Saugatuck Public Schools. Year Ended June 30, Financial Statements

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1 Saugatuck Public Schools Year Ended June 30, 2016 Financial Statements

2 Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis 5 Basic Financial Statements Government-wide Financial Statements: Statement of Net Position 16 Statement of Activities 17 Fund Financial Statements: Balance Sheet Governmental Funds 18 Reconciliation of Fund Balances of Governmental Funds to Net Position of Governmental Activities 19 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds 20 Reconciliation of Net Changes in Fund Balances of Governmental Funds to Change in Net Position of Governmental Activities 21 Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund 22 Statement of Fiduciary Assets and Liabilities - Agency Fund 23 Notes to Financial Statements 25 Required Supplementary Information MPSERS Cost-Sharing Multiple-Employer Plan: Schedule of the District's Proportionate Share of the Net Pension Liability 46 Schedule of District Contributions 47 Combining and Individual Fund Financial Statements and Schedules General Fund: Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual 52 Nonmajor Governmental Funds: Combining Balance Sheet 56 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 58 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual: Food Service Fund 60 Community Recreation Fund 61 Student Activities Fund: Schedule of Changes in Fiduciary Assets and Liabilities by Club/Organization 62 Page

3 Table of Contents Page Internal Control and Compliance Independent Auditors 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 67

4 Rehmann Robson 2330 East Paris Ave., SE Grand Rapids, MI Ph: Fx: rehmann.com INDEPENDENT AUDITORS' REPORT September 19, 2016 Board of Education Saugatuck Public Schools Douglas, Michigan Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Saugatuck Public Schools (the District ), as of and for the year ended June 30, 2016, 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. Independent Auditors' 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. 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 auditors' 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. 1

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, each major fund, and the aggregate remaining fund information of Saugatuck Public Schools as of June 30, 2016, and the respective changes in financial position thereof and the budgetary comparison for the general fund for the year then ended in conformity 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 and the schedules for the pension plan, 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 District's basic financial statements. The combining and individual fund financial statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The 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 information is fairly stated in all material respects in relation to the basic financial statements as a whole. 2

6 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 19, 2016, on our consideration of Saugatuck Public Schools internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant 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 the District's internal control over financial reporting and compliance. 3

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8 MANAGEMENT'S DISCUSSION AND ANALYSIS 5

9 Management's Discussion and Analysis As management of Saugatuck Public Schools (the 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, Financial Highlights The District s total net position increased by $750,123. As of the close of the current fiscal year, the District s governmental funds reported combined ending fund balances of $2,499,888, an increase of $60,440 in comparison with the prior year. At the end of the current fiscal year, unassigned fund balance of the general fund was $1,379,172 or 16% of total general fund expenditures. Overview of the 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 including the management's discussion and analysis, budgetary schedules and combining and individual fund financial statements and schedules. 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, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference being 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 expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., earned but unused compensated leave). Both of the government-wide financial statements display functions of the District that are principally supported by taxes and intergovernmental revenues (governmental activities ). The activities of the District include instruction, supporting services, athletics, food services and community services. The District has no business-type activities as of and for the year ended June 30, Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. 6

10 Management's Discussion and Analysis Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the District s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District s near-term financing decisions. Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains numerous individual governmental funds and one agency fund. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures and changes in fund balances for the general fund and the bond debt service fund, each of which is considered to be a major fund. Data from the other governmental funds is combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The District adopts an annual appropriated budget for its general and special revenue funds. Budgetary comparison statements or schedules have been provided herein to demonstrate compliance with those budgets. Fiduciary fund. Fiduciary funds are used to account for resources held for the benefit of parties outside the District. Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to support the District s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. Notes to 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. Other information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information. This is limited to this management's discussion and analysis and the schedules for the MPSERS pension plan immediately following the notes to the financial statements. The combining statements referred to earlier in connection with nonmajor governmental funds are presented immediately following the required supplementary information. Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of the District s financial position. At June 30, 2016, the District reported a deficit net position of $(4,545,211). The timing of debt service payments and depreciation of capital assets has a significant impact on this balance as well as the requirement to report the District's proportionate share of the MPSERS net pension liability on its statement of net position. 7

