LAKEWOOD BOARD OF EDUCATION COMPREHENSIVE Consultants and Advisors Independent Auditor's Repmt INTRODUCTORY

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  • LAKEWOOD BOARD OF EDUCATION

    COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2016

    LAKEWOOD, NEW JERSEY

  • COMPREHENSIVE ANNUAL

    FINANCIAL REPORT

    of the

    Lakewood Board of Education

    Lakewood, New Jersey

    For The Fiscal Year Ended June 30, 2016

    Prepared by

    Business Office

  • LAKEWOOD BOARD OF EDUCATION TABLE OF CONTENTS

    Letter of Transmittal Organizational Chart Roster of Officials Consultants and Advisors

    Independent Auditor's Repmt

    INTRODUCTORY SECTION

    FINANCIAL SECTION

    REQUIRED SUPPLEMENTARY INFORMATION- PART I

    Management's Discussion and Analysis

    Basic Financial Statements

    A. District-wide Financial Statements

    A-1 A-2

    Statement of Net Position Statement of Activities

    B. Fund Financial Statements

    Governmental Funds B-1 Balance Sheet B-2 Statement of Revenues, Expenditures, and Changes in Fund Balances B-3 Reconciliation of the Statement of Revenues, Expenditures and

    Changes in Fund Balances of Governmental Funds to the Statement of Activities

    Proprietary Funds B-4 Statement of Net Position B-5 Statement of Revenues, Expenses, and Changes in Net Position B-6 Statement of Cash Flows

    Fiduciary Funds B-7 Statement of Fiduciary Net Position B-8 Statement of Changes in Fiduciary Net Position

    Notes to the Financial Statements

    REQUIRED SUPPLEMENTARY INFORMATION- PART II

    C. Budgetary Comparison Schednles

    C-1 C-Ia C-2

    Budgetary Comparison Schedule- General Fund Combining Budgetary Comparison Schedule- General Fund Budgetary Comparison Schedule- Special Revenue Fund

    NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION- PART II

    C-3 Budgetary Comparison Schedule- Note to Required Supplementary Information

    l-X

    xi xii

    Xlll

    1-3

    4-16

    17 18

    19-20 21

    22

    23 24 25

    26 27

    28-62

    63-67 68-73

    74

    75

  • LAKEWOOD BOARD OF EDUCATION TABLE OF CONTENTS

    REQUIRED SUPPLEMENTARY INFORMATION- PART III

    L. Schedules Related to Accounting and Reporting for Pensions (GASB 68)

    L-1

    L-2

    L-3

    L-4

    Required Supplementary Information- Schedule of the District's Proportionate Share of the Net Pension Liability- Public Employees Retirement System

    Required Supplementary Information- Schedule of District Contributions- Public Employees Retirement System

    Required Supplementary Information- Schedule of the District's Proportionate Share of the Net Pension Liability- Teachers Pension and Annuity Fund

    Notes to Required Supplementary Information

    OTHER SUPPLEMENTARY INFORMATION

    D. School Level Schedules

    D-1 D-2- D-2g

    D-3- D-3g

    Combining Balance Sheet- General Fund Schedule of Expenditures Allocated By Resource Type - Actual

    Schedule of Blended Expenditures- Budget and Actual

    E. Special Revenue Fuud

    E-1

    E-2

    Combining Schedule of Revenues and Expenditures - Special Revenue Fund - Budgetary Basis

    Preschool Education Aid Schedule of Expenditures- Budgetary Basis

    F. Capital Projects Fuud

    F-1 Summary Schedule of Project Expenditures F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance F-2a Schedule of Project Revenues, Expenditures,

    2014 -Lease Purchase - Various Capital Improvements F-2b Schedule of Project Revenues, Expenditures, Project Balance and Project Status-

    20 I 5 Referendum -Various Capital Improvements

    G. Proprietary Funds

    Enterprise Fund G-1 Combining Statement of Net Position- Not Applicable G-2 Combining Statements of Revenues, Expenses and Changes in

    Net Position- Not Applicable G-3 Combining Statements of Cash Flows- Not Applicable

    76

    77

    78

    79

    80

    81-88

    89-10 I

    I 02-104 lOS

    106 107

    108

    109

    110

    II 0 II 0

  • LAKEWOOD BOARD OF EDUCATION TABLE OF CONTENTS

    H. Fiduciary Fuuds

    H-1 H-2 H-3 H-4

    Combining Statement of Agency Assets and Liabilities Schedule of Changes in Fiduciary Net Position -Not Applicable Student Activity Agency Fund Schedule of Receipts and Disbursements Payroll Agency Fund Schedule of Receipts and Disbursements

    I. Long-Term Debt

    ,J.

