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AUDITHIGHLIGHTS
YEAR ENDED JUNE 30, 2010
MINNEWASKA SCHOOL DISTRICT #2149
Year EndedJune 30, 2010
Year EndedJune 30, 2009
Amount ofIncrease
(Decrease)
%Increase
(Decrease)
Local Sources
Property Taxes $ 1,562,002 $ 1,419,238 $ 142,764 10.1%Interest
earnings 30,961 33,671 (2,710) (8.0)%Other 1,267,277 1,182,962 84,315 7.1%
State sources 9,315,186 9,827,512 (512,326) (5.2)%Federal sources 1,275,420 400,451 874,969 218.5%Other Financing Sources 34,041 1,715,538 (1,681,497) (98.0)%
Total GeneralFund Revenue $ 13,484,887 $ 14,579,372 $ (1,094,485) (7.5)%
General Fund Revenues
Budgeted Amounts
Actual General Fund
Over (Under) BudgetOriginal Final
Revenues
Local property tax levies $ 1,549,324 $ 1,549,323 $ 1,562,002 $ 12,679
Other local and county revenues 1,073,673 1,097,467 1,270,820 173,353
Revenues from state sources 9,188,097 9,025,463 9,315,186 289,723
Revenue from federal sources 402,131 1,269,648 1,275,420 5,772
Sales and other conversions of assets 31,850 17,919 20,173 2,254
Insurance recovery and settlement -0- 7,349 7,245 (104)
Total Revenues $ 12,245,075 $ 12,967,169 $ 13,450,846 $ 483,677
General Fund Revenues- Budget to Actual
Administration & District Support6.3%
Direct Instruction36.3%
Exceptional Instruction27.0%
Community Ed2.0%
Pupil & Instructional support 8.2%
Site, Buildings, Equipment11.3%
Fiscal & fixed 0.3%
Food services4.5%
Interest Expense4.0%
Figure A-4 Minnewaska Area School's ExpensesFiscal Year 2010
Year EndedJune 30, 2010
Year EndedJune 30, 2009
Amount ofIncrease
(Decrease)
%Increase
(Decrease)
Salaries $ 7,785,347 $ 7,435,752 $ 349,595 4.7%Employees benefits 1,826,819 3,308,414 ( 1,481,595) (44.8)%Purchased services 2,233,402 2,049,415 183,987 9.0%Supplies & material 847,613 761,413 86,200 11.3%Non-Capital equipment 169,070 48,260 120,810 250.3%Capital Expenditures 83,100 1,064,953 (981,853) (92.2)%Debt Service 235,894 269,602 (33,708) (12.5)%Other expenditures 44,688 50,567 (5,879) (11.6)%
Total Expenditures $ 13,225,933 $ 14,988,376 $ (1,762,443) (11.8)%
General Fund Expenditures
Expenditures Budgeted Amounts
Actual General Fund
Over (Under) Final
BudgetCurrent: Original Final
District and school administration $ 480,219 $ 563,118 $ 559,966 $(3,152)
District support services 298,086 409,691 410,309 618
Regular instruction 5,250,194 5,365,869 5,347,132 (18,737)
Vocational instruction 65,768 115,548 113,111 (2,437)
Exceptional instruction 3,866,375 4,286,864 4,224,797 (62,067)
Community education and services -0- -0- -0- -0-
Instructional support services 197,472 143,8246 157,672 13,848
Pupil support services 1,116,999 1,092,519 1,094,851 2,332
Site, buildings and equipment 967,790 1,046,453 954,413 (92,040)
Fiscal and other fixed cost programs 68,311 44,686 44,688 2
Total Current 12,311,214 13,068,572 12,906,939 (161,633)
Capital Outlay 51,894 51,894 83,100 31,206
Debt Service:
Principal 79,305 83,320 83,319 (1)
Interest 198,113 145,571 145,577 6
Debt issuance costs -0- 6,998 6,998 -0-
Total Debt Service 277,418 235,889 235,894 5
Total Expenditures $ 12,640,526 $ 13,356,355 $ 13,225,933 $ (130,422)
Budgeted Amounts
Actual General Fund
Variances with Final Budget
Favorable (unfavorable)Original Final
Excess (deficiency) of revenue over expenditures (395,451) (389,186) 224,913 614,099
Other Financing Sources (Uses)
Sale of real property and equipment -0- 2,709 2,709 -0-
Capital Equipment Lease -0- -0- 31,332 31,332
Total Other Financing Sources (Uses) $ -0- $ 2,709 $ 34,041 $ 31,332
Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ (395,451) $ (386,477) $ 258,954 $ 645,431
Fund Balances - Beginning of Year 1,037,227 1,037,227 $ 1,037,227 -0-
Fund Balances - End of Year $ 641,776 $ 650,750 $ 1,296,181 $ 645,431
Fund Balances (Deficits) General
Community Service
Building Construction
Total Designated for:
Student Activities 78,517 -0- -0- 78,517 Separation/Retirement
Benefits 579,719 -0-
579,719
Total Designated 658,236 -0- -0- 658,236
Reserved for:
Staff Development 65,336 -0- -0- 65,336
Health and Safety (66,385) -0- -0- (66,385)
Operating Capital 556,082 -0- -0- 556,082 Unfunded Severance &
Retirement Levy 40,685 -0- -0- 40,685 Community Education -0- 18,764 -0- 18,764
ECFE -0- 7,163
7,163
Alternative Facilities -0- -0- 520,222 520,222
Gifted and Talented 7,009 -0- -0- 7,009
Safe Schools 5,708 -0- -0- 5,708
School Readiness -0- 3,287 -0- 3,287
Total Reserved $ 608,435 $ 29,214 $ 520,222 $1,157,871
Unreserved 29,510 2,382 -0- 31,892
FUND BALANCES
Table A-1Minnewaska Area SchoolsCombined Statement of Net AssetsGovernmental Activities
TotalPercentage
Change
2010 2009 2009-2010
Current and Other Assets $ 11,211,3453 $ 8,599,734 30.4%
Capital Assets 27,231,204 27,120,093 .4%
Total Assets 38,442,548 35,719,827 7.6%
Long-term Liabilities 16,304,176 17,095,446 (8.6)%
Other Liabilities 8,704,189 5,209,968 67.1%
Total Liabilities 25,008,365 22,305,414 8.6%
Net AssetsInvested in capital assets, net of
related debt 12,946,194 12,705,648 1.9%
Restricted 630,947 629,658 .2%
Unrestricted (142,958) 79,107 (280.7)%
Total Net Assets $13,434,183 $ 13,414,413 .1%
Actuarial Studies
Two Actuarial Studies-Did in Fiscal Year ending 6/30/2010 with
6/30/2009 starting numbersDone to determine the liability associated
with future severance payouts and with other post employee benefits (subsidized health care costs)
Board has bonded for OPEB liability and designated fund balance along with an annual levy for severance payouts
Actuarial study shows approximately $300,000 in unfunded OPEB at the date of the study
Additional retirement incentives paid out of the OPEB assets will increase the unfunded amount
Prior Year Follow upCorrectedDeficiency 2009-3 – Fixed Asset ControlsDeficiency 2009-4 – Senior Class Activity Account
Work in Progress Deficiency 2009-1 - Financial Oversight &
Monitoring Deficiency 2009-2 - Financial Reporting ProcessDeficiency 2009-5 - Time Distribution Records
Related to Federal Programs
CURRENT YEAR SUMMARY Audit Opinion- “Unqualified Opinion” audit report (Page 2-3)
Internal Controls Reporting Pages 62-63
MATERIAL WEAKNESSDeficiency 2010-2- Financial Oversight & Monitoring Page 68Deficiency 2010-3- Internal Controls Over Day Treatment Revenues Page 69
SIGNIFICANT DEFICIENCYDeficiency 2010-4 – Period End Financial Reporting Page 70Deficiency 2010-5 – Fiscal Agent Page 71
STATE COMPLIANCE
Deficiency 2010-6 - State Certification of Withholding Requirements on Contracts Page 72
Require separate reporting on our consideration of Internal Controls and Compliance.
Control deficiency is when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions to prevent or detect financial misstatements on a timely basis.
Significant DeficiencyMore than a remote likelihood that a more than inconsequential misstatement will not be detected by the District’s internal controls.
Material Weakness More than a remote likelihood that a material
misstatement will not be prevented or detected by the District’s internal controls.
Summary (Continued)Federal Awards Program Audit Internal Control Deficiency
Deficiency 2010-1 Time Distribution Records (Page 67)
2010 Conclusions
The District needs to continue to closely monitor its revenues & expenditures. The District needs to restore the unreserved/undesignated fund balance to a reasonable amount.
As Day Treatment is a substantial component of revenues & expenses, the District needs to continue to develop ways to monitor financial results.
The District is concluding its facilities upgrade and now should monitor its energy savings and work on paying down debt.
SAS 114 Letter
Thanks to the District Staff for cooperation during the audit.
Dinham, Folkert & Associates Chtd. Certified Public Accountants