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Annual Comprehensive Financial Report

Each year, the external auditors for Â鶹¹û¶³ Moines Public Schools complete an Annual Comprehensive Financial Report reviewing the district’s financial management for the previous fiscal year.

Â鶹¹û¶³ Moines Public Schools has been widely recognized for its financial reports. The district routinely earns the Certificate of Achievement from the Government Finance Officers Association (GFOA) and the Certificate of Excellence in Financial Reporting from the Association of School Business Officials (ASBO).

Among the highlights of the school district’s most recent Annual Comprehensive Financial Report for year ending 6/30/2024, include:

• Budget: The Â鶹¹û¶³ of Iowa (the Â鶹¹û¶³) legislatively approved a state supplemental aid factor of 2.5% for fiscal year 2023. For fiscal year 2024, the state supplemental aid rate was 3.0%. In April 2023, the District’s Board of Education (the Board) approved an expenditure budget for fiscal year 2024 for all funds of $586.4 million (without transfers) or $609.6 million (including transfers). In April 2024, the Board approved a budget amendment to increase expenditures by $19 million primarily due to increases to Tuition Out students, increased in non-instructional software and internet, and increases to SAVE project costs.
• Revenue: Government-wide revenues (including business-type activities) were $589.3 million for the year ended June 30, 2024, which primarily consisted of property taxes, state foundation aid, federal grants, and sales taxes for capital projects. General revenues accounted for 67.3% of the Government-wide revenue. Program revenues in the form of charges for services and operating and capital grants and contributions accounted for 29.7% of total government-wide fiscal year 2024 revenues.
• Expenses: Government-wide expenses (including business-type activities) for the year ended June 30, 2024 were $558.6 million, of which $175.1 million of these expenses were offset by program specific charges for services or grants and contributions. General revenues of $414.3 million provided for the remaining costs of these programs.
• General Fund Balance: The District’s overall General Fund balance decreased from $184.3 million as of June 30, 2023 to $175.4 million as of June 30, 2024, a decrease of $8.9 million.
• Solvency Ratio: The District’s solvency ratio decreased from 33.8% as of June 30, 2023 to 33.6% as of June 30, 2024.
• Debt: The District’s total long-term debt related to bonds decreased by $17.3 million during the fiscal year due to continued principal payments on existing bonds, along with the corresponding reduction in interest expense. The total outstanding bond debt at the end of the fiscal year is approximately $98.9 million, consisting solely of revenue bonds. Additional debt relates to Subscription based IT arrangements (SBITA) and lease liabilities. The District entered into a new SBITA during fiscal year 2024 incurring additional debt of $174 thousand. This is the only SBITA due as of the end of fiscal year 2024. The District entered into a new lease arrangement during the fiscal year incurring additional debt of $598.8 thousand. After principal and interest payments made during fiscal year 2024, the remaining lease obligation is $0.9 million at June 30, 2024.

Copies of Annual Comprehensive Financial Reports for recent fiscal years are available below: