FY2007 Single Audit Overview
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STATE OF SOUTH DAKOTASTATEMENT OF NET ASSETSDiscretely Presented Component Units June 30, 2007are entities legally separate from but (Expressed in Thousands)financially accountable to the State, or Business-Type Activities are their relationship with the State is such financed in whole or in part by that exclusion would cause the State’s fees charged to external parties financial statements to be misleading or for goods or services.Includes cash on hand, cash in Governmental Activities encompass incomplete. local banks and cash in the State most of the State’s basic services Treasury. Additional note and are funded through taxes, fees Primary Governmentdisclosure is on page 59. and federal grants. Governmental Business-Type ComponentActivities Activities Total UnitsAssetsA breakdown of receivables Cash and Cash Equivalents $ 6 11,361 $ 1 11,162 $ 7 22,523 $ 447,352appears in Note 4 on page 67.Receivables (Net) 3 33,709 3 16,571 6 50,280 1,418,567Due From Component Units 949 26 9 75Internal balances represent net Due From Primary Government 0 1,356short-term receivables and Internal Balances 5,588 (5,588) 0payables between funds.Investments 8 29,912 61,137 8 91,049 865,226Inventory 2 2,014 1 ...
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Liabilities Accounts Payable and Other Liabilities Due To Primary Government Due To Component Units Accrued Interest Payable Deferred Revenue Securities Lending Collateral Liability Noncurrent Liabilities: Due Within One Year Due In More Than One Year
160,355
295
290,914
269,141 1,879,732
2,249,137
125,416 218,677
$ 1,090,797
$ 111,162 316,571 26
Primary Government BusinessType Activities
STATE OF SOUTH DAKOTA STATEMENT OF NET ASSETS June 30, 2007 (Ex ressedin Thousands)
$ 611,361 333,709 949
Includes cash on hand, cash in local banks and cash in the State
Governmental Activities
503,885
$ 447,352 1,418,567
Business-Type Activities are financed in whole or in part by fees charged to external parties for goods or services.
1,356
Component Units
Total
4
4,832 96,030
361,608
Total Assets
Liabilities are shown in order of maturity. Abreakdown of what Accounts Payable and Other Liabilities represents in shown in the Notes on page 68.
Most capital assets are reported at their original cost less the accumulated annual depreciation charges.Assets such as land are not depreciated. Examplesof infrastructure assets would be highways and bridges. Additional information is
Most investments are invested by the Investment Council. Note disclosure on investments appears on pages 59-66.
Internal balances represent net short-term receivables and payables between funds.
241,010
2,534
660,095 1,797,331 346,020 223,449
46,454 407,908
1,356 8,015 46,992 160,355
1,851 2,087 12,725
Discretely Presented Component Units are entities legally separate from but financially accountable to the State, or their relationship with the State is such that exclusion would cause the State’s financial statements to be misleading or incomplete.
disclosure is on
A breakdown of receivables appears in Note 4 on page 67.
5,022,295
4,909
provide information on long-term Total Liabilities 912,090122,434 1,034,524 liabilities including what they consist of and what the changes Net Assets were during the year. Invested In Capital Assets, Net of Related Debt2,94 7,9802,829 2,950,809 Restricted For: Restricted net assets are assets Highways41,193 41,193 that have externally imposed Agriculture and Natural Resources76,655 1,30277,957 constraints placed on them by Health and Public Assistance6,565 3,4299,994 creditors, laws or regulations of Economic Development17,143 17,143 other governments or constraints Debt Service75,003 1,34476,347 imposed through constitutional Capital Projects7,082 7,082 provisions. Unemployment Compensation21,352 21,352 Environmental Projects241,119 241,119 Funds held as permanent Energy Conservation Program9,867 9,867 investments consist of the Revolving Loan Programs8,348 8,348 Education Enhancement, Health Higher Education Expendable0 Care, Dakota Cement and S&PL Higher Education Nonexpendable0 'trust' funds.The nonexpendable Funds held as Permanent Investments portion represents the principal Expendable149,842 149,842 amount held inviolate.682,970 682,970 Nonexpendable Other Purposes25,597 7,42833,025 Unrestricted Net Assets Unrestricted 70,30894,300 164,608 represents assets which may be used at the state's discretion. Net Assets$ 4,491,656$ 4,110,205$ 381,451 Often though, these assetshave restrictions placed on them from Net Assets of $4,110,205 represents enabling legislation such as for The notes to the financial statements are an integral part of this statement. the Dakota Cement Trust funds or Liabilities of $912,090. other such funds created for specific purposes.Unrestricted THE ABOVE STATEMENT APPEARS ON PAGE 31 OF THE SINGLE AUDIT REPORT Net Assets also include non-liquid assets such as inventories and
5,526,180
49,175 975
13,459 80,723
330,313 72,359
16,504 1,484 32,126
245,919 0 1,356 9,866 49,079 173,080
51,286 503,938
3,339,934
22 24,743 988 173,080
1,811 79,096 31,747 32,126
Governmental Activities encompass most of the State’s basic services and are funded through taxes, fees and federal grants.
Assets Cash and Cash Equivalents Receivables (Net) Due From Component Units Due From Primary Government Internal Balances Investments Inventory Deferred Fiscal Charges and Other Assets Restricted Assets: Cashand Cash Equivalents Investments Other Securities Lending Collateral Capital Assets: Land and Other Nondepreciable Assets Infrastructure (net) Property, Plant and Equipment (net) Construction in Progress
660,390 1,797,331 348,554 223,449
35,558
865,226 9,030 15,393
$ 722,523 650,280 975 0 0 891,049 23,657 9,139
(5,588) 61,137 1,643 1,049
5,588 829,912 22,014 8,090
21 1,322 988 12,725
1 23,421
A list of what state agencies comprise the different functional classifications can be found on page 9.
Revenue sharing expense represents the distribution of state imposed taxes or fees to other units of government. Anexample would be motor vehicle licenses where the county retains a portion of the amount collected..
Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from STATE OF SOUTH DAKOTA goods, services or privileges provided by a given function; and, 2) grants and contributions that are restricted to STATEMENT OF ACTIVITIES meeting the operational or capital requirements of a particular function.Taxes and other items not properly For the Fiscal Year Ended June 30, 2007 included as program revenues are reported as general revenues. (Expressed in Thousands) This respresents the total cost of Net (Expenses) Revenue and Changes in Net Assets the function or program. Operating CapitalPrimary Government Charges forGrants andGrants andGovernmental BusinessTypeComponent Expenses ServicesContributions ContributionsActivities ActivitiesTotal Units Functions/Programs Primary Government: Governmental Activities: General Government$ 194,266 $142,225 $17,084 $$ (34,957)$ $(34,957) Education Elementary, Secondary and VocationalThe totals being reported under in Schools186,599 4,137146,641 (35,821) (35,821)these rows represent the result of Education State Support to Universities160,725 (160,725)(160,725) subtractingrevenue from Health, Human and Social Services1,043,771 25,506675,327 (342,938)(342,938) expenses.A (negative) amount Law, Justice, Public Protection and Regulation232,5 2649,435 56,708243 (126,140)(126,140) identifiesa function or program Agriculture and Natural Resources123,135 54,403 38,686(30,046) (30,046)where program revenue did not Economic Resources39,371 1,788 11,631(25,952) (25,952)cover the costs of operations. Transportation 362,6806,007 312,471757 (43,445)(43,445) ForGovernmental Activites, a Intergovernmental Payments to School Districts346 ,582(346,582) (346,582)negiative would often be funded Intergovernmental Revenue Sharing101,669 (101,669)(101,669) fromgeneral revenues such as Unallocated Interest Expense23,191 (23,191)(23,191) salestaxes. ForBusinessType Unallocated Depreciation58 (58)(58) Activities,negative amounts are Total Governmental Activities0 (1,271,524)seldom funded from general283,501 1,258,5481,000 (1,271,524) 2,814,573 revenue or from subsidies from BusinessType Activities:governmental actvities, although Lottery 31,404152,697 733122,026 122,026the State Fair would be an Clean Water State Revolving3,996 4,4795,577 6,0606,060 exception.Positive amounts, such Drinking Water State Revolving2,720 3,46013,390 14,13014,130 asthat reported for the Lottery, Revolving Economic Development and Initiative1,604 1,338 2,6612,395 2,395indicate revenues exceeding Unemployment Insurance23,974 24,5601,118 1,7041,704 expenses.In the example of the Second Injury4,361 5,36979 1,0871,087 Lottery,this