WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road Richmond, Kentucky Phone (859) Fax (859)

Size: px
Start display at page:

Download "WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road Richmond, Kentucky Phone (859) Fax (859)"

Transcription

1 ESTILL COUNTY SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES For the year ended June 30, 2013 Prepared by: WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road Richmond, Kentucky Phone (859) Fax (859)

2 TABLE OF CONTENTS YEAR ENDED JUNE 30, 2013 Page Independent Auditor s Report Management s Discussion & Analysis (MD&A) Statement of Net Position 11 Statement of Activities.. 12 Balance Sheet-Governmental Funds Reconciliation of the Balance Sheet- Governmental Funds to the Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds.. 15 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Statement of Revenues, Expenditures and Changes in Fund Balances Budget and Actual - General Fund. 17 Statement of Revenues, Expenditures and Changes in Fund Balances Budget and Actual Special Revenue Fund Statement of Net Position Proprietary Funds Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds Statement of Cash Flows Proprietary Funds.. 21 Statement of Fiduciary Net Position Fiduciary Funds Notes to the Financial Statements

3 Supplemental Schedules TABLE OF CONTENTS (CONTINUED) Combining Balance Sheet Nonmajor Governmental Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds 41 Combining Balance Sheet School Activity Funds, Trust, Scholarships. 42 Combining Statement of Revenues, Expenses, and Changes in Fund Balance - School Activity Funds, Trust, Scholarships 43 Statement of Revenues, Expenses, and Changes in Fund Balance Estill County High School. 44 Notes to the Schedule of Expenditures of Federal Awards.. 45 Schedule of Expenditures of Federal Awards Independent Auditor s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Independent Auditor s Report on Compliance For Each Major Program and on Internal Control Over Compliance Required by OMB Circular A Schedule of Findings and Questioned Costs Summary Schedule of Prior Audit Findings Management Letter

4 White & Associates, PSC CERTIFIED PUBLIC ACCOUNTANTS To the Estill County Board of Education and State Committee for School District Audits Irvine, Kentucky Report on the Financial Statements INDEPENDENT AUDITOR S REPORT We have audited the accompanying financial statements of the governmental activities, the businesstype activities, each major fund, and the aggregate remaining fund information of Estill County School District as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise the District s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and the audit requirements prescribed by the Kentucky State Committee for School District Audits in the Auditor Responsibilities and State Compliance Requirements sections contained in the Kentucky Public School Districts Audit Contract and Requirements. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

5 Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Estill County School District, as of June 30, 2013, and the respective changes in financial position, and, where applicable, cash flows, and the respective budgetary comparison for the General Fund and Special Revenue Fund thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Estill County School District s basic financial statements. The additional supplementary information, as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is also not a required part of the basic financial statements. The additional supplementary information and the schedule of expenditures of federal awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the additional supplementary information and the schedule of expenditures of federal awards are fairly stated in all material respects in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 21, 2013, on our consideration of the Estill County School District s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant 2

6 agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Estill County School District s internal control over financial reporting and compliance. White & Associates, PSC Richmond, Kentucky October 21,

7 ESTILL COUNTY PUBLIC SCHOOL DISTRICT IRVINE, KENTUCKY MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) Year ended June 30, 2013 As management of the Estill County School District, we offer readers of the District s financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, We encourage readers to consider the information presented here in conjunction with additional information found within the body of the audit. FINANCIAL HIGHLIGHTS The ending cash balance for the General Fund was $3,745,513 in 2013, which is greater than the 2% contingency as required by law. This is an increase of over $31,000. Installed a new cooling tower at South Irvine Pre-K Center. Completed the West Irvine Elementary construction project. The new library was dedicated in March. Purchased a 2012 Dodge Caravan for student groups to use. Certified employees received a $300 per salary cell increase and classified employees received.20 per hour raise for Approved Phase 5 construction at the high school to replace the existing roof over the gymnasium and academic building. Property tax rates were set at 43.1 for real estate and tangible property. This includes.02 for exonerations. Motor vehicle and watercraft tax rate remained at The board voted to continue adding an additional nickel to the building fund. OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the District s basic financial statements. The District s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements. Government-wide Financial Statements: The government-wide financial statements are designed to provide readers with a broad overview of the District s finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the District s assets and liabilities and deferred inflows and outflows, with the difference between them being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the district is improving or deteriorating. The statement of activities presents information showing how the District s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing, of related cash flows. Thus, revenues and expenditures are reported in this statement for some items that will only result in cash flows in future fiscal periods. 4

8 ESTILL COUNTY PUBLIC SCHOOL DISTRICT IRVINE, KENTUCKY MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) Year ended June 30, 2013 The government-wide financial statements outline functions of the District that are principally supported by property taxes and intergovernmental revenues (governmental activities). The governmental activities of the District include instruction, support services, operation and maintenance of plant, student transportation and operation of non-instructional services. Fixed assets and related debt is also supported by taxes and intergovernmental revenues. The government-wide financial outline functions of the District that are principally supported by property taxes and intergovernmental revenues (governmental activities). The governmental activities of the District include instruction, support services, operation and maintenance of plant, student transportation and operation of non-instructional services. Fixed assets and related debt is also supported by taxes and intergovernmental revenues. Fund Financial Statements: A fund is a grouping related account that is used to maintain control over resources that have been segregated for specific activities or objectives. This is a state mandated uniform system and chart of accounts for all Kentucky public school districts utilizing the MUNIS administrative software. The district uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into three categories: governmental, proprietary funds and fiduciary funds. Fiduciary funds are trust funds established by benefactors to aid in student education, welfare and teacher support. The only proprietary funds are our food service operations. All other activities of the district are included in the governmental funds. The basic governmental funds financial statement can be found on pages of this report. Notes to the Financial Statements: The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages of this report. GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government s financial position. In the case of Estill County Schools, assets plus deferred outflows exceeded liabilities by $15,046,954 for Governmental Activities and $410,647 for Business Type Activities as of June 30, The largest portion of the District s net position reflects its investment in capital assets (e.g., land and improvements, buildings and improvements, vehicles, furniture, equipment, and construction in progress); less any related debt used to acquire those assets that are still outstanding. The District uses these capital assets to provide services to its students; consequently, these assets are not available for future spending. Although the District s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The District s financial position is the product of several financial transactions including the net results of activities, the acquisition and payment of debt, the acquisition and disposal of capital assets and the depreciation of capital assets. 5

9 ESTILL COUNTY PUBLIC SCHOOL DISTRICT IRVINE, KENTUCKY MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) Year ended June 30, 2013 Net Position Change Current Assets 6,272,814 9,194,968 (2,922,154) Non-current Assets 35,149,398 33,623,313 1,526,085 Total Assets 41,422,213 42,818,281 (1,396,068) Loss for the difference in reacquisition and carrying value of refunding debt 143, ,806 2,508,585 2,655,043 (146,458) Non-current Liabilities 23,599,833 24,529,006 (929,173) Total Liabilities 26,108,417 27,184,049 (1,075,632) Invested in capital assets, net of debt 11,152,595 8,131,348 3,021,247 Restricted 1,884,891 4,347,546 (2,462,655) Unrestricted 2,420,115 3,155,339 (735,224) Total Net position 15,457,601 15,634,233 (176,632) 6

10 ESTILL COUNTY PUBLIC SCHOOL DISTRICT IRVINE, KENTUCKY MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) Year ended June 30, 2013 Table 2 Changes in Net Position (in Millions $) Governmental Business-Type Total School Percent Activities Activities District Change Program Revenues: Charges for services (0.58) Operating grants and contributions Capital grants and contributions General revenues Total revenue Expenses: Instruction Student Instructional staff District administration (0.34) School administration Business (0.34) Plant operation & maintenance Student transportation Food service operations Community services operations (0.65) Loss on retirement of assets Debt service Depreciation and Amortization (0.29) Interest on long-term debt (0.02) Extraordinary item Total Expenses

11 ESTILL COUNTY PUBLIC SCHOOL DISTRICT IRVINE, KENTUCKY MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) Year ended June 30, 2013 CAPITAL ASSETS At the end of fiscal 2013, the District had $35million invested in capital assets, including land, building, buses, computers and other equipment. Table 3 Capital Assets at Year-End (Net of Depreciation) Governmental Business-type Activities Activities Totals Land $ 442,930 $ 442,930 $ 442,930 $ 442,930 Land Improvements 447, , , ,739 Buildings 20,899,486 33,303,127 20,899,486 33,303,127 Technology Equipment 605, ,942 38,479 30, , ,003 Vehicles 246, , , ,329 General Equipment 283, ,581 22,311 19, , ,270 Construction in Progress 10,636,810-10,636,810 - Totals $ 33,562,522 $ 35,099,647 $ 60,790 $ 49,751 $ 33,623,312 $ 35,149,398 Debt No new debt was issued during the year. Table 4 Outstanding Debt at Year-End (in Millions) Government Activities General Obligation Bonds $24.98 $23.69 Capital Lease Obligations Total Obligations $25.50 $

