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Consolidated Public Library District No. 3 Known As Mid-Continent Public Library Notes to Financial Statements June 30, 2007 Note 5: Special Termination Benefits The Library has an “Early Retirement Subsidy Program” for qualified employees, whereby the Library will continue to pay for the qualified employee’s health insurance until age 65 or until the employee becomes eligible for Medicare, whichever comes first. To qualify, an employee must be at least 60 years of age and have been employed by the Library for a minimum of 20 consecutive years as a full-time employee at the time of retirement. The Library has recorded a liability for the present value of the expected future payments for the health insurance on retiring qualified employees. The Library’s total early retirement benefits expense was $28,518 for the year ended June 30, 2007. The following is a summary of the changes in this liability for the year ended June 30, 2007: Early retirement benefits Note 6: Current Year Earned and Balance Changes in June 30, 2006 Estimates Payments $ $ 200,000 $ 28,518 Balance June 30, 2007 (28,518) $ 200,000 Long-term Debt The following table summarizes the changes in governmental activities long-term debt of the Library for the year ended June 30, 2007: Outstanding July 1 Certificate of Participation Bonds $ Unamortized discount Total — Additions $ 10,000,000 — $ 0 Reductions $ (15,984) $ 9,984,016 — 500 $ 500 Outstanding Due Within June 30 One Year $ 10,000,000 $ 845,000 (15,584) $ 9,984,416 — $ 845,000 On March 1, 2007, the Library issued Series 2007 Certificates of Participation Bonds for $10,000,000 to finance the construction of a new library branch. Proceeds were deposited in an escrow account and reflected in the General Fund as Restricted cash and investments. The Certificates mature on various dates through 2017 at interest rates varying from 3.65%-3.9%. Certificates maturing on or after March 1, 2015 are callable at the option of the District on or after March 1, 2014 at par. This is trial version www.adultpdf.com 18 Consolidated Public Library District No. 3 Known As Mid-Continent Public Library Notes to Financial Statements June 30, 2007 Annual debt service requirements are as follows: Principal 2008 2009 2010 2011 2012 2013-2017 $ 845,000 880,000 910,000 940,000 975,000 5,450,000 $ 10,000,000 Interest $ Total 376,345 345,903 313343 279673 244893 644,503 $ 1,221,345 1,225,903 1,223,343 1,219,673 1,219,893 6,094,503 $ 2,204,660 $ 12,204,660 Interest on the Certificates is exempt from Federal and State of Missouri income taxation. The Library capitalizes the net interest costs (income) related specifically to borrowings for the project. Investment income earned from the funds along with the related interest expense capitalized in the construction of the new library branch as of June 30, 2007 was as follows: Interest income Interest expense Net capitalized interest Note 7: $ (142,867) 94,186 $ (48,681) Significant Estimates and Concentrations Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Those matters include the following: • In the ordinary course of business, there are legal proceedings pending against the Library. Management, after consultation with legal counsel, is of the opinion that the ultimate resolution of these proceedings will have no material adverse effect on the financial position of the Library. This is trial version www.adultpdf.com 19 Required Supplementary Information This is trial version www.adultpdf.com Consolidated Public Library District No. 3 Known As Mid-Continent Public Library Revenues and Expenses Compared to Budget Year Ended June 30, 2007 Actual Revenues Property taxes Federal and state grants Investment income Fines, fees and other State aid Salaries and Benefits Salaries Payroll taxes Retirement Medical insurance Life insurance Employee Assistance Program Tuition reimbursement Books, Periodicals and Other Library Materials Books A-V materials Microfilm Periodicals OCLC Online Comp. Lib. Ctr. Binding Electronic resources Occupancy Expenses Buildings Rent Custodial supplies Utilities Furniture and equipment repairs Equipment maintenance contracts (prepaid) Building repairs and maintenance Furniture and equipment Over (Under) Budget Budget $ 37,622,692 25,845 2,909,400 1,210,345 277,331 $ 35,396,060 50,000 1,644,910 600,000 274,055 $ 2,226,632 (24,155) 1,264,490 610,345 3,276 $ 42,045,613 $ 37,965,025 $ 4,080,588 $ 15,080,872 1,133,777 1,972,539 1,867,138 53,709 8,167 4,659 $ 15,098,070 1,236,394 2,165,314 2,193,054 72,419 8,167 10,000 $ (17,198) (102,617) (192,775) (325,916) (18,710) — (5,341) 20,120,861 20,783,418 (662,557) 4,976,377 1,238,254 243,400 360,322 106,293 33,788 2,397,982 5,128,698 1,550,000 200,000 361,000 115,000 50,000 2,605,000 (152,321) (311,746) 43,400 (678) (8,707) (16,212) (207,018) 9,356,416 10,009,698 (653,282) 2,844,344 101,754 92,048 695,575 47,984 17,281 1,726,028 165,588 3,931,000 144,500 95,000 725,000 50,000 30,000 1,700,910 180,000 (1,086,656) (42,746) (2,952) (29,425) (2,016) (12,719) 25,118 (14,412) 5,690,602 6,856,410 (1,165,808) (Continued) This is trial version www.adultpdf.com 20 Consolidated Public Library District No. 3 Known As Mid-Continent Public Library Revenues and Expenses Compared to Budget Year Ended June 30, 2007 Actual General and Administrative Vehicles Office and printing supplies Advertising Professional fees Convention expense $ 84,125 345,839 197,487 881,429 140,578 Over (Under) Budget Budget $ 100,000 360,000 225,000 692,000 200,000 $ (15,875) (14,161) (27,513) 189,429 (59,422) Automated circulation system Memberships and dues Postage and freight Telephone Automotive repairs 725,371 31,162 469,774 282,136 14,554 800,000 40,000 600,000 373,000 15,000 (74,629) (8,838) (130,226) (90,864) (446) Gas, oil and lubrication Travel and transportation Insurance Contingency and miscellaneous 47,651 111,685 156,597 399,880 50,000 110,000 255,000 517,500 (2,349) 1,685 (98,403) (117,620) 3,888,268 4,337,500 (449,232) Bond Issuance $ 39,056,147 $ 9,984,016 $ 41,987,026 $ (2,930,879) — $ 9,984,016 This is trial version www.adultpdf.com 21 Consolidated Public Library District No. 3 Known As Mid-Continent Public Library Schedule of Funding Progress Year Ended June 30, 2007 The following summarizes the Library’s funding progress with respect to the Missouri Government Employees Retirement System (LAGERS). Actuarial Valuation Date (a) Actuarial Value of Assets (b) Actuarial Accrued Liability (b-a) Unfunded Accrued Liability (UAL) February 28, 2005 February 28, 2006 February 28, 2007 $ 23,444,813 $ 25,800,207 $ 27,174,769 $ 29,857,915 $ 32,231,309 $ 32,797,866 $ 6,413,102 $ 6,431,102 $ 5,623,097 (a/b) Funded Ratio (c) Annual Covered Payroll [(b-a)/c] UAL as a Percentage of Covered Payroll 79% 80% 83% $ 10,933,278 $ 11,237,845 $ 11,541,434 59% 57% 49% Note: The above assets and actuarial accrued liability do not include the assets and present value of benefits associated with the Benefit Reserve Fund and the Casualty Reserve Fund. The actuarial assumptions were changed in conjunction with the February 28, 2007 annual actuarial valuations. For a complete description of the actuarial assumptions used in the annual valuations, please contact the LAGERS office in Jefferson City. This is trial version www.adultpdf.com 22