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Great Valley School District Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018

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Great Valley School District Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018 Great Valley School District Comprehensive Annual Financial Report For the fiscal year ended June 30, 2018 47 Church Road, Malvern, Chester County, Pennsylvania 19355 610-889-2100 Great Valley School District Malvern, Pennsylvania 19355 www.gvsd.org Comprehensive Annual Financial Report for the fiscal year ended June 30, 2018 Prepared by the Business Office Charles E. Linderman, RSBA Director of Business Affairs Dolores D’Amore, PCSBA Assistant Director of Business Affairs GREAT VALLEY SCHOOL DISTRICT TABLE OF CONTENTS INTRODUCTORY SECTION Page Transmittal Letter ............................................................................................................................................................. 1 June 30, 2017 ASBO International Certificate of Excellence in Financial Reporting .............................................................................................................................................. 9 June 30, 2017 GFOA Certificate of Achievement for Excellence in Financial Reporting ............................................................................................................................ 10 List of Board of School Directors .................................................................................................................................... 11 Organizational Chart ........................................................................................................................................................ 12 List of District Administrators ......................................................................................................................................... 13 List of Instructional Buildings ......................................................................................................................................... 14 List of Consultants and Advisors ..................................................................................................................................... 15 FINANCIAL SECTION Independent Auditor’s Report .......................................................................................................................................... 16 Management’s Discussion and Analysis (MD&A) ......................................................................................................... 19 (Required Supplementary Information) BASIC FINANCIAL STATEMENTS: Government-Wide Financial Statements: Statement of Net Position ........................................................................................................................................... 35 Statement of Activities ............................................................................................................................................... 36 Fund Financial Statements Balance Sheet – Governmental Funds ....................................................................................................................... 37 Reconciliation of the Governmental Funds Balance Sheet to the Government-wide Statement of Net Position ............................................................................................ 38 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Fund ........................................................................................................................... 39 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-wide Statement of Activities .......................................................................................................................................... 40 Statement of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual – General Fund ...................................................................................................................... 41 Statement of Net Position – Proprietary Funds ......................................................................................................... 42 Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds ................................................................................................................................................ 43 Statement of Cash Flows – Proprietary Funds .......................................................................................................... 44 i TABLE OF CONTENTS (Continued) Page Statement of Net Position – Fiduciary Funds ............................................................................................................ 46 Statement of Changes in Net Position-Fiduciary Funds ........................................................................................... 47 Notes to Basic Financial Statements .................................................................................................................... 48-86 REQUIRED SUPPLEMENTARY INFORMATION Schedule of the District’s Proportionate Share of the Net - Pension Liability and Related Ratios – Pension Plan .............................................................................................. 87 Schedule of District Contributions – Pension Plan .................................................................................................. 88 Schedule of the District’s Proportionate Share of the net OPEB - Obligation and Related Ratios – Health Insurance Premium Assistance Program ................................................. 89 Schedule of the District Contributions – Health Insurance Premium Assistance Program .................................... 90 Schedule of Changes of Total OPEB Obligation and Related Ratios - District OPEB Plan ................................................................................................................................................... 91 SUPPLEMENTARY INFORMATION: INDIVIDUAL FUND SCHEDULES – GENERAL FUND Schedule of Revenues and Other Financing Sources– Budget and Actual.............................................................. 92 Schedule of Expenditures and Other Financing Uses – Budget and Actual ...................................................... 94-97 INDIVIDUAL FUND SCHEDULES – AGENCY FUND Combining Statement of Changes in Net Position –Agency Funds ........................................................................ 98 Agency Funds-Activity Funds – Statement of Changes in Assets and Liabilities .................................................. 99 Agency Funds – Retiree Medical Claims – Statement of Changes in Assets and Liabilities ............................... 100 STATISTICAL SECTION FINANCIAL TRENDS Net Position by Component ........................................................................................................................................... 102 Changes in Net Position .......................................................................................................................................... 103-104 Fund Balances – Governmental Funds .......................................................................................................................... 105 Changes in Fund Balances – Governmental Funds ................................................................................................ 106-107 General Fund Revenues and Other Financing Sources by Source ......................................................................... 108-109 General Fund Expenditures and Other Financing Uses by Function ............................................................................ 110 ii TABLE OF CONTENTS (Continued) Page REVENUE CAPACITY Governmental Funds-Most Significant Own Source Revenues ..................................................................................... 111 Assessed Value and Estimated Actual Value of Taxable Property................................................................................. 112 Property Tax Rates (per $1,000 of Assessed Valuation) Direct and Overlapping Governments ...................................................................................................................... 113 Principal Property Taxpayers ........................................................................................................................................... 114 Property Tax Levies and Collections ............................................................................................................................... 115 Building Construction ...................................................................................................................................................... 116 DEBT CAPACITY: Computation of Nonelectorial Debt Margin .................................................................................................................... 117 Ratio of General Bonded Debt Outstanding .................................................................................................................... 118 Schedule of Direct and Overlapping Debt ....................................................................................................................... 119 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita and Net Bonded Debt Per Student .......................................................................................................... 120 DEMOGRAPHIC AND ECONOMIC INFORMATION: Demographic and Economic Statistics – Population Trends .........................................................................................
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