UFFICIAl ;ILECOIT (Xv -ox necessary JEFFERSON PARISH copies irnm -this copy and PLACE PUBLIC SCHOOL SYSTEMgK in FILE) Comprehensive Annual Financial Report *^rivft;(*i*fL**j^_ii»^<^'«-«*«jfc*iJ»*P-i^yw.&'».u- C^-VB--••*• document Acopy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, where appropriate, at the office of the parish clerk of court. Release Date / / / 1//M 501 MANHATTAN BOULEVARD HARVEY, LOUISIANA 70058-4495 JEFFERSON PARISH PUBLIC SCHOOL SYSTEM COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2008 TABLE OF CONTENTS INTRODUCTORY SECTION (UNAUDITED) Transmittal Letter i Organizational Chart x School Board and Administrative Officials xi ' ASBO Certificate of Excellence in Financial Reporting xii GFOA Certificate in Achievement for Excellence in Financial Reporting xiii FINANCIAL SECTION Statement Page Independent Auditors' Report 1 Management's Discussion and Analysis (MD&A)—Unaudited 3 Basic Financial Statements Government-wide Financial Statements (GWFS) A Statement of Net Assets 13 B Statement of Activities 14 Fund Financial Statements (FFS) Governmental Funds: C Balance Sheet 16 D Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets 18 E Statement of Revenues, Expenditures and Changes in Fund Balances— All Governmental Fund Types 19 F Reconciliation of the Governmental Funds—Statement of Revenues, Expenditures, and Changes in Fund Balance to Statement of Activities 20 Statement of Revenues, Expenditures and Changes in Fund Balances— Budget (Non-GAAP Budgetary Basis) and Actual: G-l General Fund 21 G-2 Elementary and Secondary Education Act of 1965 (Title I) 22 Proprietary Fund: H Statement of Net Assets—School Lunch Enterprise Fund 23 I Statement of Revenues, Expenses and Changes in Net Assets— School Lunch Enterprise Fund 24 J Statement of Cash Flows—School Lunch Enterprise Fund 25 Fiduciary Fund: K Statement of Fiduciary Assets and Liabilities 26 Notes to Basic Financial Statements 27 Required Supplemental Information Schedule of Funding Progress—Other Postemployment Benefits 54 TABLE OF CONTENTS, CONTINUED SUPPLEMENTAL INFORMATION Page Combining and Individual Fund Financial Statements and Schedules General Fund Schedule of Revenues Compared to Budget (Non-GAAP Budgetary Basis) 56 Schedule of Expenditures Compared to Budget (Non-GAAP Budgetary Basis) 57 Non-Major Governmental Funds Descriptions 60 Combining Non-Major Governmental Funds Combining Balance Sheet 62 Combining Balance Sheet—Special Revenue 63 Combining Balance Sheet—Debt Service 66 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 67 Combining Statement—Special Revenue 69 Combining Statement—Debt Service 75 Special Revenue Funds Schedule of Revenues, Expenditures and Changes in Fund Balances Budget (Non-GAAP Budgetary Basis) and Actual Adult Education Fund 76 Community Education Fund 77 Agency Funds Description of Funds 78 Combining Statement of Changes in Assets and Liabilities 79 Other Supplemental Information Schedule of Compensation Paid to School Board Members 81 STATISTICAL SECTION (UNAUDITED) Table 1 Net Assets by Component—Last Six Fiscal Years 83 2 Changes in Net Assets—Last Six Fiscal Years 84 3 Fund Balances, Governmental Funds—Last Ten Fiscal Years 86 4 Changes in Fund Balances, Governmental Funds—Last Six Fiscal Years 87 5 Assessed Taxable Value by Type of Property—Last Ten Fiscal Years 88 6 Direct and Overlapping Property Tax Rates—Last Ten Fiscal Years 89 7 Principal Taxpayers 90 8 Property Tax Levies and Collections—Last Ten Fiscal Years 91 9 Assessed Value and Estimated Actual Value of Taxable Property—Last Ten Fiscal Years 92 10 Ratios of Outstanding Debt by Type—Last Six Fiscal Years 93 11 Ratios of Net General Bonded Debt Outstanding—Last Ten Fiscal Years 94 12 Legal Debt Margin Information—Last Ten Fiscal Years 95 13 Computation of Direct and Overlapping Debt—June 30, 2007 96 14 Ratios of General Bonded Debt Outstanding and Legal Debt Margin—Last Six Fiscal Years 97 15 Demographic Statistics—Last Ten Fiscal Years 98 16 Principal Employers 99 17 School Building Information—Last Six Fiscal Years 100 18 Operating Statistics—Last Ten Fiscal Years 108 STATE REPORTING SECTION Independent Accountants' Report on Applying Agreed-Upon Procedures 109 Schedule 1 General Fund Instructional and Support Expenditures and Certain Local Revenue Sources 112 2 Education Levels of Public School Staff 114 3 Number and Type of Public Schools 115 4 Experience of Public Principals and Full-Time Classroom Teachers 116 5 Public School Staff Data 117 6 Class Size Characteristics 118 7 Louisiana