The liabilities of the Academy exceeded its assets at the close of the most recent fiscal
year (June 30, 2017) by $26,877,605 (net position). This is a change from the previous year's deficit net
position of $16,698,919. The vast majority of this deficit is caused by the Governmental
Accounting Standards Board (GASB) Statement 68. It is important to note that without the impact of the
Pension Liability, the net position of The Academy would have been an increase of $311,155 as
opposed to the depicted decrease of $10,178,686.
The Proprietary Fund net position improved by $61,404 but is still at a deficit
($2,363,935). The Proprietary fund was created when the Academy used bond proceeds
to construct its facilities. The deficit will be eliminated as the school pays down its debt.
The General Fund balance increased $283,860 from $1,564,704 to $1,848,564. The
increase was caused by an increase in revenue coupled with The Academy's practice to
limit routine expenditures so as to not exceed revenue in any particular year. The
revenue increase was primarily from local sources but includes a modest increase from
State and Federal Grants and Donations as well. The funds will provide additional