FY12 Audit Report EXECUTIVE SUMMARY

Transcription

1 FY12 Audit Report EXECUTIVE SUMMARY Purpose: To receive the findings of the FY12 audit report. Attached is the PowerPoint presentation of the FY12 audit report of the School District s auditors, McGladrey & Pullen. Jon Schulte from McGladrey and Pullen will be in attendance at the meeting on Monday, December 1, 212, to present the audit findings. Recommendation: It is recommended that the School Board approve the audit report for FY12 and direct the audit to be sent to the Department of Legislative Audit for their approval. Report prepared by McGladrey & Pullen in conjunction with the Finance Office Presented by: Jon Schulte, McGladrey & Pullen December 1, 212

2 Sioux Falls School District 49-5

3 Data portrayed in the attached graphic presentations were derived from the District s basic financial statements which were audited by McGladrey LLP whose report thereon is dated,. The data should be read in conjunction with the District s basic financial statements and the auditor s report thereon. 2

4 GOVERNMENT WIDE Millions Net Assets Net capital assets Restricted Unrestricted 3

5 Millions 3 GENERAL FUND Fund Balance Undesignated/Unassigned 4

6 GENERAL FUND (continued) Revenues Millions Taxes State Aid Federal Grants Other 5

7 GENERAL FUND (continued) Expenditures Millions Salaries/Benefits Purchased Services Supplies/Materials Other 6

8 GENERAL FUND (continued) Federal Grants 9.6% Revenues Other 6.1% Taxes 54.% State Aid 38.% Expenditures and Other Financing Uses Supplies/Materials 5.2% Other Purchased Services 1.1% 11.3% Salaries/Benefits 82.4% 7

9 SPECIAL EDUCATION FUND Fund Balance Thousands 6,5 6 6, 5,854 5,5 5, 45 4,5 4, 3,5 3 3, 2,5 2, 1,5 1, 5 4,963 4,

10 Millions Million ns SPECIAL EDUCATION FUND (continued) Revenues Taxes State Aid Federal Grants Other Expenditures Salaries/Benefits Purchased Services Other 9

11 SPECIAL EDUCATION FUND (continued) Federal Grants 14.9% Revenues Other 3.8% Taxes 38.5% State Aid 42.8% Purchased Services 15.4% Expenditures Other 2.2% Salaries/Benefits 82.4% 1

12 POST SECONDARY VOCATIONAL FUND 1, Thous sands Fund Balance 9, 8, 8,353 8,84 7, 6, 6,378 5, 4, 3, 2, 1,

13 Thousands 4, 35, 3, CAPITAL OUTLAY AND PROJECTS FUNDS Fund Balance 36,67 25, 2, 2,93 19,37 15, 1, 5, (5,) Capital Outlay Capital Improvement Elementary Project/Middle School Project Career and Technical Education 12

14 FOOD SERVICE FUND Thousan nds 1, 9, 8, 8,616 Revenues, Expenses and Net Income 8, ,373 8,831 9,417 9,111 7, 6 6, 5, 4, 3 3, 2, 1, Revenues Expenses Net Income

15 FOOD SERVICE FUND (continued) Thou usands 7, 6, 6,48 Net Assets 6,116 6,422 5, 4, 3, 2, 1, Net Capital Assets Unrestricted 14

16 GROUP HEALTH INSURANCE FUND Revenues, Expenses and Net Income Thousan nds 3, 25, 23,28 21,748 24,982 24,294 24,955 26,325 2, 15, 1, 5, (5,) 1, (1,37) Revenues Expenses Net Income (Loss) 15

17 GROUP HEALTH INSURANCE FUND (continued) Net Assets Thou usands12, 1, 1,176 1,864 9,494 8, 6, 4, 2, Net Assets 16

18 Post Audit Communications Uncorrected misstatements - Primarily relate to recording interfund activity between the Post Secondary Vocational Fund and the Post Secondary TSI fund Financial statement disclosures Summary of accounting estimates 17

19 Internal Control No significant control deficiencies or material weaknesses in internal control over financial reporting noted. A number of other control deficiencies i i communicated to management, including several related to trust and agency accounts. 18