Auditor prior to June 30 are available to the District as an advance and should therefore
be recognized as revenue in the current fiscal year.The District's policy is not to take an advance
on these taxes, as they are budgeted for the next fiscal year.
Public utility property taxes are assessed on tangible personal property at 25% of true value
(with certain exceptions) and on real property at 35% of true value. Public utility property taxes
attached as a lien on December 31 of the prior year, were levied April 1 and are collected with
real property taxes.
41
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
6. Property Taxes (continued)
The assessed values upon which fiscal year 2022 taxes receipts were based on are as follows:
2022 First Half 2021 Second Half
Collections Collections
Real Estate
Residential/Agricultural $ 683,655,490 $ 678,466,780
Commerical/Industrial 146,949,360 141,887,720
Public Utility Property 19,246,880 17,020,230
Total $ 849,851,730 $ 837,374,730
Accrued property taxes receivable represents delinquent taxes outstanding and real property,
personal property and public utility taxes which became measurable as of June 30, 2022, and for
which there is an enforceable legal claim. Although total property tax collections for the next
fiscal year are measurable, only the amount available as an advance at June 30 is intended to
finance current fiscal year operations. The receivable is therefore offset by a credit to deferred
inflow of resources for that portion not intended to finance current year operations. On the
accrual basis, total delinquent property tax amounts existing at year end have been recorded as
revenue.
7. Receivables
Receivables at June 30, 2022 consisted of taxes, accounts (tuition 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 District's intergovernmental
receivables follows:
Governmental Activities: Amount
Non-Major Governmental Funds
Food Service Reimbursements $ 403,087
Elementary&Secondary School Relief Grant 181,355
IDEA, Part B Federal Grant 86,587
Title I Federal Grant 307,177
Supporting Effective Instruction State Grant 59,277
Miscellaneous Federal and State Grants 75,392
Total $ 1,112,875
42
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
8. Capital Assets
A summary of capital asset activity during the fiscal year follows:
Balance at Balance at
6/30/2021 Additions Deductions 6/30/2022
Capital Assets,not bein�depreciated:
Land $ 915,794 $ - $ - $ 915,794
Construction in Progress 495,450 - - 495,450
1,411,244 - - 1,411,244
Capital Assets,bein�depreciated:
Land Improvements 1,942,863 - - 1,942,863
Buildings and Improvements 161,300,094 - - 161,300,094
Machinery and Equipment 1,353,405 102,197 - 1,455,602
Vehicles 4,320,441 43,475 - 4,363,916
168,916,803 145,672 - 169,062,475
Less:Accumulated Depreciation:
Land Improvements 1,010,051 89,494 - 1,099,545
Buildings and Improvements 17,049,324 1,456,966 - 18,506,290
Machinery and Equipment 874,318 107,346 - 981,664
Vehicles 2,881,240 179,000 - 3,060,240
21,814,933 1,832,806 * - 23,647,739
Capital Assets,being depreciated,net 147,101,870 (1,687,134) - 145,414,736
Total Capital Assets,net $ 148,513,114 $ (1,687,134) $ - $ 146,825,980
* - Depreciation expense was charged to governmental functions as follows:
Instruction:
Regular $ 1,550,862
Support Services:
Administration 932
Operation and Maintenance of Plant 89,380
Pupil Transportation 174,950
Non-Instructional Services 13,780
Extracurricula r Activities 2,902
Total Depreciation Expense $ 1,832,806
9. Interfund Transactions
During the fiscal year ended June 30, 2022, the General Fund transferred $5,000,000 to the
Building Fund and $45,000 to the District Managed Student Activities Fund, both nonmajor
governmental funds, to provide financing for a school improvement project as well as to provide
a student activity with necessary cash to operate the remainder of the fiscal year.
43
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
9. Interfund Transactions (continued)
Interfund balances on the fund statements at June 30, 2022 consist of the following receivables
and payables:
Fund Receivable Payable
General Fund $ 391,500
Other Governmental Funds:
Non-Major Special Revenue Funds:
COVID Elementary&Secondary School Relief Fund $ 210,000
IDEA, Part B Grant Fund 17,000
Supplemental School Improvement Grant Fund 2,500
Title III - Limited English Proficiency Grant Fund 4,000
Title I Grant Fund 53,000
Title IV-A Grant Fund 19,000
Supporting Effective Instruction State Grants Fund 68,000
Miscellaneous Federal Grants Fund 18,000
$ 391,500 $ 391,500
The interfund receivables and payables resulted from the general fund advancing monies to
individual grant funds to cover deficits until grant funding was received in the subsequent fiscal
year.
10. Risk Management
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. The
District contracts with the Southwestern Ohio Educational Purchasing Council for insurance. This
policy has a limit in the amount of$250 million for property. The base policy for vehicle liability
insurance is$4.0 million per occurrence.The Treasurer is separately bonded.
There has been no significant reduction in insurance coverages from coverages in the prior year.
In addition, settled claims resulting from these risks have not exceeded commercial insurance
coverages in any of the past three fiscal years.
The District is a member of the Southwestern Ohio Educational Purchasing Council (SOEPC). The
SOEPC contracts with Comp Management to provide an insurance purchasing pool for workers
compensation. The intent of the pool is to achieve the benefit of a reduced premium for the
District by virtue of its grouping and representation with other participants in the pool. The
workers compensation experience of the participation school districts is calculated as one
experience and a common premium rate is applied to all school districts in the pool. Each
participant pays this rate.Total savings is then calculated and each participant's individual
44
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
10. Risk Mana�ement (continued)
performance is compared to the overall savings percentage of the pool. A participant will then
either receive money from or be required to contribute to the pool. This equity pooling
arrangement ensures that each participant shares equally in the overall performance of the
pool. Participation in the pool is limited to school districts that can meet the pool's selection
criteria. Comp Management provides administrative cost control and actuarial services to the
SOEPC.
The District has elected to provide employee medical benefits through United Health Care as
part of an insurance purchasing pool through the SOEPC. The employees share the cost of the
monthly premium with the District for single and family plans, with the District contributing 85%
of the health and dental insurance for the largest class of employees and 100% of the life and
vision coverage. Life insurance is provided through Sun Life Insurance.
11. Lon�-Term Obli�ations
The activity of the District's long-term obligations during fiscal year 2022 was as follows:
Amount
Balance Balance Due Within
7/1/2021 Increase Decrease 6/30/2022 one Year
Governmental Activities:
General Obligation Bonds:
2015 Refunding 4.0% $ 8,565,000 $ - $ - $ 8,565,000 $ -
2016 Refunding 3.0-5.0% 53,565,000 - (2,395,000) 51,170,000 2,510,000
Unamortized Premium 5,915,184 - (481,987) 5,433,197 -
Total General Obligation Bonds 68,045,184 - (2,876,987) 65,168,197 2,510,000
Net Pension Liability:
STRS 65,126,884 - (29,489,034) 35,637,850 -
SERS 17,022,998 - (7,514,234) 9,508,764 -
Total Net Pension Liability 82,149,882 - (37,003,268) 45,146,614 -
Net OPEB Liability:
SERS 5,573,666 - (698,107) 4,875,559 -
Other Long-Term Obligations:
Direct Financing-Lease Purchase 835,582 5,066,000 (212,413) 5,689,169 620,648
Compensated Absences 3,283,505 359,204 (681,183) 2,961,526 316,037
Total Governmental Activities $ 159,887,819 $ 5,425,204 $ (41,471,958) $ 123,841,065 $ 3,446,685
A 2010 general obligation bonds was issued in the amounts of$82 million, and along with other
financing of$1.7 million, which financed the construction of seven new school buildings.
45
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
11. Lon�-Term Obligations (continued)
A portion of the 2010 general obligation bonds was refunded during fiscal year 2016 with the
2015 Refunding bonds, issued in the amount of$8,565,000. In addition, another portion of the
2010 general obligations bonds was refunded with the issuance of the 2016 Refunding bonds,
issued in the amount of$57,275,000.The proceeds, plus applicable premiums, were placed into
irrevocable trusts to provide resources for all future debt service requirements on the refunded
2010 bonds. As a result of these refundings, the refunded 2010 general obligation bonds are
considered defeased (in substance) and accordingly have been removed from the statement of
net position.
The following is a summary of the District's future annual debt service requirements to maturity
for general obligation bonds payable:
Fiscal
Year Principal Interest Total
2023 $ 2,510,000 $ 2,372,050 $ 4,882,050
2024 2,635,000 2,256,600 4,891,600
2025 2,905,000 2,145,800 5,050,800
2026 3,025,000 2,027,200 5,052,200
2027 3,200,000 1,886,700 5,086,700
2028-2032 19,610,000 6,982,550 26,592,550
2033-2037 25,850,000 2,205,000 28,055,000
Total $ 59,735,000 $ 19,875,900 $ 79,610,900
Direct Financing—Lease-Purchase Agreements
During the current year, the District entered a lease-purchase agreement with a financial
institution to provide for the construction, enlargement, or other improvement or furnishing of
school facilities. Under the terms of the agreement, the District grants a land lease to the
institution and the base lease payments made by the District agree to the debt service schedule
associated with the agreement at a rate of 1.77% and matures on December 1, 2033. Principal
and interest payments will be made from the Building Fund.
Prior to the current fiscal year, the District was a party to two separate lease-purchase
agreements; one to provide financing to advance refund the 2010 school improvement
certificates of participation and the other to acquire school buses. Both of these agreements
transfer the benefits and risk of ownership to the District, both during and at the end of these
agreements. The debt service payments associated with these agreements are reported within
the Permanent Improvement Fund.
46
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
11. Lon�-Term Obligations (continued)
The following is a schedule of the future debt service payments required under the lease-
purchase agreements as of June 30, 2022.
Fiscal
Year Principal Interest Total
2023 $ 620,648 $ 101,507 $ 722,155
2024 613,963 87,780 701,743
2025 572,558 74,614 647,172
2026 402,000 65,154 467,154
2027 409,000 57,976 466,976
2028-2032 2,155,000 177,771 2,332,771
2033-2034 916,000 16,284 932,284
Total $ 5,689,169 $ 581,086 $ 6,270,255
Compensated Absences, Net Pension Liability, and OPEB Liability
The District pays obligations related to employee compensation (compensated absences and
pension and OPEB contributions) from the fund benefitting from their service which include the
general fund, food service fund, auxiliary service fund, other State grants fund, IDEA Part B grant
fund, Title III-Limited English Proficiency grant fund, Title I grant fund, IDEA Part B preschool
fund and miscellaneous Federal grant fund.
12. Defined Benefits Pension Plans
a. 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.
47
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
12. Defined Benefits Pension Plans (continued)
Ohio Revised Code limits the District's obligation for this liability to annually required payments.
The District cannot control benefit terms or the way pensions are financed; however, the
District does receive the benefit of employees' services in exchange for compensation including
pension.
GASB Statement No. 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 contractually-required
pension contributions outstanding at the end of the fiscal year is included in intergovernmental
payable on both the accrual and modified accrual bases of accounting.
b. Plan Description-School Employees Retirement System (SERS)
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 Eligible to
Retire on or before retire on or after
August 1,2017** August 1,2017
Full benefits Any age with 30 years of service credit;or Age 67 with 10 years of service;or
age 65 with 5 years of service credit age 57 with 30 years of service credit
Actuarially reduced Age 60 with 5 years of service credit;or Age 62 with 10 years of service credit;or
benefits 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.
48
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
12. Defined Benefits Pension Plans (continued)
Annual retirement benefits are calculated based on final average salary multiplied by a
percentage that varies based on year of service; 2.2% for the first 30 years of service and 2.5%
for years of service credit over 30. Final average salary is the average of the highest three years
of salary.
Funding Policy — Plan members are required to contribute 10% of their annual covered salary
and the District is required to contribute 14% 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% for plan members and 14%
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, and Medicare B Fund, and Health Care Fund). For the fiscal year ended June 30,
2022, the 14%was allocated to only three of the funds (Pension Trust Fund, Death Benefit Fund
and Medicare B Fund).
The District's contractually required contribution to SERS was $1,397,161 for fiscal year 2022. Of
this amount, $274,210 is reported as an intergovernmental payable.
c. Plan Description-State Teachers Retirement System (STRS)
District licensed teachers and other faculty members 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 Web site at www.strsoh.or�.
New members have a choice of three retirement plans; a Defined Benefit (DB) Plan, a Defined
Contribution (DC) Plan and a Combined (CO) 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% of final average salary for the five highest years of earnings multiplied by all years of
service. 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.
49
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
12. Defined Benefit Pension Plans (continued)
Eligibility changes for DB Plan members who retire with actuarially reduced benefits will be
phased in until August 1, 2026, when retirement eligibility will be 5 years of qualifying service
credit and age 60, or 30 years of service credit regardless of age.
The DC Plan allows members to place all their member contributions and 9.53% of the 14%
employer contributions into an investment account. The member determines how to allocate
the member and employer money among various investment choices offered by STRS Ohio. The
remaining 4.47%of the 14% 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 CO Plan offers features of both the DB Plan and the DC Plan. In the CO Plan, 12% of the 14%
member rate is deposited into the member's DC account and the remaining 2% 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 CO Plan payment is payable to a member on or after age 60 with 5 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 at age 50 and after termination of employment.
New members who choose the DC Plan or CO Plan will have another opportunity to reselect a
permanent plan during their fifth year of inembership. Members may remain in the same plan
or transfer to another STRS Ohio plan. The optional annuitization of a member's defined
contribution account or the defined contribution portion of a member's CO Plan account to a
lifetime benefit results in STRS Ohio bearing the risk of investment gain or loss on the account.
STRS Ohio therefore has included all three plan options as one defined benefit plan for GASB
Statement No. 68 reporting purposes.
A DB or CO Plan member with five or more years of credited service who is determined to be
disabled may qualify for a disability benefit. New members on or after July 1, 2013 must have at
least 10 years of qualifying service credit to apply for disability benefits. Members in the DC Plan
who become disabled are entitled only to their account balance.
Eligible survivors of inembers who die before service retirement may qualify for monthly
benefits. 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.
50
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
12. Defined Benefit Pension Plans (continued)
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 the fiscal year
ended June 30, 2022, plan members were required to contribute 14% of their annual covered
salary.The District was required to contribute 14%; the entire 14%was the portion used to fund
pension obligations. The fiscal year 2022 contribution rates were equal to the statutory
maximum rates. The District's contractually required contribution to STRS was $5,090,771 for
fiscal year 2022. Of this amount, $950,937 is reported as an intergovernmental payable.
d. Pension Liabilities, Pension Expense, and Deferred Outflows and Inflows of Resources
for Pensions
The net pension liability was measured as of June 30, 2021, 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:
SERS STRS Total
Proportionate share of the net pension liability $ 9,508,764 $ 35,637,850 $ 45,146,614
Proportion of the net pension liability 0.257710% 0.278728%
Change in proportionate share 0.000340% 0.009569%
Pension (negative)expense $ (110,133) $ 1,154,483 $ 1,044,350
At June 30, 2022, the District reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
SERS STRS Total
Deferred Outflows of Resources:
Differences between expected and
actual experience $ 918 $ 1,101,037 $ 1,101,955
Change in assumptions 200,227 9,886,580 10,086,807
Change in District's proportionate share
and difference in employer contributions 12,929 3,134,127 3,147,056
District contributions subsequent
to the measurement date 1,397,161 5,090,771 6,487,932
Total $ 1,611,235 $ 19,212,515 $ 20,823,750
(Continued)
51
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
12. Defined Benefit Pension Plans (continued)
SERS STRS Total
Deferred Inflows of Resources:
Differences between expected and
actual experience $ 246,601 $ 223,377 $ 469,978
Net difference between projected and actual
earnings on pension plan investments 4,897,291 30,713,005 35,610,296
Change in District's proportionate share
and difference in employer contributions 7,141 - 7,141
Total $ 5,151,033 $ 30,936,382 $ 36,087,415
$6,487,932 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 net
pension liability in the year ending June 30, 2023. Other amounts reported as deferred outflows
and inflows of resources related to pension will be recognized in pension expense as follows:
SERS STRS Total
Fiscal Year Ending June 30:
2023 $ (1,204,827) $ (3,900,437) $ (5,105,264)
2024 (1,064,562) (3,318,319) (4,382,881)
2025 (1,164,399) (3,925,353) (5,089,752)
2026 (1,503,171) (5,670,529) (7,173,700)
$ (4,936,959) $ (16,814,638) $ (21,751,597)
e. 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.
52
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
12. Defined Benefit Pension Plans (continued)
Actuarial calculations reflect a long-term perspective. For a newly hired employee, actuarial
calculations will consider the employee's entire career with the employer and 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, 2021, are presented below:
Inflation:
Current measurement period 2.40 percent
Prior measurement period 3.00 percent
Future salary increases,including inflation
Current measurement period 3.25 percent to 13.58 percent
Prior measurement period 3.50 percent to 18.20 percent
COLA or Ad Hoc COLA
Current measurement period 2.00 percent,on and after 4/1/2018,COLA's for future retirees
will be delayed for 3 years following retirement.
Prior measurement period 2.50 percent,on and after 4/1/2018,COLA's for future retirees
will be delayed for 3 years following retirement.
Investment rate of return
Current measurement period 7.00 percent net of System expenses
Prior measurement period 7.50 percent net of System expenses
Actuarial cost method Entry Age Normal
Mortality rates were based on the PUB-2010 General Employee Amount Weight Below Median
Health Retiree mortality table projected to 2017 with ages set forward 1 year and adjusted
94.20% for males and set forward 2 years and adjusted 81.35% for females. Mortality among
disabled members were based upon the PUB-2010 General Disabled Retiree mortality table
projected to 2017 with ages set forward 5 years and adjusted 103.3%for males and set forward
3 years and adjusted 106.8% for females. Future improvement in mortality rates is reflected by
applying the MP-2020 projection scale generationally.
The actuarial assumptions used were based on the results of an actuarial experience study for
the period ending July 1, 2015 to June 30, 2020 adopted by the Board on April 15, 2021.
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 averaged of the expected real return premiums for each
53
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
12. Defined Benefit Pension Plans (continued)
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 asset class are summarized in the following table:
Target Long-Term Expected
Asset Class Allocation Real Rate of Return
Cash 2.00% -033%
US equity 24.75% 5.72%
Non-US equity developed 13.50% 6.55%
Non-US equity emerging 6.75% 8.54%
Fixed income/global bonds 19.00% 1.14%
Private equity 11.00% 10.03°/o
Real estate/real assets 16.00% 5.41%
Multi-asset strategies 4.00% 3.47%
Private debt/private credit 3.00% 5.28%
Total 100.00%
Discount Rate — Total pension liability was calculated using the discount rate of 7.0%. 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 (7.0%). 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 7.0%, 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 (6.0%), or one percentage
point higher(8.0%)than the current rate.
Current
1%Decrease Discount Rate 1%Increase
�6.00°io) (�.00io> (s.00°io)
District's proportionate share of
the net pension liability $ 15,820,248 $ 9,508,764 $ 4,186,014
54
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
12. Defined Benefit Pension Plans (continued)
f. Actuarial Assumptions-STRS
The total pension liability in the June 30, 2021 actuarial valuation was determined using the
following actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.50%
Salary increases 12.50%at age 20 to 2.50%at age 65
Payroll increases 3.00%
Investment rate of return,including inflation:
Current measurement period 7.00%, net of investment expenses
ir Prior measurement period 7.45%, net of investment expenses
Discount rate of return
Current measurement period 7.00%
Prior measurement period 7.45%
Cost-of-living adjustments (COLA) 0.00%
Post-retirement mortality rates for are based on the RP-2014 Annuitant Mortality Table with
50% of rates through age 69, 70% of rates between ages 70 and 79, 90% of rates between ages
80 and 84, and 100% of rates thereafter, 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.
Post-retirement disabled mortality rates are based on the RP-2014 Disabled Mortality Table with
90% of rates for males and 100% of rates for females, projected forward generationally using
mortality improvement scale MP-2016.
The actuarial assumptions were based on the results of an actual experience study for the
period July 1, 2011 through June 30, 2016.
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 on the following page.
55
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
12. Defined Benefit Pension Plans (continued)
Target Long-Term Expected
Asset Class Allocation Real Rate of Return *
Domestic equity 28.00% 7.35%
International equity 23.00% 7.55%
Alternatives 17.00% 7.09%o
Fixed income 21.00% 3.00%
Real estate 10.00% 6.00%
Liquidity reserves 1.00% 2.25%
Total 100.00%
*10-year annualized geometric nominal returns,which include the real rate of
return and inflation of 2.25%and does not include investment expenses.Over a
30-yea r peri od,STRS i nvestment consulta nt i ndi cates that the a bove ta rget
al locations should generate a return above the actuarial rate of return,without
net va I ue added by ma nagement.
Discount Rate —The discount rate used to measure the total pension liability was 7.00% as of
June 30, 2021. 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.
Based on those assumptions, STRS's fiduciary net position was projected to be available to make
all projected future benefit payments to current plan members as of June 30, 2021. Therefore,
the long-term expected rate of return on pension plan investments of 7.00% was applied to all
periods of projected benefit payment to determine the total pension liability as of June 30,
2021.
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 7.00%, 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 (6.00%) or one-percentage-
point higher(8.00%) than the current rate:
Current
1%Decrease Discount Rate 1%Increase
(6.00%) (7.00%) (8.00%)
District's proportionate share of
the net pension liability $ 66,736,354 $ 35,637,850 $ 9,359,680
56
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB)
a. Net OPEB Liability/Asset
The net OPEB liability (asset) reported on the statement of net position represents a liability to
(or assets for) 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 (asset) 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 (asset) calculation
is dependent on critical long-term variables, including estimated average life expectancies,
earnings on investments, cost of living adjustments, health care cost trend rates and others.
While these estimates use the best information available, unknowable future events require
adjusting these estimates annually.
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 Statement No. 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 (asset). Resulting adjustments to the net OPEB liability
(asset) 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 or fully-funded benefits as a long-term net OPEB asset on the accrual basis of
accounting. Any liability for contractually-required OPEB contributions outstanding at the end of
the fiscal year is included in intergovernmental payable on both the accrual and modified
accrual bases of accounting.
57
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
b. 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 Statement
No. 75 purposes, this plan is considered a cost-sharing other postemployment benefit (OPEB)
plan. 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.
SERS' Health Care program provides health care 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 mot types of purchased
credit, to qualify to participate in SERS' health care coverage. The following types of credit
purchased after January 29, 1981 do not count toward health care coverage eligibility: military,
federal, out-of-state, municipal, private school, exempted, and early retirement incentive credit.
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.
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% of covered
payroll to the Health Care Fund in accordance with the funding policy. For fiscal year 2022,there
was no portion allocated 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 2022, the
minimum compensation amount was $25,000. Statutes provide that no employer shall pay a
health care surcharge greater than 2% of that employer's SERS-covered payroll; nor may SERS
collect in aggregate more than 1.5% of the total statewide SERS-covered payroll for the health
care surcharge. For fiscal year 2022,the District's surcharge obligation was $167,968.
58
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
c. 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 Board to offer this plan.
Coverage under the current program includes hospitalization, physicians' fees and prescription
drugs for Medicare beneficiaries. This program allows STRS Ohio to recover part of the cost for
providing prescription coverage since all eligible STRS health care plans include creditable
prescription drug coverage. The Plan is included in the report of STRS which can be obtained by
visiting www.strsoh.or�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% of covered payroll. For the
fiscal year ended June 30, 2022, STRS did not allocate any employer contributions to post-
employment health care.
d. OPEB Assets and Liabilities, OPEB Expense, and Deferred Outflows of Resources and
Deferred Inflows of Resources Related to OPEB
The net OPEB liability(asset) was measured as of June 30, 2021, and the total OPEB liability used
to calculate the net OPEB liability (asset) was determined by an actuarial valuation as of that
date. The District's proportion of the net OPEB liability (asset) 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:
SERS STRS Total
Proportionate share of the net OPEB asset $ - $ 5,876,749 $ 5,876,749
Proportionate share of the net OPEB liability 4,875,559 - 4,875,559
Proportion of the net OPEB asset/liability 0.257614% 0.278728%
Change in proportionate share 0.001156% 0.009569%
OPEB(negative)expense $ (20,343) $ (316,839) $ (337,182)
At June 30, 2022, the District reported deferred outflows of resources and deferred inflows of
resources related to OPEB from the following sources:
59
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
SERS STRS Total
Deferred Outflows of Resources:
Differences between expected and
actual experience $ 51,969 $ 209,252 $ 261,221
Change in assumptions 764,861 375,382 1,140,243
Difference between employer contributions and
proportionate share of contributions 284,719 245,460 530,179
District contributions subsequent
to the measurement date 167,968 - 167,968
Total $ 1,269,517 $ 830,094 $ 2,099,611
Deferred Inflows of Resources:
Differences between expected and
actual experience $ 2,428,247 $ 1,076,726 $ 3,504,973
Net difference between projected and actual
earnings on OPEB plan investments 105,924 1,628,932 1,734,856
Change in assumptions 667,666 3,505,907 4,173,573
Difference between employer contributions and
proportionate share of contributions 61,171 - 61,171
Total $ 3,263,008 $ 6,211,565 $ 9,474,573
$167,968 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 (asset) in the year ending June 30, 2023. Other amounts reported as deferred
outflows and inflows of resources related to OPEB will be recognized in OPEB expense as
follows:
SERS STRS Total
Fiscal Year Ending June 30:
2023 $ (467,812) $ (1,511,552) $ (1,979,364)
2024 (468,554) (1,470,786) (1,939,340)
2025 (484,145) (1,501,141) (1,985,286)
2026 (439,580) (675,036) (1,114,616)
2027 (233,661) (229,110) (462,771)
2028 (67,707) 6,154 (61,553)
$ (2,161,459) $ (5,381,471) $ (7,542,930)
60
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
e. 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 consider the employee's entire career with the employer and 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, prepared as of June 30, 2021, are presented below:
Investment rate of return:
Current measurement date 7.00%of net investment expense,including inflation
Prior measurement date 7.50%of net investment expense,including inflation
Wage inflation:
Current measurement date 2.40%
Prior measurement date 3.00%
Future salary increases,including inflation
Current measurement date 3.25%to 13.58%
Prior measurement date 3.50%to 18.20%
Municipal bond index rate:
Current measurement date 1.92%
Prior measurement date 2.45%
61
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
Single equivalent interest rate,net of
plan investment expense:
Current measurement date 2.27%, including price inflation
Prior measurement date 2.63%, including price inflation
Medical Trend Assumption:
Current measurement date
Pre-Medicare 6.75°/o-4.40%
M edicare 5.125%-4.40%
Prior measurement date
Pre-Medicare 7.00%-4.75%
Medicare 5.25%-4.75%
Mortality rates were based on the PUB-2010 General Employee Amount Weight Below Median
Health Retiree mortality table projected to 2017 with ages set forward 1 year and adjusted
94.20% for males and set forward 2 years and adjusted 81.35% for females. Mortality among
disabled members were based upon the PUB-2010 General Disabled Retiree mortality table
projected to 2017 with ages set forward 5 years and adjusted 103.3%for males and set forward
3 years and adjusted 106.8% for females. Future improvement in mortality rates is reflected by
applying the MP-2020 projection scale generationally.