11 Management's Discussion and Analysis A portion of the District s net position reflects its net investment in capital assets (e.g., land, buildings, vehicles, and equipment, less any related debt used to acquire those assets that is still outstanding). The District uses these capital assets to provide services to the students it serves; 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. An additional portion of the District s net position represents resources that are subject to other external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District s ongoing obligations to its general programs. Net Position Assets Current and other assets $ 3,393,801 $ 3,285,670 Capital assets, net 20,441,561 20,937,016 Total assets 23,835,362 24,222,686 Deferred outflows of resources 3,201,228 2,153,028 Liabilities Other liabilities 14,380,397 12,401,031 Long-term liabilities 17,156,746 18,003,209 Total liabilities 31,537,143 30,404,240 Deferred inflows of resources 44,658 1,266,808 Net position Net investment in capital assets 4,815,976 3,739,447 Restricted 811, ,407 Unrestricted (deficit) (10,172,344) (9,830,188) Total net position $ (4,545,211) $ (5,295,334) 8

12 Management's Discussion and Analysis Change in Net Position Revenues Program revenues: Charges for services $ 261,157 $ 267,735 Operating grants and contributions 2,115,149 1,804,276 General revenues: Property taxes 8,046,717 7,840,680 Unrestricted State school aid 1,207,672 1,192,272 Unrestricted investment earnings 7,468 3,670 Other revenues 16,233 3,873 Total revenues 11,654,396 11,112,506 Expenses Instruction 5,885,462 5,470,369 Supporting services 3,138,273 3,025,834 Athletics 279, ,634 Community services 163, ,252 Food service 275, ,127 Interest on long-term debt 426, ,067 Unallocated depreciation 735, ,792 Total expenses 10,904,273 10,594,075 Change in net position 750, ,431 Net position, beginning of year (5,295,334) (5,813,765) Net position, end of year $ (4,545,211) $ (5,295,334) Governmental Activities. Net position increased by $750,123. Revenues increased by $541,890 primarily due to an increase in restricted State Aid due to a new funding source specifically for At Risk students and increases to the districts tax base of 4.84% over the previous fiscal year. Expenditures increased by 2.93% over the prior fiscal year, primarily due to the change in the net pension liability and related deferred amounts. 9

13 Management's Discussion and Analysis 7,000,000 Expenses and Program Revenues - Governmental Activities 6,000,000 5,000,000 Program Revenues Expenses 4,000,000 3,000,000 2,000,000 1,000,000 - Instruction Support services Athletics Food service Community and recreation Interest on long-term debt Depreciation Unrestricted State school aid 11% Revenues by Source - Government Activities Other sources 0% Charges for services 2% Operating grants and contributions 18% Property taxes 69% The District s general fund balance increased by $71,542 during the fiscal year. The primary factor impacting the change in fund balance was stable enrollment and obtaining additional funding for specific state categoricals. This combined with cost containment strategies for health insurance and facilities maintenance management held expenses below anticipated budgeted amounts. 10

