2009 audit report highlights. type of audit comprehensive annual financial report (cafr)...
TRANSCRIPT
2009 Audit Report
Highlights
Type of Audit
Comprehensive Annual
Financial Report (CAFR)
-Introductory Section
-Financial Section
-Statistical Section
-Single Audit Section
Transmittal Letter
• P. 1 – Management Responsibility
• P. 2 – Debt Administration
• P. 3 – Cash Management
• P. 3-5 – Major Initiatives and Achievements
Pages 1 - 6
INTRODUCTORY SECTION
Certificates of Achievement
1983 Association of School Business Officials International – only 14 Iowa School Districts received this in 2008
1985 Governmental Finance Officers Association of the United States and Canada – only 9 Iowa School Districts received this in 2008
Pages 7-8
Management’s Discussion & Analysis2009 Financial Highlights
– All funds total net asset increased by $344,138 (p. 19)– General Fund Balance increased by $343,709– Redemption of $5,425,000 of 1998 and 1999 bonds from the
Capital Project Fund– School Nutrition Fund Balance decreased by $71,849 due to
cost of closing down the Junior High cafeteria and the start up, renovation, and addition to their new cafeteria
– Child Care Fund Balance increased by $5,698– Student Activity Fund decreased by $25,750 including $25,461
from the high school athletics fund balance for the second year in a row
Page 15
FINANCIAL SECTION
Economic Factors – District Future
• Local, State and National Economy
• Possible Decline in Enrollment
Page 24
Governmental Activities
• General Fund
• Student Activity Fund
• Debt Service
• Capital Projects – PPEL, Sales Tax
• Management Fund
Page 26-31
Governmental FundsGeneral Fund
Undesignated Fund Balance
2007 2008 2009
2,422,773 3,359,636 3,629,572
Page 28
Governmental Funds (cont)Undesignated Fund Balance
Management Fund 788,673 926,035 1,001,797 Activity Fund 353,424 321,252 294,542
Physical Plant & 593,350 631,590 790,061 Equipment Fund (PPEL)
2007 2008 2009
Page 28
Governmental Funds (cont)
Capital Projects FundUndesignated Fund Balance
Page 28
Sales Tax 6,317,073 2,467,166 2,888,503
2007 2008 2009
Business Type Activities
• School Nutrition
• Day Care
• Internal Services – Self-Funded Health
Page 32-36
Business-Type FundsUndesignated Fund Balance
Daycare 181,688 211,457 218,480
School 508,242 531,121 465,650
Nutrition
2007 2008 2009
Page 32
Internal Service FundUndesignated Fund Balance
Self-Funded 2,123,051 1,852,846 1,092,325
Health
2007 2008 2009
Page 32
Agency FundDue to Other Groups
2007 2008 2009
20,435 12,129 11,716
Page 36
Pages 61-98
P. 62-68 Financial Trends
P. 69-72 Revenue Capacity
P. 73-78 Debt Capacity
P. 79-81 Demographic and Economic
P. 82-85 Operating Information
P. 86-98 Miscellaneous
STATISTICAL SECTION
P. 69 Taxable Value Last Ten Years
P. 83 Free and Reduced Last Ten Years
P. 84-85 School Building Last Ten Years
P. 92 Official Enrollment by Grade Last Ten Years
P. 96 Average Salaries by Education
P. 97 Settlement Trends Last Ten Years
P. 98 Solvency Ratio Last Ten Years
STATISTICAL SECTION (cont)
Federal Awards
• Total Federal Awards $1,445,979
Pages 99-100
• Title I Pages 101
Schedule of Findingsand Questioned Costs
Part II Findings Related to Basic
Financial StatementsA. Inventory Controls in Place
- Building stockpiling supplies – same audit comment from 2006B. Clothing Purchased for Staff
- Clothing should be taxable or staff must pay for clothingC. Additional Compensation
- Cell phones – documentation will be required- Non-overnight travel will become taxable and the
policy will be reviewedPage 106
Part IIIFindings and Questioned Cost
for Federal Awards
No Matters of Non-Compliance
Page 107
Part IVStatutory Findings Related to Required Statutory Reporting
Page 109
D. Business Transaction
1) Transparency of transactions for purchases
2) Conflict of interest for Bill Hagge