As we wrap up the June 30, 2017 audit cycle, we have summarized key financial information from our school district clients. With over 25 clients, we now have a significant base to draw from. The summary is broken down in to three sections: Government-Wide financial statements, General Fund financial statements and Food Service Fund.
Some overall observations include:
Government-Wide Financial Statements:
• Based on year end cash and investments, the majority of school districts have solid liquidity at year end
• The net pension liability continues to grow resulting in net deficit positions
• Overall debt levels dropped
• The net OPEB liability has stabilized
• The majority of districts had negative activity due to depreciation and pension expense on the government-wide financial statements
General Fund Financial Statements:
• The majority of districts finished the June 30, 2017 year with a surplus before transfers to other funds
• The majority of districts committed or assigned a portion of their fund balance to PSERS rate stabilization and/or capital projects
Food Service Fund:
• Over half of the districts incurred losses for the year ended June 30, 2017
• Districts with their employees (as opposed to using contractors) have a deficit net position as a result of the net pension liability
School district clients included in this summary (in alphabetical order with no relation to numbers in the summary):
Abington School District
Bristol Township School District
Bucks County Intermediate Unit
Centennial School District
Central Bucks School District
East Stroudsburg Area School District
Exeter Township School District
Hatboro-Horsham School District
Lehighton Area School District
Lower Moreland Township School District
Montgomery County Intermediate Unit
Neshaminy School District
Norristown Area School District
North Penn School District
Owen J. Roberts School District
Penn-Delco School District
Pennridge School District
Pennsbury School District
School District of Cheltenham Township
School District of Haverford Township
School District of Upper Moreland Township
Spring-Ford Area School District
Tredyffrin/Easttown School District
Upper Merion Area School District
Wissahickon School District
Any questions, contact Edward Furman, member of Maillie LLP’s Government and Non-Profit industry group at efurman@maillie.com
Download the 2017 School District Financial Statement Summary here
