HomeMy WebLinkAbout2024 Bonneville School District AuditBonneville Joint
School District #93
Idaho Falls, Idaho
Annual Financial Report
Year Ended June 30, 2024
WIPFLI
Bonneville Joint School District #93
Year Ended June 30, 2024
Table of Contents
Independent Auditor's Report ................. ... ... ... .................... ... ... ... .................... ... ... ... ....................... ... ... ...... .1
Management's Discussion and Analysis. . ... ... .................... ... ... ... .................... ... ... ... ....................... ... ... ......4
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position ............... ... ... ... ....................... ... ... ....................... ... ... ....................... ... ... ................... .11
Statement of Activities ....................................................................................................................................... .13
Fund Financial Statements
Balance Sheet -Governmental Funds. ... ... ....................... ... ... ....................... ... ... ....................... ... ... ................... .14
Reconciliation of Governmental Funds Balance Sheet
to the Statement of Net Position .................................................................................................................... .15
Statement of Revenues, Expenditures and Changes In
Fund Balances -Governmental Funds ............................................................................................................ .16
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities. .. ... ... ....................... ... ... ................... .17
Notes to Financial Statements. ................................................................................................................................19
Required Supplementary Information
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget to Actual.. ......................................................................................................................................... S3
Child Nutrition Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget to Actual.. ......................................................................................................................................... S5
Schedule of District's Proportionate Share of Net OPEB Liability and Related Ratios ....................................... S6
Schedule of Employer's Share of the Net OPEB Asset -PERSI Sick-Leave Plan ....................... ........................... S7
Schedule of Employer Contributions -PERSI Sick-Leave Plan ............................................................................ S8
Schedule of Employer's Share of the Net Pension Liability -PERSI Base Plan .................................................... S9
Schedule of Employer Contributions -PERSI Base Plan ............................. ............................. ...........................60
Notes to Required Supplementary lnformation .................................................................................................61
.
Supplementary Information
All Nonmajor Funds:
Combining Balance Sheet ................................................................................................................................ 63
Combining Schedule of Revenues, Expenditures and Change in Fund Balances. ............................................66
Schedule of Taxes Receivable .............................................................................................................................. 69
Schedule of Expenditures of Federal Awards ................ ............................. ............................. ...........................70
Notes to Schedule of Expenditures of Federal Awards ...................................................................................... 72
Bonneville Joint School District #93
Year Ended June 30, 2024
Table of Contents {Continued)
Independent Auditor's Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards .................................................................. .73
Independent Auditor's Report on Compliance for Each Major Federal Program and on
Internal Control over Compliance Required by the Uniform Guidance ......................................................... .75
Schedule of Findings and Questioned Costs. ...................................................................................................... .78
Summary Schedule of Prior Year Audit Findings ................................................................................................ 80
Independent Auditor's Report
Board of Trustees
Bonneville Joint School District #93
Idaho Falls, Idaho
Report on the Audit of the Fi nancial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund, and the
aggregate remaining fund information of Bonneville Joint School District #93 (the "District"), as of and for the year
ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the District's
basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, each major fund, and the
aggregate remaining fund information of Bonneville Joint School District #93 as of June 30, 2024, and the
respective changes in financial position for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis for UnmodifiedOpinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
(GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States of America. Our responsibilities under those standards are further
described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of Bon neville Joint School District #93 and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our unmodified opinions.
Responsibilities a/ Management for the Fi nancial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance
with accounting principles generally accepted in the United States (GAAP), and for the design, implementation,
and maintenance of internal control relevant to the preparation and fair presentation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about Bonneville Joint School District
#93's ability to continue as a going concern for twelve months beyond the financial statement date,
including any currently known information that may raise substantial doubt shortly thereafter.
1
Auditor's Responsibilities for the Audit of the Fi nancial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a
guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Misstatements are considered material if there is a
substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understa nding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Bonneville Joint School District #93's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about Bon neville Joint School District #93's ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that
we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that a management's discussion
and analysis, budgetary comparison information, schedule of District's proportionate share of net pension liability
and related ratios, schedule of employer's share of net OPEB asset -PERSI sick leave plan, schedule of
contributions -PERSI sick leave plan, schedule of employer's share of the net pension liability -PERSI base plan,
and schedule of employer contributions -PERSI base plan as listed in the table of contents, be presented to
supplement the basic financial statements. Such information is the responsibility of management and, although
not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who
considers it to be an essential part of financial reporting for placing the financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United States of
America, which consisted of inquiries of management about the methods of preparing the information and
comparing the information for consistency with management's responses to our inquiries, the basic financial
statements, and other knowledge we obtained during our audit of the basic financial statements. We do not
express an opinion or provide any assurance on the information because the limited procedures do not provide us
with sufficient evidence to express an opinion or provide any assurance.
2
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements as a whole. The
combining and individual nonmajor fund financial statements, schedule of taxes receivable, and the accompanying
schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations {CFR) Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, are presented
for purposes of additional analysis and are not a required part of the basic financial statements. Such information
is the responsibility of management and was derived from and relates directly to the underlying accounting and
other records used to prepare the basic financial statements. The information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and certain additional procedures, including
comparing and reconciling such information directly to the underlying accounting and other records used to
prepare the basic financial statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America. In our
opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a
whole.
Other Reporting Required by Gove rnment Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 20, 2024 on
our consideration of the District's internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that
report is solely to describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing, and not to provide an opinion on the effectiveness of Bonneville Joint School District
#93's internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the District's internal control over
financial reporting and compliance.
Wipfli LLP
Idaho Falls, Idaho
October 20, 2024
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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2024
Bonneville Joint School District #93's (the "District") management discussion and analysis (MD&A) is generally
intended to (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the District's
financial activities, (3) identify changes in the District's financial position (its ability to meet future financial
demands and conditions), (4) identify any material deviations from the governmental unit's financial plan
(approved budget), and (5) identify individual fund issues or concerns.
The MD&A is provided at the beginning of the report to provide an overview of the District's financial position at
June 30, 2024, and the results of operations for the year. This summary should not be taken as a replacement for
the audit report, which consists of the basic financial statements, notes to the financial statements, required and
supplementary information.
Financial Highlights for 2024
Key financial highlights for 2024 are as follows:
• In total, net position increased $3,051,062 compared to 2023.
• General revenues accounted for $119,034,098 in revenue or 76.38% of all governmental revenues. Program
specific revenues in the form of charges for services, operating grants and contributions, and capital grants
and contributions accounted for $36,814,905 or 23.62% of total revenues of $155,849,003.
• Total assets of governmental activities increased by $37,731,478 as current and other assets increased by
$37,474,445 and capital assets increased by $257,033. Unrestricted net position, the part of net position that
can be used to finance day-to-day activities without constraints established by grants or legal requirements of
the District, decreased by $2,627,516 from prior year.
• The District had $152,797,941 in expenses; only $36,814,905 of these expenses was offset by program
revenues (i.e. charges for services, operating and capital grants, or contributions). General revenues (primarily
state aid and taxes) of $119,034,098 provided the additional revenue to cover these programs.
• Among major funds, the General Fund had $114,208,745 in revenues, and $108,869,992 in expenditures. The
General Fund's fund balance increased $4,890,150 from 2023.
Overview of the Financial Statements
This annual report serves as an introduction to the District's basic financial statements. There are three
components to the basic financial statements -government wide financial statements, fund financial statements,
and notes to the financial statements. This report also contains required supplementary and other financial
information in addition to the basic financial statements themselves.
Government-Wide Financial Statements
These statements are designed to provide readers with a broad overview of the District's finances, in a manner
similar to private-sector business, using the economic resources measurement focus and the accrual basis of
accounting.
The Statement of Net Position and Statement of Activities provide information about the activities of the whole
school District, presenting both an aggregate view of the District's finances and a longer-term view of those
finances. Fund financial statements provide the next level of detail. For governmental funds, these statements tell
how services were financed in the short-term as well as what remains for future spending. The fund financial
statements also look at the District's most significant funds with all other non major funds presented in total in one
column. In Bonneville Joint School District #93, the General Fund is by far the most significant fund.
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Required Supplementarv Information
government-wide and fund financial statements.
Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2024
While this document contains the large number of funds used by the District to provide programs and activities,
the view of the District as a whole looks at all financial transactions and asks the question, "How did we do
financially during 2024?" The Statement of Net Position and the Statement of Activities answer this question.
These statements include all assets and deferred outflows of resources, and liabilities and deferred inflows of
resources using the accrual basis of accounting similar to the accounting used by most private-sector companies.
This basis of accounting takes into account all of the current year's revenues and expenses regardless of when
cash is received or paid.
These two statements report the District's net position and changes in its net position. This change in net position
is important because it tells the reader that, for the District as a whole, the financial position of the District has
improved or diminished. The causes of this change may be the result of many factors, some financial and some
not. Nonfinancial factors include the District's property tax base, current property tax laws in Idaho restricting
revenue growth, facility , required educational programs, and other factors.
In the Statement of Net Position and the Statement of Activities, the District reports governmental activities.
Governmental activities are the activities where most of the District's programs and services are reported
including, but not limited to, instruction, support services, operation and maintenance of plant, pupil
transportation, and extracurricular activities. The District does not have any business type activities.
Fund Financial Statements
The analysis of the District's major funds begins on page 14. Fund financial reports provide detailed information
about the District's major funds. The District uses many funds to account for a multitude of financial transactions.
However, these fund financial statements focus on the District's most significant funds. The District's major
governmental funds are the General, Debt Service, Capital Projects, Construction, and Child Nutrition Funds.
Governmental fu nds.
Most of the District's activities are reported in governmental funds, which focus on how money flows into and out
of those funds and the balances left at year end available for spending in the future periods. These funds are
reported using an accounting method called modified accrual accounting, which measures cash and all other
financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short
term view of the District's general government operations and the basic services it provides. Governmental fund
information helps you determine whether there are more or fewer financial resources that can be spent in the
near future to finance educational programs. The relationship (or differences) between governmental activities
{reported in the Statement of Net Position and the Statement of Activities) and governmental funds is reconciled
in the financial statements.
Notes to the Financial Statements
These provide additional information that is essential to gaining a full understanding of the data provided in the
This information addresses the District's budgetary comparison schedules of the General Fund and major special
revenue funds, Pension, OPEB, and PERSI SL Plan information, and notes to the Required Supplementary
Information. The District adopts an annual appropriated budget for its General Fund, Special Revenue Funds, and
Debt Service Fund. A budgetary comparison schedule has been provided for the General Fund to demonstrate
compliance with this budget. The Pension, OPEB, and PERSI Sick Leave plan schedules have been provided to
present the District's progress in funding its obligation to provide pension and retirement benefits to District
employees.
5
Supplementary
Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2024
Financial Information
This information as discussed earlier in connection with the General Fund and non-major governmental funds is
presented immediately following the required supplementary information. This section includes a breakdown of
property taxes and associated receivables, and the annual federal compliance section.
Government-Wide Financial Statement Analysis
As previously addressed, net position may serve the purpose over time as a useful indicator of financial position.
The following table represents a condensed Statement of Net Position of the District for governmental activities:
Condensed Statement of Net Position
Governmental Activities
June30,
Current and other assets
Capital assets
Total assets
2024 2023
$ 102,244,559 $ 64,770,114
136,517,347 136,260,314
238, 761,906 201,030,428
Deferred outflows of resources
Total assets and deferred outflows of resources
33,801,880
272,563,786
41,005,045
242,035,473
Current and other liabilities
Long-term liabilities
Total liabilities
18,281,186
198,902,984
217,184,170
15,971,119
173,059,672
189,030,791
Deferred inflows of resources
Total liabilities and deferred inflows of resources
4,085,538
221,269,708
4,761,666
193, 792,457
Net position:
Net investment in capital assets
Restricted
Unrestricted
2,115,419
65,603,380
(16,424,721)
28,745,786
33,294,435
(13,797,205)
Total net position $ 51,294,078 $ 48,243,016
Total assets of governmental activities increased by $37,731,478 as current and other assets increased by
$37,474,445, and capital assets increased by $257,033. The District's assets and deferred outflows of resources
exceeded liabilities and deferred inflows of resources by $51,294,078 at the close of 2024. Unrestricted
governmental net position, the part of net position that can be used to finance day-to-day activities without
constraints established by grants or legal requirements of the District, decreased by $2,627,516 from 2023.
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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2024
The following condensed financial information was derived from the Government-Wide Statement of Activities
and reflects how the District's net position changed during fiscal years 2024 and 2023.
Condensed Statement of Activities -Govern mental Activities
Year ended June 30, 2024 2023
Revenues:
Program revenues:
Charges for services $ 4,S58,509 $ 5,656,413
Operating grants and contributions 32,112,609 35,262,748
Capital grants and contributions 143,787 137,463
General revenue:
Property taxes 12,751,166 12,662,428
Federal aid 2,874,072 24,118
State aid 96,064,460 81,896,388
Other 7,344,400 5,822,210
Total revenues 155,849,003 141,461,768
Program Expenses:
Instruction 87,037,048 80,988,024
Support services 22,364,796 21,284,629
Administration 8,705,815 8,341,787
Business operations 2,867,634 2,519,840
Operations 12,657,743 12,063,770
Transportation 3,329,368 5,476,189
Community Service 207,352 244,784
Non-instructional 8,291,756 8,613,999
Interest and fiscal charges 7,205,739 3,323,415
Capital improvements 130,690 131,748
Total expenses 152,797,941 142,988,185
Change in net position $ 3,051,062 $ (1,526,417)
Governmental Activities
The District's 2024 total revenues come from three main sources including state aid of $115,329,449 which
consists of the Idaho base support, other state grants, and revenue in lieu of taxes. These dollars make up 74.00%
of revenues from governmental activities. Property taxes of $12,751,166 make up 8.18% of total revenues from
governmental activities. Federal contracts and grants of $15,951,026 makes up 10.23% revenues from
governmental activities.
The District's 2024 instructional expenses when combined with instructional support services, which includes
support services, administration, business operations, operations, and transportation, comprise 89.6% of District
expenses.
7
Support
Operations:
Operations:
Transportation:
Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2024
The Statement of Activities shows the cost of program services and grants offsetting those services. In the
following table, we have presented the cost of each of the District's functions as well as the net cost (total cost
less revenues generated by the activities) for each. Net cost helps to show what functions are being covered by
direct revenue and those that are covered by the net revenue of others.
Total cost of Net cost of
%ofTotal services services
Instruction 56.96 % $ 87,037,048 $ 75,181,426
Support services 14.63
Administration 5.70
Business admin services 1.87
Operations 8.28
Transportation 2.18
Community services 0.14
Noninstructional 5.43
Interest and fiscal charges 4.72
capital improvements 0.09
Total gove rnmental activities 100.00 % $
22,364,796
8,705,815
2,867,634
12,657,743
3,329,368
207,352
8,291,756
7,205,739
130,690
152,797,941
15,031,740
8,615,209
2,859,618
9,306,542
(287,323)
196,399
5,317,974
(202,472)
(36,077)
$ 115,983,036
Instruction: Instruction expenses include activities directly dealing with the teaching of pupils and the interaction
between teacher and pupil. The pension and OPEB adjustments increased expenditures by $3,847,381 in 2024.
Services: Support Services provide personnel services, activities, and programs for the administration,
management, technical, and logistical support to facilitate and enhance the function of instruction and shall
provide for the general operation of the school system. The pension and OPEB adjustments increased
expenditures by $759,507 in 2024.
Administrative: The personnel, activities, and services for directing and managing the operations of the schools in
the District. (Principals, assistant principals, secretaries, and clerks charged with responsibility for a school's
administration.) Board of Education, Administration, Fiscal, and Business includes expenses associated with
administrative and financial supervision of the District. The pension and OPEB adjustments increased expenditures
by $266,097 in 2024.
Business The program concerned with the fiscal operations of the District. This program may include
budgeting, receiving and disbursing, purchasing, financial and property accounting, payroll, internal auditing, and
the prudent management of District resources.
Operations and maintenance includes the personnel, activities, and programs concerned with keeping
the physical plant operational and keeping the grounds, buildings, and equipment in effective working condition
and in an adequate and safe state of repair. The pension and OPEB adjustments increased expenditures by
$271,503 in 2024.
transportation to school and to activities and to provide for the general administrative and maintenance needs of
school district vehicles. The pension and OPEB adjustments increased expenditures by $179,982 in 2024.
Noninstructional: Noninstructional services include the preparation, delivery, and servicing of lunches, snacks, and
other incidental meals to students and school staff in connection with school activities. The pension and OPEB
adjustments increased expenditures by $127,459 in 2024.
Transportation includes the personnel, activities, and services for providing student
8
Community
Charges:
Capital Improvements:
Budgetarv Highlights
Services & Student Activities: Student activities includes the fees, dues, and fund raising amounts
collected at the school level which is used to support the associated clubs and school activities of the District.
Interest and Fiscal Interest and fiscal charges involve the transactions associated with the payment of
interest and other related charges to the debt of the District.
Capital Improvements include capital expenditures for the schools that are not capitalized
under the District's capitalization policy.
Financial Analysis of the District's Major Funds
Governmental Funds
The focus of the District's governmental funds is to provide information on near-term inflows, outflows, and
balances of spendable resources. Such information is useful in assessing the District's financing requirements. In
particular, unreserved fund balances may serve as a useful measure of a government's net resources available for
spending at the end of the fiscal year.
The District major funds starts on page 14. These funds are accounted for using the modified accrual basis of
accounting. All governmental funds had total revenues of $1S5,710,336 and expenditures of $155,189,470. The
net change in fund balance for the year in the General Fund, Debt Service Fund, Capital Projects Fund,
Construction Fund, and Child Nutrition Fund, an increase of $4,890,150, an increase of $364,468, a decrease of
$1,676,507, an increase of $34,566,104, and a decrease of $999,5S9 respectively.
The general fund is the primary operating fund of the District. At the end of the current fiscal year there was no
unassigned fund balance in the general fund. All available funds at year end were reserved for payment of
expenses and projects to be paid in the next fiscal year.
During 2024, the District did not amend its budget.
For the General Fund, the budgeted revenue was $108,627,809 and the budgeted expenditures was
$114,106,063. Actual revenue was $114,208,74S which includes $417,781 in professional development funds.
Actual expenditures were $108,869,992, which include expenditures related to the master educator premiums
and professional development.
Capital Assets and Debt Administration
At the end of the 2024 fiscal year, the District had $136,517,347 invested in land, buildings, furniture and
equipment, vehicles, and right-of-use assets (net of accumulated depreciation and amortization).
Year Ended June 30, 2024 2023
Land and capital assets not being depreciated s 12,130,S64 s 6,602,349
Buildings and improvements 117,972,988 124,260,284
Furniture and equipment 3,363,832 2,714,666
Vehicles 1,954,S53 1,540,S68
Right of use assets -leases 972,872 740,232
Right of use assets -SBITAs 122,S38 402,21S
Total capital assets, net s 136,517,347 s 136,260,314
Overall capital assets increased $257,033 from fiscal year 2023 to fiscal year 2024. Total purchases and additions
of $8,205,474 and dispositions of $280,241 (primarily land and vehicles) were offset by depreciation and
amortization expense for the year of $7,935,078.
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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2024
At June 30, 2024, the District had four general obligation bond issues outstanding as follows:
Due within one
Total year
2016 A Series Bond $ 44,S20,000 $ 1,905,000
2016 B Series Bond 11,520,000 2,085,000
2018 Series Bond 28,905,000 700,000
2021 Series Bond 6,225,000 2,420,000
2023 Series Bond 31,570,000 745,000
Total $ 122,740,000 $ 7,855,000
At June 30, 2024, the District's overall legal debt margin was $354,975,013.
Economic Factors
Funding for Idaho Schools returned to average daily attendance after being funded on enrollment since the
COVID-19 pandemic. This resulted in a loss of formula-driven revenue. Fortunately, state legislators recognized
the implications of that policy and provided a one-time appropriation to cover most of the funding gap in Fiscal
Year 2024. This appropriation allowed Bonneville School District 93 to maintain staffing levels and not have to
make emergency reductions. Our General Fund Balance has built up over the last several years as we anticipated
state reductions. This will allow us to adjust to the new levels of state funding over the next few years. Our focus
will be on achieving savings by not hiring replacement personnel where possible when a current employee retires
or resigns.
Enrollment for FY 2025 was expected to decline by about 200 students as a new charter school began operations
in our district. Current enrollment figures show a decline of only 86 students from where we ended the school
year in May, which will increase our funding over what was budgeted. Kindergarten enrollment in Fiscal Year
2024 was lower than prior years by 125 students, and the Fiscal Year 2025 kindergarten enrollment is level with
last year. It appears that smaller kindergarten classes will be our new normal.
District patrons will be asked to renew our Supplemental Levy of $5,800,000 in the November 2024 Election.
Supplemental Levies in Idaho have a maximum term of two years. We anticipate that patrons will approve the
levy renewal which would take effect in Fiscal Year 2026.
Component Unit
These financial statements do not include the Bonneville Education Foundation, a component unit of the District.
The financial information for the Foundation will be available at the District office.
Requests for Information
This financial report is designed to provide our citizens, taxpayers, investors, and creditors with a general overview
of the District's finances and to show the District's accountability for the money it receives. If you have questions
about this report or need additional financial information contact Guy Wangsgard, Chief Financial & Operations
Officer, at Bonneville Joint School District #93, 34197 North Ammon Road, Idaho Falls, ID 83401,
G uyW@d93. k12 .id.us.
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Financial Statements
Bonneville Joint School District #93
Statement of Net Position
Governmental
June 30, 2024 Activities
Assets
Current assets
Cash and investments $ 86,591,893
Property taxes receivable, net 4,879,632
Other receivables 8,002,813
Supplies inventory 145,456
Medicaid match deposits 68,522
Total current assets 99,688,316
Capital assets
Land and construction in progress 12,130,564
Depreciable buildings, equipment, and vehicles, net of depreciation 123,291,373
ROU assets -leases, net 972,872
ROU assets -SBITAs, net 122,538
Total capital assets 136,517,347
Other assets
PERSI sick leave (PERSI SL)
Total other assets
Total assets
Defe rred outflow of resources
Related to OPEB
Related to PERSI SL
Related to pensions
2,556,243
2,556,243
238, 761,906
313,113
1,774,988
31,713,779
Total deferred outflow of resources
Liabilities
Current liabilities:
Accounts payable
Accrued wages payable
Accrued benefits payable
Accrued interest
Long-term liabilities
Portion due or payable within one year
General obligation bonds/premium
Financed purchase agreements
Contracts payable (SBITAs)
Lease liability
Other liabilities
Portion due or payable after one year
General obligation bonds/premium
Contracts payable (SBITAs)
Lease liability
Net pension liability
Other post employment benefits
33,801,880
1,273,860
10,987,980
4,327,526
1,691,820
9,883,913
22,569
50,464
242,332
422,358
123,476,343
1,463
724,844
61,730,026
2,348,672
Total liabilities 217,184,170
See accompanying notes to financial statements.
11
Bonneville Joint School District #93
Statement of Net Position (Continued)
Governmental
June 30, 2024 Activities
Defe rred inflow of resources
Related to OPEB $ 3,036,159
Related to PERSI SL 1,049,379
Total deferred inflow of resources 4,085,538
Net position
Net investment in capital assets
Restricted for
Capital improvements
Debt service
Child nutrition
Other
Unrestricted
2,115,419
44,482,008
11,651,391
1,351,612
8,118,369
(16,424,721)
Total net position $ 51,294,078
See accompanying notes to financial statements.
12
Program
Bonneville Joint School District #93
Statement of Activities
Net (Expense)
Reven ue and
Changes in Net
Revenues Position
Operating Capital Total
Charges for Grants and Grants and Governmental
Year Ended June 30, 2024 Expenses Services Contributions Contributions Activities
Functions/Progra ms
Governmental activities
Instruction
Support services
Administrative
Business operations
Operations
Transportation
Community service
Noninstructional
Interest and fiscal charges
Capital improvements
Total govern mental
activities
$ 87,037,048 $
22,364,796
8,705,815
2,867,634
12,657,743
3,329,368
207,352
8,291,756
7,205,739
130,690
$ 152,797,941 $
1,951,275 $ 9,904,347
2,419,612 4,913,444
14,934 75,672
8,016
3,351,201
172,688 3,444,003
10,953
2,973,782
7,408,211
22,980
$
4,558,509 $ 32,112,609 $
143,787
143,787
$ (75,181,426)
(15,031,740)
(8,615,209)
(2,859,618)
(9,306,542)
287,323
(196,399)
(5,317,974)
202,472
36,077
(115,983,036)
General revenues
Property taxes
Property tax replacement
Federal grants
State aid -formula grants
Other state revenue
Investment earnings
Other local revenue
Gain (loss) on sale of assets
12,751,166
417,925
2,874,072
94,813,874
832,661
4,356,828
2,934,845
52,727
Total general revenues
Change in net position
Net position, begi nning of year
Net position, end of year $
119,034,098
3,051,062
48,243,016
51,294,078
See accompanying notes to financial statements.
13
Unassi1ned
Bonneville Joint School District #93
Balance Sheet -Governmental Funds
capital Child All Nonmajor
June 30, 2024 General Fund Debt Service Projects Construction Nutrition Funds Total
Assets
Cash and cash equivalents $ 20,209,166 $ 10,482,115 $ 9,348,909 $ 34,761,721 $ 1,707,480 10,082,502 $ 86,591,893
Receivables
Taxes -current 1,990,624 1,376,973 960,568 4,328,165
Taxes -delinquent 248,062 183,647 119,758 551,467
State apportionment 4,609,824 4,609,824
Federal grants/contracts 2,260,372 2,260,372
Other Receivables 58,124 1,644 228,851 42,886 801,112 1,132,617
Due from other funds 4,336,950 4,336,950
Inventories 145,456 145,456
Prepaid expenses 68,522 68,522
Total assets $ 31,521,272 $ 12,044,379 $10,429,235 $ 34,990,572 $ 1,895,822 $ 13,143,986 $ 104,025,266
Liabilities and fund balances
Accounts payable $ 390,667 $ 500 $ 513,332 $ 6,700 161,090 $ 201,571 $ 1,273,860
Accrued wages payable 9,832,195 256,345 899,440 10,987,980
Accrued benefits payable 3,802,839 126,775 397,912 4,327,526
Due to other funds 392,488 417,768 3,526,694 4,336,950
Total liabilities 14,025,701 392,988 513,332 424,468 544,210 5,025,617 20,926,316
Deferred inflow of resources
Unavailable revenues 248,062 183,647 119,758 551,467
Total deferred inflow of
resources 248,062 183,647 119,758 551,467
Fund balances
Nonspendable
Inventory 145,456 145,456
Prepaid 68,522 68,522
Restricted for
Capital improvements 9,796,145 34,566,104 44,362,249
Debt service 11,467,744 11,467,744
Child nutrition 1,206,156 1,206,156
Other fund activities 8,118,369 8,118,369
Assigned 15,830,729 15,830,729
1,348,258 1,348,258
Total fund balances 17,247,509 11,467,744 9,796,145 34,566,104 1,351,612 8,118,369 82,547,483
Total liabilities,
deferred Inflows of
resources, and fund
balances $ 31,521,272 $ 12,044,379 $10,429,235 $ 34,990,572 $ 1,895,822 $ 13,143,986 $ 104,025,266
See accompanying notes to financial statements.
14
Bonneville Joint School District #93
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position
Total governmental fund balances at June 30, 2024
Amounts reported for governmental activities in the Statement of Net
Position are different because:
Capital assets used in governmental activities are not current financial resources
and therefore are not reported as assets in governmental funds. With the
implementation of GASB 87 and 96, these values also include the Right-of-use
assets for the remaining value of those contracts net of accumulated amortization.
The cost of the capital and right of use assets is $250,027,214 and the
accumulated depreciation and amortization is $113,509,867.
Governmental funds report the effect of premiums, discounts, and similar items
when the bonds are first issued by the District whereas these amounts are
deferred and amortized in the State ment of Activities.
The net pension liability and the deferred outflows of resources and deferred
inflow of resources related to pensions are only reported in the State ment of Net
Position: deferred inflow of resources related to pensions is $0 and deferred
outflows of resources related to pensions is $31,713,779.
The net PERSI sick leave asset and the deferred outflows of resources and deferred
inflows of resources related to PERSI sick leave are only reported in the Statement
of Net Position: Net PERSI asset is $2,556,243, deferred inflow of resources related
to PERSI sick leave is $1,049,379 and deferred outflow of resources related to
PERSI sick leave is $1,774,988.
Property taxes receivable will be collected this year but are not available soon
enough to pay for the current period's expenditures, and therefore are unavailable
in the funds.
Deferred outflows and inflows of resources related to other post employment
benefits (OPEB) are not current financial resources and therefore are not reported
in the fund financial statements, but are reported on the Statement of Net
Position. Deferred inflow of resources related to OPEB is $3,036,159 and deferred
outflow of resources related to OPEB is $313,113.
Long-term liabilities, including bonds payable, are not due and payable in the
current period and therefore are not reported as liabilities in the funds.
Long term liabilities at year end consisted of:
Bonds payable (122,740,000)
Accrued interest on debt obligations (1,691,820)
Compensated absences (422,358)
Lease liability (967,176)
Financed purchase agreements (22,569)
Contract payable -SBITAs (51,927)
Net pension liability (61,730,026)
$ 82,547,483
136,517,347
(10,620,256)
31,713,779
3,281,852
551,467
(2, 723,046)
Other post employment benefits (2,348,672) (189,974,548)
Total net position -govern mental activities $ 51,294,078
See accompanying notes to financial statements.
15
exl!!ndltures
Bonneville Joint School District #93
Statements of Revenues, Expenditures and Changes In Fund Balances -
Governmental Funds
Year Ended June 30, 2024
Revenues
Property Taxes
Investment Earnings
Food Service
Rental
Other Local
State apportionment
Base
Transportation
State Paid Benefits
Property tax replacement
Other state revenue
Federal grants and
assistance
Total revenues
$
General Fund
5,827,585
2,591,642
849,229
84,123,829
3,444,003
10,690,045
417,925
6,264,487
114,208,745
$
Debt Service
4,032,445
562,508
7,408,211
12,003,164
$
Capital
Projects
2,805,196
2,805,196
Construction
$
1,156,572
1,156,572
$
Chi ld
Nutrition
46,106
1,325,525
4,307
2,856,876
4,232,814
Former
major fund All Nonmajor
Medicaid Funds
$ $
5,228,746
2,980,949
13,094,150
21,303,845
$
Total
12,665,226
4,356,828
1,325,525
4,307
6,077,975
84,123,829
3,444,003
10,690,045
417,925
16,653,647
15,951,026
155,710,336
Expenditures
Current:
Instruction
Support services
Administration
Business operations
Operations
Transportation
Student activities
Community services
Non -Instructional
Debt service:
Principal
Interest
Fees
Facility acquisition
Total
68,653,767
14,615,868
8,190,556
2,613,447
9,256,087
5,144,868
196,399
197,525
1,475
108,869,992
6,800,()(X)
4,837,196
1,500
11,638,696
264,017
324,095
17,039
246,171
1,571,915
1,428,647
216,837
46,920
1,256,625
5,372,266
1,095,287
1,095,287
5,323,502
5,323,502
7,791,141
6,428,939
75,672
8,016
2,127,908
2,969,746
10,953
4,036
32,701
1,430
3,439,185
22,889,727
76,708,925
21,368,902
8,283,267
2,867,634
12,955,910
6,573,515
2,969,746
207,352
5,327,538
7,247,063
4,887,021
1,500
5,791,097
155,189,470
Revenues over (under)
expenditures 5,338,753 364,468 (2,567,070) 61,285 (1,090,688) (1,585,882) 520,866
Other financing sources and
(uses)
Operating transfers in
Operating transfers out
Proceeds from obligations
Proceeds from sale of assets
Total other financing
sources and (uses)
60,000
(508,603)
(448,603)
357,474
(15,206)
482,203
66,092
890,563
34,504,819
34,504,819
151,129
(60,000)
91,129
15,206
15,206
583,809
(583,809)
34,987,022
66,092
35,053,114
Net change In fund balances 4,890,150 364,468 (1,676,507) 34,566,104 (999,559) (1,570,676) 35,573,980
Fund balances, beginning of year
Change in reporting entity
Fund balances, beginning of
year, as restated
12,357,359
12,357,359
11,103,276
11,103,276
11,472,652
11,472,652
2,351,171
2,351,171
12,040,216
(2,351,171)
9,689,045
46,973,503
46,973,503
Fund balances, end of year $ 17,247,509 $ 11,467,744 $ 9,796,145 $ 34,566,104 $ 1,351,612 $ $ 8,118,369 $ 82,547,483
See accompanying notes to financial statements.
16
17
Bonneville Joint School District #93
Reconciliation of Statement of Revenues, Expenditures and Changes
in Fund Balances of Govermental Funds to the Statement of Activities
Net change in fund balances -governmental funds for the year ended June
30, 2024
Amounts reported for governmental activities in the statement of net
position are different because:
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal of long-term debt
consumes the current financial resources of governmental funds. Neither
transaction has any effect on net position.
Capital outlays are reported in governmental funds as expenditures.
However, in the Statement of Activities, the cost of those assets is allocated
over their estimated useful lives as depreciation and amortization expense.
This is the amount by which capital outlays and new lease/SBITA agreements
exceeded depreciation and amortization and asset dispositions.
Because some property taxes will not be collected for several months after
the District's fiscal year ends, they are not considered 'available' revenues in
the governmental funds. Unearned tax revenues increased by $85,940 this
year.
Vested employee benefits are reported in the governmental funds when
amounts are paid. The Statement of Activities reports the value of benefits
earned during the year. The changes in the OPEB obligations, PERSI SL asset,
net pension liability, and the related deferred outflows and inflows in
addition to the change in compensated absences are all differences.
Interest on long-term debt is recognized as an expenditure in governmental
funds report when it is due. The effect of premiums, discounts, and similar
items are recognized in the governmental funds when debt is first issued,
whereas all of these amounts are accrued, or deferred and amortized in the
Statement of Activities. This is the net effect of these differences in the
treatment of long-term debt and related items.
$ 35,573,980
(27,739,959)
257,031
85,940
(2,808,712)
(2,317,218)
Change in net position per statement of activities $ 3,051,062
See accompanying notes to financial statements.
Notes to Financial Statements
Reporting Entity
Discretely Component
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies
General
The basic financial statements listed in the table of contents have been prepared in accordance with the American
Institute of Certified Public Accountants' Industry Audit Guide for Audits of State and Local Government Units.
The Bonneville Joint School District #93 {the District) is the basic level of government, which has financial
accountability and control over all activities related to the public-school education in the area served. The District
receives funding from local, state, and federal government sources and must comply with the requirements of
these funding source entities. The District is not included in any other governmental "reporting entity'' as defined
by GASB pronouncement, since Board members are elected by the public and have decision making authority, the
authority to levy taxes, the power to designate management, the ability to significantly influence operations, and
primary accountability for fiscal matters.
Presented Unit
The Bonneville Joint School District #93 Education Foundation {the Foundation) is responsible for fund raising to
support the District. The Board of the Foundation is appointed by the District and is accountable to the District.
The Foundation is a non-profit organization and is presented on the accrual basis of accounting. The District has
elected not to include the Foundation at June 30, 2024, as it is immaterial to the District. Related activities passed
through the District are recorded in a special revenue fund of the same name.
Complete financial information for the component unit may be obtained at the District's administrative office.
Basis of Presentation
Government-Wide and Fund Financial Statements
The Government-wide financial statements {i.e., the Statement of Net Position and the Statement of Activities)
report information on all of the non-fiduciary activities of the District. For the most part, the effect of interfund
activity has been removed from these statements.
The Statement of Activities demonstrates the degree to which the direct expenses of a given function are offset by
program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program
revenues include (1) charges to customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function, and {2) grants and contributions that are restricted to meeting
the operational or capital requirements of a particular function. Taxes and other items not included among
program revenues are reported as general revenues.
Separate financial statements are provided for governmental funds. Major individual governmental funds are
reported as separate columns in the fund financial statements.
19
Accounting
Types:
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Basis of Presentation (Continued)
Fund
The District uses funds to report on its financial position and results of its operations. Fund accounting is designed
to demonstrate legal compliance and to aid financial management by segregating transactions related to certain
government functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. Funds are classified into three
categories: governmental, proprietary, and fiduciary. The emphasis of fund financial statements is on major
governmental funds, each reported in a separate column. All remaining governmental funds are aggregated and
reported as nonmajor funds. Major individual governmental funds are reported as separate columns in the fund
financial statements.
Governmental Fund
General Fund -The general fund is the District's general operating fund. It is used to account for all financial
resources except those required to be accounted for in another fund.
Debt Ser vice Fund -The Debt Service Fund is used to account for the accumulation of resources and for the
repayment of general longterm debt principal, interest, and related costs. The primary revenue source is local
property taxes levied specifically for debt service.
Capital Projects Fund -The Capital Projects Fund is used to account for the financial resources used to acquire
school facilities, renovate existing facilities, or as otherwise provided in the Idaho Code.
Construction Fund -This fund is used to account for the financial resources to be used to acquire or construct
major capital facilities.
Child Nutrition Fund -This fund accounts for all financial transactions of the school food service program in
compliance with local, state, and federal laws or regulations.
Special Revenue Funds -The purpose of the Special Revenue Funds is to account for federal, state, and locally
funded grants and activities. These grants are awarded to the District with the purpose of accomplishing specific
educational tasks as defined in the Grant Awards. Special Revenue Fund types include the Child Nutrition Fund
and School Activity Funds. The purpose of the Child Nutrition Fund is to account for all federal support and
student charges, which are received by the District for the purpose of providing students with a nutritional,
inexpensive meal. The School Activity Funds are monies collected primarily through fund raising efforts of the
individual schools or school sponsored groups. The school principal is responsible, under the authority of the
Board of Trustees, for collecting, controlling, disbursing, and accounting for all School Activity Funds.
20
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Basis of Accounting
The District applies the provisions of GASB Statement No. 34, Basic Financial Statements and Management's
Discussion and Analysis for State and Local Governments. This Statement is meant to present the information in a
format more closely resembling that of the private sector and to provide the user with more managerial analysis
regarding the financial results and the District's financial outlook.
Government-wide Financial Statements
The government-wide financial statements (Statement of Net Position and Statement of Activities) display
information about the reporting government as a whole. These statements include all the financial activities of the
District, except for its fiduciary funds. Generally, the effect of material interfund activity has been removed from
the government-wide financial statements.
The Statement of Activities demonstrates the degree to which the direct expenses of given functions are offset by
program revenues. Direct expenses are those that are clearly identifiable with a specific function.
Program revenues include charges to customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function and grants and contributions that are restricted to meeting the
operational or capital requirements of a particular function. Taxes and other internally directed revenues are
reported instead as general revenues.
The government-wide financial statements are reported using the economic resources measurement focus and
the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for
which they are levied. Grants and similar items are recognized as revenue as soon as eligibility requirements
imposed by the provider have been met.
The District applies restricted resources first when an expense is incurred for which both restricted and
unrestricted resources are available. Depreciation has been allocated specifically to functional areas with the
majority of it being allocated to instructional. Interest on long-term debt is considered an indirect expense and is
reported separately on the Statement of Activities.
21
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Basis of Accounting (Continued)
Governmental Fund Financial Statements
Governmental fund financial statements are reported using the current financial resources measurement focus
and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and
available. Revenues are considered to be available when they are collectible within the current period or soon
enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be
available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are
recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as
expenditures related to compensated absences and claims and judgments, are recorded only when payment is
due. General capital asset acquisitions are reported as expenditures in the governmental funds. Issuance of long
term debt and acquisitions under financed purchases, leases, and SBITA agreements are reported as other
financing sources.
Property taxes and interest associated with the current fiscal period are considered to be susceptible to accrual
and so have been recognized as revenues of the current fiscal period. Entitlements are recorded as revenues when
all eligibility requirements are met, including any time requirements, and the amount is received during the period
or within the availability period for this revenue source (within 60 days of year end).
Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all
other eligibility requirements have been met, and the amount is received during the period or within the
availability period for this revenue source (within 60 days of year end). All other revenue items are considered to
be measurable and available only when cash is received by the government.
Budgets
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated
budgets are adopted for the General, Special Revenue, Debt Service, and Capital Projects Funds. All annual
appropriations lapse at fiscal year-end. The District did not amend their General Fund and Child Nutrition Fund
budgets in 2024.
Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance
accounting (under which purchase orders, contracts, and other commitments for the expenditures of resources
are recorded to reserve that portion of the applicable appropriation) is utilized in the governmental funds.
Encumbrances outstanding at year-end are reported as assigned fund balance to indicate an obligation to the
District.
The District budgets transfers from the General Fund to other funds to cover the costs incurred by these funds in
excess of the revenues generated. Certain indirect costs are charged to several Special Revenue Funds through
budgeted transfers from the Special Revenue Funds to the General Fund.
22
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Cash and Investments
Cash includes amounts in demand as well as short-term investments with a maturity date within three months of
the date acquired by the District. The District pools cash of all funds into common bank accounts. The accounting
records of each fund reflect its interest in the pooled cash. Any deficiencies in cash of individual funds represent
liabilities to other funds for cash borrowed. Under state law, the District may deposit funds in demand deposits,
interest-bearing demand deposits, or time deposits with state banks or credit unions organized under Idaho Law,
and national banks or credit unions located in Idaho.
State statutes authorize the District to invest in obligations of the U.S. Treasury, commercial paper, corporate
bonds, and repurchase agreements. The District has elected to deposit cash in excess of immediate needs into the
Local Government Investment Pool (LGIP). The LGIP is managed by the State of Idaho Treasurer's office. The funds
of the pool are invested in certificates of deposit, repurchase agreements, commercial paper, corporate debt
instruments, and U.S. government securities. The certificates of deposit are federally insured. The LGIP is
recorded at amortized costs due to the LGIP's tight restrictions on the types of investments that can be held in the
fund to limit the District's exposure to losses from credit risk, market, and liquidity risk. An annual audit of LGIP is
conducted by the State Legislative Auditors Office. The Legislative Auditor of the State of Idaho has full access to
the records of the Pool. All other cash is deposited with local banks in checking or savings accounts.
For deposits and investments, custodial credit risk is the risk that, in the event of the failure of the counterparty,
the District will not be able to recover the value of its deposits, investments, or collateral securities that are in the
possession of an outside party. The District does not have a policy for custodial credit risk outside of the deposit
and investment agreements. The District is authorized to invest in the State of Idaho Local Government
Investment Pool. This pooling is intended to improve administrative efficiency and increase investment yield.
Credit risk is the risk that an issuer of debt securities or another counterparty to an investment will not fulfill its
obligation and is commonly expressed in terms of the credit quality rating issued by nationally recognized
statistical rating organization such as Moody's, Standard & Poor's, and Fitch's. The investments of the District are
not rated and the District's policy does not restrict them to rated investments.
Short-term lnterfund Receiva bles/Payables
During the course of operations, numerous transactions occur between individual funds and the General Fund for
goods provided or services rendered. These receivables and payables are classified as 'due from other funds' or
'due to other funds' on the balance sheet.
Inventories
Inventories consist of paper, food, new textbooks, and other supplies and equipment received at the end of the
fiscal year, which had not yet been consumed. The cost is recorded as an expenditure at the time the item is
consumed. Inventories are stated at cost on a first-in, first-out basis, which approximates market. Other supplies
inventory on hand at year-end has not been recorded as inventory and was treated as expended when purchased.
23
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Capital Assets
Capital assets, including land, buildings, improvements, and equipment assets are reported in the applicable
governmental columns in the government-wide financial statements. Right of use assets from leases and SBITA
contracts are also included in capital assets. See Notes 10 and 11 for information on these items. Capital assets are
defined by the District as assets with an initial, individual cost of more than $10,000 and an initial useful life of one
year or greater. Such assets are recorded at historical cost if purchased or constructed. Donated capital assets are
recorded at estimated acquisition value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the life
of the asset are not capitalized. Buildings, improvements, and equipment assets are depreciated using the
straight-line depreciation method over the following estimated useful lives:
Assets Years
Buildings
Equipment
Vehicles
3-15
3-8
30
Compensated Absences
Employees are entitled to certain compensated absences based on their length of employment. The entire
compensated absences owed are reported in the government-wide financial statement.
Other Post-Employment Benefits
PERSI employees who retire and have not yet become eligible for Federal Medicare coverage are eligible to
purchase insurance through the District's healthcare plan. Although retirees pay their own premium, there is an
implicit cost due to increased group premiums when retirees are included in District insurance plans. For the
purpose of measuring the net other post-employment benefit liability, deferred outflows of resources and
deferred inflows of resources related to other post-employment benefits, and other post-employment benefit
expenses, information about fiduciary net position of the implicit medical benefit Plan and additions
to/deductions from the Plan's fiduciary net position have been determined on the same basis as they are reported
by the Plan. Benefit payments are recognized when due and payable in accordance with the benefit terms.
For purposes of measuring the net OPEB asset, deferred outflows of resources, and deferred inflows of resources
related to OPEB, and OPEB expense; (expense offset), information about the fiduciary net position of the Pubic
Employee Retirement System of Idaho (PERSI or System) Sick Leave Insurance Reserve fund and additions
to/deductions from Sick Leave Insurance Reserve Fund's fiduciary net position have been determined on the basis
as they are reported by the Sick Leave Plan. For this purpose, benefit payments are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
24
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Pensions
For purposes of measuring the net pension liability and pension expense, information about the fiduciary net
position of the Public Employee Retirement System of Idaho Base Plan (Base Plan) and additions to/deductions
from Base Plan's fiduciary net position have been determined on the same basis as they are reported by the Base
Plan. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due
and payable in accordance with the benefit terms. Investments are reported at fair value.
Deferred Outflows/Inflows of Resources
In addition to assets, the Statement of Net position will sometimes report a separate section for deferred outflows
of resources. This separate financial statement element, deferred outflows of resources, represents a
consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of
resources (expense/expenditure) until then. The District has several items that qualify for reporting in this
category and they occur on the government-wide Statement of Net Position. The District reports deferred
outflows of resources related to pensions for its proportionate shares of collective deferred outflows of resources
related to pensions and District contributions to pension plans subsequent to the measurement date of the
collective net pension liability. The last two deferred outflows result from changes of assumptions or other inputs
on the OPEB obligations and PERSI SL asset.
In addition to liabilities, the Statement of Net Position and Governmental Funds Balance Sheet will sometimes
report a separate section for deferred inflows of resources. This separate financial statement element, deferred
inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time. The District has several types of items, one of which
arises under a modified accrual basis of accounting, and others that arise in the government wide financial
statements, that qualify for reporting in this category. Accordingly, unavailable revenue, is reported only in the
governmental funds balance sheet.
The governmental funds report unavailable revenues from property taxes. These amounts are deferred and
recognized as an inflow of resources in the period that the amounts become available. The District also reports
deferred inflows of resources for its proportionate share of the collective deferred inflows of resources related to
pensions and difference between expected and actual experience -OPEB and PERSI SL on the government wide
financial statements.
Long-term Obligations
Long-term debt is recognized as a liability of a governmental fund when due. For other long-term obligations, only
that portion expected to be financed from expendable, available, financial resources is reported as a fund liability
of a governmental fund.
25
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Lease Accou nting
The District is a lessee in multiple noncancelable leases. If the contract provides the District the right to
substantially all the economic benefits and the right to direct the use of the identified asset, it is considered to be
or contain a lease. Right-of-use (ROU) assets and lease liabilities are recognized at the lease commencement date
based on the present value of the future lease payments over the expected lease term. The ROU asset is also
adjusted for any lease prepayments made, lease incentives received, and initial direct costs incurred.
The lease liability is initially and subsequently recognized based on the present value of its future lease payments.
Variable payments are included in the future lease payments when those variable payments depend on an index
or a rate. Increases (decreases) to variable lease payments due to subsequent changes in an index or rate are
recorded as variable lease expense (income) in the future period in which they are incurred.
The discount rate used is the implicit rate in the lease contract, if it is readily determinable, or the District's
incremental borrowing rate (IBR). This rate is used to calculate the present value of future lease payments. The
District has elected to use the State's Diversified Bond Fund (DBF) portfolio rate for it's IBR. This rate is an
alternative investment rate for other than short-term investments and is materially the same as the rate the
District might incur from an external lender.
For all underlying classes of assets, the District does not recognize ROU assets and lease liabilities for short-term
leases that have a lease term of 12 months or less at lease commencement and do not include an option to
purchase the underlying asset that the District is reasonably certain to exercise. Leases containing termination
clauses in which either party may terminate the lease without cause and the notice period is less than 12 months
are deemed short-term leases with lease costs included in short-term lease expense. The District recognizes
short-term leases with lease costs included in short-term lease expense. The District recognizes short-term lease
cost on a straightline basis over the lease term.
In addition, under the new standard, the District has adopted a policy which evaluates the material nature of long
term leases as a group. For group calculations which fall below the policy threshold for recording, the District will
not recognize the lease liability and ROU, and will instead expense these costs as incurred. Copier leases is one
such group.
For leases or groups of leases whose net present value is less than $50,000, the District has elected to recognize
the payments as an expense in the period incurred.
Subscription Based Information Technology Arrangements
The District is a party to multiple noncancelable subscription based information technology arrangements
(SBITAs). If the contract provides the District the right to use the present service capacity and the right to direct
the use of the identified asset, it is considered to be or contain a SBITA. Subscription-based assets and liabilities
are recognized at the agreement commencement date based on the present value of the future payments over
the expected contract term. The SBITA asset is also adjusted for any prepayments made and capitalizable initial
implementation costs as incurred.
26
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Subscription Based Information Technology Arrangements (Continued)
The SBITA liability is initially and subsequently recognized based on the present value of its future payments.
Variable payments are included in the present value when the underlying rate or index is fixed and predictable for
the life of the lease. Variable costs that depend on an unpredictable index are accounted for as expenses as they
are incurred. Increases (decreases) to variable payments due to subsequent changes in an index or rate are
recorded as an adjustment to expense in the period in which they are incurred.
The discount rate used is the implicit rate in the SBITA contract, if it is readily determinable, or the District's
incremental borrowing rate, which is the same IBR methodology as the District uses for leases.
For all underlying classes of assets, the District does not recognize SBITA assets and liabilities for short-term
agreements that have a contract term of 12 months or less at contract commencement. Contracts containing
termination clauses in which either party may terminate without cause and the notice period is less than 12
months are deemed short-term agreements with costs included in expense.
Estimates
The preparation of the financial statements in conformity with accounting principles generally accepted in the
United States of America requires the District to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenditures during the reporting period. Actual results
could differ from those estimates.
Risks Management
The District is exposed to a considerable number of risks of loss, including: (a) damage to and loss of property and
contents; (b) employee torts; (c) professional liability, i.e. errors and omissions; (d) environmental damage; (e)
workers' compensation, i.e. employee injuries; and (f) medical insurance costs of employees. Commercial policies,
transferring the risks of loss, except for relatively small deductible amounts, are purchased for property and
content damage, employee torts, and professional liabilities. Settled claims resulting from these risks have not
exceeded commercial insurance coverage in any of the past three fiscal years.
Net Position Flow Assumption
Sometimes the District will fund outlays for a particular purpose from both restricted (e.g., restricted bond or
grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position
and unrestricted net position in the government-wide financial statements, a flow assumption must be made
about the order in which the resources are considered to be applied. It is the government's policy to consider
restricted net position to have been depleted before unrestricted net position is applied.
27
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Fund Balance Flow Assumption
Sometimes the District will fund outlays for a particular purpose from both restricted and unrestricted resources
(the total of committed, assigned, and unassigned fund balances). In order to calculate the amounts to report as
restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a
flow assumption must be made about the order in which the resources are considered to be applied. It is the
District's policy to consider restricted fund balance to have been depleted before using any of the components of
unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same
purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is
applied last.
Fund Balance
In the fund financial statements, governmental funds report aggregate amounts for five classifications of fund
balances based on the constraints imposed on the use of these resources. The nonspendable fund balance
classification includes amounts that cannot be spent because they are either (a) not in spendable form -prepaid
items or inventories or (b) legally or contractually required to be maintained intact.
The spendable portion of the fund balance comprises the remaining four classifications: restricted, committed,
assigned, and unassigned.
Restricted fu nd balance: This classification reflects the constraints imposed on resources either (a) externally by
creditors, granters, contributions, or laws or regulations of other governments or (b) imposed by law through
constitutional provisions or enabling legislation.
Committed fu nd balance: These amounts can only be used for the specific purposes determined by a formal action
of the District's highest level of decision-making authority. The School Board is the highest level of decision
making authority for the District that can, by board action prior to the end of the fiscal year, commit fund balance.
Once adopted, the limitation imposed by the board resolution remains in place until a similar action is taken (the
adoption of another resolution) to remove or revise the limitation. This classification also includes contractual
obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying
those contractual requirements.
Assigned fu nd balance: This classification reflects the amounts constrained by the District's "intent'' to be used for
specific purposes but do not meet the criteria to be classified as restricted or committed. The School Board has by
resolution authorized management to assign fund balance. The board may also assign fund balance as it does
when appropriating fund balance to cover a gap between estimated revenue and appropriation in the subsequent
year's appropriated budget. Assigned fund balances include all remaining amounts (except negative balances) that
are reported in governmental funds, other than the General Fund, that are not classified as nonspendable and are
neither restricted nor committed.
Unassigned fu nd balance: This fund balance is the residual classification for the General Fund. It is also used to
report negative fund balances in other governmental funds.
28
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 1: Summary of Significant Accounting Policies (Continued)
Recently Adopted Accou nting Pronouncements
In June 2022, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 100, Accounting
Changes and Error Corrections. The statement will enhance accounting and financial reporting requirements for
accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and
comparable information for making decisions or assessing accountability. The District adopted this guidance for
the year ended June 30, 2024.
Note 2: Cash and Investments
At June 30, 2024, the carrying amount of the District's cash was $67,320,416 and the bank balance of the District's
deposits was as follows:
Insured by Federal Depository Insurance
Insured by National Credit Union Share Insurance
Uninsured and uncollateralized
$ 542,711
250,000
66,527,705
Totals $ 67,320,416
At June 30, 2024, the cost and fair market value of the District's investments were as follows
Fair Value
Deposit and investment type Cost
Fair Market
Value
Average
Maturity in
Days
Local Government Investment Pool -NAV $ 19,271,447 $ 19,271,447 101
Total investments $ 19,271,447 $ 19,271,447
Interest rate risk -The District manages its exposure to declines in fair values by limiting the weighted average
maturity of its investment portfolio.
Credit risk -The District's deposits and investments at year end are limited to the Local Government Investment
Pool, bank deposits, and certificates of deposits with various banks located in Idaho. The District has reduced its
concentration of credit risk by using several financial institutions.
29
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 2: Cash and Investments {Continued)
Custodial credit risk -In the case of deposits, this is the risk that in the event of a bank failure, the District's
deposits may not be returned to it. The District does not have a deposit policy for custodial credit risk. As of June
30, 2024, $66,527,705 of the District's deposits and certificates of deposit were exposed to custodial credit risk
because it was uninsured and uncollateralized. Of the investments, $19,271,447 was held in the Local Government
Investment Pool which is not insured or guaranteed by the FDIC.
The District has elected to invest in the LGIP through the Idaho State Treasurer. The Idaho State Treasurer
provides oversight for investments by or through any department or institute of the State of Idaho. Amounts held
by the LGIP were held in the following investments: government agency notes, commercial paper, corporate
bonds, money markets, U.S. treasury notes, Idaho repurchase agreements, and purchased accrued interest. All
investments for the LGIP are collateralized with securities held by the LG I P's safekeeping agent in the LG I P's name.
The investments held by the LGIP are carried at cost, which is not materially different than fair value (determined
by the Idaho State Treasurer's office). These investments are subject to risk from market and interest rate
fluctuations.
Information necessary to determine the level of collateralization for the Local Government Investment Pool was
unavailable. The Local Government Investment Pool is audited annually and the related financial statements and
note disclosures are included in the State of Idaho's Annual Comprehensive Financial Report, a copy of which can
be downloaded from www.sco.idaho.gov.
Note 3: lnterfund Receiva bles and Payables
During the course of its operations, the District had numerous transactions between funds to finance operations,
provide services, construct assets, and service debt. To the extent that certain transactions between funds had not
been paid or received as of June 30, 2024, balances of interfund amounts receivable or payable have been
recorded. The interfund balances at June 30, 2024, were as follows:
Receivable Payable
General fund $ 4,336,950 $
Construction Fund 417,768
Debt Service Fund 392,488
Nonmajor funds 3,526,694
Total all funds $ 4,336,950 $ 4,336,950
The General Fund transferred $151,129 to the Child Nutrition Fund and $357,474 to the Capital Projects Fund and
the Capital Projects fund transferred $15,206 to the General Fund as required by State law. The Child Nutrition
Fund transferred $60,000 to the General Fund as budgeted for payment of indirect costs.
30
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 4: Property Taxes
In accordance with Idaho State Law, ad valorem property tax is levied in dollars in September for each calendar
year. Taxes are recorded by the District using the modified accrual basis of accounting. Levies are made on the
second Monday of September. All of the personal property tax and one-half of the real property tax are due on or
before the 20th of December. The remaining one-half of the real property tax is due on or before June 20 the
following year. Property taxes attach as an enforceable lien on property as of January 1 the following year. Notice
of foreclosure is filed with the County Clerk on property three years from the date of delinquency. The property
tax revenue is budgeted for the ensuing fiscal year.
Bonneville and Bingham Counties act as agents for the District in both the assessment and collection areas. The
County remits tax revenues to the District periodically, with the majority of the collections being remitted in
January and July.
Note 5: Construction Commitments
During the year ended June 30, 2024, the District contracted with various contractors to do certain projects,
revisions, and additions. The Ammon Cafeteria and HHS Stadium were just started and currently contain only
design costs. The District is waiting for project bids and intends to complete these projects in FY25 and FY26. The
following construction contracts were in progress at June 30, 2024:
Expenditures Remaining
Original bid Average % Recorded Construction
Project plus changes complete Currently Obligation
Ammon Cafeteria* $ 2,082,802 19.8 $ 413,144 $ 1,669,658
Ammon Roof 722,772 28.7 $ 207,376 $ 515,396
HHS Stadium* 3,832,966 99.2 3,800,626 32,340
Transportation Bus Barn 3,560,500 10.3 % 366,384 3,194,116
Willow Creek Elementary 25,906,277 25,906,277
Total $ 36,105,317 $ 4,787,530 $ 31,317,787
*Ammon Cafeteria and HHS Stadium projects are in the planning phase. The District is currently seeking
bids on these projects and there is no current obligation associated with these projects as ofthe date of
this report.
31
32
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 6: Capital Assets
The governmental activities capital asset activity for the year ended June 30, 2024, is as follows:
Balance
7/1/2023 Increases Deletions Transfers
Balance
06/30/24
Capital assets, not being depreciated:
Land:
Elementary $ 2,502,627 $ $ -$
Secondary 3,877,812 13,365 (13,365)
Construction in progress 221,911 5,528,214
$ 2,502,627
3,877,812
5,750,125
Total capital assets, not being
depreciated 6,602,350 5,541,579 (13,365) 12,130,564
Capital assets, being depreciated:
Buildings
Elementary 72,385,989 11,900 72,397,889
Secondary 139,911,312 47,574 139,958,886
Administration 4,761,530 88,954 4,850,484
Total buildings 217,058,831 148,428 217,207,259
Equipment
Elementary 1,397,290 496,506 1,893,796
Secondary 2,810,742 245,517 3,056,259
Administration 3,281,552 351,310 (135,623) 3,497,239
Total equipment 7,489,584 1,093,333 (135,623) 8,447,294
Vehicles 9,473,842 949,271 (131,253) 10,291,860
Total capital assets, being
depreciated 234,022,257 2,191,032 (266,876) 235,946,413
Accumulated depreciation:
Buildings (92, 798,546) (6,435,725) (99,234,271)
Equipment (4,774,918) (444,167) 135,623 (5,083,462)
Vehicles (7,933,274) {535,286) 131,253 (8,337,307)
Total accumulated depreciation (105,506,738) {7,415,178) 266,876 (112,655,040)
Total capital assets, being
depreciated, net 128,515,519 (5,224,146) 123,291,373
33
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 6: Capital Assets (Continued)
Balance Balance
7/1/2 023 Increases Deletions Transfers 06/30/24
Right of use assets -leases:
Vehicles $ 799,184 $ 472,863 $ $ $ 1,272,047
Accumulated amortization (58,952) (240,223) (299,175)
Total ROU assets -leases, net 740,232 232,640 972,872
Right of use assets -Subscription-
Based Information Technology
Arrangement Assets:
Software 678,190 678,190
Accumulated amortization {275,975) {279,677) {555,652)
Total ROU asset -SBITAs, net 402,215 {279,677) 122,538
Governmental activities capital
assets, net $ 136,260,316 $ 270,396 $ (13,365) $ - $ 136,517,347
Depreciation and amortization expense was charged to the functions of the primary government as follows:
Governmental activities
Instruction
Support services
Operations
Transportation
$ 6,562,561
279,676
317,331
775,510
Total depreciation expense -governmental activities $ 7,935,078
Note 7: Lega l Debt Margin
The District is subject to a statutory limitation by the Idaho Code for bonded indebtedness payable principally
from property taxes. The limit of bonded indebtedness is 5% of property market value for assessment purposes
less the aggregate outstanding debt. At June 30, 2024, the limit for the District was 5% of $9,224,618,503 or
$461,230,925. The Debt Service Fund had $11,859,088 available and the general obligation debt was
$118,115,000 leaving a legal debt margin of $354,975,013.
