Mt. Pleasant Public Schools June 30, 2018 PRESENTED BY Jamie - - PowerPoint PPT Presentation

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Mt. Pleasant Public Schools June 30, 2018 PRESENTED BY Jamie - - PowerPoint PPT Presentation

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Mt. Pleasant Public Schools June 30, 2018 PRESENTED BY Jamie Rivette, CPA, CGFM Audit Results Unmodified Opinion Highest level of assurance School's financial records and statements are fairly and appropriately presented, and in

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  • Mt. Pleasant Public Schools

June 30, 2018

PRESENTED BY

Jamie Rivette, CPA, CGFM

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Audit Report Summary prepared by Yeo & Yeo

  • Unmodified Opinion

– Highest level of assurance – School's financial records and statements are fairly and appropriately presented, and in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Audit Results

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Audit Report Summary prepared by Yeo & Yeo

2016 Nonmajor Total General Capital Projects Governmental Governmental Fund Fund Funds Funds Assets 12,784,549 $ 8,813,805 $ 1,417,043 $ 23,015,397 $ Liabilities 5,149,514 2,354,691 127,469 7,631,674 Fund Balance 7,635,035 6,459,114 1,289,574 15,383,723

Balance Sheet – Governmental Funds June 30, 2018

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Audit Report Summary prepared by Yeo & Yeo

2016 Nonmajor Total General Capital Projects Governmental Governmental Fund Fund Funds Funds Revenues and other sources 41,407,404 $ 162,388 $ 7,747,880 $ 49,317,672 $ Expenditures and other uses 41,811,440 10,105,443 7,910,391 59,827,274 Change in fund balance (404,036) (9,943,055) (162,511) (10,509,602) Fund balance, beginning of year 8,039,071 16,402,169 1,452,085 25,893,325 Fund balance, end of year 7,635,035 $ 6,459,114 $ 1,289,574 $ 15,383,723 $

Statement of Revenue, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2018

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Audit Report Summary prepared by Yeo & Yeo

General Fund Balance As a Percentage of Expenditures

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 2013‐14 2014‐15 2015‐16 2016‐17 2017‐18 18.49% 18.35% 17.73% 20.32% 18.26% % General Fund Expenditures

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2016‐2017 Peers (3,500 – 3,999) 8.33% State 10.39% State, excluding Detroit 10.80%

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Audit Report Summary prepared by Yeo & Yeo

Original Final % Budget Budget Actual Accurate Revenues and other sources 40,310,695 $ 42,092,669 $ 40,709,516 $ 96.7% Expenditures and other uses 40,434,577 42,998,337 40,793,179 94.9% Net change in fund balance (123,882) (905,668) (83,663) Fund balance - beginning 5,714,915 5,714,915 5,714,915 Fund balance - ending 5,591,033 $ 4,809,247 $ 5,631,252 $

General Fund Budget Without Tribal Grants Year Ended June 30, 2018

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Audit Report Summary prepared by Yeo & Yeo

Original Final % Budget Budget Actual Accurate Revenues and other sources

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714,238 $ 714,238 $ 100.0% Expenditures and other uses

  • 2,704,415

1,034,611 38.3% Net change in fund balance

  • (1,990,177)

(320,373) Fund balance - beginning 2,324,156 2,324,156 2,324,156 Fund balance - ending 2,324,156 $ 333,979 $ 2,003,783 $

General Fund Budget Tribal Grants Year Ended June 30, 2018

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Audit Report Summary prepared by Yeo & Yeo

Actual 17-18 Actual 16-17 % Change Revenues and other sources 41,407,404 $ 40,684,288 $ 1.8% Expenditures and other uses 41,811,440 39,560,040 5.7% Net change in fund balance (404,036) $ 1,124,248 $

General Fund Summary

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Audit Report Summary prepared by Yeo & Yeo

Interdistrict 8% Local 28% State 59% Federal 3% Intermediate 2% Other Less Than 1%

General Fund Revenue Year Ended June 30, 2018

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Audit Report Summary prepared by Yeo & Yeo

Instruction 66% Supporting Services 30% Capital Outlay 1% Other 3%

General Fund Expenditures Year Ended June 30, 2018

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Audit Report Summary prepared by Yeo & Yeo

Salaries 49% Fringes 35% Purchased Services 8% Supplies and Materials 5% Capital Outlay 1% Other 2%

General Fund Expenditures Detail Year Ended June 30, 2018

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Audit Report Summary prepared by Yeo & Yeo

Bond Progress

$26,086,256 $26,256,929 $26,419,317 $191,084 $9,854,760 $19,960,203 $‐ $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 2016 2017 2018 Revenue to Date Expenditures to Date

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Audit Report Summary prepared by Yeo & Yeo

16.54% 16.94% 20.66% 24.46% 27.37% 24.79% 25.79% 25.78% 24.94% 25.56% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 MSPERS Rate

MSPERS Rate History

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Audit Report Summary prepared by Yeo & Yeo

No Material Weaknesses No Significant Deficiencies

Internal Controls

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Audit Report Summary prepared by Yeo & Yeo

Major Program – Title I Unmodified Opinion

Compliance

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Audit Report Summary prepared by Yeo & Yeo

  • Required Communication
  • Management Comments

– Athletic Receipts

Governance Letter

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Audit Report Summary prepared by Yeo & Yeo

  • State economic/political condition
  • Rising fringe benefit costs
  • Retirement rate increase
  • Eroding state revenue sources
  • Enrollment trends
  • Pension obligation over $61 million
  • OPEB obligation over $20 million

Future Challenges

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Thank you!

Jamie Rivette, CPA, CGFM jamriv@yeoandyeo.com

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