SWARTZ CREEK COMMUNITY SCHOOLS Financial Statement Presentation

Auditors’ Opinion The District received an unqualified audit opinion This is the highest level of assurance possible for the District’s financial statements The audit was conducted in accordance with: Generally accepted auditing standards Government auditing standards

Foundation Allowance

Blended Student Enrollment

General Fund Revenue Revenue Sources 09-10

General Fund Revenues & Expenditures

General Fund Fund Balance

General Fund Balance as a Percentage of Expenditures vs. State Averages June 30, 2010 Swartz Creek Community Schools June 30, 2009 State Average Fund Balance as a % of Expenditures %11.68%* Equivalent Days Based on: 181-Day School Year 24.5 Days18.75 Days Note – for example, a 13.56% fund balance is equivalent to a household with $50,000 annual income having $6,780 in a savings account. *Excluding Detroit Public Schools

Due From State & Other Governmental Units - General Fund as of June 30,

General Fund Expenditures

Retirement Rate

Sinking Fund Revenues & Expenditures

Sinking Fund Fund Balance June 30

Food Service Revenues & Expenditures

Food Service Fund Balance

Athletics Revenues, Expenditures & General Fund Contributions

Child Development Fund Revenues, Expenditures and Fund Balance

Community Education Revenues, Expenditures & General Fund Contributions

Economic Considerations

General Economic Issues  School Funding levels still in limbo as a result of State economic situation  McMillan et al v. MPSERS et al lawsuit – increased retirement rate to 20.66% for employees hired before July 1, 2010 and % for employees hired after July 1,  Declining property values will impact building and site fund

Athletic Fund Starting in – Athletic Fund will be reported in the General Fund instead of being included as a Special Revenue Fund.

Fund Balance–Under GASB 54  Nonspendable (inventories, prepaids, long-term loans and notes)  Restricted (externally imposed by grantors etc)  Committed (constrained by Board)  Assigned – Essentially what is now designated  Unassigned – Essentially what is now unreserved, undesignated.

Questions?