CAFR FY1975KODIAK ISLAND BOROUGH
Financial Statements
June 30, 1975
(With Accountants' Report Thereon)
Mitch •
Z ��
KODIAK ISLAND BOROUGH
Table of Contents
Accountants' report
Exhibit
Combined Balance Sheet, Various Funds A
Borough - General Fund:
Balance Sheet B
Statement of Changes in Fund Balance C
Statement of Estimated and Actual Revenues D
Statement of Budgeted and Actual Expenditures E
Federal Revenue Sharing Fund:
Balance Sheet F
Statement of Revenues, Expenditures and Changes in Fund Balance G
Land Sales Fund:
Balance Sheet H
Statement of Revenues, Expenditures and Changes in Fund Balance I
Fire District Fund:
Balance Sheet J
Statement of Estimated and Actual Revenues and Expenditures and
Changes in Fund Balance K
f School District - General Fund:
Balance Sheet L
Statement of Changes in Fund Balance M
Statement of Estimated and Actual Revenues N
Statement of Budgeted and Actual Expenditures 0
School District - Special Revenue Funds:
Combined Balance Sheet
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance Q
Elementary and Secondary Education Act Balance Sheets R
Elementary and Secondary Education Act Statements of Revenues,
Expenditures and Changes in Fund Balances S
Vocational Education Balance Sheets T
Vocational Education Statements of Revenues, Expenditures and
Changes in Fund Balances U
School District - Cafeteria Fund:
Balance Sheet V
Statement of Revenues, Expenditures and Changes in Fund Balance W
(Continued)
2
KODIAK ISLAND BOROUGH
Table of Contents, Continued
Exhibit
School District - Tobacco Tax Fund:
Balance Sheet
X
Statement of Revenue, Expenditure and Changes in Fund Balance
Y
School District - Student Activity Funds:
Balance Sheets
Z
Statement of Revenues, Expenditures and Changes
in Fund Balances (Deficits)
AA
Kodiak Aleution Mental Health Center:
Balance Sheet
BB
Statement of Changes in Fund Balance
CC
Statement of Revenues and Expenditures
DD
Debt Service Fund:
Balance Sheet
EE
Statement of Revenues, Expenditures and Changes in Fund Balances
FF
Capital Projects Funds:
Balance Sheet
GG
Statements of Revenues, Expenditures and Changes in Fund Balances
HH
General Long -Term Debt:
Statement of General Long -Term Debt
II
Combined Schedule of Bonds Payable
JJ
Notes to Financial Statements
PEAT, MARWICK, MITCHELL & CO.
CERTIFIED PUBLIC ACCOUNTANTS
ALASKA MUTUAL BANK BUILDING
601 WEST 5TH AVENUE, SUITE 700
ANCHORAGE, ALASKA 99501
Members of the Borough Assembly
Members of the School Board
Kodiak Island Borough:
We have examined the financial statements of the various funds and the general
long -term debt group of accounts of the Kodiak Island Borough for the year ended
June 30, 1975, listed in the foregoing table of contents. Our examination was made
in accordance with generally accepted auditing standards, and accordingly included
such tests of the accounting records and such other auditing procedures as we con-
sidered necessary in the circumstances.
The Borough has not maintained a record of its general fixed assets and accord-
ingly a statement of general fixed assets, required by generally accepted accounting
principles, is not included in the financial report.
In our opinion, the financial statements listed in the aforementioned table of
contents present fairly the financial position of such funds and the general long-
term debt group of accounts of the Kodiak Island Borough at June 30, 1975, and the
results of operations of such funds for the year then ended, in conformity with
generally accepted accounting principles applied on a basis consistent with that
of the preceding year.
September 9, 1975
KODIAK ISLAND BOROUGH
Combined Balance Sheets, Various Funds
June 30, 1975
Assets
Cash:
Restricted
Unrestricted
Property taxes receivable, net
Notes receivable from land sales
Due from City of Kodiak
Receivables from State of Alaska
Receivables from Federal Government
Due from Kodiak Area Natives Association
Advances to hospital
Other receivables
Due from other funds
Inventories, at cost
Furniture and equipment, at cost
Amount available for retirement of term bonds
Amount available for retirement of serial bonds
Amount to be provided for retirement of bonds
Liabilities. Encumbrances and Fund Balance
Accounts payable
Payroll taxes and retirement withheld and accrued
Bonds payable
Other liabilities
Due to other funds
Encumbrances outstanding
Fund balance:
Appropriated
Unappropriated
Total fund balance
Federal
Revenue
General Sharing
Fund Fund
$ 60,000 38,941
296,723 -
73,072 -
42,764 -
28,545 -
- 4,387
16,537 -
2,065 -
75,505 -
$ 595,211 43,328
30,647 -
5,263 -
114,589 29,464
834 -
145,000
-
298,878
13,864
443,878
13,864
$ 595,211
43,328
See accompanying notes to financial statements.
-
School
School
13,277
223
- 1,274
10,223 -
15,245 -
-
-
Fire
District
Special
School
Tobacco
Student
Mental
Debt
Capital
General
District
General
Revenue
Cafeteria
Tax
Activities
Health
Service
Projects
Long -term
Fund
Fund
Funds
Fund
Fund
Fund
Center
Fund
Fund
Debt
-
-
-
3,911
145
24,269
45,863
135,000
70,960
-
-
68,673
-
-
-
-
-
-
-
-
-
55,007
105,901
-
-
-
-
-
-
-
-
36,170
137,141
-
-
-
1,578
-
1,600
-
-
-
87,417
-
-
-
-
-
-
-
-
20,072
612
8,553
-
-
2,786
2,900
-
-
5,974
322,870
-
-
-
-
-
30,252
117,194
-
-
24,884
-
48,145
-
-
-
-
-
-
-
-
-
-
-
-
16,439
-
-
-
-
-
-
-
-
-
-
-
-
135,000
-
-
-
-
-
-
-
-
-
30,252
-
-
-
-
-
-
-
-
-
4,439,748
5,974
527,676
331,071
60,609
145
24,269
66,666
168,152
189,754
4,605,000
-
-
46,941
13,277
223
- 1,274
10,223 -
15,245 -
-
-
219,714
-
.4,411
- -
2,922 -
- -
-
-
-
-
-
- -
- -
- 4,605,000
-
-
14,111
-
-
- -
- -
- -
21,000
-
70,820
297,583
4,183
- -
1,889 2,900
30,252 -
-
-
41,233
20,211
-
- 2,834
- -
- -
139,690
-
117,743
-
-
- -
16,439 -
144,257 -
572,572
5,974
17,114
-
51,792
145 20,161
35,193 165,252
- -
712,262
5,974
134,857
-
51,792
145 20,161
51,632 165,252
144,257 -
733,262
5,974
527,676
331,071
60,609
145 24,269
66,666 168,152
189,754 4,605,000
KODIAK ISLAND BOROUGH
General Fund
Balance Sheet
June 30, 1975
Assets
Cash:
Unrestricted
Restricted for hospital operations (note 3)
Total cash
Property taxes receivable:
Real
Personal
Less allowance for uncollectible taxes
Net property taxes receivable
Due from State of Alaska
Due from City of Kodiak
Due from hospital
Due from other funds:
Kodiak Aleutian Mental Health Center Fund
School District General Fund
Debt Service Fund
Total due from other funds
Accrued interest receivable
$ 52,791
32,281
85,072
12,000
1,785
70,820
2,900
$ 296,723
60,000
356,723
73,072
28,545
42,764
16,537
75,505
2,065
$ 595,211
See accompanying notes to financial statements.