The actuarial assumptions used were based on the results of an actuarial experience study for
the period ending July 1, 2015 to June 30, 2020 adopted by the Board on April 15, 2021.
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 averaged 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 asset
class are summarized in the table on the following page.
62
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
Target Long-Term Expected
Asset Class Allocation Real Rate of Return
Cash 2.00% -033%
US equity 24.75% 5.72%
Non-US equity developed 13.50% 6.55%
Non-US equity emerging 6.75% 8.54%
Fixed income/global bonds 19.00% 1.14%
Private equity 11.00% 10.03%
Real estate/real assets 16.00% 5.41%
Multi-asset strategies 4.00% 3.47%
Private debt/private credit 3.00% 5.28%
Total 100.00%
Discount Rate—The discount rate used to measure the total OPEB liability at June 30, 2021 was
2.27%. The projection of cash flows used to determine the discount rate assumed that
contributions will be made from members and SERS at the state statute contribution rate of
1.5%of projected covered employee payroll each year,which includes a 1.50% payroll surcharge
and no contributions from 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, 2042. 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, 2041 and the Municipal Bond Index rate of 1.92% as of June 30, 2021 (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 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 calculated using the discount rate of 2.27%, as well as what the District's
net OPEB liability would be if it were calculated using a discount rate that is one percentage
point lower (1.27%) and one percentage point higher(3.27%)than the current rate.
Current
1%Decrease Discount Rate 1%Increase
(1.27%) (2.27%) (3.27%)
District's proportionate
share of the net OPEB liability $ 6,041,406 $ 4,875,559 $ 3,944,195
63
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
The following table presents the net OPEB liability calculated using current health care cost
trend rates, as well as what the District's net OPEB liability would be if it were calculated using
health care cost trend rates that are one percentage point lower (5.75% decreasing to 3.40%)
and one percentage point higher(7.75%decreasing to 5.40%)than the current rates.
Current
1%Decrease Trend Rate 1%Increase
(5.75%decreasing (6.75%decreasing (7.75%decreasing
to 3.40%) to 4.40%) to 5.40%)
District's proportionate
share of the net OPEB liability $ 3,753,780 $ 4,875,559 $ 6,373,909
f. Actuarial Assumptions-STRS
The total OPEB liability in the June 30, 2021 actuarial valuation was determined using the
following assumptions, applied to all periods included in the measurement:
Salary increases 12.50%at age 20 to 2.50%at age 65
Payrollincreases 3.00%
Investment rate of return:
Current measurement date 7.00%,net of investment expenses,including inflation
Prior measurement date 7.45%,net of investment expenses,including inflation
Discount rate of return:
Current measurement date 7.00%
Prior measurement date 7.45%
Health care cost trends: Initial Ultimate
Medical:
Pre-Medicare 5.00% 4.00%
Medicare -16.18% 4.00%
Prescription Drug
Pre-Medicare 6.50% 4.00%
Medicare 29.98% 4.00%o
For healthy retirees the mortality rates are based on the RP-2014 Annuitant Mortality Table with
50% of rates through age 69, 70% of rates between ages 70 and 79, 90% of rates between ages
80 and 84, and 100% 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% of rates for males and 100% of rates for females, projected
forward generationally using mortality improvement scale MP-2016.
64
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
Actuarial assumptions used in the June 30, 2021 valuation are based on the results of an
actuarial experience study for the period July 1, 2011 through June 30, 2016.
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 Long-Term Expected
Asset Class Allocation Real Rate of Return *
Domestic equity 28.00% 7.35%
International equity 23.00% 7.55%o
Alternatives 17.00% 7.09%
Fixed income 21.00% 3.00%
Real estate 10.00%o 6.00%
Liquidity reserves 1.00% 2.25%a
Total 100.00%
*10-year annualized geometric nominal returns,which include the real rate of
return and inflation of 2.25%and does not include investmentexpenses.Over a
30-yea r peri od,STRS i nvestment cons ulta nt i ndi cates that the a bove ta rget
al locations 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 7.00% as of June
30, 2021. 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 projected to be available to make all
projected future benefit payments of current plan members as of June 30, 2021. Therefore, the
long-term expected rate of return on OPEB plan assets of 7.00% was used to measure the total
OPEB liability as of June 30, 2021.
Sensitivity of the District's Proportionate Share of the Net OPEB (AssetJ to Changes in the
Discount Rate and the Health Care Cost Trend Rates—The following table presents the District's
proportionate share of the net OPEB (asset) calculated using the current period discount rate
assumption of 7.00%, as well as what the District's proportionate share of the net OPEB (asset)
would be if it were calculated using a discount rate that is one percentage point lower (6.00%)
and one percentage point higher (8.00%) than the current rate. Also shown is the net OPEB
(asset) as if it were calculated using health care cost trend rates that are one percentage point
lower and one percentage point higher than the current health care cost trend rates:
65
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
13. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
Current
1°/o Decrease Discount Rate 1%o Increase
(6.00�ro) (�.00ro) (s.00�ro)
School District's proportionate
share of the net OPEB asset $ 4,959,066 $ 5,876,749 $ 6,643,331
1°/o Decrease Current 1%Increase
In Trend Rates Trend Rates In Trend Rates
School District's proportionate
share of the net OPEB asset $ 6,612,270 $ 5,876,749 $ 4,967,205
14. Statutory Reserve
The District is required by State statute to annually set aside, in the general fund, an amount
based on a statutory formula for the acquisition or construction of capital improvements.
Amounts not spent by the year-end or offset by similarly restricted resources received during
the year must be held in cash at year-end and carried forward to be used for this same purpose
in future years.
The following cash basis information describes the change in year-end set aside amounts.
Disclosure of this information is required by State statute.
Capital
Acquisition
Set-aside cash balance as of June 30,2021 $ -
Current year set-aside requirements 1,008,895
Current year offset-PI Levy (1,154,078)
Total $ (145,183)
Set-aside cash balance as of June 30,2022 $ -
Although the District had current year offsets which exceeded the current year set-aside
requirement, the excess amount may not be used to reduce the set-aside requirements of
future fiscal years. Therefore, the excess is not presented as being carried forward to the next
fiscal year.
66
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
15. Commitments- Encumbrances
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. At year end,the District's commitments for encumbrances in the
governmental funds were as follows:
Year-End
Fund Type Encumbrances
General fund $ 846,237
Other governmental funds 1,469,618
Total $ 2,315,855
16. Contingencies
a. Grants
The District received financial assistance from federal and state agencies in the form of grants.
The expenditure 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 should become a liability of the
General Fund or other applicable funds. However, the effect of any such disallowed claims on
the overall financial position of the District at June 30, 2022, if applicable, cannot be determined
at this time.
b. Full-Time Equivalency Review
The District's State 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 is updated by schools throughout the State, which can
extend past the end of the fiscal year. The results of these FTE reviews for fiscal year 2022,
resulted in no significant modifications to the District's Foundation funding.
c. Litigation
It is the opinion of management that any potential claims against the District, which would not
be covered by insurance, would not materially affect the financial statements based on the
information currently available.
67
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
17. Jointly Governed Or�anizations
a. Southwestern Ohio Educational Purchasing Council (SOEPC)
The Southwestern Ohio Educational Purchasing Council (SOEPC) is a purchasing council made up
of 126 public school districts in 18 counties in southwestern Ohio. The purpose of the council is
to obtain prices for quality merchandise and services commonly used by schools. All member
districts are obligated to pay all fees, charges, or other assessments as established by the SOEPC.
Each member district has one voting representative. Any district withdrawing from the SOEPC
shall forfeit its claim to any and all SOEPC assets. One-year prior notice is necessary for
withdrawal from the group. During this time, the withdrawing member is liable for all member
obligations. During fiscal year 2022, the District paid $10,549,805 to SOEPC, which includes
benefit premiums. To obtain financial information, write to the Southwestern Ohio Educational
Purchasing Council, Ken Swink, who serves as Director, 303 Corporate Center Drive, Suite 208,
Vandalia, Ohio 45377.
b. Metropolitan Educational Technical Association (META)
The District participates in the Metropolitan Educational Technical Association (META), which is
a computer consortium. META is an educational solutions partner providing services across
Ohio. META provides cost-effective fiscal, network, technology and student services, a
purchasing cooperative, and other individual services based on each client's needs.
The governing board of MVECA consists of a president, vice president and six board members
who represent the members of META. The Board works with META's Chief Executive Officer,
Chief Operating Officer, and Chief Financial Officer to manage operations and ensure the
continued progress of the organizations mission, vision and values. The Board exercises total
control over the operations of the Association including budgeting, appropriating, contracting
and designating management. Each School District's degree of control is limited to its
representation on the Board. The District paid META $202,897 for services during fiscal year
2022. Financial information can be obtained from Ashley Widby, who serves as Chief Financial
Officer, at 100 Executive Drive, Marion, Ohio 43302.
c. Miami Valley Career Technology Center
The Miami Valley Career Technology Center is a distinct political subdivision of the State of Ohio
operated under the direction of a Board consisting of seventeen members elected from twenty-
seven participating school districts. The Board possesses its own budgeting and taxing authority.
To obtain financial information, write to the Greene County Career Center, 2960 West Enon
Road, Xenia, Ohio 45385-9545.
68
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
17. Jointly Governed Or�anizations(Continued)
d. Southwestern Ohio Instructional Technology Association
The Southwestern Ohio Instructional Technology Association (SOITA) is a non-profit corporation
organized to serve the educational needs of the area through television programming for the
advancement of educational programs. The Board of Trustees is comprised of twenty-one
representatives of SOITA member schools or institutions. Nineteen representatives are elected
from within the counties by the qualified members within the counties, i.e. Auglaize, Butler,
Champaign, Clark, Clinton, Darke, Fayette, Greene, Hamilton, Logan, Mercer, Miami,
Montgomery, Preble, Shelby, and Warren. Montgomery, Greene and Butler Counties elect two
representatives per area. All others elect one representative per area. One at-large non-public
representative is elected by the non-public school SOITA members from the State assigned
SOITA service area. One at-large higher education representative is elected by higher education
SOITA members from within the State assigned SOITA area.
All member districts are obligated to pay all fees, charges or other assessments as established by
SOITA. Upon dissolution, the remaining net position shall be distributed to the federal
government, or to a state or local government, for a public purpose. The District did not have
any payments during fiscal year 2022 to SOITA. To obtain financial information, write to the
Southwestern Ohio Instructional Technology Association, Gary Greenberg, who serves as the
Executive Director, at 1205 East Fifth Street, Dayton, Ohio 45402.
18. COVID-19 Pandemic
The United States and the State of Ohio declared a state of emergency in March 2020 due to the
COVID-19 pandemic. Ohio's state of emergency ended in June of 2021 while the national state
of emergency continues. During fiscal year 2022, the District received Coronavirus Aid, Relief,
and Economic Security (CARES)Act funding. Additional funding has been made available through
the Consolidated Appropriations Act 2021, passed by Congress on December 1, 2020 and/or the
American Rescue Plan Act, passed by Congress on March 11, 2021.
During fiscal year 2022, the District recognized revenue amounting to $1,393,901 in Elementary
and Secondary School Emergency Relief Program funding and $8,121 in Coronavirus Relief Fund
Program funding.
69
Huber Heights City School District, Ohio
Notes to the Basic Financial Statements
For the Fiscal Year Ended June 30, 2022
19. Change in Accounting Principles
For fiscal year 2022, the District has implemented GASB Statement No. 87, Leases; GASB
Implementation Guide 2019-3, Leases; GASB Statement No. 92, Omnibus 2020; GASB Statement
No. 93, Replacement of Interbank Offered Rates; and GASB Statement No. 97, Certain
Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code
Section 457 Deferred Compensation Plans—an amendment of GASB Statements No. 14 and No.
84, and a supersession of GASB Statement No. 32.
GASB Statement No. 87 and GASB Implementation Guide 2019-3 enhance the relevance and
consistency of information of the government's leasing activities. It establishes requirements for
lease accounting based on the principle that leases are financings of the right to use an
underlying asset. A lessee is required to recognize a lease liability and an intangible right to use
lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of
resources.
GASB Statement No. 92 enhances comparability in accounting and financial reporting and to
improve the consistency of authoritative literature by addressing practice issues that have been
identified during implementation and application of certain GASB Statements
GASB Statement No. 93 establishes accounting and financial reporting requirements related to
the replacement of Interbank Offered Rates (IBORs) in hedging derivative instruments and
leases. It also identifies appropriate benchmark interest rates for hedging derivative
instruments.
GASB Statement No. 97 is to (1) increase consistency and comparability related to the reporting
of fiduciary component units in circumstances in which a potential component unit does not
have a governing board and the primary government performs the duties that a governing
board typically would perform; (2) mitigate costs associated with the reporting of certain
defined contribution pension plans, defined contribution other postemployment benefit (OPEB)
plans, and employee benefit plans other than pension plans or OPEB plans (other employee
benefit plans) as fiduciary component units in fiduciary fund financial statements; and (3)
enhance the relevance, consistency, and comparability of the accounting and financial reporting
for Internal Revenue Code (IRC) Section 457 deferred compensation plans (Section 457 plans)
that meet the definition of a pension plan and for benefits provided through those plans.
The District determined that any contract covered by GASB Statement No. 87 and the 2019-3
GASB Implementation Guide were insignificant and therefore were not incorporated into these
financial statements.The implementation of GASB Statements No. 92, 93 and 97 did not have an
effect on the District's financial statements.
