1 Introduction and Thanks Required Auditor Communications Summary - - PowerPoint PPT Presentation

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 Introduction and Thanks  Required Auditor Communications  Summary of Financial Statements  Questions and Comments

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 Our team  Larry D. Montague, Jr. CPA

• Audit Partner

 Matthew Hodges, CPA

• Audit Manager

 Sam Hoffman, CPA

• Audit Staff

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 Our thanks and appreciation to  Harry W. Miley, Jr., Ph.D., Chief Financial Officer  Shelley S. Allen, Director Financial Services  The many employees of Business Services and the

District

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We tested transactions based upon our knowledge of District activities. We used our professional judgment to determine how large

• ur samples were we tested.

We designed for reasonable but not absolute assurance. We noted no instances of non compliance with District policies.

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We have issued three “CLEAN” opinions

 1. An unmodified opinion rendered on financial statements  2. No deficiencies in internal controls over financial

reporting that were considered material to financial statements

 3. An unmodified opinion rendered on compliance for

major federal awards

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 The most significant change in accounting policies

reflected implementation of GASB Statements Nos. 68, and 71

 The District is not required to make any additional

payments for this liability above its required contributions

 However, implementation of these standards required

recognition of a net pension liability, deferred inflows and

• utflows of resources, and pension expense on the

government-wide and Food Service financial statements

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 The District recognized their portion of SCRS and PORS’

net pension liability, as determined by SC PEBA

 In accordance with accounting standards, beginning net

position for governmental activities was reduced by $284 million, and Food Service beginning net position was reduced by $2.2 million

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 No disagreements with management  No consultations with other independent accountants  No issues discussed prior to retention of independent

auditors

 No significant difficulties encountered in performing the

audit

 Full cooperation from all personnel

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The District continues to be in excellent financial position due to the foresight and leadership of its Board, Superintendent, and senior leadership:

• Bond ratings:
• Moody’s Aa1
• Standard & Poor’s AA
• Certificates of Excellence in Financial Reporting
• ASBO
• GFOA
• 28 Consecutive Years Receiving Both Certificates

Growth of Richland School District Two

• Student population increase of 448 students (1.7%)
• FY 2015: 27,325 students
• FY 2014: 26,877 students
• FY 2013: 26,533 students

The District’s management has continued to increase General Fund Balance, for the eleventh year in a row.

• Increase of almost $1.3 million for FY 2015
• General Fund Balance of over $39.6 million
• As of June 30, 2015, general fund balance is 16.9% of total

School District operating budget, which is slightly above Board’s minimum fund balance policy

Questions and Comments

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