Exhibit B
Liabilities, Encumbrances and Fund Balance
Accounts payable
Payroll taxes accrued and withheld
Due to other funds:
Fire District Fund
Land Sales Fund
Capital Projects Fund
Total due to other funds
Total liabilities
Encumbrances outstanding
Fund balance:
Appropriated:
1975 -76 operating expenditures
Hospital operations (note 3)
Working capital
Total appropriated fund balance
Unappropriated
Total fund balance
Commitment (note 3)
$ 5,974
20,885
87,730
50,000
60,000
35.000
145,000
298,878
$ 30,647
5,263
114,589
150,499
834
443,878
$ 595,211
Year ended June 30, 1975
Fund balance, July 1, 1974 $
Adjustment to establish Federal Revenue Sharing Fund
Fund balance, July 1, 1974, as restated
Add revenues
Deduct expenditures
Transfer to appropriated fund
balance
Fund balance, June 30, 1975
- (85,000 30,000 5,000 - 50,000
$ 443,878 298,878 60,000 35,000 - 50,000
See accompanying notes to financial statements.
Appropriated
Federal 1975 -76
Unap-
Hospital
Working
revenue operating
Total
propriated
operations
capital
sharing expenditures
267,501
160,446
30,000
30,000
47,055 -
(52,828
(5,773
-
-
( 47,055 ) -
214,673
154,673
30 1 000
30,000
- -
957,874
957,874
-
-
- -
1,172,547
1,112,547
30,000
30,000
- -
728,669
728,669
-
-
- -
443,878
383,878
30,000
30,000
- -
- (85,000 30,000 5,000 - 50,000
$ 443,878 298,878 60,000 35,000 - 50,000
See accompanying notes to financial statements.
Exhibit D
KODIAK ISLAND BOROUGH
General Fund
Statement of Estimated and Actual Revenues
Year ended June 30, 1975
Actual
over (under)
Estimated Actual estimated
Real and personal property taxes
$ 532,861
603,630
70,769
Penalty and interest on taxes
5,000
9,145
4,145
Licenses and permits:
Building and trailer permits
3,000
3,026
26
Subdivision fees
500
620
120
3,500
3,646
146
Revenues from use of money and property:
Interest
11,500
24,158
12,658
Rent from leased land
9,000
7,737
(1,263)
Forestry
3,000
4,360
1,360
Office building expense reimbursement
16,900
30,807
13,907
Miscellaneous reimbursement of costs
2,000
2,044
44
r
42,400
69,106
26,706
Revenues from State of Alaska:
Local service roads
150,000
8,494
(141,506)
Raw fish tax
58,000
54,039
(3,961)
Business license refund
24,000
4,141
(19,859)
Electric co- operative tax
5,000
7,456
2,456
Amusement and gaming device refund
50
-
(50)
Shared revenues:
Hospital
57,850
57,874
24
Land use planning
15,335
15,335
-
Health facilities
28,925
38,157
9,232
339,160
185,496
( 153,664 )
H.U.D. planning grant
12,000
3,066
(8,934
Contribution of interest from other funds:
Capital Projects Fund
10,000
3,876
(6,124)
Debt Service Fund
18,000
13,105
(4,895)
Land Sales Fund
114,844
66,804
(48,040
142,844
83,785
(59,059)
$ 1 957,874 ( 119 1 891 )
See accompanying notes to financial statements.
Exhibit E
KODIAK ISLAND BOROUGH
General Fund
Statement of Budgeted and Actual Expenditures
Year ended June 30, 1975
Actual
over (under)
Budgeted
Actual
budgeted
Borough assembly:
Assembly travel
$ 8,600
3
(5,472)
Assembly compensation
3,000
1,200
(1,800
11,600
4,328
(7,272
Legal department:
Borough attorney
10,000
11,492
1,492
Court costs
500
376
(124)
Litigation allowance
2,000
873
(1,127
12,500
12,741
241
Capital expenditures:
Furniture and fixtures
1,500
2,105
605
Office machines
2
704
(1
3,500
2,809
(691
General government operations:
Employee expense:
Salaries:
Chairman
10,000
500
(9,500)
Finance director
40,000
-
(40,000)
Clerk- treasurer
16,850
18,068
1,218
Secretary
8,700
9,290
590
Cashier- bookkeeper
13,200
11,671
(1,529)
Clerk typist
7,668
8,862
1,194
Extra help
2,000
1,064
(936)
Chairman's expense
2,000
1,103
(897)
Employment security taxes
1,400
1,064
(336)
Social security taxes
5,000
5,911
911
Insurance and bonding
2,000
1,708
(292)
Group insurance
1,800
714
(1,086)
Professional development training
800
265
(535)
Publications and dues
3,925
3,588
(337)
Publication of hearings
1,700
3,316
1,616
Postage
2,500
1,742
(758)
Office supplies
3,500
5,489
1,989
Telephone and telegraph
2,000
2,122
122
Repairs and maintenance of machines
4,900
5,848
948
Transportation and travel
3,000
3,328
328
Carried forward
132,943
85,653
(47,290
2
KODIAK ISLAND BOROUGH
General Fund
Exhibit E, Cont.
