TABLE OF CONTENTS. Letter of Transmittal...xii Organization Chart... xx Financial Reporting Awards...xxi

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1 TABLE OF CONTENTS I. INTRODUCTORY SECTION Letter of Transmittal...xii Organization Chart... xx Financial Reporting Awards...xxi II. FINANCIAL SECTION Independent Auditor s Report...2 Management s Discussion and Analysis...4 BASIC FINANCIAL STATEMENTS: GOVERNMENT-WIDE FINANCIAL STATEMENTS: Statement of Net Position...19 Statement of Activities...20 FUND FINANCIAL STATEMENTS: GOVERNMENTAL FUNDS: Balance Sheet...22 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position Statement of Revenues, Expenditures, and Changes in Fund Balances...26 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of the Governmental Funds to the Statement of Activities...28 and Actual General Fund...29 and Actual Special Education Fund...34 and Actual Federal Projects Fund...36 PROPRIETARY FUNDS: Statement of Net Position...40 Statement of Revenues, Expenses, and Changes in Net Position...41 Statement of Cash Flows...42 FIDUCIARY FUND: Statement of Fiduciary Net Position...43 Notes to the Basic Financial Statements...44 REQUIRED SUPPLEMENTARY INFORMATION: Schedule of Funding Progress for Clark County School District...72 v

2 TABLE OF CONTENTS - (continued) SCHEDULES SUPPLEMENTARY INFORMATION: COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES: GOVERNMENTAL FUNDS: MAJOR FUNDS: Comparative Balance Sheets - General Fund... A Fund Balance - Budget (GAAP Basis) and Actual - General Fund... A Comparative Balance Sheets - Special Education Fund... A Fund Balance - Budget (GAAP Basis) and Actual - Special Education Fund... A Comparative Balance Sheets - Debt Service Fund... A Fund Balance - Budget (GAAP Basis) and Actual - Debt Service Fund... A Comparative Balance Sheets - Bond Fund... A Fund Balance - Budget (GAAP Basis) and Actual - Bond Fund... A Comparative Balance Sheets - Federal Projects Fund... A Fund Balance - Budget (GAAP Basis) and Actual - Federal Projects Fund... A NONMAJOR GOVERNMENTAL FUNDS: Combining Balance Sheets... B Combining Fund Balances... B NONMAJOR SPECIAL REVENUE FUNDS: Combining Balance Sheets... C Combining Fund Balance Nonmajor Special Revenue Funds... C Vegas PBS Fund: Comparative Balance Sheets... C Fund Balance - Budget (GAAP Basis) and Actual... C Medicaid Fund: Comparative Balance Sheets... C Fund Balance - Budget (GAAP Basis) and Actual... C vi

3 TABLE OF CONTENTS - (continued) SCHEDULES Class Size Reduction Fund: Comparative Balance Sheets... C Fund Balance - Budget (GAAP Basis) and Actual... C Adult Education Fund: Comparative Balance Sheets... C Fund Balance - Budget (GAAP Basis) and Actual... C State Grants Fund: Comparative Balance Sheets... C Fund Balance - Budget (GAAP Basis) and Actual... C NONMAJOR CAPITAL PROJECTS FUNDS: Combining Balance Sheets... D Combining Fund Balances... D Building and Sites Fund: Comparative Balance Sheets... D Fund Balance - Budget (GAAP Basis) and Actual... D Governmental Services Tax Fund: Comparative Balance Sheets... D Fund Balance - Budget (GAAP Basis) and Actual... D Capital Replacement Fund: Comparative Balance Sheets... D Fund Balance - Budget (GAAP Basis) and Actual... D MAJOR ENTERPRISE FUND: Food Service Fund: Comparative Schedule of Net Position... E Net Position - Budget (GAAP Basis) and Actual... E vii

4 TABLE OF CONTENTS - (continued) SCHEDULE/ TABLES INTERNAL SERVICE FUNDS: Combining Schedule of Net Position...F Combining Schedule of Revenues, Expenses, and Changes in Net Position...F Combining Schedule of Cash Flows...F Insurance & Risk Management Fund: Comparative Schedule of Net Position...F Net Position - Budget (GAAP Basis) and Actual...F Graphic Arts Production Fund: Comparative Schedule of Net Position...F Net Position - Budget (GAAP Basis) and Actual...F AGENCY FUND: Student Activity Agency Fund: Schedule of Changes in Fiduciary Net Position...G CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS: Comparative Schedule by Source... H Schedule by Function... H Schedule of Changes by Function... H III. STATISTICAL SECTION... Net Position by Category Expenses, Program Revenues, and Net (Expenses)/Revenues by Function/Program General Revenues and Other Changes in Net Position Fund Balances, Governmental Funds Changes in Fund Balances, Governmental Funds Taxable Assessed Value and Estimated Actual Value of Property Property Tax Rates - All Direct and Overlapping Governments Principal Property Tax Payers Property Tax Levies and Collections Ratios of Outstanding Debt by Type Ratios of General Bonded Debt Outstanding Direct and Overlapping Governmental Activities Debt Legal Debt Margin Pledged Revenue Bond Coverage Demographic and Economic Statistics Principal Employers in Clark County District Employees by Function/Program Governmental Funds Capital Asset Statistics by Function Cost per Student Teacher Salaries School Buildings viii

5 TABLE OF CONTENTS - (continued) IV. COMPLIANCE AND CONTROLS 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 with Requirements for each Major Program and on Internal Control over Compliance required by OMB Circular A Schedule of Expenditures of Federal Awards Notes to the Schedule of Expenditures of Federal Awards Schedule of Findings and Questioned Costs Summary Schedule of Prior Audit Findings Auditor s Comments: Current Year Statute Compliance Progress on Prior Year Statute Compliance Prior Year Recommendations Current Year Recommendations Nevada Revised Statutes and ix