Pequea Valley School District 2016 Audit January 3, 2017 - - PowerPoint PPT Presentation

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Pequea Valley School District 2016 Audit January 3, 2017 - - PowerPoint PPT Presentation

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Pequea Valley School District 2016 Audit January 3, 2017 Introduction Independent Auditors Report for the year ended June 30, 2016 Managements Discussion and Analysis. Unaudited information prepared by John Bowden, Chief of

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SLIDE 1

Pequea Valley School District 2016 Audit

January 3, 2017

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SLIDE 2

Introduction

  • Independent Auditors’ Report for the year

ended June 30, 2016

  • Management’s Discussion and Analysis.

Unaudited information prepared by John Bowden, Chief of Finance and Operations.

  • Government Wide Statements - Full accrual

basis statements.

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SLIDE 3

Governmental Activities

Historical Analysis June 30, 2014 June 30, 2015 June 30, 2016 Current Assets 19,227,725 19,399,886 20,369,217 Noncurrent Assets 45,011,844 43,295,306 42,382,105 Total Assets 64,239,569 62,695,192 62,751,322 Deferred Outflow

  • f Resources

795,503 2,953,492 3,276,470 Current Liabilities 6,887,565 7,098,192 9,322,192 Noncurrent Liabilities 22,865,346 53,445,278 52,820,831 Total Liabilities 29,752,911 60,543,470 62,143,023 Deferred Inflow

  • f Resources
  • 0-

3,438,324 1,118,000 Total Net Position 35,282,161 1,666,890 2,766,769

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SLIDE 4

Historical and Budget to Actual Analysis

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SLIDE 5

General Fund Results

2014 2015 2016 - Actual 2016 – Final Budget Local Revenues 24,352,573 24,912,939 25,122,585 24,485,645 State Revenues 6,468,987 6,726,292 6,972,240 7,351,804 Federal Revenues 1,578,530 1,417,358 1,329,446 1,274,676 Total Revenues 32,400,090 33,056,589 33,424,271 33,112,125 % Increase (Decrease) 3.7% 2.0% 1.1% Instructional Services 15,536,749 16,247,357 16,779,069 17,557,352 Instructional Student Support 3,234,043 3,416,753 3,732,352 3,625,721 Admin & Financial Support 2,254,811 2,474,295 2,855,517 2,673,226 Operation & Maintenance 2,594,442 2,838,638 2,657,185 2,697,261 Student Transportation 1,861,058 1,987,188 2,376,574 2,150,382 Student Activities 609,967 630,477 599,550 715,547 Community Services 34,546 35,363 32,447 26,721 Refund of Prior Year Revenues 86

  • 0-
  • 0-
  • 0-

Debt Service Principal

  • 0-
  • 0-

65,930

  • 0-

Total Expenditures 26,125,702 27,630,071 29,098,624 29,446,210 % Increase (Decrease) 1.7% 5.8% 5.3% Excess of Revenues over Expenditures 6,274,388 5,426,518 4,325,647 3,665,915

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SLIDE 6

General Fund Results

2014 2015 2016 - Actual 2016 – Final Budget Excess of Revenues over Expenditures 6,274,388 5,426,518 4,325,647 3,665,915 Fund Transfers 3,741,494 5,750,103 3,957,773 4,147,545 Other Uses (Sources) (31,058) (27,264) (278,140) 400,000 Total Other Financing Uses 3,710,436 5,722,839 3,679,633 4,547,545 Change in Fund Balance 2,563,952 (296,321) 646,014 (881,630) Ending Fund Balance 11,522,900 11,226,579 11,872,593

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SLIDE 7

Capital Projects Fund

Fiscal Year Fund Additions Expenditures Ending Fund Balance 2015-16 9,519 1,307,794 1,521,432 2014-15 1,006,216 1,181,799 2,819,707 2013-14 1,941 236,546 2,995,290

