HomeMy WebLinkAbout2023 Bonneville School District AuditBonneville Joint
School District #93
Idaho Falls,Idaho
Annual Financial Report
Year Ended June 30, 2023
WIPFLI
Bonneville Joint School District #93
Year Ended June 30, 2023
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
Fund Financial Statements
Reconciliation of Governmental Funds Balance Sheet
Combined Statement of Revenues , Expenditures and Changes In
Reconciliation of the Statement of Revenues , Expenditures and Changes in
Statement of Activities................................................................................................................. ....................... 13
Combined Balance Sheet -Governmental Funds ............................................................................................... 14
to the Statement of Net Position ...................................................................................................................15
Fund Balances -Governmental Funds .............................................................................................................16
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 .......................................................................................................................................... 51
Medicaid Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget to Actual ..........................................................................................................................................53
Schedule of District's Proportionate Share of Net OPEB Liability and Related Ratios ......................................54
Schedule of Employer 's Share of the Net OPEB Asset -PERSI Sick-Leave Plan .................................................55
Schedule of Employer Contributions -PERSI Sick -Leave Plan. ........................................................................... 56
Schedule of Employer's Share of the Net Pension Liability -PERSI Base Plan ...................................................57
Schedule of Employer Contributions -PERSI Base Plan .....................................................................................58
Notes to Required Supplementary lnformation ..... ........................................................................................... 59
Supplementary Information
All Nonmajor Funds :
Combining Balance Sheet. ...............................................................................................................................61
Combining Schedule of Revenues , Expenditures and Change in Fund Balances ............................................ 64
Schedule of Taxes Receivable ............................................................................................................................. 67
Schedule of Expenditures of Federal Awards ...................................................................................................... 68
Notes to Schedule of Expenditures of Federal Awards .......................................................................................70
Bonneville Joint School District #93
Year Ended June 30, 2023
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 Finanical Statements
Performed in Accordance with Government Auditing Standards ................................................................... 71
Independent Auditor's Report on Compliance for Each Major Federal Program and on
Internal Control over Compliance Required by the Uniform Guidance ........................................................ .73
Schedule of Findings and Questioned Costs ...................................................... ................................................ .76
Summary Schedule of Prior Year Audit Findings ...................................................... .......................................... .78
WIPFLI
Independent Auditor's Report
Board of Trustees
Bonneville Joint School District #93
Idaho Falls, Idaho
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund and the
aggregate remaining fund information of the Bonneville Joint School District #93 (the "District"), as of and for the
year ended June 30, 2023, 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 financial statements referred to above present fa i rly, in all material respects, the
respective financial position of the governmental activities, each major fund and the aggregate remaining
fund information of the Bonneville Joint School District #93 as of June 30 , 2023, and 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 Opinions
We conducted our audit in accordance with auditing standards gene rally 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 . Our respon sibilities 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 Bonneville 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 audit opinions .
Change in Accounting Principle
As described in Note 1 to the financial statements, in 2023, the District adopted new accounting guidance, GASB
Statement No. 96, Subscription Based Information Technology Agreements. Our opinion is not modified with
respect to this matter.
Responsibilities of Management for the Financial 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 of America (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.
1
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.
Auditor's Responsibilities for the Audit of the Financial 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 wou ld 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 understanding 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 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 Bonneville 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.
2
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 changes in total OPEB liability and related ratios ,
schedule of employer's share of net OPEB asset PERSl -Sick Leave plan last 10 fiscal years , schedule of employer
contributions PERSl -Sick Leave Plan last 10 fiscal years, schedule of employer's share of net pension liability for
PERSl-Base plan last 10 fiscal years and schedule of employer contributions PERSl -Base plan for last 10 fiscal years
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 report i ng for
placing the basic 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 obta i ned 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 .
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the District's basic financial statements. The combining and individual non major fund financial
statements, schedule of taxes receivable, and the accompanying schedule of expenditures offederal 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 Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 11, 2023 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 Di strict 's internal control over
financial reporting and compliance.
Wipfli LLP
Id aho Fall s, Idaho
October 11, 2023
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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2023
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, 2023, 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 2023
Key financial highlights for 2023 are as follows :
• In total, net position decreased $1,526,417 compared to 2022 .
• General revenues accounted for $100,405,144 in revenue or 70.98% 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 $41,056,624 or 29.02% of total revenues of $141,461, 768 .
• Total assets of governmental activities decreased by $3,205,625 as current and other assets increased by
$1,605,183 and capital assets decreased by $4,810,808. Unrestrict ed 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 $1,087, 785 from prior year.
• The District had $142,988,185 in expenses; only $41,056,624 of these expenses was offset by program
revenues (i.e. charges for services, operating and capital grants, o r contributions). General revenues
(primarily state aid and taxes) of $100,405,144 provided the additional revenue to cover these programs .
• Among major funds , the General Fund had $98,610,058 in revenues, and $92,796,635 in expenditures. The
General Fund's fund balance increased $5,393,077 from 2022 .
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 nonmajor 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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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2023
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 2023?" 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 , and Medicaid Funds .
Governmental funds.
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 governmenta l
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
government-wide and fund financial statem e nts .
Required Supplementary Information
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 PERS! Sick Leave plan sc hedules have been provided to
present the District's progress in funding its obligation to provide pension and retirement benefits to District
employees .
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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2023
Supplementary Financial Information
This i nformation 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 recevables , and the annual federal compliance sect ion.
Government-Wide Financial Statement Analysis
As prev iously 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
2022
June 30, 2023 as restated
Current and other assets $ 64,770,112 $ 63 ,164,929
Capital assets 136,260 ,316 141,071,124
Total assets 201,030,428 204,236 ,053
Deferred outflows of resources 41,005 ,045
Total assets and deferred outflows of resources 242,035,473 228 ,283 ,903
Current and other liabilities 15,971,119 14,841 ,729
Long-term liabilities 173,059,672 117,311,312
Total liabilities 189,030,791 132 ,153,041
Deferred inflows of resources 4,761 ,666 46,361,429
Total liabilities and deferred inflows of resources 193, 792,457 178,514,4 70
Net position :
Net investment in capital assets 28 , 745 , 786 26 ,273 ,619
Restricted 33 ,294,435 36,205 ,234
Unrestricted {13,797,205) (12 ,709,420)
Total net position $ 48,243,016 $ 49 , 769,433
24 ,047 ,850
Total assets of governmental activities decreased by $3 ,205,625 as current and other assets increased by
$1,605 ,183, and capital assets decreased by $4,810,808 . The District's assets and deferred outflows of resources
exceeded liabilities and deferred inflows of resources by $48,243 ,016 at the close of 2023. 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 $1 ,087,785 from 2022.
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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2023
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 2023 and 2022 .
Condensed Statement of Activities -Governmental Activities
2022Year ended June 30,
Revenues:
Program revenues:
Charges for services
2023
$ 5,656,413 $ 6,061,292
Operating grants and contributions 35,262,748 32,337,716
Capital grants and contributions 137,463
General revenue:
Property taxes 12,662,428 19,082,470
Federal aid 24,118 37,069
State aid 81,896,388 73,309,645
Other 5,822,210 2,229,135
Total revenues 141,461, 768 133,057,327
Program Expenses:
Instruction 80,988,024 67 ,220,421
Support services 21,284,628 18,075,795
Administration 8,341,788 6,560,179
Business operations 2,519,840 2,372,767
Operations 12,063,770 10,149,225
Transportation 5,476,189 5,018,346
Community Service 244,784 166,614
Non-instructional 8,613,999 7,732,890
Interest and fiscal charges 3,323,415 3,095,021
Capital improvements 131,748 1,057,764
Total expenses 142,988,185 121,449,022
Change in net position $ (1,526,417) $ 11,608,305
Governmental Activities
The District's 2023 total revenues come from three main sources including state aid of $96,049,430 which
consists of the Idaho base support, other state grants, and revenue in lieu of taxes . These dollars make up
67.90% of revenues from governmental activities . Property taxes of $12,662,428 make up 8 .95% of total
revenues from governmental activities . Federal contracts and grants of $21,095,927 makes up 14.91% revenues
from governmental activities.
The District's 2023 instructional expenses when combined with instructional support services, which includes
support services, administration, business operations, operations, and transportation, comprise 91.4% of District
expenses.
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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2023
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 (tota l 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 .
% of Total
Total cost of
services
Net cost of
services
Instruction 56.65 % $ 80,988,024 $ 67, 700, 752
Support services 14.89 21 ,284,628
13,075,235
Administration 5 .83 8,341,788
8,106,759
Business admin services 1.76 2,519,840
2,118,538
Operations 8.44 12,063,770
7,961,177
Transportation 3 .83 5,476,189
1,897,717
Community service s 0 .17 244,784 199,135
Non instructional 6 .02 8 ,613,999 513,228
Interest and fiscal charges 2 .32 3,323,415 411,617
Capital improvements 0.09 131,748 (52,597)
Total governmental activities 100.00 % $ 142,988,185 $ 101,931,561
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 $5,504,799 in 2023 .
Support 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 $1,124,626 in 2023.
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 respons i bility 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 $682,045 in 2023.
Business Operations: The program concerned with the fiscal operations of the District. This program may i nclude
budgeting, receiving and disbursing, purchasing, financial and property accounting, payroll, internal auditing, and
the prudent management of District re sources .
Operations: Operations and maintenance includes the personnel, ac t ivities, 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 $408, 792 in 2023 .
Tran sportation: Transportation includes the personnel, activities, and services for provid i ng student
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 $252,849 in 2023 .
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 $192, 736 in 2023 .
Community Service s &Student Activities : Student activities includes the fee s, dues , and fundraisin g amounts
collected at the school level which is used to support the asso ciated clubs and school activities of the District.
Interest and Fiscal Charges : Interest and fiscal charges involve the transactions associated with the payment of
interest and other related charges to the debt of the District .
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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended lune 30, 2023
Capital Improvements: 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 $139,533,298 and expenditures of $138,689,211. The
net change in fund balance for the year in the General Fund, Debt Service Fund, Capital Projects Fund, and
Medicaid Fund, was an increase of $5,393,077, a decrease of $3,717,200, an increase of $3,131,322, and no
change, 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.
Budgetary Highlights
During 2023, the District did not amend its budget.
For the General Fund, the budgeted revenue was $96,497,276 and t he budgeted expenditures was $100,645,920.
Actual revenue was $98,610,058 which includes $71, 754 for master educator premiums to qualifying personnel
and $417,781 in professional development funds. Actual expenditures were $92,796,635, which include
expenditures related to the master educator premiums and professional development.
Capital Assets and Debt Administration
At the end of the 2023 fiscal year, the District had $136,260,316 invested in land, buildings, furniture and
equipment, vehicles, and right-of-use assets (net of accumulated depreciation and amortization).
Year Ended June 30, 2023
2022
restated
Land and capital assets not being depreciated $ 6,602,350 $ 6,912 ,839
Buildings and improvements 124,260,285 129,909,984
Furniture and equipment 2,714,666 1,906,233
Vehicles 1,540,568 1,872,411
Right of use assets -leases 740,232
Right of use assets -SBITAs 402,215 469,657
Total capital assets, net $ 136,260,316 $ 141,071,124
Overall capital asset s decreased $4,810,808 from fiscal year 2022 to fiscal year 2023. Total purchases and
additions of $3,377, 711 and dispositions of $744, 722 (primarily land and vehicles) were offset by depreciation
and amortization expense for the year of $7,696,116.
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Bonneville Joint School District #93
Management's Discussion and Analysis
Fiscal Year Ended June 30, 2023
At June 30, 2023, the District had four general obligation bond issues outstanding as follows :
Due within
Total one year
2016 A Series Bond
$ 97,970,000
$ 46,285,000
$ 6,800,000
$ 1,765,000
2016 B Series Bond 13,510,000 1,990,000
2018 Series Bond 28,905,000
2021 Series Bond 9,270,000 3,045,000
Total
At June 30, 2023, the District's overall legal debt margin was $377,416,183 .
Economic Factors
Bonneville Joint School District #93 continues to be financially stable. Even though funding for schools in FY 2024
is returning to average daily attendance, the total allocation to our district is expected to increase because of
actions taken by the Idaho Legislature to allocate more funds to school districts . Total enrollment for FY 2024 is
close to what it was in FY 2023, although kindergarten enrollment decreased by about 125 students . The district
is monitoring this to determine if this is the beginning of a new trend, or if it is just a one-year anomaly.
Federal ESSER funds continue to be used to backfill Emergency Levy Funds the board has chosen not to collect, as
well as funding losses resulting from returning to average daily attendance funding . During FY 2024 the district
plans to spend all remaining ESSER funds. The Idaho State Department of Education is working on a proposal to
change the school funding formula for FY 2025 which will need to be approved by the Idaho Legislature . Whether
we have a new funding formula or not, the district is exploring ways to balance expenditures with revenues in a
post ESSER funds environment as we return to average daily attendance funding.
In August 2023, district patrons approved a bond to build a new elementary school and fund some needed roof
repairs . Adding an additional elementary school will relieve overcrowding at the elementary level through
reconfiguring school boundaries . The district will continue to monitor capacity at our secondary schools and
work with the school board to ensure that we provide adequate facilities for our students.
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 accoun t ability 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,
GuyW@d93 .kl2 .id .us.
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Financial Statements
Bonneville Joint School District #93
Statement of Net Position
Governmental
lune 30, 2023 Activities
Assets
Current assets
Other assets
Cash and investments $ 51,183,145
PERSI sick leave (PERSI SL) 2,681,672
Property taxes receivable, net 4,802,486
Other receivables 5,435,075
Supplies inventory 187,860
Depreciable buildings, equipment, and vehicles, net of depreciation 128,515,519
Medicaid match deposits 479,874
Land and construction in progress 6,602,350
Total current assets 62,088,440
ROU assets -leases, net 740,232
Capital assets
ROU assets -SBITAs, net 402,215
Total capital assets 136,260,316
Total other assets 2,681,672
Total assets 201,030,428
Accrued interest 1,321,709
Deferred outflow of resources
Related to OPEB 281,082
Accrued wages payable 9,321,688
Related to PERSI SL 2,288,173
Accounts payable 1,501,399
Related to pensions 38,435,790
Accrued benefits payable 3,826,323
Total deferred outflow of resources 41,005,045
Liabilities
Current liabilities:
Portion due or payable within one year
General obligation bonds/premium 8 ,105,211
Financed purchase agreements 22,164
Contracts payable (SBITAs) 230,226
Lease liability 144,374
Other liabilities 265,907
Portion due or payable after one year
General obligation bonds/premium 98,357,93 8
Financed purchase agreements 22,569
Contracts payable (SBITAs) 51,928
Lease liability 580,120
Net pension liability 62,948,151
Other post employment benefits 2,331,084
Long -term liabilities
Total liabilities 189,030, 791
See accompanying notes to financial statements.
11
Bonneville Joint School District #93
Statement of Net Position (Continued)
June 30, 2023
Governmental
Activities
Deferred inflow of resources
Related to OPEB $ 3,276 ,108
Related to PERSI SL 1,204 ,599
Related to pensions 280,959
Total deferred inflow of resources 4,761,666
Net position
Net investment in capital assets 28 ,745 ,786
Restricted for
Capital improvements 11,472,652
Debt service 9,781,567
Child nutrition 2,351 ,170
Other 9,689 ,046
Unrestricted (13 ,797 ,205)
Total net position $ 48 ,243 ,016
See accompanying notes to financial statements .
12
Bonneville Joint School District #93
Statement of Activities
Year Ended June 30, 2023 Expenses
Charges for
Services
Program Revenues
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Net (Expense)
Revenue and
Changes in Net
Position
Total
Governmental
Activities
Functions/Programs
Governmental act iv it ies
Instr uction $ 80,988,024 $ 1,336,434 $ 11,950,838 $ -$ (67,700, 752)
Support serv ice s 21 ,284,628 2,902,539 5,306,854 (13 ,075 ,235)
Adm inistrative 8,341,788 11,896 223 ,133 (8 ,106, 759)
Bus ines s operat ions 2,519,840 401,302 (2 ,118,538)
Opera t ions 12,063,770 4,102,593 (7 ,961,177)
Transportation 5,476,189 191,228 3,387,244 (1 ,897,717)
Community service 244,784 45,649 (199 ,135)
Non in structional 8,613 ,999 1,214,316 6,886,455 (513 ,228)
Interest and fiscal charges 3,323,415 2,911,798 (411 ,617)
Cap ital i mprovements 131,748 46,882 137,463 52 ,597
Total governmental
activities $ 142,988,185 $ 5,656,413 $ 35 ,262,748 $ 137,463 (101 ,931 ,561}
General revenues
Property taxes 12 ,662,428
Property tax replacement 290,122
Federal grants 24,118
State aid -formula grants 81,491,220
Other state revenue 115,046
Investment earnings 1,063,324
Other local revenue 2,737,692
Gain (loss) on sale of assets 2,021,194
Total general revenues 100,405,144
Change in net position (1 ,526,417)
Net position, beginning of year 49 ,769 ,433
Net position, end of year $ 48 ,243 ,016
See accompanying notes to financial statements .
13
Bonneville Joint School District #93
Balance Sheet -Governmental Funds
June 30, 2023 General Fund Debt Service Capital Projects Medicaid
All Nonmajor
Funds Total
Assets
Cash and cash equivalents $ 17 ,160,480 $ 11,396,780 $ 10,841,056 $ 11,784,829 $ 51,183 ,1 45
Receivables
Taxes -current 1,992,247 1,382 ,942 961 ,770 4,336,959
Taxes -delinquent 196,505 174,257 94,765 465 ,527
State apportionment 1,683,715 614,196 2,297,911
Federal grants/contracts 2,176,569 2,176,569
Other Receivables 75,831 1,369 20,811 862 ,584 960,595
Due from other funds 3,150,366 3,150,366
Inventories 187,860 187,860
Prepaid expenses 479,874 479,874
Total assets $ 24,739,018 $ 12 ,955 ,348 $ 11,918,402 $ 614,196 $ 15,011,842 $ 65 ,238,806
Liabilities and fund balances
Accounts payable $ 598,008 $ 500 $ 350,985 $ 37,453 $ 514,452 $ 1,501,398
Accrued wages payable 8,270,189 375,405 676,094 9,321 ,688
Accrued benefits payable 3,316,957 201,338 308,028 3,826,323
Due to other funds 1,677,315 1,473,052 3,150,367
Total liabilities 12,185,154 1,677,815 350,985 614,196 2,971,626 17,799,776
Deferred inflow of resources
Unavailable revenues 196,505 174,257 94,765 465,527
Total deferred inflow of
resources 196,505 174,257 94 ,765 465 ,527
Fund balances
Nonspendable
Inventory 187,860 187,860
Prepaid 479,874 479,874
Restricted for
Capital improvements 11,472,652 11,472,652
Debt service 11 ,103,276 11,103,276
Child nutrition 2,163,310 2,163,310
Other fund activities 9,689 ,046 9,689 ,046
Assigned 11,877,485 11,877,485
Total fund balances 12,357,359 11,103,276 11,472,652 12,040,216 46,973,503
Total liabilities, deferred
inflows of resources,
and fund balances $ 24 ,739 ,018 $ 12,955,348 $ 11,918,402 $ 614,196 $ 15,011,842 $ 65 ,238,806
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, 2023
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 $242,101,981 and the accumulated
depreciation and amortization is $105,841,665 .
