HomeMy WebLinkAboutFort Dodge Community School District - Public Financial ReportPAFR
For the year ending June 30, 2021
FORT DODGE
COMMUNITY SCHOOL DISTRICT
FORT DODGE, IOWA
POPULAR ANNUAL FINANCIAL REPORT
TO THE CITIZENS OF THE
FORT DODGE COMMUNITY SCHOOL DISTRICT,
The Fort Dodge Community School District is fortunate to have a supportive community that is a
partner in the education of our children. As steward of the community’s investments in its schools, the
District is committed to ensuring that residents have access to and understand the District’s finances.
The Popular Annual Financial Report (PAFR) is an important part of that commitment. It focuses on the
District’s General Fund and offers an easy-to understand overview of the District’s general operating
activities and key financial trends for fiscal year 2021 (July 1, 2020–June 30, 2021).
This information reflects key data available in the audited financial statements within the District’s
Comprehensive Annual Financial Report (CAFR) for the fiscal year that ended June 30, 2021. That
document will be available on the Iowa State Auditors website at www.auditor.iowa.gov. The District’s
CAFR is prepared in accordance with accounting principles generally accepted in the United States
(GAAP). The PAFR reflects information on a cash basis and is presented in an unaudited format.
We would like to thank our citizens for their encouragement in creating a report designed to more
adequately address their needs as taxpayers, as well as for the opportunity to serve them. Questions,
comments and feedback regarding this report are encouraged, so please do not hesitate to contact the
District finance office at (515) 574-5644 or at bhansel@fdschools.org.
Respectfully submitted,
Brandon C. Hansel
Director of Financial Services
Board Treasurer
FORT DODGE COMMUNITY SCHOOL DISTRICT
109 North 25th Street, Fort Dodge, Iowa 50501
p. 515.576.1161
f. 515.576.1988
www.fdschools.org
FY21 BOARD OF EDUCATION DIRECTORS
Stuart Cochrane
President
Lisa Shimkat
Vice President
Dan Hanson
Director
Bill Kent
Director
Matt Moritz
Director
Diane PrattDirector
Angie Tracy
Director
FY21 APPOINTED OFFICIALS
Brandon C. Hansel
Board of Education Treasurer
Dr. Jesse Ulrich
Superintendent
2
SUMMARIZED FINANCIAL REPORTS
Numbers in the Financial Position Statement and Financial Activity Statement are taken from the District’s
Comprehensive Annual Financial Report (CAFR), but are presented in a non-GAAP format. In addition, this
PAFR focuses on the District’s General Fund, the operating fund of the District. The CAFR can be obtained
from the Treasurer’s office.
ASSETS OVER LIABILITIES AND DEFERRED INFLOWS
The Financial Position Statement, known in accounting terms as the balance sheet, reports the assets
available to provide services along with the liabilities (amounts for which the District is obligated to pay
in the future) and deferred inflows (primarily assets that do not finance the current fiscal year). The excess
of assets over liabilities and deferred inflows provides the net position, or net worth, of the District. The
amounts reported below are for the District’s General Fund.
ASSETS (shown in thousands) FY21 FY20 FY19 FY18
Cash and Investments $13,265 $14,063 $13,208 $13,766
Receivables 15,627 14,840 14,492 14,477
Other Assets 0 0 0 0
Total Assets $28,892 $28,903 $27,700 $28,243
LIABILITIES AND DEFERRED INFLOWS (shown in thousands) FY21 FY20 FY19 FY18
Payables $6,240 $6,357 $5,149 $6,059
Deferred Inflows 13,463 12,733 12,840 12,275
Total Liabilities and Deferred Inflows $19,703 $19,090 $17,989 $18,334
Assets Over Liabilities and Deferred Inflows $9,189 $9,813 $9,711 $9,909
3
INSTRUCTION: activities directly dealing with the teaching of pupils or the
interaction between teacher and pupil. This includes aides or classroom
assistants of any type, who assist in the instructional process.
STUDENT SUPPORT SERVICES: activities designated to assess and improve
the well-being of pupils and to supplement the teaching process. This
includes guidance services, health services, psychological services and
support services for students with disabilities.
INSTRUCTIONAL STAFF SUPPORT SERVICES: activities associated with
assisting the instructional staff with the content and process of providing
learning experiences for pupils.
GENERAL ADMINISTRATION: activities concerned with establishing and
administering policy in connection with operating the school district and
included expenses related to the Board of Education, legal and professional
services.
SCHOOL/BUILDING ADMINISTRATION: activities concerned with overall
administrative responsibility for individual school buildings.
BUSINESS & CENTRAL ADMINISTRATION: activities that support other
administrative and instructional functions. This function includes fiscal services,
purchasing, warehousing and distributing, printing, public communications,
personnel, and technology administration.
PLANT OPERATION AND MAINTENANCE: activities concerned with
keeping the physical plant open, comfortable and safe for use and keeping
the grounds, buildings, and equipment in an effective working condition and
state of repair. This includes activities of maintaining safety in buildings, on
the grounds and in the vicinity of the schools.
STUDENT TRANSPORTATION: activities concerned with the conveyance
of individuals to and from school, as provided by state law. It includes
transportation to school activities and between home and school.
COMMUNITY SERVICE: activities concerned with providing services to the
community. Examples of this function would be offering parental training.
AEA SUPPORT: funds received on behalf of the local Area Education Agency
for the instructional support of school districts within its geographical region.
Our Expenditures and ServicesDEFINITIONS
4
REVENUES AND RESOURCES OVER EXPENDITURES AND SERVICES
The Financial Activity Statement below is shown on a cash-basis for the District’s General Fund. This type
of schedule, known in accounting terms as the income statement, provides a summary of the receipts and
resources received by the District compared to the disbursements and services provided by the District.
REVENUES & RESOURCES (shown in thousands) FY21 FY20 FY19 FY18
Property Tax and Local Sources $14,696 $14,814 $14,588 $14,065
Intermediate Sources 11 11 11 11
State Sources 28,641 28,330 28,129 27,459
Federal Sources 4,525 3,453 4,005 4,158
Other Sources - - 115 85
Total Receipts and Resources $47,873 $46,608 $46,848 $45,778
EXPENDITURES & SERVICES (shown in thousands) FY21 FY20 FY19 FY18
Instruction* $31,668 $30,638 $29,274 $28,678
Student Support Services 2,880 2,501 2,972 2,760
Instructional Staff Support Services** 1,342 1,354 3,216 3,294
Administration 5,186 4,998 5,006 4,882
Plant Operation & Maintenance 3,747 3,757 3,633 3,393
Student Transportation 1,028 1,399 1,073 1,039
Community Service 14 9 - 19
AEA Flow-through 1,876 1,851 1,871 1,819
Transfers & Adjustments - - - -
Total Disbursements and Services $47,741 $46,507 $47,045 $45,884
Receipts and Resources Over (Under)
Disbursements and Services $132 $101 $(197) $(106)
* Includes expenditures for teachers, teaching supplies, and teaching equipment
** Includes expenditures that help teachers
5
0.03%
COMMUNITY
SERVICE
59.83%
STATE
SOURCES
9.45%
FEDERAL
SOURCES
30.70%
PROPERTY
TAX
0.02%
INTERMEDIATE
SOURCES
66.34%
INSTRUCTION
OUR REVENUES AND RESOURCES FY21
Where the General Fund money comes from
The graph below displays the cash-basis sources of funding for the General
Fund for fiscal year 2021.
OUR EXPENDITURES AND SERVICES FY21
Where the General Fund money goes
The graph below displays the cash-basis uses of funding from the
General Fund for fiscal year 2021.
TOTAL
Receipts & Resources: $47,873(shown in thousands)
TOTAL
Disbursements & Services: $47,741(shown in thousands)
2.15%
STUDENT
TRANSPORTATION
7.85%
PLANT OPERATION
& MAINTENANCE
10.86%
GENERAL
ADMINISTRATION
2.81%
INSTRUCTIONAL STAFF
SUPPORT SERVICES
6.03%
STUDENT SUPPORT
SERVICES
3.93%
AEA
FLOW-THROUGH
0.00%
OTHER
SOURCES
6
STATE FUNDING
The chart below depicts the cash receipts for the District’s General Fund from the State of Iowa. Monies
received from the state are critical in running a fiscally solvent school district. The three primary components
of State revenues are (1) State Foundation Aid which is a formula calculation based upon student enrollment,
(2) State Categorical appropriations. (3) Other state Revenues typically in the form of payments made in lieu
of taxes or tuition collected.
PROPERTY TAXES
Below is a graph depicting the amount of cash collections received by the District’s General Fund from taxes
on real property. Property taxes provide a majority of the local revenue to operate and maintain our schools.
The District receives property taxes from Webster county. Amounts are shown in thousands.
FY16FY17FY18FY19FY20FY21
$12,500
$12,000
$11,500
$11,000
$10,500
$10,000
$9,500
$9,000
$11,739$11,691
$10,822 $10,724
$11,094
$11,400
FY18 FY17 FY16FY19FY20FY21
$20,360 $20,372 $19,849
$359
$21,068
$342
$21,222
$333
$21,463
$297
$366 $362
$6,881 $6,775 $6,720 $6,740 $6,562 $6,672
Other State Revenues
State Categorical Aid
State Foundation Aid
7
OUTSTANDING DEBT (shown in thousands) FY21 FY20 FY19 FY18
SALES TAX REVENUE BONDS
Series 2 Series 2016 Refunding Bonds 18,500,000 20,357,000 22,174,000 23,954,000
GENERAL OBLIGATION BONDS
Series 2016 18,372,471 20,945,782 22,999,093 25,117,404
Total Outstanding 36,872,471 41,302,782 45,173,093 49,071,404
SCHOOL DISTRICT INCOME TAX
The District has an income surtax component of its Instructional Support Program. Revenues from this
portion of the income surtax are reported in the District’s General Fund and are used to support school
operations. Income tax revenues for the past six fiscal years are reported below. Amounts are shown in
thousands.