70
REQUIRED SUPPLEMENTARY INFORMATION
��
Huber Heights City School District, Ohio
Schedule of the District's Proportionate Share of the Net Pension Liability
Last Eight Fiscal Years(1)(2J
District's
Proportionate Plan Fiduciary
District's District's Share of the Net Net Position as a
Proportion Proportionate Pension Liability as Percentage of the
of the Net Share of the Net District's a Percentage of its Total Pension
Pension Liability Pension Liability Covered Payroll Covered Payroll Liability
School Employees Retirement System of Ohio:
2015 0.237112% $ 12,000,406 $ 6,929,298 173.18% 71.70%
2016 0.225554% 12,870,324 6,791,495 189.51% 69.16%
2017 0.234142% 17,136,997 6,465,521 265.05% 62.98%
2018 0.237507% 14,190,495 7,701,121 184.27% 69.50%
2019 0.245201% 14,043,118 8,228,437 170.67% 71.36%
2020 0.257901% 15,430,645 8,847,452 174.41% 70.85%
2021 0.257370% 17,022,998 9,022,829 188.67% 68.55%
2022 0.257710% 9,508,764 8,895,693 106.89% 82.86%
State Teachers Retirement System of Ohio:
2015 0.250401% $ 60,906,219 $ 27,062,346 225.06% 74.70%
2016 0.242724% 67,081,811 23,562,886 284.69% 72.09%
2017 0.243817% 81,612,745 25,838,086 315.86% 66.78%
2018 0.251087% 59,646,360 28,541,871 208.98% 75.30%
2019 0.256584% 56,417,103 29,464,893 191.47% 77.30%
2020 0.262924% 58,144,082 30,868,307 188.36% 77.40%
2021 0.269159% 65,126,884 32,483,279 200.49% 75.50%
2022 0.278728% 35,637,850 34,393,179 103.62% 87.80%
(1)Information prior to 2015 is not available.The District will continue to present information for years available until
a full ten-year trend is compiled.
(2)Amounts presented for each year were determined as of the District's measurement date,which is the prior fiscal
year-end.
See accompanying notes to the required supplementary information.
72
Huber Heights City School District, Ohio
Schedule of the District's Contributions-Pension Plans
Last Nine Fiscal Years(1J
Contributions in
Relation to the Contributions
Contractually Contractually Contribution District's as a Percentage
Required Required Deficiency Covered of Covered
Contributions Contributions (Excess) Payroll Payroll
School Employees Retirement System of Ohio:
2014 $ 960,398 $ (960,398) $ - $ 6,929,298 13.86%
2015 895,119 (895,119) - 6,791,495 13.18%
2016 905,173 (905,173) - 6,465,521 14.00%
2017 1,078,157 (1,078,157) - 7,701,121 14.00%
2018 1,110,839 (1,110,839) - 8,228,437 13.50%
2019 1,194,406 (1,194,406) - 8,847,452 13.50%
2020 1,263,196 (1,263,196) - 9,022,829 14.00%
2021 1,245,397 (1,245,397) - 8,895,693 14.00%
2022 1,397,161 (1,397,161) - 9,979,721 14.00%
State Teachers Retirement System of Ohio:
2014 $ 3,518,105 $ (3,518,105) $ - $ 27,062,346 13.00%
2015 3,298,804 (3,298,804) - 23,562,886 14.00%
2016 3,617,332 (3,617,332) - 25,838,086 14.00%
2017 3,995,862 (3,995,862) - 28,541,871 14.00%
2018 4,125,085 (4,125,085) - 29,464,893 14.00%
2019 4,321,563 (4,321,563) - 30,868,307 14.00%
2020 4,547,659 (4,547,659) - 32,483,279 14.00%
2021 4,815,045 (4,815,045) - 34,393,179 14.00%
2022 5,090,771 (5,090,771) - 36,362,650 14.00%
(1)The District elected not to present information prior to 2014.The District will continue
to present information for years available until a full ten-year trend is compiled.
See accompanying notes to the required supplementary information.
73
Huber Heights City School District, Ohio
Schedule of the District's Proportionate Share of the Net OPEB Liability(AssetJ
Last Six Fiscal Years(1J(2J
District's
District's District's Proportionate Share Plan Fiduciary
Proportion Proportionate of the Net OPEB Net Position as a
of the Net Share of the Net District's Liability/(Asset)as Percentage of the
OPEB Liability OPEB Liability Covered a Percentage of its Total OPEB
or Asset or(Asset) Payroll Covered Payroll Liability/Asset
School Employees Retirement System of Ohio:
2017 0.237346% $ 6,765,237 $ 6,465,521 104.64% 11.49%
2018 0.240921% 6,465,681 7,701,121 83.96% 12.46%
2019 0.248369% 6,890,441 8,228,437 83.74% 13.57%
2020 0.259118% 6,516,281 8,847,452 73.65% 15.57%
2021 0.256458% 5,573,666 9,022,829 61.77% 18.17%
2022 0.257614% 4,875,559 8,895,693 54.81% 24.08%
State Teachers Retirement System of Ohio:
2017 0.243817% $ 13,039,372 $ 25,838,086 50.47% 37.30%
2018 0.251087% 9,796,505 28,541,871 34.32% 47.11%
2019 0.256584% (4,123,046) 29,464,893 -13.99% 176.00%
2020 0.262924% (4,354,654) 30,868,307 -14.11% 174.70%
2021 0.269159% (4,730,463) 32,483,279 -14.56% 182.10%
2022 0.278728% (5,876,749) 34,393,179 -17.09% 174.70%
(1)Information prior to 2017 is not available.The District will continue to present information for years available until
a full ten-year trend is compiled.
(2)Amounts presented for each year were determined as of the District's measurement date,which is the prior fiscal
year-end.
See accompanying notes to the required supplementary information.
74
Huber HeightsCity School District, Ohio
Schedule of the District's Contributions-OPEB Plans
Last Nine Fiscal Years(1J
Contributions in
Relation to the Contributions
Contractually Contractually Contribution District's as a Percentage
Required Required Deficiency Covered of Covered
Contributions(2) Contributions (Excess) Payroll Payroll
School Employees Retirement System of Ohio:
2014 $ 134,722 $ (134,722) $ - $ 6,929,298 1.94%
2015 196,251 (196,251) - 6,791,495 2.89%
2016 120,395 (120,395) - 6,465,521 1.86%
2017 130,875 (130,875) - 7,701,121 1.70%
2018 173,603 (173,603) - 8,228,437 2.11%
2019 178,123 (178,123) - 8,847,452 2.01%
2020 114,549 (114,549) - 9,022,829 1.27%
2021 128,008 (128,008) - 8,895,693 1.44%
2022 167,968 (167,968) - 9,979,721 1.68%
State Teachers Retirement System of Ohio:
2014 $ 270,623 $ (270,623) $ - $ 27,062,346 1.00%
2015 - - - 23,562,886 0.00%
2016 - - - 25,838,086 0.00%
2017 - - - 28,541,871 0.00%
2018 - - - 29,464,893 0.00%
2019 - - - 30,868,307 0.00%
2020 - - - 32,483,279 0.00%
2021 - - - 34,393,179 0.00%
2022 - - - 36,362,650 0.00%
(1)The District elected not to present information prior to 2014.The District will continue
to present information for years available until a full ten-year trend is compiled.
(2)Includes Surcharge for School Employees Retirement System of Ohio.
See accompanying notes to the required supplementary information.
75
Huber Heights City School District, Ohio
Notes to the Required Supplementary Information
For the Fiscal Year Ended June 30, 2022
1. Defined Benefit Pension Plans
School Employees Retirement System of Ohio:
Change in assumptions. In measurement period 2016, changes in assumptions were made based
upon an updated experience study that was completed for the five-year period ended June 30,
2015. Significant changes included a reduction of the discount rate from 7.75% to 7.50%, a
reduction in the wage inflation rate from 3.25% to 3.00%, a reduction in the payroll growth
assumption used from 4.00% to 3.50%, reduction in the assumed real wage growth rate from
0.75% to 0.50%, update of the rates of withdrawal, retirement and disability to reflect recent
experience, and transition from the RP-2000 mortality tables to the RP-2014 mortality tables for
active members and service retired members and beneficiaries.
In measurement period 2021, the assumed rate of inflation was reduced from 3.00% to 2.40%,
the assumed real wage growth was increased from 0.50% to 0.85%, the cost-of-living
adjustments, were reduced from 2.50% to 2.00%, the discount rate was reduced from 7.50% to
7.00%, the rates of withdrawals, compensation, participation, spouse coverage assumption,
retirement and disability were updated to reflect recent experience, and mortality among active
members, service retirees and beneficiaries and disabled members were updated.
Change in benefit and funding terms. In measurement year 2018, post-retirement increases in
benefits included the following changes: 1) members, or their survivors, retiring prior to January
1, 2018, receive a COLA increase of 3.0% of their base benefit on the anniversary of their initial
date of retirement; 2) members, or their survivors, retiring on and after January 1, 2018, receive
a COLA increase on each anniversary of their initial date of retirement equal to the annual rate
of increase in the CPI-W measured as of the June preceding the beginning of the applicable
calendar year. The annual rate of increase shall not be less than 0%, nor greater than 2.5%.
COLAs are suspended for calendar years 2018, 2019 and 2020; 3) members, or their survivors,
retiring on or after April 1, 2018, will have their COLA delayed for three years following their
initial date of retirement.
State Teachers Retirement System of Ohio:
Change in assumptions. In 2018, changes in assumptions were made based upon an updated
experience study that was completed for the five-year period ended June 30, 2016. Significant
changes included a reduction of the discount rate from 7.75%to 7.45%,the inflation assumption
was lowered from 2.75% to 2.50%, the payroll growth assumption was lowered to 3.00%, and
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. The healthy and
disabled mortality assumptions were updated to the RP-2014 mortality tables with generational
improvement scale MP-2016. Rates of retirement, termination and disability were modified to
better reflect anticipated future experience.
For measurement period 2021,the discount rate was adjusted to 7.00%from 7.45%.
Change in benefit and funding terms. Effective July 1, 2017,the COLA was reduced to zero.
76
Huber Heights City School District, Ohio
Notes to the Required Supplementary Information
For the Fiscal Year Ended June 30, 2022
2. Postemployment Benefit Plans Other than Pension (OPEB)
School Employees Retirement System of Ohio:
Change in assumptions. In measurement year 2017, changes in assumptions were made based
upon an updated experience study that was completed for the five-year period ended June 30,
2015. Significant changes included a reduction in the rate of inflation from 3.25% to 3.00%, a
reduction in the payroll growth assumption from 4.00% to 3.50%, a reduction in assumed real
wage growth from 0.75% to 0.50%, an update in rates of withdrawal, retirement and disability,
and transitioning to the following mortality tables: RP-2014 Blue Collar Mortality Table with fully
generational projection and a five-year age setback for both active male and female members;
RP-2014 Blue Collar Mortality Table with fully generational projection with Scale BB (120% of
male rates, and 110% of female rates) for service retired members and beneficiaries; and 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 among disabled members.
In measurement year 2018, medical trend rates have been adjusted to reflect premium
decreases.
In measurement period 2021, the assumed rate of inflation was reduced from 3.00% to 2.40%,
the assumed real wage growth was increased from 0.50% to 0.85%, the cost-of-living
adjustments, were reduced from 2.50% to 2.00%, the discount rate was reduced from 7.50% to
7.00%, the rates of withdrawals, compensation, participation, spouse coverage assumption,
retirement and disability were updated to reflect recent experience, and mortality among active
members, service retirees and beneficiaries and disabled members were updated.
Change in benefit and funding terms. In measurement year 2018, SERS' funding policy allowed a
2.0% health care contribution rate to be allocated to the Health Care Fund. The 2.0% is a
combination of 0.5%employer contributions and 1.5%surcharge.
State Teachers Retirement System of Ohio:
Change in assumption. For measurement year 2018,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 (OPEBJ, and the long-term expected
rate of return was reduced from 7.75% to 7.45%. 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.
For measurement year 2018, the discount rate was increased from the blended rate of 4.13%to
the long-term expected rate of return of 7.45% based on the methodology defined under GASB
Statement No. 74.Valuation year per capital health care costs were updated.
For measurement year 2021,the discount rate was adjusted to 7.00%from 7.45%.
77
Huber Heights City School District, Ohio
Notes to the Required Supplementary Information
For the Fiscal Year Ended June 30, 2022
2. Postemployment Benefit Plans Other than Pension (OPEB) (Continued)
Change in benefit and funding terms. For measurement year 2017, the subsidy multiplier for
non-Medicare benefit recipients was reduced 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.
For measurement year 2018, the subsidy multiplier for non-Medicare benefit recipients was
increased from 1.9% to 1.944% per year of service effective January 1, 2019. The non-Medicare
frozen subsidy base premium was increased effective January 1, 2019 and all remaining
Medicare Part B premium reimbursements will be discontinued beginning January 1, 2020.
For measurement year 2019, there as no change to the claims costs process. Claim curves were
trended to the fiscal year ending June 30, 2020 to reflect the current price renewals. The non-
Medicare subsidy percentage was increased effective January 1, 2020 from 1.944% to 1.984%
per year of service. The non-Medicare frozen subsidy base premium was increased effective
January 1, 2020. The Medicare subsidy percentage were adjusted effective January 1, 2021 to
2.1% for the Medicare plan. The Medicare Part B monthly reimbursement elimination date was
postponed to January 1, 2021.
For measurement year 2020, there was no change to the claims costs process. Claim curves
were trended to the fiscal year ending June 30, 2021 to reflect the current price renewals. The
non-Medicare subsidy percentage was increased effective January 1, 2021 from 1.984% to
2.055% per year of service. The non-Medicare frozen subsidy base premium was increased
effective January 1, 2021. The Medicare subsidy percentages were adjusted effective January 1,
2021 to 2.1% for the Medicare plan. The Medicare Part B monthly reimbursement elimination
date was postponed indefinitely.
