1. Presentation of Audited Financial Statements June 30, 2011
Public Schools of Petoskey
Presentation of Audited Financial Statements June 30, 2011

2. Independent Auditors’ Report
Unqualified Opinion – Financial statements are fairly presented, in all material respects, in conformity with Generally Accepted Accounting Principles.

3. Audit Report Sections
Management‘s Discussion and Analysis – pages 3-10
Basic Financial Statements – pages 11-32
Supplementary Information– pages 33-55
Single Audit Act Compliance – pages 56-65

4. District-Wide Financial Statements
Total capital assets, net of depreciation (page 26) - $46,505,769
Capital asset additions - $990,613
Depreciation expense - $1,703,392
Total long term debt (page 27) - $17,537,697 includes
Bonds payable
Land contracts
Early retirement incentives
Compensated absences
Repayments during fiscal $1,994,195
Payments due during fiscal $1,973,046

5. GASB 54 – Fund Balances and Special Revenue Fund Classifications
New fund balance classifications
Nonspendable
Restricted
Committed
Assigned
Unassigned
Special revenue fund classification

6. Fund Financial Statements
General Fund (Pages 13-17)
Fund Balance - $2,876,553
Increase from the prior year of $212,979 compared to final budgeted decrease of $147,002
Ending fund balance is 11.5% of one years expenditures.
Includes the Athletic Fund
Food Service (Pages 39-40)
Fund Balance - $104,708
Increase of $32,957

7. Financial Statement Pages 56-65
Single Audit
The District expended $1,522,590 in Federal Awards
Unqualified opinion on compliance related to Federal programs
No findings or questioned costs related to compliance with the requirements of Federal Awards
Financial Statement Pages 56-65

8. General Fund Expenditures

9. General Fund Revenues Compared to Expenditures

10. General Fund Fund Balance Compared to Expenditures

11. General Fund Budget to Actual Comparison

12. General Fund Revenue Per Pupil

13. General Fund Expenditures Per Pupil

14. General Fund Operating Expenditures Per Pupil

15. General Fund Instructional Expenditures Per Pupil

16. Thank you for choosing Rehmann
Any Questions?
Again, I want to say thanks to the Board for your business and thanks to management and to the staff for being well-prepared for the audit.
Are there any questions?