Governmental funds report the effect of premiums, discounts, and similar items
when the bonds are first issued by the Di strict whereas these amounts are
deferred and amortized in the Statement 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 Statement of Net
Position : deferred inflow of resources related to pen sions i s $280,959 and deferred
outflows of resources related to pensions is $38,435, 790 .
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 $2,681,672, deferred inflow of resources re lated
to PERSI sick leave is $1,204,599 and deferred outflow of resources related to
PERS! sick leave is $2,288,173.
Property taxes receivabl e 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
Po sition. Deferred inflow of re sources related to OPEB is $3,276,108 and deferred
outflow of resources related to OPEB is $281,082 .
Long -term liabilities, including bonds payable, are not due and payable in the
current period and therefore are not reported as liabiliti es in the funds.
Long term liabilites at year end consisted of:
Bonds payable (97,970,000)
Accrued interest on debt obligations (1,321,709)
Compensated absences (265,907)
Lease liability (724,494)
Financed purchase agreements (44,733)
Contract payable -SBITAs (282,154)
Net pen si on lia bility (6 2,948,151)
$ 46,973,503
136,260,316
(8,493,149)
38,154,831
3,765,246
465,527
(2,995,026)
Other post employm ent b enefits (2,331,084) (165,888,232)
Total net position -governmental activities $ 48,243,016
See a ccompanying notes to financial statements.
15
Bonneville Joint School District #93
Statements of Revenues, Expenditures and Changes In Fund Balances
Governmental Funds
Year Ended June 30, 2023 General Fund Debt Service Capital Projects Medicaid
All Nonmajor
Funds Total
Revenues
Property Taxes $ 5,810,012 $ 4,143,733 $ 2,801,406 $ -$ $ 12 ,755,151
Investment Earnings 659,835 354,952 48,537 1,063 ,324
Food Service 1,214,316 1,214,316
Other Local 781,194 23 ,720 6,550,236 7,355 ,150
State apportionment
Base 72,157,657 72 ,157,657
Transportation 3,236,118 3,236,118
State Paid Benefits 9,333,563 9,333,563
Property tax replacement 229 ,130 60,992 290,122
Other state revenue 6,402 ,549 2,911 ,798 1,717,623 11,031,970
Federal grants and assistance 4,185,381 16,910,546 21 ,095 ,927
Total revenues 98,610,058 7,471,475 2,825 ,126 4,185,381 26,441,258 139,533,298
Expenditures
Current :
Instruction 59 ,546,172 259 ,722 1,336,434 7,905,149 69 ,047,477
Support services 11 ,947 ,986 419,775 2,848,947 5,124,599 20 ,341,307
Admin istration 7,386,924 39,681 223,134 7,649,739
Business operations 1,993,589 274,865 251 ,386 2,519 ,840
Operations 7,002 ,373 1,276,390 3,270,356 11,549,119
Transportation 4,521,456 959,147 151,126 5,631,729
Student activities 3,616,151 3,616,151
Community services 199,135 45 ,649 244,784
Non -Instructional 4,900,799 4,900 ,799
Debt service :
Principal 196,269 6,510,000 52 ,387 42,017 6,800,673
Interest 2,731 4,676,675 12,899 1,953 4,694,258
Fees 2,000 2,000
Facility aquisition 74,891 1,616,444 1,691 ,335
Total expenditures 92 ,796,635 11 ,188,675 3,369,757 4 ,185,381 27 ,148,763 138,689,211
Revenues over (under)
expenditures 5,813,423 (3 , 717,200) (544,631) (707 ,505) 844,087
Other financing sources and (uses)
Operating transfers in 86,000 385,476 120,870 592,346
Operating t r ansfers out (506,346) {86 ,000) (592 ,346)
Proceeds from obligations 776,881 50,784 827,665
Proceeds from sale of assets 2,513,596 2,513 ,596
Total other financing
sources and (uses) (420,346) 3,675 ,953 85 ,654 3,341,261
Net change in fund balances 5,393,077 (3 ,717 ,200) 3,131,322 (621 ,851) 4,185,348
Fund balances, beginning of year 6,964,282 14,820,476 8,341,330 12 ,662 ,067 42 ,788,155
Fund balances, end of year $ 12,357,359 $ 11 ,103,276 $ 11,472 ,652 $ $ 12,040,216 $ 46,973 ,503
See accompanying notes to financial statements .
16
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
30,2023
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 decreased by $92,723 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 outlfows 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.
$ 4,185,348
5,973,009
(4,789,043)
(92,723)
(8,175,851)
1,372,843
Change in net position per statement of activities $ (1,526,417)
See accompanying notes to financial statements .
17
Notes to Financial Statements
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
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.
Reporting Entity
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 .
Discretely Presented Component 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, 2023, 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
Goverment-Wide and Fund Financial Statements
The Goverment-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
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Basis of Presentation (Continued)
Fund Accounting
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 non major funds. Major individual governmental funds are reported as separate columns in the fund
financial statements.
Governmental Fund Types:
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 Service 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.
Medicaid Fund -The Medicaid Fund is used to account for the costs of servicing children's needs under the
Medicaid program .
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.
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 . Thi s 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.
20
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Basis of Accounting (Continued)
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 .
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
21
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies {Continued)
Basis of Accounting (Continued)
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 Medicaid budget in
2023.
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.
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 LG I P's tight restrictions on the types of investments that can be held in
the fund to limit the District's exposure to losse s 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 .
22
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Cash and Investments (Continued)
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 Receivables/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.
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 th e 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 th e
straight-line depreciation method over the following estimated useful lives :
Asset s Years
Buildings 30
Equipment 3 -15
Vehicles 3-8
23
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies {Continued)
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 .
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 la st two deferred outflows res ult from change s of assumption s or other inputs
on the OPEB obligations and PERSI SL asset.
24
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Deferred Outflows/Inflows of Resources (Continued)
In addition to liabilities, the Statement of Net Position 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 .
Lease Accounting
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.
25
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Lease Accounting (Continued)
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 .
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.
26
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
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 .
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.
27
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
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 fund balance: This classification reflects the constraints imposed on resources either (a) externally by
creditors, grantors, contributions, or laws or regulations of other governments or (b) imposed by law through
constitutional provisions or enabling legislation.
Committed fund 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 fund 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 clas sified as
nonspendable and are neither restricted nor committed.
Unassigned fund 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 .
Recently Adopted Accounting Pronouncements
In May 2020, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 96, Subscription
Based Information Technology Arrangements (SBITAs). The statement will enhance the relevance and reliability
of a government's financial statements by requiring a government to report a subscription asset and subs cription
liability for a SBITA and to disclose essential information about the arrangement . The District adopted this
guidance for the year ended June 30, 2023. The adoption of this guidance did not affect beginning net position
and, accordingly, restatement of beginning July 1, 20 22, net position was not neces sary.
28
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Recently Adopted Accounting Pronouncements (Continued)
In March 2020, the Governmental Accounting Standards Board (GASB) issued GASB Statement No . 94 ,
Public/Private and Public/Public Partnership Arrangements (PPPs). The statement will enhance the reporting
related to PPP agreements . The District adopted this guidance for the year ended June 30, 2023 . There were no
relevant agreements at the time of adoption .
In May 2019, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 91, Conduit Debt
Obligations. The objective of this statement was to provide for a single method of reporting conduit debt
obligations by issuers and eliminate diversity in practice. The District adopted this guidance for the year ended
June 30, 2023. There were no relevant agreements at the time of adoption.
Note 2: Cash and Investments
At June 30, 2023, the carrying amount of the District's cash was $32,859,678 and the bank blance of the District's
deposits was as follows:
Bank Balance
Insured by Federal Depository Insurance $ 500,000
Insured by National Credit Union Share Insurance 250,000
Uninsured and uncollateralized 33,048,137
Totals $ 33,798,137
At June 30, 2023, the cost and fair market value of the District's investments were as follows
Fair Value
Average
Fair Market Maturity in
Deposit and investment type Cost Value Days
Local Government Investment Pool -NAV $ 18,323,467 $ 18,323,467 101
Total investments $ 18,323,467 $ 18,323,467
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, 2023
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, 2023, $33 ,048,137 of the District's deposits and certificates of deposit were exposed to custodial credit risk
because it was uninsured and uncollateralized . Of the investments, $18,323,467 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 IP's safekeeping agent in the LG IP'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 col lateralization 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 Receivables 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, 2023, balances of interfund amounts receivable or payable have been
recorded . The interfund balances at June 30, 2023 , were as follows :
Receivable Payable
General fund $ 3,150,366 $
Debt Service Fund 1,677,315
Non major funds 1,473,051
Total all funds $ 3,150,366 $ 3,150,366
The General Fund transferred $120,870 to Child Nutrition and $385,476 to Capital Projects as required by State
law. The federal programs transferred $86,000 to the General Fund as budgeted for payment of indirect costs .
