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AUDIT HIGHLIGHTS YEAR ENDED JUNE 30, 2010 MINNEWASKA SCHOOL DISTRICT #2149.

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Presentation on theme: "AUDIT HIGHLIGHTS YEAR ENDED JUNE 30, 2010 MINNEWASKA SCHOOL DISTRICT #2149."— Presentation transcript:

1 AUDIT HIGHLIGHTS YEAR ENDED JUNE 30, 2010 MINNEWASKA SCHOOL DISTRICT #2149

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3 Year Ended June 30, 2010 Year Ended June 30, 2009 Amount of Increase (Decrease) % Increase (Decrease) Local Sources Property Taxes$ 1,562,002$ 1,419,238$ 142, % Interest earnings 30,961 33,671 (2,710)(8.0)% Other 1,267,277 1,182,962 84,3157.1% State sources 9,315,186 9,827,512 (512,326)(5.2)% Federal sources 1,275, , , % Other Financing Sources 34,041 1,715,538 (1,681,497)(98.0)% Total General Fund Revenue$ 13,484,887$ 14,579,372$ (1,094,485)(7.5)% General Fund Revenues

4 Budgeted Amounts Actual General Fund Over (Under) Budget OriginalFinal Revenues Local property tax levies$ 1,549,324$ 1,549,323$ 1,562,002$ 12,679 Other local and county revenues 1,073,673 1,097,467 1,270, ,353 Revenues from state sources 9,188,097 9,025,463 9,315, ,723 Revenue from federal sources 402,131 1,269,648 1,275,420 5,772 Sales and other conversions of assets 31,850 17,919 20,173 2,254 Insurance recovery and settlement -0- 7,349 7,245 (104) Total Revenues$ 12,245,075$ 12,967,169$ 13,450,846$ 483,677 General Fund Revenues- Budget to Actual

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6 Year Ended June 30, 2010 Year Ended June 30, 2009 Amount of Increase (Decrease) % Increase (Decrease) Salaries$ 7,785,347$ 7,435,752$ 349,5954.7% Employees benefits 1,826,819 3,308,414 ( 1,481,595)(44.8)% Purchased services 2,233,402 2,049, ,9879.0% Supplies & material 847, ,413 86, % Non-Capital equipment 169,070 48, , % Capital Expenditures 83,100 1,064,953 (981,853)(92.2)% Debt Service 235, ,602 (33,708)(12.5)% Other expenditures 44,688 50,567 (5,879)(11.6)% Total Expenditures$ 13,225,933$ 14,988,376$ (1,762,443)(11.8)% General Fund Expenditures

7 ExpendituresBudgeted Amounts Actual General Fund Over (Under) Final Budget Current:OriginalFinal District and school administration$ 480,219$ 563,118$ 559,966$(3,152) District support services 298, , , Regular instruction 5,250,194 5,365,869 5,347,132(18,737) Vocational instruction 65, , ,111 (2,437) Exceptional instruction 3,866,375 4,286,864 4,224,797 (62,067) Community education and services -0- Instructional support services 197, , ,672 13,848 Pupil support services 1,116,999 1,092,519 1,094,851 2,332 Site, buildings and equipment 967,790 1,046, ,413 (92,040) Fiscal and other fixed cost programs 68,311 44,686 44,688 2 Total Current12,311,21413,068,572 12,906,939(161,633) Capital Outlay 51,894 83,100 31,206 Debt Service: Principal 79,305 83,320 83,319 (1) Interest 198, , ,577 6 Debt issuance costs -0- 6, Total Debt Service 277, , ,894 5 Total Expenditures$ 12,640,526$ 13,356,355$ 13,225,933$ (130,422)

