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Sheldon Independent School District

Sheldon Independent School District. Annual Financial and Compliance Audit Board of Trustees Presentation January 19, 2010. Report of Independent Auditors. Audit conducted in accordance with Governmental Auditing Standards Unqualified or Clean Opinion

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Sheldon Independent School District

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  1. Sheldon Independent School District Annual Financial and Compliance Audit Board of Trustees Presentation January 19, 2010

  2. Report of Independent Auditors • Audit conducted in accordance with Governmental Auditing Standards • Unqualified or Clean Opinion • Highest Level of assurance to be given on financial statements

  3. Key Financial Elements • Cash and Investments - $57.1 M • Uncollected Property Taxes - $4.5 M • Capital Assets - $156.0 M • Bonds Payable - $161.3 M • Total Net Assets (Equity) - $46.0 M • Unrestricted Net Assets - $25.0 M

  4. General Fund Financial Elements • Revenues totaled $56.2M • Increase of $2.0 M from previous year • State aid accounted for 29.5% of general fund revenues • State revenues decreased by $1.7 M

  5. General Fund Financial Elements • Tax revenues total $38.9M • Increase of $4.3 M from previous year • No change in M&O tax rate of $1.04 • Current tax collection rate of 96.7% • Total tax collection rate of 99.0%

  6. General Fund Financial Elements • Expenditures totaled $57.1 M • Expenditures increased by $9.7 M • Instruction expenditures increased by $1.9 M • Represents 48.69% of general fund expenditures • Chapter 41 payments increased by $4.2 M

  7. General Fund Financial Elements • Payroll Costs totaled $40.3 M • Payroll costs increased by $3.1 M • Contracted services expenditures increased by $4.2 M

  8. General Fund Financial Elements • Decrease to fund balance - $1.1 M • Total fund balance - $21.9 M • General fund (budget) balance - $11.0 M • 19.3% of general fund expenditures

  9. Debt Service Fund • Total debt service expenditures - $10.4 M • No change in debt service tax rate of $0.39 • Fund balance totaled $14.1 M • Assets held in trust for QZAB’s - $5.3 M • New average annual debt requirement - $9.2 M

  10. Internal Controls and Compliance • No material weaknesses noted in internal controls. Recommendations for improvements: • Purchase order approval • Segregation of duties in payroll • Segregation of duties in accounts payable • Journal entries • No instances of noncompliance noted

  11. Questions and Answers

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