30
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
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, 2023, 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 FY24 and FY25 . The
following construction contracts were in progress at June 30, 2023:
Expenditures Remaining
Original bid Average% Recorded Construction
Project plus changes complete Currently Obligation
Ammon Cafeteria $ TBD* N/A $ 73,669 $
HHS Stadium TBD* N/A 132,042
Transportation Bus Barn 3,412,398 0.5 % 16,200 3,396,198
Total $ 3,412,398 $ 221,911 $ 3,396,198
*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 of the date of
this report.
31
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 6: Capital Assets
The governmental activities capital asset activity for the year ended June 30, 2023, is as follows:
Restated
Balance
7/1/2022 Increases Deletions Transfers
Balance
06/30/23
Capital assets, not being depreciated:
Land:
Elementary $ 2,873,327 $ -$ {370,700) -$ 2,502,627
Secondary 3,999,515
$
(121,703) 3,877,812
Construction in progress 39,997 234,825 (52,911) 221,911
Total capital assets, not being
depreciated 6,912,839 234,825 {492,403) (52,911) 6,602,350
Capital assets, being depreciated:
Buildings
Elementary 72,265,772 120,217 72,385,989
Secondary 139,254,973 603,428 52,911 139,911,312
Administration 4,761,530 4,761,530
Total buildings 216,282,275 723,645 52,911 217,058,831
Equipment
Elementary 1,330,816 66,474 1,397,290
Secondary 2,444,224 366,518 2,810,742
Administration 2,473,358 818,667 (10,473) 3,281,552
Total equipment 6,248,398 1,251,659 (10,473) 7,489,584
Vehicles 9,555,823 159,865 {241,846) 9,473,842
Total capital assets, being
depreciated 232,086,496 2,135,169 (252,319) 52,911 234,022,257
Accumulated depreciation:
Buildings {86,372,291) {6,426,255) {92,798,546)
Equipment (4,342,165) {443,226) 10,473 (4,774,918)
Vehicles (7,683,412) (491,708) 241,846 (7,933,274)
Total accumulated
depreciation {98,397,868) (7,361,189) 252,319 -{105,506, 738)
Total capital assets, being
depreciated, net 133,688,628 {5,226,020) 52,911 128,515,519
32
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 6: Capital Assets (Continued)
Restated
Balance Balance
7/1/2022 Increases Deletions Transfers 06/30/23
Right of use assets -leases:
Vehicles $ -$ 799,184 $ -$ -$ 799,184
Accumulated amortization (58,952) (58,952)
Total ROU assets -leases, net 740,232 740,232
Right of use assets -Subscription
Based Information Technology
Arrangement Assets:
Software 469,657 208,533 678,190
Accumulated amortization (275,975) (275,975)
Total ROU asset -SBITAs, net 469,657 (67,442) 402,215
Governmental activities capital
assets, net $ 141,071,124 $ (4,318,405) $ (492,403) $ -$ 136,260,316
Depreciation and amortization expense was charged to the functions of the primary government as follows:
Governmental activities
Instruction $ 6,526,103
Support services 275,975
Operations 343,378
Transportation 550,660
Total depreciation expense -governmental activities $ 7,696,116
Note 7: Legal 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, 2023, the limit for the District was 5% of $9,252,12 9,220 or
$462,606,461. The Debt Service Fund had $12 , 779, 722 available and the general obligation debt was $97,970,000
leaving a legal debt margin of $377,416,183.
33
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 8: Long-Term Debt
Changes in long-term liabilities for the year ended June 30, 2023, were as follows :
Governmental activities
Restated
Balance
7/1/2022 Additions Reductions
Balance
06/30/23
Amounts due
Within One
Year
Bonds payable :
Bonds payable* $ 104,480,000 $ -$ (6,510,000) $ 97,970,000 $ 6,800,000
Premium on bonds 9,781,350 (1,288,201) 8,493,149 1,305,211
Total bonds payable 114,261,350 (7,798,201) 106,463,149 8,10 5,211
PERSI (1,267 ,573) 64,215,724 62,948,151
OPEB 2,257,904 73,180 2,331,084
Compensated absences 255,903 10,004 265,907 265,907
Financed purchase agreements 66,498 (21,765) 44,733 22,164
Lease liability** 776,881 (52,387) 724,494 144,374
SBITAs liability*** 496,657 50,784 (265,287) 282,154 230,226
Total $ 116,070,739 $ 65,126,573 $ (8,137,640) $ 173,059,672 $ 8,7 67,882
* See Note 9 for additional information on bond obligations
** See Note 10 for additional information on leas e 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 totalling $114,889, which is equal
to the cost of the capital asset received . Obligations of governmental activities under th is contract for the
remaining contract are as follows :
Year ending June 30: Principal Interest Total
2024 $ 22,164 $ 816 $ 22,980
2025 22,569 411 22,980
Total $ 44,733 $ 1,227 $ 45,960
34
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 9: General Obligation Bond Issues
The District had four general obligation bond issues (2016A, 2016B , 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 2016B 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 2012( bond finalized in March 2023 . Future
debt service requirements are as follows :
Fiscal year ended June 30: Principal Interest Total
2024 $ 6,800,000 $ 4 ,376,800 $ 11,176,800
2025 7,110,000 4,061,625 11,171,625
2026 7,430,000 3,729,800 11,159,800
2027 7,775,000 3,378,638 11,153,638
2028 8,140,000 3,029,925 11,169,925
2029 -2033 42 ,600,000 9,803 ,200 52,403 ,200
2033 -2035 18,115,000 1,064,125 19,179,125
Total $ 97 ,970,000 $ 29,444,113 $ 127,414,113
Changes to bond principal payable and future interst payable are summarized as follows :
Pr incipal 2012C Series 2016A Se ri es 2016B Series 2018 Series 2021 Series Total
Balance at July 1,
2022 $ 1,100,000 $ 47 ,370 ,000 $ 15,405 ,000 $ 28 ,905 ,000 $ 11 ,700 ,000 $ 104 ,480 ,000
Reductions/Pmts {l,100,000) (1 ,085 ,000) (1 ,895 ,000) (2,430 ,000) (6 ,510 ,000 )
Total $ -$ 46,285 ,000 $ 13 ,510 ,000 $ 28,905,000 $ 9,270 ,000 $ 97 ,970,000
Interest 2012C Series 2016A Series 2016B Ser ies 2018 Series 2021 Ser ies Tota l
Balance at July 1,
2022 $ 22 ,000 $ 16 ,437,275 $ 2,546 ,300 $ 14 ,005 ,012 $ 1,110,200 $ 34 ,120,787
Reductions/Pmts (22 ,000) (2 ,153 ,025) (673 ,525) ( 1,408, 724) (419 ,400) (4 ,676 ,674)
Total $ -$ 14 ,284 ,250 $ 1,872 ,775 $ 12,596,288 $ 690 ,800 $ 29 ,444 ,113
Note 10: Leases
Enterprise : The District entered into several Lease Agreements with Enterprise during 2023 . 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 4 .37% and 4 .84% 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
6/30/2023, and are not included in the calculations for the lease liability.
35
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 10: Leases (Continued)
Balance
7/1/2022 Additions Reductions
Amounts due
Within One
Year
Balance
06/30/23
Units 254JLB, 254JSB, 2556GM $ -$ 139,342 $ {11,329) $ 128,013 $ 26,032
Units 254JQT, 254JRC, 254JRJ,
254JRW, 254JSK 216,396 {22,401) 193,995 40,546
Units 254JRW, 2556F7 87,551 (4,001) 83,550 16,142
Units 254JS5, 254JSG, 254JSN,
254JS, 254JT3 202,674 (7,361) 195,313 37,358
Unlts2556D2,2556KJ,255696 130,918 (7,295) 123,623 24,296
Leases payable $ -$ 776,881 $ (52,387) $ 724,494 $ 144,374
Future minimum lease payments as of June 30, 2023, are:
Principal Interest Total
2024 $ 144,374 $ 32,579 $ 176,953
2025 150,866 26,087 176,953
2026 157,650 19,302 176,952
2027 164,740 12,213 176,953
2028 106,864 4,804 111,668
Total $ 724,494 $ 94,985 $ 819,479
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 whi ch includes annual payments for 3 Years with an imputed interest rate of .43%.
36
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 11: SBITAs (Continued)
The following represents the subscription-based liabilities for the District and liability outstanding at June 30:
Restated Amounts due
Balance Balance Within One
7/1/2022 Additions Reductions 06/30/23 Year
Swift K12 $ -$ 50,784 $ (14,942) $ 35,842 $ 16,868
Renaissance 426,750 (196,269) 230,481 197,525
Gabbart 42,907 (27,076) 15,831 15,833
SBITAs payable $ 469,657 $ 50,784 $ (238,287) $ 282,154 $ 230,226
Principal Interest Total
2024 $ 230,226 $ 4,142 $ 234,368
2025 50,465 1,141 51,606
2026 1,463 56 1,519
Total $ 282,154 $ 5,339 $ 287,493
Note 12: Non-Monetary Transactions
The District received $345,887 in USDA Commodities during the 2022-2023 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 13: Payroll Expenditures and Related Liabilities
Teacher contracts were signed for the period September 2022 through June 2023, to be paid over the twelve
months of September 2022 through August 2023. The financial statements reflect the salary expense for this
period. The accrued payroll reflects the final two months of these contracts .
Note 14: 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, 2022 , the measurement date,
there were 989 active participants and 25 inactive participants.
37
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 14: Other Postemployment Benefits (Continued)
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 $41,594 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, 2023, and the total other
post-employment benefit liability was determined by an actuarial valuation as of June 30, 2023.
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, 2023, 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, 2023.
