Weber School District

WEBER SCHOOL DISTRICT Financial Statements Year Ended June 30, 2020 WEBER SCHOOL DISTRICT Table of Contents Year Ended June 30, 2020 Page INTRODUCTORY SECTION: Letter of Transmittal 1 FINANCIAL SECTION: Independent Auditor's Report 5 Management's Discussion and Analysis 8 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 16 Statement of Activities 17 Fund Financial Statements: Balance Sheet – Governmental Funds 18 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Positon 19 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds 20 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 21 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – General Fund 22 Notes to the Basic Financial Statements 23 Required Supplementary Information: Schedules of the District's Proportionate Share of the Net Pension Liability (Asset) – Utah 44 Retirement Systems Schedules of District Contributions – Utah Retirement Systems 45 Notes to the Required Supplementary Information 46 Combining and Individual Fund Statements and Schedules: Major Funds: Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – General Fund 47 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Debt Service Fund 48 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Capital Projects Fund 49 WEBER SCHOOL DISTRICT Table of Contents Year Ended June 30, 2020 Page Nonmajor Special Revenue Funds: Combining Balance Sheet – Nonmajor Governmental Funds 50 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Governmental Funds 51 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – School Lunch Fund 52 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Student Activities Fund 53 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances – Weber School District Foundation Fund 54 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Pass-Through Taxes Fund 55 OTHER INFORMATION: Table 1 – General Obligation Overlapping Indebtedness 56 Table 2 – Debt Ratios 57 Table 3 – Debt Service Schedule of Outstanding General Obligation Bonds 58 Table 4 – Taxable and Fair Market Value 59 Table 5 – Significant Taxpayers in the District 60 Table 6 – Summary of Taxable Value 61 Table 7 – Tax Collection Record of the District 62 Table 8 – Schedule of Property Tax Rates 62 Table 9 – Historical Property Tax Collections by Fund 62 Table 10 – Five Year General Fund Financial Summary 63 Table 11 – Balance Sheet – General Fund 64 WEBER SCHOOL DISTRICT 5320 Adams Avenue Parkway Ogden, Utah 84405 November 3, 2020 To President Ritchie, Members of the Board of Education, and Citizens of Weber School District: State law requires that school districts publish, within five months of the close of each year, a complete set of financial statements presented in conformity with accounting principles generally accepted in the United States of America (GAAP). In addition, these statements are to be audited by licensed certified public accountants in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller of the United States. Pursuant to that requirement, we hereby issue the basic financial statements of the Weber School District (the District) for the fiscal year ending June 30, 2020. Designed to meet the needs of a broad spectrum of readers of financial statements, our basic financial statements are divided into three major sections: Introductory section – Introduces the reader to the report and includes this transmittal letter. Financial section – Consists of the independent auditor’s report, management’s discussion and analysis, the basic financial statements, and combining and individual fund statements and schedules. Other information – Contains substantial selected financial information, but presents tables that differ from financial statements in that they present non-accounting data. Internal controls. This report consists of management’s representations concerning our finances. Consequently, management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To ensure the validity of this report, management has established a comprehensive internal control framework that is designed both to protect our assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of our financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, our comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. Independent audits. Squire & Company, PC, a firm of licensed certified public accountants, has audited our financial statements. The goal of the independent audit was to provide reasonable assurance that the financial statements for the fiscal year ended June 30, 2020 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that our financial statements for the year ending June 30, 2020 are fairly presented in conformity with GAAP. The independent auditor’s report is presented as the first component of the financial section of this report The independent audit of our financial statements was part of a broader, federally mandated “Single Audit” designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the 1 financial statements, but also on our internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of federal awards. These reports are available in our separately issued compliance reports. Management’s discussion and analysis. GAAP require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of management’s discussion and analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in connection with it. Our MD&A can be found immediately following the report of the independent auditors. District profile. We are a legally separate entity enjoying all rights and privileges accorded political subdivisions in the State of Utah. We are fiscally independent. Policymaking and legislative authority are vested in our Board of Education consisting of seven members. Our Board is responsible, among other things, for developing policy, adopting budgets, levying taxes, incurring bonded debt, supervising committees, and hiring both our Superintendent and Business Administrator. Our Superintendent and Business Administrator are responsible for carrying out the policies of our Board and overseeing our day-to-day operations. Our Board is elected on a non-partisan basis. Board members serve four-year staggered terms with no more than four board members elected every two years. Our major purpose is to provide public education for those who reside within the boundaries of the District located in Weber County, Utah. To accomplish this purpose, for the school year 2019-2020, we operate four traditional high schools, nine junior high schools, and twenty-nine elementary schools. We also offer various special purpose programs. These special programs include an alternative high school and Weber Innovations Center. We serve approximately 32,171 students. Budgetary control. Our Board adopts an annual budget for our funds. This budget acts as the financial operating plan for the entire year. Revisions may be implemented during the year authorizing a larger appropriation of available resources through a public hearing and approval from our Board. All annual appropriations lapse at fiscal year end with the exception of those indicated as a fund balance commitment. During May of each year, our Superintendent submits to our Board a proposed operating budget for the next fiscal year commencing July 1. This budget includes proposed expenditures and the means of financing them. Included also is a final budget for the current year ending June 30. If we do not exceed the certified tax rate, a public hearing is held prior to June 30 at which time the budget is legally adopted by resolution of our Board after obtaining taxpayer input. If we exceed the certified tax rate, the budget is adopted in August when data is available to set tax rates. The level by which expenditures may not exceed appropriations

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