12 ESTILL COUNTY PUBLIC SCHOOL DISTRICT IRVINE, KENTUCKY MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) Year ended June 30, 2013 Food Service Activity Operating Revenue for Food Service Fund totals $ 330,442 and non-operating revenues total $1,057,227 of June 30, Operating Expenditures for Food Service Fund total $1,408,205 as of June 30, Expense exceeds revenue by $20,536. The District s Funds The majority of general fund revenue, (84.6%) net of other financing sources, is derived from state funding with local taxes making up 15% of revenue. Instructional expense comprised 55.6% of expenditures in 2013, other support functions 23.6%, transportation 10% and plant operation and maintenance 10%. Revenue & Expenditures by Fund Debt Other Gov't Food General Special Construction Service Funds Service Local Revenue State Revenue Federal Revenue Transfers Other Totals Instruction Student Support Instructional Staff District Admin School Admin Business Support Plant Operation & Maintenance Student Transportation Food Service Community Svc Facility Acq & Const Bond Issue Costs Depreciation Debt Service Transfers Other

13 ESTILL COUNTY PUBLIC SCHOOL DISTRICT IRVINE, KENTUCKY MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) Year ended June 30, 2013 Budgetary Implications In Kentucky, the public school fiscal year is July 1 to June 30; other programs, i.e., some federal programs operate on a different fiscal calendar, but are reflected in the district s overall budget. By law, the budget must have a minimum 2.0% contingency in the Working Budget. The contingency was above the minimum for The district continues to leave the two unfunded days in the instructional calendar. This continues to have an impact on district funds. Issues that continue to impact future budgets include:. federal funding not maintaining the pace of mandated pay increases, insurance, and retirement costs. insufficient funding of the state transportation formula. loss of local funding due to the 4% cap on increases in property taxes, which in turn results in a penalty to the District in the state SEEK funding formula. Questions regarding this report should be directed to the Superintendent, Mr. Bert Hensley or the Director of Finance/Treasurer, Ms. Angela D. Howell at (606) or by mail at P.O. Box 930, Irvine, KY

14 Estill County School District Statement of Net Position June 30, 2013 Primary Government Business- Governmental type Activities Activities Total ASSETS Cash and cash equivalents $ 5,250,599 $ 349,270 $ 5,599,869 Receivables (net) 661,319 2, ,171 Inventories 8,774 8,774 Capital assets: Land, improvements, and construction in progress 442, ,930 Other capital assets, net of depreciation 34,656,718 49,751 34,706,468 Total capital assets 35,099,647 49,751 35,149,398 Total assets 41,011, ,647 41,422,213 DEFERRED OUTFLOWS OF RESOURCES Loss for the difference in reacquisition and carrying value of refunding debt 143, ,806 LIABILITIES Accounts payable and accrued expenses 216, ,506 Payroll taxes payable 217, ,593 Accrued interest payable 242, ,720 Unearned revenue 433, ,133 Long-term liabilities: Due within 1 year: Bond obligations 1,332,000 1,332,000 Capital lease obligations 66,631 66,631 Total due within 1 year 1,398,631-1,398,631 Due in more than 1 year: Bond obligations 22,356,000 22,356,000 Capital lease obligations 385, ,978 KSBIT payable 476, ,289 Sick leave 381, ,566 Total due in more than 1 year 23,599,833-23,599,833 Total liabilities 26,108,417-26,108,417 NET POSITION Net Investment in capital assets 11,102,844 49,751 11,152,595 Restricted for: Expendable restricted for capital projects 1,172,250 1,172,250 Expendable restricted for debt service 150, ,393 Expendable restricted for food services 360, ,896 Expendable restricted for trust Nonexpendable restricted for trust 200, ,374 Unrestricted 2,420,115 2,420,115 Total net position $ 15,046,954 $ 410,647 $ 15,457,601 See the accompanying notes to the financial statements. 11

15 Estill County School District Statement of Activities Year Ended June 30, 2013 Program Revenues Net (Expense) Revenue and Changes in Net Position Primary Government Operating Capital Business- Charges for Grants and Grants and Governmental type Functions/Programs Expenses Services Contributions Contributions Activities Activities Total PRIMARY GOVERNMENT: Governmental activities: Instruction $ 12,099,340 $ 60,050 $ 2,256,272 $ $ (9,783,017) $ (9,783,017) Support Services Student 1,294,133 27, ,502 (1,028,649) (1,028,649) Instructional Staff 1,427, ,502 (1,190,153) (1,190,153) District Administration 656, ,751 (537,635) (537,635) School Administration 1,285, ,502 (1,047,976) (1,047,976) Business 660, ,751 (541,753) (541,753) Plant Operation & Maintenance 1,781, , ,054 (692,707) (692,707) Student Transportation 1,761, ,670 (1,444,891) (1,444,891) Food Service Operations 30,233 (30,233) (30,233) Community Services Operations 354,880 79,167 (275,712) (275,712) Loss on retirement of assets 324,789 39,584 (285,205) (285,205) Amortization 13,568 (13,568) (13,568) Depreciation 687,157 (687,157) (687,157) Interest on long-term debt 982,067 1,321, , ,569 Total governmental activities 23,359,182 88,032 3,958,372 2,093,691 (17,219,087) (17,219,087) Business-type activities: Food service operations 1,394, ,442 1,056,136 $ (7,699) (7,699) Depreciation 13,927 (13,927) (13,927) Total business-type activities 1,408, ,442 1,056, (21,626) (21,626) Total primary government $ 24,767,386 $ 418,474 $ 5,014,508 $ 2,093,691 (17,219,087) (21,626) (17,240,713) General revenues: Taxes: Property taxes 1,873,337 1,873,337 Motor vehicle taxes 319, ,707 Franchise 285, ,083 Uitility taxes 673, ,896 State and formula grants 14,733,283 14,733,283 Unrestricted investment earnings 20,126 1,090 21,216 Loss compensation 30,635 30,635 Total general revenues 17,936,067 1,090 17,937,157 Extraordinary item (476,289) (476,289) Total general revenues and extraordinary item 17,459,778 1,090 17,460,868 Change in net position 240,691 (20,536) 220,155 Net position - beginning 15,203, ,183 15,634,233 Prior period adjustment (396,787) (396,787) Restated net posiiton - beginning 14,806, ,183 15,237,446 Net position - ending $ 15,046,954 $ 410,647 $ 15,457,601 See the accompanying notes to the financial statements. 12

16 Estill County School District Balance Sheet Governmental Funds June 30, 2013 Governmental Funds Other Special Debt Governmental General Revenue Construction Service Funds Total ASSETS Cash and cash equivalents $ 3,745,513 $ - $ 487,486 $ 150,393 $ 993,680 $ 5,377,071 Receivables, net Taxes-current 25,834 25,834 Taxes-delinquent 7,256 7,256 Accounts 16,601 8,389 24,990 Intergovernmental-state 78,045 78,045 Intergovernmental-federal 525, ,195 Total assets 3,795, , , , ,680 6,038,391 LIABILITIES Accounts payable 56,920 52, , ,506 Cash shortage 126, ,472 Payroll taxes payable 217, ,593 Unearned revenue 433, ,133 Total liabilities 274, , , ,706 FUND BALANCE Nonspendable 200, ,374 Restricted 379, , ,306 1,323,620 Unassigned 3,520,690 3,520,690 Total fund balance $ 3,520,690 $ - $ 379,922 $ 150,393 $ 993,680 $ 5,044,685 See the accompanying notes to the financial statements. 13

17 Estill County School District Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position June 30, 2013 Total fund balance per fund financial statements $ 5,044,685 Amounts reported for governmental activities in the statement of net position are different because: Capital assets are not reported in this fund financial statement because they are not current financial resources, but they are reported in the statement of net positon. 35,099,647 Capitalized the bond issue costs of the sale/refunding bonds and amortized over the life of the bond. 143,806 Certain liabilities are not reported in the fund financial statement because they are not due and payable, but they are presented in the statement of net position as follows: Accrued interest payable (242,720) KSBIT payable (476,289) Bonds payable (23,688,000) Capital lease obligations (452,609) Noncurrent sick leave payable (381,566) Net position of governmental activities $ 15,046,954 See the accompanying notes to the financial statements. 14

18 Estill County School District Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds Year Ended June 30, 2013 Other Total Special Debt Governmental Governmental General Revenue Construction Service Funds Funds REVENUES From Local Sources Taxes Property $ 1,362,915 $ - $ - $ - $ 510,422 $ 1,873,337 Motor vehicle 319, ,707 Franchise 285, ,083 Utilities 673, ,896 Earnings on investments 12, ,614 3, ,126 Other local revenue 9,936 50,114 60,050 Intergovernmental - state 14,733, , , ,054 17,267,606 Intergovernmental - federal 27,982 3,067, ,205 3,545,722 Total revenues 17,425,237 4,008,682 3,614 1,324,968 1,283,026 24,045,528 EXPENDITURES Instruction 9,751,058 2,496,967 12,248,025 Support Services Student 805, ,321 1,294,133 Instructional Staff 811, ,406 1,427,656 District Administration 636,951 19, ,386 School Administration 1,285,478 1,285,478 Business 601,049 59, ,505 Plant Operation & Maintenance 1,764,223 16,683 1,780,905 Student Transportation 1,761,560 1,761,560 Food Service Operations 29, ,233 Community Services Operations 1, , ,880 Building Acquisitions & Construction 248, ,584 Other Facilities 2,159,157 2,159,157 Debt Service 76,717 2,305,394 2,382,110 Total expenditures 17,525,687 4,050,791 2,407,742 2,305,394-26,289,613 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (100,450) (42,109) (2,404,127) (980,425) 1,283,026 (2,244,086) OTHER FINANCING SOURCES (USES) Loss compensation 30,635 30,635 Operating transfers in 343,627 42,109 1,056,423 1,442,159 Operating transfers (out) (42,109) (1,400,050) (1,442,159) Total other financing sources and (uses) 332,153 42,109-1,056,423 (1,400,050) 30,635 NET CHANGE IN FUND BALANCE 231,703 - (2,404,127) 75,998 (117,024) (2,213,451) FUND BALANCE - BEGINNING 3,288,988-2,784,049 74,395 1,110,704 7,258,136 FUND BALANCE - ENDING $ 3,520,690 $ - $ 379,922 $ 150,393 $ 993,680 $ 5,044,685 See the accompanying notes to the financial statements. 15