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SLIDE 8

GASB No. 54 – Fund Balance Reporting and Governmental Type Definitions

General Fund Capital Project Fund Nonspendable Prepaid Expenses 68,015

  • 0-

Restricted to Guarantee Satisfactory Completion of Capital Projects

  • 0-

96,159 Committed (Board) for Future Retirement Contributions 5,300,000

  • 0-

Committed (Board) for Future Health Care Costs 2,900,000

  • 0-

Assigned for Future Capital Outlays

  • 0-

1,425,273 Unassigned (Residual general fund balance) 3,604,578

  • 0-

Total 11,872,593 1,521,432

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SLIDE 9

Food Service Fund

2013-14 2014-15 2015-16 Operating Revenues 284,534 261,900 85,141 Non-operating Revenues 493,120 466,493 609,363 Revenues 777,654 728,393 694,504 Salaries and Benefits 202,112 180,918 177,228 Purchased Services 260,829 263,156 261,293 Supplies 348,032 307,293 403,746 Depreciation 43,385 41,349 38,865 Total Expenses 854,358 792,716 881,132 Change in Net Position (76,704) (64,323) (186,628)

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SLIDE 10

Internal Service Fund

2013-14 2014-15 2015-16 Charges for Services 3,054,444 2,537,601 2,796,034 Employee Benefits 2,898,737 2,992,102 3,719,233 Non Operating Revenues 2,874 971 2,560 Interfund Transfers

  • 0-

1,000,000

  • 0-

Change in Net Position 158,581 546,470 (920,639)

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SLIDE 11

Pending Changes in Accounting Principles

GASB Statement No. 75 - Accounting and Financial Reporting for Postemployment Benefits Other than Pensions (OPEB)

  • Improve accounting and financial reporting for state and local

government

  • Required recordation of unfunded actuarial accrued liability upon

implementation on the GW financial statements and proprietary funds

  • Requires recordation of the School District’s proportionate share of

PSERS liability for premium assistance plan

  • Changes to assumptions used by the actuaries to calculate the OPEB

liability

  • Effective for the School District’s June 30, 2018 financial statements
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SLIDE 12

Pending Changes in Accounting Principles

GASB Statement No. 77 – Tax Abatement Disclosures

  • Provide users of the financial statements with essential information

about the nature and magnitude of the reduction in tax revenues through tax abatement programs

  • No financial statement impact – footnote disclosure only
  • Effective for the School District’s June 30, 2017 financial statements
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Other Financial Statement Components

  • Notes to Financial Statements
  • Note 1 - Summary of Significant Accounting Policies
  • Note 10 – Long-Term Debt
  • Note 15 – Defined Benefit Pension Plan
  • Supplemental Schedules provide additional detail to

basic financial statements

  • Single Audit (Compliance Audit of the School District’s

Federal Grants) and Related Reports

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SLIDE 14

Single Audit

  • Compliance audit of federal awards
  • 2016 is first year under Uniform Guidance
  • Major programs tested were Special

Education Grants and Child Nutrition

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This presentation is intended solely for the information and use of the management of Pequea Valley School District and the School Board and is not intended to be and should not be used by anyone other than these specified parties.

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SLIDE 16

ABOUT TROUT, EBERSOLE & GROFF LLP

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Who We Are

Serving Central Pennsylvania for over 85 years 13 partners provide depth of knowledge 95+ combined CPAs, Professionals & Support Staff

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Our Community Leadership

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Our Professional Commitment

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SLIDE 20

Our History

  • Proudly serving Lancaster

County for over 85 years

  • Recognized as an industry

leader

  • Our partners have a combined

375 years of experience

Professionalism Trust Responsiveness Quality

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SLIDE 21

Industry Expertise

TEG

Construction Manufacturing Not for Profit Employee Benefits Medical & Dental Governmental

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SLIDE 22

What Differentiates Our Firm

  • Business & Industry Expertise
  • Personal Involvement &

Communication

  • Long-term Relationships
  • Community Commitment
  • Staff Continuity

Our Partners

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SLIDE 23

Your Partner

Carol Roland, CPA, CFE, MBA Areas of Expertise:

  • Fraud Risk Management
  • Fraud Investigations
  • Not-for-Profit Organizations
  • Governmental & Single Audits

Member of:

  • American Institute of Certified Public

Accountants

  • Pennsylvania Institute of Certified

Public Accountants

  • Association of Certified Fraud

Examiners

Direct: 717-358-9154 Email: croland@troutcpa.com

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SLIDE 24

LANCASTER OFFICE 1705 Oregon Pike, Lancaster, PA 17601 Phone 717-569-2900 · Toll Free 800-448-1384 · Fax 717-569-0141 CAPITAL REGION OFFICE 5000 Ritter Road, Suite 104, Mechanicsburg, PA 17055 Phone 717-697-2900 · Toll Free 800-448-1384 · Fax 717-697-2002

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