Comprehensive Annual Financial Report

Each year, the external auditors for Des Moines Public Schools complete a Comprehensive Annual Financial Report (CAFR) reviewing the district’s financial management for the previous fiscal year.

Des Moines Public Schools has been widely recognized for its financial reports. The district routinely earns the Certificate of Achievement from the Government Finance Officers Association and the Certificate of Excellence in Financial Reporting from the Association of School Business Officials.

Among the highlights of the school district’s most recent CAFR include:

  • Budget: The state of Iowa legislatively approved a state supplemental aid factor of 2.25 percent for fiscal year 2017. For fiscal year 2018, the state supplemental aid rate is 1.11 percent. In April 2016, the board approved an expenditure budget for fiscal year 2017 for all funds of $518.9 million (without transfers) or $537.2 million (including transfers). In May 2017, the board approved a budget amendment to increase expenditures by $19.7 million. This year, actual expenditures for all funds by major function were less than anticipated, $15.3 million less than budgeted.
  • Revenue: Government-wide revenues were $511.6 million, which primarily consisted of state aid, property taxes, federal grants, and local option sales taxes. General Fund revenues accounted for 84.3 percent of the Government-wide revenue. Program specific revenues in the form of charges for services and grants, and contributions accounted for 28.3 percent of total fiscal year 2017 revenues. The General Fund had $431.4 million in revenues for fiscal year 2017, which primarily consisted of state aid and property taxes. General Fund revenues increased 2.9 percent in fiscal year 2017, primarily due to an increase in property tax revenue and enrollment.
  • Expenses: Government-wide expenses, including business-type activities, were $503.4 million related to governmental activities, of which $145.0 million of these expenses were offset by program specific charges for services or grants and contributions. General revenues of $366.6 million provided for the remaining costs of these programs. The General Fund had $430.1 million in fiscal year 2017 expenditures, which primarily consisted of instructional expenditures. General Fund expenditures increased 4.3 percent, primarily due to one-time initiatives to increase efficiency and effectiveness, the implementation of the District’s Information Technology (IT) Blueprint, as well as increased benefit costs for previously-existing FTEs.
  • General Fund Balance and Solvency Ratio: The District’s overall General Fund balance increased from $81.0 million as of June 30, 2016 to $82.3 million as of June 30, 2017, an increase of $1.3 million. The District, like all school districts in the state, is required to maintain a balanced budget. In an effort to balance the district budget, one of many strategies the district employed was to ensure revenue and expenditures remained balanced. The General Fund unassigned portion of fund balance decreased from $45.8 million as of June 30, 2016 to $45.3 million as of June 30, 2017, a decrease of $0.5 million.

Copies of CAFRs for the prior recent fiscal years are available below: