INDEPENDENT SCHOOL DISTRICT NO. 885 St. Michael-Albertville, Minnesota Audited Financial Statements June 30, 2012.

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Presentation transcript:

INDEPENDENT SCHOOL DISTRICT NO. 885 St. Michael-Albertville, Minnesota Audited Financial Statements June 30, 2012

Independent Auditor’s Reports Unqualified Opinion – Best Opinion Auditor can Issue Financial Statements Present Fairly in all material respects the financial position and change in financial position of the governmental activities, each major fund and the aggregate remaining funds Unqualified Opinion on Single Audit Compliance – Child Nutrition Program and Education Jobs Minnesota Legal Compliance – four findings – EFT policy, performance/payment bonds, bidding threshold, awarding contracts

General Fund Budget Revenue of $ 42.0 million Expenditures of $ 41.9 million Net increase in fund balance of approximately $ 104 thousand

General Fund Performance Actual Revenue $ 43.2 million – $ 1.2 million over budget – Student Activities and Federal monies Actual Expenditures $ 42.9 million - $ 1.0 million over budget – Student Activities and Special Education Fund Balance increased $ 277 thousand to a year end balance of $ 8.5 million

INDEPENDENT SCHOOL DISTRICT NO. 885 RESIDENT AVERAGE DAILY MEMBERSHIP

INDEPENDENT SCHOOL DISTRICT NO. 885

INDEPENDENT SCHOOL DISTRICT NO. 885 PUPIL WEIGHTING BY GRADE

INDEPENDENT SCHOOL DISTRICT NO. 885 TOTAL WADM SERVED

INDEPENDENT SCHOOL DISTRICT NO. 885

INDEPENDENT SCHOOL DISTRICT NO. 885 GENERAL FUND EXPENDITURES

INDEPENDENT SCHOOL DISTRICT NO. 885

INDEPENDENT SCHOOL DISTRICT NO. 885 REVENUE PER ADM SERVED

INDEPENDENT SCHOOL DISTRICT NO. 885 EXPENDITURES PER ADM SERVED

INDEPENDENT SCHOOL DISTRICT NO. 885

INDEPENDENT SCHOOL DISTRICT NO. 885 GENERAL FUND PERFORMANCE

INDEPENDENT SCHOOL DISTRICT NO. 885 GENERAL FUND BALANCE BY CATEGORY

INDEPENDENT SCHOOL DISTRICT NO. 885

INDEPENDENT SCHOOL DISTRICT NO. 885 DISTRICT LONG-TERM DEBT

INDEPENDENT SCHOOL DISTRICT NO. 885

INDEPENDENT SCHOOL DISTRICT NO. 885 TAX LEVY AND TAX RATE

INDEPENDENT SCHOOL DISTRICT NO. 885

INDEPENDENT SCHOOL DISTRICT NO. 885 FOOD SERVICE FUND

INDEPENDENT SCHOOL DISTRICT NO. 885 COMMUNITY SERVICE FUND

Audit Findings & Recommendations Material Audit Adjustments Lack of Segregation of Accounting Duties Preparation of Financial Statements Offsite Cash Collections