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Colorado Springs School District No. 11. 2008 Comprehensive Annual Financial Report. General Fund
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Colorado Springs School District No. 11 2008 Comprehensive Annual Financial Report
General Fund • The General Fund is used to account for all transactions of the District not required to be accounted for in another fund. This fund accounts for the District’s ordinary operations financed primarily from property taxes and state aid. It is the most significant fund in relation to the District’s overall operations and a major fund for financial reporting purposes. • There are two sub-funds within the General Fund. The Preschool Fund and the Risk Management Fund, which was created for the 06-07 fiscal year.
Capital Reserve Fund The Capital Reserve Fund is a special revenue fund and is considered a major fund for financial reporting purposes. The Capital Reserve Fund was authorized by Colorado School Law and is used to fund ongoing capital needs, such as site acquisition, building additions, and equipment purchases.
Debt Service Fund The Debt Service Fund was created to account for resources to be used to service general obligation long-term debt. The District has the following Debt Service Fund: Bond Redemption Fund The fund was created to account for a bond redemption mill levy. This fund accounts for the restricted general obligation property tax used to finance principal and interest payments on the 1996 and 2006A and 2006B bonds. For financial reporting purposes, the Bond Redemption Fund is presented as a major fund of the District for the current fiscal year.
Capital Projects Fund Generally accepted accounting principles provide for the use of a capital projects fund to account for financial resources used for the acquisition or construction of major capital facilities. Building Fund This fund was created to account for resources received from the issuance of the $127.7 million voter-approved general obligation bonds and from proceeds of 4.0 million received from indebtedness created through the Qualified Zone Academy Bonds (QZAB) program offered by the Colorado Department of Education. Building Fund resources may be expended only for approved projects in the District’s Capital Plan. This fund is a major fund for financial reporting purposes.
Designated Purpose Grants FundThis fund is provided to maintain a separate accounting for federal, state, and local grant funded programs, which normally have a different fiscal period than that of the District.
Mill Levy Override FundThis fund accounts for the use of funds from a November 2000 voter-approved mill levy override.
Proprietary Funds Proprietary Funds account for operations that are organized to be self-supporting through user charges. The District’s Proprietary Funds consist of two Enterprise Funds and two Internal Service Funds. Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises, where the intent of the Board of Education is that the cost of providing goods or service to the general public on a continuing basis be financed or recovered primarily through user charges. The District has two Enterprise Funds: Food Service Fund Community Education Fund
Food Service Fund This fund accounts for all financial activities associated with the District school lunch and other food related programs.
Community Education FundThis fund is used to account for tuition and fees charged for community and adult education programs.
Proprietary Funds Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the District and to other government units, on a cost reimbursement basis. The District has two Internal Service Funds as follows: Production Printing Fund Risk Related Activities Fund
Production Printing FundThis fund accounts for all financial activities associated with the District’s printing services.
Risk Related Activities Fund This fund is used to account for the financial transactions of the risk related programs, such as employee health, vision, and life insurance benefits, and long term disability expenses.
Statistical Section This part of the Colorado Springs School District 11 Comprehensive Annual Financial Report presents detailed data as a context for understanding the information in the financials statements, note disclosures, and required supplementary information. Financial Trends These schedules contain trend information to help the reader understand how the District’s financial performance and wellbeing have changed overtime. Revenue Capacity These schedules contain information to help the reader assess the District’smost significant local revenue source, property tax. Debt Capacity 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.
Statistical Section - Continued Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the District’s financial activities takeplace. Operating Information These schedules contain service data to help the reader understand how theinformation in the District’s financial report relates to the services the District provides and the activities it performs.
