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Public Schools of Petoskey

June 30, 2014 Audit Presentation

Independent Auditors’ Report

Unmodified Opinion – Financial statements are fairly presented, in all material respects, in conformity with Generally Accepted Accounting Principles.

District-Wide Financial Statements

• Total capital assets, net of depreciation - $49,209,394• Capital asset additions - $2,717,117• Depreciation expense - $2,296,550

• Total long term debt - $16,717,139 includes• Bonds payable• Land contracts• Early retirement incentives• Compensated absences

• Repayments during fiscal 2014 - $2,809,623• Payments due during fiscal 2015 - $2,896,542

Fund Financial Statements

• General Fund• Fund Balance - $2,568,271

• Increase from the prior year of $336,608. Ending fund balance is approximately 10% of one years expenditures.

• Includes the athletic activities

• Food Service• Fund Balance - $101,587• Increase of $11,253

Single Audit

• The District expended $895,026 in Federal Awards• Unmodified opinion on compliance related to

Federal programs• No findings or questioned costs related to

compliance with the requirements of Federal Awards

General Fund Expenditures

Basic programs; 52.94%

Added needs; 16.37%

Pupil services; 2.98%

Instructional staff services; 2.75%

School administration; 9.68%

Operations and maintenance; 8.26%

Transportation; 4.79%

Athletics; 1.86%

Other; 0.36%

General Fund Revenues Compared to Expenditures

2009 2010 2011 2012 2013 2014 23,500,000

24,000,000

24,500,000

25,000,000

25,500,000

26,000,000

26,500,000

Revenue Expenditures

General Fund Balance Compared to Expenditures

2009 2010 2011 2012 2013 2014 -

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

6.4%

10.1%11.5%

12.0%

8.7%

10.1%

General Fund Budget to Actual Comparison

2009 2010 2011 2012 2013 2014 23,500,000

24,000,000

24,500,000

25,000,000

25,500,000

26,000,000

26,500,000

27,000,000

Original Budget

Final Budget

Actual

General Fund Revenue Per Pupil

Information was obtained from MDE Bulletin 1014.

Local Sources State Sources Federal Sources All Sources

State average-2012/2013 1690 6643 535 8965

Petoskey Schools-2011/2012 5650 2548 410 8608

Petoskey Schools-2012/2013 5471 2827 151 8449

Petoskey Schools-2013/2014 5419 2878 151 8448

$500

$1,500

$2,500

$3,500

$4,500

$5,500

$6,500

$7,500

$8,500

$9,500

General Fund Expenditures Per Pupil

Information was obtained from MDE Bulletin 1014.

Basic programs Added needs Instructional support Business & Administra-tion

Operation & Mainte-nance

State average-2012/2013 4580 1218 929 1151 908

Petoskey Schools-2010/2011

4477 1411 450 885 710

Petoskey Schools-2011/2012

4582 1417 496 838 715

Petoskey Schools- 2012/2013

4744 1395 458 993 675

$250 $750

$1,250 $1,750 $2,250 $2,750 $3,250 $3,750 $4,250 $4,750

General Fund Operating Expenditures Per Pupil

Information was obtained from MDE Bulletin 1014.

2009 2010 2011 2012 2013 7,300

7,500

7,700

7,900

8,100

8,300

8,500

8,700

8,900

9,100

9,300

Public Schools of PetoskeySault Ste Marie Public SchoolsGaylord Community SchoolsTraverse City Area Public SchoolsCheboygan Area Schools

General Fund Instructional Expenditures Per Pupil

Information was obtained from MDE Bulletin 1014.

2009 2010 2011 2012 20134,800

5,000

5,200

5,400

5,600

5,800

6,000

6,200

6,400

Public Schools of Petoskey

Sault Ste Marie Public Schools

Gaylord Community Schools

Traverse City Area Public Schools

Cheboygan Area Schools

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