Clear Creek
Independent School
District
Annual Financial and Compliance Audit
Board of Trustees Presentation
January 18, 2016
Report of Independent Auditors’
• Audit conducted in accordance with
Government Auditing Standards
• Unmodified or Clean Opinion
• Highest Level of assurance to be given on
financial statements
2
GASB Statement #68 & #71
• Effective for fiscal years beginning after June 15, 2014
• Changes financial reporting for pensions
– Net unfunded pension liability is reported on
Statement of Net Position.
• Impact to the District
– District’s portion of the net pension liability at end
of 2015 fiscal year is estimated to be $34,303,532
3
Key Financial Elements
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Total Assets- $1.1 B
Capital Assets - $710.7 M
Deferred Outflows - $35.9 M
Total Liabilities - $1.1 B
Bonds Payable - $964.9 M
Net Pension Liability - $34.3 M
Deferred Inflows – $10.5 M
Total Net Position (Equity) - $44.0 M
General Fund Financial Elements
General Fund Revenues
1.22%
60.07%
38.71%
State Revenues $117.8M
Local Revenues $182.8M
Federal Revenues $3.7M
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• Revenues totaled
$304.3M
– Increase of $15.8 M from
previous year
• State aid accounted for
38.71% of general fund
revenues
General Fund Financial Elements
General Fund Revenues
1.22%
60.07%
38.71%
State Revenues $117.8M
Local Revenues $182.8M
Federal Revenues $3.7M
6
• Property tax revenues
total $177.0 M
– Increase of $10.9 M from
previous year
– No change in M&O tax
rate
– Current tax collection rate
of 99.4%
– Total tax collection rate of
99.6%
General Fund Financial Elements
General Fund Expenditures
6.54%
30.45%
63.01%
Other $90.8M
Instruction $187.9M
Facilities Maintenance $19.5M
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• Expenditures totaled
$298.2 M
– Increase of $15.4 M from
previous year
• Instruction expenditures
increased by $10.8 M
General Fund Financial Elements
• Increase to fund balance: $83 K
• Total fund balance : $57.6 M
• General fund unassigned fund balance - $53.6 M
– 18.0% of general fund expenditures
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Internal Controls and Compliance
• Major programs tested:
– Child Nutrition Cluster
– Community Coalition Partnership Grant
• Unmodified opinion issued on compliance with major
programs tested
• No material weakness reported in internal controls
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Questions
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