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COLUMBIA UNION SCHOOL DISTRICT

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COLUMBIA UNION SCHOOL DISTRICT

    COLUMBIA UNION SCHOOL DISTRICT

    COUNTY OF TUOLUMNE

    COLUMBIA, CALIFORNIA

    MEASURE G

    GENERAL OBLIGATION BONDS, ELECTION OF 2004

    FINANCIAL AUDIT

    JUNE 30, 2005

    COLUMBIA UNION SCHOOL DISTRICT

    MEASURE G

    GENERAL OBLIGATION BONDS, ELECTION OF 2004

    FINANCIAL AUDIT

    JUNE 30, 2005

    TABLE OF CONTENTS

     Page

    FINANCIAL SECTION

Independent Auditor’s Report 1

Balance sheet 2

Statement of Revenues, Expenditures, and

     Changes in Fund Balance - Budget and Actual 3

Notes to Financial Statements 4

    OTHER INDEPENDENTAUDITORS REPORTS SECTION

    Independent Auditor’s Report on Internal Control over

    Financial Reporting and on Compliance and Other Matters

    Based on an Audit of Financial Statements Performed in

     Accordance with Government Auditing Standards 6

    FINDINGS AND RECOMMENDATIONS SECTION

     Summary of Findings and Recommendations 8

    i

FINANCIAL SECTION

    STEPHEN ROATCH ACCOUNTANCY CORPORATION

    Certified Public Accountants

    INDEPENDENT AUDITOR’S REPORT

    Board of Trustees

    Columbia Union School District

and

Citizens’ Oversight Committee

    Measure G, General Obligation Bonds, Election of 2004

We have audited the financial statements of the governmental activities, each major fund, and the

    aggregate remaining fund information of the Columbia Union School District for the fiscal year ended

    June 30, 2005, and have issued our report thereon dated October 19, 2005. We have also audited the

    accompanying Measure G, General Obligation Bonds, Election of 2004, Balance Sheet and Statement

    of Revenues, Expenditures, and Changes in Fund Balance for the fiscal year ended June 30, 2005.

    These statements are the responsibility of the District’s management. Our responsibility is to express

    an opinion on them based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States

    of America, and the standards applicable to financial audits contained in Government Auditing

    Standards, issued by the Comptroller General of the United States. Those standards require that we

    plan and perform the audit to obtain reasonable assurance about whether the Balance Sheet and

    Statement of Revenues, Expenditures, and Changes in Fund Balance are free of material

    misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and

    disclosures in the statements. An audit also includes assessing the accounting principles used and

    significant estimates made by management, as well as evaluating the overall statement presentation.

    We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the Measure G, General Obligation Bonds, Election of 2004, Balance Sheet and

    Statement of Revenues, Expenditures, and Changes in Fund Balance, which includes a list of projects

    that conform to the purposes for which the bonds were issued, presents fairly, in all material respects,

    the financial activity of the Measure G, General Obligation Bonds, Election of 2004. for the fiscal year

    ended June 30, 2005, in conformity with accounting principles generally accepted in the United States

    of America.

In accordance with Government Auditing Standards, we have also issued our report dated October 19,

    2005, on our consideration of the Columbia Union School Districts internal control over financial

    reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, grant

    agreements, and other matters. The purpose of that report is to describe the scope of our testing of

    internal control over financial reporting and compliance and the results of that testing, and not to

    provide an opinion on the internal control over financial reporting or on compliance. That report is an

    integral part of an audit performed in accordance with Government Auditing Standards and should be

    read in conjunction with this report in considering the results of our audit.

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     STEPHEN ROATCH ACCOUNTANCY CORPORATION

     Certified Public Accountants

October19, 2005

    1 COLUMBIA UNION SCHOOL DISTRICT

    P.O. Box 2196/Folsom, CA 95763/Phone (916) 966-3883/Fax (916) 966-3815

    MEASURE G

    GENERAL OBLIGATION BONDS, ELECTION OF 2004

    BALANCE SHEET

    JUNE 30, 2005

Assets

    Cash in County Treasury (Note 2) $ 3,663,609

     Total Assets $ 3,663,609

Fund Balance

    Unreserved:

     Designated for Measure G Projects $ 3,663,609

     Total Fund Balance $ 3,663,609

    THE ACCOMPANYING NOTES ARE AN INTEGRAL PARTOF THESE STATEMENTS

     2

    COLUMBIA UNION SCHOOL DISTRICT

    MEASURE G

    GENERAL OBLIGATION BONDS, ELECTION OF 2004

    STATEMENT OF REVENUES, EXPENDITURES, AND

    CHANGES IN FUND BALANCE - BUDGET AND ACTUAL

    FOR THE FISCAL YEAR ENDED JUNE 30, 2005

     Budget Actual_____

Revenues

    Bond Proceeds $ 3,699,853 $ 3,699,853

    Interest Revenue 63, 740 63, 740

     Total Revenues 3,763,593 3,763,593

Expenditures

    District Wide:

     Costs of Issuance 224,853 74,572

Columbia Elemental, School:

    Gymnasium I Multi-purpose 3,508,000 25,412

    Total Expenditures 3,732,853 99,984

Net Changes in Fund Balance $ 30,740 3,663,609

    Fund Balance - July 1, 2004 0

    Fund Balance - June 30, 2005 $ 3,663,609

     THE ACCOMPANYING NOTES ARE AN INTEGRAL PARTOF THESE STATEMENTS

    3

    COLUMBIA UNION SCHOOL DISTRICT

    MEASURE G

    GENERAL OBLIGATION BONDS, ELECTION OF 2004

    NOTES TO FINANCIAL STATEMENTS

    JUNE 30, 2005

    NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

    A. Accounting Policies

Columbia Union School District (the District) accounts for its financial transactions in

    accordance with the policies and procedures of the Department of Educations California

    School Accounting Manual. The accounting policies of the District conform to U.S. generally accepted accounting principles as prescribed by the Governmental Accounting standards

    Board (GASB) and the American Institute of Certified Public Accountants (AICPA).

