solanco school district 2013-14 audit january 5, 2015
TRANSCRIPT
Solanco School District 2013-14 AuditJanuary 5, 2015
Audit Overview
• Audit in Accordance with:• US Generally Accepted Auditing Standards• Government (Yellow Book) Auditing Standards• US OMB Circular A-133 (Single Audit)
• Audit of period 7/1/13- 6/30/14• Solanco Business Office drafts financial
statements• Overview of Audit Process• Audit Findings: No significant deficiencies or
material weaknesses are reported
Governmental ActivitiesHistorical Analysis
June 30, 2012
June 30, 2013
June 30, 2014
Current Assets 17,603,465 21,349,010 22,842,063
Noncurrent Assets 41,231,848 39,761,248 38,761,504
Total Assets 58,835,313 61,568,212 61,603,567
Current Liabilities 8,296,091 9,494,997 9,483,742
Noncurrent Liabilities 8,347,407 5,268,257 2,583,932
Total Liabilities 16,643,498 14,763,254 12,067,674
Net Position 42,191,815 46,347,004 49,535,893
Debt to Equity Ratio 0.39 0.32 0.24
2010 2011 2012 2013 2014 2015 Projection
-20
-10
0
10
20
30
40
50
Net Position in millions
2015 Projection: Il-lustrates impact of im-plementation of GASB 68 (Accounting and Financial Reporting for Pensions)
Governmental ActivitiesHistorical Net Position
Relationship: Capital Assets vs. Debt
2011 2012 2013 2014 -
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
50,000,000
Principal Outstanding Investment in Capital Assets
General Fund Results For Fiscal Year Ended2012 2013 2014 -
Actual2014 – Original
Budget
Local Revenues 26,268,507 28,287,077 28,630,344 27,387,154
State Revenues 16,129,851 16,407,104 17,136,128 17,269,079
Federal Revenues 2,005,945 2,432,398 2,625,710 2,556,319
Total Revenues44,404,30
347,126,57
948,392,182 47,212,552
Instructional Services 25,962,949 26,498,793 28,469,246 30,442,341
Support Services 12,816,451 12,927,985 13,661,206 14,077,637
Operation of Noninstructional Services
871,287 856,296 894,272 919,384
Total Expenditures39,650,68
740,283,07
443,024,724 45,439,362
Fund Transfers & Other Financing Uses
(4,830,222)
(6,809,135)
(4,961,602) (3,538,000)
Change in Fund Balance
(76,608) 34,370 405,856 (1,764,810)
Change in Reserve for Inventory
59,922 (38,746) (59,138) -0-
Ending Fund Balance 5,337,721 5,333,345 5,680,063 3,568,535
GASB No. 54 – Fund Balance Reporting and Government Type Definitions
General Fund
Capital Project Fund
Debt Service Fund
Nonspendable (Not in spendable form) 281,954 -0- -0-
Restricted(External) 37,498 -0- 2
Committed(Board) 2,636,658 -0- -0-
Assigned(Board or Delegate) -0- 7,005,488 -0-
Unassigned(Residual GF balance) 2,723,953 -0- -0-
Total 5,680,063 7,005,488 2
General Fund Expense Comparison
Inst
ruct
ion
- Reg
ular
Inst
ruct
ion
- Spe
cial
Inst
ruct
ion
- Oth
er
Inst
ruct
iona
l Stu
dent
Sup
...
Admin
& F
inan
cial S
uppo
rt
Opera
tion
& Mai
nten
ance
Pupi
l Tra
nspo
rtatio
n
Non-In
stru
ctio
nal
Fund
Tra
nsfe
rs &
Oth
er0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
20,000,000
2011-12
2012-13
2013-14
2013-14 General Fund Expenses
Salaries and Wages
Employee Benefits
Professional Services
Repair and Main-tenance
Other Purchased Services
Supplies
Property & Equipment
Other
Transfer - Capital Project Fund
Transfer - Debt Service Fund
Debt Service Fund
Fund Balances June 30, 2012 June 30, 2013 June 30, 2014
Revenue and Transfers In:
Investment Earnings 1 1 2
Transfer In 3,420,073 3,412,974 3,426,599
Expenditures and Other:
Principal 2,960,000 3,065,000 3,200,000
Interest 458,575 346,475 225,100
Other 1,500 1,500 1,500
Bond Issuance -0- -0- -0-
Bond Refunding: -0- -0- -0-
Net Change (1) -0- 1
Beginning Fund Balance 2 1 1
Ending Fund Balance 1 1 2
Debt Service Requirements
2011-12 2012-13 2013-14 2014-15 2015-16 -
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
Debt Service Requirements (past, present, and future)
Long-term Obligations
July 1, 2013
Additions Reductions June 30, 2014
General Obligation Bonds
5,950,000 -0- 3,200,000 2,750,000
Unamortized Bond Issue Premium
43,964 -0- 32,917 11,047
Compensated Absences
879,957 22,078 103,505 798,530
Retirement Bonuses
502,558 14,465 55,820 461,203
PSERS Unfunded Liability
Not Yet Not Yet Not Yet Not Yet
OPEB Obligation 1,272,056 414,731 206,298 1,480,4849
Total 8,648,535 451,274 3,598,540 5,501,269
Other Debt Payments
2014-15 2015-16 2016-17 2017-18 2018-19 -
10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000
100,000
Repayment of District’s share of LCCTC Debt over next 5 years, $2,049,363 in
total
Capital Project Fund
Fund Balance June 30, 2012 June 30, 2013 June 30, 2014
Revenues:
Investment Income 10,135 6,783 4,995
Other 185 -0- 185
Expenditures:
Capital Outlay (478,029) (823,538) (1,197,505)
Transfer In: 628,989 3,400,000 1,538,574
Net Change 161,280 2,583,245 346,249
Beginning Fund Balance
3,914,714 4,075,994 6,659,239
Ending Fund Balance
4,075,994 6,659,239 7,005,488
Cafeteria Fund Analysis
2011-12 2012-13 2013-14
Operating Revenues 873,734 780,247 718,317
Non-operating Revenues 911,447 900,393 953,631
Revenues 1,785,181 1,680,640 1,671,948
Salaries and Benefits 764,666 738,564 697,306
Supplies 837,683 818,678 762,505
Other Expenses 77,244 119,628 81,430
Total Expenses 1,679,593 1,676,870 1,541,241
Transfers In (Out) 97,536 -0- -0-
Change in Net Position 203,124 3,770 130,707
Internal Service Funds
2012-13 2013-14
Additions 4,210,932 4,473,849
Expenses and Transfers Out 4,183,223 4,199,093
Change in Net Position 27,709 274,756
June 30, 2013
June 30, 2014
Hospitalization 2,681,386 2,962,951
Unemployment Compensation 178,932 172,123
Net Position - Total 2,860,318 3,135,074
Composition of Net Position
Changes in Net Position
Funding Sources for Health Insurance
2011-12 2012-13 2013-14 -
1,000,000.00
2,000,000.00
3,000,000.00
4,000,000.00
5,000,000.00
Solanco School District
Retiree Con-tributions
Employee Con-tributions
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 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
Schedule of Expenditures of Federal Awards
Expenditures = Grant Revenue 2012-13 2013-14
School Lunch/ Breakfast Program 792,056 842,045
Title I 1,730,714 1,828,907
Improving Teacher Quality 270,184 251,301
Striving Readers (KTO) 248,323 366,178
Special Education (via IU 13) 619,952 545,805
Other 7,863 17,251
Total Federal Grant Expenditures 3,669,092 3,851,487
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
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.
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