Financial Highlights as of June 30, 2018
The General Fund balance increased $528,161 from $1,848,564 to $2,376,725. The
primary drivers were an increase in revenue, a larger than expected refund from our
partially self-funded health care plan (offsetting the expense), and The Academy's
practice to limit routine expenditures so as to not exceed revenue in any particular year.
The revenue increase was primarily from an increase in per pupil revenue and local
sources (fundraising activities). The funds will provide additional reserves.
The Proprietary Fund net position improved by $142,427 but is still at a deficit
($2,221,508). 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 liabilities of the Academy exceeded its assets at the close of the most recent fiscal year by $39,730,489 (net position). This is a change from the previous year's deficit net
position of $26,877,605. The vast majority of this deficit is caused by the Governmental
Accounting Standards Board (GASB) Statement 68 and
Governmental Accounting Standards Board (GASB) Statement 75.