neptune - new neptune township board of education 60 neptune boulevard neptune township county of...

Click here to load reader

Post on 07-Jan-2020

6 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

  • School District of

    NEPTUNE TOWNSHIP

    Neptune Township Board of Education Neptune, New Jersey 07753

    Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2012

  • School District of

    Neptune Township

    Neptune Township Board of Education Neptune Township, New Jersey

    Comprehensive Annual Financial Report For the Year Ended June 30, 2012

    Prepared by

    Neptune Township School District Business Division

  • INTRODUCTORY SECTION

    Letter of Transmittal Organization Chart Roster of Officials

    Table of Contents

    Independent Auditors aI).d Advisors Certificate of Excellence

    FINANCIAL SECTION

    Independent Auditors' Report

    Required Supplementary Information - Part I Management's Discussion and Analysis

    Basic Financial Statements Government-wide Financial Statements:

    A-I Statement of Net Assets A-2 Statement of Activities

    Fund Financial Statements:

    Governmental Funds:

    Page

    1 8 9

    10 12

    13

    16

    26 27

    B-1 Balance Sheet 28 B-2 Statement of Revenues, Expenditures, and Changes in Fund Balance 29 B-3 Reconciliation of the Statement of Revenues, Expenditures and Changes

    in Fund Balance to the Statement of Activities - Governmental Funds 30

    Enterprise Funds: B-4 Statement of Net Assets 31 B-5 Statement of Revenues, Expenses and Changes in Fund Net Assets 32 B-6 Statement of Cash Flows 33

    Fiduciary Funds: B-7 Statement of Fiduciary Net Assets 34 B-8 Statement of Changes in Fiduciary Net Assets 35

    Notes to the Basic Financial Statements 36

  • Table of Contents (continued) Page

    FINANCIAL SECTION (continued) Required Supplementary Information - Part II

    Budgetary Comparison Schedules: C-l Budgetary Comparison Schedule - General Fund 63 C-l a Combining Budgetary Comparison Schedule - General Fund 72 C-l b Education Jobs Fund Program - Budget and Actual 80 C-2 Budgetary Comparison Schedule - Special Revenue Fund 81 C-3 Note to Required Supplementary Information - Budget to

    GAAP Reconciliation 82

    Supplementary Information School Level Schedules:

    D-l Combining Balance Sheet 83 D-2 Blended Resource Fund 15 - Schedule of Expenditures Allocated

    by Resource Type - Actual 84 D-3 Blended Resource Fund 15 - Schedule of Blended Expenditures-

    Budget and Actual 92

    Special Revenue Fund: E-l Combining Schedule of Program Revenues and Expenditures -

    Budgetary Basis 117 E-2 Schedule of Preschool Education Program Aid Expenditures-

    Budgetary Basis 122

    Capital Projects Fund: F-l Schedule of Revenues, Expenditures and Changes in Fund N/A

    Balance-not applicable F-2 Summary Schedule of Project Expenditures 123

    Enterprise Funds: G-l Statement of Net Assets-not applicable N/A G-2 Statement of Revenues, Expenses, and

    Changes in Fund Net Assets-not applicable N/A G-3 Statement of Cash Flows-not applicable NI A

    11

  • Table of Contents (continued)

    FINANCIAL SECTION (continued) Supplementary Information (continued)

    Fiduciary Funds:

    Page

    H-l Combining Statement of Fiduciary Net Assets 124 H-2 Statement of Changes in Fiduciary Net Assets - not applicable N/A H-3 Schedule of Cash Receipts and Cash Disbursements - Student 125

    Activity Agency Fund H-4 Schedule of Cash Receipts and Cash Disbursements - Payroll 126

    Agency Fund

    Long-Term Debt: I-I Schedule of Serial Bonds Payable 127 1-2 Schedule of Certificates of Participation Payable 128 1-3 Budgetary Comparison Schedule - Debt Service Fund 129

    STATISTICAL SECTION-Other information (Unaudited)

