1. Annual Financial and Compliance Audit Board of Trustees Presentation January 18, 2016 Clear Creek Independent School District

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

3. GASB Statement #68 & #71 Effective for fiscal years beginning after June 15, 2014 Changes financial reporting for pensions – Net unfunded pension liability is reported on Statement of Net Position. Impact to the District – District’s portion of the net pension liability at end of 2015 fiscal year is estimated to be $34,303,532 3

4. Key Financial Elements Total Assets- $1.1 B Capital Assets - $710.7 M Deferred Outflows - $35.9 M Total Liabilities - $1.1 B Bonds Payable - $964.9 M Net Pension Liability - $34.3 M Deferred Inflows – $10.5 M Total Net Position (Equity) - $44.0 M 4

5. Revenues totaled $304.3M – Increase of $15.8 M from previous year State aid accounted for 38.71% of general fund revenues 5 General Fund Financial Elements

6. Property tax revenues total $177.0 M – Increase of $10.9 M from previous year – No change in M&O tax rate – Current tax collection rate of 99.4% – Total tax collection rate of 99.6% 6 General Fund Financial Elements

7. Expenditures totaled $298.2 M – Increase of $15.4 M from previous year Instruction expenditures increased by $10.8 M General Fund Financial Elements 7

8. Increase to fund balance: $83 K Total fund balance : $57.6 M General fund unassigned fund balance - $53.6 M – 18.0% of general fund expenditures 8

9. Internal Controls and Compliance Major programs tested: – Child Nutrition Cluster – Community Coalition Partnership Grant Unmodified opinion issued on compliance with major programs tested No material weakness reported in internal controls 9

10. Questions 10