BRONXVILLE UNION FREE SCHOOL DISTRICT, NEW YORK FINANCIAL STATEMENTS AND ‘SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2010 WITH INDEPENDENT AUDITORS’ REPORTBRONXVILLE UNION FREE SCHOOL DISTRICT, NEW YORK ‘TABLE OF CONTENTS Independent Auditors’ Report Management's Discussion and Analysis Basic Financial Statements: District-Wide Financial Statements: Statement of Net Assets Statement of Activities Fund Financial Statements: Balance Sheet - Governmental Funds Reconciliation of Governmental Funds Balance Sheet to the Government-Wide Statement of Net Assets Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund Statement of Assets and Liabilities - Fiduciary Funds Notes to Financial Statements Required Supplementary Information - Other Post Employment Benefits - Schedule of Funding Progress - Last Three Fiscal Years Combining and Individual Fund Financial Statements and Schedules: Major Governmental Funds: General Fund! Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Schedule of Revenues Compared to Budget Schedule of Expenditures and Other Financing Uses Compared to Budget Capital Projects Fund: Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Project-Length Schedule Non-Major Governmental Funds: Combining Balance Sheet Combining Statement of Revenues, Expenditures and Changes in Fund Balances Special Revenue Funds: Special Aid Fund: ‘Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual School Lunch Fund ‘Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Special Purpose Fund: ‘Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance 16 7 18 19 20 2 22 23 24 43 45 47 49 53 54 55 87 59 61 62 64 65 68 67BRONXVILLE UNION FREE SCHOOL DISTRICT, NEW YORK ‘TABLE OF CONTENTS (Concluded) Permanent Fund: Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Debt Service Fund: Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ‘Supplementary Information: Analysis of Change from Adopted Budget to Final Budget Analysis of Use of Fund Balance Schedule of Certain Revenues and Expenditures Compared to ST - 3 Data Schedule of invested in Capital Assets, Net of Related Debt Federal Programs: Report on internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Goverment Auditing Standards Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and on Intemal Control Over Compliance in Accordance with OMB Circular A-133 ‘Schedule of Expenditures of Federal Awards Notes to Schedule of Expenditures of Federal Awards Schedule of Findings and Questioned Costs Summary Schedule of Prior Audit Findings Page 68 69 70 n 73 73 74 74 76 78 80 81 82 84O'Connor Davies Munns & Dobbins, lip ACCOUNTANTS AND CONSUITANTS INDEPENDENT AUDITORS’ REPORT To the Board of Education of the Bronxville Union Free School District, New York We have audited the accompanying financial statements of the governmental activities, each major fund and the aggregate remaining fund information of the Bronxville Union Free School District, New York as of and for the year ended June 30, 2010, which collectively comprise the School District's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the School District's management. Our responsibilty is to express opinions on these financial statements based on our audit We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Schoo! District's internal control over financial reporting. Accordingly, we express no such opinion. ‘An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the 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 the Bronxville Union Free School District, New York as of June 30, 2010 and the respective changes in financial position, thereof, and the respective budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Goverment Auditing Standards, we have also issued our report dated September 23, 2010 on our consideration of the Bronxville Union Free School District, New York's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is 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 internal control over financial reporting or on compliance. ‘That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Bennett Kielson Storch DeSantis Division (One Barker Avenue, White Plains, New York 10601 914.421.5600 tel 914.421.5099 fax www.odmd.comManagement's Discussion and Analysis and the Schedule of Funding Progress - Other Post Employment Benefits are not required parts of the basic financial statements, but is supplementary information required by the Governmental Accounting Standards Board. We applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Bronxville Union Free School District, New York's basic financial statements. The accompanying financial information listed as combining and individual fund financial statements and schedules and the supplementary information in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Bronxville Union Free School District, New York. The accompanying schedule of expenditures of federal awards is also presented for purposes of additional analysis as required by OMB Circular A-133, and is not a required part of the basic financial statements of the Bronxville Union Free School District, New York. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as whole. Olonmr ditpiio "Yurino 6 Dobbpino, LAP O'Connor Davies Munns & Dobbins, LLP September 23, 2010