Acton-Boxborough Regional School District Notes to Basic Financial Statements Year Ended June 30, 2024
The District has been approved for a maximum capital grant of $38.0 million from the Commonwealth’s school building assistance program for the Douglas & Gates elementary school construction project and has received $34.9 in reimbursements through June 30, 2024. Under this program, assistance is paid to support construction costs and reduce the related debt service of the District. The MSBA has approved a 49.70% reimbursement rate for approved project costs. The District anticipates receiving $1,014,000 of grant proceeds in fiscal year 2025 associated with costs incurred in fiscal year 2024, which has been recognized as a receivable at June 30, 2024. The approved appropriation for the project is $117.3 million, of which $115.3 million of total costs have been incurred through June 30, 2024. The project was put into service on August 26, 2022, and the project was substantially completed in fiscal 2024. The District is subject to various debt limits by statute and may issue additional general obligation debt under the normal debt limit. At June 30, 2024, the District had $6,724,551 of authorized and unissued debt for the Douglas & Gates elementary school construction project. Changes in Long-term Liabilities During the year ended June 30, 2024, the following changes occurred in long-term liabilities:
Bonds and
Beginning
Notes
Other
Other
Ending Balance
Due Within One Year
Balance
Redeemed Increases
Decreases
Long-term bonds payable…$ 74,005,000 $ (3,720,000)$
- $
- $ 70,285,000 $ 3,785,000
Add: Unamortized premium on bonds…… Total bonds payable………
5,026,348
-
- -
(403,026) (403,026) (237,112) (183,334) (500,582) (3,367,439)
4,623,322
384,572
79,031,348 (3,720,000)
74,908,322 4,169,572
Right to use leases………… 1,278,682 Due to other governments… 1,374,134
- - - -
450,292
1,491,862 1,190,800 905,221 32,314,927
358,533 183,333 424,470
-
Compensated absences…… Net pension liability……… Net other postemployment benefits…………………
991,208
414,595 2,877,534
32,804,832
-
54,690,629
-
3,426,996
(8,812,806)
49,304,819
-
Total long-term liabilities…$ 170,170,833 $ (3,720,000)$ 7,169,417 $ (13,504,299)$ 160,115,951 $ 5,135,908
Compensated absences, net pension, and net other postemployment liabilities are normally paid from the funds reporting the payroll and related expenditures, which is primarily the general fund.
NOTE 8 – DUE TO OTHER GOVERNMENTS
The District has an annual obligation to the Town of Acton for costs avoided in the construction of the Middle Fort Pond Brook Sewer District. The amount owed represents the total projected costs to construct an on-site facility and sewage collection system for the school campus located on Charter and
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