Audit Summary Fiscal Year Ending June 30, 2018 December 11, 2018 - - PowerPoint PPT Presentation

Audit Summary Fiscal Year Ending June 30, 2018 December 11, 2018

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Overview

CAFR – Financial results Board Communications Other Reports

CAFR Financial results Other Reports Board Communications

CAFR – Financial Results

Fund Financial Statements

• General Fund
• Approx. $71 million in unassigned fund balance
• Total fund balance increase of approx. $12 million
• Other Governmental Funds
• Capital Projects – decrease of approx. $34 million
• Spend down of bond proceeds
• Bond & Interest – increase of approx. $2.5 million
• Non-major – decrease of approx. $1.5 million

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CAFR – Financial Results

Fund Financial Statements (Continued)

• Internal Service Fund
• Fund balance total is approx. $3.2 million
• Fund balance increased approx. $4.7 million
• Fund Balance Policy Compliance
• In compliance with minimum fund balance policy of 25% of operating expenditures in

the General, Operations & Maintenance, and Transportation funds.

• Recognition Score
• The District’s Recognition score for FY18 is 3.70, up from 3.60 in FY17.

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CAFR – Financial Results

Government-wide Financial Statements

• Net position (deficit) – approx. $(65) million in total
• Net Investment in Capital Assets - $92 million
• Restricted - $62 million
• Unrestricted - $(218) million
• Decrease in net position of approx. $239 million
• Of which, 232 million related to the implementation of GASB S75 Accounting and

Financial Reporting for Postemployment Benefits Other Than Pensions

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CAFR – Financial Results

Notes to the Financial Statements

• TRS - Net Pension Liability approx. $58 million
• IMRF – Net Pension Asset approx. $10 million
• THIS – Total OPEB Liability approx. $182 million
• OPEB – Total OPEB Liability approx. $55 million

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CAFR Financial results Other Reports Board Communications

Board Communication

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Management Letter

• Material weaknesses
• None
• Deficiencies
• Repeat comments
• Purchasing Card Transactions
• Activity Funds Procedures (partially implemented)
• New Comments
• None

Board Communication

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Management Letter (Continued)

• Other comments/recommendations
• Repeat comments
• Develop IT Disaster Recovery Plan
• IT Password Lockout Policy
• Backups
• Formal IT policy
• Interactive account groups (partially implemented)
• New comments
• Account number usage
• Future accounting pronouncements

CAFR Financial results Other Reports Board Communications

Other Reports

• Single Audit
• Total federal expenditures approx. $44.8 million
• Tested major programs - $24.2 million (54.03%)
• Title I - $14.9 million
• School Improvement Grant - $1.6 million
• Special Education Cluster (IDEA) - $7.7 million
• Activity Funds - Management Letter
• State Adult Education & Family Literacy
• ISBE Annual Financial Report

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