ROCK COUNTY PUBLIC SCHOOLS Audit Presentation For the Year Ended August 31, 2018 DANA F. COLE & COMPANY, LLP CERTIFIED PUBLIC ACCOUNTANTS

Rock County Public Schools Auditors’ Report on Financial Statement Unmodified audit report Highest level of opinion Means that in our opinion the financial statements are presented fairly in all material respects in accordance with the cash basis of accounting.

Summary of Governmental Fund Balances (Page 7 of the Financial Statements) 08/31/18 08/31/17 Change General 2,077,974 2,028,167 49,807 Lunch 57,249 62,866 (5,617) Building 129,608 167,318 (37,710) QCPU 1,351 1,603 _(252) Total 2,266,182 2,259,954 6,228 Fund balances in the governmental funds include all cash, investments, and balances held by the County Treasurer.

Governmental Fund Balance Changes (Summary) (Page 3 of handout and pages 7-8 of the Financial Statements) The change in fund balances of $6,228 was minimal. Overall the Cash and Certificates of Deposit increased by $58,702 from the prior year while the Cash at the County Treasurer decreased by $52,474.

Governmental Fund Receipts (Summary) (Pages 4 & 5 of the Financial Statements) Governmental Funds 08/31/2018 8/31/17 Change RECEIPTS Property taxes 3,018,296 3,038,433 (20,137) Operating grants 813,234 719,481 93,753 State Aid 283,207 119,976 163,231 Other 132,540 116,545 15,995 Total Revenues 4,247,277 3,994,435 252,842

Governmental Fund Disbursements (Summary) (Page 4 of the Financial Statements) Governmental Funds 08/31/2018 8/31/17 Change DISBURSEMENTS Instruction 2,440,327 2,281,247 159,080 Fed and state programs 150,666 166,297 (15,631) Support Services 796,944 936,927 (139,983) General and admin. 502,212 447,459 54,753 School lunch 136,616 126,701 9,915 Capital Outlay and Other 214,284 938,571 (724,287) Total 4,241,049 4,897,202 (656,153)

Summary of Findings and Responses We have summarized on pages 44 through 45 our findings. Segregation of duties The District has a limited number of personnel in the accounting function, thus limiting its internal control procedures. We recommend that the District continue to monitor and evaluate its internal controls with the use of limited personnel and provide as much segregation of duties as determined to be feasible within its operations.

Summary of Findings and Responses (continued) Financial Statement Preparation and Review The District management is responsible for preparing the financial statements in accordance with the cash basis of accounting. Management currently relies on the auditor to propose adjustments necessary to prepare the financial statements including the related note disclosures. Management reviews such financial statements and approves all adjustments. We recommend that the District’s management continue to review the audit adjustments and understand the relationship to the underlying data.

General Discussion Most footnote disclosures are similar in nature to prior year disclosures. We encountered no difficulties in dealing with management and the staff in performing and completing our audit.