School District of Pascack Valley Regional
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SCHOOL DISTRICT OF PASCACK VALLEY REGIONAL Pascack Valley Regional High School District Montvale, New Jersey Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2019 Comprehensive Annual Financial Report ofthe Pascack Valley Regional High School District Montvale, New Jersey For the Fiscal Year Ended June 30, 2019 Prepared by Pascack Valley Regional High School District Board of Education PASCACK VALLEY REGIONAL HIGH SCHOOL DISTRICT TABLE OF CONTENTS FISCAL YEAR ENDED JUNE 30, 2019 INTRODUCTORY SECTION (Unaudited) Letter of Transmittal ............................................................................................................................................... 1 Organizational Chart ............................................................................................................................................ 11 Roster of Officials ................................................................................................................................................ 12 Consultants and Advisors ..................................................................................................................................... 13 FINANCIAL SECTION .......................................................................................................................................... 14 Independent Auditors' Report .............................................................................................................................. 15 Required Supplementary Information .................................................................................................................. 18 Management's Discussion and Analysis (Unaudited) ................................................................................... 19 Basic Financial Statements (Sections A. and B.) ................................................................................................. 28 A. District-Wide Financial Statements ............................................................................................................... 29 A-1 Statement of Net Position ..................................................................................................................... 30 A-2 Statement of Activities ......................................................................................................................... 31 B. Fund Financial Statements ............................................................................................................................. 33 B-1 Balance Sheet - Governmental Funds ................................................................................................. 34 B-2 Statement of Revenue, Expenditures and Changes in Fund Balance- Governmental Funds ......................................................................................................................... 36 B-3 Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ............................................ 3 7 B-4 Statement of Net Position- Proprietary Funds .................................................................................... 38 B-5 Statement of Revenue, Expenses and Changes in Net Position- Proprietary Funds .......................... 39 B-6 Statement of Cash Flows - Proprietary Funds ..................................................................................... 40 B-7 Statement of Fiduciary Net Position - Fiduciary Funds ...................................................................... 41 B-8 Statement of Changes in Fiduciary Net Position - Fiduciary Funds .................................................... 42 Notes to the Basic Financial Statements ........................................................................................................ 43 Required Supplementary Information (Unaudited) ................................................................................................ 81 L Schedules Related to Accounting and Reporting for Pensions and Postemployment Benefits Other than Pensions .................................................................................................................................... 82 L-1 Schedule of District's Proportionate Share of the Net Pension Liability - Public Employees Retirement System .............................................................................................. 82 L-2 Schedule of District Contributions - Public Employees Retirement System ....................................... 83 L-3 Schedule of State's Proportionate Share of the Net Pension Liability attributable to the District - Teachers' Pension and Annuity Fund ............................................................................... 84 L-4 Schedule of State Contributions - Teachers' Pension and Annuity Fund ............................................ 85 L-5 Schedule of Changes in the State's Proportionate Share of the Total OPEB Liability Associated with the District and Related Ratios ............................................................................... 86 Notes to Required Supplementary Information ............................................................................................. 87 PASCACK VALLEY REGIONAL HIGH SCHOOL DISTRICT TABLE OF CONTENTS FISCAL YEAR ENDED JUNE 30, 2019 (Continued) FINANCIAL SECTION (Cont'd) Other Supplementary Schedules (Sections D. to I.) C. Budgetary Comparison Schedules (Unaudited) ............................................................................................. 89 C-1 Budgetary Comparison Schedule - General Fund ............................................................................... 90 C-2 Combining Budgetary Schedule - Special Revenue Fund ................................................................. 104 C-3 Budgetary Comparison Schedule-Notes to Required Supplementary Information ......................... 105 D. School Level Schedules (Not Applicable) ................................................................................................... 107 E. Special Revenue Fund .................................................................................................................................. 108 E-1 Combining Schedule of Revenue and Expenditures Special Revenue Fund - Budgetary Basis .................................................................................................................. 109 E-2 Preschool Education Aid Schedule of Expenditures Special Revenue Fund - Budgetary Basis (Not Applicable) F. Capital Projects Fund ................................................................................................................................... 113 F-1 Summary Schedule of Revenues, Expenditures, and Changes in Fund Balance .............................. 114 F-la Schedule of Project Revenues, Expenditures, Project Balance and Project Status - A Wing Window Replacement at Pascack Hills High School... ..................................................... 115 F-lb Schedule of Project Revenues, Expenditures, Project Balance and Project Status - 54-56 Wing Window Replacement at Pascack Valley High School .............................................. 116 F-lc Schedule of Project Revenues, Expenditures, Project Balance and Project Status - 72 Wing Window Replacement at Pascack Valley High School... ................................................. 117 F-ld Schedule of Project Revenues, Expenditures, Project Balance and Project Status - Music Renovation at Pascack Hills High School... ......................................................................... 118 F-le Schedule of Project Revenues, Expenditures, Project Balance and Project Status - Power Grid Construction at Pascack Valley Regional High School... ............................................ 119 F-lf Schedule of Project Revenues, Expenditures, Project Balance and Project Status - Athletic Field Construction at Pascack Hills High School ............................................................. 120 G. Proprietary Funds ......................................................................................................................................... 121 Enterprise Fund: G-1 Combining Statement of Net Position ................................................................................................ 122 G-2 Combining Statement of Revenue, Expenses and Changes in Net Position ...................................... 123 G-3 Combining Statement of Cash Flows ................................................................................................. 124 H. Fiduciary Funds ........................................................................................................................................... 125 H-1 Combining Statement of Fiduciary Net Position ............................................................................... 126 H-2 Statement of Changes in Fiduciary Net Position ................................................................................ 127 H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements ......................................... 128 H-4 Student Activity Agency Fund Statement of Activity ........................................................................ 129 H-5 Payroll Agency Fund Schedule of Receipts and Disbursements ........................................................ 130 H-6 Professional Development Costs Agency Fund Schedule of Receipts and