Interpreting the Financial Statements of Newport News

The Newport News Public School System of Virginia provides its stakeholders with a complete annual report, including the Government-Wide Financial Statements, the Fund Financial Statements, the Fiduciary Fund Financial Statements , and all of the appropriate supporting documentation. Supplementary information includes a Budgetary Comparison Schedule for the General Fund, a Schedule of Funding Progress for the Public Employee Retirement System, and reports on other government school-related activities.

The fiscal year starts on July 1 and ends June 30. This coincides with the end of the school year. Since there is less activity during the summer months, the school system would choose this date to allow time to assemble the data and use it to project the budget for the coming year. Also, by this time they will have a solid count for most of the grades on the number of teachers, both standard and special-education, that will be required for the following year.

The statement of cash flows is the single most useful statement in analyzing the performance of the company. It combines information from the balance sheet, income statement, and statement of retained earnings. It also breaks income down to help the user determine how income was earned. For example, if the company shows an increas

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dents, to a certain extent drives that funding. Naturally the costs associated with educating students depend on the composition of the student body as well. Finally, the salaries of the teachers are the largest cost for the school system, so the numbers and salaries of teachers affect the budgeting process. Question 6 Once the year has begun, the costs of a public school are relatively fixed. What needs to be monitored is the revenue. State funding is generally dependent on attendance. So comparing attendance records both to expected attendance as well as the amount collected for those who attended would give an indication of how well the school's revenue is on budget. Individual departments, such as food service, could have both income and expenditures monitored. These should at least be able to cover their costs, and if not to explain why they are not. Question Set C Question 1 I work for nutrition services, which is a revenue center. Question 2 The Newport News school system gains revenue from the city, the state, the federal government, donations from the public, grants from other entities, and, especially in the case of nutrition services, from the students. Question 3 Both the number of stu
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