Statement of Budgeted and Actual Expenditures, Continued
Brought forward
Vehicle operation and maintenance
Post audit
Elections
Contractual services
Assessment department:
Salaries:
Director
Assessor II
Administrative assistant
Clerk typist
Overtime
Professional development and training
Professional services
Contractual services
Advertising
Printed matter and forms
Subscriptions and books
Office supplies
Repairs and maintenance
Transportation and travel
Rentals - vehicles and aircraft
Telephone and telegraph
Planning and zoning commission:
Planner
Building inspector
Building inspector travel expense
Engineering services
Contractual services
Advertising
Maps
Operating expenses
Snow removal
Local service roads and trails
Actual
over (under)
Budgeted Actual budgeted
$ 132,943 85,653 (47,290)
1,200 1,025 (1,750)
13,200 18,789 5,589
5,500 3,740 (1,760)
10,000 5,898 (4,102
162 115,105 (47,738
18,630
4,110
(14,520)
15,246
16,566
1,320
8,808
9,326
518
7,407
3,883
(3,524)
300
152
(148)
740
305
(435)
1,000
389
(611)
4,000
274
(3,726)
550
1,260
710
2,200
1,230
(970)
400
305
(95)
1,200
1,340
140
200
-
(200)
1,200
606
(594)
3,200
975
(2,225)
200
16
(184
65,281
40,737
(24,544
12,500
8,459
(4,041)
13,000
9,043
(3,957)
3,450
1,697
(1,753)
2,700
1,596
(1,104)
10,335
3,138
(7,197)
1,600
467
(1,133)
900
187
(713)
2,800
446
(2,354)
2,000
4,000
2,000
150,000
9,650
( 140,350 )
199,285
38,683
( 160,602 )
(Continued)
3 Exhibit E, Cont.
KODIAK ISLAND BOROUGH
General Fund
Statement of Budgeted and Actual Expenditures, Continued
Actual
over (under)
Budgeted Actual budgeted
Health and sanitation:
Reserve for hospital operations
$ 60,000
-
(60,000)
Health expenses
500
-
(500)
Comprehensive health board
2,600
9,840
7,240
Senior citizens
3,000
3,000
-
Support of Halfway House
13,884
13,884
-
Support of Health Clinic
12,948
12,000
(948)
Support of Detoxification Center
12
10,413
(1,600)
Hospital bonds fiscal agent fees
200
118
(82
105,145
49,255
(55,890
Office building expenses:
Maintenance
6,000
9,700
3,700
Janitorial
5,000
12,220
7,220
Utilities
18,000
12,467
(5,533)
Major repairs
13,850
1,070
(12,780)
Insurance
2
165
(2,235
45,250
35,622
Debt Service Fund contributions:
Principal 15,000
Interest 14,660
29,660
Capital Projects Fund contributions 120,617
Support of Kodiak Island Schools 375,000
Parks and recreation 25,000
$ 1,155
15,000 -
14,660 -
29,660 -
24,729 (95,888)
375,000 -
- (25,000
728,669 ( 427 1 012 )
See accompanying notes to financial statements.
Exhibit F
KODIAK ISLAND BOROUGH
Federal Revenue Sharing Fund
Balance Sheet
June 30, 1975
Assets
Cash
Federal Revenue Sharing entitlement receivable
Liabilities and Fund Balance
Due to Capital Projects Fund
Fund balance
$ 38,941
4,387
$ 43,328
$ 29,464
13,864
$ 43,328
See accompanying notes to financial statements.
Exhibit G
KODIAK ISLAND BOROUGH
Federal Revenue Sharing Fund
Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended June 30, 1975
Revenues:
Federal Revenue Sharing entitlement $ 35,478
Interest income 350
Total revenues 35,828
Expenditures:
Operations and maintenance:
Health 3,866
Public safety 6,057
Capital outlay:
Health 35,405
Education 29,464
Total expenditures 74,792
Excess of expenditures over revenues 38,964
Fund balance, July 1, 1974 52,828
Fund balance, June 30, 1975 $ 13,864
See accompanying notes to financial statements.
Exhibit H
KODIAK ISLAND BOROUGH
Land Sales Fund
Balance Sheet
June 30, 1975
Assets
Cash $ 501,332
Notes receivable from land sales 208,955
Due from Borough General Fund 20
Accrued interest receivable 2,090
$ 733,262
Liabilities and Fund Balance
Due to School District General Fund 21,000
Fund balance:
Appropriated:
Survey and appraisal $ 53,690
Municipal building 86,000
139,690
Unappropriated 572,572
Total fund balance 712,262
$ 733,262
See accompanying notes to financial statements.
Exhibit I
KODIAK ISLAND BOROUGH
Land Sales Fund
Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended June 30, 1975
Revenues:
Land sales
Interest income
Expenditures:
Land sales expel
Contribution to
Fund balance, July
Fund balance, June
Total revenues
.is es
Borough General Fund
Total expenditures
Excess of expenditures over revenues
1, 1974
30, 1975
$ 3,535
66,804
$ 680
54,271
54,951
70,339
15,388
727,650
$ 712,262
i See accompanying notes to financial statements.
KODIAK ISLAND BOROUGH
Fire District Fund
Balance Sheet
June 30, 1975
Assets
Due from Borough General Fund
Fund Balance
Fund balance
Exhibit J
$ 5,974
$ 5,974
See accompanying notes to financial statements.
Exhibit K
KODIAK ISLAND BOROUGH
Fire District Fund
Statement of Estimated and Actual Revenues,
Expenditures and Changes in Fund Balance
Year ended June 30, 1975
Actual
over (under)
Estimated Actual estimated
Revenues:
Real and personal property taxes
$ 17,733
16,818
(915)
State revenue sharing
6,179
8,047
1,868
Other
50
-
(50
f
23,962
24,865
903
Deduct expenditures:
Contractual fire services
26,868
25,254
(1,614)
Equipment maintenance
260
265
5
Other
334
-
334)
t
27,462
25,519
( 1,943 )
Excess of expenditures over revenues
3,500
654
(2,846)
Fund balance, July 1, 1974
6,628
6,628
-
Fund balance, June 30, 1975
$ 3,128
5,974
( 2 2 846 )
See accompanying notes to financial statements.