For measurement year 2021, the non-Medicare subsidy percentage was increased effective
January 1, 2022 from 2.055% to 2.10%. The non-Medicare frozen subsidy base premium was
increased effective January 1, 2022. The Medicare Part D subsidy percentages was updated to
reflect it is expected to be negative in calendar year 2022. The Medicare Part B monthly
reimbursement elimination date was postponed indefinitely.
78
COMBINING STATEMENTS AND
INDIVIDUAL FUND SCHEDULES
79
Huber Heights City School District, Ohio
Special Revenue Funds
The Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than
major capital projects)that are legally restricted to expenditure for specified purposes.
Food Service Fund
To account for the financial transactions related to the food service operation of the District.
Miscellaneous Special Trusts Fund
To account for funding provided by donors for student programs or to benefit students but are not
governed by any form of trust agreement(s).
Miscellaneous Grants Fund
To account for funding provided from local and private sources which are provided to assist the
District with various educational programs and activities.
Educational Foundation Fund
To account for restricted donations received by the Huber Heights Educational Foundation to
provide for student programs and activities, as well as provide necessary support to teaching staff.
Facilities Maintenance Fund
To account for and report the revenues restricted to expenditures for the maintenance and upkeep
of school buildings constructed in conjunction with the Ohio School Facilities Commission.
Student Managed Activities Fund
To account for local funds generated to assist student activities, which are managed by Students
with District personnel oversight.
District Managed Student Activity Fund
To account for local funds generated to assist student activities, which are managed by District
personnel.
Auxiliary Services Fund
To account for state funds which provide services and materials to students attending non-public
schools within the boundaries of the District as provided by state law.
Student Wellness and Success Grant Fund
To account for state grant funding restricted initiatives to support student achievement through
mental health counseling, wraparound services, mentoring and after-school programs.
Miscellaneous State Grants Fund
To account for state grant funding restricted for various educational programs not funded through
general State support.
80
Huber Heights City School District, Ohio
Special Revenue Funds(continued)
E&SSER(Elementary&Secondary School Emergency Relief)Grant Fund
To account for federal funds allocated to assist school districts address the financial and operational
issues caused by the COVID-19 pandemic and ensuing emergency orders.
Coronavirus Relief Fund
To account for federal funds allocated to the District to address the unexpected costs incurred due
to the public health emergency with respect to the COVID-19 pandemic.
Title VI-B Grant Fund
To account for federal funds received for the purpose of assisting in the identification of
handicapped children, development of procedural safeguards, implementation of least restrictive
alternate service patterns, and provision of full educational opportunities to handicapped children.
Supplemental School Improvement Grant Fund
To account for federal funds used to meet the special needs of educationally deprived children for
specific programs and initiatives.
Title III Grant Fund
To account for federal funds used to meet the educational needs of children of limited English
proficiency.
Title I Grant Fund
To account for federal funds used to meet the special needs of educationally deprived children.
Title IV-A Grant Fund
To account for federal funds used to provide a well-rounded education for all children, improve
school conditions to provide a healthy learning environment, and provide enhanced learning
experience through effective use of data and technology.
IDEA Preschool Grant Fund
To account for revenues and expenditures made in conjunction with early childhood activities.
Title II-A Grant Fund
To account for monies received under a federal grant to provide training and professional
development for professional staff inembers.
Miscellaneous Federal Grants Fund
To account for federal funds provided for miscellaneous federal programs.
81
Huber Heights City School District, Ohio
Special Revenue Funds(continued)
Uniform School Supply Fund
To account for the purchase and sale of instructional supplies as adopted by the Board of Education
for us in all buildings throughout the District. This fund is included with the general fund for GAAP
reporting as it does not have restricted or committed revenue source, therefore only Budget (Non-
GAAP Basis) information is presented within this section.
Public School Support Fund
To account for specific local revenue sources (other than taxes) generated by individual school
buildings (i.e., sale of pictures, profits from vending machines, etc.). Expenditures include field trips,
materials, equipment and other items to supplement co-curricular and extra-curricular programs.
This fund is included with the general fund for GAAP reporting as it does not have restricted or
committed revenue source,therefore only Budget (Non-GAAP Basis) information is presented within
this section.
Underground Storage Tank Fund
To account for funds set-aside for the care, maintenance and removal of underground storage
tank(s) as required by State Statutes. This fund is included with the general fund for GAAP reporting
as it does not have restricted or committed revenue source, therefore only Budget (Non-GAAP
Basis) information is presented within this section.
Capital Projects Fund
Capital Projects funds are used to account for the financing and acquisition or construction of major
capital facilities, such as new school buildings and additions to existing buildings, or for major renovation
projects.
Permanent Improvement Fund
The account for all transactions related to acquiring, constructing or improving such permanent
improvements as are authorized by Chapter 5705 of the Ohio Revised Code.
Building Fund
The account for all transactions related to all capital financing and other forms of indebtedness
related to capital improvements projects within the District.
Debt Service Fund
Debt Service funds are used to account for the accumulation of resources for and the payment of
general obligation bond principal and interest and certain other long-term obligations from
governmental resources when the District is obligated in some manner for the payment.
Bond Retirement Fund
To account for property tax, and related, revenues restricted for the repayment of general
obligation debt issued by the District.
82
Huber Heights City School District, Ohio
Combining Balance Sheet
Nonmajor Governmental Funds
June 30,2022
Nonmajor Nonmajor Total Nonmajor
Special Revenue Capital Projects Nonmajor Debt Governmental
Funds Funds Service Fund Funds
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ 6,676,546 $ 12,985,581 $ 2,736,377 $ 22,398,504
Restricted:Cash and Cash Equivalents 22,984 - - 22,984
Inventory Heldfor Resale 23,839 - - 23,839
Materials and Supplies Inventory 11,872 - - 11,872
Accounts Receivable 10,160 - - 10,160
Intergovernmental Receivable 1,112,875 - - 1,112,875
Taxes Receivable 294,205 588,412 4,254,516 5,137,133
Total Assets $ 8,152,481 $ 13,573,993 $ 6,990,893 $ 28,717,367
LIABILITIES:
Accounts Payable $ 289,321 $ 60,854 $ - $ 350,175
Accrued Wages and Benefits 395,619 - - 395,619
Interfund Payable 391,500 - - 391,500
Intergovernmental Payable 84,195 - - 84,195
Total Liabilities 1,160,635 60,854 - 1,221,489
DEFERRED INFLOWS OF RESOURCES:
Property Taxes not Levied to Finance
Current Year Operations 239,002 478,006 3,435,742 4,152,750
Unavailable Revenue 724,460 13,384 98,659 836,503
Total Deferred Inflows of Resources 963,462 491,390 3,534,401 4,989,253
FUND BALANCES:
Nonspendable:
Materials and Supplies Inventory 11,872 - - 11,872
Restricted:
CapitalOutlay - 13,021,749 - 13,021,749
Debt Service - - 3,456,492 3,456,492
Food Service 2,043,062 - - 2,043,062
Facilities Maintenance 4,529,076 - - 4,529,076
State and Federal Grant Programs 57,119 - - 57,119
Other Purposes 203,025 - - 203,025
Unassigned(Deficit) (815,770) - - (815,770)
Total Fund Balances 6,028,384 13,021,749 3,456,492 22,506,625
Total Liabilities,Deferred Inflows of Resources,
and Fund Balances $ 8,152,481 $ 13,573,993 $ 6,990,893 $ 28,717,367
83
Huber Heights City School District, Ohio
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
For the Fiscal Year Ended June 30,2022
Nonmajor Nonmajor Total Nonmajor
Special Revenue Capital Projects Nonmajor Debt Governmental
Funds Funds Service Fund Funds
REVENUES:
Property and Other Local Taxes $ 347,097 $ 706,959 $ 5,105,285 $ 6,159,341
Intergovernmental 9,528,793 84,137 628,001 10,240,931
Interest 682 - - 682
ExtracurricularActivities 491,491 - - 491,491
Gifts and Donations 8,943 100,000 - 108,943
Customer Sales and Services 87,886 - - 87,886
Total Revenues 10,464,892 891,096 5,733,286 17,089,274
EXPENDITURES:
Current:
Instruction:
Regular 983,755 - - 983,755
Special 2,716,345 - - 2,716,345
Other 667,597 - - 667,597
Support Services:
Pupils 188,393 - - 188,393
Instructional Staff 739,603 - - 739,603
Administration 197,560 - - 197,560
Fiscal 7,642 8,037 72,232 87,911
Operation and Maintenance of Plant 268,435 - - 268,435
Pupil Transportation - 5,804 - 5,804
Central 29,232 - - 29,232
Operation of Non-Instructional Services 3,168,411 - - 3,168,411
Extracurricular Activities 502,858 - - 502,858
CapitalOutlay 454,789 43,442 - 498,231
Debt Service:
Principal - 212,413 2,395,000 2,607,413
Interest - 46,679 2,494,675 2,541,354
Issuance Costs - 64,692 - 64,692
Total Expenditures 9,924,620 381,067 4,961,907 15,267,594
Excess(DeficiencyJ of Revenues Over Expenditures 540,272 510,029 771,379 1,821,680
OTHER FINANCING SOURCE:
Transfers In 45,000 5,000,000 - 5,045,000
Lease-Purchase Agreement - 5,066,000 - 5,066,000
Total Other Financing Sources 45,000 10,066,000 - 10,111,000
Net Change in Fund Balances 585,272 10,576,029 771,379 11,932,680
Fund Balance(DeficitJ at Beginning of Vear 5,443,112 2,445,720 2,685,113 10,573,945
Fund Balance(DeficitJ at End of Year $ 6,028,384 $ 13,021,749 $ 3,456,492 $ 22,506,625
84
Huber Heights City School District, Ohio
Combining Balance Sheet
Nonmajor5pecial Revenue Funds
June 30,2022
Miscellaneous
Food Service Special Trusts Miscellaneous Educational
Fund Fund Grants Fund Foundation Fund
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ 1,802,973 $ 260 $ 1,254 $ 5,388
Restricted:Cash and Cash Equivalents - - - 22,984
Inventory Held for Resale 23,839 - - -
Materials and Supplies Inventory 11,872 - - -
Accounts Receivable - - - -
Intergovernmental Receivable 403,087 - - -
Taxes Receivable - - - -
Total Assets $ 2,241,771 $ 260 $ 1,254 $ 28,372
LIABILITIES:
Accounts Payable $ 122,181 $ - $ - $ -
Accrued Wages and Benefits 34,832 - - -
Interfund Payable - - - -
Intergovernmental Payable 29,824 - - -
Total Liabilities 186,837 - - -
DEFERRED INFLOWS OF RESOURCES:
Property Taxes not Levied to Finance
Current Year Operations - - - -
Unavailable Revenue - - - -
Total Deferred Inflows of Resources - - - -
FUND BALANCES:
Nonspendable:
Materials and Supplies Inventory 11,872 - - -
Restricted:
Food Service 2,043,062 - - -
Facilities Maintenance - - - -
State and Federal Grant Programs - - - -
OtherPurposes - 260 1,254 28,372
Unassigned(Deficit) - - - -
Total Fund Balances 2,054,934 260 1,254 28,372
Total Liabilities,Deferred Inflows of Resources,
and Fund Balances $ 2,241,771 $ 260 $ 1,254 $ 28,372
(Continued)
85
Huber Heights City School District, Ohio
Combining Balance Sheet
Nonmajor5pecial Revenue Funds
June 30,2022
(ContinuedJ
Facilities Student District Managed
Maintenance Managed Student Activity Auxiliary Services
Fund Activities Fund Fund Fund
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ 4,481,107 $ 134,955 $ 47,208 $ 49,654
Restricted:Cash and Cash Equivalents - - - -
Inventory Held for Resale - - - -
Materials and Supplies Inventory - - - -
Accounts Receivable - 10,160 - -
Intergovernmental Receivable - - - -
Taxes Receivable 294,205 - - -
Total Assets $ 4,775,312 $ 145,115 $ 47,208 $ 49,654
LIABILITIES:
Accounts Payable $ 542 $ 2,360 $ 6,471 $ 440
Accrued Wages and Benefits - - - 24,415
Interfund Payable - - - -
Intergovernmental Payable - - 193 3,334
Total Liabilities 542 2,360 6,664 28,189
DEFERRED INFLOWS OF RESOURCES:
Property Taxes not Levied to Finance
Current Year Operations 239,002 - - -
Unavailable Revenue 6,692 10,160 - -
Total Deferred Inflows of Resources 245,694 10,160 - -
FUND BALANCES:
