STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITO_part1 pot

STATE OF MISSISSIPPIOFFICE OF THE STATE AUDITOR PHIL BRYANT State Auditor RAMONA HILL, CPA Director, Financial and Compliance Audit Division BRENT BALLARD, CPA Director, Education Audit

STATE OF MISSISSIPPI

OFFICE OF THE STATE AUDITOR

PHIL BRYANT State Auditor RAMONA HILL, CPA

Director, Financial and Compliance Audit Division

BRENT BALLARD, CPA

Director, Education Audit Section

SENATOBIA MUNICIPAL SCHOOL DISTRICT

Audited Financial Statements

For the Year Ended June 30, 1997

SENATOBIA MUNICIPAL SCHOOL DISTRICT

TABLE OF CONTENTS

FINANCIAL AUDIT REPORT 1

Independent Auditor's Report on The General Purpose Financial Statements and Supplemental Information 3

GENERAL PURPOSE FINANCIAL STATEMENTS 5

Combined Balance Sheet - All Fund Types and Account Groups 6

Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds 8

Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types 10

Notes to Financial Statements 12 SUPPLEMENTAL INFORMATION 21

Schedule of Expenditures of Federal Awards 22

REPORTS ON COMPLIANCE AND INTERNAL CONTROL 25

Independent Auditor's Report on Compliance and Internal Control over Financial Reporting Based on an Audit of the General Purpose Financial Statements Performed in Accordance with Government Auditing Standards 27

Independent Auditor's Report on Compliance with Requirements Applicable to Each Major Federal Program and Internal Control over Compliance in Accordance with OMB Circular A-133 29

INDEPENDENT AUDITOR=S REPORT ON COMPLIANCE WITH STATE LAWS AND REGULATIONS 31

Independent Auditor's Report on Compliance with State Laws and Regulations 33

SCHEDULE OF FINDINGS AND QUESTIONED COSTS 35

3750 I-55 NORTH FRONTAGE ROAD $ JACKSON, MISSISSIPPI 39211 $ (601) 364-2888 $ FAX (601) 364-2828

The Office of the State Auditor does not discriminate on the basis of race, religion, national origin, sex, age or disability

1 SENATOBIA MUNICIPAL SCHOOL DISTRICT

FINANCIAL AUDIT REPORT

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OFFICE OF THE STATE AUDITOR

PHIL BRYANT

AUDITOR

INDEPENDENT AUDITOR'S REPORT

ON THE GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION

August 26, 1998

Superintendent and School Board

Senatobia Municipal School District

We have audited the general purpose financial statements of the Senatobia Municipal School District as of and for the year ended June 30, 1997, as listed in the table of contents These general purpose financial statements are the responsibility of the Senatobia Municipal School District's management Our responsibility is to express an opinion on these general purpose financial statements based on our audit

We conducted our audit in accordance with generally accepted auditing standards 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 general purpose financial statements are free of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion

In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Senatobia Municipal School District as of June 30, 1997, and the results of its operations for the year then ended in conformity with generally accepted accounting principles

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

August 26, 1998 on our consideration of the Senatobia Municipal School District's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants

Our audit was performed for the purpose of forming an opinion on the general purpose financial statements taken as a whole The accompanying Schedule of Expenditures of Federal Awards is presented for purposes of

additional analysis as required by U.S Office of Management and Budget Circular A-133 and is not a required part of the general purpose financial statements Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole

State Auditor Director, Financial and Compliance Audit Division

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GENERAL PURPOSE FINANCIAL STATEMENTS

Combined Balance Sheet - All Fund Types and Account Groups

June 30, 1997

Fiduciary Governmental Fund Types Fund Types Account Groups

General General Total Special Capital Debt Trust and Fixed Long-term (Memorandum General Revenue Projects Service Agency Assets Debt Only) Assets

Cash and other deposits (Note 2) $ 755,322 201,834 288,030 39,487 373,551 1,658,224

Inventories:

Amount to be provided for retirement

Total Assets $ 958,892 286,440 374,030 43,250 373,551 6,054,033 2,365,261 10,455,457

Liabilities & Fund Equity

Liabilities:

Salary benefits and

Total Liabilities 13,643 71,056 86,000 341,929 2,365,261 2,877,889

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Fund Equity:

Fund balances

Reserved for:

Unreserved:

Total Fund Equity 945,249 215,384 288,030 43,250 31,622 6,054,033 7,577,568

Total Liabilities and Fund Equity $ 958,892 286,440 374,030 43,250 373,551 6,054,033 2,365,261 10,455,457

The notes to the financial statements are an integral part of this statement.

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