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2008 Audit Report

Highlights. 2008 Audit Report. Management’s Discussion & Analysis 2008 Financial Highlights. General Fund revenues increased by $943,193. Increase in General Fund revenue was due to an increase enrollment, property tax and state sources. General Fund expenditures increased by $529,430.

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2008 Audit Report

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  1. Highlights 2008 Audit Report

  2. Management’s Discussion & Analysis2008 Financial Highlights General Fund revenues increased by $943,193. Increase in General Fund revenue was due to an increase enrollment, property tax and state sources. General Fund expenditures increased by $529,430. Increase in General Fund expenditures was due to an increase in negotiated salaries and benefits and overspending in general. Overall, the revenues were less than the expenditures causing the General Fund balance to decrease $214,506. The General Fund balance was a deficit $1,028,782 at June 30, 2008. Page 4

  3. Management’s Discussion & Analysis2008 Financial Highlights(Continued)‏ With the change in District leadership, an action plan has been implemented to address the deficit. Steps include: reduction in force, delays in planned purchases, increased fees, etc. Page 4

  4. Economic Factors Bearing on theDistrict's Future The economy is of concern for the District as state budget cuts appear inevitable, shifting funding on property taxes. During FY08, an action plan was established to address the deficit and to regain solvency. For the FY09, cuts to the General Fund expenditures, reduced staff and costs savings as deemed feasible. The District continues to explore opportunities to improve financial status, knowing the process will take time and sacrifice but ensuring that the best interest of the students be considered first. Unstable prices of gas, diesel and natural gas continue to be a concern. Pages 12-13

  5. Economic Factors Bearing on theDistrict's Future With 84% of General Fund expenditures consisting of salaries and benefits, increasing costs of salaries, benefits, health costs and IPERS continue to be concern. Enrollment increased 4.74% in FY07 and 3.72% in FY08. Projections predict continued growth. In fall 2008, construction began on a new high school which is scheduled for completion June 2010. The existing high school will be converted into a middle school for grades 5-8. The majority of the funding for the new high school consists of $10.3 million of GO Bonds. With the new facility, comes additional expenses. Pages 12-13

  6. Governmental Activities General Fund Capital Projects Debt Service Nonmajor Governmental Funds: Special Revenue Funds Management Levy Student Activity Physical Plant and Equipment Levy Pages 14-19

  7. Business-Type Activities School Nutrition Construction Class Pages 20-22

  8. Governmental FundsGeneral FundUndesignated Fund Balance and Solvency Ratio Solvency Ratio = Undesignated Fund Balance Revenues • 200620072008 ($379,595) ($1,071,027) ($1,306,445)‏ • (5.30%) (13.08%) (14.30%)‏ Page 16

  9. Total General Fund revenues of $9,133,978. Governmental FundsGeneral Fund2008 Revenues Page 18

  10. Governmental FundsGeneral Fund2008 Expenditures • Total General Fund expenditures were $9,348,484. Page 18

  11. Capital Projects $494,519 $854,669 $1,854,115 Governmental FundsCapital Projects FundUndesignated Fund Balance 2006 2007 2008 Page 16

  12. Debt Service $636,823 $688,448 $870,566 Governmental FundsDebt Service FundUndesignated Fund Balance 2006 2007 2008 Page 16

  13. Governmental FundsNonmajor Special Revenue FundsUndesignated Fund Balance Management Levy $5,020 $9,161 $33,907 Activity Fund $146,472 $151,241 $164,977 Physical Plant and Equipment Levy $129,572 $288,514 $353,822 200620072008 Page 38

  14. Business-Type Funds Total Net Assets School Nutrition $179,379 $154,139 $128,119 Construction Class $102,720 ($86,860) ($73,901)‏ 200620072008 Page 20

  15. Schedule of Findings ???????? ????????

  16. Part IFindings Related to the Basic Financial Statements Segregation of Duties -Lack of internal controls. B. Student Activity Fund -Several accounts do not appear to be student run organizations. -Interest should be allocated annually. -Checks written to cash. -Library book purchases should be made out of General Fund. C. Activity Invoices -Missing several invoices for purchases. D. Supporting Documents for Payments to Officials -Missing copies of athletic officials' contract. Pages 45-47

  17. Part IIOther Findings Related to Required Statutory Reporting • A. Certified Budget • -Exceeded in budgeted in instruction, non-instructional and other expenditures. Also exceeded total budget. • B. Questionable Disbursements • -Gift cards do not meet public purpose guidelines. • G. Certified Enrollment • -Line 1 understated by 0.1 students. • J. Checks Outstanding • -Checks outstanding over 1 year. • K. Financial Condition • -Deficit in undesignated General Fund of $1,306,445, deficit Enterprise, Construction Class net assets of $73,901 and four deficit accounts within Student Activity at June 30, 2008. Pages 48-49

  18. Thank you! • We would like to acknowledge the many courtesies and assistance extended to us by personnel of the Bondurant-Farrar Community School District.

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