Glen Rock Public Schools Glen Rock, New Jersey Comprehensive Annual
Total Page：16
File Type：pdf, Size：1020Kb
GLEN ROCK PUBLIC SCHOOLS GLEN ROCK, NEW JERSEY COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2017 COMPREHENSIVE ANNUAL FINANCIAL REPORT of the Glen Rock Public Schools Glen Rock, New Jersey For The Fiscal Year Ended June 30, 2017 Prepared by Business Office GLEN ROCK PUBLIC SCHOOLS TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal i-iv Organizational Chart v Roster of Officials VI Consultants and Advisors vii FINANCIAL SECTION Independent Auditor's Report 1-3 REQUIRED SUPPLEMENTARY INFORMATION- PART I Management's Discussion and Analysis 4-17 Basic Financial Statements A. District-wide Financial Statements A-1 Statement of Net Position 18 A-2 Statement of Activities 19 B. Fund Financial Statements Governmental Funds B-1 Balance Sheet 20-21 B-2 Statement of Revenues, Expenditures, and Changes in Fund Balances 22 B-3 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances With the District-Wide Statements 23 Proprietary Funds B-4 Statement ofNet Position 24 B-5 Statement of Revenues, Expenses, and Changes in Net Position 25 B-6 Statement of Cash Flows 26 Fiduciary Funds B-7 Statement of Fiduciary Net Position 27 B-8 Statement of Changes in Fiduciary Net Position 28 Notes to the Financial Statements 29-64 GLEN ROCK PUBLIC SCHOOLS TABLE OF CONTENTS REQUIRED SUPPLEMENTARY INFORMATION- PART II C. Budgetary Comparison Schedules C-1 General Fund - Budgetary Comparison Schedule 65-70 C-2 Special Revenue Fnnd - Budgetary Comparison Schedule 71 NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION- PART II C-3 Budgetary Comparison Schedule-Note to Required Supplementary Information 72 REQUIRED SUPPLEMENTARY INFORMATION- PART III L. Schedules Related to Accounting and Reporting for Pensions (GASB 68) L-1 Required Supplementary Information - Schedule of the District's Proportionate Share of the Net Pension Liability- Public Employees Retirement System 73 L-2 Required Supplementary Information- Schedule of District Contributions Public Employees Retirement System 74 L-3 Required Supplementary Information- Schedule oftbe District's Proportionate Share of the Net Pension Liability- Teachers Pension and Annuity Fund 75 L-4 Notes to Required Supplementary Information 76 OTHER SUPPLEMENTARY INFORMATION D. School Level Schedules (Not applicable) E. Special Revenue Fund E-1 Combining Schedule of Program Revenues and Expenditures -Budgetary Basis 77-78 E-2 Schedule of Preschool Education Aid Expenditures- Budgetary Basis - N/A 79 F. Capital Projects Fund F-1 Summary Schedule of Project Expenditures 80 F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance- Budgetary Basis 81 F-2a-d Schedule of Project Revenues, Expenditures, Project Balance and Project Status Budgetary Basis 82-85 G. Proprietary Funds Enterprise Fund G-1 Combining Statement of Net Position- N/A 86 G-2 Combining Statement of Revenues, Expenses and Changes in Fund Net Position- N/A 86 G-3 Combining Statement of Cash Flows- N/ A 86 GLEN ROCK PUBLIC SCHOOLS TABLE OF CONTENTS H. Fiduciary Funds H-1 Combining Statement of Assets and Liabilities 87 H-2 Combining Statement of Changes in Net Position- N/A 87 H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements 88 H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 88 I. Long-Term Debt I-1 Schedule of Serial Bonds 89 1-2 Schedule of Obligations under Capital Leases- Not Applicable 90 1-3 Debt Service Fund- Budgetary Comparison Schedule- Budget and Actual 90 J. STATISTICAL SECTION (Unaudited) Financial Trends J-1 Net Position by Component 91 J-2 Changes in Net Position 92-93 J-3 Fund Balances- Governmental Funds 94 J-4 Changes in Fund Balances- Governmental Funds 95 J-5 General Fund Other Local Revenue by Source 96 Revenue Capacity J-6 Assessed Value and Actual Value of Taxable Property 97 J-7 Direct and Overlapping Property Tax Rates 98 J-8 Principal Property Taxpayers 99 J-9 Property Tax Levies and Collections 100 Debt Capacity J-10 Ratios of Outstanding Debt by Type 101 J-11 Ratios of Net General Bonded Debt Outstanding 102 J-12 Direct and Overlapping Government Activities Debt 103 J-13 Legal Debt Margin Information 104 Demographic and Economic Information J-14 Demographic and Economic Statistics 105 J-15 Principal Employers 106 Operating Information J-16 Full Time Equivalent District Employees by Function/Program 107 J-17 Operating Statistics 108 J-18 School Building Information 109 J-19 Schedule of Required Maintenance for School Facilities 110 J-20 Insurance Schedule Ill GLEN ROCK PUBLIC SCHOOLS TABLE OF