Exhibit L
KODIAK ISLAND BOROUGH
School District
General Fund
Balance Sheet
June 30, 1975
Assets
Cash $ 68,673
Accounts receivable:
State of Alaska $ 55,007
Federal 36,170
Other 20,072
Total accounts receivable 111,249
Due from other funds:
Land Sales Fund 21,000
Kodiak Aleutian Mental Health Center 104
Cafeteria Fund 4,183
School District Special Revenue Funds 297,583
Total due from other funds 322,870
Inventories, at cost (first -in, first -out):
Central stores 18,631
Custodial supplies 6
Total inventories 24,884
$ 527,676
Liabilities, Encumbrances and Fund Balance
Accounts payable 46,941
Payroll taxes accrued and withheld 145,631
Teacher retirement accrued and withheld 74,083
Due to Borough General Fund 70,820
Accrued annual leave 14,111
Total liabilities 351,586
Encumbrances outstanding 41,233
Fund balance:
Appropriated:
Classified retirement 33,727
1975 -76 operations 84,016
Total appropriated fund balance 117,743
Unappropriated 17,114
Total fund balance 134,857
$ 527,676
See accompanying notes to financial statements.
Exhibit M
KODIAK ISLAND BOROUGH
School District
General Fund
Statement of Changes in Fund Balance
Year ended June 30, 1975
See accompanying notes to financial statements.
Appropriated
Future
Classified
Project
Cottage
Total
Unappropriated
operations
retirement
FISH
support
Fund balance, July 1, 1974
$ 253,111
448
194,940
15,000
2,723
40,000
Add (deduct) adjustments for:
Overstated accounts payable
1,480
1,480
-
-
-
-
Overstated encumbrances
23,088
23,088
-
-
-
-
Unrecorded cash on hand
16,447
15,000
-
1,447
-
-
Unrecorded central stores inventory
1,601
1,601
-
-
-
-
P. L. 874 receivable
31,812
31,812
-
-
-
-
Accrued annual leave
(7,020
(7,020
-
-
-
-
Fund balance, July 1, 1974, as restated
320,519
66,409
194,940
16,447
2,723
40,000
Transfer for current operations
-
237,663
(194,940)
-
(2,723)
(40,000)
Add revenues
4,557,152
4,557,152
-
-
-
-
4,877,671
4,861,224
-
16,447
-
-
Deduct expenditures
4,742,814
4,740,094
-
2,720
-
-
134,857
121,130
-
13,727
-
-
Transfer for future operations
-
(104,016
84,016
20,000
-
-
Fund balance, June 30, 1975
$ 134,857
17,114
84,016
33,727
-
-
See accompanying notes to financial statements.
Exhibit N
KODIAK ISLAND BOROUGH
School District
General Fund
Statement of Estimated and Actual Revenues
Year ended June 30, 1975
Actual
over (under)
Estimated Actual estimated
Revenue from local sources:
3,502,762
3,394,948
(107,814)
Kodiak Island Borough:
174,251
171,210
(3,041)
Annual appropriation
$ 375,000
375,000
-
Custodial and office maintenance
28,521
22,496
(6,025)
contract
20,600
18,547
(2,053)
Rentals:
Village teacherages
15,000
11,125
(3,875)
K -Hi -C
13,000
9,450
(3,550)
High school bonds refunding proceeds
17,786
17,787
1
Admissions to events
5,500
5,451
(49)
Tuition - Community College
5,473
2,540
(2,933)
Other
4,500
2,510
(1
456,859
442,410
(14,449
Revenue from State sources:
Foundation program
3,502,762
3,394,948
(107,814)
Tuition
174,251
171,210
(3,041)
Pupil transportation
92,101
94,576
2,475
Mini -874
28,521
22,496
(6,025)
Debt service reimbursement
219.659
223.000
3.341
4,017,294 3,906,230 ( 111,064 )
Revenue from Federal sources - Federal
impact assistance P. L. 874 90,000 144,677 54,677
Transfers from the Tobacco Tax Fund
for debt service 62,659 63,835 1,176
$ 4,626,812 4,557,152 (69,660
See accompanying notes to financial statements.
Exhibit 0
KODIAK ISLAND BOROUGH
School District
General Fund
Statement of Budgeted and Actual Expenditures
Year ended June 30, 1975
(Continued)
Actual
over (under)
Budget
Actual
budget
Administration:
Salaries:
Superintendent
$ 43,750
43,750
-
Secretarial and clerical
22,432
21,643
(789)
Business administration
78,480
81,443
2,963
i
144,662
146,836
2,174
f
Legal fees
2,000
2,720
720
a Other administrative expenses:
School Board:
Association dues
3,480
3,693
213
X Travel
2,760
2,711
(49)
Printing and publishing
400
233
(167)
Other
1,000
1
65
Superintendent:
Travel
3,560
3,917
357
Printing and publishing
630
650
20
Other
600
636
36
Business administration:
Travel
1,400
1,385
(15)
Printing and publishing
4,000
3,670
(330)
Other
4,672
4,881
209
Equipment rental
5,370
4,513
(857
27,872
27,354
518)
Total administration
174,534
176,910
2,376
(Continued)
2
KODIAK ISLAND BOROUGH
School District
Exhibit 0. Cont.
Statement of Budgeted and Actual Expenditures, Continued
u
(Continued)
Actual
over (under)
Budget
Actual
budget
Instruction:
Salaries:
Principals
$ 136,000
132,185
(3,815)
Supervisors and consultants
43,908
47,917
4,009
Teachers:
Regular
2,046,938
2,054,491
7,553
Substitute
40,000
40,452
452
Extra - curricular
18,168
17,708
(460)
Speech and hearing
34,102
34,102
-
Remedial reading
84,520
83,406
(1,114)
k Librarian and media center director
i
47,779
48,201
422
Guidance counselors
59,949
59,871
(78)
Secretarial and clerical
70,489
61,495
(8,994)
Teacher aides
149,855
145,361
(4,494)
Textbooks
22,270
23,744
1,474
Library and audio visual:
Library books
15,590
15,027
(563)
Periodicals and newspapers
1,902
1,792
(110)
Audio visual materials
15,000
14,900
(100)
Other library
3,697
3,367
(330)
Teaching supplies
77,375
73,857
(3,518)
Other supplies
-
7,246
7,246
Travel
11,063
12,542
1,479
Project FISH
15,723
10,181
(5,542)
Mini- semester
4,450
3,565
(885)
Drivers' education
3,500
499
(3,001)
Miscellaneous
35,355
28,487
(6,868
Total instruction
2,937,633
2,920,396
( 17,237 )
Attendance services:
Salaries
8,158
7,489
(669)
Other
1,780
2,251
471
Total attendance
9,938
9,740
(198
Health services:
Salaries
23,879
21,406
(2,473)
Supplies
500
531
31
Travel
100
293
193
Physical examinations
2,100
2,105
5
Total health services
26,579
24,335
(2,244
u
(Continued)
