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Pequea Valley School District 2018 Audit December 4, 2018

Pequea Valley School District 2018 Audit December 4, 2018. Introduction. Independent Auditors’ Report for the year ended June 30, 2018 Management’s Discussion and Analysis. Unaudited information prepared by John Bowden, Chief of Finance and Operations.

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Pequea Valley School District 2018 Audit December 4, 2018

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  1. Pequea Valley School District 2018 Audit December 4, 2018

  2. Introduction • Independent Auditors’ Report for the year ended June 30, 2018 • Management’s Discussion and Analysis. Unaudited information prepared by John Bowden, Chief of Finance and Operations. • Government Wide Statements - Full accrual basis statements. For Management Use Only

  3. Governmental Activities Highlights • Capital asset additions of $1.46M included Apple iPads (leased), the planetarium project, the High School auditorium upgrade, and the Salisbury Elementary systems automation. • Disposal of various capital assets in current year included the old Paradise Elementary School Building. • $3.79M of principal payments made during the year. Ending balance of outstanding debt at June 30, 2018 is $10.48M. • Implementation of new OPEB accounting standard resulted in a $2.90M increase in noncurrent liabilities. • Net position increased by $1.84M as of June 30, 2018. For Management Use Only

  4. GASBS No. 75, OPEB • Effects the full-accrual financial statements • Government-Wide • Enterprise Fund (Food Service) • Additional footnote disclosures and required supplementary information • Summary of effects ($000) For Management Use Only

  5. PSERS • Pension Reform • As of 6/30/17, PSERS plan was approximately 52% funded (about $49 billion unfunded liability) • PV’s proportionate share .0924% • Normal Cost 7.70 • Unfunded Liability 31.74 Premium Assistance .83 32.57% • Net pension liability at 6/30/18 - $45.6M For Management Use Only

  6. Governmental ActivitiesHistorical Analysis For Management Use Only

  7. General Fund Results For Management Use Only

  8. General Fund Results For Management Use Only

  9. General Fund – Expense Analysis For Management Use Only

  10. Capital Projects Fund For Management Use Only

  11. GASB No. 54 – Fund Balance Reporting and Governmental Type Definitions For Management Use Only

  12. Food Service Fund For Management Use Only

  13. Internal Service Fund For Management Use Only

  14. Other Financial Statement Components • Notes to Financial Statements • Note 1 – Summary of Significant Accounting Policies • Note 10 – Long-Term Debt • Note 15 – Defined Benefit Pension Plan • Note 16 – Other Postemployment Benefits (OPEB) • Note 21 – Change in Accounting Principle • Supplemental Schedules provide additional detail to basic financial statements • Single Audit (Compliance Audit of the School District’s Federal Grants) and Related Reports For Management Use Only

  15. Single Audit • Compliance audit of federal awards • Major program tested was Title I • No questioned costs For Management Use Only

  16. Thank You & Staff Recognition John Bowden and Britney Hevner Thanks to John, Britney, and the rest of the Business Office staff for helping us during our audit. Pequea Valley School District We value our relationship with you and thank you for your business. For Management Use Only

  17. About trout, Ebersole & Groff LLP

  18. Who We Are

  19. Our Community Leadership

  20. Our Professional Commitment

  21. Our Vision Our Vision

  22. Industry Expertise

  23. Services Offered Corporate Employee Benefits

  24. What Differentiates Our Firm

  25. Best Places to Work Designation

  26. Your Partner • Areas of Expertise: • Fraud Risk Management • Fraud Investigations • Not-for-Profit Organizations • Governmental & Single Audits • Member of: • American Institute of Certified Public Accountants • Pennsylvania Institute of Certified Public Accountants • Association of Certified Fraud Examiners Carol Roland, CPA, CFE, MBA Direct: 717-358-9154 Email: croland@troutcpa.com

  27. 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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