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Wayne Township Public Schools

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Wayne Township Public Schools WAYNE TOWNSHIP PUBLIC SCHOOLS Wayne Township Public Schools District Board of Education \ilayne, New Jersey Comprehensive Annual Financial Report For the Fiscal Year Ended June 3012016 Comprehensive Annual Financial Report of the Wayne Township Public Schools Board of Education \ilayne, l{ew Jersey For the Fiscal Year Ended June 30r 2016 Prepared by Wayne Township Public Schools District Board of Education Finance Department WAYNE TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS FISCAL YEAR ENDED JIINE 30,2016 INTRODUCTORY SECTION (Unaudited) Letter of Tlansmittal ............... 1 Organizational Chalt 5 Roster of Officials 6 Consultants and Advisors................. 7 ASBO International Certificate of Excellence I FINANCIAL SECTION ..9 Independent Auditors' Report 10 Requ ired Supplernentary Information 13 Management's Discussion and Analysis (Unaudited) 14 Basic Financial Statements (Sections A. and B.) 28 A. District-Wide Financial Statements 29 A-1 Statement of Net Position..... 30 A-Z Statement of Activities 3l B. Fund Financial Statements..............., 33 B-1 Balance Sheet-Governtnental Funds 34 B-2 Statement of Revenue, Expenditures and Changes in Þ-und Balance - Governmental Funds.... 3s B-3 Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances of Govemmental Funds to the Staternent of Activities 36 B-4 Statement of Net Position - Proprietary Funds...... 37 B-5 Statement of Revenue, Expenses and Changes in Fund Net Position - Proprietary Funds 38 B-6 Statement of Cash Flows - Propr"ietary Funds...... 39 B-7 Statement of Fiduciary Net Position * Fiduciary Funds 40 B-8 Statenrent of Changes in Fiduciary Net Position - Fiduciary Funds 4l Notes to the Basic Financial Statements 42 Required Supplernentary Information (Unaudited) L. Schedules Related to Accounting and Repofting for Pensions (GASB 68) (Unaudited). 75 L-1 Scliedule of District's Proportionate Share of the Net Pension Liability - Public Employees' Retirement System 15 L-Z Schedule of District Contributions - Public Employees' Retirement System ....... 76 L-3 Schedule of State's Proportionate Share of the Net Pension Liability Attributable to the District - Teacher's Pension and Annuity Fund..,................. L-4 Schedule of State Contributions - Teacher's Pension and Annuity Fund ,..,.,...,.,.. Notes to Required Supplernentary Infonnation....,,,..,.. C. Budgetary Comparison Schedules (Unaudited) C-1 Budgetary Comparison Schedule - General Fund........... C-2 Budgetary Comparison Schedule * Special Revenue Fund........... C-3 Budgetary Comparison Schedule - Note to Required Supplementary Infonnation WAYNE TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS FISCAL YEAR END ED JTJNE 30.2016 (Continued) FINANCIAL SECTION (Cont'd) Other Supplementary Scl.redules (D. to L) D. School Level Schedules (Not Applicable) .98 E. Special Revenue Fund.......... .99 E-1 Cornbining Schedule of Revenue and Expenditures Special Revenue Fund - Budgetary Basis.......... 100 F,-2 Preschool Education Aid Schedule of Expenditures Special Revenue Fund - Budgetary Basis (Not Applicable) F. Capital Projects Fund........... r04 F-1 Summary Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budgetary Basis.......... 105 F-1a Schedule ofProject Revenues, Expenditures, Project Balance and Project Status - Budgetary Basis - District-Wide Enelgy Savings hnprovement Program... 106 F-I b Schedule ofProject Revenues, Expenditules, Project Balance and Project Status - Budgetary Basis - Wayne Hills High School* Paftial Roof Replacement Project 107 F-1c Schedule ofProject Revenues, Expenditures, Project Balance and Project Status - Budgetary Basis - Wayne Hills High School -New ADA Restroom Project.,................. 108 F-1d Schedule ofProject Revenues, Expenditures, Project Balance and Project Status - Budgetary Basis - George Washington Middle School- Exterior Window Replacement Project....... 109 F-1e Schedule ofProject Revenues, Expenditures, Project Balance and Project Status - Budgetary Basis - Lafayefte Elementary School - Paftial Roof Replacement Project ...... 110 F-1f Schedule ofProject Revenues, Expenditures, Project Balance and Project Status - Budgetary Basis - Wayne Valley High School Shelter Emergency Generator... 111 G, Proprietary Funds......... 112 Enterprise Funds: G-1 Combining Statement of Net Position 113 G-2 Combining Statement of Revenue, Expenses and Changes in Fund Net Position 114 G-3 Combining Statement of Cash Flows......... 115 H. Fiduciary Funds 116 H-1 cornbining s;;,;;;t ;;Fil;;;;y Net Position 117 H-Z Statement of Changes in Fiduciary Net Position 118 H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements 119 H-4 Student Activity Agency Fund Statement of Activity.............. 120 H-5 Payroll Agency Fund Schedule of Receipts and Disbursements.............. 121 I. Long-Term Debt........... 122 I-1 Schedule of Serial Bonds t23 l-2 Schedule of Obligations Under Capital Leases.......... 124 I-3 Debt Service Fund Buclgetary Comparison Schedule 125 WAYNE TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS F'ISCAL YEAR ENDE,D JUNE 30. 20I6 (Continued) STATISICAL SECTION J. StatisticalSection(Unaudited) J-1 Net Position by Cornponent............ J-2 Changes in Net Position...... J-3 Fund Balances - Governmental Funds......... J-4 Changes in Fund Balances - Governlnental Funds J-5 General Fund Other Local Revenue by Source................. J-6 Assessed Value and Estimated Actual Value of Taxable Property J-'/ Direct and Overlapping Property Tax Rates J-8 Principal Property Taxpayers.. J-9 Property Tax Levies and Collections,............ J- 10 Ratios of Outstanding Debt by Type J-11 Ratios of Net General Bonded Debt Outstanding.......... J-12 Ratios of Overlapping Governmental Activities Debt.... J-13 Legal Debt Margin Information I-14 Demographic and Economic Statistics J-15 Principal Ernployers.. J-16 Full-Tirne Equivalent District Employees by Function/Program .. J-11 Operating Statistics J-18 School Building Information J-19 Schedule of Required Maintenance for SchoolFacilities J-20 Insurance Schedule K. SINGLE AUDIT SECTION.. K-l Independent Auditor's Report on Internal Control Over Financial Reporting and on Cornpliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Governntent Auditing Standards 152 K-2 Independent Auditor's Report on Compliance For Each Major Federal and State Program and Reporl on Internal Control Over Compliance......... 154 Schedule of Expenditures of Federal Awards. 156 Schedule of Expenditures of State Awards................. 158 Notes to Schedules of Expenditures of Federal and State Awards ........................ 160 Schedule of Findings and Questioned Costs... 162 Surnmary Schedule of Prior Aud it Findings ... ........ ... 164 INTRODUCTORY SECTION Page I Ad ministrative Offices 50 Nellis Drive Wayne, NJ 07470 rrww.w cryn e s c h o ol s. c ottt Tnwnship Fublic $*hn*ls Phone: (973) 633-3000 November 15,2016 The Honorable President and Mernbers of the Board of Education Wayne Township Public Schools County of Passaic, New Jersey Dear Board Melnbers It is with pleasure that we submit the Cornprehensive Annual Financial Report (CAFR) of the Township of Wayne Public Schools (the "District") for the fiscal year ended June 30,2016. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the managemetrt of the Board of Education (the "Board"). To the best of our knowledge and belief, the data presented in this report is accurate in all rnaterial respects and is reported in a rnanuer designed to present fairly tlie basic financial statements and results of operations of the District. All disclosures llecessary to enable the reader to gain au understanding of the District's financial activities have been inclLrded. The comprehensive annual financial repoft is presented in four sections: introductory, fìuancial, statistical and single audit. The introductory section includes this transmittal letter, the District's organizational chart and a list of principal officials. Tlie financial section includes the Independent Auditors' Report, the lnanagement's discussion and analysis, the basic financial statements and notes providing an overview of the District's financial position and operating results, and supplementary schedules providing detailed budgetary information. The statistical section includes selected financial and demographic inforrnation, financial trends and tlie fiscal capacity of the District, generally presented on a multi-year basis. The District is required to undergo an annual single audit in conformity with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Unifornt Administrative Requirements, Cost Principles, and Audit Requirentents for Federal Awards, and the New Jersey's OMB Circular 15-08, Single Audit Policy for Recipients of Federal GranÍs, State Grants and Sture Aid. Information related to this single audit, including the auditors' repofts on the internal control and cornpliance with applicable laws, regulations, contracts and grants along with findings and questioned costs, is included in the single audit section of this report. I) REPORTING AND ITS SERVICES The Township of Wayne Public Schools is an independent repofting entity within the criteria adopted by the Governmental Accounting Standards Board ("GASB") in codification section 2100. All funds and the District- Wide financial statements of the District are included in this repotl. The
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