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Newspaper Archive of
The Preston County Journal
Kingwood, West Virginia
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September 28, 2011     The Preston County Journal
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September 28, 2011
 
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10-PFIESTON COUNTY JOURNAL-Wednesday, September 28, 2011 City of Kingwood will be accepting applications for an OFFICE CLERK. Full-time position with complete benefit package, salary based on qualifications. Applications and job description available at City Hall, 313 Tunnelton Street, Klngwood, WV 26537 304-329-1225. Applications due by 4 p.m., Friday, October 7, 2011. E.O.E. Jobs! Local jobs for youth ages 18-21, 30-40 hrs a week for up Lo 8 weeks at $7.50 hr. Call Jessica Kelly at 888-781-0323 if you live in Barbour, Braxton, Gilmer, Harrison, Lewis, Randolph, Upshur, or Doddridge County, or call Linda Baker at 800-585-2347 if o_u live in Marion, Monongalia, Preston, Taylor or Tucker ,ounty. Youth must meet certain eligibility requirements. This program is being presented with financial assistance From the West Virgina Department of Health and Human resources. EOE M/F/D/V r LEGAL NOTICE LEGAL NOTICE PRESTON COUNTY, WEST VIRGINIA, BOARD OF EDUCATION STATEMENT OF NET ASSETS FOR FISCAL YEAR ENDED JUNE 30, 2010 Governmental Activities 42,904,028 304,327 173,205 72,662 97,573 583,486 1,293,674 101,369 40,825,000 1,280,059 6,362,174 4,985,919 81,262 (32,796,936) 20.831.847 66,267,802 ANNUAL RNANCIAL STATEMENTS OF THE PRESTON COUNTY BOARD OF EDUCATION ON A GAAP BASIS, INCLUDING GASB STATEMENT 34 AS OF AND FOR THE FISCAL YEAR ENDED JUNE 30, 2011 ASSETS Cash and cash equivalents - Investments Taxes receivable, net of allowance for uncollectible taxes Other receivables Due from other governments: State aid receivable PEIA allocation receivable Reimbursements receivable Capital Assets: Land Buildings and improvements Land improvements Furniture and equipment Vehicles Construction in process Less accumulated depreciation Total capital assets, net of depreciation Total assets 3,716,935 620,887 9,441,044 33,312 815,123 896,873 1,999,279 101,280 39,964,345 1,639,817 59,228,895 20,029,200 648,461 28,903 41,153,977 (54,821,634) 7,038,907 LIABILITIES AND NET ASSETS (2,108,619) (502,807) (983,965) (1,825,998) (432,690) (3,809,434) (4,119,277) (523,007) (1,524) (101,280) (44,358,457) Liabilities: Salaries payable and related payroll liabilities Workers' compensation payable OPEB Compensated absences Accounts payable Deferred revenue Long-term obligations: Due within one year: Bonds, capital leases, and contracts Accrued interest Due beyond one year: Bonds, capital leases, and contracts Bond premium Total liabilities Net Assets: Invested in capital assets, net of related debt Restricted for: Excess levy Special projects Capital projects Unrestricted Total net assets STATEMENT OF ACTIVITIES Proa_ram Revenues .... Net (Expense), Op6ratlng ' : ' ;'" Capital' Revenue & Changes Charges for Grants and .... Grants and In Net Assets Governmental activities: Expenses Services Contributions Contributions Governmental Activities Instruction 36,236,463 589,026 5,508,659 188,921 (29,949,857) Supporting services: Students 2,424,578 35,734 267,592 12,633 Instructional staff 1,215,107 17,906 688,064 6,330 District administration 1,122,003 16,505 115,698 5,835 School administration 2,129,150 31,374 260,686 11,092 Business services 493,245 7,240 50,755 2,560 Operation and maintenance of facilities 4,471,842 65,941 573,155 23,312 Student transportation 4,708,179 69,444 494,907 24,551 Food services 2,280,367 1,757,360 Community services 1,524 Interest on long-term debt 101,280 Total governmental 55,183,737 2590r530 "7r959r516 275r234 activities 7,968,001 30,679,475 9,721 294,522 (12,189) 662,608 (662,608) 38,939,530 (5,418,927) 12,457,834 7,038,907 General revenues: Property taxes