GALVESTON INDEPENDENT SCHOOL DISTRICT

ANNUAL FINANCIAL REPORT

of the

GALVESTON INDEPENDENT SCHOOL DISTRICT

For the Year Ended August 31, 2011

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GALVESTON INDEPENDENT SCHOOL DISTRICT

TABLE OF CONTENTS August 31, 2011

INTRODUCTORY SECTION

Certificate of Board

FINANCIAL SECTION

Independent Auditors' Report Management's Discussion and Analysis

BASIC FINANCIAL STATEMENTS

Government-Wide Financial Statements Statement of Net Assets Statement of Activities

Fund Financial Statements Governmental Funds Financial Statements Balance Sheet - Governmental Funds Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities Proprietary Fund Financial Statements Statement of Net Assets Statement of Revenues, Expenses, and Changes in Fund Net Assets Statement of Cash Flows

Fiduciary Fund Financial Statements Statement of Fiduciary Net Assets - Fiduciary Funds Statement of Changes in Fiduciary Net Assets - Fiduciary Funds

Notes to Financial Statements

REQUIRED SUPPLEMENTARY INFORMATION

Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual - General Fund

OTHER SUPPLEMENTARY INFORMATION

Combining Balance Sheet - Nonmaj or Governmental Funds Combining Statement of Revenues, Expenditures, and Changes in Fund

Balances - Nonmajor Governmental Funds Combining Statement of Net Assets - Internal Service Funds

Page

3

7 11

18 19

20 23

24 27 28 29 31

32 33 35

55

58 68 78

Exhibit

A-1 B-1

C-1 C-1R C-2 C-3 D-1 D-2 D-3 E-1 E-2

G-1

H-1 H-2 H-3

GALVESTON INDEPENDENT SCHOOL DISTRICT

TABLE OF CONTENTS (Continued) August 31, 2011

Combining Statement of Revenues, Expenses, and Changes in Net Assets -

Internal Service Funds

79

H-4

Combining Statement of Cash Flows - Internal Service Funds

81

H-5

Combining Statement of Fiduciary Net Assets - Fiduciary Funds

82

H-6

Combining Statement of Changes in Fiduciary Net Assets - Fiduciary Funds

84

H-7

Schedule of Delinquent Taxes Receivable

86

J-1

Schedule of Expenditures for Computation of Indirect Costs

88

J-2

Fund Balance and Cash Flow Calculation Schedule (Unaudited) - General Fund

91

J-3

Budgetary Comparison Schedule - National School Breakfast and Lunch Program

92

J-4

Budgetary Comparison Schedule - Debt Service Fund

93

J-5

FEDERAL AWARDS SECTION

Independent Auditors' 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

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

Summary Schedule of Prior Audit Findings Summary Schedule of Findings and Questioned Costs Schedule of Expenditures of Federal Awards Notes to Schedule of Expenditures of Federal Awards Schedule of Required Responses to Selected School First Indicators

97

99

101

103

105

K-1

107

109

L-1

INTRODUCTORY SECTION

1

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