Presentation on theme: "SWARTZ CREEK COMMUNITY SCHOOLS 2011-2012 Financial Statement Presentation."— Presentation transcript:
SWARTZ CREEK COMMUNITY SCHOOLS 2011-2012 Financial Statement Presentation
Auditors’ Opinion The District received an unqualified audit opinion This is the highest level of assurance possible for the District’s financial statements The audit was conducted in accordance with: Generally accepted auditing standards Government auditing standards
General Fund Balance as a Percentage of Expenditures vs. State Averages June 30, 2012 Swartz Creek Community Schools June 30, 2011 State Average Fund Balance as a % of Expenditures -3.85%11.62%* Equivalent Days Based on: 181-Day School Year 6.96 Days21.03 Days Note – for example, a 3.85% fund balance is equivalent to a household with $50,000 annual income having $1,925 in a savings account. *Excluding Detroit Public Schools
Fund Balance–Under GASB 54 Nonspendable - inventories, prepaids, long-term receivables Restricted - externally imposed by grantors etc. Committed - constrained by the Board Assigned – Previously designated, shows intent. Unassigned – Previously unreserved, undesignated.
General Fund – GASB 54 Fund Balance Non Spendable-Inventory and Prepaids $200,202 Restricted - Committed - Assigned- 2012-13 Appropriated Expenditures exceed Revenues 580,259 Unassigned 473,604 Total Fund Balance $1,365,946
Due From State & Other Governmental Units - General Fund as of June 30,
Retirement Rate * Rate increase from 19.41% to 20.66% effective November 1, 2010. *
Health Care Reform Two Acts signed into law in 2010 Patient Protection and Affordable Health Care Act (PPACA) Health Care and Education Reconciliation Act of 2010 These combined Acts are referred to as the Health Care Reform Health Care Reform (HCR) Complex regulation Huge administrative burden Will impact 2013-14 budget
District Impact HCR compliance will have a significant impact on: District Financial Business office Information tracking Additional reporting requirements Personnel Contract negotiations Staffing patterns
Compliance Issues W2 Reporting 2012 data on W2s issued in January 2013 Summary of Benefits and Coverage Begins September 2012 Open enrollment or first day of plan year Issued to all employees & new hires Must show proof of delivery Health Insurance Coverage for Full Time Employees 2014 Average 30 hours/week Significant penalties for non-compliance Potential penalties even if district complies New annual return required in January 2015 2014 Data regarding health insurance plan Track who is offered coverage Does coverage meet specific requirements?