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Highlights of the 2011 Audit Report. Type of Audit. Comprehensive Annual Financial Report (CAFR) -Introductory Section (page 1-12) -Financial Section (page 13-62) -Statistical Section (page 63-100) -Single Audit Section (page 101-111). Transmittal Letter.
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Type of Audit Comprehensive Annual Financial Report (CAFR) -Introductory Section (page 1-12) -Financial Section (page 13-62) -Statistical Section (page 63-100) -Single Audit Section (page 101-111)
Transmittal Letter INTRODUCTORY SECTION • P. 1 – Management Responsibility • P. 2 – Debt Administration • P. 3 – Cash Management • P. 4-5 – Major Initiatives and Achievements Pages 1 - 7
Certificates of Achievement 1983 Association of School Business Officials International 1985 Governmental Finance Officers Association Page 8-9
FINANCIAL SECTION Management’s Discussion & Analysis2011 Financial Highlights • The district showed an increase in net assets of $1,246,564 during the year ended June 30, 2011. • The district’s General Fund Balance increased by $805,229, the Undesignated Fund Balance increased by $628,591, and the Restricted/Assigned Fund Balance increased by $176,638. The increase in the Undesignated Fund Balance is due to a combination of (1) an increase in the cash reserve levy to help increase the district’s cash reserves, and (2) limiting expenditures to be comparable to prior year expenditures. • The district’s Nutrition Fund Balance increased by $64,392. The district will be using some of the remaining balance for equipment replacement and to upgrade the point-of-sale equipment and software. Page 15
Economic Factors – District Future • Election of a Republican Governor • Election of a Republican House • Federal Education Jobs Bill ending • Closing of Printing Facility employing 279 workers • Reduction of shared funding for HR position Page 24
Governmental Activities • General Fund • Student Activity Fund • Debt Service • Capital Projects – PPEL, Sales Tax • Management Fund Page 26-31
Governmental FundsGeneral FundUnassigned Fund Balance 200920102011 3,629,572 2,714,737 3,343,328 Page 26
Governmental Funds (cont)Restricted Fund Balance For Management Fund 1,001,797 1,082,629 651,594 Activity Fund 294,542 313,465 289,212 Physical Plant & 790,061 1,122,783 1,161,422 Equipment Fund (PPEL) 200920102011 Page 28
Governmental Funds (cont)Capital Projects FundRestricted Fund Balance For Sales Tax 2,888,503 2,205,412 4,175,059 2009 2010 2011 Page 28
Business Type Activities • School Nutrition • Day Care • Internal Services – Self-Funded Health Page 32-36
Business-Type FundsUnrestricted Fund Balance Daycare 218,480 214,630 223,551 School 465,650 318,448 402,012 Nutrition 200920102011 Page 32
Internal Service FundUnrestricted Fund Balance Self-Funded 1,092,325 915,748 1,539,653 Health 200920102011 Page 32
Agency FundDue to Other Groups 200920102011 11,716 11,459 13,570 Page 34
STATISTICAL SECTION P. 64-70 Financial Trends P. 71-74 Revenue Capacity P. 75-80 Debt Capacity P. 81-83 Demographic and Economic P. 84-87 Operating Information P. 88-100 Miscellaneous Pages 63-100
STATISTICAL SECTION (cont) P. 71 Taxable Value Last Ten Years P. 85 Free and Reduced Last Ten Years P. 86-87 School Building Last Ten Years P. 94 Official Enrollment by Grade Last Ten Years P. 97 Settlement Trends Last Ten Years P. 98 Average Salaries by Education P. 100 Solvency Ratio Last Ten Years
Federal Awards • Total Federal Awards $1,536,317 Pages 102-103
Schedule of Findingsand Questioned Costs ???????? ????????
Part II Findings Related to Basic Financial Statements -Internal Control Deficiencies • Accounting for Student Activity Accounts – transfers made to remedy deficit accounts • Student Activity Fund Resale Accounts – Accounts receivable were overstated since they were not collected within 60 days. Page 108-109
Part IIIFindings and Questioned Cost for Federal Awards No Matters of Non-Compliance Page 109
Part IVStatutory Findings Related to Required Statutory Reporting A) Certified Budget Exceeded certified amount in support services. D) Transparency Business has been sold. No longer an issue. G) Certified enrollment overstated by 8.9. Page 109