Financial Statement Discussion and Analysis For the Year Ended June 30, 2017
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1 School District No. 63 (Saanich) Financial Statement Discussion and Analysis For the Year Ended June 30, 2017
2 School District No. 63 (Saanich) Financial Statement Discussion & Analysis For the Year Ended June 30, 2017 The following is a discussion and analysis of the Saanich School District s financial performance for the fiscal year ended June 30, This report is a summary of the district s financial activities based on currently known facts, decisions, or conditions. The results of the current year are discussed in comparison with the prior year and budget. This report should be read in conjunction with the School District s financial statements. OVERVIEW OF THE SCHOOL DISTRICT The Saanich School District serves more than 7,700 student FTE in: 14 neighborhood schools (8 elementary schools, 3 middle schools, and 3 secondary schools); the Children s Development Centre; the South Island Distance Education School (SIDES); the Individual Learning Centre (ILC), the Continuing Education program; and the Saanich International Student Program. Strategic Plan 2020 guides the Board of Education and its employees and partners in delivering educational programs through the period 2016/17 to 2020/21. The Strategic Plan is organized around the following four themes under which detailed goals with measurable objectives have been developed: Student Success; Diversity and Inclusion; Relationships and Partnerships; and Operational Excellence. UNDERSTANDING SCHOOL DISTRICT FINANCIAL PERFORMANCE Annual surplus and accumulated surplus 1 are key financial statement performance indicators; however, interpreting the meaning of these figures in BC school districts is complicated by the use of fund accounting and deferral accounting. The use of fund accounting means the financial statements of school districts are a consolidation of three separate funds (operating, special purpose and capital), and each of these funds differs with respect to the methods of accounting used and the legislative and other constraints on budgeting and financial results. This means financial performance can only be fully understood by reviewing each fund separately. Financial performance for each fund is reported in the supplementary schedules that follow the notes to the financial statements. 1 Annual surplus is the extent to which annual revenues exceed expenses. If annual expenses exceed revenues the result is referred to as an annual deficit. An accumulated surplus position is the extent to which revenues from all prior years have exceeded expenses from all previous years. An accumulated deficit position occurs when expenses from all previous years exceed revenues from all previous years. When an accumulated deficit occurs, it means future revenues are needed to pay for past expenditures. Page 1 of 14
3 Operating Fund 2017 Revenues: $74.6 million Special Purpose Fund 2017 Revenues: $6.5 million Capital Fund 2017 Capital Funding Received or Receivable: $11.0 million 2017 Capital Assets Purchased: $13.8 million Annual program revenues and expenditures are reported within the operating fund and special purpose fund (see below). Annual and accumulated surplus within the operating fund are important indicators of financial performance and financial health for school districts. This is because school districts are not permitted to budget for or incur an accumulated deficit position. This means when a school district has accumulated operating surplus available it can be used to budget for future expenditures and to reduce financial risk associated with unforeseen expenditures. The special purpose fund includes grants and school generated funds that are restricted for a specific purpose. Annual and accumulated surplus is always zero because revenues are recognized only as related expenditures occur (deferral method of accounting). If expenditures for a program within the special purpose fund exceed available revenues, the resulting deficit is transferred to the operating fund reducing accumulated operating surplus. The capital fund reports investment in and financing activities related to capital assets. Capital contributions (funding) from the Province are accounted for using the deferral method of accounting, whereby recognition of capital funding revenue is spread out over the life of the related capital assets to match with the amortization expense which reflects the use of the asset over its life. This means capital fund revenues are not a reflection of funding actually received in a given year. Also, capital revenues only offset amortization expense in the capital fund to the extent assets were funded by provincial capital grants. As many capital investments are funded by operating revenues (recorded as transfers of accumulated operating surplus to the capital fund), the capital fund normally reports an annual deficit. In short, capital fund revenues, expenses and annual deficit are not a meaningful indicator of annual financial performance. FINANCIAL HIGHLIGHTS As reported in the Statement of Operations, for the year ended June 30, 2017 the district s expenses exceeded its revenues resulting in an annual deficit of $916,408 (2016 deficit was $1,450,065). This was comprised of the combined financial results of the operating fund and the capital fund as follows: Annual Surplus (Deficit) June 30, 2017 June 30, 2016 Operating Fund 667,643 (237,966) Capital Fund (1,584,051) (1,212,099) Combined (916,408) (1,450,065) Looking at the operating fund, the annual surplus of $667,643 resulted in an increase to accumulated operating surplus from $1,428,565 at the beginning of the year to $2,096,208 as at Page 2 of 14
