Wyckoff Townsidp Public Schools Comprehensive
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WYCKOFF TOWNSIDP PUBLIC SCHOOLS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2016 Wyckoff, New Jersey COMPREHENSIVE ANNUAL FINANCIAL REPORT of the Wyckoff Township Public Schools Wyckoff, New Jersey For The Fiscal Year Ended June 30, 2016 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 Repotting- 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. Fund 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-lb Combining Schedule of Revenues, Expenditures and Changes in Fund Balance 69 C-2 Budgetary Comparison Schedule- Special Revenue Fund 70 NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION- PART II C-3 Budgetary Comparison Schedule- Notes to the Required Supplementary Information 71 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 72 L-2 Required Supplementary Information- Schedule of District Contributions Public Employees Retirement System 73 L-3 Required Supplementary Information- Schedule of the District's Proportionate Share of the Net Pension Liability- Teachers Pension and Annuity Fund 74 Notes to Required Supplementary Information 75 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 76-77 E-2 Preschool Education Aid Schedule of Expenditures Budgetary Basis- Not Applicable 78 Capital Projects Fund F-1 Summary Statement of Project Expenditures 79 F-2 Summary Schedule of Revenues, Expenditures and Changes In Fund Balance - Budgetary Basis 80 F-2a Schedule of Project Revenues, Expenditures, Project Balances and Project Status- Budgetary Basis- Sicomac School Boiler Replacement 81 F-2b Schedule of Project Revenues, Expenditures, Project Balances and Project Status Budgetary Basis- Washington School Electrical Upgrades 82 F-2c Schedule of Project Revenues, Expenditures, Project Balances and Project Status- Budgetary Basis- Coolidge School Electrical Upgrades 83 WYCKOFF TOWNSHIP PUBLIC SCHOOLS TABLE OF CONTENTS OTHER SUPPLEMENTARY INFORMATION G. Proprietary Funds Enterprise Fund G-1 Statement of Net Position 84 G-2 Statements of Revenues, Expenses and Changes in Net Position 85 G-3 Statement of Cash Flows 86 H. Fiduciary Funds H-1 Combining Statement of Agency Assets and Liabilities 87 H-2 Combining Statement of Changes in Fiduciary Net Position- Not Applicable 88 H-3 Student Activity Agency Fund - Schedule of Receipts and Disbursements 89 H-4 Payroll Agency Fund- Schedule of Receipts and Disbursements 90 I. Long-Term Debt I-1 Schedule of Bonds 91-92 I-2 Schedule of Obligations under Capital Leases 93 I-3 Debt Service Fund- Budgetary Comparison Schedule 94 J. STATISTICAL SECTION (Unaudited) J-1 Net Position by Component 95 J-2 Changes in Net Position 96 J-3 Fund Balances - Governmental Funds 97 J-4 Changes in Fund Balances - Governmental Funds 98 J-5 General Fund Other Local Revenue by Source 99 J-6 Assessed Value and Actual Value of Taxable Property 100 J-7 Direct and Overlapping Property Tax Rates 101 J-8 Principal Propeiiy Taxpayers 102 J-9 Property Tax Levies and Collections 103 J-10 Ratio of Outstanding Debt by Type 104 J-11 Ratio of Net General Bonded Debt Outstanding 105 J-12 Direct and Overlapping Governmental Activities Debt 106 J-13 Legal Debt Margin Information 107 J-14 Demographic and Economic Statistics 108 J-15 Principal Employers 109 J-16 Full-Time Equivalent District Employees by Function/Program 110 J-17 Operating Statistics 111 J-18 School Building Information 112 J-19 Schedule of Required Maintenance for School Facilities 113 J-20 Schedule of Insurance 114 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 115-116 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 Repmi 117-119 K-3 Schedule of Expenditures of Federal Awards, Schedule A 120 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 121 K-5 Notes to the Schedules of Expenditures of Federal Awards and State Financial Assistance 122-123 K-6 Schedule of Findings and Questioned Costs- Summary of Auditor's Results 124-125 K-7 Schedule of Findings and Questioned Costs- Schedule of Financial Statement Findings and Schedule of Federal and State Award Findings and Questioned Costs 126-127 K-8 Summary Schedule of Prior Year Audit Findings 128 INTRODUCTORY SECTION WY C KOFF SCHOOL DISTRICT Wyckoff School District 241 Morse Avenue • • Wyckoff, New Jersey 07481 www. wycl<offps. org Tel 201-848-5700 .. Fax 201-848-5695 Richard D. Kuder, Ed.D. Alan C. Reiffe, CPA Superintendent of Schools School Business Administrator/Board Secretary September 29, 2016 Honorable President, Members of the School District, and Citizens of Wyckoff Township Wyckoff Township Public School District Wyckoff, New Jersey 07481 Dear Board Members: The comprehensive annual financial report of the Wyckoff Township Public Schools (the "Board" or the "District") for the fiscal year ended June 30, 2016 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 Schools. 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 funds of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included. The comprehensive annual financial report 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 officials. The financial section includes the Independent Auditor's Report, Management's Discussion and Analysis, and basic financial statements including the government-wide fmancial statements presented in accordance with 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 fmancial statements also include individual fund financial statements, Notes to the Financial Statements and Required Supplementary Information (RSI). The statistical section includes selected fmancial and demographic information, generally presented on a multi-year basis. The District is required to undergo an annual single audit in conformity with the provisions of the New Jersey OMB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid". 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. • • • .to • ONE COIVliVIUNITY ONE VISION. ONE STUDENT AT A riNIE. • • • • • i REPORTING ENTITY AND ITS SERVICES: Wyckoff Township Public Schools 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 report. The Wyckoff Township Public Schools and all its schools constitute the District's reporting 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 2015/2016 fiscal year with an average daily enrollment of 2,075 students, which reflects a decrease of 1.43% over the previous year's enrollment. The following details the changes in the average daily enrollment of the District, net of special