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Solanco School District 2016-17 Audit January 22, 2018

Solanco School District 2016-17 Audit January 22, 2018. Audit Overview. Audit in Accordance with: US Generally Accepted Auditing Standards Government (Yellow Book) Auditing Standards Uniform Guidance Audit of period 7/1/16 - 6/30/17 Overview of Audit Process

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Solanco School District 2016-17 Audit January 22, 2018

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  1. Solanco School District 2016-17 Audit January 22, 2018

  2. Audit Overview • Audit in Accordance with: • US Generally Accepted Auditing Standards • Government (Yellow Book) Auditing Standards • Uniform Guidance • Audit of period 7/1/16 - 6/30/17 • Overview of Audit Process • Audit Findings: No significant deficiencies or material weaknesses are reported

  3. GASBS No. 68, Pensions

  4. PSERS Results of Operations

  5. Governmental ActivitiesHistorical Analysis

  6. General Fund Results For Fiscal Year Ended

  7. GASB No. 54 – Fund Balance Reporting and Government Type Definitions

  8. General Fund Expense Comparison

  9. 2016-17 General Fund Expenses

  10. Special Education Analysis

  11. Capital Project Fund

  12. Capital Project Fund – Building Committee Projects

  13. Cafeteria Fund Analysis

  14. Internal Service Funds Changes in Net Position Composition of Net Position

  15. Funding Sources for Health Insurance

  16. Other CAFR Components • Management’s Discussion and Analysis • Notes to Financial Statements • Note 1- Summary of Significant Accounting Policies • Note 11- Long-term Liabilities • Note 15- Operating Lease • Note 17- Fund Balances • Note 19- Defined Benefit Pension Plan • Note 20- Contingencies and Commitments • Supplemental Schedules for additional analysis • Single Audit (compliance audit of the School District’s federal grants) and related reports • Introductory Section and Statistical Section are Unaudited

  17. Schedule of Expenditures of Federal Awards

  18. Schedule of Expenditures of Federal Awards Report on Internal Control over Financial Reporting • No Material Weaknesses or Significant Deficiencies Identified Report on Compliance with Requirements • No Compliance Findings

  19. GASB 75 – Pending Change • GASB issued Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions were issued June 2015. • The provisions of this statement are effective for the School’s 2018 financial statements and will require changes in the School’s accounting for other postemployment benefits (OPEB). The more significant of these changes are: • An OPEB liability will be recorded for the portion of the present value of projected benefit payments that is attributed to past service. • Projected benefit payments will be discounted to their actuarial present value using a tax-exempt, high quality municipal bond rate which is likely lower than the current rate, resulting in an increase in the OPEB liability. • Most changes in the net OPEB liability will be recorded as expense in the period of change. • The School will be required to report its proportionate share of the premium assistance plan provided through PSERS. • Additional footnote disclosures and required supplementary information will be included in the School’s financial statements as a result of GASB Statement No. 75.

  20. This presentation is intended solely for the information and use of the management of Solanco School District and the School Board and is not intended to be and should not be used by anyone other than these specified parties.

  21. LANCASTER OFFICE 1705 Oregon Pike, Lancaster, PA 17601 Phone 717-569-2900 · Toll Free 800-448-1384 · Fax 717-569-0141 CAPITAL REGION OFFICE 5000 Ritter Road, Suite 104, Mechanicsburg, PA 17055 Phone 717-697-2900 · Toll Free 800-448-1384 · Fax 717-697-2002 www.troutcpa.com

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