    B. Fund Accounting

The accounts of the District are organized en the basis of funds, which are considered to be

    separate accounting entities. The operations of each fund are accounted for with a separate set

    of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and

    expenditures. District resources are allocated to and accounted for in individual funds based

    upon the purpose for which they are to be spent and the means by which spending activities are

    controlled. The proceeds from the sale of general obligation bonds, and the subsequent

    expenditure of the bond funds, are accounted for in the Building Fund of the District.

    C. Basis of Accounting

Basis of accounting refers to when revenues and expenditures are recognized in the accounts

    and reported in the financial statements. Basis of accounting relates to the timing of

    measurement made, regardless of the measurement focus applied.

Governmental funds are generally accounted for using the modified accrual basis of accounting.

    Their revenues are recognized in the accounting period in which they become both measurable

    and available to finance expenditures of the current fiscal period. Measurable means the

    amount of the transaction can be determined and available means collectible within the

    current period or soon enough thereafter to pay liabilities of the current period. Expenditures

    are recognized in the accounting period in which the liability is incurred (when goods are

    received or services rendered).

    NOTE 2 CASH AND INVESTMENTS

Policies and Practices

The District is considered to be an involuntary participant in an external investment pool since it

    is required to deposit all receipts and collections of monies with the County Treasury (Education

    Code Section 41001).

The District and County Treasury are authorized and restricted by Government Code Section

    53635 pursuant to Section 53601 to invest in local agency bonds or notes; U.S. Treasury bonds

    or notes; U.S. government securities; state registered warrants, bonds or notes; State

Treasurers investment pool; bankers acceptances; commercial paper; negotiable certificates of

    deposit; and repurchase or reverse repurchase agreements. 4

    COLUMBIA UNION SCHOOL DISTRICT

    MEASURE G

    GENERAL OBLIGATION BONDS, ELECTION OF 2004

    NOTES TO FINANCIAL STATEMENTS

    JUNE 30, 2005

    NOTE 2 - CASH AND INVESTMENTS (CONCLUDED)

Cash in County Treasury

The District maintains substantially all of its cash with the Tuolumne County Treasury as part of

    the common investment pool. The Treasury pools these funds with those of other districts in the

    county and invests the cash. The share of each fund in the pooled cash account is separately

    accounted for and interest earned is apportioned to the funds that are legally required to receive

    interest based on the relationship of a fund’s daily balance to the total of pooled cash and

    investments. These pooled funds are carried at cost, which approximates fair value. These

    pooled funds are also considered unclassified as to credit risk because they are not evidenced

    by securities that exist in physical or book entry form.

     Credit Risk

Investments in pools managed by other governments or in mutual funds are not required to be

    categorized.

Derivative Investments

The District did not directly enter into any derivative investments. Information relating to the use

    of derivative investments by the County was not available.

Cash Balance

Cash at June 30, 2005 consisted of the following:

Pooled Funds:

     Cash in County Treasury $ 3,663,609

5

OTHER INDEPENDENT AUDITOR’S REPORTS SECTION

     STEPHEN ROATCH ACCOUNTANCY CORPORATION Certified Public Accountants

    INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL

    OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS

    BASED ON AN AUDIT OF FINANCIAL STATEMENTS

    PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

Board of Trustees

    Columbia Union School District

and

Citizens Oversight Committee

    Measure G, General Obligation Bonds, Election of 2004

We have audited the financial statements of the governmental activities, each major fund, and the

    aggregate remaining fund information of the Columbia Union School District for the fiscal year ended

    June 30, 2005, and have issued our report thereon dated October 19, 2005. We have also audited the

    accompanying Measure G, General Obligation Bonds, Election of 2004, Balance Sheet and Statement

    of Revenues, Expenditures, and Changes in Fund Balance for the fiscal year ended June 30, 2005.

    We conducted our audit in accordance with auditing standards generally accepted in the United States

    of America and the standards applicable to financial audits contained in Government Auditing

    Standards, issued by the Comptroller General of the United States.

    Internal Control over Financial Reporting

In planning and performing our audit, we considered the District’s internal control over financial

    reporting in order to determine our auditing procedures for the purpose of expressing our opinion on

    the financial statements and not to provide an opinion on the internal control ever financial reporting.

Our consideration of the internal control over financial reporting would not necessarily disclose all

    matters in the internal control over financial reporting that might be a material weakness. A material

    weakness is a reportable condition in which the design or operation of one or more of the internal

    control components does not reduce to a relatively low level the risk that misstatements in amounts

    that would be material in relation to the financial statements being audited may occur and not be

    detected within a timely period by employees in the normal course of performing their assigned

    functions. We noted no matters involving the internal control over financial reporting and its operations

    that we consider to be a material weakness.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the District’s financial statements are free of

    material misstatement, we performed tests of its compliance with certain provisions of laws,

    regulations, contracts, and grant agreements, noncompliance with which could have a direct and

    material effect on the determination of financial statement amounts. However, providing an opinion on

    compliance with those provisions was not an objective of our audit and, accordingly, we do not express

    such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that

    are required to be reported under Government Auditing Standards.

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