MEMPHIS CITY SCHOOLS - Tennessee

Back Cover

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MEMPHIS CITY SCHOOLS

A COMPONENT UNIT OF THE CITY OF MEMPHIS, TENNESSEE

COMPREHENSIVE ANNUAL FINANCIAL

REPORT

For the Fiscal year ended June 30, 2010

Memphis City Schools Memphis, Tennessee Comprehensive Annual Financial Report for the Fiscal Year Ended

June 30, 2010

Prepared by: Memphis City Schools Department of Finance

Table of Contents

INTRODUCTORY SECTION

Government Finance Officers Association Award . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Association School Business Officials Award . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Letter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Organizational Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 District Officials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

FINANCIAL SECTION

Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 Management's Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

BASIC FINANCIAL STATEMENTS

Government-wide Financial Statements: Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40

Fund Financial Statements: Balance Sheet ? Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets . . . . . . . . . . .43 Statement of Revenues, Expenditures, and Changes in Fund Balances ? Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes In Fund Balances to the Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 Statement of Revenues, Expenditures, and Changes in Fund Balance ? Budget and Actual ? General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 Statement of Revenues, Expenditures, and Changes in Fund Balance ? Budget and Actual ? Special Revenue Categorically Aided Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47 Statement of Net Assets ? Proprietary Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48 Statement of Revenues, Expenditures, and Changes in Fund Balances ? Proprietary Fund . . . . . . . . . .49 Statement of Cash Flows ? Proprietary Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 Statement of Fiduciary Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51 Statement of Changes in Fiduciary Net Assets ? Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52

Notes to the Basic Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53

REQUIRED SUPPLEMENTARY INFORMATION Schedules of Funding Progress for Memphis City Schools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79

COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Combining Statement of Net Assets ? Internal Service Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83 Combining Statement of Revenues, Expenses and Changes in Net Assets ? Internal Service Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84 Combining Statement of Cash Flows ? Internal Service Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85 Statement of Changes in Assets and Liabilities ? Agency Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 Schedule of Revenues, Expenditures and Changes in Fund Balance ? Budget and Actual ? Food Service Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91

Capital Assets Information Schedule of Revenues, Expenditures, and Changes in Fund Balance ? Budget and Actual ? Capital Projects Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92 Schedule of General Capital Assets by Function and Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93 Schedule of Changes in General Capital Assets by Function and Activity . . . . . . . . . . . . . . . . . . . . . . . .94

Debt Information Schedule of General Long-Term Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 Schedule of General Long-Term Obligations Principal and Interest Requirements . . . . . . . . . . . . . . . . . .98

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