Comprehensive Annual Financial Report

Report for 2008

SOLANCO SCHOOL DISTRICT
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2008
TABLE OF CONTENTS

INTRODUCTORY SECTION									Page No.

Letter of Transmittal									I - 1 to I - 11

Certificate of Excellence in Financial Reporting, Association of School Business Officials International									I - 12

Certificate of Achievement for Excellence in Financial Reporting, Government Finance Officers Association									I - 13

Board of School Directors and Principal Officials									I - 14

Organizational Chart									I - 15

Schedule for Curriculum Review Cycle									I - 16

FINANCIAL SECTION

Independent Auditors' Report									F - 1 to F - 2

Management's Discussion and Analysis									F - 3 to F - 26

BASIC FINANCIAL STATEMENTS

Statement of Net Assets									F - 28 to F - 29

Statement of Activities									F - 30

Balance Sheet - Governmental Funds									F - 31

Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets									F - 32

Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds									F - 33 to F - 34

Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities									F - 35 to F - 36

Statement of Net Assets - Proprietary Funds									F - 37

Statement of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Funds									F - 38

Statement of Cash Flows - Proprietary Funds									F - 39 to F - 40

Statement of Net Assets - Fiduciary Funds									F - 41

Statement of Changes in Net Assets - Fiduciary Funds									F - 42

Notes to the Basic Financial Statements									F - 44 to F - 69

REQUIRED SUPPLEMENTARY INFORMATION

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund									F - 72 to F - 73

Notes to Required Supplementary Information									F - 74

COMBINING INDIVIDUAL FUND SCHEDULES (SUPPLEMENTAL FINANCIAL INFORMATION)

GENERAL FUND

Schedule of General Fund Revenues and Other Financing Sources - Budget to Actual Comparison									F - 76 to F - 77


Schedule of General Fund Expenditures and Other Financing Uses - Budget to Actual Comparison									F - 78 to F - 82

DEBT SERVICE SUB-FUNDS

Combining Balance Sheet - Debt Service Sub-Funds									F - 84

Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances - Debt Service Sub-Funds									F - 85

PROPRIETARY FUNDS - INTERNAL SERVICE FUNDS

Combining Schedule of Net Assets - Proprietary Funds									F - 87

Combining Schedule of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Funds									F - 88

Combining Schedule of Cash Flows - Proprietary Funds									F - 89

PRIVATE PURPOSE TRUST FUNDS AND AGENCY FUNDS

Combining Schedule of Net Assets - Fiduciary Funds - Private Purpose Trust Funds									F - 92 to F - 95

Combining Schedule of Changes in Net Assets - Fiduciary Funds - Private Purpose Trust Funds									F - 96 to F - 99

Combining Schedule of Changes in Assets and Liabilities - Fiduciary Funds - Agency Funds									F - 100


STATISTICAL SECTION

Financial Trends

Net Assets by Component									S - 2

Changes in Net Assets - Governmental Activities									S - 3 to S - 4

Changes in Net Assets - Business-type Activities									S - 5

Changes in Net Assets - Total Primary Government									S - 6 to S - 7

Fund Balances of Governmental Funds									S - 8

Unreserved/Undesignated General Fund Balance as Percentage of Actual Expenditures									S - 9

Changes in Fund Balances of Governmental Funds									S - 10

General Fund Revenues and Other Financing Sources by Source									S - 11

General Fund Revenues and Other Financing Sources by Account									S - 12 to S - 13

General Fund Expenditures and Other Financing Uses by Function									S - 14

General Fund Expenditures and Other Financing Uses by Sub-Function									S - 15

Schedule of Cost Per Student Based on Total Primary Government Expense									S - 16

Schedule of General Fund Expenditures Per Student Based on Governmental Fund Expenditures									S - 17

General Fund Cash Flow Analysis									S - 18

Revenue Capacity

Property Tax Levy and Collections									S - 19

Occupation, Per Capita, Earned Income and Property Tax Collections									S - 20

Assessed Value and Estimated Actual Value of Taxable Property									S - 21

Taxable Assessed and Estimated Actual Property Values									S - 22

Property Tax Rates - Direct and Overlapping Goverments									S - 23

Lancaster County School Districts Schedule of Millage Rates									S - 24

Principal Taxpayers									S - 25

County of Lancaster Earned Income Tax Statistics									S - 26

Debt Capacity

Schedule of Direct and Overlapping Debt									S - 27

Computation of Nonelectoral Debt Margin									S - 28

Legal Debt Margin Information									S - 29

Ratio of Annual Debt Service for General Obligation Bonded Debt to Total General Fund Expenditures and Other Financing Uses									S - 30

Ratio of Annual Debt Service for General Obligation Bonded Debt to Total General Fund Revenues and Other Financing Sources									S - 31

Ratios of General Obligation Bonded Debt to Taxable Assessed Property Value, Per Capita, Personal Income and Student Enrollment									S - 32

Gross Debt Service Schedule									S - 33

Demographic and Economic Information

Enrollment History and Projections by Instructional Level									S - 34

Demographic Characteristics by Township									S -35 to S -36

Lancaster County Demographic and Economic Statistics									S - 37

Lancaster County Principal Employers									S - 38

PSERS Retirement Rates									S - 39

Operating Information

Full-Time Equivalent Employees by Function									S - 40

District Building Information									S - 41

Capital Assets Statistics by Function/Program									S - 42

Schedule of Insurance Policies									S - 43 to S- 44

Glossary of Terms									S - 46 to S - 51

SINGLE AUDIT SECTION

Schedule of Expenditures of Federal Awards									SA - 2 to SA - 4

Notes to Schedule of Expenditures of Federal Awards									SA - 5

Report on Internal Control Over Financial Reporting and on Other Matters Based on an Audit of Financial Statements Compliance and Performed in Accordance with Government Auditing Standards									SA - 6 to SA -7

Report on Compliance with Requirements Applicable to each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133									SA - 8 to SA - 9

Schedule of Findings and Questioned Costs									SA - 10 to SA - 11

Summary Schedule of Prior Audit Findings									SA - 12

Corrective Action Plan									SA -13 to SA - 14