8 Budgeted Amounts Actual General Fund Variances with Final Budget Favorable (unfavorable) OriginalFinal Excess (deficiency) of revenue over expenditures (395,451)(389,186) 224, ,099 Other Financing Sources (Uses) Sale of real property and equipment -0- 2, Capital Equipment Lease ,332 Total Other Financing Sources (Uses)$ -0-$ 2,709$ 34,041$ 31,332 Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing (Uses)$ (395,451)$ (386,477)$ 258,954$ 645,431 Fund Balances - Beginning of Year 1,037,227 $ 1,037, Fund Balances - End of Year$ 641,776$ 650,750$ 1,296,181$ 645,431

9 Fund Balances (Deficits)General Community Service Building Construction Total Designated for: Student Activities78, ,517 Separation/Retirement Benefits579, ,719 Total Designated658, ,236 Reserved for: Staff Development65, ,336 Health and Safety(66,385)-0- (66,385) Operating Capital556, ,082 Unfunded Severance & Retirement Levy40, ,685 Community Education-0-18, ,764 ECFE-0-7,163 Alternative Facilities ,222 Gifted and Talented7, ,009 Safe Schools5, ,708 School Readiness-0-3, ,287 Total Reserved$ 608,435$ 29,214$ 520,222 $1,157,871 Unreserved29,5102, ,892 FUND BALANCES

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11 Table A-1 Minnewaska Area Schools Combined Statement of Net Assets Governmental Activities Total Percentage Change Current and Other Assets$ 11,211,3453 $ 8,599, % Capital Assets 27,231,204 27,120,093.4% Total Assets 38,442,548 35,719, % Long-term Liabilities 16,304,176 17,095,446 (8.6)% Other Liabilities 8,704,189 5,209, % Total Liabilities 25,008,365 22,305, % Net Assets Invested in capital assets, net of related debt 12,946,194 12,705, % Restricted 630, ,658.2% Unrestricted (142,958) 79,107 (280.7)% Total Net Assets $13,434,183$ 13,414,413.1%

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13 Actuarial Studies Two Actuarial Studies- Did in Fiscal Year ending 6/30/2010 with 6/30/2009 starting numbers Done to determine the liability associated with future severance payouts and with other post employee benefits (subsidized health care costs) Board has bonded for OPEB liability and designated fund balance along with an annual levy for severance payouts Actuarial study shows approximately $300,000 in unfunded OPEB at the date of the study Additional retirement incentives paid out of the OPEB assets will increase the unfunded amount

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15 Prior Year Follow up Corrected Deficiency – Fixed Asset Controls Deficiency – Senior Class Activity Account Work in Progress Deficiency Financial Oversight & Monitoring Deficiency Financial Reporting Process Deficiency Time Distribution Records Related to Federal Programs

16 CURRENT YEAR SUMMARY Audit Opinion- Unqualified Opinion audit report (Page 2-3) Internal Controls Reporting Pages MATERIAL WEAKNESS Deficiency Financial Oversight & Monitoring Page 68 Deficiency Internal Controls Over Day Treatment Revenues Page 69 SIGNIFICANT DEFICIENCY Deficiency – Period End Financial Reporting Page 70 Deficiency – Fiscal Agent Page 71 STATE COMPLIANCE Deficiency State Certification of Withholding Requirements on Contracts Page 72

17 Require separate reporting on our consideration of Internal Controls and Compliance. Control deficiency is when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions to prevent or detect financial misstatements on a timely basis. Significant Deficiency More than a remote likelihood that a more than inconsequential misstatement will not be detected by the Districts internal controls. Material Weakness More than a remote likelihood that a material misstatement will not be prevented or detected by the Districts internal controls.

18 Summary (Continued) Federal Awards Program Audit Internal Control Deficiency Deficiency Time Distribution Records (Page 67)

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20 2010 Conclusions The District needs to continue to closely monitor its revenues & expenditures. The District needs to restore the unreserved/undesignated fund balance to a reasonable amount. As Day Treatment is a substantial component of revenues & expenses, the District needs to continue to develop ways to monitor financial results. The District is concluding its facilities upgrade and now should monitor its energy savings and work on paying down debt.

21 SAS 114 Letter Thanks to the District Staff for cooperation during the audit.

22 Dinham, Folkert & Associates Chtd. Certified Public Accountants


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