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Introduction and Thanks Required Auditor Communications Summary of Financial Statements Questions and Comments 2
Our team Larry D. Montague, Jr. CPA ◦ Audit Partner Matthew Hodges, CPA ◦ Audit Manager Sam Hoffman, CPA ◦ Audit Staff 3
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 4
We tested transactions based upon our knowledge of District activities. We used our professional judgment to determine how large our samples were we tested. We designed for reasonable but not absolute assurance. We noted no instances of non compliance with District policies. 5
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 6
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 outflows of resources, and pension expense on the government-wide and Food Service financial statements 7
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 8
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 9
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
T he 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 13
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