Inflation 2.50%
Salary increases 3.05%
Discount rate 4.25%
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, 2023
Total OBEB liability $ 2,331,084
Covered employee payroll 56,355,247
Total OPEB liability as a % of covered employee payroll 4 .14 %
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 th e valuation date and the fiscal year end . Any significant changes
during this period mu st be reflected as pres cribed by GA SB 75 .
38
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 14: Other Postemployment Benefits (Continued)
Discount Rate
Discount Rate* 4.2 5 %
*The discount rate was based on the average of multiple 6/30/20 municipal bond rate sources .
Changes Since Prior Valuation
None
Changes in Total OPEB Liability
Changes in total OPEB liability
Increase
(Decrease) Total
OPEB Liability
Balance as of June 30, 2022 $ 2,257 ,904
Changes for the year:
Service cost 229,248
Interest on total OPEB liability 82,311
Differences in experience (74,012)
Changes of assumptions or other inputs (122,773)
Benefit payments (41,594)
Balance as of June 30, 2023 $ 2,331,084
Sensitivity Analysis
The following presents the total OPEB liability of the District, calculated using the discount rate of 4 .25%, 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 (3.25%) or 1 percentage point higher(5 .25%) than the current rate .
June 30, 2023
1% Decrease
3.25%
Discount Rate
4.25%
1% Increase
5.25%
Total OPEB liability $ 2,496,408 $ 2,331,084 $ 2,176,172
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, 2023 to 3.5%) to 4.5%) to 5.5%)
Total OPEB liability $ 2,072,852 $ 2,331,084 $ 2,637,738
39
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 14: Other Postemployment Benefits (Continued)
July 1, 2022 to
OPES Expense June 30, 2023
Service cost $ 229,248
Interest on total OPEB liability 82,311
Recognition of experience gains and losses (257 ,590)
Recognition of assumption changes or inputs (111,616)
OPEB expense $ (57,647)
Other Post-Employment Benefits Expense 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) $ (201,196) $ 123,053
Changes of assumptions or other
i nputs 137,467 June 30, 2019 14.53 9,461 99,623
Differences between expected and
actual experience/changes in
assumptions (1,213,590) June 30, 2020 15.34 (79,112) (976,254)
Changes of assumptions or other
inputs 67,752 June 30, 2021 14.50 4,673 58,406
Differences between expected and
actual experience/changes in
assumptions (2,473,378) June 30, 2022 9 (274,820) (1,923, 738)
Differences between expected and
actual experience/changes in
assumptions (196,785) June 30, 2023 9 (174,920)
Total $ (3 , 794,392) $ (347,341) $ (3 ,276,108) $ 281,082
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
2024 $ (369,206)
2025 (369,206)
2026 (369,206)
2027 (369,206)
2028 (369,206)
Thereafter (1,148,996)
*Note that additional future deferred inflows and outflows of resources may impact these numbers.
40
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 15: 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 Contributions
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, 2023 as contributions were suspended on January 1, 2020.
OPEB Liabilities, OPEB Expense (Expense Offset), and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
At June 30, 2022 the District reported an asset for its proportionate share of the net OPEB asset . The net OPEB
asset was measured as of June 30, 2022, 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 , 2022 , the District's proportion was 3.5226265%.
For the year ended June 30 , 2023, the District recognized OPEB expense offset of $344,453 . 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.
41
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 15: PERSI Sick Leave Insurance Reserve Fund (Continued)
At June 30, 2023, 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
Resources
Deferred Inflow
of Resources
Difference between expected and actual experience $ 1,116,953 $
Changes in assumptions or other inputs 523,463 1,204,599
Net difference between projected and actual earnings on OPEB plan
investments 647,757
Total $ 2,288,173 $ 1,204,599
Amounts currently reported as deferred outflows of resources and deferred inflows of resources related to other
post-employment benefits will be recognized in OPES expense as follows:
Year Ending June 30
2024 $ 229,340
2025 245,550
2026 145,094
2027 497,488
2028 (32,251)
Thereafter (1,647)
Actuarial Assumptions
Valuations are based on actuarial assumptions, the benefit formulas, and employee groups. The Sick Leave Plan
amortizes any net OPES 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 OPES liability in the June 30 ,
2022, 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 OPES 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 be nefit 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
42
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 15: PERSI Sick Leave Insurance Reserve Fund (Continued)
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 .
4 3
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 15: PERSI Sick Leave Insurance Reserve Fund {Continued)
Capital Market Assumptions
Asset Class
Target
Allocation
Expected Rate
of Return
(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 %
Discount Rate
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, 2022, 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 :
1% Decrease
4.45%
Current Single
Discount Rate
Assumption 5.45%
1% Increase
6.45%
Employer's proportionate share of the net
OPEB liability (asset) $ (1,892,054) $ (2 ,681,672) $ (3,403,654)
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, 2023, 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.
44
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 16: 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.pers i.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
$7,870,906 for the year ended June 30, 2023 .
Pension Liabilities, Pension Expense (Revenue), and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
At June 30, 2023, the District reported a liability for its proportionate share of the net pension liability. The net
pension liability was measured as of June 30, 2022, 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, 2022, the District's proportion was
1.59817%.
45
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 16: Pension Plan (Continued)
For the year ended June 30, 2023, the District recognized pension expense offset of $7,920,634. At June 30, 2023,
the District reported deferred outflows of resources and deferred inflows of resources related to pensions from
the following sources:
Deferred
Outflows of
Resources
Deferred Inflow
of Resources
Difference between expected and actual experience $ 6,921,999 $ 280,959
Changes in assumptions or other inputs 10,262,436
Net difference between projected and actual earnings on pension plan
investments 14,483,625
Changes in the employer's proportion and differences between the
employer's contribution and the employer's proportionate contributions (1,103,175)
District contributions subsequent to the measurement date 7,870,905
Total $ 38,435, 790 $ 280,959
$7,870,905 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, 2024 .
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, 2021, the beginning of the measurement period
ended June 30, 2021, is 4 .6 years and 4.6 years for the measurement period ended June 30, 2022.
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
2024 $ 6,919,858
2025 7,799,758
2026 3,587,208
2027 11,977,102
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 .
46
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 16: Pension Plan (Continued)
The total pension liability in the June 30, 2022, actuarial valuation was determined using the following actuarial
assmptions, 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 allocat ion 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 . The capital market
assumptions are as of 2022 .
47
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 16: Pension Plan (Continued)
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 Rate
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 Employer'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, 2022, 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:
1% Decrease
5.35%
Current Single
Discount Rate
Assumption 6.35%
1% Increase
7.35%
Employer's proportionate share of the net
OPEB liability (asset) $ 111,097,322 $ 62,948,151 $ 23 ,539,301
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.
48
Bonneville Joint School District #93
Notes to Financial Statements
June 30, 2023
Note 16: Pension Plan (Continued)
Payables to the Pension Plan
At June 30, 2023, 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 17: Subsequent Events
Management of the District evaluated subsequent events through October 11, 2023, 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.
