Comprehensive Annual Financial Report
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Comprehensive Annual Financial Report For the Year Ended June 30, 2018 Bloomfield Hills, MI Comprehensive Annual Financial Report Bloomfield Hills Schools Bloomfield Hills, Michigan For the fiscal year ended June 30, 2018 Board Of Education Cynthia von Oeyen President Paul Kolin Mark Bank Jacqueline El-Sayed Vice President Treasurer Secretary Ed Ford Howard Baron Jason Paulateer Trustee Trustee Trustee Dr. Robert J. Glass Superintendent of Schools As prepared by the Finance Team Bloomfield Hills Schools Contents Introductory Section Members of the Board of Education and Administration i Guiding Principles for Teaching and Learning ii Mission Statement and Core Values iii Organizational Chart iv Letter of Transmittal v-xvii Charts and Graphs xviii-xxi Points of Pride xxii-xxviii Certificate of Excellence xxix Financial Section Independent Auditor's Report 1-2 Management's Discussion and Analysis 3-9 Basic Financial Statements Government-wide Financial Statements: Statement of Net Position 10 Statement of Activities 11 Fund Financial Statements: Governmental Funds: Balance Sheet 12-13 Reconciliation of the Balance Sheet to the Statement of Net Position 14 Statement of Revenue, Expenditures, and Changes in Fund Balances 15-16 Reconciliation of the Statement of Revenue, Expenditures, and Changes in Fund Balances to the Statement of Activities 17 Proprietary Funds: Statement of Net Position 18 Statement of Revenue, Expenses, and Changes in Net Position 19 Statement of Cash Flows 20 Fiduciary Funds: Statement of Fiduciary Net Position 21 Statement of Changes in Fiduciary Net Position 22 Notes to Financial Statements 23-42 Required Supplemental Information 43 Budgetary Comparison Schedule - General Fund 44 Budgetary Comparison Schedule - Major Special Revenue Funds 45-46 Schedule of Proportionate Share of the Net Pension Liability 47 Schedule of Pension Contributions 48 Schedule of Proportionate Share of the Net OPEB Liability 49 Schedule of OPEB Contributions 50 Notes to Required Supplemental Information 51 Bloomfield Hills Schools Contents (Continued) Other Supplemental Information 52 Nonmajor Governmental Funds: Combining Balance Sheet 53-54 Combining Statement of Revenue, Expenditures, and Changes in Fund Balances 55-56 Budgetary Comparison Schedule - Nonmajor Governmental Funds 57-59 Schedule of Bonded Indebtedness 60 Agency Fund - Student Activities - Schedule of Changes in Assets and Liabilities 61 Statistical Section 62 Introduction to Statistical Section 63 Financial Trend Information Net Position by Component 64 Changes in Governmental Net Position 65 Fund Balances - Governmental Funds 66 Changes in Fund Balances - Governmental Funds 67 Revenue Capacity Information Assessed Value and Actual Value of Taxable Property 68 Direct and Overlapping Property Tax Rates 69 Principal Property Taxpayers 70 Property Tax Levies and Collections 71 Debt Capacity Information Ratios of Outstanding Debt 72 Direct and Overlapping Governmental Activities Debt 73 Legal Debt Margin 74 Demographic and Economic Information Demographic and Economic Statistics 75 Principal Employers 76 Operating Information Full-time Equivalent School District Employees 77 Operating Indicators 78 Capital Asset Information 79 Student Enrollment Data 80 Capital Asset Building Detail 81 Graphs Comparative General Fund Revenue 82 Comparative General Fund Expenditures and Other Uses 83 Retirement Funding - MPSERS Expense 84 Comparison of Michigan Schools General Fund Balances as a Percentage of Current Expenditures 85 Federal Awards Supplemental Information Issued Under Separate Cover Bloomfield Hills Schools District Officials Administration Board of Education Dr. Robert J. Glass Cynthia von Oeyen Superintendent of Schools President Kelly Bohl Paul Kolin Assistant Superintendent - Human Resources & Labor Relations Vice President Todd Bidlack Mark Bank Assistant Superintendent - Learning Services Treasurer Christina M. Kostiuk Jacqueline El-Sayed Assistant Superintendent – Finance and Operations Secretary Christine DiPilato Ed Ford Director - Learning Services Trustee Brian Goby Howard Baron Director - Physical Plant Services Trustee Shira Good Jason Paulateer Director - Communications and Service Standards Trustee David Shulkin Director - Learning and Performance Technology Pam Schoemer Director - Special Education Karen Hildebrandt Director – Finance Karen Healy Director – Human Resources and Payroll Michael Cowdrey Director of Athletics and Community Recreation i ii iii Communication Specialist Organizational (.3) Director Communications & Service Standards Chart MarCom Coordinator Payroll Coordinator 2017-18 Director HR & Payroll Assistant Superintendent HR