Nonspendable:
Materials and Supplies Inventory - - - -
Restricted:
Food Service - - - -
Facilities Maintenance 4,529,076 - - -
State and Federal Grant Programs - - - 21,465
Other Purposes - 132,595 40,544 -
Unassigned(Deficit) - - - -
Total Fund Balances 4,529,076 132,595 40,544 21,465
Total Liabilities,Deferred Inflows of Resources,
and Fund Balances $ 4,775,312 $ 145,115 $ 47,208 $ 49,654
(Continued)
86
Huber Heights City School District, Ohio
Combining Balance Sheet
Nonmajor5pecial Revenue Funds
June 30,2022
(ContinuedJ
Student Wellness Miscellaneous
and Success State Grants E&SSER Grant Coronavirus
Grant Fund Fund Fund Relief Fund
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ - $ 30,746 $ 46,293 $ 4,908
Restricted:Cash and Cash Equivalents - - - -
Inventory Held for Resale - - - -
Materials and Supplies Inventory - - - -
Accounts Receivable - - - -
Intergovernmental Receivable - - 181,355 -
Taxes Receivable - - - -
Total Assets $ - $ 30,746 $ 227,648 $ 4,908
LIABILITIES:
Accounts Payable $ - $ - $ - $ -
Accrued Wages and Benefits - - - -
Interfund Payable - - 210,000 -
Intergovernmental Payable - - 17,648 -
Total Liabilities - - 227,648 -
DEFERRED INFLOWS OF RESOURCES:
Property Taxes not Levied to Finance
Current Year Operations - - - -
Unavailable Revenue - - 181,355 -
Total Deferred Inflows of Resources - - 181,355 -
FUND BALANCES:
Nonspendable:
Materials and Supplies Inventory - - - -
Restricted:
Food Service - - - -
Facilities Maintenance - - - -
State and Federal Grant Programs - 30,746 - 4,908
OtherPurposes - - - -
Unassigned(Deficit) - - (181,355) -
Total Fund Balances - 30,746 (181,355) 4,908
Total Liabilities,Deferred Inflows of Resources,
and Fund Balances $ - $ 30,746 $ 227,648 $ 4,908
(Continued)
g7
Huber Heights City School District, Ohio
Combining Balance Sheet
Nonmajor5pecial Revenue Funds
June 30,2022
(ContinuedJ
Supplemental
School
Title VI-B Grant Improvement Title III Grant
Fund Grant Fund Fund Title I Grant Fund
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ 708 $ 1,413 $ 377 $ 20,125
Restricted:Cash and Cash Equivalents - - - -
Inventory Held for Resale - - - -
Materials and Supplies Inventory - - - -
Accounts Receivable - - - -
Intergovernmental Receivable 86,587 2,180 5,172 307,177
Taxes Receivable - - - -
Total Assets $ 87,295 $ 3,593 $ 5,549 $ 327,302
LIABILITIES:
Accounts Payable $ - $ 1,093 $ - $ 118,527
Accrued Wages and Benefits 194,499 - 5,340 129,875
Interfund Payable 17,000 2,500 4,000 53,000
Intergovernmental Payable 5,783 - 794 25,900
Total Liabilities 217,282 3,593 10,134 327,302
DEFERRED INFLOWS OF RESOURCES:
Property Taxes not Levied to Finance
Current Year Operations - - - -
Unavailable Revenue 86,587 - 5,172 307,177
Total Deferred Inflows of Resources 86,587 - 5,172 307,177
FUND BALANCES:
Nonspendable:
Materials and Supplies Inventory - - - -
Restricted:
Food Service - - - -
Facilities Maintenance - - - -
State and Federal Grant Programs - - - -
OtherPurposes - - - -
Unassigned(Deficit) (216,574) - (9,757) (307,177)
Total Fund Balances (216,574) - (9,757) (307,177)
Total Liabilities,Deferred Inflows of Resources,
and Fund Balances $ 87,295 $ 3,593 $ 5,549 $ 327,302
(Continued)
gg
Huber Heights City School District, Ohio
Combining Balance Sheet
Nonmajor5pecial Revenue Funds
June 30,2022
(ContinuedJ
Miscellaneous
Title IV-A Grant IDEA Preschool Title II-A Grant Federal Grants
Fund GrantFund Fund Fund
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ 16,717 $ - $ 14,463 $ 17,997
Restricted:Cash and Cash Equivalents - - - -
Inventory Held for Resale - - - -
Materials and Supplies Inventory - - - -
Accounts Receivable - - - -
Intergovernmental Receivable 6,229 3,319 59,277 58,492
Taxes Receivable - - - -
Total Assets $ 22,946 $ 3,319 $ 73,740 $ 76,489
LIABILITIES:
Accounts Payable $ 3,682 $ - $ 4,793 $ 29,232
Accrued Wages and Benefits - 6,216 442 -
Interfund Payable 19,000 - 68,000 18,000
Intergovernmental Payable 264 - 455 -
Total Liabilities 22,946 6,216 73,690 47,232
DEFERRED INFLOWS OF RESOURCES:
Property Taxes not Levied to Finance
Current Year Operations - - - -
Unavailable Revenue 6,229 3,319 59,277 58,492
Total Deferred Inflows of Resources 6,229 3,319 59,277 58,492
FUND BALANCES:
Nonspendable:
Materials and Supplies Inventory - - - -
Restricted:
Food Service - - - -
Facilities Maintenance - - - -
State and Federal Grant Programs - - - -
OtherPurposes - - - -
Unassigned(Deficit) (6,229) (6,216) (59,227) (29,235)
TotalFund Balances (6,229) (6,216) (59,227) (29,235)
Total Liabilities,Deferred Inflows of Resources,
and Fund Balances $ 22,946 $ 3,319 $ 73,740 $ 76,489
(Continued)
89
Huber Heights City School District, Ohio
Combining Balance Sheet
Nonmajor5pecial Revenue Funds
June 30,2022
(ContinuedJ
Total Nonmajor
Special Revenue
Funds
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ 6,676,546
Restricted:Cash and Cash Equivalents 22,984
Inventory Held for Resale 23,839
Materials and Supplies Inventory 11,872
Accounts Receivable 10,160
Intergovernmental Receivable 1,112,875
Taxes Receivable 294,205
Total Assets $ 8,152,481
LIABILITIES:
Accounts Payable $ 289,321
Accrued Wages and Benefits 395,619
Interfund Payable 391,500
Intergovernmental Payable 84,195
Total Liabilities 1,160,635
DEFERRED INFLOWS OF RESOURCES:
Property Taxes not Levied to Finance
Current Year Operations 239,002
Unavailable Revenue 724,460
Total Deferred Inflows of Resources 963,462
FUND BALANCES:
Nonspendable:
Materials and Supplies Inventory 11,872
Restricted:
Food Service 2,043,062
Student Activities 4,529,076
State and Federal Grant Programs 57,119
Other Purposes 203,025
Unassigned(Deficit) (815,770)
Total Fund Balances 6,028,384
Total Liabilities,Deferred Inflows of Resources,
and Fund Balances $ 8,152,481
(Concluded)
90
Huber Heights City School District, Ohio
Combining Balance Sheet
Nonmajor Capital Projects Funds
June 30,2022
Permanent Total Nonmajor
Improvement Capital Project
Fund Building Fund Funds
ASSETS:
Equity in Pooled Cash and Cash Equivalents $ 2,984,273 $ 10,001,308 $ 12,985,581
Taxes Receivable 588,412 - 588,412
Total Assets $ 3,572,685 $ 10,001,308 $ 13,573,993
LIABILITIES:
Accounts Payable $ 60,854 $ - $ 60,854
Total Liabilities 60,854 - 60,854
DEFERRED INFLOWS OF RESOURCES:
Property Taxes not Levied to Finance
Current Year Operations 478,006 - 478,006
Unavailable Revenue 13,384 - 13,384
Total Deferred Inflows of Resources 491,390 - 491,390
FUND BALANCES:
Restricted:
Capital Outlay 3,020,441 10,001,308 13,021,749
Total Fund Balances 3,020,441 10,001,308 13,021,749
Total Liabilities,Deferred Inflows of Resources,
and Fund Balances $ 3,572,685 $ 10,001,308 $ 13,573,993
91
Huber Heights City School District, Ohio
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
Miscellaneous
Food Service Special Trusts Miscellaneous Educational
Fund Fund Grants Fund Foundation Fund
REVENUES:
Property and Other Local Taxes $ - $ - $ - $ -
Intergovernmental 3,518,845 - - -
Interest - - - 682
Extracurricular Activities - - - -
Gifts and Donations - - - 943
Customer Sales and Services 87,886 - - -
Total Revenues 3,606,731 - - 1,625
EXPENDITURES:
Current:
Instruction:
Regular - - - -
Special - - - -
Other - - - -
Support Services:
Pupils - - - -
Instructional Staff - - 2 -
Administration - - - -
Fiscal - - - 719
Operation and Maintenance of Plant - - - -
Central - - - -
Operation of Non-Instructional Services 2,734,585 - - -
Extracurricular Activities - - - -
Capital Outlay - - - -
Total Expenditures 2,734,585 - 2 719
Excess(DeficiencyJ of Revenues Over Expenditures 872,146 - (2) 906
OTHER FINANCING SOURCE:
Transfers In - - - -
Net Change in Fund Balances 872,146 - (2) 906
Fund Balance(DeficitJ at Beginning of Year 1,182,788 260 1,256 27,466
Fund Balance(DeficitJ at End of Year $ 2,054,934 $ 260 $ 1,254 $ 28,372
(Continued)
92
Huber Heights City School District, Ohio
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
(ContinuedJ
Facilities Student District Managed
Maintenance Managed StudentActivity AuxiliaryServices
Fund Activities Fund Fund Fund
REVENUES:
Property and Other Local Taxes $ 347,097 $ - $ - $ -
Intergovernmental 151,421 - - 417,969
Interest - - - -
Extracurricular Activities - 149,741 341,750 -
Gifts and Donations - - 8,000 -
Customer Sales and Services - - - -
Total Revenues 498,518 149,741 349,750 417,969
EXPENDITURES:
Current:
Instruction:
Regular - - - -
Special - - - -
Other - - - -
Support Services:
Pupils - - - -
Instructional Staff - - - -
Administration - - - -
Fiscal 6,923 - - -
Operation and Maintenance of Plant 251,451 - - -
Central - - - -
Operation of Non-Instructional Services - - - 353,995
Extracurricular Activities - 128,819 374,039 -
Capital Outlay - - - -
Total Expenditures 258,374 128,819 374,039 353,995
Excess(DeficiencyJ of Revenues Over Expenditures 240,144 20,922 (24,289) 63,974
OTHER FINANCING SOURCE:
Transfers In - - 45,000 -
Net Change in Fund Balances 240,144 20,922 20,711 63,974
Fund Balance(DeficitJ at Beginning of Vear 4,288,932 111,673 19,833 (42,509)
Fund Balance(DeficitJ at End of Year $ 4,529,076 $ 132,595 $ 40,544 $ 21,465
(Continued)
93
Huber Heights City School District, Ohio
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
(ContinuedJ
Student Wellness Miscellaneous
and Success State Grants E&SSER Grant Coronavirus
Grant Fund Fund Fund Relief Fund
REVENUES:
Property and Other Local Taxes $ - $ - $ - $ -
Intergovernmental - 30,745 1,393,901 8,121
Interest - - - -
Extracurricular Activities - - - -
Gifts and Donations - - - -
Customer Sales and Services - - - -
Total Revenues - 30,745 1,393,901 8,121
EXPENDITURES:
Current:
Instruction:
Regular - - 247,016 -
Special 195,019 - 2,900 -
Other - - 655,886 -
Support Services:
Pupils - - - -
Instructional Staff - - 165,743 -
Administration - - - -
Fiscal - - - -
Operation and Maintenance of Plant - 16,984 - -
Central - - - -
Operation of Non-Instructional Services - - 880 -
Extracurricular Activities - - - -
CapitalOutlay - - 454,789 -
Total Expenditures 195,019 16,984 1,527,214 -
Excess(DeficiencyJ of Revenues Over Expenditures (195,019) 13,761 (133,313) 8,121
OTHER FINANCING SOURCE:
Transfers In - - - -
Net Change in Fund Balances (195,019) 13,761 (133,313) 8,121
Fund Balance(DeficitJ at Beginning of Year 195,019 16,985 (48,042) (3,213)
Fund Balance(DeficitJ at End of Year $ - $ 30,746 $ (181,355) $ 4,908
(Continued)
94
Huber Heights City School District, Ohio
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
For the Fiscal Year Ended lune 30,2022
(ContinuedJ
Supplemental
School
Title VI-B Grant Improvement Title III Grant
Fund Grant Fund Fund Title I Grant Fund
REVENUES:
Property and Other Local Taxes $ - $ - $ - $ -
Intergovernmental 1,405,079 28,988 36,794 1,717,886
Interest - - - -
Extracurricular Activities - - - -
Gifts and Donations - - - -
Customer Sales and Services - - - -
Total Revenues 1,405,079 28,988 36,794 1,717,886
EXPENDITURES:
Current:
Instruction:
Regular - 5,738 - 25,072
Special 1,132,316 - 44,374 1,296,651
Other - - - 11,711
Support Services:
Pupils 188,393 - - -
Instructional Staff - 23,250 - 364,894
Administration - - - 197,560
Fiscal - - - -
Operation and Maintenance of Plant - - - -
Central - - - -
Operation of Non-Instructional Services 34,759 - - 37,489
Extracurricular Activities - - - -
Capital Outlay - - - -
Total Expenditures 1,355,468 28,988 44,374 1,933,377
Excess(DeficiencyJ of Revenues Over Expenditures 49,611 - (7,580) (215,491)
OTHER FINANCING SOURCE:
Transfers In - - - -
Net Change in Fund Balances 49,611 - (7,580) (215,491)
Fund Balance(DeficitJ at Beginning of Year (266,185) - (2,177) (91,686)
Fund Balance(DeficitJ at End of Year $ (216,574) $ - $ (9,757) $ (307,177)
(Continued)
95
Huber Heights City School District, Ohio
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Non-major Special Revenue Funds
For the Fiscal Year Ended June 30,2022
(ContinuedJ
Miscellaneous
Title IV-A Grant IDEA Preschool Title II-A Grant Federal Grants
Fund GrantFund Fund Fund
REVENUES:
Property and Other Local Taxes $ - $ - $ - $ -
Intergovernmental 60,160 36,345 66,362 656,177
Interest - - - -
Extracurricular Activities - - - -
Gifts and Donations - - - -
Customer Sales and Services - - - -
Total Revenues 60,160 36,345 66,362 656,177
EXPENDITURES:
Current:
Instruction:
Regular 53,486 - - 652,443
Special 2,329 39,608 - 3,148
Other - - - -
Support Services:
Pupils - - - -
Instructional Staff 9,650 - 169,551 6,513
Administration - - - -
Fiscal - - - -
Operation and Maintenance of Plant - - - -
Central - - - 29,232
Operation of Non-Instructional Services 924 - 5,779 -
Extracurricular Activities - - - -
Capital Outlay - - - -
Total Expenditures 66,389 39,608 175,330 691,336
Excess(DeficiencyJ of Revenues Over Expenditures (6,229) (3,263) (108,968) (35,159)