19 Estill County School District Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year ended June 30, 2013 Net change in total fund balances per fund financial statements $ (2,213,451) Amounts reported for governmental activities in the statement of activities are different because: Capital outlays are reported as expenditures in this fund financial statement because they use current financial resources, but they are presented as assets in the statement of activities and depreciated over their estimated economic lives. The difference is the amount by which capital outlays exceeds depreciation expense for the year. 1,537,125 Cost of issuance of bonds are capitalized and amortized over the life of the bond. (13,568) Bond and capital lease payments are recognized as expenditures of current financial resources in the fund financial statement but are reductions of liabilities in the statement of net position. 1,351,356 Generally, expenditures recognized in this fund financial statement are limited to only those that use current financial resources, but expenses are recognized in the statement of activities when they are incurred. Accrued interest payable 48,687 KSBIT payable extraordinary item (476,289) Noncurrent portion of accumulated sick leave 6,831 Change in net position of governmental activities $ 240,691 See the accompanying notes to the financial statements. 16

20 Estill County School District Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual General Fund Year Ended June 30, 2013 Variance Budgeted Amounts with Final Budget Favorable Original Final Actual (Unfavorable) REVENUES From Local Sources Taxes Property $ 1,390,000 $ 1,390,000 $ 1,362,915 $ (27,085) Motor vehicle 350, , ,707 (30,293) Franchise 285, ,083 Utilities 600, , ,896 73,896 Earnings on investments 15,000 15,000 12,435 (2,565) Other local revenue 2,005 2,005 9,936 7,931 Intergovernmental - state 11,109,847 11,109,847 * 11,311, ,424 Intergovernmental - federal 10,000 10,000 27,982 17,982 Total revenues 13,476,852 13,476,852 14,003, ,373 EXPENDITURES Instruction 7,144,896 7,144,896 * 7,315,751 (170,855) Support Services Student 740, ,188 * 699,837 40,350 Instructional Staff 605, ,835 * 619,305 (13,470) District Administration 545, ,529 * 586,315 (40,786) School Administration 1,036,270 1,036,270 * 1,025,070 11,201 Business 298, ,772 * 505,441 (206,669) Plant Operation & Maintenance 1,794,742 1,794,742 * 1,660, ,735 Student Transportation 1,317,921 1,317,921 * 1,586,742 (268,822) Food Service Operations 35,398 35,398 * 26,752 8,646 Community Services 19,357 1,738 (1,738) Debt Service 56,573 56,573 76,717 (20,143) Building Improvements 19,357 19,357 Total expenditures 13,595,481 13,595,481 14,103,675 (508,194) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (118,629) (118,629) (100,450) 18,179 OTHER FINANCING SOURCES (USES) Sale of equipment 5,000 5,000 (5,000) Loss compensation 30,635 30,635 Operating transfers in 343, ,627 Operating transfers out (42,109) (42,109) Total other financing sources and (uses) 5,000 5, , ,153 NET CHANGE IN FUND BALANCE (113,629) (113,629) 231, ,332 FUND BALANCE - BEGINNING 2,770,042 2,770,042 3,288, ,946 FUND BALANCE - ENDING $ 2,656,413 $ 2,656,413 $ 3,520,690 $ 864,277 * The on-behalf payments (please see the accompanying notes to the financial statements) were not budgeted, therefore, to better compare the actual to the budgeted amounts these amounts were deducted from both revenue and expenditures in the amount of $3,422,012. See the accompanying notes to the financial statements. 17

21 Estill County School District Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Special Revenue Fund Year Ended June 30, 2013 Variance Budgeted Amounts with Final Budget Favorable Original Final Actual (Unfavorable) REVENUES From Local Sources Tuition $ 1,108 $ 1,108 $ - $ (1,108) Earnings on investments Other local revenue 62,006 62,006 50,114 (11,892) Intergovernmental - state 859, , , ,414 Intergovernmental - federal 2,437,660 1,711,663 3,067,535 1,355,872 Total revenues 3,360,358 2,517,224 4,008,682 1,491,458 EXPENDITURES Instruction 1,373,520 1,223,529 2,496,967 (1,273,438) Support Services Student 135,824 84, ,321 (403,336) Instructional Staff 1,736,010 1,109, , ,850 District Administration 20,000 20,000 19, Business 71,100 71,100 59,456 11,644 Plant Operation & Maintenance 31,098 15,549 16,683 (1,134) Food Service Operations 12,093 12, ,711 Community Services Operations 151,200 76, ,142 (276,742) Total expenditures 3,530,845 2,612,911 4,050,791 (1,437,880) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (170,488) (95,688) (42,109) 53,579 OTHER FINANCING SOURCES (USES) Loss compensation for equipment 1,596 1,596 (1,596) Operating transfers in (out) 35,538 35,538 42,109 6,571 Total other financing sources and (uses) 37,134 37,134 42,109 4,975 NET CHANGE IN FUND BALANCE (133,354) (58,554) - 58,554 FUND BALANCE - BEGINNING FUND BALANCE - ENDING $ (133,354) $ (58,554) $ - $ 58,554 See the accompanying notes to the financial statements. 18

22 Estill County School District Statement of Net Position Proprietary Funds June 30, 2013 School Food Services ASSETS Cash and cash equivalents $ 349,270 Accounts receivable, net 2,852 Inventories 8,774 Capital assets: Other capital assets, net of depreciation 49,751 Total assets 410,647 NET POSITION Net Investment in capital assets 49,751 Restricted for: Expendable Restricted for Food Service 360,896 Total net position $ 410,647 See the accompanying notes to the financial statements. 19

23 Estill County School District Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds Year Ended June 30, 2013 School Food Services OPERATING REVENUES Lunchroom sales $ 330,442 Total operating revenues 330,442 OPERATING EXPENSES Depreciation 13,927 Food service operations Employee services 650,757 Operational expenses 743,520 Total operating expenses 1,408,205 Operating income (loss) (1,077,763) NONOPERATING REVENUES (EXPENSES) Federal grants 1,042,126 State grants 14,011 State on-behalf payments received 98,754 State on-behalf payments used (98,754) Commodities received 79,524 Commodities used (79,524) Earnings from investments 1,090 Total nonoperating revenues 1,057,227 CHANGE IN NET POSITION (20,536) NET POSITION, BEGINNING 431,183 NET POSITION, ENDING $ 410,647 See the accompanying notes to the financial statements. 20

24 Estill County School District Statement of Cash Flows Proprietary Funds Year Ended June 30, 2013 School Food Services CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers $ 330,442 Payments to suppliers (746,787) Payments to employees (650,757) Net cash provided (used) by operating activities (1,067,102) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Intergovernmental revenue 1,056,136 Net cash provided (used) by noncapital financing activities 1,056,136 CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES Other Retirement of assets (2,888) Net cash provided (used) by capital financing activities (2,888) CASH FLOWS FROM INVESTING ACTIVITIES Interest 1,090 Net cash provided (used) by investing activities 1,090 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (12,763) CASH AND CASH EQUIVALENTS, BEGINNING 362,033 CASH AND CASH EQUIVALENTS, ENDING $ 349,270 Reconciliation of operating income (loss) to net cash used by operating activities: Operating income (loss) $ (1,077,763) Adjustments to reconcile operating income (loss) to net cash used by operating activities: Depreciation 13,927 Changes in assets and liabilities: Receivables (2,852) Accrued liabilities (414) Net cash used by operating activities $ (1,067,102) NONCASH NONCAPITAL FINANCING ACTIVITIES During the year, the district received $79,524 of food commodities from the U.S. Department of Agriculture. See the accompanying notes to the financial statements. 21

25 Estill County School District Statement of Fiduciary Net Position Fiduciary Funds June 30, 2013 Private School Purpose Fiduciary Activity Trust Fund Funds Funds Total ASSETS Cash and cash equivalents $ 204,495 $ 42,292 $ 246,787 Accounts receivable TOTAL ASSETS 204,495 42, ,387 LIABILITIES Accounts payable Due to student groups 203, ,563 TOTAL LIABILITIES 204, ,545 NET POSITION HELD IN TRUST $ - $ 42,842 $ 42,842 See the accompanying notes to the financial statements. 22