14 Management's Discussion and Analysis The fund balance of the bond debt service fund increased by $43,496. The District's bonds are being repaid with voter-approved property tax millages. These rates are adjusted annually to approximate the actual needs of the District for repayment of principal and interest. The property tax revenues recognized in excess of current year debt service needs will be used to offset taxes levied in the following year. General Fund Budgetary Highlights Amendments to the original adopted budget are passed in order to reflect changes in information and circumstances. Some of the more significant changes between the original adopted and final amended budgets were: The final budget for local revenue sources decreased from the original budget because of local property tax collection adjustments due to Tax Tribunal changes. The final budget for state aid revenue increased from the original as the State must meet its funding obligations under Proposal A, which is reciprocal formula when there is a decreases to local property taxes the state will fund the difference to keep the per pupil foundation whole. Additionally, there was an increase to the pass through revenues for the State Retirement contribution of $150,302. The budget for basic programs (a component of instruction expense) was increased $34,799 from $4,867,983 to $4,902,782. This was primarily due to the reclassification of new CEIS (student behavior interventions) program out of added needs and into basic instruction. The budget for added needs (a component of instruction expense) was increased $91,196 from $593,176 to $684,372. This was primarily due to the additional center program services for special needs students provided by the OAISD. In addition to increased programing in Title I, and early childhood interventions. The budget for pupil services (a component of supporting services) was increased $51,815 from $546,686 to $598,501. The addition of Michigan College Access counselor and grant funding for secondary career prep services, along with the addition of a Behavior Specialist through the new At Risk funding. The budget for the office of Principal (a component of school administration) was decreased by $28,360 from $605,089 to $576,729. This was primarily due to reclassification of support staff providing services for at risk pupils being reclassified to pupil services. The District is not permitted to amend the budget after June 30, 2016 in accordance with State law. Therefore, the budget is estimated as close to actual as possible, with the understanding that small variances are expected. Variances between the final amended budget and the actual expenditures were insignificant. Total revenues and total expenditures were within 0.23% and 1.07% of the final amended budget, respectively. 11

15 Management's Discussion and Analysis Capital Asset and Debt Administration Capital Assets. The District s investment in capital assets for its governmental activities as of June 30, 2016 amounted to $20,441,561 (net of accumulated depreciation). This investment in capital assets included land, buildings, vehicles and equipment. Significant purchases during the year included operations and maintenance equipment and mechanical upgrades, parking lot improvements, and new flooring at the secondary campus. Capital assets at fiscal year-end included the following: Capital Assets (Net of Depreciation) Land $ 555,563 $ 555,563 Buildings and improvements 18,190,528 18,533,130 Buses and vehicles 151, ,419 Furniture and equipment 1,544,087 1,652,904 Total capital assets, net $ 20,441,561 $ 20,937,016 Additional information on the District s capital assets can be found in Note 5. Long-term Debt. At the end of the current fiscal year, the District had total long-term debt outstanding of $17,156,746. Long-term debt at fiscal year-end included the following: Long-term Debt Bonds payable $ 15,775,000 $ 17,730,000 Installment purchase agreements 54,000 72,000 Unamortized discounts/premiums 1,169,394 51,804 Compensated absences 158, ,405 Total long-term debt $ 17,156,746 $ 18,003,209 The District s total debt decreased by $846,463 during the current fiscal year due to the District making scheduled debt payments. The District refunded its outstanding 2008 general obligation bonds by issuing 2016 refunding bonds. The refunding resulted in substantial interest savings to the District over the remaining life of the bonds. Additional information on the District s long-term debt can be found in Note 7. Factors Bearing on the District's Future Public schools in Michigan rely on either increased student enrollment or increases to the State funding to grow their operating budgets. Saugatuck is budgeting a flat enrollment of 845 students for next fiscal year. Enrollments are verified in October. The current teachers bargaining agreement expired on June 30, 2016 and at this time has not yet been ratified. Impact to the current budget will be dependent upon a ratified contract for wages. Insurance was settled prior to June 30 and was included in the adopted budget. 12

16 Management's Discussion and Analysis State Aid Health Insurance caps continue to grow at the rate of 2.3% per year. This combined with new ACA requirements to expand coverage for individuals not previously awarded benefits increased the budget by $40,000. Federal Grant sources continue to decrease incrementally each year, pushing the costs over to general operating funds, in lieu of eliminating or reducing programs. State Resources continue to be inadequate to keep up with inflation, state insurance cap increases, and mandated retirement expense. The foundation allowance will increase by $60 per pupil which is $50,700 for the fiscal year. The District continues to leverage partnerships with area public schools for reducing non-instructional expenditures. The District currently participates in multi-school consortiums for technology support, and partners with three other public schools to share a food service director, bus mechanic, auxiliary staff services and custodial cleaning. Requests for Information This financial report is designed to provide a general overview of the District s finances for all those with an interest in the District s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: Director of Business and Human Resources Saugatuck Public Schools 201 Randolph Street P.O. Box 818 Douglas, MI

