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Single Audit Report SINGLE AUDIT REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 STATE OF SOUTH DAKOTA SINGLE AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2018 KRISTI NOEM, GOVERNOR LARRY RHODEN, LT. GOVERNOR LIZA CLARK, CHIEF FINANCIAL OFFICER BUREAU OF FINANCE AND MANAGEMENT MARTIN L. GUINDON, AUDITOR GENERAL DEPARTMENT OF LEGISLATIVE AUDIT March 29, 2019 To the Citizens of the State of South Dakota; The Honorable Kristi Noem, Governor; and Members of the South Dakota Legislature: We submit to you herein, the Single Audit Report of the State of South Dakota for the fiscal year ended June 30, 2018. This report includes the financial statements for the state of South Dakota as of June 30, 2018 and for the year then ended. The report also presents the audit results of the State’s compliance with state and federal laws and regulations. In submitting this report, we would like to express our appreciation to the staff of both the Bureau of Finance and Management and the Department of Legislative Audit for their efforts in completing this report. We also thank the many people in the various departments and agencies of state government that assisted by providing information necessary for completing the report. Liza Clark, Commissioner Martin L. Guindon, Auditor General Bureau of Finance and Management Department of Legislative Audit TABLE OF CONTENTS Title Page Joint Transmittal Letter INTRODUCTORY SECTION: Letter of Transmittal............................................................................................................................................... 1 Certificate of Achievement for Excellence in Financial Reporting ......................................................................... 9 Principal State Officials ....................................................................................................................................... 10 Functions of State Government ........................................................................................................................... 11 State Organizational Chart .................................................................................................................................. 12 FINANCIAL SECTION: Independent Auditor’s Report .............................................................................................................................. 13 Management’s Discussion and Analysis ............................................................................................................. 17 Basic Financial Statements ................................................................................................................................. 33 Statement of Net Position .................................................................................................................................... 34 Statement of Activities ......................................................................................................................................... 36 Balance Sheet – Governmental Funds ............................................................................................................... 38 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position............................. 39 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ..................... 40 Reconciliation of the Change in Fund Balances of Governmental Funds to the Statement of Activities ...................................................................................................................................... 41 Statement of Net Position – Proprietary Funds ................................................................................................... 42 Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Funds .................................... 43 Statement of Cash Flows – Proprietary Funds ................................................................................................... 44 Statement of Fiduciary Net Position – Fiduciary Funds ...................................................................................... 46 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ................................................................... 47 Notes to the Financial Statements ...................................................................................................................... 49 Required Supplementary Information .............................................................................................................. 119 Budgetary Comparison Schedule – General Fund ........................................................................................... 120 Budgetary Comparison Schedule – Transportation Fund…………………………. ............................................ 132 Budgetary Comparison Schedule – Social Services Federal Fund .................................................................. 133 Budgetary Comparison Schedule – Budget-to-GAAP Reconciliation ............................................................... 134 Notes to Required Supplementary Information – Budgetary Reporting ............................................................ 135 Schedule of Net Pension Liability (Asset) ......................................................................................................... 136 Schedule of Contributions ................................................................................................................................. 136 Notes to Required Supplementary Information – Schedule of Proportionate Share of Net Pension Liability (Asset) and Schedule of Contributions ..................................................................... 137 Combining Financial Statements ...................................................................................................................... 139 Combining Balance Sheet – Nonmajor Governmental Funds – By Type ......................................................... 140 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds – By Type ....................................................................... 141 Combining Balance Sheet – Nonmajor Special Revenue Funds ...................................................................... 142 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Special Revenue Funds .................................................................................... 146 Combining Balance Sheet – Nonmajor Debt Service Funds……………. ......................................................... 150 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Debt Service Funds……………………………… ........................................................................... 151 Combining Statement of Net Position – Nonmajor Enterprise Funds ............................................................... 152 Combining Statement of Revenues, Expenses, and Changes in Net Position – Nonmajor Enterprise Funds ........................................................................................................................... 154 Combining Statement of Cash Flows – Nonmajor Enterprise Funds ................................................................ 156 TABLE OF CONTENTS Combining Statement of Net Position – Internal Service Funds ....................................................................... 158 Combining Statement of Revenues, Expenses, and Changes in Net Position – Internal Service Funds ................................................................................................................................... 160 Combining Statement of Cash Flows – Internal Service Funds ........................................................................ 162 Combining Statement of Fiduciary Net Position – Private Purpose Trust Funds ............................................. 164 Combining Statement of Changes in Fiduciary Net Position – Private Purpose Trust Funds .......................... 165 Combining Statement of Fiduciary Assets and Liabilities – Agency Funds ...................................................... 167 Combining Statement of Changes in Assets and Liabilities – Agency Funds .................................................. 168 Combining Statement of Net Position – Component Units ............................................................................... 170 Combining Statement of Revenues, Expenses, and Changes in Net Position – Component Units ........................................................................................................................................... 171 Statement of Cash Flows – Higher Education .................................................................................................. 172 Combining Statement of Net Position – Nonmajor Component Units ............................................................... 174 Combining Statement of Revenues, Expenses, and Changes in Net Position – Nonmajor Component Units ........................................................................................................................... 175 STATISTICAL SECTION: Index to the Statistical Section ......................................................................................................................... 177 Net Position by Component ..............................................................................................................................
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