BERNARDS PUBLIC SCHOOLS - NJ

BERNARDS PUBLIC SCHOOLS

Township of Bernards Board of Education Basking Ridge County of Somerset New Jersey

Comprehensive Annual Financial Report For the Year Ended June 30, 2016

Township of Bernards Board of Education

Basking Ridge, New Jersey

Comprehensive Annual Financial Report For the Year Ended June 30, 2016 Prepared by Business Office

Table of Contents

INTRODUCTORY SECTION - Other Information

Page

Letter of Transmittal

1

Organizational Chart

8

Roster of Officials

9

Independent Auditors and Advisors

10

FINANCIAL SECTION

Independent Auditors' Report

11

Required Supplementary Information - Part I

Management's Discussion and Analysis

14

Basic Financial Statements Government-wide Financial Statements:

A-1 Statement ofNet Position

24

A-2 Statement of Activities

25

Fund Financial Statements:

Governmental Funds:

B-1 Balance Sheet

26

B-2 Statement of Revenues, Expenditures and Changes in Fund Balances

27

B-3 Reconciliation of the Statement of Revenues, Expenditures and Changes

in Fund Balances of Governmental Funds to the Statement of

Activities

28

Proprietary Funds:

B-4 Statement of Net Position

29

B-5 Statement of Revenues, Expenses and Changes in Fund

Net Position

30

B-6 Statement of Cash Flows

31

Fiduciary Funds:

B-7 Statement of Fiduciary Net Position

32

B-8 Statement of Changes in Fiduciary Net Position

33

Table of Contents (continued)

FINANCIAL SECTION (continued)

Notes to the Basic Financial Statements

Required Supplementary Information - Part II

Schedule of the District's Proportionate Share of the Net Pension Liability-Public Employee's Retirement System (PERS)

Schedule of District Contributions-Public Employee's Retirement System (PERS)

Schedule of the State's Proportionate Share of the Net Pension Liability Associated with the District-Teacher's Pension and Annuity Fund (TPAF)

Notes to Required Supplementary Information

Required Supplementary Information - Part III

Budgetary Comparison Schedules: C-1 Budgetary Comparison Schedule - General Fund (Budgetary

Basis) C-laCombining Schedule of Revenues, Expenditures and Changes in

Fund Balance-Budget and Actual (Budgetary Basis)- Not Applicable C-1 b Community Development Block Grant Program - Budget and Actual (Budgetary Basis)-Not Applicable C-2 Budgetary Comparison Schedule - Special Revenue Fund (Budgetary Basis) C-3 Note to Required Supplementary Information - Budget to GAAP Reconciliation

Supplementary Information D School Based Budget Schedules - Not Applicable

Special Revenue Fund: E-1 Combining Schedule of Program Revenues and Expenditures -

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

Basis -Not Applicable

Page 34

71 72

73

74

75

NIA NIA

80 81

NIA

82

NIA

11

Table of Contents (continued)

FINANCIAL SECTION (continued)

Capital Projects Fund: F-1 Schedule of Project Revenues, Expenditures, Project Balance

and Project Status - Budgetary Basis F-2 Summary Schedule of Revenues, Expenditures and Changes in

Fund Balance - Budgetary Basis

Enterprise Fund: G-1 Combining Statement ofNet Position-Not Applicable G-2 Combining Statement of Revenues, Expenses and Changes in

Fund Net Position- Not Applicable G-3 Combining Statement of Cash Flows - Not Applicable

Fiduciary Funds: H-1 Combining Statement of Fiduciary Net Position H-2 Combining Statement of Changes in Fiduciary Net Position H-3 Schedule of Cash Receipts and Disbursements - Student Activity

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

Long-Term Debt: I-1 Schedule of Serial Bonds Payable I-2 Schedule of Obligations Under Capital Leases I-3 Budgetary Comparison Schedule - Debt Service Fund

Page

84 95

NIA NIA NIA

96 97 98 100

101 102 103

111

Table of Contents (continued)

STATISTICAL SECTION (Unaudited)- Other Information

Financial Trends: J-1 Net Position by Component J-2 Changes in Net Position J-3 Fund Balances - Governmental Funds J-4 Changes in Fund Balances - Governmental Funds J-5 General Fund - Other Local Revenue by Source

Revenue Capacity: J-6 Assessed Value and Actual Value of Taxable Property J-7 Direct and Overlapping Property Tax Rates J-8 Principal Property Taxpayers J-9 Property Tax Levies and Collections

Debt Capacity: J-10 Ratios of Outstanding Debt by Type J-11 Ratios of General Bonded Debt Outstanding J-12 Ratios of Overlapping Governmental Activities Debt J-13 Legal Debt Margin Information

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

Operating Information: J-16 Full-Time Equivalent District Employees by Function/Program J-17 Operating Statistics J-18 School Building Information J-19 Schedule of Required Maintenance J-20 Insurance Schedule

Page 104 105 107 108 109

110 111 112 113

114 115 116 117

118 119

120 121 122 123 124

IV

Table of Contents (continued)

SINGLE AUDIT SECTION

K-1 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

K-2 Report on Compliance For Each Major Federal and State Program and Internal Control Over Compliance Required by Uniform Guidance and New Jersey OMB Circular 15-08

K-3 Schedule A- Schedule of Expenditures of Federal AwardsSupplementary Information

K-4 Schedule B - Schedule of Expenditures of State Financial Assistance - Supplementary Information

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

K-6 Schedule of Findings and Questioned Costs - Part I - Summary of Auditors' Results

K-7 Schedule of Findings and Questioned Costs - Parts II and III Schedule of Financial Statement Findings and Federal and State Award Findings and Questioned Costs

K-8 Summary Schedule of Prior Year Audit Findings

Page

125 127

130 131 132 135 13 7

139

v

Introductory Section

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