insert presentation title here public schools of petoskey june 30, 2014 audit presentation
TRANSCRIPT
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Insert PresentationTitle Here
Public Schools of Petoskey
June 30, 2014 Audit Presentation
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Independent Auditors’ Report
Unmodified Opinion – Financial statements are fairly presented, in all material respects, in conformity with Generally Accepted Accounting Principles.
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District-Wide Financial Statements
• Total capital assets, net of depreciation - $49,209,394• Capital asset additions - $2,717,117• Depreciation expense - $2,296,550
• Total long term debt - $16,717,139 includes• Bonds payable• Land contracts• Early retirement incentives• Compensated absences
• Repayments during fiscal 2014 - $2,809,623• Payments due during fiscal 2015 - $2,896,542
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Fund Financial Statements
• General Fund• Fund Balance - $2,568,271
• Increase from the prior year of $336,608. Ending fund balance is approximately 10% of one years expenditures.
• Includes the athletic activities
• Food Service• Fund Balance - $101,587• Increase of $11,253
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Single Audit
• The District expended $895,026 in Federal Awards• Unmodified opinion on compliance related to
Federal programs• No findings or questioned costs related to
compliance with the requirements of Federal Awards
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General Fund Expenditures
Basic programs; 52.94%
Added needs; 16.37%
Pupil services; 2.98%
Instructional staff services; 2.75%
School administration; 9.68%
Operations and maintenance; 8.26%
Transportation; 4.79%
Athletics; 1.86%
Other; 0.36%
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General Fund Revenues Compared to Expenditures
2009 2010 2011 2012 2013 2014 23,500,000
24,000,000
24,500,000
25,000,000
25,500,000
26,000,000
26,500,000
Revenue Expenditures
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General Fund Balance Compared to Expenditures
2009 2010 2011 2012 2013 2014 -
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
6.4%
10.1%11.5%
12.0%
8.7%
10.1%
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General Fund Budget to Actual Comparison
2009 2010 2011 2012 2013 2014 23,500,000
24,000,000
24,500,000
25,000,000
25,500,000
26,000,000
26,500,000
27,000,000
Original Budget
Final Budget
Actual
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General Fund Revenue Per Pupil
Information was obtained from MDE Bulletin 1014.
Local Sources State Sources Federal Sources All Sources
State average-2012/2013 1690 6643 535 8965
Petoskey Schools-2011/2012 5650 2548 410 8608
Petoskey Schools-2012/2013 5471 2827 151 8449
Petoskey Schools-2013/2014 5419 2878 151 8448
$500
$1,500
$2,500
$3,500
$4,500
$5,500
$6,500
$7,500
$8,500
$9,500
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General Fund Expenditures Per Pupil
Information was obtained from MDE Bulletin 1014.
Basic programs Added needs Instructional support Business & Administra-tion
Operation & Mainte-nance
State average-2012/2013 4580 1218 929 1151 908
Petoskey Schools-2010/2011
4477 1411 450 885 710
Petoskey Schools-2011/2012
4582 1417 496 838 715
Petoskey Schools- 2012/2013
4744 1395 458 993 675
$250 $750
$1,250 $1,750 $2,250 $2,750 $3,250 $3,750 $4,250 $4,750
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General Fund Operating Expenditures Per Pupil
Information was obtained from MDE Bulletin 1014.
2009 2010 2011 2012 2013 7,300
7,500
7,700
7,900
8,100
8,300
8,500
8,700
8,900
9,100
9,300
Public Schools of PetoskeySault Ste Marie Public SchoolsGaylord Community SchoolsTraverse City Area Public SchoolsCheboygan Area Schools
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General Fund Instructional Expenditures Per Pupil
Information was obtained from MDE Bulletin 1014.
2009 2010 2011 2012 20134,800
5,000
5,200
5,400
5,600
5,800
6,000
6,200
6,400
Public Schools of Petoskey
Sault Ste Marie Public Schools
Gaylord Community Schools
Traverse City Area Public Schools
Cheboygan Area Schools
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