SCHOOL DISTRICT OF THE BOROUGH OF ENGLEWOOD CLIFFS · PDF file Jennifer Brower Sue Anne Mather...

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Transcript of SCHOOL DISTRICT OF THE BOROUGH OF ENGLEWOOD CLIFFS · PDF file Jennifer Brower Sue Anne Mather...

  • SCHOOL DISTRICT OF THE

    BOROUGH OF ENGLEWOOD CLIFFS

    COUNTY OF BERGEN, NEW JERSEY

    COMPREHENSIVE ANNUAL FINANCIAL REPORT

    FOR THE FISCAL YEAR ENDED

    JUNE 30, 2018

  • School District of

    Englewood Cliffs

    ENGLEWOOD CLIFFS PUBLIC SCHOOLS Englewood Cliffs, New Jersey

    Comprehensive Annual Financial Report Year Ended June 30, 2018

  • Comprehensive Annual Financial Report

    of the

    ENGLEWOOD CLIFFS PUBLIC SCHOOLS Englewood Cliffs, New Jersey

    Year Ended June 30, 2018

    Prepared by

    Sue Anne Mather Board Secretary/Business Administrator

  • OUTLINE OF CAFR

    INTRODUCTORY SECTION

    Letter of Transmittal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Organizational Chart. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Roster of Officials.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Consultants and Advisors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

    FINANCIAL SECTION

    Independent Auditor's Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

    Required Supplementary Information - Part I Management’s Discussion and Analysis.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

    BASIC FINANCIAL STATEMENTS

    A. District-wide Financial Statements:

    A-1 Statement of Net Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 A-2 Statement of Activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

    B. Fund Financial Statements:

    Governmental Funds: B-1 Balance Sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 B-2 Statement of Revenues, Expenditures and Changes in Fund Balances. . . . . . . . . . . . . 24 B-3 Reconciliation of the Statement of Revenues, Expenditures, and

    Changes in Fund Balances of Governmental Funds to the Statement of Activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

    Proprietary Funds: B-4 Statement of Net Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 B-5 Statement of Revenues, Expenses and Changes in Fund Net Position.. . . . . . . . . . . . . 27 B-6 Statement of Cash Flows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

    Fiduciary Funds: B-7 Statement of Fiduciary Net Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 B-8 Statement of Changes in Fiduciary Net Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

    Notes to the Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

  • OUTLINE OF CAFR

    Required Supplementary Information - Part II

    C. Budgetary Comparison Schedules:

    C-1 Budgetary Comparison Schedule - General Fund.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 C-1a Not Applicable C-2 Budgetary Comparison Schedule - Special Revenue Fund.. . . . . . . . . . . . . . . . . . . . . . 72

    Notes to the Required Supplementary Information C-3 Budgetary Comparison Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

    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 – PERS.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

    L-2 Schedule of District Contributions – PERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 L-3 Schedule of the District's Proportionate Share of the Net Pension

    Liability – TPAF.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 L-4 Notes to Requires Schedules of Supplementary Information - Part III.. . . . . . . . . . . . . 77

    Other Supplementary Information

    D. School Level Schedules: Not Applicable

    E. Special Revenue Fund:

    E-1 Combining Schedule of Program Revenues and Expenditures - Budgetary Basis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

    E-2 Not Applicable E-3 Not Applicable E-4 Not Applicable E-5 Not Applicable

    F. Capital Projects Fund:

    F-1 Summary Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budgetary Basis.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

    F-1a Schedule of Project Revenues, Expenditures, Project Balances and Project Status - Budgetary Basis - Renovations - North Cliff School. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

    F-1b Schedule of Project Revenues, Expenditures, Project Balances and Project Status - Budgetary Basis - Renovations - Upper School. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

    F-2 Summary Statement of Project Expenditures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

  • OUTLINE OF CAFR

    G. Proprietary Funds:

    Enterprise Fund: G-1 Combining Statement of Net Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 G-2 Combining Statement of Revenues, Expenses and Changes in

    Fund Net Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 G-3 Combining Statement of Cash Flows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85

    Internal Service Fund: Not Applicable

    H. Fiduciary Funds:

    H-1 Combining Statement of Fiduciary Net Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 H-2 Combining Statement of Changes in Fiduciary Net Position. . . . . . . . . . . . . . . . . . . . . 87 H-3 Student Activity Agency Fund - Schedule of Receipts and Disbursements. . . . . . . . . . 88 H-4 Payroll Agency Fund - Schedule of Receipts and Disbursements. . . . . . . . . . . . . . . . . 89

    I. Long-Term Debt:

    I-1 Statement of Serial Bonds.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 I-2 Budgetary Comparison Schedule - Debt Service Fund.. . . . . . . . . . . . . . . . . . . . . . . . . 91

    J. Statistical Section (Unaudited)

    Financial Trends

    Introduction to the Statistical Section. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

    J-1 Net Position by Component. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 J-2 Changes in Net Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 J-3 Fund Balances - Governmental Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 J-4 Changes in Fund Balances - Governmental Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 J-5 General Fund - Other Local Revenue by Source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

    Revenue Capacity

    J-6 Assessed Value and Estimated Actual Value of Taxable Property.. . . . . . . . . . . . . . . . 102 J-7 Direct and Overlapping Property Tax Rates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 J-8 Principal Property Taxpayers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 J-9 Property Tax Levies and Collections. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

  • Debt Capacity

    J-10 Ratios of Outstanding Debt by Type.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 J-11 Ratios of General Bonded Debt Outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 J-12 Direct and Overlapping Governmental Activities Debt. . . . . . . . . . . . . . . . . . . . . . . . . 108 J-13 Legal Debt Margin Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

    Demographic and Economic Information

    J-14 Demographic and Economic Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 J-15 Principal Employers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

    Operating Information

    J-16 Full-time Equivalent District Employees by Function/Program.. . . . . . . . . . . . . . . . . . 112 J-17 Operating Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 J-18 School Building Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 J-19 Schedule of Required Maintenance Expenditures for School Facilities.. . . . . . . . . . . . 115 J-20 Insurance Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

    K