Wayne Township Public Schools
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WAYNE TOWNSHIP PUBLIC SCHOOLS Wayne Township Public Schools District Board of Education Wayne, New Jersey Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2020 Comprehensive Annual Financial Report of the Wayne Township Public Schools Board of Education Wayne, New Jersey For the Fiscal Year Ended June 30, 2020 Prepared by Wayne Township Public Schools District Board of Education Finance Department WAYNE TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS FISCAL YEAR ENDED JUNE 30, 2020 INTRODUCTORY SECTION (Unaudited) Letter of Transmittal ..................................................................................................................................... 1 Organizational Chart ..................................................................................................................................... 5 Roster of Officials ........................................................................................................................................ 6 Consultants and Advisors ............................................................................................................................. 7 ASBO International Certificate of Excellence ............................................................................................. 8 FINANCIAL SECTION .................................................................................................................................. 9 Independent Auditors’ Report .................................................................................................................... 10 Required Supplementary Information .................................................................................................. 13 Management’s Discussion and Analysis .................................................................................................... 14 Basic Financial Statements (Sections A. and B.) ........................................................................................ 25 A. District-Wide Financial Statements ..................................................................................................... 26 A-1 Statement of Net Position ........................................................................................................... 27 A-2 Statement of Activities ............................................................................................................... 28 B. Fund Financial Statements ................................................................................................................... 30 B-1 Balance Sheet – Governmental Funds ........................................................................................ 31 B-2 Statement of Revenue, Expenditures and Changes in Fund Balance – Governmental Funds ............................................................................................................... 32 B-3 Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities .................................. 33 B-4 Statement of Net Position – Proprietary Funds .......................................................................... 34 B-5 Statement of Revenue, Expenses and Changes in Fund Net Position – Proprietary Funds ....... 36 B-6 Statement of Cash Flows – Proprietary Funds ........................................................................... 37 B-7 Statement of Fiduciary Net Position – Fiduciary Funds ............................................................. 38 B-8 Statement of Changes in Fiduciary Net Position – Fiduciary Funds .......................................... 39 Notes to the Basic Financial Statements .............................................................................................. 40 Required Supplementary Information ........................................................................................................... 82 L. Schedules Related to Accounting and Reporting for Pensions and Postemployment Benefits Other than Pensions ........................................................................................................................................ 83 L-1 Schedule of District’s Proportionate Share of the Net Pension Liability – Public Employees’ Retirement System ................................................................................... 83 L-2 Schedule of District Contributions – Public Employees’ Retirement System ........................... 84 L-3 Schedule of State’s Proportionate Share of the Net Pension Liability Attributable to the District – Teacher’s Pension and Annuity Fund ....................................... 85 L-4 Schedule of State Contributions – Teacher’s Pension and Annuity Fund .................................. 86 L-5 Schedule of Changes in the State’s Proportionate Share of the Total OPEB Liability Associated with the District and Related Ratios ..................................................................... 87 Notes to Required Supplementary Information ................................................................................... 88 WAYNE TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS FISCAL YEAR ENDED JUNE 30, 2020 (Continued) FINANCIAL SECTION (Cont’d) C. Budgetary Comparison Schedules ...................................................................................................... 91 C-1 Budgetary Comparison Schedule – General Fund ..................................................................... 92 C-2 Budgetary Comparison Schedule – Special Revenue Fund ..................................................... 105 C-3 Budgetary Comparison Schedule – Note to Required Supplementary Information ................. 106 Other Supplementary Schedules (D. to I.) D. School Level Schedules (Not Applicable) ......................................................................................... 108 E. Special Revenue Fund ........................................................................................................................ 109 E-1 Combining Schedule of Revenue and Expenditures Special Revenue Fund – Budgetary Basis ........................................................................................................ 110 E-2 Preschool Education Aid Schedule of Expenditures Special Revenue Fund – Budgetary Basis (Not Applicable) F. Capital Projects Fund ......................................................................................................................... 114 F-1 Summary Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budgetary Basis .................................................................................................................... 115 F-1a Schedule of Project Revenues, Expenditures, Project Balance and Project Status – Budgetary Basis – District-Wide Energy Savings Improvement Program ........................... 116 F-1b Schedule of Project Revenues, Expenditures, Project Balance and Project Status – Budgetary Basis – Wayne Hills High School – Partial Roof Replacement Project .............. 117 F-1c Schedule of Project Revenues, Expenditures, Project Balance and Project Status – Budgetary Basis – Wayne Hills High School – New ADA Restroom Project ..................... 118 F-1d Schedule of Project Revenues, Expenditures, Project Balance and Project Status – Budgetary Basis – George Washington Middle School – Exterior Window Replacement Project ................................................................................................................................... 119 F-1e Schedule of Project Revenues, Expenditures, Project Balance and Project Status – Budgetary Basis – Lafayette Elementary School – Partial Roof Replacement Project ........ 120 F-1f Schedule of Project Revenues, Expenditures, Project Balance and Project Status – Budgetary Basis – Early Childhood Center Renovation Project ........................................... 121 F-1g Schedule of Project Revenues, Expenditures, Project Balance and Project Status – Budgetary Basis – Next Generation Science Project – High Schools ................................... 122 G. Proprietary Funds ............................................................................................................................... 123 Enterprise Funds: G-1 Combining Statement of Net Position ...................................................................................... 124 G-2 Combining Statement of Revenue, Expenses and Changes in Fund Net Position ................... 126 G-3 Combining Statement of Cash Flows ....................................................................................... 127 H. Fiduciary Funds .................................................................................................................................. 128 H-1 Combining Statement of Fiduciary Net Position ...................................................................... 129 H-2 Statement of Changes in Fiduciary Net Position ...................................................................... 130 H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements ............................... 131 H-4 Student Activity Agency Fund Statement of Activity .............................................................. 132 H-5 Payroll Agency Fund Schedule of Receipts and Disbursements .............................................. 133 WAYNE TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS FISCAL YEAR ENDED JUNE 30, 2020 (Continued) FINANCIAL SECTION (Cont’d)