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Highlights of the 2010 Audit Report

Highlights of the 2010 Audit Report. Type of Audit. Comprehensive Annual Financial Report (CAFR) -Introductory Section -Financial Section -Statistical Section -Single Audit Section. Transmittal Letter. INTRODUCTORY SECTION. P. 1 – Management Responsibility

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Highlights of the 2010 Audit Report

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  1. Highlights of the2010 Audit Report

  2. Type of Audit Comprehensive Annual Financial Report (CAFR) -Introductory Section -Financial Section -Statistical Section -Single Audit Section

  3. Transmittal Letter INTRODUCTORY SECTION • P. 1 – Management Responsibility • P. 2 – Debt Administration • P. 3 – Cash Management • P. 4-5 – Major Initiatives and Achievements Pages 1 - 6

  4. Certificates of Achievement 1983 Association of School Business Officials International – only 14 Iowa School Districts received this in 2009 Page 7

  5. FINANCIAL SECTION Management’s Discussion & Analysis2010 Financial Highlights • All funds total net asset decreased by $1,140,293 (p. 17) • General Fund Balance decreased. Undesignated Fund Balance decreased by $914,835 while Restricted Fund Balance increased by $130,012. (p. 26) • Cash Balance Reduction of $689,260 due to State Aide Reductions. • Decrease in Nutrition Fund Balance of $20,474 as the result of $9,325 in operating loss and $11,149 of net long-term liabilities for OPEB. • Decrease in Child Care Fund Balance of $4,534 as the result of $2,810 in operating loss and $1,724 of net long-term liabilities for OPEB. Page 13

  6. Economic Factors – District Future • Local, State and National Economy • Possible Decline in Enrollment • Election of a Republican Governor • Election of a Republican House Page 22

  7. Governmental Activities • General Fund • Student Activity Fund • Debt Service • Capital Projects – PPEL, Sales Tax • Management Fund Page 24-29

  8. Governmental FundsGeneral FundUndesignated Fund Balance 200820092010 3,359,636 3,629,572 2,714,737 Page 26

  9. Governmental Funds (cont)Undesignated Fund Balance Management Fund 926,035 1,001,797 1,082,629 Activity Fund 321,252 294,542 313,465 Physical Plant & 631,590 790,061 1,122,783 Equipment Fund (PPEL) 200820092010 Page 26

  10. Governmental Funds (cont)Capital Projects FundUndesignated Fund Balance Sales Tax 2,467,166 2,888,503 2,205,412 2008 2009 2010 Page 26

  11. Business Type Activities • School Nutrition • Day Care • Internal Services – Self-Funded Health Page 30-34

  12. Business-Type FundsUndesignated Fund Balance Daycare 211,457 218,480 214,630 School 531,121 465,650 318,448 Nutrition 200820092010 Page 32

  13. Internal Service FundUndesignated Fund Balance Self-Funded 1,852,846 1,092,325 915,748 Health 200820092010 Page 30

  14. Agency FundDue to Other Groups 200820092010 12,129 11,716 11,459 Page 34

  15. STATISTICAL SECTION P. 60-66 Financial Trends P. 67-70 Revenue Capacity P. 71-76 Debt Capacity P. 77-79 Demographic and Economic P. 80-83 Operating Information P. 84-98 Miscellaneous Pages 61-98

  16. STATISTICAL SECTION (cont) P. 67 Taxable Value Last Ten Years P. 81 Free and Reduced Last Ten Years P. 82-83 School Building Last Ten Years P. 90 Official Enrollment by Grade Last Ten Years P. 94 Average Salaries by Education P. 95 Settlement Trends Last Ten Years P. 96 Solvency Ratio Last Ten Years

  17. Federal Awards • Total Federal Awards $2,766,201 Pages 97-98 • Title I Pages 99

  18. Schedule of Findingsand Questioned Costs ???????? ????????

  19. Part II Findings Related to Basic Financial Statements -Internal Control Deficiencies A) Invoice dated after purchase order/policies not followed – Policies and procedures are in place – Personnel matter. Page 104-105

  20. Part IIIFindings and Questioned Cost for Federal Awards No Matters of Non-Compliance Page 105

  21. Part IVStatutory Findings Related to Required Statutory Reporting • Business Transaction • 1) Transparency of transactions for • purchases • 2) Conflict of interest for Bill Hagge • 3) Certified Enrollment - overstated Page 106

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