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18 BASIC FINANCIAL STATEMENTS 15

19 Statement of Net Position June 30, 2016 Governmental Activities Assets Cash and cash equivalents $ 1,164,802 Investments 1,632,586 Receivables 593,934 Inventories 2,479 Capital assets not being depreciated 555,563 Capital assets being depreciated, net 19,885,998 Total assets 23,835,362 Deferred outflows of resources Deferred charge on advance bond refundings, net 1,176,641 Deferred pension amounts 2,024,587 Total deferred outflows of resources 3,201,228 Liabilities Accounts payable and accrued liabilities 998,224 Unearned revenue 9,080 Long-term debt: Due within one year 1,325,144 Due in more than one year 15,831,602 Net pension liability 13,373,093 Total liabilities 31,537,143 Deferred inflows of resources Deferred pension amounts 44,658 Net position Net investment in capital assets 4,815,976 Restricted for: Food service operations 66,800 Community recreation programs 162,697 Capital improvements 260,610 Debt service 321,050 Unrestricted (deficit) (10,172,344) Total net position $ (4,545,211) The accompanying notes are an integral part of these basic financial statements. 16

20 Statement of Activities For the Year Ended June 30, 2016 Program Revenues Operating Charges Grants and Net (Expense) Functions / Programs Expenses for Services Contributions Revenue Governmental activities Instruction $ 5,885,462 $ 20,546 $ 1,178,971 $ (4,685,945) Supporting services 3,138,273 48, ,416 (2,319,300) Athletics 279,318 41,816 - (237,502) Community services 163,454 40, (122,266) Food service 275, , ,025 (4,240) Interest on long-term debt 426,185-3,082 (423,103) Unallocated depreciation 735, (735,611) Total governmental activities $ 10,904,273 $ 261,157 $ 2,115,149 (8,527,967) General revenues Property taxes 8,046,717 Unrestricted State school aid 1,207,672 Unrestricted investment earnings 7,468 Other revenues 16,233 Total general revenues 9,278,090 Change in net position 750,123 Net position, beginning of year (5,295,334) Net position, end of year $ (4,545,211) The accompanying notes are an integral part of these basic financial statements. 17

21 Balance Sheet Governmental Funds June 30, 2016 Nonmajor Total General Bond Debt Governmental Governmental Fund Service Funds Funds Assets Cash and cash equivalents $ 42,648 $ 430,872 $ 691,282 $ 1,164,802 Investments 1,632, ,632,586 Accounts receivable 6,601 3,569-10,170 Due from other governments 583, ,764 Inventories - - 2,479 2,479 Total assets $ 2,265,599 $ 434,441 $ 693,761 $ 3,393,801 Liabilities Accounts payable $ 11,802 $ - $ 4,432 $ 16,234 Due to other governments 102, ,120 Accrued liabilities 766, ,479 Unearned revenue 6,026-3,054 9,080 Total liabilities 886,427-7, ,913 Fund balances Nonspendable - - 2,479 2,479 Restricted - 434, ,796 1,118,237 Unassigned 1,379, ,379,172 Total fund balances 1,379, , ,275 2,499,888 Total liabilities and fund balances $ 2,265,599 $ 434,441 $ 693,761 $ 3,393,801 The accompanying notes are an integral part of these basic financial statements. 18

22 Reconciliation Fund Balances of Governmental Funds to Net Position of Governmental Activities June 30, 2016 Fund balances - total governmental funds $ 2,499,888 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources, and therefore are not reported in the fund statements. Capital assets not being depreciated 555,563 Capital assets being depreciated, net 19,885,998 Certain liabilities, such as bonds payable, are not due and payable in the current period and therefore are not reported in the funds. Bonds and installment purchase agreements (15,829,000) Unamortized discounts/premiums on bonds (1,169,394) Unamortized deferred charge on bond refunding 1,176,641 Accrued interest on bonds and installment purchase agreements (113,391) Compensated absences (158,352) Certain pension-related amounts, such as the net pension liability and deferred amounts are not due and payable in the current period or do not represent current financial resources and therefore are not reported in the funds. Net pension liability (13,373,093) Deferred outflows related to the net pension liability 2,024,587 Deferred inflows related to the net pension liability (44,658) Net position of governmental activities $ (4,545,211) The accompanying notes are an integral part of these basic financial statements. 19