4 June 30, This overall growth in accumulated operating surplus was largely the result of: reduced spending in schools contributing an additional $0.3 million in surplus; and receipt of the one-time student learning grant of approximately $0.4 million (discussed further below). While actual results in a number of other areas were either higher or lower than budget, the impact of these other variances came close to netting to zero. Depletion of accumulated operating surplus relative to historical levels has been the cause of heightened budget pressure during the past several fiscal years. As shown in Exhibit 1, accumulated operating surplus has decreased from $10.2 million at the end of fiscal year 2008 to as low as $1.4 million at the end of fiscal year 2016 (prior year). Exhibit 1: Accumulated Operating Surplus ($ millions) by Fiscal Year Over the past 10 years, significant financial pressure resulted from the combined effect of declining student enrolment and funding rates that did not pace inflation. These pressures contributed to the depletion of accumulated operating surplus as presented in Exhibit 1. Provincial operating grants, which comprise approximately 85% of total operating fund revenues, are determined largely based on student enrolment. As enrolment and funding declines, financial pressure results because many program expenditures such as facility and administration costs do not vary directly with student enrolment. The trend in student enrolment is important for understanding both historical financial performance and the risk related to future budgetary balance. Under the per pupil funding formula, when enrolment increases a district is better able to fund overall program costs increasing financial flexibility. As shown in Exhibit 2, during the past 10 years the school district experienced a significant decline in student enrolment that has stabilized in the past few years. Stable enrolment and moderate growth forecasted in the years ahead means that risk to program and financial stability is expected to improve. Page 3 of 14
5 Exhibit 2: Funded FTE Enrolment by Fiscal Year Capital Investment During the year ended June 30, 2017, the district invested $13,813,043 in capital additions that were funded by: Provincial capital funding ($11,298,401); ministry restricted capital 2 ($2,132,417); local capital reserve ($236,570); and the operating fund ($145,655). The majority of this capital investment related to the following facility projects: Project Total Cost Invested in 2016/17 Completion Date Bayside Middle School Roof Replacement 7,100,000 5,262,833 Fall 2017 in progress Parkland Secondary Seismic Upgrade 8,925,874 3,055,877 Fall 2016 Lochside Elementary Seismic Upgrade 1,380,774 1,232,540 Fall 2016 Claremont Secondary Renovation 775, ,652 Fall 2016 Sidney Elementary Renovation 1,045, ,793 Fall 2017 in progress Cordova Bay Elementary Seismic Upgrade 4,937, ,485 Summer 2016 Prospect Lake Elementary Mechanical Upgrade 467, ,285 Winter 2017 Significant Events In August 2016, the Ministry of Education announced new Student Transportation Funding to be used to eliminate transportation fees or to fund service enhancements. The Saanich School District used its $280,000 per year annual allocation to eliminate transportation fees, which had been budgeted at $280, Ministry restricted capital is the ministry s share of the proceeds resulting from property sales. In this case, the minister s share of the proceeds from the disposition of the old North Saanich Middle School site was allocated to partially fund the seismic upgrade at Parkland Secondary. Page 4 of 14
6 In November 2016, a ruling by the Supreme Court of Canada resulted in the restoration of class size and composition language that had been removed from the teachers contract in The Saanich School District and other school districts are currently working towards full restoration of the contract language for the school year. Implementation will require the hiring of additional teachers and investment in the expansion or renovation of facilities to accommodate more but smaller classes. Most of the financial impact of implementation will occur next fiscal year; however, there were some measures that occurred in the 2016/17 fiscal year in preparation for full implementation in the fall of Following the court ruling, in January 2017 government announced priority measures funding to allow school districts to begin hiring more teachers during the second half of the 2016/17 school year. During the second half