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

฀ Audit Summary Fiscal Year Ending June 30, 2016 Board of Education November 22, 2016 1

฀ 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 2

฀ Reports to be reviewed: ฀ Comprehensive Annual Financial Report (CAFR) ฀ Board Communication 3

CAFR ฀ Financial Section ฀ Independent Auditor’s Report ฀ Will Issue Unmodified “Clean” ฀ Opinion on the Financial ฀ Statements 4

CAFR ฀ 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 5

CAFR ฀ 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 6

CAFR ฀ Statement of Net Position ฀ For the fiscal year ended June 30, 2016, the District ended with a decrease in net position of $22,874. 7

CAFR ฀ 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 8

CAFR ฀ 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 9

CAFR ฀ Schedule of Revenues, Expenditures and Changes in Fund Balance ฀ Presents Operating Funds only ฀ Overall decrease in fund balance of $ 960,597 10

CAFR ฀ 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 11

CAFR ฀ 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 12

Board Communication ฀ Required Communication to the Board ฀ Summarizes communications we are required by auditing standards to report to the Board of Education or designated audit committee 13

Board Communication This document was reviewed in detail with the Finance Committee 14

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