Annual Comprehensive Financial Report

Each year, the external auditors for Des Moines Public Schools complete an Annual Comprehensive Financial Report 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 (GFOA) and the Certificate of Excellence in Financial Reporting from the Association of School Business Officials (ASBO).

Among the highlights of the school district’s most recent Annual Comprehensive Financial Report for year ending 6/30/2023, include:

  • Budget: The State of Iowa (the State) legislatively approved a state supplemental aid factor of 2.5% for fiscal year 2023. In April 2022, the District’s Board of Education (the Board) approved an expenditure budget for fiscal
    year 2023 for all funds of $586.5 million (without transfers) or $609.8 million (including transfers). In April 2023, the Board approved a budget amendment to increase expenditures by $30.5 million due to $15 million for the stadium project costs, $6.25 million for additional ESSER expenses, and the remaining for other expenditures not expected in the original budget.
  • Revenue: Government-wide revenues were $600.2 million for the year ended June 30, 2023, which primarily consisted of property taxes, state foundation aid, federal grants, and sales taxes for capital projects. General revenues accounted for 67.3% of the Government-wide revenue. Program revenues in the form of charges for services and operating and capital grants and contributions accounted for 32.7% of total government-wide fiscal year 2023 revenues.
  • Expenses: Government-wide expenses (including business-type activities) for the year ended June 30, 2023 were $551.9 million, of which $196.0 million of these expenses were offset by program specific charges for services or grants and contributions. General revenues of $404.2 million provided for the remaining costs of these programs.
  • General Fund Balance: The District’s overall General Fund balance increased from $179.8 million as of June 30, 2022 to $184.3 million as of June 30, 2023, an increase of $4.5 million. The General Fund unassigned portion of fund balance increased from $154.4 million as of June 30, 2022 to $160.6 million as of June 30, 2023, an increase of $6.2 million.
  • Solvency Ratio: The District’s solvency ratio decreased from 34.8% as of June 30, 2022 to 33.8% as of June 30, 2023.
  • Debt: The District’s total long-term debt related to bonds decreased by $16.4 million during the fiscal year due to continued principal payments on existing bonds, along with the corresponding reduction in interest expense. The total outstanding bond debt at the end of the fiscal year is approximately $116.2 million, consisting solely of revenue bonds. The District implemented GASB Statement No. 96, capitalizing subscription based IT arrangements (SBITA), which resulted in an increase in debt of $0.8 million. After principal and interest payments made during fiscal year 2023, the remaining SBITA lease obligation was approximately $86,000 at June 30, 2023. The lease liability decreased by $3.5 million during the fiscal year due to principal and interest payments.

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