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Annual Financial and Compliance Audit Board of Trustees Presentation January 21, 2014 Sheldon Independent School District.

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Presentation on theme: "Annual Financial and Compliance Audit Board of Trustees Presentation January 21, 2014 Sheldon Independent School District."— Presentation transcript:

1 Annual Financial and Compliance Audit Board of Trustees Presentation January 21, 2014 Sheldon Independent School District

2 Report of Independent Auditors Audit conducted in accordance with Governmental Auditing Standards Unmodified or Clean Opinion Highest Level of assurance to be given on financial statements 2

3 Key Financial Elements Total Assets- $246.6 M Capital Assets - $179.1 M Deferred Outflows - $1.6 M Total Liabilities - $187.3 M Bonds Payable - $178.9 M Total Net Position (Equity) - $60.9 M 3

4 Revenues totaled $65.0M – Increase of $1.5M from previous year State aid accounted for 24.7% of general fund revenues 4 General Fund Financial Elements

5 Tax revenues total $47.1M – Increase of $3.5M from previous year – No change in M&O tax rate – Current tax collection rate of 98.9% – Total tax collection rate of 99.9% 5 General Fund Financial Elements

6 Expenditures totaled $63.6M – Increase of $1.4M from previous year Instruction expenditures increased by $2.2M General Fund Financial Elements 6

7 Increase to fund balance: $1.4M Total fund balance : $21.7M General fund unassigned fund balance : $19.2 M – 30.1 % of general fund expenditures 7

8 Internal Controls and Compliance Major programs tested: – Child Nutrition Cluster Unmodified opinion issued on compliance with major programs tested No material weakness or significant deficiencies reported in internal controls 8

9 Required Communications Significant Accounting Estimates – State Funding Accrual – Allowance for Uncollected Taxes – Depreciation expense on Capital Assets No Difficulties Encountered in Performing Audit No Disagreements with Management 9

10 Required Communications Management Corrected all Known Misstatements Management Consultations with Other Independent Accountants 10

11 Questions 11


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