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Swartz Creek Community Schools

Swartz Creek Community Schools. 2011-2012 Financial Statement Presentation. Auditors’ Opinion. The District received an unqualified audit opinion This is the highest level of assurance possible for the District’s financial statements The audit was conducted in accordance with:

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Swartz Creek Community Schools

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  1. Swartz Creek Community Schools 2011-2012 Financial Statement Presentation

  2. Auditors’ Opinion • The District received an unqualified audit opinion • This is the highest level of assurance possible for the District’s financial statements • The audit was conducted in accordance with: • Generally accepted auditing standards • Government auditing standards

  3. Blended Student Enrollment

  4. General Fund Revenue Revenue Sources 11-12

  5. General Fund Expenditures

  6. General FundRevenues & Expenditures

  7. General Fund Fund Balance

  8. General Fund Balance as a Percentage of Expenditures vs. State Averages *Excluding Detroit Public Schools Note – for example, a 3.85% fund balance is equivalent to a household with $50,000 annual income having $1,925 in a savings account.

  9. Fund Balance–Under GASB 54 • Nonspendable - inventories, prepaids, long-term receivables • Restricted - externally imposed by grantors etc. • Committed - constrained by the Board • Assigned – Previously designated, shows intent. • Unassigned – Previously unreserved, undesignated.

  10. General Fund – GASB 54 Fund Balance

  11. DueFrom State & Other Governmental Units - General Fund as of June 30,

  12. Retirement Rate * * Rate increase from 19.41% to 20.66% effective November 1, 2010.

  13. Sinking FundFund Balance June 30

  14. Food ServiceRevenues & Expenditures

  15. Food Service Fund Balance

  16. Athletics Revenues, Expenditures & General Fund Contributions

  17. Child Development Fund Revenues, Expenditures and Fund Balance

  18. Community EducationRevenues, Expenditures & General Fund Contributions

  19. Economic Considerations

  20. Health Care Reform • Two Acts signed into law in 2010 • Patient Protection and Affordable Health Care Act (PPACA) • Health Care and Education Reconciliation Act of 2010 • These combined Acts are referred to as the Health Care Reform • Health Care Reform (HCR) • Complex regulation • Huge administrative burden • Will impact 2013-14 budget

  21. District Impact HCR compliance will have a significant impact on: • District • Financial • Business office • Information tracking • Additional reporting requirements • Personnel • Contract negotiations • Staffing patterns

  22. Compliance Issues • W2 Reporting • 2012 data on W2s issued in January 2013 • Summary of Benefits and Coverage • Begins September 2012 • Open enrollment or first day of plan year • Issued to all employees & new hires • Must show proof of delivery • Health Insurance Coverage for Full Time Employees 2014 • Average 30 hours/week • Significant penalties for non-compliance • Potential penalties even if district complies • New annual return required in January 2015 • 2014 Data regarding health insurance plan • Track who is offered coverage • Does coverage meet specific requirements?

  23. Questions?

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