LAURENS CENTRAL SCHOOL DISTRICT FINANCIAL STATEMENTS June ...

LAURENS CENTRAL SCHOOL DISTRICT

FINANCIAL STATEMENTS

June 30, 2020

HAMILTON CENTRAL SCHOOL DISTRICT

Table of Contents

Independent Auditor's Report

MANAGEMENT'S DISCUSSION AND ANALYSIS

1-2

3 - 14

DISTRICT-WIDE FINANCIAL STATEMENTS

Statement of Net Position

16

Statement of Activities and Changes in Net Position

17

FUND FINANCIAL STATEMENTS

Balance Sheet - Governmental Funds

18

Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Position

19

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds

20

Reconciliation of Governmental Funds Statement of Revenues, Expenditures, and Changes in

Fund Balances to the Statement of Activities

21

Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position

22

Notes to the Financial Statement

23 - 50

REQUIRED SUPPLEMENTARY INFORMATION

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (non-GAAP basis) and Actual - General Fund

52 - 53

Change in Total OPEB Liability and Related Ratios

54

Schedule of District's Proportionate Share of Net Pension Liability

55

Schedule of District's Contributions

56

SUPPLEMENTARY INFORMATION

Schedule of Changes from Adopted Budget to Final Budget and the Real Property

Tax Limit - General Fund

58

Schedule of Capital Projects Fund - Project Expenditures and Financing Resources

59

Invested in Capital Assets, Net of Related Debt

60

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

62 - 63

EXTRACLASSROOM ACTIVITY FUNDS

Independent Auditors' Report

65 - 66

Statement of Assets and Liabilities Arising from Cash Transactions

67

Statement of Revenues Collected and Expenses Paid

68

Notes to the Financial Statement

69

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Cwynar & Company

Certified Public Accountants

A Professional Limited Liability Company

12 South Broad Street

Suite 3

Norwich, New York 13815

(607) 334-3838 voice

(607) 441-1101 fax



Independent Auditors¡¯ Report

To the Board of Education

Laurens Central School District

Laurens, NY

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, each major fund, and

the aggregate remaining fund information of Laurens Central School District, as of and for the year ended

June 30, 2020, and the related notes to the financial statements, which collectively comprise the District¡¯s

basic financial statements as listed in the table of contents.

Management¡¯s Responsibility for the Financial Statements

Laurens Central School District¡¯s management is responsible for the preparation and fair presentation of

these financial statements in accordance with accounting principles generally accepted in the United States

of America; this includes 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.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the

respective financial position of the governmental activities, each major fund, and the aggregate remaining

fund information of the Laurens Central School District, as of June 30, 2020, and the respective changes in

financial position for the year then ended in accordance with accounting principles generally accepted in the

United States of America.

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