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Comprehensive Annual Financial Report COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2020 Des Moines Independent Community School District DES MOINES, IOWA Des Moines Independent Community School District, Des Moines, Iowa Comprehensive Annual Financial Report Year Ended June 30, 2020 Official Issuing Report: Shashank Aurora Chief Financial Officer Office Issuing Report: Business and Finance Department Table of Contents Introductory Section (Unaudited) Table of contents i-ii Letter of transmittal iii-ix Board of Education and School District Officials x GFOA certificate of achievement xi ASBO certificate of excellence xii Organizational chart xiii Financial Section Independent auditor’s report 1-2 Management’s discussion and analysis 3-15 Basic financial statements: Government-wide financial statements: Statement of net position 16-17 Statement of activities 18-19 Fund financial statements: Governmental funds: Balance sheet 20 Reconciliation of total governmental fund balances to net position of governmental activities 21 Statement of revenues, expenditures and changes in fund balances 22 Reconciliation of the statement of revenues, expenditures and changes in fund balances of governmental funds to the statement of activities 23 Proprietary funds: Statement of net position 24 Statement of revenues, expenses and changes in net position 25 Statement of cash flows 26 Fiduciary and agency funds: Statement of fiduciary net position 27 Statement of changes in fiduciary net position 28 Notes to basic financial statements 29-63 Required supplementary information: Schedule of changes in the District’s total OPEB liability and related ratios 64 Iowa Public Employees’ Retirement System: Schedule of the District’s proportionate share of the net pension liability 65-66 Schedule of the District’s contributions 67 Note to required supplementary information 68-69 Des Moines Teachers’ Retirement System: Schedule of changes in net pension (asset) 70-71 Schedule of net pension liability (asset) and related ratios 72-73 Schedule of money-weighted rate of return 74 Schedule of contributions from the District 75 Note to required supplementary information 76 Budgetary comparison schedule—all governmental funds, enterprise funds and private purpose trust funds 77-78 Note to required supplementary information—budgetary comparison schedule 79 i Table of Contents Financial Section (Continued) Other supplementary information: Nonmajor governmental funds: 80 Combining balance sheet 81-82 Combining statement of revenues, expenditures and changes in fund balances 83-84 Nonmajor enterprise funds: 85 Combining statement of net position 86-87 Combining statement of revenues, expenses and changes in fund net position (deficit) 88-89 Combining statement of cash flows 90-91 Internal service funds: 92 Combining statement of net position 93 Combining statement of revenues, expenses and changes in fund net position 94 Combining statement of cash flows 95 Agency fund: 96 Statement of changes in assets and liabilities 97 Statistical Section (Unaudited) Statistical section contents 98 Net position by component 99-100 Expenses, program revenues and net (expense) revenue 101-104 General revenues and total change in net position 105-106 Fund balances, governmental funds 107-108 Governmental funds revenues 109-110 Governmental funds expenditures and debt service ratio 111-112 Other financing sources and uses and net change in fund balances—governmental funds 113-114 Taxable value and actual value of taxable property 115-116 Direct and overlapping property tax rates 117-119 Principal property taxpayers 120 Property tax levies and collections 121 Ratios of general bonded debt outstanding 122 Outstanding debt by type 123 Direct and overlapping governmental activities debt 124 Legal debt margin information 125-126 Pledged-revenue coverage 127 Demographic and economic statistics 128 Largest public and private employers in greater Des Moines Region 129 Full-time equivalent District employees by type 130-133 Operating statistics 134 School building information 135-150 Capital asset information 151-152 ii Chief Financial Officer January 11, 2021 The Board of Education and Residents Des Moines Independent Community School District We are pleased to submit the Comprehensive Annual Financial Report (CAFR) for the Des Moines Independent Community School District (the District, Des Moines Public Schools, or DMPS) for fiscal year ending June 30, 2020. The District operates in compliance with Generally Accepted Accounting Principles (GAAP) and prepares its financial statements in accordance with Governmental Accounting Standards Board (GASB) Statement No. 34. This report has been prepared to conform to guidelines recommended by the Association of School Business Officials International (ASBO International) and the Government Finance Officers Association of the United States and Canada (GFOA). RSM US LLP, Certified Public Accountants, has issued an unmodified (“clean”) opinion on the District’s financial statements for the year ended June 30, 2020. The independent auditor’s report is located at the front of the financial section of this report. The responsibility for the accuracy and completeness of the presentation, including all disclosures, rests with District management. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that has been established for this purpose. The District believes that the data presented herein is accurate in all material respects, the data is presented fairly to set forth the financial position and results of operations of the District as measured by the financial activity of the various funds, and all necessary disclosures have been included, enabling the reader to gain the maximum understanding of the District’s financial affairs. Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the District’s basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. As is the case every year, the District was required to undergo a single audit in conformity with the provisions of the Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Information related to this Single Audit, including a schedule of expenditures of federal awards, summary schedule of prior audit findings, the independent auditor’s report on internal control over financial reporting and on compliance and other matters, independent auditor’s report on compliance with requirements applicable to each major program and internal control over compliance, a schedule of findings and questioned costs, and corrective action plans (if any) are included in the single audit compliance section of this report. iii Profile of the Government In May 2017, the Iowa Legislature created limited home rule for Iowa school districts. The change provides more flexibility to school districts in their exercise of powers, where the law or administrative rule does not already prescribe or prohibit the action. All Iowa school districts remain under the control of a local board of directors and have fiscal independence from other governmental entities. The District is a political subdivision of the State of Iowa, and, as such, operates public schools and supporting programs for children in preschool through grade twelve. A seven-member Board of Education (the Board) governs the District. Members serve overlapping four-year terms and are elected on a non-partisan basis. The Board operates under the policy governance model and, thus, is a policymaking and planning body whose decisions are carried out by the Superintendent. The District serves more than 200,000 people who live in Polk and Warren Counties. Covering nearly 86 square miles, the District has developed in the heart of the Des Moines city center, east into Pleasant Hill, west into Windsor Heights, and south into Warren County. The District benefits from having strong and diverse neighborhoods and a citizenry deeply involved in its public education. Here are what others have to say about Des Moines being a great place to live and work: • 2019 – #5 Best Place to Live in the U.S. – U.S. News & World Report • 2019 – #3 Best Affordable Place to Live in the U.S. – U.S. News & World Report • 2019 – #10 on Best State Capitals to Live In – WalletHub.com • 2019 – #6 Best American Cities to Work in Tech in 2019 – Yahoo Finance • 2018 – #1 Most Popular City for Millennial Homebuyers – Lending Tree • 2018 – #8 Best Job Market for 2018 – ZipRecruiter • 2018 – One of “5 Up-and-Coming Tech Hotspots” – Livability • 2018 – #8 Best City to Find Small Business Jobs – ZipRecruiter • 2018 – #7 Place Where Jobs Will Be In 2018 – Forbes • 2017 – #1 Best Place for Millennials to Live in the Midwest – Growella • 2017 – #1 Best Affordable Place to Live in the U.S. – U.S. News and World Report • 2017 – #4 Best Place for Children – SmartAsset • 2017 – #3 Best Place to Live with a Low Cost of Living – Business Insider • 2017 – The best city for young professionals – TheSpruce.com • 2016 – Best City for the Middle Class – BusinessInsider • 2016 – Ranked in the Top 10 Hippest Mid-Sized Cities in America – Gogobot.com • 2016 – #4 Best Mid-Sized Cities for Making a Living – MoneyGeek.com
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