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PRINCETON PUBLIC SCHOOLS Princeton, New Jersey PRINCETON PUBLIC SCHOOLS Princeton, New Jersey Comprehensive Annual Financial Report for the Year ended June 30, 2019 Princeton Public Schools Comprehensive Annual Financial Report For the Year Ended June 30, 2019 Princeton Public Schools Princeton, New Jersey Prepared by Princeton Public Schools Business Office Matthew Bouldin Business Administrator, Board Secretary Table of Contents Page INTRODUCTORY SECTION Letter of Transmittal 1 Organizational Chart 7 Roster of Officials 8 Independent Auditors and Advisors 9 Certificate of Excellence 10 FINANCIAL SECTION Independent Auditors’ Report 11 Required Supplementary Information – Part I Management’s Discussion and Analysis 14 Basic Financial Statements Government-wide Financial Statements: A-1 Statement of Net Position 22 A-2 Statement of Activities 23 Fund Financial Statements: Governmental Funds: B-1 Balance Sheet 24 B-2 Statement of Revenues, Expenditures, and Changes in Fund Balances 25 B-3 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 26 Proprietary Fund: B-4 Statement of Net Position 27 B-5 Statement of Revenues, Expenses and Changes in Fund Net Position 28 B-6 Statement of Cash Flows 29 Fiduciary Funds: B-7 Statement of Fiduciary Net Position 30 B-8 Statement of Changes in Fiduciary Net Position 31 Notes to the Basic Financial Statements 32 (i) Table of Contents (continued) Page FINANCIAL SECTION (continued) Required Supplementary Information and Note to the RSI– Part II Schedules Related to Accounting and Reporting for Pension (GASB 68) L-1 Schedule of the District’s Proportionate Share of the Net Pension Liability – Public Employee’s Retirement System (PERS) 75 L-2 Schedule of District Pension Contributions – Public Employee’s Retirement System (PERS) 76 L-3 Schedule of State’s Proportionate Share of the Net Pension Liability Associated with the District – Teacher’s Pension and Annuity Fund (TPAF) 77 Schedule Related to Accounting and Reporting for OPEB (GASB 75) M-1 Schedule of the State’s Proportionate Share of the Net OPEB Liability Associated with the District and Changes in the Total OPEB Liability and Related Ratios – (PERS and TPAF) 78 Notes to Required Supplementary Information 79 Required Supplementary Information – Part III Budgetary Comparison Schedules: C-1 Budgetary Comparison Schedule – General Fund – Budgetary Basis 80 C-1a Combining Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budgetary Basis – Not Applicable N/A C-1b Community Development Block Grant Program – Budget and Actual – Budgetary Basis – Not Applicable N/A C-2 Budgetary Comparison Schedule – Special Revenue Fund – Budgetary Basis 86 C-3 Note to Required Supplementary Information – Budget to GAAP Reconciliation 87 Supplementary Information D School Based Budget Schedules N/A Special Revenue Fund: E-1 Combining Schedule of Program Revenues and Expenditures – Budgetary Basis 88 E-2 Schedule of Preschool Education Aid Expenditures – Budgetary Basis 90 (ii) Table of Contents (continued) Page FINANCIAL SECTION (continued) Supplementary Information (continued) Capital Projects Fund: F-1 Summary Schedule of Project Revenues, Expenditures, Project Balance and Project Status – Budgetary Basis 91 F-1a- Schedule of Project Revenues, Expenditures, Project Balance and F-1f Project Status – Budgetary Basis 92 F-2 Summary Schedule of Project Expenditures 96 Enterprise Fund: G-1 Statement of Net Position N/A G-2 Statement of Revenues, Expenses, and Changes in Fund Net Position N/A G-3 Statement of Cash Flows N/A Fiduciary Funds: H-1 Combining Statement of Fiduciary Net Position 97 H-2 Combining Statement of Changes in Fiduciary Net Position 98 H-3 Schedule of Cash Receipts and Cash Disbursements – Student Activity Agency Fund 99 H-4 Schedule of Cash Receipts and Cash Disbursements – Payroll Agency Fund 100 Long-Term Debt: I-1 Schedule of Serial Bonds Payable 101 I-2 Schedule of Obligations Under Capital Leases – Not Applicable N/A I-3 Budgetary Comparison Schedule – Debt Service Fund 102 STATISTICAL SECTION – Other Information (Unaudited) Financial Trends: J-1 Net Position by Component 103 J-2 Changes in Net Position 104 J-3 Fund Balances, Governmental Funds 106 J-4 Changes in Fund Balances, Governmental Funds 107 J-5 General Fund Other Local Revenues by Source 108 Revenue Capacity: J-6 Assessed Value and Actual Value of Taxable Property 109 J-7 Property Tax Rates – Direct and Overlapping Governments 110 J-8 Principal Property Tax Payers 112 J-9 Property Tax Levies and Collections 113 Debt Capacity: J-10 Ratios of Outstanding Debt by Type 115 J-11 Ratios of Net General Bonded Debt Outstanding 116 J-12 Ratios of Overlapping Governmental Activities Debt 117 J-13 Legal Debt Margin Information 118 (iii) Table of Contents (continued) Page STATISTICAL SECTION – Other Information (Unaudited) (continued) Demographic and Economic Information: J-14 Demographic and Economic Statistics 119 J-15 Principal Employers 120 Operating Information: J-16 Full-Time Equivalent District Employees by Function/Program 121 J-17 Operating Statistics 122 J-18 School Building Information 123 J-19 Schedule of Required Maintenance for School Facilities 124 J-20 Insurance Schedule 125 SINGLE AUDIT SECTION K-1 Report on Internal Control Over Financial Reporting and Report on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 127 K-2 Report on Compliance For Each Major Federal and State Program and on Internal Control Over Compliance Required by the Uniform Guidance and New Jersey OMB Circular 15-08 129 K-3 Schedule A – Schedule of Expenditures of Federal Awards – Supplementary Information 132 K-4 Schedule B – Schedule of Expenditures of State Financial Assistance – Supplementary Information 133 K-5 Notes to Schedules of Expenditures of Federal Awards and State Financial Assistance 134 K-6 Schedule of Findings and Questioned Costs – Part I – Summary of Auditors’ Results 137 K-7 Schedule of Findings and Questioned Costs – Parts II and III – Schedule of Financial Statement Findings and Schedule of Federal Award and State Financial Assistance Findings and Questioned Costs 139 K-8 Summary Schedule of Prior Year Audit Findings 141 (iv) Introductory Section Matt Bouldin, Business Administrator/Board Secretary 25 Valley Road, Princeton, New Jersey 08540 t 609-806-4204 f 609-806-4225 December 4, 2019 Honorable President and Members of the Princeton Board of Education Princeton Public Schools County of Mercer Princeton, New Jersey Dear Board Members and Constituents: The Comprehensive Annual Financial Report (“CAFR”) of the Princeton Public Schools (hereinafter, the “District”) as of and for the year ended June 30, 2019, is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Board of Education (“Board”). To the best of our knowledge and belief, the data presented in this report is accurate in all material respects and is reported in a manner designed to present fairly the financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information at June 30, 2019 and the respective changes in financial position and cash flows, where applicable, for the year then ended. All disclosures necessary to enable the reader to gain an understanding of the District’s financial activities have been included. The CAFR is presented in four sections: introductory, financial, statistical, and single audit. The introductory section includes this transmittal letter (designed to complement Management’s Discussion and Analysis and should be read in conjunction with it), the District’s organizational chart, a roster of officials, independent auditors and advisors and the certificate of excellence in financial reporting. The financial section includes Management’s Discussion and Analysis, basic financial statements, required supplementary information and supplementary information, as well as the auditors’ report thereon. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis and is unaudited. The District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act, the Uniform Guidance and the New Jersey OMB Circular 15-08, “Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid Payments.” Information related to this single audit, including the independent auditors’ reports on internal control and compliance with applicable laws and regulations and findings and questioned costs, is included in the single audit section of this report. 1 1. Reporting Entity and Its Services The Princeton Public Schools is an independent reporting entity within the criteria adopted by the Governmental Accounting Standards Board (GASB). All funds and the government-wide financial statements of the District are included in this report. The Princeton Board of Education and all its schools constitute the District’s reporting entity. The District provides a full range of educational services appropriate to grade levels PK through 12. These include regular education as well as special education for disabled students. The District sends its vocational students to county vocational schools, which are more suited to provide that form of educational program. The
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