Management's Discussion and Analysis
Total Page:16
File Type:pdf, Size:1020Kb
COMPREHENSIVE ANNUAL FINANCIAL REPORT Irving, Texas For the Fiscal Year Ended August 31, 2016 Jose L. Parra, Ed.D. Superintendent of Schools Prepared by Irving ISD Business Office Gary Micinski, CPA Chief Financial Officer Kimberlyee Chappell, CPA, CIA Director of Business Operations IRVING INDEPENDENT SCHOOL DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED AUGUST 31, 2016 TABLE OF CONTENTS Exhibit No. Page No. CERTIFICATE OF BOARD ....................................................................................................................... v INTRODUCTORY SECTION Letter of Transmittal ...................................................................................................................................... 1 List of Principal Officials .............................................................................................................................. 7 Organizational Chart ..................................................................................................................................... 8 Government Finance Officers Association: Certificate of Achievement for Excellence in Financial Reporting ................................................................................................................................. 9 Association of School Business Officials International: Certificate of Excellence in Financial Reporting .................................................................................. 10 FINANCIAL SECTION Independent Auditor’s Report ..................................................................................................................... 11 Management’s Discussion and Analysis ..................................................................................................... 14 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position ................................................................................ A-1 .............................. 24 Statement of Activities ..................................................................................... B-1 .............................. 25 Fund Financial Statements: Balance Sheet - Governmental Funds .............................................................. C-1 .............................. 26 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ......................................................................... C-1R ............................ 28 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds ...................................................... C-2 .............................. 29 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities .............................................................................. C-3 .............................. 31 Statement of Net Position - Proprietary Funds ................................................ D-1 .............................. 32 Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds ...................................................... D-2 .............................. 33 i TABLE OF CONTENTS Exhibit No. Page No. Statement of Cash Flows - Proprietary Funds ................................................. D-3 .............................. 34 Statement of Fiduciary Assets and Liabilities.................................................. E-1 .............................. 35 Notes to Basic Financial Statements ........................................................................................................ 36 Required Supplementary Information: Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - General Fund .................................................................. G-1 .............................. 67 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Food Service Fund .......................................................... G-2 .............................. 68 Schedule of the District’s Proportionate Share of the Net Pension Liability of a Cost-Sharing Multiple-Employer Pension Plan - TRS .............. G-3 .............................. 69 Schedule of the District’s Contributions - TRS .................................................. G-4 .............................. 70 Notes to Required Supplementary Information ....................................................................................... 71 Other Supplementary Information: Combining and Individual Fund Statements and Schedules: Nonmajor Governmental Funds: Combining Balance Sheet ................................................................................ H-1 .............................. 73 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ............................................................................ H-2 .............................. 74 Internal Service Funds: Combining Statement of Net Position ............................................................. H-3 .............................. 75 Combining Statement of Revenues, Expenses and Changes in Fund Net Position ...................................................................... H-4 .............................. 77 Combining Statement of Cash Flows............................................................... H-5 .............................. 79 Fiduciary Funds: Combining Statement of Fiduciary Assets and Liabilities - Agency Funds ............................................................................................... H-6 .............................. 81 Combining Statement of Changes in Assets and Liabilities - Agency Funds ............................................................................................... H-7 .............................. 82 Required T.E.A. Schedules: Schedule of Delinquent Taxes Receivable ........................................................ J-1 .............................. 83 ii TABLE OF CONTENTS Exhibit No. Page No. Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Debt Service Fund ........................................................ J-2 .............................. 85 STATISTICAL SECTION - (UNAUDITED) Net Position by Component.................................................................................... S-1 .............................. 87 Expenses, Program Revenues, and Net (Expense)/Revenue .................................. S-2 .............................. 89 General Revenues and Total Change in Net Position ............................................ S-3 .............................. 91 Fund Balances – Governmental Funds ................................................................... S-4 .............................. 93 Governmental Funds Revenues .............................................................................. S-5 .............................. 95 Governmental Funds Expenditures and Debt Service Ratio .................................. S-6 .............................. 97 Other Financing Sources and Uses and Net Change in Fund Balances ................. S-7 .............................. 99 Appraised Value and Actual Value of Taxable Property ....................................... S-8 ............................ 101 Direct and Overlapping Property Tax Rates........................................................... S-9 ............................ 102 Principal Property Tax Payers ............................................................................... S-10 ........................... 104 Property Tax Levies and Collections .................................................................... S-11 ........................... 105 Outstanding Debt by Type..................................................................................... S-12 ........................... 107 Direct and Overlapping Governmental Activities Debt ........................................ S-13 ........................... 108 Legal Debt Margin Information ............................................................................ S-14 ........................... 109 Ratio of Net Bonded Debt to Assessed Value and Per Capita .............................. S-15 ........................... 111 Demographic and Economic Statistics .................................................................. S-16 ........................... 112 Principal Employers .............................................................................................. S-17 ........................... 113 Full-Time Equivalent District Employees by Type ............................................... S-18 ........................... 114 Operating Statistics ................................................................................................ S-19 ........................... 116 Capital Asset Information...................................................................................... S-20 ........................... 117 iii TABLE OF CONTENTS Exhibit No. Page No. FEDERAL FINANCIAL ASSISTANCE SECTION Single Audit Reports: 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 ......................................................................................................................