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

Overview 1 4 CAFR – Financial results 2 5 Board Communications 3 6 Other Reports

Board Communications CAFR Other Reports Financial results

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 4

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. 5

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 6

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 7

Board Communications CAFR Other Reports Financial results

Board Communication Management Letter  Material weaknesses  None  Deficiencies  Repeat comments  Purchasing Card Transactions  Activity Funds Procedures (partially implemented)  New Comments  None 9

Board Communication 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 10

Board Communications CAFR Other Reports Financial results

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 12