Unrestricted state aid Unrestricted investment earnings Unrestricted grants and contributions Gain (loss) on sale of assets Transfers in Transfers (out) Total general revenues other items, and transfers Change in net assets Net assets - beginning, as restated Net assets - ending BALANCE SHEET - GOVERNMENTAL FUNDS General Special Current Revenue • Expense Fund Special Bond Capitol Total Revenue Construction Projects Fund Govemmental ARRA Fund Fund 42,904,028 304,327 173,205 72,662 97,573 583,486 1,293p674 454281955 ASSETS Cash and cash equivalents 1,608,144 141,907 - 41,163,977 Investments 304,327 Taxes receivable, net 173,205 Other receivables 25,160 47,502 Due from other governments: State aid receivable 90,061 7,512 PEIA allocation receivable 583,486 Reimbursements receivable 225,000 436r213 5091762 - Total assets 2,705,056 937,461 509,762 41 t153,977 LIABILITIES AND FUND BALANCES 122699 122,699 3,716,935 620,887 9,441,044 815,123 963r207 15,557,196 Liabilities: Salaries payable and related payroll liabilities 3,716,935 PEIA premiums payable 620,887 OPEB Liability 9,441,044 Accounts payable 182,662 - 509,762 Deferred revenue 54,649 908 558 Total liabilities 14,016,177 908,558 509,762 41,831,341 - (11,959,582) 29,871,759 122,699 122,699 Fund Balances: Restricted 648,461 28,903 - 41,153,977 Unassigned (11 ;959,582) Total fund balances (11,311,121) 28,903 - 41,153,977 TOTAL LIABILITIES AND FUND BALANCES 2,705,056 937,461 509,762 41.153.977 RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS 122,699 45,428,955 29,871,759 20,838,847 Total governmental fund balance Amounts reported for governmental activities in the statement of net assets differ due to: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the fund balance sheet Deferred charges are not reported in the funds Property taxes receivable, food service billings receivable, and medicaid receivables will be collected this year but are not available soon enough to pay for the current period's expenditures, and are therefore deferred in the fund balance sheet. 66,334 Route 50 • Evansville Landscaping • Mulching Planting • Trimmings Retaining Walls • Pavers Nursery Open By Appointment Call Travis 304-612-6820 LEGAL NOTICE Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the funds. Bonds payable Bond premium Accrued interest on bonds Capital lease payable Compensated absences (39,600,000) (1,639,817) (101,280) (2,363,624) (33,312) Net assets of governmental activities 7,038,907 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS General Special Special Bond Capitol Total Current Revenue' Revenue Construction Projects Governmental Expense Fund ARRA Fund Fund Fund Revenues: Property taxes 8,003,678 8,003,678 Other Local sources 67,585 146,653 2,753 216,991 State sources 30,121,232 2,240,570 122,699 32,484,501 Federal sources 786,643 5,401,638 2,816,462 9,004,743 Miscellaneous sources 36,429 36,429 Total revenues 39,015,567 7.788.81 2,816,462 2,753 122,699 49,746,342 Expenditures: Instruction 28,460,511 3,999,886 2,430,056 Supporting services: Students 1,809,050 429,385 181,606 Instructional staff 639,326 505,910 69,748 Central administration 947,694 60,340 8,799 71,150 School administration 2,084,234 42,396 Business 475,026 18,156 Operation and maintenance of facilities 4,252,615 140,652 64,829 Student transportation 4,386,778 643,581 53,751 Food services 200,364 2,056,289 Community services 1,524 Capital outlay 1 r340p 113 72,482 17,443 Total expenditures 44,597,235 7,969,077 2808,789 88,593 - 34,890,453 2,420,041 1,214,984 1,087,983 2,126,630 493,182 4,458,096 5,084,110 2,256,653 1,524 1,614,125 3,0441163 1,614,125 57r077,819 Excess (deficiency) of revenues over expenditures Other financing sources (uses): (5,581,668) (180,216) 7,673 (85,840) (1,491,426) (7,331,477) Transfers in 33,827 458,899 169,882 662,608 Bond proceeds - 39,600,000 - 39,600,000 Bond premium proceeds 1,639,81 7 1,639,817 Capital lease proceeds 364,896 364,896 