OTHER FINANCING SOURCE:
Transfers In - - - -
Net Change in Fund Balances (6,229) (3,263) (108,968) (35,159)
Fund Balance(DeficitJ at Beginning of Year - (2,953) 49,741 5,924
Fund Balance(DeficitJ at End of Year $ (6,229) $ (6,216) $ (59,227) $ (29,235)
(Continued)
96
Huber Heights City School District, Ohio
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Non-major Special Revenue Funds
For the Fiscal Year Ended June 30,2022
(ContinuedJ
Total Nonmajor
Special Revenue
Funds
REVENUES:
Property and Other Local Taxes $ 347,097
Intergovernmental 9,528,793
Interest 682
Extracurricular Activities 491,491
Gifts and Donations 8,943
Customer Sales and Services 87,886
Total Revenues 10,464,892
EXPENDITURES:
Current:
Instruction:
Regular 983,755
Special 2,716,345
Other 667,597
Support Services:
Pupils 188,393
Instructional Staff 739,603
Administration 197,560
Fiscal 7,642
Operation and Maintenance of Plant 268,435
Central 29,232
Operation of Non-Instructional Services: 3,168,411
Extracurricular Activities: 502,858
Capital Outlay 454,789
Total Expenditures 9,924,620
Excess of Revenues Over(UnderJ Expenditures 540,272
OTHER FINANCING SOURCE:
Transfers In 45,000
Net Change in Fund Balances 585,272
Fund Balance(DeficitJ at Beginning of Year 5,443,112
Fund Balance(DeficitJ at End of Year $ 6,028,384
(Concluded)
97
Huber Heights City School District, Ohio
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Nonmajor Capital Projects Funds
For the Fiscal Year Ended June 30,2022
Permanent Total Nonmajor
Improvement Capital Projects
Fund Building Fund Funds
REVENUES:
Property and Other Local Taxes $ 706,959 $ - $ 706,959
Intergovernmental 84,137 - 84,137
Gifts and Donations 100,000 - 100,000
Total Revenues 891,096 - 891,096
EXPENDITURES:
Current:
Support Services:
Fiscal 8,037 - 8,037
Pupil Transportation 5,804 - 5,804
CapitalOutlay 43,442 - 43,442
Debt Service:
Principal 212,413 - 212,413
Interest 46,679 - 46,679
Issuance Costs - 64,692 64,692
Total Expenditures 316,375 64,692 381,067
Excess(DeficiencyJ of Revenues Over Expenditures 574,721 (64,692) 510,029
OTHER FINANCING SOURCE:
Transfers In - 5,000,000 5,000,000
Lease-Purchase Agreement - 5,066,000 5,066,000
Total Other Financing Sources - 10,066,000 10,066,000
Net Change in Fund Balances 574,721 10,001,308 10,576,029
Fund Balance(DeficitJ at Beginning of Vear 2,445,720 - 2,445,720
Fund Balance(DeficitJ at End of Year $ 3,020,441 $ 10,001,308 $ 13,021,749
98
Huber Heights City School District, Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP BasisJ and Actual
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
Variance with
Final Bud�et Actual Final Bud�et
Food Service Fund
Total Revenues and Other Sources $ 3,286,719 $ 3,287,050 $ 331
Total Expenditures and Other Uses 2,511,260 2,510,986 274
Net Change in Fund Balances 775,459 776,064 605
Fund Balance,July 1 843,874 843,874 -
Prior Year Encumbrances 151,260 151,260 -
Fund Balance,June 30 $ 1,770,593 $ 1,771,198 605
Miscellaneous Special Trusts Fund
Total Revenues and Other Sources $ - $ - $ -
Total Expenditures and Other Uses 260 - 260
Net Change in Fund Balances (260) - 260
Fund Balance,July 1 260 260 -
Fund Balance,June 30 $ - $ 260 $ 260
Miscellaneous Grants Fund
Total Revenues and Other Sources $ - $ - $ -
Total Expenditures and Other Uses 2 2 -
Net Change in Fund Balances (2) (2) -
Fund Balance,July 1 1,255 1,255 -
Prior Year Encumbrances 2 2 -
Fund Balance,June 30 $ 1,255 $ 1,255 $ -
99
Huber Heights City School District, Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP BasisJ and Actual
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
Variance with
Final Budget Actual Final Budget
Educational Foundation Fund
Total Revenues and Other Sources $ 943 $ 1,625 $ 682
Total Expenditures and Other Uses 1,651 1,519 132
Net Change in Fund Balances (708) 106 814
Fund Balance,July 1 27,866 27,866 -
Prior Year Encumbrances 401 401 -
Fund Balance,June 30 $ 27,559 $ 28,373 $ 814
Facilities Maintenance Fund
Total Revenues and Other Sources $ 451,810 $ 453,338 $ 1,528
Total Expenditures and Other Uses 327,443 310,879 16,564
Net Change in Fund Balances 124,367 142,459 18,092
Fund Balance,July 1 4,239,860 4,239,860 -
PriorYearEncumbrances 62,643 62,643 -
Fund Balance,June 30 $ 4,426,870 $ 4,444,962 $ 18,092
Student Managed Activities Fund
Total Revenues and Other Sources $ 149,122 $ 149,741 $ 619
Total Expenditures and Other Uses 258,767 156,854 101,913
Net Change in Fund Balances (109,645) (7,113) 102,532
Fund Balance,July 1 108,317 108,317 -
Prior Year Encumbrances 8,767 8,767 -
Fund Balance,June 30 $ 7,439 $ 109,971 $ 102,532
100
Huber Heights City School District, Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP BasisJ and Actual
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
Variance with
Final Budget Actual Final Budget
District Managed Student Activity Fund
Total Revenues and Other Sources $ 374,393 $ 394,749 $ 20,356
Total Expenditures and Other Uses 403,441 401,627 1,814
Net Change in Fund Balances (29,048) (6,878) 22,170
Fund Balance,July 1 13,931 13,931 -
Prior Year Encumbrances 17,341 17,341 -
Fund Balance,June 30 $ 2,224 $ 24,394 $ 22,170
Auxiliary Services Fund
Total Revenues and Other Sources $ 417,696 $ 417,969 $ 273
Total Expenditures and Other Uses 443,921 413,821 30,100
Net Change in Fund Balances (26,225) 4,148 30,373
Fund Balance,July 1 22,342 22,342 -
Prior Year Encumbrances 13,921 13,921 -
Fund Balance,June 30 $ 10,038 $ 40,411 $ 30,373
Student Wellness and Success Grant
Total Revenues and Other Sources $ - $ - $ -
Total Expenditures and Other Uses 195,018 195,018 -
Net Change in Fund Balances (195,018) (195,018) -
Fund Balance,July 1 189,073 189,073 -
Prior Year Encumbrances 5,945 5,945 -
Fund Balance,June 30 $ - $ - $ -
101
Huber Heights City School District, Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP BasisJ and Actual
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
Variance with
Final Budget Actual Final Budget
Miscellaneous State Grants Fund
Total Revenues and Other Sources $ 30,745 $ 30,745 $ -
Total Expenditures and Other Uses 30,319 30,319 -
Net Change in Fund Balances 426 426 -
Fund Balance,July 1 16,984 16,984 -
Prior Year Encumbrances 13,335 13,335 -
Fund Balance,June 30 $ 30,745 $ 30,745 $ -
Elementary&Secondary School Emergency Relief Grant
Total Revenues and Other Sources $ 17,175,374 $ 1,603,901 $ (15,571,473)
Total Expenditures and Other Uses 17,454,173 2,265,982 15,188,191
Net Change in Fund Balances (278,799) (662,081) (383,282)
Fund Balance,July 1 223,795 223,795 -
Prior Year Encumbrances Appropriated 437,171 437,171
Fund Balance,June 30 $ 382,167 $ (1,115) $ (383,282)
Coronavirus Relief Fund
Total Revenues and Other Sources $ 8,121 $ 8,121 $ -
Total Expenditures and Other Uses 13,109 8,200 4,909
Net Change in Fund Balances (4,988) (79) 4,909
Fund Balance,July 1 4,988 4,988 -
Fund Balance,June 30 $ - $ 4,909 $ 4,909
102
Huber Heiehts Citv School District. Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP Basis)and Actual
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
Variance with
Final Budget Actual Final Budget
Title IV-B Grant Fund
Total Revenues and Other Sources $ 1,986,076 $ 1,585,528 $ (400,548)
Total Expenditures and Other Uses 1,968,669 1,586,112 382,557
Net Change in Fund Balances 17,407 (584) (17,991)
Fund Balance,July 1 1,296 1,296 -
Fund Balance,June 30 $ 18,703 $ 712 $ (17,991)
Supplemental School Improvement Grant Fund
Total Revenues and Other Sources $ 56,900 $ 45,755 $ (11,145)
Total Expenditures and Other Uses 65,206 55,150 10,056
Net Change in Fund Balances (8,306) (9,395) (1,089)
Fund Balance,July 1 460 460 -
Prior Year Encumbrances Appropriated 9,253 9,253 -
Fund Balance,June 30 $ 1,407 $ 318 $ (1,089)
Title III Grant Fund
Total Revenues and Other Sources $ 56,686 $ 50,080 $ (6,606)
Total Expenditures and Other Uses 52,773 49,790 2,983
Net Change in Fund Balances 3,913 290 (3,623)
Fund Balance,July 1 87 87 -
Fund Balance,June 30 $ 4,000 $ 377 $ (3,623)
103
Huber Heights City School District, Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP BasisJ and Actual
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
Variance with
Final Budget Actual Final Budget
Title I Grant Fund
Total Revenues and Other Sources $ 2,887,377 $ 2,109,979 $ (777,398)
Total Expenditures and Other Uses 2,898,837 2,173,709 725,128
Net Change in Fund Balances (11,460) (63,730) (52,270)
Fund Balance,July 1 1,019 1,019 -
Prior Year Encumbrances 62,031 62,031 -
Fund Balance,June 30 $ 51,590 $ (680) $ (52,270)
Title IV-A Grant Fund
Total Revenues and Other Sources $ 141,834 $ 79,160 $ (62,674)
Total Expenditures and Other Uses 122,834 79,257 43,577
Net Change in Fund Balances 19,000 (97) (19,097)
Fund Balance,July 1 - - -
Fund Balance,June 30 $ 19,000 $ (97) $ (19,097)
IDEA Preschool Grant Fund
Total Revenues and Other Sources $ 68,816 $ 42,245 $ (26,571)
Total Expenditures and Other Uses 68,866 42,295 26,571
Net Change in Fund Balances (SO) (50) -
Fund Balance,July 1 50 50 -
Fund Balance,June 30 $ - $ - $ -
104
Huber Heights City School District, Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP BasisJ and Actual
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
Variance with
Final Budget Actual Final Budget
Title II-A Grant Fund
Total Revenues and Other Sources $ 364,173 $ 268,859 $ (95,314)
Total Expenditures and Other Uses 308,290 281,062 27,228
Net Change in Fund Balances 55,883 (12,203) (68,086)
Fund Balance,July 1 (842) (842) -
Prior Year Encumbrances 12,959 12,959 -
Fund Balance,June 30 $ 68,000 $ (86) $ (68,086)
Miscellaneous Federal Grants Fund
Total Revenues and Other Sources $ 587,680 $ 52,377 $ (535,303)
Total Expenditures and Other Uses 606,365 70,951 535,414
Net Change in Fund Balances (18,685) (18,574) 111
Fund Balance,July 1 202 202 -
Prior Year Encumbrances Appropriated 18,645 18,645
Fund Balance,June 30 $ 162 $ 273 $ 111
Uniform School Supply Fund
Total Revenues and Other Sources $ 197,183 $ 197,826 $ 643
Total Expenditures and Other Uses 230,762 231,172 (410)
Net Change in Fund Balances (33,579) (33,346) 233
Fund Balance,July 1 33,982 33,982 -
Prior Year Encumbrances Appropriated 762 762
Fund Balance,June 30 $ 1,165 $ 1,398 $ 233
105
Huber Heights City School District, Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP BasisJ and Actual
Nonmajor Special Revenue Funds
For the Fiscal Year Ended June 30,2022
Variance with
Final Budget Actual Final Budget
Public School Support Fund
Total Revenues and Other Sources $ 77,943 $ 85,604 $ 7,661
Total Expenditures and Other Uses 115,618 64,553 51,065
Net Change in Fund Balances (37,675) 21,051 58,726
Fund Balance,July 1 182,578 182,578 -
Prior Year Encumbrances 5,618 5,618 -
Fund Balance,June 30 $ 150,521 $ 209,247 $ 58,726
Underground Storage Tank Fund
Total Revenues and Other Sources $ - $ - $ -
Total Expenditures and Other Uses - - -
Net Change in Fund Balances - - -
Fund Balance,July 1 11,000 11,000 -
Fund Balance,June 30 $ 11,000 $ 11,000 $ -
106
Huber Heights City School District, Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP BasisJ and Actual
Nonmajor Capital Project Fund
For the Fiscal Year Ended June 30,2022
Variance with
Final Budget Actual Final Budget
Permanent Improvement Fund
Total Revenues and Other Sources $ 784,918 $ 800,739 $ 15,821
Total Expenditures and Other Uses 502,954 403,476 99,478
Net Change in Fund Balances 281,964 397,263 115,299
Fund Balance,July 1 2,348,808 2,348,808 -
PriorYearEncumbrances 211,954 211,954 -
Fund Balance,June 30 2,842,726 2,958,025 $ 115,299
Building Fund
Total Revenues and Other Sources $ 10,066,000 $ 10,066,000 $ -
Total Expenditures and Other Uses 5,066,000 1,264,692 3,801,308
Net Change in Fund Balances 5,000,000 8,801,308 3,801,308
Fund Balance,July 1 - - -
Fund Balance,June 30 $ 5,000,000 $ 8,801,308 $ 3,801,308
107
Huber Heights City School District, Ohio
Schedule of Revenues,Expenditures and Changes
In Fund Balance-Budget(Non-GAAP Basis)and Actual
Nonmajor Debt Service Fund
For the Fiscal Year Ended June 30,2022
Variance with
Final Budget Actual Final Budget
Bond Retirement Fund
Total Revenues and Other Sources $ 5,062,657 $ 5,062,658 $ 1
Total Expenditures and Other Uses 4,965,000 4,961,908 3,092
Net Change in Fund Balances 97,657 100,750 3,093
Fund Balance,July 1 2,635,624 2,635,624 -
Fund Balance,June 30 $ 2,733,281 $ 2,736,374 $ 3,093
108
Huber Heights City School District, Ohio
Fiduciary Funds
Fiduciary are used to account for assets held by the District in a trustee capacity or as an agent for
individuals, organizations, other governmental units, and/or other funds. The District's Fiduciary Funds
are limited to a Private Purpose Trust Fund and Custodial Fund.
