Independent School District No Independent School District No. 318 Audit Presentation Year Ended June 30, 2017 Wipfli LLP
Audit Team Your audit team consisted of the following professionals: Deborah Medlin – Partner – 32 years Jennifer Smith – Senior Manager – 16 years Tim Bradshaw – Senior – 4 years Dave Mathewson – Staff – 3 years Zak Sharp – Staff – 1 year
Auditor Responsibility Issue an opinion on the basic financial statements Report on compliance and internal controls over financial reporting Report on compliance and internal controls over federal programs – Uniform Guidance Report on compliance with Minnesota statutes tested
Auditor Results Unmodified opinion on the basic financial statements Internal control over financial reporting Material weakness for material audit adjustments Material weakness for bank reconciliations not being performed timely No significant deficiencies or material weaknesses over compliance or internal controls over federal programs Minnesota statutes legal compliance finding None
Required Communications Auditor responsibility Audit conducted under General Accepted Auditing Standards, Government Auditing Standards, and Uniform Guidance Planned Scope and Timing of the Audit Communicated during preliminary and field work Significant accounting policies Outlined in Note 1 of the financial statements Unusual transactions – none New standards – implementation of GASB No. 82 – implementation affected disclosures but did not affect valuation of pensions
Required Communications - Continued Management Judgments and Accounting Estimates Reasonably supported Useful lives of capital assets OPEB liability Net pension liability Corrected and Uncorrected Misstatements Audit adjustments – Material audit adjustments Uncorrected adjustments – None
Required Communications - Continued Disclosures are adequate, clear and complete Other information in documents containing audited financial statements Supplementary information – in-relation to opinion Disagreements with Management None Consultations with Other Accountants
Required Communications - Continued Major Issues Discussed with Management Prior to Retention No issues other than normal planning issues Difficulties Encountered in Performing the Audit Management was cooperative and helpful Records available and in good condition
Student Enrollment
Student Enrollment
General Fund Expenditures per ADM (excluding capital expenditures)
General Fund Expenditures
General Fund Results of Operation Revenues and other financing sources were more than anticipated due to: Higher than anticipated taconite revenues Expenditures and other financing uses were more than anticipated due to: A $729,415 transfer to the Building Construction Fund
General Fund – Fund Balances
General Fund Unrestricted Fund Balance as a % of Expenditures One month of expenditures – 8% Two months of expenditures – 17% Three months of expenditures – 25% Four months of expenditures – 33%
Food Service Results of Operation and Fund Balances
Community Service Results of Operation and Fund Balances
Debt Service Fund Results of Operation and Fund Balance
OPEB Debt Service Fund Results of Operation and Fund Balance
Building Construction Fund Results of Operation and Fund Balance
Contact Information Deborah Medlin Jennifer Smith Partner Senior Manager 218.740.3914 218.740.3929 dmedlin@wipfli.com jsmith@wipfli.com
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