001work study session to order this is tuesday february the 2nd and we'll have work study and three presentations and then we'll move to a brief business meeting once we adjourn the study session or the study session work study session and we are at item 2 presentations and discussion of topics item 2.01 i'm going to turn it over to you dr mccord you can introduce the topic and we can get off and rolling it's happy groundhog's day thank you dr santa cruz governing board members welcome to all of our visitors i don't i'm not sure many of you are visiting most of you look like you're required to be here tonight so thank you for that as well tonight under 2.01 we will have the comprehensive annual financial report also known as the kaffir for fiscal
002year end june 30th 2020 and i will turn it over to assistant superintendent of business services miss bonnie vets good evening dr santa cruz dr mccord governing board members this is our annual presentation for the comprehensive annual financial report this is after we've presented to you the annual financial report and these this report represents our final audited financial statements for year ended june 30 2020. so i'd like to make sure that i'm putting this into context so remember that much of the decisions regarding last year's budget and spend was made two years ago the spring of 19 we made all the decisions to go into the 1920 school year so i just wanted to make sure that we're all aware of the time frame that we're dealing with this is a very awkward time where
003we're dealing with the current year we're getting ready to plan for next year and we're still finishing up with the prior year so i wanted to make sure that we all understood the context in addition i wanted to make sure that i was introducing the players for tonight's presentation first i'm going to bring up jennifer shields she is our chief external auditor from heinfeld meech so she'll join me up here and then of course jackie matanin who is the director of finance for gilbert public schools she'll be joining me here as well and then ashley miranda is our budget manager and she's here to provide moral and if there are questions uh detailed support on the results of the financials for year ended june 30 2020. so without further ado okay oops i gotta turn
004it on i turned it off to save batteries so today we'll have an audit update by miss jennifer shields then we'll talk a little bit about the 2020 government-wide financials the 2020 governmental financials and then other items to note that's from from the actual document so without further ado i wanted to hand this over to miss jennifer shields to talk about the specific audit results good evening um dr santa cruz dr mccord members board members um it's a pleasure for me to be here um hopefully you can all understand me masked up and everything but um i've been here for several years i get the opportunity to present the audit report so i just have a few things that i'll go over with you i don't want to steal any of bonnie's thunder here but
005i would like to point out that the audit report itself from the independent auditor's opinion is unmodified so that is the good thing and that's really good um what that means is that there were no material misstatements in the financial statements and so as we go through the audit you know there's a number of different tests and tasks that we perform to arrive at that conclusion i'd like to also give a big shout out to all district staff that we deal with through the audit it's never an easy time but certainly during a covered time period it's presented some additional challenges so in particular i'd like to thank the finance office everybody worked really hard we were able to with a lot of hard work from both finance as well as our own audit teams
006we were able to perform a lot of the procedures that we had to do remotely so in in many cases documentation is available electronically from the finance office and so we can share information in a secure portal type of an environment and then we can review the documentation that way but district finance office staff did also allow us the opportunity to come in which again was a little bit um it's a little unique trying to keep your distance but yet still hover over somebody's computer as they show you you know how a process works or how transactions go through the system so a big shout out to everybody for kind of making all of that happen um because of the um you know ability for us to do procedures both electronically as well as in
007person we were able to complete all of the procedures during the normal audit timeline so there were no no hang-ups with respect to that in terms of required communications between audit firm and the governing board there were no disagreements with management about accounting practices or anything else like that there were no difficulties encountered performing the audit every time i say that this year i do have to you know give a little bit of a pause because everything seems harder this year but there were no know what we consider difficulties in performing the audit there were no significant audit adjustments to report so all of those things sound very good right and then last but not least we haven't yet gotten to the part where we um issue the single audit report which is the report
008that contains all of any findings that are noted but at this point we're not expecting any significant findings to be reported there will of course be instances of non-compliance with you know state statute or other rules and regulations that are issued by other agencies so there will be some of those items that get reported but nothing significant and i think that concludes all of my required communications so i'll turn it back over to bonnie but i'm happy to take any questions ms shields can you just clarify i think this is the first time in how many years that we haven't had any significant findings um well thanks thanks to jackie for telling me um she looked back in it since fiscal year 2012. so a lot of hard work and effort has gone into making
009those corrections so a very long period of time i just think that's worth calling out i think the staff has worked tirelessly and hard to clean up some of those issues again the the findings were generally controls type issues not malfeasance but we now have addressed those issues and so as you put it i just want to proverbially and perhaps even actually applaud the finance staff for addressing that anything else you'd like to add jackie okay great thank you very much jennifer i appreciate that so as you go through the review of the comprehensive annual financial report which i know all of you are just so excited to get through but i wanted to remind you that at the very beginning of the comprehensive annual financial report is the letter of transmittal as well as
010the management's discussion and analysis so those two parts of the kafir do give a fair amount of information and notable things that have occurred that that if you do have the time to review them it's much shorter than going through the entire book um it might be worth maybe you need a little bit of some light reading to get you to sleep at night so anyway i just wanted to remind you of that and then in addition the way that the book is organized the financial statements start with a government-wide view so this looks at gilbert public schools comparably to a private a private sector entity that's presenting their financial results at the end of the year and then so that's where it begins and then the next step is to go into a government
011government wide look so looking at them the major funds grouped grouped a little bit differently and then finally at the fund level where each individual fund that you've seen every single month on monthly financials are expressed both with a balance sheet as well as an income statement so just to give you an idea of how it's organized so in tonight's presentation i just wanted to share the govern government-wide look and the governmental look and then just some notes about how how we translate those down to what what you we share with you every month to our major levy funds okay so in looking at our net position year over year so we're always comparing our current year ending results to our prior year ending results so you can see that our net position has increased
012by over 20 million