$0
$100
$200
$300
$400
$500
$238 $237$252 $236
$465
$233
FY20FY21 FY19 FY17FY18 FY16
OUTSTANDING DEBT AT YEAR END - ALL FUNDS
The chart below captures the District’s long-term bonds obligations. The District pledged future local
option (statewide) sales tax revenues to repay the Series 2011 and Series 2012 bonds issued in October of
2011 and January of 2012. The bonds were issued for the purpose of financing the cost of constructing the
Fort Dodge Middle School. The bonds are payable solely from the proceeds of the local option statewide
sales tax revenues received by the District and are payable through 2030. In December of 2016 Advanced
Refunding Bonds were issued to repay the prior series bonds at a lower interest rate.
In May of 2016 the District issued voter approved General Obligation Bonds for the construction of Duncombe
Elementary School, security enhancements, and athletic facility improvements around the District. General
Obligation bonds are paid for by property tax levied each year and are payable through 2035.
8
UNBUNDELING THE TAX RATE
Below are the main components of the District’s total tax rate. The total tax rate is comprised of individual
levies that are required to be kept separate by the Iowa law. The General fund levy is a function of the state
directed school funding formula and is impacted heavily by school enrollment and property valuation within
the District. The rates below are for fiscal year 2021.
FORT DODGE HISTORICAL LEVY RATES
Type Rate Year Approved Length Approved
General Fund Levy 10.23 Annual Permanent
Instructional Support Levy 1.30 2019 2024
Management Levy 0.81 Annual Annual
Voted Physical Plant & Equipment Levy 1.12 2014 2024
Regular Physical Plant & Equipment Levy 0.33 N/A Permanent
Debt Service 2.70 2016 2035
TAX CONTRIBUTION FROM PROPERTY OWNERS
FY12 FY13 FY14 FY15 FY16 FY17 FY19 FY20FY18 FY21
18.00000
17.00000
16.00000
15.00000
14.00000
13.00000
12.00000
11.00000
10.00000
17.40
15.49 15.46 15.46 15.18
16.76 16.77 16.7616.77 16.50
Debt Service
PPEL
Voted PPEL
Management
General
16.50
9
NET TAXABLE VALUATION
Amounts are shown in thousands.
$1,100,000
$1,075,000
$1,050,000
$1,025,000
$1,000,000
$975,000
$950,000
$925,000
$900,000
$875,000
$850,000 FY18FY19 FY17 FY16FY20FY21
$897,050
$955,441
$926,654
$1,073,847
$988,509
$1,021,574
4,000
3,900
3,800
3,700
3,600
3,500
FY16FY17FY18FY19FY21FY21
3,7673,767
3,711
3,800
3,6613,668
HISTORICAL ENROLLMENT
10
119,498
BREAKFASTS SERVED
THE NUMBERS BEHIND
3,668
FULL TIME EMPLOYEES
545
STUDENTS
2021 GRADUATES
254
896
STUDENTS BUSED DAILY
38
BUSES IN FLEET
1,404
MILES DRIVEN DAILY
$5.37
COST PER MILE
94%
ATTENDANCE RATE
FORT DODGE COMMUNITY SCHOOLS
739,157
SQUARE FOOTAGE MAINTAINED
339,696
LUNCHES SERVED
OUR MISSION
The mission of the Fort Dodge Community
School District is to provide quality
learning experiences and build
relationships that develop productive
citizens ready for their futures.
OUR VISION
The Fort Dodge Community School
District is an innovative school community
that exceeds expectations, builds meaningful
relationships and creates the foundation
for all learners to excel.
FDCSD GOALS
1. All students will perform at or above
grade level.
2. Achievement gaps among all
students will be eliminated.
3. All students will graduate ready for
college, career and life in a globally
competitive economy.
4. All schools will meet or exceed state
accountability standards, and the
district will meet federal standards
and exceed state standards.
5. Every child feels he/she has a safe,
meaningful relationship with an adult
in the school system who he/she can
go to for guidance and support.
CORE BELIEFS
RESPECT - acknowledging the worth
of someone or something while showing
appreciation of and regard for the
differences in viewpoints, personalities
and perspectives of others.
INTEGRITY - quality of being honest,
having and acting on our strong moral
principles to help establish the complete
person; our behavior matches our words
and values.
EXCELLENCE - striving for perfection
through continuous growth, having
quality in everything we do.
EMPATHY - actively recognizing,
validating and connecting ourselves to
the feelings and experiences of others.
11
FORT DODGE
COMMUNITY SCHOOL DISTRICT
PAFRPOPULAR ANNUAL FINANCIAL REPORT