excess was used to State Fair2,270 1,41021 (839)(839) subsidizethe General Fund.The Federal Surplus Property3,641 3,48320 (138)(138) subsidywas included in the Rural Rehabilitation788 288362 (138)(138) TransfersAmount reported in the bottom part of the statement. Prison Industries2,876 3,280121 525525 Health Insurance Risk Pool6,507 4,6551,492 (360)(360) Professional and Licensing5,551 5,864490 803803 Banking and Insurance2,031 1,75882 (191)(191) Other 2,6442,161 116(367) (367) Total BusinessType Activities214,802 26,262 94,367146,697 146,6970 0 Total Primary Government$ 2,908,940(1,124,827)$ 1,284,810$ 498,303(1,271,524) 146,697$ 1,000
Component Units: Higher Education Housing Authority Science and Technology Authority Nonmajor Total Component Units
$ 506,459 120,249 1,523 1,292 $ 629,523
$ 277,163 148,286 1 1,307 $ 426,757
$ 117,663 854 2 $ 118,519
$ 3,081
$ 3,081
General Revenues include those taxes and otherGeneral Revenues: sources of income used to fund the net costs of theTaxes: functions. Theserevenues are not included asSales Taxes Program Revenue because they are not directlyMotor Fuel Taxes associated with receiving a benefit from theContractors Excise Taxes program or activity.Bank Card and Franchise Taxes OtherTaxes Unrestricted Investment Earnings State Aid Miscellaneous General Revenues would includeGain on Sale of Capital Assets the tobacco settlement revenue received fromMiscellaneous participating tobacco companies and unclaimedAdditions to Endowments property receipts.Transfers Total General Revenues, Additions to Endowments and Transfers Additional note disclosure on transfers can beChanges in Net Assets found on page 69.Net Assets Beginning, as restated Net Assets Ending THE ABOVE STATEMENT APPEARS ON PAGES 3233 OF THE SINGLE AUDIT REPORT.
625,133 146,851 81,069 76,497 211,452 137,568 1,305 39,667
120,065 1,439,607 168,083 3,942,122 $ 4,110,205
(120,065) (120,065) 26,632 354,819 $ 381,451
625,133 146,851 81,069 76,497 211,452 137,568 1,305 39,667
1,319,542 194,715 4,296,941 $ 4,491,656
$ (108,552) 28,037 (668) 17 (81,166)
8,914 160,725
10,500
180,139 98,973 991,824 $ 1,090,797
The Change in Net Assets identify whether the State's financial position improved or (declined) during the year.
Reserved fund balance represents that portion of the governmental fund's equity which is not available for appropriation.
33
$ 42,221
9,457 101 118 26 1,765
4,548
12,000
18,227 2,354
41
$ 42,221
(4,507)
Assets Cash and Cash Equivalents Investments Securities Lending Collateral Receivables From: Taxes (net) Interest and Dividends Other Funds Component Units Other Governments Loans and Notes (net) Other (net) Inventory Deferred Fiscal Charges and Other Assets
The cash reported in the General Fund includes $43.2 million in the Budget Reserve Fund.
50,308
$ 102,386
43,247
34,469
3,784 13 38,300 110 1,847 30,779 111,366
1,301
2,568 93 1,357 6,154 52,078
97
2,926 12,816
42,180
$ 41,314 378,891
2,289
$ 422,494
Dakota Cement Trust
Education Enhancement Trust
Nonmajor $ 360,359 214,534 65,135
Total $ 555,519 853,333 150,719
3 34
39,968
Social Services Federal
General Fund Transportation 98,085$ 35,547
Total Assets
175,390
99,562
$ 286,756
289,609 7,084 557,868
Liabilities and Fund Balances Liabilities: Accounts Payable and Other Liabilities Payable To: OtherFunds ComponentUnits OtherGovernments Claims, Judgments and Compensated Absences Deferred Revenue Securities Lending Collateral Liability Total Liabilities
$ 142,576
To find additional detail on the Nomajor funds, see the combining statements on pages 110150.
