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Swartz Creek Community Schools

Swartz Creek Community Schools

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Swartz Creek Community Schools

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Presentation Transcript

  1. Swartz Creek Community Schools 2011-2012 Financial Statement Presentation

  2. Auditors’ Opinion • The District received an unqualified audit opinion • This is the highest level of assurance possible for the District’s financial statements • The audit was conducted in accordance with: • Generally accepted auditing standards • Government auditing standards

  3. Blended Student Enrollment

  4. General Fund Revenue Revenue Sources 11-12

  5. General Fund Expenditures

  6. General FundRevenues & Expenditures

  7. General Fund Fund Balance

  8. General Fund Balance as a Percentage of Expenditures vs. State Averages *Excluding Detroit Public Schools Note – for example, a 3.85% fund balance is equivalent to a household with $50,000 annual income having $1,925 in a savings account.

  9. Fund Balance–Under GASB 54 • Nonspendable - inventories, prepaids, long-term receivables • Restricted - externally imposed by grantors etc. • Committed - constrained by the Board • Assigned – Previously designated, shows intent. • Unassigned – Previously unreserved, undesignated.

  10. General Fund – GASB 54 Fund Balance

  11. DueFrom State & Other Governmental Units - General Fund as of June 30,

  12. Retirement Rate * * Rate increase from 19.41% to 20.66% effective November 1, 2010.

  13. Sinking FundFund Balance June 30

  14. Food ServiceRevenues & Expenditures

  15. Food Service Fund Balance

  16. Athletics Revenues, Expenditures & General Fund Contributions

  17. Child Development Fund Revenues, Expenditures and Fund Balance

  18. Community EducationRevenues, Expenditures & General Fund Contributions

  19. Economic Considerations

  20. Health Care Reform • Two Acts signed into law in 2010 • Patient Protection and Affordable Health Care Act (PPACA) • Health Care and Education Reconciliation Act of 2010 • These combined Acts are referred to as the Health Care Reform • Health Care Reform (HCR) • Complex regulation • Huge administrative burden • Will impact 2013-14 budget

  21. District Impact HCR compliance will have a significant impact on: • District • Financial • Business office • Information tracking • Additional reporting requirements • Personnel • Contract negotiations • Staffing patterns

  22. Compliance Issues • W2 Reporting • 2012 data on W2s issued in January 2013 • Summary of Benefits and Coverage • Begins September 2012 • Open enrollment or first day of plan year • Issued to all employees & new hires • Must show proof of delivery • Health Insurance Coverage for Full Time Employees 2014 • Average 30 hours/week • Significant penalties for non-compliance • Potential penalties even if district complies • New annual return required in January 2015 • 2014 Data regarding health insurance plan • Track who is offered coverage • Does coverage meet specific requirements?

  23. Questions?