South Pasadena USD 2007 Audit Report
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SOUTHASADENANIFIEDSCHOOLISTRICTCOUNTYFOSNGELESSOUTHASADENA,ALIFORNIAAUDITEPORTJune0,007SOUTHASADENANIFIEDCHOOLISTRICTAUDITEPORTJune0,007CONTENTS PageFINANCIALECTION Independentuditors’ eport................................................................................................... .......................1Management’siscussionnd nalys is..........................................................................................................3Basicinancialtatements:Governmentideinancialtatements:Statementfet ssets........................................................................................................ ......................13Statementf Activities........................14Fundinancialtatements:Balanceheet Governmentalunds............................................................................................. .........15ReconciliationfheovernmentalundsalanceheetoheStatementfet ssets ...............16Statementfevenues,xpenditures,ndhangesnundBalancesovernmental unds.................................................................................................. .......17Reconciliationfheovernmentalundstatementfevenues,Expenditures,ndhangesnundalances tohetatement fctivities ..............................18Statementfundetssets roprietary Funds...............................................................................19Statementfevenues,xpenditures,ndhangesnundNetssets ...
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| Publié par | Iprie |
| Nombre de lectures | 29 |
| Langue | Latin |
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SOUTH PASADENA UNIFIED SCHOOL DISTRICT COUNTY OF LOS ANGELES SOUTH PASADENA, CALIFORNIA AUDIT REPORT June 30, 2007
CONTENTS
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SOUTH PASADENA UNIFIED SCHOOL DISTRICT AUDIT REPORT June 30, 2007 FINANCIAL SECTION Independent Auditors’ Report ................................................................................................... ....................... 1 Management’s Discussion and Analysis ........................................................................................... ............... 3 Basic Financial Statements: Governmentwide Financial Statements: Statement of Net Assets........................................................................................................ ...................... 13 Statement of Activities ........................................................................................................ ........................ 14 Fund Financial Statements: Balance Sheet – Governmental Funds ............................................................................................. ......... 15 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets ........................................................................................................ ............... 16 Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds.................................................................................................. ....... 17 – Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities .............................. 18 Statement of Fund Net Assets – Proprietary Funds ............................................................................... 19 Statement of Revenues, Expenditures, and Changes in Fund Net Assets – Proprietary Funds ................................................................................................. ......... 20 Statement of Cash Flows – Proprietary Funds .................................................................................... .... 21 Statement of Fiduciary Net Assets – Fiduciary Funds ........................................................................... 2 2 Notes to the Basic Financial Statements ........................................................................................ ................. 23
SOUTH PASADENA UNIFIED SCHOOL DISTRICT AUDIT REPORT June 30, 2007
CONTENTS (Continued) Page REQUIRED SUPPLEMENTARY INFORMATION Budgetary Comparison Schedule – General Fund ................................................................................... .... 46 SUPPLEMENTARY INFORMATION Local Education Agency Organization Structur e .................................................................................. ....... 47 Schedule of Average Daily Attendance ........................................................................................... .............. 48 Schedule of Instructional Time................................................................................................. ....................... 49 Schedule of Financial Trends and Analysis...................................................................................... ............. 50 Schedule of Expenditures of Federal Awards ..................................................................................... .......... 51 Reconciliation of Annual Financial and Budget Report With Audited Financial Statements............................................................................................................. 52 Schedule of Excess Sick Leave .................................................................................................. ....................... 53 Note to the Supplementary Informat ion.......................................................................................... .............. 54 OTHER INDEPENDENT AUDITORS’ REPORTS 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................................................................................................................... 55 Report on Compliance with Requirements Applicable to Each Major Program and Internal Control over Compliance in Accordance with OMB Circular A133 .................................... 57 Auditors’ Report on State Compliance ........................................................................................... ............... 59 FINDINGS AND QUESTIONED COSTS SECTION Schedule of Audit Findings and Questioned Costs................................................................................ ...... 61 Summary Schedule of Prior Audit Findings ....................................................................................... .......... 67
Board of Trustees South Pasadena Unified School District South Pasadena, California INDEPENDENT AUDITORS’ REPORT We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the South Pasadena Unified School District, as of and for the year ended June 30, 2007, which collectively comprise the District’s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the South Pasadena Unified School Districts 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 the United States. of, issued by the Comptroller General Those standards require that we plan and perform the audit to obtain reasonable assurance about whe ther 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, each major fund, and the aggregate remaining fund information o f the South Pasadena Unified School District, as of June 30, 2007, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.