3 Exhibit 0, Cont.
KODIAK ISLAND BOROUGH
School District
General Fund
Statement of Budgeted and Actual Expenditures, Continued
Pupil transportation - contracted services
Operation of plant:
Salaries
Contracted services
Heat for buildings
Electricity
Telephone
Other utilities
Custodial supplies
Operation of vehicles
Total operation of plant
Maintenance of plant:
Salaries
Contracted services - building repair
Contracted services - equipment repair
Replacement of instructional equipment
Replacement of noninstructional equipment
Building repair materials
Other
Total maintenance of plant
Fixed charges:
Teachers retirement matching
Social security matching
Classified retirement
Insurance:
Property
Employee
Liability
Fidelity bond
Rental of buildings
Total fixed charges
Capital outlay:
Building remodeling
New equipment
Total capital outlay
Actual
over (under)
Budget Actual budget
$ 100,000 104,389 4,389
201,189
212,756
11,567
3,200
3,605
405
124,946
115
(9,778)
100,843
102,683
1,840
20,400
23,528
3,128
8,256
7,069
(1,187)
14,719
9,587
(5,132)
3,600
5,335
1,735
477,153
479,731
2,578
126,224
121,189
(5,035)
3,000
5,493
2,493
10,400
9,519
(881)
11,500
8,761
(2,739)
5,000
4,713
(287)
31,275
38,542
7,267
10,300
7,143
(3,157
197,699
195,360
(2,339
141,778
148,053
6,275
39,637
44,404
4,767
35,000
-
(35,000)
25,339
6,465
(18,874)
83,979
89,689
5,710
2
543
(1,667)
992
811
(181)
4,500
4,120
(380
333,435
294,085
( 39,350 )
15,000
4,810
(10,190)
19,563
23,248
3,685
34,563
28,058
(6,505
(Continued)
4
Exhibit 0, Cont.
KODIAK ISLAND BOROUGH
School District
General Fund
Statement of Budgeted and Actual Expenditures, Continued
Debt service:
Principal
Interest
Fiscal agent's fee
Total debt service
Other expenditures:
Contribution to Special Revenue Funds
Contribution to Cafeteria Fund
Contribution to Student Activity Funds
Community services
Total other expenditures
Actual
over (under)
Budget Actual budget
$ 125,000
125,000
-
215,891
205,070
(10,821)
800
531
(269
341,691
330,601
( 11,090 )
-
92,849
92,849
33,056
8,640
(24,416)
38,220
45,496
7,276
33,330
29,504
(3,826
104,606
176,489
71,883
$ 4,737,831 4 2,263
See accompanying notes to financial statements.
School District
Special Revenue Funds
Combined Balance Sheets
June 30, 1975
See accompanying notes to financial statements.
Elementary and
Secondary
Vocational
ERA
Boarding
Education Act
Education
Johnson -
and
NDEA
Home
Swimming
Assets
Total
Exhibit R
Exhibit T
O'Malley
CETA
Title III
Program
Pool
Accounts receivable:
State of Alaska
$ 105,901
805
28,504
-
14,092
-
62,500
-
Federal
137,141
135,069
-
-
-
2,072
-
-
Kodiak Area Natives Association
87,417
-
-
87,417
-
-
-
-
Other
612
-
-
-
-
-
-
612
$ 331,071
135,874
28,504
87,417
14,092
2,072
62,500
612
Liabilities and Encumbrances
Accounts payable
13,277
9,326
85
-
-
-
2,910
956
Due to School District General Fund
297,583
113,381
25,190
87,197
14,092
1,227
56,840
(
Total liabilities
310,860
122,707
25,275
87,197
14,092
1,227
59,750
612
Encumbrances
20,211
13,167
3,229
220
-
845
2,750
-
$ 331
135,874
28,504
87,417
14,092
2,072
62,500
612
See accompanying notes to financial statements.
School District
Special Revenue Funds
Combined Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 1975
Fund balances, July 1, 1974
Revenues:
Transfers from School District
General Fund
Swimming pool admissions
State of Alaska
Revenues from Federal sources
through the State of Alaska
Federal
Federal through Kodiak Area
Natives Association
Expenditures:
Student lodging and food
Ancillary services - medical
Village video programing
Port Lions and Ouzinkie study
Travel
Village data gathering
Village cultural enrichment
Salaries
Program materials
Travel and per diem
Employee benefits
Unclassified expenditures
Fund balances, June 30, 1975
See accompanying notes to financial statements.
Elementary and
Secondary
Vocational
EEA
Boarding
Education Act
Education
Johnson -
and
NDEA
Home
Swimming
Total
Exhibit S
Exhibit U
O'Malley
CETA
Title III
Program
Pool
92,849
54
290
-
3,847
2,123
45,296
41,239
15,039
-
-
-
-
-
-
15,039
69,826
-
-
-
-
-
69,826
-
242,225
141,692
41,073
-
59,460
-
-
-
2,072
-
-
-
-
2,072,
-
-
94,853
-
-
94,853
-
-
-
-
516,864
141,746
41,363
94,853
63,307
4,195
115,122
56,278
141,392
31,169
-
-
-
-
110,223
-
1,900
1,900
-
-
-
-
-
-
39,218
39,218
-
-
-
-
-
-
5,829
5,829
-
-
-
-
-
-
2,303
254
-
-
-
-
2,049
-
3,441
3,441
-
-
-
-
-
-
20,464
20,464
-
-
-
-
-
-
119,930
-
-
80,383
-
-
-
39,547
8,226
-
-
8,226
-
-
-
-
1,963
1,698
-
265
-
-
-
-
5,979
-
-
5,979
-
-
-
-
166,219
37,773
41,363
-
63,307
4,195
2,850
16,731
516,864
141,746
41,363
94,853
63,307
4,195
115,122
56,278
See accompanying notes to financial statements.
