FY2007 Single Audit Overview

Lgpr15167

Description

STATE OF SOUTH DAKOTASTATEMENT OF NET ASSETSDiscretely Presented Component Units June 30, 2007are entities legally separate from but (Expressed in Thousands)financially accountable to the State, or Business-Type Activities are their relationship with the State is such financed in whole or in part by that exclusion would cause the State’s fees charged to external parties financial statements to be misleading or for goods or services.Includes cash on hand, cash in Governmental Activities encompass incomplete. local banks and cash in the State most of the State’s basic services Treasury. Additional note and are funded through taxes, fees Primary Governmentdisclosure is on page 59. and federal grants. Governmental Business-Type ComponentActivities Activities Total UnitsAssetsA breakdown of receivables Cash and Cash Equivalents $ 6 11,361 $ 1 11,162 $ 7 22,523 $ 447,352appears in Note 4 on page 67.Receivables (Net) 3 33,709 3 16,571 6 50,280 1,418,567Due From Component Units 949 26 9 75Internal balances represent net Due From Primary Government 0 1,356short-term receivables and Internal Balances 5,588 (5,588) 0payables between funds.Investments 8 29,912 61,137 8 91,049 865,226Inventory 2 2,014 1 ...

Informations

• Publié par: Apre
• Nombre de lectures: 17
• Langue: English

Extrait

Liabilities Accounts Payable and Other Liabilities Due To Primary Government Due To Component Units Accrued Interest Payable Deferred Revenue Securities Lending Collateral Liability Noncurrent Liabilities:  Due Within One Year  Due In More Than One Year

 160,355

 295

 290,914

 269,141  1,879,732

 2,249,137

 125,416  218,677

$ 1,090,797

$ 111,162  316,571  26

Primary Government BusinessType Activities

STATE OF SOUTH DAKOTA STATEMENT OF NET ASSETS June 30, 2007 (Ex ressedin Thousands)

$ 611,361  333,709  949

Includes cash on hand, cash in local banks and cash in the State

Governmental Activities

 503,885

$ 447,352  1,418,567

Business-Type Activities are financed in whole or in part by fees charged to external parties for goods or services.

 1,356

Component Units

Total

4

 4,832  96,030

 361,608

Total Assets

Liabilities are shown in order of maturity. Abreakdown of what Accounts Payable and Other Liabilities represents in shown in the Notes on page 68.

Most capital assets are reported at their original cost less the accumulated annual depreciation charges.Assets such as land are not depreciated. Examplesof infrastructure assets would be highways and bridges. Additional information is

Most investments are invested by the Investment Council. Note disclosure on investments appears on pages 59-66.

Internal balances represent net short-term receivables and payables between funds.

 241,010

 2,534

 660,095  1,797,331  346,020  223,449

 46,454  407,908

 1,356  8,015  46,992  160,355

 1,851  2,087  12,725

Discretely Presented Component Units are entities legally separate from but financially accountable to the State, or their relationship with the State is such that exclusion would cause the State’s financial statements to be misleading or incomplete.

disclosure is on

A breakdown of receivables appears in Note 4 on page 67.

 5,022,295

 4,909

provide information on long-term Total Liabilities 912,090122,434 1,034,524 liabilities including what they consist of and what the changes Net Assets were during the year. Invested In Capital Assets, Net of Related Debt2,94 7,9802,829 2,950,809 Restricted For: Restricted net assets are assets  Highways41,193 41,193 that have externally imposed  Agriculture and Natural Resources76,655 1,30277,957 constraints placed on them by  Health and Public Assistance6,565 3,4299,994 creditors, laws or regulations of  Economic Development17,143 17,143 other governments or constraints  Debt Service75,003 1,34476,347 imposed through constitutional  Capital Projects7,082 7,082 provisions.  Unemployment Compensation21,352 21,352  Environmental Projects241,119 241,119 Funds held as permanent  Energy Conservation Program9,867 9,867 investments consist of the  Revolving Loan Programs8,348 8,348 Education Enhancement, Health  Higher Education  Expendable0 Care, Dakota Cement and S&PL  Higher Education  Nonexpendable0 'trust' funds.The nonexpendable  Funds held as Permanent Investments portion represents the principal  Expendable149,842 149,842 amount held inviolate.682,970 682,970 Nonexpendable  Other Purposes25,597 7,42833,025 Unrestricted Net Assets Unrestricted 70,30894,300 164,608 represents assets which may be used at the state's discretion. Net Assets$ 4,491,656$ 4,110,205$ 381,451 Often though, these assetshave restrictions placed on them from Net Assets of $4,110,205 represents enabling legislation such as for The notes to the financial statements are an integral part of this statement. the Dakota Cement Trust funds or Liabilities of $912,090. other such funds created for specific purposes.Unrestricted THE ABOVE STATEMENT APPEARS ON PAGE 31 OF THE SINGLE AUDIT REPORT Net Assets also include non-liquid assets such as inventories and

