Lancaster County School District 001 - Lincoln Public Schools, Lincoln ...

Lancaster County School District 001 Lincoln Public Schools, Lincoln, Nebraska

Financial Statements and Supplemental Schedules Modified Cash Basis

Independent Auditors' Opinion on Basic Financial Statements and Reports on Internal Control and Compliance For the Year Ended August 31, 2017

LANCASTER COUNTY SCHOOL DISTRICT 001 LINCOLN PUBLIC SCHOOLS

TABLE OF CONTENTS

INDEPENDENT AUDITORS' REPORT

BASIC FINANCIAL STATEMENTS - MODIFIED CASH BASIS:

Government-wide Financial Statements: Statement of Net Position Statement of Activities

Fund Financial Statements: Statement of Assets, Liabilities and Fund Balances - Governmental Funds Statement of Receipts, Expenditures, and Changes in Fund Balances Governmental Funds

Notes to the Basic Financial Statements

SUPPLEMENTARY INFORMATION:

Individual Fund Schedules of Receipts, Expenditures and Fund Balance Modified Cash Basis - Budget and Actual

Combined Schedule of Cash Receipts, Expenditures and Fund Balances

Schedule of Operational Expenditures - General Fund

Schedule of Expenditures of Federal Awards

INTERNAL CONTROL AND COMPLIANCE REPORTS:

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 for Each Major Program and on Internal Control Over Compliance in Accordance with the Uniform Guidance

Schedule of Findings and Questioned Costs

Summary Schedule of Prior Audit Findings

Page 1-2

3 4 5 6 7-20

21-32 33

34-37 38-40

41-42

43-44 45 46

HSMC ORIZON LLC CPAs,BUSINESS & TECHNOLOGY CONSULTANTS 16924 FRANCES STREET OMAHA, NEBRASKA 68130

402.330.7008 / PHONE 402.330.6851 / FAX

November 1, 2017

INDEPENDENT AUDITOR'S REPORT

Board of Education Lancaster County School District 001 - Lincoln Public Schools Lincoln, Nebraska

Report on the Financial Statements

We have audited the accompanying modified cash basis financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Lancaster County School District 001 - Lincoln Public Schools (the "School District"), as of and for the year ended August 31, 2017, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the modified cash basis of accounting described in Note A; this includes determining that the modified cash basis of accounting is an acceptable basis for the preparation of the financial statements in the circumstances. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the comptroller general of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

-1-

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective modified cash basis financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the School District as of August 31, 2017, and the respective changes in the modified cash basis financial position for the year then ended in accordance with the modified cash basis of accounting described in Note A.

Basis of Accounting

We draw attention to Note A of the financial statements, which describes the basis of accounting. The financial statements are prepared on the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinions are not modified with respect to this matter.

Other Matters

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplemental information presented on pages 21-37 is presented for the purpose of additional analysis and is not a required part of the basic financial statements. The schedule of expenditures of federal awards on pages 38-40 is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements.

The schedule of expenditures of federal awards on pages 38-40 is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated in all material respects in relation to the basic financial statements as a whole.

The supplemental information presented on page 21-37 is the responsibility of management and have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated November 1, 2017, on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance.

A

HSMC ORIZON LLC

-2-

LANCASTER COUNTY SCHOOL DISTRICT 001 LINCOLN PUBLIC SCHOOLS

STATEMENT OF NET POSITION - MODIFIED CASH BASIS AUGUST 31, 2017

ASSETS: Cash Investments Inventories Total assets

LIABILITIES: Accrued expenses and encumbrances

NET POSITION: Restricted Unrestricted Total net position

Governmental Activities

$

77,567

178,991,885

1,881,710

180,951,162

21,920,838

62,406,407 96,623,917 $ 159,030,324

See Notes to Financial Statements. -3-

LANCASTER COUNTY SCHOOL DISTRICT 001 LINCOLN PUBLIC SCHOOLS

STATEMENT OF ACTIVITIES - MODIFIED CASH BASIS FOR THE YEAR ENDED AUGUST 31, 2017

Functions/Programs

Governmental activities: Instruction Support services: Pupils Staff Business Maintenance and operation of business Pupil transportation School lunch and milk School activities General administration Office of principal Community services Categorical corporation and private State categorical programs Federal programs Debt service Summer school

Total governmental activities

General receipts: Taxes: Property taxes and state credits Motor vehicle Public power district sales Fines and licenses Sale of property State aid Interest income Other Total general receipts

Change in net position

Expenditures

$ 283,558,276

18,637,224 15,303,325 52,747,533

39,537,915 10,563,965 20,676,005

7,092,050 9,935,588 24,986,498

292,191 2,938,745 1,511,891 23,301,376 40,472,750 1,372,071

552,927,403

Program Receipts

Operating

Charges for

Grants and

Services

Contributions

$

900,867 $

30,642,639

7,082,098 7,016,501

4,402,511

3,554,443 14,199,209

180,721 15,180,187

3,700,224 1,411,948 23,815,681

902,264

82,628,919

Net position - beginning of year

Net position - end of year

Net (Expenditures) Receipts and Changes in Net Position

$ (252,014,770)

(18,637,224) (15,303,325) (48,345,022)

(39,537,915) (7,009,522) 605,302 (75,549) (9,935,588)

(24,986,498) (292,191) 761,479 (99,943) 514,305

(39,570,486) (1,191,350)

(455,118,297)

240,368,120 19,617,807 7,217,611 4,861,880 91,067

135,152,147 494,080

3,261,953 447,757,979

(7,360,318)

