OKLAHOMA CITY INDEPENDENT SCHOOL DISTRICT I-89 …

OKLAHOMA CITY INDEPENDENT SCHOOL DISTRICT I-89 Oklahoma County, Oklahoma

REPORT ON AUDIT OF FINANCIAL STATEMENTS For the Fiscal Year Ended June 30, 2012

OKLAHOMA COUNTY SCHOOL DISTRICT NO. I-89 OKLAHOMA CITY PUBLIC SCHOOLS

June 30, 2012

DISTRICT PROFILE

FINANCIAL SECTION Independent Auditors' Report ................................................................................................................. 1 Management's Discussion and Analysis ................................................................................................ 3

BASIC FINANCIAL STATEMENTS Statement of Net Assets ...................................................................................................................... 16 Statement of Activities......................................................................................................................... 17 Balance Sheet-Governmental Funds ................................................................................................. 18 Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds ......................................................................... 19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................. 20 Statement of Net Assets-Proprietary Fund ...................................................................................... 21 Statement of Revenues, Expenses, and Changes in Net Assets-Proprietary Fund ....................................................................................... 22 Statement of Cash Flows-Proprietary Fund ..................................................................................... 23 Statement of Assets and Liabilities-Fiduciary Fund ....................................................................... 24 Notes to the Financial Statements...................................................................................................... 25

REQUIRED SUPPLEMENTARY INFORMATION Budgetary Comparison Schedule - General Fund............................................................................... 52 Notes to Required Supplementary Information .................................................................................. 53

OTHER SUPPLEMENTARY INFORMATION Combining Balance Sheet - Nonmajor Governmental Funds............................................................ 56 Combining Statement of Revenues, Expenditures, and

Changes in Fund Balances - Nonmajor Governmental Funds ....................................................... 57 Statement of Changes in Assets and Liabilities - Fiduciary Fund..................................................... 58 Budgetary Comparison Schedule - Yes for Kids Construction Bond Fund..................................... 59 Budgetary Comparison Schedule - Debt Service Fund ...................................................................... 60 Budgetary Comparison Schedule - Building Fund ............................................................................. 61 Budgetary Comparison Schedule - MAPS Construction Bond Funds ............................................. 62 Budgetary Comparison Schedule - Casualty Flood Insurance Recovery Fund .............................. 63

REPORT REQUIRED BY GOVERNMENT AUDITING STANDARDS 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.............. 64

REPORTS REQUIRED BY OMB CIRCULAR A-133

Independent Auditors' Report on Compliance With Requirements That Could Have a Direct and Material Effect on Each Major Program and Internal Control over Compliance in Accordance With OMB Circular A-133 and the Schedule of Expenditures of Federal Awards .................... 66

Schedule of Expenditures of Federal Awards...................................................................................... 68 Notes to the Schedule of Expenditures of Federal Awards ............................................................... 70 Schedule of Findings and Questioned Costs........................................................................................ 71 Summary Schedule of Prior Audit Findings ........................................................................................ 74

OTHER INFORMATION

Schedule of Surety Bonds ....................................................................................................................... 77 Charter School Membership ................................................................................................................... 78 Enterprise School Membership .............................................................................................................. 79 MAPS Management Fees ........................................................................................................................ 80 Schedule of MAPS Sales Tax Funded Transfers and Classification.................................................. 81 Schedule of Accountants' Professional Liability Insurance Affidavit .............................................. 83

DISTRICT PROFILE

OKLAHOMA COUNTY SCHOOL DISTRICT NO. I-89 OKLAHOMA CITY PUBLIC SCHOOLS DISTRICT PROFILE

Name

Angela Z. Monson Lyn Watson Gail Vines Phil Horning Laura Massenat Ruth Veales Jay Means Ron Millican

Board of Education

Office

Board Chairperson Member Member Vice-Chairperson Member Member Member Member

District #

1 2 3 4 5 6 7

Term of Office

2013 2013 2013 2016 2016 2014 2015 2014

Superintendent

Karl Springer..........................................................................................Superintendent

FINANCIAL SECTION

Independent Auditors' Report

To the Board of Education Oklahoma County School District No. I-89 Oklahoma City, Oklahoma

We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Oklahoma County School District No. I-89 (the "District") as of and for the year ended June 30, 2012, which collectively comprise the District's basic financial statements as listed in the table of contents. These financial statements are the responsibility of District's management. 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 of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the District, as of June 30, 2012, and the respective changes in financial position and cash flows, where applicable, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report dated February 18, 2013, on our consideration of the District's internal control over financial reporting and 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 the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit.

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Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and the required supplementary information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Government Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District's basic financial statements as a whole. The combining financial statements and other schedules, as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the 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 combining financial statements and other schedules are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

The accompanying Other Information section, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. This section has 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 it.

Oklahoma City, Oklahoma February 18, 2013

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