Ridgeway Community School Financial Summary June 30, 2019 Audit - - PowerPoint PPT Presentation

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Ridgeway Community School Financial Summary June 30, 2019 Audit - - PowerPoint PPT Presentation

Oct 28, 2023 126 likes •379 views

Ridgeway Community School Financial Summary June 30, 2019 Audit Audit Opinion Provides reasonable, but not absolute, assurance that Districts financials are free from material misstatement Unmodified Clean Opinion in

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Ridgeway Community School

Financial Summary June 30, 2019

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Smith Schafer & Associates, Ltd.

Audit

  • Audit Opinion

– Provides reasonable, but not absolute, assurance that District’s financials are free from material misstatement – Unmodified “Clean” Opinion in 2019

  • Minnesota Legal Compliance

– No exceptions noted

  • Internal Control Letter

– Preparation of Financial Statements

  • Audit Committee Letter

– No exceptions noted 2

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Smith Schafer & Associates, Ltd.

Average Daily Membership

20 40 60 80 100 120 2012 2013 2014 2015 2016 2017 2018 2019

18 18 18 12 16 18 16 18 74 83 78 81 81 82 79 83 Kindergarten Grades 1-6 92 101 96 93 97 100 95 101

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Smith Schafer & Associates, Ltd.

Revenues - All Funds

$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2012 2013 2014 2015 2016 2017 2018 2019

State Aids Federal Aids Other

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Total Revenue: 2019 $1,394,312 2018 $1,307,887

2017 $1,291,136 2016 $1,182,257 2015 $1,132,552 2014 $1,141,337 2013 $1,167,768 2012 $1,391,602

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Revenues - All Funds

State Aids 73% Federal Aids 4% Other 23% 5 State Aids 73% Federal Aids 5% Other 22%

2018 2019

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Smith Schafer & Associates, Ltd.

Expenditures – All Funds

(excluding debt service)

$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000

2015 2016 2017 2018 2019

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Smith Schafer & Associates, Ltd.

Cash Balances – All Funds

$43,155 $191,904 $289,212 $294,732 $222,661 $256,335 $264,329 $271,140 $14,893 $20,001 $52,325 $85,256 $100,774 $140,862 $114,157 $127,793

$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 2012 2013 2014 2015 2016 2017 2018 2019

RCS RCA

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Smith Schafer & Associates, Ltd.

General Fund Activities

  • $200,000

$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2012 2013 2014 2015 2016 2017 2018 2019 Revenues Expenditures Transfers Out Change in Fund Balance

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Smith Schafer & Associates, Ltd.

General Fund Balance

$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 2012 2013 2014 2015 2016 2017 2018 2019

$264,571 $282,321 $297,600 $262,582 $247,924 $271,528 $249,209 $276,845 $2,966 $27,007 $30,005 $13,591 $13,864 $13,984 $42,360 $37,695 Unassigned and Assigned Fund Balance Nonspendable and Restricted Fund Balance

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Smith Schafer & Associates, Ltd.

Food Service Fund Activities

  • $10,000

$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 2012 2013 2014 2015 2016 2017 2018 2019 Revenues Expenditures Transfers In Change in Fund Balance

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Smith Schafer & Associates, Ltd.

Food Service Fund Balance

$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2012 2013 2014 2015 2016 2017 2018 2019 $2,748 $1,991 $0 $0 $0 $0 $0 $0

Fund Balance

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Smith Schafer & Associates, Ltd.

Community Service Fund Activities

  • $20,000

$0 $20,000 $40,000 $60,000 $80,000 $100,000 2012 2013 2014 2015 2016 2017 2018 2019 Revenues Expenditures Change in Fund Balance

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Smith Schafer & Associates, Ltd.

Community Service Fund Balance

$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 2012 2013 2014 2015 2016 2017 2018 2019 $10,675 $7,588 $11,709 $13,472 $2,687 $6,794 $12,458 $10,610

Fund Balance

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$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 2015 2016 2017 2018 2019

$1 $173 73,80 ,807 7 $181,388 $181,388 $243,585 $243,585 $223,438 $223,438 $194,166 $194,166 $345,595 $345,595 $371,159 $371,159 $1,717,372 $1,717,372 $1,357,403 $1,357,403 $438,457 $438,457 PERA TRA

  • Adopted new Accounting

Standard for Pensions in 2015

  • Net Pension Liability (NPL)

represents School’s portion

  • f PERA and TRA

underfunding – based on Actuarial Reports

  • Recorded as:

PERA $ 194,166 TRA 438,457 Total $ 632,623

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Net Pension Liability

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Smith Schafer & Associates, Ltd.

Average Daily Membership

20 40 60 80 100 120 2012 2013 2014 2015 2016 2017 2018 2019

18 18 18 12 16 18 16 18 74 83 78 81 81 82 79 83 Kindergarten Grades 1-6 92 101 96 93 97 100 95 101

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Smith Schafer & Associates, Ltd.

District and School Administration and Support Services Cost per ADM

(Board, Administration, School Support Staff and Other School-Wide Expenses)

$1,605 $1,378 $1,474 $1,568 $1,848 $1,730 $1,932 $1,843 $1,514 $1,031 $0 $500 $1,000 $1,500 $2,000 $2,500 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018

Ridgeway Community School District ADM's 0 - 499 State Average

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Smith Schafer & Associates, Ltd.

Regular Instruction Cost per ADM

(Classroom Instruction, Paraprofessionals, School Secretaries, Extra-Curricular Activities)

$3,463 $3,432 $3,873 $3,810 $3,585 $3,752 $4,247 $4,135 $5,446 $5,310 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average

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Smith Schafer & Associates, Ltd.

Special Education Cost per ADM

$1,193 $1,505 $1,572 $1,566 $1,614 $1,966 $2,068 $1,954 $1,841 $2,298 $0 $500 $1,000 $1,500 $2,000 $2,500 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average

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Smith Schafer & Associates, Ltd.

Pupil Support Services Costs per ADM

(Transportation, Counselors, Health Services)

$320 $281 $247 $196 $558 $155 $172 $125 $223 $386 $0 $100 $200 $300 $400 $500 $600 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average

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Smith Schafer & Associates, Ltd.

Site, Buildings and Equipment Operating Cost per ADM

(Custodial, Maintenance, Utilities, Books, Capital Expenditures)

$1,902 $1,978 $2,047 $2,031 $2,005 $2,102 $2,315 $2,630 $2,926 $2,858 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average

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Smith Schafer & Associates, Ltd.

Food Service Cost per ADM

$558 $500 $516 $573 $590 $640 $624 $690 $641 $553 $0 $100 $200 $300 $400 $500 $600 $700 $800 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average

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Smith Schafer & Associates, Ltd.

Community Education Services Cost per ADM

(Pre-Kindergarten and After School Programs)

$373 $427 $579 $594 $849 $685 $841 $978 $462 $640 $0 $200 $400 $600 $800 $1,000 $1,200 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average

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Smith Schafer & Associates, Ltd.

Summary

  • General Fund revenues exceeded expenditures by $27,924 in 2019. The

General Fund transferred $4,953 to the Food Service Fund to cover deficit operations. The unassigned General Fund balance at June 30, 2019 is 26.5% of current general expenditures.

  • The Food Service Fund expenditures exceeded revenues by $4,953. A

transfer of $4,953 from the General Fund ended the year with a balance

  • f $0.
  • The Community Service Fund expenditures exceeded revenues by $1,848.
  • Pension Accounting Standard – recorded liability for School’s portion of

PERA and TRA underfunding $632,623 (PERA $194,166 and TRA $438,457).

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