Transfers (out) (628,780) (26,155) (7,673) - - (662,608) Total other financing source (uses) (594r953) 432,744 (7,673) 41,239,81 7 534,778 41,604,713 Net change in fund balances (6,176,621) 252,528 - 41,153,977 (956,648) 34,273,236 Fund balances- beginning (5,134,500) (223,625) - (5,358,125) Restatement of fund balance - 956648 956,648 Fund balances- beginning, as restated (5,134,500) (2231625) 956,648 (4,401,477) Fund balances - ending 11r311r121 ) 28,903 - 41r1537977 - 29,871759 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES I N F,!ND BALANCES OF GOVERNMENTAL FUNDSTOTHE STAEMENT OF ACTIVITIES ;,.li I-'-i/,.  -;, Amounts reported for governmental activities in the statement of activities are different due to: Net change in fund balances - total governmental funds 34,273,236 Governmental funds report capital outlays as expenditures. However, in the statement of net assets, tile cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. The effect on net assets is the amount by which capital outlays exceed depreciation in the current period. Depreciation expense Capital outlays (1,393,520) 3,258,063 Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds, rather they are reported as deferred revenues. 30,657 The repayment of the principal of long-term debt (e.g., bonds, leases) consumes the current financial resources of governmental funds. However, such repayment has no effect on net assets. 136,453 Differences In the cost and accumulated depreciation on disposed capital assets are reported as a loss and reduction in net assets in the statement of activities. Cost of assets disposed Accumulated depreciation of assets disposed (121,886) 109,697 Compensated absences are reported as liabilities in the statement of net assets, but are only reported in government funds to the extent they have matured. This is the amount by which compensated absences (increassd)/decreased. Accrued vacation payable (5,634) Capital lease and bond proceeds are reported as liabilities in the statement of net assets instead of as financing transfers in the governmental activities. (39,964,896) Bond premiums are reported as liabilities in the statement of net assets instead of as financing transfers in the governmental activities. (1,639,817) Accrued interest is required to be reported as a liability in the statement of net assets of the district wide financial statements. The following represents the change in accrued interest receivable for the year. Change in net assets of governmental activities STATEMENT OF FIDUCIARY NET ASSETS - FIDUCIARY FUNDS ASSETS Cash and cash equivalents Receivables Total assets (101,280) Agency Funds School Activity • Funds 653,479 653479 LIABILITIES Accounts payable & accrued liabilities Due to other funds Total liabilities Salaries expenditures: Board officials: PRESTON COUNTY BOARD OF EDUCATION SUPPLEMENTAL SCHEDULE OF EXPENDITURES FOR THE FISCAL ENDED JUNE 30, 2011 McNeill, Kathy, President Mcurum, Hooert ., vice-President Cox, Lmnton Luy Hersnman, Jason lalenco, Iony Superintendent Total salaries paid to other professional personnel Total salaries paid to service personnel Total salary expenditures 653,479 653,479 $3,520 3,680 3,520 3,360 3,680 110,000 19,578,710 5,990,074 25,696,544 Non-salary expenditures: Expenditures paid in excess of two hundred fifty dollars ($250): (List the name of each firm, corporation and person to whom more than two hundred fifty dollars ($250) in the aggregate from all funds was paid during the fiscal year, together with the aggregate amount paid and the purpose for which paid.) Total non-salary expenditures paid in excess of two hundred fifty dollars ($250) Total non-salary expenditures paid of less than two hundred fifty dollars ($250) Total accrued expenditures, refunds, and other non-cash transactions Total non-salary expenditures Total expenditures per financial statements 19,991,375 27,562 11,362,338 31,3U1,275 $57,077,819 Continued on Pae 11)