| EXHIBIT B-1 | |||||||||||||
| MIDDLETOWN TOWNSHIP BOARD OF EDUCATION | |||||||||||||
| COMBINED BALANCE SHEET[1] | |||||||||||||
| GOVERNMENTAL FUNDS | |||||||||||||
| FOR THE FISCAL YEAR ENDED JUNE 30, 2003 | |||||||||||||
| (With Comparative Totals for June 30, 2002) | |||||||||||||
| TOTALS | |||||||||||||
| SPECIAL | CAPITAL | DEBT | (MEMORANDUM ONLY) | ||||||||||
| GENERAL | REVENUE | PROJECTS | SERVICE | PERMANENT | JUNE 30, | JUNE 30, | |||||||
| FUND | FUND | FUND | FUND | FUND | 2003 | 2002 | |||||||
| Assets: | |||||||||||||
| Cash and Cash Equivalents | $12,787,521 | 975,742 | 14,365,354 | 639,146 | 28,767,763 | 33,188,329 | |||||||
| Receivables, Net | 83,652 | 38,395 | 122,047 | 69,419 | |||||||||
| Due From Other Funds | 632,252 | 632,252 | 785,717 | ||||||||||
| Receivables From Other Governments | 273,386 | 852,763 | 1,126,149 | 2,015,784 | |||||||||
| Other Receivables | 10,531 | 10,531 | 208,527 | ||||||||||
| Restricted Cash & Cash Equivalents | 204,136 | 204,136 | 200,001 | ||||||||||
| Total assets | 13,359,226 | 1,866,900 | 14,365,354 | 632,252 | 639,146 | 30,862,878 | 36,467,777 | ||||||
| Liabilities and Fund Balances: | |||||||||||||
| Liabilities: | |||||||||||||
| Cash Overdraft | 599,328 | 599,328 | 767,101 | ||||||||||
| Accounts Payable | 2,026,917 | 276,545 | 796,185 | 29,006 | 3,128,653 | 2,856,956 | |||||||
| Intergovernmental - Accounts Payable | 38,395 | 38,395 | 69,419 | ||||||||||
| Other Liabilities | 853,241 | 6,240 | 859,481 | 3,632,265 | |||||||||
| Interfund Payable | 155,000 | 477,252 | 632,252 | 762,142 | |||||||||
| Deferred Revenue | 1,545,720 | 1,545,720 | 1,211,659 | ||||||||||
| Total Liabilities | 3,035,158 | 1,866,900 | 1,273,437 | 628,334 | 6,803,829 | 9,299,542 | |||||||
| Fund Balances: | |||||||||||||
| Reserved for: | |||||||||||||
| Encumbrances | 2,779,636 | 12,424,883 | 15,204,519 | 9,434,394 | |||||||||
| Legally Restricted - Designated for | |||||||||||||
| Subsequent Year's Expenditures | 1,500,000 | 1,500,000 | 775,000 | ||||||||||
| Capital Reserve Account | 204,136 | 204,136 | 200,001 | ||||||||||
| I.B.N.R. | 1,473,200 | 1,473,200 | 1,410,116 | ||||||||||
| Unreserved - Reported in: | |||||||||||||
| General Fund | 4,367,096 | 4,367,096 | 4,989,388 | ||||||||||
| Debt Service Fund | 3,918 | 3,918 | 52,778 | ||||||||||
| Capital Projects Fund | 667,034 | 667,034 | 9,657,182 | ||||||||||
| Permanent Fund | 639,146 | 639,146 | 649,376 | ||||||||||
| Total Fund Balances | 10,324,068 | 13,091,917 | 3,918 | 639,146 | 24,059,049 | 27,168,235 | |||||||
| Total Liabilities & Fund Balances | $13,359,226 | 1,866,900 | 14,365,354 | 632,252 | 639,146 | 30,862,878 | 36,467,777 | ||||||
| Amounts reported for governmental activities in the statement of | |||||||||||||
| net assets (A-1) are different because: | |||||||||||||
| Capital assets used in governmental activities are not financial | |||||||||||||
| resources and therefore are not reported in the funds. The cost | |||||||||||||
| of the assets is $127,317,446, and the accumulated depreciation | |||||||||||||
| is $30,006,212. | $97,311,235 | ||||||||||||
| Accrued interest payable is not recorded in the fund financial | |||||||||||||
| due to the fact that payable is not due in the current period. | (3,267,801) | ||||||||||||
| Long-term liabilities, including bonds payable, are not due and | |||||||||||||
| payable in the current period and therefore are not reported as | |||||||||||||
| liabilities in the funds (see Illustrative Note 5) | (99,308,017) | ||||||||||||
| Net assets of Governmental Activities | $18,794,466 | ||||||||||||
| See Accompanying Notes to Financial Statements | |||||||||||||
| #REF! | net assets per A-2 | ||||||||||||
| #REF! | DIFFERENCE | ||||||||||||