    K.

    I-1 I-2 I-3

    J-1 J-2 J-3 J-4 J-5 J-6 J-7 J-8 J-9 J-1 0 J-11 J-12 J-13 J-14 J-15 J-16 J-17 J-18 J-19 J-20

    K-1

    K-2

    K-3

    K-4

    K-5

    K-6

    K-7

    Statement of Serial Bonds Payable Schedule of Obligations under Capital Lease Agreements Debt Service Fund Budgetary Comparison Schedule

    STATISTICAL SECTION (Unaudited)

    Net Position by Component Changes in Net Position Fund Balances - Governmental Funds Changes in Fund Balances - Governmental Funds General Fund Other Local Revenue by Source Assessed Value and Actual Value of Taxable Property District and Overlapping Property Tax Rates Principal Property Taxpayers Property Tax Levies and Collections Ratios of Outstanding Debt by Type Ratios of Net General Bonded Debt Outstanding Direct and Overlapping Governmental Activities Debt Legal Debt Margin Information Demographic and Economic Statistics Principal Employers Full-Time Equivalent District Employees by Function/Program Operating Statistics School Building Information Schedule of Required Maintenance for School Facilities Schedule oflnsurance

    SINGLE AUDIT SECTION

    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

    Report on Compliance for each Major Federal and State Program; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of Federal Awards Required by U.S. Uniform Guidance and Schedule of Expenditures of State Financial Assistance as Required by New Jersey OMB Circular 15-08- Independent Auditor's Repmt

    Schedule of Expenditures of Federal Awards

    Schedule of Expenditures of State Financial Assistance

    Notes to the Schedules of Expenditures of Federal Awards and State Financial Assistance

    Schedule of Findings and Questioned Costs

    Summary Schedule of Prior Audit Findings

    111 I 12 113 114

    115 116 117

    118 119-120

    121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138

    139-140

    141-143

    144

    145-146

    147-148

    149-157

    158-160

  • INTRODUCTORY SECTION

  • Lakewood Board of Education 200 Ramsey A venue, Lakewood, NJ 0870 I Main Office: (732) 364-2400 Pax: (732) 905-3687

    Laura A. Winters, Superintendent of Schools Regina Robinson, Interim Business Administrator

    November 29, 2016

    Honorable President and Members of the Board of Education Lakewood Township Public Schools 200 Ramsey Ave. Lakewood, New Jersey 08701

    Dear Members of the Board of Education:

    The Comprehensive Annual Financial Rep01t (CAFR) of the Lakewood School District ("District") for the fiscal year ending June 30, 2016 is hereby submitted . Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Lakewood Township Board of Education ("Board"). To the best of our knowledge and belief, the data presented in this rep01t is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operation of the various funds of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financ ial activities have been included.

    The Comprehensive Annual Financial Rep01t is presented in four sections: Introductory, Financial, Statistical and Single Audit. The introductory section includes this transmittal letter, the District's organizational chart, a roster of principal officials and a list of consultants and advisors. The financial section includes the basic financial statements, required supplementary information, and other supplementary information, as well as the auditor's report thereon. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1984, as amended in 1996, the U.S. Office of Management and Budget ("OMB") Circular A-133, Audits of States, Local Governments and Non-Profit Organizations, and the State Treasury OMB Circular Letter 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid Payments. Information related to this single audit, including the auditor's report on the internal control structure and compliance with applicable laws and regulations and findings and recommendations, are included in the single audit section of this report.

    1. REPORTING ENTITY AND ITS SERVICES

    The Lakewood School District is an independent reporting entity within the criteria adopted by the GASB as established by NCGA Statement No.3. All funds of the District are included in th