WYCKOFF TOWNSIDP PUBLIC SCHOOLS COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2017 Wyckoff, New Jerse
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WYCKOFF TOWNSIDP PUBLIC SCHOOLS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2017 Wyckoff, New Jersey COMPREHENSIVE ANNUAL FINANCIAL REPORT ofthe Wyckoff Township Public Schools Wyckoff, New Jersey For The Fiscal Year Ended June 30, 2017 Prepared by The Business Office WYCKOFF TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal i-vi Organizational Chart vii Roster of Officials viii Consultants and Advisors ix Certificate of Excellence in Financial Reporting- ASBO International X FINANCIAL SECTION Independent Auditor's Report 1-3 REQUIRED SUPPLEMENTARY INFORMATION-PART I Management's Discussion and Analysis 4-16 Basic Financial Statements A. Government-wide Financial Statements A-1 Statement of Net Position 17 A-2 Statement of Activities 18 B. Fnnd Financial Statements Governmental Funds B-1 Balance Sheet 19 B-2 Statement of Revenues, Expenditures, and Changes in Fund Balances 20 B-3 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances with the Government-Wide Statement of Activities 21 Proprietary Funds B-4 Statement of Net Position 22 B-5 Statement of Revenues, Expenses, and Changes in Net Position 23 B-6 Statement of Cash Flows 24 Fiduciary Funds B-7 Statement of Fiduciary Net Position 25 B-8 Statement of Changes in Fiduciary Net Position 26 Notes to the Financial Statements 27-60 WYCKOFF TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS REQUIRED SUPPLEMENTARY INFORMATION -PART II C. Budgetary Comparison Schedules C-1 Budgetary Comparison Schedule -General Fund 61-68 C-2 Budgetary Comparison Schedule- Special Revenue Fund 69 NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION- PART II C-3 Budgetary Comparison Schedule -Notes to the Required Supplementary Information 70 REQUIRED SUPPLEMENTARY INFORMATION -PART III L Schedules Related to Accounting and Reporting for Pensions (GASB 68) L-1 Required Supplementary Information- Schedule of the District's Proportionate Share of the Net Pension Liability- Public Employees Retirement System 71 L-2 Required Supplementary Information- Schedule of District Contributions Public Employees Retirement System 72 L-3 Required Supplementary Information- Schedule of the District's Proportionate Share of the Net Pension Liability- Teachers Pension and Annuity Fund 73 Notes to Required Supplementary Information 74 OTHER SUPPLEMENTARY INFORMATION D. School Level Schedules (Not Applicable) Special Revenue Fund E-1 Combining Schedule of Revenues and Expenditures Special Revenue Fund- Budgetary Basis 75-76 E-2 Preschool Education Aid Schedule of Expenditures - Budgetary Basis- Not Applicable 77 F. Capital Projects Fund (Not Applicable) G. Proprietary Funds Enterprise Fund G-1 Statement of Net Position 78 G-2 Statements of Revenues, Expenses and Changes in Net Position 79 G-3 Statement of Cash Flows 80 WYCKOFF TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS OTHER SUPPLEMENTARY INFORMATION H. Fiduciary Funds H-1 Combining Statement of Agency Assets and Liabilities 81 H-2 Combining Statement of Changes in Fiduciary Net Position- Not Applicable 82 H-3 Student Activity Agency Fund - Schedule of Receipts and Disbursements 83 H-4 Payroll Agency Fund - Schedule of Receipts and Disbursements 84 I. Long-Term Debt I-1 Schedule of Bonds 85-86 I-2 Schedule of Obligations under Capital Leases 87 I-3 Debt Service Fund- Budgetary Comparison Schedule 88 J. STATISTICAL SECTION (Unaudited) J-1 Net Position by Component 89 J-2 Changes in Net Position 90 J-3 Fund Balances -Governmental Funds 91 J-4 Changes in Fund Balances - Governmental Funds 92 J-5 General Fund Other Local Revenue by Source 93 J-6 Assessed Value and Actual Value of Taxable Property 94 J-7 Direct and Overlapping Property Tax Rates 95 J-8 Principal Property Taxpayers 96 J-9 Property Tax Levies and Collections 97 J-10 Ratio of Outstanding Debt by Type 98 J-11 Ratio of Net General Bonded Debt Outstanding 99 J-12 Direct and Overlapping Governmental Activities Debt 100 J-13 Legal Debt Margin Information 101 J-14 Demographic and Economic Statistics 102 J-15 Principal Employers 103 J-16 Full-Time Equivalent District Employees by Function/Program 104 J-17 Operating Statistics 105 J-18 School Building Information 106 J-19 Schedule of Required Maintenance for School Facilities 107 J-20 Schedule oflnsurance 108 WYCKOFF TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS SINGLE AUDIT SECTION K-1 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 -Independent Auditor's Report 109-110 K-2 Report on Compliance for Each Major State Program; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of State Financial Assistance as Required by New Jersey OMB Circular 15-08 -Independent Auditor's Report lll-113 