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In accordance withGovernment Auditing Standardsalso issued our report dated January 31, 2008, we have on our consideration of the South Pasadena Unified School 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 i s 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 withGovernment Auditing Standardsand should be considered in assessing the results of our audit. The management’s discussion and analysis on pages 3 through 12 and budgetary comparison information on page 46 are not a required part of the basic financial statements, but are supplementary information required by accounting principles generally accepted in the United States. We have applied certain limited procedures, consisting principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was performed for the purpose of forming opinions on the financial statements that collectively comprise South Pasadena Unified School District’s basic financial statements. The other supplementary information listed in the table of contents, including the Schedule of Expenditures of Federal Awards, which is required by U.S. Office of Management and Budget Circular A133,Audits of States, Local Governments, and NonProfit Organizations, and is not a analysisis presented for purposes of additional required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the financial statements taken as a whole.
San Diego, California January 31, 2008
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Management’s Discussion and Analysis
SOUTH PASADENA UNIFIED SCHOOL DISTRICT Management’s Discussion and Analysis (Unaudited) Year Ended June 30, 2007 This discussion and analysis of South Pasadena Unified School Distr ict’s financial performance provides an overview of the District’s financial activities for the fiscal year ended June 30, 2007. Please read it in conjunction with the District’s financial statements, which immediately follow this section. FINANCIAL HIGHLIGHTS the course of the year. overTotal net assets increased 7 percent Overall revenues were $39.4 million, $2.8 million more than expenses. Because a portion of these costs was paid for with million. $36.5The total cost of basic programs was charges, fees, and intergovernmental aid, the net cost that required taxpayer funding was just $29.4 million. longterm debt $0.6 million or 1 percent.The District decreased its outstanding OVERVIEW OF THE FINANCIAL STATEMENTS This annual report consists of three parts – management discussion and analysis (this section), the basic financial statements, and required supplementary information. The basic financial statements include two kinds of statements that present different views of the District: The first two statements aredistrictwide financial statementsthat provide both shortterm and long term information about the Distr ict’s overall financial status. The remaining statements arefund financial statements the District, ofthat focus on individual parts reporting the District’s operations in more d etail than the districtwide statements. Thegovernmental fundsstatements tell how basic services like regular and special education were financed in the short term as well as what remains for future spending. Proprietary funds information about the District’s self financialstatements offer short – and longterm insurance funds.
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SOUTH PASADENA UNIFIED SCHOOL DISTRICT Management’s Discussion and Analysis (Unaudited) Year Ended June 30, 2007 The financial statements also includenotesthat explain some of the information in the statements and provide more detailed data. Figure A1 shows how the various parts of this annual report are arranged and related to one another.
Figure A1. Organization of South Pasadena Unified School District’s Annual Financial Report
Management’s Discussion and Analysis
DistrictWide Financial Statements
SUMMARY
Basic Financial Information
Fund Financial Statements
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Required Supplementary Information
Notes to the Financial Statements
DETAIL
SOUTH PASADENA UNIFIED SCHOOL DISTRICT Management’s Discussion and Analysis (Unaudited) Year Ended June 30, 2007 Figure A2 summarizes the major features of the District’s financials statements, including the portion of the District’s activities they cover and the types of information they contain. Figure A2. Major Features of the District Wide and Fund Financial Statements Fund Statements Type of DistrictWide Governmental Proprietary Funds Fiduciary Funds Statements Funds Scope Activities the district The activities of the Instances in which the Entire district, except fiduciary district that are not operates similar to district administers activities proprietary or private businesses: resources on behalf of fiduciary, such as selfinsurance fund someone else, such as special education and scholarship programs building maintenance and student activities monies Required financialStatement of NetBalance SheetStatement of NetStatement of statementsAssets Net AssetsStatement of Fiduciary Assets Statement of Revenues,Statement ofStatement of Activities Expenditures & Revenues, Changes in Changes in Fund Expenses & Fiduciary Net Assets Balances Changes in Fund Net Assets Statement of Cash Flows Accounting basisAccrual accounting Modified accrual Accrual accounting Accrual accounting and measurementand economic and current accounting economic and economic and focusresources focus resources financial resources focus resources focus focus Type of assets and All assets