49
Required Supplemental Information
Bonneville Joint School District #93
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget to Actual
General Fund
Original and
Final Budget YearEndedJune3~2023 Actual
Variance with
Final Budget
Revenues
Property Taxes $ 5,975,000 $ 5,810,012 $ (164,988)
Investment Earnings 659,835 659,835
Tuition Revenue 50,000 19,019 (30,981)
Rental Revenue 30,000 41,704 11,704
Other Local Revenue 446,702 720,471 273,769
State apportionment
State Apportionment -Base 71,659,306 72,157,657 498,351
State Apportionment -Transpo rtation 2,800,000 3,236,118 436,118
State Apportionment -Exceptional Child 25,000 (25,000)
State Paid Benefits 9,322,925 9,333,563 10,638
Revenue in Lieu of Taxes 248,027 229,130 (18,897)
Other state revenue for GF-BS 5,940,316 6,402,549 462,233
Total revenues 96,497,276 98,610,058 2,112,782
Expenditures
Instruction
Elementary 24,553,378 24,292,097 261,281
Secondary 23,872,121 23,842,353 29,768
Alternative School 735 ,514 680,213 55,301
Special education program 8,798,195 8,715,390 82,805
Special ed preschool program 322,829 183,298 139,531
Gifted and Talented 305,072 310,946 (5,874)
Interscholastic Program 1,260,403 1,232,319 28,084
School Activities 236,990 289,556 (52,566)
Total instruction 60,084,502 59,546,172 538,330
Support services
Support -Attendance, Guidance 3,422,208 3,629,875 (207,667)
Support -Special Services 3,599,027 3,033,194 565,833
Support -Instructional Improvement 2,777 ,570 2,511,956 265,614
Support -Educational Media 1,046,506 947,538 98,968
Support -In struction Related Technology 2,011,691 1,825,423 186,268
Total support services 12,857,002 11,947,986 909,016
See notes to required supplementary information . 51
Bonneville Joint School District #93
Statement of Revenues, Expenditures, and Changes in Fund Balance -Budget
to Actual (Continued)
General Fund
Yea r EndedJune3~2023
Original and
Final Budget Actual
Variance with
Final Budget
Administration
Board of education $ 351,360 $ 394,786 $ (43 ,426)
District administrat ion 383,218 366 ,268 16,950
School adm in istration 6,833,341 6,625,870 207,471
Total administration 7,567,919 7,386,924 180,995
Bus i ness operations
Bus iness operation s 2,029 ,049 1,830,018 199,031
Central Services 170,434 157,274 13,160
Administrative technology service s 40,000 6,297 33 ,703
Total business administration services 2,239,483 1,993,589 245 ,894
Operations
Bu ilding care (custodial) 5,673 ,265 3,525,132 2,148,133
Maintenance 3,543 ,631 2,952,997 590,634
Security 531,043 524,244 6,799
Total operations 9,747,939 7,002,373 2,745 ,566
Transportation 4,769,011 4,521,456 247,555
Community service 149,282 199,135 (49 ,853)
Debt Serv ice 199,000 (199 ,000)
Cont ingency -Budget only 3,230,782 3,230,782
Total expenditures 100,645 ,920 92 ,796,635 7,849 ,285
Revenues over (under) expenditures (4 ,148,644) 5,813,423 9,962 ,067
Other financing sources (uses)
Transfers In 72 ,000 86,000 14,000
Transfers Out (533 ,000) (506,346) 26 ,654
Total other financing sources (uses) (461,000) (420,346) 40,654
Net change in fund balance $ 1416091644) 5,393 ,077 ~ 10,002.721
Fund balance at beginning of year 6,964,282
Fund balance at end of year $ 12,357.359
See notes to required supplementary information . 52
Bonneville Joint School District #93
Statement of Revenues, Expenditures, and Changes in Fund Balance -Budget
to Actual
Medicaid
Original and
Final Budget
Variance with
Final Budget Year Ended June 30, 2023 Actual
Revenues
Other local Revenue $ 850 ,000 $ -$ (850,000)
Federa l grants and assistance 3,843,492 4,185,381 341 ,889
Total revenues 4,693 ,492 4,185,381 (508,111)
Expenditures
Instruction 1,470,849 1,336 ,434 134,415
Support serv ices 3,222,643 2,848,947 373 ,696
Total expend itures
Revenues over (under) expenditures
Fund balance at beginning of year
4,693 ,492
$ 0
4,185,381
0
0
~
508 ,111
0
Fund balance at end of year $ 0
See notes to required supplementary informat ion . 53
Bonneville Joint School District #93
Schedule of District's of Proportionate Share of the Net OPEB Liability and
Related Ratios
Last Ten Fiscal Years *
2023 2022 2021 2020 2019 2018
Total OPEB liability
Serv ice co st $ 229 ,248 $ 545 ,698 $ 548,323 $ 513,403 512 ,500 456 ,245
Interest on the total OPEB
liab ility 82 ,311 101,373 109,465 168,399 147,380 149 ,723
Differences in experience (74 ,012) (454 ,904) (512 ,762) (298 ,301 )
Effect of assumption changes or
inputs (122 ,773) (2 ,018,474) 67 ,752 (700,828) 137,467 182,443
Expected benefit payments (41 ,594) (217 ,378) (202 ,290) (246 ,776) (197,261) (176 ,160)
Netchange intotalOPEB
liab i lity 73 ,180 (2 ,043 ,685) 523 ,250 (778,564) 600,086 313 ,950
Total OPEB liability, beginning 2,257 ,904 4,301,589 3,778 ,339 4,556,903 3,956,817 3,642 ,867
Total OPEB liability, ending $ 2,331,084 $ 2,257 ,904 $ 4,301,589 3,778 ,339 4,556,903 3,956 ,817
Covered -employee payroll $ 56 ,355 ,247 $ 56 ,355 ,247 $ 45 ,100,125 $ 43 ,470,000 $ 45 ,056 ,550 $43,428,000
Total OPEB liability as a percentage of
covered valuation payroll 4 .14 % 4 .01 % 9 .54 % 8.69 % 10 .11 % 9.11 %
* 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 information . 54
Bonneville Joint School District #93
Schedule of Employer's Share of the Net OPEB Asset
PERSI Sick-Leave Plan Last 10 Fiscal Years*
Fiscal Year Ended June 30, 2023
2022 2021 2020 2019
District's portion of the net OPES asset 3.S22626S % 3.S22626S % 3.S22626S % 3 .6101186 %
District's proportionate share of the net OPES asset 2,681,672 S,11S,S73 4,337,431 3,4S7,786
District's covered -employee payroll 63,024,076 S9,8SS,707 S4,260,793 Sl,263,S09
District's proportionate share of the net OPES asset as a
percentage of its covered-employee payroll 4 .2SS % 8.S47 % 7.994 % 6.74S %
Plan fiduciary net position as a percentage of the total OPES
asset 127 .21 % 1S2.61 % 1S2.87 % 138.Sl %
2018 2017
District's portion of the net OPEB asset 3 .396S902 % 3.1983609 %
District's proportionate share of the net OPES asset 2,817,300 2,4SS,1SS
District's covered payroll 4S,7S6,462 38,322,048
District's proportionate share of the net OPES asset as a
percentage of its covered -employee payroll 6 .1S7 % 6 .407 %
Plan fiduciary net position as a percentage of the total OPES
asset 13S.69 % 136.78 %
*GASB Statement No. 7S 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, 2022 (measurement date)
See notes to required supplementary information. SS
Bonneville Joint School District #93
Schedule of Employer Contributions
PERSI Sick Leave Plan Last 10 Fiscal Years*
Fiscal Year Ended June 30, 2023
2023 2022 2021 2020
Statutorily required contributions 0 0 0 157,357
Contributions in relation to the contractually required
contributions 0 0 0 157,356
Contribution deficiency (excess) 0 0 0 1
District's covered-employee payroll 65,920,483 63,024,076 59,855,707 54,260,793
Contributions as a percentage of covered payroll 0.00 % 0.00 % 0.00 % 0.29 o/c
2019 2018
Contractually required contributions 594,657 530,775
Contributions in relation to the contractually required
contributions 594,657 530,775
Contribution deficiency (excess) 0 0
District's covered payroll 51,263,509 45,756,462
Contributions as a percentage of covered payroll 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, 2023 (reporting date)
See notes to required supplementary information . 56
Bonneville Joint School District #93
Schedule of Employer's Share of the Net Pension Liability
PERSl-Base Plan Last 10-Fiscal Years*
Fiscal Year Ended June 30, 2023
2022 2021 2020 2019 2018
District's proportion of the net pension
liability (percentage) 1.59817258 o/c 1.60497000 o/c L0 .00000000 o/c 1.50930670 o/c 1.41939760 o/c
District's proportional share of the net
pension liability (amount) 62,948,151 (1,267,573) 35,383,980 17,228,315 20,936,362
District's Covered Payroll 63,024,076 59,855,707 54,260,793 51,263,509 45,756,462
District's proportionate share of the net
pension liability as a percentage of it s
covered payroll 99 .88 o/c (2 .12)% 65 .21 o/c 33.61 o/c 45.76 o/c
Plan fiduciary net position as a percent of
total pension liab ility 83.09 o/c 100.36 o/c 88.22 o/c 93.79 o/c 91.69 o/c
2017 2016 2015 2014
District's proportion of the Net Pension
Liability (percentage) 1.31157080 o/c 1.30930460 % 1.31379730 o/c 1.28926520 %
District's Net Pension Liability (amount 20,615,640 26,541,615 17,300,573 9,491,010
Di strict's Covered Payroll 40,809,784 38,322,048 36,799,863 34,937,428
District's Proportionate Share as a percent
of Covered Payroll 50.52 o/c 69 .26 o/c 47.01 o/c 27 .17 %
Plan Fiduciary Net Position as a percent of
Total Pension Liability 90 .68 o/c 87.26 % 91.38 o/c 94.95 %
* GASB Statement No. 68 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 .
The amounts presented for each fiscal year were determined as of June 30, 2022 the measurement date.
See notes to required supplementary information. 57
Bonneville Joint School District #93
Schedule of Employer Contributions
PERSl-Base Plan Last 10-Fiscal Years*
Fiscal Year Ended lune 30, 2023
2023 2022 2021 2020 2019
Statutoril y requ ired contribut ions 7,870,906 7,525 ,075 7,146,771 6,478,739 5,803,029
Contri butions in relation to the statutorily
r equired contributions 7,870,906 7,525 ,075 7,146,773 6,478,608 5,803 ,027
Contribution (deficiency)/excess 0 0 2 (131) (2)
District 's covered payroll 65,920,483 63,024,076 59,855,707 54,260,793 51,263,509
Contri butions as a percent of covered
payroll 11.94 % 11.94 % 11.94 % 11.94 % 11.32 %
2018 2017 2016 2015
Contractually Requ i red DB Contribution s 5,179,631 4,619 ,668 4,338,056 4,165,744
Contributions in Relation to the
Contractually Required Contributions 5,179,635 4,619,665 4,338,975 4,165 ,658
Contribution Defic iency (Excess) 4 (3) 919 (86)
District's covered payroll 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 %
* GASB Statement No . 68 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 .
The amounts presented for each fiscal year were determined as of June 30, 2023 the most recent fiscal year end .
See notes to required supplementary information . 58
Bonneville Joint School District #93
Notes to Required Supplementary Information
Fiscal Year Ended June 30, 2023
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 .