26 ESTILL COUNTY SCHOOL DISTRICT NOTES TO THE FINANCIAL STATEMENTS For the year ended June 30, 2013 NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Entity The Estill County Board of Education ( Board ), a five-member group, is the level of government, which has oversight responsibilities over all activities related to public elementary and secondary school education within the jurisdiction of the Estill County Board of Education ( District ). The District receives funding from Local, State and Federal government sources and must comply with the commitment requirements of these funding source entities. However, the District is not included in any other governmental reporting entity as defined in Section 2100-Codification of Governmental Accounting and Financial Reporting Standards. Board members are elected by the public and have decision making authority, the power to designate management, the responsibility to develop policies, which may influence operations and primary accountability for fiscal matters. The District, for financial purposes, includes all of the funds relevant to the operation of the Estill County Board of Education. The financial statements presented herein do not include funds of groups and organizations, which although associated with the school system, have not originated within the District itself such as Band Boosters, Parent-Teacher Associations, etc. The financial statements of the District include those of separately administered organizations that are controlled by or dependent on the Board. Control or dependence is determined on the basis of budget adoption, funding and appointment of the respective governing board. Based on the foregoing criteria, the financial statements of the following organization are included in the accompanying financial statements: Estill County Board of Education Finance Corporation The Board authorized establishment of the Estill County Board of Education Finance Corporation a nonstock, non-profit corporation pursuant to Section of the School Bond Act and Chapter 273 and Section of the Kentucky Revised Statutes (the Corporation ) to act as an agency of the District for financing the costs of school building facilities. The Board of Directors of the Corporation shall be the same persons who are at any time the members of the Board of Education of the Estill County Board of Education. Basis of Presentation Government-wide Financial Statements The statement of net Position and the statement of activities display information about the District as a whole. These statements include the financial activities of the primary government, except for fiduciary funds. The statements distinguish between those activities of the District that are governmental and those that are considered business-type activities. The government-wide statements are prepared using the economic resources measurement focus. This is the same approach used in the preparation of the proprietary fund financial statements but differs from 23

27 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) the manner in which governmental fund financial statements are prepared. Governmental fund financial statements therefore include reconciliation with brief explanations to better identify the relationship between the government-wide statements and the statements for governmental funds. The government-wide statement of activities presents a comparison between direct expenses and program revenues for each segment of the business-type activities of the District and for each function or program of the District s governmental activities. Direct expenses are those that are specifically associated with a service, program or department and are therefore clearly identifiable to a particular function. Program revenues include charges paid by the recipient of the goods or services offered by the program and grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues of the District, with certain limited exceptions. The comparison of direct expenses with program revenues identifies the extent to which each business segment or governmental function is self-financing or draws from the general revenues of the District. Fund Financial Statements Fund financial statements report detailed information about the District. The focus of governmental and enterprise fund financial statements is on major funds rather than reporting funds by type. Each major fund is presented in a separate column. Non-major funds are aggregated and presented in a single column. Fiduciary funds are reported by fund type. The accounting and reporting treatment applied to a fund is determined by its measurement focus. All governmental fund types are accounted for using a flow of current financial resources measurement focus. The financial statements for governmental funds are a balance sheet, which generally includes only current assets and current liabilities and a statement of revenues, expenditures and changes in fund balances, which reports on the changes in net total assets. Proprietary funds and fiduciary funds are reported using the economic resources measurement focus. The statement of cash flows provides information about how the District finances and meets the cash flow needs of its proprietary activities. The District has the following funds: I. Governmental Fund Types (A) General Fund The General Fund is the main operating fund of the District. It accounts for financial resources used for general types of operations. This is a budgeted fund, and any fund balances are considered as resources available for use. This is always a major fund of the District. (B) Special Revenue (Grant) Fund The Special Revenue (Grant) Fund accounts for proceeds of specific revenue sources (other than expendable trust funds or major capital projects) that are legally restricted to disbursements for specified purposes. It includes federal financial programs where unused balances are returned to the grantor at the close of specified project periods as well as the state grant programs. Project accounting is employed to maintain integrity for the various sources of funds. The separate projects of federally-funded grant 24

28 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) programs are identified in the Schedule of Expenditures of Federal Awards included in this report. This is a major fund of the District. (C) Capital Project Funds Capital Project Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities and equipment (other than those financed by Proprietary Fund). SEEK Capital Outlay Fund The Support Education Excellence in Kentucky (SEEK) Capital Outlay Fund receives those funds designated by the state as Capital Outlay Funds and is restricted for use in financing projects as identified in the District s facility plan. Building (FSPK) Fund The Facility Support Program of Kentucky (FSPK) accounts for funds generated by the building tax levy that is required to participate in the School Facilities Construction Commission s construction funding and state matching funds, where applicable. Funds may be used for projects identified in the District s facility plan. Construction Fund The Construction Fund accounts for proceeds from sale of bonds and other revenues to be used for authorized construction and/or remodeling. This is a major fund of the District. (D) Debt Service Fund The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest and related cost; and for the payment of interest on general obligation notes payable, as required by Kentucky Law. This is a major fund of the District. (E) Permanent Fund The Permanent Fund reports resources that are legally restricted to the extent that only earnings, and not principal, may be used for purposes that support the reporting governments programs. II. Proprietary Funds (Enterprise Funds) (A) Food Service Fund The School Food Service Fund is used to account for school food service activities, including the National School Lunch Program, which is conducted in cooperation with the U.S. Department of Agriculture (USDA). Amounts have been recorded for in-kind contribution of commodities from the USDA. The Food Service Fund is a major fund. 25

29 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) The District applies all GASB pronouncements to proprietary funds. III. Fiduciary Fund Types Agency Funds The Agency Fund accounts for activities of student groups and other types of activities requiring clearing accounts. These funds are accounted for in accordance with Accounting Procedures for Kentucky School Activity Funds. Trust Funds Trust Funds report resources that are contributed by various people, and organizations to be spent for students for purposes that support the reporting governments programs. Basis of Accounting Basis of accounting determines when transactions are recorded in the financial records and reported on the financial statements. Government-wide financial statements are prepared using the accrual basis of accounting. Governmental funds use the modified accrual basis of accounting. Proprietary and fiduciary funds also use the accrual basis of accounting. Revenues Exchange and Non-exchange Transactions Revenues resulting from exchange transactions, in which each party receives essentially equal value, is recorded on the accrual basis when the exchange takes place. On a modified accrual basis, revenues are recorded in the fiscal year in which the resources are measurable and available. Available means that the resources will be collected within the current fiscal year or are expected to be collected soon enough thereafter to be used to pay liabilities of the current fiscal year. For the District, available means expected to be received within sixty days of the fiscal year-end. Non-exchange transactions, in which the District receives value without directly giving equal value in return, include property taxes, grants, entitlements and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from grants, entitlements and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the resource are required to be used or the fiscal year when use is first permitted, matching requirements, in which the District must provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are provided to the District on a reimbursement basis, On a modified accrual basis, revenues from non-exchange transactions must also be available before it can be recognized. Unearned revenue Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied. Grants and entitlements received before the eligibility requirements are met are recorded as unearned revenue. 26

WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road Richmond, Kentucky Phone (859) Fax (859)

WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road Richmond, Kentucky Phone (859) Fax (859) ESTILL COUNTY SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES For the year ended June 30, 2012 Prepared by: WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road

More information

WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road Richmond, Kentucky Phone (859) Fax (859)

WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road Richmond, Kentucky Phone (859) Fax (859) MENIFEE COUNTY SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES For the year ended June 30, 2012 Prepared by: WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington

More information

MORGAN COUNTY SCHOOL DISTRICT

MORGAN COUNTY SCHOOL DISTRICT MORGAN COUNTY SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES For the year ended June 30, 2016 Prepared by: WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road

More information

FRANKFORT INDEPENDENT SCHOOL DISTRICT AUDIT REPORT JUNE 30, 2015

FRANKFORT INDEPENDENT SCHOOL DISTRICT AUDIT REPORT JUNE 30, 2015 FRANKFORT INDEPENDENT SCHOOL DISTRICT AUDIT REPORT JUNE 30, 2015 TABLE OF CONTENTS Independent Auditor s Report 1-3 Management Discussion and Analysis 4-10 Basic Financial Statements: Government-Wide Financial

More information

FRANKFORT INDEPENDENT SCHOOL DISTRICT AUDIT REPORT JUNE 30, 2016

FRANKFORT INDEPENDENT SCHOOL DISTRICT AUDIT REPORT JUNE 30, 2016 FRANKFORT INDEPENDENT SCHOOL DISTRICT AUDIT REPORT JUNE 30, 2016 TABLE OF CONTENTS Independent Auditor s Report 1-3 Management Discussion and Analysis 4-10 Basic Financial Statements: Government-Wide Financial

More information

MONTGOMERY COUNTY SCHOOL DISTRICT

MONTGOMERY COUNTY SCHOOL DISTRICT BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2015 WITH REPORT OF INDEPENDENT AUDITORS TABLE OF CONTENTS Independent Auditor's Report Management's Discussion and Analysis

More information

Kelley, Galloway & Company, PSC

Kelley, Galloway & Company, PSC BATH COUNTY SCHOOL DISTRICT FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED JUNE 30, 2013 TOGETHER WITH INDEPENDENT AUDITOR'S REPORTS Kelley, Galloway & Company, PSC CERTIFIED PUBLIC

More information

ASHLAND INDEPENDENT SCHOOL DISTRICT FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED JUNE 30, 2016

ASHLAND INDEPENDENT SCHOOL DISTRICT FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED JUNE 30, 2016 ASHLAND INDEPENDENT SCHOOL DISTRICT FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED JUNE 30, 2016 TOGETHER WITH INDEPENDENT AUDITOR'S REPORTS TABLE OF CONTENTS *************** Page