Benefits Coordinator & Labor Relations Assistant Director Director Athletics & Rec Athletic Coordinator Preschool Manager Director Learning Services Principals Wing Lake Supervisor Director Special Education Deaf & Hard of Hearing Supervisor Assistant Superintendent Learning Services Systems Administrator System Architect Superintendent Systems Engineer Field Technology Manager Field Technician (4) Director Learning & Performance Technology Board of Education of Board Radio Station Manager Digital media Services Manager Assistant Director Director Transportation Physical Plant Services Manager Physical Plant Services Coordinator Accts Payable Accounting Specialist Assistant Superintendent Accts Receivable Accounting Director of Finance Finance & Operations Specialist Nature Center General Ledger Accounting Manager Specialist Farm Educational Leader Program Coordinator Food Service (Aramark) iv October 16, 2018 To Citizens and Board Members: The Comprehensive Annual Financial Report of Bloomfield Hills Schools (the “School District”) for the fiscal year ended June 30, 2018 is submitted herewith. This report was prepared by the School District and contains all activities and programs of the Board of Education. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the School District. We believe that the data as presented is accurate in all material respects and is presented in a manner designed to fairly set forth the financial position and results of operations of the School District as measured by the financial activity of its various funds. All disclosures necessary to enable the reader to gain the maximum understanding of the School District’s financial affairs are included. Reporting Entity and Services Bloomfield Hills Schools is an independent reporting entity fully meeting the criteria established by the Governmental Accounting Standards Board. All funds and reporting levels of the School District are included in this report. The School District does not have component units. The financial section reports separately the district-wide reporting level, governmental fund types, proprietary fund type, and fiduciary fund types administered by the School District. How this Report is Organized The Comprehensive Annual Financial Report was prepared to meet the needs of a broad spectrum of financial statement readers and is divided into the following major sections: introductory, financial, and statistical. Introductory Section This section introduces the reader to Bloomfield Hills Schools and to this report. Included are this transmittal letter, charts and graphs about the School District, Points of Pride of the School District, the School District’s members of the Board of Education and Administration, the School District’s Mission Statement and Core Values, the School District’s Organizational Chart, and the School District’s Certificate of Excellence in Financial Reporting. Financial Section The independent auditors’ report, management’s discussion and analysis, financial statements, notes to the financial statements, required supplemental information, and other supplemental information are included in this section. These are the School District’s basic financial statements that will provide an overview for readers who require less detailed information than is contained in the balance of this report. The management’s discussion and analysis provides condensed financial information extracted from the district-wide and fund level financial statements. We direct the reader to the management’s discussion and analysis, which starts on page 3. v The management of the School District is responsible for the financial information and representations contained in the financial statements and other sections of the annual report. In preparing the financial statements, it is necessary that management make informed estimates and judgments based on currently available information of the effects of certain events and transactions. The basic financial statements, supplementary statements, and schedules presented in the financial section of this report present fairly and with full disclosure the financial position and results of the financial operation of the funds and reporting levels in conformity with accounting principles generally accepted in the United States of America and demonstrate compliance with finance-related legal and contractual provisions. The basis of accounting for each reporting level/fund is consistent with the activities and objectives of the fund as a fiscal and accounting entity. Other supplementary information and schedules contain a more detailed analysis of revenues and expenditures that are compared to the 2017-2018 budgets for the General and Special Revenue Funds. In addition, there are combining