59
Supplementary Information
Bonneville Joint School District #93
Combining Balance Sheet -All Nonmajor Funds
Hill crest stadium Professional Public School Idaho Substance
June 30, 2023 Child Nutri t i on Fund E-RATE Spe ci al Pr ojects Fund con struct ion Student Activities Bonn Ed Fdn Te chnical Technology Abuse
Assets
Cas h and cash equiva lents 2,633,506 $ 412,495 $ 2,627,110 $ 1,473,000 $ 2,272,630 $ - $
1,125,762 $ 7 10,303 $ 269,314
Fe dera l grants/contracts
Ot her Rece ivab les 34,291 827,668 275
Inventories 187,860
Total assets 2,855,657 $ 412,495 $ 3,454 ,778 $ 1,473,000 $ 2,272,630 $ -$ 1,126,037 $ 710,303 $ 269,314
Liabilities and fund equity
Liabili t ies
Acco unts payable $ 157,052 $ -$ 20,633 $ 110,463 $ 12 7,308 $ -$ 13,464 $ 2,025 $ 6,249
Wages paya ble 196,938 181 8,167
Benefits paya ble 104,441 1,730
lnterfu nd payab le 46,056
Tota l liabilities 504,487 20,814 110,463 127,308 23,361 2,025 6,249
Fund equity
Nonspendab le 187,860
Restricted 2,163,310 412,495 3,433,964 1,362,537 2,145,322 1,102,676 708,278 263,065
Total fund equity 2,351,170 412,495 3,433,964 1,362,537 2,145,322 1,102,676 708,278 263,065
Total liabilities and fund
equity 2,855,657 $ 412,495 $ 3,454,778 $ 1,473,000 $ 2,272,630 $ -$ 1,126,037 $ 710,303 $ 269,314
See Independent Aud itor's Report on Supplementary Information. 61
Bonneville Joint School District #93
Combining Balance Sheet -All Non major Funds
ESSER II (State Set Improving Basic
June 30, 2023 Forest Reserve Fund ESSER I Aside & General) ES SER Ill Pro1rams Migr ant Education IDEA School Age IDEA Presc hool ARP IDEA funds
Assets
Cash and cas h eq u iva lents $ 260,709 $ -$ -$ -$ - $ -$ -$ -$
Federal grants/contracts 150 243,996 469,218 18,332 1,201,143 18,439 90,897
Ot her Receivables 350
Inven tories
Total assets $ 260,709 $ -$ 150 $ 243,996 $ 469,2 18 $ 18,682 $ 1,201,143 $ 18,439 $ 90,897
Liabilities and fund equity
Liabi lities
Acco u nts p ayab le $ -$ -$ 150 $ 57,635 $ 7,258 $ so$ 6,400 $ - $
Wages payable 61,307 166,123 4,520 227,883 6,692
Benefi t s payab le 12,692 55 ,889 2,906 123,845 5,653
lnterfund p ayable 112,362 239,948 11,206 843,015 6,094 90,897
To t al liabi lities 150 243,996 469,218 18,682 1,201,143 18,439 90,897
Fu nd equit y
Nonspendable
Rest rict ed 260,709
Total fund equity 260,709
Total liabi liti es an d fund equity $ 260,709 $ -$ 150 $ 243,996 $ 469,218 $ 18,682 $ 1,201,143 $ 18,439 $ 90,897
See Independent Auditor's Report on Supplementary Information . 6 2
Bonneville Joint School District #93
Combining Balance Sheet -All Nonmajor Funds
Perkins Ill
Professional Supporting Effective Total
June 30, 2023 Title IV Technical Title Ill Instruction Premium Pay Con struction Funds Nonmajor Funds
Assets
Cash and cash equ ivalents -$ -$ -$ -$ -$ -$ 11,784,829
Federal grants/contracts 37,525 10,518 86,3 51 2,176,569
Ot her Receivables 862,584
Inventories 187,860
Total assets $ 37,525 $ -$ 10,5 18 $ 86,351 $ -$ -$ 15,011,842
Liabilities and fund equ i ty
liabilities
Accounts payable $ -$ -$ -$ 5,765 $ -$ -$ 514,452
Wages payable 4,2 83 676,094
Be nefits payable 872 308,028
lnterfund payable 37,525 5,363 80,586 1,473,052
Tota l liabilities 37,525 10,518 86,351 2,971,626
Fund equity
Nonspendable 187,860
Restricted 11,852,356
Tota l fund equity 12,040,216
Total liabilities and fund equity 37,525 $ -$ 10,518 $ 86,351 $ -$ -$ 15,011,842
See Independent Auditor 's Report on Supplementary Information . 63
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Bonneville Joint School District #93
Combining Schedule of Revenues, Expenditures and Changes In Fund Balances -All Nonmajor Funds
Hillcrest stadi um Professi onal Public School Idaho Sub stance
Year Ende d Ju ne 30, 2023 Child Nutrition Fund E-RATE Special Projects Fund construction Student Activi t ies Bonn Ed Fdn Technical Technology Abuse
Revenues
Investment Ea rn ings $ 12,407 $ -$ -$ -$ 2,284 $ - $ - $ - $
Food Service Revenue 1,214,316
Ot her loca l 8,583 25,482 1,273,004 1,500,000 3,680,647 62,520
Other state reven ue 522,767 1,037,709 1S7,147
Federa l grants and assistance 3,166,998
Total revenues 4,402,304 2S,482 1,273,004 1,S00,000 3,682,931 62,S20 S22,767 1,037,709 1S7,147
Expenditures
Ins t ruc t ion
Elementary 163,017 7,406
Secondary 86,010 43,8 0S
Alternative Sc hoo l 94
Interscholast ic Program 8,800 11,000
Specia l ed ucation prog ram
Specia l ed preschoo l program
Sc hool Activi t ies
Su mmer School 1,168
Vocational 298,933
Support services
Attendance, guidance, and heal t h 322 117
Specia l ed support services
Ins t r uctiona l improvement 92,290 30,22S
Educationa l med ia 3S,000 113
Ins t r uction re lat ed technology 66,S26 26,471 1S6,S41 1,481,876
Sc hoo l administra t ion 79 11,842
Business operations
Operatio ns S,911 186,007
Transporta tion 3S8
Comm uni ty services 40,1S8
Non -In structio nal 4,746,076 4,06S
Student Act ivites 3,616,lSl
Facility acquisi t ion 23 ,162 137,463
De bt service:
De bt Service -Principal 42,017
De bt Service -Interest 1,9S3
Total expenditures 4,746,076 66,S26 486,826 137,463 3,616,lSl 62,S20 497 ,S41 1,S25,846 186,007
Reve nu e over (und er) expe nditures (343,772) (41 ,044) 786,178 1,362,S37 66,780 2S ,226 (488,137) (28,860)
Other financing sources (uses)
Tra nsf ers In 120,870
Tra nsfers Ou t (60,000)
Proceeds fro m o bliga t ions S0,784
Total other fina ncing sources
(uses ) 60,870 S0,784
Net change in fund balances (282,902) (41,044) 786,178 1,362,S37 66,780 2S,226 (437,3S3) (28 ,860)
Fund balances, beginning of year 2,634,072 4S3,S39 2,647,786 2,078,S42 l ,077,4SO 1,145,631 291,925
Fund balances, end of yea r 2,3Sl,170 $ 412,49S $ 3,433,964 $ l ,362,S37 $ 2,14S,322 $ 0 $ 1,102,676 $ 708,278 $ 263,06S
See Independent Auditor 's Report on Supplementary Information . 64
Bonneville Joint School District #93
Combining Schedule of Revenues, Expenditures and Changes In Fund Balances -All Nonmajor Funds
Year Ended June 30, 2023 Forest Reserve Fund ESSER I
ESSER II (Sta t e Se t
As i de & General) ESSER Ill
Improving Basi c
Programs Migrant Edu cati on IDEA Sc hool Age IDEA Preschool ARP IDEA fund s
Revenue s
Investment Earnings -$ -$ -$ -$ -$ -$ -$ -$
Food Service Revenue
Ot her local
Other sta te reve nue
Federa l gra nts an d assistance 41,036 4,085 24,471 6,697,927 1,4 34,866 61,591 2,693,747 58,567 592,513
Total revenue s 41,036 4,085 24,471 6,697,927 1,434,866 61 ,591 2,693,747 58,567 592,513
Expenditures
Instruct ion
El ementary 1,386,013 1,007,154
Seconda r y 150 613,640 10,398
Alternative Sc hool 5,468
Interscholastic Program 3,642
Special education program 2,029,556 427,234
Spec ial ed preschool program 10,362 58 ,567 55 ,919
Sc hool Activities 16,918
Summer Schoo l 79,025 15,082
Vocational
Support services
Attenda nce , guidance, and health 69,418 15,182 46,S09
Special ed support services 653,829 109,360
Instruct ional improvement 189 1,090,135 287,622
Educationa l media 63 ,985 9,485
Instruction relat ed technology 2,606 11,281 119,947
Sc hool administration 1,290 209,923
Business operations 251,386
Operations 13,040 2,577,453
Transportation 150,768
Com mun ity services 5,491
No n -In structional 150,658
Student Activites
Fac ility acquisition
Debt service :
Debt Service -Principal
Debt Service -Interest
Total expenditures 16,918 4,085 24,47 1 6,697,927 1,408,866 61 ,591 2,693,747 58,567 592,513
Reve nu e over (under) expenditures 24,118 26,000
Other financing sources (uses)
Trans f ers In
Transfers Out (26,000)
Proceeds from o bl igat io ns
To t al other fi nancing sources
(uses) (26,000)
Net change in fund balances 24,118
Fund balances, beginni ng of yea r 236,591
Fund balances, end of year $ 260,709 $ -$ -$ -$ -$ -$ -$ -$
See Independent Aud itor's Report on Supplementary Information . 65
Bonneville Joint School District #93
Combining Schedule of Revenues, Expenditures and Changes In Fund Balances -All Nonmajor Funds
Year Ended June 30, 2023 Title IV
Perkins Ill
Professional
Technical Title 111
Supporti ng Effective
Instruction Premium Pa:t Construction Funds
Total
Nonmaj or Funds
Revenues
Investment Earnings -s -$ -$ - $ -$ 33,846 $ 48,537
Food Service Revenue 1,214,316
Other local 6,550,236
Other state revenue 1,717,623
Federal ~rants and assista nce 160,382 153,463 61,808 382,829 1,376,263 16,910,546
Total revenues 160,382 153,463 61,808 382,829 1,376,263 33,846 26,441,258
Expenditures
In struction
Elementary 119,456 37,459 560,985 3,281,490
Secondary 18,247 535,037 1,307,287
Alternative Sc hool 14,621 20,183
Intersc holastic Program 1,814 25,256
Special education program 106,069 2,562,859
Special ed preschool program 10,978 135,826
School Activities 16,918
Summer School 5,830 1,829 102,934
Vocational 153,463 452,396
Su pport services
Attendance, guidance, and health 63,958 195,506
Special ed su pport services 35,325 798,514
Instructional improvement 35,096 6,102 382,829 32,868 1,957,356
Educational media 10,962 119,545
In st ruction related t echnology 188,430 2,053,678
School administration 223,134
Business operations 251,386
Operations 1,817 486,128 3,270,356
Transportation 151,126
Comm un ity services 45,649
Non -In structional 4,900,799
Student Activites 3,616,151
Facility acquisition 1,455,819 1,616,444
Debt service:
Debt Service -Principal 42,017
Debt Service - Interest 1,953
Total expenditures 160,382 153,463 61,808 382,829 1,376,263 2,130,377 27,148,763