Educational Assessment Program (LEAP) for the 21st Century 119 8 The Graduation Exit Exam for the 21st Century 120 9 Integrated Louisiana Educational Assessment Program (/Leap) 121 (THIS PAGE INTENTIONALLY LEFT BLANK) PUBi/f BUSINESS SERVICES JEFFERSON PARISH PUBLIC SCHOOL SYSTEM 4600 RIVER ROAD MARRERO, LOUISIANA 70072-1943 (504) 349-7627 FAX: (504) 349-7630 www.jppss.k12.la.us DIANE M. ROUSSEL, Ph.D. RAYLYN STEVENS, CPA SUPERINTENDENT CHIEF FINANCIAL OFFICER December 31,2008 Honorable Board Members Jefferson Parish Public School system 501 Manhattan Boulevard Harvey, Louisiana 70058 Members of the Board and Citizens of Jefferson Parish: The Comprehensive Annual Financial Report (CAFR) of the Jefferson Parish School System (School System) for the fiscal year ended June 30, 2008 is submitted herewith. The CAFR was prepared by the School System's Business Services Division. This report conforms to generally accepted accounting principles and standards for financial reporting as promulgated by the Governmental Accounting Standards Board (GASB). Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the School System. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position and the results of operations of the School System. Furthermore, we believe that all disclosures necessary to enable the reader to gain an understanding of the School System's financial activities have been included. The School System's independent certified public accountants, Deloitte & Touche, LLP and Rebowe & Company, have examined the accompanying financial statements, and their opinion is included in the financial section. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The state reporting section includes a review of financial and student data reported annually to the Louisiana Department of Education. The Management's Discussion and Analysis beginning on page 3 provides an overall review of the School System's activities for the year ended June 30, 2008. The School System is required to undergo an annual single audit in conformity with provisions of the Single Audit Act Amendments of 1996 and U. S. Office of Management and Budget Circular A-133, "Audits of States, Local Governments and Non-Profit Organizations." Information related to this single audit, including the schedule of federal financial assistance, findings and recommendations, and independent auditors' reports on the internal control over financial reporting and on compliance with the requirements applicable to each major program and the internal control over compliance in accordance with A-133 are included in a separate report. THE REPORTING ENTITY The Jefferson Parish Public School System is an independent special district created for the purpose of providing elementary and secondary education to the citizens of Jefferson Parish, Louisiana. The School System is the second largest district in the state. -1- The FY 2007/2008 total student count was 41,291. The Jefferson Parish School System operates 87 schools located on both sides of the Mississippi River. Approximately 19,115 public school students are transported daily by a fleet of 270 buses. The School System employs 3,078 teachers and other certificated employees. The School System is governed by a nine-member school board (Board) elected by the citizens of Jefferson Parish. Each member is elected to a four-year term, and the terms are concurrent. See page xii for a listing of the present members of the Board along with the administrative officials who are appointed by the Board. Regular meetings are scheduled the first Wednesday of the month and are held in the School System's Administration Building. Special meetings are scheduled as needed and announced in compliance with public notice requirements. The Board has final control over local matters limited only by the state legislature, by the courts, and by the will of the people as expressed in School Board elections. Board decisions are based on a majority vote of those present. In general, the Board adopts policies, sets direction for curriculum, employs the superintendent, and oversees the operations of the School System and its schools. Besides general board business, board members are charged with numerous statutory regulations including calling board and other school elections and canvassing the results of elections, organizing the Board, and electing its officers. The Board is also responsible for setting the ad valorem tax rate, setting salary schedules, acting as a board of appeals in personnel and student matters, confirming