School District
Special Revenue Funds
Elementary and Secondary Education Act
Balance Sheets
June 30, 1975
Assets
Accounts receivable:
State of Alaska
Federal
Liabilities and Encumbrances
Elementary and Secondary Education Act
Title II Title II Title IV Title VI B
Title II Basic Special Indian Title VI B In the
Total Title I Basic 75216 -1 Purpose Education Dial 911 Swim
$ 805 - - - - - 457 348
135,069 17,576 59 2,183 11,332 103,919 - -
$ 135,874 17,576 59 2,183 11,332 103,919 457 348
Accounts payable 9,326 - - - - 9,290 - 36
Due to School District General Fund 113,381 16,479 59 - 10,252 85,822 457 312
Total liabilities 122,707 16,479 59 - 10,252 95,112 457 348
Encumbrances 13,167 1,097 - 2,183 1,080 8,807 - -
$ 135,874 17,576 59 2,183 11,332 103,919 457 348
See accompanying notes to financial statements.
Year ended June 30, 1975
Elementa and Se condary Education Act
Fund balances, July 1, 1974
Revenues:
Transfers from School
District General Fund
Revenues from Federal
sources through the
State of Alaska
Title II Title II Title III Title IV Title VI E
Title II Basic Special Mini Life Indian Title VI B In the
Total Title I Basic 75216 -1 Purpose Systems Education Dial 911 Swim
54 - - - -
141,692 19,770 2,183 2,649 11,332 1,034
141,746 19,770 2,183 2,649 11,332 1,034
54 - -
103,919 457 348
103,973 457 348
Expenditures:
Student lodging and food
31,169 -
-
- -
-
31,169 - -
Ancillary services -
medical
1,900 -
-
- -
-
1,900 - -
Village video programing
39,218 -
-
- -
-
39,218 - -
Port Lions and Ouzinkie
study
5,829 -
-
- -
-
5,829 - -
Travel
254 -
-
- -
-
254 - -
Village data gathering
3,441 -
-
- -
-
3,441 - -
Village cultural
enrichment
20,464 -
-
- -
-
20,464 - -
Travel and per diem
1,698 -
-
- -
-
1,698 - -
Unclassified expenditures
37,773 19,770
2,183
2,649 11,332_
1,034
- 457 348
141,746 19,770
2,183
. 2,649 11,332
1,034
103,973 457 348
Fund balances, June 30, 1975 $
See accompanying notes to financial statements.
Exhibit T
KODIAK ISLAND BOROUGH
School District
Special Revenue Funds
Vocational Education
Balance Sheets
June 30, 1975
Vocational Education
Small Welding Survey Home YES Student
Office Gas and Metal and Economics CE2 Program Follow -up
Assets Total J.O.I.N.S. Occupations Engines Fabrication Drafting C and H Program 1521E -75 Study
Due from State
of Alaska $ 28,504 1,000 1,855 750 3,061 650 470 16 4,700 16
Liabilities and
Encumbrances
Accounts payable 85 - -
Due to School
District
General Fund 25,190 1,000
1,855
25,275 1,000
1,855
Encumbrances 3,229 -
-
$ 28,504 1,000
1,855
- - - 85 -
1,985 570 470 14,679 4,615 16
- 1,985 570 470 14,679 4,700 16
750 1,076 80 1,323 -
750 3 650 470 16,002 4,700 16
See accompanying notes to financial statements.
Exhibit U
KODIAK ISLAND BOROUGH
School District
Special Revenue Funds
Vocational Education
Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended June 30, 1975
Vocational Education
Welding
and
Home
Student
Office
Small
Metal
Auto
Survey
Econ-
YES
YES
Follow -
Occu-
Office
Gas
Fabri-
Mech-
and
omics
CE2
Program
Program
up
Total
J.O.I.N.S. pations
CO.op. Engines
cation
anics
Drafting C
and
H Program
1521 -75
1521B -75
Study
Fund balances,
July 1, 1974 $
Revenues:
Transfers from
School District
General Fund
290
95
-
19
-
-
88
88
-
-
-
-
-
Revenues from
Federal sources
through the
State of
Alaska
41,073
1,000
1,855
1,700
750
3,061
600
650
470
23,542
2,729
4,700
16
41,363
1,095
1,855
1,719
750
3,061
688
758
450
23,542
2,729
4,700
16
Unclassified
expenditures
41,363
1,095
1,855
1,719
750
3,061
688
738
470
23,542
2,729
4,700
16
Fund balances,
June 30, 1975
See accompanying notes to financial statements.
Exhibit V
KODIAK ISLAND BOROUGH
School District
Cafeteria Fund
Balance Sheet
June 30, 1975
Assets
Cash $ 3,911
Accounts receivable 8,553
Inventory, at cost (first -in, first -out) 48,145
$ 60,609
Liabilities and Fund Balance
Accounts payable 223
Payroll taxes accrued and withheld 4,411
Due to School District General Fund 4,183
a Total liabilities 8,817
Fund balance 51,792
$ 60,609
See accompanying notes to financial statements.
Exhibit W
KODIAK ISLAND BOROUGH
School District
Cafeteria Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended June 30, 1975
Revenues:
Food sales $ 70,193
Contribution from Boarding Home Program 36,000
Contribution from Federal Government for food expenditures 38,733
Food commodities donated by Federal Government 22,962
Contribution from School District General Fund 8,640
Other 289
Total revenues 176,817
Expenditures:
Cost of food used $ 60,283
Salaries 103,322
Employee benefits 7,857
Equipment 5,228
Other 127
Total expenditures 176,817
Excess of revenues over expenditures -
Fund balance, July 1, 1974 45,883
Add adjustments for:
Overstated encumbrances 1,009
Unrecorded freight on inventory 4 5,909
Fund balance, June 30, 1975 $ 51,792
See accompanying notes to financial statements.
Exhibit X
KODIAK ISLAND BOROUGH
School District
Tobacco Tax Fund
Balance Sheet
June 30, 1975
Assets
Cash
Fund Balance
Fund balance
$ 145
$ 145
See accompanying notes to financial statements.