Revenue over (under) expenditures (2 ,096,531 ) (707,505)
Other financing sources (uses)
Transfers In 120,870
Transfers Out (86,000)
Proceeds from obligations 50,784
Total other financing so urces (uses) 85,654
Net change in fund balances (2,096,531) (621,851 )
Fund balances, beginning of year 2,096,531 12,662,067
Fund balances, end of year $ -$ -$ - $ -$ -$ - $ 12,040,216
See Independent Auditor's Report on Supplementa ry Information. 66
Bonneville Joint School District #93
Schedule of Taxes Receivable
General Fund Debt Service Capita l Projects
Year Ended June 30, 2023 Total 2022
2022
and prior Total 2022
2022
and prior Total 2022
2022
and prior
Unavailable balance at July 1, 2022 $ 176,889 $ -$ 176,889 $ 297,882 $ -$ 297,882 $ 83,479 $ -$ 83,479
Additions
2020 roll charges
Subsequent additions and
cancellations
5,833,936 5,833,936 4,025,571 4,025,571
(7,471) (7,220) {251) (5,351) (4,980) (371)
2,816,381
{3,610)
2,816,381
(3,486 ) {124)
Total additions 5,826,465 5,826,716 (251) 4,020,220 4,020,591 {371) 2,812,771 2,812,895 {1 2 4)
Deductions
Collections Received 3,814,603 3,684,172 130,431 2,760,903 2,542,974 217,929 1,839,715 1,778,562 61,153
Current amount due on taxes
collected by the counties 1,992,246 1,983,683 8,563 1,382,942 1,368,058 14,884 961,770 957,642 4 ,128
Total deductions 5,806,849 5,667,855 138,994 4,143,845 3,911,032 232,813 2,801,485 2,736,204 65,281
Unavailable balance at June 20,
2023 $ 196,505 $ 158,861 $ 37,644 $ 174,257 $ 109,559 $ 64,698 $ 94,765 $ 76,691 $ 18,074
See Independent Auditor's Report on Supplementary Information. 67
Bonneville Joint School District #93
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2023
Pass -Through
Federal AL Entity Identifying Disbursements
Federal Grantor I Pass-Through Grantor I Program Title Number Number I Expenditures
United States Dei;iartment of Agriculture
Passed through Idaho State Department of Education:
Child Nutrition Cluster
School Breakfast Program 10.553 202222Nl109947 $ 47 ,151
202323Nl109947 327 ,193
Total AL# 10 .553 374,344
National School Lunch Program -cash 10 .555 202222Nl109947 873 ,321
202323Nll09947 1,378 ,339
National School Lunch Program -commodities 10 .555 345 ,887
COVID -19 Emergency Food Serv ice Grant 10.555 202323N110994 7 383 ,822
Total AL# 10.555 2,981 ,369
Fresh Fruit and Vegetables Program 10.582 202222L160347 77,424
Summer Food Service Program for Children 10.559 202222NI09947 34,291
Total Child Nutrition Cluster 3,467,428
Total Passed through the Idaho Department of Education 3,467,428
Passed through Bonneville County:
Federal Forest 10.665 16,918
Total U.S . Department of Agriculture 3,484,346
United States Dei;iartment of TreaSU!Y
Passed through Idaho State Department of Education :
COVID19 -Coronavirus State and Local Fiscal Recovery
Funds 21.027 SLFRP0142 1,376,263
Total Passed through Idaho Department of Education 1,376 ,263
Total Department of Treasury 1,376 ,263
United States Dei;iartment of Education
Passed through Idaho State Department of Education:
Title I Grants to Local Educational Agencies 84 .010 S010A220012 579 ,970
S010A190012 854,896
Total AL# 84.010 1,434,866
Migrant Education Program 84 .011 S011A220012 37,115
S011A210012 24,476
Total AL# 84.011 61,591
Special Education Cluster
Special Educat ion -School -age 84 .027 H027A220088 2,295 ,702
H027A210088 398 ,045
COVID19 -Special Education -School -age H027X210088 542 ,078
Total AL# 84 .027 3,235 ,825
See Independent Accountant's Audit Report.
68
Bonneville Joint School District #93
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2023
Pass-Through
Federal AL Entity Identifying Disbursements
Federal Grantor I Pass-Through Grantor I Program Title Number Number I Expenditures
United States Department of Education
Passed through Idaho State Department of Education :
Special Education -Preschool 84.173 H173A220030 $ 45,619
H173A210030 12,948
COVID19 -Special Education -Preschool H173X210030 50,435
Total AL# 84.173 109,002
Total Special Education Cluster 3,344,827
English Language Acquisition 84 .365 S365A220012 45,729
S365A210012 16,079
Total AL# 84.365 61,808
Supporting Effective Instruction 84.367 S367 A220011 375,803
S367 A210011 7,026
Total AL# 84.367 382,829
Student Support and Academic Enrichment 84.424 S424A220013 160,382
COVID19 -Elementary and Secondary School Emergency
Relief -I 84.4250 S4250200043 4,085
COVID19 -ESSER -II 84.425R S425R200043 24,471
COVID19 -ESSER -Ill 84.425U S425U200043 6,697,927
Total AL# 84.425 6,726,483
Total Passed through Idaho State Dept. of Education 12,1 72,786
Passed through Idaho State Department of Professional Technical:
Vocational Education 84.048 V048Al70012 153,463
Total U.S. Department of Education 15,810,595
Total Expenditures of Federal Awards $ 20,671,204
See Independent Accountant's Audit Report .
69
Bonneville Joint School District #93
Notes to Schedule of Expenditures of Federal Awards
Note A: General
The accompanying schedule of expenditures of federal awards (the "Schedule ") includes the federal grant activity
of the Bonneville Joint School District #93 under programs of the federal government for the year ended June 30 ,
2023 . 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 Princ iples, and Audit Requirements for
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: Nonmonetary Transactions
Non monetary 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
ofthose commodities in inventory at June 30, 2023 .
Note D: Indirect Cost Rate
The District has elected not to use the 10-percent de minim is indirect cost rate allowed under the Uniform
Guidance .
Note E: Subrecipients
The District has no subrecipients or subrecipient expenditures.
70
WIPFLI
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
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 Auditing Standards, issued by the
Comptroller General of the United States , the financial statements of the governmental activities, each major
fund and the aggregate remaining fund information of Bonneville Joint School District #93 , as of and for the year
ended June 30 , 2023 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 11, 2023 .
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 op inion 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 deficiency 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 Bonneville Joint School
District #93 's financial statements will not be prevented or detected and corrected on a timely basis . A significant
deficiency 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 the 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
71
Standards.
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 Auditing 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 11, 2023
72
, WIPFLI
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 Major Federal Program
We have audited Bonneville 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, 2023. 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, 2023.
Basis for Opinion on Each Major 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; and the audit requirements of Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for 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 Responsibilities for the Audit of Compliance
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 Auditing 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
ci rcu ms tan ces.
• Obtain an understanding of Bonneville 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 Compliance
A deficiency 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 significant 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.
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.
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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 11, 2023
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Bonneville Joint School District #93
Schedule of Findings and Questioned Costs
Year Ended June 30, 2023
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: Unmodified
Internal control over financial reporting:
• Material weakness(es) identified? ___ Yes X No
• Significant deficiency(ies) identified? ___ Yes X None Reported
Noncompliance material to financial
statements noted? ___ Yes X No
Federal Awards
Internal control over major programs:
• Material weakness(es) identified? ___ Yes X No
• Significant deficiency(ies) identified? ___ Yes X None Reported
Type of auditor's report issued on compliance
for major programs : Unmodified
Any audit findings disclosed that are
required to be reported in accordance
with 2 CFR 200 .516(a)? ___ Yes X No
Identification of major programs
AL Number(s) Federal Program or Cluster
84 .027, 84 .173 IDEA Cluster (Includes COVID)
84.425 D,R,U ESSER I, II , and Ill (includes COVID)
84 .010 Title I
21.027 Coronavirus State and Local Fiscal Recovery
Dollar threshold used to distinguish between
Type A and Type B programs: $750,000
Auditee qualified as low-risk auditee? X Yes ___ No
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Bonneville Joint School District #93
Schedule of Findings and Questioned Costs (Continued)
Year Ended June 30 , 2023
1. Audit Findings in Relation to the Financial statements -None
2. Audit Findings and Questioned 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, 2023
NONE
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