of the year, the district received $657,677 in priority measures funding (reported in the special purpose fund), which was fully utilized to hire additional teachers during the second half of the school year. And towards the end of the fiscal year the district began to invest in expansion and renovation of facilities to accommodate more but smaller classes before the beginning of the 2017/18 school year. In February 2017, the Ministry of Education announced the Student Learning Grant to be used for learning resources, supplies, and equipment to support implementation of the new curriculum and other learning innovations. The Saanich School District s share of this one-time grant was $370,438. This funding was reported in the operating fund and because no portion had been spent during fiscal year 2016/17, it forms part of the accumulated operating surplus balance at the end of the year. In June 2017, the Board of Education approved a plan for expenditure of the grant during the 2017/18 fiscal year. In March 2017, the Industry Training Authority confirmed that, based on the funding application completed and submitted, the district had qualified for $545,699 in funding over the next three years for youth trades tools and equipment. The district received $155,016 in funding before the end of the fiscal year ending June 30, 2017, which was reported in the capital fund. Page 5 of 14
7 FINANCIAL ANALYSIS OF THE SCHOOL DISTRICT In this section, actual results are compared to the prior year and budget (where applicable). For the statement of operations, the analysis is performed for each of the three funds. Statement of Financial Position (All Funds) The table below includes explanations for significant variances in the statement of financial position relative to the prior year Analysis of Variance Cash 15,663,252 19,944,375 Decreased by $4,281,123 due to use of cash reserves on approved capital projects and timing of cash receipts for Local Education Agreements (LEA). Due from Province - Ministry Due from LEA /Direct Funding Deferred Capital Revenue Tangible Capital Assets 2,321, ,124 Increased by $1,863,830 due to higher capital project costs incurred in June than in past years. This increased the capital funding receivable from the Ministry. 1,696, ,252 Increased by $1,228,897 due to timing of receipt of payments for LEA s. 118,589, ,358,124 Increased by $11,048,423 from capital funding received and reduced by $3,816,711 for amortization of capital funding revenue. 145,796, ,534,128 Increased by $13,813,043 from capital investment and reduced by $5,550,905 from amortization of capital assets. Statement of Operations by Fund Operating Fund The 2016/17 Amended Budget included appropriation of $1,228,565 of accumulated operating surplus comprised of: $711,831 for school carry-forwards; $321,517 for district program carryforwards; and $195,217 appropriated for budget contingency. This appropriation of accumulated surplus is reflected as an annual deficit in the budget because accumulated surplus is consumed through excess of expenditures over revenues (see below). Amended Budget 2016/17 Actual 2016/17 Actual 2015/16 Actual 2014/15 Revenues 73,464,305 74,641,513 73,108,465 69,948,414 Expenses and fund transfers 74,692,870 73,973,870 73,346,431 71,079,744 Annual Surplus (Deficit) (1,228,565) 667,643 (237,966) (1,131,330) Opening Accumulated Surplus 1,428,565 1,428,565 1,666,531 2,797,861 Closing Accumulated Surplus 200,000 2,096,208 1,428,565 1,666,531 Page 6 of 14
8 In the 2016/17 Amended Budget, $200,000 of the 2015/16 accumulated operating surplus balance remained unappropriated to reduce budgetary risk. When comparing actual results to budget it is important to understand that while carry-forwards are recorded as expenditures in the budget (to provide the authority to spend), it is not expected that appropriated surplus balances will be fully consumed. Carry-forwards, through appropriation of accumulated surplus, are a mechanism of funding initiatives and programs that span more than one fiscal year, and expenditures that decrease the carry-forward balances are offset by allocation of new funds for future initiatives and programs. It is expected that the overall annual and accumulated surplus will be greater than budgeted by the amount of carry-forward balances preserved or generated. Detailed information on the operating fund is presented in schedules 2 to 2C following the notes to the financial statements. Revenues, expenditures and accumulated operating surplus are analysed in greater detail below. Operating Fund Revenues A high level summary of operating fund revenues is presented below and explanations of significant variances follows. A more detailed presentation of operating revenues is presented in schedule 2A following the notes to the financial statements. Amended Budget 2016/17 Actual 2016/17 Actual 2015/16 Grant Revenue 62,509,070 62,983,194 61,590,546 Tuition Revenue 4,524,900 4,450,008 4,445,792 (International Program) Other Revenue 5,960,335 6,694,773 6,569,676 Rentals and Leases 300, , ,141 Investment Income 170, , ,310 Total Revenues 73,464,305 74,641,513 73,108,465 Grant Revenues: Budgeted grant revenues in the 2016/17 amended budget exceeded 2015/16 actual revenues by $0.9 million due primarily to: funding for negotiated wage increases ($0.7 million increase); and funding to eliminate transportation fees commencing in the 2016/17 fiscal year ($0.3 million increase). Page 7 of 14
