Comprehensive Annual Financial Report 2012 - Kettering City ...

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KETTERING CITY SCHOOL DISTRICT Letter of Transmittal For the Fiscal Year Ended June 30, 2012 Preparing our students, parents and staff for full implementation of the CCSS is a team effort that requires collaboration and focused work. It is not akin to a GPS where you just plug in your destination and 2 hours later you are there without being sure how it happened or even what direction you went. We need everyone’s active engagement in the process. Any professional development that is worthwhile takes a conscious effort from the District, Building and the Professional – if you eliminate support or effort from any one of these, the PD will not be effective. Many districts have struggled in the early stages of this transition. In fact, several have just begun to unwrap the CCSS and plan for the transition. We began this process about 1½ years ago as part of RTI and we have gotten out front with a plan that has included extensive PD in understanding the CCSS, Differentiation of Instruction, Math and LA Frameworks, Instructional Materials’ Adoptions, and Singapore Math. We will continue to take advantage of the expertise of our teachers to support our next few years as we transition to the CCSS in Math and Language Arts in order to be completely prepared for the NGA and whatever is next. FINANCIAL INFORMATION INTERNAL CONTROLS – The Treasurer/CFO of the District is responsible for establishing internal controls designed to ensure that the assets of the District are protected from loss, theft, or misuse, and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The Management Team is responsible for assisting with implementation of the established internal controls. Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of cost and benefit requires estimates and judgments by management. Management believes the internal controls adequately meet the above objective. BUDGETARY CONTROLS – The budgetary process is prescribed by provisions of the Ohio Revised Code and entails the preparation of budgetary documents within an established timetable. The major documents prepared are the certificate of estimated resources and the appropriations resolution, all of which are prepared on the budgetary basis of accounting. The certificate of estimated resources and the appropriations resolution are subject to amendment throughout the year with the legal restriction that appropriations cannot exceed estimated resources, as certified. All funds, other than agency funds, are legally required to be budgeted and appropriated. The primary level of budgetary control required by Ohio Revised Code is at the fund level. The level of budgetary control imposed by the District (the level at which expenditures cannot legally exceed the appropriated amount) is established at the broad object level (first level) for the general fund and at the fund level for all other funds. Any budgetary modifications at these levels may only be made by resolution of the Board of Education. The District also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts at year-end are carried forward to succeeding years and are not re-appropriated. INDEPENDENT AUDIT - The State of Ohio requires an annual audit by either the Auditor of State or by an independent public accounting firm. The State Auditor performed the audit for the fiscal year ended June 30, 2012. The auditor’s report on the District’s basic financial statements, combining and individual fund statements and schedules, is included in the financial section of this Comprehensive Annual Financial Report. DRAFT - x - 12/18/2012
KETTERING CITY SCHOOL DISTRICT Letter of Transmittal For the Fiscal Year Ended June 30, 2012 AWARDS - The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Kettering City School District for its comprehensive annual financial report for the fiscal year ended June 30, 2011. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for the preparation of the state and local government financial reports. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such CAFR must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The Kettering City School District has received a Certificate of Achievement for the last 17 consecutive years. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA. The Association of School Business Officials of the United States and Canada awarded a Certificate of Excellence in Financial Reporting to the Kettering City School District for its comprehensive annual financial report for the year ended June 30, 2011. This award certifies that a Comprehensive Annual Financial Report substantially conforms to the principles and standards of financial reporting as recommended and adopted by the Association of School Business Officials. This award is granted only after an extensive review of the report by an expert panel of certified public accountants and practicing school business officials. A Certificate of Excellence is valid for a period of one year only. The Kettering City School District has received a Certificate of Excellence for 17 consecutive years. We believe our current report continues to conform to the Certificate of Excellence program requirements, and we are submitting it to ASBO. ACKNOWLEDGEMENTS - The preparation of this eighteenth Comprehensive Annual Financial Report would not have been possible without the cooperation and support of the entire staff of the Treasurer’s Office. Sincere appreciation is extended to Nicole Marshall, Assistant Treasurer, for her exceptional individual effort and dedication to this achievement. A special thanks to Kenneth Lackey, and the Business Services staff; Student Services Director – James Justice; Director of Technology Services – Debbie LeValley; Director of Instructional Services – Dr. Kyle Ramey, Montgomery County Auditor’s Office; Kettering City Finance Department; Moraine City Finance Department; and the State Auditor’s Office for their special support. Also, special thanks to Schonhardt & Associates and staff for assistance in the preparation of this financial report. Sincerely, Mr. Steven G. Clark, CFO Treasurer Dr. James Schoenlein Superintendent DRAFT - xi - 12/18/2012
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