23 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Year Ended June 30, 2016 Nonmajor Total General Bond Debt Governmental Governmental Fund Service Funds Funds Revenues Local sources $ 6,424,135 $ 2,048,696 $ 577,611 $ 9,050,442 State sources 2,225,887-9,567 2,235,454 Federal sources 216, , ,500 Total revenues 8,866,064 2,048, ,636 11,654,396 Expenditures Current: Instruction 5,546, ,546,213 Supporting services 2,983, ,983,060 Athletics 268, ,986 Community services 1, , ,473 Food service , ,511 Debt service: Principal 18,000 1,075,000-1,093,000 Interest and fiscal charges 1, , ,770 Capital outlay 20, , ,692 Total expenditures 8,839,544 1,540, ,212 11,129,705 Revenues over (under) expenditures 26, ,747 (9,576) 524,691 Other financing sources (uses) Transfers in 45, ,022 Transfers out - - (45,022) (45,022) Issuance of refunding bonds payable - 8,640,000-8,640,000 Payment to refunding bond escrow - (10,379,954) - (10,379,954) Premium on issuance of refunding bonds - 1,275,703-1,275,703 Total other financing sources (uses) 45,022 (464,251) (45,022) (464,251) Net changes in fund balances 71,542 43,496 (54,598) 60,440 Fund balances, beginning of year 1,307, , ,873 2,439,448 Fund balances, end of year $ 1,379,172 $ 434,441 $ 686,275 $ 2,499,888 The accompanying notes are an integral part of these basic financial statements. 20

24 Reconciliation Net Changes in Fund Balances of Governmental Funds to Change in Net Position of Governmental Activities For the Year Ended June 30, 2016 Net change in fund balances - total governmental funds $ 60,440 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Capital assets purchased/constructed 240,156 Depreciation expense (735,611) Bond proceeds provide current financial resources to governmental funds in the period issued, but issuing bonds increases long-term liabilities in the statement of net position. Repayment of bond principal is an expenditure in the governmental funds, but a reduction in long-term debt on the statement of net position. Issuance of refunding bonds payable (8,640,000) Payment to refunding bond escrow agent 10,379,954 Premium on current bond refunding (1,275,703) Principal payments on long-term debt 1,093,000 Amortization of bond premiums and discounts, net 106,309 Amortization of deferred charge on bond refunding (47,041) Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in the funds. Change in the net pension liability and related deferred amounts (404,751) Change in accrued interest payable on long-term debt (17,683) Change in the accrual for compensated absences (8,947) Change in net position of governmental activities $ 750,123 The accompanying notes are an integral part of these basic financial statements. 21

25 Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund For the Year Ended June 30, 2016 Actual Over Original Final (Under) Final Budget Budget Actual Budget Revenues Local sources $ 6,556,480 $ 6,385,358 $ 6,424,135 $ 38,777 State sources 1,731,373 2,233,153 2,225,887 (7,266) Federal sources 214, , ,042 (11,020) Total revenues 8,502,131 8,845,573 8,866,064 20,491 Expenditures Current: Instruction 5,461,159 5,587,154 5,546,213 (40,941) Supporting services 2,940,777 3,039,921 2,983,060 (56,861) Athletics 260, , ,986 1,762 Community services - 1,456 1,456 - Debt service: Principal 18,000 18,000 18,000 - Interest and fiscal charges 2,300 1,800 1, Capital outlay - 20,009 20,008 (1) Total expenditures 8,682,498 8,935,564 8,839,544 (96,020) Revenues over (under) expenditures (180,367) (89,991) 26, ,511 Other financing sources Transfers in 40,000 46,056 45,022 (1,034) Net changes in fund balance (140,367) (43,935) 71, ,477 Fund balance, beginning of year 1,307,630 1,307,630 1,307,630 - Fund balance, end of year $ 1,167,263 $ 1,263,695 $ 1,379,172 $ 115,477 The accompanying notes are an integral part of these basic financial statements. 22

