TRACY UNIFIED SCHOOL DISTRICT ANNUAL FINANCIAL REPORT JUNE

Tracy Unified School District Annual Financial Report June-PDF Download

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TRACY UNIFIED SCHOOL DISTRICT,TABLE OF CONTENTS,JUNE 30 2014. FINANCIAL SECTION,Independent Auditor s Report 2,Management s Discussion and Analysis 5. Basic Financial Statements,Government Wide Financial Statements. Statement of Net Position 13,Statement of Activities 14. Fund Financial Statements,Governmental Funds Balance Sheet 15.
Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 17. Governmental Funds Statement of Revenues Expenditures and Changes in Fund. Balance 18, Reconciliation of the Governmental Funds Statement of Revenues Expenditures and. Changes in Fund Balance to the Statement of Activities 20. Fiduciary Fund Statement of Net Position 21,Notes to Financial Statements 22. REQUIRED SUPPLEMENTARY INFORMATION,General Fund Budgetary Comparison Schedule 51. Schedule of Other Postemployment Benefits OPEB Funding Progress 52. SUPPLEMENTARY INFORMATION,Schedule of Expenditures of Federal Awards 54. Local Education Agency Organization Structure 56,Schedule of Average Daily Attendance 57.
Schedule of Instructional Time 58, Reconciliation of Annual Financial and Budget Report with Audited Financial Statements 59. Schedule of Financial Trends and Analysis 60,Schedule of Charter Schools 61. Combining Statements Non Major Governmental Funds,Combining Balance Sheet 62. Combining Statement of Revenues Expenditures and Changes in Fund Balance 64. Note to Supplementary Information 66,INDEPENDENT AUDITOR S REPORTS. Report on Internal Control Over Financial Reporting and on Compliance and Other Matters. Based on an Audit of Financial Statements Performed in Accordance with Government. Auditing Standards 69, Report on Compliance for Each Major Program and Report on Internal Control over.
Compliance Required by the OMB Circular A 133 71,Report on State Compliance 73. SCHEDULE OF FINDINGS AND QUESTIONED COSTS,Summary of Auditor s Results 76. Financial Statement Findings 77,Federal Awards Findings and Questioned Costs 80. State Awards Findings and Questioned Costs 81,Summary Schedule of Prior Audit Findings 82. FINANCIAL SECTION,INDEPENDENT AUDITOR S REPORT,Governing Board.
Tracy Unified School District,Tracy California,Report on the Financial Statements. We have audited the accompanying financial statements of the governmental activities each major fund and the. aggregate remaining fund information of the Tracy Unified School District the District as of and for the year. ended June 30 2014 and the related notes to the financial statements which collectively comprise the District s. basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements. Management is responsible for the preparation and fair presentation of these financial statements in accordance. with accounting principles generally accepted in the United States of America this includes the design. implementation and maintenance of internal control relevant to the preparation and fair presentation of financial. statements that are free from material misstatement whether due to fraud or error. Auditor s Responsibility, Our responsibility is to express opinions on these financial statements based on our audit We conducted our. audit in accordance with auditing standards generally accepted in the United States of America and the standards. applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of. the United States and Standards and Procedures for Audits of California K 12 Local Education Agencies. 2013 2014 issued by the California Education Audit Appeals Panel as regulations Those standards require that. we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from. material misstatement, An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the. financial statements The procedures selected depend on the auditor s judgment including the assessment of the. risks of material misstatement of the financial statements whether due to fraud or error In making those risk. assessments the auditor considers internal control relevant to the District s preparation and fair presentation of the. financial statements in order to design audit procedures that are appropriate in the circumstances but not for the. purpose of expressing an opinion on the effectiveness of the District s internal control Accordingly we express. no such opinion An audit also includes evaluating the appropriateness of accounting policies used and the. reasonableness of significant accounting estimates made by management as well as evaluating the overall. presentation of the financial statements, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit. 5000 Hopyard Road Suite 335 Pleasanton CA 94588 Tel 925 734 6600 Fax 925 734 6611 www vtdcpa com. FRESNO LAGUNA HILLS PALO ALTO PLEASANTON RANCHO CUCAMONGA RIVERSIDE SACRAMENTO. In our opinion the financial statements referred to above present fairly in all material respects the respective. financial position of the governmental activities each major fund and the aggregate remaining fund information. of the Tracy Unified School District as of June 30 2014 and the respective changes in financial position and. where applicable cash flows thereof for the year then ended in accordance with accounting principles generally. accepted in the United States of America,Other Matters.
Required Supplementary Information, Accounting principles generally accepted in the United States of America require that the Management. Discussion and Analysis and the General Fund Budgetary Comparison Schedule and Schedule of Other Post. Employment Benefits OPEB Funding Progress be presented to supplement the basic financial statements Such. information although not a part of the basic financial statements is required by the Governmental Accounting. Standards Board who considers it to be an essential part of financial reporting for placing the basic financial. statements in an appropriate operational economic or historical context We have applied certain limited. procedures to the required supplementary information in accordance with auditing standards generally accepted in. the United States of America which consisted of inquiries of management about the methods of preparing the. information and comparing the information for consistency with management s responses to our inquiries the. basic financial statements and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not. provide us with sufficient evidence to express an opinion or provide