 5,526,180

 49,175  975

 13,459  80,723

 330,313  72,359

 16,504  1,484  32,126

 245,919  0  1,356  9,866  49,079  173,080

 51,286  503,938

 3,339,934

 22  24,743  988  173,080

 1,811  79,096  31,747  32,126

Governmental Activities encompass most of the State’s basic services and are funded through taxes, fees and federal grants.

Assets Cash and Cash Equivalents Receivables (Net) Due From Component Units Due From Primary Government Internal Balances Investments Inventory Deferred Fiscal Charges and Other Assets Restricted Assets:  Cashand Cash Equivalents  Investments  Other Securities Lending Collateral Capital Assets:  Land and Other Nondepreciable Assets  Infrastructure (net)  Property, Plant and Equipment (net)  Construction in Progress

 660,390  1,797,331  348,554  223,449

 35,558

 865,226  9,030  15,393

$ 722,523  650,280  975  0  0  891,049  23,657  9,139

 (5,588)  61,137  1,643  1,049

 5,588  829,912  22,014  8,090

 21  1,322  988  12,725

 1  23,421

A list of what state agencies comprise the different functional classifications can be found on page 9.

Revenue sharing expense represents the distribution of state imposed taxes or fees to other units of government. Anexample would be motor vehicle licenses where the county retains a portion of the amount collected..

Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from STATE OF SOUTH DAKOTA goods, services or privileges provided by a given function; and, 2) grants and contributions that are restricted to STATEMENT OF ACTIVITIES meeting the operational or capital requirements of a particular function.Taxes and other items not properly For the Fiscal Year Ended June 30, 2007 included as program revenues are reported as general revenues. (Expressed in Thousands) This respresents the total cost of Net (Expenses) Revenue and Changes in Net Assets the function or program. Operating CapitalPrimary Government Charges forGrants andGrants andGovernmental BusinessTypeComponent Expenses ServicesContributions ContributionsActivities ActivitiesTotal Units Functions/Programs Primary Government: Governmental Activities: General Government$ 194,266 $142,225 $17,084 $$ (34,957)$ $(34,957) Education  Elementary, Secondary and Vocational The totals being reported under in  Schools186,599 4,137146,641 (35,821) (35,821) these rows represent the result of Education  State Support to Universities160,725 (160,725) (160,725) subtractingrevenue from Health, Human and Social Services1,043,771 25,506675,327 (342,938) (342,938) expenses.A (negative) amount Law, Justice, Public Protection and Regulation232,5 2649,435 56,708243 (126,140) (126,140) identifiesa function or program Agriculture and Natural Resources123,135 54,403 38,686(30,046) (30,046) where program revenue did not Economic Resources39,371 1,788 11,631(25,952) (25,952) cover the costs of operations. Transportation 362,6806,007 312,471757 (43,445) (43,445) ForGovernmental Activites, a Intergovernmental  Payments to School Districts346 ,582(346,582) (346,582) negiative would often be funded Intergovernmental  Revenue Sharing101,669 (101,669) (101,669) fromgeneral revenues such as Unallocated Interest Expense23,191 (23,191) (23,191) salestaxes. ForBusinessType Unallocated Depreciation58 (58) (58) Activities,negative amounts are  Total Governmental Activities0 (1,271,524) seldom funded from general 283,501 1,258,5481,000 (1,271,524) 2,814,573 revenue or from subsidies from BusinessType Activities: governmental actvities, although Lottery 31,404152,697 733122,026 122,026 the State Fair would be an Clean Water State Revolving3,996 4,4795,577 6,060 6,060 exception.Positive amounts, such Drinking Water State Revolving2,720 3,46013,390 14,130 14,130 asthat reported for the Lottery, Revolving Economic Development and Initiative1,604 1,338 2,6612,395 2,395 indicate revenues exceeding Unemployment Insurance23,974 24,5601,118 1,704 1,704 expenses.In the example of the Second Injury4,361 5,36979 1,087 1,087 Lottery,this excess was used to State Fair2,270 1,41021 (839) (839) subsidizethe General Fund.The Federal Surplus Property3,641 3,48320 (138) (138) subsidywas included in the Rural Rehabilitation788 288362 (138) (138) TransfersAmount reported in the bottom part of the statement. Prison Industries2,876 3,280121 525525 Health Insurance Risk Pool6,507 4,6551,492 (360)(360) Professional and Licensing5,551 5,864490 803803 Banking and Insurance2,031 1,75882 (191)(191) Other 2,6442,161 116(367) (367)  Total BusinessType Activities214,802 26,262 94,367146,697 146,6970 0 Total Primary Government$ 2,908,940(1,124,827)$ 1,284,810$ 498,303(1,271,524) 146,697$ 1,000