26 Statement of Fiduciary Assets and Liabilities Agency Fund June 30, 2016 Student Activities Fund Assets Cash and cash equivalents $ 218,198 Liabilities Due to student groups $ 218,198 The accompanying notes are an integral part of these basic financial statements. 23

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28 NOTES TO FINANCIAL STATEMENTS 25

29 Notes to Financial Statements 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies of Saugatuck Public Schools (the District ), consistently applied in the preparation of the accompanying financial statements, is as follows: The Reporting Entity As required by generally accepted accounting principles, these financial statements present the reporting entity of Saugatuck Public Schools. The criteria identified in GASB Statements 39 and 61, including financial accountability, have been utilized in identifying the District s reporting entity which includes no component units. Government-wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The District had no business-type activities during the year ended June 30, The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. The agency fund follows the accrual basis of accounting, but does not have a measurement focus. 26

30 Notes to Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period or within one year for expenditure-driven grants. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Property taxes, State school aid, expenditure-driven grants and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the District. The District reports the following major governmental funds: The general fund is the District s primary operating fund. It accounts for all financial resources not accounted for and reported in another fund. The bond debt service fund accounts for financial resources restricted for principal and interest payments on bonds payable. Revenues are generated primarily through a dedicated property tax millage. Additionally, the government reports the following fund types: Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects. Capital projects funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets. The agency fund accounts for resources held on the behalf of other individuals and governments. When both restricted and unrestricted resources are available for use, it is the government s policy to use restricted resources first, then unrestricted resources as they are needed. The effect of interfund activity has been eliminated from the government-wide financial statements. 27

31 Notes to Financial Statements Budgets and Budgetary Accounting Budgets are adopted for general and special revenue funds as required by state law and are adopted on a basis consistent with generally accepted accounting principles (GAAP). The District considers the debt service payment schedule to be an adequate budgetary control. The District follows these procedures in establishing the budgetary data reflected in the financial statements: 1. The Superintendent submits to the Board a proposed operating budget for the fiscal year commencing the following July Public hearings are conducted to obtain taxpayer comments. The budget is legally enacted through passage of a resolution Formal budgetary integration is employed as a management control device during the year for all governmental funds. Adoption and amendments of all budgets used by the District are governed by Public Act 621, which was followed for the year ended June 30, Expenditures may not exceed appropriations at the function level. The appropriations resolutions are based on the projected expenditures budget of the department heads of the District. Any amendment to the original budget must meet the requirements of Public Act 621. Any revisions that alter the total expenditures of any fund must be approved by the Board of Education. Encumbrances The District does not formally record encumbrances in the accounting records during the year as a normal practice. Appropriations lapse at year-end and amounts are reappropriated for expenditures to be incurred in the next fiscal year. Property Taxes Property taxes are recognized as revenue in the general and debt service funds on a levy year basis. The 2015 levy amounts are recognized as current property tax revenue to the extent that they are collected during the year or within sixty days after year-end. Collections of delinquent taxes in subsequent years are recognized as property tax revenues in the year collected. Property taxes are levied December 1 on the assessed valuation of property located in the District as of the preceding December 31, the lien date. Assessed values are established annually by the various governmental units within the District and are equalized by the State of Michigan. Cash and Cash Equivalents The District considers all highly liquid investments with an original maturity of three months or less when purchased to be cash and cash equivalents. Investments Investments consist of participation in an external investment pool. In accordance with GASB 79, the District's shares are recorded at amortized cost, which approximates fair value. 28

