Yavapai County Community College District (Yavapai College) report on audit of annual budgeted expenditure limitation report year ended June 30, ...

              Yavapai County Community College District (Yavapai College)



Report on Audit of Annual Budgeted Expenditure Limitation Report Year Ended June 30, 2005







Yavapai County Community College District (Yavapai College)



Report on Audit of Annual Budgeted Expenditure Limitation Report Year Ended June 30, 2005







Table of Contents Page Independent Auditor's Report........................................................................................................ 1 Annual Budgeted Expenditure Limitation Report - Part I.............................................................. 2 Annual Budgeted Expenditure Limitation Report - Part II............................................................. 3 Notes to Annual Budgeted Expenditure Limitation Report ........................................................... 4







(Yavapai College) Annual Budgeted Expenditure Limitation Report   Part II Year Ended June 30, 2005



Current Funds Unrestricted Auxiliary General Enterprises $ 29,160,458 $ 7,909,589 Plant Funds Restricted $ 5,488,949 Unexpended $ 21,593,199 Retirement of Indebtedness $ 5,498,026 Total $ 69,650,221







Yavapai County Community College District







Description A. Total budgeted expenditures B. Less exclusions claimed: Bond proceeds (Note 2) Debt service requirements on bonded indebtedness (Note 3) Proceeds from other long-term obligations (Note 2) Debt service requirements on other longterm obligations (Note 3) Dividends, interest, and gains on the sale or redemption of investment securities (Note 4) Grants and aid from the federal government (Note 5) Gifts from private agency (Note 6) Amounts received from the State of Arizona for the purchase of land, and the purchase or construction of buildings or improvements Tuition and fees Total exclusions claimed C. Amounts subject to the expenditure limitation







18,377,994 5,484,420 787,588 28,821 278,872







18,377,994 5,484,420 787,588 307,693







77,901 81,384







1,224 4,802,752 44,900







267,966







13,606







360,697 4,884,136 44,900







683,800 4,963,400 5,122,685 2,312,409 2,387,354 1,750 4,804,502 20,396,220 5,498,026







683,800 7,277,559 38,208,787







$ 24,037,773







$ 5,522,235







$







684,447







$ 1,196,979







$







-0-







$ 31,441,434







See accompanying notes to report. 3







Yavapai County Community College District (Yavapai College)



Notes to Annual Budgeted Expenditure Limitation Report Year Ended June 30, 2005 Note 1 Summary of Significant Accounting Policies The Annual Budgeted Expenditure Limitation Report (ABELR) is presented on the basis of accounting prescribed by the uniform expenditure reporting system (UERS), as required by Arizona Revised Statutes (A.R.S.)  41-1279.07, which excludes expenditures of certain revenues specified in the Arizona Constitution, Article IX,  21 from the total budgeted expenditures. The information reported in both the ABELR and the financial statements is derived from the same underlying accounting data. However, the formats of the ABELR and the financial statements differ. The ABELR presents budgeted expenditures, exclusions, and amounts subject to the limitation by fund type as required by A.R.S. 41-1279.07. The financial statements present the net assets, changes in net assets, and cash flows in accordance with U.S. generally accepted accounting principles. In accordance with the UERS requirements, a note to the ABELR is presented below for any exclusion reported in the Total column on Part II that cannot be traced directly to an amount reported in the annual financial statements. Note 2 $18,377,994 is claimed as exclusions for purchases financed with bond proceeds and $787,588 is claimed as exclusions for purchases financed with other long-term obligations. These amounts include items that were capitalized as well as amounts falling below the District's capitalization threshold. As a result, amounts claimed as exclusions are greater than the $17,730,132 reported as purchases of capital assets on the Statement of Cash Flows   Primary Government. Exclusions claimed for debt service requirements on bonded indebtedness and debt service requirements on other long-term obligations are $5,484,420 and $307,693, respectively. Both amounts are included in the amounts reported as principal paid on capital debt on the Statement of Cash Flows   Primary Government and interest expense on debt on the Statement of Revenues, Expenses, and Changes in Net Assets   Primary Government, except that interest expense does not include $243,644 in capitalized interest. Note 4 The following schedule presents the exclusions claimed for dividends, interest, and gains on the sale or redemption of investment securities.







Note 3 -







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Yavapai County Community College District (Yavapai College)



Notes to Annual Budgeted Expenditure Limitation Report Year Ended June 30, 2005



General Fund Investment earnings reported on the Statement of Revenues, Expenses, and Changes in Net Assets   Primary Government Carried forward Interest income not excludible Total Auxiliary Enterprises Retirement of Indebtedness







Loan







Unexpended







Total







$ 77,901







$ 1,224







$ 7,821 (7,821)







$ 267,966







$ 44,615 (31,009) $ 13,606







$ 399,527 (31,009) (7,821) $ 360,697







$ 77,901







$ 1,224







$







-0-







$







267,966







Note 5 -







The following schedule presents revenues from which exclusions have been claimed for grants and aid from the federal government and contracts with other political subdivisions.



Statement of Revenues, Expenses, And Changes in Net Assets Primary Government: Government grants and contracts $ 4,967,630







ABELR: Grants and aid from the federal government Total exclusions claimed Other revenues (nonexcludable) $ 4,884,136 4,884,136 83,494 $ 4,967,630







Total







$ 4,967,630







Total







Note 6 -







Of the $297,474 reported as private gifts on the Statement of Revenues, Expenses, and Changes in Net Assets   Primary Government, only $44,900 has been claimed as an exclusion. The remaining $252,574 relates to other, nonexcludable revenue.







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