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COMPREHENSIVE AN REPORT The School Board of the City of Richmond A Component Unit of the City of Richmond, Virginia FOR THE FISCAL YEAR ENDED JUNE 30,201 5 Richmond Public Schools • Richmond, Virginia Richmond Public Schools • Richmond, Virginia RICHMOND PUBLIC SCHOOLS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended June 30, 2018 Prepared By: Department of Finance Jason Kamras Superintendent of Schools Darin Simmons Jr. Chief Operating Officer Wanda Payne Director of Finance www.rvaschools.net THE SCHOOL BOARD OF THE CITY OF RICHMOND COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 TABLE OF CONTENTS INTRODUCTORY SECTION (unaudited) Letter of Transmittal ............................................................................................................. i School Board Members and School Board Officials ........................................................... xvii Organizational Chart ............................................................................................................. xviii FINANCIAL SECTION Report of Independent Auditor .......................................................................................... 4 Management’s Discussion and Analysis .............................................................................. 7 BASIC FINANCIAL STATEMENTS: Government-wide Financial Statements Exhibit A Statement of Net Position – Governmental Activities ....................................................... 23 Exhibit B Statement of Activities – Governmental Activities ............................................................. 24 Fund Financial Statements Governmental Funds’ Financial Statements and Reconciliations: Exhibit C Balance Sheet – Governmental Funds ................................................................................ 26 Exhibit D Reconciliation of the Governmental Funds’ Balance Sheet to the Statement of Net Position .................................................................................. 27 Exhibit E Statement of Revenues, Expenditures and Changes in Fund Balances ............................ 28 Exhibit F Reconciliation of the Governmental Funds’ Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities ....................................................................................... 29 Fiduciary Funds’ Financial Statements Exhibit G Statement of Fiduciary Net Position ................................................................................. 30 Exhibit H Statement of Changes in Fiduciary Net Position ................................................................ 31 THE SCHOOL BOARD OF THE CITY OF RICHMOND COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 TABLE OF CONTENTS Notes to Basic Financial Statements ........................................................................... 32 REQUIRED SUPPLEMENTARY INFORMATION (unaudited): Exhibit I General Fund - Budgetary Comparison Schedule ........................................................... 87 Defined Benefit Pension and Postemployment Plan Information: Exhibit J Virginia Retirement System – Teachers’ Pool Defined Benefit Pension School Board’s Proportionate Share of Net Pension Liability And Schedule of School Board Contributions ………………… ............................... 92 Exhibit K Virginia Retirement System - Agent Multiple-Employer Defined Benefit Pension Schedule of Changes in Net Pension Liability and Related Ratios………………… 93 Exhibit L Virginia Retirement System - Agent Multiple-Employer Defined Benefit Pension Schedule of School Board Contributions………………………………………………………… 94 Exhibit M Early Retirement Incentive Plan for Employees of Richmond Public Schools Schedule of Changes in Net Pension Liability and Related Ratios……………… 95 Exhibit N Early Retirement Incentive Plan for Employees of Richmond Public Schools Schedule of School Board Contributions ........................................................... 96 Exhibit O Richmond Retirement System Defined Benefit Pension Schedule of School Board’s Proportionate Share of Net Pension Liability and Schedule of School Board Contributions………………………………………………………. 97 Exhibit P School Board Other Postemployment Health Benefits Schedule of Changes in Total OPEB Liability and Employer Contributions ..... 98 Exhibit Q Virginia Retirement System Teacher Employee Health Insurance Credit Program School Board’s Proportionate Share of Net OPEB Liability and Schedule of School Board Contributions………………………………………………………… 99 Exhibit R Virginia Retirement System Group Life Insurance Program School Board’s Proportionate Share of Net OPEB Liability and Schedule of School Board Contributions………………………………………………………… 100 THE SCHOOL BOARD OF THE CITY OF RICHMOND COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 TABLE OF CONTENTS OTHER SUPPLEMENTARY INFORMATION: Exhibit S Fiduciary Funds’ Financial Statements: Statement of Changes in Assets and Liabilities - Agency Funds……………………….. 103 STATISTICAL SECTION (unaudited) The School Board of the City of Richmond, Virginia: Table 1 General Fund Expenditures by Function – Last Ten Fiscal Years ........................................ 106 Table 2 General Fund Revenues by Source – Last Ten Fiscal Years ................................................. 108 Table 3 Net Position of Governmental Activities – Last Ten Fiscal Years ……………… ..................... 109 Table 4 Changes in Net Position of Governmental Activities – Last Ten Fiscal Years ..................... 110 Table 5 Fund Balances of Government Funds – Last Ten Years… .................................................. 111 Table 6 Changes in Fund Balances of Government Funds – Last Ten Years ................................... 112 Table 7 Annual per Pupil Cost – Last Ten Fiscal Years ..................................................................... 113 Table 8 Attendance/Membership Statistics – Last Ten Fiscal Years………………………………………….. 114 Table 9 Free and Reduced Lunch Data – Last Ten Fiscal Years………………………………………………….. 115 Table 10 Full-Time Equivalent Employees by Function – Last Ten Fiscal Years … ............................ 116 Table 11 Teacher Data – Last Ten Fiscal Years ................................................................................... 117 Table 12 Pupil/Teacher Ratios – Last Ten Fiscal Years ...................................................................... 118 Table 13 Schedule of School Buildings ................................................................................................ 119 Table 14 Schools with Accreditation Scores Reported to the State .................................................. 122 Table 15 Ratios of Outstanding Debt – Last Three Fiscal Years…………… .......................................... 123 City of Richmond, Virginia: Table 16 Net Position by Component of the City of Richmond – Last Ten Fiscal Years Available ... 124 Table 17 Changes in Net Position of the City of Richmond – Last Ten Fiscal Years Available ......... 125 Table 18 Governmental Activities Tax Revenue by Source of the City of Richmond – Last Ten Fiscal Years Available ............................................................................ 127 THE SCHOOL BOARD OF THE CITY OF RICHMOND COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 TABLE OF CONTENTS Table 19 Fund Balances of Governmental Funds of the City of Richmond – Last Ten Fiscal Years Available ....................................................................... 128 Table 20 Changes in Fund Balance of Governmental Funds of the City of Richmond – Last Ten Fiscal Years Available ............................................................................. 129 Table 21 General Governmental Tax Revenues by Source of the City of Richmond – Last Ten Fiscal Years Available ............................................................................. 130 Assessed Value and Estimated Actual Value of Taxable Property of the City of Richmond – Last Ten Fiscal Years Available ............................................... 130 Table 22 Real Estate Tax Levies and Collections of the City of Richmond – Last Ten Years Available 131 Personal Property Tax Levies and Collections of the City of Richmond – Last Ten Years Available ......................................................................................... 131 Table 23 Principal Property Tax Payers of the City of Richmond .................................................... 132 Principal Employers of the City of Richmond ....................................................................... 132 Table 24 Pledged Revenue Coverage of the City of Richmond – Last Ten Years Available .............. 133 Table 25 Legal Debt Margin Information of the City of Richmond – Last Ten Fiscal Years Available 134 Table 26 Ratios of Outstanding Debt by Type of the City of Richmond – Last Ten Fiscal Years Available ............................................................................... 135 Ratios of General Bonded Debt Outstanding of the City of Richmond – Last Ten Fiscal Years Available ............................................................................... 135 Table 27 Demographic and Economic Statistics of the City of Richmond – Last Ten Years Available 136 Table 28 Full-Time Equivalent City Government Employees by Function of the City of Richmond – Last Ten Fiscal Years Available ............................................... 137 Table 29 Operating Indicators