More information

RUSSELL INDEPENDENT SCHOOL DISTRICT

RUSSELL INDEPENDENT SCHOOL DISTRICT RUSSELL INDEPENDENT SCHOOL DISTRICT FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED JUNE 30, 2014 TOGETHER WITH INDEPENDENT AUDITOR'S REPORTS TABLE OF CONTENTS ***************** INDEPENDENT

More information

Boone County School District. Financial Statements With Supplementary Information Year Ended June 30,2015 With Independent Auditors' Report

Boone County School District. Financial Statements With Supplementary Information Year Ended June 30,2015 With Independent Auditors' Report Boone County School District Financial Statements With Supplementary Information Year Ended June 30,2015 With Independent Auditors' Report June 30, 2015 Table of Contents Independent Auditors' Report Management's

More information

WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road Richmond, Kentucky Phone (859) Fax (859)

WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington Road Richmond, Kentucky Phone (859) Fax (859) JESSAMINE COUNTY SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES For the year ended June 30, 2012 Prepared by: WHITE & ASSOCIATES, PSC CERTIFIED PUBLIC ACCOUNTANTS 1407 Lexington

More information

CAVERNA INDEPENDENT SCHOOL DISTRICT

CAVERNA INDEPENDENT SCHOOL DISTRICT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORTS For the Year Ended June 30, 2011 TABLE OF CONTENTS YEAR ENDED JUNE 30, 2011 Pages Independent Auditor's Report

More information

BARDSTOWN INDEPENDENT SCHOOL DISTRICT

BARDSTOWN INDEPENDENT SCHOOL DISTRICT BARDSTOWN INDEPENDENT SCHOOL DISTRICT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORTS YEAR ENDED JUNE 30, 2018 BARDSTOWN INDEPENDENT SCHOOL DISTRICT TABLE OF CONTENTS

More information

ALLENDALE COUNTY SCHOOL DISTRICT FAIRFAX, SOUTH CAROLINA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2016

ALLENDALE COUNTY SCHOOL DISTRICT FAIRFAX, SOUTH CAROLINA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2016 FAIRFAX, SOUTH CAROLINA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2016 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30,

More information

Montour School District

Montour School District Montour School District Single Audit June 30, 2015 TABLE OF CONTENTS Independent Auditor's Report Management s Discussion and Analysis i Financial Statements: Government-Wide Financial Statements: Statement

More information

MIDWAY INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED

MIDWAY INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED MIDWAY INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED AUGUST 31, 2017 THIS PAGE LEFT BLANK INTENTIONALLY MIDWAY INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR

More information

MARPLE NEWTOWN SCHOOL DISTRICT FINANCIAL STATEMENTS AND SINGLE AUDIT. For the Year Ended June 30, 2016

MARPLE NEWTOWN SCHOOL DISTRICT FINANCIAL STATEMENTS AND SINGLE AUDIT. For the Year Ended June 30, 2016 FINANCIAL STATEMENTS AND SINGLE AUDIT For the Year Ended June 30, 2016 TABLE OF CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) 4 BASIC FINANCIAL STATEMENTS

More information

DENMARK-OLAR SCHOOL DISTRICT NO. TWO BAMBERG COUNTY, S. C. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION JUNE 30, 2015

DENMARK-OLAR SCHOOL DISTRICT NO. TWO BAMBERG COUNTY, S. C. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION JUNE 30, 2015 DENMARK-OLAR SCHOOL DISTRICT NO. TWO BAMBERG COUNTY, S. C. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION JUNE 30, 2015 THIS PAGE IS INTENTIONALLY LEFT BLANK DENMARK-OLAR SCHOOL DISTRICT NO. TWO

More information

DENMARK-OLAR SCHOOL DISTRICT NO. TWO BAMBERG COUNTY, S. C. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION JUNE 30, 2017

DENMARK-OLAR SCHOOL DISTRICT NO. TWO BAMBERG COUNTY, S. C. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION JUNE 30, 2017 DENMARK-OLAR SCHOOL DISTRICT NO. TWO BAMBERG COUNTY, S. C. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION JUNE 30, 2017 THIS PAGE IS INTENTIONALLY LEFT BLANK DENMARK-OLAR SCHOOL DISTRICT NO. TWO

More information

RIVERSIDE ELEMENTARY SCHOOL DISTRICT NO. 2

RIVERSIDE ELEMENTARY SCHOOL DISTRICT NO. 2 ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED Issued by: Business and Finance Department This page intentionally left blank. TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT...1-2 MANAGEMENT'S DISCUSSION

More information

CHESTERFIELD COUNTY SCHOOL DISTRICT CHESTERFIELD, SOUTH CAROLINA

CHESTERFIELD COUNTY SCHOOL DISTRICT CHESTERFIELD, SOUTH CAROLINA CHESTERFIELD, SOUTH CAROLINA AUDITED BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2013 TABLE OF CONTENTS Page INTRODUCTORY SECTION Principal Officials 1 FINANCIAL SECTION Independent

More information

Branch County, Michigan. Annual Financial Report

Branch County, Michigan. Annual Financial Report Branch County, Michigan Annual Financial Report For the year ended Table of Contents For the year ended Financial Section Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Basic

More information

GUILDERLAND CENTRAL SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES JUNE 30, 2015

GUILDERLAND CENTRAL SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES JUNE 30, 2015 AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES JUNE 30, 2015 C O N T E N T S PAGE INDEPENDENT AUDITORS REPORT... 1 2 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 11 BASIC FINANCIAL STATEMENTS Statement

More information

Greenwood County School District Number 52

Greenwood County School District Number 52 Greenwood County School District Number 52 Report on Financial Statements For the year ended June 30, 2017 Board of Trustees Term of office Name From To Paul Cobb, Chairman July 1, 2016 June 30, 2019 Dayne

More information

LEE COUNTY SCHOOL DISTRICT BISHOPVILLE, SOUTH CAROLINA

LEE COUNTY SCHOOL DISTRICT BISHOPVILLE, SOUTH CAROLINA BISHOPVILLE, SOUTH CAROLINA BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FISCAL YEAR ENDED JUNE 30, 2013 TABLE OF CONTENTS JUNE 30, 2013 FINANCIAL SECTION: PAGE Independent Auditor s Report...

More information

Jersey Shore Area School District

Jersey Shore Area School District Financial Statements and Supplementary Information Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited) 4 Basic Financial Statements: Government-Wide Financial

More information

LEBANON SCHOOL DISTRICT LEBANON, PENNSYLVANIA AUDIT REPORT

LEBANON SCHOOL DISTRICT LEBANON, PENNSYLVANIA AUDIT REPORT LEBANON, PENNSYLVANIA AUDIT REPORT JUNE 30, 2016 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR S REPORT 1-3 MANAGEMENT S DISCUSSION AND ANALYSIS 4-12 BASIC FINANCIAL STATEMENTS Entity-wide Financial Statements:

More information

TOWN OF VICTORIA, VIRGINIA ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015

TOWN OF VICTORIA, VIRGINIA ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 TOWN OF VICTORIA, VIRGINIA ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 ROBINSON, FARMER, COX ASSOCIATES A PROFESSIONAL LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS CHARLOTTESVILLE

More information

KELLOGGSVILLE PUBLIC SCHOOLS

KELLOGGSVILLE PUBLIC SCHOOLS KELLOGGSVILLE PUBLIC SCHOOLS Kent County, Michigan Annual Financial Report For the year ended June 30, 2013 Table of Contents Year ended June 30, 2013 Financial Section Independent Auditor s Report...

More information

COLUMBIA SCHOOL DISTRICT. Audited Financial Statements For the Year Ended June 30, 2016

COLUMBIA SCHOOL DISTRICT. Audited Financial Statements For the Year Ended June 30, 2016 Audited Financial Statements TABLE OF CONTENTS INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS 13 Government-wide Financial Statements Exhibit A Statement

More information

GEORGETOWN INDEPENDENT SCHOOL DISTRICT. Annual Financial Report for the Fiscal Year Ended June 30, 2015

GEORGETOWN INDEPENDENT SCHOOL DISTRICT. Annual Financial Report for the Fiscal Year Ended June 30, 2015 GEORGETOWN INDEPENDENT SCHOOL DISTRICT Annual Financial Report for the Fiscal Year Ended June 30, 2015 GEORGETOWN INDEPENDENT SCHOOL DISTRICT Annual Financial Report Year Ended June 30, 2015 Table of Contents

More information

ROANOKE RAPIDS GRADED SCHOOL DISTRICT Roanoke Rapids, North Carolina. Financial Statements For the Fiscal Year Ended June 30, 2017

ROANOKE RAPIDS GRADED SCHOOL DISTRICT Roanoke Rapids, North Carolina. Financial Statements For the Fiscal Year Ended June 30, 2017 ROANOKE RAPIDS GRADED SCHOOL DISTRICT Roanoke Rapids, North Carolina Financial Statements For the Fiscal Year Ended June 30, 2017 TABLE OF CONTENTS Exhibit Page No. Independent Auditors Report... 1 Management

More information

HUNTLEY SIGMON & ASSOCIATES CPAs, PLLC H S & A Certified Public Accountants

HUNTLEY SIGMON & ASSOCIATES CPAs, PLLC H S & A Certified Public Accountants HUNTLEY SIGMON & ASSOCIATES CPAs, PLLC H S & A Certified Public Accountants WILKES COUNTY BOARD OF EDUCATION WILKES, NORTH CAROLINA ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 CERTIFIED PUBLIC

