Audit Summary Fiscal Year Ending June 30, 2016 Board of Education - - PowerPoint PPT Presentation

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฀Audit Summary

Fiscal Year Ending June 30, 2016 Board of Education November 22, 2016

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฀Reports to be reviewed:

฀Comprehensive Annual Financial Report (CAFR) ฀Board Communication ฀Illinois State Board of Education Annual

Financial Report (once approve by the Board)

฀Single Audit ฀Activity Funds Report ฀State Compliance Report ฀Data Collection Form

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฀Reports to be reviewed: ฀Comprehensive Annual Financial

Report (CAFR)

฀Board Communication

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฀Financial Section

฀Independent Auditor’s Report ฀Will Issue Unmodified “Clean” ฀Opinion on the Financial ฀Statements

CAFR

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฀Management’s Discussion and Analysis ฀Provides and overview of the financial

activities for the fiscal year

฀Provides details on future plans for major

capital improvements and financing activities, if any

CAFR

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฀Statement of Net Position ฀Provides a consolidated view of all funds

presented on the full accrual basis

฀Includes long-term assets and liabilities while

fund financial statements are presented using the current financial resources measurement focus and modified accrual basis of accounting

฀Assets and liabilities are short-term in

nature

CAFR

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฀Statement of Net Position ฀For the fiscal year ended June 30, 2016, the

District ended with a decrease in net position of $22,874.

CAFR

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฀Statement of Revenues, Expenditures and

Changes in Fund Balance – presented on a current financial focus

฀Overall decrease in fund balance of

$ 15,381,285

฀Includes capital project and debt service

funds

฀Capital project activities fluctuate based on

current activity – deficit of $37,772,701 before transfers in

CAFR

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฀Statement of Revenues, Expenditures and

Changes in Fund Balance – presented on a current financial focus

฀Debt service fund had a deficit of $120,608 ฀State overpaid CPPRT – overpayment if

$2,791,941 is presented as a reduction in revenue in the current year

CAFR

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฀Schedule of Revenues, Expenditures and

Changes in Fund Balance

฀Presents Operating Funds only ฀Overall decrease in fund balance of

$ 960,597

CAFR

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฀Internal Service Funds ฀Provides greater detail in one fund in order

to analyze healthcare costs and associated funding sources

฀Costs are allocated to individual funds ฀Statement of Revenues, Expenses and

Changes in Net Position present all revenue and expenses related to healthcare

CAFR

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฀New schedules in CAFR – Combining

Balance Sheet and Combining Schedule of Revenues, Expenditures and Changes in Fund Balance for the Educational Fund Subaccounts

฀Educational – before transfers $24,413,549 surplus ฀Special Education – before transfers $28,051,482

deficit

฀Grants– before transfers $571,332 surplus ฀Food Service – before transfers $780,961 surplus

CAFR

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฀Required Communication to the Board ฀Summarizes communications we are required

by auditing standards to report to the Board of Education or designated audit committee

Board Communication

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This document was reviewed in detail with the Finance Committee

Board Communication

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