6,154
11,550 298 1,083
$ 1,972,515
114,854 11,412 63,606 158 139,793 38,135 23,563 20,019 1,404
14,767
$
48,651 48,651
14,767
$ 102,386
$ 40,605
2,183
34,404 284 250 12,816
Total Liabilities and Fund Balances
63,831 1,289 84,754 326 56,102 150,719 499,597
34,522 1,175 43,768 97 51,133 65,135 230,555
932
97,800 4,072 49,881
30,779
Fund Balances: Reserved For: Encumbrances Inventories Debt Service School Perpetuity Noncurrent Assets Funds held as Permanent Investments Unreserved Designated for Budget Reserve Unreserved Undesignated, Reported In: General Fund Special Revenue Funds Capital Project Funds Total Fund Balances
5,504 3,288 12,608 158 64,489 37,851 18,955 4,849 693
$ 34,725
$ 788,423
17,357 4,849 85,578 30,952 36,808 85,631
412,327
82,997
329,330
238,000
43,584
281,584
$ 330,235
$ 427,094
$ 788,423
$ 1,977,115
99,562 446,152 7,084 1,477,518
STATE OF SOUTH DAKOTA BALANCE SHEET GOVERNMENTAL FUNDS June 30, 2007 (Ex ressedin Thousands)
$ 286,756
2,175 2,354 678
$ 36,533
43,058 20,019 85,578 30,952 48,905 652,961 43,247
The amount reported here is the Budget Reserve Fund equity.
$
$ 30,713
1,462
$ 330,235
THE ABOVE STATEMENT APPEARS ON PAGES 3435 OF THE SINGLE AUDIT REPORT.
$ 20,214 259,908 48,651
$
The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting.The current financial resources measurement focus attempts to answer the question of whether there are enough current resources available for spending in the near future. Revenues are recognized as soon as they are both measurable and available.Expenditures are recognized in the period in which the fund liability is incurred except for the longterm portion of certain liabilities such as bonds payable, compensated absences and capital lease obligations.
Governmental funds do not report longterm liabilities but they are reported for Governmental Activities in the government wide statements.
$ 4,110,205
$ 1,477,518
Bonds and Notes Accrued Interest on Bonds Capital Leases Compensated Absences Unclaimed Property Workers Compensation Total LongTerm Liabilities
THE ABOVE STATEMENT APPEARS ON PAGE 37 OF THE SINGLE AUDIT REPORT.
Some of the state's revenues will be collected after yearend but are not available soon enough to pay for the current period's expenditures and therefore are deferred in the funds.
Internal service funds are used by management to charge costs of certain activities to individual funds.The assets and liabilities of the internal service funds are included in governmental activities in the statement of net assets.
37,214
16,978
Some liabilities are not due and payable in the current period and therefore are not reported in the funds.Those liabilities are:
7
Amounts reported for governmental activities in the statement of net assets are different because:
STATE OF SOUTH DAKOTA RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS June 30, 2007 (Ex ressedin Thousands)
This is the fund equity reported for governmental funds on pages 3435.
(349,154) (8,015) (22,445) (43,384) (1,025) (254)
Capital assets used in governmental activities are not financial resources and are therefore not reported in the funds.These assets consist of: Governmental funds do not report capital assets because their focus is on available spendable resources.This represents the Land and Construction in Progress883,117 value of capital assets used in governmental activities and Infrastructure 2,964,366 associated depreciation on those assets reported in the Other Capital Assets552,039 governmentwide statements. Accumulated Depreciation(1,396,750) Total Capital Assets3,002,772
This reconciliation provides the entries needed to convert the governmental funds into the Governmental Activities reported in GovernmentWide Statement of Net Assets.
Total Fund Balances Governmental Funds
(424,277)
Net Assets of Governmental Activities