34
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 8: Long-Term Debt
Changes in long-term liabilities for the year ended June 30, 2024, were as follows:
Amounts due
Balance Balance Within One
Governmental activities 7/1/2023 Additions Reductions 06/30/24 Year
Bonds payable:
Bonds payable* $ 97,970,000 $ 31,570,000 $ {6,800,000) $ 122,740,000 $ 8,635,000
Premium on bonds 8,493,149 3,252,317 (1,305,211) 10,620,256 1,248,913
Total bonds payable 106,463,149 34,822,317 (8,105,211) 133,360,256 9,883,913
PERSI 62,948,151 (1,218,125) 61,730,026
OPEB 2,331,084 17,588 2,348,672
Compensated absences 265,907 156,451 422,358 422,358
Financed purchase agreements 44,733 (22,164) 22,569 22,569
Lease liability** 724,494 482,203 (92,846) 967,176 242,332
SBITAs liability*** 282,154 (230,227) 51,927 50,464
Total $ 173,059,672 $ 35,478,559 $ (9,668,573) $ 198,902,984 $ 10,621,636
• See Note 9 for additional information on bond obligations
•• See Note 10 for additional information on lease agreements and liabilities
••• See Note 11 for additional information on SBITA agreements and liabilities
Payments on the general obligation bonds are made by the Debt Service Fund from property taxes and state bond
levy equalization funds. Employee benefits will be paid by the fund in which the employee is paid from.
Financed Purchase Agreements:
The District entered into a contract with Huntington Technology Finance, Inc. The arrangement commenced in
June 2020, and includes annual payments for five years with imputed interest totaling $114,889, which is equal to
the cost of the capital asset received. Obligations of governmental activities under this contract for the remaining
contract are as follows:
Year ending June 30: Principal Interest Total
2025 $ 22,569 $ 411 $ 22,980
Total $ 22,569 $ 411 $ 22,980
35
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 9: General Obligation Bond Issues
The District had four general obligation bond issues {2016A, 20168, 2018 and 2021 Series) outstanding at the end
of the year with interest rates ranging from 2.0 to 5.0 percent. The 2016A and 20168 bonds are scheduled to
mature September 2033 and September 2028, respectively. The 2018 bond is scheduled to mature September
2035. The 2021 bond is scheduled to mature September 2028. The 2012C bond finalized in March 2023. Future
debt service requirements are as follows:
Fiscal year ended June 30: Principal Interest Total
2025
2026
2027
2028
2029
2030 -2035
2036 -2040
$ 7,855,000
8,635,000
8,545,000
8,945,000
9,320,000
59,950,000
19,490,000
$ 5,621,500
5,240,925
4,840,387
4,452,300
4,063,400
14,907,550
1,585,000
$ 13,476,500
13,875,925
13,385,387
13,397,300
13,383,400
74,857,550
21,075,000
Total $ 122,740,000 $ 40,711,062 $ 163,451,062
Changes to bond principal payable and future interest payable are summarized as follows:
Princip al 2016A Series 2016B Series 2018 2021 2023 Total
Balance at July 1,
2023
New Bonds
Reductions/Pmts
$ 46,285,000 $ 13,510,000 $ 28,905,000
(1,765,000) (1,990,000)
$ 9,270,000 $
(3,045,000)
31,570,000
$ 97,970,000
31,570,000
(6,800,000)
Total $ 44,520,000 $ 11,520,000 $ 28,905,000 $ 6,225,000 $ 31,570,000 $ 122,740,000
Interest 2016A Series 2016B Series 2018 2021 2023 Total
Balance at July 1,
2023
New Bonds
Reductions/Pmts
$ 14,284,250 $
(2,08 1,775)
1,872,775 $
(576,400)
12,596,288 $
(1,408, 726)
690,800 $
(309,900)
-$
16,104,146
(460,396)
29,444,113
16,104,146
(4,837,197)
Total $ 12,202,475 $ 1,296,375 $ 11,187,562 $ 380,900 $ 15,643, 750 $ 40,711,062
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 10: Leases
Enterprise: The District entered into several Lease Agreements with Enterprise during 2024. Each lease included
initiation fees between $1,100 and $1,654 for various Ford trucks. These agreements include monthly payments
for 5 Years with imputed interest rates between 2.89% and 5.26% with the option to continue month to month in
perpetuity after expiration. Agreements include maintenance services up to 42,500 miles, after which a fee of
$0.0035 will be charged per mile. These additional variable maintenance costs have not been incurred as of
6/30/2024, and are not included in the calculations for the lease liability.
Amounts due
Balance Balance Within One
7/1/2023 Additions Reductions 06/30/24 Year
Lease $ 724,494 $ 482,203 $ {239,521) $ 967,176 $ 242,759
Leases payable $ 724,494 $ 482,203 $ (239,521) $ 967,176 $ 242,759
Future minimum lease payments as of June 30, 2024, are:
Principal Interest
2025 $ 242,759 $ 44,335 $
2026 253,757 33,346
2027 251,125 21,851
2028 193,348 10,480
2029 26,187 1,651
Total
287,094
287,103
272,976
203,828
27,838
Total $ 967,176 $ 111,663 $ 1,078,839
Note 11: SBITAs
The District entered into several subscription based information technology agreements {SBITA). Below is a
description of their current agreements making up the SBITA liability:
Swift K12: The District entered into an agreement with SwiftReach on August 2022 which includes annual
payments for 3 Years with an imputed interest rate of 3.80%.
Renaissance: The District entered into an agreement with Renaissance Learning on August 2021 which includes
annual payments for 3 Years with an imputed interest rate of .64%.
Gabbart Communications: The District entered into an agreement with Gabbart Communications on January 2021
which includes annual payments for 3 Years with an imputed interest rate of .43%.
36
56
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 11: SBITAs (Conti nued)
The following represents the subscription-based liabilities for the District and liability outstanding at June 30:
Amounts due
Balance Balance Within One
7/1/2023 Additions Reductions 06/30/24 Year
Swift K12 $ 3S,842 $ $ (16,869) $ 18,973 $ 17,Sll
Renaissance 230,481 {197,S27) 32,954 32,953
Gabbart lS,831 (lS,831)
SBITAs payable $ 282,154 $ $ {230,227) $ 51,927 $ 50,464
Principal Interest Total
2025 $ 50,464 $ 932 $ 51,396
2026 1,463
1,519
Total $ 51,927 $ 988 $ 52,915
Note 12: Accounting Changes to or within the Financial Reporting Entity
During 2024, the District had changes to major and non major funds from prior year. The District had two new
major funds as of June 30, 2024 -Construction and Child Nutrition, with one major fund from prior year dropping
off and being included in nonmajor as of June 30, 2024 -Medicaid. Changes to or within the District is as follows:
Change to or
within the
6/30/2023 Financial
As Previously Reporting
Reported Entity As Restated
Governmental Funds
Major Funds:
General Fund $ 12,357,359 $ $ 12,357,359
Debt Service 11,103,276 11,103,276
Capital Projects 11,472,652 11,472,652
Medicaid
Child Nutrition 2,351,171 2,351,171
Nonmajor Funds 12,040,216 (2,351,171) 9,689,045
Ending net position, as restated $ 46,973,503 $ -$ 46,973,503
37
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 13: Non-Monetary Transactions
The District received $340,381 in USDA Commodities during the 2023-2024 fiscal year. The commodities received
are valued at the average wholesale price as determined by the distributing agency. All commodities received by
the District were treated as revenue and expense of the fund receiving the commodities.
Note 14: Payroll Expenditures and Related Liabilities
Teacher contracts were signed for the period September 2023 through June 2024, to be paid over the twelve
months of September 2023 through August 2024. The financial statements reflect the salary expense for this
period. The accrued payroll reflects the final two months of these contracts.
Note 15: Other Postemployment Benefits
Plan Description
Bonneville Joint School District #93's Employee Group Benefits Plan is a single-employer defined benefit
healthcare plan administered by Blue Cross of Idaho. Blue Cross provides medical and prescription drug insurance
benefits to eligible retirees and their eligible dependents. Blue Cross Dental and Willamette Dental provide dental
insurance benefits to eligible retirees and their eligible dependents. As of June 30, 2023, the measurement date,
there were 989 active participants and 25 inactive participants.
A retiree who retires with the Public Employee Retirement System of Idaho (PERSI) is eligible to keep the District's
health insurance as a retiree until age 65, or until the retiree is eligible for coverage under Medicare. Retirement
eligibility is determined based on a minimum of reaching age 55 with at least 5 years of membership with a PERSI
employer. The retiree is on the same medical plan as the District's active employees.
Funding Policy
The contribution requirement of plan members is established by the District's insurance committee in conjunction
with our insurance provider. The required contribution is based on projected pay-as-you-go financing
requirements. For fiscal year 2023, the District contributed approximately $189,553 for insurance premiums.
Retirees are required to pay 100% of the premiums for both the retiree and the dependent coverage.
Net Other Post-employment Benefit liability
The Net other post-employment benefit liability (NOL) was measured as of June 30, 2024, and the total other
post-employment benefit liability was determined by an actuarial valuation as of June 30, 2024.
38
39
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 15: Other Postemployment Benefits (Continued)
Actuarial Methods and Assumptions
The District does not pre-fund benefits. The current funding policy is to pay benefits directly from general assets
on a pay-as-you-basis and there is not a trust for accumulating plan assets. The following actuarial methods and
assumptions were used in the June 30, 2024, accounting valuation:
Valuation Timing Actuarial valuations are performed biennially as of July 1 for accounting
purposes only. The most recent valuation was performed as of June 30, 2024.
Inflation 2.50%
Salary increases 3.05%
Discount rate 4.21%
Healthcare cost trend rates 7.00% decreasing to 6.5%, then decreasing by .10% per year down to 4.50%,and
level thereafter.
Actuarial Cost Method Entry Age Normal (level percent of salary)
Mortality General and Teacher Pub-2010 Mortality Tables adjusted for future mortality
improvements using the fully generational MP-2021 projection scale from a base
year of 2010.
Total OPEB liability June 30, 2024
Total OBEB liability $ 2,348,672
Covered employee payroll 58,198,980
Total OPEB liability as a% of covered employee payroll 4.04 %
The total OPEB liability was determined by an actuarial valuation as of the valuation date, calculated based on the
discount rate and actuarial assumptions below, and was then projected forward to the measurement date. There
have been no significant changes between the valuation date and the fiscal year end. Any significant changes
during this period must be reflected as prescribed by GASB 75.
Discount Rate
Discount Rate* 4.21 %
*The discount rate was based on the average of multiple 6/30/20 municipal bond rate sources.
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 15: Other Postemployment Benefits (Continued)
Changes Since Prior Valuation
None
Changes in Total OPEB Liability
Increase
(Decrease) Total
Changes in total OPEB liability OPEB Liability
Balance as of June 30, 2023 $ 2,331,084
Changes for the year:
Service cost 215,547
Interest on total OPEB liability 99,623
Differences in experience (172,521)
Changes of assumptions or other inputs 64,492
Benefit payments (189,553)
Balance as of June 30, 2024 $ 2,348,672
Sensitivity Analysis
The following presents the total OPEB liability of the District, calculated using the discount rate of 4.21%, as well
as what the District's total OPEB liability would be if it were calculated using a discount rate that is 1 percentage
point lower (3.21%) or 1 percentage point higher(5.21%) than the current rate.
1% Decrease Discount Rate 1% Increase
June 30, 2024 3.21% 4.21% 5.21%
Total OPEB liability $ 2,529,103 $ 2,348,672 $ 2,179,934
The following presents the total OPEB liability of the school district, calculated using the current healthcare cost
trend rates as well as what the school district's total OPEB liability would be if it were calculated using trend rates
that are 1 percentage point lower or 1 percentage point higher than the current trend rates.
1% Decrease Discount Rate 1% Increase
(6.0% decreasing (7.0% decreasing (8.0% decreasing
June 30, 2024 to 3.5%) to 4.5%) to 5.5%)
Total OPEB liability $ 2,092,893 $ 2,348,672 $ 2,652,125
40
53,737
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 15: Other Postemployment Benefits (Conti nued )
July 1, 2023 to
OPEB Expense June 30, 2024
Service cost $ 215,547
Interest on total OPEB liability 99,623
Recognition of experience gains and losses (251,141)
Recognition of assumption changes or inputs (128,868)
OPEB expense $ (64,839)
Other Post-Employment Benefits Exp ense and Deferred Outflows of Resources and Deferred Inflows for Resources
Related to Other Post-employment Benefits
Schedule of Deferred Inflow/Outflows of Resources
Original Deferred Deferred
Original Date Recognition Amount Inflow of Outflow of
Amount Established Period Recognized Resources Resources
Differences between expected and
actual experience/changes in
assumptions $ (115,858) June 30, 2018 15.36 $ (7,543) $ (181,775) $ 111,175
Changes of assumptions or other
inputs 137,467 June 30, 2019 14.53 9,461 90,162
Differences between expected and
actual experience/changes in
assumptions (1,213,590) June 30, 2020 15.34 (79,112) (897,132)
Changes of assumptions or other
inputs 67,752 June 30, 2021 14.5 4,673
Differences between expected and
actual experience/changes in
assumptions (2,473,378) June 30, 2022 9 (274,820) (1,648,920)
Differences between expected and
actual experience/changes in
assumptions (196,785) June 30, 2023 9 (21,865) (153,055)
Differences between expected and
actual experience/changes in
assumptions (108,029) June 30, 2024 10 (155,277) 58,039
Total $ (3,902,421) $ (369,206) $ (3,036,159) $ 313,113
41
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 15: Other Postemployment Benefits (Continued )
Amounts currently reported as deferred outflows of resources and deferred inflows of resources related to other
post-employment benefits will be recognized in OPEB expense as follows:
Year Ending June 30
2025 $ (380,010)
2026 (380,010)
2027 (380,010)
2028 (380,010)
2029 (380,010)
Thereafter (822,996)
*Note that additional future deferred inflows and outflows of resources may impact these numbers.
42
43
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 16: PERSI Sick Leave Insurance Reserve Fund
The District contributes to the Sick Leave Insurance Reserve Fund (Sick Leave Plan) which is a cost-sharing
multiple-employer defined benefit OPEB plan that covers members receiving retirement benefits that are
administered by PERSI that covers substantially all employees of the State of Idaho, its agencies and various
participating political subdivisions. The cost to administer the plan is financed through the contributions and
investment earnings of the plan. PERSI issues a publicly available financial report that includes financial
statements and the required supplementary information for the Sick Leave Plan. That report may be obtained on
the PERSI website at www.persi.idaho.gov.
Responsibility for administration of the Sick Leave Plan is assigned to the Board comprised of five members
appointed by the Governor and confirmed by the Idaho Senate. State law requires that two members of the Board
be active Base Plan members with at least ten years of service and three members who are Idaho citizens not
members of the Base Plan except by reason of having served on the Board.
OPEB Benefits
Group retiree health, dental, accident, and life insurance premiums may qualify as a benefit. Retirees who have a
sick leave account can use their balance as a credit towards these premiums paid directly to the applicable
insurance company.
Employer Contribution s
The contribution rate for employers are set by statute at 0.065% of covered compensation for state members.
Covered school members contribution rates are set by statute based on the number of sick days offered by the
employer. The contribution rate of 1.16% for school members with nine or ten sick days, 1.26% for school
members with 11-14 sick days. If a school member has more than 14 days of sick leave, then the contribution rate
will be set by the PERSI Retirement Board based on current cost and actuarial data and reviewed annually. PERSI
did not require any District contributions after December of 2019. The District contributions were $0 for the year
ended June 30, 2024 as contributions were suspended on January 1, 2020.
OPEB liabilitie s, OPEB Exp ense (Exp ense Offs et), and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
At June 30, 2023 the District reported an asset for its proportionate share of the net OPEB asset. The net OPEB
asset was measured as of June 30, 2023, and the total OPEB liability used to calculate the net OPEB asset was
determined by an actuarial valuation as of that date. The District's proportion of the net OPEB asset was based on
the District's share of contributions relative to the total contributions of all participating Sick Leave employers. At
June 30, 2023, the District's proportion was 3.5226265%.