166,390,642

$ 159,030,324

See Notes to Financial Statements. -4-

LANCASTER COUNTY SCHOOL DISTRICT 001 LINCOLN PUBLIC SCHOOLS

STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCES - MODIFIED CASH BASIS GOVERNMENTAL FUNDS AUGUST 31, 2017

ASSETS

Cash Investments Inventories

Total assets

LIABILITIES AND FUND BALANCES

Liabilities: Accrued expenses and encumbrances

Fund balances: Nonexpendable Restricted: Capital outlay Debt service School lunch Programs and services Committed: Capital outlay Programs and services Assigned: Programs and services Unassigned Total fund balances

Total liabilities and fund balances

General Fund

Special Building

Fund

Bond Interest and Retirement

Fund

Qualified Capital Purpose Undertaking

Fund

School Lunch and Milk Fund

Educational Service Unit 18

Other Governmental

Funds

Total Governmental

Funds

$

77,567

112,715,541 $

470,097

$ 113,263,205 $

20,626,004 $ 23,015,408 $ 20,626,004 $ 23,015,408 $

5,746,360 $ 5,746,360 $

8,454,647 $ 1,411,613

9,866,260 $

$

77,567

4,116,377

$

4,317,548

178,991,885

1,881,710

4,116,377

$

4,317,548 $ 180,951,162

$ 18,591,209 $

$

$

470,097

1,896,195 17,538,642

4,639,222

20,626,004

23,015,408

70,127,840 94,671,996

$ 113,263,205 $

20,626,004

23,015,408

20,626,004 $ 23,015,408 $

$

2,643,693 $

216,504 $

469,432 $ 21,920,838

5,746,360

5,746,360 5,746,360 $

1,411,613 5,810,954

7,222,567 9,866,260 $

1,881,710

3,899,873

26,372,364 23,015,408

5,810,954 5,796,068

17,538,642 4,639,222

3,899,873

3,891,732 (43,616)

3,848,116

3,891,732 70,084,224 159,030,324

4,116,377

$

4,317,548 $ 180,951,162

See Notes to Financial Statements. -5-

LANCASTER COUNTY SCHOOL DISTRICT 001 LINCOLN PUBLIC SCHOOLS

STATEMENT OF RECEIPTS, EXPENDITURES AND CHANGES IN FUND BALANCES - MODIFIED CASH BASIS GOVERNMENTAL FUNDS FOR THE YEAR ENDED AUGUST 31, 2017

RECEIPTS: Taxes: Property Motor vehicle Public power district sales Babs Subsidy Sale of property Fines and licenses Tuition State funding Federal funding Sales of lunches Activities and other receipts Contracted services Transfers - other funds Transfers - inter-fund Interest income Grants and donations Reimbursements and other

Total receipts

EXPENDITURES: Instruction Support services: Pupils Staff Business Maintenance and operation of business Pupil transportation General administration School lunch and milk School activities Office of principal Community services Categorical corporation and private State categorical programs Federal programs Debt service Summer school Core services Other Total expenditures

EXCESS (DEFICIENCY) OF RECEIPTS OVER (UNDER) EXPENDITURES

FUND BALANCES, beginning of year

FUND BALANCES, end of year

General Fund

Special Building

Fund

Bond Interest and Retirement

Fund

Qualified Capital Purpose Undertaking

Fund

School Lunch and Milk Fund

Educational Service Unit 18

Other Governmental

Funds

Reclassifications

Total Governmental

Funds

$ 200,934,656 $ 19,501,199 7,010,273

91,067 4,861,880

43,898 165,297,017

23,815,681

878,549 $

29,683,922 $ 89,634 261

400,000 6,342,310

326,960 5,392,154 1,208,715 435,225,810

284,038,126

12,365,471 11,381,900 17,786,947 40,237,915 11,119,495 10,056,543

138,417 5,234,482 42,164,362

42,989,074

11,907

1,075,130 31,641,254

24,986,498 292,191

2,938,745 1,511,891 23,301,376

1,189,164

444,260 441,650,522

42,989,074

(6,424,712) 101,096,708

(824,712) 21,450,716

$ 94,671,996 $ 20,626,004 $

33,280,857

290,202 33,571,059

(1,929,805) 24,945,213 23,015,408 $

5,987,297 18,286

207,077 902,264

$

2,883,696

8,688

$

104,002

14,095,207

7,082,098

9,850 $ 2,127,834 1,518,576

6,608,775

1,871 7,116,795

16,796

56,707 21,354,810

934 13,158,353

180,721

7,016,501 5,533,334

212,445 12,943,001

$ 240,368,120

19,617,807

7,217,611

902,264

91,067

4,861,880

234,469

167,528,853

39,429,464

7,082,098

7,016,501

$ (5,761,656)

847,119

(5,933,334)

(6,342,310)

494,080

5,392,154

7,790,284

(18,037,300)

545,567,085

2,004,066 6,671,753

20,676,005

164,045

6,901,691 6,901,691

20,676,005

3,777,208 12,617,072

5,284,323 7,092,050

(2,483,916)

(400,000) (1,362,898) (8,028,488)

(700,000) (555,530) (285,000)

182,907 12,559,280

(3,777,208) (444,260)

(18,037,300)

283,558,276

18,637,224 15,303,325 52,747,533 39,537,915 10,563,965

9,935,588 20,676,005

7,092,050 24,986,498

292,191 2,938,745 1,511,891 23,301,376 40,182,548 1,372,071

290,202 552,927,403

215,104 5,531,256 5,746,360 $

678,805 6,543,762 7,222,567 $

541,281 3,358,592 3,899,873 $

383,721 3,464,395 3,848,116 $

(7,360,318) 166,390,642 $ 159,030,324

See Notes to Financial Statements. -6-

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download