Component Units: Higher Education Housing Authority Science and Technology Authority Nonmajor Total Component Units

$ 506,459  120,249  1,523  1,292 $ 629,523

$ 277,163  148,286  1  1,307 $ 426,757

$ 117,663  854  2 $ 118,519

$ 3,081

$ 3,081

General Revenues include those taxes and other General Revenues: sources of income used to fund the net costs of the Taxes: functions. Theserevenues are not included as Sales Taxes Program Revenue because they are not directly Motor Fuel Taxes associated with receiving a benefit from the Contractors Excise Taxes program or activity. Bank Card and Franchise Taxes  OtherTaxes  Unrestricted Investment Earnings  State Aid Miscellaneous General Revenues would include Gain on Sale of Capital Assets the tobacco settlement revenue received from Miscellaneous participating tobacco companies and unclaimed Additions to Endowments property receipts. Transfers  Total General Revenues, Additions to Endowments and Transfers Additional note disclosure on transfers can be Changes in Net Assets found on page 69. Net Assets  Beginning, as restated Net Assets  Ending THE ABOVE STATEMENT APPEARS ON PAGES 3233 OF THE SINGLE AUDIT REPORT.

 625,133  146,851  81,069  76,497  211,452  137,568  1,305  39,667

 120,065  1,439,607  168,083  3,942,122 $ 4,110,205

 (120,065)  (120,065)  26,632  354,819 $ 381,451

 625,133  146,851  81,069  76,497  211,452  137,568  1,305  39,667

 1,319,542  194,715  4,296,941 $ 4,491,656

$ (108,552)  28,037  (668)  17  (81,166)

 8,914  160,725

 10,500

 180,139  98,973  991,824 $ 1,090,797

The Change in Net Assets identify whether the State's financial position improved or (declined) during the year.

Reserved fund balance represents that portion of the governmental fund's equity which is not available for appropriation.

 33

$ 42,221

 9,457  101  118  26  1,765

 4,548

 12,000

 18,227  2,354

 41

$ 42,221

 (4,507)

Assets Cash and Cash Equivalents Investments Securities Lending Collateral Receivables From:  Taxes (net)  Interest and Dividends  Other Funds  Component Units  Other Governments  Loans and Notes (net)  Other (net) Inventory Deferred Fiscal Charges and Other Assets

The cash reported in the General Fund includes $43.2 million in the Budget Reserve Fund.

 50,308

$ 102,386

 43,247

 34,469

 3,784  13  38,300  110  1,847  30,779  111,366

 1,301

 2,568  93  1,357  6,154  52,078

 97

 2,926  12,816

 42,180

$ 41,314  378,891

 2,289

$ 422,494

Dakota Cement Trust

Education Enhancement Trust

Nonmajor $ 360,359  214,534  65,135

Total $ 555,519  853,333  150,719

 3  34

 39,968

Social Services Federal

General Fund Transportation  98,085$ 35,547

Total Assets

 175,390

 99,562

$ 286,756

 289,609  7,084  557,868

Liabilities and Fund Balances Liabilities:  Accounts Payable and Other Liabilities  Payable To:  OtherFunds  ComponentUnits  OtherGovernments  Claims, Judgments and Compensated Absences  Deferred Revenue  Securities Lending Collateral Liability Total Liabilities

$ 142,576

To find additional detail on the Nomajor funds, see the combining statements on pages 110150.