For the year ended June 30, 2024, the District recognized OPEB expense offset of $482,985. There were no
contributions included as deferred outflows of resources related to OPEBs resulting from Employer contributions
subsequent to the measurement date due to the state's contribution waiver.
44
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 16: PERSI Sick Leave Insurance Reserve Fund (Conti nued)
At June 30, 2024, the District reported deferred outflows of resources and deferred inflows of resources related to
PERSI OPEB sick leave from the following sources:
Deferred
Outflows of Deferred Inflow
Resources of Resources
Difference between expected and actual experience $ 648,557 $ 32,818
Changes in assumptions or other inputs 611,056 1,016,561
Net difference between projected and actual earnings on OPEB plan
investments
Total $
515,375
1,774,988 $ 1,049,379
Amounts currently reported as deferred outflows of resources and deferred inflows of resources related to other
post-employme nt benefits will be recognized in OPEB expense as follows:
Year Ending June 30
2025
2026
2027
2028
2029
2030
$ 197,299
96,843
449,236
(80,502)
(13,077)
75,810
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 16: PERSI Sick Leave Insurance Reserve Fund (Conti nued)
Actuarial Assumptions
Valuations are based on actuarial assumptions, the benefit formulas, and employee groups. The Sick Leave Plan
amortizes any net OPEB asset based on a level percentage of payroll. The maximum amortization period for the
Sick Leave Plan permitted under Section 59-1322, Idaho Code, is 25 years. The total OPEB liability in the June 30,
2023, actuarial valuation was determined using the following actuarial assumptions, applied to all periods
included in the measurement:
Inflation 2.30%
Salary increases including inflation 3.05%
Investment rate of return 5.45%, net of investment fees
The long-term expected rate of return on OPEB plan investments was determined using the building block
approach and a forward-looking model in which best estimate ranges of expected future real rates of return
(expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class.
These ranges are combined to produce the long-term expected rate of return by weighing the expected future real
rates of return by the target asset allocation percentage and by adding expected inflation. The health care trend
rate is not applicable as the benefit amount a participant will receive is established with a set amount upon
retirement thus would have no impact.
Even though history provides a valuable perspective for setting the investment return assumption, the System
relies primarily on an approach which builds upon the latest capital market assumptions. Specifically, the System
uses consultants, investment managers and trustees to develop capital market assumptions in analyzing the
System's asset allocation. The assumptions and the System's formal policy for asset allocation are shown below.
The formal asset allocation policy is somewhat more conservative than the current allocation of System's assets.
The best-estimate range for the long-term expected rate of return is determined by adding expected inflation to
expected long-term real returns and reflecting expected volatility and correlation.
Capital Market As sumptions
Expected Rate
Target of Return
Asset Class Allocation (Arithmetic)
Broad U.S Equity 39.30 % 8.53 %
Global EX U.S Equity 10.70 % 9.09 %
Fixed Income 50.00 % 2.80 %
Cash Equivalents 2.25 %
45
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 16: PERSI Sick Leave Insurance Reserve Fund (Continued)
Discount Rote
The discount rate used to measure the total OPEB liability was 5.45%. The projection of cash flows used to
determine the discount rate assumed that contributions from plan members will be made at the current
contribution rate. Based on these assumptions, the OPEB plan's net position was projected to be available to
make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of
return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total
OPEB liability. The long-term expected rate of return was determined net of OPEB plan investment expense but
without reduction for OPEB plan administrative expense.
Sensitivity of the Net OPEB Asset to Changes in the Discount Rate
The following presents the Employer's proportionate share of the net OPEB asset calculated using the discount
rate of 5.45% at June 30, 2023, as well as what the Employer's proportionate share of the net OPEB asset would
be if it were calculated using a discount rate that is 1-percentage-point lower {4.45%) or 1-percentage-point
higher {6.45%) than the current rate:
Current Single
1% Decrease Discount Rate 1% Increase
4.45% Assumption 5.45% 6.45%
Employer's proportionate share of the net
OPEB liability (asset) $ (1,720,499) $ (2,556,243) $ (3,320,613)
OPEB Plan Fiduciary Net Position
Detailed information about the OPEB plan's fiduciary net position is available in the separately issued PERSI
financial report. PERSI issues a publicly available financial report that includes financial statements and the
required supplementary information for PERSI. That report may be obtained on the PERSI website at
www.persi.idaho.gov .
Payables to the OPEB Plan
At June 30, 2024, the District reported no payables to the defined benefit OPEB plan for legally required employer
contributions and for legally required employee contributions which had been withheld from employee wages but
not yet remitted to PERSI.
46
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 17: Pension Plan
The District contributes to the Base Plan which is a cost sharing multiple-employer defined benefit pension plan
administered by Public Employee Retirement System of Idaho (PERSI or System) that covers substantially all
employees of the State of Idaho, its agencies, and various participating political subdivisions. The cost to
administer the plan is financed through the contributions and investment earnings of the plan. PERSI issues a
publicly available financial report that includes financial statements and the required supplementary information
for PERSI. That report may be obtained on the PERSI website at www.persi.idaho.gov.
Responsibility for administration of the Base Plan is assigned to the Board comprised of five members appointed
by the Governor and confirmed by the Idaho Senate. State law requires that two members of the Board be active
Base Plan members with at least ten years of service and three members who are Idaho citizens not members of
the Base Plan except by reason of having served on the Board.
Pension Benefits
The Base Plan provides retirement, disability, death, and survivor benefits for eligible members or beneficiaries.
Benefits are based on members' years of service, age, and highest average salary. Members become fully vested
in their retirement benefits with five years of credited service (5 months for elected or appointed officials).
Members are eligible for retirement benefits upon attainment of the ages specified for their employment
classification. The annual service retirement allowance for each month of credited service is 2.0% (2.3% for
police/firefighters) of the average monthly salary for the highest consecutive 42 months.
The benefit payments for the Base Plan are calculated using a benefit formula adopted by the Idaho Legislature.
The Base Plan is required to provide a 1% minimum cost of living increase per year provided the Consumer Price
Index increases 1% or more. The PERSI Board has the authority to provide higher cost of living increases to a
maximum of the Consumer Price Index movement or 6%, whichever is less; however, any amount above the 1%
minimum is subject to review by the Idaho Legislature.
Member and Employer Contributions
The contribution rate for employees are set by statute at 60% of the employer rate for general employees and
72% for police and firefighters. As of June 30, 2021, it was 7.16% for general employees and 9.13% for police and
firefighters. The employer contribution rate as a percent of covered payroll is set by the Retirement Board and
was 11.94% general employees and 12.28% for police and firefighters. The District's contributions were
$8,950,103 for the year ended June 30, 2024.
Pension Liabilities, Pension Exp ense (Revenue), and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
At June 30, 2024, the District reported a liability for its proportionate share of the net pension liability. The net
pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the net pension
liability was determined by an actuarial valuation as of that date. The District's proportion of the net pension
liability was based on the District's share of contributions in the Base Plan pension plan relative to the total
contributions of all participating PERSI Base Plan employers. At June 30, 2023, the District's proportion was
1.54686%.
47
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 17: Pension Plan (Conti nued)
For the year ended June 30, 2024, the District recognized pension expense offset of $5,222,928. At June 30, 2024,
the District reported deferred outflows of resources and deferred inflows of resources related to pensions from
the following sources:
Deferred
Outflows of Deferred Inflow
Resources of Resources
Difference between expected and actual experience s 10,580,994 s
Changes in assumptions or other inputs 6,112,572
Net difference between projected and actual earnings on pension plan
investments 5,794,271
Changes in the employer's proportion and differences between the
employer's contribution and the employer's proportionate contributions 275,839
District contributions subsequent to the measurement date 8,950,103
Total s 31,713,779 s
$8,950,103 reported as deferred outflows of resources related to pensions resulting from employer contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year
ending June 30, 2025.
The average of the expected remaining service lives of all employees that are provided with pensions through the
System (active and inactive employees) determined at July 1, 2022, the beginning of the measurement period
ended June 30, 2022, is 4.6 years and 4.6 years for the measurement period ended June 30, 2023.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions
will be recognized in pension expense (revenue) as follows:
Year Ending June 30
2025 s 7,868,955
2026 3,797,026
2027 11,923,76S
2028 (826,070)
Actuarial Assumptions
Valuations are based on actuarial assumptions, the benefit formulas, and employee groups. Level percentages of
payroll normal costs are determined using the Entry Age Normal Cost Method. Under the Entry Age Normal Cost
Method, the actuarial present value of the projected benefits of each individual included in the actuarial valuation
is allocated as a level percentage of each year's earnings of the individual between entry age and assumed exit
age. The Base Plan amortizes any unfunded actuarial accrued liability based on a level percentage of payroll. The
maximum amortization period for the Base Plan permitted under Section 59-1322, Idaho Code, is 25 years.
48
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 17: Pension Plan (Continued)
The total pension liability in the June 30, 2023, actuarial valuation was determined using the following actuarial
assumptions, applied to all periods included in the measurement:
Inflation 2.30%
Salary increases including inflation 3.05%
Investment rate of return 6.35%, net of investment fees
Cost-of-living adjustments 1.00%
Contributing Members, Service Retirement Members, and Beneficiaries:
• General employees and all beneficiaries-Males Pub-2010 general tables, increased 11%
• General employees and all beneficiaries-Females Pub-2010 general tables, increased 21%
• Teachers-Males Pub-2010 Teacher tables, increased 12%
• Teachers-Females Pub-2010 Teacher tables, increased 21%
• Fire & Police-Males Pub-2010 Safety tables, increased 21%
• Fire & Police-Females Pub-2010 safety tables, increased 26%
• 5% of Fire and Police active member deaths are assumed to be duty
• Disabled Members-Males Pub-2010 Disabled tables, increased 38%
• Disables Members-Females Pub-2010 Disabled tables, increased 36%
Assumptions used to calculate the enclosed figures are described in our 2021 Experience Study. The Total Pension
Liability as of June 30, 2022 is based on the results of an actuarial valuation date July 1, 2022.
The long-term expected rate of return on pension plan investments was determined using the building block
approach and a forward-looking model in which best estimate rates or expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each major asset
class. These ranges are combined to produce the long-term expected rate of return by weighing the expected
future real rates of return by the target asset allocation percentage and by adding expected inflation.
Even though history provides a valuable perspective for setting the investment return assumption, the System
relies primarily on an approach which builds upon the latest capital market assumptions. Specifically, the System
uses consultants, investment managers and trustees to develop capital market assumptions in analyzing the
System's asset allocation. The assumptions and the System's formal policy for asset allocation are shown below.
The formal asset allocation policy is somewhat more conservative than the current allocation of System's assets.
The best-estimate range for the long-term expected rate of return is determined by adding expected inflation to
expected long-term real returns and reflecting expected volatility and correla tion. The capital market assumptions
are as of 2023.
49
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 17: Pension Plan (Conti nued)
Capital Market Assumptions
Asset Class
Target
Allocation
Long-Term
Expected Rate
of Return
Large Cap 18.00 % 4.50 %
Small/Mid Cap 11.00 % 4.70 %
International Equity 15.00 % 4.50 %
Emerging Markets Equity 10.00 % 4.90 %
Domestic Markets Equity 20.00 % (0.25)%
TIPS 10.00 % (0.30)%
Real Estate 8.00 % 3.75 %
Private Equity 8.00 % 6.00 %
Discount Rote
The discount rate used to measure the total OPEB liability was 6.35%. The projection of cash flows used to
determine the discount rate assumed that contributions from plan members will be made at the current
contribution rate. Based on these assumptions, the OPEB plan's net position was projected to be available to
make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of
return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total
OPEB liability. The long-term expected rate of return was determined net of OPEB plan investment expense but
without reduction for OPEB plan administrative expense.
Sensitivity of the Employe r's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the Employer's proportionate share of the net OPEB asset calculated using the discount
rate of 6.35% at June 30, 2023, as well as what the Employer's proportionate share of the net OPEB asset would
be if it were calculated using a discount rate that is 1-percentage-point lower {5.35%) or 1-percentage-point
higher {7.35%) than the current rate:
Current Single
1% Decrease Discount Rate 1% Increase
5.35% Assumption 6.35% 7.35%
Employer's proportionate share of the net
OPEB liability {asset) $ 111,023,994 $ 61, 730,026 $ 21,441,452
Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately issued PERSI
financial report. PERSI issues a publicly available financial report that includes financial statements and the
required supplementary information for PERSI. That report may be obtained on the PERSI website at
www.persi.idaho.gov .
50
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2024
Note 17: Pension Plan (Continued)
Payables ta the Pension Plan
At June 30, 2024, the District reported no payables to the defined benefit pension plan for legally required
employer contributions and for legally required employee contributions which had been withheld from employee
wages but not yet remitted to PERSI.
Note 18: Impact of Pending Accounting Principles
GASB Statement No. 101, Compensated Absences, better meets the information needs of financial statement
users by updating the recognition and measurement guidance for compensated absences. The requirements of
this Statement are effective for fiscal years beginning after December 15, 2023. The District has not determined
the effect of this Statement.
GASB Statement No. 102, Certain Risk Disclosures, requires governments to disclose essential information about
risks related to vulnerabilities due to certain concentrations or constraints. The requirements of this Statement
are effective for fiscal years beginning after June 15, 2024. The District has not determined the effect of this
Statement.
GASB Statement No. 103, Financial Reporting Model Improvements, improves key components of the financial
reporting model to enhance its effectiveness in providing information that is essential for decision making and
assessing a government's accountability. The requirements of this Statement are effective for fiscal years
beginning after June 15, 2025. The District has not determined the effect of this Statement.
Note 19: Subsequent Events
Management of the District evaluated subsequent events through October 20, 2024, which is the date the
financial statements were available to be issued. There were no events identified by management that were
required to be disclosed in these financial statements.
51
Req uired Su pplemental Information
(7,545)
Bonneville Joint School District #93
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget to Actual
General Fund
Original and Variance with
Year Ended June 30, 2024 Final Budget Actual Final Budget
Revenues
Property Taxes $ 5,985,000 $ 5,827,585 $ (157,415)
Investment Earnings 500,000 2,591,642 2,091,642
Tuition Revenue 20,325 20,325
Rental Revenue 30,000 30,147 147
Other local Revenue 494,278 798,757 304,479
State apportionment
State Apportionment -Base 81,178,118 84,123,829 2,945,711
State Apportionment -Transportation 3,200,000 3,444,003 244,003
State Apportionment -Exce ptional Child 25,000 (25,000)
State Paid Benefits 10,979,519 10,690,045 (289,474)
Revenue in Lieu of Taxes 248,027 417,925 169,898
Other state reve nue for GF-BS 5,987,867 6,264,487 276,620
Total reve nues 108,627,809 1 14,208, 745 5,580,936
Expenditures
Instruction
Elementary
Secondary
Alternative School
Special education program
Special ed preschool program
Gifted and Talented
Interscholastic Program
School Activities
29,024,083
28,542,746
769,341
10,325,450
242,775
341,422
1,425,314
321,401
27,447,596 1,576,487
27,398,240 1,144,506
777,060 (7,719)
10,820,480 (495,030)
280,342 (37,567)
392,354 (50,932)
1,208,749 216,565
328,946
Total instruction 70,992,532 68,653,767 2,338,765
Support services
Support -Attendance, Guidance 3,895,770 4,154,772 (259,002)
Support -Special Services 2,501,936 5,366,768 (2,864,832)
Support -Instructional Improvement 2,773,022 3,192,092 (419,070)
Support -Educational Media 1,139,955 1,118,581 21,374
Support -Instruction Related Technology 2,165,288 653,425 1,511,863
Support 130,230 (130,230)
Total support services 12,475,971 14,615,868 (2,139,897)
See notes to required supplementary information. 53
$ (5,962,635) 10,852,785
12,357,359
17,247,509
Bonneville Joint School District #93
Statement of Revenues, Expenditures, and Changes in Fund Balance -Budget
to Actual (Continued)
General Fund
Original and Variance with
Year Ended June 30, 2024 Final Budget Actual Final Budget
Administration
Board of education $ 377,055 $ 464,988 $ (87,933)
District administration 420,246 396,043 24,203
School administration 7,530,418 7,329,525 200,893
Total administration 8,327,719 8,190,556 137,163
Business operations
Business operations 2,215,303 2,418,805 (203,502)
Central Services 189,180 173,278 15,902
Administrative technology services 10,000 21,364 (11,364)
Total business administration services 2,414,483 2,613,447 (198,964)
Operations
Building care (custod ial) 4,543,428 5,115,816 (572,388)
Maintenance 3,882,766 3,590,303 292,463
Security 584,414 549,968 34,446
Total operations 9,010,608 9,256,087 (245,479)
Transportation 5,212,466 5,144,868 67,598
Community service 211,158 196,399 14,759
199,000Debt Service (199,000)
Contingency -Budget only 5,461,126 5,461,126
Total expenditures 114,106,063 108,869,992 5,236,071
Reve nues over (under) expenditures (5,478,254) 5,338,753 10,817,007
Other financing sources (uses)
Transfers In 93,159 60,000 (33,159)
Transfers Out (577,540) (508,603) 68,937
Total other financing sources (uses) (484,381) (448,603) 35,778
Net change in fund balance 4,890,150
Fund balance at beginning of year
Fund balance at end of year $
See notes to required supplementary information. 54
$ (1.720.992) =$==7=2=1 . ..,43.,.3
2.351.171
1.351,612
Bonneville Joint School District #93
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget to Actual
Child Nutrition
Original and Variance with
Year Ended June 30, 2024 Final Budget Actual Final Budget
Revenues
Investment Earnings 46,106 46,106
Food Service Revenue 1,248,613 1,325,525 76,912
Other local Revenue 4,307 4,307
Rebound Funds 2,232,737 2,246,784 14,047
Commodities 315,000 610,092 295,092
Total reve nues 3,796,350 4,232,814 436,464
Expenditures
Instruction
Total instruction
Total support services
Total administration
Total business administration services
Total operations
Community service
Contingency -Budget only
Total expenditures
Reve nues over (under) expenditures
Other financing sources (uses)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balance
Fund balance at beginning of year
Fund balance at end of year
5,484,502
110,380
5,594,882
(1,798,532)
137,540
(60,000)
77,540
$
5,323,502
5,323,502
(1,090,688)
151,129
(60,000)
91,129
(999,559)
161,000
110,380
271,380
707,844
13,589
13,589
See notes to required supplementary information. 55
Bonneville Joint School District #93
Schedule of District's of Proportionate Share of the Net OPEB Liability and
Related Ratios
Last Ten Fiscal Years•
2024 2023 2022 2021 2020 2019
Total OPEB liability
Service cost
Interest on the total OPEB
liability
Differences in experience
Effect of assumption changes or
inputs
Expected benefit payments
$ 215,547
99,623
(172,521)
64,492
(189,553)
$ 229,248
82,311
(74,012)
(122,773)
(41,594)
$ 545,698
101,373
(454,904)
(2,018,474)
(217,378)
$ 548,323
109,465
67,752
(202,290)
513,403
168,399
(512,762)
(700,828)
(246,776)
512,500
147,380
137,467
(197,261)
Net change in total OPEB
liability 17,588 73,180 (2,043,685) 523,250 (778,564) 600,086
Total OPEB liability, beginning 2,331,084 2,257,904 4,301,589 3,778,339 4,556,903 3,956,817
Total OPEB liability, ending $ 2,348,672 $ 2,331,084 $ 2,257,904 4,301,589 3,778,339 4,556,903
Covered -emp loyee payroll $ 58,198,980 $ 56,355,247 $ 56,355,247 $ 45,100,125 $ 43,470,000 $45,056,550
Total OPEB liability as a percentage of
covered valuation payroll 4.04 % 4.14 % 4.01 % 9.54 % 8.69 % 10.11 %
• GASB Statement No. 75 requires ten years of information to be presented in this table. However, until a full 10-
year trend is compiled, the District will present information for those years for which information is available.
See notes to required supplementary informatio n. 56
91 91 91
Z Z Z
') ') ')
') ') 91
Z Z 91
Z Z 91
91
91
91
57
Bonneville Joint School District #93
Schedule of Employer's Share of the Net OPEB Asset
PERSI Sick-Leave Plan Last 10 Fiscal Years*
Fis cal Year Ended June 30, 2024
2023 2022 2021 2020
District's portion of the net OPEB asset 3.5226265 3.5226265 3.5226265 3.5226265
District's proportionate share of the net OPEB asset 2,556,243 2,681,672 5,115,573 4,337,431
District's covered-employee payroll 65,920,483 63,024,076 59,855,707 54,260,793
District's proportionate share of the net OPEB asset as a
percentage of its covered-employee payroll 3.878 4.255 8.547 7.994
Plan fiduciary net position as a percentage of the total
OPEB asset 124.33 127.21 152.61 152.87
2019 2018 2017
District's portion of the net OPEB asset 3.6101186 3.3965902 3.1984
District's proportionate share of the net OPEB asset 3,457,786 2,817,300 2,455,155
District's covered payroll 51,263,509 45,756,462 38,322,048
District's proportionate share of the net OPEB asset as a
percentage of its covered-employee payroll 6.745 6.157 6.407
Plan fiduciary net position as a percentage of the total
OPEB asset 138.51 135.69 136.78
*GASB Statement No. 75 requires ten years of information to be presented in this table. However, until a full 10-
year trend is compiled, the District will present information for those years for which information is available.
Date reported is measured as of June 30, 2023 (measurement date)
See notes to required supplementary information.
'JI 'JI *
58
Bonneville Joint School District #93
Schedule of Employer Contributions
PERSI Sick Leave Plan Last 10 Fiscal Years*
Fis cal Year Ended June 30, 2024
2024 2023 2022 2021
Contribution deficiency (excess) 0 0 0 0
District's covered-employee payroll 72,956,260 65,920,483 63,024,076 59,855,707
2020 2019 2018
Contractually required contributions 594,657 594,657 530,775
Contributions in relation to the
contractually required contributions 629,425 594,657 530,775
Contribution deficiency (excess) {34,768) 0 0
District's covered payroll 54,260,793 51,263,509 45,756,462
Contributions as a percentage of
covered payroll 1.10 1.16 1.16
*GASB Statement No. 75 requires ten years of information to be presented in this table. However, until a full 10-
year trend is compiled, the District will present information for those years for which information is available.
Date reported is measured as of June 30, 2024 (reporting date)
See notes to required supplementary information.
q q q q
'Ji 'Ji (2.12)'M 'Ji
a a a a
'Ji 'Ji 'Ji 'Ji
a a a a
q q q q
'l1
%
'l1
'l1
0.01 91
'l1
Bonneville Joint School District #93
Schedule of Employer's Share of the Net Pension Liability
PE RSl-Base Plan Last 10-Fiscal Years*
Fis cal Year Ended June 30, 2024
2023 2022 2021 2020 2019
District's proportion of the net pension
liability (percentage) 1.54685850 1.59817258 1.60497000 L0.00000000 1.50930670
District's proportional share of the net
pension liability (amount) 61,730,026 62,948,151 (1,267,573) 35,383,980 17,228,315
District's Covered Payroll 65,920,483 63,024,076 59,855,707 54,260,793 51,263,509
District's proportionate share of the net
pension liability as a percentage of its
covered payroll 93.64 99.88 65.21 33.61
Plan fiduciary net position as a percent of
total pension liabi lity 83.83 83.09 100.36 88.22 93.79
2018 2017 2016 2015 2014
District's proportion of the Net Pension
Liability (percentage) 1.41939760 1.31157080 1.30930460 1.31379730 1.289265
District's Net Pension Liability (amount 20,936,362 20,615,640 26,541,615 17,300,573 9,491,010
District's Covered Payroll 45,756,462 40,809,784 38,322,048 36,799,863 34,937,428
District's Proportionate Share as a percent
of Covered Payroll 45.76 50.52 69.26 47.01
Plan Fiduciary Net Position as a percent of
Total Pension Liability 91.69 90.68 87.26 91.38 94.95
The amounts presented for each fiscal year were determined as of June 30, 2023 the measurement date.
See notes to required supplementary informatio n. 59
a a a a
* * * *
`
*
Bonneville Joint School District #93
Schedule of Employer Contributions
PE RSl-Base Plan Last 10-Fiscal Years*
Fis cal Year Ended June 30, 2024
2024 2023 2022 2021 2020
Statutorily required contributions 8,950,103 7,870,906 7,525,075 7,146,771 6,478,739
Contributions in relation to the statutorily
required contri butions 8,950,103 7,870,906 7,525,075 7,146,773 6,478,608
Contri bution (defi ciency)/excess 0 0 0 2 (131)
District's covered payroll 72,956,260 65,920,483 63,024,076 59,855,707 54,260,793
Contri butions as a percent of covered
payroll 12.27 11.94 11.94 11.94 11.94
2019 2018 2017 2016 2015
Contractually Required DB Contri butions 5,803,029 5,179,631 4,619,668 4,338,056 4,165,744
Contri butions in Relation to the
Contra ctually Required Contributions 5,803,027 5,179,635 4,619,665 4,338,975 4,165,658
Contri bution Deficiency (Excess) (2) 4 (3) 919 2,101
District's covered payroll 51,263,509 45,756,462 40,809,784 38,322,048 36,799,863
Contributions as a percent of Covered
Payroll 11.32 11.32 11.32 11.32 11.32
The amounts presented for each fiscal year were determined as of June 30, 2024 the most recent fiscal year end.
See notes to required supplementary information. 60
Bonneville Joint School District #93
Notes to Required Supplementary Information
Fiscal Year Ended June 30, 2024
Budgetary Data
Annual budgets for all Governmental Funds are adopted on the modified accrual basis, consistent with generally
accepted accounting principles (GAAP) for local governments. All annual appropriations lapse at year end.
61
Su pplementary Information
Y2024 Speclal Prajeds safety TechnolOIY
595,843 $
Bonneville Joint School District #93
Combining Balance Sheet -All Nonmajor Funds
Hiiicrest stadium Professional Public School
Medicaid E-RATE Fund construttlan School Accaunts Bonn Edfdn School Technical
Assets
Cash and cash equivalents $ 472,324 $ 3,431,836 $ -$ 2,522,107 $ -$ -$ 1,4n,342 $ 1,085,960
Federal grants/contracts 74,260
Other Receivables 746,466 54,646
Total assets $ 546,584 $ 595,843 $ 4,178,302 $ -$ 2,522,107 $ 54,646 $ -$ 1,4n,342 s 1,085,960
Liabilities and fund equity
Liabilities
Accounts payable
Wages payable
Benefits payable
lnterfund payable
Total liabilities
$ 16,909 $
359,960
169,715
546,584
9,165 $
9,165
1,306 $
1,306
60,011 $
1,849,871
1,909,882
n,657 $
2,858
258
202,588
283,361
719
53,927
54,646
-$ 14,087 $
7,202
1,567
22,856
Fund equity
Restricted 586,678 4,176,996 (1,909,882) 2,238,746 1,454,486 1,085,960
Total fund equity 586,678 4,176,996 (1,909,882) 2,238,746 1,454,486 1,085,960
Total liabilltles and fund
equity $ 546,584 $ 595,843 $ 4,178,302 $ -$ 2,522,107 $ 54,646 $ -$ 1,4n,342 s 1,085,960
See Independent Auditor's Report on Supplementary Information. 63
Proanams MIJ;rant Ap
Bonneville Joint School District #93
Combining Balance Sheet -All Nonmajor Funds
Idaho Substance ESSER II (State Set Improving Basic
June 30, 2024 Abuse Forest Reserve Fu nd ESSER I Aside & General) ESSER Ill Education IDEA SChool IDEA Preschool
Assets
Cash and cash equivalents $ 214,417 $ 282,673 $ -$ -$ -$ -$ -$ -$
Federal grants/contracts 808,868 17,673 1,118,023 20,297
Other Receivables
Total assets $ 214,417 $ 282,673 $ -$ -$ -$ 808,868 $ 17,673 $ 1,118,023 $ 20,297
Liabilities and fund equity
Lia biliti es
Accounts payable
Wages payable
Benefits payable
lnterfund payable
Total liabilities
$ 6,937 $
6,937
4,768 $
4,768
-$ -$ -$ 5,121 $
247,008
80,208
476,531
808,868
282 $
8,862
3,859
4,670
17,673
-$
259,548
134,807
723,668
1,118,023
7,470
6,116
6,711
20,297
Fund equity
Restricted
Total fund equity
207,480
207,480
2n,9os
2n,9os
Total llabllltles and fund equity$ 214,417 $ 282,673 $ -$ -$ -$ 808,868 $ 17,673 $ 1,118,023 $ 20,297
See Independent Auditor's Report on Supplementary Information. 64
Y2024 Pay MlnlJ;rant NonmaJar
13,795
13,795 $ 47,747 $
4,609 $
13,795 $ 47,747 $
Bonneville Joint School District #93
Combining Balance Sheet -All Nonmajor Funds
Perkins Ill
Professional SUpportlns Effective Total
ARP IDEA funds Tltlll!! IV Technical 11tle Ill Instruction Premium canstructlan Funds IDEA Funds
Assets
Cash and cash equivalents $ -$ -$ -$ -$ -$ -$ -$ -$ 10,082,502
Federal grants/contracts 159,709 47,747 2,260,372
Other Receivables 801,112
Total assets $ -$ -$ 159,709 $ -$ -$ -$ 13,143,986
Liabilities and fund equity
Liabilities
Accounts payable $ -$ -$ -$ -$ -$ -$ 201,571
Wages payable
Benefits payable
lnterfund payable
6,532
1,382
159,709 5,881 43,138
899,440
397,912
3,526,694
Total liabilities 159,709 13,795 47,747 5,025,617
Fund equity
Restricted 8,118,369
Total fund equity 8,118,369
Total llabllltles and fund equity$ -$ -$ 159,709 $ -$ -$ -$ 13,143,986
See Independent Auditor's Report on Supplementary Information.
65
Speclal Prajeds safety TechnolOIY
grants
expenditures
(under) expe nditures (3,272,418)
-$ -$
479,984
-$
-$
940,539
Bonneville Joint School District #93
Combining Schedule of Revenues, Expenditures and Changes In Fund Balances -All Nonmajor Funds
Hiiicrest stadium Professional Public School
Year Ended June 30, 2024 Medicaid E-RATE Fund construction School Accaunts Bonn Ed Fdn School Technical
Revenues
Other local $ 379,927 $ 1,074,299 $ 143,787 $ 3,576,087 $ 54,646 $
Other state revenue
Federal and assistance 4,303,653
1,388,139
Total revenues 4,303,653 379,927 1,074,299 143,787 3,576,087 54,646 479,984 940,539 1,388,139
Expenditures
Instruction
Elementary 14,027 103,862 4,814
Secondary 55,126 67,626 46,807
Altematlve School 1,442 2,375
Interscholastic Program 3,450 123,257 550
Special education program 1,951,27S
Speclal ed preschool program
School Activities 11,210 144,929 1,274
Summer School
Vocational 17,699 550,605
Support services
Attendance, guidance, and health 862
Speclal ed support services 2,352,378
Instructional improvement 9,979
Educational media 4,169 6,880
Instruction related technology 205,744 23,886 28,797 976,326
Support 3,831 15,609 339
School administration 6,000 29,865 13,347
Business operations 70
Operations 170,085 816 479,984 1,208
Community services 10,953
Non -Instructional 4,036
Student Activities 2,969,746
Facility acquisition 22,980 3,416,205
Debt service:
Debt Service -Principal 32,701
Debt Service -Interest 1,430
Total
Revenue over
4,303,653 205,744
174,183
331,265
743,034
3,416,205 3,482,664
93,423
54,646 479,984 603,936
336,603
1,010,457
3n,6s2
Otherflnanclns sources (uses)
Transfers In
Total other financing sources
(uses)
15,206
15,206
Net change in fund balances
Fund balances, bqlnnlns of year
0
0
174,183
412,495
743,034
3,433,962
(3,272,418)
1,362,536
93,423
2,145,323
351,809
1,102,677
3n,682
708,278
Fund balances, end of year $ 0$ 586,678 $ 4,176,996 $ (1,909,882)$ 2,238,746 $ 0$ 1,454,486 $ 1,085,960
See Independent Auditor's Report on Supplementary Information. 66
Proanams MIJ;rant Ap
1:ants
e!!e!ndltures
!under! exeendltures !55,585!
