Pequea Valley School District 2019 Audit December 3
Pequea Valley School District 2019 Audit December 3, 2019
Capital Planning • • Identify needs Determine financial impacts Prioritize projects Develop a comprehensive financial plan For Management Use Only 2
Comprehensive Financial Plan • Estimate cash flow needed to finance capital plan • Determine funding sources • Assess fiscal impact • Compliance considerations For Management Use Only 3
Introduction • Independent Auditors’ Report for the year ended June 30, 2019 • Management’s Discussion and Analysis. Unaudited information prepared by John Bowden, Chief of Finance and Operations. • Government Wide Statements - Full accrual basis statements. For Management Use Only 4
Governmental Activities Highlights • Capital asset additions of $584 k included Softball Field Upgrade, Salisbury and Paradise Elementary Phone System Upgrades, and Technology Upgrades. • $3. 91 M of principal payments made during the year. Ending balance of outstanding debt at June 30, 2019 is $6. 57 M. • Net position increased by $2. 27 M as of June 30, 2019. For Management Use Only 5
PSERS • As of 6/30/18, PSERS plan was approximately 54% funded (about $48 billion unfunded liability) – PV’s proportionate share. 0930% • Normal Cost 7. 59 • Unfunded Liability • Premium Assistance 25. 01. 83 33. 43% • 9. 27% Investment Return Reported for 6/30/18 For Management Use Only 6
Governmental Activities Historical Analysis June 30, 2017 June 30, 2018 June 30, 2019 Current Assets 16, 747, 960 18, 789, 686 19, 338, 311 Noncurrent Assets 40, 826, 953 39, 614, 303 38, 108, 162 Total Assets 57, 574, 913 58, 403, 989 57, 446, 473 9, 153, 453 9, 489, 310 8, 922, 766 6, 865, 240 8, 438, 368 8, 061, 886 Noncurrent Liabilities 55, 921, 363 56, 668, 158 53, 138, 580 Total Liabilities Deferred Inflow of Resources 62, 786, 603 65, 106, 526 61, 200, 466 1, 031, 000 740, 000 847, 000 2, 910, 763 2, 046, 773 4, 321, 773 Deferred Outflow of Resources Current Liabilities Total Net Position For Management Use Only 7
General Fund Results 2017 2018 2019 - Actual 2019 – Final Budget Local Revenues 26, 401, 750 27, 736, 091 28, 409, 142 27, 561, 900 State Revenues 8, 495, 424 8, 487, 247 8, 686, 447 8, 495, 427 Federal Revenues 1, 378, 277 1, 094, 343 1, 273, 617 1, 254, 821 36, 275, 451 37, 317, 681 38, 369, 206 37, 312, 148 8. 5% 2. 9% 2. 8% 18, 034, 360 19, 132, 698 20, 454, 122 20, 508, 191 Instructional Student Support 3, 853, 601 3, 710, 573 3, 544, 641 3, 760, 447 Admin & Financial Support 3, 022, 198 3, 258, 967 3, 126, 982 3, 132, 591 Operation & Maintenance 2, 836, 370 2, 398, 950 2, 691, 890 2, 691, 314 Student Transportation 2, 295, 373 2, 395, 086 2, 535, 786 2, 565, 633 748, 058 749, 485 955, 379 674, 041 30, 789, 960 31, 645, 759 33, 308, 800 33, 332, 217 5. 8% 2. 8% 5. 3% 5, 485, 491 5, 671, 922 5, 060, 406 Total Revenues % Increase Instructional Services Other Total Expenditures % Increase Excess of Revenues over Expenditures For Management Use Only 3, 979, 931 8
General Fund Results 2017 Excess of Revenues over Expenditures Transfers Out Other Sources Total Net Other Financing Uses Change in Fund Balance Ending Fund Balance 5, 485, 491 2018 2019 Final Budget 5, 060, 406 3, 979, 931 (6, 127, 523) (4, 630, 542) (6, 145, 703) (4, 203, 053) 4, 463 5, 671, 922 2019 Actual 57, 901 -0 - (6, 123, 060) (4, 315, 989) (6, 087, 802) (4, 203, 053) (637, 569) 314, 553 1, 355, 933 (1, 027, 396) (223, 122) 11, 235, 024 12, 590, 957 11, 563, 561 For Management Use Only 9
General Fund – Expense Analysis $ 35 000 $ 30 000 [CELLREF] 8. 17% [CELLREF] $ 25 000 [CELLREF] [CELLREF] Other [CELLREF] Student Transportation [CELLREF] Operation & Maintenance $ 20 000 Admin & Financial Suppor $ 15 000 $ 10 000 Instructional Student Support [CELLREF] 2017 2018 [CELLREF] Instructional Services $ 5 000 $- For Management Use Only 2019 10
Capital Projects Fund 2018 -19 2, 035, 119 570, 070 Ending Fund Balance 2, 396, 324 2017 -18 18, 078 1, 158, 541 931, 275 2016 -17 2, 123, 991 1, 573, 685 2, 071, 738 Fiscal Year Fund Additions Expenditures For Management Use Only 11
Fund Balance Components General Fund Nonspendable Prepaid Expenses Capital Projects Fund 78, 906 -0 - Committed (Board) for Future Retirement Contributions 5, 300, 000 -0 - Committed (Board) for Future Health Care Costs 2, 900, 000 -0 - Assigned for Future Capital Outlays -0 - 2, 396, 324 Unassigned (Residual General Fund Balance) 3, 284, 655 -0 - 11, 563, 561 2, 396, 324 Total For Management Use Only 12
Food Service Fund 2016 -17 2017 -18 2018 -19 Operating Revenues 202, 964 210, 794 248, 261 Non-operating Revenues 543, 970 570, 146 534, 054 -0 - 4, 203 746, 934 780, 940 786, 518 Salaries and Benefits 214, 170 238, 274 216, 460 Purchased Services 221, 234 192, 062 215, 567 Supplies 291, 573 298, 050 282, 464 28, 527 19, 194 755, 504 747, 580 733, 685 (8, 570) 33, 360 52, 833 Other Financing Sources Total Revenues Depreciation Total Expenses Change in Net Position For Management Use Only 13
Internal Service Fund 2016 -17 2017 -18 2018 -19 Charges for Services 3, 416, 245 2, 910, 942 3, 279, 770 Employee Benefits 3, 872, 246 2, 910, 942 3, 204, 737 2, 013 3, 377 16, 437 -0 - 500, 000 -0 - (453, 988) 503, 377 91, 470 Non Operating Revenues Interfund Transfers Change in Net Position For Management Use Only 14
Other Financial Statement Components • Notes to Financial Statements – Note 1 – Summary of Significant Accounting Policies – Note 10 – Long-Term Debt – Note 15 – Defined Benefit Pension Plan – Note 16 – Other Postemployment Benefits (OPEB) • Supplemental Schedules provide additional detail to basic financial statements • Single Audit (Compliance Audit of the School District’s Federal Grants) and Related Reports For Management Use Only 15
Single Audit • Compliance audit of federal awards • Major program tested was Title I • No questioned costs or findings For Management Use Only 16
Thank You & Staff Recognition John Bowden and Britney Hevner Thanks to John, Britney, and the rest of the Business Office staff for helping us during our audit. Pequea Valley School District We value our relationship with you and thank you for your business. For Management Use Only 17
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