CONTENTS Page K. SINGLE AUDIT SECTION K-1 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- Independent Auditor's Report 112-113 K-2 Report on Compliance for each Major State Program; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of State Financial Assistance as Required by New Jersey OMB Circular 15-08 114-116 K-3 Schedule of Expenditures of Federal Awards 117 K-4 Schedule of Expenditures of State Financial Assistance 118 K-5 Notes to the Schedules of Expenditures of Federal Awards and State Financial Assistance 119-120 K-6 Schedule of Findings and Questioned Costs- Part I -Summary of Auditor's Results 121-122 K-7 Schedule of Findings and Questioned Costs- Part 2- Schedule of Financial Statement Findings 123 K-7 Schedule of Findings and Questioned Costs- Part 3- Schedule of Federal and State Award Findings and Questioned Costs 124 K-8 Summary Schedule of Prior Year Findings 125 INTRODUCTORY SECTION GLEN RocK PUBLIC SCHOOLS Michael Rinderknecht 620 Harristown Road School Business Administrator/ Glen Rock, NJ 07452-2398 Board Secretary (201) 445-7700 Ext. 8942 Fax (201) 389-5019 December 5, 2017 Honorable President and Members of the Board of Education Glen Rock Public Schools County of Bergen Glen Rock, New Jersey The comprehensive annual financial report of the Borough of Glen Rock Public Schools (District) for the fiscal year ended June 30, 2017, is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the shared management of the District, specifically the Chief School Administrator and Business Administrator. 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 and results of operations of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included. The comprehensive annual financial report is presented in four sections: introductory, financial, statistical and single audit. The introductory section includes this transmittal letter, the District's organizational chart and a list of principal officials. The financial section inCludes the basic financial statements and required supplementary information, as well as the auditor's report thereon. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1984, as amended, and the U.S. Office of Management and Budget Circular A-133, "Audits of States, Local Governments and Non-Profit Organizations"; and New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid", and are not a required part of the basic financial statements. Information related to this single audit, including the auditor's report on the internal control structure and compliance with applicable laws, regulations, findings and recommendations, are included in the single audit section of this report. GLEN RocK Is AN EQUAL iOPPORTUNITY EMPLOYER I. REPORTING ENTITY AND ITS SERVICES: The Borough of Glen Rock Public Schools is an independent reporting entity within the criteria adopted by the GAS B. All funds of the District are included in this report. The Borough of Glen Rock Board of Education and all its schools constitute the District's reporting entity. The school district provides a full range of educational services to grade levels K through 12 for the students residing in the Borough of Glen Rock. These include regular as well as special education for special needs students. The District completed the 2016-2017 fiscal year with an enrollment of2,462 resident students, which is 22 more than the previous year's enrollment. The following details the changes in the student enrollment of the District over the last ten years. Fiscal Student Percent Year Enrollment Change 2015-16 2,462 .90% 2014-15 2,440 .57% 2013-14 2,426 1.04% 2012-13 2,401 (0%) 2011-12 2,401 (1%) 2010-11 2,439 (2.00%) 2009-10 2,482 (3.50%) 2008-09 2,570 3.00% 2007-08 2,516 .01% 2006-07 2,511 1.00% 2. ECONOMIC CONDITION AND OUTLOOK: The Glen Rock community consists of over 3,800 single family residences. There are over 100 businesses located within a small central business district that prosper despite the abundance of magnet shopping malls in the area. 3. MAJOR INITIATIVES: Throughout its history, the Glen Rock community has always placed a very high value on education; it is the foundation upon which the borough was built. In the late 1800s when the state of New Jersey mandated consolidation of school districts, local activists - concerned about the impact this would have on the education of their children - went door to door with a petition to create their own school district. The cosmopolitan town of Glen Rock, situated 23 miles west of New York City, and the only Bergen County town to have two NJ Transit train lines, was established September 14, 1894.