-$ -$ -$ -$ -$ -$
Bonneville Joint School District #93
Combining Schedule of Revenues, Expenditures and Changes In Fund Balances -All Nonmajor Funds
Idaho Substance ESSER II (State Set Improving Basic
Year Ended June 30, 2024 Abuse Forest Reserve Fund ESSER I Aside & General) ESSER Ill Education IDEA SChool IDEA Preschool
Revenues
Other local $ -$ -$ -$ -$ -$ -$ -$ -$
Other state revenue 172,287
Federal and assistance 38,786 530 2,992,290 2,382,402 76,297 2,433,090 83,264
Total revenues 172,287 38,786 530 2,992,290 2,382,402 76,297 2,433,090 83,264
Expenditures
Instruction
Elementary
Secondary
Altematlve School
(150) 4,264
1,709,107
127
Interscholastic Program
Special education program
Speclal ed preschool program
School Activities
Summer School
Vocational
21,590
1,382 99,349 11,161
2,321,335
41,488 83,264
Support services
Attendance, guidance, and health
Speclal ed support services
Instructional improvement
Educational media
33,223
315,613
14,007
524,025
65,136
70,267
Instruction related technology
Support
School administration
Business operations
Operations
Community services
Non -Instructional
227,872
150
530
1,355,989
26,460
7,946
1,247,413
35,787
Student Activities
Facility acquisition
Debt service:
Debt Service -Principal
Debt Service -Interest
Total 227,872 21,590 530 2,992,290 2,382,402 76,297 2,433,090 83,264
Revenue over 17,196
Otherflnanclns sources (uses)
Transfers In
Total other financing sources
(uses)
Net change in fund balances (55,585) 17,196
Fund balances, bqlnnlns of year 263,065 260,709
Fund balances, end of year $ 207,480 $ 2n,90S $
See Independent Auditor's Report on Supplementary Information. 67
Pay MlnlJ;rant NonmaJar
1:ants
expenditures
Revenue over (under) expenditures (1,585,882)
-$ -$ -$ -$ -$ -$ -$
Bonneville Joint School District #93
Combining Schedule of Revenues, Expenditures and Changes In Fund Balances -All Nonmajor Funds
Perkins Ill
Professional SUpportlns Effective Total
Year Ended June 30, 2024 ARP IDEA funds Tltlll!! IV Technical 11tle Ill Instruction Premium canstructlon Funds IDEA Funds
Revenues
Other local $ -$ 5,228,746
Other state revenue 2,980,949
Federal and assistance 198,771 159,709 66,862 337,496 21,000 13,094,150
Total revenues 198,771 159,709 66,862 337,496 21,000 21,303,845
Expenditures
Instruction
Elementary 162,305 37,782 2,031,897
Secondary 17,100 190,900
Altematlve School 3,817
Interscholastic Program 127,257
Special education program 21,000 4,293,610
Speclal ed preschool program 124,752
School Activities 179,003
Summer School 111,892
Vocational 159,709 728,013
Support services
Attendance, guidance, and health 113,228
Speclal ed support services 2,422,645
Instructional improvement 36,466 11,980 337,496 1,235,559
Educational media 11,049
Instruction related technology 2,590,892
Support 55,566
School administration 75,672
Business operations 8,016
Operations 2,127,908
Community services 10,953
Non -Instructional 4,036
Student Activities 2,969,746
Facility acquisition 3,439,185
Debt service:
Debt Service -Principal 32,701
Debt Service -Interest 1,430
Total 198,771 159,709 66,862 337,496 21,000 22,889,727
Otherflnanclns sources (uses)
Transfers In
Total other financing sources
(uses)
15,206
15,206
Net change in fund balances
Fund balances, bqlnnlns of year
(1,570,676)
9,689,045
Fund balances, end of year $ -$ -$ -$ -$ -$ -$ -$ -$ 8,118,369
See Independent Auditor's Report on Supplementary Information. 68
(3,175)
Bonneville Joint School District #93
Schedule of Taxes Receivable
Year Ended June 30, 2024
Unavailable balance at July 1, 2023
Additions
Roll charges
Subsequent additions and
$
Total
196,505
5,870,111
General Fund
2023
$ -
5,870,111
$
2023
and prior
196,505
-
$
Total
174,257
4,048,349
Debt Service
2023
$ -
4,048,349
$
2023
and prior
174,257
-
$
Total
94,765
2,833,846
Capital Projects
2023
$ -
2,833,846
$
2023
and prior
94,765
cancellations {5,902) (3,388) (2,514) {5,826) (2,924) (2,902) (2,048) {1,127)
Total additions 6,060,714 5,866,723 193,991 4,216,780 4,045,425 171,355 2,925,436 2,831,798 93,638
Deductions
Collections Received
Current amount due on taxes
collected by the counties
Total deductions
3,822,028
1,990,624
5,812,652
3,678,864
1,983,101
5,661,965
143,164
7,523
150,687
2,656,160
1,376,973
4,03 3,133
2,537,145
1,367,068
3,904,213
119,015
9,905
128,920
1,845,110
960,568
2,805,678
1,776,004
956,945
2,732,949
69,106
3,623
72,729
Unavailable balance at June 30,
2024 $ 248,062 $ 204,758 $ 43,304 $ 183,647 $ 141,212 $ 42,435 $ 119,758 $ 98,849 $ 20,909
See Independent Auditor's Report on Supplementary Information. 69
Depa rtment Agr iculture
Department
Bonneville Joint School District #93
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2024
Pass-Through
Federal AL Entity Identifying Disbursements
Federal Grantor /Pass-Through Grantor /Program Ti tle Number Number / Expenditures
United States of
Passed through Idaho State Department of Education:
Child Nutrition Cluster
School Breakfast Program 10.553
Total AL# 10.553
National School Lunch Program -cash
Child Nutrition SCA
National School Lunch Program -commodities
Total AL# 10.555
10.555
10.555
10.555
Fresh Fruit and Vegetables Program 10.582
Summer Food Service Program for Children 10.559
Total Child Nutrition Cluster
Total Passed through the Idaho Department of Education
202323 Nl109947
202323 Nl109947
2371DID3N8903
202323 L160347
202323N I09947
$ 378,563
378,563
1,728,692
269,711
340,381
2,338,784
94,495
42,886
2,854,728
2,854,728
Total U.S. Department of Agriculture 2,854,728
United States of Education
Passed through Idaho State Department of Education:
Title I Grants to Local Educational Age ncies 84.010 S010A230012 2,382,402
Total AL# 84.010 2,382,402
Migrant Education Program 84.011 S011A230012 76,297
Total AL# 84.011 76,297
Special Education Cluster
Special Education -School age 84.027 H07A230088 2,433,090
Total AL# 84.027 2,433,090
See Independent Accountant's Audit Report.
70
Department
Bonneville Joint School District #93
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2024
Pass-Through
Federal Al Entity Identifying Disbursements
Federal Grantor /Pass-Through Grantor /Program Ti tle Number Number / Expenditures
United States of Education
Passed through Idaho State Department of Education:
Special Education -Preschool
Total AL# 84.173
Total Special Education Cluster
84.173 H 173A230030 $ 83,264
83,264
2,516,354
English Language Acquisition
Total AL# 84.365
84.365 S365A230012 66,862
66,862
Supporting Effective Instruction 84.367 S367A230011 337,496
Total AL# 84.367 337,496
Student Support and Academic Enrichment 84.424 S424A230013 198,771
ARP ESSER 84.425 S425U210043 2,992,292
ESSER (CRPSA) 84.425 S425R210043 530
Total AL# 84.425 2,992,822
Total Passed through Idaho State Dept. of Education 8,571,004
Passed through Idaho State Department of Professional Technical:
earl Perkins CTE 84.048A V048A230012 159,709
Total U.S. Department of Education 8,730,713
Total Expenditures of Federal Awards $ 11,585,441
See Independent Accountant's Audit Report.
71
Bonneville Joint School District #93
Notes to Schedule of Expenditures of Federal Awards
Note A: General
The accompa nying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity
of the Bon neville Joint School District #93 under programs of the federal government for the year ended June 30,
2024. The information in this Schedule is presented in accordance with requirements of the Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements fo r
Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of
the District, it is not intended to and does not present the financial position or changes in net position of the
District.
Note B: Basis of Accounting
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain
types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
Note C: Non monetary Transactions
Nonmonetary assistance is reported for the Food Distribution Program at fair market value of commodities
received which is established by the State Department of Education. The District held an undetermined amount of
those commodities in inventory at June 30, 2024.
Note D: Indirect Cost Rate
The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Note E: Subrecipients
The District has no subrecipients or subrecipient expenditures.
72
Independent Auditor's Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial State ments Performed in
Accordance with Government Auditing Stan dards
Board of Trustees
Bonneville Joint School District #93
Idaho Falls, Idaho
We have audited, in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditin g Standards, issued by the
Comptroller General of the United States, the financial statements of Bon neville Joint School District #93, as of
and for the year ended June 30, 2024 and the related notes to the financial statements, which collectively
comprise the Bonneville Joint School District #93's basic financial statements, and have issued our report thereon
dated October 20, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Bonneville Joint School
District #93's internal control over financial reporting (internal control) as a basis for designing audit procedures
that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the Bonneville Joint School District #93's
internal control. Accordingly, we do not express an opinion on the effectiveness of the Bonneville Joint School
District #93's internal control.
A defic iency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies in internal
control, such that there is reasonable possibility that a material misstatement of the Bon neville Joint School
District #93's financial statements will not be prevented or detected and corrected on a timely basis. A significa nt
deficie ncy is a deficiency, or combination of deficiencies, in internal control that is less severe than a material
weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may
exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether Bonneville Joint School District #93's financial
statements are free from material misstatement, we performed tests of its compliance with certain provisions of
laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material
effect on the financial statements. However, providing an opinion on compliance with those provisions was not
an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no
instances of noncompliance or other matters that are required to be reported under Government Auditing
Standards.
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Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the Bonneville Joint School District
#93's internal control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditin g Standards in considering the Bonneville Joint School District #93's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Wipfli LLP
Idaho Falls, Idaho
October 20, 2024
74
Independent Auditor's Report on Compliance for Each Major Federal Program and on
Internal Control Over Compliance Required by the Uniform Guidance
Board of Trustees
Bonneville Joint School District #93
Idaho Falls, Idaho
Report on Compliance for Each Major Federal Program
Opinion on Each Majo r Federal Program
We have audited Bon neville Joint School District #93's compliance with the types of compliance requirements
identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on
each of its major federal programs for the year ended June 30, 2024. Bonneville Joint School District #93's major
federal programs are identified in the summary of auditor's results section of the accompanying schedule of
findings and questioned costs.
In our opinion, Bonneville Joint School District #93 complied, in all material respects, with the types of compliance
requirements referred to above that could have a direct and material effect on each major federal program for
the year ended June 30, 2024.
Basis for Opinion on Each Majo r Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United
States of America (GAAS); the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States (Government Auditing Standards); and the audit
requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cast
Principles, and Audit Requirements/or Federal Awards (Uniform Guidance). Our responsibilities under those
standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of
Compliance section of our report.
We are required to be independent of Bonneville Joint School District #93 and to meet our other ethical
responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each
major federal program. Our audit does not provide a legal determination of Bonneville Joint School District #93's
compliance with the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of laws,
statutes, regulations, rules and provisions of contracts or grant agreements applicable to Bonneville Joint School
District #93's federal programs.
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Auditor's Responsibility fo r the Audit of Complia nce
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance
requirements referred to above occurred, whether due to fraud or error, and express an opinion on Bonneville
Joint School District #93's compliance based on our audit. Reasonable assurance is a high level of assurance but is
not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS,
Government Auditin g Standards, and the Uniform Guidance will always detect material noncompliance when it
exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Noncompliance with the compliance requirements referred to above is considered material, if
there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a
reasonable user of the report on compliance about Bonneville Joint School District #93's compliance with the
requirements of each major federal program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and
perform audit procedures responsive to those risks. Such procedures include examining, on a test basis,
evidence regarding Bonneville Joint School District #93's compliance with the compliance requirements
referred to above and performing such other procedures as we considered necessary in the circumstances.
• Obtain an understa nding of Bon neville Joint School District #93's internal control over compliance relevant
to the audit in order to design audit procedures that are appropriate in the circumstances and to test and
report on internal control over compliance in accordance with the Uniform Guidance, but not for the
purpose of expressing an opinion on the effectiveness of Bonneville Joint School District #93's internal
control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control
over compliance that we identified during the audit.
Report on Internal Control Over Complia nce
A defic iency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a
timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of
deficiencies, in internal control over compliance, such that there is a reasonable possibility that material
noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected
and corrected, on a timely basis. A significan t deficiency in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control over compliance with a type of compliance requirement of
a federal program that is less severe than a material weakness in internal control over compliance, yet
important enough to merit attention by those charged with governance.
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Our consideration of internal control over compliance was for the limited purpose described in the Auditor's
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in
internal control over compliance that might be material weaknesses or significant deficiencies in internal control
over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control
over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or
significant deficiencies in internal control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over
compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the Uniform
Guidance. Accordingly, this report is not suitable for any other purpose.
Wipfli LLP
Idaho Falls, Idaho
October 20, 2024
77
major programs
Numberfs! Program
___
___
___
___
___
___
___
Bonneville Joint School District #93
Schedule of Findings and Questioned Costs
Year Ended June 30, 2024
Section I Summary of Auditor's Results -
Financial Statements
Type of auditor's report issued on whether the financial
statements were prepared in accordance with GAAP:
Internal control over financial reporting:
• Material weakness( es) identified?
• Significant deficiency(ies) identified?
Noncompliance material to financial
statements noted?
Federal Awa rds
Internal control over major programs:
• Material weakness( es) identified?
• Significant deficiency(ies) identified?
Type of auditor's report issued on compliance
for major programs:
Any audit findings disclosed that are
required to be reported in accordance
with 2 CFR 200.516(a)?
Identification of
AL Federal or Cluster
84.425.D, R, U ESSER I, II and Ill
Dollar threshold used to distinguish between
Type A and Type B programs: $750,000
Auditee qualified as low-risk auditee?
Unmodified
Yes
Yes
Yes
Yes
Yes
Unmodified
Yes
X Yes
X No
X None Reported
X No
X No
X None Reported
X No
No
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Findings
Findings Questio ned
Bonneville Joint School District #93
Schedule of Findings and Questioned Costs (Continued)
Year Ended J u ne 30, 2024
1. Audit in Relation to the Financial state ments -None
2. Audit and Costs in Relation to Federal Awards -None
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Bonneville Joint School District #93
Summary Schedule of Prior Audit Findings
Year Ended June 30, 2024
NONE
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