KODIAK ISLAND
School Dis
Tobacco Tax
Statement of Revenue, Expenditures
Year ended June
Exhibit Y
BOROUGH
trict
Fund
and Changes in Fund Balance
30, 1975
Fund balance, July 1, 1974 $ 145
Add State of Alaska revenue sharing 63,835
63,980
Less contribution to School District General Fund for debt service 63,835
Fund balance, June 30, 1975 $ 145
See accompanying notes to financial statements.
Exhibit Z
KODIAK ISLAND BOROUGH
School District
Student Activity Funds
Balance Sheets
June 30, 1975
See accompanying notes to financial statements.
Junior
High
high
Elementary
Assets
Total
school
school
schools
Cash
$ 21,269
19,190
577
1,502
Investments
3
-
3,000
-
$ 24
19,190
3,577
1,502
Liabilities, Encumbrances and Fund Balances
Accounts payable
1,274
1,274
-
-
Encumbrances outstanding
2,834
2,834
-
-
Fund balance
20
15,082
3,577
1,50
$ 24,269
19
3
1
See accompanying notes to financial statements.
Exhibit AA
KODIAK ISLAND BOROUGH
School District
Student Activity Funds
Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits)
Year ended June 30, 1975
Fund balances Fund balances
(deficits) (deficits)
July 1, 1974 Revenues Expenditures June 30, 1975
High school:
Student council
$ 6,790
29,639
31,281
5,148
Athletics
(1,282)
40,103
38,931
(110)
Music
4,860
4,106
4,177
4,789
Publications
143
4,348
3,811
680
Classes
2,132
6,236
7,582
786
Clubs:
Auto
(316)
117
36
(235)
Cheerleaders
162
690
818
34
Junior Varsity Cheerleaders
50
184
104
130
Commercial Foods
(944)
370
-
(574)
Drama
166
485
406
245
Drill Team
(99)
1,434
1,822
(487)
Forensic
11
-
11
-
Future Business Leaders
180
-
93
87
Future Homemakers
21
-
1
20
Future Teachers
12
-
12
-
Girls Athletic Association
34
-
30
4
Matmaids
-
347
284
63
Metals
1,192
164
309
1,047
National Honor Society
1
23
38
(14)
Pep
(264)
596
27
305
Photo
137
95
-
232
U.I.C.A.
48
10
38
20
Video Tape Recorder
160
-
-
160
Wood Shop
-
2,433
1,631
802
High school pictures
778
304
853
229
Resale items
807
764
719
852
Miscellaneous
190
2,912
2,233
869
14,969
95,360
95,247
15,082
Junior high school
8,908
24,353
29,684
3,577
Elementary schools
1,543
8,879
8,920
1,502
$ 25,420
128,592
133,851
20,161
See accompanying notes to financial statements.
KODIAK ISLAND BOROUGH
Kodiak Aleutian Mental Health Center
Balance Sheet
June 30, 1975
Assets
Cash
Receivables:
Patients
Less allowance for uncollectible receivables
Net patients receivables
Federal Government
Net receivables
Furniture and equipment, at cost
Liabilities and Fund Balance
Payroll taxes accrued and withheld
Due to State of Alaska
Due to School District General Fund
Due to Borough General Fund
Total liabilities
Fund balance:
Invested in fixed assets
Unappropriated
Total fund balance
$ 5,036
2,250
2,786
1,578
16,439
35,193
Exhibit BB
$ 45,863
4,364
16,439
$ 66,666
2,922
10,223
104
1,785
15,034
51,632
$ 66,666
See accompanying notes to financial statements.
Exhibit CC
KODIAK ISLAND BOROUGH
Kodiak Aleutian Mental Health Center
Statement of Changes in Fund Balance
Year ended June 30, 1975
Fund balance, July 1, 1974
Add excess of revenues over expenditures
Fund balance, June 30, 1975
Total
Unappropriated
$ 39,844
23,405
11,788
11,788
$ 51,632
35,193
Investment
in fixed
assets
16,439
16,439
See accompanying notes to financial statements.
KODIAK ISLAND BOROUGH
Kodiak Aleutian Mental Health Center
Statement of Revenues and Expenditures
Year ended June 30, 1975
Revenues:
Revenues from local sources:
Kodiak Island Borough $ 16,300
Fees for services 11,970
Other 2
31,001
Revenues from state contract for
community mental health services 53,913
Revenues from Federal grant 22,162
Total revenues 107,076
Expenditures:
Employee expenses:
Salaries $ 66,680
Payroll taxes 3,962
Group insurance 1,225
Staff training and travel 1
Total employee expenses $ 73,123
i Equipment rental
1,916
Advertising
906
Insurance and bonding
318
Office rent
8,400
Office supplies
1,937
Postage
253
Publications and dues
1,122
Telephone and telegraph
2,466
Tutorial aid program
1,691
Bad debt expense
2,692
Repairs and maintenance
311
Other
153
Total expenditures
95,288
Excess of revenues over expenditures
$ 11,788
See accompanying notes to financial statements.
Exhibit EE
KODIAK ISLAND BOROUGH
Debt Service Fund
Balance Sheet
June 30, 1975
Assets
Cash
Due from Capital Projects Fund
Accrued interest receivable
Liabilities and Fund Balance
Due to Borough General Fund
Fund balance
$ 135,000
30,252
2,900
$ 168,152
2,900
165,252
$ 168,152
See accompanying notes to financial statements.
KODIAK ISLAND BOROUGH
Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 1975
Refunding
Fund balance, July 1, 1974
Eliminate portion of fund balance arising
from establishment of trust account
which account is eliminated
Fund balance, July 1, 1974, as restated
Revenues:
Borough General Fund contributions:
Principal
Interest
School District General Fund
contributions:
Principal
Interest
Fiscal agent's fees
Interest on deposits
Total revenues
Total Schools Hospital bonds
$ 308,750 48,039 120,000 140,531
( 140,531 ) - - ( 140,531 )
168,219 48,039 120,000 -
15,000 - 15,000 -
14,660 - 14,660 -
125,000 125,000 - -
205,070 205,070 - -
531 531 - -
13,105 - 13,105 -
373,366 330,601 42,765
Expenditures:
Principal
Interest
Fiscal agent's fees
Contribution to Borough General Fund
Contribution to School District
General Fund
Total expenditures
Fund balance, June 30, 1975
125,000
125,000
- -
219,730
205,070
14,660 -
531
531
- -
13,105
-
13,105 -
17,787
17,787
- -
376,153
348,388
27765 -
$ 165,252
30
135,000 -
See accompanying notes to financial statements.
