PEMBERTON TOWNSHIP SCHOOL DISTRICT Pemberton, New Jersey County of Burlington COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISC
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PEMBERTON TOWNSHIP SCHOOL DISTRICT Pemberton, New Jersey County of Burlington COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE PEMBERTON TOWNSHIP SCHOOL DISTRICT PEMBERTON, NEW JERSEY FOR THE FISCAL YEAR ENDED JUNE 30, 2019 Prepared by Pemberton Township School District Finance Department OUTLINE OF CAFR PAGE INTRODUCTORY SECTION Letter of Transmittal 1 Roster of Officials 7 Consultants and Advisors 9 FINANCIAL SECTION Independent Auditors' Report 13 REQUIRED SUPPLEMENTARY INFORMATION - PART I Management's Discussion & Analysis 19 BASIC FINANCIAL STATEMENTS A. Government-Wide Financial Statements: A-1 Statement of Net Position 33 A-2 Statement of Activities 34 B. Fund Financial Statements: Governmental Funds: B-1 Balance Sheet 41 B-2 Statement of Revenues, Expenditures & Changes in Fund Balance 42 B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund Balance of Governmental Funds to the Statement of Activities 43 Proprietary Funds: B-4 Statement of Net Position 47 B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 48 B-6 Statement of Cash Flows 49 Fiduciary Funds: B-7 Statement of Fiduciary Net Position 53 B-8 Statement of Changes in Fiduciary Net Position 54 Notes to Financial Statements 57 REQUIRED SUPPLEMENTARY INFORMATION - PART II C. Budgetary Comparison Schedules: C-1 Budgetary Comparison Schedule - General Fund 103 C-1a Combining Schedule of Revenues, Expenditures & Changes in Fund Balance - Budget & Actual 111 C-1b Community Development Block Grants - Budget & Actual N/A C-2 Budgetary Comparison Schedule - Special Revenue Fund 119 Notes to the Required Supplementary Information: C-3 Budget-to-GAAP Reconciliation 123 REQUIRED SUPPLEMENTARY INFORMATION - PART III L-1 Schedule of the District's Proportionate Share of the Net Pension Liability Public Employees' Reitrement System 129 L-2 Schedule of District Contributions - Public Employees' Retirement System 130 L-3 Schedule of the District's Proportionate Share of the Net Pension Liability Teachers' Pension and Annuity Fund 131 L-4 Schedule of District Contributions - Teachers' Pension and Annuity Fund 132 M-1 Schedule of the Changes in the Net OPEB Liability and Related Ratios - State Health Benefit Local Education Retired Employees Plan (OPEB) 135 Notes to the Required Supplementary Information 139 OUTLINE OF CAFR (Continued) PAGE D. School Based Budget Schedules Fund: D-1 Combining Balance Sheet 145 D-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource Type - Actual 146 D-2a Schedule of Expenditures Allocated by Resource Type - Actual - Helen Fort 147 D-2b Schedule of Expenditures Allocated by Resource Type - Actual - Emmons 148 D-2c Schedule of Expenditures Allocated by Resource Type - Actual - Harker-Wylie 149 D-2d Schedule of Expenditures Allocated by Resource Type - Actual - Fort Dix 150 D-2e Schedule of Expenditures Allocated by Resource Type - Actual - Isaiah Haines School 151 D-2f Schedule of Expenditures Allocated by Resource Type - Actual - Denbo 152 D-2g Schedule of Expenditures Allocated by Resource Type - Actual - Busansky 153 D-2h Schedule of Expenditures Allocated by Resource Type - Actual - Stackhouse 154 D-2i Schedule of Expenditures Allocated by Resource Type - Actual - High School 155 D-2j Schedule of Expenditures Allocated by Resource Type - Actual - Early Childhood 156 D-2k Schedule of Expenditures Allocated by Resource Type - Actual - Newcomb 157 D-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget & Actual 158 D-3a Schedule of Blended Expenditures - Budget & Actual - Helen Fort 162 D-3b Schedule of Blended Expenditures - Budget & Actual - Emmons 165 D-3c Schedule of Blended Expenditures - Budget & Actual - Harker-Wylie 168 D-3d Schedule of Blended Expenditures - Budget & Actual - Fort Dix 171 D-3e Schedule of Blended Expenditures - Budget & Actual - Isaiah Haines School 173 D-3f Schedule of Blended Expenditures - Budget & Actual - Denbo 176 D-3g Schedule of Blended Expenditures - Budget & Actual - Busansky 179 D-3h Schedule of Blended Expenditures - Budget & Actual - Stackhouse 182 D-3i Schedule of Blended Expenditures - Budget & Actual - High School 184 D-3j Schedule of Blended Expenditures - Budget & Actual - Early Childhood 187 D-3k Schedule of Blended Expenditures - Budget & Actual - Newcomb 188 E. Special Revenue Fund: E-1 Combining Schedule of Revenues & Expenditures - Special Revenue Fund - Budgetary Basis 193 E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis 194 F. Capital Projects Fund: F-1 Summary Schedule of Project Expenditures 197 F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance - Budgetary Basis 198 F-2a Schedule of Revenues, Expenditures, Project Balance & Project Status - Budgetary Basis - Window and HVAC Replacement at the Emmons School 199 F-2b Schedule of Revenues, Expenditures, Project Balance & Project Status - Budgetary Basis - Window and HVAC Replacements at the Stackhouse School 200 F-2c Schedule of Revenues, Expenditures, Project Balance & Project Status - Budgetary Basis - Denbo SDA Project 201 F-2d Schedule of Revenues, Expenditures, Project Balance & Project Status - Budgetary Basis - Various High School Improvements 202 F-2e Schedule of Revenues, Expenditures, Project Balance & Project Status - Budgetary Basis - Waste Water Treatment Plant 203 F-2f Schedule of Revenues, Expenditures, Project Balance & Project Status - Budgetary Basis - Transportation Fuel Tanks 204 F-2g Schedule of Revenues, Expenditures, Project Balance & Project Status - Budgetary Basis - Various Boilers 205 G. Proprietary Funds: Enterprise Funds: G-1 Schedule of Net Position 211 G-2 Schedule of Revenues, Expenses & Changes in Fund Net Position 212 G-3 Schedule of Cash Flows 213 OUTLINE OF CAFR (Continued) PAGE H. Fiduciary Funds: H-1 Statement of Fiduciary Net Position 217 H-2 Statement of Changes in Fiduciary Net Position 218 H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 219 H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 219 I. Long-Term Debt: I-1 Schedule of Serial Bonds N/A I-2 Schedule of Obligations Under Capital Leases N/A I-3 Debt Service Fund Budgetary Comparison Schedule N/A STATISTICAL SECTION (unaudited) Financial Trends: J-1 Net Position by Component 225 J-2 Changes in Net Position 226 J-3 Fund Balances - Governmental Funds 228 J-4 Changes in Fund Balance - Governmental Funds 229 J-5 Other Local Revenue by Source - General Fund 231 Revenue Capacity: J-6 Assessed Value & Estimated Actual Value of Taxable Property 232 J-7 Direct & Overlapping Property Tax Rates 233 J-8 Principal Property Taxpayers 234 J-9 Property Tax Levies & Collections 235 Debt Capacity: J-10 Ratios of Outstanding Debt by Type 235 J-11 Ratios of General Bonded Debt Outstanding 235 J-12 Direct & Overlapping Governmental Activities Debt 236 J-13 Legal Debt Margin Information 237 Demographic & Economic Information: J-14 Demographic & Economic Statistics 238 J-15 Principal Employers N/A Operating Information: J-16 Full-Time Equivalent District Employees by Function/Program 239 J-17 Operating Statistics 240 J-18 School Building Information 241 J-19 Schedule of Required Maintenance 242 J-20 Insurance Schedule 243 SINGLE AUDIT SECTION K-1 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 247 K-2 Independent Auditor's Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by the Uniform Guidance and New Jersey OMB Circular 15-08 249 K-3 Schedule of Expenditures of Federal Awards, Schedule A 253 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 255 K-5 Notes to Schedules of Awards and Financial Assistance 257 K-6 Schedule of Findings & Questioned Costs - Summary of Auditor's Results 261 K-7 Schedule of Findings & Questioned Costs - Findings 263 K-8 Summary Schedule of Prior Audit Findings 265 This page intentionally left blank. INTRODUCTORY SECTION This page intentionally left blank. DAN SMITH TONY TRONGONE School Business Administrator Superintendent December 14, 2019 Honorable President and Members of the Board of Education Pemberton Township School District County of Burlington, New Jersey Dear Board Members/Citizens: The Comprehensive Annual Financial Report (CAFR) of the Pemberton Township School District for the fiscal year ended June 30, 2019, is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Pemberton Township School District. 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, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the district as of June 30, 2019, and the respective changes in financial position and cash flows, where applicable, thereof, for the year then ended in conformity with accounting principles generally accepted in the United States of America. All disclosures necessary to enable the reader to gain an understanding of the district’s financial activities have been included. GAAP requires that management provide