32 Notes to Financial Statements Receivables The District follows the practice of recording receivables for revenues that have been earned but not yet received. Receivables consist primarily of State School Aid payments from the State of Michigan and Federal grant funds earned but not yet collected. No amounts have been identified as potentially uncollectible by management, and therefore, no amount has been recorded as a provision for bad debts. Inventories Inventories consist of food items. Inventories are stated at cost (first in, first out). Capital Assets Capital assets, which include property and equipment, are reported in the governmental activities column in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Capital assets of the primary government are depreciated using the straight line method over the following estimated useful lives: Assets Years Deferred Outflows of Resources Buildings and improvements Furniture and equipment 5-20 Buses and vehicles 8 In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and will not be recognized as an outflow of resources (expense/expenditure) until then. The District reports deferred outflows for the loss on refunding. This amount represents the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The District also reports deferred outflows of resources related to the net pension liability. A portion of these costs represent contributions to the plan subsequent to the plan measurement date. More detailed information on pension-related deferred outflows of resources can be found in Note 8. 29

33 Notes to Financial Statements Salaries Payable and Accrued Employee Benefits A liability is recorded at June 30 for those amounts owed to teachers and other employees of the District who do not work during the summer when school is not in session but have elected to have their salaries paid over an entire year. This has the effect of properly charging their salaries to expenditures in the fiscal year in which their services are received, even though they are not paid until July and August of the following fiscal year. The liability for accrued retirement and the employer share of FICA related to the salaries payable has been recorded as has the liability for employee health insurances for the months of July and August. The District pays these insurances for this period as a part of the compensation for services rendered in the preceding school year. Compensated Absences Most employees of the District are compensated for leaves of absence chargeable to sick days. Each school year, the covered employees are credited with a number of sick days and any unused portion of such allowances can accumulate. Upon retirement, those employees who meet certain age and years of service requirements will be paid for a portion of sick days accumulated to a maximum number of days and at a rate determined by their job category. The liability for the sick leave has been computed using the vesting method in accordance with GAAP. This liability is shown on the statement of net position. Deferred Inflows of Resources In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to one or more future periods and so will not be recognized as an inflow of resources (revenue) until that time. The governmental funds also report unavailable revenues, which arise only under a modified accrual basis of accounting that are reported as deferred inflows of resources. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. The District's deferred inflows of resources consist of amounts related to pension costs. More detailed information can be found in Note 8. Long-term Obligations Bond premiums and discounts are deferred and amortized over the life of the related bonds using the straight-line method which approximates the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. In the fund financial statements, governmental fund types recognized bond premiums and discounts, during the current period. The face amount of debt issued is reported as an other financing source. Discounts and premiums on debt issuances are reported as other financing uses and sources, respectively. 30

34 Notes to Financial Statements Bonded Construction Costs and Sinking Funds The 2013 capital projects fund includes activities funded with bonds issued on June 27, For these capital projects, the District has complied with the applicable provisions of 1351a of the Michigan Revised School Code. The building and site sinking fund accounts for capital project activities funded with a sinking fund millage. For this fund, the District has complied with the applicable provisions of 1212(1) of the Michigan Revised School Code. Fund Equity Governmental funds report nonspendable fund balance for amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Restricted fund balance is reported when externally imposed constraints are placed on the use of resources by grantors, contributors, or laws or regulations of other governments. Committed fund balance is reported for amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government s highest level of decision-making authority, the Board of Education. A formal resolution of the Board of Education is required to establish, modify, or rescind a fund balance commitment. The District reports assigned fund balance for amounts that are constrained by the government s intent to be used for specific purposes, but are neither restricted nor committed. The authority to assign fund balance has not been delegated by the Board of Education. Unassigned fund balance is the residual classification for the general fund. When the District incurs an expenditure for purposes for which various fund balance classifications can be used, it is the District s policy to use restricted fund balance first, then committed fund balance, assigned fund balance, and finally unassigned fund balance. Interfund Transactions During the course of normal operations, the District has numerous transactions between funds, including expenditures and transfers of resources to provide services, construct assets, and service debt. The accompanying financial statements generally reflect such transactions as transfers. Operating subsidies are also recorded as transfers. The amounts recorded as subsidies or advances are determined by the District. Pensions For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Plan and additions to/deductions from the plan fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. 31

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