Exhibit GG
KODIAK ISLAND BOROUGH
Capital Project Fund
Balance Sheet
June 30, 1975
Assets
Cash
Federal grant receivable
Due from other funds:
Borough General Fund
Federal Revenue Sharing Fund
Liabilities and Fund Balance
Contract payable
Due to Debt Service Fund
Total liabilities
Fund balance
$ 70,960
1,600
$ 87,730
29,464 117,194
$ 189,754
15,245
30,252
45,497
144,257
$ 189,754
See accompanying notes to financial statements.
Exhibit HH
KODIAK ISLAND BOROUGH
Capital Projects Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended June 30, 1975
ADDronriated
Fund balance, July 1, 1974
Add revenues:
Interest income
Contribution from Borough
General Fund
Deduct expenditures:
Transfer of interest income
to Borough General Fund
High School:
Additional construction
cost
School equipment
Ouzinkie School:
Architect
Construction cost
Hospital drainage
Borough building remodeling
Fund balance, June 30, 1975
3,876
3,876
Landscaping
Kodiak
Hospital
and Borough
High
Ouzinkie improve-
Building
Total School
School ments
remodeling
$ 155,015 144,867
12,327 (2,179)
-
3,876
3,876
-
-
-
24,729
10,067
4
5,179
4,627
183,620
158,810
17,183
3,000
4,627
3,876
3,876
-
-
-
10,067
10,067
-
-
-
610
610
-
-
-
1,690
-
1,690
-
-
15,493
-
15,493
-
-
3,000
-
-
3,000
-
4,627
-
-
-
4,627
39,363
14,553
17,183
3,000
4,627
$ 144,257 144
See accompanying notes to financial statements.
Exhibit II
KODIAK ISLAND BOROUGH
Statement of General Long -Term Debt
June 30, 1975
Amount Available and to be Provided
for the Payment of General Long -Term Debt
Term bonds:
Amount available in Debt Service Funds
Amount to be provided
Serial bonds:
Amount available in Debt Service Funds
Amount to be provided
General Long -Term Debt Payable
Term bonds payable
Serial bonds payable
$ 135,000
165,000
300,000
30,252
4,274,748
4,305,000
$ 4,605,000
$ 300,000
4,305,000
$ 4,605,000
See accompanying notes to financial statements.
KODIAK ISLAND BOROUGH
Combined Schedule of Bonds Payable
June 30, 1975
See accompanying notes to financial statements.
Final
Annual
General
Interest
Issue
maturity
serial
payments
Obligation Bonds
Rate
Date
date
date
Amount
Date
Term bonds - hospital
building
4.875%
11 /1;
5/1
5/1/67
5/1/87
$ -
-
Serial bonds - school
building
3.625
9/1;
3/1
3/1/65
1/1/79
20,000
1976 -1978
25,000
1979
3.875
9/1;
3/1
3/1/65
3/1/85
25,000
1980 -1985
5.75
9/1;
3/1
1/1/67
9/1/78
25,000
1975 -1977
50,000
1978
5.00
9/1;
3/1
1/1/67
9/1/88
50,000
1979 -1987
5.00
8/1;
2/1
4/1/74
8/1/85
105,000
1975
115,000
1976
120,000
1977
125,000
1978
130,000
1979
140,000
1980
145,000
1981
150,000
1982
160,000
1983
195,000
1984
210,000
1985
7.25
8/1;
2/1
8/1/74
8/1/92
215,000
1986
235,000
1987
250,000
1988
270,000
1989
290,000
1990
310,000
1991
330,000
1992
See accompanying notes to financial statements.
Exhibit JJ
Fund balance - Term Bonds
Bonds
Over (under)
Authorized
Issued
Retired
Outstanding
Requirement Actual requirement
$ 300,000
300,000
-
300,000
135,000 135,000 -
350,000
315,000
230,000
85,000
- - -
150,000
150,000
-
150,000
- - -
300,000
300,000
175,000
125,000
- - -
i
450,000
450,000
-
450,000
- - -
2,100,000
i
2,100,000
505,000
1,595,000
- - -
1,900,000
1,900,000
-
1,900,000
- - -
5,250,000
5,215,000
910,000
4,305,000
- - -
$ 5,550,000
5,515,000
910,000
4,605,000
135,000 135,000 -
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 1975
(1) Summary of Significant Accounting Policies
Basis of Accounting
The Borough follows the guideline for accounting methods recommended in
Governmental Accounting, Auditing, and Financial Reporting in that the
modified accrual method of accounting is utilized in which expenditures
other than accrued interest on general long -term debt are recorded at the
time liabilities are incurred and the revenues are recorded when received
in cash, except for material revenues which are accrued to reflect properly
the taxes levied and the revenues earned.
(2) Refunding Bonds
During 1975 the Borough issued "refunding bonds" in the amount of $1,900,000
to provide funds to retire $2,325,000 of the 1974 refunding bonds. The
proceeds from the new issue have been invested in U. S. Governmental securi-
ties at an interest rate which will meet the interest requirements of the
issue to be refunded until the date of payment. The refunding bonds were
issued at an interest rate of 7.25% while the bonds to be refunded carry
interest rates of 5.0 %. The net effect of the transaction will be a
saving of approximately $74,000 to be realized by the Borough over a period
of eighteen (18) years.
(3) Contingent Liabilities
During the year the Borough and the Grey Nuns of the Sacred Heart implemented
an operating agreement whereby the Order will operate the Borough -owned
hospital for five years commencing March 1, 1975. As consideration for
the operational and administrative services furnished by the Order, the
Borough agreed to fund any deficit incurred by the Order resulting from
operation of the hospital; however, any amounts contributed are to repaid
should excess funds become available from subsequent operations. Further,
the Borough agreed to pay required insurance premiums and to budget a maximum
of $60,000 each year for reasonably anticipated operating deficits and to
distribute such amount at periodic intervals should deficits occur.
Audited financial statements of the hospital for the year ended December 31,
1974 indicated an excess of revenues over expenditures of $41,900.