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  • COMPREHENSIVE ANNUAL FINANCIAL REPORT

    County of Burlington Medford, New Jersey

    MEDFORD TOWNSHIP PUBLIC SCHOOL DISTRICT

    FOR THE FISCAL YEAR ENDED JUNE 30, 2019

  • COMPREHENSIVE ANNUAL FINANCIAL REPORT

    OF THE

    MEDFORD, NEW JERSEY

    Finance Department

    MEDFORD TOWNSHIP PUBLIC SCHOOL DISTRICT

    FOR THE FISCAL YEAR ENDED JUNE 30, 2019

    Medford Township Public School District

    Prepared by

  • INTRODUCTORY SECTION

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    TABLE OF CONTENTS

    INTRODUCTORY SECTION

    FINANCIAL SECTION

    REQUIRED SUPPLEMENTARY INFORMATION - PART I

    BASIC FINANCIAL STATEMENTS

    REQUIRED SUPPLEMENTARY INFORMATION - PART II

    Letter of Transmittal Organizational Chart Roster of Officials Consultants and Advisors

    Independent Auditors' Report

    A-2 Statement of Activities

    B. Fund Financial Statements: Governmental Funds:

    B-1 Balance Sheet B-2 Statement of Revenues, Expenditures & Changes in Fund Balance

    Management's Discussion & Analysis

    A. Government-Wide Financial Statements: A-1 Statement of Net Position

    B-6 Statement of Cash Flows Fiduciary Funds:

    B-7 Statement of Fiduciary Net Position B-8 Statement of Changes in Fiduciary Net Position

    Notes to Financial Statements

    B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund Balance of Governmental Funds to the Statement of Activities

    Proprietary Funds: B-4 Statement of Net Position B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position

    C-2 Budgetary Comparison Schedule - Special Revenue Fund

    Notes to the Required Supplementary Information C-3 Budget-to-GAAP Reconciliation

    C. Budgetary Comparison Schedules: C-1 Budgetary Comparison Schedule - General Fund C-1a Combining Schedule of Revenue, Expenditures & Changes in Fund Balance - Budget & Actual C-1b Community Development Block Grants - Budget & Actual (if applicable)

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    OTHER SUPPLEMENTAL INFORMATION

    REQUIRED SUPPLEMENTARY INFORMATION - PART III

    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

    M. Schedules Related to Accounting and Reporting for Other Post Employment Benefits (GASB 75) M-1 Schedule of Changes in the Net OPEB Liability and Related Ratios - OPEB

    Notes to the Required Supplementary Information

    D. School Based Budget Schedules (if applicable): D-1 Combining Balance Sheet

    Public Employees' Reitrement System L-2 Schedule of District Contributions - Public Employees' Retirement System L-3 Schedule of the District's Proportionate Share of the Net Pension Liability Teachers' Pension and Annuity Fund L-4 Schedule of School District Contributions Teachers' Pension and Annuity Fund (TPAF)

    Budgetary Basis E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis

    F. Capital Projects Fund: F-1 Summary Statement of Project Expenditures F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance -

    D-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource Type - Actual D-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget & Actual

    E. Special Revenue Fund: E-1 Combining Schedule of Revenues & Expenditures - Special Revenue Fund -

    G-1 Statement of Net Position G-2 Statement of Revenues, Expenses & Changes in Fund Net Position G-3 Statement of Cash Flows

    Internal Service Funds: G-4 Statement of Net Position

    Budgetary Basis F-2a Schedule of Revenues, Expenditures, Project Balance & Project Status - Budgetary Basis – Power Management Project

    G. Proprietary Funds: Enterprise Funds:

    H-3 Schedule of Student Activity Receipts & Disbursements H-4 Schedule of Payroll Agency Receipts & Disbursements

    G-5 Statement of Revenues, Expenses & Changes in Fund Net Position G-6 Statement of Cash Flows

    H. Fiduciary Funds: H-1 Combining Statement of Fiduciary Net Position H-2 Combining Statement of Changes in Fiduciary Net Position

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    I. Long-Term Debt: I-1 Schedule of Serial Bonds I-2 Schedule of Obligations Under Capital Leases

    J-3 Fund Balances - Governmental Funds J-4 Changes in Fund Balance - Governmental Funds J-5 Other Local Revenue by Source - General Fund

    Revenue Capacity: J-6 Assessed Value & Estimated Actual Value of Taxable Property

    I-3 Debt Service Fund Budgetary Comparison Schedule I-4 Schedule of Compensated Absences

    Financial Trends: J-1 Net Position by Component J-2 Changes in Net Position

    STATISTICAL SECTION (unaudited)

    J-11 Ratios of General Bonded Debt Outstanding J-12 Direct & Overlapping Governmental Activities Debt J-13 Legal Debt Margin Information

    Demographic & Economic Information: J-14 Demographic & Economic Statistics

    J-7 Direct & Overlapping Property Tax Rates J-8 Principal Property Taxpayers J-9 Property Tax Levies & Collections

    Debt Capacity: J-10 Ratios of Outstanding Debt by Type

    J-19 Schedule of Required Maintenance J-20 Insurance Schedule

    K-1 Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards

    J-15 Principal Employers Operating Information:

    J-16 Full-Time Equivalent District Employees by Function/Program J-17 Operating Statistics J-18 School Building Information

    SINGLE AUDIT SECTION

    K-5 Notes to Schedules of Awards and Financial Assistance K-6 Schedule of Findings & Questioned Costs Part I K-7 Schedule of Findings and Questioned Cost- Part II and III K-8 Summary Schedule of Prior Audit Findings

    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 OMB Circular 15-08 K-3 Schedule of Expenditures of Federal Awards, Schedule A K-4 Schedule of Expenditures of State Financial Assistance, Schedule B

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  • Medford Township Public School District

    137 Hartford Road, Medford, New Jersey 08055 609-654-6416 Fax 609-654-7436

    December 11, 2019 Dear Board Members/Citizens: The Comprehensive Annual Financial Report (CAFR) of the Medford Township Public School District for the fiscal year ended June 30, 2019, 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 Medford 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, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the district as of June 30, 2019, and the respective changes in financial position and cash flows, where applicable, thereof, for the year then ended in conformity with accounting principles generally accepted in the United States of America. All disclosures necessary to enable the reader to gain an understanding of the district’s financial activities have been included. GAAP requires that management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of Management Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The MD&A can be found immediately following the report of the independent auditors.

    The Comprehensive Annual Financial Report is presented in four sections as follows: Introductory Section: Section contains a Letter of Transmittal, Roster of Officials, Consultants and Advisors, and an Organizational Chart. Financial Section: Section contains the Independent Auditors’ Report and includes the Management’s Discussion and Analysis, the Basic Financial Statements, Required Supplementary Information (RSI) and Other Supplementary Information. Statistical Section: Section contains selected financial trends, revenue and debt capacity, demographic, economic and other operating information, generally presented on a multi-year basis. Single Audit Section: The School District is required to undergo an annual Single Audit in conformity with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and