Rodney O. Jackson, MBA, C.S.F.O., GMC District Financial Services

Fayette County Public Schools

11/21/16

Audit Procurement Process

• Open & Competitive Bids

• Comprehensive Request For Proposal (RFP)

• Give priority to auditor’s qualifications Skills, Knowledge, and Expertise

Resources

• Audit Cost

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Strothman and Company

• Bill Meyer, Managing Partner

• Jeanna Jones, Partner on site

Audit Services- 3 Audits

• District Wide

• School Activity Funds

• Federal Grants Audit

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Audit Engagement Letter & other written agreement

State Committee for School District Audits (SCSDA)

Annual Audit Contract - Due May 28th

Audit is performed July 1 through November 15th

Audit is due November 15th

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Goal - Minimize the risk of a substandard audit

• Select a quality auditor

• Assist Auditor to perform a quality audit

• Protect the revenues and expenditures of the district so that ALL kids have access to resources to become college and career ready

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Review proposed adjustments & management comments with responses -ask questions

Prepare Financial Statements & MD&A

Facilitate an exit conference

Submit Audited AFR & Balance Sheet - Due Nov. 15th to KDE and post audit at www.fcps.net

Verify Audit Report submitted by the auditor on Nov. 15th

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The audit was presented on November 10th ◦ In detail to The Audit Committee appointed by the board

◦ In summary to Fayette County Board of Education

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Independent Auditor’s Report

Management’s Discussion and Analysis (MD&A)

Basic Financial Statements: • Government-Wide Financial Statements

• Fund Financial Statements

• Notes to the Financial Statements

Required and Other Supplemental Information

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Notes to the Financial Statements

Required Supplementary Information

• Budget Comparison Information

• Combining Balance Sheet

• A-133 Single Audit Report - 2 CFR part 200, subpart F

Schedule of Expenditures of Federal Awards (SEFA)

Notes to the SEFA

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Required Supplementary Information

• Schedule of Findings & Questioned Costs (if any)

• Management comments & responses

• (current & prior year)

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Financial Statements • Fair presentation

• Reasonable assurance

• Materiality

Goal - The financial statements to be free of misstatements significant enough to matter to a user or adversely affect a user’s decision-making.

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Auditor’s Opinion

• Unmodified “CLEAN”

• This is the Highest Opinion possible

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Fund Balance- Balance at the end of Fiscal Year as of June 30, 2016

• Excess of revenues over expenditures

• Increased from $36.4 to $49.5 Million

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Financial Performance - Personal

• Net Position: Increased $28 million

oOn behalf revenue and expenses $78.9 million

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We experienced an increase in fund balance and net position for 2 consecutive years.

Bond Rating and School Construction/Renovation • Improved credit

• Lower interest rates

• Assists with Facilities Plan

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THANK YOU!

• Financial Services Team:

o Becky Riley, Associate Director Accounting/Tax

o Tiffany Williams, Associate Director Finance

o Tracy Dennis, Associate Director Employee Benefits

o Jill Garrett, MUNIS Support Analysis

oQuoya Shegog, Grant Accountant

oNick Clark, Payroll Accounting Manger

o Entire Financial Services and Audit Committee Team

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