More information

Kent County, Michigan. Annual Financial Report

Kent County, Michigan. Annual Financial Report Kent County, Michigan Annual Financial Report For the year ended June 30, 2018 Table of Contents For the year ended June 30, 2018 Financial Section Independent Auditor s Report... 1 Management s Discussion

More information

SWEETWATER COUNTY, WYOMING

SWEETWATER COUNTY, WYOMING FINANCIAL AND COMPLIANCE REPORT JUNE 30, 2017 CONTENTS INDEPENDENT AUDITOR S REPORT 1 and 2 MANAGEMENT S DISCUSSION AND ANALYSIS 3-11 (Required Supplementary Information) BASIC FINANCIAL STATEMENTS Government-Wide

More information

GENESEE INTERMEDIATE SCHOOL DISTRICT. REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional supplementary information)

GENESEE INTERMEDIATE SCHOOL DISTRICT. REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional supplementary information) REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional supplementary information) JUNE 30, 2017 TABLE OF CONTENTS Independent Auditor s Report Management s Discussion and Analysis PAGE

More information

GAYLORD COMMUNITY SCHOOLS GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2015

GAYLORD COMMUNITY SCHOOLS GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2015 GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2015 TABLE OF CONTENTS Independent Auditor's Report 1-3 Management's Discussion and Analysis 4-12 Basic Financial Statements District-wide Financial Statements

More information

SCHOOL DISTRICT OF AMERY Amery, Wisconsin FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2018

SCHOOL DISTRICT OF AMERY Amery, Wisconsin FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2018 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED TABLE OF CONTENTS YEAR ENDED FINANCIAL SECTION INDEPENDENT AUDITORS' REPORT 1 REQUIRED SUPPLEMENTARY INFORMATION Management's Discussion and

More information

SEQUOIA UNION HIGH SCHOOL DISTRICT COUNTY OF SAN MATEO REDWOOD CITY, CALIFORNIA AUDIT REPORT JUNE 30, 2013

SEQUOIA UNION HIGH SCHOOL DISTRICT COUNTY OF SAN MATEO REDWOOD CITY, CALIFORNIA AUDIT REPORT JUNE 30, 2013 SEQUOIA UNION HIGH SCHOOL DISTRICT COUNTY OF SAN MATEO REDWOOD CITY, CALIFORNIA AUDIT REPORT JUNE 30, 2013 CHAVAN &ASSOCIATES, LLP CERTIFIED PUBLIC ACCOUNTANTS 1475 SARATOGA AVE., SUITE 180 SAN JOSE, CA

More information

TOWN OF ASHFORD, CONNECTICUT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT

TOWN OF ASHFORD, CONNECTICUT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT JUNE 30, 2014 Contents Page Independent Auditor s Report 1 Management s Discussion and Analysis (Unaudited) 3 Basic

More information

DORCHESTER COUNTY SCHOOL DISTRICT NUMBER FOUR ST. GEORGE, SOUTH CAROLINA

DORCHESTER COUNTY SCHOOL DISTRICT NUMBER FOUR ST. GEORGE, SOUTH CAROLINA ST. GEORGE, SOUTH CAROLINA BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FISCAL YEAR ENDED JUNE 30, 2016 TABLE OF CONTENTS JUNE 30, 2016 FINANCIAL SECTION: PAGE Independent Auditor s Report...

More information

TATUM INDEPENDENT SCHOOL DISTRICT

TATUM INDEPENDENT SCHOOL DISTRICT TATUM INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED AUGUST 31, 2017 Tatum Independent School District Annual Financial Report For The Year Ended August 31, 2017 TABLE OF CONTENTS

More information

FOREST PARK SCHOOL DISTRICT. Financial Report with Supplemental Information Prepared in Accordance with GASB 34. June 30, 2018

FOREST PARK SCHOOL DISTRICT. Financial Report with Supplemental Information Prepared in Accordance with GASB 34. June 30, 2018 Financial Report with Supplemental Information Prepared in Accordance with GASB 34 1 Contents INDEPENDENT AUDITOR'S REPORT...3 ADMINISTRATION'S DISCUSSION AND ANALYSIS...7 BASIC FINANCIAL STATEMENTS...16

More information

BLOOMINGTON-NORMAL AIRPORT AUTHORITY OF MCLEAN COUNTY, ILLINOIS FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT.

BLOOMINGTON-NORMAL AIRPORT AUTHORITY OF MCLEAN COUNTY, ILLINOIS FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT. OF MCLEAN COUNTY, ILLINOIS FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT April 30, 2015 OF MCLEAN COUNTY, ILLINOIS TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 1-3 MANAGEMENT S DISCUSSION

More information

SCHERTZ-CIBOLO-UNIVERSAL CITY INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT

SCHERTZ-CIBOLO-UNIVERSAL CITY INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT SCHERTZ-CIBOLO-UNIVERSAL CITY INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED AUGUST 31, 2016 SCHERTZ-CIBOLO-UNIVERSAL CITY INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR

More information

School District of the Menomonie Area Menomonie, Wisconsin

School District of the Menomonie Area Menomonie, Wisconsin Menomonie, Wisconsin Financial Statements With Supplementary Financial Information Year Ended June 30, 2016 Financial Statements With Supplementary Financial Information Year Ended June 30, 2016 Table

More information

TOLTEC SCHOOL DISTRICT NO. 22 ELOY, ARIZONA

TOLTEC SCHOOL DISTRICT NO. 22 ELOY, ARIZONA ELOY, ARIZONA ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED Issued by: Business and Finance Department This page is intentionally left blank. TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT...1 MANAGEMENT'S

More information

GUILDERLAND CENTRAL SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES JUNE 30, 2017

GUILDERLAND CENTRAL SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES JUNE 30, 2017 AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES JUNE 30, 2017 C O N T E N T S PAGE INDEPENDENT AUDITORS REPORT... 1 2 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 11 BASIC FINANCIAL STATEMENTS Statement

More information

TOWN OF YARMOUTH, MAINE. Annual Financial Report. For the year ended June 30, 2017

TOWN OF YARMOUTH, MAINE. Annual Financial Report. For the year ended June 30, 2017 Annual Financial Report For the year ended June 30, 2017 Annual Financial Report Year ended June 30, 2017 Table of Contents Statement Page Independent Auditor's Report 1-3 Management s Discussion and Analysis

More information

ENGADINE CONSOLIDATED SCHOOLS Mackinac County, Michigan

ENGADINE CONSOLIDATED SCHOOLS Mackinac County, Michigan ENGADINE CONSOLIDATED SCHOOLS Mackinac County, Michigan Annual Financial Report For the year ended Table of Contents For the year ended Financial Section Independent Auditor s Report... 1 Management s

More information

KELLOGGSVILLE PUBLIC SCHOOLS

KELLOGGSVILLE PUBLIC SCHOOLS KELLOGGSVILLE PUBLIC SCHOOLS Kent County, Michigan Annual Financial Report For the year ended June 30, 2014 Table of Contents Year ended June 30, 2014 Financial Section Independent Auditor s Report...

More information

West Independent School District. Annual Financial Report. August 31, 2018

West Independent School District. Annual Financial Report. August 31, 2018 Annual Financial Report August 31, 2018 Table of Contents Page Exhibit Certificate of Board iv v - vii viii - xv Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position

More information

CLINTONDALE COMMUNITY SCHOOLS. REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional supplementary information) JUNE 30, 2018

CLINTONDALE COMMUNITY SCHOOLS. REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional supplementary information) JUNE 30, 2018 REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional supplementary information) JUNE 30, 2018 TABLE OF CONTENTS Independent Auditor s Report Management s Discussion and Analysis PAGE

More information

Sherman Independent School District

Sherman Independent School District Sherman Independent School District Annual Financial Report Year Ended June 30, 2014 Sherman Independent School District Annual Financial Report Year Ended June 30, 2014 Table of Contents Page Exhibit

More information

VESTAVIA HILLS CITY BOARD OF EDUCATION BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2015

VESTAVIA HILLS CITY BOARD OF EDUCATION BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2015 BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2015 TABLE OF CONTENTS Page Independent Auditors' Report 3 Management's Discussion and Analysis 5 Basic Financial Statements: Government-Wide Financial Statements:

More information

NORTHPORT SCHOOL DEPARTMENT

NORTHPORT SCHOOL DEPARTMENT NORTHPORT SCHOOL DEPARTMENT NORTHPORT, MAINE FINANCIAL AUDIT REPORT NORTHPORT SCHOOL DEPARTMENT NORTHPORT, MAINE TABLE OF CONTENTS FINANCIAL SECTION EXHIBITS Independent Auditors Report Management Discussion

More information

MARK TWAIN UNION ELEMENTARY SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2018

MARK TWAIN UNION ELEMENTARY SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2018 MARK TWAIN UNION ELEMENTARY SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED This page left blank intentionally. TABLE OF CONTENTS FOR THE YEAR ENDED FINANCIAL SECTION Independent Auditor's Report

More information

CITY OF HEMPHILL, TEXAS ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015

CITY OF HEMPHILL, TEXAS ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 Annual Financial Report For the Year Ended June 30, 2015 Table of Contents Page FINANCIAL SECTION Independent Auditor s Report... 1-3 Management

More information

CITY SCHOOL DISTRICT OF THE CITY OF ALBANY. Financial Statements and Required Reports Under OMB Circular A-133 as of June 30, 2015

