2009 Audit Report

Highlights

Type of Audit

Comprehensive Annual

Financial Report (CAFR)

-Introductory Section

-Financial Section

-Statistical Section

-Single Audit Section

Transmittal Letter

• P. 1 – Management Responsibility

• P. 2 – Debt Administration

• P. 3 – Cash Management

• P. 3-5 – Major Initiatives and Achievements

Pages 1 - 6

INTRODUCTORY SECTION

Certificates of Achievement

1983 Association of School Business Officials International – only 14 Iowa School Districts received this in 2008

1985 Governmental Finance Officers Association of the United States and Canada – only 9 Iowa School Districts received this in 2008

Pages 7-8

Management’s Discussion & Analysis2009 Financial Highlights

– All funds total net asset increased by $344,138 (p. 19)– General Fund Balance increased by $343,709– Redemption of $5,425,000 of 1998 and 1999 bonds from the

Capital Project Fund– School Nutrition Fund Balance decreased by $71,849 due to

cost of closing down the Junior High cafeteria and the start up, renovation, and addition to their new cafeteria

– Child Care Fund Balance increased by $5,698– Student Activity Fund decreased by $25,750 including $25,461

from the high school athletics fund balance for the second year in a row

Page 15

FINANCIAL SECTION

Economic Factors – District Future

• Local, State and National Economy

• Possible Decline in Enrollment

Page 24

Governmental Activities

• General Fund

• Student Activity Fund

• Debt Service

• Capital Projects – PPEL, Sales Tax

• Management Fund

Page 26-31

Governmental FundsGeneral Fund

Undesignated Fund Balance

2007 2008 2009

2,422,773 3,359,636 3,629,572

Page 28

Governmental Funds (cont)Undesignated Fund Balance

Management Fund 788,673 926,035 1,001,797 Activity Fund 353,424 321,252 294,542

Physical Plant & 593,350 631,590 790,061 Equipment Fund (PPEL)

2007 2008 2009

Page 28

Governmental Funds (cont)

Capital Projects FundUndesignated Fund Balance

Page 28

Sales Tax 6,317,073 2,467,166 2,888,503

2007 2008 2009

Business Type Activities

• School Nutrition

• Day Care

• Internal Services – Self-Funded Health

Page 32-36

Business-Type FundsUndesignated Fund Balance

Daycare 181,688 211,457 218,480

School 508,242 531,121 465,650

Nutrition

2007 2008 2009

Page 32

Internal Service FundUndesignated Fund Balance

Self-Funded 2,123,051 1,852,846 1,092,325

Health

2007 2008 2009

Page 32

Agency FundDue to Other Groups

2007 2008 2009

20,435 12,129 11,716

Page 36

Pages 61-98

P. 62-68 Financial Trends

P. 69-72 Revenue Capacity

P. 73-78 Debt Capacity

P. 79-81 Demographic and Economic

P. 82-85 Operating Information

P. 86-98 Miscellaneous

STATISTICAL SECTION

P. 69 Taxable Value Last Ten Years

P. 83 Free and Reduced Last Ten Years

P. 84-85 School Building Last Ten Years

P. 92 Official Enrollment by Grade Last Ten Years

P. 96 Average Salaries by Education

P. 97 Settlement Trends Last Ten Years

P. 98 Solvency Ratio Last Ten Years

STATISTICAL SECTION (cont)

Federal Awards

• Total Federal Awards $1,445,979

Pages 99-100

• Title I Pages 101

Schedule of Findingsand Questioned Costs

Part II Findings Related to Basic

Financial StatementsA. Inventory Controls in Place

- Building stockpiling supplies – same audit comment from 2006B. Clothing Purchased for Staff

- Clothing should be taxable or staff must pay for clothingC. Additional Compensation

- Cell phones – documentation will be required- Non-overnight travel will become taxable and the

policy will be reviewedPage 106

Part IIIFindings and Questioned Cost

for Federal Awards

No Matters of Non-Compliance

Page 107

Part IVStatutory Findings Related to Required Statutory Reporting

Page 109

D. Business Transaction

1) Transparency of transactions for purchases

2) Conflict of interest for Bill Hagge