9 Actual grant revenues in 2016/17 exceeded the 2016/17 amended budget by $0.5 million. This increase was the net result of: announcement of the Student Learning Grant ($0.4 million increase) subsequent to finalization of the amended budget; increase in enrolment based funding (Feb and May enrolment counts) and other funding relative to budget ($0.5 million increase); and decrease in the proportion of enrolment based funding received as Provincial grants versus through Local Education Agreements (LEA) with First Nations (this decreased grant revenues by $0.4 million and increased other revenue by $0.4 million see below). Other Revenues: Budgeted other revenues in the 2016/17 amended budget were lower than 2015/16 actual revenues by $0.6 million. This decrease in budgeted revenues was the net result of: Elimination of transportation fees following the announcement of full funding ($0.3 million decrease); Increase to the homestay rate for international students from $800/month to $850/month ($0.2 million increase); and Conservative budgeting of various other revenue sources where risk of fluctuation exists ($0.5 million decrease). Actual other revenues in 2016/17 exceeded the 2016/17 amended budget by $0.7 million. This increase was the result of: decrease in the proportion of enrolment based funding received as Provincial grants versus through Local Education Agreements (LEA) with First Nations (decreases grant revenues by $0.4 million and increases other revenue by $0.4 million); and actual results for several small other revenue sources exceeded budget ($0.3 million increase). Operating Fund Expenses Expenses in the financial statements are presented both by object (category of expense) and by function (program). Operating fund expenses are presented below using each method with explanations of significant variances following. A more detailed presentation of operating expenses is presented in schedules 2B and 2C following the notes to the financial statements. Page 8 of 14
10 Analysis of Variances by Object Operating Fund Amended Budget Actual 2016/17 Actual 2015/16 Expenditure by Object 2016/17 Salaries Teachers 30,536,334 30,005,607 30,396,346 Principals and Vice 4,043,528 3,988,987 3,738,572 Principals Education Assistants 4,463,373 4,438,859 4,269,418 Support Staff 7,238,419 7,142,090 7,049,014 Other Professionals 2,293,866 2,234,296 2,364,537 Substitutes 2,410,148 3,220,349 2,820,518 Total Salaries 50,985,668 51,030,188 50,638,405 Employee Benefits 12,923,049 13,145,300 12,361,505 Total Salaries and 63,908,717 64,175,488 62,999,910 Benefits Service and Supplies 10,355,653 9,634,419 9,881,583 expense Fund transfers 428, , ,938 Total Service and 10,784,153 9,798,382 10,346,521 Supplies and fund transfers Total Operating Expenditure 74,692,870 73,973,870 73,346,431 Salaries Teachers Budgeted teacher salary expense in the 2016/17 amended budget exceeded 2015/16 actual expense by about $0.1 million and was largely the net impact of wage increases of approximately $0.5 million offset by budgetary FTE reductions of approximately $0.4 million. Actual expense in 2016/17 was lower than budget by $0.5 million primarily due to: the average teacher cost was below budget; and the average teacher FTE was about 1 FTE below budget due to hiring lag. Salaries Principals and Vice Principals (PVP) Budgeted PVP salary expense in the 2016/17 amended budget exceeded 2015/16 actual expense by about $0.3 million and was largely the net impact of wage increases of approximately $0.2 million and the addition of a full time VP in the international program. Actual expense in 2016/17 did not vary significantly from budget. Salaries Education Assistants (EA) Budgeted EA salary expense in the 2016/17 amended budget exceeded 2015/16 actual expense by about $0.2 million due to wage increases and increased staff FTE funded by growth in designated students. Actual expense in 2016/17 did not vary significantly from budget. Page 9 of 14
11 Salaries Support Staff Budgeted support staff salary expense in the 2016/17 amended budget exceeded 2015/16 actual expense by about $0.2 million due to wage increases. Actual expense in 2016/17 did not vary significantly from budget. Salaries Other Professionals Budgeted other professional salary expense in the 2016/17 amended budget was lower than 2015/16 actual expense by about $0.1 million due to non-recurring severance and other transition costs in 2015/16, offset by an approximate 1% increase in salaries in 2016/17. Actual expense in 2016/17 was slightly below budget due to a prolonged vacancy in a position. Salaries Substitutes Actual substitute expenditures can exceed budget for two reasons: (1) another budget is used to fund additional substitute expenditure; or (2) replacement cost for illness exceeds budget. Other budgets are commonly used to fund