CITY SCHOOL DISTRICT OF THE CITY OF ALBANY. Financial Statements and Required Reports Under OMB Circular A-133 as of June 30, 2015 CITY SCHOOL DISTRICT OF THE CITY OF ALBANY Financial Statements and Required Reports Under OMB Circular A-133 as of June 30, 2015 CONTENTS Page INDEPENDENT AUDITOR S REPORT. 1-2 MANAGEMENT S DISCUSSION

More information

Independent Auditor s Report

Independent Auditor s Report Independent Auditor s Report Board of Education Davis School District Report on the Basic Financial Statements We have audited the accompanying financial statements of the governmental activities, the

More information

GAYLORD COMMUNITY SCHOOLS GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2016

GAYLORD COMMUNITY SCHOOLS GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2016 GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2016 TABLE OF CONTENTS Independent Auditor's Report 1-3 Management's Discussion and Analysis 4-11 Basic Financial Statements District-wide Financial Statements

More information

SPARTANBURG COUNTY SCHOOL DISTRICT FIVE DUNCAN, SOUTH CAROLINA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

SPARTANBURG COUNTY SCHOOL DISTRICT FIVE DUNCAN, SOUTH CAROLINA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION DUNCAN, SOUTH CAROLINA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2014 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30,

More information

MERIDIAN INDEPENDENT SCHOOL DISTRICT

MERIDIAN INDEPENDENT SCHOOL DISTRICT MERIDIAN INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL AND COMPLIANCE REPORT FOR THE YEAR ENDED AUGUST 31, 2016 This page left intentionally blank. MERIDIAN INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL

More information

City of Tombstone, Arizona Financial Statements. Year Ended June 30, 2016

City of Tombstone, Arizona Financial Statements. Year Ended June 30, 2016 City of Tombstone, Arizona Financial Statements Year Ended June 30, 2016 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS (MD&A) (Required Supplementary Information) 5

More information

SCHOOL DISTRICT OF REEDSBURG Reedsburg, Wisconsin AUDITED FINANCIAL STATEMENTS. June 30, 2016

SCHOOL DISTRICT OF REEDSBURG Reedsburg, Wisconsin AUDITED FINANCIAL STATEMENTS. June 30, 2016 Reedsburg, Wisconsin AUDITED FINANCIAL STATEMENTS C O N T E N T S Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Basic Financial Statements District-Wide Financial Statements

More information

Independent Auditors Report. To the Board of Finance Town of East Haddam, Connecticut. Report on the Financial Statements

Independent Auditors Report. To the Board of Finance Town of East Haddam, Connecticut. Report on the Financial Statements 29 South Main Street P.O. Box 272000 West Hartford, CT 06127-2000 Tel 860.561.4000 Fax 860.521.9241 blumshapiro.com Independent Auditors Report To the Board of Finance Town of East Haddam, Connecticut

More information

MUROC JOINT UNIFIED SCHOOL DISTRICT KERN COUNTY NORTH EDWARDS, CALIFORNIA

MUROC JOINT UNIFIED SCHOOL DISTRICT KERN COUNTY NORTH EDWARDS, CALIFORNIA KERN COUNTY NORTH EDWARDS, CALIFORNIA ANNUAL FINANCIAL STATEMENTS WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT JUNE 30, 2018 TABLE OF CONTENTS JUNE 30, 2018 PAGE INTRODUCTORY SECTION TABLE OF

More information

KIEL AREA SCHOOL DISTRICT KIEL, WISCONSIN FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS' REPORT JUNE 30, 2016

KIEL AREA SCHOOL DISTRICT KIEL, WISCONSIN FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS' REPORT JUNE 30, 2016 KIEL, WISCONSIN FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS' REPORT JUNE 30, 2016 TABLE OF CONTENTS JUNE 30, 2016 Page 3-5 Independent Auditors' Report 6-14 Management s Discussion and Analysis BASIC

More information

WEST IRON COUNTY PUBLIC SCHOOLS. Financial Report with Supplemental Information Prepared in Accordance with GASB 34. June 30, 2017

WEST IRON COUNTY PUBLIC SCHOOLS. Financial Report with Supplemental Information Prepared in Accordance with GASB 34. June 30, 2017 Financial Report with Supplemental Information Prepared in Accordance with GASB 34 June 30, 2017 1 Contents INDEPENDENT AUDITOR'S REPORT...3 ADMINISTRATION'S DISCUSSION AND ANALYSIS...7 BASIC FINANCIAL

More information

ENGADINE CONSOLIDATED SCHOOLS Mackinac County, Michigan

ENGADINE CONSOLIDATED SCHOOLS Mackinac County, Michigan ENGADINE CONSOLIDATED SCHOOLS Mackinac County, Michigan Annual Financial Report For the year ended Table of Contents For the year ended Financial Section Independent Auditor s Report... 1 Management s

More information

SCHOOL DISTRICT OF KEWASKUM Kewaskum, Wisconsin. Audited Financial Statements Year Ended June 30, Independent Auditors' Report 1-2

SCHOOL DISTRICT OF KEWASKUM Kewaskum, Wisconsin. Audited Financial Statements Year Ended June 30, Independent Auditors' Report 1-2 Audited Financial Statements Year Ended Table of Contents Page(s) Independent Auditors' Report 1-2 Management Discussion & Analysis 3-13 Basic Financial Statements Statement of Net Position 14 Statement

More information

ESPARTO UNIFIED SCHOOL DISTRICT COUNTY OF YOLO ESPARTO, CALIFORNIA FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR'S REPORT JUNE 30, 2014

ESPARTO UNIFIED SCHOOL DISTRICT COUNTY OF YOLO ESPARTO, CALIFORNIA FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR'S REPORT JUNE 30, 2014 COUNTY OF YOLO ESPARTO, CALIFORNIA FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR'S REPORT JUNE 30, 2014 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC

More information

TOWN OF SHARON FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES. Year Ended June 30, 2011

TOWN OF SHARON FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES. Year Ended June 30, 2011 FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES Year Ended June 30, 2011 BAUDE & ROLFE, P.C. CERTIFIED PUBLIC ACCOUNTANTS 35 Huntington Street New London, CT 06320 TABLE OF CONTENTS INDEPENDENT AUDITOR

More information

MILLCREEK TOWNSHIP SCHOOL DISTRICT

MILLCREEK TOWNSHIP SCHOOL DISTRICT ERIE, PENNSYLVANIA FINANCIAL STATEMENTS YEAR ENDED YEAR ENDED CONTENTS Independent Auditor s Report 1-2 Page Management s Discussion and Analysis 3-14 Basic Financial Statements Government-wide Financial

More information

Addison Community Schools

Addison Community Schools Report on Financial Statements (with required supplementary and additional supplementary information) Year Ended Table of Contents Page Independent Auditor's Report 1 3 Management s Discussion and Analysis

More information

SCHOOL DISTRICT OF BELOIT Beloit, Wisconsin AUDITED FINANCIAL STATEMENTS. Year Ended June 30, Independent Auditors' Report 1 2

SCHOOL DISTRICT OF BELOIT Beloit, Wisconsin AUDITED FINANCIAL STATEMENTS. Year Ended June 30, Independent Auditors' Report 1 2 AUDITED FINANCIAL STATEMENTS Year Ended T A B L E O F C O N T E N T S Page Independent Auditors' Report 1 2 Managements Discussion and Analysis 3-14 Basic Financial Statements Statement of Net Assets 15-16

More information

The following document was not prepared by the Office of the State Auditor, but was prepared by and submitted to the Office of the State Auditor by a

The following document was not prepared by the Office of the State Auditor, but was prepared by and submitted to the Office of the State Auditor by a The following document was not prepared by the Office of the State Auditor, but was prepared by and submitted to the Office of the State Auditor by a private CPA firm. The document was placed on this web

More information

TABLE OF CONTENTS. Page INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS

TABLE OF CONTENTS. Page INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS VILLAGE OF BEAR LAKE, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED FEBRUARY 28, 2018 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS Government-wide

More information

HOLLEY CENTRAL SCHOOL DISTRICT BASIC FINANCIAL STATEMENTS

HOLLEY CENTRAL SCHOOL DISTRICT BASIC FINANCIAL STATEMENTS HOLLEY CENTRAL SCHOOL DISTRICT BASIC FINANCIAL STATEMENTS For Year Ended June 30, 2018 T A B L E O F C O N T E N T S Pages Independent Auditors' Report 1-3 Management's Discussion and Analysis (Unaudited)

More information

PAINT VALLEY LOCAL SCHOOL DISTRICT ROSS COUNTY TABLE OF CONTENTS. Independent Auditor s Report Management s Discussion and Analysis...

