FY16 Audit Report EXECUTIVE SUMMARY

Transcription

1 FY16 Audit Report EXECUTIVE SUMMARY Purpose: To receive the findings of the FY16 audit report. Attached is the PowerPoint presentation of the FY16 audit report of the School District s auditors, RSM US LLP. Jon Schulte from RSM US LLP will be in attendance at the meeting on Monday, December 12, 216, to present the audit findings. Recommendation: It is recommended that the School Board approve the audit report for FY16 and direct the audit to be sent to the Department of Legislative Audit for their approval. Report prepared by RSM US LLP in conjunction with the Finance Office Presented by: Jon Schulte, RSM US, LLP December 12, 216

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 RSM US LLP, whose report thereon is expected to be dated in December 216. The data should be read in conjunction with the District s basic financial statements and the auditor s report thereon. 2

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

5 Millions 3 GENERAL FUND Fund Balance Unassigned Next Year's Budget or Other 4

6 GENERAL FUND (continued) Revenues Millions Local Taxes Federal Grants State Sources Other

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

8 GENERAL FUND (continued) Revenues Federal Grants 7.5% Other 4.7% Local Taxes 47.5% State Sources 4.4% Expenditures and Other Financing Uses Supplies/Materials 5.% Other.5% Purchased Services 9.8% Salaries/Benefits 84.7% 7

9 SPECIAL EDUCATION FUND Fund Balance Thousands 8, 7,97 7,5 7, 7,28 6,5 6, 5, ,5 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5

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

11 SPECIAL EDUCATION FUND (continued) Revenues Federal Grants 14.8% Other 2.1% Local Taxes 35.2% State Aid 47.9% Purchased Services 13.6% Expenditures Other 1.1% Salaries/Benefits 85.3% 1

12 Thousands CAPITAL OUTLAY AND PROJECTS FUNDS Fund Balance 5, 46,1 45, 4, 35, 3, 25, 2, 16,998 17,75 15, 1, 5, Capital Outlay Capital Improvement Hail Damage Project Elementary Project/Middle School Project 11

13 POST SECONDARY VOCATIONAL FUND Thousands 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, Fund Balance 8,367 8,283 6,96 12

14 Thousands FOOD SERVICE FUND 12, 1, 1,191 1,525 Revenues, Expenses and Net Income 11,14 11,241 11,41 1,632 8, 6, 4, 2, 21 (333) (472) (2,) Revenues Expenses Net Income 13

15 Thousands FOOD SERVICE FUND (continued) 8, Net Position 7, 6,24 6,626 6,827 6, 5, 4, 3, 2, 1, Net Capital Assets SDRS Pension Unrestricted 14

16 Thousands GROUP HEALTH INSURANCE FUND 35, Revenues, Expenses and Net Income 3, 27,314 26,353 29,15 29,871 3,162 3,7 25, 2, 15, 1, 5, (5,) 961 (856) 155 Revenues Expenses Net Income (Loss) 15

17 Thousands GROUP HEALTH INSURANCE FUND (continued) Net Position 12, 1, 1,2 9,164 9,319 8, 6, 4, 2, Net Position 16

18 Post Audit Communications New accounting standards implemented The District did not adopt any significant new accounting policies, nor have there been any changes in existing significant accounting policies during the current period. Audit adjustment Adjustment recorded for $124,667 to reduce deferred tuition revenue for the Post Secondary Vocational Fund. Uncorrected misstatements Primarily for the following: moving certain accrued payroll liabilities and related cash balances from the Payroll Withholding agency fund to the governmental and enterprise funds in which the payroll expense was originally incurred in. Recording additional accounts payable and related inventory balances in the Special Education Fund. Amortizing deferred outflows related to defeasance of 24B bonds from fiscal year 215 in the governmental activities shown on the government-wide statements. No significant or unusual transactions Summary of significant accounting estimates Self-insurance liability, allowance for doubtful accounts, other postemployment benefit liability, net pension asset assumptions. 17

19 Internal Control / Federal Award Compliance No material weaknesses or significant deficiencies in internal control over financial reporting noted No federal award compliance issue reported A number of control deficiencies communicated to management 18