K-3 Schedule of Expenditures of Federal Awards, Schedule A 114 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 115 K-5 Notes to the Schedules of Expenditures of Federal Awards and State Financial Assistance 116-117 K-6 Schedule of Findings and Questioned Costs- Summary of Auditor's Results 118-119 K-7 Schedule of Findings and Questioned Costs - Schedule of Financial Statement Findings and Schedule of Federal and State Award Findings and Questioned Costs 120-121 K-8 Summary Schedule of Prior Year Audit Findings 122 INTRODUCTORY SECTION WYCKOFF SC H O OL DIST RICT Wyckoff School District 241 Morse Avenue Wyckoff, New Jersey 07481 I' Tel 201-848-5700 Fa x 201-848-5695 Richard D. Kuder, Ed .D. Patricia A. Salvati, CPA Superintendent of Schools School Business Administrator/Board Secretary September 28, 20 I 7 Honorable President, Members of the School District, and Citizens of Wyckoff Township Wyckoff Township Pub Ii c School District Wyckoff, New Jersey 07481 Dear Board Members: The comprehensive annual financial report of the Wyckoff Township Public School District (the "Board" or the "District") for the fi scal year ended June 30, 2017 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 Wyckoff Township Public 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 the financial position and results of operations of the various fu nds of the District. A ll disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included. The comprehensive annual financial repmt is presented in four sections: introductory, financial, statistical and single audit. The introductory section includes this transmittal letter, the District's organizational chart and a list of principal offi cials. The financial section includes the Independent Auditor's Repmt, Management's Discussion and Analysis, and basic financial statements including the government-w ide financial statements presented in accordance w ith the provisions of the Governmental Accounting Standards Board (GASB) Statement No. 34, "Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments". The basic financial statements also include individual fund financial statements, Notes to the Financ ia l Statements and Required Supplementary Information (RSI). The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The District is required to undergo an a1mual single audit in conformity w ith the provisions of the New Jersey OMB Circular 15 -08, "Single Audit Policy for Recipients of Federal Grants, State Grants and State A id". Information related to this single audit, including the auditor's report on the internal control structure and compliance with applicable laws and regulations and findings and recommendations, are included in the single audit section of this report. i REPORTING ENTITY AND ITS SERVICES: The Wyckoff Township Public School District is an independent reporting entity within the criteria adopted by the GASB as established by NCGA Statement No. 13. All funds of the District are included in this repmi. The Wyckoff Township Public School District and all of its schools constitute the District's repmiing entity. The District provides a full range of educational services appropriate to grade levels K through 8. These include regular, as well as special education for handicapped youngsters. The District completed the 2016/2017 fiscal year with an average daily enrollment of 2,058 students, which reflects a decrease of .008% over the previous year's enrollment. The following details the changes in the average daily enrollment of the District, net of special education out of district placements, over the last ten years: Fiscal Average Daily Percent Year Enrollment Change 2016-2017 2,058 (0.82)% 2015-2016 2,075 (1.43)% 2014-2015 2,105 8.51 2013-2014 1,940 (8.27) 2012-2013 2,115 (6.21) 2011-2012 2,255 (3 .05) 2010-20 II 2,326 ( 1.48) 2009-2010 2,361 (1.25) 2008-2009 2,391 1.27 2007-2008 2,361 0.13 ECONOMIC CONDITION AND OUTLOOK: The Township of Wyckoff is a stable, vibrant, residential community, located approximately 27 miles from New York City that encompasses an area of approximately seven square miles with a total population of approximately 16,500. The Township's location affords residents employment opportunities throughout the deep and diverse New York City and northern New Jersey economies. The Township's unemployment rate, at 4.2% in June 2016, has historically trended below county, state, and national levels according to Standard & Poor's "RatingsDirect on the Global Credit Portal". The above cited Standard & Poor's repmi also stated that the Township's tax base is sizable and stable. The Township underwent a revaluation of its property in 2015. The total assessed value (AV) for fiscal 2017 is $4.67 billion, or $271,400 per capita, which represents an increase of 0.4% over the fiscal2016 amount of $4.65 billion.