and assets expected AllAll assets and Only asset/liability both short liabilities, both liabilities, be used up and toliabilities, both informationfinancial and liabilities that come financial and capital, term and longterm; capital, shortterm due during the year or and shortterm and Standard’s funds do and longterm soon thereafter; no longterm not currently contain capital assets included nonfinancial assets, though they can Type ofAll revenues and for which Revenues revenues and All revenues and All inflow/outflow expenses during the expenses during theexpenses during cash is received during information soon after the end of oryear, regardless of regardless of year, regardless of year, when cash is the year; expenditures when cash is received when cash is received received or paid when goods or or paid or paid services have been received and payment is due during the year or soon thereafter
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SOUTH PASADENA UNIFIED SCHOOL DISTRICT Management’s Discussion and Analysis (Unaudited) Year Ended June 30, 2007 The remainder of this overview section of management’s discussion and analysis highlights the structure and contents of each of the statements. Districtwide Statements The districtwide statements report information about the District as a whole using accounting methods similar to those used by private sector companies. The statement of net assets includes all of the District’s assets and liabilities. All of the current year’s revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid. The two districtwide statements report the District’s net assets and how they have changed. Net assets – the difference between the District’s assets and liabilities – is one way to measure the District’s financial health or position. nOver time, increases and decreases i indicator of whether its financial n the District’s net assets are a position is improving or deteriorating. o consider additional nonfinancial factors suchTo assess the overall health of the District, you need t as changes in the District’s property tax base and the condition of school buildings and other facilities. statements, the District’s activities are categorized asIn the districtwide financialGovernmental Activitiesincluded here, such as regular and special are . Most of the District’s basic services education, transportation, and administration. Property taxes and state formula aid finance most of these activities. Fund Financial Statements The fund financial statements provide more detailed information about the Distr ict’s most significant funds – not the District as a whole. Funds are accounting devices the District uses to keep track of specific sources of funding and spending on particular programs: Some funds are required by State law and by bond covenants. andThe District establishes other funds to control manage money for particular purposes (like repaying its longterm debt) or to show that it is properly using certain revenues (like Federal grants).
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SOUTH PASADENA UNIFIED SCHOOL DISTRICT Management’s Discussion and Analysis (Unaudited) Year Ended June 30, 2007 The District has three kinds of funds: Governmental funds are included in governmental funds, which services– Most of the District’s basic generally focus on (1) how cash and other financial assets that can readily be converted to cash flow in and out and (2) the balances left at yearend that are available for spending. Consequently, the governmental funds statements provide a detailed shortterm view that helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the District’s programs. Because this information does not encompass the additional longterm focus of the districtwide statements, we provide additional information at the bottom of the governmental funds statements that explain the relationship (or differences) between them. Proprietary funds– Services for which the District charges a fee are generally reported in proprietary funds. Proprietary funds are reported in the same way as the districtwide statements. We useEnterprise fundsto report activities related to the child care programs. Fiduciary funds– The District is the trustee, or fiduciary, for assets that belong to others, namely, the student activities funds. The Distric t is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and by those to whom the assets belong. All of the District’s fiduciary activities are reported in a separate statement of fiduciary net assets. We exclude these activities from the district wide financial statements because the District cannot use these assets to finance its operations. FINANCIAL ANALYSIS OF THE DISTRICT AS A WHOLE Net Assets.were larger o n June 30, 2007, than they were the year The District’s combined net assets before – increasing 7% to $41.3 million for governmental activities and $501,715 for businesstype activities (a new activity in 200607) (See Table A1). Table A1 South Pasadena Unified School District’s Net Assets (In dollars) Total Total Percentage Percentage Governmental Activities Change BusinessType Activities Change 2006 2007 200607 2006 2007 200607 Current and other assets $ 34,263,180 $ 32,700,833 5% $ $ 589,315 Ca ital assets 59,129,726 60,659,258 77% Total assets 93,392,906 93,360,091 0% 589,315 Other liabilities 6,137,894 3,879,058 37% 87,600 Longterm liabilities 48,764,395 48,168,549 1% Total liabilities 54,902,289 52,04 7,607 5% 87,600 Total net assets 501,715$ 38,490,617 41,312,484 $ $ 7% $ 7
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