Comprehensive Annual Financial Report
Total Page:16
File Type:pdf, Size:1020Kb
COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended June 30, 2020 350 South Main Spanish Fork, Utah 84660 www.Nebo.edu NEBO SCHOOL DISTRICT Table of Contents Year Ended June 30, 2020 Page Introductory Section Letter of Transmittal.................................................................................................................................................... 1 List of Elected and Appointed Officials........................................................................................................................ 7 Organizational Chart................................................................................................................................................... 8 Financial Section Independent Auditor's Report...................................................................................................................................... 9 Management's Discussion and Analysis..................................................................................................................... 11 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position..................................................................................................................................... 22 Statement of Activities.......................................................................................................................................... 23 Fund Financial Statements: Balance Sheet - Governmental Funds.................................................................................................................. 24 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position........................... 26 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds........................ 27 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities.................................................................................................................. 29 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund... 30 Notes to Basic Financial Statements....................................................................................................................... 31 Required Supplementary Information: Utah Retirement Systems - Schedule of Proportionate Share of Net Pension Liability........................................... 57 Utah Retirement Systems - Schedule of Contributions............................................................................................ 58 Early Retirement Incentive Payments - Schedule of Changes in Total Pension Liability and Related Ratios......... 59 Early Retirement Health Insurance Incentive Payments - Schedule of Changes in Total Pension Liability and Related Ratios...................................................................................................................................................... 60 Notes to Required Supplementary Information........................................................................................................ 61 Combining and Individual Fund Statements and Schedules: Major Governmental Funds: Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund..... 64 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Debt Service Fund.................................................................................................................................................................. 65 NEBO SCHOOL DISTRICT Table of Contents Year Ended June 30, 2020 Page Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Capital Projects Fund.................................................................................................................................................................. 66 Financial Section (continued) Nonmajor Governmental Funds: Combining Balance Sheet.................................................................................................................................... 68 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances........................................... 69 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Child Nutrition Fund.................................................................................................................................................................. 70 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - School Activity Fund.................................................................................................................................................................. 71 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Non K-12 Programs Fund.................................................................................................................................................. 72 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Pass-Through Taxes Fund........................................................................................................................................................ 73 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - Nebo Education Foundation......................................................................................................................................................... 74 Statistical Section Comparative Statements of Net Position - Governmental Activities........................................................................... 76 Comparative Statements of Activities - Governmental Activities................................................................................. 78 Comparative Balance Sheets - Governmental Funds................................................................................................. 80 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds........ 82 Comparative Balance Sheets - General Fund............................................................................................................. 84 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - General Fund................... 86 Comparative Balance Sheets - Debt Service Fund..................................................................................................... 87 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - Debt Service Fund............ 88 Comparative Balance Sheets - Capital Projects Fund................................................................................................ 89 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - Capital Projects Fund....... 90 Comparative Balance Sheets - Child Nutrition Fund................................................................................................... 91 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - Child Nutrition Fund.......... 92 Comparative Balance Sheets - School Activity Fund.................................................................................................. 93 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - School Activity Fund......... 94 Comparative Balance Sheets - Non K-12 Programs Fund.......................................................................................... 95 NEBO SCHOOL DISTRICT Table of Contents Year Ended June 30, 2020 Page Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - Non K-12 Programs Fund 96 Comparative Balance Sheets - Pass-Through Taxes Fund........................................................................................ 97 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - Pass-Through Taxes Fund 98 Statistical Section (continued) Comparative Balance Sheets - Nebo Education Foundation...................................................................................... 99 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances - Nebo Education Foundation............................................................................................................................................................... 100 Taxable and Estimated Fair Market Value.................................................................................................................. 101 Summary of Taxable Value......................................................................................................................................... 102 Composition of Taxable Value.................................................................................................................................... 103 Significant Taxpayers.................................................................................................................................................. 104 Property Tax Rates...................................................................................................................................................... 105 Tax Collection Record................................................................................................................................................