any assurance. Other Information, Our audit was conducted for the purpose of forming opinions on the financial statements that collectively. comprise the Tracy Unified School District s basic financial statements The accompanying supplementary. information such as the Combining Statements Nonmajor Governmental Funds and Schedule of Expenditures of. Federal Awards as required by Office of Management and Budget Circular A 133 Audits of States Local. Governments and Non Profit Organizations and the other supplementary information as listed in the table of. contents are presented for purposes of additional analysis and are not a required part of the basic financial. statements, The accompanying supplementary information is the responsibility of management and was derived from and. relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial. statements and certain additional procedures including comparing and reconciling such information directly to. the underlying accounting and other records used to prepare the basic financial statements or to the basic financial. statements themselves and other additional procedures in accordance with auditing standards generally accepted. in the United States of America In our opinion the accompanying supplementary information is fairly stated in. all material respects in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards. In accordance with Government Auditing Standards we have also issued our report dated December 15 2014 on. our consideration of the Tracy Unified School District s internal control over financial reporting and on our tests. of its compliance with certain provisions of laws regulations contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and. compliance and the results of that testing and not to provide an opinion on internal control over financial. reporting or on compliance That report is an integral part of an audit performed in accordance with Government. Auditing Standards in considering Tracy Unified School District s internal control over financial reporting and. compliance,Pleasanton California,December 15 2014,TRACY UNIFIED SCHOOL DISTRICT. MANAGEMENT S DISCUSSION AND ANALYSIS,JUNE 30 2014, This section Tracy Unified School District s the District annual financial report presents our discussion and.
analysis of the District s financial performance during the fiscal year that ended on June 30 2014 Please read it. in conjunction with the District s financial statements which immediately follow this section. OVERVIEW OF THE FINANCIAL STATEMENTS,The Financial Statements. The financial statements presented herein include all of the activities of the District and its component units using. the integrated approach as prescribed by Governmental Accounting Standards Board GASB Statement No 34. The Government Wide Financial Statements present the financial picture of the District from the economic. resources measurement focus using the accrual basis of accounting They present governmental activities and. business type activities separately These statements include all assets of the District including capital assets as. well as all liabilities including long term obligations Additionally certain eliminations have occurred as. prescribed by the statement in regards to interfund activity payables and receivables. The Fund Financial Statements include statements for each of the two categories of activities governmental and. The Governmental Activities are prepared using the current financial resources measurement focus and modified. accrual basis of accounting, The Fiduciary Activities are prepared using the economic resources measurement focus and the accrual basis of. accounting, Reconciliation of the Fund Financial Statements to the Government Wide Financial Statements is provided to. explain the differences created by the integrated approach. The Primary unit of the government is Tracy Unified School District. REPORTING THE DISTRICT AS A WHOLE, The Statement of Net Position and the Statement of Activities. The Statement of Net Position and the Statement of Activities report information about the District as a whole and. about its activities These statements include all assets and liabilities of the District using the accrual basis of. accounting which is similar to the accounting used by most private sector companies All of the current year s. revenues and expenses are taken into account regardless of when cash is received or paid. These two statements report the District s net position and changes in them Net position is the difference. between assets and deferred outflows of resources and liabilities and deferred inflows of resources which is one. way to measure the District s financial health or financial position Over time increases or decreases in the. District s net position will serve as a useful indicator of whether the financial position of the District is improving. or deteriorating Other factors to consider are changes in the District s property tax base and the condition of the. District s facilities,TRACY UNIFIED SCHOOL DISTRICT.
MANAGEMENT S DISCUSSION AND ANALYSIS,JUNE 30 2014, The relationship between revenues and expenses is the District s operating results Since the governing board s. responsibility is to provide services to our students and not to generate profit as commercial entities do one must. consider other factors when evaluating the overall health of the District The quality of the education and the. safety of our schools will likely be an important component in this evaluation. In the Statement of Net Position and the Statement of Activities we separate the District activities as follows. Governmental Activities The District reports all of its services in this category This includes the education of. kindergarten through grade twelve students adult education students the operation of child development. activities and the on going effort to improve and maintain buildings and sites Property taxes State income. taxes user fees interest income Federal State and local grants as well as general obligation bonds finance these. activities,REPORTING THE DISTRICT S MOST SIGNIFICANT FUNDS. Fund Financial Statements, The fund financial statements provide detailed information about the most s. of the Tracy Unified School District as of June 30 2014 and the respective changes in financial position and where applicable cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America Other Matters Required Supplementary Information

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