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Pequea Valley School District 2017 Audit December 14, 2017

Pequea Valley School District 2017 Audit December 14, 2017. Introduction. Independent Auditors’ Report for the year ended June 30, 2017 Management’s Discussion and Analysis. Unaudited information prepared by John Bowden, Chief of Finance and Operations.

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Pequea Valley School District 2017 Audit December 14, 2017

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  1. Pequea Valley School District 2017 Audit December 14, 2017

  2. Introduction • Independent Auditors’ Report for the year ended June 30, 2017 • Management’s Discussion and Analysis. Unaudited information prepared by John Bowden, Chief of Finance and Operations. • Government Wide Statements - Full accrual basis statements.

  3. Governmental ActivitiesHistorical Analysis

  4. Historical and Budget to Actual Analysis

  5. General Fund Results

  6. General Fund Results

  7. Capital Projects Fund

  8. GASB No. 54 – Fund Balance Reporting and Governmental Type Definitions

  9. Food Service Fund

  10. Internal Service Fund

  11. Pending Changes in Accounting Principles GASB Statement No. 75 - Accounting and Financial Reporting for Postemployment Benefits Other than Pensions (OPEB) • Improve accounting and financial reporting for state and local government • Required recordation of unfunded actuarial accrued liability upon implementation on the GW financial statements and proprietary funds • Requires recordation of the School District’s proportionate share of PSERS liability for premium assistance plan • Changes to assumptions used by the actuaries to calculate the OPEB liability • Effective for the School District’s June 30, 2018 financial statements and will include additional footnote disclosures and required supplementary information

  12. 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 • Supplemental Schedules provide additional detail to basic financial statements • Single Audit (Compliance Audit of the School District’s Federal Grants) and Related Reports

  13. PSERS • Pension Reform • As of 6/30/16, PSERS plan was approximately 50% funded (about $50 billion unfunded liability) • PV’s proportionate share .0886% • Normal Cost 8.31 • Unfunded Liability 20.89 • Premium Assistance .83 30.03%

  14. Single Audit • Compliance audit of federal awards • Major programs tested were Special Education Grants, Child Nutrition and Title II • No findings or questioned costs

  15. This presentation is intended solely for the information and use of the management of Pequea Valley School District and the School Board and is not intended to be and should not be used by anyone other than these specified parties.

  16. About trout, Ebersole & Groff LLP

  17. Who We Are

  18. Our Community Leadership

  19. Our Professional Commitment

  20. Industry Expertise

  21. Your Partner • Areas of Expertise: • Fraud Risk Management • Fraud Investigations • Not-for-Profit Organizations • Governmental & Single Audits • Member of: • American Institute of Certified Public Accountants • Pennsylvania Institute of Certified Public Accountants • Association of Certified Fraud Examiners • Pennsylvania Association of School Business Officials • Government Finance Officers Association (Special Review Committee) Carol Roland, CPA, CFE, MBA Direct: 717-358-9154 Email: croland@troutcpa.com

  22. LANCASTER OFFICE 1705 Oregon Pike, Lancaster, PA 17601 Phone 717-569-2900 · Toll Free 800-448-1384 · Fax 717-569-0141 CAPITAL REGION OFFICE 5000 Ritter Road, Suite 104, Mechanicsburg, PA 17055 Phone 717-697-2900 · Toll Free 800-448-1384 · Fax 717-697-2002 www.troutcpa.com

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