2014 Annual Report NET POSITION • Total net position increased by $9,179,149, which represents a 19.1 percent increase from 2013. • The District continues to pay down its outstanding debt and shorten repayment periods. • Accrued wages and benefits decreased $160,428 due to the Governmental Activities Assets Current and Other Assets Captial Assets Total Assets Liabilities Long-term Liabilities Other Liabilities Total Liabilities Deferred Inflows of Resources Property Taxes Net Position Net Investments in Capital Assets Restricted Unrestricted Total Net Position 23,764,063 4,657,530 28,860,172 $57,281,765 18,082,152 7,697,202 22,323,262 $48,102,616 22,232,256 25,206,963 41,148,367 3,381,194 44,529,561 44,145,234 4,256,927 48,402,161 $61,206,905 62,836,677 124,043,582 $61,777,555 59,934,185 121,711,740 LOCAL TAXES COLLECTED Property Tax dollars collected for the general fund from operating levies are used to pay for day-to-day operating expenses of the District, including salaries, benefits, utilities, books, materials, and equipment. Local property taxes (42.25 mills) collected from Commercial Real Estate for Fiscal Year 2014 totaled $17,888,210 (54.5 percent of total taxes collected). The District collected $13,922,708 (42.4 percent of total taxes collected) in Residential Real Estate taxes (35.28 mills) in fiscal year 2014. Beachwood has not had an operating levy on the ballot since 2005 Public Utility Taxes are assessed on tangible personal property, as well as land and improvements, at true value (normally 50 percent of cost). The District collected $1,004,267 (3.1 percent of total taxes collected) from public utility property taxes in Fiscal Year 2014. retirement of 11 staff members who were replaced by less senior staff. 2014 2013 2012 • • • • $71,065,301 45,768,048 116,833,349 47,070,449 5,925,001 52,995,450 OPERATING LEVY CYCLES Local School District Operating Levies Since 2005 22,611,659 2006, 2010, 2014 Shaker Heights 2005, 2010, 2013 Solon 18,670,053 3,818,435 18,737,752 $41,226,240 2005, 2007, 2008, 2010, 2011, 2012 Aurora 2005, 2008, 2012 South Euclid-Lyndhurst 2008, 2012 Mayfield 2007, 2012 Chagrin Falls 2007, 2011 Cleveland Heights-University Heights 2006, 2010 (failed), 2011 Hudson 2011 Orange 2005 Beachwood REVENUE • The District’s revenues increased by 5.4 percent over 2013 due • Program Revenues ($6,159,860) • • are for specific program areas and comprise 13 percent of the District’s total revenues. General Revenues ($36,597,587) account for 75 percent of all revenues. The largest portion of general revenues is property taxes levied on commercial and residential properties. Grants and Entitlements ($5,687,462) comprise 12 percent of the District’s revenues, and are from the State of Ohio and the federal government. primarily to the District receiving unbudgeted revenue from the settlement of litigation regarding the valuation of real property. 2014 2013 2012 $3,920,001 3,190,174 2011 $4,432,301 3,368,012 Program Revenues Charges for Services and Sales Operating Grants and Contributions $2,837,045 3,322,815 $4,346,756 3,026,362 General Revenues Property Taxes Grants and Entitlements Investments Other 33,708,619 5,687,462 176,869 2,712,099 27,450,186 5,647,472 73,323 5,436,826 28,034,000 6,385,851 221,860 298,808 26,914,433 6,845,143 332,985 250,458 Total Revenue $48,444,909 $45,980,925 $42,050,694 $42,143,332