additional substitute cost. For example, a school or department may use a service and supplies budget to fund additional substitute cost so that teachers can work on curriculum implementation or other projects. Another example is use of support staff salary and benefit budget to fund substitute salaries when a position is vacant. In either of these scenarios, the overage in substitute costs (relative to budget) is offset by an underage in another budget line. However, this is not the case when substitute costs for illness exceeds budget. When actual replacement cost for illness exceeds budget it reduces the overall annual surplus of the school district. The 2016/17 amended budget included a $1.65 million budget for teacher replacement costs for illness. This was a small decrease relative to the actual 2015/16 (prior year) cost of $1.8 million, and reflected an expectation that future replacement costs would be lower as 2015/16 costs were historically high. The 2016/17 year ended up being an unusually bad cold and flu year with costs exceeding 2015/16 costs by $0.1 million and exceeding budget by $0.25 million. In 2016/17, there was also an increase of approximately $0.2 million in teacher replacement costs that were funded by other school and department budgets. The increase was largely attributable to implementation of the new curriculum. While this did not result in budget pressure (as funded from other budgets) it did increase replacement costs relative to budget and the prior year. Employee Benefits Employee benefits expense budgeted in the 2016/17 amended budget was greater than 2015/16 actual expense by about $0.6 because of a one-time accounting policy change that reduced Page 10 of 14
12 2015/16 expense by $0.6 million. Actual expense in 2016/17 exceeded budget by $0.2 million due to a number of small variances within the components that make up this expense. Total Service and Supplies and Fund Transfers For the purpose of this analysis fund transfers are combined with service and supply expense because fund transfers relate primarily to the purchase of capital assets using service and supply budgets. Budgeted fund transfers are an estimate of what portion of service and supply expenditures will meet the accounting criteria for capitalization. It is expected that actual service and supply expenditures will be less than budget as most surplus carry-forward balances are presented as service and supply expenditure in the budget and are not fully spent. Also, service and supply budgets commonly fund other expenditures such as substitute costs. In 2016/17 expenditures were about $1.0 million below budget and in 2015/16 expenditures were about $0.9 million below budget. Actual expenditures in 2016/17 were lower than 2015/16 by $0.5 million. This corresponded with a $0.5 million reduction in budgeted expenditures in 2016/17 relative to 2015/16. Analysis of Variances by Function Operating Fund Expenditure by Function Amended Budget 2016/17 Actual 2016/17 Actual 2015/16 Instruction 62,908,868 62,269,007 61,213,275 District Administration 2,855,792 2,738,142 2,819,396 Operations and 7,263,293 7,447,348 7,462,894 Maintenance Transportation 1,236,417 1,355,410 1,385,928 Fund transfer 428, , ,938 Total 74,692,870 73,973,870 73,346,431 Instruction instruction expense is lower than budget due to the effect of schools not spending their full carry-forward balances (which are budgeted as expenditures), and teacher salary costs being below budget but offset by increased replacement cost for illness as described above. Operations and Maintenance and Fund Transfer fund transfers are not allocated to a function within the budget and financial statements, but largely represent budget for the purchase of capital assets within operations and maintenance. Actual operations and maintenance expenditures were just below budget (when including the fund transfer for purchase of capital assets ); however, the proportion of expenditures that met the criteria for capitalization was lower than budget. This means that the higher operations and maintenance expense was offset by a lower fund transfer for the purchase of capital assets. Page 11 of 14
13 Transportation actual expense exceeded budget by about $0.1 million due to increased demand for services following elimination of fees, increased fuel costs and the need to increase special needs routing. Accumulated Operating Surplus Understanding the components of accumulated operating surplus is necessary for knowing how much of the balance relates to multi-year funding of programs (surplus carry-forwards) and how much of the balance is available to reduce financial risk associated with unforeseen expenditures or to fund additional expenditures in the future. The components of closing accumulated surplus are presented in the table below: June 30, 2017 June 30, 2016 School Activities $1,032,608 $711,831 District Activities $282,332 $321,517 Student Learning Grant $370,438 - Total Appropriated $1,685,378 $1,033,348 District Accumulated Surplus $410,830 $395,217 Total Accumulated Surplus $2,096,208 $1,428,565 There were two significant components to the overall