Private Purpose Trust Fund
Memorial Scholarship Fund
The funds in this account will be expended on scholarships, as directed by these outside entities,
to District student recipients. As this is the District's only private purpose trust fund, no
combining statements are included for this fund type.
Custodial Fund
OHSAA Tournaments Clearing Fund
To account for funds received in conjunction with hosting Ohio High School tournament games,
for which the District acts as the fiscal agent, until those funds are properly disbursed. As this is
the District's only custodial fund, no combining statements are included for this fund type.
109
TH IS PAG E I NTENTIONALLY LEFT BLAN K
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HUBER HEIGHTS
CITY SCHOOLS
110
STATISTICAL SECTION
TH IS PAG E I NTENTIONALLY LEFT BLAN K
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ER HEIGHTS
cr�scHoo�s
Statistical Section
This part of the District's annual comprehensive 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 Pa�e
FinancialTrends.................................................................................................................. 113-119
These schedules contain trend information to help the reader
understand how the District's financial performance and well- being
have changed over time.
RevenueCapacity ............................................................................................................... 120-123
These schedules contain information to help the reader assess the
District's most significant local revenue source,the property tax.
DebtCapacity...................................................................................................................... 124-127
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.......................................................................... 128-129
These schedules offer demographic and economic indicators to help
the reader understand the environment within which the District's
financial activities take place.
OperatingInformation........................................................................................................ 130-134
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.
111
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Huber Heights City School District,Ohio
Schedule 7-Unaudited
Principal Property Taxpayers
Current Calendar Vear and Nine Years Ago
Calendar Year 2021 Calendar Year 2012
Total Percent of Total Percent of
Assessed Total Assessed Total
Name of Taxpayer Valuation Rank Assessed Value Valuation Rank Assessed Value
NREA VB V LLC $ 38,228,200 1 4.50%
Dayton Power and Light Co. $ 14,479,850 2 1.70% $ 10,478,000 2 1.49%
ARC NPHUBOH001 LLC $ 10,889,200 3 1.28%
PMAT North Heights LLC $ 4,022,000 4 0.47%
Vectren Energy Delivery of Ohio $ 3,545,000 5 0.42%
Waynetowne Investments J LLC $ 3,364,990 6 0.40%
ABF Freight System Inc. $ 3,069,730 7 0.36% $ 3,096,380 8 0.44%
VB ONE LLC $ 2,713,280 8 0.32%
Miami Valley Hospital $ 2,413,110 9 0.28% $ 3,366,670 6 0.48%
Superior Hotels LLC $ 2,292,220 10 0.27%
Huber Investment Corp $ 22,834,390 1 3.24%
Kir Huber Heights LP $ 7,411,590 3 1.05%
TJH LLC $ 5,345,140 4 0.76%
Huber Management Corp $ 4,868,280 5 0.69%
CDC-Lindbergh Subsidary LLC $ 3,346,320 7 0.48%
EPT Neneteen Inc. $ 2,857,340 9 0.41%
Good Samaritan Hospital $ 2,094,350 10 0.30%
SubTotal $ 85,017,580 10.00% $ 65,698,460 9.34%
AllOtherTaxpayers $ 764,834,150 90.00% $ 638,623,430 90.66%
Total Assessed Valuation $ 849,851,730 100.00% $ 704,321,890 100.00%
Source:Montgomery County Auditor's Office and Ohio Municipal Advisory Council(OMACJ
Note:Information presented on a calendar year basis as that is the manner in which the information is maintained by the County.
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125
Huber Heights City School District,Ohio
Schedule 11-Unaudited
Direct and Overlapping Governmental Activities Debt
As of June 30,2022
Percentage Amount
Total Net Applicable to Applicable to
Debt Obligations the District(1) the District
Governmental Unit:
Direct:
Huber Heights City School District $ 70,857,366 100.00% $ 70,857,366
Overlapping:
City of Dayton 26,255,000 5.72% 1,501,786
City of Huber Heights 24,203,000 97.10% 23,501,113
City of Riverside 2,805,000 0.55% 15,427
Miami Valley Career Center Joint Vocational 5chool District 122,885,340 10.52% 12,927,538
Dayton Metro Library District 130,309,986 9.82% 12,796,441
Total Overlapping 306,458,326 50,742,305
Total Direct and Overlapping Debt $ 377,315,692 $ 121,599,671
Source: School District Records and Ohio Municipal Advisory Council.
Note:Only subdivisions with outstanding debt are listed.
(1J-Percentage derived by comparing subdivision's valuation within the School District compared
to the total valuation within School District.
126
Huber Heights City School District, Ohio
Schedule 12-Unaudited
Legal Debt Margin Information
Last Ten Fiscal Years
Total Debt Total Net Debt
Voted Debt Service Net Debt Voted Applicable to Limit
Fiscal Debt Applicable Available Applicable Legal Debt as a Percentage
Year Limit(1) to Limit(2) Balance(3) to Limit Margin(4) of Debt Limit
2022 $ 76,486,656 $ 59,735,000 $ 3,456,492 $ 56,278,508 $ 20,208,148 73.58%
2021 $ 75,363,726 $ 62,130,000 $ 2,685,113 $ 59,444,887 $ 15,918,839 78.88%
2020 $ 64,420,726 $ 64,255,000 $ 2,347,740 $ 61,907,260 $ 2,513,466 96.10%
2019 $ 63,839,546 $ 66,310,000 $ 2,834,340 $ 63,475,660 $ 363,886 99.43%
2018 $ 63,401,297 $ 68,290,000 $ 3,178,893 $ 65,111,107 $ (1,709,810) 102.70%
2017 $ 60,983,814 $ 70,055,000 $ 3,323,499 $ 66,731,501 $ (5,747,687) 109.42%
2016 $ 60,177,290 $ 71,640,000 $ 4,821,943 $ 66,818,057 $ (6,640,767) 111.04%
2015 $ 59,905,282 $ 75,120,000 $ 3,670,575 $ 71,449,425 $ (11,544,143) 119.27%
2014 $ 63,268,383 $ 76,200,000 $ 3,608,370 $ 72,591,630 $ (9,323,247) 114.74%
2013 $ 63,388,970 $ 77,255,000 $ 3,419,225 $ 73,835,775 $ (10,446,805) 116.48%
Source: School District records
(1J=Ohio Bond Law sets a limit of 9%of overall assessed property value.
(2J=General Obligation Debt,excluding unamortized bond premiums/discounts.
(3J=lncludes only debt service funds available for general obligation bonded debt supported by property taxes.
(4J=The District has ability to exceed legal debt margin as it has been classified by the State of Ohio as a
"special needs"district as it relates to issuing debt for purposes of constructing and renovating
classroom facilities.
127
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129
Huber Heights City School District,Ohio
Schedule 15-Unaudited
Staffing Statis[ics
Full-time Equivalents(FTEJ by Position
Last Ten Fiscal Vears
Position 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Asst.Principal 9.00 8.00 4.00 4.00 4.00 4.00 N/A N/A 4.00 N/A
Principal 8.50 8.50 8.00 8.00 8.00 8.00 N/A N/A 7.00 N/A
Superintendent 1.00 1.00 1.00 1.00 1.00 1.00 N/A N/A 1.00 N/A
Supervisory/Managing/Directing 14.50 12.00 8.00 8.00 6.00 6.00 N/A N/A 9.00 N/A
Treasurer 1.00 1.00 1.00 1.00 1.00 1.00 N/A N/A 1.00 N/A
Director 5.00 6.00 6.00 4.00 5.00 5.00 N/A N/A 3.00 N/A
Counseling 12.00 12.00 12.00 11.00 11.00 11.00 N/A N/A 10.00 N/A
Librarian/Media 1.00 1.00 1.00 1.00 1.00 1.00 N/A N/A 1.00 N/A
Supplemental5pecialEducation Teacher 38.00 42.00 39.00 39.00 39.00 39.00 N/A N/A 42.00 N/A
Teacher on Special Assignment 5.00 6.00 6.00 6.00 6.00 6.00 N/A N/A 6.00 N/A
General Education K-12 239.20 232.56 264.50 255.50 260.50 245.50 N/A N/A 230.00 N/A
Gifted and Talented 2.00 2.00 3.00 3.00 3.00 3.00 N/A N/A 2.00 N/A
PreschoolEducation 7.00 7.00 7.00 7.00 7.00 7.00 N/A N/A 6.00 N/A
ArtEducation 7.00 7.00 10.00 10.00 7.50 7.50 N/A N/A 7.50 N/A
Music Education 5.30 9.30 10.00 10.00 7.50 7.50 N/A N/A 7.50 N/A
PhysicalEducation/Health 7.50 5.00 8.00 8.00 8.00 8.00 N/A N/A 8.00 N/A
EL Instructional Program 3.50 2.54 3.50 3.50 1.50 1.50 N/A N/A 0.00 N/A
ROTC Assignment 0.00 0.00 2.00 2.00 2.00 2.00 N/A N/A 2.00 N/A
Psychologist 5.00 5.00 5.00 4.00 4.00 4.00 N/A N/A 3.00 N/A
Registered Nursing 3.00 3.00 3.00 3.00 3.00 3.00 N/A N/A 0.00 N/A
Speech 10.00 9.60 9.00 8.00 7.00 7.00 N/A N/A 5.00 N/A
Computer Operating 1.00 2.00 2.00 1.00 2.00 2.00 N/A N/A 3.00 N/A
LibraryAide 3.00 1.21 6.00 6.00 6.00 6.00 N/A N/A 3.00 N/A
ComputerAide 10.66 10.70 7.00 7.00 7.00 7.00 N/A N/A 7.00 N/A
Bookkeeping 3.00 3.00 3.00 3.00 3.00 3.00 N/A N/A 3.00 N/A
Administrative Assistants 11.00 13.00 12.00 11.00 10.00 10.00 N/A N/A 12.00 N/A
Clerical 14.00 13.00 16.00 16.00 16.00 16.00 N/A N/A 16.00 N/A
Teaching Aide 1833 6.33 4.00 6.00 4.00 5.00 N/A N/A 5.00 N/A
Special NeedsAide 63.00 68.00 75.00 71.00 65.00 61.00 N/A N/A 60.00 N/A
Parent Mentor 0.00 0.00 1.00 1.00 1.00 1.00 N/A N/A 1.00 N/A
Clinic Aide 9.00 8.00 8.00 8.00 8.00 8.00 N/A N/A 10.00 N/A
General Maintenance 4.00 4.00 4.00 4.00 4.00 4.00 N/A N/A 4.00 N/A
Mechanic 2.00 2.00 2.00 2.00 2.00 2.00 N/A N/A 2.00 N/A
Dispatching 1.00 1.00 1.00 1.00 0.00 0.00 N/A N/A 0.00 N/A
Vehide Operator(buses) 28.43 25J1 32.00 34.00 31.00 35.00 N/A N/A 33.00 N/A
Attendance Officer 1.00 1.00 1.00 1.00 1.00 1.00 N/A N/A 0.00 N/A
Custodian 22.00 20.00 19.00 21.00 21.00 21.00 N/A N/A 18.00 N/A
Bus Aide 1031 11.50 9.00 10.00 13.00 9.00 N/A N/A 9.00 N/A
Total Governmental Activities 589.23 570.95 613.00 603.00 587.00 572.00 0.00 0.00 541.00 0.00
Sourre: District EMIS Remrds
N/A=Information not readily available.The District will rontinue to accumulate information in years to come.
130
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131
Huber Heights City School Distrct, Ohio
Schedule 17- Unaudited
Operating Statistics
Last Ten Fiscal Years
Fiscal Cost per
Year Expenses(1) Pupil Enrollment
2022 (2) $ 79,312,951 $ 14,030 5,653
2021 $ 90,622,924 $ 16,212 5,590
2020 $ 85,859,643 $ 14,199 6,047
2019 $ 69,490,916 $ 11,572 6,005
2018 (2) $ 43,281,449 $ 7,285 5,941
2017 $ 74,960,787 $ 13,270 5,649
2016 $ 74,699,702 $ 12,708 5,878
2015 $ 64,526,796 $ 10,830 5,958
2014 $ 64,499,903 $ 10,555 6,111
2013 $ 72,584,394 $ 11,601 6,257
Source: School District Records
Note:
(1)=Expenses as reported on the Statement of Activities
(2)=Fiscal year 2018 and 2022 expenses lower due to
negative pension/OPEB expense for those particular years.
132
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