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

Ridgeway Community School Financial Summary June 30, 2019

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 Smith Schafer & Associates, Ltd.

Average Daily Membership 120 92 101 96 93 97 100 95 101 100 80 60 83 83 82 78 81 79 74 81 40 20 18 18 18 18 18 16 16 12 0 2012 2013 2014 2015 2016 2017 2018 2019 Kindergarten Grades 1-6 3 Smith Schafer & Associates, Ltd.

Revenues - All Funds $1,200,000 Total Revenue: 2019 $1,394,312 $1,000,000 2018 $1,307,887 $800,000 2017 $1,291,136 2016 $1,182,257 $600,000 2015 $1,132,552 2014 $1,141,337 $400,000 2013 $1,167,768 2012 $1,391,602 $200,000 $0 2012 2013 2014 2015 2016 2017 2018 2019 State Aids Federal Aids Other 4 Smith Schafer & Associates, Ltd.

Revenues - All Funds 2018 2019 Other Other 22% State State 23% Aids Aids 73% 73% Federal Aids Federal Aids 5% 4% 5

Expenditures – All Funds (excluding debt service) $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2015 2016 2017 2018 2019 6 Smith Schafer & Associates, Ltd.

Cash Balances – All Funds $450,000 $400,000 $350,000 $85,256 $127,793 $140,862 $114,157 $52,325 $300,000 $100,774 $250,000 $200,000 $20,001 $294,732 $150,000 $289,212 $264,329 $271,140 $256,335 $222,661 $100,000 $191,904 $50,000 $14,893 $43,155 $0 2012 2013 2014 2015 2016 2017 2018 2019 RCS RCA 7 Smith Schafer & Associates, Ltd.

General Fund Activities $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 -$200,000 2012 2013 2014 2015 2016 2017 2018 2019 Revenues Expenditures Transfers Out Change in Fund Balance 8 Smith Schafer & Associates, Ltd.

General Fund Balance $297,600 $300,000 $282,321 $276,845 $271,528 $262,582 $264,571 $249,209 $247,924 $250,000 $200,000 $150,000 $100,000 $42,360 $37,695 $50,000 $30,005 $27,007 $13,591 $13,984 $13,864 $2,966 $0 2012 2013 2014 2015 2016 2017 2018 2019 Unassigned and Assigned Fund Balance Nonspendable and Restricted Fund Balance 9 Smith Schafer & Associates, Ltd.

Food Service Fund Activities $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 -$10,000 2012 2013 2014 2015 2016 2017 2018 2019 Revenues Expenditures Transfers In Change in Fund Balance 10 Smith Schafer & Associates, Ltd.

Food Service Fund Balance $3,000 $2,748 $2,500 $1,991 $2,000 $1,500 $1,000 $500 $0 $0 $0 $0 $0 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 Fund Balance 11 Smith Schafer & Associates, Ltd.

Community Service Fund Activities $100,000 $80,000 $60,000 $40,000 $20,000 $0 -$20,000 2012 2013 2014 2015 2016 2017 2018 2019 Revenues Expenditures Change in Fund Balance 12 Smith Schafer & Associates, Ltd.

Community Service Fund Balance $13,472 $14,000 $12,458 $11,709 $12,000 $10,675 $10,610 $10,000 $7,588 $8,000 $6,794 $6,000 $4,000 $2,687 $2,000 $0 2012 2013 2014 2015 2016 2017 2018 2019 Fund Balance 13 Smith Schafer & Associates, Ltd.

Net Pension Liability $2,000,000 • Adopted new Accounting $1,800,000 Standard for Pensions in 2015 $1,600,000 • Net Pension Liability (NPL) $1,400,000 represents School’s portion of PERA and TRA underfunding – based on $1,200,000 $1,717,372 $1,717,372 Actuarial Reports $1,000,000 $1,357,403 $1,357,403 • Recorded as: $800,000 PERA $ 194,166 TRA 438,457 $600,000 Total $ 632,623 $438,457 $438,457 $400,000 $345,595 $371,159 $371,159 $345,595 $200,000 $181,388 $243,585 $243,585 $223,438 $223,438 $194,166 $194,166 $1 $173 73,80 ,807 7 $181,388 $0 2015 2016 2017 2018 2019 14 PERA TRA

Average Daily Membership 120 92 101 96 93 97 100 95 101 100 80 60 83 83 82 78 81 79 74 81 40 20 18 18 18 18 18 16 16 12 0 2012 2013 2014 2015 2016 2017 2018 2019 Kindergarten Grades 1-6 15 Smith Schafer & Associates, Ltd.

District and School Administration and Support Services Cost per ADM (Board, Administration, School Support Staff and Other School-Wide Expenses) $2,500 $2,000 $1,932 $1,848 $1,843 $1,730 $1,605 $1,568 $1,514 $1,474 $1,500 $1,378 $1,031 $1,000 $500 $0 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average 16 Smith Schafer & Associates, Ltd.

Regular Instruction Cost per ADM (Classroom Instruction, Paraprofessionals, School Secretaries, Extra-Curricular Activities) $6,000 $5,446 $5,310 $5,000 $4,247 $4,135 $3,873 $3,810 $4,000 $3,752 $3,463 $3,585 $3,432 $3,000 $2,000 $1,000 $0 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average 17 Smith Schafer & Associates, Ltd.

Special Education Cost per ADM $2,500 $2,298 $2,068 $1,966 $1,954 $2,000 $1,841 $1,614 $1,572 $1,566 $1,505 $1,500 $1,193 $1,000 $500 $0 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average 18 Smith Schafer & Associates, Ltd.

Pupil Support Services Costs per ADM (Transportation, Counselors, Health Services) $600 $558 $500 $386 $400 $320 $281 $300 $247 $223 $196 $200 $155 $172 $125 $100 $0 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average 19 Smith Schafer & Associates, Ltd.

Site, Buildings and Equipment Operating Cost per ADM (Custodial, Maintenance, Utilities, Books, Capital Expenditures) $3,500 $2,926 $3,000 $2,858 $2,630 $2,500 $2,315 $2,102 $2,047 $2,031 $2,005 $1,978 $1,902 $2,000 $1,500 $1,000 $500 $0 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average 20 Smith Schafer & Associates, Ltd.

Food Service Cost per ADM $800 $690 $700 $640 $641 $624 $573 $600 $590 $553 $558 $516 $500 $500 $400 $300 $200 $100 $0 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average 21 Smith Schafer & Associates, Ltd.

Community Education Services Cost per ADM (Pre-Kindergarten and After School Programs) $1,200 $978 $1,000 $841 $849 $800 $685 $640 $594 $579 $600 $462 $427 $400 $373 $200 $0 2012 2013 2014 2015 2016 2017 2018 2019 2018 2018 Ridgeway Community School District ADM's 0 - 499 State Average 22 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 of $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). 23 Smith Schafer & Associates, Ltd.