 6,154

 11,550  298  1,083

$ 1,972,515

 114,854  11,412  63,606  158  139,793  38,135  23,563  20,019  1,404

 14,767

$

 48,651  48,651

 14,767

$ 102,386

$ 40,605

 2,183

 34,404  284  250  12,816

Total Liabilities and Fund Balances

 63,831  1,289  84,754  326  56,102  150,719  499,597

 34,522  1,175  43,768  97  51,133  65,135  230,555

 932

 97,800  4,072  49,881

 30,779

Fund Balances: Reserved For:  Encumbrances  Inventories  Debt Service  School Perpetuity  Noncurrent Assets  Funds held as Permanent Investments Unreserved Designated for Budget Reserve Unreserved Undesignated, Reported In:  General Fund  Special Revenue Funds  Capital Project Funds Total Fund Balances

 5,504  3,288  12,608  158  64,489  37,851  18,955  4,849  693

$ 34,725

$ 788,423

 17,357  4,849  85,578  30,952  36,808  85,631

 412,327

 82,997

 329,330

 238,000

 43,584

 281,584

$ 330,235

$ 427,094

$ 788,423

$ 1,977,115

 99,562  446,152  7,084  1,477,518

STATE OF SOUTH DAKOTA BALANCE SHEET GOVERNMENTAL FUNDS June 30, 2007 (Ex ressedin Thousands)

$ 286,756

 2,175  2,354  678

$ 36,533

 43,058  20,019  85,578  30,952  48,905  652,961  43,247

The amount reported here is the Budget Reserve Fund equity.

$

$ 30,713

 1,462

$ 330,235

THE ABOVE STATEMENT APPEARS ON PAGES 3435 OF THE SINGLE AUDIT REPORT.

$ 20,214  259,908  48,651

$

The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting.The current financial resources measurement focus attempts to answer the question of whether there are enough current resources available for spending in the near future. Revenues are recognized as soon as they are both measurable and available.Expenditures are recognized in the period in which the fund liability is incurred except for the longterm portion of certain liabilities such as bonds payable, compensated absences and capital lease obligations.

Governmental funds do not report longterm liabilities but they are reported for Governmental Activities in the government wide statements.

$ 4,110,205

$ 1,477,518

Bonds and Notes Accrued Interest on Bonds Capital Leases Compensated Absences Unclaimed Property Workers Compensation  Total LongTerm Liabilities

THE ABOVE STATEMENT APPEARS ON PAGE 37 OF THE SINGLE AUDIT REPORT.

Some of the state's revenues will be collected after yearend but are not available soon enough to pay for the current period's expenditures and therefore are deferred in the funds.

Internal service funds are used by management to charge costs of certain activities to individual funds.The assets and liabilities of the internal service funds are included in governmental activities in the statement of net assets.

 37,214

 16,978

Some liabilities are not due and payable in the current period and therefore are not reported in the funds.Those liabilities are:

7

Amounts reported for governmental activities in the statement of net assets are different because:

STATE OF SOUTH DAKOTA RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS June 30, 2007 (Ex ressedin Thousands)

This is the fund equity reported for governmental funds on pages 3435.

 (349,154)  (8,015)  (22,445)  (43,384)  (1,025)  (254)

Capital assets used in governmental activities are not financial resources and are therefore not reported in the funds.These assets consist of: Governmental funds do not report capital assets because their focus is on available spendable resources.This represents the Land and Construction in Progress883,117 value of capital assets used in governmental activities and Infrastructure 2,964,366 associated depreciation on those assets reported in the Other Capital Assets552,039 governmentwide statements. Accumulated Depreciation(1,396,750)  Total Capital Assets3,002,772

This reconciliation provides the entries needed to convert the governmental funds into the Governmental Activities reported in GovernmentWide Statement of Net Assets.

Total Fund Balances  Governmental Funds

 (424,277)

Net Assets of Governmental Activities