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Mount Olive Township School District “Students Are Our First Priority”

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Mount Olive Township School District “Students Are Our First Priority” Mount Olive Township School District “Students are our first priority” “Home of the Marauders” Mount Olive Board of Education 227 US Route 206 Flanders, New Jersey Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2019 MOUNT OLIVE TOWNSHIP SCHOOL DISTRICT 227 US HIGHWAY 206, SUITE 10 FLANDERS, NEW JERSEY, 07836 COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2019 Prepared by: Lynn Jones, CPA Board Secretary Business Office COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE MOUNT OLIVE TOWNSHIP SCHOOL DISTRICT FOR THE FISCAL YEAR ENDED JUNE 30, 2019 TABLE OF CONTENTS INTRODUCTORY SECTION Page Letter of Transmittal 1-9 Organizational Chart 10 Roster of Officials 11 Consultants and Advisors 12 FINANCIAL SECTION Independent Auditors’ Report 13-16 Required Supplementary Information - Part I (Unaudited) Management's Discussion and Analysis 17-27 Basic Financial Statements A. District-wide Financial Statements A-1 Statement of Net Position 28 A-2 Statement of Activities 29 B. Fund Financial Statements Governmental Funds: B-1 Balance Sheet 30 B-1a Reconciliation of the Governmental Funds Balance Sheet with the Statement of Net Position 31 B-2 Statement of Revenues, Expenditures and Changes in Fund Balances 32 B-3 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 33-34 Proprietary Fund: B-4 Statement of Net Position 35 B-5 Statement of Revenues, Expenses and Changes in Net Position 36 B-6 Statement of Cash Flows 37 Fiduciary Funds: B-7 Statement of Fiduciary Net Position 38 B-8 Statement of Changes in Fiduciary Net Position 39 Notes to the Basic Financial Statements 40-74 Required Supplementary Information - Part II (Unaudited) C. Budgetary Comparison Schedules C-1 Budgetary Comparison Schedule - General Fund 75-88 C-2 Budgetary Comparison Schedule - Special Revenue Fund 89 Notes to the Required Supplementary Information – Part II C-3 Budget-to-GAAP Reconciliation 90 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE MOUNT OLIVE TOWNSHIP SCHOOL DISTRICT FOR THE FISCAL YEAR ENDED JUNE 30, 2019 TABLE OF CONTENTS (Continued) FINANCIAL SECTION (Continued) Required Supplementary Information - Part III (Unaudited) Page L. Schedules Related to Accounting and Reporting for Pensions (GASB 68) L-1 Schedule of the District’s Proportionate Share of the Net Pension Liability - PERS 91 L-2 Schedule of District Contributions - PERS 92 L-3 Schedule of the State’s Proportionate Share of the Net Pension Liability Attributable to the District – TPAF 93 L-4 Schedule of State Contributions – TPAF 94 L-5 Notes to the Required Supplementary Information 95 M. Schedules Related to Accounting and Reporting for OPEB (GASB 75) M-1 Schedule of Changes in the District’s Proportionate Share of the State OPEB Liability 96 M-2 Notes to the Required Supplementary Information 97 Other Supplementary Information D. School Based Budget Schedules D-1 Combining Balance Sheet N/A D-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource Type - Actual N/A D-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget and Actual N/A E. Special Revenue Fund: E-1 Combining Schedule of Program Revenues and Expenditures – Budgetary Basis 98 E-2 Preschool Education Aid Schedule of Expenditures – Budgetary Basis N/A F. Capital Projects Fund: F-1 Summary Schedule of Project Expenditures 99 F-2 Summary Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budgetary Basis 100 F-2a Schedule of Project Revenues, Expenditures, Project Balance, and Project Status – Budgetary Basis – Renovations to Tinc Road Elementary School 101 F-2b Schedule of Project Revenues, Expenditures, Project Balance, and Project Status – Budgetary Basis – Tinc Road Elementary School Bathroom Renovations 102 F-2c Schedule of Project Revenues, Expenditures, Project Balance, and Project Status – Budgetary Basis – Mount Olive Middle School Maker Space 103 F-2d Schedule of Project Revenues, Expenditures, Project Balance, and Project Status – Budgetary Basis – Mount Olive High School Bio-Tech Lab 104 F-2e Schedule of Project Revenues, Expenditures, Project Balance, and Project Status – Budgetary Basis – Mount Olive High School Classroom Renovations 105 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE MOUNT OLIVE TOWNSHIP SCHOOL DISTRICT FOR THE FISCAL YEAR ENDED JUNE 30, 2019 TABLE OF CONTENTS (Continued) FINANCIAL SECTION (Continued) Other Supplementary Information (Cont’d) Page G. Proprietary Funds: Enterprise Funds: G-1 Combining Statement of Net Position 106 G-2 Combining Statement of Revenues, Expenses and Changes in Net Position 107-108 G-3 Combining Statement of Cash Flows 109 Internal Service Funds: G-4 Combining Statement of Net Position 110 G-5 Combining Statement of Revenues, Expenses and Changes in Net Position 111 G-6 Combining Statement of Cash Flows 112 H. Fiduciary Funds: H-1 Combining Statement of Fiduciary Net Position 113 H-2 Combining Statement of Changes in Fiduciary Net Position 114 H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements 115 H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 116 I. Long-Term Debt: I-1 Schedule of Serial Bonds Payable 117 I-2 Schedule of Obligations under Capital Leases 118 I-3 Debt Service Fund Budgetary Comparison Schedule 119 STATISTICAL SECTION (Unaudited) Introduction to the Statistical Section 120 Financial Trends: J-1 Net Position by Component 121 J-2 Changes in Net Position 122-124 J-3 Fund Balances – Governmental Funds 125 J-4 Changes in Fund Balances – Governmental Funds 126-127 J-5 General Fund - Other Local Revenue by Source 128 Revenue Capacity: J-6 Assessed Value and Estimated Actual Value of Taxable Property 129 J-7 Direct and Overlapping Property Tax Rates 130 J-8 Principal Property Taxpayers 131 J-9 Property Tax Levies and Collections 132 Debt Capacity: J-10 Ratios of Outstanding Debt by Type 133 J-11 Ratios of Net General Bonded Debt Outstanding 134 J-12 Direct and Overlapping Governmental Activities Debt 135 J-13 Legal Debt Margin Information 136 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE MOUNT OLIVE TOWNSHIP SCHOOL DISTRICT FOR THE FISCAL YEAR ENDED JUNE 30, 2019 TABLE OF CONTENTS (Continued) STATISTICAL SECTION (Continued) Page Demographic and Economic Information: J-14 Demographic and Economic Statistics 137 J-15 Principal Employers 138 Operating Information: J-16 Full-time Equivalent District Employees by Function/Program 139 J-17 Operating Statistics 140 J-18 School Building Information 141 J-19 Schedule of Required Maintenance by School Facility 142 J-20 Insurance Schedule 143 SINGLE AUDIT SECTION K-1 Independent Auditors’ 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 144-145 K-2 Independent Auditors’ Report on Compliance for Each Major Program and Report on Internal Control over Compliance Required by the Uniform Guidance and New Jersey’s OMB Circular 15-08 146-148 K-3 Schedule of Expenditures of Federal Awards, Schedule A 149-150 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 151-152 K-5 Notes to the Schedule of Expenditures of Federal Awards and State Financial Assistance 153-155 K-6 Schedule of Findings and Questioned Costs 156-157 K-7 Schedule of Financial, Federal and State Findings 158 K-8 Summary Schedule of Prior-Year Audit Findings 159 INTRODUCTORY SECTION Public Schools of Mount Olive Township Robert R. Zywicki, Ed.D. Superintendent 227 US Route 206 Flanders, New Jersey 07836 Tel: (973) 691-4008 Fax (973) 691-4024 Lynn Jones, CPA Gail Libby Asst.Bus.Admin./Board Secretary Business Administrator 227 Route 206, Flanders, NJ 07836 227 Route 206, Flanders, NJ 07836 Tel: (973) 691-4008 ext. 8750 Tel: (973) 691-4008 ext. 8200 Letter of Transmittal For the Fiscal Year Ended June 30, 2019 Honorable President, Board Members, and Citizens of the Mount Olive Township School District County of Morris Mount Olive, New Jersey We are pleased to present to you the Comprehensive Annual Financial Report (“CAFR”) of the Mount Olive Township School District (“District”) for the fiscal year ended June 30, 2019. State statutes require the issuance of a CAFR by every school district as the basis for the annual audit. This CAFR was prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) as applicable to governmental entities. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the management of the Mount Olive Township Board of Education (“Board”). 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 District. All disclosures necessary to enable the reader to gain an understanding of the District’s financial activities have been included. The Management’s Discussion and Analysis (MD&A), which immediately follows the independent auditor’s report, provides a narrative overview and analysis of the basic financial statements. The MD&A is intended to complement this letter of transmittal and should be read in conjunction with it. The Comprehensive Annual Financial Report is presented in four sections as follows: • The Introductory Section contains the Transmittal Letter, the Organizational Chart of the School District, and
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