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INDEPENDENT SCHOOL DISTRICT NO. 885 St. Michael-Albertville, Minnesota Audited Financial Statements June 30, 2012.

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Presentation on theme: "INDEPENDENT SCHOOL DISTRICT NO. 885 St. Michael-Albertville, Minnesota Audited Financial Statements June 30, 2012."— Presentation transcript:

1 INDEPENDENT SCHOOL DISTRICT NO. 885 St. Michael-Albertville, Minnesota Audited Financial Statements June 30, 2012

2 Independent Auditor’s Reports Unqualified Opinion – Best Opinion Auditor can Issue Financial Statements Present Fairly in all material respects the financial position and change in financial position of the governmental activities, each major fund and the aggregate remaining funds Unqualified Opinion on Single Audit Compliance – Child Nutrition Program and Education Jobs Minnesota Legal Compliance – four findings – EFT policy, performance/payment bonds, bidding threshold, awarding contracts

3 General Fund Budget Revenue of $ 42.0 million Expenditures of $ 41.9 million Net increase in fund balance of approximately $ 104 thousand

4 General Fund Performance Actual Revenue $ 43.2 million – $ 1.2 million over budget – Student Activities and Federal monies Actual Expenditures $ 42.9 million - $ 1.0 million over budget – Student Activities and Special Education Fund Balance increased $ 277 thousand to a year end balance of $ 8.5 million

5 INDEPENDENT SCHOOL DISTRICT NO. 885 RESIDENT AVERAGE DAILY MEMBERSHIP

6 INDEPENDENT SCHOOL DISTRICT NO. 885

7 INDEPENDENT SCHOOL DISTRICT NO. 885 PUPIL WEIGHTING BY GRADE

8 INDEPENDENT SCHOOL DISTRICT NO. 885 TOTAL WADM SERVED

9 INDEPENDENT SCHOOL DISTRICT NO. 885

10

11

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13 INDEPENDENT SCHOOL DISTRICT NO. 885 GENERAL FUND EXPENDITURES

14 INDEPENDENT SCHOOL DISTRICT NO. 885

15 INDEPENDENT SCHOOL DISTRICT NO. 885 REVENUE PER ADM SERVED

16 INDEPENDENT SCHOOL DISTRICT NO. 885 EXPENDITURES PER ADM SERVED

17 INDEPENDENT SCHOOL DISTRICT NO. 885

18 INDEPENDENT SCHOOL DISTRICT NO. 885 GENERAL FUND PERFORMANCE

19 INDEPENDENT SCHOOL DISTRICT NO. 885 GENERAL FUND BALANCE BY CATEGORY

20 INDEPENDENT SCHOOL DISTRICT NO. 885

21

22 INDEPENDENT SCHOOL DISTRICT NO. 885 DISTRICT LONG-TERM DEBT

23 INDEPENDENT SCHOOL DISTRICT NO. 885

24 INDEPENDENT SCHOOL DISTRICT NO. 885 TAX LEVY AND TAX RATE

25 INDEPENDENT SCHOOL DISTRICT NO. 885

26

27 INDEPENDENT SCHOOL DISTRICT NO. 885 FOOD SERVICE FUND

28 INDEPENDENT SCHOOL DISTRICT NO. 885 COMMUNITY SERVICE FUND

29 Audit Findings & Recommendations Material Audit Adjustments Lack of Segregation of Accounting Duties Preparation of Financial Statements Offsite Cash Collections

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