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SWARTZ CREEK COMMUNITY SCHOOLS 2011-2012 Financial Statement Presentation.

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Presentation on theme: "SWARTZ CREEK COMMUNITY SCHOOLS 2011-2012 Financial Statement Presentation."— Presentation transcript:

1 SWARTZ CREEK COMMUNITY SCHOOLS Financial Statement Presentation

2 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

3 Blended Student Enrollment

4 General Fund Revenue Revenue Sources 11-12

5 General Fund Expenditures

6 General Fund Revenues & Expenditures

7 General Fund Fund Balance

8 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

9 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.

10 General Fund – GASB 54 Fund Balance Non Spendable-Inventory and Prepaids $200,202 Restricted - Committed - Assigned Appropriated Expenditures exceed Revenues 580,259 Unassigned 473,604 Total Fund Balance $1,365,946

11 Due From State & Other Governmental Units - General Fund as of June 30,

12 Retirement Rate * Rate increase from 19.41% to 20.66% effective November 1, *

13 Sinking Fund Fund Balance June 30

14 Food Service Revenues & Expenditures

15 Food Service Fund Balance

16 Athletics Revenues, Expenditures & General Fund Contributions

17 Child Development Fund Revenues, Expenditures and Fund Balance

18 Community Education Revenues, Expenditures & General Fund Contributions

19 Economic Considerations

20 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 budget

21 District Impact HCR compliance will have a significant impact on:  District  Financial  Business office  Information tracking  Additional reporting requirements  Personnel  Contract negotiations  Staffing patterns

22 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?

23 Questions?


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