Warren County School District Basic Financial
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WARREN COUNTY SCHOOL DISTRICT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR’S REPORTS Year Ended June 30, 2019 WARREN COUNTY SCHOOL DISTRICT TABLE OF CONTENTS YEAR ENDED JUNE 30, 2019 Page Independent Auditor’s Report ................................................................................................................... 1-3 Management’s Discussion and Analysis ............................................................................................... 4-11 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ......................................................................................................................... 12 Statement of Activities .............................................................................................................................. 13 Fund Financial Statements: Balance Sheet – Governmental Funds .................................................................................................... 14 Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position ................................................................................................ 15 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds ................................................................................................ 16 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ........................................................................................................................... 17 Statement of Net Position – Proprietary Funds ........................................................................................ 18 Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds .................................................................................................................................. 19 Statement of Cash Flows – Proprietary Funds ........................................................................................ 20 Statement of Fiduciary Net Position – Fiduciary Funds ........................................................................... 21 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ....................................................... 22 Notes to the Basic Financial Statements ............................................................................................. 23-59 Required Supplementary Information: Budgetary Comparison Schedules Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – General Fund ............................................................................ 60 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Special Revenue Fund ............................................................. 61 WARREN COUNTY SCHOOL DISTRICT TABLE OF CONTENTS – CONTINUED YEAR ENDED JUNE 30, 2019 Page Pension and OPEB Schedules and Notes to Schedules Schedule of the District’s Proportionate Share of the CERS Net Pension Liability ................................. 62 Schedule of the District’s Proportionate Share of the CERS Net OPEB Liability .................................... 63 Schedule of the District’s Proportionate Share of the TRS Net Pension Liability .................................... 64 Schedule of the District’s Proportionate Share of the TRS Net OPEB Liability – Medical Insurance Fund ......................................................................................................................................................... 65 Schedule of the District’s Proportionate Share of the TRS Net OPEB Liability – Life Insurance Fund .. 66 Schedule of Contributions to CERS Pension ........................................................................................... 67 Schedule of Contributions to TRS Pension .............................................................................................. 68 Schedule of Contributions to CERS OPEB .............................................................................................. 69 Schedule of Contributions to TRS OPEB – Medical Insurance Fund ..................................................... 70 Schedule of Contributions to TRS OPEB – Life Insurance Fund ............................................................ 71 Notes to Required Supplementary Information – Pension ...................................................................... 72 Notes to Required Supplementary Information – OPEB ......................................................................... 73 Supplementary Information: Combining Statements – Nonmajor Funds: Combining Balance Sheet – Nonmajor Governmental Funds ................................................................ 74 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ........................................................................... 75 Combining Statement of Fiduciary Net Position – Agency Funds ..................................................... 76-77 Schools: Schedule of Assets, Cash Receipts and Disbursements and Liabilities – Agency Funds ...................... 78 Schedule of Assets, Cash Receipts and Disbursements and Liabilities – Greenwood High School ..................................................................................................................................... 79-80 Schedule of Assets, Cash Receipts and Disbursements and Liabilities – South Warren High School ..................................................................................................................................... 81-82 Schedule of Assets, Cash Receipts and Disbursements and Liabilities – Warren Central High School ..................................................................................................................................... 83-84 Schedule of Assets, Cash Receipts and Disbursements and Liabilities – Warren East High School ..................................................................................................................................... 85-86 WARREN COUNTY SCHOOL DISTRICT TABLE OF CONTENTS – CONTINUED YEAR ENDED JUNE 30, 2019 Page Schedule of Assets, Cash Receipts and Disbursements and Liabilities – GEO International High School ........................................................................................................................................... 87 Schedule of Expenditures of Federal Awards ..................................................................................... 88-89 Notes to the Schedule of Expenditures of Federal Awards ..................................................................... 90 Schedule of Findings and Questioned Costs ...................................................................................... 91-92 Summary Schedule of Prior Year Audit Findings ..................................................................................... 93 Independent Auditor’s 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 ....................................................................................................... 94-95 Independent Auditor’s Report on Compliance For Each Major Program and on Internal Control over Compliance Required by the Uniform Guidance ................................................................................................... 96-97 Management Letter and Comments.................................................................................................... 98-108 INDEPENDENT AUDITOR'S REPORT Kentucky State Committee for School District Audits Members of the Board of Education Warren County School District Bowling Green, Kentucky Report on the Financial Statements 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 Warren County School District as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, as listed in the accompanying table of contents. Management’s Responsibility for the Financial Statements 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; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements prescribed by the Kentucky State Committee for School District Audits in the Independent Auditor's Contract. Those standards require that we plan and perform the audit to obtain reasonable assurance about