1. Independent School District No. 51
Foley, Minnesota
Financial Statements
June 30, 2016
bergankdv.com
October 17, 2016

2. Audit Results Independent Auditor’s Report – Unmodified Opinion1
Independent Auditor’s Report – Unmodified Opinion
Single Audit in Accordance with OMB Uniform Guidance – Unmodified Opinion on Child Nutrition
Government Auditing Standards Report – Three findings: Lack of Segregation of Accounting Duties, Preparation of Financial Statements and Audit Adjustments
Minnesota Legal Compliance – IC-134
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3. General Fund - Budget to Actual Revenue Budgeted at $ 17.9 million2
Revenue Budgeted at $ 17.9 million
Expenditures Budgeted at $ 18.4 million
$ 406 thousand decrease in fund balance budgeted
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4. General Fund - Budget to Actual3
Actual Revenue was $ 18.4 million; $ 409 thousand over budget after factoring out pension in-kind activity = 0.1% variance
Actual Expenditures were $ 19.2 million; $ 795 thousand over budget after factoring out pension in-kind activity = 0.3% variance
Technology Purchases, Settled Contracts & Back pay, and School Psychologist
$ 790 thousand decrease in fund balance
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5. General Education Formula Allowance4
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6. Average Daily Membership and Pupil Units (ADM)5
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7. Resident ADM 6
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8. Weighted Average Daily Membership Served7
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9. Students Served (PUN) 8
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10. General Fund Sources of Revenue9
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11. General Fund Sources of Revenue10
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12. General Fund Revenues
Budget and Actual 11
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13. General Fund Expenditures Budget and Actual12
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14. General Fund Expenditures13
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15. Revenues Per ADM Served14
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16. Revenues Per ADM Served15
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17. Expenditures Per ADM
Served 16
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18. Expenditures Per ADM
Served 16
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19. General Fund Operations16
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20. General Fund Financial Position16
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21. Food Service Fund 16
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22. Meals Served to Students16
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23. Community Service Fund16
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24. Questions Andrew Grice, CPA Audit Manager (952) 563-6862 Thank you! 16
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