Highlights Highlights of theof the2011 2011 Audit Audit ReportReport

Type of AuditType of Audit

Comprehensive Annual Comprehensive Annual

Financial Report (CAFR)Financial Report (CAFR)

-Introductory Section (page 1-12)-Introductory Section (page 1-12)

-Financial Section (page 13-62)-Financial Section (page 13-62)

-Statistical Section (page 63-100)-Statistical Section (page 63-100)

-Single Audit Section (page 101-111)-Single Audit Section (page 101-111)

Transmittal LetterTransmittal Letter P. 1 – Management ResponsibilityP. 1 – Management Responsibility P. 2 – Debt AdministrationP. 2 – Debt Administration P. 3 – Cash ManagementP. 3 – Cash Management P. 4-5 – Major Initiatives and P. 4-5 – Major Initiatives and

AchievementsAchievements

Pages 1 - 7

INTRODUCTORY SECTION

Certificates of AchievementCertificates of Achievement

1983 Association of School 1983 Association of School Business Officials InternationalBusiness Officials International

1985 Governmental Finance 1985 Governmental Finance Officers AssociationOfficers Association

Page 8-9

Management’s Discussion & Management’s Discussion & AnalysisAnalysis

2011 Financial Highlights2011 Financial Highlights The district showed an increase in net assets of The district showed an increase in net assets of

$1,246,564 during the year ended June 30, 2011.$1,246,564 during the year ended June 30, 2011.

The district’s General Fund Balance increased by The district’s General Fund Balance increased by $805,229, the Undesignated Fund Balance increased by $805,229, the Undesignated Fund Balance increased by $628,591, and the Restricted/Assigned Fund Balance $628,591, and the Restricted/Assigned Fund Balance increased by $176,638. The increase in the increased by $176,638. The increase in the Undesignated Fund Balance is due to a combination of Undesignated Fund Balance is due to a combination of (1) an increase in the cash reserve levy to help increase (1) an increase in the cash reserve levy to help increase the district’s cash reserves, and (2) limiting expenditures the district’s cash reserves, and (2) limiting expenditures to be comparable to prior year expenditures.to be comparable to prior year expenditures.

The district’s Nutrition Fund Balance increased by The district’s Nutrition Fund Balance increased by $64,392. The district will be using some of the remaining $64,392. The district will be using some of the remaining balance for equipment replacement and to upgrade the balance for equipment replacement and to upgrade the point-of-sale equipment and software.point-of-sale equipment and software.

Page 15

FINANCIAL SECTION

Economic Factors – Economic Factors – District FutureDistrict Future

Election of a Republican GovernorElection of a Republican Governor Election of a Republican HouseElection of a Republican House Federal Education Jobs Bill endingFederal Education Jobs Bill ending Closing of Printing Facility Closing of Printing Facility

employing 279 workersemploying 279 workers Reduction of shared funding for Reduction of shared funding for

HR positionHR position

Page 24

Governmental ActivitiesGovernmental Activities

General FundGeneral Fund Student Activity FundStudent Activity Fund Debt ServiceDebt Service Capital Projects – PPEL, Sales TaxCapital Projects – PPEL, Sales Tax Management FundManagement Fund

Page 26-31

Governmental FundsGovernmental FundsGeneral FundGeneral Fund

Unassigned Fund BalanceUnassigned Fund Balance

20092009 20102010 20112011

3,629,572 2,714,7373,629,572 2,714,737 3,343,3283,343,328

Page 26

Governmental Funds (cont)Governmental Funds (cont)Restricted Fund Balance ForRestricted Fund Balance For

Management Fund 1,001,797 1,082,629Management Fund 1,001,797 1,082,629651,594651,594

Activity FundActivity Fund 294,542 294,542 313,465 313,465

289,212289,212

Physical Plant &Physical Plant & 790,061 1,122,783 790,061 1,122,783 1,161,4221,161,422

Equipment FundEquipment Fund (PPEL)(PPEL)

2009 2010 2011

Page 28

Governmental Funds (cont)Governmental Funds (cont)

Capital Projects FundCapital Projects FundRestricted Fund Balance ForRestricted Fund Balance For

Page 28

Sales Tax 2,888,503Sales Tax 2,888,503 2,205,412 2,205,412 4,175,059 4,175,059

2009 2011 2010

Business Type ActivitiesBusiness Type Activities

School NutritionSchool Nutrition Day CareDay Care Internal Services – Self-Funded Internal Services – Self-Funded

HealthHealth

Page 32-36

Business-Type FundsBusiness-Type FundsUnrestricted Fund BalanceUnrestricted Fund Balance

DaycareDaycare 218,480218,480 214,630 214,630223,551223,551

School 465,650School 465,650 318,448 318,448402,012402,012

NutritionNutrition

2009 2010 2011

Page 32

Internal Service FundInternal Service FundUnrestricted Fund BalanceUnrestricted Fund Balance

Self-Funded 1,092,325 915,748 Self-Funded 1,092,325 915,748 1,539,6531,539,653

HealthHealth

2009 2010 2011

Page 32

Agency FundAgency FundDue to Other GroupsDue to Other Groups

20092009 20102010 20112011

11,71611,716 11,459 11,459 13,570 13,570

Page 34

Pages 63-100

P. 64-70 Financial Trends

P. 71-74 Revenue Capacity

P. 75-80 Debt Capacity

P. 81-83 Demographic and Economic

P. 84-87 Operating Information

P. 88-100 Miscellaneous

STATISTICAL SECTION

P. 71 Taxable Value Last Ten Years

P. 85 Free and Reduced Last Ten Years

P. 86-87 School Building Last Ten Years

P. 94 Official Enrollment by Grade Last Ten Years

P. 97 Settlement Trends Last Ten Years

P. 98 Average Salaries by Education

P. 100 Solvency Ratio Last Ten Years

STATISTICAL SECTION (cont)

Federal AwardsFederal Awards

Total Federal AwardsTotal Federal Awards $1,536,317$1,536,317

Pages 102-Pages 102-103103

Schedule of FindingsSchedule of Findingsand Questioned Costsand Questioned Costs

Part II Part II Findings Related to Basic Findings Related to Basic

Financial Statements -Financial Statements -Internal Control DeficienciesInternal Control DeficienciesA)A) Accounting for Student Activity Accounting for Student Activity

Accounts – transfers made to Accounts – transfers made to remedy deficit accountsremedy deficit accounts

B)B) Student Activity Fund Resale Student Activity Fund Resale Accounts – Accounts receivable Accounts – Accounts receivable were overstated since they were overstated since they were not collected within 60 were not collected within 60 days.days. Page 108-109

Part IIIPart IIIFindings and Questioned Cost Findings and Questioned Cost

for Federal Awardsfor Federal Awards

No Matters of Non-No Matters of Non-ComplianceCompliance

Page 109

Part IVPart IVStatutory Findings Related to Statutory Findings Related to Required Statutory ReportingRequired Statutory Reporting

Page 109

A) Certified Budget Exceeded certified amount in support

services.

D) TransparencyBusiness has been sold. No longer an issue.

G) Certified enrollment overstated by 8.9.