growth in accumulated operating surplus: growth in school carry-forward balances; and receipt of the student learning grant (targeted grant) towards the end of the fiscal year. The district accumulated surplus balance (after deducting surplus carry-forwards) remains at approximately $0.4 million. This means, after removing the impact of multi-year program funding (i.e. surplus carry-forwards), operating revenues very closely balanced with operating expenditures. This indicates a very tight structural balance between revenues and expenditures that may result in budgetary pressure if, for example, non-recurring revenues funded cost pressures that are expected to persist. Further analysis of this budgetary balance will inform adoption of an amended budget for the 2017/18 fiscal year. Statement of Operations by Fund Special Purpose Fund Amended Budget 2016/17 Actual 2016/17 Actual 2014/15 Provincial Grants 2,614,645 3,105,606 2,166,001 Other Revenues 3,300,000 3,421,487 3,387,994 Expenditures (5,914,645) (6,545,401) (5,590,386) Fund transfers (charge - 18,308 36,391 to operating fund) Annual Surplus (Deficit) Page 12 of 14
14 Budgeted Provincial special purpose grants (and expenditures) were higher in 2016/17 relative to 2015/16 due largely to underspend of the Education Fund (teacher staffing) portion of Learning Improvement Fund (LIF) in 2015/16 by $156,481. Planned expenditure of the full grant in 2016/17 (including the 2015/16 carry-forward) resulted in budgeted revenues increasing by about $0.3 million. Actual 2016/17 Provincial grants and expenditures were higher than budget due to the receipt of $657,677 in priority measures funding for the hiring of additional teachers during the second half of the school year. This was partially offset by lower utilization of certain special purpose grants than budgeted. Detailed information on the special purpose fund is presented in schedules 3 to 3A following the notes to the financial statements. Statement of Operations by Fund Capital Fund Amended Budget 2016/17 Actual 2016/17 Actual 2015/16 Revenues 3,821,012 3,821,199 3,759,337 Expenses (5,550,905) (5,550,905) (5,399,983) Fund Transfers (capital assets 453, , ,547 purchased by the operating fund) Change in Accumulated Surplus (1,276,393) (1,584,051) (1,212,099) Opening Accumulated Surplus 30,526,895 30,526,895 31,738,994 Closing Accumulated Surplus 29,250,502 28,942,844 30,526,895 Revenues and expenses are consistent with budget and the prior year. This is expected because revenues and expenses in the capital fund are predictable and consistent, as they reflect the recognition of capital funding (as revenue) and the usage of capital assets over their life (as amortization expense). Fund transfers from the operating fund were lower than budget and the prior year as fewer expenditures in the operating fund met the criteria for capitalization as an asset. During the year ended June 30, 2017, the district invested $13,813,043 in capital additions. Further details are presented in the Financial Highlights section. Within the capital fund the following two balances are important as they represent funds available for future capital investment: Local Capital Reserve this balance forms part of accumulated surplus in the capital fund and represents funds available for investment in capital assets at the discretion of the Page 13 of 14
15 Board of Education. These funds are generated primarily from proceeds of disposition of assets that are allocated to the School Board. MEd Restricted Capital this balance forms part of the deferred capital revenue balance in the capital fund and represents funds available for investment in capital assets at the discretion of the Ministry of Education. These funds are generated primarily from proceeds of disposition of assets that are allocated to the Minister of Education pursuant to the School Act. The table below presents the 2016/17 closing balances in Local Capital and MEd Restricted Capital and what portion of the balances are already committed to future capital investment. Local Capital MEd Restricted Capital Balance at June 30, ,136 1,240,469 Committed for future 248,136 1,000,000 investment Uncommitted Balance 0 240,467 The remaining local capital balance is committed to wireless access point upgrades and investment in expansion (portable classrooms). $1,000,000 of MEd Restricted Capital balance is restricted for investment in the Bayside Roof Replacement Project (the remaining $6,100,000 cost of this project is being funded by the Ministry of Education). Detailed information on the capital fund is presented in schedules 4 to 4D following the notes to the financial statements. CONTACTING THE SCHOOL DISTRICT S FINANCIAL MANAGEMENT This financial report is designed to provide the School District s stakeholders with a general overview of the School District s finances and to demonstrate the School District s accountability for the money it receives. If you have questions about this report or need additional financial information, please contact the Office of the Secretary Treasurer at Page 14 of 14
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