PAINT VALLEY LOCAL SCHOOL DISTRICT ROSS COUNTY TABLE OF CONTENTS. Independent Auditor s Report Management s Discussion and Analysis... PAINT VALLEY LOCAL SCHOOL DISTRICT ROSS COUNTY TABLE OF CONTENTS TITLE PAGE Independent Auditor s Report... 1 Management s Discussion and Analysis... 5 Basic Financial Statements: Government-wide Financial

More information

HUNTINGDON COUNTY CAREER AND TECHNOLOGY CENTER FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2015

HUNTINGDON COUNTY CAREER AND TECHNOLOGY CENTER FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2015 HUNTINGDON COUNTY CAREER AND TECHNOLOGY CENTER FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2015 TABLE OF CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1-3 MANAGEMENT'S DISCUSSION AND ANALYSIS 4-11 FINANCIAL

More information

CITY OF BARRE, VERMONT AUDIT REPORT AND REPORTS ON COMPLIANCE AND INTERNAL CONTROL JUNE 30, 2017

CITY OF BARRE, VERMONT AUDIT REPORT AND REPORTS ON COMPLIANCE AND INTERNAL CONTROL JUNE 30, 2017 AUDIT REPORT AND REPORTS ON COMPLIANCE AND INTERNAL CONTROL AUDIT REPORT TABLE OF CONTENTS Page # Independent Auditor s Report 1-4 Basic Financial Statements: Statement of Net Position Exhibit A 5 Statement

More information

SEQUOIA UNION HIGH SCHOOL DISTRICT COUNTY OF SAN MATEO REDWOOD CITY, CALIFORNIA AUDIT REPORT JUNE 30, 2015

SEQUOIA UNION HIGH SCHOOL DISTRICT COUNTY OF SAN MATEO REDWOOD CITY, CALIFORNIA AUDIT REPORT JUNE 30, 2015 SEQUOIA UNION HIGH SCHOOL DISTRICT COUNTY OF SAN MATEO REDWOOD CITY, CALIFORNIA AUDIT REPORT JUNE 30, 2015 CHAVAN & ASSOCIATES, LLP CERTIFIED PUBLIC ACCOUNTANTS 1475 SARATOGA AVE., SUITE 180 SAN JOSE,

More information

Steel Valley School District

Steel Valley School District Steel Valley School District Financial Statements and Required Supplementary and Supplementary Information Year Ended June 30, 2016 with Independent Auditor s Reports TABLE OF CONTENTS Independent Auditor's

More information

LEXINGTON CITY SCHOOLS, NORTH CAROLINA. Financial Statements June 30, 2017

LEXINGTON CITY SCHOOLS, NORTH CAROLINA. Financial Statements June 30, 2017 LEXINGTON CITY SCHOOLS, NORTH CAROLINA Financial Statements Board of Education Members John Burke, Chair Robert Curlee, Vice Chair Hector Padial Brian Lancaster Angela McDuffie Sam Lem Scott Biesecker

More information

Addison Community Schools. Report on Financial Statements (with required supplementary and additional information) Year Ended June 30, 2015

Addison Community Schools. Report on Financial Statements (with required supplementary and additional information) Year Ended June 30, 2015 Report on Financial Statements (with required supplementary and additional information) Year Ended Table of Contents PAGE Independent Auditor's Report 1 2 Management s Discussion and Analysis 3 9 Basic

More information

FLEETWOOD AREA SCHOOL DISTRICT FINANCIAL AND COMPLIANCE REPORT

FLEETWOOD AREA SCHOOL DISTRICT FINANCIAL AND COMPLIANCE REPORT FINANCIAL AND COMPLIANCE REPORT Year Ended TABLE OF CONTENTS Pages INDEPENDENT AUDITOR'S REPORT... 1-2 MANAGEMENT S DISCUSSION AND ANALYSIS... 3-13 BASIC FINANCIAL STATEMENTS Government-Wide Financial

More information

MILLCREEK TOWNSHIP SCHOOL DISTRICT

MILLCREEK TOWNSHIP SCHOOL DISTRICT ERIE, PENNSYLVANIA FINANCIAL STATEMENTS YEAR ENDED YEAR ENDED CONTENTS Independent Auditor s Report 1-2 Page Management s Discussion and Analysis 3-14 Basic Financial Statements Government-wide Financial

More information

TROY SCHOOL DISTRICT No. 287 Troy, Idaho Audited Financial Statements For the Year Ended June 30, 2013

TROY SCHOOL DISTRICT No. 287 Troy, Idaho Audited Financial Statements For the Year Ended June 30, 2013 TROY SCHOOL DISTRICT No. 287 Audited Financial Statements For the Year Ended June 30, 2013 315 S Almon P.O. Box 9043 Moscow, Idaho 83843 1543 208 882 5547 Fax 208 882 3724 www.haydenross.com TROY SCHOOL

More information

MADISON METROPOLITAN SCHOOL DISTRICT Madison, Wisconsin. FINANCIAL STATEMENTS June 30, 2015

MADISON METROPOLITAN SCHOOL DISTRICT Madison, Wisconsin. FINANCIAL STATEMENTS June 30, 2015 MADISON METROPOLITAN SCHOOL DISTRICT Madison, Wisconsin FINANCIAL STATEMENTS Madison, Wisconsin TABLE OF CONTENTS Page INDEPENDENT AUDITORS REPORT...1 MANAGEMENT S DISCUSSION AND ANALYSIS...3 BASIC FINANCIAL

More information

The Little Rock School District of Pulaski County, Arkansas ANNUAL FINANCIAL REPORT

The Little Rock School District of Pulaski County, Arkansas ANNUAL FINANCIAL REPORT ANNUAL FINANCIAL REPORT June 30, 2012 ANNUAL FINANCIAL REPORT Table of Contents INDEPENDENT AUDITORS REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 1 2 MANAGEMENT S DISCUSSION AND ANALYSIS

More information

MENANDS UNION FREE SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES JUNE 30, 2018

MENANDS UNION FREE SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES JUNE 30, 2018 MENANDS UNION FREE SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES C O N T E N T S PAGE INDEPENDENT AUDITORS REPORT... 1 2 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 10 BASIC FINANCIAL

More information

WESTERN BEAVER COUNTY SCHOOL DISTRICT MIDLAND, PENNSYLVANIA JUNE 30, 2015

WESTERN BEAVER COUNTY SCHOOL DISTRICT MIDLAND, PENNSYLVANIA JUNE 30, 2015 WESTERN BEAVER COUNTY SCHOOL DISTRICT MIDLAND, PENNSYLVANIA JUNE 30, 2015 AUDIT REPORT MIDLAND, PENNSYLVANIA TABLE OF CONTENTS Page Independent Auditor s Report 1 2 Management s Discussion and Analysis

More information

CITY OF SHELTON, CONNECTICUT ANNUAL FINANCIAL REPORT. June 30, 2017

CITY OF SHELTON, CONNECTICUT ANNUAL FINANCIAL REPORT. June 30, 2017 ANNUAL FINANCIAL REPORT June 30, 2017 TABLE OF CONTENTS Page Number FINANCIAL SECTION Independent Auditor s Report 1-2 Management s Discussion and Analysis 3a-3g Basic Financial Statements: Government-Wide

More information

MATHEWS LOCAL SCHOOL DISTRICT TRUMBULL COUNTY TABLE OF CONTENTS. Independent Auditor s Report Management s Discussion and Analysis...

MATHEWS LOCAL SCHOOL DISTRICT TRUMBULL COUNTY TABLE OF CONTENTS. Independent Auditor s Report Management s Discussion and Analysis... MATHEWS LOCAL SCHOOL DISTRICT TRUMBULL COUNTY TABLE OF CONTENTS TITLE PAGE Independent Auditor s Report... 1 Management s Discussion and Analysis... 3 Basic Financial Statements: Government-Wide Financial

More information

DeSoto Independent School District. Annual Financial Report For the Fiscal Year Ended June 30, 2018

DeSoto Independent School District. Annual Financial Report For the Fiscal Year Ended June 30, 2018 DeSoto Independent School District Annual Financial Report For the Fiscal Year Ended June 30, 2018 This Page Intentionally Left Blank DeSoto Independent School District Annual Financial Report For the

More information

ALTA LOMA SCHOOL DISTRICT SAN BERNARDINO COUNTY ALTA LOMA, CALIFORNIA

ALTA LOMA SCHOOL DISTRICT SAN BERNARDINO COUNTY ALTA LOMA, CALIFORNIA SAN BERNARDINO COUNTY ALTA LOMA, CALIFORNIA ANNUAL FINANCIAL STATEMENTS WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT JUNE 30, 2015 TABLE OF CONTENTS JUNE 30, 2015 PAGE INTRODUCTORY SECTION TABLE

More information

COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS PUBLIC SCHOOL SYSTEM REPORT ON THE AUDIT OF FINANCIAL STATEMENTS IN ACCORDANCE WITH OMB CIRCULAR A-133

COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS PUBLIC SCHOOL SYSTEM REPORT ON THE AUDIT OF FINANCIAL STATEMENTS IN ACCORDANCE WITH OMB CIRCULAR A-133 REPORT ON THE AUDIT OF FINANCIAL STATEMENTS IN ACCORDANCE WITH OMB CIRCULAR A-133 Years Ended September 30, 2010 and 2009 COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS September 30, 2010 Items

More information

MARK TWAIN UNION ELEMENTARY SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2017

MARK TWAIN UNION ELEMENTARY SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2017 MARK TWAIN UNION ELEMENTARY SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED This page left blank intentionally. TABLE OF CONTENTS FOR THE YEAR ENDED FINANCIAL SECTION Independent Auditor s Report

More information

CITY OF HOGANSVILLE, GEORGIA AUDITED BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2018

CITY OF HOGANSVILLE, GEORGIA AUDITED BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2018 AUDITED BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2018 AUDITED BASIC FINANCIAL STATEMENTS TABLE OF CONTENTS FOR THE YEAR ENDED JUNE 30, 2018 Independent Auditor s Report 1 MANAGEMENT S DISCUSSION

More information