Comprehensive Annual Financial Report - Harford County Public ...

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Relevant financial policies Primary funding is provided by the State of Maryland and Harford County Government. The budget is approved by the Board of Education and the Harford County Council in accordance with State laws. The Board has no authority to levy and collect taxes or increase the budget. Formal budgetary integration, including encumbrance accounting, is employed as a management control device during the year for the governmental fund types. Management is authorized to transfer funds within major categories of expenditure, as defined by statute. Transfers between categories of expenditure during the fiscal year require approval of both the Board of Education and Harford County Council. By statute, in order to receive any increase in State basic school aid, each county must appropriate an amount equal to, or greater than, the prior year per pupil appropriation. Referred to as the ‘maintenance of effort’ calculation, it provides that if there is no enrollment growth county funding will remain the same as that of the prior year in terms of total dollars. Counties often appropriate far in excess of the minimum amount stipulated in the law. Capital projects are funded by Harford County Government and the State of Maryland. The Board of Education has no authority to issue general obligation debt. Funds are budgeted and appropriated on both a project and annual basis. Capital projects funds do not lapse at the end of each year and may be expended until completion of the project. Budget transfers between projects require the approval of both the Board of Education and the Harford County Council. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Harford County Public Schools for its comprehensive annual financial report for the fiscal year ended June 30, 2011. This was the eighth consecutive year that the school system has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a school system must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe our current comprehensive annual financial report continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. In addition, HCPS also received the GFOA’s Distinguished Budget Presentation Award for its annual budget document for the Year Beginning July 1, 2011. In order to qualify for the Distinguished Budget Presentation Award, the budget document was judged to be proficient in several categories, including as a policy document, a financial plan, an operations guide, and a communications device. 11
The preparation of this report would not have been possible without the services of the entire staff of the Finance Department under the direction of John G. Staab, CPA, Director of Finance, the Office of Internal Audit under the direction of Jennifer A. Birkelien, CPA, Internal Auditor, and SB & Company, LLC. Many other offices in the system contributed to provide data for this report, including the students whose art work is published throughout the document. Our appreciation is extended to all who assisted in the timely closing of the school system’s financial records and in the preparation of this report. Credit must also be given to the Superintendent and Board of Education for their unfailing support for maintaining the highest standards of professionalism in the management of HCPS’ finances. Sincerely, Robert M. Tomback, Ph.D. James M. Jewell, CPA, CPFA John G. Staab, CPA Superintendent Assistant Superintendent Finance Director JMJ/MJP 12
Page 1 and 2: Comprehensive Annual Financial Repo
Page 3 and 4: Comprehensive Annual Financial Repo
Page 5 and 6: Harford County Public Schools Table
Page 7 and 8: Introductory Section Katerina Lomis
Page 9: Board of Education of Harford Count
Page 12 and 13: actual enrollment of 38,222 student
Page 17 and 18: Financial Section Christian Moriart
Page 19 and 20: Our audit was conducted for the pur
Page 21 and 22: Harford County Public Schools Manag
Page 33 and 34: Harford County Public Schools Exhib
Page 39 and 40: Exhibit 7 Harford County Public Sch
Page 41 and 42: Exhibit 9 Harford County Public Sch
Page 43 and 44: HARFORD COUNTY PUBLIC SCHOOLS NOTES
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Other Supplemental Information Kale
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Schedule B Harford County Public Sc
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Harford County Public Schools Sched
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Schedule E Harford County Public Sc
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Statistical Section This part of HC
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Table 2 Harford County Public Schoo
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Table 10 Harford County Public Scho
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Independent Public Accountants’ R
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