    Financial Trends: J-l Net Assets by Component 130 J-2 Changes in Net Assets 131 J-3 Fund Balances, Governmental Funds 133 J-4 Changes in Fund Balances - Governmental Funds 134 J-5 General Fund Other Local Revenue by Source 135

    Revenue Capacity: J-6 Assessed Value and Actual Value of Taxable Property 136 J-7 Direct and Overlapping Property Tax Rates 137

    J-8 Principal Property Tax Payers 138 J-9 Property Tax Levies and Collections 139

    Debt Capacity: J-I0 Ratios of Outstanding Debt by Type 140 J-11 Ratios of Net General Bonded Debt Outstanding 141 J-12 Ratios of Overlapping Governmental Activities Debt 142 J-13 Legal Debt Margin Information 143

    Demographic and Economic Information: J-14 Demographic and Economic Statistics 144 J-15 Principal Employers 145

    Operating Information: J-16 Full-Time Equivalent District Employees by 146

    FunctionlProgram J-17 Operating Statistics 147 J-18 School Building Information 148 J-19 Schedule of Required Maintenance for School Facilities 149 J-20 Insurance Schedule 150

    11l

  • Table of Contents (continued)

    SINGLE AUDIT SECTION

    K -1 Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards 152

    K-2 Independent Auditors' Report on Compliance With Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 and New Jersey OMB Circular 04-04 154

    K-3 Schedule A- Schedule of Expenditures of Federal Awards 157 K-4 Schedule B - Schedule of Expenditures of State Financial

    Assistance 158 K-5 Notes to Schedules of Expenditures of Federal Awards and State

    Financial Assistance 160 K-6 Schedule of Findings and Questioned Costs 163 K-7 Summary Schedule of Prior Year Audit Findings 168

    IV

  • Introductory Section

  • NEPTUNE TOWNSHIP SCHOOL DISTRICT

    October 22, 2012

    Honorable President and Members of the Neptune Township Board of Education

    60 Neptune Boulevard Neptune Township County of Monmouth, New Jersey

    Dear Board Members and Constituents:

    60 NEPTUNE BOULEVARD NEPTUNE, NJ 01753-4836 TELEPHONE: 732.776.2000

    The comprehensive annual financial report of the Neptune Township School District (the "District") as of and for the year ended June 30, 2012 is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Board of Education. To the best of our knowledge and belief, the data presented in this report is accurate in all material respects and is reported in a manner designed to present fairly the financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information at June 30, 2012 and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included.

    The comprehensive annual financial report is presented in four sections: introductory, financial, statistical and single audit. The introductory section includes this transmittal letter (designed to be read in conjunction with management's discussion and analysis), the District's organization chart, independent auditors and advisors, certificate of excellence in financial reporting, and a roster of officials. The financial section includes Management's discussion and analysis (presented immediately after the report of independent auditors), the basic financial statements, required supplementary information and other supplementary information, as well as the auditors' report thereon. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis and is unaudited. The District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act Amendments of 1996, the U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and the New Jersey OMB Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid Payments. Information related to this Single Audit, including the auditors' report on the internal control and compliance with applicable laws and regulations and findings and recommendations, if applicable, are included in the single audit section of this report.

    1 A COMMUNITY OF LEARNERS

  • 1. Reporting Entity and its Services

    The District is an independent repOliing entity within the criteria adopted by the Governmental Accounting Standards Board ("GASB"). All funds and the government- wide financial statements of the District are included in this repOli. The Neptune Township Board of Education with all its schools constitute the District's reporting entity and does not have any component units and is not considered a component unit of any other governmental entity. The District provides a full range of educational services appropriate to grade levels Pre-K through 12. These include regular, vocational, as well as special education for handicapped students. The District completed the 2011-2012 fiscal year with an average daily em-ollment of 4,373 students. The following details the changes in the student em-ollment of the District over the last five years.

    Average Daily Enrollment Fiscal Student Percent Year Enrollment Change

    2012 2011 2010 2009 2008

View more