FY15 Audit Report EXECUTIVE SUMMARY

Transcription

1 FY15 Audit Report EXECUTIVE SUMMARY Purpose: To receive the findings of the FY15 audit report. Attached is the PowerPoint presentation of the FY15 audit report of the School District s auditors, RSM US LLP. Jon Schulte from RSM US LLP will be in attendance at the meeting on Monday, December 14, 215, to present the audit findings. Recommendation: It is recommended that the School Board approve the audit report for FY15 and direct the audit to be sent to the Department of Legislative Audit for their approval. Report prepared by RSM US LLP in conjunction with the Finance Office Presented by: Jon Schulte, RSM US, LLP December 14, 215

2 Sioux Falls School District 49-5

3 Data portrayed in the attached graphic presentations were derived from the District s basic financial statements which were audited by RSM US LLP whose report thereon is expected to be dated in December 215. The data should be read in conjunction with the District s basic financial statements and the auditor s report thereon. 2

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

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

6 GENERAL FUND (continued) Millions 7 Revenues Local Taxes Federal Grants State Sources Other 5

7 GENERAL FUND (continued) Expenditures 14 Millions Salaries/Benefits Purchased Services Supplies/Materials Other

8 7

9 SPECIAL EDUCATION FUND Fund Balance Thousands 8, 7,97 7,5 7,28 7, 6,5 6, 5,5 5,444 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1,

10 Millions SPECIAL EDUCATION FUND (continued) Revenues Local Taxes State Aid Federal Grants Other 4.9 Millions Expenditures Salaries/Benefits Purchased Services Other

11 1

12 CAPITAL OUTLAY AND PROJECTS FUNDS Fund Balance 5, 46,1 Thousands 4, 3, 2, 13,586 16,998 1, (1,) Capital Outlay Capital Improvement Hail Damage Project Elementary Project/Middle School Project 11

13 POST SECONDARY VOCATIONAL FUND Thousands 1, 9, 8, 7, 8,167 Fund Balance 8,367 8,283 6, 5, 4, 3, 2, 1,

14 FOOD SERVICE FUND Revenues, Expenses and Net Income Thousands 12, 1, 9,847 9,696 1,191 1,525 1,632 11,14 8, 6, 4, 2, 151 (333) (472) (2,) Revenues Expenses Net Income 13

15 FOOD SERVICE FUND (continued) Thousands 7, 6, 6,573 Net Position 6,24 6,626 5, 4, 3, 2, 1, Net Capital Assets SDRS Pension Unrestricted 14

16 GROUP HEALTH INSURANCE FUND Thousands 35, 3, 25, 26,35 Revenues, Expenses and Net Income 26,469 27,314 26,353 29,15 29,871 2, 15, 1, 5, (5,) (434) (856) Revenues Expenses Net Income (Loss) 15

17 Thousands 12, 1, 9,59 GROUP HEALTH INSURANCE FUND (continued) Net Position 1,2 9,164 8, 6, 4, 2, Net Position 16

18 Post Audit Communications New accounting standards implemented GASB Statement No. 68 Accounting and Financial Reporting for Pensions An Amendment of GASB Statement No. 27 and GASB Statement No. 71 Pension Transition for Contributions Made Subsequent to the Measurement Date An Amendment of GASB Statement No. 68 Beginning net position restated to reflect the related net position asset and deferred outflows of resources as of July 1, 214 Audit adjustment None Uncorrected misstatements Primarily moving certain accrued payroll liabilities and related cash balances from the Payroll Withholding agency fund to the governmental and enterprise funds in which the payroll expense was originally incurred in No significant or unusual transactions Summary of significant accounting estimates Self-insurance liability, allowance for doubtful accounts, other postemployment benefit liability, net pension asset assumptions 17

19 Internal Control / Federal Award Compliance No material weaknesses in internal control over financial reporting noted One federal award compliance issue reported Insufficient support of salaries and wages for one individual charged to a federal program at STI A number of control deficiencies communicated to management 18